NPORT-EX 2 1393680AqTxFrTrustofOregon.htm OREGON


AQUILA TAX-FREE TRUST OF OREGON

SCHEDULE OF INVESTMENTS

June 30, 2020

(unaudited)


Amount

 

General Obligation Bonds (56.3%)

 

Ratings Moody’s,
S&P and Fitch

 

Value

 

(a)

 

 

 

 

 

 

 

 

 

 

 

City & County (5.0%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bend, Oregon

 

 

 

 

 

 

$

2,435,000

 

4.000%, 06/01/24

 

Aa2/NR/NR

 

$

2,594,687

 

 

 

 

 

 

 

 

 

 

 

 

 

Canby, Oregon

 

 

 

 

 

 

1,060,000

 

5.000%, 06/01/27

 

Aa3/NR/NR

 

1,100,354

 

 

1,405,000

 

4.000%, 12/01/24 AGMC Insured

 

Aa3/NR/NR

 

1,498,067

 

 

 

 

 

 

 

 

 

 

 

 

 

Clackamas County, Oregon Refunding

 

 

 

 

 

 

1,135,000

 

4.000%, 06/01/24

 

Aaa/NR/NR

 

1,213,724

 

 

 

 

 

 

 

 

 

 

 

 

 

Clatsop County, Oregon

 

 

 

 

 

 

1,000,000

 

5.000%, 06/15/32

 

Aa2/NR/NR

 

1,326,580

 

 

 

 

 

 

 

 

 

 

 

 

 

Gresham, Oregon Full Faith and Credit Refunding and Project Obligations

 

 

 

 

 

 

1,545,000

 

5.000%, 05/01/23

 

Aa2/NR/NR

 

1,747,318

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

465,000

 

5.000%, 06/01/30

 

Aa1/NR/NR

 

623,346

 

 

 

 

 

 

 

 

 

 

 

 

 

Lake Oswego, Oregon Refunding

 

 

 

 

 

 

3,140,000

 

4.000%, 12/01/30

 

Aaa/AAA/NR

 

3,789,415

 

 

 

 

 

 

 

 

 

 

 

 

 

Lebanon, Oregon Refunding

 

 

 

 

 

 

1,050,000

 

5.000%, 06/01/24

 

A1/NR/NR

 

1,185,524

 

 

1,165,000

 

5.000%, 06/01/25

 

A1/NR/NR

 

1,401,856

 

 

 

 

 

 

 

 

 

 

 

 

 

McMinnville, Oregon Refunding

 

 

 

 

 

 

2,075,000

 

5.000%, 02/01/27

 

Aa3/NR/NR

 

2,478,256

 

 

 

 

 

 

 

 

 

 

 

 

 

Multnomah County, Oregon

 

 

 

 

 

 

3,000,000

 

5.000%, 06/01/30

 

Aaa/AAA/NR

 

3,837,060

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

1,640,000

 

4.000%, 04/01/29 2017 Series A

 

Aaa/NR/NR

 

1,971,247

 

 

1,710,000

 

4.000%, 04/01/30 2017 Series A

 

Aaa/NR/NR

 

2,033,532

 

 

1,775,000

 

4.000%, 04/01/31 2017 Series A

 

Aaa/NR/NR

 

2,094,181

 

 

 

 

 

 

 

 

 

 

 

 

 

Portland, Oregon Public Safety

 

 

 

 

 

 

1,345,000

 

5.000%, 06/15/25 Series A

 

Aaa/NR/NR

 

1,647,437

 

 

 

 

 

 

 

 

 

 

 

 

 

Redmond, Oregon Full Faith and Credit Bonds

 

 

 

 

 

 

1,140,000

 

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

 

Aa3/NR/NR

 

1,461,480

 

 

 

 

 

 

 

 

 

 

 

 

 

Redmond, Oregon Refunding

 

 

 

 

 

 

735,000

 

5.000%, 06/01/23 Series A

 

Aa3/NR/NR

 

800,253

 

 

 

 

 

 

 

 

 

 

 

 

 

Total City & County

 

 

 

32,804,317

 

 


 



 

 

Community College (3.9%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1,115,510

 

 

 

 

 

 

 

 

 

 

 

 

 

Central Oregon Community College District

 

 

 

 

 

 

1,850,000

 

4.750%, 06/15/22

 

NR/AA+/NR

 

1,854,385

 

 

2,195,000

 

4.750%, 06/15/23

 

NR/AA+/NR

 

2,200,180

 

 

2,175,000

 

4.750%, 06/15/26

 

NR/AA+/NR

 

2,179,981

 

 

 

 

 

 

 

 

 

 

 

 

 

Chemeketa, Oregon Community College District

 

 

 

 

 

 

2,000,000

 

5.000%, 06/15/25

 

NR/AA+/NR

 

2,350,640

 

 

 

 

 

 

 

 

 

 

 

 

 

Clackamas, Oregon Community College District

 

 

 

 

 

 

1,405,000

 

5.000%, 06/15/27 Series A

 

Aa1/AA+/NR

 

1,698,659

 

 

 

 

 

 

 

 

 

 

 

 

 

Columbia Gorge, Oregon Community College District, Refunding

 

 

 

 

 

 

1,000,000

 

4.000%, 06/15/24

 

Aa1/NR/NR

 

1,069,070

 

 

 

 

 

 

 

 

 

 

 

 

 

Lane, Oregon Community College

 

 

 

 

 

 

1,840,000

 

5.000%, 06/15/24

 

NR/AA+/NR

 

2,005,508

 

 

1,750,000

 

4.000%, 06/15/24

 

Aa1/NR/NR

 

1,993,583

 

 

 

 

 

 

 

 

 

 

 

 

 

Linn Benton, Oregon Community College

 

 

 

 

 

 

1,520,000

 

5.000%, 06/01/27

 

NR/AA+/NR

 

1,835,567

 

 

 

 

 

 

 

 

 

 

 

 

 

Mount Hood, Oregon Community College District Refunding

 

 

 

 

 

 

1,865,000

 

5.000%, 06/01/27

 

Aa2/NR/NR

 

2,316,740

 

 

1,000,000

 

5.000%, 06/01/29

 

Aa2/NR/NR

 

1,238,960

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon Coast Community College District State

 

 

 

 

 

 

1,770,000

 

5.000%, 06/15/25

 

Aa1/NR/NR

 

1,928,858

 

 

 

 

 

