AQUILA NARRAGANSETT TAX-FREE INCOME FUND

SCHEDULE OF INVESTMENTS

June 30, 2020

(unaudited)


Principal
Amount

 

General Obligation Bonds (27.9%)

 

Ratings Moody’s,
S&P and Fitch

 

Value

 

(a)

 

 

 

 

 

 

 

 

 

 

 

Barrington, Rhode Island

 

 

 

 

 

 

$

1,120,000

 

2.500%, 08/01/25

 

Aa1/NR/NR

 

$

1,163,131

 

 

 

 

 

 

 

 

 

 

 

 

 

Bristol, Rhode Island

 

 

 

 

 

 

865,000

 

3.500%, 08/01/31

 

NR/AA+/NR

 

1,013,088

 

 

 

 

 

 

 

 

 

 

 

 

 

Coventry, Rhode Island

 

 

 

 

 

 

1,605,000

 

3.625%, 03/15/27 MAC Insured

 

A1/AA/NR

 

1,797,568

 

 

 

 

 

 

 

 

 

 

 

 

 

Cranston, Rhode Island

 

 

 

 

 

 

1,325,000

 

4.000%, 07/01/28

 

A1/AA-/AA+

 

1,552,648

 

 

750,000

 

4.300%, 07/01/30 Series 2010 A AGMC Insured

 

A1/AA/AA+

 

752,183

 

 

1,170,000

 

5.000%, 08/01/32 Series 2018 A

 

A1/AA-/AA+

 

1,500,876

 

 

1,000,000

 

4.000%, 08/01/33 Series 2019 A BAMI Insured

 

A1/AA/AA+

 

1,188,170

 

 

615,000

 

4.000%, 08/01/35 Series 2019 A BAMI Insured

 

A1/AA/AA+

 

726,346

 

 

1,515,000

 

4.250%, 07/15/24 Series B BAMI Insured

 

A1/AA/AA+

 

1,737,720

 

 

1,000,000

 

4.250%, 07/15/25 Series B BAMI Insured

 

A1/AA/AA+

 

1,177,640

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumberland, Rhode Island  

 

 

 

 

 

 

500,000

 

4.250%, 11/01/27 Series 2011 A

 

NR/AA+/NR

 

522,945

 

 

500,000

 

4.625%, 11/01/31 Series 2011 A

 

NR/AA+/NR

 

523,965

 

 

700,000

 

4.500%, 03/15/32 Series 2018 A

 

NR/AA+/NR

 

864,486

 

 

 

 

 

 

 

 

 

 

 

 

 

East Providence, Rhode Island Tax Anticipation Notes

 

 

 

 

 

 

1,000,000

 

1.750%, 07/29/20 2020 Series 1

 

NR/SP-1+/NR

 

1,000,990

 

 

 

 

 

 

 

 

 

 

 

 

 

Hopkinton, Rhode Island

 

 

 

 

 

 

500,000

 

4.375%, 08/15/31

 

Aa3/NR/NR

 

518,970

 

 

 

 

 

 

 

 

 

 

 

 

 

Johnston, Rhode Island

 

 

 

 

 

 

1,020,000

 

3.450%, 06/01/29 Series A

 

A2/AA/NR

 

1,084,974

 

 

1,020,000

 

3.700%, 06/01/33 Series A

 

A2/AA/NR

 

1,081,934

 

 

 

 

 

 

 

 

 

 

 

 

 

Lincoln, Rhode Island  

 

 

 

 

 

 

1,500,000

 

3.500%, 08/01/24 Series A

 

Aa2/NR/AAA

 

1,676,685

 

 

2,225,000

 

3.500%, 08/01/25 Series A

 

Aa2/NR/AAA

 

2,533,786

 

 

 

 

 

 

 

 

 

 

 

 

 

Narragansett, Rhode Island

 

 

 

 

 

 

1,025,000

 

3.500%, 07/15/28

 

