0000872032-13-000028.txt : 20130820 0000872032-13-000028.hdr.sgml : 20130820 20130820112545 ACCESSION NUMBER: 0000872032-13-000028 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130630 FILED AS OF DATE: 20130820 DATE AS OF CHANGE: 20130820 EFFECTIVENESS DATE: 20130820 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: 131050110 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 e611171_nq-tfffu.htm TAX-FREE FUND FOR UTAH 6/30/2013 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: March 31, 2013

Date of reporting period:  June 31, 2013


Item 1. Schedule of Investments.
 
 
 
 
 
TAX-FREE FUND FOR UTAH
SCHEDULE OF INVESTMENTS
June 30, 2013
(unaudited)

Amount
  
General Obligation Bonds (20.0%)
  
Ratings Moody's, S&P and Fitch
  
Value
    
(a)
  
                     
   
City, County and State (3.2%)
                
                     
   
Anderson, Indiana San District
                
$ 505,000  
4.600%, 07/15/23 AMBAC Insured
  
A1/A-/NR
   $ 512,020          
                           
     
Coral Canyon, Utah Special Service District
  
 
                
  100,000  
4.850%, 07/15/17
  
NR/NR/NR*
     99,276          
                           
     
Houston, Texas Public Improvement
                    
  1,000,000  
5.000%, 03/01/29
  
Aa2/AA/NR
     1,084,940          
                           
     
King County, Washington School District #401 School Board Guaranty Program
                    
  1,000,000  
4.500%, 12/01/25 AGMC Insured
  
Aa1/AA+/NR
     1,068,770          
                           
     
Laredo, Texas
                    
  500,000  
4.500%, 02/15/24 NPFG Insured
  
Aa2/AA/AA
     521,570          
                           
     
McKinney, Texas
                    
  1,700,000  
4.500%, 08/15/23 Syncora Guarantee, Inc. Insured
  
Aa1/AAA/NR
     1,806,199          
  1,375,000  
5.000%, 08/15/24 AMBAC Insured
  
Aa1/AAA/NR
     1,499,121          
                           
     
San Patricio County, Texas
                    
  450,000  
4.600%, 04/01/25 AMBAC Insured
  
Aa3/NR/NR
     474,408          
                           
     
Texas State Transportation Commission Mobility Fund
                    
  2,000,000  
4.500%, 04/01/33
  
Aaa/AA+/AAA
     2,074,500          
                           
     
Washington State Various Purpose
                    
  1,405,000  
5.000%, 07/01/30 Series A
  
Aa1/AA+/AA+
     1,522,711          
  2,465,000  
5.000%, 07/01/31 Series A
  
Aa1/AA+/AA+
     2,663,753          
                           
     
Total City, County and State
         13,327,268          
                           
     
Education - Public Schools (2.6%)
                    
                           
     
Brownsboro, Texas Independent School District
                    
  490,000  
zero coupon, 08/15/16 PSF Guaranteed
  
NR/AAA/NR
     470,023          
                           
     
Burnet, Texas Consolidated Independent School District
                    
  1,460,000  
0.050%, 08/01/14 PSF Guaranteed
  
AAA/NR/NR
     1,456,540          
                           
     
Clark County, Nevada School District
                    
  1,150,000  
5.000%, 06/15/18 Series B AGMC Insured
  
Aa3/AA-/A+
     1,190,032          
                           
     
Florida State Board of Education Public Education Capital Outlay
                    
  2,000,000  
4.750%, 06/01/30 2005 Series F
  
Aa1/AAA/AAA
     2,136,560          
                           
     
Houston, Texas Community College System (Harris and Fort Bend Counties)
                    
  500,000  
5.000%, 02/15/27
  
Aa1/AA+/NR
     526,935          
                           
     
Nebo, Utah School District School Board Guaranty Program
                    
  2,900,000  
4.500%, 07/01/24 Series A
  
Aaa/AAA/NR
     3,216,564          
 
 
 
 
 
                           
     
Yakima County, Washington School District #201 School Board Guaranty Program
                    
  1,475,000  
0.050%, 12/01/14
  
Aa1/NR/NR
     1,467,124          
                           
     
Total Education - Public Schools
         10,463,778          
                           
     
Hospital (0.3%)
                    
                           
     
Skagit County, Washington Public Hospital District No. 002, Refunding, Island Hospital
                    
  1,120,000  
0.250%, 12/01/15
  
A1/NR/NR
     1,088,058          
                           
     
Local Public Property (6.2%)
                    
                           
     
Clark County, Nevada, Refunding
                    
  2,280,000  
5.000%, 12/01/29 Series A
  
Aa1/AA+/NR
     2,428,975          
  1,000,000  
5.000%, 07/01/23 Series B
  
Aa1/AA+/NR
     1,110,370          
  2,000,000  
5.000%, 11/01/28 AGMC Insured
  
Aa1/AA+/AA
     2,143,420          
  2,000,000  
4.750%, 06/01/30 AGMC Insured
  
Aa1/AA+/NR
     2,097,960          
  1,000,000  
4.750%, 11/01/27 NPFG/ FGIC Insured
  
Aa1/AA+/NR
     1,056,820          
                           
     
Henderson, Nevada Refunding Various Purpose
                    
  1,000,000  
5.000%, 06/01/33 Series B
  
Aa2/AA/NR
     1,061,780          
                           
     
Hurst, Texas Refunding & Improvement
                    
  570,000  
0.050%, 08/15/15
  
Aa2/AA/NR
     560,219          
                           
     
Kitsap County, Washington Refunding
                    
  1,255,000  
4.850%, 07/01/28 NPFG Insured (pre-refunded)
  
Aa3/AA-/NR
     1,337,152          
                           
     
Miami-Dade County, Florida Building Better Communities Program
                    
  1,170,000  
5.000%, 07/01/29 NPFG/ FGIC Insured
  
Aa2/AA-/AA
     1,241,838          
                           
     
North Las Vegas, Nevada Refunding Ltd. Tax
                    
  1,000,000  
5.000%, 06/01/36
  
Baa2/A/BB+
     981,230          
                           
     
Reno, Nevada, Capital Improvement Refunding
                    
  1,000,000  
4.000%, 06/01/27**
  
A1/A-/NR
     958,680          
  1,000,000  
5.000%, 06/01/28**
  
A1/A-/NR
     1,049,380          
                           
     
San Angelo, Texas Certificates of Obligation
                    
  2,765,000  
5.000%, 02/15/30 Series A
  
Aa2/AA/AA+
     2,929,186          
                           
     
San Patricio County, Texas Certificates of Obligation
                    
  2,260,000  
4.750%, 04/01/31 AMBAC Insured
  
Aa3/NR/NR
     2,364,570          
                           
     
South Davis, Utah Recreation District
                    
  650,000  
0.050%, 01/01/14
  
NR/AA-/NR
     648,941          
                           
     
State of Washington
                    
  1,500,000  
zero coupon, 01/01/18 Series S-2 AGMC Insured
  
Aa1/AA+/AA+
     1,391,355          
                           
     
Washoe County, Nevada Refunding Reno Sparks Convention
                    
  2,000,000  
5.000%, 07/01/28
  
Aa2/AA/NR
     2,152,700          
                           
     
Total Local Public Property
         25,514,576          
                           
     
School District (4.7%)
                    
                           
     
