AQUILA TAX-FREE TRUST OF ARIZONA

SCHEDULE OF INVESTMENTS

June 30, 2020

(unaudited)


Principal
Amount

 

General Obligation Bonds (26.7%)

 

Ratings Moody’s,
S&P and Fitch

 

Value

 

(a)

 

 

City (3.2%)

 

 

 

 

 

 

 

 

Buckeye Jackrabbit Trail Sanitary Sewer Improvement District

 

 

 

 

 

 

$

265,000

 

6.250%, 01/01/29

 

NR/A-/NR

 

$

272,354

 

 

 

 

 

 

 

 

 

 

 

 

 

Gilbert Improvement District No. 19

 

 

 

 

 

 

10,000

 

5.200%, 01/01/23

 

Aa1/AA-/NR

 

10,039

 

 

 

 

 

 

 

 

 

 

 

 

 

Gilbert Improvement District No. 20

 

 

 

 

 

 

590,000

 

5.100%, 01/01/29

 

Aa1/AA-/NR

 

603,493

 

 

 

 

 

 

 

 

 

 

 

 

 

Glendale, Arizona

 

 

 

 

 

 

200,000

 

5.000%, 07/01/33

 

NR/AA-/AAA

 

254,006

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodyear McDowell Road Commercial Corridor Improvement District

 

 

 

 

 

 

870,000

 

3.250%, 01/01/27 BAMAC Insured

 

Aa2/AA/NR

 

982,926

 

 

 

 

 

 

 

 

 

 

 

 

 

Mesa, Arizona

 

 

 

 

 

 

425,000

 

4.000%, 07/01/32

 

Aa2/AA/NR

 

507,097

 

 

425,000

 

4.000%, 07/01/33

 

Aa2/AA/NR

 

504,207

 

 

450,000

 

4.000%, 07/01/34

 

Aa2/AA/NR

 

532,490

 

 

 

 

 

 

 

 

 

 

 

 

 

Scottsdale, Arizona

 

 

 

 

 

 

200,000

 

4.000%, 07/01/28

 

Aaa/AAA/AAA

 

230,678

 

 

500,000

 

4.000%, 07/01/34

 

Aaa/AAA/AAA

 

582,605

 

 

 

 

 

 

 

 

 

 

 

 

 

Tempe, Arizona

 

 

 

 

 

 

945,000

 

2.000%, 07/01/20

 

NR/AAA/AAA

 

945,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Tempe Improvement District (Pier Town Lake)

 

 

 

 

 

 

2,000,000

 

5.000%, 01/01/29

 

Aa2/NR/NR

 

2,007,540

 

 

 

 

 

 

 

 

 

 

 

 

 

Tolleson, Arizona

 

 

 

 

 

 

1,000,000

 

4.000%, 07/01/38

 

NR/AA/AAA

 

1,150,980

 

 

 

 

Total City

 

 

 

8,583,415

 

 

 

 

 

 

 

 

 

 

 

 

 

County (6.5%)

 

 

 

 

 

 

 

 

Drexel Heights Fire District

 

 

 

 

 

 

120,000

 

3.000%, 07/01/21

 

NR/AA-/NR

 

123,126

 

 

100,000

 

3.000%, 07/01/22

 

NR/AA-/NR

 

104,758

 

 

255,000

 

3.000%, 07/01/23

 

NR/AA-/NR

 

272,572

 

 

 

 

 

 

 

 

 

 

 

 

 

Maricopa Co. Daisy Mountain Fire District

 

 

 

 

 

 

340,000

 

4.000%, 07/01/27 AGMC Insured

 

NR/AA/NR

 

400,098

 

 

395,000

 

3.500%, 07/01/28 AGMC Insured

 

NR/AA/NR

 

452,153

 

 

 

 

 

 

 

 

 

 

 

 

 

Maricopa Co. Special Health Care District

 

 

 

 

 

 

2,500,000

 

5.000%, 07/01/25

 

Aa3/NR/A+

 

2,999,350

 

 

2,500,000

 

5.000%, 07/01/26

 

Aa3/NR/A+

 

3,067,800

 

 

3,000,000

 

5.000%, 07/01/32

 

Aa3/NR/A+

 

3,715,920

 

 

1,500,000

 

5.000%, 07/01/34

 

Aa3/NR/A+

 

1,843,035

 

 


 


 

 

Pima Co. Northwest Fire District

 

 

 

 

 

 

515,000

 

4.000%, 07/01/21

 

NR/AA-/NR

 

533,540

 

 

545,000

 

4.000%, 07/01/22

 

NR/AA-/NR

 

581,395

 

 

 

 

 

 

 

 

 

 

 

 

 

Yavapai Co. Jail District

 

 

 

 

 

 

1,650,000

 

4.000%, 07/01/33 BAMAC Insured

 

NR/AA/AA

 

1,906,295

 

 

 

 

 

 

 

 

 

 

 

 

 

Yuma Co. Free Library District

 

 

 

 

 

 

1,000,000

 

4.000%, 07/01/29

 

Aa3/NR/AAA

 

1,129,530

 

 

 

 

Total County

 

 

 

17,129,572

 

 

 

 

 

 

 

 

 

 

 

 

 

School District (17.0%)

 

 

 

 

 

 

 

 

Apache Co. Unified School District No. 10 (Round Valley)

 

 

 

 

 

 

710,000

 

4.000%, 07/01/20

 

A2/NR/NR

 

710,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Buckeye Union High School District No. 201

 

 

 

 

 

 

1,000,000

 

5.000%, 07/01/33 AGMC Insured

 

NR/AA/NR

 

1,191,650

 

 

500,000

 

5.000%, 07/01/36 BAMAC Insured

 

NR/AA/NR

 

609,565

 

 

 

 

 

 

 

 

 

 

 

 

 

Coconino Co. Unified School District No. 1 (Flagstaff)

 

 

 

 

 

 

300,000

 

5.000%, 07/01/20

 

NR/AA-/NR

 

300,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Gila Co. Unified School District No. 10 (Payson)

 

 

 

 

 

 

1,000,000

 

5.000%, 07/01/28

 

Aa3/NR/NR

 

1,166,740

 

 

 

 

 

 

 

 

 

 

 

 

 

Glendale Union High School District No. 205

 

 

 

 

 

 

525,000

 

5.000%, 07/01/27 BAMAC Insured

 

NR/AA/NR

 

592,615

 

 

 

 

 

 

 

 

 

 

 

 

 

Maricopa Co. Elementary School District No. 1 (Phoenix)

 

 

 

 

 

 

1,225,000

 

2.000%, 07/01/20 BAMAC Insured

 

NR/AA/NR

 

1,225,000

 

 

500,000

 

4.000%, 07/01/31 BAMAC Insured

 

NR/AA/NR

 

583,235

 

 

460,000

 

4.000%, 07/01/32 BAMAC Insured

 

NR/AA/NR

 

531,668

 

 

