|   | 1. | The premiums for the Policy shall be allocated among the Parties as shown on Schedule B hereto.  As the Policy is for a one-year term and is renewed annually, Schedule B and premium allocations shall be revised upon each renewal of the Policy for each additional term.  All costs and benefits of the Policy shall be allocated among the Parties as herein provided.  Notwithstanding anything herein to the contrary, the premium allocation to each Fund shall be determined, and revised as appropriate, in compliance with Rule 17g-1 under the Investment Company Act of 1940, as amended (the "1940 Act"). |
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|   | 2. | In the event that losses covered under the Policy ("Covered Losses") are suffered by one or more Parties that exceed in the aggregate the limit of liability of the Policy, the limit on the amount retained by each Party from its recovery shall be determined as follows: |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | i. | There shall be computed a benefit allocation for each Party (its "Base Coverage") determined by applying to the Policy's limit of liability the allocation percentage shown for that Party in Schedule B; |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii. | Each Party suffering a Covered Loss shall be entitled to a benefit of up to the amount of its Base Coverage. |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

|   | i. | The amount of any benefit ("Remaining Coverage") remaining after application of Base Coverages to Covered Losses shall be allocated to those Covered Losses (the "Remaining Losses") remaining after application of Base Coverages. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ii. | The Remaining Coverage retained by each Party shall be limited to the proportion of all Remaining Coverage which the amount of that party's Remaining Losses bears to the Remaining Losses of all Parties. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3. | The amount that a Party may recover shall be adjusted if necessary to reflect the fact that there is no priority in time of any claim or recovery. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4. | A newly created investment company (a "New Fund") having an administrator, investment adviser or sub-adviser that is, or is an "affiliated person" (as defined in the 1940 Act) of, a Service Provider may become a named Insured under and as defined in the Policy, and the Trustees and officers of the New Fund may become Insureds, provided that the New Fund causes this Agreement to be signed on its behalf as of the date that it agrees to the terms and conditions of this Agreement; such New Fund shall be deemed to be added to Schedule A.  A party that is an affiliated person of, or an affiliated person of an affiliated person of, a Service Provider (a "New Service Provider") may become a named insured under the Policy, and its directors and officers may become Insureds, provided that the New Service Provider causes this Agreement to be signed on its behalf as of the date that it agrees to the terms and conditions of this Agreement; such New Service Provider shall thereupon be deemed to be added to Schedule A.  In any such event, a new Schedule B hereto, revised by Aquila to reflect changed allocations, shall be substituted for the then-current Schedule B. |
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|   | 5. | Aquila shall take all steps necessary or appropriate to maintain coverage under the Policy, including, without limitation, providing the Insurer with all notices necessary or appropriate under the Policy and maintaining or overseeing payment of premiums so that the Policy remains continuously in effect. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6. | Aquila shall provide the Trustees with copies of all notices under the Policy appropriate for informing the Trustees of coverage thereunder, including, without limitation: |
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|   | a) | All notices to the Insurer concerning potential liability under the Policy; |
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|   | b) | All notices to the Insurer concerning acquisitions, mergers and material changes; and |
|--------|----|---------------------------------------------------------------------------------------|

|   | c) | All notices of the Insurer concerning cancellation or limitation of coverage under the Policy. |
|--------|----|------------------------------------------------------------------------------------------------|

