-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, D+GMRu1KMkpO66bjqy1JjzZDKifCAJrnbjzC6A2mjxtzoBBDpZBOpT5235f0bex3 xCWSXQteS+9ZCWcB43Rgxw== 0000872032-10-000026.txt : 20101126 0000872032-10-000026.hdr.sgml : 20101125 20101126153404 ACCESSION NUMBER: 0000872032-10-000026 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100930 FILED AS OF DATE: 20101126 DATE AS OF CHANGE: 20101126 EFFECTIVENESS DATE: 20101126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TAX-FREE FUND FOR UTAH CENTRAL INDEX KEY: 0000872032 IRS NUMBER: 133673542 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-06239 FILM NUMBER: 101216952 BUSINESS ADDRESS: STREET 1: 380 MADISON AVE STREET 2: SUITE 2300 CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2126976666 MAIL ADDRESS: STREET 1: 380 MADISON AVE., STE 2300 CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: TAX FREE FUND FOR UTAH DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: PLEIADES TAX FREE FUND DATE OF NAME CHANGE: 19920514 0000872032 S000009140 TAX-FREE FUND FOR UTAH C000024856 TAX-FREE FUND FOR UTAH CLASS A UTAHX C000024857 TAX-FREE FUND FOR UTAH CLASS C UTACX C000024858 TAX-FREE FUND FOR UTAH CLASS I UTAIX C000024859 TAX-FREE FUND FOR UTAH CLASS Y UTAYX N-Q 1 e607755_nq-utah.htm TAX-FREE TRUST FOR UTAH 9/30/2010 FORM N-Q Unassociated Document
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

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, 2010

Date of reporting period:  September 30, 2010

Item 1. Schedule of Investments.
 
 
  TAX-FREE FUND FOR UTAH
SCHEDULE OF INVESTMENTS
September 30, 2010
(unaudited)
 
       
Rating
            
Principal
      
Moody's/
            
Amount
  
General Obligation Bonds (13.6%)
  
S&P
    
Value
    
(a)
                     
   
City, County and State (7.8%)
                
                     
   
Alamo, Texas Community College District
                
$ 595,000  
4.375%, 02/15/25 NPFG Insured
  
Aaa/AA+
     $ 622,596      
                         
     
Anderson, Indiana San District
                  
  505,000  
4.600%, 07/15/23 AMBAC Insured
   A1/A-       525,382      
                         
     
Cedar City, Utah Special Improvement District Assessment
                  
  215,000  
5.200%, 09/01/11
  
NR/NR*
       213,996      
                         
     
Cedar Park, Texas
                  
  835,000  
4.500%, 02/15/22 NPFG Insured
  
Aa2/AA
       867,406      
                         
     
Clark County, Nevada, Refunding
                  
  2,000,000  
5.000%, 11/01/28 AGMC Insured
  
Aaa/AAA
       2,135,700      
                         
     
Clark County, Nevada, Refunding, Series B
                  
  1,000,000  
5.000%, 07/01/23
  
Aaa/AA+
       1,120,840      
                         
     
Coral Canyon, Utah Special Service District
                  
  140,000  
4.850%, 07/15/17
  
NR/NR*
       134,287      
  580,000  
5.700%, 07/15/18
  
NR/NR*
       577,065      
                         
     
Dawson County, Texas Hospital District
                  
  555,000  
4.375%, 02/15/24 AMBAC Insured
  
NR/BBB+
       543,695      
                         
     
Denton County, Texas
                  
  700,000  
4.500%, 07/15/24 NPFG Insured
  
Aaa/AAA
       736,183      
  400,000  
4.500%, 07/15/25 NPFG Insured
  
Aaa/AAA
       418,876      
  1,500,000  
4.250%, 07/15/27 NPFG Insured
  
Aaa/AAA
       1,553,550      
                         
     
Harris County, Texas Utility District #268
                  
  905,000  
4.375%, 09/01/27 Radian Insured
  
NR/NR*
       869,895      
                         
     
Houston, Texas Public Improvement
                  
  1,500,000  
5.000%, 03/01/29
  
Aa2/AA
       1,659,120      
                         
     
King County, Washington Unlimited Tax
                  
  1,000,000  
4.500%, 12/01/25 AGMC Insured
  
Aa1/AAA
       1,075,890      
                         
     
Laredo, Texas
                  
  300,000  
4.250%, 08/15/21 AMBAC Insured
  
Aa2/AA-
       315,864      
  500,000  
4.500%, 02/15/24 NPFG Insured
  
Aa2/AA-
       524,790      
                         
     
Las Vegas Valley, Nevada Water District Refunding & Water Improvement
                  
  1,500,000  
5.000%, 06/01/27 Series A NPFG-FGIC Insured
  
Aa1/AA+
       1,563,075      
                         
     
McKinney, Texas
                  
  1,700,000  
4.500%, 08/15/23 Syncora Guarantee, Inc. Insured
  
Aa1/AA+
       1,804,210      
  1,375,000  
5.000%, 08/15/24 AMBAC Insured
  
Aa1/AA+
       1,512,349      
  695,000  
4.375%, 08/15/25 NPFG Insured
  
Aa1/AA+
       738,757      
                         
     
Mesquite, Texas
                  
  510,000  
4.625%, 02/15/22 AGMC Insured
  
Aa2/AAA
       545,348      
                         
     
Montgomery County, Texas
                  
  2,975,000  
5.250%, 03/01/32
  
Aa2/AA
       3,316,798      
                         
     
Ocean Shores, Washington Refunding
                  
  1,030,000  
5.500%, 12/01/21 NPFG-FGIC Insured
  
NR/A
       1,071,241      
 
 
 
 
 
     
San Antonio, Texas
                 
  125,000  
4.750%, 02/01/24 AGMC Insured
  
Aaa/AAA
       131,245      
                         
     
San Patricio County, Texas
                  
  450,000  
4.600%, 04/01/25 AMBAC Insured
  
Aa3/NR
       478,683      
                         
     
Texas State
                  
  415,000  
4.500%, 08/01/22
  
Aaa/AA+
       460,152      
                         
     
Waco, Texas
                  
  2,560,000  
4.500%, 02/01/24 NPFG Insured
  
Aa2/AA
       2,635,546      
                         
     
Washington County, Utah
                  
  1,250,000  
5.000%, 10/01/22 NPFG Insured
  
A1/NR
       1,299,875      
                         
     
Washoe County, Nevada Refunding Reno/Sparks Convention
                  
  2,000,000  
5.000%, 07/01/23 NPFG-FGIC Insured
  
Aa1/AA
       2,040,300      
                         
     
Williamson County, Texas
                  
  460,000  
4.500%, 02/15/26 AGMC Insured
  
Aa1/AAA
       486,671      
                         
     
Total City, County and State
           31,979,385      
                         
     
Local Public Property (1.3%)
                  
                         
     
Clark County, Nevada, Refunding, Series A
                  
  2,280,000  
5.000%, 12/01/29
  
Aaa/AA+
       2,464,133      
                         
     
Utah State, Series A
                  
  665,000  
5.000%, 01/01/24
  
Aaa/AAA
       768,634      
                         
     
Washoe County, Nevada Refunding Reno/Sparks Convention
                  
  2,000,000  
5.250%, 07/01/29 NPFG-FGIC Insured
  
Aa1/AA
       2,034,900      
                         
     
Total Local Public Property
           5,267,667      
                         
     
School District (4.6%)
                  
                         
     
