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Name | Symbol | Market | Type |
---|---|---|---|
Aquila Churchill Tax-Free Fund of Kentucky Class C (MM) | NASDAQ:CHKCX | NASDAQ | Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
|
Annual
Report
|
December 31, 2012
|
CHURCHILL
TAX-FREE FUND OF
KENTUCKY
|
A tax-free income investment
|
|
|
Serving Kentucky Investors
For Over 25 Years
Churchill Tax-Free Fund
of Kentucky
“Sticking To Basics”
|
|
|
Serving Kentucky Investors
For Over 25 Years
Churchill Tax-Free Fund of Kentucky
ANNUAL REPORT
Management Discussion
|
|
•
|
While the credit quality of the index and the Fund both averaged AA2/AaA3., the Fund was positioned with a slightly longer average life of 7.1 years versus the index of 6.7 years,
|
•
|
Although modified duration of the Fund and index are similar, the Fund’s option adjusted/effective duration was positioned to be longer by approximately two and one half years.
|
Average Annual Total Return
|
||||||||||||||||
for periods ended December 31, 2012
|
||||||||||||||||
Since
|
||||||||||||||||
Class and Inception Date
|
1 Year
|
5 Years
|
10 Years
|
Inception
|
||||||||||||
Class A (commenced operations
|
||||||||||||||||
on 5/21/87)
|
||||||||||||||||
With Maximum Sales Charge
|
1.32 | % | 4.42 | % | 3.99 | % | 5.64 | % | ||||||||
Without Sales Charge
|
5.53 | 5.27 | 4.41 | 5.80 | ||||||||||||
Class C (commenced operations
|
||||||||||||||||
on 4/01/96)
|
||||||||||||||||
With CDSC**
|
3.71 | 4.38 | 3.52 | 3.97 | ||||||||||||
Without CDSC
|
4.73 | 4.38 | 3.52 | 3.97 | ||||||||||||
Class I (commenced operations
|
||||||||||||||||
on 8/06/01)
|
||||||||||||||||
No Sales Charge
|
5.47 | 5.12 | 4.26 | 4.47 | ||||||||||||
Class Y (commenced operations
|
||||||||||||||||
on 4/01/96)
|
||||||||||||||||
No Sales Charge
|
5.78 | 5.43 | 4.56 | 5.00 | ||||||||||||
Barclays Capital Index
|
3.84 | 5.47 | 4.53 |
5.83
|
(Class A) | |||||||||||
5.16
|
(Class C & Y) | |||||||||||||||
3.76
|
(Class I) |
Rating
|
|||||||||
Moody’s/
|
|||||||||
Principal
|
S&P
|
||||||||
Amount
|
General Obligation Bonds (4.9%)
|
(unaudited)
|
Value
|
||||||
Bowling Green, Kentucky
|
|||||||||
$ | 500,000 |
2.000%, 06/01/15
|
Aa2/AA-
|
$ | 516,590 | ||||
Campbell County, Kentucky Public
|
|||||||||
Project
|
|||||||||
1,625,000 |
4.375%, 12/01/25 Syncora Guarantee,
|
||||||||
Inc. Insured
|
Aa2/NR
|
1,783,632 | |||||||
Henderson County, Kentucky
|
|||||||||
330,000 |
3.000%, 11/01/20
|
Aa3/NR
|
355,027 | ||||||
Highland Heights, Kentucky
|
|||||||||
500,000 |
5.125%, 12/01/38
|
A1/NR
|
558,425 | ||||||
Lexington-Fayette Urban County,
|
|||||||||
Kentucky
|
|||||||||
4,175,000 |
4.250%, 05/01/23 NPFG Insured(b)
|
Aa2/AA
|
4,633,039 | ||||||
Louisville & Jefferson County, Kentucky
|
|||||||||
955,000 |
4.200%, 11/01/22 NPFG Insured
|
Aa1/AA+**
|
1,054,989 | ||||||
Muhlenberg County, Kentucky
|
|||||||||
730,000 |
4.500%, 04/01/28
|
A1/NR
|
820,170 | ||||||
City of Owensboro, Kentucky Refunding
|
|||||||||
and Improvement
|
|||||||||
1,355,000 |
4.000%, 06/01/30
|
Aa3/NR
|
1,465,324 | ||||||
Warren County, Kentucky Unlimited Tax
|
|||||||||
615,000 |
4.000%, 06/01/25
|
Aa2/AA-
|
689,513 | ||||||
635,000 |
4.000%, 06/01/26
|
Aa2/AA-
|
706,311 | ||||||
660,000 |
4.000%, 06/01/27
|
Aa2/AA-
|
729,373 | ||||||
Total General Obligation Bonds
|
13,312,393 | ||||||||
Revenue Bonds (93.7%)
|
|||||||||
State Agencies (13.3%)
|
|||||||||
Kentucky Asset & Liability Commission
|
|||||||||
Federal Highway Notes
|
|||||||||
1,000,000 |
5.000%, 09/01/22 Series A
|
Aa3/AA
|
1,212,800 | ||||||
Kentucky Asset & Liability Commission
|
|||||||||
University of Kentucky Project
|
|||||||||
1,500,000 |
4.500%, 10/01/22 NPFG/ FGIC
|
||||||||
Insured
|
Aa2/AA-
|
1,632,240 | |||||||
500,000 |
5.000%, 10/01/25 Series B
|
Aa2/AA-
|
581,040 | ||||||
750,000 |
5.000%, 10/01/26 Series B
|
Aa2/AA-
|
870,067 | ||||||
1,000,000 |
5.000%, 10/01/27 Series B
|
Aa2/AA-
|
1,158,100 | ||||||
Kentucky Economic Development Finance
|
|||||||||
Authority Louisville Arena Project
|
|||||||||
3,500,000 |
5.750%, 12/01/28 AGMC Insured
|
Aa3/AA-
|
3,843,245 |
Rating
|
|||||||||
Moody’s/
|
|||||||||
Principal
|
S&P
|
||||||||
Amount
|
Revenue Bonds (continued)
|
(unaudited)
|
Value
|
||||||
State Agencies (continued)
|
|||||||||
Kentucky Rural Water Finance Corp.
|
|||||||||
$ | 205,000 |
4.250%, 08/01/19 NPFG Insured
|
Baa2/A+
|
$ | 218,932 | ||||
595,000 |
5.000%, 02/01/20 NPFG Insured
|
Baa2/A+
|
602,634 | ||||||
210,000 |
4.250%, 08/01/20 NPFG Insured
|
Baa2/A+
|
223,675 | ||||||
200,000 |
4.375%, 08/01/22 NPFG Insured
|
Baa2/A+
|
213,806 | ||||||
240,000 |
4.500%, 08/01/23 NPFG Insured
|
Baa2/A+
|
256,908 | ||||||
200,000 |
4.500%, 02/01/24 NPFG Insured
|
Baa2/A+
|
202,420 | ||||||
255,000 |
4.500%, 08/01/24 NPFG Insured
|
Baa2/A+
|
272,876 | ||||||
355,000 |
4.600%, 02/01/25
|
NR/A+
|
388,548 | ||||||
290,000 |
4.500%, 08/01/27 NPFG Insured
|
Baa2/A+
|
307,568 | ||||||
245,000 |
4.600%, 08/01/28 NPFG Insured
|
Baa2/A+
|
260,070 | ||||||
315,000 |
4.625%, 08/01/29 NPFG Insured
|
Baa2/A+
|
334,310 | ||||||
Kentucky Rural Water Finance Corp.,
|
|||||||||
Public Project Revenue Refunding
|
|||||||||
(Flexible Term Program)
|
|||||||||
375,000 |
4.000%, 02/01/28 2012C
|
NR/A+
|
398,389 | ||||||
305,000 |
4.000%, 02/01/29 2012C
|
NR/A+
|
323,352 | ||||||
Kentucky Rural Water Finance Corp.,
|
|||||||||
Public Project Revenue Refunding
|
|||||||||
& Improvement (Flexible Term
|
|||||||||
Program)
|
|||||||||
450,000 |
4.000%, 02/01/27 Series 2012F
|
NR/A+
|
505,274 | ||||||
465,000 |
4.000%, 02/01/28 Series 2012F
|
NR/A+
|
520,512 | ||||||
490,000 |
4.000%, 02/01/29 Series 2012F
|
NR/A+
|
544,292 | ||||||
470,000 |
4.000%, 02/01/30 Series 2012F
|
NR/A+
|
521,277 | ||||||
490,000 |
4.000%, 02/01/31 Series 2012F
|
NR/A+
|
540,544 | ||||||
515,000 |
4.000%, 02/01/32 Series 2012F
|
NR/A+
|
565,079 | ||||||
435,000 |
4.000%, 02/01/26 Series 2012F
|
NR/A+
|
491,067 | ||||||
Kentucky State Property and Buildings
|
|||||||||
Commission
|
|||||||||
1,000,000 |
5.000%, 11/01/17 AMBAC Insured
|
||||||||
(pre-refunded)
|
A1/A+
|
1,039,200 | |||||||
1,020,000 |
5.000%, 11/01/20
|
Aa3/A+
|
1,207,762 | ||||||
1,375,000 |
5.375%, 11/01/23
|
Aa3/A+
|
1,609,946 | ||||||
2,820,000 |
5.750%, 04/01/24 Project 91
|
A1/A+
|
3,237,642 | ||||||
2,800,000 |
5.250%, 02/01/28 AGMC Insured
|
Aa3/AA-
|
3,228,036 | ||||||
750,000 |
5.500%, 11/01/28
|
Aa3/A+
|
868,590 | ||||||
2,500,000 |
5.000%, 02/01/29 AGMC Insured
|
Aa3/AA-
|
2,829,100 |
Rating
|
|||||||||
Moody’s/
|
|||||||||
Principal
|
S&P
|
||||||||
Amount
|
Revenue Bonds (continued)
|
(unaudited)
|
Value
|
||||||
State Agencies (continued)
|
|||||||||
Kentucky State Property and Buildings
