AQUILA THREE PEAKS HIGH INCOME FUND
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2020 (unaudited)
Principal Amount | | Corporate Bonds (98.5%) | | Value | | (a) |
| | | Communication Services (6.3%) | | | | |
| | | Advertising Sales (0.7%) | | | | |
| | | Outfront Media Capital LLC/Outfront Media Capital Corp. | | | | |
| $ | 1,200,000 | | 6.250%, 06/15/25 144A | | $ | 1,236,000 | | |
| | | | | | | |
| | | Broadcast Services/Program (0.9%) | | | | |
| | | Univision Communications, Inc. | | | | |
| 875,000 | | 5.125%, 02/15/25 144A | | 829,063 | | |
| 875,000 | | 6.625%, 06/01/27 144A | | 854,219 | | |
| | | | | 1,683,282 | | |
| | | Cable/Satellite TV (1.9%) | | | | |
| | | Dish DBS Corp. | | | | |
| 850,000 | | 5.000%, 03/15/23 | | 867,000 | | |
| | | | | | | |
| | | Midcontinent Communications/Midcontinent Finance Corp | | | | |
| 925,000 | | 5.375%, 08/15/27 144A | | 950,438 | | |
| | | | | | | |
| | | Radiate Holdco LLC/Radiate Finance Inc | | | | |
| 732,000 | | 4.500%, 09/15/26 144A | | 731,846 | | |
| 732,000 | | 6.500%, 09/15/28 144A | | 750,126 | | |
| | | | | 3,299,410 | | |
| | | Computer Software (0.7%) | | | | |
| | | Rackspace Technology Global, Inc. | | | | |
| 1,175,000 | | 8.625%, 11/15/24 144A | | 1,230,460 | | |
| | | | | | | |
| | | E-Commerce/Services (0.7%) | | | | |
| | | Go Daddy Operating Co. LLC | | | | |
| 1,125,000 | | 5.250%, 12/01/27 144A | | 1,170,641 | | |
| | | | | | | |
| | | Telecommunication Services (0.4%) | | | | |
| | | QualityTech LP/QTS Finance Corp | | | | |
| 732,000 | | 3.875%, 10/01/28 144A† | | 734,108 | | |
| | | | | | | |
| | | Telephone - Integrated (1.0%) | | | | |
| | | Consolidated Communications, Inc. | | | | |
| 732,000 | | 6.500%, 10/01/28 144A | | 746,640 | | |
| | | | | | | |
| | | Level 3 Financing, Inc. | | | | |
| 925,000 | | 5.375%, 05/01/25 | | 952,866 | | |
| | | | | 1,699,506 | | |
| | | Total Communication Services | | 11,053,407 | | |
| | | | | | | | | |
AQUILA THREE PEAKS HIGH INCOME FUND
SCHEDULE OF INVESTMENTS (continued)
SEPTEMBER 30, 2020 (unaudited)
Principal Amount | | Corporate Bonds (continued) | | Value | | (a) |
| | | Consumer Discretionary (21.3%) | | | | |
| | | Apparel Manufacturers (0.6%) | | | | |
| | | Under Armour, Inc. | | | | |
| $ | 1,100,000 | | 3.250%, 06/15/26 | | $ | 1,036,750 | | |
| | | | | | | |
| | | Auto - Cars/Light Trucks (1.0%) | | | | |
| | | Tesla, Inc. | | | | |
| 1,750,000 | | 5.300%, 08/15/25 144A | | 1,811,250 | | |
| | | | | | | |
| | | Building - Mobile Home/Manufactured Housing (1.5%) | | | | |
| | | Picasso Finance Sub, Inc. | | | | |
| 1,400,000 | | 6.125%, 06/15/25 144A | | 1,507,996 | | |
| | | | | | | |
| | | Winnebago Industries, Inc. | | | | |
| 1,097,000 | | 6.250%, 07/15/28 144A | | 1,154,593 | | |
| | | | | 2,662,589 | | |
| | | Building - Residential/Commercial (2.8%) | | | | |
| | | Century Communities, Inc. | | | | |
| 1,000,000 | | 5.875%, 07/15/25 | | 1,039,500 | | |
| 1,000,000 | | 6.750%, 06/01/27 | | 1,060,000 | | |
| | | | | | | |
| | | LGI Homes, Inc. | | | | |
| 900,000 | | 6.875%, 07/15/26 144A | | 942,750 | | |
| | | | | | | |
| | | Shea Homes LP/Shea Homes Funding Corp | | | | |
| 900,000 | | 4.750%, 02/15/28 144A | | 897,750 | | |
| | | | | | | |
| | | Tri Pointe Group, Inc. | | | | |
| 850,000 | | 5.700%, 06/15/28 | | 930,750 | | |
| | | | | 4,870,750 | | |
| | | Building & Construction - Miscellaneous (0.7%) | | | | |
| | | TopBuild Corp. | | | | |
| 1,275,000 | | 5.625%, 05/01/26 144A | | 1,316,438 | | |
| | | | | | | |
| | | Casinos & Gaming (2.9%) | | | | |
| | | Boyd Gaming Corp. | | | | |
