Performance

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.

Net Asset Value - 02/03/12
CLASS A
CLASS C
CLASS I
CLASS Y
$10.98
$10.97
$10.97
$10.99

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Average Annual Total Returns as of 01/31/12

CHURCHILL TAX-FREE FUND OF KENTUCKY
Inception Date: 5/2187 (A Shares); 4/ 1/96 (C and Y Shares); 8/6/01 (I Shares)                        * Not annualized
Share Class
YTD*
1 month*
3 month*
1 year
3 year
5 year
10 year
Since Inception
Class A (POP)
(2.20%)
(2.20%)
0.06%
8.04%
6.50%
4.23%
4.29%
5.70%
Class A (NAV)
1.86%
1.86%
4.19%
12.51%
7.97%
5.09%
4.71%
5.87%
Class C (CDSC)
0.79%
0.79%
2.97%
10.43%
7.06%
4.20%
3.83%
4.02%
Class C (w/o CDSC)
1.79%
1.79%
3.97%
11.46%
7.06%
4.20%
3.83%
4.02%
Class I
(no Load or CDSC)
1.85%
1.85%
4.15%
12.24%
7.81%
4.94%
4.56%
4.53%
Class Y
(no Load or CDSC)
1.97%
1.97%
4.32%
12.68%
8.16%
5.25%
4.88%
5.06%
Total Annual Operating Expenses: 0.75% (A Shares); 1.59% (C Shares); 0.95% (I Shares);
0.60% (Y Shares)

Average Annual Total Returns as of 12/31/11

CHURCHILL TAX-FREE FUND OF KENTUCKY
Inception Date: 5/2187 (A Shares); 4/ 1/96 (C and Y Shares); 8/6/01 (I Shares)                        * Not annualized
Share Class
YTD*
1 month*
3 month*
1 year
3 year
5 year
10 year
Since Inception
Class A (POP)
5.23%
(2.32%)
(2.00%)
5.23%
7.39%
3.78%
4.24%
5.64%
Class A (NAV)
9.64%
1.80%
2.12%
9.64%
8.86%
4.63%
4.66%
5.82%
Class C (CDSC)
7.70%
0.63%
0.90%
7.70%
7.90%
3.75%
3.77%
3.92%
Class C (w/o CDSC)
8.72%
1.63%
1.90%
8.72%
7.90%
3.75%
3.77%
3.92%
Class I
(no Load or CDSC)
9.48%
1.69%
2.08%
9.48%
8.67%
4.48%
4.50%
4.38%
Class Y
(no Load or CDSC)
9.81%
1.72%
2.06%
9.81%
8.98%
4.79%
4.81%
4.96%
Total Annual Operating Expenses: 0.75% (A Shares); 1.59% (C Shares); 0.95% (I Shares);
0.60% (Y Shares)

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