----

| CHURCHILL TAX-FREE FUND OF KENTUCKY |
|-------------------------------------|
|  SCHEDULE OF INVESTMENTS       |
| March 31, 2011                      |
| (unaudited)                         |

|      |      |                            |                                                                     |   | Rating   |      |   |   |   |       |   |
|-----------|-----------|---------------------------------|--------------------------------------------------------------------------|--------|----------|-----------|--------|--------|--------|------------|--------|
| Principal |      |                            |                                                                     |   | Moody's/ |      |   |   |   |       |   |
| Amount    |      | General Obligation Bonds (4.7%) |                                                                     |   | S&P  |      |   | Value  |   |       | (a)    |
|      |      |                            |                                                                     |   |     |      |   |   |   |       |   |
|      |      | Bowling Green, Kentucky         |                                                                     |   |     |      |   |   |   |       |   |
| $         | 500,000   |                            | 2.000%, 06/01/15                                                         |   |     | Aa2/AA-   |   |   | $      | 504,385    |   |   |   |
|      |      |                            |                                                                     |   |     |      |   |   |   |       |   |   |   |
|      |      |                            | Campbell County, Kentucky Public Project                                 |   |     |      |   |   |   |       |   |   |   |
|      | 1,625,000 |                            | 4.375%, 12/01/25 Syncora Guarantee, Inc. Insured                         |   |     | Aa2/NR    |   |   |   | 1,626,040  |   |   |   |
|      |      |                            |                                                                     |   |     |      |   |   |   |       |   |   |   |
|      |      |                            | Henderson County, Kentucky                                               |   |     |      |   |   |   |       |   |   |   |
|      | 330,000   |                            | 3.000%, 11/01/20                                                         |   |     | Aa3/NR    |   |   |   | 315,183    |   |   |   |
|      |      |                            |                                                                     |   |     |      |   |   |   |       |   |   |   |
|      |      |                            | Highland Heights, Kentucky                                               |   |     |      |   |   |   |       |   |   |   |
|      | 235,000   |                            | 4.500%, 12/01/25                                                         |   |     | A1/NR     |   |   |   | 237,547    |   |   |   |
|      | 370,000   |                            | 4.600%, 12/01/27                                                         |   |     | A1/NR     |   |   |   | 372,483    |   |   |   |
|      | 500,000   |                            | 5.125%, 12/01/38                                                         |   |     | A1/NR     |   |   |   | 480,335    |   |   |   |
|      |      |                            |                                                                     |   |     |      |   |   |   |       |   |   |   |
|      |      |                            | Kenton County, Kentucky Public Project                                   |   |     |      |   |   |   |       |   |   |   |
|      | 500,000   |                            | 4.625%, 04/01/34                                                         |   |     | Aa2/NR    |   |   |   | 473,240    |   |   |   |
|      |      |                            |                                                                     |   |     |      |   |   |   |       |   |   |   |
|      |      |                            | Lexington-Fayette Urban County, Kentucky                                 |   |     |      |   |   |   |       |   |   |   |
|      | 4,175,000 |                            | 4.250%, 05/01/23 NPFG Insured†                                     |   |     | Aa2/AA    |   |   |   | 4,241,174  |   |   |   |
|      |      |                            |                                                                     |   |     |      |   |   |   |       |   |   |   |
|      |      |                            | Louisville & Jefferson County, Kentucky                              |   |     |      |   |   |   |       |   |   |   |
|      | 955,000   |                            | 4.200%, 11/01/22 NPFG Insured                                            |   |     | Aa1/AA+** |   |   |   | 973,517    |   |   |   |
|      |      |                            |                                                                     |   |     |      |   |   |   |       |   |   |   |
|      |      |                            | Muhlenberg County, Kentucky G.O.                                         |   |     |      |   |   |   |       |   |   |   |
|      | 730,000   |                            | 4.500%, 04/01/28                                                         |   |     | A1/NR     |   |   |   | 718,072    |   |   |   |
|      |      |                            |                                                                     |   |     |      |   |   |   |       |   |   |   |
|      |      |                            | Wilder, Kentucky                                                         |   |     |      |   |   |   |       |   |   |   |
|      | 1,090,000 |                            | 4.900%, 12/01/29 AGMC Insured                                            |   |     | Aa3/AA+   |   |   |   | 1,103,625  |   |   |   |
|      |      |                            |                                                                     |   |     |      |   |   |   |       |   |   |   |
|      |      |                            | Total General Obligation Bonds                                           |   |     |      |   |   |   | 11,045,601 |   |   |   |
|      |      |                            |                                                                     |   |     |      |   |   |   |       |   |   |   |
|      |      |                            | Revenue Bonds (95.1%)                                                    |   |     |      |   |   |   |       |   |   |   |
|      |      |                            |                                                                     |   |     |      |   |   |   |       |   |   |   |
|      |      |                            | State Agencies (15.8%)                                                   |   |     |      |   |   |   |       |   |   |   |
|      |      |                            |                                                                     |   |     |      |   |   |   |       |   |   |   |
|      |      |                            | Kentucky Area Development District Financing                             |   |     |      |   |   |   |       |   |   |   |
|      | 500,000   |                            | 5.000%, 12/01/23 LOC Wachovia Bank (pre-refunded)                        |   |     | NR/NR*    |   |   |   | 526,010    |   |   |   |
|      |      |                            |                                                                     |   |     |      |   |   |   |       |   |   |   |
|      |      |                            | Kentucky Asset & Liability Commission Federal Highway Notes          |   |     |      |   |   |   |       |   |   |   |
|      | 1,000,000 |                            | 5.000%, 09/01/22 Series A                                                |   |     | Aa2/AA    |   |   |   | 1,088,340  |   |   |   |
|      |      |                            |                                                                     |   |     |      |   |   |   |       |   |   |   |
|      |      |                            |                                                                     |   |     |      |   |   |   |       |   |   |   |
|      |      |                            | Kentucky Asset & Liability Commission University of Kentucky Project |   |     |      |   |   |   |       |   |   |   |
|      | 1,500,000 |                            | 4.500%, 10/01/22 NPFG FGIC Insured                                       |   |     | Aa2/AA-   |   |   |   | 1,529,295  |   |   |   |
|      | 500,000   |                            | 5.000%, 10/01/25 Series B                                                |   |     | Aa2/AA-   |   |   |   | 519,920    |   |   |   |
|      | 750,000   |                            | 5.000%, 10/01/26 Series B                                                |   |     | Aa2/AA-   |   |   |   | 775,590    |   |   |   |
|      | 1,000,000 |                            | 5.000%, 10/01/27 Series B                                                |   |     | Aa2/AA-   |   |   |   | 1,027,300  |   |   |   |
|      |      |                            |                                                                     |   |     |      |   |   |   |       |   |   |   |
|      |      |                            | Kentucky Economic Development Finance Authority Louisville Arena Project |   |     |      |   |   |   |       |   |   |   |
|      | 4,725,000 |                            | 5.750%, 12/01/28 AGMC Insured                                            |   |     | Aa3/AA+   |   |   |   | 4,847,047  |   |   |   |
|      |      |                            |                                                                     |   |     |      |   |   |   |       |   |   |   |
|      |      |                            | Kentucky Infrastructure Authority                                        |   |     |      |   |   |   |       |   |   |   |
|      | 230,000   |                            | 5.000%, 06/01/21                                                         |   |     | Aa3/A+    |   |   |   | 231,021    |   |   |   |

