AQUILA THREE PEAKS OPPORTUNITY GROWTH FUND

SCHEDULE OF INVESTMENTS

March 31, 2020

(unaudited)


Shares

 

Common Stocks (96.4%)

 

Market
Value

 

(a)

 

 

 

 

 

 

 

 

 

Communication Services (4.1%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Broadcast Services/Program (0.4%)

 

 

 

 

13,429

 

Nexstar Media Group, Inc.

 

$       775,256

 

 

 

 

 

 

 

 

 

 

 

Cable/Satellite TV (1.1%)

 

 

 

 

5,295

 

Charter Communications, Inc.+

 

2,310,261

 

 

 

 

 

 

 

 

 

 

 

Cellular Telecom (1.1%)

 

 

 

 

27,383

 

T-Mobile US, Inc.+

 

2,297,434

 

 

 

 

 

 

 

 

 

 

 

Radio (1.5%)

 

 

 

 

102,133

 

Liberty SiriusXM Group - C+

 

3,229,445

 

 

 

 

 

 

 

 

 

 

 

Total Communication Services

 

8,612,396

 

 

 

 

 

 

 

 

 

 

 

Consumer Discretionary (9.3%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer Services (1.3%)

 

 

 

 

104,707

 

ServiceMaster Co. LLC+

 

2,827,089

 

 

 

 

 

 

 

 

 

 

 

Distribution/Wholesale (1.1%)

 

 

 

 

107,820

 

LKQ Corp.+

 

2,211,388

 

 

 

 

 

 

 

 

 

 

 

Food - Catering (0.7%)

 

 

 

 

74,874

 

Aramark Corp.

 

1,495,234

 

 

 

 

 

 

 

 

 

 

 

Funeral Service & Related Items (1.6%)

 

 

 

 

88,423

 

Service Corp. International

 

3,458,224

 

 

 

 

 

 

 

 

 

 

 

Racetracks (1.3%)

 

 

 

 

27,446

 

Churchill Downs, Inc.

 

2,825,566

 

 

 

 

 

 

 

 

 

 

 

Recreational Centers (0.9%)

 

 

 

 

39,180

 

Planet Fitness, Inc.+

 

1,908,066

 

 

 

 

 

 

 

 

 

 

 

Retail - Discount (0.4%)

 

 

 

 

4,851

 

Dollar General Corp.

 

732,550

 

 

 

 

 

 

 

 

 

 

 

Retail - Floor Coverings (0.8%)

 

 

 

 

51,889

 

Floor & Décor Holdings, Inc.+

 

1,665,118

 

 

 

 

 

 

 

 

 

 

 

Retail - Restaurants (1.2%)

 

 

 

 

7,712

 

Domino's Pizza, Inc.

 

2,499,228

 

 

 

 

 

 

 

 

 

 

 

Total Consumer Discretionary

 

19,622,463

 

 






 

 

Consumer Staples (3.8%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Brewery (1.2%)

 

 

 

 

18,118

 

Constellation Brands, Inc.

 

$    2,597,396

 

 

 

 

 

 

 

 

 

 

 

Food - Wholesale/Distributors (2.6%)

 

 

 

 

68,432

 

Grocery Outlet Holding Corp.+

 

2,349,955

 

 

70,506

 

Performance Food Group Co.+

 

1,742,908

 

 

81,760

 

US Foods Holding Corp.+

 

1,447,970

 

 

 

 

 

 

5,540,833

 

 

 

 

 

 

 

 

 

 

 

Total Consumer Staples

 

8,138,229

 

 

 

 

 

 

 

 

 

 

 

Financials (10.3%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance - Auto Loans (0.4%)

 

 

 

 

63,403

 

Ally Financial, Inc.

 

914,905

 

 

 

 

 

 

 

 

 

 

 

Finance - Investment Banker/Broker (1.0%)

 

 

 

 

38,736

 

LPL Financial Holdings, Inc.

 

2,108,400

 

 

 

 

 

 

 

 

 

 

 

Finance - Other Services (1.6%)

 

 

 

 

36,470

 

Nasdaq, Inc.

 

3,462,827

 

 

 

 

 

 

 

 

 

 

 

Insurance Brokers (2.6%)

 

 

 

 

30,987

 

Arthur J Gallagher & Co.

 

2,525,750

 

 

83,457

 

Brown & Brown, Inc.

 

3,022,813

 

 

 

 

 

 

5,548,563

 

 

 

 

 

 

 

 

 

 

 

Real Estate Management/Service (0.6%)

 

 

 

 

32,255

 

CBRE Group, Inc.+

 

1,216,336

 

 

 

 

 

 

 

 

 

 

 

REITS - Diversified (2.9%)

 

 

 

 

19,957

 

Crown Castle International Corp.

 

2,881,791

 

 

5,298

 

Equinix, Inc.

