AQUILA TAX-FREE FUND FOR UTAH

SCHEDULE OF INVESTMENTS

December 31, 2020

(unaudited)

 

Amount   General Obligation Bonds (12.1%)   Ratings Moody's, S&P and Fitch   Value   (a)
    City and County (2.7%)            
    Anchorage, Alaska            
$   600,000   4.000%, 04/01/36 Series 2020 E   NR/AAA/AA+   $    736,932    
                 
    Carson City, Nevada            
1,000,000   5.000%, 05/01/28   A1/AA-/NR   1,186,700    
                 
    Clark County, Nevada, Refunding            
1,000,000   3.000%, 06/01/38 Series 2019   Aa1/AA+/NR   1,101,540    
                 
    Henderson, Nevada Limited Tax Utility System            
1,000,000   3.000%, 06/01/37 Series 2020A-1   Aa2/AA+/NR   1,120,640    
                 
    Houston, Texas Public Improvement            
1,000,000   5.000%, 03/01/35 Series A   Aa3/AA/NR   1,202,540    
                 
    North Las Vegas, Nevada Limited Tax            
1,000,000   5.000%, 06/01/31 Series 2018 AGMC Insured   A2/AA/NR   1,247,510    
                 
    Port of Olympia, Washington Limited Tax            
1,385,000   5.000%, 12/01/31 AMT Series B   Aa2/NR/NR   1,738,646    
                 
    Reno, Nevada Capital Improvement Refunding            
1,000,000   5.000%, 06/01/28   A1/A+/NR   1,106,270    
                 
    Rio Grande City, Texas Combination Tax Certificates of Obligation            
855,000   4.000%, 02/15/33 Series 2020 AGMC Insured   NR/AA/NR   1,014,107    
                 
    San Antonio, Texas General Improvement Bonds            
1,000,000   4.000%, 08/01/33 Series 2020   Aaa/AAA/AA+   1,239,910    
                 
    West Fargo, ND Refunding Improvement Bonds            
1,000,000   2.000%, 05/01/27 Series 2020A   A1/NR/NR   1,050,830    
    Total City and County       12,745,625    
                 
    Healthcare (0.4%)            
    Bexar County, Texas Hospital District Limited Tax            
500,000   4.000%, 02/15/37 Series 2020   Aa1/NR/AA+   605,235    
                 
    King County, Washington Public Hospital District No. 001, Refunding, Valley Medical Center              
1,000,000   5.000%, 12/01/28   A2/NR/NR   1,237,890    
    Total Healthcare       1,843,125    
                 
    Local Public Property (0.6%)            
    Alaska State Municipal Bond Bank            
540,000   5.000%, 02/01/30 AMT   NR/A+/A   661,149    
565,000   5.000%, 02/01/31 AMT   NR/A+/A   689,176    
590,000   5.000%, 02/01/32 AMT   NR/A+/A   716,750    
670,000   4.000%, 12/01/33   A1/A+/NR   794,392    
    Total Local Public Property       2,861,467    

 

 
 
 

 

 

Amount   General Obligation Bonds (continued)   Ratings Moody's, S&P and Fitch   Value   (a)
    Public Schools (6.5%)            
    Alvin, Texas Independent School District            
$ 1,000,000   4.000%, 02/15/34 PSF Guaranteed   Aaa/NR/AAA   $ 1,204,790    
                 
    Austin, Texas Independent School District Unlimited Tax            
1,000,000   4.000%, 08/01/33 Series 2020 PSF Guaranteed   Aaa/NR/NR   1,262,350    
                 
    Clark County, Nevada School District Limited Tax            
2,000,000   5.000%, 06/15/29 Series B   A1/A+/NR   2,579,920    
1,000,000   5.000%, 06/15/35 Series B   A1/A+/NR   1,255,170    
1,500,000   3.000%, 06/15/37 Series B AGMC Insured   A1/AA/NR   1,632,585    
1,645,000   5.000%, 06/15/28 Series D   A1/A+/NR   1,971,565    
2,000,000   4.000%, 06/15/30 Series D   A1/A+/NR   2,273,060    
                 
    Crandall, Texas Independent School District Unlimited Tax            
1,010,000   3.000%, 08/15/32 Series 2020 PSF Guaranteed   NR/AAA/NR   1,167,196    
                 
    Fort Bend, Texas Independent School District Unlimited Tax            
1,000,000   4.000%, 08/15/34 Series 2020A PSF Guaranteed   NR/AAA/AAA   1,247,090    
                 
    Lewis County, Washington School District No. 302 Chehalis (School Board Guaranty Program)            
1,000,000   5.000%, 12/01/34   Aaa/NR/NR   1,189,700    
                 
    Lewis & Thurston Counties, Washington School District No. 401 Centalia (School Board Guaranty Program)            
1,230,000   5.000%, 12/01/35   Aaa/NR/NR   1,516,209    
                 
    Midlothian, Texas Independent School District Unlimited Tax            
1,000,000   4.000%, 02/15/37 Series 2020 PSF Guaranteed   Aaa/AAA/NR   1,224,270    
                 
    Rio Grande City, Texas Independent School District Unlimited Tax            
1,000,000   3.000%, 08/15/35 Series 2020 PSF Guaranteed   NR/AAA/AAA   1,133,400    
                 
    Washington County, Utah School District (School Board Guaranty Program)            
2,880,000   5.000%, 03/01/30 Series B   Aaa/NR/AAA   3,628,080    
3,020,000   5.000%, 03/01/31 Series B   Aaa/NR/AAA   3,791,670    
                 
    Washoe County, Nevada School Limited Tax Improvement            
1,000,000   4.000%, 10/01/34 Series 2020A   Aa3/AA/NR   1,214,840    
                 
    Weatherford, Texas Independent School District Unlimited Tax Refunding            
365,000   zero coupon, 02/15/23 Series 2019 PSF Guaranteed   Aaa/NR/NR   362,237    
530,000   zero coupon, 02/15/28 Series 2019 PSF Guaranteed   Aaa/NR/NR   496,753    
                 
    West Texas Independent School District Unlimited Tax            
1,360,000   3.000%, 08/15/32 Series 2020 PSF Guaranteed   NR/AAA/NR   1,587,283    
    Total Public Schools       30,738,168    
                 
    State (1.3%)            
    Texas State Transportation Commission Mobility Fund            
1,000,000   5.000%, 10/01/31 Series 2015A   Aaa/AAA/AAA   1,210,300    

 

 
 
 

 

 

Amount   General Obligation Bonds (continued)   Ratings Moody's, S&P and Fitch   Value   (a)
    State (continued)            
    Texas State Water Financial Assistance            
$ 1,000,000   5.000%, 08/01/30 Series E   Aaa/AAA/AAA   $ 1,212,230    
                 
