AQUILA TAX-FREE FUND OF COLORADO

SCHEDULE OF INVESTMENTS

June 30, 2020

(unaudited)


Principal
Amount

 

General Obligation Bonds (40.2%)

 

Ratings Moody’s,
S&P and Fitch

 

Value

 

(a)

 

 

 

 

 

 

 

 

 

 

 

City & County (0.5%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Englewood, Colorado

 

 

 

 

 

 

$

1,000,000

 

5.000%, 12/01/30

 

NR/AA+/NR

 

$

1,281,960

 

 

 

 

 

 

 

 

 

 

 

 

 

Metropolitan District (2.2%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denver, Colorado Urban Renewal Authority, Tax Increment Revenue, Stapleton Senior Series A-1

 

 

 

 

 

 

2,600,000

 

5.000%, 12/01/25

 

NR/NR/AA-

 

2,793,076

 

 

 

 

 

 

 

 

 

 

 

 

 

Denver, Colorado Urban Renewal Authority, Tax Increment Revenue, Stapleton Senior Series B-1

 

 

 

 

 

 

1,000,000

 

5.000%, 12/01/25

 

Aa3/NR/NR

 

1,218,800

 

 

 

 

 

 

 

 

 

 

 

 

 

Poudre Tech Metropolitan District, Colorado Unlimited Property Tax Supported Revenue Refunding & Improvement, Series B

 

 

 

 

 

 

1,990,000

 

5.000%, 12/01/28 AGMC Insured

 

NR/AA/NR

 

2,021,820

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Metropolitan District

 

 

 

6,033,696

 

 

 

 

 

 

 

 

 

 

 

 

 

School Districts (37.0%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adams 12 Five Star Schools, Colorado

 

 

 

 

 

 

3,000,000

 

5.000%, 12/15/25

 

Aa2/AA/NR

 

3,592,140

 

 

1,000,000

 

5.000%, 12/15/25

 

Aa2/AA/NR

 

1,236,860

 

 

1,435,000

 

5.000%, 12/15/29

 

Aa2/AA/NR

 

1,801,399

 

 

1,000,000

 

5.500%, 12/15/31

 

Aa2/AA/NR

 

1,356,020

 

 

3,150,000

 

5.000%, 12/15/32

 

Aa2/AA/NR

 

3,894,188

 

 

 

 

 

 

 

 

 

 

 

 

 

Adams County, Colorado School District #50

 

 

 

 

 

 

1,000,000

 

4.000%, 12/01/23

 

Aa2/AA/NR

 

1,085,670

 

 

3,000,000

 

4.000%, 12/01/24

 

Aa2/AA/NR

 

3,250,320

 

 

 

 

 

 

 

 

 

 

 

 

 

Adams & Arapahoe Counties, Colorado Joint School District #28J

 

 

 

 

 

 

4,125,000

 

5.000%, 12/01/30

 

Aa2/NR/AA

 

5,155,508

 

 

 

 

 

 

 

 

 

 

 

 

 

Adams & Weld Counties, Colorado School District #27J

 

 

 

 

 

 

1,030,000

 

5.000%, 12/01/22

 

Aa2/AA/NR

 

1,147,410

 

 

2,000,000

 

5.000%, 12/01/24

 

Aa2/AA/NR

 

2,223,860

 

 

1,000,000

 

5.000%, 12/01/25

 

Aa2/AA/NR

 

1,198,760

 

 

1,060,000

 

5.000%, 12/01/28

 

Aa2/AA/NR

 

1,298,850

 

 

3,895,000

 

5.000%, 12/01/29

 

Aa2/AA/NR

 

4,754,120

 

 

1,150,000

 

5.000%, 12/01/29

 

Aa2/AA/NR

 

1,486,720

 

 

 

 

 

 

 

 

 

 

 

 

 

Arapahoe County, Colorado School District #001 Englewood

 

 

 

 

 

 

1,465,000

 

5.000%, 12/01/27

 

Aa2/NR/NR

 

1,798,595

 

 

 

 

 

 

 

