AQUILA TAX-FREE TRUST OF OREGON
SCHEDULE OF INVESTMENTS
December 31, 2023
(unaudited)
| Amount | General Obligation Bonds (62.2%) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
| City & County (8.1%) | ||||||||
| Bend, Oregon | ||||||||
| $2,690,000 | 5.000%, 06/01/32 | NR/AA+/NR | $3,210,730 | |||||
| Benton County, Oregon Full Faith Credit Obligations | ||||||||
| 500,000 | 5.000%, 06/01/39 Series 2023 | Aa1/NR/NR | 577,120 | |||||
| Boardman, Oregon Green Bond | ||||||||
| 1,000,000 | 4.000%, 06/15/33 Series 2021 BAMAC Insured | NR/AA/NR | 1,057,150 | |||||
| Clackamas County, Oregon Refunding | ||||||||
| 1,135,000 | 4.000%, 06/01/24 | Aaa/NR/NR | 1,135,545 | |||||
| Clackamas County, Oregon (Tax-Exempt) | ||||||||
| 1,485,000 | 5.000%, 06/01/25 Series 2016B | Aaa/NR/NR | 1,531,822 | |||||
| Clatsop County, Oregon | ||||||||
| 1,000,000 | 5.000%, 06/15/32 | Aa2/NR/NR | 1,134,590 | |||||
| Deschutes, Oregon Public Library District | ||||||||
| 1,000,000 | 4.000%, 06/01/31 Series 2021 | Aa2/NR/NR | 1,103,630 | |||||
| Lake Oswego, Oregon Refunding | ||||||||
| 3,140,000 | 4.000%, 12/01/30 | Aaa/AAA/NR | 3,295,147 | |||||
| Lebanon, Oregon Refunding | ||||||||
| 1,050,000 | 5.000%, 06/01/24 | A1/NR/NR | 1,051,670 | |||||
| 1,165,000 | 5.000%, 06/01/25 | A1/NR/NR | 1,197,154 | |||||
| McMinnville, Oregon Refunding | ||||||||
| 2,075,000 | 5.000%, 02/01/27 | Aa3/NR/NR | 2,119,903 | |||||
| Multnomah County, Oregon | ||||||||
| 3,000,000 | 5.000%, 06/01/30 | Aaa/AAA/NR | 3,249,720 | |||||
| Portland, Oregon Limited Tax, Build Portland & Fuel Stations Projects | ||||||||
| 1,210,000 | 5.000%, 04/01/36 2017 Series 2022D | Aaa/NR/NR | 1,420,951 | |||||
| Portland, Oregon Limited Tax, Sellwood Bridge & Archive Space Projects | ||||||||
| 1,640,000 | 4.000%, 04/01/29 2017 Series A | Aaa/NR/NR | 1,714,833 | |||||
| 1,710,000 | 4.000%, 04/01/30 2017 Series A | Aaa/NR/NR | 1,781,974 | |||||
| 1,775,000 | 4.000%, 04/01/31 2017 Series A | Aaa/NR/NR | 1,845,503 | |||||
| Portland, Oregon Public Safety | ||||||||
| 1,345,000 | 5.000%, 06/15/25 Series A | Aaa/NR/NR | 1,389,694 | |||||
| Redmond, Oregon Full Faith and Credit Bonds | ||||||||
| 1,140,000 | 5.000%, 06/01/34 Series B-1 | Aa2/NR/NR | 1,280,026 |
| Amount | General Obligation Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
| City & County (continued) | ||||||||
| Salem, Oregon | ||||||||
| $3,000,000 | 5.000%, 06/01/38 Series 2023B | Aa2/NR/NR | $3,485,910 | |||||
| Tualatin, Oregon | ||||||||
| 750,000 | 5.000%, 06/15/39 Series 2023 | Aa1/NR/NR | 866,100 | |||||
| Total City & County | 34,449,172 | |||||||
| Community College (4.9%) | ||||||||
| 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 | 986,626 | |||||
| Chemeketa, Oregon Community College District | ||||||||
| 2,000,000 | 5.000%, 06/15/25 | NR/AA+/NR | 2,020,860 | |||||
| Clackamas, Oregon Community College District | ||||||||
| 1,405,000 | 5.000%, 06/15/27 Series A | Aa1/AA+/NR | 1,449,777 | |||||
| Columbia Gorge, Oregon Community College District, Refunding | ||||||||
| 1,000,000 | 4.000%, 06/15/24 | Aa1/NR/NR | 1,000,490 | |||||
| Lane, Oregon Community College | ||||||||
| 1,840,000 | 5.000%, 06/15/24 | NR/AA+/NR | 1,841,711 | |||||
| 1,735,000 | 4.000%, 06/15/32 Series 2020A | Aa1/NR/NR | 1,884,470 | |||||
| 1,070,000 | 4.000%, 06/15/34 Series 2020 A | Aa1/NR/NR | 1,154,616 | |||||
| Linn Benton, Oregon Community College | ||||||||
| 1,520,000 | 5.000%, 06/01/27 | NR/AA+/NR | 1,562,104 | |||||
