NPORT-P
    false
    
      
      
        
          0000707800
          XXXXXXXX
        
      
      
      
      
        S000009167
        C000033901
        C000033900
        C000024922
        C000033899
      
      
    
  
  
    
      Aquila Funds Trust
      811-03578
      0000707800
      5493002RAE6QXG2F2J66
      120 West 45th Street
      STE 3600
      New York
      
      10036
      212-697-6666
      Aquila High Income Fund
      S000009167
      549300QU5QXD6YSW7H45
      2022-12-31
      2022-03-31
      N
    
    
      140670689.71
      651716.13
      140018973.58
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      992689.04000000
      
        
          USD
          
          
        
      
      
      
      N
      
        
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        GOODYEAR TIRE & RUBBER
        5493002BI0S2ZQUY3437
        Goodyear Tire & Rubber Co/The
        382550BG5
        
          
          
        
        750000.00000000
        PA
        USD
        728133.75000000
        0.520025059021
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-03-15
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BOYD GAMING CORP
        254900787YGRYS2A1Z35
        Boyd Gaming Corp
        103304BU4
        
          
          
        
        1500000.00000000
        PA
        USD
        1492500.00000000
        1.065926968209
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-12-01
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SERVICE PROPERTIES TRUST
        529900IS770AG1K9QG27
        Service Properties Trust
        44106MAR3
        
          
          
        
        1100000.00000000
        PA
        USD
        1087405.00000000
        0.776612606275
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-06-15
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LIVE NATION ENTERTAINMEN
        5493007B9BM9ZXJINO78
        Live Nation Entertainment Inc
        538034AK5
        
          
          
        
        1475000.00000000
        PA
        USD
        1480911.06000000
        1.057650275627
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-11-01
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ENTEGRIS INC
        IYX6OWO7BT5DKO3BYG52
        Entegris Inc
        29362UAC8
        
          
          
        
        1000000.00000000
        PA
        USD
        967500.00000000
        0.690977783412
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-04-15
          Fixed
          4.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FORTRESS TRANS & INFRAST
        529900E7PUVK6BC8PE80
        Fortress Transportation and Infrastructure Investors LLC
        34960PAC5
        
          
          
        
        2250000.00000000
        PA
        USD
        2350721.25000000
        1.678859078806
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-08-01
          Fixed
          9.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        XHR LP
        549300M88BPT83ZL2164
        XHR LP
        98372MAA3
        
          
          
        
        1800000.00000000
        PA
        USD
        1855035.00000000
        1.324845449563
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-08-15
          Fixed
          6.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NEXSTAR MEDIA INC
        5493006PK6I4I2OOT688
        Nexstar Media Inc
        65343HAA9
        
          
          
        
        2800000.00000000
        PA
        USD
        2834160.00000000
        2.024125679210
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-07-15
          Fixed
          5.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JB POINDEXTER & CO INC
        549300W6P81HOZZGPQ16
        JB Poindexter & Co Inc
        730481AJ7
        
          
          
        
        3350000.00000000
        PA
        USD
        3404437.50000000
        2.431411552988
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-04-15
          Fixed
          7.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ISTAR INC
        QFFLKWYYS3UPWD86E794
        iStar Inc
        45031UCJ8
        
          
          
        
        3000000.00000000
        PA
        USD
        3037500.00000000
        2.169348854899
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-02-15
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CDW LLC/CDW FINANCE
        N/A
        CDW LLC / CDW Finance Corp
        12513GBD0
        
          
          
        
        825000.00000000
        PA
        USD
        808500.00000000
        0.577421744588
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-04-01
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNITED NATURAL FOODS INC
        549300GKGW6WPZ282D40
        United Natural Foods Inc
        911163AA1
        
          
          
        
        1925000.00000000
        PA
        USD
        1973125.00000000
        1.409184019530
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-10-15
          Fixed
          6.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FORD HOLDINGS LLC
        N/A
        Ford Holdings LLC
        345277AE7
        
          
          
        
        2000000.00000000
        PA
        USD
        2474040.00000000
        1.766931964107
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-03-01
          Fixed
          9.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SHIFT4 PAYMENTS LLC/FIN
        N/A
        Shift4 Payments LLC / Shift4 Payments Finance Sub Inc
        82453AAA5
        
          
          
        
        875000.00000000
        PA
        USD
        850937.50000000
        0.607730137025
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-11-01
          Fixed
          4.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        COMMSCOPE TECH LLC
        M4TWC4QDOKW45N7T6Y12
        CommScope Technologies LLC
        20337YAA5
        
          
          
