CHURCHILL TAX-FREE FUND OF KENTUCKY
|
SCHEDULE OF INVESTMENTS
|
September 30, 2012
|
(unaudited)
|
Rating
|
||||||||||||||
Principal
|
Moody's/
|
|||||||||||||
Amount
|
General Obligation Bonds (4.9%)
|
S&P
|
Value
|
(a)
|
||||||||||
Bowling Green, Kentucky
|
||||||||||||||
$ | 500,000 |
2.000%, 06/01/15
|
Aa2/AA-
|
$ | 516,705 | |||||||||
Campbell County, Kentucky Public Project
|
||||||||||||||
1,625,000 |
4.375%, 12/01/25 Syncora Guarantee, Inc. Insured
|
Aa2/NR
|
1,737,970 | |||||||||||
Henderson County, Kentucky
|
||||||||||||||
330,000 |
3.000%, 11/01/20
|
Aa3/NR
|
355,776 | |||||||||||
Highland Heights, Kentucky
|
||||||||||||||
500,000 |
5.125%, 12/01/38
|
A1/NR
|
560,495 | |||||||||||
Lexington-Fayette Urban County, Kentucky
|
||||||||||||||
4,175,000 |
4.250%, 05/01/23 NPFG Insured
|
Aa2/AA
|
4,578,848 | |||||||||||
Louisville & Jefferson County, Kentucky
|
||||||||||||||
955,000 |
4.200%, 11/01/22 NPFG Insured
|
Aa1/AA+**
|
1,049,459 | |||||||||||
Muhlenberg County, Kentucky
|
||||||||||||||
730,000 |
4.500%, 04/01/28
|
A1/NR
|
824,418 | |||||||||||
City of Owensboro, Kentucky Refunding and Improvement
|
||||||||||||||
1,355,000 |
4.000%, 06/01/30
|
Aa3/NR
|
1,471,422 | |||||||||||
Warren County, Kentucky Unlimited Tax
|
||||||||||||||
615,000 |
4.000%, 06/01/25
|
Aa2/AA-
|
692,035 | |||||||||||
635,000 |
4.000%, 06/01/26
|
Aa2/AA-
|
708,749 | |||||||||||
660,000 |
4.000%, 06/01/27
|
Aa2/AA-
|
732,310 | |||||||||||
Total General Obligation Bonds
|
13,228,187 | |||||||||||||
Revenue Bonds (92.9%)
|
||||||||||||||
State Agencies (12.2%)
|
||||||||||||||
Kentucky Asset & Liability Commission Federal Highway Notes
|
||||||||||||||
1,000,000 |
5.000%, 09/01/22 Series A
|
Aa2/AA
|
1,219,300 | |||||||||||
Kentucky Asset & Liability Commission University of Kentucky Project
|
||||||||||||||
1,500,000 |
4.500%, 10/01/22 NPFG/ FGIC Insured
|
Aa2/AA-
|
1,617,555 | |||||||||||
500,000 |
5.000%, 10/01/25 Series B
|
Aa2/AA-
|
569,175 | |||||||||||
750,000 |
5.000%, 10/01/26 Series B
|
Aa2/AA-
|
848,430 | |||||||||||
1,000,000 |
5.000%, 10/01/27 Series B
|
Aa2/AA-
|
1,127,210 | |||||||||||
Kentucky Bond Corp. Financing Program
|
||||||||||||||
915,000 |
5.125%, 02/01/28
|
NR/AA-
|
1,060,229 | |||||||||||
Kentucky Economic Development Finance Authority Louisville Arena Project
|
||||||||||||||
3,500,000 |
5.750%, 12/01/28 AGMC Insured
|
Aa3/AA-
|
3,863,265 |
Kentucky State Property and Buildings Commission
|
||||||||||||||
1,000,000 |
5.000%, 11/01/17 AMBAC Insured
|
A1/A+*** | 1,045,090 | |||||||||||
3,000,000 |
5.000%, 11/01/19 AGMC Insured (pre-refunded)
|
Aa2/AA-
|
3,011,250 | |||||||||||
1,020,000 |
5.000%, 11/01/20
|
Aa3/A+
|
1,204,528 | |||||||||||
1,375,000 |
5.375%, 11/01/23
|
Aa3/A+
|
1,614,374 | |||||||||||
2,820,000 |
5.750%, 04/01/24 Project 91
|
A1/A+ | 3,242,492 | |||||||||||
2,800,000 |
5.250%, 02/01/28 AGMC Insured
|
Aa3/AA-
|
3,237,332 | |||||||||||
750,000 |
5.500%, 11/01/28
|
Aa3/A+
|
