AQUILA TAX-FREE TRUST OF OREGON |
SCHEDULE OF INVESTMENTS |
December 31, 2019 |
(unaudited) |
| Amount |
| General Obligation Bonds (57.8%) |
| Ratings Moody's, S&P and Fitch |
|
| Value |
| (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| City & County (5.1%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bend, Oregon |
|
|
|
|
|
|
|
$ | 2,435,000 |
| 4.000%, 06/01/24 |
| Aa2/NR/NR |
| $ | 2,595,832 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Canby, Oregon |
|
|
|
|
|
|
|
| 1,060,000 |
| 5.000%, 06/01/27 |
| Aa3/NR/NR |
|
| 1,110,371 |
|
|
| 1,405,000 |
| 4.000%, 12/01/24 AGMC Insured |
| Aa3/NR/NR |
|
| 1,499,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Clackamas County, Oregon Refunding |
|
|
|
|
|
|
|
| 1,135,000 |
| 4.000%, 06/01/24 |
| Aaa/NR/NR |
|
| 1,213,951 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Clatsop County, Oregon |
|
|
|
|
|
|
|
| 1,000,000 |
| 5.000%, 06/15/32 |
| Aa2/NR/NR |
|
| 1,284,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gresham, Oregon Full Faith and Credit Refunding and |
|
|
|
|
|
|
|
| 1,545,000 |
| 5.000%, 05/01/23 |
| Aa2/NR/NR |
|
| 1,739,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| City of Hillsboro, Washington County Oregon Full Faith and |
|
|
|
|
|
|
|
| 465,000 |
| 5.000%, 06/01/30 |
| Aa1/NR/NR |
|
| 601,515 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lake Oswego, Oregon Refunding |
|
|
|
|
|
|
|
| 3,140,000 |
| 4.000%, 12/01/30 |
| Aaa/AAA/NR |
|
| 3,682,466 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lebanon, Oregon Refunding |
|
|
|
|
|
|
|
| 1,050,000 |
| 5.000%, 06/01/24 |
| A1/NR/NR |
|
| 1,175,339 |
|
|
| 1,165,000 |
| 5.000%, 06/01/25 |
| A1/NR/NR |
|
| 1,378,882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| McMinnville, Oregon Refunding |
|
|
|
|
|
|
|
| 2,075,000 |
| 5.000%, 02/01/27 |
| Aa3/NR/NR |
|
| 2,442,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Multnomah County, Oregon |
|
|
|
|
|
|
|
| 3,000,000 |
| 5.000%, 06/01/30 |
| Aaa/AAA/NR |
|
| 3,742,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Portland, Oregon Limited Tax, Sellwood Bridge & Archive |
|
|
|
|
|
|
|
| 1,640,000 |
| 4.000%, 04/01/29 2017 Series A |
| Aaa/NR/NR |
|
| 1,915,733 |
|
|
| 1,710,000 |
| 4.000%, 04/01/30 2017 Series A |
| Aaa/NR/NR |
|
| 1,975,597 |
|
|
| 1,775,000 |
| 4.000%, 04/01/31 2017 Series A |
| Aaa/NR/NR |
|
| 2,035,677 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Portland, Oregon Public Safety |
|
|
|
|
|
|
|
| 1,345,000 |
| 5.000%, 06/15/25 Series A |
| Aaa/NR/NR |
|
| 1,618,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Redmond, Oregon Full Faith and Credit Bonds |
|
|
|
|
|
|
|
| 1,140,000 |
| 5.000%, 06/01/34 Series B-1 |
| Aa3/NR/NR |
|
| 1,425,684 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Redmond, Oregon Refunding |
|
|
|
|
|
|
|
| 735,000 |
| 5.000%, 06/01/23 Series A |
| Aa3/NR/NR |
|
| 802,796 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total City & County |
|
|
|
| 32,240,365 |
|
|
|
|
| Community College (4.0%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
| 1,101,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Central Oregon Community College District |
|
|
|
|
|
|
|
| 1,850,000 |
| 4.750%, 06/15/22 |
| NR/AA+/NR |
|
| 1,880,044 |
|
|
| 2,195,000 |
| 4.750%, 06/15/23 |
| NR/AA+/NR |
|
| 2,230,449 |
|
|
| 2,175,000 |
| 4.750%, 06/15/26 |
| NR/AA+/NR |
|
| 2,208,930 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Chemeketa, Oregon Community College District |
|
|
|
|
|
|
|
| 2,000,000 |
| 5.000%, 06/15/25 |
| NR/AA+/NR |
|
| 2,325,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Clackamas, Oregon Community College District |
|
|
|
|
|
|
|
| 1,405,000 |
| 5.000%, 06/15/27 Series A |
| Aa1/AA+/NR |
|
| 1,672,414 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Columbia Gorge, Oregon Community College District, Refunding |
|
|
|
|
|
|
|
| 1,000,000 |
| 4.000%, 06/15/24 |
| Aa1/NR/NR |
|
| 1,068,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lane, Oregon Community College |
|
|
|
|
|
|
|
| 1,840,000 |
| 5.000%, 06/15/24 |
| NR/AA+/NR |
|
| 2,011,028 |
|
|
| 1,750,000 |
| 4.000%, 06/15/24 |
| Aa1/NR/NR |
|
| 1,966,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Linn Benton, Oregon Community College |
|
|
|
|
|
|
|
| 1,520,000 |
| 5.000%, 06/01/27 |
| NR/AA+/NR |
|
| 1,807,554 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mount Hood, Oregon Community College District Refunding |
|
|
|
|
|
|
|
| 1,865,000 |
| 5.000%, 06/01/27 |
| Aa2/NR/NR |
|
| 2,277,669 |
|
|
| 1,000,000 |
| 5.000%, 06/01/29 |
| Aa2/NR/NR |
|
| 1,213,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oregon Coast Community College District State |
|
|
|
|
|
|
|
| 1,770,000 |
| 5.000%, 06/15/25 |
| Aa1/NR/NR |
|
| 1,933,619 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rogue, Oregon Community College District |
|
|
|
|
|
|
|
| 1,375,000 |
| 4.000%, 06/15/29 Series B |
| Aa1/NR/NR |
|
| 1,580,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Community College |
|
|
|
| 25,278,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Higher Education (0.9%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oregon State Higher Education |
|
|
|
|
|
|
|
| 1,000,000 |
| 5.000%, 08/01/25 Series C |
| Aa1/AA+/AA+ |
|
| 1,173,210 |
|
|
| 1,795,000 |
