AQUILASM GROUP OF FUNDS


 CODE OF ETHICS
FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS
UNDER SECTION 406 OF THE SARBANES-OXLEY ACT OF 2002



I. Covered Officers/Purpose of the Code
This is the code of ethics (the "Code") for the investment
companies within the Aquilasm Group of Funds (collectively,
"Funds" and each, a "Fund," each of which is detailed in Exhibit
A).  It applies to the Fund's Principal Executive Officer(s)
and Principal Financial Officer(s) (the "Covered Officers," each
of whom is listed in Exhibit B), for the purpose of promoting:
*  honest and ethical conduct, including the ethical handling of
actual or apparent conflicts of interest between personal and
professional relationships;
*  full, fair, accurate, timely and understandable disclosure in
reports and documents that a registrant files with, or submits to,
the Securities and Exchange Commission ("SEC") and in other public
communications made by the Fund;
*  compliance with applicable laws and governmental rules and
 regulations;
*  the prompt internal reporting of violations of the Code to an
 appropriate person or persons identified in the Code; and
* accountability for adherence to the Code.
Each Covered Officer should adhere to a high standard of business
ethics and should be sensitive to situations that may give rise to
actual as well as apparent conflicts of interest.

II. Covered Officers Should Handle Ethically Actual and Apparent
Conflicts of Interest

Overview.  A "conflict of interest" occurs when a Covered Officer's
private interest interferes with the interests of, or his/her service
to, the Fund.  For example, a conflict of interest would arise if a
Covered Officer, or a member of his/her family, receives improper
personal benefits as a result of his/her position with the Fund.

Certain conflicts of interest arise out of the relationships between
Covered Officers and the Fund and already are subject to conflict of
interest provisions in the Investment Company Act of 1940 ("Investment
Company Act") and the Investment Advisers Act of 1940 ("Investment
Advisers Act").  For example, Covered Officers may not individually
'engage in certain transactions (such as the purchase or sale of
securities or other property) with the Fund because of their status
as "affiliated persons" of the Fund.  The Fund's and the investment
adviser's compliance programs and procedures are designed to prevent,
or identify and correct, violations of these provisions.  This Code
does not, and is not intended to, repeat or replace these programs
and procedures, and such conflicts fall outside of the parameters of
this Code.

Although typically not presenting an opportunity for improper
personal benefit, conflicts arise from, or as a result of,
the contractual relationship between the Fund and the investment
adviser of which the Covered Officers are also officers or employees.
As a result, this Code recognizes that the Covered Officers will,
in the normal course of their duties (whether formally for the Fund
or for the adviser, or for both), be involved in establishing
policies and implementing decisions that will have different
effects on the adviser and the Fund.  The participation of the
Covered Officers in such activities is inherent in the
contractual relationship between the Fund and the adviser and is
consistent with the performance by the Covered Officers of their
duties as officers of the Fund.  Thus, if performed in conformity
with the provisions of the Investment Company Act and the Investment
Advisers Act, such activities will be deemed to have been handled
ethically.  In addition, it is recognized by the Funds' Boards
of Trustees ("Boards") that the Covered Officers may also be
officers or employees of one or more other investment companies
covered by this or other codes.

Other conflicts of interest are covered by the Code, even if
such conflicts of interest are not subject to provisions in
the Investment Company Act and the Investment Advisers Act.
The following list provides examples of conflicts of interest
under the Code, but Covered Officers should keep in mind that these
examples are not exhaustive.  The overarching principle is that
the personal interest of a Covered Officer should not be placed
improperly before the interest of the Fund.

		*		*		*		*

Each Covered Officer must:

* not use his/her personal influence or personal relationships
improperly to influence investment decisions or financial reporting
by the Fund whereby the Covered Officer would benefit personally to
the detriment of the Fund;

* not cause the Fund to take action, or fail to take action, for
the individual personal benefit of the Covered Officer rather than
the benefit the Fund;

There are some conflict of interest situations that should always
be discussed with the general counsel of the Fund ("General Counsel"),
if material.  Examples of these include:

* service as a director on the board of any public or private
company;
* the receipt of any non-nominal gifts;
the receipt of any entertainment from any company with which
the Fund has current or prospective business dealings unless
such entertainment is business- related, reasonable in cost,
appropriate as to time and place, and not so frequent as to raise
any question of impropriety;
* any ownership interest in, or any consulting or employment
relationship with, any of the Fund's service providers, other than
its investment adviser, principal underwriter, administrator or any
affiliated person thereof;
* a direct or indirect financial interest in commissions, transaction
charges or spreads paid by the Fund for effecting portfolio
transactions or for selling or redeeming shares other than an
interest arising from the Covered Officer's employment, such as
compensation or equity ownership.

