-----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, Ln5HCd43k/qaqXpaUHN9EWRtiivlL+Pz2uABu1d6RUTmAZTPNkQvChII9yWRO0Qi HbkrdtBtDjbam7wTFIWLAA== 0000812006-06-000018.txt : 20060525 0000812006-06-000018.hdr.sgml : 20060525 20060525125844 ACCESSION NUMBER: 0000812006-06-000018 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060331 FILED AS OF DATE: 20060525 DATE AS OF CHANGE: 20060525 EFFECTIVENESS DATE: 20060525 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: 06866435 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 0000812006 S000009083 Churchill Tax-Free Fund of Kentucky C000024671 Churchill Tax-Free Trust of Kentucky Class A CHTFX C000024672 Churchill Tax-Free Fund of Kentucky Class C CHKCX C000024673 Churchill Tax-Free Fund of Kentucky Class I CHTSX C000024674 Churchill Tax-Free Fund of Kentucky Class Y CHKYX N-Q 1 ctft306nq.txt CHURCHILL TAX-FREE TRUST 3-31-06 NQ FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number: 811-5086 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, 2005 Date of reporting period: March 31, 2006 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 March 31, 2006 (unaudited)
Rating Face Moody's/ Amount General Obligation Bonds (3.4%) S&P Value (a) - --------------- -------------------------------------------------------------------------------------- -------------- Bowling Green, Kentucky $ 200,000 5.300%, 06/01/18 Aa3/NR $ 213,370 Hardin County, Kentucky 170,000 5.000%, 06/01/17 AMBAC Insured Aaa/NR 175,513 Lexington-Fayette Urban County Government, Kentucky 2,000,000 4.750%, 05/01/24 FGIC Insured Aaa/AAA 2,036,000 Lexington-Fayette Urban County, Kentucky Government Project Unlimited Tax 125,000 5.000%, 12/01/15 Aa2/AA+ 130,753 340,000 5.150%, 12/01/17 Aa2/AA+ 358,822 Louisville - Jefferson County, Kentucky Metro Government Unlimited Tax 1,590,000 5.000%, 11/01/19 Aa2/AA 1,687,785 1,825,000 5.000%, 11/01/20 Aa2/AA 1,931,836 Louisville, Kentucky Unlimited Tax 2,205,000 5.000%, 10/01/21 FGIC Insured Aaa/AAA 2,296,640 Warren County, Kentucky Judicial Unlimited Tax 345,000 5.100%, 09/01/17 AMBAC Insured Aaa/NR 367,998 365,000 5.150%, 09/01/18 AMBAC Insured Aaa/NR 388,068 -------------- Total General Obligation Bonds 9,586,785 -------------- Revenue Bonds (97.3%) ------------------------------------------------------------------ State Agencies (32.8%) ------------------------------------------------------------------ Kentucky Area Development District Financing 500,000 5.000%, 12/01/23 LOC Wachovia Bank NR/AA 519,000 Kentucky Asset/Liability Commission 500,000 4.500%, 10/01/22 FGIC Insured Aaa/AAA 504,230 Kentucky Infrastructure Authority 1,000,000 5.250%, 06/01/12 Aa3/A+ 1,063,410 635,000 5.250%, 06/01/12 Aa3/A+ 651,872 2,740,000 5.250%, 06/01/14 Aa3/A+ 2,897,988 1,235,000 5.250%, 08/01/17 NR/AA 1,329,700 100,000 5.000%, 06/01/18 Aa3/A+ 104,139 230,000 5.000%, 06/01/21 Aa3/A+ 239,085 Kentucky State Property and Buildings Commission 4,000,000 5.375%, 02/01/14 FSA Insured (pre-refunded) Aaa/AAA 4,323,880 1,000,000 5.000%, 11/01/15 AMBAC Insured Aaa/AAA 1,065,420 3,775,000 5.375%, 08/01/16 (pre-refunded) Aaa/AAA 4,064,505 2,725,000 5.375%, 