AQUILA TAX-FREE FUND FOR UTAH

SCHEDULE OF INVESTMENTS

December 31, 2022

(unaudited)

 

Amount   General Obligation Bonds (9.8%)   Ratings
Moody's, S&P
and Fitch
  Value   (a)
    City and County (3.3%)            
    Brownsville, Texas Combination Tax            
$500,000   5.000%, 02/15/26 Series 2022   Aa3/AA/NR   $532,400    
                 
    Carson City, Nevada            
1,000,000   5.000%, 05/01/28   Aa3/AA/NR   1,050,330    
                 
    Clark County, Nevada, Refunding            
1,000,000   4.000%, 06/01/37 Series 2019   Aa1/AA+/NR   1,002,140    
1,000,000   3.000%, 06/01/38 Series 2019   Aa1/AA+/NR   877,190    
                 
    Mission, Texas Combination Tax & Revenue
Certificates of Obligation
           
300,000   4.000%, 02/15/32 Series 2021 BAMI Insured   NR/AA/NR   319,035    
                 
    North Las Vegas, Nevada Limited Tax            
1,000,000   5.000%, 06/01/31 Series 2018 AGMC Insured   A1/AA/NR   1,107,780    
                 
    Port of Olympia, Washington Limited Tax            
1,385,000   5.000%, 12/01/31 AMT Series B   Aa2/NR/NR   1,515,010    
                 
    Port of Vancouver, Washington Limited Tax            
555,000   5.000%, 12/01/33 AMT Series 2022A   Aa2/NR/NR   609,734    
                 
    Reno, Nevada Capital Improvement Refunding            
1,000,000   5.000%, 06/01/28   A1/AA-/NR   1,006,840    
                 
    Rio Grande City, Texas Combination Tax Certificates of Obligation            
855,000   4.000%, 02/15/33 Series 2020 AGMC Insured   NR/AA/NR   894,800    
                 
    Washoe County, Nevada Limited Tax            
1,500,000   4.000%, 07/01/32 Series 2021   Aa2/AA/NR   1,623,780    
                 
    West University Place City, Texas Certificates of Obligation            
535,000   5.000%, 02/01/26 Series 2022   NR/AAA/NR   571,546    
    Total City and County       11,110,585    
                 
    Healthcare (0.3%)            
    King County, Washington Public Hospital District No. 001, Refunding, Valley Medical Center              
1,000,000   5.000%, 12/01/28   A2/NR/NR   1,110,060    
                 
    Public Schools (4.7%)            
    Alvin, Texas Independent School District            
140,000   4.000%, 02/15/34 PSF Guaranteed   Aaa/NR/AAA   144,082    
                 
    Bushland, Texas Independent School District Unlimited Tax            
900,000   5.000%, 02/15/29 Series 2022   NR/AAA/NR   1,016,631    

 

 

 
 
 

 

 

Amount   General Obligation Bonds (continued)   Ratings
Moody's, S&P
and Fitch
  Value   (a)
    Public Schools (continued)            
    Canyons School District Utah (School Board Guaranty Program)            
$1,000,000   5.000%, 06/15/31 Series 2022   Aaa/NR/AAA   $1,172,060    
                 
    Clark County, Nevada School District Limited Tax            
1,000,000   5.000%, 06/15/35 Series B   A1/A+/NR   1,091,120    
1,500,000   3.000%, 06/15/37 Series B AGMC Insured   A1/AA/NR   1,267,710    
1,645,000   5.000%, 06/15/28 Series D   A1/A+/NR   1,745,082    
2,000,000   4.000%, 06/15/30 Series D   A1/A+/NR   2,063,640    
                 
    Deuel, South Dakota School District 19-4 Limited Tax COP            
875,000   2.000%, 08/01/29 Series 2022   NR/AA+/NR   787,990    
                 
    Grant County, Washington School District No. 161 Moses Lake (School Board Guaranty Program)            
400,000   4.000%, 12/01/35   Aaa/NR/NR   414,588    
                 
    Lewis County, Washington School District No. 302 Chehalis (School Board Guaranty Program)            
1,000,000   5.000%, 12/01/34   Aaa/NR/NR   1,043,440    
                 
    Lewis & Thurston Counties, Washington School District No. 401 Centalia (School Board Guaranty Program)            
1,230,000   5.000%, 12/01/35   Aaa/NR/NR   1,313,702    
                 
    Minnehaha County, South Dakota COP Limited Tax            
400,000   3.000%, 12/01/29 Series 2022A   Aa1/NR/NR   394,748    
                 
    Port Arthur, Texas Independent School District Unlimited Tax            
1,000,000   4.000%, 02/15/35 Series 2021 AGMC Insured   NR/AA/A+   1,046,490    
                 
    Washoe County, Nevada School District Limited Tax Improvement            
1,000,000   4.000%, 10/01/34 Series 2020A   Aa3/AA/NR   1,038,940    
                 
    Weatherford, Texas Independent School District Unlimited Tax Refunding            
365,000   zero coupon, 02/15/23 Series 2019 PSF Guaranteed   Aaa/NR/NR   363,701    
530,000   zero coupon, 02/15/28 Series 2019 PSF Guaranteed   Aaa/NR/NR   451,417    
                 
    Wink-Loving, Texas Independent School District Unlimited Tax            
300,000   5.000%, 02/15/25 Series 2022 PSF Guaranteed   Aaa/NR/NR   300,666    
    Total Public Schools       15,656,007    
                 
    State (1.3%)            
    Texas State Transportation Commission Mobility Fund            
1,000,000   5.000%, 10/01/31 Series 2015A   Aaa/AAA/AAA   1,058,760    
                 
    Texas State Water Financial Assistance            
1,000,000   5.000%, 08/01/30 Series E   Aaa/AAA/AAA   1,056,560    
                 
    Utah State            
1,000,000   5.000%, 07/01/28   Aaa/AAA/AAA   1,102,940    
1,000,000   5.000%, 07/01/29   Aaa/AAA/AAA   1,102,050    
    Total State       4,320,310    
                 
    Water and Sewer (0.2%)            
    Central Utah Water Conservancy District Limited Tax            
700,000   5.000%, 04/01/34 Series 2022A   NR/AA+/AA+   834,204    
    Total General Obligation Bonds       33,031,166    

 

 
 
 

 

 

Amount   Revenue Bonds (85.0%)   Ratings
Moody's, S&P
and Fitch
  Value   (a)
    Airport (6.7%)            
    Brownsville, Texas Combination Tax and Airport, Certificates of Obligation            
$500,000   5.000%, 02/15/28 AMT Series 2018   Aa3/AA/NR   $532,215    
                 
