0001752724-24-033262.txt : 20240222 0001752724-24-033262.hdr.sgml : 20240222 20240222113835 ACCESSION NUMBER: 0001752724-24-033262 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20231229 FILED AS OF DATE: 20240222 DATE AS OF CHANGE: 20240222 PERIOD START: 20240331 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AQUILA MUNICIPAL TRUST CENTRAL INDEX KEY: 0000784056 ORGANIZATION NAME: IRS NUMBER: 136864349 STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-04503 FILM NUMBER: 24663253 BUSINESS ADDRESS: STREET 1: 120 WEST 45TH STREET STREET 2: STE 3600 CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 2126976666 MAIL ADDRESS: STREET 1: 120 WEST 45TH STREET STREET 2: SUITE 3600 CITY: NEW YORK STATE: NY ZIP: 10036 FORMER COMPANY: FORMER CONFORMED NAME: TAX-FREE TRUST OF ARIZONA DATE OF NAME CHANGE: 20060126 FORMER COMPANY: FORMER CONFORMED NAME: TAX FREE TRUST OF ARIZONA DATE OF NAME CHANGE: 19920703 0000784056 S000041640 Aquila Tax-Free Fund of Colorado C000129271 Class A COTFX C000129272 Class C COTCX C000129274 Class Y COTYX NPORT-P 1 primary_doc.xml NPORT-P false 0000784056 XXXXXXXX S000041640 C000129271 C000129274 C000129272 Aquila Municipal Trust 811-04503 0000784056 5493000LE8UHAHYCT855 120 West 45th Street STE 3600 New York 10036 212-697-6666 Aquila Tax-Free Fund of Colorado S000041640 549300W57BN2TZ4PAH04 2024-03-31 2023-12-29 N 142303618.66 678495.09 141625123.57 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 USD N DENVER CO URBAN RENEWAL AUTH T 54930040L61W75KRAG79 Denver Urban Renewal Authority 249301FW7 1000000.00000000 PA USD 1040470.00000000 0.734664848843 Long DBT MUN US N 2 2025-12-01 Fixed 5.00000000 N N N N N N CENTRAL CO WTR CONSERVANCY DIS N/A Central Colorado Water Conservancy District 15317PAL4 1185000.00000000 PA USD 1186682.70000000 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CITY CO SALES & USE T N/A City of Commerce City CO Sales & Use Tax Revenue 200588NB3 1000000.00000000 PA USD 1034150.00000000 0.730202363769 Long DBT MUN US N 2 2026-08-01 Fixed 5.00000000 N N N N N N COLORADO SPRINGS CO UTILITIES N/A City of Colorado Springs CO Utilities System Revenue 1966325Q2 1000000.00000000 PA USD 1160630.00000000 0.819508552397 Long DBT MUN US N 2 2039-11-15 Fixed 5.00000000 N N N N N N EL PASO CNTY CO SCH DIST #20 N/A El Paso County School District No 20 Academy 283461F71 2255000.00000000 PA USD 2412015.65000000 1.703098708194 Long DBT MUN US N 2 2029-12-15 Fixed 5.00000000 N N N N N N ARVADA CO COPS N/A City of Arvada CO 043217BH0 1190000.00000000 PA USD 1234065.70000000 0.871360722513 Long DBT MUN US N 2 2029-12-01 Fixed 4.00000000 N N N N N N 2024-02-21 Aquila Municipal Trust Joseph DiMaggio Joseph DiMaggio Chief Financial Officer & Treasurer XXXX NPORT-EX 2 1393630AQ123123.htm

AQUILA TAX-FREE FUND OF COLORADO

SCHEDULE OF INVESTMENTS

December 31, 2023

(unaudited)

 

Principal
Amount		   General Obligation Bonds (41.7%)   Ratings
Moody's, S&P
and Fitch		   Value   (a)
    City & County (1.7%)            
    Denver, Colorado City & County Elevate            
$2,000,000   5.000%, 08/01/33 Series 2022A   Aaa/AAA/AAA   $2,413,380    
                 
    Lease (0.8%)            
    Colorado State Rural COP            
1,000,000   4.000%, 12/15/35 Series 2020A   Aa2/AA-/NR   1,066,230    
                 
