AQUILA OPPORTUNITY GROWTH FUND
SCHEDULE OF INVESTMENTS
September 30, 2022
(unaudited)
| Shares | | Common Stocks (98.2%) | | Market
Value | | (a) |
| | | Communication Services (4.5%) | | | | |
| | | Entertainment (3.6%) | | | | |
| 13,000 | | Netflix, Inc.+ | | $ 3,060,720 | | |
| 9,000 | | Roku, Inc.+ | | 507,600 | | |
| 12,000 | | Take-Two Interactive Software, Inc.+ | | 1,308,000 | | |
| | | | | 4,876,320 | | |
| | | | | | | |
| | | Interactive Media & Services (0.9%) | | | | |
| 16,000 | | Twitter, Inc.+ | | 701,440 | | |
| 14,000 | | ZoomInfo Technologies, Inc.+ | | 583,240 | | |
| | | | | 1,284,680 | | |
| | | Total Communication Services | | 6,161,000 | | |
| | | | | | | |
| | | Consumer Discretionary (7.2%) | | | | |
| | | Automobiles (1.5%) | | | | |
| 184,000 | | Ford Motor Co. | | 2,060,800 | | |
| | | | | | | |
| | | Hotels, Restaurants & Leisure (0.2%) | | | | |
| 8,000 | | Caesars Entertainment, Inc.+ | | 258,080 | | |
| | | | | | | |
| | | Internet & Direct Marketing Retail (1.8%) | | | | |
| 25,000 | | Etsy, Inc.+ | | 2,503,250 | | |
| | | | | | | |
| | | Leisure Products (1.5%) | | | | |
| 106,000 | | Mattel, Inc.+ | | 2,007,640 | | |
| | | | | | | |
| | | Specialty Retail (2.2%) | | | | |
| 29,000 | | Dick's Sporting Goods, Inc. | | 3,034,560 | | |
| | | Total Consumer Discretionary | | 9,864,330 | | |
| | | | | | | |
| | | Consumer Staples (6.6%) | | | | |
| | | Food & Staples Retailing (1.1%) | | | | |
| 36,000 | | Kroger Co. | | 1,575,000 | | |
| | | | | | | |
| | | Food Products (5.5%) | | | | |
| 10,000 | | Archer-Daniels-Midland Co. | | 804,500 | | |
| 46,000 | | Campbell Soup Co. | | 2,167,520 | | |
| 32,000 | | Kellogg Co. | | 2,229,120 | | |
| 67,000 | | The Kraft Heinz Co. | | 2,234,450 | | |
| | | | | 7,435,590 | | |
| | | Total Consumer Staples | | 9,010,590 | | |
| | | | | | | |
AQUILA OPPORTUNITY GROWTH FUND
SCHEDULE OF INVESTMENTS (continued)
September 30, 2022
(unaudited)
| Shares | | Common Stocks (continued) | | Market
Value | | (a) |
| | | Energy (7.2%) | | | | |
| | | Energy Equipment & Services (0.4%) | | | | |
| 24,000 | | Halliburton Co. | | $ 590,880 | | |
| | | | | | | |
| | | Oil, Gas & Consumable Fuels (6.8%) | | | | |
| 28,000 | | Cameco Corp. | | 742,280 | | |
| 7,000 | | Cheniere Energy, Inc. | | 1,161,370 | | |
| 20,000 | | Hess Corp. | | 2,179,800 | | |
| 37,000 | | Occidental Petroleum Corp. | | 2,273,650 | | |
| 10,000 | | Pioneer Natural Resources Co. | | 2,165,300 | | |
| 7,000 | | Valero Energy Corp. | | 747,950 | | |
| | | | | 9,270,350 | | |
| | | Total Energy | | 9,861,230 | | |
| | | | | | | |
| | | Financials (12.4%) | | | | |
| | | Banks (5.6%) | | | | |
| 24,000 | | BankUnited, Inc. | | 820,080 | | |
| 35,000 | | Citizens Financial Group, Inc. | | 1,202,600 | | |
| 211,000 | | Huntington Bancshares, Inc. | | 2,780,980 | | |
| 16,000 | | M&T Bank Corp. | | 2,821,120 | | |
| | | | | 7,624,780 | | |
| | | Capital Markets (1.4%) | | | | |
| 9,000 | | LPL Financial Holdings, Inc. | | 1,966,320 | | |
