THOMAS S. ALBRIGHT has been the Portfolio Manager of Churchill Tax-Free Fund of Kentucky since September, 1995. First, as an employee of Banc One Investment Advisors (now J.P. Morgan), the Fund's previous Sub-Adviser, and since June, 2000, as an employee of Aquila Management Corporation, the Fund's founder and Manager. Mr. Albright has over twenty-five years of investment management experience and is currently a Senior Vice President of the Fund.

Prior to July, 2000, he served as Vice President and Senior Portfolio Manager with Banc One Investment Advisors, a full-service investment advisory firm,which is a wholly-owned subsidiary of Bank One Corporation. From 1981 to 1995, he was employed by Liberty National Bank, where he was responsible for management of its investment portfolio and securities trading and underwriting. He also served as President of Liberty Investment Services, Inc., Liberty's full-service brokerage subsidiary. He has been involved in banking and portfolio management since 1972.

Mr. Albright is based in Louisville, Kentucky, which enables him to maintain a careful watch over the Fund's portfolio investments. He frequently travels throughout the state to check on current and prospective investments. Mr. Albright was born in Dayton, Ohio and has lived in Louisville for nearly 40 years. He attended the University of Louisville.