|
|||||||||
Commission (continued)
|
|||||||||
$ | 2,625,000 |
5.750%, 04/01/29 Project 91
|
A1/A+ | $ | 2,980,766 | ||||
2,000,000 |
5.000%, 08/01/30 Project 100
|
Aa3/A+
|
2,336,640 | ||||||
Total State Agencies
|
36,326,707 | ||||||||
Airport (6.8%)
|
|||||||||
Kenton County, Kentucky Airport Board
|
|||||||||
Airport Revenue
|
|||||||||
1,300,000 |
5.000%, 03/01/23 NPFG Insured AMT
|
A3/A- | 1,303,445 | ||||||
Lexington-Fayette Urban County Airport
|
|||||||||
Board, Kentucky
|
|||||||||
1,555,000 |
5.000%, 07/01/28 2012 Series A
|
Aa2/AA
|
1,800,488 | ||||||
400,000 |
5.000%, 07/01/29 2012 Series A
|
Aa2/AA
|
461,368 | ||||||
350,000 |
5.000%, 07/01/30 2012 Series A
|
Aa2/AA
|
402,147 | ||||||
750,000 |
5.000%, 07/01/31 2012 Series A
|
Aa2/AA
|
855,143 | ||||||
Louisville, Kentucky Regional Airport
|
|||||||||
Authority
|
|||||||||
1,060,000 |
5.000%, 07/01/18 AMT
|
A2/A+ | 1,205,686 | ||||||
1,000,000 |
5.250%, 07/01/23 AGMC Insured AMT
|
Aa3/AA-
|
1,129,340 | ||||||
2,610,000 |
5.000%, 07/01/24 AMBAC Insured AMT
|
A2/A+ | 2,789,516 | ||||||
Louisville & Jefferson County Regional
|
|||||||||
Airport, Kentucky
|
|||||||||
1,000,000 |
5.250%, 07/01/18 AGMC Insured AMT
|
Aa3/AA-
|
1,019,690 | ||||||
2,000,000 |
5.250%, 07/01/20 AGMC Insured AMT
|
Aa3/AA-
|
2,027,500 | ||||||
1,370,000 |
5.250%, 07/01/21 AGMC Insured AMT
|
Aa3/AA-
|
1,387,550 | ||||||
3,390,000 |
5.250%, 07/01/22 AGMC Insured AMT
|
Aa3/AA-
|
3,432,273 | ||||||
275,000 |
5.375%, 07/01/23 AGMC Insured AMT
|
Aa3/AA-
|
275,473 | ||||||
500,000 |
5.000%, 07/01/25 NPFG Insured AMT
|
A2/A+ | 500,550 | ||||||
Total Airport
|
18,590,169 | ||||||||
Colleges and Universities (6.7%)
|
|||||||||
Berea, Kentucky Educational Facilities
|
|||||||||
(Berea College)
|
|||||||||
1,000,000 |
4.125%, 06/01/25
|
Aaa/NR
|
1,058,920 | ||||||
Boyle County, Kentucky College
|
|||||||||
Refunding & Improvement
|
|||||||||
1,035,000 |
4.500%, 06/01/22 AGC Insured
|
Aa3/AA-
|
1,129,920 | ||||||
200,000 |
4.625%, 06/01/24 AGC Insured
|
Aa3/AA-
|
218,330 |
Rating
|
|||||||||
Moody’s/
|
|||||||||
Principal
|
S&P
|
||||||||
Amount
|
Revenue Bonds (continued)
|
(unaudited)
|
Value
|
||||||
Colleges and Universities (continued)
|
|||||||||
Eastern Kentucky University General
|
|||||||||
Receipts
|
|||||||||
$ | 1,250,000 |
4.000%, 10/01/27
|
Aa3/A+
|
$ | 1,352,450 | ||||
Lexington-Fayette, Kentucky Urban
|
|||||||||
County Government Transylvania
|
|||||||||
University Project
|
|||||||||
1,390,000 |
4.500%, 03/01/29
|
NR/A+
|
1,524,024 | ||||||
Louisville & Jefferson County, Kentucky
|
|||||||||
University of Louisville
|
|||||||||
525,000 |
5.000%, 06/01/20 AMBAC Insured
|
NR/NR*
|
557,508 | ||||||
Murray State University Project,
|
|||||||||
Kentucky General Receipts Revenue
|
|||||||||
745,000 |
4.500%, 09/01/23 AMBAC Insured
|
Aa3/A+
|
809,770 | ||||||
University of Kentucky General
|
|||||||||
Receipts Revenue
|
|||||||||
885,000 |
4.500%, 10/01/22 Syncora Guarantee,
|
||||||||
Inc. Insured
|
Aa2/AA-
|
990,156 | |||||||
1,545,000 |
4.500%, 10/01/23 Syncora Guarantee,
|
||||||||
Inc. Insured
|
Aa2/AA-
|
1,727,974 | |||||||
1,625,000 |
4.500%, 10/01/25 Syncora Guarantee,
|
||||||||
Inc. Insured
|
Aa2/AA-
|
1,811,761 | |||||||
1,010,000 |
4.500%, 10/01/26 Syncora Guarantee,
|
||||||||
Inc. Insured
|
Aa2/AA-
|
1,123,342 | |||||||
1,000,000 |
5.000%, 09/01/30
|
Aa2/AA-
|
1,174,800 | ||||||
Western Kentucky University General
|
|||||||||
Receipts Revenue
|
|||||||||
2,000,000 |
4.200%, 09/01/25 Series A NPFG
|
||||||||
Insured
|
Aa3/A+
|
2,116,040 | |||||||
2,475,000 |
4.200%, 09/01/26 Series A NPFG
|
||||||||
Insured
|
Aa3/A+
|
2,609,764 | |||||||
Total Colleges and Universities
|
18,204,759 | ||||||||
Hospitals (12.1%)
|
|||||||||
Jefferson County, Kentucky Health
|
|||||||||
Facilities University Hospital
|
|||||||||
1,050,000 |
5.250%, 07/01/22 NPFG Insured
|
Baa2/BBB
|
1,053,937 | ||||||
Kentucky Economic Development
|
|||||||||
Finance Authority, Baptist
|
|||||||||
Healthcare System
|
|||||||||
4,795,000 |
5.375%, 08/15/24
|
A1/NR***
|
5,474,979 | ||||||
3,650,000 |
5.250%, 08/15/46
|
A1/NR***
|
4,086,759 |
Rating
|
|||||||||
Moody’s/
|
|||||||||
Principal
|
S&P
|
||||||||
Amount
|
Revenue Bonds (continued)
|
(unaudited)
|
Value
|
||||||
Hospitals (continued)
|
|||||||||
Kentucky Economic Development
|
|||||||||
Finance Authority, Catholic Health
|
|||||||||
$ | 1,000,000 |
5.000%, 05/01/29
|
Aa3/AA-
|
$ | 1,036,740 | ||||
Kentucky Economic Development
|
|||||||||
Finance Authority, Hospital Facilities
|
|||||||||
St. Elizabeth Healthcare
|
|||||||||
1,000,000 |
5.500%, 05/01/39
|
NR/AA-***
|
1,107,160 | ||||||
Kentucky Economic Development
|
|||||||||
Finance Authority, Kings Daughter
|
|||||||||
Medical Center
|
|||||||||
1,000,000 |
5.000%, 02/01/30
|
A1/A+ | 1,076,380 | ||||||
Lexington-Fayette Urban County
|
|||||||||
Government, Kentucky Public
|
|||||||||
Facilities Co Lease, Eastern State
|
|||||||||
Hospital
|
|||||||||
1,500,000 |
5.250%, 06/01/32
|
Aa3/A+
|
1,710,840 | ||||||
Louisville & Jefferson County, Kentucky
|
|||||||||
Louisville Medical Center
|
|||||||||
1,000,000 |
5.000%, 06/01/18 (pre-refunded)
|
NR/A
|
1,029,400 | ||||||
Louisville & Jefferson County, Kentucky
|
|||||||||
Metro Health, Jewish Hospital &
|
|||||||||
St. Mary’s Health Care, Inc.
|
|||||||||
650,000 |
6.000%, 02/01/22 (pre-refunded)
|
#Aaa/NR
|
652,847 | ||||||
Louisville & Jefferson County, Kentucky
|
|||||||||
Metropolitan Government Health
|
|||||||||
System, Norton Healthcare, Inc.
|
|||||||||
7,150,000 |
5.000%, 10/01/26
|
NR/A-****
|
7,566,416 | ||||||
1,600,000 |
5.000%, 10/01/30
|
NR/A-****
|
1,689,152 | ||||||
Louisville & Jefferson County, Kentucky
|
|||||||||
Metropolitan Government, Louisville
|
|||||||||
Medical Center, Laundry Facility Project
|
|||||||||
695,000 |
4.250%, 05/01/23 Series 2012
|
NR/A
|
789,471 | ||||||
Louisville & Jefferson County, Kentucky
|
|||||||||
Metropolitan Government, Louisville
|
|||||||||
Medical Center, Steam & Chilled
|
|||||||||
Water Plant Project
|
|||||||||
915,000 |
4.250%, 05/01/22 Series 2012A
|
NR/A
|
1,038,461 | ||||||
Louisville & Jefferson County, Kentucky
|
|||||||||
Metropolitan Government Revenue
|
|||||||||
Refunding, Catholic Health Initiatives
|
|||||||||
2,000,000 |
5.000%, 12/01/30
|
Aa3/AA-
|
2,308,000 |
Rating
|
|||||||||
Moody’s/
|
|||||||||
Principal
|
S&P
|
||||||||
Amount
|
Revenue Bonds (continued)
|
(unaudited)
|
Value
|
||||||
Hospitals (continued)
|
|||||||||
Russell, Kentucky Bon Secours Health
|
|||||||||
System
|
|||||||||
$ | 1,000,000 |
5.000%, 11/01/26 Series 2013(a)
|
A3/A- | $ | 1,095,860 | ||||
Warren County, Kentucky, Warren
|
|||||||||
County Community Hospital Corp.
