NPORT-EX 2 1393680AquilaTxFreeTrustofOR.htm CASCADES

 

AQUILA TAX-FREE TRUST OF OREGON

SCHEDULE OF INVESTMENTS

December 31, 2019

(unaudited)


 

Amount

 

General Obligation Bonds (57.8%)

 

Ratings Moody's, S&P and Fitch

 

 

Value

 

(a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

City & County (5.1%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bend, Oregon

 

 

 

 

 

 

 

$

2,435,000

 

4.000%, 06/01/24

 

Aa2/NR/NR

 

$

2,595,832

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Canby, Oregon

 

 

 

 

 

 

 

 

1,060,000

 

5.000%, 06/01/27

 

Aa3/NR/NR

 

 

1,110,371

 

 

 

1,405,000

 

4.000%, 12/01/24 AGMC Insured

 

Aa3/NR/NR

 

 

1,499,880

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clackamas County, Oregon Refunding

 

 

 

 

 

 

 

 

1,135,000

 

4.000%, 06/01/24

 

Aaa/NR/NR

 

 

1,213,951

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clatsop County, Oregon

 

 

 

 

 

 

 

 

1,000,000

 

5.000%, 06/15/32

 

Aa2/NR/NR

 

 

1,284,290

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gresham, Oregon Full Faith and Credit Refunding and
Project Obligations

 

 

 

 

 

 

 

 

1,545,000

 

5.000%, 05/01/23

 

Aa2/NR/NR

 

 

1,739,114

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

City of Hillsboro, Washington County Oregon Full Faith and
Credit Bonds

 

 

 

 

 

 

 

 

465,000

 

5.000%, 06/01/30

 

Aa1/NR/NR

 

 

601,515

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lake Oswego, Oregon Refunding

 

 

 

 

 

 

 

 

3,140,000

 

4.000%, 12/01/30

 

Aaa/AAA/NR

 

 

3,682,466

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lebanon, Oregon Refunding

 

 

 

 

 

 

 

 

1,050,000

 

5.000%, 06/01/24

 

A1/NR/NR

 

 

1,175,339

 

 

 

1,165,000

 

5.000%, 06/01/25

 

A1/NR/NR

 

 

1,378,882

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

McMinnville, Oregon Refunding

 

 

 

 

 

 

 

 

2,075,000

 

5.000%, 02/01/27

 

Aa3/NR/NR

 

 

2,442,213

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multnomah County, Oregon

 

 

 

 

 

 

 

 

3,000,000

 

5.000%, 06/01/30

 

Aaa/AAA/NR

 

 

3,742,560

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portland, Oregon Limited Tax, Sellwood Bridge & Archive
Space Projects

 

 

 

 

 

 

 

 

1,640,000

 

4.000%, 04/01/29 2017 Series A

 

Aaa/NR/NR

 

 

1,915,733

 

 

 

1,710,000

 

4.000%, 04/01/30 2017 Series A

 

Aaa/NR/NR

 

 

1,975,597

 

 

 

1,775,000

 

4.000%, 04/01/31 2017 Series A

 

Aaa/NR/NR

 

 

2,035,677

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portland, Oregon Public Safety

 

 

 

 

 

 

 

 

1,345,000

 

5.000%, 06/15/25 Series A

 

Aaa/NR/NR

 

 

1,618,465

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redmond, Oregon Full Faith and Credit Bonds

 

 

 

 

 

 

 

 

1,140,000

 

5.000%, 06/01/34 Series B-1

 

Aa3/NR/NR

 

 

1,425,684

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redmond, Oregon Refunding

 

 

 

 

 

 

 

 

735,000

 

5.000%, 06/01/23 Series A

 

Aa3/NR/NR

 

 

802,796

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total City & County

 

 

 

 

32,240,365

 

 





 

 

 

Community College (4.0%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Blue Mountain Community College District Umatilla, Oregon Morrow and Baker Counties Oregon (Umatilla and Morrow Counties Service Area)

 

 

 

 

 

 

 

 

970,000

 

4.000%, 06/15/27 Series 2015

 

NR/AA+/NR

 

 

1,101,658

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Central Oregon Community College District

 

 

 

 

 

 

 

 

1,850,000

 

4.750%, 06/15/22

 

NR/AA+/NR

 

 

1,880,044

 

 

 

2,195,000

 

4.750%, 06/15/23

 

NR/AA+/NR

 

 

2,230,449

 

 

 

2,175,000

 

4.750%, 06/15/26

 

NR/AA+/NR

 

 

2,208,930

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemeketa, Oregon Community College District

 

 

 

 

 

 

 

 

2,000,000

 

5.000%, 06/15/25

 

NR/AA+/NR

 

 

2,325,400

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clackamas, Oregon Community College District

 

 

 

 

 

 

 

 

1,405,000

 

5.000%, 06/15/27 Series A

 

Aa1/AA+/NR

 

 

1,672,414

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Columbia Gorge, Oregon Community College District, Refunding

 

 

 

 

 

 

 

 

1,000,000

 

4.000%, 06/15/24

 

Aa1/NR/NR

 

 

1,068,880

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lane, Oregon Community College

 

 

 

 

 

 

 

 

1,840,000

 

5.000%, 06/15/24

 

NR/AA+/NR

 

 

2,011,028

 

 

 

1,750,000

 

4.000%, 06/15/24

 

Aa1/NR/NR

 

 

1,966,493

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Linn Benton, Oregon Community College

 

 

 

 

 

 

 

 

1,520,000

 

5.000%, 06/01/27

 

NR/AA+/NR

 

 

1,807,554

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mount Hood, Oregon Community College District Refunding

 

 

 

 

 

 

 

 

1,865,000

 

5.000%, 06/01/27

 

Aa2/NR/NR

 

 

2,277,669

 

 

 

1,000,000

 

5.000%, 06/01/29

 

Aa2/NR/NR

 

 

1,213,820

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon Coast Community College District State

 

 

 

 

 

 

 

 

1,770,000

 

5.000%, 06/15/25

 

Aa1/NR/NR

 

 

1,933,619

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rogue, Oregon Community College District

 

 

 

 

 

 

 

 

1,375,000

 

4.000%, 06/15/29 Series B

 

Aa1/NR/NR

 

 

1,580,700

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Community College

 

 

 

 

25,278,658

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Higher Education (0.9%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State Higher Education

 

 

 

 

 

 

 

 

1,000,000

 

5.000%, 08/01/25 Series C

 

Aa1/AA+/AA+

 

 

1,173,210

 

 

 

1,795,000

 

5.000%, 08/01/27 Series C

 

Aa1/AA+/AA+

 

 

