Registration No. 33-13021
File No. 811-5086
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [ X ]
Pre-Effective Amendment No. __ [ ]
Post-Effective Amendment No. [ X ]
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT
OF 1940 [ ]
Amendment No. 16 [ ]
CHURCHILL TAX-FREE TRUST
(Exact Name of Registrant as Specified in Charter)
380 Madison Avenue, Suite 2300
New York, New York 10017
(Address of Principal Executive Offices)
(212) 697-6666
(Registrant's Telephone Number)
EDWARD M.W. HINES
Hollyer, Brady, Smith, Troxell,
Barrett, Rockett, Hines & Mone
551 Fifth Avenue, 27th Floor
New York, New York 10176
(Name and Address of Agent for Service)
It is proposed that this filing will become effective (check
appropriate box):
___
[_X_] immediately upon filing pursuant to paragraph (b)
[___] on (date) pursuant to paragraph (b)
[___] 60 days after filing pursuant to paragraph (a)(i)
[___] on (date) pursuant to paragraph (a)(i)
[___] 75 days after filing pursuant to paragraph (a)(ii)
[___] on (date) pursuant to paragraph (a)(ii) of Rule 485.
[___] This post-effective amendment designates a new effec-
tive date for a previous post-effective amendment.
<PAGE>
CHURCHILL TAX-FREE TRUST
INCORPORATION BY REFERENCE
All information contained in Registrant's Registration Statement
on Form N-1A, as previously amended through Post-Effective
Amendment No. 15 under the Securities Act of 1933 and Post-Effective
Amendment No. 15 under the Investment Company Act of 1940 dated April
1, 1996, is incorporated by reference without change.
<PAGE>
Churchill Tax-Free Trust
Calculation of Registration Fee
<TABLE>
<CAPTION>
Proposed Proposed
Title of Maximum Maximum
Securities Amount Offering Aggregate Amount of
Being Being Price Offering Registration
Registered Registered Per Share * Price ** Fee
<S> <C> <C> <C> <C>
Capital Indefinite*** N/A N/A N/A
Stock par
value $.01
Capital 1,753,380 $11.00 $19,287,182 $100
Stock par
value $.01
<FN>
* Computed under Rule 457(d) on the basis of the offering price
per share at the close of business on November 12, 1996.
</FN>
<FN>
** Registrant elects to calculate the maximum aggregate offering
price pursuant to Rule 24e-2. $ 45,139,255 of shares were
redeemed during the fiscal year ended December 31, 1995, of
which $ 18,368,528 of shares were used for reduction pursuant
to paragraph (c) of Rule 24f-2 during the current year and
$ 18,997,182 of shares (representing the balance after giving
effect to reduction of $ 7,773,545 in value of shares issued in
connection with dividend reinvestment plans) are being utilized
for purpose of reduction pursuant to paragraph (a). An
additional $290,000 of shares are being registered for $100.
</FN>
<FN>
*** Registrant has registered an indefinite number or amount of
securities under the 1933 Act pursuant to Rule 24f-2 under the
Investment Company Act of 1940. The Rule 24f-2 Notice for
Registrant's most recent fiscal year ended December 31, 1995
was filed on February 21, 1996.
</FN>
</TABLE>
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, the Registrant certifies that it
meets all the requirements for effectiveness of this Amendment to its
Registration Statement pursuant to Rule 485(b) under the Securities
Act of 1933, and has caused this Amendment to its Registration
Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of New York and State of New York, on
the 14th day of November, 1996.
CHURCHILL TAX-FREE TRUST
(Registrant)
By: /s/Lacy B. Herrmann
___________________________
Lacy B. Herrmann
President and Chairman of the Board
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement or Amendment has been signed below by the
following persons in the capacities and on the date indicated.
SIGNATURE TITLE DATE
/s/Lacy B. Herrmann 11/14/96
______________________ President, Chairman of ___________
Lacy B. Herrmann the Board and Trustee
(Principal Executive
Officer)
/s/Thomas A. Christoper 11/14/96
______________________ Trustee ___________
Thomas A. Christopher
/s/Douglas Dean 11/14/96
______________________ Trustee ___________
Douglas Dean
/s/Diana P. Herrmann 11/14/96
______________________ Trustee ___________
Diana P. Herrmann
/s/Ann R. Leven 11/14/96
______________________ Trustee ___________
Ann R. Leven
/s/Theodore T. Mason 11/14/96
______________________ Trustee ___________
Theodore T. Mason
/s/Anne J. Mills 11/14/96
______________________ Trustee ___________
Anne J. Mills
/s/William J. Nightingale 11/14/96
______________________ Trustee ___________
William J. Nightingale
/s/Rose F. Marotta 11/14/96
______________________ Chief Financial Officer ___________
Rose F. Marotta (Principal Financial and
Accounting Officer)
<PAGE>
CHURCHILL TAX-FREE TRUST
EXHIBIT INDEX
Exhibit Exhibit
Number Name
23 Opinion and consent of counsel to the
Fund regarding Rule 24e-2 matters
27(i) Financial Data Schedule - Class A Shares
27(ii) Financial Data Schedule - Class C Shares
27(iii) Financial Data Schedule - Class Y Shares
HOLLYER BRADY SMITH TROXELL
BARRETT ROCKETT HINES & MONE LLP
551 Fifth Avenue
New York, NY 10176
Tel: (212) 818-1110
FAX: (212) 818-0494
e-mail: [email protected]
November 14, 1996
Churchill Tax-Free Trust
380 Madison Avenue, Suite 2300
New York, New York 10017
Ladies and Gentlemen:
You have requested that we render an opinion to Churchill Tax-
Free Trust (the "Trust") with respect post-effective amendment No.
