40-17G

July  17, 2006


VIA FEDERAL EXPRESS

Mr. Robert Anderson
Senior Vice President
Aquila Investment Management, LLC
380 Madison Avenue, Suite 2300
New York, NY 10017-2513

Re:	ICI Mutual Investment Company Blanket
	Bond No. 87110106B

Dear Bob:

	Attached please find an electronic copy of the
above-referenced bond ('Bond') in Microsoft Word format.
This document may be converted by you into the EDGAR format
equired for filing an electronic copy of the Bond with the
Securities and Exchange Commission.

	This electronic copy of the Bond is being provided by ICI
Mutual to facilitate your filing.  Please be aware that in case
of any discrepancies between the Bond as issued (i.e., the original
Bond, as manually signed by ICI Mutual) and the electronic copy, the
signed Bond will be the controlling document.

					Sincerely yours



						/s/  Maggie Sullivan
						--------------------
      					Maggie Sullivan
      					Senior Underwriter

EX-99

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 Fundssm, as
follows:

	The premium for the 10 million dollar insured bond covering The
Aquila Group of Fundssm has been paid through the period ending June 30,
2007.

Dated this 26th day of June, 2006.








					The Aquila Group of Fundssm


					/s/  Robert W. Anderson
					___________________________
       				Robert W. Anderson
   					Chief Compliance Officer














						Total Assets




FUND 						Fund Level		      Bond Amount
      					06/30/06


TAX-FREE TRUST OF ARIZONA			375,437,864			750,000

TAX-FREE TRUST OF OREGON			428,376,810			750,000

HAWAIIAN TAX-FREE TRUST				744,304,624			900,000

TAX-FREE FUND OF COLORADO			229,486,114			600,000

CHURCHILL TAX-FREE FUND KENTUCKY		278,678,412			750,000

TAX-FREE FUND FOR UTAH				217,860,565			600,000

NARRANGANSETT INS T-F INC FD			155,193,915			600,000

ROCKY MOUNTAIN EQUITY FUND		  	25,632,035			300,000

CASH ASSETS TRUST					485,209,529			750,000

TAX-FREE CASH ASSETS TRUST			192,106,149			600,000

U.S. TREASURIES CASH ASSETS TRUST       1,257,711,392           1,250,000

THREE PEAKS HIGH INCOME FUND		        4,752,578			125,000

CAPITAL CASH MANAGEMENT TRUST		            1,001	             54,000

CAPITAL CASH US GOVT SEC TRUST		          0				0

CHURCHILL CASH RESERVE TRUST			      1,001	  		 54,000

					       	____________	      ________
TOTALS ASSETS ALL FUNDS:	        	4,394,751,987	     8,075,000

EX-99

Corporate Resolution

Aquila Three Peaks High Income Fund

      Be it known that the following corporate resolution is in full
force and effect:

      WHEREAS The Trustees were familiar with the fidelity bond which
covered the Aquila Three Peaks High Income Fund, as Prime Cash Fund,
and the other funds of the Aquila Group of Fundssm, as well as with the
sharing of premiums and policy benefits of the bond among those funds;
and

       WHEREAS It was proposed that in its new character and
configuration, Aquila Three Peaks High Income Fund participate in
the same manner as the other funds in these arrangements; and

      WHEREAS The Board of Trustees of Aquila Three Peaks High I
ncome Fund adopted the following resolutions on motion duly made,
seconded and carried unanimously at the Fund's Board of Trustees'
Meeting held on March 12, 2006;

      NOW, THEREFORE, BE IT RESOLVED, that the proposed fidelity bond
with ICI Mutual Insurance Company be and it hereby is approved, as a
joint insured bond including the Fund and related entities, and


	RESOLVED, that there is hereby authorized an annual premium
(with premium tax), a reserve premium, a commitment to ICI Mutual
Insurance Company secured by a letter of credit, and an unsecured
commitment to ICI Mutual Insurance Company, and

	RESOLVED, that allocation of the annual premium and premium
tax shall be in accordance with an Agreement Among Insureds to be
executed by the Fund as an additional party, and

	RESOLVED, that the letter of credit fee for the Fund's
secured commitment is hereby authorized, and


	RESOLVED, that the Secretary and the Assistant Secretary
are hereby authorized to make any required filings with the Securities
and Exchange Commission pursuant to Rule 17g-1 under the Investment
Company Act of 1940.


Sealed this 5th day of July 2006.

