----

| CHURCHILL TAX-FREE FUND OF KENTUCKY |
|-------------------------------------|
|  SCHEDULE OF INVESTMENTS       |
| June 30, 2013                       |
| (unaudited)                         |

|      |      |                            |                                                                     | Rating      |      |   |   |   |       |   |   |
|-----------|-----------|---------------------------------|--------------------------------------------------------------------------|-------------|-----------|--------|--------|--------|------------|--------|--------|
| Principal |      |                            |                                                                     | Moody's and |      |   |   |   |       |   |   |
| Amount    |      | General Obligation Bonds (4.6%) |                                                                     | S&P     |      |   | Value  |   |       | (a)    |   |
|      |      |                            |                                                                     |        |      |   |   |   |       |   |   |
|      |      | Bowling Green, Kentucky         |                                                                     |        |      |   |   |   |       |   |   |
| $         | 500,000   |                            | 2.000%, 06/01/15                                                         |        | Aa2/AA-   |   |   | $      | 512,990    |   |   |   |   |   |
|      |      |                            |                                                                     |        |      |   |   |   |       |   |   |   |   |   |
|      |      |                            | Campbell County, Kentucky Public Project                                 |        |      |   |   |   |       |   |   |   |   |   |
|      | 1,625,000 |                            | 4.375%, 12/01/25 Syncora Guarantee, Inc. Insured                         |        | Aa2/NR    |   |   |   | 1,735,500  |   |   |   |   |   |
|      |      |                            |                                                                     |        |      |   |   |   |       |   |   |   |   |   |
|      |      |                            | Henderson County, Kentucky                                               |        |      |   |   |   |       |   |   |   |   |   |
|      | 330,000   |                            | 3.000%, 11/01/20                                                         |        | Aa3/NR    |   |   |   | 343,903    |   |   |   |   |   |
|      |      |                            |                                                                     |        |      |   |   |   |       |   |   |   |   |   |
|      |      |                            | Highland Heights, Kentucky                                               |        |      |   |   |   |       |   |   |   |   |   |
|      | 500,000   |                            | 5.125%, 12/01/38                                                         |        | A1/NR     |   |   |   | 524,770    |   |   |   |   |   |
|      |      |                            |                                                                     |        |      |   |   |   |       |   |   |   |   |   |
|      |      |                            | Lexington-Fayette Urban County, Kentucky                                 |        |      |   |   |   |       |   |   |   |   |   |
|      | 4,175,000 |                            | 4.250%, 05/01/23 NPFG Insured                                            |        | Aa2/AA    |   |   |   | 4,509,501  |   |   |   |   |   |
|      |      |                            |                                                                     |        |      |   |   |   |       |   |   |   |   |   |
|      |      |                            | Louisville & Jefferson County, Kentucky                              |        |      |   |   |   |       |   |   |   |   |   |
|      | 955,000   |                            | 4.200%, 11/01/22 NPFG Insured                                            |        | Aa1/AA+** |   |   |   | 1,026,128  |   |   |   |   |   |
|      |      |                            |                                                                     |        |      |   |   |   |       |   |   |   |   |   |
|      |      |                            | City of Owensboro, Kentucky, Refunding and Improvement, Unlimited Tax    |        |      |   |   |   |       |   |   |   |   |   |
|      | 1,355,000 |                            | 4.000%, 06/01/30                                                         |        | Aa3/NR    |   |   |   | 1,348,361  |   |   |   |   |   |
|      |      |                            |                                                                     |        |      |   |   |   |       |   |   |   |   |   |
|      |      |                            | Warren County, Kentucky, Unlimited Tax                                   |        |      |   |   |   |       |   |   |   |   |   |
|      | 615,000   |                            | 4.000%, 06/01/25                                                         |        | Aa2/AA-   |   |   |   | 646,494    |   |   |   |   |   |
|      | 635,000   |                            | 4.000%, 06/01/26                                                         |        | Aa2/AA-   |   |   |   | 660,324    |   |   |   |   |   |
|      | 660,000   |                            | 4.000%, 06/01/27                                                         |        | Aa2/AA-   |   |   |   | 679,391    |   |   |   |   |   |
|      |      |                            | Total General Obligation Bonds                                           |        |      |   |   |   | 11,987,362 |   |   |   |   |   |
|      |      |                            |                                                                     |        |      |   |   |   |       |   |   |   |   |   |
|      |      |                            | Revenue Bonds (94.2%)                                                    |        |      |   |   |   |       |   |   |   |   |   |
|      |      |                            |                                                                     |        |      |   |   |   |       |   |   |   |   |   |
|      |      |                            | Agencies (14.4%)                                                         |        |      |   |   |   |       |   |   |   |   |   |
|      |      |                            |                                                                     |        |      |   |   |   |       |   |   |   |   |   |
|      |      |                            | Kentucky Asset & Liability Commission Federal Highway Notes          |        |      |   |   |   |       |   |   |   |   |   |
|      | 1,000,000 |                            | 5.000%, 09/01/22 Series A                                                |        | Aa3/AA    |   |   |   | 1,143,910  |   |   |   |   |   |
|      |      |                            |                                                                     |        |      |   |   |   |       |   |   |   |   |   |
|      |      |                            | Kentucky Asset & Liability Commission University of Kentucky Project |        |      |   |   |   |       |   |   |   |   |   |
|      | 1,500,000 |                            | 4.500%, 10/01/22 NPFG/ FGIC Insured                                      |        | Aa2/AA-   |   |   |   | 1,583,895  |   |   |   |   |   |
|      | 500,000   |                            | 5.000%, 10/01/25 Series B                                                |        | Aa2/AA-   |   |   |   | 552,785    |   |   |   |   |   |
|      | 750,000   |                            | 5.000%, 10/01/26 Series B                                                |        | Aa2/AA-   |   |   |   | 826,305    |   |   |   |   |   |
|      | 1,000,000 |                            | 5.000%, 10/01/27 Series B                                                |        | Aa2/AA-   |   |   |   | 1,097,510  |   |   |   |   |   |
|      |      |                            |                                                                     |        |      |   |   |   |       |   |   |   |   |   |
|      |      |                            | Kentucky Economic Development Finance Authority Louisville Arena Project |        |      |   |   |   |       |   |   |   |   |   |
|      | 2,500,000 |                            | 5.750%, 12/01/28 AGMC Insured                                            |        | A3/AA-    |   |   |   | 2,653,175  |   |   |   |   |   |

