AQUILA CHURCHILL TAX-FREE FUND OF KENTUCKY

SCHEDULE OF INVESTMENTS

June 30, 2020

(unaudited)


Principal
Amount

 

General Obligation Bonds (5.0%)

 

Ratings Moody’s,
S&P and Fitch

 

Value

 

(a)

 

 

 

 

 

 

 

 

 

 

 

Henderson County, Kentucky

 

 

 

 

 

 

$

330,000

 

3.000%, 11/01/20

 

Aa3/NR/NR

 

$

332,996

 

 

 

 

 

 

 

 

 

 

 

 

 

Lexington-Fayette Urban County, Kentucky

 

 

 

 

 

 

3,600,000

 

4.000%, 09/01/29

 

Aa2/AA/NR

 

4,076,064

 

 

 

 

 

 

 

 

 

 

 

 

 

Rowan County, Kentucky

 

 

 

 

 

 

400,000

 

3.000%, 06/01/21 AGMC Insured

 

A1/AA/NR

 

408,848

 

 

835,000

 

4.000%, 06/01/30 AGMC Insured

 

A1/AA/NR

 

955,365

 

 

865,000

 

4.000%, 06/01/31 AGMC Insured

 

A1/AA/NR

 

985,391

 

 

 

 

 

 

 

 

 

 

 

 

 

Warren County, Kentucky

 

 

 

 

 

 

615,000

 

4.000%, 06/01/25 Series 2011

 

Aa1/NR/NR

 

635,375

 

 

635,000

 

4.000%, 06/01/26 Series 2011

 

Aa1/NR/NR

 

655,307

 

 

660,000

 

4.000%, 06/01/27 Series 2011

 

Aa1/NR/NR

 

680,335

 

 

 

 

 

 

 

 

 

 

 

 

 

Total General Obligation Bonds

 

 

 

8,729,681

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue Bonds (91.0%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State Agency (26.7%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kentucky Asset & Liability Commission Federal Highway Notes

 

 

 

 

 

 

1,000,000

 

5.000%, 09/01/22 Series A

 

A2/AA/A+

 

1,006,700

 

 

2,000,000

 

5.250%, 09/01/25 Series A

 

A2/AA/A+

 

2,244,880

 

 

2,000,000

 

5.000%, 09/01/26 Series A

 

A2/AA/A+

 

2,283,020

 

 

1,000,000

 

5.000%, 09/01/27 Series A

 

A2/AA/A+

 

1,170,130

 

 

 

 

 

 

 

 

 

 

 

 

 

Kentucky Rural Water Finance Corp.

 

 

 

 

 

 

210,000

 

4.250%, 08/01/20 NPFG Insured

 

Baa2/A+/NR

 

210,483

 

 

200,000

 

4.375%, 08/01/22 NPFG Insured

 

Baa2/A+/NR

 

200,514

 

 

240,000

 

4.500%, 08/01/23 NPFG Insured

 

Baa2/A+/NR

 

240,643

 

 

255,000

 

4.500%, 08/01/24 NPFG Insured

 

Baa2/A+/NR

 

255,671

 

 

290,000

 

4.500%, 08/01/27 NPFG Insured

 

Baa2/A+/NR

 

290,705

 

 

245,000

 

4.600%, 08/01/28 NPFG Insured

 

Baa2/A+/NR

 

245,610

 

 

315,000

 

4.625%, 08/01/29 NPFG Insured

 

Baa2/A+/NR

 

315,784

 

 

375,000

 

4.000%, 02/01/28 Series 2012C

 

NR/A+/NR

 

381,874

 

 

305,000

 

4.000%, 02/01/29 Series 2012C

 

NR/A+/NR

 

310,469

 

 

435,000

 

4.000%, 02/01/26 Series 2012F

 

NR/A+/NR

 

457,263

 

 

450,000

 

4.000%, 02/01/27 Series 2012F

 

NR/A+/NR

 

472,523

 

 

465,000

 

4.000%, 02/01/28 Series 2012F

 

NR/A+/NR

 

487,962

 

 

490,000

 

4.000%, 02/01/29 Series 2012F

 

NR/A+/NR

 

513,657

 

 

 

 

 

 

 

 

 

 

 

 

 

Kentucky State Office Building COP

 

 

 

 

 

 

2,250,000

 

4.000%, 04/15/27

 

A1/NR/NR

 

2,678,243

 

