-----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, J1Dup/Q7oI3Mn7bz4q5KBZ38uSaTwtJ3cVHZ1E4g5+4hLd4ka9SSg9UcjO8ht8T9 5lGYKCdFRh2PR/dwKscYyw== 0000812006-08-000017.txt : 20080530 0000812006-08-000017.hdr.sgml : 20080530 20080530125318 ACCESSION NUMBER: 0000812006-08-000017 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080331 FILED AS OF DATE: 20080530 DATE AS OF CHANGE: 20080530 EFFECTIVENESS DATE: 20080530 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: 08869471 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 ctftnq.txt 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, 2007 Date of reporting period: March 31, 2008 Item 1. Schedule of Investments. CHURCHILL TAX-FREE FUND OF KENTUCKY SCHEDULE OF INVESTMENTS March 31, 2008 (unaudited)
Rating Principal Moody's/ Amount General Obligation Bonds (4.8%) S&P Value (a) - -------------- ---------------------------------------------------------------- ---------------------------------- Bowling Green, Kentucky $ 200,000 5.300%, 06/01/18 Aa3/NR $ 208,382 Lexington-Fayette Urban County, Kentucky 4,175,000 4.250%, 05/01/23 MBIA Insured Aaa/AAA 3,926,003 Louisville, Kentucky Unlimited Tax 2,205,000 5.000%, 10/01/21 FGIC Insured Aa2/AA+ 2,267,468 Louisville & Jefferson County, Kentucky 955,000 4.200%, 11/01/22 MBIA Insured Aaa/AAA 908,912 Louisville & Jefferson County, Kentucky Metro Government Unlimited Tax 1,590,000 5.000%, 11/01/19 Aa2/AA+ 1,688,675 1,825,000 5.000%, 11/01/20 Aa2/AA+ 1,925,266 Warren County, Kentucky Judicial Unlimited Tax 345,000 5.100%, 09/01/17 AMBAC Insured Aaa/NR 366,062 365,000 5.150%, 09/01/18 AMBAC Insured Aaa/NR 387,174 --------------- Total General Obligation Bonds 11,677,942 --------------- Revenue Bonds (94.9%) ---------------------------------------------------------------- State Agencies (15.9%) ---------------------------------------------------------------- Kentucky Area Development District Financing 500,000 5.000%, 12/01/23 LOC Wachovia Bank NR/AA 510,695 Kentucky Asset/Liability Commission 500,000 4.500%, 10/01/22 FGIC Insured Aa3/AA- 501,260 Kentucky Asset & Liability Commission UK Project 500,000 5.000%, 10/01/25 Series B Aa3/AA- 506,790 750,000 5.000%, 10/01/26 Series B Aa3/AA- 756,203 1,000,000 5.000%, 10/01/27 Series B Aa3/AA- 1,004,500 Kentucky Infrastructure Authority 635,000 5.250%, 06/01/12 Aa3/A+ 637,496 2,740,000 5.250%, 06/01/14 Aa3/A+ 2,906,619 1,235,000 5.250%, 08/01/17 NR/AA 1,339,148 230,000 5.000%, 06/01/21 Aa3/A+ 235,929 Kentucky State Property and Buildings Commission 1,000,000 5.000%, 11/01/15 AMBAC Insured Aaa/AAA 1,074,860 2,725,000 5.375%, 08/01/16 FSA Insured Aaa/AAA 2,903,460 4,735,000 5.250%, 10/01/17 Aa3/A+ 4,943,956 1,250,000 5.500%, 11/01/17 FSA Insured Aaa/AAA 1,358,725 1,000,000 5.000%, 11/01/17 AMBAC Insured Aaa/AAA 1,057,200 6,000,000 5.250%, 10/01/18 Aa3/A+ 6,249,240 1,925,000 5.000%, 10/01/19 Aa3/A+ 1,979,362 3,000,000 5.000%, 11/01/19 FSA Insured Aaa/AAA 3,133,200 5,000,000 5.000%, 10/01/22 MBIA Insured (pre-refunded) Aaa/AAA 5,519,050 Kentucky State Property and Buildings Commission Project #88 