AQUILA NARRAGANSETT TAX-FREE INCOME FUND

SCHEDULE OF INVESTMENTS

December 31, 2020

(unaudited)

 

Principal
Amount
  General Obligation Bonds (26.3%)   Ratings Moody's, S&P and Fitch   Value   (a)
    Barrington, Rhode Island            
$ 1,120,000   2.500%, 08/01/25   Aa1/NR/NR   $ 1,157,531    
                 
    Bristol, Rhode Island            
865,000   3.500%, 08/01/31   NR/AA+/NR   1,019,411    
                 
    Coventry, Rhode Island            
1,605,000   3.625%, 03/15/27 MAC Insured   A1/AA/NR   1,798,531    
                 
    Cranston, Rhode Island            
1,325,000   4.000%, 07/01/28   A1/AA-/AA+   1,552,185    
1,170,000   5.000%, 08/01/32 Series 2018 A   A1/AA-/AA+   1,504,690    
1,000,000   4.000%, 08/01/33 Series 2019 A BAMI Insured   A1/AA/AA+   1,200,900    
615,000   4.000%, 08/01/35 Series 2019 A BAMI Insured   A1/AA/AA+   735,934    
1,515,000   4.250%, 07/15/24 Series B BAMI Insured   A1/AA/AA+   1,720,525    
1,000,000   4.250%, 07/15/25 Series B BAMI Insured   A1/AA/AA+   1,173,090    
                 
    Cumberland, Rhode Island              
500,000   4.250%, 11/01/27 Series 2011 A   NR/AA+/NR   515,355    
500,000   4.625%, 11/01/31 Series 2011 A   NR/AA+/NR   515,810    
700,000   4.500%, 03/15/32 Series 2018 A   NR/AA+/NR   867,090    
                 
    Hopkinton, Rhode Island            
500,000   4.375%, 08/15/31   Aa3/NR/NR   511,075    
                 
    Johnston, Rhode Island            
1,020,000   3.450%, 06/01/29 Series A   A2/AA/NR   1,078,895    
1,020,000   3.700%, 06/01/33 Series A   A2/AA/NR   1,082,638    
                 
    Lincoln, Rhode Island              
1,500,000   3.500%, 08/01/24 Series A   Aa2/NR/AAA   1,665,555    
2,225,000   3.500%, 08/01/25 Series A   Aa2/NR/AAA   2,532,807    
                 
    Narragansett, Rhode Island            
1,025,000   3.500%, 07/15/28   Aa2/AA+/NR   1,127,285    
                 
    North Kingstown, Rhode Island            
720,000   3.000%, 04/15/24 Series A   Aa2/AA+/NR   755,503    
                 
    North Smithfield, Rhode Island            
825,000   3.000%, 06/15/26 Series A   Aa2/NR/NR   937,109    
1,075,000   3.500%, 05/15/34   Aa2/NR/NR   1,272,703    
                 
    Pawtucket, Rhode Island            
1,010,000   4.000%, 11/01/25 AGMC Insured   A2/AA/A+   1,124,473    
890,000   4.500%, 07/15/33 Series C AGMC Insured   A2/AA/NR   1,117,395    
935,000   4.500%, 07/15/34 Series C AGMC Insured   A2/AA/NR   1,169,218    
975,000   4.500%, 07/15/35 Series C AGMC Insured   A2/AA/NR   1,206,680    

 

 
 
 

 

 

Principal
Amount
  General Obligation Bonds (continued)   Ratings Moody's, S&P and Fitch   Value   (a)
    Portsmouth, Rhode Island            
$ 1,140,000   3.750%, 02/01/31 Series A   Aa2/AAA/NR   $ 1,317,726    
                 
    Providence, Rhode Island              
1,500,000   5.000%, 01/15/23 Series 2010 A AGMC Insured Refunding   A2/AA/NR   1,503,045    
1,500,000   5.000%, 01/15/26 Series 2010 A AGMC Insured Refunding   A2/AA/NR   1,503,045    
975,000   3.625%, 01/15/29 Series A AGMC Insured   A2/AA/A-   1,018,310    
2,010,000   3.750%, 01/15/30 Series A AGMC Insured   A2/AA/A-   2,098,520    
1,000,000   3.750%, 01/15/32 Series A AGMC Insured   A2/AA/A-   1,041,650    
                 