08/01/16 FSA Insured Aaa/AAA 2,912,289 3,905,000 5.125%, 09/01/16 (pre-refunded) Aa3/AAA 4,127,546 5,000,000 5.250%, 10/01/16 Aa3/A+ 5,291,700 1,100,000 5.000%, 11/01/16 AMBAC Insured Aaa/AAA 1,169,003 1,265,000 5.250%, 08/01/17 MBIA Insured (pre-refunded) Aaa/AAA 1,370,286 975,000 5.000%, 08/01/17 FSA Insured Aaa/AAA 1,014,634 8,155,000 5.125%, 09/01/17 (pre-refunded) Aa3/AAA 8,619,753 4,735,000 5.250%, 10/01/17 Aa3/A+ 5,011,240 1,250,000 5.500%, 11/01/17 FSA Insured Aaa/AAA 1,361,900 1,000,000 5.000%, 11/01/17 AMBAC Insured Aaa/AAA 1,058,720 165,000 5.375%, 02/01/18 FSA Insured (pre-refunded) Aaa/AAA 178,360 3,030,000 5.000%, 08/01/18 FSA Insured (pre-refunded) Aaa/AAA 3,208,043 3,950,000 5.125%, 09/01/18 (pre-refunded) Aa3/AAA 4,166,895 6,000,000 5.250%, 10/01/18 Aa3/A+ 6,336,120 1,000,000 5.500%, 11/01/18 FSA Insured Aaa/AAA 1,090,130 155,000 5.100%, 11/01/18 FSA Insured Aaa/AAA 164,029 1,500,000 5.000%, 11/01/18 AMBAC Insured Aaa/AAA 1,584,075 4,000,000 5.375%, 10/01/19 MBIA Insured (pre-refunded) Aaa/AAA 4,315,640 1,925,000 5.000%, 10/01/19 Aa3/A+ 1,999,806 360,000 5.000%, 10/01/19 MBIA Insured (pre-refunded) Aaa/AAA 381,769 785,000 5.150%, 11/01/19 FSA Insured Aaa/AAA 834,369 3,000,000 5.000%, 11/01/19 FSA Insured Aaa/AAA 3,145,290 250,000 5.000%, 05/01/20 FSA Insured Aaa/AAA 259,275 5,000,000 5.000%, 10/01/22 MBIA Insured (pre-refunded) Aaa/AAA 5,344,150 235,000 5.000%, 08/01/23 MBIA Insured (pre-refunded) Aaa/AAA 250,853 80,000 5.000%, 08/01/23 MBIA Insured (pre-refunded) Aaa/AAA 85,397 Kentucky State Property Buildings Community Revenues 7,200,000 5.000%, 08/01/21 FSA Insured Aaa/AAA 7,605,936 2,500,000 5.000%, 08/01/24 FSA Insured Aaa/AAA 2,629,175 -------------- Total State Agencies 92,279,612 -------------- County Agencies (6.7%) ------------------------------------------------------------------ Jefferson County, Kentucky Capital Projects 430,000 5.200%, 06/01/12 MBIA Insured Aaa/AAA 446,052 570,000 5.250%, 06/01/13 MBIA Insured Aaa/AAA 591,398 520,000 5.250%, 06/01/14 MBIA Insured Aaa/AAA 539,521 3,370,000 5.375%, 06/01/18 MBIA Insured Aaa/AAA 3,501,228 1,640,000 5.375%, 06/01/22 MBIA Insured Aaa/AAA 1,702,910 5,935,000 5.500%, 06/01/28 MBIA Insured Aaa/AAA 6,150,322 Nelson County, Kentucky Court Facilities Project Revenue 185,000 5.000%, 06/01/21 Aa3/NR 192,537 Warren County, Kentucky Justice Center 1,580,000 5.250%, 09/01/17 MBIA Insured Aaa/AAA 1,646,534 365,000 4.300%, 09/01/22 MBIA Insured Aaa/NR 356,996 Warren County, Kentucky Justice Center Expansion Corp. Revenue 700,000 5.400%, 09/01/24 Aa3/NR 751,247 2,895,000 5.350%, 09/01/29 MBIA Insured Aaa/AAA 3,020,846 -------------- Total County Agencies 18,899,591 -------------- City / Municipality Obligations (0.9%) ------------------------------------------------------------------ Jeffersontown, Kentucky Public Project Corp. 500,000 5.750%, 11/01/15 A3/NR 516,250 Lexington-Fayette Urban County Government, Kentucky Public Facilities Revenue 180,000 5.125%, 10/01/23 FSA Insured Aaa/AAA 188,572 Louisville, Kentucky Parking Authority 1,140,000 5.000%, 12/01/14 MBIA Insured Aaa/AAA 1,177,688 Shelbyville, Kentucky Certificates of