    Broward County, Florida Port Facilities            
1,000,000   4.000%, 09/01/38 AMT Series B   A1/A/NR   975,440    
                 
    Clark County, Nevada Airport System Junior Subordinate Lien            
745,000   5.000%, 07/01/26 AMT Series 2021 B   A1/NR/A+   784,105    
                 
    Greater Orlando, Florida Aviation Authority Airport Facilities            
675,000   5.000%, 10/01/31 AMT Series 2022A   Aa3/AA-/AA-   740,050    
                 
    Hillsborough County, Florida Aviation Authority Airport, Tampa International Airport            
1,500,000   5.000%, 10/01/28 AMT Series 2022A   Aa3/NR/AA-   1,608,375    
                 
    Houston, Texas Airport System Subordinate Lien Refunding            
1,000,000   5.000%, 07/01/29 AMT Series C   A1/NR/A+   1,064,080    
                 
    Metropolitan Washington District of Columbia Airport Authority System, Revenue Refunding            
1,000,000   5.000%, 10/01/38 AMT Series 2019A   Aa3/AA-/AA-   1,045,350    
                 
    Miami-Dade County, Florida Aviation Revenue Refunding            
1,000,000   5.000%, 10/01/34 AMT Series 2014A   A1/A/A   1,010,910    
                 
    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   1,050,470    
640,000   5.000%, 07/01/27 AMT Series A   A2/A/NR   679,328    
1,000,000   5.000%, 07/01/27 AMT Series A   A2/A/NR   1,061,020    
1,000,000   5.000%, 07/01/28 AMT Series A   A2/A/NR   1,069,490    
1,000,000   5.000%, 07/01/29 AMT Series A   A2/A/NR   1,063,560    
1,000,000   5.000%, 07/01/29 AMT Series A   A2/A/NR   1,073,820    
3,100,000   5.000%, 07/01/30 AMT Series A   A2/A/NR   3,263,184    
1,000,000   5.000%, 07/01/47 AMT Series A   A2/A/NR   1,005,420    
1,240,000   5.000%, 07/01/30 Series B   A2/A/NR   1,342,585    
850,000   5.000%, 07/01/31 Series B   A2/A/NR   917,635    
500,000   5.000%, 07/01/31 Series B   A2/A/NR   547,920    
1,525,000   5.000%, 07/01/37 Series B   A2/A/NR   1,599,176    
    Total Airport       22,434,133    
                 

 

 

 
 
 

 

 

Amount   Revenue Bonds (continued)   Ratings
Moody's, S&P
and Fitch
  Value   (a)
    Charter Schools (10.1%)            
    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   $1,395,336    
                 
    Utah State Charter School Finance Authority George Washington Academy            
1,500,000   5.000%, 04/15/35 Series 2015   NR/AA/NR   1,519,200    
                 
    Utah State Charter School Finance Authority Good Foundations Academy            
235,000   4.750%, 11/15/24 Series A 144A   NR/NR/NR*   233,583    
1,655,000   5.550%, 11/15/34 Series A 144A   NR/NR/NR*   1,655,281    
3,280,000   5.850%, 11/15/44 Series A 144A   NR/NR/NR*   3,280,262    
                 
    Utah State Charter School Finance Authority Lakeview Academy            
1,300,000   5.000%, 10/15/35 Series 2015   NR/AA/NR   1,336,738    
                 
    Utah State Charter School Finance Authority Legacy Preparatory Academy            
300,000   4.000%, 04/15/24   NR/AA/NR   302,298    
1,710,000   5.000%, 04/15/29   NR/AA/NR   1,755,059    
1,000,000   4.000%, 04/15/32 Series 2022   NR/AA/NR   1,021,080    
1,000,000   4.000%, 04/15/37 Series 2022   NR/AA/NR   960,810    
                 
    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   1,016,790    
                 
    Utah State Charter School Finance Authority Ogden Preparatory Academy (School Board Guaranty Program)            
150,000   4.000%, 10/15/23   NR/AA/NR   150,057    
260,000   4.000%, 10/15/24   NR/AA/NR   260,083    
                 
    Utah State Charter School Finance Authority Providence Hall            
1,000,000   4.000%, 10/15/46 Series 2021A   Aa2/NR/NR   880,790    
                 
    Utah State Charter School Finance Authority Quest Academy            
500,000   5.000%, 04/15/37   NR/AA/NR   512,550    
                 
    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   796,690    
                 
    Utah State Charter School Finance Authority Spectrum Academy            
625,000   4.000%, 04/15/33 Series 2020   Aa2/NR/NR   624,300    
655,000   4.000%, 04/15/34 Series 2020   Aa2/NR/NR   649,983    
                 
    Utah State Charter School Finance Authority Utah Charter Academies            
500,000   5.000%, 10/15/25 Series 2018   NR/AA/NR   522,850    
500,000   5.000%, 10/15/27 Series 2018   NR/AA/NR   535,200    
475,000   5.000%, 10/15/28 Series 2018   NR/AA/NR   507,272    

 

 

 
 
 

 

 

Amount   Revenue Bonds (continued)   Ratings
Moody's, S&P
and Fitch
  Value   (a)
    Charter Schools (continued)            
    Utah State Charter School Finance Authority Venture Academy            
$285,000   4.000%, 10/15/24   NR/AA/NR   $287,494    
855,000   5.000%, 10/15/29   NR/AA/NR   877,914    
1,095,000   5.000%, 10/15/34   NR/AA/NR   1,118,050    
1,095,000   5.000%, 10/15/38   NR/AA/NR   1,111,896    
                 
    Utah State Charter School Finance Authority Vista School            
1,080,000   4.000%, 10/15/35   Aa2/NR/NR   1,057,169    
                 
    Utah State Charter School Finance Authority Voyage Academy            
820,000   5.000%, 03/15/27 144A   NR/NR/NR*   820,041    
2,440,000   5.500%, 03/15/37 144A   NR/NR/NR*   2,440,024    
4,785,000   5.600%, 03/15/47 144A   NR/NR/NR*   4,691,405    
                 
    Utah State Charter School Finance Authority Wasatch Peak Academy Project (School Board Guaranty Program)            
740,000   5.000%, 10/15/29   NR/AA/NR   743,626    
700,000   5.000%, 10/15/36   NR/AA/NR   702,870    
    Total Charter Schools       33,766,701    
                 
    Electric (5.3%)            
    Consolidated Wyoming Municipalities Electric Facilities Improvement Lease, Gillette            
1,000,000   5.000%, 06/01/31   A1/AA-/NR   1,026,100    
250,000   5.250%, 06/01/37   NR/AA-/NR   280,303    
                 
