N-Q 1 tffunq.txt TAX-FREE FUND FOR FOR UTAH 9/30/09 FORM N-Q FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number: 811-6239 Tax-Free Fund For Utah (Exact Name of Registrant as Specified in Charter) 380 Madison Avenue, Suite 2300 New York, New York 10017 (Address of Principal Executive Offices)(Zip Code) Joseph P. DiMaggio, Chief Financial Officer and Treasurer 380 Madison Avenue, Suite 2300 New York, New York 10017 (Name and address of Agent for Service) Registrant's Telephone Number, including Area Code: (212) 697-6666 Date of fiscal year end: June 30, 2009 Date of reporting period: September 30, 2009 Item 1. Schedule of Investments. TAX-FREE FUND FOR UTAH SCHEDULE OF INVESTMENTS September 30, 2009 (unaudited)
Rating Principal Moody's/ Amount General Obligation Bonds (12.3%) S&P Value (a) ------------ --------------------------------------------------------------------------------------------------- City, County and State (7.9%) ------------------------------------------------------------------- Alamo, Texas Community College District $ 595,000 4.375%, 02/15/25 National Public Finance Guarantee Insured Aa1/AA+ $ 612,451 Anderson, Indiana San District 505,000 4.600%, 07/15/23 AMBAC Insured A3/A- 524,488 Cedar City, Utah Special Improvement District Assessment 235,000 5.050%, 09/01/10 NR/NR* 233,332 215,000 5.200%, 09/01/11 NR/NR* 211,517 Cedar Park, Texas 835,000 4.500%, 02/15/22 National Public Finance Guarantee Insured A1/AA- 863,006 Coral Canyon, Utah Special Service District 140,000 4.850%, 07/15/17 NR/NR* 117,905 580,000 5.700%, 07/15/18 NR/NR* 514,692 Dawson County, Texas Hospital District 555,000 4.375%, 02/15/24 AMBAC Insured NR/BBB+ 523,454 Denton County, Texas 700,000 4.500%, 07/15/24 National Public Finance Guarantee Insured Aa1/AAA 732,935 400,000 4.500%, 07/15/25 National Public Finance Guarantee Insured Aa1/AAA 416,488 1,500,000 4.250%, 07/15/27 National Public Finance Guarantee Insured Aa1/AAA 1,535,415 Harris County, Texas Utility District #268 905,000 4.375%, 09/01/27 Radian Insured NR/BBB- 840,093 Houston, Texas Public Improvement 1,500,000 5.000%, 03/01/29 Aa3/AA 1,638,705 Hurricane, Utah 65,000 5.400%, 11/01/09 Radian Insured NR/BBB- 65,180 King County, Washington Unlimited Tax 1,000,000 4.500%, 12/01/25 FSA Insured Aa1/AAA 1,064,530 Laredo, Texas 300,000 4.250%, 08/15/21 AMBAC Insured A1/AA- 313,761 500,000 4.500%, 02/15/24 AMBAC Insured A1/AA- 523,235 McKinney, Texas 1,700,000 4.500%, 08/15/23 Syncora Guarantee Inc. Insured Aa2/AA+ 1,799,484 1,375,000 5.000%, 08/15/24 AMBAC Insured Aa2/AA+ 1,513,050 695,000 4.375%, 08/15/25 National Public Finance Guarantee Insured Aa2/AA+ 731,828 Mesquite, Texas 510,000 4.625%, 02/15/22 FSA Insured Aa3/AAA 545,267 Montgomery County, Texas 2,975,000 5.250%, 03/01/32 Aa3/AA 3,293,504 San Antonio, Texas 125,000 4.750%, 02/01/24 FSA Insured Aa1/AAA 130,494 San Patricio County, Texas 450,000 4.600%, 04/01/25 AMBAC Insured A2/NR 475,835 Texas State 415,000 4.500%, 08/01/22 Aa1/AA+ 448,474 Waco, Texas 2,560,000 4.500%, 02/01/24 National Public Finance Guarantee Insured Aa3/AA 2,628,198 Washington County, Utah 1,250,000 5.000%, 10/01/22 National Public Finance Guarantee Insured++ A1/NR 1,314,013 Williamson County, Texas 460,000 4.500%, 02/15/26 FSA Insured Aa2/AAA 481,201 --------------- Total City, County and State 24,092,535 --------------- School District (4.4%) ------------------------------------------------------------------- Borger, Texas Independent School District 400,000 4.500%, 02/15/24 NR/AAA 425,200 500,000 4.500%, 02/15/25 NR/AAA 527,400 Clint, Texas Independent School District 265,000 4.250%, 02/15/28 NR/AAA+ 271,371 Freemont County, Wyoming School District #14 355,000 4.500%, 06/15/26 NR/BBB++++ 375,356 Frisco, Texas Independent School District 1,260,000 5.000%, 07/15/26 Aaa/NR+ 1,344,710 Galena Park, Texas Independent School District 295,000 4.625%, 08/15/25 Aaa/NR+ 314,520 Harrisburg, South Dakota Independent School District No. 41-2 1,370,000 4.500%, 01/15/24 FSA Insured Aa3/NR++ 1,395,825 La Feria, Texas Independent School District 210,000 4.400%, 02/15/24 Aaa/NR 219,786 Lindale, Texas Independent School District 440,000 4.250%, 02/15/21 NR/AAA 463,025 1,000,000 4.250%, 02/15/22 NR/AAA 