Alamo, Texas Community College District, Series A
                  
  1,000,000  
5.000%, 08/15/37
  
Aaa/AA+
       1,000,650      
                         
     
Borger, Texas Independent School District
                  
  400,000  
4.500%, 02/15/24 PSF Guaranteed
  
NR/AAA
       427,044      
  500,000  
4.500%, 02/15/25 PSF Guaranteed
  
NR/AAA
       530,505      
                         
     
Clark County, Nevada School District Series A
                  
  500,000  
5.000%, 06/15/28
  
Aa1/AA
       533,490      
                         
     
Clint, Texas Independent School District
                  
  265,000  
4.250%, 02/15/28 PSF Guaranteed
  
NR/AAA†
       274,105      
                         
     
Conroe, Texas Independent School District, School Building
                  
  750,000  
5.750%, 02/15/35 Series A
  
Aa2/AA
       839,018      
                         
     
Freemont County, Wyoming School District #14
                  
  355,000  
4.500%, 06/15/26
  
NR/A+††††
       377,695      
                         
     
Frisco, Texas Independent School District
                  
  1,260,000  
5.000%, 07/15/26 PSF Guaranteed
  
Aaa/NR†
       1,340,968      
                         
     
Galena Park, Texas Independent School District
                  
  295,000  
4.625%, 08/15/25 PSF Guaranteed
  
Aaa/NR†
       318,110      
                         
     
Harrisburg, South Dakota Independent School District No. 41-2
                  
  1,370,000  
4.500%, 01/15/24 AGMC Insured
  
Aa3/NR
       1,392,098      
                         
     
La Feria, Texas Independent School District
                 
  210,000  
4.400%, 02/15/24 PSF Guaranteed
  
Aaa/NR
       220,437      
                         
     
Lindale, Texas Independent School District
                  
  440,000  
4.250%, 02/15/21 PSF Guaranteed
  
NR/AAA
       464,710      
  1,000,000  
4.250%, 02/15/22 PSF Guaranteed
  
NR/AAA
       1,051,550      
  445,000  
4.375%, 02/15/23 PSF Guaranteed
  
NR/AAA
       469,640      
 
 
 
 
 
     
Lovejoy, Texas Independent School District
                  
  200,000  
4.500%, 02/15/24 PSF Guaranteed
  
Aaa/AAA
       209,960      
                         
     
Navasota, Texas Independent School District
                  
  475,000  
5.000%, 08/15/23 NPFG FGIC Insured
  
A3/NR
       503,500      
                         
     
Port Arthur, Texas Independent School District School Building
                  
  2,000,000  
5.250%, 02/15/30 NPFG-FGIC Insured
  
Aa3/A+
       2,073,340      
                         
     
Prosper, Texas Independent School District
                  
  395,000  
4.125%, 08/15/21 PSF Guaranteed
  
NR/AAA†
       418,621      
                         
     
Spring, Texas Independent School District
                 
  300,000  
4.750%, 08/15/23 PSF Guaranteed
  
Aaa/AAA
       315,714      
                         
     
Uintah County, Utah School District
                  
  455,000  
4.250%, 02/01/24
  
Aaa/NR
       484,661      
                         
     
Van, Texas Independent School District
                  
  750,000  
4.875%, 02/15/26 PSF Guaranteed
  
Aaa/AAA
       820,403      
                         
     
Wasatch County, Utah School District
                  
  880,000  
5.000%, 06/01/25 State of Utah Guaranty
  
Aaa/NR
       972,822      
                         
     
Washington County, Utah
                  
  440,000  
5.000%, 10/01/18 Syncora Guarantee, Inc. Insured
  
Aa2/NR
       477,853      
  465,000  
5.000%, 10/01/19 Syncora Guarantee, Inc. Insured
  
Aa2/NR
       501,168      
  490,000  
5.000%, 10/01/20 Syncora Guarantee, Inc. Insured
  
Aa2/NR
       526,966      
  510,000  
5.000%, 10/01/21 Syncora Guarantee, Inc. Insured
  
Aa2/NR
       547,082      
  535,000  
5.000%, 10/01/22 Syncora Guarantee, Inc. Insured
  
Aa2/NR
       570,380      
  565,000  
5.000%, 10/01/23 Syncora Guarantee, Inc. Insured
  
Aa2/NR
       599,968      
  320,000  
5.000%, 10/01/24 Syncora Guarantee, Inc. Insured
  
Aa2/NR
       339,315      
                         
     
Washoe County, Nevada School District
                  
  200,000  
4.625%, 06/01/23 NPFG FGIC Insured
  
Aa2/AA
       207,038      
                         
     
Total School District
           18,808,811      
                         
     
Total General Obligation Bonds
           56,055,863      
                         
     
Revenue Bonds (84.5%)
                  
                         
     
Airport (2.7%)
                  
                         
     
Broward County, Florida Airport System Revenue Refunding
                  
  1,000,000  
5.375%, 10/01/29 Series O
   A1/A+       1,083,320      
                         
     
Clark County, Nevada Passenger Facility Charge
                  
  255,000  
4.750%, 07/01/22 NPFG Insured AMT
  
Aa3/A+
       255,224      
                         
     
Clark County, Nevada Passenger Facilities Charge Revenue Las Vegas-McCarran International Airport
                  
  1,500,000  
5.000%, 07/01/30
  
Aa3/A+
       1,557,225      
                         
     
Greater Orlando Florida Airport
                  
  1,950,000  
5.500%, 10/01/23 AMT
  
Aa3/A+
       2,112,338      
                         
     
Hillsborough County, Florida Aviation Authority
                  
  2,185,000  
5.250%, 10/01/23 NPFG Insured AMT
  
Aa3/A+
       2,235,255      
                         
     
Indianapolis, Indiana Airport Authority Revenue Refunding, Series A
                  
  1,000,000  
5.000%, 01/01/37
   A1/A       1,028,240      
                         
     
Miami-Dade County, Florida Aviation Revenue Miami International Airport, Series A-1
                  
  1,700,000  
5.000%, 10/01/22
   A2/A-       1,840,301      
                         
     
Reno-Tahoe, Nevada Airport Authority Revenue Refunding
                  
  1,000,000  
5.000%, 07/01/26 AGMC Insured
  
Aa3/NR††
       1,021,060      
                         
     
Total Airport
           11,132,963      
 
 
 
 
 
     
Education (24.6%)
                  
                         
     
Carmel, Indiana 2002 School Building Corp.
                 
  1,235,000  
4.300%, 01/15/23 AGMC Insured
  
Aa3/AAA
       1,284,128      
                         
     
Central Washington State University System Revenue
                  
  1,265,000  
4.375%, 05/01/26 AGMC Insured
  
Aa3/NR
       1,338,041      
                         
     
Florida State Board of Education Public Education
                  
  210,000  
4.500%, 06/01/25 AGMC Insured
  
Aa1/AAA
       222,930      
                         
     
Hammond, Indiana School Building Corp. First Mortgage
                  
  1,030,000  
5.000%, 07/15/31 NPFG Insured
  
Baa1/AA+
       1,060,673      
                         
     
Hillsborough County, Florida School Board COP
                  
  510,000  
4.250%, 07/01/26 NPFG Insured
  
Aa2/AA-
       519,552      
                         
     
Laredo, Texas Independent School District Public Facility Corp.
                  
  190,000  
5.000%, 08/01/24 AMBAC Insured
  
NR/A†††
       192,620      
                         
     
La Vernia, Texas Higher Education Finance Corp.
                  
