0000812006-12-000019.txt : 20120524 0000812006-12-000019.hdr.sgml : 20120524 20120524160025 ACCESSION NUMBER: 0000812006-12-000019 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120524 DATE AS OF CHANGE: 20120524 EFFECTIVENESS DATE: 20120524 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: 12867460 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 CHKIX C000024674 Churchill Tax-Free Fund of Kentucky Class Y CHKYX N-Q 1 e609716_nq-churchill.htm CHURCHILL TAX-FREE TRUST 3/31/2012 FORM N-Q Unassociated Document
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

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, 2011
 
Date of reporting period: March 31, 2012
 
Item 1. Schedule of Investments.
 
 
 
 
 
CHURCHILL TAX-FREE FUND OF KENTUCKY
 SCHEDULE OF INVESTMENTS
March 31, 2012
(unaudited)
 
       
Rating
              
Principal
      
Moody's/
              
Amount
  
General Obligation Bonds (5.0%)
  
S&P
    
Value
    
(a)
  
                       
   
Bowling Green, Kentucky
                  
$ 500,000  
2.000%, 06/01/15
  
Aa2/AA-
     $ 516,610          
                             
     
Campbell County, Kentucky Public Project
                      
  1,625,000  
4.375%, 12/01/25 Syncora Guarantee, Inc. Insured
  
Aa2/NR
       1,724,093          
                             
     
Henderson County, Kentucky
                      
  330,000  
3.000%, 11/01/20
  
Aa3/NR
       345,520          
                             
     
Highland Heights, Kentucky
                      
  235,000  
4.500%, 12/01/25
  
A1/NR
       256,282          
  370,000  
4.600%, 12/01/27
  
A1/NR
       399,940          
  500,000  
5.125%, 12/01/38
  
A1/NR
       537,910          
                             
     
Kenton County, Kentucky Public Project
                      
  500,000  
4.625%, 04/01/34
  
Aa2/NR
       536,445          
                             
     
Lexington-Fayette Urban County, Kentucky
                      
  4,175,000  
4.250%, 05/01/23 NPFG Insured
  
Aa2/AA
       4,543,611          
                             
     
Louisville & Jefferson County, Kentucky
                      
  955,000  
4.200%, 11/01/22 NPFG Insured
  
Aa1/AA+**
       1,041,160          
                             
     
Muhlenberg County, Kentucky
                      
  730,000  
4.500%, 04/01/28
  
A1/NR
       788,239          
                             
     
Warren County, Kentucky Unlimited Tax
                      
  615,000  
4.000%, 06/01/25
  
Aa2/AA-
       665,959          
  635,000  
4.000%, 06/01/26
  
Aa2/AA-
       679,717          
  660,000  
4.000%, 06/01/27
  
Aa2/AA-
       699,989          
     
Total General Obligation Bonds
           12,735,475          
                             
     
Revenue Bonds (93.7%)
                      
                             
     
State Agencies (12.2%)
                      
                             
     
Kentucky Area Development District Financing
                      
  500,000  
5.000%, 12/01/23 LOC Wachovia Bank (pre-refunded)
  
NR/NR*
       503,780          
                             
     
Kentucky Asset & Liability Commission Federal Highway Notes
                      
  1,000,000  
5.000%, 09/01/22 Series A
  
Aa2/AA
       1,188,500          
                             
                             
     
Kentucky Asset & Liability Commission University of Kentucky Project
                      
  1,500,000  
4.500%, 10/01/22 NPFG FGIC Insured
  
Aa2/AA-
       1,601,790          
  500,000  
5.000%, 10/01/25 Series B
  
Aa2/AA-
       550,815          
  750,000  
5.000%, 10/01/26 Series B
  
Aa2/AA-
       820,658          
  1,000,000  
5.000%, 10/01/27 Series B
  
Aa2/AA-
       1,089,470          
                             
     
Kentucky Economic Development Finance Authority Louisville Arena Project
                      
  3,500,000  
5.750%, 12/01/28 AGMC Insured
  
Aa3/AA-
       3,748,360          
 
 
 