1,048,300 445,000 4.375%, 02/15/23 NR/AAA 468,536 Lovejoy, Texas Independent School District 200,000 4.500%, 02/15/24 Aaa/AAA 209,866 Navasota, Texas Independent School District 475,000 5.000%, 08/15/23 National Public Finance Guarantee FGIC Insured A3/NR 504,612 Prosper, Texas Independent School District 395,000 4.125%, 08/15/21 NR/AAA 414,805 Spring, Texas Independent School District 300,000 4.750%, 08/15/23 Aaa/AAA 314,637 Uintah County, Utah School District 455,000 4.250%, 02/01/24 Aaa/NR 481,481 Van, Texas Independent School District 750,000 4.875%, 02/15/26 Aaa/AAA 815,873 Washington County, Utah 440,000 5.000%, 10/01/18 Syncora Guarantee Inc. Insured A1/NR 476,885 465,000 5.000%, 10/01/19 Syncora Guarantee Inc. Insured A1/NR 501,307 490,000 5.000%, 10/01/20 Syncora Guarantee Inc. Insured A1/NR 527,559 510,000 5.000%, 10/01/21 Syncora Guarantee Inc. Insured A1/NR 548,123 535,000 5.000%, 10/01/22 Syncora Guarantee Inc. Insured A1/NR 571,696 565,000 5.000%, 10/01/23 Syncora Guarantee Inc. Insured A1/NR 601,092 320,000 5.000%, 10/01/24 Syncora Guarantee Inc. Insured A1/NR 339,690 Washoe County, Nevada School District 200,000 4.625%, 06/01/23 National Public Finance Guarantee FGIC Insured Aa3/AA 207,718 --------------- Total School District 13,369,373 --------------- Total General Obligation Bonds 37,461,908 --------------- Revenue Bonds (86.5%) ------------------------------------------------------------------- Airport (2.7%) ------------------------------------------------------------------- Clark County, Nevada Airport Revenue 2,000,000 5.500%, 07/01/22 National Public Finance Guarantee AMT Aa3/A+ 2,013,060 Clark County, Nevada Passenger Facility Charge 255,000 4.750%, 07/01/22 National Public Finance Guarantee Insured AMT Aa3/A+ 256,382 Greater Orlando Aviation Authority, Florida Airport 2,000,000 5.500%, 10/01/23 AMT Aa3/A+ 2,069,920 Hillsborough County, Florida Aviation Authority 2,185,000 5.250%, 10/01/23 National Public Finance Guarantee Insured AMT Aa3/A+ 2,236,216 Miami-Dade County, Florida Aviation Revenue 1,700,000 5.000%, 10/01/28 Series C National Public Finance Guarantee Insured AMT A2/A 1,635,468 --------------- Total Airport 8,211,046 --------------- Education (30.6%) ------------------------------------------------------------------- Broward County, Florida School Board COP 1,780,000 4.500%, 07/01/23 Series A National Public Finance Guarantee FGIC Insured A1/A+ 1,811,328 Carmel, Indiana 2002 School Building Corp. 1,235,000 4.300%, 01/15/23 FSA Insured Aa3/AAA 1,274,471 Central Washington State University System Revenue 1,265,000 4.375%, 05/01/26 FSA Insured Aa3/NR++ 1,320,584 Florida State Board of Education Public Education 210,000 4.500%, 06/01/25 FSA Insured Aa1/AAA 219,148 Hillsborough County, Florida School Board COP 560,000 4.250%, 07/01/26 National Public Finance Guarantee Insured Aa3/AA- 565,863 Laredo, Texas Independent School District Public Facility Corp. 190,000 5.000%, 08/01/24 AMBAC Insured NR/A- 195,761 La Vernia, Texas Higher Education Finance Corp. 3,574,300 6.500%, 03/12/38 NR/NR* 3,148,672 Nevada System Higher Education COP 1,000,000 5.000%, 07/01/25 AMBAC Insured NR/AA- 1,078,710 Salt Lake County, Utah Westminster College Project 825,000 4.750%, 10/01/20 NR/BBB 804,317 870,000 4.750%, 10/01/21 NR/BBB 841,421 2,300,000 5.000%, 10/01/22 NR/BBB 2,259,060 1,250,000 5.000%, 10/01/25 NR/BBB 1,196,900 2,025,000 5.125%, 10/01/28 NR/BBB 1,911,134 San Angelo, Texas Independent School District 1,000,000 5.250%, 02/15/34 Assured Guaranty Insured NR/AAA++ 1,072,520 Spanish Fork City, Utah Charter School Revenue American Leadership Academy 1,900,000 5.550%, 11/15/21 NR/NR* 1,736,733 945,000 5.550%, 11/15/26 NR/NR* 817,094 Texas A&M University Revenue 1,750,000 5.000%, 07/01/34 Aaa/AAA 1,959,370 Texas State College Student Loan Revenue 100,000 5.000%, 08/01/22 AMT Aa1/AA+ 100,289 Texas State University System Financing Revenue 655,000 4.375%, 03/15/23 FSA Insured Aa3/AAA 681,528 2,000,000 5.250%, 03/15/25 Aa3/AA- 2,233,780 Tyler, Texas Independent School District 325,000 5.000%, 02/15/26 FSA Insured Aa3/AAA 344,386 University of Nevada (University Revenues) 190,000 4.500%, 07/01/24 National Public Finance Guarantee Insured Aa3/AA- 197,043 