|
|||||||||
680,000 |
4.000%, 10/01/29
|
NR/A
|
702,154 | ||||||
500,000 |
5.000%, 10/01/33
|
NR/A
|
546,740 | ||||||
Total Hospitals
|
32,965,296 | ||||||||
Housing (4.6%)
|
|||||||||
Kentucky Housing Corporation Housing
|
|||||||||
Revenue
|
|||||||||
555,000 |
4.200%, 01/01/17
|
Aaa/AAA
|
563,181 | ||||||
470,000 |
4.800%, 01/01/18 AMT
|
Aaa/AAA
|
481,858 | ||||||
285,000 |
4.250%, 01/01/18
|
Aaa/AAA
|
289,204 | ||||||
575,000 |
4.800%, 07/01/18 AMT
|
Aaa/AAA
|
589,093 | ||||||
180,000 |
4.250%, 07/01/18
|
Aaa/AAA
|
182,574 | ||||||
610,000 |
4.800%, 07/01/20 AMT
|
Aaa/AAA
|
621,590 | ||||||
1,570,000 |
4.800%, 07/01/22 AMT
|
Aaa/AAA
|
1,632,172 | ||||||
1,635,000 |
5.000%, 01/01/23 AMT
|
Aaa/AAA
|
1,720,837 | ||||||
665,000 |
5.000%, 07/01/24 FHA Insured
|
Aaa/AAA
|
719,277 | ||||||
250,000 |
3.625%, 01/01/25
|
Aaa/AAA
|
262,592 | ||||||
875,000 |
4.500%, 07/01/25
|
Aaa/AAA
|
955,491 | ||||||
600,000 |
4.750%, 07/01/26
|
Aaa/AAA
|
637,224 | ||||||
315,000 |
4.850%, 07/01/29
|
Aaa/AAA
|
335,002 | ||||||
1,630,000 |
4.600%, 07/01/32 AMT
|
Aaa/AAA
|
1,724,279 | ||||||
540,000 |
5.150%, 07/01/39
|
Aaa/AAA
|
575,073 | ||||||
Kentucky Housing Multifamily Mortgage
|
|||||||||
Revenue
|
|||||||||
1,325,000 |
5.000%, 06/01/35 AMT
|
NR/NR*
|
1,341,125 | ||||||
Total Housing
|
12,630,572 | ||||||||
Local Public Property (6.2%)
|
|||||||||
Bracken County, Kentucky Public
|
|||||||||
Properties Corp. Revenue
|
|||||||||
Refunding - First Mortgage
|
|||||||||
1,110,000 |
5.000%, 08/01/30
|
Aa3/NR
|
1,291,318 | ||||||
Grant County, Kentucky Public Property
|
|||||||||
Corp. Justice Center Project
|
|||||||||
1,000,000 |
4.500%, 12/01/24
|
Aa3/NR
|
1,093,270 |
Rating
|
|||||||||
Moody’s/
|
|||||||||
Principal
|
S&P
|
||||||||
Amount
|
Revenue Bonds (continued)
|
(unaudited)
|
Value
|
||||||
Local Public Property (continued)
|
|||||||||
Jefferson County, Kentucky Capital
|
|||||||||
Projects
|
|||||||||
$ | 1,575,000 |
4.250%, 06/01/23 AGMC Insured
|
Aa2/NR***
|
$ | 1,751,242 | ||||
1,950,000 |
4.375%, 06/01/24 AGMC Insured
|
Aa2/NR***
|
2,170,623 | ||||||
2,060,000 |
4.375%, 06/01/26 Series A AGMC
|
||||||||
Insured
|
Aa2/NR***
|
2,278,278 | |||||||
1,070,000 |
4.375%, 06/01/27 Series A AGMC
|
||||||||
Insured
|
Aa2/NR***
|
1,179,086 | |||||||
1,640,000 |
4.375%, 06/01/28 AGMC Insured
|
Aa2/NR***
|
1,799,916 | ||||||
Kentucky Association of Counties
|
|||||||||
Finance Corp. Financing Program
|
|||||||||
1,145,000 |
4.250%, 02/01/24
|
NR/AA-
|
1,251,050 | ||||||
515,000 |
4.000%, 02/01/25
|
NR/AA-
|
561,628 | ||||||
315,000 |
5.375%, 02/01/27
|
NR/AA-
|
358,839 | ||||||
330,000 |
5.375%, 02/01/28
|
NR/AA-
|
374,679 | ||||||
Kentucky Bond Corp. Financing Program
|
|||||||||
915,000 |
5.125%, 02/01/28
|
NR/AA-
|
1,054,208 | ||||||
Laurel County, Kentucky Public Property
|
|||||||||
Corp. Justice Center Project
|
|||||||||
250,000 |
4.625%, 03/01/28
|
Aa3/NR
|
270,143 | ||||||
Lexington-Fayette Urban County,
|
|||||||||
Kentucky Public Facilities Revenue
|
|||||||||
500,000 |
4.125%, 10/01/23 NPFG Insured
|
Aa3/NR
|
532,705 | ||||||
500,000 |
4.250%, 10/01/26 NPFG Insured
|
Aa3/NR
|
524,840 | ||||||
Warren County, Kentucky Justice Center
|
|||||||||
365,000 |
4.300%, 09/01/22 NPFG Insured
|
Aa3/NR
|
390,444 | ||||||
Total Local Public Property
|
16,882,269 | ||||||||
Pollution Control (1.3%)
|
|||||||||
Carroll County, Kentucky Environmental
|
|||||||||
Facilities Revenue (Kentucky Utilities)
|
|||||||||
AMT
|
|||||||||
1,500,000 |
5.750%, 02/01/26 AMBAC Insured
|
A2/A-
|
1,658,700 | ||||||
Louisville & Jefferson County, Kentucky
|
|||||||||
Metropolitan Government Pollution
|
|||||||||
Refunding, Louisville Gas & Electric
|
|||||||||
Co. Project
|
|||||||||
2,000,000 |
1.650%, 10/01/33
|
A2/A-
|
2,022,600 | ||||||
Total Pollution Control
|
3,681,300 |
Rating
|
|||||||||
Moody’s/
|
|||||||||
Principal
|
S&P
|
||||||||
Amount
|
Revenue Bonds (continued)
|
(unaudited)
|
Value
|
||||||
School Building Revenue (23.8%)
|
|||||||||
Barren County, Kentucky School
|
|||||||||
Building Revenue
|
|||||||||
$ | 1,265,000 |
4.250%, 08/01/25 AGC Insured
|
Aa3/NR
|
$ | 1,332,260 | ||||
1,670,000 |
4.375%, 08/01/26 AGC Insured
|
Aa3/NR
|
1,762,351 | ||||||
Boone County, Kentucky School
|
|||||||||
District Finance Corp. School
|
|||||||||
Building Revenue
|
|||||||||
1,000,000 |
4.125%, 08/01/22 Syncora Guarantee,
|
||||||||
Inc. Insured
|
Aa3/NR
|
1,053,060 | |||||||
1,580,000 |
4.500%, 08/01/23 AGMC Insured
|
Aa3/NR
|
1,708,217 | ||||||
1,250,000 |
4.125%, 03/01/25 AGMC Insured
|
Aa3/NR
|
1,337,375 | ||||||
Bullitt County, Kentucky School
|
|||||||||
District Finance Corp.
|
|||||||||
200,000 |
4.300%, 10/01/21 NPFG Insured
|
||||||||
(pre-refunded)
|
Aa3/NR
|
213,776 | |||||||
2,455,000 |
4.500%, 10/01/22 NPFG Insured
|
||||||||
(pre-refunded)
|
Aa3/NR
|
2,632,644 | |||||||
1,590,000 |
4.500%, 10/01/23 NPFG Insured
|
||||||||
(pre-refunded)
|
Aa3/NR
|
1,705,052 | |||||||
1,145,000 |
4.500%, 04/01/27
|
Aa3/NR
|
1,263,920 | ||||||
1,200,000 |
4.500%, 04/01/28
|
Aa3/NR
|
1,320,900 | ||||||
Campbell County, Kentucky School
|
|||||||||
District Finance Corp. School
|
|||||||||
Building Revenue
|
|||||||||
340,000 |
3.500%, 08/01/22
|
Aa3/NR
|
368,825 | ||||||
Christian County, Kentucky School
|
|||||||||
District Finance Corp.
|
|||||||||
750,000 |
4.125%, 08/01/23 Syncora Guarantee,
|
||||||||
Inc. Insured (pre-refunded)
|
Aa3/NR
|
820,282 | |||||||
1,590,000 |
4.125%, 08/01/24 Syncora Guarantee,
|
||||||||
Inc. Insured (pre-refunded)
|
Aa3/NR
|
1,738,999 | |||||||
Daviess County, Kentucky School
|
|||||||||
District Finance Corp.
|
|||||||||
200,000 |
5.000%, 06/01/24 (pre-refunded)
|
Aa3/NR
|
213,112 | ||||||
Fayette County, Kentucky School
|
|||||||||
District Finance Corp.
|
|||||||||
5,000,000 |
4.250%, 04/01/23 AGMC Insured
|
||||||||
(pre-refunded)
|
Aa2/AA
|
5,426,800 | |||||||
4,335,000 |
4.375%, 05/01/26 AGMC Insured
|
Aa2/AA
|
4,785,970 | ||||||
750,000 |
4.250%, 06/01/29 Series A
|
Aa2/AA
|
828,000 |
Rating
|
|||||||||
Moody’s/
|
|||||||||
Principal
|
S&P
|
||||||||
Amount
|
Revenue Bonds (continued)
|
(unaudited)
|
Value
|
||||||
School Building Revenue (continued)
|
|||||||||
Floyd County, Kentucky School Finance
|
|||||||||
Corporation School Building
|
|||||||||
$ | 1,255,000 |
4.125%, 03/01/26 Syncora Guarantee,
|
|||||||
Inc. Insured
|
Aa3/NR
|
$ | 1,298,737 | ||||||
Fort Thomas, Kentucky Independent
|
|||||||||
School District Finance Corp.
|
|||||||||
610,000 |
4.375%, 04/01/25
|
Aa3/NR
|
640,134 | ||||||
Franklin County, Kentucky School
|
|||||||||
District Finance Corp.