    Heber Light & Power Co., Utah Electric Revenue Refunding            
500,000   4.000%, 12/15/36 Series 2019 AGMC Insured   A1/AA/AA-   513,045    
645,000   4.000%, 12/15/38 Series 2019 AGMC Insured   A1/AA/AA-   650,276    
                 
    Intermountain Power Agency, Utah Power Supply Revenue            
250,000   5.000%, 07/01/30   Aa3/NR/AA-   288,460    
375,000   5.000%, 07/01/33   Aa3/NR/AA-   435,615    
375,000   5.000%, 07/01/35   Aa3/NR/AA-   427,144    
                 
    Lehi, Utah Electric Utility Revenue            
520,000   5.000%, 06/01/29   NR/A+/NR   576,779    
850,000   5.000%, 06/01/31   NR/A+/NR   941,613    
                 
    Lower Colorado River Authority, Texas Transmission Contract Revenue            
1,000,000   5.000%, 05/15/30   NR/A/A+   1,045,140    
                 
    San Antonio, Texas Electric & Gas Revenue System            
1,250,000   4.000%, 02/01/33   Aa2/AA-/AA-   1,284,263    
                 
    Southeast Alaska Power Agency Electric Refunding & Improvement            
1,170,000   5.250%, 06/01/30   NR/A/NR   1,215,419    
                 
    St. George, Utah Electric Revenue            
1,620,000   4.000%, 06/01/32 AGMC Insured   A1/AA/NR   1,675,129    

 

 

 
 
 

 

 

Amount   Revenue Bonds (continued)   Ratings
Moody's, S&P
and Fitch
  Value   (a)
    Electric (continued)            
    Utah Associated Municipal Power System Revenue, Horse Butte Wind Project            
$750,000   5.000%, 09/01/24 Series A   NR/A-/AA-   $775,688    
445,000   5.000%, 09/01/25 Series A   NR/A-/AA-   469,729    
375,000   5.000%, 09/01/30 Series 2017B   NR/A-/AA-   411,191    
                 
    Utah Associated Municipal Power System Revenue, Veyo Heat Recovery Project            
795,000   5.000%, 03/01/30   NR/A/AA-   823,556    
905,000   5.000%, 03/01/32   NR/A/AA-   935,218    
745,000   5.000%, 03/01/34   NR/A/AA-   769,876    
                 
    Utah State Municipal Power Agency Power Supply System Revenue            
330,000   5.000%, 07/01/23   NR/A+/AA-   333,175    
2,900,000   5.000%, 07/01/38 Series B   NR/A+/AA-   3,059,065    
    Total Electric       17,936,784    
                 
    Healthcare (1.7%)            
    Hale Center, Texas Educational Facilities Corporation, Wayland Baptist University            
700,000   5.000%, 03/01/29 Series 2022   NR/BBB+/NR   734,832    
                 
    Miami-Dade County, Florida Public Facilities, Jackson Health System            
1,000,000   5.000%, 06/01/29 Series A   Aa3/A+/AA-   1,041,160    
                 
    Washington State Health Care Facilities Authority, Providence St. Joseph Health            
4,000,000   5.000%, 10/01/42 Series 2012A   A1/A+/A+   3,974,440    
    Total Healthcare       5,750,432    
                 
    Higher Education (8.1%)            
    Salt Lake County, Utah Westminster College Project            
1,970,000   5.000%, 10/01/25   NR/BBB-/NR   2,020,176    
955,000   5.000%, 10/01/28   NR/BBB-/NR   978,207    
1,845,000   5.000%, 10/01/29   NR/BBB-/NR   1,907,638    
1,005,000   5.000%, 10/01/29   NR/BBB-/NR   1,028,195    
1,055,000   5.000%, 10/01/30   NR/BBB-/NR   1,078,294    
                 
    South Dakota Board of Regents, Housing & Auxiliary Facilities System            
500,000   5.000%, 04/01/28   A1/NR/NR   536,135    
                 
    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   1,050,390    
                 
    Utah State Board of Higher Education, University of Utah Green Bond            
1,000,000   5.000%, 08/01/39 Series 2022B   Aa1/AA+/NR   1,122,320    

 

 

 
 
 

 

 

Amount   Revenue Bonds (continued)   Ratings
Moody's, S&P
and Fitch
  Value   (a)
    Higher Education (continued)            
    Utah State Board of Regents, Dixie State University            
$1,800,000   5.000%, 06/01/30 AGMC Insured   NR/AA/NR   $1,878,624    
660,000   5.000%, 06/01/35 Series B AGMC Insured   NR/AA/NR   712,866    
690,000   5.000%, 06/01/36 Series B AGMC Insured   NR/AA/NR   742,454    
1,375,000   3.000%, 06/01/36 Series 2019   NR/AA/NR   1,219,653    
                 
    Utah State Board of Regents Lease Revenue            
120,000   4.650%, 05/01/23 AMBAC Insured   NR/AA/NR   120,134    
                 
    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   1,355,023    
1,000,000   5.000%, 03/01/27 Series 2018   NR/AA/NR   1,044,860    
                 
    Utah State Board of Regents, Student Facilities System Revenue, Weber State University            
750,000   5.000%, 04/01/29 AGMC Insured   NR/AA/NR   830,363    
200,000   5.000%, 04/01/30 AGMC Insured   NR/AA/NR   223,710    
1,000,000   3.000%, 04/01/35 Series 2021 BAMAC Insured   NR/AA/NR   917,690    
                 
    Utah State Board of Regents, University of Utah            
500,000   5.000%, 08/01/29 Series A   Aa1/AA+/NR   549,835    
480,000   5.000%, 08/01/33 Series A   Aa1/AA+/NR   503,602    
600,000   5.000%, 08/01/35 Series A   Aa1/AA+/NR   627,528    
500,000   4.000%, 08/01/36 Series A   Aa1/AA+/NR   505,825    
1,000,000   5.000%, 08/01/35 Series B-1   Aa1/AA+/NR   1,068,920    
1,500,000   5.000%, 08/01/36 Series B-1   Aa1/AA+/NR   1,599,180    
                 
    Utah State Board of Regents, Utah State University            
1,105,000   4.000%, 12/01/30 Series B   NR/AA/NR   1,134,426    
2,055,000   3.000%, 12/01/36 Series B   NR/AA/NR   1,825,559    
                 
    Washington State Higher Education Facilities Authority Revenue, Whitman College Project            
645,000   5.000%, 01/01/32   Aa3/NR/NR   682,210    
    Total Higher Education       27,263,817    
                 
    Housing (1.9%)            
    King County, Washington Housing Authority Pooled Refunding            
910,000   4.000%, 11/01/36 Series 2019   NR/AAA/NR   926,280    
500,000   4.000%, 06/01/35 Series 2020   NR/AA/NR   499,315    
                 
