<TABLE>
<CAPTION>

T O T A L   R E T U R N   B A S E D   O N   P O P
Churchill Tax-Free Fund of Kentucky (Class A Shares)
1-YR AVG. TOTAL RETURN AS OF 12/31/96    -0.01%
1-YR CUM. TOTAL RETURN AS OF 12/31/96    -0.01%
Initial Investment                      $1,000
Net Asset Value Per Share (NAV)         $10.71   As of 12/31/95
Public Offering Price Per Share (POP)   $11.16   As of 12/31/95
Number of Shares Purchased              89.606   Based on POP

                    INVESTMENT       NUMBER       PERIOD       PERIOD
                    @ BEGINNING        OF        DIVIDEND         $
                     OF PERIOD       SHARES       FACTOR       DIVIDEND
<S>                   <C>             <C>       <C>              <C>
JANUARY 1996          1,000.00        89.606    0.04506100 *     4.04
FEBRUARY 1996           961.03        89.984    0.04961200       4.46
MARCH 1996              960.09        90.404    0.04847300       4.38
APRIL 1996              950.91        90.823    0.04827700       4.38
MAY 1996                952.57        91.243    0.05134800       4.69
JUNE 1996               959.08        91.691    0.04662400       4.27
JULY 1996               956.02        92.102    0.04781339       4.40
AUGUST 1996             965.95        92.524    0.04963130       4.59
SEPTEMBER 1996          971.47        92.964    0.04970831       4.62
OCTOBER 1996            978.88        93.405    0.05126172       4.79
NOVEMBER 1996           982.73        93.862    0.04799971       4.51
DECEMBER 27, 1996**     999.44        94.287    0.04802775       4.53
DECEMBER 31, 1996     1,001.14        94.715    0.00638544       0.60


<CAPTION>
                       ENDING
                      NET ASSET                  INVESTMENT   CUMULATIVE
                      VALUE PER      DIVIDEND      @ END        TOTAL
                        SHARE         SHARES     OF PERIOD     RETURN

<S>                      <C>            <C>         <C>          <C>
JANUARY 1996             10.68         0.378        961.03      -3.90%
FEBRUARY 1996            10.62         0.420        960.09      -3.99%
MARCH 1996               10.47         0.419        950.91      -4.91%
APRIL 1996               10.44         0.420        952.57      -4.74%
MAY 1996                 10.46         0.448        959.08      -4.09%
JUNE 1996                10.38         0.412        956.02      -4.40%
JULY 1996                10.44         0.422        965.95      -3.40%
AUGUST 1996              10.45         0.439        971.47      -2.85%
SEPTEMBER 1996           10.48         0.441        978.88      -2.11%
OCTOBER 1996             10.47         0.457        982.73      -1.73%
NOVEMBER 1996            10.60         0.425        999.44      -0.06%
DECEMBER 27, 1996**      10.57         0.428      1,001.14       0.11%
DECEMBER 31, 1996        10.55         0.057        999.85      -0.01%



<FN>
* For the period 1/1/96-1/26/96
</FN>

<FN>
** Record Date
</FN>
</TABLE>


<PAGE>


<TABLE>
<CAPTION>

T O T A L   R E T U R N   B A S E D   O N   P O P
Churchill Tax-Free Fund of Kentucky (Class A Shares)
5-YEAR AVERAGE ANNUAL TOTAL RETURN AS OF 12/31/96       5.69%
5-YEAR CUMULATIVE TOTAL RETURN AS OF 12/31/96          31.87%
Initial Investment                      $1,000
Net Asset Value Per Share (NAV)         $10.39   As of 12/31/91
Public Offering Price Per Share (POP)   $10.82   As of 12/31/91
Number of Shares Purchased              92.421   Based on POP