16 (the "Amendment") to the Registration Statement of the Trust
under the Securities Act of 1933 (the "1933 Act") which you propose
to file with the Securities and Exchange Commission (the
"Commission") to increase the number of its registered shares
pursuant to Section 24(e) of the Investment Company Act of 1940
(the "1940 Act") and the Rules of the Commission thereunder.
We have examined originals or copies, identified to our
satisfaction as being true copies, of those corporate records of the
Trust, certificates of public officials, and other documents and matters
as we have deemed necessary for the purpose of this opinion. We
have assumed without independent verification the authenticity of the
documents submitted to us as originals and the conformity to the
original documents of all documents submitted to us as copies.
Upon the basis of the foregoing and in reliance upon such other
matters as we deem relevant under the circumstances, it is our
opinion that the number of shares of the Trust being registered by the
above amendment, when issued and paid for in accordance with the
terms set forth in the prospectus and statement of additional
information of the Trust forming a part of its then effective
Registration Statement as heretofore, herewith and hereafter
amended, will be duly issued, fully-paid and non-assessable to the
extent set forth therein.
This letter is furnished to you pursuant to your request and to
the requirements imposed upon you under the 1933 Act and the
requirements imposed upon you by Section 24(e) under the Act and is
intended solely for your use for the purpose of completing the filing of
the Amendment with the Commission. This letter may not be used for
any other purpose or furnished to or relied upon by any other persons,
or included in any filing made with any other regulatory authority,
without our prior written consent.
We hereby consent to the filing of this opinion with the
Amendment.
Very truly yours,
HOLLYER BRADY SMITH TROXELL
BARRETT ROCKETT HINES & MONE LLP
/s/ W. L. D. Barrett
By:_________________________________
W. L. D. Barrett
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S SEMI-ANNUAL REPORT DATED JUNE 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000812006
<NAME> CHURCHILL TAX-FREE FUND OF KENTUCKY, CLASS A SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 215,585,707
<INVESTMENTS-AT-VALUE> 220,546,907
<RECEIVABLES> 4,514,375
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 225,061,282
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,577,080
<TOTAL-LIABILITIES> 1,577,080
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 219,493,594
<SHARES-COMMON-STOCK> 21,417,812
<SHARES-COMMON-PRIOR> 21,497,967
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (970,592)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,961,200
<NET-ASSETS> 223,484,202
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7,124,065
<OTHER-INCOME> 0
<EXPENSES-NET> 861,283
<NET-INVESTMENT-INCOME> 6,262,782
<REALIZED-GAINS-CURRENT> (232,006)
<APPREC-INCREASE-CURRENT> (5,759,407)
<NET-CHANGE-FROM-OPS> 271,369
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6,262,782
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 981,647
<NUMBER-OF-SHARES-REDEEMED> 1,856,530
<SHARES-REINVESTED> 338,110
<NET-CHANGE-IN-ASSETS> (11,552,813)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 156,657
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 872,983
<AVERAGE-NET-ASSETS> 225,051,381
<PER-SHARE-NAV-BEGIN> 10.71
<PER-SHARE-NII> .30
<PER-SHARE-GAIN-APPREC> (.28)
<PER-SHARE-DIVIDEND> .30
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.43
<EXPENSE-RATIO> .77
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S SEMI-ANNUAL REPORT DATED JUNE 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK> 0000812006
<NAME> CHURCHILL TAX-FREE FUND OF KENTUCKY, CLASS C SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 215,585,707
<INVESTMENTS-AT-VALUE> 220,546,907
<RECEIVABLES> 4,514,375
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 225,061,282
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,577,080
<TOTAL-LIABILITIES> 1,577,080
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 219,493,594
<SHARES-COMMON-STOCK> 21,417,812
<SHARES-COMMON-PRIOR> 21,497,967
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (970,592)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,961,200
<NET-ASSETS> 223,484,202
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 17
<NET-CHANGE-FROM-OPS> 17
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 107
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,117
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1
<AVERAGE-NET-ASSETS> 1000
<PER-SHARE-NAV-BEGIN> 10.47
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> (.04)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.43
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
REGISTRANT'S SEMI-ANNUAL REPORT DATED JUNE 30, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK>0000812006
<NAME>CHURCHILL TAX-FREE FUND OF KENTUCKY, CLASS Y SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 215,585,707
<INVESTMENTS-AT-VALUE> 220,546,907
<RECEIVABLES> 4,514,375
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 225,061,282
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,577,080
<TOTAL-LIABILITIES> 1,577,080
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 219,493,594
<SHARES-COMMON-STOCK> 21,417,812
<SHARES-COMMON-PRIOR> 21,497,967
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (970,592)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,961,200
<NET-ASSETS> 223,484,202
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 33,066
<OTHER-INCOME> 0
<EXPENSES-NET> 3,078
<NET-INVESTMENT-INCOME> 29,988
<REALIZED-GAINS-CURRENT> 304
<APPREC-INCREASE-CURRENT> 5,595
<NET-CHANGE-FROM-OPS> 35,887
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 29,888
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 457,835
<NUMBER-OF-SHARES-REDEEMED> 1,431
<SHARES-REINVESTED> 107
<NET-CHANGE-IN-ASSETS> 4,765,555
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 722
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,078
<AVERAGE-NET-ASSETS> 4,096,760
<PER-SHARE-NAV-BEGIN> 10.47
<PER-SHARE-NII> .07
<PER-SHARE-GAIN-APPREC> (.03)
<PER-SHARE-DIVIDEND> .07
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.44
<EXPENSE-RATIO> .61
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
