AQUILA TAX-FREE TRUST OF OREGON
SCHEDULE OF INVESTMENTS
December 31, 2022
(unaudited)
| Amount | General Obligation Bonds (63.6%) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
| City & County (6.9%) | ||||||||
| Bend, Oregon | ||||||||
| $2,690,000 | 5.000%, 06/01/32 | NR/AA+/NR | $3,136,406 | |||||
| Boardman, Oregon Green Bond | ||||||||
| 1,000,000 | 4.000%, 06/15/33 Series 2021 BAMAC Insured | NR/AA/NR | 1,057,430 | |||||
| Clackamas County, Oregon Refunding | ||||||||
| 1,135,000 | 4.000%, 06/01/24 | Aaa/NR/NR | 1,135,613 | |||||
| Clackamas County, Oregon (Tax-Exempt) | ||||||||
| 1,485,000 | 5.000%, 06/01/25 Series 2016B | Aaa/NR/NR | 1,566,482 | |||||
| Clatsop County, Oregon | ||||||||
| 1,000,000 | 5.000%, 06/15/32 | Aa2/NR/NR | 1,130,420 | |||||
| Deschutes, Oregon Public Library District | ||||||||
| 1,000,000 | 4.000%, 06/01/31 Series 2021 | Aa2/NR/NR | 1,090,300 | |||||
| Gresham, Oregon Full Faith and Credit Refunding and Project Obligations | ||||||||
| 1,545,000 | 5.000%, 05/01/23 | Aa2/NR/NR | 1,554,857 | |||||
| Hermiston, Oregon Full Faith and Credit Refunding Obligations | ||||||||
| 780,000 | 4.000%, 06/01/32 Series 2020 | NR/A+/NR | 825,419 | |||||
| Lake Oswego, Oregon Refunding | ||||||||
| 3,140,000 | 4.000%, 12/01/30 | Aaa/AAA/NR | 3,328,055 | |||||
| Lebanon, Oregon Refunding | ||||||||
| 1,050,000 | 5.000%, 06/01/24 | A1/NR/NR | 1,060,091 | |||||
| 1,165,000 | 5.000%, 06/01/25 | A1/NR/NR | 1,221,130 | |||||
| McMinnville, Oregon Refunding | ||||||||
| 2,075,000 | 5.000%, 02/01/27 | Aa3/NR/NR | 2,164,785 | |||||
| Multnomah County, Oregon | ||||||||
| 3,000,000 | 5.000%, 06/01/30 | Aaa/AAA/NR | 3,291,600 |
| Amount | General Obligation Bonds (continued) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
| City & County (continued) | ||||||||
| Portland, Oregon Limited Tax, Build Portland & Fuel Stations Projects | ||||||||
| $1,210,000 | 5.000%, 04/01/36 2017 Series 2022D | Aaa/NR/NR | $1,393,787 | |||||
| Portland, Oregon Limited Tax, Sellwood Bridge & Archive Space Projects | ||||||||
| 1,640,000 | 4.000%, 04/01/29 2017 Series A | Aaa/NR/NR | 1,729,036 | |||||
| 1,710,000 | 4.000%, 04/01/30 2017 Series A | Aaa/NR/NR | 1,802,323 | |||||
| 1,775,000 | 4.000%, 04/01/31 2017 Series A | Aaa/NR/NR | 1,864,709 | |||||
| Portland, Oregon Public Safety | ||||||||
| 1,345,000 | 5.000%, 06/15/25 Series A | Aaa/NR/NR | 1,420,724 | |||||
| Redmond, Oregon Full Faith and Credit Bonds | ||||||||
| 1,140,000 | 5.000%, 06/01/34 Series B-1 | Aa2/NR/NR | 1,272,411 | |||||
| Total City & County | 32,045,578 | |||||||
| Community College (4.0%) | ||||||||
| Blue Mountain Community College District Umatilla, Oregon Morrow and Baker Counties Oregon (Umatilla and Morrow Counties Service Area) | ||||||||
| 970,000 | 4.000%, 06/15/27 Series 2015 | NR/AA+/NR | 1,000,846 | |||||
| Chemeketa, Oregon Community College District | ||||||||
| 2,000,000 | 5.000%, 06/15/25 | NR/AA+/NR | 2,062,440 | |||||
| Clackamas, Oregon Community College District | ||||||||
| 1,405,000 | 5.000%, 06/15/27 Series A | Aa1/AA+/NR | 1,480,687 | |||||
| Columbia Gorge, Oregon Community College District, Refunding | ||||||||
| 1,000,000 | 4.000%, 06/15/24 | Aa1/NR/NR | 1,000,540 | |||||
| Lane, Oregon Community College | ||||||||
| 1,840,000 | 5.000%, 06/15/24 | NR/AA+/NR | 1,842,318 | |||||
| 1,735,000 | 4.000%, 06/15/32 Series 2020A | Aa1/NR/NR | 1,858,810 | |||||
| 1,070,000 | 4.000%, 06/15/34 Series 2020 A | Aa1/NR/NR | 1,133,269 | |||||
| Linn Benton, Oregon Community College | ||||||||
| 1,520,000 | 5.000%, 06/01/27 | NR/AA+/NR | 1,600,499 | |||||
| Mount Hood, Oregon Community College District Refunding | ||||||||
