----

| CHURCHILL      TAX-FREE FUND OF KENTUCKY |
|------------------------------------------|
|  SCHEDULE      OF INVESTMENTS       |
| September      30, 2010                  |
| (unaudited)                              |

|      |      |                                          |                                                                               | Rating   |        |   |   |      |
|-----------|-----------|-----------------------------------------------|------------------------------------------------------------------------------------|----------|-------------|--------|--------|-----------|
| Principal |      |                                          |                                                                               | Moody's/ |        |   |   |      |
| Amount    |      | General Obligation Bonds    (3.8%)            |                                                                               | S&P  |        | Value  |   | (a)       |
|      |      |                                          |                                                                               |     |        |   |   |      |
|      |      | Campbell      County, Kentucky Public Project |                                                                               |     |        |   |   |      |
| $         | 1,625,000 |                                          | 4.375%,      12/01/25 Syncora Guarantee, Inc. Insured                              |     | Aa2/NR      |   | $      | 1,698,174 |   |   |
|      |      |                                          |                                                                               |     |        |   |   |      |   |   |
|      |      |                                          | Highland      Heights, Kentucky                                                    |     |        |   |   |      |   |   |
|      | 235,000   |                                          | 4.500%,      12/01/25                                                              |     | A1/NR       |   |   | 252,954   |   |   |
|      | 370,000   |                                          | 4.600%,      12/01/27                                                              |     | A1/NR       |   |   | 398,431   |   |   |
|      | 500,000   |                                          | 5.125%,      12/01/38                                                              |     | A1/NR       |   |   | 528,780   |   |   |
|      |      |                                          |                                                                               |     |        |   |   |      |   |   |
|      |      |                                          | Kenton      County, Kentucky Public Project                                        |     |        |   |   |      |   |   |
|      | 500,000   |                                          | 4.625%,      04/01/34                                                              |     | Aa2/NR      |   |   | 524,170   |   |   |
|      |      |                                          |                                                                               |     |        |   |   |      |   |   |
|      |      |                                          | Lexington-Fayette      Urban County, Kentucky                                      |     |        |   |   |      |   |   |
|      | 4,175,000 |                                          | 4.250%,      05/01/23 NPFG Insured                                                 |     | Aa1/AA+     |   |   | 4,426,920 |   |   |
|      |      |                                          |                                                                               |     |        |   |   |      |   |   |
|      |      |                                          | Louisville      & Jefferson County, Kentucky                                   |     |        |   |   |      |   |   |
|      | 955,000   |                                          | 4.200%,      11/01/22 NPFG Insured                                                 |     | Aa1/AA+**** |   |   | 1,015,986 |   |   |
|      |      |                                          |                                                                               |     |        |   |   |      |   |   |
|      |      |                                          | Wilder,      Kentucky                                                              |     |        |   |   |      |   |   |
|      | 1,090,000 |                                          | 4.900%,      12/01/29                                                              |     | Aa3/AAA     |   |   | 1,115,212 |   |   |
|      |      |                                          |                                                                               |     |        |   |   |      |   |   |
|      |      |                                          | Total      General Obligation Bonds                                                |     |        |   |   | 9,960,627 |   |   |
|      |      |                                          |                                                                               |     |        |   |   |      |   |   |
|      |      |                                          | Revenue      Bonds (95.2%)                                                         |     |        |   |   |      |   |   |
|      |      |                                          |                                                                               |     |        |   |   |      |   |   |
|      |      |                                          | State      Agencies (14.8%)                                                        |     |        |   |   |      |   |   |
|      |      |                                          |                                                                               |     |        |   |   |      |   |   |
|      |      |                                          | Kentucky      Area Development District Financing                                  |     |        |   |   |      |   |   |
|      | 500,000   |                                          | 5.000%,      12/01/23 LOC Wachovia Bank                                            |     | NR/AA       |   |   | 510,885   |   |   |
|      |      |                                          |                                                                               |     |        |   |   |      |   |   |
|      |      |                                          | Kentucky      Asset & Liability Commission Federal Highway Notes               |     |        |   |   |      |
|      | 1,000,000 |                                          | 5.000%,      09/01/22 Series A                                                     |     | Aa2/AA      |   |   | 1,161,890 |   |   |
|      |      |                                          |                                                                               |     |        |   |   |      |   |   |
|      |      |                                          | Kentucky      Asset & Liability Commission University of Kentucky      Project |     |        |   |   |      |
|      | 1,500,000 |                                          | 4.500%,      10/01/22 NPFG FGIC Insured                                            |     | Aa2/AA-     |   |   | 1,586,415 |   |   |
|      |      |                                          |                                                                               |     |        |   |   |      |   |   |
|      |      |                                          | Kentucky      Asset & Liability Commission University of Kentucky      Project |     |        |   |   |      |
|      | 500,000   |                                          | 5.000%,      10/01/25 Series B                                                     |     | Aa2/AA-     |   |   | 552,995   |   |   |
|      | 750,000   |                                          | 5.000%,      10/01/26 Series B                                                     |     | Aa2/AA-     |   |   | 826,050   |   |   |
|      | 1,000,000 |                                          | 5.000%,      10/01/27 Series B                                                     |     | Aa2/AA-     |   |   | 1,096,180 |   |   |
|      |      |                                          |                                                                               |     |        |   |   |      |   |   |
|      |      |                                          | Kentucky      Economic Development Finance Authority Louisville Arena      Project |     |        |   |   |      |
|      | 5,725,000 |                                          | 5.750%,      12/01/28 AGMC Insured                                                 |     | Aa3/AAA     |   |   | 6,395,741 |   |   |
|      |      |                                          |                                                                               |     |        |   |   |      |   |   |
|      |      |                                          | Kentucky      Infrastructure Authority                                             |     |        |   |   |      |   |   |
|      | 230,000   |                                          | 5.000%,      06/01/21                                                              |     | Aa2/A+      |   |   | 235,074   |   |   |

