AQUILA TAX-FREE TRUST OF OREGON
SCHEDULE OF INVESTMENTS
June 30, 2023
(unaudited)
| Amount | General Obligation Bonds (62.1%) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
| City & County (7.4%) | ||||||||
| Bend, Oregon | ||||||||
| $2,690,000 | 5.000%, 06/01/32 | NR/AA+/NR | $3,163,951 | |||||
| Benton County, Oregon Full Faith Credit Obligations | ||||||||
| 500,000 | 5.000%, 06/01/39 Series 2023 | Aa1/NR/NR | 567,860 | |||||
| Boardman, Oregon Green Bond | ||||||||
| 1,000,000 | 4.000%, 06/15/33 Series 2021 BAMAC Insured | NR/AA/NR | 1,051,120 | |||||
| Clackamas County, Oregon Refunding | ||||||||
| 1,135,000 | 4.000%, 06/01/24 | Aaa/NR/NR | 1,135,443 | |||||
| Clackamas County, Oregon (Tax-Exempt) | ||||||||
| 1,485,000 | 5.000%, 06/01/25 Series 2016B | Aaa/NR/NR | 1,539,113 | |||||
| Clatsop County, Oregon | ||||||||
| 1,000,000 | 5.000%, 06/15/32 | Aa2/NR/NR | 1,125,600 | |||||
| Deschutes, Oregon Public Library District | ||||||||
| 1,000,000 | 4.000%, 06/01/31 Series 2021 | Aa2/NR/NR | 1,088,860 | |||||
| Lake Oswego, Oregon Refunding | ||||||||
| 3,140,000 | 4.000%, 12/01/30 | Aaa/AAA/NR | 3,297,126 | |||||
| Lebanon, Oregon Refunding | ||||||||
| 1,050,000 | 5.000%, 06/01/24 | A1/NR/NR | 1,051,512 | |||||
| 1,165,000 | 5.000%, 06/01/25 | A1/NR/NR | 1,201,325 | |||||
| McMinnville, Oregon Refunding | ||||||||
| 2,075,000 | 5.000%, 02/01/27 | Aa3/NR/NR | 2,131,212 | |||||
| Multnomah County, Oregon | ||||||||
| 3,000,000 | 5.000%, 06/01/30 | Aaa/AAA/NR | 3,241,020 | |||||
| Portland, Oregon Limited Tax, Build Portland & Fuel Stations Projects | ||||||||
| 1,210,000 | 5.000%, 04/01/36 2017 Series 2022D | Aaa/NR/NR | 1,401,289 | |||||
| Portland, Oregon Limited Tax, Sellwood Bridge & Archive Space Projects | ||||||||
| 1,640,000 | 4.000%, 04/01/29 2017 Series A | Aaa/NR/NR | 1,707,765 | |||||
| 1,710,000 | 4.000%, 04/01/30 2017 Series A | Aaa/NR/NR | 1,781,666 | |||||
| 1,775,000 | 4.000%, 04/01/31 2017 Series A | Aaa/NR/NR | 1,849,852 | |||||
| Portland, Oregon Public Safety | ||||||||
| 1,345,000 | 5.000%, 06/15/25 Series A | Aaa/NR/NR | 1,395,585 | |||||
| Redmond, Oregon Full Faith and Credit Bonds | ||||||||
| $1,140,000 | 5.000%, 06/01/34 Series B-1 | Aa2/NR/NR | $1,270,473 | |||||
| Salem, Oregon | ||||||||
| 3,000,000 | 5.000%, 06/01/38 Series 2023B | Aa2/NR/NR | 3,423,450 | |||||
| Tualatin, Oregon | ||||||||
| 750,000 | 5.000%, 06/15/39 Series 2023 | Aa1/NR/NR | 852,135 | |||||
| Total City & County | 34,276,357 | |||||||
| Community College (4.9%) | ||||||||
| Blue Mountain Community College District Umatilla, Oregon Morrow and Baker Counties Oregon (Umatilla and Morrow Counties Service Area) | ||||||||
| 970,000 | 4.000%, 06/15/27 Series 2015 | NR/AA+/NR | 987,673 | |||||
| Chemeketa, Oregon Community College District | ||||||||
| 2,000,000 | 5.000%, 06/15/25 | NR/AA+/NR | 2,030,320 | |||||
| Clackamas, Oregon Community College District | ||||||||
| 1,405,000 | 5.000%, 06/15/27 Series A | Aa1/AA+/NR | 1,455,945 | |||||
| Columbia Gorge, Oregon Community College District, Refunding | ||||||||
| 1,000,000 | 4.000%, 06/15/24 | Aa1/NR/NR | 1,000,400 | |||||
| Lane, Oregon Community College | ||||||||
| 1,840,000 | 5.000%, 06/15/24 | NR/AA+/NR | 1,841,546 | |||||
| 1,735,000 | 4.000%, 06/15/32 Series 2020A | Aa1/NR/NR | 1,860,041 | |||||
| 1,070,000 | 4.000%, 06/15/34 Series 2020 A | Aa1/NR/NR | 1,141,358 | |||||
| Linn Benton, Oregon Community College | ||||||||
| 1,520,000 | 5.000%, 06/01/27 | NR/AA+/NR | 1,573,094 | |||||
| Mount Hood, Oregon Community College District Refunding | ||||||||
| 1,865,000 | 5.000%, 06/01/27 | Aa2/NR/NR | 1,971,585 | |||||