| 1,865,000 | 5.000%, 06/01/27 | Aa2/NR/NR | 2,009,892 | |||||
| 1,000,000 | 5.000%, 06/01/29 | Aa2/NR/NR | 1,074,640 | |||||
| Oregon Coast Community College District State | ||||||||
| 1,770,000 | 5.000%, 06/15/25 | Aa1/NR/NR | 1,771,522 | |||||
| Rogue, Oregon Community College District | ||||||||
| 1,375,000 | 4.000%, 06/15/29 Series B | Aa1/NR/NR | 1,433,465 | |||||
| Total Community College | 18,268,928 | |||||||
| Amount | General Obligation Bonds (continued) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
| Hospital (1.0%) | ||||||||
| Pacific Communities Health District, Oregon | ||||||||
| $1,220,000 | 5.000%, 06/01/29 | A1/NR/NR | $1,297,543 | |||||
| 1,060,000 | 5.000%, 06/01/30 | A1/NR/NR | 1,125,254 | |||||
| 1,000,000 | 5.000%, 06/01/31 | A1/NR/NR | 1,059,230 | |||||
| 1,200,000 | 5.000%, 06/01/32 | A1/NR/NR | 1,267,500 | |||||
| Total Hospital | 4,749,527 | |||||||
| School District (34.9%) | ||||||||
| Benton & Linn Counties, Oregon School District #509J (Corvallis) | ||||||||
| 2,000,000 | 5.000%, 06/15/31 Series B | Aa1/AA+/NR | 2,232,880 | |||||
| 1,615,000 | 5.000%, 06/15/32 Series B | Aa1/AA+/NR | 1,797,947 | |||||
| Clackamas County, Oregon School District #12 (North Clackamas) | ||||||||
| 1,165,000 | 5.000%, 06/15/25 | Aa1/AA+/NR | 1,228,889 | |||||
| 3,205,000 | 5.000%, 06/15/30 | Aa1/AA+/NR | 3,513,449 | |||||
| 4,725,000 | 5.000%, 06/15/31 | Aa1/AA+/NR | 5,169,386 | |||||
| 1,100,000 | 5.000%, 06/15/32 | Aa1/NR/NR | 1,224,025 | |||||
| 1,000,000 | 5.000%, 06/15/35 | Aa1/NR/NR | 1,096,200 | |||||
| 2,160,000 | 5.000%, 06/15/29 Series B | Aa1/AA+/NR | 2,370,730 | |||||
| 3,000,000 | 5.000%, 06/15/34 Series B | Aa1/AA+/NR | 3,252,030 | |||||
| Clackamas County, Oregon School District #62 (Oregon City) | ||||||||
| 1,310,000 | 5.000%, 06/15/31 Series B | Aa1/AA+/NR | 1,462,536 | |||||
| Clackamas & Washington Counties, Oregon School District No. 3JT (West Linn-Wilsonville) | ||||||||
| 3,500,000 | 5.000%, 06/15/26 | Aa1/AA+/NR | 3,697,890 | |||||
| 5,500,000 | 5.000%, 06/15/27 | Aa1/AA+/NR | 5,804,315 | |||||
| 1,115,000 | 5.000%, 06/15/28 | Aa1/AA+/NR | 1,176,693 | |||||
| 1,000,000 | 5.000%, 06/15/34 | Aa1/NR/NR | 1,176,560 | |||||
| Clatsop County, Oregon School District #1C (Astoria) | ||||||||
| 1,080,000 | 5.000%, 06/15/31 Series B | Aa1/NR/NR | 1,226,923 | |||||
| 1,215,000 | 5.000%, 06/15/32 Series B | Aa1/NR/NR | 1,369,645 | |||||
| Clatsop County, Oregon School District #10 (Seaside) | ||||||||
| 1,000,000 | 5.000%, 06/15/29 Series B | Aa1/AA+/NR | 1,096,680 | |||||
| Clatsop County, Oregon School District #30 (Warrenton-Hammond) | ||||||||
| 1,590,000 | 5.000%, 06/15/31 Series B | Aa1/NR/NR | 1,806,304 | |||||
| 1,145,000 | 5.000%, 06/15/32 Series B | Aa1/NR/NR | 1,290,736 | |||||
| 1,690,000 | 5.000%, 06/15/34 Series B | Aa1/NR/NR | 1,891,566 | |||||
| Columbia County, Oregon School District #502 (St. Helens) | ||||||||
| 1,000,000 | 5.000%, 06/15/34 | Aa1/NR/NR | 1,083,150 |
| Amount | General Obligation Bonds (continued) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
| School District (continued) | ||||||||
| Columbia & Clatsop Counties, Oregon School District #6J (Clatskanie) | ||||||||
| $665,000 | 4.000%, 06/15/35 Series 2021 | NR/AA+/NR | $695,464 | |||||
| Coos County, Oregon School District #9 (Coos Bay) | ||||||||
| 1,035,000 | 5.000%, 06/15/32 | NR/AA+/NR | 1,153,352 | |||||
| Deschutes County, Oregon Administrative School District #1 (Bend - La Pine) | ||||||||
| 740,000 | 5.000%, 06/15/30 | Aa1/NR/NR | 841,661 | |||||
| 3,000,000 | 4.000%, 06/15/30 | Aa1/AA+/NR | 3,147,420 | |||||
| 2,150,000 | 5.000%, 06/15/31 | Aa1/NR/NR | 2,449,323 | |||||
