AQUILA TAX-FREE FUND FOR UTAH
SCHEDULE OF INVESTMENTS
June 30, 2020
(unaudited)
Amount |
| General Obligation Bonds (11.6%) |
| Ratings Moody’s, |
| Value |
| (a) | ||
|
|
|
|
|
|
|
|
| ||
|
| City and County (2.5%) |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
| ||
|
| Carson City, Nevada |
|
|
|
|
|
| ||
$ | 1,000,000 |
| 5.000%, 05/01/28 |
| A1/AA-/NR |
| $ | 1,195,100 |
|
|
|
|
|
|
|
|
|
|
| ||
|
| Clark County, Nevada, Refunding |
|
|
|
|
|
| ||
1,000,000 |
| 3.000%, 06/01/38 Series 2019 |
| Aa1/AA+/NR |
| 1,056,240 |
|
| ||
|
|
|
|
|
|
|
|
| ||
|
| Henderson, Nevada Limited Tax Utility System |
|
|
|
|
|
| ||
1,000,000 |
| 3.000%, 06/01/37 Series 2020A-1 |
| Aa2/AA+/NR |
| 1,102,910 |
|
| ||
|
|
|
|
|
|
|
|
| ||
|
| Houston, Texas Public Improvement |
|
|
|
|
|
| ||
1,000,000 |
| 5.000%, 03/01/35 Series A |
| Aa3/AA/NR |
| 1,186,790 |
|
| ||
|
|
|
|
|
|
|
|
| ||
|
| Miami Gardens, Florida |
|
|
|
|
|
| ||
1,000,000 |
| 5.000%, 07/01/29 |
| A1/A+/NR |
| 1,143,360 |
|
| ||
|
|
|
|
|
|
|
|
| ||
|
| North Las Vegas, Nevada Limited Tax |
|
|
|
|
|
| ||
1,000,000 |
| 5.000%, 06/01/31 Series 2018 AGMC Insured |
| A2/AA/NR |
| 1,216,150 |
|
| ||
|
|
|
|
|
|
|
|
| ||
|
| Port of Olympia, Washington Limited Tax |
|
|
|
|
|
| ||
1,385,000 |
| 5.000%, 12/01/31 AMT Series B |
| Aa2/NR/NR |
| 1,737,455 |
|
| ||
|
|
|
|
|
|
|
|
| ||
|
| Reno, Nevada Capital Improvement Refunding |
|
|
|
|
|
| ||
1,000,000 |
| 5.000%, 06/01/28 |
| A1/A+/NR |
| 1,125,040 |
|
| ||
|
|
|
|
|
|
|
|
| ||
|
| Rio Grande City, Texas Combination Tax Certificates of Obligation |
|
|
|
|
|
| ||
855,000 |
| 4.000%, 02/15/33 Series 2020 AGMC Insured††† |
| NR/AA/NR |
| 1,002,872 |
|
| ||
|
|
|
|
|
|
|
|
| ||
|
| Total City and County |
|
|
| 10,765,917 |
|
| ||
|
|
|
|
|
|
|
|
| ||
|
| Healthcare (0.4%) |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
| ||
|
| Bexar County, Texas Hospital District Limited Tax |
|
|
|
|
|
| ||
500,000 |
| 4.000%, 02/15/37 Series 2020 |
| Aa1/NR/AA+ |
| 594,215 |
|
| ||
|
|
|
|
|
|
|
|
| ||
|
| King County, Washington Public Hospital District No. 001, Refunding, Valley Medical Center |
|
|
|
|
|
| ||
1,000,000 |
| 5.000%, 12/01/28 |
| A2/NR/NR |
| 1,219,560 |
|
| ||
|
|
|
|
|
|
|
|
| ||
|
| Total Healthcare |
|
|
| 1,813,775 |
|
| ||
|
|
|
|
|
|
|
|
| ||
|
| Local Public Property (0.7%) |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
| ||
|
| Alaska State Municipal Bond Bank |
|
|
|
|
|
| ||
540,000 |
| 5.000%, 02/01/30 AMT |
| NR/A+/A |
| 661,041 |
|
| ||
565,000 |
| 5.000%, 02/01/31 AMT |
| NR/A+/A |
| 688,006 |
|
| ||
590,000 |
| 5.000%, 02/01/32 AMT |
| NR/A+/A |
| 714,207 |
|
| ||
670,000 |
| 4.000%, 12/01/33††† |
| A1/A+/NR |
| 783,451 |
|
| ||
|
|
|
|
|
|
|
|
| ||
|
| Total Local Public Property |
|
|
| 2,846,705 |
|
| ||
|
| Public Schools (5.9%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Alvin, Texas Independent School District |
|
|
|
|
|
|
1,000,000 |
| 4.000%, 02/15/34 PSF Guaranteed |
| Aaa/NR/AAA |
| 1,191,270 |
|
|
|
|
|
|
|
|
|
|
|
|
| Clark County, Nevada School District Limited Tax |
|
|
|
|
|
|
2,000,000 |
| 5.000%, 06/15/29 Series B |
| A1/A+/NR |
| 2,533,560 |
|
|
1,000,000 |
| 5.000%, 06/15/35 Series B |
| A1/A+/NR |
| 1,223,980 |
|
|
1,500,000 |
| 3.000%, 06/15/37 Series B AGMC Insured |
| A1/AA/NR |
| 1,595,730 |
|
|
1,645,000 |
| 5.000%, 06/15/28 Series D |
| A1/A+/NR |
| 1,953,832 |
|
|
2,000,000 |
| 4.000%, 06/15/30 Series D |
| A1/A+/NR |
| 2,221,920 |
|
|
|
|
|
|
|
|
|
|
|
|
| Lewis County, Washington School District No. 302 Chehalis (School Board Guaranty Program) |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 12/01/34 |
| Aaa/NR/NR |
| 1,197,440 |
|
|
|
|
|
|
|
|
|
|
|
|
| Lewis & Thurston Counties, Washington School District No. 401 Centalia (School Board Guaranty Program) |
|
|
|
|
|
|
1,230,000 |
| 5.000%, 12/01/35 |
| Aaa/NR/NR |
| 1,513,195 |
|
|
|
|
|
|
|
|
|
|
|
|
| Midlothian, Texas Independent School District Unlimited Tax |
|
|
|
|
|
|
1,000,000 |
| 4.000%, 02/15/37 Series 2020 PSF Guaranteed |
| Aaa/AAA/NR |
| 1,187,550 |
|
|
|
|
|
|
|
|
|
|
|
|
| Rio Grande City, Texas Independent School District Unlimited Tax |
|
|
|
|
|
|
1,000,000 |
| 3.000%, 08/15/35 Series 2020 PSF Guaranteed††† |
| NR/AAA/AAA |
| 1,111,600 |
|
|
|
|
|
|
|
|
|
|
|
|
| Washington County, Utah School District (School Board Guaranty Program) |
|
|
|
|
|
|
2,880,000 |
| 5.000%, 03/01/30 Series B |
| Aaa/NR/AAA |
| 3,646,829 |
|
|
3,020,000 |
| 5.000%, 03/01/31 Series B |
| Aaa/NR/AAA |
| 3,794,841 |
|
|
|
|
|
|
|
|
|
|
|
|
| Washoe County, Nevada School Limited Tax Improvement |
|
|
|
|
|
|
1,000,000 |
| 4.000%, 10/01/34 Series 2020A |
| Aa3/AA/NR |
| 1,189,130 |
|
|
|
|
|
|
|
|
|
|
|
|
| Weatherford, Texas Independent School District Unlimited Tax Refunding |
|
|
|
|
|
|
365,000 |
| zero coupon, 02/15/23 Series 2019 PSF Guaranteed |
| Aaa/NR/NR |
| 360,554 |
|
|
530,000 |
| zero coupon, 02/15/28 Series 2019 PSF Guaranteed |
| Aaa/NR/NR |
| 484,929 |
|
|
|
|
|
|
|
|
|
|
|
|
| Wylie, Texas Independent School District Capital Appreciation |
|
|
|
|
|
|
1,000,000 |
| zero coupon, 08/15/32 PSF Guaranteed |
| Aaa/NR/NR |
| 748,740 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Public Schools |
|
|
| 25,955,100 |
|
|
|
|
|
|
|
|
|
|
|
|
| State (1.4%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Texas State Transportation Commission Mobility Fund |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 10/01/31 Series 2015A |
| Aaa/AAA/AAA |
| 1,211,690 |
|
|
|
|
|
|
|
|
|
|
|
|
| Texas State Water Financial Assistance |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 08/01/30 Series E |
| Aaa/AAA/AAA |
| 1,211,270 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah State |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 07/01/28 |
| Aaa/AAA/AAA |
| 1,292,530 |
|
|
1,000,000 |
| 5.000%, 07/01/29 |
| Aaa/AAA/AAA |
| 1,291,280 |
|
|
1,000,000 |
| 3.000%, 07/01/34 |
| Aaa/AAA/AAA |
| 1,118,940 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total State |
|
|
| 6,125,710 |
|
|
|
| Water and Sewer (0.7%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Central Utah Water Conservancy District Refunding |
|
|
|
|
|
|
765,000 |
| 5.000%, 04/01/28 Series B |
| NR/AA+/AA+ |
| 790,811 |
|
|
|
|
|
|
|
|
|
|
|
|
| Las Vegas Valley, Nevada Water District Refunding |
|
|
|
|
|
|
1,200,000 |
| 5.000%, 06/01/30 Series C |
| Aa1/AA+/NR |
| 1,247,700 |
|
|
|
|
|
|
|
|
|
|
|
|
| Magna Water District, Utah |
|
|
|
|
|
|
540,000 |
| 4.000%, 06/01/21 |
| NR/AA/NR |
| 558,576 |
|
|
490,000 |
| 4.000%, 06/01/22 |
| NR/AA/NR |
| 524,864 |
|
|
|
| Total Water and Sewer |
|
|