----

|   |      | Kentucky      State Property and Buildings Commission |                                                                      |   |     |   |   |       |
|--------|-----------|-------------------------------------------------------|---------------------------------------------------------------------------|--------|----------|--------|--------|------------|
|   | 1,000,000 |                                                  | 5.000%,      11/01/17 AMBAC Insured                                       |   | Aa3/A+   |   |   | 1,101,210  |   |   |
|   | 6,000,000 |                                                  | 5.250%,      10/01/18                                                     |   | Aa2/A+   |   |   | 6,102,660  |   |   |
|   | 1,925,000 |                                                  | 5.000%,      10/01/19                                                     |   | Aa2/A+   |   |   | 1,954,472  |   |   |
|   | 3,000,000 |                                                  | 5.000%,      11/01/19 AGMC Insured                                        |   | Aa2/AAA  |   |   | 3,172,950  |   |   |
|   | 1,020,000 |                                                  | 5.000%,      11/01/20                                                     |   | Aa2/A+   |   |   | 1,155,884  |   |   |
|   | 1,375,000 |                                                  | 5.375%,      11/01/23                                                     |   | Aa2/A+   |   |   | 1,553,860  |   |   |
|   | 2,820,000 |                                                  | 5.750%,      04/01/24 AMBAC Insured                                       |   | Aa3/A+   |   |   | 3,214,885  |   |   |
|   | 1,300,000 |                                                  | 5.250%,      02/01/28 AGMC Insured                                        |   | Aa2/AAA  |   |   | 1,438,229  |   |   |
|   | 750,000   |                                                  | 5.500%,      11/01/28                                                     |   | Aa2/A+   |   |   | 840,668    |   |   |
|   | 2,500,000 |                                                  | 5.000%,      02/01/29 AGMC Insured                                        |   | Aa2/AAA  |   |   | 2,697,375  |   |   |
|   | 2,625,000 |                                                  | 5.750%,      04/01/29 AMBAC Insured                                       |   | Aa3/A+   |   |   | 2,943,176  |   |   |
|   |      |                                                  |                                                                      |   |     |   |   |       |   |   |
|   |      |                                                  | Total      State Agencies                                                 |   |     |   |   | 38,540,599 |   |   |
|   |      |                                                  |                                                                      |   |     |   |   |       |   |   |
|   |      |                                                  | County      Agencies (2.2%)                                               |   |     |   |   |       |   |   |
|   |      |                                                  |                                                                      |   |     |   |   |       |   |   |
|   |      |                                                  | Jefferson      County, Kentucky Capital Projects                          |   |     |   |   |       |   |   |
|   | 1,575,000 |                                                  | 4.250%,      06/01/23 AGMC Insured                                        |   | Aa2/NR** |   |   | 1,669,500  |   |   |
|   | 2,640,000 |                                                  | 4.375%,      06/01/28 AGMC Insured                                        |   | Aa2/NR** |   |   | 2,742,590  |   |   |
|   |      |                                                  |                                                                      |   |     |   |   |       |   |   |
|   |      |                                                  | Lexington-Fayette      Urban County, Kentucky Public Facilities Revenue   |   |     |   |   |       |   |   |
|   | 500,000   |                                                  | 4.125%,      10/01/23 NPFG Insured                                        |   | Aa2/NR   |   |   | 522,250    |   |   |
|   | 500,000   |                                                  | 4.250%,      10/01/26 NPFG Insured                                        |   | Aa2/NR   |   |   | 518,185    |   |   |
|   |      |                                                  |                                                                      |   |     |   |   |       |   |   |
|   |      |                                                  | Warren      County, Kentucky Justice Center                               |   |     |   |   |       |   |   |
|   | 365,000   |                                                  | 4.300%,      09/01/22 NPFG Insured                                        |   | Aa2/NR   |   |   | 382,914    |   |   |
|   |      |                                                  |                                                                      |   |     |   |   |       |   |   |
|   |      |                                                  | Total      County Agencies                                                |   |     |   |   | 5,835,439  |   |   |
|   |      |                                                  |                                                                      |   |     |   |   |       |   |   |
|   |      |                                                  | Colleges      and Universities (5.7%)                                     |   |     |   |   |       |   |   |
|   |      |                                                  |                                                                      |   |     |   |   |       |   |   |
|   |      |                                                  | Berea,      Kentucky Educational Facilities (Berea College)               |   |     |   |   |       |   |   |
|   | 1,000,000 |                                                  | 4.125%,      06/01/25                                                     |   | Aaa/NR   |   |   | 1,047,620  |   |   |
|   |      |                                                  |                                                                      |   |     |   |   |       |   |   |
|   |      |                                                  | Boyle      County, Kentucky College Refunding & Improvement           |   |     |   |   |       |   |   |
|   | 1,035,000 |                                                  | 4.500%,      06/01/22 CIFG Insured                                        |   | A3/A-    |   |   | 1,120,853  |   |   |
|   | 200,000   |                                                  | 4.625%,      06/01/24 CIFG Insured                                        |   | A3/A-    |   |   | 216,706    |   |   |
|   |      |                                                  |                                                                      |   |     |   |   |       |   |   |
|   |      |                                                  | Louisville      & Jefferson County, Kentucky University of Louisville |   |     |   |   |       |
|   | 525,000   |                                                  | 5.000%,      06/01/20 AMBAC Insured                                       |   | NR/NR*   |   |   | 567,914    |   |   |
|   | 1,000,000 |                                                  | 4.500%,      10/01/32                                                     |   | Aa2/AA-  |   |   | 1,035,910  |   |   |
|   |      |                                                  |                                                                      |   |     |   |   |       |   |   |
|   |      |                                                  | Murray      State University Project, Kentucky General ReceiptsRevenue    |   |     |   |   |       |
|   | 745,000   |                                                  | 4.500%,      09/01/23 AMBAC Insured                                       |   | Aa2/A+   |   |   | 781,930    |   |   |
|   |      |                                                  |                                                                      |   |     |   |   |       |   |   |
|   |      |                                                  | University      of Kentucky General Receipts                              |   |     |   |   |       |   |   |
|   | 885,000   |                                                  | 4.500%,      10/01/22 Syncora Guarantee, Inc. Insured                     |   | Aa2/AA-  |   |   | 946,746    |   |   |
|   | 1,545,000 |                                                  | 4.500%,      10/01/23 Syncora Guarantee, Inc. Insured                     |   | Aa2/AA-  |   |   | 1,648,469  |   |   |
|   | 1,625,000 |                                                  | 4.500%,      10/01/25 Syncora Guarantee, Inc. Insured                     |   | Aa2/AA-  |   |   | 1,715,708  |   |   |
|   | 1,010,000 |                                                  | 4.500%,      10/01/26 Syncora Guarantee, Inc. Insured                     |   | Aa2/AA-  |   |   | 1,063,025  |   |   |
|   |      |                                                  |                                                                      |   |     |   |   |       |   |   |
|   |      |                                                  | Western      Kentucky University Revenue General Receipts                 |   |     |   |   |       |   |   |
|   | 2,000,000 |                                                  | 4.200%,      09/01/25 Series A NPFG Insured                               |   | Aa2/A+   |   |   | 2,048,140  |   |   |
|   | 2,475,000 |                                                  | 4.200%,      09/01/26 Series A NPFG Insured                               |   | Aa2/A+   |   |   | 2,524,005  |   |   |
|   |      |                                                  |                                                                      |   |     |   |   |       |   |   |
|   |      |                                                  | Total      Colleges and Universities                                      |   |     |   |   | 14,717,026 |   |   |
|   |      |                                                  |                                                                      |   |     |   |   |       |   |   |
|   |      |                                                  | Hospitals      (12.4%)                                                    |   |     |   |   |       |   |   |
|   |      |                                                  |                                                                      |   |     |   |   |       |   |   |
|   |      |                                                  | Jefferson      County, Kentucky Health Facilities, Jewish Healthcare      |   |     |   |   |       |   |   |
|   | 1,715,000 |                                                  | 5.650%,      01/01/17 AMBAC Insured                                       |   | A3/A-    |   |   | 1,720,985  |   |   |
|   |      |                                                  |                                                                      |   |     |   |   |       |   |   |
|   |      |                                                  | Jefferson      County, Kentucky Health Facilities University Hospital     |   |     |   |   |       |   |   |
|   | 1,000,000 |                                                  | 5.250%,      07/01/22 NPFG Insured                                        |   | Baa1/A   |   |   | 1,002,700  |   |   |

