AQUILA OPPORTUNITY GROWTH FUND

SCHEDULE OF INVESTMENTS

September 30, 2023

(unaudited)

 

Shares   Common Stocks (96.3%)   Market
Value
  (a)
    Communication Services (4.1%)        
    Entertainment (2.4%)        
19,000   Take-Two Interactive Software, Inc.+   $2,667,410    
             
    Interactive Media & Services (1.7%)        
44,000   Snap, Inc.+   392,040    
95,000   ZoomInfo Technologies, Inc.+   1,558,000    
        1,950,040    
    Total Communication Services   4,617,450    
             
    Consumer Discretionary (7.1%)        
    Automobiles (0.6%)        
50,000   Ford Motor Co.   621,000    
             
    Hotels, Restaurants & Leisure (2.8%)        
42,000   Caesars Entertainment, Inc.+   1,946,700    
12,000   Expedia Group, Inc.+   1,236,840    
        3,183,540    
             
    Household Durables (0.7%)        
12,000   Century Communities, Inc.   801,360    
             
    Leisure Products (1.6%)        
80,000   Mattel, Inc.+   1,762,400    
             
    Specialty Retail (1.4%)        
15,000   Dick's Sporting Goods, Inc.   1,628,700    
    Total Consumer Discretionary   7,997,000    
             
    Consumer Staples (3.7%)        
    Food & Staples Retailing (1.5%)        
38,000   Kroger Co.   1,700,500    
             
    Food Products (2.2%)        
24,000   Campbell Soup Co.   985,920    
7,000   Kellogg Co.   416,570    
33,000   The Kraft Heinz Co.   1,110,120    
        2,512,610    
    Total Consumer Staples   4,213,110    
             

 

 

 
 
 

 

AQUILA OPPORTUNITY GROWTH FUND

SCHEDULE OF INVESTMENTS (continued)

September 30, 2023

(unaudited)

 

Shares   Common Stocks (continued)   Market
Value
  (a)
    Energy (10.2%)        
    Energy Equipment & Services (0.7%)        
18,000   Halliburton Co.   $729,000    
             
    Oil, Gas & Consumable Fuels (9.5%)        
6,000   Cheniere Energy, Inc.   995,760    
5,000   Hess Corp.   765,000    
28,000   Occidental Petroleum Corp.   1,816,640    
10,000   Phillips 66   1,201,500    
16,000   Pioneer Natural Resources Co.   3,672,800    
16,000   Valero Energy Corp.   2,267,360    
        10,719,060    
    Total Energy   11,448,060    
             
    Financials (10.6%)        
    Banks (1.9%)        
53,000   Huntington Bancshares, Inc.   551,200    
5,000   M&T Bank Corp.   632,250    
11,000   Webster Financial Corp.   443,410    
14,000   Zions Bancorp NA   488,460    
        2,115,320    
             
    Capital Markets (4.4%)        
23,000   The Bank of New York Mellon Corp.   980,950    
5,000   Cboe Global Markets, Inc.   781,050    
3,000   CME Group, Inc.   600,660    
8,000   LPL Financial Holdings, Inc.   1,901,200    
11,000   State Street Corp.   736,560    
        5,000,420    
             
    Insurance (4.3%)        
60,000   MetLife, Inc.   3,774,600    
21,000   Unum Group   1,032,990    
        4,807,590    
    Total Financials   11,923,330    
             

 

 

 
 
 

 

AQUILA OPPORTUNITY GROWTH FUND

SCHEDULE OF INVESTMENTS (continued)

September 30, 2023

(unaudited)

 

Shares   Common Stocks (continued)   Market
Value
  (a)
    Health Care (8.0%)        
    Biotechnology (2.2%)        
2,000   Alnylam Pharmaceuticals, Inc.+   $354,200    
3,000   Biogen, Inc.+   771,030    
8,000   BioMarin Pharmaceutical, Inc.+   707,840    
3,000   Seagen, Inc.+   636,450    
        2,469,520    
             