  3,528,800  
6.500%, 03/15/38
  
NR/NR*
       3,270,351      
                         
     
Nevada System Higher Education COP
                  
  1,000,000  
5.000%, 07/01/25 AMBAC Insured
  
NR/AA-††
       1,085,640      
                         
     
Salt Lake County, Utah Westminster College Project
                  
  825,000  
4.750%, 10/01/20
  
NR/BBB
       838,349      
  870,000  
4.750%, 10/01/21
  
NR/BBB
       885,060      
  2,300,000  
5.000%, 10/01/22
  
NR/BBB
       2,346,736      
  1,250,000  
5.000%, 10/01/25
  
NR/BBB
       1,260,963      
  2,025,000  
5.125%, 10/01/28
  
NR/BBB
       2,014,389      
                         
     
San Angelo, Texas Independent School District
                  
  1,000,000  
5.250%, 02/15/34 AGMC Insured
  
NR/AAA††
       1,093,990      
                         
     
Spanish Fork City, Utah Charter School Revenue American Leadership Academy
                  
  1,800,000  
5.550%, 11/15/21
  
NR/NR*
       1,698,642      
  945,000  
5.550%, 11/15/26
  
NR/NR*
       850,859      
                         
     
Texas A&M University Revenue
                  
  1,750,000  
5.000%, 07/01/34
  
Aaa/AAA
       1,987,353      
                         
     
Texas State University System Financing Revenue
                  
  655,000  
4.375%, 03/15/23 AGMC Insured
  
Aa2/AAA
       688,582      
  2,000,000  
5.250%, 03/15/25
  
Aa2/AAA
       2,282,440      
                         
     
Tyler, Texas Independent School District
                  
  325,000  
5.000%, 02/15/26 AGMC Insured
  
Aa3/AAA
       345,898      
                         
     
University of Nevada (University Revenues)
                  
  115,000  
4.500%, 07/01/24 ETM NPFG Insured
  
Aa3/A
       123,796      
  75,000  
4.500%, 07/01/24 NPFG Insured
  
Aa3/AA-
       78,218      
                         
     
University of Utah COP
                  
  3,170,000  
4.350%, 12/01/26 AMBAC Insured
  
Aa2/AA-
       3,370,090      
                         
     
Utah County, Utah Charter School Revenue Lakeview Academy
                  
  280,000  
5.350%, 07/15/17 Series A
  
NR/NR*
       266,221      
                         
     
Utah County, Utah Charter School Revenue Lincoln Academy
                  
  900,000  
5.450%, 06/15/17 Series A
  
NR/NR*
       861,012      
                         
     
Utah County, Utah Charter School Revenue Renaissance Academy
                  
  300,000  
5.350%, 07/15/17 Series A
  
NR/NR*
       291,024      
                         
     
Utah County, Utah School Facility
                  
  1,275,000  
6.500%, 12/01/25
  
NR/NR*
       1,158,134      
                         
     
Utah State Board of Regents Auxiliary & Campus Facility
                  
  1,000,000  
4.125%, 04/01/20 NPFG Insured
  
Aa2/AA
       1,051,210      
 
 
 
 
 
     
Utah State Board of Regents Lease Revenue
                  
  410,000  
4.500%, 05/01/20 AMBAC Insured
  
NR/AA
       445,723      
  425,000  
4.500%, 05/01/21 AMBAC Insured
  
NR/AA
       458,384      
  450,000  
4.625%, 05/01/22 AMBAC Insured
  
NR/AA
       485,820      
  120,000  
4.650%, 05/01/23 AMBAC Insured
  
NR/AA
       129,194      
                         
     
Utah State Board of Regents Office Facility Revenue
                  
  450,000  
5.050%, 02/01/20 NPFG Insured
  
Baa1/AA
       465,174      
  360,000  
5.125%, 02/01/22 NPFG Insured
  
Baa1/AA
       371,059      
  1,045,000  
5.000%, 04/01/23 NPFG Insured
  
Aa2/AA-
       1,139,499      
                         
     
Utah State Charter School Finance Authority American Preparatory Academy
                  
  6,900,000  
8.000%, 03/15/39
  
NR/NR*
       6,950,508      
                         
     
Utah State Charter School Finance Authority Channing Hall Academy
                  
  1,700,000  
5.750%, 07/15/22 Series A
  
NR/NR*
       1,503,786      
                         
     
Utah State Charter School Finance Authority Da Vinci Academy
                  
  6,890,000  
8.000%, 03/15/39
  
NR/NR*
       6,940,228      
                         
     
Utah State Charter School Finance Authority Entheos Academy
                  
  5,825,000  
6.750%, 08/15/38
  
NR/NR*
       5,405,950      
                         
     
Utah State Charter School Finance Authority Fast Forward Academy
                  
  3,050,700  
6.500%, 11/15/37 144A
  
NR/NR*
       2,657,892      
                         
     
Utah State Charter School Finance Authority George Washington Academy
                  
  1,000,000  
6.750%, 07/15/28
  
NR/NR*
       947,470      
                         
     
Utah State Charter School Finance Authority Legacy Preparatory Academy
                  
  5,685,000  
6.750%, 06/15/38
  
NR/NR*
       5,706,035      
  7,780,000  
7.250%, 06/15/39
  
NR/NR*
       7,888,609      
                         
     
Utah State Charter School Finance Authority Noah Webster Academy
                  
  3,155,000  
6.250%, 06/15/28
  
NR/NR*
       2,774,444      
  1,475,000  
6.500%, 06/15/38
  
NR/NR*
       1,280,787      
                         
     
Utah State Charter School Finance Authority Rockwell Charter School
                  
  900,000  
6.750%, 08/15/28
  
NR/NR*
       771,129      
                         
     
Utah State Charter School Finance Authority Ronald Wilson Reagan Academy
                  
  1,185,000  
5.750%, 02/15/22 Series A
  
NR/NR*
       1,080,507      
                         
     
Utah State Charter School Finance Authority Summit Academy
                  
  1,280,000  
5.125%, 06/15/17
  
NR/BBB-
       1,210,112      
                         
     
Utah State Charter School Finance Authority Venture Academy
                  
  7,235,000  
7.250%, 11/15/38
  
NR/NR*
       7,239,630      
                         
     
Warsaw, Indiana Multi-School Building Corp., First Mortgage, Series B
                  
  1,800,000  
5.450%, 01/15/28
  
NR/AA+
       2,007,774      
                         
     
Washington State Higher Education Facilities Authority Revenue, Refunding, Gonzaga University Project
                  
  950,000  
5.000%, 04/01/24 Series B
  
A3/NR
       1,016,396      
                         
     
Washington State Higher Education Facilities Authority Revenue, Seattle University Project
                  
  1,600,000  
5.250%, 11/01/27 AMBAC Insured
  
NR/A
       1,730,288      
                         
     
Washington State University Revenue
                  
  735,000  
4.600%, 10/01/29 AGMC Insured
  
Aa2/AAA
       778,416      
                         
     
Wayne Township, Indiana Marion City School Building Corp.
                  
  1,120,000  
5.000%, 07/15/26 NPFG FGIC Insured
  
NR/AA+
       1,224,048      
                         
     
Weber State University, Utah Student Facilities System
                  
  1,825,000  
4.400%, 04/01/27 AGMC Insured
  
NR/AAA†
       1,933,734      
  1,100,000  
5.125%, 04/01/32 NPFG Insured
  
Baa1/AA
       1,168,233      
 
 
 
 
 
     
Zionsville, Indiana Community Schools Building Corp. First Mortgage, Series Z
                  
  2,645,000  
5.000%, 07/15/22 AGMC Insured
  
Aa3/AAA
       2,892,281      
                         
     
Total Education
           101,070,011      
                         
     
Healthcare (0.9%)
                  
                         
     
Harris County, Texas Health Facility Development Corp.
                  