                    INVESTMENT       NUMBER       PERIOD        PERIOD
                    @ BEGINNING        OF        DIVIDEND         $
                     OF PERIOD       SHARES       FACTOR       DIVIDEND
<S>                   <C>             <C>         <C>            <C>
JANUARY 1992          1,000.00        92.421    0.04933300 *     4.56
FEBRUARY 1992           966.67        92.859    0.05525300       5.13
MARCH 1992              965.30        93.356    0.05471900       5.11
APRIL 1992              966.67        93.852    0.05537800       5.20
MAY 1992                974.68        94.355    0.05395100       5.09
JUNE 1992               984.49        94.845    0.05391500       5.11
JULY 1992             1,000.04        95.333    0.05662800       5.40
AUGUST 1992           1,029.27        95.835    0.05424600       5.20
SEPTEMBER 1992        1,016.26        96.328    0.05378200       5.18
OCTOBER 1992          1,024.33        96.818    0.05470100       5.30
NOVEMBER 1992         1,009.30        97.328    0.05274800       5.13
DECEMBER 1992         1,031.95        97.815    0.14459500      14.14
JANUARY 1993          1,040.22        99.163    0.05266500       5.22
FEBRUARY 1993         1,051.40        99.658    0.05278300       5.26
MARCH 1993            1,083.56       100.144    0.05237700       5.25
APRIL 1993            1,073.79       100.636    0.05153900       5.19
MAY 1993              1,084.01       101.120    0.05132900       5.19
JUNE 1993             1,092.23       101.603    0.05198700       5.28
JULY 1993             1,105.64       102.090    0.04980100       5.08
AUGUST 1993           1,105.62       102.562    0.04950700       5.08
SEPTEMBER 1993        1,125.06       103.027    0.05201400       5.36
OCTOBER 1993          1,138.66       103.514    0.05035700       5.21
NOVEMBER 1993         1,137.66       103.991    0.04959600       5.16
DECEMBER 1993         1,130.34       104.467    0.08250300       8.62
JANUARY 1994          1,149.40       105.257    0.04781900       5.03
FEBRUARY 1994         1,154.44       105.718    0.04993700       5.28
MARCH 1994            1,138.57       106.210    0.04849600       5.15
APRIL 1994            1,122.48       106.700    0.05139600       5.48
MAY 1994              1,113.03       107.228    0.04990200       5.35
JUNE 1994             1,115.16       107.745    0.04961200       5.35
JULY 1994             1,120.51       108.261    0.05110400       5.53
AUGUST 1994           1,126.04       108.796    0.05069200       5.52
SEPTEMBER 1994        1,130.47       109.329    0.05267600       5.76
OCTOBER 1994          1,124.20       109.892    0.04797200       5.27
NOVEMBER 1994         1,111.89       110.416    0.05143200       5.68
DECEMBER 1994         1,085.55       110.996    0.05258700       5.84
JANUARY 1995          1,112.47       111.582    0.05023900       5.61
FEBRUARY 1995         1,132.58       112.137    0.04867200       5.46
MARCH 1995            1,163.83       112.665    0.05205600       5.86
APRIL 1995            1,178.71       113.229    0.05010500       5.67
MAY 1995              1,184.38       113.774    0.05017600       5.71
JUNE 1995             1,202.61       114.316    0.05149600       5.89
JULY 1995             1,208.49       114.876    0.05089400       5.85
AUGUST 1995           1,205.15       115.436    0.05222900       6.03
SEPTEMBER 1995        1,210.03       116.014    0.04817300       5.59
OCTOBER 1995          1,217.94       116.549    0.04754400       5.54
NOVEMBER 1995         1,237.46       117.073    0.04927400       5.77
DECEMBER 1995         1,250.26       117.616    0.04795500       5.64
JANUARY 1996          1,262.95       118.143    0.04828300       5.70
FEBRUARY 1996         1,267.48       118.677    0.04961200       5.89
MARCH 1996            1,266.24       119.232    0.04847300       5.78
APRIL 1996            1,254.14       119.784    0.04827700       5.78
MAY 1996              1,256.33       120.338    0.05134800       6.18
JUNE 1996             1,264.91       120.929    0.04662400       5.64
JULY 1996             1,260.88       121.472    0.04781339       5.81
AUGUST 1996           1,273.97       122.028    0.04963130       6.06
SEPTEMBER 1996        1,281.25       122.608    0.04970831       6.09
OCTOBER 1996          1,291.02       123.189    0.05126172       6.31
NOVEMBER 1996         1,296.11       123.792    0.04799971       5.94
DECEMBER 27, 1996**   1,318.14       124.353    0.04802775       5.97
DECEMBER 31, 1996     1,320.38       124.918    0.00638544       0.80


<CAPTION>

                       ENDING
                      NET ASSET                  INVESTMENT   CUMULATIVE
                      VALUE PER      DIVIDEND      @ END        TOTAL
                        SHARE         SHARES     OF PERIOD     RETURN

