-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Nj6Jy171KzQIz8t+bMcrKIKdPFevyBAvrh4U3or9U+3Vz+AxeOk+jF3xG+IrWl21 li08WxcjKW61ic2T4nJevA== 0000812006-05-000022.txt : 20051128 0000812006-05-000022.hdr.sgml : 20051128 20051128170142 ACCESSION NUMBER: 0000812006-05-000022 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050930 FILED AS OF DATE: 20051128 DATE AS OF CHANGE: 20051128 EFFECTIVENESS DATE: 20051128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHURCHILL TAX FREE TRUST CENTRAL INDEX KEY: 0000812006 IRS NUMBER: 136864349 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-05086 FILM NUMBER: 051228466 BUSINESS ADDRESS: STREET 1: 380 MADISON AVE STREET 2: SUITE 2300 CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2126976666 MAIL ADDRESS: STREET 1: 380 MADISON AVENUE STREET 2: SUITE 2300 CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: CHURCHILL TAX FREE FUND OF KENTUCKY DATE OF NAME CHANGE: 19880911 N-Q 1 ctftnq93005.txt CHURCHILL TAX-FREE TRUST 9/E0/05 FORM N-Q FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number: 811-4084 Churchill Tax-Free Trust (Exact Name of Registrant as Specified in Charter) 380 Madison Avenue, Suite 2300 New York, New York 10017 (Address of Principal Executive Offices)(Zip Code) Joseph P. DiMaggio, Chief Financial Officer and Treasurer 380 Madison Avenue, Suite 2300 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: December 31, 2004 Date of reporting period: September 30, 2005 Item 1. Schedule of Investments. Schedule of investments as of the close of the reporting period as set forth in subsection 210.12-12 - 12-14 of Regulation S-X (17 CFR 210.12-12 - 12-14). CHURCHILL TAX-FREE FUND OF KENTUCKY SCHEDULE OF INVESTMENTS September 30, 2005 (unaudited)
Rating Face Moody's/ Amount General Obligation Bonds (3.2%) S&P Value (a) Bowling Green, Kentucky $ 200,000 5.300%, 06/01/18 Aa3/NR $ 216,228 Lexington-Fayette Urban County Government, Kentucky 2,000,000 4.750%, 05/01/24 FGIC Insured Aaa/AAA 2,045,100 Lexington-Fayette Urban County, Kentucky Government Project Unlimited Tax 125,000 5.000%, 12/01/15 Aa2/AA+ 132,625 340,000 5.150%, 12/01/17 Aa2/AA+ 363,759 Louisville - Jefferson County, Kentucky Metro Government Unlimited Tax 1,590,000 5.000%, 11/01/19 Aa2/AA 1,712,446 1,825,000 5.000%, 11/01/20 Aa2/AA 1,956,911 Louisville, Kentucky Unlimited Tax 2,205,000 5.000%, 10/01/21 FGIC Insured Aaa/AAA 2,320,410 Warren County, Kentucky Judicial Unlimited Tax 345,000 5.100%, 09/01/17 AMBAC Insured Aaa/NR 370,496 365,000 5.150%, 09/01/18 AMBAC Insured Aaa/NR 392,098 -------------- Total General Obligation Bonds 9,510,073 -------------- Revenue Bonds (96.2%) ----------------------------------------------------------------------- State Agencies (34.5%) ----------------------------------------------------------------------- Kentucky Area Development District Financing 500,000 5.000%, 12/01/23 LOC Wachovia Bank NR/AA 524,170 Kentucky Infrastructure Authority 1,000,000 5.250%, 06/01/12 Aa3/A+ 1,082,640 635,000 5.250%, 06/01/12 Aa3/A+ 660,883 2,740,000 5.250%, 06/01/14 Aa3/A+ 2,954,789 1,235,000 