| 5.000%, 08/01/27 Series C |
| Aa1/AA+/AA+ |
|
| 2,099,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oregon State, Oregon University System |
|
|
|
|
|
|
|
| 1,170,000 |
| 4.000%, 08/01/25 Series B |
| Aa1/AA+/AA+ |
|
| 1,253,561 |
|
|
| 1,090,000 |
| 5.000%, 08/01/25 Series N |
| Aa1/AA+/AA+ |
|
| 1,239,635 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Higher Education |
|
|
|
| 5,765,856 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hospital (0.8%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pacific Communities Health District, Oregon |
|
|
|
|
|
|
|
| 1,220,000 |
| 5.000%, 06/01/29 |
| A1/NR/NR |
|
| 1,459,425 |
|
|
| 1,060,000 |
| 5.000%, 06/01/30 |
| A1/NR/NR |
|
| 1,262,852 |
|
|
| 1,000,000 |
| 5.000%, 06/01/31 |
| A1/NR/NR |
|
| 1,187,420 |
|
|
| 1,200,000 |
| 5.000%, 06/01/32 |
| A1/NR/NR |
|
| 1,421,568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Hospital |
|
|
|
| 5,331,265 |
|
|
|
|
| School District (33.6%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Clackamas County, Oregon School District #12 (North Clackamas) |
|
|
|
|
|
|
|
| 2,450,000 |
| 5.000%, 06/15/25 |
| Aa1/AA+/NR |
|
| 2,859,028 |
|
|
| 1,165,000 |
| 5.000%, 06/15/25 |
| Aa1/AA+/NR |
|
| 1,399,142 |
|
|
| 1,500,000 |
| 5.000%, 06/15/26 |
| Aa1/AA+/NR |
|
| 1,746,570 |
|
|
| 3,205,000 |
| 5.000%, 06/15/30 |
| Aa1/AA+/NR |
|
| 3,978,495 |
|
|
| 4,725,000 |
| 5.000%, 06/15/31 |
| Aa1/AA+/NR |
|
| 5,836,178 |
|
|
| 1,100,000 |
| 5.000%, 06/15/32 |
| Aa1/NR/NR |
|
| 1,384,933 |
|
|
| 2,160,000 |
| 5.000%, 06/15/29 Series B |
| Aa1/AA+/NR |
|
| 2,690,410 |
|
|
| 3,000,000 |
| 5.000%, 06/15/34 Series B |
| Aa1/AA+/NR |
|
| 3,674,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Clackamas County, Oregon School District #62 (Oregon City) |
|
|
|
|
|
|
|
| 560,000 |
| 5.000%, 06/01/29 MAC Insured |
| Aa3/AA/NR |
|
| 643,339 |
|
|
| 1,310,000 |
| 5.000%, 06/15/31 Series B |
| Aa1/AA+/NR |
|
| 1,662,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Clackamas County, Oregon School District #86 (Canby) |
|
|
|
|
|
|
|
| 1,800,000 |
| 5.000%, 06/15/24 |
| Aa1/AA+/NR |
|
| 1,967,310 |
|
|
| 1,110,000 |
| 5.000%, 06/15/25 Series A |
| Aa1/AA+/NR |
|
| 1,212,608 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Clackamas & Washington Counties, Oregon School District No. 3JT (West Linn-Wilsonville) |
|
|
|
|
|
|
|
| 3,500,000 |
| 5.000%, 06/15/26 |
| Aa1/AA+/NR |
|
| 4,196,395 |
|
|
| 5,500,000 |
| 5.000%, 06/15/27 |
| Aa1/AA+/NR |
|
| 6,572,390 |
|
|
| 1,115,000 |
| 5.000%, 06/15/28 |
| Aa1/AA+/NR |
|
| 1,329,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Clatsop County, Oregon School District #1C (Astoria) |
|
|
|
|
|
|
|
| 1,080,000 |
| 5.000%, 06/15/31 Series B |
| Aa1/NR/NR |
|
| 1,385,100 |
|
|
| 1,215,000 |
| 5.000%, 06/15/32 Series B |
| Aa1/NR/NR |
|
| 1,553,110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Clatsop County, Oregon School District #30 (Warrenton-Hammond) |
|
|
|
|
|
|
|
| 1,590,000 |
| 5.000%, 06/15/31 Series B |
| Aa1/NR/NR |
|
| 2,040,765 |
|
|
| 1,000,000 |
| 5.000%, 06/15/32 Series B |
| Aa1/NR/NR |
|
| 1,279,280 |
|
|
| 1,115,000 |
| 5.000%, 06/15/34 Series B |
| Aa1/NR/NR |
|
| 1,418,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Clatsop County, Oregon School District #10 (Seaside) |
|
|
|
|
|
|
|
| 1,000,000 |
| 5.000%, 06/15/29 Series B |
| Aa1/AA+/NR |
|
| 1,247,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Columbia County, Oregon School District #502 (St. Helens) |
|
|
|
|
|
|
|
| 1,000,000 |
| 5.000%, 06/15/34 |
| Aa1/NR/NR |
|
| 1,226,280 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Coos County, Oregon School District #9 (Coos Bay) |
|
|
|
|
|
|
|
| 1,035,000 |
| 5.000%, 06/15/32 |
| NR/AA+/NR |
|
| 1,300,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Benton & Linn Counties, Oregon School District #509J (Corvallis) |
|
|
|
|
|
|
|
| 2,000,000 |
| 5.000%, 06/15/31 Series B |
| Aa1/AA+/NR |
|
| 2,523,840 |
|
|
| 1,615,000 |
| 5.000%, 06/15/32 Series B |
| Aa1/AA+/NR |
|
| 2,031,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deschutes County, Oregon Administrative School District #1 |
|
|
|
|
|
|
|
| 740,000 |
| 5.000%, 06/15/30 |
| Aa1/NR/NR |
|
| 961,615 |
|
|
| 3,000,000 |
| 4.000%, 06/15/30 |
| Aa1/AA+/NR |
|
| 3,463,530 |
|
|
| 2,150,000 |
| 5.000%, 06/15/31 |
| Aa1/NR/NR |
|
| 2,781,219 |
|
|
| 1,470,000 |
| 4.000%, 06/15/32 |
| Aa1/NR/NR |
|
| 1,732,189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deschutes County, Oregon School District #6 (Sisters) |
|
|
|
|
|
|
|
| 1,030,000 |
| 5.250%, 06/15/21 AGMC Insured |
| A2/AA+/NR |
|
| 1,092,243 |
|
|
|
|
| Deschutes and Jefferson Counties, Oregon School District #02J (Redmond) |
|
|
|
|
|
|
|
| 80,000 |
| 5.000%, 06/15/21 NPFG/ FGIC Insured |
| Aa1/NR/NR |
|
| 80,246 |
|
|
| 1,025,000 |
| zero coupon, 06/15/23 |
| Aa1/NR/NR |
|
| 978,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Greater Albany School District #8J (Linn & Benton Counties) |
|
|
|
|
|
|
|
| 1,000,000 |
| 5.000%, 06/15/30 |
| Aa1/AA+/NR |
|
| 1,244,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hood River County, Oregon School District |
|
|
|
|
|
|
|
| 2,260,000 |
| 4.000%, 06/15/30 |
| NR/AA+/NR |
|
| 2,573,824 |
|
|
| 2,400,000 |
| 4.000%, 06/15/31 |
| NR/AA+/NR |
|
