AQUILA TAX-FREE TRUST OF OREGON

SCHEDULE OF INVESTMENTS

December 31, 2020

(unaudited)

 

Amount   General Obligation Bonds (56.0%)   Ratings Moody's,
S&P and Fitch
  Value   (a)
    City & County (4.9%)            
    Bend, Oregon            
$ 2,435,000   4.000%, 06/01/24   Aa2/NR/NR   $ 2,563,958    
                 
    Canby, Oregon            
1,060,000   5.000%, 06/01/27   Aa3/NR/NR   1,078,370    
1,405,000   4.000%, 12/01/24 AGMC Insured   Aa3/NR/NR   1,477,877    
                 
    Clackamas County, Oregon Refunding            
1,135,000   4.000%, 06/01/24   Aaa/NR/NR   1,195,927    
                 
    Clatsop County, Oregon            
1,000,000   5.000%, 06/15/32   Aa2/NR/NR   1,331,890    
                 
    Gresham, Oregon Full Faith and Credit Refunding and Project Obligations            
1,545,000   5.000%, 05/01/23   Aa2/NR/NR   1,715,398    
                 
    Hermiston, Oregon Full Faith and Credit Refunding Obligations            
780,000   4.000%, 06/01/32 Series 2020   NR/A+/NR   963,971    
                 
    City of Hillsboro, Washington County Oregon Full Faith and Credit Bonds            
465,000   5.000%, 06/01/30   Aa1/NR/NR   623,509    
                 
    Lake Oswego, Oregon Refunding            
3,140,000   4.000%, 12/01/30   Aaa/AAA/NR   3,806,873    
                 
    Lebanon, Oregon Refunding            
1,050,000   5.000%, 06/01/24   A1/NR/NR   1,165,059    
1,165,000   5.000%, 06/01/25   A1/NR/NR   1,392,163    
                 
    McMinnville, Oregon Refunding            
2,075,000   5.000%, 02/01/27   Aa3/NR/NR   2,455,389    
                 
    Multnomah County, Oregon            
3,000,000   5.000%, 06/01/30   Aaa/AAA/NR   3,819,870    
                 
    Portland, Oregon Limited Tax, Sellwood Bridge & Archive Space Projects            
1,640,000   4.000%, 04/01/29 2017 Series A   Aaa/NR/NR   1,970,165    
1,710,000   4.000%, 04/01/30 2017 Series A   Aaa/NR/NR   2,049,418    
1,775,000   4.000%, 04/01/31 2017 Series A   Aaa/NR/NR   2,113,972    
                 
    Portland, Oregon Public Safety            
1,345,000   5.000%, 06/15/25 Series A   Aaa/NR/NR   1,631,310    
                 
    Redmond, Oregon Full Faith and Credit Bonds            
1,140,000   5.000%, 06/01/34 Series B-1   Aa3/NR/NR   1,468,354    

 

 
 
 

 

 

Amount   General Obligation Bonds (continued)   Ratings Moody's,
S&P and Fitch
  Value   (a)
    City & County (continued)            
    Redmond, Oregon Refunding            
$    735,000   5.000%, 06/01/23 Series A   Aa3/NR/NR   $      784,047    
    Total City & County       33,607,520    
                 
    Community College (4.7%)            
    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   1,114,414    
                 
    Central Oregon Community College District            
1,850,000   4.750%, 06/15/22   NR/AA+/NR   1,853,793    
2,195,000   4.750%, 06/15/23   NR/AA+/NR   2,199,456    
2,175,000   4.750%, 06/15/26   NR/AA+/NR   2,179,285    
                 
    Chemeketa, Oregon Community College District            
2,000,000   5.000%, 06/15/25   NR/AA+/NR   2,319,280    
                 
    Clackamas, Oregon Community College District            
1,405,000   5.000%, 06/15/27 Series A   Aa1/AA+/NR   1,686,801    
                 
    Columbia Gorge, Oregon Community College District, Refunding            
1,000,000   4.000%, 06/15/24   Aa1/NR/NR   1,054,410    
                 
    Lane, Oregon Community College            
1,840,000   5.000%, 06/15/24   NR/AA+/NR   1,966,150    
1,750,000   4.000%, 06/15/24   Aa1/NR/NR   1,976,555    
1,930,000   5.000%, 06/15/30 Series 2020 A   Aa1/NR/NR   2,665,658    
1,735,000   4.000%, 06/15/32 Series 2020 A   Aa1/NR/NR   2,196,163    
1,000,000   4.000%, 06/15/33 Series 2020 A   Aa1/NR/NR   1,258,670    
750,000   4.000%, 06/15/34 Series 2020 A   Aa1/NR/NR   941,160    
                 
    Linn Benton, Oregon Community College            
1,520,000   5.000%, 06/01/27   NR/AA+/NR   1,822,267    
                 
    Mount Hood, Oregon Community College District Refunding            
1,865,000   5.000%, 06/01/27   Aa2/NR/NR   2,314,894    
1,000,000   5.000%, 06/01/29   Aa2/NR/NR   1,238,220    
                 
    Oregon Coast Community College District State            
1,770,000   5.000%, 06/15/25   Aa1/NR/NR   1,890,272    
                 
    Rogue, Oregon Community College District            
1,375,000   4.000%, 06/15/29 Series B   Aa1/NR/NR   1,608,296    
    Total Community College       32,285,744    
                 
    Hospital (0.8%)            
    Pacific Communities Health District, Oregon            
1,220,000   5.000%, 06/01/29   A1/NR/NR   1,485,887    
1,060,000   5.000%, 06/01/30   A1/NR/NR   1,285,398    
1,000,000   5.000%, 06/01/31   A1/NR/NR   1,207,940    
1,200,000   5.000%, 06/01/32   A1/NR/NR   1,443,228    
    Total Hospital       5,422,453    