| 3,121,951 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total General Obligation Bonds |
|
|
| 50,629,158 |
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue Bonds (69.7%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Airport (6.8%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Brownsville, Texas Combination Tax and Airport, Certificates of Obligation |
|
|
|
|
|
|
500,000 |
| 5.000%, 02/15/28 AMT Series 2018 |
| Aa3/AA/NR |
| 607,125 |
|
|
|
|
|
|
|
|
|
|
|
|
| Broward County, Florida Port Facilities |
|
|
|
|
|
|
1,000,000 |
| 4.000%, 09/01/38 AMT Series B |
| A1/A/NR |
| 1,083,090 |
|
|
|
|
|
|
|
|
|
|
|
|
| Clark County, Nevada Passenger Facility Charge, Las Vegas - McCarran International Airport |
|
|
|
|
|
|
1,350,000 |
| 5.000%, 07/01/20 Series 2015C |
| NR/A+/NR |
| 1,350,000 |
|
|
|
|
|
|
|
|
|
|
|
|
| Houston, Texas Airport System Subordinate Lien Refunding |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 07/01/29 AMT Series C |
| A1/NR/A |
| 1,248,030 |
|
|
|
|
|
|
|
|
|
|
|
|
| Metropolitan Washington District of Columbia Airport Authority System, Revenue Refunding |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 10/01/36 AMT Series A |
| Aa3/AA-/AA- |
| 1,254,050 |
|
|
|
|
|
|
|
|
|
|
|
|
| Miami-Dade County, Florida Aviation Miami International Airport |
|
|
|
|
|
|
1,675,000 |
| 5.000%, 10/01/22 Series A-1 |
| A2/A/A |
| 1,691,633 |
|
|
|
|
|
|
|
|
|
|
|
|
| Salt Lake City, Utah Airport Revenue, Salt Lake City International Airport |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 07/01/26 AMT Series A |
| A2/A+/NR |
| 1,214,160 |
|
|
3,750,000 |
| 5.000%, 07/01/27 AMT Series A |
| A2/A+/NR |
| 4,649,663 |
|
|
1,000,000 |
| 5.000%, 07/01/27 AMT Series A |
| A2/A+/NR |
| 1,239,910 |
|
|
1,000,000 |
| 5.000%, 07/01/28 AMT Series A |
| A2/A+/NR |
| 1,264,760 |
|
|
1,000,000 |
| 5.000%, 07/01/29 AMT Series A |
| A2/A+/NR |
| 1,256,540 |
|
|
3,100,000 |
| 5.000%, 07/01/30 AMT Series A |
| A2/A+/NR |
| 3,780,295 |
|
|
410,000 |
| 5.000%, 07/01/34 AMT Series A |
| A2/A+/NR |
| 490,721 |
|
|
1,000,000 |
| 5.000%, 07/01/47 AMT Series A |
| A2/A+/NR |
| 1,165,160 |
|
|
1,240,000 |
| 5.000%, 07/01/30 Series B |
| A2/A+/NR |
| 1,534,277 |
|
|
850,000 |
| 5.000%, 07/01/31 Series B |
| A2/A+/NR |
| 1,046,520 |
|
|
500,000 |
| 5.000%, 07/01/31 Series B |
| A2/A+/NR |
| 629,435 |
|
|
1,525,000 |
| 5.000%, 07/01/37 Series B |
| A2/A+/NR |
| 1,835,368 |
|
|
|
|
|
|
|
|
|
|
|
|
| Williston City, North Dakota Airport Revenue Infrastructure Sales Tax |
|
|
|
|
|
|
2,365,000 |
| 4.000%, 11/01/28 |
| NR/A+/NR |
| 2,590,314 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Airport |
|
|
| 29,931,051 |
|
|
|
| Charter Schools (8.9%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Utah State Charter School Finance Authority George Washington Academy |
|
|
|
|
|
|
1,500,000 |
| 5.000%, 04/15/35 Series 2015 |
| NR/AA/NR |
| 1,687,200 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah State Charter School Finance Authority Good Foundations Academy |
|
|
|
|
|
|
550,000 |
| 4.750%, 11/15/24 Series A 144A |
| NR/NR/NR* |
| 550,264 |
|
|
1,655,000 |
| 5.550%, 11/15/34 Series A 144A |
| NR/NR/NR* |
| 1,655,828 |
|
|
3,280,000 |
| 5.850%, 11/15/44 Series A 144A |
| NR/NR/NR* |
| 3,281,378 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah State Charter School Finance Authority Hawthorn Academy Project |
|
|
|
|
|
|
2,165,000 |
| 5.000%, 10/15/29 Series 2014 |
| NR/AA/NR |
| 2,511,097 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah State Charter School Finance Authority Lakeview Academy |
|
|
|
|
|
|
1,300,000 |
| 5.000%, 10/15/35 Series 2015 |
| NR/AA/NR |
| 1,494,701 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah State Charter School Finance Authority Legacy Preparatory Academy |
|
|
|
|
|
|
405,000 |
| 4.000%, 04/15/22 |
| NR/AA/NR |
| 428,308 |
|
|
440,000 |
| 4.000%, 04/15/24 |
| NR/AA/NR |
| 490,833 |
|
|
2,530,000 |
| 5.000%, 04/15/29 |
| NR/AA/NR |
| 2,939,050 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah State Charter School Finance Authority Monticello Academy (School Board Guaranty Program) |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 04/15/37 Series 2014 |
| NR/AA/NR |
| 1,120,880 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah State Charter School Finance Authority Ogden Preparatory Academy (School Board Guaranty Program) |
|
|
|
|
|
|
475,000 |
| 4.000%, 10/15/22 |
| NR/AA/NR |
| 509,979 |
|
|
505,000 |
| 4.000%, 10/15/23 |
| NR/AA/NR |
| 540,719 |
|
|
525,000 |
| 4.000%, 10/15/24 |
| NR/AA/NR |
| 561,430 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah State Charter School Finance Authority Providence Hall Elementary School (School Board Guaranty Program) |
|
|
|
|
|
|
1,000,000 |
| 5.250%, 10/15/28 Series 2013A |
| NR/AA/NR |
| 1,137,110 |
|
|
1,000,000 |
| 5.000%, 10/15/33 Series 2013A |
| NR/AA/NR |
| 1,128,350 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah State Charter School Finance Authority Quest Academy |
|
|
|
|
|
|
500,000 |
| 5.000%, 04/15/37 |
| NR/AA/NR |
| 571,195 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah State Charter School Finance Authority Salt Lake Arts Academy (School Board Guaranty Program) |
|
|
|
|
|
|
1,000,000 |
| 3.000%, 04/15/40 Series 2020A |
| NR/AA/NR |
| 1,050,730 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah State Charter School Finance Authority Utah Charter Academies |
|
|
|
|
|
|
500,000 |
| 5.000%, 10/15/25 Series 2018 |
| NR/AA/NR |
| 601,585 |
|
|
500,000 |
| 5.000%, 10/15/27 Series 2018 |
| NR/AA/NR |
| 627,260 |
|
|
475,000 |
| 5.000%, 10/15/28 Series 2018 |
| NR/AA/NR |
| 592,050 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah State Charter School Finance Authority Venture Academy |
|
|
|
|
|
|
675,000 |
| 4.000%, 10/15/24 |
| NR/AA/NR |
| 724,019 |
|
|
855,000 |
| 5.000%, 10/15/29 |
| NR/AA/NR |
| 991,680 |
|
|
1,095,000 |
| 5.000%, 10/15/34 |
| NR/AA/NR |
| 1,250,797 |
|
|
1,095,000 |
| 5.000%, 10/15/38 |
| NR/AA/NR |
| 1,241,062 |
|
|
|
| Utah State Charter School Finance Authority Vista School |
|
|
|
|
|
|
1,080,000 |
| 4.000%, 10/15/35††† |
| Aa2/NR/NR |
| 1,282,241 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah State Charter School Finance Authority Voyage Academy |
|
|
|
|
|
|
1,095,000 |
| 5.000%, 03/15/27 144A |
| NR/NR/NR* |
| 1,095,427 |
|
|
2,440,000 |
| 5.500%, 03/15/37 144A |
| NR/NR/NR* |
| 2,440,561 |
|
|
4,785,000 |
| 5.600%, 03/15/47 144A |
| NR/NR/NR* |
| 4,785,574 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah State Charter School Finance Authority Wasatch Peak Academy Project (School Board Guaranty Program) |