2,099,450

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State, Oregon University System

 

 

 

 

 

 

 

 

1,170,000

 

4.000%, 08/01/25 Series B

 

Aa1/AA+/AA+

 

 

1,253,561

 

 

 

1,090,000

 

5.000%, 08/01/25 Series N

 

Aa1/AA+/AA+

 

 

1,239,635

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Higher Education

 

 

 

 

5,765,856

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hospital (0.8%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pacific Communities Health District, Oregon

 

 

 

 

 

 

 

 

1,220,000

 

5.000%, 06/01/29

 

A1/NR/NR

 

 

1,459,425

 

 

 

1,060,000

 

5.000%, 06/01/30

 

A1/NR/NR

 

 

1,262,852

 

 

 

1,000,000

 

5.000%, 06/01/31

 

A1/NR/NR

 

 

1,187,420

 

 

 

1,200,000

 

5.000%, 06/01/32

 

A1/NR/NR

 

 

1,421,568

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Hospital

 

 

 

 

5,331,265

 

 





 

 

 

School District (33.6%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clackamas County, Oregon School District #12 (North Clackamas)

 

 

 

 

 

 

 

 

2,450,000

 

5.000%, 06/15/25

 

Aa1/AA+/NR

 

 

2,859,028

 

 

 

1,165,000

 

5.000%, 06/15/25

 

Aa1/AA+/NR

 

 

1,399,142

 

 

 

1,500,000

 

5.000%, 06/15/26

 

Aa1/AA+/NR

 

 

1,746,570

 

 

 

3,205,000

 

5.000%, 06/15/30

 

Aa1/AA+/NR

 

 

3,978,495

 

 

 

4,725,000

 

5.000%, 06/15/31

 

Aa1/AA+/NR

 

 

5,836,178

 

 

 

1,100,000

 

5.000%, 06/15/32

 

Aa1/NR/NR

 

 

1,384,933

 

 

 

2,160,000

 

5.000%, 06/15/29 Series B

 

Aa1/AA+/NR

 

 

2,690,410

 

 

 

3,000,000

 

5.000%, 06/15/34 Series B

 

Aa1/AA+/NR

 

 

3,674,160

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clackamas County, Oregon School District #62 (Oregon City)

 

 

 

 

 

 

 

 

560,000

 

5.000%, 06/01/29 MAC Insured

 

Aa3/AA/NR

 

 

643,339

 

 

 

1,310,000

 

5.000%, 06/15/31 Series B

 

Aa1/AA+/NR

 

 

1,662,560

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clackamas County, Oregon School District #86 (Canby)

 

 

 

 

 

 

 

 

1,800,000

 

5.000%, 06/15/24

 

Aa1/AA+/NR

 

 

1,967,310

 

 

 

1,110,000

 

5.000%, 06/15/25 Series A

 

Aa1/AA+/NR

 

 

1,212,608

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clackamas & Washington Counties, Oregon School District No. 3JT (West Linn-Wilsonville)

 

 

 

 

 

 

 

 

3,500,000

 

5.000%, 06/15/26

 

Aa1/AA+/NR

 

 

4,196,395

 

 

 

5,500,000

 

5.000%, 06/15/27

 

Aa1/AA+/NR

 

 

6,572,390

 

 

 

1,115,000

 

5.000%, 06/15/28

 

Aa1/AA+/NR

 

 

1,329,281

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clatsop County, Oregon School District #1C (Astoria)   

 

 

 

 

 

 

 

 

1,080,000

 

5.000%, 06/15/31 Series B

 

Aa1/NR/NR

 

 

1,385,100

 

 

 

1,215,000

 

5.000%, 06/15/32 Series B

 

Aa1/NR/NR

 

 

1,553,110

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clatsop County, Oregon School District #30 (Warrenton-Hammond)   

 

 

 

 

 

 

 

 

1,590,000

 

5.000%, 06/15/31 Series B

 

Aa1/NR/NR

 

 

2,040,765

 

 

 

1,000,000

 

5.000%, 06/15/32 Series B

 

Aa1/NR/NR

 

 

1,279,280

 

 

 

1,115,000

 

5.000%, 06/15/34 Series B

 

Aa1/NR/NR

 

 

1,418,525

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clatsop County, Oregon School District #10 (Seaside)

 

 

 

 

 

 

 

 

1,000,000

 

5.000%, 06/15/29 Series B

 

Aa1/AA+/NR

 

 

1,247,960

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Columbia County, Oregon School District #502 (St. Helens)

 

 

 

 

 

 

 

 

1,000,000

 

5.000%, 06/15/34

 

Aa1/NR/NR

 

 

1,226,280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Coos County, Oregon School District #9 (Coos Bay)

 

 

 

 

 

 

 

 

1,035,000

 

5.000%, 06/15/32

 

NR/AA+/NR

 

 

1,300,322

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benton & Linn Counties, Oregon School District #509J (Corvallis)

 

 

 

 

 

 

 

 

2,000,000

 

5.000%, 06/15/31 Series B

 

Aa1/AA+/NR

 

 

2,523,840

 

 

 

1,615,000

 

5.000%, 06/15/32 Series B

 

Aa1/AA+/NR

 

 

2,031,896

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deschutes County, Oregon Administrative School District #1
(Bend - La Pine)

 

 

 

 

 

 

 

 

740,000

 

5.000%, 06/15/30

 

Aa1/NR/NR

 

 

961,615

 

 

 

3,000,000

 

4.000%, 06/15/30

 

Aa1/AA+/NR

 

 

3,463,530

 

 

 

2,150,000

 

5.000%, 06/15/31

 

Aa1/NR/NR

 

 

2,781,219

 

 

 

1,470,000

 

4.000%, 06/15/32

 

Aa1/NR/NR

 

 

1,732,189

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deschutes County, Oregon School District #6 (Sisters)

 

 

 

 

 

 

 

 

1,030,000

 

5.250%, 06/15/21 AGMC Insured

 

A2/AA+/NR

 

 

1,092,243

 

 





 

 

 

Deschutes and Jefferson Counties, Oregon School District #02J (Redmond)

 

 

 

 

 

 

 

 

80,000

 

5.000%, 06/15/21 NPFG/ FGIC Insured

 

Aa1/NR/NR

 

 

80,246

 

 

 

1,025,000

 

zero coupon, 06/15/23

 

Aa1/NR/NR

 

 

978,024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Greater Albany School District #8J (Linn & Benton Counties)

 

 

 

 

 

 

 

 

1,000,000

 

5.000%, 06/15/30

 

Aa1/AA+/NR

 

 

1,244,520

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hood River County, Oregon School District

 

 

 

