AQUILA TAX-FREE TRUST OF ARIZONA
SCHEDULE OF INVESTMENTS
December 31, 2020
(unaudited)
Principal Amount |
General Obligation Bonds (24.6%) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
City (2.7%) | ||||||||
Buckeye Jackrabbit Trail Sanitary Sewer Improvement District | ||||||||
$ 222,000 | 6.250%, 01/01/29 | NR/A-/NR | $ 228,169 | |||||
Gilbert Improvement District No. 19 | ||||||||
5,000 | 5.200%, 01/01/23 | Aa1/AA-/NR | 5,018 | |||||
Gilbert Improvement District No. 20 | ||||||||
585,000 | 5.100%, 01/01/29 | Aa1/AA-/NR | 598,502 | |||||
Glendale, Arizona | ||||||||
200,000 | 5.000%, 07/01/33 | NR/AA-/AAA | 259,090 | |||||
Goodyear McDowell Road Commercial Corridor Improvement District | ||||||||
855,000 | 3.250%, 01/01/27 BAMAC Insured | Aa2/AA/NR | 979,445 | |||||
Mesa, Arizona | ||||||||
425,000 | 4.000%, 07/01/32 | Aa2/AA/NR | 516,035 | |||||
425,000 | 4.000%, 07/01/33 | Aa2/AA/NR | 513,710 | |||||
450,000 | 4.000%, 07/01/34 | Aa2/AA/NR | 542,642 | |||||
Scottsdale, Arizona | ||||||||
200,000 | 4.000%, 07/01/28 | Aaa/AAA/AAA | 229,872 | |||||
500,000 | 4.000%, 07/01/34 | Aaa/AAA/AAA | 585,585 | |||||
Tempe Improvement District (Pier Town Lake) | ||||||||
2,000,000 | 5.000%, 01/01/29 | Aa2/NR/NR | 2,006,920 | |||||
Tolleson, Arizona | ||||||||
1,000,000 | 4.000%, 07/01/38 | NR/AA/AAA | 1,168,630 | |||||
Total City | 7,633,618 | |||||||
County (6.2%) | ||||||||
Drexel Heights Fire District | ||||||||
120,000 | 3.000%, 07/01/21 | NR/AA-/NR | 121,600 | |||||
100,000 | 3.000%, 07/01/22 | NR/AA-/NR | 103,749 | |||||
255,000 | 3.000%, 07/01/23 | NR/AA-/NR | 270,364 | |||||
Maricopa Co. Daisy Mountain Fire District | ||||||||
340,000 | 4.000%, 07/01/27 AGMC Insured | NR/AA/NR | 401,020 | |||||
395,000 | 3.500%, 07/01/28 AGMC Insured | NR/AA/NR | 452,828 | |||||
Maricopa Co. Special Health Care District | ||||||||
2,500,000 | 5.000%, 07/01/25 | Aa3/NR/A+ | 2,987,825 | |||||
2,500,000 | 5.000%, 07/01/26 | Aa3/NR/A+ | 3,077,300 | |||||
3,000,000 | 5.000%, 07/01/32 | Aa3/NR/A+ | 3,791,700 | |||||
1,500,000 | 5.000%, 07/01/34 | Aa3/NR/A+ | 1,883,160 |
Principal Amount |
General Obligation Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
County (continued) | ||||||||
Pima Co. Northwest Fire District | ||||||||
$ 515,000 | 4.000%, 07/01/21 | NR/AA-/NR | $ 524,378 | |||||
545,000 | 4.000%, 07/01/22 | NR/AA-/NR | 573,258 | |||||
Yavapai Co. Jail District | ||||||||
1,650,000 | 4.000%, 07/01/33 BAMAC Insured | NR/AA/AA | 1,933,173 | |||||
Yuma Co. Free Library District | ||||||||
1,000,000 | 4.000%, 07/01/29 | Aa3/NR/AAA | 1,126,100 | |||||
Total County | 17,246,455 | |||||||
School District (15.7%) | ||||||||
Buckeye Union High School District No. 201 | ||||||||
1,000,000 | 5.000%, 07/01/33 AGMC Insured | NR/AA/NR | 1,185,360 | |||||
500,000 | 5.000%, 07/01/36 BAMAC Insured | NR/AA/NR | 612,180 | |||||
Gila Co. Unified School District No. 10 (Payson) | ||||||||
1,000,000 | 5.000%, 07/01/28 | Aa3/NR/NR | 1,152,620 | |||||
Glendale Union High School District No. 205 | ||||||||
525,000 | 5.000%, 07/01/27 BAMAC Insured | NR/AA/NR | 582,829 | |||||
Maricopa Co. Elementary School District No. 1 (Phoenix) | ||||||||
500,000 | 4.000%, 07/01/31 BAMAC Insured | NR/AA/NR | 586,575 | |||||
460,000 | 4.000%, 07/01/32 BAMAC Insured | NR/AA/NR | 535,753 | |||||
Maricopa Co. Elementary School District No. 2 (Riverside) | ||||||||
1,000,000 | 5.000%, 07/01/30 BAMAC Insured | NR/AA/NR | 1,310,170 | |||||
Maricopa Co. Elementary School District No. 3 (Tempe) | ||||||||
500,000 | 5.000%, 07/01/30 | Aa2/NR/NR | 628,795 | |||||
Maricopa Co. Elementary School District No. 8 (Osborn) | ||||||||
500,000 | 5.000%, 07/01/31 AGMC Insured | NR/AA/NR | 622,980 | |||||
Maricopa Co. Elementary School District No. 25 (Liberty) | ||||||||
350,000 | 4.000%, 07/01/35 AGMC Insured | NR/AA/NR | 423,269 | |||||
300,000 | 4.000%, 07/01/36 AGMC Insured | NR/AA/NR | 361,584 | |||||
