AQUILA THREE PEAKS HIGH INCOME FUND
AQUILA ROCKY MOUNTAIN EQUITY FUND
CHURCHILL TAX-FREE FUND OF KENTUCKY
HAWAIIAN TAX-FREE TRUST
NARRAGANSETT INSURED TAX-FREE INCOME FUND
PACIFIC CAPITAL CASH ASSETS TRUST
PACIFIC CAPITAL TAX-FREE CASH ASSETS TRUST
PACIFIC CAPITAL U.S. GOVERNMENT SECURITIES CASH ASSETS TRUST
TAX-FREE FUND FOR UTAH
TAX-FREE FUND OF COLORADO
TAX-FREE TRUST OF ARIZONA
TAX-FREE TRUST OF OREGON

AQUILA DISTRIBUTORS, INC.
AQUILA INVESTMENT MANAGEMENT LLC
STCM MANAGEMENT COMPANY, INC.

Our Privacy Policy. In providing services to you as an individual who owns or is considering investing in shares of the Aquila 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 us, such as a fund's transfer agent, distributor, investment adviser or sub-adviser, as permitted or required by law, or as authorized by 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.