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, 2012.

Dated this 14th day of September, 2011.

The Aquila Group of Funds

/s/  Robert Driessen

Robert Driessen

Chief Compliance Officer

Trust		Total  Assets 06/30/11		Minimum Bond Required
Aquila Three Peaks High Income Fund	$	325,808,022	$	750,000
Aquila Three Peaks Opportunity Growth Fund		23,177,282		250,000
Capital Cash Management Trust		1,001		50,000
Churchill Cash Reserves Trust		1,001		50,000
Churchill Tax-Free Fund of Kentucky		234,180,991		600,000
Hawaiian Tax-Free Trust		820,002,546		1,000,000
Narragansett Insured Tax-Free Income Fund		242,611,951		600,000
Pacific Capital Cash Assets Trust		257,305,584		750,000
Pacific Capital Tax-Free Cash Assets Trust		144,879,167		525,000
Pacific Capital U.S. Government
Securities Cash Assets Trust		760,032,933		1,000,000
Tax-Free Fund For Utah		362,337,264		750,000
Tax-Free Trust of Colorado		272,982,541		750,000
Tax-Free Trust of Arizona		289,549,148		750,000
Tax-Free Trust of Oregon		470,809,206		750,000
	$	4,203,678,637	$	8,575,000