 

 

 

 

 

 

 

 

Rogue, Oregon Community College District

 

 

 

 

 

 

1,375,000

 

4.000%, 06/15/29 Series B

 

Aa1/NR/NR

 

1,611,871

 

 

 

 

Total Community College

 

 

 

25,399,512

 

 

 

 

 

 

 

 

 

 

 

 

 

Higher Education (0.9%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State Higher Education

 

 

 

 

 

 

1,000,000

 

5.000%, 08/01/25 Series C

 

Aa1/AA+/AA+

 

1,186,210

 

 

1,795,000

 

5.000%, 08/01/27 Series C

 

Aa1/AA+/AA+

 

2,125,226

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State, Oregon University System

 

 

 

 

 

 

1,170,000

 

4.000%, 08/01/25 Series B

 

Aa1/AA+/AA+

 

1,254,310

 

 

1,090,000

 

5.000%, 08/01/25 Series N

 

Aa1/AA+/AA+

 

1,245,140

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Higher Education

 

 

 

5,810,886

 

 

 

 

 

 

 

 

 

 

 

 

 

Hospital (0.8%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pacific Communities Health District, Oregon

 

 

 

 

 

 

1,220,000

 

5.000%, 06/01/29

 

A1/NR/NR

 

1,499,661

 

 

1,060,000

 

5.000%, 06/01/30

 

A1/NR/NR

 

1,298,203

 

 

1,000,000

 

5.000%, 06/01/31

 

A1/NR/NR

 

1,220,870

 

 

1,200,000

 

5.000%, 06/01/32

 

A1/NR/NR

 

1,463,508

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Hospital

 

 

 

5,482,242

 

 


 



 

 

School District (31.3%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

2,450,000

 

5.000%, 06/15/25

 

Aa1/AA+/NR

 

2,886,909

 

 

1,165,000

 

5.000%, 06/15/25

 

Aa1/AA+/NR

 

1,418,015

 

 

1,500,000

 

5.000%, 06/15/26

 

Aa1/AA+/NR

 

1,764,915

 

 

3,205,000

 

5.000%, 06/15/30

 

Aa1/AA+/NR

 

4,076,023

 

 

4,725,000

 

5.000%, 06/15/31

 

Aa1/AA+/NR

 

5,979,440

 

 

1,100,000

 

5.000%, 06/15/32

 

Aa1/NR/NR

 

1,418,021

 

 

2,160,000

 

5.000%, 06/15/29 Series B

 

Aa1/AA+/NR

 

2,760,458

 

 

3,000,000

 

5.000%, 06/15/34 Series B

 

Aa1/AA+/NR

 

3,746,430

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

560,000

 

5.000%, 06/01/29 MAC Insured

 

Aa3/AA/NR

 

652,327

 

 

1,310,000

 

5.000%, 06/15/31 Series B

 

Aa1/AA+/NR

 

1,700,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Clackamas County, Oregon School District #86 (Canby)

 

 

 

 

 

 

1,800,000

 

5.000%, 06/15/24

 

Aa1/AA+/NR

 

1,961,910

 

 

1,110,000

 

5.000%, 06/15/25 Series A

 

Aa1/AA+/NR

 

1,209,623

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

3,500,000

 

5.000%, 06/15/26

 

Aa1/AA+/NR

 

4,262,055

 

 

5,500,000

 

5.000%, 06/15/27

 

Aa1/AA+/NR

 

6,694,490

 

 

1,115,000

 

5.000%, 06/15/28

 

Aa1/AA+/NR

 

1,352,283

 

 

1,000,000

 

5.000%, 06/15/33

 

Aa1/NR/NR

 

1,348,440

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

1,080,000

 

5.000%, 06/15/31 Series B

 

Aa1/NR/NR

 

1,434,618

 

 

1,215,000

 

5.000%, 06/15/32 Series B

 

Aa1/NR/NR

 

1,602,111

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

1,590,000

 

5.000%, 06/15/31 Series B

 

Aa1/NR/NR

 

2,112,077

 

 

1,000,000

 

5.000%, 06/15/32 Series B

 

Aa1/NR/NR

 

1,318,610

 

 

1,115,000

 

5.000%, 06/15/34 Series B

 

Aa1/NR/NR

 

1,456,881

 

 

 

 

 

 

 

 

 

 

 

 

 

Clatsop County, Oregon School District #10 (Seaside)

 

 

 

 

 

 

1,000,000

 

5.000%, 06/15/29 Series B

 

Aa1/AA+/NR

 

1,277,990

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

1,000,000

 

5.000%, 06/15/34

 

Aa1/NR/NR

 

1,245,040

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

1,035,000

 

5.000%, 06/15/32

 

NR/AA+/NR

 

1,334,229

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

2,000,000

 

5.000%, 06/15/31 Series B

 

Aa1/AA+/NR

 

2,604,280

 

 

1,615,000

 

5.000%, 06/15/32 Series B

 

Aa1/AA+/NR

 

2,089,003

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

740,000

 

5.000%, 06/15/30

 

Aa1/NR/NR

 

996,551

 

 

3,000,000

 

4.000%, 06/15/30

 

Aa1/AA+/NR

 

3,569,490

 

 

2,150,000

 

5.000%, 06/15/31

 

Aa1/NR/NR

 

2,877,560

 

 

1,470,000

 

4.000%, 06/15/32

 

Aa1/NR/NR

 

1,800,162

 

 

 

 

 

 

 

 

 

 

 

 

 

Deschutes County, Oregon School District #6 (Sisters)

 

 

 

 

 

 

1,030,000

 

5.250%, 06/15/21 AGMC Insured

 

A2/AA+/NR

 

1,079,183

 

 


 



 

 

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

 

 

 

 

 

 

80,000

 

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

 

Aa1/NR/NR

 

80,308

 

 

1,025,000

 

zero coupon, 06/15/23

 

Aa1/NR/NR

 

1,007,565

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

1,000,000

 

5.000%, 06/15/30

 

Aa1/AA+/NR

 

1,275,640

 

 

 

 

 

 

 

 

 

 

 

 

 

Hood River County, Oregon School District

 

 

 

 

 

 

2,260,000

 

4.000%, 06/15/30

 

NR/AA+/NR

 

2,636,471

 

 

2,400,000

 

4.000%, 06/15/31

 

NR/AA+/NR

 

2,780,040

 

 

 

 

 

 

 

 

 