    Utah State            
1,000,000   5.000%, 07/01/28   Aaa/AAA/AAA   1,292,810    
1,000,000   5.000%, 07/01/29   Aaa/AAA/AAA   1,285,310    
1,000,000   3.000%, 07/01/34   Aaa/AAA/AAA   1,149,400    
    Total State       6,150,050    
                 
    Water and Sewer (0.6%)            
    Central Utah Water Conservancy District Refunding            
765,000   5.000%, 04/01/28 Series B   NR/AA+/AA+   773,446    
                 
    Las Vegas Valley, Nevada Water District Refunding            
1,200,000   5.000%, 06/01/30 Series C   Aa1/AA/NR   1,221,600    
                 
    Magna Water District, Utah            
540,000   4.000%, 06/01/21   NR/AA/NR   548,494    
490,000   4.000%, 06/01/22   NR/AA/NR   516,548    
    Total Water and Sewer       3,060,088    
    Total General Obligation Bonds       57,398,523    
                 
    Revenue Bonds (65.1%)            
    Airport (5.7%)            
    Brownsville, Texas Combination Tax and Airport, Certificates of Obligation            
500,000   5.000%, 02/15/28 AMT Series 2018   Aa3/AA/NR   606,570    
                 
    Broward County, Florida Port Facilities            
1,000,000   4.000%, 09/01/38 AMT Series B   A1/A/NR   1,127,890    
                 
    Houston, Texas Airport System Subordinate Lien Refunding            
1,000,000   5.000%, 07/01/29 AMT Series C   A1/NR/A   1,264,650    
                 
    Metropolitan Washington District of Columbia Airport Authority System, Revenue Refunding            
1,000,000   5.000%, 10/01/36 AMT Series A   Aa3/A+/AA-   1,278,510    
                 
    Salt Lake City, Utah Airport Revenue, Salt Lake City International Airport            
1,000,000   5.000%, 07/01/26 AMT Series A   A2/A/NR   1,217,080    
3,750,000   5.000%, 07/01/27 AMT Series A   A2/A/NR   4,664,850    
1,000,000   5.000%, 07/01/27 AMT Series A   A2/A/NR   1,243,960    
1,000,000   5.000%, 07/01/28 AMT Series A   A2/A/NR   1,265,590    
1,000,000   5.000%, 07/01/29 AMT Series A   A2/A/NR   1,255,720    
3,100,000   5.000%, 07/01/30 AMT Series A   A2/A/NR   3,795,578    
410,000   5.000%, 07/01/34 AMT Series A   A2/A/NR   495,149    
1,000,000   5.000%, 07/01/47 AMT Series A   A2/A/NR   1,187,110    
1,240,000   5.000%, 07/01/30 Series B   A2/A/NR   1,544,370    
850,000   5.000%, 07/01/31 Series B   A2/A/NR   1,054,850    
500,000   5.000%, 07/01/31 Series B   A2/A/NR   634,190    
1,525,000   5.000%, 07/01/37 Series B   A2/A/NR   1,860,668    

 

 
 
 

 

 

Amount   Revenue Bonds (continued)   Ratings Moody's, S&P and Fitch   Value   (a)
    Airport (continued)            
    Williston City, North Dakota Airport Revenue Infrastructure Sales Tax            
$ 2,365,000   4.000%, 11/01/28   NR/A+/NR   $ 2,568,532    
    Total Airport       27,065,267    
                 
    Charter Schools (8.5%)            
    Utah State Charter School Finance Authority Entheos Academy (School Board Guaranty Program)            
1,375,000   4.000%, 10/15/30 Series 2020A   Aa2/NR/NR   1,662,678    
                 
    Utah State Charter School Finance Authority George Washington Academy            
1,500,000   5.000%, 04/15/35 Series 2015   NR/AA/NR   1,671,195    
                 
    Utah State Charter School Finance Authority Good Foundations Academy            
450,000   4.750%, 11/15/24 Series A 144A   NR/NR/NR*   450,531    
1,655,000   5.550%, 11/15/34 Series A 144A   NR/NR/NR*   1,657,168    
3,280,000   5.850%, 11/15/44 Series A 144A   NR/NR/NR*   3,284,034    
                 
    Utah State Charter School Finance Authority Hawthorn Academy Project            
2,165,000   5.000%, 10/15/29 Series 2014   NR/AA/NR   2,486,286    
                 
    Utah State Charter School Finance Authority Lakeview Academy            
1,300,000   5.000%, 10/15/35 Series 2015   NR/AA/NR   1,513,954    
                 
    Utah State Charter School Finance Authority Legacy Preparatory Academy            
405,000   4.000%, 04/15/22   NR/AA/NR   422,869    
440,000   4.000%, 04/15/24   NR/AA/NR   485,109    
2,530,000   5.000%, 04/15/29   NR/AA/NR   2,909,525    
                 
    Utah State Charter School Finance Authority Monticello Academy (School Board Guaranty Program)            
1,000,000   5.000%, 04/15/37 Series 2014   NR/AA/NR   1,110,730    
                 
    Utah State Charter School Finance Authority Ogden Preparatory Academy (School Board Guaranty Program)            
475,000   4.000%, 10/15/22   NR/AA/NR   504,037    
505,000   4.000%, 10/15/23   NR/AA/NR   533,785    
525,000   4.000%, 10/15/24   NR/AA/NR   555,282    
                 
    Utah State Charter School Finance Authority Providence Hall Elementary School (School Board Guaranty Program)            
1,000,000   5.250%, 10/15/28 Series 2013A   NR/AA/NR   1,119,780    
1,000,000   5.000%, 10/15/33 Series 2013A   NR/AA/NR   1,103,050    
                 
    Utah State Charter School Finance Authority Quest Academy            
500,000   5.000%, 04/15/37   NR/AA/NR   579,640    

 

 
 
 

 

 

Amount   Revenue Bonds (continued)   Ratings Moody's, S&P and Fitch   Value   (a)
    Charter Schools (continued)            
    Utah State Charter School Finance Authority Salt Lake Arts Academy (School Board Guaranty Program)            
$ 1,000,000   3.000%, 04/15/40 Series 2020A   NR/AA/NR   $ 1,074,940    
                 
    Utah State Charter School Finance Authority Utah Charter Academies            
500,000   5.000%, 10/15/25 Series 2018   NR/AA/NR   595,805    
500,000   5.000%, 10/15/27 Series 2018   NR/AA/NR   623,420    
475,000   5.000%, 10/15/28 Series 2018   NR/AA/NR   592,149    
                 
