AQUILA TAX-FREE FUND OF COLORADO

SCHEDULE OF INVESTMENTS

December 31, 2020

(unaudited)

 

Principal
Amount
  General Obligation Bonds (39.9%)   Ratings
Moody's, S&P
and Fitch
  Value   (a)
    City & County (0.4%)            
    Englewood, Colorado            
$ 1,000,000   5.000%, 12/01/30   NR/AA+/NR   $     1,279,360    
                 
    Metropolitan District (1.4%)            
    Denver, Colorado Urban Renewal Authority, Tax Increment Revenue, Stapleton Senior Series A-1            
2,600,000   5.000%, 12/01/25   NR/NR/AA-   2,773,082    
                 
    Denver, Colorado Urban Renewal Authority, Tax Increment Revenue, Stapleton Senior Series B-1            
1,000,000   5.000%, 12/01/25   Aa3/NR/NR   1,215,280    
    Total Metropolitan District       3,988,362    
                 
    School Districts (37.6%)            
    Adams 12 Five Star Schools, Colorado            
3,000,000   5.000%, 12/15/25   Aa2/AA/NR   3,553,830    
1,000,000   5.000%, 12/15/25   Aa2/AA/NR   1,232,320    
1,435,000   5.000%, 12/15/29   Aa2/AA/NR   1,802,733    
1,000,000   5.500%, 12/15/31   Aa2/AA/NR   1,356,810    
3,150,000   5.000%, 12/15/32   Aa2/AA/NR   3,901,118    
                 
    Adams County, Colorado School District #50            
1,000,000   4.000%, 12/01/23   Aa2/AA/NR   1,070,880    
3,000,000   4.000%, 12/01/24   Aa2/AA/NR   3,210,810    
                 
    Adams & Arapahoe Counties, Colorado Joint School District #28J            
4,125,000   5.000%, 12/01/30   Aa2/NR/AA   5,152,043    
                 
    Adams & Weld Counties, Colorado School District #27J            
1,030,000   5.000%, 12/01/22   Aa2/AA/NR   1,125,224    
2,000,000   5.000%, 12/01/24   Aa2/AA/NR   2,181,880    
1,000,000   5.000%, 12/01/25   Aa2/AA/NR   1,183,670    
1,060,000   5.000%, 12/01/28   Aa2/AA/NR   1,292,797    
3,895,000   5.000%, 12/01/29   Aa2/AA/NR   4,744,071    
1,150,000   5.000%, 12/01/29   Aa2/AA/NR   1,485,927    
                 
    Arapahoe County, Colorado School District #001 Englewood            
1,465,000   5.000%, 12/01/27   Aa2/NR/NR   1,792,325    
                 
    Arapahoe County, Colorado School District #006 Littleton            
1,000,000   5.000%, 12/01/27   Aa2/NR/NR   1,240,630    
                 
    Boulder, Larimer & Weld Counties, Colorado Series A            
2,000,000   5.000%, 12/15/24   Aa2/AA+/NR   2,375,280    

 

 
 
 

 

 

Principal
Amount
  General Obligation Bonds (continued)   Ratings
Moody's, S&P
and Fitch
  Value   (a)
    School Districts (continued)            
    Boulder, Larimer & Weld Counties, Colorado Series C            
$ 2,000,000   5.000%, 12/15/28   Aa2/AA+/NR   $ 2,528,540    
                 
    Boulder, Larimer & Weld Counties, Colorado, St. Vrain Valley School District   RE-1J Series C            
1,000,000   5.000%, 12/15/29   Aa2/AA+/NR   1,259,590    
                 
    Costilla County, Colorado School District No. R-30 Sierra Grande            
2,180,000   5.000%, 12/01/32   Aa2/NR/NR   2,871,867    
                 
    Denver, Colorado City & County School District No. 1            
3,000,000   4.000%, 12/01/26   Aa1/AA+/AA+   3,100,290    
2,000,000   5.000%, 12/01/29   Aa1/AA+/AA+   2,515,100    
                 
    Denver, Colorado City & County School District No. 1 Series B            
2,000,000   5.000%, 12/01/25   Aa1/AA+/AA+   2,363,920    
4,000,000   5.000%, 12/01/27   Aa1/AA+/AA+   4,715,880    
                 