 

 

 

 

Jackson County, Oregon School District #5 (Ashland)

 

 

 

 

 

 

1,385,000

 

5.000%, 06/15/28

 

Aa1/AA+/NR

 

1,825,388

 

 

2,845,000

 

5.000%, 06/15/34

 

Aa1/AA+/NR

 

3,717,334

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

2,665,000

 

5.000%, 06/15/31

 

Aa1/NR/NR

 

3,540,053

 

 

 

 

 

 

 

 

 

 

 

 

 

Klamath County, Oregon School District

 

 

 

 

 

 

1,250,000

 

5.000%, 06/15/24

 

NR/AA+/NR

 

1,419,325

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

1,130,000

 

4.000%, 06/15/23

 

Aa1/NR/NR

 

1,169,618

 

 

2,850,000

 

4.000%, 06/15/24

 

Aa1/NR/NR

 

3,049,158

 

 

2,765,000

 

3.000%, 06/15/24

 

Aa1/NR/NR

 

3,040,505

 

 

4,575,000

 

5.000%, 06/15/26

 

Aa1/NR/NR

 

5,377,089

 

 

 

 

 

 

 

 

 

 

 

 

 

Lane County, Oregon School District #19 (Springfield)

 

 

 

 

 

 

1,000,000

 

5.000%, 06/15/25

 

Aa1/AA+/NR

 

1,214,450

 

 

1,735,000

 

5.000%, 06/15/27

 

Aa1/AA+/NR

 

2,102,352

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

630,000

 

5.000%, 06/15/25

 

Aa1/NR/NR

 

766,137

 

 

 

 

 

 

 

 

 

 

 

 

 

Lane & Douglas Counties, Oregon School District #45J3

 

 

 

 

 

 

2,665,000

 

4.000%, 06/15/27 Series B

 

Aa1/NR/NR

 

3,143,368

 

 

 

 

 

 

 

 

 

 

 

 

 

Lincoln County, Oregon School District

 

 

 

 

 

 

2,370,000

 

4.000%, 06/15/24 Series A

 

Aa1/NR/NR

 

2,446,124

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

750,000

 

5.000%, 06/15/34

 

NR/AA+/NR

 

976,290

 

 

 

 

 

 

 

 

 

 

 

 

 

Marion County, Oregon School District #103 (Woodburn)

 

 

 

 

 

 

2,140,000

 

5.000%, 06/15/27

 

Aa1/NR/NR

 

2,574,548

 

 

2,260,000

 

5.000%, 06/15/28

 

Aa1/NR/NR

 

2,716,475

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

1,260,000

 

5.000%, 06/15/24

 

Aa1/NR/NR

 

1,431,083

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

5,000,000

 

5.000%, 06/15/30

 

Aa1/AA+/NR

 

6,547,050

 

 

5,525,000

 

5.000%, 06/15/31

 

Aa1/AA+/NR

 

7,194,324

 

 

1,000,000

 

zero coupon, 06/15/33 Series 2020B†††

 

Aa1/AA+/NR

 

1,285,020

 

 


 



 

 

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

 

 

 

 

 

 

2,970,000

 

5.000%, 06/15/26 Series B

 

Aa1/AA+/NR

 

3,616,658

 

 

 

 

 

 

 

 

 

 

 

 

 

Multnomah County, Oregon School District #7 (Reynolds)

 

 

 

 

 

 

5,680,000

 

5.000%, 06/15/26 Series A

 

Aa1/NR/NR

 

6,904,267

 

 

1,500,000

 

5.000%, 06/15/27 Series A

 

Aa1/NR/NR

 

1,819,215

 

 

1,825,000

 

5.000%, 06/15/28 Series A

 

Aa1/NR/NR

 

2,210,404

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

1,165,000

 

5.000%, 06/01/29

 

Aa3/NR/NR

 

1,167,808

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

1,500,000

 

5.000%, 06/15/23 Series A

 

NR/AA+/NR

 

1,635,855

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

1,535,000

 

5.000%, 06/15/29

 

Aa1/NR/NR

 

2,076,625

 

 

1,175,000

 

5.000%, 06/15/31

 

Aa1/AA+/NR

 

1,494,177

 

 

2,500,000

 

5.000%, 06/15/29 Series B

 

Aa1/AA+/NR

 

3,204,700

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

1,515,000

 

4.000%, 02/01/28

 

NR/AA+/NR

 

1,718,146

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

1,275,000

 

5.000%, 06/15/31

 

NR/AA+/NR

 

1,671,576

 

 

 

 

 

 

 

 

 

 

 

 

 

Umatilla County, Oregon School District #8 (Hermiston)

 

 

 

 

 

 

2,750,000

 

5.000%, 06/15/30

 

NR/AA+/NR

 

3,868,480

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

1,000,000

 

5.000%, 06/15/27

 

Aa1/NR/NR

 

1,211,730

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

1,500,000

 

5.000%, 06/15/27 Series C

 

Aa1/AA+/NR

 

1,927,965

 

 

2,400,000

 

5.000%, 06/15/35 Series C

 

Aa1/AA+/NR

 

2,995,752

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

2,405,000

 

5.000%, 06/15/30

 

Aa1/AA+/NR

 

3,067,914

 

 

1,000,000

 

5.000%, 06/15/31 Series A

 

Aa1/AA+/NR

 

1,338,400

 

 

1,000,000

 

5.000%, 06/15/32 Series A

 

Aa1/AA+/NR

 

1,328,580

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

2,785,000

 

5.000%, 06/15/29 Series B

 

Aa1/AA+/NR

 

3,570,036

 

 

2,000,000

 

5.000%, 06/15/29 Series B

 

Aa1/AA+/NR

 

2,633,220

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

1,535,000

 

4.000%, 06/15/25

 

Aa1/NR/NR

 

1,640,854

 

 

3,105,000

 

5.000%, 06/15/30

 

Aa1/NR/NR

 

3,960,862

 

 

2,110,000

 

5.000%, 06/15/31

 

Aa1/NR/NR

 

2,678,286

 

 

1,750,000

 

4.000%, 06/15/32

 

Aa1/NR/NR

 

2,184,123

 

 

2,175,000

 

4.000%, 06/15/33

 

Aa1/NR/NR

 

2,695,652

 

 

 

 

 

 

 

 

 

 

 

 

 

Yamhill County, Oregon School District #8 (Dayton)

 

 

 

 

 