University of Utah COP 3,170,000 4.350%, 12/01/26 AMBAC Insured Aa3/AA- 3,332,019 Utah County, Utah Charter School Revenue Lakeview Academy 315,000 5.350%, 07/15/17 Series A NR/NR* 287,904 Utah County, Utah Charter School Revenue Lincoln Academy - 950,000 5.450%, 06/15/17 Series A NR/NR* 877,791 Utah County, Utah Charter School Revenue Renaissance Academy 340,000 5.350%, 07/15/17 Series A NR/NR* 315,017 Utah County, Utah School Facility 1,320,000 6.500%, 12/21/25 NR/NR* 1,155,766 Utah State Board of Regents Auxiliary & Campus Facility 1,000,000 4.125%, 04/01/20 National Public Finance Guarantee Insured Aa2/AA 1,042,640 Utah State Board of Regents Lease Revenue 410,000 4.500%, 05/01/20 AMBAC Insured NR/AA 439,348 425,000 4.500%, 05/01/21 AMBAC Insured NR/AA 454,125 450,000 4.625%, 05/01/22 AMBAC Insured NR/AA 481,118 120,000 4.650%, 05/01/23 AMBAC Insured NR/AA 127,964 Utah State Board of Regents Office Facility Revenue 450,000 5.050%, 02/01/20 National Public Finance Guarantee Insured Baa1/AA 467,240 360,000 5.125%, 02/01/22 National Public Finance Guarantee Insured Baa1/AA 373,817 1,045,000 5.000%, 04/01/23 National Public Finance Guarantee Insured Aa3/AA- 1,126,447 Utah State Charter School Finance Authority American Prep Academy 6,900,000 8.000%, 03/15/39 NR/NR* 7,022,130 Utah State Charter School Finance Authority Channing Hall Academy 1,700,000 5.750%, 07/15/22 Series A NR/NR* 1,380,689 Utah State Charter School Finance Authority Da Vinci Academy 6,950,000 8.000%, 03/15/39 NR/NR* 7,072,390 Utah State Charter School Finance Authority Entheos Academy 5,895,000 6.750%, 08/15/38 NR/NR* 5,206,110 Utah State Charter School Finance Authority Fast Forward Academy 3,108,800 6.500%, 11/15/37 144A NR/NR* 2,577,941 Utah State Charter School Finance Authority G. Washington Academy 1,000,000 6.750%, 07/15/28 NR/NR* 910,930 Utah State Charter School Finance Authority Legacy Prep Academy 5,745,000 6.750%, 06/15/38 NR/NR* 5,771,657 7,800,000 7.250%, 06/15/39 NR/NR* 8,008,104 Utah State Charter School Finance Authority Noah Webster Academy 3,155,000 6.250%, 06/15/28 NR/NR* 2,707,905 1,475,000 6.500%, 06/15/38 NR/NR* 1,238,794 Utah State Charter School Finance Authority Rockwell Charter School 1,000,000 6.750%, 08/15/28 NR/NR* 909,850 Utah State Charter School Finance Authority Ronald Wilson Reagan Academy 1,250,000 5.750%, 02/15/22 Series A NR/NR* 1,102,213 Utah State Charter School Finance Authority Summit Academy 1,425,000 5.125%, 06/15/17 NR/BBB- 1,306,882 Utah State Charter School Finance Authority Venture Academy 7,305,000 7.250%, 11/15/38 NR/NR* 7,308,872 Washington State University Revenue 750,000 5.000%, 10/01/19 FSA Insured Aa3/AAA 764,355 735,000 4.600%, 10/01/29 FSA Insured Aa3/AAA 777,321 Wayne Township, Indiana Marion City School Building Corp. 1,120,000 5.000%, 07/15/26 National Public Finance Guarantee FGIC Insured NR/AA+ 1,181,230 Weber State University, Utah Student Facilities System 1,825,000 4.400%, 04/01/27 FSA Insured NR/AAA 1,913,969 --------------- Total Education 93,412,650 --------------- Healthcare (1.9%) ------------------------------------------------------------------- Harris County, Texas Health Facility Development Corp. 145,000 5.000%, 11/15/28 AMBAC Insured NR/A 142,194 Indiana Finance Authority Hospital Revenue, Parkview Health System 1,650,000 5.875%, 05/01/29 A1/A+ 1,701,497 Reno, Nevada Hospital Revenue, Washoe Medical Center 725,000 5.000%, 06/01/23 FSA Insured Aa3/AAA 739,246 680,000 5.000%, 06/01/23 FSA Insured Aa3/AAA 693,362 Richmond, Indiana Hospital Revenue 250,000 5.000%, 01/01/19 NR/AA-++ 262,238 Salt Lake County, Utah Hospital Revenue, IHC Health Services 1,480,000 5.500%, 05/15/16 Aa1/AA+ 1,585,095 Sarasota County, Florida Public Hospital District Revenue, Sarasota Memorial Hospital Project 250,000 5.625%, 07/01/39 A1/NR++ 261,323 Washington State Health Care Facilities Authority Revenue, Coop of Puget Sound 500,000 5.375%, 12/01/17 NR/BBB+ 512,115 --------------- Total Healthcare 5,897,070 --------------- Housing (11.9%) ------------------------------------------------------------------- Alaska Housing Finance Corp. Housing Revenue 1,000,000 4.700%, 06/01/27 AMT Aa2/AA 967,300 1,000,000 5.250%, 12/01/28 AMT Aa2/AA 1,008,710 Alaska