AQUILA TAX-FREE FUND FOR UTAH
SCHEDULE OF INVESTMENTS
June 30, 2023
(unaudited)
| Amount | General Obligation Bonds (8.7%) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
| City and County (3.1%) | ||||||||
| Brownsville, Texas Combination Tax | ||||||||
| $500,000 | 5.000%, 02/15/26 Series 2022 | Aa3/AA/NR | $517,870 | |||||
| Clark County, Nevada, Refunding | ||||||||
| 1,000,000 | 4.000%, 06/01/37 Series 2019 | Aa1/AA+/NR | 1,013,960 | |||||
| 1,000,000 | 3.000%, 06/01/38 Series 2019 | Aa1/AA+/NR | 867,340 | |||||
| Mission, Texas Combination Tax & Revenue Certificates of Obligation | ||||||||
| 300,000 | 4.000%, 02/15/32 Series 2021 BAMI Insured | NR/AA/NR | 315,990 | |||||
| Port of Olympia, Washington Limited Tax | ||||||||
| 1,385,000 | 5.000%, 12/01/31 AMT Series B | Aa2/NR/NR | 1,487,338 | |||||
| Port of Vancouver, Washington Limited Tax | ||||||||
| 555,000 | 5.000%, 12/01/33 AMT Series 2022A | Aa2/NR/NR | 612,159 | |||||
| Reno, Nevada Capital Improvement Refunding | ||||||||
| 1,000,000 | 5.000%, 06/01/28 | A1/AA-/NR | 1,001,370 | |||||
| Richardson, Texas | ||||||||
| 1,000,000 | 5.000%, 02/15/24 Series 2023 | Aaa/AAA/NR | 1,011,280 | |||||
| Rio Grande City, Texas Combination Tax Certificates of Obligation | ||||||||
| 855,000 | 4.000%, 02/15/33 Series 2020 AGMC Insured | NR/AA/NR | 885,575 | |||||
| Washoe County, Nevada Limited Tax | ||||||||
| 1,500,000 | 4.000%, 07/01/32 Series 2021 | Aa2/AA+/NR | 1,616,985 | |||||
| West University Place City, Texas Certificates of Obligation | ||||||||
| 535,000 | 5.000%, 02/01/26 Series 2022 | NR/AAA/NR | 561,434 | |||||
| Total City and County | 9,891,301 | |||||||
| Healthcare (0.4%) | ||||||||
| King County, Washington Public Hospital District No. 001, Refunding, Valley Medical Center | ||||||||
| 1,000,000 | 5.000%, 12/01/28 | A2/NR/NR | 1,094,580 | |||||
| Public Schools (4.2%) | ||||||||
| Bushland, Texas Independent School District Unlimited Tax | ||||||||
| 900,000 | 5.000%, 02/15/29 Series 2022 PSF Guaranteed | NR/AAA/NR | 1,006,398 | |||||
| Clark County, Nevada School District Limited Tax | ||||||||
| $1,500,000 | 3.000%, 06/15/37 Series B AGMC Insured | A1/AA/NR | $1,330,185 | |||||
| 1,645,000 | 5.000%, 06/15/28 Series D | A1/AA-/NR | 1,717,331 | |||||
| Houston, Texas Independent School District, Harris County, Limited Tax | ||||||||
| 1,250,000 | 5.000%, 02/15/24 Series 2023A PSF Guaranteed | Aaa/AAA/NR | 1,264,400 | |||||
| Lewis County, Washington School District No. 302 Chehalis (School Board Guaranty Program) | ||||||||
| 1,000,000 | 5.000%, 12/01/34 | Aaa/NR/NR | 1,030,440 | |||||
| Lewis & Thurston Counties, Washington School District No. 401 Centalia (School Board Guaranty Program) | ||||||||
| 730,000 | 5.000%, 12/01/35 | Aaa/NR/NR | 765,150 | |||||
| Little Elm, Texas Independent School District, Denton County, Unlimited Tax | ||||||||
| 1,960,000 | 5.000%, 08/15/24 Series 2023 | NR/AA-/AA- | 1,999,514 | |||||
| Lockhart, Texas Independent School District, Caldwell County, Unlimited Tax | ||||||||
| 400,000 | 5.000%, 08/01/33 Series 2023 PSF Guaranteed | Aaa/NR/AAA | 407,648 | |||||
| Minnehaha County, South Dakota COP Limited Tax | ||||||||
| 400,000 | 3.000%, 12/01/29 Series 2022A | Aa1/NR/NR | 395,496 | |||||
| Paradise, Texas Independent School District Unlimited Tax | ||||||||
| 1,140,000 | 5.000%, 08/15/23 Series 2023 PSF Guaranteed | NR/AAA/NR | 1,142,303 | |||||
| Port Arthur, Texas Independent School District Unlimited Tax | ||||||||
| 1,000,000 | 4.000%, 02/15/35 Series 2021 AGMC Insured | NR/AA/A+ | 1,050,740 | |||||
| Washoe County, Nevada School District Limited Tax Improvement | ||||||||
| 1,000,000 | 4.000%, 10/01/34 Series 2020A | Aa3/AA/NR | 1,045,440 | |||||
| Weatherford, Texas Independent School District Unlimited Tax Refunding | ||||||||
| 530,000 | zero coupon, 02/15/28 Series 2019 PSF Guaranteed | Aaa/NR/NR | 456,765 | |||||
| Total Public Schools | 13,611,810 | |||||||
| State (1.0%) | ||||||||
| Texas State Water Financial Assistance | ||||||||
| 1,000,000 | 5.000%, 08/01/30 Series E | Aaa/AAA/AAA | 1,038,450 | |||||
| Utah State | ||||||||
| 1,000,000 | 5.000%, 07/01/28 | Aaa/AAA/AAA | 1,085,550 | |||||
| 1,000,000 | 5.000%, 07/01/29 | Aaa/AAA/AAA | 1,085,940 | |||||
| Total State | 3,209,940 | |||||||
| Total General Obligation Bonds | 27,807,631 | |||||||
| Revenue Bonds (87.3%) | ||||||||
| Airport (6.7%) | ||||||||
| Brownsville, Texas Combination Tax and Airport, Certificates of Obligation | ||||||||
| $400,000 | 5.000%, 02/15/28 AMT Series 2018 | Aa3/AA/NR | $413,608 | |||||
| Broward County, Florida Port Facilities | ||||||||
| 1,000,000 | 4.000%, 09/01/38 AMT Series B | A1/A/NR | 982,940 | |||||
| Clark County, Nevada Airport System Junior Subordinate Lien | ||||||||
| 745,000 | 5.000%, 07/01/26 AMT Series 2021 B | A1/NR/A+ | 770,866 | |||||
| Hillsborough County, Florida Aviation Authority Airport, Tampa International Airport | ||||||||
| 1,500,000 | 5.000%, 10/01/28 AMT Series 2022A | Aa3/NR/AA- | 1,612,260 | |||||
| Metropolitan Washington District of Columbia Airport Authority System, Revenue Refunding | ||||||||