								/s/  John M. Herndon
								________________________
                    					John M. Herndon
								Assistant Secretary
Aquila Three Peaks High Income Fund

EX-99

Corporate Resolution

Tax-Free Trust of Oregon
Tax-Free Trust of Arizona
Hawaiian Tax-Free Trust
Tax-Free Fund of Colorado
Tax-Free Fund For Utah
Churchill Tax-Free Fund of Kentucky
Narragansett Insured Tax-Free Income Fund
Aquila Rocky Mountain Equity Fund
Aquila Three Peaks High Income Fund
Churchill Cash Reserves Trust
Capital Cash Management Trust
Pacific Capital Cash Assets Trust
Pacific Capital Tax-Free Cash Assets Trust
Pacific Capital U.S. Government Securities Cash Assets Trust
(Collectively, the 'Funds')

	Be it known that the following corporate resolution is in full force
 and effect:


	WHEREAS The Boards of Trustees of the Funds adopted the following
resolutions on motion duly made, seconded and carried unanimously at the
various Funds' Boards of Trustees' Meetings held on June 9, 2006  through
June 12, 2006, respectively;

	NOW, THEREFORE, BE IT RESOLVED, that the proposed fidelity bond with
ICI Mutual Insurance Company be and it hereby is approved, as a joint
insured bond including the respective Fund and related entities, and

	RESOLVED, that there is hereby authorized an annual premium (with
premium tax), a reserve premium, a commitment to ICI Mutual Insurance
Company secured by a letter of credit, and an unsecured commitment to
ICI Mutual Insurance Company, and

	RESOLVED, that allocation of the annual premium and premium tax
shall be in accordance with an Agreement Among Insureds to be executed
by the respective Fund as an additional party, and

	RESOLVED, that the letter of credit fee for the respective Fund's
secured commitment is hereby authorized, and

	RESOLVED, that the Secretary and the Assistant Secretary are
hereby authorized to make any required filings with the Securities
and Exchange Commission pursuant to Rule 17g-1 under the Investment
Company Act of 1940.


Sealed this 26th day of July 2006.

								/s/  John M. Herndon
								_____________________
								John M. Herndon
								Assistant Secretary
      The Aquila Group of Fundssm

EX-99

AMENDED AGREEMENT AMONG INSUREDS
UNDER D&O/E&O INSURANCE POLICY


	AGREEMENT made as of September 7, 2004, by and among
the investment companies (which include all series thereof) listed
on Schedule A (the "Funds") and the corporations (the "Service
Providers") listed on Schedule A, being providers of services to the
Funds, on the date hereof consisting of Aquila Investment Management
LLC ("Aquila"), Aquila Distributors, Inc. and STCM Management Company,
Inc. (the Funds and Service Providers being referred to collectively
as the "Parties" and separately as a "Party").

	WHEREAS, the Parties are parties to an Agreement among Insureds
dated as of May 9, 2001, as from time to time amended, and wish to
enter into this Agreement to amend their prior agreement to provide
for the changes that have occurred as to the insurance involved;

	WHEREAS the Funds, their Trustees (the "Trustees") and officers
and the Service Providers and their directors and officers were jointly
insured under a Directors and Officers/Errors and Omissions Liability
Insurance Policy (the "Original Policy") issued by ICI Mutual Insurance
Company (the "Insurer"), providing a $10 million ($10,000,000) limit of
liability in the aggregate (subject to exclusions and deductibles)
during the period May 9, 2001 to May 9, 2002, renewed for successive
periods thereafter;

	WHEREAS, the Original Policy has been amended, including an
amendment effective September 7, 2004 to provide four levels of insurance
(each, a "Level") as set forth on Schedule B to this Agreement, with
varying amounts of coverage and differing insureds, the first Level
applying to all Parties, the second and third Levels applying to two
separate groups of named Funds and the fourth level applying to all Funds,
each Level providing coverage only when coverage at prior Levels has been
exhausted;

	WHEREAS, the Original Policy as so revised is referred to herein
as the "Policy";

	NOW, THEREFORE, in consideration of the mutual covenants set
forth below, the Parties agree as follows:

The premiums for each level of the Policy, including tax,
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 additional costs of each Level of the Policy shall be
allocated among the Parties in the same ratio as the allocation
of the Policy premiums for that Level.  Notwithstanding anything
herein to the contrary, the premium allocation to each Fund
shall be determined, and revised as appropriate, in compliance
with part (d)(7)(ii) of Rule 17d-1 under the Investment Company
Act of 1940, as amended (the "1940 Act").