| 2,707,008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Jackson County, Oregon School District #5 (Ashland) |
|
|
|
|
|
|
|
| 1,385,000 |
| 5.000%, 06/15/28 |
| Aa1/AA+/NR |
|
| 1,774,379 |
|
|
| 2,845,000 |
| 5.000%, 06/15/34 |
| Aa1/AA+/NR |
|
| 3,636,479 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Jackson County, Oregon School District #6 (Central Point) |
|
|
|
|
|
|
|
| 2,665,000 |
| 5.000%, 06/15/31 |
| Aa1/NR/NR |
|
| 3,420,528 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Jefferson County, Oregon School District #509J |
|
|
|
|
|
|
|
| 1,400,000 |
| 5.000%, 06/15/25 |
| Aa1/NR/NR |
|
| 1,580,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Klamath County, Oregon School District |
|
|
|
|
|
|
|
| 1,250,000 |
| 5.000%, 06/15/24 |
| NR/AA+/NR |
|
| 1,407,588 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lane County, Oregon School District #4J (Eugene) Refunding |
|
|
|
|
|
|
|
| 1,130,000 |
| 4.000%, 06/15/23 |
| Aa1/NR/NR |
|
| 1,177,155 |
|
|
| 2,850,000 |
| 4.000%, 06/15/24 |
| Aa1/NR/NR |
|
| 3,047,676 |
|
|
| 2,765,000 |
| 3.000%, 06/15/24 |
| Aa1/NR/NR |
|
| 2,988,689 |
|
|
| 4,575,000 |
| 5.000%, 06/15/26 |
| Aa1/NR/NR |
|
| 5,331,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lane County, Oregon School District #19 (Springfield) |
|
|
|
|
|
|
|
| 1,000,000 |
| 5.000%, 06/15/25 |
| Aa1/AA+/NR |
|
| 1,195,140 |
|
|
| 1,735,000 |
| 5.000%, 06/15/27 |
| Aa1/AA+/NR |
|
| 2,070,254 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lane County, Oregon School District #69 (Junction City) |
|
|
|
|
|
|
|
| 630,000 |
| 5.000%, 06/15/25 |
| Aa1/NR/NR |
|
| 754,041 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lane & Douglas Counties, Oregon School District #45J3 |
|
|
|
|
|
|
|
| 2,665,000 |
| 4.000%, 06/15/27 Series B |
| Aa1/NR/NR |
|
| 3,081,246 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lincoln County, Oregon School District |
|
|
|
|
|
|
|
| 2,370,000 |
| 4.000%, 06/15/24 Series A |
| Aa1/NR/NR |
|
| 2,464,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Linn & Marion Counties, Oregon School District #129J |
|
|
|
|
|
|
|
| 750,000 |
| 5.000%, 06/15/34 |
| NR/AA+/NR |
|
| 950,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Marion County, Oregon School District #103 (Woodburn) |
|
|
|
|
|
|
|
| 2,140,000 |
| 5.000%, 06/15/27 |
| Aa1/NR/NR |
|
| 2,559,740 |
|
|
| 2,260,000 |
| 5.000%, 06/15/28 |
| Aa1/NR/NR |
|
| 2,694,327 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Marion & Clackamas Counties, Oregon School District #4J (Silver Falls) |
|
|
|
|
|
|
|
| 1,260,000 |
| 5.000%, 06/15/24 |
| Aa1/NR/NR |
|
| 1,424,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Marion & Polk Counties, Oregon School District #24J (Salem-Keizer) |
|
|
|
|
|
|
|
| 5,000,000 |
| 5.000%, 06/15/30 |
| Aa1/AA+/NR |
|
| 6,358,300 |
|
|
| 5,525,000 |
| 5.000%, 06/15/31 |
| Aa1/AA+/NR |
|
| 6,996,971 |
|
|
|
|
| Multnomah County, Oregon School District #1J (Portland) |
|
|
|
|
|
|
|
| 2,970,000 |
| 5.000%, 06/15/26 Series B |
| Aa1/AA+/NR |
|
| 3,560,941 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Multnomah County, Oregon School District #7 (Reynolds) |
|
|
|
|
|
|
|
| 5,680,000 |
| 5.000%, 06/15/26 Series A |
| Aa1/NR/NR |
|
| 6,800,210 |
|
|
| 1,500,000 |
| 5.000%, 06/15/27 Series A |
| Aa1/NR/NR |
|
| 1,791,600 |
|
|
| 1,825,000 |
| 5.000%, 06/15/28 Series A |
| Aa1/NR/NR |
|
| 2,170,436 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Multnomah County, Oregon School District #7 (Reynolds) Refunding |
|
|
|
|
|
|
|
| 1,165,000 |
| 5.000%, 06/01/29 |
| Aa3/NR/NR |
|
| 1,182,790 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Multnomah County, Oregon School District #40 (David Douglas) |
|
|
|
|
|
|
|
| 1,500,000 |
| 5.000%, 06/15/23 Series A |
| NR/AA+/NR |
|
| 1,640,565 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Multnomah and Clackamas Counties, Oregon School District #10 (Gresham-Barlow) |
|
|
|
|
|
|
|
| 1,535,000 |
| 5.000%, 06/15/29 |
| Aa1/NR/NR |
|
| 2,003,022 |
|
|
| 1,175,000 |
| 5.000%, 06/15/31 |
| Aa1/AA+/NR |
|
| 1,449,468 |
|
|
| 2,500,000 |
| 5.000%, 06/15/29 Series B |
| Aa1/AA+/NR |
|
| 3,113,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Polk, Marion & Benton Counties, Oregon School District #13J (Central) |
|
|
|
|
|
|
|
| 1,515,000 |
| 4.000%, 02/01/28 |
| NR/AA+/NR |
|
| 1,695,088 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tillamook & Yamhill Counties, Oregon School District #101 |
|
|
|
|
|
|
|
| 1,275,000 |
| 5.000%, 06/15/31 |
| NR/AA+/NR |
|
| 1,613,538 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Union County, Oregon School District #1 (La Grande) |
|
|
|
|
|
|
|
| 1,000,000 |
| 5.000%, 06/15/27 |
| Aa1/NR/NR |
|
| 1,190,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Wasco County, Oregon School District #12 (The Dalles) |
|
|
|
|
|
|
|
| 1,790,000 |
| 5.500%, 06/15/20 AGMC Insured |
| A2/AA/NR |
|
| 1,825,728 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Washington County, Oregon School District #48J (Beaverton) |
|
|
|
|
|
|
|
| 2,750,000 |
| 4.000%, 06/15/25 |
| Aa1/AA+/NR |
|
| 2,937,303 |
|
|
| 2,275,000 |
| 4.000%, 06/15/23 Series B |
| Aa1/AA+/NR |
|
| 2,435,661 |
|
|
| 5,290,000 |
| 4.000%, 06/15/24 Series B |
| Aa1/AA+/NR |
|
| 5,658,237 |
|
|
| 3,000,000 |
| 5.000%, 06/15/25 Series 2014B |