    Health Care Equipment & Supplies (1.5%)        
1,000   IDEXX Laboratories, Inc.+   437,270    
11,000   Zimmer Biomet Holdings, Inc.   1,234,420    
        1,671,690    
             
    Health Care Providers & Services (1.5%)        
15,000   Guardant Health, Inc.+   444,600    
3,000   McKesson Corp.   1,304,550    
        1,749,150    
             
    Life Sciences Tools & Services (2.8%)        
28,000   Avantor, Inc.+   590,240    
10,000   Illumina, Inc.+   1,372,800    
6,000   IQVIA Holdings, Inc.+   1,180,500    
        3,143,540    
    Total Healthcare   9,033,900    
             
    Industrials (15.4%)        
    Aerospace & Defense (3.5%)        
24,000   AeroVironment, Inc.+   2,676,720    
3,000   Northrop Grumman Corp.   1,320,570    
        3,997,290    
             
    Commercial Services & Supplies (1.5%)        
12,000   Republic Services, Inc.   1,710,120    
             
    Construction & Engineering (0.8%)        
5,000   Quanta Services, Inc.   935,350    
             
    Electrical Equipment (3.6%)        
9,000   Encore Wire Corp.   1,642,140    
4,000   Rockwell Automation, Inc.   1,143,480    
70,000   Shoals Technologies Group, Inc.+   1,277,500    
        4,063,120    
             

 

 

 
 
 

 

AQUILA OPPORTUNITY GROWTH FUND

SCHEDULE OF INVESTMENTS (continued)

September 30, 2023

(unaudited)

 

Shares   Common Stocks (continued)   Market
Value
  (a)
    Machinery (2.2%)        
35,000   Allison Transmission Holdings, Inc.   $2,067,100    
4,000   Xylem, Inc.   364,120    
        2,431,220    
             
    Professional Services (2.3%)        
10,000   Jacobs Solutions, Inc.   1,365,000    
5,000   Verisk Analytics, Inc.   1,181,200    
        2,546,200    
             
    Trading Companies & Distributors (1.5%)        
12,000   WESCO International, Inc.   1,725,840    
    Total Industrials   17,409,140    
             
    Information Technology (20.2%)        
    Communications Equipment (1.2%)        
7,000   Arista Networks, Inc.+   1,287,510    
             
    Electronic Equipment/Instrument (1.7%)        
60,000   Coherent Corp.+   1,958,400    
             
    Semiconductors & Semiconductor Equipment (7.8%)        
36,000   Ambarella, Inc.+   1,909,080    
12,000   ARM Holdings PLC+   642,240    
50,000   Impinj, Inc.+   2,751,500    
36,000   Micron Technology, Inc.   2,449,080    
33,000   PDF Solutions, Inc.+   1,069,200    
        8,821,100    
             
    Software (9.0%)        
6,000   Cadence Design Systems, Inc.+   1,405,800    
11,000   CommVault Systems, Inc.+   743,710    
16,000   Elastic NV+   1,299,840    
20,000   Splunk, Inc.+   2,925,000    
2,000   Synopsys, Inc.+   917,940    
8,000   Workday, Inc.+   1,718,800    
7,000   Zscaler, Inc.+   1,089,130    
        10,100,220    
             
    Technology Hardware, Storage & Peripherals (0.5%)        
40,000   IonQ, Inc.+   595,200    
    Total Information Technology   22,762,430    
             

 

 

 
 
 

 

AQUILA OPPORTUNITY GROWTH FUND

SCHEDULE OF INVESTMENTS (continued)

September 30, 2023

(unaudited)

 

Shares   Common Stocks (continued)   Market
Value
  (a)
    Materials (4.9%)        
    Construction Materials (1.1%)        
3,000   Martin Marietta Materials, Inc.   $1,231,440    
             
    Metals & Mining (3.8%)        
80,000   Barrick Gold Corp.   1,164,000    
120,000   Lithium Americas Corp.+   2,041,200    
10,000   Steel Dynamics, Inc.   1,072,200    
        4,277,400    
    Total Materials   5,508,840    
             