Clark County, Nevada School District
                    
  500,000  
5.000%, 06/15/28 Series A
  
Aa3/AA-/A+
     528,450          
                           
     
Comal, Texas Independent School District
                    
  1,125,000  
5.000%, 02/01/36 PSF Guaranteed
  
Aaa/NR/AAA
     1,194,480          
 
 
 
 
 
                           
     
Davis County, Utah School District, School Building, Utah School Board Guaranty Program
                    
  2,640,000  
4.000%, 06/01/27
  
Aaa/NR/NR
     2,794,598          
                           
     
El Paso, Texas Independent School District Unlimited Tax Refunding
                    
  470,000  
0.050%, 08/15/13 PSF Guaranteed
  
NR/AAA/AAA
     469,944          
                           
     
Granite School District, Utah, Salt Lake County School Building School Board Guaranty Program
                    
  1,000,000  
5.000%, 06/01/31
  
Aaa/NR/AAA
     1,085,570          
                           
     
Irving, Texas Independent School District Capital Appreciation Refunding
                    
  1,000,000  
zero coupon, 02/15/20 PSF Guaranteed
  
Aaa/AAA/NR
     788,450          
                           
     
Lake Travis, Texas Independent School District Unlimited Tax Refunding
                    
  515,000  
0.050%, 08/15/13 PSF Guaranteed
  
NR/AAA/AAA
     514,938          
                           
     
Magnolia, Texas Independent School District Schoolhouse
                    
  1,495,000  
5.000%, 08/15/25 NPFG/ FGIC Insured (pre-refunded)
  
Aa3/NR/NR
     1,634,797          
                           
     
Midlothian, Texas Independent School District
                    
  1,145,000  
zero coupon, 02/15/18 PSF Guaranteed
  
Aaa/AAA/NR
     1,040,416          
                           
     
Navasota, Texas Independent School District
                    
  475,000  
5.000%, 08/15/23 NPFG/ FGIC Insured
  
A1/NR/NR
     490,005          
                           
     
North East Independent School District, Texas
                    
  1,000,000  
5.000%, 08/01/33 NPFG Insured PSF Guaranteed
  
Aaa/AAA/NR
     1,030,620          
                           
     
Schertz-Cibolo Universal City, Texas Independent School District
                    
  2,325,000  
5.000%, 02/01/36 PSF Guaranteed
  
Aaa/NR/AAA
     2,478,799          
                           
     
Uintah County, Utah School District  School Board Guaranty Program
                    
  455,000  
4.250%, 02/01/24 (pre-refunded)
  
Aaa/NR/NR
     502,334          
                           
     
Wasatch County, Utah School District School Board Guaranty Program
                    
  880,000  
5.000%, 06/01/25
  
Aaa/NR/NR
     949,617          
  900,000  
4.375%, 06/01/26
  
Aaa/NR/NR
     942,678          
                           
     
Washoe County, Nevada School District Refunding & School Improvement
                    
  2,000,000  
5.000%, 06/01/30 Series A
  
Aa2/AA/NR
     2,144,240          
                           
     
Wylie, Texas Independent School District Capital Appreciation Refunding
                    
  1,000,000  
zero coupon, 08/15/27 PSF Guaranteed
  
Aaa/NR/NR
     559,560          
                           
     
Total School District
         19,149,496          
                           
     
Transportation (1.6%)
                    
                           
     
Texas State Transportation Commission Mobility Fund
                    
  1,140,000  
5.000%, 04/01/27 Series A
  
Aaa/AA+/AAA
     1,258,412          
  5,000,000  
5.000%, 04/01/35
  
Aaa/AA+/AAA
     5,370,700          
                           
     
Total Transportation
         6,629,112          
                           
     
Utilities (1.4%)
                    
                           
     
Central Utah Water Conservancy District Refunding
                    
  765,000  
5.000%, 04/01/28 Series B
  
NR/AA+/AAA
     848,783          
                           
     
Las Vegas Valley, Nevada Water District Refunding
                    
  1,000,000  
5.000%, 06/01/30 Series C
  
Aa2/AA+/NR
     1,079,170          
                           
     
Las Vegas Valley, Nevada Water District Refunding & Water Improvement
                    
  2,600,000  
5.000%, 02/01/38 Series A
  
Aa2/AA+/NR
     2,735,460          
 
 
 
 
 
                           
     
Virgin Valley, Nevada Water District
                    
  955,000  
5.000%, 03/01/34 AGC Insured
  
A1/NR/NR
     976,430          
                           
     
Total Utilities
         5,639,843          
                           
     
Total General Obligation Bonds
         81,812,131          
                           
     
Revenue Bonds (78.7%)
                    
                           
     
Airport (1.4%)
                    
                           
     
Alaska State International Airport Revenue
                    
  35,000  
5.000%, 10/01/24 AMBAC Insured AMT
  
Aa3/NR/A+
     35,079          
                           
     
Broward County, Florida Airport System Revenue Refunding
                    
  1,000,000  
5.375%, 10/01/29 Series O
  
A1/A+/A
     1,091,400          
                           
     
Clark County, Nevada Passenger Facilities Charge Revenue Las Vegas-McCarran International Airport
                    
  1,500,000  
5.000%, 07/01/30
  
A1/A+/NR
     1,567,590          
                           
     
Miami-Dade County, Florida Aviation Revenue Miami International Airport
                    
  1,675,000  
5.000%, 10/01/22 Series A-1
  
A2/A/A
     1,874,241          
                           
     
Reno-Tahoe, Nevada Airport Authority Revenue Refunding
                    
  1,000,000  
5.000%, 07/01/26 AGMC Insured
  
A2/NR/A
     1,048,740          
                           
     
Total Airport
         5,617,050          
                           
     
Education (9.9%)
                    
                           
     
Florida Higher Education Facilities Authority Revenue, Refunding, Rollins College Project
                    
  1,000,000  
5.000%, 12/01/37 Series A
  
A1/NR/NR
     1,034,870          
                           
     
Florida State Board of Education Public Education
                    
  210,000  
4.500%, 06/01/25 AGMC Insured
  
Aa1/AAA/AAA
     220,332          
                           
     
Hammond, Indiana School Building Corp. First Mortgage
                    
  1,030,000  
5.000%, 07/15/31 NPFG Insured
  
Baa1/AA+/NR
     1,069,593          
                           
     
Hillsborough County, Florida School Board COP
                    
  510,000  
4.250%, 07/01/26 NPFG Insured
  
Aa2/AA-/AA
     537,958          
  1,500,000  
5.000%, 07/01/31 NPFG Insured
  
Aa2/AA-/AA
     1,617,900          
                           
     
Salt Lake County, Utah Westminster College Project
                    
  825,000  
4.750%, 10/01/20
  
NR/BBB/NR
     852,357          
  870,000  
4.750%, 10/01/21
  
NR/BBB/NR
     894,873          
  2,300,000  
5.000%, 10/01/22
  
NR/BBB/NR
     2,347,771          
  1,250,000  
5.000%, 10/01/25
  
NR/BBB/NR
     1,267,913          
  600,000  
5.000%, 10/01/27
  
NR/BBB/NR
     609,366          
  2,025,000  
5.125%, 10/01/28
  
NR/BBB/NR
     2,045,554          
                           
     
Southern Utah University Revenue Refunding, Auxiliary System Student Building Fee
                    
  875,000  
4.000%, 05/01/19
  
NR/AA/NR
     951,195          
                           
     
Texas A&M University Revenue
                    
  1,700,000  
5.000%, 07/01/34
  
Aaa/AAA/AAA
     1,886,388          
                           
     
Texas State University System Financing Revenue
                    
  2,000,000  
5.250%, 03/15/25
  
Aa2/AA-/AA
     2,235,800          
 
 
 
