AQUILA NARRAGANSETT TAX-FREE INCOME FUND
SCHEDULE OF INVESTMENTS
December 31, 2023
(unaudited)
Principal Amount |
General Obligation Bonds (25.0%) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
Barrington, Rhode Island | ||||||||
$560,000 | 2.500%, 08/01/25 | Aa1/NR/NR | $552,625 | |||||
Bristol, Rhode Island | ||||||||
865,000 | 3.500%, 08/01/31 | NR/AA+/NR | 865,199 | |||||
1,900,000 | 3.000%, 08/01/38 Series 2021A | NR/AA+/NR | 1,759,647 | |||||
1,095,000 | 4.500%, 09/15/38 Series 2023A | NR/AA+/NR | 1,247,085 | |||||
Coventry, Rhode Island | ||||||||
1,605,000 | 3.625%, 03/15/27 AGMC Insured | A1/AA/NR | 1,614,887 | |||||
Cranston, Rhode Island | ||||||||
1,325,000 | 4.000%, 07/01/28 | A1/AA-/AA+ | 1,367,599 | |||||
1,170,000 | 5.000%, 08/01/32 Series 2018 A | A1/AA-/AA+ | 1,288,427 | |||||
1,000,000 | 4.000%, 08/01/33 Series 2019 A BAMI Insured | A1/AA/AA+ | 1,055,970 | |||||
615,000 | 4.000%, 08/01/35 Series 2019 A BAMI Insured | A1/AA/AA+ | 647,343 | |||||
860,000 | 4.000%, 08/15/34 Series 2021 A | NR/AA-/AA+ | 921,567 | |||||
455,000 | 4.000%, 08/15/35 Series 2021 A | NR/AA-/AA+ | 485,963 | |||||
475,000 | 4.000%, 08/15/36 Series 2021 A | NR/AA-/AA+ | 504,716 | |||||
1,000,000 | 4.250%, 07/15/24 Series B BAMI Insured | A1/AA/AA+ | 1,007,370 | |||||
1,000,000 | 4.250%, 07/15/25 Series B BAMI Insured | A1/AA/AA+ | 1,023,700 | |||||
Cumberland, Rhode Island | ||||||||
500,000 | 4.250%, 11/01/27 Series 2011 A | NR/AA+/NR | 500,575 | |||||
500,000 | 4.625%, 11/01/31 Series 2011 A | NR/AA+/NR | 500,650 | |||||
700,000 | 4.500%, 03/15/32 Series 2018 A | NR/AA+/NR | 756,602 | |||||
Hopkinton, Rhode Island | ||||||||
400,000 | 4.375%, 08/15/31 | Aa3/NR/NR | 400,164 | |||||
Jamestown, Rhode Island | ||||||||
1,000,000 | 4.500%, 02/15/39 Series 2023A | Aa1/NR/NR | 1,122,430 | |||||
Johnston, Rhode Island | ||||||||
1,020,000 | 3.450%, 06/01/29 Series A | A1/AA/NR | 1,020,010 | |||||
1,020,000 | 3.700%, 06/01/33 Series A | A1/AA/NR | 1,020,000 | |||||
Lincoln, Rhode Island | ||||||||
1,500,000 | 3.500%, 08/01/24 Series A | Aa2/NR/AAA | 1,503,915 | |||||
2,225,000 | 3.500%, 08/01/25 Series A | Aa2/NR/AAA | 2,248,029 | |||||
Middleton, Rhode Island | ||||||||
435,000 | 4.000%, 02/01/31 Series 2021A | Aa1/NR/NR | 471,022 | |||||
Narragansett, Rhode Island | ||||||||
1,025,000 | 3.500%, 07/15/28 | Aa2/AA+/NR | 1,025,144 | |||||
North Kingstown, Rhode Island | ||||||||
190,000 | 3.000%, 04/15/24 Series A | Aa2/AA+/NR | 189,941 | |||||
1,500,000 | 3.500%, 04/01/37 Series 2021 A | NR/AA+/NR | 1,512,555 |
Principal Amount |
General Obligation Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
North Smithfield, Rhode Island | ||||||||
$825,000 | 3.000%, 06/15/26 Series A | Aa2/NR/NR | $828,630 | |||||
1,075,000 | 3.500%, 05/15/34 | Aa2/NR/NR | 1,069,776 | |||||
Pawtucket, Rhode Island | ||||||||
