AQUILA OPPORTUNITY GROWTH FUND
SCHEDULE OF INVESTMENTS
March 31, 2022
(unaudited)
| Shares | | Common Stocks (98.2%) | | Market
Value | | (a) |
| | | Communication Services (2.4%) | | | | |
| | | Entertainment (2.0%) | | | | |
| 9,000 | | Live Nation Entertainment, Inc.+ | | $ 1,058,760 | | |
| | | | | | | |
| 11,000 | | Roku, Inc.+ | | 1,377,970 | | |
| | | | | | | |
| 8,000 | | Take-Two Interactive Software, Inc.+ | | 1,229,920 | | |
| | | | | 3,666,650 | | |
| | | Interactive Media & Services (0.4%) | | | | |
| 17,000 | | Twitter, Inc.+ | | 657,730 | | |
| | | Total Communication Services | | 4,324,380 | | |
| | | | | | | |
| | | Consumer Discretionary (8.6%) | | | | |
| | | Auto Components (0.7%) | | | | |
| 11,177 | | Aptiv PLC+ | | 1,337,999 | | |
| | | | | | | |
| | | Automobiles (2.3%) | | | | |
| 244,000 | | Ford Motor Co. | | 4,126,040 | | |
| | | | | | | |
| | | Diversified Consumer Services (1.0%) | | | | |
| 13,555 | | Bright Horizons Family Solutions, Inc.+ | | 1,798,613 | | |
| | | | | | | |
| | | Hotels, Restaurants & Leisure (2.0%) | | | | |
| 28,000 | | Caesars Entertainment, Inc.+ | | 2,166,080 | | |
| 16,000 | | Planet Fitness, Inc.+ | | 1,351,680 | | |
| | | | | 3,517,760 | | |
| | | Leisure Products (1.8%) | | | | |
| 146,000 | | Mattel, Inc.+ | | 3,242,660 | | |
| | | | | | | |
| | | Specialty Retail (0.8%) | | | | |
| 28,205 | | Bath & Body Works, Inc. | | 1,348,199 | | |
| | | Total Consumer Discretionary | | 15,371,271 | | |
| | | | | | | |
| | | Consumer Staples (2.0%) | | | | |
| | | Food & Staples Retailing (0.6%) | | | | |
| 30,000 | | Albertsons Cos, Inc. | | 997,500 | | |
| | | | | | | |
| | | Food Products (1.4%) | | | | |
| 11,000 | | Archer-Daniels-Midland Co. | | 992,860 | | |
| 23,000 | | Kellogg Co. | | 1,483,270 | | |
| | | | | 2,476,130 | | |
| | | Total Consumer Staples | | 3,473,630 | | |
AQUILA OPPORTUNITY GROWTH FUND
SCHEDULE OF INVESTMENTS (continued)
March 31, 2022
(unaudited)
| Shares | | Common Stocks (continued) | | Market
Value | | (a) |
| | | Energy (10.7%) | | | | |
| | | Oil, Gas & Consumable Fuels (10.7%) | | | | |
| 5,000 | | Cheniere Energy, Inc. | | $ 693,250 | | |
| 16,000 | | Diamondback Energy, Inc. | | 2,193,280 | | |
| 54,000 | | Hess Corp. | | 5,780,160 | | |
| 48,000 | | Occidental Petroleum Corp. | | 2,723,520 | | |
| 11,000 | | Phillips 66 | | 950,290 | | |
| 23,000 | | Pioneer Natural Resources Co. | | 5,750,690 | | |
| 12,000 | | Valero Energy Corp. | | 1,218,480 | | |
| | | Total Energy | | 19,309,670 | | |
| | | | | | | |
| | | Financials (13.0%) | | | | |
| | | Banks (6.2%) | | | | |
| 44,000 | | BankUnited, Inc. | | 1,934,240 | | |
| 40,000 | | First Horizon Corp. | | 939,600 | | |
| 17,000 | | First Republic Bank | | 2,755,700 | | |
| 219,000 | | Huntington Bancshares, Inc. | | 3,201,780 | | |
| 14,000 | | M&T Bank Corp. | | 2,373,000 | | |
| | | | | 11,204,320 | | |
| | | Capital Markets (1.6%) | | | | |
| 16,000 | | LPL Financial Holdings, Inc. | | 2,922,880 | | |
| | | | | | | |