 

1,640,000

 

5.000%, 06/15/34

 

A1/NR/NR

 

1,908,550

 

 

 

 

 

 

 

 

 

 

 

 

 

Kentucky State Property and Buildings Commission

 

 

 

 

 

 

1,000,000

 

5.000%, 10/01/25

 

A1/A-/A+

 

1,101,310

 

 

625,000

 

4.000%, 04/01/26 Project 105

 

A2/A-/A+

 

658,281

 

 

655,000

 

4.000%, 04/01/27 Project 105

 

A2/A-/A+

 

687,501

 

 


 


1,500,000

 

5.000%, 10/01/29 Project 106

 

A1/A-/A+

 

1,622,370

 

 

770,000

 

5.000%, 08/01/23 Project 108

 

A1/A-/A+

 

856,471

 

 

3,000,000

 

5.000%, 08/01/33 Project 108

 

A1/A-/A+

 

3,334,560

 

 

5,000,000

 

5.000%, 08/01/32 Project 110

 

A1/A-/A+

 

5,564,700

 

 

2,040,000

 

5.000%, 11/01/27 Project 112

 

A1/A-/A+

 

2,380,252

 

 

1,425,000

 

5.000%, 11/01/28 Project 112

 

A1/A-/A+

 

1,654,097

 

 

2,500,000

 

5.000%, 02/01/31 Project 112

 

A1/A-/A+

 

2,826,100

 

 

1,400,000

 

4.000%, 10/01/30 Project 114

 

Aa3/A-/A+

 

1,601,222

 

 

1,000,000

 

5.000%, 04/01/23 Project 115

 

A1/A-/A+

 

1,100,840

 

 

1,000,000

 

5.000%, 04/01/29 Project 115

 

A1/A-/A+

 

1,165,300

 

 

2,000,000

 

5.000%, 05/01/30 Project 117

 

A1/NR/A+

 

2,322,860

 

 

500,000

 

5.000%, 05/01/36 Project 117

 

A1/NR/A+

 

571,630

 

 

1,490,000

 

5.000%, 05/01/24 Project 119

 

A1/A-/A+

 

1,684,385

 

 

1,015,000

 

5.000%, 05/01/25 Project 119

 

A1/A-/A+

 

1,168,306

 

 

1,000,000

 

5.000%, 02/01/28 Project 121

 

A1/NR/A+

 

1,193,130

 

 

 

 

 

 

 

 

 

 

 

 

 

Total State Agency

 

 

 

47,167,996

 

 

 

 

 

 

 

 

 

 

 

 

 

Airports (4.0%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Louisville, Kentucky Regional Airport Authority

 

 

 

 

 

 

2,070,000

 

5.000%, 07/01/23 AMT

 

NR/A+/A+

 

2,316,910

 

 

2,325,000

 

5.000%, 07/01/26 AMT

 

NR/A+/A+

 

2,664,171

 

 

1,895,000

 

5.000%, 07/01/27 Series A AMT

 

NR/A+/A+

 

2,166,667

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Airports

 

 

 

7,147,748

 

 

 

 

 

 

 

 

 

 

 

 

 

City (0.6%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

River City Parking Authority of River City, Inc., Kentucky First Mortgage

 

 

 

 

 

 

1,000,000

 

4.750%, 06/01/27 2013 Series B

 

Aa3/AA/NR

 

1,110,370

 

 

 

 

 

 

 

 

 

 

 

 

 

Excise Tax (1.1%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kentucky Bond Development Corp. Transient Room Tax Revenue (Lexington Center Corporation) Subordinate

 

 

 

 

 

 

1,585,000

 

5.000%, 09/01/27 Series 2018B

 

A3/NR/NR

 

1,891,761

 

 

 

 

 

 

 

 

 

 

 

 

 

Healthcare (10.3%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

City of Ashland, Kentucky, Medical Center (King’s Daughter)

 

 

 

 

 

 

460,000

 

5.000%, 02/01/31 Series 2019

 

Baa3/BBB-/BBB-

 

552,557

 

 

450,000

 

5.000%, 02/01/32 Series 2019

 

Baa3/BBB-/BBB-

 

536,697

 

 

 

 

 

 

 

 

 

 

 

 

 

Hardin County, Kentucky, Hardin Memorial Hospital

 

 

 

 

 

 

735,000

 

5.500%, 08/01/22 AGMC Insured

 

A2/AA/NR

 

803,789

 

 

675,000

 

5.500%, 08/01/23 AGMC Insured

 

A2/AA/NR

 

766,895

 

 

500,000

 

5.250%, 08/01/24 AGMC Insured

 

A2/AA/NR

 

562,915

 

 

 

 

 

 

 

 

 

 

 

 

 

Louisville & Jefferson County, Kentucky Metropolitan Government Health System, Norton Healthcare, Inc.

