NPORT-EX 1 Cascades_Trust.htm

 

AQUILA TAX-FREE TRUST OF OREGON
SCHEDULE OF INVESTMENTS
June 30, 2019
(unaudited)

 

Amount  General Obligation Bonds (58.4%)  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   $2,611,075     
                     
     Canby, Oregon               
 1,060,000   5.000%, 06/01/27   Aa3/NR/NR    1,123,621      
 1,405,000   4.000%, 12/01/24 AGMC Insured   Aa3/NR/NR    1,509,925      
                     
     Clackamas County, Oregon Refunding               
 1,135,000   4.000%, 06/01/24   Aaa/NR/NR    1,221,941      
                     
     Clatsop County, Oregon               
 1,000,000   5.000%, 06/15/32   Aa2/NR/NR    1,271,350      
                     
     Gresham, Oregon Full Faith and Credit Refunding and Project Obligations               
 1,545,000   5.000%, 05/01/23   Aa2/NR/NR    1,752,803      
                     
     Lake Oswego, Oregon Refunding               
 3,140,000   4.000%, 12/01/30   Aaa/AAA/NR    3,653,610      
                     
     Lebanon, Oregon Refunding               
 1,050,000   5.000%, 06/01/24   A1/NR/NR    1,182,563      
 1,165,000   5.000%, 06/01/25   A1/NR/NR    1,379,663      
                     
     McMinnville, Oregon Refunding               
 2,075,000   5.000%, 02/01/27   Aa3/NR/NR    2,450,326      
                     
     Multnomah County, Oregon               
 3,000,000   5.000%, 06/01/30   Aaa/AAA/NR    3,728,610      
                     
     Portland, Oregon Limited Tax, Sellwood Bridge & Archive Space Projects               
 1,640,000   4.000%, 04/01/29 2017 Series A   Aaa/NR/NR    1,905,778      
 1,710,000   4.000%, 04/01/30 2017 Series A   Aaa/NR/NR    1,963,405      
 1,775,000   4.000%, 04/01/31 2017 Series A   Aaa/NR/NR    2,019,577      
                     
     Portland, Oregon Public Safety               
 1,345,000   5.000%, 06/15/25 Series A   Aaa/NR/NR    1,621,250      
                     
     Redmond, Oregon Full Faith and Credit Bonds               
 1,140,000   5.000%, 06/01/34 Series B-1   Aa3/NR/NR    1,409,656      
                     
     Redmond, Oregon Refunding               
 735,000   5.000%, 06/01/23 Series A   Aa3/NR/NR    811,705      
                     
     Total City & County        31,616,858      
                     
     Community College (4.1%)               
                     
     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    1,100,436      
                     
     Central Oregon Community College District               
 1,850,000   4.750%, 06/15/22   NR/AA+/NR    1,910,588      
 2,195,000   4.750%, 06/15/23   NR/AA+/NR    2,266,886      
 2,175,000   4.750%, 06/15/26   NR/AA+/NR    2,244,970      
                     
     Chemeketa, Oregon Community College District               
 2,000,000   5.000%, 06/15/25   NR/AA+/NR    2,335,760      
                     
     Clackamas, Oregon Community College District               
 1,405,000   5.000%, 06/15/27 Series A   Aa1/AA+/NR    1,677,739      

 

 

 

 

                     
     Columbia Gorge, Oregon Community College District, Refunding               
 1,000,000   4.000%, 06/15/24   Aa1/NR/NR    1,076,360      
                     
     Lane, Oregon Community College               
 1,840,000   5.000%, 06/15/24   NR/AA+/NR    2,032,243      
 1,750,000   4.000%, 06/15/24   Aa1/NR/NR    1,968,488      
                     
     Linn Benton, Oregon Community College               
 1,520,000   5.000%, 06/01/27   NR/AA+/NR    1,811,551      
                     
     Mount Hood, Oregon Community College District Refunding               
 1,865,000   5.000%, 06/01/27   Aa2/NR/NR    2,274,535      
 1,000,000   5.000%, 06/01/29   Aa2/NR/NR    1,214,630      
                     
     Oregon Coast Community College District State               
 1,770,000   5.000%, 06/15/25   Aa1/NR/NR    1,952,770      
                     
     Rogue, Oregon Community College District               
 1,375,000   4.000%, 06/15/29 Series B   Aa1/NR/NR    1,565,094      
                     
     Total Community College        25,432,050      
                     
                     
     Higher Education (1.0%)               
                     
     Oregon State Higher Education               
 1,000,000   5.000%, 08/01/25 Series C   Aa1/AA+/AA+    1,176,050      
 1,795,000   5.000%, 08/01/27 Series C   Aa1/AA+/AA+    2,102,376      
                     
     Oregon State, Oregon University System               
 1,170,000   4.000%, 08/01/25 Series B   Aa1/AA+/AA+    1,262,570      
 1,090,000   5.000%, 08/01/25 Series N   Aa1/AA+/AA+    1,248,846      
                     