Aa2/AA+/NR

 

1,131,672

 

 

 

 

 

 

 

 

 

 

 

 

 

North Kingstown, Rhode Island

 

 

 

 

 

 

720,000

 

3.000%, 04/15/24 Series A

 

Aa2/AA+/NR

 

762,444

 

 

 

 

 

 

 

 

 

 

 

 

 

North Smithfield, Rhode Island

 

 

 

 

 

 

825,000

 

3.000%, 06/15/26 Series A

 

Aa2/NR/NR

 

930,625

 

 

1,075,000

 

3.500%, 05/15/34

 

Aa2/NR/NR

 

1,258,857

 

 

 

 

 

 

 

 

 

 

 

 

 

Pawtucket, Rhode Island

 

 

 

 

 

 

1,010,000

 

4.000%, 11/01/25 AGMC Insured

 

A2/AA/A+

 

1,129,089

 

 

890,000

 

4.500%, 07/15/33 Series C AGMC Insured

 

A2/AA/NR

 

1,108,192

 

 

935,000

 

4.500%, 07/15/34 Series C AGMC Insured

 

A2/AA/NR

 

1,159,082

 

 

975,000

 

4.500%, 07/15/35 Series C AGMC Insured

 

A2/AA/NR

 

1,193,303

 

 


 


 

 

Portsmouth, Rhode Island

 

 

 

 

 

 

1,140,000

 

3.750%, 02/01/31 Series A

 

Aa2/AAA/NR

 

1,315,423

 

 

 

 

 

 

 

 

 

 

 

 

 

Providence, Rhode Island  

 

 

 

 

 

 

1,500,000

 

5.000%, 01/15/23 Series 2010 A AGMC Insured Refunding

 

A2/AA/NR

 

1,533,960

 

 

1,500,000

 

5.000%, 01/15/26 Series 2010 A AGMC Insured Refunding

 

A2/AA/NR

 

1,533,300

 

 

975,000

 

3.625%, 01/15/29 Series A AGMC Insured

 

A2/AA/A-

 

1,023,545

 

 

2,010,000

 

3.750%, 01/15/30 Series A AGMC Insured

 

A2/AA/A-

 

2,110,460

 

 

1,000,000

 

3.750%, 01/15/32 Series A AGMC Insured

 

A2/AA/A-

 

1,045,860

 

 

 

 

 

 

 

 

 

 

 

 

 

Rhode Island State & Providence Plantations Consolidated Capital Development Loan

 

 

 

 

 

 

2,000,000

 

3.750%, 11/01/23 Series A

 

Aa2/AA/AA

 

2,217,120

 

 

2,110,000

 

4.250%, 10/15/25 Series A

 

Aa2/AA/AA

 

2,350,013

 

 

2,000,000

 

3.000%, 05/01/31 Series A

 

Aa2/AA/AA

 

2,146,860

 

 

2,000,000

 

4.000%, 04/01/32 Series A

 

Aa2/AA/AA

 

2,370,800

 

 

2,000,000

 

3.000%, 05/01/32 Series A

 

Aa2/AA/AA

 

2,134,740

 

 

2,000,000

 

3.000%, 05/01/36 Series A

 

Aa2/AA/AA

 

2,152,820

 

 

1,150,000

 

4.000%, 10/15/24 Series B

 

Aa2/AA/AA

 

1,239,045

 

 

1,000,000

 

3.250%, 10/15/31 Series B

 

Aa2/AA/AA

 

1,034,260

 

 

1,500,000

 

5.000%, 11/01/34 Series B

 

Aa2/AA/AA

 

1,743,315

 

 

2,000,000

 

5.000%, 08/01/23 Series D

 

Aa2/AA/AA

 

2,278,700

 

 

2,000,000

 

5.000%, 08/01/24 Series D

 

Aa2/AA/AA

 

2,360,820

 

 

 

 

 

 

 

 

 

 

 

 

 

Richmond, Rhode Island

 