In the event that losses covered by a Level of 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 from that Level
shall be determined as follows:

		a)	Base Coverage

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

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

Proportional Allocation to Remaining Losses

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.

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.

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.

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 Fund may become an insured
under a Level of the Policy as to which it was not previously
insured, and the Trustees and officers of that Fund may become
insureds under that Level.  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.

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.

Aquila shall provide the Trustees with copies of all notices
under the Policy appropriate for informing the Trustees of
coverage thereunder, including, without limitation:

All notices to the Insurer concerning potential liability under the Policy;

	All notices to the Insurer concerning acquisitions, mergers and
material changes; and

	All notices of the Insurer concerning cancellation or limitation
of coverage under the Policy.

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.

	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.


	[balance of page intentionally left blank]


	IN WITNESS WHEREOF, the Parties have executed this Agreement
as of the date above written.


ATTEST:                    AQUILA FUND



________________________ 	__________________________________
                                      Diana P. Herrmann,
                                          President

ATTEST:                    AQUILA ROCKY MOUNTAIN EQUITY FUND



________________________   By:___________________________________
                                      Diana P. Herrmann,
                                          President



ATTEST:                    CAPITAL CASH MANAGEMENT TRUST



________________________   By:___________________________________
                                      Diana P. Herrmann,
                                          President


ATTEST:                    CASH ASSETS TRUST



________________________   By:___________________________________
                                      Diana P. Herrmann,
                                          President


ATTEST:                    CHURCHILL CASH RESERVES TRUST



________________________   By:___________________________________
                                      Diana P. Herrmann,
                                          President



	[balance of page intentionally left blank]


ATTEST:                    CHURCHILL TAX-FREE FUND OF KENTUCKY



________________________   By:___________________________________
                                      Diana P. Herrmann,
                                          President


ATTEST:                    HAWAIIAN TAX-FREE TRUST



________________________   By:___________________________________
                                      Diana P. Herrmann,
                                          President


ATTEST:                  NARRAGANSETT INSURED TAX-FREE INCOME FUND



________________________   By:___________________________________
                                      Diana P. Herrmann,
                                          President


ATTEST:                    PRIME CASH FUND



________________________   By:___________________________________
                                      Diana P. Herrmann,
                                          President


ATTEST:                    TAX-FREE FUND OF COLORADO



________________________   By:___________________________________
                                      Diana P. Herrmann,
                                          President



	[balance of page intentionally left blank]


ATTEST:                    TAX-FREE FUND FOR UTAH



________________________   By:___________________________________
                                      Diana P. Herrmann,
                                          President


ATTEST:                    TAX-FREE TRUST OF ARIZONA



________________________   By:___________________________________
                                      Diana P. Herrmann,
                                          President


ATTEST:                    TAX-FREE TRUST OF OREGON



________________________   By:___________________________________
                                      Diana P. Herrmann,
                                          President


ATTEST:                    AQUILA MANAGEMENT CORPORATION



________________________   By:___________________________________
                                       Diana P. Herrmann,
                                           President


ATTEST:                    AQUILA INVESTMENT MANAGEMENT LLC



________________________   By:___________________________________
                                       Diana P. Herrmann,
                                    Chief Executive Officer



	[balance of page intentionally left blank]


ATTEST:                    AQUILA DISTRIBUTORS, INC.



________________________   By:___________________________________
                                     Joseph P. DiMaggio
                                   Principal and Treasurer

ATTEST:                    STCM MANAGEMENT COMPANY, INC.



________________________   By:___________________________________
                                     Rose F. Marotta
                                        Treasurer




AGREEMENT AMONG INSUREDS
UNDER D&O/E&O INSURANCE POLICY

	SCHEDULE A

	PARTIES

	FUNDS

Aquila Fund

Aquila Rocky Mountain Equity Fund

Capital Cash Management Trust (two Funds)

Cash Assets Trust (three Funds)

Churchill Cash Reserves Trust

Churchill Tax-Free Fund of Kentucky

Hawaiian Tax-Free Trust

Narragansett Insured Tax-Free Income Fund

Prime Cash Fund

Tax-Free Fund of Colorado

Tax-Free Fund For Utah

Tax-Free Trust of Arizona

Tax-Free Trust of Oregon

	SERVICE PROVIDERS

Aquila Investment Management LLC
(successor by assignment, effective January 1, 2004, to the
business conducted by Aquila Management Corporation)

Aquila Management Corporation
(assignor of its business to Aquila Investment Management LLC,
effective January 1, 2004)

Aquila Distributors, Inc.