 
 
                           
     
Tooele County, Utah Municipal Building Authority School District Lease Revenue
                    
  1,000,000  
4.875%, 06/01/25
  
A1/A+/NR
     1,032,780          
  1,000,000  
5.000%, 06/01/28
  
A1/A+/NR
     1,018,240          
                           
     
University of Utah COP
                    
  3,170,000  
4.350%, 12/01/26 AMBAC Insured
  
Aa2/AA-/NR
     3,302,886          
                           
     
Utah State Board of Regents
                    
  2,980,000  
4.500%, 04/01/29
  
Aa2/AA/NR
     3,079,979          
                           
     
Utah State Board of Regents Auxiliary & Campus Facility
                    
  1,000,000  
4.125%, 04/01/20 NPFG Insured
  
Aa2/AA/NR
     1,040,780          
                           
     
Utah State Board of Regents Lease Revenue
                    
  410,000  
4.500%, 05/01/20 AMBAC Insured
  
NR/AA/NR
     432,353          
  425,000  
4.500%, 05/01/21 AMBAC Insured
  
NR/AA/NR
     444,614          
  450,000  
4.625%, 05/01/22 AMBAC Insured
  
NR/AA/NR
     469,665          
  120,000  
4.650%, 05/01/23 AMBAC Insured
  
NR/AA/NR
     124,795          
                           
     
Utah State Board of Regents Office Facility Revenue
                    
  1,045,000  
5.000%, 04/01/23 NPFG Insured
  
Aa2/AA-/NR
     1,101,963          
                           
     
Utah State Board of Regents, Utah, Valley University Student Center Building Fee And Unified System Revenue
                    
  3,005,000  
5.000%, 11/01/28 Series 2012A
  
NR/AA/NR
     3,290,776          
  1,000,000  
4.000%, 11/01/29 Series 2012A
  
NR/AA/NR
     977,650          
                           
     
Warsaw, Indiana Multi-School Building Corp., First Mortgage
                    
  1,800,000  
5.450%, 01/15/28 Series B
  
NR/AA+/NR
     1,916,424          
                           
     
Washington State Higher Education Facilities Authority Revenue, Refunding, Gonzaga University Project
                    
  950,000  
5.000%, 04/01/24 Series B
  
A3/NR/NR
     988,371          
                           
     
Washington State University Revenue
                    
  735,000  
4.600%, 10/01/29 AGMC Insured
  
Aa2/AA-/NR
     770,354          
                           
     
Weber State University, Utah Student Facilities System
                    
  1,825,000  
4.400%, 04/01/27 AGMC Insured
  
NR/AA/NR
     1,872,414          
  1,275,000  
5.125%, 04/01/32 NPFG Insured
  
Baa1/AA/NR
     1,317,891          
                           
     
Total Education
         40,753,805          
                           
     
Education - Charter Schools (8.9%)
                    
                           
     
La Vernia, Texas  Higher Education Finance Corp., Jubilee Academy
                    
  3,401,500  
6.500%, 03/15/38 144A†
  
NR/NR/NR*
     3,113,359          
                           
     
Utah County, Utah Charter School Revenue Lakeview Academy
                    
  210,000  
5.350%, 07/15/17 Series A
  
NR/BBB-/NR
     218,818          
  610,000  
4.500%, 07/15/22
  
NR/BBB-/NR
     561,975          
                           
     
Utah County, Utah Charter School Revenue Lincoln Academy
                    
  550,000  
5.450%, 06/15/17 Series A 144A
  
NR/NR/NR*
     538,164          
                           
     
Utah County, Utah Charter School Revenue Renaissance Academy
                    
  225,000  
5.350%, 07/15/17 Series A 144A
  
NR/NR/NR*
     223,070          
                           
     
Utah State Charter School Finance Authority Entheos Academy
                    
  5,598,000  
6.750%, 08/15/38 144A
  
NR/NR/NR*
     5,128,608          
                           
     
Utah State Charter School Finance Authority Fast Forward Academy
                    
  2,916,500  
6.500%, 11/15/37 144A
  
NR/NR/NR*
     2,516,677          
 
 
 
 
 
                           
     
Utah State Charter School Finance Authority George Washington Academy
                    
  1,000,000  
6.750%, 07/15/28
  
NR/BB+/NR
     977,850          
                           
     
Utah State Charter School Finance Authority Legacy Preparatory Academy
                    
  5,470,000  
6.750%, 06/15/38 144A
  
NR/NR/NR*
     4,925,024          
  7,530,000  
7.250%, 06/15/39 144A
  
NR/NR/NR*
     6,759,079          
                           
     
Utah State Charter School Finance Authority Ogden Preparatory Academy School Board Guaranty Program
                    
  475,000  
4.000%, 10/15/22
  
NR/AA/NR
     503,334          
  505,000  
4.000%, 10/15/23
  
NR/AA/NR
     530,573          
  525,000  
4.000%, 10/15/24
  
NR/AA/NR
     545,633          
                           
     
Utah State Charter School Finance Authority, Refunding & Improvement, Davinci Academy
                    
  1,000,000  
7.050%, 09/15/26 Series 2011A
  
NR/BBB-/NR
     1,030,330          
                           
     
Utah State Charter School Finance Authority Rockwell Charter School
                    
  900,000  
6.750%, 08/15/28 144A
  
NR/NR/NR*
     738,180          
                           
     
Utah State Charter School Finance Authority Ronald Wilson Reagan Academy
                    
  1,200,000  
5.750%, 02/15/22 Series A 144A
  
NR/BBB-/NR
     1,224,732          
                           
     
Utah State Charter School Finance Authority Venture Academy
                    
  6,995,000  
6.750%, 11/15/38 144A
  
NR/NR/NR*
     6,998,777          
                           
     
Total Education - Charter Schools
         36,534,183          
                           
     
Hospital (4.0%)
                    
                           
     
Brevard County, Florida Health Facilities Authority Health First Inc. Project
                    
  1,215,000  
5.000%, 04/01/18
  
A3/A-/NR
     1,312,844          
                           
     
Campbell County, Wyoming Hospital District, Hospital Revenue, Memorial Hospital Project
                    
  1,040,000  
5.000%, 12/01/20
  
NR/A-/NR
     1,110,990          
  1,000,000  
5.500%, 12/01/34
  
NR/A-/NR
     1,018,860          
                           
     
Harris County, Texas Health Facility Development Corp.  Christus Health Series A-6
                    
  1,000,000  
4.750%, 07/01/30 AGMC Insured
  
A1/AA-/NR
     1,023,290          
                           
     
Indiana Finance Authority Hospital Revenue, Parkview Health System
                    
  1,350,000  
5.875%, 05/01/29 (pre-refunded)
  
NR/NR/NR*
     1,412,519          
                           
     
Indiana Finance Authority Hospital Revenue, Parkview Health System, Unrefunded balance
                    
  300,000  
5.875%, 05/01/29
  
A1/A+/NR
     307,608          
                           
     
King County, Washington Public Hospital District No. 002, Refunding, Evergreen Healthcare 
                    
  1,000,000  
5.250%, 12/01/28
  
Aa3/A+/NR
     1,077,460          
                           
     
Laramie County, Wyoming Hospital Revenue, Cheyenne Regional Medical Center Project
                    
  1,000,000  
5.000%, 05/01/32
  
NR/A+/NR
     1,041,330          
                           
     
Reno, Nevada  Hospital Revenue, Washoe Medical Center
                    
  725,000  
5.000%, 06/01/23 AGMC Insured
  
A2/AA-/NR
     759,648          
  680,000  
5.000%, 06/01/23 AGMC Insured
  
A2/AA-/NR
     712,497          
                           
     
Richmond, Indiana Hospital Revenue
                    
  250,000  
5.000%, 01/01/19
  
NR/A/A
     264,878          
 
 
 
 
 
                           
     
Riverton, Utah Hospital Revenue, Intermountain Health Care Health Services, Inc.
                    