| 1,470,000 | 4.000%, 06/15/32 | Aa1/NR/NR | 1,564,021 | |||||
| Deschutes and Jefferson Counties, Oregon School District #02J (Redmond) | ||||||||
| 1,025,000 | zero coupon, 06/15/23 | Aa1/NR/NR | 1,010,363 | |||||
| Greater Albany School District #8J (Linn & Benton Counties) | ||||||||
| 1,000,000 | 5.000%, 06/15/30 | Aa1/AA+/NR | 1,095,800 | |||||
| Hood River County, Oregon School District | ||||||||
| 2,260,000 | 4.000%, 06/15/30 | NR/AA+/NR | 2,351,033 | |||||
| 2,400,000 | 4.000%, 06/15/31 | NR/AA+/NR | 2,494,992 | |||||
| Jackson County, Oregon School District #5 (Ashland) | ||||||||
| 1,385,000 | 5.000%, 06/15/28 | Aa1/AA+/NR | 1,545,037 | |||||
| 1,000,000 | 5.000%, 06/15/34 | Aa1/AA+/NR | 1,119,270 | |||||
| 1,620,000 | 5.000%, 06/15/33 Series 2019 | Aa1/AA+/NR | 1,821,593 | |||||
| Jackson County, Oregon School District #6 (Central Point) | ||||||||
| 2,665,000 | 5.000%, 06/15/31 | Aa1/NR/NR | 3,019,125 | |||||
| Jackson County, Oregon School District #549C (Medford) | ||||||||
| 750,000 | 4.000%, 12/15/33 Series 2021 | Aa3/NR/NR | 804,450 | |||||
| 570,000 | 4.000%, 12/15/34 Series 2021 | Aa3/NR/NR | 609,598 | |||||
| Lane County, Oregon School District #4J (Eugene) Refunding | ||||||||
| 3,300,000 | 5.000%, 06/15/33 | Aa1/NR/NR | 3,862,584 | |||||
| 1,105,000 | 4.000%, 06/15/35 | Aa1/NR/NR | 1,150,095 | |||||
| Lane County, Oregon School District #19 (Springfield) | ||||||||
| 1,000,000 | 5.000%, 06/15/25 | Aa1/AA+/NR | 1,054,600 | |||||
| Lane & Douglas Counties, Oregon School District #45J3 | ||||||||
| 2,665,000 | 4.000%, 06/15/27 Series B | Aa1/NR/NR | 2,787,324 |
| Amount | General Obligation Bonds (continued) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
| School District (continued) | ||||||||
| Lincoln County, Oregon School District | ||||||||
| $2,370,000 | 4.000%, 06/15/24 Series A | Aa1/NR/NR | $2,371,280 | |||||
| Linn & Marion Counties, Oregon School District #129J (Santiam Canyon) | ||||||||
| 750,000 | 5.000%, 06/15/34 | NR/AA+/NR | 839,453 | |||||
| Marion & Polk Counties, Oregon School District #24J (Salem-Keizer) | ||||||||
| 5,000,000 | 5.000%, 06/15/30 | Aa1/AA+/NR | 5,587,900 | |||||
| 5,525,000 | 5.000%, 06/15/31 | Aa1/AA+/NR | 6,153,524 | |||||
| 1,135,000 | 5.000%, 06/15/32 Series 2020B | Aa1/AA+/NR | 1,295,523 | |||||
| 7,600,000 | 5.000%, 06/15/33 Series 2020B | Aa1/AA+/NR | 8,650,168 | |||||
| 1,000,000 | 5.000%, 06/15/34 Series 2020B | Aa1/AA+/NR | 1,135,830 | |||||
| Multnomah County, Oregon School District #1J (Portland) | ||||||||
| 2,970,000 | 5.000%, 06/15/26 Series B | Aa1/AA+/NR | 3,135,043 | |||||
| Multnomah County, Oregon School District #7 (Reynolds) | ||||||||
| 5,680,000 | 5.000%, 06/15/26 Series A | Aa1/NR/NR | 5,987,345 | |||||
| 1,500,000 | 5.000%, 06/15/27 Series A | Aa1/NR/NR | 1,580,805 | |||||
| 1,825,000 | 5.000%, 06/15/28 Series A | Aa1/NR/NR | 1,921,086 | |||||
| Multnomah County, Oregon School District #40 (David Douglas) | ||||||||
| 1,500,000 | 5.000%, 06/15/23 Series A | NR/AA+/NR | 1,501,335 | |||||
| Multnomah and Clackamas Counties, Oregon School District #10 (Gresham-Barlow) | ||||||||
| 1,535,000 | 5.000%, 06/15/29 | Aa1/NR/NR | 1,746,538 | |||||
| 1,175,000 | 5.000%, 06/15/31 | Aa1/AA+/NR | 1,283,958 | |||||
| 2,500,000 | 5.000%, 06/15/29 Series B | Aa1/AA+/NR | 2,741,700 | |||||
| Multnomah and Clackamas Counties, Oregon School District #28JT (Centennial) | ||||||||
| 715,000 | 5.000%, 06/15/35 Series 2020 | Aa1/NR/NR | 805,805 | |||||
| Polk, Marion & Benton Counties, Oregon School District #13J (Central) | ||||||||
| 1,515,000 | 4.000%, 02/01/28 | NR/AA+/NR | 1,555,920 | |||||