|
|
|
|
|
|
740,000 |
| 5.000%, 10/15/29 |
| NR/AA/NR |
| 817,559 |
|
|
700,000 |
| 5.000%, 10/15/36 |
| NR/AA/NR |
| 767,291 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Charter Schools |
|
|
| 38,876,158 |
|
|
|
|
|
|
|
|
|
|
|
|
| Electric (5.2%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consolidated Wyoming Municipalities Electric Facilities Improvement Lease, Gillette |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 06/01/31 |
| A1/AA-/NR |
| 1,153,550 |
|
|
|
|
|
|
|
|
|
|
|
|
| Energy Northwest, Washington Electric Revenue, Columbia Generating Station |
|
|
|
|
|
|
1,830,000 |
| 5.000%, 07/01/20 Series 2012A |
| NR/AA-/AA |
| 1,830,000 |
|
|
|
|
|
|
|
|
|
|
|
|
| Heber Light & Power Co., Utah Electric Revenue Refunding |
|
|
|
|
|
|
500,000 |
| 4.000%, 12/15/36 Series 2019 AGMC Insured |
| A2/AA/AA- |
| 603,975 |
|
|
645,000 |
| 4.000%, 12/15/38 Series 2019 AGMC Insured |
| A2/AA/AA- |
| 774,135 |
|
|
|
|
|
|
|
|
|
|
|
|
| Jacksonville Electric Authority, Florida Electric System Revenue |
|
|
|
|
|
|
35,000 |
| 4.500%, 10/01/32 Series Three 2012A |
| A2/A+/NR |
| 35,879 |
|
|
|
|
|
|
|
|
|
|
|
|
| Lehi, Utah Electric Utility Revenue |
|
|
|
|
|
|
520,000 |
| 5.000%, 06/01/29 |
| NR/A+/NR |
| 667,940 |
|
|
850,000 |
| 5.000%, 06/01/31 |
| NR/A+/NR |
| 1,079,968 |
|
|
|
|
|
|
|
|
|
|
|
|
| Lower Colorado River Authority, Texas Revenue Refunding |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 05/15/36 Series 2020 |
| NR/A/AA- |
| 1,305,880 |
|
|
|
|
|
|
|
|
|
|
|
|
| Lower Colorado River Authority, Texas Transmission Contract Revenue |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 05/15/30 |
| NR/A/A+ |
| 1,189,070 |
|
|
|
|
|
|
|
|
|
|
|
|
| San Antonio, Texas Electric & Gas Revenue System |
|
|
|
|
|
|
1,250,000 |
| 4.000%, 02/01/33 |
| Aa1/AA/AA+ |
| 1,407,650 |
|
|
|
|
|
|
|
|
|
|
|
|
| Southeast Alaska Power Agency Electric Refunding & Improvement |
|
|
|
|
|
|
1,170,000 |
| 5.250%, 06/01/30 |
| NR/A/NR |
| 1,381,559 |
|
|
|
|
|
|
|
|
|
|
|
|
| St. George, Utah Electric Revenue |
|
|
|
|
|
|
1,620,000 |
| 4.000%, 06/01/32 AGMC Insured |
| A2/AA/NR |
| 1,825,238 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah Associated Municipal Power System Revenue, Horse Butte Wind Project |
|
|
|
|
|
|
750,000 |
| 5.000%, 09/01/24 Series A |
| NR/A-/AA- |
| 886,410 |
|
|
445,000 |
| 5.000%, 09/01/25 Series A |
| NR/A-/AA- |
| 541,267 |
|
|
375,000 |
| 5.000%, 09/01/30 Series 2017B |
| NR/A-/AA- |
| 476,891 |
|
|
|
| Utah Associated Municipal Power System Revenue, Veyo Heat Recovery Project |
|
|
|
|
|
|
795,000 |
| 5.000%, 03/01/30 |
| NR/A/AA- |
| 936,319 |
|
|
905,000 |
| 5.000%, 03/01/32 |
| NR/A/AA- |
| 1,060,470 |
|
|
745,000 |
| 5.000%, 03/01/34 |
| NR/A/AA- |
| 871,508 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah State Municipal Power Agency Power Supply System Revenue |
|
|
|
|
|
|
330,000 |
| 5.000%, 07/01/23 |
| NR/A+/AA- |
| 374,930 |
|
|
3,000,000 |
| 5.000%, 07/01/38 Series B |
| NR/A+/AA- |
| 3,596,490 |
|
|
|
|
|
|
|
|
|
|
|
|
| Wyoming Municipal Power Agency Power Supply System Revenue |
|
|
|
|
|
|
665,000 |
| 5.000%, 01/01/27 Series A BAMI Insured |
| A2/AA/NR |
| 833,378 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Electric |
|
|
| 22,832,507 |
|
|
|
|
|
|
|
|
|
|
|
|
| Healthcare(3.2%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Brevard County, Florida Health Facilities Authority Health First Inc. Project |
|
|
|
|
|
|
750,000 |
| 5.000%, 04/01/30 |
| A2/A/NR |
| 844,290 |
|
|
|
|
|
|
|
|
|
|
|
|
| Harris County, Texas Health Facilities Development Corp., Christus Health |
|
|
|
|
|
|
540,000 |
| 4.750%, 07/01/30 AGMC Insured |
| A1/AA/NR |
| 541,350 |
|
|
|
|
|
|
|
|
|
|
|
|
| Miami-Dade County, Florida Public Facilities, Jackson Health System |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 06/01/29 Series A |
| Aa3/A+/AA- |
| 1,170,470 |
|
|
|
|
|
|
|
|
|
|
|
|
| Murray City, Utah Hospital Revenue, IHC Health Services, Inc. VRDN*** |
|
|
|
|
|
|
7,670,000 |
| 0.14%, 05/15/37 (daily floating rate) |
| Aa1/AA+/NR |
| 7,670,000 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah County, Utah Hospital Revenue, IHC Health Services, Inc. |
|
|
|
|
|
|
1,205,000 |
| 5.000%, 05/15/25 |
| Aa1/AA+/NR |
| 1,250,465 |
|
|
1,200,000 |
| 5.000%, 05/15/26 |
| Aa1/AA+/NR |
| 1,243,968 |
|
|
880,000 |
| 5.000%, 05/15/28 |
| Aa1/AA+/NR |
| 911,310 |
|
|
500,000 |
| 5.000%, 05/15/29 |
| Aa1/AA+/NR |
| 517,510 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Healthcare |
|
|
| 14,149,363 |
|
|
|
|
|
|
|
|
|
|
|
|
| Higher Education (8.1%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Florida Higher Education Facilities Authority Revenue, Refunding, Rollins College Project |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 12/01/37 Series A |
| A2/NR/NR |
| 1,101,220 |
|
|
|
|
|
|
|
|
|
|
|
|
| Salt Lake County, Utah Westminster College Project |
|
|
|
|
|
|
720,000 |
| 5.000%, 10/01/20 |
| NR/BBB/NR |
| 725,270 |
|
|
555,000 |
| 5.000%, 10/01/21 |
| NR/BBB/NR |
| 575,113 |
|
|
790,000 |
| 5.000%, 10/01/22 |
| NR/BBB/NR |
| 834,769 |
|
|
1,970,000 |
| 5.000%, 10/01/25 |
| NR/BBB/NR |
| 2,173,442 |
|
|
955,000 |
| 5.000%, 10/01/28 |
| NR/BBB/NR |
| 1,043,127 |
|
|
1,845,000 |
| 5.000%, 10/01/29 |
| NR/BBB/NR |
| 2,045,533 |
|
|
1,005,000 |
| 5.000%, 10/01/29 |
| NR/BBB/NR |
| 1,094,495 |
|
|
1,055,000 |
| 5.000%, 10/01/30 |
| NR/BBB/NR |
| 1,145,477 |
|
|
|
| South Dakota Board of Regents, Housing & Auxiliary Facilities System |
|
|
|
|
|
|
500,000 |
| 5.000%, 04/01/28 |
| Aa3/NR/NR |
| 598,185 |
|
|
|
|
|
|
|
|
|
|
|
|
| University of Alaska, General Revenue Refunding |
|
|
|
|
|
|
550,000 |
| 3.750%, 10/01/22 2009 Series P |
| Baa1/A+/NR |
| 551,562 |
|
|
|
|
|
|
|
|
|
|
|
|
| University of South Florida Financing Corp., Florida COP Refunding Master Lease Program |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 07/01/31 Series A |
| A1/A+/NR |
| 1,155,570 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah State Board of Regents, Dixie State University |
|
|
|
|
|
|
1,800,000 |
| 5.000%, 06/01/30 AGMC Insured |
| NR/AA/NR |
| 2,141,748 |
|
|
660,000 |
| 5.000%, 06/01/35 Series B AGMC Insured |
| NR/AA/NR |
| 816,664 |
|
|
690,000 |
| 5.000%, 06/01/36 Series B AGMC Insured |
| NR/AA/NR |
| 850,880 |
|
|
1,375,000 |
| 3.000%, 06/01/36 Series 2019 |
| NR/AA/NR |
| 1,479,266 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah State Board of Regents Lease Revenue |
|
|
|
|
|
|
425,000 |
| 4.500%, 05/01/21 AMBAC Insured |
| NR/AA/NR |
| 426,449 |
|
|
450,000 |
| 4.625%, 05/01/22 AMBAC Insured |
| NR/AA/NR |