  940,000  
5.000%, 08/15/36
  
Aa1/AA+/NR
     996,795          
                           
     
Tarrant County, Texas Cultural Education Facilities Finance Corp. Hospital Refunding, Scott & White Healthcare Project
                    
  1,000,000  
5.250%, 08/15/25
  
A1/A/AA-
     1,106,040          
                           
     
Utah County, Utah Hospital Revenue, IHC Health Services, Inc.
                    
  500,000  
5.000%, 05/15/29
  
Aa1/AA+/NR
     539,390          
                           
     
Utah State Board of Regents Revenue Hospital - University of Utah
                    
  3,000,000  
5.000%, 08/01/31 Series B
  
Aa2/AA/NR
     3,132,450          
                           
     
Washington State Health Care Facilities Authority Revenue, Refunding, Fred Hutchinson Cancer
                    
  595,000  
5.000%, 01/01/18
  
A2/A/NR
     652,822          
                           
     
Total Hospital
         16,469,421          
                           
     
Housing (3.5%)
                    
                           
     
Florida Housing Finance Corp.
                    
  365,000  
5.000%, 07/01/21 AMT
  
Aa1/AA+/AA+
     374,454          
  390,000  
6.000%, 07/01/28
  
Aa1/AA+/AA+
     407,749          
                           
     
Indianapolis, Indiana Multi-Family
                    
  350,000  
4.850%, 01/01/21 AMT FNMA Insured
  
Baa1/NR/NR
     350,896          
                           
     
Miami-Dade County, Florida Housing Finance Authority
                    
  535,000  
5.000%, 11/01/23 AGMC Insured AMT
  
A2/AA-/A-
     536,284          
                           
     
South Dakota Housing Development Authority
                    
  45,000  
6.000%, 05/01/28
  
Aa1/AAA/NR
     45,289          
                           
     
Utah Housing Corporation Single Family Mortgage
                    
  25,000  
5.250%, 07/01/23 AMT
  
Aa2/AA/AA
     25,014          
  625,000  
5.125%, 07/01/24 AMT
  
Aa3/AA-/AA-
     625,244          
  565,000  
5.000%, 07/01/25 AMT
  
Aa3/AA-/AA-
     564,480          
  145,000  
5.100%, 01/01/26 AMT
  
Aa3/AA-/AA-
     145,039          
  90,000  
5.650%, 07/01/27 AMT
  
Aa2/AA/AA
     90,378          
  905,000  
5.250%, 01/01/28 AMT
  
Aa3/AA-/AA-
     915,914          
  1,690,000  
5.800%, 07/01/28 AMT
  
Aa3/AA-/AA-
     1,739,399          
  635,000  
5.700%, 07/01/28 AMT
  
Aa3/AA-/AA-
     651,542          
  465,000  
5.500%, 07/01/28 AMT
  
Aa3/AA-/AA-
     474,161          
  730,000  
6.100%, 01/01/29 AMT
  
Aa3/AA-/AA-
     757,820          
  1,250,000  
5.250%, 07/01/28 Series A AMT
  
Aa3/AA-/AA-
     1,277,250          
  555,000  
4.950%, 01/01/32 Series A Class II
  
Aa2/AA/AA
     567,676          
  1,975,000  
4.500%, 01/01/24 Series A Class III
  
Aa3/AA-/AA-
     2,034,171          
  1,000,000  
4.000%, 07/01/28 Series B-1 Class I
  
Aaa/AAA/AAA
     989,980          
  915,000  
4.625%, 07/01/32 Series B-1 Class II
  
Aa2/AA/AA
     930,033          
  615,000  
4.500%, 07/01/23 Series C
  
Aa3/AA-/AA-
     636,550          
                           
     
Utah State Housing Finance Agency
                    
  30,000  
5.700%, 07/01/15 AMT
  
Aa3/AA-/AA-
     30,019          
  265,000  
5.500%, 07/01/18 AMT
  
Aa3/AA-/AA-
     267,062          
  10,000  
5.000%, 07/01/18 AMT
  
Aaa/AA+/NR
     10,006          
  140,000  
5.600%, 07/01/23 AMT
  
Aa2/AA/AA
     140,111          
                           
     
Total Housing
         14,586,521          
                           
     
Local Public Property (12.2%)
                    
                           
     
CIVICVentures Alaska Revenue Anchorage Convention Center
                    
  1,285,000  
4.625%, 09/01/30 NPFG Insured
  
A1/A/A+
     1,322,072          
 
 
 
 
 
                           
     
Clark County, Nevada Improvement District Special Local Improvement #128 (Summerlin)
                    
  500,000  
5.000%, 02/01/21 Series A
  
NR/NR/NR*
     441,390          
                           
     
Draper, Utah Sales Tax Revenue
                    
  1,640,000  
4.500%, 05/01/27 Series A
  
NR/AA/NR
     1,750,700          
  1,000,000  
5.000%, 05/01/32 Series A
  
NR/AA/NR
     1,085,330          
                           
     
El Paso, Texas Solid Waste Disposal System Revenue
                    
  1,540,000  
5.125%, 08/15/28 AGMC Insured
  
A2/AA+/NR
     1,546,083          
                           
     
Herriman, Utah Special Assessment Towne Center Assessment Area
                    
  1,045,000  
4.875%, 11/01/23
  
NR/A/NR
     1,070,226          
  1,150,000  
5.000%, 11/01/25
  
NR/A/NR
     1,167,860          
  1,975,000  
5.000%, 11/01/29
  
NR/A/NR
     1,983,117          
                           
     
Lincoln County, Wyoming Building Corp. Lease Revenue
                    
  700,000  
5.000%, 05/01/32
  
NR/A+/NR
     722,645          
                           
     
New Albany, Indiana Development Authority
                    
  500,000  
4.250%, 02/01/22
  
NR/A/NR
     522,255          
                           
     
Orem, Utah Special Assessment
                    
  1,765,000  
7.750%, 11/01/25
  
NR/NR/NR*
     1,775,925          
                           
     
Riverton City, Utah Franchise & Sales Tax Revenue
                    
  1,585,000  
5.000%, 06/01/31 AMBAC Insured
  
NR/AA-/AA
     1,636,592          
                           
     
Salt Lake City, Utah Local Building Authority Lease Revenue
                    
  955,000  
4.000%, 10/15/23 Series A
  
Aa1/NR/AA+
     1,024,925          
                           
     
Salt Lake Valley, Utah Fire Service District Lease Revenue
                    
  2,645,000  
5.200%, 04/01/28
  
Aa2/NR/AA-
     2,866,307          
  1,000,000  
5.250%, 04/01/30
  
Aa2/NR/AA-
     1,079,010          
                           
     
Sevier County, Utah Municipal Building Authority Lease Revenue Refunding
                    
  915,000  
5.000%, 11/15/19 NPFG/ FGIC Insured (pre-refunded)
  