| Mount Hood, Oregon Community College District Refunding | ||||||||
| 1,000,000 | 5.000%, 06/01/29 | Aa2/NR/NR | 1,055,520 | |||||
| Oregon Coast Community College District State | ||||||||
| 1,770,000 | 5.000%, 06/15/25 | Aa1/NR/NR | 1,771,487 | |||||
| Portland, Oregon Community College District | ||||||||
| 1,250,000 | 5.000%, 06/15/38 Series 2023 | NR/AA+/NR | 1,453,200 | |||||
| Rogue, Oregon Community College District | ||||||||
| 1,375,000 | 4.000%, 06/15/29 Series B | Aa1/NR/NR | 1,418,120 | |||||
| Tillamook Bay, Oregon Community College District | ||||||||
| 1,290,000 | 5.000%, 06/15/35 Series 2023B | NR/AA+/NR | 1,533,965 | |||||
| 1,450,000 | 5.000%, 06/15/36 Series 2023B | NR/AA+/NR | 1,710,928 | |||||
| Total Community College | 20,843,874 | |||||||
| Healthcare (1.3%) | ||||||||
| Nehalem Bay, Oregon Health District | ||||||||
| 2,655,000 | 5.000%, 06/15/44 Series 2023A | NR/A/NR | 2,889,702 | |||||
| Umatilla, Oregon Hospital District #1 | ||||||||
| 2,500,000 | 4.750%, 06/01/43 Series 2023 | NR/A/NR | 2,504,475 | |||||
| Total Healthcare | 5,394,177 |
| Amount | General Obligation Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
| School District (32.8%) | ||||||||
| Benton & Linn Counties, Oregon School District #509J (Corvallis) | ||||||||
| $2,000,000 | 5.000%, 06/15/31 Series B | Aa1/AA+/NR | $2,207,820 | |||||
| 1,615,000 | 5.000%, 06/15/32 Series B | Aa1/AA+/NR | 1,775,160 | |||||
| Clackamas County, Oregon School District #7J (Lake Oswego) | ||||||||
| 1,400,000 | 4.000%, 06/01/33 | Aa2/AA+/NR | 1,452,500 | |||||
| Clackamas County, Oregon School District #12 (North Clackamas) | ||||||||
| 3,205,000 | 5.000%, 06/15/30 | Aa1/AA+/NR | 3,469,701 | |||||
| 4,725,000 | 5.000%, 06/15/31 | Aa1/AA+/NR | 5,113,631 | |||||
| 1,100,000 | 5.000%, 06/15/32 | Aa1/NR/NR | 1,219,823 | |||||
| 1,000,000 | 5.000%, 06/15/35 | Aa1/NR/NR | 1,103,690 | |||||
| 2,160,000 | 5.000%, 06/15/29 Series B | Aa1/AA+/NR | 2,343,622 | |||||
| 3,000,000 | 5.000%, 06/15/37 Series B | Aa1/AA+/NR | 3,195,540 | |||||
| Clackamas County, Oregon School District #62 (Oregon City) | ||||||||
| 1,310,000 | 5.000%, 06/15/31 Series B | Aa1/AA+/NR | 1,450,786 | |||||
| Clackamas & Washington Counties, Oregon School District No. 3JT (West Linn-Wilsonville) | ||||||||
| 3,500,000 | 5.000%, 06/15/26 | Aa1/AA+/NR | 3,610,530 | |||||
| 5,500,000 | 5.000%, 06/15/27 | Aa1/AA+/NR | 5,670,555 | |||||
| 1,115,000 | 5.000%, 06/15/28 | Aa1/AA+/NR | 1,149,576 | |||||
| 1,000,000 | 5.000%, 06/15/34 | Aa1/NR/NR | 1,191,950 | |||||
| Clatsop County, Oregon School District #1C (Astoria) | ||||||||
| 1,080,000 | 5.000%, 06/15/31 Series B | Aa1/NR/NR | 1,222,830 | |||||
| 1,215,000 | 5.000%, 06/15/32 Series B | Aa1/NR/NR | 1,375,866 | |||||
| Clatsop County, Oregon School District #10 (Seaside) | ||||||||
| 1,000,000 | 5.000%, 06/15/29 Series B | Aa1/AA+/NR | 1,080,530 | |||||
| Clatsop County, Oregon School District #30 (Warrenton-Hammond) | ||||||||
| 1,590,000 | 5.000%, 06/15/31 Series B | Aa1/NR/NR | 1,795,937 | |||||
| 1,145,000 | 5.000%, 06/15/32 Series B | Aa1/NR/NR | 1,292,854 | |||||
| 1,115,000 | 5.000%, 06/15/34 Series B | Aa1/NR/NR | 1,256,850 | |||||
| Columbia County, Oregon School District #502 (St. Helens) | ||||||||
| 1,000,000 | 5.000%, 06/15/34 | Aa1/NR/NR | 1,078,810 | |||||
| Coos County, Oregon School District #9 (Coos Bay) | ||||||||
| 1,035,000 | 5.000%, 06/15/32 | NR/AA+/NR | 1,150,051 | |||||
| Curry County, Oregon School District #1 (Central Curry) | ||||||||