| 1,000,000 | 5.000%, 10/01/38 AMT Series 2019A | Aa3/AA-/AA- | 1,054,320 | |||||
| Miami-Dade County, Florida Aviation Revenue Refunding | ||||||||
| 1,000,000 | 5.000%, 10/01/34 AMT Series 2014A | A1/A/A+ | 1,007,270 | |||||
| Miami-Dade County, Florida Seaport Revenue Refunding | ||||||||
| 1,000,000 | 5.000%, 10/01/30 AMT Series 2022A | A3/NR/A | 1,094,780 | |||||
| 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 | 1,037,010 | |||||
| 1,000,000 | 5.000%, 07/01/27 AMT Series A | A2/A+/NR | 1,053,020 | |||||
| 1,000,000 | 5.000%, 07/01/28 AMT Series A | A2/A+/NR | 1,065,250 | |||||
| 1,000,000 | 5.000%, 07/01/29 AMT Series A | A2/A+/NR | 1,068,030 | |||||
| 1,000,000 | 5.000%, 07/01/29 AMT Series A | A2/A+/NR | 1,080,300 | |||||
| 3,100,000 | 5.000%, 07/01/30 AMT Series A | A2/A+/NR | 3,267,400 | |||||
| 1,470,000 | 5.000%, 07/01/47 AMT Series A | A2/A+/NR | 1,500,106 | |||||
| 1,240,000 | 5.000%, 07/01/30 Series B | A2/A+/NR | 1,321,208 | |||||
| 850,000 | 5.000%, 07/01/31 Series B | A2/A+/NR | 905,820 | |||||
| 500,000 | 5.000%, 07/01/31 Series B | A2/A+/NR | 544,035 | |||||
| 1,525,000 | 5.000%, 07/01/37 Series B | A2/A+/NR | 1,597,072 | |||||
| Total Airport | 21,375,295 | |||||||
| Charter Schools (10.7%) | ||||||||
| Utah State Charter School Finance Authority Entheos Academy | ||||||||
| 1,375,000 | 4.000%, 10/15/30 Series 2020A | Aa2/NR/NR | 1,392,696 | |||||
| Utah State Charter School Finance Authority George Washington Academy | ||||||||
| 1,500,000 | 5.000%, 04/15/35 Series 2015 | NR/AA/NR | 1,513,320 | |||||
| Utah State Charter School Finance Authority Good Foundations Academy | ||||||||
| $235,000 | 4.750%, 11/15/24 Series A 144A | NR/NR/NR* | $233,797 | |||||
| 1,655,000 | 5.550%, 11/15/34 Series A 144A | NR/NR/NR* | 1,655,314 | |||||
| 3,280,000 | 5.850%, 11/15/44 Series A 144A | NR/NR/NR* | 3,279,836 | |||||
| Utah State Charter School Finance Authority Lakeview Academy | ||||||||
| 1,300,000 | 5.000%, 10/15/35 Series 2015 | NR/AA/NR | 1,334,047 | |||||
| Utah State Charter School Finance Authority Legacy Preparatory Academy | ||||||||
| 300,000 | 4.000%, 04/15/24 | NR/AA/NR | 301,002 | |||||
| 1,710,000 | 5.000%, 04/15/29 | NR/AA/NR | 1,740,746 | |||||
| 1,000,000 | 4.000%, 04/15/32 Series 2022 | NR/AA/NR | 1,011,590 | |||||
| 1,000,000 | 4.000%, 04/15/37 Series 2022 | NR/AA/NR | 971,240 | |||||
| Utah State Charter School Finance Authority Monticello Academy | ||||||||
| 1,000,000 | 5.000%, 04/15/37 Series 2014 | NR/AA/NR | 1,010,680 | |||||
| Utah State Charter School Finance Authority Ogden Preparatory Academy | ||||||||
| 150,000 | 4.000%, 10/15/23 | NR/AA/NR | 150,029 | |||||
| 260,000 | 4.000%, 10/15/24 | NR/AA/NR | 260,049 | |||||
| Utah State Charter School Finance Authority Providence Hall | ||||||||
| 1,000,000 | 4.000%, 10/15/46 Series 2021A | Aa2/NR/NR | 910,890 | |||||
| Utah State Charter School Finance Authority Quest Academy | ||||||||
| 500,000 | 5.000%, 04/15/37 | NR/AA/NR | 511,435 | |||||
| Utah State Charter School Finance Authority Salt Lake Arts Academy | ||||||||
| 1,000,000 | 3.000%, 04/15/40 Series 2020A | NR/AA/NR | 800,410 | |||||
| Utah State Charter School Finance Authority Spectrum Academy | ||||||||
| 625,000 | 4.000%, 04/15/33 Series 2020 | Aa2/NR/NR | 626,363 | |||||
| 655,000 | 4.000%, 04/15/34 Series 2020 | Aa2/NR/NR | 656,002 | |||||
| Utah State Charter School Finance Authority Utah Charter Academies | ||||||||
| 500,000 | 5.000%, 10/15/25 Series 2018 | NR/AA/NR | 514,265 | |||||
| 90,000 | 5.000%, 10/15/27 Series 2018 | NR/AA/NR | 95,101 | |||||
| Utah State Charter School Finance Authority Venture Academy | ||||||||
| 285,000 | 4.000%, 10/15/24 | NR/AA/NR | 286,069 | |||||
| 855,000 | 5.000%, 10/15/29 | NR/AA/NR | 871,194 | |||||
| 1,095,000 | 5.000%, 10/15/34 | NR/AA/NR | 1,113,374 | |||||
| 1,095,000 | 5.000%, 10/15/38 | NR/AA/NR | 1,107,133 | |||||
| Utah State Charter School Finance Authority Vista School | ||||||||
| 1,080,000 | 4.000%, 10/15/35 | Aa2/NR/NR | 1,070,993 | |||||
| Utah State Charter School Finance Authority Voyage Academy | ||||||||
| 670,000 | 5.000%, 03/15/27 144A | NR/NR/NR* | 669,993 | |||||
| 2,440,000 | 5.500%, 03/15/37 144A | NR/NR/NR* | 2,440,024 | |||||
| 4,785,000 | 5.600%, 03/15/47 144A | NR/NR/NR* | 4,692,315 | |||||
| Utah State Charter School Finance Authority Promontory School of Expeditionary Learning | ||||||||
| $1,600,000 | 3.600%, 10/15/33 | Aa2/NR/NR | $1,582,400 | |||||
| Utah State Charter School Finance Authority Wasatch Peak Academy | ||||||||
| 740,000 | 5.000%, 10/15/29 Series 2013A | NR/AA/NR | 740,555 | |||||
| 700,000 | 5.000%, 10/15/36 Series 2013A | NR/AA/NR | 700,469 | |||||
| Total Charter Schools | 34,243,331 | |||||||
| Electric (5.9%) | ||||||||
| Consolidated Wyoming Municipalities Electric Facilities Improvement Lease, Gillette | ||||||||
| 1,000,000 | 5.000%, 06/01/31 | A1/AA-/NR | 1,013,960 | |||||
| 250,000 | 5.250%, 06/01/37 | NR/AA-/NR | 279,893 | |||||
| Heber Light & Power Co., Utah Electric Revenue | ||||||||
| 500,000 | 4.000%, 12/15/36 Series 2019 AGMC Insured | A1/AA/AA- | 510,705 | |||||
| 645,000 | 4.000%, 12/15/38 Series 2019 AGMC Insured | A1/AA/AA- | 653,746 | |||||