375,000 | 4.000%, 07/01/37 AGMC Insured | NR/AA/NR | 450,611 | |||||
Maricopa Co. Elementary School District No. 28 (Kyrene Elementary) | ||||||||
350,000 | 5.000%, 07/01/34 | Aa1/AA/NR | 414,708 | |||||
Maricopa Co. Elementary School District No. 62 (Union) | ||||||||
315,000 | 4.000%, 07/01/29 BAMAC Insured | NR/AA/NR | 377,020 | |||||
580,000 | 4.000%, 07/01/32 BAMAC Insured | NR/AA/NR | 685,392 | |||||
300,000 | 4.000%, 07/01/33 BAMAC Insured | NR/AA/NR | 353,109 | |||||
375,000 | 4.000%, 07/01/34 BAMAC Insured | NR/AA/NR | 440,468 | |||||
Maricopa Co. Elementary School District No. 66 (Roosevelt) | ||||||||
500,000 | 5.000%, 07/01/21 BAMAC Insured | A2/AA/NR | 511,420 |
Principal Amount |
General Obligation Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
School District (continued) | ||||||||
Maricopa Co. Elementary School District No. 92 (Pendergast) | ||||||||
$ 175,000 | 5.000%, 07/01/21 | A1/NR/AA+ | $ 179,041 | |||||
230,000 | 5.000%, 07/01/22 | A1/NR/AA+ | 246,082 | |||||
Maricopa Co. High School District No. 210 (Phoenix) | ||||||||
500,000 | 4.000%, 07/01/26 | Aa2/AA/AAA | 578,700 | |||||
Maricopa Co. High School District No. 214 (Tolleson) | ||||||||
825,000 | 4.000%, 07/01/34 | Aa1/AA/NR | 990,248 | |||||
Maricopa Co. Unified School District No. 11 (Peoria) | ||||||||
1,500,000 | 4.000%, 07/01/25 | A1/AA-/NR | 1,581,495 | |||||
675,000 | 4.500%, 07/01/33 AGMC Insured | A1/AA/NR | 766,996 | |||||
Maricopa Co. Unified School District No. 24 (Gila Bend) | ||||||||
105,000 | 5.500%, 07/01/22 | NR/NR/NR* | 105,183 | |||||
Maricopa Co. Unified School District No. 60 (Higley) | ||||||||
1,615,000 | 5.000%, 07/01/29 | Aa3/A+/NR | 1,854,844 | |||||
Maricopa Co. Unified School District No. 66 (Roosevelt) | ||||||||
910,000 | 4.000%, 07/01/31 BAMAC Insured | A2/AA/NR | 1,073,791 | |||||
Maricopa Co. Unified School District No. 69 (Paradise Valley) | ||||||||
100,000 | 5.000%, 07/01/24 | Aa1/NR/AAA | 116,585 | |||||
1,000,000 | 4.500%, 07/01/30 | Aa1/NR/AAA | 1,094,800 | |||||
225,000 | 3.000%, 07/01/35 | Aa1/NR/AAA | 255,098 | |||||
300,000 | 3.000%, 07/01/36 | Aa1/NR/AAA | 338,958 | |||||
Maricopa Co. Unified School District No. 80 (Chandler) | ||||||||
300,000 | 5.000%, 07/01/23 | Aa1/AA/NR | 335,664 | |||||
545,000 | 4.000%, 07/01/36 | Aa1/AA/NR | 655,101 | |||||
Maricopa Co. Unified School District No. 89 (Dysart) | ||||||||
500,000 | 4.000%, 07/01/28 | NR/A+/AAA | 551,835 | |||||
2,185,000 | 5.500%, 07/01/22 NPFG/FGIC Insured | Baa2/A+/NR | 2,353,660 | |||||
Maricopa Co. Unified School District No. 90 (Saddle Mountain) | ||||||||
1,300,000 | 5.125%, 07/01/25 AGMC Insured | A2/AA/NR | 1,331,005 | |||||
Maricopa Co. Unified School District No. 93 (Cave Creek) | ||||||||
100,000 | 4.000%, 07/01/29 BAMAC Insured | NR/AA/NR | 113,267 | |||||
Mohave Co. Unified School District No. 1 (Lake Havasu) | ||||||||
250,000 | 2.000%, 07/01/21 | Aa2/NR/NR | 252,273 | |||||
500,000 | 5.000%, 07/01/35 | Aa2/NR/NR | 617,270 | |||||
Mohave Co. Unified School District No. 20 (Kingman) | ||||||||
2,000,000 | 5.000%, 07/01/25 BAMAC Insured | A1/AA/NR | 2,410,980 |
Principal Amount |
General Obligation Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
School District (continued) | ||||||||
Navajo Co. Unified School District No. 10 (Show Low) | ||||||||
$ 500,000 | 4.000%, 07/01/31 AGMC Insured | NR/AA/NR | $ 586,575 | |||||
Navajo Co. Unified School District No. 32 (Blue Ridge) | ||||||||
400,000 | 5.000%, 07/01/29 AGMC Insured | NR/AA/NR | 503,940 | |||||
Pima Co. Unified School District No. 6 (Marana) | ||||||||
1,250,000 | 5.000%, 07/01/25 | NR/A/NR | 1,278,300 | |||||
950,000 | 5.250%, 07/01/25 AGMC Insured | NR/AA/NR | 1,017,830 | |||||
1,000,000 | 4.000%, 07/01/37 AGMC Insured | NR/AA/NR | 1,153,000 | |||||
1,000,000 | 4.250%, 07/01/32 MAC Insured | NR/AA/NR | 1,128,620 | |||||
Pima Co. Unified School District No. 8 (Flowing Wells) | ||||||||
