AQUILA THREE PEAKS OPPORTUNITY GROWTH FUND

SCHEDULE OF INVESTMENTS

September 30, 2021

(unaudited)

 

Shares   Common Stocks (99.0%)   Value   (a)
    Communication Services (1.5%)        
    Computer Software (0.8%)        
119,980   Rackspace Technology, Inc.+   $ 1,706,116    
             
    Theaters (0.7%)        
16,899   Live Nation Entertainment, Inc.+   1,540,006    
    Total Communication Services   3,246,122    
             
    Consumer Discretionary (13.6%)        
    Auto/Truck Parts & Equipment - Original (1.2%)        
17,177   Aptiv PLC+   2,558,858    
             
    Casinos & Gaming (1.6%)        
30,666   Caesars Entertainment, Inc.+   3,443,178    
             
    Distribution/Wholesale (2.2%)        
83,518   Leslie's, Inc.+   1,715,460    
58,562   LKQ Corp.+   2,946,840    
        4,662,300    
    Funeral Service & Related Items (1.0%)        
36,358   Service Corp. International   2,190,933    
             
    Racetracks (2.1%)        
19,052   Churchill Downs, Inc.   4,574,004    
             
    Recreational Centers (1.0%)        
28,753   Planet Fitness, Inc.+   2,258,548    
             
    Retail - Misc/Diversified (0.8%)        
28,205   Bath & Body Works, Inc.   1,777,761    
             
    Rubber - Tires (1.3%)        
158,160   The Goodyear Tire & Rubber Co.+   2,799,432    
             
    Schools (0.9%)        
13,555   Bright Horizons Family Solutions, Inc.+   1,889,838    
             
    Toys (1.5%)        
171,614   Mattel, Inc.+   3,185,156    
    Total Consumer Discretionary   29,340,008    

 

 

 
 
 

 

 

AQUILA THREE PEAKS OPPORTUNITY GROWTH FUND

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

(unaudited)

 

Shares   Common Stocks (continued)   Value   (a)
    Consumer Staples (2.7%)        
    Brewery (0.8%)        
38,340   Molson Coors Beverage Co.   $ 1,778,209    
             
    Food - Wholesale/Distributors (1.9%)        
55,545   Performance Food Group Co.+   2,580,621    
43,795   US Foods Holding Corp.+   1,517,935    
        4,098,556    
    Total Consumer Staples   5,876,765    
             
    Energy (1.1%)        
    Oil - Field Services (1.1%)        
104,756   ChampionX Corp.+   2,342,344    
             
    Financials (17.2%)        
    Finance - Auto Loans (2.7%)        
115,697   Ally Financial, Inc.   5,906,332    
             
    Finance - Consumer Loans (1.4%)        
60,823   Synchrony Financial   2,973,028    
             
    Finance - Credit Card (1.6%)        
27,859   Discover Financial Services   3,422,478    
             
    Finance - Investment Banker/Broker (3.1%)        
42,279   LPL Financial Holdings, Inc.   6,627,656    
             
    Finance - Other Services (2.1%)        
23,015   Nasdaq, Inc.   4,442,355    
             
    Insurance Brokers (3.4%)        
27,424   Arthur J Gallagher & Co.   4,076,578    
59,097   Brown & Brown, Inc.   3,276,929    
        7,353,507    
    Real Estate Management/Service (1.2%)        
144,704   Cushman & Wakefield PLC+   2,692,941    
             
    Real Estate Operator/Developer (1.1%)        
26,557   The Howard Hughes Corp.+   2,331,970    
             
    REITS - Diversified (0.6%)        
48,332   VICI Properties, Inc.   1,373,112    
    Total Financials   37,123,379    

 

 

 
 
 

 

 

AQUILA THREE PEAKS OPPORTUNITY GROWTH FUND

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

(unaudited)

 

Shares   Common Stocks (continued)   Value   (a)
    Healthcare (14.8%)        
    Diagnostic Equipment (2.1%)        
109,916   Avantor, Inc.+   $ 4,495,564    
             
    Disposable Medical Products (1.8%)        
10,259   Teleflex, Inc.   3,863,026    
             
    Medical Laboratories & Testing Services (4.4%)        
32,020   Catalent, Inc.+   4,260,901    
22,084   IQVIA Holdings, Inc.+   5,290,001    
        9,550,902    
    Medical Products (1.9%)        
28,890   Zimmer Biomet Holdings, Inc.   4,228,340    
             
    Medical - Biomedical/Gene (1.3%)        
3,652   Bio-Rad Laboratories, Inc.+   2,724,209    
             