        
        3000000.00000000
        PA
        USD
        2841330.00000000
        2.029246413791
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-06-15
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GARTNER INC
        PP55B5R38BFB8O8HH686
        Gartner Inc
        366651AC1
        
          
          
        
        1000000.00000000
        PA
        USD
        996245.00000000
        0.711507144016
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-07-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LPL HOLDINGS INC
        549300Z5YF8CCRMYUL26
        LPL Holdings Inc
        50212YAC8
        
          
          
        
        3375000.00000000
        PA
        USD
        3314958.75000000
        2.367506820856
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-11-15
          Fixed
          4.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VIASAT INC
        UFC8NYMNFSYIHNSM2I38
        Viasat Inc
        92552VAK6
        
          
          
        
        1800000.00000000
        PA
        USD
        1758006.00000000
        1.255548412512
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-09-15
          Fixed
          5.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MERCER INTL INC
        549300Z5IAG39VRTY874
        Mercer International Inc
        588056AW1
        
          
          
        
        975000.00000000
        PA
        USD
        982312.50000000
        0.701556706840
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-01-15
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PDC ENERGY INC
        5493008W8H2T511J5Y59
        PDC Energy Inc
        69327RAG6
        
          
          
        
        500000.00000000
        PA
        USD
        506120.00000000
        0.361465297923
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-09-15
          Fixed
          6.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        US FOODS INC
        5493000JOOFAOUY1JZ87
        US Foods Inc
        90290MAD3
        
          
          
        
        1000000.00000000
        PA
        USD
        953750.00000000
        0.681157685715
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-02-15
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NEW RESIDENTIAL INV CORP
        549300WNTHGEO5LP2G31
        New Residential Investment Corp
        64828TAA0
        
          
          
        
        1875000.00000000
        PA
        USD
        1800000.00000000
        1.285540062162
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-10-15
          Fixed
          6.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CREDIT ACCEPTANC
        N/A
        Credit Acceptance Corp
        225310AM3
        
          
          
        
        1350000.00000000
        PA
        USD
        1377000.00000000
        0.983438147554
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-03-15
          Fixed
          6.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DIAMOND BC BV
        549300SWLHWJF3D4N658
        Diamond BC BV
        25257DAA6
        
          
          
        
        1183000.00000000
        PA
        USD
        1061742.50000000
        0.758284733028
        Long
        DBT
        CORP
        NL
        
        N
        
        2
        
          2029-10-01
          Fixed
          4.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MEDNAX INC
        N/A
        MEDNAX Inc
        58502BAE6
        
          
          
        
        2000000.00000000
        PA
        USD
        1930000.00000000
        1.378384622207
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-02-15
          Fixed
          5.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CARS.COM INC
        5493002G6J07LNGX4M98
        Cars.com Inc
        14575EAA3
        
          
          
        
        1850000.00000000
        PA
        USD
        1836809.50000000
        1.311828999339
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-11-01
          Fixed
          6.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PERFORMANCE FOOD GROUP I
        549300OMUOGBYK0FFO76
        Performance Food Group Inc
        71376LAD2
        
          
          
        
        1075000.00000000
        PA
        USD
        1112399.25000000
        0.794463222774
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-05-01
          Fixed
          6.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        II-VI INC
        549300O5C25A0MMHHU33
        II-VI Inc
        902104AC2
        
          
          
        
        2000000.00000000
        PA
        USD
        1955000.00000000
        1.396239345293
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-12-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        USA COM PART/USA COM FIN
        N/A
        USA Compression Partners LP / USA Compression Finance Corp
        91740PAC2
        
          
          
        
        1200000.00000000
        PA
        USD
        1210800.00000000
        0.864739948481
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-04-01
          Fixed
          6.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ALBERTSONS COS/SAFEWAY
        N/A
        Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC
        013092AB7
        
          
          
        
        1300000.00000000
        PA
        USD
        1295599.50000000
        0.925302812093
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-02-15
          Fixed
          5.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PGT INNOVATIONS INC
        549300LRW9WM59C1S579
        PGT Innovations Inc
        69336VAB7
        
          
          
        
        1366000.00000000
        PA
        USD
        1273795.00000000
        0.909730279712
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-10-01
          Fixed
          4.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BATH & BODY WORKS INC
        GR3KVMWVCR54YWQNXU90
        Bath & Body Works Inc
        501797AQ7
        
          
          
        
        870000.00000000
        PA
        USD
        924261.90000000
        0.660097611322
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-01-15
          Fixed
          6.69400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SEG HLD LLC/SEG FIN CORP
        N/A
        SEG Holding LLC / SEG Finance Corp
        78397KAA0
        
          
          
