AQUILA TAX-FREE TRUST OF OREGON |
SCHEDULE OF INVESTMENTS |
December 31, 2016 |
(unaudited) |
Amount
|
General Obligation Bonds (45.4%)
|
Ratings
Moody's, S&P and Fitch
|
Value
|
(a)
|
|||||||||
City & County (6.2%)
|
|||||||||||||
Bend, Oregon
|
|||||||||||||
$ | 2,435,000 |
4.000%, 06/01/24
|
Aa2/NR/NR
|
$ | 2,658,484 | ||||||||
Canby, Oregon
|
|||||||||||||
1,405,000 |
4.000%, 12/01/24 AGMC Insured
|
A2/NR/NR
|
1,504,305 | ||||||||||
1,060,000 |
5.000%, 06/01/27
|
A2/NR/NR
|
1,174,077 | ||||||||||
Clackamas County, Oregon Refunding
|
|||||||||||||
1,135,000 |
4.000%, 06/01/24
|
Aa2/NR/NR
|
1,239,170 | ||||||||||
Clackamas County, Oregon Tax Allocation
|
|||||||||||||
705,000 |
6.500%, 05/01/20
|
NR/NR/NR*
|
712,128 | ||||||||||
Gresham, Oregon Full Faith and Credit Refunding and Project Obligations
|
|||||||||||||
1,545,000 |
5.000%, 05/01/23
|
Aa3/NR/NR
|
1,801,964 | ||||||||||
Hillsboro, Oregon
|
|||||||||||||
345,000 |
3.500%, 06/01/17 Series B
|
Aa3/NR/NR
|
348,564 | ||||||||||
Lebanon, Oregon Refunding
|
|||||||||||||
1,050,000 |
5.000%, 06/01/24
|
A2/NR/NR
|
1,203,122 | ||||||||||
1,165,000 |
5.000%, 06/01/25
|
A1/NR/NR
|
1,363,353 | ||||||||||
McMinnville, Oregon Refunding
|
|||||||||||||
2,075,000 |
5.000%, 02/01/27
|
Aa3/NR/NR
|
2,432,170 | ||||||||||
Portland, Oregon Public Safety
|
|||||||||||||
1,345,000 |
5.000%, 06/15/25 Series A
|
Aaa/NR/NR
|
1,637,242 | ||||||||||
2,130,000 |
4.125%, 06/01/26 Series A
|
Aaa/NR/NR
|
2,245,531 | ||||||||||
Portland, Oregon Limited Tax Improvement
|
|||||||||||||
345,000 |
4.000%, 06/01/22 2011 Series A
|
Aa1/NR/NR
|
348,609 | ||||||||||
30,000 |
4.000%, 06/01/24 2014 Series A
|
Aa1/NR/NR
|
30,314 | ||||||||||
Redmond, Oregon Refunding
|
|||||||||||||
735,000 |
5.000%, 06/01/23 Series A
|
A1/NR/NR
|
834,115 | ||||||||||
City of Salem, Oregon
|
|||||||||||||
1,585,000 |
4.000%, 06/01/17
|
NR/AA/NR
|
1,604,828 | ||||||||||
1,750,000 |
5.000%, 06/01/29
|
NR/AA/NR
|
1,887,253 | ||||||||||
Springfield, Oregon
|
|||||||||||||
1,765,000 |
4.000%, 06/01/24
|
Aa3/NR/NR
|
1,982,272 | ||||||||||
1,830,000 |
4.000%, 06/01/25
|
Aa3/NR/NR
|
2,069,492 | ||||||||||
1,640,000 |
4.000%, 06/01/26
|
Aa3/NR/NR
|
1,861,203 | ||||||||||
Washington County, Oregon
|
|||||||||||||
3,800,000 |
5.000%, 06/01/26
|
Aa1/NR/NR
|
4,630,908 | ||||||||||
5,055,000 |
4.000%, 06/01/29 Series B
|
Aaa/NR/NR
|
5,544,678 | ||||||||||
Total City & County
|
39,113,782 |
Community College (4.1%)
|
|||||||||||||
Blue Mountain Community College District, Umatilla County
|
|||||||||||||
970,000 |
4.000%, 06/15/27
|
NR/AA+/NR
|
1,058,513 | ||||||||||
Central Oregon Community College District
|
|||||||||||||
1,850,000 |
4.750%, 06/15/22
|
NR/AA+/NR
|
2,035,370 | ||||||||||
2,195,000 |
4.750%, 06/15/23
|
NR/AA+/NR
|
2,411,076 | ||||||||||
2,175,000 |
4.750%, 06/15/26
|
NR/AA+/NR
|
2,386,040 | ||||||||||
Chemeketa, Oregon Community College District
|
|||||||||||||
2,000,000 |
5.000%, 06/15/25
|
NR/AA+/NR
|
2,381,060 | ||||||||||
Clackamas, Oregon Community College District
|
|||||||||||||
1,405,000 |
5.000%, 06/15/27 Series A
|
Aa1/AA+/NR
|
1,640,604 | ||||||||||
Columbia Gorge, Oregon Community College District, Refunding
|
|||||||||||||
1,000,000 |
4.000%, 06/15/24
|
Aa1/NR/NR
|
1,092,410 | ||||||||||
Lane, Oregon Community College
|
|||||||||||||
1,840,000 |
5.000%, 06/15/24
|
NR/AA+/NR
|
2,109,063 | ||||||||||
1,750,000 |
4.000%, 06/15/24
|
Aa1/NR/NR
|
1,951,198 | ||||||||||
Linn Benton, Oregon Community College
|
|||||||||||||
1,520,000 |
5.000%, 06/01/27
|
NR/AA+/NR
|
1,798,859 | ||||||||||
Mount Hood, Oregon Community College District Refunding
|
|||||||||||||
1,865,000 |
5.000%, 06/01/27
|
Aa3/NR/NR
|
2,219,164 | ||||||||||
1,000,000 |
5.000%, 06/01/29
|
Aa3/NR/NR
|
1,179,880 | ||||||||||
Oregon Coast Community College District State
|
|||||||||||||
1,770,000 |
5.000%, 06/15/25
|
Aa1/NR/NR
|
2,024,915 | ||||||||||
Rogue, Oregon Community College District
|
|||||||||||||
1,375,000 |
4.000%, 06/15/29 Series B
|
Aa1/NR/NR
|
1,518,289 | ||||||||||
Total Community College
|
25,806,441 | ||||||||||||
Higher Education (1.4%)
|
|||||||||||||
Oregon State Higher Education
|
|||||||||||||
1,000,000 |
5.000%, 08/01/25 Series C
|
Aa1/AA+/AA+
|
1,193,540 | ||||||||||
1,795,000 |
5.000%, 08/01/27 Series C
|
Aa1/AA+/AA+
|
2,131,383 | ||||||||||
Oregon State, Oregon University System