| 900,000 | | 8.625%, 06/01/25 144A | | 986,652 | | |
| 1,000,000 | | 6.375%, 04/01/26 | | 1,041,190 | | |
| | | | | | | |
| | | Colt Merger Sub, Inc. | | | | |
| 1,100,000 | | 6.250%, 07/01/25 144A | | 1,146,750 | | |
| | | | | | | | | |
AQUILA THREE PEAKS HIGH INCOME FUND
SCHEDULE OF INVESTMENTS (continued)
SEPTEMBER 30, 2020 (unaudited)
Principal Amount | | Corporate Bonds (continued) | | Value | | (a) |
| | | Consumer Discretionary (continued) | | | | |
| | | Casinos & Gaming (continued) | | | | |
| | | Scientific Games International, Inc. | | | | |
| $ | 900,000 | | 8.625%, 07/01/25 144A | | $ | 939,128 | | |
| 875,000 | | 8.250%, 03/15/26 144A | | 915,696 | | |
| | | | | 5,029,416 | | |
| | | Consumer Services (0.6%) | | | | |
| | | The ServiceMaster Co. LLC | | | | |
| 1,100,000 | | 5.125%, 11/15/24 144A | | 1,124,750 | | |
| | | | | | | |
| | | Food - Catering (0.4%) | | | | |
| | | Aramark Services, Inc. | | | | |
| 625,000 | | 6.375%, 05/01/25 144A | | 651,047 | | |
| | | | | | | |
| | | Hotels & Motels (2.4%) | | | | |
| | | Hilton Domestic Operating Co., Inc. | | | | |
| 925,000 | | 5.125%, 05/01/26 | | 949,281 | | |
| | | | | | | |
| | | Marriott Ownership Resorts Inc./ILG LLC | | | | |
| 1,275,000 | | 6.500%, 09/15/26 | | 1,309,068 | | |
| | | | | | | |
| | | Wyndham Destinations, Inc. | | | | |
| 875,000 | | 6.625%, 07/31/26 144A | | 916,659 | | |
| | | | | | | |
| | | Wyndham Hotels & Resorts, Inc. | | | | |
| 1,100,000 | | 5.375%, 04/15/26 144A | | 1,119,250 | | |
| | | | | 4,294,258 | | |
| | | Racetracks (1.6%) | | | | |
| | | Churchill Downs, Inc. | | | | |
| 1,000,000 | | 5.500%, 04/01/27 144A | | 1,043,800 | | |
| 500,000 | | 4.750%, 01/15/28 144A | | 502,500 | | |
| | | | | | | |
| | | Penn National Gaming, Inc. | | | | |
| 1,300,000 | | 5.625%, 01/15/27 144A | | 1,348,490 | | |
| | | | | 2,894,790 | | |
| | | Retail - Apparel/Shoes (1.7%) | | | | |
| | | L Brands, Inc. | | | | |
| 1,750,000 | | 9.375%, 07/01/25 144A | | 2,008,125 | | |
| 1,000,000 | | 7.500%, 06/15/29 | | 1,045,000 | | |
| | | | | 3,053,125 | | |
| | | Retail - Arts & Crafts (0.4%) | | | | |
| | | Michaels Stores, Inc. | | | | |
| 732,000 | | 4.750%, 10/01/27 144A | | 725,595 | | |
| | | | | | | | | |
AQUILA THREE PEAKS HIGH INCOME FUND
SCHEDULE OF INVESTMENTS (continued)
SEPTEMBER 30, 2020 (unaudited)
Principal Amount | | Corporate Bonds (continued) | | Value | | (a) |
| | | Consumer Discretionary (continued) | | | | |
| | | Retail - Automobile (2.1%) | | | | |
| | | Asbury Automotive Group, Inc. | | | | |
| $ | 440,000 | | 4.750%, 03/01/30 144A | | $ | 443,300 | | |
| | | | | | | |
| | | Carvana Co. | | | | |
| 915,000 | | 5.625%, 10/01/25 144A | | 902,419 | | |
| 915,000 | | 5.875%, 10/01/28 144A | | 903,563 | | |
| | | | | | | |
| | | Ken Garff Automotive LLC | | | | |
| 731,000 | | 4.875%, 09/15/28 144A | | 719,121 | | |
| | | | | | | |
| | | Lithia Motors, Inc. | | | | |
| 732,000 | | 4.375%, 01/15/31 144A† | | 732,000 | | |
| | | | | 3,700,403 | | |
| | | Retail - Perfume & Cosmetics (0.7%) | | | | |
| | | Sally Holdings LLC | | | | |
| 1,250,000 | | 5.625%, 12/01/25 | | 1,266,713 | | |
| | | | | | | |
| | | Retail - Restaurants (0.8%) | | | | |
| | | IRB Holding Corp. | | | | |
| 1,325,000 | | 7.000%, 06/15/25 144A | | 1,412,781 | | |
| | | | | | | |
| | | Toys (1.1%) | | | | |
| | | Mattel, Inc. | | | | |
| 1,750,000 | | 6.750%, 12/31/25 144A | | 1,846,250 | | |
| | | Total Consumer Discretionary | | 37,696,905 | | |
| | | | | | | |
| | | Consumer Staples (8.8%) | | | | |
| | | Batteries/Battery Systems (0.6%) | | | | |
| | | Energizer Holdings, Inc. | | | | |
