AQUILA TAX-FREE FUND OF COLORADO
SCHEDULE OF INVESTMENTS
June 30, 2024
(unaudited)
| Principal Amount |
General Obligation Bonds (40.5%) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
| Lease (0.8%) | ||||||||
| Colorado State Rural COP | ||||||||
| $1,000,000 | 4.000%, 12/15/35 Series 2020A | Aa2/AA-/NR | $1,024,650 | |||||
| Metropolitan District (4.0%) | ||||||||
| Denver, Colorado Urban Renewal Authority, Tax Increment Revenue, Stapleton Senior | ||||||||
| 2,600,000 | 5.000%, 12/01/25 Series A-1 | NR/NR/AA- | 2,601,950 | |||||
| Midcities Metropolitan District No.2 Colorado, Special Revenue | ||||||||
| 2,365,000 | 5.000%, 12/01/31 Series 2022 AGMC Insured | A1/AA/NR | 2,581,539 | |||||
| Total Metropolitan District | 5,183,489 | |||||||
| School Districts (34.1%) | ||||||||
| Adams 12 Five Star Schools, Colorado | ||||||||
| 1,000,000 | 5.000%, 12/15/29 | Aa1/AA/NR | 1,040,890 | |||||
| 1,000,000 | 5.500%, 12/15/31 | Aa1/AA/NR | 1,098,820 | |||||
| Adams & Weld Counties, Colorado School District #27J | ||||||||
| 2,000,000 | 5.000%, 12/01/24 | Aa2/AA/NR | 2,002,100 | |||||
| 1,000,000 | 5.000%, 12/01/25 | Aa2/AA/NR | 1,006,790 | |||||
| 3,400,000 | 5.000%, 12/01/42 Series 2017 | Aa2/AA/NR | 3,507,848 | |||||
| Boulder, Larimer & Weld Counties, Colorado Series C | ||||||||
| 2,000,000 | 5.000%, 12/15/28 | Aa1/AA+/NR | 2,085,620 | |||||
| Boulder Valley, Colorado School District No. RE-2 | ||||||||
| 2,500,000 | 5.000%, 12/01/36 Series 2023 | Aa1/AA+/NR | 2,872,750 | |||||
| Denver, Colorado City & County School District No. 1 | ||||||||
| 2,000,000 | 5.000%, 12/01/25 Series B | Aa1/AA+/AA+ | 2,013,500 | |||||
| Eagle County School District, Colorado, Eagle, Garfield & Routt School District #50J | ||||||||
| 1,000,000 | 5.000%, 12/01/29 | Aa1/AA/NR | 1,041,720 | |||||
| 1,750,000 | 5.000%, 12/01/40 Series 2024 | Aa1/NR/NR | 1,972,355 | |||||
| El Paso County, Colorado School District #2, Harrison | ||||||||
| 2,000,000 | 5.000%, 12/01/31 | Aa2/AA/NR | 2,150,800 | |||||
| El Paso County, Colorado School District #20 Refunding | ||||||||
| 2,255,000 | 5.000%, 12/15/29 | Aa1/NR/NR | 2,349,913 | |||||
| Fremont County, Colorado School District #RE-1, Canon City | ||||||||
| 500,000 | 5.000%, 12/01/41 Series 2024 | Aa2/NR/NR | 554,650 | |||||
| Gunnison Watershed, Colorado School District #RE-1J | ||||||||
| 1,100,000 | 5.000%, 12/01/40 | Aa2/NR/NR | 1,227,369 | |||||
AQUILA TAX-FREE FUND OF COLORADO
SCHEDULE OF INVESTMENTS (continued)
June 30, 2024
(unaudited)
| Principal Amount |
General Obligation Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
| School Districts (continued) | ||||||||
| Jefferson County, Colorado School District #R-1 Refunding | ||||||||
| $2,225,000 | 5.000%, 12/15/30 | Aa1/AA/NR | $2,350,824 | |||||
| 2,600,000 | 5.000%, 12/15/31 | Aa1/AA/NR | 2,802,124 | |||||
| Larimer County, Colorado School District No. R 1 Poudre | ||||||||
| 1,000,000 | 5.000%, 12/15/30 | Aa1/NR/AA+ | 1,077,100 | |||||
| Larimer, Weld & Boulder Counties, Colorado School District No. R-2J, Thompson | ||||||||
| 520,000 | 5.000%, 12/15/34 | Aa2/AA/NR | 560,383 | |||||
| 3,375,000 | 5.000%, 12/15/35 | Aa2/AA/NR | 3,630,555 | |||||