|
|||||||||||||
1,170,000 |
4.000%, 08/01/25 Series B
|
Aa1/AA+/AA+
|
1,274,095 | ||||||||||
1,090,000 |
5.000%, 08/01/25 Series N
|
Aa1/AA+/AA+
|
1,285,284 | ||||||||||
Oregon State, Oregon University System Projects
|
|||||||||||||
2,365,000 |
4.000%, 08/01/26 Series H
|
Aa1/AA+/AA+
|
2,545,970 | ||||||||||
Total Higher Education
|
8,430,272 | ||||||||||||
Hospital (0.8%)
|
|||||||||||||
Pacific Communities Health District, Oregon
|
|||||||||||||
1,220,000 |
5.000%, 06/01/29
|
A1/NR/NR
|
1,427,363 | ||||||||||
1,060,000 |
5.000%, 06/01/30
|
A1/NR/NR
|
1,232,589 | ||||||||||
1,000,000 |
5.000%, 06/01/31
|
A1/NR/NR
|
1,158,380 | ||||||||||
1,200,000 |
5.000%, 06/01/32
|
A1/NR/NR
|
1,382,628 | ||||||||||
Total Hospital
|
5,200,960 | ||||||||||||
Housing (0.2%)
|
|||||||||||||
State of Oregon Veterans' Welfare
|
550,000 |
4.800%, 12/01/22
|
Aa1/AA+/AA+
|
557,909 | ||||||||||
400,000 |
4.900%, 12/01/26
|
Aa1/AA+/AA+
|
406,004 | ||||||||||
Total Housing
|
963,913 | ||||||||||||
School District (22.0%)
|
|||||||||||||
Clackamas County, Oregon School District #12 (North Clackamas)
|
|||||||||||||
2,450,000 |
5.000%, 06/15/25
|
Aa1/AA+/NR
|
2,909,400 | ||||||||||
1,500,000 |
5.000%, 06/15/26
|
Aa1/AA+/NR
|
1,775,625 | ||||||||||
Clackamas County, Oregon School District #46 (Oregon Trail)
|
|||||||||||||
1,000,000 |
5.000%, 06/15/22
|
NR/AA+/NR
|
1,085,200 | ||||||||||
1,865,000 |
5.000%, 06/15/28 Series A
|
NR/AA+/NR
|
2,017,799 | ||||||||||
1,800,000 |
5.000%, 06/15/29 Series A
|
NR/AA+/NR
|
1,945,674 | ||||||||||
2,000,000 |
5.000%, 06/15/32 Series A
|
NR/AA+/NR
|
2,157,360 | ||||||||||
3,780,000 |
4.750%, 06/15/32 Series A
|
NR/AA+/NR
|
4,045,469 | ||||||||||
Clackamas County, Oregon School District #62 (Oregon City)
|
|||||||||||||
1,000,000 |
5.000%, 06/01/29 MAC Insured
|
A1/AA/NR
|
1,139,740 | ||||||||||
Clackamas County, Oregon School District #86 (Canby)
|
|||||||||||||
1,800,000 |
5.000%, 06/15/24
|
Aa1/AA+/NR
|
2,073,222 | ||||||||||
1,110,000 |
5.000%, 06/15/25 Series A
|
Aa1/AA+/NR
|
1,280,341 | ||||||||||
Clackamas & Washington Counties, Oregon School District No. 3JT (West Linn-Wilsonville)
|
|||||||||||||
3,500,000 |
5.000%, 06/15/26
|
Aa1/AA+/NR
|
4,171,160 | ||||||||||
5,500,000 |
5.000%, 06/15/27
|
Aa1/AA+/NR
|
6,517,830 | ||||||||||
1,115,000 |
5.000%, 06/15/28
|
Aa1/AA+/NR
|
1,315,778 | ||||||||||
Deschutes County, Oregon School District #6 (Sisters)
|
|||||||||||||
1,735,000 |
5.250%, 06/15/19 AGMC Insured
|
A2/AA+/NR
|
1,889,259 | ||||||||||
1,030,000 |
5.250%, 06/15/21 AGMC Insured
|
A2/AA+/NR
|
1,175,436 | ||||||||||
Deschutes and Jefferson Counties, Oregon School District #02J (Redmond)
|
|||||||||||||
80,000 |
5.000%, 06/15/21 NPFG/ FGIC Insured
|
Aa1/NR/NR
|
80,276 | ||||||||||
1,025,000 |
zero coupon, 06/15/23
|
Aa1/NR/NR
|
886,236 | ||||||||||
Hood River County, Oregon School District
|
|||||||||||||
2,825,000 |
4.000%, 06/15/29
|
NR/AA+/NR
|
3,082,527 | ||||||||||
1,135,000 |
4.000%, 06/15/30
|
NR/AA+/NR
|
1,227,730 | ||||||||||
2,400,000 |
4.000%, 06/15/31
|
NR/AA+/NR
|
2,581,752 | ||||||||||
Jefferson County, Oregon School District #509J
|
|||||||||||||
1,400,000 |
5.000%, 06/15/25
|
Aa1/NR/NR
|
1,632,484 | ||||||||||
Klamath County, Oregon School District
|
|||||||||||||
1,250,000 |
5.000%, 06/15/24
|
NR/AA+/NR
|
1,462,488 | ||||||||||
Lane County, Oregon School District #4J (Eugene) Refunding
|
|||||||||||||
1,130,000 |
4.000%, 06/15/23
|
Aa1/NR/NR
|
1,223,643 | ||||||||||
2,850,000 |
4.000%, 06/15/24
|
Aa1/NR/NR
|
3,119,496 | ||||||||||
2,765,000 |
3.000%, 06/15/24
|
Aa1/NR/NR
|
2,898,632 | ||||||||||
4,575,000 |
5.000%, 06/15/26
|
Aa1/NR/NR
|
5,371,233 | ||||||||||
Lane County, Oregon School District #19 (Springfield)
|
|||||||||||||
1,000,000 |
5.000%, 06/15/25
|
Aa1/AA+/NR
|
1,192,600 | ||||||||||
1,735,000 |
5.000%, 06/15/27
|
Aa1/AA+/NR
|
2,072,076 | ||||||||||
Lane County, Oregon School District #69 (Junction City)
|
|||||||||||||
630,000 |
5.000%, 06/15/25
|
Aa1/NR/NR
|
749,750 | ||||||||||
Lane & Douglas Counties, Oregon School District #45J3
|
|||||||||||||
2,665,000 |
4.000%, 06/15/27 Series B
|
Aa1/NR/NR
|
2,966,198 | ||||||||||
Lincoln County, Oregon School District
|
|||||||||||||
2,370,000 |
4.000%, 06/15/24 Series A
|
Aa1/NR/NR
|
2,553,841 |
Marion County, Oregon School District #103 (Woodburn)
|
|||||||||||||
2,140,000 |