| 451,593 |
|
|
120,000 |
| 4.650%, 05/01/23 AMBAC Insured |
| NR/AA/NR |
| 120,421 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah State Board of Regents, Student Building Fee, Salt Lake Community College |
|
|
|
|
|
|
1,295,000 |
| 5.000%, 03/01/26 Series 2018 |
| NR/AA/NR |
| 1,561,239 |
|
|
1,000,000 |
| 5.000%, 03/01/27 Series 2018 |
| NR/AA/NR |
| 1,204,050 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah State Board of Regents, Student Facilities System Revenue, Weber State University |
|
|
|
|
|
|
750,000 |
| 5.000%, 04/01/29 AGMC Insured |
| NR/AA/NR |
| 1,005,338 |
|
|
200,000 |
| 5.000%, 04/01/30 AGMC Insured |
| NR/AA/NR |
| 273,802 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah State Board of Regents, University of Utah |
|
|
|
|
|
|
500,000 |
| 5.000%, 08/01/29 Series A |
| Aa1/AA+/NR |
| 639,125 |
|
|
480,000 |
| 5.000%, 08/01/33 Series A |
| Aa1/AA+/NR |
| 567,043 |
|
|
600,000 |
| 5.000%, 08/01/35 Series A |
| Aa1/AA+/NR |
| 705,660 |
|
|
500,000 |
| 4.000%, 08/01/36 Series A |
| Aa1/AA+/NR |
| 556,195 |
|
|
650,000 |
| 4.000%, 08/01/37 Series A |
| Aa1/AA+/NR |
| 773,767 |
|
|
1,000,000 |
| 5.000%, 08/01/35 Series B-1 |
| Aa1/AA+/NR |
| 1,207,380 |
|
|
1,500,000 |
| 5.000%, 08/01/36 Series B-1 |
| Aa1/AA+/NR |
| 1,805,700 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah State Board of Regents, Utah State University |
|
|
|
|
|
|
1,105,000 |
| 4.000%, 12/01/30 Series B |
| NR/AA/NR |
| 1,268,673 |
|
|
2,055,000 |
| 3.000%, 12/01/36 Series B |
| NR/AA/NR |
| 2,150,558 |
|
|
|
|
|
|
|
|
|
|
|
|
| Washington State Higher Education Facilities Authority Revenue, Whitman College Project |
|
|
|
|
|
|
2,070,000 |
| 5.000%, 01/01/32 |
| Aa3/NR/NR |
| 2,425,212 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Higher Education |
|
|
| 35,474,526 |
|
|
|
|
|
|
|
|
|
|
|
|
| Housing (3.0%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| King County, Washington Housing Authority Pooled Refunding |
|
|
|
|
|
|
2,060,000 |
| 4.000%, 11/01/34 Series 2019 |
| NR/AA/NR |
| 2,423,775 |
|
|
910,000 |
| 4.000%, 11/01/36 Series 2019 |
| NR/AAA/NR |
| 1,082,673 |
|
|
500,000 |
| 4.000%, 06/01/35 Series 2020 |
| NR/AA/NR |
| 584,255 |
|
|
|
| North Dakota Housing Finance Agency, Home Mortgage Finance Program |
|
|
|
|
|
|
400,000 |
| 3.000%, 07/01/27 Series A |
| Aa1/NR/NR |
| 445,060 |
|
|
|
|
|
|
|
|
|
|
|
|
| Texas Department of Housing & Community Affair, Single Family Mortgage |
|
|
|
|
|
|
955,000 |
| 2.000%, 03/01/30 Series 2020A GNMA Insured††† |
| Aaa/AA+/NR |
| 987,489 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah Housing Corporation Single Family Mortgage |
|
|
|
|
|
|
30,000 |
| 4.950%, 01/01/32 Series A Class II |
| Aa2/AA/AA |
| 30,052 |
|
|
120,000 |
| 4.500%, 01/01/24 Series A Class III |
| Aa3/AA-/AA- |
| 120,194 |
|
|
1,800,000 |
| 4.600%, 07/01/34 Series B-1 Class I |
| Aaa/AAA/AAA |
| 1,802,286 |
|
|
60,000 |
| 4.625%, 07/01/32 Series B-1 Class II |
| Aa2/AA/AA |
| 60,083 |
|
|
85,000 |
| 4.500%, 07/01/23 Series C |
| Aa3/AA-/AA- |
| 85,164 |
|
|
1,890,000 |
| 3.850%, 01/01/31 AMT Series D Class III FHA Insured |
| Aa3/AA-/AA- |
| 2,010,166 |
|
|
850,000 |
| 4.000%, 01/01/36 Series D FHA Insured |
| Aa3/AA-/AA- |
| 911,175 |
|
|
|
|
|
|
|
|
|
|
|
|
| Vancouver, Washington Housing Authority, Anthem Park and Columbia House Projects |
|
|
|
|
|
|
500,000 |
| 4.000%, 06/01/35 Series 2020 |
| NR/AA/NR |
| 572,225 |
|
|
500,000 |
| 3.000%, 06/01/38 Series 2020 |
| NR/AA/NR |
| 515,230 |
|
|
|
|
|
|
|
|
|
|
|
|
| Wyoming Community Development Authority Housing Revenue |
|
|
|
|
|
|
820,000 |
| 2.550%, 12/01/23 Series 1 |
| Aa1/AA+/NR |
| 868,273 |
|
|
500,000 |
| 3.000%, 12/01/27 Series 1 |
| Aa1/AA+/NR |
| 558,770 |
|
|
150,000 |
| 2.450%, 06/01/26 Series 5 |
| Aa1/AA+/NR |
| 160,953 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Housing |
|
|
| 13,217,823 |
|
|
|
|
|
|
|
|
|
|
|
|
| Local Public Property (12.7%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bluffdale, Utah Local Building Authority Lease Revenue |
|
|
|
|
|
|
1,215,000 |
| 4.000%, 03/01/35 |
| A1/NR/NR |
| 1,343,061 |
|
|
|
|
|
|
|
|
|
|
|
|
| Brigham, Utah Special Assessment Voluntary Assessment Area |
|
|
|
|
|
|
719,000 |
| 5.250%, 08/01/23 |
| A1/NR/NR |
| 721,711 |
|
|
|
|
|
|
|
|
|
|
|
|
| City of Cape Coral, Florida Special Obligation Refunding Revenue |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 10/01/37 Series 2017 |
| AA3/AA/NR |
| 1,222,420 |
|
|
|
|
|
|
|
|
|
|
|
|
| CIVICVentures, Alaska Revenue Refunding, Anchorage Convention Center |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 09/01/28 |
| NR/A+/AA- |
| 1,087,290 |
|
|
1,000,000 |
| 5.000%, 09/01/29 |
| NR/A+/AA- |
| 1,082,830 |
|
|
1,000,000 |
| 5.000%, 09/01/30 |
| NR/A+/AA- |
| 1,078,390 |
|
|
|
|
|
|
|
|
|
|
|
|
| Clark County, Nevada Improvement District Special Local Improvement #128 (Summerlin) |
|
|
|
|
|
|
450,000 |
| 5.000%, 02/01/21 Series A |
| NR/NR/NR* |
| 450,720 |
|
|
|
|
|
|
|
|
|
|
|
|
| Downtown Redevelopment Authority, Texas Tax Increment Contract Revenue |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 09/01/30 BAMI Insured |
| NR/AA/NR |
| 1,202,260 |
|
|
|
|
|
|
|
|
|
|
|
|
| Eagle Mountain, Utah Special Assessment Area |
|
|
|
|
|
|
260,000 |
| 5.250%, 05/01/28 Series 2013 |
| NR/A+/NR |
| 288,623 |
|
|
|
|
|
|
|
|
|
|
|
|
| Harris County, Texas Sports Refunding Senior Lien |
|
|
|
|
|
|
500,000 |
| 5.000%, 11/15/30 Series A |
| A3/BBB/NR |
| 514,885 |
|
|
|
| Hillsborough County, Florida Capital Improvement Non-Ad Valorem Revenue Bonds |
|
|
|
|
|
|
1,000,000 |
| 4.000%, 08/01/35 |
| Aa1/AAA/Aa+ |
| 1,195,830 |
|
|
|
|
|
|
|
|
|
|
|
|
| Houston, Texas Hotel Occupancy Tax and Special Revenue |
|
|
|
|
|
|
500,000 |
| 5.000%, 09/01/31 |
| A2/A/NR |
| 522,830 |
|
|
|
|
|
|
|
|
|
|
|
|
| Jacksonville, Florida Special Revenue and Refunding Bonds |
|
|
|
|
|
|
1,015,000 |
| 5.250%, 10/01/32 Series A |
| A3/AA/AA- |
| 1,160,378 |
|
|
|
|
|
|
|
|
|
|
|
|
| Matanuska-Susitna Borough, Alaska Lease Revenue Refunding, Goose Creek Correctional Center |
|
|
|
|
|
|
1,085,000 |
| 5.000%, 09/01/32 Series 2015 |
| A1/A+/A |
| 1,247,132 |
|
|
|
|
|
|
|
|
|
|
|
|
| Mesquite, Nevada New Special Improvement District |
|
|
|
|
|
|
65,000 |
| 5.400%, 08/01/20 |
| NR/NR/NR* |
| 65,121 |
|
|
230,000 |
| 5.500%, 08/01/25 |
| NR/NR/NR* |
| 230,366 |
|
|
|
|
|
|
|
|
|
|
|
|
| Midvale, Utah Redevelopment Agency Tax Increment & Sales Tax Revenue Refunding |
|
|
|
|
|
|
750,000 |
| 5.000%, 05/01/28 |
| NR/AA+/NR |
| 953,280 |
|
|
1,230,000 |
| 5.000%, 05/01/31 |
| NR/AA+/AA |
| 1,586,540 |
|
|