 

 

 

 

 

 

2,710,000

 

5.000%, 10/01/27 Series A

 

NR/A/A+

 

3,012,030

 

 

3,500,000

 

5.000%, 10/01/31 Series A

 

NR/A/A+

 

4,122,440

 

 

 

 

 

 

 

 

 

 

 

 

 

Louisville & Jefferson County, Kentucky Metropolitan Government, Louisville Medical Center, Laundry Facility Project

 

 

 

 

 

 

695,000

 

4.250%, 05/01/23 Series 2012

 

NR/BBB+/NR

 

746,861

 

 


 


 

 

Louisville & Jefferson County, Kentucky Metropolitan Government, Louisville Medical Center, Steam & Chilled Water Plant Project

 

 

 

 

 

 

915,000

 

4.250%, 05/01/22 Series 2012A

 

NR/BBB+/NR

 

969,131

 

 

 

 

 

 

 

 

 

 

 

 

 

Warren County, Kentucky,  Warren County Community Hospital Corp.

 

 

 

 

 

 

4,975,000

 

5.000%, 04/01/28

 

NR/A+/NR

 

5,446,630

 

 

680,000

 

4.000%, 10/01/29

 

NR/A+/NR

 

715,659

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Healthcare

 

 

 

18,235,604

 

 

 

 

 

 

 

 

 

 

 

 

 

Higher Education (13.0%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boyle County, Kentucky Educational Facilities Refunding, Series 2017 (Centre College)

 

 

 

 

 

 

2,050,000

 

5.000%, 06/01/28

 

A3/A/NR

 

2,420,046

 

 

1,000,000

 

5.000%, 06/01/29

 

A3/A/NR

 

1,176,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Eastern Kentucky University General Receipts

 

 

 

 

 

 

1,250,000

 

4.000%, 10/01/27

 

A1/A-/NR

 

1,280,113

 

 

1,230,000

 

5.000%, 10/01/30 Series A

 

A1/NR/NR

 

1,471,806

 

 

870,000

 

4.500%, 04/01/32 Series A

 

A1/NR/NR

 

958,462

 

 

 

 

 

 

 

 

 

 

 

 

 

Kentucky Bond Development Corp. Industrial Building Revenue, City of Stamping Ground (Transylvania University Project)

 

 

 

 

 

 

510,000

 

4.000%, 03/01/33 Series 2019B

 

NR/A-/NR

 

558,221

 

 

610,000

 

4.000%, 03/01/34 Series 2019B

 

NR/A-/NR

 

665,376

 

 

 

 

 

 

 

 

 

 

 

 

 

Lexington-Fayette, Kentucky Urban County Government (Transylvania University Project)

 

 

 

 

 

 

1,390,000

 

4.500%, 03/01/29

 

NR/A-/NR

 

1,423,207

 

 

 

 

 

 

 

 

 

 

 

 

 

Louisville & Jefferson County, Kentucky Metropolitan Government College Improvement (Bellarmine University Project)

 

 

 

 

 

 

2,270,000

 

5.000%, 05/01/33

 

Baa3/NR/NR

 

2,451,827

 

 

 

 

 

 

 

 

 

 

 

 

 

Morehead State University, Kentucky General Receipts

 

 

 

 

 

 

1,000,000

 

5.000%, 04/01/29 Series A

 

A1/NR/NR

 

1,154,460

 

 

1,000,000

 

4.000%, 04/01/31 Series A

 

A1/NR/NR

 

1,098,890

 

 

 

 

 

 

 

 

 

 

 

 

 

Murray State University Project, Kentucky General Receipts

 

 

 

 

 

 

1,850,000

 

4.500%, 03/01/30 Series A

 

A1/NR/NR

 

2,131,755

 

 

 

 

 

 

 

 

 

 

 

 

 

Northern Kentucky University, Kentucky General Receipts

 

 

 

 

 

 

990,000

 

3.000%, 09/01/40 Series A AGMC Insured

 