Participation 625,000 5.000%, 10/01/22 A2/NR 647,038 -------------- Total City / Municipality Obligations 2,529,548 -------------- Hospitals (3.4%) ------------------------------------------------------------------ Jefferson County, Kentucky Health Facilities Revenue 240,000 5.000%, 10/01/12 MBIA Insured Aaa/AAA 247,032 1,715,000 5.650%, 01/01/17 AMBAC Insured Aaa/AAA 1,772,298 2,200,000 5.250%, 05/01/17 NR/A 2,304,346 815,000 5.125%, 10/01/17 AMBAC Insured ETM Aaa/AAA 839,148 125,000 5.750%, 01/01/26 AMBAC Insured Aaa/AAA 129,220 Jefferson County, Kentucky Revenue Medical Center Revenue 2,000,000 5.500%, 05/01/22 NR/A 2,125,900 Kentucky Economic Development Finance Authority 1,000,000 5.000%, 02/01/18 FSA Insured Aaa/AAA 1,021,540 Louisville - Jefferson County, Kentucky Medical Center Revenue 1,000,000 5.000%, 06/01/18 NR/A 1,054,000 -------------- Total Hospitals 9,493,484 -------------- Housing (8.4%) ------------------------------------------------------------------ Kentucky Housing Corporation Housing Revenue 140,000 4.200%, 01/01/15 AMT+ Aaa/AAA 138,781 250,000 4.100%, 01/01/15 AMT Aaa/AAA 246,197 170,000 4.100%, 07/01/15 AMT Aaa/AAA 167,294 210,000 4.300%, 01/01/16 AMT Aaa/AAA 207,684 150,000 4.250%, 01/01/16 AMT+ Aaa/AAA 148,589 200,000 4.200%, 01/01/16 AMT Aaa/AAA 197,050 610,000 4.300%, 07/01/16 AMT Aaa/AAA 602,997 550,000 4.200%, 07/01/16 AMT Aaa/AAA 541,558 555,000 4.200%, 01/01/17 Aaa/AAA 546,481 100,000 5.125%, 07/01/17 Aaa/AAA 101,809 680,000 4.200%, 07/01/17 Aaa/AAA 669,188 285,000 4.250%, 01/01/18 Aaa/AAA 280,069 95,000 5.550%, 07/01/18 AMT Aaa/AAA 97,046 180,000 4.250%, 07/01/18 Aaa/AAA 176,787 2,000,000 5.600%, 07/01/20 AMT Aaa/AAA 2,076,380 1,150,000 5.350%, 01/01/21 AMT Aaa/AAA 1,176,231 6,275,000 5.450%, 07/01/22 AMT Aaa/AAA 6,480,192 4,065,000 5.250%, 07/01/22 AMT Aaa/AAA 4,157,560 245,000 5.200%, 07/01/22 Aaa/AAA 249,969 415,000 5.100%, 07/01/22 AMT++ Aaa/AAA 421,835 4,140,000 5.200%, 07/01/25 AMT Aaa/AAA 4,225,822 275,000 5.375%, 07/01/27 Aaa/AAA 282,136 570,000 5.550%, 07/01/33 Aaa/AAA 587,396 -------------- Total Housing 23,779,051 -------------- Schools (21.9%) ------------------------------------------------------------------ Beechwood, Kentucky Independent School District Finance Corp. 180,000 5.650%, 03/01/20 Aa3/NR 191,504 Berea, Kentucky Educational Facilities Revenue (Berea College) 1,000,000 4.125%, 06/01/25 Aaa/NR 960,850 Boone County, Kentucky School District Finance Corp. 1,730,000 4.125%, 08/01/22 XLCA Insured Aaa/NR 1,678,844 Boone County, Kentucky School District Finance Corp. School Building 660,000 5.000%, 06/01/15 Aa3/NR 682,618 225,000 5.250%, 08/01/15 Aa3/NR 237,944 285,000 5.700%, 02/01/16 Aa3/NR 304,864 140,000 4.750%, 06/01/20 FSA Insured Aaa/AAA 143,902 1,000,000 5.375%, 08/01/20 FSA Insured AAA/NR 1,059,180 Boyd County, Kentucky School District Finance Corp. 1,025,000 5.000%, 10/01/15 Aa3/NR 1,065,211 575,000 5.375%, 10/01/17 Aa3/NR 599,627 Bullitt County, Kentucky School District Finance Corp. 200,000 4.300%, 10/01/21 Aaa/NR 199,774 2,455,000 4.500%, 10/01/22 MBIA Insured Aaa/NR 2,508,887 2,590,000 4.500%, 10/01/23 MBIA Insured Aaa/NR 2,643,147 