  145,000  
5.000%, 11/15/28 AMBAC Insured
  
NR/A-
       143,122      
                         
     
Indiana Finance Authority Hospital Revenue, Parkview Health System
                  
  1,650,000  
5.875%, 05/01/29
   A1/A+       1,714,664      
                         
     
Sarasota County, Florida Public Hospital District Revenue, Sarasota Memorial Hospital Project
                  
  250,000  
5.625%, 07/01/39
  
A1/NR††
       265,660      
                         
     
Tarrant County, Texas Cultural Education Facilities Finance Corp. Hospital Refunding, Scott & White Healthcare Project
                  
  1,000,000  
5.250%, 08/15/25
   A1/A††       1,071,490      
                         
     
Washington State Health Care Facilities Authority Revenue, Coop of Puget Sound
                  
  500,000  
5.375%, 12/01/17 AMBAC Insured
  
NR/BBB+†††
       512,665      
                         
     
Total Healthcare
           3,707,601      
                         
     
Hospital (2.2%)
                  
                         
     
Campbell County, Wyoming Hospital District, Hospital Revenue, Memorial Hospital Project
                  
  1,040,000  
5.000%, 12/01/20
  
NR/A-
       1,101,017      
  1,000,000  
5.500%, 12/01/34
  
NR/A-
       1,022,290      
                         
     
Collier County, Florida Individual Development Authority Health Care Facilities Naples Community Hospital, Inc. Project
                  
  2,230,000  
4.650%, 10/01/34
  
Aa3/A+
       2,218,649      
                         
     
King County, Washington Public Hospital District No. 002, Refunding, Evergreen Healthcare
                 
  1,000,000  
5.250%, 12/01/28
  
Aa3/AA-
       1,089,480      
                         
     
Reno, Nevada Hospital Revenue, Washoe Medical Center
                  
  725,000  
5.000%, 06/01/23 AGMC Insured
  
Aa3/AAA
       753,449      
  680,000  
5.000%, 06/01/23 AGMC Insured
  
Aa3/AAA
       706,683      
                         
     
Richmond, Indiana Hospital Revenue
                  
  250,000  
5.000%, 01/01/19
  
NR/A+†††
       272,145      
                         
     
Riverton, Utah Hospital Revenue, IHC Health Services, Inc.
                  
  650,000  
5.000%, 08/15/36
  
Aa1/AA+
       680,271      
                         
     
Washington State Health Care Facilities Authority Revenue, Refunding, Fred Hutchinson Cancer
                  
  1,280,000  
5.000%, 01/01/18
   A2/A       1,359,680      
                         
     
Total Hospital
           9,203,664      
                         
     
Housing (8.8%)
                  
                         
     
Alaska Housing Finance Corp. Housing Revenue
                  
  915,000  
4.700%, 06/01/27 AMT
  
Aa2/AA
       914,945      
  820,000  
5.250%, 12/01/28 AMT
  
Aa2/AA
       839,819      
                         
     
Alaska Housing Finance Corp. Mortgage Revenue Refunding, Series B
                  
  3,000,000  
4.500%, 12/01/35
  
Aaa/AAA
       3,004,530      
                         
     
Alaska State Local Housing Authority
                  
  495,000  
5.125%, 06/01/27 Series A2 AMT
  
Aaa/AAA
       505,172      
                         
     
Florida Housing Finance Corp.
                  
  535,000  
5.000%, 07/01/21 AMT
  
Aa1/AA+
       550,092      
  445,000  
6.000%, 07/01/28
  
Aa1/AA+
       476,470      
 
 
 
 
 
     
Indianapolis, Indiana Multi-Family
                  
  425,000  
4.850%, 01/01/21 AMT FNMA Insured
  
Aa2/NR
       435,634      
                         
     
Miami-Dade County, Florida Housing Finance Authority
                  
  535,000  
5.000%, 11/01/23 AGMC Insured AMT
  
Aa3/AAA
       545,192      
                         
     
Nevada Housing Multi-Family, LOC: US Bank
                  
  980,000  
4.750%, 04/01/39 AMT
  
NR/AA-
       984,939      
                         
     
North Dakota Housing Authority Home Mortgage Revenue
                  
  1,885,000  
5.400%, 07/01/23 AMT
  
Aa1/NR
       1,981,418      
  945,000  
5.650%, 07/01/28 AMT
  
Aa1/NR
       989,595      
  850,000  
5.400%, 07/01/28
  
Aa1/NR
       908,123      
                         
     
Puerto Rico Housing Finance Authority
                  
  1,100,000  
5.125%, 12/01/27
  
NR/AA-†††
       1,172,721      
                         
     
Snohomish County, Washington Housing Authority
                  
  185,000  
4.875%, 09/01/12 AMT
  
NR/NR*
       181,848      
  225,000  
5.000%, 09/01/13 AMT
  
NR/NR*
       218,894      
  185,000  
5.000%, 09/01/14 AMT
  
NR/NR*
       177,517      
  145,000  
5.100%, 09/01/15 AMT
  
NR/NR*
       137,570      
                         
     
South Dakota Housing Development Authority
                  
  395,000  
6.000%, 05/01/28
  
Aa1/AAA
       408,920      
                         
     
Texas State Housing Revenue
                  
  805,000  
5.250%, 09/01/32 AMT
  
Aa1/AAA
       830,470      
                         
     
Utah Housing Corporation Single Family Mortgage
                  
  25,000  
5.250%, 07/01/23 AMT
  
Aa2/AA
       25,216      
  1,030,000  
5.125%, 07/01/24 AMT
  
Aa3/AA-
       1,041,526      
  810,000  
5.000%, 07/01/25 AMT
  
Aa3/AA-
       818,651      
  435,000  
5.100%, 01/01/26 AMT
  
Aa3/AA-
       439,724      
  105,000  
5.650%, 07/01/27 AMT
  
Aa2/AA
       105,654      
  1,500,000  
5.250%, 01/01/28 AMT
  
Aa3/AA-
       1,538,505      
  605,000  
5.200%, 01/01/28 AMT
  
Aa3/AA-
       611,897      
  1,865,000  
5.800%, 07/01/28 AMT
  
Aa3/AA-
       1,963,341      
  665,000  
5.700%, 07/01/28 AMT
  
Aa3/AA
       696,521      
  465,000  
5.500%, 07/01/28 AMT
  
Aa3/AA-
       482,079      
  805,000  
6.100%, 01/01/29 AMT
  
Aa3/AA-
       817,357      
                         
     
Utah Housing Corporation Single Family Mortgage
                  
  1,295,000  
5.250%, 07/01/28 Series A
  
Aa3/AA-
       1,347,370      
                         
     
Utah Housing Corporation Single Family Mortgage
                  
  600,000  
4.950%, 01/01/32 Series A Class II
  
Aa2/AA
       614,256      
                         
     
Utah Housing Corporation Single Family Mortgage
                  
  2,360,000  
4.500%, 01/01/24 Series A Class III
  
Aa3/AA-
       2,427,826      
                         
     
Utah Housing Corporation Single Family Mortgage
                  
  1,000,000  
4.500%, 07/01/23 Series C
  
Aa3/AA-
       1,062,290      
                         
     
Utah State Housing Finance Agency
                  
  75,000  
5.700%, 07/01/15 AMT
  
Aa3/AA-
       75,708      
  30,000  
5.400%, 07/01/16 AMT
  
Aa2/NR
       30,134      
  455,000  
5.500%, 07/01/18 AMT
  
Aa3/AA-
       465,902      
  5,000  
5.300%, 07/01/18 AMT
  
Aaa/AAA
       5,056      
  50,000  
5.000%, 07/01/18 AMT
  
Aaa/AAA
       50,032      
  25,000  
5.400%, 07/01/20 AMT
  
Aaa/NR
       25,288      
  140,000  
5.600%, 07/01/23 AMT
  
Aa2/AA
       141,791      
  5,000  
5.700%, 07/01/26 NPFG Insured
   A2/A       5,002      
                         
     
Wyoming Community Development Authority Housing Revenue
                  
  500,000  
4.375%, 12/01/30 Series 2
  
Aa1/AA+
       510,770      
                         
     
Wyoming Community Development Authority Housing Revenue
                  
  2,000,000  
5.000%, 12/01/22 Series 10 AMT
  
Aa1/AA+
       2,071,980      
  3,315,000  
5.625%, 12/01/38
  
Aa1/AA+
       3,486,087      
                         
     
Total Housing
           36,123,832      
 
 
 
 
 
     
Industrial Development & Pollution Control (1.0%)
                  
                         
     