|   | 7. | Aquila shall, to the extent practicable, assure that all current or former Trustees or officers covered under the Policy shall have at least three months' notice of any policy amendment or replacement policy which reduces or restricts coverage of such persons under the Policy.  No notice need be given to former Trustees or officers who have not been Trustees or officers for at least six years. |
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|   | 8. | Each of the Parties understands and agrees that the obligations of the Funds under this Agreement are not binding upon any shareholder or Trustee of any Fund, but bind only the Funds and their property.  Each of the Parties represents that it has notice of the provisions of the Declarations of Trust of the Funds that disclaim shareholder and Trustee liability for acts and obligations of the Funds. |
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| ATTEST:   /s/  Lenore Worrell    ATTEST:   /s/  Lenore Worrell    ATTEST:   /s/  Lenore Worrell    ATTEST:   /s/  Lenore Worrell   | AQUILA FUNDS TRUST  By: /s/  Charles E. Childs, III       Charles E. Childs, III       Executive Vice President & Secretary  AQUILA MUNICIPAL TRUST  By: /s/  Charles E. Childs, III       Charles E. Childs, III       Executive Vice President & Secretary  AQUILA NARRAGANSETT TAX-FREE INCOME FUND  By: /s/  Charles E. Childs, III       Charles E. Childs, III       Executive Vice President & Secretary  AQUILA THREE PEAKS OPPORTUNITYGROWTH FUND  By: /s/  Charles E. Childs, III       Charles E. Childs, III       Executive Vice President & Secretary |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ATTEST:   /s/  Lenore Worrell    ATTEST:   /s/  Lenore Worrell    ATTEST:  /s/  Lenore Worrell    ATTEST:   /s/  Lenore Worrell    ATTEST:   /s/  Lenore Worrell | CAPITAL CASH MANAGEMENT TRUST  By: /s/  Charles E. Childs, III       Charles E. Childs, III       Executive Vice President & Secretary  CHURCHILL CASH RESERVES TRUST  By: /s/  Charles E. Childs, III       Charles E. Childs, III       Executive Vice President & Secretary  CHURCHILL TAX-FREE TRUST  By: /s/  Charles E. Childs, III       Charles E. Childs, III       Executive Vice President & Secretary  HAWAIIAN TAX-FREE TRUST  By: /s/  Charles E. Childs, III       Charles E. Childs, III       Executive Vice President & Secretary  TAX-FREE FUND OF COLORADO  By: /s/  Charles E. Childs, III       Charles E. Childs, III       Executive Vice President & Secretary |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ATTEST:   /s/  Lenore Worrell    ATTEST:   /s/  Lenore Worrell    ATTEST:  /s/  Lenore Worrell     ATTEST:   /s/  Lenore Worrell   | TAX-FREE FUND FOR UTAH  By: /s/  Charles E. Childs, III       Charles E. Childs, III       Executive Vice President & Secretary  THE CASCADES TRUST  By: /s/  Charles E. Childs, III       Charles E. Childs, III       Executive Vice President & Secretary  AQUILA INVESTMENT MANAGEMENT LLC  By: /s/  Charles E. Childs, III       Charles E. Childs, III       Executive Vice President &       Chief Operating Officer  AQUILA DISTRIBUTORS, INC.  By:  /s/  Joseph P. DiMaggio        Joseph P. DiMaggio        Principal &Treasurer |
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| Party                                      |   |   |  Percentage |   |
|--------------------------------------------|--------|--------|------------------|--------|
| Funds --  70%                    |   |   |             |   |
|                                       |   |   |             |   |
| Aquila Funds Trust                         |   |   | 6.44             |   |
| Aquila Municipal Trust                     |   |   | 6.23             |   |
| Aquila Narragansett Tax-Free Income Fund   |   |   | 5.24             |   |
| Aquila Three Peaks Opportunity Growth Fund |   |   | 1.11             |   |
| Capital Cash Management Trust              |   |   | 0.00             |   |
| The Cascades Trust                         |   |   | 11.42            |   |
| Churchill Cash Reserves Trust              |   |   | 0.00             |   |
| Churchill Tax-Free Trust                   |   |   | 5.56             |   |
| Hawaiian Tax-Free Trust                    |   |   | 18.54            |   |
| Tax-Free Fund For Utah                     |   |   | 8.80             |   |
| Tax-Free Fund of Colorado                  |   |   | 6.66             |   |

| Service Providers -- 30%         |   |   |   |   |
|----------------------------------|--------|--------|--------|--------|
|                             |   |   |   |   |
| Aquila Investment Management LLC |   |   | 27.00  |   |
| Aquila Distributors, Inc.        |   |   | 3.00   |   |

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