# EDGAR Filing Document

**Accession Number:** 0000707800
**File Stem:** 0001752724-23-036458
**Filing Date:** 2023-2
**Character Count:** 33987
**Document Hash:** d58068474864af82dc8378f76e4f8344
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-036458.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001752724-23-036458

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AQUILA FUNDS TRUST
- **CENTRAL INDEX KEY:** 0000707800
- **IRS NUMBER:** 136818961
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03578
- **FILM NUMBER:** 23658106

**BUSINESS ADDRESS:**
- **STREET 1:** 120 WEST 45TH STREET
- **STREET 2:** SUITE 3600
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 2126976666

**MAIL ADDRESS:**
- **STREET 1:** 120 WEST 45TH STREET
- **STREET 2:** SUITE 3600
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AQUILA THREE PEAKS HIGH INCOME FUND
- **DATE OF NAME CHANGE:** 20060316

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRIME CASH FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### AQUILA HIGH INCOME FUND (Series ID: S000009167)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000024922 | Aquila High Income Fund Class A | ATPAX           |
| C000033899 | Aquila High Income Fund Class C | ATPCX           |
| C000033900 | Aquila High Income Fund Class I | ATIPX           |
| C000033901 | Aquila High Income Fund Class Y | ATPYX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Aquila Funds Trust

- **b. Investment Company Act file number:** 811-03578

- **c. CIK number of Registrant:** 0000707800

- **d. LEI of Registrant:** 5493002RAE6QXG2F2J66

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 120 West 45th Street

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10036

  - **Telephone number:** 212-697-6666

**Item A.2. Information about the Series.**

- **a. Name of Series:** Aquila High Income Fund

- **b. EDGAR series identifier (if any):** S000009167

- **c. LEI of Series:** 549300QU5QXD6YSW7H45

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $108185851.86

**Total Liabilities:** $981135.28

**Net Assets:** $107204716.58

**Cash Not Reported:** $3741143.47

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 516.12246000 | **5-Year:** 1309.38635000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 155.26666000 | **1-Year:** 10961.02682000 | **5-Year:** 16252.63750000 | **10-Year:** 343.19116000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000033901 | 3.04%                | 1.54%                | -0.24%               |
| Class ID C000033900 | 3.02%                | 1.51%                | -0.27%               |
| Class ID C000024922 | 3.02%                | 1.39%                | -0.13%               |
| Class ID C000033899 | 3.09%                | 1.32%                | -0.20%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-72378.19               | $2836284.47                                |
| Month 2  | $-308816.63              | $1501379.58                                |
| Month 3  | $-218517.93              | $-392636.52                                |