----

|   |      |   | Kentucky State Property and Buildings Commission                         |   |      |   |   |   |       |       |   |   |
|--------|-----------|--------|--------------------------------------------------------------------------|--------|-----------|--------|--------|--------|------------|------------|--------|--------|
|   | 1,000,000 |   | 5.000%, 11/01/17 AMBAC Insured                                           |   | Aa3/A+    |   |   |   | 1,064,980  |       |   |   |
|   | 6,000,000 |   | 5.250%, 10/01/18                                                         |   | Aa3/A+    |   |   |   | 6,014,640  |       |   |   |
|   | 1,925,000 |   | 5.000%, 10/01/19                                                         |   | Aa3/A+    |   |   |   | 1,929,331  |       |   |   |
|   | 3,000,000 |   | 5.000%, 11/01/19 AGMC Insured                                            |   | Aa3/AA+   |   |   |   | 3,120,540  |       |   |   |
|   | 1,020,000 |   | 5.000%, 11/01/20                                                         |   | Aa3/A+    |   |   |   | 1,088,105  |       |   |   |
|   | 1,375,000 |   | 5.375%, 11/01/23                                                         |   | Aa3/A+    |   |   |   | 1,462,313  |       |   |   |
|   | 2,820,000 |   | 5.750%, 04/01/24 Project 91                                              |   | Aa3/A+    |   |   |   | 3,024,112  |       |   |   |
|   | 2,800,000 |   | 5.250%, 02/01/28 AGMC Insured                                            |   | Aa3/AA+   |   |   |   | 2,861,012  |       |   |   |
|   | 750,000   |   | 5.500%, 11/01/28                                                         |   | Aa3/A+    |   |   |   | 777,675    |       |   |   |
|   | 2,500,000 |   | 5.000%, 02/01/29 AGMC Insured                                            |   | Aa3/AA+   |   |   |   | 2,482,350  |       |   |   |
|   | 2,625,000 |   | 5.750%, 04/01/29 Project 91                                              |   | Aa3/A+    |   |   |   | 2,752,523  |       |   |   |
|   |      |   |                                                                     |   |      |   |   |   |       |       |   |   |
|   |      |   | Total State Agencies                                                     |   |      |   |   |   | 37,122,104 |       |   |   |
|   |      |   |                                                                     |   |      |   |   |   |       |       |   |   |
|   |      |   | County Agencies (2.6%)                                                   |   |      |   |   |   |       |       |   |   |
|   |      |   |                                                                     |   |      |   |   |   |       |       |   |   |
|   |      |   | Jefferson County, Kentucky Capital Projects                              |   |      |   |   |   |       |       |   |   |
|   | 1,575,000 |   | 4.250%, 06/01/23 AGMC Insured                                            |   | Aa2/NR*** |   |   |   | 1,579,158  |       |   |   |
|   | 1,640,000 |   | 4.375%, 06/01/28 AGMC Insured                                            |   | Aa2/NR*** |   |   |   | 1,545,077  |       |   |   |
|   |      |   |                                                                     |   |      |   |   |   |       |       |   |   |
|   |      |   | Kentucky Association of Counties Finance Corp. Financing Program Revenue |   |      |   |   |   |       |       |   |   |
|   | 1,145,000 |   | 4.250%, 02/01/24                                                         |   | NR/A+     |   |   |   | 1,108,600  |       |   |   |
|   |      |   |                                                                     |   |      |   |   |   |       |       |   |   |
|   |      |   | Kentucky Association of Counties Finance Corp. Financing Program Revenue |   |      |   |   |   |       |       |   |   |
|   | 315,000   |   | 5.375%, 02/01/27                                                         |   | NR/A+     |   |   |   | 318,931    |       |   |   |
|   | 330,000   |   | 5.375%, 02/01/28                                                         |   | NR/A+     |   |   |   | 331,597    |       |   |   |
|   |      |   |                                                                     |   |      |   |   |   |       |       |   |   |
|   |      |   | Lexington-Fayette Urban County, Kentucky Public Facilities Revenue       |   |      |   |   |   |       |       |   |   |
|   | 500,000   |   | 4.125%, 10/01/23 NPFG Insured                                            |   | Aa2/NR    |   |   |   | 493,510    |       |   |   |
|   | 500,000   |   | 4.250%, 10/01/26 NPFG Insured                                            |   | Aa2/NR    |   |   |   | 478,090    |       |   |   |
|   |      |   |                                                                     |   |      |   |   |   |       |       |   |   |
|   |      |   | Warren County, Kentucky Justice Center                                   |   |      |   |   |   |       |       |   |   |
|   | 365,000   |   | 4.300%, 09/01/22 NPFG Insured                                            |   | Aa2/NR    |   |   |   | 368,048    |       |   |   |
|   |      |   |                                                                     |   |      |   |   |   |       |       |   |   |
|   |      |   | Total County Agencies                                                    |   |      |   |   |   | 6,223,011  |       |   |   |
|   |      |   |                                                                     |   |      |   |   |   |       |       |   |   |
|   |      |   | Colleges and Universities (5.5%)                                         |   |      |   |   |   |       |       |   |   |
|   |      |   |                                                                     |   |      |   |   |   |       |       |   |   |
|   |      |   | Berea, Kentucky Educational Facilities (Berea College)                   |   |      |   |   |   |       |       |   |   |
|   | 1,000,000 |   | 4.125%, 06/01/25                                                         |   | Aaa/NR    |   |   |   | 1,008,510  |       |   |   |
|   |      |   |                                                                     |   |      |   |   |   |       |       |   |   |
|   |      |   | Boyle County, Kentucky College Refunding & Improvement               |   |      |   |   |   |       |       |   |   |
|   | 1,035,000 |   | 4.500%, 06/01/22 CIFG Insured                                            |   |      | A3/A-  |   |   |       | 1,066,930  |   |   |   |
|   | 200,000   |   | 4.625%, 06/01/24 CIFG Insured                                            |   |      | A3/A-  |   |   |       | 205,104    |   |   |   |
|   |      |   |                                                                     |   |      |   |   |   |       |       |   |   |   |
|   |      |   | Louisville & Jefferson County, Kentucky University of Louisville     |   |      |   |   |   |       |       |   |   |   |
|   | 525,000   |   | 5.000%, 06/01/20 AMBAC Insured                                           |   | NR/NR*    |   |   |   | 545,501    |       |   |   |
|   |      |   |                                                                     |   |      |   |   |   |       |       |   |   |   |
|   |      |   | Murray State University Project, Kentucky General Receipts Revenue       |   |      |   |   |   |       |       |   |   |   |
|   | 745,000   |   | 4.500%, 09/01/23 AMBAC Insured                                           |   | Aa2/A+    |   |   |   | 740,076    |       |   |   |
|   |      |   |                                                                     |   |      |   |   |   |       |       |   |   |   |
|   |      |   | University of Kentucky General Receipts                                  |   |      |   |   |   |       |       |   |   |   |
|   | 885,000   |   | 4.500%, 10/01/22 Syncora Guarantee, Inc. Insured                         |   | Aa2/AA-   |   |   |   | 902,673    |       |   |   |
|   | 1,545,000 |   | 4.500%, 10/01/23 Syncora Guarantee, Inc. Insured                         |   | Aa2/AA-   |   |   |   | 1,565,997  |       |   |   |
|   | 1,625,000 |   | 4.500%, 10/01/25 Syncora Guarantee, Inc. Insured                         |   | Aa2/AA-   |   |   |   | 1,623,278  |       |   |   |
|   | 1,010,000 |   | 4.500%, 10/01/26 Syncora Guarantee, Inc. Insured                         |   | Aa2/AA-   |   |   |   | 998,890    |       |   |   |
|   |      |   |                                                                     |   |      |   |   |   |       |       |   |   |   |
|   |      |   | Western Kentucky University Revenue General Receipts                     |   |      |   |   |   |       |       |   |   |   |
|   | 2,000,000 |   | 4.200%, 09/01/25 Series A NPFG Insured                                   |   | Aa2/A+    |   |   |   | 1,880,140  |       |   |   |
|   | 2,475,000 |   | 4.200%, 09/01/26 Series A NPFG Insured                                   |   | Aa2/A+    |   |   |   | 2,281,975  |       |   |   |
|   |      |   |                                                                     |   |      |   |   |   |       |       |   |   |   |
|   |      |   | Total Colleges and Universities                                          |   |      |   |   |   |       | 12,819,074 |   |   |   |