5.250%, 08/01/17 NR/AA 1,354,511 100,000 5.000%, 06/01/18 Aa3/A+ 105,530 230,000 5.000%, 06/01/21 Aa3/A+ 241,764 Kentucky State Property and Buildings Commission 220,000 6.000%, 09/01/08 Aa3/A+ 237,145 4,000,000 5.375%, 02/01/14 FSA Insured (pre-refunded) Aaa/AAA 4,426,640 400,000 5.250%, 10/01/14 (pre-refunded) Aa3/A+ 435,992 3,250,000 5.625%, 09/01/15 (pre-refunded) Aa3/A+ 3,592,648 460,000 5.125%, 09/01/15 (pre-refunded) Aa3/AAA 498,152 1,000,000 5.000%, 11/01/15 AMBAC Insured Aaa/AAA 1,082,000 100,000 5.375%, 05/01/16 MBIA Insured (pre-refunded) Aaa/AAA 108,280 3,775,000 5.375%, 08/01/16 (pre-refunded) Aaa/AAA 4,159,333 2,725,000 5.375%, 08/01/16 FSA Insured Aaa/AAA 2,945,643 3,905,000 5.125%, 09/01/16 (pre-refunded) Aa3/AAA 4,228,881 5,000,000 5.250%, 10/01/16 Aa3/A+ 5,386,900 1,100,000 5.000%, 11/01/16 AMBAC Insured Aaa/AAA 1,186,229 1,265,000 5.250%, 08/01/17 MBIA Insured (pre-refunded) Aaa/AAA 1,402,493 1,250,000 5.000%, 08/01/17 FSA Insured (pre-refunded) Aaa/AAA 1,352,725 975,000 5.000%, 08/01/17 FSA Insured Aaa/AAA 1,025,661 8,155,000 5.125%, 09/01/17 (pre-refunded) Aa3/AAA 8,831,376 200,000 5.375%, 10/01/17 MBIA Insured (pre-refunded) Aaa/AAA 221,468 4,735,000 5.250%, 10/01/17 Aa3/A+ 5,086,811 1,250,000 5.500%, 11/01/17 FSA Insured Aaa/AAA 1,385,575 1,000,000 5.000%, 11/01/17 AMBAC Insured Aaa/AAA 1,072,660 165,000 5.375%, 02/01/18 FSA Insured (pre-refunded) Aaa/AAA 182,599 3,030,000 5.000%, 08/01/18 FSA Insured (pre-refunded) Aaa/AAA 3,279,005 3,950,000 5.125%, 09/01/18 (pre-refunded) Aa3/AAA 4,268,331 6,000,000 5.250%, 10/01/18 Aa3/A+ 6,427,320 1,000,000 5.500%, 11/01/18 FSA Insured Aaa/AAA 1,108,460 155,000 5.100%, 11/01/18 FSA Insured Aaa/AAA 165,802 145,000 5.100%, 11/01/18 (pre-refunded) Aa3/AAA 155,208 1,500,000 5.000%, 11/01/18 AMBAC Insured Aaa/AAA 1,603,635 1,040,000 5.000%, 08/01/19 FSA Insured (pre-refunded) Aaa/AAA 1,125,467 4,000,000 5.375%, 10/01/19 MBIA Insured (pre-refunded) Aaa/AAA 4,429,360 1,925,000 5.000%, 10/01/19 Aa3/A+ 2,024,831 360,000 5.000%, 10/01/19 MBIA Insured (pre-refunded) Aaa/AAA 391,378 785,000 5.150%, 11/01/19 FSA Insured Aaa/AAA 842,611 3,000,000 5.000%, 11/01/19 FSA Insured Aaa/AAA 3,168,000 2,000,000 5.750%, 05/01/20 MBIA Insured (pre-refunded) Aaa/AAA 2,207,220 250,000 5.000%, 05/01/20 FSA Insured Aaa/AAA 260,720 160,000 5.000%, 10/01/20 MBIA Insured (pre-refunded) Aaa/AAA 173,946 200,000 5.000%, 08/01/21 FSA Insured (pre-refunded) Aaa/AAA 216,984 270,000 5.100%, 10/01/21 MBIA Insured (pre-refunded) Aaa/AAA 294,986 255,000 5.150%, 02/01/22 FSA Insured (pre-refunded) Aaa/AAA 278,967 5,000,000 5.000%, 10/01/22 MBIA Insured (pre-refunded) Aaa/AAA 5,467,700 235,000 5.000%, 08/01/23 MBIA Insured (pre-refunded) Aaa/AAA 256,575 80,000 5.000%, 08/01/23 MBIA Insured (pre-refunded) Aaa/AAA 87,345 Kentucky State Property Buildings Community Revenues 7,200,000 5.000%, 08/01/21 FSA Insured Aaa/AAA 7,701,192 -------------- Total State Agencies 101,708,541 -------------- County Agencies (6.7%) ----------------------------------------------------------------------- Jefferson County, Kentucky Capital