    Rhode Island State & Providence Plantations Consolidated Capital Development Loan            
2,000,000   3.750%, 11/01/23 Series A   Aa2/AA/AA   2,198,740    
2,110,000   4.250%, 10/15/25 Series A   Aa2/AA/AA   2,336,403    
2,000,000   3.000%, 05/01/31 Series A   Aa2/AA/AA   2,184,420    
2,000,000   4.000%, 04/01/32 Series A   Aa2/AA/AA   2,425,660    
2,000,000   3.000%, 05/01/32 Series A   Aa2/AA/AA   2,171,320    
2,000,000   3.000%, 05/01/36 Series A   Aa2/AA/AA   2,222,880    
1,150,000   4.000%, 10/15/24 Series B   Aa2/AA/AA   1,225,854    
1,000,000   3.250%, 10/15/31 Series B   Aa2/AA/AA   1,035,300    
1,500,000   5.000%, 11/01/34 Series B   Aa2/AA/AA   1,740,465    
2,000,000   5.000%, 08/01/23 Series D   Aa2/AA/AA   2,245,580    
2,000,000   5.000%, 08/01/24 Series D   Aa2/AA/AA   2,335,620    
                 
    Richmond, Rhode Island            
1,020,000   3.000%, 08/01/24   Aa3/NR/NR   1,080,374    
                 
    Warren, Rhode Island              
1,170,000   4.000%, 02/15/33 Series 2018 A   Aa3/NR/NR   1,386,462    
                 
    Warwick, Rhode Island              
2,000,000   4.000%, 08/01/22 Series 2015 B AGMC Insured   NR/AA/NR   2,113,060    
                 
    West Greenwich, Rhode Island            
1,175,000   3.000%, 08/15/26   NR/AA+/NR   1,318,021    
                 
    West Warwick, Rhode Island            
795,000   5.000%, 10/01/32 Series A BAMI Insured   Baa1/AA/NR   946,145    
     Total General Obligation Bonds       66,790,988    
                 
    Revenue Bonds (60.4%)            
    Development (9.4%)            
    Providence, Rhode Island Public Building Authority (Capital Improvement Program Projects)            
3,000,000   4.000%, 09/15/34 Series A AGMC Insured   A2/AA/NR   3,515,760    
3,000,000   4.000%, 09/15/35 Series A AGMC Insured   A2/AA/NR   3,505,830    
                 
    Providence, Rhode Island Redevelopment Agency Refunding Public Safety Building Project            
1,680,000   5.000%, 04/01/26 Series A AGMC Insured   A2/AA/NR   1,969,313    
                 
    Rhode Island Convention Center Authority Refunding            
8,000,000   4.000%, 05/15/23 Series A   A1/AA-/AA-   8,576,880    

 

 
 
 

 

 

Principal
Amount
  Revenue Bonds (continued)   Ratings Moody's, S&P and Fitch   Value   (a)
    Development (continued)            
    Rhode Island Infrastructure Bank Municipal Road and Bridge Revolving Fund            
$   935,000   4.000%, 10/01/33 Series 2019 A   NR/AA/NR   $ 1,110,967    
845,000   4.000%, 10/01/34 Series 2019 A   NR/AA/NR   1,002,128    
1,010,000   4.000%, 10/01/35 Series 2019 A   NR/AA/NR   1,194,658    
                 
    Rhode Island Infrastructure Bank Efficient Buildings Fund, Green Bonds            
1,110,000   4.000%, 10/01/29 Series 2018 A   NR/AA/NR   1,389,243    
1,555,000   3.000%, 10/01/37 Series 2020 A   NR/AA/NR   1,718,866    
     Total Development         23,983,645    
                 