    Utah State Charter School Finance Authority Venture Academy            
550,000   4.000%, 10/15/24   NR/AA/NR   590,040    
855,000   5.000%, 10/15/29   NR/AA/NR   981,882    
1,095,000   5.000%, 10/15/34   NR/AA/NR   1,241,785    
1,095,000   5.000%, 10/15/38   NR/AA/NR   1,233,156    
                 
    Utah State Charter School Finance Authority Vista School            
1,080,000   4.000%, 10/15/35   Aa2/NR/NR   1,303,798    
                 
    Utah State Charter School Finance Authority Voyage Academy            
1,095,000   5.000%, 03/15/27 144A   NR/NR/NR*   1,095,909    
2,440,000   5.500%, 03/15/37 144A   NR/NR/NR*   2,441,757    
4,785,000   5.600%, 03/15/47 144A   NR/NR/NR*   4,787,967    
                 
    Utah State Charter School Finance Authority Wasatch Peak Academy Project (School Board Guaranty Program)            
740,000   5.000%, 10/15/29   NR/AA/NR   805,890    
700,000   5.000%, 10/15/36   NR/AA/NR   756,714    
    Total Charter Schools       40,174,865    
                 
    Electric (4.4%)            
    Consolidated Wyoming Municipalities Electric Facilities Improvement Lease, Gillette            
1,000,000   5.000%, 06/01/31   A1/AA-/NR   1,140,300    
                 
    Heber Light & Power Co., Utah Electric Revenue Refunding            
500,000   4.000%, 12/15/36 Series 2019 AGMC Insured   A2/AA/AA-   612,450    
645,000   4.000%, 12/15/38 Series 2019 AGMC Insured   A2/AA/AA-   785,642    
                 
    Jacksonville Electric Authority, Florida Electric System Revenue            
35,000   4.500%, 10/01/32 Series Three 2012A   A2/A+/AA   35,324    
                 
    Lehi, Utah Electric Utility Revenue            
520,000   5.000%, 06/01/29   NR/A+/NR   667,519    
850,000   5.000%, 06/01/31   NR/A+/NR   1,080,886    
                 
    Lower Colorado River Authority, Texas Revenue Refunding            
1,000,000   5.000%, 05/15/36 Series 2020   NR/A/AA-   1,325,290    

 

 
 
 

 

 

Amount   Revenue Bonds (continued)   Ratings Moody's, S&P and Fitch   Value   (a)
    Electric (continued)            
    Lower Colorado River Authority, Texas Transmission Contract Revenue            
$ 1,000,000   5.000%, 05/15/30   NR/A/A+   $ 1,181,690    
                 
    San Antonio, Texas Electric & Gas Revenue System            
1,250,000   4.000%, 02/01/33   Aa1/AA/AA+   1,435,188    
                 
    Southeast Alaska Power Agency Electric Refunding & Improvement            
1,170,000   5.250%, 06/01/30   NR/A/NR   1,368,362    
                 
    St. George, Utah Electric Revenue            
1,620,000   4.000%, 06/01/32 AGMC Insured   A2/AA/NR   1,830,001    
                 
    Utah Associated Municipal Power System Revenue, Horse Butte Wind Project            
750,000   5.000%, 09/01/24 Series A   NR/A-/AA-   875,768    
445,000   5.000%, 09/01/25 Series A   NR/A-/AA-   538,361    
375,000   5.000%, 09/01/30 Series 2017B   NR/A-/AA-   476,434    
                 
    Utah Associated Municipal Power System Revenue, Veyo Heat Recovery Project            
795,000   5.000%, 03/01/30   NR/A/AA-   929,673    
905,000   5.000%, 03/01/32   NR/A/AA-   1,053,465    
745,000   5.000%, 03/01/34   NR/A/AA-   865,891    
                 
    Utah State Municipal Power Agency Power Supply System Revenue            
330,000   5.000%, 07/01/23   NR/A+/AA-   368,353    
3,000,000   5.000%, 07/01/38 Series B   NR/A+/AA-   3,604,920    
                 
    Wyoming Municipal Power Agency Power Supply System Revenue            
665,000   5.000%, 01/01/27 Series A BAMI Insured   A2/AA/NR   834,229    
    Total Electric       21,009,746    
                 
    Healthcare (2.1%)            
    Brevard County, Florida Health Facilities Authority Health First Inc. Project            
750,000   5.000%, 04/01/30   A2/A/NR   843,608    
                 
    Harris County, Texas Health Facilities Development Corp., Christus Health            
540,000   4.750%, 07/01/30 AGMC Insured   A1/AA/NR   541,350    
                 
    Miami-Dade County, Florida Public Facilities, Jackson Health System            
1,000,000   5.000%, 06/01/29 Series A   Aa3/A+/AA-   1,176,990    
                 
    Murray City, Utah Hospital Revenue, IHC Health Services, Inc. VRDN***            
7,670,000   0.100%, 05/15/37 (daily floating rate)   Aa1/AA+/NR   7,670,000    
    Total Healthcare       10,231,948    

 

 
 
 

 

 

Amount   Revenue Bonds (continued)   Ratings Moody's, S&P and Fitch   Value   (a)
    Higher Education (7.0%)            
    Salt Lake County, Utah Westminster College Project            
$   555,000   5.000%, 10/01/21   NR/BBB/NR   $   566,844    
790,000   5.000%, 10/01/22   NR/BBB/NR   829,034    
1,970,000   5.000%, 10/01/25   NR/BBB/NR   2,200,923    
955,000   5.000%, 10/01/28   NR/BBB/NR   1,055,447    
1,845,000   5.000%, 10/01/29   NR/BBB/NR   2,087,156    
1,005,000   5.000%, 10/01/29   NR/BBB/NR   1,106,354    
1,055,000   5.000%, 10/01/30   NR/BBB/NR   1,158,232    
                 
    South Dakota Board of Regents, Housing & Auxiliary Facilities System            
500,000   5.000%, 04/01/28   Aa3/NR/NR   616,430    
                 
    University of South Florida Financing Corp., Florida COP Refunding Master Lease Program            
1,000,000   5.000%, 07/01/31 Series A   A1/A+/NR   1,171,950    
                 
    Utah State Board of Regents, Dixie State University            
1,800,000   5.000%, 06/01/30 AGMC Insured   NR/AA/NR   2,124,144    
660,000   5.000%, 06/01/35 Series B AGMC Insured   NR/AA/NR   814,427    
690,000   5.000%, 06/01/36 Series B AGMC Insured   NR/AA/NR   849,266    
1,375,000   3.000%, 06/01/36 Series 2019   NR/AA/NR   1,513,284    
                 
    Utah State Board of Regents Lease Revenue            
425,000   4.500%, 05/01/21 AMBAC Insured   NR/AA/NR   426,343    
450,000   4.625%, 05/01/22 AMBAC Insured   NR/AA/NR   451,458    
120,000   4.650%, 05/01/23 AMBAC Insured   NR/AA/NR   120,386    
                 