 

1,045,000

 

5.000%, 06/15/32

 

NR/AA+/NR

 

1,377,947

 

 

1,080,000

 

5.000%, 06/15/33

 

NR/AA+/NR

 

1,415,275

 

 

900,000

 

5.000%, 06/15/34

 

NR/AA+/NR

 

1,171,548

 

 


 



 

 

Yamhill County, Oregon School District #40 (McMinnville)

 

 

 

 

 

 

2,255,000

 

4.000%, 06/15/26

 

Aa1/NR/NR

 

2,471,142

 

 

1,000,000

 

4.000%, 06/15/29

 

Aa1/AA+/NR

 

1,165,980

 

 

1,000,000

 

4.000%, 06/15/30

 

Aa1/AA+/NR

 

1,163,450

 

 

 

 

 

 

 

 

 

 

 

 

 

Total School Districts

 

 

 

204,731,466

 

 

 

 

 

 

 

 

 

 

 

 

 

Special District (3.7%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bend, Oregon Metropolitan Park & Recreational District

 

 

 

 

 

 

1,430,000

 

4.000%, 06/01/27

 

Aa3/NR/NR

 

1,553,180

 

 

 

 

 

 

 

 

 

 

 

 

 

Clackamas County, Oregon Fire District No. 1

 

 

 

 

 

 

1,020,000

 

4.000%, 06/01/30

 

NR/AA/NR

 

1,216,574

 

 

2,705,000

 

4.000%, 06/01/31

 

NR/AA/NR

 

3,190,439

 

 

 

 

 

 

 

 

 

 

 

 

 

Metro, Oregon

 

 

 

 

 

 

4,000,000

 

4.000%, 06/01/26 Series A

 

Aaa/AAA/NR

 

4,256,920

 

 

1,100,000

 

5.000%, 06/01/32 Series 2020 A (Green Bond)

 

Aaa/AAA/NR

 

1,501,082

 

 

 

 

 

 

 

 

 

 

 

 

 

Tualatin Hills, Oregon Park & Recreational District

 

 

 

 

 

 

3,480,000

 

5.000%, 06/01/23

 

Aa1/NR/NR

 

3,957,386

 

 

4,725,000

 

5.000%, 06/01/24

 

Aa1/NR/NR

 

5,576,209

 

 

2,775,000

 

5.000%, 06/01/26

 

Aa1/NR/NR

 

3,367,601

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Special District

 

 

 

24,619,391

 

 

 

 

 

 

 

 

 

 

 

 

 

State (9.1%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Oregon

 

 

 

 

 

 

750,000

 

5.000%, 05/01/25 Series A

 

Aa1/AA+/AA+

 

881,220

 

 

600,000

 

5.000%, 05/01/31 Series 2018A

 

Aa1/AA+/AA+

 

780,186

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

1,250,000

 

5.000%, 08/01/31 Series I

 

Aa1/AA+/AA+

 

1,591,488

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Oregon Article XI-G Community College Projects

 

 

 

 

 

 

1,160,000

 

5.000%, 08/01/27 Series J

 

Aa1/AA+/AA+

 

1,416,082

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Oregon Article XI-G Higher Education

 

 

 

 

 

 

500,000

 

5.000%, 08/01/25 Series O

 

Aa1/AA+/AA+

 

613,475

 

 

1,000,000

 

5.000%, 08/01/26 Series O

 

Aa1/AA+/AA+

 

1,222,450

 

 

1,000,000

 

5.000%, 08/01/27 Series O

 

Aa1/AA+/AA+

 

1,220,760

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Oregon Article XI-M Seismic Projects

 

 

 

 

 

 

1,000,000

 

5.000%, 06/01/30

 

Aa1/AA+/AA+

 

1,235,050

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Oregon Article XI-M and XI-N Seismic Projects

 

 

 

 

 

 

1,200,000

 

5.000%, 06/01/31 Series E

 

Aa1/AA+/AA+

 

1,645,248

 

 

1,180,000

 

5.000%, 06/01/32 Series E

 

Aa1/AA+/AA+

 

1,604,965

 

 

765,000

 

5.000%, 06/01/33 Series E

 

Aa1/AA+/AA+

 

1,033,400

 

 

1,125,000

 

5.000%, 06/01/34 Series E

 

Aa1/AA+/AA+

 

1,514,655

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Oregon Article XI-Q State Projects

 

 

 

 

 

 

2,140,000

 

5.000%, 11/01/28

 

Aa1/AA+/AA+

 

2,655,398

 

 

1,000,000

 

5.000%, 11/01/30

 

Aa1/AA+/AA+

 

1,229,940

 

 

2,000,000

 

5.000%, 11/01/31

 

Aa1/AA+/AA+

 

2,448,420

 

 

2,920,000

 

5.000%, 05/01/31 Series A

 

Aa1/AA+/AA+

 

3,898,200

 

 

4,000,000

 

5.000%, 05/01/32 Series A

 

Aa1/AA+/AA+

 

5,302,080

 

 


 



1,195,000

 

5.000%, 05/01/28 Series D

 

Aa1/AA+/AA+

 

1,486,664

 

 

1,255,000

 

5.000%, 05/01/29 Series D

 

Aa1/AA+/AA+

 

1,553,226

 

 

1,000,000

 

5.000%, 05/01/30 Series D

 

Aa1/AA+/AA+

 

1,232,500

 

 

2,300,000

 

5.000%, 05/01/28 Series F

 

Aa1/AA+/AA+

 

2,780,240

 

 

1,500,000

 

5.000%, 05/01/33 Series N

 

Aa1/AA+/AA+

 

2,001,225

 

 

1,680,000

 

5.000%, 05/01/34 Series N

 

Aa1/AA+/AA+

 

2,233,627

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Oregon Higher Education

 

 

 

 

 

 

1,000,000

 

5.000%, 08/01/28 Series A

 

Aa1/AA+/AA+

 

1,217,400

 

 

1,390,000

 

5.000%, 08/01/31 Series G

 

Aa1/AA+/AA+

 

1,865,130

 

 

1,920,000

 

5.000%, 08/01/32 Series G

 

Aa1/AA+/AA+

 

2,557,286

 

 

3,000,000

 

5.000%, 08/01/33 Series G

 

Aa1/AA+/AA+

 

3,972,000

 

 

1,900,000

 

5.000%, 08/01/34 Series G

 

Aa1/AA+/AA+

 

