Aquila Rocky Mountain Equity Fund

Aquila Rocky Mountain Equity Fund Aquila Three Peaks High Income Fund Churchill Tax-Free Fund of Kentucky Hawaiian Tax-Free Trust Narragansett Insured Tax-Free Income Fund The Pacific Capital Funds of Cash Assets Trust Tax-Free Fund For Utah Tax-Free Fund of Colorado Tax-Free Trust of Arizona Tax-Free Trust of Oregon

Prospectus/Reports Forms

Highlights

FAQ

Portfolio Manager

Performance

Board of Trustees

Proxy Voting Information

Tax Information

Welcome

Aquila Rocky Mountain Equity Fund seeks long-term capital appreciation primarily through equity investments in the Rocky Mountain region. Slightly larger than the economy of Mexico in terms of GDP, the Rocky Mountain region has shown higher levels of both economic and population growth than most other areas of the U.S. Thus, the Fund focuses on companies with a significant business presence in the eight-state region of Colorado, Arizona, New Mexico, Utah, Montana, Wyoming, Idaho and Nevada.

Companies with a significant business presence are defined as those having: (1) principal executive offices located in the region; (2) more than half of their assets located in the region; or (3) deriving more than half of their revenue or profits from the region. We seek to gain exposure to the above-average growth in the region through our equity investments. Equities, while more volatile, have demonstrated superior returns over the long term. There may be special risk considerations regarding the geographic concentration of the Fund, including economic and other conditions affecting this region. With a regional investment policy, the Fund may possibly be less diversified than other broader-based funds. Many of the companies have smaller market capitalization than some nationally known firms, yet may offer above-average potential since they may receive little or no coverage from Wall Street and may be undervalued.

The Fund is qualified for sale in all 50 U.S. States with the following exceptions: Michigan and Oklahoma - Class A, C and I shares only.

The Fund is not a financial institution deposit or other obligation, is not backed by any financial institution guarantee, is not backed by FDIC or other deposit insurance, and is subject to investment risks, including possible loss of the principal amount invested. Before investing in the Fund carefully read about and consider the investment objectives, risks, charges, expenses, and other information found in the Fund prospectus. An investment in the Fund involves certain risks, including possible loss of the principal amount invested, market and financial risk, volatility and trading volume of small companies, interest and credit risks of convertible fixed income investments, economic and diversification risks of geographic concentration.