| 1,000,000 | 5.000%, 06/01/29 | Aa2/NR/NR | 1,055,730 | |||||
| Oregon Coast Community College District State | ||||||||
| 1,770,000 | 5.000%, 06/15/25 | Aa1/NR/NR | 1,771,239 | |||||
| Portland, Oregon Community College District | ||||||||
| 1,250,000 | 5.000%, 06/15/38 Series 2023 | NR/AA+/NR | 1,431,588 | |||||
| Rogue, Oregon Community College District | ||||||||
| 1,375,000 | 4.000%, 06/15/29 Series B | Aa1/NR/NR | 1,417,598 | |||||
| Tillamook Bay, Oregon Community College District | ||||||||
| 1,290,000 | 5.000%, 06/15/35 Series 2023B | NR/AA+/NR | 1,500,244 | |||||
| 1,450,000 | 5.000%, 06/15/36 Series 2023B | NR/AA+/NR | 1,669,197 | |||||
| Total Community College | 22,707,558 | |||||||
| School District (33.8%) | ||||||||
| Benton & Linn Counties, Oregon School District #509J (Corvallis) | ||||||||
| $2,000,000 | 5.000%, 06/15/31 Series B | Aa1/AA+/NR | $2,208,420 | |||||
| 1,615,000 | 5.000%, 06/15/32 Series B | Aa1/AA+/NR | 1,782,007 | |||||
| Clackamas County, Oregon School District #7J (Lake Oswego) | ||||||||
| 1,400,000 | 4.000%, 06/01/33 | Aa2/AA+/NR | 1,444,436 | |||||
| Clackamas County, Oregon School District #12 (North Clackamas) | ||||||||
| 3,205,000 | 5.000%, 06/15/30 | Aa1/AA+/NR | 3,463,099 | |||||
| 4,725,000 | 5.000%, 06/15/31 | Aa1/AA+/NR | 5,100,023 | |||||
| 1,100,000 | 5.000%, 06/15/32 | Aa1/NR/NR | 1,213,751 | |||||
| 1,000,000 | 5.000%, 06/15/35 | Aa1/NR/NR | 1,094,420 | |||||
| 2,160,000 | 5.000%, 06/15/29 Series B | Aa1/AA+/NR | 2,335,630 | |||||
| 3,000,000 | 5.000%, 06/15/34 Series B | Aa1/AA+/NR | 3,208,020 | |||||
| Clackamas County, Oregon School District #62 (Oregon City) | ||||||||
| 1,310,000 | 5.000%, 06/15/31 Series B | Aa1/AA+/NR | 1,449,712 | |||||
| Clackamas & Washington Counties, Oregon School District No. 3JT (West Linn-Wilsonville) | ||||||||
| 3,500,000 | 5.000%, 06/15/26 | Aa1/AA+/NR | 3,626,910 | |||||
| 5,500,000 | 5.000%, 06/15/27 | Aa1/AA+/NR | 5,696,295 | |||||
| 1,115,000 | 5.000%, 06/15/28 | Aa1/AA+/NR | 1,155,006 | |||||
| 1,000,000 | 5.000%, 06/15/34 | Aa1/NR/NR | 1,172,020 | |||||
| Clatsop County, Oregon School District #1C (Astoria) | ||||||||
| 1,080,000 | 5.000%, 06/15/31 Series B | Aa1/NR/NR | 1,216,696 | |||||
| 1,215,000 | 5.000%, 06/15/32 Series B | Aa1/NR/NR | 1,364,056 | |||||
| Clatsop County, Oregon School District #10 (Seaside) | ||||||||
| 1,000,000 | 5.000%, 06/15/29 Series B | Aa1/AA+/NR | 1,080,530 | |||||
| Clatsop County, Oregon School District #30 (Warrenton-Hammond) | ||||||||
| 1,590,000 | 5.000%, 06/15/31 Series B | Aa1/NR/NR | 1,781,961 | |||||
| 1,145,000 | 5.000%, 06/15/32 Series B | Aa1/NR/NR | 1,282,137 | |||||
| 1,115,000 | 5.000%, 06/15/34 Series B | Aa1/NR/NR | 1,244,485 | |||||
| Columbia County, Oregon School District #502 (St. Helens) | ||||||||
| 1,000,000 | 5.000%, 06/15/34 | Aa1/NR/NR | 1,072,030 | |||||
| Coos County, Oregon School District #9 (Coos Bay) | ||||||||
| 1,035,000 | 5.000%, 06/15/32 | NR/AA+/NR | 1,144,544 | |||||
| Deschutes County, Oregon Administrative School District #1 (Bend - La Pine) | ||||||||
| 3,000,000 | 4.000%, 06/15/30 | Aa1/AA+/NR | 3,135,000 | |||||
| 1,470,000 | 4.000%, 06/15/32 | Aa1/NR/NR | 1,553,011 | |||||
| 1,540,000 | 5.000%, 06/15/37 | Aa1/NR/NR | 1,776,036 | |||||
| Greater Albany School District, Oregon #8J (Linn & Benton Counties) | ||||||||
| 1,000,000 | 5.000%, 06/15/30 Series 2017 | Aa1/AA+/NR | 1,080,150 | |||||
| Hood River County, Oregon School District | ||||||||
| $2,260,000 | 4.000%, 06/15/30 | NR/AA+/NR | $2,330,467 | |||||
| 2,400,000 | 4.000%, 06/15/31 | NR/AA+/NR | 2,474,496 | |||||
| Jackson County, Oregon School District #5 (Ashland) | ||||||||
| 1,000,000 | 5.000%, 06/15/34 | Aa1/AA+/NR | 1,113,240 | |||||