    Metropolitan District (4.5%)            
    Denver, Colorado Urban Renewal Authority, Tax Increment Revenue, Stapleton Senior            
2,600,000   5.000%, 12/01/25 Series A-1   NR/NR/AA-   2,602,626    
                 
    Denver, Colorado Urban Renewal Authority, Tax Increment Revenue, Stapleton Senior            
1,000,000   5.000%, 12/01/25 Series B-1   Aa3/NR/NR   1,040,470    
                 
    Midcities Metropolitan District No.2 Colorado, Special Revenue            
2,365,000   5.000%, 12/01/31 Series 2022 AGMC Insured   A1/AA/NR   2,701,374    
    Total Metropolitan District       6,344,470    
                 
    School Districts (33.9%)            
    Adams 12 Five Star Schools, Colorado            
1,000,000   5.000%, 12/15/25   Aa1/AA/NR   1,046,280    
1,000,000   5.000%, 12/15/29   Aa1/AA/NR   1,066,690    
1,000,000   5.500%, 12/15/31   Aa1/AA/NR   1,149,940    
                 
    Adams & Weld Counties, Colorado School District #27J            
2,000,000   5.000%, 12/01/24   Aa2/AA/NR   2,002,880    
1,000,000   5.000%, 12/01/25   Aa2/AA/NR   1,019,190    
1,060,000   5.000%, 12/01/28   Aa2/AA/NR   1,103,948    
                 
    Arapahoe County, Colorado School District #006 Littleton            
1,000,000   5.000%, 12/01/27   Aa1/NR/NR   1,057,680    
                 
    Boulder, Larimer & Weld Counties, Colorado Series C            
2,000,000   5.000%, 12/15/28   Aa1/AA+/NR   2,142,220    
                 
    Boulder Valley, Colorado School District No. RE-2            
2,500,000   5.000%, 12/01/36 Series 2023   Aa1/AA+/NR   2,991,900    
                 
    Costilla County, Colorado School District No. R-30 Sierra Grande            
2,180,000   5.000%, 12/01/32   Aa2/NR/NR   2,481,886    
                 
    Denver, Colorado City & County School District No. 1            
2,000,000   5.000%, 12/01/29   Aa1/AA+/AA+   2,133,640    

 

 
 
 

 

 

Principal
Amount		   General Obligation Bonds (continued)   Ratings
Moody's, S&P
and Fitch		   Value   (a)
    School Districts (continued)            
    Denver, Colorado City & County School District No. 1            
$2,000,000   5.000%, 12/01/25 Series B   Aa1/AA+/AA+   $2,037,480    
                 
    Eagle County School District, Colorado, Eagle, Garfield & Routt School District #50J            
1,000,000   5.000%, 12/01/29   Aa1/AA/NR   1,067,980    
                 
    El Paso County, Colorado School District #2, Harrison            
2,000,000   5.000%, 12/01/31   Aa2/AA/NR   2,226,920    
                 
    El Paso County, Colorado School District #20 Refunding            
2,255,000   5.000%, 12/15/29   Aa1/NR/NR   2,412,016    
                 
    Gunnison Watershed, Colorado School District #RE-1J            
1,100,000   5.000%, 12/01/40   Aa2/NR/NR   1,259,621    
                 
    Jefferson County, Colorado School District #R-1 Refunding            
2,225,000   5.000%, 12/15/30     Aa1/AA/NR   2,435,396    
1,500,000   5.000%, 12/15/30     Aa1/AA/NR   1,676,985    
2,600,000   5.000%, 12/15/31   Aa1/AA/NR   2,904,772    
                 
    Larimer County, Colorado School District No. R 1 Poudre            
1,000,000   5.000%, 12/15/30   Aa1/NR/AA+   1,117,500    
                 
    Larimer, Weld & Boulder Counties, Colorado School District No. R-2J, Thompson            
520,000   5.000%, 12/15/34   Aa2/AA/NR   579,753    
3,375,000   5.000%, 12/15/35   Aa2/AA/NR   3,748,984    
                 
    Larimer, Weld & Boulder Counties, Colorado School District No. R-2J, Thompson Refunding            
1,500,000   4.250%, 12/15/24   Aa2/NR/NR   1,501,260    
                 