    Douglas County, Colorado School District No. RE 1, Douglas & Elbert Counties Series B            
3,000,000   5.000%, 12/15/31   Aa1/NR/AA+   3,982,530    
                 
    Eagle County School District, Colorado, Eagle, Garfield & Routt School District #50J            
1,170,000   5.000%, 12/01/25   Aa2/AA/NR   1,328,652    
1,000,000   5.000%, 12/01/29   Aa2/AA/NR   1,254,910    
                 
    El Paso County, Colorado School District #2, Harrison            
2,000,000   5.000%, 12/01/31   Aa2/AA/NR   2,643,380    
                 
    El Paso County, Colorado School District #20 Refunding            
1,945,000   4.375%, 12/15/23   Aa2/NR/NR   2,020,272    
2,255,000   5.000%, 12/15/29   Aa2/NR/NR   2,832,866    
1,250,000   5.000%, 12/15/31   Aa2/NR/NR   1,555,450    
                 
    Garfield, Pitkin, & Eagle Counties, Colorado School District #RE-1 Roaring Fork            
1,600,000   5.000%, 12/15/27   Aa2/NR/NR   1,960,224    
                 
    Jefferson County, Colorado School District #R-1 Refunding            
2,225,000   5.000%, 12/15/30     Aa2/AA/NR   2,866,890    
1,500,000   5.000%, 12/15/30     Aa2/AA/NR   1,989,180    
2,600,000   5.000%, 12/15/31   Aa2/AA/NR   3,432,728    
3,000,000   4.000%, 12/15/33   Aa2/AA/NR   3,835,710    
                 
    La Plata County, Colorado School District #9-R Durango Refunding            
3,000,000   4.500%, 11/01/23     Aa2/NR/NR   3,102,720    

 

 
 
 

 

 

Principal
Amount
  General Obligation Bonds (continued)   Ratings
Moody's, S&P
and Fitch
  Value   (a)
    School Districts (continued)            
    Larimer County, Colorado School District No. R 1 Poudre            
$ 1,000,000   5.000%, 12/15/30   Aa2/NR/AA+   $ 1,328,840    
800,000   5.000%, 12/15/30   Aa2/NR/NR   1,063,072    
                 
    Larimer, Weld & Boulder Counties, Colorado School District No. R-2J, Thompson Refunding            
1,500,000   4.250%, 12/15/24   Aa2/NR/NR   1,616,940    
                 
    Mesa County, Colorado Valley School District No. 051, Grand Junction Refunding            
3,000,000   5.000%, 12/01/23   Aa2/NR/NR   3,416,190    
                 
    Pueblo County, Colorado School District No. 60            
2,000,000   5.000%, 12/15/30   Aa2/AA/NR   2,727,460    
                 
    San Miguel County, Colorado School District R-1 Telluride            
1,055,000   5.000%, 12/01/25   Aa2/AA/NR   1,247,875    
                 
    Summit County, Colorado School District No. RE 1 Refunding            
2,000,000   4.000%, 12/01/24   Aa1/NR/NR   2,066,140    
2,000,000   5.000%, 12/01/28   Aa1/NR/NR   2,523,060    
    Total School Districts       106,852,624    
                 
    Water & Sewer (0.5%)            
    Central Colorado Water Conservancy District, Adams Morgan & Weld Counties            
1,185,000   5.000%, 12/01/24   NR/A/NR   1,339,785    
    Total General Obligation Bonds       113,460,131    
                 
    Revenue Bonds (46.8%)            
    City & County (1.1%)            
    Denver, Colorado City & County COP, Convention Center Expansion Project Series 2018A            
1,500,000   5.000%, 06/01/30   Aa2/AA+/AA+   1,801,425    
                 
    Grand Junction, Colorado  COP            
1,000,000   5.000%, 12/01/31   NR/AA-/NR   1,330,600    
    Total City & County       3,132,025    
                 
    Electric (2.7%)            
    Colorado Springs, Colorado Utilities Revenue, Refunding Series A            
1,000,000   5.000%, 11/15/27   Aa2/AA+/AA   1,220,930    
                 