|
|||||||||
1,000,000 |
5.000%, 04/01/24 (pre-refunded)
|
Aa3/NR
|
1,058,330 | ||||||
1,135,000 |
4.000%, 04/01/24 Second Series
|
Aa3/NR
|
1,308,133 | ||||||
1,560,000 |
4.000%, 06/01/29
|
Aa3/NR
|
1,669,840 | ||||||
1,000,000 |
4.000%, 06/01/30
|
Aa3/NR
|
1,065,370 | ||||||
Graves County, Kentucky School
|
|||||||||
Building Revenue
|
|||||||||
1,260,000 |
5.000%, 06/01/22 (pre-refunded)
|
Aa3/NR
|
1,284,457 | ||||||
1,320,000 |
5.000%, 06/01/23 (pre-refunded)
|
Aa3/NR
|
1,345,621 | ||||||
Jessamine County, Kentucky School
|
|||||||||
District Finance Corp., School
|
|||||||||
Building Revenue
|
|||||||||
1,365,000 |
4.000%, 08/01/32
|
Aa3/NR
|
1,467,252 | ||||||
Kenton County, Kentucky School
|
|||||||||
District Finance Corp.
|
|||||||||
445,000 |
4.300%, 04/01/22 AGC Insured
|
Aa3/NR
|
468,923 | ||||||
4,250,000 |
5.000%, 06/01/22 NPFG Insured
|
||||||||
(pre-refunded)
|
Aa3/NR
|
4,528,630 | |||||||
590,000 |
4.250%, 10/01/22 AGMC Insured
|
Aa3/NR
|
627,294 | ||||||
750,000 |
4.375%, 04/01/24 AGC Insured
|
Aa3/NR
|
788,235 | ||||||
325,000 |
4.400%, 04/01/26 AGC Insured
|
Aa3/NR
|
340,688 | ||||||
Larue County, Kentucky School
|
|||||||||
District Finance Corp.
|
|||||||||
270,000 |
4.500%, 07/01/21 NPFG Insured
|
Aa3/NR
|
290,102 | ||||||
470,000 |
4.500%, 07/01/22 NPFG Insured
|
Aa3/NR
|
502,867 | ||||||
785,000 |
4.500%, 07/01/23 NPFG Insured
|
Aa3/NR
|
837,179 | ||||||
Laurel County, Kentucky School
|
|||||||||
District Finance Corp.
|
|||||||||
300,000 |
4.000%, 06/01/16 AGMC Insured
|
Aa3/NR
|
327,231 | ||||||
Magoffin County, Kentucky School
|
|||||||||
District
|
|||||||||
375,000 |
4.250%, 08/01/23 AMBAC Insured
|
Aa3/NR
|
397,834 | ||||||
475,000 |
4.250%, 08/01/25 AMBAC Insured
|
Aa3/NR
|
500,916 |
Rating
|
|||||||||
Moody’s/
|
|||||||||
Principal
|
S&P
|
||||||||
Amount
|
Revenue Bonds (continued)
|
(unaudited)
|
Value
|
||||||
School Building Revenue (continued)
|
|||||||||
Ohio County, Kentucky School
|
|||||||||
Building Revenue
|
|||||||||
$ | 790,000 |
4.500%, 05/01/24
|
Aa3/NR
|
$ | 867,467 | ||||
325,000 |
4.500%, 05/01/25
|
Aa3/NR
|
355,342 | ||||||
Oldham County, Kentucky School
|
|||||||||
District Finance Corp.
|
|||||||||
500,000 |
5.000%, 05/01/19 NPFG Insured
|
||||||||
(pre-refunded)
|
Aa3/NR
|
531,120 | |||||||
1,000,000 |
4.500%, 09/01/27 NPFG Insured
|
Aa3/NR
|
1,057,140 | ||||||
1,370,000 |
4.000%, 09/01/32
|
Aa3/NR
|
1,503,370 | ||||||
Owensboro, Kentucky Independent
|
|||||||||
School District Finance Corp.
|
|||||||||
School Building Revenue
|
|||||||||
890,000 |
4.375%, 09/01/24
|
Aa3/NR
|
983,450 | ||||||
Pendleton County, Kentucky School
|
|||||||||
District Finance Corp. School
|
|||||||||
Building Revenue
|
|||||||||
730,000 |
4.000%, 02/01/23 NPFG Insured
|
Aa3/NR
|
769,259 | ||||||
Pike County, Kentucky School
|
|||||||||
Building Revenue
|
|||||||||
1,355,000 |
4.375%, 10/01/26 NPFG Insured
|
Aa3/NR
|
1,452,208 | ||||||
Scott County, Kentucky School
|
|||||||||
District Finance Corp.
|
|||||||||
1,115,000 |
4.200%, 01/01/22 AMBAC Insured
|
Aa3/NR
|
1,160,659 | ||||||
1,955,000 |
4.250%, 01/01/23 AMBAC Insured
|
Aa3/NR
|
2,031,519 | ||||||
1,560,000 |
4.300%, 01/01/24 AMBAC Insured
|
Aa3/NR
|
1,622,260 | ||||||
1,500,000 |
3.400%, 02/01/32
|
Aa3/NR
|
1,521,075 | ||||||
Spencer County, Kentucky School
|
|||||||||
District Finance Corp., School
|
|||||||||
Building Revenue
|
|||||||||
1,000,000 |
4.500%, 08/01/27 AGMC Insured
|
Aa3/NR
|
1,080,990 | ||||||
Warren County, Kentucky School
|
|||||||||
District Finance Corp.
|
|||||||||
295,000 |
4.125%, 02/01/23 NPFG Insured
|
Aa3/NR
|
308,741 | ||||||
500,000 |
4.375%, 04/01/27 AGMC Insured
|
Aa3/NR
|
532,595 | ||||||
Total Schools Building Revenue
|
65,036,511 |
Rating
|
|||||||||
Moody’s/
|
|||||||||
Principal
|
S&P
|
||||||||
Amount
|
Revenue Bonds (continued)
|
(unaudited)
|
Value
|
||||||
Turnpike/Highway (9.5%)
|
|||||||||
Kentucky State Turnpike Authority
|
|||||||||
$ | 3,000,000 |
4.450%, 07/01/22 Series B
|
Aa2/AA+
|
$ | 3,327,000 | ||||
3,500,000 |
5.000%, 07/01/25
|
Aa2/AA+
|
4,202,275 | ||||||
2,000,000 |
5.000%, 07/01/25 AMBAC Insured
|
Aa2/AA+
|
2,203,680 | ||||||
1,000,000 |
5.000%, 07/01/25
|
Aa2/AA+
|
1,174,620 | ||||||
2,750,000 |
5.000%, 07/01/27
|
Aa2/AA+
|
3,217,610 | ||||||
1,100,000 |
5.000%, 07/01/28
|
Aa2/AA+
|
1,285,779 | ||||||
5,000,000 |
5.000%, 07/01/29 Series A
|
Aa2/AA+
|
6,050,400 | ||||||
3,000,000 |
4.000%, 07/01/29
|
Aa2/AA+
|
3,324,630 | ||||||
1,000,000 |
5.000%, 07/01/30 Series A
|
Aa2/AA+
|
1,204,450 | ||||||
Total Turnpike/Highway
|
25,990,444 | ||||||||
Utilities (9.3%)
|
|||||||||
Campbell & Kenton Counties, Kentucky
|
|||||||||
(Sanitation District)
|
|||||||||
1,695,000 |
4.300%, 08/01/24 NPFG Insured
|
Aa2/AA
|
1,867,670 | ||||||
300,000 |
4.300%, 08/01/27 NPFG Insured
|
Aa2/AA
|
328,362 | ||||||
2,370,000 |
4.000%, 08/01/27
|
Aa2/AA
|
2,605,317 | ||||||
1,450,000 |
4.300%, 08/01/28 NPFG Insured
|
Aa2/AA
|
1,581,790 | ||||||
Henderson, Kentucky Electric System
|
|||||||||
Revenue
|
|||||||||
250,000 |
4.000%, 12/01/24
|
A3/NR
|
266,572 | ||||||
Kentucky State Municipal Power
|
|||||||||
Agency, Prairie St. Project
|
|||||||||
1,000,000 |
5.000%, 09/01/23 AGMC Insured
|
Aa3/AA-
|
1,155,880 | ||||||
Louisville & Jefferson County, Kentucky
|
|||||||||
Metropolitan Sewer District
|
|||||||||
2,380,000 |
4.250%, 05/15/20 AGMC Insured
|
Aa3/AA
|
2,554,430 | ||||||
2,510,000 |
4.250%, 05/15/21 AGMC Insured
|
Aa3/AA
|
2,676,940 | ||||||
1,500,000 |
5.000%, 05/15/26 AGMC Insured
|
Aa3/AA
|
1,585,875 | ||||||
500,000 |
5.000%, 05/15/28 Series A
|
Aa3/AA
|
590,100 | ||||||
1,350,000 |
5.000%, 05/15/34
|
Aa3/AA
|
1,549,678 | ||||||
635,000 |
4.250%, 05/15/38 Series A AGMC
|
||||||||
Insured
|
Aa3/AA
|
671,132 | |||||||
Northern Kentucky Water District
|
|||||||||
1,000,000 |
5.000%, 02/01/26
|
Aa3/NR
|
1,181,360 | ||||||
1,825,000 |
6.000%, 02/01/28 AGMC Insured
|
Aa3/NR
|
2,133,699 | ||||||
1,250,000 |
4.500%, 02/01/30
|
Aa3/NR
|
1,390,187 |
Rating
|
||||||||||
Moody’s/
|
||||||||||
Principal
|
S&P
|
|||||||||
Amount
|
Revenue Bonds (continued)
|
(unaudited)
|
Value
|
|||||||
Utilities (continued)
|
||||||||||
Owensboro, Kentucky Electric and
|
||||||||||
Power
|
||||||||||
$ | 1,000,000 |
5.000%, 01/01/21 AGMC Insured
|
Aa3/AA-
|
$ | 1,198,440 | |||||
Owensboro, Kentucky Water Revenue
|
||||||||||
500,000 |
5.000%, 09/15/27 AGMC Insured
|
Aa3/NR
|
562,865 | |||||||
Owensboro-Daviess County, Kentucky
|
||||||||||
Regional Water Resource Agency
|
||||||||||
Wastewater Refunding & Improvement
|
||||||||||
930,000 |
4.375%, 01/01/27 Series A Syncora
|
|||||||||
Guarantee, Inc. Insured
|
NR/AA-
|
975,626 | ||||||||
Trimble County, Kentucky Environmental
|
||||||||||
Facilities Revenue Refunding, Louisville
|
||||||||||
Gas & Electric Co.