 
 
                             
     
Kentucky State Property and Buildings Commission
                      
  1,000,000  
5.000%, 11/01/17 AMBAC Insured
   A1/A+***       1,058,940          
  3,000,000  
5.000%, 11/01/19 AGMC Insured (pre-refunded)
  
Aa2/AA-
       3,083,250          
  1,020,000  
5.000%, 11/01/20
  
Aa3/A+
       1,178,386          
  1,375,000  
5.375%, 11/01/23
  
Aa3/A+
       1,573,811          
  2,820,000  
5.750%, 04/01/24 Project 91
   A1/A+       3,187,925          
  2,800,000  
5.250%, 02/01/28 AGMC Insured
  
Aa3/AA-
       3,114,804          
  750,000  
5.500%, 11/01/28
  
Aa3/A+
       842,550          
  2,500,000  
5.000%, 02/01/29 AGMC Insured
  
Aa3/AA-
       2,722,625          
  2,625,000  
5.750%, 04/01/29 Project 91
   A1/A+       2,919,263          
  2,000,000  
5.000%, 08/01/30 Project 100
  
Aa3/A+
       2,206,700          
                             
     
Total State Agencies
           31,391,627          
                             
     
County Agencies (5.9%)
                      
                             
     
Bracken County, Kentucky Public Properties Corp. Revenue Refunding - First Mortgage
                      
  1,110,000  
5.000%, 08/01/30
  
Aa3/NR
       1,241,446          
                             
     
Grant County, Kentucky Public Property Corp. Justice Center Project
                      
  1,000,000  
4.500%, 12/01/24
  
Aa3/NR
       1,076,410          
                             
     
Jefferson County, Kentucky Capital Projects
                      
  1,575,000  
4.250%, 06/01/23 AGMC Insured
  
Aa2/NR***
       1,688,636          
  1,950,000  
4.375%, 06/01/24 AGMC Insured
  
Aa2/NR***
       2,089,718          
  2,060,000  
4.375%, 06/01/26 Series A AGMC Insured
  
Aa2/NR
       2,184,239          
  1,070,000  
4.375%, 06/01/27 Series A AGMC Insured
  
Aa2/NR
       1,129,834          
  1,640,000  
4.375%, 06/01/28 AGMC Insured
  
Aa2/NR***
       1,722,935          
                             
     
Kentucky Association of Counties Finance Corp. Financing Program
                      
  1,145,000  
4.250%, 02/01/24
  
NR/A+
       1,214,158          
  515,000  
4.000%, 02/01/25
  
NR/A+
       540,168          
  315,000  
5.375%, 02/01/27
  
NR/A+
       346,428          
  330,000  
5.375%, 02/01/28
  
NR/A+
       361,129          
                             
     
Lexington-Fayette Urban County, Kentucky Public Facilities Revenue
                      
  500,000  
4.125%, 10/01/23 NPFG Insured
  
Aa3/NR
       531,690          
  500,000  
4.250%, 10/01/26 NPFG Insured
  
Aa3/NR
       523,080          
                             
     
Warren County, Kentucky Justice Center
                      
  365,000  
4.300%, 09/01/22 NPFG Insured
  
Aa3/NR
       381,702          
                             
     
Total County Agencies
           15,031,573          
                             
     
Colleges and Universities (6.3%)
                      
                             
     
Berea, Kentucky Educational Facilities (Berea College)
                      