    Colorado Springs, Colorado Utilities Revenue Refunding Series B            
2,600,000   5.000%, 11/15/23   Aa2/AA+/AA   2,834,078    

 

 
 
 

 

 

Principal
Amount
  Revenue Bonds (continued)   Ratings
Moody's, S&P
and Fitch
  Value   (a)
    Electric (continued)            
    Colorado Springs, Colorado Utilities Revenue Refunding Series 2020A            
$   500,000   5.000%, 11/15/31   Aa2/AA+/NR   $    696,385    
500,000   5.000%, 11/15/32   Aa2/AA+/NR   691,690    
400,000   5.000%, 11/15/33   Aa2/AA+/NR   550,820    
                 
    Estes Park, Colorado Power & Communications Enterprise Revenue Refunding & Improvement Series 2019A            
1,310,000   5.000%, 11/01/30   NR/A+/NR   1,741,763    
    Total Electric       7,735,666    
                 
    Higher Education (13.4%)            
    Colorado Educational & Cultural Facility Authority, University Corp. Atmosphere Project, Refunding            
935,000   5.000%, 09/01/22   A2/A+/NR   937,955    
                 
    Colorado Educational & Cultural Facility Authority, University of Denver Project            
845,000   4.000%, 03/01/24   A1/NR/NR   903,381    
7,000,000   5.250%, 03/01/25 NPFG Insured   A1/A+/NR   8,060,220    
                 
    Colorado Educational & Cultural Facility Authority Refunding, University of Denver Project            
1,000,000   5.250%, 03/01/26 NPFG Insured   A1/A+/NR   1,221,100    
                 
    Colorado School of Mines Institutional Enterprise, Series B            
1,845,000   5.000%, 12/01/29   A1/A+/NR   2,293,759    
                 
    Colorado State Board Community Colleges & Occupational Education, Refunding & Improvement, Arapahoe Community College, Series 2017A            
1,000,000   5.000%, 11/01/30   Aa3/NR/NR   1,263,580    
                 
    Colorado State Board Community Colleges & Occupational Education, Refunding & Improvement, System Wide Refunding, Series 2019A            
1,110,000   5.000%, 11/01/30   Aa3/NR/NR   1,484,669    
1,710,000   5.000%, 11/01/32   Aa3/NR/NR   2,262,484    
835,000   5.000%, 11/01/33   Aa3/NR/NR   1,100,087    
                 
                 
2,905,000   5.000%, 03/01/26 SHEIP Insured   Aa2/AA/NR   3,445,040    
1,250,000   5.000%, 03/01/28 SHEIP Insured   Aa2/AA/NR   1,599,188    
2,100,000   5.000%, 03/01/29 SHEIP Insured   Aa2/AA/NR   2,670,801    
                 
    University of Colorado Enterprise System, Series A            
2,620,000   5.000%, 06/01/29   Aa1/NR/AA+   3,103,652    
1,165,000   5.000%, 06/01/26 NPFG Insured   Aa1/NR/AA+   1,453,093    
                 
    University of Colorado Enterprise System, Series A-1            
2,000,000   5.000%, 06/01/28   Aa1/NR/AA+   2,636,060    

 

 
 
 

 

 

Principal
Amount
  Revenue Bonds (continued)   Ratings
Moody's, S&P
and Fitch
  Value   (a)
    Higher Education (continued)            
    University of Colorado Enterprise System, Series 2019B            
$ 1,000,000   5.000%, 06/01/32   Aa1/NR/AA+   $  1,326,000    
1,000,000   5.000%, 06/01/33   Aa1/NR/AA+   1,319,290    
                 
    University of Northern Colorado Greeley Institutional Enterprise Refunding, SHEIP, Series A            
1,000,000   5.000%, 06/01/25 SHEIP Insured   Aa2/AA/NR   1,153,320    
    Total Higher Education       38,233,679    
                 
    Hospital (0.5%)            
    Colorado Health Facilities Authority, Sanford            
1,000,000   5.000%, 11/01/30 Series 2019A   NR/A+/A+   1,309,960    
                 
    Lease (12.2%)            
    Arvada, Colorado COP            
1,190,000   4.000%, 12/01/29   NR/AA+/NR   1,393,109    
                 