<S>                      <C>            <C>         <C>          <C>
JANUARY 1992             10.41         0.438        966.67      -3.33%
FEBRUARY 1992            10.34         0.496        965.30      -3.47%
MARCH 1992               10.30         0.496        966.67      -3.33%
APRIL 1992               10.33         0.503        974.68      -2.53%
MAY 1992                 10.38         0.490        984.49      -1.55%
JUNE 1992                10.49         0.487      1,000.04       0.00%
JULY 1992                10.74         0.503      1,029.27       2.93%
AUGUST 1992              10.55         0.493      1,016.26       1.63%
SEPTEMBER 1992           10.58         0.490      1,024.33       2.43%
OCTOBER 1992             10.37         0.511      1,009.30       0.93%
NOVEMBER 1992            10.55         0.487      1,031.95       3.19%
DECEMBER 1992            10.49         1.348      1,040.22       4.02%
JANUARY 1993             10.55         0.495      1,051.40       5.14%
FEBRUARY 1993            10.82         0.486      1,083.56       8.36%
MARCH 1993               10.67         0.492      1,073.79       7.38%
APRIL 1993               10.72         0.484      1,084.01       8.40%
MAY 1993                 10.75         0.483      1,092.23       9.22%
JUNE 1993                10.83         0.488      1,105.64      10.56%
JULY 1993                10.78         0.472      1,105.62      10.56%
AUGUST 1993              10.92         0.465      1,125.06      12.51%
SEPTEMBER 1993           11.00         0.487      1,138.66      13.87%
OCTOBER 1993             10.94         0.476      1,137.66      13.77%
NOVEMBER 1993            10.82         0.477      1,130.34      13.03%
DECEMBER 1993            10.92         0.789      1,149.40      14.94%
JANUARY 1994             10.92         0.461      1,154.44      15.44%
FEBRUARY 1994            10.72         0.492      1,138.57      13.86%
MARCH 1994               10.52         0.490      1,122.48      12.25%
APRIL 1994               10.38         0.528      1,113.03      11.30%
MAY 1994                 10.35         0.517      1,115.16      11.52%
JUNE 1994                10.35         0.516      1,120.51      12.05%
JULY 1994                10.35         0.535      1,126.04      12.60%
AUGUST 1994              10.34         0.533      1,130.47      13.05%
SEPTEMBER 1994           10.23         0.563      1,124.20      12.42%
OCTOBER 1994             10.07         0.524      1,111.89      11.19%
NOVEMBER 1994             9.78         0.581      1,085.55       8.55%
DECEMBER 1994             9.97         0.585      1,112.47      11.25%
JANUARY 1995             10.10         0.555      1,132.58      13.26%
FEBRUARY 1995            10.33         0.528      1,163.83      16.38%
MARCH 1995               10.41         0.563      1,178.71      17.87%
APRIL 1995               10.41         0.545      1,184.38      18.44%
MAY 1995                 10.52         0.543      1,202.61      20.26%
JUNE 1995                10.52         0.560      1,208.49      20.85%
JULY 1995                10.44         0.560      1,205.15      20.52%
AUGUST 1995              10.43         0.578      1,210.03      21.00%
SEPTEMBER 1995           10.45         0.535      1,217.94      21.79%
OCTOBER 1995             10.57         0.524      1,237.46      23.75%
NOVEMBER 1995            10.63         0.543      1,250.26      25.03%
DECEMBER 1995            10.69         0.528      1,262.95      26.30%
JANUARY 1996             10.68         0.534      1,267.48      26.75%
FEBRUARY 1996            10.62         0.554      1,266.24      26.62%
MARCH 1996               10.47         0.552      1,254.14      25.41%
APRIL 1996               10.44         0.554      1,256.33      25.63%
MAY 1996                 10.46         0.591      1,264.91      26.49%
JUNE 1996                10.38         0.543      1,260.88      26.09%
JULY 1996                10.44         0.556      1,273.97      27.40%
AUGUST 1996              10.45         0.580      1,281.25      28.12%
SEPTEMBER 1996           10.48         0.582      1,291.02      29.10%
OCTOBER 1996             10.47         0.603      1,296.11      29.61%
NOVEMBER 1996            10.60         0.561      1,318.14      31.81%
DECEMBER 27, 1996**      10.57         0.565      1,320.38      32.04%
DECEMBER 31, 1996        10.55         0.076      1,318.68      31.87%


<FN>
* For the period 1/1/92-1/27/92
</FN>

<FN>
** Record Date
</FN>
</TABLE>


<PAGE>


<TABLE>
<CAPTION>

T O T A L   R E T U R N   B A S E D   O N   P O P
Churchill Tax-Free Fund of Kentucky (Class A Shares)
INCEPTION AVG. ANNUAL TOTAL RETURN AS OF 12/31/96       7.11%
INCEPTION CUMULATIVE TOTAL RETURN AS OF 12/31/96       93.62%
Initial Investment                      $1,000
Net Asset Value Per Share (NAV)          $9.60   As of 5/21/87
Public Offering Price Per Share (POP)   $10.00   As of 5/21/87
Number of Shares Purchased             100.000   Based on POP

                    INVESTMENT       NUMBER       PERIOD        PERIOD
                    @ BEGINNING        OF        DIVIDEND         $
                     OF PERIOD       SHARES       FACTOR       DIVIDEND

