AQUILA TAX-FREE FUND OF COLORADO
SCHEDULE OF INVESTMENTS
December 31, 2022
(unaudited)
Principal Amount |
General Obligation Bonds (43.7%) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
City & County (3.3%) | ||||||||
Crested Butte, Colorado Fire Protection District | ||||||||
$1,040,000 | 4.000%, 12/01/36 Series 2022 | A1/NR/NR | $1,053,322 | |||||
Denver, Colorado City & County Elevate | ||||||||
2,000,000 | 5.000%, 08/01/33 Series 2022A | Aaa/AAA/AAA | 2,380,540 | |||||
Englewood, Colorado | ||||||||
1,000,000 | 5.000%, 12/01/30 | NR/AA+/NR | 1,096,750 | |||||
Wheat Ridge, Colorado Urban Renewal Authority Tax Increment | ||||||||
1,270,000 | 5.000%, 12/01/31 | NR/AA-/NR | 1,461,287 | |||||
Total City & County | 5,991,899 | |||||||
Lease (0.6%) | ||||||||
Colorado State Rural COP | ||||||||
1,000,000 | 4.000%, 12/15/35 Series 2020A | Aa2/AA-/NR | 1,027,100 | |||||
Metropolitan District (3.4%) | ||||||||
Denver, Colorado Urban Renewal Authority, Tax Increment Revenue, Stapleton Senior | ||||||||
2,600,000 | 5.000%, 12/01/25 Series A-1 | NR/NR/AA- | 2,602,314 | |||||
Denver, Colorado Urban Renewal Authority, Tax Increment Revenue, Stapleton Senior | ||||||||
1,000,000 | 5.000%, 12/01/25 Series B-1 | Aa3/NR/NR | 1,061,130 | |||||
Midcities Metropolitan District No.2 Colorado, Special Revenue | ||||||||
2,365,000 | 5.000%, 12/01/31 Series 2022 AGMC Insured | A1/AA/NR | 2,681,744 | |||||
Total Metropolitan District | 6,345,188 | |||||||
School Districts (35.7%) | ||||||||
Adams 12 Five Star Schools, Colorado | ||||||||
3,000,000 | 5.000%, 12/15/25 | Aa1/AA/NR | 3,136,980 | |||||
1,000,000 | 5.000%, 12/15/25 | Aa1/AA/NR | 1,069,320 | |||||
1,435,000 | 5.000%, 12/15/29 | Aa1/AA/NR | 1,560,806 | |||||
1,000,000 | 5.500%, 12/15/31 | Aa1/AA/NR | 1,152,450 | |||||
Adams & Arapahoe Counties, Colorado Joint School District #28J | ||||||||
1,000,000 | 5.000%, 12/01/30 | Aa1/NR/AA | 1,086,470 | |||||
Adams & Weld Counties, Colorado School District #27J | ||||||||
2,000,000 | 5.000%, 12/01/24 | Aa2/AA/NR | 2,003,320 | |||||
1,000,000 | 5.000%, 12/01/25 | Aa2/AA/NR | 1,042,160 | |||||
1,060,000 | 5.000%, 12/01/28 | Aa2/AA/NR | 1,126,621 | |||||
3,895,000 | 5.000%, 12/01/29 | Aa2/AA/NR | 4,139,801 | |||||
1,150,000 | 5.000%, 12/01/29 | Aa2/AA/NR | 1,269,577 | |||||
Principal Amount |
General Obligation Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
School Districts (continued) | ||||||||
Arapahoe County, Colorado School District #001 Englewood | ||||||||
$1,465,000 | 5.000%, 12/01/27 | Aa2/NR/NR | $1,556,665 | |||||
Arapahoe County, Colorado School District #006 Littleton | ||||||||
1,000,000 | 5.000%, 12/01/27 | Aa1/NR/NR | 1,077,350 | |||||
Boulder, Larimer & Weld Counties, Colorado Series A | ||||||||
2,000,000 | 5.000%, 12/15/24 | Aa1/AA+/NR | 2,087,820 | |||||
Boulder, Larimer & Weld Counties, Colorado Series C | ||||||||
2,000,000 | 5.000%, 12/15/28 | Aa1/AA+/NR | 2,173,000 | |||||