 

 

 

 

 

 

 

 

 

 

 

Maricopa Co. Elementary School District No. 3 (Tempe)

 

 

 

 

 

 

500,000

 

5.000%, 07/01/30

 

Aa2/NR/NR

 

630,805

 

 

 

 

 

 

 

 

 

 

 

 

 

Maricopa Co. Elementary School District No. 8 (Osborn)

 

 

 

 

 

 

500,000

 

5.000%, 07/01/31 AGMC Insured

 

NR/AA/NR

 

620,095

 

 

 

 

 

 

 

 

 

 

 

 

 

Maricopa Co. Elementary School District No. 25 (Liberty)

 

 

 

 

 

 

350,000

 

4.000%, 07/01/35 AGMC Insured

 

NR/AA/NR

 

406,994

 

 

300,000

 

4.000%, 07/01/36 AGMC Insured

 

NR/AA/NR

 

346,008

 

 

375,000

 

4.000%, 07/01/37 AGMC Insured

 

NR/AA/NR

 

431,078

 

 

 

 

 

 

 

 

 

 

 

 

 

Maricopa Co. Elementary School District No. 28 (Kyrene Elementary)

 

 

 

 

 

 

350,000

 

5.000%, 07/01/34

 

Aa1/AA/NR

 

417,452

 

 

 

 

 

 

 

 

 

 

 

 

 

Maricopa Co. Elementary School District No. 59 (Laveen)

 

 

 

 

 

 

125,000

 

3.000%, 07/01/20

 

Aa2/NR/NR

 

125,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Maricopa Co. Elementary School District No. 62 (Union)

 

 

 

 

 

 

315,000

 

4.000%, 07/01/29 BAMAC Insured

 

NR/AA/NR

 

376,983

 

 

580,000

 

4.000%, 07/01/32 BAMAC Insured

 

NR/AA/NR

 

682,944

 

 

300,000

 

4.000%, 07/01/33 BAMAC Insured

 

NR/AA/NR

 

351,456

 

 

375,000

 

4.000%, 07/01/34 BAMAC Insured

 

NR/AA/NR

 

438,311

 

 

 

 

 

 

 

 

 

 

 

 

 

Maricopa Co. Elementary School District No. 66 (Roosevelt)

 

 

 

 

 

 

500,000

 

5.000%, 07/01/21 BAMAC Insured†††

 

A2/AA/NR

 

522,220

 

 


 


 

 

Maricopa Co. Elementary School District No. 92 (Pendergast)

 

 

 

 

 

 

175,000

 

5.000%, 07/01/21

 

A1/NR/AA+

 

183,040

 

 

230,000

 

5.000%, 07/01/22

 

A1/NR/AA+

 

250,928

 

 

 

 

 

 

 

 

 

 

 

 

 

Maricopa Co. High School District No. 210 (Phoenix)

 

 

 

 

 

 

500,000

 

4.000%, 07/01/26

 

Aa2/AA/AAA

 

577,460

 

 

 

 

 

 

 

 

 

 

 

 

 

Maricopa Co. High School District No. 214 (Tolleson)

 

 

 

 

 

 

825,000

 

4.000%, 07/01/34

 

Aa1/AA/NR

 

972,832

 

 

 

 

 

 

 

 

 

 

 

 

 

Maricopa Co. Unified School District No. 11 (Peoria)

 

 

 

 

 

 

750,000

 

3.000%, 07/01/20

 

NR/AA-/NR

 

750,000

 

 

1,500,000

 

4.000%, 07/01/25

 

A1/AA-/NR

 

1,601,010

 

 

675,000

 

4.500%, 07/01/33 AGMC Insured

 

A1/AA/NR

 

768,076

 

 

 

 

 

 

 

 

 

 

 

 

 

Maricopa Co. Unified School District No. 24 (Gila Bend)

 

 

 

 

 

 

150,000

 

5.500%, 07/01/22

 

NR/NR/NR*

 

150,263

 

 

 

 

 

 

 

 

 

 

 

 

 

Maricopa Co. Unified School District No. 41 (Gilbert)

 

 

 

 

 

 

350,000

 

3.000%, 07/01/20

 

NR/AA-/NR

 

350,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Maricopa Co. Unified School District No. 60 (Higley)

 

 

 

 

 

 

1,615,000

 

5.000%, 07/01/29

 

Aa3/A+/NR

 

1,876,662

 

 

 

 

 

 

 

 

 

 

 

 

 

Maricopa Co. Unified School District No. 66 (Roosevelt)

 

 

 

 

 

 

910,000

 

4.000%, 07/01/31 BAMAC Insured

 

A2/AA/NR

 

1,061,488

 

 

 

 

 

 

 

 

 

 

 

 

 

Maricopa Co. Unified School District No. 69 (Paradise Valley)

 

 

 

 

 

 

100,000

 

5.000%, 07/01/24

 

Aa1/NR/AAA

 

118,322

 

 

1,000,000

 

4.500%, 07/01/30

 

Aa1/NR/AAA

 

1,101,390

 

 

 

 

 

 

 

 

 

 

 

 

 

Maricopa Co. Unified School District No. 80 (Chandler)

 

 

 

 

 

 

300,000

 

5.000%, 07/01/23

 

Aa1/AA/NR

 

341,328

 

 

545,000

 

4.000%, 07/01/36

 

Aa1/AA/NR

 

641,977

 

 

 

 

 

 

 

 

 

 

 

 

 

Maricopa Co. Unified School District No. 89 (Dysart)

 

 

 

 

 

 

500,000

 

4.000%, 07/01/28

 

NR/A+/AAA

 

554,325

 

 

2,185,000

 

5.500%, 07/01/22 NPFG/FGIC Insured

 

Baa2/A+/NR

 

2,405,073

 

 

 

 

 

 

 

 

 

 

 

 

 

Maricopa Co. Unified School District No. 90 (Saddle Mountain)

 

 

 

 

 

 

1,300,000

 

5.125%, 07/01/25 AGMC Insured

 

A2/AA/NR

 

1,353,612

 

 

 

 

 

 

 

 

 

 

 

 

 

Maricopa Co. Unified School District No. 93 (Cave Creek)

 

 

 

 

 

 

100,000

 

4.000%, 07/01/29 BAMAC Insured

 

NR/AA/NR

 

113,680

 

 

 

 

 

 

 

 

 

 

 

 

 

Maricopa Co. Unified School District No. 97 (Deer Valley)

 

 

 

 

 

 

425,000

 

5.000%, 07/01/20

 

NR/NR/AA+

 

425,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Mohave Co. Unified School District No. 1 (Lake Havasu)

 

 

 

 

 

 

100,000

 

4.000%, 07/01/20

 

Aa2/NR/NR

 

100,000

 

 

250,000

 

2.000%, 07/01/21

 

Aa2/NR/NR

 

254,355

 

 

500,000

 

5.000%, 07/01/35

 