    Healthcare (2.7%)            
    Rhode Island Health & Education Building Corp., Hospital Financing, Lifespan Obligated Group            
1,000,000   5.000%, 05/15/31 Series 2016   NR/BBB+/BBB+   1,155,700    
1,000,000   5.000%, 05/15/33 Series 2016   NR/BBB+/BBB+   1,145,560    
1,250,000   5.000%, 05/15/34 Series 2016   NR/BBB+/BBB+   1,427,875    
1,750,000   5.000%, 05/15/39 Series 2016   NR/BBB+/BBB+   1,972,005    
                 
    Rhode Island State & Providence Plantations Lease COP (Eleanor Slater Hospital Project)            
1,000,000   4.000%, 11/01/32 Series B   Aa3/AA-/AA-   1,200,190    
    Total Healthcare       6,901,330    
                 
    Higher Education (6.1%)            
    Rhode Island Health and Education Building Corp., Higher Educational Facilities            
2,500,000   5.000%, 09/15/30 AGMC Insured   Aa3/NR/NR   2,507,800    
                 
    Rhode Island Health and Educational Building Corp., Higher Education Facility, Brown University            
2,000,000   4.000%, 09/01/37 Series 2017   Aa1/AA+/NR   2,348,580    
                 
    Rhode Island Health and Educational Building Corp., Higher Education Facility, Providence College            
2,490,000   4.000%, 11/01/24 Series 2015   A2/A/NR   2,792,510    
                 
    Rhode Island Health and Educational Building Corp., Higher Education Facility, Rhode Island School of Design            
1,000,000   3.500%, 08/15/30 Series B  AGMC Insured   A1/AA/NR   1,051,890    
                 
    Rhode Island Health and Educational Building Corp., Higher Education Facility, University of Rhode Island            
1,000,000   4.250%, 09/15/31 Series A   Aa3/A+/NR   1,180,790    
                 
    Rhode Island Health and Educational Building Corp., Higher Education Facility, University of Rhode Island Auxiliary Enterprise            
500,000   4.000%, 09/15/31 Series 2016 B   A1/A+/NR   573,260    
2,650,000   4.000%, 09/15/42 Series 2017 A   A1/A+/NR   3,007,724    
1,000,000   4.000%, 09/15/32 Series 2017 B   A1/A+/NR   1,162,160    

 

 
 
 

 

 

Principal
Amount
  Revenue Bonds (continued)   Ratings Moody's, S&P and Fitch   Value   (a)
    Higher Education (continued)            
    Rhode Island Health and Education Facilities Authority, Providence College            
$ 1,000,000   4.000%, 11/01/31   A2/A/NR   $  1,023,010    
    Total Higher Education       15,647,724    
                 
    Housing (6.0%)            
    Rhode Island Housing & Mortgage Finance Corp. Home Funding            
850,000   3.450%, 04/01/35 Series 5   Aa2/NR/NR   868,488    
                 
    Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity            
250,000   3.000%, 10/01/39 Series 71   Aa1/AA+/NR   272,090    
2,000,000   2.100%, 10/01/35 Series 73 A   Aa1/AA+/NR   2,066,400    
2,000,000   2.300%, 10/01/40 Series 73 A   Aa1/AA+/NR   2,076,720    
                 
     Rhode Island Housing & Mortgage Finance Corp. Multi-Family Development Sustainability              
770,000   2.750%, 10/01/34 Series 1-B   Aa2/NR/NR   828,782    
1,000,000   3.100%, 10/01/44 Series 1-B   Aa2/NR/NR   1,065,170    
                 
    Rhode Island Housing & Mortgage Finance Corp. Multi-Family Housing            
2,500,000   4.625%, 10/01/25 Series 2010 A   Aaa/NR/NR   2,507,750    
2,000,000   5.000%, 10/01/30 Series 2010 A   Aaa/NR/NR   2,006,980    
1,255,000   3.450%, 10/01/36 Series 2016 1B   Aa2/NR/NR   1,342,536    
1,000,000   3.250%, 10/01/27 Series 1B   Aa2/NR/NR   1,038,810    
1,000,000   3.400%, 10/01/29 Series 3B   Aa2/NR/NR   1,057,760    
     Total Housing         15,131,486    
                 