NR/NR/NR*
     952,433          
                           
     
South Dakota State Building Authority Revenue
                    
  500,000  
4.500%, 06/01/24 NPFG/ FGIC Insured
  
NR/AA/NR
     532,225          
                           
     
South Ogden City, Utah Sales Tax Revenue Refunding
                    
  1,895,000  
4.375%, 05/01/29 NPFG/ FGIC Insured
  
Baa1/A+/NR
     1,911,714          
                           
     
St. Augustine, Florida Capital Improvement Refunding
                    
  500,000  
5.000%, 10/01/34
  
Aa3/A+/A+
     523,650          
                           
     
St. Lucie County, Florida School Board COP Master Lease Program
                    
  500,000  
5.000%, 07/01/30 Series A
  
Aa3/A/A+
     534,060          
                           
     
Twin Creeks, Utah Special Services District
                    
  11,230,970  
10.000%, 07/15/30 144A
  
NR/NR/NR*
     11,267,358          
                           
     
Uintah County, Utah Municipal Building Authority Lease Revenue
                    
  500,000  
5.000%, 06/01/24
  
NR/A+/NR
     530,080          
  2,000,000  
5.300%, 06/01/28
  
NR/A+/NR
     2,089,420          
  1,005,000  
5.500%, 06/01/37
  
NR/A+/NR
     1,038,959          
  1,120,000  
5.500%, 06/01/40
  
NR/A+/NR
     1,154,384          
                           
     
Utah State Municipal Finance Cooperative Local Government Capital Appreciation Pool Capital, Salt Lake
                    
  165,000  
zero coupon, 03/01/14 AGMC Insured
  
A2/AA-/AA
     163,550          
                           
     
Utah Transit Authority Sales Tax Revenue, Series A
                    
  1,000,000  
5.000%, 06/15/28
  
Aa2/AAA/AA
     1,092,310          
 
 
 
 
 
                           
     
Wasatch County, Utah Municipal Building Authority
                    
  600,000  
0.250%, 12/01/13
  
NR/AA-/AA-
     599,472          
  535,000  
0.250%, 12/01/14
  
NR/AA-/AA-
     531,774          
                           
     
Washington County/St. George Interlocal Agency, Utah Lease Revenue Refunding
                    
  650,000  
0.500%, 12/01/15 Series A
  
A1/A+/NR
     639,984          
  1,365,000  
0.500%, 12/01/16 Series A
  
A1/A+/NR
     1,305,896          
                           
     
Weber County, Utah Municipal Building Authority
                    
  325,000  
5.250%, 12/15/19 AMBAC Insured
  
Aa3/NR/NR
     339,115          
                           
     
West Bountiful, Utah Courthouse Revenue
                    
  410,000  
5.000%, 05/01/19 (pre-refunded)
  
NR/A/NR
     426,199          
                           
     
West Valley City, Utah Municipal Building Authority Lease Revenue Refunding
                    
  1,645,000  
4.500%, 08/01/22 Series A NPFG/ FGIC Insured
  
NR/A+/A+
     1,712,067          
  1,890,000  
4.375%, 08/01/26 Series A NPFG/ FGIC Insured
  
NR/A+/A+
     1,945,056          
                           
     
West Valley City, Utah Sales Tax Revenue Capital Appreciation Bonds, Refunding
                    
  2,750,000  
zero coupon, 07/15/35
  
NR/AA+/NR
     883,575          
                           
     
Total Local Public Property
         50,167,718          
                           
     
State Agency (1.9%)
                    
                           
     
Utah Infrastructure Agency Telecommunications & Franchise Tax
                    
  1,000,000  
5.500%, 10/15/30 Series A AGMC Insured
  
A2/AA-/NR
     1,091,550          
  1,475,000  
5.250%, 10/15/33 Series A AGMC Insured
  
A2/AA-/NR
     1,547,570          
                           
     
Utah State Building Ownership Authority Lease Revenue Refunding State Facilities Master Lease Program
                    
  465,000  
5.000%, 05/15/21 (pre-refunded)
  
Aa1/AA+/NR
     520,237          
  510,000  
5.000%, 05/15/23 (pre-refunded)
  
Aa1/AA+/NR
     570,583          
  1,000,000  
5.000%, 05/15/24
  
Aa1/AA+/NR
     1,159,100          
  1,080,000  
5.000%, 05/15/25 (pre-refunded)
  
Aa1/AA+/NR
     1,124,669          
  1,575,000  
5.000%, 05/15/26
  
Aa1/AA+/NR
     1,693,204          
                           
     
Total State Agency
         7,706,913          
                           
     
Tax Revenue (7.0%)
                    
                           
     
Bountiful City, Utah Sales Tax Refunding Bond
                    
  832,000  
4.000%, 06/01/17
  
NR/AA/NR
     889,433          
                           
     
Brigham, Utah Special Assessment Voluntary Assessment Area
                    
  1,140,000  
5.250%, 08/01/23
  
A1/NR/NR
     1,193,614          
  820,000  
5.500%, 08/01/29
  
A1/NR/NR
     841,656          
                           
     
Clark County, Nevada Improvement District
                    
  250,000  
5.000%, 08/01/16
  
NR/NR/NR*
     235,630          
                           
     
Coral Canyon, Utah Special Service District
                    
  25,000  
5.000%, 07/15/13 Escrowed to Maturity
  
NR/NR/NR*
     25,040          
  250,000  
5.500%, 07/15/18 (pre-refunded)
  
NR/NR/NR*
     250,435          
                           
     
Henderson, Nevada Local Improvement District
                    
  285,000  
5.000%, 09/01/14
  
NR/NR/NR*
     289,842          
  285,000  
5.000%, 09/01/15
  
NR/NR/NR*
     289,765          
  220,000  
5.000%, 03/01/16
  
NR/NR/NR*
     215,912          
 
 
 
 
 
                           
     
Holladay, Utah Redevelopment Agency
                    
  2,182,500  
4.900%, 12/30/20
  
NR/NR/NR*
     1,999,017          
                           
     
Jordanelle, Utah Special Service District
                    
  186,000  
5.000%, 11/15/14
  
NR/NR/NR*
     186,227          
  196,000  
5.100%, 11/15/15
  
NR/NR/NR*
     195,255          
  206,000  
5.200%, 11/15/16
  
NR/NR/NR*
     203,551          
  216,000  
5.300%, 11/15/17
  
NR/NR/NR*
     212,358          
  228,000  
5.400%, 11/15/18
  
NR/NR/NR*
     222,599          
  240,000  
5.500%, 11/15/19
  
NR/NR/NR*
     231,864          
  253,000  
5.600%, 11/15/20
  
NR/NR/NR*
     241,951          
  268,000  
5.700%, 11/15/21
  
NR/NR/NR*
     253,480          
  283,000  
5.800%, 11/15/22
  
NR/NR/NR*
     265,465          
  299,000  
6.000%, 11/15/23
  
NR/NR/NR*
     280,324          
                           
     
La Verkin, Utah Sales and Franchise Tax Revenue
                    
  571,000  
5.100%, 07/15/27†
  
NR/NR/NR*
     528,312          
                           
     
Lehi, Utah Sales Tax
                    
  790,000  
5.000%, 06/01/24 AGMC Insured
  
A2/AA-/NR
     808,028          
                           
     
Mesquite, Nevada New Special Improvement District
                    
  200,000  
4.900%, 08/01/13
  
NR/NR/NR*
     199,782          
  125,000  
5.250%, 08/01/17
  
NR/NR/NR*
     117,516          
  270,000  
5.350%, 08/01/19
  
NR/NR/NR*
     241,693          
  115,000  
5.400%, 08/01/20
  
NR/NR/NR*
     101,511          
  430,000  
5.500%, 08/01/25
  
NR/NR/NR*
     354,668          
                           
     
North Ogden, Utah Sales Tax Revenue
                    
  195,000  
5.000%, 11/01/24 Syncora Guarantee, Inc. Insured
  
NR/A+/AA
     201,191          
                           
     
Payson City, Utah Sales Tax Revenue
                    
  445,000  
5.000%, 08/01/21 AGMC Insured
  
A2/AA-/NR
     475,158          
                           
     
Riverton City, Utah Franchise & Sales Tax Revenue
                    
  750,000  
5.000%, 06/01/24 AMBAC Insured
  
NR/AA-/AA
     787,965          
                           
     
Salt Lake City, Utah Sales Tax
                    
  1,060,000  
5.000%, 02/01/23 (pre-refunded)
  