A1/AA/NR

 

1,023,343

 

 

 

 

 

 

 

 

 

 

 

 

 

University of Kentucky COP

 

 

 

 

 

 

1,000,000

 

4.000%, 05/01/39 2011 Series 2019A

 

Aa3/AA-/NR

 

1,155,700

 

 

 

 

 

 

 

 

 

 

 

 

 

University of Kentucky, Kentucky General Receipts

 

 

 

 

 

 

2,715,000

 

3.000%, 04/01/39 Series A

 

Aa2/AA/NR

 

2,887,022

 

 

 

 

 

 

 

 

 

 

 

 

 

University of Louisville, Kentucky General Receipts

 

 

 

 

 

 

1,000,000

 

5.000%, 09/01/30 2011 Series A

 

Baa1/A+/NR

 

1,051,070

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Higher Education

 

 

 

22,907,298

 

 


 


 

 

Housing (0.6%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kentucky Housing Multifamily Mortgage Revenue

 

 

 

 

 

 

1,135,000

 

5.000%, 06/01/35 AMT

 

NR/NR/NR*

 

1,137,565

 

 

 

 

 

 

 

 

 

 

 

 

 

Local Public Property (5.4%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jefferson County, Kentucky Capital Projects

 

 

 

 

 

 

1,950,000

 

4.375%, 06/01/24 AGMC Insured

 

A1/NR/AA+

 

1,956,552

 

 

1,640,000

 

4.375%, 06/01/28 AGMC Insured

 

A1/NR/AA+

 

1,645,166

 

 

1,070,000

 

4.375%, 06/01/27 Series A AGMC Insured

 

A1/NR/AA+

 

1,073,392

 

 

 

 

 

 

 

 

 

 

 

 

 

Kentucky Association of Counties Finance Corp. Financing Program

 

 

 

 

 

 

515,000

 

4.000%, 02/01/25

 

NR/AA-/NR

 

542,645

 

 

100,000

 

4.250%, 02/01/24 Series A

 

NR/AA-/NR

 

100,298

 

 

315,000

 

3.000%, 02/01/21 Series B

 

NR/AA-/NR

 

319,410

 

 

350,000

 

4.000%, 02/01/22 Series B

 

NR/AA-/NR

 

368,690

 

 

345,000

 

5.000%, 02/01/24 Series B

 

NR/AA-/NR

 

397,067

 

 

365,000

 

5.000%, 02/01/25 Series B

 

NR/AA-/NR

 

432,671

 

 

385,000

 

5.000%, 02/01/26 Series B

 

NR/AA-/NR

 

468,229

 

 

1,210,000

 

3.000%, 02/01/38 Series E

 

NR/AA-/NR

 

1,291,639

 

 

 

 

 

 

 

 

 

 

 

 

 

Kentucky Bond Corp. Financing Program

 

 

 

 

 

 

915,000

 

5.125%, 02/01/28

 

NR/AA-/NR

 

939,989

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Local Public Property

 

 

 

9,535,748

 

 

 

 

 

 

 

 

 

 

 

 

 

School Building (14.5%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Caldwell County, Kentucky School District Finance Corp.

 

 

 

 

 

 

530,000

 

4.250%, 04/01/30

 

A1/NR/NR

 

543,451

 

 

 

 

 

 

 

 

 

 

 

 

 

Campbell County, Kentucky School District Finance Corp.

 

 

 

 

 

 

340,000

 

3.500%, 08/01/22

 

A1/NR/NR

 

350,615

 

 

 

 

 

 

 

 

 

 

 

 

 

Fayette County, Kentucky School District Finance Corp.

 

 

 

 

 

 

3,000,000

 

5.000%, 08/01/31

 

Aa3/AA-/NR

 

3,569,280

 

 

1,000,000

 

5.000%, 10/01/27 Series A

 

Aa3/AA-/NR

 

1,130,840

 

 

750,000

 

4.250%, 06/01/29 Series A

 

Aa3/AA-/NR

 

773,663

 

 

 

 

 

 

 

 

 

 

 

 

 

Franklin County, Kentucky School District Finance Corp.

 

 

 

 

 

 

1,560,000

 

4.000%, 06/01/29

 

A1/NR/NR

 

1,644,895

 

 

1,135,000

 

4.000%, 04/01/24 Second Series

 

A1/NR/NR

 

1,270,757

 

 

 

 

 

 

 

 

 

 

 

 

 

Jefferson County, Kentucky School District Finance Corp.  