 

 

 

 

 

 
 
 

 

 

Amount   General Obligation Bonds (continued)   Ratings Moody's,
S&P and Fitch
  Value   (a)
    School District (31.0%)            
    Clackamas County, Oregon School District #12 (North Clackamas)            
$ 1,165,000   5.000%, 06/15/25   Aa1/AA+/NR   $ 1,407,238    
3,205,000   5.000%, 06/15/30   Aa1/AA+/NR   4,060,062    
4,725,000   5.000%, 06/15/31   Aa1/AA+/NR   5,964,320    
1,100,000   5.000%, 06/15/32   Aa1/NR/NR   1,420,551    
2,160,000   5.000%, 06/15/29 Series B   Aa1/AA+/NR   2,749,226    
3,000,000   5.000%, 06/15/34 Series B   Aa1/AA+/NR   3,748,200    
                 
    Clackamas County, Oregon School District #62 (Oregon City)            
1,310,000   5.000%, 06/15/31 Series B   Aa1/AA+/NR   1,705,319    
                 
    Clackamas County, Oregon School District #86 (Canby)            
750,000   4.000%, 06/15/33 Series 2020 A   Aa1/NR/NR   950,918    
1,100,000   4.000%, 06/15/34 Series 2020 A   Aa1/NR/NR   1,385,978    
                 
    Clackamas & Washington Counties, Oregon School District No. 3JT (West Linn-Wilsonville)            
3,500,000   5.000%, 06/15/26   Aa1/AA+/NR   4,229,470    
5,500,000   5.000%, 06/15/27   Aa1/AA+/NR   6,643,615    
1,115,000   5.000%, 06/15/28   Aa1/AA+/NR   1,342,460    
1,000,000   5.000%, 06/15/32   Aa1/NR/NR   1,366,300    
1,000,000   5.000%, 06/15/33   Aa1/NR/NR   1,358,800    
                 
    Clatsop County, Oregon School District #1C (Astoria)            
1,080,000   5.000%, 06/15/31 Series B   Aa1/NR/NR   1,437,836    
1,215,000   5.000%, 06/15/32 Series B   Aa1/NR/NR   1,608,976    
                 
    Clatsop County, Oregon School District #30 (Warrenton-Hammond)            
1,590,000   5.000%, 06/15/31 Series B   Aa1/NR/NR   2,116,815    
1,145,000   5.000%, 06/15/32 Series B   Aa1/NR/NR   1,516,278    
1,115,000   5.000%, 06/15/34 Series B   Aa1/NR/NR   1,465,277    
                 
    Clatsop County, Oregon School District #10 (Seaside)            
1,000,000   5.000%, 06/15/29 Series B   Aa1/AA+/NR   1,274,240    
                 
    Columbia County, Oregon School District #502 (St. Helens)            
1,000,000   5.000%, 06/15/34   Aa1/NR/NR   1,245,860    
                 
    Coos County, Oregon School District #9 (Coos Bay)            
1,035,000   5.000%, 06/15/32   NR/AA+/NR   1,336,609    
                 
    Benton & Linn Counties, Oregon School District #509J (Corvallis)            
2,000,000   5.000%, 06/15/31 Series B   Aa1/AA+/NR   2,603,540    
1,615,000   5.000%, 06/15/32 Series B   Aa1/AA+/NR   2,092,346    
1,000,000   4.000%, 06/15/32 Series 2020   Aa1/NR/NR   1,276,120    

 

 
 
 

 

 

Amount   General Obligation Bonds (continued)   Ratings Moody's,
S&P and Fitch
  Value   (a)
    School District (continued)            
    Deschutes County, Oregon Administrative School District #1 (Bend - La Pine)            
$    740,000   5.000%, 06/15/30   Aa1/NR/NR   $     996,780    
3,000,000   4.000%, 06/15/30   Aa1/AA+/NR   3,601,530    
2,150,000   5.000%, 06/15/31   Aa1/NR/NR   2,883,000    
1,470,000   4.000%, 06/15/32   Aa1/NR/NR   1,821,139    
                 
    Deschutes County, Oregon School District #6 (Sisters)            
1,030,000   5.250%, 06/15/21 AGMC Insured   A2/AA+/NR   1,053,422    
                 
    Deschutes and Jefferson Counties, Oregon School District #02J (Redmond)            
80,000   5.000%, 06/15/21 NPFG/ FGIC Insured   Aa1/NR/NR   80,282    
1,025,000   zero coupon, 06/15/23   Aa1/NR/NR   1,015,591    
                 
    Greater Albany School District #8J (Linn & Benton Counties)            
1,000,000   5.000%, 06/15/30   Aa1/AA+/NR   1,270,390    
                 
    Hood River County, Oregon School District            
2,260,000   4.000%, 06/15/30   NR/AA+/NR   2,664,178    
2,400,000   4.000%, 06/15/31   NR/AA+/NR   2,827,416    
                 
    Jackson County, Oregon School District #5 (Ashland)            
1,385,000   5.000%, 06/15/28   Aa1/AA+/NR   1,831,981    
2,700,000   5.000%, 06/15/29 Series 2019   Aa1/AA+/NR   3,658,770    
550,000   5.000%, 06/15/30 Series 2019   Aa1/AA+/NR   740,850    
2,845,000   5.000%, 06/15/34   Aa1/AA+/NR   3,765,670    
                 
    Jackson County, Oregon School District #6 (Central Point)            
2,665,000   5.000%, 06/15/31   Aa1/NR/NR   3,547,994    
                 
    Klamath County, Oregon School District            
1,250,000   5.000%, 06/15/24   NR/AA+/NR   1,394,025    
                 