| 285,000 | 5.000%, 12/15/24 Series 2023 BAMAC Insured | A2/AA/AA- | 292,279 | |||||
| 500,000 | 5.000%, 12/15/36 Series 2023 BAMAC Insured | A2/AA/AA- | 561,345 | |||||
| Intermountain Power Agency, Utah Power Supply Revenue | ||||||||
| 250,000 | 5.000%, 07/01/30 | Aa3/NR/AA- | 286,630 | |||||
| 375,000 | 5.000%, 07/01/33 | Aa3/NR/AA- | 434,693 | |||||
| 375,000 | 5.000%, 07/01/35 | Aa3/NR/AA- | 428,228 | |||||
| Lehi, Utah Electric Utility Revenue | ||||||||
| 520,000 | 5.000%, 06/01/29 | NR/A+/NR | 571,917 | |||||
| 850,000 | 5.000%, 06/01/31 | NR/A+/NR | 935,859 | |||||
| Lower Colorado River Authority, Texas Transmission Contract Revenue | ||||||||
| 1,000,000 | 5.000%, 05/15/30 | NR/A/A+ | 1,030,980 | |||||
| San Antonio, Texas Electric & Gas Revenue System | ||||||||
| 1,250,000 | 4.000%, 02/01/33 | Aa2/AA-/AA- | 1,263,863 | |||||
| Southeast Alaska Power Agency Electric Refunding & Improvement | ||||||||
| 1,170,000 | 5.250%, 06/01/30 | NR/A/NR | 1,197,671 | |||||
| St. George, Utah Electric Revenue | ||||||||
| 380,000 | 5.000%, 06/01/26 Series 2016 AGMC Insured | A1/AA/NR | 400,634 | |||||
| 1,620,000 | 4.000%, 06/01/32 Series 2016 AGMC Insured | A1/AA/NR | 1,665,895 | |||||
| Utah Associated Municipal Power System Revenue, Horse Butte Wind Project | ||||||||
| 750,000 | 5.000%, 09/01/24 Series A | NR/A-/AA- | 765,045 | |||||
| 445,000 | 5.000%, 09/01/25 Series A | NR/A-/AA- | 461,656 | |||||
| 375,000 | 5.000%, 09/01/30 Series 2017B | NR/A-/AA- | 408,443 | |||||
| Utah Associated Municipal Power System Revenue, Veyo Heat Recovery Project | ||||||||
| 795,000 | 5.000%, 03/01/30 | NR/A/AA- | 812,156 | |||||
| 905,000 | 5.000%, 03/01/32 | NR/A/AA- | 922,774 | |||||
| 745,000 | 5.000%, 03/01/34 | NR/A/AA- | 759,632 | |||||
| Utah State Municipal Power Agency Power Supply System Revenue | ||||||||
| $330,000 | 5.000%, 07/01/23 | NR/A+/AA- | $330,000 | |||||
| 2,900,000 | 5.000%, 07/01/38 Series B | NR/A+/AA- | 3,013,999 | |||||
| Total Electric | 19,002,003 | |||||||
| Healthcare (0.7%) | ||||||||
| Hale Center, Texas Educational Facilities Corporation, Wayland Baptist University | ||||||||
| 700,000 | 5.000%, 03/01/29 Series 2022 | NR/BBB+/NR | 729,988 | |||||
| Miami-Dade County, Florida Public Facilities, Jackson Health System | ||||||||
| 1,000,000 | 5.000%, 06/01/29 Series A | Aa2/A+/AA- | 1,031,550 | |||||
| Utah County, Hospital Revenue, IHC Health Services | ||||||||
| 300,000 | 4.030%, 05/15/51 Series 2016E VRDO*** | Aa1/AA+/NR | 300,000 | |||||
| Total Healthcare | 2,061,538 | |||||||
| Higher Education (8.1%) | ||||||||
| Salt Lake County, Utah Westminster College Project | ||||||||
| 1,970,000 | 5.000%, 10/01/25 | NR/BBB-/NR | 1,995,374 | |||||
| 955,000 | 5.000%, 10/01/28 | NR/BBB-/NR | 971,693 | |||||
| 1,845,000 | 5.000%, 10/01/29 | NR/BBB-/NR | 1,897,693 | |||||
| 1,005,000 | 5.000%, 10/01/29 | NR/BBB-/NR | 1,022,537 | |||||
| 1,055,000 | 5.000%, 10/01/30 | NR/BBB-/NR | 1,072,924 | |||||
| South Dakota Board of Regents, Housing & Auxiliary Facilities System | ||||||||
| 500,000 | 5.000%, 04/01/28 | Aa3/NR/NR | 527,635 | |||||
| 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 | 1,039,080 | |||||
| Utah State Board of Higher Education, University of Utah Green Bond | ||||||||
| 1,000,000 | 5.000%, 08/01/39 Series 2022B | Aa1/AA+/NR | 1,125,960 | |||||
| Utah State Board of Regents, Dixie State University | ||||||||
| 1,800,000 | 5.000%, 06/01/30 AGMC Insured | NR/AA/NR | 1,849,752 | |||||
| 660,000 | 5.000%, 06/01/35 Series B AGMC Insured | NR/AA/NR | 702,299 | |||||
| 690,000 | 5.000%, 06/01/36 Series B AGMC Insured | NR/AA/NR | 729,868 | |||||
| 1,375,000 | 3.000%, 06/01/36 Series 2019 | NR/AA/NR | 1,250,329 | |||||
| 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 | 1,333,254 | |||||
| 1,000,000 | 5.000%, 03/01/27 Series 2018 | NR/AA/NR | 1,028,400 | |||||
| Utah State Board of Regents, Student Facilities System Revenue, Weber State University | ||||||||
| 750,000 | 5.000%, 04/01/29 AGMC Insured | NR/AA/NR | 825,743 | |||||
| 1,000,000 | 3.000%, 04/01/35 Series 2021 BAMAC Insured | NR/AA/NR | 938,150 | |||||
| Utah State Board of Regents, University of Utah | ||||||||
| $500,000 | 5.000%, 08/01/29 Series A | Aa1/AA+/NR | $540,435 | |||||
| 480,000 | 5.000%, 08/01/33 Series A | Aa1/AA+/NR | 495,432 | |||||
| 600,000 | 5.000%, 08/01/35 Series A | Aa1/AA+/NR | 617,712 | |||||
| 500,000 | 4.000%, 08/01/36 Series A | Aa1/AA+/NR | 505,165 | |||||
| 1,000,000 | 5.000%, 08/01/35 Series B-1 | Aa1/AA+/NR | 1,051,640 | |||||
| 1,500,000 | 5.000%, 08/01/36 Series B-1 | Aa1/AA+/NR | 1,573,875 | |||||
| Utah State Board of Regents, Utah State University | ||||||||
| 1,105,000 | 4.000%, 12/01/30 Series B | NR/AA/NR | 1,128,028 | |||||
| 2,055,000 | 3.000%, 12/01/36 Series B | NR/AA/NR | 1,869,516 | |||||
| Total Higher Education | 26,092,494 | |||||||
| Housing (1.8%) | ||||||||
| South Dakota Housing Development Authority Homeownership Mortgage | ||||||||
| 250,000 | 1.000%, 05/01/26 Series 2020C | Aaa/AAA/NR | 231,468 | |||||
| 500,000 | 1.350%, 05/01/28 Series 2020C | Aaa/AAA/NR | 445,980 | |||||
| 500,000 | 1.400%, 11/01/28 Series 2020C | Aaa/AAA/NR | 442,855 | |||||