    Real Estate (6.1%)        
    Equity Real Estate Investment (4.9%)        
7,000   AvalonBay Communities, Inc.   1,202,180    
18,000   Crown Castle, Inc.   1,656,540    
90,000   VICI Properties, Inc.   2,619,000    
        5,477,720    
             
    Office REITS (0.4%)        
5,000   Alexandria Real Estate Equities, Inc.   500,500    
             
    Specialized REITS (0.8%)        
29,000   Weyerhaeuser Co.   889,140    
    Total Real Estate   6,867,360    
             
    Utilities (6.0%)        
    Electric Utilities (3.9%)        
24,000   Entergy Corp.   2,220,000    
65,000   FirstEnergy Corp.   2,221,700    
        4,441,700    
             
    Multi-Utilities (2.1%)        
29,000   WEC Energy Group, Inc.   2,335,950    
    Total Utilities   6,777,650    
    Total Common Stocks (cost $95,407,957)   108,558,270    
             
             
    Short-Term Investment (1.6%)        
1,779,990   Dreyfus Treasury Obligations Cash Management –
Institutional Shares, 5.23%* (cost $1,779,990)
    1,779,990    
               
    Total Investments (cost $97,187,947 – note b) 97.9%   110,338,260    
    Other assets less liabilities 2.1   2,317,974    
    Net Assets 100.0%   $112,656,234    
               

 

+ Non-income producing security.
 
* The rate is an annualized seven-day yield at period end.

 

 

 
 
 

 

AQUILA OPPORTUNITY GROWTH FUND

SCHEDULE OF INVESTMENTS (continued)

September 30, 2023

(unaudited)

 

 

Portfolio Distribution   Percent of
Common
Stocks
Aerospace & Defense   3.7%
Automobiles   0.6
Banks   2.0
Biotechnology   2.3
Capital Markets   4.6
Commercial Services & Supplies   1.6
Communications Equipment   1.2
Construction & Engineering   0.9
Construction Materials   1.1
Electric Utilities   4.1
Electrical Equipment   3.7
Electronic Equipment/Instrument   1.8
Energy Equipment & Services   0.7
Entertainment   2.5
Equity Real Estate Investment   5.0
Food & Staples Retailing   1.6
Food Products   2.3
Health Care Equipment & Supplies   1.5
Health Care Providers & Services   1.6
Hotels, Restaurants & Leisure   2.9
Household Durables   0.7
Insurance   4.4
Interactive Media & Services   1.8
Leisure Products   1.6
Life Sciences Tools & Services   2.9
Machinery   2.2
Metals & Mining   3.9
Multi-Utilities   2.2
Office REITS   0.5
Oil, Gas & Consumable Fuels   9.9
Professional Services   2.3
Semiconductors & Semiconductor Equipment   8.1
Software   9.3
Specialized REITS   0.8
Specialty Retail   1.5
Technology Hardware, Storage & Peripherals   0.6
Trading Companies & Distributors   1.6
    100.0%

 

 

See accompanying notes to financial statements.

 

 
 
 

 

AQUILA OPPORTUNITY GROWTH FUND

NOTES TO FINANCIAL STATEMENTS

September 30, 2023

(unaudited)

 

 

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

 

(b)       At September 30, 2023, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $100,043,129 amounted to $10,295,131, which consisted of aggregate gross unrealized appreciation of $16,036,930 and aggregate gross unrealized depreciation of $5,741,799.

 

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

 

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

 

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

 

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

 

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

 

The following is a summary of the valuation inputs, representing 100% of the Fund’s investments, used to value the Fund’s net assets as of September 30, 2023:

 

Valuation Inputs+   Investments in
Securities
Level 1 – Quoted Prices:    
Common Stocks and Short-Term Investment   $ 110,338,260
Level 2 – Other Significant Observable Inputs  
Level 3 – Significant Unobservable Inputs  
Total   $ 110,338,260
+See schedule of investments for a detailed listing of securities.