    Public School (22.7%)            
    Rhode Island Health and Education Building Corp., Public Schools Financing Program            
795,000   5.000%, 05/15/27 Series 2015 C   Aa2/NR/NR   950,399    
1,630,000   5.000%, 05/15/27 Series 2015 D   A1/NR/NR   1,940,059    
                 
    Rhode Island Health and Education Building Corp., Public School Financing Program, Chariho Regional School District            
1,520,000   4.000%, 05/15/31 Series 2017 J-2 B   Aa3/NR/NR   1,779,023    
                 
    Rhode Island Health and Education Building Corp., Public School Financing Program, Town of Coventry            
1,000,000   3.750%, 05/15/28 Series 2013 B AGMC Insured   Aa3/AA/NR   1,040,430    
1,000,000   4.000%, 05/15/33 AGMC Insured   Aa3/AA/NR   1,038,320    
                 
    Rhode Island Health and Educational Building Corp., Public School Financing Program, City of Cranston            
1,170,000   4.000%, 05/15/30 Series 2015 B BAMI Insured   NR/AA/NR   1,321,223    
                 
    Rhode Island Health and Education Building Corp., Public School Financing Program, City of East Providence            
1,000,000   3.625%, 05/15/32 Series B   Aa3/NR/NR   1,028,360    

 

 
 
 

 

 

Principal
Amount
  Revenue Bonds (continued)   Ratings Moody's, S&P and Fitch   Value   (a)
    Public School (continued)            
    Rhode Island Health and Education Building Corp., Public School Financing Program, Town of Jamestown            
$ 1,020,000   3.000%, 05/15/35 Series 2019 C   Aa1/NR/NR   $ 1,142,114    
                 
    Rhode Island Health and Education Building Corp., Public School Financing Program, Town of Little Compton            
1,620,000   4.000%, 05/15/25 Series 2013 H   NR/AAA/NR   1,762,252    
                 
    Rhode Island Health and Education Building Corp., Public School Financing Program, City of Newport            
1,000,000   4.000%, 05/15/27 Series 2013 C   NR/AA+/NR   1,047,960    
                 
    Rhode Island Health and Education Building Corp., Public School Financing Program, Town of North Kingstown            
1,500,000   3.750%, 05/15/28 Series 2013 A   Aa2/AA+/NR   1,559,190    
                 
    Rhode Island Health and Education Building Corp., Public School Financing Program, Town of North Providence            
1,100,000   4.500%, 11/15/22 Series 2013 I   Aa3/AA-/NR   1,181,829    
750,000   5.000%, 05/15/31 Series 2017 G AGMC Insured   Aa3/AA/NR   938,715    
500,000   5.000%, 05/15/32 Series 2019 A AGMC Insured   Aa3/AA/NR   650,210    
500,000   5.000%, 05/15/33 Series 2019 A AGMC Insured   Aa3/AA/NR   646,420    
500,000   5.000%, 05/15/34 Series 2019 A AGMC Insured   Aa3/AA/NR   644,135    
500,000   4.000%, 05/15/37 Series 2019 A AGMC Insured   Aa3/AA/NR   595,245    
                 
    Rhode Island Health and Education Building Corp., Public School Financing Program, City of Pawtucket            
1,570,000   4.000%, 05/15/26 Series 2014 C   Aa3/NR/NR   1,737,943    
1,000,000   4.250%, 05/15/29 Series 2017 E BAMI Insured   Aa3/AA/NR   1,197,120    
1,045,000   4.000%, 05/15/31 Series 2018 B   Aa3/NR/NR   1,237,729    
1,090,000   4.000%, 05/15/32 Series 2018 B   Aa3/NR/NR   1,284,979    
2,350,000   3.000%, 05/15/39 Series 2019 B   Aa3/NR/NR   2,533,982    
                 