     Total Higher Education        5,789,842      
                     
     Hospital (0.9%)               
                     
     Pacific Communities Health District, Oregon               
 1,220,000   5.000%, 06/01/29   A1/NR/NR    1,458,986      
 1,060,000   5.000%, 06/01/30   A1/NR/NR    1,260,902      
 1,000,000   5.000%, 06/01/31   A1/NR/NR    1,183,610      
 1,200,000   5.000%, 06/01/32   A1/NR/NR    1,416,048      
                     
     Total Hospital        5,319,546      
                     
     School District (32.3%)               
                     
     Clackamas County, Oregon School District #12 (North Clackamas)               
 2,450,000   5.000%, 06/15/25   Aa1/AA+/NR    2,870,273      
 1,165,000   5.000%, 06/15/25   Aa1/AA+/NR    1,402,066      
 1,500,000   5.000%, 06/15/26   Aa1/AA+/NR    1,755,750      
 3,205,000   5.000%, 06/15/30   Aa1/AA+/NR    3,961,829      
 4,725,000   5.000%, 06/15/31   Aa1/AA+/NR    5,808,065      
 1,100,000   5.000%, 06/15/32   Aa1/NR/NR    1,372,096      
 2,160,000   5.000%, 06/15/29 Series B   Aa1/AA+/NR    2,686,284      
 3,000,000   5.000%, 06/15/34 Series B   Aa1/AA+/NR    3,640,020      
                     
     Clackamas County, Oregon School District #62 (Oregon City)               
 560,000   5.000%, 06/01/29 MAC Insured   Aa3/NR/NR    646,565      
 1,310,000   5.000%, 06/15/31 Series B   Aa1/AA+/NR    1,640,068      
                     
     Clackamas County, Oregon School District #86 (Canby)               
 1,800,000   5.000%, 06/15/24   Aa1/AA+/NR    1,988,622      
 1,110,000   5.000%, 06/15/25 Series A   Aa1/AA+/NR    1,225,640      
                     
     Clackamas & Washington Counties, Oregon School District No. 3JT (West Linn-Wilsonville)               
 3,500,000   5.000%, 06/15/26   Aa1/AA+/NR    4,207,805      
 5,500,000   5.000%, 06/15/27   Aa1/AA+/NR    6,591,915      
 1,115,000   5.000%, 06/15/28   Aa1/AA+/NR    1,334,242      
                     
     Clatsop County, Oregon School District #1C (Astoria)               
 1,080,000   5.000%, 06/15/31 Series B   Aa1/NR/NR    1,371,870      
 1,215,000   5.000%, 06/15/32 Series B   Aa1/NR/NR    1,537,169      

 

 

 

 

                     
     Clatsop County, Oregon School District #30 (Warrenton-Hammond)               
 1,590,000   5.000%, 06/15/31 Series B   Aa1/NR/NR    2,021,335      
 1,000,000   5.000%, 06/15/32 Series B   Aa1/NR/NR    1,267,220      
 1,115,000   5.000%, 06/15/34 Series B   Aa1/NR/NR    1,401,098      
                     
     Clatsop County, Oregon School District #10 (Seaside)               
 1,000,000   5.000%, 06/15/29 Series B   Aa1/AA+/NR    1,246,180      
                     
     Columbia County, Oregon School District #502 (St. Helens)               
 1,000,000   5.000%, 06/15/34   Aa1/NR/NR    1,217,430      
                     
     Coos County, Oregon School District #9 (Coos Bay)               
 1,035,000   5.000%, 06/15/32   NR/AA+/NR    1,290,055      
                     
     Benton & Linn Counties, Oregon School District #509J (Corvallis)               
 2,000,000   5.000%, 06/15/31 Series B   Aa1/AA+/NR    2,505,780      
 1,615,000   5.000%, 06/15/32 Series B   Aa1/AA+/NR    2,015,988      
                     
     Deschutes County, Oregon Administrative School District #1 (Bend - La Pine)               
 3,000,000   4.000%, 06/15/30   Aa1/AA+/NR    3,439,170      
                     
     Deschutes County, Oregon School District #6 (Sisters)               
 1,030,000   5.250%, 06/15/21 AGMC Insured   A2/AA+/NR    1,109,434      
                     
     Deschutes and Jefferson Counties, Oregon School District #02J (Redmond)               
 80,000   5.000%, 06/15/21 NPFG/ FGIC Insured   Aa1/NR/NR    80,225      
 1,025,000   zero coupon, 06/15/23   Aa1/NR/NR    960,681      
                     
     Greater Albany School District #8J (Linn & Benton Counties)               
 1,000,000   5.000%, 06/15/30   Aa1/AA+/NR    1,240,320      
                     
