AQUILA THREE PEAKS HIGH INCOME FUND |
SCHEDULE OF INVESTMENTS |
March 31, 2020 |
(unaudited) |
Principal |
| Corporate Bonds (93.9%) |
| Value |
| (a) |
|
|
|
|
|
|
|
|
| Communication Services (21.0%) |
|
|
|
|
|
|
|
|
|
|
|
|
| Advertising Services (0.6%) |
|
|
|
|
|
| Lamar Media Corp. |
|
|
|
|
$ 900,000 |
| 5.000%, 05/01/23 |
| $ 891,000 |
|
|
|
|
|
|
|
|
|
|
| Broadcast Services/Program (0.8%) |
|
|
|
|
|
| Nexstar Broadcasting, Inc. |
|
|
|
|
1,300,000 |
| 5.625%, 07/15/27 144A |
| 1,270,750 |
|
|
|
|
|
|
|
|
|
|
| Cable/Satellite TV (5.0%) |
|
|
|
|
|
| CCO Holdings LLC |
|
|
|
|
1,650,000 |
| 5.250%, 09/30/22 |
| 1,658,250 |
|
|
700,000 |
| 5.375%, 05/01/25 144A |
| 717,640 |
|
|
1,400,000 |
| 5.750%, 02/15/26 144A |
| 1,414,560 |
|
|
700,000 |
| 5.500%, 05/01/26 144A |
| 708,820 |
|
|
1,100,000 |
| 5.875%, 05/01/27 144A |
| 1,132,868 |
|
|
1,100,000 |
| 5.375%, 06/01/29 144A |
| 1,130,360 |
|
|
|
|
|
|
|
|
|
|
| Midcontinent Communications/Midcontinent Finance Corp. |
|
|
|
|
775,000 |
| 5.375%, 08/15/27 144A |
| 750,367 |
|
|
|
|
|
|
|
|
|
|
|
|
| 7,512,865 |
|
|
|
|
|
|
|
|
|
|
| Cellular Telecom (3.9%) |
|
|
|
|
|
| Sprint Communications, Inc. |
|
|
|
|
700,000 |
| 7.000%, 08/15/20 |
| 704,410 |
|
|
|
|
|
|
|
|
|
|
| Sprint Corp. |
|
|
|
|
1,650,000 |
| 7.250%, 09/15/21 |
| 1,700,655 |
|
|
|
|
|
|
|
|
|
|
| T-Mobile USA, Inc. |
|
|
|
|
1,450,000 |
| 6.000%, 03/01/23 |
| 1,457,990 |
|
|
1,000,000 |
| 6.000%, 04/15/24 |
| 1,015,000 |
|
|
1,000,000 |
| 5.375%, 04/15/27 |
| 1,030,000 |
|
|
|
|
|
|
|
|
|
|
| T-Mobile USA, Inc. (Escrow Placeholder Bonds) |
|
|
|
|
1,450,000 |
| 6.000%, 03/01/23**+ |
| 0 |
|
|
1,000,000 |
| 6.000%, 04/15/24**+ |
| 0 |
|
|
|
|
|
|
|
|
|
|
|
|
| 5,908,055 |
|
|
|
|
|
|
|
|
|
|
| Commercial Services (2.0%) |
|
|
|
|
|
| Nielsen Finance LLC/Nielsen Finance Co. |
|
|
|
|
3,125,000 |
| 4.500%, 10/01/20 |
| 3,031,250 |
|
|
|
|
|
|
|
|
|
|
| Internet Content - Entertainment (2.2%) |
|
|
|
|
|
| Netflix, Inc. |
|
|
|
|
1,000,000 |
| 5.875%, 02/15/25 |
| 1,056,000 |
|
|
1,050,000 |
| 4.875%, 04/15/28 |
| 1,071,000 |
|
|
525,000 |
| 5.375%, 11/15/29 144A |
| 548,625 |
|
|
|
| Twitter, Inc. |
|
|
|
|
$ 750,000 |
| 3.875%, 12/15/27 144A |
| $ 721,406 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3,397,031 |
|
|
|
|
|
|
|
|
|
|
| Radio (2.2%) |
|
|
|
|
|