| 925,000 | | 7.750%, 01/15/27 144A | | 1,010,563 | | |
| | | | | | | |
| | | Consumer Products - Miscellaneous (1.5%) | | | | |
| | | Central Garden & Pet Co. | | | | |
| 1,325,000 | | 6.125%, 11/15/23 | | 1,349,844 | | |
| | | | | | | |
| | | Spectrum Brands, Inc. | | | | |
| 1,350,000 | | 5.750%, 07/15/25 | | 1,391,850 | | |
| | | | | 2,741,694 | | |
| | | Food - Miscellaneous/Diversified (1.0%) | | | | |
| | | B&G Foods, Inc. | | | | |
| 900,000 | | 5.250%, 04/01/25 | | 924,750 | | |
| | | | | | | |
| | | Post Holdings, Inc. | | | | |
| 875,000 | | 5.750%, 03/01/27 144A | | 919,844 | | |
| | | | | 1,844,594 | | |
| | | | | | | | | |
AQUILA THREE PEAKS HIGH INCOME FUND
SCHEDULE OF INVESTMENTS (continued)
SEPTEMBER 30, 2020 (unaudited)
Principal Amount | | Corporate Bonds (continued) | | Value | | (a) |
| | | Consumer Staples (continued) | | | | |
| | | Food - Retail (2.2%) | | | | |
| | | Albertsons Companies, Inc./Safeway, Inc. | | | | |
| $ | 1,461,000 | | 5.750%, 03/15/25 | | $ | 1,507,095 | | |
| 1,100,000 | | 5.875%, 02/15/28 144A | | 1,174,250 | | |
| | | | | | | |
| | | Ingles Markets, Inc. | | | | |
| 1,224,000 | | 5.750%, 06/15/23 | | 1,241,381 | | |
| | | | | 3,922,726 | | |
| | | Food - Wholesale/Distributors (2.2%) | | | | |
| | | Performance Food Group, Inc. | | | | |
| 365,000 | | 5.500%, 06/01/24 144A | | 365,000 | | |
| 825,000 | | 6.875%, 05/01/25 144A | | 878,625 | | |
| 875,000 | | 5.500%, 10/15/27 144A | | 901,250 | | |
| | | | | | | |
| | | US Foods, Inc. | | | | |
| 1,650,000 | | 5.875%, 06/15/24 144A | | 1,660,808 | | |
| | | | | 3,805,683 | | |
| | | Vitamins & Nutrition Products (1.3%) | | | | |
| | | Herbalife Nutrition Ltd. | | | | |
| 2,075,000 | | 7.875%, 09/01/25 144A | | 2,228,031 | | |
| | | Total Consumer Staples | | 15,553,291 | | |
| | | | | | | |
| | | Energy (4.5%) | | | | |
| | | Midstream Oil & Gas (3.9%) | | | | |
| | | EnLink Midstream Partners LP | | | | |
| 875,000 | | 4.850%, 07/15/26 | | 756,971 | | |
| | | | | | | |
| | | Genesis Energy LP | | | | |
| 1,350,000 | | 6.000%, 05/15/23 | | 1,225,125 | | |
| | | | | | | |
| | | Global Partners LP/GLP Finance Corp | | | | |
| 1,100,000 | | 7.000%, 08/01/27 | | 1,121,043 | | |
| | | | | | | |
| | | New Fortress Energy, Inc. | | | | |
| 1,675,000 | | 6.750%, 09/15/25 144a | | 1,751,213 | | |
| | | | | | | |
| | | NuStar Logistics LP | | | | |
| 579,000 | | 5.750%, 10/01/25 | | 597,991 | | |
| 579,000 | | 6.375%, 10/01/30 | | 600,713 | | |
| | | | | | | |
| | | PBF Logistics LP | | | | |
| 875,000 | | 6.875%, 05/15/23 | | 822,500 | | |
| | | | | 6,875,556 | | |
| | | | | | | | | |
AQUILA THREE PEAKS HIGH INCOME FUND
SCHEDULE OF INVESTMENTS (continued)
SEPTEMBER 30, 2020 (unaudited)
Principal Amount | | Corporate Bonds (continued) | | Value | | (a) |
| | | Energy (continued) | | | | |
| | | Oil Refining & Marketing (0.6%) | | | | |
| | | PBF Holding Co. LLC | | | | |
| $ | 1,350,000 | | 7.250%, 06/15/25 | | $ | 1,019,250 | | |
| | | Total Energy | | 7,894,806 | | |
| | | | | | | |
| | | Financials (17.6%) | | | | |
| | | Finance - Auto Loans (0.6%) | | | | |
| | | Ally Financial, Inc. | | | | |
| 900,000 | | 5.750%, 11/20/25 | | 1,010,321 | | |
| | | | | | | |
| | | Finance - Investment Banker/Broker (1.8%) | | | | |
| | | LPL Holdings, Inc. | | | | |
| 3,125,000 | | 5.750%, 09/15/25 144A | | 3,238,078 | | |
| | | | | | | |
| | | Finance - Mortgage Loan/Banker (0.5%) | | | | |
| | | Quicken Loans LLC | | | | |
| 900,000 | | 5.250%, 01/15/28 144A | | 948,294 | | |
| | | | | | | |
| | | Financial Guarantee Insurance (0.4%) | | | | |