Aa2/NR/NR

 

615,375

 

 

 

 

 

 

 

 

 

 

 

 

 

Navajo Co. Unified School District No. 10 (Show Low)

 

 

 

 

 

 

500,000

 

4.000%, 07/01/31 AGMC Insured

 

NR/AA/NR

 

585,045

 

 

 

 

 

 

 

 

 

 

 

 

 

Navajo Co. Unified School District No. 32 (Blue Ridge)

 

 

 

 

 

 

400,000

 

5.000%, 07/01/29 AGMC Insured

 

NR/AA/NR

 

505,600

 

 


 


 

 

Pima Co. Unified School District No. 6 (Marana)

 

 

 

 

 

 

1,250,000

 

5.000%, 07/01/25

 

NR/A/NR

 

1,306,400

 

 

950,000

 

5.250%, 07/01/25 AGMC Insured

 

NR/AA/NR

 

1,038,911

 

 

1,000,000

 

4.000%, 07/01/37 AGMC Insured

 

NR/AA/NR

 

1,139,650

 

 

1,000,000

 

4.250%, 07/01/32 MAC Insured

 

NR/AA/NR

 

1,128,090

 

 

 

 

 

 

 

 

 

 

 

 

 

Pima Co. Unified School District No. 8 (Flowing Wells)

 

 

 

 

 

 

1,000,000

 

4.500%, 07/01/37 AGMC Insured

 

NR/AA/NR

 

1,175,900

 

 

 

 

 

 

 

 

 

 

 

 

 

Pima Co. Unified School District No. 10 (Amphitheater)

 

 

 

 

 

 

300,000

 

5.000%, 07/01/20

 

Aa2/NR/NR

 

300,000

 

 

700,000

 

5.000%, 07/01/27

 

Aa2/A+/NR

 

731,297

 

 

 

 

 

 

 

 

 

 

 

 

 

Pima Co. Unified School District No. 12 (Sunnyside)

 

 

 

 

 

 

1,050,000

 

4.000%, 07/01/28 BAMAC Insured

 

NR/AA/NR

 

1,140,909

 

 

 

 

 

 

 

 

 

 

 

 

 

Pima Co. Unified School District No. 20 (Vail)

 

 

 

 

 

 

260,000

 

5.000%, 07/01/25 AGMC Insured

 

NR/AA/NR

 

311,230

 

 

1,000,000

 

5.000%, 07/01/26 AGMC Insured

 

NR/AA/NR

 

1,227,120

 

 

700,000

 

5.000%, 07/01/28 AGMC Insured

 

NR/AA/NR

 

898,716

 

 

 

 

 

 

 

 

 

 

 

 

 

Pinal Co. Unified School District No. 1 (Florence)

 

 

 

 

 

 

200,000

 

2.000%, 07/01/21 BAMAC Insured

 

NR/AA/NR

 

203,122

 

 

 

 

 

 

 

 

 

 

 

 

 

Pinal Co. Unified School District No. 44 (J. O. Combs)

 

 

 

 

 

 

1,225,000

 

3.750%, 07/01/38 AGMC Insured

 

NR/AA/NR

 

1,377,721

 

 

 

 

 

 

 

 

 

 

 

 

 

Tempe High School District No. 213

 

 

 

 

 

 

650,000

 

4.000%, 07/01/32

 

Aa1/AA/NR

 

699,738

 

 

 

 

 

 

 

 

 

 

 

 

 

Western Maricopa Education Center District No. 402

 

 

 

 

 

 

535,000

 

3.000%, 07/01/20

 

NR/AA-/NR

 

535,000

 

 

1,200,000

 

4.000%, 07/01/28

 

NR/AA-/NR

 

1,304,268

 

 

 

 

 

 

 

 

 

 

 

 

 

Yavapai Co. Elementary School District No. 6 (Cottonwood-Oak Creek)

 

 

 

 

 

 

720,000

 

5.000%, 07/01/34 BAMAC Insured

 

A2/AA/NR

 

854,892

 

 

 

 

Total School District

 

 

 

45,289,624

 

 

 

 

Total General Obligation Bonds

 

 

 

71,002,611

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue Bonds (67.0%)

 

 

 

 

 

 

 

 

Airport (7.3%)

 

 

 

 

 

 

 

 

Phoenix Civic Improvement Corp. Airport Bonds

 

 

 

 

 

 

5,000,000

 

4.000%, 07/01/40

 

A1/A+/NR

 

5,518,700

 

 

725,000

 

5.000%, 07/01/22 AMT

 

A1/A+/NR

 

783,254

 

 

2,595,000

 

5.000%, 07/01/27 AMT

 

Aa3/AA-/NR

 

3,211,728

 

 

185,000

 

5.000%, 07/01/30 AMT

 

Aa3/AA-/NR

 

224,781

 

 

2,450,000

 

5.000%, 07/01/31 AMT

 

Aa3/AA-/NR

 

2,958,571

 

 

2,700,000

 

5.000%, 07/01/32 AMT

 

Aa3/AA-/NR

 

2,958,984

 

 

200,000

 

5.000%, 07/01/33 AMT

 

Aa3/AA-/NR

 

243,700

 

 

1,600,000

 

3.000%, 07/01/49

 

A1/A+/NR

 

1,651,664

 

 

300,000

 

5.000%, 07/01/49

 

A1/A+/NR

 

364,260

 

 

1,000,000

 

3.250%, 07/01/49 AMT

 

A1/A+/NR

 

1,017,580

 

 

 

 

 

 

 

 

 

 

 

 

 

Phoenix-Mesa Gateway Airport Authority

 

 

 

 

 

 

515,000

 

5.000%, 07/01/38 AMT

 

A1/AA+/NR

 

553,265

 

 

 

 

Total Airport

 

 

 

19,486,487

 

 


 


 

 

Charter Schools (1.3%)

 

 

 

 

 

 

 

 

Arizona Industrial Development Authority (Basis Schools)

 

 

 

 

 

 

240,000

 

5.000%, 07/01/37 State Enhanced

 

NR/AA-/NR

 

280,274

 

 

 

 

 

 

 

 

 

 

 

 

 

Arizona Industrial Development Authority (Candeo Schools)

 

 

 

 

 

 

500,000

 

3.375%, 07/01/41 State Enhanced

 

NR/AA-/NR

 

507,455

 

 

 

 

 

 

 

 

 

 

 

 

 

Arizona Industrial Development Authority (Equitable Schools)

 

 

 

 

 

 

225,000

 

5.000%, 11/01/21

 

NR/A/NR

 

237,665

 

 

 

 

 

 

 

 

 

 

 

 

 

La Paz Co. Industrial Development Authority (Harmony Public Schools Projects)

 

 

 

 

 

 

200,000

 

5.000%, 02/15/28

 

NR/BBB/NR

 

226,174

 

 

 

 

 

 

 

 

 

 

 

 

 

Maricopa Co. Industrial Development Authority (Great Hearts Arizona Projects)