| Aa1/AA+/NR |
|
| 3,499,440 |
|
|
| 3,000,000 |
| 5.000%, 06/15/28 Series 2014B |
| Aa1/AA+/NR |
|
| 3,476,670 |
|
|
| 1,845,000 |
| 5.000%, 06/15/29 Series 2014B |
| Aa1/AA+/NR |
|
| 2,134,591 |
|
|
| 1,500,000 |
| 5.000%, 06/15/27 Series C |
| Aa1/AA+/NR |
|
| 1,885,080 |
|
|
| 2,400,000 |
| 5.000%, 06/15/35 Series C |
| Aa1/AA+/NR |
|
| 2,939,832 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Washington & Clackamas Counties, Oregon School District #23J (Tigard) |
|
|
|
|
|
|
|
| 2,405,000 |
| 5.000%, 06/15/30 |
| Aa1/AA+/NR |
|
| 2,985,423 |
|
|
| 1,000,000 |
| 5.000%, 06/15/31 Series A |
| Aa1/AA+/NR |
|
| 1,290,560 |
|
|
| 1,000,000 |
| 5.000%, 06/15/32 Series A |
| Aa1/AA+/NR |
|
| 1,286,310 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Washington, Clackamas & Yamhill Counties, Oregon |
|
|
|
|
|
|
|
| 2,785,000 |
| 5.000%, 06/15/29 Series B |
| Aa1/AA+/NR |
|
| 3,473,341 |
|
|
| 2,000,000 |
| 5.000%, 06/15/29 Series B |
| Aa1/AA+/NR |
|
| 2,552,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Washington, Multnomah & Yamhill Counties, Oregon |
|
|
|
|
|
|
|
| 1,535,000 |
| 4.000%, 06/15/25 |
| Aa1/NR/NR |
|
| 1,639,549 |
|
|
| 3,105,000 |
| 5.000%, 06/15/30 |
| Aa1/NR/NR |
|
| 3,849,424 |
|
|
| 2,110,000 |
| 5.000%, 06/15/31 |
| Aa1/NR/NR |
|
| 2,606,209 |
|
|
|
|
| Yamhill County, Oregon School District #8 (Dayton) |
|
|
|
|
|
|
|
| 1,045,000 |
| 5.000%, 06/15/32 |
| NR/AA+/NR |
|
| 1,339,993 |
|
|
| 1,080,000 |
| 5.000%, 06/15/33 |
| NR/AA+/NR |
|
| 1,377,464 |
|
|
| 900,000 |
| 5.000%, 06/15/34 |
| NR/AA+/NR |
|
| 1,140,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Yamhill County, Oregon School District #40 (McMinnville) |
|
|
|
|
|
|
|
| 2,255,000 |
| 4.000%, 06/15/26 |
| Aa1/NR/NR |
|
| 2,461,693 |
|
|
| 1,000,000 |
| 4.000%, 06/15/29 |
| Aa1/AA+/NR |
|
| 1,143,000 |
|
|
| 1,000,000 |
| 4.000%, 06/15/30 |
| Aa1/AA+/NR |
|
| 1,138,860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total School Districts |
|
|
|
| 212,977,604 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Special District (4.0%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bend, Oregon Metropolitan Park & Recreational District |
|
|
|
|
|
|
|
| 1,430,000 |
| 4.000%, 06/01/27 |
| Aa3/NR/NR |
|
| 1,547,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Clackamas County, Oregon Fire District No. 1 |
|
|
|
|
|
|
|
| 1,020,000 |
| 4.000%, 06/01/30 |
| NR/AA/NR |
|
| 1,180,905 |
|
|
| 2,705,000 |
| 4.000%, 06/01/31 |
| NR/AA/NR |
|
| 3,099,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Metro, Oregon |
|
|
|
|
|
|
|
| 4,000,000 |
| 4.000%, 06/01/26 Series A |
| Aaa/AAA/NR |
|
| 4,263,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tualatin Hills, Oregon Park & Recreational District |
|
|
|
|
|
|
|
| 3,480,000 |
| 5.000%, 06/01/23 |
| Aa1/NR/NR |
|
| 3,937,690 |
|
|
| 4,725,000 |
| 5.000%, 06/01/24 |
| Aa1/NR/NR |
|
| 5,516,343 |
|
|
| 2,775,000 |
| 5.000%, 06/01/26 |
| Aa1/NR/NR |
|
| 3,317,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tualatin Valley, Oregon Fire & Rescue Rural Fire Protection District |
|
|
|
|
|
|
|
| 1,235,000 |
| 4.000%, 06/01/26 |
| Aaa/NR/NR |
|
| 1,282,510 |
|
|
| 1,170,000 |
| 4.000%, 06/01/27 |
| Aaa/NR/NR |
|
| 1,213,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Special District |
|
|
|
| 25,359,139 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| State (7.8%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Oregon |
|
|
|
|
|
|
|
| 750,000 |
| 5.000%, 05/01/25 Series A |
| Aa1/AA+/AA+ |
|
| 872,798 |
|
|
| 2,125,000 |
| 4.000%, 05/01/25 Series O |
| Aa1/AA+/AA+ |
|
| 2,204,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Oregon Article XI-F(1) University Project |
|
|
|
|
|
|
|
| 1,250,000 |
| 5.000%, 08/01/31 Series I |
| Aa1/AA+/AA+ |
|
| 1,554,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Oregon Article XI-G Community College Projects |
|
|
|
|
|
|
|
| 1,160,000 |
| 5.000%, 08/01/27 Series J |
| Aa1/AA+/AA+ |
|
| 1,394,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Oregon Article XI-G Higher Education |
|
|
|
|
|
|
|
| 500,000 |
| 5.000%, 08/01/25 Series O |
| Aa1/AA+/AA+ |
|
| 602,845 |
|
|
| 1,000,000 |
| 5.000%, 08/01/26 Series O |
| Aa1/AA+/AA+ |
|
| 1,204,150 |
|
|
| 1,000,000 |
| 5.000%, 08/01/27 Series O |
| Aa1/AA+/AA+ |
|
| 1,201,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Oregon Article XI-M Seismic Projects |
|
|
|
|
|
|
|
| 1,000,000 |
| 5.000%, 06/01/30 |
| Aa1/AA+/AA+ |
|
| 1,214,980 |
|
|
|
|
| State of Oregon Article XI-Q State Projects |
|
|
|
|
|
|
|
| 2,140,000 |
| 5.000%, 11/01/28 |
| Aa1/AA+/AA+ |
|
| 2,605,129 |
|
|
| 1,000,000 |
| 5.000%, 11/01/30 |
| Aa1/AA+/AA+ |
|
| 1,210,900 |
|
|
| 2,000,000 |
| 5.000%, 11/01/31 |
| Aa1/AA+/AA+ |
|
| 2,414,460 |
|
|
| 2,920,000 |
| 5.000%, 05/01/31 Series A |
| Aa1/AA+/AA+ |
|
| 3,768,406 |
|
|
| 4,000,000 |
| 5.000%, 05/01/32 Series A |
| Aa1/AA+/AA+ |
|
| 5,137,760 |
|
|
| 1,195,000 |
| 5.000%, 05/01/28 Series D |
| Aa1/AA+/AA+ |
|
| 1,455,940 |
|
|
| 1,255,000 |
| 5.000%, 05/01/29 Series D |
| Aa1/AA+/AA+ |
|
| 1,526,444 |
|
|
| 1,000,000 |
| 5.000%, 05/01/30 Series D |
| Aa1/AA+/AA+ |
|
| 1,212,720 |
|
|
| 2,300,000 |
| 5.000%, 05/01/28 Series F |
| Aa1/AA+/AA+ |
|
| 2,736,172 |
|
|
| 1,500,000 |
| 5.000%, 05/01/33 Series N |
| Aa1/AA+/AA+ |
|