| | | NMI Holdings, Inc. | | | | |
| 660,000 | | 7.375%, 06/01/25 144A | | 705,375 | | |
| | | | | | | |
| | | Investment Management/Advisor Services (1.4%) | | | | |
| | | NFP Corp. | | | | |
| 900,000 | | 7.000%, 05/15/25 144A | | 954,000 | | |
| 1,462,000 | | 6.875%, 08/15/28 144A | | 1,477,863 | | |
| | | | | 2,431,863 | | |
| | | Real Estate Management/Service (0.6%) | | | | |
| | | Cushman & Wakefield US | | | | |
| 925,000 | | 6.750%, 05/15/28 144A | | 960,289 | | |
| | | | | | | |
| | | Real Estate Operation/Development (0.4%) | | | | |
| | | The Howard Hughes Corp. | | | | |
| 729,000 | | 5.375%, 08/01/28 144A | | 726,594 | | |
| | | | | | | |
| | | REITS - Diversified (2.7%) | | | | |
| | | HAT Holdings I LLC | | | | |
| 1,000,000 | | 6.000%, 04/15/25 144A | | 1,065,300 | | |
| | | | | | | |
| | | iStar, Inc. | | | | |
| 2,885,000 | | 5.500%, 02/15/26 | | 2,703,822 | | |
| | | | | | | |
| | | New Residential Investment Corp. | | | | |
| 915,000 | | 6.250%, 10/15/25 144a | | 901,714 | | |
| | | | | 4,670,836 | | |
| | | | | | | | | |
AQUILA THREE PEAKS HIGH INCOME FUND
SCHEDULE OF INVESTMENTS (continued)
SEPTEMBER 30, 2020 (unaudited)
Principal Amount | | Corporate Bonds (continued) | | Value | | (a) |
| | | Financials (continued) | | | | |
| | | REITS - Healthcare (3.8%) | | | | |
| | | Diversified Healthcare Trust | | | | |
| $ | 3,525,000 | | 9.750%, 06/15/25 | | $ | 3,943,770 | | |
| 2,750,000 | | 4.750%, 02/15/28 | | 2,420,000 | | |
| | | | | | | |
| | | MPT Operating Partnership LP | | | | |
| 375,000 | | 5.250%, 08/01/26 | | 386,250 | | |
| | | | | 6,750,020 | | |
| | | REITS - Hotels (4.9%) | | | | |
| | | ESH Hospitality, Inc. | | | | |
| 2,050,000 | | 5.250%, 05/01/25 144A | | 2,070,500 | | |
| 850,000 | | 4.625%, 10/01/27 144A | | 834,080 | | |
| | | | | | | |
| | | Park Intermediate Holdings LLC | | | | |
| 1,300,000 | | 7.500%, 06/01/25 144A | | 1,384,240 | | |
| | | | | | | |
| | | RHP Hotel Properties LP/RHP Finance Corp | | | | |
| 1,050,000 | | 4.750%, 10/15/27 | | 967,491 | | |
| | | | | | | |
| | | Service Properties Trust | | | | |
| 1,500,000 | | 4.350%, 10/01/24 | | 1,357,230 | | |
| 1,325,000 | | 4.950%, 10/01/29 | | 1,136,188 | | |
| | | | | | | |
| | | XHR LP | | | | |
| 900,000 | | 6.375%, 08/15/25 144A | | 900,000 | | |
| | | | | 8,649,729 | | |
| | | REITS - Storage (0.5%) | | | | |
| | | Iron Mountain, Inc. | | | | |
| 875,000 | | 5.250%, 03/15/28 144A | | 911,094 | | |
| | | Total Financials | | 31,002,493 | | |
| | | | | | | |
| | | Healthcare (10.3%) | | | | |
| | | Diagnostic Equipment (1.3%) | | | | |
| | | Avantor, Inc. | | | | |
| 2,225,000 | | 6.000%, 10/01/24 144A | | 2,325,125 | | |
| | | | | | | |
| | | Medical Information Systems (1.6%) | | | | |
| | | Change Healthcare Holdings LLC | | | | |
| 2,825,000 | | 5.750%, 03/01/25 144A | | 2,860,313 | | |
| | | | | | | |
| | | Medical Laboratories & Testing Services (3.0%) | | | | |
| | | Catalent Pharma Solutions, Inc. | | | | |
| 2,750,000 | | 4.875%, 01/15/26 144A | | 2,805,000 | | |
| | | | | | | | | |
AQUILA THREE PEAKS HIGH INCOME FUND
SCHEDULE OF INVESTMENTS (continued)
SEPTEMBER 30, 2020 (unaudited)
Principal Amount | | Corporate Bonds (continued) | | Value | | (a) |
| | | Healthcare (continued) | | | | |
| | | Medical Laboratories & Testing Services (continued) | | | | |
| | | IQVIA, Inc. | | | | |
| $ | 975,000 | | 5.000%, 05/15/27 144A | | $ | 1,022,356 | | |
| | | | | | | |
| | | MEDNAX, Inc. | | | | |
| 1,475,000 | | 6.250%, 01/15/27 144A | | 1,530,254 | | |
| | | | | 5,357,610 | | |
| | | Medical - Drugs (0.6%) | | | | |
