UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811-6239

Tax-Free Fund for Utah
(Exact name of Registrant as specified in charter)

380 Madison Avenue
New York, New York 10017
(Address of principal executive offices) (Zip code)

Joseph P. DiMaggio
380 Madison Avenue
New York, New York 10017
(Name and address of agent for service)

Registrant's telephone number, including area code: (212) 697-6666

Date of fiscal year end: 6/30

Date of reporting period: 6/30/03

FORM N-CSR

ITEM 1. REPORTS TO STOCKHOLDERS.

TAX-FREE FUND FOR UTAH
Annual Report June 30, 2003

[Logo of TAX-FREE FUND FOR UTAH: a rectangle containing desert boulders with the
sun rising behind them]

SERVING UTAH INVESTORS FOR MORE THAN A DECADE

TAX-FREE FUND FOR UTAH

ANNUAL REPORT

MANAGEMENT DISCUSSION OF FUND PERFORMANCE

The past year has proven to be a volatile period in terms of world events
and investment performance. The aftermath of war in Iraq, our continued military
presence in Afghanistan, and the ongoing threat of terrorism on a national and
international scale have all contributed to a general sense of concern and
caution. During these turbulent times, investors once again placed their trust
in the perceived safety and security of fixed-income securities. This trust was
rewarded with increased performance as interest rates fell (and prices rose) to
levels not seen since the 1950's. Mortgage rates also plummeted, helping
first-time buyers realize the dream of home ownership and affording existing
homeowners the opportunity to refinance at rates below 5.00%.

Continued accommodative actions by the Federal Reserve and Fed chairman
Alan Greenspan were largely instrumental in driving interest rates to their
near-record lows. In an effort to "jump start" the stalled U. S. economy, the
Fed has committed to reduce short-term interest rates until the economy shows
signs of improvement. With short rates near 1.00%, we believe we are beginning
to see the early signs of a turnaround, or recovery, in the U. S. economy. The
unemployment rate has begun to creep down from a recent high of 6.4%; industrial
production is on the rise; and various economists expect overall economic growth
- - as measured by the Gross Domestic Product (GDP) - at an annual rate of 3.00%.
And, the stock market, as measured by the Dow Jones Industrial Average, is up
over 7% year-to-date through June 30, 2003!

That's the good news. The bad news is that when the economy expands, the
prospects of rising inflation enters the picture. Historically, as the economy
has grown, commodity prices and interest rates begin to rise. While these
increases have been modest to date, we will continue to monitor any changes and
position the Tax-Free Fund For Utah portfolio accordingly.

As a result of the Federal Reserve's "assault" on interest rates, ten-year
AAA-rated municipal bonds fell from 4.10% to 3.30% from June 30, 2002 to June
30, 2003. The net asset value of Class A shares in Tax-Free Fund For Utah rose
from $9.85 on June 30, 2002 to $10.31 on June 30, 2003. The total return for the
Fund for calendar year 2002 was +10.1%. Year-to-date, through June 30, 2003,
total return has been +9.5%.

The investment objective of Tax-Free Fund For Utah is to provide as high a
level of double tax-exempt current income as is consistent with the preservation
of capital. We adhere to a discipline of solid fundamental, conservative
portfolio management ideals in our effort to achieve this goal. The Fund's
portfolio continues to maintain an average quality of "AA", with over 70% of the
portfolio rated "AAA". The Fund's laddered maturity structure helps us manage
price volatility. The securities in the portfolio have an average life of
approximately 14.6 years and a duration of 6.2 years. We maintain a
well-diversified portfolio of over 175 different issues, of which 100% are in
Utah.

With various forecasts that the national and local economies will show a
modest improvement, we will keep a close watch for any signs of rising
inflation. We will seek to "stay the course" and manage the portfolio by taking
advantage of opportunities in the Utah marketplace that are consistent with the
investment objectives of the Fund.

PERFORMANCE REPORT

The following graph illustrates the value of $10,000 invested in the Class
A shares of Tax-Free Fund For Utah for the 10-year period ended June 30, 2003 as
compared with the Lehman Brothers Quality Intermediate Municipal Bond Index and
the Consumer Price Index (a cost of living index). The performance of each of
the other classes is not shown in the graph but is included in the table below.
It should be noted that the Lehman Index does not include any operating expenses
nor sales charges and being nationally oriented, does not reflect state specific
bond market performance.

[Graphic of a line chart with the following information:]

Lehman Brothers
Quality Intermediate Trust's Class A Shares
Municipal Bond Index With Sales Charge Without Sales Charge Cost of Living Index

6/93 $10,000 $ 9,600 $10,000 $10,000
6/94 $10,131 $ 9,534 $ 9,935 $10,249
6/95 $10,940 $10,489 $10,930 $10,561
6/96 $11,548 $11,023 $11,486 $10,852
6/97 $12,338 $11,995 $12,499 $11,101
6/98 $13,195 $12,972 $13,517 $11,288
6/99 $13,595 $13,074 $13,623 $11,510
6/00 $14,143 $13,144 $13,696 $11,939
6/01 $15,393 $14,366 $14,969 $12,327
6/02 $16,463 $15,369 $16,015 $12,458
6/03 $17,750 $16,853 $17,560 $12,722

AVERAGE ANNUAL TOTAL RETURN
FOR PERIODS ENDED JUNE 30, 2003
-------------------------------

SINCE
1 YEAR 5 YEARS 10 YEARS INCEPTION
------ ------- -------- ---------

Class A (7/24/92)
With Sales Charge 5.18% 4.51% 5.36% 5.78%
Without Sales Charge 9.55 5.38 5.79 6.17

Class C (5/21/96)
With CDSC 7.48 4.37 n/a 5.17
Without CDSC 8.48 4.37 n/a 5.17

Class Y (5/21/96)
No Sales Charge 9.55 5.54 n/a 6.44

Lehman Index 7.82 6.11 5.90 6.21* (Class A)

n/a 6.09** (Class C&Y)

Total return figures shown for the Fund reflect any change in price and assume
all distributions within the period were invested in additional shares. Returns
for Class A shares are calculated with and without the effect of the initial 4%
maximum sales charge. Returns for Class C shares are calculated with and without
the effect of the 1% contingent deferred sales charge (CDSC), imposed on
redemptions made within the first 12 months after purchase. Class Y shares are
sold without any sales charge. The rates of return will vary and the principal
value of an investment will fluctuate with market conditions. Shares, if
redeemed, may be worth more or less than their original cost. A portion of each
classes' income may be subject to federal and state income taxes. Past
performance is not predictive of future investment results.

* From commencement of operations on 7/24/92.

** From commencement of operations on 5/21/96.

[Logo of KPMG LLP: four solid rectangles with the letters KPMG in front of them]

INDEPENDENT AUDITORS' REPORT

To the Board of Trustees and Shareholders of
Tax-Free Fund For Utah:

We have audited the accompanying statement of assets and liabilities of
Tax-Free Fund For Utah, including the statement of investments, as of June 30,
2003, and the related statement of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period then
ended, and the financial highlights for each of the five years in the period
then ended. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.

We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements and financial highlights. Our procedures
included confirmation of securities owned as of June 30, 2003, by correspondence
with the custodian. As to securities purchased or sold but not yet received or
delivered, we performed other appropriate auditing procedures. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.

In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Tax-Free Fund For Utah as of June 30, 2003, the results of its operations for
the year then ended, the changes in its net assets for each of the two years in
the period then ended, and the financial highlights for each of the five years
in the period then ended, in conformity with accounting principles generally
accepted in the United States of America.

KPMG LLP

New York, New York
August 8, 2003

TAX-FREE FUND FOR UTAH
STATEMENT OF INVESTMENTS
JUNE 30, 2003

RATING
FACE MOODY'S/
AMOUNT GENERAL OBLIGATION BONDS (17.3%) S&P VALUE
- ------------ ----------------------------------------------------------------- -------- ------------

CITY, COUNTY AND STATE (8.4%)
-----------------------------------------------------------------
American Fork City, Utah
$ 610,000 5.00%, 12/01/14 FGIC Insured ................................. Aaa/NR $ 657,275
645,000 5.00%, 12/01/15 FGIC Insured ................................. Aaa/NR 694,987
Brian Head, Utah
405,000 6.50%, 03/15/24 .............................................. NR/NR* 474,862
Brigham City Utah Tax Allocation
140,000 5.50%, 06/15/11 FSA Insured (pre-refunded) ................... Aaa/AAA 156,100
Cedar City, Utah Special Impt. District Assessment
235,000 5.05%, 09/01/10 .............................................. NR/NR* 242,344
215,000 5.20%, 09/01/11 .............................................. NR/NR* 222,794
Clearfield City, Utah
2,095,000 5.125%, 02/01/18 MBIA Insured ................................ NR/AAA 2,228,556
Coral Canyon, Utah Special Svc. District
580,000 5.70%, 07/15/18 .............................................. NR/NR* 598,850
Hurricane, Utah
295,000 5.40%, 11/01/09 Radian Insured ............................... NR/AA 339,250
North Davis County Utah Sewer District
1,330,000 5.375%, 03/01/18 AMBAC Insured ............................... Aaa/NR 1,482,950
150,000 5.125%, 03/01/22 AMBAC Insured ............................... Aaa/NR 159,000
State George, Utah
100,000 5.375%, 08/01/21 FGIC Insured ................................ Aaa/AAA 107,750
Salt Lake City, Utah
120,000 5.75%, 06/15/17 (pre-refunded) ............................... Aaa/NR 142,650
Washington County
1,000,000 5.00%, 10/01/22 MBIA Insd. ................................... Aaa/NR 1,053,750
------------
8,561,118
------------

