AQUILA THREE PEAKS HIGH INCOME FUND

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2020 (unaudited)

 

Principal

Amount

  Corporate Bonds (98.5%)   Value   (a)
    Communication Services (6.3%)        
    Advertising Sales (0.7%)        
    Outfront Media Capital LLC/Outfront Media Capital Corp.        
$ 1,200,000   6.250%, 06/15/25 144A   $ 1,236,000    
             
    Broadcast Services/Program (1.0%)        
    Univision Communications, Inc.        
875,000   5.125%, 02/15/25 144A   829,063    
875,000   6.625%, 06/01/27 144A   854,219    
        1,683,282    
    Cable/Satellite TV (1.9%)        
    Dish DBS Corp.        
850,000   5.000%, 03/15/23   867,000    
             
    Midcontinent Communications/Midcontinent Finance Corp        
925,000   5.375%, 08/15/27 144A   950,438    
             
    Radiate Holdco LLC/Radiate Finance Inc        
732,000   4.500%, 09/15/26 144A   731,846    
732,000   6.500%, 09/15/28 144A   750,126    
        3,299,410    
    Computer Software (0.7%)        
    Rackspace Technology Global, Inc.        
1,175,000   8.625%, 11/15/24 144A   1,230,460    
             
    E-Commerce/Services (0.7%)        
    Go Daddy Operating Co. LLC        
1,125,000   5.250%, 12/01/27 144A   1,170,641    
             
    Telecommunication Services (0.4%)        
    QualityTech LP/QTS Finance Corp        
732,000   3.875%, 10/01/28 144A†   734,108    
             
    Telephone - Integrated (1.0%)        
    Consolidated Communications, Inc.        
732,000   6.500%, 10/01/28 144A   746,640    
             
    Level 3 Financing, Inc.        
925,000   5.375%, 05/01/25   952,866    
        1,699,506    
    Total Communication Services   11,053,407    
                 

 

 
 
 

 

 

AQUILA THREE PEAKS HIGH INCOME FUND

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2020 (unaudited)

 

Principal

Amount

  Corporate Bonds (continued)   Value   (a)
    Consumer Discretionary (21.4%)        
    Apparel Manufacturers (0.6%)        
    Under Armour, Inc.        
$ 1,100,000   3.250%, 06/15/26   $ 1,036,750    
             
    Auto - Cars/Light Trucks (1.0%)        
    Tesla, Inc.        
1,750,000   5.300%, 08/15/25 144A   1,811,250    
             
    Building - Mobile Home/Manufactured Housing (1.5%)        
    Picasso Finance Sub, Inc.        
1,400,000   6.125%, 06/15/25 144A   1,507,996    
             
    Winnebago Industries, Inc.        
1,097,000   6.250%, 07/15/28 144A   1,154,593    
        2,662,589    
    Building - Residential/Commercial (2.8%)        
    Century Communities, Inc.        
1,000,000   5.875%, 07/15/25   1,039,500    
1,000,000   6.750%, 06/01/27   1,060,000    
             
    LGI Homes, Inc.        
900,000   6.875%, 07/15/26 144A   942,750    
             
    Shea Homes LP/Shea Homes Funding Corp        
900,000   4.750%, 02/15/28 144A   897,750    
             
    Tri Pointe Group, Inc.        
850,000   5.700%, 06/15/28   930,750    
        4,870,750    
    Building & Construction - Miscellaneous (0.7%)        
    TopBuild Corp.        
1,275,000   5.625%, 05/01/26 144A   1,316,438    
             
    Casinos & Gaming (2.8%)        
    Boyd Gaming Corp.        
900,000   8.625%, 06/01/25 144A   986,652    
1,000,000   6.375%, 04/01/26   1,041,190    
             
    Colt Merger Sub, Inc.        
1,100,000   6.250%, 07/01/25 144A   1,146,750    
                 

 

 
 
 

 

 

AQUILA THREE PEAKS HIGH INCOME FUND

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2020 (unaudited)

 