525,000 | 4.000%, 11/01/25 AGMC Insured | A1/AA/A+ | 530,633 | |||||
890,000 | 4.500%, 07/15/33 Series C AGMC Insured | A1/AA/NR | 972,129 | |||||
935,000 | 4.500%, 07/15/34 Series C AGMC Insured | A1/AA/NR | 1,023,797 | |||||
975,000 | 4.500%, 07/15/35 Series C AGMC Insured | A1/AA/NR | 1,061,229 | |||||
Portsmouth, Rhode Island | ||||||||
1,140,000 | 3.750%, 02/01/31 Series A | Aa2/AAA/NR | 1,154,729 | |||||
Providence, Rhode Island | ||||||||
975,000 | 3.625%, 01/15/29 Series A AGMC Insured | A1/AA/A | 975,634 | |||||
2,010,000 | 3.750%, 01/15/30 Series A AGMC Insured | A1/AA/A | 2,011,387 | |||||
1,000,000 | 3.750%, 01/15/32 Series A AGMC Insured | A1/AA/A | 1,000,480 | |||||
Richmond, Rhode Island | ||||||||
265,000 | 3.000%, 08/01/24 | Aa3/NR/NR | 265,286 | |||||
State of Rhode Island | ||||||||
2,000,000 | 3.000%, 05/01/31 Series A | Aa2/AA/AA | 1,993,780 | |||||
2,000,000 | 3.000%, 05/01/32 Series A | Aa2/AA/AA | 1,984,320 | |||||
1,500,000 | 3.000%, 05/01/36 Series A | Aa2/AA/AA | 1,413,840 | |||||
1,000,000 | 4.000%, 08/01/33 Series 2021E | Aa2/AA/AA | 1,078,610 | |||||
Warren, Rhode Island | ||||||||
1,170,000 | 4.000%, 02/15/33 Series 2018 A | Aa3/NR/NR | 1,215,630 | |||||
West Greenwich, Rhode Island | ||||||||
1,175,000 | 3.000%, 08/15/26 | NR/AA+/NR | 1,169,595 | |||||
West Warwick, Rhode Island | ||||||||
795,000 | 5.000%, 10/01/32 Series A BAMI Insured | A3/AA/NR | 822,698 | |||||
Westerly, Rhode Island | ||||||||
345,000 | 5.000%, 11/15/31 Series 2021 A | NR/AA/NR | 404,664 | |||||
Total General Obligation Bonds | 47,589,982 | |||||||
Revenue Bonds (72.3%) | ||||||||
Development (6.7%) | ||||||||
Providence, Rhode Island Public Building Authority (Capital Improvement Program Projects) | ||||||||
3,000,000 | 4.000%, 09/15/34 Series A AGMC Insured | A1/AA/NR | 3,113,550 | |||||
3,500,000 | 4.000%, 09/15/35 Series A AGMC Insured | A1/AA/NR | 3,614,660 | |||||
Providence, Rhode Island Redevelopment Agency Refunding Public Safety Building Project | ||||||||
1,680,000 | 5.000%, 04/01/26 Series A AGMC Insured | A1/AA/NR | 1,723,243 | |||||
Principal Amount |
Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
Development (continued) | ||||||||
Rhode Island Infrastructure Bank Municipal Road and Bridge Revolving Fund | ||||||||
$935,000 | 4.000%, 10/01/33 Series 2019 A | NR/AA/NR | $981,834 | |||||
845,000 | 4.000%, 10/01/34 Series 2019 A | NR/AA/NR | 885,923 | |||||
1,010,000 | 4.000%, 10/01/35 Series 2019 A | NR/AA/NR | 1,052,168 | |||||
Rhode Island Infrastructure Bank Efficient Buildings Fund, Green Bonds | ||||||||
1,555,000 | 3.000%, 10/01/37 Series 2020 A | NR/AA/NR | 1,465,401 | |||||
Total Development | 12,836,779 | |||||||
Healthcare (3.7%) | ||||||||
Rhode Island Health & Education Building Corp., Hospital Financing, Lifespan Obligated Group | ||||||||
875,000 | 5.000%, 05/15/28 Series 2016 | NR/BBB+/BBB+ | 895,116 | |||||