1,000,000 | 4.500%, 07/01/37 AGMC Insured | NR/AA/NR | 1,183,790 | |||||
Pima Co. Unified School District No. 10 (Amphitheater) | ||||||||
700,000 | 5.000%, 07/01/27 | Aa2/A+/NR | 715,778 | |||||
Pima Co. Unified School District No. 12 (Sunnyside) | ||||||||
1,050,000 | 4.000%, 07/01/28 BAMAC Insured | NR/AA/NR | 1,132,068 | |||||
Pima Co. Unified School District No. 20 (Vail) | ||||||||
260,000 | 5.000%, 07/01/25 AGMC Insured | NR/AA/NR | 309,462 | |||||
1,000,000 | 5.000%, 07/01/26 AGMC Insured | NR/AA/NR | 1,227,900 | |||||
700,000 | 5.000%, 07/01/28 AGMC Insured | NR/AA/NR | 903,245 | |||||
Pinal Co. Unified School District No. 1 (Florence) | ||||||||
200,000 | 2.000%, 07/01/21 BAMAC Insured | NR/AA/NR | 201,640 | |||||
Pinal Co. Unified School District No. 44 (J. O. Combs) | ||||||||
1,225,000 | 3.750%, 07/01/38 AGMC Insured | NR/AA/NR | 1,396,120 | |||||
Western Maricopa Education Center District No. 402 | ||||||||
1,200,000 | 4.000%, 07/01/28 | NR/AA-/NR | 1,294,104 | |||||
Yavapai Co. Elementary School District No. 6 (Cottonwood-Oak Creek) | ||||||||
720,000 | 5.000%, 07/01/34 BAMAC Insured | A3/AA/NR | 850,666 | |||||
Total School District | 43,920,757 | |||||||
Total General Obligation Bonds | 68,800,830 | |||||||
Revenue Bonds (65.6%) | ||||||||
Airport (7.7%) | ||||||||
Phoenix Civic Improvement Corp. Airport Bonds | ||||||||
5,000,000 | 4.000%, 07/01/40 | A1/A/NR | 5,663,000 | |||||
725,000 | 5.000%, 07/01/22 AMT | A1/A/NR | 769,979 | |||||
2,595,000 | 5.000%, 07/01/27 AMT | Aa3/A+/NR | 3,266,975 | |||||
185,000 | 5.000%, 07/01/30 AMT | Aa3/A+/NR | 229,232 | |||||
3,850,000 | 5.000%, 07/01/31 AMT | Aa3/A+/NR | 4,753,441 | |||||
2,700,000 | 5.000%, 07/01/32 AMT | Aa3/A+/NR | 2,954,421 | |||||
200,000 | 5.000%, 07/01/33 AMT | Aa3/A+/NR | 249,092 | |||||
1,600,000 | 3.000%, 07/01/49 | A1/A/NR | 1,680,144 | |||||
300,000 | 5.000%, 07/01/49 | A1/A/NR | 372,702 | |||||
1,000,000 | 3.250%, 07/01/49 AMT | A1/A/NR | 1,051,110 |
Principal Amount |
Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
Airport (continued) | ||||||||
Phoenix-Mesa Gateway Airport Authority | ||||||||
$ 515,000 | 5.000%, 07/01/38 AMT | A1/AA+/NR | $ 545,102 | |||||
Total Airport | 21,535,198 | |||||||
Charter Schools (2.3%) | ||||||||
Arizona Industrial Development Authority (Basis Schools) | ||||||||
240,000 | 5.000%, 07/01/37 State Enhanced | NR/AA-/NR | 286,102 | |||||
Arizona Industrial Development Authority (Candeo Schools) | ||||||||
500,000 | 3.375%, 07/01/41 State Enhanced | NR/AA-/NR | 524,970 | |||||
Arizona Industrial Development Authority (Equitable Schools) | ||||||||
225,000 | 5.000%, 11/01/21 | NR/A/NR | 233,258 | |||||
700,000 | 4.000%, 11/01/27 | NR/A/NR | 845,747 | |||||
600,000 | 5.000%, 11/01/32 | NR/A/NR | 796,278 | |||||
1,000,000 | 4.000%, 11/01/36 | NR/A/NR | 1,202,270 | |||||
La Paz Co. Industrial Development Authority (Harmony Public Schools Projects) | ||||||||
200,000 | 5.000%, 02/15/28 | NR/BBB/NR | 231,544 | |||||
Maricopa Co. Industrial Development Authority (Great Hearts Arizona Projects) | ||||||||
250,000 | 5.000%, 07/01/26 State Enhanced | NR/AA-/NR | 306,220 | |||||
315,000 | 5.000%, 07/01/37 State Enhanced | NR/AA-/NR | 380,860 | |||||
Phoenix Industrial Development Authority (Great Hearts Academies Project) | ||||||||
500,000 | 5.000%, 07/01/41 | NR/BBB-/NR | 552,635 | |||||
Phoenix Industrial Development Authority (Villa Montessori Inc. Project) | ||||||||
415,000 | 5.000%, 07/01/35 | NR/BBB-/NR | 461,434 | |||||
Phoenix Industrial Development Authority (Vista College Preparatory Projects) | ||||||||
430,000 | 5.000%, 07/01/43 State Enhanced | NR/AA-/NR | 519,539 | |||||
Total Charter Schools | 6,340,857 | |||||||
Excise Tax (11.6%) | ||||||||
Buckeye Excise Tax | ||||||||
400,000 | 4.000%, 07/01/36 | NR/AA/AA | 453,084 | |||||
1,000,000 | 5.000%, 07/01/43 | NR/AA/AA | 1,176,650 | |||||
Buckeye Roosevelt Street Improvement District | ||||||||