 

 

 

 

 

 

250,000

 

5.000%, 07/01/26 State Enhanced

 

NR/AA-/NR

 

302,898

 

 

315,000

 

5.000%, 07/01/37 State Enhanced

 

NR/AA-/NR

 

373,659

 

 

 

 

 

 

 

 

 

 

 

 

 

Phoenix Industrial Development Authority (Great Hearts Academies Project)

 

 

 

 

 

 

500,000

 

5.000%, 07/01/41

 

NR/BBB-/NR

 

539,045

 

 

 

 

 

 

 

 

 

 

 

 

 

Phoenix Industrial Development Authority (Villa Montessori Inc. Project)

 

 

 

 

 

 

415,000

 

5.000%, 07/01/35

 

NR/BBB-/NR

 

450,395

 

 

 

 

 

 

 

 

 

 

 

 

 

Phoenix Industrial Development Authority (Vista College Preparatory Projects)

 

 

 

 

 

 

430,000

 

5.000%, 07/01/43 State Enhanced

 

NR/AA-/NR

 

508,557

 

 

 

 

Total Charter Schools

 

 

 

3,426,122

 

 

 

 

 

 

 

 

 

 

 

 

 

Excise Tax (11.5%)

 

 

 

 

 

 

 

 

Buckeye Excise Tax

 

 

 

 

 

 

400,000

 

4.000%, 07/01/36

 

NR/AA/AA

 

450,572

 

 

1,000,000

 

5.000%, 07/01/43

 

NR/AA/AA

 

1,182,020

 

 

 

 

 

 

 

 

 

 

 

 

 

Buckeye Roosevelt Street Improvement District

 

 

 

 

 

 

100,000

 

4.000%, 01/01/32

 

NR/A-/NR

 

105,838

 

 

125,000

 

4.050%, 01/01/33

 

NR/A-/NR

 

132,135

 

 

 

 

 

 

 

 

 

 

 

 

 

Bullhead City Excise Tax

 

 

 

 

 

 

295,000

 

3.000%, 07/01/20

 

NR/AA/NR

 

295,000

 

 

310,000

 

3.000%, 07/01/21

 

NR/AA/NR

 

318,203

 

 

 

 

 

 

 

 

 

 

 

 

 

Cottonwood Pledged Revenue Obligations

 

 

 

 

 

 

500,000

 

5.000%, 07/01/30 AGMC Insured

 

NR/AA/NR

 

598,790

 

 

 

 

 

 

 

 

 

 

 

 

 

El Mirage Pledged Excise Tax

 

 

 

 

 

 

500,000

 

5.000%, 07/01/30

 

A1/AA/NR

 

501,800

 

 

 

 

 

 

 

 

 

 

 

 

 

Flagstaff Pledged Revenue

 

 

 

 

 

 

1,395,000

 

4.250%, 07/01/33

 

NR/AA/NR

 

1,602,450

 

 

 

 

 

 

 

 

 

 

 

 

 

Gila Co. Pledged Revenue Obligations

 

 

 

 

 

 

480,000

 

2.000%, 07/01/20

 

NR/AA/NR

 

480,000

 

 

555,000

 

4.000%, 07/01/30

 

NR/AA/NR

 

665,972

 

 


 


 

 

Gilbert Pledged Revenue Obligations

 

 

 

 

 

 

450,000

 

4.000%, 07/01/35

 

Aa1/AAA/AAA

 

501,849

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodyear Public Improvement Corp.

 

 

 

 

 

 

500,000

 

5.250%, 07/01/24

 

Aa2/AA+/NR

 

548,685

 

 

1,500,000

 

5.000%, 07/01/26

 

Aa2/AA+/NR

 

1,633,260

 

 

 

 

 

 

 

 

 

 

 

 

 

Graham Co. Jail District Revenue Pledged Obligation

 

 

 

 

 

 

1,000,000

 

5.000%, 07/01/35

 

NR/A-/NR

 

1,155,740

 

 

 

 

 

 

 

 

 

 

 

 

 

Marana Pledged Excise Tax

 

 

 

 

 

 

275,000

 

4.000%, 07/01/30

 

NR/AA/NR

 

298,411

 

 

1,400,000

 

5.000%, 07/01/33

 

NR/AA/NR

 

1,578,528

 

 

 

 

 

 

 

 

 

 

 

 

 

Mesa Street & Highway Revenue Refunding

 

 

 

 

 

 

450,000

 

5.000%, 07/01/20 AGMC Insured

 

A2/NR/NR

 

450,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Page Pledged Revenue Refunding

 

 

 

 

 

 

1,080,000

 

5.000%, 07/01/25

 

NR/AA-/NR

 

1,128,622

 

 

 

 

 

 

 

 

 

 

 

 

 

Phoenix Civic Improvement Corp. (Civic Plaza)

 

 

 

 

 

 

2,000,000

 

5.500%, 07/01/27 BHAC/FGIC Insured

 

Aa1/AA+/NR

 

2,558,560

 

 

2,000,000

 

5.500%, 07/01/30 BHAC/FGIC Insured

 

Aa1/AA+/NR

 

2,739,120

 

 

1,000,000

 

5.500%, 07/01/23 NPFG/FGIC Insured

 

Aa2/AA/NR

 

1,134,970

 

 

2,300,000

 

5.500%, 07/01/33 NPFG/FGIC Insured

 

Aa2/AA/NR

 

3,293,301

 

 

 

 

 

 

 

 

 

 

 

 

 

Pinal Co. Revenue Obligations Refunding

 

 

 

 

 

 

1,500,000

 

5.000%, 08/01/33

 

NR/AA-/AA

 

1,737,660

 

 

 

 

 

 

 

 

 

 

 

 

 

Queen Creek Excise Tax & State Shared Revenue

 

 

 

 

 

 

250,000

 

5.000%, 08/01/30

 

NR/AA/AA

 

282,370

 

 

 

 

 

 

 

 

 

 

 

 

 

Santa Cruz Co. Jail District

 

 

 

 

 

 

1,655,000

 

5.000%, 07/01/28 AGMC Insured

 

NR/AA/NR

 

2,081,229

 

 

885,000

 

5.000%, 07/01/31 AGMC Insured

 

NR/AA/NR

 

1,098,232

 

 

 

 

 

 

 

 

 

 

 

 

 

Scottsdale Municipal Property Corp.