    South Dakota Housing Development Authority
Homeownership Mortgage
           
250,000   1.000%, 05/01/26 Series 2020C   Aaa/AAA/NR   230,598    
500,000   1.350%, 05/01/28 Series 2020C   Aaa/AAA/NR   450,365    
500,000   1.400%, 11/01/28 Series 2020C   Aaa/AAA/NR   447,420    
                 
    Utah Housing Corporation Single Family Mortgage            
5,000   4.950%, 01/01/32 Series A Class II   Aa2/AA+/AA   5,004    
10,000   4.500%, 01/01/24 Series A Class III   Aa3/AA/AA   10,003    
640,000   4.600%, 07/01/34 Series B-1 Class I   Aaa/AAA/AAA   640,371    
25,000   4.625%, 07/01/32 Series B-1 Class II   Aa2/AA+/AA   25,018    
5,000   4.500%, 07/01/23 Series C   Aa3/AA/AA   5,000    
1,930,000   3.850%, 01/01/31 AMT Series D Class III FHA Insured   Aa3/AA-/AA   1,894,623    
480,000   4.000%, 01/01/36 Series D FHA Insured   Aa3/AA-/AA   475,454    

 

 

 
 
 

 

 

Amount   Revenue Bonds (continued)   Ratings
Moody's, S&P
and Fitch
  Value   (a)
    Housing (continued)            
    Vancouver, Washington Housing Authority, Anthem Park and Columbia House Projects            
$500,000   4.000%, 06/01/35 Series 2020   NR/AA/NR   $499,315    
500,000   3.000%, 06/01/38 Series 2020   NR/AA/NR   423,810    
    Total Housing       6,532,576    
                 
    Local Public Property (18.1%)            
    Alaska State Municipal Bond Bank            
540,000   5.000%, 02/01/30 AMT   NR/A+/A   573,113    
565,000   5.000%, 02/01/31 AMT   NR/A+/A   596,742    
590,000   5.000%, 02/01/32 AMT   NR/A+/A   622,049    
                 
    Bluffdale, Utah Local Building Authority Lease Revenue            
1,215,000   4.000%, 03/01/35   A1/NR/NR   1,221,537    
                 
    CIVICVentures, Alaska Revenue Refunding, Anchorage Convention Center            
1,000,000   5.000%, 09/01/28   NR/A+/AA-   1,021,020    
1,000,000   5.000%, 09/01/29   NR/A+/AA-   1,021,020    
1,000,000   5.000%, 09/01/30   NR/A+/AA-   1,020,520    
                 
    Downtown Redevelopment Authority, Texas Tax Increment Contract Revenue            
1,000,000   5.000%, 09/01/30 BAMI Insured   NR/AA/NR   1,055,480    
                 
    Eagle Mountain, Utah Special Assessment Area            
165,000   5.250%, 05/01/28 Series 2013   NR/AA-/NR   165,787    
                 
    Harris County, Texas Sports Refunding Senior Lien            
500,000   5.000%, 11/15/30 Series A   A3/BBB/NR   512,775    
                 
    Jacksonville, Florida Special Revenue Bonds            
1,000,000   5.250%, 10/01/37 Series 2022C   NR/AA/AA-   1,130,000    
                 
    Jacksonville, Florida Special Revenue and Refunding Bonds            
1,015,000   5.250%, 10/01/32 Series A   Aa3/AA/AA-   1,030,864    
                 
    Lehi, Utah Local Building Authority Lease Revenue            
300,000   5.000%, 06/15/29 Series 2022   NR/AA-/AA+   334,938    
500,000   5.000%, 06/15/30 Series 2022   NR/AA-/AA+   565,705    
225,000   5.250%, 06/15/37 Series 2022   NR/AA-/AA+   253,325    
                 
    Manatee County, Florida Revenue Improvement & Refunding            
500,000   5.250%, 10/01/34 Series 2022C   Aa1/NR/AA+   589,375    
                 
    Matanuska-Susitna Borough, Alaska Lease Revenue Refunding, Goose Creek Correctional Center            
735,000   5.000%, 09/01/32 Series 2015   A1/A+/A   764,157    
                 
    Mesquite, Nevada New Special Improvement District            
100,000   5.500%, 08/01/25   NR/NR/NR*   100,072    

 

 

 
 
 

 

 

Amount   Revenue Bonds (continued)   Ratings
Moody's, S&P
and Fitch
  Value   (a)
    Local Public Property (continued)            
    Midvale, Utah Redevelopment Agency Tax Increment & Sales Tax Revenue Refunding            
$750,000   5.000%, 05/01/28   NR/AA+/NR   810,443    
1,230,000   5.000%, 05/01/31   NR/AA+/AA   1,341,795    
1,000,000   5.000%, 05/01/32   NR/AA+/NR   1,074,290    
                 
    Murray City, Utah Municipal Building Authority Lease Revenue            
380,000   4.000%, 12/01/30 Series 2020   Aa3/NR/NR   408,724    
480,000   4.000%, 12/01/31 Series 2020   Aa3/NR/NR   513,384    
300,000   4.000%, 12/01/32 Series 2020   Aa3/NR/NR   319,953    
                 
    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   1,041,030    
                 
    Orange County, Florida Tourist Development Tax Revenue Refunding            
1,000,000   5.000%, 10/01/30   Aa2/AA-/AA   1,050,390    
                 
    Pennington County, South Dakota COP Limited Tax            
1,000,000   5.000%, 12/01/46 Series 2022A   Aa1/NR/NR   1,048,560    
                 
    Saint George Place, Texas Redevelopment Authority
Tax Increment Contract
           
605,000   4.000%, 09/01/30 AGMC Insured   A1/AA/NR   624,905    
                 
    Salt Lake City, Utah Local Building Authority Lease Revenue            
330,000   4.000%, 10/15/23 Series A   Aa1/NR/AA+   332,970    
600,000   5.000%, 04/15/32 Series A   Aa1/NR/NR   646,392    
395,000   4.000%, 04/15/32 Series A   Aa1/NR/NR   407,612    
425,000   4.000%, 04/15/34 Series A   Aa1/NR/NR   435,693    
1,075,000   5.000%, 04/15/35 Series A   Aa1/NR/NR   1,150,100    
460,000   4.000%, 04/15/36 Series A   Aa1/NR/NR   464,917    
                 
    Salt Lake City, Utah Mosquito Abatement District Local Building Authority Lease Revenue            
730,000   5.000%, 02/15/29   Aa3/NR/NR   796,518    
810,000   5.000%, 02/15/31   Aa3/NR/NR   886,205    
                 