1,000,000 |
| 5.000%, 05/01/32 |
| NR/AA+/NR |
| 1,247,120 |
|
|
|
|
|
|
|
|
|
|
|
|
| Old Spanish Trail/Almeda Corridors Redevelopment Authority, Texas Tax Increment Contract Revenue |
|
|
|
|
|
|
1,000,000 |
| 4.000%, 09/01/35 BAMI Insured |
| NR/AA/NR |
| 1,160,410 |
|
|
|
|
|
|
|
|
|
|
|
|
| Orange County, Florida Tourist Development Tax Revenue Refunding |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 10/01/30 |
| Aa2/AA-/AA |
| 1,140,410 |
|
|
|
|
|
|
|
|
|
|
|
|
| Saint George Place, Texas Redevelopment Authority Tax Increment Contract |
|
|
|
|
|
|
605,000 |
| 4.000%, 09/01/30 AGMC Insured |
| A2/AA/NR |
| 674,006 |
|
|
|
|
|
|
|
|
|
|
|
|
| Salt Lake City, Utah Local Building Authority Lease Revenue |
|
|
|
|
|
|
955,000 |
| 4.000%, 10/15/23 Series A |
| Aa1/NR/AA+ |
| 1,031,753 |
|
|
600,000 |
| 5.000%, 04/15/32 Series A |
| Aa1/NR/NR |
| 747,528 |
|
|
395,000 |
| 4.000%, 04/15/32 Series A |
| Aa1/NR/NR |
| 449,194 |
|
|
425,000 |
| 4.000%, 04/15/34 Series A |
| Aa1/NR/NR |
| 478,746 |
|
|
1,075,000 |
| 5.000%, 04/15/35 Series A |
| Aa1/NR/NR |
| 1,324,669 |
|
|
460,000 |
| 4.000%, 04/15/36 Series A |
| Aa1/NR/NR |
| 515,172 |
|
|
|
|
|
|
|
|
|
|
|
|
| Salt Lake City, Utah Mosquito Abatement District Local Building Authority Lease Revenue |
|
|
|
|
|
|
730,000 |
| 5.000%, 02/15/29 |
| Aa3/NR/NR |
| 918,756 |
|
|
810,000 |
| 5.000%, 02/15/31 |
| Aa3/NR/NR |
| 1,010,208 |
|
|
|
|
|
|
|
|
|
|
|
|
| South Jordan, Utah Special Assessment (Daybreak Assessment Area No. 1) |
|
|
|
|
|
|
1,170,000 |
| 4.000%, 11/01/27 |
| NR/AA+/NR |
| 1,377,254 |
|
|
1,475,000 |
| 4.000%, 11/01/28 |
| NR/AA+/NR |
| 1,730,986 |
|
|
1,285,000 |
| 4.000%, 11/01/30 |
| NR/AA+/NR |
| 1,485,717 |
|
|
|
|
|
|
|
|
|
|
|
|
| St. Augustine, Florida Capital Improvement Refunding |
|
|
|
|
|
|
500,000 |
| 5.000%, 10/01/34 |
| Aa3/AA/AA- |
| 567,615 |
|
|
|
|
|
|
|
|
|
|
|
|
| St. Lucie County, Florida School Board COP Master Lease Program |
|
|
|
|
|
|
500,000 |
| 5.000%, 07/01/30 Series A |
| A1/A/A+ |
| 560,905 |
|
|
|
| Tooele County, Utah Municipal Building Authority Lease Revenue Cross-Over |
|
|
|
|
|
|
850,000 |
| 4.000%, 12/15/28 |
| NR/AA-/NR |
| 1,019,337 |
|
|
885,000 |
| 4.000%, 12/15/29 |
| NR/AA-/NR |
| 1,054,168 |
|
|
920,000 |
| 4.000%, 12/15/30 |
| NR/AA-/NR |
| 1,085,020 |
|
|
|
|
|
|
|
|
|
|
|
|
| Unified Utah Fire Service Area Local Building Authority Lease Revenue |
|
|
|
|
|
|
2,350,000 |
| 4.000%, 04/01/32 |
| Aa2/NR/NR |
| 2,640,296 |
|
|
|
|
|
|
|
|
|
|
|
|
| Washington County, Utah Municipal Building Authority Lease Revenue |
|
|
|
|
|
|
500,000 |
| 5.000%, 10/01/32 |
| Aa3/NR/NR |
| 615,740 |
|
|
500,000 |
| 5.000%, 10/01/37 |
| Aa3/NR/NR |
| 608,335 |
|
|
|
|
|
|
|
|
|
|
|
|
| Weber County, Utah Special Assessment Summit Mountain Area |
|
|
|
|
|
|
1,565,000 |
| 5.500%, 01/15/28 |
| NR/AA/NR |
| 1,760,469 |
|
|
4,060,000 |
| 5.750%, 01/15/33 |
| NR/AA/NR |
| 4,584,917 |
|
|
|
|
|
|
|
|
|
|
|
|
| West Jordan, Utah Municipal Building Authority Lease Revenue |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 10/01/29 |
| Aa3/NR/NR |
| 1,229,450 |
|
|
1,000,000 |
| 5.000%, 10/01/34 |
| Aa3/NR/NR |
| 1,214,660 |
|
|
|
|
|
|
|
|
|
|
|
|
| West Palm Beach, Florida Community Redevelopment Agency Tax Increment Revenue Refunding |
|
|
|
|
|
|
1,500,000 |
| 5.250%, 03/01/31 |
| NR/A/AA- |
| 1,814,655 |
|
|
|
|
|
|
|
|
|
|
|
|
| West Valley City, Utah Municipal Building Authority Lease Revenue Refunding |
|
|
|
|
|
|
900,000 |
| 4.000%, 02/01/33 AGMC Insured |
| NR/AA/AA- |
| 1,008,099 |
|
|
1,000,000 |
| 5.000%, 02/01/34 AGMC Insured |
| NR/AA/AA- |
| 1,215,860 |
|
|
300,000 |
| 5.000%, 02/01/34 AGMC Insured |
| NR/AA/AA- |
| 381,798 |
|
|
810,000 |
| 4.000%, 02/01/38 AGMC Insured |
| NR/AA/AA- |
| 897,156 |
|
|
|
|
|
|
|
|
|
|
|
|
| West Valley City, Utah Redevelopment Agency Revenue Refunding |
|
|
|
|
|
|
1,885,000 |
| 5.000%, 11/01/36 |
| NR/AA/NR |
| 2,320,906 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Local Public Property |
|
|
| 55,824,982 |
|
|
|
|
|
|
|
|
|
|
|
|
| Public Schools (1.6%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Alpine, Utah Local Building Authority School District Lease Revenue |
|
|
|
|
|
|
985,000 |
| 4.000%, 03/15/28 |
| Aa1/NR/NR |
| 1,173,027 |
|
|
|
|
|
|
|
|
|
|
|
|
| Grand City, Utah Local Building Authority School District Lease Revenue |
|
|
|
|
|
|
1,665,000 |
| 5.000%, 12/15/34 AGMC Insured |
| A1/AA/NR |
| 1,994,021 |
|
|
|
|
|
|
|
|
|
|
|
|
| Ogden City, Utah Municipal Building Authority School District Lease Revenue |
|
|
|
|
|
|
1,125,000 |
| 5.000%, 01/15/30 |
| A1/NR/NR |
| 1,376,100 |
|
|
1,315,000 |
| 5.000%, 01/15/31 |
| A1/NR/NR |
| 1,500,310 |
|
|
|
|
|
|
|
|
|
|
|
|
| Uintah County, Utah School District Municipal Building Authority Lease Revenue Refunding |
|
|
|
|
|
|
856,000 |
| 2.000%, 08/01/22**** |
| NR/NR/NR* |
| 857,104 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Public Schools |
|
|
| 6,900,562 |
|
|
|
| Sales Tax (10.1%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Central Puget Sound, Washington Regional Transit Authority Sales & Use Tax Improvement & Refunding |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 11/01/31 |
| Aa1/AAA/NR |
| 1,206,250 |
|
|
|
|
|
|
|
|
|
|
|
|
| Cottonwood Heights, Utah Sales Tax Revenue |
|
|
|
|
|
|
2,000,000 |
| 5.000%, 07/01/32 Series 2014 |
| NR/AA+/NR |
| 2,336,060 |
|
|
|
|
|
|
|
|
|
|
|
|
| Herriman City, Utah Sales & Franchise Tax Revenue Refunding |
|
|
|
|
|
|
2,040,000 |
| 4.000%, 08/01/25 Series B |
| NR/AA+/NR |
| 2,221,825 |
|
|
2,135,000 |
| 4.000%, 08/01/30 Series B |
| NR/AA+/NR |
| 2,433,153 |
|
|
1,515,000 |
| 5.000%, 08/01/33 Series B |
| NR/AA+/NR |
| 1,813,319 |
|
|
|
|
|
|
|
|
|
|
|
|
| Lehi, Utah Sales Tax Revenue |
|
|
|
|
|
|
1,220,000 |
| 4.000%, 06/01/35 Series 2019 |
| NR/AA+/NR |
| 1,436,086 |
|
|
|
|
|
|
|
|
|
|
|
|
| Miami-Dade County, Florida Transit System Sales Surtax Revenue |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 07/01/34 |
| A1/AA/AA |
| 1,147,480 |
|
|
|
|
|
|
|
|
|
|
|
|
| Ogden City, Utah Franchise Tax Revenue |
|
|
|
|
|
|
1,625,000 |
| 3.000%, 01/15/31 |
| NR/AA/NR |
| 1,863,729 |
|
|
|
|
|
|
|
|
|
|
|
|
| Reno, Nevada Sales Tax Revenue, First Lien, ReTRAC-Reno Transportation Rail Access Corridor Project |
|
|
|
|
|
|
500,000 |
| 5.000%, 06/01/26 |
| A3/NR/NR |
| 561,920 |
|
|
|
|
|
|
|
|
|
|
|
|
| Riverton City, Utah Franchise & Sales Tax Revenue |
|
|
|
|
|
|
750,000 |
| 4.000%, 06/01/30 |
| NR/AA+/AAA |
| 847,320 |
|
|
|
|
|
|
|
|
|
|
|
|
| Salt Lake County, Utah Sales & Excise Tax Revenue Refunding |
|
|
|
|
|
|
525,000 |