871,530 | |||||||||||
2,500,000 |
5.000%, 02/01/29 AGMC Insured
|
Aa3/AA-
|
2,835,425 | |||||||||||
2,625,000 |
5.750%, 04/01/29 Project 91
|
A1/A+ | 2,993,865 | |||||||||||
2,000,000 |
5.000%, 08/01/30 Project 100
|
Aa3/A+
|
2,338,540 | |||||||||||
Total State Agencies
|
32,699,590 | |||||||||||||
County Agencies (5.8%)
|
||||||||||||||
Bracken County, Kentucky Public Properties Corp. Revenue Refunding - First Mortgage
|
||||||||||||||
1,110,000 |
5.000%, 08/01/30
|
Aa3/NR
|
1,298,844 | |||||||||||
Grant County, Kentucky Public Property Corp. Justice Center Project
|
||||||||||||||
1,000,000 |
4.500%, 12/01/24
|
Aa3/NR
|
1,098,280 | |||||||||||
Jefferson County, Kentucky Capital Projects
|
||||||||||||||
1,575,000 |
4.250%, 06/01/23 AGMC Insured
|
Aa2/NR***
|
1,715,065 | |||||||||||
1,950,000 |
4.375%, 06/01/24 AGMC Insured
|
Aa2/NR***
|
2,126,924 | |||||||||||
2,060,000 |
4.375%, 06/01/26 Series A AGMC Insured
|
Aa2/NR***
|
2,229,826 | |||||||||||
1,070,000 |
4.375%, 06/01/27 Series A AGMC Insured
|
Aa2/NR***
|
1,155,761 | |||||||||||
1,640,000 |
4.375%, 06/01/28 AGMC Insured
|
Aa2/NR***
|
1,765,460 | |||||||||||
Kentucky Association of Counties Finance Corp. Financing Program
|
||||||||||||||
1,145,000 |
4.250%, 02/01/24
|
NR/AA-
|
1,255,035 | |||||||||||
515,000 |
4.000%, 02/01/25
|
NR/AA-
|
563,194 | |||||||||||
315,000 |
5.375%, 02/01/27
|
NR/AA-
|
360,514 | |||||||||||
330,000 |
5.375%, 02/01/28
|
NR/AA-
|
376,652 | |||||||||||
Laurel County, Kentucky Public Property Corp. Justice Center Project
|
||||||||||||||
250,000 |
4.625%, 03/01/28
|
Aa3/NR
|
271,448 | |||||||||||
Lexington-Fayette Urban County, Kentucky Public Facilities Revenue
|
||||||||||||||
500,000 |
4.125%, 10/01/23 NPFG Insured
|
Aa3/NR
|
536,810 | |||||||||||
500,000 |
4.250%, 10/01/26 NPFG Insured
|
Aa3/NR
|
528,380 | |||||||||||
Warren County, Kentucky Justice Center
|
||||||||||||||
365,000 |
4.300%, 09/01/22 NPFG Insured
|
Aa3/NR
|
384,276 | |||||||||||
Total County Agencies
|
15,666,469 | |||||||||||||
Colleges and Universities (6.7%)
|
||||||||||||||
Berea, Kentucky Educational Facilities (Berea College)
|
||||||||||||||
1,000,000 |
4.125%, 06/01/25
|
Aaa/NR
|
1,052,120 | |||||||||||
Boyle County, Kentucky College Refunding & Improvement
|
||||||||||||||
1,035,000 |
4.500%, 06/01/22 AGC Insured
|
Aa3/AA-
|
1,135,074 | |||||||||||
200,000 |
4.625%, 06/01/24 AGC Insured
|
Aa3/AA-
|
219,414 | |||||||||||
Eastern Kentucky University General Receipts
|
||||||||||||||
1,250,000 |
4.000%, 10/01/27
|
Aa3/A+
|
1,357,138 | |||||||||||
Lexington-Fayette, Kentucky Urban County Government Transylvania University Project
|
||||||||||||||
1,390,000 |
4.500%, 03/01/29
|
NR/A+
|
1,546,139 | |||||||||||
Louisville & Jefferson County, Kentucky University of Louisville
|
||||||||||||||
525,000 |
5.000%, 06/01/20 AMBAC Insured
|
NR/NR*
|
560,810 | |||||||||||
Murray State University Project, Kentucky General Receipts Revenue
|
||||||||||||||
745,000 |