 

 

 

 

 

 

1,500,000

 

5.000%, 07/01/34

 

Aa1/AAA/AA+

 

1,795,560

 

 

 

 

 

 

 

 

 

 

 

 

 

Scottsdale Preservation Authority

 

 

 

 

 

 

255,000

 

5.000%, 07/01/20

 

NR/AA+/AA+

 

255,000

 

 

 

 

Total Excise Tax

 

 

 

30,603,877

 

 

 

 

 

 

 

 

 

 

 

 

 

Healthcare (12.6%)

 

 

 

 

 

 

 

 

Arizona Health Facilities Authority (Banner Health)

 

 

 

 

 

 

5,000,000

 

4.000%, 01/01/43

 

NR/AA-/AA-

 

5,084,800

 

 

2,000,000

 

5.000%, 01/01/44

 

NR/AA-/AA-

 

2,178,600

 

 

 

 

 

 

 

 

 

 

 

 

 

Arizona Health Facilities Authority (Dignity Health)

 

 

 

 

 

 

2,175,000

 

5.250%, 03/01/39

 

Baa1/BBB+/BBB+

 

2,213,824

 

 

 

 

 

 

 

 

 

 

 

 

 

Arizona Health Facilities Authority (Phoenix Children’s Hospital)

 

 

 

 

 

 

1,000,000

 

5.000%, 02/01/27

 

A1/A/A+

 

1,056,450

 

 

775,000

 

5.000%, 02/01/30

 

A1/A/A+

 

816,315

 

 

6,035,000

 

5.000%, 02/01/34

 

A1/A/A+

 

6,326,008

 

 

 

 

 

 

 

 

 

 

 

 

 

Arizona Health Facilities Authority (Scottsdale Lincoln Hospitals)

 

 

 

 

 

 

3,000,000

 

5.000%, 12/01/34

 

A2/NR/A

 

3,405,810

 

 

1,500,000

 

5.000%, 12/01/42

 

A2/NR/A

 

1,685,625

 

 


 


 

 

Maricopa Co. Industrial Development Authority (Banner Health)

 

 

 

 

 

 

1,600,000

 

5.000%, 01/01/38

 

NR/AA-/AA-

 

1,877,056

 

 

 

 

 

 

 

 

 

 

 

 

 

Maricopa Co. Industrial Development Authority (HonorHealth)

 

 

 

 

 

 

2,250,000

 

4.125%, 09/01/38

 

A2/NR/A

 

2,525,895

 

 

1,000,000

 

4.125%, 09/01/42

 

A2/NR/A

 

1,107,930

 

 

 

 

 

 

 

 

 

 

 

 

 

Yavapai Co. Industrial Development Authority (Northern Arizona Healthcare System)

 

 

 

 

 

 

500,000

 

5.250%, 10/01/25

 

NR/AA-/NR

 

527,715

 

 

500,000

 

5.250%, 10/01/26

 

NR/AA-/NR

 

526,720

 

 

 

 

 

 

 

 

 

 

 

 

 

Yavapai Co. Industrial Development Authority (Yavapai Regional Medical Center)

 

 

 

 

 

 

200,000

 

5.000%, 08/01/21

 

A2/NR/A+

 

208,508

 

 

1,000,000

 

5.250%, 08/01/33

 

A2/NR/A+

 

1,102,300

 

 

675,000

 

5.000%, 08/01/34

 

A2/NR/A+

 

790,027

 

 

 

 

 

 

 

 

 

 

 

 

 

Yuma Industrial Development Authority (Yuma Regional Medical Center)

 

 

 

 

 

 

1,635,000

 

5.000%, 08/01/23

 

NR/A/NR

 

1,828,633

 

 

200,000

 

5.000%, 08/01/32

 

NR/A/NR

 

224,302

 

 

 

 

Total Healthcare

 

 

 

33,486,518

 

 

 

 

 

 

 

 

 

 

 

 

 

Higher Education (9.0%)

 

 

 

 

 

 

 

 

Arizona Board of Regents (Arizona State University System)

 

 

 

 

 

 

480,000

 

5.000%, 07/01/31

 

Aa2/AA/NR

 

571,133

 

 

285,000

 

5.000%, 07/01/32

 

Aa2/AA/NR

 

306,939

 

 

115,000

 

5.000%, 07/01/32

 

Aa2/AA/NR

 

123,853

 

 

565,000

 

4.000%, 07/01/49

 

Aa2/AA/NR

 

652,829

 

 

 

 

 

 

 

 

 

 

 

 

 

Arizona Board of Regents (Arizona State University System) Green Bonds

 

 

 

 

 

 

750,000

 

5.000%, 07/01/34

 

Aa2/AA/NR

 

883,695

 

 

 

 

 

 

 

 

 

 

 

 

 

Arizona Board of Regents (Northern Arizona University System)

 

 

 

 

 

 

575,000

 

5.000%, 06/01/32

 

A1/A+/NR

 

639,469

 

 

 

 

 

 

 

 

 

 

 

 

 

Arizona Board of Regents (Northern Arizona University) Speed Stimulus Plan for Economic & Educational Development

 

 

 

 

 

 

2,090,000

 

5.000%, 08/01/29 AGMC Insured

 

A2/AA/NR

 

2,696,455

 

 

 

 

 

 

 

 

 

 

 

 

 

Arizona Board of Regents (University of Arizona System) Speed Stimulus Plan for Economic & Educational Development

 

 

 

 

 

 

1,500,000

 

5.000%, 08/01/34

 

Aa3/A+/NR

 

1,716,735

 

 

1,500,000

 

3.125%, 08/01/39

 

Aa3/A+/NR

 

1,600,875

 

 

 

 

 

 

 

 

 

 

 

 

 

Arizona Board of Regents (University of Arizona System)

 

 

 

 

 

 

400,000

 

5.000%, 06/01/29

 

Aa2/AA-/NR

 

462,628

 

 

 

 

 

 

 

 

 

 

 

 

 

Arizona Industrial Development Authority (North Carolina Central University Student Housing)

 

 

 

 

 

 

250,000

 

4.000%, 06/01/34 BAMAC Insured

 

Baa3/AA/NR

 

279,360

 

 

700,000

 

4.000%, 06/01/39 BAMAC Insured

 

Baa3/AA/NR

 

771,358

 

 

 

 

 

 

 

 

 

 

 

 

 

 Arizona State University Speed Stimulus Plan for Economic & Educational Development

 

 

 

 

 

 

625,000

 

5.000%, 08/01/34

 

Aa3/AA-/NR

 

715,306

 

 


 


 

 

Cochise Co. Community College District

 

 

 

 

 

 

630,000

 

5.000%, 07/01/31 BAMAC Insured

 

A2/AA/NR

 

721,835

 

 

 

 

 

 

 

 

 

 

 

 

 

McAllister Academic Village (Arizona State University Hassayampa)

 

 

 

 

 

 

1,000,000

 

5.000%, 07/01/39

 

Aa3/AA-/NR

 

1,186,260

 

 

 

 

 

 

 

 

 

 

 

 

 

Phoenix Industrial Development Authority (Downtown Phoenix Student Housing)

 

 

 

 

 

 

200,000

 

5.000%, 07/01/26

 

Baa3/NR/NR

 

217,456

 

 

400,000

 

5.000%, 07/01/33

 

Baa3/NR/NR

 

426,864

 

 

1,250,000

 

5.000%, 07/01/42

 