        
        1875000.00000000
        PA
        USD
        1875000.00000000
        1.339104231419
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-10-15
          Fixed
          5.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DISH DBS CORP
        N/A
        DISH DBS Corp
        25470XAJ4
        
          
          
        
        1500000.00000000
        PA
        USD
        1507470.00000000
        1.076618376393
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2022-07-15
          Fixed
          5.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LIVE NATION ENTERTAINMEN
        5493007B9BM9ZXJINO78
        Live Nation Entertainment Inc
        538034AR0
        
          
          
        
        1550000.00000000
        PA
        USD
        1511250.00000000
        1.079318010524
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-10-15
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AVANTOR FUNDING INC
        5493003VM0XB4U8YD238
        Avantor Funding Inc
        05352TAA7
        
          
          
        
        1000000.00000000
        PA
        USD
        989000.00000000
        0.706332845266
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-07-15
          Fixed
          4.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DAVE & BUSTER'S INC
        549300JAVWTAY1FT5Z45
        Dave & Buster's Inc
        23833NAH7
        
          
          
        
        880000.00000000
        PA
        USD
        925892.00000000
        0.661261810686
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-11-01
          Fixed
          7.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARRIOTT OWNERSHIP RESOR
        BW4532OH033VURR0IT68
        Marriott Ownership Resorts Inc
        57164PAF3
        
          
          
        
        1450000.00000000
        PA
        USD
        1395625.00000000
        0.996739916253
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-01-15
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FORTRESS TRANS & INFRAST
        529900E7PUVK6BC8PE80
        Fortress Transportation and Infrastructure Investors LLC
        34960PAB7
        
          
          
        
        1950000.00000000
        PA
        USD
        1935375.00000000
        1.382223387671
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-10-01
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BERRY GLOBAL INC
        549300AP2Q7ERHX6RI89
        Berry Global Inc
        085770AB1
        
          
          
        
        1000000.00000000
        PA
        USD
        1011340.00000000
        0.722287825815
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-07-15
          Fixed
          5.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TARGA RESOURCES PARTNERS
        N/A
        Targa Resources Partners LP / Targa Resources Partners Finance Corp
        87612BBJ0
        
          
          
        
        2950000.00000000
        PA
        USD
        3042335.00000000
        2.172801958344
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-04-15
          Fixed
          5.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ADVANTAGE SALES & MARKET
        549300T4O24KQDED1182
        Advantage Sales & Marketing Inc
        00775PAA5
        
          
          
        
        1850000.00000000
        PA
        USD
        1750895.50000000
        1.250470172172
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-11-15
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BUILDERS FIRSTSOURCE INC
        549300W0SKP6L3H7DP63
        Builders FirstSource Inc
        12008RAN7
        
          
          
        
        1253000.00000000
        PA
        USD
        1232475.86000000
        0.880220607599
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-03-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BLACK KNIGHT INFOSERV LL
        549300H5PS5C68DAUX66
        Black Knight InfoServ LLC
        092174AA9
        
          
          
        
        750000.00000000
        PA
        USD
        710775.00000000
        0.507627632046
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-09-01
          Fixed
          3.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BATH & BODY WORKS INC
        GR3KVMWVCR54YWQNXU90
        Bath & Body Works Inc
        501797AR5
        
          
          
        
        1000000.00000000
        PA
        USD
        1083195.00000000
        0.773605870907
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-06-15
          Fixed
          7.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CAMELOT FINANCE SA
        N/A
        Camelot Finance SA
        13323AAB6
        
          
          
        
        1000000.00000000
        PA
        USD
        972500.00000000
        0.694548728029
        Long
        DBT
        CORP
        LU
        
        N
        
        2
        
          2026-11-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CHURCHILL DOWNS INC
        529900FODTBQC8MIS994
        Churchill Downs Inc
        171484AG3
        
          
          
        
        1350000.00000000
        PA
        USD
        1365309.00000000
        0.975088564850
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-04-01
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dreyfus Treasury Obligations Cash Management Fund
        549300MKKM9KT7BF6329
        Dreyfus Treasury Obligations Cash Management Fund
        261908107
        
          
          
        
        479230.63000000
        NS
        USD
        479230.63000000
        0.342261207711
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TRANSDIGM INC
        88Q84GB3X55CF5OC7582
        TransDigm Inc
        893647BB2
        
          
          
        
        1000000.00000000
        PA
        USD
        1009025.00000000
        0.720634478457
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-06-15
          Fixed
          6.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OCCIDENTAL PETROLEUM COR
        IM7X0T3ECJW4C1T7ON55
        Occidental Petroleum Corp
        674599DZ5
        
          
          