 

 

 

 

 

 

Arapahoe County, Colorado School District #006 Littleton

 

 

 

 

 

 

1,000,000

 

5.000%, 12/01/27

 

Aa1/NR/NR

 

1,244,180

 

 


 


 

 

Boulder, Larimer & Weld Counties, Colorado Series A

 

 

 

 

 

 

2,000,000

 

5.000%, 12/15/24

 

Aa2/AA+/NR

 

2,401,600

 

 

 

 

 

 

 

 

 

 

 

 

 

Boulder, Larimer & Weld Counties, Colorado Series C

 

 

 

 

 

 

2,000,000

 

5.000%, 12/15/28

 

Aa2/AA+/NR

 

2,527,820

 

 

 

 

 

 

 

 

 

 

 

 

 

Boulder, Larimer & Weld Counties, Colorado, St. Vrain Valley School District   RE-1J Series C

 

 

 

 

 

 

1,000,000

 

5.000%, 12/15/29

 

Aa2/AA+/NR

 

1,258,900

 

 

 

 

 

 

 

 

 

 

 

 

 

Costilla County, Colorado School District No. R-30 Sierra Grande

 

 

 

 

 

 

2,180,000

 

5.000%, 12/01/32

 

Aa2/NR/NR

 

2,854,470

 

 

 

 

 

 

 

 

 

 

 

 

 

Denver, Colorado City & County School District No. 1

 

 

 

 

 

 

3,000,000

 

4.000%, 12/01/26

 

Aa1/AA+/AA+

 

3,138,480

 

 

2,000,000

 

5.000%, 12/01/29

 

Aa1/AA+/AA+

 

2,509,540

 

 

 

 

 

 

 

 

 

 

 

 

 

Denver, Colorado City & County School District No. 1 Series B

 

 

 

 

 

 

2,000,000

 

5.000%, 12/01/25

 

Aa1/AA+/AA+

 

2,389,780

 

 

4,000,000

 

5.000%, 12/01/27

 

Aa1/AA+/AA+

 

4,766,040

 

 

 

 

 

 

 

 

 

 

 

 

 

Douglas County, Colorado School District No. RE 1, Douglas & Elbert Counties Series B

 

 

 

 

 

 

1,000,000

 

5.000%, 12/15/31

 

Aa1/NR/AA+

 

1,315,740

 

 

 

 

 

 

 

 

 

 

 

 

 

Eagle County School District, Colorado, Eagle, Garfield & Routt School District #50J

 

 

 

 

 

 

1,170,000

 

5.000%, 12/01/25

 

Aa2/AA/NR

 

1,350,203

 

 

1,000,000

 

5.000%, 12/01/29

 

Aa2/AA/NR

 

1,254,060

 

 

 

 

 

 

 

 

 

 

 

 

 

El Paso County, Colorado School District #2, Harrison

 

 

 

 

 

 

2,000,000

 

5.000%, 12/01/31

 

Aa2/AA/NR

 

2,629,440

 

 

 

 

 

 

 

 

 

 

 

 

 

El Paso County, Colorado School District #20 Refunding

 

 

 

 

 

 

1,945,000

 

4.375%, 12/15/23

 

Aa2/NR/NR

 

2,056,526

 

 

2,255,000

 

5.000%, 12/15/29

 

Aa2/NR/NR

 

2,830,769

 

 

1,250,000

 

5.000%, 12/15/31

 

Aa2/NR/NR

 

1,553,213

 

 

 

 

 

 

 

 

 

 

 

 

 

Garfield, Pitkin, & Eagle Counties, Colorado School District #RE-1 Roaring Fork

 

 

 

 

 

 

1,600,000

 

5.000%, 12/15/27

 

Aa2/NR/NR

 

1,966,432

 

 

 

 

 

 

 

 

 

 

 

 

 

Jefferson County, Colorado School District #R-1 Refunding

 

 

 

 

 

 

2,225,000

 

5.000%, 12/15/30  

 

Aa2/AA/NR

 

2,854,942

 

 

1,500,000

 