2,200,000 4.500%, 11/01/26 FGIC Insured Aa3/A+ 2,031,876 -------------- Total State Agencies 38,649,569 -------------- County Agencies (2.3%) ---------------------------------------------------------------- Jefferson County, Kentucky Capital Projects 1,575,000 4.250%, 06/01/23 FSA Insured Aaa/NR 1,485,761 4,140,000 4.375%, 06/01/28 FSA Insured Aaa/NR 3,679,425 Warren County, Kentucky Justice Center 365,000 4.300%, 09/01/22 MBIA Insured Aaa/NR 355,043 -------------- Total County Agencies 5,520,229 -------------- City / Municipality Obligations (0.3%) ---------------------------------------------------------------- Shelbyville, Kentucky Certificates of Participation 625,000 5.000%, 10/01/22 A2/NR 641,938 -------------- Total City / Municipality Obligations 641,938 -------------- Hospitals (8.9%) ---------------------------------------------------------------- Jefferson County, Kentucky Health Facilities 1,715,000 5.650%, 01/01/17 AMBAC Insured Aaa/AAA 1,735,837 2,200,000 5.250%, 05/01/17 NR/A 2,275,086 Jefferson County, Kentucky Medical Center 2,000,000 5.500%, 05/01/22 NR/A 2,065,980 Kentucky Economic Development Finance Authority 1,000,000 5.000%, 02/01/18 FSA Insured Aaa/AAA 1,021,660 Lexington-Fayette Urban County, Kentucky Public Facilities 500,000 4.250%, 10/01/26 MBIA Insured Aaa/NR 448,885 Louisville & Jefferson County, Kentucky Medical Center 1,000,000 5.000%, 06/01/18 NR/A 1,039,120 Louisville & Jefferson County, Kentucky Metropolitan Government Health System (Norton) 8,075,000 5.000%, 10/01/26 NR/A- 7,602,532 6,000,000 5.000%, 10/01/30 NR/A- 5,459,880 --------------- Total Hospitals 21,648,980 --------------- Housing (14.0%) ---------------------------------------------------------------- Kentucky Housing Corporation Housing Revenue 405,000 4.350%, 01/01/15 AMT Aaa/AAA 401,011 140,000 4.200%, 01/01/15 AMT Aaa/AAA 135,765 250,000 4.100%, 01/01/15 AMT Aaa/AAA 242,395 170,000 4.100%, 07/01/15 AMT Aaa/AAA 164,546 265,000 4.650%, 01/01/16 AMT Aaa/AAA 264,812 210,000 4.300%, 01/01/16 AMT Aaa/AAA 207,131 150,000 4.250%, 01/01/16 AMT Aaa/AAA 144,756 200,000 4.200%, 01/01/16 AMT Aaa/AAA 192,306 420,000 4.650%, 07/01/16 AMT Aaa/AAA 419,689 610,000 4.300%, 07/01/16 AMT Aaa/AAA 601,222 550,000 4.200%, 07/01/16 AMT Aaa/AAA 527,879 555,000 4.200%, 01/01/17 Aaa/AAA 530,747 100,000 5.125%, 07/01/17 Aaa/AAA 100,721 680,000 4.200%, 07/01/17 Aaa/AAA 649,142 470,000 4.800%, 01/01/18 AMT Aaa/AAA 463,317 285,000 4.250%, 01/01/18 Aaa/AAA 268,932 575,000 4.800%, 07/01/18 AMT Aaa/AAA 566,502 180,000 4.250%, 07/01/18 Aaa/AAA 169,519 900,000 4.800%, 07/01/20 AMT Aaa/AAA 849,726 1,150,000 5.350%, 01/01/21 AMT Aaa/AAA 1,152,990 6,125,000 5.450%, 07/01/22 AMT Aaa/AAA 6,182,391 4,065,000 5.250%, 07/01/22 AMT Aaa/AAA 4,075,732 245,000 5.200%, 07/01/22 Aaa/AAA 245,235 415,000 5.100%, 07/01/22 AMT Aaa/AAA 407,999 2,570,000 4.800%, 07/01/22 AMT Aaa/AAA 2,414,078 2,000,000 4.700%, 07/01/22 Series E AMT Aaa/AAA 1,853,360 1,635,000 5.000%, 01/01/23 AMT Aaa/AAA 1,573,066 4,140,000 5.200%, 07/01/25 AMT Aaa/AAA 4,102,450 275,000 5.375%, 07/01/27 Aaa/AAA 275,308 2,300,000 