    Salt Lake City, Utah Municipal Building Authority Lease Revenue            
975,000   4.000%, 01/15/34   NR/AA+/AA+   1,036,308    
                 
    South Jordan, Utah Special Assessment (Daybreak Assessment Area No. 1)            
960,000   4.000%, 11/01/27   NR/AA+/NR   1,003,200    
1,210,000   4.000%, 11/01/28   NR/AA+/NR   1,264,281    
1,050,000   4.000%, 11/01/30   NR/AA+/NR   1,096,599    
                 
    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   1,046,730    
1,035,000   4.000%, 11/01/29 Series 2020   NR/AA/NR   1,091,542    
1,080,000   4.000%, 11/01/30 Series 2020   NR/AA/NR   1,144,238    

 

 

 
 
 

 

 

Amount   Revenue Bonds (continued)   Ratings
Moody's, S&P
and Fitch
  Value   (a)
    Local Public Property (continued)            
    St. Augustine, Florida Capital Improvement Refunding            
$500,000   5.000%, 10/01/34   Aa3/AA/AA-   $507,610    
                 
    St. Lucie County, Florida School Board COP Master Lease Program            
500,000   5.000%, 07/01/30 Series A   A1/A/A+   504,345    
                 
    Tooele County, Utah Municipal Building Authority Lease Revenue Cross-Over            
850,000   4.000%, 12/15/28   NR/AA-/NR   899,249    
885,000   4.000%, 12/15/29   NR/AA-/NR   933,427    
920,000   4.000%, 12/15/30   NR/AA-/NR   968,208    
                 
    Unified Utah Fire Service Area Local Building Authority
Lease Revenue
           
1,800,000   4.000%, 04/01/31   Aa2/NR/NR   1,919,394    
2,350,000   4.000%, 04/01/32   Aa2/NR/NR   2,423,532    
1,875,000   4.000%, 04/01/32   Aa2/NR/NR   1,980,394    
                 
    Vineyard Redevelopment Agency, Utah Tax Increment Revenue And Refunding Bonds            
750,000   5.000%, 05/01/25 Series 2021 AGMC Insured   NR/AA/NR   786,195    
350,000   4.000%, 05/01/33 Series 2021 AGMC Insured   NR/AA/NR   369,919    
                 
    Wasatch County, Utah Municipal Building Authority Lease Revenue            
560,000   4.000%, 12/01/28 Series 2021   NR/AA-/NR   594,602    
585,000   4.000%, 12/01/29 Series 2021   NR/AA-/NR   626,406    
605,000   4.000%, 12/01/30 Series 2021   NR/AA-/NR   650,883    
                 
    Washington County, Utah Municipal Building
Authority Lease Revenue
           
500,000   5.000%, 10/01/32   Aa3/NR/NR   533,940    
500,000   5.000%, 10/01/37   Aa3/NR/NR   531,395    
                 
    Weber County, Utah Special Assessment Summit Mountain Area            
1,520,000   5.500%, 01/15/28   NR/AA/NR   1,522,478    
3,935,000   5.750%, 01/15/33   NR/AA/NR   3,941,335    
                 
    West Jordan, Utah Municipal Building Authority Lease Revenue            
1,000,000   5.000%, 10/01/29   Aa3/NR/NR   1,073,380    
1,000,000   5.000%, 10/01/34   Aa3/NR/NR   1,066,420    

 

 

 
 
 

 

 

Amount   Revenue Bonds (continued)   Ratings
Moody's, S&P
and Fitch
  Value   (a)
    Local Public Property (continued)            
    West Valley City, Utah Municipal Building Authority Lease Revenue Refunding            
$900,000   4.000%, 02/01/33 AGMC Insured   NR/AA/AA-   $923,868    
1,000,000   5.000%, 02/01/34 AGMC Insured   NR/AA/AA-   1,063,260    
300,000   5.000%, 02/01/34 AGMC Insured   NR/AA/AA-   331,152    
810,000   4.000%, 02/01/38 AGMC Insured   NR/AA/AA-   812,770    
                 
    West Valley City, Utah Redevelopment Agency Revenue Refunding            
1,885,000   5.000%, 11/01/36   NR/AA/NR   2,009,297    
    Total Local Public Property       60,588,717    
                 
    Public Schools (3.5%)            
    Alpine, Utah Local Building Authority School District Lease Revenue            
985,000   4.000%, 03/15/28   Aa1/NR/NR   1,033,728    
                 
    Canyons School District Utah, Local Building Authority Lease            
725,000   4.000%, 06/15/33 Series 2021   Aa1/NR/NR   766,434    
750,000   4.000%, 06/15/34 Series 2021   Aa1/NR/NR   788,168    
                 
    Davis County, Utah Municipal Building Authority Crossover Refunding Lease Revenue            
1,085,000   4.000%, 11/01/32 Series 2020   NR/AA/NR   1,156,360    
                 
    Duchesne School District Utah, Municipal Building Authority Lease            
750,000   5.000%, 06/01/36 Series 2022   A2/NR/NR   798,135    
750,000   4.000%, 06/01/38 Series 2022   A2/NR/NR   714,038    
                 
    Grand City, Utah Local Building Authority School District Lease Revenue            
1,665,000   5.000%, 12/15/34 AGMC Insured   A1/AA/NR   1,741,790    
                 
    Ogden City, Utah Municipal Building Authority School District Lease Revenue            
1,125,000   5.000%, 01/15/30   A1/NR/NR   1,228,556    
1,315,000   5.000%, 01/15/31   A1/NR/NR   1,335,948    
500,000   5.000%, 01/15/32 Series 2018   A1/NR/NR   542,470    
                 
    Provo City, Utah Municipal Building Authority School District Lease Revenue            
1,500,000   5.000%, 03/15/33 Series 2022   Aa3/NR/NR   1,744,965    
    Total Public Schools       11,850,592    
                 

 

 

 
 
 

 

 

Amount   Revenue Bonds (continued)   Ratings
Moody's, S&P
and Fitch
  Value   (a)
    Sales Tax (15.4%)            
    Draper, Utah Sales Tax Revenue            
$765,000   4.000%, 11/15/39 Series 2022   NR/AAA/NR   $778,342    
                 
    Eagle Mountain, Utah Sales Tax Revenue            
200,000   5.000%, 02/01/29 Series 2022   NR/AA+/NR   223,750    
                 
    Herriman City, Utah Sales & Franchise Tax Revenue Refunding            
1,080,000   4.000%, 08/01/25 Series B   NR/AA+/NR   1,095,563    
2,135,000   4.000%, 08/01/30 Series B   NR/AA+/NR   2,210,728    
1,515,000   5.000%, 08/01/33 Series B   NR/AA+/NR   1,585,660    
                 