 

 

 

 

 

1,020,000

 

3.000%, 08/01/24

 

Aa3/NR/NR

 

1,089,646

 

 

 

 

 

 

 

 

 

 

 

 

 

Warren, Rhode Island  

 

 

 

 

 

 

1,170,000

 

4.000%, 02/15/33 Series 2018 A

 

Aa3/NR/NR

 

1,378,354

 

 

 

 

 

 

 

 

 

 

 

 

 

Warwick, Rhode Island  

 

 

 

 

 

 

2,000,000

 

4.000%, 08/01/22 Series 2015 B AGMC Insured

 

NR/AA/NR

 

2,144,420

 

 

 

 

 

 

 

 

 

 

 

 

 

West Greenwich, Rhode Island

 

 

 

 

 

 

1,175,000

 

3.000%, 08/15/26

 

NR/AA+/NR

 

1,313,251

 

 

 

 

 

 

 

 

 

 

 

 

 

West Warwick, Rhode Island

 

 

 

 

 

 

795,000

 

5.000%, 10/01/32 Series A BAMI Insured

 

Baa1/AA/NR

 

948,864

 

 

 

 

 

 

 

 

 

 

 

 

 

Total General Obligation Bonds

 

 

 

68,556,945

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue Bonds (62.8%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Development (9.0%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Providence, Rhode Island Public Building Authority (Capital Improvement Program Projects)

 

 

 

 

 

 

3,000,000

 

4.000%, 09/15/34 Series A  AGMC Insured

 

A2/AA/BBB

 

3,470,340

 

 

3,000,000

 

4.000%, 09/15/35 Series A  AGMC Insured

 

A2/AA/BBB

 

3,454,590

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1,982,299

 

 

 

 

 

 

 

 

 

 

 

 

 

Rhode Island Convention Center Authority Refunding

 

 

 

 

 

 

8,000,000

 

4.000%, 05/15/23 Series A

 

A1/AA-/AA-

 

8,625,520

 

 


 


 

 

Rhode Island Infrastructure Bank Municipal Road and Bridge Revolving Fund

 

 

 

 

 

 

935,000

 

4.000%, 10/01/33 Series 2019 A

 

NR/AA/NR

 

1,078,354

 

 

845,000

 

4.000%, 10/01/34 Series 2019 A

 

NR/AA/NR

 

971,615

 

 

1,010,000

 

4.000%, 10/01/35 Series 2019 A

 

NR/AA/NR

 

1,156,541

 

 

 

 

 

 

 

 

 

 

 

 

 

Rhode Island Infrastructure Efficient Buildings Fund, Green Bonds

 

 

 

 

 

 

1,110,000

 

4.000%, 10/01/29 Series 2018 A

 

NR/AA/NR

 

1,358,007

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Development  

 

 

 

22,097,266

 

 

 

 

 

 

 

 

 

 

 

 

 

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+

 

1,110,510

 

 

1,000,000

 

5.000%, 05/15/33 Series 2016

 

NR/BBB+/BBB+

 

1,098,040

 

 

1,250,000

 

5.000%, 05/15/34 Series 2016

 

NR/BBB+/BBB+

 

1,369,563

 

 

1,750,000

 

5.000%, 05/15/39 Series 2016

 

NR/BBB+/BBB+

 

1,894,533

 

 

 

 

 

 

 

 

 

 

 

 

 

Rhode Island State & Providence Plantations Lease COP (Eleanor Slater Hospital Project)

 

 

 

 

 

 

1,000,000

 

4.000%, 11/01/32 Series B

 

Aa3/AA-/AA-

 

1,191,450

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Healthcare

 

 

 

6,664,096

 

 

 

 

 

 

 

 

 

 

 

 

 

Higher Education (8.6%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rhode Island Health and Education Building Corp., Higher Educational Facilities

 

 

 

 

 

 

2,500,000

 

5.000%, 09/15/30 AGMC Insured

 