    Lane County, Oregon School District #4J (Eugene) Refunding            
2,765,000   3.000%, 06/15/24   Aa1/NR/NR   3,023,168    
                 
    Lane County, Oregon School District #19 (Springfield)            
1,000,000   5.000%, 06/15/25   Aa1/AA+/NR   1,205,470    
1,735,000   5.000%, 06/15/27   Aa1/AA+/NR   2,087,222    
                 
    Lane County, Oregon School District #69 (Junction City)            
630,000   5.000%, 06/15/25   Aa1/NR/NR   760,372    
                 
    Lane & Douglas Counties, Oregon School District #45J3            
2,665,000   4.000%, 06/15/27 Series B   Aa1/NR/NR   3,149,577    
                 
    Lincoln County, Oregon School District            
2,370,000   4.000%, 06/15/24 Series A   Aa1/NR/NR   2,409,721    
                 
    Linn & Marion Counties, Oregon School District #129J (Santiam Canyon)            
750,000   5.000%, 06/15/34   NR/AA+/NR   982,088    

 

 
 
 

 

 

Amount   General Obligation Bonds (continued)   Ratings Moody's,
S&P and Fitch
  Value   (a)
    School District (continued)            
    Marion County, Oregon School District #103 (Woodburn)            
$ 2,140,000   5.000%, 06/15/27   Aa1/NR/NR   $ 2,557,728    
2,260,000   5.000%, 06/15/28   Aa1/NR/NR   2,698,960    
                 
    Marion & Polk Counties, Oregon School District #24J (Salem-Keizer)            
5,000,000   5.000%, 06/15/30   Aa1/AA+/NR   6,543,650    
5,525,000   5.000%, 06/15/31   Aa1/AA+/NR   7,201,561    
5,100,000   zero coupon, 06/15/33 (Convertible Deferred Interest Bonds) Series 2020B   Aa1/AA+/NR   6,708,693    
                 
    Multnomah County, Oregon School District #1J (Portland)            
2,970,000   5.000%, 06/15/26 Series B   Aa1/AA+/NR   3,584,612    
5,000,000   5.000%, 06/15/29 Series 2020   Aa1/AA+/NR   6,780,350    
6,000,000   4.000%, 06/15/32 Series 2020 B   Aa1/AA+/NR   7,631,880    
                 
    Multnomah County, Oregon School District #7 (Reynolds)            
5,680,000   5.000%, 06/15/26 Series A   Aa1/NR/NR   6,858,259    
1,500,000   5.000%, 06/15/27 Series A   Aa1/NR/NR   1,806,735    
1,825,000   5.000%, 06/15/28 Series A   Aa1/NR/NR   2,192,829    
                 
    Multnomah County, Oregon School District #40 (David Douglas)            
1,500,000   5.000%, 06/15/23 Series A   NR/AA+/NR   1,602,840    
                 
    Multnomah and Clackamas Counties, Oregon School District #10 (Gresham-Barlow)            
1,535,000   5.000%, 06/15/29   Aa1/NR/NR   2,077,085    
1,175,000   5.000%, 06/15/31   Aa1/AA+/NR   1,489,935    
2,500,000   5.000%, 06/15/29 Series B   Aa1/AA+/NR   3,185,600    
                 
    Multnomah and Clackamas Counties, Oregon School District #28JT (Centennial)            
1,260,000   5.000%, 06/15/34 Series 2020   Aa1/NR/NR   1,700,332    
715,000   5.000%, 06/15/35 Series 2020   Aa1/NR/NR   962,469    
                 
    Polk, Marion & Benton Counties, Oregon School District #13J (Central)            
1,515,000   4.000%, 02/01/28   NR/AA+/NR   1,712,829    
                 
    Tillamook & Yamhill Counties, Oregon School District #101 (Nestucca Valley)            
1,275,000   5.000%, 06/15/31   NR/AA+/NR   1,670,492    
                 
    Umatilla County, Oregon School District #8 (Hermiston)            
2,750,000   5.000%, 06/15/30   NR/AA+/NR   3,843,675    
                 
    Washington County, Oregon School District #48J (Beaverton)            
1,500,000   5.000%, 06/15/27 Series C   Aa1/AA+/NR   1,929,705    
2,400,000   5.000%, 06/15/35 Series C   Aa1/AA+/NR   3,010,200    

 

 
 
 

 

 

Amount   General Obligation Bonds (continued)   Ratings Moody's,
S&P and Fitch
  Value   (a)
    School District (continued)            
    Washington & Clackamas Counties, Oregon School District #23J (Tigard)            
$ 2,405,000   5.000%, 06/15/30   Aa1/AA+/NR   $ 3,055,288    
1,000,000   5.000%, 06/15/31 Series A   Aa1/AA+/NR   1,340,930    
1,000,000   5.000%, 06/15/32 Series A   Aa1/AA+/NR   1,333,810    
                 
    Washington, Clackamas & Yamhill Counties, Oregon School District #88J            
2,785,000   5.000%, 06/15/29 Series B   Aa1/AA+/NR   3,554,830    
2,000,000   5.000%, 06/15/29 Series B   Aa1/AA+/NR   2,628,160    
                 
    Washington, Multnomah & Yamhill Counties, Oregon School District #1J (Hillsboro)            
3,105,000   5.000%, 06/15/30   Aa1/NR/NR   3,944,561    
2,110,000   5.000%, 06/15/31   Aa1/NR/NR   2,671,007    
1,750,000   4.000%, 06/15/32   Aa1/NR/NR   2,215,150    
2,175,000   4.000%, 06/15/33   Aa1/NR/NR   2,737,607    
                 