| Larimer, Weld & Boulder Counties, Colorado School District No. R-2J, Thompson Refunding | ||||||||
| 1,500,000 | 4.250%, 12/15/24 | Aa2/NR/NR | 1,500,615 | |||||
| Mesa County, Colorado School District No. 50 | ||||||||
| 425,000 | 5.000%, 12/01/41 Series 2024 | Aa2/NR/NR | 466,119 | |||||
| 370,000 | 5.000%, 12/01/42 Series 2024 | Aa2/NR/NR | 404,147 | |||||
| Park County, Colorado School District No. 1, Platte Canyon | ||||||||
| 700,000 | 5.000%, 12/01/43 Series 2024 | Aa2/NR/NR | 769,783 | |||||
| Pueblo County, Colorado School District No. 60 | ||||||||
| 1,000,000 | 5.000%, 12/15/38 Series 2020 | Aa2/AA/NR | 1,076,990 | |||||
| Pueblo County, Colorado School District No. 70 | ||||||||
| 1,500,000 | 4.000%, 12/01/33 Series 2021A | Aa2/AA/NR | 1,556,850 | |||||
| San Miguel County, Colorado School District No. R-1, Telluride | ||||||||
| 1,000,000 | 5.000%, 12/01/41 Series 2024 | Aa1/NR/NR | 1,117,760 | |||||
| Weld County, Colorado School District No. RE-4 | ||||||||
| 1,655,000 | 5.000%, 12/01/39 Series 2023 | Aa2/AA/NR | 1,864,341 | |||||
| Total School Districts | 44,102,716 | |||||||
| Special District (0.7%) | ||||||||
| Basalt & Rural Fire Protection District, Eagle & Pitkin Counties | ||||||||
| 750,000 | 5.000%, 12/01/40 Series 2024A | NR/AA/NR | 835,703 | |||||
| Water & Sewer (0.9%) | ||||||||
| Central Colorado Water Conservancy District, Adams Morgan & Weld Counties | ||||||||
| 1,185,000 | 5.000%, 12/01/24 | NR/A/NR | 1,186,209 | |||||
| Total General Obligation Bonds | 52,332,767 | |||||||
AQUILA TAX-FREE FUND OF COLORADO
SCHEDULE OF INVESTMENTS (continued)
June 30, 2024
(unaudited)
| Principal Amount |
Revenue Bonds (52.2%) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
| City (1.2%) | ||||||||
| Grand Junction, Colorado General Fund | ||||||||
| $1,350,000 | 5.000%, 03/01/41 | NR/AA/NR | $1,500,809 | |||||
| Healthcare (5.6%) | ||||||||
| Colorado Health Facilities Authority, National Jewish Health - St. Joseph Hospital Center Outpatient Health LLC | ||||||||
| 1,200,000 | 4.000%, 01/01/39 Series 2019 | NR/AA/NR | 1,179,504 | |||||
| Colorado Health Facilities Authority, Sanford | ||||||||
| 1,000,000 | 5.000%, 11/01/32 Series 2019A | NR/A+/AA- | 1,073,280 | |||||
| 2,165,000 | 5.000%, 11/01/34 Series 2019A | NR/A+/AA- | 2,328,782 | |||||
| Southeast Colorado Hospital District Enterprise, Anticipation Notes | ||||||||
| 2,700,000 | 5.000%, 02/01/25 Series 2023 | NR/NR/NR* | 2,689,146 | |||||
| Total Healthcare | 7,270,712 | |||||||
| Higher Education (5.5%) | ||||||||
| Colorado Educational & Cultural Facility Authority, University of Denver Project | ||||||||
| 2,130,000 | 5.250%, 03/01/25 NPFG Insured | A1/A+/NR | 2,149,383 | |||||
| Colorado Educational & Cultural Facility Authority Refunding, University of Denver Project | ||||||||
| 1,000,000 | 5.250%, 03/01/26 NPFG Insured | A1/A+/NR | 1,026,990 | |||||
| Colorado School of Mines Institutional Enterprise | ||||||||
| 700,000 | 5.000%, 12/01/38 Series 2023C | A1/A+/NR | 784,721 | |||||
| 1,000,000 | 5.000%, 12/01/43 Series 2024A SHEIP Insured | Aa2/AA/NR | 1,105,820 | |||||
