----

|  | a) | Base      Coverage |
|--|----|--------------------|

|  | b) | Proportional      Allocation to RemainingLosses |
|--|----|-------------------------------------------------|

----

|  | a) | All      notices to the Insurer concerning potential liability under the      Policy; |
|--|----|---------------------------------------------------------------------------------------|

|  | b) | All      notices to the Insurer concerning acquisitions, mergers and material      changes; and |
|--|----|-------------------------------------------------------------------------------------------------|

|  | c) | All      notices of the Insurer concerning cancellation or limitation of coverage      under the Policy. |
|--|----|----------------------------------------------------------------------------------------------------------|

----

| ATTEST:      |   | AQUILA      ROCKY MOUNTAIN EQUITY FUND   |
|--------------|--------|------------------------------------------|
|         |   |                                     |   |
| /s/ Pam Rose |   | By:                                      | /s/ Robert W. Anderson |
|         |   |                                     | Robert      W. Anderson, |
|         |   |                                     | Chief      Compliance Officer |
|         |   |                                     |   |
|         |   |                                     |   |
| ATTEST:      |   | AQUILA      THREE PEAKS HIGH INCOME FUND |
|         |   |                                     |   |
| /s/ Pam Rose |   | By:                                      | /s/ Robert W. Anderson |
|         |   |                                     | Robert      W. Anderson, |
|         |   |                                     | Chief      Compliance Officer |
|         |   |                                     |   |
|         |   |                                     |   |
| ATTEST:      |   | CAPITAL      CASH MANAGEMENT TRUST       |
|         |   |                                     |   |
| /s/ Pam Rose |   | By:                                      | /s/ Robert W. Anderson |
|         |   |                                     | Robert      W. Anderson, |
|         |   |                                     | Chief      Compliance Officer |
|         |   |                                     |   |
|         |   |                                     |   |
| ATTEST:      |   | CASH      ASSETS TRUST                   |
|         |   |                                     |   |
| /s/ Pam Rose |   | By:                                      | /s/ Robert W. Anderson |
|         |   |                                     | Robert      W. Anderson, |
|         |   |                                     | Chief      Compliance Officer |
|         |   |                                     |   |
|         |   |                                     |   |
| ATTEST:      |   | CHURCHILL      CASH RESERVES TRUST       |
|         |   |                                     |   |
| /s/ Pam Rose |   | By:                                      | /s/ Robert W. Anderson |
|         |   |                                     | Robert      W. Anderson, |
|         |   |                                     | Chief      Compliance Officer |

----

| ATTEST:      |   | CHURCHILL      TAX-FREE FUND OF KENTUCKY       |
|--------------|--------|------------------------------------------------|
|         |   |                                           |   |
| /s/ Pam Rose |   | By:                                            | /s/ Robert W. Anderson |
|         |   |                                           | Robert      W. Anderson, |
|         |   |                                           | Chief      Compliance Officer |
|         |   |                                           |   |
|         |   |                                           |   |
| ATTEST:      |   | HAWAIIAN      TAX-FREE TRUST                   |
|         |   |                                           |   |
| /s/ Pam Rose |   | By:                                            | /s/ Robert W. Anderson |
|         |   |                                           | Robert      W. Anderson, |
|         |   |                                           | Chief      Compliance Officer |
|         |   |                                           |   |
|         |   |                                           |   |
| ATTEST:      |   | NARRAGANSETT      INSURED TAX-FREE INCOME FUND |
|         |   |                                           |   |
| /s/ Pam Rose |   | By:                                            | /s/ Robert W. Anderson |
|         |   |                                           | Robert      W. Anderson, |
|         |   |                                           | Chief      Compliance Officer |
|         |   |                                           |   |
|         |   |                                           |   |
| ATTEST:      |   | TAX-FREE      FUND OF COLORADO                 |
|         |   |                                           |   |
| /s/ Pam Rose |   | By:                                            | /s/ Robert W. Anderson |
|         |   |                                           | Robert      W. Anderson, |
|         |   |                                           | Chief      Compliance Officer |
|         |   |                                           |   |
|         |   |                                           |   |
| ATTEST:      |   | TAX-FREE      FUND FOR UTAH                    |
|         |   |                                           |   |
| /s/ Pam Rose |   | By:                                            | /s/ Robert W. Anderson |
|         |   |                                           | Robert      W. Anderson, |
|         |   |                                           | Chief      Compliance Officer |