Boulder, Larimer & Weld Counties, Colorado, St. Vrain Valley School District RE-1J | ||||||||
1,000,000 | 5.000%, 12/15/29 Series C | Aa1/AA+/NR | 1,085,720 | |||||
Costilla County, Colorado School District No. R-30 Sierra Grande | ||||||||
2,180,000 | 5.000%, 12/01/32 | Aa2/NR/NR | 2,465,558 | |||||
Denver, Colorado City & County School District No. 1 | ||||||||
2,000,000 | 5.000%, 12/01/29 | Aa1/AA+/AA+ | 2,175,260 | |||||
1,000,000 | 5.000%, 12/01/34 Series 2022A | Aa1/AA+/AA+ | 1,166,600 | |||||
Denver, Colorado City & County School District No. 1 | ||||||||
2,000,000 | 5.000%, 12/01/25 Series B | Aa1/AA+/AA+ | 2,086,980 | |||||
4,000,000 | 5.000%, 12/01/27 Series B | Aa1/AA+/AA+ | 4,169,400 | |||||
Eagle County School District, Colorado, Eagle, Garfield & Routt School District #50J | ||||||||
1,000,000 | 5.000%, 12/01/29 | Aa1/AA/NR | 1,084,530 | |||||
El Paso County, Colorado School District #2, Harrison | ||||||||
2,000,000 | 5.000%, 12/01/31 | Aa2/AA/NR | 2,248,980 | |||||
El Paso County, Colorado School District #20 Refunding | ||||||||
2,255,000 | 5.000%, 12/15/29 | Aa1/NR/NR | 2,449,178 | |||||
Jefferson County, Colorado School District #R-1 Refunding | ||||||||
2,225,000 | 5.000%, 12/15/30 | Aa1/AA/NR | 2,461,317 | |||||
1,500,000 | 5.000%, 12/15/30 | Aa1/AA/NR | 1,695,480 | |||||
2,600,000 | 5.000%, 12/15/31 | Aa1/AA/NR | 2,933,034 | |||||
La Plata County, Colorado School District #9-R Durango Refunding | ||||||||
3,000,000 | 4.500%, 11/01/23 | Aa2/NR/NR | 3,003,510 | |||||
Larimer County, Colorado School District No. R 1 Poudre | ||||||||
1,000,000 | 5.000%, 12/15/30 | Aa1/NR/AA+ | 1,126,210 | |||||
800,000 | 5.000%, 12/15/30 | Aa1/NR/NR | 900,968 | |||||
Larimer, Weld & Boulder Counties, Colorado School District No. R-2J, Thompson | ||||||||
520,000 | 5.000%, 12/15/34 | Aa2/AA/NR | 577,366 | |||||
1,100,000 | 5.000%, 12/15/35 | Aa2/AA/NR | 1,212,475 |
Principal Amount |
General Obligation Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
School Districts (continued) | ||||||||
Larimer, Weld & Boulder Counties, Colorado School District No. R-2J, Thompson Refunding | ||||||||
$1,500,000 | 4.250%, 12/15/24 | Aa2/NR/NR | $1,501,650 | |||||
Mesa County, Colorado Valley School District No. 051, Grand Junction | ||||||||
3,000,000 | 5.000%, 12/01/23 | Aa2/NR/NR | 3,057,870 | |||||
Pueblo County, Colorado School District No. 70 | ||||||||
1,500,000 | 4.000%, 12/01/33 Series 2021A | Aa2/AA/NR | 1,603,065 | |||||
Summit County, Colorado School District No. RE 1 Refunding | ||||||||
2,000,000 | 5.000%, 12/01/28 | Aaa/NR/NR | 2,172,940 | |||||
Total School Districts | 65,660,431 | |||||||
Water & Sewer (0.7%) | ||||||||
Central Colorado Water Conservancy District, Adams Morgan & Weld Counties | ||||||||
1,185,000 | 5.000%, 12/01/24 | NR/A/NR | 1,207,693 | |||||
Total General Obligation Bonds | 80,232,311 | |||||||
Revenue Bonds (50.6%) | ||||||||
City & County (1.5%) | ||||||||
Denver, Colorado City & County COP, Convention Center Expansion Project | ||||||||
