AQUILA TAX-FREE FUND FOR UTAH

SCHEDULE OF INVESTMENTS

June 30, 2020

(unaudited)


Amount

 

General Obligation Bonds (11.6%)

 

Ratings Moody’s,
S&P and Fitch

 

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
Investments†

 

 

 

 

 

 

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:

 

 

 

Level 1 – Unadjusted quoted prices in inactive markets for identical assets or liabilities that the Trust has the ability to access.

 

 

 

Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

 

 

 

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

 

 

 

The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

 

 

 

The following is a summary of the valuation inputs, representing 100% of the Trust’s investments, used to value the Trust’s net assets as of June 30, 2020:


Valuation Inputs+

 

Investments
in Securities

Level 1 – Quoted Prices- Short-Term Investment

 

$

12,894,424

Level 2 – Other Significant Observable Inputs- Municipal Bonds

 

 

423,956,033

Level 3 – Significant Unobservable Inputs

 

 

Total

 

$

436,850,457

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