### Schedule of Portfolio Investments

| Name                                              | Title                                                                 | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ALBERTSONS COS/SAFEWAY                            | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC | CUSIP: 013092AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1235884.00   | 1.15%             | 2028-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CAMELOT FINANCE SA                                | Camelot Finance SA                                                    | CUSIP: 13323AAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   1000000 | PA      | $937250.62    | 0.87%             | 2026-11-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| JB POINDEXTER & CO INC                            | JB Poindexter & Co Inc                                                | CUSIP: 730481AJ7<br>LEI: 549300W6P81HOZZGPQ16 | Long             | DBT              | CORP              | US        |   3350000 | PA      | $3232750.00   | 3.02%             | 2026-04-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| TELEFLEX INC                                      | Teleflex Inc                                                          | CUSIP: 879369AG1<br>LEI: UUL85LWXB4NGSWWXIQ25 | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1004146.00   | 0.94%             | 2028-06-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AVANTOR FUNDING INC                               | Avantor Funding Inc                                                   | CUSIP: 05352TAA7<br>LEI: 5493003VM0XB4U8YD238 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $908640.00    | 0.85%             | 2028-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| US FOODS INC                                      | US Foods Inc                                                          | CUSIP: 90290MAD3<br>LEI: 5493000JOOFAOUY1JZ87 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $887920.00    | 0.83%             | 2029-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GLOBAL PART/GLP FINANCE                           | Global Partners LP / GLP Finance Corp                                 | CUSIP: 37954FAG9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1115811.78   | 1.04%             | 2027-08-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST                          | Service Properties Trust                                              | CUSIP: 44106MAR3<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $1572307.02   | 1.47%             | 2023-06-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| PDC ENERGY INC                                    | PDC Energy Inc                                                        | CUSIP: 69327RAG6<br>LEI: 5493008W8H2T511J5Y59 | Long             | DBT              | CORP              | US        |    500000 | PA      | $497150.00    | 0.46%             | 2024-09-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| WATCO COS LLC/FINANCE CO                          | Watco Cos LLC / Watco Finance Corp                                    | CUSIP: 941130AB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3550000 | PA      | $3372500.00   | 3.15%             | 2027-06-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CUSHMAN & WAKEFIELD US                            | Cushman & Wakefield US Borrower LLC                                   | CUSIP: 23166MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3100000 | PA      | $2958516.00   | 2.76%             | 2028-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                 | Iron Mountain Inc                                                     | CUSIP: 46284VAC5<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    925000 | PA      | $850630.00    | 0.79%             | 2027-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SS&C TECHNOLOGIES INC                             | SS&C Technologies Inc                                                 | CUSIP: 78466CAC0<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |   1825000 | PA      | $1708922.88   | 1.59%             | 2027-09-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MARRIOTT OWNERSHIP RESOR                          | Marriott Ownership Resorts Inc                                        | CUSIP: 57164PAF3<br>LEI: BW4532OH033VURR0IT68 | Long             | DBT              | CORP              | US        |   1450000 | PA      | $1262633.60   | 1.18%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I                          | Performance Food Group Inc                                            | CUSIP: 71376LAD2<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |   1075000 | PA      | $1075000.00   | 1.00%             | 2025-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                                     | DISH DBS Corp                                                         | CUSIP: 25470XAL9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1990809.90   | 1.86%             | 2023-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CREDIT ACCEPTANC                                  | Credit Acceptance Corp                                                | CUSIP: 225310AM3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1279310.63   | 1.19%             | 2026-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                           | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                 | CUSIP: 82453AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    875000 | PA      | $826691.25    | 0.77%             | 2026-11-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FORD HOLDINGS LLC                                 | Ford Holdings LLC                                                     | CUSIP: 345277AE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1122500.00   | 1.05%             | 2030-03-01      | Fixed         | 9.30%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                                        | Viasat Inc                                                            | CUSIP: 92552VAK6<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |   2300000 | PA      | $2133911.48   | 1.99%             | 2025-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST                          | Fortress Transportation and Infrastructure Investors LLC              | CUSIP: 34960PAC5<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2255625.07   | 2.10%             | 2027-08-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| BATH & BODY WORKS INC                             | Bath & Body Works Inc                                                 | CUSIP: 501797AQ7<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |    870000 | PA      | $863744.70    | 0.81%             | 2027-01-15      | Fixed         | 6.69%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN                          | USA Compression Partners LP / USA Compression Finance Corp            | CUSIP: 91740PAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1151148.00   | 1.07%             | 2026-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| PENN ENTERTAINMENT INC                            | Penn Entertainment