    Colorado State BEST COP Series K            
3,500,000   5.000%, 03/15/30   Aa2/AA-/NR   4,389,980    
2,500,000   5.000%, 03/15/31   Aa2/AA-/NR   3,125,125    
                 
    Colorado State BEST COP Series M            
2,000,000   5.000%, 03/15/31   Aa2/AA-/NR   2,570,360    
                 
    Colorado State Building Excellent Schools Today COP            
500,000   5.000%, 03/15/32 Series 2020 R   Aa2/AA-/NR   671,790    
                 
    Colorado State COP Rural Colorado            
3,000,000   5.000%, 12/15/31 Series 2020 A   Aa2/AA-/NR   4,151,550    
2,695,000   4.000%, 12/15/34 Series 2020 A   Aa2/AA-/NR   3,370,286    
                 
    Colorado State Higher Education Capital Construction Lease            
1,690,000   5.000%, 11/01/26   Aa2/AA-/NR   2,121,339    
                 
    Denver, Colorado City & County COP (Fire Station & Library Facilities)            
1,065,000   5.000%, 12/01/25   Aa1/AA+/AA+   1,311,707    
                 
    Douglas County, Colorado COP (Libraries)            
1,570,000   5.000%, 12/01/27   Aa2/NR/NR   1,837,638    
                 
    Foothills Park and Recreation District, Colorado COP Refunding & Improvement            
1,380,000   5.000%, 12/01/26 AGMC Insured   NR/AA/NR   1,677,832    
                 
    Jefferson County, Colorado School District No. R-1 COP            
1,000,000   5.000%, 12/15/27   Aa3/AA-/NR   1,210,390    
                 
    Rangeview Library District Project, Colorado COP            
2,515,000   5.000%, 12/15/27 AGMC Insured   Aa2/AA/NR   3,070,186    

 

 
 
 

 

 

Principal
Amount
  Revenue Bonds (continued)   Ratings
Moody's, S&P
and Fitch
  Value   (a)
    Lease (continued)            
    South Suburban Park and Recreation District, Colorado COP            
$ 1,000,000   5.000%, 12/15/31   NR/AA-/NR   $  1,299,750    
                 
    Thompson School District No R2-J (Larimer, Weld And Boulder Counties, Colorado COP, Series 2014            
750,000   4.500%, 12/01/26   Aa3/NR/NR   861,165    
                 
    Westminster, Colorado COP            
1,480,000   4.250%, 12/01/22 AGMC Insured   A2/AA/NR   1,484,144    
    Total Lease       34,546,351    
                 
    Sales Tax (2.6%)            
    Boulder, Colorado General Fund Capital Improvement Projects            
2,235,000   4.000%, 10/01/25   Aa1/AAA/NR   2,378,174    
                 
    Broomfield, Colorado Sales & Use Tax            
1,000,000   5.000%, 12/01/30   Aa3/NR/NR   1,275,500    
                 
    City of Fruita, Colorado Sales & Use Tax              
1,110,000   4.000%, 10/01/33   NR/AA-/NR   1,300,964    
                 
    Commerce City, Colorado Sales & Use Tax            
1,000,000   5.000%, 08/01/26 BAMAC Insured   Aa3/AA/NR   1,205,660    
                 
    Westminster, Colorado Economic Development Authority, Mandalay Gardens Urban Renewal Project            
1,090,000   4.000%, 12/01/22   NR/AA-/NR   1,168,949    
    Total Sales Tax       7,329,247    
                 
    Transportation (3.5%)            
    E-470 Public Highway Authority, Colorado Senior Revenue            
2,515,000   5.000%, 09/01/36   A2/A/NR   3,326,842    
                 
    Regional Transportation District, Colorado COP, Series A            
2,000,000   5.000%, 06/01/26   A1/AA-/AA-   2,345,120    
                 
    Regional Transportation District, Colorado Sales Tax Refunding, Fastracks Project Series 2013A            
3,000,000   5.000%, 11/01/32   Aa2/AA+/AA   4,326,600    
    Total Transportation       9,998,562    
                 