III. Disclosure and Compliance

Each Covered Officer should familiarize himself/herself with the
disclosure requirements generally applicable to the Fund;

each Covered Officer should not knowingly misrepresent, or cause
others to misrepresent, facts about the Fund to others, whether
within or outside the Fund, including to the Fund's Trustees and
auditors, and to governmental regulators and self-regulatory
organizations;
each Covered Officer should, to the extent appropriate within
his/her area of responsibility, consult with other officers and
employees of the Funds and the adviser with the goal of promoting
full, fair, accurate, timely and understandable disclosure in the
reports and documents the Funds file with, or submit to, the SEC and
in other public communications made by the Funds; and
it is the responsibility of each Covered Officer to promote compliance
with the standards and restrictions imposed by applicable laws, rules
and regulations.

IV. Reporting and Accountability

Each Covered Officer must:
upon adoption of the Code (or thereafter as applicable, upon becoming
a Covered Officer), affirm in writing to the Board that he/she has
received, read, and understands the Code;
annually thereafter affirm to the Board that he/she has complied
with the requirements of the Code;
not retaliate against any other Covered Officer or any employee of
the Funds or their affiliated persons for reports of potential
violations that are made in good faith; and
notify the Chair of the Audit Committee of the Fund promptly if
he/she knows of any violation of this Code.  Failure to do so is
itself a violation of this Code;
file at least annually a complete and accurate Funds' Trustees
and Officers Questionnaire.

The General Counsel is responsible for applying this Code to
specific situations in which questions are presented under it and
has the authority to interpret this Code in any particular situation.
However, any approvals or waivers1 sought by the Chairman of the
Board or the President will be considered by the Audit Committee
(the "Committee").

The Funds will follow these procedures in investigating and
enforcing this Code:

the General Counsel will take all appropriate action to investigate
any potential violations reported to him;
if, after such investigation, the General Counsel believes that
no violation has occurred, the General Counsel is not required to
take any further action;
any matter that the General Counsel believes is a violation will
be reported to the Committee;
if the Committee concurs that a violation has occurred, it will
inform the Board, which will consider appropriate action, which
may include review of, and appropriate modifications to, applicable
policies and procedures; notification to appropriate personnel of
the investment adviser or its board; or a recommendation to dismiss
the Covered Officer;
the Committee will be responsible for granting waivers, as
appropriate; and
any changes to or waivers of this Code will, to the extent
required, be disclosed as provided by SEC rules.


V.  Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Funds
for purposes of Section 406 of the Sarbanes-Oxley Act and the rules
and forms applicable to registered investment companies thereunder.
Insofar as other policies or procedures of the Funds, the Funds'
adviser, principal underwriter, or other service providers govern
or purport to govern the behavior or activities of the Covered
Officers who are subject to this Code, they are superseded by this
Code to the extent that they overlap or conflict with the provisions
of this Code.  The Funds' and their investment adviser's and
principal underwriter's codes of ethics under Rule 17j-1 under
the Investment Company Act and the adviser's more detailed
policies and procedures set forth in their respective codes
are separate requirements applying to the Covered Officers and
others, and are not part of this Code.

VI.  Amendments

Any amendments to this Code, other than amendments to Exhibit
B, must be approved or ratified by a majority vote of the Board,
including a majority of independent Trustees.

VII.  Confidentiality

All reports and records prepared or maintained pursuant to this
Code will be considered confidential and shall be maintained
and protected accordingly.  Except as otherwise required by law
or this Code, such matters shall not be disclosed to anyone other
than the appropriate Board and the General Counsel, and if deemed
appropriate by the Board, with other Funds in the complex where the
Funds share a common Covered Officer.

VIII. Internal Use

The Code is intended solely for the internal use by the Funds
and does not constitute an admission, by or on behalf of any Fund,
as to any fact, circumstance, or legal conclusion.

Exhibit A


Funds Covered by this Code of Ethics


Aquila Equity Fund

Aquila Rocky Mountain Equity Fund

Capital Cash Management Trust

Cash Assets Trust series, consisting of
	Pacific Capital Cash Assets Trust
	Pacific Capital Tax-Free Cash Assets Trust
      Pacific Capital U.S. Government Cash Assets Trust

Churchill Cash Reserves Trust

Churchill Tax-Free Trust

Hawaiian Tax-Free Trust

Narragansett Insured Tax-Free Income Fund

Prime Cash Fund

Tax-Free Fund For Utah

Tax-Free Fund of Colorado

Tax-Free Trust of Arizona

Tax-Free Trust of Oregon

Exhibit B


Persons Covered by this Code of Ethics



The following officers of each Fund, and the identities of such
officers as of October 1, 2003:


Chairman					Lacy B. Herrmann

President					Diana P. Herrmann

Treasurer and Chief
Financial Officer				Joseph P. DiMaggio

1 Item 2 of Form N-CSR defines "waiver" as "the approval by
the registrant of a material departure from a provision of the code
of ethics" and "implicit waiver," which must also be disclosed, as
"the registrant's failure to take action within a reasonable period
of time regarding a material departure from a provision of the code
of ethics that has been made known to an executive officer" of the
registrant.