| 4.000%, 04/01/21 Series A |
| Aa1/AAA/NR |
| 539,805 |
|
|
|
|
|
|
|
|
|
|
|
|
| Salt Lake County, Utah Sales Tax Revenue |
|
|
|
|
|
|
2,000,000 |
| 5.000%, 02/01/24 Series A |
| NR/AAA/AAA |
| 2,149,180 |
|
|
1,655,000 |
| 4.000%, 02/01/34 Series B |
| NR/AAA/AAA |
| 1,909,043 |
|
|
|
|
|
|
|
|
|
|
|
|
| South Jordan, Utah Redevelopment Agency Subordinated Sales Tax & Tax Increment Revenue |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 04/01/29 |
| NR/AA/AAA |
| 1,199,950 |
|
|
|
|
|
|
|
|
|
|
|
|
| Summit County, Utah Transportation Sales Tax Revenue |
|
|
|
|
|
|
1,200,000 |
| 4.000%, 12/15/28 Series 2018 |
| NR/AA/NR |
| 1,334,928 |
|
|
1,450,000 |
| 4.000%, 12/15/29 Series 2018 |
| NR/AA/NR |
| 1,606,774 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah County, Utah Excise Tax Revenue Refunding |
|
|
|
|
|
|
1,690,000 |
| 4.000%, 12/01/36 Series 2020 |
| NR/AA+/NR |
| 2,012,739 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah Transit Authority Sales Tax Revenue |
|
|
|
|
|
|
2,950,000 |
| 4.000%, 12/15/34 Series A |
| Aa2/AA/AA |
| 3,545,723 |
|
|
3,440,000 |
| 4.000%, 12/15/37 Series A |
| Aa2/AA/AA |
| 4,085,172 |
|
|
1,560,000 |
| 5.000%, 06/15/37 Series A |
| A1/A+/AA |
| 1,753,050 |
|
|
3,580,000 |
| 4.000%, 12/15/38 Series A |
| Aa2/AA/AA |
| 4,238,434 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah Transit Authority Sales Tax Revenue Subordinated |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 12/15/32 |
| A1/A+/AA |
| 1,221,850 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah Transit Authority Sales Tax Revenue Subordinated, Capital Appreciation |
|
|
|
|
|
|
1,000,000 |
| zero coupon, 12/15/32 |
| A1/A+/AA |
| 720,430 |
|
|
|
| West Valley City, Utah Sales Tax Revenue Capital Appreciation Bonds, Refunding |
|
|
|
|
|
|
3,500,000 |
| zero coupon, 07/15/35 |
| NR/AA+/NR |
| 1,993,460 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Sales Tax |
|
|
| 44,177,680 |
|
|
|
|
|
|
|
|
|
|
|
|
| State Agency (2.1%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Utah Infrastructure Agency Layton City Telecommunications & Franchise Tax |
|
|
|
|
|
|
500,000 |
| 5.000%, 10/15/30 Series 2018 |
| NR/A+/NR |
| 643,590 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah Infrastructure Agency Telecommunications & Franchise Tax, Payson City |
|
|
|
|
|
|
485,000 |
| 5.000%, 10/01/29 Series 2019 |
| NR/A+/NR |
| 624,413 |
|
|
640,000 |
| 4.000%, 10/01/34 Series 2019 |
| NR/A+/NR |
| 752,384 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah Infrastructure Agency Telecommunications Revenue & Refunding Bonds |
|
|
|
|
|
|
1,660,000 |
| 3.000%, 10/15/20 Series A |
| NR/NR/BBB- |
| 1,669,728 |
|
|
610,000 |
| 5.000%, 10/15/21 Series A |
| NR/NR/BBB- |
| 640,933 |
|
|
640,000 |
| 5.000%, 10/15/22 Series A |
| NR/NR/BBB- |
| 670,438 |
|
|
750,000 |
| 4.000%, 10/15/22 Series A |
| NR/NR/BBB- |
| 775,590 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah State Building Ownership Authority Lease Revenue Refunding State Facilities Master Lease Program |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 05/15/24 |
| Aa1/AA+/NR |
| 1,174,480 |
|
|
905,000 |
| 4.000%, 05/15/29 |
| Aa1/AA+/NR |
| 1,103,512 |
|
|
940,000 |
| 4.000%, 05/15/30 |
| Aa1/AA+/NR |
| 1,136,573 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total State Agency |
|
|
| 9,191,641 |
|
|
|
|
|
|
|
|
|
|
|
|
| Transportation (1.0%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Clark County, Nevada Highway Improvement Revenue Indexed Fuel Tax & Subordinate Motor Vehicle Fuel Tax |
|
|
|
|
|
|
2,000,000 |
| 5.000%, 07/01/31 |
| Aa3/AA-/NR |
| 2,337,580 |
|
|
500,000 |
| 5.000%, 07/01/36 |
| Aa3/AA-/NR |
| 598,615 |
|
|
|
|
|
|
|
|
|
|
|
|
| Salt Lake County, Utah Excise Tax Road Revenue |
|
|
|
|
|
|
1,000,000 |
| 4.000%, 08/15/31 Series 2017 |
| NR/AAA/AAA |
| 1,183,130 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah Transit Authority Sales Tax & Transportation Revenue |
|
|
|
|
|
|
195,000 |
| 5.250%, 06/15/32 AGMC Insured |
| Aa2/AA/AA |
| 270,949 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Transportation |
|
|
| 4,390,274 |
|
|
|
|
|
|
|
|
|
|
|
|
| Water and Sewer (7.0%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Central Utah Water Conservancy District Refunding, Jordanelle Hydrant |
|
|
|
|
|
|
1,125,000 |
| 4.500%, 10/01/27 Series A |
| NR/AA/AA+ |
| 1,178,393 |
|
|
|
|
|
|
|
|
|
|
|
|
| Eagle Mountain, Utah Water & Sewer Revenue Refunding |
|
|
|
|
|
|
420,000 |
| 4.000%, 11/15/24 Series A BAMI Insured |
| NR/AA/NR |
| 482,215 |
|
|
|
|
|
|
|
|
|
|
|
|
| El Paso, Texas Water & Sewer Revenue Refunding |
|
|
|
|
|
|
1,000,000 |
| 4.500%, 03/01/31 Series C |
| NR/AA+/AA+ |
| 1,165,490 |
|
|
|
| Florida State Governmental Utility Authority Refunding Revenue Bonds (Lehigh Utility System) |
|
|
|
|
|
|
500,000 |
| 5.000%, 10/01/31 Series 2014 AGMC Insured |
| A1/AA/NR |
| 586,345 |
|
|
|
|
|
|
|
|
|
|
|
|
| Hooper, Utah Water Improvement District Revenue Refunding |
|
|
|
|
|
|
1,000,000 |
| 4.000%, 06/15/34 Series 2019 |
| NR/AA-/NR |
| 1,174,300 |
|
|
220,000 |
| 4.000%, 06/15/39 Series 2019 |
| NR/AA-/NR |
| 253,308 |
|
|
|
|
|
|
|
|
|
|
|
|
| Jordan Valley, Utah Water Conservancy District Revenue |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 10/01/26 Series B |
| NR/AA+/AA+ |
| 1,267,340 |
|
|
1,000,000 |
| 4.000%, 10/01/32 Series B |
| NR/AA+/AA+ |
| 1,171,420 |
|
|
|
|
|
|
|
|
|
|
|
|
| Jordanelle, Utah Special Service District |
|
|
|
|
|
|
253,000 |
| 5.600%, 11/15/20**** |
| NR/NR/NR* |
| 252,631 |
|
|
268,000 |
| 5.700%, 11/15/21**** |
| NR/NR/NR* |
| 267,041 |
|
|
283,000 |
| 5.800%, 11/15/22**** |
| NR/NR/NR* |
| 281,868 |
|
|
299,000 |
| 6.000%, 11/15/23**** |
| NR/NR/NR* |
| 298,949 |
|
|
|
|
|
|
|
|
|
|
|
|
| Lakewood, WA Water District |
|
|
|
|
|
|
750,000 |
| 4.000%, 12/01/37 AMT |
| NR/AA-/NR |
| 847,718 |
|
|
|
|
|
|
|
|
|
|
|
|
| Miami-Dade County, Florida Water and Sewer Revenue System |
|
|
|
|
|
|
2,000,000 |
| 5.000%, 10/01/26 |
| Aa3/AA-/A+ |
| 2,426,820 |
|
|
|
|
|
|
|
|
|
|
|
|
| Ogden City, Utah Sewer & Water Revenue Bonds |
|
|
|
|
|
|
1,160,000 |
| 5.250%, 06/15/30 Series B |
| Aa3/AA-/NR |
| 1,315,370 |
|
|
|
|
|
|
|
|
|
|
|
|
| Ogden City, Utah Storm Drain Revenue Bonds |
|
|
|
|
|
|
500,000 |
| 5.250%, 06/15/28 |
| NR/AA/NR |
| 569,180 |
|
|
|
|
|
|
|
|
|
|
|
|
| Okaloosa County, Florida Water and Sewer Revenue |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 07/01/30 |
| Aa3/NR/AA+ |
| 1,200,830 |
|
|
|
|
|
|
|
|
|
|
|
|
| Pleasant Grove City, Utah Storm Water Revenue Refunding |
|
|
|
|
|
|
205,000 |