4.500%, 09/01/23 AMBAC Insured
|
Aa3/A+
|
813,443 | |||||||||||
University of Kentucky General Receipts
|
||||||||||||||
885,000 |
4.500%, 10/01/22 Syncora Guarantee, Inc. Insured
|
Aa2/AA-
|
971,314 | |||||||||||
1,545,000 |
4.500%, 10/01/23 Syncora Guarantee, Inc. Insured
|
Aa2/AA-
|
1,682,644 | |||||||||||
1,625,000 |
4.500%, 10/01/25 Syncora Guarantee, Inc. Insured
|
Aa2/AA-
|
1,745,250 | |||||||||||
1,010,000 |
4.500%, 10/01/26 Syncora Guarantee, Inc. Insured
|
Aa2/AA-
|
1,079,589 | |||||||||||
1,000,000 |
5.000%, 09/01/30
|
Aa2/AA-
|
1,181,930 | |||||||||||
Western Kentucky University Revenue General Receipts
|
||||||||||||||
2,000,000 |
4.200%, 09/01/25 Series A NPFG Insured
|
Aa3/A+
|
2,122,880 | |||||||||||
2,475,000 |
4.200%, 09/01/26 Series A NPFG Insured
|
Aa3/A+
|
2,617,758 | |||||||||||
Total Colleges and Universities
|
18,085,503 | |||||||||||||
Hospitals (12.5%)
|
||||||||||||||
Jefferson County, Kentucky Health Facilities University Hospital
|
||||||||||||||
1,050,000 |
5.250%, 07/01/22 NPFG Insured
|
Baa2/BBB
|
1,053,696 | |||||||||||
Jefferson County, Kentucky, Louisville Medical Center
|
||||||||||||||
2,200,000 |
5.250%, 05/01/17
|
NR/A
|
2,228,116 | |||||||||||
2,000,000 |
5.500%, 05/01/22
|
NR/A
|
2,025,420 | |||||||||||
Kentucky Economic Development Finance Authority, Baptist Healthcare System
|
||||||||||||||
4,795,000 |
5.375%, 08/15/24
|
A1/NR***
|
5,511,709 | |||||||||||
2,050,000 |
5.250%, 08/15/46
|
A1/NR***
|
2,288,231 |
Kentucky Economic Development Finance Authority, Catholic Health
|
||||||||||||||
1,000,000 |
5.000%, 05/01/29
|
Aa2/AA
|
1,044,120 | |||||||||||
Kentucky Economic Development Finance Authority, Hospital Facilities St. Elizabeth Healthcare
|
||||||||||||||
1,000,000 |
5.500%, 05/01/39
|
NR/AA-***
|
1,110,370 | |||||||||||
Kentucky Economic Development Finance Authority, Kings Daughter Medical Center
|
||||||||||||||
1,000,000 |
5.000%, 02/01/30
|
A1/A+ | 1,080,720 | |||||||||||
Lexington-Fayette Urban County Government, Kentucky Public Facilities Co Lease, Eastern State Hospital
|
||||||||||||||
1,500,000 |
5.250%, 06/01/32
|
Aa3/A+
|
1,718,730 | |||||||||||
Louisville & Jefferson County, Kentucky Louisville Medical Center
|
||||||||||||||
1,000,000 |
5.000%, 06/01/18
|
NR/A
|
1,028,570 | |||||||||||
Louisville & Jefferson County, Kentucky Metro Health, Jewish Hospital Revenue
|
||||||||||||||
1,250,000 |
6.000%, 02/01/22 (pre-refunded)
|
#Aaa/NR
|
1,273,700 | |||||||||||
Louisville & Jefferson County, Kentucky Metropolitan Government Health System, Norton
|
||||||||||||||
7,620,000 |
5.000%, 10/01/26
|
NR/A-****
|
8,101,051 | |||||||||||
1,600,000 |
5.000%, 10/01/30
|
NR/A-****
|
1,690,576 | |||||||||||
Louisville & Jefferson County, Kentucky Metropolitan Government Revenue Refunding, Catholic Health Initiatives
|
||||||||||||||
2,000,000 |
5.000%, 12/01/30
|
Aa2/AA
|
2,302,440 | |||||||||||
Warren County, Kentucky, Warren County Community Hospital Corp.