| 500,000 | 5.000%, 06/15/39 Series 2023B | NR/AA+/NR | 568,185 | |||||
| Deschutes County, Oregon Administrative School District #1 (Bend - La Pine) | ||||||||
| 3,000,000 | 4.000%, 06/15/30 | Aa1/AA+/NR | 3,147,150 | |||||
| 1,470,000 | 4.000%, 06/15/32 | Aa1/NR/NR | 1,562,154 | |||||
| 1,540,000 | 5.000%, 06/15/37 | Aa1/NR/NR | 1,827,395 |
| Amount | General Obligation Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
| School District (continued) | ||||||||
| Greater Albany School District, Oregon #8J (Linn & Benton Counties) | ||||||||
| $1,000,000 | 5.000%, 06/15/30 Series 2017 | Aa1/AA+/NR | $1,082,590 | |||||
| 2,035,000 | 5.000%, 06/15/32 Series 2017 | Aa1/AA+/NR | 2,201,667 | |||||
| Hood River County, Oregon School District | ||||||||
| 2,260,000 | 4.000%, 06/15/30 | NR/AA+/NR | 2,330,196 | |||||
| 2,400,000 | 4.000%, 06/15/31 | NR/AA+/NR | 2,473,464 | |||||
| Jackson County, Oregon School District #5 (Ashland) | ||||||||
| 1,620,000 | 5.000%, 06/15/33 Series 2019 | Aa1/AA+/NR | 1,833,014 | |||||
| 5,970,000 | 5.000%, 06/15/42 Series 2019 | Aa1/AA+/NR | 6,532,255 | |||||
| Lane County, Oregon School District #4J (Eugene) Refunding | ||||||||
| 3,300,000 | 5.000%, 06/15/33 | Aa1/NR/NR | 3,956,568 | |||||
| 1,105,000 | 4.000%, 06/15/35 | Aa1/NR/NR | 1,167,200 | |||||
| Lane County, Oregon School District #19 (Springfield) | ||||||||
| 1,000,000 | 5.000%, 06/15/25 | Aa1/AA+/NR | 1,031,780 | |||||
| Lincoln County, Oregon School District | ||||||||
| 2,370,000 | 4.000%, 06/15/24 Series A | Aa1/NR/NR | 2,371,090 | |||||
| Linn & Marion Counties, Oregon School District #129J (Santiam Canyon) | ||||||||
| 750,000 | 5.000%, 06/15/34 | NR/AA+/NR | 848,273 | |||||
| 1,000,000 | 5.000%, 06/15/39 Series 2019 | NR/AA+/NR | 1,101,920 | |||||
| Marion & Linn Counties, Oregon School District #29J (North Santiam) | ||||||||
| 1,160,000 | 5.000%, 06/15/32 Series 2023 | NR/AA+/NR | 1,350,913 | |||||
| Marion & Polk Counties, Oregon School District #24J (Salem-Keizer) | ||||||||
| 5,000,000 | 5.000%, 06/15/30 | Aa1/AA+/NR | 5,545,950 | |||||
| 1,135,000 | 5.000%, 06/15/32 Series 2020B | Aa1/AA+/NR | 1,315,942 | |||||
| 1,000,000 | 5.000%, 06/15/33 Series 2020B | Aa1/AA+/NR | 1,155,100 | |||||
| 1,000,000 | 5.000%, 06/15/34 Series 2020B | Aa1/AA+/NR | 1,148,120 | |||||
| 2,000,000 | 5.000%, 06/15/35 Series 2020B | Aa1/AA+/NR | 2,288,200 | |||||
| Multnomah County, Oregon School District #1J (Portland) | ||||||||
| 2,970,000 | 5.000%, 06/15/26 Series B | Aa1/AA+/NR | 3,065,099 | |||||
| 3,000,000 | 5.000%, 06/15/37 Series 2023 | Aa1/AA+/NR | 3,559,860 | |||||
| Multnomah County, Oregon School District #7 (Reynolds) | ||||||||
| 5,680,000 | 5.000%, 06/15/26 Series A | Aa1/NR/NR | 5,861,022 | |||||
| 1,500,000 | 5.000%, 06/15/27 Series A | Aa1/NR/NR | 1,547,805 | |||||
| 1,825,000 | 5.000%, 06/15/28 Series A | Aa1/NR/NR | 1,883,163 | |||||
| Multnomah and Clackamas Counties, Oregon School District #10 (Gresham-Barlow) | ||||||||
| 2,500,000 | 5.000%, 06/15/29 Series B | Aa1/AA+/NR | 2,705,625 |
| Amount | General Obligation Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
| School District (continued) | ||||||||
| Polk, Marion & Benton Counties, Oregon School District #13J (Central) | ||||||||
| $1,515,000 | 4.000%, 02/01/28 | NR/AA+/NR | $1,535,407 | |||||
| Tillamook & Yamhill Counties, Oregon School District #101 (Nestucca Valley) | ||||||||
| 1,275,000 | 5.000%, 06/15/31 | NR/AA+/NR | 1,416,576 | |||||