----

|   |      | Jefferson      County, Kentucky, Louisville Medical Center |                                                                                                          |   |     |   |
|--------|-----------|------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|--------|----------|--------|
|   | 2,200,000 |                                                       | 5.250%,      05/01/17                                                                                         |   | NR/A     |   |   | 2,275,746 |   |   |
|   | 2,000,000 |                                                       | 5.500%,      05/01/22                                                                                         |   | NR/A     |   |   | 2,068,660 |   |   |
|   |      |                                                       |                                                                                                          |   |     |   |   |   |   |   |
|   |      |                                                       | Kentucky      Economic Development Finance Authority, Baptist Healthcare      System                          |   |     |
|   | 2,170,000 |                                                       | 5.375%,      08/15/24                                                                                         |   | Aa3/NR** |   |   | 2,419,810 |   |   |
|   |      |                                                       |                                                                                                          |   |     |   |   |   |   |   |
|   |      |                                                       | Kentucky      Economic Development Finance Authority, Catholic Health                                         |   |     |   |   |   |
|   | 2,000,000 |                                                       | 5.000%,      05/01/29                                                                                         |   | Aa2/AA   |   |   | 2,108,240 |   |   |
|   | 1,000,000 |                                                       | 5.000%,      05/01/29                                                                                         |   | Aa2/AA   |   |   | 1,024,920 |   |   |
|   |      |                                                       |                                                                                                          |   |     |   |   |   |   |   |
|   |      |                                                       | Kentucky      Economic Development Finance Authority, Hospital Facilities St. Elizabeth      Healthcare       |   |     |   |   |   |   |   |
|   | 1,000,000 |                                                       | 5.500%,      05/01/39                                                                                         |   | NR/AA-** |   |   | 1,069,710 |   |   |
|   |      |                                                       |                                                                                                          |   |     |   |   |   |   |   |
|   |      |                                                       | Kentucky      Economic Development Finance Authority, Kings Daughter Medical      Center                      |   |     |   |   |   |   |   |
|   | 1,000,000 |                                                       | 5.000%,      02/01/30                                                                                         |   | A1/A+    |   |   | 1,035,350 |   |   |
|   |      |                                                       |                                                                                                          |   |     |   |   |   |   |   |
|   |      |                                                       | Louisville      & Jefferson County, Kentucky Metropolitan Government Health System,      Sisters of Mercy |   |     |   |   |   |   |   |
|   | 1,000,000 |                                                       | 5.000%,      10/01/35                                                                                         |   | NR/NR*** |   |   | 1,002,040 |   |   |
|   |      |                                                       |                                                                                                          |   |     |   |   |   |   |   |
|   |      |                                                       | Louisville      & Jefferson County, Kentucky, Louisville MedicalCenter                                    |   |     |   |   |   |
|   | 1,000,000 |                                                       | 5.000%,      06/01/18                                                                                         |   | NR/A     |   |   | 1,050,700 |   |   |
|   |      |                                                       |                                                                                                          |   |     |   |   |   |   |   |
|   |      |                                                       | Louisville      & Jefferson County, Kentucky Metro Health, Jewish Hospital      Revenue                   |   |     |
|   | 1,250,000 |                                                       | 6.000%,      02/01/22                                                                                         |   | A3/A-    |   |   | 1,295,275 |   |   |
|   | 1,800,000 |                                                       | 6.125%,      02/01/37                                                                                         |   | A3/A-    |   |   | 1,935,288 |   |   |
|   |      |                                                       |                                                                                                          |   |     |   |   |   |   |   |
|   |      |                                                       | Louisville      & Jefferson County, Kentucky Metropolitan Government Health System,      Norton           |   |     |   |   |   |   |   |
|   | 8,010,000 |                                                       | 5.000%,      10/01/26                                                                                         |   | NR/A-*** |   |   | 8,171,802 |   |   |
|   | 4,000,000 |                                                       | 5.000%,      10/01/30                                                                                         |   | NR/A-*** |   |   | 4,020,520 |   |   |
|   |      |                                                       |                                                                                                          |   |     |   |   |   |   |   |
|   |      |                                                       | Total      Hospitals                                                                                          |   |     |   |   | 32,201,746 |   |   |
|   |      |                                                       |                                                                                                          |   |     |   |   |   |   |   |
|   |      |                                                       | Housing      (13.4%)                                                                                          |   |     |   |   |   |   |   |
|   |      |                                                       |                                                                                                          |   |     |   |   |   |   |   |
|   |      |                                                       | Kentucky      Housing Corporation Housing Revenue                                                             |   |     |   |   |   |   |   |
|   | 555,000   |                                                       | 4.200%,      01/01/17                                                                                         |   | Aaa/AAA  |   |   | 569,852 |   |   |
|   | 65,000    |                                                       | 5.125%,      07/01/17                                                                                         |   | Aaa/AAA  |   |   | 65,037 |   |   |
|   | 470,000   |                                                       | 4.800%,      01/01/18 AMT                                                                                     |   | Aaa/AAA  |   |   | 485,646 |   |   |
|   | 285,000   |                                                       | 4.250%,      01/01/18                                                                                         |   | Aaa/AAA  |   |   | 292,225 |   |   |
|   | 575,000   |                                                       | 4.800%,      07/01/18 AMT                                                                                     |   | Aaa/AAA  |   |   | 594,142 |   |   |
|   | 180,000   |                                                       | 4.250%,      07/01/18                                                                                         |   | Aaa/AAA  |   |   | 184,558 |   |   |
|   | 900,000   |                                                       | 4.800%,      07/01/20 AMT                                                                                     |   | Aaa/AAA  |   |   | 923,526 |   |   |
|   | 1,150,000 |                                                       | 5.350%,      01/01/21 AMT FNMA collateralized                                                                 |   | Aaa/AAA  |   |   | 1,157,694 |   |   |
|   | 6,025,000 |                                                       | 5.450%,      07/01/22 AMT                                                                                     |   | Aaa/AAA  |   |   | 6,096,396 |   |   |
|   | 4,565,000 |                                                       | 5.250%,      07/01/22 AMT                                                                                     |   | Aaa/AAA  |   |   | 4,610,970 |   |   |
|   | 245,000   |                                                       | 5.200%,      07/01/22                                                                                         |   | Aaa/AAA  |   |   | 248,048 |   |   |
|   | 415,000   |                                                       | 5.100%,      07/01/22 AMT                                                                                     |   | Aaa/AAA  |   |   | 419,507 |   |   |
|   | 2,570,000 |                                                       | 4.800%,      07/01/22 AMT                                                                                     |   | Aaa/AAA  |   |   | 2,642,346 |   |   |
|   | 2,000,000 |                                                       | 4.700%,      07/01/22 Series E AMT                                                                            |   | Aaa/AAA  |   |   | 2,044,340 |   |   |
|   | 1,635,000 |                                                       | 5.000%,      01/01/23 AMT                                                                                     |   | Aaa/AAA  |   |   | 1,698,324 |   |   |
|   | 665,000   |                                                       | 5.000%,      07/01/24 FHA Insured                                                                             |   | Aaa/AAA  |   |   | 707,454 |   |   |
|   | 4,140,000 |                                                       | 5.200%,      07/01/25 AMT                                                                                     |   | Aaa/AAA  |   |   | 4,182,808 |   |   |
|   | 600,000   |                                                       | 4.750%,      07/01/26                                                                                         |   | Aaa/AAA  |   |   | 621,900 |   |   |
|   | 240,000   |                                                       | 5.375%,      07/01/27                                                                                         |   | Aaa/AAA  |   |   | 243,238 |   |   |
|   | 2,300,000 |                                                       | 5.000%,      07/01/27 Series N AMT                                                                            |   | Aaa/AAA  |   |   | 2,345,954 |   |   |
|   | 1,000,000 |                                                       | 4.750%,      07/01/27 Series E AMT                                                                            |   | Aaa/AAA  |   |   | 1,005,290 |   |   |
|   | 315,000   |                                                       | 4.850%,      07/01/29                                                                                         |   | Aaa/AAA  |   |   | 329,115 |   |   |
|   | 490,000   |                                                       | 5.550%,      07/01/33                                                                                         |   | Aaa/AAA  |   |   | 491,107 |   |   |
|   | 1,000,000 |                                                       | 4.625%,      07/01/33                                                                                         |   | Aaa/AAA  |   |   | 1,014,970 |   |   |
|   | 600,000   |                                                       | 5.150%,      07/01/39                                                                                         |   | Aaa/AAA  |   |   | 624,462 |   |   |