----

|   |      |   |                                                         |   |    |   |   |   |      |       |   |   |   |   |
|--------|-----------|--------|--------------------------------------------------------------|--------|---------|--------|--------|--------|-----------|------------|--------|--------|--------|--------|
|   |      |   | Kentucky Rural Water Finance Corp.                           |   |    |   |   |   |      |       |   |   |   |   |
|   | 205,000   |   | 4.250%, 08/01/19 NPFG Insured                                |   | Baa1/A+ |   |   |   | 212,843   |       |   |   |   |   |
|   | 455,000   |   | 5.000%, 02/01/20 NPFG Insured                                |   | Baa1/A+ |   |   |   | 458,413   |       |   |   |   |   |
|   | 210,000   |   | 4.250%, 08/01/20 NPFG Insured                                |   | Baa1/A+ |   |   |   | 217,220   |       |   |   |   |   |
|   | 200,000   |   | 4.375%, 08/01/22 NPFG Insured                                |   | Baa1/A+ |   |   |   | 207,128   |       |   |   |   |   |
|   | 240,000   |   | 4.500%, 08/01/23 NPFG Insured                                |   | Baa1/A+ |   |   |   | 249,000   |       |   |   |   |   |
|   | 255,000   |   | 4.500%, 08/01/24 NPFG Insured                                |   | Baa1/A+ |   |   |   | 264,259   |       |   |   |   |   |
|   | 355,000   |   | 4.600%, 02/01/25                                             |   | NR/A+   |   |   |   | 370,308   |       |   |   |   |   |
|   | 435,000   |   | 4.000%, 02/01/26 Series 2012F                                |   | NR/A+   |   |   |   | 451,643   |       |   |   |   |   |
|   | 450,000   |   | 4.000%, 02/01/27 Series 2012F                                |   | NR/A+   |   |   |   | 464,517   |       |   |   |   |   |
|   | 290,000   |   | 4.500%, 08/01/27 NPFG Insured                                |   | Baa1/A+ |   |   |   | 296,769   |       |   |   |   |   |
|   | 375,000   |   | 4.000%, 02/01/28 Series 2012C                                |   | NR/A+   |   |   |   | 366,874   |       |   |   |   |   |
|   | 465,000   |   | 4.000%, 02/01/28 Series 2012F                                |   | NR/A+   |   |   |   | 476,881   |       |   |   |   |   |
|   | 245,000   |   | 4.600%, 08/01/28 NPFG Insured                                |   | Baa1/A+ |   |   |   | 250,422   |       |   |   |   |   |
|   | 305,000   |   | 4.000%, 02/01/29 Series 2012C                                |   | NR/A+   |   |   |   | 295,691   |       |   |   |   |   |
|   | 490,000   |   | 4.000%, 02/01/29 Series 2012F                                |   | NR/A+   |   |   |   | 499,261   |       |   |   |   |   |
|   | 315,000   |   | 4.625%, 08/01/29 NPFG Insured                                |   | Baa1/A+ |   |   |   | 321,278   |       |   |   |   |   |
|   | 470,000   |   | 4.000%, 02/01/30 Series 2012F                                |   | NR/A+   |   |   |   | 475,438   |       |   |   |   |   |
|   | 490,000   |   | 4.000%, 02/01/31 Series 2012F                                |   | NR/A+   |   |   |   | 493,533   |       |   |   |   |   |
|   | 515,000   |   | 4.000%, 02/01/32 Series 2012F                                |   | NR/A+   |   |   |   | 516,473   |       |   |   |   |   |
|   |      |   |                                                         |   |    |   |   |   |      |       |   |   |   |   |
|   |      |   | Kentucky State Property and Buildings Commission             |   |    |   |   |   |      |       |   |   |   |   |
|   | 1,020,000 |   | 5.000%, 11/01/20                                             |   | Aa3/A+  |   |   |   | 1,177,233 |       |   |   |   |   |
|   | 1,375,000 |   | 5.375%, 11/01/23                                             |   | Aa3/A+  |   |   |   | 1,565,108 |       |   |   |   |   |
|   | 2,820,000 |   | 5.750%, 04/01/24 Project 91                                  |   |    | A1/A+  |   |   |      | 3,120,979  |   |   |   |   |   |
|   | 625,000   |   | 4.000%, 04/01/26 Project 105                                 |   |    | A1/A+  |   |   |      | 642,256    |   |   |   |   |   |
|   | 655,000   |   | 4.000%, 04/01/27 Project 105                                 |   |    | A1/A+  |   |   |      | 664,484    |   |   |   |   |   |
|   | 2,800,000 |   | 5.250%, 02/01/28 AGMC Insured                                |   | Aa3/AA- |   |   |   | 3,016,832 |       |   |   |   |   |
|   | 750,000   |   | 5.500%, 11/01/28                                             |   | Aa3/A+  |   |   |   | 829,200   |       |   |   |   |   |
|   | 2,500,000 |   | 5.000%, 02/01/29 AGMC Insured                                |   | Aa3/AA- |   |   |   | 2,641,725 |       |   |   |   |   |
|   | 2,625,000 |   | 5.750%, 04/01/29 Project 91                                  |   |    | A1/A+  |   |   |      | 2,830,958  |   |   |   |   |   |
|   | 695,000   |   | 4.000%, 04/01/29 Project 105                                 |   |    | A1/A+  |   |   |      | 690,948    |   |   |   |   |   |
|   | 3,000,000 |   | 5.000%, 10/01/29 Project 106                                 |   | Aa3/A+  |   |   |   | 3,226,440 |       |   |   |   |   |
|   | 2,000,000 |   | 5.000%, 08/01/30 Project 100                                 |   | Aa3/A+  |   |   |   | 2,132,560 |       |   |   |   |   |
|   |      |   |                                                         |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Total Agencies                                               |   |    |   |   |   |      | 37,284,254 |   |   |   |   |   |
|   |      |   |                                                         |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Airports (7.0%)                                              |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   |                                                         |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Kenton County, Kentucky Airport Board Airport Revenue        |   |    |   |   |   |      |       |   |   |   |   |   |
|   | 1,300,000 |   | 5.000%, 03/01/23 NPFG Insured AMT                            |   |    | A3/A   |   |   |      | 1,300,949  |   |   |   |   |   |
|   |      |   |                                                         |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Lexington-Fayette Urban County Airport Board, Kentucky       |   |    |   |   |   |      |       |   |   |   |   |   |
|   | 1,555,000 |   | 5.000%, 07/01/28 2012 Series A  AMT                |   | Aa2/AA  |   |   |   | 1,654,582 |       |   |   |   |   |
|   | 400,000   |   | 5.000%, 07/01/29 2012 Series A AMT                           |   | Aa2/AA  |   |   |   | 422,232   |       |   |   |   |   |
|   | 350,000   |   | 5.000%, 07/01/30 2012 Series A AMT                           |   | Aa2/AA  |   |   |   | 367,581   |       |   |   |   |   |
|   | 750,000   |   | 5.000%, 07/01/31 2012 Series A AMT                           |   | Aa2/AA  |   |   |   | 781,995   |       |   |   |   |   |
|   |      |   |                                                         |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Louisville, Kentucky Regional Airport Authority              |   |    |   |   |   |      |       |   |   |   |   |   |
|   | 1,060,000 |   | 5.000%, 07/01/18 AMT                                         |   |    | A2/A+  |   |   |      | 1,199,114  |   |   |   |   |   |
|   | 1,000,000 |   | 5.250%, 07/01/23 AGMC Insured AMT                            |   | A2/AA-  |   |   |   | 1,097,320 |       |   |   |   |   |
|   | 2,610,000 |   | 5.000%, 07/01/24 AMBAC Insured AMT                           |   |    | A2/A+  |   |   |      | 2,718,054  |   |   |   |   |   |
|   |      |   |                                                         |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Louisville & Jefferson County Regional Airport, Kentucky |   |    |   |   |   |      |       |   |   |   |   |   |
|   | 1,000,000 |   | 5.250%, 07/01/18 AGMC Insured AMT                            |   | A2/AA-  |   |   |   | 1,002,440 |       |   |   |   |   |
|   | 2,000,000 |   | 5.250%, 07/01/20 AGMC Insured AMT                            |   | A2/AA-  |   |   |   | 2,003,020 |       |   |   |   |   |
|   | 1,370,000 |   | 5.250%, 07/01/21 AGMC Insured AMT                            |   | A2/AA-  |   |   |   | 1,372,069 |       |   |   |   |   |
|   | 3,390,000 |   | 5.250%, 07/01/22 AGMC Insured AMT                            |   | A2/AA-  |   |   |   | 3,394,475 |       |   |   |   |   |
|   | 275,000   |   | 5.375%, 07/01/23 AGMC Insured AMT                            |   | A2/AA-  |   |   |   | 275,325   |       |   |   |   |   |
|   | 500,000   |   | 5.000%, 07/01/25 NPFG Insured AMT                            |   |    | A2/A+  |   |   |      | 500,340    |   |   |   |   |   |
|   |      |   |                                                         |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Total Airports                                               |   |    |   |   |   |      | 18,089,496 |   |   |   |   |   |