| 4.000%, 07/15/27 Series 2020 BAMI Insured |
| NR/AA/NR |
| 244,198 |
|
|
370,000 |
| 4.000%, 07/15/28 Series 2020 BAMI Insured |
| NR/AA/NR |
| 447,867 |
|
|
485,000 |
| 4.000%, 07/15/29 Series 2020 BAMI Insured |
| NR/AA/NR |
| 597,379 |
|
|
510,000 |
| 4.000%, 07/15/30 Series 2020 BAMI Insured |
| NR/AA/NR |
| 639,285 |
|
|
525,000 |
| 4.000%, 07/15/31 Series 2020 BAMI Insured |
| NR/AA/NR |
| 652,376 |
|
|
|
|
|
|
|
|
|
|
|
|
| Salt Lake City, Utah Public Utilities Revenue |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 02/01/32 |
| Aa1/AAA/NR |
| 1,219,210 |
|
|
1,400,000 |
| 5.000%, 02/01/33 |
| Aa1/AAA/NR |
| 1,701,798 |
|
|
1,000,000 |
| 5.000%, 02/01/35 |
| Aa1/AAA/NR |
| 1,210,740 |
|
|
|
|
|
|
|
|
|
|
|
|
| San Jacinto, Texas River Authority Woodlands Waste Disposal |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 10/01/30 BAMI Insured |
| NR/AA/NR |
| 1,134,190 |
|
|
|
|
|
|
|
|
|
|
|
|
| Sarasota, Florida Utility System Revenue Refunding |
|
|
|
|
|
|
1,455,000 |
| 5.000%, 10/01/27 |
| NR/AA+/AA+ |
| 1,537,746 |
|
|
|
|
|
|
|
|
|
|
|
|
| Texas Water Development Board |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 10/15/28 Series 2018 A |
| NR/AAA/AAA |
| 1,314,940 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah Water Finance Agency Revenue |
|
|
|
|
|
|
950,000 |
| 4.000%, 03/01/33 |
| NR/AA/AA |
| 1,100,756 |
|
|
1,000,000 |
| 4.000%, 03/01/34 |
| NR/AA/AA |
| 1,194,210 |
|
|
1,000,000 |
| 5.000%, 03/01/35 |
| NR/AA/AA |
| 1,232,370 |
|
|
|
| Weber Basin, Utah Water Conservancy District Refunding |
|
|
|
|
|
|
915,000 |
| 4.000%, 10/01/31 Series A |
| NR/AA+/AAA |
| 1,003,618 |
|
|
|
|
|
|
|
|
|
|
|
|
| West Harris County, Texas Regional Water Authority |
|
|
|
|
|
|
815,000 |
| 5.000%, 12/15/26 Series A |
| A1/AA-/A+ |
| 994,813 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Water and Sewer |
|
|
| 30,964,714 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Revenue Bonds |
|
|
| 305,931,281 |
|
|
|
|
|
|
|
|
|
|
|
|
| Pre-Refunded Bonds (15.4%)†† |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pre-Refunded General Obligation Bonds (2.5%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| City and County(1.4%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reedy Creek, Florida Improvement District |
|
|
|
|
|
|
1,000,000 |
| 5.250%, 06/01/29 Series A |
| Aa3/AA-/AA- |
| 1,143,500 |
|
|
|
|
|
|
|
|
|
|
|
|
| Henderson, Nevada Refunding Various Purpose |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 06/01/33 Series B |
| Aa2/AA+/NR |
| 1,134,690 |
|
|
750,000 |
| 5.000%, 06/01/30 Series 2014 |
| Aa2/AA+/NR |
| 884,483 |
|
|
750,000 |
| 5.000%, 06/01/35 Series 2014 |
| Aa2/AA+/NR |
| 884,483 |
|
|
|
|
|
|
|
|
|
|
|
|
| Washoe County, Nevada Refunding Reno Sparks Convention |
|
|
|
|
|
|
2,000,000 |
| 5.000%, 07/01/28 |
| Aa2/AA/NR |
| 2,093,740 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total City and County |
|
|
| 6,140,896 |
|
|
|
|
|
|
|
|
|
|
|
|
| Healthcare (0.2%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| King County, Washington Public Hospital District No. 002, Refunding, Evergreen Healthcare |
|
|
|
|
|
|
1,000,000 |
| 5.250%, 12/01/28 |
| Aa3/NR/NR |
| 1,020,970 |
|
|
|
|
|
|
|
|
|
|
|
|
| Public Schools (0.9%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Granite School District, Utah, Salt Lake County School Building (School Board Guaranty Program) |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 06/01/31 |
| Aaa/NR/AAA |
| 1,043,520 |
|
|
|
|
|
|
|
|
|
|
|
|
| Leander Independent School District, Texas (Williamson & Travis Counties) Unlimited Tax School Building |
|
|
|
|
|
|
2,035,000 |
| zero coupon, 08/15/47 Series 2014 C PSF Guaranteed |
| NR/NR/NR* |
| 568,864 |
|
|
|
|
|
|
|
|
|
|
|
|
| Washoe County, Nevada School District Refunding & School Improvement |
|
|
|
|
|
|
2,000,000 |
| 5.000%, 06/01/30 Series A |
| Aa3/AA/NR |
| 2,087,040 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Public Schools |
|
|
| 3,699,424 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Pre-Refunded General Obligation Bonds |
|
|
| 10,861,290 |
|
|
|
| Pre-Refunded Revenue Bonds (12.9%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Charter Schools (0.2%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Utah State Charter School Finance Authority DaVinci Academy, Refunding & Improvement |
|
|
|
|
|
|
1,000,000 |
| 7.050%, 09/15/26 Series 2011A |
| NR/BBB-/NR |
| 1,040,340 |
|
|
|
|
|
|
|
|
|
|
|
|
| Electric (2.7%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Eagle Mountain, Utah Gas & Electric |
|
|
|
|
|
|
325,000 |
| 5.000%, 06/01/24 AGMC Insured |
| NR/AA/NR |
| 338,991 |
|
|
|
|
|
|
|
|
|
|
|
|
| Jacksonville Electric Authority, Florida Electric System Revenue |
|
|
|
|
|
|
465,000 |
| 4.500%, 10/01/32 Series Three 2012A |
| NR/NR/NR* |
| 479,708 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah Associated Municipal Power System Revenue, Horse Butte Wind Project |
|
|
|
|
|
|
1,005,000 |
| 5.000%, 09/01/32 Series A |
| NR/A-/NR |
| 1,107,259 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah Associated Municipal Power System Revenue Refunding, Payson Power Project |
|
|
|
|
|
|
2,000,000 |
| 5.000%, 04/01/24 |
| NR/A-/AA- |
| 2,114,600 |
|
|
1,000,000 |
| 5.000%, 04/01/25 |
| NR/A-/AA- |
| 1,057,300 |
|
|
6,375,000 |
| 5.000%, 04/01/26 |
| NR/A-/AA- |
| 6,740,288 |
|
|
|
| Total Electric |
|
|
| 11,838,146 |
|
|
|
|
|
|
|
|
|
|
|
|
| Healthcare (0.3%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Harris County, Texas Health Facilities Development Corp., Christus Health |
|
|
|
|
|
|
260,000 |
| 4.750%, 07/01/30 AGMC Insured |
| A1/NR/NR |
| 260,000 |
|
|
|
|
|
|
|
|
|
|
|
|
| Tarrant County, Texas Cultural Education Facilities Finance Corp. Hospital Refunding, Baylor Healthcare System |
|
|
|
|
|
|
930,000 |
| 5.250%, 08/15/25 |
| NR/NR/NR* |
| 935,571 |
|
|
70,000 |
| 5.250%, 08/15/25 |
| NR/NR/NR* |
| 70,419 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Healthcare |
|
|
| 1,265,990 |
|
|
|
|
|
|
|
|
|
|
|
|
| Higher Education (1.0%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Utah State Board of Regents, University of Utah Hospital Revenue |
|
|
|
|
|
|
1,245,000 |
| 5.000%, 08/01/31 |
| Aa2/AA/NR |
| 1,249,831 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah State University Student Building Fee |
|
|
|
|
|
|
1,285,000 |
| 5.000%, 12/01/29 Series B |
| NR/AA/NR |
| 1,458,077 |
|
|
1,355,000 |
| 5.000%, 12/01/30 Series B |
| NR/AA/NR |
| 1,537,505 |
|
|
|
| Total Higher Education |
|
|
| 4,245,413 |
|
|
|
|
|
|
|
|
|
|
|
|
