Churchill Tax-Free Fund of Kentucky

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Performance

Net Asset Value - 5/8/08
CLASS A	CLASS C
$10.27	$10.27

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Average Annual Total Returns as of 4/30/08

CHURCHILL TAX-FREE FUND OF KENTUCKY Inception Date: May 21, 1987 (A Shares); April 1, 1996 (C Shares) * Not annualized
Share Class	YTD*	1 month*	3 month*	1 year	3 year	5 year	10 year	Since Inception
Class A (POP)	(4.07%)	(2.26%)	(5.08%)	(2.47%)	1.11%	2.27%	3.64%	5.63%
Class A (NAV)	(0.10%)	1.80%	(1.08%)	1.61%	2.51%	3.11%	4.07%	5.83%
Class C (CDSC)	(1.37%)	0.73%	(2.27%)	(0.26%)	1.67%	2.26%	3.20%	3.66%
Class C (w/o CDSC)	(0.38%)	1.73%	(1.29%)	0.75%	1.67%	2.26%	3.20%	3.66%
Total Annual Operating Expenses: 0.75% (A Shares); 1.60% (C Shares). Does not reflect an offset in Fund expenses received in the year ended December 31, 2007 for uninvested cash balances. Reflecting this offset for that year, total annual Fund operating expenses were 0.74% for Class A Shares and 1.59% for Class C Shares

Performance data represents past performance, but does not guarantee future results. Investment return & principal value will fluctuate; shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the data presented. Class A shares have a maximum sales charge of 4.00%; Class C shares have no initial sales charge but a 1% contingent deferred sales charge applies to Class C shares redeemed within 12 months of their purchase date. The load or non-recurring fees would have reduced the performance figures shown without those expenses. Before investing, carefully read about and consider the investment objectives, risks, charges, expenses, and other information found in the Prospectus.