| | | Consumer Finance (1.0%) | | | | |
| 41,000 | | Ally Financial, Inc. | | 1,782,680 | | |
| | | | | | | |
| | | Insurance (4.2%) | | | | |
| 18,000 | | Brown & Brown, Inc. | | 1,300,860 | | |
| 68,000 | | MetLife, Inc. | | 4,779,040 | | |
| 12,000 | | Prudential Financial, Inc. | | 1,418,040 | | |
| | | | | 7,497,940 | | |
| | | Total Financials | | 23,407,820 | | |
| | | | | | | |
| | | Health Care (7.2%) | | | | |
| | | Biotechnology (1.0%) | | | | |
| 8,000 | | BioMarin Pharmaceutical, Inc.+ | | 616,800 | | |
| 5,000 | | Horizon Therapeutics PLC+ | | 526,050 | | |
| 4,000 | | Seagen, Inc.+ | | 576,200 | | |
| | | | | 1,719,050 | | |
| | | Health Care Equipment & Supplies (2.1%) | | | | |
| 1,000 | | Dexcom, Inc.+ | | 511,600 | | |
| 26,000 | | Zimmer Biomet Holdings, Inc. | | 3,325,400 | | |
| | | | | 3,837,000 | | |
| | | Health Care Providers & Services (0.7%) | | | | |
| 10,000 | | Guardant Health, Inc.+ | | 662,400 | | |
| 2,000 | | HCA Healthcare, Inc. | | 501,240 | | |
| | | | | 1,163,640 | | |
AQUILA OPPORTUNITY GROWTH FUND
SCHEDULE OF INVESTMENTS (continued)
March 31, 2022
(unaudited)
| Shares | | Common Stocks (continued) | | Market
Value | | (a) |
| | | Health Care (continued) | | | | |
| | | Life Sciences Tools & Services (2.4%) | | | | |
| 48,000 | | Avantor, Inc.+ | | $ 1,623,360 | | |
| 12,000 | | IQVIA Holdings, Inc.+ | | 2,774,520 | | |
| | | | | 4,397,880 | | |
| | | Pharmaceuticals (1.0%) | | | | |
| 16,000 | | Catalent, Inc.+ | | 1,774,400 | | |
| | | Total Healthcare | | 12,891,970 | | |
| | | | | | | |
| | | Industrials (10.9%) | | | | |
| | | Aerospace & Defense (0.9%) | | | | |
| 17,000 | | AeroVironment, Inc.+ | | 1,600,380 | | |
| | | | | | | |
| | | Airlines (0.6%) | | | | |
| 24,000 | | Southwest Airlines Co.+ | | 1,099,200 | | |
| | | | | | | |
| | | Building Products (1.4%) | | | | |
| 22,000 | | Builders FirstSource, Inc.+ | | 1,419,880 | | |
| 24,000 | | Carrier Global Corp. | | 1,100,880 | | |
| | | | | 2,520,760 | | |
| | | Commercial Services & Supplies (1.5%) | | | | |
| 20,320 | | Republic Services, Inc. | | 2,692,400 | | |
| | | | | | | |
| | | Machinery (2.5%) | | | | |
| 18,000 | | Evoqua Water Technologies Corp.+ | | 845,640 | | |
| 13,000 | | Helios Technologies, Inc. | | 1,043,250 | | |
| 5,500 | | Nordson Corp. | | 1,248,940 | | |
| 16,000 | | Xylem, Inc. | | 1,364,160 | | |
| | | | | 4,501,990 | | |
| | | Professional Services (3.1%) | | | | |
| 12,000 | | Jacobs Engineering Group, Inc. | | 1,653,720 | | |
| 16,000 | | TransUnion | | 1,653,440 | | |
| 11,000 | | Verisk Analytics, Inc. | | 2,360,930 | | |
| | | | | 5,668,090 | | |
| | | Trading Companies & Distributors (0.9%) | | | | |
| 12,000 | | WESCO International, Inc.+ | | 1,561,680 | | |
| | | Total Industrials | | 19,644,500 | | |
| | | | | | | |
| | | Information Technology (23.1%) | | | | |
| | | Communication Equipment (3.7%) | | | | |
| 47,200 | | Arista Networks, Inc.+ | | 6,559,856 | | |
| | | | | | | |
| | | Electronic Equipment, Instruments & Components (1.4%) | | | | |