    Utah State Board of Regents, Student Building Fee, Salt Lake Community College            
1,295,000   5.000%, 03/01/26 Series 2018   NR/AA/NR   1,546,580    
1,000,000   5.000%, 03/01/27 Series 2018   NR/AA/NR   1,192,900    
                 
    Utah State Board of Regents, Student Facilities System Revenue, Weber State University            
750,000   5.000%, 04/01/29 AGMC Insured   NR/AA/NR   1,006,553    
200,000   5.000%, 04/01/30 AGMC Insured   NR/AA/NR   274,478    
                 
    Utah State Board of Regents, University of Utah            
500,000   5.000%, 08/01/29 Series A   Aa1/AA+/NR   641,160    
480,000   5.000%, 08/01/33 Series A   Aa1/AA+/NR   568,570    
600,000   5.000%, 08/01/35 Series A   Aa1/AA+/NR   708,702    
500,000   4.000%, 08/01/36 Series A   Aa1/AA+/NR   560,490    
650,000   4.000%, 08/01/37 Series A   Aa1/AA+/NR   789,666    
1,000,000   5.000%, 08/01/35 Series B-1   Aa1/AA+/NR   1,218,550    
1,500,000   5.000%, 08/01/36 Series B-1   Aa1/AA+/NR   1,823,670    
                 
    Utah State Board of Regents, Utah State University            
1,105,000   4.000%, 12/01/30 Series B   NR/AA/NR   1,266,197    
2,055,000   3.000%, 12/01/36 Series B   NR/AA/NR   2,194,617    
                 
    Washington State Higher Education Facilities Authority Revenue, Whitman College Project            
2,070,000   5.000%, 01/01/32   Aa3/NR/NR   2,420,348    
    Total Higher Education       33,304,159    

 

 
 
 

 

 

Amount   Revenue Bonds (continued)   Ratings Moody's, S&P and Fitch   Value   (a)
    Housing (2.9%)            
    King County, Washington Housing Authority Pooled Refunding            
$ 2,060,000   4.000%, 11/01/34 Series 2019   NR/AA/NR   $ 2,455,438    
910,000   4.000%, 11/01/36 Series 2019   NR/AAA/NR   1,098,197    
500,000   4.000%, 06/01/35 Series 2020   NR/AA/NR   595,990    
                 
    North Dakota Housing Finance Agency, Home Mortgage Finance Program            
400,000   3.000%, 07/01/27 Series A   Aa1/NR/NR   448,404    
                 
    South Dakota Housing Development Authority Homeownership Mortgage            
250,000   1.000%, 05/01/26 Series 2020C   Aaa/AAA/NR   254,105    
500,000   1.350%, 05/01/28 Series 2020C   Aaa/AAA/NR   508,625    
500,000   1.400%, 11/01/28 Series 2020C   Aaa/AAA/NR   507,275    
                 
    Texas Department of Housing & Community Affair, Single Family Mortgage            
955,000   2.000%, 03/01/30 Series 2020A GNMA Insured   Aaa/AA+/NR   1,000,248    
                 
    Utah Housing Corporation Single Family Mortgage            
20,000   4.950%, 01/01/32 Series A Class II   Aa2/AA/AA   20,031    
60,000   4.500%, 01/01/24 Series A Class III   Aa3/AA-/AA-   60,086    
1,315,000   4.600%, 07/01/34 Series B-1 Class I   Aaa/AAA/AAA   1,316,552    
40,000   4.625%, 07/01/32 Series B-1 Class II   Aa2/AA/AA   40,051    
35,000   4.500%, 07/01/23 Series C   Aa3/AA-/AA-   35,059    
1,630,000   3.850%, 01/01/31 AMT Series D Class III FHA Insured   Aa3/AA-/AA-   1,738,558    
735,000   4.000%, 01/01/36 Series D FHA Insured   Aa3/AA-/AA-   790,235    
                 
    Vancouver, Washington Housing Authority, Anthem Park and Columbia House Projects            
500,000   4.000%, 06/01/35 Series 2020   NR/AA/NR   581,865    
500,000   3.000%, 06/01/38 Series 2020   NR/AA/NR   527,340    
                 
    Wyoming Community Development Authority Housing Revenue            
820,000   2.550%, 12/01/23 Series 1   Aa1/AA+/NR   863,107    
500,000   3.000%, 12/01/27 Series 1   Aa1/AA+/NR   562,605    
150,000   2.450%, 06/01/26 Series 5   Aa1/AA+/NR   162,699    
    Total Housing       13,566,470    
                 
    Local Public Property (12.8%)            
    Bluffdale, Utah Local Building Authority Lease Revenue            
1,215,000   4.000%, 03/01/35   A1/NR/NR   1,346,572    
                 
    Brigham, Utah Special Assessment Voluntary Assessment Area            
505,000   5.250%, 08/01/23   A1/NR/NR   506,742    
                 
    City of Cape Coral, Florida Special Obligation Refunding Revenue            
1,000,000   5.000%, 10/01/37 Series 2017   AA3/AA/NR   1,239,830    

 

 
 
 

 

 

Amount   Revenue Bonds (continued)   Ratings Moody's, S&P and Fitch   Value   (a)
    Local Public Property (continued)            
    CIVICVentures, Alaska Revenue Refunding, Anchorage Convention Center            
$ 1,000,000   5.000%, 09/01/28   NR/A+/AA-   $ 1,086,170    
1,000,000   5.000%, 09/01/29   NR/A+/AA-   1,081,660    
1,000,000   5.000%, 09/01/30   NR/A+/AA-   1,078,500    
                 
    Clark County, Nevada Improvement District Special Local Improvement #128 (Summerlin)            
445,000   5.000%, 02/01/21 Series A   NR/NR/NR*   445,908    
                 
    Downtown Redevelopment Authority, Texas Tax Increment Contract Revenue            
1,000,000   5.000%, 09/01/30 BAMI Insured   NR/AA/NR   1,197,030    
                 
    Eagle Mountain, Utah Special Assessment Area            
260,000   5.250%, 05/01/28 Series 2013   NR/A+/NR   284,261    
                 
    Harris County, Texas Sports Refunding Senior Lien            
500,000   5.000%, 11/15/30 Series A   A3/BBB/NR   557,100    
                 
    Hillsborough County, Florida Capital Improvement Non-Ad Valorem Revenue Bonds            
1,000,000   4.000%, 08/01/35   Aa1/AAA/Aa+   1,230,900    
                 
    Houston, Texas Hotel Occupancy Tax and Special Revenue            
500,000   5.000%, 09/01/31   A2/A/NR   545,270    
                 