2,508,171

 

 

1,250,000

 

5.000%, 08/01/30 Series L

 

Aa1/AA+/AA+

 

1,599,663

 

 

1,300,000

 

5.000%, 08/01/32 Series L

 

Aa1/AA+/AA+

 

1,645,306

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Oregon Veteran’s Welfare

 

 

 

 

 

 

450,000

 

1.950%, 06/01/31 Series 2020 I

 

Aa1/AA+/AA+

 

456,300

 

 

2,000,000

 

2.150%, 12/01/34 Series 2020 I

 

Aa1/AA+/AA+

 

2,011,640

 

 

 

 

 

 

 

 

 

 

 

 

 

Total State

 

 

 

59,413,395

 

 

 

 

 

 

 

 

 

 

 

 

 

Transportation (1.2%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State Department Transportation Highway Usertax (Senior Lien)

 

 

 

 

 

 

5,000,000

 

5.000%, 11/15/29 Series B

 

Aa1/AAA/AA+

 

6,361,100

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Oregon ODOT Projects

 

 

 

 

 

 

1,020,000

 

5.000%, 11/15/30 Series M

 

Aa1/AA+/AA+

 

1,295,227

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Transportation

 

 

 

7,656,327

 

 

 

 

 

 

 

 

 

 

 

 

 

Water & Sewer (0.4%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gearheart, Oregon

 

 

 

 

 

 

1,060,000

 

4.500%, 03/01/26 AGMC Insured

 

A2/NR/NR

 

1,085,186

 

 

 

 

 

 

 

 

 

 

 

 

 

Rockwood, Oregon Water Peoples Utility District Water Revenue Refunding

 

 

 

 

 

 

1,270,000

 

4.250%, 08/15/26

 

Aa3/NR/NR

 

1,317,968

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Water & Sewer

 

 

 

2,403,154

 

 

 

 

 

 

 

 

 

 

 

 

 

Total General Obligation Bonds

 

 

 

368,320,690

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue Bonds (29.2%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

City & County (2.0%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beaverton, Oregon Special Revenue Bonds

 

 

 

 

 

 

200,000

 

5.000%, 06/01/32 Series 2020A

 

Aa3/NR/NR

 

267,162

 

 

500,000

 

5.000%, 06/01/33 Series 2020A

 

Aa3/NR/NR

 

660,650

 

 

400,000

 

5.000%, 06/01/34 Series 2020A

 

Aa3/NR/NR

 

526,768

 

 

 

 

 

 

 

 

 

 

 

 

 

Newport, Oregon Urban Renewal Obligations, Refunding

 

 

 

 

 

 

565,000

 

4.500%, 06/15/22 Series B

 

NR/AA-/NR

 

566,243

 

 


 



 

 

Portland, Oregon Revenue Refunding Limited Tax, Oregon Convention Center

 

 

 

 

 

 

2,825,000

 

5.000%, 06/01/24

 

Aaa/NR/NR

 

2,944,215

 

 

4,265,000

 

5.000%, 06/01/27

 

Aaa/NR/NR

 

4,440,547

 

 

 

 

 

 

 

 

 

 

 

 

 

Portland, Oregon River District Urban Renewal and Redevelopment

 

 

 

 

 

 

1,600,000

 

5.000%, 06/15/22 Series B

 

Aa3/NR/NR

 

1,745,328

 

 

1,830,000

 

5.000%, 06/15/23 Series B

 

Aa3/NR/NR

 

1,992,358

 

 

 

 

 

 

 

 

 

 

 

 

 

Total City & County

 

 

 

13,143,271

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric (1.9%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eugene, Oregon  Electric Utility Refunding System

 

 

 

 

 

 

2,875,000

 

5.000%, 08/01/29 Series A

 

Aa2/AA-/AA-

 

3,571,785

 

 

4,030,000

 

5.000%, 08/01/30 Series A

 

Aa2/AA-/AA-

 

4,982,491

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

1,690,720

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

618,940

 

 

1,000,000

 

5.000%, 11/01/33 144A

 

A3/NR/NR

 

1,227,280

 

 

500,000

 

5.000%, 11/01/34 144A

 

A3/NR/NR

 

609,850

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Electric

 

 

 

12,701,066

 

 

 

 

 

 

 

 

 

 

 

 

 

Higher Education (1.0%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State Facilities Authority (Linfield College Project)

 

 

 

 

 

 

1,180,000

 

5.000%, 10/01/22 Series A

 

Baa2/NR/NR

 

1,258,364

 

 

1,000,000

 

5.000%, 10/01/23 Series A

 

Baa2/NR/NR

 

1,092,690

 

 

1,220,000

 

5.000%, 10/01/31 Series A 2010

 

Baa2/NR/NR

 

1,228,101

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State Facilities Authority (Reed College Project)

 

 

 

 

 

 

500,000

 

5.000%, 07/01/30 Series A

 

Aa2/AA-/NR

 

629,655

 

 

1,135,000

 

4.000%, 07/01/31 Series A

 

Aa2/AA-/NR

 

1,345,486

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State Facilities Authority (Willamette University)

 

 

 

 

 

 

1,000,000

 

4.000%, 10/01/24

 

NR/A-/NR

 

1,001,850

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Higher Education

 

 

 

6,556,146

 

 

 

 

 

 

 

 

 

 

 

 

 

Hospital (3.0%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

9,000,000

 

5.500%, 08/15/28 AGMC Insured

 

NR/AA/NR

 

9,044,100

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon Health Sciences University

 

 

 

 

 

 

4,485,000

 

zero coupon, 07/01/21 NPFG Insured

 

Aa3/AA-/AA-

 

4,354,352

 

 

2,000,000

 

5.000%, 07/01/23 Series A

 

Aa3/AA-/AA-

 

2,174,320

 

 

500,000

 

5.000%, 07/01/30 Series A

 

Aa3/AA-/AA-

 

666,650

 

 

250,000

 

5.000%, 07/01/31 Series A

 

Aa3/AA-/AA-

 

331,178

 

 

1,250,000

 

5.000%, 07/01/28 Series B

 

Aa3/AA-/AA-

 

1,538,900

 

 

1,000,000

 

5.000%, 07/01/33 Series B

 

Aa3/AA-/AA-

 

1,204,690

 

 

 

 

Total Hospital

 

 

 

19,314,190

 

 


 



 

 

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

 

1,398,098

 

 