| Tillamook & Yamhill Counties, Oregon School District #101 (Nestucca Valley) | ||||||||
| 1,275,000 | 5.000%, 06/15/31 | NR/AA+/NR | 1,426,891 | |||||
| Umatilla County, Oregon School District #8 (Hermiston) | ||||||||
| 2,750,000 | 5.000%, 06/15/30 | NR/AA+/NR | 3,176,800 |
| Amount | General Obligation Bonds (continued) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
| School District (continued) | ||||||||
| Washington County, Oregon School District #48J (Beaverton) | ||||||||
| $1,500,000 | 5.000%, 06/15/27 Series C | Aa1/AA+/NR | $1,647,000 | |||||
| 2,400,000 | 5.000%, 06/15/35 Series C | Aa1/AA+/NR | 2,588,136 | |||||
| Washington & Clackamas Counties, Oregon School District #23J (Tigard) | ||||||||
| 2,405,000 | 5.000%, 06/15/30 | Aa1/AA+/NR | 2,636,457 | |||||
| 1,000,000 | 5.000%, 06/15/31 Series A | Aa1/AA+/NR | 1,132,880 | |||||
| 1,000,000 | 5.000%, 06/15/32 Series A | Aa1/AA+/NR | 1,130,420 | |||||
| Washington, Clackamas & Yamhill Counties, Oregon School District #88J | ||||||||
| 2,785,000 | 5.000%, 06/15/29 Series B | Aa1/AA+/NR | 3,054,254 | |||||
| 2,000,000 | 5.000%, 06/15/29 Series B | Aa1/AA+/NR | 2,225,160 | |||||
| Washington, Multnomah & Yamhill Counties, Oregon School District #1J (Hillsboro) | ||||||||
| 3,105,000 | 5.000%, 06/15/30 | Aa1/NR/NR | 3,401,093 | |||||
| 2,110,000 | 5.000%, 06/15/31 | Aa1/NR/NR | 2,301,968 | |||||
| 1,750,000 | 4.000%, 06/15/32 | Aa1/NR/NR | 1,859,218 | |||||
| Yamhill, Clackamas & Washington Counties, Oregon School District #29J (Newberg) | ||||||||
| 1,685,000 | 4.000%, 06/15/35 Series 2021B | Aa1/NR/NR | 1,756,343 | |||||
| Yamhill County, Oregon School District #8 (Dayton) | ||||||||
| 1,045,000 | 5.000%, 06/15/32 | NR/AA+/NR | 1,174,726 | |||||
| 1,080,000 | 5.000%, 06/15/33 | NR/AA+/NR | 1,211,015 | |||||
| 900,000 | 5.000%, 06/15/34 | NR/AA+/NR | 1,004,544 | |||||
| Yamhill County, Oregon School District #40 (McMinnville) | ||||||||
| 1,000,000 | 4.000%, 06/15/29 | Aa1/AA+/NR | 1,043,860 | |||||
| 1,000,000 | 4.000%, 06/15/30 | Aa1/AA+/NR | 1,043,630 | |||||
| Total School District | 161,653,247 | |||||||
| Special District (6.0%) | ||||||||
| Bend, Oregon Metropolitan Park & Recreational District | ||||||||
| 1,430,000 | 4.000%, 06/01/27 | Aa2/NR/NR | 1,438,223 | |||||
| Clackamas County, Oregon Fire District No. 1 | ||||||||
| 1,020,000 | 4.000%, 06/01/30 | NR/AA/NR | 1,072,367 | |||||
| 2,705,000 | 4.000%, 06/01/31 | NR/AA/NR | 2,838,302 | |||||
| Metro, Oregon | ||||||||
| 4,000,000 | 4.000%, 06/01/26 Series A | Aaa/AAA/NR | 4,002,480 | |||||
| 5,050,000 | 4.000%, 06/01/33 Series 2020 A | Aaa/AAA/NR | 5,376,432 | |||||
| 1,400,000 | 4.000%, 06/01/34 Series 2020 A | Aaa/AAA/NR | 1,478,092 | |||||
| Tualatin Hills, Oregon Park & Recreational District | ||||||||
| 3,480,000 | 5.000%, 06/01/23 | Aa1/NR/NR | 3,507,770 | |||||
| 4,725,000 | 5.000%, 06/01/24 | Aa1/NR/NR | 4,864,813 | |||||
| 2,775,000 | 5.000%, 06/01/26 | Aa1/NR/NR | 2,922,630 | |||||
| Total Special District | 27,501,109 | |||||||
| Amount | General Obligation Bonds (continued) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
| State (9.4%) | ||||||||
| State of Oregon | ||||||||
| $750,000 | 5.000%, 05/01/25 Series A | Aa1/AA+/AA+ | $772,043 | |||||
| 2,000,000 | 5.000%, 05/01/33 Series 2022A | Aa1/AA+/AA+ | 2,356,140 | |||||
| State of Oregon Article XI-F(1) University Project | ||||||||
| 835,000 | 4.000%, 08/01/35 Series H | Aa1/AA+/AA+ | 879,455 | |||||
| 1,250,000 | 5.000%, 08/01/31 Series I | Aa1/AA+/AA+ | 1,374,638 | |||||
| State of Oregon Article XI-G Higher Education | ||||||||
| 500,000 | 5.000%, 08/01/25 Series O | Aa1/AA+/AA+ | 530,070 | |||||
| State of Oregon Article XI-M Seismic Projects | ||||||||