 

 

 

 

 

2,260,000

 

4.000%, 06/15/30

 

NR/AA+/NR

 

 

2,573,824

 

 

 

2,400,000

 

4.000%, 06/15/31

 

NR/AA+/NR

 

 

2,707,008

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jackson County, Oregon School District #5 (Ashland)

 

 

 

 

 

 

 

 

1,385,000

 

5.000%, 06/15/28

 

Aa1/AA+/NR

 

 

1,774,379

 

 

 

2,845,000

 

5.000%, 06/15/34

 

Aa1/AA+/NR

 

 

3,636,479

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jackson County, Oregon School District #6 (Central Point)

 

 

 

 

 

 

 

 

2,665,000

 

5.000%, 06/15/31

 

Aa1/NR/NR

 

 

3,420,528

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Jefferson County, Oregon School District #509J

 

 

 

 

 

 

 

 

1,400,000

 

5.000%, 06/15/25

 

Aa1/NR/NR

 

 

1,580,040

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Klamath County, Oregon School District

 

 

 

 

 

 

 

 

1,250,000

 

5.000%, 06/15/24

 

NR/AA+/NR

 

 

1,407,588

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lane County, Oregon School District #4J (Eugene) Refunding

 

 

 

 

 

 

 

 

1,130,000

 

4.000%, 06/15/23

 

Aa1/NR/NR

 

 

1,177,155

 

 

 

2,850,000

 

4.000%, 06/15/24

 

Aa1/NR/NR

 

 

3,047,676

 

 

 

2,765,000

 

3.000%, 06/15/24

 

Aa1/NR/NR

 

 

2,988,689

 

 

 

4,575,000

 

5.000%, 06/15/26

 

Aa1/NR/NR

 

 

5,331,385

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lane County, Oregon School District #19 (Springfield)

 

 

 

 

 

 

 

 

1,000,000

 

5.000%, 06/15/25

 

Aa1/AA+/NR

 

 

1,195,140

 

 

 

1,735,000

 

5.000%, 06/15/27

 

Aa1/AA+/NR

 

 

2,070,254

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lane County, Oregon School District #69 (Junction City)

 

 

 

 

 

 

 

 

630,000

 

5.000%, 06/15/25

 

Aa1/NR/NR

 

 

754,041

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lane & Douglas Counties, Oregon School District #45J3

 

 

 

 

 

 

 

 

2,665,000

 

4.000%, 06/15/27 Series B

 

Aa1/NR/NR

 

 

3,081,246

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lincoln County, Oregon School District

 

 

 

 

 

 

 

 

2,370,000

 

4.000%, 06/15/24 Series A

 

Aa1/NR/NR

 

 

2,464,373

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Linn & Marion Counties, Oregon School District #129J
(Santiam Canyon)

 

 

 

 

 

 

 

 

750,000

 

5.000%, 06/15/34

 

NR/AA+/NR

 

 

950,445

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marion County, Oregon School District #103 (Woodburn)

 

 

 

 

 

 

 

 

2,140,000

 

5.000%, 06/15/27

 

Aa1/NR/NR

 

 

2,559,740

 

 

 

2,260,000

 

5.000%, 06/15/28

 

Aa1/NR/NR

 

 

2,694,327

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marion & Clackamas Counties, Oregon School District #4J (Silver Falls)

 

 

 

 

 

 

 

 

1,260,000

 

5.000%, 06/15/24

 

Aa1/NR/NR

 

 

1,424,783

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marion & Polk Counties, Oregon School District #24J (Salem-Keizer)

 

 

 

 

 

 

 

 

5,000,000

 

5.000%, 06/15/30

 

Aa1/AA+/NR

 

 

6,358,300

 

 

 

5,525,000

 

5.000%, 06/15/31

 

Aa1/AA+/NR

 

 

6,996,971

 

 





 

 

 

Multnomah County, Oregon School District #1J (Portland)

 

 

 

 

 

 

 

 

2,970,000

 

5.000%, 06/15/26 Series B

 

Aa1/AA+/NR

 

 

3,560,941

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multnomah County, Oregon School District #7 (Reynolds)

 

 

 

 

 

 

 

 

5,680,000

 

5.000%, 06/15/26 Series A

 

Aa1/NR/NR

 

 

6,800,210

 

 

 

1,500,000

 

5.000%, 06/15/27 Series A

 

Aa1/NR/NR

 

 

1,791,600

 

 

 

1,825,000

 

5.000%, 06/15/28 Series A

 

Aa1/NR/NR

 

 

2,170,436

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multnomah County, Oregon School District #7 (Reynolds) Refunding

 

 

 

 

 

 

 

 

1,165,000

 

5.000%, 06/01/29

 

Aa3/NR/NR

 

 

1,182,790

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multnomah County, Oregon School District #40 (David Douglas)

 

 

 

 

 

 

 

 

1,500,000

 

5.000%, 06/15/23 Series A

 

NR/AA+/NR

 

 

1,640,565

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multnomah and Clackamas Counties, Oregon School District #10 (Gresham-Barlow)

 

 

 

 

 

 

 

 

1,535,000

 

5.000%, 06/15/29

 

Aa1/NR/NR

 

 

2,003,022

 

 

 

1,175,000

 

5.000%, 06/15/31

 

Aa1/AA+/NR

 

 

1,449,468

 

 

 

2,500,000

 

5.000%, 06/15/29 Series B

 

Aa1/AA+/NR

 

 

3,113,900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Polk, Marion & Benton Counties, Oregon School District #13J (Central)

 

 

 

 

 

 

 

 

1,515,000

 

4.000%, 02/01/28

 

NR/AA+/NR

 

 

1,695,088

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tillamook & Yamhill Counties, Oregon School District #101
(Nestucca Valley)

 

 

 

 

 

 

 

 

1,275,000

 

5.000%, 06/15/31

 

NR/AA+/NR

 

 

1,613,538

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Union County, Oregon School District #1 (La Grande)

 

 

 

 

 

 

 

 

1,000,000

 

5.000%, 06/15/27

 

Aa1/NR/NR

 

 

1,190,330

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wasco County, Oregon School District #12 (The Dalles)

 

 

 

 

 

 

 

 

1,790,000

 

5.500%, 06/15/20 AGMC Insured

 

A2/AA/NR

 

 

1,825,728

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Washington County, Oregon School District #48J (Beaverton)

 

 

 

 

 

 

 

 

2,750,000

 

4.000%, 06/15/25

 

Aa1/AA+/NR

 

 

2,937,303

 

 

 

2,275,000

 

4.000%, 06/15/23 Series B

 

Aa1/AA+/NR

 

 

