AQUILA THREE PEAKS OPPORTUNITY GROWTH FUND |
SCHEDULE OF INVESTMENTS |
March 31, 2020 |
(unaudited) |
Shares |
| Common Stocks (96.4%) |
| Market |
| (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%* |
| 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 | |
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. |
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