    Yamhill County, Oregon School District #8 (Dayton)            
1,045,000   5.000%, 06/15/32   NR/AA+/NR   1,383,852    
1,080,000   5.000%, 06/15/33   NR/AA+/NR   1,423,073    
900,000   5.000%, 06/15/34   NR/AA+/NR   1,178,505    
                 
    Yamhill County, Oregon School District #40 (McMinnville)            
2,255,000   4.000%, 06/15/26   Aa1/NR/NR   2,458,108    
1,000,000   4.000%, 06/15/29   Aa1/AA+/NR   1,172,000    
1,000,000   4.000%, 06/15/30   Aa1/AA+/NR   1,170,070    
    Total School Districts       213,094,360    
                 
    Special District (4.5%)            
    Bend, Oregon Metropolitan Park & Recreational District            
1,430,000   4.000%, 06/01/27   Aa3/NR/NR   1,543,942    
                 
    Clackamas County, Oregon Fire District No. 1            
1,020,000   4.000%, 06/01/30   NR/AA/NR   1,219,981    
2,705,000   4.000%, 06/01/31   NR/AA/NR   3,214,433    
                 
    Metro, Oregon            
4,000,000   4.000%, 06/01/26 Series A   Aaa/AAA/NR   4,207,760    
1,100,000   5.000%, 06/01/32 Series 2020 A (Green Bond)   Aaa/AAA/NR   1,507,682    
5,160,000   4.000%, 06/01/33 Series 2020 A   Aaa/AAA/NR   6,543,344    
                 
    Tualatin Hills, Oregon Park & Recreational District            
3,480,000   5.000%, 06/01/23   Aa1/NR/NR   3,884,515    
4,725,000   5.000%, 06/01/24   Aa1/NR/NR   5,497,112    
2,775,000   5.000%, 06/01/26   Aa1/NR/NR   3,341,683    
    Total Special District       30,960,452    
                 
    State (8.7%)            
    State of Oregon            
750,000   5.000%, 05/01/25 Series A   Aa1/AA+/AA+   868,778    
600,000   5.000%, 05/01/31 Series 2018A   Aa1/AA+/AA+   783,540    

 

 
 
 

 

 

Amount   General Obligation Bonds (continued)   Ratings Moody's,
S&P and Fitch
  Value   (a)
    State (continued)            
    State of Oregon Article XI-F(1) University Project            
$ 1,250,000   5.000%, 08/01/31 Series I   Aa1/AA+/AA+   $ 1,597,238    
                 
    State of Oregon Article XI-G Community College Projects            
1,160,000   5.000%, 08/01/27 Series J   Aa1/AA+/AA+   1,402,080    
                 
    State of Oregon Article XI-G Higher Education            
500,000   5.000%, 08/01/25 Series O   Aa1/AA+/AA+   608,405    
1,000,000   5.000%, 08/01/26 Series O   Aa1/AA+/AA+   1,211,720    
1,000,000   5.000%, 08/01/27 Series O   Aa1/AA+/AA+   1,208,690    
                 
    State of Oregon Article XI-M Seismic Projects            
1,000,000   5.000%, 06/01/30   Aa1/AA+/AA+   1,235,810    
                 
    State of Oregon Article XI-M and XI-N Seismic Projects            
1,200,000   5.000%, 06/01/31 Series E   Aa1/AA+/AA+   1,656,900    
1,180,000   5.000%, 06/01/32 Series E   Aa1/AA+/AA+   1,619,892    
765,000   5.000%, 06/01/33 Series E   Aa1/AA+/AA+   1,041,035    
1,125,000   5.000%, 06/01/34 Series E   Aa1/AA+/AA+   1,526,288    
                 
    State of Oregon Article XI-Q State Projects            
2,140,000   5.000%, 11/01/28   Aa1/AA+/AA+   2,643,200    
1,000,000   5.000%, 11/01/30   Aa1/AA+/AA+   1,230,410    
2,000,000   5.000%, 11/01/31   Aa1/AA+/AA+   2,458,480    
2,920,000   5.000%, 05/01/31 Series A   Aa1/AA+/AA+   3,917,735    
4,000,000   5.000%, 05/01/32 Series A   Aa1/AA+/AA+   5,339,520    
1,195,000   5.000%, 05/01/28 Series D   Aa1/AA+/AA+   1,479,541    
1,255,000   5.000%, 05/01/29 Series D   Aa1/AA+/AA+   1,549,360    
1,000,000   5.000%, 05/01/30 Series D   Aa1/AA+/AA+   1,232,190    
2,300,000   5.000%, 05/01/28 Series F   Aa1/AA+/AA+   2,750,064    
1,500,000   5.000%, 05/01/33 Series N   Aa1/AA+/AA+   2,020,260    
1,680,000   5.000%, 05/01/34 Series N   Aa1/AA+/AA+   2,255,736    
                 
    State of Oregon Higher Education            
1,000,000   5.000%, 08/01/28 Series A   Aa1/AA+/AA+   1,205,660    
1,390,000   5.000%, 08/01/31 Series G   Aa1/AA+/AA+   1,876,542    
1,920,000   5.000%, 08/01/32 Series G   Aa1/AA+/AA+   2,577,638    
3,000,000   5.000%, 08/01/33 Series G   Aa1/AA+/AA+   4,008,390    
1,900,000   5.000%, 08/01/34 Series G   Aa1/AA+/AA+   2,532,510    
1,250,000   5.000%, 08/01/30 Series L   Aa1/AA+/AA+   1,603,088    
1,300,000   5.000%, 08/01/32 Series L   Aa1/AA+/AA+   1,658,566    
                 