NR/AAA/NR
     1,135,737          
  1,115,000  
5.000%, 02/01/24 (pre-refunded)
  
NR/AAA/NR
     1,194,667          
                           
     
South Weber City, Utah
                    
  525,000  
5.000%, 01/15/24 NPFG Insured
  
Baa1/A/NR
     532,466          
                           
     
Springville, Utah Special Assessment Revenue
                    
  120,000  
5.500%, 01/15/17
  
NR/NR/NR*
     118,224          
  127,000  
5.650%, 01/15/18
  
NR/NR/NR*
     123,784          
  135,000  
5.800%, 01/15/19
  
NR/NR/NR*
     130,178          
  116,000  
5.900%, 01/15/20
  
NR/NR/NR*
     110,679          
                           
     
Utah Transit Authority Sales Tax Revenue
                    
  6,920,000  
5.000%, 06/15/36 AGMC Insured Series A
  
Aa2/AAA/AA
     7,326,550          
                           
     
Vernal City, Utah Sales Tax Revenue
                    
  515,000  
4.750%, 09/01/31 AGC Insured
  
NR/AA/NR
     530,491          
  300,000  
4.875%, 09/01/34 AGC Insured
  
NR/AA/NR
     308,253          
                           
     
Wasatch County, Utah Building Authority
                    
  130,000  
5.000%, 10/01/15 (pre-refunded)
  
A1/NR/NR
     131,521          
  135,000  
5.000%, 10/01/16 (pre-refunded)
  
A1/NR/NR
     136,580          
                           
     
Washington City, Utah Sales Tax
                    
  680,000  
5.250%, 11/15/17 AMBAC Insured (pre-refunded)
  
NR/A/NR
     692,553          
 
 
 
 
 
                           
     
Weber County, Utah Sales Tax
                    
  385,000  
5.000%, 07/01/23 AMBAC Insured (pre-refunded)
  
A1/NR/NR
     385,000          
                           
     
West Valley City, Utah Redevelopment Agency
                    
  1,625,000  
5.000%, 03/01/21
  
NR/A-/NR
     1,673,474          
  320,000  
5.000%, 03/01/22
  
NR/A-/NR
     328,710          
  350,000  
5.000%, 03/01/23
  
NR/A-/NR
     358,897          
  1,000,000  
5.000%, 03/01/24
  
NR/A-/NR
     1,024,770          
                           
     
Total Tax Revenue
         28,581,776          
                           
     
Transportation (5.0%)
                    
                           
     
Dallas, Texas Area Rapid Transit Sales Tax Revenue Refunding Senior Lien
                    
  1,000,000  
5.000%, 12/01/36 AMBAC Insured
  
Aa2/AA+/AA
     1,062,360          
                           
     
Indiana Finance Authority Highway Revenue
                    
  1,950,000  
4.500%, 12/01/25 NPFG/ FGIC Insured
  
Aa1/AA+/AA+
     2,115,984          
                           
     
North Texas Turnpike Authority Revenue
                    
  2,000,000  
6.100%, 01/01/28
  
A2/A-/NR
     2,248,300          
                           
     
Utah Transit Authority Sales Tax Revenue Capital Appreciation Refunding
                    
  2,000,000  
zero coupon, 06/15/29 NPFG Insured Series A
  
A1/A/A+
     949,300          
                           
     
Utah Transit Authority Sales Tax Revenue Refunding
                    
  5,185,000  
zero coupon, 06/15/23 Series A NPFG Insured
  
A1/A/A+
     3,430,292          
  1,000,000  
5.000%, 06/15/32
  
A1/A-/A+
     1,055,330          
                           
     
Utah Transit Authority Sales Tax Revenue
                    
  2,000,000  
5.000%, 06/15/27 Series A
  
Aa2/AAA/AA
     2,192,340          
  2,685,000  
4.000%, 06/15/39 Series 2012
  
A1/A-/A+
     2,404,793          
                           
     
Utah Transit Authority Sales Tax & Transportation Revenue
                    
  1,450,000  
4.125%, 06/15/22 AGMC Insured
  
Aa2/AAA/AA
     1,519,745          
  195,000  
5.250%, 06/15/32 AGMC Insured
  
Aa2/AAA/AA
     228,794          
                           
     
Washoe County, Nevada Highway Revenue
                    
  1,000,000  
5.500%, 02/01/28
  
A1/A+/NR
     1,085,740          
                           
     
Washoe County, Nevada Highway Revenue Fuel Tax
                    
  1,000,000  
5.000%, 02/01/32
  
A1/A+/NR
     1,036,860          
  1,000,000  
5.000%, 02/01/38
  
A1/A+/NR
     1,026,870          
                           
     
Total Transportation
         20,356,708          
                           
     
Utility (11.0%)
                    
                           
     
Clark County, Washington Public Utility District No. 001 Generating Refunding
                    
  1,000,000  
5.000%, 01/01/24
  
A2/A/A+
     1,101,720          
                           
     
Cowlitz County, Washington Public Utility District Electric Revenue
                    
  650,000  
4.500%, 09/01/26 NPFG Insured
  
A1/NR/A
     660,108          
                           
     
Douglas County, Washington Public Utility District No. 001 Electric Distribution System
                    
  635,000  
0.050%, 12/01/15
  
Aa3/AA/NR
     621,411          
                           
     
Eagle Mountain, Utah Gas & Electric
                    
  1,440,000  
5.000%, 06/01/21 Radian Insured
  
NR/NR/NR*
     1,472,054          
  1,215,000  
5.000%, 06/01/22 Radian Insured
  
NR/NR/NR*
     1,239,336          
                           
     
Energy Northwest Washington Wind Project
                    
  1,000,000  
4.500%, 07/01/30 Series A AMBAC Insured
  
A2/A/A-
     1,018,780          
 
 
 
 
 
                           
     
Houston, Texas Utility System Revenue, Refunding
                    
  1,165,000  
5.125%, 05/15/28 Series A NPFG Insured
  
Aa2/AA/AA-
     1,206,148          
  450,000  
5.000%, 11/15/35 AGMC Insured
  
Aa2/AA/AA-
     480,722          
                           
     
Intermountain Power Agency, Utah Power Supply Revenue, Refunding
                    
  250,000  
5.250%, 07/01/23 (pre-refunded)
  
A1/A+/AA-
     250,000          
  1,000,000  
4.250%, 07/01/19 Series B
  
A1/A+/AA-
     1,037,620          
                           
     
Jacksonville Electric Authority, Florida Bulk Power System Revenue, Scherer 4 Project
                    