 

 

 

 

 

 

 

 

 

 

 

Portland, Oregon Urban Renewal and Redevelopment, Interstate Corridor

 

 

 

 

 

 

1,390,000

 

5.000%, 06/15/27 Series B

 

Aa3/NR/NR

 

1,449,520

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Oregon Housing and Community Services

 

 

 

 

 

 

810,000

 

1.800%, 01/01/23

 

Aa2/NR/NR

 

830,323

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Housing

 

 

 

3,677,941

 

 

 

 

 

 

 

 

 

 

 

 

 

Lottery (4.1%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State Department of Administration Services (Lottery Revenue)

 

 

 

 

 

 

1,015,000

 

5.250%, 04/01/26 Series A

 

Aa2/AAA/NR

 

1,050,434

 

 

2,000,000

 

5.000%, 04/01/32 Series A

 

Aa2/AAA/NR

 

2,637,020

 

 

1,000,000

 

5.000%, 04/01/33 Series A

 

Aa2/AAA/NR

 

1,310,160

 

 

1,715,000

 

5.000%, 04/01/24 Series B

 

Aa2/AAA/NR

 

1,855,356

 

 

1,500,000

 

5.000%, 04/01/25 Series B

 

Aa2/AAA/NR

 

1,622,490

 

 

1,000,000

 

5.000%, 04/01/25 Series B

 

Aa2/AAA/NR

 

1,171,060

 

 

4,000,000

 

5.000%, 04/01/30 Series C

 

Aa2/AAA/NR

 

5,060,960

 

 

5,000,000

 

5.000%, 04/01/26 Series D

 

Aa2/AAA/NR

 

6,041,400

 

 

4,000,000

 

5.000%, 04/01/28 Series D

 

Aa2/AAA/NR

 

4,820,600

 

 

1,000,000

 

5.000%, 04/01/29 Series D

 

Aa2/AAA/NR

 

1,201,510

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Lottery

 

 

 

26,770,990

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales Tax (0.1%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

750,000

 

5.000%, 06/15/31

 

Aa3/NR/NR

 

940,538

 

 

 

 

 

 

 

 

 

 

 

 

 

Transportation (5.3%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State Department Transportation Highway Usertax (Senior Lien)

 

 

 

 

 

 

1,040,000

 

5.000%, 11/15/26 Series A

 

Aa1/AAA/AA+

 

1,236,394

 

 

8,000,000

 

5.000%, 11/15/28 Series A

 

Aa1/AAA/AA+

 

9,461,360

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State Department Transportation Highway Usertax (Subordinate Lien)

 

 

 

 

 

 

1,000,000

 

5.000%, 11/15/35 Series A

 

Aa2/AA+/AA+

 

1,316,760

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

2,525,000

 

5.000%, 07/01/26

 

NR/AA-/NR

 

3,010,255

 

 

1,000,000

 

5.000%, 07/01/28

 

NR/AA-/NR

 

1,187,350

 

 

2,390,000

 

5.000%, 07/01/29

 

NR/AA-/NR

 

2,827,561

 

 

 

 

 

 

 

 

 

 

 

 

 

Tri-County Metropolitan Transportation District, Oregon Capital Grant Receipt

 

 

 

 

 

 

1,100,000

 

5.000%, 10/01/27 Series A

 

A3/A/NR

 

1,409,331

 

 

2,000,000

 

5.000%, 10/01/30 Series A

 

A3/A/NR

 

2,539,440

 

 


 



 

 

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

 

 

 

 

 

 

1,000,000

 

5.000%, 09/01/25 Series A

 

Aaa/AAA/NR

 

1,230,600

 

 

1,890,000

 

5.000%, 09/01/28 Series A

 

Aaa/AAA/NR

 

2,384,330

 

 

1,650,000

 

5.000%, 09/01/29 Series A

 

Aaa/AAA/NR

 

2,077,004

 

 

3,975,000

 

5.000%, 09/01/30 Series A

 

Aaa/AAA/NR

 

4,990,056

 

 

1,000,000

 

5.000%, 09/01/31 Series A

 

Aaa/AAA/NR

 

1,279,620

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Transportation

 

 

 

34,950,061

 

 

 

 

 

 

 

 

 

 

 

 

 

Water and Sewer (11.2%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beaverton, Oregon Water Revenue

 

 

 

 

 

 

1,000,000

 

5.000%, 04/01/32 Series 2020

 

NR/AA+/NR

 

1,347,450

 

 

 

 

 

 

 

 

 

 

 

 

 

Bend, Oregon Water Revenue, Bridge Creek Project

 

 

 

 

 

 

695,000

 

5.000%, 12/01/30

 

AA2/AA/NR

 

859,715

 

 

 

 

 

 

 

 

 

 

 

 

 

Clackamas County, Oregon  Service District No. 1

 

 

 

 

 

 

2,240,000

 

5.000%, 12/01/26

 

NR/AAA/NR

 

2,844,262

 

 

 

 

 

 

 

 

 

 

 

 

 

Clean Water Services, Oregon Refunding (Senior Lien)

 

 

 

 

 

 

1,510,000

 

5.000%, 10/01/27

 

Aa1/AAA/NR

 

1,966,564

 

 

 

 

 

 

 

 

 

 

 

 

 

Eugene, Oregon Water Utility System

 

 

 

 

 

 

115,000

 

5.000%, 08/01/28

 

Aa2/AA/AA+

 

143,412

 

 

450,000

 

5.000%, 08/01/29

 

Aa2/AA/AA+

 

559,062

 

 

 

 

 

 

 

 

 

 

 

 

 

Grants Pass, Oregon

 

 

 

 

 

 

1,000,000

 

4.000%, 12/01/23

 

NR/AA/NR

 

1,086,680

 

 

 

 

 

 

 

 

 

 

 

 

 

Hillsboro, Oregon Water System

 

 

 

 

 

 

1,630,000

 

5.000%, 06/01/31

 

Aa2/NR/NR

 

2,171,698

 

 

1,710,000

 

5.000%, 06/01/32

 

Aa2/NR/NR

 

2,261,732

 

 

 

 

 

 

 

 

 

 

 

 

 

Madras, Oregon

 

 

 

 

 

 

725,000

 

4.500%, 02/15/27

 

A3/NR/NR

 

790,837

 

 

 

 

 

 

 

 

 

 

 

 

 

Portland, Oregon Water System (First Lien)