----

|   |      | Kentucky      Housing Multifamily Mortgage Revenue |                                                                                   |   |    |   |   |       |
|--------|-----------|----------------------------------------------------|----------------------------------------------------------------------------------------|--------|---------|--------|--------|------------|
|   | 1,325,000 |                                               | 5.000%,      06/01/23 AMT                                                              |   | NR/AAA  |   |   | 1,363,425  |   |   |
|   |      |                                               |                                                                                   |   |    |   |   |       |   |   |
|   |      |                                               | Total      Housing                                                                     |   |    |   |   | 34,962,334 |   |   |
|   |      |                                               |                                                                                   |   |    |   |   |       |   |   |
|   |      |                                               | School      Building Revenue (24.3%)                                                   |   |    |   |   |       |   |   |
|   |      |                                               |                                                                                   |   |    |   |   |       |   |   |
|   |      |                                               | Barren      County, Kentucky School Building Revenue                                   |   |    |   |   |       |   |   |
|   | 1,265,000 |                                               | 4.250%,      08/01/25 CIFG Insured                                                     |   | Aa2/NR  |   |   | 1,317,245  |   |   |
|   | 1,670,000 |                                               | 4.375%,      08/01/26 CIFG Insured                                                     |   | Aa2/NR  |   |   | 1,744,499  |   |   |
|   |      |                                               |                                                                                   |   |    |   |   |       |   |   |
|   |      |                                               | Boone      County, Kentucky School District Finance Corp. School Building      Revenue |   |    |   |   |       |   |   |
|   | 140,000   |                                               | 4.750%,      06/01/20 AGMC Insured (pre-refunded)                                      |   | Aa2/AAA |   |   | 149,965    |   |   |
|   | 1,000,000 |                                               | 4.125%,      08/01/22 Syncora Guarantee, Inc. Insured                                  |   | Aa2/NR  |   |   | 1,031,510  |   |   |
|   | 1,580,000 |                                               | 4.500%,      08/01/23 AGMC Insured                                                     |   | Aa2/NR  |   |   | 1,674,468  |   |   |
|   | 1,250,000 |                                               | 4.125%,      03/01/25 AGMC Insured                                                     |   | Aa2/NR  |   |   | 1,275,725  |   |   |
|   |      |                                               |                                                                                   |   |    |   |   |       |   |   |
|   |      |                                               | Bullitt      County, Kentucky School District Finance Corp.                            |   |    |   |   |       |   |   |
|   | 200,000   |                                               | 4.300%,      10/01/21 NPFG Insured                                                     |   | Aa2/NR  |   |   | 209,246    |   |   |
|   | 2,455,000 |                                               | 4.500%,      10/01/22 NPFG Insured                                                     |   | Aa2/NR  |   |   | 2,575,491  |   |   |
|   | 2,590,000 |                                               | 4.500%,      10/01/23 NPFG Insured                                                     |   | Aa2/NR  |   |   | 2,710,202  |   |   |
|   | 1,145,000 |                                               | 4.500%,      04/01/27 AGMC Insured                                                     |   | Aa2/NR  |   |   | 1,216,757  |   |   |
|   | 1,200,000 |                                               | 4.500%,      04/01/28 AGMC Insured                                                     |   | Aa2/NR  |   |   | 1,268,724  |   |   |
|   |      |                                               |                                                                                   |   |    |   |   |       |   |   |
|   |      |                                               | Christian      County, Kentucky School District Finance Corp.                          |   |    |   |   |       |   |   |
|   | 855,000   |                                               | 4.000%,      08/01/20 Syncora Guarantee, Inc. Insured                                  |   | Aa2/NR  |   |   | 891,141    |   |   |
|   | 905,000   |                                               | 4.000%,      08/01/21 Syncora Guarantee, Inc. Insured                                  |   | Aa2/NR  |   |   | 942,015    |   |   |
|   | 1,525,000 |                                               | 4.125%,      08/01/23 Syncora Guarantee, Inc. Insured                                  |   | Aa2/NR  |   |   | 1,583,362  |   |   |
|   | 1,590,000 |                                               | 4.125%,      08/01/24 Syncora Guarantee, Inc. Insured                                  |   | Aa2/NR  |   |   | 1,642,963  |   |   |
|   |      |                                               |                                                                                   |   |    |   |   |       |   |   |
|   |      |                                               | Daviess      County, Kentucky School District Finance Corp.                            |   |    |   |   |       |   |   |
|   | 200,000   |                                               | 5.000%,      06/01/24                                                                  |   | Aa2/NR  |   |   | 212,176    |   |   |
|   |      |                                               |                                                                                   |   |    |   |   |       |   |   |
|   |      |                                               | Fayette      County, Kentucky School District Finance Corp.                            |   |    |   |   |       |   |   |
|   | 5,000,000 |                                               | 4.250%,      04/01/23 AGMC Insured                                                     |   | Aa2/AAA |   |   | 5,215,750  |   |   |
|   | 4,335,000 |                                               | 4.375%,      05/01/26 AGMC Insured                                                     |   | Aa2/AAA |   |   | 4,550,666  |   |   |
|   |      |                                               |                                                                                   |   |    |   |   |       |   |   |
|   |      |                                               | Floyd      County, Kentucky School Finance Corporation School      Building            |   |    |   |   |       |   |   |
|   | 1,320,000 |                                               | 4.000%,      03/01/23 Syncora Guarantee, Inc. Insured                                  |   | Aa2/NR  |   |   | 1,374,674  |   |   |
|   | 1,255,000 |                                               | 4.125%,      03/01/26 Syncora Guarantee, Inc. Insured                                  |   | Aa2/NR  |   |   | 1,300,180  |   |   |
|   |      |                                               |                                                                                   |   |    |   |   |       |   |   |
|   |      |                                               | Fort      Thomas, Kentucky Independent School District Finance      Corp.              |   |    |   |   |       |   |   |
|   | 785,000   |                                               | 4.375%,      04/01/21                                                                  |   | Aa2/NR  |   |   | 831,904    |   |   |
|   | 610,000   |                                               | 4.375%,      04/01/25                                                                  |   | Aa2/NR  |   |   | 635,821    |   |   |
|   |      |                                               |                                                                                   |   |    |   |   |       |   |   |
|   |      |                                               | Franklin      County, Kentucky School District Finance Corp.                           |   |    |   |   |       |   |   |
|   | 1,000,000 |                                               | 5.000%,      04/01/24                                                                  |   | Aa2/NR  |   |   | 1,058,290  |   |   |
|   |      |                                               |                                                                                   |   |    |   |   |       |   |   |
|   |      |                                               | Graves      County, Kentucky School Building Revenue                                   |   |    |   |   |       |   |   |
|   | 1,260,000 |                                               | 5.000%,      06/01/22                                                                  |   | Aa2/NR  |   |   | 1,327,448  |   |   |
|   | 1,320,000 |                                               | 5.000%,      06/01/23                                                                  |   | Aa2/NR  |   |   | 1,384,099  |   |   |
|   |      |                                               |                                                                                   |   |    |   |   |       |   |   |
|   |      |                                               | Jefferson      County, Kentucky School District Finance Corp. School      Building     |   |    |   |   |       |   |   |
|   | 150,000   |                                               | 5.000%,      04/01/20 AGMC Insured (pre-refunded)                                      |   | Aa2/AAA |   |   | 154,962    |   |   |
|   | 1,360,000 |                                               | 4.250%,      06/01/21 AGMC Insured                                                     |   | Aa2/AAA |   |   | 1,428,476  |   |   |
|   |      |                                               |                                                                                   |   |    |   |   |       |   |   |
|   |      |                                               | Kenton      County, Kentucky School District Finance Corp.                             |   |    |   |   |       |   |   |
|   | 445,000   |                                               | 4.300%,      04/01/22 CIFG Insured                                                     |   | Aa2/NR  |   |   | 466,489    |   |   |
|   | 4,250,000 |                                               | 5.000%,      06/01/22 NPFG Insured                                                     |   | Aa2/NR  |   |   | 4,614,183  |   |   |
|   | 590,000   |                                               | 4.250%,      10/01/22 AGMC Insured                                                     |   | Aa2/NR  |   |   | 622,533    |   |   |
|   | 750,000   |                                               | 4.375%,      04/01/24 CIFG Insured                                                     |   | Aa2/NR  |   |   | 784,800    |   |   |
|   | 325,000   |                                               | 4.400%,      04/01/26 CIFG Insured                                                     |   | Aa2/NR  |   |   | 338,666    |   |   |