| Utah Housing Corporation Single Family Mortgage | ||||||||
| 5,000 | 4.500%, 01/01/24 Series A Class III | Aa3/AA+/AA | 5,000 | |||||
| 575,000 | 4.600%, 07/01/34 Series B-1 Class I | Aaa/AAA/AAA | 575,380 | |||||
| 20,000 | 4.625%, 07/01/32 Series B-1 Class II | Aa2/AA+/AA | 20,015 | |||||
| 2,805,000 | 3.850%, 01/01/31 AMT Series D Class III FHA Insured | Aa3/AA/AA | 2,771,929 | |||||
| 480,000 | 4.000%, 01/01/36 Series D FHA Insured | Aa3/AA/AA | 476,251 | |||||
| Vancouver, Washington Housing Authority, Anthem Park and Columbia House Projects | ||||||||
| 500,000 | 4.000%, 06/01/35 Series 2020 | NR/AA/NR | 500,615 | |||||
| 500,000 | 3.000%, 06/01/38 Series 2020 | NR/AA/NR | 428,195 | |||||
| Total Housing | 5,897,688 | |||||||
| Local Public Property (17.7%) | ||||||||
| Alaska State Municipal Bond Bank | ||||||||
| 540,000 | 5.000%, 02/01/30 AMT | NR/A+/A | 572,929 | |||||
| 565,000 | 5.000%, 02/01/31 AMT | NR/A+/A | 597,233 | |||||
| 590,000 | 5.000%, 02/01/32 AMT | NR/A+/A | 620,910 | |||||
| 215,000 | 5.000%, 12/01/23 AMT 2023 Series Two | A1/A+/NR | 215,836 | |||||
| 90,000 | 5.000%, 12/01/37 AMT 2023 Series Two | A1/A+/NR | 95,369 | |||||
| Bluffdale, Utah Local Building Authority Lease Revenue | ||||||||
| 1,215,000 | 4.000%, 03/01/35 | Aa2/NR/NR | 1,219,641 | |||||
| CIVICVentures, Alaska Revenue Refunding, Anchorage Convention Center | ||||||||
| 1,000,000 | 5.000%, 09/01/28 | NR/A+/AA- | 1,009,540 | |||||
| 1,000,000 | 5.000%, 09/01/29 | NR/A+/AA- | 1,009,540 | |||||
| Downtown Redevelopment Authority, Texas Tax Increment Contract Revenue | ||||||||
| 1,000,000 | 5.000%, 09/01/30 BAMI Insured | NR/AA/NR | 1,043,840 | |||||
| Eagle Mountain, Utah Special Assessment Area | ||||||||
| $125,000 | 5.250%, 05/01/28 Series 2013 | NR/AA-/NR | $125,106 | |||||
| Harris County, Texas Sports Refunding Senior Lien | ||||||||
| 300,000 | 5.000%, 11/15/30 Series A | A3/BBB/NR | 305,778 | |||||
| Jacksonville, Florida Special Revenue Bonds | ||||||||
| 1,000,000 | 5.250%, 10/01/37 Series 2022C | NR/AA/AA- | 1,148,790 | |||||
| Jacksonville, Florida Special Revenue and Refunding Bonds | ||||||||
| 1,015,000 | 5.250%, 10/01/32 Series A | Aa2/AA/AA- | 1,020,349 | |||||
| Lehi, Utah Local Building Authority Lease Revenue | ||||||||
| 300,000 | 5.000%, 06/15/29 Series 2022 | NR/AA-/AA+ | 332,538 | |||||
| 500,000 | 5.000%, 06/15/30 Series 2022 | NR/AA-/AA+ | 562,690 | |||||
| 225,000 | 5.250%, 06/15/37 Series 2022 | NR/AA-/AA+ | 253,739 | |||||
| Manatee County, Florida Revenue Improvement & Refunding | ||||||||
| 500,000 | 5.250%, 10/01/34 Series 2022C | Aaa/NR/AA+ | 595,285 | |||||
| Matanuska-Susitna Borough, Alaska Lease Revenue Refunding, Goose Creek Correctional Center | ||||||||
| 210,000 | 5.000%, 09/01/32 Series 2015 | A1/A+/A | 216,487 | |||||
| Mesquite, Nevada New Special Improvement District | ||||||||
| 85,000 | 5.500%, 08/01/25 | NR/NR/NR* | 85,070 | |||||
| Midvale, Utah Redevelopment Agency Tax Increment & Sales Tax Revenue Refunding | ||||||||
| 750,000 | 5.000%, 05/01/28 | NR/AA+/NR | 799,185 | |||||
| 1,230,000 | 5.000%, 05/01/31 | NR/AA+/AA | 1,334,870 | |||||
| 1,000,000 | 5.000%, 05/01/32 | NR/AA+/NR | 1,060,030 | |||||
| Murray City, Utah Municipal Building Authority Lease Revenue | ||||||||
| 380,000 | 4.000%, 12/01/30 Series 2020 | Aa3/NR/NR | 407,064 | |||||
| 480,000 | 4.000%, 12/01/31 Series 2020 | Aa3/NR/NR | 512,131 | |||||
| 300,000 | 4.000%, 12/01/32 Series 2020 | Aa3/NR/NR | 318,783 | |||||
| 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 | 1,042,010 | |||||
| Orange County, Florida Tourist Development Tax Revenue Refunding | ||||||||
| 1,000,000 | 5.000%, 10/01/30 | Aa2/AA-/AA | 1,039,970 | |||||
| Pennington County, South Dakota COP Limited Tax | ||||||||
| 1,000,000 | 5.000%, 12/01/46 Series 2022A | Aa1/NR/NR | 1,072,920 | |||||
| Saint George Place, Texas Redevelopment Authority Tax Increment Contract | ||||||||
| 605,000 | 4.000%, 09/01/30 AGMC Insured | A1/AA/NR | 616,773 | |||||
| Salt Lake City, Utah Local Building Authority Lease Revenue | ||||||||
| $330,000 | 4.000%, 10/15/23 Series A | Aa1/NR/AA+ | $330,785 | |||||
| 600,000 | 5.000%, 04/15/32 Series A | Aa1/NR/NR | 639,240 | |||||
| 395,000 | 4.000%, 04/15/32 Series A | Aa1/NR/NR | 405,483 | |||||
| 425,000 | 4.000%, 04/15/34 Series A | Aa1/NR/NR | 435,396 | |||||
| 1,075,000 | 5.000%, 04/15/35 Series A | Aa1/NR/NR | 1,136,264 | |||||
| 460,000 | 4.000%, 04/15/36 Series A | Aa1/NR/NR | 466,744 | |||||
| Salt Lake City, Utah Mosquito Abatement District Local Building Authority Lease Revenue | ||||||||
| 730,000 | 5.000%, 02/15/29 | Aa3/NR/NR | 784,159 | |||||
| 810,000 | 5.000%, 02/15/31 | Aa3/NR/NR | 865,493 | |||||
| Salt Lake City, Utah Municipal Building Authority Lease Revenue | ||||||||
| 975,000 | 4.000%, 01/15/34 | NR/AA+/AA+ | 1,035,343 | |||||
| South Jordan, Utah Special Assessment (Daybreak Assessment Area No. 1) | ||||||||
| 945,000 | 4.000%, 11/01/27 | NR/AA+/NR | 977,206 | |||||
| 1,190,000 | 4.000%, 11/01/28 | NR/AA+/NR | 1,229,568 | |||||
| 1,035,000 | 4.000%, 11/01/30 | NR/AA+/NR | 1,064,653 | |||||