100,000 | 4.000%, 01/01/32 | NR/A-/NR | 105,185 | |||||
125,000 | 4.050%, 01/01/33 | NR/A-/NR | 131,314 | |||||
Bullhead City Excise Tax | ||||||||
310,000 | 3.000%, 07/01/21 | NR/AA/NR | 314,210 | |||||
Cottonwood Pledged Revenue Obligations | ||||||||
500,000 | 5.000%, 07/01/30 AGMC Insured | NR/AA/NR | 595,360 |
Principal Amount |
Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
Excise Tax (continued) | ||||||||
Flagstaff Pledged Revenue | ||||||||
$ 1,395,000 | 4.250%, 07/01/33 | NR/AA/NR | $ 1,607,542 | |||||
Gila Co. Pledged Revenue Obligations | ||||||||
555,000 | 4.000%, 07/01/30 | NR/AA/NR | 669,929 | |||||
Gilbert Pledged Revenue Obligations | ||||||||
450,000 | 4.000%, 07/01/35 | Aa1/AAA/AAA | 502,844 | |||||
Goodyear Public Improvement Corp. | ||||||||
500,000 | 5.250%, 07/01/24 | Aa2/AA+/NR | 537,100 | |||||
1,500,000 | 5.000%, 07/01/26 | Aa2/AA+/NR | 1,601,775 | |||||
Graham Co. Jail District Revenue Pledged Obligation | ||||||||
1,000,000 | 5.000%, 07/01/35 | NR/A-/NR | 1,143,020 | |||||
Marana Pledged Excise Tax | ||||||||
275,000 | 4.000%, 07/01/30 | NR/AA/NR | 295,908 | |||||
1,400,000 | 5.000%, 07/01/33 | NR/AA/NR | 1,552,726 | |||||
Mesa Excise Tax | ||||||||
1,000,000 | 3.000%, 07/01/38 | Aa3/AA+/NR | 1,085,900 | |||||
Page Pledged Revenue Refunding | ||||||||
1,080,000 | 5.000%, 07/01/25 | NR/AA-/NR | 1,104,397 | |||||
Phoenix Civic Improvement Corp. | ||||||||
2,425,000 | 4.000%, 07/01/45 | Aa2/AAA/AA+ | 2,921,980 | |||||
Phoenix Civic Improvement Corp. (Civic Plaza) | ||||||||
2,000,000 | 5.500%, 07/01/27 BHAC/FGIC Insured | Aa1/AA+/NR | 2,561,940 | |||||
2,000,000 | 5.500%, 07/01/30 BHAC/FGIC Insured | Aa1/AA+/NR | 2,746,760 | |||||
1,000,000 | 5.500%, 07/01/23 NPFG/FGIC Insured | Aa2/AA/NR | 1,115,360 | |||||
2,300,000 | 5.500%, 07/01/33 NPFG/FGIC Insured | Aa2/AA/NR | 3,340,980 | |||||
Pinal Co. Revenue Obligations Refunding | ||||||||
1,500,000 | 5.000%, 08/01/33 | NR/AA-/AA | 1,712,535 | |||||
Queen Creek Excise Tax & State Shared Revenue | ||||||||
250,000 | 5.000%, 08/01/30 | NR/AA/AA | 277,893 | |||||
Santa Cruz Co. Jail District | ||||||||
1,655,000 | 5.000%, 07/01/28 AGMC Insured | NR/AA/NR | 2,079,292 | |||||
885,000 | 5.000%, 07/01/31 AGMC Insured | NR/AA/NR | 1,097,037 | |||||
Scottsdale Municipal Property Corp. | ||||||||
1,500,000 | 5.000%, 07/01/34 | Aa1/AAA/AA+ | 1,784,625 | |||||
Total Excise Tax | 32,515,346 |
Principal Amount |
Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
Healthcare (9.5%) | ||||||||
Arizona Health Facilities Authority (Banner Health) | ||||||||
$ 2,000,000 | 5.000%, 01/01/44 | NR/AA-/AA- | $ 2,252,160 | |||||
Arizona Health Facilities Authority (Phoenix Children's Hospital) | ||||||||
1,000,000 | 5.000%, 02/01/27 | A1/A/A+ | 1,049,070 | |||||
775,000 | 5.000%, 02/01/30 | A1/A/A+ | 810,371 | |||||
6,035,000 | 5.000%, 02/01/34 | A1/A/A+ | 6,290,643 | |||||
Arizona Health Facilities Authority (Scottsdale Lincoln Hospitals) | ||||||||
3,000,000 | 5.000%, 12/01/34 | A2/NR/A | 3,480,480 | |||||
1,500,000 | 5.000%, 12/01/42 | A2/NR/A | 1,720,875 | |||||
Maricopa Co. Industrial Development Authority (Banner Health) | ||||||||
1,600,000 | 5.000%, 01/01/38 | NR/AA-/AA- | 1,952,048 | |||||
Maricopa Co. Industrial Development Authority (HonorHealth) | ||||||||
2,250,000 | 4.125%, 09/01/38 | A2/NR/A | 2,607,233 | |||||
1,000,000 | 4.125%, 09/01/42 | A2/NR/A | 1,147,440 | |||||
Yavapai Co. Industrial Development Authority (Northern Arizona Healthcare System) | ||||||||
500,000 | 5.250%, 10/01/25 | NR/AA-/NR | 518,010 | |||||
500,000 | 5.250%, 10/01/26 | NR/AA-/NR | 517,520 | |||||
Yavapai Co. Industrial Development Authority (Yavapai Regional Medical Center) | ||||||||
200,000 | 5.000%, 08/01/21 | A2/NR/A+ | 204,996 | |||||
1,000,000 | 5.250%, 08/01/33 | A2/NR/A+ | 1,101,090 | |||||
675,000 | 5.000%, 08/01/34 | A2/NR/A+ | 797,762 | |||||
Yuma Industrial Development Authority (Yuma Regional Medical Center) | ||||||||