----

|   |      | Larue      County, Kentucky School District Finance Corp. |                                                                                            |   |    |   |   |       |
|--------|-----------|-----------------------------------------------------------|-------------------------------------------------------------------------------------------------|--------|---------|--------|--------|------------|
|   | 270,000   |                                                      | 4.500%,      07/01/21 NPFG Insured                                                              |   | Aa2/NR  |   |   | 288,549    |   |   |
|   | 470,000   |                                                      | 4.500%,      07/01/22 NPFG Insured                                                              |   | Aa2/NR  |   |   | 501,528    |   |   |
|   | 785,000   |                                                      | 4.500%,      07/01/23 NPFG Insured                                                              |   | Aa2/NR  |   |   | 835,538    |   |   |
|   |      |                                                      |                                                                                            |   |    |   |   |       |   |   |
|   |      |                                                      | Magoffin      County, Kentucky School District                                                  |   |    |   |   |       |   |   |
|   | 375,000   |                                                      | 4.250%,      08/01/23 AMBAC Insured                                                             |   | Aa2/NR  |   |   | 394,530    |   |   |
|   | 475,000   |                                                      | 4.250%,      08/01/25 AMBAC Insured                                                             |   | Aa2/NR  |   |   | 495,891    |   |   |
|   |      |                                                      |                                                                                            |   |    |   |   |       |   |   |
|   |      |                                                      | Meade      County, Kentucky School District                                                     |   |    |   |   |       |   |   |
|   | 490,000   |                                                      | 4.250%,      09/01/26 NPFG Insured                                                              |   | Aa2/NR  |   |   | 508,645    |   |   |
|   |      |                                                      |                                                                                            |   |    |   |   |       |   |   |
|   |      |                                                      | Ohio      County, Kentucky School Building Revenue                                              |   |    |   |   |       |   |   |
|   | 790,000   |                                                      | 4.500%,      05/01/24                                                                           |   | Aa2/NR  |   |   | 846,477    |   |   |
|   | 325,000   |                                                      | 4.500%,      05/01/25                                                                           |   | Aa2/NR  |   |   | 346,447    |   |   |
|   |      |                                                      |                                                                                            |   |    |   |   |       |   |   |
|   |      |                                                      | Oldham      County, Kentucky School District Finance Corp.                                      |   |    |   |   |       |   |   |
|   | 500,000   |                                                      | 5.000%,      05/01/19 NPFG Insured                                                              |   | Aa2/NR  |   |   | 542,635    |   |   |
|   | 1,000,000 |                                                      | 4.500%,      09/01/27 NPFG Insured                                                              |   | Aa2/NR  |   |   | 1,047,710  |   |   |
|   |      |                                                      |                                                                                            |   |    |   |   |       |   |   |
|   |      |                                                      | Owensboro,      Kentucky Independent School District Finance Corp. School Building      Revenue |   |    |   |   |       |   |   |
|   | 390,000   |                                                      | 4.375%,      09/01/24                                                                           |   | Aa2/NR  |   |   | 418,392    |   |   |
|   |      |                                                      |                                                                                            |   |    |   |   |       |   |   |
|   |      |                                                      | Pendleton      County, Kentucky School District Finance Corp. School Building      Revenue      |   |    |   |   |       |   |   |
|   | 730,000   |                                                      | 4.000%,      02/01/23 NPFG Insured                                                              |   | Aa2/NR  |   |   | 754,280    |   |   |
|   |      |                                                      |                                                                                            |   |    |   |   |       |   |   |
|   |      |                                                      | Pike      County, Kentucky School Building Revenue                                              |   |    |   |   |       |   |   |
|   | 1,355,000 |                                                      | 4.375%,      10/01/26 NPFG Insured                                                              |   | Aa2/NR  |   |   | 1,426,219  |   |   |
|   |      |                                                      |                                                                                            |   |    |   |   |       |   |   |
|   |      |                                                      | Scott      County, Kentucky School District Finance Corp.                                       |   |    |   |   |       |   |   |
|   | 1,115,000 |                                                      | 4.200%,      01/01/22 AMBAC Insured                                                             |   | Aa2/NR  |   |   | 1,172,835  |   |   |
|   | 1,955,000 |                                                      | 4.250%,      01/01/23 AMBAC Insured                                                             |   | Aa2/NR  |   |   | 2,054,705  |   |   |
|   | 1,560,000 |                                                      | 4.300%,      01/01/24 AMBAC Insured                                                             |   | Aa2/NR  |   |   | 1,637,563  |   |   |
|   | 1,000,000 |                                                      | 4.250%,      02/01/27 AGMC Insured                                                              |   | Aa2/NR  |   |   | 1,032,990  |   |   |
|   |      |                                                      |                                                                                            |   |    |   |   |       |   |   |
|   |      |                                                      | Spencer      County, Kentucky School District Finance Corp., School Building      Revenue       |   |    |   |   |       |   |   |
|   | 1,000,000 |                                                      | 4.500%,      08/01/27 AGMC Insured                                                              |   | Aa2/NR  |   |   | 1,059,560  |   |   |
|   |      |                                                      |                                                                                            |   |    |   |   |       |   |   |
|   |      |                                                      | Warren      County, Kentucky School District Finance Corp.                                      |   |    |   |   |       |   |   |
|   | 295,000   |                                                      | 4.125%,      02/01/23 NPFG Insured                                                              |   | Aa2/NR  |   |   | 307,363    |   |   |
|   | 1,000,000 |                                                      | 4.375%,      04/01/27 AGMC Insured                                                              |   | Aa2/NR  |   |   | 1,026,660  |   |   |
|   |      |                                                      |                                                                                            |   |    |   |   |       |   |   |
|   |      |                                                      | Total      Schools                                                                              |   |    |   |   | 63,232,947 |   |   |
|   |      |                                                      |                                                                                            |   |    |   |   |       |   |   |
|   |      |                                                      | Transportation      (9.4%)                                                                      |   |    |   |   |       |   |   |
|   |      |                                                      |                                                                                            |   |    |   |   |       |   |   |
|   |      |                                                      | Kenton      County, Kentucky Airport Board Airport Revenue                                      |   |    |   |   |       |   |   |
|   | 1,300,000 |                                                      | 5.000%,      03/01/23 NPFG Insured AMT                                                          |   | A3/A    |   |   | 1,314,014  |   |   |
|   |      |                                                      |                                                                                            |   |    |   |   |       |   |   |
|   |      |                                                      | Kentucky      State Turnpike Authority Revenue                                                  |   |    |   |   |       |   |   |
|   | 3,000,000 |                                                      | 4.450%,      07/01/22 Series B                                                                  |   | Aa2/AA+ |   |   | 3,219,450  |   |   |
|   | 2,500,000 |                                                      | 5.000%,      07/01/25                                                                           |   | Aa2/AA+ |   |   | 2,810,150  |   |   |
|   | 2,250,000 |                                                      | 5.000%,      07/01/27                                                                           |   | Aa2/AA+ |   |   | 2,476,958  |   |   |
|   | 1,100,000 |                                                      | 5.000%,      07/01/28                                                                           |   | Aa2/AA+ |   |   | 1,204,709  |   |   |
|   | 800,000   |                                                      | 5.000%,      07/01/29                                                                           |   | Aa2/AA+ |   |   | 878,888    |   |   |
|   |      |                                                      |                                                                                            |   |    |   |   |       |   |   |
|   |      |                                                      | Louisville,      Kentucky Regional Airport Authority                                            |   |    |   |   |       |   |   |
|   | 1,000,000 |                                                      | 5.250%,      07/01/23 AGMC Insured AMT                                                          |   | Aa3/AAA |   |   | 1,067,340  |   |   |
|   | 2,610,000 |                                                      | 5.000%,      07/01/24 AMBAC Insured AMT                                                         |   | A1/A+   |   |   | 2,666,063  |   |   |