| 1,939,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Oregon Higher Education |
|
|
|
|
|
|
|
| 1,000,000 |
| 5.000%, 08/01/28 Series A |
| Aa1/AA+/AA+ |
|
| 1,198,370 |
|
|
| 1,390,000 |
| 5.000%, 08/01/31 Series G |
| Aa1/AA+/AA+ |
|
| 1,802,496 |
|
|
| 1,920,000 |
| 5.000%, 08/01/32 Series G |
| Aa1/AA+/AA+ |
|
| 2,477,376 |
|
|
| 3,000,000 |
| 5.000%, 08/01/33 Series G |
| Aa1/AA+/AA+ |
|
| 3,856,650 |
|
|
| 1,900,000 |
| 5.000%, 08/01/34 Series G |
| Aa1/AA+/AA+ |
|
| 2,432,361 |
|
|
| 1,250,000 |
| 5.000%, 08/01/30 Series L |
| Aa1/AA+/AA+ |
|
| 1,558,638 |
|
|
| 1,300,000 |
| 5.000%, 08/01/32 Series L |
| Aa1/AA+/AA+ |
|
| 1,610,856 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total State |
|
|
|
| 49,193,624 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Transportation (1.2%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oregon State Department Transportation Highway Usertax (Senior Lien) |
|
|
|
|
|
|
|
| 5,000,000 |
| 5.000%, 11/15/29 Series B |
| Aa1/AAA/AA+ |
|
| 6,222,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Oregon ODOT Projects |
|
|
|
|
|
|
|
| 1,020,000 |
| 5.000%, 11/15/30 Series M |
| Aa1/AA+/AA+ |
|
| 1,263,484 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Transportation |
|
|
|
| 7,486,134 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Water & Sewer (0.4%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gearheart, Oregon |
|
|
|
|
|
|
|
| 1,060,000 |
| 4.500%, 03/01/26 AGMC Insured |
| A2/NR/NR |
|
| 1,094,079 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rockwood, Oregon Water Peoples Utility District Water |
|
|
|
|
|
|
|
| 1,270,000 |
| 4.250%, 08/15/26 |
| Aa3/NR/NR |
|
| 1,323,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Water & Sewer |
|
|
|
| 2,417,127 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total General Obligation Bonds |
|
|
|
| 366,049,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue Bonds (31.5%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| City & County (2.0%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Newport, Oregon Urban Renewal Obligations, Refunding |
|
|
|
|
|
|
|
| 565,000 |
| 4.500%, 06/15/22 Series B |
| NR/AA-/NR |
|
| 573,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Portland, Oregon Revenue Refunding Limited Tax, Oregon |
|
|
|
|
|
|
|
| 2,825,000 |
| 5.000%, 06/01/24 |
| Aaa/NR/NR |
|
| 2,980,008 |
|
|
| 4,265,000 |
| 5.000%, 06/01/27 |
| Aaa/NR/NR |
|
| 4,496,547 |
|
|
|
|
| Portland, Oregon River District Urban Renewal and Redevelopment |
|
|
|
|
|
|
|
| 1,600,000 |
| 5.000%, 06/15/22 Series B |
| A1/NR/NR |
|
| 1,746,272 |
|
|
| 1,830,000 |
| 5.000%, 06/15/23 Series B |
| A1/NR/NR |
|
| 1,993,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Portland, Oregon Urban Renewal and Redevelopment, Refunding, |
|
|
|
|
|
|
|
| 1,000,000 |
| 4.000%, 06/15/25 Series B |
| A1/NR/NR |
|
| 1,011,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total City & County |
|
|
|
| 12,800,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Electric (2.0%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Eugene, Oregon Electric Utility Refunding System |
|
|
|
|
|
|
|
| 2,875,000 |
| 5.000%, 08/01/29 Series A |
| Aa2/AA-/AA- |
|
| 3,510,605 |
|
|
| 4,030,000 |
| 5.000%, 08/01/30 Series A |
| Aa2/AA-/AA- |
|
| 4,900,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Northern Wasco County, Oregon Peoples Utility District |
|
|
|
|
|
|
|
| 1,585,000 |
| 5.000%, 12/01/21 Series A |
| NR/AA-/NR |
|
| 1,701,577 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warm Springs Reservation, Oregon Confederated Tribes, Hydroelectric Revenue, Tribal Economic Development, Pelton Round Butte Proj 2019 B Green Bond |
|
|
|
|
|
|
|
| 500,000 |
| 5.000%, 11/01/32 144A |
| A3/NR/NR |
|
| 600,015 |
|
|
| 1,000,000 |
| 5.000%, 11/01/33 144A |
| A3/NR/NR |
|
| 1,192,470 |
|
|
| 500,000 |
| 5.000%, 11/01/34 144A |
| A3/NR/NR |
|
| 592,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Electric |
|
|
|
| 12,497,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Higher Education (1.7%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oregon State Facilities Authority (Lewis & Clark College Project) |
|
|
|
|
|
|
|
| 1,000,000 |
| 5.250%, 10/01/24 Series A |
| A3/A-/NR |
|
| 1,066,250 |
|
|
| 3,000,000 |
| 5.000%, 10/01/27 Series A |
| A3/A-/NR |
|
| 3,183,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oregon State Facilities Authority (Linfield College Project) |
|
|
|
|
|
|
|
| 1,180,000 |
| 5.000%, 10/01/22 Series A |
| Baa1/NR/NR |
|
| 1,287,215 |
|
|
| 1,000,000 |
| 5.000%, 10/01/23 Series A |
| Baa1/NR/NR |
|
| 1,120,260 |
|
|
| 1,220,000 |
| 5.000%, 10/01/31 Series A 2010 |
| Baa1/NR/NR |
|
| 1,247,279 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oregon State Facilities Authority (Reed College Project) |
|
|
|
|
|
|
|
| 500,000 |
| 5.000%, 07/01/30 Series A |
| Aa2/AA-/NR |
|
| 619,635 |
|
|
| 1,135,000 |
| 4.000%, 07/01/31 Series A |
| Aa2/AA-/NR |
|
| 1,305,386 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oregon State Facilities Authority (Willamette University) |
|
|
|
|
|
|
|
| 1,000,000 |
| 4.000%, 10/01/24 |
| NR/A/NR |
|
| 1,006,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Higher Education |
|
|
|