| 5,366 | | Teledyne Technologies, Inc.+ | | 2,536,133 | | |
AQUILA OPPORTUNITY GROWTH FUND
SCHEDULE OF INVESTMENTS (continued)
March 31, 2022
(unaudited)
| Shares | | Common Stocks (continued) | | Market
Value | | (a) |
| | | Information Technology (continued) | | | | |
| | | Semiconductors & Semiconductor Equipment (8.1%) | | | | |
| 16,000 | | Marvell Technology, Inc. | | $ 1,147,360 | | |
| 36,000 | | Micron Technology, Inc. | | 2,804,040 | | |
| 32,000 | | ON Semiconductor Corp.+ | | 2,003,520 | | |
| 24,000 | | Qorvo, Inc.+ | | 2,978,400 | | |
| 50,000 | | Wolfspeed, Inc.+ | | 5,693,000 | | |
| | | | | 14,626,320 | | |
| | | Software (9.9%) | | | | |
| 12,000 | | Cadence Design Systems, Inc.+ | | 1,973,520 | | |
| 22,000 | | CommVault Systems, Inc.+ | | 1,459,700 | | |
| 5,000 | | Elastic NV+ | | 444,750 | | |
| 1,000 | | HubSpot, Inc.+ | | 474,940 | | |
| 4,078 | | Palo Alto Networks, Inc.+ | | 2,538,596 | | |
| 30,000 | | Splunk, Inc.+ | | 4,458,300 | | |
| 8,000 | | Synopsys, Inc.+ | | 2,666,160 | | |
| 15,400 | | Workday, Inc.+ | | 3,687,684 | | |
| | | | | 17,703,650 | | |
| | | Total Information Technology | | 41,425,959 | | |
| | | | | | | |
| | | Materials (4.7%) | | | | |
| | | Chemicals (1.5%) | | | | |
| 16,000 | | Aspen Aerogels, Inc.+ | | 551,680 | | |
| 17,000 | | Corteva, Inc. | | 977,160 | | |
| 6,000 | | International Flavors & Fragrances, Inc. | | 787,980 | | |
| 7,000 | | The Mosaic Co. | | 465,500 | | |
| | | | | 2,782,320 | | |
| | | Construction Materials (0.9%) | | | | |
| 4,000 | | Martin Marietta Materials, Inc. | | 1,539,560 | | |
| | | | | | | |
| | | Metals & Mining (2.3%) | | | | |
| 34,000 | | Barrick Gold Corp. | | 834,020 | | |
| 20,000 | | Lithium Americas Corp.+ | | 769,800 | | |
| 24,000 | | Steel Dynamics, Inc. | | 2,002,320 | | |
| 10,000 | | Wheaton Precious Metals Corp. | | 475,800 | | |
| | | | | 4,081,940 | | |
| | | Total Materials | | 8,403,820 | | |
| | | | | | | |
| | | Real Estate (6.7%) | | | | |
| | | Equity Real Estate Investment (6.2%) | | | | |
| 16,000 | | Simon Property Group, Inc. | | 2,104,960 | | |
| 32,000 | | Ventas, Inc. | | 1,976,320 | | |
| 80,000 | | VICI Properties, Inc. | | 2,276,800 | | |
| 125,000 | | Weyerhaeuser Co. | | 4,737,500 | | |
| | | | | 11,095,580 | | |
| | | Real Estate Management & Development (0.5%) | | | | |
| 50,000 | | Cushman & Wakefield PLC+ | | 1,025,500 | | |
| | | Total Real Estate | | 12,121,080 | | |
AQUILA OPPORTUNITY GROWTH FUND
SCHEDULE OF INVESTMENTS (continued)
March 31, 2022
(unaudited)
| Shares | | Common Stocks (continued) | | Market
Value | | (a) |
| | | Utilities (8.9%) | | | | |
| | | Electric Utilities (1.7%) | | | | |
| 26,000 | | Entergy Corp. | | $ 3,035,500 | | |
| | | | | | | |
| | | Multi-Utilities (7.2%) | | | | |
| 48,000 | | CMS Energy Corp. | | 3,357,120 | | |
| 40,000 | | Dominion Energy, Inc. | | 3,398,800 | | |
| 90,000 | | NiSource, Inc. | | 2,862,000 | | |
| 34,000 | | WEC Energy Group, Inc. | | 3,393,540 | | |