     Hood River County, Oregon School District               
 2,260,000   4.000%, 06/15/30   NR/AA+/NR    2,561,461      
 2,400,000   4.000%, 06/15/31   NR/AA+/NR    2,688,120      
                     
     Jackson County, Oregon School District #5 (Ashland)               
 1,385,000   5.000%, 06/15/28   Aa1/AA+/NR    1,769,518      
 2,845,000   5.000%, 06/15/34   Aa1/AA+/NR    3,592,467      
                     
     Jefferson County, Oregon School District #509J               
 1,400,000   5.000%, 06/15/25   Aa1/NR/NR    1,591,632      
                     
     Klamath County, Oregon School District               
 1,250,000   5.000%, 06/15/24   NR/AA+/NR    1,424,713      
                     
     Lane County, Oregon School District #4J (Eugene) Refunding               
 1,130,000   4.000%, 06/15/23   Aa1/NR/NR    1,187,845      
 2,850,000   4.000%, 06/15/24   Aa1/NR/NR    3,065,603      
 2,765,000   3.000%, 06/15/24   Aa1/NR/NR    2,975,555      
 4,575,000   5.000%, 06/15/26   Aa1/NR/NR    5,359,796      
                     
     Lane County, Oregon School District #19 (Springfield)               
 1,000,000   5.000%, 06/15/25   Aa1/AA+/NR    1,191,530      
 1,735,000   5.000%, 06/15/27   Aa1/AA+/NR    2,078,357      
                     
     Lane County, Oregon School District #69 (Junction City)               
 630,000   5.000%, 06/15/25   Aa1/NR/NR    755,011      
                     
     Lane & Douglas Counties, Oregon School District #45J3               
 2,665,000   4.000%, 06/15/27 Series B   Aa1/NR/NR    3,070,773      
                     
     Lincoln County, Oregon School District               
 2,370,000   4.000%, 06/15/24 Series A   Aa1/NR/NR    2,486,154      
                     
     Marion County, Oregon School District #103 (Woodburn)               
 2,140,000   5.000%, 06/15/27   Aa1/NR/NR    2,567,551      
 2,260,000   5.000%, 06/15/28   Aa1/NR/NR    2,704,384      
                     
     Marion & Clackamas Counties, Oregon School District #4J (Silver Falls)               
 1,260,000   5.000%, 06/15/24   Aa1/NR/NR    1,435,064      
                     
     Marion & Polk Counties, Oregon School District #24J (Salem-Keizer)               
 5,000,000   5.000%, 06/15/30   Aa1/AA+/NR    6,336,500      
 5,350,000   5.000%, 06/15/31   Aa1/AA+/NR    6,728,000      
                     
     Multnomah County, Oregon School District #1J (Portland)               
 2,970,000   5.000%, 06/15/26 Series B   Aa1/AA+/NR    3,572,494      

 

 

 

 

                     
     Multnomah County, Oregon School District #7 (Reynolds)               
 5,680,000   5.000%, 06/15/26 Series A   Aa1/NR/NR    6,817,874      
 1,500,000   5.000%, 06/15/27 Series A   Aa1/NR/NR    1,796,850      
 1,825,000   5.000%, 06/15/28 Series A   Aa1/NR/NR    2,178,119      
                     
     Multnomah County, Oregon School District #7 (Reynolds) Refunding               
 1,165,000   5.000%, 06/01/29   Aa3/NR/NR    1,202,187      
                     
     Multnomah County, Oregon School District #40 (David Douglas)               
 1,500,000   5.000%, 06/15/23 Series A   NR/AA+/NR    1,658,565      
                     
     Multnomah and Clackamas Counties, Oregon School District #10 (Gresham-Barlow)               
 1,535,000   5.000%, 06/15/29   Aa1/NR/NR    1,992,092      
 1,175,000   5.000%, 06/15/31   Aa1/AA+/NR    1,442,383      
 2,500,000   5.000%, 06/15/29 Series B   Aa1/AA+/NR    3,109,125      
                     
     Polk, Marion & Benton Counties, Oregon School District #13J (Central)               
 1,515,000   4.000%, 02/01/28   NR/AA+/NR    1,694,391      
                     
     Tillamook & Yamhill Counties, Oregon School District #101 (Nestucca Valley)               
 1,275,000   5.000%, 06/15/31   NR/AA+/NR    1,586,750      
                     
     Union County, Oregon School District #1 (La Grande)               
 1,000,000   5.000%, 06/15/27   Aa1/NR/NR    1,193,500      
                     
     Wasco County, Oregon School District #12 (The Dalles)               
 1,790,000   5.500%, 06/15/20 AGMC Insured   A2/AA/NR    1,862,173      
                     