<S>                   <C>            <C>          <C>            <C>
JUNE 1987             1,000.00       100.000    0.00162700       0.16
JULY 1987               961.16       100.017    0.00595600       0.60
AUGUST 1987             964.76       100.079    0.03875100       3.88
SEPTEMBER 1987          972.64       100.479    0.05771400       5.80
OCTOBER 1987            935.23       101.106    0.05561900       5.62
NOVEMBER 1987           916.59       101.730    0.05601800       5.70
DECEMBER 1987           936.53       102.353    0.05856700       5.99
JANUARY 1988            953.79       103.001    0.05394000       5.56
FEBRUARY 1988           995.39       103.579    0.05760400       5.97
MARCH 1988            1,003.43       104.198    0.05843900       6.09
APRIL 1988              995.97       104.839    0.05395700       5.66
MAY 1988                994.29       105.439    0.05850400       6.17
JUNE 1988               985.70       106.103    0.05580500       5.92
JULY 1988             1,017.08       106.724    0.05319000       5.68
AUGUST 1988           1,020.63       107.321    0.06111200       6.56
SEPTEMBER 1988        1,030.40       108.009    0.05694700       6.15
OCTOBER 1988          1,047.36       108.647    0.05856300       6.36
NOVEMBER 1988         1,063.50       109.301    0.05541900       6.06
DECEMBER 1988         1,052.07       109.934    0.05641800       6.20
JANUARY 1989          1,053.87       110.585    0.06121000       6.77
FEBRUARY 1989         1,079.44       111.282    0.05268300       5.86
MARCH 1989            1,071.95       111.894    0.05938900       6.65
APRIL 1989            1,075.24       112.590    0.05329500       6.00
MAY 1989              1,095.87       113.210    0.06329600       7.17
JUNE 1989             1,130.21       113.932    0.05424800       6.18
JULY 1989             1,143.23       114.552    0.05242100       6.00
AUGUST 1989           1,153.81       115.151    0.06111000       7.04
SEPTEMBER 1989        1,152.79       115.858    0.05516100       6.39
OCTOBER 1989          1,144.12       116.509    0.05541500       6.46
NOVEMBER 1989         1,159.90       117.161    0.06216800       7.28
DECEMBER 1989         1,176.55       117.891    0.05435300       6.41
JANUARY 1990          1,193.57       118.527    0.05577000       6.61
FEBRUARY 1990         1,190.70       119.189    0.06008700       7.16
MARCH 1990            1,188.33       119.912    0.05240900       6.28
APRIL 1990            1,194.61       120.546    0.05648600       6.81
MAY 1990              1,191.78       121.239    0.05472300       6.63
JUNE 1990             1,202.05       121.911    0.05752500       7.01
JULY 1990             1,215.16       122.619    0.05635800       6.91
AUGUST 1990           1,230.65       123.312    0.05611500       6.92
SEPTEMBER 1990        1,222.77       124.013    0.05659000       7.02
OCTOBER 1990          1,226.07       124.727    0.05904200       7.36
NOVEMBER 1990         1,225.95       125.481    0.05934600       7.45
DECEMBER 1990         1,252.22       126.232    0.05568700       7.03
JANUARY 1991          1,269.35       126.935    0.05498400       6.98
FEBRUARY 1991         1,276.33       127.633    0.05817600       7.43
MARCH 1991            1,295.24       128.369    0.05428700       6.97
APRIL 1991            1,288.09       129.067    0.05570600       7.19
MAY 1991              1,301.73       129.784    0.05317000       6.90
JUNE 1991             1,312.52       130.470    0.05732400       7.48
JULY 1991             1,314.78       131.216    0.05672100       7.44
AUGUST 1991           1,335.35       131.951    0.05816200       7.67
SEPTEMBER 1991        1,348.30       132.707    0.05442800       7.22
OCTOBER 1991          1,366.14       133.412    0.05416500       7.23
NOVEMBER 1991         1,377.37       134.116    0.05594000       7.50
DECEMBER 1991         1,382.19       134.848    0.05619200       7.58
JANUARY 1992          1,403.25       135.580    0.05854500       7.94
FEBRUARY 1992         1,419.32       136.342    0.05525300       7.53
MARCH 1992            1,417.31       137.071    0.05471900       7.50
APRIL 1992            1,419.33       137.799    0.05537800       7.63
MAY 1992              1,431.10       138.538    0.05395100       7.47
JUNE 1992             1,445.50       139.258    0.05391500       7.51
JULY 1992             1,468.32       139.974    0.05662800       7.93
AUGUST 1992           1,511.24       140.712    0.05424600       7.63
SEPTEMBER 1992        1,492.14       141.435    0.05378200       7.61
OCTOBER 1992          1,503.99       142.154    0.05470100       7.78
NOVEMBER 1992         1,481.91       142.904    0.05274800       7.54
DECEMBER 1992         1,515.17       143.618    0.14459500      20.77
JANUARY 1993          1,527.32       145.598    0.05266500       7.67
FEBRUARY 1993         1,543.73       146.325    0.05278300       7.72
MARCH 1993            1,590.96       147.039    0.05237700       7.70
APRIL 1993            1,576.60       147.761    0.05153900       7.62
MAY 1993              1,591.61       148.471    0.05132900       7.62
JUNE 1993             1,603.68       149.180    0.05198700       7.76
JULY 1993             1,623.37       149.896    0.04980100       7.46
AUGUST 1993           1,623.34       150.588    0.04950700       7.46
SEPTEMBER 1993        1,651.88       151.271    0.05201400       7.87
OCTOBER 1993          1,671.85       151.986    0.05035700       7.65
NOVEMBER 1993         1,670.39       152.686    0.04959600       7.57
DECEMBER 1993         1,659.64       153.386    0.08250300      12.65
JANUARY 1994          1,687.63       154.545    0.04781900       7.39
FEBRUARY 1994         1,695.02       155.222    0.04993700       7.75
MARCH 1994            1,671.73       155.945    0.04849600       7.56
APRIL 1994            1,648.10       156.663    0.05139600       8.05
MAY 1994              1,634.22       157.439    0.04990200       7.86
JUNE 1994             1,637.35       158.198    0.04961200       7.85
JULY 1994             1,645.20       158.957    0.05110400       8.12
AUGUST 1994           1,653.32       159.741    0.05069200       8.10
SEPTEMBER 1994        1,659.82       160.525    0.05267600       8.46
OCTOBER 1994          1,650.62       161.351    0.04797200       7.74
NOVEMBER 1994         1,632.55       162.120    0.05143200       8.34
DECEMBER 1994         1,593.87       162.972    0.05258700       8.57
JANUARY 1995          1,633.40       163.832    0.05023900       8.23
FEBRUARY 1995         1,662.93       164.647    0.04867200       8.01
MARCH 1995            1,708.82       165.423    0.05205600       8.61
APRIL 1995            1,730.66       166.250    0.05010500       8.33
MAY 1995              1,738.99       167.050    0.05017600       8.38
JUNE 1995             1,765.75       167.847    0.05149600       8.64
JULY 1995             1,774.39       168.668    0.05089400       8.58
AUGUST 1995           1,769.48       169.491    0.05222900       8.85
SEPTEMBER 1995        1,776.64       170.339    0.04817300       8.21
OCTOBER 1995          1,788.25       171.125    0.04754400       8.14
NOVEMBER 1995         1,816.92       171.894    0.04927400       8.47
DECEMBER 1995         1,835.71       172.691    0.04795500       8.28
JANUARY 1996          1,854.35       173.466    0.04828300       8.38
FEBRUARY 1996         1,860.99       174.250    0.04961200       8.64
MARCH 1996            1,859.18       175.064    0.04847300       8.49
APRIL 1996            1,841.41       175.875    0.04827700       8.49
MAY 1996              1,844.62       176.688    0.05134800       9.07
JUNE 1996             1,857.23       177.555    0.04662400       8.28
JULY 1996             1,851.30       178.353    0.04781339       8.53
AUGUST 1996           1,870.53       179.170    0.04963130       8.89
SEPTEMBER 1996        1,881.21       180.021    0.04970831       8.95
OCTOBER 1996          1,895.56       180.874    0.05126172       9.27
NOVEMBER 1996         1,903.03       181.760    0.04799971       8.72
DECEMBER 27, 1996*    1,935.38       182.583    0.04802775       8.77
DECEMBER 31, 1996     1,938.67       183.413    0.00638544       1.17