Principal

Amount

  Corporate Bonds (continued)   Value   (a)
    Consumer Discretionary (continued)        
    Casinos & Gaming (continued)        
    Scientific Games International, Inc.        
$ 900,000   8.625%, 07/01/25 144A   $ 939,128    
875,000   8.250%, 03/15/26 144A   915,696    
        5,029,416    
    Consumer Services (0.6%)        
    The ServiceMaster Co. LLC        
1,100,000   5.125%, 11/15/24 144A   1,124,750    
             
    Food - Catering (0.4%)        
    Aramark Services, Inc.        
625,000   6.375%, 05/01/25 144A   651,047    
             
    Hotels & Motels (2.4%)        
    Hilton Domestic Operating Co., Inc.        
925,000   5.125%, 05/01/26   949,281    
             
    Marriott Ownership Resorts Inc./ILG LLC        
1,275,000   6.500%, 09/15/26   1,309,068    
             
    Wyndham Destinations, Inc.        
875,000   6.625%, 07/31/26 144A   916,659    
             
    Wyndham Hotels & Resorts, Inc.        
1,100,000   5.375%, 04/15/26 144A   1,119,250    
        4,294,258    
    Racetracks (1.6%)        
    Churchill Downs, Inc.        
1,000,000   5.500%, 04/01/27 144A   1,043,800    
500,000   4.750%, 01/15/28 144A   502,500    
             
    Penn National Gaming, Inc.        
1,300,000   5.625%, 01/15/27 144A   1,348,490    
        2,894,790    
    Retail - Apparel/Shoes (1.7%)        
    L Brands, Inc.        
1,750,000   9.375%, 07/01/25 144A   2,008,125    
1,000,000   7.500%, 06/15/29   1,045,000    
        3,053,125    
    Retail - Arts & Crafts (0.4%)        
    Michaels Stores, Inc.        
732,000   4.750%, 10/01/27 144A   725,595    
                 

 

 
 
 

 

 

AQUILA THREE PEAKS HIGH INCOME FUND

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2020 (unaudited)

 

Principal

Amount

  Corporate Bonds (continued)   Value   (a)
    Consumer Discretionary (continued)        
    Retail - Automobile (2.1%)        
    Asbury Automotive Group, Inc.        
$ 440,000   4.750%, 03/01/30 144A   $ 443,300    
             
    Carvana Co.        
915,000   5.625%, 10/01/25 144A   902,419    
915,000   5.875%, 10/01/28 144A   903,563    
             
    Ken Garff Automotive LLC        
731,000   4.875%, 09/15/28 144A   719,121    
             
    Lithia Motors, Inc.        
732,000   4.375%, 01/15/31 144A†   732,000    
        3,700,403    
    Retail - Perfume & Cosmetics (0.7%)        
    Sally Holdings LLC        
1,250,000   5.625%, 12/01/25   1,266,713    
             
    Retail - Restaurants (0.8%)        
    IRB Holding Corp.        
1,325,000   7.000%, 06/15/25 144A   1,412,781    
             
    Toys (1.0%)        
    Mattel, Inc.        
1,750,000   6.750%, 12/31/25 144A   1,846,250    
    Total Consumer Discretionary   37,696,905    
             
    Consumer Staples (8.8%)        
    Batteries/Battery Systems (0.6%)        
    Energizer Holdings, Inc.        
925,000   7.750%, 01/15/27 144A   1,010,563    
             
    Consumer Products - Miscellaneous  (1.6%)        
    Central Garden & Pet Co.        
1,325,000   6.125%, 11/15/23   1,349,844    
             
    Spectrum Brands, Inc.        
1,350,000   5.750%, 07/15/25   1,391,850    
        2,741,694    
    Food - Miscellaneous/Diversified (1.0%)        
    B&G Foods, Inc.        
900,000   5.250%, 04/01/25   924,750    
             
    Post Holdings, Inc.        
875,000   5.750%, 03/01/27 144A   919,844    
        1,844,594    
                 

 

 
 
 

 

 

AQUILA THREE PEAKS HIGH INCOME FUND

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2020 (unaudited)