Projects 1,000,000 5.200%, 06/01/08 MBIA Insured Aaa/AAA 1,051,800 430,000 5.200%, 06/01/12 MBIA Insured Aaa/AAA 452,046 570,000 5.250%, 06/01/13 MBIA Insured Aaa/AAA 599,771 520,000 5.250%, 06/01/14 MBIA Insured Aaa/AAA 547,160 3,370,000 5.375%, 06/01/18 MBIA Insured Aaa/AAA 3,549,958 1,640,000 5.375%, 06/01/22 MBIA Insured Aaa/AAA 1,724,837 5,935,000 5.500%, 06/01/28 MBIA Insured Aaa/AAA 6,258,814 Nelson County, Kentucky Court Facilities Project Revenue 185,000 5.000%, 06/01/21 Aa3/NR 194,823 Warren County, Kentucky Justice Center 1,580,000 5.250%, 09/01/17 MBIA Insured Aaa/AAA 1,668,211 Warren County, Kentucky Justice Center Expansion Corp. Revenue 700,000 5.400%, 09/01/24 Aa3/NR 755,013 2,895,000 5.350%, 09/01/29 MBIA Insured Aaa/AAA 3,046,437 -------------- Total County Agencies 19,848,870 -------------- City / Municipality Obligations (0.9%) ----------------------------------------------------------------------- Jeffersontown, Kentucky Public Project Corp. 500,000 5.750%, 11/01/15 A3/NR 524,675 Lexington-Fayette Urban County Government, Kentucky Public Facilities Revenue 180,000 5.125%, 10/01/23 FSA Insured Aaa/AAA 190,987 Louisville, Kentucky Parking Authority 1,140,000 5.000%, 12/01/14 MBIA Insured Aaa/AAA 1,197,547 Shelbyville, Kentucky Certificates of Participation 625,000 5.000%, 10/01/22 A2/NR 654,238 -------------- Total City / Municipality Obligations 2,567,447 -------------- Hospitals (4.0%) ----------------------------------------------------------------------- Jefferson County, Kentucky Health Facilities Revenue 240,000 5.000%, 10/01/12 MBIA Insured Aaa/AAA 251,270 1,715,000 5.650%, 01/01/17 AMBAC Insured Aaa/AAA 1,795,948 2,200,000 5.250%, 05/01/17 NR/A 2,338,182 2,815,000 5.125%, 10/01/17 AMBAC Insured ETM Aaa/AAA 2,940,042 125,000 5.750%, 01/01/26 AMBAC Insured Aaa/AAA 130,971 Jefferson County, Kentucky Revenue Medical Center Revenue 2,000,000 5.500%, 05/01/22 NR/A 2,155,960 Kentucky Economic Development Finance Authority 1,000,000 5.000%, 02/01/18 FSA Insured Aaa/AAA 1,029,670 Louisville - Jefferson County, Kentucky Medical Center Revenue 1,000,000 5.000%, 06/01/18 NR/A 1,069,480 -------------- Total Hospitals 11,711,523 -------------- Housing (7.8%) ----------------------------------------------------------------------- Kentucky Housing Corp. Housing Revenue 250,000 4.100%, 01/01/15 AMT Aaa/AAA 248,277 170,000 4.100%, 07/01/15 AMT Aaa/AAA 168,778 200,000 4.200%, 01/01/16 AMT Aaa/AAA 198,886 550,000 4.200%, 07/01/16 AMT Aaa/AAA 546,821 555,000 4.200%, 01/01/17 Aaa/AAA 552,020 100,000 5.125%, 07/01/17 Aaa/AAA 102,451 680,000 4.200%, 07/01/17 Aaa/AAA 676,226 285,000 4.250%, 01/01/18 Aaa/AAA 283,102 95,000 5.550%, 07/01/18 AMT Aaa/AAA 95,155 180,000 4.250%, 07/01/18 Aaa/AAA 178,765 150,000 5.850%, 07/01/20 AMT Aaa/AAA 150,000 2,000,000 5.600%, 07/01/20 AMT Aaa/AAA 2,092,960 1,150,000 5.350%, 01/01/21 AMT Aaa/AAA 1,183,638 6,275,000 5.450%, 07/01/22 AMT Aaa/AAA 6,526,439 4,065,000 5.250%, 07/01/22 AMT Aaa/AAA 4,184,389 245,000 5.200%, 07/01/22 Aaa/AAA 251,539 300,000 5.100%, 07/01/22 AMT Aaa/AAA 306,840 4,140,000 5.200%, 07/01/25 