5.000%, 06/15/27
|
Aa1/NR/NR
|
2,548,569 | ||||||||||
2,260,000 |
5.000%, 06/15/28
|
Aa1/NR/NR
|
2,678,236 | ||||||||||
Marion & Clackamas Counties, Oregon School District #4J (Silver Falls)
|
|||||||||||||
1,260,000 |
5.000%, 06/15/24
|
Aa1/NR/NR
|
1,480,815 | ||||||||||
Morrow County, Oregon School District #1
|
|||||||||||||
1,710,000 |
5.250%, 06/15/19 AGMC Insured
|
A2/AA+/NR
|
1,865,490 | ||||||||||
Multnomah County, Oregon School District #1J (Portland)
|
|||||||||||||
2,970,000 |
5.000%, 06/15/26 Series B
|
Aa1/AA+/NR
|
3,539,527 | ||||||||||
Multnomah County, Oregon School District #7 (Reynolds)
|
|||||||||||||
5,680,000 |
5.000%, 06/15/26 Series A
|
Aa1/NR/NR
|
6,817,079 | ||||||||||
1,500,000 |
5.000%, 06/15/27 Series A
|
Aa1/NR/NR
|
1,790,160 | ||||||||||
1,825,000 |
5.000%, 06/15/28 Series A
|
Aa1/NR/NR
|
2,168,830 | ||||||||||
Multnomah County, Oregon School District #7 (Reynolds) Refunding
|
|||||||||||||
1,165,000 |
5.000%, 06/01/29
|
Aa3/NR/NR
|
1,292,486 | ||||||||||
Multnomah County, Oregon School District #40 (David Douglas)
|
|||||||||||||
1,500,000 |
5.000%, 06/15/23 Series A
|
NR/AA+/NR
|
1,726,845 | ||||||||||
Multnomah and Clackamas Counties, Oregon School District #10 (Gresham-Barlow)
|
|||||||||||||
4,275,000 |
5.250%, 06/15/19 AGMC Insured
|
Aa1/AA+/NR
|
4,664,795 | ||||||||||
Multnomah and Clackamas Counties, Oregon School District #28JT (Centennial)
|
|||||||||||||
2,680,000 |
5.250%, 12/15/18 AGMC Insured
|
Aa1/NR/NR
|
2,877,221 | ||||||||||
Polk, Marion & Benton Counties, Oregon School District #13J (Central)
|
|||||||||||||
1,515,000 |
4.000%, 02/01/28
|
NR/AA+/NR
|
1,643,230 | ||||||||||
Union County, Oregon School District #1 (La Grande)
|
|||||||||||||
1,000,000 |
5.000%, 06/15/27
|
Aa1/NR/NR
|
1,182,560 | ||||||||||
Wasco County, Oregon School District #12 (The Dalles)
|
|||||||||||||
1,400,000 |
5.500%, 06/15/17 AGMC Insured
|
A2/AA/NR
|
1,428,616 | ||||||||||
1,790,000 |
5.500%, 06/15/20 AGMC Insured
|
A2/AA/NR
|
2,017,258 | ||||||||||
Washington County, Oregon School District #48J (Beaverton)
|
|||||||||||||
2,750,000 |
4.000%, 06/15/25
|
Aa1/AA+/NR
|
2,986,445 | ||||||||||
2,275,000 |
4.000%, 06/15/23 Series B
|
Aa1/AA+/NR
|
2,496,267 | ||||||||||
5,290,000 |
4.000%, 06/15/24 Series B
|
Aa1/AA+/NR
|
5,775,992 | ||||||||||
3,000,000 |
5.000%, 06/15/25 Series 2014B
|
Aa1/AA+/NR
|
3,528,810 | ||||||||||
3,000,000 |
5.000%, 06/15/28 Series 2014B
|
Aa1/AA+/NR
|
3,477,810 | ||||||||||
1,845,000 |
5.000%, 06/15/29 Series 2014B
|
Aa1/AA+/NR
|
2,128,078 | ||||||||||
1,015,000 |
4.000%, 06/01/29 Series 2016
|
Aa3/NR/NR
|
1,099,357 | ||||||||||
Washington Clackamas & Yamhill Counties, Oregon School District #88J
|
|||||||||||||
2,000,000 |
5.000%, 06/15/25
|
Aa1/AA+/NR
|
2,413,980 | ||||||||||
Washington Multnomah & Yamhill Counties, Oregon School District #1J (Hillsboro)
|
|||||||||||||
1,535,000 |
4.000%, 06/15/25
|
Aa1/NR/NR
|
1,679,321 | ||||||||||
Yamhill County, Oregon School District #40 (McMinnville)
|
|||||||||||||
2,255,000 |
4.000%, 06/15/26
|
Aa1/NR/NR
|
2,473,442 | ||||||||||
1,000,000 |
4.000%, 06/15/29
|
Aa1/AA+/NR
|
1,095,490 | ||||||||||
1,000,000 |
4.000%, 06/15/30
|
Aa1/AA+/NR
|
1,083,410 | ||||||||||
Total School Districts
|
138,560,374 | ||||||||||||
Special District (3.4%)
|
|||||||||||||
Bend, Oregon Metropolitan Park & Recreational District
|
|||||||||||||
1,430,000 |
4.000%, 06/01/27
|
Aa3/NR/NR
|
1,554,439 |
Metro, Oregon
|
|||||||||||||
4,000,000 |
4.000%, 06/01/26 Series A
|
Aaa/AAA/NR
|
4,362,880 | ||||||||||
Tualatin Hills, Oregon Park & Recreational District
|
|||||||||||||
3,480,000 |
5.000%, 06/01/23
|
Aa1/NR/NR
|
4,081,831 | ||||||||||
4,725,000 |
5.000%, 06/01/24
|
Aa1/NR/NR
|
5,624,451 | ||||||||||
2,775,000 |
5.000%, 06/01/26
|
Aa1/NR/NR
|
3,330,527 | ||||||||||
Tualatin Valley, Oregon Fire & Rescue Rural Fire Protection District
|
|||||||||||||
1,235,000 |
4.000%, 06/01/26
|
Aaa/NR/NR
|
1,329,984 | ||||||||||
1,170,000 |
4.000%, 06/01/27
|
Aaa/NR/NR
|
1,256,416 | ||||||||||
Total Special District
|
21,540,528 | ||||||||||||
State (6.6%)
|
|||||||||||||
State of Oregon
|
|||||||||||||
750,000 |
5.000%, 05/01/25 Series A
|
Aa1/AA+/AA+
|
892,403 | ||||||||||
3,000,000 |
5.000%, 05/01/23 Series L
|
Aa1/AA+/AA+
|
3,406,770 | ||||||||||
1,125,000 |
5.000%, 05/01/24 Series L
|
Aa1/AA+/AA+
|
1,274,029 | ||||||||||