----

|   |      | Louisville      & Jefferson County Regional Airport, Kentucky |                                                                                                                       |   |     |   |   |       |
|--------|-----------|-------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------|--------|----------|--------|--------|------------|
|   | 1,000,000 |                                                              | 5.250%,      07/01/18 AGMC Insured AMT                                                                                     |   | Aa3/AAA  |   |   | 1,050,350  |   |   |
|   | 2,000,000 |                                                              | 5.250%,      07/01/20 AGMC Insured AMT                                                                                     |   | Aa3/AAA  |   |   | 2,076,760  |   |   |
|   | 1,370,000 |                                                              | 5.250%,      07/01/21 AGMC Insured AMT                                                                                     |   | Aa3/AAA  |   |   | 1,416,799  |   |   |
|   | 3,390,000 |                                                              | 5.250%,      07/01/22 AGMC Insured AMT                                                                                     |   | Aa3/AAA  |   |   | 3,496,005  |   |   |
|   | 275,000   |                                                              | 5.375%,      07/01/23 AGMC Insured AMT                                                                                     |   | Aa3/AAA  |   |   | 280,338    |   |   |
|   | 500,000   |                                                              | 5.000%,      07/01/25 NPFG Insured AMT                                                                                     |   | A1/A+    |   |   | 500,100    |   |   |
|   |      |                                                              |                                                                                                                       |   |     |   |   |       |   |   |
|   |      |                                                              | Total      Transportation                                                                                                  |   |     |   |   | 24,457,924 |   |   |
|   |      |                                                              |                                                                                                                       |   |     |   |   |       |   |   |
|   |      |                                                              | Utilities      (13.1%)                                                                                                     |   |     |   |   |       |   |   |
|   |      |                                                              |                                                                                                                       |   |     |   |   |       |   |   |
|   |      |                                                              | Bardstown,      Kentucky Combined Utilities Revenue                                                                        |   |     |   |   |       |   |   |
|   | 200,000   |                                                              | 5.000%,      12/01/19 NPFG Insured (pre-refunded)                                                                          |   | Aa3/NR   |   |   | 203,476    |   |   |
|   |      |                                                              |                                                                                                                       |   |     |   |   |       |   |   |
|   |      |                                                              | Boone      County, Kentucky Pollution Control Revenue (Dayton Power &      Light)                                      |   |     |   |   |       |   |   |
|   | 2,000,000 |                                                              | 4.700%,      01/01/28 FGIC Insured                                                                                         |   | Aa3/A    |   |   | 2,043,300  |   |   |
|   |      |                                                              |                                                                                                                       |   |     |   |   |       |   |   |
|   |      |                                                              | Campbell      & Kenton Counties, Kentucky (Sanitation District)      Revenue                                           |   |     |   |   |       |   |   |
|   | 1,695,000 |                                                              | 4.300%,      08/01/24 NPFG Insured                                                                                         |   | Aa2/AA   |   |   | 1,791,412  |   |   |
|   | 300,000   |                                                              | 4.300%,      08/01/27 NPFG Insured                                                                                         |   | Aa2/AA   |   |   | 313,173    |   |   |
|   | 1,450,000 |                                                              | 4.300%,      08/01/28 NPFG Insured                                                                                         |   | Aa2/AA   |   |   | 1,505,912  |   |   |
|   |      |                                                              |                                                                                                                       |   |     |   |   |       |   |   |
|   |      |                                                              | Carroll      County, Kentucky Environmental Facilities Revenue (Kentucky Utilities)      AMT                               |   |     |   |   |       |   |   |
|   | 1,500,000 |                                                              | 5.750%,      02/01/26 AMBAC Insured                                                                                        |   | A2/BBB+  |   |   | 1,569,750  |   |   |
|   |      |                                                              |                                                                                                                       |   |     |   |   |       |   |   |
|   |      |                                                              | Kentucky      Rural Water Finance Corp.                                                                                    |   |     |   |   |       |   |   |
|   | 205,000   |                                                              | 4.250%,      08/01/19 NPFG Insured                                                                                         |   | Baa1/AA- |   |   | 218,138    |   |   |
|   | 595,000   |                                                              | 5.000%,      02/01/20 NPFG Insured                                                                                         |   | Baa1/AA- |   |   | 623,316    |   |   |
|   | 210,000   |                                                              | 4.250%,      08/01/20 NPFG Insured                                                                                         |   | Baa1/AA- |   |   | 222,766    |   |   |
|   | 200,000   |                                                              | 4.375%,      08/01/22 NPFG Insured                                                                                         |   | Baa1/AA- |   |   | 212,822    |   |   |