1,635,000 | 5.000%, 08/01/23 | NR/A/NR | 1,820,981 | |||||
200,000 | 5.000%, 08/01/32 | NR/A/NR | 225,308 | |||||
Total Healthcare | 26,495,987 | |||||||
Higher Education (8.6%) | ||||||||
Arizona Board of Regents (Arizona State University System) | ||||||||
480,000 | 5.000%, 07/01/31 | Aa2/AA/NR | 569,726 | |||||
285,000 | 5.000%, 07/01/32 | Aa2/AA/NR | 301,832 | |||||
115,000 | 5.000%, 07/01/32 | Aa2/AA/NR | 121,792 | |||||
565,000 | 4.000%, 07/01/49 | Aa2/AA/NR | 656,852 | |||||
Arizona Board of Regents (Arizona State University System) Green Bonds | ||||||||
750,000 | 5.000%, 07/01/34 | Aa2/AA/NR | 883,688 |
Principal Amount |
Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
Higher Education (continued) | ||||||||
Arizona Board of Regents (Northern Arizona University System) | ||||||||
$ 575,000 | 5.000%, 06/01/32 | A1/A+/NR | $ 648,215 | |||||
Arizona Board of Regents (Northern Arizona University) Speed Stimulus Plan for Economic & Educational Development | ||||||||
2,090,000 | 5.000%, 08/01/29 AGMC Insured | A2/AA/NR | 2,725,026 | |||||
Arizona Board of Regents (University of Arizona System) Speed Stimulus Plan for Economic & Educational Development | ||||||||
1,500,000 | 5.000%, 08/01/34 | Aa3/A+/NR | 1,705,635 | |||||
1,500,000 | 3.125%, 08/01/39 | Aa3/A+/NR | 1,638,840 | |||||
Arizona Board of Regents (University of Arizona System) | ||||||||
400,000 | 5.000%, 06/01/29 | Aa2/AA-/NR | 459,184 | |||||
Arizona Industrial Development Authority (North Carolina Central University Student Housing) | ||||||||
250,000 | 4.000%, 06/01/34 BAMAC Insured | Baa3/AA/NR | 284,685 | |||||
700,000 | 4.000%, 06/01/39 BAMAC Insured | Baa3/AA/NR | 786,464 | |||||
Arizona State University Speed Stimulus Plan for Economic & Educational Development | ||||||||
625,000 | 5.000%, 08/01/34 | Aa3/AA-/NR | 710,681 | |||||
Cochise Co. Community College District | ||||||||
630,000 | 5.000%, 07/01/31 BAMAC Insured | A2/AA/NR | 718,704 | |||||
McAllister Academic Village (Arizona State University Hassayampa) | ||||||||
1,000,000 | 5.000%, 07/01/39 | Aa3/AA-/NR | 1,189,410 | |||||
Phoenix Industrial Development Authority (Downtown Phoenix Student Housing) | ||||||||
200,000 | 5.000%, 07/01/26 | Baa3/NR/NR | 224,296 | |||||
400,000 | 5.000%, 07/01/33 | Baa3/NR/NR | 447,324 | |||||
1,250,000 | 5.000%, 07/01/42 | Baa3/NR/NR | 1,364,813 | |||||
Phoenix Industrial Development Authority (Downtown Phoenix Student Housing II) | ||||||||
100,000 | 5.000%, 07/01/26 | Baa3/NR/NR | 111,606 | |||||
250,000 | 5.000%, 07/01/27 | Baa3/NR/NR | 282,270 | |||||
150,000 | 5.000%, 07/01/28 | Baa3/NR/NR | 170,960 | |||||
200,000 | 5.000%, 07/01/30 | Baa3/NR/NR | 228,332 | |||||
300,000 | 5.000%, 07/01/32 | Baa3/NR/NR | 339,150 | |||||
Phoenix Industrial Development Authority (Eastern Kentucky University Project) | ||||||||
500,000 | 5.000%, 10/01/36 | A3/BBB+/NR | 573,460 |
Principal Amount |
Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
Higher Education (continued) | ||||||||
Phoenix Industrial Development Authority (Rowan University Project) | ||||||||
$ 2,000,000 | 5.250%, 06/01/34 | A3/A/NR | $ 2,101,200 | |||||
Pima Co. Community College District | ||||||||
1,075,000 | 5.000%, 07/01/36 | Aa3/NR/AA- | 1,360,230 | |||||
750,000 | 4.000%, 07/01/37 | Aa3/NR/AA- | 884,363 | |||||
500,000 | 4.000%, 07/01/38 | Aa3/NR/AA- | 588,175 | |||||
Yavapai Co. Community College District | ||||||||
1,000,000 | 4.875%, 07/01/25 AGMC Insured | A1/AA/NR | 1,020,690 | |||||
Yuma/ La Paz Counties Community College District (Arizona Western College), Refunding | ||||||||
1,000,000 | 4.000%, 07/01/28 2014A | Aa3/A+/NR | 1,103,670 | |||||
Total Higher Education | 24,201,273 | |||||||
Housing (1.8%) | ||||||||
Arizona Industrial Development Authority Green Bond MTEB (Chandler Village Apartments Project) | ||||||||
4,969,927 | 2.120%, 07/01/37 FNMA Insured Series 2020 | Aaa/NR/NR | 5,101,730 | |||||