1,470,000 |
4.000%, 11/01/26 Series M
|
Aa1/AA+/AA+
|
1,586,894 | ||||||||||
2,125,000 |
4.000%, 05/01/25 Series O
|
Aa1/AA+/AA+
|
2,290,941 | ||||||||||
State of Oregon Alternative Energy Project
|
|||||||||||||
1,255,000 |
4.750%, 04/01/29 Series B
|
Aa1/AA+/AA+
|
1,347,042 | ||||||||||
500,000 |
6.000%, 10/01/29 Series B
|
Aa1/AA+/AA+
|
540,895 | ||||||||||
State of Oregon Article XI-G Community College Projects
|
|||||||||||||
1,160,000 |
5.000%, 08/01/27 Series J
|
Aa1/AA+/AA+
|
1,397,382 | ||||||||||
State of Oregon Article XI-G Higher Education
|
|||||||||||||
500,000 |
5.000%, 08/01/25 Series O
|
Aa1/AA+/AA+
|
606,210 | ||||||||||
1,000,000 |
5.000%, 08/01/26 Series O
|
Aa1/AA+/AA+
|
1,211,560 | ||||||||||
1,000,000 |
5.000%, 08/01/27 Series O
|
Aa1/AA+/AA+
|
1,204,640 | ||||||||||
State of Oregon Article XI-M Seismic Projects
|
|||||||||||||
1,000,000 |
5.000%, 06/01/30
|
Aa1/AA+/AA+
|
1,197,240 | ||||||||||
State of Oregon Article XI-Q State Projects
|
|||||||||||||
2,140,000 |
5.000%, 11/01/28
|
Aa1/AA+/AA+
|
2,592,268 | ||||||||||
1,000,000 |
5.000%, 11/01/30
|
Aa1/AA+/AA+
|
1,195,680 | ||||||||||
2,000,000 |
5.000%, 11/01/31
|
Aa1/AA+/AA+
|
2,376,800 | ||||||||||
1,195,000 |
5.000%, 05/01/28 Series D
|
Aa1/AA+/AA+
|
1,450,885 | ||||||||||
1,255,000 |
5.000%, 05/01/29 Series D
|
Aa1/AA+/AA+
|
1,515,576 | ||||||||||
1,000,000 |
5.000%, 05/01/30 Series D
|
Aa1/AA+/AA+
|
1,195,680 | ||||||||||
2,300,000 |
5.000%, 05/01/28 Series F
|
Aa1/AA+/AA+
|
2,752,456 | ||||||||||
State of Oregon Department of Administrative Services COP
|
|||||||||||||
1,815,000 |
5.000%, 11/01/27 Series C
|
Aa2/AA/AA
|
1,972,506 | ||||||||||
1,195,000 |
5.000%, 11/01/28 Series C
|
Aa2/AA/AA
|
1,297,674 | ||||||||||
State of Oregon Department of Administrative Services, Oregon Opportunity Refunding
|
|||||||||||||
6,210,000 |
5.000%, 12/01/19
|
Aa1/AA+/AA+
|
6,829,323 | ||||||||||
State of Oregon Higher Education
|
|||||||||||||
1,000,000 |
5.000%, 08/01/28 Series A
|
Aa1/AA+/AA+
|
1,203,780 | ||||||||||
Total State
|
41,338,634 | ||||||||||||
Water & Sewer (0.7%)
|
|||||||||||||
Gearheart, Oregon
|
|||||||||||||
1,060,000 |
4.500%, 03/01/26 AGMC Insured
|
A2/NR/NR
|
1,144,895 | ||||||||||
Pacific City, Oregon Joint Water - Sanitary Authority
|
|||||||||||||
1,830,000 |
4.800%, 07/01/27
|
NR/NR/NR*
|
1,834,099 |
Rockwood, Oregon Water Peoples Utility District Water Revenue Refunding
|
|||||||||||||
1,270,000 |
4.250%, 08/15/26
|
A1/NR/NR
|
1,367,346 | ||||||||||
Total Water & Sewer
|
4,346,340 | ||||||||||||
Total General Obligation Bonds
|
285,301,244 | ||||||||||||
Revenue Bonds (32.5%)
|
|||||||||||||
City & County (2.7%)
|
|||||||||||||
Local Oregon Capital Assets Program COP Cottage Grove
|
|||||||||||||
2,375,000 |
5.000%, 09/15/25 Series 2013A
|
Baa2/NR/NR
|
2,499,474 | ||||||||||
Newport, Oregon Urban Renewal Obligations, Refunding
|
|||||||||||||
565,000 |
4.500%, 06/15/22 Series B
|
NR/AA-/NR
|
614,341 | ||||||||||
Portland, Oregon Revenue Refunding Limited Tax, Oregon Convention Center
|
|||||||||||||
2,825,000 |
5.000%, 06/01/24
|
Aa1/NR/NR
|
3,180,639 | ||||||||||
4,265,000 |
5.000%, 06/01/27
|
Aa1/NR/NR
|
4,788,529 | ||||||||||
Portland, Oregon Revenue Refunding Limited Tax
|
|||||||||||||
1,000,000 |
4.000%, 04/01/22 Series A
|
Aa1/NR/NR
|
1,050,300 | ||||||||||
Portland, Oregon River District Urban Renewal and Redevelopment
|
|||||||||||||
1,600,000 |
5.000%, 06/15/22 Series B
|
A1/NR/NR
|
1,830,432 | ||||||||||
1,830,000 |
5.000%, 06/15/23 Series B
|
A1/NR/NR
|
2,064,478 | ||||||||||
Portland, Oregon Urban Renewal and Redevelopment, Refunding, North Macadam
|
|||||||||||||
1,000,000 |
4.000%, 06/15/25 Series B
|
A1/NR/NR
|
1,046,840 | ||||||||||
Total City & County
|
17,075,033 | ||||||||||||
Electric (1.4%)
|
|||||||||||||
Eugene, Oregon Electric Utility Refunding System
|
|||||||||||||
2,875,000 |
5.000%, 08/01/29 Series A
|
Aa2/AA-/AA-
|
3,429,444 | ||||||||||
3,030,000 |
5.000%, 08/01/30 Series A
|
Aa2/AA-/AA-
|
3,594,671 | ||||||||||
Northern Wasco County, Oregon Peoples Utility District (McNary Dam Fishway Hydroelectric Project), Refunding
|
|||||||||||||
1,585,000 |
5.000%, 12/01/21 Series A
|
NR/AA-/NR
|
1,802,129 | ||||||||||
Total Electric
|
8,826,244 | ||||||||||||
Higher Education (2.7%)
|
|||||||||||||
Forest Grove, Oregon Student Housing (Oak Tree Foundation)
|