5.000%, 07/01/27 Series N AMT Aaa/AAA 2,139,414 1,000,000 4.750%, 07/01/27 Series E AMT Aaa/AAA 902,850 560,000 5.550%, 07/01/33 Aaa/AAA 560,370 Kentucky Housing Multifamily Mortgage Revenue 1,325,000 5.000%, 06/01/35 AMT NR/AAA 1,271,112 -------------- Total Housing 34,056,473 -------------- Schools (32.3%) ---------------------------------------------------------------- Barren County, Kentucky School Building Revenue 1,265,000 4.250%, 08/01/25 CIFG Assurance North America, Inc. Insured Aa3/NR 1,168,114 1,670,000 4.375%, 08/01/26 CIFG Assurance North America, Inc. Insured Aa3/NR 1,546,921 Berea, Kentucky Educational Facilities (Berea College) 1,000,000 4.125%, 06/01/25 Aaa/NR 903,250 Boone County, Kentucky School District Finance Corp. 1,730,000 4.125%, 08/01/22 XLCA Insured Aa3/NR 1,660,177 Boone County, Kentucky School District Finance Corp. School Building Revenue 140,000 4.750%, 06/01/20 FSA Insured Aaa/AAA 143,227 1,580,000 4.500%, 08/01/23 FSA Insured Aaa/NR 1,584,266 1,250,000 4.125%, 03/01/25 FSA Insured Aaa/NR 1,119,038 Boyd County, Kentucky School District Finance Corp. 1,025,000 5.000%, 10/01/15 Aa3/NR 1,045,500 Boyle County, Kentucky College Refunding & Improvement 1,035,000 4.500%, 06/01/22 CIFG Insured A1/A+ 1,017,912 200,000 4.625%, 06/01/24 CIFG Insured A1/A+ 194,550 Bullitt County, Kentucky School District Finance Corp. 200,000 4.300%, 10/01/21 MBIA Insured Aaa/NR 196,980 2,455,000 4.500%, 10/01/22 MBIA Insured Aaa/NR 2,474,247 2,590,000 4.500%, 10/01/23 MBIA Insured Aaa/NR 2,595,776 Christian County, Kentucky School District Finance Corp. 820,000 4.000%, 08/01/19 XLCA Insured Aa3/NR 806,749 855,000 4.000%, 08/01/20 XLCA Insured Aa3/NR 831,411 905,000 4.000%, 08/01/21 XLCA Insured Aa3/NR 868,746 1,465,000 4.000%, 08/01/22 XLCA Insured Aa3/NR 1,386,696 1,525,000 4.125%, 08/01/23 XLCA Insured Aa3/NR 1,422,520 1,590,000 4.125%, 08/01/24 XLCA Insured Aa3/NR 1,448,442 Daviess County, Kentucky School District Finance Corp. 200,000 5.000%, 06/01/24 Aa3/NR 204,452 Fayette County, Kentucky School District Finance Corp. 5,000,000 4.250%, 04/01/23 FSA Insured Aaa/AAA 4,832,950 4,335,000 4.375%, 05/01/26 FSA Insured Aaa/AAA 4,001,465 Floyd County, Kentucky School Building 680,000 4.375%, 10/01/22 Aa3/NR 658,349 Floyd County, Kentucky School Finance Corporation School Building 1,320,000 4.000%, 03/01/23 XLCA Insured Aa3/NR 1,217,053 1,855,000 4.125%, 03/01/26 XLCA Insured Aa3/NR 1,641,990 Fort Thomas, Kentucky Independent School District Building Revenue 610,000 4.375%, 04/01/25 Aa3/NR 573,351 Fort Thomas, Kentucky Independent School District Finance 785,000 4.375%, 04/01/21 Aa3/NR 773,900 Franklin County, Kentucky School District Finance Corp. 330,000 4.500%, 04/01/18 Aa3/NR 340,138 1,000,000 5.000%, 04/01/24 Aa3/NR 1,021,800 Graves County, Kentucky School Building Revenue 1,260,000 5.000%, 06/01/22 Aa3/NR 1,301,542 1,320,000 5.000%, 06/01/23 Aa3/NR 1,354,294 Hardin County, Kentucky School District Finance Corp. 1,475,000 4.000%, 02/01/19 AMBAC Insured Aaa/NR 1,452,005 Jefferson County, Kentucky School District Finance