 

 

 

 

 

 

3,230,000

 

5.000%, 05/01/27 Series A

 

Aaa/NR/NR

 

3,791,083

 

 

3,500,000

 

5.000%, 06/01/28 Series A

 

Aa1/AA+/NR

 

4,228,525

 

 

 

 

 

 

 

 

 

 

 

 

 

Portland, Oregon Sewer System (Second Lien)

 

 

 

 

 

 

5,405,000

 

4.500%, 05/01/31 Series A

 

Aa2/AA/NR

 

6,466,164

 

 

6,355,000

 

5.000%, 03/01/32 Series A

 

Aa2/AA/NR

 

8,443,380

 

 

2,000,000

 

5.000%, 10/01/25 Series B

 

Aa2/AA/NR

 

2,383,200

 

 

2,000,000

 

5.000%, 06/01/26 Series B

 

Aa2/AA/NR

 

2,431,420

 

 

2,000,000

 

5.000%, 06/01/27 Series B

 

Aa2/AA/NR

 

2,429,260

 

 

 

 

 

 

 

 

 

 

 

 

 

Portland, Oregon Water System (Second Lien)

 

 

 

 

 

 

2,590,000

 

5.000%, 05/01/31 Series A

 

Aa1/NR/NR

 

3,504,477

 

 

2,000,000

 

5.000%, 05/01/32 Series A

 

Aa1/NR/NR

 

2,675,560

 

 

2,000,000

 

5.000%, 05/01/33 Series A

 

Aa1/NR/NR

 

2,647,580

 

 

 

 

 

 

 

 

 

 

 

 

 

Portland, Oregon Water System Revenue Refunding (Junior Lien)

 

 

 

 

 

 

2,000,000

 

5.000%, 10/01/23

 

Aa1/NR/NR

 

2,256,180

 

 

 

 

 

 

 

 

 

 

 

 

 

Salem, Oregon Water & Sewer Revenue Refunding

 

 

 

 

 

 

3,500,000

 

5.000%, 06/01/25

 

Aa2/NR/NR

 

4,245,535

 

 


 



 

 

Seaside, Oregon Wastewater System

 

 

 

 

 

 

1,000,000

 

4.250%, 07/01/26

 

A3/NR/NR

 

1,031,260

 

 

 

 

 

 

 

 

 

 

 

 

 

Tigard, Oregon Water System Revenue Refunding

 

 

 

 

 

 

2,565,000

 

5.000%, 08/01/24

 

Aa3/AA-/NR

 

2,806,033

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

1,010,000

 

4.000%, 10/01/22 Series B

 

Aa1/AAA/NR

 

1,055,278

 

 

1,500,000

 

4.000%, 10/01/23 Series B

 

Aa1/AAA/NR

 

1,566,255

 

 

2,850,000

 

4.000%, 10/01/26 Series B

 

Aa1/AAA/NR

 

2,963,316

 

 

2,745,000

 

4.000%, 10/01/28 Series B

 

Aa1/AAA/NR

 

2,847,690

 

 

 

 

 

 

 

 

 

 

 

 

 

Woodburn, Oregon Wastewater Revenue Refunding

 

 

 

 

 

 

1,090,000

 

5.000%, 03/01/21 Series A

 

A1/NR/NR

 

1,123,430

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Water and Sewer

 

 

 

72,927,038

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Revenue Bonds

 

 

 

190,981,241

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-Refunded\ Escrowed to Maturity Bonds (11.6%)††

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-Refunded General Obligation Bonds (5.4%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Higher Education (0.4%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State, Oregon University System Projects

 

 

 

 

 

 

2,365,000

 

4.000%, 08/01/26 Series H

 

Aa1/AA+/AA+

 

2,461,137

 

 

 

 

 

 

 

 

 

 

 

 

 

School District (3.4%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

440,000

 

5.000%, 06/01/29 MAC Insured

 

NR/AA/NR

 

517,959

 

 

 

 

 

 

 

 

 

 

 

 

 

Jefferson County, Oregon School District #509J

 

 

 

 

 

 

1,400,000

 

5.000%, 06/15/25

 

Aa1/NR/NR

 

1,591,072

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

2,750,000

 

4.000%, 06/15/25

 

Aa1/AA+/NR

 

2,947,395

 

 

2,275,000

 

4.000%, 06/15/23 Series B

 

Aa1/AA+/NR

 

2,438,300

 

 

5,290,000

 

4.000%, 06/15/24 Series B

 

Aa1/AA+/NR

 

5,669,716

 

 

3,000,000

 

5.000%, 06/15/25 Series 2014B

 

Aa1/AA+/NR

 

3,543,240

 

 

3,000,000

 

5.000%, 06/15/28 Series 2014B

 

Aa1/AA+/NR

 

3,543,240

 

 

1,845,000

 

5.000%, 06/15/29 Series 2014B

 

Aa1/AA+/NR

 

2,179,093

 

 

 

 

 

 

 

 

 

 

 

 

 

Total School District

 

 

 

22,430,015

 

 

 

 

 

 

 

 

 

 

 

 

 

Special District (0.4%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tualatin Valley, Oregon Fire & Rescue Rural Fire Protection District

 

 

 

 

 

 

1,235,000

 

4.000%, 06/01/26

 

Aaa/NR/NR

 

1,277,484

 

 

1,170,000

 

4.000%, 06/01/27

 

Aaa/NR/NR

 

1,210,248

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Special District

 

 

 

2,487,732

 

 


 



 

 

State (1.2%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Oregon

 

 

 

 

 

 

3,000,000

 

5.000%, 05/01/23 Series L

 

Aa1/AA+/AA+

 

3,118,920

 

 

1,125,000

 

5.000%, 05/01/24 Series L

 

Aa1/AA+/AA+

 

1,169,595

 

 

1,470,000

 

4.000%, 11/01/26 Series M

 

Aa1/AA+/AA+

 

1,543,382

 

 

2,125,000

 

4.000%, 05/01/25 Series O

 

Aa1/AA+/AA+

 

2,191,619

 

 

 

 

 

 

 

 

 

 

 

 

 

Total State

 

 

 

8,023,516

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Pre-Refunded General Obligation Bonds

 

 

 

35,402,400

 

 

 

 

 

 

 

 

 

 

 

 

 

Pre-Refunded\ Escrowed to Maturity Revenue Bonds (6.2%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

2,510,684

 

 

 

 

 