| 1,620,000 | 5.000%, 06/15/33 Series 2019 | Aa1/AA+/NR | 1,807,807 | |||||
| Jackson County, Oregon School District #6 (Central Point) | ||||||||
| 2,665,000 | 5.000%, 06/15/31 | Aa1/NR/NR | 3,002,309 | |||||
| Jackson County, Oregon School District #549C (Medford) | ||||||||
| 570,000 | 4.000%, 12/15/34 Series 2021 | Aa3/NR/NR | 606,474 | |||||
| Lane County, Oregon School District #4J (Eugene) Refunding | ||||||||
| 3,300,000 | 5.000%, 06/15/33 | Aa1/NR/NR | 3,895,221 | |||||
| 1,105,000 | 4.000%, 06/15/35 | Aa1/NR/NR | 1,155,333 | |||||
| Lane County, Oregon School District #19 (Springfield) | ||||||||
| 1,000,000 | 5.000%, 06/15/25 | Aa1/AA+/NR | 1,036,260 | |||||
| Lane & Douglas Counties, Oregon School District #45J3 | ||||||||
| 2,665,000 | 4.000%, 06/15/27 Series B | Aa1/NR/NR | 2,745,803 | |||||
| Lincoln County, Oregon School District | ||||||||
| 2,370,000 | 4.000%, 06/15/24 Series A | Aa1/NR/NR | 2,370,901 | |||||
| Linn & Marion Counties, Oregon School District #129J (Santiam Canyon) | ||||||||
| 750,000 | 5.000%, 06/15/34 | NR/AA+/NR | 840,585 | |||||
| Marion & Linn Counties, Oregon School District #29J (North Santiam) | ||||||||
| 1,160,000 | 5.000%, 06/15/32 Series 2023 | NR/AA+/NR | 1,331,854 | |||||
| Marion & Polk Counties, Oregon School District #24J (Salem-Keizer) | ||||||||
| 5,000,000 | 5.000%, 06/15/30 | Aa1/AA+/NR | 5,495,550 | |||||
| 5,525,000 | 5.000%, 06/15/31 | Aa1/AA+/NR | 6,073,909 | |||||
| 1,135,000 | 5.000%, 06/15/32 Series 2020B | Aa1/AA+/NR | 1,299,382 | |||||
| 7,600,000 | 5.000%, 06/15/33 Series 2020B | Aa1/AA+/NR | 8,692,348 | |||||
| 1,000,000 | 5.000%, 06/15/34 Series 2020B | Aa1/AA+/NR | 1,141,250 | |||||
| 2,000,000 | 5.000%, 06/15/35 Series 2020B | Aa1/AA+/NR | 2,257,840 | |||||
| Multnomah County, Oregon School District #1J (Portland) | ||||||||
| 2,970,000 | 5.000%, 06/15/26 Series B | Aa1/AA+/NR | 3,080,543 | |||||
| Multnomah County, Oregon School District #7 (Reynolds) | ||||||||
| 5,680,000 | 5.000%, 06/15/26 Series A | Aa1/NR/NR | 5,885,957 | |||||
| 1,500,000 | 5.000%, 06/15/27 Series A | Aa1/NR/NR | 1,554,390 | |||||
| 1,825,000 | 5.000%, 06/15/28 Series A | Aa1/NR/NR | 1,890,828 | |||||
| Multnomah and Clackamas Counties, Oregon School District #10 (Gresham-Barlow) | ||||||||
| 1,535,000 | 5.000%, 06/15/29 | Aa1/NR/NR | 1,727,289 | |||||
| 1,175,000 | 5.000%, 06/15/31 | Aa1/AA+/NR | 1,262,350 | |||||
| 2,500,000 | 5.000%, 06/15/29 Series B | Aa1/AA+/NR | 2,691,650 | |||||
| Polk, Marion & Benton Counties, Oregon School District #13J (Central) | ||||||||
| $1,515,000 | 4.000%, 02/01/28 | NR/AA+/NR | $1,536,089 | |||||
| Tillamook & Yamhill Counties, Oregon School District #101 (Nestucca Valley) | ||||||||
| 1,275,000 | 5.000%, 06/15/31 | NR/AA+/NR | 1,410,354 | |||||
| Umatilla County, Oregon School District #6R (Umatilla) | ||||||||
| 1,260,000 | 5.000%, 06/15/36 Series 2023A | NR/AA+/NR | 1,462,117 | |||||
| 750,000 | 5.000%, 06/15/38 Series 2023A | NR/AA+/NR | 856,223 | |||||
| Umatilla County, Oregon School District #8 (Hermiston) | ||||||||
| 2,750,000 | 5.000%, 06/15/30 | NR/AA+/NR | 3,156,065 | |||||
| Washington County, Oregon School District #15 (Forest Grove) | ||||||||
| 625,000 | 5.000%, 06/15/37 Series 2023 | NR/AA+/NR | 717,919 | |||||
| Washington County, Oregon School District #48J (Beaverton) | ||||||||
| 1,500,000 | 5.000%, 06/15/27 Series C | Aa1/AA+/NR | 1,622,550 | |||||
| 2,400,000 | 5.000%, 06/15/35 Series C | Aa1/AA+/NR | 2,568,264 | |||||
| Washington & Clackamas Counties, Oregon School District #23J (Tigard) | ||||||||
| 2,405,000 | 5.000%, 06/15/30 | Aa1/AA+/NR | 2,599,613 | |||||