  1,500,000  
6.000%, 10/01/37 Series A
  
Aa2/AA-/AA
     1,550,655          
                           
     
Jacksonville Electric Authority, Florida Electric System Revenue
                    
  500,000  
5.000%, 10/01/26
  
Aa3/A+/AA
     504,265          
  500,000  
4.500%, 10/01/32 Series Three 2012A
  
Aa2/AA-/AA
     511,130          
  515,000  
5.500%, 10/01/39
  
Aa3/A+/AA
     524,651          
                           
     
Lower Colorado River Authority, Texas
                    
  1,470,000  
5.250%, 05/15/29
  
A1/A/A
     1,603,682          
  60,000  
5.250%, 05/15/29 (pre-refunded)
  
NR/NR/NR*
     71,992          
  5,000  
5.250%, 05/15/29 (pre-refunded)
  
NR/NR/NR*
     5,999          
                           
     
Pleasant Grove City, Utah Storm Water Revenue
                    
  1,490,000  
4.000%, 07/15/38 AGMC Insured
  
A2/AA-/AA-
     1,352,682          
                           
     
Port St. Lucie, Florida Utility System Revenue
                    
  1,200,000  
5.250%, 09/01/26 NPFG Insured (pre-refunded)
  
A1/NR/AA-
     1,269,660          
                           
     
Santa Clara, Utah Electric Revenue
                    
  1,005,000  
4.250%, 08/01/26 AGC Insured
  
A3/NR/NR
     883,083          
                           
     
Sarasota, Florida Utility System Revenue Refunding
                    
  1,455,000  
5.000%, 10/01/27
  
NR/AA+/AA
     1,667,226          
                           
     
St. George, Utah Electric Revenue
                    
  500,000  
4.500%, 06/01/20 AGMC Insured
  
A2/NR/NR
     521,015          
  3,750,000  
5.000%, 06/01/38 AGMC Insured
  
A2/NR/NR
     3,848,250          
                           
     
Tacoma, Washington Solid Waste Utility Revenue
                    
  1,000,000  
5.000%, 12/01/23 Syncora Guarantee, Inc. Insured
  
A2/AA/AA-
     1,060,690          
                           
     
Tallahassee, Florida Energy System Revenue Refunding
                    
  1,500,000  
5.000%, 10/01/28
  
Aa3/AA/AA-
     1,595,385          
                           
     
Texas Municipal Power Agency Revenue Unrefunded Balance
                    
  1,665,000  
zero coupon, 09/01/14 NPFG Insured
  
A2/A+/A+
     1,650,781          
                           
     
Utah Associated Municipal Power System Revenue, Horse Butte Wind Project
                    
  2,120,000  
0.050%, 09/01/13 Series A
  
NR/A-/A-
     2,118,792          
  1,005,000  
5.000%, 09/01/32 Series A
  
NR/A-/A-
     1,053,863          
                           
     
Utah Associated Municipal Power System Revenue Refunding, Payson Power Project
                    
  2,000,000  
5.000%, 04/01/24
  
NR/A-/A
     2,228,280          
  1,000,000  
5.000%, 04/01/25
  
NR/A-/A
     1,096,810          
  6,375,000  
5.000%, 04/01/26
  
NR/A-/A
     6,925,864          
                           
     
Washington, Utah Electric Revenue
                    
  985,000  
5.000%, 09/01/21 Syncora Guarantee, Inc. Insured
  
Baa1/NR/NR
     1,039,924          
  1,000,000  
5.000%, 09/01/24 Syncora Guarantee, Inc. Insured
  
Baa1/NR/NR
     1,055,760          
                           
     
Weber Basin Utah Water Conservancy District
                    
  1,015,000  
4.000%, 04/01/29 Series 2013B
  
NR/AA+/AA+
     992,883          
 
 
 
 
 
                           
     
Wyoming Municipal Power Agency Power Supply System Revenue
                    
  720,000  
5.500%, 01/01/28 Series A
  
A2/A-/NR
     776,923          
                           
     
Total Utility
         44,998,144          
                           
     
Water and Sewer (13.8%)
                    
                           
     
Cape Coral, Florida Water & Sewer Revenue
                    
  1,000,000  
5.000%, 10/01/36 AGMC-CR-AMBAC Insured
  
A1/AA-/A
     1,072,560          
                           
     
Central Utah Water Conservancy District
                    
  1,000,000  
5.000%, 10/01/37 Series C
  
NR/AA+/AA+
     1,078,990          
                           
     
Central Utah Water Conservancy District Refunding, Jordanelle Hydrant
                    
  1,125,000  
4.500%, 10/01/27 Series A
  
NR/AA+/AA
     1,209,083          
                           
     
Central Weber, Utah Sewer Improvement District Revenue Refunding
                    
  1,000,000  
5.000%, 03/01/28 Series A AGMC Insured
  
NR/AA-/AA
     1,071,200          
  2,000,000  
4.375%, 03/01/30 Series A AGMC Insured
  
NR/AA-/AA
     2,045,740          
  4,000,000  
5.000%, 03/01/33 Series A AGMC Insured
  
NR/AA-/AA
     4,200,640          
                           
     
Davie, Florida Water & Sewer Revenue
                    
  1,000,000  
5.000%, 10/01/32 AGMC Insured
  
A1/AA-/NR
     1,055,200          
                           
     
Eagle Mountain, Utah Water and Sewer
                    
  690,000  
4.750%, 11/15/25 NPFG Insured
  
Baa1/A+/AA-
     708,292          
                           
     
Herriman City, Utah Water Revenue Refunding
                    
  1,210,000  
4.500%, 01/01/33 AMBAC Insured
  
NR/A/NR
     1,221,894          
                           
     
Jordan Valley, Utah Water Conservancy District Revenue
                    
  1,000,000  
5.000%, 10/01/31 Series B
  
NR/AA+/AA
     1,087,490          
  6,000,000  
5.000%, 10/01/35 Series B
  
NR/AA+/AA
     6,457,920          
                           
     
King County, Washington Sewer Revenue
                    
  660,000  
5.000%, 01/01/33 AGMC Insured
  
Aa2/AA+/NR
     707,282          
                           
     
Laredo, Texas Waterworks Sewer System Revenue
                    
  1,450,000  
5.000%, 03/01/24 Series 2010
  
A1/AA-/AA-
     1,667,268          
                           
     
Miami-Dade County, Florida Water and Sewer Revenue System
                    
  1,500,000  
5.000%, 10/01/29 AGMC Insured
  
Aa3/AA-/A+
     1,636,785          
                           
     
Mountain Regional Water Special Service District Utah Water Revenue Refunding
                    
  3,000,000  
5.000%, 12/15/33 AGMC Insured
  
NR/AA-/A+
     3,228,840          
                           
     
Murray City, Utah Sewer and Water
                    
  440,000  
5.000%, 10/01/19 AMBAC Insured (pre-refunded)
  