 

 

 

 

 

 

 

 

Electric (0.3%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Eugene, Oregon  Electric Utility Refunding System

 

 

 

 

 

 

2,000,000

 

5.000%, 08/01/27 Series A

 

Aa2/AA-/AA-

 

2,102,680

 

 

 

 

 

 

 

 

 

 

 

 

 

Higher Education (0.9%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State Facilities Authority (Lewis & Clark College Project)

 

 

 

 

 

 

1,000,000

 

5.250%, 10/01/24 Series A

 

A3/A-/NR

 

1,061,700

 

 

3,000,000

 

5.000%, 10/01/27 Series A

 

A3/A-/NR

 

3,175,770

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State Facilities Authority Revenue Refunding (Reed College Project)

 

 

 

 

 

 

1,500,000

 

5.000%, 07/01/29 Series A

 

NR/AA-/NR

 

1,500,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Higher Education

 

 

 

5,737,470

 

 

 

 

 

 

 

 

 

 

 

 

 

Hospital (0.8%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State Facilities Authority Revenue Refunding, Samaritan Health Services

 

 

 

 

 

 

1,500,000

 

4.375%, 10/01/20 ETM

 

NR/BBB+/NR

 

1,515,165

 

 

2,000,000

 

4.500%, 10/01/21

 

NR/BBB+/NR

 

2,020,840

 

 

1,520,000

 

5.000%, 10/01/23

 

NR/BBB+/NR

 

1,537,708

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Hospital

 

 

 

5,073,713

 

 

 

 

 

 

 

 

 

 

 

 

 

Lottery (1.0%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State Department of Administration Services (Lottery Revenue)

 

 

 

 

 

 

6,285,000

 

5.250%, 04/01/26

 

NR/NR/NR*

 

6,516,539

 

 


 



 

 

Transportation (2.6%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Oregon State Department Transportation Highway Usertax (Senior Lien)

 

 

 

 

 

 

3,605,000

 

5.000%, 11/15/24 Series A

 

Aa1/AAA/AA+

 

4,002,019

 

 

625,000

 

5.000%, 11/15/25 Series A

 

Aa1/AAA/AA+

 

693,831

 

 

1,000,000

 

5.000%, 11/15/26 Series A

 

Aa1/AAA/AA+

 

1,150,160

 

 

 

 

 

 

 

 

 

 

 

 

 

Tri-County Metropolitan Transportation District, Oregon Capital Grant Receipt

 

 

 

 

 

 

1,685,000

 

5.000%, 10/01/24 Series A

 

A3/A/NR

 

1,782,629

 

 

3,480,000

 

5.000%, 10/01/26 Series A

 

A3/A/NR

 

3,681,631

 

 

3,000,000

 

5.000%, 10/01/27 Series A

 

A3/A/NR

 

3,173,820

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

2,010,000

 

5.000%, 09/01/29 Series B

 

Aaa/AAA/NR

 

2,483,234

 

 

 

 

Total Transportation

 

 

 

16,967,324

 

 

 

 

 

 

 

 

 

 

 

 

 

Water and Sewer (0.2%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prineville, Oregon Refunding

 

 

 

 

 

 

1,255,000

 

4.400%, 06/01/29 AGMC Insured

 

NR/AA/NR

 

1,302,163

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Pre-Refunded\ Escrowed to Maturity Revenue Bonds

 

 

 

40,210,573

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Pre-Refunded\ Escrowed to Maturity Bonds

 

 

 

75,612,973

 

 

 

 

 

 

 

 

 

 

 

 

 

 Total Municipal Bonds (cost $596,897,963)

 

 

 

634,914,904

 

 

 

 

 

 

 

 

 

 

 

Shares

 

Short-Term Investment (2.5%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

16,581,574

 

Dreyfus Treasury Obligations Cash Management - Institutional Shares, 0.10%** (cost $16,581,574)

 

Aaa-mf/AAAm/NR

 

16,581,574

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments (cost $613,479,537- note b)

 

99.6

%

 

651,496,478

 

 

 

 

Other assets less liabilities

 

0.4

 

 

2,490,450

 

 

 

 

Net Assets

 

100.0

%

 

$

653,986,928

 

 


 

 

Portfolio Distribution By Quality Rating

 

Percent of
Investments†

 

 

 

 

 

 

Aaa of Moody’s or AAA of S&P

 

16.1

%

 

 

 

 

 

 

Pre-refunded bonds\ ETM bonds††

 

11.9

 

 

 

 

 

 

 

Aa of Moody’s or AA of S&P or Fitch

 

68.3

 

 

 

 

 

 

 

A of Moody’s or S&P

 

3.1

 

 

 

 

 

 

 

Baa of Moody’s or BBB of S&P

 

0.6

 

 

 

 

 

 

 

 

 

100.0

%

 

 

 

 


PORTFOLIO ABBREVIATIONS:

AGMC - Assured Guaranty Municipal Corp.

COP- Certificates of Participation

ETM - Escrowed to Maturity

FGIC - Financial Guaranty Insurance Co.

MAC - Municipal Assurance Corp.

NPFG - National Public Finance Guarantee

NR - Not Rated

ODOT - Oregon Department of Transportation


See accompanying notes to financial statements.


 



*

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.  Percentages in this table do not include the Short-Term Investment.

 

 

††

Pre-refunded bonds are bonds for which U.S. Government Obligations usually have been placed in escrow to retire the bonds at their earliest call date.  Escrowed to Maturity bonds are bonds where money has been placed in the escrow account which is used to pay principal and interest through the bond’s originally scheduled maturity date.  Escrowed to Maturity are shown as ETM.  All other securities in the category are pre-refunded.

 

 

†††

Security purchased on a delayed delivery or when-issued basis.

 

 

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

June 30, 2020

(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, 2020, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $613,479,537 amounted to $38,016,941, which consisted of aggregate gross unrealized appreciation of $38,023,072 and aggregate gross unrealized depreciation of $6,131.

 

 

(c)

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

 

 

 

Level 1 – Unadjusted quoted prices in inactive markets for identical assets or liabilities that the 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, 2020:


Valuation Inputs

 

Investments
in Securities

Level 1 – Quoted Prices

 

$

16,581,574

Level 2 – Other Significant Observable Inputs- Municipal Bonds +

 

 

634,914,904

Level 3 – Significant Unobservable Inputs

 

 

–

Total

 

$

651,496,478

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