 

Principal

Amount

  Corporate Bonds (continued)   Value   (a)
    Consumer Staples (continued)        
    Food - Retail (2.2%)        
    Albertsons Companies, Inc./Safeway, Inc.        
$ 1,461,000   5.750%, 03/15/25   $ 1,507,095    
1,100,000   5.875%, 02/15/28 144A   1,174,250    
             
    Ingles Markets, Inc.        
1,224,000   5.750%, 06/15/23   1,241,381    
        3,922,726    
    Food - Wholesale/Distributors (2.2%)        
    Performance Food Group, Inc.        
365,000   5.500%, 06/01/24 144A   365,000    
825,000   6.875%, 05/01/25 144A   878,625    
875,000   5.500%, 10/15/27 144A   901,250    
             
    US Foods, Inc.        
1,650,000   5.875%, 06/15/24 144A   1,660,808    
        3,805,683    
    Vitamins & Nutrition Products (1.3%)        
    Herbalife Nutrition Ltd.        
2,075,000   7.875%, 09/01/25 144A   2,228,031    
    Total Consumer Staples   15,553,291    
             
    Energy (4.5%)        
    Midstream Oil & Gas (3.9%)        
    EnLink Midstream Partners LP        
875,000   4.850%, 07/15/26   756,971    
             
    Genesis Energy LP        
1,350,000   6.000%, 05/15/23   1,225,125    
             
    Global Partners LP/GLP Finance Corp        
1,100,000   7.000%, 08/01/27   1,121,043    
             
    New Fortress Energy, Inc.        
1,675,000   6.750%, 09/15/25 144a   1,751,213    
             
    NuStar Logistics LP        
579,000   5.750%, 10/01/25   597,991    
579,000   6.375%, 10/01/30   600,713    
             
    PBF Logistics LP        
875,000   6.875%, 05/15/23   822,500    
        6,875,556    
                 

 

 
 
 

 

 

AQUILA THREE PEAKS HIGH INCOME FUND

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2020 (unaudited)

 

Principal

Amount

  Corporate Bonds (continued)   Value   (a)
    Energy (continued)        
    Oil Refining & Marketing (0.6%)        
    PBF Holding Co. LLC        
$ 1,350,000   7.250%, 06/15/25   $ 1,019,250    
    Total Energy   7,894,806    
             
    Financials (17.6%)        
    Finance - Auto Loans (0.6%)        
    Ally Financial, Inc.        
900,000   5.750%, 11/20/25   1,010,321    
             
    Finance - Investment Banker/Broker (1.8%)        
    LPL Holdings, Inc.        
3,125,000   5.750%, 09/15/25 144A   3,238,078    
             
    Finance - Mortgage Loan/Banker (0.5%)        
    Quicken Loans LLC        
900,000   5.250%, 01/15/28 144A   948,294    
             
    Financial Guarantee Insurance (0.4%)        
    NMI Holdings, Inc.        
660,000   7.375%, 06/01/25 144A   705,375    
             
    Investment Management/Advisor Services (1.4%)        
    NFP Corp.        
900,000   7.000%, 05/15/25 144A   954,000    
1,462,000   6.875%, 08/15/28 144A   1,477,863    
        2,431,863    
    Real Estate Management/Service (0.5%)        
    Cushman & Wakefield US        
925,000   6.750%, 05/15/28 144A   960,289    
             
    Real Estate Operation/Development (0.4%)        
    The Howard Hughes Corp.        
729,000   5.375%, 08/01/28 144A   726,594    
             
    REITS - Diversified (2.6%)        
    HAT Holdings I LLC        
1,000,000   6.000%, 04/15/25 144A   1,065,300    
             
    iStar, Inc.        
2,885,000   5.500%, 02/15/26   2,703,822    
             
    New Residential Investment Corp.        
915,000   6.250%, 10/15/25 144a   901,714    
        4,670,836    
                 

 

 
 
 

 

 

AQUILA THREE PEAKS HIGH INCOME FUND

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2020 (unaudited)

 

