|   | The Aquila Group of Funds /s/  Robert Driessen |
|--------|---------------------------------------------------------------|
|   | Robert Driessen Chief Compliance Officer                      |

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| Trust                                          |   |   | Total  Assets06/30/11 |   |   |   | MinimumBondRequired |   |
|------------------------------------------------|--------|--------|---------------------------------|--------|--------|--------|---------------------|--------|
|                                           |   |   |                            |   |   |   |                |   |
| 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           |   |