    Jacksonville, Florida Special Revenue and Refunding Bonds            
1,015,000   5.250%, 10/01/32 Series A   A1/AA/AA-   1,141,692    
                 
    Matanuska-Susitna Borough, Alaska Lease Revenue Refunding, Goose Creek Correctional Center            
1,085,000   5.000%, 09/01/32 Series 2015   A1/A+/A   1,247,642    
                 
    Mesquite, Nevada New Special Improvement District            
225,000   5.500%, 08/01/25   NR/NR/NR*   225,448    
                 
    Midvale, Utah Redevelopment Agency Tax Increment & Sales Tax Revenue Refunding            
750,000   5.000%, 05/01/28   NR/AA+/NR   951,540    
1,230,000   5.000%, 05/01/31   NR/AA+/AA   1,585,974    
1,000,000   5.000%, 05/01/32   NR/AA+/NR   1,246,020    
                 
    Murray City, Utah Municipal Building Authority Lease Revenue            
380,000   4.000%, 12/01/30 Series 2020   Aa3/NR/NR   475,901    
480,000   4.000%, 12/01/31 Series 2020   Aa3/NR/NR   592,867    
300,000   4.000%, 12/01/32 Series 2020   Aa3/NR/NR   366,417    
                 
    Old Spanish Trail/Almeda Corridors Redevelopment Authority, Texas Tax Increment Contract Revenue            
1,000,000   4.000%, 09/01/35 BAMI Insured   NR/AA/NR   1,173,370    

 

 
 
 

 

 

Amount   Revenue Bonds (continued)   Ratings Moody's, S&P and Fitch   Value   (a)
    Local Public Property (continued)            
    Orange County, Florida Tourist Development Tax Revenue Refunding            
$ 1,000,000   5.000%, 10/01/30   Aa2/AA-/AA   $ 1,178,620    
                 
    Saint George Place, Texas Redevelopment Authority Tax Increment Contract            
605,000   4.000%, 09/01/30 AGMC Insured   A2/AA/NR   675,591    
                 
    Salt Lake City, Utah Local Building Authority Lease Revenue            
955,000   4.000%, 10/15/23 Series A   Aa1/NR/AA+   1,017,400    
600,000   5.000%, 04/15/32 Series A   Aa1/NR/NR   748,824    
395,000   4.000%, 04/15/32 Series A   Aa1/NR/NR   454,143    
425,000   4.000%, 04/15/34 Series A   Aa1/NR/NR   485,873    
1,075,000   5.000%, 04/15/35 Series A   Aa1/NR/NR   1,330,904    
460,000   4.000%, 04/15/36 Series A   Aa1/NR/NR   524,041    
                 
    Salt Lake City, Utah Mosquito Abatement District Local Building Authority Lease Revenue            
730,000   5.000%, 02/15/29   Aa3/NR/NR   915,252    
810,000   5.000%, 02/15/31   Aa3/NR/NR   1,006,895    
                 
    South Jordan, Utah Special Assessment (Daybreak Assessment Area No. 1)            
1,125,000   4.000%, 11/01/27   NR/AA+/NR   1,329,255    
1,420,000   4.000%, 11/01/28   NR/AA+/NR   1,664,339    
1,230,000   4.000%, 11/01/30   NR/AA+/NR   1,421,290    
                 
    South Salt Lake, Utah Redevelopment Agency Excise Tax & Tax Increment Revenue Refunding            
1,000,000   4.000%, 11/01/28 Series 2020   NR/AA/NR   1,220,590    
1,035,000   4.000%, 11/01/29 Series 2020   NR/AA/NR   1,281,154    
1,080,000   4.000%, 11/01/30 Series 2020   NR/AA/NR   1,356,642    
                 
    St. Augustine, Florida Capital Improvement Refunding            
500,000   5.000%, 10/01/34   Aa3/AA/AA-   559,025    
                 
    St. Lucie County, Florida School Board COP Master Lease Program            
500,000   5.000%, 07/01/30 Series A   A1/A/A+   552,185    
                 
    Tooele County, Utah Municipal Building Authority Lease Revenue Cross-Over            
850,000   4.000%, 12/15/28   NR/AA-/NR   1,022,117    
885,000   4.000%, 12/15/29   NR/AA-/NR   1,055,548    
920,000   4.000%, 12/15/30   NR/AA-/NR   1,088,342    
                 
    Unified Utah Fire Service Area Local Building Authority Lease Revenue            
2,350,000   4.000%, 04/01/32   Aa2/NR/NR   2,644,079    
                 
    Washington County, Utah Municipal Building Authority Lease Revenue            
500,000   5.000%, 10/01/32   Aa3/NR/NR   615,930    
500,000   5.000%, 10/01/37   Aa3/NR/NR   609,350    

 

 
 
 

 

 

Amount   Revenue Bonds (continued)   Ratings Moody's, S&P and Fitch   Value   (a)
    Local Public Property (continued)            
    Weber County, Utah Special Assessment Summit Mountain Area            
$ 1,560,000   5.500%, 01/15/28   NR/AA/NR   $ 1,715,563    
4,055,000   5.750%, 01/15/33   NR/AA/NR   4,475,422    
                 
    West Jordan, Utah Municipal Building Authority Lease Revenue            
1,000,000   5.000%, 10/01/29   Aa3/NR/NR   1,231,230    
1,000,000   5.000%, 10/01/34   Aa3/NR/NR   1,217,450    
                 
    West Palm Beach, Florida Community Redevelopment Agency Tax Increment Revenue Refunding            
1,500,000   5.250%, 03/01/31   NR/A/AA-   1,786,860    
                 
    West Valley City, Utah Municipal Building Authority Lease Revenue Refunding            
900,000   4.000%, 02/01/33 AGMC Insured   NR/AA/AA-   1,012,383    
1,000,000   5.000%, 02/01/34 AGMC Insured   NR/AA/AA-   1,222,710    
300,000   5.000%, 02/01/34 AGMC Insured   NR/AA/AA-   383,808    
810,000   4.000%, 02/01/38 AGMC Insured   NR/AA/AA-   904,908    
                 
    West Valley City, Utah Redevelopment Agency Revenue Refunding            
1,885,000   5.000%, 11/01/36   NR/AA/NR   2,324,714    
    Total Local Public Property       60,639,251    
                 
    Public Schools (1.6%)            
    Alpine, Utah Local Building Authority School District Lease Revenue            
985,000   4.000%, 03/15/28   Aa1/NR/NR   1,185,595    
                 
    Davis County, Utah Municipal Building Authority Crossover Refunding Lease Revenue            
1,085,000   4.000%, 11/01/32 Series 2020   NR/AA/NR   1,353,266    
                 