Baa3/NR/NR

 

1,296,688

 

 

 

 

 

 

 

 

 

 

 

 

 

Phoenix Industrial Development Authority (Downtown Phoenix Student Housing II)

 

 

 

 

 

 

100,000

 

5.000%, 07/01/26

 

Baa3/NR/NR

 

108,841

 

 

250,000

 

5.000%, 07/01/27

 

Baa3/NR/NR

 

273,583

 

 

150,000

 

5.000%, 07/01/28

 

Baa3/NR/NR

 

165,138

 

 

200,000

 

5.000%, 07/01/30

 

Baa3/NR/NR

 

219,744

 

 

300,000

 

5.000%, 07/01/32

 

Baa3/NR/NR

 

325,077

 

 

 

 

 

 

 

 

 

 

 

 

 

Phoenix Industrial Development Authority (Eastern Kentucky University Project)

 

 

 

 

 

 

500,000

 

5.000%, 10/01/36

 

A3/BBB+/NR

 

555,680

 

 

 

 

 

 

 

 

 

 

 

 

 

Phoenix Industrial Development Authority (Rowan University Project)

 

 

 

 

 

 

2,000,000

 

5.250%, 06/01/34

 

A3/A/NR

 

2,098,640

 

 

 

 

 

 

 

 

 

 

 

 

 

Pima Co. Community College District

 

 

 

 

 

 

1,075,000

 

5.000%, 07/01/36

 

Aa3/NR/AA-

 

1,351,211

 

 

750,000

 

4.000%, 07/01/37

 

Aa3/NR/AA-

 

874,688

 

 

500,000

 

4.000%, 07/01/38

 

Aa3/NR/AA-

 

581,520

 

 

 

 

 

 

 

 

 

 

 

 

 

Yavapai Co. Community College District

 

 

 

 

 

 

1,000,000

 

4.875%, 07/01/25 AGMC Insured

 

A1/AA/NR

 

1,039,440

 

 

 

 

 

 

 

 

 

 

 

 

 

Yuma/ La Paz Counties Community College District (Arizona Western College), Refunding

 

 

 

 

 

 

1,000,000

 

4.000%, 07/01/28 2014A

 

Aa3/A+/NR

 

1,108,650

 

 

 

 

Total Higher Education

 

 

 

23,971,950

 

 

 

 

 

 

 

 

 

 

 

 

 

Housing (1.9%)

 

 

 

 

 

 

 

 

Arizona Industrial Development Authority, Multi Family Tax Exempt (Chandler Village Apartments)

 

 

 

 

 

 

5,000,000

 

2.120%, 07/01/37 FNMA Insured

 

Aaa/NR/NR

 

4,969,950

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease (7.0%)

 

 

 

 

 

 

 

 

Arizona Board of Regents (Northern Arizona University) COP

 

 

 

 

 

 

600,000

 

5.000%, 09/01/27

 

A2/A/NR

 

639,528

 

 

500,000

 

5.000%, 09/01/28

 

A2/A/NR

 

532,600

 

 

1,000,000

 

5.000%, 09/01/29

 

A2/A/NR

 

1,063,700

 

 

 

 

 

 

 

 

 

 

 

 

 

Arizona School District Tax Anticipation Note Financing Program COP

 

 

 

 

 

 

3,500,000

 

2.000%, 07/28/20

 

MIG1/SP-1+/NR

 

3,503,675

 

 

 

 

 

 

 

 

 

 

 

 

 

Arizona School Facilities Board COP

 

 

 

 

 

 

345,000

 

5.000%, 09/01/20

 

Aa2/AA-/NR

 

347,594

 

 


 


 

 

Maricopa Co. COP

 

 

 

 

 

 

4,000,000

 

5.000%, 07/01/21

 

Aa1/AA+/AA+

 

4,180,080

 

 

 

 

 

 

 

 

 

 

 

 

 

Nogales Municipal Development Authority, Inc.

 

 

 

 

 

 

845,000

 

4.000%, 06/01/36

 

NR/AA-/NR

 

914,062

 

 

615,000

 

5.000%, 06/01/28 AGMC Insured

 

NR/AA/NR

 

750,239

 

 

810,000

 

4.000%, 06/01/33 AGMC Insured

 

NR/AA/NR

 

955,419

 

 

2,000,000

 

4.000%, 06/01/39 AGMC Insured

 

NR/AA/NR

 

2,310,040

 

 

 

 

 

 

 

 

 

 

 

 

 

Pinal Co. Correctional Facilities

 

 

 

 

 

 

1,470,000

 

5.250%, 10/01/21 ACA Insured

 

NR/BBB/NR

 

1,473,484

 

 

 

 

 

 

 

 

 

 

 

 

 

Prescott Municipal Property Corp.

 

 

 

 

 

 

500,000

 

5.000%, 07/01/34

 

Aa3/AA+/NR

 

568,825

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Arizona COP

 

 

 

 

 

 

500,000

 

5.000%, 10/01/25

 

Aa2/AA-/NR

 

608,140

 

 

500,000

 

5.000%, 09/01/27

 

Aa2/AA-/NR

 

603,090

 

 

 

 

Total Lease

 

 

 

18,450,476

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage (2.7%)

 

 

 

 

 

 

 

 

Eastmark Community Facilities District No. 1

 

 

 

 

 

 

345,000

 

4.000%, 07/15/33 AGMC Insured

 

NR/AA/NR

 

395,732

 

 

360,000

 

4.000%, 07/15/34 AGMC Insured

 

NR/AA/NR

 

411,966

 

 

 

 

 

 

 

 

 

 

 

 

 

Estrella Mountain Ranch Community Facilities District

 

 

 

 

 

 

1,000,000

 

5.000%, 07/15/32 AGMC Insured

 

NR/AA/NR

 

1,211,470

 

 

 

 

 

 

 

 

 

 

 

 

 

Festival Ranch Community Facilities District

 

 

 

 

 

 

950,000

 

5.000%, 07/15/37 BAMAC Insured

 

NR/AA/NR

 

1,152,597

 

 

750,000

 

5.000%, 07/15/38 BAMAC Insured

 

NR/AA/NR

 

907,215

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodyear Community Facilities Utilities District No. 1

 

 

 

 

 

 

500,000

 

4.000%, 07/15/28

 

A1/A-/NR

 

553,740

 

 

500,000

 

4.000%, 07/15/32

 

A1/A-/NR

 

566,075

 

 

 

 

 

 

 

 

 

 

 

 

 

Merrill Ranch Community Facilities District #2

 

 

 

 

 

 

680,000

 

6.750%, 07/15/38

 

NR/BBB/NR

 

780,688

 

 

 

 

 

 

 

 

 

 

 

 

 

Verrado Community Facilities Utilities District No. 1

 

 

 

 

 

 

500,000

 

6.000%, 07/15/33 144A

 

NR/NR/NR*

 

512,920

 

 

 

 

 

 

 

 

 

 

 

 

 

Vistancia Community Facilities District

 

 

 

 

 

 

540,000

 

5.000%, 07/15/26

 

A1/NR/AA-

 

541,960

 

 

 

 

Total Mortgage

 

 

 

7,034,363

 

 

 

 

 

 

 

 

 

 

 

 

 

Pollution Control (1.4%)

 

 

 

 

 

 

 

 

Apache Co. Industrial Development Authority, Pollution Control, Tucson Electric Power Co.