<CAPTION>
                        ENDING
                       NET ASSET                  INVESTMENT   CUMULATIVE
                       VALUE PER      DIVIDEND      @ END        TOTAL
                         SHARE         SHARES     OF PERIOD     RETURN

<S>                      <C>            <C>         <C>          <C>
JUNE 1987                 9.61         0.017        961.16      -3.88%
JULY 1987                 9.64         0.062        964.76      -3.52%
AUGUST 1987               9.68         0.401        972.64      -2.74%
SEPTEMBER 1987            9.25         0.627        935.23      -6.48%
OCTOBER 1987              9.01         0.624        916.59      -8.34%
NOVEMBER 1987             9.15         0.623        936.53      -6.35%
DECEMBER 1987             9.26         0.647        953.79      -4.62%
JANUARY 1988              9.61         0.578        995.39      -0.46%
FEBRUARY 1988             9.63         0.620      1,003.43       0.34%
MARCH 1988                9.50         0.641        995.97      -0.40%
APRIL 1988                9.43         0.600        994.29      -0.57%
MAY 1988                  9.29         0.664        985.70      -1.43%
JUNE 1988                 9.53         0.621      1,017.08       1.71%
JULY 1988                 9.51         0.597      1,020.63       2.06%
AUGUST 1988               9.54         0.687      1,030.40       3.04%
SEPTEMBER 1988            9.64         0.638      1,047.36       4.74%
OCTOBER 1988              9.73         0.654      1,063.50       6.35%
NOVEMBER 1988             9.57         0.633      1,052.07       5.21%
DECEMBER 1988             9.53         0.651      1,053.87       5.39%
JANUARY 1989              9.70         0.698      1,079.44       7.94%
FEBRUARY 1989             9.58         0.612      1,071.95       7.19%
MARCH 1989                9.55         0.696      1,075.24       7.52%
APRIL 1989                9.68         0.620      1,095.87       9.59%
MAY 1989                  9.92         0.722      1,130.21      13.02%
JUNE 1989                 9.98         0.619      1,143.23      14.32%
JULY 1989                10.02         0.599      1,153.81      15.38%
AUGUST 1989               9.95         0.707      1,152.79      15.28%
SEPTEMBER 1989            9.82         0.651      1,144.12      14.41%
OCTOBER 1989              9.90         0.652      1,159.90      15.99%
NOVEMBER 1989             9.98         0.730      1,176.55      17.66%
DECEMBER 1989            10.07         0.636      1,193.57      19.36%
JANUARY 1990              9.99         0.662      1,190.70      19.07%
FEBRUARY 1990             9.91         0.723      1,188.33      18.83%
MARCH 1990                9.91         0.634      1,194.61      19.46%
APRIL 1990                9.83         0.693      1,191.78      19.18%
MAY 1990                  9.86         0.673      1,202.05      20.20%
JUNE 1990                 9.91         0.708      1,215.16      21.52%
JULY 1990                 9.98         0.692      1,230.65      23.06%
AUGUST 1990               9.86         0.702      1,222.77      22.28%
SEPTEMBER 1990            9.83         0.714      1,226.07      22.61%
OCTOBER 1990              9.77         0.754      1,225.95      22.59%
NOVEMBER 1990             9.92         0.751      1,252.22      25.22%
DECEMBER 1990            10.00         0.703      1,269.35      26.93%
JANUARY 1991             10.00         0.698      1,276.33      27.63%
FEBRUARY 1991            10.09         0.736      1,295.24      29.52%
MARCH 1991                9.98         0.698      1,288.09      28.81%
APRIL 1991               10.03         0.717      1,301.73      30.17%
MAY 1991                 10.06         0.686      1,312.52      31.25%
JUNE 1991                10.02         0.746      1,314.78      31.48%
JULY 1991                10.12         0.735      1,335.35      33.53%
AUGUST 1991              10.16         0.755      1,348.30      34.83%
SEPTEMBER 1991           10.24         0.705      1,366.14      36.61%
OCTOBER 1991             10.27         0.704      1,377.37      37.74%
NOVEMBER 1991            10.25         0.732      1,382.19      38.22%
DECEMBER 1991            10.35         0.732      1,403.25      40.33%
JANUARY 1992             10.41         0.762      1,419.32      41.93%