----

|   |      |   | Hospitals (12.2%)                                                                             |   |      |   |   |    |      |       |   |   |   |
|--------|-----------|--------|-----------------------------------------------------------------------------------------------|--------|-----------|--------|--------|---------|-----------|------------|--------|--------|--------|
|   |      |   |                                                                                          |   |      |   |   |    |      |       |   |   |   |
|   |      |   | Jefferson County, Kentucky Health Facilities, Jewish Healthcare                               |   |      |   |   |    |      |       |   |   |   |
|   | 1,715,000 |   | 5.650%, 01/01/17 AMBAC Insured                                                                |   | Baa1/A-   |   |   |    | 1,720,231 |       |   |   |
|   |      |   |                                                                                          |   |      |   |   |    |      |       |   |   |   |
|   |      |   | Jefferson County, Kentucky Health Facilities University Hospital                              |   |      |   |   |    |      |       |   |   |   |
|   | 1,050,000 |   | 5.250%, 07/01/22 NPFG Insured                                                                 |   | Baa1/BBB  |   |   |    | 1,052,111 |       |   |   |
|   |      |   |                                                                                          |   |      |   |   |    |      |       |   |   |   |
|   |      |   | Jefferson County, Kentucky, Louisville Medical Center                                         |   |      |   |   |    |      |       |   |   |   |
|   | 2,200,000 |   | 5.250%, 05/01/17                                                                              |   | NR/A      |   |   |    | 2,270,026 |       |   |   |
|   | 2,000,000 |   | 5.500%, 05/01/22                                                                              |   | NR/A      |   |   |    | 2,063,300 |       |   |   |
|   |      |   |                                                                                          |   |      |   |   |    |      |       |   |   |   |
|   |      |   | Kentucky Economic Development Finance Authority, Baptist Healthcare System                    |   |      |   |   |    |      |       |   |   |   |
|   | 2,170,000 |   | 5.375%, 08/15/24                                                                              |   | Aa3/NR*** |   |   |    | 2,236,879 |       |   |   |
|   |      |   |                                                                                          |   |      |   |   |    |      |       |   |   |   |
|   |      |   | Kentucky Economic Development Finance Authority, Catholic Health                              |   |      |   |   |    |      |       |   |   |   |
|   | 2,000,000 |   | 5.000%, 05/01/29                                                                              |   | Aa2/AA    |   |   |    | 1,962,600 |       |   |   |
|   | 1,000,000 |   | 5.000%, 05/01/29                                                                              |   | Aa2/AA    |   |   |    | 981,300   |       |   |   |
|   |      |   |                                                                                          |   |      |   |   |    |      |       |   |   |   |
|   |      |   | Kentucky Economic Development Finance Authority, Hospital Facilities St. Elizabeth Healthcare |   |      |   |   |    |      |       |   |   |   |
|   | 1,000,000 |   | 5.500%, 05/01/39                                                                              |   | NR/AA-*** |   |   |    | 983,110   |       |   |   |
|   |      |   |                                                                                          |   |      |   |   |    |      |       |   |   |   |
|   |      |   | Kentucky Economic Development Finance Authority, Kings Daughter Medical Center                |   |      |   |   |    |      |       |   |   |   |
|   | 1,000,000 |   | 5.000%, 02/01/30                                                                              |   | A1/A+     |   |   | 925,790 |      |       |   |
|   |      |   |                                                                                          |   |      |   |   |    |      |       |   |   |   |
|   |      |   | Louisville & Jefferson County, Kentucky, Louisville Medical Center                        |   |      |   |   |    |      |       |   |   |   |
|   | 1,000,000 |   | 5.000%, 06/01/18                                                                              |   | NR/A      |   |   |    | 1,028,420 |       |   |   |
|   |      |   |                                                                                          |   |      |   |   |    |      |       |   |   |   |
|   |      |   | Louisville & Jefferson County, Kentucky Metro Health, Jewish Hospital Revenue             |   |      |   |   |    |      |       |   |   |   |
|   | 1,250,000 |   | 6.000%, 02/01/22                                                                              |   | Baa1/A-   |   |   |    | 1,268,588 |       |   |   |
|   | 1,800,000 |   | 6.125%, 02/01/37                                                                              |   | Baa1/A-   |   |   |    | 1,764,378 |       |   |   |
|   |      |   |                                                                                          |   |      |   |   |    |      |       |   |   |   |
|   |      |   | Louisville & Jefferson County, Kentucky Metropolitan Government Health System, Norton     |   |      |   |   |    |      |       |   |   |   |
|   | 7,925,000 |   | 5.000%, 10/01/26                                                                              |   | NR/A-**** |   |   |    | 7,279,826 |       |   |   |
|   | 3,600,000 |   | 5.000%, 10/01/30                                                                              |   | NR/A-**** |   |   |    | 3,167,712 |       |   |   |
|   |      |   |                                                                                          |   |      |   |   |    |      |       |   |   |   |
|   |      |   | Total Hospitals                                                                               |   |      |   |   |    |      | 28,704,271 |   |   |   |