AMT Aaa/AAA 4,250,869 275,000 5.375%, 07/01/27 Aaa/AAA 283,715 570,000 5.550%, 07/01/33 Aaa/AAA 590,885 -------------- Total Housing 22,871,755 -------------- Schools (19.6%) ----------------------------------------------------------------------- Beechwood, Kentucky Independent School District Finance Corp. 180,000 5.650%, 03/01/20 Aa3/NR 194,985 Berea, Kentucky Educational Facilities Revenue (Berea College) 1,000,000 4.125%, 06/01/25 Aaa/NR 971,720 Boone County, Kentucky School District Finance Corp. 1,730,000 4.125%, 08/01/22 XLCA Insured Aaa/NR 1,681,802 1,360,000 4.250%, 08/01/23 XLCA Insured Aaa/NR 1,328,339 Boone County, Kentucky School District Finance Corp. School Building 660,000 5.000%, 06/01/15 Aa3/NR 689,423 225,000 5.250%, 08/01/15 Aa3/NR 241,218 285,000 5.700%, 02/01/16 Aa3/NR 310,587 1,000,000 5.375%, 08/01/20 FSA Insured AAA/NR 1,068,870 Boyd County, Kentucky School District Finance Corp. 1,025,000 5.000%, 10/01/15 Aa3/NR 1,084,430 575,000 5.375%, 10/01/17 Aa3/NR 608,327 Bullitt County, Kentucky School District Finance Corp. 200,000 4.300%, 10/01/21 Aaa/NR 201,036 2,455,000 4.500%, 10/01/22 MBIA Insured Aaa/NR 2,526,342 2,590,000 4.500%, 10/01/23 MBIA Insured Aaa/NR 2,659,386 Christian County, Kentucky School District Finance Corp. 500,000 5.000%, 06/01/09 Aa3/NR 524,450 Christian County Kentucky School District Finance Corp. 820,000 4.000%, 08/01/19 XLCA Insured Aaa/NR 804,584 855,000 4.000%, 08/01/20 XLCA Insured Aaa/NR 833,471 905,000 4.000%, 08/01/21 XLCA Insured Aaa/NR 876,049 1,465,000 4.000%, 08/01/22 XLCA Insured Aaa/NR 1,410,985 1,525,000 4.125%, 08/01/23 XLCA Insured Aaa/NR 1,475,315 1,590,000 4.125%, 08/01/24 XLCA Insured Aaa/NR 1,528,435 Daviess County Kentucky School District Finance Corp. 200,000 5.000%, 06/01/24 Aa3/NR 211,500 Fayette County, Kentucky School Building 1,780,000 5.700%, 12/01/16 (pre-refunded) Aa3/AA- 1,871,848 Fayette County, Kentucky School Building Revenue 200,000 5.125%, 04/01/18 AMBAC Insured Aaa/AAA 213,516 Fayette County, Kentucky School District Finance Corp. 250,000 5.300%, 09/01/14 Aa3/AA- 268,620 5,000,000 4.250%, 04/01/23 FSA Insured Aaa/AAA 4,915,150 Floyd County, Kentucky School Building 250,000 5.000%, 12/01/09 Aa3/NR 266,068 Franklin County, Kentucky School District Finance Corp. 1,000,000 5.000%, 04/01/24 Aa3/NR 1,056,630 Graves County, Kentucky School Building Revenue 1,260,000 5.000%, 06/01/22 Aa3/NR 1,332,097 1,320,000 5.000%, 06/01/23 Aa3/NR 1,391,993 Hardin County, Kentucky School District Finance Corp. 100,000 5.500%, 02/01/17 (pre-refunded) Aa3/NR 109,912 1,475,000 4.000%, 02/01/19 AMBAC Insured Aaa/NR 1,437,712 Hickman County, Kentucky School District Finance Corp. School Building Revenue 250,000 5.000%, 06/01/24 Aa3/NR 264,375 Jefferson County, Kentucky School District Finance Corp. School Building 750,000 5.300%, 01/01/13 FSA Insured Aaa/AAA 826,050 250,000 5.250%, 07/01/16 FSA Insured Aaa/AAA 266,085 1,360,000 4.250%, 06/01/21 FSA Insured Aaa/AAA 1,355,308 Jessamine County, Kentucky School District Finance Corp. School Building Revenue 1,205,000 4.900%, 05/01/22 