SCHOOL DISTRICT (8.9%)
-----------------------------------------------------------------
Alpine Utah School District
1,000,000 5.25%, 03/15/12 .............................................. Aaa/NR 1,127,500
375,000 5.00%, 03/15/12 .............................................. Aaa/NR 422,812
Davis County, Utah School District
575,000 5.00%, 06/01/15 .............................................. Aaa/NR 633,219
250,000 5.10%, 06/01/16 .............................................. Aaa/NR 276,875
675,000 5.15%, 06/01/17 .............................................. Aaa/NR 741,656
Nebo, Utah School District
$ 440,000 5.50%, 07/01/11 .............................................. Aaa/AAA $ 504,350
2,000,000 5.50%, 07/01/19 .............................................. Aaa/AAA 2,230,000
Rich County, Utah School, School District
120,000 5.50%, 12/15/09 .............................................. NR/NR* 128,400
100,000 5.60%, 12/15/10 .............................................. NR/NR* 105,250
Tooele Co., Utah School District
1,175,000 5.25%, 06/01/17 .............................................. Aaa/AAA 1,298,375
Weber County, Utah School District
750,000 5.00%, 06/15/18 .............................................. Aaa/NR 800,625
825,000 5.00%, 6/15/20 ............................................... Aaa/NR 881,719
------------
9,150,781
------------
Total General Obligation Bonds ............................... 17,711,899
------------

REVENUE BONDS (79.5%)
-----------------------------------------------------------------

EDUCATION (12.0%)
-----------------------------------------------------------------
Salt Lake County, Utah Westminster College Project
115,000 5.05%, 10/01/10 .............................................. NR/BBB 126,356
100,000 5.50%, 10/01/19 .............................................. NR/BBB 103,750
1,000,000 5.75%, 10/01/27 .............................................. NR/BBB 1,046,250
Southern Utah University Revenue
375,000 6.30%, 06/01/16 .............................................. NR/NR* 399,375
University of Utah Revenue Refunding, (Biology
Research Facilities),
200,000 5.50%, 04/01/11 MBIA Insured ................................. Aaa/AAA 220,500
Utah State Board Regents Univ. Utah-Aux. &
Campus Revenue
895,000 5.25%, 04/01/12 MBIA Insured ................................. Aaa/AAA 999,044
1,000,000 5.00%, 04/01/20 MBIA Insured ................................. Aaa/AAA 1,047,500
Utah State Board Regents Dixie State College
115,000 5.50%, 05/01/13 MBIA Insured ................................. NR/AAA 132,969
120,000 5.50%, 05/01/14 MBIA Insured ................................. NR/AAA 138,450
130,000 5.50%, 05/01/15 MBIA Insured ................................. NR/AAA 149,663
400,000 5.10%, 05/01/21 MBIA Insured ................................. NR/AAA 425,500
Utah State Board Regents Office Fac. Revenue
$ 450,000 5.05%, 02/01/20 MBIA Insured ................................. NR/AAA $ 479,813
360,000 5.125%, 02/01/22 MBIA Insured ................................ NR/AAA 381,150
Utah State Board Regents SLC Cmty. College
1,260,000 5.50%, 06/01/16 FSA Insured .................................. Aaa/AAA 1,423,800
1,055,000 5.50%, 08/01/16 FSA Insured .................................. Aaa/AAA 1,194,788
Utah State Board Regents Univ. Utah Hosp. Revenue
2,030,000 5.50%, 08/01/17 MBIA Insured ................................. Aaa/AAA 2,291,363
905,000 5.00%, 05/01/19 AMBAC Insured ................................ Aaa/AAA 974,006
Weber State University Utah Revenue Student Facs.
Sys. Series A
300,000 5.10%, 04/01/16 .............................................. NR/AA 328,125
425,000 5.25%, 04/01/19 .............................................. NR/AA 464,844
------------
12,327,246
------------

HEALTHCARE (3.2%)
-----------------------------------------------------------------
Murray City Utah Hospital Revenue
595,000 5.00%, 05/15/22 MBIA Insured ................................. Aaa/AAA 615,081
Salt Lake County Utah Hospital Revenue - IHC
Hospitals, Inc.
500,000 5.50%, 05/15/13 AMBAC Insured ................................ Aaa/AAA 573,125
Utah State Board Regents Revenue University Utah
Hospital Revenue
110,000 5.00%, 08/01/21 MBIA Insured ................................. Aaa/AAA 115,775
Utah County, Utah Hospital Revenue, IHC
Health Services
1,500,000 5.25%, 08/15/21 MBIA Insured ................................. Aaa/AAA 1,576,875
450,000 5.25%, 08/15/26 MBIA Insured ................................. Aaa/AAA 466,313
------------
3,347,169
------------

HOUSING (7.7%)
-----------------------------------------------------------------
Provo City Utah Housing Authority

500,000 5.80%, 07/20/22 GNMA Collateralized .......................... Aaa/NR 527,500
Utah Housing Corporation Single Family Housing
70,000 5.25%, 07/01/23 AMT .......................................... Aa2/AA 72,188
Utah State Housing Corp. Single Family
Housing Revenue
$ 1,000,000 5.125%, 07/01/24 AMT ............................................ Aa3/AA- $ 1,023,750
500,000 5.00%, 07/01/25 AMT ............................................. Aa3/AA 505,000
1,000,000 5.00%, 07/01/31AMT .............................................. Aa2/AA 1,010,000
Utah State Housing Finance Agency
10,000 5.00%, 07/01/09 Series F ..................................... Aaa/AAA 10,475
170,000 6.35%, 07/01/12 AMBAC Insured AMT ............................ Aaa/AAA 176,163
25,000 6.15%, 07/01/16 Senior Issue A-1 ............................. Aaa/AAA 26,219
295,000 5.30%, 07/01/18 AMT .......................................... Aaa/AAA 308,275
185,000 5.00%, 07/01/18 AMT .......................................... Aaa/AAA 191,244
770,000 5.40,%, 07/01/20 AMT ......................................... Aa2/AA 806,575
60,000 6.35%, 07/01/11 Mezzanine Series G-1 ......................... Aa2/AA 60,900
60,000 6.60%, 07/01/11 Series E-1 ................................... NR/AA 62,252
15,000 7.25%, 07/01/11 Series 1994C ................................. Aaa/AA 15,477
500,000 5.65%, 07/01/16 Series 1994C ................................. Aaa/AAA 526,250
170,000 5.40%, 07/01/16 AMT .......................................... Aa2/AA 175,738
260,000 6.00%, 07/01/17 AMT .......................................... Aaa/AAA 272,350
985,000 5.50%, 07/01/18 AMT .......................................... Aa3/AA- 1,051,488
465,000 5.60%, 07/01/23 AMT .......................................... Aa2/AA 485,925
Utah State Housing Agency Housing Revenue
190,000 5.65%, 07/01/27 AMT .......................................... Aa2/AA 196,413
West Jordan, Utah Multi-Family Housing
360,000 6.80%, 01/01/15 FSA Insured .................................. Aaa/AAA 372,600
------------
7,876,782
------------

INDUSTRIAL DEVELOPMENT & POLLUTION CONTROL (0.7%)
-----------------------------------------------------------------
Sandy City, Utah Industrial Development, H Shirley
Wright Project, Refunding Bonds, LOC Olympus Bank,
250,000 6.125%, 08/01/16 ............................................. NR/AAA 255,557
Utah County Environmental Improvement Revenue
435,000 5.05%, 11/01/17 .............................................. Baa1/BBB+ 468,713
------------
724,270
------------

LEASE (14.1%)
-----------------------------------------------------------------
Emery County Utah Municipal Building Authority Lease
840,000 5.125, 03/01/23 Radian Insured ............................... NR/AA 878,850
Lehi, Utah Municipal Building Lease Revenue,
Building Revenue
$ 1,020,000 5.50%, 06/15/15 AMBAC Insured ................................ Aaa/NR $ 1,153,875
Murray City, Utah Municipal Building Revenue
520,000 5.05%, 12/01/15 AMBAC Insured ................................ Aaa/NR 573,300
Salt Lake County, Utah Municipal Building
Authority, Lease Revenue
400,000 5.00%, 10/01/11 MBIA Insured ................................. Aaa/AAA 438,500
1,120,000 6.00%, 10/15/14 .............................................. Aa1/AA 1,156,075
320,000 5.40%, 10/15/19 AMBAC Insured ................................ Aaa/AAA 355,200
3,900,000 5.20%, 10/15/20 AMBAC Insured+ ............................... Aaa/AAA 4,197,375
Sandy City, Utah Municipal Building Authority
700,000 5.60%, 06/15/15 AMBAC Insured ................................ Aaa/NR 805,875
Tooele City Utah Municipal Building Lease Revenue
250,000 5.60%, 12/01/15 AMBAC Insured ................................ Aaa/AAA 287,812
Utah County, Utah Municipal Building Authority,
Lease Revenue
120,000 5.50%, 11/01/16 AMBAC Insured ................................ Aaa/NR 136,800
240,000 5.50%, 11/01/17 AMBAC Insured ................................ Aaa/NR 271,800
Utah State Building Ownership Authority
1,350,000 5.25%, 05/15/20 FSA Insured .................................. Aaa/AAA 1,454,625
Washington Co. - State George, Utah Interlocal
Agency Revenue
1,000,000 5.125%, 12/01/17 AMBAC Insured ............................... NR/AAA 1,078,750
Weber County, Utah Municipal Building Lease Revenue
1,500,000 5.75%, 12/15/19 MBIA Insured ................................. Aaa/AAA 1,710,000
------------
14,498,837
------------