----

|   |      |   | Housing (11.9%)                                                              |   |    |   |   |   |      |       |   |   |   |
|--------|-----------|--------|------------------------------------------------------------------------------|--------|---------|--------|--------|--------|-----------|------------|--------|--------|--------|
|   |      |   |                                                                         |   |    |   |   |   |      |       |   |   |   |
|   |      |   | Kentucky Housing Corporation Housing Revenue                                 |   |    |   |   |   |      |       |   |   |   |
|   | 555,000   |   | 4.200%, 01/01/17                                                             |   | Aaa/AAA |   |   |   | 558,646   |       |   |   |
|   | 50,000    |   | 5.125%, 07/01/17                                                             |   | Aaa/AAA |   |   |   | 50,027    |       |   |   |
|   | 470,000   |   | 4.800%, 01/01/18 AMT                                                         |   | Aaa/AAA |   |   |   | 472,651   |       |   |   |
|   | 285,000   |   | 4.250%, 01/01/18                                                             |   | Aaa/AAA |   |   |   | 285,849   |       |   |   |
|   | 575,000   |   | 4.800%, 07/01/18 AMT                                                         |   | Aaa/AAA |   |   |   | 578,243   |       |   |   |
|   | 180,000   |   | 4.250%, 07/01/18                                                             |   | Aaa/AAA |   |   |   | 180,531   |       |   |   |
|   | 900,000   |   | 4.800%, 07/01/20 AMT                                                         |   | Aaa/AAA |   |   |   | 902,682   |       |   |   |
|   | 1,100,000 |   | 5.350%, 01/01/21 AMT FNMA collateralized                                     |   | Aaa/AAA |   |   |   | 1,100,726 |       |   |   |
|   | 6,025,000 |   | 5.450%, 07/01/22 AMT                                                         |   | Aaa/AAA |   |   |   | 6,041,328 |       |   |   |
|   | 4,565,000 |   | 5.250%, 07/01/22 AMT                                                         |   | Aaa/AAA |   |   |   | 4,572,487 |       |   |   |
|   | 245,000   |   | 5.200%, 07/01/22                                                             |   | Aaa/AAA |   |   |   | 245,747   |       |   |   |
|   | 415,000   |   | 5.100%, 07/01/22 AMT                                                         |   | Aaa/AAA |   |   |   | 415,212   |       |   |   |
|   | 2,570,000 |   | 4.800%, 07/01/22 AMT                                                         |   | Aaa/AAA |   |   |   | 2,550,005 |       |   |   |
|   | 1,635,000 |   | 5.000%, 01/01/23 AMT                                                         |   | Aaa/AAA |   |   |   | 1,637,485 |       |   |   |
|   | 665,000   |   | 5.000%, 07/01/24 FHA Insured                                                 |   | Aaa/AAA |   |   |   | 676,086   |       |   |   |
|   | 4,140,000 |   | 5.200%, 07/01/25 AMT                                                         |   | Aaa/AAA |   |   |   | 4,123,192 |       |   |   |
|   | 600,000   |   | 4.750%, 07/01/26                                                             |   | Aaa/AAA |   |   |   | 591,006   |       |   |   |
|   | 230,000   |   | 5.375%, 07/01/27                                                             |   | Aaa/AAA |   |   |   | 230,582   |       |   |   |
|   | 315,000   |   | 4.850%, 07/01/29                                                             |   | Aaa/AAA |   |   |   | 310,477   |       |   |   |
|   | 430,000   |   | 5.550%, 07/01/33                                                             |   | Aaa/AAA |   |   |   | 430,082   |       |   |   |
|   | 595,000   |   | 5.150%, 07/01/39                                                             |   | Aaa/AAA |   |   |   | 590,311   |       |   |   |
|   |      |   |                                                                         |   |    |   |   |   |      |       |   |   |   |
|   |      |   | Kentucky Housing Multifamily Mortgage Revenue                                |   |    |   |   |   |      |       |   |   |   |
|   | 1,325,000 |   | 5.000%, 06/01/23 AMT                                                         |   | NR/NR*  |   |   |   | 1,298,911 |       |   |   |
|   |      |   |                                                                         |   |    |   |   |   |      |       |   |   |   |
|   |      |   | Total Housing                                                                |   |    |   |   |   |      | 27,842,266 |   |   |   |
|   |      |   |                                                                         |   |    |   |   |   |      |       |   |   |   |
|   |      |   | School Building Revenue (25.2%)                                              |   |    |   |   |   |      |       |   |   |   |
|   |      |   |                                                                         |   |    |   |   |   |      |       |   |   |   |
|   |      |   | Barren County, Kentucky School Building Revenue                              |   |    |   |   |   |      |       |   |   |   |
|   | 1,265,000 |   | 4.250%, 08/01/25 CIFG Insured                                                |   | Aa3/NR  |   |   |   | 1,239,662 |       |   |   |
|   | 1,670,000 |   | 4.375%, 08/01/26 CIFG Insured                                                |   | Aa3/NR  |   |   |   | 1,639,723 |       |   |   |
|   |      |   |                                                                         |   |    |   |   |   |      |       |   |   |   |
|   |      |   | Boone County, Kentucky School District Finance Corp. School Building Revenue |   |    |   |   |   |      |       |   |   |   |
|   | 140,000   |   | 4.750%, 06/01/20 AGMC Insured (pre-refunded)                                 |   | Aa3/AA+ |   |   |   | 147,046   |       |   |   |
|   | 1,000,000 |   | 4.125%, 08/01/22 Syncora Guarantee, Inc. Insured                             |   | Aa3/NR  |   |   |   | 990,580   |       |   |   |
|   | 1,580,000 |   | 4.500%, 08/01/23 AGMC Insured                                                |   | Aa3/NR  |   |   |   | 1,598,549 |       |   |   |
|   | 1,250,000 |   | 4.125%, 03/01/25 AGMC Insured                                                |   | Aa3/NR  |   |   |   | 1,158,025 |       |   |   |
|   |      |   |                                                                         |   |    |   |   |   |      |       |   |   |   |
|   |      |   | Bullitt County, Kentucky School District Finance Corp.                       |   |    |   |   |   |      |       |   |   |   |
|   | 200,000   |   | 4.300%, 10/01/21 NPFG Insured                                                |   | Aa3/NR  |   |   |   | 202,780   |       |   |   |
|   | 2,455,000 |   | 4.500%, 10/01/22 NPFG Insured                                                |   | Aa3/NR  |   |   |   | 2,493,789 |       |   |   |
|   | 2,590,000 |   | 4.500%, 10/01/23 NPFG Insured                                                |   | Aa3/NR  |   |   |   | 2,619,163 |       |   |   |
|   | 1,145,000 |   | 4.500%, 04/01/27                                                             |   | Aa3/NR  |   |   |   | 1,137,260 |       |   |   |
|   | 1,200,000 |   | 4.500%, 04/01/28                                                             |   | Aa3/NR  |   |   |   | 1,177,632 |       |   |   |
|   |      |   |                                                                         |   |    |   |   |   |      |       |   |   |   |
|   |      |   | Christian County, Kentucky School District Finance Corp.                     |   |    |   |   |   |      |       |   |   |   |
|   | 855,000   |   | 4.000%, 08/01/20 Syncora Guarantee, Inc. Insured                             |   | Aa3/NR  |   |   |   | 857,317   |       |   |   |
|   | 905,000   |   | 4.000%, 08/01/21 Syncora Guarantee, Inc. Insured                             |   | Aa3/NR  |   |   |   | 908,882   |       |   |   |
|   | 750,000   |   | 4.125%, 08/01/23 Syncora Guarantee, Inc. Insured                             |   | Aa3/NR  |   |   |   | 747,450   |       |   |   |
|   | 1,590,000 |   | 4.125%, 08/01/24 Syncora Guarantee, Inc. Insured                             |   | Aa3/NR  |   |   |   | 1,561,921 |       |   |   |
|   |      |   |                                                                         |   |    |   |   |   |      |       |   |   |   |
|   |      |   | Daviess County, Kentucky School District Finance Corp.                       |   |    |   |   |   |      |       |   |   |   |
|   | 200,000   |   | 5.000%, 06/01/24                                                             |   | Aa3/NR  |   |   |   | 204,968   |       |   |   |
|   |      |   |                                                                         |   |    |   |   |   |      |       |   |   |   |
|   |      |   | Fayette County, Kentucky School District Finance Corp.                       |   |    |   |   |   |      |       |   |   |   |
|   | 5,000,000 |   | 4.250%, 04/01/23 AGMC Insured                                                |   | Aa3/AA+ |   |   |   | 5,014,550 |       |   |   |
|   | 4,335,000 |   | 4.375%, 05/01/26 AGMC Insured                                                |   | Aa3/AA+ |   |   |   | 4,229,660 |       |   |   |
|   |      |   |                                                                         |   |    |   |   |   |      |       |   |   |   |
|   |      |   | Floyd County, Kentucky School Finance Corporation School Building            |   |    |   |   |   |      |       |   |   |   |
|   | 1,320,000 |   | 4.000%, 03/01/23 Syncora Guarantee, Inc. Insured                             |   | Aa3/NR  |   |   |   | 1,312,542 |       |   |   |
|   | 1,255,000 |   | 4.125%, 03/01/26 Syncora Guarantee, Inc. Insured                             |   | Aa3/NR  |   |   |   | 1,216,183 |       |   |   |
|   |      |   |                                                                         |   |    |   |   |   |      |       |   |   |   |
|   |      |   | Fort Thomas, Kentucky Independent School District Finance Corp.              |   |    |   |   |   |      |       |   |   |   |
|   | 785,000   |   | 4.375%, 04/01/21                                                             |   | Aa3/NR  |   |   |   | 797,482   |       |   |   |