----

|   |      |   |                                                                                                                     |   |      |   |   |   |      |       |   |   |   |   |   |
|--------|-----------|--------|--------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|--------|--------|-----------|------------|--------|--------|--------|--------|--------|
|   |      |   | Colleges and Universities (6.7%)                                                                                         |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   |                                                                                                                     |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Berea, Kentucky Educational Facilities (Berea College)                                                                   |   |      |   |   |   |      |       |   |   |   |   |   |
|   | 1,000,000 |   | 4.125%, 06/01/25                                                                                                         |   | Aaa/NR    |   |   |   | 1,030,310 |       |   |   |   |   |
|   |      |   |                                                                                                                     |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Boyle County, Kentucky College Refunding & Improvement                                                               |   |      |   |   |   |      |       |   |   |   |   |   |
|   | 1,035,000 |   | 4.500%, 06/01/22 AGC Insured                                                                                             |   | A3/AA-    |   |   |   | 1,087,961 |       |   |   |   |   |
|   | 200,000   |   | 4.625%, 06/01/24 AGC Insured                                                                                             |   | A3/AA-    |   |   |   | 210,168   |       |   |   |   |   |
|   |      |   |                                                                                                                     |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Eastern Kentucky University General Receipts                                                                             |   |      |   |   |   |      |       |   |   |   |   |   |
|   | 1,250,000 |   | 4.000%, 10/01/27                                                                                                         |   | Aa3/A+    |   |   |   | 1,257,800 |       |   |   |   |   |
|   |      |   |                                                                                                                     |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Lexington-Fayette, Kentucky Urban County Government Transylvania University Project                                      |   |      |   |   |   |      |       |   |   |   |   |   |
|   | 1,390,000 |   | 4.500%, 03/01/29                                                                                                         |   | NR/A+     |   |   |   | 1,410,628 |       |   |   |   |   |
|   |      |   |                                                                                                                     |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Louisville & Jefferson County, Kentucky University of Louisville                                                     |   |      |   |   |   |      |       |   |   |   |   |   |
|   | 525,000   |   | 5.000%, 06/01/20 AMBAC Insured                                                                                           |   | NR/NR*    |   |   |   | 550,037   |       |   |   |   |   |
|   |      |   |                                                                                                                     |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Murray State University Project, Kentucky General Receipts Revenue                                                       |   |      |   |   |   |      |       |   |   |   |   |   |
|   | 745,000   |   | 4.500%, 09/01/23 AMBAC Insured                                                                                           |   | Aa3/A+    |   |   |   | 779,762   |       |   |   |   |   |
|   |      |   |                                                                                                                     |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | University of Kentucky General Receipts Revenue                                                                          |   |      |   |   |   |      |       |   |   |   |   |   |
|   | 885,000   |   | 4.500%, 10/01/22 Syncora Guarantee, Inc. Insured                                                                         |   | Aa2/AA-   |   |   |   | 962,588   |       |   |   |   |   |
|   | 1,545,000 |   | 4.500%, 10/01/23 Syncora Guarantee, Inc. Insured                                                                         |   | Aa2/AA-   |   |   |   | 1,679,430 |       |   |   |   |   |
|   | 1,625,000 |   | 4.500%, 10/01/25 Syncora Guarantee, Inc. Insured                                                                         |   | Aa2/AA-   |   |   |   | 1,758,884 |       |   |   |   |   |
|   | 1,010,000 |   | 4.500%, 10/01/26 Syncora Guarantee, Inc. Insured                                                                         |   | Aa2/AA-   |   |   |   | 1,089,568 |       |   |   |   |   |
|   | 1,000,000 |   | 5.000%, 09/01/30                                                                                                         |   | Aa2/AA-   |   |   |   | 1,078,380 |       |   |   |   |   |
|   |      |   |                                                                                                                     |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Western Kentucky University General Receipts Revenue                                                                     |   |      |   |   |   |      |       |   |   |   |   |   |
|   | 2,000,000 |   | 4.200%, 09/01/25 Series A NPFG Insured                                                                                   |   | Aa3/A+    |   |   |   | 2,035,840 |       |   |   |   |   |
|   | 2,475,000 |   | 4.200%, 09/01/26 Series A NPFG Insured                                                                                   |   | Aa3/A+    |   |   |   | 2,506,952 |       |   |   |   |   |
|   |      |   |                                                                                                                     |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Total Colleges and Universities                                                                                          |   |      |   |   |   |      | 17,438,308 |   |   |   |   |   |
|   |      |   |                                                                                                                     |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Hospitals (10.5%)                                                                                                        |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   |                                                                                                                     |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Kentucky Economic Development Finance Authority, Baptist Healthcare System                                               |   |      |   |   |   |      |       |   |   |   |   |   |
|   | 4,795,000 |   | 5.375%, 08/15/24                                                                                                         |   | A1/NR***  |   |   |   | 5,336,116 |       |   |   |   |   |
|   |      |   |                                                                                                                     |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Kentucky Economic Development Finance Authority, Catholic Health                                                         |   |      |   |   |   |      |       |   |   |   |   |   |
|   | 1,000,000 |   | 5.000%, 05/01/29                                                                                                         |   | Aa3/AA-   |   |   |   | 1,017,840 |       |   |   |   |   |
|   |      |   |                                                                                                                     |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Kentucky Economic Development Finance Authority, Hospital Facilities St. Elizabeth Healthcare                            |   |      |   |   |   |      |       |   |   |   |   |   |
|   | 1,000,000 |   | 5.500%, 05/01/39                                                                                                         |   | NR/AA***  |   |   |   | 1,072,400 |       |   |   |   |   |
|   |      |   |                                                                                                                     |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Kentucky Economic Development Finance Authority, Kings Daughter Medical Center                                           |   |      |   |   |   |      |       |   |   |   |   |   |
|   | 1,000,000 |   | 5.000%, 02/01/30                                                                                                         |   |      | A1/A   |   |   |      | 1,024,730  |   |   |   |   |   |
|   |      |   |                                                                                                                     |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Lexington-Fayette Urban County Government, Kentucky Public Facilities Co Lease, Eastern State Hospital                   |   |      |   |   |   |      |       |   |   |   |   |   |
|   | 1,500,000 |   | 5.250%, 06/01/32                                                                                                         |   | Aa3/A+    |   |   |   | 1,583,325 |       |   |   |   |   |
|   |      |   |                                                                                                                     |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Louisville & Jefferson County, Kentucky Metropolitan Government Health System, Norton Healthcare, Inc.               |   |      |   |   |   |      |       |   |   |   |   |   |
|   | 7,150,000 |   | 5.000%, 10/01/26                                                                                                         |   | NR/A-**** |   |   |   | 7,343,193 |       |   |   |   |   |
|   | 1,600,000 |   | 5.000%, 10/01/30                                                                                                         |   | NR/A-**** |   |   |   | 1,635,424 |       |   |   |   |   |
|   |      |   |                                                                                                                     |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Louisville & Jefferson County, Kentucky Metropolitan Government, Louisville Medical Center, Laundry Facility Project |   |      |   |   |   |      |       |   |   |   |   |   |