    Pueblo County, Colorado School District No. 60            
1,000,000   5.000%, 12/15/38 Series 2020   Aa2/AA/NR   1,113,010    
                 
    Pueblo County, Colorado School District No. 70            
1,500,000   4.000%, 12/01/33 Series 2021A   Aa2/AA/NR   1,620,135    
                 
    Summit County, Colorado School District No. RE 1 Refunding            
2,000,000   5.000%, 12/01/28   Aaa/NR/NR   2,137,120    
                 
    Weld County, Colorado School District No. RE-4            
1,655,000   5.000%, 12/01/39 Series 2023   Aa2/AA/NR   1,905,104    
    Total School Districts       47,940,290    
                 
    Water & Sewer (0.8%)            
    Central Colorado Water Conservancy District, Adams Morgan & Weld Counties            
1,185,000   5.000%, 12/01/24   NR/A/NR   1,186,683    
    Total General Obligation Bonds       58,951,053    
                 

 

 
 
 

 

 

Principal
Amount		   Revenue Bonds (50.1%)   Ratings
Moody's, S&P
and Fitch		   Value   (a)
    Healthcare (4.2%)            
    Colorado Health Facilities Authority, Sanford            
$1,000,000   5.000%, 11/01/32 Series 2019A   NR/A+/AA-   $1,102,600    
2,165,000   5.000%, 11/01/34 Series 2019A   NR/A+/AA-   2,376,997    
                 
    Southeast Colorado Hospital District Enterprise, Anticipation Notes            
2,500,000   5.000%, 02/01/25 Series 2023   NR/NR/NR*   2,501,300    
    Total Healthcare       5,980,897    
                 
    Higher Education (7.8%)            
    Colorado Educational & Cultural Facility Authority, University of Denver Project            
845,000   4.000%, 03/01/24   A1/NR/NR   845,321    
4,150,000   5.250%, 03/01/25 NPFG Insured   A1/A+/NR   4,204,946    
                 
    Colorado Educational & Cultural Facility Authority Refunding, University of Denver Project            
1,000,000   5.250%, 03/01/26 NPFG Insured   A1/A+/NR   1,047,910    
                 
    Colorado School of Mines Institutional Enterprise            
1,845,000   5.000%, 12/01/29 Series B   A1/A+/NR   2,005,736    
700,000   5.000%, 12/01/38 Series 2023C   A1/A+/NR   805,469    
                 
    Colorado State Board Community Colleges & Occupational Education, Refunding & Improvement, Arapahoe Community College            
1,000,000   5.000%, 11/01/30 Series 2017A   Aa3/NR/NR   1,089,540    
                 
    University of Northern Colorado Greeley Institutional Enterprise Refunding            
1,000,000   5.000%, 06/01/25 Series A SHEIP Insured   Aa2/AA/NR   1,007,550    
    Total Higher Education       11,006,472    
                 
    Lease (19.6%)            
    Adams County, Colorado School District No. 1 Mapleton COP            
1,165,000   5.000%, 12/01/33 Series 2023 BAMAC Insured   A2/AA/NR   1,358,868    
1,335,000   5.000%, 12/01/36 Series 2023 BAMAC Insured   A2/AA/NR   1,541,191    
                 
    Arvada, Colorado COP            
1,190,000   4.000%, 12/01/29   NR/AA+/NR   1,234,066    
                 
    Colorado State BEST COP            
2,500,000   5.000%, 03/15/30 Series K   Aa2/AA-/NR   2,683,475    
2,500,000   5.000%, 03/15/31 Series K   Aa2/AA-/NR   2,681,075    
                 
    Colorado State BEST COP            
2,000,000   5.000%, 03/15/31 Series M   Aa2/AA-/NR   2,187,220    
                 
    Colorado State Higher Education Capital Construction Lease            
1,690,000   5.000%, 11/01/26   Aa2/AA-/NR   1,805,224    
                 

 

 
 
 

 

 

Principal
Amount		   Revenue Bonds (continued)   Ratings
Moody's, S&P
and Fitch		   Value   (a)
    Lease (continued)            
    Denver, Colorado City & County COP, Convention Center Expansion Project            
$1,500,000   5.000%, 06/01/30 Series 2018A   Aa2/AA+/AA+   $1,579,320    
                 