Emery County, Utah Pollution Control Revenue Pacificorp Projects
                  
  3,000,000  
5.650%, 11/01/23 AMBAC Insured
   A2/A       3,008,880      
                         
     
Utah County Environmental Improvement Revenue
                  
  1,025,000  
5.050%, 11/01/17
  
Baa1/BBB+
       1,056,211      
                         
     
Total Industrial Development & Pollution Control
           4,065,091      
                         
     
Lease (5.9%)
                  
                         
     
Celebration Community Development District, Florida
                  
  290,000  
5.000%, 05/01/22 NPFG Insured
  
Baa1/A
       278,655      
                         
     
Clark County, Nevada Improvement District Revenue
                  
  690,000  
5.125%, 12/01/19
  
NR/NR*
       614,279      
                         
     
Clark County, Nevada Improvement District Special Local Improvement #128 (Summerlin)
                  
  500,000  
5.000%, 02/01/21 Series A
  
NR/NR*
       409,970      
                         
     
Davis County, Utah Lease Revenue DMV Project
                  
  78,000  
5.400%, 11/01/17
  
NR/NR*
       78,038      
  83,000  
5.450%, 11/01/18
  
NR/NR*
       83,032      
  87,000  
5.500%, 11/01/19
  
NR/NR*
       87,024      
  92,000  
5.550%, 11/01/20
  
NR/NR*
       92,017      
  97,000  
5.600%, 11/01/21
  
NR/NR*
       97,012      
  103,000  
5.650%, 11/01/22
  
NR/NR*
       103,008      
  108,000  
5.700%, 11/01/23
  
NR/NR*
       108,005      
  115,000  
5.700%, 11/01/24
  
NR/NR*
       114,999      
  121,000  
5.750%, 11/01/25
  
NR/NR*
       120,995      
  128,000  
5.750%, 11/01/26
  
NR/NR*
       127,992      
                         
     
Marion County, Indiana Convention & Recreational Facilities Authority
                  
  815,000  
5.000%, 06/01/27 NPFG Insured
  
Baa1/A
       815,212      
                         
     
Middle Village, Florida Community Development District Special Assessment Revenue
                  
  1,090,000  
6.750%, 05/01/25
  
NR/NR*
       1,108,377      
                         
     
New Albany, Indiana Development Authority
                  
  500,000  
4.250%, 02/01/22
  
NR/A-
       516,210      
                         
     
Port Saint Lucie, Florida Special Assessment Revenue Southwest Annexation District 1-B
                  
  500,000  
5.000%, 07/01/27 NPFG Insured
  
Baa1/A
       510,280      
                         
     
Red River, Texas Higher Education TCU Project
                  
  1,000,000  
4.375%, 03/15/25
  
Aa3/NR††
       1,043,020      
                         
     
Salt Lake Valley, Utah Fire Service District Lease Revenue
                  
  2,645,000  
5.200%, 04/01/28
  
Aa2/NR††
       2,875,380      
  1,000,000  
5.250%, 04/01/30
  
Aa2/NR††
       1,078,190      
                         
     
South Dakota State Building Authority Revenue
                  
  500,000  
4.500%, 06/01/24 NPFG FGIC Insured
  
NR/AA-††
       530,655      
                         
     
Tooele County, Utah Municipal Building Authority School District Lease Revenue
                  
  1,000,000  
5.000%, 06/01/28
   A1/A+       1,038,580      
                         
     
Uintah County, Utah Municipal Building Authority Lease Revenue
                  
  2,000,000  
5.300%, 06/01/28
  
NR/A+
       2,142,640      
                         
     
Utah State Building Ownership Authority
                  
  465,000  
5.000%, 05/15/21
  
Aa1/AA+
       509,914      
  1,755,000  
5.250%, 05/15/23
  
Aa1/AA+
       1,886,643      
  510,000  
5.000%, 05/15/23
  
Aa1/AA+
       555,696      
  1,845,000  
5.250%, 05/15/24
  
Aa1/AA+
       1,978,172      
  1,080,000  
5.000%, 05/15/25
  
Aa1/AA+
       1,147,662      
  1,575,000  
5.000%, 05/15/26
  
Aa1/AA+
       1,745,573      
 
 
 
 
 
     
West Bountiful, Utah Courthouse Revenue
                  
  410,000  
5.000%, 05/01/19
  
NR/A††
       439,151      
                         
     
West Valley City, Utah Municipal Building Authority Lease Revenue Refunding
                  
  1,890,000  
4.375%, 08/01/26 Series A NPFG FGIC Insured
  
NR/A+†††
       1,966,243      
                         
     
Total Lease
           24,202,624      
                         
     
Local Public Property (5.3%)
                  
                         
     
Carmel, Indiana Redevelopment Authority Lease Rent Revenue
                  
  2,000,000  
5.000%, 02/01/26
  
Aa1/AA+
       2,165,640      
                         
     
Herriman, Utah Special Assessment Towne Center Assessment Area
                  
  1,045,000  
4.875%, 11/01/23
  
NR/A
       1,080,102      
  1,150,000  
5.000%, 11/01/25
  
NR/A
       1,185,259      
  1,675,000  
5.000%, 11/01/29
  
NR/A
       1,691,968      
                         
     
Orange County, Florida Sales Tax Revenue
                 
  1,000,000  
5.000%, 01/01/27 Series B NPFG-FGIC Insured
  
Aa3/AA
       1,031,980      
                         
     
Sevier County, Utah Municipal Building Authority Lease Revenue Refunding
                  
  915,000  
5.000%, 11/15/19 NPFG-FGIC Insured
  
NR/NR*
       939,321      
                         
     
South Ogden City, Utah Sales Tax Revenue Refunding
                  
  1,895,000  
4.375%, 05/01/29 FGIC-NPFG Insured
  
Baa1/A+
       1,935,837      
                         
     
Twin Creeks, Utah
                  
  11,657,737  
10.000%, 07/15/30
  
NR/NR*
       11,729,316      
                         
     
Total Local Public Property
           21,759,423      
                         
     
Tax Revenue (9.3%)
                  
                         
     
Aqua Isles, Florida Community Development District Revenue
                  
  935,000  
7.000%, 05/01/38
  
NR/NR*
       760,651      
                         
     
Bountiful City, Utah Sales Tax Refunding Bond
                  
  556,000  
3.500%, 06/01/13
  
NR/AA
       587,370      
  832,000  
4.000%, 06/01/17
  
NR/AA
       912,338      
                         
     
Brigham, Utah Special Assessment Voluntary Assessment Area
                  
  1,140,000  
5.250%, 08/01/23
  
A1/NR
       1,223,938      
  1,195,000  
5.500%, 08/01/29
  
A1/NR
       1,264,191      
                         
     
Clark County, Nevada Improvement District
                  
  250,000  
5.000%, 08/01/16
  
NR/NR*
       228,410      
                         
     
Coral Canyon, Utah Special Service District
                  
  70,000  
5.000%, 07/15/13
  
NR/NR*
       70,181      
  250,000  
5.500%, 07/15/18
  
NR/NR*
       245,640      
                         
     
Florida State Department of Environmental Protection Revenue
                  
  1,800,000  
5.250%, 07/01/20 NPFG Insured
  
Aa3/AA-
       1,900,566      
                         
     
Henderson, Nevada Local Improvement District
                  
  95,000  
4.500%, 09/01/12
  
NR/NR*
       93,568      
  295,000  
5.000%, 09/01/14
  
NR/NR*
       285,442      
  295,000  
5.000%, 09/01/15
  
NR/NR*
       279,132      
  230,000  
5.000%, 03/01/16
  
NR/NR*
       207,559      
                         
     
Holladay, Utah Redevelopment Agency
                  
  2,715,000  
4.900%, 12/30/20
  
NR/NR*
       2,376,820      
 
 
 
 
 
