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 eight million dollar insured bond covering the Aquila Group of Funds has been paid through the period ending July 31, 2013.

Dated this 22nd day of August, 2012.  The Aquila Group of Funds /s/  Randall S. Fillmore Randal S. Fillmore Chief Compliance Officer

	Total Assets		Minimum Bond
Trust	03/31/12		Required
Aquila Three Peaks High Income Fund	$	363,998,287	$	750,000
Aquila Three Peaks Opportunity Growth Fund		20,604,253		250,000
Capital Cash Management Trust		1,001		50,000
Churchill Cash Reserves Trust		1,001		50,000
Churchill Tax-Free Fund of Kentucky		261,231,151		750,000
Hawaiian Tax-Free Trust		861,386,049		1,000,000
Narragansett Insured Tax-Free Income Fund		244,268,365		600,000
Tax-Free Fund For Utah		421,922,641		750,000
Tax-Free Fund of Colorado		295,821,962		750,000
Tax-Free Trust of Arizona		306,717,720		750,000
Tax-Free Trust of Oregon		508,029,975		900,000
	$	3,283,982,405	$	6,600,000