| Sirius XM Radio, Inc. |
|
|
|
|
1,900,000 |
| 5.375%, 04/15/25 144A |
| 1,918,981 |
|
|
1,400,000 |
| 5.500%, 07/01/29 144A |
| 1,428,000 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3,346,981 |
|
|
|
|
|
|
|
|
|
|
| Satellite Telecom (0.5%) |
|
|
|
|
|
| Hughes Satellite Systems Corp. |
|
|
|
|
700,000 |
| 7.625%, 06/15/21 |
| 714,000 |
|
|
|
|
|
|
|
|
|
|
| Telephone - Integrated (3.8%) |
|
|
|
|
|
| CenturyLink, Inc. |
|
|
|
|
725,000 |
| 5.625%, 04/01/25 |
| 728,618 |
|
|
|
|
|
|
|
|
|
|
| Level 3 Financing, Inc. |
|
|
|
|
1,786,000 |
| 5.375%, 08/15/22 |
| 1,794,930 |
|
|
500,000 |
| 5.625%, 02/01/23 |
| 493,155 |
|
|
675,000 |
| 5.125%, 05/01/23 |
| 663,181 |
|
|
675,000 |
| 5.375%, 01/15/24 |
| 675,000 |
|
|
1,350,000 |
| 5.375%, 05/01/25 |
| 1,343,250 |
|
|
|
|
|
|
|
|
|
|
|
|
| 5,698,134 |
|
|
|
|
|
|
|
|
|
|
| Total Communication Services |
| 31,770,066 |
|
|
|
|
|
|
|
|
|
|
| Consumer Discretionary (4.8%) |
|
|
|
|
|
|
|
|
|
|
|
|
| Casinos & Gaming (0.7%) |
|
|
|
|
|
| Jacobs Entertainment, Inc. |
|
|
|
|
1,300,000 |
| 7.875%, 02/01/24 144A*** |
| 1,095,250 |
|
|
|
|
|
|
|
|
|
|
| Consumer Services (1.0%) |
|
|
|
|
|
| ServiceMaster Co. LLC |
|
|
|
|
1,575,000 |
| 5.125%, 11/15/24 144A |
| 1,555,313 |
|
|
|
|
|
|
|
|
|
|
| Funeral Service & Related Items (3.1%) |
|
|
|
|
|
| Service Corp. International |
|
|
|
|
3,850,000 |
| 5.375%, 05/15/24 |
| 3,917,375 |
|
|
750,000 |
| 5.125%, 06/01/29 |
| 765,000 |
|
|
|
|
|
|
|
|
|
|
|
|
| 4,682,375 |
|
|
|
|
|
|
|
|
|
|
| Total Consumer Discretionary |
| 7,332,938 |
|
|
|
|
|
|
|
|
|
|
| Consumer Staples (10.0%) |
|
|
|
|
|
|
|
|
|
|
|
|
| Batteries/Battery Systems (0.7%) |
|
|
|
|
|
| Energizer Holdings, Inc. |
|
|
|
|
1,075,000 |
| 5.500%, 06/15/25 144A |
| 1,042,750 |
|
|
|
|
|
|
|
|
|
|
| Brewery (1.0%) |
|
|
|
|
|
| Constellation Brands, Inc. |
|
|
|
|
1,450,000 |
| 3.600%, 02/15/28 |
| 1,418,806 |
|
|
|
| Consumer Products - Miscellaneous (1.8%) |
|
|
|
|
|
| Central Garden & Pet Co. |
|
|
|
|
$ 2,100,000 |
| 6.125%, 11/15/23 |
| $ 2,000,040 |
|
|
|
|
|
|
|
|
|
|
| Spectrum Brands, Inc. |
|
|
|
|
825,000 |
| 5.750%, 07/15/25 |
| 771,375 |
|
|
|
|
|
|
|
|
|
|
|
|
| 2,771,415 |
|
|
|
|
|
|
|
|
|
|
| Food - Miscellaneous/Diversified (1.1%) |
|
|
|
|
|
| Kraft Heinz Foods Co. |
|
|
|
|
1,325,000 |
| 4.875%, 02/15/25 144A |
| 1,327,979 |
|
|
|
|
|