5.000%, 12/15/30  

 

Aa2/AA/NR

 

1,986,315

 

 

2,600,000

 

5.000%, 12/15/31

 

Aa2/AA/NR

 

3,420,924

 

 

 

 

 

 

 

 

 

 

 

 

 

La Plata County, Colorado School District #9-R Durango Refunding

 

 

 

 

 

 

3,000,000

 

4.500%, 11/01/23  

 

Aa2/NR/NR

 

3,160,500

 

 

 

 

 

 

 

 

 

 

 

 

 

Larimer County, Colorado School District No. R 1 Poudre

 

 

 

 

 

 

1,000,000

 

5.000%, 12/15/27  

 

Aa2/NR/NR

 

1,233,840

 

 

1,000,000

 

5.000%, 12/15/30

 

Aa2/NR/AA+

 

1,319,460

 

 

800,000

 

5.000%, 12/15/30

 

Aa2/NR/NR

 

1,055,568

 

 

 

 

 

 

 

 

 

 

 

 

 

Larimer, Weld & Boulder Counties, Colorado School District No. R-2J, Thompson Refunding

 

 

 

 

 

 

1,500,000

 

4.250%, 12/15/24

 

Aa2/NR/NR

 

1,638,840

 

 


 


 

 

Mesa County, Colorado Valley School District No. 051, Grand Junction Refunding

 

 

 

 

 

 

3,000,000

 

5.000%, 12/01/23

 

Aa2/NR/NR

 

3,473,160

 

 

 

 

 

 

 

 

 

 

 

 

 

Pueblo County, Colorado School District No. 60

 

 

 

 

 

 

2,000,000

 

5.000%, 12/15/30

 

Aa2/AA/NR

 

2,721,600

 

 

 

 

 

 

 

 

 

 

 

 

 

San Miguel County, Colorado School District R-1 Telluride

 

 

 

 

 

 

1,055,000

 

5.000%, 12/01/25

 

Aa2/AA/NR

 

1,261,632

 

 

 

 

 

 

 

 

 

 

 

 

 

Summit County, Colorado School District No. RE 1 Refunding

 

 

 

 

 

 

2,000,000

 

4.000%, 12/01/24

 

Aa1/NR/NR

 

2,096,840

 

 

2,000,000

 

5.000%, 12/01/28

 

Aa1/NR/NR

 

2,522,340

 

 

 

 

 

 

 

 

 

 

 

 

 

Total School Districts

 

 

 

102,073,574

 

 

 

 

 

 

 

 

 

 

 

 

 

Water & Sewer (0.5%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Central Colorado Water Conservancy District, Adams Morgan & Weld Counties

 

 

 

 

 

 

1,185,000

 

5.000%, 12/01/24

 

NR/A/NR

 

1,360,546

 

 

 

 

 

 

 

 

 

 

 

 

 

Total General Obligation Bonds

 

 

 

110,749,776

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue Bonds (45.6%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Airport (1.6%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denver, Colorado City & County Airport Revenue System, Series A

 

 

 

 

 

 

4,340,000

 

5.000%, 11/15/24

 

A1/A+/AA-

 

4,408,355

 

 

 

 

 

 

 

 

 

 

 

 

 

City & County (1.1%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denver, Colorado City & County COP, Convention Center Expansion Project Series 2018A

 

 

 

 

 

 

1,500,000

 

5.000%, 06/01/30

 

Aa2/AA+/AA+

 

1,785,870

 

 

 

 

 

 

 

 

 

 

 

 

 

Grand Junction, Colorado  COP

 

 

 

 

 

 

1,000,000

 

5.000%, 12/01/31

 

NR/AA-/NR

 

1,318,820

 

 

 

 

 

 

 

 

 

 

 

 

 

Total City & County

 

 

 

3,104,690

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric (2.8%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado Springs, Colorado Utilities Revenue, Refunding Series A

 

 

 

 

 

 

1,000,000

 

5.000%, 11/15/27

 

Aa2/AA+/AA

 

1,230,340

 