| 1,000,000 | 5.000%, 06/01/30 | Aa1/AA+/AA+ | 1,076,670 | |||||
| State of Oregon Article XI-Q State Projects | ||||||||
| 2,140,000 | 5.000%, 11/01/28 | Aa1/AA+/AA+ | 2,302,362 | |||||
| 1,000,000 | 5.000%, 11/01/30 | Aa1/AA+/AA+ | 1,074,880 | |||||
| 2,000,000 | 5.000%, 11/01/31 | Aa1/AA+/AA+ | 2,146,460 | |||||
| 1,800,000 | 5.000%, 05/01/25 Series A | Aa1/AA+/AA+ | 1,897,254 | |||||
| 2,920,000 | 5.000%, 05/01/31 Series A | Aa1/AA+/AA+ | 3,318,434 | |||||
| 4,000,000 | 5.000%, 05/01/32 Series A | Aa1/AA+/AA+ | 4,533,600 | |||||
| 1,195,000 | 5.000%, 05/01/28 Series D | Aa1/AA+/AA+ | 1,285,665 | |||||
| 1,255,000 | 5.000%, 05/01/29 Series D | Aa1/AA+/AA+ | 1,349,389 | |||||
| 1,000,000 | 5.000%, 05/01/30 Series D | Aa1/AA+/AA+ | 1,074,880 | |||||
| 2,300,000 | 5.000%, 05/01/28 Series F | Aa1/AA+/AA+ | 2,423,211 | |||||
| State of Oregon Higher Education | ||||||||
| 1,000,000 | 5.000%, 08/01/28 Series A | Aa1/AA+/AA+ | 1,059,890 | |||||
| 1,390,000 | 5.000%, 08/01/31 Series G | Aa1/AA+/AA+ | 1,582,084 | |||||
| 1,920,000 | 5.000%, 08/01/32 Series G | Aa1/AA+/AA+ | 2,184,230 | |||||
| 3,000,000 | 5.000%, 08/01/33 Series G | Aa1/AA+/AA+ | 3,397,950 | |||||
| 1,900,000 | 5.000%, 08/01/34 Series G | Aa1/AA+/AA+ | 2,140,996 | |||||
| 1,250,000 | 5.000%, 08/01/30 Series L | Aa1/AA+/AA+ | 1,375,763 | |||||
| 1,300,000 | 5.000%, 08/01/32 Series L | Aa1/AA+/AA+ | 1,424,917 | |||||
| State of Oregon Veteran's Welfare | ||||||||
| 450,000 | 1.950%, 06/01/31 Series 2020 I | Aa1/AA+/AA+ | 389,493 | |||||
| 2,000,000 | 2.150%, 12/01/34 Series 2020 I | Aa1/AA+/AA+ | 1,642,400 | |||||
| Total State | 43,592,874 | |||||||
| Transportation (1.4%) | ||||||||
| Oregon State Department Transportation Highway Usertax (Senior Lien) | ||||||||
| 5,000,000 | 5.000%, 11/15/29 Series B | Aa1/AAA/AA+ | 5,451,200 | |||||
| State of Oregon ODOT Projects | ||||||||
| 1,020,000 | 5.000%, 11/15/30 Series M | Aa1/AA+/AA+ | 1,118,206 | |||||
| Total Transportation | 6,569,406 | |||||||
| Total General Obligation Bonds | 294,380,669 | |||||||
| Amount | Revenue Bonds (26.3%) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
| City & County (0.3%) | ||||||||
| Beaverton, Oregon Special Revenue Bonds | ||||||||
| $200,000 | 5.000%, 06/01/32 Series 2020A | Aa3/NR/NR | $228,892 | |||||
| 500,000 | 5.000%, 06/01/33 Series 2020A | Aa3/NR/NR | 570,630 | |||||
| 400,000 | 5.000%, 06/01/34 Series 2020A | Aa3/NR/NR | 454,216 | |||||
| Total City & County | 1,253,738 | |||||||
| Electric (2.1%) | ||||||||
| Eugene, Oregon Electric Utility Refunding System | ||||||||
| 2,875,000 | 5.000%, 08/01/29 Series A | Aa2/AA-/AA- | 3,088,325 | |||||
| 4,030,000 | 5.000%, 08/01/30 Series A | Aa2/AA-/AA- | 4,314,840 | |||||
| Warm Springs Reservation, Oregon Confederated Tribes, Hydroelectric Revenue, Tribal Economic Development, Pelton Round Butte Project (Green Bonds) | ||||||||
| 500,000 | 5.000%, 11/01/32 Series 2019B144A | A3/NR/NR | 552,325 | |||||
| 1,000,000 | 5.000%, 11/01/33 Series 2019B144A | A3/NR/NR | 1,101,590 | |||||
| 500,000 | 5.000%, 11/01/34 Series 2019B144A | A3/NR/NR | 548,790 | |||||
| Total Electric | 9,605,870 | |||||||
| Hospital (3.3%) | ||||||||
| Oregon Health Sciences University | ||||||||
| 500,000 | 5.000%, 07/01/30 Series A | Aa3/AA-/AA- | 568,845 | |||||
| 250,000 | 5.000%, 07/01/31 Series A | Aa3/AA-/AA- | 284,040 | |||||
| 1,250,000 | 5.000%, 07/01/28 Series B | Aa3/AA-/AA- | 1,334,725 | |||||
| 1,000,000 | 5.000%, 07/01/33 Series B | Aa3/AA-/AA- | 1,061,630 | |||||
| Oregon Health Sciences University (Green Bonds) | ||||||||
| 1,000,000 | 5.000%, 07/01/34 Series 2021A | Aa3/AA-/AA- | 1,152,400 | |||||