----

|   | 610,000   |   | 4.375%, 04/01/25                                                                      |   | Aa3/NR  |   |   |   | 597,800   |       |   |   |
|--------|-----------|--------|---------------------------------------------------------------------------------------|--------|---------|--------|--------|--------|-----------|------------|--------|--------|
|   |      |   |                                                                                  |   |    |   |   |   |      |       |   |   |   |
|   |      |   | Franklin County, Kentucky School District Finance Corp.                               |   |    |   |   |   |      |       |   |   |   |
|   | 1,000,000 |   | 5.000%, 04/01/24                                                                      |   | Aa3/NR  |   |   |   | 1,023,660 |       |   |   |
|   |      |   |                                                                                  |   |    |   |   |   |      |       |   |   |   |
|   |      |   | Graves County, Kentucky School Building Revenue                                       |   |    |   |   |   |      |       |   |   |   |
|   | 1,260,000 |   | 5.000%, 06/01/22                                                                      |   | Aa3/NR  |   |   |   | 1,295,948 |       |   |   |
|   | 1,320,000 |   | 5.000%, 06/01/23                                                                      |   | Aa3/NR  |   |   |   | 1,350,492 |       |   |   |
|   |      |   |                                                                                  |   |    |   |   |   |      |       |   |   |   |
|   |      |   | Jefferson County, Kentucky School District Finance Corp. School Building              |   |    |   |   |   |      |       |   |   |   |
|   | 150,000   |   | 5.000%, 04/01/20 AGMC Insured (pre-refunded)                                          |   | Aa2/AA+ |   |   |   | 151,500   |       |   |   |
|   | 1,360,000 |   | 4.250%, 06/01/21 AGMC Insured                                                         |   | Aa3/AA+ |   |   |   | 1,376,470 |       |   |   |
|   |      |   |                                                                                  |   |    |   |   |   |      |       |   |   |   |
|   |      |   | Kenton County, Kentucky School District Finance Corp.                                 |   |    |   |   |   |      |       |   |   |   |
|   | 445,000   |   | 4.300%, 04/01/22 CIFG Insured                                                         |   | Aa3/NR  |   |   |   | 446,980   |       |   |   |
|   | 4,250,000 |   | 5.000%, 06/01/22 NPFG Insured                                                         |   | Aa3/NR  |   |   |   | 4,450,345 |       |   |   |
|   | 590,000   |   | 4.250%, 10/01/22 AGMC Insured                                                         |   | Aa3/NR  |   |   |   | 594,307   |       |   |   |
|   | 750,000   |   | 4.375%, 04/01/24 CIFG Insured                                                         |   | Aa3/NR  |   |   |   | 745,223   |       |   |   |
|   | 325,000   |   | 4.400%, 04/01/26 CIFG Insured                                                         |   | Aa3/NR  |   |   |   | 316,982   |       |   |   |
|   |      |   |                                                                                  |   |    |   |   |   |      |       |   |   |   |
|   |      |   | Larue County, Kentucky School District Finance Corp.                                  |   |    |   |   |   |      |       |   |   |   |
|   | 270,000   |   | 4.500%, 07/01/21 NPFG Insured                                                         |   | Aa3/NR  |   |   |   | 276,566   |       |   |   |
|   | 470,000   |   | 4.500%, 07/01/22 NPFG Insured                                                         |   | Aa3/NR  |   |   |   | 480,312   |       |   |   |
|   | 785,000   |   | 4.500%, 07/01/23 NPFG Insured                                                         |   | Aa3/NR  |   |   |   | 797,772   |       |   |   |
|   |      |   |                                                                                  |   |    |   |   |   |      |       |   |   |   |
|   |      |   | Laurel County, Kentucky School District Finance Corp.                                 |   |    |   |   |   |      |       |   |   |   |
|   | 300,000   |   | 4.000%, 06/01/16 AGMC Insured                                                         |   | Aa3/NR  |   |   |   | 324,048   |       |   |   |
|   |      |   |                                                                                  |   |    |   |   |   |      |       |   |   |   |
|   |      |   | Magoffin County, Kentucky School District                                             |   |    |   |   |   |      |       |   |   |   |
|   | 375,000   |   | 4.250%, 08/01/23 AMBAC Insured                                                        |   | Aa3/NR  |   |   |   | 376,755   |       |   |   |
|   | 475,000   |   | 4.250%, 08/01/25 AMBAC Insured                                                        |   | Aa3/NR  |   |   |   | 467,961   |       |   |   |
|   |      |   |                                                                                  |   |    |   |   |   |      |       |   |   |   |
|   |      |   | Ohio County, Kentucky School Building Revenue                                         |   |    |   |   |   |      |       |   |   |   |
|   | 790,000   |   | 4.500%, 05/01/24                                                                      |   | Aa3/NR  |   |   |   | 801,929   |       |   |   |
|   | 325,000   |   | 4.500%, 05/01/25                                                                      |   | Aa3/NR  |   |   |   | 327,340   |       |   |   |
|   |      |   |                                                                                  |   |    |   |   |   |      |       |   |   |   |
|   |      |   | Oldham County, Kentucky School District Finance Corp.                                 |   |    |   |   |   |      |       |   |   |   |
|   | 500,000   |   | 5.000%, 05/01/19 NPFG Insured                                                         |   | Aa3/NR  |   |   |   | 523,435   |       |   |   |
|   | 1,000,000 |   | 4.500%, 09/01/27 NPFG Insured                                                         |   | Aa3/NR  |   |   |   | 956,310   |       |   |   |
|   |      |   |                                                                                  |   |    |   |   |   |      |       |   |   |   |
|   |      |   | Owensboro, Kentucky Independent School District Finance Corp. School Building Revenue |   |    |   |   |   |      |       |   |   |   |
|   | 390,000   |   | 4.375%, 09/01/24                                                                      |   | Aa3/NR  |   |   |   | 395,534   |       |   |   |
|   |      |   |                                                                                  |   |    |   |   |   |      |       |   |   |   |
|   |      |   | Pendleton County, Kentucky School District Finance Corp. School Building Revenue      |   |    |   |   |   |      |       |   |   |   |
|   | 730,000   |   | 4.000%, 02/01/23 NPFG Insured                                                         |   | Aa3/NR  |   |   |   | 715,802   |       |   |   |
|   |      |   |                                                                                  |   |    |   |   |   |      |       |   |   |   |
|   |      |   | Pike County, Kentucky School Building Revenue                                         |   |    |   |   |   |      |       |   |   |   |
|   | 1,355,000 |   | 4.375%, 10/01/26 NPFG Insured                                                         |   | Aa3/NR  |   |   |   | 1,330,312 |       |   |   |
|   |      |   |                                                                                  |   |    |   |   |   |      |       |   |   |   |
|   |      |   | Scott County, Kentucky School District Finance Corp.                                  |   |    |   |   |   |      |       |   |   |   |
|   | 1,115,000 |   | 4.200%, 01/01/22 AMBAC Insured                                                        |   | Aa3/NR  |   |   |   | 1,133,464 |       |   |   |
|   | 1,955,000 |   | 4.250%, 01/01/23 AMBAC Insured                                                        |   | Aa3/NR  |   |   |   | 1,981,217 |       |   |   |
|   | 1,560,000 |   | 4.300%, 01/01/24 AMBAC Insured                                                        |   | Aa3/NR  |   |   |   | 1,578,190 |       |   |   |
|   | 1,000,000 |   | 4.250%, 02/01/27 AGMC Insured                                                         |   | Aa3/NR  |   |   |   | 952,260   |       |   |   |
|   |      |   |                                                                                  |   |    |   |   |   |      |       |   |   |   |
|   |      |   | Spencer County, Kentucky School District Finance Corp., School Building Revenue       |   |    |   |   |   |      |       |   |   |   |
|   | 1,000,000 |   | 4.500%, 08/01/27 AGMC Insured                                                         |   | Aa3/NR  |   |   |   | 1,003,770 |       |   |   |
|   |      |   |                                                                                  |   |    |   |   |   |      |       |   |   |   |
|   |      |   | Warren County, Kentucky School District Finance Corp.                                 |   |    |   |   |   |      |       |   |   |   |
|   | 295,000   |   | 4.125%, 02/01/23 NPFG Insured                                                         |   | Aa3/NR  |   |   |   | 294,301   |       |   |   |
|   | 1,000,000 |   | 4.375%, 04/01/27 AGMC Insured                                                         |   | Aa3/NR  |   |   |   | 933,840   |       |   |   |
|   |      |   |                                                                                  |   |    |   |   |   |      |       |   |   |   |
|   |      |   | Total Schools                                                                         |   |    |   |   |   |      | 59,255,989 |   |   |   |
|   |      |   |                                                                                  |   |    |   |   |   |      |       |   |   |   |