Corp. School Building 150,000 5.000%, 04/01/20 FSA Insured Aaa/AAA 155,183 1,360,000 4.250%, 06/01/21 FSA Insured Aaa/AAA 1,346,414 Kenton County, Kentucky School Building Revenue 590,000 4.250%, 10/10/22 FSA Insured Aaa/NR 570,754 Kenton County, Kentucky School District Finance Corp. 445,000 4.300%, 04/01/22 CIFG Assurance North America, Inc. Insured Aa3/NR 437,644 4,250,000 5.000%, 06/01/22 MBIA Insured Aaa/NR 4,383,748 750,000 4.375%, 04/01/24 CIFG Assurance North America, Inc. Insured Aa3/NR 725,265 325,000 4.400%, 04/01/26 CIFG Assurance North America, Inc. Insured Aa3/NR 309,452 Larue County, Kentucky School District Finance Corp. 270,000 4.500%, 07/01/21 MBIA Insured Aaa/NR 269,984 470,000 4.500%, 07/01/22 MBIA Insured Aaa/NR 467,039 785,000 4.500%, 07/01/23 MBIA Insured Aaa/NR 771,349 Lexington-Fayette Urban County, Kentucky Government Project Transylvania University 1,320,000 5.125%, 08/01/18 MBIA Insured Aaa/AAA 1,339,206 Lexington-Fayette Urban County, Kentucky Government Project U.K. Library 300,000 5.000%, 11/01/20 MBIA Insured Aaa/AAA 307,122 Louisville & Jefferson County, Kentucky University of Louisville 525,000 5.000%, 06/01/20 AMBAC Insured Aaa/AAA 551,045 Magoffin County, Kentucky School Building Revenue 375,000 4.250%, 08/01/23 AMBAC Insured Aaa/NR 358,271 Magoffin County, Kentucky School District 450,000 4.250%, 08/01/25 AMBAC Insured Aaa/NR 413,402 Meade County, Kentucky School District 490,000 4.250%, 09/01/26 MBIA Insured Aaa/NR 443,661 Murray State University Project, Kentucky General Receipts Revenue 745,000 4.500%, 09/01/23 AMBAC Insured Aaa/AAA 723,984 Oldham County, Kentucky School District Finance Corp. 900,000 5.000%, 05/01/19 MBIA Insured Aaa/NR 944,145 Pendleton County, Kentucky School District Finance Corp. School Building Revenue 730,000 4.000%, 02/01/23 MBIA Insured Aaa/NR 657,788 Pike County, Kentucky School Building Revenue 1,355,000 4.375%, 10/01/26 MBIA Insured Aaa/NR 1,241,004 Scott County, Kentucky School District Finance Corp. 1,115,000 4.200%, 01/01/22 AMBAC Insured Aaa/NR 1,073,176 1,955,000 4.250%, 01/01/23 AMBAC Insured Aaa/NR 1,857,055 1,560,000 4.300%, 01/01/24 AMBAC Insured Aaa/NR 1,455,028 Scott County, Kentucky School District Finance Corp. School Building Revenue 2,435,000 4.250%, 02/01/26 FSA Insured Aaa/NR 2,173,992 1,000,000 4.250%, 02/01/27 FSA Insured Aaa/NR 882,560 Spencer County, Kentucky School District Finance Corp. 1,415,000 5.000%, 07/01/19 FSA insured Aaa/NR 1,494,028 University of Kentucky General Receipts 885,000 4.500%, 10/01/22 XLCA Insured Aa3/AA- 879,407 1,545,000 4.500%, 10/01/23 XLCA Insured Aa3/AA- 1,517,932 1,625,000 4.500%, 10/01/25 XLCA Insured Aa3/AA- 1,545,554 1,010,000 4.500%, 10/01/26 XLCA Insured Aa3/AA- 949,511 University of Louisville, Kentucky 1,055,000 4.000%, 09/01/25 MBIA Insured Aaa/AAA 929,888 Warren County, Kentucky School District Finance Corp. 295,000 4.125%, 02/01/23 MBIA Insured Aaa/NR 275,825 Western Kentucky University Revenue General Receipts 2,860,000 4.200%, 09/01/25 Series A MBIA Insured Aaa/AAA 2,560,787 2,980,000 4.200%, 09/01/26 Series A