 

295,000

 

4.750%, 11/15/27

 

Aa2/AA+/NR

 

296,056

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado Springs, Colorado Utilities Revenue, Refunding Series A-1

 

 

 

 

 

 

835,000

 

4.000%, 11/15/26

 

Aa2/AA+/AA

 

846,364

 

 

840,000

 

4.000%, 11/15/27

 

Aa2/AA+/AA

 

851,306

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado Springs, Colorado Utilities Revenue Refunding Series B

 

 

 

 

 

 

2,600,000

 

5.000%, 11/15/23

 

Aa2/AA+/AA

 

2,887,092

 

 

 

 

 

 

 

 

 

 

 

 

 

Estes Park, Colorado Power & Communications Enterprise Revenue Refunding & Improvement Series 2019A

 

 

 

 

 

 

1,310,000

 

5.000%, 11/01/30

 

NR/A+/NR

 

1,737,047

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Electric

 

 

 

7,848,205

 

 


 


 

 

Higher Education (13.9%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado Educational & Cultural Facility Authority, University Corp. Atmosphere Project, Refunding

 

 

 

 

 

 

935,000

 

5.000%, 09/01/22

 

A2/A+/NR

 

941,564

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado Educational & Cultural Facility Authority, University of Denver Project

 

 

 

 

 

 

845,000

 

4.000%, 03/01/24

 

A1/NR/NR

 

906,617

 

 

7,000,000

 

5.250%, 03/01/25 NPFG Insured

 

A1/A+/NR

 

8,087,310

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado Educational & Cultural Facility Authority Refunding, University of Denver Project

 

 

 

 

 

 

1,000,000

 

5.250%, 03/01/26 NPFG Insured

 

A1/A+/NR

 

1,205,470

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado School of Mines Institutional Enterprise, Series B

 

 

 

 

 

 

1,845,000

 

5.000%, 12/01/29

 

A1/A+/NR

 

2,254,848

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado State Board Community Colleges & Occupational Education, Refunding & Improvement, Arapahoe Community College, Series 2017A

 

 

 

 

 

 

1,000,000

 

5.000%, 11/01/30

 

Aa3/NR/NR

 

1,264,940

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado State Board Community Colleges & Occupational Education, Refunding & Improvement, System Wide Refunding, Series 2019A

 

 

 

 

 

 

1,110,000

 

5.000%, 11/01/30

 

Aa3/NR/NR

 

1,479,908

 

 

1,710,000

 

5.000%, 11/01/32

 

Aa3/NR/NR

 

2,248,069

 

 

835,000

 

5.000%, 11/01/33

 

Aa3/NR/NR

 

1,092,038

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado State Board of Governors University Enterprise System, Series C

 

 

 

 

 

 

2,905,000

 

5.000%, 03/01/26 SHEIP Insured

 

Aa2/AA/NR

 

3,458,461

 

 

1,250,000

 

5.000%, 03/01/28 SHEIP Insured

 

Aa2/AA/NR

 

1,591,675

 

 

2,100,000

 

5.000%, 03/01/29 SHEIP Insured

 

Aa2/AA/NR

 

2,664,102

 

 

 

 

 

 

 

 

 

 

 

 

 

University of Colorado Enterprise System, Series A

 

 

 

 

 

 

2,620,000

 

5.000%, 06/01/29

 

Aa1/NR/AA+

 

3,128,516

 

 

1,165,000

 

5.000%, 06/01/26 NPFG Insured

 

Aa1/NR/AA+

 

1,450,996

 

 

 

 

 

 

 

 

 

 

 

 

 

University of Colorado Enterprise System, Series A-1

 

 

 

 

 

 

2,000,000

 

5.000%, 06/01/28

 

Aa1/NR/AA+

 

2,627,920

 

 

 

 

 

 

 

 

 

 

 

 

 

University of Colorado Enterprise System, Series 2019B

 

 

 

 

 

 

1,000,000

 

5.000%, 06/01/32

 

Aa1/NR/AA+

 

1,319,680

 