----

|   |      |   | Transportation (10.5%)                                                             |   |     |   |   |      |      |       |   |   |   |
|--------|-----------|--------|------------------------------------------------------------------------------------|--------|----------|--------|--------|-----------|-----------|------------|--------|--------|--------|
|   |      |   |                                                                               |   |     |   |   |      |      |       |   |   |   |
|   |      |   | Kenton County, Kentucky Airport Board Airport Revenue                              |   |     |   |   |      |      |       |   |   |   |
|   | 1,300,000 |   | 5.000%, 03/01/23 NPFG Insured AMT                                                  |   | A3/A-    |   |   |      | 1,279,330 |       |   |   |
|   |      |   |                                                                               |   |     |   |   |      |      |       |   |   |   |
|   |      |   | Kentucky State Turnpike Authority Revenue                                          |   |     |   |   |      |      |       |   |   |   |
|   | 3,000,000 |   | 4.450%, 07/01/22 Series B                                                          |   | Aa2/AA+  |   |   |      | 3,053,130 |       |   |   |
|   | 3,500,000 |   | 5.000%, 07/01/25                                                                   |   | Aa2/AA+  |   |   |      | 3,643,570 |       |   |   |
|   | 625,000   |   | 5.000%, 07/01/25 AMBAC Insured                                                     |   | Aa2/AA+  |   |   |      | 639,319   |       |   |   |
|   | 2,750,000 |   | 5.000%, 07/01/27                                                                   |   | Aa2/AA+  |   |   |      | 2,820,290 |       |   |   |
|   | 1,100,000 |   | 5.000%, 07/01/28                                                                   |   | Aa2/AA+  |   |   |      | 1,121,329 |       |   |   |
|   |      |   |                                                                               |   |     |   |   |      |      |       |   |   |   |
|   |      |   | Louisville, Kentucky Regional Airport Authority                                    |   |     |   |   |      |      |       |   |   |   |
|   | 1,000,000 |   | 5.250%, 07/01/23 AGMC Insured AMT                                                  |   | Aa3/AA+  |   |   |      | 1,013,130 |       |   |   |
|   | 2,610,000 |   | 5.000%, 07/01/24 AMBAC Insured AMT                                                 |   | A1/A+    |   |   | 2,550,518 |      |       |   |
|   |      |   |                                                                               |   |     |   |   |      |      |       |   |   |   |
|   |      |   | Louisville & Jefferson County Regional Airport, Kentucky                       |   |     |   |   |      |      |       |   |   |   |
|   | 1,000,000 |   | 5.250%, 07/01/18 AGMC Insured AMT                                                  |   | Aa3/AA+  |   |   |      | 1,027,750 |       |   |   |
|   | 2,000,000 |   | 5.250%, 07/01/20 AGMC Insured AMT                                                  |   | Aa3/AA+  |   |   |      | 2,031,040 |       |   |   |
|   | 1,370,000 |   | 5.250%, 07/01/21 AGMC Insured AMT                                                  |   | Aa3/AA+  |   |   |      | 1,387,481 |       |   |   |
|   | 3,390,000 |   | 5.250%, 07/01/22 AGMC Insured AMT                                                  |   | Aa3/AA+  |   |   |      | 3,421,764 |       |   |   |
|   | 275,000   |   | 5.375%, 07/01/23 AGMC Insured AMT                                                  |   | Aa3/AA+  |   |   |      | 276,529   |       |   |   |
|   | 500,000   |   | 5.000%, 07/01/25 NPFG Insured AMT                                                  |   | A1/A+    |   |   | 476,445   |      |       |   |
|   |      |   |                                                                               |   |     |   |   |      |      |       |   |   |   |
|   |      |   | Total Transportation                                                               |   |     |   |   |      |      | 24,741,625 |   |   |   |
|   |      |   |                                                                               |   |     |   |   |      |      |       |   |   |   |
|   |      |   | Utilities (11.4%)                                                                  |   |     |   |   |      |      |       |   |   |   |
|   |      |   |                                                                               |   |     |   |   |      |      |       |   |   |   |
|   |      |   | Campbell & Kenton Counties, Kentucky (Sanitation District) Revenue             |   |     |   |   |      |      |       |   |   |   |
|   | 1,695,000 |   | 4.300%, 08/01/24 NPFG Insured                                                      |   | Aa2/AA   |   |   |      | 1,707,746 |       |   |   |
|   | 2,370,000 |   | 4.000%, 08/01/27                                                                   |   | Aa2/AA   |   |   |      | 2,206,186 |       |   |   |
|   | 300,000   |   | 4.300%, 08/01/27 NPFG Insured                                                      |   | Aa2/AA   |   |   |      | 293,100   |       |   |   |
|   | 1,450,000 |   | 4.300%, 08/01/28 NPFG Insured                                                      |   | Aa2/AA   |   |   |      | 1,396,684 |       |   |   |
|   |      |   |                                                                               |   |     |   |   |      |      |       |   |   |   |
|   |      |   | Carroll County, Kentucky Environmental Facilities Revenue (Kentucky Utilities) AMT |   |     |   |   |      |      |       |   |   |   |
|   | 1,500,000 |   | 5.750%, 02/01/26 AMBAC Insured                                                     |   |     | A2/A-  |   |      |      | 1,548,660  |   |   |   |
|   |      |   |                                                                               |   |     |   |   |      |      |       |   |   |   |
|   |      |   | Kentucky Board Corp. Financing Program                                             |   |     |   |   |      |      |       |   |   |   |
|   | 915,000   |   | 5.125%, 02/01/28††                                                     |   | NR/A+    |   |   |      | 894,266   |       |   |   |
|   |      |   |                                                                               |   |     |   |   |      |      |       |   |   |   |
|   |      |   | Kentucky Rural Water Finance Corp.                                                 |   |     |   |   |      |      |       |   |   |   |
|   | 205,000   |   | 4.250%, 08/01/19 NPFG Insured                                                      |   | Baa1/AA- |   |   |      | 208,704   |       |   |   |
|   | 595,000   |   | 5.000%, 02/01/20 NPFG Insured                                                      |   | Baa1/AA- |   |   |      | 611,505   |       |   |   |
|   | 210,000   |   | 4.250%, 08/01/20 NPFG Insured                                                      |   | Baa1/AA- |   |   |      | 212,686   |       |   |   |
|   | 200,000   |   | 4.375%, 08/01/22 NPFG Insured                                                      |   | Baa1/AA- |   |   |      | 203,650   |       |   |   |
|   | 240,000   |   | 4.500%, 08/01/23 NPFG Insured                                                      |   | Baa1/AA- |   |   |      | 244,421   |       |   |   |
|   | 200,000   |   | 4.500%, 02/01/24 NPFG Insured                                                      |   | Baa1/AA- |   |   |      | 203,804   |       |   |   |
|   | 255,000   |   | 4.500%, 08/01/24 NPFG Insured                                                      |   | Baa1/AA- |   |   |      | 258,723   |       |   |   |
|   | 355,000   |   | 4.600%, 02/01/25                                                                   |   | NR/AA-   |   |   |      | 359,544   |       |   |   |
|   | 290,000   |   | 4.500%, 08/01/27 NPFG Insured                                                      |   | Baa1/AA- |   |   |      | 288,988   |       |   |   |
|   | 245,000   |   | 4.600%, 08/01/28 NPFG Insured                                                      |   | Baa1/AA- |   |   |      | 243,540   |       |   |   |
|   | 315,000   |   | 4.625%, 08/01/29 NPFG Insured                                                      |   | Baa1/AA- |   |   |      | 310,577   |       |   |   |
|   |      |   |                                                                               |   |     |   |   |      |      |       |   |   |   |
|   |      |   | Kentucky State Municipal Power Agency, Prairie St. Project                         |   |     |   |   |      |      |       |   |   |   |
|   | 1,000,000 |   | 5.000%, 09/01/23 AGMC Insured                                                      |   | Aa3/AA+  |   |   |      | 1,045,770 |       |   |   |
|   |      |   |                                                                               |   |     |   |   |      |      |       |   |   |   |
|   |      |   | Louisville & Jefferson County, Kentucky Metropolitan Sewer District            |   |     |   |   |      |      |       |   |   |   |
|   | 2,380,000 |   | 4.250%, 05/15/20 AGMC Insured                                                      |   | Aa3/AA+  |   |   |      | 2,447,711 |       |   |   |
|   | 2,510,000 |   | 4.250%, 05/15/21 AGMC Insured                                                      |   | Aa3/AA+  |   |   |      | 2,574,658 |       |   |   |
|   | 1,500,000 |   | 5.000%, 05/15/26 AGMC Insured                                                      |   | Aa3/AA+  |   |   |      | 1,545,390 |       |   |   |
|   |      |   |                                                                               |   |     |   |   |      |      |       |   |   |   |
|   |      |   | Northern Kentucky Water District                                                   |   |     |   |   |      |      |       |   |   |   |
|   | 660,000   |   | 5.000%, 02/01/23 NPFG FGIC Insured                                                 |   | Aa3/NR   |   |   |      | 670,184   |       |   |   |
|   | 1,825,000 |   | 6.000%, 02/01/28 AGMC Insured                                                      |   | Aa3/NR   |   |   |      | 2,008,358 |       |   |   |
|   |      |   |                                                                               |   |     |   |   |      |      |       |   |   |   |
|   |      |   | Owensboro, Kentucky Electric and Power                                             |   |     |   |   |      |      |       |   |   |   |
|   | 1,000,000 |   | 5.000%, 01/01/21 AGMC Insured                                                      |   | Aa3/AA+  |   |   |      | 1,117,630 |       |   |   |