    Holladay, Utah Sales Tax Revenue            
965,000   5.000%, 11/15/29 Series 2022   NR/AA+/NR   1,095,873    
1,000,000   5.000%, 11/15/33 Series 2022   NR/AA+/NR   1,151,750    
                 
    Lehi, Utah Franchise & Sales Tax Revenue (Broadband Project)            
985,000   5.000%, 02/01/27 Series 2021 AGMC Insured   NR/AA/NR   1,071,985    
1,000,000   4.000%, 02/01/32 Series 2021 AGMC Insured   NR/AA/NR   1,075,400    
1,000,000   4.000%, 02/01/33 Series 2021 AGMC Insured   NR/AA/NR   1,075,220    
500,000   4.000%, 02/01/34 Series 2021 AGMC Insured   NR/AA/NR   533,175    
500,000   4.000%, 02/01/35 Series 2021 AGMC Insured   NR/AA/NR   525,995    
                 
    Lehi, Utah Sales Tax Revenue            
1,220,000   4.000%, 06/01/35 Series 2019   NR/AA+/NR   1,264,164    
                 
    Mapleton City, Utah Municipal Energy Sales & Sales Tax & Telecommunications Fee            
1,085,000   3.000%, 06/15/31 Series 2021   NR/A+/NR   1,043,846    
780,000   3.000%, 06/15/33 Series 2021   NR/A+/NR   733,294    
1,255,000   3.000%, 06/15/36 Series 2021   NR/A+/NR   1,115,168    
                 
    Miami-Dade County, Florida Transit System Sales Surtax Revenue            
1,000,000   5.000%, 07/01/34   A1/AA/AA   1,047,270    
                 
    Ogden City, Utah Franchise Tax Revenue            
1,625,000   3.000%, 01/15/31   NR/AA/NR   1,599,748    
                 
    Providence City, Utah Franchise & Sales Tax Revenue            
1,270,000   3.000%, 03/01/29 Series 2021   NR/A-/NR   1,227,277    
                 
    Reno, Nevada Sales Tax Revenue, First Lien, ReTRAC-Reno Transportation Rail Access Corridor Project            
500,000   5.000%, 06/01/26   A3/NR/NR   523,185    
                 
    Riverton City, Utah Franchise & Sales Tax Revenue            
750,000   4.000%, 06/01/30   NR/AA+/AAA   774,765    

 

 

 
 
 

 

 

Amount   Revenue Bonds (continued)   Ratings
Moody's, S&P
and Fitch
  Value   (a)
    Sales Tax (continued)            
    Salt Lake County, Utah Sales Tax Revenue            
$525,000   5.000%, 02/01/24 Series 2012A   NR/AAA/AAA   $525,803    
                 
    South Jordan, Utah Redevelopment Agency Subordinated Sales Tax & Tax Increment Revenue            
1,000,000   5.000%, 04/01/29   NR/AA/AAA   1,046,890    
                 
    Spearfish, South Dakota Sales Tax Revenue            
975,000   4.000%, 12/15/29 Series 2022   A1/NR/NR   1,038,239    
                 
    Summit County, Utah Transportation Sales Tax Revenue            
1,200,000   4.000%, 12/15/28 Series 2018   NR/AA/NR   1,250,628    
1,450,000   4.000%, 12/15/29 Series 2018   NR/AA/NR   1,510,799    
                 
    Utah County, Utah Excise Tax Revenue Refunding            
1,690,000   4.000%, 12/01/36 Series 2020   NR/AA+/NR   1,726,149    
                 
    Utah County, Utah Transportation Sales Tax Revenue Refunding            
3,315,000   4.000%, 12/01/35 Series 2021   NR/AA-/NR   3,438,981    
                 
    Utah Infrastructure Agency Telecommunications & Sales Tax, West Haven            
1,200,000   5.000%, 10/15/35 Series 2022   NR/AA-/NR   1,341,060    
                 
    Utah Transit Authority Sales Tax Revenue            
2,950,000   4.000%, 12/15/34 Series A   Aa2/AA/AA   3,092,190    
3,440,000   4.000%, 12/15/37 Series A   Aa2/AA/AA   3,468,208    
3,580,000   4.000%, 12/15/38 Series A   Aa2/AA/AA   3,598,437    
                 
    Utah Transit Authority Sales Tax Revenue Subordinated            
1,000,000   5.000%, 12/15/32   Aa3/AA-/AA   1,105,330    
                 
    Utah Transit Authority Sales Tax Revenue Subordinated,
Capital Appreciation
           
3,000,000   zero coupon, 12/15/32   Aa3/AA-/AA   2,051,850    
                 
    Watertown, South Dakota Sales Tax Revenue            
1,110,000   3.000%, 12/01/34 Series 2021   NR/A/NR   1,046,786    
215,000   5.000%, 12/01/23 Series 2022A BAMI Insured   NR/AA/NR   218,778    
335,000   5.000%, 12/01/24 Series 2022A BAMI Insured   NR/AA/NR   348,427    
350,000   5.000%, 12/01/25 Series 2022A BAMI Insured   NR/AA/NR   371,396    
825,000   4.000%, 12/01/33 Series 2022C BAMI Insured   NR/AA/NR   869,459    
                 
    West Valley City, Utah Sales Tax Revenue Capital Appreciation Bonds, Refunding            
3,500,000   zero coupon, 07/15/35   NR/AA+/NR   1,883,035    
    Total Sales Tax       51,684,603    
                 

 

 

 
 
 

 

 

Amount   Revenue Bonds (continued)   Ratings
Moody's, S&P
and Fitch
  Value   (a)
    State Agency (4.2%)            
    Utah Infrastructure Agency Telecommunications, Franchise & Sales Tax, Cedar Hills Project            
$1,230,000   4.000%, 10/15/32 Series 2022   NR/A+/NR   $1,285,030    
905,000   4.000%, 10/15/37 Series 2022   NR/A+/NR   905,833    
1,125,000   4.250%, 10/15/42 Series 2022   NR/A+/NR   1,104,491    
                 
    Utah Infrastructure Agency Telecommunications & Franchise Tax, Clearfield City            
315,000   5.000%, 10/15/25 Series 2020   NR/A+/NR   331,197    
335,000   5.000%, 10/15/26 Series 2020   NR/A+/NR   358,209    
350,000   5.000%, 10/15/27 Series 2020   NR/A+/NR   379,302    
                 
    Utah Infrastructure Agency Telecommunications & Franchise Tax, Layton City            
500,000   5.000%, 10/15/30 Series 2018   NR/A+/NR   548,010    
                 