 

1,000,000

 

5.000%, 06/01/33

 

Aa1/NR/AA+

 

1,311,450

 

 

 

 

 

 

 

 

 

 

 

 

 

University of Northern Colorado Greeley Institutional Enterprise Refunding, SHEIP, Series A

 

 

 

 

 

 

1,000,000

 

5.000%, 06/01/25 SHEIP Insured

 

Aa2/AA/NR

 

1,164,670

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Higher Education

 

 

 

38,198,234

 

 

 

 

 

 

 

 

 

 

 

 

 

Hospital (0.5%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado Health Facilities Authority, Sanford

 

 

 

 

 

 

1,000,000

 

5.000%, 11/01/30 Series 2019A

 

NR/A+/A+

 

1,263,720

 

 


 


 

 

Lease (10.2%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Arvada, Colorado COP

 

 

 

 

 

 

1,190,000

 

4.000%, 12/01/29

 

NR/AA+/NR

 

1,394,513

 

 

 

 

 

 

 

 

 

 

 

 

 

Brighton, Colorado COP Refunding Series A

 

 

 

 

 

 

1,865,000

 

5.000%, 12/01/24 AGMC Insured

 

Aa3/AA/NR

 

1,898,384

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado State BEST COP Series K

 

 

 

 

 

 

3,500,000

 

5.000%, 03/15/30

 

Aa2/AA-/NR

 

4,320,855

 

 

2,500,000

 

5.000%, 03/15/31

 

Aa2/AA-/NR

 

3,071,650

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado State BEST COP Series M

 

 

 

 

 

 

2,000,000

 

5.000%, 03/15/31

 

Aa2/AA-/NR

 

2,521,920

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado State Higher Education Capital Construction Lease

 

 

 

 

 

 

1,690,000

 

5.000%, 11/01/26

 

Aa2/AA-/NR

 

2,120,646

 

 

 

 

 

 

 

 

 

 

 

 

 

Denver, Colorado City & County COP (Fire Station & Library Facilities)

 

 

 

 

 

 

1,065,000

 

5.000%, 12/01/25

 

Aa1/AA+/AA+

 

1,317,096

 

 

 

 

 

 

 

 

 

 

 

 

 

Douglas County, Colorado COP (Libraries)

 

 

 

 

 

 

1,570,000

 

5.000%, 12/01/27

 

Aa2/NR/NR

 

1,855,614

 

 

 

 

 

 

 

 

 

 

 

 

 

Foothills Park and Recreation District, Colorado COP Refunding & Improvement

 

 

 

 

 

 

1,380,000

 

5.000%, 12/01/26 AGMC Insured

 

NR/AA/NR

 

1,682,758

 

 

 

 

 

 

 

 

 

 

 

 

 

Jefferson County, Colorado School District No. R-1 COP

 

 

 

 

 

 

1,000,000

 

5.000%, 12/15/27

 

Aa3/AA-/NR

 

1,209,940

 

 

 

 

 

 

 

 

 

 

 

 

 

Rangeview Library District Project, Colorado COP

 

 

 

 

 

 

2,515,000

 

5.000%, 12/15/27 AGMC Insured

 

Aa2/AA/NR

 

3,078,888

 

 

 

 

 

 

 

 

 

 

 

 

 

South Suburban Park and Recreation District, Colorado COP

 

 

 

 

 

 

1,000,000

 

5.000%, 12/15/31

 

NR/AA-/NR

 

1,296,080

 

 

 

 

 

 

 

 

 

 

 

 

 

Thompson School District No R2-J (Larimer, Weld And Boulder Counties, Colorado COP, Series 2014

 

 

 

 

 

 

750,000

 

4.500%, 12/01/26

 

Aa3/NR/NR

 

864,375

 

 

 

 

 

 

 

 

 

 

 

 

 

Westminster, Colorado COP

 

 

 

 

 

 

1,480,000

 

4.250%, 12/01/22 AGMC Insured

 

A2/AA/NR

 

1,503,280

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Lease

 

 

 