| 1,000,000 | 5.000%, 06/15/31 Series A | Aa1/AA+/NR | 1,126,570 | |||||
| 1,000,000 | 5.000%, 06/15/32 Series A | Aa1/AA+/NR | 1,125,600 | |||||
| Washington, Clackamas & Yamhill Counties, Oregon School District #88J | ||||||||
| 2,785,000 | 5.000%, 06/15/29 Series B | Aa1/AA+/NR | 2,995,268 | |||||
| 2,000,000 | 5.000%, 06/15/29 Series B | Aa1/AA+/NR | 2,206,260 | |||||
| Washington, Multnomah & Yamhill Counties, Oregon School District #1J (Hillsboro) | ||||||||
| 3,105,000 | 5.000%, 06/15/30 | Aa1/NR/NR | 3,347,842 | |||||
| 2,110,000 | 5.000%, 06/15/31 | Aa1/NR/NR | 2,272,576 | |||||
| 2,000,000 | 5.000%, 06/15/34 Series 2017 | Aa1/NR/NR | 2,146,380 | |||||
| Yamhill County, Oregon School District #8 (Dayton) | ||||||||
| 1,045,000 | 5.000%, 06/15/32 | NR/AA+/NR | 1,170,160 | |||||
| 1,080,000 | 5.000%, 06/15/33 | NR/AA+/NR | 1,208,336 | |||||
| 900,000 | 5.000%, 06/15/34 | NR/AA+/NR | 1,006,083 | |||||
| Yamhill County, Oregon School District #40 (McMinnville) | ||||||||
| 1,000,000 | 4.000%, 06/15/29 | Aa1/AA+/NR | 1,027,840 | |||||
| 1,000,000 | 4.000%, 06/15/30 | Aa1/AA+/NR | 1,025,490 | |||||
| Total School District | 157,032,020 | |||||||
| Special District (5.5%) | ||||||||
| Bend, Oregon Metropolitan Park & Recreational District | ||||||||
| 1,430,000 | 4.000%, 06/01/27 | Aa2/NR/NR | 1,430,672 | |||||
| Clackamas County, Oregon Fire District No. 1 | ||||||||
| 1,020,000 | 4.000%, 06/01/30 | NR/AA/NR | 1,064,982 | |||||
| 2,705,000 | 4.000%, 06/01/31 | NR/AA/NR | 2,819,963 |
| Corbett Fire District No. 14, Multnomah County, Oregon | ||||||||
| $400,000 | 5.000%, 06/15/39 Series 2023 AGMC Insured | NR/AA/NR | $433,064 | |||||
| Lebanon, Oregon Fire Protection District, Linn County | ||||||||
| 560,000 | 5.000%, 06/15/40 Series 2023 BAMAC Insured | NR/AA/NR | 606,172 | |||||
| Metro, Oregon | ||||||||
| 1,305,000 | 4.000%, 06/01/26 Series 2012 A | Aaa/AAA/NR | 1,305,444 | |||||
| 2,390,000 | 4.000%, 06/01/33 Series 2020 A | Aaa/AAA/NR | 2,551,229 | |||||
| 1,400,000 | 4.000%, 06/01/34 Series 2020 A | Aaa/AAA/NR | 1,489,474 | |||||
| Pacific Communities Health District, Oregon | ||||||||
| 1,220,000 | 5.000%, 06/01/29 | A1/NR/NR | 1,272,411 | |||||
| 2,060,000 | 5.000%, 06/01/30 | A1/NR/NR | 2,146,767 | |||||
| 1,000,000 | 5.000%, 06/01/31 | A1/NR/NR | 1,039,590 | |||||
| 1,200,000 | 5.000%, 06/01/32 | A1/NR/NR | 1,247,172 | |||||
| Redmond Area Park & Recreational District, Oregon | ||||||||
| 550,000 | 5.000%, 06/15/38 Series 2023 | NR/AA-/NR | 623,409 | |||||
| Tualatin Hills, Oregon Park & Recreational District | ||||||||
| 4,725,000 | 5.000%, 06/01/24 | Aa1/NR/NR | 4,800,695 | |||||
| 2,775,000 | 5.000%, 06/01/26 | Aa1/NR/NR | 2,873,513 | |||||
| Total Special District | 25,704,557 | |||||||
| State (9.1%) | ||||||||
| State of Oregon | ||||||||
| 750,000 | 5.000%, 05/01/25 Series A | Aa1/AA+/AA+ | 762,233 | |||||
| 2,000,000 | 5.000%, 05/01/33 Series 2022A | Aa1/AA+/AA+ | 2,361,860 | |||||
| State of Oregon Article XI-G Higher Education | ||||||||
| 500,000 | 5.000%, 08/01/25 Series O | Aa1/AA+/AA+ | 520,455 | |||||
| State of Oregon Article XI-M Seismic Projects | ||||||||
| 1,000,000 | 5.000%, 06/01/30 | Aa1/AA+/AA+ | 1,058,010 | |||||
| State of Oregon Article XI-M, XI-N and XI-P State Grant Programs | ||||||||
| 1,000,000 | 5.000%, 06/01/37 Series 2023D | Aa1/AA+/AA+ | 1,157,830 | |||||
| State of Oregon Article XI-Q State Projects | ||||||||
| 2,140,000 | 5.000%, 11/01/28 | Aa1/AA+/AA+ | 2,263,585 | |||||
| 1,000,000 | 5.000%, 11/01/30 | Aa1/AA+/AA+ | 1,056,630 | |||||
| 2,000,000 | 5.000%, 11/01/31 | Aa1/AA+/AA+ | 2,112,720 | |||||
| 1,800,000 | 5.000%, 05/01/25 Series A | Aa1/AA+/AA+ | 1,864,224 | |||||