     Washington County, Oregon School District #48J (Beaverton)               
 2,750,000   4.000%, 06/15/25   Aa1/AA+/NR    2,953,885      
 2,275,000   4.000%, 06/15/23 Series B   Aa1/AA+/NR    2,450,516      
 5,290,000   4.000%, 06/15/24 Series B   Aa1/AA+/NR    5,683,788      
 3,000,000   5.000%, 06/15/25 Series 2014B   Aa1/AA+/NR    3,513,030      
 3,000,000   5.000%, 06/15/28 Series 2014B   Aa1/AA+/NR    3,494,490      
 1,845,000   5.000%, 06/15/29 Series 2014B   Aa1/AA+/NR    2,146,362      
 1,500,000   5.000%, 06/15/27 Series C   Aa1/AA+/NR    1,889,475      
 2,400,000   5.000%, 06/15/35 Series C   Aa1/AA+/NR    2,916,432      
                     
     Washington & Clackamas Counties, Oregon School District #23J (Tigard)               
 2,405,000   5.000%, 06/15/30   Aa1/AA+/NR    2,978,929      
 1,000,000   5.000%, 06/15/31 Series A   Aa1/AA+/NR    1,276,470      
 1,000,000   5.000%, 06/15/32 Series A   Aa1/AA+/NR    1,271,350      
                     
     Washington, Clackamas & Yamhill Counties, Oregon School District #88J               
 2,785,000   5.000%, 06/15/29 Series B   Aa1/AA+/NR    3,468,244      
 2,000,000   5.000%, 06/15/29 Series B   Aa1/AA+/NR    2,544,040      
                     
     Washington, Multnomah & Yamhill Counties, Oregon School District #1J (Hillsboro)               
 1,535,000   4.000%, 06/15/25   Aa1/NR/NR    1,651,123      
 3,105,000   5.000%, 06/15/30   Aa1/NR/NR    3,838,215      
 2,110,000   5.000%, 06/15/31   Aa1/NR/NR    2,593,654      
                     
     Yamhill County, Oregon School District #40 (McMinnville)               
 2,255,000   4.000%, 06/15/26   Aa1/NR/NR    2,470,330      
 1,000,000   4.000%, 06/15/29   Aa1/AA+/NR    1,138,950      
 1,000,000   4.000%, 06/15/30   Aa1/AA+/NR    1,133,390      
                     
     Total School Districts        198,924,405      
                     
     Special District (4.1%)               
                     
     Bend, Oregon Metropolitan Park & Recreational District               
 1,430,000   4.000%, 06/01/27   Aa3/NR/NR    1,547,303      
                     
     Clackamas County, Oregon Fire District No. 1               
 1,020,000   4.000%, 06/01/30   NR/AA/NR    1,172,959      
 2,705,000   4.000%, 06/01/31   NR/AA/NR    3,071,636      
                     
     Metro, Oregon               
 4,000,000   4.000%, 06/01/26 Series A   Aaa/AAA/NR    4,282,120      
                     
     Tualatin Hills, Oregon Park & Recreational District               
 3,480,000   5.000%, 06/01/23   Aa1/NR/NR    3,969,044      
 4,725,000   5.000%, 06/01/24   Aa1/NR/NR    5,544,268      
 2,775,000   5.000%, 06/01/26   Aa1/NR/NR    3,326,004      

 

 

 

 

                     
     Tualatin Valley, Oregon Fire & Rescue Rural Fire Protection District               
 1,235,000   4.000%, 06/01/26   Aaa/NR/NR    1,289,562      
 1,170,000   4.000%, 06/01/27   Aaa/NR/NR    1,219,655      
                     
     Total Special District        25,422,551      
                     
     State (9.3%)               
                     
     State of Oregon               
 750,000   5.000%, 05/01/25 Series A   Aa1/AA+/AA+    876,195      
 3,000,000   5.000%, 05/01/23 Series L   Aa1/AA+/AA+    3,203,790      
 1,125,000   5.000%, 05/01/24 Series L   Aa1/AA+/AA+    1,201,208      
 1,470,000   4.000%, 11/01/26 Series M   Aa1/AA+/AA+    1,556,480      
 2,125,000   4.000%, 05/01/25 Series O   Aa1/AA+/AA+    2,226,193      
                     
     State of Oregon Article XI-G Community College Projects               
 1,160,000   5.000%, 08/01/27 Series J   Aa1/AA+/AA+    1,393,775      
                     
     State of Oregon Article XI-G Higher Education               
 500,000   5.000%, 08/01/25 Series O   Aa1/AA+/AA+    603,660      
 1,000,000   5.000%, 08/01/26 Series O   Aa1/AA+/AA+    1,205,950      
 1,000,000   5.000%, 08/01/27 Series O   Aa1/AA+/AA+    1,201,530      
                     
     State of Oregon Article XI-M Seismic Projects               
 1,000,000   5.000%, 06/01/30   Aa1/AA+/AA+    1,214,680      
                     