FEBRUARY 1992            10.34         0.729      1,417.31      41.73%
MARCH 1992               10.30         0.728      1,419.33      41.93%
APRIL 1992               10.33         0.739      1,431.10      43.11%
MAY 1992                 10.38         0.720      1,445.50      44.55%
JUNE 1992                10.49         0.716      1,468.32      46.83%
JULY 1992                10.74         0.738      1,511.24      51.12%
AUGUST 1992              10.55         0.724      1,492.14      49.21%
SEPTEMBER 1992           10.58         0.719      1,503.99      50.40%
OCTOBER 1992             10.37         0.750      1,481.91      48.19%
NOVEMBER 1992            10.55         0.714      1,515.17      51.52%
DECEMBER 1992            10.49         1.980      1,527.32      52.73%
JANUARY 1993             10.55         0.727      1,543.73      54.37%
FEBRUARY 1993            10.82         0.714      1,590.96      59.10%
MARCH 1993               10.67         0.722      1,576.60      57.66%
APRIL 1993               10.72         0.710      1,591.61      59.16%
MAY 1993                 10.75         0.709      1,603.68      60.37%
JUNE 1993                10.83         0.716      1,623.37      62.34%
JULY 1993                10.78         0.692      1,623.34      62.33%
AUGUST 1993              10.92         0.683      1,651.88      65.19%
SEPTEMBER 1993           11.00         0.715      1,671.85      67.19%
OCTOBER 1993             10.94         0.700      1,670.39      67.04%
NOVEMBER 1993            10.82         0.700      1,659.64      65.96%
DECEMBER 1993            10.92         1.159      1,687.63      68.76%
JANUARY 1994             10.92         0.677      1,695.02      69.50%
FEBRUARY 1994            10.72         0.723      1,671.73      67.17%
MARCH 1994               10.52         0.719      1,648.10      64.81%
APRIL 1994               10.38         0.776      1,634.22      63.42%
MAY 1994                 10.35         0.759      1,637.35      63.74%
JUNE 1994                10.35         0.758      1,645.20      64.52%
JULY 1994                10.35         0.785      1,653.32      65.33%
AUGUST 1994              10.34         0.783      1,659.82      65.98%
SEPTEMBER 1994           10.23         0.827      1,650.62      65.06%
OCTOBER 1994             10.07         0.769      1,632.55      63.25%
NOVEMBER 1994             9.78         0.853      1,593.87      59.39%
DECEMBER 1994             9.97         0.860      1,633.40      63.34%
JANUARY 1995             10.10         0.815      1,662.93      66.29%
FEBRUARY 1995            10.33         0.776      1,708.82      70.88%
MARCH 1995               10.41         0.827      1,730.66      73.07%
APRIL 1995               10.41         0.800      1,738.99      73.90%
MAY 1995                 10.52         0.797      1,765.75      76.57%
JUNE 1995                10.52         0.822      1,774.39      77.44%
JULY 1995                10.44         0.822      1,769.48      76.95%
AUGUST 1995              10.43         0.849      1,776.64      77.66%
SEPTEMBER 1995           10.45         0.785      1,788.25      78.83%
OCTOBER 1995             10.57         0.770      1,816.92      81.69%
NOVEMBER 1995            10.63         0.797      1,835.71      83.57%
DECEMBER 1995            10.69         0.775      1,854.35      85.44%
JANUARY 1996             10.68         0.784      1,860.99      86.10%
FEBRUARY 1996            10.62         0.814      1,859.18      85.92%
MARCH 1996               10.47         0.810      1,841.41      84.14%
APRIL 1996               10.44         0.813      1,844.62      84.46%
MAY 1996                 10.46         0.867      1,857.23      85.72%
JUNE 1996                10.38         0.798      1,851.30      85.13%
JULY 1996                10.44         0.817      1,870.53      87.05%
AUGUST 1996              10.45         0.851      1,881.21      88.12%
SEPTEMBER 1996           10.48         0.854      1,895.56      89.56%
OCTOBER 1996             10.47         0.886      1,903.03      90.30%
NOVEMBER 1996            10.60         0.823      1,935.38      93.54%
DECEMBER 27, 1996*       10.57         0.830      1,938.67      93.87%
DECEMBER 31, 1996        10.55         0.111      1,936.17      93.62%

