Churchill Tax-Free Fund of Kentucky is a mutual fund created especially for the benefit of Kentucky residents. The Fund, launched in 1987, seeks to provide as high a level of current income that is exempt from both Commonwealth of Kentucky and Federal income taxes as is consistent with preservation of investors' capital.# The Fund invests primarily in tax-free municipal bond obligations of Kentucky issuers, such as schools, highways hospitals, and water and sewer facilities.

The Fund is qualified for sale only in:
Kentucky, Alabama, Florida, Georgia, Hawaii, Illinois, Indiana, Missouri, New Jersey*, New York, Ohio, Pennsylvania, Tennessee*, and Texas.**

 * Class A and C shares only.
** Class A shares only.

^#For certain investors, some dividends may be subject to Federal and state taxes, including the Alternative Minimum Tax. Income earned by non-Kentucky residents will be subject to applicable state and local taxes.

The Fund is not a financial institution deposit or other obligation, is not backed by any financial institution guarantee, is not backed by FDIC or other deposit insurance, and is subject to investment risks, including possible loss of the principal amount invested. Before investing in the Fund, carefully read about and consider the investment objectives, risks, charges, expenses, and other information found in the Fund prospectus. Consideration should be given to the risks of investing including potential loss of value, market risk, interest rate risk, credit risk, and geographic concentration. Insurance on an obligation is intended to mitigate credit risk; it does not insure the market price of the obligation.