|
|
|
|
|
| Lamb Weston Holdings, Inc. |
|
|
|
|
400,000 |
| 4.875%, 11/01/26 144A |
| 406,952 |
|
|
|
|
|
|
|
|
|
|
|
|
| 1,734,931 |
|
|
|
|
|
|
|
|
|
|
| Food - Retail (5.4%) |
|
|
|
|
|
| Albertsons Companies, Inc./Safeway, Inc. |
|
|
|
|
2,500,000 |
| 6.625%, 06/15/24 |
| 2,537,500 |
|
|
3,000,000 |
| 5.750%, 03/15/25 |
| 2,996,280 |
|
|
400,000 |
| 7.500%, 03/15/26 144A |
| 431,120 |
|
|
|
|
|
|
|
|
|
|
| Ingles Markets, Inc. |
|
|
|
|
2,258,000 |
| 5.750%, 06/15/23 |
| 2,246,710 |
|
|
|
|
|
|
|
|
|
|
|
|
| 8,211,610 |
|
|
|
|
|
|
|
|
|
|
| Total Consumer Staples |
| 15,179,512 |
|
|
|
|
|
|
|
|
|
|
| Financials (11.3%) |
|
|
|
|
|
|
|
|
|
|
|
|
| Decision Support Software (1.2%) |
|
|
|
|
|
| MSCI, Inc. |
|
|
|
|
425,000 |
| 4.750%, 08/01/26 144A |
| 418,625 |
|
|
745,000 |
| 4.000%, 11/15/29 144A |
| 740,068 |
|
|
650,000 |
| 3.625%, 09/01/30 144A |
| 616,688 |
|
|
|
|
|
|
|
|
|
|
|
|
| 1,775,381 |
|
|
|
|
|
|
|
|
|
|
| Finance - Investment Banker/Broker (1.3%) |
|
|
|
|
|
| LPL Holdings, Inc. |
|
|
|
|
2,100,000 |
| 5.750%, 09/15/25 144A |
| 2,016,000 |
|
|
|
|
|
|
|
|
|
|
| Real Estate Operator/Developer (0.5%) |
|
|
|
|
|
| Kennedy-Wilson, Inc. |
|
|
|
|
825,000 |
| 5.875%, 04/01/24 |
| 738,128 |
|
|
|
|
|
|
|
|
|
|
| REITS - Diversified (2.2%) |
|
|
|
|
|
| Equinix, Inc. |
|
|
|
|
1,300,000 |
| 5.875%, 01/15/26 |
| 1,326,481 |
|
|
1,000,000 |
| 5.375%, 05/15/27 |
| 997,780 |
|
|
|
|
|
|
|
|
|
|
| SBA Communications Corp. |
|
|
|
|
1,000,000 |
| 4.875%, 09/01/24 |
| 1,013,750 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3,338,011 |
|
|
|
| REITS - Healthcare (1.7%) |
|
|
|
|
|
| MPT Operating Partnership LP |
|
|
|
|
$ 2,100,000 |
| 6.375%, 03/01/24 |
| $ 2,100,000 |
|
|
575,000 |
| 5.500%, 05/01/24 |
| 559,188 |
|
|
|
|
|
|
|
|
|
|
|
|
| 2,659,188 |
|
|
|
|
|
|
|
|
|
|
| REITS - Storage (4.4%) |
|
|
|
|
|
| Iron Mountain, Inc. |
|
|
|
|
4,450,000 |
| 6.000%, 08/15/23 |
| 4,472,250 |
|
|
2,150,000 |
| 5.750%, 08/15/24 |
| 2,139,250 |
|
|
|
|
|
|
|
|
|
|
|
|
| 6,611,500 |
|
|
|
|
|
|
|
|
|
|
| Total Financials |
| 17,138,208 |
|
|
|
|
|
|
|
|
|
|
| Healthcare (12.8%) |
|
|
|
|
|
|
|
|
|
|
|
|
| Diagnostic Equipment (0.6%) |
|
|
|
|
|
| Avantor, Inc. |
|
|
|
|
825,000 |
| 6.000%, 10/01/24 144A |
| 864,353 |
|
|
|
|
|
|
|
|
|
|
| Dialysis Centers (1.1%) |
|
|
|
|
|
| DaVita, Inc. |
|