| 1,000,000 | 5.000%, 07/01/35 Series 2021A | Aa3/AA-/AA- | 1,137,750 | |||||
| Oregon Health Sciences University | ||||||||
| 5,500,000 | 5.000%, 07/01/46 Series 2021B-2 (Mandatory Put Date 02/01/32) | Aa3/AA-/AA- | 6,277,370 | |||||
| Oregon State Facilities Authority (Legacy Health Project) | ||||||||
| 2,000,000 | 5.000%, 06/01/30 Series 2022B | A1/A+/NR | 2,223,700 | |||||
| Union County, Oregon Hospital Facility Authority (Grande Ronde Hospital Project) | ||||||||
| 135,000 | 5.000%, 07/01/28 Series 2022 | NR/BBB/BBB- | 142,521 | |||||
| 175,000 | 5.000%, 07/01/29 Series 2022 | NR/BBB/BBB- | 185,535 | |||||
| 200,000 | 5.000%, 07/01/30 Series 2022 | NR/BBB/BBB- | 213,282 | |||||
| 325,000 | 5.000%, 07/01/31 Series 2022 | NR/BBB/BBB- | 346,297 | |||||
| 500,000 | 5.000%, 07/01/32 Series 2022 | NR/BBB/BBB- | 533,550 | |||||
| Total Hospital | 15,461,645 | |||||||
| Housing (0.3%) | ||||||||
| Clackamas County, Oregon Housing Authority Multifamily Housing Revenue (Easton Ridge Apartments Project) | ||||||||
| 1,310,000 | 4.000%, 09/01/27 Series A | Aa2/NR/NR | 1,311,559 | |||||
| Amount | Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
| Lottery (4.5%) | ||||||||
| Oregon State Department of Administration Services (Lottery Revenue) | ||||||||
| $2,000,000 | 5.000%, 04/01/32 Series A | Aa2/AAA/NR | $2,248,040 | |||||
| 1,000,000 | 5.000%, 04/01/33 Series A | Aa2/AAA/NR | 1,121,460 | |||||
| 1,500,000 | 5.000%, 04/01/35 Series A | Aa2/AAA/NR | 1,734,540 | |||||
| 1,000,000 | 5.000%, 04/01/25 Series B | Aa2/AAA/NR | 1,027,640 | |||||
| 4,000,000 | 5.000%, 04/01/30 Series C | Aa2/AAA/NR | 4,354,880 | |||||
| 5,000,000 | 5.000%, 04/01/26 Series D | Aa2/AAA/NR | 5,253,350 | |||||
| 4,000,000 | 5.000%, 04/01/28 Series D | Aa2/AAA/NR | 4,199,120 | |||||
| 1,000,000 | 5.000%, 04/01/29 Series D | Aa2/AAA/NR | 1,049,560 | |||||
| Total Lottery | 20,988,590 | |||||||
| Sales Tax (0.2%) | ||||||||
| Metro, Oregon Dedicated Tax Revenue (Oregon Convention Center Hotel) | ||||||||
| 750,000 | 5.000%, 06/15/31 | Aa3/NR/NR | 811,058 | |||||
| Transportation (4.0%) | ||||||||
| Oregon State Department Transportation Highway Usertax (Subordinate Lien) | ||||||||
| 2,250,000 | 5.000%, 11/15/35 Series 2020A | Aa2/AA+/AA+ | 2,552,198 | |||||
| Port Portland, Oregon Airport Revenue Refunding, Portland International Airport Series Twenty Three | ||||||||
| 2,525,000 | 5.000%, 07/01/26 | NR/AA-/NR | 2,661,350 | |||||
| 1,000,000 | 5.000%, 07/01/28 | NR/AA-/NR | 1,048,790 | |||||
| 2,390,000 | 5.000%, 07/01/29 | NR/AA-/NR | 2,509,213 | |||||
| Tri-County Metropolitan Transportation District, Oregon Capital Grant Receipt | ||||||||
| 1,100,000 | 5.000%, 10/01/27 Series A | A3/A/NR | 1,204,104 | |||||
| 2,000,000 | 5.000%, 10/01/30 Series A | A3/A/NR | 2,185,700 | |||||
| 3,000,000 | 5.000%, 10/01/31 Series 2018A | A3/A/NR | 3,266,250 | |||||
| Tri-County Metropolitan Transportation District, Oregon (Senior Lien Payroll Tax) | ||||||||
| 1,000,000 | 5.000%, 09/01/25 Series A | Aaa/AAA/NR | 1,061,380 | |||||
| 1,890,000 | 5.000%, 09/01/28 Series A | Aaa/AAA/NR | 2,045,604 | |||||
| Total Transportation | 18,534,589 | |||||||
| Water and Sewer (11.6%) | ||||||||
| Beaverton, Oregon Water Revenue | ||||||||
| 1,000,000 | 5.000%, 04/01/32 Series 2020 | NR/AA+/NR | 1,145,490 | |||||
| Clackamas County, Oregon Service District No. 1 | ||||||||
| 2,240,000 | 5.000%, 12/01/26 | NR/AAA/NR | 2,438,890 | |||||
| Clean Water Services, Oregon Refunding (Senior Lien) | ||||||||
| 1,510,000 | 5.000%, 10/01/27 | Aa1/AAA/NR | 1,671,268 |
| Amount | Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
| Water and Sewer (continued) | ||||||||