2,435,661

 

 

 

5,290,000

 

4.000%, 06/15/24 Series B

 

Aa1/AA+/NR

 

 

5,658,237

 

 

 

3,000,000

 

5.000%, 06/15/25 Series 2014B

 

Aa1/AA+/NR

 

 

3,499,440

 

 

 

3,000,000

 

5.000%, 06/15/28 Series 2014B

 

Aa1/AA+/NR

 

 

3,476,670

 

 

 

1,845,000

 

5.000%, 06/15/29 Series 2014B

 

Aa1/AA+/NR

 

 

2,134,591

 

 

 

1,500,000

 

5.000%, 06/15/27 Series C

 

Aa1/AA+/NR

 

 

1,885,080

 

 

 

2,400,000

 

5.000%, 06/15/35 Series C

 

Aa1/AA+/NR

 

 

2,939,832

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Washington & Clackamas Counties, Oregon School District #23J (Tigard)

 

 

 

 

 

 

 

 

2,405,000

 

5.000%, 06/15/30

 

Aa1/AA+/NR

 

 

2,985,423

 

 

 

1,000,000

 

5.000%, 06/15/31 Series A

 

Aa1/AA+/NR

 

 

1,290,560

 

 

 

1,000,000

 

5.000%, 06/15/32 Series A

 

Aa1/AA+/NR

 

 

1,286,310

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Washington, Clackamas & Yamhill Counties, Oregon
School District #88J

 

 

 

 

 

 

 

 

2,785,000

 

5.000%, 06/15/29 Series B

 

Aa1/AA+/NR

 

 

3,473,341

 

 

 

2,000,000

 

5.000%, 06/15/29 Series B

 

Aa1/AA+/NR

 

 

2,552,980

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Washington, Multnomah & Yamhill Counties, Oregon
School District #1J (Hillsboro)

 

 

 

 

 

 

 

 

1,535,000

 

4.000%, 06/15/25

 

Aa1/NR/NR

 

 

1,639,549

 

 

 

3,105,000

 

5.000%, 06/15/30

 

Aa1/NR/NR

 

 

3,849,424

 

 

 

2,110,000

 

5.000%, 06/15/31

 

Aa1/NR/NR

 

 

2,606,209

 

 





 

 

 

Yamhill County, Oregon School District #8 (Dayton)

 

 

 

 

 

 

 

 

1,045,000

 

5.000%, 06/15/32

 

NR/AA+/NR

 

 

1,339,993

 

 

 

1,080,000

 

5.000%, 06/15/33

 

NR/AA+/NR

 

 

1,377,464

 

 

 

900,000

 

5.000%, 06/15/34

 

NR/AA+/NR

 

 

1,140,534

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yamhill County, Oregon School District #40 (McMinnville)

 

 

 

 

 

 

 

 

2,255,000

 

4.000%, 06/15/26

 

Aa1/NR/NR

 

 

2,461,693

 

 

 

1,000,000

 

4.000%, 06/15/29

 

Aa1/AA+/NR

 

 

1,143,000

 

 

 

1,000,000

 

4.000%, 06/15/30

 

Aa1/AA+/NR

 

 

1,138,860

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total School Districts

 

 

 

 

212,977,604

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Special District (4.0%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bend, Oregon Metropolitan Park & Recreational District

 

 

 

 

 

 

 

 

1,430,000

 

4.000%, 06/01/27

 

Aa3/NR/NR

 

 

1,547,861

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clackamas County, Oregon Fire District No. 1

 

 

 

 

 

 

 

 

1,020,000

 

4.000%, 06/01/30

 

NR/AA/NR

 

 

1,180,905

 

 

 

2,705,000

 

4.000%, 06/01/31

 

NR/AA/NR

 

 

3,099,416

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metro, Oregon

 

 

 

 

 

 

 

 

4,000,000

 

4.000%, 06/01/26 Series A

 

Aaa/AAA/NR

 

 

4,263,200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tualatin Hills, Oregon Park & Recreational District

 

 

 

 

 

 

 

 

3,480,000

 

5.000%, 06/01/23

 

Aa1/NR/NR

 

 

3,937,690

 

 

 

4,725,000

 

5.000%, 06/01/24

 

Aa1/NR/NR

 

 

5,516,343

 

 

 

2,775,000

 

5.000%, 06/01/26

 

Aa1/NR/NR

 

 

3,317,374

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tualatin Valley, Oregon Fire & Rescue Rural Fire Protection District

 

 

 

 

 

 

 

 

1,235,000

 

4.000%, 06/01/26

 

Aaa/NR/NR

 

 

1,282,510

 

 

 

1,170,000

 

4.000%, 06/01/27

 

Aaa/NR/NR

 

 

1,213,840

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Special District

 

 

 

 

25,359,139

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State (7.8%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Oregon

 

 

 

 

 

 

 

 

750,000

 

5.000%, 05/01/25 Series A

 

Aa1/AA+/AA+

 

 

872,798

 

 

 

2,125,000

 

4.000%, 05/01/25 Series O

 

Aa1/AA+/AA+

 

 

2,204,156

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Oregon Article XI-F(1) University Project

 

 

 

 

 

 

 

 

1,250,000

 

5.000%, 08/01/31 Series I

 

Aa1/AA+/AA+

 

 

1,554,238

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Oregon Article XI-G Community College Projects

 

 

 

 

 

 

 

 

1,160,000

 

5.000%, 08/01/27 Series J

 

Aa1/AA+/AA+

 

 

1,394,169

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Oregon Article XI-G Higher Education

 

 

 

 

 

 

 

 

500,000

 

5.000%, 08/01/25 Series O

 

Aa1/AA+/AA+

 

 

602,845

 

 

 

1,000,000

 

5.000%, 08/01/26 Series O

 

Aa1/AA+/AA+

 

 

1,204,150

 

 

 

1,000,000

 

5.000%, 08/01/27 Series O

 

Aa1/AA+/AA+

 

 

1,201,870

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Oregon Article XI-M Seismic Projects

 

 

 

 

 

 

 

 

1,000,000

 

5.000%, 06/01/30

 

Aa1/AA+/AA+

 

 

1,214,980

 

 





 

 

 

State of Oregon Article XI-Q State Projects

 

 

 

 

 

 

 

 

2,140,000

 

5.000%, 11/01/28

 

Aa1/AA+/AA+

 

 

2,605,129

 

 

 

1,000,000

 

5.000%, 11/01/30

 

Aa1/AA+/AA+

 

 

1,210,900

 

 

 

2,000,000

 

5.000%, 11/01/31

 

Aa1/AA+/AA+

 

 

2,414,460

 

 

 