    Rhode Island Health and Education Building Corp., Public School Financing Program, Town of Scituate            
1,285,000   4.500%, 05/15/33 Series 2018 A   NR/AA/NR   1,578,481    
                 
    Rhode Island Health and Education Building Corp., Public School Financing Program, Pooled Issue - Tiverton, Foster-Glocester, Cranston, East Greenwich            
3,000,000   4.000%, 05/15/28 Series A   Aa3/NR/NR   3,503,100    
                 
    Rhode Island Health and Education Building Corp., Public School Financing Program, Pooled Issue - Narragansett & Scituate            
1,665,000   4.250%, 05/15/28 Series 2017 B   Aa2/NR/NR   2,031,167    
                 
    Rhode Island Health and Education Building Corp., Public School Financing Program, Providence Public Buildings Authority            
1,000,000   3.500%, 05/15/24 Series 2015 A AGMC Insured   Aa3/AA/NR   1,095,160    
3,000,000   3.750%, 05/15/27 Series 2015 A AGMC Insured   Aa3/AA/NR   3,351,060    
1,500,000   4.000%, 05/15/28 Series 2015 A AGMC Insured   Aa3/AA/NR   1,676,700    
2,000,000   4.000%, 05/15/30 Series 2015 B AGMC Insured   Aa3/AA/NR   2,218,680    

 

 
 
 

 

 

Principal
Amount
  Revenue Bonds (continued)   Ratings Moody's, S&P and Fitch   Value   (a)
    Public School (continued)            
    Rhode Island Health and Education Building Corp., Public School Financing Program, Providence Public Schools            
$ 1,000,000   4.250%, 05/15/21 Series 2007 B AGMC Insured   A2/AA/NR   $ 1,002,630    
2,000,000   4.500%, 05/15/22 Series 2013 A   Aa3/NR/NR   2,111,460    
2,000,000   4.500%, 05/15/23 Series 2013 A   Aa3/NR/NR   2,181,300    
2,000,000   4.500%, 05/15/24 Series 2013 A   Aa3/NR/NR   2,184,380    
1,000,000   4.000%, 05/15/35 Series 2019 A AGMC Insured   Aa3/AA/NR   1,198,120    
                 
    Rhode Island Health and Education Building Corp., Public School Financing Program, City of Warwick            
1,000,000   4.000%, 05/15/32 Series 2017 I   NR/AA/NR   1,162,270    
800,000   3.500%, 05/15/26 Series B MAC Insured   NR/AA/NR   875,128    
1,340,000   4.000%, 05/15/35 Series 2019 D   NR/AA/NR   1,605,481    
                 
    Rhode Island Health and Education Building Corp., Public School Financing Program, City of Woonsocket            
500,000   5.000%, 05/15/27 Series 2017 A AGMC Insured   Aa3/AA/NR   624,675    
500,000   5.000%, 05/15/28 Series 2017 A AGMC Insured   Aa3/AA/NR   619,200    
500,000   5.000%, 05/15/29 Series 2017 A AGMC Insured   Aa3/AA/NR   615,695    
                 
    Rhode Island Health and Education Building Corp., Public School Financing Program, Town of South Kingstown            
780,000   3.500%, 05/15/34 Series 2020A   Aa1/NR/NR   887,039    
    Total Public School       57,779,363    
                 
    Transportation (4.0%)            
    Rhode Island Commerce Corp., Airport            
635,000   5.000%, 07/01/36 2016 Series D   Baa1/A-/BBB+   710,279    
1,015,000   5.000%, 07/01/37 2016 Series D   Baa1/A-/BBB+   1,133,055    
                 
    Rhode Island Commerce Corp., First Lien Special Facility Refunding Bonds (Rhode Island Airport Corporation Intermodal Facility Project)            
1,500,000   5.000%, 07/01/30 Series 2018   Baa1/BBB+/NR   1,774,455    
                 