1,500,000 | 5.000%, 06/01/30 Series 2018A | Aa2/AA+/AA+ | 1,601,355 | |||||
Grand Junction, Colorado COP | ||||||||
1,000,000 | 5.000%, 12/01/31 | NR/AA-/NR | 1,130,220 | |||||
Total City & County | 2,731,575 | |||||||
Electric (2.0%) | ||||||||
Colorado Springs, Colorado Utilities Revenue, Refunding | ||||||||
1,000,000 | 5.000%, 11/15/27 Series A | Aa2/AA+/AA | 1,065,250 | |||||
Colorado Springs, Colorado Utilities Revenue Refunding | ||||||||
450,000 | 5.000%, 11/15/33 Series 2022B | Aa2/AA+/NR | 530,807 | |||||
450,000 | 5.000%, 11/15/34 Series 2022B | Aa2/AA+/NR | 526,203 | |||||
Estes Park, Colorado Power & Communications Enterprise Revenue Refunding & Improvement | ||||||||
1,310,000 | 5.000%, 11/01/30 Series 2019A | NR/A+/NR | 1,490,623 | |||||
Total Electric | 3,612,883 | |||||||
Higher Education (14.7%) | ||||||||
Colorado Educational & Cultural Facility Authority, University of Denver Project | ||||||||
845,000 | 4.000%, 03/01/24 | A1/NR/NR | 846,411 | |||||
7,000,000 | 5.250%, 03/01/25 NPFG Insured | A1/A+/NR | 7,237,930 | |||||
Colorado Educational & Cultural Facility Authority Refunding, University of Denver Project | ||||||||
1,000,000 | 5.250%, 03/01/26 NPFG Insured | A1/A+/NR | 1,073,180 | |||||
Colorado School of Mines Institutional Enterprise | ||||||||
1,845,000 | 5.000%, 12/01/29 Series B | A1/A+/NR | 2,028,725 |
Principal Amount |
Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
Higher Education (continued) | ||||||||
Colorado Mountain College COP | ||||||||
$685,000 | 4.000%, 12/01/33 Series 2021 | Aa3/NR/NR | $712,242 | |||||
Colorado State Board Community Colleges & Occupational Education, Refunding & Improvement, Arapahoe Community College | ||||||||
1,000,000 | 5.000%, 11/01/30 Series 2017A | Aa3/NR/NR | 1,095,370 | |||||
Colorado State Board Community Colleges & Occupational Education, Refunding & Improvement, System Wide Refunding | ||||||||
1,710,000 | 5.000%, 11/01/32 Series 2019A | Aa3/NR/NR | 1,937,550 | |||||
835,000 | 5.000%, 11/01/33 Series 2019A | Aa3/NR/NR | 943,300 | |||||
2,905,000 | 5.000%, 03/01/26 Series C SHEIP Insured | Aa2/AA/NR | 3,037,178 | |||||
1,250,000 | 5.000%, 03/01/28 Series C SHEIP Insured | Aa2/AA/NR | 1,367,950 | |||||
2,100,000 | 5.000%, 03/01/29 Series C SHEIP Insured | Aa2/AA/NR | 2,297,757 | |||||
1,165,000 | 5.000%, 06/01/26 Series A NPFG Insured | Aa1/NR/AA+ | 1,255,893 | |||||
University of Colorado Enterprise System | ||||||||
2,000,000 | 5.000%, 06/01/28 Series A-1 | Aa1/NR/AA+ | 2,234,900 | |||||
University of Northern Colorado Greeley Institutional Enterprise Refunding | ||||||||
1,000,000 | 5.000%, 06/01/25 Series A SHEIP Insured | Aa2/AA/NR | 1,027,080 | |||||
Total Higher Education | 27,095,466 | |||||||
Hospital (1.8%) | ||||||||
Colorado Health Facilities Authority, Sanford | ||||||||
1,000,000 | 5.000%, 11/01/32 Series 2019A | NR/A+/AA- | 1,084,580 | |||||
2,165,000 | 5.000%, 11/01/34 Series 2019A | NR/A+/AA- | 2,306,613 | |||||