| Colorado State Board Community Colleges & Occupational Education, Refunding & Improvement, Arapahoe Community College | ||||||||
| 1,000,000 | 5.000%, 11/01/30 Series 2017A | Aa3/NR/NR | 1,055,720 | |||||
| University of Northern Colorado Greeley Institutional Enterprise Refunding | ||||||||
| 1,000,000 | 5.000%, 06/01/25 Series A SHEIP Insured | Aa2/AA/NR | 1,000,950 | |||||
| Total Higher Education | 7,123,584 | |||||||
| Lease (17.9%) | ||||||||
| Adams County, Colorado School District No. 1 Mapleton COP | ||||||||
| 1,165,000 | 5.000%, 12/01/33 Series 2023 BAMAC Insured | A2/AA/NR | 1,325,595 | |||||
| 1,335,000 | 5.000%, 12/01/36 Series 2023 BAMAC Insured | A2/AA/NR | 1,499,325 | |||||
| Colorado State BEST COP | ||||||||
| 2,500,000 | 5.000%, 03/15/31 Series K | Aa2/AA-/NR | 2,604,775 | |||||
| Colorado State BEST COP | ||||||||
| 2,000,000 | 5.000%, 03/15/31 Series M | Aa2/AA-/NR | 2,112,420 | |||||
AQUILA TAX-FREE FUND OF COLORADO
SCHEDULE OF INVESTMENTS (continued)
June 30, 2024
(unaudited)
| Principal Amount |
Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
| Lease (continued) | ||||||||
| Colorado State Higher Education Capital Construction Lease | ||||||||
| $1,690,000 | 5.000%, 11/01/26 | Aa2/AA-/NR | $1,758,986 | |||||
| Denver, Colorado City & County COP, Convention Center Expansion Project | ||||||||
| 1,500,000 | 5.000%, 06/01/30 Series 2018A | Aa2/AA+/AA+ | 1,545,735 | |||||
| Denver, Colorado City & County COP (Fire Station & Library Facilities) | ||||||||
| 1,065,000 | 5.000%, 12/01/25 | Aa1/AA+/AA+ | 1,090,975 | |||||
| Denver, Colorado City & County COP (Wellington E. Webb Municipal Office Building) | ||||||||
| 1,000,000 | 5.000%, 12/01/36 Series 2023 | Aa1/AA+/AA+ | 1,140,350 | |||||
| 1,715,000 | 5.000%, 12/01/37 Series 2023 | Aa1/AA+/AA+ | 1,946,628 | |||||
| Douglas County, Colorado COP (Libraries) | ||||||||
| 1,570,000 | 5.000%, 12/01/27 | Aa2/NR/NR | 1,579,294 | |||||
| Foothills Park and Recreation District, Colorado COP | ||||||||
| 1,405,000 | 4.000%, 12/01/35 Series 2021 | NR/AA-/NR | 1,447,178 | |||||
| Foothills Park and Recreation District, Colorado COP Refunding & Improvement | ||||||||
| 1,380,000 | 5.000%, 12/01/26 AGMC Insured | NR/AA/NR | 1,411,022 | |||||
| Fort Lupton, Colorado COP | ||||||||
| 500,000 | 5.000%, 12/01/33 Series 2023 | NR/A+/NR | 538,885 | |||||
| Frisco, Colorado Financial Authority COP | ||||||||
| 750,000 | 5.000%, 12/01/37 Series 2023 | Aa2/NR/NR | 823,290 | |||||
| Telluride, Colorado COP | ||||||||
| 945,000 | 5.000%, 12/01/43 Series 2024 | NR/AA-/NR | 1,027,470 | |||||
| Thompson School District No R2-J (Larimer, Weld And Boulder Counties, Colorado COP | ||||||||
| 750,000 | 4.500%, 12/01/26 Series 2014 | A1/NR/NR | 752,685 | |||||
| Westminster, Colorado COP (Municipal Courthouse Project) | ||||||||
| 500,000 | 5.000%, 12/01/37 Series 2023 | NR/AA/NR | 563,220 | |||||
| Total Lease | 23,167,833 | |||||||
AQUILA TAX-FREE FUND OF COLORADO
SCHEDULE OF INVESTMENTS (continued)
June 30, 2024
(unaudited)
| Principal Amount |
Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
| Sales Tax (4.0%) | ||||||||
| City of Fruita, Colorado Sales & Use Tax | ||||||||