    State of Oregon Veteran's Welfare            
450,000   1.950%, 06/01/31 Series 2020 I   Aa1/AA+/AA+   474,642    
2,000,000   2.150%, 12/01/34 Series 2020 I   Aa1/AA+/AA+   2,121,140    
    Total State       59,695,048    
                 
    Transportation (1.1%)            
    Oregon State Department Transportation Highway Usertax (Senior Lien)            
5,000,000   5.000%, 11/15/29 Series B   Aa1/AAA/AA+   6,349,300    
                 
    State of Oregon ODOT Projects            
1,020,000   5.000%, 11/15/30 Series M   Aa1/AA+/AA+   1,297,746    
    Total Transportation       7,647,046    

 

 
 
 

 

 

Amount   General Obligation Bonds (continued)   Ratings Moody's,
S&P and Fitch
  Value   (a)
    Water & Sewer (0.3%)            
    Gearheart, Oregon            
$ 1,060,000   4.500%, 03/01/26 AGMC Insured   A2/NR/NR   $    1,066,074    
                 
    Rockwood, Oregon Water Peoples Utility District Water Revenue Refunding            
1,270,000   4.250%, 08/15/26   Aa3/NR/NR   1,297,038    
    Total Water & Sewer       2,363,112    
    Total General Obligation Bonds       385,075,735    
                 
    Revenue Bonds (25.4%)            
    City & County (1.9%)            
    Beaverton, Oregon Special Revenue Bonds            
200,000   5.000%, 06/01/32 Series 2020A   Aa3/NR/NR   268,992    
500,000   5.000%, 06/01/33 Series 2020A   Aa3/NR/NR   668,215    
400,000   5.000%, 06/01/34 Series 2020A   Aa3/NR/NR   532,956    
                 
    Newport, Oregon Urban Renewal Obligations, Refunding            
565,000   4.500%, 06/15/22 Series B   NR/AA-/NR   566,079    
                 
    Portland, Oregon Revenue Refunding Limited Tax, Oregon Convention Center            
2,825,000   5.000%, 06/01/24   Aaa/NR/NR   2,880,285    
4,265,000   5.000%, 06/01/27   Aaa/NR/NR   4,345,992    
                 
    Portland, Oregon River District Urban Renewal and Redevelopment            
1,600,000   5.000%, 06/15/22 Series B   Aa3/NR/NR   1,710,960    
1,830,000   5.000%, 06/15/23 Series B   Aa3/NR/NR   1,952,976    
    Total City & County       12,926,455    
                 
    Electric (1.8%)            
    Eugene, Oregon  Electric Utility Refunding System            
2,875,000   5.000%, 08/01/29 Series A   Aa2/AA-/AA-   3,572,015    
4,030,000   5.000%, 08/01/30 Series A   Aa2/AA-/AA-   4,984,586    
                 
    Northern Wasco County, Oregon Peoples Utility District (McNary Dam Fishway Hydroelectric Project), Refunding            
1,585,000   5.000%, 12/01/21 Series A   NR/AA-/NR   1,654,233    
                 
    Warm Springs Reservation, Oregon Confederated Tribes, Hydroelectric Revenue, Tribal Economic Development, Pelton Round Butte Proj 2019 B Green Bond            
500,000   5.000%, 11/01/32 144A   A3/NR/NR   623,140    
1,000,000   5.000%, 11/01/33 144A   A3/NR/NR   1,236,940    
500,000   5.000%, 11/01/34 144A   A3/NR/NR   615,645    
    Total Electric       12,686,559    
                 
    Higher Education (0.4%)            
    Oregon State Facilities Authority (Reed College Project)            
500,000   5.000%, 07/01/30 Series A   Aa2/AA-/NR   630,590    
1,135,000   4.000%, 07/01/31 Series A   Aa2/AA-/NR   1,348,675    
                 
    Oregon State Facilities Authority (Willamette University)            
1,000,000   4.000%, 10/01/24   NR/A-/NR   1,001,820    
    Total Higher Education       2,981,085    

 

 
 
 

 

 

Amount   Revenue Bonds (continued)   Ratings Moody's,
S&P and Fitch
  Value   (a)
    Hospital (1.2%)            
    Oregon Health Sciences University            
$ 2,310,000   zero coupon, 07/01/21 NPFG Insured   Aa3/AA-/AA-   $ 2,307,159    
2,000,000   5.000%, 07/01/23 Series A   Aa3/AA-/AA-   2,137,880    
500,000   5.000%, 07/01/30 Series A   Aa3/AA-/AA-   677,980    
250,000   5.000%, 07/01/31 Series A   Aa3/AA-/AA-   337,378    
1,250,000   5.000%, 07/01/28 Series B   Aa3/AA-/AA-   1,541,913    
1,000,000   5.000%, 07/01/33 Series B   Aa3/AA-/AA-   1,210,150    
    Total Hospital       8,212,460    
                 
    Housing (0.5%)            
    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   1,389,727    
                 
    Portland, Oregon Urban Renewal and Redevelopment, Interstate Corridor            
1,390,000   5.000%, 06/15/27 Series B   Aa3/NR/NR   1,418,426    
                 
    State of Oregon Housing and Community Services            
460,000   1.800%, 01/01/23   Aa2/NR/NR   470,184    
    Total Housing       3,278,337    
                 