     State of Oregon Article XI-Q State Projects               
 2,140,000   5.000%, 11/01/28   Aa1/AA+/AA+    2,607,419      
 1,000,000   5.000%, 11/01/30   Aa1/AA+/AA+    1,209,710      
 2,000,000   5.000%, 11/01/31   Aa1/AA+/AA+    2,409,240      
 1,195,000   5.000%, 05/01/28 Series D   Aa1/AA+/AA+    1,459,047      
 1,255,000   5.000%, 05/01/29 Series D   Aa1/AA+/AA+    1,528,214      
 1,000,000   5.000%, 05/01/30 Series D   Aa1/AA+/AA+    1,212,770      
 2,300,000   5.000%, 05/01/28 Series F   Aa1/AA+/AA+    2,744,245      
 4,000,000   5.000%, 05/01/32 Series A   Aa1/AA+/AA+    5,108,560      
                     
     State of Oregon Department of Administrative Services COP               
 1,815,000   5.000%, 11/01/27 Series C   Aa2/AA/AA    1,836,308      
 1,195,000   5.000%, 11/01/28 Series C   Aa2/AA/AA    1,208,946      
                     
     State of Oregon Department of Administrative Services, Oregon Opportunity Refunding               
 6,210,000   5.000%, 12/01/19   Aa1/AA+/AA+    6,306,255      
                     
     State of Oregon Higher Education               
 1,000,000   5.000%, 08/01/28 Series A   Aa1/AA+/AA+    1,200,080      
 1,390,000   5.000%, 08/01/31 Series G   Aa1/AA+/AA+    1,789,444      
 1,920,000   5.000%, 08/01/32 Series G   Aa1/AA+/AA+    2,462,112      
 3,000,000   5.000%, 08/01/33 Series G   Aa1/AA+/AA+    3,824,400      
 1,900,000   5.000%, 08/01/34 Series G   Aa1/AA+/AA+    2,411,651      
 1,250,000   5.000%, 08/01/30 Series L   Aa1/AA+/AA+    1,553,750      
 1,300,000   5.000%, 08/01/32 Series L   Aa1/AA+/AA+    1,601,899      
                     
     Total State        57,157,511      
                     
     Transportation (1.2%)               
                     
     Oregon State Department Transportation Highway Usertax (Senior Lien)               
 5,000,000   5.000%, 11/15/29 Series B   Aa1/AAA/AA+    6,211,600      
                     
     State of Oregon ODOT Projects               
 1,020,000   5.000%, 11/15/30 Series M   Aa1/AA+/AA+    1,259,771      
                     
     Total Transportation        7,471,371      
                     
     Water & Sewer (0.4%)               
                     
     Gearheart, Oregon               
 1,060,000   4.500%, 03/01/26 AGMC Insured   A2/NR/NR    1,104,838      
                     
     Rockwood, Oregon Water Peoples Utility District Water Revenue Refunding               
 1,270,000   4.250%, 08/15/26   Aa3/NR/NR    1,333,398      
                     
     Total Water & Sewer        2,438,236      
                     
     Total General Obligation Bonds        359,572,370      

 

 

 

 

                     
     Revenue Bonds (31.3%)               
                     
     City & County (2.1%)               
                     
     Newport, Oregon Urban Renewal Obligations, Refunding               
 565,000   4.500%, 06/15/22 Series B   NR/AA-/NR    581,735      
                     
     Portland, Oregon Revenue Refunding Limited Tax, Oregon Convention Center               
 2,825,000   5.000%, 06/01/24   Aaa/NR/NR    3,022,185      
 4,265,000   5.000%, 06/01/27   Aaa/NR/NR    4,556,001      
                     
     Portland, Oregon River District Urban Renewal and Redevelopment               
 1,600,000   5.000%, 06/15/22 Series B   A1/NR/NR    1,765,216      
 1,830,000   5.000%, 06/15/23 Series B   A1/NR/NR    2,009,468      
                     
     Portland, Oregon Urban Renewal and Redevelopment, Refunding, North Macadam               
 1,000,000   4.000%, 06/15/25 Series B   A1/NR/NR    1,021,260      
                     
     Total City & County        12,955,865      
                     
     Electric (1.6%)               
                     
     Eugene, Oregon  Electric Utility Refunding System               
 2,875,000   5.000%, 08/01/29 Series A   Aa2/AA-/AA-    3,511,583      
 4,030,000   5.000%, 08/01/30 Series A   Aa2/AA-/AA-    4,892,501      
                     
     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    1,714,415      
                     
     Total Electric        10,118,499      
                     
     Higher Education (1.8%)               
                     
     Oregon State Facilities Authority (Lewis & Clark College Project)               
 1,000,000   5.250%, 10/01/24 Series A   A3/A-/NR    1,080,030      
 3,000,000   5.000%, 10/01/27 Series A   A3/A-/NR    3,220,140      
                     
     Oregon State Facilities Authority (Linfield College Project)               
 1,180,000   5.000%, 10/01/22 Series A   Baa1/NR/NR    1,297,186      
 1,000,000   5.000%, 10/01/23 Series A   Baa1/NR/NR    1,125,280      
 1,220,000   5.000%, 10/01/31 Series A 2010   Baa1/NR/NR    1,261,785      
                     
