AQUILA THREE PEAKS OPPORTUNITY GROWTH FUND

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2020 (unaudited)

 

Shares		Common Stocks (99.0%)		Market Value				(a)
		Communication Services (4.1%)
		Cable/Satellite TV (1.8%)
3,970		Charter Communications, Inc.+		$	2,478,630
250,924		Sirius XM Holdings, Inc.		1,344,953
				3,823,583
		Cellular Telecom (1.6%)
29,676		T-Mobile US, Inc.+		3,393,747
		Computer Software (0.7%)
72,994		Rackspace Technology, Inc.+		1,408,054
		Total Communication Services		8,625,384
		Consumer Discretionary (6.5%)
		Building - Residential/Commercial (0.6%)
28,411		PulteGroup, Inc.		1,315,145
		Distribution/Wholesale (0.8%)
60,004		LKQ Corp.+		1,663,911
		Funeral Service & Related Items (1.2%)
58,991		Service Corp. International		2,488,240
		Hotels & Motels (0.5%)
20,514		Wyndham Hotels & Resorts, Inc.		1,035,957
		Racetracks (0.8%)
10,284		Churchill Downs, Inc.		1,684,725
		Recreational Vehicles (0.3%)
7,192		Polaris, Inc.		678,493
		Retail - Auto Parts (0.4%)
8,080		Genuine Parts Co.		768,974
		Retail - Discount (0.7%)
15,233		Dollar Tree, Inc.+		1,391,382
		Retail - Restaurants (0.6%)
3,184		Domino's Pizza, Inc.		1,354,092
		Toys (0.6%)
106,311		Mattel, Inc.+		1,243,839
		Total Consumer Discretionary		13,624,758

 

 

 

AQUILA THREE PEAKS OPPORTUNITY GROWTH FUND

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2020 (unaudited)

 

Shares		Common Stocks (continued)		Market Value			(a)
		Consumer Staples (4.1%)
		Brewery (1.4%)
15,303		Constellation Brands, Inc.		$	2,900,072
		Food - Miscellaneous/Diversified (0.9%)
27,912		Lamb Weston Holdings, Inc.		1,849,728
		Food - Retail (0.7%)
101,279		Albertsons Companies, Inc.+		1,402,714
		Food - Wholesale/Distributors (1.2%)
32,453		Grocery Outlet Holding Corp.+		1,276,052
37,835		Performance Food Group Co.+		1,309,848
				2,585,900
		Total Consumer Staples		8,738,414
		Energy (0.9%)
		Midstream Oil & Gas (0.6%)
47,101		Oneok, Inc.		1,223,684
		Oil Refining & Marketing (0.3%)
13,978		Valero Energy Corp.		605,527
		Total Energy		1,829,211
		Financials (14.2%)
		Finance - Auto Loans (1.2%)
103,894		Ally Financial, Inc.		2,604,623
		Finance - Commercial (0.2%)
9,793		Hannon Armstrong Sustainable Infrastructure Capital, Inc.		413,950
		Finance - Credit Card (0.5%)
18,601		Discover Financial Services		1,074,766
		Finance - Investment Banker/Broker (1.4%)
37,619		LPL Financial Holdings, Inc.		2,884,249
		Finance - Other Services (1.6%)
28,112		Nasdaq, Inc.		3,449,624
		Insurance Brokers (2.9%)
28,723		Arthur J Gallagher & Co.		3,032,574
67,173		Brown & Brown, Inc.		3,040,922
				6,073,496
		Investment Management/Advisor Service (0.9%)
11,844		Ameriprise Financial, Inc.		1,825,279

 

 

 

AQUILA THREE PEAKS OPPORTUNITY GROWTH FUND

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2020 (unaudited)

 

Shares		Common Stocks (continued)		Market Value			(a)
		Financials (continued)
		REITS - Diversified (2.7%)
16,340		Crown Castle International Corp.		$	2,720,610
5,874		Digital Realty Trust, Inc.		862,068
24,447		Duke Realty Corp.		902,094
1,639		Equinix, Inc.		1,245,853
				5,730,625
		REITS - Single Tenant (1.5%)
21,243		Realty Income Corp.		1,290,512
66,093		Store Capital Corp.		1,812,931
				3,103,443
		REITS - Warehouse/Industrial (1.3%)
77,064		Americold Realty Trust		2,755,038
		Total Financials		29,915,093
		Healthcare (15.0%)
		Diagnostic Equipment (1.2%)
109,916		Avantor, Inc.+		2,472,011
		Medical Equipment (1.3%)
7,803		Teleflex, Inc.		2,656,297
		Medical Information Systems (1.3%)
190,536		Change Healthcare Holdings LLC+		2,764,677
		Medical Laboratories & Testing Services (3.9%)
38,542		Catalent, Inc.+		3,301,508
25,661		IQVIA Holdings, Inc.+		4,044,943
5,000		Laboratory Corp. of America Holdings+		941,350
				8,287,801
		Medical Products (2.4%)
28,908		Hill-Rom Holdings, Inc.		2,414,107
12,296		Hologic, Inc.+		817,315
13,587		Zimmer Biomet Holdings, Inc.		1,849,734
				5,081,156
		Medical - Biomedical/Gene (1.3%)
5,225		Bio-Rad Laboratories, Inc.+		2,693,279
		Medical - Drugs (0.8%)
16,799		PRA Health Sciences, Inc.+		1,704,091
		Medical - HMO (0.8%)
28,229		Centene Corp.+		1,646,598
		Medical - Hospitals (1.1%)
17,932		HCA Healthcare, Inc.		2,235,762