2,920,000

 

5.000%, 05/01/31 Series A

 

Aa1/AA+/AA+

 

 

3,768,406

 

 

 

4,000,000

 

5.000%, 05/01/32 Series A

 

Aa1/AA+/AA+

 

 

5,137,760

 

 

 

1,195,000

 

5.000%, 05/01/28 Series D

 

Aa1/AA+/AA+

 

 

1,455,940

 

 

 

1,255,000

 

5.000%, 05/01/29 Series D

 

Aa1/AA+/AA+

 

 

1,526,444

 

 

 

1,000,000

 

5.000%, 05/01/30 Series D

 

Aa1/AA+/AA+

 

 

1,212,720

 

 

 

2,300,000

 

5.000%, 05/01/28 Series F

 

Aa1/AA+/AA+

 

 

2,736,172

 

 

 

1,500,000

 

5.000%, 05/01/33 Series N

 

Aa1/AA+/AA+

 

 

1,939,740

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Oregon Higher Education

 

 

 

 

 

 

 

 

1,000,000

 

5.000%, 08/01/28 Series A

 

Aa1/AA+/AA+

 

 

1,198,370

 

 

 

1,390,000

 

5.000%, 08/01/31 Series G

 

Aa1/AA+/AA+

 

 

1,802,496

 

 

 

1,920,000

 

5.000%, 08/01/32 Series G

 

Aa1/AA+/AA+

 

 

2,477,376

 

 

 

3,000,000

 

5.000%, 08/01/33 Series G

 

Aa1/AA+/AA+

 

 

3,856,650

 

 

 

1,900,000

 

5.000%, 08/01/34 Series G

 

Aa1/AA+/AA+

 

 

2,432,361

 

 

 

1,250,000

 

5.000%, 08/01/30 Series L

 

Aa1/AA+/AA+

 

 

1,558,638

 

 

 

1,300,000

 

5.000%, 08/01/32 Series L

 

Aa1/AA+/AA+

 

 

1,610,856

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total State

 

 

 

 

49,193,624

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transportation (1.2%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State Department Transportation Highway Usertax (Senior Lien)

 

 

 

 

 

 

 

 

5,000,000

 

5.000%, 11/15/29 Series B

 

Aa1/AAA/AA+

 

 

6,222,650

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Oregon ODOT Projects

 

 

 

 

 

 

 

 

1,020,000

 

5.000%, 11/15/30 Series M

 

Aa1/AA+/AA+

 

 

1,263,484

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Transportation

 

 

 

 

7,486,134

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Water & Sewer (0.4%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gearheart, Oregon

 

 

 

 

 

 

 

 

1,060,000

 

4.500%, 03/01/26 AGMC Insured

 

A2/NR/NR

 

 

1,094,079

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rockwood, Oregon Water Peoples Utility District Water
Revenue Refunding

 

 

 

 

 

 

 

 

1,270,000

 

4.250%, 08/15/26

 

Aa3/NR/NR

 

 

1,323,048

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Water & Sewer

 

 

 

 

2,417,127

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total General Obligation Bonds

 

 

 

 

366,049,772

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue Bonds (31.5%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

City & County (2.0%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Newport, Oregon Urban Renewal Obligations, Refunding

 

 

 

 

 

 

 

 

565,000

 

4.500%, 06/15/22 Series B

 

NR/AA-/NR

 

 

573,469

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portland, Oregon Revenue Refunding Limited Tax, Oregon
Convention Center

 

 

 

 

 

 

 

 

2,825,000

 

5.000%, 06/01/24

 

Aaa/NR/NR

 

 

2,980,008

 

 

 

4,265,000

 

5.000%, 06/01/27

 

Aaa/NR/NR

 

 

4,496,547

 

 





 

 

 

Portland, Oregon River District Urban Renewal and Redevelopment

 

 

 

 

 

 

 

 

1,600,000

 

5.000%, 06/15/22 Series B

 

A1/NR/NR

 

 

1,746,272

 

 

 

1,830,000

 

5.000%, 06/15/23 Series B

 

A1/NR/NR

 

 

1,993,584

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portland, Oregon Urban Renewal and Redevelopment, Refunding,
North Macadam

 

 

 

 

 

 

 

 

1,000,000

 

4.000%, 06/15/25 Series B

 

A1/NR/NR

 

 

1,011,070

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total City & County

 

 

 

 

12,800,950

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric (2.0%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eugene, Oregon  Electric Utility Refunding System

 

 

 

 

 

 

 

 

2,875,000

 

5.000%, 08/01/29 Series A

 

Aa2/AA-/AA-

 

 

3,510,605

 

 

 

4,030,000

 

5.000%, 08/01/30 Series A

 

Aa2/AA-/AA-

 

 

4,900,238

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Northern Wasco County, Oregon Peoples Utility District
(McNary Dam Fishway Hydroelectric Project), Refunding

 

 

 

 

 

 

 

 

1,585,000

 

5.000%, 12/01/21 Series A

 

NR/AA-/NR

 

 

1,701,577

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warm Springs Reservation, Oregon Confederated Tribes, Hydroelectric Revenue, Tribal Economic Development, Pelton Round Butte Proj 2019 B Green Bond

 

 

 

 

 

 

 

 

500,000

 

5.000%, 11/01/32 144A

 

A3/NR/NR

 

 

600,015

 

 

 

1,000,000

 

5.000%, 11/01/33 144A

 

A3/NR/NR

 

 

1,192,470

 

 

 

500,000

 

5.000%, 11/01/34 144A

 

A3/NR/NR

 

 

592,880

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Electric

 

 

 

 

12,497,785

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Higher Education (1.7%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State Facilities Authority (Lewis & Clark College Project)

 

 

 

 

 

 

 

 

1,000,000

 

5.250%, 10/01/24 Series A

 

A3/A-/NR

 

 

1,066,250

 

 

 

3,000,000

 

5.000%, 10/01/27 Series A

 

A3/A-/NR

 

 

3,183,210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State Facilities Authority (Linfield College Project)

 

 

 

 

 

 

 

 

1,180,000

 

5.000%, 10/01/22 Series A

 

Baa1/NR/NR

 

 

1,287,215

 

 

 

1,000,000

 

5.000%, 10/01/23 Series A

 

Baa1/NR/NR

 

 

1,120,260

 

 

 

1,220,000

 

5.000%, 10/01/31 Series A 2010

 

Baa1/NR/NR

 

 

1,247,279

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State Facilities Authority (Reed College Project)

 

 

 

 

 

 

 

 

500,000

 

5.000%, 07/01/30 Series A

 

Aa2/AA-/NR

 

 

619,635

 