     Oregon State Facilities Authority (Reed College Project)               
 500,000   5.000%, 07/01/30 Series A   Aa2/AA-/NR    617,690      
 1,135,000   4.000%, 07/01/31 Series A   Aa2/AA-/NR    1,293,333      
                     
     Oregon State Facilities Authority (Willamette University)               
 1,000,000   4.000%, 10/01/24   NR/A/NR    1,019,340      
                     
     Total Higher Education        10,914,784      
                     
     Hospital (4.5%)               
                     
     Medford, Oregon Hospital Facilities Authority Revenue Refunding, Asante Health Systems               
 9,000,000   5.500%, 08/15/28 AGMC Insured   NR/AA/NR    9,384,570      
                     
     Oregon Health Sciences University               
 6,695,000   zero coupon, 07/01/21 NPFG Insured   Aa3/AA-/AA-    6,215,102      
 2,000,000   5.000%, 07/01/23 Series A   Aa3/AA-/AA-    2,205,820      
 1,250,000   5.000%, 07/01/28 Series B   Aa3/AA-/AA-    1,523,488      
 1,000,000   5.000%, 07/01/33 Series B   Aa3/AA-/AA-    1,191,030      
                     
     Oregon State Facilities Authority Revenue Refunding, Legacy Health Systems               
 1,000,000   4.750%, 03/15/24   A1/A+/NR    1,021,550      
 1,000,000   5.000%, 03/15/30   A1/A+/NR    1,021,440      
                     
     Oregon State Facilities Authority Revenue Refunding, Samaritan Health Services               
 1,500,000   4.375%, 10/01/20   NR/BBB+/NR    1,550,760      
 2,000,000   4.500%, 10/01/21   NR/BBB+/NR    2,074,620      
 1,520,000   5.000%, 10/01/23   NR/BBB+/NR    1,590,984      
                     
     Total Hospital        27,779,364      

 

 

 

 

     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   Aa2/NR/NR    1,395,307      
                     
     Portland, Oregon Urban Renewal and Redevelopment, Interstate Corridor               
 1,390,000   5.000%, 06/15/27 Series B   A1/NR/NR    1,478,404      
                     
     State of Oregon Housing and Community Services               
 870,000   1.800%, 01/01/23   Aa2/NR/NR    873,463      
                     
     Total Housing        3,747,174      
                     
     Lottery (4.3%)               
                     
     Oregon State Department of Administration Services (Lottery Revenue)               
 1,015,000   5.250%, 04/01/26 Series A   Aa2/AAA/NR    1,083,756      
 2,000,000   5.000%, 04/01/32 Series A   Aa2/AAA/NR    2,544,680      
 1,000,000   5.000%, 04/01/33 Series A   Aa2/AAA/NR    1,268,040      
 1,715,000   5.000%, 04/01/24 Series B   Aa2/AAA/NR    1,885,951      
 1,500,000   5.000%, 04/01/25 Series B   Aa2/AAA/NR    1,649,085      
 1,000,000   5.000%, 04/01/25 Series B   Aa2/AAA/NR    1,165,160      
 4,000,000   5.000%, 04/01/30 Series C   Aa2/AAA/NR    4,934,320      
 5,000,000   5.000%, 04/01/26 Series D   Aa2/AAA/NR    5,977,050      
 4,000,000   5.000%, 04/01/28 Series D   Aa2/AAA/NR    4,758,160      
 1,000,000   5.000%, 04/01/29 Series D   Aa2/AAA/NR    1,182,140      
                     
     Total Lottery        26,448,342      
                     
     Sales Tax (0.2%)               
                     
     Metro, Oregon Dedicated Tax Revenue (Oregon Convention Center Hotel)               
 750,000   5.000%, 06/15/31   Aa3/NR/NR    909,578      
                     
     Transportation (6.9%)               
                     
     Oregon State Department Transportation Highway Usertax (Senior Lien)               
 3,605,000   5.000%, 11/15/24 Series A   Aa1/AAA/AA+    4,043,476      
 2,425,000   5.000%, 11/15/25 Series A   Aa1/AAA/AA+    2,719,953      
 1,040,000   5.000%, 11/15/26 Series A   Aa1/AAA/AA+    1,231,422      
 8,000,000   5.000%, 11/15/28 Series A   Aa1/AAA/AA+    9,442,160      
                     
     Port Portland, Oregon Airport Revenue Refunding, Portland International Airport Series Twenty Three               
 2,525,000   5.000%, 07/01/26   NR/AA-/NR    3,032,576      
 1,000,000   5.000%, 07/01/28   NR/AA-/NR    1,192,840      
 2,390,000   5.000%, 07/01/29   NR/AA-/NR    2,838,866      
                     