| 2,920,000 | 5.000%, 05/01/31 Series A | Aa1/AA+/AA+ | 3,282,401 | |||||
| 4,000,000 | 5.000%, 05/01/32 Series A | Aa1/AA+/AA+ | 4,493,280 | |||||
| 1,195,000 | 5.000%, 05/01/28 Series D | Aa1/AA+/AA+ | 1,262,673 | |||||
| 1,255,000 | 5.000%, 05/01/29 Series D | Aa1/AA+/AA+ | 1,328,530 | |||||
| 1,000,000 | 5.000%, 05/01/30 Series D | Aa1/AA+/AA+ | 1,056,360 | |||||
| 2,300,000 | 5.000%, 05/01/28 Series F | Aa1/AA+/AA+ | 2,376,268 | |||||
| State of Oregon Higher Education | ||||||||
| 1,000,000 | 5.000%, 08/01/28 Series A | Aa1/AA+/AA+ | 1,038,860 | |||||
| 1,390,000 | 5.000%, 08/01/31 Series G | Aa1/AA+/AA+ | 1,569,296 | |||||
| 1,920,000 | 5.000%, 08/01/32 Series G | Aa1/AA+/AA+ | 2,165,683 | |||||
| 3,000,000 | 5.000%, 08/01/33 Series G | Aa1/AA+/AA+ | 3,380,490 | |||||
| 1,900,000 | 5.000%, 08/01/34 Series G | Aa1/AA+/AA+ | 2,134,840 | |||||
| 1,250,000 | 5.000%, 08/01/30 Series L | Aa1/AA+/AA+ | 1,352,838 | |||||
| 1,300,000 | 5.000%, 08/01/32 Series L | Aa1/AA+/AA+ | 1,406,431 |
| State of Oregon Veteran's Welfare | ||||||||
| $ 450,000 | 1.950%, 06/01/31 Series 2020 I | Aa1/AA+/AA+ | $ 395,523 | |||||
| 2,000,000 | 2.150%, 12/01/34 Series 2020 I | Aa1/AA+/AA+ | 1,690,840 | |||||
| Total State | 42,091,860 | |||||||
| Transportation (1.4%) | ||||||||
| Oregon State Department Transportation Highway Usertax (Senior Lien) | ||||||||
| 5,000,000 | 5.000%, 11/15/29 Series B | Aa1/AAA/AA+ | 5,400,050 | |||||
| State of Oregon ODOT Projects | ||||||||
| 1,020,000 | 5.000%, 11/15/30 Series M | Aa1/AA+/AA+ | 1,100,060 | |||||
| Total Transportation | 6,500,110 | |||||||
| Total General Obligation Bonds | 288,312,462 | |||||||
| Revenue Bonds (27.1%) | ||||||||
| City & County (0.1%) | ||||||||
| Beaverton, Oregon Special Revenue Bonds | ||||||||
| 200,000 | 5.000%, 06/01/32 Series 2020A | Aa3/NR/NR | 228,150 | |||||
| 400,000 | 5.000%, 06/01/34 Series 2020A | Aa3/NR/NR | 455,456 | |||||
| Total City & County | 683,606 | |||||||
| Education (0.3%) | ||||||||
| Northwest Regional Education Service District, Oregon Full Faith and Credit Obligations | ||||||||
| 500,000 | 5.000%, 06/01/34 Series 2023 | A1/NR/NR | 564,580 | |||||
| 600,000 | 5.000%, 06/01/37 Series 2023 | A1/NR/NR | 660,312 | |||||
| Total Education | 1,224,892 | |||||||
| Electric (2.3%) | ||||||||
| Eugene, Oregon Electric Utility Refunding System | ||||||||
| 2,875,000 | 5.000%, 08/01/29 Series A | Aa2/AA-/AA- | 3,036,431 | |||||
| 4,030,000 | 5.000%, 08/01/30 Series A | Aa2/AA-/AA- | 4,244,154 | |||||
| Warm Springs Reservation, Oregon Confederated Tribes, Hydroelectric Revenue, Tribal Economic Development, Pelton Round Butte Project (Green Bonds) | ||||||||
| 1,000,000 | 5.000%, 11/01/32 Series 2019B 144A | A3/NR/NR | 1,101,880 | |||||
| 1,000,000 | 5.000%, 11/01/33 Series 2019B 144A | A3/NR/NR | 1,100,380 | |||||
| 1,000,000 | 5.000%, 11/01/34 Series 2019B 144A | A3/NR/NR | 1,100,160 | |||||
| Total Electric | 10,583,005 | |||||||
| Healthcare (3.4%) | ||||||||
| Oregon Health Sciences University | ||||||||
| $500,000 | 5.000%, 07/01/30 Series A | Aa3/AA-/AA- | $559,925 | |||||
| 250,000 | 5.000%, 07/01/31 Series A | Aa3/AA-/AA- | 280,035 | |||||
| 1,250,000 | 5.000%, 07/01/28 Series B | Aa3/AA-/AA- | 1,312,888 | |||||
| 1,000,000 | 5.000%, 07/01/33 Series B | Aa3/AA-/AA- | 1,052,640 | |||||
| Oregon Health Sciences University (Green Bonds) | ||||||||
| 1,000,000 | 5.000%, 07/01/34 Series 2021A | Aa3/AA-/AA- | 1,156,740 | |||||
| 1,000,000 | 5.000%, 07/01/35 Series 2021A | Aa3/AA-/AA- | 1,145,720 | |||||
| Oregon Health Sciences University | ||||||||
| 5,500,000 | 5.000%, 07/01/46 Series 2021B-2 (Mandatory Put Date 02/01/32) | Aa3/AA-/AA- | 6,236,230 | |||||