    Lottery (3.9%)            
    Oregon State Department of Administration Services (Lottery Revenue)            
1,015,000   5.250%, 04/01/26 Series A   Aa2/AAA/NR   1,027,160    
2,000,000   5.000%, 04/01/32 Series A   Aa2/AAA/NR   2,651,500    
1,000,000   5.000%, 04/01/33 Series A   Aa2/AAA/NR   1,318,640    
1,715,000   5.000%, 04/01/24 Series B   Aa2/AAA/NR   1,817,763    
1,500,000   5.000%, 04/01/25 Series B   Aa2/AAA/NR   1,588,905    
1,000,000   5.000%, 04/01/25 Series B   Aa2/AAA/NR   1,153,030    
4,000,000   5.000%, 04/01/30 Series C   Aa2/AAA/NR   5,051,320    
5,000,000   5.000%, 04/01/26 Series D   Aa2/AAA/NR   5,983,350    
4,000,000   5.000%, 04/01/28 Series D   Aa2/AAA/NR   4,749,480    
1,000,000   5.000%, 04/01/29 Series D   Aa2/AAA/NR   1,186,910    
    Total Lottery       26,528,058    
                 
    Sales Tax (0.1%)            
    Metro, Oregon Dedicated Tax Revenue (Oregon Convention Center Hotel)            
750,000   5.000%, 06/15/31   Aa3/NR/NR   938,693    
                 
    Transportation (4.8%)            
    Oregon State Department Transportation Highway Usertax (Subordinate Lien)            
1,000,000   5.000%, 11/15/35 Series A   Aa2/AA+/AA+   1,338,840    
1,250,000   5.000%, 11/15/35 Series 2020A   Aa2/AA+/AA+   1,716,238    
5,000,000   5.000%, 11/15/36 Series 2020A   Aa2/AA+/AA+   6,844,650    
                 
    Port Portland, Oregon Airport Revenue Refunding, Portland International Airport Series Twenty Three            
2,525,000   5.000%, 07/01/26   NR/A+/NR   3,006,568    
1,000,000   5.000%, 07/01/28   NR/A+/NR   1,181,000    
2,390,000   5.000%, 07/01/29   NR/A+/NR   2,813,341    

 

 
 
 

 

 

Amount   Revenue Bonds (continued)   Ratings Moody's,
S&P and Fitch
  Value   (a)
    Transportation (continued)            
    Tri-County Metropolitan Transportation District, Oregon Capital Grant Receipt            
$ 1,100,000   5.000%, 10/01/27 Series A   A3/A/NR   $ 1,411,421    
2,000,000   5.000%, 10/01/30 Series A   A3/A/NR   2,538,240    
                 
    Tri-County Metropolitan Transportation District, Oregon (Senior Lien Payroll Tax)            
1,000,000   5.000%, 09/01/25 Series A   Aaa/AAA/NR   1,221,180    
1,890,000   5.000%, 09/01/28 Series A   Aaa/AAA/NR   2,379,019    
1,650,000   5.000%, 09/01/29 Series A   Aaa/AAA/NR   2,071,674    
3,975,000   5.000%, 09/01/30 Series A   Aaa/AAA/NR   4,980,715    
1,000,000   5.000%, 09/01/31 Series A   Aaa/AAA/NR   1,277,080    
    Total Transportation       32,779,966    
                 
    Water and Sewer (10.8%)            
    Beaverton, Oregon Water Revenue            
1,000,000   5.000%, 04/01/32 Series 2020   NR/AA+/NR   1,355,250    
                 
    Bend, Oregon Water Revenue, Bridge Creek Project            
695,000   5.000%, 12/01/30   Aa2/AA/NR   856,386    
                 
    Clackamas County, Oregon  Service District No. 1            
2,240,000   5.000%, 12/01/26   NR/AAA/NR   2,843,747    
                 
    Clean Water Services, Oregon Refunding (Senior Lien)            
1,510,000   5.000%, 10/01/27   Aa1/AAA/NR   1,967,545    
                 
    Eugene, Oregon Water Utility System            
115,000   5.000%, 08/01/28   Aa2/AA/AA+   143,381    
450,000   5.000%, 08/01/29   Aa2/AA/AA+   559,098    
                 
    Grants Pass, Oregon            
1,000,000   4.000%, 12/01/23   NR/AA/NR   1,071,280    
                 
    Hillsboro, Oregon Water System            
1,630,000   5.000%, 06/01/31   Aa2/NR/NR   2,175,854    
1,710,000   5.000%, 06/01/32   Aa2/NR/NR   2,270,709    
                 
    Madras, Oregon            
725,000   4.500%, 02/15/27   A3/NR/NR   783,051    
                 
    Portland, Oregon Water System (First Lien)            
3,230,000   5.000%, 05/01/27 Series A   Aa1/NR/NR   3,736,884    
3,500,000   5.000%, 06/01/28 Series A   Aa1/AA+/NR   4,197,725    
                 
    Portland, Oregon Sewer System (Second Lien)            
5,405,000   4.500%, 05/01/31 Series A   Aa2/AA/NR   6,458,651    
6,355,000   5.000%, 03/01/32 Series A   Aa2/AA/NR   8,542,836    
2,000,000   5.000%, 10/01/25 Series B   Aa2/AA/NR   2,353,520    
2,000,000   5.000%, 06/01/26 Series B   Aa2/AA/NR   2,410,360    
2,000,000   5.000%, 06/01/27 Series B   Aa2/AA/NR   2,400,640    
2,000,000   5.000%, 03/01/33 Series 2019 A   Aa2/AA/NR   2,674,920    
2,500,000   4.000%, 03/01/33 Series 2020A   Aa2/AA/NR   3,182,675    

 

 
 
 

 

 

Amount   Revenue Bonds (continued)   Ratings Moody's,
S&P and Fitch
  Value   (a)
    Water and Sewer (continued)            
    Portland, Oregon Water System (Second Lien)            
$ 2,590,000   5.000%, 05/01/31 Series A   Aa2/NR/NR   $ 3,513,231    
2,000,000   5.000%, 05/01/32 Series A   Aa2/NR/NR   2,698,460    
2,000,000   5.000%, 05/01/33 Series A   Aa2/NR/NR   2,687,660    
                 