State Local Housing Authority 500,000 5.125%, 06/01/27 Series A2 AMT Aaa/AAA 502,640 Florida Housing Finance Corp. 705,000 5.000%, 07/01/21 AMT Aa1/AA+ 717,415 500,000 6.000%, 07/01/28 Aa1/AA+ 539,225 Henderson, Nevada Local Improvement District 150,000 5.000%, 09/01/15 NR/NR* 67,748 200,000 5.000%, 09/01/16 NR/NR* 90,316 200,000 5.050%, 09/01/17 NR/NR* 90,312 200,000 5.100%, 09/01/18 NR/NR* 90,308 Indiana State Housing Finance Authority Single Family 245,000 4.850%, 07/01/22 AMT Aaa/NR+ 247,102 Indianapolis, Indiana Multi-Family 455,000 4.850%, 01/01/21 AMT Aaa/NR 464,541 Miami-Dade County, Florida Housing Finance Authority 535,000 5.000%, 11/01/23 FSA Insured AMT Aa3/AAA 539,489 Nevada Housing Multi-Family, LOC: US Bank 995,000 4.750%, 04/01/39 AMT NR/AA- 979,279 North Dakota Housing Authority Home Mortgage Revenue 1,995,000 5.400%, 07/01/23 AMT Aa1/NR 2,075,379 1,000,000 5.650%, 07/01/28 AMT Aa1/NR 1,034,070 935,000 5.400%, 07/01/28 Aa1/NR 987,061 1,920,000 4.750%, 07/01/31 AMT Aa1/NR 1,884,384 Orange County, Florida Housing Finance Authority 110,000 5.150%, 03/01/22 Aaa/NR 110,322 Puerto Rico Housing Finance Authority 850,000 5.125%, 12/01/27 NR/AA-+++ 907,205 Seattle, Washington Housing Authority 730,000 4.400%, 11/01/21 AMT NR/AAA 695,398 Snohomish County, Washington Housing Authority 150,000 4.750%, 09/01/10 AMT NR/NR* 148,610 185,000 4.875%, 09/01/12 AMT NR/NR* 178,516 225,000 5.000%, 09/01/13 AMT NR/NR* 214,178 185,000 5.000%, 09/01/14 AMT NR/NR* 173,049 145,000 5.100%, 09/01/15 AMT NR/NR* 133,761 South Dakota Housing Development Authority 2,750,000 4.900%, 05/01/26 AMT Aa1/AAA 2,722,225 500,000 6.000%, 05/01/28 Aa1/AAA 541,375 Texas State Housing Revenue 480,000 4.800%, 09/01/27 AMT Aa1/AAA 466,498 980,000 5.250%, 09/01/32 AMT Aa1/AAA 990,731 Utah Housing Corporation Single Family Mortgage 25,000 5.250%, 07/01/23 AMT Aa2/AA 25,245 1,210,000 5.125%, 07/01/24 AMT Aa3/AA- 1,220,128 935,000 5.000%, 07/01/25 AMT Aa2/AA- 941,040 535,000 5.100%, 01/01/26 AMT Aa3/AA- 537,846 120,000 5.650%, 07/01/27 AMT Aa2/AA 121,174 1,630,000 5.250%, 01/01/28 AMT Aa3/AA- 1,653,228 605,000 5.200%, 01/01/28 AMT Aa3/AA- 591,660 2,205,000 5.800%, 07/01/28 AMT Aa3/AA- 2,297,257 970,000 5.700%, 07/01/28 AMT Aa3/AA 1,004,775 945,000 5.500%, 07/01/28 AMT Aa3/AA- 967,557 1,295,000 6.100%, 01/01/29 AMT Aa3/AA- 1,365,241 Utah State Housing Finance Agency 105,000 5.700%, 07/01/15 AMT Aa3/AA- 105,002 25,000 5.650%, 07/01/16 Series 1994C Aaa/AAA 25,063 30,000 5.400%, 07/01/16 AMT Aa2/AA 29,829 5,000 6.000%, 07/01/17 AMT Aaa/AAA 5,017 520,000 5.500%, 07/01/18 AMT Aa3/AA- 530,145 20,000 5.300%, 07/01/18 AMT Aaa/AAA 20,314 55,000 5.000%, 07/01/18 AMT Aaa/AAA 55,174 55,000 5.400%, 07/01/20 AMT Aa2/AA 55,898 140,000 5.600%, 07/01/23 AMT Aa2/AA 142,398 25,000 5.700%, 07/01/26 National Public Finance Guarantee Insured A2/A 25,029 Wyoming Community Development Authority Housing Revenue 2,000,000 5.000%, 12/01/22 Series 10 AMT Aa1/AA+ 2,045,820 2,920,000 5.625%, 12/01/38 Aa1/AA+ 3,067,460 --------------- Total Housing 36,399,447 --------------- Industrial Development & Pollution Control (1.4%) ------------------------------------------------------------------- Emery County, Utah Pollution Control Revenue Pacificorp Projects 3,000,000 5.650%, 11/01/23 A2/A 3,037,530 Sandy City, Utah Industrial Development, H Shirley Wright Project, Refunding Bonds, LOC Olympus Bank 250,000 6.125%, 08/01/16 NR/AAA 250,498 Utah County Environmental Improvement Revenue 1,025,000 5.050%, 11/01/17 Baa1/BBB+ 1,073,626 --------------- Total Industrial Development & Pollution Control 4,361,654 --------------- Lease (10.8%) ------------------------------------------------------------------- Celebration Community Development District, Florida 290,000 5.000%, 05/01/22 National Public Finance Guarantee Insured Baa1/A 268,259 Clark County, Nevada Improvement District Revenue 705,000 5.125%, 12/01/19 NR/NR* 604,009 Clark County, Nevada Improvement District Special Local Improvement #128 (Summerlin) 500,000 5.000%, 02/01/21 Series A NR/NR* 336,885 Davis County, Utah Lease Revenue DMV Project 78,000 5.400%, 11/01/17 NR/NR* 77,998 83,000 5.450%, 11/01/18 NR/NR* 82,993 87,000 5.500%, 11/01/19 NR/NR* 86,796 92,000 5.550%, 11/01/20 NR/NR* 