 

 

1,135,000

 

4.000%, 07/01/31 Series A

 

Aa2/AA-/NR

 

 

1,305,386

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State Facilities Authority (Willamette University)

 

 

 

 

 

 

 

 

1,000,000

 

4.000%, 10/01/24

 

NR/A/NR

 

 

1,006,950

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Higher Education

 

 

 

 

10,836,185

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hospital (4.2%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Medford, Oregon Hospital Facilities Authority Revenue Refunding, Asante Health Systems

 

 

 

 

 

 

 

 

9,000,000

 

5.500%, 08/15/28 AGMC Insured

 

NR/AA/NR

 

 

9,224,460

 

 





 

 

 

Oregon Health Sciences University

 

 

 

 

 

 

 

 

4,485,000

 

zero coupon, 07/01/21 NPFG Insured

 

Aa3/AA-/AA-

 

 

4,302,595

 

 

 

2,000,000

 

5.000%, 07/01/23 Series A

 

Aa3/AA-/AA-

 

 

2,183,540

 

 

 

500,000

 

5.000%, 07/01/30 Series A

 

Aa3/AA-/AA-

 

 

646,840

 

 

 

250,000

 

5.000%, 07/01/31 Series A

 

Aa3/AA-/AA-

 

 

321,928

 

 

 

1,250,000

 

5.000%, 07/01/28 Series B

 

Aa3/AA-/AA-

 

 

1,525,363

 

 

 

1,000,000

 

5.000%, 07/01/33 Series B

 

Aa3/AA-/AA-

 

 

1,200,990

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State Facilities Authority Revenue Refunding, Legacy
Health Systems

 

 

 

 

 

 

 

 

1,000,000

 

4.750%, 03/15/24

 

A1/A+/NR

 

 

1,006,560

 

 

 

1,000,000

 

5.000%, 03/15/30

 

A1/A+/NR

 

 

1,006,530

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State Facilities Authority Revenue Refunding, Samaritan
Health Services

 

 

 

 

 

 

 

 

1,500,000

 

4.375%, 10/01/20

 

NR/BBB+/NR

 

 

1,534,935

 

 

 

2,000,000

 

4.500%, 10/01/21

 

NR/BBB+/NR

 

 

2,047,820

 

 

 

1,520,000

 

5.000%, 10/01/23

 

NR/BBB+/NR

 

 

1,561,937

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Hospital

 

 

 

 

26,563,498

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Housing (0.7%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clackamas County, Oregon Housing Authority Multifamily Housing Revenue (Easton Ridge Apartments Project)

 

 

 

 

 

 

 

 

1,310,000

 

4.000%, 09/01/27 Series A

 

Aa2/NR/NR

 

 

1,392,818

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portland, Oregon Urban Renewal and Redevelopment, Interstate Corridor

 

 

 

 

 

 

 

 

1,390,000

 

5.000%, 06/15/27 Series B

 

A1/NR/NR

 

 

1,460,723

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Oregon Housing and Community Services

 

 

 

 

 

 

 

 

815,000

 

1.800%, 01/01/23

 

Aa2/NR/NR

 

 

823,525

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Housing

 

 

 

 

3,677,066

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lottery (4.2%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State Department of Administration Services (Lottery Revenue)

 

 

 

 

 

 

 

 

1,015,000

 

5.250%, 04/01/26 Series A

 

Aa2/AAA/NR

 

 

1,066,897

 

 

 

2,000,000

 

5.000%, 04/01/32 Series A

 

Aa2/AAA/NR

 

 

2,564,920

 

 

 

1,000,000

 

5.000%, 04/01/33 Series A

 

Aa2/AAA/NR

 

 

1,278,340

 

 

 

1,715,000

 

5.000%, 04/01/24 Series B

 

Aa2/AAA/NR

 

 

1,863,982

 

 

 

1,500,000

 

5.000%, 04/01/25 Series B

 

Aa2/AAA/NR

 

 

1,629,960

 

 

 

1,000,000

 

5.000%, 04/01/25 Series B

 

Aa2/AAA/NR

 

 

1,159,520

 

 

 

4,000,000

 

5.000%, 04/01/30 Series C

 

Aa2/AAA/NR

 

 

4,944,880

 

 

 

5,000,000

 

5.000%, 04/01/26 Series D

 

Aa2/AAA/NR

 

 

5,959,750

 

 

 

4,000,000

 

5.000%, 04/01/28 Series D

 

Aa2/AAA/NR

 

 

4,741,680

 

 

 

1,000,000

 

5.000%, 04/01/29 Series D

 

Aa2/AAA/NR

 

 

1,184,280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Lottery

 

 

 

 

26,394,209

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales Tax (0.1%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Metro, Oregon Dedicated Tax Revenue (Oregon Convention
Center Hotel)

 

 

 

 

 

 

 

 

750,000

 

5.000%, 06/15/31

 

Aa3/NR/NR

 

 

917,535

 

 





 

 

 

Transportation (5.4%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State Department Transportation Highway Usertax (Senior Lien)

 

 

 

 

 

 

 

 

1,040,000

 

5.000%, 11/15/26 Series A

 

Aa1/AAA/AA+

 

 

1,226,004

 

 

 

8,000,000

 

5.000%, 11/15/28 Series A

 

Aa1/AAA/AA+

 

 

9,423,840

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State Department Transportation Highway Usertax
(Subordinate Lien)

 

 

 

 

 

 

 

 

1,000,000

 

5.000%, 11/15/35 Series A

 

Aa2/AA+/AA+

 

 

1,281,680

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Port Portland, Oregon Airport Revenue Refunding, Portland
International Airport Series Twenty Three

 

 

 

 

 

 

 

 

2,525,000

 

5.000%, 07/01/26

 

NR/AA-/NR

 

 

3,017,602

 

 

 

1,000,000

 

5.000%, 07/01/28

 

NR/AA-/NR

 

 

1,188,270

 

 

 

2,390,000

 

5.000%, 07/01/29

 

NR/AA-/NR

 

 

2,831,481

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tri-County Metropolitan Transportation District, Oregon
Capital Grant Receipt

 

 

 

 

 

 

 

 

1,100,000

 

5.000%, 10/01/27 Series A

 

A3/A/NR

 

 

1,372,855

 

 

 

2,000,000

 

5.000%, 10/01/30 Series A

 

A3/A/NR

 

 

2,479,960

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tri-County Metropolitan Transportation District, Oregon
(Senior Lien Payroll Tax)

 

 

 

 

 

 

 

 

1,000,000

 

5.000%, 09/01/25 Series A

 

Aaa/AAA/NR

 

 

1,210,800

 