    Portland, Oregon Water System Revenue Refunding (Junior Lien)            
2,000,000   5.000%, 10/01/23   Aa2/NR/NR   2,213,720    
                 
    Salem, Oregon Water & Sewer Revenue Refunding            
3,500,000   5.000%, 06/01/25   Aa2/NR/NR   4,213,020    
                 
    Seaside, Oregon Wastewater System            
1,000,000   4.250%, 07/01/26   A3/NR/NR   1,015,860    
                 
    Washington County, Oregon Clean Water Services Sewer (Senior Lien)            
1,010,000   4.000%, 10/01/22 Series B   Aa1/AAA/NR   1,037,634    
1,500,000   4.000%, 10/01/23 Series B   Aa1/AAA/NR   1,542,465    
2,850,000   4.000%, 10/01/26 Series B   Aa1/AAA/NR   2,928,147    
2,745,000   4.000%, 10/01/28 Series B   Aa1/AAA/NR   2,815,848    
    Total Water and Sewer       74,650,557    
    Total Revenue Bonds       174,982,170    
                 
    Pre-Refunded\ Escrowed to Maturity Bonds (16.5%)††            
    Pre-Refunded General Obligation Bonds (9.3%)            
    Higher Education (1.2%)            
    Oregon State Higher Education            
1,000,000   5.000%, 08/01/25 Series C   Aa1/AA+/AA+   1,170,770    
1,795,000   5.000%, 08/01/27 Series C   Aa1/AA+/AA+   2,101,532    
                 
    Oregon State, Oregon University System            
1,170,000   4.000%, 08/01/25 Series B   Aa1/AA+/AA+   1,240,902    
1,090,000   5.000%, 08/01/25 Series N   Aa1/AA+/AA+   1,225,062    
                 
    Oregon State, Oregon University System Projects            
2,365,000   4.000%, 08/01/26 Series H   Aa1/AA+/AA+   2,417,858    
    Total Higher Education       8,156,124    
                 
    School District (6.6%)            
    Clackamas County, Oregon School District #12 (North Clackamas)               
2,450,000   5.000%, 06/15/25   Aa1/AA+/NR   2,854,397    
1,500,000   5.000%, 06/15/26   Aa1/AA+/NR   1,747,590    
                 
    Clackamas County, Oregon School District #62 (Oregon City)            
440,000   5.000%, 06/01/29 MAC Insured   NR/AA/NR   510,176    
560,000   5.000%, 06/01/29 MAC Insured   Aa3/AA/NR   650,356    
                 
    Clackamas County, Oregon School District #86 (Canby)            
1,800,000   5.000%, 06/15/24   Aa1/AA+/NR   1,926,180    
1,110,000   5.000%, 06/15/25 Series A   Aa1/AA+/NR   1,187,811    

 

 
 
 

 

 

Amount   Pre-Refunded\ Escrowed to Maturity Bonds (continued)††   Ratings Moody's,
S&P and Fitch
  Value   (a)
    Pre-Refunded General Obligation Bonds (continued)            
    School District (continued)            
    Jefferson County, Oregon School District #509J            
$ 1,400,000   5.000%, 06/15/25   Aa1/NR/NR   $ 1,563,422    
                 
    Lane County, Oregon School District #4J (Eugene) Refunding            
1,130,000   4.000%, 06/15/23   Aa1/NR/NR   1,149,628    
2,850,000   4.000%, 06/15/24   Aa1/NR/NR   3,008,688    
4,575,000   5.000%, 06/15/26   Aa1/NR/NR   5,330,150    
                 
    Marion & Clackamas Counties, Oregon School District #4J (Silver Falls)            
1,260,000   5.000%, 06/15/24   Aa1/NR/NR   1,407,080    
                 
    Multnomah County, Oregon School District #7 (Reynolds) Refunding            
1,165,000   5.000%, 06/01/29   Aa3/NR/NR   1,166,107    
                 
    Union County, Oregon School District #1 (La Grande)            
1,000,000   5.000%, 06/15/27   Aa1/NR/NR   1,210,300    
                 
    Washington County, Oregon School District #48J (Beaverton)            
2,750,000   4.000%, 06/15/25   Aa1/AA+/NR   2,903,120    
2,275,000   4.000%, 06/15/23 Series B   Aa1/AA+/NR   2,401,672    
5,290,000   4.000%, 06/15/24 Series B   Aa1/AA+/NR   5,584,547    
3,000,000   5.000%, 06/15/25 Series 2014B   Aa1/AA+/NR   3,495,180    
3,000,000   5.000%, 06/15/28 Series 2014B   Aa1/AA+/NR   3,495,180    
1,845,000   5.000%, 06/15/29 Series 2014B   Aa1/AA+/NR   2,149,536    
                 
    Washington, Multnomah & Yamhill Counties, Oregon School District #1J (Hillsboro)            
1,535,000   4.000%, 06/15/25   Aa1/NR/NR   1,620,469    
    Total School District       45,361,589    
                 
    Special District (0.4%)            
    Tualatin Valley, Oregon Fire & Rescue Rural Fire Protection District            
1,235,000   4.000%, 06/01/26   Aaa/NR/NR   1,254,575    
1,170,000   4.000%, 06/01/27   Aaa/NR/NR   1,188,545    
    Total Special District       2,443,120    
                 
    State (1.1%)            
    State of Oregon            
3,000,000   5.000%, 05/01/23 Series L   Aa1/AA+/AA+   3,047,550    
1,125,000   5.000%, 05/01/24 Series L   Aa1/AA+/AA+   1,142,831    
1,470,000   4.000%, 11/01/26 Series M   Aa1/AA+/AA+   1,516,864    
2,125,000   4.000%, 05/01/25 Series O   Aa1/AA+/AA+   2,151,839    
    Total State       7,859,084    
    Total Pre-Refunded General Obligation Bonds       63,819,917    