Total Hospital | 3,391,193 | |||||||
Lease (13.1%) | ||||||||
Arapahoe County, Colorado School District No. 5 Cherry Creek COP | ||||||||
2,295,000 | 5.000%, 12/15/33 Series 2022 | NR/AA/NR | 2,687,560 | |||||
Arvada, Colorado COP | ||||||||
1,190,000 | 4.000%, 12/01/29 | NR/AA+/NR | 1,241,896 | |||||
Colorado State BEST COP | ||||||||
3,500,000 | 5.000%, 03/15/30 Series K | Aa2/AA-/NR | 3,795,925 | |||||
2,500,000 | 5.000%, 03/15/31 Series K | Aa2/AA-/NR | 2,705,200 | |||||
Colorado State BEST COP | ||||||||
2,000,000 | 5.000%, 03/15/31 Series M | Aa2/AA-/NR | 2,203,480 |
Principal Amount |
Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
Lease (continued) | ||||||||
Colorado State Higher Education Capital Construction Lease | ||||||||
$1,690,000 | 5.000%, 11/01/26 | Aa2/AA-/NR | $1,834,461 | |||||
Denver, Colorado City & County COP (Fire Station & Library Facilities) | ||||||||
1,065,000 | 5.000%, 12/01/25 | Aa1/AA+/AA+ | 1,133,171 | |||||
Douglas County, Colorado COP (Libraries) | ||||||||
1,570,000 | 5.000%, 12/01/27 | Aa2/NR/NR | 1,629,063 | |||||
Foothills Park and Recreation District, Colorado COP | ||||||||
1,405,000 | 4.000%, 12/01/35 Series 2021 | NR/AA-/NR | 1,457,547 | |||||
Foothills Park and Recreation District, Colorado COP Refunding & Improvement | ||||||||
1,380,000 | 5.000%, 12/01/26 AGMC Insured | NR/AA/NR | 1,465,546 | |||||
Jefferson County, Colorado School District No. R-1 COP | ||||||||
1,000,000 | 5.000%, 12/15/27 | Aa3/AA-/NR | 1,061,130 | |||||
South Suburban Park and Recreation District, Colorado COP | ||||||||
1,000,000 | 5.000%, 12/15/31 | NR/AA-/NR | 1,107,770 | |||||
1,010,000 | 4.000%, 12/15/35 Series 2021 | NR/AA-/NR | 1,031,755 | |||||
Thompson School District No R2-J (Larimer, Weld And Boulder Counties, Colorado COP | ||||||||
750,000 | 4.500%, 12/01/26 Series 2014 | A1/NR/NR | 769,163 | |||||
Total Lease | 24,123,667 | |||||||
Sales Tax (3.1%) | ||||||||
Broomfield, Colorado Sales & Use Tax | ||||||||
1,000,000 | 5.000%, 12/01/30 | Aa3/NR/NR | 1,098,190 | |||||
City of Fruita, Colorado Sales & Use Tax | ||||||||
1,110,000 | 4.000%, 10/01/33 | NR/AA-/NR | 1,161,693 | |||||
Commerce City, Colorado Sales & Use Tax | ||||||||
1,000,000 | 5.000%, 08/01/26 BAMAC Insured | Aa3/AA/NR | 1,056,040 | |||||
Denver, Colorado City & County Dedicated Tax Revenue | ||||||||
1,165,000 | 4.000%, 08/01/33 Series 2021A | Aa3/AA-/AA- | 1,260,483 | |||||
1,000,000 | 4.000%, 08/01/36 Series 2021A | Aa3/AA-/AA- | 1,041,870 | |||||
Total Sales Tax | 5,618,276 | |||||||
Tax Increment (0.8%) | ||||||||
Park Creek, Colorado Metropolitan District Senior Limited Property Tax Supported | ||||||||
1,475,000 | 4.000%, 12/01/35 AGMC Insured | NR/AA/A | 1,504,677 | |||||
Principal Amount |
Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
Transportation (5.0%) | ||||||||
E-470 Public Highway Authority, Colorado Senior Revenue | ||||||||
$1,265,000 | 5.000%, 09/01/36 | A2/A/NR | $1,393,423 | |||||