1,000,000 | 5.000%, 05/15/31 Series 2016 | NR/BBB+/BBB+ | 1,018,910 | |||||
1,000,000 | 5.000%, 05/15/33 Series 2016 | NR/BBB+/BBB+ | 1,018,360 | |||||
1,250,000 | 5.000%, 05/15/34 Series 2016 | NR/BBB+/BBB+ | 1,272,350 | |||||
1,750,000 | 5.000%, 05/15/39 Series 2016 | NR/BBB+/BBB+ | 1,769,443 | |||||
Rhode Island State & Providence Plantations Lease COP (Eleanor Slater Hospital Project) | ||||||||
1,000,000 | 4.000%, 11/01/32 Series B | Aa3/AA-/AA- | 1,047,730 | |||||
Total Healthcare | 7,021,909 | |||||||
Higher Education (7.4%) | ||||||||
Rhode Island Health and Education Building Corp., Higher Educational Facility | ||||||||
2,500,000 | 5.000%, 09/15/30 Series 2010 A AGMC Insured | Aa3/NR/NR | 2,503,225 | |||||
Rhode Island Health and Educational Building Corp., Higher Education Facility, Brown University | ||||||||
2,765,000 | 4.000%, 09/01/37 Series 2017 | Aa1/AA+/NR | 2,841,093 | |||||
500,000 | 5.000%, 09/01/39 Series 2023 | Aa1/AA+/NR | 590,780 | |||||
Rhode Island Health and Educational Building Corp., Higher Education Facility, Providence College | ||||||||
2,000,000 | 4.000%, 11/01/24 Series 2015 | A2/A/NR | 2,016,700 | |||||
250,000 | 4.000%, 11/01/37 Series 2021B | A2/A/NR | 260,348 | |||||
250,000 | 4.000%, 11/01/38 Series 2021B | A2/A/NR | 259,833 | |||||
Rhode Island Health and Educational Building Corp., Higher Education Facility, University of Rhode Island | ||||||||
1,000,000 | 4.250%, 09/15/31 Series A | Aa3/A+/NR | 1,051,150 | |||||
785,000 | 5.000%, 09/15/34 Series 2023 | Aa3/A+/NR | 916,338 | |||||
Rhode Island Health and Educational Building Corp., Higher Education Facility, University of Rhode Island Auxiliary Enterprise | ||||||||
500,000 | 4.000%, 09/15/31 Series 2016 B | A1/A+/NR | 511,010 | |||||
2,000,000 | 4.000%, 09/15/42 Series 2017 A | A1/A+/NR | 2,006,380 | |||||
1,000,000 | 4.000%, 09/15/32 Series 2017 B | A1/A+/NR | 1,028,530 | |||||
Total Higher Education | 13,985,387 |
Principal Amount |
Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
Housing (7.1%) | ||||||||
Rhode Island Housing & Mortgage Finance Corp. Homeownership Opportunity | ||||||||
$155,000 | 3.000%, 10/01/39 Series 71 | Aa1/AA+/NR | $137,028 | |||||
2,000,000 | 2.100%, 10/01/35 Series 73 A | Aa1/AA+/NR | 1,716,060 | |||||
2,000,000 | 2.300%, 10/01/40 Series 73 A | Aa1/AA+/NR | 1,573,620 | |||||
2,000,000 | 2.050%, 10/01/36 Series 75 A | Aa1/AA+/NR | 1,540,920 | |||||
750,000 | 2.350%, 10/01/36 Series 76 A | Aa1/AA+/NR | 627,240 | |||||
1,500,000 | 4.400%, 10/01/38 Series 79 A | Aa1/AA+/NR | 1,571,700 | |||||
1,150,000 | 4.150%, 10/01/38 Series 80 A | Aa1/AA+/NR | 1,188,031 | |||||
Rhode Island Housing & Mortgage Finance Corp. Multi-Family Development Sustainability | ||||||||
770,000 | 2.750%, 10/01/34 Series 1-B | Aa2/NR/NR | 696,534 | |||||
1,000,000 | 3.100%, 10/01/44 Series 1-B | Aa2/NR/NR | 812,560 | |||||