     Tri-County Metropolitan Transportation District, Oregon Capital Grant Receipt               
 1,100,000   5.000%, 10/01/27 Series A   A3/A/NR    1,370,930      
 2,000,000   5.000%, 10/01/30 Series A   A3/A/NR    2,460,440      
                     
     Tri-County Metropolitan Transportation District, Oregon (Senior Lien Payroll Tax)               
 1,000,000   5.000%, 09/01/25 Series A   Aaa/AAA/NR    1,213,760      
 1,890,000   5.000%, 09/01/28 Series A   Aaa/AAA/NR    2,339,612      
 1,650,000   5.000%, 09/01/29 Series A   Aaa/AAA/NR    2,032,223      
 3,975,000   5.000%, 09/01/30 Series A   Aaa/AAA/NR    4,871,959      
 1,000,000   5.000%, 09/01/31 Series A   Aaa/AAA/NR    1,238,990      
 2,010,000   5.000%, 09/01/29 Series B   Aaa/AAA/NR    2,420,241      
                     
     Total Transportation        42,449,448      
                     
     Water and Sewer (9.3%)               
                     
     Clackamas County, Oregon  Service District No. 1               
 2,240,000   5.000%, 12/01/26   NR/AAA/NR    2,791,869      
                     
     Clean Water Services, Oregon Refunding (Senior Lien)               
 1,510,000   5.000%, 10/01/27   Aa1/AAA/NR    1,913,699      
                     
     Eugene, Oregon Water Utility System               
 115,000   5.000%, 08/01/28   Aa2/AA/AA+    140,815      
 450,000   5.000%, 08/01/29   Aa2/AA/AA+    548,298      
                     
     Grants Pass, Oregon               
 1,000,000   4.000%, 12/01/23   NR/AA/NR    1,087,070      

 

 

 

 

     Hillsboro, Oregon Water System               
 1,630,000   5.000%, 06/01/31†††   Aa2/NR/NR    2,087,019      
 1,710,000   5.000%, 06/01/32†††   Aa2/NR/NR    2,178,694      
                     
     Madras, Oregon               
 725,000   4.500%, 02/15/27   A3/NR/NR    790,453      
                     
     Portland, Oregon Water System (First Lien)               
 3,230,000   5.000%, 05/01/27 Series A   Aaa/NR/NR    3,770,605      
 3,500,000   5.000%, 06/01/28 Series A   Aa1/AA/NR    4,166,925      
                     
     Portland, Oregon Sewer System (Second Lien)               
 3,005,000   5.000%, 03/01/28 Series A   Aa2/AA-/NR    3,077,991      
 5,405,000   4.500%, 05/01/31 Series A   Aa2/AA-/NR    6,277,529      
 2,000,000   5.000%, 10/01/25 Series B   Aa2/AA-/NR    2,359,160      
 2,000,000   5.000%, 06/01/26 Series B   Aa2/AA-/NR    2,394,600      
 2,000,000   5.000%, 06/01/27 Series B   Aa2/AA-/NR    2,392,360      
                     
     Portland, Oregon Water System Revenue Refunding (Junior Lien)               
 2,000,000   5.000%, 10/01/23   Aa1/NR/NR    2,268,200      
                     
     Portland, Oregon Water System Revenue Refunding  (Senior Lien)               
 1,275,000   4.000%, 05/01/25 Series A   Aaa/NR/NR    1,301,303      
                     
     Salem, Oregon Water & Sewer Revenue Refunding               
 3,500,000   5.000%, 06/01/25   Aa2/NR/NR    4,205,985      
                     
     Seaside, Oregon Wastewater System               
 1,000,000   4.250%, 07/01/26   A3/NR/NR    1,042,320      
                     
     Tigard, Oregon Water System Revenue Refunding               
 2,565,000   5.000%, 08/01/24   Aa3/AA-/NR    2,837,531      
                     
     Washington County, Oregon Clean Water Services Sewer (Senior Lien)               
 1,010,000   4.000%, 10/01/22 Series B   Aa1/AAA/NR    1,070,449      
 1,500,000   4.000%, 10/01/23 Series B   Aa1/AAA/NR    1,589,100      
 2,850,000   4.000%, 10/01/26 Series B   Aa1/AAA/NR    3,004,328      
 2,745,000   4.000%, 10/01/28 Series B   Aa1/AAA/NR    2,884,281      
                     
     Woodburn, Oregon Wastewater Revenue Refunding               
 1,090,000   5.000%, 03/01/21 Series A   A1/NR/NR    1,151,694      
                     
     Total Water and Sewer        57,332,278      
                     
     Total Revenue Bonds        192,655,332      
                     
     Pre-Refunded Bonds (6.8%)††               
                     
     Pre-Refunded General Obligation Bonds (1.5%)               
                     
     Higher Education (0.4%)               
                     
     Oregon State, Oregon University System Projects               
 2,365,000   4.000%, 08/01/26 Series H   Aa1/AA+/AA+    2,498,315      
                     