| Eugene, Oregon Water Utility System | ||||||||
| $115,000 | 5.000%, 08/01/28 | Aa2/AA/AA+ | $123,735 | |||||
| 450,000 | 5.000%, 08/01/29 | Aa2/AA/AA+ | 483,390 | |||||
| Grants Pass, Oregon | ||||||||
| 345,000 | 4.000%, 12/01/23 | NR/AA/NR | 345,173 | |||||
| Hillsboro, Oregon Water System | ||||||||
| 1,630,000 | 5.000%, 06/01/31 | Aa2/NR/NR | 1,850,669 | |||||
| 1,710,000 | 5.000%, 06/01/32 | Aa2/NR/NR | 1,931,941 | |||||
| Portland, Oregon Sewer System (Second Lien) | ||||||||
| 5,405,000 | 4.500%, 05/01/31 Series A | Aa2/AA/NR | 5,681,520 | |||||
| 6,355,000 | 5.000%, 03/01/32 Series A | Aa2/AA/NR | 7,225,508 | |||||
| 2,000,000 | 5.000%, 10/01/25 Series B | Aa2/AA/NR | 2,077,180 | |||||
| 2,000,000 | 5.000%, 06/01/26 Series B | Aa2/AA/NR | 2,109,260 | |||||
| 2,000,000 | 5.000%, 06/01/27 Series B | Aa2/AA/NR | 2,108,780 | |||||
| 5,000,000 | 4.000%, 03/01/34 Series 2020A | Aa2/AA/NR | 5,308,550 | |||||
| Portland, Oregon Water System (First Lien) | ||||||||
| 3,230,000 | 5.000%, 05/01/27 Series A | Aa1/NR/NR | 3,320,246 | |||||
| 3,500,000 | 5.000%, 06/01/28 Series A | Aa1/AA+/NR | 3,682,000 | |||||
| Portland, Oregon Water System (Second Lien) | ||||||||
| 2,590,000 | 5.000%, 05/01/31 Series A | Aa2/NR/NR | 2,958,505 | |||||
| 2,000,000 | 5.000%, 05/01/32 Series A | Aa2/NR/NR | 2,279,340 | |||||
| 2,000,000 | 5.000%, 05/01/33 Series A | Aa2/NR/NR | 2,269,560 | |||||
| 2,230,000 | 5.000%, 05/01/35 Series 2019A | Aa2/NR/NR | 2,495,325 | |||||
| Portland, Oregon Water System Revenue Refunding (Junior Lien) | ||||||||
| 2,000,000 | 5.000%, 10/01/23 | Aa2/NR/NR | 2,010,120 | |||||
| Total Water and Sewer | 53,516,450 | |||||||
| Total Revenue Bonds | 121,483,499 | |||||||
| Amount | Pre-Refunded\Escrowed to Maturity Bonds (8.4%)†† | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
| Pre-Refunded General Obligation Bonds (3.7%) | ||||||||
| Higher Education (0.6%) | ||||||||
| Oregon State Higher Education | ||||||||
| $1,795,000 | 5.000%, 08/01/27 Series C | Aa1/AA+/AA+ | $1,857,592 | |||||
| Oregon State, Oregon University System | ||||||||
| 1,090,000 | 5.000%, 08/01/25 Series N | Aa1/AA+/AA+ | 1,103,058 | |||||
| Total Higher Education | 2,960,650 | |||||||
| School District (2.4%) | ||||||||
| Clackamas County, Oregon School District #62 (Oregon City) | ||||||||
| 440,000 | 5.000%, 06/01/29 AGMC Insured | NR/AA/NR | 452,958 | |||||
| 560,000 | 5.000%, 06/01/29 AGMC Insured | A1/AA/NR | 576,492 | |||||
| Jefferson County, Oregon School District #509J | ||||||||
| 1,400,000 | 5.000%, 06/15/25 | Aa1/NR/NR | 1,412,264 | |||||
| Klamath County, Oregon School District | ||||||||
| 1,250,000 | 5.000%, 06/15/24 | NR/AA+/NR | 1,261,513 | |||||
| Lane County, Oregon School District #4J (Eugene) Refunding | ||||||||
| 2,000,000 | 5.000%, 06/15/26 | Aa1/NR/NR | 2,063,400 | |||||
| Marion County, Oregon School District #103 (Woodburn) | ||||||||
| 2,260,000 | 5.000%, 06/15/28 | Aa1/NR/NR | 2,386,515 | |||||
| Union County, Oregon School District #1 (La Grande) | ||||||||
| 1,000,000 | 5.000%, 06/15/27 | Aa1/NR/NR | 1,055,980 | |||||
| Washington County, Oregon School District #48J (Beaverton) | ||||||||
| 1,845,000 | 5.000%, 06/15/29 Series 2014B | Aa1/AA+/NR | 1,903,487 | |||||
| Total School District | 11,112,609 | |||||||
| State (0.7%) | ||||||||
| State of Oregon Article XI-G Community College Projects | ||||||||
| 1,160,000 | 5.000%, 08/01/27 Series J | Aa1/AA+/AA+ | 1,228,579 | |||||
| State of Oregon Article XI-G Higher Education | ||||||||
| 1,000,000 | 5.000%, 08/01/26 Series O | Aa1/AA+/AA+ | 1,060,140 | |||||
| 1,000,000 | 5.000%, 08/01/27 Series O | Aa1/AA+/AA+ | 1,060,140 | |||||