TAX REVENUE (21.7%)
-----------------------------------------------------------------
Bountiful, Utah Municipal Building Auth. Lease Revenue
865,000 5.00%, 06/01/16 .............................................. A2/NR 942,850
Bountiful, Utah SID Special Assessment Revenue
203,000 5.00%, 06/01/14 .............................................. NR/NR* 201,477
213,000 5.15%, 06/01/15 .............................................. NR/NR* 211,402
224,000 5.30%, 06/01/16 .............................................. NR/NR* 222,040
236,000 5.50%, 06/01/17 .............................................. NR/NR* 233,935
249,000 5.65%, 06/01/18 .............................................. NR/NR* 246,821
Brian Head, Utah Special Svc. Impt. District Revenue
$ 500,000 5.35%, 11/01/12 .............................................. NR/NR* $ 515,625
Cache County Utah Sales Tax Revenue
500,000 5.00%, 12/15/14 FGIC Insured ................................. Aaa/AAA 556,875
600,000 5.00%, 12/15/17 FGIC Insured ................................. Aaa/AAA 654,000
670,000 5.00%, 12/15/16 FGIC Insured ................................. Aaa/AAA 736,162
510,000 5.00%, 12/15/18 FGIC Insured ................................. Aaa/AAA 553,987
830,000 5.00%, 12/15/19 FGIC Insured ................................. Aaa/AAA 894,325
Clearfield, UT Sales Tax Revenue
590,000 5.00%, 07/01/18 FGIC Insured ................................. Aaa/AAA 644,575
620,000 5.00%, 07/01/19 FGIC Insured ................................. Aaa/AAA 671,925
650,000 5.00%, 07/01/20 FGIC Insured ................................. Aaa/AAA 697,937
Jordanelle, Utah Special Svc. Improvement District
435,000 8.00%, 10/01/11 .............................................. NR/NR* 458,381
Mountain Reg'l. Water District, Utah Special
Assmnt. Revenue
2,000,000 7.00%, 12/01/18 .............................................. NR/NR* 1,982,500
Orem, Utah Special Assessment Revenue
96,000 5.00%, 08/01/15 .............................................. NR/NR* 96,000
101,000 5.15%, 08/01/16 .............................................. NR/NR* 101,000
106,000 5.30%, 08/01/17 .............................................. NR/NR* 106,000
112,000 5.50%, 08/01/18 .............................................. NR/NR* 112,000
118,000 5.65%, 08/01/19 .............................................. NR/NR* 118,000
Pleasant Grove City Utah Sales Tax Revenue
410,000 5.25%, 12/01/17 MBIA Insured ................................. Aaa/AAA 456,125
Salt Lake City, Utah Sales Tax Revenue
490,000 5.25%, 02/01/12 .............................................. NR/AAA 567,175
265,000 5.25%, 02/01/13 .............................................. NR/AAA 303,094
1,320,000 5.25%, 02/01/15 .............................................. NR/AAA 1,488,300
100,000 5.25%, 02/01/17 .............................................. NR/AAA 110,500
Salt Lake Co., Utah Municipal Bldg. Auth.
100,000 5.40%, 10/01/19 .............................................. Aa1/AA+ 109,375
Sandy City Utah Sales Tax Revenue
520,000 5.00%, 09/15/18 AMBAC Insured ................................ NR/AAA 563,550
605,000 5.00%, 09/15/20 AMBAC Insured ................................ NR/AAA 645,081
South Jordan, Utah Sales Tax
$ 570,000 5.00%, 08/15/15 AMBAC Insured ................................ Aaa/AAA $ 624,862
South Jordan Utah Special Assignment
1,000,000 6.875%, 11/01/17 ............................................. NR/NR* 1,021,250
Utah Water Finance Agency Revenue
250,000 5.00%, 06/01/19 MBIA Insured ................................. Aaa/AAA 266,875
Utah Water Finance Agency Revenue
725,000 5.10%, 07/01/18 AMBAC Insured ................................ Aaa/NR 790,250
510,000 5.00%, 07/01/18 AMBAC Insured ................................ Aaa/NR 553,988
685,000 5.00%, 07/01/19 AMBAC Insured ................................ Aaa/NR 735,519
Wasatch County Utah Sales Tax Revenue
205,000 5.00%, 12/01/16 AMBAC Insured ................................ NR/AAA 225,244
210,000 5.00%, 12/01/17 AMBAC Insured ................................ NR/AAA 228,900
225,000 5.00%, 12/01/18 AMBAC Insured ................................ NR/AAA 244,406
West Valley City, Utah Sales Tax Revenue
800,000 5.50%, 07/15/17 MBIA Insured ................................. Aaa/AAA 903,000
1,400,000 6.00%, 03/01/24 .............................................. NR/A- 1,491,000
------------
22,286,311
------------

TRANSPORTATION (2.9%)
-----------------------------------------------------------------
Salt Lake City, Utah Airport Revenue Series B
875,000 5.875%, 12/01/12 FGIC Insured ................................ Aaa/AAA 907,112
370,000 5.875%, 12/01/18 FGIC Insured ................................ Aaa/AAA 382,654
Utah Transit Auth Sales Tax & Trans. Revenue
1,000,000 5.40%, 12/15/16 FSA Insured .................................. NR/AAA 1,130,000
500,000 5.00%, 06/15/23 FSA Insured .................................. Aaa/AAA 525,625
------------
2,945,391
------------

UTILITY (8.8%)
-----------------------------------------------------------------
Intermountain Power Agency Utilities Light & Power
Service, Utah
450,000 5.00%, 07/01/12 MBIA Insured ................................. Aaa/AAA 458,181
1,470,000 5.25%, 07/01/15 MBIA Insured ................................. Aaa/AAA 1,640,887
90,000 5.00%, 07/01/16 .............................................. A1/A+ 94,950
2,380,000 5.00%, 07/01/21 .............................................. A1/A+ 2,478,175
130,000 5.00%, 07/01/23 .............................................. A1/A+ 130,428
200,000 5.00%, 07/01/23 FSA Insured .................................. Aaa/AAA 218,250
Manti City, Utah Electric System Rev
$ 603,000 5.75%, 02/01/17 .............................................. NR/NR* $ 621,844
Murray City, Utah Utility Electric Revenue
400,000 5.625%, 06/01/18 AMBAC Insured ............................... Aaa/NR 449,000
Salem, Utah Electric Revenue
125,000 5.30%, 11/01/07 .............................................. NR/NR* 137,656
130,000 5.35%, 11/01/08 .............................................. NR/NR* 144,788
140,000 5.40%, 11/01/09 .............................................. NR/NR* 156,450
Southern Utah Valley Power System Revenue
210,000 5.25%, 09/15/13 MBIA Insured ................................. NR/AAA 239,925
225,000 5.25%, 09/15/14 MBIA Insured ................................. NR/AAA 256,219
235,000 5.25%, 09/15/15 MBIA Insured ................................. NR/AAA 265,256
185,000 5.125%, 09/15/21 MBIA Insured ................................ NR/AAA 197,719
Springville, Utah Electric Revenue
550,000 5.60%, 03/01/09 .............................................. Baa1/NR 616,000
Utah Association Municipal Power Systems Revenue
790,000 5.25%, 12/01/09 .............................................. NR/A- 895,662
------------
9,001,390
------------

