STATEMENT OF REGISTERED INVESTMENT COMPANIES

PURSUANT TO RULE 17g-1 UNDER THE 1940 ACT

Pursuant to Rule 17g-1 under the Investment Company Act of 1940, the undersigned registered investment management company hereby states, on behalf of each of the funds in the Aquila Group of Funds, as follows:

The premium for the 10 million dollar insured bond covering the Aquila Group of Funds has been paid through the period ending July 31, 2011.

Dated this 15th day of September, 2010.

The Aquila Group of Funds

/s/ Robert Driessen

Robert Driessen

Chief Compliance Officer

	Total Assets		Min. Bond
Trust	6/30/10		Required
Aquila Rocky Mountain Equity Fund	$	7,686,377	$	175,000
Aquila Three Peaks High Income Fund		295,231,012		750,000
Capital Cash Management Trust		1,001		50,000
Churchill Cash Reserves Trust		1,001		50,000
Churchill Tax-Free Fund of Kentucky		258,262,999		750,000
Hawaiian Tax-Free Trust		808,271,203		1,000,000
Narragansett Insured Tax-Free Income Fund		226,187,300		600,000
Pacific Capital Cash Assets Trust		337,621,004		750,000
Pacific Capital Tax-Free Cash Assets Trust		198,848,174		600,000
Pacific Capital U.S. Government Securities Cash Assets Trust		701,261,309		900,000
Tax-Free Fund For Utah		382,208,239		750,000
Tax-Free Trust of Colorado		287,032,561		750,000
Tax-Free Trust of Arizona		326,559,812		750,000
Tax-Free Trust of Oregon		505,067,186		900,000
	$	4,334,239,180	$	8,775,000