 

 

 

 

 

 

805,000

 

5.000%, 04/01/28 Series A

 

Aa3/AA-/NR

 

954,505

 

 

1,075,000

 

4.500%, 04/01/32 Series A

 

Aa3/AA-/NR

 

1,230,176

 

 

4,000,000

 

4.000%, 07/01/26 Series B

 

Aa3/AA-/NR

 

4,363,520

 

 

1,655,000

 

4.000%, 11/01/29 Series C

 

Aa3/AA-/NR

 

1,816,048

 

 

 

 

 

 

 

 

 

 

 

 

 

Logan County, Kentucky School District Finance Corp., Energy Conservation Revenue Bonds

 

 

 

 

 

 

575,000

 

4.000%, 04/01/33 Series 2016

 

A1/NR/NR

 

644,891

 

 

615,000

 

4.000%, 04/01/34 Series 2016  

 

A1/NR/NR

 

687,675

 

 


 


 

 

Shelby County, Kentucky School District Finance Corp. School Building

 

 

 

 

 

 

3,200,000

 

4.000%, 02/01/28

 

A1/NR/NR

 

3,763,584

 

 

2,440,000

 

4.000%, 02/01/29

 

A1/NR/NR

 

2,854,873

 

 

 

 

 

 

 

 

 

 

 

 

 

Total School Building

 

 

 

25,598,773

 

 

 

 

 

 

 

 

 

 

 

 

 

Student Loan (2.1%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kentucky Higher Education Student Loan

 

 

 

 

 

 

1,440,000

 

5.000%, 06/01/22 Senior Series A AMT

 

NR/A/A

 

1,529,597

 

 

400,000

 

5.000%, 06/01/24 Senior Series A AMT

 

NR/A/A

 

448,152

 

 

600,000

 

5.000%, 06/01/26 Senior Series A AMT

 

NR/A/A

 

699,240

 

 

410,000

 

3.000%, 06/01/29 Senior Series A AMT

 

NR/A/A

 

404,855

 

 

500,000

 

4.000%, 06/01/34 Senior Series A AMT

 

NR/A/A

 

535,285

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Student Loan

 

 

 

3,617,129

 

 

 

 

 

 

 

 

 

 

 

 

 

Turnpike/Highway (9.2%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kentucky State Turnpike Authority

 

 

 

 

 

 

5,000,000

 

5.000%, 07/01/29 Series A

 

Aa3/A-/A+

 

5,336,650

 

 

4,030,000

 

5.000%, 07/01/30 Series A

 

Aa3/A-/A+

 

4,529,841

 

 

1,000,000

 

5.000%, 07/01/30 Series A

 

Aa3/A-/A+

 

1,065,690

 

 

1,715,000

 

5.000%, 07/01/31 Series B

 

Aa3/A-/NR

 

1,953,814

 

 

2,925,000

 

5.000%, 07/01/33 Series B

 

Aa3/A-/NR

 

3,300,950

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Turnpike/Highway

 

 

 

16,186,945

 

 

 

 

 

 

 

 

 

 

 

 

 

Utilities (3.5%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Campbell & Kenton Counties, Kentucky (Sanitation District)

 

 

 

 

 

 

2,370,000

 

4.000%, 08/01/27

 

Aa2/AA/NR

 

2,375,925

 

 

 

 

 

 

 

 

 

 

 

 

 

Louisville & Jefferson County, Kentucky Metropolitan Sewer District

 

 

 

 

 

 

500,000

 

5.000%, 05/15/28 Series A

 

Aa3/AA/AA-

 

530,775

 

 

1,920,000

 

4.500%, 05/15/30 Series A

 

Aa3/AA/NR

 

2,198,227

 

 

 

 

 

 

 

 

 

 

 

 

 

Northern Kentucky Water District

 

 

 

 

 

 

1,000,000

 

5.000%, 02/01/26

 

Aa2/NR/NR

 

1,073,930

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Utilities

 

 

 

6,178,857

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Revenue Bonds

 

 

 

160,715,794

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-Refunded Bonds (2.6%)††

 

 

 

 

 

 

 

 

Pre-Refunded Revenue Bonds (2.6%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Airports (2.2%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lexington-Fayette Urban County Airport Board, Kentucky

 

 

 

 

 

 

1,555,000

 