WATER AND SEWER (8.4%)
-----------------------------------------------------------------
Ashley Valley, Utah
385,000 9.50%, 01/01/08 AMBAC Insured ................................ Aaa/AAA 451,412
Eagle Mountain, Utah Water and Sewer
750,000 5.80%, 11/15/16 ACA Insured .................................. NR/A 833,437
Granger and Hunter Utah Imp. District Water & Swr.
250,000 5.00%, 03/01/18 FSA Insured .................................. Aaa/NR 265,000
Riverton, Utah Water Revenue
100,000 5.35%, 09/01/15 FGIC Insured ................................. Aaa/NR 111,750
Salt Lake City, Utah Metropolitan Water Revenue
1,200,000 5.375%, 07/01/24 AMBAC Insured (pre-refunded) ................ Aaa/AAA 1,398,000
125,000 5.375%, 07/01/29 AMBAC Insured (pre-refunded) ................ Aaa/AAA 145,625
Salt Lake City, Utah Water And Sewer Revenue
500,000 5.75%, 02/01/13 AMBAC Insured ................................ Aaa/AAA 531,250
Spanish Fork City Utah Water Revenue
250,000 5.50%, 06/01/17 FSA Insured .................................. Aaa/NR 283,437
Utah Water Finance Agency Revenue
$ 100,000 5.00%, 06/01/14 MBIA Insured ................................. Aaa/AAA $ 107,750
910,000 5.50%, 10/01/14 AMBAC Insured ................................ Aaa/AAA 1,044,225
200,000 5.25%, 07/01/16 AMBAC Insured ................................ Aaa/NR 223,250
310,000 5.00%, 10/01/17 AMBAC Insured ................................ Aaa/NR 337,513
500,000 5.25%, 10/01/18 AMBAC Insured ................................ Aaa/NR 560,000
285,000 5.30%, 10/01/23 MBIA Insured ................................. Aaa/AAA 302,813
450,000 5.40%, 10/01/24 AMBAC Insured ................................ Aaa/AAA 478,688
250,000 5.50%, 10/01/29 AMBAC Insured ................................ Aaa/AAA 273,125
Weber-Box Elder, Utah Conservation District Water Revenue
200,000 6.45%, 11/01/14 (pre-refunded) ............................... Baa3/NR 247,500
200,000 6.50%, 11/01/19 (pre-refunded) ............................... Baa3/NR 248,000
335,000 6.90%, 11/01/20 (pre-refunded) ............................... Baa3/NR 424,194
White City, Utah Water Improvement
300,000 5.90%, 02/01/22 AMBAC Insured ................................ Aaa/AAA 331,875
------------
8,598,844
------------
Total Revenue Bonds .......................................... 81,606,240
------------

Total Investments (cost $93,749,747**) ............... 96.8% 99,318,139
Other assets less liabilities ........................ 3.2 3,314,381
------ ------------
Net Assets ........................................... 100.0% $102,632,520
====== ============

* Any security not rated must be determined by the
Investment Adviser to have sufficient quality to be ranked
in the top four ratings if a credit rating were to be
assigned by a rating service.
** See notes 2f and 4.
+ Security pledged as collateral for the Fund's when -
issued commitments (see note 9).
++ Security traded on a "when-issued" basis.

PORTFOLIO ABBREVIATIONS:
------------------------

ACA - ACA Financial Guaranty Corp.
AMBAC - American Municipal Bond Assurance Corp.
AMT - Alternative Minimum Tax
FGIC - Financial Guaranty Insurance Co.
FSA - Financial Security Assurance
MBIA - Municipal Bond Investors Assurance Corp.

See accompanying notes to financial statements.

TAX-FREE FUND FOR UTAH
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2003

ASSETS
Investments at value (cost $93,749,747) ................................................... $ 99,318,139
Cash ...................................................................................... 2,723,935
Interest receivable ....................................................................... 1,383,174
Receivable for investment securities sold ................................................. 1,536,750
Receivable for Fund shares sold ........................................................... 671,256
Due from Manager for reimbursement of expenses (note 3) ................................... 161
Other Assets .............................................................................. 3,999
-------------
Total assets .............................................................................. 105,637,414
-------------
LIABILITIES
Payable for investment securities purchased ............................................... 2,513,000
Payable for Fund shares redeemed .......................................................... 266,465
Dividends payable ......................................................................... 92,635
Distribution fees payable ................................................................. 60,263
Accrued expenses .......................................................................... 72,531
-------------
Total liabilities ......................................................................... 3,004,894
-------------
NET ASSETS ................................................................................... $ 102,632,520
=============
Net Assets consist of:
Capital Stock - Authorized an unlimited number of shares, par value $.01 per share ........ $ 99,584
Additional paid-in capital ................................................................ 99,750,229
Net unrealized appreciation on investments (note 4) ....................................... 5,568,392
Accumulated net realized loss on investments .............................................. (2,714,861)
Distributions in excess of net investment income .......................................... (70,824)
-------------
$ 102,632,520
=============
CLASS A
Net Assets ................................................................................ $ 85,329,336
=============
Capital shares outstanding ................................................................ 8,279,036
=============
Net asset value and redemption price per share ............................................ $ 10.31
=============
Offering price per share (100/96 of $10.31 adjusted to nearest cent) ...................... $ 10.74
=============
CLASS C
Net Assets ................................................................................ $ 16,420,273
=============
Capital shares outstanding ................................................................ 1,593,997
=============
Net asset value and offering price per share .............................................. $ 10.30
=============
Redemption price per share (*a charge of 1% is imposed on the redemption
proceeds of the shares, or on the original price, whichever is lower, if redeemed
during the first 12 months after purchase) ............................................ $ 10.30*
=============
CLASS Y
Net Assets ................................................................................ $ 882,911
=============
Capital shares outstanding ................................................................ 85,375
=============
Net asset value, offering and redemption price per share .................................. $ 10.34
=============

See accompanying notes to financial statements.

TAX-FREE FUND FOR UTAH
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED JUNE 30, 2003

INVESTMENT INCOME:

Interest income ........................................................... $ 3,819,347

Expenses:
Management fee (note 3) ................................................... $ 401,830
Distribution and service fees (note 3) .................................... 243,452
Legal fees ................................................................ 57,864
Trustees' fees and expenses (note 8) ...................................... 25,410
Shareholders' reports and proxy statements ................................ 46,847
Transfer and shareholder servicing agent fees ............................. 44,826
Auditing fees ............................................................. 25,417
Fund accounting fee ....................................................... 31,326
Custodian fees ............................................................ 9,387
Registration fees and dues ................................................ 9,808
Miscellaneous ............................................................. 16,459
-----------
Total expenses ............................................................ 912,626

Management fee waived (note 3) ............................................ (401,830)
Reimbursement of expenses by Manager (note 3) ............................. (71,453)
Expenses paid indirectly (note 6) ......................................... (9,210)
-----------
Net expenses .............................................................. 430,133
-----------
Net investment income ..................................................... 3,389,214

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) from securities transactions ..................... (44,103)
Change in unrealized appreciation on investments .......................... 3,818,783
-----------

Net realized and unrealized gain (loss) on investments .................... 3,774,680
-----------
Net increase in net assets resulting from operations ........................... $ 7,163,894
===========

See accompanying notes to financial statements.

TAX-FREE FUND FOR UTAH
STATEMENTS OF CHANGES IN NET ASSETS

YEAR ENDED YEAR ENDED
JUNE 30, 2003 JUNE 30, 2002
------------- -------------

OPERATIONS:
Net investment income ....................................... $ 3,389,214 $ 2,396,879
Net realized gain (loss) from securities transactions ....... (44,103) 204,218
Change in unrealized appreciation on investments ............ 3,818,783 869,002
------------- ------------
Change in net assets from operations ..................... 7,163,894 3,470,099
------------- ------------

DISTRIBUTIONS TO SHAREHOLDERS (note 10):
Class A Shares:
Net investment income ....................................... (3,169,522) (2,313,148)

Class C Shares:
Net investment income ....................................... (377,988) (179,895)

Class Y Shares:
Net investment income ....................................... (11,237) (1,405)
------------- ------------
Change in net assets from distributions .................. (3,558,747) (2,494,448)
------------- ------------

CAPITAL SHARE TRANSACTIONS (note 7):
Proceeds from shares sold ................................... 41,782,674 33,014,783
Reinvested dividends and distributions ...................... 1,882,383 1,280,612
Cost of shares redeemed ..................................... (7,318,351) (8,790,503)
------------- ------------
Change in net assets from capital share transactions ..... 36,346,706 25,504,892
------------- ------------

Change in net assets ..................................... 39,951,853 26,480,543

NET ASSETS:
Beginning of period ......................................... 62,680,667 36,200,124
------------- ------------
End of period* .............................................. $ 102,632,520 $ 62,680,667
============= ============

* Includes distributions in excess of net investment income of: $ (70,824) $ (40,117)
============= ============

See accompanying notes to financial statements.

