AQUILA THREE PEAKS HIGH INCOME FUND

SCHEDULE OF INVESTMENTS

March 31, 2020

(unaudited)


Principal
Amount

 

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%*
(cost $13,710,828)

 

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
in Securities

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.