|
||||||||||||||
680,000 |
4.000%, 10/01/29
|
NR/A
|
704,398 | |||||||||||
500,000 |
5.000%, 10/01/33
|
NR/A
|
548,635 | |||||||||||
Total Hospitals
|
33,710,482 | |||||||||||||
Housing (4.7%)
|
||||||||||||||
Kentucky Housing Corporation Housing Revenue
|
||||||||||||||
555,000 |
4.200%, 01/01/17
|
Aaa/AAA
|
564,890 | |||||||||||
470,000 |
4.800%, 01/01/18 AMT
|
Aaa/AAA
|
482,483 | |||||||||||
285,000 |
4.250%, 01/01/18
|
Aaa/AAA
|
289,691 | |||||||||||
575,000 |
4.800%, 07/01/18 AMT
|
Aaa/AAA
|
589,818 | |||||||||||
180,000 |
4.250%, 07/01/18
|
Aaa/AAA
|
182,867 | |||||||||||
615,000 |
4.800%, 07/01/20 AMT
|
Aaa/AAA
|
627,282 | |||||||||||
1,570,000 |
4.800%, 07/01/22 AMT
|
Aaa/AAA
|
1,633,240 | |||||||||||
1,635,000 |
5.000%, 01/01/23 AMT
|
Aaa/AAA
|
1,722,260 | |||||||||||
665,000 |
5.000%, 07/01/24 FHA Insured
|
Aaa/AAA
|
719,743 | |||||||||||
250,000 |
3.625%, 01/01/25
|
Aaa/AAA
|
262,128 | |||||||||||
900,000 |
4.500%, 07/01/25
|
Aaa/AAA
|
981,495 | |||||||||||
600,000 |
4.750%, 07/01/26
|
Aaa/AAA
|
637,560 | |||||||||||
315,000 |
4.850%, 07/01/29
|
Aaa/AAA
|
335,198 | |||||||||||
1,630,000 |
4.600%, 07/01/32 AMT
|
Aaa/AAA
|
1,728,892 | |||||||||||
540,000 |
5.150%, 07/01/39
|
Aaa/AAA
|
576,040 | |||||||||||
Kentucky Housing Multifamily Mortgage Revenue
|
||||||||||||||
1,325,000 |
5.000%, 06/01/35 AMT
|
NR/NR*
|
1,340,277 | |||||||||||
Total Housing
|
12,673,864 | |||||||||||||
School Building Revenue (23.4%)
|
||||||||||||||
Barren County, Kentucky School Building Revenue
|
||||||||||||||
1,265,000 |
4.250%, 08/01/25 AGC Insured
|
Aa3/NR
|
1,337,232 | |||||||||||
1,670,000 |
4.375%, 08/01/26 AGC Insured
|
Aa3/NR
|
1,769,148 | |||||||||||
Boone County, Kentucky School District Finance Corp. School Building Revenue
|
||||||||||||||
1,000,000 |
4.125%, 08/01/22 Syncora Guarantee, Inc. Insured
|
Aa3/NR
|
1,058,120 | |||||||||||
1,580,000 |
4.500%, 08/01/23 AGMC Insured
|
Aa3/NR
|
1,717,507 | |||||||||||
1,250,000 |
4.125%, 03/01/25 AGMC Insured
|
Aa3/NR
|
1,342,975 | |||||||||||
Bullitt County, Kentucky School District Finance Corp.
|
||||||||||||||
200,000 |
4.300%, 10/01/21 NPFG Insured
|
Aa3/NR
|
210,396 | |||||||||||
2,455,000 |
4.500%, 10/01/22 NPFG Insured
|
Aa3/NR
|
2,585,262 | |||||||||||
1,590,000 |
4.500%, 10/01/23 NPFG Insured
|
Aa3/NR
|
1,671,806 | |||||||||||
1,145,000 |
4.500%, 04/01/27
|
Aa3/NR
|
1,270,572 | |||||||||||
1,200,000 |
4.500%, 04/01/28
|
Aa3/NR
|
1,328,340 | |||||||||||
Campbell County, Kentucky School District Finance Corp. School Building Revenue
|
||||||||||||||
340,000 |
3.500%, 08/01/22
|
Aa3/NR
|
369,587 | |||||||||||
Christian County, Kentucky School District Finance Corp.