5.000%, 07/01/28 2012 Series A  AMT

 

Aa2/AA/NR

 

1,677,052

 

 

400,000

 

5.000%, 07/01/29 2012 Series A AMT

 

Aa2/AA/NR

 

431,396

 

 

750,000

 

5.000%, 07/01/31 2012 Series A AMT

 

Aa2/AA/NR

 

808,868

 

 

300,000

 

5.000%, 07/01/32 2016 Series B  AMT

 

Aa2/AA/NR

 

313,134

 

 

330,000

 

5.000%, 07/01/34 2016 Series B  AMT

 

Aa2/AA/NR

 

344,447

 

 

365,000

 

5.000%, 07/01/36 2016 Series B  AMT

 

Aa2/AA/NR

 

380,980

 

 

 

 

Total Airports

 

 

 

3,955,877

 

 


 


 

 

Local Public Property (0.4%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Kentucky Association of Counties Finance Corp. Financing Program

 

 

 

 

 

 

215,000

 

5.375%, 02/01/27 Series A

 

NR/NR/NR*

 

221,401

 

 

100,000

 

5.375%, 02/01/27 Series A

 

NR/AA-/NR

 

102,977

 

 

100,000

 

5.375%, 02/01/28 Series A

 

NR/AA-/NR

 

102,977

 

 

230,000

 

5.375%, 02/01/28 Series A

 

NR/NR/NR*

 

236,847

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Local Public Property

 

 

 

664,202

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Pre-Refunded Bonds

 

 

 

4,620,079

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Municipal Bonds (cost $166,414,003)

 

 

 

174,065,554

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 Short-Term Investment (0.4%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

756,539

 

Dreyfus Treasury Obligations Cash Management - Institutional Shares, 0.10%** (cost $756,539)

 

Aaa-mf/AAAm/NR

 

756,539

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments (cost $167,170,542-note b)

 

99.0%                    

 

174,822,093

 

 

 

 

Other assets less liabilities

 

1.0                       

 

1,775,538

 

 

 

 

Net Assets

 

100.0%                    

 

$

176,597,631

 

 



 

 

Portfolio Distribution By Quality Rating

 

Percent of
Investments†

 

 

 

 

 

 

Pre-refunded bonds††

 

2.7

%

 

 

 

 

 

 

Aa of Moody’s or AA of S&P or Fitch

 

40.8

 

 

 

 

 

 

 

A of Moody’s or S&P or Fitch

 

52.8

 

 

 

 

 

 

 

Baa of Moody’s or BBB of S&P or Fitch

 

3.0

 

 

 

 

 

 

 

Not Rated*

 

0.7

 

 

 

 

 

 

 

 

 

100.0

%

 

 

 

 



 

PORTFOLIO ABBREVIATIONS:

AGMC - Assured Guaranty Municipal Corp.

AMT - Alternative Minimum Tax

COP - Certificates of Participation

NPFG - National Public Finance Guarantee

NR - Not Rated



*

Any security not rated ("NR") by any of the Nationally Recognized Statistical Rating Organizations ("NRSRO") has been determined by the Investment Adviser to have sufficient quality to be ranked in the top credit four ratings if a credit rating were to be assigned by  a NRSRO.

 

 

**

The rate is an annualized seven-day yield at period end.

 

 

Where applicable, calculated using the highest rating of the three NRSRO. Percentages in this table do not include the Short-Term Investment.

 

 

††

Pre-refunded bonds are bonds for which U.S. Government Obligations usually have been placed in escrow to retire the bonds at their earliest call date.  



See accompanying notes to financial statements.


 


AQUILA CHURCHILL TAX-FREE FUND OF KENTUCKY

NOTES TO FINANCIAL STATEMENTS

June 30, 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 June 30, 2020, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $167,170,542 amounted to of $7,651,551, which consisted of aggregate gross unrealized appreciation of $7,740,492 and aggregate gross unrealized depreciation of $88,941.

 

 

(c)

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

 

 

 

Level 1 – Unadjusted quoted prices in inactive markets for identical assets or liabilities that the 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 June 30, 2020:


Valuation Inputs+

 

Investments
in Securities

Level 1 – Quoted Prices- Short-Term Investment

 

$

756,539

Level 2 – Other Significant Observable Inputs- Municipal Bonds

 

 

174,065,554

Level 3 – Significant Unobservable Inputs

 

 

Total

 

$

174,822,093

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