Christian County, Kentucky School District Finance Corp. 500,000 5.000%, 06/01/09 Aa3/NR 517,195 Christian County, Kentucky School District Finance Corp. 820,000 4.000%, 08/01/19 XLCA Insured Aaa/NR 795,211 855,000 4.000%, 08/01/20 XLCA Insured Aaa/NR 825,075 905,000 4.000%, 08/01/21 XLCA Insured Aaa/NR 868,818 1,465,000 4.000%, 08/01/22 XLCA Insured Aaa/NR 1,398,841 1,525,000 4.125%, 08/01/23 XLCA Insured Aaa/NR 1,463,726 1,590,000 4.125%, 08/01/24 XLCA Insured Aaa/NR 1,517,957 Daviess County, Kentucky School District Finance Corp. 200,000 5.000%, 06/01/24 Aa3/NR 208,694 Fayette County, Kentucky School Building Revenue 200,000 5.125%, 04/01/18 AMBAC Insured Aaa/AAA 211,260 Fayette County, Kentucky School District Finance Corp. 5,000,000 4.250%, 04/01/23 FSA Insured++ Aaa/AAA 4,875,800 Floyd County, Kentucky School Building 250,000 5.000%, 12/01/09 Aa3/NR 260,745 680,000 4.375%, 10/01/22 Aa3/NR 680,258 Floyd County, Kentucky School Finance Corporation School Building 380,000 4.000%, 03/01/17 XLCA Insured+ Aaa/NR 373,719 1,320,000 4.000%, 03/01/23 XLCA Insured+ Aaa/NR 1,255,940 1,855,000 4.125%, 03/01/26 XLCA Insured+ Aaa/NR 1,766,442 Franklin County, Kentucky School District Finance Corp. 330,000 4.500%, 04/01/18 Aa3/NR 335,537 1,000,000 5.000%, 04/01/24 Aa3/NR 1,042,780 Graves County, Kentucky School Building Revenue 1,260,000 5.000%, 06/01/22 Aa3/NR 1,316,133 1,320,000 5.000%, 06/01/23 Aa3/NR 1,377,143 Hardin County, Kentucky School District Finance Corp. 100,000 5.500%, 02/01/17 (pre-refunded) Aa3/NR 107,336 1,475,000 4.000%, 02/01/19 AMBAC Insured Aaa/NR 1,431,664 Hickman County, Kentucky School District Finance Corp. School Building Revenue 250,000 5.000%, 06/01/24 Aa3/NR 260,867 Jefferson County, Kentucky School District Finance Corp. School Building 250,000 5.250%, 07/01/16 FSA Insured Aaa/AAA 263,070 150,000 5.000%, 04/01/20 FSA Insured Aaa/AAA 156,432 1,360,000 4.250%, 06/01/21 FSA Insured Aaa/AAA 1,343,462 Jessamine County, Kentucky School District Finance Corp. School Building Revenue 1,205,000 4.900%, 05/01/22 Aa3/NR 1,238,704 Kenton County, Kentucky School District 955,000 5.000%, 04/01/16 Aa3/NR 995,081 1,055,000 5.000%, 04/01/17 Aa3/NR 1,102,116 605,000 5.000%, 04/01/19 Aa3/NR 631,039 Kenton County, Kentucky School District Finance Corporation 4,250,000 5.000%, 06/01/22 MBIA Insured Aaa/NR 4,455,572 Kentucky Economic Development Finance Authority College Revenue Centre College 1,230,000 5.000%, 04/01/17 FSA Insured Aaa/AAA 1,289,655 1,675,000 5.000%, 04/01/19 FSA Insured Aaa/AAA 1,750,408 Lexington-Fayette Urban County, Kentucky Government Project Transylvania University 1,320,000 5.125%, 08/01/18 MBIA Insured Aaa/AAA 1,373,539 Lexington-Fayette Urban County, Kentucky Government Project U.K. Library 725,000 5.000%, 11/01/15 MBIA Insured Aaa/AAA 759,452 305,000 5.000%, 11/01/18 MBIA Insured Aaa/AAA 318,804 300,000 5.000%, 11/01/20 MBIA Insured Aaa/AAA 312,669 Lincoln County, Kentucky School District 250,000 4.800%, 08/01/19 Aa3/NR 258,715 Louisville & Jefferson County, Kentucky University of Louisville 500,000 5.000%, 06/01/19 AMBAC Insured Aaa/AAA 530,115 525,000 5.000%, 06/01/20 