|
||||||||||
500,000 |
4.600%, 06/01/33 AMBAC Insured
|
A2/A- | 522,895 | |||||||
Total Utilities
|
25,398,818 | |||||||||
Total Revenue Bonds
|
255,706,845 | |||||||||
Total Investments (cost $250,614,602-
|
||||||||||
note 4)
|
98.5 | % | 269,019,238 | |||||||
Other assets less liabilities
|
1.5 | 4,002,420 | ||||||||
Net Assets
|
100.0 | % | $ | 273,021,658 | ||||||
* | Any security not rated (“NR”) by any of the Nationally Recognized Statistical Rating Organizations (“NRSRO” or “Credit Rating Agency”) 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 NRSRO. | |||||||||
Fitch ratings
** AAA
*** AA
**** A
|
||||||||||
(a)
|
Security purchased on a delayed delivery or when-issued basis.
|
|||||||||
(b)
|
Security pledged as collateral for the Fund’s delayed delivery or when-issued commitments.
|
Percent of
|
||||
Portfolio Distribution By Quality Rating (unaudited)
|
Investments
†
|
|||
Aaa of Moody’s or AAA of S&P or Fitch
|
5.0 | % | ||
Pre-refunded bonds
††
/ Escrowed to maturity bonds
|
9.0 | |||
Aa of Moody’s or AA of S&P or Fitch
|
69.4 | |||
A of Moody’s or S&P or Fitch
|
15.5 | |||
Baa of Moody’s or BBB of S&P
|
0.4 | |||
Not rated*
|
0.7 | |||
100.0 | % |
†
|
Where applicable, calculated using the highest rating of the three NRSROs.
|
††
|
Pre-refunded bonds are bonds for which U.S. Government Obligations usually have been placed in escrow to retire the bonds at their earliest call date.
|
PORTFOLIO ABBREVIATIONS |
AGC - Assured Guaranty Corp.
AGMC - Assured Guaranty Municipal Corp.
AMBAC - American Municipal Bond Assurance Corp.
AMT - Alternative Minimum Tax
FGIC - Financial Guaranty Insurance Co.
FHA - Financial Housing Administration
NPFG - National Public Finance Guarantee
NR - Not Rated
|
ASSETS
|
||||
Investments at value (cost $250,614,602)
|
$ | 269,019,238 | ||
Cash
|
36,015 | |||
Interest receivable
|
3,510,110 | |||
Receivable for Fund shares sold
|
2,452,683 | |||
Other assets
|
15,209 | |||
Total assets
|
275,033,255 | |||
LIABILITIES
|
||||
Payable for investment securities purchased
|
1,093,120 | |||
Dividends payable
|
380,980 | |||
Payable for Fund shares redeemed
|
359,204 | |||
Management fee payable
|
92,208 | |||
Distribution and service fees payable
|
6,364 | |||
Accrued expenses
|
79,721 | |||
Total liabilities
|
2,011,597 | |||
NET ASSETS
|
$ | 273,021,658 | ||
Net Assets consist of:
|
||||
Capital Stock - Authorized an unlimited number of shares,
|
||||
par value $0.01 per share
|
$ | 246,516 | ||
Additional paid-in capital
|
255,425,622 | |||
Net unrealized appreciation on investments (note 4)
|
18,404,636 | |||
Undistributed net investment income
|
166,095 | |||
Accumulated net realized loss on investments
|
(1,221,211 | ) | ||
$ | 273,021,658 | |||
CLASS A
|
||||
Net Assets
|
$ | 218,629,805 | ||
Capital shares outstanding
|
19,741,232 | |||
Net asset value and redemption price per share
|
$ | 11.07 | ||
Maximum offering price per share (100/96 of $11.07
|
||||
adjusted to nearest cent)
|
$ | 11.53 | ||
CLASS C
|
||||
Net Assets
|
$ | 12,507,962 | ||
Capital shares outstanding
|
1,130,000 | |||
Net asset value and offering price per share
|
$ | 11.07 | ||
Redemption price per share (*a charge of 1% is imposed on the
|
||||
redemption proceeds of the shares, or on the original price,
|
||||
whichever is lower, if redeemed during the first 12 months
|
||||
after purchase)
|
$ | 11.07 | * | |
CLASS I
|
||||
Net Assets
|
$ | 7,396,044 | ||
Capital shares outstanding
|
668,114 | |||
Net asset value, offering and redemption price per share
|
$ | 11.07 | ||
CLASS Y
|
||||
Net Assets
|
$ | 34,487,847 | ||
Capital shares outstanding
|
3,112,236 | |||
Net asset value, offering and redemption price per share
|
$ | 11.08 |
Investment Income:
|
||||||||
Interest income
|
$ | 10,626,264 | ||||||
Expenses:
|
||||||||
Management fee (note 3)
|
$ | 1,048,307 | ||||||
Distribution and service fees (note 3)
|
437,928 | |||||||
Transfer and shareholder servicing agent
|
||||||||
fees (note 3)
|
136,642 | |||||||
Trustees’ fees and expenses (note 8)
|
119,888 | |||||||
Legal fees
|
111,428 | |||||||
Fund accounting fees
|
36,425 | |||||||
Shareholders’ reports and proxy statements
|
34,480 | |||||||
Custodian fees (note 6)
|
24,637 | |||||||
Auditing and tax fees
|
22,150 | |||||||
Registration fees and dues
|
14,407 | |||||||
Insurance
|
10,608 | |||||||
Chief compliance officer services (note 3)
|
5,452 | |||||||
Miscellaneous
|
35,411 | |||||||
Total expenses
|
2,037,763 | |||||||
Expenses paid indirectly (note 6)
|
(1,830 | ) | ||||||
Net expenses
|
2,035,933 | |||||||
Net investment income
|
8,590,331 | |||||||
Realized and Unrealized Gain (Loss) on Investments:
|
||||||||
Net realized gain (loss) from securities
|
||||||||
transactions
|
166,188 | |||||||
Change in unrealized appreciation on
|
||||||||
investments
|
5,413,033 | |||||||
Net realized and unrealized gain (loss) on
|
||||||||
investments
|
5,579,221 | |||||||
Net change in net assets resulting from
|
||||||||
operations
|
$ | 14,169,552 |
Year Ended
|
Year Ended
|
|||||||
December 31, 2012
|
December 31, 2011
|
|||||||
OPERATIONS:
|
||||||||
Net investment income
|
$ | 8,590,331 | $ | 8,811,487 | ||||
Net realized gain (loss) from securities
|
||||||||
transactions
|
166,188 | (983,195 | ) | |||||
Change in unrealized appreciation on
|
||||||||
investments
|
5,413,033 | 13,926,233 | ||||||
Change in net assets from operations
|
14,169,552 | 21,754,525 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS (note 10):
|
||||||||
Class A Shares:
|
||||||||
Net investment income
|
(6,892,274 | ) | (6,947,720 | ) | ||||
Class C Shares:
|
||||||||
Net investment income
|
(263,128 | ) | (251,820 | ) | ||||
Class I Shares:
|
||||||||
Net investment income
|
(227,424 | ) | (270,650 | ) | ||||
Class Y Shares:
|
||||||||
Net investment income
|
(1,173,201 | ) | (1,319,975 | ) | ||||
Change in net assets from distributions
|
(8,556,027 | ) | (8,790,165 | ) | ||||
CAPITAL SHARE TRANSACTIONS (note 7):
|
||||||||
Proceeds from shares sold
|
42,628,406 | 25,166,834 | ||||||
Reinvested dividends and distributions
|
3,996,264 | 3,942,600 | ||||||
Cost of shares redeemed
|
(27,285,983 | ) | (36,326,398 | ) | ||||
Change in net assets from capital share
|
||||||||
transactions
|
19,338,687 | (7,216,964 | ) | |||||
Change in net assets
|
24,952,212 | 5,747,396 | ||||||
NET ASSETS:
|
||||||||
Beginning of period
|
248,069,446 | 242,322,050 | ||||||
End of period*
|
$ | 273,021,658 | $ | 248,069,446 | ||||
* Includes undistributed net investment
|
||||||||
income of:
|
$ | 166,095 | $ | 131,150 |
a)
|
Portfolio valuation:
Municipal securities which have remaining maturities of more than 60 days are valued each business day based upon information provided by a nationally prominent independent pricing service and periodically verified through other pricing services. In the case of securities for which market quotations are readily available, securities are valued by the pricing service at the mean of bid and asked quotations. If a market quotation or a valuation from the pricing service is not readily available, the security is valued at fair value determined in good faith under procedures established by and under the general supervision of the Board of Trustees. Securities which mature in 60 days or less are generally valued at amortized cost if their term to maturity at purchase is 60 days or less, or by amortizing their unrealized appreciation or depreciation on the 61st day prior to maturity, if their term to maturity at purchase exceeds 60 days.
|
b)
|
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 active markets for identical assets or liabilities that the Fund has the ability to access.
|
c)
|
Subsequent events:
In preparing these financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure through the date these financial statements were issued.
|
d)
|
Securities transactions and related investment income:
Securities transactions are recorded on the trade date. Realized gains and losses from securities transactions are reported on the identified cost basis. Interest income is recorded daily on the accrual basis and is adjusted for amortization of premium and accretion of original issue and market discount.
|
e)
|
Federal income taxes:
It is the policy of the Fund to continue to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code applicable to certain investment companies. The Fund intends to make distributions of
income and securities profits sufficient to relieve it from all, or substantially all, Federal income and excise taxes.
|
f)
|
Multiple class allocations:
All income, expenses (other than class-specific expenses), and realized and unrealized gains or losses are allocated daily to each class of shares based on the relative net assets of each class. Class-specific expenses, which include distribution and service fees and any other items that are specifically attributed to a particular class, are also charged directly to such class on a daily basis.
|
g)
|
Use of estimates:
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
|
h)
|
Reclassification of capital accounts:
Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. On December 31, 2012 the Fund increased undistributed net investment income by $641 and decreased additional paid-in capital by $641. These reclassifications had no effect on net assets or net asset value per share.
|
i)
|
Accounting pronouncement:
In December 2011, FASB (the “Financial Accounting Standards Board”) issued ASU (“Accounting Standards Update”) No. 2011-11 related to disclosures about offsetting assets and liabilities. The amendments in this ASU require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The ASU is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The guidance requires retrospective application for all comparative periods presented.