    Medical - Hospitals (1.2%)        
10,744   HCA Healthcare, Inc.   2,607,784    
             
    Medical - Wholesale Drug Distribution (0.9%)        
82,754   AdaptHealth Corp.+   1,927,341    
             
    Veterinary Diagnostics (1.2%)        
83,751   Elanco Animal Health, Inc.+   2,670,819    
    Total Healthcare   32,067,985    
             
    Industrials (20.4%)        
    Aerospace/Defense - Equipment (1.1%)        
5,366   Teledyne Technologies, Inc.+   2,305,126    
             
    Building & Construction Products - Miscellaneous (1.9%)        
64,141   The AZEK Co., Inc.+   2,343,071    
35,510   Builders FirstSource, Inc.+   1,837,287    
        4,180,358    
             
    Building Products - Air & Heating (0.8%)        
31,855   Carrier Global Corp.   1,648,815    
             
    Commercial Services - Finance (1.9%)        
35,498   TransUnion   3,986,780    
             
    Computer Services (0.8%)        
18,825   Leidos Holdings, Inc.   1,809,647    

 

 

 
 
 

 

 

AQUILA THREE PEAKS OPPORTUNITY GROWTH FUND

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

(unaudited)

 

Shares   Common Stocks (continued)   Value   (a)
    Industrials (continued)        
    Consulting Services (1.3%)        
14,321   Verisk Analytics, Inc.   $ 2,868,067    
             
    Distribution/Wholesale (0.8%)        
67,651   Resideo Technologies, Inc.+   1,677,068    
             
    Electric - Integrated (1.1%)        
62,872   Evoqua Water Technologies Corp.+   2,361,472    
             
    Electric Products - Miscellaneous (2.3%)        
12,296   AMETEK, Inc.   1,524,827    
30,529   WESCO International, Inc.+   3,520,604    
        5,045,431    
    Enterprise Software/Services (1.2%)        
119,718   Clarivate PLC+   2,621,824    
             
    Machinery - Electric Utility (1.9%)        
169,552   Vertiv Holdings Co.   4,084,508    
             
    Machinery - Pumps (1.8%)        
31,536   Xylem, Inc.   3,900,372    
             
    Non-Hazardous Waste Disposal (0.9%)        
16,320   Republic Services, Inc.   1,959,379    
             
    Tools - Hand Held (0.7%)        
9,023   Stanley Black & Decker, Inc.   1,581,822    
             
    Waste Management (1.9%)        
108,095   GFL Environmental, Inc.   4,015,729    
    Total Industrials   44,046,398    
             
    Information Technology (21.2%)        
    Applications Software (2.2%)        
69,567   SS&C Technologies Holdings, Inc.   4,827,950    
             
    Commercial Services - Finance (1.6%)        
12,656   Global Payments, Inc.   1,994,332    
20,074   Shift4 Payments, Inc.+   1,556,136    
        3,550,468    
    Consulting Services (1.5%)        
10,719   Gartner, Inc.+   3,257,290    

 

 

 
 
 

 

 

AQUILA THREE PEAKS OPPORTUNITY GROWTH FUND

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

(unaudited)

 

Shares   Common Stocks (continued)   Value   (a)
    Information Technology (continued)        
    Data Processing/Management (1.2%)        
15,165   Broadridge Financial Solutions, Inc.   $ 2,527,096    
             
    Electronic Components - Semiconductors (3.5%)        
54,451   Marvell Technology, Inc.   3,283,940    
36,312   ON Semiconductor Corp.+   1,662,000    
15,078   Qorvo, Inc.+   2,520,891    
        7,466,831    
    Electronic Measurement Instruments (1.7%)        
22,878   Keysight Technologies, Inc.+   3,758,627    
             
    Internet Security (1.1%)        
5,078   Palo Alto Networks, Inc.+   2,432,362    
             
    Office Automation & Equipment (3.3%)        
20,171   CDW Corp.   3,671,525    
6,881   Zebra Technologies Corp.+   3,546,605    
        7,218,130    
    Semiconductor Equipment (1.1%)        
19,348   Entegris, Inc.   2,435,913    
             
    Telecommunication Equipment (0.7%)        
106,855   CommScope Holding Co., Inc.+   1,452,159    
             
    Transactional Software (1.3%)        
38,090   Black Knight, Inc.+   2,742,480    
             
    Wireless Equipment (2.0%)        
18,171   Motorola Solutions, Inc.   4,221,487    
    Total Information Technology   45,890,793    
             
    Materials (5.4%)        
    Chemicals - Specialty (1.1%)        
157,106   Diversey Holdings Ltd.+   2,519,980    
             
