|   |   | The      Aquila Group of Funds                    |   |
|--------|--------|---------------------------------------------------|--------|
|   |   |                                              |   |
|   |   |                                              |   |
|   |   | /s/      Robert Driessen                          |   |
|   |   | Robert      DriessenChief      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 |   |