----

|   |      |   | Owensboro, Kentucky Water Revenue                                                                                                                                                                                                                                      |   |                |   |   |   |      |        |   |   |   |
|--------|-----------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|--------|--------|--------|-----------|-------------|--------|--------|--------|
|   | 500,000   |   | 5.000%, 09/15/27 AGMC Insured                                                                                                                                                                                                                                          |   | Aa3/NR              |   |   |   | 520,790   |        |   |   |
|   |      |   |                                                                                                                                                                                                                                                                   |   |                |   |   |   |      |        |   |   |   |
|   |      |   | Owensboro-Daviess County, Kentucky Regional Water Resource Agency Wastewater Refunding & Improvement Revenue                                                                                                                                                       |   |                |   |   |   |      |        |   |   |   |
|   | 930,000   |   | 4.375%, 01/01/27 Series A Syncora Guarantee, Inc. Insured                                                                                                                                                                                                              |   | NR/AA-              |   |   |   | 871,466   |        |   |   |
|   |      |   |                                                                                                                                                                                                                                                                   |   |                |   |   |   |      |        |   |   |   |
|   |      |   | Trimble County, Kentucky Environmental Facilities                                                                                                                                                                                                                      |   |                |   |   |   |      |        |   |   |   |
|   | 3,000,000 |   | 4.600%, 06/01/33 AMBAC Insured                                                                                                                                                                                                                                         |   | A2/A-               |   |   |   | 2,690,340 |        |   |   |
|   |      |   |                                                                                                                                                                                                                                                                   |   |                |   |   |   |      |        |   |   |   |
|   |      |   | Total Utilities                                                                                                                                                                                                                                                        |   |                |   |   |   |      | 26,685,081  |   |   |   |
|   |      |   |                                                                                                                                                                                                                                                                   |   |                |   |   |   |      |        |   |   |   |
|   |      |   | Total Revenue Bonds                                                                                                                                                                                                                                                    |   |                |   |   |   |      | 223,393,421 |   |   |   |
|   |      |   |                                                                                                                                                                                                                                                                   |   |                |   |   |   |      |        |   |   |   |
|   |      |   | Total Investments (cost $234,439,034-note b)                                                                                                                                                                                                                           |   |                | 99.8   | %      |   |      | 234,439,022 |   |   |   |
|   |      |   |                                                                                                                                                                                                                                                                   |   |                |   |   |   |      |        |   |   |   |
|   |      |   | Other assets less liabilities                                                                                                                                                                                                                                          |   |                | 0.2    |   |   |      | 525,427     |   |   |   |
|   |      |   |                                                                                                                                                                                                                                                                   |   |                |   |   |   |      |        |   |   |   |
|   |      |   | Net Assets                                                                                                                                                                                                                                                             |   |                | 100.0  | %      |   | $         | 234,964,449 |   |   |   |
|   |      |   |                                                                                                                                                                                                                                                                   |   |                |   |   |   |      |        |   |   |   |
|   |      |   | * Any security not rated (NR) by any of the approved credit rating services has been determined by the Investment Adviser to have sufficient quality to be ranked in the top four credit ratings if a credit rating were to be assigned by a rating service. |   |                |   |   |   |      |        |
|   |      |   |                                                                                                                                                                                                                                                                   |   |                |   |   |   |      |        |   |   |   |
|   |      |   |  † Security pledged as collateral for the Fund's delayed delivery or when - issued commitments.                                                                                                                                                             |   |                |   |   |   |      |        |
|   |      |   |                                                                                                                                                                                                                                                                   |   |                |   |   |   |      |        |   |   |   |
|   |      |   |  †† Security purchased on a delayed delivery or when-issued basis.                                                                                                                                                                                    |   |                |   |   |   |      |        |
|   |      |   |                                                                                                                                                                                                                                                                   |   |                |   |   |   |      |        |   |   |   |
|   |      |   | Fitch ratings                                                                                                                                                                                                                                                          |   |                |   |   |   |      |        |   |   |   |
|   |      |   | **    AAA                                                                                                                                                                                                                                          |   |                |   |   |   |      |        |   |   |   |
|   |      |   | ***   AA                                                                                                                                                                                                                                                |   |                |   |   |   |      |        |   |   |   |
|   |      |   | **** A                                                                                                                                                                                                                                                                 |   |                |   |   |   |      |        |   |   |   |
|   |      |   |                                                                                                                                                                                                                                                                   |   |                |   |   |   |      |        |   |   |   |
|   |      |   |                                                                                                                                                                                                                                                                   |   | Percent of          |   |   |   |      |        |   |
|   |      |   | Portfolio Distribution By Quality Rating                                                                                                                                                                                                                               |   | Investments † |   |   |   |      |        |   |