Rhode Island Housing & Mortgage Finance Corp. Multi-Family Housing | ||||||||
145,000 | 4.625%, 10/01/25 Series 2010 A | Aaa/NR/NR | 145,154 | |||||
215,000 | 5.000%, 10/01/30 Series 2010 A | Aaa/NR/NR | 215,518 | |||||
1,255,000 | 3.450%, 10/01/36 Series 2016 1B | Aa2/NR/NR | 1,238,120 | |||||
1,000,000 | 3.250%, 10/01/27 Series 1B | Aa2/NR/NR | 1,000,030 | |||||
1,000,000 | 3.400%, 10/01/29 Series 3B | Aa2/NR/NR | 1,000,130 | |||||
Total Housing | 13,462,645 | |||||||
Public School (32.2%) | ||||||||
Rhode Island Health and Education Building Corp., State Appropriation-Backed Revenue Bonds, Central Falls Public School Projects | ||||||||
1,115,000 | 5.000%, 05/15/40 Series 2023 | Aa3/AA-/NR | 1,251,532 | |||||
Rhode Island Health and Education Building Corp., Public School Financing Program, Town of Burrillville | ||||||||
730,000 | 5.000%, 05/15/35 Series 2022D | NR/AA/NR | 839,639 | |||||
Rhode Island Health and Education Building Corp., Public School Financing Program, Chariho Regional School District | ||||||||
1,520,000 | 4.000%, 05/15/31 Series 2017 J-2 B | Aa3/NR/NR | 1,577,380 | |||||
Rhode Island Health and Education Building Corp., Public School Financing Program, Town of Coventry | ||||||||
1,000,000 | 3.750%, 05/15/28 Series 2013 B AGMC Insured | Aa3/AA/NR | 1,000,730 | |||||
1,000,000 | 4.000%, 05/15/33 AGMC Insured | Aa3/AA/NR | 1,000,490 | |||||
Rhode Island Health and Educational Building Corp., Public School Financing Program, City of Cranston | ||||||||
1,170,000 | 4.000%, 05/15/30 Series 2015 B BAMI Insured | NR/AA/NR | 1,186,708 | |||||
Rhode Island Health and Education Building Corp., Public School Financing Program, Town of Cumberland | ||||||||
800,000 | 5.000%, 05/15/39 Series 2023A | NR/AA+/NR | 919,376 |
Principal Amount |
Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
Public School (continued) | ||||||||
Rhode Island Health and Education Building Corp., Public School Financing Program, City of East Providence | ||||||||
$1,000,000 | 3.625%, 05/15/32 Series B | Aa3/NR/NR | $1,000,490 | |||||
2,000,000 | 4.000%, 05/15/37 Series 2021F | NR/AA/NR | 2,092,940 | |||||
2,000,000 | 4.000%, 05/15/38 Series 2021F | NR/AA/NR | 2,074,300 | |||||
Rhode Island Health and Education Building Corp., Exeter-West Greenwich Regional School District | ||||||||
1,455,000 | 3.500%, 05/15/37 Series 2021 G | Aa3/NR/NR | 1,467,542 | |||||
1,500,000 | 4.000%, 05/15/41 Series 2021 G | Aa3/NR/NR | 1,516,365 | |||||
1,150,000 | 4.500%, 05/15/39 Series 2023 B | Aa3/NR/NR | 1,256,617 | |||||
Rhode Island Health and Education Building Corp., Public School Financing Program, Town of Jamestown | ||||||||
1,020,000 | 3.000%, 05/15/35 Series 2019 C | Aa1/NR/NR | 1,012,085 | |||||
Rhode Island Health and Education Building Corp., Public School Financing Program, Town of Johnston | ||||||||
1,045,000 | 5.000%, 05/15/34 Series 2022F | NR/AA/NR | 1,203,088 | |||||