     School District (0.7%)               
                     
     Clackamas County, Oregon School District #62 (Oregon City)               
 440,000   5.000%, 06/01/29 MAC Insured   NR/NR/NR*    514,734      
                     
     Columbia & Washington Counties, Oregon School District #47J (Vernonia)               
 3,430,000   5.000%, 06/15/27   NR/AA+/NR    3,550,084      
                     
     Total School District        4,064,818      
                     
     State (0.4%)               
                     
     State of Oregon  Department of Administrative Services COP               
 1,455,000   5.000%, 11/01/27 Series C   NR/NR/NR*    1,472,475      
 960,000   5.000%, 11/01/28 Series C   NR/NR/NR*    971,530      
                     
     Total State        2,444,005      
                     
     Total Pre-Refunded General Obligation Bonds        9,007,138      
                     
     Pre-Refunded Revenue Bonds (5.3%)               
                     
     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    2,565,166      
                     
     Electric (0.3%)               
                     
     Eugene, Oregon  Electric Utility Refunding System               
 2,000,000   5.000%, 08/01/27 Series A   Aa2/AA-/AA-    2,153,540      
                     
     Higher Education (0.3%)               
                     
     Oregon State Facilities Authority Revenue Refunding (Reed College Project)               
 1,500,000   5.000%, 07/01/29 Series A   Aa2/AA-/NR    1,555,725      
                     
     Hospital (0.7%)               
                     
     Oregon Health Sciences University               
 4,500,000   5.750%, 07/01/39 Series A   Aa3/AA-/NR    4,500,000      
                     
     Lottery (1.1%)               
                     
     Oregon State Department of Administration Services (Lottery Revenue)               
 6,285,000   5.250%, 04/01/26   NR/NR/NR*    6,701,067      
                     
     Transportation (1.6%)               
                     
     Oregon State Department Transportation Highway Usertax (Senior Lien)               
 1,000,000   5.000%, 11/15/26 Series A   Aa1/AAA/AA+    1,157,110      
                     
     Tri-County Metropolitan Transportation District, Oregon Capital Grant Receipt               
 1,685,000   5.000%, 10/01/24 Series A   A3/A/NR    1,822,210      
 3,480,000   5.000%, 10/01/26 Series A   A3/A/NR    3,763,376      
 3,000,000   5.000%, 10/01/27 Series A   A3/A/NR    3,244,290      
                     
     Total Transportation        9,986,986      
                     
     Water and Sewer (0.9%)               
                     
     Prineville, Oregon Refunding               
 1,255,000   4.400%, 06/01/29 AGMC Insured   NR/AA/NR    1,328,292      
                     
     Washington County, Oregon Clean Water Services Sewer               
 4,000,000   5.000%, 10/01/28   Aa1/AAA/NR    4,036,920      
                     
     Total Water and Sewer        5,365,212      
                     
     Total Pre-Refunded Revenue Bonds        32,827,696      
                     
     Total Pre-Refunded Bonds        41,834,834      
                     
      Total Municipal Bonds (cost $572,007,514)        594,062,536      
                     
 Shares    Short-Term Investment (3.5%)               
                     
 21,411,024   Dreyfus Treasury & Agency Cash Management - Institutional Shares, 2.21%** (cost $21,411,024)   Aaa-mf/AAAm/NR    21,411,024      
                     
     Total Investments (cost $593,418,538 note b)   100.0%   615,473,560      
     Other assets less liabilities   0.0    (93,609)     
     Net Assets   100.0%  $615,379,951      

 

         Percent of           
    Portfolio Distribution By Quality Rating   Investments †            
                     
     Aaa of Moody's or AAA of S&P   19.0%           
     Pre-refunded bonds††   7.0           
     Aa of Moody's or AA of S&P or Fitch   67.5           
     A of Moody's or S&P   5.0           
     Baa of Moody's or BBB of S&P   1.5           
         100.0%           

 

 

 

 

    PORTFOLIO ABBREVIATION:               
     AGC - Assured Guaranty Corp.               
     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 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.           
                     
      ††† Security purchased on a delayed delivery or when-issued basis.           

 

 See accompanying notes to financial statements.

 

 

 

 

AQUILA TAX-FREE TRUST OF OREGON
 NOTES TO FINANCIAL STATEMENTS
June 30, 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 June 30, 2019, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $593,418,538 amounted to $22,055,022, which consisted of aggregate gross unrealized appreciation of $22,055,022 and aggregate gross unrealized depreciation of $0.
 
(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 June 30, 2019:

 

Valuation Inputs  Investments in Securities
 Level 1 – Quoted Prices  $21,411,024 
 Level 2 – Other Significant Observable Inputs-Municipal Bonds+   594,062,536 
 Level 3 – Significant Unobservable Inputs   — 
 Total  $615,473,560 
 +See schedule of investments for a detailed listing of securities.