|||||||||||||
5,465,000 |
5.500%, 03/01/37
|
NR/NR/NR*
|
5,475,547 | ||||||||||
Oregon State Facilities Authority (Lewis & Clark College Project)
|
|||||||||||||
1,000,000 |
5.250%, 10/01/24 Series A
|
A3/A-/NR
|
1,136,510 | ||||||||||
3,000,000 |
5.000%, 10/01/27 Series A
|
A3/A-/NR
|
3,361,590 | ||||||||||
Oregon State Facilities Authority (Linfield College Project)
|
|||||||||||||
1,180,000 |
5.000%, 10/01/22 Series A
|
Baa1/NR/NR
|
1,314,709 | ||||||||||
1,000,000 |
5.000%, 10/01/23 Series A
|
Baa1/NR/NR
|
1,119,220 | ||||||||||
1,220,000 |
5.000%, 10/01/31 Series A 2010
|
Baa1/NR/NR
|
1,328,177 | ||||||||||
Oregon State Facilities Authority Revenue Refunding (Reed College Project)
|
|||||||||||||
1,500,000 |
5.000%, 07/01/29 Series A
|
Aa2/AA-/NR
|
1,647,720 | ||||||||||
Oregon State Facilities Authority (Willamette University)
|
|||||||||||||
1,000,000 |
4.000%, 10/01/24
|
NR/A/NR
|
1,057,560 | ||||||||||
670,000 |
5.000%, 10/01/32
|
NR/A/NR
|
687,152 | ||||||||||
Total Higher Education
|
17,128,185 |
Hospital (6.6%)
|
|||||||||||||
Medford, Oregon Hospital Facilities Authority Revenue Refunding, Asante Health Systems
|
|||||||||||||
9,000,000 |
5.500%, 08/15/28 AGMC Insured
|
NR/AA/NR
|
10,055,250 | ||||||||||
Oregon Health Sciences University
|
|||||||||||||
11,550,000 |
zero coupon, 07/01/21 NPFG Insured
|
Aa3/AA-/AA-
|
9,982,781 | ||||||||||
2,000,000 |
5.000%, 07/01/23 Series A
|
Aa3/AA-/AA-
|
2,302,560 | ||||||||||
1,250,000 |
5.000%, 07/01/28 Series B
|
Aa3/AA-/AA-
|
1,482,338 | ||||||||||
1,000,000 |
5.000%, 07/01/33 Series B
|
Aa3/AA-/AA-
|
1,154,270 | ||||||||||
Oregon State Facilities Authority Revenue Refunding, Legacy Health Systems
|
|||||||||||||
2,000,000 |
4.250%, 03/15/17
|
A1/AA-/NR
|
2,012,680 | ||||||||||
3,000,000 |
4.500%, 03/15/18
|
A1/AA-/NR
|
3,111,900 | ||||||||||
1,000,000 |
4.750%, 03/15/24
|
A1/AA-/NR
|
1,079,180 | ||||||||||
1,000,000 |
5.000%, 03/15/30
|
A1/AA-/NR
|
1,078,500 | ||||||||||
Oregon State Facilities Authority Revenue Refunding, Samaritan Health Services
|
|||||||||||||
1,500,000 |
4.375%, 10/01/20
|
NR/BBB+/NR
|
1,605,840 | ||||||||||
2,000,000 |
4.500%, 10/01/21
|
NR/BBB+/NR
|
2,137,440 | ||||||||||
1,520,000 |
5.000%, 10/01/23
|
NR/BBB+/NR
|
1,631,142 | ||||||||||
1,795,000 |
4.875%, 10/01/25
|
NR/BBB+/NR
|
1,893,581 | ||||||||||
2,000,000 |
5.000%, 10/01/30
|
NR/BBB+/NR
|
2,106,320 | ||||||||||
Total Hospital
|
41,633,782 | ||||||||||||
Housing (0.6%)
|
|||||||||||||
Clackamas County, Oregon Housing Authority Multifamily Housing Revenue (Easton Ridge Apartments Project)
|
|||||||||||||
1,310,000 |
4.000%, 09/01/27 Series A
|
Aa3/NR/NR
|
1,359,544 | ||||||||||
Portland, Oregon Urban Renewal and Redevelopment, Interstate Corridor
|
|||||||||||||
1,390,000 |
5.000%, 06/15/27 Series B
|
A1/NR/NR
|
1,539,620 | ||||||||||
State of Oregon Housing and Community Services
|
|||||||||||||
1,120,000 |
1.800%, 01/01/23
|
Aa2/NR/NR
|
1,064,806 | ||||||||||
10,000 |
5.350%, 07/01/30
|
Aa2/NR/NR
|
10,000 | ||||||||||
Total Housing
|
3,973,970 | ||||||||||||
Lottery (4.5%)
|
|||||||||||||
Oregon State Department of Administration Services (Lottery Revenue)
|
|||||||||||||
1,015,000 |
5.250%, 04/01/26 Series A
|
Aa2/AAA/NR
|
1,152,827 | ||||||||||
1,715,000 |
5.000%, 04/01/24 Series B
|
Aa2/AAA/NR
|
1,972,404 | ||||||||||
1,500,000 |
5.000%, 04/01/25 Series B
|
Aa2/AAA/NR
|
1,721,910 | ||||||||||
1,000,000 |
5.000%, 04/01/25 Series B
|
Aa2/AAA/NR
|
1,183,460 | ||||||||||
2,000,000 |
5.000%, 04/01/24 Series C
|
Aa2/AAA/NR
|
2,372,780 | ||||||||||
3,000,000 |
5.000%, 04/01/26 Series C
|
Aa2/AAA/NR
|
3,607,170 | ||||||||||
8,500,000 |
5.000%, 04/01/26 Series D
|
Aa2/AAA/NR
|
10,220,315 | ||||||||||
4,000,000 |
5.000%, 04/01/28 Series D
|
Aa2/AAA/NR
|
4,776,400 | ||||||||||
1,000,000 |
5.000%, 04/01/29 Series D
|
Aa2/AAA/NR
|
1,183,430 | ||||||||||
Total Lottery
|
28,190,696 | ||||||||||||
Transportation (6.8%)
|
|||||||||||||
Oregon State Department Transportation Highway Usertax, Senior Lien
|
|||||||||||||
3,605,000 |
5.000%, 11/15/24 Series A
|
Aa1/AAA/AA+
|
4,228,557 | ||||||||||
2,425,000 |
5.000%, 11/15/25 Series A
|
Aa1/AAA/AA+
|
2,837,105 | ||||||||||
1,040,000 |
5.000%, 11/15/26 Series A
|
Aa1/AAA/AA+
|
1,243,330 | ||||||||||
1,000,000 |
5.000%, 11/15/26 Series A
|
Aa1/AAA/AA+
|
1,183,680 | ||||||||||
8,000,000 |
5.000%, 11/15/28 Series A