    Denver, Colorado City & County COP (Fire Station & Library Facilities)            
1,065,000   5.000%, 12/01/25   Aa1/AA+/AA+   1,111,743    
                 
    Denver, Colorado City & County COP (Wellington E. Webb Municipal Office Building)            
1,000,000   5.000%, 12/01/36 Series 2023   Aa1/AA+/AA+   1,191,970    
1,715,000   5.000%, 12/01/37 Series 2023   Aa1/AA+/AA+   2,022,036    
                 
    Douglas County, Colorado COP (Libraries)            
1,570,000   5.000%, 12/01/27   Aa2/NR/NR   1,597,145    
                 
    Foothills Park and Recreation District, Colorado COP            
1,405,000   4.000%, 12/01/35 Series 2021   NR/AA-/NR   1,501,748    
                 
    Foothills Park and Recreation District, Colorado COP Refunding & Improvement            
1,380,000   5.000%, 12/01/26 AGMC Insured   NR/AA/NR   1,436,953    
                 
    Fort Lupton, Colorado COP            
500,000   5.000%, 12/01/33 Series 2023   NR/A+/NR   550,190    
                 
    Frisco, Colorado Financial Authority COP            
750,000   5.000%, 12/01/37 Series 2023   Aa2/NR/NR   850,395    
                 
    Jefferson County, Colorado School District No. R-1 COP            
1,000,000   5.000%, 12/15/27   Aa3/AA-/NR   1,042,810    
                 
    Thompson School District No R2-J (Larimer, Weld And Boulder Counties, Colorado COP            
750,000   4.500%, 12/01/26 Series 2014   A1/NR/NR   758,948    
                 
    Westminster, Colorado COP (Municipal Courthouse Project)            
500,000   5.000%, 12/01/37 Series 2023   NR/AA/NR   582,490    
    Total Lease       27,716,867    
                 
    Sales Tax (4.5%)            
    Broomfield, Colorado Sales & Use Tax            
1,000,000   5.000%, 12/01/30   Aa2/NR/NR   1,090,440    
                 
    City of Fruita, Colorado Sales & Use Tax              
1,110,000   4.000%, 10/01/33   NR/AA-/NR   1,158,907    
                 
    Commerce City, Colorado Sales & Use Tax            
1,000,000   5.000%, 08/01/26 BAMAC Insured   Aa2/AA/NR   1,034,150    
                 
    Denver, Colorado City & County Dedicated Tax Revenue            
2,000,000   5.000%, 08/01/42 Series 2016A   Aa3/AA-/AA-   2,057,240    
1,000,000   4.000%, 08/01/36 Series 2021A   Aa3/AA-/AA-   1,066,210    
    Total Sales Tax       6,406,947    

 

 
 
 

 

 

Principal
Amount		   Revenue Bonds (continued)   Ratings
Moody's, S&P
and Fitch		   Value   (a)
    Tax Increment (1.1%)            
    Park Creek, Colorado Metropolitan District Senior Limited Property Tax Supported            
$1,475,000   4.000%, 12/01/35 AGMC Insured   NR/AA/A   $1,549,030    
                 
    Transportation (2.7%)            
    E-470 Public Highway Authority, Colorado Senior Revenue            
1,500,000   5.000%, 09/01/35 Series 2020A   A1/A+/NR   1,705,545    
                 
    Regional Transportation District, Colorado COP            
2,000,000   5.000%, 06/01/26 Series A   A1/AA/AA-   2,060,160    
    Total Transportation       3,765,705    
                 
    Utilities (6.3%)            
    Colorado Springs, Colorado Utilities Revenue, Refunding            
1,000,000   5.000%, 11/15/27 Series A   Aa2/AA+/AA   1,041,500    
                 
    Colorado Springs, Colorado Utilities Revenue Refunding            
450,000   5.000%, 11/15/33 Series 2022B   Aa2/AA+/NR   541,674    
450,000   5.000%, 11/15/34 Series 2022B   Aa2/AA+/NR   540,815    
                 
    Colorado Springs, Colorado Utilities System Improvement Revenue            
1,500,000   5.000%, 11/15/39 Series 2023A   Aa2/AA+/NR   1,740,945    
                 