Aa3/NR/NR
     445,148          
                           
     
Ogden City, Utah Sewer & Water Revenue Refunding
                    
  750,000  
4.625%, 06/15/38 AGMC Insured
  
Aa3/NR/NR
     760,748          
                           
     
Orem, Utah Water & Storm Sewer Revenue
                    
  1,000,000  
5.000%, 07/15/26
  
NR/AA/AA+
     1,086,930          
  1,250,000  
5.250%, 07/15/28
  
NR/AA/AA+
     1,357,338          
                           
     
Pleasant Grove City, Utah Storm Water Revenue
                    
  860,000  
4.750%, 07/15/36 AGMC Insured
  
A2/AA-/AA-
     897,049          
                           
     
Pleasant Grove City, Utah Water Revenue
                    
  450,000  
4.300%, 12/01/20 NPFG Insured
  
Baa1/A/NR
     466,011          
  760,000  
4.625%, 12/01/23 AGMC Insured
  
NR/AA-/NR
     803,328          
  1,000,000  
5.250%, 12/01/29 AGMC Insured
  
NR/AA-/NR
     1,058,250          
  1,370,000  
5.000%, 12/01/31 Series B NPFG Insured
  
Baa1/A/NR
     1,391,810          
 
 
 
 
 
                           
     
Rapid City, South Dakota Water Revenue
                    
  500,000  
5.000%, 11/01/29
  
Aa3/NR/NR
     546,965          
  1,655,000  
5.250%, 11/01/39
  
Aa3/NR/NR
     1,767,639          
                           
     
Salt Lake & Sandy, Utah Metropolitan Water District, Water Revenue, Refunding
                    
  1,190,000  
5.000%, 07/01/31 Series A
  
NR/AA+/AA+
     1,298,873          
  650,000  
5.000%, 07/01/31 Series A
  
NR/AA+/AA+
     686,465          
  1,000,000  
5.000%, 07/01/37 Series A
  
NR/AA+/AA+
     1,069,460          
                           
     
San Antonio, Texas Water Revenue Refunding
                    
  1,050,000  
5.000%, 05/15/36 NPFG Insured
  
Aa1/AA+/AA+
     1,118,985          
                           
     
South Valley, Utah Water Reclamation Facility Sewer Revenue
                    
  2,110,000  
5.000%, 08/15/24 AMBAC Insured
  
NR/A+/NR
     2,173,954          
  425,000  
5.000%, 08/15/30 AMBAC Insured
  
NR/A+/NR
     432,404          
                           
     
South Weber City, Utah  Water Revenue
                    
  930,000  
5.000%, 06/01/40 AGMC Insured
  
NR/AA-/NR
     989,102          
                           
     
Utah Water Conservancy District
                    
  1,400,000  
5.250%, 01/15/27
  
NR/A/NR
     1,461,348          
                           
     
Utah Water Finance Agency Revenue
                    
  510,000  
5.000%, 07/01/18 AMBAC Insured (pre-refunded)
  
A1/NR/NR
     510,000          
  970,000  
4.000%, 10/01/20 AMBAC Insured
  
Aa3/NR/NR
     1,046,902          
  830,000  
4.500%, 10/01/22 AMBAC Insured
  
Aa3/NR/NR
     866,835          
  870,000  
4.500%, 10/01/23 AMBAC Insured
  
Aa3/NR/NR
     907,688          
  2,645,000  
4.500%, 10/01/28 AMBAC Insured
  
Aa3/NR/NR
     2,755,773          
                           
     
White City, Utah  Water Improvement District Revenue
                    
  500,000  
5.000%, 02/01/23 AGMC Insured
  
A2/NR/NR
     527,415          
  700,000  
5.000%, 02/01/25 AGMC Insured
  
A2/NR/NR
     733,082          
  840,000  
5.000%, 02/01/27 AGMC Insured
  
A2/NR/NR
     873,398          
                           
     
Total Water and Sewer
         56,482,084          
                           
     
Total Revenue Bonds
         322,254,323          
                           
     
Total Investments (cost $402,308,067-note b)
  
98.6%
     404,066,454          
     
Other assets less liabilities
  
                       1.4   
    5,604,724          
                           
     
Net Assets
  
100.0%
   $ 409,671,178          
                           
     
* Any security not rated ("NR") by any of the Nationally Recognized Statistical Rating Organizations ("NRSRO" or "Credit Rating Agency") has been determined by the Investment Adviser to have sufficient quality to be ranked in the top credit four ratings if a credit rating were to be assigned by  a NRSRO.
                
                           
     
 ** Security purchased on a delayed delivery or when-issued basis.
                
                           
     
† Illiquid security: Considered illiquid because of restrictions as to sale. These securities represent 0.9% of net assets.
                
                           
     
Notes:
                    
                           
     
144A – Private placement subject to SEC rule 144A, which modifies a two-year holding period requirement to permit qualified institutional buyers to trade these securities among themselves, thereby significantly improving the liquidity of these securities.
                
                           
     
Pre-refunded bonds are bonds for which U.S. Government Obligations usually have been placed in escrow to retire the bonds at their earliest call date.
                
 
 
 
 
 
                           
         
Percent of
                
     
Portfolio Distribution By Quality Rating
  
Investments 1
                
                           
     
Aaa of Moody's or AAA of S&P and Fitch
  
                     12.3
%
 
          
     
Pre-Refunded bonds2/ Escrowed to Maturity bonds
  
                       3.7
                
     
Aa of Moody's or AA of S&P and Fitch
  
                     43.6
                
     
A of Moody's or S&P and Fitch
  
                     23.4
                
     
Baa of Moody's or BBB of S&P
  
                       3.3
                
     
BB+ of S&P
  
                       0.2
                
     
Not rated*
  
                     13.5
                
         
                  100.0
%
 
          
                           
     
1 Calculated using the highest rating of the three NRSRO.
                    
     
2 Pre-refunded bonds are bonds for which U.S. Government Obligations usually have been placed in escrow to retire the bonds at their earliest call date.
                
                           
     
PORTFOLIO ABBREVIATIONS:
                    
     
AGC - Assured Guaranty Corp.
                    
     
AGMC - Assured Guaranty Municipal Corp.
                    
     
AMBAC - American Municipal Bond Assurance Corp.
                    
     
AMT - Alternative Minimum Tax
                    
     
COP - Certificates of Participation
                    
     
FGIC - Financial Guaranty Insurance Co.
                    
     
FNMA - Federal National Mortgage Association
                    
     
NPFG - National Public Finance Guarantee
                    
     
NR - Not Rated
                    
     
PSF- Permanent School Fund
                    
 
See accompanying notes to financial statements.
 
 
 
 
 
TAX-FREE FUND FOR UTAH
NOTES TO FINANCIAL STATEMENTS
June 30, 2013
(unaudited)
 
(a) Securities valuation policies and other investment related disclosures are hereby incorporated by reference in the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR. 
 
(b) At June 30, 2013, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $402,159,125 amounted to $1,907,329, which consisted of aggregate gross unrealized appreciation of $8,817,161 and aggregate gross unrealized depreciation of $6,909,832.
 
(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 June 30, 2013:
 

Valuation Inputs
 
  
Investments in Securities
  
 Level 1 – Quoted Prices
   $ -  
 Level 2 – Other Significant Observable Inputs - Municipal Bonds+
     404,066,454  
 Level 3 – Significant Unobservable Inputs
     -  
 Total
   $ 404,066,454  
 
 +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
    
 
August 20    , 2013
    

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
    
 
August 20    , 2013
    
       
       
By:
/s/ Joseph P. DiMaggio
    
 
Chief Financial Officer and Treasurer
    
 
August 20    , 2013
    



EX-99.CERT 3 e610216_ex99-cert.htm CERTIFICATIONS 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: August 20, 2013

     
/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: August 20, 2013
 
     
/s/ Joseph P. DiMaggio
    
Joseph P. DiMaggio
    
Chief Financial Officer and Treasurer