| South Salt Lake, Utah Redevelopment Agency Excise Tax & Tax Increment Revenue Refunding | ||||||||
| 1,035,000 | 4.000%, 11/01/29 Series 2020 | NR/AA/NR | 1,094,668 | |||||
| 1,080,000 | 4.000%, 11/01/30 Series 2020 | NR/AA/NR | 1,144,768 | |||||
| St. Lucie County, Florida School Board COP Master Lease Program | ||||||||
| 300,000 | 5.000%, 07/01/30 Series A | A1/A/A+ | 300,312 | |||||
| Tooele County, Utah Municipal Building Authority Lease Revenue Cross-Over | ||||||||
| 850,000 | 4.000%, 12/15/28 | NR/AA-/NR | 890,928 | |||||
| 885,000 | 4.000%, 12/15/29 | NR/AA-/NR | 925,639 | |||||
| 920,000 | 4.000%, 12/15/30 | NR/AA-/NR | 960,903 | |||||
| Unified Utah Fire Service Area Local Building Authority Lease Revenue | ||||||||
| 1,800,000 | 4.000%, 04/01/31 | Aa2/NR/NR | 1,912,374 | |||||
| 2,350,000 | 4.000%, 04/01/32 | Aa2/NR/NR | 2,398,199 | |||||
| 1,875,000 | 4.000%, 04/01/32 | Aa2/NR/NR | 1,974,113 | |||||
| Vineyard Redevelopment Agency, Utah Tax Increment Revenue And Refunding Bonds | ||||||||
| 750,000 | 5.000%, 05/01/25 Series 2021 AGMC Insured | NR/AA/NR | 773,385 | |||||
| 350,000 | 4.000%, 05/01/33 Series 2021 AGMC Insured | NR/AA/NR | 369,026 | |||||
| Wasatch County, Utah Municipal Building Authority Lease Revenue | ||||||||
| 560,000 | 4.000%, 12/01/28 Series 2021 | NR/AA-/NR | 586,706 | |||||
| 585,000 | 4.000%, 12/01/29 Series 2021 | NR/AA-/NR | 619,006 | |||||
| 605,000 | 4.000%, 12/01/30 Series 2021 | NR/AA-/NR | 645,535 | |||||
| Washington County, Utah Municipal Building Authority Lease Revenue | ||||||||
| $500,000 | 5.000%, 10/01/32 | Aa3/NR/NR | $527,165 | |||||
| 500,000 | 5.000%, 10/01/37 | Aa3/NR/NR | 519,505 | |||||
| Weber County, Utah Special Assessment Summit Mountain Area | ||||||||
| 1,500,000 | 5.500%, 01/15/28 | NR/AA/NR | 1,502,205 | |||||
| 3,870,000 | 5.750%, 01/15/33 | NR/AA/NR | 3,875,612 | |||||
| West Jordan, Utah Municipal Building Authority Lease Revenue | ||||||||
| 1,000,000 | 5.000%, 10/01/29 | Aa3/NR/NR | 1,060,340 | |||||
| 1,000,000 | 5.000%, 10/01/34 | Aa3/NR/NR | 1,052,120 | |||||
| West Valley City, Utah Municipal Building Authority Lease Revenue Refunding | ||||||||
| 900,000 | 4.000%, 02/01/33 AGMC Insured | NR/AA/AA- | 918,432 | |||||
| 1,000,000 | 5.000%, 02/01/34 AGMC Insured | NR/AA/AA- | 1,053,520 | |||||
| 300,000 | 5.000%, 02/01/34 AGMC Insured | NR/AA/AA- | 331,164 | |||||
| 810,000 | 4.000%, 02/01/38 AGMC Insured | NR/AA/AA- | 813,313 | |||||
| West Valley City, Utah Redevelopment Agency Revenue Refunding | ||||||||
| 1,885,000 | 5.000%, 11/01/36 | NR/AA/NR | 1,979,627 | |||||
| Total Local Public Property | 56,833,305 | |||||||
| Public Schools (3.7%) | ||||||||
| Alpine, Utah Local Building Authority School District Lease Revenue | ||||||||
| 985,000 | 4.000%, 03/15/28 | Aa1/NR/NR | 1,024,961 | |||||
| Canyons School District Utah, Local Building Authority Lease | ||||||||
| 725,000 | 4.000%, 06/15/33 Series 2021 | Aa1/NR/NR | 769,849 | |||||
| 750,000 | 4.000%, 06/15/34 Series 2021 | Aa1/NR/NR | 795,503 | |||||
| Davis County, Utah Municipal Building Authority Crossover Refunding Lease Revenue | ||||||||
| 1,085,000 | 4.000%, 11/01/32 Series 2020 | NR/AA/NR | 1,151,120 | |||||
| Duchesne School District Utah, Municipal Building Authority Lease | ||||||||
| 750,000 | 5.000%, 06/01/36 Series 2022 | A2/NR/NR | 798,960 | |||||
| 750,000 | 4.000%, 06/01/38 Series 2022 | A2/NR/NR | 720,855 | |||||
| Grand City, Utah Local Building Authority School District Lease Revenue | ||||||||
| 1,665,000 | 5.000%, 12/15/34 AGMC Insured | A1/AA/NR | 1,715,616 | |||||
| Ogden City, Utah Municipal Building Authority School District Lease Revenue | ||||||||
| 1,125,000 | 5.000%, 01/15/30 | A1/NR/NR | 1,207,575 | |||||
| 1,315,000 | 5.000%, 01/15/31 | A1/NR/NR | 1,325,231 | |||||
| 500,000 | 5.000%, 01/15/32 Series 2018 | A1/NR/NR | 535,660 | |||||
| Provo City, Utah Municipal Building Authority School District Lease Revenue | ||||||||
| $1,500,000 | 5.000%, 03/15/33 Series 2022 | Aa3/NR/NR | $1,745,400 | |||||
| Total Public Schools | 11,790,730 | |||||||
| Sales Tax (16.2%) | ||||||||
| Draper, Utah Sales Tax Revenue | ||||||||
| 765,000 | 4.000%, 11/15/39 Series 2022 | NR/AAA/NR | 779,573 | |||||
| Eagle Mountain, Utah Sales Tax Revenue | ||||||||
| 200,000 | 5.000%, 02/01/29 Series 2022 | NR/AA+/NR | 221,720 | |||||
| Herriman City, Utah Sales & Franchise Tax Revenue Refunding | ||||||||
| 1,080,000 | 4.000%, 08/01/25 Series B | NR/AA+/NR | 1,086,340 | |||||
| 2,135,000 | 4.000%, 08/01/30 Series B | NR/AA+/NR | 2,177,721 | |||||
| 1,515,000 | 5.000%, 08/01/33 Series B | NR/AA+/NR | 1,560,632 | |||||
| Holladay, Utah Sales Tax Revenue | ||||||||
| 965,000 | 5.000%, 11/15/29 Series 2022 | NR/AA+/NR | 1,094,136 | |||||
| Lehi, Utah Franchise & Sales Tax Revenue (Broadband Project) | ||||||||
| 985,000 | 5.000%, 02/01/27 Series 2021 AGMC Insured | NR/AA/NR | 1,054,837 | |||||
| 1,000,000 | 4.000%, 02/01/32 Series 2021 AGMC Insured | NR/AA/NR | 1,075,770 | |||||
| 1,000,000 | 4.000%, 02/01/33 Series 2021 AGMC Insured | NR/AA/NR | 1,068,610 | |||||
| 500,000 | 4.000%, 02/01/34 Series 2021 AGMC Insured | NR/AA/NR | 532,160 | |||||