    Colorado Springs, Colorado Utilities System Revenue Refunding            
1,000,000   5.000%, 11/15/38 Series 2023B   Aa2/AA+/NR   1,173,360    
1,000,000   5.000%, 11/15/39 Series 2023B   Aa2/AA+/NR   1,160,630    
                 
    Fort Collins, Colorado Electric Utility Enterprise Revenue            
2,240,000   5.000%, 12/01/37 Series 2023   NR/AA-/AA-   2,617,888    
    Total Utilities       8,816,812    
                 
    Water & Sewer (3.9%)            
    Arapahoe, Colorado Water & Wastewater Public Improvement District            
1,020,000   5.000%, 12/01/25   NR/AA-/NR   1,039,574    
                 
    Arvada, Colorado Wastewater Enterprise            
1,090,000   5.000%, 12/01/35   NR/AA-/AA   1,309,690    
                 
    Arvada, Colorado Water Enterprise            
1,355,000   5.000%, 12/01/35   NR/AA+/AA+   1,625,702    
                 
    Broomfield, Colorado Sewer and Waste Water            
1,550,000   5.000%, 12/01/24 AGMC Insured   Aa3/AA/NR   1,552,449    
    Total Water & Sewer       5,527,415    
    Total Revenue Bonds       70,770,145    
                 

 

 
 
 

 

 

Principal
Amount		   Pre-Refunded Bonds (3.0%)††   Ratings
Moody's, S&P
and Fitch		   Value   (a)
    Pre-Refunded Revenue Bonds (3.0%)            
    Higher Education (1.9%)            
    University of Colorado Enterprise System, Series A            
$2,620,000   5.000%, 06/01/29   Aa1/NR/AA+   $2,700,748    
                 
    Lease (1.1%)            
    Rangeview Library District Project, Colorado COP            
1,515,000   5.000%, 12/15/27 AGMC Insured   Aa2/AA/NR   1,581,948    
    Total Pre-Refunded Bonds       4,282,696    
    Total Municipal Bonds (cost $132,159,057)       134,003,894    
                 
Shares   Short-Term Investment (5.1%)            
7,134,747   Dreyfus Treasury Obligations Cash Management - Institutional Shares, 5.25%* (cost $7,134,747)   Aaa-mf/AAAm/NR   7,134,747    
                 
    Total Investments
(cost $139,293,804-note b)		   99.9%   141,138,641    
    Other assets less liabilities   0.1    197,248    
    Net Assets   100.0%     $141,335,889    
                 
    Portfolio Distribution By Quality Rating   Percent of
Investments†		        
    Aaa of Moody's or AAA of S&P or Fitch   3.4%        
    Prerefunded bonds††   3.2        
    Aa of Moody's or AA of S&P or Fitch   81.7        
    A of Moody's or S&P   9.8        
    Not Rated*   1.9        
        100.0%        

 

    PORTFOLIO ABBREVIATIONS:            
    AGMC - Assured Guaranty Municipal Corp.            
    BAMAC -Build America Mutual Assurance Company            
    BEST - Building Excellent Schools Today            
    COP - Certificates of Participation            
    NPFG - National Public Finance Guarantee            
    NR - Not Rated            
    SHEIP - State Higher Education Intercept Program            

 

    *    The rate is an annualized seven-day yield at period end.    
           
    ** 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 four credit ratings if a credit rating were to be assigned by a NRSRO.    
           
    †     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.      

 

 

See accompanying notes to financial statements.

 

 
 
 

 

AQUILA TAX-FREE FUND OF COLORADO

NOTES TO FINANCIAL STATEMENTS

December 31, 2023

(unaudited)

 

(a)Securities valuation policies and other investment related disclosures are hereby incorporated by reference in the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR. 

 

(b)At December 31, 2023, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $139,252,101 amounted to $1,886,540, which consisted of aggregate gross unrealized appreciation of $2,154,317 and aggregate gross unrealized depreciation of $267,777.

 

(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, 2023:

 

Valuation Inputs   Investments in
Securities
Level 1 – Quoted Prices $ 7,134,747
Level 2 – Other Significant Observable Inputs- Municipal Bonds+   134,003,894
Level 3 – Significant Unobservable Inputs   —
Total $ 141,138,641

 

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