TAX-FREE FUND FOR UTAH
NOTES TO FINANCIAL STATEMENTS

1. ORGANIZATION

Tax-Free Fund For Utah (the "Fund"), a non-diversified, open-end investment
company, was organized on December 12, 1990 as a Massachusetts business trust
and commenced operations on July 24, 1992. The Fund is authorized to issue an
unlimited number of shares and, since its inception to May 21, 1996, offered
only one class of shares. On that date, the Fund began offering two additional
classes of shares, Class C and Class Y shares. All shares outstanding prior to
that date were designated as Class A shares and are sold with a front-payment
sales charge and bear an annual distribution fee. Class C shares are sold with a
level-payment sales charge with no payment at time of purchase but level service
and distribution fees from date of purchase through a period of six years
thereafter. A contingent deferred sales charge of 1% is assessed to any Class C
shareholder who redeems shares of this Class within one year from the date of
purchase. Class C Shares, together with a pro-rata portion of all Class C Shares
acquired through reinvestment of dividends and other distributions paid in
additional Class C Shares, automatically convert to Class A Shares after 6
years. The Class Y shares are only offered to institutions acting for an
investor in a fiduciary, advisory, agency, custodian or similar capacity and are
not offered directly to retail investors. Class Y shares are sold at net asset
value without any sales charge, redemption fees, contingent deferred sales
charge or distribution or service fees. On October 31, 1997, the Fund
established Class I shares, which are offered and sold only through financial
intermediaries and are not offered directly to retail investors. As of the
report date, there were no Class I shares outstanding. All classes of shares,
represent interests in the same portfolio of investments and are identical as to
rights and privileges but differ with respect to the effect of sales charges,
the distribution and/or service fees borne by each class, expenses specific to
each class, voting rights on matters affecting a single class and the exchange
privileges of each class.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by
the Fund in the preparation of its financial statements. The policies are in
conformity with accounting principles generally accepted in the United States of
America for investment companies.

a) PORTFOLIO VALUATION: Municipal securities which have remaining maturities
of more than 60 days are valued at fair value each business day based upon
information provided by a nationally prominent independent pricing service
and periodically verified through other pricing services; in the case of
securities for which market quotations are readily available, securities
are valued at the mean of bid and asked quotations and, in the case of
other securities, at fair value determined under procedures established by
and under the general supervision of the Board of Trustees. Securities
which mature in 60 days or less are valued at amortized cost if their term
to maturity at purchase is 60 days or less, or by amortizing their
unrealized appreciation or depreciation on the 61st day prior to maturity,
if their term to maturity at purchase exceeds 60 days.

b) SECURITIES TRANSACTIONS AND RELATED INVESTMENT INCOME: Securities
transactions are recorded on the trade date. Realized gains and losses from
securities transactions are reported on the identified cost basis. Interest
income is recorded daily on the accrual basis and is adjusted for
amortization of premium and accretion of original issue and market
discount.

c) FEDERAL INCOME TAXES: It is the policy of the Fund to qualify as a
regulated investment company by complying with the provisions of the
Internal Revenue Code applicable to certain investment companies. The Fund
intends to make distributions of income and securities profits sufficient
to relieve it from all, or substantially all, Federal income and excise
taxes.

d) ALLOCATION OF EXPENSES: Expenses, other than class-specific expenses, are
allocated daily to each class of shares based on the relative net assets of
each class. Class-specific expenses, which include distribution and service
fees and any other items that are specifically attributed to a particular
class, are charged directly to such class.

e) USE OF ESTIMATES: The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of
America requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the
reported amounts of increases and decreases in net assets from operations
during the reporting period. Actual results could differ from those
estimates.

f) NEW ACCOUNTING PRONOUNCEMENT: In November 2000, the AICPA issued a revised
audit and accounting guide, AUDITS OF INVESTMENT COMPANIES, which is
effective for fiscal years beginning after December 15, 2000. The revised
Guide requires the Fund to amortize premium and all discounts on all
fixed-income securities. The Fund's officers determined to adopt this
requirement effective July 1, 2001. This change does not affect the Fund's
net asset value, but does change the classification of certain amounts in
the statement of operations. The Fund recorded an adjustment to increase
the cost of securities and increase accumulated undistributed net
investment income by $14,470 to reflect the cumulative effect of this
change up to the date of adoption.

3. FEES AND RELATED PARTY TRANSACTIONS

a) MANAGEMENT ARRANGEMENTS:

Aquila Management Corporation (the "Manager"), the Fund's founder and
sponsor, serves as the Investment Adviser for the Fund under an Advisory and
Administration Agreement with the Fund since August 1, 2001. Under the Advisory
and Administration Agreement, the Manager provides all investment management and
administrative services to the Fund. The Manager's services include providing
the office of the Fund and all related services as well as overseeing the
activities of all the various support organizations to the Fund such as the
shareholder servicing agent, custodian, legal counsel, fund accounting agent,
auditors and distributor. For its services, the Manager is entitled to receive a
fee which is payable monthly and computed as of the close of business each day
at the annual rate of 0.50 of 1% on the Fund's average net assets.

For the year ended June 30, 2003, the Fund incurred management fees of
$401,830 all of which was voluntarily waived. Additionally, the Manager
voluntarily agreed to reimburse the Fund for other expenses during this period
in the amount of $71,453. Of this amount, $71,292 was paid prior to June 30,
2003 and the balance of $161 was paid in early July 2003.

Specific details as to the nature and extent of the services provided by
the Manager are more fully defined in the Fund's Prospectus and Statement of
Additional Information.

b) DISTRIBUTION AND SERVICE FEES:

The Fund has adopted a Distribution Plan (the "Plan") pursuant to Rule
12b-1 (the "Rule") under the Investment Company Act of 1940. Under one part of
the Plan, with respect to Class A Shares, the Fund is authorized to make
distribution fee payments to broker-dealers or others ("Qualified Recipients")
selected by Aquila Distributors, Inc. (the "Distributor") including, but not
limited to, any principal underwriter of the Fund, with which the Distributor
has entered into written agreements contemplated by the Rule and which have
rendered assistance in the distribution and/or retention of the Fund's shares or
servicing of shareholder accounts. The Fund makes payment of this service fee at
the annual rate of 0.20% of the Fund's average net assets represented by Class A
Shares. For the year ended June 30, 2003 service fees on Class A Shares amounted
to $139,420, of which the Distributor retained $6,115.

Under another part of the Plan, the Fund is authorized to make payments
with respect to Class C Shares to Qualified Recipients which have rendered
assistance in the distribution and/or retention of the Fund's Class C shares or
servicing of shareholder accounts. These payments are made at the annual rate of
0.75% of the Fund's average net assets represented by Class C Shares and for the
year ended June 30, 2003, amounted to $78,024. In addition, under a Shareholder
Services Plan, the Fund is authorized to make service fee payments with respect
to Class C Shares to Qualified Recipients for providing personal services and/or
maintenance of shareholder accounts. These payments are made at the annual rate
of 0.25% of the Fund's average net assets represented by Class C Shares and for
the year ended June 30, 2003 amounted to $26,008. The total of these payments
with respect to Class C Shares amounted to $104,032, of which the Distributor
retained $13,664.

Specific details about the Plans are more fully defined in the Fund's
Prospectus and Statement of Additional Information.

Under a Distribution Agreement, the Distributor serves as the exclusive
distributor of the Fund's shares. Through agreements between the Distributor and
various broker-dealer firms ("dealers"), the Fund's shares are sold primarily
through the facilities of these dealers having offices within Utah, with the
bulk of sales commissions inuring to such dealers. For the year ended June 30,
2003, total commissions on sales of Class AShares amounted to $434,068, of which
the Distributor received $40,198.

c) OTHER RELATED PARTY TRANSACTIONS:

For the year ended June 30, 2003, the Fund incurred $57,603 of legal fees
allocable to Hollyer Brady Smith & Hines LLP counsel to the Fund for legal
services in conjunction with the Fund's ongoing operations. The Secretary of the
Fund is a Partner of Hollyer Brady Smith & Hines LLP.

4. PURCHASES AND SALES OF SECURITIES

During the year ended June 30, 2003, purchases of securities and proceeds
from the sales of securities aggregated $39,525,811 and $5,073,570,
respectively.

At June 30, 2003, the aggregate tax cost for all securities was
$93,727,935. At June 30, 2003 the aggregate gross unrealized appreciation for
all securities in which there is an excess of market value over tax cost
amounted to $5,644,663 and aggregate gross unrealized depreciation for all
securities in which there is an excess of tax cost over market value amounted to
$54,459, for a net unrealized appreciation of $5,590,204.

5. PORTFOLIO ORIENTATION

Since the Fund invests principally and may invest entirely in double
tax-free municipal obligations of issuers within Utah, it is subject to possible
risks associated with economic, political, or legal developments or industrial
or regional matters specifically affecting Utah and whatever effects these may
have upon Utah issuers' ability to meet their obligations.

The Fund is also permitted to invest in tax-free municipal obligations of
issuers in other states and U.S. territories meeting comparable quality
standards and providing income which is exempt from both regular Federal and
Utah income taxes. The general policy of the Fund is to invest in such
securities only when comparable securities of Utah issuers are not available in
the market. At June 30, 2003, the Fund had 100% of its net assets invested in
State of Utah municipal issues.

6. EXPENSES

The Fund has negotiated an expense offset arrangement with its custodian
wherein it receives credit toward the reduction of custodian fees and other Fund
expenses whenever there are uninvested cash balances. The Statement of
Operations reflects the total expenses before any offset, the amount of offset
and the net expenses. It is the general intention of the Fund to invest, to the
extent practicable, some or all of cash balances in income-producing assets
rather than leave cash on deposit.