|
|
|
650,000 |
| 5.125%, 07/15/24 |
| 648,050 |
|
|
950,000 |
| 5.000%, 05/01/25 |
| 948,756 |
|
|
|
|
|
|
|
|
|
|
|
|
| 1,596,806 |
|
|
|
|
|
|
|
|
|
|
| Medical Equipment (0.2%) |
|
|
|
|
|
| Teleflex, Inc. |
|
|
|
|
350,000 |
| 4.875%, 06/01/26 |
| 341,250 |
|
|
|
|
|
|
|
|
|
|
| Medical Information Systems (1.5%) |
|
|
|
|
|
| Change Healthcare Holdings LLC |
|
|
|
|
2,525,000 |
| 5.750%, 03/01/25 144A |
| 2,335,625 |
|
|
|
|
|
|
|
|
|
|
| Medical Laboratories & Testing Services (0.8%) |
|
|
|
|
|
| Catalent Pharma Solutions, Inc. |
|
|
|
|
525,000 |
| 4.875%, 01/15/26 144A |
| 509,250 |
|
|
|
|
|
|
|
|
|
|
| IQVIA, Inc. |
|
|
|
|
700,000 |
| 5.000%, 05/15/27 144A |
| 715,750 |
|
|
|
|
|
|
|
|
|
|
|
|
| 1,225,000 |
|
|
|
|
|
|
|
|
|
|
| Medical Products (0.6%) |
|
|
|
|
|
| Hill-Rom Holdings, Inc. |
|
|
|
|
900,000 |
| 4.375%, 09/15/27 144A |
| 886,500 |
|
|
|
|
|
|
|
|
|
|
| Medical - HMO (3.5%) |
|
|
|
|
|
| Centene Corp. |
|
|
|
|
1,675,000 |
| 4.750%, 01/15/25 |
| 1,695,938 |
|
|
1,875,000 |
| 5.375%, 06/01/26 144A |
| 1,931,456 |
|
|
700,000 |
| 4.250%, 12/15/27 144A |
| 701,330 |
|
|
|
| Magellan Health, Inc. |
|
|
|
|
$ 1,000,000 |
| 4.900%, 09/22/24 |
| $ 920,000 |
|
|
|
|
|
|
|
|
|
|
|
|
| 5,248,724 |
|
|
|
|
|
|
|
|
|
|
| Medical - Hospitals (2.3%) |
|
|
|
|
|
| HCA, Inc. |
|
|
|
|
1,150,000 |
| 5.375%, 02/01/25 |
| 1,170,114 |
|
|
1,525,000 |
| 5.875%, 02/01/29 |
| 1,612,688 |
|
|
750,000 |
| 3.500%, 09/01/30 |
| 680,911 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3,463,713 |
|
|
|
|
|
|
|
|
|
|
| Physical Therapy/Rehabilitation Centers (2.2%) |
|
|
|
|
|
| Encompass Health Corp. |
|
|
|
|
1,900,000 |
| 5.125%, 03/15/23 |
| 1,881,000 |
|
|
584,000 |
| 5.750%, 11/01/24 |
| 586,745 |
|
|
950,000 |
| 5.750%, 09/15/25 |
| 912,000 |
|
|
|
|
|
|
|
|
|
|
|
|
| 3,379,745 |
|
|
|
|
|
|
|
|
|
|
| Total Healthcare |
| 19,341,716 |
|
|
|
|
|
|
|
|
|
|
| Industrials (8.3%) |
|
|
|
|
|
|
|
|
|
|
|
|
| Auction House/Art Dealer (0.7%) |
|
|
|
|
|
| Ritchie Bros. Auctioneers, Inc. |
|
|
|
|
1,050,000 |
| 5.375%, 01/15/25 144A |
| 1,060,500 |
|
|
|
|
|
|
|
|
|
|
| Building - Heavy Construction (0.5%) |
|
|
|
|
|
| MasTec, Inc. |
|
|
|
|
850,000 |
| 4.875%, 03/15/23 |
| 775,634 |
|
|
|
|
|
|
|
|
|
|
| Diversified Manufacturing Operations (1.7%) |
|
|
|
|
|
| Actuant Corp. |
|
|
|
|
1,750,000 |