----

|   | 695,000   |   | 4.250%, 05/01/23 Series 2012                                                                                                            |   | NR/A      |   |   |   | 736,220   |       |   |   |   |   |
|--------|-----------|--------|-----------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|--------|--------|--------|-----------|------------|--------|--------|--------|--------|
|   |      |   |                                                                                                                                    |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Louisville & Jefferson County, Kentucky Metropolitan Government, Louisville Medical Center, Steam & Chilled Water Plant Project |   |      |   |   |   |      |       |   |   |   |   |   |
|   | 915,000   |   | 4.250%, 05/01/22 Series 2012A                                                                                                           |   | NR/A      |   |   |   | 970,980   |       |   |   |   |   |
|   |      |   |                                                                                                                                    |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Louisville & Jefferson County, Kentucky Metropolitan Government Revenue Refunding, Catholic Health Initiatives                      |   |      |   |   |   |      |       |   |   |   |   |   |
|   | 2,000,000 |   | 5.000%, 12/01/30                                                                                                                        |   | Aa3/AA-   |   |   |   | 2,117,840 |       |   |   |   |   |
|   |      |   |                                                                                                                                    |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Russell, Kentucky Bon Secours Health System                                                                                             |   |      |   |   |   |      |       |   |   |   |   |   |
|   | 1,000,000 |   | 5.000%, 11/01/26 Series 2013                                                                                                            |   |      | A3/A-  |   |   |      | 1,029,230  |   |   |   |   |   |
|   |      |   |                                                                                                                                    |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Warren County, Kentucky,  Warren County Community Hospital Corp.                                                              |   |      |   |   |   |      |       |   |   |   |   |   |
|   | 1,975,000 |   | 5.000%, 04/01/28                                                                                                                        |   | NR/A      |   |   |   | 2,067,963 |       |   |   |   |   |
|   | 680,000   |   | 4.000%, 10/01/29                                                                                                                        |   | NR/A      |   |   |   | 618,290   |       |   |   |   |   |
|   | 500,000   |   | 5.000%, 10/01/33                                                                                                                        |   | NR/A      |   |   |   | 521,395   |       |   |   |   |   |
|   |      |   |                                                                                                                                    |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Total Hospitals                                                                                                                         |   |      |   |   |   |      | 27,074,946 |   |   |   |   |   |
|   |      |   |                                                                                                                                    |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Housing (4.4%)                                                                                                                          |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   |                                                                                                                                    |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Kentucky Housing Corporation Housing Revenue                                                                                            |   |      |   |   |   |      |       |   |   |   |   |   |
|   | 555,000   |   | 4.200%, 01/01/17                                                                                                                        |   | Aaa/AAA   |   |   |   | 558,979   |       |   |   |   |   |
|   | 470,000   |   | 4.800%, 01/01/18 AMT                                                                                                                    |   | Aaa/AAA   |   |   |   | 476,599   |       |   |   |   |   |
|   | 285,000   |   | 4.250%, 01/01/18                                                                                                                        |   | Aaa/AAA   |   |   |   | 286,907   |       |   |   |   |   |
|   | 575,000   |   | 4.800%, 07/01/18 AMT                                                                                                                    |   | Aaa/AAA   |   |   |   | 582,740   |       |   |   |   |   |
|   | 180,000   |   | 4.250%, 07/01/18                                                                                                                        |   | Aaa/AAA   |   |   |   | 181,150   |       |   |   |   |   |
|   | 610,000   |   | 4.800%, 07/01/20 AMT                                                                                                                    |   | Aaa/AAA   |   |   |   | 614,545   |       |   |   |   |   |
|   | 1,570,000 |   | 4.800%, 07/01/22 AMT                                                                                                                    |   | Aaa/AAA   |   |   |   | 1,600,160 |       |   |   |   |   |
|   | 1,635,000 |   | 5.000%, 01/01/23 AMT                                                                                                                    |   | Aaa/AAA   |   |   |   | 1,682,039 |       |   |   |   |   |
|   | 250,000   |   | 3.625%, 01/01/25                                                                                                                        |   | Aaa/AAA   |   |   |   | 253,033   |       |   |   |   |   |
|   | 675,000   |   | 4.500%, 07/01/25                                                                                                                        |   | Aaa/AAA   |   |   |   | 707,562   |       |   |   |   |   |
|   | 600,000   |   | 4.750%, 07/01/26                                                                                                                        |   | Aaa/AAA   |   |   |   | 621,402   |       |   |   |   |   |
|   | 315,000   |   | 4.850%, 07/01/29                                                                                                                        |   | Aaa/AAA   |   |   |   | 324,330   |       |   |   |   |   |
|   | 1,630,000 |   | 4.600%, 07/01/32 AMT                                                                                                                    |   | Aaa/AAA   |   |   |   | 1,658,721 |       |   |   |   |   |
|   | 535,000   |   | 5.150%, 07/01/39                                                                                                                        |   | Aaa/AAA   |   |   |   | 554,656   |       |   |   |   |   |
|   |      |   |                                                                                                                                    |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Kentucky Housing Multifamily Mortgage Revenue                                                                                           |   |      |   |   |   |      |       |   |   |   |   |   |
|   | 1,325,000 |   | 5.000%, 06/01/35 AMT                                                                                                                    |   | NR/NR*    |   |   |   | 1,317,779 |       |   |   |   |   |
|   |      |   |                                                                                                                                    |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Total Housing                                                                                                                           |   |      |   |   |   |      | 11,420,602 |   |   |   |   |   |
|   |      |   |                                                                                                                                    |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Local Public Property (6.6%)                                                                                                            |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   |                                                                                                                                    |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Bracken County, Kentucky Public Properties Corp. Revenue Refunding - First Mortgage                                                     |   |      |   |   |   |      |       |   |   |   |   |   |
|   | 1,110,000 |   | 5.000%, 08/01/30                                                                                                                        |   | Aa3/NR    |   |   |   | 1,186,734 |       |   |   |   |   |
|   |      |   |                                                                                                                                    |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Grant County, Kentucky Public Property Corp. Justice Center Project                                                                     |   |      |   |   |   |      |       |   |   |   |   |   |
|   | 1,000,000 |   | 4.500%, 12/01/24                                                                                                                        |   | Aa3/NR    |   |   |   | 1,041,350 |       |   |   |   |   |
|   |      |   |                                                                                                                                    |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Jefferson County, Kentucky Capital Projects                                                                                             |   |      |   |   |   |      |       |   |   |   |   |   |
|   | 1,575,000 |   | 4.250%, 06/01/23 AGMC Insured                                                                                                           |   | Aa3/NR*** |   |   |   | 1,683,738 |       |   |   |   |   |
|   | 1,950,000 |   | 4.375%, 06/01/24 AGMC Insured                                                                                                           |   | Aa3/NR*** |   |   |   | 2,084,628 |       |   |   |   |   |
|   | 2,060,000 |   | 4.375%, 06/01/26 Series A AGMC Insured                                                                                                  |   | Aa3/NR*** |   |   |   | 2,180,922 |       |   |   |   |   |
|   | 1,070,000 |   | 4.375%, 06/01/27 Series A AGMC Insured                                                                                                  |   | Aa3/NR*** |   |   |   | 1,126,721 |       |   |   |   |   |
|   | 1,640,000 |   | 4.375%, 06/01/28 AGMC Insured                                                                                                           |   | Aa3/NR*** |   |   |   | 1,716,424 |       |   |   |   |   |
|   |      |   |                                                                                                                                    |   |      |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Kentucky Association of Counties Finance Corp. Financing Program                                                                        |   |      |   |   |   |      |       |   |   |   |   |   |
|   | 1,145,000 |   | 4.250%, 02/01/24                                                                                                                        |   | NR/AA-    |   |   |   | 1,184,594 |       |   |   |   |   |