1,250,000 | 5.000%, 09/01/35 Series 2020A | A2/A/NR | 1,389,013 | |||||
Regional Transportation District, Colorado COP | ||||||||
2,000,000 | 5.000%, 06/01/26 Series A | A1/AA/AA- | 2,099,220 | |||||
Regional Transportation District, Colorado Sales Tax Refunding, Fastracks Project | ||||||||
3,000,000 | 5.000%, 11/01/32 Series 2013A | Aa2/AA+/AA | 3,551,820 | |||||
Roaring Fork Transportation Authority Property Tax Revenue | ||||||||
650,000 | 4.000%, 12/01/34 Series 2021A | NR/AA-/NR | 691,925 | |||||
Total Transportation | 9,125,401 | |||||||
Water & Sewer (8.6%) | ||||||||
Arapahoe, Colorado Water & Wastewater Public Improvement District | ||||||||
1,320,000 | 5.000%, 12/01/24 | NR/AA-/NR | 1,376,654 | |||||
1,020,000 | 5.000%, 12/01/25 | NR/AA-/NR | 1,062,422 | |||||
Arvada, Colorado Wastewater Enterprise | ||||||||
1,090,000 | 5.000%, 12/01/35 | NR/AA-/AA | 1,268,607 | |||||
Arvada, Colorado Water Enterprise | ||||||||
1,355,000 | 5.000%, 12/01/35 | NR/AA+/AA+ | 1,577,030 | |||||
Broomfield, Colorado Sewer and Waste Water | ||||||||
1,550,000 | 5.000%, 12/01/24 AGMC Insured | Aa3/AA/NR | 1,552,589 | |||||
Central Weld County, Colorado Water District | ||||||||
200,000 | 4.000%, 12/01/33 AGMC Insured | NR/AA/NR | 213,162 | |||||
Colorado Water Resource & Power Development Authority | ||||||||
925,000 | 5.000%, 09/01/25 | Aaa/AAA/AAA | 981,286 | |||||
Denver, Colorado City and County Board Water Commissioners | ||||||||
850,000 | 5.000%, 09/15/29 Series B | Aaa/AAA/AAA | 941,180 | |||||
Greeley, Colorado Water Revenue | ||||||||
1,705,000 | 5.000%, 08/01/28 | Aa2/AA+/NR | 1,842,986 | |||||
Parker, Colorado Water & Sanitation District Water & Sewer Enterprise Refunding & Improvement | ||||||||
500,000 | 5.000%, 11/01/33 Series 2022 | NR/AA+/NR | 587,245 | |||||
865,000 | 5.000%, 11/01/34 Series 2022 | NR/AA+/NR | 1,011,367 |
Principal Amount |
Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
Water & Sewer (continued) | ||||||||
St. Vrain, Colorado Sanitation District Wastewater Revenue Refunding and Improvement Bonds | ||||||||
$800,000 | 4.000%, 12/01/31 Series 2020 | NR/AA/NR | $ 857,976 | |||||
Thornton, Colorado Water Enterprise Revenue | ||||||||
1,970,000 | 4.000%, 12/01/24 Series 2013 | Aa2/AA/NR | 1,992,793 | |||||
Upper Eagle Regional Water Authority, Eagle County, Colorado Refunding and Improvement | ||||||||
500,000 | 4.000%, 12/01/32 AGMC Insured | NR/AA/NR | 538,860 | |||||
Total Water & Sewer | 15,804,157 | |||||||
Total Revenue Bonds | 93,007,295 | |||||||
Pre-Refunded Bonds (3.5%)†† | ||||||||
Pre-Refunded General Obligation Bonds (0.6%) | ||||||||
School Districts (0.6%) | ||||||||
Larimer County, Colorado School District No. R 1 Poudre | ||||||||
1,000,000 | 5.000%, 12/15/27 | Aa1/NR/NR | 1,066,600 | |||||
Pre-Refunded Revenue Bonds (2.9%) | ||||||||
Higher Education (1.5%) | ||||||||
University of Colorado Enterprise System, Series A | ||||||||
2,620,000 | 5.000%, 06/01/29 | Aa1/NR/AA+ | 2,764,388 | |||||