 

 

 

 

 

 

2,955,000

 

4.500%, 03/01/30

 

A3/A-/NR

 

3,075,860

 

 

 

 

 

 

 

 

 

 

 

 

 

Maricopa Co. Pollution Control, El Paso Electric Co.

 

 

 

 

 

 

375,000

 

3.600%, 02/01/40

 

Baa2/BBB+/NR

 

396,158

 

 

250,000

 

3.600%, 04/01/40

 

Baa2/BBB+/NR

 

263,993

 

 

 

 

Total Pollution Control

 

 

 

3,736,011

 

 


 


 

 

Resource Recovery (3.0%)

 

 

 

 

 

 

 

 

Chandler Industrial Development Authority (Intel Corporation Project)

 

 

 

 

 

 

4,250,000

 

2.700%, 12/01/37 AMT (Mandatory Put Date 8/14/23)

 

A1/A+/NR

 

4,467,940

 

 

 

 

 

 

 

 

 

 

 

 

 

Maricopa Co. Industrial Development Authority, (Waste Management Inc. Project)

 

 

 

 

 

 

1,500,000

 

3.375%, 12/01/31 AMT (Mandatory Put Date 6/03/24)

 

NR/A-/NR

 

1,528,410

 

 

 

 

 

 

 

 

 

 

 

 

 

Yavapai Co. Industrial Development Authority, (Waste Management Inc. Project)

 

 

 

 

 

 

1,500,000

 

2.800%, 06/01/27 AMT (Mandatory Put Date 06/01/21)

 

NR/A-/NR

 

1,519,410

 

 

520,000

 

2.200%, 03/01/28 AMT (Mandatory Put Date 06/03/24)

 

NR/A-/NR

 

534,004

 

 

 

 

Total Resource Recovery

 

 

 

8,049,764

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Living Facilities (2.3%)

 

 

 

 

 

 

 

 

Arizona Industrial Development Authority, First Tier (Great Lakes Senior Living Communities)

 

 

 

 

 

 

480,000

 

4.250%, 01/01/40

 

NR/BB+/NR

 

412,910

 

 

 

 

 

 

 

 

 

 

 

 

 

Arizona Industrial Development Authority, Second Tier (Great Lakes Senior Living Communities)

 

 

 

 

 

 

620,000

 

5.000%, 01/01/28

 

NR/BB/NR

 

602,274

 

 

555,000

 

5.000%, 01/01/29

 

NR/BB/NR

 

535,997

 

 

1,205,000

 

5.000%, 01/01/30

 

NR/BB/NR

 

1,154,872

 

 

1,405,000

 

4.000%, 01/01/33

 

NR/BB/NR

 

1,184,598

 

 

 

 

 

 

 

 

 

 

 

 

 

Maricopa Co. Industrial Development Authority (Christian Care Retirement Apartments)

 

 

 

 

 

 

1,000,000

 

5.000%, 01/01/30

 

NR/A/NR

 

1,143,250

 

 

 

 

 

 

 

 

 

 

 

 

 

Pima Co. Industrial Development Authority (Christian Care Senior Living Facility)

 

 

 

 

 

 

1,000,000

 

5.000%, 12/15/32

 

NR/A-/NR

 

1,123,460

 

 

 

 

Total Senior Living Facilities

 

 

 

6,157,361

 

 

 

 

 

 

 

 

 

 

 

 

 

Transportation (0.2%)

 

 

 

 

 

 

 

 

Pima Co. Regional Transportation Authority Excise Tax

 

 

 

 

 

 

500,000

 

5.000%, 06/01/26

 

NR/AA+/AA

 

565,780

 

 

 

 

 

 

 

 

 

 

 

 

 

Utility (3.6%)

 

 

 

 

 

 

 

 

Greater Arizona Development Authority Revenue

 

 

 

 

 

 

500,000

 

5.000%, 08/01/28 AGMC Insured

 

A1/AA/NR

 

575,075

 

 

 

 

 

 

 

 

 

 

 

 

 

Mesa Utility System

 

 

 

 

 

 

1,500,000

 

4.000%, 07/01/32

 

Aa2/AA-/NR

 

1,720,365

 

 

2,100,000

 

5.000%, 07/01/35

 

Aa2/AA-/NR

 

2,186,352

 

 

 

 

 

 

 

 

 

 

 

 

 

Pinal Co. Electrical District No. 3, Electrical System Revenue

 

 

 

 

 

 

305,000

 

4.750%, 07/01/31

 

NR/A+/NR

 

315,806

 

 

 

 

 

 

 

 

 

 

 

 

 

Salt River Project Agricultural Improvement and Power Revenue

 

 

 

 

 

 

115,000

 

5.000%, 01/01/26

 

Aa1/AA+/NR

 

142,561

 

 

150,000

 

5.000%, 01/01/32

 

Aa1/AA+/NR

 

192,792

 

 

 

 

 

 

 

 

 

 

 

 

 

Salt Verde Finance Corp. Gas Revenue

 

 

 

 

 

 

3,000,000

 

5.250%, 12/01/28

 

A3/BBB+/NR

 

3,779,340

 

 


 


 

 

Surprise Utility System Senior Lien Obligations

 

 

 

 

 

 

470,000

 

5.000%, 07/01/33

 

NR/AA+/NR

 

603,466

 

 

 

 

Total Utility

 

 

 

9,515,757

 

 

 

 

 

 

 

 

 

 

 

 

 

Water/Sewer (3.2%)

 

 

 

 

 

 

 

 

Gilbert Water Resource Municipal Property Corp.