Principal

Amount

  Corporate Bonds (continued)   Value   (a)
    Financials (continued)        
    REITS - Healthcare (3.8%)        
    Diversified Healthcare Trust        
$ 3,525,000   9.750%, 06/15/25   $ 3,943,770    
2,750,000   4.750%, 02/15/28   2,420,000    
             
    MPT Operating Partnership LP        
375,000   5.250%, 08/01/26   386,250    
        6,750,020    
    REITS - Hotels (4.9%)        
    ESH Hospitality, Inc.        
2,050,000   5.250%, 05/01/25 144A   2,070,500    
850,000   4.625%, 10/01/27 144A   834,080    
             
    Park Intermediate Holdings LLC        
1,300,000   7.500%, 06/01/25 144A   1,384,240    
             
    RHP Hotel Properties LP/RHP Finance Corp        
1,050,000   4.750%, 10/15/27   967,491    
             
    Service Properties Trust        
1,500,000   4.350%, 10/01/24   1,357,230    
1,325,000   4.950%, 10/01/29   1,136,188    
             
    XHR LP        
900,000   6.375%, 08/15/25 144A   900,000    
        8,649,729    
    REITS - Storage (0.5%)        
    Iron Mountain, Inc.        
875,000   5.250%, 03/15/28 144A   911,094    
    Total Financials   31,002,493    
             
    Healthcare (10.3%)        
    Diagnostic Equipment (1.3%)        
    Avantor, Inc.        
2,225,000   6.000%, 10/01/24 144A   2,325,125    
             
    Medical Information Systems (1.6%)        
    Change Healthcare Holdings LLC        
2,825,000   5.750%, 03/01/25 144A   2,860,313    
             
    Medical Laboratories & Testing Services (3.0%)        
    Catalent Pharma Solutions, Inc.        
2,750,000   4.875%, 01/15/26 144A   2,805,000    
                 

 

 
 
 

 

 

AQUILA THREE PEAKS HIGH INCOME FUND

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2020 (unaudited)

 

Principal

Amount

  Corporate Bonds (continued)   Value   (a)
    Healthcare (continued)        
    Medical Laboratories & Testing Services (continued)        
    IQVIA, Inc.        
$ 975,000   5.000%, 05/15/27 144A   $ 1,022,356    
             
    MEDNAX, Inc.        
1,475,000   6.250%, 01/15/27 144A   1,530,254    
        5,357,610    
    Medical - Drugs (0.6%)        
    Bausch Health Americas, Inc.        
925,000   9.250%, 04/01/26 144A   1,017,500    
             
    Medical - HMO (2.1%)        
    Centene Corp.        
975,000   5.375%, 08/15/26 144A   1,032,696    
             
    Magellan Health, Inc.        
800,000   4.900%, 09/22/24   823,368    
             
    Molina Healthcare, Inc.        
850,000   4.875%, 06/15/25 144A   867,000    
             
    Polaris Intermediate Corp.        
1,050,000   8.500%, 12/01/22 144A   1,068,375    
        3,791,439    
    Medical - Hospitals (0.5%)        
    Acadia Healthcare Co., Inc.        
900,000   5.625%, 02/15/23   905,625    
             
    Medical - Wholesale Drug Distribution (1.0%)        
    AdaptHealth LLC        
1,645,000   6.125%, 08/01/28 144A   1,702,904    
             
    Physical Therapy/Rehabilitation Centers (0.2%)        
    Encompass Health Corp.        
300,000   5.750%, 09/15/25   309,000    
    Total Healthcare   18,269,516    
             
    Industrials (14.7%)        
    Aerospace/Defense - Equipment (0.8%)        
    Howmet Aerospace, Inc.        
500,000   6.875%, 05/01/25   552,500    
             
    Transdigm, Inc.        
925,000   6.500%, 05/15/25   922,109    
        1,474,609    
                 

 

 
 
 

 

 

AQUILA THREE PEAKS HIGH INCOME FUND

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2020 (unaudited)

 