  1,000,000  
4.125%, 06/01/25
  
Aaa/NR
       1,043,760          
                             
     
Boyle County, Kentucky College Refunding & Improvement
                      
  1,035,000  
4.500%, 06/01/22 AGC Insured
  
Aa3/AA-
       1,121,516          
  200,000  
4.625%, 06/01/24 AGC Insured
  
Aa3/AA-
       215,914          
                             
     
Eastern Kentucky University General Receipts
                      
  1,250,000  
4.000%, 10/01/27
  
Aa3/A+
       1,291,925          
                             
     
Louisville & Jefferson County, Kentucky University of Louisville
                      
  525,000  
5.000%, 06/01/20 AMBAC Insured
  
NR/NR*
       560,154          
                             
     
Murray State University Project, Kentucky General Receipts Revenue
                      
  745,000  
4.500%, 09/01/23 AMBAC Insured
  
Aa3/A+
       785,528          
 
 
 
 
 
                             
     
University of Kentucky General Receipts
                      
  885,000  
4.500%, 10/01/22 Syncora Guarantee, Inc. Insured
  
Aa2/AA-
       964,084          
  1,545,000  
4.500%, 10/01/23 Syncora Guarantee, Inc. Insured
  
Aa2/AA-
       1,669,373          
  1,625,000  
4.500%, 10/01/25 Syncora Guarantee, Inc. Insured
  
Aa2/AA-
       1,728,821          
  1,010,000  
4.500%, 10/01/26 Syncora Guarantee, Inc. Insured
  
Aa2/AA-
       1,070,166          
  1,000,000  
5.000%, 09/01/30
  
Aa2/AA-
       1,129,600          
                             
     
Western Kentucky University Revenue General Receipts
                      
  2,000,000  
4.200%, 09/01/25 Series A NPFG Insured
  
Aa3/A+
       2,077,380          
  2,475,000  
4.200%, 09/01/26 Series A NPFG Insured
  
Aa3/A+
       2,555,933          
                             
     
Total Colleges and Universities
           16,214,154          
                             
     
Hospitals (11.6%)
                      
                             
     
Jefferson County, Kentucky Health Facilities University Hospital
                      
  1,050,000  
5.250%, 07/01/22 NPFG Insured
  
Baa2/BBB
       1,053,161          
                             
     
Jefferson County, Kentucky, Louisville Medical Center
                      
  2,200,000  
5.250%, 05/01/17
  
NR/A
       2,227,544          
  2,000,000  
5.500%, 05/01/22
  
NR/A
       2,024,980          
                             
     
Kentucky Economic Development Finance Authority, Baptist Healthcare System
                      
  4,795,000  
5.375%, 08/15/24
  
A1/NR***
       5,435,276          
                             
     
Kentucky Economic Development Finance Authority, Catholic Health
                      
  1,000,000  
5.000%, 05/01/29
  
Aa2/AA
       1,044,850          
                             
     
Kentucky Economic Development Finance Authority, Hospital Facilities St. Elizabeth Healthcare
                      
  1,000,000  
5.500%, 05/01/39
  
NR/AA-***
       1,082,000          
                             
     
Kentucky Economic Development Finance Authority, Kings Daughter Medical Center
                      
  1,000,000  
5.000%, 02/01/30
   A1/A+       1,042,660          
                             
     
Lexington-Fayette Urban County Government, Kentucky Public Facilities Co Lease, Eastern State Hospital
                      
  1,500,000  
5.250%, 06/01/32
  
Aa3/A+
       1,653,405          
                             
     
Louisville & Jefferson County, Kentucky Louisville Medical Center
                      
  1,000,000  
5.000%, 06/01/18
  
NR/A
       1,036,530          
                             
     
Louisville & Jefferson County, Kentucky Metro Health, Jewish Hospital Revenue
                      
  1,250,000  
6.000%, 02/01/22
  
Baa1/A-
       1,309,625          
                             
     
Louisville & Jefferson County, Kentucky Metropolitan Government Health System, Norton
                      
  7,620,000  
5.000%, 10/01/26
  
NR/A-****
       7,965,491          
  1,600,000  
5.000%, 10/01/30
  
NR/A-****
       1,659,184          
                             
     
Louisville & Jefferson County, Kentucky Metropolitan Government Revenue Refunding, Catholic Health Initiatives
                      
  2,000,000  
5.000%, 12/01/30
  
Aa2/AA
       2,202,380          
                             
     
Total Hospitals
           29,737,086          
 
 
 