    Utah Infrastructure Agency Telecommunications & Franchise Tax, Payson City            
485,000   5.000%, 10/01/29 Series 2019   NR/A+/NR   525,764    
640,000   4.000%, 10/01/34 Series 2019   NR/A+/NR   652,198    
                 
    Utah Infrastructure Agency Telecommunications, Franchise & Sales Tax, Santa Clara Project            
1,180,000   4.000%, 10/15/32 Series 2022   NR/A/NR   1,232,793    
1,010,000   4.000%, 10/15/37 Series 2022   NR/A/NR   1,010,929    
                 
    Utah Infrastructure Agency Telecommunications, Franchise & Sales Tax, Syracuse City Project            
1,000,000   4.000%, 10/15/30 Series 2021   NR/AA-/NR   1,060,100    
                 
    Utah State Building Ownership Authority Lease Revenue Refunding State Facilities Master Lease Program            
1,000,000   5.000%, 05/15/24   Aa1/AA+/NR   1,030,200    
905,000   4.000%, 05/15/29   Aa1/AA+/NR   955,771    
1,775,000   3.000%, 05/15/29   Aa1/AA+/NR   1,758,812    
940,000   4.000%, 05/15/30   Aa1/AA+/NR   990,243    
    Total State Agency       14,128,882    

 

 

 
 
 

 

 

Amount   Revenue Bonds (continued)   Ratings
Moody's, S&P
and Fitch
  Value   (a)
    Transportation (0.7%)            
    Pharr, Texas International Toll Bridge System Revenue            
$1,000,000   4.000%, 08/15/35 Series 2021   A2/A/NR   $1,001,450    
                 
    Salt Lake County, Utah Excise Tax Road Revenue            
1,000,000   4.000%, 08/15/31 Series 2017   NR/AAA/AAA   1,049,630    
                 
    Utah Transit Authority Sales Tax & Transportation Revenue            
195,000   5.250%, 06/15/32 AGMC Insured   Aa2/AA/AA   227,218    
    Total Transportation       2,278,298    
                 
    Water and Sewer (9.3%)            
    Brian Head, Utah Water Revenue Refunding            
720,000   3.000%, 04/01/36 Series 2021 AGMC Insured   NR/AA/NR   646,430    
                 
    Central Utah Water Conservancy District Refunding            
1,785,000   5.000%, 10/01/37 Series 2020D   NR/AA+/AA+   1,994,434    
1,000,000   4.000%, 10/01/38 Series 2020D   NR/AA+/AA+   1,011,980    
                 
    Central Valley, Utah Water Reclamation Facility, Green Bond            
1,215,000   3.000%, 03/01/32 Series 2021B   NR/AA/AA   1,203,664    
1,255,000   3.000%, 03/01/33 Series 2021B   NR/AA/AA   1,237,330    
1,090,000   3.000%, 03/01/34 Series 2021B   NR/AA/AA   1,067,960    
                 
    Eagle Mountain, Utah Water & Sewer Revenue Refunding            
420,000   4.000%, 11/15/24 Series A BAMI Insured   NR/AA/NR   429,593    
                 
    El Paso, Texas Water & Sewer Revenue Refunding            
1,000,000   4.500%, 03/01/31 Series C   NR/AA+/AA+   1,032,660    
                 
    Fairview City, Utah Water & Sewer Revenue Refunding            
725,000   4.000%, 06/15/46 Series 2022   NR/BBB/NR   621,180    
                 
    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   517,910    

 

 

 
 
 

 

 

Amount   Revenue Bonds (continued)   Ratings
Moody's, S&P
and Fitch
  Value   (a)
    Water and Sewer (continued)            
    Herriman City, Utah Water Revenue Refunding            
$150,000   4.000%, 01/01/35 Series 2021 AGMC Insured   NR/AA/NR   $155,915    
                 
    Hooper, Utah Water Improvement District Revenue Refunding            
1,000,000   4.000%, 06/15/34 Series 2019   NR/AA-/NR   1,031,200    
220,000   4.000%, 06/15/39 Series 2019   NR/AA-/NR   220,392    
                 
    Jordan Valley, Utah Water Conservancy District Revenue            
1,000,000   5.000%, 10/01/26 Series B   NR/AA+/AA+   1,085,210    
1,000,000   4.000%, 10/01/32 Series B   NR/AA+/AA+   1,044,420    
                 
    Jordanelle, Utah Special Service District            
299,000   6.000%, 11/15/23   NR/NR/NR*   296,333    
                 
    Lakewood, Washington Water District, Pierce County            
750,000   4.000%, 12/01/37 Series 2019A AMT   NR/AA/NR   751,575    
                 
    Okaloosa County, Florida Water and Sewer Revenue            
1,000,000   5.000%, 07/01/30   Aa3/NR/AA+   1,050,710    
                 
    Orem, Utah Water, Sewer and Storm Sewer            
540,000   4.000%, 07/15/34 Series 2021A   NR/AA+/AAA   573,518    
                 
    Park City, Utah Water Revenue Green Bonds            
1,000,000   3.000%, 12/15/33 Series 2020   Aa2/AA/NR   962,620    
                 
     Pleasant Grove City, Utah Storm Water Revenue Refunding            
205,000   4.000%, 07/15/27 Series 2020 BAMI Insured   NR/AA/NR   215,402    
370,000   4.000%, 07/15/28 Series 2020 BAMI Insured   NR/AA/NR   392,515    
485,000   4.000%, 07/15/29 Series 2020 BAMI Insured   NR/AA/NR   519,207    
510,000   4.000%, 07/15/30 Series 2020 BAMI Insured   NR/AA/NR   547,103    
525,000   4.000%, 07/15/31 Series 2020 BAMI Insured   NR/AA/NR   558,668    
                 
    Salt Lake City, Utah Public Utilities Revenue            
1,000,000   5.000%, 02/01/32   Aa1/AAA/NR   1,063,430    
1,400,000   5.000%, 02/01/33   Aa1/AAA/NR   1,487,108    
1,000,000   5.000%, 02/01/35   Aa1/AAA/NR   1,057,380    
500,000   4.000%, 02/01/37   Aa1/AAA/NR   511,020    
500,000   4.000%, 02/01/38   Aa1/AAA/NR   506,205    
                 
    San Jacinto, Texas River Authority Woodlands Waste Disposal            
1,000,000   5.000%, 10/01/30 BAMI Insured   NR/AA/NR   1,010,500    
                 
    Utah Water Finance Agency Revenue            
950,000   4.000%, 03/01/33   NR/AA/AA+   986,613    
1,000,000   4.000%, 03/01/34   NR/AA/AA   1,051,780    
1,000,000   5.000%, 03/01/35   NR/AA/AA   1,076,500    
1,295,000   5.000%, 03/01/38   NR/AA/AA   1,411,524    
                 