----

|   | 515,000   |   | 4.000%, 02/01/25                                                                           |   | NR/AA-  |   |   |   | 525,115   |       |   |   |   |   |
|--------|-----------|--------|--------------------------------------------------------------------------------------------|--------|---------|--------|--------|--------|-----------|------------|--------|--------|--------|--------|
|   | 315,000   |   | 5.375%, 02/01/27                                                                           |   | NR/AA-  |   |   |   | 335,223   |       |   |   |   |   |
|   | 330,000   |   | 5.375%, 02/01/28                                                                           |   | NR/AA-  |   |   |   | 347,922   |       |   |   |   |   |
|   |      |   |                                                                                       |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Kentucky Bond Corp. Financing Program                                                      |   |    |   |   |   |      |       |   |   |   |   |   |
|   | 915,000   |   | 5.125%, 02/01/28                                                                           |   | NR/AA-  |   |   |   | 977,376   |       |   |   |   |   |
|   |      |   |                                                                                       |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Laurel County, Kentucky  Public Property Corp.  Justice Center Project |   |    |   |   |   |      |       |   |   |   |   |   |
|   | 250,000   |   | 4.625%, 03/01/28                                                                           |   | Aa3/NR  |   |   |   | 255,718   |       |   |   |   |   |
|   |      |   |                                                                                       |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Lexington-Fayette Urban County, Kentucky Public Facilities Revenue                         |   |    |   |   |   |      |       |   |   |   |   |   |
|   | 500,000   |   | 4.125%, 10/01/23 NPFG Insured                                                              |   | Aa3/NR  |   |   |   | 521,185   |       |   |   |   |   |
|   | 500,000   |   | 4.250%, 10/01/26 NPFG Insured                                                              |   | Aa3/NR  |   |   |   | 512,310   |       |   |   |   |   |
|   |      |   |                                                                                       |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | River City Parking Authority First Mortgage                                                |   |    |   |   |   |      |       |   |   |   |   |   |
|   | 1,000,000 |   | 4.750%, 06/01/27 Series B                                                                  |   | Aa2/AA  |   |   |   | 1,086,430 |       |   |   |   |   |
|   |      |   |                                                                                       |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Warren County, Kentucky Justice Center                                                     |   |    |   |   |   |      |       |   |   |   |   |   |
|   | 365,000   |   | 4.300%, 09/01/22 NPFG Insured                                                              |   | Aa3/NR  |   |   |   | 379,432   |       |   |   |   |   |
|   |      |   |                                                                                       |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Total Local Public Property                                                                |   |    |   |   |   |      | 17,145,822 |   |   |   |   |   |
|   |      |   |                                                                                       |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Pollution Control (0.6%)                                                                   |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   |                                                                                       |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Carroll County, Kentucky Environmental Facilities Revenue (Kentucky Utilities) AMT         |   |    |   |   |   |      |       |   |   |   |   |   |
|   | 1,500,000 |   | 5.750%, 02/01/26 AMBAC Insured                                                             |   |    | A2/A-  |   |   |      | 1,581,735  |   |   |   |   |   |
|   |      |   |                                                                                       |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | School Building Revenue (24.0%)                                                            |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   |                                                                                       |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Barren County, Kentucky School Building Revenue                                            |   |    |   |   |   |      |       |   |   |   |   |   |
|   | 1,265,000 |   | 4.250%, 08/01/25 AGC Insured                                                               |   | Aa3/NR  |   |   |   | 1,311,135 |       |   |   |   |   |
|   | 1,670,000 |   | 4.375%, 08/01/26 AGC Insured                                                               |   | Aa3/NR  |   |   |   | 1,728,534 |       |   |   |   |   |
|   |      |   |                                                                                       |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Boone County, Kentucky School District Finance Corp. School Building Revenue               |   |    |   |   |   |      |       |   |   |   |   |   |
|   | 1,000,000 |   | 4.125%, 08/01/22 Syncora Guarantee, Inc. Insured                                           |   | Aa3/NR  |   |   |   | 1,026,550 |       |   |   |   |   |
|   | 1,580,000 |   | 4.500%, 08/01/23 AGMC Insured                                                              |   | Aa3/NR  |   |   |   | 1,653,423 |       |   |   |   |   |
|   | 1,250,000 |   | 4.125%, 03/01/25 AGMC Insured                                                              |   | Aa3/NR  |   |   |   | 1,288,725 |       |   |   |   |   |
|   |      |   |                                                                                       |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Bullitt County, Kentucky School District Finance Corp.                                     |   |    |   |   |   |      |       |   |   |   |   |   |
|   | 2,455,000 |   | 4.500%, 10/01/22 NPFG Insured (pre-refunded)                                               |   | Aa3/NR  |   |   |   | 2,584,870 |       |   |   |   |   |
|   | 1,590,000 |   | 4.500%, 10/01/23 NPFG Insured (pre-refunded)                                               |   | Aa3/NR  |   |   |   | 1,674,111 |       |   |   |   |   |
|   | 1,145,000 |   | 4.500%, 04/01/27                                                                           |   | Aa3/NR  |   |   |   | 1,196,640 |       |   |   |   |   |
|   | 1,200,000 |   | 4.500%, 04/01/28                                                                           |   | Aa3/NR  |   |   |   | 1,247,184 |       |   |   |   |   |
|   |      |   |                                                                                       |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Campbell County, Kentucky School District Finance Corp. School Building Revenue            |   |    |   |   |   |      |       |   |   |   |   |   |
|   | 340,000   |   | 3.500%, 08/01/22                                                                           |   | Aa3/NR  |   |   |   | 347,205   |       |   |   |   |   |
|   |      |   |                                                                                       |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Christian County, Kentucky School District Finance Corp.                                   |   |    |   |   |   |      |       |   |   |   |   |   |
|   | 750,000   |   | 4.125%, 08/01/23 Syncora Guarantee, Inc. Insured (pre-refunded)                            |   | Aa3/NR  |   |   |   | 805,313   |       |   |   |   |   |
|   | 1,590,000 |   | 4.125%, 08/01/24 Syncora Guarantee, Inc. Insured (pre-refunded)                            |   | Aa3/NR  |   |   |   | 1,707,263 |       |   |   |   |   |
|   |      |   |                                                                                       |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Fayette County, Kentucky School District Finance Corp.                                     |   |    |   |   |   |      |       |   |   |   |   |   |
|   | 5,000,000 |   | 4.250%, 04/01/23 AGMC Insured (pre-refunded)                                               |   | Aa2/AA- |   |   |   | 5,325,200 |       |   |   |   |   |
|   | 4,335,000 |   | 4.375%, 05/01/26 AGMC Insured                                                              |   | Aa2/AA- |   |   |   | 4,584,263 |       |   |   |   |   |
|   | 750,000   |   | 4.250%, 06/01/29 Series A                                                                  |   | Aa2/AA- |   |   |   | 764,115   |       |   |   |   |   |