| 500,000 | 4.000%, 02/01/35 Series 2021 AGMC Insured | NR/AA/NR | 528,610 | |||||
| Lehi, Utah Sales Tax Revenue | ||||||||
| 1,220,000 | 4.000%, 06/01/35 Series 2019 | NR/AA+/NR | 1,267,946 | |||||
| Lindon, Utah Sales Tax Revenue | ||||||||
| 575,000 | 4.000%, 07/15/31 Series 2015 | NR/AA-/NR | 582,458 | |||||
| Mapleton City, Utah Municipal Energy Sales & Sales Tax & Telecommunications Fee | ||||||||
| 1,085,000 | 3.000%, 06/15/31 Series 2021 | NR/A+/NR | 1,053,926 | |||||
| 780,000 | 3.000%, 06/15/33 Series 2021 | NR/A+/NR | 741,975 | |||||
| 1,255,000 | 3.000%, 06/15/36 Series 2021 | NR/A+/NR | 1,138,084 | |||||
| Miami-Dade County, Florida Transit System Sales Surtax Revenue | ||||||||
| 1,000,000 | 5.000%, 07/01/34 | A1/AA/AA | 1,030,500 | |||||
| Ogden City, Utah Franchise Tax Revenue | ||||||||
| 1,625,000 | 3.000%, 01/15/31 | NR/AA/NR | 1,605,110 | |||||
| Ogden City, Utah Sales Tax Revenue | ||||||||
| 1,550,000 | 5.000%, 01/15/36 Series 2023 | NR/AAA/NR | 1,783,260 | |||||
| Providence City, Utah Franchise & Sales Tax Revenue | ||||||||
| 1,270,000 | 3.000%, 03/01/29 Series 2021 | NR/A-/NR | 1,228,903 | |||||
| Reno, Nevada Sales Tax Revenue, First Lien, ReTRAC-Reno Transportation Rail Access Corridor Project | ||||||||
| $500,000 | 5.000%, 06/01/26 | A2/NR/NR | $516,585 | |||||
| Riverton City, Utah Franchise & Sales Tax Revenue | ||||||||
| 750,000 | 4.000%, 06/01/30 | NR/AA+/AAA | 763,388 | |||||
| Salt Lake County, Utah Sales Tax Revenue | ||||||||
| 525,000 | 5.000%, 02/01/24 Series 2012A | NR/AAA/AAA | 525,698 | |||||
| South Jordan, Utah Redevelopment Agency Subordinated Sales Tax & Tax Increment Revenue | ||||||||
| 1,000,000 | 5.000%, 04/01/29 | NR/AA/AAA | 1,030,040 | |||||
| Spearfish, South Dakota Sales Tax Revenue | ||||||||
| 975,000 | 4.000%, 12/15/29 Series 2022 | A1/NR/NR | 1,019,129 | |||||
| Summit County, Utah Transportation Sales Tax Revenue | ||||||||
| 1,200,000 | 4.000%, 12/15/28 Series 2018 | NR/AA/NR | 1,239,768 | |||||
| 1,450,000 | 4.000%, 12/15/29 Series 2018 | NR/AA/NR | 1,498,778 | |||||
| Utah County, Utah Excise Tax Revenue Refunding | ||||||||
| 1,690,000 | 4.000%, 12/01/36 Series 2020 | NR/AA+/NR | 1,736,086 | |||||
| Utah County, Utah Transportation Sales Tax Revenue Refunding | ||||||||
| 3,315,000 | 4.000%, 12/01/35 Series 2021 | NR/AA-/NR | 3,454,893 | |||||
| Utah Infrastructure Agency Telecommunications & Sales Tax, West Haven | ||||||||
| 1,200,000 | 5.000%, 10/15/35 Series 2022 | NR/AA-/NR | 1,352,988 | |||||
| Utah Transit Authority Sales Tax Revenue | ||||||||
| 2,950,000 | 4.000%, 12/15/34 Series A | Aa2/AA+/AA | 3,078,473 | |||||
| 3,440,000 | 4.000%, 12/15/37 Series A | Aa2/AA+/AA | 3,483,619 | |||||
| 3,580,000 | 4.000%, 12/15/38 Series A | Aa2/AA+/AA | 3,618,342 | |||||
| Utah Transit Authority Sales Tax Revenue Subordinated | ||||||||
| 1,000,000 | 5.000%, 12/15/32 | Aa3/AA/AA | 1,098,160 | |||||
| Utah Transit Authority Sales Tax Revenue Subordinated, Capital Appreciation | ||||||||
| 3,000,000 | zero coupon, 12/15/32 | Aa3/AA/AA | 2,108,910 | |||||
| Watertown, South Dakota Sales Tax Revenue | ||||||||
| 1,110,000 | 3.000%, 12/01/34 Series 2021 | NR/A/NR | 1,066,100 | |||||
| 215,000 | 5.000%, 12/01/23 Series 2022A BAMI Insured | NR/AA/NR | 216,434 | |||||
| 335,000 | 5.000%, 12/01/24 Series 2022A BAMI Insured | NR/AA/NR | 343,221 | |||||
| 350,000 | 5.000%, 12/01/25 Series 2022A BAMI Insured | NR/AA/NR | 364,858 | |||||
| West Valley City, Utah Sales Tax Revenue Capital Appreciation Bonds, Refunding | ||||||||
| 3,500,000 | zero coupon, 07/15/35 | NR/AA+/NR | 1,941,800 | |||||
| Total Sales Tax | 52,069,541 | |||||||
| State Agency (4.7%) | ||||||||
| Utah Infrastructure Agency Telecommunications, Franchise & Sales Tax, Cedar Hills Project | ||||||||
| $1,230,000 | 4.000%, 10/15/32 Series 2022 | NR/A+/NR | $1,275,818 | |||||
| 905,000 | 4.000%, 10/15/37 Series 2022 | NR/A+/NR | 904,511 | |||||
| 1,125,000 | 4.250%, 10/15/42 Series 2022 | NR/A+/NR | 1,108,395 | |||||
| Utah Infrastructure Agency Telecommunications & Franchise Tax, Clearfield City | ||||||||
| 315,000 | 5.000%, 10/15/25 Series 2020 | NR/A+/NR | 325,798 | |||||
| 335,000 | 5.000%, 10/15/26 Series 2020 | NR/A+/NR | 352,715 | |||||
| 350,000 | 5.000%, 10/15/27 Series 2020 | NR/A+/NR | 374,714 | |||||
| Utah Infrastructure Agency Telecommunications & Franchise Tax, Layton City | ||||||||
| 500,000 | 5.000%, 10/15/30 Series 2018 | NR/A+/NR | 545,010 | |||||
| Utah Infrastructure Agency Telecommunications & Franchise Tax, Payson City | ||||||||
| 485,000 | 5.000%, 10/01/29 Series 2019 | NR/A+/NR | 522,500 | |||||
| 640,000 | 4.000%, 10/01/34 Series 2019 | NR/A+/NR | 652,954 | |||||
| Utah Infrastructure Agency Telecommunications, Franchise & Sales Tax, Santa Clara Project | ||||||||
| 1,180,000 | 4.000%, 10/15/32 Series 2022 | NR/A/NR | 1,219,660 | |||||
| 1,010,000 | 4.000%, 10/15/37 Series 2022 | NR/A/NR | 998,627 | |||||
| Utah Infrastructure Agency Telecommunications, Franchise & Sales Tax, Syracuse City Project | ||||||||
| 1,000,000 | 4.000%, 10/15/30 Series 2021 | NR/AA-/NR | 1,055,800 | |||||