<FN>
* Record Date
</FN>
</TABLE>


<PAGE>


<TABLE>
<CAPTION>

S I N C E   I N C E P T I O N*   T O T A L   R E T U R N   
B A S E D   O N   P O P
Churchill Tax-Free Fund of Kentucky (Class C Shares)
AVERAGE ANNUAL TOTAL RETURN AS OF 12/31/96             N/A
CUMULATIVE TOTAL RETURN AS OF 12/31/96                3.69%
Initial Investment                      $1,000
Net Asset Value Per Share (NAV)         $10.47   As of 4/1/96 (Commencement
                                                               of Class)
Public Offering Price Per Share (POP)   $10.47   As of 4/1/96 (Commencement
                                                               of Class)
Number of Shares Purchased              95.511   Based on POP

                    INVESTMENT       NUMBER       PERIOD        PERIOD
                    @ BEGINNING        OF        DIVIDEND          $
                     OF PERIOD       SHARES       FACTOR       DIVIDEND

<S>                   <C>             <C>         <C>            <C>
APRIL 1996            1,000.00        95.511    0.03769200 **    3.60
MAY 1996                998.82        95.856    0.06668500       6.39
JUNE 1996             1,009.05        96.468    0.04819900       4.65
JULY 1996             1,005.98        96.916    0.03956402       3.83
AUGUST 1996           1,015.63        97.283    0.04210762       4.10
SEPTEMBER 1996        1,020.70        97.675    0.04200403       4.10
OCTOBER 1996          1,027.73        98.066    0.04339708       4.26
NOVEMBER 1996         1,031.01        98.473    0.04068724       4.01
DECEMBER 27, 1996***  1,047.82        98.851    0.03880967       3.84
DECEMBER 31, 1996     1,048.69        99.214    0.00540560       0.54


<CAPTION>
                       ENDING
                      NET ASSET                  INVESTMENT   CUMULATIVE
                      VALUE PER      DIVIDEND      @ END        TOTAL
                        SHARE         SHARES     OF PERIOD     RETURN

<S>                      <C>            <C>       <C>            <C>
APRIL 1996               10.42         0.345        998.82      -0.12%
MAY 1996                 10.46         0.611      1,009.05       0.91%
JUNE 1996                10.38         0.448      1,005.98       0.60%
JULY 1996                10.44         0.367      1,015.63       1.56%
AUGUST 1996              10.45         0.392      1,020.70       2.07%
SEPTEMBER 1996           10.48         0.391      1,027.73       2.77%
OCTOBER 1996             10.47         0.406      1,031.01       3.10%
NOVEMBER 1996            10.60         0.378      1,047.82       4.78%
DECEMBER 27, 1996***     10.57         0.363      1,048.69       4.87%
DECEMBER 31, 1996        10.45         0.051      1,036.85       3.69%


<FN>
* From 4/1/96 (Commencement of Class C Shares)
</FN>

<FN>
** For the period 4/1/96-4/26/96
</FN>

<FN>
*** Record Date
</FN>
</TABLE>


<PAGE>


<TABLE>
<CAPTION>

S I N C E   I N C E P T I O N*   T O T A L   R E T U R N   
B A S E D   O N   P O P
Churchill Tax-Free Fund of Kentucky (Class Y Shares)
AVERAGE ANNUAL TOTAL RETURN AS OF 12/31/96             N/A
CUMULATIVE TOTAL RETURN AS OF 12/31/96                5.24%
Initial Investment                      $1,000
Net Asset Value Per Share (NAV)         $10.47   As of 4/1/96 (Commencement
                                                               of Class
Public Offering Price Per Share (POP)   $10.47   As of 4/1/96 (Commencement
                                                               of Class
Number of Shares Purchased              95.511   Based on POP

                     INVESTMENT       NUMBER       PERIOD      PERIOD
                     @ BEGINNING        OF        DIVIDEND        $
                      OF PERIOD       SHARES       FACTOR     DIVIDEND

<S>                   <C>             <C>         <C>            <C>
APRIL 1996            1,000.00        95.511    0.03769200 **    3.60
MAY 1996              1,000.73        95.856    0.06106200       5.85
JUNE 1996             1,008.50        96.415    0.04790800       4.62
JULY 1996             1,005.41        96.860    0.04944324       4.79
AUGUST 1996           1,016.01        97.319    0.05760423       5.61
SEPTEMBER 1996        1,017.72        97.858    0.05114842       5.01
OCTOBER 1996          1,030.56        98.336    0.05091882       5.01
NOVEMBER 1996         1,039.50        98.812    0.04977067       4.92
DECEMBER 31, 1996***  1,054.30        99.275    0.05098197       5.06