 

 

 

 

 

 

1,190,000

 

4.000%, 07/01/34

 

NR/AAA/AAA

 

1,348,068

 

 

 

 

 

 

 

 

 

 

 

 

 

Glendale Water & Sewer Revenue

 

 

 

 

 

 

500,000

 

5.000%, 07/01/28

 

A1/AA/NR

 

543,475

 

 

 

 

 

 

 

 

 

 

 

 

 

Lake Havasu City Wastewater System Revenue

 

 

 

 

 

 

1,000,000

 

5.000%, 07/01/43 AGMC Insured

 

A2/AA/NR

 

1,167,740

 

 

 

 

 

 

 

 

 

 

 

 

 

Phoenix Civic Improvement Corp. Wastewater Revenue

 

 

 

 

 

 

1,500,000

 

5.500%, 07/01/24 NPFG/FGIC Insured

 

Aa2/AAA/NR

 

1,799,265

 

 

 

 

 

 

 

 

 

 

 

 

 

Phoenix Civic Improvement Corp. Water System Revenue

 

 

 

 

 

 

1,100,000

 

5.000%, 07/01/38

 

Aa2/AAA/NR

 

1,324,301

 

 

 

 

 

 

 

 

 

 

 

 

 

Pima Co. Sewer Revenue System

 

 

 

 

 

 

1,335,000

 

5.000%, 07/01/26

 

NR/AA/AA-

 

1,453,601

 

 

865,000

 

5.000%, 07/01/27

 

NR/AA/AA-

 

941,120

 

 

 

 

Total Water/Sewer

 

 

 

8,577,570

 

 

 

 

Total Revenue Bonds

 

 

 

178,031,986

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-Refunded Bonds (4.3%)††

 

 

 

 

 

 

 

 

Pre-Refunded General Obligation Bonds (1.0%)

 

 

 

 

 

 

 

 

School District (1.0%)

 

 

 

 

 

 

 

 

Maricopa Co. Elementary School District No. 28 (Kyrene Elementary)

 

 

 

 

 

 

250,000

 

5.500%, 07/01/30

 

Aa1/AA/NR

 

288,760

 

 

 

 

 

 

 

 

 

 

 

 

 

Maricopa Co. Unified School District No. 48 (Scottsdale)

 

 

 

 

 

 

1,200,000

 

4.750%, 07/01/30

 

Aa1/AA/NR

 

1,253,868

 

 

 

 

 

 

 

 

 

 

 

 

 

Pima Co. Unified School District No. 8 (Flowing Wells)

 

 

 

 

 

 

1,000,000

 

5.375%, 07/01/29

 

NR/A+/NR

 

1,000,000

 

 

 

 

Total Pre-Refunded General Obligation Bonds

 

 

 

2,542,628

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-Refunded Revenue Bonds (3.3%)

 

 

 

 

 

 

 

 

Excise Tax (0.1%)

 

 

 

 

 

 

 

 

Mesa Excise Tax

 

 

 

 

 

 

250,000

 

5.000%, 07/01/32

 

Aa3/AA+/NR

 

273,275

 

 

 

 

 

 

 

 

 

 

 

 

 

Healthcare (1.4%)

 

 

 

 

 

 

 

 

Maricopa Co. Hospital Revenue (Sun Health)

 

 

 

 

 

 

1,125,000

 

5.000%, 04/01/25

 

NR/NR/NR*

 

1,240,358

 

 

2,125,000

 

5.000%, 04/01/35

 

NR/NR/NR*

 

2,485,591

 

 

 

 

Total Healthcare

 

 

 

3,725,949

 

 

 

 

 

 

 

 

 

 

 

 

 

Higher Education (0.8%)

 

 

 

 

 

 

 

 

Arizona Board of Regents (University of Arizona System)

 

 

 

 

 

 

460,000

 

5.000%, 06/01/31

 

Aa2/AA-/NR

 

499,749

 

 

 

 

 

 

 

 

 

 

 

 

 

Northern Arizona University Speed Stimulus Plan for Economic & Educational Development

 

 

 

 

 

 

1,445,000

 

5.000%, 08/01/38

 

A2/A/NR

 

1,648,297

 

 

 

 

Total Higher Education

 

 

 

2,148,046

 

 


 


 

 

Utility (0.1%)

 

 

 

 

 

 

 

 

Pinal Co. Electrical District No. 3, Electrical System Revenue Refunding

 

 

 

 

 

 

250,000

 

5.250%, 07/01/36

 

NR/A+/NR

 

262,338

 

 

 

 

 

 

 

 

 

 

 

 

 

Water/Sewer (0.9%)

 

 

 

 

 

 

 

 

Goodyear Water and Sewer Revenue

 

 

 

 

 

 

1,750,000

 

5.375%, 07/01/30

 

Aa3/A+/NR

 

1,750,000

 

 

635,000

 

5.250%, 07/01/31 AGMC Insured

 

Aa3/AA/NR

 

666,337

 

 

 

 

Total Water/Sewer

 

 

 

2,416,337

 

 

 

 

Total Pre-Refunded Revenue Bonds

 

 

 

8,825,945

 

 

 

 

Total Pre-Refunded Bonds

 

 

 

11,368,573

 

 

 

 

Total Municipal Bonds (cost $243,609,840)

 

 

 

260,403,170

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Short-Term Investment (0.7%)

 

 

 

 

 

 

1,920,330

 

Dreyfus Treasury Obligations Cash Management - Institutional Shares, 0.10%** (cost $1,920,330)

 

Aaa-mf/AAAm/NR

 

1,920,330

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments (cost $245,530,170-note b)

 

98.7%                    

 

262,323,500

 

 

 

 

Other assets less liabilities

 

1.3                       

 

3,444,638

 

 

 

 

Net Assets

 

100.0%                    

 

$

265,768,138

 

 



 

 

Portfolio Distribution By Quality Rating

 

Percent of
Investments†

 

 

 

 

 

 

Aaa of Moody’s or AAA of S&P or Fitch; MIG 1 of Moody’s or SP-1+ of S&P

 

8.4

%

 

 

 

 

 

 

Pre-refunded bonds††

 

4.4

 

 

 

 

 

 

 

Aa of Moody’s or AA of S&P or Fitch

 

58.3

 

 

 

 

 

 

 

A of Moody’s or S&P or Fitch

 

23.5

 

 

 

 

 

 

 

Baa of Moody’s or BBB of S&P or Fitch

 

3.6

 

 

 

 

 

 

 

BB+ of S&P

 

1.5

 

 

 

 

 

 

 

Not Rated*

 

0.3

 

 

 

 

 

 

 

 

 

100.0

%

 

 

 

 



PORTFOLIO ABBREVIATIONS

ACA - American Capital Assurance Financial Guaranty Corp.

AGMC - Assured Guaranty Municipal Corp.

AMT - Alternative Minimum Tax

BAMAC - Build America Mutual Assurance Co.

BHAC - Berkshire Hathaway Assurance Corp.

COP- Certificates of Participation

FGIC - Financial Guaranty Insurance Co.

MAC - Municipal Assurance Corp.   

NPFG - National Public Finance Guarantee

NR - Not Rated


 


*

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

 

 

**

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

 

 

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

 

 

††

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

 

 

†††

Security purchased on a delayed delivery or when-issued basis.


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.



See accompanying notes to financial statements.


 


AQUILA TAX-FREE TRUST OF ARIZONA

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 $245,111,880 amounted to $17,211,620, which consisted of aggregate gross unrealized appreciation of $18,008,034 and aggregate gross unrealized depreciation of $796,414.

 

 

(c)

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

 

$

1,920,330

Level 2 – Other Significant Observable Inputs- Municipal Bonds

 

 

260,403,170

Level 3 – Significant Unobservable Inputs

 

 

Total

 

$

262,323,500

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