 

3,308,972

 

 

 

 

 

 

6,190,763

 

 

 

 

 

 

 

 

 

 

 

REITS - Warehouse/Industrial (1.2%)

 

 

 

 

71,633

 

Americold Realty Trust

 

2,438,387

 

 

 

 

 

 

 

 

 

 

 

Total Financials

 

21,880,181

 

 

 

 

 

 

 

 

 

 

 

Healthcare (17.1%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Diagnostic Equipment (1.3%)

 

 

 

 

217,831

 

Avantor, Inc.+

 

2,720,709

 

 

 

 

 

 

 

 

 

 

 

Medical Equipment (1.9%)

 

 

 

 

13,372

 

Teleflex, Inc.

 

3,916,124

 

 

 

 

 

 

 

 

 

 

 

Medical Information Systems (1.1%)

 

 

 

 

240,872

 

Change Healthcare Holdings LLC+

 

2,406,311

 

 

 

 

 

 

 

 

 

 

 

Medical Laboratories & Testing Services (3.5%)

 

 

 

 

64,576

 

Catalent, Inc.+

 

3,354,723

 

 

37,933

 

IQVIA Holdings, Inc.+

 

4,091,453

 

 

 

 

 

 

7,446,176

 

 






 

 

Medical Products (2.7%)

 

 

 

 

35,815

 

Hill-Rom Holdings, Inc.

 

$    3,602,989

 

 

21,683

 

Zimmer Biomet Holdings, Inc.

 

2,191,718

 

 

 

 

 

 

5,794,707

 

 

 

 

 

 

 

 

 

 

 

Medical - Biomedical/Gene (2.0%)

 

 

 

 

12,209

 

Bio-Rad Laboratories, Inc.+

 

4,279,987

 

 

 

 

 

 

 

 

 

 

 

Medical - Drugs (1.6%)

 

 

 

 

71,431

 

Bausch Health Companies, Inc.+

 

1,107,181

 

 

26,775

 

PRA Health Sciences, Inc.+

 

2,223,396

 

 

 

 

 

 

3,330,577

 

 

 

 

 

 

 

 

 

 

 

Medical - HMO (0.5%)

 

 

 

 

19,140

 

Centene Corp.+

 

1,137,107

 

 

 

 

 

 

 

 

 

 

 

Medical - Hospitals (1.0%)

 

 

 

 

22,263

 

HCA Healthcare, Inc.

 

2,000,331

 

 

 

 

 

 

 

 

 

 

 

Veterinary Diagnostics (1.5%)

 

 

 

 

141,859

 

Elanco Animal Health, Inc.+

 

3,176,223

 

 

 

 

 

 

 

 

 

 

 

Total Healthcare

 

36,208,252

 

 

 

 

 

 

 

 

 

 

 

Industrials (18.2%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Advanced Materials/Products (0.5%)

 

 

 

 

27,457

 

Hexcel Corp.

 

1,021,126

 

 

 

 

 

 

 

 

 

 

 

Aerospace/Defense - Equipment (2.9%)

 

 

 

 

23,041

 

L3 Harris Technologies, Inc.

 

4,150,145

 

 

6,895

 

Teledyne Technologies, Inc.+

 

2,049,677

 

 

 

 

 

 

6,199,822

 

 

 

 

 

 

 

 

 

 

 

Building Products - Wood (0.8%)

 

 

 

 

51,278

 

Masco Corp.

 

1,772,680

 

 

 

 

 

 

 

 

 

 

 

Commercial Services - Finance (4.1%)

 

 

 

 

71,251

 

IHS Markit Ltd.

 

4,275,060

 

 

66,140

 

TransUnion

 

4,377,145

 

 

 

 

 

 

8,652,205

 

 

 

 

 

 

 

 

 

 

 

Consulting Services (1.0%)

 

 

 

 

15,390

 

Verisk Analytics, Inc.

 

2,145,058

 

 

 

 

 

 

 

 

 

 

 

Distribution/Wholesale (0.9%)

 

 

 

 

65,535

 

HD Supply Holdings, Inc.+

 

1,863,160

 

 

 

 

 

 

 

 

 

 

 

Electric Products - Miscellaneous (0.8%)

 

 

 

 

23,497

 

AMETEK, Inc.

 

1,692,254

 

 

 

 

 

 

 

 

 

 

 

Electronic Measurement Instruments (1.0%)

 

 

 

 

36,967

 

Fortive Corp.

 

2,040,209

 

 

 

 

 

 

 

 

 

 

 

Engineering - Research & Development Services (0.6%)

 

 

 

 

44,292

 

AECOM+

 

1,322,116

 

 






 

 

Machinery - General Industry (1.5%)

 

 

 

 

10,480

 

Roper Technologies, Inc.