----

| ATTEST:      |   | TAX-FREE      TRUST OF ARIZONA        |
|--------------|--------|---------------------------------------|
|         |   |                                  |   |
| /s/ Pam Rose |   | By:                                   | /s/ Robert W. Anderson |
|         |   |                                  | Robert      W. Anderson, |
|         |   |                                  | Chief      Compliance Officer |
|         |   |                                  |   |
|         |   |                                  |   |
| ATTEST:      |   | TAX-FREE      TRUST OF OREGON         |
|         |   |                                  |   |
| /s/ Pam Rose |   | By:                                   | /s/ Robert W. Anderson |
|         |   |                                  | Robert      W. Anderson, |
|         |   |                                  | Chief      Compliance Officer |
|         |   |                                  |   |
|         |   |                                  |   |
| ATTEST:      |   | AQUILA      MANAGEMENT CORPORATION    |
|         |   |                                  |   |
| /s/ Pam Rose |   | By:                                   | /s/ Robert W. Anderson |
|         |   |                                  | Robert      W. Anderson, |
|         |   |                                  | Chief      Compliance Officer |
|         |   |                                  |   |
|         |   |                                  |   |
| ATTEST:      |   | AQUILA      INVESTMENT MANAGEMENT LLC |
|         |   |                                  |   |
| /s/ Pam Rose |   | By:                                   | /s/ Robert W. Anderson |
|         |   |                                  | Robert      W. Anderson, |
|         |   |                                  | Chief      Compliance Officer |
|         |   |                                  |   |
|         |   |                                  |   |
| ATTEST:      |   | AQUILA      DISTRIBUTORS, INC.        |
|         |   |                                  |   |
| /s/ Pam Rose |   | By:                                   | /s/ Joseph P. DiMaggio |
|         |   |                                  | Joseph      P. DiMaggio |
|         |   |                                  | Principal      and Treasurer |

----

----

| Party                                                      |   | Percentage |   |
|------------------------------------------------------------|--------|------------|--------|
|                                                       |   |       |   |
| Service      Providers -- 25%                              |   |       |   |
|                                                       |   |       |   |
| Aquila      Investment Management LLC                      |   |       | 20.00  |   |
| Aquila      Distributors, Inc.                             |   |       | 5.00   |   |
|                                                       |   |       |   |   |
| Funds      -- 75%                                          |   |       |   |   |
|                                                       |   |       |   |   |
| Aquila      Rocky Mountain Equity Fund                     |   |       | 0.46   |   |
| Aquila      Three Peaks High Income Fund                   |   |       | 0.31   |   |
| Capital      Cash Management Trust                         |   |       | 0.00   |   |
| Cash      Assets Trust: (Pacific Capital Funds)            |   |       | 39.06  |   |
| Cash      Assets Trust (6.94%)                             |   |       |   |   |
| Tax-Free      Cash Assets Trust (3.64%)                    |   |       |   |   |
| U.S.      Government Securities Cash Assets Trust (28.48%) |   |       |   |   |
| Churchill      Cash Reserves Trust                         |   |       | 0.00   |   |
| Churchill      Tax-Free Fund of Kentucky                   |   |       | 4.02   |   |
| Hawaiian      Tax-Free Trust                               |   |       | 10.66  |   |
| Narragansett      Insured Tax-Free Income Fund             |   |       | 2.32   |   |
| Tax-Free      Fund of Colorado                             |   |       | 3.17   |   |
| Tax-Free      Fund For Utah                                |   |       | 3.48   |   |
| Tax-Free      Trust of Arizona                             |   |       | 5.10   |   |
| Tax-Free      Trust of Oregon                              |   |       | 6.42   |   |

----