| Total State | 3,348,859 | |||||||
| Total Pre-Refunded General Obligation Bonds | 17,422,118 | |||||||
| Amount | Pre-Refunded\Escrowed to Maturity Revenue Bonds (4.7%) | Ratings Moody's, S&P and Fitch | Value | (a) | ||||
| Higher Education (0.6%) | ||||||||
| Oregon State Facilities Authority (Linfield College Project) | ||||||||
| $1,000,000 | 5.000%, 10/01/23 Series A ETM | Baa2/NR/NR | $1,013,370 | |||||
| Oregon State Facilities Authority (Reed College Project) | ||||||||
| 500,000 | 5.000%, 07/01/30 Series A | Aa2/AA-/NR | 545,255 | |||||
| 1,135,000 | 4.000%, 07/01/31 Series A | Aa2/AA-/NR | 1,190,184 | |||||
| Total Higher Education | 2,748,809 | |||||||
| Transportation (3.9%) | ||||||||
| Oregon State Department Transportation Highway Usertax (Senior Lien) | ||||||||
| 1,000,000 | 5.000%, 11/15/26 Series A | Aa1/AAA/AA+ | 1,018,210 | |||||
| 1,040,000 | 5.000%, 11/15/26 Series A | Aa1/AAA/AA+ | 1,083,545 | |||||
| 8,000,000 | 5.000%, 11/15/28 Series A | Aa1/AAA/AA+ | 8,334,960 | |||||
| Tri-County Metropolitan Transportation District, Oregon (Senior Lien Payroll Tax) | ||||||||
| 3,975,000 | 5.000%, 09/01/30 Series A | Aaa/AAA/NR | 4,308,026 | |||||
| 1,000,000 | 5.000%, 09/01/31 Series A | Aaa/AAA/NR | 1,108,770 | |||||
| Tri-County Metropolitan Transportation District, Oregon (Senior Lien Payroll Tax) | ||||||||
| 2,010,000 | 5.000%, 09/01/29 Series B | Aaa/AAA/NR | 2,132,831 | |||||
| Total Transportation | 17,986,342 | |||||||
| Water and Sewer (0.2%) | ||||||||
| Madras, Oregon | ||||||||
| 725,000 | 4.500%, 02/15/27 | A3/NR/NR | 726,182 | |||||
| Total Pre-Refunded\ Escrowed to Maturity Revenue Bonds | 21,461,333 | |||||||
| Total Pre-Refunded\ Escrowed to Maturity Bonds | 38,883,451 | |||||||
| Total Municipal Bonds (cost $465,312,583) | 454,747,619 | |||||||
| Shares | Short-Term Investment (1.1%) | |||||||
| 5,049,707 | Dreyfus Treasury Obligations Cash Management - Institutional Shares, 4.17%* (cost $5,049,707) |
Aaa-mf/AAAm/NR | 5,049,707 | |||||
| Total Investments (cost $470,362,290- note b) |
99.4% | 459,797,326 | ||||||
| Other assets less liabilities | 0.6 | 2,993,119 | ||||||
| Net Assets | 100.0% | $462,790,445 | ||||||
| Percent of | ||||||||
| Portfolio Distribution By Quality Rating | Investments † | |||||||
| Aaa of Moody's or AAA of S&P | 13.6% | |||||||
| Pre-refunded bonds\ ETM bonds†† | 8.6 | |||||||
| Aa of Moody's or AA of S&P or Fitch | 73.3 | |||||||
| A of Moody's or S&P | 4.2 | |||||||
| BBB of S&P and Fitch | 0.3 | |||||||
| 100.0% |
| PORTFOLIO ABBREVIATIONS: | ||||||||
| AGMC - Assured Guaranty Municipal Corp. | ||||||||
| BAMAC - Build America Mutual Assurance Co. | ||||||||
| ETM - Escrowed to Maturity | ||||||||
| NR - Not Rated | ||||||||
| ODOT - Oregon Department of Transportation | ||||||||
| AGMC - Assured Guaranty Municipal Corp. |
| ** | 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 – Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
See accompanying notes to financial statements.
AQUILA TAX-FREE TRUST OF OREGON
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 $470,362,290 amounted to $10,564,964, which consisted of aggregate gross unrealized appreciation of $474,713 and aggregate gross unrealized depreciation of $11,039,677. |
| (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, 2022:
| Valuation Inputs | Investments in Securities | |
| Level 1 – Quoted Prices | $ | 5,049,707 |
| Level 2 – Other Significant Observable Inputs - Municipal Bonds+ | 454,747,619 | |
| Level 3 – Significant Unobservable Inputs | — | |
| Total | $ | 459,797,326 |
+ See schedule of investments for a detailed listing of securities.