    Rhode Island Commerce Corp., Grant Anticipation Refunding Bonds (Rhode Island Department of Transportation)            
1,850,000   4.000%, 06/15/24 Series 2016 A   A2/AA-/NR   2,077,957    
1,000,000   5.000%, 06/15/31 Series 2016 B   A2/AA-/NR   1,199,160    
                 
    Rhode Island State Economic Development Corp., Airport            
1,000,000   5.000%, 07/01/24 Series B   Baa1/A-/BBB+   1,097,600    
2,000,000   4.000%, 07/01/24 Series B   Baa1/A-/BBB+   2,144,120    
    Total Transportation         10,136,626    
                 
    Turnpike/Highway (2.1%)            
    Rhode Island State Turnpike & Bridge Authority, Motor Fuel Tax            
1,240,000   4.000%, 10/01/27 Series 2016 A   NR/A+/A   1,436,776    
1,500,000   4.000%, 10/01/34 Series 2016 A   NR/A+/A   1,696,245    
1,000,000   4.000%, 10/01/36 Series 2016 A   NR/A+/A   1,126,260    
300,000   4.000%, 10/01/33 Series 2019 A   NR/A+/A   364,140    
300,000   4.000%, 10/01/34 Series 2019 A   NR/A+/A   363,372    
345,000   4.000%, 10/01/35 Series 2019 A   NR/A+/A   416,653    
    Total Turnpike/Highway         5,403,446    

 

 
 
 

 

 

Principal
Amount
  Revenue Bonds (continued)   Ratings Moody's, S&P and Fitch   Value   (a)
    Water and Sewer (6.4%)            
    Narragansett, Rhode Island Bay Commission Wastewater System            
$ 3,145,000   4.000%, 02/01/28 Series A   NR/AA-/NR   $ 3,550,265    
                 
    Rhode Island Clean Water Finance Agency, Water Pollution Control Bonds            
3,000,000   4.375%, 10/01/21 Series 2002 B NPFG Insured   Aaa/AAA/AAA   3,094,020    
                 
    Rhode Island Clean Water Protection Finance Agency Safe Drinking Water Revolving Fund            
1,085,000   3.500%, 10/01/25   NR/AAA/AAA   1,212,129    
1,000,000   3.750%, 10/01/33   NR/AAA/AAA   1,063,670    
1,000,000   3.750%, 10/01/34   NR/AAA/AAA   1,062,890    
                 
    Rhode Island Infrastructure Bank Water, City of Pawtucket            
1,730,000   5.000%, 10/01/28 Series 2015 NPFG Insured   Baa2/A/NR   2,074,045    
                 
    Rhode Island Infrastructure Bank Water, Pollution Control            
2,575,000   4.000%, 10/01/29 Series A   NR/AAA/AAA   2,974,563    
500,000   4.000%, 10/01/32 Series A   NR/AAA/AAA   598,850    
                 
    Rhode Island Infrastructure Bank Water, Safe Drinking Water            
500,000   3.000%, 10/01/31 Series A   NR/AAA/AAA   542,950    
    Total Water and Sewer       16,173,382    
                 
    Other Revenue (1.0%)            
    Providence, Rhode Island Public Building Authority (Capital Improvement Program Projects)            
2,000,000   5.000%, 09/15/31 Series A  AGMC Insured   A2/AA/NR   2,444,200    
    Total Revenue Bonds       153,601,202    
                 
    Pre-Refunded\Escrowed to Maturity Bonds (5.5%)††            
    Pre-Refunded\Escrowed to Maturity Bonds (5.5%)            
    Healthcare (0.2%)            
    Rhode Island Health & Education Building Corp., Hospital Financing (Care New England)            
500,000   5.000%, 09/01/22 Series 2013 A ETM   NR/NR/NR*   540,170    
                 
    Higher Education (4.3%)            
    Rhode Island Health and Education Building Corp., Bryant University            
1,115,000   4.500%, 12/01/27 Series 2011   A2/A/NR   1,158,563    
1,455,000   4.750%, 12/01/29 Series 2011   A2/A/NR   1,515,135    
1,000,000   5.000%, 12/01/30 Series 2011   A2/A/NR   1,043,590    
1,425,000   5.000%, 12/01/31 Series 2011   A2/A/NR   1,487,116    
                 