     
Jordanelle, Utah Special Service District
                  
  186,000  
5.000%, 11/15/14
  
NR/NR*
       180,945      
  196,000  
5.100%, 11/15/15
  
NR/NR*
       186,665      
  206,000  
5.200%, 11/15/16
  
NR/NR*
       194,141      
  216,000  
5.300%, 11/15/17
  
NR/NR*
       201,411      
  228,000  
5.400%, 11/15/18
  
NR/NR*
       211,956      
  240,000  
5.500%, 11/15/19
  
NR/NR*
       220,884      
  253,000  
5.600%, 11/15/20
  
NR/NR*
       230,693      
  268,000  
5.700%, 11/15/21
  
NR/NR*
       241,380      
  283,000  
5.800%, 11/15/22
  
NR/NR*
       254,055      
  299,000  
6.000%, 11/15/23
  
NR/NR*
       270,496      
                         
     
Jordanelle, Utah Special Service Improvement District
                  
  120,000  
8.000%, 10/01/11
  
NR/NR*
       119,752      
                         
     
La Verkin, Utah Sales and Franchise Tax Revenue
                  
  571,000  
5.100%, 07/15/27
  
NR/NR*
       510,942      
                         
     
Lehi, Utah Sales Tax
                  
  790,000  
5.000%, 06/01/24 AGMC Insured
  
Aa3/AAA
       849,392      
                         
     
Mesquite, Nevada New Special Improvement District
                  
  230,000  
5.300%, 08/01/11
  
NR/NR*
       227,712      
  175,000  
4.600%, 08/01/11
  
NR/NR*
       172,078      
  180,000  
4.750%, 08/01/12
  
NR/NR*
       173,432      
  215,000  
4.900%, 08/01/13
  
NR/NR*
       203,280      
  130,000  
5.250%, 08/01/17
  
NR/NR*
       116,574      
  295,000  
5.350%, 08/01/19
  
NR/NR*
       252,178      
  125,000  
5.400%, 08/01/20
  
NR/NR*
       105,425      
  470,000  
5.500%, 08/01/25
  
NR/NR*
       374,181      
                         
     
Mountain Regional Water, Utah Special Service District
                  
  2,000,000  
5.000%, 12/15/20 NPFG Insured
  
Baa1/A+††
       2,146,160      
                         
     
North Ogden, Utah Sales Tax Revenue
                  
  195,000  
5.000%, 11/01/24 Syncora Guarantee, Inc. Insured
  
NR/A+††
       212,417      
                         
     
Payson City, Utah Sales Tax Revenue
                  
  445,000  
5.000%, 08/01/21 AGMC Insured
  
Aa3/AAA
       495,726      
                         
     
Pembroke Harbor, Florida Community Development District Revenue
                  
  1,780,000  
7.000%, 05/01/38
  
NR/NR*
       1,388,382      
                         
     
Puerto Rico Sales Tax Financing Corp., Series A
                  
  2,000,000  
5.250%, 08/01/30
   A1/A+       2,116,180      
                         
     
Salt Lake City, Utah Sales Tax
                  
  955,000  
5.000%, 02/01/21
  
NR/AAA
       1,061,731      
  1,005,000  
5.000%, 02/01/22
  
NR/AAA
       1,114,696      
  1,060,000  
5.000%, 02/01/23
  
NR/AAA
       1,174,777      
  1,115,000  
5.000%, 02/01/24
  
NR/AAA
       1,234,283      
                         
     
Sandy City, Utah Sales Tax
                  
  605,000  
5.000%, 09/15/20 AMBAC Insured (pre-refunded)
  
NR/AA+
       657,859      
                         
     
South Weber City, Utah
                  
  525,000  
5.000%, 01/15/24 NPFG Insured
  
Baa1/A
       563,126      
                         
     
Springville, Utah Special Assessment Revenue
                  
  400,000  
5.500%, 01/15/17
  
NR/NR*
       366,448      
  457,000  
5.650%, 01/15/18
  
NR/NR*
       408,266      
  483,000  
5.800%, 01/15/19
  
NR/NR*
       428,059      
  510,000  
5.900%, 01/15/20
  
NR/NR*
       448,928      
  540,000  
6.000%, 01/15/21
  
NR/NR*
       473,105      
                         
     
Uintah County, Utah Municipal Building Authority Lease Revenue
                  
  500,000  
5.000%, 06/01/24
  
NR/A+
       537,100      
                         
     
Utah Transit Authority Sales Tax Revenue, Series A
                  
  1,000,000  
5.000%, 06/15/36 AGMC Insured
  
Aa2/AAA
       1,076,590      
 
 
 
 
 
     
Vernal City, Utah Sales Tax Revenue
                  
  515,000  
4.750%, 09/01/31 AGMC Insured
  
NR/AAA
       544,870      
  300,000  
4.875%, 09/01/34 AGMC Insured
  
NR/AAA
       315,360      
                         
     
Wasatch County, Utah Building Authority
                  
  130,000  
5.000%, 10/01/15
  
A1/NR
       139,032      
  135,000  
5.000%, 10/01/16
  
A1/NR
       143,979      
                         
     
Wasatch County, Utah Sales Tax
                  
  205,000  
5.000%, 12/01/16 AMBAC Insured
  
NR/A+
       217,415      
  210,000  
5.000%, 12/01/17 AMBAC Insured
  
NR/A+
       222,079      
  225,000  
5.000%, 12/01/18 AMBAC Insured
  
NR/A+
       236,581      
                         
     
Washington City, Utah Sales Tax
                  
  680,000  
5.250%, 11/15/17 AMBAC Insured
  
NR/A
       740,738      
                         
     
Weber County, Utah Sales Tax
                  
  385,000  
5.000%, 07/01/23 AMBAC Insured
  
A1/NR
       404,050      
                         
     
West Valley City, Utah Redevelopment Agency
                  
  1,625,000  
5.000%, 03/01/21
  
NR/A-
       1,726,400      
  320,000  
5.000%, 03/01/22
  
NR/A-
       338,893      
  350,000  
5.000%, 03/01/23
  
NR/A-
       369,786      
  1,000,000  
5.000%, 03/01/24
  
NR/A-
       1,053,620      
                         
     
Total Tax Revenue
           38,090,014      
                         
     
Transportation (2.6%)
                  
                         
     
Alaska State International Airport Revenue
                  
  175,000  
5.000%, 10/01/24 AMBAC Insured AMT
  
Aa3/NR††
       176,015      
                         
     
Central Puget Sound, Washington Regional Transportation Authority Sales Tax
                  
  1,050,000  
4.750%, 02/01/28 FGIC-NPFG Insured
  
Aa1/AAA
       1,052,982      
                         
     
Florida State Turnpike Authority Turnpike Revenue
                 
  500,000  
4.500%, 07/01/22 NPFG Insured
  
Aa3/AA-
       522,955      
                         
     
Indiana Finance Authority Highway Revenue
                  
  1,950,000  
4.500%, 12/01/25 NPFG FGIC Insured
  
Aa1/AA+
       2,073,728      
                         
     
Miami-Dade County, Florida Aviation Revenue
                  
  600,000  
5.000%, 10/01/24 NPFG FGIC Insured AMT
   A2/A       600,426      
                         
     
North Texas Turnpike Authority Revenue
                  
  2,000,000  
6.100%, 01/01/28
   A2/A-       2,278,640      
                         
     
Port of Seattle, Washington Revenue
                  
  1,095,000  
5.100%, 04/01/24 AMT NPFG FGIC Insured
  
Aa2/AA-
       1,096,303      
                         
     
Utah Transit Authority Sales Tax & Transportation Revenue
                  
  195,000  
5.250%, 06/15/32 AGMC Insured
  
Aa2/AAA
       236,872      
  1,450,000  
4.125%, 06/15/22 AGMC Insured
  
Aa2/AAA
       1,537,914      
                         
     
Washoe County, Nevada Highway Revenue
                  
  1,000,000  
5.500%, 02/01/28
  
A1/AA-
       1,097,810      
                         
     
Total Transportation
           10,673,645      
                         
     
Utility (16.3%)
                  
                         
     