 
 
                             
     
Housing (10.3%)
                      
                             
     
Kentucky Housing Corporation Housing Revenue
                      
  555,000  
4.200%, 01/01/17
  
Aaa/AAA
       565,084          
  470,000  
4.800%, 01/01/18 AMT
  
Aaa/AAA
       481,586          
  285,000  
4.250%, 01/01/18
  
Aaa/AAA
       289,685          
  575,000  
4.800%, 07/01/18 AMT
  
Aaa/AAA
       588,645          
  180,000  
4.250%, 07/01/18
  
Aaa/AAA
       182,839          
  615,000  
4.800%, 07/01/20 AMT
  
Aaa/AAA
       625,701          
  6,025,000  
5.450%, 07/01/22 AMT
  
Aaa/AAA
       6,029,338          
  4,565,000  
5.250%, 07/01/22 AMT
  
Aaa/AAA
       4,567,785          
  245,000  
5.200%, 07/01/22
  
Aaa/AAA
       245,186          
  415,000  
5.100%, 07/01/22 AMT
  
Aaa/AAA
       415,697          
  1,570,000  
4.800%, 07/01/22 AMT
  
Aaa/AAA
       1,617,995          
  1,635,000  
5.000%, 01/01/23 AMT
  
Aaa/AAA
       1,701,332          
  665,000  
5.000%, 07/01/24 FHA Insured
  
Aaa/AAA
       708,405          
  250,000  
3.625%, 01/01/25
  
Aaa/AAA
       254,618          
  4,140,000  
5.200%, 07/01/25 AMT
  
Aaa/AAA
       4,147,535          
  905,000  
4.500%, 07/01/25
  
Aaa/AAA
       958,286          
  600,000  
4.750%, 07/01/26
  
Aaa/AAA
       625,248          
  230,000  
5.375%, 07/01/27
  
Aaa/AAA
       230,186          
  315,000  
4.850%, 07/01/29
  
Aaa/AAA
       328,964          
  545,000  
5.150%, 07/01/39
  
Aaa/AAA
       571,727          
                             
     
Kentucky Housing Multifamily Mortgage Revenue
                      
  1,325,000  
5.000%, 06/01/35 AMT
  
NR/NR*
       1,330,883          
                             
     
Total Housing
           26,466,725          
                             
     
School Building Revenue (22.6%)
                      
                             
     
Barren County, Kentucky School Building Revenue
                      
  1,265,000  
4.250%, 08/01/25 AGC Insured
  
Aa3/NR
       1,316,131          
  1,670,000  
4.375%, 08/01/26 AGC Insured
  
Aa3/NR
       1,739,004          
                             
     
Boone County, Kentucky School District Finance Corp. School Building Revenue
                      
  140,000  
4.750%, 06/01/20 AGMC Insured (pre-refunded)
  
Aa3/AA-
       141,015          
  1,000,000  
4.125%, 08/01/22 Syncora Guarantee, Inc. Insured
  
Aa3/NR
       1,033,710          
  1,580,000  
4.500%, 08/01/23 AGMC Insured
  
Aa3/NR
       1,670,803          
  1,250,000  
4.125%, 03/01/25 AGMC Insured
  
Aa3/NR
       1,284,350          
                             
     
Bullitt County, Kentucky School District Finance Corp.
                      
  200,000  
4.300%, 10/01/21 NPFG Insured
  
Aa3/NR
       210,626          
  2,455,000  
4.500%, 10/01/22 NPFG Insured
  
Aa3/NR
       2,588,724          
  1,590,000  
4.500%, 10/01/23 NPFG Insured
  
Aa3/NR
       1,671,869          
  1,145,000  
4.500%, 04/01/27
  
Aa3/NR
       1,237,894          
  1,200,000  
4.500%, 04/01/28
  
Aa3/NR
       1,291,896          
                             
     
Campbell County, Kentucky School District Finance Corp. School Building Revenue
                      
  340,000  
3.500%, 08/01/22
  
Aa3/NR
       357,405          
                             
     
Christian County, Kentucky School District Finance Corp.
                      