| | | Bausch Health Americas, Inc. | | | | |
| 925,000 | | 9.250%, 04/01/26 144A | | 1,017,500 | | |
| | | | | | | |
| | | Medical - HMO (2.1%) | | | | |
| | | Centene Corp. | | | | |
| 975,000 | | 5.375%, 08/15/26 144A | | 1,032,696 | | |
| | | | | | | |
| | | Magellan Health, Inc. | | | | |
| 800,000 | | 4.900%, 09/22/24 | | 823,368 | | |
| | | | | | | |
| | | Molina Healthcare, Inc. | | | | |
| 850,000 | | 4.875%, 06/15/25 144A | | 867,000 | | |
| | | | | | | |
| | | Polaris Intermediate Corp. | | | | |
| 1,050,000 | | 8.500%, 12/01/22 144A | | 1,068,375 | | |
| | | | | 3,791,439 | | |
| | | Medical - Hospitals (0.5%) | | | | |
| | | Acadia Healthcare Co., Inc. | | | | |
| 900,000 | | 5.625%, 02/15/23 | | 905,625 | | |
| | | | | | | |
| | | Medical - Wholesale Drug Distribution (1.0%) | | | | |
| | | AdaptHealth LLC | | | | |
| 1,645,000 | | 6.125%, 08/01/28 144A | | 1,702,904 | | |
| | | | | | | |
| | | Physical Therapy/Rehabilitation Centers (0.2%) | | | | |
| | | Encompass Health Corp. | | | | |
| 300,000 | | 5.750%, 09/15/25 | | 309,000 | | |
| | | Total Healthcare | | 18,269,516 | | |
| | | | | | | |
| | | Industrials (14.7%) | | | | |
| | | Aerospace/Defense - Equipment (0.8%) | | | | |
| | | Howmet Aerospace, Inc. | | | | |
| 500,000 | | 6.875%, 05/01/25 | | 552,500 | | |
| | | | | | | |
| | | Transdigm, Inc. | | | | |
| 925,000 | | 6.500%, 05/15/25 | | 922,109 | | |
| | | | | 1,474,609 | | |
| | | | | | | | | |
AQUILA THREE PEAKS HIGH INCOME FUND
SCHEDULE OF INVESTMENTS (continued)
SEPTEMBER 30, 2020 (unaudited)
Principal Amount | | Corporate Bonds (continued) | | Value | | (a) |
| | | Industrials (continued) | | | | |
| | | Building & Construction Products - Miscellaneous (0.5%) | | | | |
| | | Builders FirstSource, Inc. | | | | |
| $ | 850,000 | | 6.750%, 06/01/27 144A | | $ | 910,563 | | |
| | | | | | | |
| | | Building Products - Doors & Windows (0.8%) | | | | |
| | | Cornerstone Building Brands, Inc. | | | | |
| 900,000 | | 8.000%, 04/15/26 144A | | 945,000 | | |
| 440,000 | | 6.125%, 01/15/29 144A | | 444,400 | | |
| | | | | 1,389,400 | | |
| | | Data Processing/Management (0.9%) | | | | |
| | | The Dunn & Bradstreet Corp. | | | | |
| 1,400,000 | | 10.250%, 02/15/27 144A | | 1,585,500 | | |
| | | | | | | |
| | | Distribution/Wholesale (1.1%) | | | | |
| | | H&E Equipment Services, Inc. | | | | |
| 1,025,000 | | 5.625%, 09/01/25 | | 1,068,563 | | |
| | | | | | | |
| | | KAR Auction Services, Inc. | | | | |
| 850,000 | | 5.125%, 06/01/25 144A | | 849,983 | | |
| | | | | 1,918,546 | | |
| | | E-Commerce/Services (0.5%) | | | | |
| | | Uber Technologies, Inc. | | | | |
| 850,000 | | 8.000%, 11/01/26 144A | | 905,250 | | |
| | | | | | | |
| | | Electric Products - Miscellaneous (1.1%) | | | | |
| | | WESCO Distribution, Inc. | | | | |
| 1,225,000 | | 5.375%, 06/15/24 | | 1,257,156 | | |
| 625,000 | | 7.125%, 06/15/25 144A | | 680,813 | | |
| | | | | 1,937,969 | | |
| | | Engineering/Research & Development Services (0.3%) | | | | |
| | | AECOM | | | | |
| 525,000 | | 5.875%, 10/15/24 | | 568,257 | | |
| | | | | | | |
| | | Human Resources (0.8%) | | | | |
| | | ASGN, Inc. | | | | |
| 1,450,000 | | 4.625%, 05/15/28 144A | | 1,455,974 | | |
| | | | | | | |
| | | Machinery - General Industry (0.8%) | | | | |
| | | Tennant Co. | | | | |
| 1,300,000 | | 5.625%, 05/01/25 | | 1,349,140 | | |
| | | | | | | |
| | | Protection - Safety (2.0%) | | | | |
| | | APX Group, Inc. | | | | |
| 1,755,000 | | 6.750%, 02/15/27 144A | | 1,820,813 | | |
| | | | | | | | | |
AQUILA THREE PEAKS HIGH INCOME FUND
SCHEDULE OF INVESTMENTS (continued)
SEPTEMBER 30, 2020 (unaudited)