    Grand City, Utah Local Building Authority School District Lease Revenue            
1,665,000   5.000%, 12/15/34 AGMC Insured   A1/AA/NR   1,991,090    
                 
    Ogden City, Utah Municipal Building Authority School District Lease Revenue            
1,125,000   5.000%, 01/15/30   A1/NR/NR   1,410,064    
1,315,000   5.000%, 01/15/31   A1/NR/NR   1,480,282    
                 
    Uintah County, Utah School District Municipal Building Authority Lease Revenue Refunding            
358,000   2.000%, 08/01/22   NR/NR/NR*   358,440    
    Total Public Schools       7,778,737    
                 
    Sales Tax (9.1%)            
    Central Puget Sound, Washington Regional Transit Authority Sales & Use Tax Improvement & Refunding            
1,000,000   5.000%, 11/01/31   Aa1/AAA/NR   1,208,560    

 

 
 
 

 

 

Amount   Revenue Bonds (continued)   Ratings Moody's, S&P and Fitch   Value   (a)
    Sales Tax (continued)            
    Cottonwood Heights, Utah Sales Tax Revenue            
$ 2,000,000   5.000%, 07/01/32 Series 2014   NR/AA+/NR   $ 2,307,500    
                 
    Herriman City, Utah Sales & Franchise Tax Revenue Refunding            
1,735,000   4.000%, 08/01/25 Series B   NR/AA+/NR   1,900,103    
2,135,000   4.000%, 08/01/30 Series B   NR/AA+/NR   2,435,032    
1,515,000   5.000%, 08/01/33 Series B   NR/AA+/NR   1,804,592    
                 
    Lehi, Utah Sales Tax Revenue            
1,220,000   4.000%, 06/01/35 Series 2019   NR/AA+/NR   1,454,240    
420,000   4.000%, 06/01/36 Series 2019   NR/AA+/NR   499,153    
                 
    Miami-Dade County, Florida Transit System Sales Surtax Revenue            
1,000,000   5.000%, 07/01/34   A1/AA/AA   1,171,850    
                 
    Ogden City, Utah Franchise Tax Revenue            
1,625,000   3.000%, 01/15/31   NR/AA/NR   1,881,848    
                 
    Reno, Nevada Sales Tax Revenue, First Lien, ReTRAC-Reno Transportation Rail Access Corridor Project            
500,000   5.000%, 06/01/26   A3/NR/NR   583,615    
                 
    Riverton City, Utah Franchise & Sales Tax Revenue            
750,000   4.000%, 06/01/30   NR/AA+/AAA   851,985    
                 
    Salt Lake County, Utah Sales & Excise Tax Revenue Refunding            
525,000   4.000%, 04/01/21 Series A   Aa1/AAA/NR   529,862    
                 
    Salt Lake County, Utah Sales Tax Revenue            
525,000   5.000%, 02/01/24 Series 2012A   NR/AAA/AAA   551,906    
1,655,000   4.000%, 02/01/34 Series B   NR/AAA/AAA   1,921,654    
                 
    South Jordan, Utah Redevelopment Agency Subordinated Sales Tax & Tax Increment Revenue            
1,000,000   5.000%, 04/01/29   NR/AA/AAA   1,190,150    
                 
    Summit County, Utah Transportation Sales Tax Revenue            
1,200,000   4.000%, 12/15/28 Series 2018   NR/AA/NR   1,372,008    
1,450,000   4.000%, 12/15/29 Series 2018   NR/AA/NR   1,649,477    
                 
    Utah County, Utah Excise Tax Revenue Refunding            
1,690,000   4.000%, 12/01/36 Series 2020   NR/AA+/NR   2,041,993    
                 
    Utah Transit Authority Sales Tax Revenue            
2,950,000   4.000%, 12/15/34 Series A   Aa2/AA/AA   3,605,166    
3,440,000   4.000%, 12/15/37 Series A   Aa2/AA/AA   4,163,088    
1,560,000   5.000%, 06/15/37 Series A   A1/A+/AA   1,792,580    
3,580,000   4.000%, 12/15/38 Series A   Aa2/AA/AA   4,320,523    

 

 
 
 

 

 

Amount   Revenue Bonds (continued)   Ratings Moody's, S&P and Fitch   Value   (a)
    Sales Tax (continued)            
    Utah Transit Authority Sales Tax Revenue Subordinated            
$ 1,000,000   5.000%, 12/15/32   A1/A+/AA   $ 1,259,270    
                 
    Utah Transit Authority Sales Tax Revenue Subordinated, Capital Appreciation            
1,000,000   zero coupon, 12/15/32   A1/A+/AA   737,030    
                 
    West Valley City, Utah Sales Tax Revenue Capital Appreciation Bonds, Refunding            
3,500,000   zero coupon, 07/15/35   NR/AA+/NR   2,060,940    
    Total Sales Tax       43,294,125    
                 
    State Agency (1.8%)            
    Utah Infrastructure Agency Telecommunications & Franchise Tax, Clearfield City            
315,000   5.000%, 10/15/25 Series 2020   NR/A+/NR   376,173    
335,000   5.000%, 10/15/26 Series 2020   NR/A+/NR   411,393    
350,000   5.000%, 10/15/27 Series 2020   NR/A+/NR   437,689    
                 
    Utah Infrastructure Agency Telecommunications & Franchise Tax, Layton City            
500,000   5.000%, 10/15/30 Series 2018   NR/A+/NR   635,510    
                 
    Utah Infrastructure Agency Telecommunications & Franchise Tax, Payson City            
485,000   5.000%, 10/01/29 Series 2019   NR/A+/NR   607,875    
640,000   4.000%, 10/01/34 Series 2019   NR/A+/NR   753,325    
                 
    Utah Infrastructure Agency Telecommunications Revenue & Refunding Bonds            
610,000   5.000%, 10/15/21 Series A   NR/NR/BBB-   629,331    
640,000   5.000%, 10/15/22 Series A   NR/NR/BBB-   677,606    
750,000   4.000%, 10/15/22 Series A   NR/NR/BBB-   780,983    
                 
    Utah State Building Ownership Authority Lease Revenue Refunding State Facilities Master Lease Program            
1,000,000   5.000%, 05/15/24   Aa1/AA+/NR   1,158,010    
905,000   4.000%, 05/15/29   Aa1/AA+/NR   1,104,073    
940,000   4.000%, 05/15/30   Aa1/AA+/NR   1,137,203    
    Total State Agency       8,709,171    
                 
    Transportation (0.9%)            
    Clark County, Nevada Highway Improvement Revenue Indexed Fuel Tax & Subordinate Motor Vehicle Fuel Tax            
2,000,000   5.000%, 07/01/31   Aa3/AA-/NR   2,360,060    
500,000   5.000%, 07/01/36   Aa3/AA-/NR   617,425    
                 