MBIA Insured Aaa/AAA 2,629,999 --------------- Total Schools 78,429,013 --------------- Transportation (4.8%) ---------------------------------------------------------------- Kenton County, Kentucky Airport Board Airport Revenue 1,300,000 5.000%, 03/01/23 MBIA Insured AMT Aaa/AAA 1,254,890 Kentucky Interlocal School Transportation Authority 145,000 5.400%, 06/01/17 Aa3/A+ 145,605 400,000 6.000%, 12/01/20 Aa3/A+ 401,384 200,000 6.000%, 12/01/20 Aa3/A+ 200,692 300,000 5.800%, 12/01/20 Aa3/A+ 300,945 400,000 5.650%, 12/01/20 Aa3/A+ 401,196 350,000 5.600%, 12/01/20 Aa3/A+ 351,019 Kentucky State Turnpike Authority Economic Development & Resource Recovery Road Revenue 2,000,000 5.100%, 07/01/18 FSA Insured Aaa/AAA 2,079,160 Louisville & Jefferson County Regional Airport, Kentucky 1,000,000 5.250%, 07/01/18 FSA Insured AMT Aaa/AAA 1,031,790 1,370,000 5.250%, 07/01/21 FSA Insured AMT Aaa/AAA 1,393,098 3,390,000 5.250%, 07/01/22 FSA Insured AMT Aaa/AAA 3,434,646 275,000 5.375%, 07/01/23 FSA Insured AMT Aaa/AAA 278,982 500,000 5.000%, 07/01/25 MBIA Insured AMT Aaa/AAA 482,590 --------------- Total Transportation 11,755,997 --------------- Utilities (16.4%) ---------------------------------------------------------------- Bardstown, Kentucky 200,000 5.000%, 12/01/19 MBIA Insured Aaa/NR 206,790 Boone County, Kentucky Pollution Control Revenue Dayton Power & Light 2,000,000 4.700%, 01/01/28 FGIC Insured A2/A- 1,787,480 Campbell & Kenton Counties, Kentucky Sanitation District Revenue 1,695,000 4.300%, 08/01/24 MBIA Insured Aaa/AAA 1,623,810 300,000 4.300%, 08/01/27 MBIA Insured Aaa/AAA 275,565 1,450,000 4.300%, 08/01/28 MBIA Insured Aaa/AAA 1,316,702 805,000 4.375%, 08/01/30 MBIA Insured Aaa/AAA 726,963 505,000 4.375%, 08/01/33 MBIA Insured Aaa/AAA 448,571 Carroll County, Kentucky Environmental Facilities Revenue (KY Utilities) AMT 1,500,000 5.750%, 02/01/26 AMBAC Insured Aaa/AAA 1,507,890 Kentucky Rural Water Finance Corp. 205,000 4.250%, 08/01/19 MBIA Insured Aaa/AAA 205,275 595,000 5.000%, 02/01/20 AMBAC Insured Aaa/AAA 616,926 210,000 4.250%, 08/01/20 MBIA Insured Aaa/AAA 208,200 200,000 4.375%, 08/01/22 MBIA Insured Aaa/AAA 197,162 240,000 4.500%, 08/01/23 MBIA Insured Aaa/AAA 237,108 200,000 4.500%, 02/01/24 MBIA Insured Aaa/AAA 195,120 255,000 4.500%, 08/01/24 MBIA Insured Aaa/AAA 248,648 355,000 4.600%, 02/01/25 NR/AA- 344,847 290,000 4.500%, 08/01/27 MBIA Insured Aaa/AAA 271,220 245,000 4.600%, 08/01/28 MBIA Insured Aaa/AAA 230,442 315,000 4.625%, 08/01/29 MBIA Insured Aaa/AAA 295,262 Lexington-Fayette Urban County Government, Kentucky Sewer System 1,000,000 5.000%, 07/01/19 Aa3/AA 1,042,290 Louisville & Jefferson County, Kentucky Metropolitan Sewer District 1,000,000 5.000%, 05/15/12 FGIC Insured Baa3/A 1,012,150 2,565,000 5.375%, 05/15/17 MBIA Insured Aaa/AAA 2,748,680 2,380,000 4.250%, 05/15/20 FSA Insured Aaa/AAA 2,388,616 2,510,000 4.250%, 05/15/21 FSA Insured Aaa/AAA 2,497,425 400,000 5.000%, 05/15/22 FGIC Insured Baa3/A 404,240 Louisville, Kentucky Waterworks Board Water System 1,000,000 5.250%, 11/15/16 FSA Insured Aaa/AAA 1,049,230 