Lease (1.4%) | ||||||||
Rangeview Library District Project, Colorado COP | ||||||||
2,515,000 | 5.000%, 12/15/27 AGMC Insured | Aa2/AA/NR | 2,682,499 | |||||
Total Pre-Refunded Revenue Bonds | 5,446,887 | |||||||
Total Pre-Refunded Bonds | 6,513,487 | |||||||
Total Municipal Bonds (cost $182,845,434) | 179,753,093 | |||||||
Shares | Short-Term Investment (1.6%) | |||||||
2,857,909 | Dreyfus Treasury Obligations Cash Management - Institutional Shares, 4.17%* (cost $2,857,909) |
Aaa-mf/AAAm/NR | 2,857,909 | |||||
Total Investments (cost $185,703,343-note b) |
99.4% | 182,611,002 | ||||||
Other assets less liabilities | 0.6 | 1,146,492 | ||||||
Net Assets | 100.0% | $183,757,494 | ||||||
Percent of | ||||||||
Portfolio Distribution By Quality Rating | Investments† | |||||||
Aaa of Moody's or AAA of S&P or Fitch | 3.6% | |||||||
Prerefunded bonds\ ETM bonds †† | 3.6 | |||||||
Aa of Moody's or AA of S&P or Fitch | 82.5 | |||||||
A of Moody's or S&P | 10.3 | |||||||
100.0% |
PORTFOLIO ABBREVIATIONS: | ||||||||
AGMC - Assured Guaranty Municipal Corp. | ||||||||
BAMAC -Build America Mutual Assurance Company | ||||||||
BEST - Building Excellent Schools Today | ||||||||
COP - Certificates of Participation | ||||||||
NPFG - National Public Finance Guarantee | ||||||||
NR - Not Rated | ||||||||
SHEIP - State Higher Education Intercept Program |
* | The rate is an annualized seven-day yield at period end. | ||||
† | Where applicable, calculated using the highest rating of the three NRSRO. Percentages in this table do not include the Short-Term Investment. | ||||
†† | 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. |
See accompanying notes to financial statements.
AQUILA TAX-FREE FUND OF COLORADO
NOTES TO FINANCIAL STATEMENTS
December 31, 2022
(unaudited)
(a) | Securities valuation policies and other investment related disclosures are hereby incorporated by reference in the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR. |
(b) | At December 31, 2022, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $185,665,636 amounted to $3,054,634, which consisted of aggregate gross unrealized appreciation of $673,146 and aggregate gross unrealized depreciation of $3,727,780. |
(c) | 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 inactive markets for identical assets or liabilities that the Fund has the ability to access. |
Level 2 – | Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
Level 3 – | Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
The following is a summary of the valuation inputs, representing 100% of the Fund’s investments, used to value the Fund’s net assets as of December 31, 2022:
Valuation Inputs | Investments in Securities | |
Level 1 – Quoted Prices | $ | 2,857,909 |
Level 2 – Other Significant Observable Inputs- Municipal Bonds+ | 179,753,093 | |
Level 3 – Significant Unobservable Inputs | — | |
Total | $ | 182,611,002 |
+ See schedule of investments for a detailed listing of securities.