|
||||||||||||||
750,000 |
4.125%, 08/01/23 Syncora Guarantee, Inc. Insured
|
Aa3/NR
|
784,725 |
1,590,000 |
4.125%, 08/01/24 Syncora Guarantee, Inc. Insured
|
Aa3/NR
|
1,660,962 | |||||||||||
Daviess County, Kentucky School District Finance Corp.
|
||||||||||||||
200,000 |
5.000%, 06/01/24 (pre-refunded)
|
Aa3/NR
|
215,458 | |||||||||||
Fayette County, Kentucky School District Finance Corp.
|
||||||||||||||
5,000,000 |
4.250%, 04/01/23 AGMC Insured (pre-refunded)
|
Aa2/AA
|
5,479,950 | |||||||||||
4,335,000 |
4.375%, 05/01/26 AGMC Insured
|
Aa2/AA
|
4,702,044 | |||||||||||
Floyd County, Kentucky School Finance Corporation School Building
|
||||||||||||||
1,255,000 |
4.125%, 03/01/26 Syncora Guarantee, Inc. Insured
|
Aa3/NR
|
1,302,489 | |||||||||||
Fort Thomas, Kentucky Independent School District Finance Corp.
|
||||||||||||||
610,000 |
4.375%, 04/01/25
|
Aa3/NR
|
642,605 | |||||||||||
Franklin County, Kentucky School District Finance Corp.
|
||||||||||||||
1,000,000 |
5.000%, 04/01/24
|
Aa3/NR
|
1,050,920 | |||||||||||
1,560,000 |
4.000%, 06/01/29
|
Aa3/NR
|
1,662,960 | |||||||||||
1,000,000 |
4.000%, 06/01/30
|
Aa3/NR
|
1,060,870 | |||||||||||
Graves County, Kentucky School Building Revenue
|
||||||||||||||
1,260,000 |
5.000%, 06/01/22 (pre-refunded)
|
Aa3/NR
|
1,299,677 | |||||||||||
1,320,000 |
5.000%, 06/01/23 (pre-refunded)
|
Aa3/NR
|
1,361,567 | |||||||||||
Jessamine County, Kentucky School District Finance Corp., School Building Revenue
|
||||||||||||||
1,365,000 |
4.000%, 08/01/32
|
Aa3/NR
|
1,471,948 | |||||||||||
Kenton County, Kentucky School District Finance Corp.
|
||||||||||||||
445,000 |
4.300%, 04/01/22 AGC Insured
|
Aa3/NR
|
470,725 | |||||||||||
4,250,000 |
5.000%, 06/01/22 NPFG Insured (pre-refunded)
|
Aa3/NR
|
4,578,483 | |||||||||||
590,000 |
4.250%, 10/01/22 AGMC Insured
|
Aa3/NR
|
629,713 | |||||||||||
750,000 |
4.375%, 04/01/24 AGC Insured
|
Aa3/NR
|
791,370 | |||||||||||
325,000 |
4.400%, 04/01/26 AGC Insured
|
Aa3/NR
|
341,975 | |||||||||||
Larue County, Kentucky School District Finance Corp.
|
||||||||||||||
270,000 |
4.500%, 07/01/21 NPFG Insured
|
Aa3/NR
|
291,287 | |||||||||||
470,000 |
4.500%, 07/01/22 NPFG Insured
|
Aa3/NR
|
505,128 | |||||||||||
785,000 |
4.500%, 07/01/23 NPFG Insured
|
Aa3/NR
|
841,049 | |||||||||||
Laurel County, Kentucky School District Finance Corp.
|
||||||||||||||
300,000 |
4.000%, 06/01/16 AGMC Insured
|
Aa3/NR
|
330,678 | |||||||||||
Magoffin County, Kentucky School District
|
||||||||||||||
375,000 |
4.250%, 08/01/23 AMBAC Insured
|
Aa3/NR
|
399,510 | |||||||||||
475,000 |
4.250%, 08/01/25 AMBAC Insured
|
Aa3/NR
|
502,830 | |||||||||||
Ohio County, Kentucky School Building Revenue
|
||||||||||||||
790,000 |
4.500%, 05/01/24
|
Aa3/NR
|
871,338 | |||||||||||
325,000 |
4.500%, 05/01/25
|
Aa3/NR
|
356,863 | |||||||||||
Oldham County, Kentucky School District Finance Corp.