Inc                                                | CUSIP: 707569AS8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $453370.00    | 0.42%             | 2027-01-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CRESTWOOD MID PARTNER LP                          | Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp    | CUSIP: 226373AP3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1100000 | PA      | $1070080.00   | 1.00%             | 2025-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| SEG HLD LLC/SEG FIN CORP                          | SEG Holding LLC / SEG Finance Corp                                    | CUSIP: 78397KAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1875000 | PA      | $1762500.00   | 1.64%             | 2028-10-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CRESTWOOD MID PARTNER LP                          | Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp    | CUSIP: 67421QAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $995085.31    | 0.93%             | 2029-04-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                               | Churchill Downs Inc                                                   | CUSIP: 171484AG3<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |    600000 | PA      | $568533.07    | 0.53%             | 2027-04-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LPL HOLDINGS INC                                  | LPL Holdings Inc                                                      | CUSIP: 50212YAC8<br>LEI: 549300Z5YF8CCRMYUL26 | Long             | DBT              | CORP              | US        |   3375000 | PA      | $3152524.12   | 2.94%             | 2027-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ISTAR INC                                         | iStar Inc                                                             | CUSIP: 45031UCJ8<br>LEI: QFFLKWYYS3UPWD86E794 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2992290.00   | 2.79%             | 2026-02-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNITED NATURAL FOODS INC                          | United Natural Foods Inc                                              | CUSIP: 911163AA1<br>LEI: 549300GKGW6WPZ282D40 | Long             | DBT              | CORP              | US        |   1925000 | PA      | $1849588.13   | 1.73%             | 2028-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DAVE & BUSTER'S INC                               | Dave & Buster's Inc                                                   | CUSIP: 23833NAH7<br>LEI: 549300JAVWTAY1FT5Z45 | Long             | DBT              | CORP              | US        |    880000 | PA      | $884400.00    | 0.82%             | 2025-11-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| CARGO AIRCRAFT MANAGEMEN                          | Cargo Aircraft Management Inc                                         | CUSIP: 14180LAA4<br>LEI: 549300GH5J7LOMV44F11 | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1497556.50   | 1.40%             | 2028-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CENTURY COMMUNITIES                               | Century Communities Inc                                               | CUSIP: 156504AL6<br>LEI: 5299002QMB2O7ZL1CA26 | Long             | DBT              | CORP              | US        |   1175000 | PA      | $1121072.44   | 1.05%             | 2027-06-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                          | Occidental Petroleum Corp                                             | CUSIP: 674599DZ5<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2153611.68   | 2.01%             | 2027-07-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| ACADEMY LTD                                       | Academy Ltd                                                           | CUSIP: 00401YAA8<br>LEI: 549300BN53IR80C35Z14 | Long             | DBT              | CORP              | US        |   2050000 | PA      | $1962610.20   | 1.83%             | 2027-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Dreyfus Treasury Obligations Cash Management Fund | Dreyfus Treasury Obligations Cash Management Fund                     | CUSIP: 261908107<br>LEI: 549300MKKM9KT7BF6329 | Long             | STIV             | RF                | US        |   4015093 | NS      | $4015092.66   | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACK KNIGHT INFOSERV LL                          | Black Knight InfoServ LLC                                             | CUSIP: 092174AA9<br>LEI: 549300H5PS5C68DAUX66 | Long             | DBT              | CORP              | US        |    750000 | PA      | $649125.00    | 0.61%             | 2028-09-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC                            | WESCO Distribution Inc                                                | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |   2750000 | PA      | $2785678.42   | 2.60%             | 2028-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC                                   | Mercer International Inc                                              | CUSIP: 588056AW1<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |    975000 | PA      | $923509.20    | 0.86%             | 2026-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                          | Ford Motor Credit Co LLC                                              | CUSIP: 345397XZ1<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $989450.00    | 0.92%             | 2023-05-04      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP                                | Rithm Capital Corp                                                    | CUSIP: 64828TAA0<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |   1875000 | PA      | $1682436.84   | 1.57%             | 2025-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SCIENTIFIC GAMES INTERNA                          | Scientific Games International Inc                                    | CUSIP: 80874YBG4<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |    900000 | PA      | $918181.81    | 0.86%             | 2025-07-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                                 | Iron Mountain Inc                                                     | CUSIP: 46284VAE1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    875000 | PA      | $804886.25    | 0.75%             | 2028-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW FORTRESS ENERGY INC                           | New Fortress Energy Inc                                               | CUSIP: 644393AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3300000 | PA      | $3121140.00   | 2.91%             | 2025-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BERRY GLOBAL INC                                  | Berry Global Inc                                                      | CUSIP: 085770AB1<br>LEI: 549300AP2Q7ERHX6RI89 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $975539.78    | 0.91%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                          | Live Nation Entertainment Inc                                         | CUSIP: 