28,135,999

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales Tax (3.6%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Boulder, Colorado General Fund Capital Improvement Projects

 

 

 

 

 

 

2,235,000

 

4.000%, 10/01/25

 

Aa1/AAA/NR

 

2,404,637

 

 

 

 

 

 

 

 

 

 

 

 

 

Broomfield, Colorado Sales & Use Tax

 

 

 

 

 

 

1,000,000

 

5.000%, 12/01/30

 

Aa3/NR/NR

 

1,277,860

 

 

 

 

 

 

 

 

 

 

 

 

 

Castle Rock, Colorado Sales & Use Tax  

 

 

 

 

 

 

1,015,000

 

4.000%, 06/01/25

 

Aa3/AA/NR

 

1,114,683

 

 

 

 

 

 

 

 

 

 

 

 

 

City of Fruita, Colorado Sales & Use Tax  

 

 

 

 

 

 

1,110,000

 

4.000%, 10/01/33

 

NR/AA-/NR

 

1,291,108

 

 


 


 

 

Commerce City, Colorado Sales & Use Tax

 

 

 

 

 

 

1,000,000

 

5.000%, 08/01/26 BAMAC Insured

 

Aa3/AA/NR

 

1,212,940

 

 

 

 

 

 

 

 

 

 

 

 

 

Pueblo, Colorado Urban Renewal Authority, Refunding & Improvement, Series B

 

 

 

 

 

 

1,250,000

 

5.250%, 12/01/28

 

A2/A/NR

 

1,332,713

 

 

 

 

 

 

 

 

 

 

 

 

 

Westminster, Colorado Economic Development Authority, Mandalay Gardens Urban Renewal Project

 

 

 

 

 

 

1,090,000

 

4.000%, 12/01/22

 

NR/AA-/NR

 

1,182,792

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Sales Tax

 

 

 

9,816,733

 

 

 

 

 

 

 

 

 

 

 

 

 

Transportation (2.3%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Regional Transportation District, Colorado COP, Series A

 

 

 

 

 

 

2,000,000

 

5.000%, 06/01/26

 

Aa3/AA-/AA-

 

2,336,060

 

 

 

 

 

 

 

 

 

 

 

 

 

Regional Transportation District, Colorado Sales Tax Refunding, Fastracks Project Series 2013A

 

 

 

 

 

 

3,000,000

 

5.000%, 11/01/32

 

Aa2/AA+/AA

 

4,092,210

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Transportation

 

 

 

6,428,270

 

 

 

 

 

 

 

 

 

 

 

 

 

Water & Sewer (9.6%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Arapahoe, Colorado Water & Wastewater Public Improvement District

 

 

 

 

 

 

1,320,000

 

5.000%, 12/01/24

 

NR/AA-/NR

 

1,582,363

 

 

1,020,000

 

5.000%, 12/01/25

 

NR/AA-/NR

 

1,217,309

 

 

 

 

 

 

 

 

 

 

 

 

 

Broomfield, Colorado Sewer and Waste Water

 

 

 

 

 

 

1,975,000

 

4.000%, 12/01/21 AGMC Insured

 

Aa3/NR/NR

 

2,078,312

 

 

1,550,000

 

5.000%, 12/01/24 AGMC Insured

 

Aa3/AA/NR

 

1,719,524

 

 

 

 

 

 

 

 

 

 

 

 

 

Broomfield, Colorado Water Activity Enterprise

 

 

 

 

 

 

3,385,000

 

5.000%, 12/01/21

 

Aa3/NR/NR

 

3,609,798

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado Water Resource & Power Development Authority

 

 

 

 

 

 

925,000

 

5.000%, 09/01/25

 

Aaa/AAA/AAA

 

1,135,650

 

 

 

 

 

 

 

 

 

 

 

 

 

Denver, Colorado City and County Board Water Commissioners Master Resolution, Refunding, Series B

 

 

 

 

 

 

1,000,000

 

4.000%, 12/15/22

 

Aaa/AAA/AAA

 

1,054,320

 

 

 

