|   | The extension premium for the eight million dollar insured bond covering the Aquila Group of Funds has been paid through the period ending October 31, 2013. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The Aquila Group of Funds |                               |
|--------|---------------------------|------------------------------------|
|   |                      |                               |   |
|   |                      | /s/  Randall S. Fillmore |   |
|   |                      | Randall S. Fillmore                |   |
|   |                      | Chief Compliance Officer           |   |
|   |                      |                               |   |

----

|   |         |
|--------|--------------------------------------------|

|   |   |   |
|--------|--------|--------|

| Trust                                 |   |   | Total  Assets06/30/13 |   |   | MinimumBondRequired |      |
|--------------------------------------------|--------|--------|---------------------------------|--------|--------|---------------------|-----------|
|                                       |   |   |                            |   |   |                |
| Aquila Funds Trust                         |   | $      | 299,866,576                     |   |   | $                   | 750,000   |   |
|                                       |   |   |                            |   |   |                |      |   |
| Aquila Municipal Trust                     |   |   | 289,879,061                     |   |   |                | 750,000   |   |
|                                       |   |   |                            |   |   |                |      |   |
| Aquila Narragansett Tax-Free Income Fund   |   |   | 244,124,623                     |   |   |                | 600,000   |   |
|                                       |   |   |                            |   |   |                |      |   |
| Aquila Three Peaks Opportunity Growth Fund |   |   | 51,841,563                      |   |   |                | 400,000   |   |
|                                       |   |   |                            |   |   |                |      |   |
| Capital Cash Management Trust              |   |   | 1,001                           |   |   |                | 50,000    |   |
|                                       |   |   |                            |   |   |                |      |   |
| The Cascades Trust                         |   |   | 531,733,363                     |   |   |                | 900,000   |   |
|                                       |   |   |                            |   |   |                |      |   |
| Churchill Cash Reserves Trust              |   |   | 1,001                           |   |   |                | 50,000    |   |
|                                       |   |   |                            |   |   |                |      |   |
| Churchill Tax-Free Trust                   |   |   | 259,029,146                     |   |   |                | 750,000   |   |
|                                       |   |   |                            |   |   |                |      |   |
| Hawaiian Tax-Free Trust                    |   |   | 863,188,157                     |   |   |                | 1,000,000 |   |
|                                       |   |   |                            |   |   |                |      |   |
| Tax-Free Fund For Utah                     |   |   | 409,587,390                     |   |   |                | 750,000   |   |
|                                       |   |   |                            |   |   |                |      |   |
| Tax-Free Fund of Colorado                  |   |   | 310,154,113                     |   |   |                | 750,000   |   |
|                                       |   |   |                            |   |   |                |      |   |
|                                       |   | $      | 3,259,405,994                   |   |   | $                   | 6,750,000 |   |