 

 

 

AQUILA THREE PEAKS OPPORTUNITY GROWTH FUND

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2020 (unaudited)

 

Shares		Common Stocks (continued)		Market Value			(a)
		Healthcare (continued)
		Veterinary Diagnostics (1.0%)
77,733		Elanco Animal Health, Inc.+		$	2,171,083
		Total Healthcare		31,712,755
		Industrials (20.0%)
		Aerospace/Defense - Equipment (2.3%)
18,344		L3 Harris Technologies, Inc.		3,115,545
5,533		Teledyne Technologies, Inc.+		1,716,392
				4,831,937
		Building & Construction Products - Miscellaneous (0.9%)
57,072		Builders FirstSource, Inc.+		1,861,689
		Building Products - Wood (0.7%)
28,276		Masco Corp.		1,558,856
		Commercial Services - Finance (3.9%)
6,612		Equifax, Inc.		1,037,423
52,201		IHS Markit Ltd.		4,098,301
35,858		TransUnion		3,016,734
				8,152,458
		Consulting Services (1.0%)
10,860		Verisk Analytics, Inc.		2,012,467
		Data Processing/Management (0.4%)
31,035		Dunn & Bradstreet Holdings, Inc.+		796,358
		Distribution/Wholesale (0.5%)
25,749		HD Supply Holdings, Inc.+		1,061,889
		Electric Products - Miscellaneous (1.0%)
20,658		AMETEK, Inc.		2,053,405
		Electronic Measurement Instruments (1.2%)
34,102		Fortive Corp.		2,598,913
		Engineering/ Research & Development Services (0.6%)
30,345		AECOM+		1,269,635
		Enterprise Software/Services (0.7%)
46,497		Clarivate PLC+		1,440,942
		Machinery - General Industry (1.4%)
7,482		Roper Technologies, Inc.		2,956,213

 

 

 

AQUILA THREE PEAKS OPPORTUNITY GROWTH FUND

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2020 (unaudited)

 

Shares		Common Stocks (continued)		Market Value			(a)
		Industrials (continued)
		Machinery - Pumps (2.4%)
11,718		Dover Corp.		$	1,269,528
45,621		Xylem, Inc.		3,837,639
				5,107,167
		Rental Auto/Equipment (0.6%)
31,399		Herc Holdings, Inc.+		1,243,714
		Transportation - Truck (0.7%)
17,202		XPO Logistics, Inc.+		1,456,321
		Waste Management (1.8%)
34,355		GFL Environmental, Inc.		730,387
32,452		Republic Services, Inc.		3,029,394
				3,759,781
		Total Industrials		42,161,745
		Information Technology (25.7%)
		Applications Software (3.0%)
30,346		CDK Global, Inc.		1,322,782
82,353		SS&C Technologies Holdings, Inc.		4,984,004
				6,306,786
		Commercial Services - Finance (2.9%)
11,710		FleetCor Technologies, Inc.+		2,788,151
18,992		Global Payments, Inc.		3,372,599
				6,160,750
		Computer Hardware & Storage (1.7%)
54,523		Dell Technologies, Inc.+		3,690,662
		Computer Services (2.3%)
9,685		CACI International, Inc.+		2,064,455
7,460		Leidos Holdings, Inc.		665,059
27,863		Science Applications International Corp.		2,185,016
				4,914,530
		Data Processing/Management (4.0%)
16,396		Broadridge Financial Solutions, Inc.		2,164,272
24,980		Fidelity National Information Services, Inc.		3,677,306
25,393		Fiserv, Inc.+		2,616,749
				8,458,327
		Electronic Components - Semiconductors (3.4%)
85,651		Marvell Technology Group Ltd.		3,400,345
65,865		ON Semiconductor Corp.+		1,428,612
18,792		Qorvo, Inc.+		2,424,356
				7,253,313

 

 

 

AQUILA THREE PEAKS OPPORTUNITY GROWTH FUND

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2020 (unaudited)

 