----

|   |      |   |                                                                                  |   |    |   |   |   |      |   |   |   |   |   |   |
|--------|-----------|--------|---------------------------------------------------------------------------------------|--------|---------|--------|--------|--------|-----------|--------|--------|--------|--------|--------|--------|
|   |      |   | Floyd County, Kentucky School Finance Corporation School Building                     |   |    |   |   |   |      |   |   |   |   |   |   |
|   | 1,255,000 |   | 4.125%, 03/01/26 Syncora Guarantee, Inc. Insured                                      |   | Aa3/NR  |   |   |   | 1,262,643 |   |   |   |   |   |
|   |      |   |                                                                                  |   |    |   |   |   |      |   |   |   |   |   |   |
|   |      |   | Fort Thomas, Kentucky Independent School District Finance Corp.                       |   |    |   |   |   |      |   |   |   |   |   |   |
|   | 610,000   |   | 4.375%, 04/01/25                                                                      |   | Aa3/NR  |   |   |   | 637,822   |   |   |   |   |   |
|   |      |   |                                                                                  |   |    |   |   |   |      |   |   |   |   |   |   |
|   |      |   | Franklin County, Kentucky School District Finance Corp.                               |   |    |   |   |   |      |   |   |   |   |   |   |
|   | 1,000,000 |   | 5.000%, 04/01/24 (pre-refunded)                                                       |   | Aa3/NR  |   |   |   | 1,035,530 |   |   |   |   |   |
|   | 1,135,000 |   | 4.000%, 04/01/24 Second Series                                                        |   | Aa3/NR  |   |   |   | 1,211,635 |   |   |   |   |   |
|   | 1,560,000 |   | 4.000%, 06/01/29                                                                      |   | Aa3/NR  |   |   |   | 1,515,181 |   |   |   |   |   |
|   | 1,000,000 |   | 4.000%, 06/01/30                                                                      |   | Aa3/NR  |   |   |   | 951,280   |   |   |   |   |   |
|   |      |   |                                                                                  |   |    |   |   |   |      |   |   |   |   |   |   |
|   |      |   | Jefferson County, Kentucky School District Finance Corp.                              |   |    |   |   |   |      |   |   |   |   |   |   |
|   | 4,000,000 |   | 4.000%, 07/01/26 Series B                                                             |   | Aa2/AA- |   |   |   | 4,106,240 |   |   |   |   |   |
|   |      |   |                                                                                  |   |    |   |   |   |      |   |   |   |   |   |   |
|   |      |   | Jessamine County, Kentucky School District Finance Corp., School Building Revenue     |   |    |   |   |   |      |   |   |   |   |   |   |
|   | 1,365,000 |   | 4.000%, 08/01/32                                                                      |   | Aa3/NR  |   |   |   | 1,325,879 |   |   |   |   |   |
|   |      |   |                                                                                  |   |    |   |   |   |      |   |   |   |   |   |   |
|   |      |   | Kenton County, Kentucky School District Finance Corp.                                 |   |    |   |   |   |      |   |   |   |   |   |   |
|   | 445,000   |   | 4.300%, 04/01/22 AGC Insured                                                          |   | Aa3/NR  |   |   |   | 465,021   |   |   |   |   |   |
|   | 4,250,000 |   | 5.000%, 06/01/22 NPFG Insured (pre-refunded)                                          |   | Aa3/NR  |   |   |   | 4,433,983 |   |   |   |   |   |
|   | 590,000   |   | 4.250%, 10/01/22 AGMC Insured                                                         |   | Aa3/NR  |   |   |   | 620,267   |   |   |   |   |   |
|   | 750,000   |   | 4.375%, 04/01/24 AGC Insured                                                          |   | Aa3/NR  |   |   |   | 780,563   |   |   |   |   |   |
|   | 325,000   |   | 4.400%, 04/01/26 AGC Insured                                                          |   | Aa3/NR  |   |   |   | 336,453   |   |   |   |   |   |
|   |      |   |                                                                                  |   |    |   |   |   |      |   |   |   |   |   |   |
|   |      |   | Larue County, Kentucky School District Finance Corp.                                  |   |    |   |   |   |      |   |   |   |   |   |   |
|   | 270,000   |   | 4.500%, 07/01/21 NPFG Insured (pre-refunded)                                          |   | Aa3/NR  |   |   |   | 298,906   |   |   |   |   |   |
|   | 470,000   |   | 4.500%, 07/01/22 NPFG Insured (pre-refunded)                                          |   | Aa3/NR  |   |   |   | 520,318   |   |   |   |   |   |
|   | 785,000   |   | 4.500%, 07/01/23 NPFG Insured (pre-refunded)                                          |   | Aa3/NR  |   |   |   | 869,042   |   |   |   |   |   |
|   |      |   |                                                                                  |   |    |   |   |   |      |   |   |   |   |   |   |
|   |      |   | Laurel County, Kentucky School District Finance Corp.                                 |   |    |   |   |   |      |   |   |   |   |   |   |
|   | 300,000   |   | 4.000%, 06/01/16 AGMC Insured                                                         |   | Aa3/NR  |   |   |   | 322,170   |   |   |   |   |   |
|   |      |   |                                                                                  |   |    |   |   |   |      |   |   |   |   |   |   |
|   |      |   | Magoffin County, Kentucky School District                                             |   |    |   |   |   |      |   |   |   |   |   |   |
|   | 375,000   |   | 4.250%, 08/01/23 AMBAC Insured                                                        |   | Aa3/NR  |   |   |   | 386,003   |   |   |   |   |   |
|   | 475,000   |   | 4.250%, 08/01/25 AMBAC Insured                                                        |   | Aa3/NR  |   |   |   | 485,160   |   |   |   |   |   |
|   |      |   |                                                                                  |   |    |   |   |   |      |   |   |   |   |   |   |
|   |      |   | Ohio County, Kentucky School Building Revenue                                         |   |    |   |   |   |      |   |   |   |   |   |   |
|   | 790,000   |   | 4.500%, 05/01/24                                                                      |   | Aa3/NR  |   |   |   | 830,875   |   |   |   |   |   |
|   | 325,000   |   | 4.500%, 05/01/25                                                                      |   | Aa3/NR  |   |   |   | 339,602   |   |   |   |   |   |
|   |      |   |                                                                                  |   |    |   |   |   |      |   |   |   |   |   |   |
|   |      |   | Oldham County, Kentucky School District Finance Corp.                                 |   |    |   |   |   |      |   |   |   |   |   |   |
|   | 1,000,000 |   | 4.500%, 09/01/27 NPFG Insured                                                         |   | Aa3/NR  |   |   |   | 1,005,600 |   |   |   |   |   |
|   | 1,370,000 |   | 4.000%, 09/01/32                                                                      |   | Aa3/NR  |   |   |   | 1,373,069 |   |   |   |   |   |
|   |      |   |                                                                                  |   |    |   |   |   |      |   |   |   |   |   |   |
|   |      |   | Owensboro, Kentucky Independent School District Finance Corp. School Building Revenue |   |    |   |   |   |      |   |   |   |   |   |   |
|   | 890,000   |   | 4.375%, 09/01/24                                                                      |   | Aa3/NR  |   |   |   | 939,787   |   |   |   |   |   |
|   |      |   |                                                                                  |   |    |   |   |   |      |   |   |   |   |   |   |
|   |      |   | Pendleton County, Kentucky School District Finance Corp. School Building Revenue      |   |    |   |   |   |      |   |   |   |   |   |   |
|   | 730,000   |   | 4.000%, 02/01/23 NPFG Insured                                                         |   | Aa3/NR  |   |   |   | 750,075   |   |   |   |   |   |
|   |      |   |                                                                                  |   |    |   |   |   |      |   |   |   |   |   |   |
|   |      |   | Pike County, Kentucky School Building Revenue                                         |   |    |   |   |   |      |   |   |   |   |   |   |
|   | 1,355,000 |   | 4.375%, 10/01/26 NPFG Insured                                                         |   | Aa3/NR  |   |   |   | 1,392,168 |   |   |   |   |   |
|   |      |   |                                                                                  |   |    |   |   |   |      |   |   |   |   |   |   |
|   |      |   | Scott County, Kentucky School District Finance Corp.                                  |   |    |   |   |   |      |   |   |   |   |   |   |
|   | 1,115,000 |   | 4.200%, 01/01/22 AMBAC Insured (pre-refunded)                                         |   | Aa3/NR  |   |   |   | 1,176,347 |   |   |   |   |   |
|   | 1,955,000 |   | 4.250%, 01/01/23 AMBAC Insured (pre-refunded)                                         |   | Aa3/NR  |   |   |   | 2,064,011 |   |   |   |   |   |
|   | 1,560,000 |   | 4.300%, 01/01/24 AMBAC Insured (pre-refunded)                                         |   | Aa3/NR  |   |   |   | 1,648,156 |   |   |   |   |   |