Aa3/NR/NR

 

2,521,350

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

2,328,240

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

2,730,360

 

 

 

 

 

 

 

 

 

 

 

 

 

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+

 

3,098,490

 

 

2,500,000

 

4.000%, 06/01/31 Series 2012

 

A1/NR/A+

 

2,597,725

 

 

1,000,000

 

3.500%, 08/15/30 Series B  AGMC Insured

 

A1/AA/NR

 

1,042,740

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1,176,110

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

564,375

 

 

2,650,000

 

4.000%, 09/15/42 Series 2017 A

 

A1/A+/NR

 

2,934,955

 

 

1,000,000

 

4.000%, 09/15/32 Series 2017 B

 

A1/A+/NR

 

1,141,320

 

 

 

 

 

 

 

 

 

 

 

 

 

Rhode Island Health and Education Facilities Authority, Providence College

 

 

 

 

 

 

1,000,000

 

4.000%, 11/01/31

 

A2/A/NR

 

1,029,060

 

 

 

 

Total Higher Education

 

 

 

21,164,725

 

 


 


 

 

Housing (4.7%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rhode Island Housing & Mortgage Finance Corp. Home Funding

 

 

 

 

 

 

1,440,000

 

3.450%, 04/01/35 Series 5

 

Aa2/NR/NR

 

1,476,950

 

 

 

 

 

 

 

 

 

 

 

 

 

Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity

 

 

 

 

 

 

250,000

 

3.000%, 10/01/39 Series 71

 

Aa1/AA+/NR

 

266,930

 

 

 

 

 

 

 

 

 

 

 

 

 

Rhode Island Housing & Mortgage Finance Corp. Multi-Family Development Sustainability  

 

 

 

 

 

 

770,000

 

2.750%, 10/01/34 Series 1-B

 

Aa2/NR/NR

 

818,133

 

 

1,000,000

 

3.100%, 10/01/44 Series 1-B

 

Aa2/NR/NR

 

1,046,020

 

 

 

 

 

 

 

 

 

 

 

 

 

Rhode Island Housing & Mortgage Finance Corp. Multi-Family Housing

 

 

 

 

 

 

2,500,000

 

4.625%, 10/01/25 Series 2010 A

 

Aaa/NR/NR

 

2,508,050

 

 

2,000,000

 

5.000%, 10/01/30 Series 2010 A

 

Aaa/NR/NR

 

2,007,440

 

 

1,255,000

 

3.450%, 10/01/36 Series 2016 1B

 

Aa2/NR/NR

 

1,335,257

 

 

1,000,000

 

3.250%, 10/01/27 Series 1B

 

Aa2/NR/NR

 

1,043,670

 

 

1,000,000

 

3.400%, 10/01/29 Series 3B

 

Aa2/NR/NR

 

1,061,830

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Housing  

 

 

 

11,564,280

 

 

 

 

 

 

 

 

 

 

 

 

 

Public School (24.0%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rhode Island Health and Education Building Corp., Public Schools Financing Program

 

 

 

 

 

 

795,000

 

5.000%, 05/15/27 Series 2015 C

 

Aa2/NR/NR

 

957,482

 

 

1,630,000

 

5.000%, 05/15/27 Series 2015 D

 

A1/NR/NR

 

1,953,637

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1,775,147

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1,050,770

 

 

1,000,000

 

4.000%, 05/15/33 AGMC Insured

 

Aa3/AA/NR

 

1,047,680

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1,326,605

 

 

 

 

 

 

 

 

 

 

 

 

 

Rhode Island Health and Education Building Corp., Public School Financing Program, East Greenwich

 

 

 

 

 

 

1,000,000

 

3.375%, 05/15/30

 

Aa1/AA+/NR

 

1,038,300

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1,034,280

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1,106,404

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1,780,315

 

 


 


 

 

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

 

1,060,030

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1,574,145

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1,201,090

 

 

750,000

 