|   | 240,000   |                                                              | 4.500%,      08/01/23 NPFG Insured                                                                                         |   | Baa1/AA- |   |   | 256,313    |   |   |
|   | 200,000   |                                                              | 4.500%,      02/01/24 NPFG Insured                                                                                         |   | Baa1/AA- |   |   | 207,762    |   |   |
|   | 255,000   |                                                              | 4.500%,      08/01/24 NPFG Insured                                                                                         |   | Baa1/AA- |   |   | 271,496    |   |   |
|   | 355,000   |                                                              | 4.600%,      02/01/25                                                                                                      |   | NR/AA-   |   |   | 382,392    |   |   |
|   | 290,000   |                                                              | 4.500%,      08/01/27 NPFG Insured                                                                                         |   | Baa1/AA- |   |   | 304,987    |   |   |
|   | 245,000   |                                                              | 4.600%,      08/01/28 NPFG Insured                                                                                         |   | Baa1/AA- |   |   | 257,622    |   |   |
|   | 315,000   |                                                              | 4.625%,      08/01/29 NPFG Insured                                                                                         |   | Baa1/AA- |   |   | 330,290    |   |   |
|   |      |                                                              |                                                                                                                       |   |     |   |   |       |   |   |
|   |      |                                                              | Kentucky      State Municipal Power Agency,   Prairie St.      Project                                      |   |     |   |   |       |   |   |
|   | 1,000,000 |                                                              | 5.000%,      09/01/23 AGMC Insured                                                                                         |   | Aa3/AAA  |   |   | 1,121,060  |   |   |
|   |      |                                                              |                                                                                                                       |   |     |   |   |       |   |   |
|   |      |                                                              | Louisville      & Jefferson County, Kentucky Metropolitan Sewer      District                                          |   |     |   |   |       |   |   |
|   | 2,380,000 |                                                              | 4.250%,      05/15/20 AGMC Insured                                                                                         |   | Aa3/AAA  |   |   | 2,542,078  |   |   |
|   | 2,510,000 |                                                              | 4.250%,      05/15/21 AGMC Insured                                                                                         |   | Aa3/AAA  |   |   | 2,665,244  |   |   |
|   | 1,500,000 |                                                              | 5.000%,      05/15/26 AGMC Insured                                                                                         |   | Aa3/AAA  |   |   | 1,613,520  |   |   |
|   |      |                                                              |                                                                                                                       |   |     |   |   |       |   |   |
|   |      |                                                              | Louisville,      Kentucky Waterworks Board Water System                                                                    |   |     |   |   |       |   |   |
|   | 4,000,000 |                                                              | 5.250%,      11/15/22 AGMC Insured (pre-refunded)                                                                          |   | Aaa/AAA  |   |   | 4,022,440  |   |   |
|   | 2,415,000 |                                                              | 5.250%,      11/15/24 AGMC Insured (pre-refunded)                                                                          |   | Aaa/AAA  |   |   | 2,428,548  |   |   |
|   |      |                                                              |                                                                                                                       |   |     |   |   |       |   |   |
|   |      |                                                              | Northern      Kentucky Water District                                                                                      |   |     |   |   |       |   |   |
|   | 660,000   |                                                              | 5.000%,      02/01/23 NPFG FGIC Insured                                                                                    |   | Aa3/NR   |   |   | 684,110    |   |   |
|   | 1,825,000 |                                                              | 6.000%,      02/01/28 AGMC Insured                                                                                         |   | Aa3/NR   |   |   | 2,156,657  |   |   |
|   |      |                                                              |                                                                                                                       |   |     |   |   |       |   |   |
|   |      |                                                              | Owensboro,      Kentucky Electric and Power                                                                                |   |     |   |   |       |   |   |
|   | 1,555,000 |                                                              | 5.000%,      01/01/20 AGMC Insured                                                                                         |   | Aa3/AAA  |   |   | 1,565,434  |   |   |
|   |      |                                                              |                                                                                                                       |   |     |   |   |       |   |   |
|   |      |                                                              | Owensboro,      Kentucky Water Revenue                                                                                     |   |     |   |   |       |   |   |
|   | 500,000   |                                                              | 5.000%,      09/15/27 AGMC Insured                                                                                         |   | Aa3/NR   |   |   | 558,225    |   |   |
|   |      |                                                              |                                                                                                                       |   |     |   |   |       |   |   |
|   |      |                                                              | Owensboro-Daviess      County, Kentucky Regional Water Resource Agency Wastewater Refunding &      Improvement Revenue |   |     |   |   |       |   |   |
|   | 930,000   |                                                              | 4.375%,      01/01/27 Series A Syncora Guarantee, Inc. Insured                                                             |   | NR/AA-   |   |   | 951,102    |   |   |