| Oregon State Facilities Authority (Legacy Health Project) | ||||||||
| 2,255,000 | 5.000%, 06/01/30 Series 2022B | A1/A+/NR | 2,480,026 | |||||
| Union County, Oregon Hospital Facility Authority (Grande Ronde Hospital Project) | ||||||||
| 135,000 | 5.000%, 07/01/28 Series 2022 | NR/BBB/BBB- | 141,668 | |||||
| 175,000 | 5.000%, 07/01/29 Series 2022 | NR/BBB/BBB- | 185,078 | |||||
| 200,000 | 5.000%, 07/01/30 Series 2022 | NR/BBB/BBB- | 213,136 | |||||
| 325,000 | 5.000%, 07/01/31 Series 2022 | NR/BBB/BBB- | 346,993 | |||||
| 500,000 | 5.000%, 07/01/32 Series 2022 | NR/BBB/BBB- | 535,905 | |||||
| Total Healthcare | 15,646,984 | |||||||
| Housing (0.3%) | ||||||||
| Clackamas County, Oregon Housing Authority Multifamily Housing Revenue (Easton Ridge Apartments Project) | ||||||||
| 1,310,000 | 4.000%, 09/01/27 Series A | Aa2/NR/NR | 1,310,354 | |||||
| Lottery (4.5%) | ||||||||
| Oregon State Department of Administration Services (Lottery Revenue) | ||||||||
| 2,000,000 | 5.000%, 04/01/32 Series A | Aa2/AAA/NR | 2,237,880 | |||||
| 1,000,000 | 5.000%, 04/01/33 Series A | Aa2/AAA/NR | 1,118,010 | |||||
| 1,500,000 | 5.000%, 04/01/35 Series A | Aa2/AAA/NR | 1,743,075 | |||||
| 1,000,000 | 5.000%, 04/01/25 Series B | Aa2/AAA/NR | 1,013,530 | |||||
| 4,000,000 | 5.000%, 04/01/30 Series C | Aa2/AAA/NR | 4,296,280 | |||||
| 5,000,000 | 5.000%, 04/01/26 Series D | Aa2/AAA/NR | 5,161,350 | |||||
| 4,000,000 | 5.000%, 04/01/28 Series D | Aa2/AAA/NR | 4,129,760 | |||||
| 1,000,000 | 5.000%, 04/01/29 Series D | Aa2/AAA/NR | 1,032,440 | |||||
| Total Lottery | 20,732,325 | |||||||
| Sales Tax (0.2%) | ||||||||
| Metro, Oregon Dedicated Tax Revenue (Oregon Convention Center Hotel) | ||||||||
| 750,000 | 5.000%, 06/15/31 | Aa3/NR/NR | 800,288 | |||||
| Transportation (4.5%) | ||||||||
| Oregon State Department Transportation Highway Usertax (Subordinate Lien) | ||||||||
| $2,250,000 | 5.000%, 11/15/35 Series 2020A | Aa2/AA+/AA+ | $2,555,123 | |||||
| 2,385,000 | 5.000%, 11/15/39 Series 2023A | Aa2/AA+/AA+ | 2,713,868 | |||||
| Port Portland, Oregon Airport Revenue Refunding, Portland International Airport Series Twenty Three | ||||||||
| 2,525,000 | 5.000%, 07/01/26 | NR/AA-/NR | 2,620,748 | |||||
| 1,000,000 | 5.000%, 07/01/28 | NR/AA-/NR | 1,038,120 | |||||
| 2,390,000 | 5.000%, 07/01/29 | NR/AA-/NR | 2,481,513 | |||||
| Tri-County Metropolitan Transportation District, Oregon Capital Grant Receipt | ||||||||
| 1,100,000 | 5.000%, 10/01/27 Series A | A3/A/NR | 1,188,187 | |||||
| 2,000,000 | 5.000%, 10/01/30 Series A | A3/A/NR | 2,172,120 | |||||
| 3,000,000 | 5.000%, 10/01/31 Series 2018A | A3/A/NR | 3,251,160 | |||||
| Tri-County Metropolitan Transportation District, Oregon (Senior Lien Payroll Tax) | ||||||||
| 1,000,000 | 5.000%, 09/01/25 Series A | Aaa/AAA/NR | 1,042,100 | |||||
| 1,890,000 | 5.000%, 09/01/28 Series A | Aaa/AAA/NR | 2,008,824 | |||||
| Total Transportation | 21,071,763 | |||||||
| Water and Sewer (11.5%) | ||||||||
| Beaverton, Oregon Water Revenue | ||||||||
| 1,000,000 | 5.000%, 04/01/32 Series 2020 | NR/AA+/NR | 1,141,140 | |||||
| Clackamas County, Oregon Service District No. 1 | ||||||||
| 2,240,000 | 5.000%, 12/01/26 | NR/AAA/NR | 2,397,651 | |||||
| Clean Water Services, Oregon Refunding (Senior Lien) | ||||||||
| 750,000 | 5.000%, 10/01/27 | Aa1/AAA/NR | 818,250 | |||||
| Eugene, Oregon Water Utility System | ||||||||
| 115,000 | 5.000%, 08/01/28 | Aa2/AA/AA+ | 121,630 | |||||
| 450,000 | 5.000%, 08/01/29 | Aa2/AA/AA+ | 475,268 | |||||
| Grants Pass, Oregon | ||||||||
| 345,000 | 4.000%, 12/01/23 | NR/AA/NR | 345,128 | |||||
| Hillsboro, Oregon Water System | ||||||||