 

 

1,890,000

 

5.000%, 09/01/28 Series A

 

Aaa/AAA/NR

 

 

2,328,423

 

 

 

1,650,000

 

5.000%, 09/01/29 Series A

 

Aaa/AAA/NR

 

 

2,030,226

 

 

 

3,975,000

 

5.000%, 09/01/30 Series A

 

Aaa/AAA/NR

 

 

4,870,130

 

 

 

1,000,000

 

5.000%, 09/01/31 Series A

 

Aaa/AAA/NR

 

 

1,249,730

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Transportation

 

 

 

 

34,511,001

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Water and Sewer (11.3%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bend, Oregon Water Revenue, Bridge Creek Project

 

 

 

 

 

 

 

 

695,000

 

5.000%, 12/01/30

 

AA2/AA/NR

 

 

840,297

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clackamas County, Oregon  Service District No. 1

 

 

 

 

 

 

 

 

2,240,000

 

5.000%, 12/01/26

 

NR/AAA/NR

 

 

2,784,790

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clean Water Services, Oregon Refunding (Senior Lien)

 

 

 

 

 

 

 

 

1,510,000

 

5.000%, 10/01/27

 

Aa1/AAA/NR

 

 

1,917,307

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eugene, Oregon Water Utility System

 

 

 

 

 

 

 

 

115,000

 

5.000%, 08/01/28

 

Aa2/AA/AA+

 

 

140,676

 

 

 

450,000

 

5.000%, 08/01/29

 

Aa2/AA/AA+

 

 

548,222

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Grants Pass, Oregon

 

 

 

 

 

 

 

 

1,000,000

 

4.000%, 12/01/23

 

NR/AA/NR

 

 

1,081,600

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hillsboro, Oregon Water System

 

 

 

 

 

 

 

 

1,630,000

 

5.000%, 06/01/31

 

Aa2/NR/NR

 

 

2,098,788

 

 

 

1,710,000

 

5.000%, 06/01/32

 

Aa2/NR/NR

 

 

2,194,614

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Madras, Oregon

 

 

 

 

 

 

 

 

725,000

 

4.500%, 02/15/27

 

A3/NR/NR

 

 

788,075

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portland, Oregon Water System (First Lien)

 

 

 

 

 

 

 

 

3,230,000

 

5.000%, 05/01/27 Series A

 

Aaa/NR/NR

 

 

3,748,157

 

 

 

3,500,000

 

5.000%, 06/01/28 Series A

 

Aa1/AA+/NR

 

 

4,152,470

 

 





 

 

 

Portland, Oregon Sewer System (Second Lien)

 

 

 

 

 

 

 

 

5,405,000

 

4.500%, 05/01/31 Series A

 

Aa2/AA/NR

 

 

6,316,445

 

 

 

6,355,000

 

5.000%, 03/01/32 Series A

 

Aa2/AA/NR

 

 

8,214,028

 

 

 

2,000,000

 

5.000%, 10/01/25 Series B

 

Aa2/AA/NR

 

 

2,349,600

 

 

 

2,000,000

 

5.000%, 06/01/26 Series B

 

Aa2/AA/NR

 

 

2,392,060

 

 

 

2,000,000

 

5.000%, 06/01/27 Series B

 

Aa2/AA/NR

 

 

2,385,280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portland, Oregon Water System (Second Lien)

 

 

 

 

 

 

 

 

2,590,000

 

5.000%, 05/01/31 Series A

 

Aa1/NR/NR

 

 

3,374,278

 

 

 

2,000,000

 

5.000%, 05/01/32 Series A

 

Aa1/NR/NR

 

 

2,599,020

 

 

 

2,000,000

 

5.000%, 05/01/33 Series A

 

Aa1/NR/NR

 

 

2,588,420

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portland, Oregon Water System Revenue Refunding (Junior Lien)

 

 

 

 

 

 

 

 

2,000,000

 

5.000%, 10/01/23

 

Aa1/NR/NR

 

 

2,247,980

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portland, Oregon Water System Revenue Refunding  (Senior Lien)

 

 

 

 

 

 

 

 

1,275,000

 

4.000%, 05/01/25 Series A

 

Aaa/NR/NR

 

 

1,286,666

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salem, Oregon Water & Sewer Revenue Refunding

 

 

 

 

 

 

 

 

3,500,000

 

5.000%, 06/01/25

 

Aa2/NR/NR

 

 

4,201,085

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Seaside, Oregon Wastewater System

 

 

 

 

 

 

 

 

1,000,000

 

4.250%, 07/01/26

 

A3/NR/NR

 

 

1,035,050

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tigard, Oregon Water System Revenue Refunding

 

 

 

 

 

 

 

 

2,565,000

 

5.000%, 08/01/24

 

Aa3/AA-/NR

 

 

2,809,470

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Washington County, Oregon Clean Water Services Sewer (Senior Lien)

 

 

 

 

 

 

 

 

1,010,000

 

4.000%, 10/01/22 Series B

 

Aa1/AAA/NR

 

 

1,060,975

 

 

 

1,500,000

 

4.000%, 10/01/23 Series B

 

Aa1/AAA/NR

 

 

1,575,165

 

 

 

2,850,000

 

4.000%, 10/01/26 Series B

 

Aa1/AAA/NR

 

 

2,981,186

 

 

 

2,745,000

 

4.000%, 10/01/28 Series B

 

Aa1/AAA/NR

 

 

2,864,078

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Woodburn, Oregon Wastewater Revenue Refunding

 

 

 

 

 

 

 

 

1,090,000

 

5.000%, 03/01/21 Series A

 

A1/NR/NR

 

 

1,137,600

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Water and Sewer

 

 

 

 

71,713,382

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Revenue Bonds

 

 

 

 

199,911,611

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-Refunded Bonds (7.7%)††

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-Refunded General Obligation Bonds (2.0%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Higher Education (0.4%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State, Oregon University System Projects

 

 

 

 

 

 

 

 

2,365,000

 

4.000%, 08/01/26 Series H

 

Aa1/AA+/AA+

 

 

2,474,452

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

School District (0.7%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Clackamas County, Oregon School District #62 (Oregon City)

 

 

 

 

 

 

 

 

440,000

 

5.000%, 06/01/29 MAC Insured

 

NR/AA/NR

 

 

511,830

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Columbia & Washington Counties, Oregon School District #47J (Vernonia)

 

 

 

 

 

 

 

 

3,430,000

 

5.000%, 06/15/27

 

NR/AA+/NR

 

 

3,490,471

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total School District

 

 

 

 

4,002,301

 

 





 

 

 

State (0.9%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Oregon

 

 