  750,000  
4.125%, 08/01/23 Syncora Guarantee, Inc. Insured
  
Aa3/NR
       778,170          
  1,590,000  
4.125%, 08/01/24 Syncora Guarantee, Inc. Insured
  
Aa3/NR
       1,644,108          
                             
     
Daviess County, Kentucky School District Finance Corp.
                      
  200,000  
5.000%, 06/01/24 (pre-refunded)
  
Aa3/NR
       219,568          
                             
     
Fayette County, Kentucky School District Finance Corp.
                      
  5,000,000  
4.250%, 04/01/23 AGMC Insured
  
Aa2/AA
       5,230,100          
  4,335,000  
4.375%, 05/01/26 AGMC Insured
  
Aa2/AA
       4,628,306          
                             
     
Floyd County, Kentucky School Finance Corporation School Building
                      
  1,255,000  
4.125%, 03/01/26 Syncora Guarantee, Inc. Insured
  
Aa3/NR
       1,280,627          
                             
     
Fort Thomas, Kentucky Independent School District Finance Corp.
                      
  610,000  
4.375%, 04/01/25
  
Aa3/NR
       633,875          
                             
     
Franklin County, Kentucky School District Finance Corp.
                      
  1,000,000  
5.000%, 04/01/24
  
Aa3/NR
       1,056,680          
 
 
 
 
 
                             
     
Graves County, Kentucky School Building Revenue
                      
  1,260,000  
5.000%, 06/01/22 (pre-refunded)
  
Aa3/NR
       1,329,174          
  1,320,000  
5.000%, 06/01/23 (pre-refunded)
  
Aa3/NR
       1,392,468          
                             
     
Kenton County, Kentucky School District Finance Corp.
                      
  445,000  
4.300%, 04/01/22 AGC Insured
  
Aa3/NR
       466,440          
  4,250,000  
5.000%, 06/01/22 NPFG Insured (pre-refunded)
  
Aa3/NR
       4,665,820          
  590,000  
4.250%, 10/01/22 AGMC Insured
  
Aa3/NR
       623,064          
  750,000  
4.375%, 04/01/24 AGC Insured
  
Aa3/NR
       781,350          
  325,000  
4.400%, 04/01/26 AGC Insured
  
Aa3/NR
       336,788          
                             
     
Larue County, Kentucky School District Finance Corp.
                      
  270,000  
4.500%, 07/01/21 NPFG Insured
  
Aa3/NR
       288,784          
  470,000  
4.500%, 07/01/22 NPFG Insured
  
Aa3/NR
       500,757          
  785,000  
4.500%, 07/01/23 NPFG Insured
  
Aa3/NR
       832,179          
                             
     
Laurel County, Kentucky School District Finance Corp.
                      
  300,000  
4.000%, 06/01/16 AGMC Insured
  
Aa3/NR
       330,504          
                             
     
Magoffin County, Kentucky School District
                      
  375,000  
4.250%, 08/01/23 AMBAC Insured
  
Aa3/NR
       394,489          
  475,000  
4.250%, 08/01/25 AMBAC Insured
  
Aa3/NR
       494,979          
                             
     
Ohio County, Kentucky School Building Revenue
                      
  790,000  
4.500%, 05/01/24
  
Aa3/NR
       853,066          
  325,000  
4.500%, 05/01/25
  
Aa3/NR
       348,894          
                             
     
Oldham County, Kentucky School District Finance Corp.
                      