Rhode Island Health and Education Building Corp., Public School Financing Program, Town of Lincoln | ||||||||
3,245,000 | 5.000%, 05/15/33 Series 2020 B | Aa2/NR/AAA | 3,677,039 | |||||
1,000,000 | 4.000%, 05/15/35 Series 2020 B | Aa2/NR/AAA | 1,059,480 | |||||
Rhode Island Health and Education Building Corp., Public School Financing Program, Town of Little Compton | ||||||||
1,100,000 | 4.000%, 05/15/25 Series 2013 H | NR/AAA/NR | 1,101,067 | |||||
Rhode Island Health and Education Building Corp., Public School Financing Program, City of Newport | ||||||||
2,000,000 | 4.000%, 05/15/36 Series 2022C | NR/AA+/NR | 2,160,380 | |||||
Rhode Island Health and Education Building Corp., Public School Financing Program, Town of North Providence | ||||||||
750,000 | 5.000%, 05/15/31 Series 2017 G AGMC Insured | Aa3/AA/NR | 804,023 | |||||
500,000 | 5.000%, 05/15/32 Series 2019 A AGMC Insured | Aa3/AA/NR | 558,630 | |||||
500,000 | 5.000%, 05/15/33 Series 2019 A AGMC Insured | Aa3/AA/NR | 557,115 | |||||
500,000 | 5.000%, 05/15/34 Series 2019 A AGMC Insured | Aa3/AA/NR | 555,595 | |||||
500,000 | 4.000%, 05/15/37 Series 2019 A AGMC Insured | Aa3/AA/NR | 516,065 | |||||
Rhode Island Health and Education Building Corp., Public School Financing Program, City of Pawtucket | ||||||||
1,200,000 | 4.000%, 05/15/26 Series 2014 C | Aa3/NR/NR | 1,204,380 | |||||
1,000,000 | 4.250%, 05/15/29 Series 2017 E BAMI Insured | Aa3/AA/NR | 1,046,390 | |||||
1,045,000 | 4.000%, 05/15/31 Series 2018 B | Aa3/NR/NR | 1,095,484 | |||||
1,090,000 | 4.000%, 05/15/32 Series 2018 B | Aa3/NR/NR | 1,137,949 | |||||
1,000,000 | 4.000%, 05/15/35 Series 2022A | Aa3/NR/NR | 1,071,380 | |||||
1,000,000 | 4.000%, 05/15/36 Series 2022A | Aa3/NR/NR | 1,058,080 | |||||
1,000,000 | 4.000%, 05/15/38 Series 2022A | Aa3/NR/NR | 1,031,950 | |||||
500,000 | 4.000%, 05/15/42 Series 2022A | Aa3/NR/NR | 504,220 | |||||
2,350,000 | 3.000%, 05/15/39 Series 2019 B | Aa3/NR/NR | 2,152,224 |
Principal Amount |
Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
Public School (continued) | ||||||||
Rhode Island Health and Education Building Corp., Public School Financing Program, Town of Portsmouth | ||||||||
$500,000 | 5.000%, 05/15/32 Series 2022E | NR/AAA/NR | $600,350 | |||||
Rhode Island Health and Education Building Corp., Public School Financing Program, City of Providence | ||||||||
1,000,000 | 4.000%, 05/15/37 Series 2021D BAMI Insured | Aa3/AA/NR | 1,046,470 | |||||
Rhode Island Health and Education Building Corp., Public School Financing Program, Town of Scituate | ||||||||
1,285,000 | 4.500%, 05/15/33 Series 2018 A | NR/AA/NR | 1,364,040 | |||||
Rhode Island Health and Education Building Corp., Public School Financing Program, Town of Smithfield | ||||||||
1,000,000 | 3.000%, 05/15/37 Series 2021H | NR/AA/NR | 949,470 | |||||