STCM Management Company, Inc.



AGREEMENT AMONG INSUREDS

UNDER D&O/E&O INSURANCE POLICY

	SCHEDULE B

	ALLOCATION AMONG PARTIES












See Schedules B-1 through B-4 below








	SCHEDULE B-1
	BASIC COVERAGE

Level 1 coverage

	$7,000,000 of basic coverage, with premiums allocated among
the Parties as follows (85% of the premium to be allocated to the Funds
based upon their respective net assets, and 15% of the premium to be
allocated to the Service Providers as determined by Aquila, with allocation
of recovery among the Service Providers being determined by Aquila):


		Party								Percentage

	Service Providers -- 15%

Aquila Investment Management LLC					  5.00
Aquila Distributors, Inc.						  5.00
STCM Management Company, Inc.						  5.00

		Funds --  85%

Aquila Fund									  0.00
Aquila Rocky Mountain Equity Fund					  0.33
Capital Cash Management Trust 					  0.00
	Capital Cash Management Trust (0.00)
	Capital Cash U.S. Government Securities Trust (0.00)
Cash Assets Trust: (Pacific Capital Funds)			 29.96
	Cash Assets Trust (8.88%)
	Tax-Free Cash Assets Trust (3.37%)
	U.S. Government Securities
		Cash Assets Trust (17.71%)
Churchill Cash Reserves Trust						  0.00
Churchill Tax-Free Fund of Kentucky					  6.51
Hawaiian Tax-Free Trust							 16.47
Narragansett Insured Tax-Free Income Fund				  3.31
Prime Cash Fund								  0.00
Tax-Free Fund of Colorado						  5.77
Tax-Free Fund For Utah							  2.76
Tax-Free Trust of Arizona						 10.06
Tax-Free Trust of Oregon						  9.83




	SCHEDULE B-2
	COVERAGE OF HAWAII-ORIENTED FUNDS

Level 2 coverage: Hawaii-oriented Funds:

	$3,000,000 of coverage, with premiums allocated among the
Parties as follows:

		Party								Percentage

Cash Assets Trust: (Pacific Capital Funds)			 64.52
	Cash Assets Trust (19.13%)
	Tax-Free Cash Assets Trust (7.25%)
	U.S. Government Securities
		Cash Assets Trust (38.14%)

Hawaiian Tax-Free Trust							 35.48




	SCHEDULE B-3
	COVERAGE OF UNITARY MANAGEMENT FUNDS

Level 3 coverage: Unitary Management Funds:

	$1,000,000 of coverage, with coverage allocated among the Parties
as follows (premium is paid by Aquila Investment Management LLC):


		Party								Percentage


Aquila Rocky Mountain Equity Fund					  3.51
Churchill Tax-Free Fund of Kentucky					 66.40
Tax-Free Fund For Utah							 30.09



	SCHEDULE B-4
	SAFETY NET INSURANCE FOR TRUSTEES

Level 4 coverage: All Funds (Trustees only)

	$4,000,000 of safety-net coverage of Trustees, with premiums
allocated among the parties as follows:


		Party								Percentage


Aquila Fund						  			  0.00
Aquila Rocky Mountain Equity Fund					  0.39
Capital Cash Management Trust 					  0.00
	Capital Cash Management Trust (0.00)
	Capital Cash U.S. Government Securities Trust (0.00)
Cash Assets Trust: (Pacific Capital Funds)			 35.24
	Cash Assets Trust (10.45%)
	Tax-Free Cash Assets Trust (3.96%)
	U.S. Government Securities
		Cash Assets Trust (20.83%)
Churchill Cash Reserves Trust						  0.00
Churchill Tax-Free Fund of Kentucky					  7.66
Hawaiian Tax-Free Trust							 19.38
Narragansett Insured Tax-Free Income Fund				  3.90
Prime Cash Fund								  0.00
Tax-Free Fund of Colorado						  6.79
Tax-Free Fund For Utah							  3.24
Tax-Free Trust of Arizona						 11.84
Tax-Free Trust of Oregon						 11.56






	Date of Schedule: September 7, 2004
	based on assets as of August 31, 2004