Lease (4.7%) | ||||||||
Arizona Board of Regents (Northern Arizona University) COP | ||||||||
600,000 | 5.000%, 09/01/27 | A2/A/NR | 640,290 | |||||
500,000 | 5.000%, 09/01/28 | A2/A/NR | 532,685 | |||||
1,000,000 | 5.000%, 09/01/29 | A2/A/NR | 1,063,630 | |||||
Maricopa Co. COP | ||||||||
4,000,000 | 5.000%, 07/01/21 | Aa1/AA+/AA+ | 4,095,560 | |||||
Nogales Municipal Development Authority, Inc. | ||||||||
845,000 | 4.000%, 06/01/36 | NR/AA-/NR | 935,854 | |||||
615,000 | 5.000%, 06/01/28 AGMC Insured | NR/AA/NR | 747,969 | |||||
810,000 | 4.000%, 06/01/33 AGMC Insured | NR/AA/NR | 965,431 | |||||
2,000,000 | 4.000%, 06/01/39 AGMC Insured | NR/AA/NR | 2,345,120 | |||||
Prescott Municipal Property Corp. | ||||||||
500,000 | 5.000%, 07/01/34 | Aa3/AA+/NR | 564,990 | |||||
State of Arizona COP | ||||||||
500,000 | 5.000%, 10/01/25 | Aa2/AA-/NR | 610,665 | |||||
500,000 | 5.000%, 09/01/27 | Aa2/AA-/NR | 602,595 | |||||
Total Lease | 13,104,789 |
Principal Amount |
Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
Mortgage (2.6%) | ||||||||
Eastmark Community Facilities District No. 1 | ||||||||
$ 345,000 | 4.000%, 07/15/33 AGMC Insured | NR/AA/NR | $ 398,165 | |||||
360,000 | 4.000%, 07/15/34 AGMC Insured | NR/AA/NR | 414,637 | |||||
Estrella Mountain Ranch Community Facilities District | ||||||||
1,000,000 | 5.000%, 07/15/32 AGMC Insured | NR/AA/NR | 1,213,740 | |||||
Festival Ranch Community Facilities District | ||||||||
950,000 | 5.000%, 07/15/37 BAMAC Insured | NR/AA/NR | 1,173,535 | |||||
750,000 | 5.000%, 07/15/38 BAMAC Insured | NR/AA/NR | 929,333 | |||||
Goodyear Community Facilities Utilities District No. 1 | ||||||||
500,000 | 4.000%, 07/15/28 | A1/A-/NR | 551,410 | |||||
500,000 | 4.000%, 07/15/32 | A1/A-/NR | 569,060 | |||||
Merrill Ranch Community Facilities District #2 | ||||||||
680,000 | 6.750%, 07/15/38 | NR/BBB/NR | 769,624 | |||||
Verrado Community Facilities Utilities District No. 1 | ||||||||
500,000 | 6.000%, 07/15/33 144A | NR/NR/NR* | 520,025 | |||||
Vistancia Community Facilities District | ||||||||
710,000 | 4.000%, 07/15/23 BAMAC Insured | A1/AA/NR | 772,913 | |||||
Total Mortgage | 7,312,442 | |||||||
Pollution Control (1.7%) | ||||||||
Apache Co. Industrial Development Authority, Pollution Control (Tucson Electric Power Co.) | ||||||||
2,955,000 | 4.500%, 03/01/30 | A3/A-/NR | 3,059,134 | |||||
Maricopa Co. Pollution Control (El Paso Electric Co.) | ||||||||
375,000 | 3.600%, 02/01/40 | Baa2/NR/BBB+ | 416,036 | |||||
250,000 | 3.600%, 04/01/40 | Baa2/NR/BBB+ | 277,235 | |||||
Maricopa Co. Pollution Control (Palo Verde Project) | ||||||||
1,000,000 | 1.050%, 01/01/38 (Mandatory Put Date 6/01/22) | Baa2/BBB/NR | 1,009,050 | |||||
Total Pollution Control | 4,761,455 | |||||||
Resource Recovery (2.9%) | ||||||||
Chandler Industrial Development Authority (Intel Corporation Project) | ||||||||
4,250,000 | 2.700%, 12/01/37 AMT (Mandatory Put Date 8/14/23) | A1/A+/NR | 4,490,848 | |||||
Maricopa Co. Industrial Development Authority, (Waste Management Inc. Project) | ||||||||
1,500,000 | 3.375%, 12/01/31 AMT (Mandatory Put Date 6/03/24) | NR/A-/NR | 1,518,180 | |||||
Yavapai Co. Industrial Development Authority, (Waste Management Inc. Project) | ||||||||
1,500,000 | 2.800%, 06/01/27 AMT (Mandatory Put Date 06/01/21) | NR/A-/NR | 1,514,025 | |||||
520,000 | 2.200%, 03/01/28 AMT (Mandatory Put Date 06/03/24) | NR/A-/NR | 549,136 | |||||
Total Resource Recovery | 8,072,189 |
Principal Amount |
Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
Senior Living Facilities (2.2%) | ||||||||
Arizona Industrial Development Authority, First Tier (Great Lakes Senior Living Communities) | ||||||||
$ 480,000 | 4.250%, 01/01/40 | NR/BB+/NR | $ 401,362 | |||||
Arizona Industrial Development Authority, Second Tier (Great Lakes Senior Living Communities) | ||||||||
620,000 | 5.000%, 01/01/28 | NR/BB/NR | 593,886 | |||||