Management is currently evaluating the impact this amendment may have on the Fund’s financial statements.
|
Year Ended
|
Year Ended
|
|||||||||||||||
December 31, 2012
|
December 31, 2011
|
|||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||||||
Class A Shares:
|
||||||||||||||||
Proceeds from shares sold
|
2,973,701 | $ | 32,697,942 | 1,824,609 | $ | 19,277,035 | ||||||||||
Reinvested distributions
|
318,731 | 3,504,972 | 325,789 | 3,428,267 | ||||||||||||
Cost of shares redeemed
|
(1,906,698 | ) | (20,984,314 | ) | (1,956,032 | ) | (20,369,092 | ) | ||||||||
Net change
|
1,385,734 | 15,218,600 | 194,366 | 2,336,210 | ||||||||||||
Class C Shares:
|
||||||||||||||||
Proceeds from shares sold
|
383,020 | 4,212,313 | 236,851 | 2,512,229 | ||||||||||||
Reinvested distributions
|
16,303 | 179,179 | 16,791 | 176,711 | ||||||||||||
Cost of shares redeemed
|
(142,259 | ) | (1,564,065 | ) | (225,140 | ) | (2,376,054 | ) | ||||||||
Net change
|
257,064 | 2,827,427 | 28,502 | 312,886 | ||||||||||||
Class I Shares:
|
||||||||||||||||
Proceeds from shares sold
|
4,350 | 47,700 | – | – | ||||||||||||
Reinvested distributions
|
20,003 | 220,021 | 25,000 | 262,539 | ||||||||||||
Cost of shares redeemed
|
(5,330 | ) | (59,058 | ) | (100,439 | ) | (1,069,349 | ) | ||||||||
Net change
|
19,023 | 208,663 | (75,439 | ) | (806,810 | ) | ||||||||||
Class Y Shares:
|
||||||||||||||||
Proceeds from shares sold
|
516,524 | 5,670,451 | 319,880 | 3,377,570 | ||||||||||||
Reinvested distributions
|
8,349 | 92,092 | 7,140 | 75,083 | ||||||||||||
Cost of shares redeemed
|
(426,153 | ) | (4,678,546 | ) | (1,204,352 | ) | (12,511,903 | ) | ||||||||
Net change
|
98,720 | 1,083,997 | (877,332 | ) | (9,059,250 | ) | ||||||||||
Total transactions in Fund
|
||||||||||||||||
shares
|
1,760,541 | $ | 19,338,687 | (729,903 | ) | $ | (7,216,964 | ) |
Year Ended December 31,
|
||||||||
2012
|
2011
|
|||||||
Net tax-exempt income
|
$ | 8,555,151 | $ | 8,790,165 | ||||
Taxable income
|
876 | – | ||||||
$ | 8,556,027 | $ | 8,790,165 |
Capital loss carry forward
|
$ | (1,221,211 | ) | |
Unrealized appreciation
|
18,570,731 | |||
Undistributed tax-exempt income
|
380,980 | |||
Other temporary differences
|
(380,980 | ) | ||
$ | 17,349,520 |
Class A | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
Net asset value, beginning of period
|
$ | 10.84 | $ | 10.26 | $ | 10.51 | $ | 9.42 | $ | 10.38 | ||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||
Net investment income
(1)
|
0.36 | 0.39 | 0.40 | 0.41 | 0.40 | |||||||||||||||
Net gain (loss) on securities (both
|
||||||||||||||||||||
realized and unrealized)
|
0.23 | 0.58 | (0.25 | ) | 1.09 | (0.92 | ) | |||||||||||||
Total from investment operations
|
0.59 | 0.97 | 0.15 | 1.50 | (0.52 | ) | ||||||||||||||
Less distributions (note 10):
|
||||||||||||||||||||
Dividends from net investment income
|
(0.36 | ) | (0.39 | ) | (0.40 | ) | (0.41 | ) | (0.39 | ) | ||||||||||
Distributions from capital gains
|
– | – | – | – | (0.05 | ) | ||||||||||||||
Total distributions
|
(0.36 | ) | (0.39 | ) | (0.40 | ) | (0.41 | ) | (0.44 | ) | ||||||||||
Net asset value, end of period
|
$ | 11.07 | $ | 10.84 | $ | 10.26 | $ | 10.51 | $ | 9.42 | ||||||||||
Total return (not reflecting sales charge)
|
5.53 | % | 9.64 | % | 1.38 | % | 16.05 | % | (5.05 | )% | ||||||||||
Ratios/supplemental data
|
||||||||||||||||||||
Net assets, end of period (in millions)
|
$ | 219 | $ | 199 | $ | 186 | $ | 195 | $ | 170 | ||||||||||
Ratio of expenses to average net assets
|
0.76 | % | 0.77 | % | 0.75 | % | 0.76 | % | 0.79 | % | ||||||||||
Ratio of net investment income to average
|
||||||||||||||||||||
net assets
|
3.30 | % | 3.73 | % | 3.80 | % | 3.96 | % | 3.97 | % | ||||||||||
Portfolio turnover rate
|
12 | % | 12 | % | 8 | % | 8 | % | 14 | % | ||||||||||
The expense ratios after giving effect to the expense offset for uninvested cash balances were:
|
||||||||||||||||||||
Ratio of expenses to average net assets
|
0.76 | % | 0.77 | % | 0.75 | % | 0.76 | % | 0.78 | % |
Class C | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
Net asset value, beginning of period
|
$ | 10.83 | $ | 10.25 | $ | 10.51 | $ | 9.42 | $ | 10.38 | ||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||
Net investment income
(1)
|
0.27 | 0.30 | 0.31 | 0.32 | 0.31 | |||||||||||||||
Net gain (loss) on securities (both
|
||||||||||||||||||||
realized and unrealized)
|
0.24 | 0.58 | (0.26 | ) | 1.09 | (0.91 | ) | |||||||||||||
Total from investment operations
|
0.51 | 0.88 | 0.05 | 1.41 | (0.60 | ) | ||||||||||||||
Less distributions (note 10):
|
||||||||||||||||||||
Dividends from net investment income
|
(0.27 | ) | (0.30 | ) | (0.31 | ) | (0.32 | ) | (0.31 | ) | ||||||||||
Distributions from capital gains
|
– | – | – | – | (0.05 | ) | ||||||||||||||
Total distributions
|
(0.27 | ) | (0.30 | ) | (0.31 | ) | (0.32 | ) | (0.36 | ) | ||||||||||
Net asset value, end of period
|
$ | 11.07 | $ | 10.83 | $ | 10.25 | $ | 10.51 | $ | 9.42 | ||||||||||
Total return (not reflecting CDSC)
|
4.73 | % | 8.72 | % | 0.42 | % | 15.06 | % | (5.85 | )% | ||||||||||
Ratios/supplemental data
|
||||||||||||||||||||
Net assets, end of period (in millions)
|
$ | 13 | $ | 9 | $ | 9 | $ | 4 | $ | 3 | ||||||||||
Ratio of expenses to average net assets
|
1.61 | % | 1.62 | % | 1.59 | % | 1.60 | % | 1.64 | % | ||||||||||
Ratio of net investment income to average
|
||||||||||||||||||||
net assets
|
2.43 | % | 2.87 | % | 2.90 | % | 3.06 | % | 3.10 | % | ||||||||||
Portfolio turnover rate
|
12 | % | 12 | % | 8 | % | 8 | % | 14 | % | ||||||||||
The expense ratios after giving effect to the expense offset for uninvested cash balances were:
|
||||||||||||||||||||
Ratio of expenses to average net assets
|
1.61 | % | 1.62 | % | 1.59 | % | 1.60 | % | 1.63 | % |
Class I | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
Net asset value, beginning of period
|
$ | 10.83 | $ | 10.25 | $ | 10.51 | $ | 9.42 | $ | 10.38 | ||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||
Net investment income
(1)
|
0.34 | 0.37 | 0.39 | 0.39 | 0.38 | |||||||||||||||
Net gain (loss) on securities (both
|
||||||||||||||||||||
realized and unrealized)
|
0.24 | 0.58 | (0.27 | ) | 1.09 | (0.91 | ) | |||||||||||||
Total from investment operations
|
0.58 | 0.95 | 0.12 | 1.48 | (0.53 | ) | ||||||||||||||
Less distributions (note 10):
|
||||||||||||||||||||
Dividends from net investment income
|
(0.34 | ) | (0.37 | ) | (0.38 | ) | (0.39 | ) | (0.38 | ) | ||||||||||
Distributions from capital gains
|
– | – | – | – | (0.05 | ) | ||||||||||||||
Total distributions
|
(0.34 | ) | (0.37 | ) | (0.38 | ) | (0.39 | ) | (0.43 | ) | ||||||||||
Net asset value, end of period
|
$ | 11.07 | $ | 10.83 | $ | 10.25 | $ | 10.51 | $ | 9.42 | ||||||||||
Total return
|
5.47 | % | 9.48 | % | 1.13 | % | 15.89 | % | (5.16 | )% | ||||||||||
Ratios/supplemental data
|
||||||||||||||||||||
Net assets, end of period (in millions)
|
$ | 7 | $ | 7 | $ | 7 | $ | 8 | $ | 8 | ||||||||||
Ratio of expenses to average net assets
|
0.91 | % | 0.92 | % | 0.90 | % | 0.90 | % | 0.93 | % | ||||||||||
Ratio of net investment income to average
|
||||||||||||||||||||
net assets
|
3.15 | % | 3.58 | % | 3.64 | % | 3.82 | % | 3.83 | % | ||||||||||
Portfolio turnover rate
|
12 | % | 12 | % | 8 | % | 8 | % | 14 | % | ||||||||||
The expense ratios after giving effect to the expense offset for uninvested cash balances were:
|
||||||||||||||||||||
Ratio of expenses to average net assets
|
0.91 | % | 0.92 | % | 0.90 | % | 0.90 | % | 0.92 | % |
ClassY | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2012
|
2011
|
2010
|
2009
|
2008
|
||||||||||||||||
Net asset value, beginning of period
|
$ | 10.84 | $ | 10.26 | $ | 10.52 | $ | 9.43 | $ | 10.39 | ||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||
Net investment income
(1)
|
0.38 | 0.41 | 0.42 | 0.42 | 0.41 | |||||||||||||||
Net gain (loss) on securities (both
|
||||||||||||||||||||
realized and unrealized)
|
0.24 | 0.58 | (0.26 | ) | 1.09 | (0.91 | ) | |||||||||||||
Total from investment operations
|
0.62 | 0.99 | 0.16 | 1.51 | (0.50 | ) | ||||||||||||||
Less distributions (note 10):
|
||||||||||||||||||||
Dividends from net investment income
|
(0.38 | ) | (0.41 | ) | (0.42 | ) | (0.42 | ) | (0.41 | ) | ||||||||||
Distributions from capital gains