| 5.625%, 06/15/22 |
| 1,618,750 |
|
|
|
|
|
|
|
|
|
|
| EnPro Industries, Inc. |
|
|
|
|
1,000,000 |
| 5.750%, 10/15/26 |
| 973,215 |
|
|
|
|
|
|
|
|
|
|
|
|
| 2,591,965 |
|
|
|
|
|
|
|
|
|
|
| Electric Products - Miscellaneous (1.5%) |
|
|
|
|
|
| WESCO Distribution, Inc. |
|
|
|
|
2,350,000 |
| 5.375%, 12/15/21 |
| 2,209,000 |
|
|
|
|
|
|
|
|
|
|
| Machinery - General Industry (0.8%) |
|
|
|
|
|
| Tennant Co. |
|
|
|
|
1,300,000 |
| 5.625%, 05/01/25 |
| 1,251,250 |
|
|
|
|
|
|
|
|
|
|
| Rental Auto/Equipment (0.7%) |
|
|
|
|
|
| United Rentals North America, Inc. |
|
|
|
|
525,000 |
| 5.875%, 09/15/26 |
| 531,720 |
|
|
525,000 |
| 5.500%, 05/15/27 |
| 511,796 |
|
|
|
|
|
|
|
|
|
|
|
|
| 1,043,516 |
|
|
|
| Storage/Warehousing (0.8%) |
|
|
|
|
|
| Mobile Mini, Inc. |
|
|
|
|
$ 1,275,000 |
| 5.875%, 07/01/24 |
| $ 1,220,813 |
|
|
|
|
|
|
|
|
|
|
| Transport - Truck (0.2%) |
|
|
|
|
|
| XPO Logistics, Inc. |
|
|
|
|
350,000 |
| 6.125%, 09/01/23 144A |
| 342,563 |
|
|
|
|
|
|
|
|
|
|
| Waste Management (1.4%) |
|
|
|
|
|
| Covanta Holding Corp. |
|
|
|
|
1,500,000 |
| 5.875%, 07/01/25 |
| 1,380,000 |
|
|
925,000 |
| 6.000%, 01/01/27 |
| 770,446 |
|
|
|
|
|
|
|
|
|
|
|
|
| 2,150,446 |
|
|
|
|
|
|
|
|
|
|
| Total Industrials |
| 12,645,687 |
|
|
|
|
|
|
|
|
|
|
| Information Technology (15.5%) |
|
|
|
|
|
|
|
|
|
|
|
|
| Applications Software (0.6%) |
|
|
|
|
|
| SS&C Technologies, Inc. |
|
|
|
|
850,000 |
| 5.500%, 09/30/27 144A |
| 876,563 |
|
|
|
|
|
|
|
|
|
|
| Commercial Services - Finance (2.0%) |
|
|
|
|
|
| Refinitiv US Holdings, Inc. |
|
|
|
|
1,600,000 |
| 6.250%, 05/15/26 144A |
| 1,652,000 |
|
|
|
|
|
|
|
|
|
|
| Wex, Inc. |
|
|
|
|
1,375,000 |
| 4.750%, 02/01/23 144A |
| 1,320,000 |
|
|
|
|
|
|
|
|
|
|
|
|
| 2,972,000 |
|
|
|
|
|
|
|
|
|
|
| Computer Hardware & Storage (1.1%) |
|
|
|
|
|
| Dell International LLC/EMC Corp. |
|
|
|
|
1,600,000 |
| 7.125%, 06/15/24 144A |
| 1,652,000 |
|
|
|
|
|
|
|
|
|
|
| Computer Services (5.0%) |
|
|
|
|
|
| GCI LLC |
|
|
|
|
6,525,000 |
| 6.875%, 04/15/25 |
| 6,459,750 |
|
|
|
|
|
|
|
|
|
|
| Presidio Holdings, Inc. |
|
|
|
|
475,000 |
| 4.875%, 02/01/27 144A |
| 427,500 |
|
|
|
|
|
|
|
|
|
|
| Science Applications International Corp. |
|
|
|
|
650,000 |
| 4.875%, 04/01/28 144A |
| 624,000 |
|
|
|
|
|
|
|
|
|
|
|
|
| 7,511,250 |
|
|
|
|
|
|
|
|
|
|