538034AR0<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1380003.75   | 1.29%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC                               | Churchill Downs Inc                                                   | CUSIP: 171484AE8<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1789740.00   | 1.67%             | 2028-01-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| TUTOR PERINI CORP                                 | Tutor Perini Corp                                                     | CUSIP: 901109AF5<br>LEI: 549300FHXYVPW8LJ6D98 | Long             | DBT              | CORP              | US        |   2900000 | PA      | $2537490.37   | 2.37%             | 2025-05-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ENTEGRIS INC                                      | Entegris Inc                                                          | CUSIP: 29362UAC8<br>LEI: IYX6OWO7BT5DKO3BYG52 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $884234.33    | 0.82%             | 2028-04-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| ASGN INCORPORATED                                 | ASGN Inc                                                              | CUSIP: 00191UAA0<br>LEI: LZBNYYCBUKY537072438 | Long             | DBT              | CORP              | US        |   1575000 | PA      | $1425690.00   | 1.33%             | 2028-05-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN                          | RHP Hotel Properties LP / RHP Finance Corp                            | CUSIP: 749571AF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $905011.22    | 0.84%             | 2027-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BATH & BODY WORKS INC                             | Bath & Body Works Inc                                                 | CUSIP: 501797AR5<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $987200.00    | 0.92%             | 2029-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST                          | Fortress Transportation and Infrastructure Investors LLC              | CUSIP: 34960PAB7<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |   1492000 | PA      | $1402784.14   | 1.31%             | 2025-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| HOWARD HUGHES CORP                                | Howard Hughes Corp/The                                                | CUSIP: 44267DAD9<br>LEI: 549300BVHY25JZC1KI49 | Long             | DBT              | CORP              | US        |    730000 | PA      | $657532.90    | 0.61%             | 2028-08-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                          | Builders FirstSource Inc                                              | CUSIP: 12008RAN7<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |   1253000 | PA      | $1110256.99   | 1.04%             | 2030-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VICI PROPERTIES / NOTE                            | VICI Properties LP / VICI Note Co Inc                                 | CUSIP: 92564RAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $910000.00    | 0.85%             | 2029-12-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                          | Live Nation Entertainment Inc                                         | CUSIP: 538034AK5<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |   1475000 | PA      | $1428160.50   | 1.33%             | 2024-11-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| GARTNER INC                                       | Gartner Inc                                                           | CUSIP: 366651AC1<br>LEI: PP55B5R38BFB8O8HH686 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $932330.00    | 0.87%             | 2028-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                                         | IQVIA Inc                                                             | CUSIP: 449934AD0<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1098076.29   | 1.02%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY                            | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC | CUSIP: 013092AC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1325000 | PA      | $1230752.75   | 1.15%             | 2027-01-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP                               | Buckeye Partners LP                                                   | CUSIP: 118230AK7<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $982466.54    | 0.92%             | 2023-07-01      | Fixed         | 4.15%                 | No            |                  2 | On Loan: No      |
| PGT INNOVATIONS INC                               | PGT Innovations Inc                                                   | CUSIP: 69336VAB7<br>LEI: 549300LRW9WM59C1S579 | Long             | DBT              | CORP              | US        |   1366000 | PA      | $1143673.26   | 1.07%             | 2029-10-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CARS.COM INC                                      | Cars.com Inc                                                          | CUSIP: 14575EAA3<br>LEI: 5493002G6J07LNGX4M98 | Long             | DBT              | CORP              | US        |   1850000 | PA      | $1642527.14   | 1.53%             | 2028-11-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC                                     | TransDigm Inc                                                         | CUSIP: 893647BB2<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $972954.76    | 0.91%             | 2026-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC                                 | Nexstar Media Inc                                                     | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2568601.00   | 2.40%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                          | Occidental Petroleum Corp                                             | CUSIP: 674599DD4<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1068470.00   | 1.00%             | 2031-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| COHERENT CORP                                     | Coherent Corp                                                         | CUSIP: 902104AC2<br>LEI: 549300O5C25A0MMHHU33 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1293645.00   | 1.21%             | 2029-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| XHR LP                                            | XHR LP                                                                | CUSIP: 98372MAA3<br>LEI: 549300M88BPT83ZL2164 | Long             | DBT              | CORP              | US        |   1800000 | PA      | $1730632.73   | 1.61%             | 2025-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CDW LLC/CDW FINANCE                               | CDW LLC / CDW Finance Corp                                            | CUSIP: 12513GBD0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    825000 | PA      | $759272.25    | 0.71%             | 2028-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** Aquila Funds Trust

**Signature:** Joseph DiMaggio

**Name of Signer:** Joseph DiMaggio

**Title:** Chief Financial Officer & Treasurer