 

 

 

 

 

 

 

 

 

 

Denver, Colorado City and County Board Water Commissioners, Series B

 

 

 

 

 

 

850,000

 

5.000%, 09/15/29

 

Aaa/AAA/AAA

 

1,101,422

 

 

 

 

 

 

 

 

 

 

 

 

 

East Cherry Creek Water & Sanitation District Arapahoe County Water Revenue Activity Enterprise Refunding, Series 2020

 

 

 

 

 

 

800,000

 

5.000%, 11/15/32

 

NR/AA-/NR

 

1,058,936

 

 

 

 

 

 

 

 

 

 

 

 

 

Greeley, Colorado Water Revenue

 

 

 

 

 

 

1,705,000

 

5.000%, 08/01/28

 

Aa2/AA+/NR

 

2,127,380

 

 

 

 

 

 

 

 

 

 

 

 

 

North Weld County, Colorado Water District Enterprise Revenue Refunding

 

 

 

 

 

 

1,465,000

 

4.000%, 11/01/22 AGMC Insured

 

NR/AA/NR

 

1,591,635

 

 


 


 

 

Parker, Colorado Water & Sanitation District Water & Sewer Enterprise Refunding

 

 

 

 

 

 

1,000,000

 

5.000%, 11/01/22 AGMC Insured

 

A2/AA+/NR

 

1,085,140

 

 

1,000,000

 

4.000%, 11/01/33

 

NR/AA+/NR

 

1,228,730

 

 

 

 

 

 

 

 

 

 

 

 

 

St. Vrain, Colorado Sanitation District Wastewater Revenue Refunding and Improvement Bonds, Series 2020

 

 

 

 

 

 

800,000

 

4.000%, 12/01/31

 

NR/AA/NR

 

991,520

 

 

 

 

 

 

 

 

 

 

 

 

 

Thornton, Colorado Water Enterprise Revenue, Series 2013

 

 

 

 

 

 

1,970,000

 

4.000%, 12/01/24

 

Aa2/AA/NR

 

2,199,741

 

 

 

 

 

 

 

 

 

 

 

 

 

Woodmoor, Colorado Water & Sanitation District #1 Enterprise

 

 

 

 

 

 

2,570,000

 

4.500%, 12/01/26

 

NR/AA-/NR

 

2,700,685

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Water & Sewer

 

 

 

26,482,465

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Revenue Bonds

 

 

 

125,686,671

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-Refunded Bonds (10.3%)††

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-Refunded General Obligation Bonds (0.6%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metroplitan Districts (0.6%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Meridian Metropolitan District, Colorado Refunding Series A

 

 

 

 

 

 

1,645,000

 

4.500%, 12/01/23

 

NR/A-/A

 

1,739,028

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-Refunded Revenue Bonds (9.7%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric (0.5%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado Springs, Colorado Utilities Revenue, Refunding Series A-1

 

 

 

 

 

 

165,000

 

4.000%, 11/15/26

 

NR/NR/NR*

 

167,295

 

 

160,000

 

4.000%, 11/15/27

 

NR/NR/NR*

 

162,226

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado Springs, Colorado Utilities Revenue, Series C-2

 

 

 

 

 

 

1,060,000

 

5.000%, 11/15/23

 

Aa2/AA+/AA

 

1,178,073

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Electric

 

 

 

1,507,594

 

 

 

 

 

 

 

 

 

 

 

 

 

Higher Education (5.3%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado Educational & Cultural Facility Authority, University Corp. Atmosphere Project, Refunding

 

 

 

 

 

 

765,000

 

5.000%, 09/01/22

 

NR/NR/NR*

 

770,906

 

 

1,635,000

 

5.000%, 09/01/28

 

A2/A+/NR

 

1,647,622

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado State Board of Governors University Enterprise System, Series A

 

 

 

 

 

 

2,300,000

 

5.000%, 03/01/25 SHEIP Insured

 

Aa2/AA/NR

 

2,481,677

 

 

 

 

 

 

 

 

 

 

 

 

