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.