----

|   |      |   |                                                                            |   |    |   |   |   |      |       |   |   |   |   |   |
|--------|-----------|--------|---------------------------------------------------------------------------------|--------|---------|--------|--------|--------|-----------|------------|--------|--------|--------|--------|--------|
|   |      |   | Spencer County, Kentucky School District Finance Corp., School Building Revenue |   |    |   |   |   |      |       |   |   |   |   |   |
|   | 1,000,000 |   | 4.500%, 08/01/27 AGMC Insured                                                   |   | Aa3/NR  |   |   |   | 1,034,210 |       |   |   |   |   |
|   |      |   |                                                                            |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Warren County, Kentucky School District Finance Corp.                           |   |    |   |   |   |      |       |   |   |   |   |   |
|   | 295,000   |   | 4.125%, 02/01/23 NPFG Insured                                                   |   | Aa3/NR  |   |   |   | 300,814   |       |   |   |   |   |
|   | 500,000   |   | 4.375%, 04/01/27 AGMC Insured                                                   |   | Aa3/NR  |   |   |   | 508,005   |       |   |   |   |   |
|   |      |   |                                                                            |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Total Schools                                                                   |   |    |   |   |   |      | 62,171,346 |   |   |   |   |   |
|   |      |   |                                                                            |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Turnpike/Highway (9.3%)                                                         |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   |                                                                            |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Kentucky State Turnpike Authority                                               |   |    |   |   |   |      |       |   |   |   |   |   |
|   | 3,000,000 |   | 4.450%, 07/01/22 Series B                                                       |   | Aa2/AA+ |   |   |   | 3,242,610 |       |   |   |   |   |
|   | 3,500,000 |   | 5.000%, 07/01/25                                                                |   | Aa2/AA+ |   |   |   | 3,930,430 |       |   |   |   |   |
|   | 2,000,000 |   | 5.000%, 07/01/25 AMBAC Insured                                                  |   | Aa2/AA+ |   |   |   | 2,147,280 |       |   |   |   |   |
|   | 1,000,000 |   | 5.000%, 07/01/25                                                                |   | Aa2/AA+ |   |   |   | 1,106,790 |       |   |   |   |   |
|   | 2,750,000 |   | 5.000%, 07/01/27                                                                |   | Aa2/AA+ |   |   |   | 3,011,360 |       |   |   |   |   |
|   | 1,100,000 |   | 5.000%, 07/01/28                                                                |   | Aa2/AA+ |   |   |   | 1,199,737 |       |   |   |   |   |
|   | 5,000,000 |   | 5.000%, 07/01/29 Series A                                                       |   | Aa2/AA+ |   |   |   | 5,477,450 |       |   |   |   |   |
|   | 3,000,000 |   | 4.000%, 07/01/29                                                                |   | Aa2/AA+ |   |   |   | 3,013,530 |       |   |   |   |   |
|   | 1,000,000 |   | 5.000%, 07/01/30 Series A                                                       |   | Aa2/AA+ |   |   |   | 1,088,310 |       |   |   |   |   |
|   |      |   |                                                                            |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Total Turnpike/Highway                                                          |   |    |   |   |   |      | 24,217,497 |   |   |   |   |   |
|   |      |   |                                                                            |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Utilities (10.7%)                                                               |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   |                                                                            |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Campbell & Kenton Counties, Kentucky (Sanitation District)                  |   |    |   |   |   |      |       |   |   |   |   |   |
|   | 1,695,000 |   | 4.300%, 08/01/24 NPFG Insured                                                   |   | Aa2/AA  |   |   |   | 1,817,091 |       |   |   |   |   |
|   | 300,000   |   | 4.300%, 08/01/27 NPFG Insured                                                   |   | Aa2/AA  |   |   |   | 318,828   |       |   |   |   |   |
|   | 2,370,000 |   | 4.000%, 08/01/27                                                                |   | Aa2/AA  |   |   |   | 2,439,180 |       |   |   |   |   |
|   | 1,450,000 |   | 4.300%, 08/01/28 NPFG Insured                                                   |   | Aa2/AA  |   |   |   | 1,533,897 |       |   |   |   |   |
|   |      |   |                                                                            |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Henderson, Kentucky Electric System Revenue                                     |   |    |   |   |   |      |       |   |   |   |   |   |
|   | 250,000   |   | 4.000%, 12/01/24                                                                |   | A3/NR   |   |   |   | 251,200   |       |   |   |   |   |
|   |      |   |                                                                            |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Kentucky State Municipal Power Agency, Prairie St. Project                      |   |    |   |   |   |      |       |   |   |   |   |   |
|   | 1,000,000 |   | 5.000%, 09/01/23 AGMC Insured                                                   |   | A2/AA-  |   |   |   | 1,093,580 |       |   |   |   |   |
|   |      |   |                                                                            |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Louisville & Jefferson County, Kentucky Metropolitan Sewer District         |   |    |   |   |   |      |       |   |   |   |   |   |
|   | 1,570,000 |   | 4.250%, 05/15/20 AGMC Insured (pre-refunded)                                    |   | Aa3/AA- |   |   |   | 1,680,764 |       |   |   |   |   |
|   | 810,000   |   | 4.250%, 05/15/20 AGMC Insured                                                   |   | Aa3/NR  |   |   |   | 852,687   |       |   |   |   |   |
|   | 1,655,000 |   | 4.250%, 05/15/21 AGMC Insured (pre-refunded)                                    |   | Aa3/AA- |   |   |   | 1,771,760 |       |   |   |   |   |
|   | 855,000   |   | 4.250%, 05/15/21 AGMC Insured                                                   |   | Aa3/NR  |   |   |   | 897,459   |       |   |   |   |   |
|   | 990,000   |   | 5.000%, 05/15/26 AGMC Insured (pre-refunded)                                    |   | Aa3/AA- |   |   |   | 1,073,635 |       |   |   |   |   |
|   | 510,000   |   | 5.000%, 05/15/26 AGMC Insured                                                   |   | Aa3/NR  |   |   |   | 537,402   |       |   |   |   |   |
|   | 500,000   |   | 5.000%, 05/15/28 Series A                                                       |   | Aa3/AA  |   |   |   | 550,160   |       |   |   |   |   |
|   | 1,350,000 |   | 5.000%, 05/15/34                                                                |   | Aa3/AA  |   |   |   | 1,447,119 |       |   |   |   |   |
|   | 635,000   |   | 4.250%, 05/15/38 Series A AGMC Insured                                          |   | Aa3/AA  |   |   |   | 636,632   |       |   |   |   |   |
|   |      |   |                                                                            |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Northern Kentucky Water District                                                |   |    |   |   |   |      |       |   |   |   |   |   |
|   | 1,000,000 |   | 5.000%, 02/01/26                                                                |   | Aa3/NR  |   |   |   | 1,106,390 |       |   |   |   |   |
|   | 1,825,000 |   | 6.000%, 02/01/28 AGMC Insured                                                   |   | Aa3/NR  |   |   |   | 2,009,654 |       |   |   |   |   |
|   | 1,250,000 |   | 4.500%, 02/01/30                                                                |   | Aa3/NR  |   |   |   | 1,292,125 |       |   |   |   |   |
|   |      |   |                                                                            |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Owensboro, Kentucky Electric, Light and Power                                   |   |    |   |   |   |      |       |   |   |   |   |   |
|   | 1,000,000 |   | 5.000%, 01/01/21 AGMC Insured                                                   |   | A2/AA-  |   |   |   | 1,135,530 |       |   |   |   |   |
|   | 3,000,000 |   | 5.000%, 01/01/26 AGMC Insured Series B                                          |   | A2/AA-  |   |   |   | 3,194,790 |       |   |   |   |   |
|   |      |   |                                                                            |   |    |   |   |   |      |       |   |   |   |   |   |
|   |      |   | Owensboro, Kentucky Water Revenue                                               |   |    |   |   |   |      |       |   |   |   |   |   |
|   | 500,000   |   | 5.000%, 09/15/27 AGMC Insured                                                   |   | A1/NR   |   |   |   | 533,145   |       |   |   |   |   |