5.000%, 05/15/31 Series 2017 G AGMC Insured

 

Aa3/AA/NR

 

940,980

 

 

500,000

 

5.000%, 05/15/32 Series 2019 A AGMC Insured

 

Aa3/AA/NR

 

647,115

 

 

500,000

 

5.000%, 05/15/33 Series 2019 A AGMC Insured

 

Aa3/AA/NR

 

642,600

 

 

500,000

 

5.000%, 05/15/34 Series 2019 A AGMC Insured

 

Aa3/AA/NR

 

640,090

 

 

500,000

 

4.000%, 05/15/37 Series 2019 A AGMC Insured

 

Aa3/AA/NR

 

587,260

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1,745,589

 

 

1,000,000

 

4.250%, 05/15/29 Series 2017 E BAMI Insured

 

Aa3/AA/NR

 

1,197,240

 

 

1,045,000

 

4.000%, 05/15/31 Series 2018 B

 

Aa3/NR/NR

 

1,231,773

 

 

1,090,000

 

4.000%, 05/15/32 Series 2018 B

 

Aa3/NR/NR

 

1,276,346

 

 

2,350,000

 

3.000%, 05/15/39 Series 2019 B

 

Aa3/NR/NR

 

2,484,467

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1,570,514

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

3,504,030

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

2,029,335

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1,102,400

 

 

3,000,000

 

3.750%, 05/15/27 Series 2015 A AGMC Insured

 

Aa3/AA/NR

 

3,326,250

 

 

1,500,000

 

4.000%, 05/15/28 Series 2015 A AGMC Insured

 

Aa3/AA/NR

 

1,678,320

 

 

2,000,000

 

4.000%, 05/15/30 Series 2015 B AGMC Insured

 

Aa3/AA/NR

 

2,223,540

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1,002,860

 

 

2,000,000

 

4.500%, 05/15/22 Series 2013 A

 

Aa3/NR/NR

 

2,148,280

 

 

2,000,000

 

4.500%, 05/15/23 Series 2013 A

 

Aa3/NR/NR

 

2,213,200

 

 

2,000,000

 

4.500%, 05/15/24 Series 2013 A

 

Aa3/NR/NR

 

2,213,300

 

 

1,000,000

 

4.000%, 05/15/35 Series 2019 A AGMC Insured

 

Aa3/AA/NR

 

1,183,650

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1,157,480

 

 

800,000

 

3.500%, 05/15/26 Series B MAC Insured

 

NR/AA/NR

 

875,936

 

 

1,340,000

 

4.000%, 05/15/35 Series 2019 D

 

NR/AA/NR

 

1,586,091

 

 


 


 

 

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

 

623,060

 

 

500,000

 

5.000%, 05/15/28 Series 2017 A AGMC Insured

 

Aa3/AA/NR

 

619,280

 

 

500,000

 

5.000%, 05/15/29 Series 2017 A AGMC Insured

 

Aa3/AA/NR

 

616,935

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

873,257

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Public School

 

 

 

58,847,063

 

 

 

 

 

 

 

 

 

 

 

 

 

Transportation (4.1%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rhode Island Commerce Corp., Airport

 

 

 

 

 

 

635,000

 

5.000%, 07/01/36 2016 Series D

 

Baa1/A/BBB+

 

702,075

 

 

1,015,000

 

5.000%, 07/01/37 2016 Series D

 

Baa1/A/BBB+

 

1,119,098

 

 

 

 

 

 

 

 

 

 

 

 

 

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/A/NR

 

1,654,170

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

2,071,926

 

 

1,000,000

 

5.000%, 06/15/31 Series 2016 B

 

A2/AA-/NR

 

1,177,160

 

 

 

 

 

 

 

 

 

 

 

 

 

Rhode Island State Economic Development Corp., Airport

 

 

 

 

 

 

1,000,000

 

5.000%, 07/01/24 Series B

 

Baa1/A/BBB+

 