    Water & Sewer (10.8%)            
    Arapahoe, Colorado Water & Wastewater Public Improvement District            
1,320,000   5.000%, 12/01/24   NR/AA-/NR   1,564,715    
1,020,000   5.000%, 12/01/25   NR/AA-/NR   1,204,294    

 

 
 
 

 

 

Principal
Amount
  Revenue Bonds (continued)   Ratings
Moody's, S&P
and Fitch
  Value   (a)
    Water & Sewer (continued)            
    Broomfield, Colorado Sewer and Waste Water            
$ 1,975,000   4.000%, 12/01/21 AGMC Insured   Aa3/NR/NR   $ 2,043,414    
1,550,000   5.000%, 12/01/24 AGMC Insured   Aa3/AA/NR   1,687,222    
                 
    Broomfield, Colorado Water Activity Enterprise            
3,385,000   5.000%, 12/01/21   Aa3/NR/NR   3,532,857    
                 
    Central Weld County, Colorado Water District            
300,000   4.000%, 12/01/31 AGMC Insured   NR/AA/NR   379,068    
250,000   4.000%, 12/01/32 AGMC Insured   NR/AA/NR   312,888    
200,000   4.000%, 12/01/33 AGMC Insured   NR/AA/NR   249,372    
                 
    Colorado Water Resource & Power Development Authority            
925,000   5.000%, 09/01/25   Aaa/AAA/AAA   1,131,035    
                 
    Denver, Colorado City and County Board Water Commissioners Master Resolution, Refunding, Series B            
1,000,000   4.000%, 12/15/22   Aaa/AAA/AAA   1,036,220    
                 
    Denver, Colorado City and County Board Water Commissioners, Series B            
850,000   5.000%, 09/15/29   Aaa/AAA/AAA   1,096,738    
                 
    East Cherry Creek Water & Sanitation District Arapahoe County Water Revenue Activity Enterprise Refunding, Series 2020            
1,085,000   5.000%, 11/15/32   NR/AA-/NR   1,446,370    
                 
    Firestone, Colorado Water Enterprise, Series 2020            
750,000   5.000%, 12/01/32 BAMAC Insured   NR/AA/NR   1,021,523    
                 
    Greeley, Colorado Water Revenue            
1,705,000   5.000%, 08/01/28   Aa2/AA+/NR   2,126,851    
                 
    North Weld County, Colorado Water District Enterprise Revenue Refunding            
1,465,000   4.000%, 11/01/22 AGMC Insured   NR/AA/NR   1,567,872    
                 
    Parker, Colorado Water & Sanitation District Water & Sewer Enterprise Refunding            
1,000,000   5.000%, 11/01/22 AGMC Insured   A2/AA+/NR   1,062,800    
1,125,000   4.000%, 11/01/32   NR/AA+/NR   1,403,933    
1,000,000   4.000%, 11/01/33   NR/AA+/NR   1,240,600    
                 
    St. Vrain, Colorado Sanitation District Wastewater Revenue Refunding and Improvement Bonds, Series 2020            
800,000   4.000%, 12/01/31   NR/AA/NR   1,004,896    
                 
    Thornton, Colorado Water Enterprise Revenue, Series 2013            
1,970,000   4.000%, 12/01/24   Aa2/AA/NR   2,185,006    

 

 
 
 

 

 

Principal
Amount
  Revenue Bonds (continued)   Ratings
Moody's, S&P
and Fitch
  Value   (a)
    Water & Sewer (continued)            
    Upper Eagle Regional Water Authority, Eagle County, Colorado Refunding and Improvement            
$   500,000   4.000%, 12/01/32 AGMC Insured   NR/AA/NR   $       626,300    
                 
    Woodmoor, Colorado Water & Sanitation District #1 Enterprise            
2,570,000   4.500%, 12/01/26   NR/AA-/NR   2,661,312    
    Total Water & Sewer       30,585,286    
    Total Revenue Bonds       132,870,776    
                 
    Pre-Refunded Bonds (9.5%)††            
    Pre-Refunded General Obligation Bonds (1.0%)            
    Metropolitan Districts (0.6%)            
    Meridian Metropolitan District, Colorado Refunding Series A            
1,645,000   4.500%, 12/01/23   NR/A-/A   1,706,967    
                 