2,530,000 5.250%, 11/15/18 FSA Insured Aaa/AAA 2,634,540 6,600,000 5.250%, 11/15/22 FSA Insured Aaa/AAA 6,792,786 2,415,000 5.250%, 11/15/24 FSA Insured Aaa/AAA 2,472,888 Northern Kentucky Water District 660,000 5.000%, 02/01/23 FGIC Insured A2/NR 674,705 Owensboro, Kentucky Electric and Power 1,555,000 5.000%, 01/01/20 FSA Insured Aaa/AAA 1,581,979 Owensboro-Daviess County, Kentucky Regional Water Resource Agency Wastewater Refunding & Improvement Revenue 930,000 4.375%, 01/01/27 Series A XLCA Insured A3/A 849,760 Trimble County, Kentucky Environmental Facilities 3,000,000 4.600%, 06/01/33 AMBAC Insured Aaa/AAA 2,692,350 -------------- Total Utilities 39,785,620 -------------- Total Revenue Bonds 230,487,819 ------------ Total Investments (cost $247,158,272-note b) 99.7% 242,165,761 Other assets less liabilities 0.3 637,068 ----------------- --------------- Net Assets 100.0% $242,802,829 ================= ===============
Percent of Portfolio Distribution By Quality Rating Portfolio Aaa of Moody's or AAA of S&P 64.7 % Aa of Moody's or AA of S&P 25.0 A of Moody's or S&P 10.3 ------- 100.0 % ======== PORTFOLIO ABBREVIATIONS: ---------------------------------------------------- AMBAC - American Municipal Bond Assurance Corp. AMT - Alternative Minimum Tax CIFG - CDC IXIS Financial Guaranty 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, 2008, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $247,121,547 amounted to of $4,955,786, which consisted of aggregate gross unrealized appreciation of $2,339,838 and aggregate gross unrealized depreciation of $7,295,624. (c) Fair Value Measurements The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (FAS 157), "Fair Value Measurements", effective January 1, 2008. FAS 157 established a three-tier hierarchy of inputs to establish classification of fair value measurements for disclosure purposes. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The Fund's investments in their entirety are assigned levels based upon the observability. The three-tier hierarchy of inputs is summarized below: Level 1 - quoted prices in active markets for identical securities Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the valuation inputs, representing 100% of the Fund's investments, used to value the Fund's net assets as of March 31, 2008: Investments in Valuation Inputs Securities $ - Level 1 - Quoted Prices Level 2 - Other Significant Observable Inputs $ 242,165,761 Level 3 - Significant Unobservable Inputs $ - -------------- Total $ 242,165,761 ================ 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 30, 2008 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 30, 2008 By: /s/ Joseph P. DiMaggio ----------------------------------- Chief Financial Officer and Treasurer May 30, 2008 EX-99.CERT 2 ctftnqcert.txt 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 30, 2008 /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 30, 2008 /s/ Joseph P. DiMaggio - - ----------------------------- Joseph P. DiMaggio Chief Financial Officer and Treasurer -----END PRIVACY-ENHANCED MESSAGE-----