  500,000  
5.000%, 05/01/19 NPFG Insured
  
Aa3/NR
       526,775          
  1,000,000  
4.500%, 09/01/27 NPFG Insured
  
Aa3/NR
       1,038,860          
                             
     
Owensboro, Kentucky Independent School District Finance Corp. School Building Revenue
                      
  890,000  
4.375%, 09/01/24
  
Aa3/NR
       957,613          
                             
     
Pendleton County, Kentucky School District Finance Corp. School Building Revenue
                      
  730,000  
4.000%, 02/01/23 NPFG Insured
  
Aa3/NR
       760,207          
                             
     
Pike County, Kentucky School Building Revenue
                      
  1,355,000  
4.375%, 10/01/26 NPFG Insured
  
Aa3/NR
       1,424,837          
                             
     
Scott County, Kentucky School District Finance Corp.
                      
  1,115,000  
4.200%, 01/01/22 AMBAC Insured
  
Aa3/NR
       1,163,380          
  1,955,000  
4.250%, 01/01/23 AMBAC Insured
  
Aa3/NR
       2,033,435          
  1,560,000  
4.300%, 01/01/24 AMBAC Insured
  
Aa3/NR
       1,621,698          
  3,000,000  
3.400%, 02/01/32
  
Aa3/NR
       2,853,960          
                             
     
Spencer County, Kentucky School District Finance Corp., School Building Revenue
                      
  1,000,000  
4.500%, 08/01/27 AGMC Insured
  
Aa3/NR
       1,061,130          
                             
     
Warren County, Kentucky School District Finance Corp.
                      
  295,000  
4.125%, 02/01/23 NPFG Insured
  
Aa3/NR
       306,791          
  500,000  
4.375%, 04/01/27 AGMC Insured
  
Aa3/NR
       519,350          
                             
     
Total Schools
           57,921,653          
                             
     
Transportation (12.9%)
                      
                             
     
Kenton County, Kentucky Airport Board Airport Revenue
                      
  1,300,000  
5.000%, 03/01/23 NPFG Insured AMT
   A3/A-       1,312,948          
 
 
 
 
 
                             
     
Kentucky State Turnpike Authority
                      
  3,000,000  
4.450%, 07/01/22 Series B
  
Aa2/AA+
       3,338,790          
  3,500,000  
5.000%, 07/01/25
  
Aa2/AA+
       4,028,640          
  2,000,000  
5.000%, 07/01/25 AMBAC Insured
  
Aa2/AA+
       2,167,040          
  1,000,000  
5.000%, 07/01/25
  
Aa2/AA+
       1,131,870          
  2,750,000  
5.000%, 07/01/27
  
Aa2/AA+
       3,080,770          
  1,100,000  
5.000%, 07/01/28
  
Aa2/AA+
       1,223,662          
  3,000,000  
4.000%, 07/01/29
  
Aa2/AA+
       3,149,160          
                             
     
Louisville, Kentucky Regional Airport Authority
                      
  1,060,000  
5.000%, 07/01/18 AMT
   A2/A+       1,186,214          
  1,000,000  
5.250%, 07/01/23 AGMC Insured AMT
  
Aa3/AA-
       1,081,570          
  2,610,000  
5.000%, 07/01/24 AMBAC Insured AMT
   A2/A+       2,708,554          
                             
     
Louisville & Jefferson County Regional Airport, Kentucky
                      
  1,000,000  
5.250%, 07/01/18 AGMC Insured AMT
  
Aa3/AA-
       1,043,410          
  2,000,000  
5.250%, 07/01/20 AGMC Insured AMT
  
Aa3/AA-
       2,055,100          
  1,370,000  
5.250%, 07/01/21 AGMC Insured AMT
  
Aa3/AA-
       1,405,195          
  3,390,000  
5.250%, 07/01/22 AGMC Insured AMT
  
Aa3/AA-
       3,471,258          
  275,000  
5.375%, 07/01/23 AGMC Insured AMT
  
Aa3/AA-
       276,122          
  500,000  
5.000%, 07/01/25 NPFG Insured AMT
   A2/A+       500,280          
                             
     
Total Transportation
           33,160,583          
                             
     
Utilities (11.9%)
                      
                             
     
Campbell & Kenton Counties, Kentucky (Sanitation District)
                      