<CAPTION>
                      ENDING
                     NET ASSET                  INVESTMENT   CUMULATIVE
                     VALUE PER      DIVIDEND      @ END        TOTAL
                       SHARE         SHARES     OF PERIOD     RETURN
APRIL 1996               10.44         0.345      1,000.73       0.07%
MAY 1996                 10.46         0.560      1,008.50       0.85%
JUNE 1996                10.38         0.445      1,005.41       0.54%
JULY 1996                10.44         0.459      1,016.01       1.60%
AUGUST 1996              10.40         0.539      1,017.72       1.77%
SEPTEMBER 1996           10.48         0.478      1,030.56       3.06%
OCTOBER 1996             10.52         0.476      1,039.50       3.95%
NOVEMBER 1996            10.62         0.463      1,054.30       5.43%
DECEMBER 31, 1996***     10.55         0.480      1,052.41       5.24%


<FN>
* From 4/1/96 (Commencement of Class Y Shares)
</FN>

<FN>
** For the period 4/1/96-4/26/96
</FN>

<FN>
*** Record Date
</FN>
</TABLE>


<PAGE>


<TABLE>
<CAPTION>
                      Churchill Tax Free Fund of Kentucky
                               Class A

                               SEC Yield
                               12/31/96

     <S>                                            <C>
    Dividend and Interest Income                    1,003,296.53
             Long Term Securities                   1,003,296.53
             Short Term Securities                          0.00
             Foreign Securities                             0.00
             Other Securities                               0.00
    Expenses Accrued for Period                       127,590.62
             Common Expenses                           43,449.63
             Specific Expenses                         84,140.99
    Avg. Daily Shares Outstanding                 21,072,597.066
    Maximum Offering Price                                 10.99
    Undistributed Net Income Per Share                      0.00

             Yield                                          4.58
    -------------------------------------------------------------
</TABLE>


<TABLE>
<CAPTION>
                      Churchill Tax Free Fund of Kentucky
                               Class C

                               SEC Yield
                               12/31/96

     <S>                                               <C>
    Dividend and Interest Income                        1,657.69
             Long Term Securities                       1,657.69
             Short Term Securities                          0.00
             Foreign Securities                             0.00
             Other Securities                               0.00
    Expenses Accrued for Period                           533.84
             Common Expenses                               84.05
             Specific Expenses                            449.79
    Avg. Daily Shares Outstanding                     39,372.303
    Maximum Offering Price                                 10.55
    Undistributed Net Income Per Share                      0.00

             Yield                                          3.27

    -------------------------------------------------------------
</TABLE>


<TABLE>
<CAPTION>
                      Churchill Tax Free Fund of Kentucky
                               Class Y

                               SEC Yield
                               12/31/96

     <S>                                               <C>
    Dividend and Interest Income                       26,046.39
             Long Term Securities                      26,046.39
             Short Term Securities                          0.00
             Foreign Securities                             0.00
             Other Securities                               0.00
    Expenses Accrued for Period                         2,619.15
             Common Expenses                            1,135.13
             Specific Expenses                          1,484.02
    Avg. Daily Shares Outstanding                    550,300.785
    Maximum Offering Price                                 10.55
    Undistributed Net Income Per Share                      0.00

             Yield                                          4.89

</TABLE>


<PAGE>


<TABLE>
<CAPTION>
     ------------------------------------------------------------

                    Churchill Tax-Free Fund of Kentucky

                          Taxable Equivalent Yield

                             December 31, 1996

                                                       Class A
                                                     -----------
          <S>                                          <C>
          S.E.C. Yield                                   4.58 %

          Taxable Portion                                6.39 %

          Tax-Exempt Portion                            93.61 %

          Combined Effective Tax Rate                   44.34 %

          Balance (remainder)                           55.66 %

          Taxable Equivalent Yield                       8.00 %


             [ (.0458 * .9361)  / .5566) + (.0458 * .0639) ]
                         0.07702727      + 0.00292662
                                     0.0800
                                       OR
                                      8.00%

</TABLE>


<TABLE>
<CAPTION>
     --------------------------------------------------------

                  Churchill Tax-Free Fund of Kentucky

                         Taxable Equivalent Yield

                             December 31, 1996

                                                       Class C
                                                     -----------

          <S>                                          <C>
          S.E.C. Yield                                  3.27 %

          Taxable Portion                               6.39 %

          Tax-Exempt Portion                           93.61 %

          Combined Effective Tax Rate                  44.34 %

          Balance (remainder)                          55.66 %

          Taxable Equivalent Yield                      5.71 %


           [ (.0327 * .9361)  / .5566) + (.0327 * .0639) ]
                       0.05499545      + 0.00208953
                                   0.0571
                                     OR
                                    5.71%
</TABLE>


<TABLE>
<CAPTION>
     -------------------------------------------------------------

                  Churchill Tax-Free Fund of Kentucky

                        Taxable Equivalent Yield

                             December 31, 1996

                                                      Class Y
                                                    -----------
     <S>                                               <C>
     S.E.C. Yield                                       4.89 %

     Taxable Portion                                    6.39 %

     Tax-Exempt Portion                                93.61 %

     Combined Effective Tax Rate                       44.34 %

     Balance (remainder)                               55.66 %

     Taxable Equivalent Yield                           8.54 %


           [ (.0489 * .9361)  / .5566) + (.0489 * .0639) ]
                       0.08224090      + 0.00312471
                                     0.0854
                                       OR
                                      8.54%
</TABLE>