555,000 | 5.000%, 01/01/29 | NR/BB/NR | 525,568 | |||||
1,205,000 | 5.000%, 01/01/30 | NR/BB/NR | 1,128,567 | |||||
1,405,000 | 4.000%, 01/01/33 | NR/BB/NR | 1,155,598 | |||||
Maricopa Co. Industrial Development Authority (Christian Care Retirement Apartments) | ||||||||
1,000,000 | 5.000%, 01/01/30 | NR/A/NR | 1,156,260 | |||||
Pima Co. Industrial Development Authority (Christian Care Senior Living Facility) | ||||||||
1,000,000 | 5.000%, 12/15/32 | NR/BBB+/NR | 1,143,420 | |||||
Total Senior Living Facilities | 6,104,661 | |||||||
Transportation (0.2%) | ||||||||
Pima Co. Regional Transportation Authority Excise Tax | ||||||||
500,000 | 5.000%, 06/01/26 | NR/AA+/AA | 556,580 | |||||
Turnpike/Highway (1.1%) | ||||||||
Pima Co. Street & Highway Revenue | ||||||||
1,550,000 | 2.000%, 07/01/32 | NR/AA/AA | 1,627,903 | |||||
1,480,000 | 2.000%, 07/01/33 | NR/AA/AA | 1,534,582 | |||||
Total Turnpike/Highway | 3,162,485 | |||||||
Utility (5.7%) | ||||||||
Greater Arizona Development Authority Revenue | ||||||||
500,000 | 5.000%, 08/01/28 AGMC Insured | A1/AA/NR | 567,015 | |||||
Mesa Utility System | ||||||||
1,500,000 | 4.000%, 07/01/32 | Aa2/AA-/NR | 1,740,495 | |||||
1,560,000 | 4.000%, 07/01/34 | Aa2/AA-/NR | 1,959,266 | |||||
2,100,000 | 5.000%, 07/01/35 | Aa2/AA-/NR | 2,147,754 | |||||
Pinal Co. Electrical District No. 3, Electrical System Revenue | ||||||||
305,000 | 4.750%, 07/01/31 | NR/A+/NR | 310,646 | |||||
Salt River Project Agricultural Improvement and Power Revenue | ||||||||
115,000 | 5.000%, 01/01/26 | Aa1/AA+/NR | 142,078 | |||||
3,600,000 | 4.000%, 01/01/39 | Aa1/AA+/NR | 4,432,536 | |||||
150,000 | 5.000%, 01/01/32 | Aa1/AA+/NR | 193,337 | |||||
Salt Verde Finance Corp. Gas Revenue | ||||||||
3,000,000 | 5.250%, 12/01/28 | A3/BBB+/NR | 3,871,140 | |||||
Surprise Utility System Senior Lien Obligations | ||||||||
470,000 | 5.000%, 07/01/33 | NR/AA+/NR | 604,937 | |||||
Total Utility | 15,969,204 |
Principal Amount |
Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
Water/Sewer (3.0%) | ||||||||
Gilbert Water Resource Municipal Property Corp. | ||||||||
$ 1,190,000 | 4.000%, 07/01/34 | NR/AAA/AAA | $ 1,377,056 | |||||
Glendale Water & Sewer Revenue | ||||||||
500,000 | 5.000%, 07/01/28 | A1/AA/NR | 533,460 | |||||
Lake Havasu City Wastewater System Revenue | ||||||||
1,000,000 | 5.000%, 07/01/43 AGMC Insured | A2/AA/NR | 1,163,730 | |||||
Phoenix Civic Improvement Corp. Wastewater Revenue | ||||||||
1,500,000 | 5.500%, 07/01/24 NPFG/FGIC Insured | Aa2/AAA/NR | 1,775,400 | |||||
Phoenix Civic Improvement Corp. Water System Revenue | ||||||||
1,100,000 | 5.000%, 07/01/38 | Aa2/AAA/NR | 1,340,757 | |||||
Pima Co. Sewer Revenue System | ||||||||
1,335,000 | 5.000%, 07/01/26 | NR/AA/AA | 1,428,063 | |||||
865,000 | 5.000%, 07/01/27 | NR/AA/AA | 924,356 | |||||
Total Water/Sewer | 8,542,822 | |||||||
Total Revenue Bonds | 183,777,018 | |||||||
Pre-Refunded Bonds (5.9%)†† | ||||||||
Pre-Refunded General Obligation Bonds (0.8%) | ||||||||
School District (0.8%) | ||||||||
Maricopa Co. Elementary School District No. 28 (Kyrene Elementary) | ||||||||
250,000 | 5.500%, 07/01/30 | Aa1/AA/NR | 283,148 | |||||
Maricopa Co. Unified School District No. 48 (Scottsdale) | ||||||||
1,200,000 | 4.750%, 07/01/30 | Aa1/AA/NR | 1,227,204 | |||||
Tempe High School District No. 213 | ||||||||
650,000 | 4.000%, 07/01/32 | Aa1/AA/NR | 711,978 | |||||
Total Pre-Refunded General Obligation Bonds | 2,222,330 | |||||||
Pre-Refunded Revenue Bonds (5.1%) | ||||||||
Excise Tax (0.1%) | ||||||||
Mesa Excise Tax | ||||||||
250,000 | 5.000%, 07/01/32 | Aa3/NR/NR | 267,870 | |||||
Healthcare (3.9%) | ||||||||
Arizona Health Facilities Authority (Banner Health) | ||||||||
5,000,000 | 4.000%, 01/01/43 | NR/AA-/NR | 5,188,600 | |||||
Arizona Health Facilities Authority (Dignity Health) | ||||||||
2,175,000 | 5.250%, 03/01/39 | Baa1/BBB+/BBB+ | 2,192,139 | |||||
Maricopa Co. Hospital Revenue (Sun Health) | ||||||||