1,000,000 | 3.000%, 05/15/38 Series 2021H | NR/AA/NR | 927,280 | |||||
Rhode Island Health and Education Building Corp., Public School Financing Program, Town of Tiverton | ||||||||
1,630,000 | 5.000%, 05/15/27 Series 2015 D | A1/NR/NR | 1,670,685 | |||||
Rhode Island Health and Education Building Corp., Public School Financing Program, City of Warwick | ||||||||
1,000,000 | 4.000%, 05/15/36 Series 2022B | NR/AA/NR | 1,061,850 | |||||
Rhode Island Health and Education Building Corp., Public School Financing Program, Town of Westerly | ||||||||
500,000 | 4.000%, 05/15/31 Series 2021E | NR/AA/NR | 534,835 | |||||
Rhode Island Health and Education Building Corp., Public School Financing Program, Pooled Issue | ||||||||
445,000 | 5.000%, 05/15/35 Series 2019 A AGMC Insured | Aa3/AA/NR | 493,367 | |||||
Rhode Island Health and Education Building Corp., Public School Financing Program, Pooled Issue - Narragansett & Scituate | ||||||||
1,000,000 | 4.250%, 05/15/28 Series 2017 B | Aa2/NR/NR | 1,049,110 | |||||
Rhode Island Health and Education Building Corp., Public School Financing Program, Providence Public Buildings Authority | ||||||||
1,000,000 | 3.750%, 05/15/27 Series 2015 A AGMC Insured | Aa3/AA/NR | 1,006,600 | |||||
1,500,000 | 4.000%, 05/15/28 Series 2015 A AGMC Insured | Aa3/AA/NR | 1,525,215 | |||||
1,500,000 | 4.000%, 05/15/30 Series 2015 B AGMC Insured | Aa3/AA/NR | 1,521,420 | |||||
Rhode Island Health and Education Building Corp., Public School Financing Program, Providence Public Schools | ||||||||
2,000,000 | 4.500%, 05/15/24 Series 2013 A | Aa3/NR/NR | 2,001,500 | |||||
1,000,000 | 4.000%, 05/15/35 Series 2019 A AGMC Insured | Aa3/AA/NR | 1,044,280 | |||||
Rhode Island Health and Education Building Corp., Public School Financing Program, City of Warwick | ||||||||
1,000,000 | 4.000%, 05/15/32 Series 2017 I | NR/AA/NR | 1,033,100 | |||||
500,000 | 4.000%, 05/15/35 Series 2019 D | NR/AA/NR | 522,140 |
Principal Amount |
Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
Public School (continued) | ||||||||
Rhode Island Health and Education Building Corp., Public School Financing Program, City of Woonsocket | ||||||||
$500,000 | 5.000%, 05/15/27 Series 2017 A AGMC Insured | Aa3/AA/NR | $533,620 | |||||
500,000 | 5.000%, 05/15/28 Series 2017 A AGMC Insured | Aa3/AA/NR | 534,960 | |||||
500,000 | 5.000%, 05/15/29 Series 2017 A AGMC Insured | Aa3/AA/NR | 534,850 | |||||
Rhode Island Health and Education Building Corp., Public School Financing Program, Town of South Kingstown | ||||||||
780,000 | 3.500%, 05/15/34 Series 2020A | Aa1/NR/NR | 795,109 | |||||
Total Public School | 61,440,984 | |||||||
Secondary Education (1.3%) | ||||||||
Rhode Island Health and Educational Building Corp., Educational Institution, St. George's School | ||||||||
600,000 | 4.000%, 10/01/36 Series 2021 | NR/AA-/NR | 624,636 | |||||