        
        3000000.00000000
        PA
        USD
        3551157.00000000
        2.536196994738
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-07-15
          Fixed
          8.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CAESARS ENTERTAIN INC
        549300FA4CTCW903Y781
        Caesars Entertainment Inc
        28470RAH5
        
          
          
        
        4100000.00000000
        PA
        USD
        4233004.00000000
        3.023164569608
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-07-01
          Fixed
          6.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CHURCHILL DOWNS INC
        529900FODTBQC8MIS994
        Churchill Downs Inc
        171484AE8
        
          
          
        
        2000000.00000000
        PA
        USD
        1940000.00000000
        1.385526511442
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-01-15
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ALBERTSONS COS/SAFEWAY
        N/A
        Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC
        013092AC5
        
          
          
        
        1325000.00000000
        PA
        USD
        1280897.38000000
        0.914802720838
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-01-15
          Fixed
          4.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CARGO AIRCRAFT MANAGEMEN
        549300GH5J7LOMV44F11
        Cargo Aircraft Management Inc
        14180LAA4
        
          
          
        
        1650000.00000000
        PA
        USD
        1610532.00000000
        1.150224115219
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-02-01
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NEW FORTRESS ENERGY INC
        N/A
        New Fortress Energy Inc
        644393AA8
        
          
          
        
        3300000.00000000
        PA
        USD
        3319503.00000000
        2.370752273871
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-09-15
          Fixed
          6.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SS&C TECHNOLOGIES INC
        549300KY09TR3J12JU49
        SS&C Technologies Inc
        78466CAC0
        
          
          
        
        1825000.00000000
        PA
        USD
        1838714.88000000
        1.313189800630
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-09-30
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WESCO DISTRIBUTION INC
        549300I2CEZJG9N4AH67
        WESCO Distribution Inc
        95081QAP9
        
          
          
        
        2750000.00000000
        PA
        USD
        2920871.25000000
        2.086053893496
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-06-15
          Fixed
          7.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CHAMPIONX CORP
        549300EP2909K6DYYP38
        ChampionX Corp
        03755LAC8
        
          
          
        
        332000.00000000
        PA
        USD
        338640.00000000
        0.241852937028
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-05-01
          Fixed
          6.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VICI PROPERTIES / NOTE
        N/A
        VICI Properties LP / VICI Note Co Inc
        92564RAB1
        
          
          
        
        2000000.00000000
        PA
        USD
        1995000.00000000
        1.424806902230
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-12-01
          Fixed
          4.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DEL MONTE FOODS INC
        549300U9K7TD84Q24R17
        Del Monte Foods Inc
        245223AC6
        
          
          
        
        3350000.00000000
        PA
        USD
        3672437.50000000
        2.622814184466
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-05-15
          Fixed
          11.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ASGN INCORPORATED
        LZBNYYCBUKY537072438
        ASGN Inc
        00191UAA0
        
          
          
        
        1575000.00000000
        PA
        USD
        1534916.88000000
        1.096220634072
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-05-15
          Fixed
          4.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BAUSCH HEALTH COS INC
        B3BS7ACMDUWISF18KY76
        Bausch Health Cos Inc
        91831AAC5
        
          
          
        
        2202000.00000000
        PA
        USD
        2221267.50000000
        1.586404644461
        Long
        DBT
        CORP
        CA
        
        N
        
        2
        
          2025-04-15
          Fixed
          6.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GLOBAL PART/GLP FINANCE
        N/A
        Global Partners LP / GLP Finance Corp
        37954FAG9
        
          
          
        
        1175000.00000000
        PA
        USD
        1175000.00000000
        0.839171985022
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-08-01
          Fixed
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TELEFLEX INC
        UUL85LWXB4NGSWWXIQ25
        Teleflex Inc
        879369AG1
        
          
          
        
        1100000.00000000
        PA
        USD
        1071125.00000000
        0.764985610602
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-06-01
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CARVANA CO
        5493003WEAK2PJ5WS063
        Carvana Co
        146869AF9
        
          
          
        
        1000000.00000000
        PA
        USD
        892500.00000000
        0.637413614155
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-04-15
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RHP HOTEL PPTY/RHP FINAN
        N/A
        RHP Hotel Properties LP / RHP Finance Corp
        749571AF2
        
          
          
        
        3000000.00000000
        PA
        USD
        2886870.00000000
        2.061770577364
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-10-15
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SCIENTIFIC GAMES INTERNA
        RLTHESQ0RNFQJWPBJN60
        Scientific Games International Inc
        80874YBG4
        
          
          
        
        900000.00000000
        PA
        USD
        946125.00000000
        0.675711995174
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-07-01
          Fixed
          8.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        IRON MOUNTAIN INC
        SQL3F6CKNNBM3SQGHX24
        Iron Mountain Inc
        46284VAE1
        