| Computers - Integrated Systems (0.9%) |
|
|
|
|
|
| Everi Payments, Inc. |
|
|
|
|
1,700,000 |
| 7.500%, 12/15/25 144A*** |
| 1,292,000 |
|
|
|
|
|
|
|
|
|
|
| Computers - Memory Devices (0.3%) |
|
|
|
|
|
| EMC Corp. |
|
|
|
|
475,000 |
| 3.375%, 06/01/23 |
| 467,875 |
|
|
|
| Consulting Services (2.7%) |
|
|
|
|
|
| Booz Allen Hamilton, Inc. |
|
|
|
|
$ 2,750,000 |
| 5.125%, 05/01/25 144A |
| $ 2,695,000 |
|
|
|
|
|
|
|
|
|
|
| Gartner, Inc. |
|
|
|
|
1,450,000 |
| 5.125%, 04/01/25 144A |
| 1,417,375 |
|
|
|
|
|
|
|
|
|
|
|
|
| 4,112,375 |
|
|
|
|
|
|
|
|
|
|
| Data Processing/Management (0.3%) |
|
|
|
|
|
| Fair Isaac Corp. |
|
|
|
|
400,000 |
| 5.250%, 05/15/26 144A |
| 396,000 |
|
|
|
|
|
|
|
|
|
|
| Electronic Components - Semiconductors (0.5%) |
|
|
|
|
|
| Amkor Technology, Inc. |
|
|
|
|
875,000 |
| 6.625%, 09/15/27 144A |
| 822,500 |
|
|
|
|
|
|
|
|
|
|
| Internet Security (0.4%) |
|
|
|
|
|
| NortonLifeLock, Inc. |
|
|
|
|
675,000 |
| 5.000%, 04/15/25 144A |
| 681,534 |
|
|
|
|
|
|
|
|
|
|
| Office Automation & Equipment (0.6%) |
|
|
|
|
|
| CDW LLC/CDW Finance Corp. |
|
|
|
|
425,000 |
| 5.500%, 12/01/24 |
| 442,973 |
|
|
525,000 |
| 4.250%, 04/01/28 |
| 527,625 |
|
|
|
|
|
|
|
|
|
|
|
|
| 970,598 |
|
|
|
|
|
|
|
|
|
|
| Web Hosting/Design (1.1%) |
|
|
|
|
|
| VeriSign, Inc. |
|
|
|
|
1,675,000 |
| 4.625%, 05/01/23 |
| 1,658,233 |
|
|
|
|
|
|
|
|
|
|
| Total Information Technology |
| 23,412,928 |
|
|
|
|
|
|
|
|
|
|
| Materials (6.6%) |
|
|
|
|
|
|
|
|
|
|
|
|
| Containers - Metal/Glass (1.1%) |
|
|
|
|
|
| Ball Corp. |
|
|
|
|
750,000 |
| 4.000%, 11/15/23 |
| 755,625 |
|
|
775,000 |
| 5.250%, 07/01/25 |
| 842,658 |
|
|
|
|
|
|
|
|
|
|
|
|
| 1,598,283 |
|
|
|
|
|
|
|
|
|
|
| Containers - Paper/Plastic (4.6%) |
|
|
|
|
|
| Berry Global, Inc. |
|
|
|
|
825,000 |
| 5.500%, 05/15/22 |
| 812,660 |
|
|
411,000 |
| 6.000%, 10/15/22 |
| 406,121 |
|
|
425,000 |
| 5.125%, 07/15/23 |
| 425,935 |
|
|
|
|
|
|
|
|
|
|
| Crown Americas LLC/Crown Americas Capital Corp |
|
|
|
|
1,725,000 |
| 4.750%, 02/01/26 |
| 1,767,608 |
|
|
525,000 |
| 4.250%, 09/30/26 |
| 517,125 |
|
|
|
|
|
|
|
|
|
|
| Graphic Packaging International LLC |
|
|
|
|
525,000 |
| 3.500%, 03/15/28 144A |
| 472,343 |
|
|
|
| Reynolds Group Issuer, Inc. |
|
|
|
|
$ 2,500,000 |
| 7.000%, 07/15/24 144A |
| $ 2,540,625 |
|
|
|
|
|
|
|
|
|
|
|
|