AMBAC Insured Aaa/AAA 555,392 Oldham County, Kentucky School District Finance Corp. 700,000 5.000%, 05/01/19 MBIA Insured Aaa/NR 737,982 Scott County, Kentucky School Building 100,000 5.000%, 03/01/22 Aa3/NR 104,550 Scott County, Kentucky School District Finance Corp. 1,115,000 4.200%, 01/01/22 AMBAC Insured Aaa/NR 1,103,538 1,955,000 4.250%, 01/01/23 AMBAC Insured Aaa/NR 1,941,002 1,560,000 4.300%, 01/01/24 AMBAC Insured Aaa/NR 1,550,344 200,000 5.000%, 06/01/24 FSA Insured Aaa/NR 209,534 Spencer County, Kentucky School District Finance Corp. 1,415,000 5.000%, 07/01/19 FSA insured Aaa/NR 1,493,066 University of Kentucky Revenue 1,335,000 5.000%, 05/01/16 FGIC Insured (pre-refunded) Aaa/AAA 1,401,563 505,000 5.000%, 06/01/18 FSA insured Aaa/NR 526,488 -------------- Total Schools 61,569,785 -------------- Transportation (11.9%) ------------------------------------------------------------------ Kenton County, Kentucky Airport Board Airport Revenue 500,000 5.625%, 03/01/13 MBIA Insured AMT Aaa/AAA 537,170 1,570,000 5.000%, 03/01/13 MBIA Insured AMT Aaa/AAA 1,640,728 750,000 5.625%, 03/01/14 MBIA Insured AMT Aaa/AAA 804,540 1,000,000 5.500%, 03/01/17 MBIA Insured AMT Aaa/AAA 1,068,530 2,230,000 5.500%, 03/01/18 MBIA Insured AMT Aaa/AAA 2,377,358 1,300,000 5.000%, 03/01/23 MBIA Insured AMT Aaa/AAA 1,331,187 Kentucky Interlocal School Transportation Authority 145,000 5.400%, 06/01/17 Aa3/A+ 145,899 400,000 6.000%, 12/01/20 Aa3/A+ 403,588 200,000 6.000%, 12/01/20 Aa3/A+ 201,794 300,000 5.800%, 12/01/20 Aa3/A+ 302,598 400,000 5.650%, 12/01/20 Aa3/A+ 403,372 350,000 5.600%, 12/01/20 Aa3/A+ 352,926 Kentucky State Turnpike Authority Economic Development & Resource Recovery Road Revenue 1,000,000 5.625%, 07/01/12 FSA Insured (pre-refunded) Aaa/AAA 1,082,010 200,000 5.625%, 07/01/13 FSA Insured (pre-refunded) Aaa/AAA 216,402 500,000 5.625%, 07/01/14 FSA Insured (pre-refunded) Aaa/AAA 541,005 250,000 5.200%, 07/01/14 FSA Insured (pre-refunded) Aaa/AAA 265,925 450,000 5.250%, 07/01/15 FSA Insured (pre-refunded) Aaa/AAA 479,633 2,775,000 5.250%, 07/01/16 FSA Insured Aaa/AAA 2,946,745 160,000 5.000%, 07/01/17 FSA Insured Aaa/AAA 166,794 3,455,000 5.100%, 07/01/18 FSA Insured Aaa/AAA 3,611,201 Louisville-Jefferson County Regional Airport, Kentucky 1,000,000 5.500%, 07/01/12 FSA Insured AMT Aaa/AAA 1,070,630 2,000,000 5.750%, 07/01/15 FSA Insured AMT Aaa/AAA 2,158,400 2,000,000 5.500%, 07/01/15 FSA Insured AMT Aaa/AAA 2,151,660 1,650,000 5.750%, 07/01/17 FSA Insured AMT Aaa/AAA 1,774,245 1,000,000 5.250%, 07/01/18 FSA Insured AMT Aaa/AAA 1,050,240 1,000,000 5.000%, 07/01/18 FSA Insured AMT Aaa/AAA 1,027,270 1,370,000 5.250%, 07/01/21 FSA Insured AMT Aaa/AAA 1,432,787 3,390,000 5.250%, 07/01/22 FSA Insured AMT Aaa/AAA 3,541,092 275,000 5.375%, 07/01/23 FSA Insured AMT Aaa/AAA 288,096 -------------- Total Transportation 33,373,825 -------------- Utilities (11.3%) ------------------------------------------------------------------ Bardstown, Kentucky 200,000 5.000%, 12/01/19 MBIA Insured Aaa/NR 211,032 Boone County, Kentucky Pollution Control Rev. - Dayton Power & Light 1,000,000 4.700%, 01/01/28 FGIC Insured Aaa/AAA 