    Containers - Metal/Glass (3.3%)        
49,508   Ball Corp.   4,454,235    
26,344   Crown Holdings, Inc.   2,654,948    
        7,109,183    
    Containers - Paper/Plastic (1.0%)        
35,303   Berry Global Group, Inc.+   2,149,247    
    Total Materials   11,778,410    
             
    Utilities (1.1%)        
    Water (1.1%)        
13,973   American Water Works Co., Inc.   2,361,996    
    Total Common Stocks
(cost $138,305,141)
  214,074,200    

 

 

 
 
 

 

 

AQUILA THREE PEAKS OPPORTUNITY GROWTH FUND

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

(unaudited)

 

Shares   Short-Term Investment (3.7%)   Market
Value
  (a)
8,073,669   Dreyfus Treasury Obligations Cash Management - Institutional Shares, 0.01%*
(cost $8,073,669)
  $     8,073,669    

 

    Total Investments
(cost $146,378,810 - note b)
102.7%   222,147,869    
    Other assets less liabilities (2.7)   (5,872,984)    
    Net Assets 100.0%   $ 216,274,885    

 

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

 

Portfolio Distribution   Percent of
Common
Stocks
Aerospace/Defense - Equipment   1.1%
Applications Software   2.3
Auto/Truck Parts & Equipment - Original   1.2
Brewery   0.8
Building & Construction Products - Miscellaneous   1.9
Building Products - Air & Heating   0.8
Casinos & Gaming   1.6
Chemicals - Specialty   1.2
Commercial Services - Finance   3.5
Computer Services   0.8
Computer Software   0.8
Consulting Services   2.9
Containers - Metal/Glass   3.3
Containers - Paper/Plastic   1.0
Data Processing/Management   1.2
Diagnostic Equipment   2.1
Disposable Medical Products   1.8
Distribution/Wholesale   3.0
Electric - Integrated   1.1
Electric Products - Miscellaneous   2.4
Electronic Components - Semiconductors   3.5
Electronic Measurement Instruments   1.8
Enterprise Software/Services   1.2
Finance - Auto Loans   2.8
Finance - Consumer Loans   1.4
Finance - Credit Card   1.6
Finance - Investment Banker/Broker   3.1
Finance - Other Services   2.1
Food - Wholesale/Distributors   1.9
Funeral Service & Related Items   1.0
Insurance Brokers   3.4
Internet Security   1.1

 

 

 
 
 

 

 

AQUILA THREE PEAKS OPPORTUNITY GROWTH FUND

SCHEDULE OF INVESTMENTS (continued)

September 30, 2021

(unaudited)

 

Portfolio Distribution   Percent of
Common
Stocks
Machinery - Electric Utility   1.9
Machinery - Pumps   1.8
Medical - Biomedical/Gene   1.3
Medical - Hospitals   1.2
Medical - Wholesale Drug Distribution   0.9
Medical Laboratories & Testing Services   4.5
Medical Products   2.0
Non-Hazardous Waste Disposal   0.9
Office Automation & Equipment   3.4
Oil - Field Services   1.1
Racetracks   2.1
Real Estate Management/Service   1.3
Real Estate Operator/Developer   1.1
Recreational Centers   1.0
REITS - Diversified   0.6
Retail - Misc/Diversified   0.8
Rubber - Tires   1.3
Schools   0.9
Semiconductor Equipment   1.1
Telecommunication Equipment   0.7
Theaters   0.7
Tools - Hand Held   0.7
Toys   1.5
Transactional Software   1.3
Veterinary Diagnostics   1.2
Waste Management   1.9
Water   1.1
Wireless Equipment   2.0
    100.0%

 

 

 

 

 

See accompanying notes to financial statements.

 

 
 
 

 

 

AQUILA THREE PEAKS OPPORTUNITY GROWTH FUND

NOTES TO FINANCIAL STATEMENTS

September 30, 2021

(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, 2021, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $147,235,622 amounted to $74,912,247, which consisted of aggregate gross unrealized appreciation of $78,721,754 and aggregate gross unrealized depreciation of $3,809,507.

 

(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, 2021:

 

Valuation Inputs+   Securities
Level 1 – Quoted Prices:    
Common Stocks and Short-Term Investment   $ 222,147,869
Level 2 – Other Significant Observable Inputs:  
Level 3 – Significant Unobservable Inputs   —   
Total   $ 222,147,869
+ See schedule of investments for a detailed listing of securities.    

 

(d)       Subsequent Event: On October 1, 2021, Three Peaks Capital Management, LLC will no longer serve as Sub-Adviser to the Fund. Aquila Investment Management will remain as the Fund's Investment Adviser. No Material changes to the Fund's investment objective, principal investment strategies, fees or expenses are currently anticipated in connection with the change. Effective October 1, 2021, the Fund was renamed Aquila Opportunity Growth Fund.