    Weber Basin, Utah Water Conservancy District Refunding            
915,000   4.000%, 10/01/31 Series A   NR/AA+/AAA   929,411    
                 
    West Harris County, Texas Regional Water Authority            
815,000   5.000%, 12/15/26 Series A   A1/AA-/A+   863,101    
    Total Water and Sewer       31,122,501    
    Total Revenue Bonds       285,338,036    
                 

 

 

 
 
 

 

 

Amount   Pre-Refunded Bonds\Escrowed to Maturity Bonds (3.6%)††   Ratings
Moody's, S&P
and Fitch
  Value   (a)
    Pre-Refunded General Obligation Bonds (0.7%)            
    City and County (0.3%)            
    Miami Gardens, Florida            
$1,000,000   5.000%, 07/01/29   Aa3/A+/NR   $1,031,390    
                 
    Public Schools (0.4%)            
    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*   554,334    
                 
    Wylie, Texas Independent School District Capital Appreciation            
1,000,000   zero coupon, 08/15/32 PSF Guaranteed   Aaa/NR/NR   712,030    
    Total Public Schools       1,266,364    
    Total Pre-Refunded General Obligation Bonds       2,297,754    
                 
    Pre-Refunded\Escrowed to Maturity Revenue Bonds (2.9%)            
    Airport (0.7%)            
    Williston City, North Dakota Airport Revenue Infrastructure Sales Tax            
2,365,000   4.000%, 11/01/28   NR/A+/NR   2,384,298    
                 
    Charter Schools (0.3%)            
    Utah State Charter School Finance Authority Legacy Preparatory Academy            
140,000   4.000%, 04/15/24 ETM   NR/NR/NR*   142,134    
820,000   5.000%, 04/15/29   NR/NR/NR*   852,620    
    Total Charter Schools       994,754    
                 
    Electric (0.2%)            
    Wyoming Municipal Power Agency Power Supply System Revenue            
665,000   5.000%, 01/01/27 Series A BAMI Insured ETM   NR/NR/NR*   720,255    
                 
    Healthcare (0.2%)            
    Brevard County, Florida Health Facilities Authority Health First Inc. Project            
750,000   5.000%, 04/01/30   A2/A/NR   764,175    
                 
    Higher Education (0.8%)            
    Utah State University Student Building Fee            
1,285,000   5.000%, 12/01/29 Series B   NR/AA/NR   1,295,781    
1,355,000   5.000%, 12/01/30 Series B   NR/AA/NR   1,366,368    
    Total Higher Education       2,662,149    
                 
    Sales Tax (0.7%)            
    Riverton City, Utah Franchise & Sales Tax Revenue            
650,000   5.250%, 12/01/36   NR/AA+/NR   656,110    
                 
    Utah Transit Authority Sales Tax Revenue            
1,560,000   5.000%, 06/15/37 Series A   Aa3/AA-/NR   1,650,371    
    Total Sales Tax       2,306,481    
    Total Pre-Refunded\Escrowed to Maturity Revenue Bonds       9,832,112    
    Total Pre-Refunded\Escrowed to Maturity Bonds       12,129,866    
    Total Municipal Bonds (cost $342,414,780)       330,499,068    

 

 

 
 
 

 

 

Shares    Short-Term Investment (0.6%)   Ratings
Moody's, S&P
and Fitch
  Value   (a)
1,829,492   Dreyfus Treasury Obligations Cash Management -
Institutional Shares, 4.17%** (cost $1,829,492)
  Aaa-mf/AAAm/NR   $    1,829,492    
                 
    Total Investments
(cost $344,244,272-note b)
  99.0%   332,328,560    
    Other assets less liabilities   1.0   3,260,011    
    Net Assets   100.0%   $335,588,571    
                 
        Percent of        
    Portfolio Distribution By Quality Rating   Investments        
    Aaa of Moody's or AAA of S&P and Fitch   7.3%        
    Pre-refunded bonds\ ETM bonds††   3.7        
    Aa of Moody's or AA of S&P and Fitch   64.5        
    A of Moody's or S&P and Fitch   17.9        
    BBB of S&P   2.5        
    Not Rated*   4.1        
        100.0%        

 

 

    PORTFOLIO ABBREVIATIONS:            
    AGMC - Assured Guaranty Municipal Corp.            
    AMBAC - American Municipal Bond Assurance Corp.            
    AMT - Alternative Minimum Tax            
    BAMAC - Build America Mutual Assurance Co.            
    BAMI - Build America Mutual Insurance            
    COP - Certificates of Participation            
    ETM - Escrowed to Maturity            
    FHA - Federal Housing Administration            
    NR - Not Rated            
    PSF- Permanent School Fund            

 

 

    *    Any security not rated ("NR") by any of the Nationally Recognized Statistical Rating Organizations ("NRSRO") has been determined by the Investment Adviser to have sufficient quality to be ranked in the top four credit ratings if a credit rating were to be assigned by a NRSRO.    
    **    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.  Escrowed to Maturity bonds are bonds where money has been placed in the escrow account which is used to pay principal and interest through the bond's originally scheduled maturity date.  Escrowed to Maturity are shown as ETM.  All other securities in the category are pre-refunded.    
      Note: 144A – Private placement subject to SEC rule 144A, which modifies a two-year holding period requirement to permit qualified institutional buyers to trade these securities among themselves, thereby significantly improving the liquidity of these securities.    

 

 

See accompanying notes to financial statements.

 

 
 
 

 

 

AQUILA TAX-FREE FUND FOR UTAH

NOTES TO FINANCIAL STATEMENTS

December 31, 2022

(unaudited)

 

 

(a)Securities valuation policies and other investment related disclosures are hereby incorporated by reference in the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR. 

 

(b)At December 31, 2022, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $344,244,272 amounted to $11,915,712, which consisted of aggregate gross unrealized appreciation of $1,020,743 and aggregate gross unrealized depreciation of $12,936,455.

 

(c)Fair Value Measurements: The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund’s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund’s investments and are summarized in the following fair value hierarchy:

 

Level 1 –  Unadjusted quoted prices in inactive markets for identical assets or liabilities that the Fund has the ability to access.
   
Level 2 –  Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
   
Level 3 –  Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

 

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

 

The following is a summary of the valuation inputs, representing 100% of the Fund’s investments, used to value the Fund’s net assets as of December 31, 2022:

 

Valuation Inputs+   Investments in
Securities
Level 1 – Quoted Prices- Short-Term Investment $ 1,829,492
Level 2 – Other Significant Observable Inputs - Municipal Bonds   330,499,068
Level 3 – Significant Unobservable Inputs  
Total $ 332,328,560

 

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