    Salt Lake County, Utah Excise Tax Road Revenue            
1,000,000   4.000%, 08/15/31 Series 2017   NR/AAA/AAA   1,200,320    
                 
    Utah Transit Authority Sales Tax & Transportation Revenue            
195,000   5.250%, 06/15/32 AGMC Insured   Aa2/AA/AA   276,342    
    Total Transportation       4,454,147    

 

 
 
 

 

 

Amount   Revenue Bonds (continued)   Ratings Moody's, S&P and Fitch   Value   (a)
    Water and Sewer (8.3%)            
    Anacortes, WA Utility System Improvement and Refunding            
$ 1,025,000   4.000%, 12/01/33 Series 2020 BAMI Insured   NR/AA/NR   $ 1,276,289    
                 
    Central Utah Water Conservancy District Refunding            
1,785,000   5.000%, 10/01/37 Series 2020D   NR/AA+/AA+   2,401,914    
1,000,000   4.000%, 10/01/38 Series 2020D   NR/AA+/AA+   1,234,840    
                 
    Central Utah Water Conservancy District Refunding, Jordanelle Hydrant            
1,125,000   4.500%, 10/01/27 Series A   NR/AA/AA+   1,159,054    
                 
    Eagle Mountain, Utah Water & Sewer Revenue Refunding            
420,000   4.000%, 11/15/24 Series A BAMI Insured   NR/AA/NR   478,762    
                 
    El Paso, Texas Water & Sewer Revenue Refunding            
1,000,000   4.500%, 03/01/31 Series C   NR/AA+/AA+   1,158,350    
                 
    Florida State Governmental Utility Authority Refunding Revenue Bonds (Lehigh Utility System)            
500,000   5.000%, 10/01/31 Series 2014 AGMC Insured   A1/AA/NR   580,255    
                 
    Hooper, Utah Water Improvement District Revenue Refunding            
1,000,000   4.000%, 06/15/34 Series 2019   NR/AA-/NR   1,183,590    
220,000   4.000%, 06/15/39 Series 2019   NR/AA-/NR   257,226    
                 
    Jordan Valley, Utah Water Conservancy District Revenue            
1,000,000   5.000%, 10/01/26 Series B   NR/AA+/AA+   1,265,160    
1,000,000   4.000%, 10/01/32 Series B   NR/AA+/AA+   1,186,930    
                 
    Jordanelle, Utah Special Service District            
268,000   5.700%, 11/15/21   NR/NR/NR*   268,437    
283,000   5.800%, 11/15/22   NR/NR/NR*   283,549    
299,000   6.000%, 11/15/23   NR/NR/NR*   299,768    
                 
    Lakewood, WA Water District            
750,000   4.000%, 12/01/37 AMT   NR/AA-/NR   860,325    
                 
    Miami-Dade County, Florida Water and Sewer Revenue System            
2,000,000   5.000%, 10/01/26   Aa3/AA-/A+   2,432,120    
                 
    Okaloosa County, Florida Water and Sewer Revenue            
1,000,000   5.000%, 07/01/30   Aa3/NR/AA+   1,193,660    
                 
    Park City, Utah Water Revenue Green Bonds            
5,175,000   3.000%, 12/15/33 Series 2020   Aa2/AA/NR   5,992,598    
                 
     Pleasant Grove City, Utah Storm Water Revenue Refunding            
205,000   4.000%, 07/15/27 Series 2020 BAMI Insured   NR/AA/NR   245,641    
370,000   4.000%, 07/15/28 Series 2020 BAMI Insured   NR/AA/NR   450,149    
485,000   4.000%, 07/15/29 Series 2020 BAMI Insured   NR/AA/NR   600,236    
510,000   4.000%, 07/15/30 Series 2020 BAMI Insured   NR/AA/NR   643,630    
525,000   4.000%, 07/15/31 Series 2020 BAMI Insured   NR/AA/NR   658,082    

 

 
 
 

 

 

Amount   Revenue Bonds (continued)   Ratings Moody's, S&P and Fitch   Value   (a)
    Water and Sewer (continued)            
    Salt Lake City, Utah Public Utilities Revenue            
$ 1,000,000   5.000%, 02/01/32   Aa1/AAA/NR   $ 1,216,280    
1,400,000   5.000%, 02/01/33   Aa1/AAA/NR   1,700,454    
1,000,000   5.000%, 02/01/35   Aa1/AAA/NR   1,209,060    
500,000   4.000%, 02/01/38   Aa1/AAA/NR   605,840    
                 
    San Antonio, Texas Water Revenue System Junior Lien            
500,000   4.000%, 05/15/37 Series 2020C   Aa2/AA/AA   623,570    
                 
    San Jacinto, Texas River Authority Woodlands Waste Disposal            
1,000,000   5.000%, 10/01/30 BAMI Insured   NR/AA/NR   1,117,180    
                 
    Texas Water Development Board            
1,000,000   5.000%, 10/15/28 Series 2018 A   NR/AAA/AAA   1,315,350    
                 
    Utah Water Finance Agency Revenue            
950,000   4.000%, 03/01/33   NR/AA/AA   1,117,077    
1,000,000   4.000%, 03/01/34   NR/AA/AA   1,222,200    
1,000,000   5.000%, 03/01/35   NR/AA/AA   1,233,940    
                 
    Weber Basin, Utah Water Conservancy District Refunding            
915,000   4.000%, 10/01/31 Series A   NR/AA+/AAA   998,796    
                 
    West Harris County, Texas Regional Water Authority            
815,000   5.000%, 12/15/26 Series A   A1/AA-/A+   992,238    
    Total Water and Sewer       39,462,550    
    Total Revenue Bonds       309,690,436    
                 
    Pre-Refunded Bonds (15.7%)††            
    Pre-Refunded General Obligation Bonds (2.4%)            
    City and County (1.5%)            
    Reedy Creek, Florida Improvement District            
1,000,000   5.250%, 06/01/29 Series A   Aa3/AA-/AA-   1,122,160    
                 
    Henderson, Nevada Refunding Various Purpose            
1,000,000   5.000%, 06/01/33 Series B   Aa2/AA+/NR   1,114,870    
750,000   5.000%, 06/01/30 Series 2014   Aa2/AA+/NR   871,013    
750,000   5.000%, 06/01/35 Series 2014   Aa2/AA+/NR   871,013    
                 
    Miami Gardens, Florida            
1,000,000   5.000%, 07/01/29   A1/A+/NR   1,165,280    
                 
    Washoe County, Nevada Refunding Reno Sparks Convention            
2,000,000   5.000%, 07/01/28   Aa2/AA/NR   2,047,280    
    Total City and County       7,191,616    
                 