|
Aa1/AAA/AA+
|
9,475,520 |
Port Portland, Oregon Airport Revenue Refunding, Portland International Airport Series Twenty Three
|
|||||||||||||
2,525,000 |
5.000%, 07/01/26
|
NR/AA-/NR
|
2,988,161 | ||||||||||
1,000,000 |
5.000%, 07/01/28
|
NR/AA-/NR
|
1,172,610 | ||||||||||
2,390,000 |
5.000%, 07/01/29
|
NR/AA-/NR
|
2,786,788 | ||||||||||
Tri-County Metropolitan Transportation District, Oregon Capital Grant Receipt
|
|||||||||||||
1,685,000 |
5.000%, 10/01/24 Series A
|
A3/A/NR
|
1,891,311 | ||||||||||
3,480,000 |
5.000%, 10/01/26 Series A
|
A3/A/NR
|
3,902,785 | ||||||||||
3,000,000 |
5.000%, 10/01/27 Series A
|
A3/A/NR
|
3,355,890 | ||||||||||
Tri-County Metropolitan Transportation District, Oregon Senior Lien Payroll Tax
|
|||||||||||||
1,000,000 |
5.000%, 09/01/25 Series A
|
Aaa/AAA/NR
|
1,219,550 | ||||||||||
1,650,000 |
5.000%, 09/01/29 Series A
|
Aaa/AAA/NR
|
1,965,975 | ||||||||||
2,010,000 |
5.000%, 09/01/29 Series B
|
Aaa/AAA/NR
|
2,388,523 | ||||||||||
Tri-County Metropolitan Transportation District, Oregon Senior Lien Payroll Tax
|
|||||||||||||
1,890,000 |
5.000%, 09/01/28 Series A
|
Aaa/AAA/NR
|
2,264,352 | ||||||||||
Total Transportation
|
42,904,137 | ||||||||||||
Water and Sewer (7.2%)
|
|||||||||||||
Ashland, Oregon Refunding
|
|||||||||||||
1,025,000 |
4.000%, 05/01/17 AGMC Insured
|
NR/AA+/NR
|
1,035,424 | ||||||||||
Clean Water Services, Oregon Refunding (Senior Lien)
|
|||||||||||||
1,510,000 |
5.000%, 10/01/27
|
Aa1/AAA/NR
|
1,847,606 | ||||||||||
Eugene, Oregon Water Utility System
|
|||||||||||||
115,000 |
5.000%, 08/01/28
|
Aa2/AA/AA+
|
138,469 | ||||||||||
450,000 |
5.000%, 08/01/29
|
Aa2/AA/AA+
|
538,461 | ||||||||||
Grants Pass, Oregon
|
|||||||||||||
1,000,000 |
4.000%, 12/01/23
|
NR/AA-/NR
|
1,095,090 | ||||||||||
Madras, Oregon
|
|||||||||||||
725,000 |
4.500%, 02/15/27
|
Baa1/NR/NR
|
751,615 | ||||||||||
Portland, Oregon Water System (First Lien)
|
|||||||||||||
3,230,000 |
5.000%, 05/01/27 Series A
|
Aaa/NR/NR
|
3,816,891 | ||||||||||
3,500,000 |
5.000%, 06/01/28 Series A
|
Aa2/AA/NR
|
4,113,165 | ||||||||||
Portland, Oregon Sewer System (Second Lien)
|
|||||||||||||
3,005,000 |
5.000%, 03/01/28 Series A
|
Aa3/AA-/NR
|
3,301,533 | ||||||||||
2,000,000 |
5.000%, 10/01/25 Series B
|
Aa3/AA-/NR
|
2,363,640 | ||||||||||
2,000,000 |
5.000%, 06/01/26 Series B
|
Aa3/AA-/NR
|
2,371,900 | ||||||||||
2,000,000 |
5.000%, 06/01/27 Series B
|
Aa3/AA-/NR
|
2,338,880 | ||||||||||
Portland, Oregon Water System Revenue Refunding (Sr. Lien)
|
|||||||||||||
1,275,000 |
4.000%, 05/01/25 Series A
|
Aaa/NR/NR
|
1,356,116 | ||||||||||
Portland, Oregon Water System Revenue Refunding (Jr. Lien)
|
|||||||||||||
2,000,000 |
5.000%, 10/01/23
|
Aa1/NR/NR
|
2,348,940 | ||||||||||
Prineville, Oregon Refunding
|
|||||||||||||
1,255,000 |
4.400%, 06/01/29 AGMC Insured
|
NR/AA/NR
|
1,355,500 | ||||||||||
Seaside, Oregon Wastewater System
|
|||||||||||||
1,000,000 |
4.250%, 07/01/26
|
A3/NR/NR
|
1,065,980 | ||||||||||
Tigard, Oregon Water System Revenue Refunding
|
|||||||||||||
2,025,000 |
4.000%, 08/01/21
|
A1/AA-/NR
|
2,192,792 | ||||||||||
2,565,000 |
5.000%, 08/01/24
|
A1/AA-/NR
|
2,973,220 | ||||||||||
Washington County, Oregon Clean Water Services Sewer (Senior Lien)
|
|||||||||||||
1,010,000 |
4.000%, 10/01/22 Series B
|
Aa1/AAA/NR
|
1,103,263 | ||||||||||
1,500,000 |
4.000%, 10/01/23 Series B
|
Aa1/AAA/NR
|
1,632,120 |
2,850,000 |
4.000%, 10/01/26 Series B
|
Aa1/AAA/NR
|
3,066,287 | ||||||||||
2,745,000 |
4.000%, 10/01/28 Series B
|
Aa1/AAA/NR
|
2,939,264 | ||||||||||
Woodburn, Oregon Wastewater Revenue Refunding
|
|||||||||||||
1,090,000 |
5.000%, 03/01/21 Series A
|
A2/NR/NR
|
1,214,206 | ||||||||||
Total Water and Sewer
|
44,960,362 | ||||||||||||
Total Revenue Bonds
|
204,692,409 | ||||||||||||
Pre-Refunded Bonds (20.6%)††
|
|||||||||||||
Pre-Refunded General Obligation Bonds (11.0%)
|
|||||||||||||
Community College (2.0%)
|
|||||||||||||
Chemeketa, Oregon Community College District
|
|||||||||||||
1,010,000 |
5.500%, 06/15/24
|
NR/AA+/NR
|
1,072,297 | ||||||||||
1,235,000 |
5.000%, 06/15/25
|
NR/AA+/NR
|
1,302,357 | ||||||||||
1,540,000 |
5.000%, 06/15/26
|
NR/AA+/NR
|
1,623,992 | ||||||||||
Portland, Oregon Community College District
|
|||||||||||||
7,915,000 |
5.000%, 06/15/28
|
Aa1/AA/NR
|
8,589,358 | ||||||||||
Total Community College
|