1,125,000 | 5.000%, 04/01/25 | NR/NR/NR* | 1,221,480 | |||||
2,125,000 | 5.000%, 04/01/35 | NR/NR/NR* | 2,447,405 | |||||
Total Healthcare | 11,049,624 |
Principal Amount |
Pre-Refunded Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
Pre-Refunded General Obligation Bonds (continued) | ||||||||
Higher Education (0.8%) | ||||||||
Arizona Board of Regents (University of Arizona System) | ||||||||
$ 460,000 | 5.000%, 06/01/31 | Aa2/AA-/NR | $ 490,029 | |||||
Northern Arizona University Speed Stimulus Plan for Economic & Educational Development | ||||||||
1,445,000 | 5.000%, 08/01/38 | A2/A/NR | 1,622,070 | |||||
Total Higher Education | 2,112,099 | |||||||
Utility (0.1%) | ||||||||
Pinal Co. Electrical District No. 3, Electrical System Revenue Refunding | ||||||||
250,000 | 5.250%, 07/01/36 | NR/A+/NR | 256,280 | |||||
Water/Sewer (0.2%) | ||||||||
Goodyear Water and Sewer Revenue | ||||||||
635,000 | 5.250%, 07/01/31 AGMC Insured | Aa3/AA/NR | 650,786 | |||||
Total Pre-Refunded Revenue Bonds | 14,336,659 | |||||||
Total Pre-Refunded Bonds | 16,558,989 | |||||||
Total Municipal Bonds (cost $250,072,709) | 269,136,837 |
Shares | Short-Term Investment (2.0%) | |||||||
5,677,731 | Dreyfus Treasury Obligations Cash Management - Institutional Shares, 0.03%** (cost $5,677,731) | Aaa-mf/AAAm/NR | 5,677,731 | |||||
Total Investments (cost $255,750,440 - note b) | 98.1% | 274,814,568 | ||||||
Other assets less liabilities | 1.9 | 5,388,587 | ||||||
Net Assets | 100.0% | $ 280,203,155 | ||||||
Percent of | ||||||||
Portfolio Distribution By Quality Rating | Investments † | |||||||
Aaa of Moody's or AAA of S&P or Fitch | 7.9% | |||||||
Pre-refunded bonds†† | 6.2 | |||||||
Aa of Moody's or AA of S&P or Fitch | 58.2 | |||||||
A of Moody's or S&P or Fitch | 23.1 | |||||||
Baa of Moody's or BBB of S&P or Fitch | 3.0 | |||||||
BB+ of S&P | 1.4 | |||||||
Not Rated* | 0.2 | |||||||
100.0% |
See accompanying notes to financial statements.
PORTFOLIO ABBREVIATIONS: | ||||||||
AGMC - Assured Guaranty Municipal Corp. | ||||||||
AMT - Alternative Minimum Tax | ||||||||
BAMAC - Build America Mutual Assurance Co. | ||||||||
BHAC - Berkshire Hathaway Assurance Corp. | ||||||||
COP- Certificates of Participation | ||||||||
FGIC - Financial Guaranty Insurance Co. | ||||||||
MAC - Municipal Assurance Corp. | ||||||||
MTEB- Multifamily Tax-Exempt Mortgage-Backed Bonds | ||||||||
NPFG - National Public Finance Guarantee | ||||||||
NR - Not Rated |
* | 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 credit four 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. | ||||
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 TRUST OF ARIZONA
NOTES TO FINANCIAL STATEMENTS
December 31, 2020
(unaudited)
(a) | Securities valuation policies and other investment related disclosures are hereby incorporated by reference in the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR. |
(b) | At December 31, 2020, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $255,302,223 amounted to $19,512,345, which consisted of aggregate gross unrealized appreciation of $20,291,705 and aggregate gross unrealized depreciation of $779,360. |
(c) | Fair Value Measurements: The Trust follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Trust’s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Trust’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 Trust 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 Trust’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 Trust’s investments, used to value the Trust’s net assets as of December 31, 2020:
Valuation Inputs+ | Investments in Securities | |
Level 1 – Quoted Prices – Short-Term Investment | $ | 5,677,731 |
Level 2 – Other Significant Observable Inputs - Municipal Bonds | 269,136,837 | |
Level 3 – Significant Unobservable Inputs | - | |
Total | $ | 274,814,568 |
+ See schedule of investments for a detailed listing of securities.