 

University of Colorado Enterprise System

 

 

 

 

 

 

1,270,000

 

5.000%, 06/01/25

 

Aa1/NR/AA+

 

1,497,724

 

 

 

 

 

 

 

 

 

 

 

 

 

University of Colorado Enterprise System, Series A

 

 

 

 

 

 

2,000,000

 

4.750%, 06/01/27

 

Aa1/NR/AA+

 

2,082,480

 

 


 


 

 

University of Northern Colorado Greeley Institutional Enterprise Refunding, SHEIP, Series A

 

 

 

 

 

 

2,810,000

 

5.000%, 06/01/26 SHEIP Insured

 

Aa2/AA/NR

 

2,930,971

 

 

2,940,000

 

5.000%, 06/01/28 SHEIP Insured

 

Aa2/AA/NR

 

3,066,567

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Higher Education

 

 

 

14,477,947

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease (3.2%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broomfield, Colorado COP

 

 

 

 

 

 

2,000,000

 

4.500%, 12/01/28

 

Aa2/NR/NR

 

2,035,720

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado State BEST COP Series G

 

 

 

 

 

 

3,000,000

 

4.250%, 03/15/23

 

Aa2/AA-/NR

 

3,085,290

 

 

 

 

 

 

 

 

 

 

 

 

 

Colorado State BEST COP Series H

 

 

 

 

 

 

3,490,000

 

4.000%, 03/15/26

 

Aa2/AA-/NR

 

3,700,517

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Lease

 

 

 

8,821,527

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales Tax (0.7%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grand Junction, Colorado General Fund

 

 

 

 

 

 

1,900,000

 

5.000%, 03/01/23

 

NR/AA/NR

 

2,003,892

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Pre-Refunded Revenue Bonds

 

 

 

26,810,960

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Pre-Refunded Bonds

 

 

 

28,549,988

 

 

 

 

 

 

 

 

 

 

 

 

 

 Total Municipal Bonds (cost $249,547,037)

 

 

 

264,986,435

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 Short-Term Investment (3.5%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,743,241

 

Dreyfus Treasury Obligations Cash Management - Institutional Shares, 0.10%** (cost $9,743,241)

 

Aaa-mf/AAAm/NR

 

9,743,241

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments (cost $259,290,278-note b)

 

99.6

%

 

274,729,676

 

 

 

 

Other assets less liabilities

 

0.4

 

 

1,127,102

 

 

 

 

Net Assets

 

100.0

%

 

$

275,856,778

 

 


 

 

Portfolio Distribution By Quality Rating

 

Percent of
Investments†

 

 

 

 

 

 

Aaa of Moody’s or AAA of S&P or Fitch

 

2.1

%

 

 

 

 

 

 

Prerefunded bonds ††

 

10.8

 

 

 

 

 

 

 

Aa of Moody’s or AA of S&P or Fitch

 

79.9

 

 

 

 

 

 

 

A of Moody’s or S&P or Fitch

 

7.2

 

 

 

 

 

 

 

 

 

100.0

%

 

 

 

 


PORTFOLIO ABBREVIATIONS:

AGMC - Assured Guaranty Municipal Corp.

BAMAC -Build America Mutual Assurance Company

BEST - Building Excellent Schools Today

COP - Certificates of Participation

NPFG - National Public Finance Guarantee

NR - Not Rated

SHEIP - State Higher Education Intercept Program




See accompanying notes to financial statements.


 


*

Any security not rated ("NR") by any of the Nationally Recognized Statistical Rating Organizations ("NRSRO") has been determined by the Investment Sub-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 TAX-FREE FUND OF COLORADO

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 $259,290,278 amounted to $15,439,398, which consisted of aggregate gross unrealized appreciation of $15,439,398 and aggregate gross unrealized depreciation of $0.

 

 

(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

 

$

9,743,241

Level 2 – Other Significant Observable Inputs- Municipal Bonds +

 

 

264,986,435

Level 3 – Significant Unobservable Inputs

 

 

Total

 

$

274,729,676

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