Aa3/NR 1,251,561 Kenton County, Kentucky School District 1,800,000 5.375%, 03/01/15 (pre-refunded) Aa3/A+ 1,895,958 955,000 5.000%, 04/01/16 Aa3/NR 1,013,026 1,055,000 5.000%, 04/01/17 Aa3/NR 1,118,479 605,000 5.000%, 04/01/19 Aa3/NR 639,630 Kentucky Economic Development Finance Authority College Revenue Centre College 1,230,000 5.000%, 04/01/17 FSA Insured Aaa/AAA 1,305,116 1,675,000 5.000%, 04/01/19 FSA Insured Aaa/AAA 1,767,879 Lexington-Fayette Urban County, Kentucky Government Project Transylvania University 1,320,000 5.125%, 08/01/18 MBIA Insured Aaa/AAA 1,388,706 Lexington-Fayette Urban County, Kentucky Government Project U.K. Library 725,000 5.000%, 11/01/15 MBIA Insured Aaa/AAA 771,603 305,000 5.000%, 11/01/18 MBIA Insured Aaa/AAA 323,349 Lincoln County, Kentucky School District 250,000 4.800%, 08/01/19 Aa3/NR 261,737 Louisville & Jefferson County, Kentucky University of Louisville 500,000 5.000%, 06/01/19 AMBAC Insured Aaa/AAA 536,380 525,000 5.000%, 06/01/20 AMBAC Insured Aaa/AAA 561,036 Oldham County, Kentucky School District Finance Corp. 700,000 5.000%, 05/01/19 MBIA Insured Aaa/NR 746,172 Scott County, Kentucky School Building 100,000 5.000%, 03/01/22 Aa3/NR 105,677 Scott County, Kentucky School District Finance Corp. 1,115,000 4.200%, 01/01/22 AMBAC Insured Aaa/NR 1,113,640 1,955,000 4.250%, 01/01/23 AMBAC Insured Aaa/NR 1,956,369 1,560,000 4.300%, 01/01/24 AMBAC Insured Aaa/NR 1,561,092 Taylor County, Kentucky School Building 175,000 5.250%, 06/01/19 Aa3/NR 187,309 University of Kentucky Revenue 1,335,000 5.000%, 05/01/16 FGIC Insured (pre-refunded) Aaa/AAA 1,434,070 505,000 5.000%, 06/01/18 FSA insured Aaa/NR 535,921 Walton-Verona, Kentucky Independent School District 105,000 5.100%, 06/01/19 Aa3/NR 110,749 205,000 5.000%, 06/01/24 Aa3/NR 216,787 -------------- Total Schools 57,608,864 -------------- Transportation (11.8%) ----------------------------------------------------------------------- Kenton County, Kentucky Airport Board Airport Revenue 500,000 5.625%, 03/01/13 MBIA Insured AMT Aaa/AAA 545,495 1,570,000 5.000%, 03/01/13 MBIA Insured AMT Aaa/AAA 1,664,545 750,000 5.625%, 03/01/14 MBIA Insured AMT Aaa/AAA 816,030 1,000,000 5.500%, 03/01/17 MBIA Insured AMT Aaa/AAA 1,083,950 2,230,000 5.500%, 03/01/18 MBIA Insured AMT Aaa/AAA 2,409,827 1,300,000 5.000%, 03/01/23 MBIA Insured AMT Aaa/AAA 1,342,978 Kentucky Interlocal School Transportation Authority 145,000 5.400%, 06/01/17 Aa3/A+ 146,391 400,000 6.000%, 12/01/20 Aa3/A+ 403,824 200,000 6.000%, 12/01/20 Aa3/A+ 201,912 300,000 5.800%, 12/01/20 Aa3/A+ 302,775 400,000 5.650%, 12/01/20 Aa3/A+ 403,608 350,000 5.600%, 12/01/20 Aa3/A+ 353,129 Kentucky State Turnpike Authority Economic Development & Resource Recovery Road Revenue 1,000,000 6.500%, 07/01/08 AMBAC Insured Aaa/AAA 1,087,460 1,000,000 5.625%, 07/01/12 FSA Insured (pre-refunded) Aaa/AAA 1,108,930 200,000 5.625%, 07/01/13 FSA Insured (pre-refunded) Aaa/AAA 221,786 500,000 5.625%, 07/01/14 FSA Insured (pre-refunded) Aaa/AAA 554,465 250,000 5.200%, 07/01/14 FSA Insured (pre-refunded) Aaa/AAA 272,165 450,000 5.250%, 