1,110,800

 

 

2,000,000

 

4.000%, 07/01/24 Series B

 

Baa1/A/BBB+

 

2,160,460

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Transportation  

 

 

 

9,995,689

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1,390,313

 

 

1,500,000

 

4.000%, 10/01/34 Series 2016 A

 

NR/A+/A

 

1,630,740

 

 

1,000,000

 

4.000%, 10/01/36 Series 2016 A

 

NR/A+/A

 

1,080,940

 

 

300,000

 

4.000%, 10/01/33 Series 2019 A

 

NR/A+/A

 

341,565

 

 

300,000

 

4.000%, 10/01/34 Series 2019 A

 

NR/A+/A

 

340,428

 

 

345,000

 

4.000%, 10/01/35 Series 2019 A

 

NR/A+/A

 

389,715

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Turnpike/Highway  

 

 

 

5,173,701

 

 

 

 

 

 

 

 

 

 

 

 

 

Water and Sewer (6.6%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Narragansett, Rhode Island Bay Commission Wastewater System

 

 

 

 

 

 

3,145,000

 

4.000%, 02/01/28 Series A

 

NR/AA-/NR

 

3,560,675

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

3,152,460

 

 

 

 

 

 

 

 

 

 

 

 

 

Rhode Island Clean Water Protection Finance Agency Safe Drinking Water Revolving Fund

 

 

 

 

 

 

1,085,000

 

3.500%, 10/01/25

 

NR/AAA/AAA

 

1,217,500

 

 

1,000,000

 

3.750%, 10/01/33

 

NR/AAA/AAA

 

1,066,900

 

 

1,000,000

 

3.750%, 10/01/34

 

NR/AAA/AAA

 

1,063,880

 

 


 


 

 

Rhode Island Infrastructure Bank Water, City of Pawtucket

 

 

 

 

 

 

1,730,000

 

5.000%, 10/01/28 Series 2015 NPFG Insured

 

Baa2/A/NR

 

2,081,432

 

 

 

 

 

 

 

 

 

 

 

 

 

Rhode Island Infrastructure Bank Water, Pollution Control

 

 

 

 

 

 

2,575,000

 

4.000%, 10/01/29 Series A

 

NR/AAA/AAA

 

2,988,416

 

 

500,000

 

4.000%, 10/01/32 Series A

 

NR/AAA/AAA

 

596,690

 

 

 

 

 

 

 

 

 

 

 

 

 

Rhode Island Infrastructure Bank Water, Safe Drinking Water

 

 

 

 

 

 

500,000

 

3.000%, 10/01/31 Series A

 

NR/AAA/AAA

 

541,365

 

 

 

 

Total Water and Sewer

 

 

 

16,269,318

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

2,467,460

 

 

 

 

Total Other Revenue  

 

 

 

2,467,460

 

 

 

 

Total Revenue Bonds

 

 

 

154,243,598

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-Refunded\Escrowed to Maturity Bonds (6.0%)††

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-Refunded\Escrowed to Maturity Revenue Bonds (6.0%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Healthcare (0.4%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rhode Island Health & Education Building Corp., Hospital Financing (Care New England)

 

 

 

 

 

 

500,000

 

5.000%, 09/01/20 Series 2013 A ETM

 

NR/NR/NR*

 

503,860

 

 

500,000

 

5.000%, 09/01/22 Series 2013 A ETM

 

NR/NR/NR*

 

549,730

 

 

 

 

Total Healthcare

 

 

 

1,053,590

 

 

 

 

 

 

 

 

 

 

 

 

 

Higher Education (3.0%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rhode Island Health and Education Building Corp., Bryant University

 

 

 

 

 

 

1,115,000

 

4.500%, 12/01/27 Series 2011

 

A2/A/NR

 

1,181,186

 

 

1,455,000

 

4.750%, 12/01/29 Series 2011

 

A2/A/NR

 

1,546,490

 

 