Principal Amount | | Corporate Bonds (continued) | | Value | | (a) |
| | | Industrials (continued) | | | | |
| | | Protection - Safety (continued) | | | | |
| | | Prime Security Services Borrower LLC | | | | |
| $ | 1,675,000 | | 6.250%, 01/15/28 144A | | $ | 1,695,938 | | |
| | | | | 3,516,751 | | |
| | | Rental Auto/Equipment (0.3%) | | | | |
| | | Herc Holdings, Inc. | | | | |
| 440,000 | | 5.500%, 07/15/27 144A | | 455,246 | | |
| | | | | | | |
| | | Retail - Building Products (1.0%) | | | | |
| | | Beacon Roofing Supply, Inc. | | | | |
| 1,750,000 | | 4.875%, 11/01/25 144A | | 1,715,000 | | |
| | | | | | | |
| | | Transportation - Rail (1.0%) | | | | |
| | | Watco Cos LLC | | | | |
| 1,800,000 | | 6.500%, 06/15/27 144A | | 1,841,625 | | |
| | | | | | | |
| | | Transportation - Truck (0.3%) | | | | |
| | | XPO Logistics, Inc. | | | | |
| 440,000 | | 6.750%, 08/15/24 144A | | 466,048 | | |
| | | | | | | |
| | | Waste Management (2.5%) | | | | |
| | | Covanta Holding Corp. | | | | |
| 1,350,000 | | 5.875%, 07/01/25 | | 1,395,563 | | |
| | | | | | | |
| | | GFL Environmental, Inc. | | | | |
| 1,500,000 | | 5.125%, 12/15/26 144A | | 1,560,000 | | |
| 1,000,000 | | 8.500%, 05/01/27 144A | | 1,085,000 | | |
| | | | | | | |
| | | Waste Pro USA, Inc. | | | | |
| 440,000 | | 5.500%, 02/15/26 144A | | 445,276 | | |
| | | | | 4,485,839 | | |
| | | Total Industrials | | 25,975,717 | | |
| | | | | | | |
| | | Information Technology (11.1%) | | | | |
| | | Aerospace/Defense (0.8%) | | | | |
| | | SSL Robotics LLC | | | | |
| 1,250,000 | | 9.750%, 12/31/23 144A | | 1,376,850 | | |
| | | | | | | |
| | | Applications Software (1.0%) | | | | |
| | | SS&C Technologies, Inc. | | | | |
| 1,725,000 | | 5.500%, 09/30/27 144A | | 1,833,192 | | |
| | | | | | | | | |
AQUILA THREE PEAKS HIGH INCOME FUND
SCHEDULE OF INVESTMENTS (continued)
SEPTEMBER 30, 2020 (unaudited)
Principal Amount | | Corporate Bonds (continued) | | Value | | (a) |
| | | Information Technology (continued) | | | | |
| | | Commercial Services - Finance (1.5%) | | | | |
| | | MPH Acquisition Holdings LLC | | | | |
| $ | 875,000 | | 7.125%, 06/01/24 144A | | $ | 899,063 | | |
| | | | | | | |
| | | Sabre GLBL, Inc. | | | | |
| 900,000 | | 7.375%, 09/01/25 144A | | 909,000 | | |
| | | | | | | |
| | | Wex, Inc. | | | | |
| 900,000 | | 4.750%, 02/01/23 144A | | 901,125 | | |
| | | | | 2,709,188 | | |
| | | Computer Hardware & Storage (1.6%) | | | | |
| | | Dell International LLC/EMC Corp. | | | | |
| 2,650,000 | | 7.125%, 06/15/24 144A | | 2,756,795 | | |
| | | | | | | |
| | | Computer Services (0.6%) | | | | |
| | | Science Applications International Corp. | | | | |
| 1,075,000 | | 4.875%, 04/01/28 144A | | 1,091,437 | | |
| | | | | | | |
| | | Computer Software (1.0%) | | | | |
| | | BY Crown Parent LLC / BY Bond Finance Inc. | | | | |
| 900,000 | | 4.250%, 01/31/26 144A | | 916,313 | | |
| | | | | | | |
| | | Logan Merger Sub, Inc. | | | | |
| 900,000 | | 5.500%, 09/01/27 144A | | 913,500 | | |
| | | | | 1,829,813 | | |
| | | Engineering/Research & Development Services (0.4%) | | | | |
| | | KBR, Inc. | | | | |
| 732,000 | | 4.750%, 09/30/28 144A | | 736,575 | | |
| | | | | | | |
| | | Telecommunication Equipment (2.4%) | | | | |
| | | Avaya, Inc. | | | | |
| 1,580,000 | | 6.125%, 09/15/28 144A | | 1,613,575 | | |
| | | | | | | |
| | | CommScope, Inc. | | | | |
| 875,000 | | 8.250%, 03/01/27 144A | | 910,000 | | |
| | | | | | | |
| | | CommScope Technologies LLC | | | | |
| 1,632,000 | | 6.000%, 06/15/25 144A | | 1,654,114 | | |
| | | | | 4,177,689 | | |
| | | Telecommunication Services (0.9%) | | | | |