|
||||||||||||||
500,000 |
5.000%, 05/01/19 NPFG Insured (pre-refunded)
|
Aa3/NR
|
536,880 | |||||||||||
1,000,000 |
4.500%, 09/01/27 NPFG Insured
|
Aa3/NR
|
1,060,960 | |||||||||||
1,370,000 |
4.000%, 09/01/32
|
Aa3/NR
|
1,508,904 | |||||||||||
Owensboro, Kentucky Independent School District Finance Corp. School Building Revenue
|
||||||||||||||
890,000 |
4.375%, 09/01/24
|
Aa3/NR
|
987,873 | |||||||||||
Pendleton County, Kentucky School District Finance Corp. School Building Revenue
|
||||||||||||||
730,000 |
4.000%, 02/01/23 NPFG Insured
|
Aa3/NR
|
771,866 | |||||||||||
Pike County, Kentucky School Building Revenue
|
||||||||||||||
1,355,000 |
4.375%, 10/01/26 NPFG Insured
|
Aa3/NR
|
1,457,750 | |||||||||||
Scott County, Kentucky School District Finance Corp.
|
||||||||||||||
1,115,000 |
4.200%, 01/01/22 AMBAC Insured
|
Aa3/NR
|
1,166,290 | |||||||||||
1,955,000 |
4.250%, 01/01/23 AMBAC Insured
|
Aa3/NR
|
2,041,372 | |||||||||||
1,560,000 |
4.300%, 01/01/24 AMBAC Insured
|
Aa3/NR
|
1,630,262 | |||||||||||
1,500,000 |
3.400%, 02/01/32
|
Aa3/NR
|
1,523,985 | |||||||||||
Spencer County, Kentucky School District Finance Corp., School Building Revenue
|
||||||||||||||
1,000,000 |
4.500%, 08/01/27 AGMC Insured
|
Aa3/NR
|
1,086,120 | |||||||||||
Warren County, Kentucky School District Finance Corp.
|
||||||||||||||
295,000 |
4.125%, 02/01/23 NPFG Insured
|
Aa3/NR
|
309,918 | |||||||||||
500,000 |
4.375%, 04/01/27 AGMC Insured
|
Aa3/NR
|
534,585 | |||||||||||
Total Schools
|
62,884,834 | |||||||||||||
Transportation (15.3%)
|
||||||||||||||
Kenton County, Kentucky Airport Board Airport Revenue
|
||||||||||||||
1,300,000 |
5.000%, 03/01/23 NPFG Insured AMT
|
A3/A- | 1,308,944 |
Kentucky State Turnpike Authority
|
||||||||||||||
3,000,000 |
4.450%, 07/01/22 Series B
|
Aa2/AA+
|
3,351,240 | |||||||||||
3,500,000 |
5.000%, 07/01/25
|
Aa2/AA+
|
4,232,970 | |||||||||||
2,000,000 |
5.000%, 07/01/25 AMBAC Insured
|
Aa2/AA+
|
2,157,160 | |||||||||||
1,000,000 |
5.000%, 07/01/25
|
Aa2/AA+
|
1,146,800 | |||||||||||
2,750,000 |
5.000%, 07/01/27
|
Aa2/AA+
|
3,137,778 | |||||||||||
1,100,000 |
5.000%, 07/01/28
|
Aa2/AA+
|
1,251,943 | |||||||||||
5,000,000 |
5.000%, 07/01/29 Series A
|
Aa2/AA+
|
6,089,400 | |||||||||||
3,000,000 |
4.000%, 07/01/29
|
Aa2/AA+
|
3,340,260 | |||||||||||
1,000,000 |
5.000%, 07/01/30 Series A
|
Aa2/AA+
|
1,212,090 | |||||||||||
Louisville, Kentucky Regional Airport Authority
|
||||||||||||||
1,060,000 |
5.000%, 07/01/18 AMT
|
A2/A+ | 1,209,471 | |||||||||||
1,000,000 |
5.250%, 07/01/23 AGMC Insured AMT
|
Aa3/AA-
|
1,107,300 | |||||||||||
2,610,000 |
5.000%, 07/01/24 AMBAC Insured AMT
|
A2/A+ | 2,735,176 | |||||||||||
Louisville & Jefferson County Regional Airport, Kentucky
|
||||||||||||||
1,000,000 |
5.250%, 07/01/18 AGMC Insured AMT
|
Aa3/AA-
|
1,030,210 | |||||||||||
2,000,000 |
5.250%, 07/01/20 AGMC Insured AMT
|
Aa3/AA-
|
2,040,680 | |||||||||||
1,370,000 |