| 6,942,417 |
|
|
|
|
|
|
|
|
|
|
| Garden Products (1.0%) |
|
|
|
|
|
| Scotts Miracle-Gro Co. |
|
|
|
|
1,000,000 |
| 5.250%, 12/15/26 |
| 950,000 |
|
|
575,000 |
| 4.500%, 10/15/29 |
| 547,688 |
|
|
|
|
|
|
|
|
|
|
|
|
| 1,497,688 |
|
|
|
|
|
|
|
|
|
|
| Total Materials |
| 10,038,388 |
|
|
|
|
|
|
|
|
|
|
| Utilities (3.7%) |
|
|
|
|
|
|
|
|
|
|
|
|
| Electric - Generation (1.0%) |
|
|
|
|
|
| Vistra Operations Co. LLC |
|
|
|
|
1,250,000 |
| 5.625%, 02/15/27 144A |
| 1,289,063 |
|
|
|
|
|
|
|
|
|
|
| Independent Power Producers (2.8%) |
|
|
|
|
|
| NRG Energy, Inc. |
|
|
|
|
1,675,000 |
| 6.625%, 01/15/27 |
| 1,742,000 |
|
|
|
|
|
|
|
|
|
|
| Vistra Energy Corp. |
|
|
|
|
2,500,000 |
| 5.875%, 06/01/23 |
| 2,493,750 |
|
|
|
|
|
|
|
|
|
|
|
|
| 4,235,750 |
|
|
|
|
|
|
|
|
|
|
| Total Utilities |
| 5,524,813 |
|
|
|
|
|
|
|
|
|
|
| Total Corporate Bonds (cost $144,890,284) |
| 142,384,256 |
|
|
Shares |
| Short-Term Investment (9.0%) |
|
|
|
|
|
|
|
|
|
|
|
13,710,828 |
| Dreyfus Treasury Obligations Cash Management - Institutional Shares, 0.22%* |
| 13,710,828 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Investments (cost $158,601,112 - note b) |
| 156,095,084 |
|
|
|
| Other assets less liabilities |
| (4,511,399) |
|
|
|
| Net Assets |
| $ 151,583,685 |
|
|
Portfolio Distribution |
|
|
Advertising Services | 0.6 | % |
Applications Software | 0.6 |
|
Auction House/Art Dealer | 0.7 |
|
Batteries/Battery Systems | 0.7 |
|
Brewery | 1.0 |
|
Broadcast Services/Program | 0.9 |
|
Building - Heavy Construction | 0.5 |
|
Cable/Satellite TV | 5.3 |
|
Casinos & Gaming | 0.8 |
|
Cellular Telecom | 4.2 |
|
Commercial Services | 2.1 |
|
Commercial Services - Finance | 2.1 |
|
Computer Hardware & Storage | 1.2 |
|
Computer Services | 5.3 |
|
Computers - Integrated Systems | 0.9 |
|
Computers - Memory Devices | 0.3 |
|
Consulting Services | 2.9 |
|
Consumer Products - Miscellaneous | 1.9 |
|
Consumer Services | 1.1 |
|
Containers - Metal/Glass | 1.1 |
|
Containers - Paper/Plastic | 4.9 |
|
Data Processing/Management | 0.3 |
|
Decision Support Software | 1.2 |
|
Diagnostic Equipment | 0.6 |
|
Dialysis Centers | 1.1 |
|
Diversified Manufacturing Operations | 1.8 |
|
Electric - Generation | 0.9 |
|
Electric Products - Miscellaneous | 1.6 |
|
Electronic Components - Semiconductors | 0.6 |
|