7. CAPITAL SHARE TRANSACTIONS

Transactions in Capital Shares of the Fund were as follows:

YEAR ENDED JUNE 30, 2003 YEAR ENDED JUNE 30, 2002
------------------------------ --------------------------
Shares Amount Shares Amount
------ ------ ------ ------

CLASS A SHARES:
Proceeds from shares sold ........... 3,092,149 $ 31,209,525 2,863,782 $ 27,941,204
Reinvested distributions ............ 165,136 1,665,186 121,762 1,185,746
Cost of shares redeemed ............. (657,050) (6,646,533) (863,821) (8,393,387)
---------- ------------ ---------- ------------
Net change ..................... 2,600,235 26,228,178 2,121,723 20,733,563
---------- ------------ ---------- ------------

CLASS C SHARES:
Proceeds from shares sold ........... 957,135 9,712,558 516,778 5,048,579
Reinvested distributions ............ 20,771 209,789 9,685 94,203
Cost of shares redeemed ............. (63,577) (645,935) (41,134) (396,459)
---------- ------------ ---------- ------------
Net change ..................... 914,329 9,276,412 485,329 4,746,323
---------- ------------ ---------- ------------

CLASS Y SHARES:
Proceeds from shares sold ........... 84,124 860,591 2,567 25,253
Reinvested distributions ............ 720 7,408 55 410
Cost of shares redeemed ............. (2,553) (25,883) (67) (657)
---------- ------------ ---------- ------------
Net change ..................... 82,291 842,116 2,555 25,006
---------- ------------ ---------- ------------
Total transactions in Fund
shares .............................. 3,596,855 $ 36,346,706 2,609,607 $ 25,504,892
========== ============ ========== ============

8. TRUSTEES' FEES AND EXPENSES

During the fiscal year ended June 30, 2003 there were six trustees, two of
whom were affiliated with the Manager and are not paid any trustee fees. Each
Trustee's fees paid during the year were at the annual rate of $3,500 for
carrying out their responsibilities and attendance at regularly scheduled Board
Meetings. If additional or special meetings are scheduled for the Fund, separate
meeting fees are paid for each such meeting to those Trustees in attendance. The
Fund also reimburses Trustees for expenses such as travel, accommodations, and
meals incurred in connection with attendance at regularly scheduled or special
Board Meetings and at the Annual Meeting of Shareholders. For the fiscal year
ended June 30, 2003 such reimbursements averaged approximately $1,407 per
Trustee.

9. SECURITIES TRADED ON A WHEN-ISSUED BASIS

The Fund may purchase or sell securities on a when-issued basis.
When-issued transactions arise when securities are purchased or sold by the Fund
with payment and delivery taking place in the future in order to secure what is
considered to be an advantageous price and yield to the Fund at the time of
entering into the transaction. Beginning on the date the Fund enters into a
when-issued transaction, cash or other liquid securities are segregated in an
amount equal to or greater than the amount of the when-issued transaction. These
transactions are subject to market fluctuations and their current value is
determined in the same manner as for other securities.

10. DISTRIBUTIONS

The Fund declares dividends daily from net investment income and makes
payments monthly in additional shares at the net asset value per share, in cash,
or in a combination of both, at the shareholder's option. Net realized capital
gains, if any, are distributed annually and are taxable.

The Fund intends to maintain, to the maximum extent possible, the
tax-exempt status of interest payments received from portfolio municipal
securities in order to allow dividends paid to shareholders from net investment
income to be exempt from regular Federal and State of Utah income taxes.
However, due to differences between financial statement reporting and Federal
income tax reporting requirements, distributions made by the Fund may not be the
same as the Fund's net investment income, and/or net realized securities gains.
In this regard, the Fund credited distributions in excess of net investment
income in the amount of $138,826 and debited additional paid in capital in the
amount of $138,826 at June 30, 2003. This adjustment had no impact on the Fund's
aggregate net assets at June 30, 2003. Further, a small portion of the dividends
may, under some circumstances, be subject to taxes at ordinary income and/or
capital gain rates.

At June 30, 2003, the Fund had a capital loss carryover of $2,686,182 of
which $211,315 expires on June 30, 2008, $2,459,398 expires on June 30, 2009,
and $15,469 expires on June 30, 2011. This carryover is available to offset
future net realized gains on securities transactions to the extent provided for
in the Internal Revenue Code. To the extent that this loss is used to offset
future realized capital gains, it is probable that the gains so offset will not
be distributed.

The tax character of distributions during the fiscal years ended June 30,
2003 and 2002 is as follows:

Distributions from

YEAR ENDED JUNE 30,
2003 2002
---------- ----------
Net tax-exempt income $3,419,849 $2,418,521
Ordinary income 138,898 75,927
---------- ----------
$3,558,747 $2,494,448
========== ==========

As of June 30, 2003, the components of distributable earnings on a tax
basis were as follows:

Accumulated net realized loss $(2,686,182)

Unrealized appreciation 5,590,204
-----------
$ 2,904,022
===========

TAX-FREE FUND FOR UTAH
FINANCIAL HIGHLIGHTS

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

Class A
------------------------------------------------------
Year Ended June 30,
------------------------------------------------------
2003 2002 2001 2000 1999
------ ------ ------ ------ ------

Net asset value, beginning of period ................ $9.85 $9.65 $9.35 $9.88 $10.24
------ ------ ------ ------ ------
Income (loss) from investment operations:
Net investment income + .......................... 0.44 0.46 0.48 0.48 0.49
Net gain (loss) on securities (both realized
and unrealized) ............................... 0.48 0.22 0.32 (0.44) (0.36)
------ ------ ------ ------ ------
Total from investment operations ................. 0.92 0.68 0.80 0.04 0.13
------ ------ ------ ------ ------
Less distributions (note 10):
Dividends from net investment income ............. (0.46) (0.48) (0.50) (0.51) (0.49)
Distributions from capital gains ................. - - - (0.06) -
------ ------ ------ ------ ------
Total distributions .............................. (0.46) (0.48) (0.50) (0.57) (0.49)
------ ------ ------ ------ ------
Net asset value, end of period ...................... $10.31 $9.85 $9.65 $9.35 $9.88
====== ====== ====== ====== ======
Total return (not reflecting sales charge) .......... 9.55% 7.22% 8.72% 0.57% 1.19%

Ratios/supplemental data
Net assets, end of period (in thousands) ......... $85,329 $55,957 $34,321 $34,171 $47,251
Ratio of expenses to average net assets .......... 0.43% 0.46% 0.48% 0.42% 0.45%
Ratio of net investment income to average
net assets .................................... 4.31% 4.65% 4.95% 5.06% 4.57%
Portfolio turnover rate .......................... 6.43% 27.42% 44.17% 48.99% 87.49%

The expense and net investment income ratios without the effect of the voluntary
waiver of a portion of the management fee and the voluntary expense
reimbursement were:

Ratio of expenses to average net assets ............. 1.02% 1.00% 1.11% 1.11% 1.04%
Ratio of net investment income to average
net assets ....................................... 3.72% 4.11% 4.32% 4.37% 3.98%

The expense ratios after giving effect to the waiver, reimbursement and expense
offset for uninvested cash balances were:

Ratio of expenses to average net assets ............. 0.42% 0.40% 0.39% 0.39% 0.38%

- -------------
Note: Effective July 16, 1998, Zions First National Bank became the Fund's
Investment Sub-Adviser replacing First Security Investment Management,
Inc. Effective August 1, 2001, Aquila Management Corporation became the
Fund's Investment Adviser replacing Zions First National Bank which was
the sub-adviser.

+ Per share amounts have been calculated using the monthly average shares
method.

See accompanying notes to financial statements.

TAX-FREE FUND FOR UTAH
FINANCIAL HIGHLIGHTS (CONTINUED)

FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

CLass C
------------------------------------------------------
Year Ended June 30,
------------------------------------------------------
2003 2002 2001 2000 1999
------ ------ ------ ------ ------

Net asset value, beginning of period ........... $9.85 $9.64 $9.35 $9.87 $10.23
------ ------ ------ ------ ------
Income (loss) from investment operations:
Net investment income + ..................... 0.34 0.37 0.38 0.38 0.38
Net gain (loss) on securities (both
realized and unrealized) ................. 0.48 0.23 0.31 (0.42) (0.35)
------ ------ ------ ------ ------
Total from investment operations ............... 0.82 0.60 0.69 (0.04) 0.03
------ ------ ------ ------ ------
Less distributions (note 10):
Dividends from net investment income ........ (0.37) (0.39) (0.40) (0.42) (0.39)
Distributions from capital gains ............ - - - (0.06) -
------ ------ ------ ------ ------
Total distributions ......................... (0.37) (0.39) (0.40) (0.48) (0.39)
------ ------ ------ ------ ------
Net asset value, end of period ................. $10.30 $9.85 $9.64 $9.35 $9.87
====== ====== ====== ====== ======
Total return (not reflecting sales charge) ..... 8.48% 6.36% 7.52% (0.33)% 0.18%

Ratios/supplemental data
Net assets, end of period (in thousands) .... $16,420 $6,694 $1,874 $1,036 $1,667
Ratio of expenses to average net assets ..... 1.31% 1.34% 1.47% 1.43% 1.45%
Ratio of net investment income to
average net assets ....................... 3.39% 3.72% 3.93% 4.07% 3.57%
Portfolio turnover rate ..................... 6.43% 27.42% 44.17% 48.99% 87.49%

The expense and net investment income ratios without the effect of the voluntary
waiver of a portion of the management fee and the voluntary expense
reimbursement were:

Ratio of expenses to average net assets ..... 1.81% 1.78% 1.89% 1.91% 1.85%
Ratio of net investment income to
average net assets ....................... 2.89% 3.28% 3.51% 3.58% 3.17%

The expense ratios after giving effect to the waiver, reimbursement and expense
offset for uninvested cash balances were:

Ratio of expenses to average net assets ...... 1.30% 1.28% 1.39% 1.39% 1.37%

CLass Y
------------------------------------------------------
Year Ended June 30,
------------------------------------------------------
2003 2002 2001 2000 1999
------ ------ ------ ------ ------