| Sales Tax (0.5%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Riverton City, Utah Franchise & Sales Tax Revenue |
|
|
|
|
|
|
1,000,000 |
| 5.250%, 12/01/36 |
| NR/AA+/AAA |
| 1,141,930 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah Transit Authority Sales Tax Revenue |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 06/15/32 |
| A1/A+/AA |
| 1,092,270 |
|
|
|
| Total Sales Tax |
|
|
| 2,234,200 |
|
|
|
| State Agency (1.8%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Utah Infrastructure Agency Telecommunications & Franchise Tax |
|
|
|
|
|
|
1,970,000 |
| 5.250%, 10/15/30 |
| A2/NR/NR |
| 2,464,569 |
|
|
1,000,000 |
| 5.000%, 10/15/33 |
| A2/NR/NR |
| 1,151,790 |
|
|
1,630,000 |
| 5.250%, 10/15/38 |
| A2/NR/NR |
| 1,890,719 |
|
|
1,000,000 |
| 5.500%, 10/15/30 Series A AGMC Insured |
| A2/NR/NR |
| 1,066,830 |
|
|
1,475,000 |
| 5.250%, 10/15/33 Series A AGMC Insured |
| A2/NR/NR |
| 1,568,840 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total State Agency |
|
|
| 8,142,748 |
|
|
|
|
|
|
|
|
|
|
|
|
| Transportation (2.4%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Utah Transit Authority Sales Tax Revenue Refunding |
|
|
|
|
|
|
3,440,000 |
| 5.000%, 06/15/37 Series A |
| NR/NR/NR* |
| 4,217,130 |
|
|
|
|
|
|
|
|
|
|
|
|
| Utah Transit Authority Sales Tax Revenue Subordinated |
|
|
|
|
|
|
5,000,000 |
| 5.000%, 06/15/34 Series A |
| A1/A+/AA |
| 6,129,550 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Transportation |
|
|
| 10,346,680 |
|
|
|
|
|
|
|
|
|
|
|
|
| Water and Sewer (4.0%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Davie, Florida Water & Sewer Revenue |
|
|
|
|
|
|
1,000,000 |
| 5.000%, 10/01/32 AGMC Insured |
| A1/AA/NR |
| 1,057,940 |
|
|
|
|
|
|
|
|
|
|
|
|
| Jordan Valley, Utah Water Conservancy District Revenue |
|
|
|
|
|
|
6,000,000 |
| 5.000%, 10/01/35 Series B |
| NR/AA+/NR |
| 6,214,440 |
|
|
|
|
|
|
|
|
|
|
|
|
| Miami-Dade County, Florida Water and Sewer Revenue System |
|
|
|
|
|
|
1,500,000 |
| 5.000%, 10/01/29 AGMC Insured |
| Aa3/AA/NR |
| 1,517,865 |
|
|
1,000,000 |
| 5.000%, 10/01/31 Series A |
| Aa3/AA-/A+ |
| 1,105,660 |
|
|
|
|
|
|
|
|
|
|
|
|
| Mountain Regional Water Special Service District, Utah Water Revenue Refunding |
|
|
|
|
|
|
3,000,000 |
| 5.000%, 12/15/33 AGMC Insured |
| NR/AA/AA- |
| 3,202,410 |
|
|
|
|
|
|
|
|
|
|
|
|
| North Slope Borough, Alaska Service Area 10 Water & Wastewater Facilities |
|
|
|
|
|
|
1,000,000 |
| 5.250%, 06/30/27 |
| NR/NR/NR* |
| 1,044,860 |
|
|
1,000,000 |
| 5.250%, 06/30/28 |
| NR/NR/NR* |
| 1,044,860 |
|
|
985,000 |
| 5.250%, 06/30/34 |
| NR/NR/NR* |
| 1,029,187 |
|
|
|
|
|
|
|
|
|
|
|
|
| Salt Lake & Sandy, Utah Metropolitan Water District, Water Revenue |
|
|
|
|
|
|
1,100,000 |
| 5.000%, 07/01/37 Series A |
| NR/AA+/AA+ |
| 1,203,565 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Water and Sewer |
|
|
| 17,420,787 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Pre-Refunded Revenue Bonds |
|
|
| 56,534,304 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Pre-Refunded Bonds |
|
|
| 67,395,594 |
|
|
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds (cost $397,409,985) |
|
|
| 423,956,033 |
|
|
Shares |
| Short-Term Investment (2.9%) |
|
|
|
|
|
| ||
12,894,424 |
| Dreyfus Treasury Obligations Cash Management - Institutional Shares, 0.10%** (cost $12,894,424) |
| Aaa-mf/AAAm/NR |
| 12,894,424 |
|
| ||
|
|
|
|
|
|
|
|
| ||
|
| Total Investments (cost $410,304,409-note b) |
| 99.6 | % |
| 436,850,457 |
|
| |
|
| Other assets less liabilities |
| 0.4 |
|
| 1,884,621 |
|
| |
|
| Net Assets |
| 100.0 | % |
| $ |
438,735,078 |
|
|
|
| Portfolio Distribution By Quality Rating |
| Percent of |
|
|
|
| |
|
| Aaa of Moody’s or AAA of S&P and Fitch |
| 9.9 | % |
|
|
|
|
|
| Pre-Refunded bonds†† |
| 15.9 |
|
|
|
|
|
|
| Aa of Moody’s or AA of S&P and Fitch |
| 52.8 |
|
|
|
|
|
|
| A of Moody’s or S&P and Fitch |
| 14.4 |
|
|
|
|
|
|
| Baa of Moody’s or BBB of S&P and Fitch |
| 3.1 |
|
|
|
|
|
|
| Not Rated* |
| 3.9 |
|
|
|
|
|
|
|
|
| 100.0 | % |
|
|
|
|
PORTFOLIO ABBREVIATIONS: |
AGMC - Assured Guaranty Municipal Corp. |
AMBAC - American Municipal Bond Assurance Corp. |
AMT - Alternative Minimum Tax |
BAMI - Build America Mutual Insurance |
COP - Certificates of Participation |
FHA - Federal Housing Administration |
GNMA - Government National Mortgage Association |
IHC - Intermountain Health Care |
NR - Not Rated |
PSF- Permanent School Fund |
VRDN - Variable Rate Demand Note |
* | 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. |
|
|
*** | Variable rate demand notes (VRDNs) are payable upon demand within the same day for securities with daily liquidity or seven days for securities with weekly liquidity. |
|
|
**** | Illiquid security: This security represents 0.4% of net assets. |
|
|
Note: 144A – Private placement subject to SEC rule 144A, which modifies a two-year holding period requirement to permit qualified institutional buyers to trade these securities among themselves, thereby significantly improving the liquidity of these securities. | |
|
|
† | 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. |
|
|
††† | Security purchased on a delayed delivery or when-issued basis. |
See accompanying notes to financial statements.
AQUILA TAX-FREE FUND FOR UTAH
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 $410,304,409 amounted to $26,546,048, which consisted of aggregate gross unrealized appreciation of $26,662,800 and aggregate gross unrealized depreciation of $116,752. |
|
|
(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: |
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| Level 1 – Unadjusted quoted prices in inactive markets for identical assets or liabilities that the Trust has the ability to access. |
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| 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. |
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| 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. |
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| The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. |
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| 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 | |
Level 1 – Quoted Prices- Short-Term Investment |
| $ | 12,894,424 |
Level 2 – Other Significant Observable Inputs- Municipal Bonds |
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| 423,956,033 |
Level 3 – Significant Unobservable Inputs |
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| – |
Total |
| $ | 436,850,457 |
+ See schedule of investments for a detailed listing of securities. |
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