| 10,836,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hospital (4.2%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Medford, Oregon Hospital Facilities Authority Revenue Refunding, Asante Health Systems |
|
|
|
|
|
|
|
| 9,000,000 |
| 5.500%, 08/15/28 AGMC Insured |
| NR/AA/NR |
|
| 9,224,460 |
|
|
|
|
| Oregon Health Sciences University |
|
|
|
|
|
|
|
| 4,485,000 |
| zero coupon, 07/01/21 NPFG Insured |
| Aa3/AA-/AA- |
|
| 4,302,595 |
|
|
| 2,000,000 |
| 5.000%, 07/01/23 Series A |
| Aa3/AA-/AA- |
|
| 2,183,540 |
|
|
| 500,000 |
| 5.000%, 07/01/30 Series A |
| Aa3/AA-/AA- |
|
| 646,840 |
|
|
| 250,000 |
| 5.000%, 07/01/31 Series A |
| Aa3/AA-/AA- |
|
| 321,928 |
|
|
| 1,250,000 |
| 5.000%, 07/01/28 Series B |
| Aa3/AA-/AA- |
|
| 1,525,363 |
|
|
| 1,000,000 |
| 5.000%, 07/01/33 Series B |
| Aa3/AA-/AA- |
|
| 1,200,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oregon State Facilities Authority Revenue Refunding, Legacy |
|
|
|
|
|
|
|
| 1,000,000 |
| 4.750%, 03/15/24 |
| A1/A+/NR |
|
| 1,006,560 |
|
|
| 1,000,000 |
| 5.000%, 03/15/30 |
| A1/A+/NR |
|
| 1,006,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oregon State Facilities Authority Revenue Refunding, Samaritan |
|
|
|
|
|
|
|
| 1,500,000 |
| 4.375%, 10/01/20 |
| NR/BBB+/NR |
|
| 1,534,935 |
|
|
| 2,000,000 |
| 4.500%, 10/01/21 |
| NR/BBB+/NR |
|
| 2,047,820 |
|
|
| 1,520,000 |
| 5.000%, 10/01/23 |
| NR/BBB+/NR |
|
| 1,561,937 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Hospital |
|
|
|
| 26,563,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Housing (0.7%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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 |
|
| 1,392,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Portland, Oregon Urban Renewal and Redevelopment, Interstate Corridor |
|
|
|
|
|
|
|
| 1,390,000 |
| 5.000%, 06/15/27 Series B |
| A1/NR/NR |
|
| 1,460,723 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Oregon Housing and Community Services |
|
|
|
|
|
|
|
| 815,000 |
| 1.800%, 01/01/23 |
| Aa2/NR/NR |
|
| 823,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Housing |
|
|
|
| 3,677,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lottery (4.2%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oregon State Department of Administration Services (Lottery Revenue) |
|
|
|
|
|
|
|
| 1,015,000 |
| 5.250%, 04/01/26 Series A |
| Aa2/AAA/NR |
|
| 1,066,897 |
|
|
| 2,000,000 |
| 5.000%, 04/01/32 Series A |
| Aa2/AAA/NR |
|
| 2,564,920 |
|
|
| 1,000,000 |
| 5.000%, 04/01/33 Series A |
| Aa2/AAA/NR |
|
| 1,278,340 |
|
|
| 1,715,000 |
| 5.000%, 04/01/24 Series B |
| Aa2/AAA/NR |
|
| 1,863,982 |
|
|
| 1,500,000 |
| 5.000%, 04/01/25 Series B |
| Aa2/AAA/NR |
|
| 1,629,960 |
|
|
| 1,000,000 |
| 5.000%, 04/01/25 Series B |
| Aa2/AAA/NR |
|
| 1,159,520 |
|
|
| 4,000,000 |
| 5.000%, 04/01/30 Series C |
| Aa2/AAA/NR |
|
| 4,944,880 |
|
|
| 5,000,000 |
| 5.000%, 04/01/26 Series D |
| Aa2/AAA/NR |
|
| 5,959,750 |
|
|
| 4,000,000 |
| 5.000%, 04/01/28 Series D |
| Aa2/AAA/NR |
|
| 4,741,680 |
|
|
| 1,000,000 |
| 5.000%, 04/01/29 Series D |
| Aa2/AAA/NR |
|
| 1,184,280 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Lottery |
|
|
|
| 26,394,209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sales Tax (0.1%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Metro, Oregon Dedicated Tax Revenue (Oregon Convention |
|
|
|
|
|
|
|
| 750,000 |
| 5.000%, 06/15/31 |
| Aa3/NR/NR |
|
| 917,535 |
|
|
|
|
| Transportation (5.4%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oregon State Department Transportation Highway Usertax (Senior Lien) |
|
|
|
|
|
|
|
| 1,040,000 |
| 5.000%, 11/15/26 Series A |
| Aa1/AAA/AA+ |
|
| 1,226,004 |
|
|
| 8,000,000 |
| 5.000%, 11/15/28 Series A |
| Aa1/AAA/AA+ |
|
| 9,423,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oregon State Department Transportation Highway Usertax |
|
|
|
|
|
|
|
| 1,000,000 |
| 5.000%, 11/15/35 Series A |
| Aa2/AA+/AA+ |
|
| 1,281,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Port Portland, Oregon Airport Revenue Refunding, Portland |
|
|
|
|
|
|
|
| 2,525,000 |
| 5.000%, 07/01/26 |
| NR/AA-/NR |
|
| 3,017,602 |
|
|
| 1,000,000 |
| 5.000%, 07/01/28 |
| NR/AA-/NR |
|
| 1,188,270 |
|
|
| 2,390,000 |
| 5.000%, 07/01/29 |
| NR/AA-/NR |
|
| 2,831,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tri-County Metropolitan Transportation District, Oregon |
|
|
|
|
|
|
|
| 1,100,000 |
| 5.000%, 10/01/27 Series A |
| A3/A/NR |
|
| 1,372,855 |
|
|
| 2,000,000 |
| 5.000%, 10/01/30 Series A |
| A3/A/NR |
|
| 2,479,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tri-County Metropolitan Transportation District, Oregon |
|
|
|
|
|
|
|
| 1,000,000 |
| 5.000%, 09/01/25 Series A |
| Aaa/AAA/NR |
|
| 1,210,800 |
|
|
| 1,890,000 |
| 5.000%, 09/01/28 Series A |
| Aaa/AAA/NR |
|
| 2,328,423 |
|
|
| 1,650,000 |
| 5.000%, 09/01/29 Series A |
| Aaa/AAA/NR |
|
| 2,030,226 |
|
|
| 3,975,000 |
| 5.000%, 09/01/30 Series A |
| Aaa/AAA/NR |
|
| 4,870,130 |
|
|
| 1,000,000 |
| 5.000%, 09/01/31 Series A |
| Aaa/AAA/NR |
|
| 1,249,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Transportation |
|
|
|
| 34,511,001 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Water and Sewer (11.3%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bend, Oregon Water Revenue, Bridge Creek Project |
|
|
|
|
|
|
|
| 695,000 |
| 5.000%, 12/01/30 |