          
          
        
        875000.00000000
        PA
        USD
        863275.00000000
        0.616541442868
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-03-15
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SHEA HOMES LP/FNDG CP
        N/A
        Shea Homes LP / Shea Homes Funding Corp
        82088KAE8
        
          
          
        
        1525000.00000000
        PA
        USD
        1434720.00000000
        1.024661132214
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-02-15
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        IRON MOUNTAIN INC
        SQL3F6CKNNBM3SQGHX24
        Iron Mountain Inc
        46284VAC5
        
          
          
        
        925000.00000000
        PA
        USD
        914593.75000000
        0.653192725682
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-09-15
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LEVEL 3 FINANCING INC
        254900AE5FEFIJOXWL19
        Level 3 Financing Inc
        527298BH5
        
          
          
        
        925000.00000000
        PA
        USD
        933787.50000000
        0.666900689331
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-05-01
          Fixed
          5.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HOWARD HUGHES CORP
        549300BVHY25JZC1KI49
        Howard Hughes Corp/The
        44267DAD9
        
          
          
        
        730000.00000000
        PA
        USD
        732905.40000000
        0.523432918597
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-08-01
          Fixed
          5.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CUSHMAN & WAKEFIELD US
        N/A
        Cushman & Wakefield US Borrower LLC
        23166MAA1
        
          
          
        
        3100000.00000000
        PA
        USD
        3239500.00000000
        2.313615017431
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-05-15
          Fixed
          6.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNISYS CORP
        549300T21W22FIJJOW08
        Unisys Corp
        909214BV9
        
          
          
        
        1100000.00000000
        PA
        USD
        1150875.00000000
        0.821942177245
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-11-01
          Fixed
          6.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ACADEMY LTD
        549300BN53IR80C35Z14
        Academy Ltd
        00401YAA8
        
          
          
        
        2050000.00000000
        PA
        USD
        2098851.50000000
        1.498976493211
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-11-15
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WATCO COS LLC/FINANCE CO
        N/A
        Watco Cos LLC / Watco Finance Corp
        941130AB2
        
          
          
        
        3550000.00000000
        PA
        USD
        3490253.50000000
        2.492700389641
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-06-15
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PENN NATIONAL GAMING INC
        N/A
        Penn National Gaming Inc
        707569AS8
        
          
          
        
        1500000.00000000
        PA
        USD
        1486245.00000000
        1.061459716493
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-01-15
          Fixed
          5.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PRIME HEALTHCARE SERVICE
        N/A
        Prime Healthcare Services Inc
        74165HAB4
        
          
          
        
        1800000.00000000
        PA
        USD
        1844982.00000000
        1.317665708316
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-11-01
          Fixed
          7.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CENTURY COMMUNITIES
        5299002QMB2O7ZL1CA26
        Century Communities Inc
        156504AL6
        
          
          
        
        1175000.00000000
        PA
        USD
        1219180.00000000
        0.870724851659
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-06-01
          Fixed
          6.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CRESTWOOD MID PARTNER LP
        N/A
        Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp
        226373AP3
        
          
          
        
        1100000.00000000
        PA
        USD
        1105142.50000000
        0.789280532304
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-04-01
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        IQVIA INC
        549300PLWY28YB00C717
        IQVIA Inc
        449934AD0
        
          
          
        
        1150000.00000000
        PA
        USD
        1170125.00000000
        0.835690314021
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-10-15
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TUTOR PERINI CORP
        549300FHXYVPW8LJ6D98
        Tutor Perini Corp
        901109AF5
        
          
          
        
        2900000.00000000
        PA
        USD
        2758132.00000000
        1.969827323740
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-05-01
          Fixed
          6.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-05-20
      Aquila Funds Trust
      Joseph DiMaggio
      Joseph DiMaggio
      Chief Financial Officer & Treasurer
    
  
  XXXX




 

AQUILA HIGH INCOME FUND

SCHEDULE OF INVESTMENTS

March 31, 2022

(unaudited)

 

Principal
Amount
  Corporate Bonds (97.4%)   Value   (a)
    Basic Industry (1.5%)        
    Chemicals (0.8%)        
    Diamond BC BV        
$ 1,183,000   4.625%, 10/01/29  144A   $ 1,061,743    
             
    Paper (0.7%)        
    Mercer International, Inc.        
975,000   5.500%, 01/15/26   982,313    
    Total Basic Industry   2,044,056    
             
    Brokerage Assetmanagers Exchanges (2.4%)        
    LPL Holdings, Inc.        
3,375,000   4.625%, 11/15/27 144A   3,314,959    
             