                 
    School Districts (0.4%)            
    Larimer County, Colorado School District No. R 1 Poudre            
1,000,000   5.000%, 12/15/27     Aa2/NR/NR   1,231,050    
    Total Pre-Refunded General Obligation Bonds       2,938,017    
                 
    Pre-Refunded Revenue Bonds (8.5%)            
    Electric (0.4%)            
    Colorado Springs, Colorado Utilities Revenue, Series C-2            
1,060,000   5.000%, 11/15/23   Aa2/AA+/AA   1,155,506    
                 
    Higher Education (4.2%)            
    Colorado State Board of Governors University Enterprise System, Series A            
2,300,000   5.000%, 03/01/25 SHEIP Insured   Aa2/AA/NR   2,429,007    
                 
    University of Colorado Enterprise System            
1,270,000   5.000%, 06/01/25   Aa1/NR/AA+   1,474,915    
                 
    University of Colorado Enterprise System, Series A            
2,000,000   4.750%, 06/01/27   Aa1/NR/AA+   2,037,780    
                 
    University of Northern Colorado Greeley Institutional Enterprise Refunding, SHEIP, Series A            
2,810,000   5.000%, 06/01/26 SHEIP Insured   Aa2/AA/NR   2,865,357    
2,940,000   5.000%, 06/01/28 SHEIP Insured   Aa2/AA/NR   2,997,918    
    Total Higher Education       11,804,977    
                 
    Lease (2.4%)            
    Colorado State BEST COP Series G            
3,000,000   4.250%, 03/15/23   Aa2/AA-/NR   3,024,330    
                 
    Colorado State BEST COP Series H            
3,490,000   4.000%, 03/15/26   Aa2/AA-/NR   3,650,715    
    Total Lease       6,675,045    

 

 
 
 

 

 

Principal
Amount
  Pre-Refunded Bonds (continued)   Ratings
Moody's, S&P
and Fitch
  Value   (a)
    Pre-Refunded General Obligation Bonds (continued)            
    Sales Tax (1.5%)            
    Castle Rock, Colorado Sales & Use Tax              
$ 1,015,000   4.000%, 06/01/25   Aa3/AA/NR   $     1,107,253    
                 
    Grand Junction, Colorado General Fund            
1,900,000   5.000%, 03/01/23   NR/AA/NR   1,960,857    
                 
    Pueblo, Colorado Urban Renewal Authority, Refunding & Improvement, Series B            
1,250,000   5.250%, 12/01/28   A2/A/NR   1,307,313    
    Total Sales Tax       4,375,423    
    Total Pre-Refunded Revenue Bonds       24,010,951    
    Total Pre-Refunded Bonds       26,948,968    
    Total Municipal Bonds (cost $256,557,021)       273,279,875    

 

Shares   Short-Term Investment (3.5%)            
                 
9,960,928   Dreyfus Treasury Obligations Cash Management - Institutional Shares, 0.03%** (cost $9,960,928)   Aaa-mf/AAAm/NR   9,960,928    
                 
    Total Investments (cost $266,517,949-note b)   99.7%   283,240,803    
    Other assets less liabilities   0.3   877,199    
    Net Assets   100.0%   $ 284,118,002    
                 
                 
        Percent of        
    Portfolio Distribution By Quality Rating   Investments †        
    Aaa of Moody's or AAA of S&P or Fitch   2.1%        
    Prerefunded bonds ††   9.9        
    Aa of Moody's or AA of S&P or Fitch   80.3        
    A of Moody's or S&P or Fitch   7.7        
        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, 2020

(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, 2020, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $266,487,615 amounted to $16,753,188, which consisted of aggregate gross unrealized appreciation of $16,753,188 and aggregate gross unrealized depreciation of $0.

 

(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, 2020:

 

Valuation Inputs   Investments in
Securities
Level 1 – Quoted Prices $ 9,960,928
Level 2 – Other Significant Observable Inputs- Municipal Bonds+   273,279,875
Level 3 – Significant Unobservable Inputs   -
Total $ 283,240,803

 

+ See schedule of investments for a detailed listing of securities.