----

|   |      | Trimble      County, Kentucky Environmental Facilities |                                              |   |    |   |   |      |        |
|--------|-----------|--------------------------------------------------------|---------------------------------------------------|--------|---------|--------|--------|-----------|-------------|
|   | 3,000,000 |                                                   | 4.600%,      06/01/33 AMBAC Insured               |   | A2/BBB+ |   |   | 3,001,530 |        |   |
|   |      |                                                   |                                              |   |    |   |   |      |        |   |   |
|   |      |                                                   | Total      Utilities                              |   |    |   |   |      | 34,024,875  |   |   |
|   |      |                                                   |                                              |   |    |   |   |      |        |   |   |
|   |      |                                                   | Total      Revenue Bonds                          |   |    |   |   |      | 247,972,890 |   |   |
|   |      |                                                   |                                              |   |    |   |   |      |        |   |   |
|   |      |                                                   | Total      Investments (cost $245,878,929-note b) |   |    | 99.0   | %      |      |        | 257,933,517 |   |   |
|   |      |                                                   |                                              |   |    |   |   |      |        |   |   |   |
|   |      |                                                   | Other      assets less liabilities                |   |    | 1.0    |   |      |        | 2,515,402 |   |   |
|   |      |                                                   |                                              |   |    |   |   |      |        |   |   |   |
|   |      |                                                   | Net      Assets                                   |   |    | 100.0  | %      |      | $           | 260,448,919 |   |   |

| *      Any security not rated (NR) by any of the approved credit rating services      has been determined by the Investment Adviser to have sufficient quality      to be ranked in the top four credit ratings if a credit rating were to be      assigned by a rating service. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Fitch ratings |
|---------------|
| **      AA    |
| ***      A    |
| ****AAA       |

|   |                                                                                |   | Percent      of    |   |   |
|--------|-------------------------------------------------------------------------------------|--------|--------------------|--------|--------|
|   | Portfolio Distribution By Quality      Rating                                       |   | Investments† |   |   |
|   |                                                                                |   |               |   |   |
|   | Aaa      of Moody's or AAA of S&P or Fitch                                      |   |               | 31.7   | %      |   |
|   | Pre-refunded      bonds ††      / Escrowed to Maturity bonds            |   |               | 2.7    |   |   |
|   | Aa      of Moody's or AA of S&P or Fitch                                        |   |               | 50.9   |   |   |
|   | A      of Moody's or S&P or Fitch                                               |   |               | 14.5   |   |   |
|   | Not      rated*                                                                     |   |               | 0.2    |   |   |
|   |                                                                                |   |               | 100.0  | %      |   |
|   |                                                                                |   |               |   |   |   |
|   | †      Calculated using the highest rating of the three rating      services. |   |               |

|   | ††      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:                        |   |
|--------|------------------------------------------------------|--------|
|   | AGMC      - Assured Guaranty Municipal Corp.         |   |
|   | AMBAC      - American Municipal Bond Assurance Corp. |   |
|   | AMT      - Alternative Minimum Tax                   |   |
|   | CIFG      - CDC IXIS Financial Guaranty              |   |
|   | 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. |   |

----

| NOTES      TO FINANCIAL STATEMENTS       |
|------------------------------------------|
| CHURCHILL      TAX-FREE FUND OF KENTUCKY |
| (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, 2010, the net unrealized appreciation on investments,      based on cost for federal income tax purposes of $245,778,292 amounted to      of $12,155,225, which consisted of aggregate gross unrealized appreciation      of $12,280,470 and aggregate gross unrealized depreciation of      $125,245.                                                                                     |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |
| (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, 2010:                                                                                                                                                                                                                            |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   |   |
| Valuation Inputs                                                                                                                                                                                                                                                                                                                                                                                                     |        |   | Investments in Securities |   |
|  Level      1 – Quoted Prices                                                                                                                                                                                                                                                                                                                                                                             |   | $ | - |   |
|  Level      2 – Other Significant Observable Inputs- Municipal Bonds+                                                                                                                                                                                                                                                                                                                                     |   |   | 257,933,517 |   |
|  Level      3 – Significant Unobservable Inputs                                                                                                                                                                                                                                                                                                                                                           |   |   | - |   |
|  Total                                                                                                                                                                                                                                                                                                                                                                                                          |   | $ | 257,933,517 |   |

----

----

| CHURCHILL      TAX-FREE TRUST |                       |   |
|-------------------------------|----------------------------|--------|
|                          |                       |   |
|                          |                       |   |   |
| By:                           | /s/ Diana P. Herrmann |   |   |
|                          | Diana      P. Herrmann     |   |   |
|                          | President      and Trustee |   |   |
|                          | November      26, 2010     |   |   |

|   |                                       |   |   |
|--------|--------------------------------------------|--------|--------|
| By:    | /s/ Diana P. Herrmann                 |   |   |
|   | Diana      P. Herrmann                     |   |   |
|   | President      and Trustee                 |   |   |
|   | November      26, 2010                     |   |   |
|   |                                       |   |   |
|   |                                       |   |   |
| By:    | /s/ Joseph P. DiMaggio                     |   |   |
|   | Chief      Financial Officer and Treasurer |   |   |
|   | November      26, 2010                     |   |   |
|   |                                       |   |   |