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.