 

 
 
 

 

 

Amount   Pre-Refunded\ Escrowed to Maturity Bonds (continued)††   Ratings Moody's,
S&P and Fitch
  Value   (a)
    Pre-Refunded\ Escrowed to Maturity Revenue Bonds (7.2%)            
    City & County (0.4%)            
    Local Oregon Capital Assets Program COP Cottage Grove            
$ 2,375,000   5.000%, 09/15/25 Series 2013A   A2/NR/NR   $ 2,455,584    
                 
    Electric (0.3%)            
    Eugene, Oregon  Electric Utility Refunding System            
2,000,000   5.000%, 08/01/27 Series A   Aa2/AA-/AA-   2,055,920    
                 
    Higher Education (0.9%)            
    Oregon State Facilities Authority (Lewis & Clark College Project)            
1,000,000   5.250%, 10/01/24 Series A   A3/A-/NR   1,037,570    
3,000,000   5.000%, 10/01/27 Series A   A3/A-/NR   3,107,160    
                 
    Oregon State Facilities Authority (Linfield College Project)            
1,180,000   5.000%, 10/01/22 Series A ETM   Baa2/NR/NR   1,273,102    
1,000,000   5.000%, 10/01/23 Series A ETM   Baa2/NR/NR   1,123,130    
    Total Higher Education       6,540,962    
                 
    Lottery (0.9%)            
    Oregon State Department of Administration Services (Lottery Revenue)            
6,285,000   5.250%, 04/01/26   NR/NR/NR*   6,361,049    
                 
    Transportation (4.0%)            
    Oregon State Department Transportation Highway Usertax (Senior Lien)            
3,605,000   5.000%, 11/15/24 Series A   Aa1/AAA/AA+   3,929,811    
625,000   5.000%, 11/15/25 Series A   Aa1/AAA/AA+   681,313    
1,000,000   5.000%, 11/15/26 Series A   Aa1/AAA/AA+   1,137,800    
1,040,000   5.000%, 11/15/26 Series A   Aa1/AAA/AA+   1,231,464    
8,000,000   5.000%, 11/15/28 Series A   Aa1/AAA/AA+   9,472,800    
                 
    Tri-County Metropolitan Transportation District, Oregon Capital Grant Receipt            
1,685,000   5.000%, 10/01/24 Series A   A3/A/NR   1,745,188    
3,480,000   5.000%, 10/01/26 Series A   A3/A/NR   3,604,306    
3,000,000   5.000%, 10/01/27 Series A   A3/A/NR   3,107,160    
                 
    Tri-County Metropolitan Transportation District, Oregon (Senior Lien Payroll Tax)            
2,010,000   5.000%, 09/01/29 Series B   Aaa/AAA/NR   2,452,682    
    Total Transportation       27,362,524    

 

 
 
 

 

 

Amount   Pre-Refunded\ Escrowed to Maturity Bonds (continued)††   Ratings Moody's,
S&P and Fitch
  Value   (a)
    Pre-Refunded\ Escrowed to Maturity Revenue Bonds (continued)            
    Water and Sewer (0.7%)            
    Prineville, Oregon Refunding            
$ 1,255,000   4.400%, 06/01/29 AGMC Insured   NR/AA/NR   $    1,276,661    
                 
    Tigard, Oregon Water System Revenue Refunding            
2,565,000   5.000%, 08/01/24   Aa3/AA-/NR   2,758,581    
                 
    Woodburn, Oregon Wastewater Revenue Refunding            
1,090,000   5.000%, 03/01/21 Series A ETM   A1/NR/NR   1,098,164    
    Total Water and Sewer       5,133,406    
    Total Pre-Refunded\ Escrowed to Maturity Revenue Bonds       49,909,445    
    Total Pre-Refunded\ Escrowed to Maturity Bonds       113,729,362    
    Total Municipal Bonds (cost $633,031,611)       673,787,267    

 

Shares   Short-Term Investment (1.6%)            
                 
11,150,782   Dreyfus Treasury Obligations Cash Management - Institutional Shares, 0.03%** (cost $11,150,782)   Aaa-mf/AAAm/NR   11,150,782    
                 
    Total Investments (cost $644,182,393- note b)   99.5%   684,938,049    
    Other assets less liabilities   0.5   3,306,437    
    Net Assets   100.0%   $ 688,244,486    
                 
        Percent of        
    Portfolio Distribution By Quality Rating   Investments †        
    Aaa of Moody's or AAA of S&P   13.9%        
    Pre-refunded bonds\ ETM bonds††   16.9        
    Aa of Moody's or AA of S&P or Fitch   65.3        
    A of Moody's or S&P   3.9        
        100.0%        

 

    PORTFOLIO ABBREVIATIONS:            
    AGMC - Assured Guaranty Municipal Corp.            
    COP- Certificates of Participation            
    ETM - Escrowed to Maturity            
    FGIC - Financial Guaranty Insurance Co.            
    MAC - Municipal Assurance Corp.            
    NPFG - National Public Finance Guarantee            
    NR - Not Rated            
    ODOT - Oregon Department of Transportation            

 

    **    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, 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 $644,182,393 amounted to $40,755,656, which consisted of aggregate gross unrealized appreciation of $40,763,766 and aggregate gross unrealized A799depreciation of $8,110.

 

(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 $ 11,150,782
Level 2 – Other Significant Observable Inputs - Municipal Bonds+   673,787,267
Level 3 – Significant Unobservable Inputs   -
Total $ 684,938,049

 

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