| Umatilla County, Oregon School District #6R (Umatilla) | ||||||||
| 1,435,000 | 5.000%, 06/15/36 Series 2023A | NR/AA+/NR | 1,706,330 | |||||
| 1,010,000 | 5.000%, 06/15/38 Series 2023A | NR/AA+/NR | 1,174,186 | |||||
| Washington County, Oregon School District #15 (Forest Grove) | ||||||||
| 625,000 | 5.000%, 06/15/37 Series 2023 | NR/AA+/NR | 735,944 | |||||
| Washington County, Oregon School District #48J (Beaverton) | ||||||||
| 1,500,000 | 5.000%, 06/15/27 Series C | Aa1/AA+/NR | 1,628,265 | |||||
| Washington & Clackamas Counties, Oregon School District #23J (Tigard) | ||||||||
| 2,405,000 | 5.000%, 06/15/30 | Aa1/AA+/NR | 2,603,629 | |||||
| 1,000,000 | 5.000%, 06/15/31 Series A | Aa1/AA+/NR | 1,134,990 | |||||
| 1,000,000 | 5.000%, 06/15/32 Series A | Aa1/AA+/NR | 1,134,590 | |||||
| Washington, Clackamas & Yamhill Counties, Oregon School District #88J | ||||||||
| 2,785,000 | 5.000%, 06/15/29 Series B | Aa1/AA+/NR | 3,006,380 | |||||
| 2,000,000 | 5.000%, 06/15/29 Series B | Aa1/AA+/NR | 2,219,480 | |||||
| Washington, Multnomah & Yamhill Counties, Oregon School District #1J (Hillsboro) | ||||||||
| 3,105,000 | 5.000%, 06/15/30 | Aa1/NR/NR | 3,351,816 | |||||
| 3,010,000 | 5.000%, 06/15/31 | Aa1/NR/NR | 3,243,094 | |||||
| 2,000,000 | 5.000%, 06/15/34 Series 2017 | Aa1/NR/NR | 2,147,340 | |||||
| Yamhill County, Oregon School District #40 (McMinnville) | ||||||||
| 1,000,000 | 4.000%, 06/15/29 | Aa1/AA+/NR | 1,029,440 | |||||
| 1,000,000 | 4.000%, 06/15/30 | Aa1/AA+/NR | 1,026,980 | |||||
| Total School District | 139,764,759 |
| Amount | General Obligation Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
| Special District (5.7%) | ||||||||
| Bend, Oregon Metropolitan Park & Recreational District | ||||||||
| $1,430,000 | 4.000%, 06/01/27 | Aa2/NR/NR | $1,430,701 | |||||
| Clackamas County, Oregon Fire District No. 1 | ||||||||
| 1,020,000 | 4.000%, 06/01/30 | NR/AA/NR | 1,067,195 | |||||
| 2,705,000 | 4.000%, 06/01/31 | NR/AA/NR | 2,824,345 | |||||
| Corbett Fire District No. 14, Multnomah County, Oregon | ||||||||
| 400,000 | 5.000%, 06/15/39 Series 2023 AGMC Insured | NR/AA/NR | 442,088 | |||||
| Lebanon, Oregon Fire Protection District, Linn County | ||||||||
| 560,000 | 5.000%, 06/15/40 Series 2023 BAMAC Insured | NR/AA/NR | 621,477 | |||||
| Metro, Oregon | ||||||||
| 1,305,000 | 4.000%, 06/01/26 Series 2012 A | Aaa/AAA/NR | 1,305,561 | |||||
| 2,390,000 | 4.000%, 06/01/33 Series 2020 A | Aaa/AAA/NR | 2,572,859 | |||||
| 1,400,000 | 4.000%, 06/01/34 Series 2020 A | Aaa/AAA/NR | 1,504,370 | |||||
| Pacific Communities Health District, Oregon | ||||||||
| 1,945,000 | 5.000%, 06/01/29 | A1/NR/NR | 2,031,689 | |||||
| 2,060,000 | 5.000%, 06/01/30 | A1/NR/NR | 2,149,878 | |||||
| 1,000,000 | 5.000%, 06/01/31 | A1/NR/NR | 1,041,020 | |||||
| 1,200,000 | 5.000%, 06/01/32 | A1/NR/NR | 1,248,948 | |||||
| Redmond Area Park & Recreational District, Oregon | ||||||||
| 660,000 | 5.000%, 06/15/38 Series 2023 | NR/AA-/NR | 767,290 | |||||
| Tualatin Hills, Oregon Park & Recreational District | ||||||||
| 2,525,000 | 5.000%, 06/01/24 | Aa1/NR/NR | 2,545,604 | |||||
| 2,775,000 | 5.000%, 06/01/26 | Aa1/NR/NR | 2,860,831 | |||||
| Total Special District | 24,413,856 | |||||||
| State (9.1%) | ||||||||
| State of Oregon | ||||||||
| 750,000 | 5.000%, 05/01/25 Series A | Aa1/AA+/AA+ | 755,490 | |||||
| 2,000,000 | 5.000%, 05/01/33 Series 2022A | Aa1/AA+/AA+ | 2,394,620 | |||||
| State of Oregon Article XI-G Higher Education | ||||||||
