0000812006-13-000021.txt : 20130529 0000812006-13-000021.hdr.sgml : 20130529 20130529135024 ACCESSION NUMBER: 0000812006-13-000021 CONFORMED SUBMISSION TYPE: 497K PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20130529 DATE AS OF CHANGE: 20130529 EFFECTIVENESS DATE: 20130529 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: 497K SEC ACT: 1933 Act SEC FILE NUMBER: 033-13021 FILM NUMBER: 13877687 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 497K 1 ky13st2k.htm SUPPLEMENT TO THE SUMMARY PROSPECTUS ky13st2k.htm
Churchill Tax-Free Fund of Kentucky
  
Supplement dated May 29, 2013
to the Summary Prospectus, Prospectus and Statement of Additional Information
dated April 25, 2013

At a special meeting to be held in the third quarter of 2013, shareholders of the Fund will be asked to approve the reorganization of the Fund into a newly-organized series of Aquila Municipal Trust (the “Successor Fund”).  The Board of Trustees of the Fund unanimously approved the reorganization on March 2, 2013.  If the reorganization is approved by the shareholders of the Fund, it is expected to close as soon as possible after the shareholder meeting.

The reorganization is expected to achieve certain efficiencies in the administration and oversight of the Fund by, among other things, reducing the number of separate legal entities in the Aquila Group of Funds.  In addition, the Fund would operate under updated fundamental investment policies that are intended to simplify compliance monitoring and provide additional flexibility for the Fund.

There will be no changes to the Fund’s investment objective, principal investment strategies or investment management teams as a result of the proposed reorganization.  Aquila Investment Management LLC will continue to serve as the Manager of the Successor Fund following the reorganization.

The proposed reorganization is expected to qualify as a tax-free reorganization, which generally means that the reorganization will result in no gain or loss being recognized for federal income tax purposes by the Fund or its shareholders as a direct result of the reorganization.

It is expected that proxy materials with respect to the proposed reorganization will be sent to shareholders of the Fund in June 2013. Please read the proxy materials carefully, as they contain a more detailed description of the proposed reorganization.