    Capital Goods (5.3%)        
    Aerospace/Defense (0.7%)        
    TransDigm, Inc.        
1,000,000   6.375%, 06/15/26   1,009,025    
             
    Building Materials (1.8%)        
    Builders FirstSource, Inc.        
1,253,000   5.000%, 03/01/30 144A   1,232,476    
             
    PGT Innovations, Inc.        
1,366,000   4.375%, 10/01/29 144A   1,273,795    
        2,506,271    
    Diversified Manufacturing (2.1%)        
    WESCO Distribution, Inc.        
2,750,000   7.250%, 06/15/28 144A   2,920,871    
             
    Packaging (0.7%)        
    Berry Global, Inc.        
1,000,000   5.625%, 07/15/27 144A   1,011,340    
    Total Capital Goods   7,447,507    
             
    Communications (6.3%)        
    Cable Satellite (2.3%)        
    DISH DBS Corp.        
1,500,000   5.875%, 07/15/22   1,507,470    
             
    Viasat, Inc.        
1,800,000   5.625%, 09/15/25 144A   1,758,006    
        3,265,476    
    Media Entertainment (3.3%)        
    Advantage Sales & Marketing, Inc.        
1,850,000   6.500%, 11/15/28 144A   1,750,896    
             
    Nexstar Media, Inc.        
2,800,000   5.625%, 07/15/27 144A   2,834,160    
        4,585,056    

 

 
 
 

 

 

AQUILA HIGH INCOME FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2022

(unaudited)

 

Principal
Amount
  Corporate Bonds (continued)   Value   (a)
    Communications (continued)        
    Wirelines (0.7%)        
    Level 3 Financing, Inc.        
$ 925,000   5.375%, 05/01/25   $   933,788    
    Total Communications   8,784,320    
             
    Consumer Cyclical (28.2%)        
    Automotive (4.7%)        
    Ford Holdings LLC        
2,000,000   9.300%, 03/01/30   2,474,040    
             
    The Goodyear Tire & Rubber Co.        
750,000   4.875%, 03/15/27   728,134    
             
    JB Poindexter & Co., Inc.        
3,350,000   7.125%, 04/15/26 144A   3,404,438    
        6,606,612    
    Consumer Cyclical Services (4.7%)        
    ASGN, Inc.        
1,575,000   4.625%, 05/15/28 144A   1,534,917    
             
    Cars.com, Inc.        
1,850,000   6.375%, 11/01/28 144A   1,836,810    
             
    Cushman & Wakefield        
3,100,000   6.750%, 05/15/28 144A   3,239,500    
        6,611,227    
    Gaming (9.6%)        
    Boyd Gaming Corp.        
1,500,000   4.750%, 12/01/27   1,492,500    
             
    Caesars Entertainment, Inc.        
4,100,000   6.250%, 07/01/25 144A   4,233,004    
             
    Churchill Downs, Inc.        
1,350,000   5.500%, 04/01/27 144A   1,365,309    
2,000,000   4.750%, 01/15/28 144A   1,940,000    
             
    Penn National Gaming, Inc.        
1,500,000   5.625%, 01/15/27 144A   1,486,245    
             
    Scientific Games International, Inc.        
900,000   8.625%, 07/01/25 144A   946,125    
             
    VICI Properties LP/VICI Note Co., Inc.        
2,000,000   4.625%, 12/01/29 144A   1,995,000    
        13,458,183    

 

 

 
 
 

 

 

AQUILA HIGH INCOME FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2022

(unaudited)

 

Principal
Amount
  Corporate Bonds (continued)   Value   (a)
    Consumer Cyclical (continued)        
    Home Construction (1.9%)        
    Century Communities, Inc.        
$ 1,175,000   6.750%, 06/01/27   $ 1,219,180    
             
    Shea Homes LP/Shea Homes Funding Corp.        
1,525,000   4.750%, 02/15/28 144A   1,434,720    
        2,653,900    
    Leisure (2.1%)        
    Live Nation Entertainment, Inc.        
1,475,000   4.875%, 11/01/24 144A   1,480,911    
1,550,000   4.750%, 10/15/27 144A   1,511,250    
        2,992,161    
    Lodging (1.0%)        
    Marriott Ownership Resorts Inc.        
1,450,000   4.750%, 01/15/28   1,395,625    
             
    Restaurants (0.6%)        
    Dave & Buster's, Inc.        
880,000   7.625%, 11/01/25 144A   925,892    
             
    Retailers (3.6%)        
    Academy Ltd.        
2,050,000   6.000%, 11/15/27 144A   2,098,852    
             
    Bath & Body Works, Inc.        
870,000   6.694%, 01/15/27   924,262    
1,000,000   7.500%, 06/15/29   1,083,195    
             