| AA2/AA/NR |
|
| 840,297 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Clackamas County, Oregon Service District No. 1 |
|
|
|
|
|
|
|
| 2,240,000 |
| 5.000%, 12/01/26 |
| NR/AAA/NR |
|
| 2,784,790 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Clean Water Services, Oregon Refunding (Senior Lien) |
|
|
|
|
|
|
|
| 1,510,000 |
| 5.000%, 10/01/27 |
| Aa1/AAA/NR |
|
| 1,917,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Eugene, Oregon Water Utility System |
|
|
|
|
|
|
|
| 115,000 |
| 5.000%, 08/01/28 |
| Aa2/AA/AA+ |
|
| 140,676 |
|
|
| 450,000 |
| 5.000%, 08/01/29 |
| Aa2/AA/AA+ |
|
| 548,222 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Grants Pass, Oregon |
|
|
|
|
|
|
|
| 1,000,000 |
| 4.000%, 12/01/23 |
| NR/AA/NR |
|
| 1,081,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hillsboro, Oregon Water System |
|
|
|
|
|
|
|
| 1,630,000 |
| 5.000%, 06/01/31 |
| Aa2/NR/NR |
|
| 2,098,788 |
|
|
| 1,710,000 |
| 5.000%, 06/01/32 |
| Aa2/NR/NR |
|
| 2,194,614 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Madras, Oregon |
|
|
|
|
|
|
|
| 725,000 |
| 4.500%, 02/15/27 |
| A3/NR/NR |
|
| 788,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Portland, Oregon Water System (First Lien) |
|
|
|
|
|
|
|
| 3,230,000 |
| 5.000%, 05/01/27 Series A |
| Aaa/NR/NR |
|
| 3,748,157 |
|
|
| 3,500,000 |
| 5.000%, 06/01/28 Series A |
| Aa1/AA+/NR |
|
| 4,152,470 |
|
|
|
|
| Portland, Oregon Sewer System (Second Lien) |
|
|
|
|
|
|
|
| 5,405,000 |
| 4.500%, 05/01/31 Series A |
| Aa2/AA/NR |
|
| 6,316,445 |
|
|
| 6,355,000 |
| 5.000%, 03/01/32 Series A |
| Aa2/AA/NR |
|
| 8,214,028 |
|
|
| 2,000,000 |
| 5.000%, 10/01/25 Series B |
| Aa2/AA/NR |
|
| 2,349,600 |
|
|
| 2,000,000 |
| 5.000%, 06/01/26 Series B |
| Aa2/AA/NR |
|
| 2,392,060 |
|
|
| 2,000,000 |
| 5.000%, 06/01/27 Series B |
| Aa2/AA/NR |
|
| 2,385,280 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Portland, Oregon Water System (Second Lien) |
|
|
|
|
|
|
|
| 2,590,000 |
| 5.000%, 05/01/31 Series A |
| Aa1/NR/NR |
|
| 3,374,278 |
|
|
| 2,000,000 |
| 5.000%, 05/01/32 Series A |
| Aa1/NR/NR |
|
| 2,599,020 |
|
|
| 2,000,000 |
| 5.000%, 05/01/33 Series A |
| Aa1/NR/NR |
|
| 2,588,420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Portland, Oregon Water System Revenue Refunding (Junior Lien) |
|
|
|
|
|
|
|
| 2,000,000 |
| 5.000%, 10/01/23 |
| Aa1/NR/NR |
|
| 2,247,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Portland, Oregon Water System Revenue Refunding (Senior Lien) |
|
|
|
|
|
|
|
| 1,275,000 |
| 4.000%, 05/01/25 Series A |
| Aaa/NR/NR |
|
| 1,286,666 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Salem, Oregon Water & Sewer Revenue Refunding |
|
|
|
|
|
|
|
| 3,500,000 |
| 5.000%, 06/01/25 |
| Aa2/NR/NR |
|
| 4,201,085 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Seaside, Oregon Wastewater System |
|
|
|
|
|
|
|
| 1,000,000 |
| 4.250%, 07/01/26 |
| A3/NR/NR |
|
| 1,035,050 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tigard, Oregon Water System Revenue Refunding |
|
|
|
|
|
|
|
| 2,565,000 |
| 5.000%, 08/01/24 |
| Aa3/AA-/NR |
|
| 2,809,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Washington County, Oregon Clean Water Services Sewer (Senior Lien) |
|
|
|
|
|
|
|
| 1,010,000 |
| 4.000%, 10/01/22 Series B |
| Aa1/AAA/NR |
|
| 1,060,975 |
|
|
| 1,500,000 |
| 4.000%, 10/01/23 Series B |
| Aa1/AAA/NR |
|
| 1,575,165 |
|
|
| 2,850,000 |
| 4.000%, 10/01/26 Series B |
| Aa1/AAA/NR |
|
| 2,981,186 |
|
|
| 2,745,000 |
| 4.000%, 10/01/28 Series B |
| Aa1/AAA/NR |
|
| 2,864,078 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Woodburn, Oregon Wastewater Revenue Refunding |
|
|
|
|
|
|
|
| 1,090,000 |
| 5.000%, 03/01/21 Series A |
| A1/NR/NR |
|
| 1,137,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Water and Sewer |
|
|
|
| 71,713,382 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Revenue Bonds |
|
|
|
| 199,911,611 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pre-Refunded Bonds (7.7%)†† |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pre-Refunded General Obligation Bonds (2.0%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Higher Education (0.4%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oregon State, Oregon University System Projects |
|
|
|
|
|
|
|
| 2,365,000 |
| 4.000%, 08/01/26 Series H |
| Aa1/AA+/AA+ |
|
| 2,474,452 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| School District (0.7%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Clackamas County, Oregon School District #62 (Oregon City) |
|
|
|
|
|
|
|
| 440,000 |
| 5.000%, 06/01/29 MAC Insured |
| NR/AA/NR |
|
| 511,830 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Columbia & Washington Counties, Oregon School District #47J (Vernonia) |
|
|
|
|
|
|
|
| 3,430,000 |
| 5.000%, 06/15/27 |
| NR/AA+/NR |
|
| 3,490,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total School District |
|
|
|
| 4,002,301 |
|
|
|
|
| State (0.9%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| State of Oregon |
|
|
|
|
|
|
|
| 3,000,000 |
| 5.000%, 05/01/23 Series L |
| Aa1/AA+/AA+ |
|
| 3,154,170 |
|
|
| 1,125,000 |
| 5.000%, 05/01/24 Series L |
| Aa1/AA+/AA+ |
|
| 1,182,814 |
|
|
| 1,470,000 |
| 4.000%, 11/01/26 Series M |
| Aa1/AA+/AA+ |
|
| 1,547,190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total State |