Principal

Amount

  Corporate Bonds (continued)   Value   (a)
    Industrials (continued)        
    Building & Construction Products - Miscellaneous (0.5%)        
    Builders FirstSource, Inc.        
$ 850,000   6.750%, 06/01/27 144A   $ 910,563    
             
    Building Products - Doors & Windows (0.8%)        
    Cornerstone Building Brands, Inc.        
900,000   8.000%, 04/15/26 144A   945,000    
440,000   6.125%, 01/15/29 144A   444,400    
        1,389,400    
    Data Processing/Management (0.9%)        
    The Dunn & Bradstreet Corp.        
1,400,000   10.250%, 02/15/27 144A   1,585,500    
             
    Distribution/Wholesale (1.1%)        
    H&E Equipment Services, Inc.        
1,025,000   5.625%, 09/01/25   1,068,563    
             
    KAR Auction Services, Inc.        
850,000   5.125%, 06/01/25 144A   849,983    
        1,918,546    
    E-Commerce/Services (0.5%)        
    Uber Technologies, Inc.        
850,000   8.000%, 11/01/26 144A   905,250    
             
    Electric Products - Miscellaneous (1.1%)        
    WESCO Distribution, Inc.        
1,225,000   5.375%, 06/15/24   1,257,156    
625,000   7.125%, 06/15/25 144A   680,813    
        1,937,969    
    Engineering/Research & Development Services (0.3%)        
    AECOM        
525,000   5.875%, 10/15/24   568,257    
             
    Human Resources (0.8%)        
    ASGN, Inc.        
1,450,000   4.625%, 05/15/28 144A   1,455,974    
             
    Machinery - General Industry (0.8%)        
    Tennant Co.        
1,300,000   5.625%, 05/01/25   1,349,140    
             
    Protection - Safety (2.0%)        
    APX Group, Inc.        
1,755,000   6.750%, 02/15/27 144A   1,820,813    
                 

 

 
 
 

 

 

AQUILA THREE PEAKS HIGH INCOME FUND

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2020 (unaudited)

 

Principal

Amount

  Corporate Bonds (continued)   Value   (a)
    Industrials (continued)        
    Protection - Safety (continued)        
    Prime Security Services Borrower LLC        
$ 1,675,000   6.250%, 01/15/28 144A   $ 1,695,938    
        3,516,751    
    Rental Auto/Equipment (0.3%)        
    Herc Holdings, Inc.        
440,000   5.500%, 07/15/27 144A   455,246    
             
    Retail - Building Products (1.0%)        
    Beacon Roofing Supply, Inc.        
1,750,000   4.875%, 11/01/25 144A   1,715,000    
             
    Transportation - Rail (1.0%)        
    Watco Cos LLC        
1,800,000   6.500%, 06/15/27 144A   1,841,625    
             
    Transportation - Truck (0.3%)        
    XPO Logistics, Inc.        
440,000   6.750%, 08/15/24 144A   466,048    
             
    Waste Management (2.5%)        
    Covanta Holding Corp.        
1,350,000   5.875%, 07/01/25   1,395,563    
             
    GFL Environmental, Inc.        
1,500,000   5.125%, 12/15/26 144A   1,560,000    
1,000,000   8.500%, 05/01/27 144A   1,085,000    
             
    Waste Pro USA, Inc.        
440,000   5.500%, 02/15/26 144A   445,276    
        4,485,839    
    Total Industrials   25,975,717    
             
    Information Technology (11.1%)        
    Aerospace/Defense  (0.8%)        
    SSL Robotics LLC        
1,250,000   9.750%, 12/31/23 144A   1,376,850    
             
    Applications Software (1.0%)        
    SS&C Technologies, Inc.        
1,725,000   5.500%, 09/30/27 144A   1,833,192    
                 

 

 
 
 

 

 

AQUILA THREE PEAKS HIGH INCOME FUND

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2020 (unaudited)

 

Principal

Amount

  Corporate Bonds (continued)   Value   (a)
    Information Technology (continued)        
    Commercial Services - Finance (1.5%)        
    MPH Acquisition Holdings LLC        
$ 875,000   7.125%, 06/01/24 144A   $ 899,063    
             