| $1,110,000 | 4.000%, 10/01/33 | NR/AA-/NR | $1,129,037 | |||||
| Commerce City, Colorado Sales & Use Tax | ||||||||
| 1,000,000 | 5.000%, 08/01/26 BAMAC Insured | Aa2/AA/NR | 1,017,470 | |||||
| Denver, Colorado City & County Dedicated Tax Revenue | ||||||||
| 2,000,000 | 5.000%, 08/01/42 Series 2016A | Aa3/AA-/AA- | 2,036,140 | |||||
| 1,000,000 | 4.000%, 08/01/36 Series 2021A | Aa3/AA-/AA- | 1,027,590 | |||||
| Total Sales Tax | 5,210,237 | |||||||
| Tax Increment (1.2%) | ||||||||
| Park Creek, Colorado Metropolitan District Senior Limited Property Tax Supported | ||||||||
| 1,475,000 | 4.000%, 12/01/35 AGMC Insured | NR/AA/A | 1,492,154 | |||||
| Transportation (2.8%) | ||||||||
| E-470 Public Highway Authority, Colorado Senior Revenue | ||||||||
| 1,500,000 | 5.000%, 09/01/35 Series 2020A | A1/A+/NR | 1,640,790 | |||||
| Regional Transportation District, Colorado COP | ||||||||
| 2,000,000 | 5.000%, 06/01/26 Series A | A1/AA/AA- | 2,025,940 | |||||
| Total Transportation | 3,666,730 | |||||||
| Utilities (6.6%) | ||||||||
| Colorado Springs, Colorado Utilities Revenue, Refunding | ||||||||
| 1,000,000 | 5.000%, 11/15/27 Series A | Aa2/AA+/AA | 1,022,700 | |||||
| Colorado Springs, Colorado Utilities Revenue Refunding | ||||||||
| 450,000 | 5.000%, 11/15/33 Series 2022B | Aa2/AA+/NR | 511,470 | |||||
| 450,000 | 5.000%, 11/15/34 Series 2022B | Aa2/AA+/NR | 512,096 | |||||
| Colorado Springs, Colorado Utilities System Improvement Revenue | ||||||||
| 1,500,000 | 5.000%, 11/15/39 Series 2023A | Aa2/AA+/NR | 1,693,785 | |||||
| Colorado Springs, Colorado Utilities System Revenue Refunding | ||||||||
| 1,000,000 | 5.000%, 11/15/38 Series 2023B | Aa2/AA+/NR | 1,132,610 | |||||
| 1,000,000 | 5.000%, 11/15/39 Series 2023B | Aa2/AA+/NR | 1,129,190 | |||||
| Fort Collins, Colorado Electric Utility Enterprise Revenue | ||||||||
| 2,240,000 | 5.000%, 12/01/37 Series 2023 | NR/AA-/AA- | 2,532,858 | |||||
| Total Utilities | 8,534,709 | |||||||
AQUILA TAX-FREE FUND OF COLORADO
SCHEDULE OF INVESTMENTS (continued)
June 30, 2024
(unaudited)
| Principal Amount |
Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
| Water & Sewer (7.4%) | ||||||||
| Arapahoe, Colorado Water & Wastewater Public Improvement District | ||||||||
| $1,020,000 | 5.000%, 12/01/25 | NR/AA-/NR | $1,026,926 | |||||
| Arvada, Colorado Wastewater Enterprise | ||||||||
| 1,090,000 | 5.000%, 12/01/35 | NR/AA-/AA | 1,252,901 | |||||
| Arvada, Colorado Water Enterprise | ||||||||
| 1,355,000 | 5.000%, 12/01/35 | NR/AA+/AA+ | 1,555,337 | |||||
| Broomfield, Colorado Sewer and Waste Water | ||||||||
| 1,550,000 | 5.000%, 12/01/24 AGMC Insured | Aa3/AA/NR | 1,551,860 | |||||
| Grand Junction, Colorado Sewer System | ||||||||
| 485,000 | 5.000%, 12/01/41 Series 2024 BAMAC Insured | NR/AA/NR | 538,011 | |||||
| 400,000 | 5.000%, 12/01/42 Series 2024 BAMAC Insured | NR/AA/NR | 441,912 | |||||
| 840,000 | 5.000%, 12/01/43 Series 2024 BAMAC Insured | NR/AA/NR | 923,740 | |||||
| Snake River Water District, Colorado Water Activity Enterprise Revenue Refunding & Improvement | ||||||||
| 2,000,000 | 5.000%, 03/01/39 Series 2024 BAMAC Insured | NR/AA/NR | 2,209,200 | |||||