Shares		Common Stocks (continued)		Market Value			(a)
		Information Technology (continued)
		Electronic Measurement Instruments (2.0%)
41,148		FLIR Systems, Inc.		$	1,475,156
27,223		Keysight Technologies, Inc.+		2,689,088
				4,164,244
		Internet Security (0.7%)
70,142		NortonLifeLock, Inc.		1,461,759
		Office Automation & Equipment (2.6%)
23,007		CDW Corp.		2,750,027
10,770		Zebra Technologies Corp.+		2,718,994
				5,469,021
		Semiconductor Equipment (0.8%)
23,357		Entegris, Inc.		1,736,359
		Specified Purpose Acquisition (0.6%)
127,911		Churchill Capital Corp. III+		1,311,088
		Wireless Equipment (1.6%)
21,513		Motorola Solutions, Inc.		3,373,454
		Total Information Technology		54,300,293
		Materials (7.5%)
		Chemicals - Diversified (0.7%)
13,232		FMC Corp.		1,401,401
		Commercial Services (1.3%)
14,189		Ecolab, Inc.		2,835,530
		Containers - Metal/Glass (1.7%)
42,758		Ball Corp.		3,554,045
		Containers - Paper/Plastic (3.8%)
42,289		Berry Global Group, Inc.+		2,043,404
50,318		Crown Americas LLC+		3,867,441
150,158		Graphic Packaging International, Inc.		2,115,726
				8,026,571
		Total Materials		15,817,547
		Utilities (1.1%)
		Water (1.1%)
15,464		American Water Works Co., Inc.		2,240,424
		Total Common Stocks (cost $152,475,697)		208,965,624

 

 

 

AQUILA THREE PEAKS OPPORTUNITY GROWTH FUND

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2020 (unaudited)

 

Shares		Short-Term Investment (1.2%)		Market Value			(a)
2,505,254		Dreyfus Treasury Obligations Cash Management - Institutional Shares, 0.01%* (cost $2,505,254)		$	2,505,254

 

		Total Investments (cost $154,980,951 - note b)	100.2%		211,470,878
		Other assets less liabilities	(0.2)		(377,088)
		Net Assets	100.0%		$	211,093,790

 

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

 

Portfolio Distribution		Percent of Common Stocks
Aerospace/Defense - Equipment		2.3%
Applications Software		3.0
Brewery		1.4
Building - Residential/Commercial		0.6
Building & Construction Products - Miscellaneous		0.9
Building Products - Wood		0.7
Cable/Satellite TV		1.8
Cellular Telecom		1.6
Chemicals - Diversified		0.7
Commercial Services		1.4
Commercial Services - Finance		6.9
Computer Hardware & Storage		1.8
Computer Services		2.4
Computer Software		0.7
Consulting Services		1.0
Containers - Metal/Glass		1.7
Containers - Paper/Plastic		3.8
Data Processing/Management		4.4
Diagnostic Equipment		1.2
Distribution/Wholesale		1.3
Electric Products - Miscellaneous		1.0
Electronic Components - Semiconductors		3.5
Electronic Measurement Instruments		3.2
Engineering/ Research & Development Services		0.6
Enterprise Software/Services		0.7
Finance - Auto Loans		1.2
Finance - Commercial		0.2
Finance - Credit Card		0.5
Finance - Investment Banker/Broker		1.4
Finance - Other Services		1.7
Food - Miscellaneous/Diversified		0.9
Food - Retail		0.7

 

 

 

See accompanying notes to financial statements.

 

 

 

AQUILA THREE PEAKS OPPORTUNITY GROWTH FUND

SCHEDULE OF INVESTMENTS (continued)

SEPTEMBER 30, 2020 (unaudited)

 

Portfolio Distribution		Percent of Common Stocks
Food - Wholesale/Distributors		1.2
Funeral Service & Related Items		1.2
Hotels & Motels		0.5
Insurance Brokers		2.9
Internet Security		0.7
Investment Management/Advisor Service		0.9
Machinery - General Industry		1.4
Machinery - Pumps		2.4
Medical - Biomedical/Gene		1.3
Medical - Drugs		0.8
Medical - HMO		0.8
Medical - Hospitals		1.1
Medical Equipment		1.3
Medical Information Systems		1.3
Medical Laboratories & Testing Services		4.0
Medical Products		2.4
Midstream Oil & Gas		0.6
Office Automation & Equipment		2.6
Oil Refining & Marketing		0.3
Racetracks		0.8
Recreational Vehicles		0.3
REITS - Diversified		2.7
REITS - Single Tenant		1.5
REITS - Warehouse/Industrial		1.3
Rental Auto/Equipment		0.6
Retail - Auto Parts		0.4
Retail - Discount		0.7
Retail - Restaurants		0.6
Semiconductor Equipment		0.8
Specified Purpose Acquisition		0.6
Toys		0.6
Transportation - Truck		0.7
Veterinary Diagnostics		1.0
Waste Management		1.8
Water		1.1
Wireless Equipment		1.6
		100.0%

 

 

 

 

 

 

 

 

See accompanying notes to financial statements.

 

 

 

AQUILA THREE PEAKS OPPORTUNITY GROWTH FUND

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 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 September 30, 2020 , the net unrealized appreciation on investments, based on cost for federal income tax purposes of $155,758,688 amounted to $55,712,190, which consisted of aggregate gross unrealized appreciation of $58,076,751 and aggregate gross unrealized depreciation of $2,364,561.

 

(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, 2020:

 

Valuation Inputs+		Investments in Securities
Level 1 – Quoted Prices:
Common Stocks and Short-Term Investment		$                   211,470,878
Level 2 – Other Significant Observable Inputs:		—
Level 3 – Significant Unobservable Inputs		—
Total		$                   211,470,878
+ See schedule of investments for a detailed listing of securities.