| 1,630,000 | 5.000%, 06/01/31 | Aa2/NR/NR | 1,838,819 | |||||
| 1,710,000 | 5.000%, 06/01/32 | Aa2/NR/NR | 1,923,528 | |||||
| Portland, Oregon Sewer System (First Lien) | ||||||||
| 3,500,000 | 5.000%, 06/01/28 Series A | Aa1/AA+/NR | 3,621,625 | |||||
| Portland, Oregon Sewer System (Second Lien) | ||||||||
| 5,405,000 | 4.500%, 05/01/31 Series A | Aa2/AA/NR | 5,599,094 | |||||
| 6,355,000 | 5.000%, 03/01/32 Series A | Aa2/AA/NR | 7,181,086 | |||||
| 2,000,000 | 5.000%, 10/01/25 Series B | Aa2/AA/NR | 2,044,540 | |||||
| 2,000,000 | 5.000%, 06/01/26 Series B | Aa2/AA/NR | 2,070,620 | |||||
| 2,000,000 | 5.000%, 06/01/27 Series B | Aa2/AA/NR | 2,071,000 | |||||
| 5,000,000 | 4.000%, 03/01/34 Series 2020A | Aa2/AA/NR | 5,309,300 | |||||
| Portland, Oregon Water System (First Lien) | ||||||||
| $3,230,000 | 5.000%, 05/01/27 Series A | Aa1/NR/NR | $3,278,030 | |||||
| 1,000,000 | 4.000%, 04/01/35 Series 2022A | Aa1/AA+/NR | 1,059,880 | |||||
| Portland, Oregon Water System (Second Lien) | ||||||||
| 2,590,000 | 5.000%, 05/01/31 Series A | Aa2/NR/NR | 2,936,801 | |||||
| 2,000,000 | 5.000%, 05/01/32 Series A | Aa2/NR/NR | 2,266,080 | |||||
| 2,000,000 | 5.000%, 05/01/33 Series A | Aa2/NR/NR | 2,264,040 | |||||
| 2,230,000 | 5.000%, 05/01/35 Series 2019A | Aa2/NR/NR | 2,502,974 | |||||
| Portland, Oregon Water System Revenue Refunding (Junior Lien) | ||||||||
| 2,000,000 | 5.000%, 10/01/23 | Aa2/NR/NR | 2,001,660 | |||||
| Total Water and Sewer | 53,268,144 | |||||||
| Total Revenue Bonds | 125,321,361 | |||||||
| Pre-Refunded\ Escrowed to Maturity Bonds (7.9%)†† | ||||||||
| Pre-Refunded General Obligation Bonds (3.7%) | ||||||||
| Higher Education (0.6%) | ||||||||
| Oregon State Higher Education | ||||||||
| 1,795,000 | 5.000%, 08/01/27 Series C | Aa1/AA+/AA+ | 1,831,618 | |||||
| Oregon State, Oregon University System | ||||||||
| 1,090,000 | 5.000%, 08/01/25 Series N | Aa1/AA+/AA+ | 1,091,384 | |||||
| Total Higher Education | 2,923,002 | |||||||
| School District (1.8%) | ||||||||
| Clackamas County, Oregon School District #62 (Oregon City) | ||||||||
| 440,000 | 5.000%, 06/01/29 AGMC Insured | NR/AA/NR | 447,128 | |||||
| 560,000 | 5.000%, 06/01/29 AGMC Insured | A1/AA/NR | 569,072 | |||||
| Lane County, Oregon School District #4J (Eugene) Refunding | ||||||||
| 2,000,000 | 5.000%, 06/15/26 | Aa1/NR/NR | 2,033,800 | |||||
| Marion County, Oregon School District #103 (Woodburn) | ||||||||
| 2,260,000 | 5.000%, 06/15/28 | Aa1/NR/NR | 2,344,863 | |||||
| Union County, Oregon School District #1 (La Grande) | ||||||||
| 1,000,000 | 5.000%, 06/15/27 | Aa1/NR/NR | 1,037,550 | |||||
| Washington County, Oregon School District #48J (Beaverton) | ||||||||
| 1,845,000 | 5.000%, 06/15/29 Series 2014B | Aa1/AA+/NR | 1,877,048 | |||||
| Total School District | 8,309,461 | |||||||
| Special District (0.6%) | ||||||||
| Metro, Oregon | ||||||||
| 2,695,000 | 4.000%, 06/01/26 Series 2012A | Aaa/NR/NR | 2,696,105 | |||||
| State (0.7%) | ||||||||
| State of Oregon Article XI-G Community College Projects | ||||||||
| $1,160,000 | 5.000%, 08/01/27 Series J | Aa1/AA+/AA+ | $1,208,163 | |||||
| State of Oregon Article XI-G Higher Education | ||||||||
| 1,000,000 | 5.000%, 08/01/26 Series O | Aa1/AA+/AA+ | 1,038,250 | |||||
| 1,000,000 | 5.000%, 08/01/27 Series O | Aa1/AA+/AA+ | 1,038,250 | |||||
| Total State | 3,284,663 | |||||||
| Total Pre-Refunded General Obligation Bonds | 17,213,231 | |||||||
| Pre-Refunded\ Escrowed to Maturity Revenue Bonds (4.2%) | ||||||||
| Higher Education (0.6%) | ||||||||
| Oregon State Facilities Authority (Linfield College Project) | ||||||||