 

$    3,267,769

 

 

 

 

 

 

 

 

 

 

 

Machinery - Pumps (1.7%)

 

 

 

 

54,588

 

Xylem, Inc.

 

3,555,316

 

 

 

 

 

 

 

 

 

 

 

Transport - Truck (0.4%)

 

 

 

 

16,193

 

XPO Logistics, Inc.+

 

789,409

 

 

 

 

 

 

 

 

 

 

 

Waste Management (1.6%)

 

 

 

 

45,000

 

Republic Services, Inc.

 

3,377,700

 

 

 

 

 

 

 

 

 

 

 

Water Treatment Systems (0.4%)

 

 

 

 

69,583

 

Evoqua Water Technologies Corp.+

 

780,025

 

 

 

 

 

 

 

 

 

 

 

Total Industrials

 

38,478,849

 

 

 

 

 

 

 

 

 

 

 

Information Technology (23.6%)

 

 

 

 

 

 

 

 

 

 

 

 

 

Applications Software (3.3%)

 

 

 

 

64,684

 

CDK Global, Inc.

 

2,124,869

 

 

110,168

 

SS&C Technologies Holdings, Inc.

 

4,827,562

 

 

 

 

 

 

6,952,431

 

 

 

 

 

 

 

 

 

 

 

Commercial Services - Finance (2.7%)

 

 

 

 

10,959

 

FleetCor Technologies, Inc.+

 

2,044,292

 

 

25,162

 

Global Payments, Inc.

 

3,629,115

 

 

 

 

 

 

5,673,407

 

 

 

 

 

 

 

 

 

 

 

Computer Hardware & Storage (1.6%)

 

 

 

 

86,918

 

Dell Technologies, Inc.+

 

3,437,607

 

 

 

 

 

 

 

 

 

 

 

Computer Services (1.2%)

 

 

 

 

12,227

 

CACI International, Inc.+

 

2,581,731

 

 

 

 

 

 

 

 

 

 

 

Data Processing/Management (4.6%)

 

 

 

 

19,510

 

Broadridge Financial Solutions, Inc.

 

1,850,133

 

 

34,608

 

Fidelity National Information Services, Inc.

 

4,209,717

 

 

38,675

 

Fiserv, Inc.+

 

3,673,738

 

 

 

 

 

 

9,733,588

 

 

 

 

 

 

 

 

 

 

 

Electronic Components - Semiconductors (2.4%)

 

 

 

 

103,981

 

Marvell Technology Group Ltd.

 

2,353,090

 

 

75,537

 

ON Semiconductor Corp.+

 

939,680

 

 

20,822

 

Qorvo, Inc.+

 

1,678,878

 

 

 

 

 

 

4,971,648

 

 

 

 

 

 

 

 

 

 

 

Electronic Measurement Instruments (2.2%)

 

 

 

 

53,827

 

FLIR Systems, Inc.

 

1,716,543

 

 

34,606

 

Keysight Technologies, Inc.+

 

2,895,830

 

 

 

 

 

 

4,612,373

 

 

 

 

 

 

 

 

 

 

 

Enterprise Software/Services (0.6%)

 

 

 

 

55,792

 

ACI Worldwide, Inc.+

 

1,347,377

 

 






 

 

Office Automation & Equipment (2.4%)

 

 

 

 

 

22,265

 

CDW Corp.

 

 

$    2,076,657

 

 

15,846

 

Zebra Technologies Corp.+

 

 

2,909,326

 

 

 

 

 

 

 

4,985,983

 

 

 

 

 

 

 

 

 

 

 

 

Semiconductor Equipment (1.1%)

 

 

 

 

 

53,211

 

Entegris, Inc.

 

 

2,382,256

 

 

 

 

 

 

 

 

 

 

 

 

Wireless Equipment (1.5%)

 

 

 

 

 

23,675

 

Motorola Solutions, Inc.

 

 

3,146,881

 

 

 

 

 

 

 

 

 

 

 

 

Total Information Technology

 

 

49,825,282

 

 

 

 

 

 

 

 

 

 

 

 

Materials (9.0%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Services (1.0%)

 

 

 

 

 

14,101

 

Ecolab, Inc.

 

 

2,197,359

 

 

 

 

 

 

 

 

 

 

 

 

Containers - Metal/Glass (2.3%)

 

 

 

 

 

75,874

 

Ball Corp.

 

 

4,906,013

 

 

 

 

 

 

 

 

 

 

 

 

Containers - Paper/Plastic (5.7%)

 

 

 

 

 

68,752

 

Berry Global Group, Inc.+

 

 

2,317,630

 

 

59,689

 

Crown Americas LLC+

 

 

3,464,350

 

 

305,489

 

Graphic Packaging International, Inc.

 

 

3,726,966

 

 

89,488

 

Westrock Co.