91,545 97,000 5.600%, 11/01/21 NR/NR* 95,990 103,000 5.650%, 11/01/22 NR/NR* 101,315 108,000 5.700%, 11/01/23 NR/NR* 105,747 115,000 5.700%, 11/01/24 NR/NR* 111,381 121,000 5.750%, 11/01/25 NR/NR* 116,813 128,000 5.750%, 11/01/26 NR/NR* 122,497 Marion County, Indiana Convention & Recreational Facilities Authority 405,000 5.000%, 06/01/27 National Public Finance Guarantee Insured Baa1/A 405,360 Middle Village, Florida Community Development District Special Assessment Revenue 1,130,000 6.750%, 05/01/25 NR/NR* 1,005,395 New Albany, Indiana Development Authority 500,000 4.250%, 02/01/22 NR/A- 510,390 Poinciana West, Florida Community Development District Special Assessment Revenue 1,000,000 5.875%, 05/01/22 NR/NR* 821,670 Port Saint Lucie, Florida Special Assessment Revenue Southwest Annexation District 1-B 500,000 5.000%, 07/01/27 National Public Finance Guarantee Insured Baa1/A 491,875 Red River, Texas Higher Education TCU Project 1,000,000 4.375%, 03/15/25 Aa3/NR++ 1,027,970 Salt Lake Valley, Utah Fire Service District Lease Revenue 1,170,000 5.200%, 04/01/28 Aa3/NR++ 1,264,091 1,000,000 5.250%, 04/01/30 Aa3/NR++ 1,072,110 South Dakota State Building Authority Revenue 500,000 4.500%, 06/01/24 National Public Finance Guarantee FGIC Insured NR/AA- 523,040 Tolomato Community, Florida Development District Special Assessment Revenue 1,000,000 6.450%, 05/01/23 NR/NR* 810,420 Tooele County, Utah Municipal Building Authority School District Lease Revenue 1,000,000 5.000%, 06/01/28 A3/A+ 1,023,210 Twin Creeks, Utah Special Service District BAN 12,000,000 7.250%, 07/15/10 NR/NR* 11,891,520 Uintah County, Utah Municipal Building Authority Lease Revenue 1,500,000 5.300%, 06/01/28 NR/A+ 1,593,990 Utah State Building Ownership Authority 465,000 5.000%, 05/15/21 Aa1/AA+ 506,120 1,755,000 5.250%, 05/15/23 Aa1/AA+ 1,883,115 510,000 5.000%, 05/15/23 Aa1/AA+ 551,035 1,845,000 5.250%, 05/15/24 Aa1/AA+ 1,974,021 1,080,000 5.000%, 05/15/25 Aa1/AA+ 1,142,262 West Bountiful, Utah Courthouse Revenue 410,000 5.000%, 05/01/19 NR/A+++ 457,880 West Valley City, Utah Municipal Building Authority Lease Revenue Refunding 1,890,000 4.375%, 08/01/26 Series A National Public Finance Guarantee FGIC Insured NR/A+ 1,946,662 --------------- Total Lease 33,104,364 --------------- Tax Revenue (10.6%) ------------------------------------------------------------------- Aqua Isles, Florida Community Development District Revenue 945,000 7.000%, 05/01/38 NR/NR* 730,116 Bay County, Florida Sales Tax Revenue 170,000 4.750%, 09/01/23 FSA Insured Aa3/NR++ 170,272 Bountiful, Utah Special Improvement District Special Assessment Revenue 203,000 5.000%, 06/01/14 NR/NR* 187,085 213,000 5.150%, 06/01/15 NR/NR* 194,833 224,000 5.300%, 06/01/16 NR/NR* 202,223 236,000 5.500%, 06/01/17 NR/NR* 211,267 249,000 5.650%, 06/01/18 NR/NR* 222,362 Clark County, Nevada Improvement District 250,000 5.000%, 08/01/16 NR/NR* 185,325 Coral Canyon, Utah Special Service District 90,000 5.000%, 07/15/13 NR/NR* 86,324 250,000 5.500%, 07/15/18 NR/NR* 218,673 Florida State Department of Environmental Protection Revenue 1,800,000 5.250%, 07/01/20 National Public Finance Guarantee Insured A1/AA- 1,899,306 Henderson, Nevada Local Improvement District 95,000 4.500%, 09/01/12 NR/NR* 90,013 295,000 5.000%, 09/01/14 NR/NR* 270,722 295,000 5.000%, 09/01/15 NR/NR* 265,385 235,000 5.000%, 03/01/16 NR/NR* 204,553 Holladay, Utah Redevelopment Agency 2,877,500 4.900%, 12/30/20 NR/NR* 2,419,460 Jordanelle, Utah Special Service District 186,000 5.000%, 11/15/14 NR/NR* 173,252 196,000 5.100%, 11/15/15 NR/NR* 181,580 206,000 5.200%, 11/15/16 NR/NR* 188,401 216,000 5.300%, 11/15/17 NR/NR* 195,037 228,000 5.400%, 11/15/18 NR/NR* 204,988 240,000 5.500%, 11/15/19 NR/NR* 213,242 253,000 5.600%, 11/15/20 NR/NR* 222,377 268,000 5.700%, 11/15/21 NR/NR* 232,139 283,000 5.800%, 11/15/22 NR/NR* 241,781 299,000 6.000%, 11/15/23 NR/NR* 259,628 Jordanelle, Utah Special Service Improvement District 175,000 8.000%, 10/01/11 NR/NR* 178,327 La Verkin, Utah Sales and Franchise Tax Revenue 571,000 5.100%, 07/15/27 NR/NR* 490,632 Lehi, Utah Sales Tax 790,000 5.000%, 06/01/24 FSA Insured Aa3/AAA 847,133 Mesquite, Nevada New Special Improvement District 240,000 5.300%, 08/01/11 