5.250%, 07/01/21 AGMC Insured AMT
|
Aa3/AA-
|
1,396,236 | |||||||||||
3,390,000 |
5.250%, 07/01/22 AGMC Insured AMT
|
Aa3/AA-
|
3,453,156 | |||||||||||
275,000 |
5.375%, 07/01/23 AGMC Insured AMT
|
Aa3/AA-
|
275,448 | |||||||||||
500,000 |
5.000%, 07/01/25 NPFG Insured AMT
|
A2/A+ | 500,525 | |||||||||||
Total Transportation
|
40,976,787 | |||||||||||||
Utilities (12.3%)
|
||||||||||||||
Campbell & Kenton Counties, Kentucky (Sanitation District)
|
||||||||||||||
1,695,000 |
4.300%, 08/01/24 NPFG Insured
|
Aa2/AA
|
1,824,939 | |||||||||||
300,000 |
4.300%, 08/01/27 NPFG Insured
|
Aa2/AA
|
317,223 | |||||||||||
2,370,000 |
4.000%, 08/01/27
|
Aa2/AA
|
2,615,935 | |||||||||||
1,450,000 |
4.300%, 08/01/28 NPFG Insured
|
Aa2/AA
|
1,527,300 | |||||||||||
Carroll County, Kentucky Environmental Facilities Revenue (Kentucky Utilities) AMT
|
||||||||||||||
1,500,000 |
5.750%, 02/01/26 AMBAC Insured
|
A2/A- | 1,666,185 | |||||||||||
Henderson, Kentucky Electric System Revenue
|
||||||||||||||
250,000 |
4.000%, 12/01/24
|
A3/NR
|
267,195 | |||||||||||
Kentucky Rural Water Finance Corp.
|
||||||||||||||
205,000 |
4.250%, 08/01/19 NPFG Insured
|
Baa2/A+
|
220,106 | |||||||||||
595,000 |
5.000%, 02/01/20 NPFG Insured
|
Baa2/A+
|
602,485 | |||||||||||
210,000 |
4.250%, 08/01/20 NPFG Insured
|
Baa2/A+
|
224,599 | |||||||||||
200,000 |
4.375%, 08/01/22 NPFG Insured
|
Baa2/A+
|
214,738 | |||||||||||
240,000 |
4.500%, 08/01/23 NPFG Insured
|
Baa2/A+
|
258,139 | |||||||||||
200,000 |
4.500%, 02/01/24 NPFG Insured
|
Baa2/A+
|
203,846 | |||||||||||
255,000 |
4.500%, 08/01/24 NPFG Insured
|
Baa2/A+
|
274,176 | |||||||||||
355,000 |
4.600%, 02/01/25
|
NR/A+
|
390,287 | |||||||||||
290,000 |
4.500%, 08/01/27 NPFG Insured
|
Baa2/A+
|
308,960 | |||||||||||
245,000 |
4.600%, 08/01/28 NPFG Insured
|
Baa2/A+
|
261,351 | |||||||||||
315,000 |
4.625%, 08/01/29 NPFG Insured
|
Baa2/A+
|
335,954 | |||||||||||
Kentucky Rural Water Finance Corp., Public Project Revenue Refunding
|
||||||||||||||
375,000 |
4.000%, 02/01/28
|
NR/A+
|
399,874 | |||||||||||
305,000 |
4.000%, 02/01/29
|
NR/A+
|
324,541 | |||||||||||
Kentucky State Municipal Power Agency, Prairie St. Project
|
||||||||||||||
1,000,000 |
5.000%, 09/01/23 AGMC Insured
|
Aa3/AA-
|
1,161,280 | |||||||||||
Louisville & Jefferson County, Kentucky Metropolitan Government Pollution Refunding, Louisville Gas & Electric Co. Project
|
||||||||||||||
2,000,000 |
1.650%, 10/01/33
|
A2/A- | 2,014,220 |
Louisville & Jefferson County, Kentucky Metropolitan Sewer District
|
||||||||||||||
2,380,000 |
4.250%, 05/15/20 AGMC Insured
|
Aa3/AA
|
2,566,425 | |||||||||||
2,510,000 |
4.250%, 05/15/21 AGMC Insured
|
Aa3/AA
|
2,693,130 | |||||||||||
1,500,000 |
5.000%, 05/15/26 AGMC Insured
|
Aa3/AA
|
1,595,160 | |||||||||||
500,000 |
5.000%, 05/15/28 Series A
|
Aa3/AA
|
598,175 | |||||||||||
1,350,000 |
5.000%, 05/15/34
|
Aa3/AA
|
1,567,431 | |||||||||||
505,000 |
4.250%, 05/15/38 Series A AGMC Insured
