Churchill Tax-Free Fund of Kentucky invests primarily in tax-free municipal obligations of Kentucky issuers. These are the kind of securities that finance schools, highways, hospitals, and water and sewer facilities here in Kentucky.

Thus, your investment in the Fund benefits not only yourself, through triple tax-free income, but also improves the quality of life in Kentucky.

Kenton Kentucky Airport Board	Elementary and Secondary Education
Jefferson County Pollution Control	Jefferson Country Hospital
Warren County Judicial Center
Since the portfolio is subject to change, the Fund may not necessarily currently own these specific securities.