Net asset value, beginning of period ........... $9.89 $9.68 $9.36 $9.88 $10.24
------ ------ ------ ------ ------
Income (loss) from investment operations:
Net investment income + ..................... 0.42 0.50 0.49 0.45 0.45
Net gain (loss) on securities (both
realized and unrealized) ................. 0.50 0.20 0.34 (0.38) (0.32)
------ ------ ------ ------ ------
Total from investment operations ............... 0.92 0.70 0.83 0.07 0.13
------ ------ ------ ------ ------
Less distributions (note 10):
Dividends from net investment income ........ (0.47) (0.49) (0.51) (0.53) (0.49)
Distributions from capital gains ............ - - - - (0.06)
------ ------ ------ ------ ------
Total distributions ......................... (0.47) (0.49) (0.51) (0.59) (0.49)
------ ------ ------ ------ ------
Net asset value, end of period ................. $10.34 $9.89 $9.68 $9.36 $9.88
====== ====== ====== ====== ======
Total return (not reflecting sales charge) ..... 9.55% 7.41% 9.05% 0.86% 1.19%

Ratios/supplemental data
Net assets, end of period (in thousands) .... $883 $30 $5 $0.1 $5
Ratio of expenses to average net assets ..... 0.30% 0.36% 0.42% 0.42% 0.43%
Ratio of net investment income to
average net assets ....................... 4.17% 4.75% 4.83% 4.88% 4.45%
Portfolio turnover rate ..................... 6.43% 27.42% 44.17% 48.99% 87.49%

The expense and net investment income ratios without the effect of the voluntary
waiver of a portion of the management fee and the voluntary expense
reimbursement were:

Ratio of expenses to average net assets ..... 0.78% 0.80% 0.64% 0.86% 0.96%
Ratio of net investment income to
average net assets ....................... 3.70% 4.31% 4.62% 4.43% 3.92%

The expense ratios after giving effect to the waiver, reimbursement and expense
offset for uninvested cash balances were:

Ratio of expenses to average net assets ..... 0.29% 0.30% 0.36% 0.39% 0.34%

+ Per share amounts have been calculated using the monthly average shares
method.

See accompanying notes to financial statements.

ADDITIONAL INFORMATION (UNAUDITED)

TRUSTEES(1)
AND OFFICERS

NUMBER OF
POSITIONS PORTFOLIOS OTHER DIRECTORSHIPS
HELD WITH IN FUND HELD BY TRUSTEE
NAME, TRUST AND PRINCIPAL COMPLEX (THE POSITION HELD IS
ADDRESS(2) LENGTH OF OCCUPATION(S) OVERSEEN A DIRECTORSHIP UNLESS
AND DATE OF BIRTH SERVICE(3) DURING PAST 5 YEARS BY TRUSTEE INDICATED OTHERWISE.)
- ----------------- ---------- ------------------- ---------- ---------------------

INTERESTED TRUSTEES(4)

Lacy B. Herrmann Chairman Founder and Chairman of the 12 Director or trustee, OCC Cash
New York, NY of the Board Board, Aquila Management Reserves, Inc., OCC Accumulation
(05/12/29) of Trustees Corporation, the sponsoring Trust, Oppenheimer Quest Value
since 1992 organization and Manager or Funds Group, Oppenheimer Small
Administrator and/or Adviser or Cap Value Fund, Oppenheimer
Sub-Adviser to each fund of the Midcap Fund, and Oppenheimer
Aquilasm Group of Funds(5) and Rochester Group of Funds.
Founder, Chairman of the Board
of Trustees and (currently or
until 1998) President of each
since its establishment,
beginning in 1984; Director of
the Distributor since 1981 and
formerly Vice President or
Secretary, 1981-1998; President
and a Director, STCM Management
Company, Inc., sponsor and
investment adviser to Capital
Cash Management Trust since
1973; Trustee Emeritus, Brown
University and active in
university, school and
charitable organizations.

Diana P. Herrmann Trustee since President and Chief Operating 7 None
New York, NY 1997 and Officer of the Manager since
(02/25/58) President since 1997, a Director since 1984,
1998 Secretary since 1986 and
previously its Executive Vice
President, Senior Vice President
or Vice President, 1986-1997;
President, Senior Vice President
or Executive Vice President of
funds in the Aquilasm Group of
Funds since 1986; Director of
the Distributor since 1997;
trustee, Reserve Money-Market
Funds, 1999-2000 and Reserve
Private Equity Series,
1998-2000; active in mutual fund
and trade organizations and in
charitable and volunteer
organizations.

NON-INTERESTED TRUSTEES

Gary C. Cornia Trustee since President, the National Tax 4 None
Orem, UT 1993 Association; Professor and Chair
(06/24/48) of the Executive Committee, the
International Center for Land
Policy Studies and Training
Institute, Taipei, Taiwan;
formerly Associate Dean,
Marriott School of Management,
Brigham Young University,
1991-2000; Chair, Utah
Governor's Tax Review Committee
since 1993; Faculty Associate,
the Land Reform Training
Institute, Taipei, Taiwan and
The Lincoln Institute of Land
Policy, Cambridge,
Massachusetts.

William L. Ensign Trustee since Planning and Architectural 2 None
Annapolis, MD 1992 Consultant; Acting Architect,
(12/14/28) United States Capitol 1995-1997;
formerly Assistant Architect;
former trustee of various
cultural organizations.

Lyle W. Hillyard Trustee since President of the law firm of 1 None
Logan, UT 2003 Hillyard, Anderson & Olsen,
(09/25/40) Logan, Utah, since 1967; member
of Utah Senate, 1985 to present,
in the following positions:
President, 2002, Senate Majority
Leader, 1999-2000, Assistant
Majority Whip, 1995-1998; served
as Chairman of the following
Senate Committees: Tax and
Revenue, Senate Judiciary
Standing, Joint Executive
Appropriations, and Senate
Rules; also Higher Education
Appropriations Subcommittees for
Higher Education and for Public
Education.

Anne J. Mills Trustee since President, Loring Consulting 5 None
Castle Rock, CO 1994 Company since 2001; Vice
(12/23/38) President for Business Affairs,
Ottawa University, 1992-2001;
IBM Corporation, 1965-1991;
Budget Review Officer, the
American Baptist Churches/USA,
1994-1997; director, the
American Baptist Foundation
since 1985 and Trustee Emerita,
Brown University.

OFFICERS

Jerry G. McGrew Senior Vice President of the Distributor N/A N/A
New York, NY President since since 1998, Registered Principal
(06/18/44) 1997 since 1993, Senior Vice
President, 1997-1998 and Vice
President, 1993-1997; Senior
Vice President, Aquila Rocky
Mountain Equity Fund and five
Aquila Bond Funds and Vice
President, Churchill Cash
Reserves Trust, 1995-2001.

Kimball L. Young Senior Vice Co-portfolio manager, Tax-Free N/A N/A
Salt Lake City, UT President since Fund For Utah since 2001;
(08/07/46) 1998 Co-founder, Lewis Young
Robertson & Burningham, Inc., a
NASD licensed broker/dealer
providing public finance
services to Utah local govern
ments, 1995-2001; Senior Vice
President of two Aquila Bond
Funds and Aquila Rocky Mountain
Equity Fund; formerly Senior
Vice President-Public Finance,
Kemper Securities Inc., Salt
Lake City, Utah.

Thomas S. Albright Vice President Senior Vice President and N/A N/A
Louisville, KY since 2001 Portfolio Manager, Churchill
(07/26/52) Tax-Free Fund of Kentucky since
July 2000; Vice President and
Co-portfolio manager, Tax-Free
Fund For Utah since 2001; Vice
President and Portfolio Manager,
Banc One Investment Advisors,
Inc., 1994-2000.

Stephen J. Caridi Assistant Vice Vice President of the N/A N/A
New York, NY President since Distributor since 1995; Vice
(05/06/61) 1993 President, Hawaiian Tax-Free
Trust since 1998; Senior Vice
President, Narragansett Insured
Tax-Free Income Fund since 1998,
Vice President 1996-1997;
Assistant Vice President,
Tax-Free Fund For Utah since
1993.

Mary Kayleen Willis Assistant Vice Assistant Vice President of N/A N/A
Salt Lake City, UT President Tax-Free Fund For Utah since
(06/11/63) since 2002 January, 2002, various
securities positions: Paine
Webber, Inc., Salt Lake City,
1999-2002, Dean Witter Reynolds,
Inc., Salt Lake City, 1996-1998.

Joseph P. DiMaggio Chief Financial Chief Financial Officer of the N/A N/A
New York, NY Officer since Aquilasm Group of Funds since
(11/06/56) 2003 and 2003 and Treasurer since 2000;
Treasurer since Controller, Van Eck Global
2000 Funds, 1993-2000.

Edward M. W. Hines Secretary since Partner, Hollyer Brady Smith & N/A N/A
New York, NY 1992 Hines LLP, legal counsel to the
(12/16/39) Fund, since 1989; Secretary of
the Aquilasm Group of Funds.