| 500,000 | 5.000%, 08/01/25 Series O | Aa1/AA+/AA+ | 518,630 | |||||
| State of Oregon Article XI-M Seismic Projects | ||||||||
| 1,000,000 | 5.000%, 06/01/30 | Aa1/AA+/AA+ | 1,053,600 | |||||
| State of Oregon Article XI-M and XI-N Seismic Projects | ||||||||
| 900,000 | 5.000%, 06/01/39 Series 2020E | Aa1/AA+/AA+ | 1,007,739 | |||||
| State of Oregon Article XI-M, XI-N and XI-P State Grant Programs | ||||||||
| 1,000,000 | 5.000%, 06/01/37 Series 2023D | Aa1/AA+/AA+ | 1,196,550 | |||||
| Amount | General Obligation Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
| State (continued) | ||||||||
| State of Oregon Article XI-Q State Projects | ||||||||
| $1,000,000 | 5.000%, 11/01/30 | Aa1/AA+/AA+ | $1,051,720 | |||||
| 2,000,000 | 5.000%, 11/01/31 | Aa1/AA+/AA+ | 2,100,200 | |||||
| 1,800,000 | 5.000%, 05/01/25 Series A | Aa1/AA+/AA+ | 1,855,422 | |||||
| 4,000,000 | 5.000%, 05/01/32 Series A | Aa1/AA+/AA+ | 4,514,880 | |||||
| 2,300,000 | 5.000%, 05/01/37 Series A | Aa1/AA+/AA+ | 2,761,449 | |||||
| 3,000,000 | 5.000%, 05/01/44 Series A | Aa1/AA+/AA+ | 3,254,220 | |||||
| 1,255,000 | 5.000%, 05/01/29 Series D | Aa1/AA+/AA+ | 1,322,230 | |||||
| 1,000,000 | 5.000%, 05/01/30 Series D | Aa1/AA+/AA+ | 1,051,720 | |||||
| 2,300,000 | 5.000%, 05/01/28 Series F | Aa1/AA+/AA+ | 2,364,423 | |||||
| 1,605,000 | 5.000%, 11/01/39 Series J | Aa1/AA+/AA+ | 1,876,759 | |||||
| State of Oregon Higher Education | ||||||||
| 1,000,000 | 5.000%, 08/01/28 Series A | Aa1/AA+/AA+ | 1,034,940 | |||||
| 1,390,000 | 5.000%, 08/01/31 Series G | Aa1/AA+/AA+ | 1,580,708 | |||||
| 1,920,000 | 5.000%, 08/01/32 Series G | Aa1/AA+/AA+ | 2,177,222 | |||||
| 1,250,000 | 5.000%, 08/01/30 Series L | Aa1/AA+/AA+ | 1,355,038 | |||||
| 1,300,000 | 5.000%, 08/01/32 Series L | Aa1/AA+/AA+ | 1,406,002 | |||||
| State of Oregon Veteran's Welfare | ||||||||
| 450,000 | 1.950%, 06/01/31 Series 2020 I | Aa1/AA+/AA+ | 389,453 | |||||
| 2,000,000 | 2.150%, 12/01/34 Series 2020 I | Aa1/AA+/AA+ | 1,757,740 | |||||
| Total State | 38,780,755 | |||||||
| Transportation (0.3%) | ||||||||
| State of Oregon ODOT Projects | ||||||||
| 1,020,000 | 5.000%, 11/15/30 Series M | Aa1/AA+/AA+ | 1,100,356 | |||||
| Total General Obligation Bonds | 264,746,949 | |||||||
| Revenue Bonds (29.3%) | ||||||||
| City & County (0.1%) | ||||||||
| Beaverton, Oregon Special Revenue Bonds | ||||||||
| 200,000 | 5.000%, 06/01/32 Series 2020A | Aa3/NR/NR | 230,306 | |||||
| 400,000 | 5.000%, 06/01/34 Series 2020A | Aa3/NR/NR | 459,972 | |||||
| Total City & County | 690,278 | |||||||
| Development (0.7%) | ||||||||
| Oregon State Business Development Commission Recovery Zone Facility (Intel Corp. Project) | ||||||||
| 3,000,000 | 3.800%, 12/01/40 | A2/A/NR | 3,064,200 | |||||
| Education (0.3%) | ||||||||
| Northwest Regional Education Service District, Oregon Full Faith and Credit Obligations | ||||||||
| 500,000 | 5.000%, 06/01/34 Series 2023 | A1/NR/NR | 573,485 | |||||
| 600,000 | 5.000%, 06/01/37 Series 2023 | A1/NR/NR | 675,864 | |||||
| Total Education | 1,249,349 | |||||||
| Amount | Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
| Electric (3.4%) | ||||||||
| Eugene, Oregon Electric Utility Refunding System | ||||||||
| $2,875,000 | 5.000%, 08/01/29 Series A | Aa2/AA-/AA- | $3,047,931 | |||||
| 4,030,000 | 5.000%, 08/01/30 Series A | Aa2/AA-/AA- | 4,263,095 | |||||
| Warm Springs Reservation, Oregon Confederated Tribes, Hydroelectric Revenue, Tribal Economic Development, Pelton Round Butte Project (Green Bonds) | ||||||||