|
|
|
| 5,884,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Pre-Refunded General Obligation Bonds |
|
|
|
| 12,360,927 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pre-Refunded Revenue Bonds (5.7%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| City & County (0.4%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Local Oregon Capital Assets Program COP Cottage Grove |
|
|
|
|
|
|
|
| 2,375,000 |
| 5.000%, 09/15/25 Series 2013A |
| A2/NR/NR |
|
| 2,530,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Electric (0.3%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Eugene, Oregon Electric Utility Refunding System |
|
|
|
|
|
|
|
| 2,000,000 |
| 5.000%, 08/01/27 Series A |
| Aa2/AA-/AA- |
|
| 2,123,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Higher Education (0.2%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oregon State Facilities Authority Revenue Refunding |
|
|
|
|
|
|
|
| 1,500,000 |
| 5.000%, 07/01/29 Series A |
| NR/AA-/NR |
|
| 1,529,445 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Lottery (1.1%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oregon State Department of Administration Services (Lottery Revenue) |
|
|
|
|
|
|
|
| 6,285,000 |
| 5.250%, 04/01/26 |
| NR/NR/NR* |
|
| 6,603,147 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Transportation (3.0%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Oregon State Department Transportation Highway Usertax (Senior Lien) |
|
|
|
|
|
|
|
| 3,605,000 |
| 5.000%, 11/15/24 Series A |
| Aa1/AAA/AA+ |
|
| 4,007,138 |
|
|
| 2,425,000 |
| 5.000%, 11/15/25 Series A |
| Aa1/AAA/AA+ |
|
| 2,695,509 |
|
|
| 1,000,000 |
| 5.000%, 11/15/26 Series A |
| Aa1/AAA/AA+ |
|
| 1,149,280 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tri-County Metropolitan Transportation District, Oregon |
|
|
|
|
|
|
|
| 1,685,000 |
| 5.000%, 10/01/24 Series A |
| A3/A/NR |
|
| 1,798,502 |
|
|
| 3,480,000 |
| 5.000%, 10/01/26 Series A |
| A3/A/NR |
|
| 3,714,413 |
|
|
| 3,000,000 |
| 5.000%, 10/01/27 Series A |
| A3/A/NR |
|
| 3,202,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tri-County Metropolitan Transportation District, Oregon |
|
|
|
|
|
|
|
| 2,010,000 |
| 5.000%, 09/01/29 Series B |
| Aaa/AAA/NR |
|
| 2,432,924 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Transportation |
|
|
|
| 18,999,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Water and Sewer (0.7%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Portland, Oregon Sewer System (Second Lien) |
|
|
|
|
|
|
|
| 3,005,000 |
| 5.000%, 03/01/28 Series A |
| Aa2/AA/NR |
|
| 3,023,962 |
|
|
|
|
| Prineville, Oregon Refunding |
|
|
|
|
|
|
|
| 1,255,000 |
| 4.400%, 06/01/29 AGMC Insured |
| NR/AA/NR |
|
| 1,313,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Water and Sewer |
|
|
|
| 4,336,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Pre-Refunded Revenue Bonds |
|
|
|
| 36,123,949 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Pre-Refunded Bonds |
|
|
|
| 48,484,876 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Municipal Bonds (cost $589,545,048) |
|
|
|
| 614,446,259 |
|
|
| Shares |
| Short-Term Investment (2.4%) |
|
|
|
|
|
|
| 15,198,418 |
| Dreyfus Treasury Obligations Cash Management - Institutional Shares, 1.49%** (cost $15,198,418) |
| Aaa-mf/AAAm/NR |
|
| 15,198,418 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investments (cost $604,743,466- note b) |
| 99.4% |
|
| 629,644,677 |
|
|
|
| Other assets less liabilities |
| 0.6 |
|
| 3,889,655 |
|
|
|
| Net Assets |
| 100.0% |
| $ | 633,534,332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percent of |
|
|
|
|
|
|
| Portfolio Distribution By Quality Rating |
| Investments† |
|
|
|
|
|
|
| Aaa of Moody's or AAA of S&P |
| 16.9% |
|
|
|
|
|
|
| Pre-refunded bonds†† |
| 7.9 |
|
|
|
|
|
|
| Aa of Moody's or AA of S&P or Fitch |
| 68.7 |
|
|
|
|
|
|
| A of Moody's or S&P |
| 5.1 |
|
|
|
|
|
|
| Baa of Moody's or BBB of S&P |
| 1.4 |
|
|
|
|
|
|
|
|
| 100.0% |
|
|
|
|
|
| PORTFOLIO ABBREVIATION: |
AGMC- |
| Assured Guaranty Municipal Corp. |
COP- |
| Certificates of Participation |
FGIC- |
| Financial Guaranty Insurance Co. |
MAC- |
| Municipal Assurance Corp. |
NPFG- |
| National Public Finance Guarantee |
NR- |
| Not Rated |
ODOT- |
| Oregon Department of Transportation |
* | 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. |
|
|
†† | 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. |
|
|
Note: 144A – Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. | |
See accompanying notes to financial statements.
AQUILA TAX-FREE TRUST OF OREGON
NOTES TO FINANCIAL STATEMENTS
December 31, 2019
(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, 2019, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $604,743,466 amounted to $24,901,211, which consisted of aggregate gross unrealized appreciation of $24,978,930 and aggregate gross unrealized depreciation of $77,719.
(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 December 31, 2019:
Valuation Inputs | Investments | |
Level 1 – Quoted Prices | $ | 15,198,418 |
Level 2 – Other Significant Observable Inputs - Municipal Bonds + |
| 614,446,259 |
Level 3 – Significant Unobservable Inputs |
| — |
Total | $ | 629,644,677 |
+ See schedule of investments for a detailed listing of securities. |
|
|