07/01/15 FSA Insured (pre-refunded) Aaa/AAA 490,972 2,775,000 5.250%, 07/01/16 FSA Insured Aaa/AAA 3,004,354 3,455,000 5.100%, 07/01/18 FSA Insured Aaa/AAA 3,664,304 Louisville-Jefferson County Regional Airport, Kentucky 1,000,000 5.500%, 07/01/12 FSA Insured AMT Aaa/AAA 1,087,770 2,000,000 5.750%, 07/01/15 FSA Insured AMT Aaa/AAA 2,194,760 2,000,000 5.500%, 07/01/15 FSA Insured AMT Aaa/AAA 2,178,400 1,650,000 5.750%, 07/01/17 FSA Insured AMT Aaa/AAA 1,803,582 1,000,000 5.250%, 07/01/18 FSA Insured AMT Aaa/AAA 1,067,340 1,000,000 5.000%, 07/01/18 FSA Insured AMT Aaa/AAA 1,036,720 1,370,000 5.250%, 07/01/21 FSA Insured AMT Aaa/AAA 1,449,268 3,390,000 5.250%, 07/01/22 FSA Insured AMT Aaa/AAA 3,579,298 275,000 5.375%, 07/01/23 FSA Insured AMT Aaa/AAA 291,739 -------------- Total Transportation 34,767,777 -------------- Utilities (10.9%) ----------------------------------------------------------------------- Bardstown, Kentucky 200,000 5.000%, 12/01/19 MBIA Insured Aaa/NR 212,532 Boone County, KY Pollution Control Rev. - Dayton Power & Light 1,000,000 4.700%, 01/01/28 FGIC Insured Aaa/AAA 1,010,060 Campbell & Kenton Counties, Kentucky Sanitation Sewer District 100,000 5.000%, 08/01/24 FSA Insured Aaa/AAA 104,456 Kentucky Rural Water Finance Corp. 595,000 5.000%, 02/01/20 AMBAC Insured Aaa/AAA 628,106 Lexington-Fayette Urban County Government, Kentucky Sewer System 1,000,000 5.000%, 07/01/19 Aa3/AA 1,061,910 Louisville & Jefferson County, Kentucky Metropolitan Sewer District 1,000,000 5.000%, 05/15/12 FGIC Insured Aaa/AAA 1,051,340 2,565,000 5.375%, 05/15/17 MBIA Insured Aaa/AAA 2,805,212 2,180,000 5.000%, 05/15/18 FSA Insured Aaa/AAA 2,345,244 2,380,000 4.250%, 05/15/20 FSA Insured Aaa/AAA 2,372,217 2,510,000 4.250%, 05/15/21 FSA Insured Aaa/AAA 2,487,285 400,000 5.000%, 05/15/22 FGIC Insured Aaa/AAA 418,488 Louisville, Kentucky Waterworks Board Water System Revenue 1,000,000 5.250%, 11/15/16 FSA Insured Aaa/AAA 1,077,330 1,000,000 5.250%, 11/15/17 FSA Insured Aaa/AAA 1,077,330 2,485,000 5.250%, 11/15/18 FSA Insured Aaa/AAA 2,677,165 205,000 5.250%, 11/15/19 FSA Insured Aaa/AAA 217,411 6,600,000 5.250%, 11/15/22 FSA Insured Aaa/AAA 7,103,976 2,415,000 5.250%, 11/15/24 FSA Insured Aaa/AAA 2,588,928 Northern Kentucky Water District 660,000 5.000%, 02/01/23 FGIC Insured Aaa/NR 689,383 Owensboro-Davies County, Kentucky Water District 600,000 5.000%, 01/01/13 AMBAC Insured Aaa/AAA 614,688 Owensboro, Kentucky Electric and Power 1,485,000 5.000%, 01/01/20 FSA Insured Aaa/AAA 1,563,972 -------------- Total Utilities 32,107,033 -------------- Total Revenue Bonds 283,191,810 ------------ Total Investments (cost $283,676,833**) 99.4% 292,701,883 Other assets less liabilities 1,770,474 0.6 ---------------------- -------------- Net Assets 100.0% $294,472,357 ====================== ==============