    Public Schools (0.9%)            
    Granite School District, Utah, Salt Lake County School Building (School Board Guaranty Program)            
1,000,000   5.000%, 06/01/31   Aaa/NR/AAA   1,019,700    

 

 
 
 

 

 

Amount   Pre-Refunded Bonds (continued)††   Ratings Moody's, S&P and Fitch   Value   (a)
    Pre-Refunded General Obligation Bonds (continued)            
    Public Schools (continued)            
    Leander Independent School District, Texas (Williamson & Travis Counties) Unlimited Tax School Building            
$ 2,035,000   zero coupon, 08/15/47 Series 2014 C PSF Guaranteed   NR/NR/NR*   $    574,542    
                 
    Washoe County, Nevada School District Refunding & School Improvement            
2,000,000   5.000%, 06/01/30 Series A   Aa3/AA/NR   2,039,800    
                 
    Wylie, Texas Independent School District Capital Appreciation            
1,000,000   zero coupon, 08/15/32 PSF Guaranteed   Aaa/NR/NR   758,310    
    Total Public Schools       4,392,352    
    Total Pre-Refunded General Obligation Bonds       11,583,968    
                 
    Pre-Refunded Revenue Bonds (13.3%)            
    Airport (0.4%)            
    Miami-Dade County, Florida Aviation Miami International Airport            
1,675,000   5.000%, 10/01/22 Series A-1   A2/A-/A   1,675,000    
                 
    Charter Schools (0.2%)            
    Utah State Charter School Finance Authority DaVinci Academy, Refunding & Improvement            
940,000   7.050%, 09/15/26 Series 2011A   NR/BBB-/NR   952,399    
                 
    Electric (2.4%)            
    Eagle Mountain, Utah Gas & Electric            
325,000   5.000%, 06/01/24 AGMC Insured   NR/AA/NR   331,403    
                 
    Jacksonville Electric Authority, Florida Electric System Revenue            
465,000   4.500%, 10/01/32 Series Three 2012A   NR/NR/NR*   469,850    
                 
    Utah Associated Municipal Power System Revenue, Horse Butte Wind Project            
1,005,000   5.000%, 09/01/32 Series A   NR/A-/NR   1,085,742    
                 
    Utah Associated Municipal Power System Revenue Refunding, Payson Power Project            
2,000,000   5.000%, 04/01/24   NR/A-/NR   2,072,220    
1,000,000   5.000%, 04/01/25   NR/A-/NR   1,036,110    
6,375,000   5.000%, 04/01/26   NR/A-/NR   6,605,201    
    Total Electric       11,600,526    
                 
    Healthcare (0.8%)            
    Utah County, Utah Hospital Revenue, IHC Health Services, Inc.            
1,205,000   5.000%, 05/15/25   Aa1/AA+/NR   1,226,172    
1,200,000   5.000%, 05/15/26   Aa1/AA+/NR   1,221,084    
880,000   5.000%, 05/15/28   Aa1/AA+/NR   895,462    
500,000   5.000%, 05/15/29   Aa1/AA+/NR   508,785    
    Total Healthcare       3,851,503    

 

 
 
 

 

 

Amount   Pre-Refunded Bonds (continued)††   Ratings Moody's, S&P and Fitch   Value   (a)
    Pre-Refunded Revenue Bonds (continued)            
    Higher Education (0.9%)            
    Florida Higher Education Facilities Authority Revenue, Refunding, Rollins College Project            
$ 1,000,000   5.000%, 12/01/37 Series A   A2/NR/NR   $ 1,091,250    
                 
    Utah State University Student Building Fee            
1,285,000   5.000%, 12/01/29 Series B   NR/AA/NR   1,434,266    
1,355,000   5.000%, 12/01/30 Series B   NR/AA/NR   1,512,397    
    Total Higher Education       4,037,913    
                 
    Sales Tax (0.8%)            
    Riverton City, Utah Franchise & Sales Tax Revenue            
1,000,000   5.250%, 12/01/36   NR/AA+/AAA   1,122,160    
                 
    Salt Lake County, Utah Sales Tax Revenue Refunding            
1,475,000   5.000%, 02/01/24 Series 2012A   NR/NR/NR*   1,549,311    
                 
    Utah Transit Authority Sales Tax Revenue            
1,000,000   5.000%, 06/15/32   A1/A+/AA   1,070,100    
    Total Sales Tax       3,741,571    
                 
    State Agency (1.7%)            
    Utah Infrastructure Agency Telecommunications & Franchise Tax            
1,970,000   5.250%, 10/15/30   A2/NR/NR   2,433,285    
1,000,000   5.000%, 10/15/33   A2/NR/NR   1,132,300    
1,630,000   5.250%, 10/15/38   A2/NR/NR   1,856,929    
1,000,000   5.500%, 10/15/30 Series A AGMC Insured   A2/NR/NR   1,041,490    
1,475,000   5.250%, 10/15/33 Series A AGMC Insured   A2/NR/NR   1,533,336    
    Total State Agency       7,997,340    
                 
    Transportation (2.1%)            
    Utah Transit Authority Sales Tax Revenue Refunding            
3,440,000   5.000%, 06/15/37 Series A   NR/NR/NR*   4,163,432    
                 
    Utah Transit Authority Sales Tax Revenue Subordinated            
5,000,000   5.000%, 06/15/34 Series A   A1/A+/AA   6,051,500    
    Total Transportation       10,214,932    
                 
    Water and Sewer (4.0%)            
    Davie, Florida Water & Sewer Revenue            
1,000,000   5.000%, 10/01/32 AGMC Insured   A1/AA/NR   1,036,110    
                 
    Jordan Valley, Utah Water Conservancy District Revenue            
6,000,000   5.000%, 10/01/35 Series B   NR/AA+/NR   6,070,500    
                 
    Miami-Dade County, Florida Water and Sewer Revenue System            
1,000,000   5.000%, 10/01/31 Series A   Aa3/AA-/A+   1,084,380    
                 
    Mountain Regional Water Special Service District, Utah Water Revenue Refunding            
3,000,000   5.000%, 12/15/33 AGMC Insured   NR/AA/AA   3,137,850    

 

 
 
 

 

 

Amount   Pre-Refunded Bonds (continued)††   Ratings Moody's, S&P and Fitch   Value   (a)
    Pre-Refunded Revenue Bonds (continued)            
    Water and Sewer (continued)            
    North Slope Borough, Alaska Service Area 10 Water & Wastewater Facilities            
$ 1,000,000   5.250%, 06/30/27   NR/NR/NR*   $    1,020,710    
1,000,000   5.250%, 06/30/28   NR/NR/NR*   1,020,710