----

|   |    |   |                                                                                                                                                                                                                                                                                                                  |   |                |   |   |   |    |        |   |   |   |   |   |
|--------|---------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|--------|--------|--------|---------|-------------|--------|--------|--------|--------|--------|
|   |    |   | Owensboro-Daviess County, Kentucky Regional Water Resource Agency Wastewater Refunding & Improvement                                                                                                                                                                                                              |   |                |   |   |   |    |        |   |   |   |   |   |
|   | 930,000 |   | 4.375%, 01/01/27 Series A Syncora Guarantee, Inc. Insured                                                                                                                                                                                                                                                             |   | NR/A+               |   |   |   | 940,053 |        |   |   |   |   |
|   |    |   |                                                                                                                                                                                                                                                                                                                  |   |                |   |   |   |    |        |   |   |   |   |   |
|   |    |   | Trimble County, Kentucky Environmental Facilities Revenue Refunding, Louisville Gas & Electric Co.                                                                                                                                                                                                                |   |                |   |   |   |    |        |   |   |   |   |   |
|   | 500,000 |   | 4.600%, 06/01/33 AMBAC Insured                                                                                                                                                                                                                                                                                        |   |                | A2/A-  |   |   |    | 500,690     |   |   |   |   |   |
|   |    |   |                                                                                                                                                                                                                                                                                                                  |   |                |   |   |   |    |        |   |   |   |   |   |
|   |    |   | Total Utilities                                                                                                                                                                                                                                                                                                       |   |                |   |   |   |    | 27,613,771  |   |   |   |   |   |
|   |    |   |                                                                                                                                                                                                                                                                                                                  |   |                |   |   |   |    |        |   |   |   |   |   |
|   |    |   | Total Revenue Bonds                                                                                                                                                                                                                                                                                                   |   |                |   |   |   |    | 244,037,777 |   |   |   |   |   |
|   |    |   |                                                                                                                                                                                                                                                                                                                  |   |                |   |   |   |    |        |   |   |   |   |   |
|   |    |   | Total Investments (cost $249,295,131-note b)                                                                                                                                                                                                                                                                          |   |                | 98.8   | %      |   |    | 256,025,139 |   |   |   |   |   |
|   |    |   | Other assets less liabilities                                                                                                                                                                                                                                                                                         |   |                | 1.2    |   |   |    | 3,009,227   |   |   |   |   |   |
|   |    |   | Net Assets                                                                                                                                                                                                                                                                                                            |   |                | 100.0  | %      |   | $       | 259,034,366 |   |   |   |   |   |
|   |    |   |                                                                                                                                                                                                                                                                                                                  |   |                |   |   |   |    |        |   |   |   |   |   |
|   |    |   | * Any security not rated ("NR") by any of the Nationally Recognized Statistical Rating Organizations ("NRSRO" or "Credit Rating Agency") has been determined by the Investment Adviser to have sufficient quality to be ranked in the top credit four ratings if a credit rating were to be assigned by a NRSRO. |   |                |   |   |   |    |        |   |   |
|   |    |   |                                                                                                                                                                                                                                                                                                                  |   |                |   |   |   |    |        |   |   |   |   |   |
|   |    |   | Fitch ratings                                                                                                                                                                                                                                                                                                         |   |                |   |   |   |    |        |   |   |   |   |   |
|   |    |   | ** AAA                                                                                                                                                                                                                                                                                                                |   |                |   |   |   |    |        |   |   |   |   |   |
|   |    |   | *** AA                                                                                                                                                                                                                                                                                                                |   |                |   |   |   |    |        |   |   |   |   |   |
|   |    |   | **** A                                                                                                                                                                                                                                                                                                                |   |                |   |   |   |    |        |   |   |   |   |   |
|   |    |   |                                                                                                                                                                                                                                                                                                                  |   |                |   |   |   |    |        |   |   |   |   |   |
|   |    |   |                                                                                                                                                                                                                                                                                                                  |   | Percent of          |   |   |   |    |        |   |   |   |   |
|   |    |   | Portfolio Distribution By Quality Rating                                                                                                                                                                                                                                                                              |   | Investments † |   |   |   |    |        |   |   |   |   |
|   |    |   |                                                                                                                                                                                                                                                                                                                  |   |                |   |   |   |    |        |   |   |   |   |   |
|   |    |   | Aaa of Moody's or AAA of S&P or Fitch                                                                                                                                                                                                                                                                             |   |                | 4.8    | %      |   |    |        |   |   |   |   |
|   |    |   | Pre-refunded bonds †† / Escrowed to Maturity bonds                                                                                                                                                                                                                                                        |   |                | 11.2   |   |   |    |        |   |   |   |   |   |
|   |    |   | Aa of Moody's or AA of S&P or Fitch                                                                                                                                                                                                                                                                               |   |                | 66.8   |   |   |    |        |   |   |   |   |   |
|   |    |   | A of Moody's or S&P or Fitch                                                                                                                                                                                                                                                                                      |   |                | 16.5   |   |   |    |        |   |   |   |   |   |
|   |    |   | Not rated*                                                                                                                                                                                                                                                                                                            |   |                | 0.7    |   |   |    |        |   |   |   |   |   |
|   |    |   |                                                                                                                                                                                                                                                                                                                  |   |                | 100.0  | %      |   |    |        |   |   |   |   |
|   |    |   |                                                                                                                                                                                                                                                                                                                  |   |                |   |   |   |    |        |   |   |   |   |   |
|   |    |   | † Where applicable, calculated using the highest rating of the three NRSRO.                                                                                                                                                                                                                                     |   |                |   |   |   |    |        |   |   |
|   |    |   |                                                                                                                                                                                                                                                                                                                  |   |                |   |   |   |    |        |   |   |   |   |   |
|   |    |   | †† Pre-refunded bonds are bonds for which U.S. Government Obligations usually have been placed in escrow to retire the bonds at their earliest call date.                                                                                                                                                 |   |                |   |   |   |    |        |   |   |
|   |    |   |                                                                                                                                                                                                                                                                                                                  |   |                |   |   |   |    |        |   |   |   |   |   |
|   |    |   | PORTFOLIO ABBREVIATIONS:                                                                                                                                                                                                                                                                                              |   |                |   |   |   |    |        |   |   |   |   |   |
|   |    |   | AGC - Assured Guaranty Corp.                                                                                                                                                                                                                                                                                          |   |                |   |   |   |    |        |   |   |   |   |   |
|   |    |   | AGMC - Assured Guaranty Municipal Corp.                                                                                                                                                                                                                                                                               |   |                |   |   |   |    |        |   |   |   |   |   |
|   |    |   | AMBAC - American Municipal Bond Assurance Corp.                                                                                                                                                                                                                                                                       |   |                |   |   |   |    |        |   |   |   |   |   |
|   |    |   | AMT - Alternative Minimum Tax                                                                                                                                                                                                                                                                                         |   |                |   |   |   |    |        |   |   |   |   |   |
|   |    |   | FGIC - Financial Guaranty Insurance Co.                                                                                                                                                                                                                                                                               |   |                |   |   |   |    |        |   |   |   |   |   |
|   |    |   | NPFG - National Public Finance Guarantee                                                                                                                                                                                                                                                                              |   |                |   |   |   |    |        |   |   |   |   |   |
|   |    |   | NR - Not Rated                                                                                                                                                                                                                                                                                                        |   |                |   |   |   |    |        |   |   |   |   |   |
|   |    |   |                                                                                                                                                                                                                                                                                                                  |   |                |   |   |   |    |        |   |   |   |   |   |
|   |    |   | See accompanying notes to financial statements.                                                                                                                                                                                                                                                                       |   |                |   |   |   |    |        |   |   |   |   |   |
|   |    |   |                                                                                                                                                                                                                                                                                                                  |   |                |   |   |   |    |        |   |   |   |   |   |

----

| CHURCHILL TAX-FREE FUND OF KENTUCKY |
|-------------------------------------|
| NOTES TO FINANCIAL STATEMENTS       |
| June 30, 2013                       |
| (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 June 30, 2013, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $249,129,713 amounted to of $6,895,426, which consisted of aggregate gross unrealized appreciation of $10,391,500 and aggregate gross unrealized depreciation of $3,496,074.                                                                                    |
|                                                                                                                                                                                                                                                                                                                                                                                   |
| (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 June 30, 2013:                                                                                                                                                                                                                  |

|  Valuation Inputs                                                      |   |   | Investments in Securities |   |
|-----------------------------------------------------------------------------|--------|--------|---------------------------|--------|
|  Level 1 – Quoted Prices                                         |   | $      | -                         |   |
|  Level 2 – Other Significant Observable Inputs- Municipal Bonds+ |   |   | 256,025,139               |   |
|  Level 3 – Significant Unobservable Inputs                       |   |   | -                         |   |
|  Total                                                                 |   | $      | 256,025,139               |   |

----

----

| CHURCHILL TAX-FREE TRUST |                                          |   |
|--------------------------|-----------------------------------------------|--------|
|                     |                                          |   |
|                     |                                          |   |   |
| By:                      | /s/ Diana P. Herrmann                    |   |   |
|                     | Diana P. Herrmann                             |   |   |
|                     | President and Trustee                         |   |   |
|                     | August 20     , 2013 |   |   |

|   |                                          |   |   |
|--------|-----------------------------------------------|--------|--------|
| By:    | /s/  Diana P. Herrmann                   |   |   |
|   | Diana P. Herrmann                             |   |   |
|   | President and Trustee                         |   |   |
|   | August 20     , 2013 |   |   |
|   |                                          |   |   |
|   |                                          |   |   |
| By:    | /s/ Joseph P. DiMaggio                        |   |   |
|   | Chief Financial Officer and Treasurer         |   |   |
|   | August 20     , 2013 |   |   |