NR/NR* 233,386 175,000 4.600%, 08/01/11 NR/NR* 167,657 185,000 4.750%, 08/01/12 NR/NR* 173,188 220,000 4.900%, 08/01/13 NR/NR* 201,681 135,000 5.250%, 08/01/17 NR/NR* 116,748 300,000 5.350%, 08/01/19 NR/NR* 246,222 130,000 5.400%, 08/01/20 NR/NR* 105,162 475,000 5.500%, 08/01/25 NR/NR* 360,326 Mountain Regional Water District, Utah Special Assessment 1,320,000 7.000%, 12/01/18 NR/NR* 1,320,000 Mountain Regional Water, Utah Special Service District 2,000,000 5.000%, 12/15/20 National Public Finance Guarantee Insured Baa1/A+ 2,024,740 North Ogden, Utah Sales Tax Revenue 195,000 5.000%, 11/01/24 Syncora Guarantee Inc. Insured NR/A+ 213,701 Payson City, Utah Sales Tax Revenue 445,000 5.000%, 08/01/21 FSA Insured Aa3/AAA 492,860 Pembroke Harbor, Florida Community Development District Revenue 1,800,000 7.000%, 05/01/38 NR/NR* 1,334,934 Salt Lake City, Utah Sales Tax 955,000 5.000%, 02/01/21 NR/AAA 1,048,762 1,005,000 5.000%, 02/01/22 NR/AAA 1,099,018 1,060,000 5.000%, 02/01/23 NR/AAA 1,154,806 1,115,000 5.000%, 02/01/24 NR/AAA 1,210,176 Sandy City, Utah Sales Tax 605,000 5.000%, 09/15/20 AMBAC Insured NR/AA+ 635,879 South Weber City, Utah 525,000 5.000%, 01/15/24 National Public Finance Guarantee Insured Baa1/A 567,935 Springville, Utah Special Assessment Revenue 400,000 5.500%, 01/15/17 NR/NR* 354,468 457,000 5.650%, 01/15/18 NR/NR* 393,820 483,000 5.800%, 01/15/19 NR/NR* 412,564 510,000 5.900%, 01/15/20 NR/NR* 432,337 540,000 6.000%, 01/15/21 NR/NR* 454,977 Vernal City, Utah Sales Tax Revenue 515,000 4.750%, 09/01/31 Assured Guaranty Insured NR/AAA 534,776 300,000 4.875%, 09/01/34 Assured Guaranty Insured NR/AAA 311,331 Wasatch County, Utah Building Authority 130,000 5.000%, 10/01/15 A3/NR 139,706 135,000 5.000%, 10/01/16 A3/NR 143,980 Wasatch County, Utah Sales Tax 205,000 5.000%, 12/01/16 AMBAC Insured NR/A+ 219,742 210,000 5.000%, 12/01/17 AMBAC Insured NR/A+ 223,919 225,000 5.000%, 12/01/18 AMBAC Insured NR/A+ 238,374 Washington City, Utah Sales Tax 680,000 5.250%, 11/15/17 AMBAC Insured NR/A 745,912 Weber County, Utah Sales Tax 385,000 5.000%, 07/01/23 AMBAC Insured A2/NR 404,227 West Valley City, Utah Redevelopment Agency 1,625,000 5.000%, 03/01/21 NR/A- 1,720,241 320,000 5.000%, 03/01/22 NR/A- 337,315 350,000 5.000%, 03/01/23 NR/A- 367,371 1,000,000 5.000%, 03/01/24 NR/A- 1,046,160 --------------- Total Tax Revenue 32,374,837 --------------- Transportation (2.8%) ------------------------------------------------------------------- Alaska State International Airport Revenue 175,000 5.000%, 10/01/24 AMBAC Insured AMT Aa3/NR++ 176,307 Florida State Turnpike Authority Turnpike Revenue 500,000 4.500%, 07/01/22 National Public Finance Guarantee Insured Aa3/AA- 521,635 Indiana Finance Authority Highway Revenue 1,950,000 4.500%, 12/01/25 National Public Finance Guarantee FGIC Insured Aa2/AA+ 2,018,660 Miami-Dade County, Florida Aviation Revenue 600,000 5.000%, 10/01/24 National Public Finance Guarantee FGIC Insured AMT A2/A 593,142 North Texas Turnpike Authority Revenue 2,000,000 6.100%, 01/01/28 A2/A- 2,236,340 Port of Seattle, Washington Revenue 1,095,000 5.100%, 04/01/24 AMT National Public Finance Guarantee FGIC Insured Aa2/AA- 1,097,814 Utah Transit Authority Sales Tax & Transportation Revenue 1,450,000 4.125%, 06/15/22 FSA Insured Aa3/AAA 1,512,336 195,000 5.250%, 06/15/32 FSA Insured Aa3/AAA 230,151 --------------- Total Transportation 8,386,385 --------------- Utility (9.9%) ------------------------------------------------------------------- Alaska Industrial Development & Export Authority 400,000 4.625%, 12/01/16 AMBAC Insured AMT NR/NR* 384,988 Cowlitz County, Washington Public Utility District Electric Revenue 1,000,000 4.500%, 09/01/26 National Public Finance Guarantee Insured A3/A 1,018,990 Eagle Mountain, Utah Gas & Electric 1,385,000 4.250%, 06/01/20 Radian Insured NR/BBB- 1,301,014 1,440,000 5.000%, 06/01/21 Radian Insured NR/BBB- 1,442,722 1,515,000 5.000%, 06/01/22 Radian Insured NR/BBB- 1,510,682 Garland, Texas Water & Sewer 440,000 4.500%, 03/01/21 AMBAC Insured NR/AA 458,172 Houston, Texas Utility System Revenue, Refunding 4,665,000 5.125%, 05/15/28 Series A A1/AA 4,899,836 Indianapolis, Indiana Gas Utility 505,000 5.000%, 08/15/24 AMBAC Insured Aa3/A+ 