600,000 | 4.000%, 10/01/37 Series 2021 | NR/AA-/NR | 619,872 | |||||
1,265,000 | 4.000%, 10/01/38 Series 2021 | NR/AA-/NR | 1,295,385 | |||||
Total Secondary Education | 2,539,893 | |||||||
Transportation (7.7%) | ||||||||
Rhode Island Commerce Corp., Airport | ||||||||
635,000 | 5.000%, 07/01/36 2016 Series D | Baa1/A/A- | 655,682 | |||||
1,515,000 | 5.000%, 07/01/37 2016 Series D | Baa1/A/A- | 1,559,693 | |||||
Rhode Island Commerce Corp., First Lien Special Facility Refunding Bonds (Rhode Island Airport Corporation Intermodal Facility Project) | ||||||||
1,425,000 | 5.000%, 07/01/24 Series 2018 | Baa1/A/NR | 1,438,025 | |||||
1,500,000 | 5.000%, 07/01/30 Series 2018 | Baa1/A/NR | 1,630,560 | |||||
Rhode Island Commerce Corp., Grant Anticipation Refunding Bonds (Rhode Island Department of Transportation) | ||||||||
1,000,000 | 5.000%, 06/15/31 Series 2016 B | A2/AA-/NR | 1,045,400 | |||||
Rhode Island State Economic Development Corp., Airport | ||||||||
1,000,000 | 5.000%, 07/01/24 Series B | Baa1/A/A- | 1,001,300 | |||||
2,000,000 | 4.000%, 07/01/24 Series B | Baa1/A/A- | 2,001,180 | |||||
Rhode Island State Turnpike & Bridge Authority, Motor Fuel Tax | ||||||||
1,240,000 | 4.000%, 10/01/27 Series 2016 A | NR/A+/A- | 1,275,948 | |||||
1,500,000 | 4.000%, 10/01/34 Series 2016 A | NR/A+/A- | 1,530,570 | |||||
1,000,000 | 4.000%, 10/01/36 Series 2016 A | NR/A+/A- | 1,014,780 | |||||
425,000 | 5.000%, 10/01/40 Series 2016 A | NR/A+/A- | 437,423 | |||||
300,000 | 4.000%, 10/01/33 Series 2019 A | NR/A+/A- | 316,884 | |||||
300,000 | 4.000%, 10/01/34 Series 2019 A | NR/A+/A- | 316,008 | |||||
495,000 | 4.000%, 10/01/35 Series 2019 A | NR/A+/A- | 518,730 | |||||
Total Transportation | 14,742,183 |
Principal Amount |
Revenue Bonds (continued) | Ratings Moody's, S&P and Fitch |
Value | (a) | ||||
Water and Sewer (5.1%) | ||||||||
Narragansett, Rhode Island Bay Commission Wastewater System | ||||||||
$3,145,000 | 4.000%, 02/01/28 Series A | NR/AA-/NR | $3,189,722 | |||||
Rhode Island Clean Water Protection Finance Agency Safe Drinking Water Revolving Fund | ||||||||
1,085,000 | 3.500%, 10/01/25 | NR/AAA/AAA | 1,090,468 | |||||
Rhode Island Infrastructure Bank Water, City of Pawtucket | ||||||||
1,730,000 | 5.000%, 10/01/28 Series 2015 NPFG Insured | Baa2/A+/NR | 1,781,554 | |||||
Rhode Island Infrastructure Bank Water, Pollution Control | ||||||||
2,575,000 | 4.000%, 10/01/29 Series A | NR/AAA/AAA | 2,625,161 | |||||
500,000 | 4.000%, 10/01/32 Series A | NR/AAA/AAA | 523,940 | |||||
Rhode Island Infrastructure Bank Water, Safe Drinking Water | ||||||||
500,000 | 3.000%, 10/01/31 Series A | NR/AAA/AAA | 500,960 | |||||
Total Water and Sewer | 9,711,805 | |||||||
Other Revenue (1.1%) | ||||||||
Providence, Rhode Island Public Building Authority (Capital Improvement Program Projects) | ||||||||
2,000,000 | 5.000%, 09/15/31 Series A AGMC Insured | A1/AA/NR | 2,128,680 | |||||