|
– | – | – | – | (0.05 | ) | ||||||||||||||
Total distributions
|
(0.38 | ) | (0.41 | ) | (0.42 | ) | (0.42 | ) | (0.46 | ) | ||||||||||
Net asset value, end of period
|
$ | 11.08 | $ | 10.84 | $ | 10.26 | $ | 10.52 | $ | 9.43 | ||||||||||
Total return
|
5.78 | % | 9.81 | % | 1.44 | % | 16.21 | % | (4.88 | )% | ||||||||||
Ratios/supplemental data
|
||||||||||||||||||||
Net assets, end of period (in millions)
|
$ | 34 | $ | 33 | $ | 40 | $ | 46 | $ | 37 | ||||||||||
Ratio of expenses to average net assets
|
0.61 | % | 0.62 | % | 0.60 | % | 0.61 | % | 0.64 | % | ||||||||||
Ratio of net investment income to average
|
||||||||||||||||||||
net assets
|
3.45 | % | 3.89 | % | 3.95 | % | 4.10 | % | 4.12 | % | ||||||||||
Portfolio turnover rate
|
12 | % | 12 | % | 8 | % | 8 | % | 14 | % | ||||||||||
The expense ratios after giving effect to the expense offset for uninvested cash balances were:
|
||||||||||||||||||||
Ratio of expenses to average net assets
|
0.61 | % | 0.62 | % | 0.60 | % | 0.61 | % | 0.63 | % |
Additional Information (unaudited)
|
|||||
Trustees
(1)
|
|||||
and Officers
|
|||||
Number of
|
|||||
Positions
|
Portfolios
|
||||
Held with
|
in Fund
|
||||
Name,
|
Fund and
|
Principal
|
Complex
(4)
|
Other Directorships
|
|
Address
(2)
|
Length of
|
Occupation(s)
|
Overseen
|
Held by Trustee
|
|
and Year of Birth
|
Service
(3)
|
During Past 5 Years
|
by Trustee
|
During Past 5 Years
|
|
Interested Trustee
(5)
|
|||||
Diana P. Herrmann
New York, NY
(1958)
|
Trustee
since 1995
and President
since 1999
|
Vice Chair and Chief Executive Officer of Aquila Management Corporation, Founder and Sponsor of the Aquila Group of Funds
(6)
and parent of Aquila Investment Management LLC, Manager, since 2004, President since 1997, Chief Operating Officer, 1997-2008, a Director since 1984, Secretary since 1986 and previously its Executive Vice President, Senior Vice President or Vice President, 1986-1997; Chief Executive Officer and Vice Chair since 2004, President and Manager since 2003, and Chief Operating Officer (2003-2008), of the Manager; Chair, Vice Chair, President, Executive Vice President and/ or Senior Vice President of funds in the Aquila Group of Funds since 1986; Director of the Distributor since 1997; Governor, Investment Company Institute (the U.S. mutual fund industry trade organization dedicated to protecting shareholder interests and educating the public about investing) for various periods since 2004, and head of its Small Funds Committee, 2004-2009; active in charitable and volunteer organizations.
|
11 |
ICI Mutual Insurance Company, a Risk Retention Group (2006-2009 and since 2010); Vice Chair and Trustee of Pacific Capital Funds of Cash Assets Trust (three Aquila money-market funds) 2004-2012
|
|
Non-interested Trustees
|
|||||
Thomas A. Christopher
Danville, KY
(1947)
|
Chair of
the Board
of Trustees
since 2005 and
Trustee
since 1992
|
Senior partner of Robinson, Hughes & Christopher, C.P.A.s, P.S.C., since 1977; President, A Good Place for Fun, Inc., a sports facility, since 1987; Director, Sunrise Children’s Services Inc., since 2010; Director, Global Outreach International, since 2011; currently or formerly active with various professional and community organizations.
|
5 | None |
Number of
|
|||||
Positions
|
Portfolios
|
||||
Held with
|
in Fund
|
||||
Name,
|
Fund and
|
Principal
|
Complex
(4)
|
Other Directorships
|
|
Address
(2)
|
Length of
|
Occupation(s)
|
Overseen
|
Held by Trustee
|
|
and Year of Birth
|
Service
(3)
|
During Past 5 Years
|
by Trustee
|
During Past 5 Years
|
|
David A. Duffy
North Kingstown, RI
(1939)
|
Trustee
since 2009
|
Retired Founder and Chairman of Duffy & Shanley, Inc., a marketing communications firm, 1973-2003; past Chairman of the Rhode Island Convention Center Authority, 2003-2011; Director (advisory board) of Citizens Bank of Rhode Island, 1999-2012; past National Chairman, National Conference for Community & Justice (NCCJ); past Vice Chair, Providence College Board of Trustees; officer or director of numerous civic and non-profit organizations including Rhode Island Hospital.
|
2 |
Delta Dental of
Rhode Island
|
|
Anne J. Mills
Scottsdale, AZ
(1938)
|
Trustee
since 1987
|
President, Loring Consulting Company since 2001; Vice President for Business Management and CFO, Ottawa University, 1992-2001, 2006-2009; IBM Corporation, 1965-1991; currently active with various charitable, educational and religious organizations.
|
5 | None | |
John J. Partridge
Providence, RI
(1940)
|
Trustee
since 2009
|
Founding Partner, Partridge Snow & Hahn LLP, a law firm, Providence, Rhode Island, since 1988, Senior Counsel, since January 1, 2007; Assistant Secretary –Advisor to the Board, Aquila Narragansett Tax-Free Income Fund, 2005-2008, Trustee 2002-2005; director or trustee of various educational, civic and charitable organizations, including Ocean State Charities Trust, Memorial Hospital of Rhode Island, and The Pawtucket Foundation.
|
5 | None |
Number of
|
|||||
Positions
|
Portfolios
|
||||
Held with
|
in Fund
|
||||
Name,
|
Fund and
|
Principal
|
Complex
(4)
|
Other Directorships
|
|
Address
(2)
|
Length of
|
Occupation(s)
|
Overseen
|
Held by Trustee
|
|
and Year of Birth
|
Service
(3)
|
During Past 5 Years
|
by Trustee
|
During Past 5 Years
|
|
James R. Ramsey
Louisville, KY
(1948)
|
Trustee
since 1987
|
President, University of Louisville since November 2002; Professor of Economics, University of Louisville, 1999-present; Kentucky Governor’s Senior Policy Advisor and State Budget Director, 1999-2002; Vice Chancellor for Finance and Administration, the University of North Carolina at Chapel Hill, 1998 to 1999; previously Vice President for Finance and Administration at Western Kentucky University, State Budget Director for the Commonwealth of Kentucky, Chief State Economist and Executive Director for the Office of Financial Management and Economic Analysis for the Commonwealth of Kentucky, Adjunct Professor at the University of Kentucky, Associate Professor at Loyola University-New Orleans and Assistant Professor at Middle Tennessee State University.
|
2 |
Community Bank
and Trust, Pikeville,
KY and Texas
Roadhouse Inc.
|
|
Laureen L. White
North Kingstown, RI
(1959)
|
Trustee
since 2009
|
President, Greater Providence Chamber of Commerce, since 2005, Executive Vice President 2004-2005 and Senior Vice President, 1989-2002; Executive Counselor to the Governor of Rhode Island for Policy and Communications, 2003-2004.
|
2 | None |
Positions
|
|||
Held with
|
|||
Name,
|
Fund and
|
||
Address
(2)
|
Length of
|
||
and Year of Birth
|
Service
(3)
|
Principal Occupation(s) During Past 5 Years
|
|
Trustee Emeritus
(7)
|
|||
Theodore T. Mason
Hastings-on-Hudson, NY
(1935)
|
Trustee
Emeritus
since 2011;
Trustee
1987-2011
|
Executive Director, East Wind Power Partners LTD since 1994 and Louisiana Power Partners, 1999-2003; Assistant Treasurer, Fort Schuyler Maritime Alumni Association, Inc., successor to Alumni Association of SUNY Maritime College, since 2010 (Treasurer, 2004-2009, President, 2002-2003, First Vice President, 2000-2001, Second Vice President, 1998-2000) and director of the same organization since 1997; Director, STCM Management Company, Inc., 1973-2004; twice national officer of Association of the United States Navy (formerly Naval Reserve Association), Commanding Officer of four naval reserve units and Captain, USNR (Ret); director, The Navy League of the United States New York Council since 2002; trustee, The Maritime Industry Museum at Fort Schuyler, 2000-2004; and Fort Schuyler Maritime Foundation, Inc., successor to the Maritime College at Fort Schuyler Foundation, Inc., since 2000; Trustee, Hawaiian Tax-Free Trust since 1984 and Chair since 2004; Trustee Aquila Three Peaks High Income Fund since 2006; Trustee Emeritus, Churchill Tax-Free Fund of Kentucky and Narragansett Insured Tax-Free Income Fund since 2011; Trustee, 1987-2011 and 2009-2011, respectively; Trustee of Pacific Capital Funds of Cash Assets Trust (three Aquila money-market funds, consisting of Pacific Capital Cash Assets Trust (1984-2012), Pacific Capital Tax-Free Cash Assets Trust (1988-2012), and Pacific Capital U.S. Government Securities Cash Assets Trust (1988-2012)) and Chair of the Board of each, 2004-2012.