Alaska Industrial Development & Export Authority
                  
  400,000  
4.625%, 12/01/16 AMBAC Insured AMT
  
NR/NR*
       398,812      
                         
     
Central Weber, Utah Sewer Improvement District Revenue Refunding, Series A
                  
  1,000,000  
5.000%, 03/01/28 AGMC Insured
  
NR/AAA††
       1,106,630      
  2,000,000  
4.375%, 03/01/30 AGMC Insured
  
NR/AAA††
       2,077,340      
  4,000,000  
5.000%, 03/01/33 AGMC Insured
  
NR/AAA††
       4,284,920      
                         
     
Clark County, Washington Public Utility District No. 001 Generating Refunding
                  
  1,000,000  
5.000%, 01/01/24
   A2/A       1,095,150      
 
 
 
 
 
     
Cowlitz County, Washington Public Utility District Electric Revenue
                  
  1,000,000  
4.500%, 09/01/26 NPFG Insured
   A1/A       1,029,750      
                         
     
Eagle Mountain, Utah Gas & Electric
                  
  1,385,000  
4.250%, 06/01/20 Radian Insured
  
NR/NR*
       1,350,638      
  1,440,000  
5.000%, 06/01/21 Radian Insured
  
NR/NR*
       1,467,432      
  1,515,000  
5.000%, 06/01/22 Radian Insured
  
NR/NR*
       1,539,407      
                         
     
El Paso, Texas Solid Waste Disposal System Revenue
                  
  1,540,000  
5.125%, 08/15/28 AGMC Insured
  
Aa3/AAA
       1,608,776      
                         
     
Garland, Texas Water & Sewer
                  
  440,000  
4.500%, 03/01/21 AMBAC Insured
  
NR/AA††
       460,042      
                         
     
Herriman City, Utah Water Revenue Refunding
                  
  1,210,000  
4.500%, 01/01/33 AMBAC Insured
  
NR/A
       1,236,027      
                         
     
Houston, Texas Utility System Revenue, Refunding
                  
  1,500,000  
5.250%, 05/15/26 Series A NPFG Insured
  
Aa2/AA
       1,642,635      
  4,665,000  
5.125%, 05/15/28 Series A NPFG Insured
  
Aa2/AA
       5,003,399      
                         
     
Intermountain Power Agency, Utah Power Supply Revenue, Refunding
                  
  1,000,000  
4.250%, 07/01/19 Series B
   A1/A+††       1,053,850      
  1,000,000  
5.000%, 07/01/21 Series A AGMC Insured
  
Aa3/AAA
       1,074,830      
  1,500,000  
5.250%, 07/01/22 Series A
   A1/A+††       1,640,610      
  250,000  
5.250%, 07/01/23
   A1/A+††       272,943      
                         
     
Jacksonville Electric Authority, Florida Electric System Revenue
                  
  500,000  
5.000%, 10/01/26
  
Aa3/A+
       512,960      
                         
     
King County, Washington Sewer Revenue
                  
  660,000  
5.000%, 01/01/33 AGMC Insured
  
Aa2/AAA
       707,467      
                         
     
Lower Colorado River Authority, Texas Revenue, Refunding
                  
  1,535,000  
5.250%, 05/15/29
   A1/A       1,685,277      
                         
     
Lower Colorado River Authority, Texas Transmission Contract Revenue, Refunding
                  
  1,065,000  
5.000%, 05/15/33 AMBAC Insured
   A2/A       1,091,913      
                         
     
Manti City, Utah Electric System Revenue
                  
  603,000  
5.750%, 02/01/17
  
NR/NR*
       688,126      
                         
     
Miami-Dade County, Florida Water and Sewer Revenue System
                  
  1,500,000  
5.000%, 10/01/29 AGMC Insured
  
Aa2/AAA
       1,635,420      
                         
     
Murray City, Utah Utility Electric Revenue
                  
  1,340,000  
5.000%, 06/01/25 AMBAC Insured
  
A2/NR
       1,441,224      
                         
     
Orem, Utah Water & Storm Sewer Revenue
                  
  1,000,000  
5.000%, 07/15/26
  
NR/AA††
       1,117,180      
  1,000,000  
5.250%, 07/15/28
  
NR/AA††
       1,132,750      
                         
     
Port St. Lucie, Florida Utility System Revenue
                  
  2,500,000  
5.250%, 09/01/23 NPFG Insured
  
Aa3/NR
       2,807,175      
  1,200,000  
5.250%, 09/01/26 NPFG Insured
  
Aa3/NR††
       1,250,172      
                         
     
Puerto Rico Electric Power Authority Revenue Series XX
                  
  1,000,000  
4.750%, 07/01/26
  
A3/BBB+
       1,053,340      
                         
     
Rockport, Indiana Pollution Control Revenue Indiana Michigan Power Company Project
                  
  1,500,000  
4.625%, 06/01/25 Series A FGIC Insured
  
Baa2/BBB
       1,541,865      
                         
     
Salt Lake & Sandy, Utah Metropolitan Water District, Water Revenue, Refunding
                  
  650,000  
5.000%, 07/01/31 Series A
  
NR/AA+††
       711,555      
                         
     
Santa Clara, Utah Electric Revenue
                  
  1,005,000  
4.250%, 08/01/26 CIFG Insured
  
Baa3/NR
       967,905      
                         
     
South Valley, Utah Water Reclamation Facility Sewer Revenue
                  
  425,000  
5.000%, 08/15/30 AMBAC Insured
  
NR/A
       448,775      
 
 
 
 
 
     
South Weber City, Utah Water Revenue
                  
  730,000  
5.000%, 06/01/35 AGMC Insured
  
NR/AAA
       775,326      
  930,000  
5.000%, 06/01/40 AGMC Insured
  
NR/AAA
       981,699      
                         
     
Southern Utah Valley Power System
                  
  210,000  
5.250%, 09/15/13 NPFG Insured
  
Baa1/A
       225,874      
  225,000  
5.250%, 09/15/14 NPFG Insured
  
Baa1/A
       241,288      
  235,000  
5.250%, 09/15/15 NPFG Insured
  
Baa1/A
       249,770      
  185,000  
5.125%, 09/15/21 NPFG Insured
  
Baa1/A
       192,938      
                         
     
St. George, Utah Electric Revenue
                  
  3,250,000  
5.000%, 06/01/38 AGMC Insured
  
Aa3/NR
       3,403,368      
                         
     
Tacoma, Washington Solid Waste Utility Revenue
                  
  1,000,000  
5.000%, 12/01/23 Syncora Guarantee, Inc. Insured
  
A2/AA
       1,068,660      
                         
     
Tallahassee, Florida Energy System Revenue
                  
  1,060,000  
5.000%, 10/01/23 NPFG Insured
  
Aa3/AA
       1,131,200      
                         
     
Tallahassee, Florida Energy System Revenue Refunding
                  
  1,500,000  
5.000%, 10/01/28 NPFG Insured
  
Aa3/AA
       1,627,665      
                         
     
Utah Assessed Municipal Power System
                  
  1,000,000  
5.000%, 04/01/21 AGMC Insured
  
Aa3/AAA
       1,065,950      
                         
     
Utah Water Conservancy District
                  
  1,400,000  
5.250%, 01/15/27
  
NR/A
       1,509,914      
                         
     
Utah Water Finance Agency Revenue Loan Financing Program
                  
  1,200,000  
5.000%, 10/01/20 Series A AMBAC Insured
  
A1/NR
       1,297,464      
                         
     
Washington, Utah Electric Revenue
                  
  985,000  
5.000%, 09/01/21 Syncora Guarantee, Inc. Insured
  
Baa1/NR
       1,043,637      
  1,000,000  
5.000%, 09/01/24 Syncora Guarantee, Inc. Insured
  