Total Revenue Bonds | 137,870,265 | |||||||
Pre-Refunded Bonds (1.3%)†† | ||||||||
Pre-Refunded General Obligation Bonds (0.8%) | ||||||||
Rhode Island State & Providence Plantations Consolidated Capital Development Loan | ||||||||
1,500,000 | 5.000%, 11/01/34 Series B | Aa2/AA/AA | 1,525,935 | |||||
Pre-Refunded Revenue Bonds (0.5%) | ||||||||
Higher Education (0.5%) | ||||||||
Rhode Island Health and Educational Building Corp., Higher Education Facility, Bryant University | ||||||||
1,000,000 | 5.000%, 06/01/32 Series 2014 | A2/NR/NR | 1,008,120 | |||||
Total Pre-Refunded Revenue Bonds | 2,534,055 | |||||||
Total Municipal Bonds (cost $194,057,477) | 187,994,302 | |||||||
Shares | Short-Term Investment (0.6%) | |||||||
1,171,413 | Dreyfus Treasury Obligations Cash Management - Institutional Shares, 5.25%* (cost $1,171,413) | Aaa-mf/AAAm/NR | 1,171,413 | |||||
Total Investments (cost $195,228,890 - note b) | 99.2% | 189,165,715 | ||||||
Other assets less liabilities | 0.8 | 1,513,177 | ||||||
Net Assets | 100.0% | $190,678,892 | ||||||
Portfolio Distribution By Quality Rating | Percent of Investments† |
|||||||
Aaa of Moody's or AAA of S&P or Fitch | 8.7% | |||||||
Pre-refunded bonds†† | 1.3 | |||||||
Aa of Moody's or AA of S&P or Fitch | 74.4 | |||||||
A of Moody's or S&P or Fitch | 12.4 | |||||||
Baa of Moody's or BBB of S&P or Fitch | 3.2 | |||||||
100.0% |
PORTFOLIO ABBREVIATIONS: | ||||||||
AGMC - Assured Guaranty Municipal Corp. | ||||||||
BAMI - Build America Mutual Insurance | ||||||||
COP - Certificates of Participation | ||||||||
NPFG - National Public Finance Guarantee | ||||||||
NR - Not Rated |
* | The rate is an annualized seven-day yield at period end. | ||||
† | Where applicable, calculated using the highest rating of the three NRSRO. Percentages in this table do not include the Short-Term Investment. | ||||
†† | Pre-refunded bonds are bonds for which U.S. Government Obligations usually have been placed in escrow to retire the bonds at their earliest call date. |
See accompanying notes to financial statements.
AQUILA NARRAGANSETT TAX-FREE INCOME FUND
NOTES TO FINANCIAL STATEMENTS
December 31, 2023
(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 December 31, 2023, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $195,228,890 amounted to $6,063,175, which consisted of aggregate gross unrealized appreciation of $784,259 and aggregate gross unrealized depreciation of $6,847,434. |
(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 December 31, 2023:
Valuation Inputs+ | Investments in Securities | |
Level 1 – Quoted Prices- Short-Term Investment | $ | 1,171,413 |
Level 2 – Other Significant Observable Inputs - Municipal Bonds | 187,994,302 | |
Level 3 – Significant Unobservable Inputs | — | |
Total | $ | 189,165,715 |
+ See schedule of investments for a detailed listing of securities.