1,006,640 Campbell & Kenton Counties, Kentucky Sanitation Sewer District 100,000 5.000%, 08/01/24 FSA Insured Aaa/AAA 103,553 Kentucky Rural Water Finance Corp. 595,000 5.000%, 02/01/20 AMBAC Insured Aaa/AAA 623,054 Lexington-Fayette Urban County Government, Kentucky Sewer System 1,000,000 5.000%, 07/01/19 Aa3/AA 1,048,620 Louisville & Jefferson County, Kentucky Metropolitan Sewer District 1,000,000 5.000%, 05/15/12 FGIC Insured Aaa/AAA 1,036,000 2,565,000 5.375%, 05/15/17 MBIA Insured Aaa/AAA 2,769,174 125,000 5.300%, 05/15/18 MBIA Insured Aaa/AAA 129,453 2,180,000 5.000%, 05/15/18 FSA Insured Aaa/AAA 2,314,201 2,380,000 4.250%, 05/15/20 FSA Insured Aaa/AAA 2,347,584 2,510,000 4.250%, 05/15/21 FSA Insured Aaa/AAA 2,465,950 400,000 5.000%, 05/15/22 FGIC Insured Aaa/AAA 413,080 Louisville, Kentucky Waterworks Board Water System Revenue 1,000,000 5.250%, 11/15/16 FSA Insured Aaa/AAA 1,059,460 1,000,000 5.250%, 11/15/17 FSA Insured Aaa/AAA 1,059,460 2,530,000 5.250%, 11/15/18 FSA Insured Aaa/AAA 2,678,233 205,000 5.250%, 11/15/19 FSA Insured Aaa/AAA 215,244 6,600,000 5.250%, 11/15/22 FSA Insured Aaa/AAA 6,983,856 2,415,000 5.250%, 11/15/24 FSA Insured Aaa/AAA 2,551,278 Northern Kentucky Water District 660,000 5.000%, 02/01/23 FGIC Insured Aaa/NR 683,192 Owensboro-Davies County, Kentucky Water District 600,000 5.000%, 01/01/13 AMBAC Insured Aaa/AAA 614,172 Owensboro, Kentucky Electric and Power 1,555,000 5.000%, 01/01/20 FSA Insured Aaa/AAA 1,614,976 -------------- Total Utilities 31,928,212 -------------- Total Revenue Bonds 273,853,108 ------------ Total Investments (cost $278,579,512**) 100.7% 283,439,893 Other assets less liabilities (0.7) (2,089,811) --------------------- -------------- Net Assets 100.0% $ 281,350,082 ===================== ============== Percent of Portfolio Distribution By Quality Rating (unaudited) Portfolio ---------------------------------------------------- --------- Aaa of Moody's or AAA of S&P 81.0 % Aa of Moody's or AA of S&P 16.6 AA of Moody's or S&P -------- 2.4 100.0 % ======
* 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. + Security traded on a "when-issued" basis. ++ Security pledged as collateral for the Trust's when - issued commitments. 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 March 31, 2006, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $278,565,544 amounted to $4,874,349, which consisted of aggregate gross unrealized appreciation of $5,866,377 and aggregate gross unrealized depreciation of $992,028. 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-FREE TRUST By: /s/ Diana P. Herrmann ------------------------------- Diana P. Herrmann President and Trustee May 25, 2006 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 May 25, 2006 By: /s/ Joseph P. DiMaggio ----------------------------------- Chief Financial Officer and Treasurer May 25, 2006 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: May 25, 2006 /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: May 25, 2006 /s/ Joseph P. DiMaggio - - ----------------------------- Joseph P. DiMaggio Chief Financial Officer and Treasurer -----END PRIVACY-ENHANCED MESSAGE-----