12,588,004 | ||||||||||||
Higher Education (0.4%)
|
|||||||||||||
State of Oregon Board of Higher Education
|
|||||||||||||
1,000,000 |
5.000%, 08/01/34
|
Aa1/AA+/NR
|
1,058,680 | ||||||||||
1,000,000 |
5.000%, 08/01/38
|
Aa1/AA+/NR
|
1,058,680 | ||||||||||
500,000 |
5.750%, 08/01/29 Series A
|
Aa1/AA+/NR
|
535,160 | ||||||||||
Total Higher Education
|
2,652,520 | ||||||||||||
School District (6.9%)
|
|||||||||||||
Clackamas County, Oregon School District #12 (North Clackamas)
|
|||||||||||||
9,250,000 |
5.000%, 06/15/29 AGMC Insured
|
Aa1/AA+/NR
|
9,416,130 | ||||||||||
Clackamas & Washington Counties, Oregon School District No. 3JT (West Linn-Wilsonville)
|
|||||||||||||
1,110,000 |
5.000%, 06/15/26
|
Aa1/AA+/NR
|
1,204,572 | ||||||||||
2,850,000 |
5.000%, 06/15/27
|
Aa1/AA+/NR
|
3,092,820 | ||||||||||
2,000,000 |
4.500%, 06/15/29
|
Aa1/AA+/NR
|
2,146,460 | ||||||||||
1,965,000 |
5.000%, 06/15/30
|
Aa1/AA+/NR
|
2,132,418 | ||||||||||
3,000,000 |
5.000%, 06/15/33
|
Aa1/AA+/NR
|
3,255,600 | ||||||||||
500,000 |
5.000%, 06/15/34
|
Aa1/AA+/NR
|
542,600 | ||||||||||
Columbia & Washington Counties, Oregon School District #47J (Vernonia)
|
|||||||||||||
3,430,000 |
5.00%, 06/15/27
|
NR/AA+/NR
|
3,813,165 | ||||||||||
Deschutes and Jefferson Counties, Oregon School District #02J (Redmond)
|
|||||||||||||
5,000,000 |
6.000%, 06/15/31
|
Aa1/NR/NR
|
5,344,100 | ||||||||||
Jackson County, Oregon School District #549C (Medford)
|
|||||||||||||
1,000,000 |
4.625%, 06/15/27
|
Aa1/AA+/NR
|
1,049,190 | ||||||||||
1,000,000 |
5.000%, 06/15/33
|
Aa1/AA+/NR
|
1,054,540 | ||||||||||
2,000,000 |
4.750%, 12/15/29 AGMC Insured
|
Aa1/AA+/NR
|
2,069,540 | ||||||||||
Lane County, Oregon School District #19 (Springfield)
|
|||||||||||||
3,425,000 |
zero coupon, 06/15/29 AGMC Insured
|
Aa1/NR/NR
|
1,954,613 | ||||||||||
Polk, Marion & Benton Counties, Oregon School District #13J (Central)
|
|||||||||||||
1,520,000 |
5.000%, 06/15/21 AGMC Insured
|
A2/AA+/NR
|
1,547,299 | ||||||||||
Washington County, Oregon School District #48J (Beaverton)
|
|||||||||||||
1,280,000 |
5.000%, 06/01/31 AGC Insured
|
Aa3/AA/NR
|
1,387,341 | ||||||||||
1,000,000 |
5.125%, 06/01/36 AGC Insured
|
Aa3/AA/NR
|
1,086,810 |
Yamhill County, Oregon School District #40 (McMinnville)
|
|||||||||||||
1,205,000 |
5.000%, 06/15/19 AGMC Insured
|
Aa1/NR/NR
|
1,226,642 | ||||||||||
1,375,000 |
5.000%, 06/15/22 AGMC Insured
|
Aa1/NR/NR
|
1,399,695 | ||||||||||
Total School District
|
43,723,535 | ||||||||||||
Special District (0.3%)
|
|||||||||||||
Metro, Oregon
|
|||||||||||||
1,100,000 |
5.000%, 06/01/18
|
Aaa/AAA/NR
|
1,118,249 | ||||||||||
Tualatin Hills, Oregon Park & Recreational District
|
|||||||||||||
1,000,000 |
4.250%, 06/01/24
|
Aa1/AA/NR
|
1,066,190 | ||||||||||
Total Special District
|
2,184,439 | ||||||||||||
State (1.3%)
|
|||||||||||||
State of Oregon Department of Administrative Services
|
|||||||||||||
5,000,000 |
5.125%, 05/01/33
|
Aa2/AA/AA
|
5,421,600 | ||||||||||
State of Oregon Department of Administrative Services COP
|
|||||||||||||
1,455,000 |
5.000%, 11/01/27 Series C
|
NR/NR/NR
|
1,591,785 | ||||||||||
960,000 |
5.000%, 11/01/28 Series C
|
NR/NR/NR
|
1,050,250 | ||||||||||
Total State
|
8,063,635 | ||||||||||||
Total Pre-Refunded General Obligation Bonds
|
69,212,133 | ||||||||||||
Pre-Refunded Revenue Bonds(9.6%)
|
|||||||||||||
Electric (1.3%)
|
|||||||||||||
Eugene, Oregon Electric Utility
|
|||||||||||||
5,635,000 |
5.000%, 08/01/30
|
Aa2/AA-/AA-
|
5,965,662 | ||||||||||
Eugene, Oregon Electric Utility Refunding System
|
|||||||||||||
2,000,000 |
5.000%, 08/01/27 Series A
|
Aa2/AA-/AA-
|
2,274,960 | ||||||||||
Total Electric
|
8,240,622 | ||||||||||||
Higher Education (1.6%)
|
|||||||||||||
Oregon State Facilities Authority (University of Portland)
|
|||||||||||||
3,000,000 |
5.000%, 04/01/32
|
NR/A-/NR
|
3,141,990 | ||||||||||
Oregon State Facilities Authority (Willamette University)
|
|||||||||||||
1,830,000 |
5.000%, 10/01/32
|
NR/NR/NR*
|
1,882,905 | ||||||||||
Portland, Oregon Economic Development (Broadway Project)
|
|||||||||||||
5,000,000 |
6.500%, 04/01/35
|
A1/A/NR
|
5,450,000 | ||||||||||
Total Higher Education
|
10,474,895 | ||||||||||||
Hospital (2.3%)
|
|||||||||||||
Deschutes County, Oregon Hospital Facilities Authority (Cascade Health)
|
|||||||||||||
3,500,000 |
8.000%, 01/01/28
|
A2/NR/NR
|