    Sabre GLBL, Inc.        
900,000   7.375%, 09/01/25 144A   909,000    
             
    Wex, Inc.        
900,000   4.750%, 02/01/23 144A   901,125    
        2,709,188    
    Computer Hardware & Storage (1.6%)        
    Dell International LLC/EMC Corp.        
2,650,000   7.125%, 06/15/24 144A   2,756,795    
             
    Computer Services (0.6%)        
    Science Applications International Corp.        
1,075,000   4.875%, 04/01/28 144A   1,091,437    
             
    Computer Software (1.0%)        
    BY Crown Parent LLC / BY Bond Finance Inc.        
900,000   4.250%, 01/31/26 144A   916,313    
             
    Logan Merger Sub, Inc.        
900,000   5.500%, 09/01/27 144A   913,500    
        1,829,813    
    Engineering/Research & Development Services (0.4%)        
    KBR, Inc.        
732,000   4.750%, 09/30/28 144A   736,575    
             
    Telecommunication Equipment (2.4%)        
    Avaya, Inc.        
1,580,000   6.125%, 09/15/28 144A   1,613,575    
             
    CommScope, Inc.        
875,000   8.250%, 03/01/27 144A   910,000    
             
    CommScope Technologies LLC        
1,632,000   6.000%, 06/15/25 144A   1,654,114    
        4,177,689    
    Telecommunication Services (0.8%)        
    GCI LLC        
1,463,000   4.750%, 10/15/28 144A†   1,481,302    
             
    Wireless Equipment (0.9%)        
    ViaSat, Inc.        
1,675,000   5.625%, 09/15/25 144A   1,641,500    
    Total Information Technology   19,634,341    
                 

 

 
 
 

 

 

AQUILA THREE PEAKS HIGH INCOME FUND

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2020 (unaudited)

 

Principal

Amount

  Corporate Bonds (continued)   Value   (a)
    Materials (3.4%)        
    Chemicals - Specialty (0.9%)        
    Methanex Corp.        
$ 1,100,000   5.125%, 10/15/27   $ 1,094,500    
             
    Valvoline, Inc.        
440,000   4.250%, 02/15/30 144A   448,800    
        1,543,300    
             
    Containers - Metal/Glass (1.0%)        
    Mauser Packaging Solutions Holding Co.        
850,000   5.500%, 04/15/24 144A   853,009    
900,000   7.250%, 04/15/25 144A   847,125    
        1,700,134    
    Containers - Paper/Plastic (1.5%)        
    Berry Global, Inc.        
181,000   5.125%, 07/15/23   183,733    
875,000   5.625%, 07/15/27 144A   917,656    
             
    Graham Packaging Co. Inc.        
850,000   7.125%, 08/15/28 144A   885,063    
             
    Intelligent Packaging Ltd. Finco Inc./Intelligent Packaging Ltd. Co-Issuer LLC        
730,000   6.000%, 09/15/28 144A   740,257    
        2,726,709    
    Total Materials   5,970,143    
             
    Utilities (0.5%)        
    Independent Power Producer (0.5%)        
    Calpine Corp.        
850,000   5.125%, 03/15/28 144A   879,750    
     Total Corporate Bonds (cost $172,082,742)   173,930,369    
             
Shares   Mutual Fund (0.6%)        
12,000   Ishares Iboxx High Yield Corporate Bond ETF (cost $953,158)   1,006,800    
             
    Short-Term Investment (3.7%)        
6,575,679   Dreyfus Treasury Obligations Cash Management -
Institutional Shares, 0.01%* (cost $6,575,679)
  6,575,679    
                 

 

    Total Investments (cost $179,611,579 - note b) 102.8%   181,512,848    
    Other assets less liabilities (2.8)   (4,974,743)    
    Net Assets 100.0%   $ 176,538,105    
                 

 

 
 
 

 

 

AQUILA THREE PEAKS HIGH INCOME FUND

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2020 (unaudited)