505,111 Intermountain Power Agency Utilities Light & Power Service, Utah 250,000 5.250%, 07/01/23 A1/A+ 262,865 JEA, Florida Electric System Revenue 500,000 5.000%, 10/01/26 Aa3/A+ 515,660 Manti City, Utah Electric System Revenue 603,000 5.750%, 02/01/17 NR/NR* 578,609 Murray City, Utah Utility Electric Revenue 1,340,000 5.000%, 06/01/25 AMBAC Insured A2/NR 1,443,502 Orem, Utah Water & Storm Sewer Revenue 1,000,000 5.000%, 07/15/26 NR/AA++ 1,107,690 Pleasant Grove City, Utah Water Revenue 760,000 4.625%, 12/01/23 FSA Insured NR/AAA 833,317 Port St. Lucie, Florida Utility System Revenue 2,500,000 5.250%, 09/01/23 National Public Finance Guarantee Insured A2/NR 2,724,625 Puerto Rico Electric Power Authority Revenue 2,000,000 5.000%, 07/01/37 Series TT A3/BBB+ 1,996,860 Rockport, Indiana Pollution Control Revenue Indiana Michigan Power Company Project 1,500,000 4.625%, 06/01/25 Series A FGIC Insured Baa2/BBB 1,458,375 Salem, Utah Electric Revenue 140,000 5.400%, 11/01/09 NR/NR* 140,298 Santa Clara Utah Storm Drain Revenue 877,000 5.100%, 09/15/26 NR/NR* 722,946 Southern Utah Valley Power System 210,000 5.250%, 09/15/13 National Public Finance Guarantee Insured Baa1/A 231,128 225,000 5.250%, 09/15/14 National Public Finance Guarantee Insured Baa1/A 246,348 235,000 5.250%, 09/15/15 National Public Finance Guarantee Insured Baa1/A 254,625 185,000 5.125%, 09/15/21 National Public Finance Guarantee Insured Baa1/A 195,088 St. George, Utah Electric Revenue 250,000 5.000%, 06/01/38 FSA Insured Aa3/NR++ 264,003 Tacoma, Washington Solid Waste Utility Revenue 1,000,000 5.000%, 12/01/23 Syncora Guarantee Inc. Insured A2/AA 1,068,060 Utah Assessed Municipal Power System 1,000,000 5.000%, 04/01/21 FSA Insured Aa3/AAA 1,068,860 Utah Water Conservancy District 1,400,000 5.250%, 01/15/27 NR/A 1,490,846 Washington, Utah Electric Revenue 985,000 5.000%, 09/01/21 Syncora Guarantee Inc. Insured Baa1/NR 1,070,468 Wyoming Municipal Power Agency Systems Revenue 1,000,000 4.500%, 01/01/29+ A2/A- 987,260 --------------- Total Utility 30,182,948 --------------- Water and Sewer (3.9%) ------------------------------------------------------------------- Eagle Mountain, Utah Water and Sewer 690,000 4.750%, 11/15/25 National Public Finance Guarantee Insured Baa1/A+ 718,235 Jacksonville, Florida Water and Sewer System Revenue 160,000 4.625%, 10/01/22 Aa3/AA- 160,501 Mesquite, Texas Waterworks & Sewer 225,000 4.500%, 03/01/24 FSA Insured Aa3/AAA 233,548 Murray City, Utah Sewer and Water 440,000 5.000%, 10/01/19 AMBAC Insured A2/NR 467,232 Ogden City, Utah Sewer & Water Revenue 750,000 4.625%, 06/15/38 FSA Insured Aa3/NR++ 762,038 Pleasant Grove, Utah Water Revenue 450,000 4.300%, 12/01/20 National Public Finance Guarantee Insured Baa1/A+ 470,565 Smithfield, Utah Water Revenue 90,000 4.750%, 06/01/17 NR/NR* 82,701 94,000 4.800%, 06/01/18 NR/NR* 85,338 99,000 4.850%, 06/01/19 NR/NR* 88,791 103,000 4.900%, 06/01/20 NR/NR* 91,554 108,000 5.000%, 06/01/21 NR/NR* 96,686 126,000 5.150%, 06/01/22 NR/NR* 112,291 132,000 5.200%, 06/01/23 NR/NR* 117,180 139,000 5.250%, 06/01/24 NR/NR* 123,229 114,000 5.050%, 06/01/25 NR/NR* 100,793 120,000 5.100%, 06/01/26 NR/NR* 105,978 Upper Trinity Regional Water District, Texas 205,000 4.500%, 08/01/20 AMBAC Insured A3/A- 213,737 Utah Water Finance Agency Revenue 200,000 5.250%, 07/01/16 AMBAC Insured NR/NR* 216,176 310,000 5.000%, 10/01/17 AMBAC Insured NR/NR* 329,425 510,000 5.000%, 07/01/18 AMBAC Insured A2/NR 542,084 105,000 5.000%, 10/01/20 AMBAC Insured NR/NR* 110,132 830,000 4.500%, 10/01/22 AMBAC Insured A1/NR 865,640 740,000 5.125%, 07/01/23 AMBAC Insured NR/NR* 771,102 870,000 4.500%, 10/01/23 AMBAC Insured A1/NR 904,287 2,570,000 5.000%, 10/01/25 AMBAC Insured A2/NR 2,695,519 1,400,000 4.500%, 10/01/28 AMBAC Insured A1/NR 1,449,392 ---------------- Total Water and Sewer 11,914,154 ---------------- Total Revenue Bonds 264,244,555 ---------------- Total Investments (cost $300,357,691-note b) 98.8% 301,706,463 Other assets less liabilities 1.2 3,810,905 -------------------------------- Net Assets 100.0% $305,517,368 ================================ Percent of Portfolio Distribution By Quality Rating (unaudited) Investments 1 ---------------------------------------------------- -------------- Aaa of Moody's or AAA of S&P 13.5 % Aa of Moody's or AA of S&P 30.9 A of Moody's or S&P 17.3 Baa of Moody's or BBB of S&P 6.1 Not rated* 32.2 ------- 100.0 % =======