| | | | | 13,011,460 | | |
| | | Total Utilities | | 16,046,960 | | |
| | | Total Common Stocks
(cost $149,237,327) | | 176,421,060 | | |
| | | Short-Term Investment (1.3%) | | | | |
| 2,418,571 | | Dreyfus Treasury Obligations Cash Management - Institutional Shares, 0.15%*
(cost $2,418,571) | | 2,418,571 | | |
| | | Total Investments
(cost $151,655,898 - note b) | 99.5% | | 178,839,631 | | |
| | | Other assets less liabilities | 0.5 | | 858,915 | | |
| | | Net Assets | 100.0% | | $ 179,698,546 | | |
| | | | | | | | |
| | | + Non-income producing security. | | | | | |
| | | * The rate is an annualized seven-day yield at period end. | | | | | |
AQUILA OPPORTUNITY GROWTH FUND
SCHEDULE OF INVESTMENTS (continued)
March 31, 2022
(unaudited)
| Portfolio Distribution | | Percent of
Common
Stocks | |
| Aerospace & Defense | | 0.9 | % |
| Airlines | | 0.6 | |
| Auto Components | | 0.8 | |
| Automobiles | | 2.3 | |
| Banks | | 6.3 | |
| Biotechnology | | 1.0 | |
| Building Products | | 1.4 | |
| Capital Markets | | 1.7 | |
| Chemicals | | 1.6 | |
| Commercial Services & Supplies | | 1.5 | |
| Communication Equipment | | 3.7 | |
| Construction Materials | | 0.9 | |
| Consumer Finance | | 1.0 | |
| Diversified Consumer Services | | 1.0 | |
| Electric Utilities | | 1.7 | |
| Electronic Equipment, Instruments & Components | | 1.4 | |
| Entertainment | | 2.1 | |
| Equity Real Estate Investment | | 6.3 | |
| Food & Staples Retailing | | 0.6 | |
| Food Products | | 1.4 | |
| Health Care Equipment & Supplies | | 2.2 | |
| Health Care Providers & Services | | 0.7 | |
| Hotels, Restaurants & Leisure | | 2.0 | |
| Insurance | | 4.2 | |
| Interactive Media & Services | | 0.4 | |
| Leisure Products | | 1.8 | |
| Life Sciences Tools & Services | | 2.5 | |
| Machinery | | 2.6 | |
| Metals & Mining | | 2.3 | |
| Multi-Utilities | | 7.4 | |
| Oil, Gas & Consumable Fuels | | 10.9 | |
| Pharmaceuticals | | 1.0 | |
| Professional Services | | 3.2 | |
| Real Estate Management & Development | | 0.6 | |
| Semiconductors & Semiconductor Equipment | | 8.3 | |
| Software | | 10.0 | |
| Specialty Retail | | 0.8 | |
| Trading Companies & Distributors | | 0.9 | |
| | | 100.0 | % |
See accompanying notes to financial statements.
AQUILA OPPORTUNITY GROWTH FUND
NOTES TO FINANCIAL STATEMENTS
March 31, 2022
(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 March 31, 2022, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $152,174,878 amounted to $26,664,753, which consisted of aggregate gross unrealized appreciation of $32,763,191 and aggregate gross unrealized depreciation of $6,098,438.
(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 March 31, 2022:
| Valuation Inputs+ | | Investments in
Securities |
| Level 1 – Quoted Prices: | | |
| Common Stocks and Short-Term Investment | | $ 178,839,631 |
| Level 2 – Other Significant Observable Inputs | | — |
| Level 3 – Significant Unobservable Inputs | | — |
| Total | | $ 178,839,631 |
| + See schedule of investments for a detailed listing of securities. | | |