3,938,235 | ||||||||||
3,250,000 |
5.375%, 01/01/35 AMBAC Insured
|
A2/NR/NR
|
3,387,248 | ||||||||||
Oregon Health Sciences University
|
|||||||||||||
4,500,000 |
5.750%, 07/01/39 Series A
|
Aa3/AA-/AA-
|
4,970,160 | ||||||||||
Salem, Oregon Hospital Facility Authority (Salem Hospital)
|
|||||||||||||
2,000,000 |
5.750%, 08/15/23
|
NR/A+/A+
|
2,144,080 | ||||||||||
Total Hospital
|
14,439,723 |
Lottery (1.6%)
|
|||||||||||||
Oregon State Department of Administration Services (Lottery Revenue)
|
|||||||||||||
6,285,000 |
5.250%, 04/01/26
|
NR/NR/NR*
|
7,168,734 | ||||||||||
2,500,000 |
5.000%, 04/01/29
|
Aa2/AAA/NR
|
2,697,650 | ||||||||||
Total Lottery
|
9,866,384 | ||||||||||||
Transportation (0.8%)
|
|||||||||||||
Jackson County, Oregon Airport Revenue
|
|||||||||||||
750,000 |
5.250%, 12/01/32 Syncora Guarantee, Inc. Insured
|
Baa1/NR/NR
|
778,028 | ||||||||||
Oregon State Department Transportation Highway Usertax (Senior Lien)
|
|||||||||||||
1,865,000 |
5.000%, 11/15/23 Series A
|
Aa1/AAA/NR
|
2,019,459 | ||||||||||
2,000,000 |
4.625%, 11/15/25 Series A
|
Aa1/AAA/NR
|
2,148,280 | ||||||||||
Total Transportation
|
4,945,767 | ||||||||||||
Water and Sewer (2.0%)
|
|||||||||||||
Lane County, Oregon Metropolitan Wastewater
|
|||||||||||||
2,500,000 |
5.250%, 11/01/28
|
Aa2/AA/NR
|
2,678,625 | ||||||||||
Portland Oregon Sewer System Refunding (Second Lien)
|
|||||||||||||
5,000,000 |
5.000%, 06/15/33 Series B
|
Aa3/AA-/NR
|
5,272,700 | ||||||||||
Washington County, Oregon Clean Water Services Sewer
|
|||||||||||||
4,000,000 |
5.000%, 10/01/28
|
Aa1/AAA/NR
|
4,378,720 | ||||||||||
Total Water and Sewer
|
12,330,045 | ||||||||||||
Total Pre-Refunded Revenue Bonds
|
60,297,436 | ||||||||||||
Total Pre-Refunded Bonds
|
129,509,569 | ||||||||||||
Total Investments (cost $604,852,513-note b)
|
98.5%
|
619,503,222 | |||||||||||
Other assets less liabilities
|
1.5
|
9,652,801 | |||||||||||
Net Assets
|
100.0%
|
$ | 629,156,023 |
Percent of
|
|||||||||||||
Portfolio Distribution By Quality Rating
|
Investments †
|
||||||||||||
Aaa of Moody's or AAA of S&P
|
14.1
|
%
|
|
||||||||||
Pre-refunded bonds††
|
20.9
|
||||||||||||
Aa of Moody's or AA of S&P or Fitch
|
55.0
|
||||||||||||
A of Moody's or S&P or Fitch
|
6.1
|
||||||||||||
Baa of Moody's or BBB of S&P
|
2.6
|
||||||||||||
Not Rated*
|
1.3
|
||||||||||||
100.0
|
% |
|
PORTFOLIO ABBREVIATION:
|
|||||||||||||
AGC - Assured Guaranty Corp.
|
|||||||||||||
AGMC - Assured Guaranty Municipal Corp.
|
|||||||||||||
AMBAC - American Municipal Bond Assurance Corp.
|
|||||||||||||
COP- Certificates of Participation
|
|||||||||||||
FGIC - Financial Guaranty Insurance Co.
|
|||||||||||||
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.
|
|||||||||||||
† 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.
|
AQUILA TAX-FREE TRUST OF OREGON |
NOTES TO FINANCIAL STATEMENTS |
December 31, 2016 |
(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, 2016, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $604,840,017 amounted to $14,663,205, which consisted of aggregate gross unrealized appreciation of $20,367,119 and aggregate gross unrealized depreciation of $5,703,914.
|
(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, 2016:
|
Valuation Inputs
|
Investments in
Securities
|
||||
Level 1 – Quoted Prices
|
$ | - | |||
Level 2 – Other Significant Observable Inputs-Municipal Bonds+
|
619,503,222 | ||||
Level 3 – Significant Unobservable Inputs
|
- | ||||
Total
|
$ | 619,503,222 | |||
+See schedule of investments for a detailed listing of securities.
|
THE CASCADES TRUST
|
|||
By:
|
/s/ Diana P. Herrmann
|
||
Diana P. Herrmann
|
|||
Vice Chair, President and Trustee
|
|||
February 17, 2017
|
By:
|
/s/ Diana P. Herrmann
|
||
Diana P. Herrmann
|
|||
Vice Chair, President and Trustee
|
|||
February 17, 2017
|
|||
By:
|
/s/ Joseph P. DiMaggio
|
||
Joseph P. DiMaggio | |||
Chief Financial Officer and Treasurer
|
|||
February 17, 2017
|
|||
1.
|
I have reviewed this report on Form N-Q of The Cascades Trust;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/ Diana P. Herrmann
|
||
Diana P. Herrmann
Vice Chair, President and Trustee
|
1.
|
I have reviewed this report on Form N-Q of The Cascades Trust;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/ Joseph P. DiMaggio
|
||
Joseph P. DiMaggio
Chief Financial Officer and Treasurer
|