| Total Water & Sewer | 9,499,887 | |||||||
| Total Revenue Bonds | 67,466,655 | |||||||
| Pre-Refunded Bonds (3.2%)†† | ||||||||
| Pre-Refunded Revenue Bonds (3.2%) | ||||||||
| Higher Education (2.0%) | ||||||||
| University of Colorado Enterprise System, Series A | ||||||||
| 2,620,000 | 5.000%, 06/01/29 | Aa1/NR/AA+ | 2,660,296 | |||||
| Lease (1.2%) | ||||||||
| Rangeview Library District Project, Colorado COP | ||||||||
| 1,515,000 | 5.000%, 12/15/27 AGMC Insured | Aa2/AA/NR | 1,552,314 | |||||
| Total Pre-Refunded Bonds | 4,212,610 | |||||||
| Total Municipal Bonds (cost $124,441,936) | 124,012,032 | |||||||
| Shares | Short-Term Investment (3.8%) | |||||||
| 4,904,356 | Dreyfus Treasury Obligations Cash Management - Institutional Shares, 5.18%* (cost $4,904,356) | Aaa-mf/AAAm/NR | 4,904,356 | |||||
| Total Investments (cost $129,346,292-note b) | 99.7% | 128,916,388 | ||||||
| Other assets less liabilities | 0.3 | 397,779 | ||||||
| Net Assets | 100.0% | $129,314,167 |
AQUILA TAX-FREE FUND OF COLORADO
SCHEDULE OF INVESTMENTS (continued)
June 30, 2024
(unaudited)
| Portfolio Distribution By Quality Rating | Percent of Investments† | ||
| Prerefunded bonds†† | 3.4 | % | |
| Aa of Moody’s or AA of S&P or Fitch | 87.9 | ||
| A of Moody’s or S&P | 6.5 | ||
| Not Rated* | 2.2 | ||
| 100.0 | % | ||
| PORTFOLIO ABBREVIATIONS |
| AGMC - Assured Guaranty Municipal Corp. |
| BAMAC -Build America Mutual Assurance Company |
| BEST - Building Excellent Schools Today |
| COP - Certificates of Participation |
| NPFG - National Public Finance Guarantee |
| NR - Not Rated |
| SHEIP - State Higher Education Intercept Program |
| * | The rate is an annualized seven-day yield at period end. |
| ** | Any security not rated (“NR”) by any of the Nationally Recognized Statistical Rating Organizations (“NRSRO”) has been determined by the Investment Adviser to have sufficient quality to be ranked in the top four credit ratings if a credit rating were to be assigned by a NRSRO. |
| † | Where applicable, calculated using the highest rating of the three NRSRO. Percentages in this table do not include the Short-Term Investment. |
| †† | Pre-refunded bonds are bonds for which U.S. Government Obligations usually have been placed in escrow to retire the bonds at their earliest call date. |
See accompanying notes to financial statements.
AQUILA TAX-FREE FUND OF COLORADO
NOTES TO FINANCIAL STATEMENTS
June 30, 2024
(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, 2024, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $129,302,522 amounted to $386,134, which consisted of aggregate gross unrealized appreciation of $616,103 and aggregate gross unrealized depreciation of $1,002,237. |
| (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, 2024:
| Valuation Inputs+ | Investments in Securities | ||
| Level 1 – Quoted Prices- Short-Term Investment | $ | 4,904,356 | |
| Level 2 – Other Significant Observable Inputs- Municipal Bonds | 124,012,032 | ||
| Level 3 – Significant Unobservable Inputs | – | ||
| Total | $ | 128,916,388 | |
| +See schedule of investments for a detailed listing of securities. | |||