    Carvana Co.        
1,000,000   5.500%, 04/15/27 144A   892,500    
        4,998,809    
    Total Consumer Cyclical   39,642,409    
             
    Consumer Non-Cyclical (15.2%)        
    Food and Beverage (5.5%)        
    Del Monte Foods, Inc.        
3,350,000   11.875%, 05/15/25 144A   3,672,438    
             
    Performance Food Group, Inc.        
1,075,000   6.875%, 05/01/25 144A   1,112,399    
             
    United Natural Foods, Inc.        
1,925,000   6.750%, 10/15/28 144A   1,973,125    
             
    US Foods, Inc.        
1,000,000   4.750%, 02/15/29 144A   953,750    
        7,711,712    

 

 

 
 
 

 

 

AQUILA HIGH INCOME FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2022

(unaudited)

 

Principal
Amount
  Corporate Bonds (continued)   Value   (a)
    Consumer Non-Cyclical (continued)        
    Healthcare (5.0%)        
    Avantor Funding, Inc.        
$ 1,000,000   4.625%, 07/15/28 144A   $   989,000    
             
    IQVIA, Inc.        
1,150,000   5.000%, 10/15/26 144A   1,170,125    
             
    MEDNAX, Inc.        
2,000,000   5.375%, 02/15/30 144A   1,930,000    
             
    Prime Healthcare Services, Inc.        
1,800,000   7.250%, 11/01/25 144A   1,844,982    
             
    Teleflex, Inc.        
1,100,000   4.250%, 06/01/28 144A   1,071,125    
        7,005,232    
    Pharmaceuticals (1.6%)        
    Bausch Health Companies, Inc.        
2,202,000   6.125%, 04/15/25 144A   2,221,268    
             
    Supermarkets (3.1%)        
    Albertsons Companies, Inc./Safeway, Inc.        
1,325,000   4.625%, 01/15/27 144A   1,280,897    
1,300,000   5.875%, 02/15/28 144A   1,295,600    
             
    SEG Holding LLC/ SEG Finance Corp.        
1,875,000   5.625%, 10/15/28 144A   1,875,000    
        4,451,497    
    Total Consumer Non-Cyclical   21,389,709    
             
    Energy (10.1%)        
    Independent (2.9%)        
    Occidental Petroleum Corp.        
3,000,000   8.500%, 07/15/27   3,551,157    
             
    PDC Energy, Inc.        
500,000   6.125%, 09/15/24   506,120    
        4,057,277    

 

 

 
 
 

 

 

AQUILA HIGH INCOME FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2022

(unaudited)

 

Principal
Amount
  Corporate Bonds (continued)   Value   (a)
    Energy (continued)        
    Midstream (6.1%)        
    Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.        
$ 1,100,000   5.750%, 04/01/25   $ 1,105,143    
             
    Global Partners LP/GLP Finance Corp.        
1,175,000   7.000%, 08/01/27   1,175,000    
             
    New Fortress Energy, Inc.        
3,300,000   6.750%, 09/15/25 144A   3,319,503    
             
    Targa Resources Partners LP/Targa Resources Partners Finance Corp.        
2,950,000   5.875%, 04/15/26   3,042,335    
        8,641,981    
    Oil Field Services (1.1%)        
    ChampionX Corp.        
332,000   6.375%, 05/01/26   338,640    
             
    USA Compression Partners LP/USA Compression Finance Corp.        
1,200,000   6.875%, 04/01/26   1,210,800    
        1,549,440    
    Total Energy   14,248,698    
             
    Finance Companies (3.1%)        
    Fortress Transportation and Infrastructure Investors LLC        
1,950,000   6.500%, 10/01/25 144A   1,935,375    
2,250,000   9.750%, 08/01/27 144A   2,350,721    
        4,286,096    
    Other Financial (1.5%)        
    Credit Acceptance Corp.        
1,350,000   6.625%, 03/15/26   1,377,000    
             
    The Howard Hughes Corp.        
730,000   5.375%, 08/01/28 144A   732,905    
        2,109,905    
    Other Industrial (2.0%)        
    Tutor Perini Corp.        
2,900,000   6.875%, 05/01/25 144A   2,758,132    

 

 

 
 
 

 

 

AQUILA HIGH INCOME FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2022

(unaudited)

 

Principal
Amount
  Corporate Bonds (continued)   Value   (a)
    REITs (7.6%)        
    Other REITs (7.6%)        
    iStar, Inc.        
$ 3,000,000   5.500%, 02/15/26   $ 3,037,500    
             
    New Residential Investment Corp.        
1,875,000   6.250%, 10/15/25 144A   1,800,000    
             