  1,695,000  
4.300%, 08/01/24 NPFG Insured
  
Aa2/AA
       1,809,955          
  300,000  
4.300%, 08/01/27 NPFG Insured
  
Aa2/AA
       314,331          
  2,370,000  
4.000%, 08/01/27
  
Aa2/AA
       2,511,086          
  1,450,000  
4.300%, 08/01/28 NPFG Insured
  
Aa2/AA
       1,512,698          
                             
     
Carroll County, Kentucky Environmental Facilities Revenue (Kentucky Utilities) AMT
                      
  1,500,000  
5.750%, 02/01/26 AMBAC Insured
   A2/A-       1,627,455          
                             
     
Henderson, Kentucky Electric System Revenue
                      
  250,000  
4.000%, 12/01/24
  
Aa3/NR
       256,908          
                             
     
Kentucky Board Corp. Financing Program
                      
  915,000  
5.125%, 02/01/28
  
NR/A+
       983,113          
                             
     
Kentucky Rural Water Finance Corp.
                      
  205,000  
4.250%, 08/01/19 NPFG Insured
  
Baa2/AA-
       217,710          
  595,000  
5.000%, 02/01/20 NPFG Insured
  
Baa2/AA-
       602,426          
  210,000  
4.250%, 08/01/20 NPFG Insured
  
Baa2/AA-
       222,403          
  200,000  
4.375%, 08/01/22 NPFG Insured
  
Baa2/AA-
       212,572          
  240,000  
4.500%, 08/01/23 NPFG Insured
  
Baa2/AA-
       255,192          
  200,000  
4.500%, 02/01/24 NPFG Insured
  
Baa2/AA-
       205,700          
  255,000  
4.500%, 08/01/24 NPFG Insured
  
Baa2/AA-
       270,504          
  355,000  
4.600%, 02/01/25
  
NR/AA-
       381,991          
  290,000  
4.500%, 08/01/27 NPFG Insured
  
Baa2/AA-
       303,430          
  245,000  
4.600%, 08/01/28 NPFG Insured
  
Baa2/AA-
       256,419          
  315,000  
4.625%, 08/01/29 NPFG Insured
  
Baa2/AA-
       329,481          
                             
     
Kentucky State Municipal Power Agency, Prairie St. Project
                      
  1,000,000  
5.000%, 09/01/23 AGMC Insured
  
Aa3/AA-
       1,096,200          
                             
     
Louisville & Jefferson County, Kentucky Metropolitan Government Pollution Refunding, Louisville Gas & Electric Co. Project
                      
  2,000,000  
1.650%, 10/01/33
  
A2/NR
       2,008,620          
                             
     
Louisville & Jefferson County, Kentucky Metropolitan Sewer District
                      
  2,380,000  
4.250%, 05/15/20 AGMC Insured
  
Aa3/AA
       2,571,566          
  2,510,000  
4.250%, 05/15/21 AGMC Insured
  
Aa3/AA
       2,693,782          
  1,500,000  
5.000%, 05/15/26 AGMC Insured
  
Aa3/AA
       1,601,400          
  1,350,000  
5.000%, 05/15/34
  
Aa3/AA
       1,497,758          
 
 
 
 
 
                             
     
Northern Kentucky Water District
                      
  660,000  
5.000%, 02/01/23 NPFG FGIC Insured
  
Aa3/NR
       661,571          
  1,825,000  
6.000%, 02/01/28 AGMC Insured
  
Aa3/NR
       2,076,211          
  1,250,000  
4.500%, 02/01/30
  
Aa3/NR
       1,320,788          
                             
     
Owensboro, Kentucky Electric and Power
                      
  1,000,000  
5.000%, 01/01/21 AGMC Insured
  
Aa3/AA-
       1,180,340          
                             
     
Owensboro, Kentucky Water Revenue
                      
  500,000  
5.000%, 09/15/27 AGMC Insured
  
Aa3/NR
       549,295          
                             
     
Owensboro-Daviess County, Kentucky Regional Water Resource Agency Wastewater Refunding & Improvement
                      