|   |      |   |                                                                                                                                                                                                                                                                   |   |                |   |   |   |      |        |   |   |   |
|   |      |   | Aaa of Moody's or AAA of S&P or Fitch                                                                                                                                                                                                                              |   |                | 12.2   | %      |   |      |        |   |   |
|   |      |   | Pre-refunded bonds †† / Escrowed to Maturity bonds                                                                                                                                                                                                         |   |                | 0.3    |   |   |      |        |   |   |   |
|   |      |   | Aa of Moody's or AA of S&P or Fitch                                                                                                                                                                                                                                |   |                | 71.0   |   |   |      |        |   |   |   |
|   |      |   |  A of Moody's or S&P or Fitch                                                                                                                                                                                                                                 |   |                | 15.3   |   |   |      |        |   |   |   |
|   |      |   | Baa of Moody's or BBB of S&P                                                                                                                                                                                                                                       |   |                | 0.4    |   |   |      |        |   |   |   |
|   |      |   | Not rated*                                                                                                                                                                                                                                                             |   |                | 0.8    |   |   |      |        |   |   |   |
|   |      |   |                                                                                                                                                                                                                                                                   |   |                | 100.0  | %      |   |      |        |   |   |
|   |      |   |                                                                                                                                                                                                                                                                   |   |                |   |   |   |      |        |   |   |   |
|   |      |   | † Calculated using the highest rating of the three rating services.                                                                                                                                                                                              |   |                |   |   |   |      |        |
|   |      |   |                                                                                                                                                                                                                                                                   |   |                |   |   |   |      |        |   |   |   |
|   |      |   | †† Pre-refunded bonds are bonds for which U.S. Government Obligations have been placed in escrow to retire the bonds at their earliest call date.                                                                                                          |   |                |   |   |   |      |        |

----

|   |   |   |                PORTFOLIO ABBREVIATIONS: |   |   |   |   |   |   |   |   |   |   |
|--------|--------|--------|--------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|   |   |   | AGMC - Assured Guaranty Municipal Corp.                                                                            |   |   |   |   |   |   |   |   |   |   |
|   |   |   | AMBAC - American Municipal Bond Assurance Corp.                                                                    |   |   |   |   |   |   |   |   |   |   |
|   |   |   | AMT - Alternative Minimum Tax                                                                                      |   |   |   |   |   |   |   |   |   |   |
|   |   |   | CIFG - CDC IXIS Financial Guaranty                                                                                 |   |   |   |   |   |   |   |   |   |   |
|   |   |   | FGIC - Financial Guaranty Insurance Co.                                                                            |   |   |   |   |   |   |   |   |   |   |
|   |   |   | FHA - Federal Housing Administration                                                                               |   |   |   |   |   |   |   |   |   |   |
|   |   |   | FNMA - Federal National Mortgage Association                                                                       |   |   |   |   |   |   |   |   |   |   |
|   |   |   | LOC - Letter of Credit                                                                                             |   |   |   |   |   |   |   |   |   |   |
|   |   |   | NPFG - National Public Finance Guarantee                                                                           |   |   |   |   |   |   |   |   |   |   |
|   |   |   | NR - Not Rated                                                                                                     |   |   |   |   |   |   |   |   |   |   |
|   |   |   |                                                                                                               |   |   |   |   |   |   |   |   |   |   |
|   |   |   | See accompanying notes to financial statements.                                                                    |   |   |   |   |   |   |   |   |   |   |

----

| CHURCHILL TAX-FREE FUND OF KENTUCKY |
|-------------------------------------|
| NOTES TO FINANCIAL STATEMENTS       |
| March 31, 2011                      |
| (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 March 31, 2011, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $234,322,283 amounted to of $116,739, which consisted of aggregate gross unrealized appreciation of $3,311,286 and aggregate gross unrealized depreciation of $3,194,547.                                                                                      |   |
|                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |
| (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 March 31, 2011:                                                                                                                                                                                                                 |   |
|                                                                                                                                                                                                                                                                                                                                                                                   |   |   |   |
|  Valuation Inputs                                                                                                                                                                                                                                                                                                                                                                 |   |   | Investments in Securities |   |
|  Level 1 – Quoted Prices                                                                                                                                                                                                                                                                                                                                                    |   | $ | - |   |
|  Level 2 – Other Significant Observable Inputs- Municipal Bonds+                                                                                                                                                                                                                                                                                                            |   |   | 234,439,022 |   |
|  Level 3 – Significant Unobservable Inputs                                                                                                                                                                                                                                                                                                                                  |   |   | - |   |
|  Total                                                                                                                                                                                                                                                                                                                                                                            |   | $ | 234,439,022 |   |

----

----

| CHURCHILL TAX-FREE TRUST |                       |   |
|--------------------------|----------------------------|--------|
|                     |                       |   |
|                     |                       |   |   |
| By:                      | /s/ Diana P. Herrmann |   |   |
|                     | Diana P. Herrmann          |   |   |
|                     | President and Trustee      |   |   |
|                     | May 23, 2011               |   |   |

|   |                                  |   |   |
|--------|---------------------------------------|--------|--------|
| By:    | /s/ Diana P. Herrmann            |   |   |
|   | Diana P. Herrmann                     |   |   |
|   | President and Trustee                 |   |   |
|   | May 23, 2011                          |   |   |
|   |                                  |   |   |
|   |                                  |   |   |
| By:    | /s/ Joseph P. DiMaggio                |   |   |
|   | Chief Financial Officer and Treasurer |   |   |
|   | May 23, 2011                          |   |   |
|   |                                  |   |   |