Finance - Investment Banker/Broker | 1.4 |
|
Food - Miscellaneous/Diversified | 1.2 |
|
Food - Retail | 5.8 |
|
Funeral Service & Related Items | 3.3 |
|
Garden Products | 1.1 |
|
Independent Power Producers | 3.0 |
|
Internet Content - Entertainment | 2.4 |
|
Internet Security | 0.5 |
|
Machinery - General Industry | 0.9 |
|
Medical - HMO | 3.7 |
|
Medical - Hospitals | 2.4 |
|
Medical Equipment | 0.2 |
|
Medical Information Systems | 1.6 |
|
Medical Laboratories & Testing Services | 0.9 |
|
Medical Products | 0.6 |
|
Office Automation & Equipment | 0.7 |
|
Physical Therapy/Rehabilitation Centers | 2.4 |
|
Radio | 2.4 |
|
Real Estate Operator/Developer | 0.5 |
|
REITS - Diversified | 2.3 |
|
REITS - Healthcare | 1.9 |
|
REITS - Storage | 4.6 |
|
Rental Auto/Equipment | 0.7 |
|
Satellite Telecom | 0.5 |
|
Storage/Warehousing | 0.9 |
|
Telephone - Integrated | 4.0 |
|
Transport - Truck | 0.2 |
|
Waste Management | 1.5 |
|
Web Hosting/Design | 1.2 |
|
| 100.0 | % |
* | The rate is an annualized seven-day yield at period end. |
|
|
** | Securities received as part of a delayed consent payment related to the potential merger of Sprint Corp. and T-Mobile US, Inc. Securities were received at no cost to the Fund. |
|
|
*** | Illiquid securities: These securities represent 1.6% of net assets. |
|
|
+ | Non-income producing. |
|
|
| Note: 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. |
See accompanying notes to financial statements.
AQUILA THREE PEAKS HIGH INCOME FUND
NOTES TO FINANCIAL STATEMENTS
March 31, 2020
(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 March 31, 2020, the net unrealized depreciation on investments, based on cost for federal income tax purposes of $159,089,063 amounted to $2,993,979, which consisted of aggregate gross unrealized appreciation of $2,097,158 and aggregate gross unrealized depreciation of $5,091,137.
(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 Trust 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 March 31, 2020:
Valuation Inputs+ | Investments | |
Level 1 – Quoted Prices |
|
|
Short-Term Investment | $ | 13,710,828 |
Level 2 – Other Significant Observable Inputs: |
|
|
Corporate Obligations |
| 142,384,256 |
Level 3 – Significant Unobservable Inputs |
| – |
Total | $ | 156,095,084 |
+ See schedule of investments for a detailed listing of securities. |
|
|