| 1,000,000 | 5.000%, 11/01/32 Series 2019B 144A | A3/NR/NR | 1,109,540 | |||||
| 1,000,000 | 5.000%, 11/01/33 Series 2019B 144A | A3/NR/NR | 1,108,430 | |||||
| 1,200,000 | 5.000%, 11/01/34 Series 2019B 144A | A3/NR/NR | 1,333,728 | |||||
| 500,000 | 5.000%, 11/01/36 Series 2019B 144A | A3/NR/NR | 549,700 | |||||
| 2,760,000 | 5.000%, 11/01/39 Series 2019B 144A | A3/NR/NR | 2,982,677 | |||||
| Total Electric | 14,395,101 | |||||||
| Healthcare (3.1%) | ||||||||
| Oregon Health Sciences University | ||||||||
| 500,000 | 5.000%, 07/01/30 Series A | Aa3/AA-/AA- | 568,010 | |||||
| 250,000 | 5.000%, 07/01/31 Series A | Aa3/AA-/AA- | 283,288 | |||||
| 1,250,000 | 5.000%, 07/01/28 Series B | Aa3/AA-/AA- | 1,315,025 | |||||
| 1,000,000 | 5.000%, 07/01/33 Series B | Aa3/AA-/AA- | 1,047,590 | |||||
| Oregon Health Sciences University | ||||||||
| 5,500,000 | 5.000%, 07/01/46 Series 2021B-2 (Mandatory Put Date 02/01/32) | Aa3/AA-/AA- | 6,280,175 | |||||
| Oregon State Facilities Authority (Legacy Health Project) | ||||||||
| 2,255,000 | 5.000%, 06/01/30 Series 2022B | A1/A/NR | 2,506,703 | |||||
| Union County, Oregon Hospital Facility Authority (Grande Ronde Hospital Project) | ||||||||
| 135,000 | 5.000%, 07/01/28 Series 2022 | NR/BBB/BBB- | 143,043 | |||||
| 175,000 | 5.000%, 07/01/29 Series 2022 | NR/BBB/BBB- | 187,105 | |||||
| 200,000 | 5.000%, 07/01/30 Series 2022 | NR/BBB/BBB- | 215,734 | |||||
| 325,000 | 5.000%, 07/01/31 Series 2022 | NR/BBB/BBB- | 352,151 | |||||
| 500,000 | 5.000%, 07/01/32 Series 2022 | NR/BBB/BBB- | 546,055 | |||||
| Total Healthcare | 13,444,879 | |||||||
| 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 | 1,310,576 | |||||
| Lottery (4.9%) | ||||||||
| Oregon State Department of Administration Services (Lottery Revenue) | ||||||||
| 2,000,000 | 5.000%, 04/01/32 Series A | Aa2/AAA/NR | 2,247,120 | |||||
| 1,000,000 | 5.000%, 04/01/33 Series A | Aa2/AAA/NR | 1,122,350 | |||||
| 1,500,000 | 5.000%, 04/01/35 Series A | Aa2/AAA/NR | 1,774,185 | |||||
| 1,000,000 | 5.000%, 04/01/25 Series B | Aa2/AAA/NR | 1,005,280 | |||||
| 4,000,000 | 5.000%, 04/01/30 Series C | Aa2/AAA/NR | 4,297,200 | |||||
| 5,000,000 | 5.000%, 04/01/26 Series D | Aa2/AAA/NR | 5,135,350 | |||||
| 4,000,000 | 5.000%, 04/01/28 Series D | Aa2/AAA/NR | 4,109,280 | |||||
| 1,000,000 | 5.000%, 04/01/29 Series D | Aa2/AAA/NR | 1,027,070 | |||||
| Total Lottery | 20,717,835 |
| Amount | Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
| Sales Tax (0.2%) | ||||||||
| Metro, Oregon Dedicated Tax Revenue (Oregon Convention Center Hotel) | ||||||||
| $750,000 | 5.000%, 06/15/31 | Aa3/NR/NR | $804,233 | |||||
| Transportation (5.8%) | ||||||||
| Oregon State Department Transportation Highway Usertax (Senior Lien) | ||||||||
| 5,000,000 | 5.000%, 11/15/29 Series B | Aa1/AAA/AA+ | 5,405,300 | |||||
| Oregon State Department Transportation Highway Usertax (Subordinate Lien) | ||||||||
| 900,000 | 5.000%, 11/15/37 Series 2020A | Aa2/AA+/AA+ | 1,030,095 | |||||
| 2,385,000 | 5.000%, 11/15/39 Series 2023A | Aa2/AA+/AA+ | 2,772,396 | |||||
| 1,355,000 | 5.000%, 11/15/41 Series 2023A | Aa2/AA+/AA+ | 1,559,605 | |||||
| Port Portland, Oregon Airport Revenue Refunding, Portland International Airport Series Twenty Three | ||||||||
| 2,525,000 | 5.000%, 07/01/26 | NR/AA-/NR | 2,607,416 | |||||
| 1,000,000 | 5.000%, 07/01/28 | NR/AA-/NR | 1,026,590 | |||||
| 2,390,000 | 5.000%, 07/01/29 | NR/AA-/NR | 2,450,826 | |||||