| 1,000,000 | 5.000%, 10/01/23 Series A ETM | Baa3/NR/NR | 1,003,820 | |||||
| Oregon State Facilities Authority (Reed College Project) | ||||||||
| 500,000 | 5.000%, 07/01/30 Series A | Aa2/NR/NR | 540,805 | |||||
| 1,135,000 | 4.000%, 07/01/31 Series A | Aa2/NR/NR | 1,185,099 | |||||
| Total Higher Education | 2,729,724 | |||||||
| Transportation (3.6%) | ||||||||
| Oregon State Department Transportation Highway Usertax (Senior Lien) | ||||||||
| 1,000,000 | 5.000%, 11/15/26 Series A | Aa1/AAA/AA+ | 1,006,590 | |||||
| 1,040,000 | 5.000%, 11/15/26 Series A | Aa1/AAA/AA+ | 1,067,030 | |||||
| 8,000,000 | 5.000%, 11/15/28 Series A | Aa1/AAA/AA+ | 8,202,560 | |||||
| Tri-County Metropolitan Transportation District, Oregon (Senior Lien Payroll Tax) | ||||||||
| 3,975,000 | 5.000%, 09/01/30 Series A | Aaa/AAA/NR | 4,243,472 | |||||
| Tri-County Metropolitan Transportation District, Oregon (Senior Lien Payroll Tax) | ||||||||
| 2,010,000 | 5.000%, 09/01/29 Series B | Aaa/AAA/NR | 2,092,470 | |||||
| Total Transportation | 16,612,122 | |||||||
| Total Pre-Refunded\ Escrowed to Maturity Revenue Bonds | 19,341,846 | |||||||
| Total Pre-Refunded\ Escrowed to Maturity Bonds | 36,555,077 | |||||||
| Total Municipal Bonds (cost $459,089,634) |
450,188,900 | |||||||
| Shares | Short-Term Investment (2.6%) | ||||||||
| 11,966,754 | Dreyfus Treasury Obligations Cash Management - Institutional Shares, 5.00%* (cost 11,966,754) | Aaa-mf/AAAm/NR | $ 11,966,754 | ||||||
| Total Investments (cost $471,056,388- note b) |
99.7 | % | 462,155,654 | ||||||
| Other assets less liabilities | 0.3 | 1,511,924 | |||||||
| Net Assets | 100.0 | % | $463,667,578 | ||||||
| Portfolio Distribution By Quality Rating | Percent of Investments† | ||||||||
| Aaa of Moody's or AAA of S&P | 12.3 | % | |||||||
| Pre-refunded bonds\ETM bonds†† | 8.1 | ||||||||
| Aa of Moody's or AA of S&P or Fitch | 74.5 | ||||||||
| A of Moody's or S&P | 4.8 | ||||||||
| Baa of Moody's or BBB of S&P or Fitch | 0.3 | ||||||||
| 100.0 | % | ||||||||
| PORTFOLIO ABBREVIATIONS: |
| AGMC - Assured Guaranty Municipal Corp. |
| BAMAC - Build America Mutual Assurance Co. |
| ETM - Escrowed to Maturity |
| NR - Not Rated |
| ODOT - Oregon Department of Transportation |
| * | 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. Escrowed to Maturity bonds are bonds where money has been placed in the escrow account which is used to pay principal and interest through the bond's originally scheduled maturity date. Escrowed to Maturity are shown as ETM. All other securities in the category are pre-refunded. |
| Note: 144A – Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2023, these securities amounted to a value of $3,302,420 or 0.7% of net assets. |
See accompanying notes to financial statements.
AQUILA TAX-FREE TRUST OF OREGON
NOTES TO FINANCIAL STATEMENTS
June 30, 2023
(unaudited)
| (a) | Securities valuation policies and other investment related disclosures are hereby incorporated by reference in the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR. |
| (b) | At June 30, 2023, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $471,056,388 amounted to $8,900,734, which consisted of aggregate gross unrealized appreciation of $539,721 and aggregate gross unrealized depreciation of $9,440,455. |
| (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, 2023: |
| Valuation Inputs | Investments in Securities | ||
| Level 1 – Quoted Prices | $ | 11,966,754 | |
| Level 2 – Other Significant Observable Inputs- Municipal Bonds + | 450,188,900 | ||
| Level 3 – Significant Unobservable Inputs | – | ||
| Total | $ | 462,155,654 | |
| + See schedule of investments for a detailed listing of securities. | |||