(1) Calculated using the highest rating of the two rating services. * Any security not rated (NR) by any of the approved credit rating services has been determined by the Investment Manager to have sufficient quality to be ranked in the top four credit ratings if a credit rating were to be assigned by a rating service. Fitch Ratings ------------- + AAA ++ AA +++ A ++++ BBB + Security traded on a "when-issued" basis. ++ These securities are pledged as collateral for the Fund's when - issued commitments. PORTFOLIO ABBREVIATIONS: ------------------------ AMBAC - American Municipal Bond Assurance Corp. AMT- Alternative Minimum Tax COP -Certificates of Participation FGIC- Financial Guaranty Insurance Co. FSA - Financial Security Assurance LOC - Letter of Credit NR - Not Rated Note: National Public Finance Guarantee formerly known as National-re. On November 2, 2009, Assured Guaranty Ltd. the holding company for Assured Guaranty Corp. and Financial Security Assurance Inc. ("FSA") announced that pending regulatory approval, it will change the name of its subsidiary FSA to Assured Guaranty Municipal Corp. The Company also plans to change the names of the FSA companies worldwide. See accompanying notes to financial statements. NOTES TO FINANCIAL STATEMENTS TAX-FREE FUND FOR UTAH (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 September 30, 2009, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $300,287,277 amounted to $1,419,186, which consisted of aggregate gross unrealized appreciation of $9,180,513 and aggregate gross unrealized depreciation of $7,761,327. (c) Fair Value Measurements The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157 (FAS 157), "Fair Value Measurements", effective July 1, 2008. FAS 157 established a three-tier hierarchy of inputs to establish classification of fair value measurements for disclosure purposes. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The Fund's investments in their entirety are assigned levels based upon the observability. The three-tier hierarchy of inputs is summarized below: Level 1 - quoted prices in active markets for identical securities Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the valuation inputs, representing 100% of the Fund's investments (details of which can be found in the Schedule of Investments), used to value the Fund's net assets as of September 30, 2009: Investments in Valuation Inputs Securities Level 1 - Quoted Prices $ - Level 2 - Other Significant Observable Inputs Municipal Bonds $ 301,706,463 Level 3 - Significant Unobservable Inputs $ - ------------------ Total $ 301,706,463 ================== Item 2. Controls and Procedures. (a) The Fund's principal financial and executive officers have evaluated the Fund's disclosure controls and procedures within 90 days of this filing and have concluded that the Fund's disclosure controls and procedures were effective, as of this date, in ensuring that information required to be disclosed by the Fund in this Form N-Q was timely recorded, processed, summarized and reported. (b) The Fund's principal chief financial and executive officers are aware of no change in the Fund's internal control over financial reporting that occurred during the Fund's latest fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Fund's internal control over financial reporting. Item 3. Exhibits. Filed as exhibits as part of this Form are separate certifications for each principal financial and executive officer of the registrant as required by Rule 30a-2(a) under the Act(17 CFR 270.30a-2(a)). Signatures Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. TAX-FREE FUND FOR UTAH By: /s/ Diana P. Herrmann --------------------------------- Diana P. Herrmann President and Trustee November 25, 2009 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Diana P. Herrmann --------------------------------- Diana P. Herrmann President and Trustee November 25, 2009 By: /s/ Joseph P. DiMaggio ----------------------------------- Chief Financial Officer and Treasurer November 25, 2009