    Rhode Island Health and Educational Building Corp., Higher Education Facility, Rhode Island School of Design            
3,000,000   3.500%, 06/01/29 Series 2012   A1/NR/A+   3,135,840    
2,500,000   4.000%, 06/01/31 Series 2012   A1/NR/A+   2,631,825    
    Total Higher Education       10,972,069    

 

 
 
 

 

 

Principal
Amount
  Pre-Refunded\Escrowed to Maturity Bonds (continued)   Ratings Moody's, S&P and Fitch   Value   (a)
    Public School (0.8%)            
    Rhode Island Health and Education Building Corp., Public School Financing Program, Chariho Regional School District            
$ 1,000,000   5.000%, 05/15/26 Series 2011 B   Aa3/NR/NR   $ 1,017,760    
                 
    Rhode Island Health and Education Building Corp., Public School Financing Program, East Greenwich            
1,000,000   3.375%, 05/15/30   Aa1/AA+/NR   1,042,850    
    Total Public School       2,060,610    
                 
    Other Revenue (0.2%)            
    State of Rhode Island Depositors Economic Protection Corp.            
250,000   5.750%, 08/01/21 Series A AGMC Insured ETM   NR/NR/NR*   257,035    
215,000   6.375%, 08/01/22 Series A NPFG Insured ETM   NR/NR/NR*   233,404    
    Total Other Revenue       490,439    
    Total Pre-Refunded\ Escrowed to Maturity Revenue Bonds       14,063,288    
    Total Municipal Bonds (cost $219,456,797)       234,455,478    

 

 

Shares   Short-Term Investment (7.0%)            
17,692,940   Dreyfus Treasury Obligations Cash Management - Institutional Shares, 0.03%** (cost $17,692,940)   Aaa-mf/AAAm/NR   17,692,940    
                 
    Total Investments (cost $237,149,737-note b)   99.2%   252,148,418    
    Other assets less liabilities   0.8   1,906,992    
    Net Assets   100.0%   $ 254,055,410    
                 
                 
        Percent of        
    Portfolio Distribution By Quality Rating   Investments †        
    Aaa of Moody's or AAA of S&P or Fitch   9.5%        
    Pre-refunded bonds\ ETM bonds††   6.0        
    Aa of Moody's or AA of S&P or Fitch   71.5        
    A of Moody's or S&P or Fitch   9.8        
    BBB of S&P or Fitch   3.2        
        100.0%        

 

 

    PORTFOLIO ABBREVIATIONS:            
    AGMC - Assured Guaranty Municipal Corp.            
    BAMI - Build America Mutual Insurance            
    COP - Certificates of Participation            
    ETM - Escrowed to Maturity            
    MAC - Municipal Assurance Corp.            
    NPFG - National Public Finance Guarantee            
    NR - Not Rated            

 

  

See accompanying notes to financial statements.

 

 
 
 

 

 

    *    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.  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.    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 

 
 
 

 

 

AQUILA NARRAGANSETT TAX-FREE INCOME FUND

NOTES TO FINANCIAL STATEMENTS

December 31, 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 December 31, 2020, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $237,149,737 amounted to $14,998,681, which consisted of aggregate gross unrealized appreciation of $14,998,681 and aggregate gross unrealized depreciation of $0.

 

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

 

  Level 1 –  Unadjusted quoted prices in inactive markets for identical assets or liabilities that the Fund has the ability to access.
     
  Level 2 –  Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
     
  Level 3 –  Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

 

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

 

The following is a summary of the valuation inputs, representing 100% of the Fund’s investments, used to value the Fund’s net assets as of December 31, 2020:

 

Valuation Inputs+   Investments in
Securities
Level 1 – Quoted Prices- Short-Term Investment $ 17,692,940
Level 2 – Other Significant Observable Inputs - Municipal Bonds   234,455,478
Level 3 – Significant Unobservable Inputs   -
Total $ 252,148,418

 

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