Robert W. Anderson Assistant Compliance Officer of the N/A N/A
New York, NY Secretary Manager since 1998 and Assistant
(08/23/40) since 2000 Secretary of the Aquilasm Group
of Funds since 2000; trustee,
Alpha Strategies Fund since
July, 2002; Consultant, The
Wadsworth Group, 1995-1998.

John M. Herndon Assistant Assistant Secretary of the N/A N/A
New York, NY Secretary Aquilasm Group of Funds since
(12/17/39) since 1995 1995 and Vice President of the
four Aquila Money-Market Funds
since 1990; Vice President of
the Manager since 1990.

Lori A. Vindigni Assistant Assistant Treasurer of the N/A N/A
New York, NY Treasurer Aquilasm Group of Funds since
(11/02/66) since 2000 2000; Assistant Vice President
of the Manager since 1998; Fund
Accountant for the Aquilasm
Group of Funds, 1995-1998.

- -------------

(1) The Fund's Statement of Additional Information includes additional
information about the Trustees and is available, without charge, upon request by
calling 800-437-1020 (toll free).

(2) The mailing address of each Trustee and officer is c/o Tax-Free Fund For
Utah, 380 Madison Avenue, New York, NY 10017.

(3) Each Trustee holds office until the next annual meeting of shareholders or
until his or her successor is elected and qualifies. The term of office of each
officer is one year.

(4) Mr. Herrmann and Ms. Herrmann are interested persons of the Fund, as that
term is defined in the 1940 Act, as officers of the Fund and their affiliations
with both the Manager and the Distributor. Each is also an interested person as
a member of the immediate family of the other.

(5) In this material Pacific Capital Cash Assets Trust, Pacific Capital U.S.
Government Securities Cash Assets Trust, Pacific Capital Tax-Free Cash Assets
Trust, and Capital Cash Management Trust, each of which is a money-market fund,
are called the "Aquila Money-Market Funds"; Hawaiian Tax-Free Trust, Tax-Free
Trust of Arizona, Tax-Free Trust of Oregon, Tax-Free Fund of Colorado, Churchill
Tax-Free Fund of Kentucky, Narragansett Insured Tax-Free Income Fund and
Tax-Free Fund For Utah, each of which is a tax-free municipal bond fund, are
called the "Aquila Bond Funds"; Aquila Rocky Mountain Equity Fund is an equity
fund; considered together, these 12 funds are called the "Aquilasm Group of
Funds."

PRIVACY NOTICE (unaudited)

OUR PRIVACY POLICY. In providing services to you as an individual who owns or is
considering investing in shares of a fund of the Aquila(SM) Group of Funds, we
collect certain nonpublic personal information about you. Our policy is to keep
this information strictly safeguarded and confidential, and to use or disclose
it only as necessary to provide services to you or as otherwise permitted by
law. Our privacy policy applies equally to former shareholders and persons who
inquire about a fund.

INFORMATION WE COLLECT. "Nonpublic personal information" is personally
identifiable financial information about you as an individual or your family.
The kinds of nonpublic personal information we have about you may include the
information you provide us on your share purchase application or in telephone
calls or correspondence with us, and information about your fund transactions
and holdings, how you voted your shares and the account where your shares are
held.

INFORMATION WE DISCLOSE. We disclose nonpublic personal information about you to
companies that provide necessary services to your fund, such as the fund's
transfer agent, distributor, investment adviser or sub-adviser and to our
affiliates, as permitted or required by law, or as authorized by you. We also
may disclose this information to another fund of the Aquila(SM) Group of Funds
or its distributor, or to the broker-dealer that holds your fund shares, under
agreements that permit them to use the information only to provide you
information about your fund, other funds in the Aquila(SM) Group of Funds or new
services we are offering which may be of interest to you. Any other use is
strictly prohibited. We do not sell information about you or any of our fund
shareholders to anyone.

HOW WE SAFEGUARD YOUR INFORMATION. We restrict access to nonpublic personal
information about you to only those persons who need it to provide services to
you or who are permitted by law to receive it. We maintain physical, electronic
and procedural safeguards to protect the confidentiality of all nonpublic
personal information we have about you.

If you have any questions regarding our Privacy Policy, please contact us at
1-800-437-1020.

FEDERAL TAX STATUS OF DISTRIBUTIONS (UNAUDITED)

This information is presented in order to comply with a requirement of the
Internal Revenue Code AND NO CURRENT ACTION ON THE PART OF SHAREHOLDERS IS
REQUIRED.

For the fiscal year ended June 30, 2003, $3,383,664 of dividends paid by
Tax-Free Fund For Utah, constituting 96.06% of total dividends paid during the
fiscal year ended June 30, 2003, were exempt-interest dividends, and the balance
was ordinary dividend income.

Prior to January 31, 2003, shareholders were mailed IRS Form 1099-DIV which
contained information on the status of distributions paid for the 2002 CALENDAR
YEAR.

Prior to January 31, 2004, shareholders will be mailed IRS Form 1099-DIV
which will contain information on the status of distributions paid for the 2003
CALENDAR YEAR.

MANAGER, FOUNDER AND INVESTMENT ADVISER
AQUILA MANAGEMENT CORPORATION
380 Madison Avenue, Suite 2300
New York, New York 10017

BOARD OF TRUSTEES
Lacy B. Herrmann, Chairman
Gary C. Cornia
William L. Ensign
Diana P. Herrmann
Lyle W. Hillyard
Anne J. Mills

OFFICERS
Diana P. Herrmann, President
Jerry G. McGrew, Senior Vice President
Kimball L. Young, Senior Vice President
and Co-Portfolio Manager
Thomas S. Albright, Vice President
and Co-Portfolio Manager
M. Kayleen Willis, Assistant Vice President
Joseph P. DiMaggio, Chief Financial Officer
and Treasurer
Edward M.W. Hines, Secretary

DISTRIBUTOR
AQUILA DISTRIBUTORS, INC.
380 Madison Avenue, Suite 2300
New York, New York 10017

CUSTODIAN
BANK ONE TRUST COMPANY, N.A.
1111 Polaris Parkway
Columbus, Ohio 43240

TRANSFER AND SHAREHOLDER SERVICING AGENT
PFPC INC.
400 Bellevue Parkway
Wilmington, Delaware 19809

INDEPENDENT AUDITORS
KPMG LLP
757 Third Avenue
New York, New York 10017

Further information is contained in the Prospectus, which must precede or
accompany this report.

ANNUAL
REPORT

JUNE 30, 2003

[Logo of Tax-Free Fund for Utah(SM): a rectangle containing desert boulders with
the sun rising behind them]

TAX-FREE FUND FOR
UTAH

A TAX-FREE INCOME INVESTMENT

[Logo of the Aquila Group of Funds: an eagle's head]

ONE OF THE
AQUILA(SM) GROUP OF FUNDS

ITEM 2. CODE OF ETHICS.
Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.

ITEM 6. [RESERVED]

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

905: Not applicable.

ITEM 8. [RESERVED]

ITEM 9. CONTROLS AND PROCEDURES.

(a) Based on their evaluation of the registrant's disclosure controls and
procedures (as defined in Rule 30a-2(c) under the Investment Company Act of
1940) as of a date within 90 days of the fling of this report, the registrant's
chief financial and executive officers have concluded that the disclosure
controls and procedures of the registrant are appropriately designed to ensure
that information required to be disclosed in the registrant's reports that are
filed under the Securities Exchange Act of 1934 are accumulated and communicated
to registrant's management, including its principal executive officer(s) and
principal financial officer(s), to allow timely decisions regarding required
disclosure and is recorded, processed, summarized and reported, within the time
periods specified in the rules and forms adopted by the Securities and Exchange
Commission.

(b) There have been no significant changes in registrant's internal controls or
in other factors that could significantly affect registrant's internal controls
subsequent to the date of the most recent evaluation, including no significant
deficiencies or material weaknesses that required corrective action.

ITEM 10. EXHIBITS.

(a)(1) Not applicable.
(a)(2) Certifications of principal executive officer and principal financial
officer as required by Rule 30a-2(a) under the Investment Company Act of
1940.

(b) Certifications of principal executive officer and principal financial
officer as required by Rule 30a-2(b) under the Investment Company Act
of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned thereunto duly authorized.

TAX-FREE FUND FOR UTAH

By: /s/ Lacy B. Herrmann
- ---------------------------------
Chairman of the Board
September 8, 2003

By: /s/ Diana P. Herrmann
- ---------------------------------
President
September 8, 2003

By: /s/ Joseph P. DiMaggio
- -----------------------------------
Chief Financial Officer
September 8, 2003

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on
the dates indicated.

By: /s/ Lacy B. Herrmann
- ---------------------------------
Lacy B. Herrmann
Chairman of the Board
September 8, 2003

By: /s/ Diana P. Herrmann
- ---------------------------------
Diana P. Herrmann
President
September 8, 2003

By: /s/ Joseph P. DiMaggio
- -----------------------------------
Joseph P. DiMaggio
Chief Financial Officer
September 8, 2003

TAX-FREE FUND FOR UTAH

EXHIBIT INDEX

(a) (2) Certifications of principal executive officer
and principal financial officer as required by Rule 30a-2(a)
under the Investment Company Act of 1940.

(b) Certification of chief executive officer and chief financial
officer as required by Rule 30a-2(b) of the Investment Company Act
of 1940.