|
Aa3/AA
|
528,341 | |||||||||||
Northern Kentucky Water District
|
||||||||||||||
1,000,000 |
5.000%, 02/01/26
|
Aa3/NR
|
1,191,230 | |||||||||||
1,825,000 |
6.000%, 02/01/28 AGMC Insured
|
Aa3/NR
|
2,139,083 | |||||||||||
1,250,000 |
4.500%, 02/01/30
|
Aa3/NR
|
1,387,213 | |||||||||||
Owensboro, Kentucky Electric and Power
|
||||||||||||||
1,000,000 |
5.000%, 01/01/21 AGMC Insured
|
Aa3/AA-
|
1,203,600 | |||||||||||
Owensboro, Kentucky Water Revenue
|
||||||||||||||
500,000 |
5.000%, 09/15/27 AGMC Insured
|
Aa3/NR
|
566,045 | |||||||||||
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-
|
979,048 | |||||||||||
Trimble County, Kentucky Environmental Facilities Revenue Refunding, Louisville Gas & Electric Co.
|
||||||||||||||
500,000 |
4.600%, 06/01/33 AMBAC Insured
|
A2/A- | 524,540 | |||||||||||
Total Utilities
|
32,952,754 | |||||||||||||
Total Revenue Bonds
|
249,650,283 | |||||||||||||
Total Investments (cost $244,797,407-note b)
|
97.8 | % | 262,878,470 | |||||||||||
Other assets less liabilities
|
2.2 | 5,915,413 | ||||||||||||
Net Assets
|
100.0 | % | $ | 268,793,883 | ||||||||||
* 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
|
5.1 | % |
|
|||||||||||
Pre-refunded bonds †† / Escrowed to Maturity bonds
|
6.8 | |||||||||||||
Aa of Moody's or AA of S&P or Fitch
|
71.5 | |||||||||||||
A of Moody's or S&P or Fitch
|
15.5 | |||||||||||||
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
|
||||||||||||||
NPFG - National Public Finance Guarantee
|
||||||||||||||
NR - Not Rated
|
||||||||||||||
See accompanying notes to financial statements.
|
CHURCHILL TAX-FREE FUND OF KENTUCKY
|
NOTES TO FINANCIAL STATEMENTS
|
September 30, 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 September 30, 2012, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $244,638,778 amounted to of $18,239,692, which consisted of aggregate gross unrealized appreciation of $18,243,066 and aggregate gross unrealized depreciation of $3,374.
|
(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 September 30, 2012:
|
Valuation Inputs
|
|
Investments in Securities
|
|||
Level 1 – Quoted Prices
|
$ | - | |||
Level 2 – Other Significant Observable Inputs- Municipal Bonds+
|
262,878,470 | ||||
Level 3 – Significant Unobservable Inputs
|
- | ||||
Total
|
$ | 262,878,470 |
CHURCHILL TAX-FREE TRUST
|
|||
By:
|
/s/ Diana P. Herrmann
|
||
Diana P. Herrmann
|
|||
President and Trustee
|
|||
November 28, 2012
|
By:
|
/s/ Diana P. Herrmann
|
||
Diana P. Herrmann
|
|||
President and Trustee
|
|||
November 28, 2012
|
|||
By:
|
/s/ Joseph P. DiMaggio
|
||
Chief Financial Officer and Treasurer
|
|||
November 28, 2012
|
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.
|
/s/ Diana P. Herrmann
|
||
Diana P. Herrmann
|
||
President and Trustee
|
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.
|
/s/ Joseph P. DiMaggio
|
||
Joseph P. DiMaggio
|
||
Chief Financial Officer and Treasurer
|