| Tri-County Metropolitan Transportation District, Oregon Capital Grant Receipt | ||||||||
| 1,100,000 | 5.000%, 10/01/27 Series A | A3/A/NR | 1,193,203 | |||||
| 2,000,000 | 5.000%, 10/01/30 Series A | A3/A/NR | 2,182,820 | |||||
| 3,000,000 | 5.000%, 10/01/31 Series 2018A | A3/A/NR | 3,264,870 | |||||
| Tri-County Metropolitan Transportation District, Oregon (Senior Lien Payroll Tax) | ||||||||
| 1,000,000 | 5.000%, 09/01/25 Series A | Aaa/AAA/NR | 1,037,950 | |||||
| Total Transportation | 24,531,071 | |||||||
| Water and Sewer (10.5%) | ||||||||
| Beaverton, Oregon Water Revenue | ||||||||
| 1,760,000 | 5.000%, 04/01/36 Series 2020 | NR/AA+/NR | 2,001,331 | |||||
| 1,850,000 | 5.000%, 04/01/37 Series 2020 | NR/AA+/NR | 2,088,595 | |||||
| Eugene, Oregon Water Utility System | ||||||||
| 115,000 | 5.000%, 08/01/28 | Aa2/AA/AA+ | 122,124 | |||||
| 450,000 | 5.000%, 08/01/29 | Aa2/AA/AA+ | 477,414 | |||||
| Hillsboro, Oregon Water System | ||||||||
| 1,710,000 | 5.000%, 06/01/32 | Aa2/NR/NR | 1,940,559 | |||||
| Portland, Oregon Sewer System (First Lien) | ||||||||
| 3,500,000 | 5.000%, 06/01/28 Series A | Aa1/AA+/NR | 3,606,785 | |||||
| Portland, Oregon Sewer System (Second Lien) | ||||||||
| 5,405,000 | 4.500%, 05/01/31 Series A | Aa2/AA/NR | 5,616,065 | |||||
| 6,355,000 | 5.000%, 03/01/32 Series A | Aa2/AA/NR | 7,247,878 | |||||
| 2,000,000 | 5.000%, 10/01/25 Series B | Aa2/AA/NR | 2,032,740 | |||||
| 2,000,000 | 5.000%, 06/01/26 Series B | Aa2/AA/NR | 2,061,860 | |||||
| 2,000,000 | 5.000%, 06/01/27 Series B | Aa2/AA/NR | 2,061,860 | |||||
| 5,000,000 | 4.000%, 03/01/34 Series 2020A | Aa2/AA/NR | 5,360,250 |
| Amount | Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
| Water and Sewer (continued) | ||||||||
| Portland, Oregon Water System (First Lien) | ||||||||
| $3,230,000 | 5.000%, 05/01/27 Series A | Aa1/NR/NR | $3,251,576 | |||||
| 1,000,000 | 4.000%, 04/01/35 Series 2022A | Aa1/AA+/NR | 1,083,400 | |||||
| Portland, Oregon Water System (Second Lien) | ||||||||
| 2,230,000 | 5.000%, 05/01/35 Series 2019A | Aa2/NR/NR | 2,524,092 | |||||
| 1,740,000 | 5.000%, 05/01/35 Series 2020A | Aa2/NR/NR | 1,969,471 | |||||
| Tualatin Valley, Oregon Water District | ||||||||
| 1,000,000 | 5.000%, 06/01/38 Series 2023 | NR/AA+/AA+ | 1,168,220 | |||||
| Total Water and Sewer | 44,614,220 | |||||||
| Total Revenue Bonds | 124,821,742 | |||||||
| Pre-Refunded\ Escrowed to Maturity Bonds (6.7%)†† | ||||||||
| Pre-Refunded General Obligation Bonds (2.7%) | ||||||||
| Higher Education (0.4%) | ||||||||
| Oregon State Higher Education | ||||||||
| 1,795,000 | 5.000%, 08/01/27 Series C | Aa1/AA+/AA+ | 1,817,455 | |||||
| School District (1.5%) | ||||||||
| Clackamas County, Oregon School District #62 (Oregon City) | ||||||||
| 440,000 | 5.000%, 06/01/29 AGMC Insured | NR/AA/NR | 443,661 | |||||
| 560,000 | 5.000%, 06/01/29 AGMC Insured | A1/AA/NR | 564,659 | |||||
| Marion County, Oregon School District #103 (Woodburn) | ||||||||
| 2,260,000 | 5.000%, 06/15/28 | Aa1/NR/NR | 2,333,201 | |||||
| Union County, Oregon School District #1 (La Grande) | ||||||||
| 1,000,000 | 5.000%, 06/15/27 | Aa1/NR/NR | 1,033,260 | |||||
| Washington County, Oregon School District #48J (Beaverton) | ||||||||
| 1,845,000 | 5.000%, 06/15/29 Series 2014B | Aa1/AA+/NR | 1,861,845 | |||||
| Total School District | 6,236,626 | |||||||
| State (0.8%) | ||||||||
| State of Oregon Article XI-G Community College Projects | ||||||||
| 1,160,000 | 5.000%, 08/01/27 Series J | Aa1/AA+/AA+ | 1,202,491 | |||||