Baa1/NR
       1,028,500      
                         
     
White City, Utah Water Improvement District Revenue
                  
  500,000  
5.000%, 02/01/23 AGMC Insured
  
Aa3/NR
       539,535      
  700,000  
5.000%, 02/01/25 AGMC Insured
  
Aa3/NR
       748,811      
  840,000  
5.000%, 02/01/27 AGMC Insured
  
Aa3/NR
       890,324      
                         
     
Wyoming Municipal Power Agency Power Supply System Revenue
                  
  720,000  
5.500%, 01/01/28 Series A
   A2/A-       796,781      
                         
     
Wyoming Municipal Power Agency Systems Revenue
                  
  1,000,000  
4.500%, 01/01/29
   A2/A-       1,010,920      
                         
     
Total Utility
           66,965,919      
                         
     
Water and Sewer (4.8%)
                  
                         
     
Eagle Mountain, Utah Water and Sewer
                  
  690,000  
4.750%, 11/15/25 NPFG Insured
  
Baa1/A+††
       728,281      
                         
     
Kearns, Utah Improvement District, Water & Sewer Revenue, Refunding
                  
  475,000  
4.250%, 05/01/27 AGMC Insured
  
Aa3/NR
       483,992      
                         
     
Mesquite, Texas Waterworks & Sewer
                  
  225,000  
4.500%, 03/01/24 AGMC Insured
  
Aa2/AAA
       233,845      
                         
     
Murray City, Utah Sewer and Water
                  
  440,000  
5.000%, 10/01/19 AMBAC Insured
  
Aa3/NR
       466,272      
                         
     
Ogden City, Utah Sewer & Water Revenue
                  
  750,000  
4.625%, 06/15/38 AGMC Insured
  
Aa3/NR
       767,265      
                         
     
Pleasant Grove City, Utah Water Revenue
                  
  450,000  
4.300%, 12/01/20 NPFG Insured
  
Baa1/A+
       473,585      
  760,000  
4.625%, 12/01/23 AGMC Insured
  
NR/AAA
       834,883      
  1,000,000  
5.250%, 12/01/29 AGMC Insured
  
Aaa/AAA
       1,108,960      
  1,370,000  
5.000%, 12/01/31 Series B NPFG Insured
  
Baa1/A+
       1,416,059      
 
 
 
 
 
     
Rapid City, South Dakota Water Revenue
                  
  500,000  
5.000%, 11/01/29
  
Aa3/NR
       549,695      
  1,500,000  
5.250%, 11/01/39
  
Aa3/NR
       1,609,560      
                         
     
Santa Clara, Utah Storm Drain Revenue
                  
  877,000  
5.100%, 09/15/26
  
NR/NR*
       760,903      
                         
     
Smithfield, Utah Water Revenue
                  
  90,000  
4.750%, 06/01/17
  
NR/NR*
       86,565      
  94,000  
4.800%, 06/01/18
  
NR/NR*
       89,138      
  99,000  
4.850%, 06/01/19
  
NR/NR*
       93,048      
  103,000  
4.900%, 06/01/20
  
NR/NR*
       96,212      
  108,000  
5.000%, 06/01/21
  
NR/NR*
       101,686      
  114,000  
5.050%, 06/01/22
  
NR/NR*
       107,096      
  120,000  
5.100%, 06/01/23
  
NR/NR*
       112,634      
  126,000  
5.150%, 06/01/24
  
NR/NR*
       118,450      
  132,000  
5.200%, 06/01/25
  
NR/NR*
       123,870      
  139,000  
5.250%, 06/01/26
  
NR/NR*
       130,784      
                         
     
Upper Trinity Regional Water District, Texas
                 
  205,000  
4.500%, 08/01/20 AMBAC Insured
   A1/A-       213,309      
                         
     
Utah Water Finance Agency Revenue
                  
  200,000  
5.250%, 07/01/16 AMBAC Insured
  
NR/NR*
       207,870      
  310,000  
5.000%, 10/01/17 AMBAC Insured
  
NR/NR*
       320,971      
  510,000  
5.000%, 07/01/18 AMBAC Insured
  
A2/NR
       540,886      
  105,000  
5.000%, 10/01/20 AMBAC Insured (pre-refunded)
  
NR/NR*
       114,274      
  830,000  
4.500%, 10/01/22 AMBAC Insured
  
A1/NR
       865,599      
  740,000  
5.125%, 07/01/23 AMBAC Insured
  
NR/NR*
       752,306      
  870,000  
4.500%, 10/01/23 AMBAC Insured
  
A1/NR
       904,382      
  2,570,000  
5.000%, 10/01/25 AMBAC Insured
  
A2/NR
       2,696,161      
  2,645,000  
4.500%, 10/01/28 AMBAC Insured
  
A1/NR
       2,733,079      
                         
     
Total Water and Sewer
           19,841,620      
                         
     
Total Revenue Bonds
           346,836,407      
                         
     
Total Investments (cost $393,538,416-note b)
   98.1 %     402,892,270      
                         
     
Other assets less liabilities
   1.9       7,792,747      
                         
     
Net Assets
   100.0 %   $ 410,685,017      
                         
     
* 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
                  
                         
         
Percent of
              
     
Portfolio Distribution By Quality Rating
  
Investments 1
              
                         
     
Aaa of Moody's or AAA of S&P and Fitch
   17.5 %            
     
Aa of Moody's or AA of S&P and Fitch
   36.5              
     
A of Moody's or S&P and Fitch
   17.8              
     
Baa of Moody's or BBB of S&P
   3.6              
     
Not rated*
   24.6              
          100.0 %            
                         
     
1 Calculated using the highest rating of the three rating services.
 
 
 
 
 
                         
     
PORTFOLIO ABBREVIATIONS:
                  
     
AGMC - Assured Guaranty Municipal Corp.
                  
     
AMBAC - American Municipal Bond Assurance Corp.
                  
     
AMT - Alternative Minimum Tax
                  
     
CIFG -CDC IXIS Financial Guaranty
                  
     
COP - Certificates of Participation
                  
     
ETM - Escrowed to Maturity
                  
     
FGIC - Financial Guaranty Insurance Co.
                  
     
FNMA - Federal National Mortgage Association
                  
     
LOC - Letter of Credit
                  
     
NPFG - National Public Finance Guarantee
                  
     
NR - Not Rated
                  
     
PSF - Permanent School Fund
                  
 
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, 2010, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $393,415,602 amounted to $9,476,668, which consisted of aggregate gross unrealized appreciation of $13,686,390 and aggregate gross unrealized depreciation of $4,209,722.
     
(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 Fund 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 Fund’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 Fund’s investments, used to value the Fund’s net assets as of September 30, 2010:
     
 
Valuation Inputs 
 
  
 Investments in Securities
  
 Level 1 – Quoted Prices
   $ -  
 Level 2 – Other Significant Observable Inputs - Municipal Bonds+
     402,892,270  
 Level 3 – Significant Unobservable Inputs
     -  
 Total
   $ 402,892,270  
 +See schedule of investments for a detailed listing of securities.
        
 
 
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 26, 2010
    

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 26, 2010
    
       
       
By:
/s/ Joseph P. DiMaggio
    
 
Chief Financial Officer and Treasurer
    
 
November 26, 2010
    
 
 
 EX-99.CERT 2 e607755_ex99-cert.htm CERTFICATIONS Unassociated Document
 
CERTIFICATIONS

I, Diana P. Herrmann, certify that:

1. 
I have reviewed this report on Form N-Q of Tax-Free Fund For Utah;

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 
(c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 
(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

 
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  November 26, 2010

     
/s/ Diana P. Herrmann
    
Diana P. Herrmann
    
President and Trustee
    
 
 
 
 
 
I, Joseph P. DiMaggio, certify that:

1. 
I have reviewed this report on Form N-Q of Tax-Free Fund For Utah;

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4.
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 
(c)
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 
(d)
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.
The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 
(a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

 
(b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:  November 26, 2010
 
     
/s/ Joseph P. DiMaggio
    
Joseph P. DiMaggio
    
Chief Financial Officer and Treasurer
    

 
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