    RHP Hotel Properties LP/RHP Finance Corp.        
3,000,000   4.750%, 10/15/27   2,886,870    
             
    Service Properties Trust        
1,100,000   4.500%, 06/15/23   1,087,405    
             
    XHR LP        
1,800,000   6.375%, 08/15/25 144A   1,855,035    
        10,666,810    
    Technology (10.6%)        
    Black Knight InfoServ LLC        
750,000   3.625%, 09/01/28 144A   710,775    
             
    Camelot Finance SA        
1,000,000   4.500%, 11/01/26 144A   972,500    
             
    CDW LLC/CDW Finance Corp.        
825,000   4.250%, 04/01/28   808,500    
             
    CommScope Technologies LLC        
3,000,000   6.000%, 06/15/25 144A   2,841,330    
             
    Entegris, Inc.        
1,000,000   4.375%, 04/15/28 144A   967,500    
             
    Gartner, Inc.        
1,000,000   4.500%, 07/01/28 144A   996,245    
             
    Iron Mountain, Inc.        
925,000   4.875%, 09/15/27 144A   914,594    
875,000   5.250%, 03/15/28 144A   863,275    
             
    Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.        
875,000   4.625%, 11/01/26 144A   850,938    

 

 

 
 
 

 

 

AQUILA HIGH INCOME FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2022

(unaudited)

 

Principal
Amount
  Corporate Bonds (continued)   Value   (a)
    Technology (continued)        
    SS&C Technologies, Inc.        
$ 1,825,000   5.500%, 09/30/27 144A   $         1,838,715    
             
    II-VI, Inc.        
2,000,000   5.000%, 12/15/29 144A   1,955,000    
             
    Unisys Corp.        
1,100,000   6.875%, 11/01/27 144A   1,150,875    
        14,870,247    
    Transportation (3.6%)        
    Railroads (2.5%)        
    Watco Companies LLC        
3,550,000   6.500%, 06/15/27 144A   3,490,254    
             
    Transportation Services (1.1%)        
    Cargo Aircraft Management, Inc.        
1,650,000   4.750%, 02/01/28 144A   1,610,532    
    Total Transportation   5,100,786    
    Total Corporate Bonds
(cost $140,733,184)
  136,663,634    
             
Shares   Short-Term Investment (1.0%)        
1,471,920   Dreyfus Treasury Obligations Cash Management - Institutional Shares, 0.15%*
(cost $1,471,920)
  1,471,920    

 

    Total Investments
(cost $142,205,104 - note b)
98.4%   138,135,554    
    Other assets less liabilities 1.6   2,278,272    
    Net Assets 100.0%   $     140,413,826    

 

 

 
 
 

 

 

AQUILA HIGH INCOME FUND

SCHEDULE OF INVESTMENTS (continued)

March 31, 2022

(unaudited)

 

Portfolio Distribution   Percent of
Investments
 
Aerospace/Defense   0.7 %
Automotive   4.8  
Broker Assetmanagers Exchanges   2.4  
Building Materials   1.8  
Cable Satellite   2.4  
Chemicals   0.8  
Consumer Cyclical Services   4.8  
Diversified Manufacturing   2.1  
Finance Companies   3.1  
Food and Beverage   5.6  
Gaming   9.9  
Healthcare   5.1  
Home Construction   1.9  
Independent   3.0  
Leisure   2.2  
Lodging   1.0  
Media Entertainment   3.5  
Midstream   6.3  
Oil Field Services   1.1  
Other Financial   1.6  
Other Industrial   2.0  
Other REITs   7.8  
Packaging   0.7  
Paper   0.7  
Pharmaceuticals   1.6  
Railroads   2.6  
Restaurants   0.7  
Retailers   3.7  
Supermarkets   3.3  
Technology   10.9  
Transportation Services   1.2  
Wirelines   0.7  
    100.0 %

 

*   The rate is an annualized seven-day yield at period end.

 

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 HIGH INCOME FUND

NOTES TO FINANCIAL STATEMENTS

March 31, 2022

(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, 2022 the net unrealized depreciation on investments, based on cost for federal income tax purposes of $142,832,538 amounted to $4,696,984, which consisted of aggregate gross unrealized appreciation of $224,157 and aggregate gross unrealized depreciation of $4,921,141.

 

(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 March 31, 2022:

 

Valuation Inputs+   Investments in
Securities
Level 1 – Quoted Prices    
Short-Term Investment   $              1,471,920
Level 2 – Other Significant Observable Inputs:    
Corporate Obligations   136,663,634
Level 3 – Significant Unobservable Inputs   —   
Total   $          138,135,554
+   See schedule of investments for a detailed listing of securities.