| | | GCI LLC | | | | |
| 1,463,000 | | 4.750%, 10/15/28 144A† | | 1,481,302 | | |
| | | | | | | |
| | | Wireless Equipment (0.9%) | | | | |
| | | ViaSat, Inc. | | | | |
| 1,675,000 | | 5.625%, 09/15/25 144A | | 1,641,500 | | |
| | | Total Information Technology | | 19,634,341 | | |
| | | | | | | | | |
AQUILA THREE PEAKS HIGH INCOME FUND
SCHEDULE OF INVESTMENTS (continued)
SEPTEMBER 30, 2020 (unaudited)
Principal Amount | | Corporate Bonds (continued) | | Value | | (a) |
| | | Materials (3.4%) | | | | |
| | | Chemicals - Specialty (0.9%) | | | | |
| | | Methanex Corp. | | | | |
| $ | 1,100,000 | | 5.125%, 10/15/27 | | $ | 1,094,500 | | |
| | | | | | | |
| | | Valvoline, Inc. | | | | |
| 440,000 | | 4.250%, 02/15/30 144A | | 448,800 | | |
| | | | | 1,543,300 | | |
| | | | | | | |
| | | Containers - Metal/Glass (1.0%) | | | | |
| | | Mauser Packaging Solutions Holding Co. | | | | |
| 850,000 | | 5.500%, 04/15/24 144A | | 853,009 | | |
| 900,000 | | 7.250%, 04/15/25 144A | | 847,125 | | |
| | | | | 1,700,134 | | |
| | | Containers - Paper/Plastic (1.5%) | | | | |
| | | Berry Global, Inc. | | | | |
| 181,000 | | 5.125%, 07/15/23 | | 183,733 | | |
| 875,000 | | 5.625%, 07/15/27 144A | | 917,656 | | |
| | | | | | | |
| | | Graham Packaging Co. Inc. | | | | |
| 850,000 | | 7.125%, 08/15/28 144A | | 885,063 | | |
| | | | | | | |
| | | Intelligent Packaging Ltd. Finco Inc./Intelligent Packaging Ltd. Co-Issuer LLC | | | | |
| 730,000 | | 6.000%, 09/15/28 144A | | 740,257 | | |
| | | | | 2,726,709 | | |
| | | Total Materials | | 5,970,143 | | |
| | | | | | | |
| | | Utilities (0.5%) | | | | |
| | | Independent Power Producer (0.5%) | | | | |
| | | Calpine Corp. | | | | |
| 850,000 | | 5.125%, 03/15/28 144A | | 879,750 | | |
| | | Total Corporate Bonds (cost $172,082,742) | | 173,930,369 | | |
| | | | | | | |
| Shares | | Mutual Fund (0.6%) | | | | |
| 12,000 | | Ishares Iboxx High Yield Corporate Bond ETF (cost $953,158) | | 1,006,800 | | |
| | | | | | | |
| | | Short-Term Investment (3.7%) | | | | |
| 6,575,679 | | Dreyfus Treasury Obligations Cash Management -
Institutional Shares, 0.01%* (cost $6,575,679) | | 6,575,679 | | |
| | | | | | | | | |
| | | Total Investments (cost $179,611,579 - note b) | 102.8% | | 181,512,848 | | |
| | | Other assets less liabilities | (2.8) | | (4,974,743) | | |
| | | Net Assets | 100.0% | | $ | 176,538,105 | | |
| | | | | | | | | |
AQUILA THREE PEAKS HIGH INCOME FUND
SCHEDULE OF INVESTMENTS (continued)
SEPTEMBER 30, 2020 (unaudited)
| Portfolio Distribution | | Percentage of
Investments |
| Advertising Sales | | 0.7% |
| Aerospace/Defense | | 0.8 |
| Aerospace/Defense - Equipment | | 0.8 |
| Apparel Manufacturers | | 0.6 |
| Applications Software | | 1.0 |
| Auto - Cars/Light Trucks | | 1.0 |
| Batteries/Battery Systems | | 0.6 |
| Broadcast Services/Program | | 1.0 |
| Building - Mobile Home/Manufactured Housing | | 1.5 |
| Building Products - Doors & Windows | | 0.8 |
| Building - Residential/Commercial | | 2.8 |
| Building & Construction - Miscellaneous | | 0.7 |
| Building & Construction Products - Miscellaneous | | 0.5 |
| Cable/Satellite TV | | 1.9 |
| Casinos & Gaming | | 2.9 |
| Chemicals - Specialty | | 0.9 |
| Commercial Services - Finance | | 1.5 |
| Computer Hardware & Storage | | 1.6 |
| Computer Services | | 0.6 |
| Computer Software | | 1.7 |
| Consumer Products - Miscellaneous | | 1.6 |
| Consumer Services | | 0.6 |
| Containers - Metal/Glass | | 1.0 |
| Containers - Paper/Plastic | | 1.6 |
| Data Processing/Management | | 0.9 |
| Diagnostic Equipment | | 1.3 |
| Distribution/Wholesale | | 1.1 |