 

 

2,528,931

 

 

 

 

 

 

 

12,037,877

 

 

 

 

 

 

 

 

 

 

 

 

Total Materials

 

 

19,141,249

 

 

 

 

 

 

 

 

 

 

 

 

Utilities (1.0%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Water (1.0%)

 

 

 

 

 

17,516

 

American Water Works Co., Inc.

 

 

2,094,213

 

 

 

 

 

 

 

 

 

 

 

 

   Total Common Stocks (cost $194,862,328)

 

 

204,001,114

 

 

 

 

 

 

 

 

 

 

 

 

Short-Term Investment (4.0%)

 

 

 

 

 

 

 

 

 

 

 

 

 

8,471,705

 

Dreyfus Treasury Obligations Cash Management - Institutional Shares, 0.22%*
(cost $8,471,705)

 

 

8,471,705

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments (cost $203,334,033 - note b)

100.4%

 

212,472,819

 

 

 

 

Other assets less liabilities

(0.4)

 

(926,480)

 

 

 

 

Net Assets

100.0%

 

$ 211,546,339

 

 

 

 

 

 

 

 

 

 

 

 

+ Non-income producing security.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 





 

Portfolio Distribution

 

 

Advanced Materials/Products

0.5

%

Aerospace/Defense - Equipment

3.0

 

Applications Software

3.4

 

Brewery

1.3

 

Broadcast Services/Program

0.4

 

Building Products - Wood

0.9

 

Cable/Satellite TV

1.1

 

Cellular Telecom

1.1

 

Commercial Services

1.1

 

Commercial Services - Finance

7.0

 

Computer Hardware & Storage

1.7

 

Computer Services

1.3

 

Consulting Services

1.1

 

Consumer Services

1.4

 

Containers - Metal/Glass

2.4

 

Containers - Paper/Plastic

5.9

 

Data Processing/Management

4.8

 

Diagnostic Equipment

1.3

 

Distribution/Wholesale

2.0

 

Electronic Components - Semiconductors

2.4

 

Electric Products - Miscellaneous

0.8

 

Electronic Measurement Instruments

3.3

 

Engineering - Research & Development Services

0.6

 

Enterprise Software/Services

0.7

 

Finance - Auto Loans

0.5

 

Finance - Investment Banker/Broker

1.0

 

Finance - Other Services

1.7

 

Food - Catering

0.7

 

Food - Wholesale/Distributors

2.7

 

Funeral Service & Related Items

1.7

 

Insurance Brokers

2.7

 

Machinery - General Industry

1.6

 

Machinery - Pumps

1.7

 

Medical - Biomedical/Gene

2.1

 

Medical - Drugs

1.6

 

Medical - HMO

0.6

 

Medical - Hospitals

1.0

 

Medical Equipment

1.9

 

Medical Information Systems

1.2

 

Medical Laboratories & Testing Services

3.7

 

Medical Products

2.8

 

Office Automation & Equipment

2.4

 

Racetracks

1.4

 

Radio

1.6

 

Real Estate Management/Service

0.6

 

Recreational Centers

0.9

 

REITS - Diversified

3.0

 

REITS - Warehouse/Industrial

1.2

 

Retail - Discount

0.4

 

Retail - Floor Coverings

0.8

 

Retail - Restaurants

1.2

 

Semiconductor Equipment

1.2

 

Transport - Truck

0.4

 

Veterinary Diagnostics

1.6

 

Waste Management

1.7

 

Water

1.0

 

Water Treatment Systems

0.4

 

Wireless Equipment

1.5

 

 

100

%


See accompanying notes to financial statements.





AQUILA THREE PEAKS OPPORTUNITY GROWTH FUND

NOTES TO FINANCIAL STATEMENTS

March 31, 2020

(unaudited)


(a)

Securities valuation policies and other investment related disclosures are hereby incorporated by reference in the annual and semi-annual reports previously filed with the Securities and Exchange Commission on Form N-CSR.


(b)

At March 31, 2020, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $204,111,770 amounted to $8,361,049, which consisted of aggregate gross unrealized appreciation of $32,530,771 and aggregate gross unrealized depreciation of $24,169,722.


(c)

Fair Value Measurements: The Fund follows a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Fund’s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund’s investments and are summarized in the following fair value hierarchy:


Level 1 – Unadjusted quoted prices in inactive markets for identical assets or liabilities that the Trust has the ability to access.


Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.


Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.


The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.


The following is a summary of the valuation inputs, representing 100% of the Fund’s investments, used to value the Fund’s net assets as of March 31, 2020:


Valuation Inputs+

Investments
in Securities

Level 1 – Quoted Prices:

 

 

Common Stocks and Short-Term Investment

$

212,472,819

Level 2 – Other Significant Observable Inputs:

 

Level 3 – Significant Unobservable Inputs

 

Total

$

212,472,819

 

+ See schedule of investments for a detailed listing of securities.