Portfolio Distribution By Quality Rating (unaudited) Aaa of Moody's or AAA of S&P. 78.7% Aa of Moody's or AA of S&P. 19.0 A A of Moody's or S&P. ------- 2.3 100.0 % ====== * Any security not rated (NR) by either credit rating service has been determined by the Manager to have sufficient quality to be ranked in the top four credit ratings if a credit rating was to be assigned by a rating service. ** See note b. PORTFOLIO ABBREVIATIONS: --------------------------------------------------------- AMBAC - American Municipal Bond Assurance Corp. AMT - Alternative Minimum Tax ETM - Escrowed To Maturity FGIC - Financial Guaranty Insurance Co. FSA - Financial Security Assurance LOC - Letter of Credit MBIA - Municipal Bond Investors Assurance NR - Not Rated XLCA - XL Capital Assurance See accompanying notes to financial statements. NOTES TO FINANCIAL STATEMENTS CHURCHILL TAX-FREE FUND OF KENTUCKY (a) Securities valuation policies and other investment related disclosures are hereby incorporated by reference in the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR. (b) At September 30, 2005, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $283,676,833 amounted to $9,025,050, which consisted of aggregate gross unrealized appreciation of $9,502,124 and aggregate gross unrealized depreciation of $440,074. Item 2. Controls and Procedures. (a) The Fund's principal financial and executive officers have evaluated the Fund's disclosure controls and procedures within 90 days of this filing and have concluded that the Fund's disclosure controls and procedures were effective, as of this date, in ensuring that information required to be disclosed by the Fund in this Form N-Q was timely recorded, processed, summarized and reported. (b) The Fund's principal chief financial and executive officers are aware of no change in the Fund's internal control over financial reporting that occurred during the Fund's latest fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Fund's internal control over financial reporting. Item 3. Exhibits. Filed as exhibits as part of this Form are separate certifications for each principal financial and executive officer of the registrant as required by Rule 30a-2(a) under the Act(17 CFR 270.30a-2(a)). 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. CHURCHILL TAX-TRUST By: /s/ Diana P. Herrmann ------------------------------- Diana P. Herrmann President and Trustee November 28, 2005 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/ Diana P. Herrmann --------------------------------- Diana P. Herrmann President and Trustee November 28, 2005 By: /s/ Joseph P. DiMaggio ----------------------------------- Chief Financial Officer and Treasurer November 28, 2005 EX-99.CERT 2 ctftnqcert.txt CERTIFICATIONS CERTIFICATIONS I, Diana P. Herrmann, certify that: 1. I have reviewed this report on Form N-Q of Churchill Tax-Free Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 28, 2005 /s/ Diana P. Herrmann - - ----------------------------- Diana P. Herrmann President and Trustee I, Joseph P. DiMaggio, certify that: 1. I have reviewed this report on Form N-Q of Churchill Tax-Free Trust; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 28, 2005 /s/ Joseph P. DiMaggio - - ----------------------------- Joseph P. DiMaggio Chief Financial Officer and Treasurer -----END PRIVACY-ENHANCED MESSAGE-----