| E-Commerce/Services | | 1.2 |
| Electric Products - Miscellaneous | | 1.1 |
| Engineering/Research & Development Services | | 0.7 |
| Finance - Auto Loans | | 0.6 |
| Finance - Investment Banker/Broker | | 1.8 |
| Finance - Mortgage Loan/Banker | | 0.5 |
| Financial Guarantee Insurance | | 0.4 |
| Food - Catering | | 0.4 |
| Food - Miscellaneous/Diversified | | 1.1 |
| Food - Retail | | 2.2 |
| Food - Wholesale/Distributors | | 2.2 |
| Hotels & Motels | | 2.5 |
| Human Resources | | 0.8 |
| Independent Power Producer | | 0.5 |
| Investment Management/Advisor Services | | 1.4 |
| Machinery - General Industry | | 0.8 |
| Medical - Drugs | | 0.6 |
| Medical - HMO | | 2.2 |
| Medical - Hospitals | | 0.5 |
See accompanying notes to financial statements.
AQUILA THREE PEAKS HIGH INCOME FUND
SCHEDULE OF INVESTMENTS (continued)
SEPTEMBER 30, 2020 (unaudited)
| Portfolio Distribution | | Percentage of
Investments |
| Medical - Wholesale Drug Distribution | | 1.0 |
| Medical Information Systems | | 1.6 |
| Medical Laboratories & Testing Services | | 3.1 |
| Midstream Oil & Gas | | 3.9 |
| Oil Refining & Marketing | | 0.6 |
| Physical Therapy/Rehabilitation Centers | | 0.2 |
| Protection - Safety | | 2.0 |
| Racetracks | | 1.7 |
| Real Estate Management/Service | | 0.6 |
| Real Estate Operation/Development | | 0.4 |
| REITS - Diversified | | 2.7 |
| REITS - Healthcare | | 3.9 |
| REITS - Hotels | | 4.9 |
| REITS - Storage | | 0.5 |
| Rental Auto/Equipment | | 0.3 |
| Retail - Apparel/Shoes | | 1.7 |
| Retail - Arts & Crafts | | 0.4 |
| Retail - Automobile | | 2.1 |
| Retail - Building Products | | 1.0 |
| Retail - Perfume & Cosmetics | | 0.7 |
| Retail - Restaurants | | 0.8 |
| Telecommunication Equipment | | 2.4 |
| Telecommunication Services | | 1.2 |
| Telephone - Integrated | | 1.0 |
| Toys | | 1.1 |
| Transportation - Rail | | 1.1 |
| Transportation - Truck | | 0.3 |
| Vitamins & Nutrition Products | | 1.3 |
| Waste Management | | 2.6 |
| Wireless Equipment | | 0.9 |
| Mutual Fund | | 0.6 |
| | | 100.0% |
| ETF- Exchange-Traded Fund |
| |
| * The rate is an annualized seven-day yield at period end. |
| |
| † Security purchased on a delayed delivery or when-issued basis. |
| |
| Note: 144A – Private placement subject to SEC rule 144A, which modifies a two-year holding period requirement to permit qualified institutional buyers to trade these securities among themselves, thereby significantly improving the liquidity of these securities. |
See accompanying notes to financial statements.
AQUILA THREE PEAKS HIGH INCOME 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 $179,611,579 amounted to $1,901,269, which consisted of aggregate gross unrealized appreciation of $3,060,982 and aggregate gross unrealized depreciation of $1,159,713.
(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 | | |
| Short-Term Investment | | $ 7,582,479 |
| Level 2 – Other Significant Observable Inputs: | | |
| Corporate Obligations | | 173,930,369 |
| Level 3 – Significant Unobservable Inputs | | — |
| Total | | $ 181,512,848 |
| + See schedule of investments for a detailed listing of securities. | | |
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 (0.6%) | | | | |
| 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 (1.2%) | | | | |
| 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 (0.9%) | | | | |
| 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 (1.8%) | | | | |
| 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 (1.0%) | | | | |
| | | Water (1.0%) | | | | |
| 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. | | |