| Utah State Building Ownership Authority Lease Revenue State Facilities Master Lease Program | ||||||||
| 1,000,000 | 5.000%, 05/15/24 | Aa1/AA+/NR | 1,014,930 | |||||
| 905,000 | 4.000%, 05/15/29 | Aa1/AA+/NR | 948,920 | |||||
| 1,775,000 | 3.000%, 05/15/29 | Aa1/AA+/NR | 1,731,495 | |||||
| 1,000,000 | 3.000%, 05/15/29 | Aa1/AA+/NR | 973,340 | |||||
| 940,000 | 4.000%, 05/15/30 | Aa1/AA+/NR | 984,462 | |||||
| Total State Agency | 14,989,649 | |||||||
| Transportation (1.0%) | ||||||||
| Pharr, Texas International Toll Bridge System Revenue | ||||||||
| 1,000,000 | 4.000%, 08/15/35 Series 2021 | A2/A/NR | 1,012,750 | |||||
| Port Seattle, Washington Intermediate Lien Revenue | ||||||||
| 1,875,000 | 5.000%, 05/01/29 Series 2018A AMT | A1/AA-/AA- | 1,965,581 | |||||
| Utah Transit Authority Sales Tax & Transportation Revenue | ||||||||
| 195,000 | 5.250%, 06/15/32 AGMC Insured | Aa2/AA+/AA | 227,600 | |||||
| Total Transportation | 3,205,931 | |||||||
| Water and Sewer (10.1%) | ||||||||
| Brian Head, Utah Water Revenue Refunding | ||||||||
| $720,000 | 3.000%, 04/01/36 Series 2021 AGMC Insured | NR/AA/NR | $661,399 | |||||
| Central Utah Water Conservancy District Refunding | ||||||||
| 1,785,000 | 5.000%, 10/01/37 Series 2020D | NR/AA+/AA+ | 1,989,561 | |||||
| 1,000,000 | 4.000%, 10/01/38 Series 2020D | NR/AA+/AA+ | 1,008,960 | |||||
| Central Valley, Utah Water Reclamation Facility, Green Bond | ||||||||
| 1,215,000 | 3.000%, 03/01/32 Series 2021B | NR/AA/AA | 1,213,566 | |||||
| 1,255,000 | 3.000%, 03/01/33 Series 2021B | NR/AA/AA | 1,231,142 | |||||
| 1,090,000 | 3.000%, 03/01/34 Series 2021B | NR/AA/AA | 1,051,883 | |||||
| Eagle Mountain, Utah Water & Sewer Revenue Refunding | ||||||||
| 420,000 | 4.000%, 11/15/24 Series A BAMI Insured | NR/AA/NR | 424,985 | |||||
| El Paso, Texas Water & Sewer Revenue Refunding | ||||||||
| 1,000,000 | 4.500%, 03/01/31 Series C | NR/AA+/AA+ | 1,020,960 | |||||
| Fairview City, Utah Water & Sewer Revenue Refunding | ||||||||
| 725,000 | 4.000%, 06/15/46 Series 2022 | NR/BBB/NR | 631,178 | |||||
| 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 | 510,645 | |||||
| Hooper, Utah Water Improvement District Revenue Refunding | ||||||||
| 1,000,000 | 4.000%, 06/15/34 Series 2019 | NR/AA-/NR | 1,030,690 | |||||
| 220,000 | 4.000%, 06/15/39 Series 2019 | NR/AA-/NR | 221,498 | |||||
| Jordan Valley, Utah Water Conservancy District Revenue | ||||||||
| 1,000,000 | 5.000%, 10/01/26 Series B | NR/AA+/AA+ | 1,066,390 | |||||
| 1,000,000 | 4.000%, 10/01/32 Series B | NR/AA+/AA+ | 1,035,320 | |||||
| Jordanelle, Utah Special Service District | ||||||||
| 299,000 | 6.000%, 11/15/23 | NR/NR/NR* | 297,992 | |||||
| Lakewood, Washington Water District, Pierce County | ||||||||
| 750,000 | 4.000%, 12/01/37 Series 2019A AMT | NR/AA/NR | 753,548 | |||||
| Okaloosa County, Florida Water and Sewer Revenue | ||||||||
| 1,000,000 | 5.000%, 07/01/30 | Aa2/NR/AA+ | 1,033,220 | |||||
| Orem, Utah Water, Sewer and Storm Sewer | ||||||||
| 540,000 | 4.000%, 07/15/34 Series 2021A | NR/AA+/AAA | 578,729 | |||||
| Park City, Utah Water Revenue Green Bonds | ||||||||
| 1,000,000 | 3.000%, 12/15/33 Series 2020 | Aa2/AA/NR | 977,450 | |||||
| Pleasant Grove City, Utah Storm Water Revenue Refunding | ||||||||
| 370,000 | 4.000%, 07/15/28 Series 2020 BAMI Insured | NR/AA/NR | 384,367 | |||||
| 485,000 | 4.000%, 07/15/29 Series 2020 BAMI Insured | NR/AA/NR | 508,794 | |||||
| 510,000 | 4.000%, 07/15/30 Series 2020 BAMI Insured | NR/AA/NR | 539,233 | |||||
| 525,000 | 4.000%, 07/15/31 Series 2020 BAMI Insured | NR/AA/NR | 555,219 | |||||
| Randall, South Dakota Community Water District | ||||||||
| $1,030,000 | 5.000%, 12/01/37 Series 2023 | NR/A/NR | $1,131,846 | |||||
| Salt Lake City, Utah Public Utilities Revenue | ||||||||
| 1,000,000 | 5.000%, 02/01/32 | Aa1/AAA/NR | 1,044,860 | |||||
| 1,400,000 | 5.000%, 02/01/33 | Aa1/AAA/NR | 1,461,390 | |||||
| 1,000,000 | 5.000%, 02/01/35 | Aa1/AAA/NR | 1,039,830 | |||||
| 500,000 | 4.000%, 02/01/37 | Aa1/AAA/NR | 517,565 | |||||
| 500,000 | 4.000%, 02/01/38 | Aa1/AAA/NR | 507,070 | |||||
| San Jacinto, Texas River Authority Woodlands Waste Disposal | ||||||||
| 1,000,000 | 5.000%, 10/01/30 BAMI Insured | NR/AA/NR | 1,002,640 | |||||
| Timpanogos, Utah Special Service District | ||||||||
| 845,000 | 5.000%, 06/01/24 | NR/AA/AA+ | 859,678 | |||||
| Utah Water Finance Agency Revenue | ||||||||
| 950,000 | 4.000%, 03/01/33 | NR/AA/AAA | 981,616 | |||||
| 1,000,000 | 4.000%, 03/01/34 | NR/AA/AA | 1,048,370 | |||||
| 1,000,000 | 5.000%, 03/01/35 | NR/AA/AA | 1,059,290 | |||||
| 1,295,000 | 5.000%, 03/01/38 | NR/AA/AA | 1,406,551 | |||||
| Weber Basin, Utah Water Conservancy District Refunding | ||||||||
| 915,000 | 4.000%, 10/01/31 Series A | NR/AA+/AAA | 920,829 | |||||
| West Harris County, Texas Regional Water Authority | ||||||||
| 815,000 | 5.000%, 12/15/26 Series A | A1/AA-/A+ | 850,933 | |||||
| Total Water and Sewer | 32,559,197 | |||||||
| Total Revenue Bonds | 280,120,702 | |||||||
| Pre-Refunded Bonds\ Escrowed to Maturity Bonds (2.1%)†† | ||||||||
| Pre-Refunded General Obligation Bonds (0.7%) | ||||||||
| City and County (0.3%) | ||||||||