  930,000  
4.375%, 01/01/27 Series A Syncora Guarantee, Inc. Insured
  
NR/AA-
       957,435          
                             
     
Total Utilities
           30,488,340          
                             
     
Total Revenue Bonds
           240,411,741          
                             
     
Total Investments (cost $239,987,226-note b)
   98.7 %     253,147,216          
                             
     
Other assets less liabilities
   1.3       3,330,971          
                             
     
Net Assets
   100.0 %   $ 256,478,187          
 
     
* Any security not rated (NR) by any of the Nationally Recognized Statistical Rating Organizations ("NRSRO or credit rating agency") has been determined by the Investment Adviser to have sufficient quality to be ranked in the top credit four ratings if a credit rating were to be assigned by a NRSRO.
                  
                             
     
Fitch ratings
                      
     
**    AAA
                      
     
***   AA
                      
     
**** A
                      
                             
         
Percent of
                  
     
Portfolio Distribution By Quality Rating (unaudited)
  
Investments †
                  
                             
     
Aaa of Moody's or AAA of S&P or Fitch
   10.8
%
  
 
          
     
Pre-refunded bonds †† / Escrowed to Maturity bonds
   4.5                  
     
Aa of Moody's or AA of S&P or Fitch
   68.5                  
     
 A of Moody's or S&P or Fitch
   15.1                  
     
Baa of Moody's or BBB of S&P
   0.4                  
     
Not rated*
   0.7                  
          100.0
%
  
 
          
                             
     
† Where applicable, calculated using the highest rating of the three NRSRO.
                      
                             
     
†† Pre-refunded bonds are bonds for which U.S. Government Obligations have been placed in escrow to retire the bonds at their earliest call date.
                  
                             
     
PORTFOLIO ABBREVIATIONS:
                      
     
AGC - Assured Guaranty Corp.
                      
     
AGMC - Assured Guaranty Municipal Corp.
                      
     
AMBAC - American Municipal Bond Assurance Corp.
                      
     
AMT - Alternative Minimum Tax
                      
     
FGIC - Financial Guaranty Insurance Co.
                      
     
FHA - Federal Housing Administration
                      
     
LOC - Letter of Credit
                      
     
NPFG - National Public Finance Guarantee
                      
     
NR - Not Rated
                      
                             
     
See accompanying notes to financial statements.
                      
 
 
 
 
 
 
CHURCHILL TAX-FREE FUND OF KENTUCKY
NOTES TO FINANCIAL STATEMENTS
March 31, 2012
(unaudited)

(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, 2012, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $239,846,968 amounted to of $13,300,248, which consisted of aggregate gross unrealized appreciation of $13,529,158 and aggregate gross unrealized depreciation of $228,910.
   
(c) Fair Value Measurements: The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund’s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund’s investments and are summarized in the following fair value hierarchy:
 
Level 1 – Unadjusted quoted prices in inactive markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
 
The inputs or methodology used for valuing securities are not 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, 2012:

Valuation Inputs
 
  
Investments in Securities
  
 Level 1 – Quoted Prices
   $ -  
 Level 2 – Other Significant Observable Inputs- Municipal Bonds+
     253,147,216  
 Level 3 – Significant Unobservable Inputs
     -  
 Total
   $ 253,147,216  
 +See schedule of investments for a detailed listing of securities.
        
 
 
 
 

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 24, 2012
    
 
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 24, 2012
    
       
       
By:
/s/ Joseph P. DiMaggio
    
 
Chief Financial Officer and Treasurer
    
 
May 24, 2012
    
       
 
 
 EX-99.CERT 2 e609716_ex99-cert.htm N-Q CERTIFICATIONS Unassociated Document
 
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 24, 2012
 
     
/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 24, 2012
 
     
/s/ Joseph P. DiMaggio
    
Joseph P. DiMaggio
    
Chief Financial Officer and Treasurer