 

Portfolio Distribution   Percentage of
Investments
Advertising Sales   0.7%
Aerospace/Defense   0.8
Aerospace/Defense - Equipment   0.8
Apparel Manufacturers   0.6
Applications Software   1.0
Auto - Cars/Light Trucks   1.0
Batteries/Battery Systems   0.6
Broadcast Services/Program   1.0
Building - Mobile Home/Manufactured Housing   1.5
Building Products - Doors & Windows   0.8
Building - Residential/Commercial   2.8
Building & Construction - Miscellaneous   0.7
Building & Construction Products - Miscellaneous   0.5
Cable/Satellite TV   1.9
Casinos & Gaming   2.9
Chemicals - Specialty   0.9
Commercial Services - Finance   1.5
Computer Hardware & Storage   1.6
Computer Services   0.6
Computer Software   1.7
Consumer Products - Miscellaneous   1.6
Consumer Services   0.6
Containers - Metal/Glass   1.0
Containers - Paper/Plastic   1.6
Data Processing/Management   0.9
Diagnostic Equipment   1.3
Distribution/Wholesale   1.1
E-Commerce/Services   1.2
Electric Products - Miscellaneous   1.1
Engineering/Research & Development Services   0.7
Finance - Auto Loans   0.6
Finance - Investment Banker/Broker   1.8
Finance - Mortgage Loan/Banker   0.5
Financial Guarantee Insurance   0.4
Food - Catering   0.4
Food - Miscellaneous/Diversified   1.1
Food - Retail   2.2
Food - Wholesale/Distributors   2.2
Hotels & Motels   2.5
Human Resources   0.8
Independent Power Producer   0.5
Investment Management/Advisor Services   1.4
Machinery - General Industry   0.8
Medical - Drugs   0.6
Medical - HMO   2.2
Medical - Hospitals   0.5

 

 

 

See accompanying notes to financial statements.

 

 
 
 

 

 

AQUILA THREE PEAKS HIGH INCOME FUND

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2020 (unaudited)

 

Portfolio Distribution   Percentage of
Investments
Medical - Wholesale Drug Distribution   1.0
Medical Information Systems   1.6
Medical Laboratories & Testing Services   3.1
Midstream Oil & Gas   3.9
Oil Refining & Marketing   0.6
Physical Therapy/Rehabilitation Centers   0.2
Protection - Safety   2.0
Racetracks   1.7
Real Estate Management/Service   0.5
Real Estate Operation/Development   0.4
REITS - Diversified   2.7
REITS - Healthcare   3.9
REITS - Hotels   4.9
REITS - Storage   0.5
Rental Auto/Equipment   0.3
Retail - Apparel/Shoes   1.7
Retail - Arts & Crafts   0.4
Retail - Automobile   2.1
Retail - Building Products   1.0
Retail - Perfume & Cosmetics   0.7
Retail - Restaurants   0.8
Telecommunication Equipment   2.4
Telecommunication Services   1.2
Telephone - Integrated   1.0
Toys   1.1
Transportation - Rail   1.1
Transportation - Truck   0.3
Vitamins & Nutrition Products   1.3
Waste Management   2.6
Wireless Equipment   0.9
Mutual Fund   0.6
    100.0%

 

 

ETF- Exchange-Traded Fund
 
*   The rate is an annualized seven-day yield at period end.
 
†   Security purchased on a delayed delivery or when-issued basis.
 
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

SEPTEMBER 30, 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 September 30, 2020, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $179,611,579 amounted to $1,901,269, which consisted of aggregate gross unrealized appreciation of $3,060,982 and aggregate gross unrealized depreciation of $1,159,713.

 

(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 September 30, 2020:

 

Valuation Inputs+   Investments in
Securities
Level 1 – Quoted Prices    
Short-Term Investment   $                       7,582,479
Level 2 – Other Significant Observable Inputs:    
Corporate Obligations   173,930,369
Level 3 – Significant Unobservable Inputs   — 
Total   $                   181,512,848
+ See schedule of investments for a detailed listing of securities.