| Miami Gardens, Florida | ||||||||
| 1,000,000 | 5.000%, 07/01/29 | Aa3/A+/NR | 1,017,830 | |||||
| Public Schools (0.4%) | ||||||||
| 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* | 559,096 | |||||
| Wylie, Texas Independent School District Capital Appreciation | ||||||||
| 1,000,000 | zero coupon, 08/15/32 PSF Guaranteed | Aaa/NR/NR | 717,240 | |||||
| Total Public Schools | 1,276,336 | |||||||
| Total Pre-Refunded General Obligation Bonds | 2,294,166 | |||||||
| Pre-Refunded\ Escrowed to Maturity Revenue Bonds (1.4%) | |||||||||
| Charter Schools (0.3%) | |||||||||
| Utah State Charter School Finance Authority Legacy Preparatory Academy | |||||||||
| $140,000 | 4.000%, 04/15/24 ETM | NR/NR/NR* | $140,966 | ||||||
| 820,000 | 5.000%, 04/15/29 | NR/NR/NR* | 839,967 | ||||||
| Total Charter Schools | 980,933 | ||||||||
| Electric (0.2%) | |||||||||
| Wyoming Municipal Power Agency Power Supply System Revenue | |||||||||
| 665,000 | 5.000%, 01/01/27 Series A BAMI Insured ETM | NR/NR/NR* | 709,050 | ||||||
| Healthcare (0.2%) | |||||||||
| Brevard County, Florida Health Facilities Authority Health First Inc. Project | |||||||||
| 750,000 | 5.000%, 04/01/30 | A2/A/NR | 756,233 | ||||||
| Local Public Property (0.2%) | |||||||||
| St. Augustine, Florida Capital Improvement Refunding | |||||||||
| 500,000 | 5.000%, 10/01/34 | Aa2/AA+/AA- | 502,030 | ||||||
| Sales Tax (0.5%) | |||||||||
| Utah Transit Authority Sales Tax Revenue | |||||||||
| 1,560,000 | 5.000%, 06/15/37 Series A | Aa3/AA/NR | 1,617,080 | ||||||
| Total Pre-Refunded\ Escrowed to Maturity Revenue Bonds | 4,565,326 | ||||||||
| Total Pre-Refunded\ Escrowed to Maturity Bonds | 6,859,492 | ||||||||
| Total Municipal Bonds (cost $325,494,192) |
314,787,825 | ||||||||
| Shares | Short-Term Investment (1.2%) | ||||||||
| 3,960,560 | Dreyfus Treasury Obligations Cash Management - Institutional Shares, 5.00%** (cost $3,960,560) | Aaa-mf/AAAm/NR | 3,960,560 | ||||||
| Total Investments (cost $329,454,752-note b) |
99.3 | % | 318,748,385 | ||||||
| Other assets less liabilities | 0.7 | 2,294,163 | |||||||
| Net Assets | 100.0 | % | $321,042,548 | ||||||
| Portfolio Distribution By Quality Rating | Percent of Investments† | ||||||||
| Aaa of Moody's or AAA of S&P or Fitch | 8.0 | % | |||||||
| Pre-refunded bonds\ ETM bonds†† | 2.2 | ||||||||
| Aa of Moody's or AA of S&P or Fitch | 67.4 | ||||||||
| A of Moody's or S&P or Fitch | 15.5 | ||||||||
| BBB of S&P | 2.7 | ||||||||
| Not Rated* | 4.2 | ||||||||
| 100.0 | % | ||||||||
| PORTFOLIO ABBREVIATIONS: |
| AGMC - Assured Guaranty Municipal Corp. |
| AMT - Alternative Minimum Tax |
| BAMAC - Build America Mutual Assurance Co. |
| BAMI - Build America Mutual Insurance |
| COP - Certificates of Participation |
| ETM - Escrowed to Maturity |
| FHA - Federal Housing Administration |
| IHC - Intermountain Health Care |
| NR - Not Rated |
| PSF- Permanent School Fund |
| VRDO – Variable Rate Demand Obligation |
| * | 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 four credit 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 obligations (VRDOs) are payable upon demand within the same day for securities with daily liquidity or seven days for securities with weekly liquidity. |
| † | Where applicable, calculated using the highest rating of the three NRSRO. Percentages in this table do not include the Short-Term Investment. |
| †† | Pre-refunded bonds are bonds for which U.S. Government Obligations usually have been placed in escrow to retire the bonds at their earliest call date. Escrowed to Maturity bonds are bonds where money has been placed in the escrow account which is used to pay principal and interest through the bond's originally scheduled maturity date. Escrowed to Maturity are shown as ETM. All other securities in the category are pre-refunded. |
| Note: 144A – Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2023, these securities amounted to a value of $12,971,279 or 4.0% of net assets. |
See accompanying notes to financial statements.
AQUILA TAX-FREE FUND FOR UTAH
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
(unaudited)
| (a) | Securities valuation policies and other investment related disclosures are hereby incorporated by reference in the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR. |
| (b) | At June 30, 2023, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $329,454,752 amounted to $10,706,367, which consisted of aggregate gross unrealized appreciation of $717,430 and aggregate gross unrealized depreciation of $11,423,797. |
| (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 Fund 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 Fund’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 Fund’s investments, used to value the Fund’s net assets as of June 30, 2023: |
| Valuation Inputs+ | Investments in Securities | ||
| Level 1 – Quoted Prices- Short-Term Investment | $ | 3,960,560 | |
| Level 2 – Other Significant Observable Inputs- Municipal Bonds | 314,787,825 | ||
| Level 3 – Significant Unobservable Inputs | – | ||
| Total | $ | 318,748,385 | |
| + See schedule of investments for a detailed listing of securities. | |||