1,000,000

 

5.000%, 12/01/30 Series 2011

 

A2/A/NR

 

1,066,410

 

 

1,425,000

 

5.000%, 12/01/31 Series 2011

 

A2/A/NR

 

1,519,634

 

 

 

 

 

 

 

 

 

 

 

 

 

Rhode Island Health and Educational Building Corp., Higher Education Facility, University of Rhode Island Auxiliary Enterprise

 

 

 

 

 

 

2,000,000

 

5.000%, 09/15/30 Series 2010 B AGMC Insured

 

A1/AA/NR

 

2,019,120

 

 

 

 

Total Higher Education

 

 

 

7,332,840

 

 

 

 

 

 

 

 

 

 

 

 

 

Public School (0.4%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1,041,490

 

 

 

 

 

 

 

 

 

 

 

 

 

Turnpike/Highway (2.0%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rhode Island State Turnpike & Bridge Authority

 

 

 

 

 

 

1,600,000

 

4.625%, 12/01/27 Series 2010 A

 

NR/A-/A

 

1,628,736

 

 

2,000,000

 

5.125%, 12/01/35 Series 2010 A

 

NR/A-/A

 

2,040,040

 

 

1,000,000

 

5.000%, 12/01/35 Series 2010 A

 

NR/A-/A

 

1,019,510

 

 

 

 

Total Turnpike/Highway  

 

 

 

4,688,286

 

 


 


 

 

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*

 

262,895

 

 

215,000

 

6.375%, 08/01/22 Series A NPFG Insured ETM

 

NR/NR/NR*

 

238,639

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Other Revenue

 

 

 

501,534

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Pre-Refunded\ Escrowed to Maturity Revenue Bonds

 

 

 

14,617,740

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Pre-Refunded\ Escrowed to Maturity Bonds

 

 

 

14,617,740

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Municipal Bonds (cost $224,033,085)

 

 

 

237,418,283

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Short-Term Investment (2.5%)

 

 

 

 

 

 

6,078,203

 

Dreyfus Treasury Obligations Cash Management - Institutional Shares, 0.10%** (cost $6,078,203)

 

Aaa-mf/AAAm/NR

 

6,078,203

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments (cost $230,111,288-note b)

 

99.2

%

 

243,496,486

 

 

 

 

Other assets less liabilities

 

0.8

 

 

2,056,895

 

 

 

 

Net Assets  

 

100.0

%

 

$

245,553,381

 

 


 

 

Portfolio Distribution By Quality Rating

 

Percent of
Investments†

 

 

 

 

 

 

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

 

9.9

%

 

 

 

 

 

 

Pre-refunded bonds\ ETM bonds††

 

6.1

 

 

 

 

 

 

 

Aa of Moody’s or AA of S&P or Fitch

 

69.0

 

 

 

 

 

 

 

A of Moody’s or S&P or Fitch

 

12.7

 

 

 

 

 

 

 

BBB of S&P or Fitch

 

2.3

 

 

 

 

 

 

 

 

 

100.0

%

 

 

 

 



PORTFOLIO ABBREVIATIONS:

AGC - Assured Guaranty Corp.

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



*

Any security not rated ("NR") by any of the Nationally Recognized Statistical Rating Organizations ("NRSRO") has been determined by the Investment Sub-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

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 $230,111,288 amounted to $13,385,198, which consisted of aggregate gross unrealized appreciation of $13,499,892 and aggregate gross unrealized depreciation of $114,694.

 

 

(c)

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

 

 

 

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

 

 

 

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

 

 

 

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

 

 

 

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

 

 

 

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


Valuation Inputs+

 

Investments
in Securities

Level 1 – Quoted Prices- Short-Term Investment

 

$

6,078,203

Level 2 – Other Significant Observable Inputs- Municipal Bonds

 

 

237,418,283

Level 3 – Significant Unobservable Inputs

 

 

–   

Total

 

$

243,496,486

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