 

 

 

 

 

 

3,000,000

 

5.000%, 05/01/23 Series L

 

Aa1/AA+/AA+

 

 

3,154,170

 

 

 

1,125,000

 

5.000%, 05/01/24 Series L

 

Aa1/AA+/AA+

 

 

1,182,814

 

 

 

1,470,000

 

4.000%, 11/01/26 Series M

 

Aa1/AA+/AA+

 

 

1,547,190

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total State

 

 

 

 

5,884,174

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Pre-Refunded General Obligation Bonds

 

 

 

 

12,360,927

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-Refunded Revenue Bonds (5.7%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

City & County (0.4%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Local Oregon Capital Assets Program COP Cottage Grove

 

 

 

 

 

 

 

 

2,375,000

 

5.000%, 09/15/25 Series 2013A

 

A2/NR/NR

 

 

2,530,943

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric (0.3%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eugene, Oregon  Electric Utility Refunding System

 

 

 

 

 

 

 

 

2,000,000

 

5.000%, 08/01/27 Series A

 

Aa2/AA-/AA-

 

 

2,123,600

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Higher Education (0.2%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State Facilities Authority Revenue Refunding
(Reed College Project)

 

 

 

 

 

 

 

 

1,500,000

 

5.000%, 07/01/29 Series A

 

NR/AA-/NR

 

 

1,529,445

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lottery (1.1%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State Department of Administration Services (Lottery Revenue)

 

 

 

 

 

 

 

 

6,285,000

 

5.250%, 04/01/26

 

NR/NR/NR*

 

 

6,603,147

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transportation (3.0%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State Department Transportation Highway Usertax (Senior Lien)

 

 

 

 

 

 

 

 

3,605,000

 

5.000%, 11/15/24 Series A

 

Aa1/AAA/AA+

 

 

4,007,138

 

 

 

2,425,000

 

5.000%, 11/15/25 Series A

 

Aa1/AAA/AA+

 

 

2,695,509

 

 

 

1,000,000

 

5.000%, 11/15/26 Series A

 

Aa1/AAA/AA+

 

 

1,149,280

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tri-County Metropolitan Transportation District, Oregon
Capital Grant Receipt

 

 

 

 

 

 

 

 

1,685,000

 

5.000%, 10/01/24 Series A

 

A3/A/NR

 

 

1,798,502

 

 

 

3,480,000

 

5.000%, 10/01/26 Series A

 

A3/A/NR

 

 

3,714,413

 

 

 

3,000,000

 

5.000%, 10/01/27 Series A

 

A3/A/NR

 

 

3,202,080

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tri-County Metropolitan Transportation District, Oregon
(Senior Lien Payroll Tax)

 

 

 

 

 

 

 

 

2,010,000

 

5.000%, 09/01/29 Series B

 

Aaa/AAA/NR

 

 

2,432,924

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Transportation

 

 

 

 

18,999,846

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Water and Sewer (0.7%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Portland, Oregon Sewer System (Second Lien)

 

 

 

 

 

 

 

 

3,005,000

 

5.000%, 03/01/28 Series A

 

Aa2/AA/NR

 

 

3,023,962

 

 





 

 

 

Prineville, Oregon Refunding

 

 

 

 

 

 

 

 

1,255,000

 

4.400%, 06/01/29 AGMC Insured

 

NR/AA/NR

 

 

1,313,006

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Water and Sewer

 

 

 

 

4,336,968

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Pre-Refunded Revenue Bonds

 

 

 

 

36,123,949

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Pre-Refunded Bonds

 

 

 

 

48,484,876

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Municipal Bonds (cost $589,545,048)

 

 

 

 

614,446,259

 

 


 

Shares

 

Short-Term Investment (2.4%)

 

 

 

 

 

 

 

15,198,418

 

Dreyfus Treasury Obligations Cash Management - Institutional Shares, 1.49%** (cost $15,198,418)

 

Aaa-mf/AAAm/NR

 

 

15,198,418

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments (cost $604,743,466- note b)

 

99.4%

 

 

629,644,677

 

 

 

 

Other assets less liabilities

 

0.6

 

 

3,889,655

 

 

 

 

Net Assets

 

100.0%

 

$

633,534,332

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percent of

 

 

 

 

 

 

 

Portfolio Distribution By Quality Rating

 

Investments†

 

 

 

 

 

 

 

Aaa of Moody's or AAA of S&P

 

16.9%

 

 

 

 

 

 

 

Pre-refunded bonds††

 

7.9

 

 

 

 

 

 

 

Aa of Moody's or AA of S&P or Fitch

 

68.7

 

 

 

 

 

 

 

A of Moody's or S&P

 

5.1

 

 

 

 

 

 

 

Baa of Moody's or BBB of S&P

 

1.4

 

 

 

 

 

 

 

 

 

100.0%

 

 

 

 



 

 

PORTFOLIO ABBREVIATION:

AGMC-

 

Assured Guaranty Municipal Corp.

COP-

 

Certificates of Participation

FGIC-

 

Financial Guaranty Insurance Co.

MAC-

 

Municipal Assurance Corp.

NPFG-

 

National Public Finance Guarantee

NR-

 

Not Rated

ODOT-

 

Oregon Department of Transportation


*

Any security not rated (“NR”) by any of the Nationally Recognized Statistical Rating Organizations (“NRSRO”) has been determined by the Investment Adviser to have sufficient quality to be ranked in the top credit four ratings if a credit rating were to be assigned by a NRSRO.

 

 

**

The rate is an annualized seven-day yield at period end.

 

 

†

Where applicable, calculated using the highest rating of the three NRSRO.

 

 

††

Pre-refunded bonds are bonds for which U.S. Government Obligations usually have been placed in escrow to retire the bonds at their earliest call date.

 

 

Note: 144A – Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.



See accompanying notes to financial statements.




AQUILA TAX-FREE TRUST OF OREGON

NOTES TO FINANCIAL STATEMENTS

December 31, 2019

(unaudited)


(a)

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


(b)

At December 31, 2019, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $604,743,466 amounted to $24,901,211, which consisted of aggregate gross unrealized appreciation of $24,978,930 and aggregate gross unrealized depreciation of $77,719.


(c)

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


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


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


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


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


The following is a summary of the valuation inputs, representing 100% of the Trust’s investments, used to value the Trust’s net assets as of December 31, 2019:


Valuation Inputs

Investments
in Securities

Level 1 – Quoted Prices

$

15,198,418

Level 2 – Other Significant Observable Inputs - Municipal Bonds +

 

614,446,259

Level 3 – Significant Unobservable Inputs

 

—

Total

$

629,644,677

 

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