|
|
Officers
|
|||
Charles E. Childs, III
New York, NY
(1957)
|
Executive
Vice President
since 2003
and Secretary
since 2011
|
Executive Vice President of all funds in the Aquila Group of Funds and the Manager and the Manager’s parent since 2003; Chief Operating Officer of the Manager and the Manager’s parent since 2008; Secretary of all funds in the Aquila Group of Funds since 2011; formerly Senior Vice President, corporate development, Vice President, Assistant Vice President and Associate of the Manager’s parent since 1987; Executive Vice President, Senior Vice President, Vice President or Assistant Vice President of the Aquila money-market funds, 1988-2012; Director of the Distributor since 2012.
|
|
Marie E. Aro
Denver, CO
(1955)
|
Senior Vice
President
since 2010
|
Co-President of the Distributor since 2010, Vice President, 1993-1997; Senior Vice President, Aquila Three Peaks Opportunity Growth Fund since 2004; Senior Vice President, Tax-Free Trust of Arizona since 2010 and Vice President, 2004-2010; Senior Vice President, Aquila Three Peaks High Income Fund since 2006; Senior Vice President, Churchill Tax-Free Fund of Kentucky, Hawaiian Tax-Free Trust, Aquila Narragansett Tax-Free Income Fund, Tax-Free Fund For Utah, Tax-Free Fund of Colorado and Tax-Free
Trust of Oregon since 2010; Vice President, INVESCO Funds Group, 1998-2003.
|
Positions
|
|||
Held with
|
|||
Name,
|
Fund and
|
||
Address
(2)
|
Length of
|
||
and Year of Birth
|
Service
(3)
|
Principal Occupation(s) During Past 5 Years
|
|
Paul G. O’Brien
Charlotte, NC
(1959)
|
Senior Vice
President
since 2010
|
Co-President, Aquila Distributors, Inc. since 2010, Managing Director, 2009-2010; Senior Vice President of Aquila Three Peaks High Income Fund, Aquila Three Peaks Opportunity Growth Fund, and each of the Aquila Municipal Bond Funds since 2010; held various positions to Senior Vice President and Chief Administrative Officer of Evergreen Investments Services, Inc., 1997-2008; Mergers and Acquisitions Coordinator for Wachovia Corporation, 1994-1997.
|
|
Todd W. Curtis
Phoenix, AZ
(1949)
|
Vice President
since 2004;
Co-Portfolio
Manager
since 2009
|
Senior Vice President since 2004 and Portfolio Manager since 1886, Tax-Free Trust of Arizona; Vice President since 2004 and Co-Portfolio Manager since 2009, Churchill Tax-Free Fund of Kentucky, backup portfolio manager, 2004-2009; Vice President and Co-Portfolio Manager, Tax-Free Fund For Utah, since 2009; Vice President and Portfolio Manager, Banc One Investment Advisors, Inc. and its predecessors, 1981-2004.
|
|
Royden P. Durham
Louisville, KY
(1951)
|
Vice
President and
Co-Portfolio
Manager
since 2011
|
Vice President and Co-Portfolio Manager, Churchill Tax-Free Fund of Kentucky, since 2011; President, advEnergy solutions LLC, 2007-2011; Vice President and Trust Advisor, JP Morgan Chase, 2005-2006; Vice President and Trust Officer, Regions Morgan Keegan Trust, 2003-2005; Vice President Fixed Income and Equity Portfolios, The Sachs Company / Louisville Trust Company, 1986-2003.
|
|
Robert Matthew Waters
Union, KY
(1970)
|
Vice President
since 2012
|
Vice President, Churchill Tax-Free Fund of Kentucky since 2012; Internal Sales Manager, Fifth Third Asset Management, Cincinnati, OH, 2010 - 2012, Regional Sales Director, 2012; Sales Associate, Russell Investments, Tampa, FL, 2008 - 2010; Financial Advisor, Bank of America Investment Services, Tampa FL, 2008; Product Specialist Manager - Asset Management Services, Raymond James Financial, St. Petersburg, FL, 2007 - 2008, Internal Wholesaler - Asset Management Services, 2004 - 2007, Account Executive - Raymond James Bank, 2002 - 2004; Certified Investment Management Analyst.
|
|
James T. Thompson
Bountiful, Utah
(1955)
|
Assistant Vice
President
since 2009
|
Vice President and Co-Portfolio Manager, Tax-Free Fund For Utah, since 2009; Assistant Vice President and Backup Portfolio Manager, Tax-Free Trust of Arizona and Churchill Tax-Free Fund of Kentucky, since 2009; Senior Vice President, First Security Bank/Wells Fargo Brokerage Services LLC, Salt Lake City, Utah 1991-2009.
|
Positions
|
|||
Held with
|
|||
Name,
|
Fund and
|
||
Address
(2)
|
Length of
|
||
and Year of Birth
|
Service
(3)
|
Principal Occupation(s) During Past 5 Years
|
|
Randall S. Fillmore
New York, NY
(1960)
|
Chief
Compliance
Officer
since 2012
|
Chief Compliance Officer of each fund in the Aquila Group of Funds, the Manager and the Distributor since 2012; Managing Director, Fillmore & Associates, 2009-2012; Fund and Adviser Chief Compliance Officer (2002-2009), Senior Vice President - Broker Dealer Compliance (2004-2009), Schwab Funds Anti Money Laundering Officer and Identity Theft Prevention Officer (2004-2009), Vice President - Internal Audit (2000-2002), Charles Schwab Corporation; National Director, Information Systems Risk Management - Consulting Services (1999-2000), National Director, Investment Management Audit and Business Advisory Services (1992-1999), Senior Manager, Manager, Senior and Staff Roles (1983-1992), PricewaterhouseCoopers LLP.
|
|
Joseph P. DiMaggio
New York, NY
(1956)
|
Chief
Financial
Officer
since 2003
and Treasurer
since 2000
|
Chief Financial Officer of each fund in the Aquila Group of Funds since 2003 and Treasurer since 2000.
|
|
Yolonda S. Reynolds
New York, NY
(1960)
|
Assistant
Treasurer
since 2010
|
Assistant Treasurer of each fund in the Aquila Group of Funds since 2010; Director of Fund Accounting for the Aquila Group of Funds since 2007; Investment Accountant, TIAA-CREF, 2007; Senior Fund Accountant, JP Morgan Chase, 2003-2006.
|
|
Lori A. Vindigni
New York, NY
(1966)
|
Assistant
Treasurer
since 2000
|
Assistant Treasurer of each fund in the Aquila Group of Funds since 2000; Assistant Vice President of the Manager or its predecessor and current parent since 1998; Fund Accountant for the Aquila Group of Funds, 1995-1998.
|
Actual
|
||||
Total Return
|
Beginning
|
Ending
|
Expenses
|
|
Without
|
Account
|
Account
|
Paid During
|
|
Sales Charges
(1)
|
Value
|
Value
|
the Period
(2)
|
|
Class A
|
2.81%
|
$1,000.00
|
$1,028.10
|
$3.82
|
Class C
|
2.46%
|
$1,000.00
|
$1,024.60
|
$8.14
|
Class I
|
2.82%
|
$1,000.00
|
$1,028.20
|
$4.59
|
Class Y
|
2.98%
|
$1,000.00
|
$1,029.80
|
$3.06
|
(1)
|
Assumes reinvestment of all dividends and capital gain distributions, if any, at net asset value and does not reflect the deduction of the applicable sales charges with respect to Class A shares or the applicable CDSC with respect to Class C shares. Total return is not annualized, as it may not be representative of the total return for the year.
|
(2)
|
Expenses are equal to the annualized expense ratio of 0.75%, 1.60%, 0.90% and 0.61% for the Fund’s Class A, C, I and Y shares, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
|
Hypothetical
|
||||
Annualized
|
Beginning
|
Ending
|
Expenses
|
|
Total
|
Account
|
Account
|
Paid During
|
|
Return
|
Value
|
Value
|
the Period
(1)
|
|
Class A
|
5.00%
|
$1,000.00
|
$1,021.37
|
$3.81
|
Class C
|
5.00%
|
$1,000.00
|
$1,017.09
|
$8.11
|
Class I
|
5.00%
|
$1,000.00
|
$1,020.61
|
$4.57
|
Class Y
|
5.00%
|
$1,000.00
|
$1,022.12
|
$3.05
|
(1)
|
Expenses are equal to the annualized expense ratio of 0.75%, 1.60%, 0.90% and 0.61% for the Fund’s Class A, C, I and Y shares, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
|
ITEM 2.
|
CODE OF ETHICS.
|
ITEM 3.
|
AUDIT COMMITTEE FINANCIAL EXPERT.
|
ITEM 4.
|
PRINCIPAL ACCOUNTANT FEES AND SERVICES.
|
ITEM 5.
|
AUDIT COMMITTEE OF LISTED REGISTRANTS.
|
ITEM 6.
|
SCHEDULE OF INVESTMENTS.
|
ITEM 7.
|
DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
|
ITEM 8.
|
PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
|
ITEM 9.
|
PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
|
ITEM 10.
|
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
|
ITEM 11.
|
CONTROLS AND PROCEDURES.
|
ITEM 12.
|
EXHIBITS.
|
By:
|
/s/ Diana P. Herrmann | |
President and Trustee
March 5, 2013
|
||
By:
|
/s/ Joseph P. DiMaggio | |
Chief Financial Officer and Treasurer
March 5, 2013
|
By:
|
/s/ Diana P. Herrmann | |
Diana P. Herrmann
President and Trustee
March 5, 2013
|
||
By:
|
/s/ Joseph P. DiMaggio | |
Joseph P. DiMaggio
Chief Financial Officer and Treasurer
March 5, 2013
|
1 Year Aquila Churchill Tax-Free Fund of Kentucky Class C (MM) Chart |
1 Month Aquila Churchill Tax-Free Fund of Kentucky Class C (MM) Chart |
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