| State of Oregon Article XI-G Higher Education | ||||||||
| 1,000,000 | 5.000%, 08/01/26 Series O | Aa1/AA+/AA+ | 1,036,320 | |||||
| 1,000,000 | 5.000%, 08/01/27 Series O | Aa1/AA+/AA+ | 1,036,320 | |||||
| Total State | 3,275,131 | |||||||
| Total Pre-Refunded General Obligation Bonds | 11,329,212 | |||||||
| Pre-Refunded\ Escrowed to Maturity Revenue Bonds (4.0%) | ||||||||
| Higher Education (0.4%) | ||||||||
| Oregon State Facilities Authority (Reed College Project) | ||||||||
| 500,000 | 5.000%, 07/01/30 Series A | Aa2/NR/NR | 541,075 | |||||
| 1,135,000 | 4.000%, 07/01/31 Series A | Aa2/NR/NR | 1,190,513 | |||||
| Total Higher Education | 1,731,588 |
| Amount | Pre-Refunded\Escrowed to Maturity Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
| Transportation (3.6%) | ||||||||
| Oregon State Department Transportation Highway Usertax (Senior Lien) | ||||||||
| $1,040,000 | 5.000%, 11/15/26 Series A | Aa1/AAA/AA+ | $1,057,919 | |||||
| 8,000,000 | 5.000%, 11/15/28 Series A | Aa1/AAA/AA+ | 8,144,800 | |||||
| Tri-County Metropolitan Transportation District, Oregon (Senior Lien Payroll Tax) | ||||||||
| 3,975,000 | 5.000%, 09/01/30 Series A | Aaa/AAA/NR | 4,231,706 | |||||
| Tri-County Metropolitan Transportation District, Oregon (Senior Lien Payroll Tax) | ||||||||
| 2,010,000 | 5.000%, 09/01/29 Series B | Aaa/AAA/NR | 2,085,938 | |||||
| Total Transportation | 15,520,363 | |||||||
| Total Pre-Refunded\ Escrowed to Maturity Revenue Bonds | 17,251,951 | |||||||
| Total Pre-Refunded\ Escrowed to Maturity Bonds | 28,581,163 | |||||||
| Total Municipal Bonds (cost $416,375,958) | 418,149,854 | |||||||
| Shares | Short-Term Investment (1.5%) | |||||||
| 6,308,741 | Dreyfus Treasury Obligations Cash Management - Institutional Shares, 5.25%* (cost 6,308,741) | Aaa-mf/AAAm/NR | 6,308,741 | |||||
| Total Investments (cost $422,684,699- note b) | 99.7% | 424,458,595 | ||||||
| Other assets less liabilities | 0.3 | 1,228,332 | ||||||
| Net Assets | 100.0% | $425,686,927 | ||||||
| Portfolio Distribution By Quality Rating | Percent of Investments † |
|||||||
| Aaa of Moody's or AAA of S&P | 11.9% | |||||||
| Pre-refunded bonds†† | 6.8 | |||||||
| Aa of Moody's or AA of S&P or Fitch | 72.6 | |||||||
| A of Moody's or S&P | 8.3 | |||||||
| BBB of S&P or Fitch | 0.4 | |||||||
| 100.0% |
| PORTFOLIO ABBREVIATIONS: | ||||||||
| AGMC - Assured Guaranty Municipal Corp. | ||||||||
| BAMAC - Build America Mutual Assurance Co. | ||||||||
| 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. | ||||
| Note: 144A – Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2023, these securities amounted to a value of $7,084,075 or 1.7% of net assets. |
See accompanying notes to financial statements.
AQUILA TAX-FREE TRUST OF OREGON
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
(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, 2023, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $422,684,699 amounted to $1,773,896, which consisted of aggregate gross unrealized appreciation of $4,601,586 and aggregate gross unrealized depreciation of $2,827,690. |
| (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, 2023:
| Valuation Inputs | Investments in Securities | |
| Level 1 – Quoted Prices | $ | 6,308,741 |
| Level 2 – Other Significant Observable Inputs - Municipal Bonds+ | 418,149,854 | |
| Level 3 – Significant Unobservable Inputs | — | |
| Total | $ | 424,458,595 |
+ See schedule of investments for a detailed listing of securities.