| | | | | | | |
| | | Insurance (4.8%) | | | | |
| 11,000 | | The Allstate Corp. | | 1,369,830 | | |
| 53,000 | | MetLife, Inc. | | 3,221,340 | | |
| 22,000 | | Prudential Financial, Inc. | | 1,887,160 | | |
| | | | | 6,478,330 | | |
| | | | | | | |
| | | Mortgage Real Estate Investment (0.6%) | | | | |
| 105,000 | | Rithm Capital Corp. | | 768,600 | | |
| | | Total Financials | | 16,838,030 | | |
| | | | | | | |
| | | Health Care (11.1%) | | | | |
| | | Biotechnology (2.3%) | | | | |
| 2,000 | | Alnylam Pharmaceuticals, Inc.+ | | 400,320 | | |
| 2,000 | | Biogen, Inc.+ | | 534,000 | | |
| 11,000 | | BioMarin Pharmaceutical, Inc.+ | | 932,470 | | |
| 9,000 | | Seagen, Inc.+ | | 1,231,470 | | |
| | | | | 3,098,260 | | |
| | | | | | | |
| | | Health Care Equipment & Supplies (1.8%) | | | | |
| 14,000 | | Dexcom, Inc.+ | | 1,127,560 | | |
| 13,000 | | Zimmer Biomet Holdings, Inc. | | 1,359,150 | | |
| | | | | 2,486,710 | | |
AQUILA OPPORTUNITY GROWTH FUND
SCHEDULE OF INVESTMENTS (continued)
September 30, 2022
(unaudited)
| Shares | | Common Stocks (continued) | | Market
Value | | (a) |
| | | Health Care (continued) | | | | |
| | | Health Care Providers & Services (4.1%) | | | | |
| 20,000 | | Centene Corp.+ | | $ 1,556,200 | | |
| 18,000 | | Guardant Health, Inc.+ | | 968,940 | | |
| 9,000 | | McKesson Corp. | | 3,058,830 | | |
| | | | | 5,583,970 | | |
| | | | | | | |
| | | Life Sciences Tools & Services (2.0%) | | | | |
| 28,000 | | Avantor, Inc.+ | | 548,800 | | |
| 3,000 | | Illumina, Inc.+ | | 572,370 | | |
| 9,000 | | IQVIA Holdings, Inc.+ | | 1,630,260 | | |
| | | | | 2,751,430 | | |
| | | | | | | |
| | | Pharmaceuticals (0.9%) | | | | |
| 16,000 | | Catalent, Inc.+ | | 1,157,760 | | |
| | | Total Healthcare | | 15,078,130 | | |
| | | | | | | |
| | | Industrials (13.0%) | | | | |
| | | Aerospace & Defense (3.0%) | | | | |
| 17,000 | | AeroVironment, Inc.+ | | 1,417,120 | | |
| 4,000 | | General Dynamics Corp. | | 848,680 | | |
| 4,000 | | Northrop Grumman Corp. | | 1,881,280 | | |
| | | | | 4,147,080 | | |
| | | | | | | |
| | | Air Freight & Logistics (0.4%) | | | | |
| 4,000 | | FedEx Corp. | | 593,880 | | |
| | | | | | | |
| | | Building Products (0.6%) | | | | |
| 24,000 | | Carrier Global Corp. | | 853,440 | | |
| | | | | | | |
| | | Commercial Services & Supplies (1.8%) | | | | |
| 18,000 | | Republic Services, Inc. | | 2,448,720 | | |
| | | | | | | |
| | | Electrical Equipment (2.2%) | | | | |
| 6,000 | | Generac Holdings, Inc.+ | | 1,068,840 | | |
| 5,000 | | Rockwell Automation, Inc. | | 1,075,550 | | |
| 40,000 | | Shoals Technologies Group, Inc.+ | | 862,000 | | |
| | | | | 3,006,390 | | |
| | | | | | | |
| | | Machinery (1.7%) | | | | |
| 4,000 | | Nordson Corp. | | 849,080 | | |
| 16,000 | | Xylem, Inc. | | 1,397,760 | | |
| | | | | 2,246,840 | | |
AQUILA OPPORTUNITY GROWTH FUND
SCHEDULE OF INVESTMENTS (continued)
September 30, 2022
(unaudited)
| Shares | | Common Stocks (continued) | | Market
Value | | (a) |
| | | Industrials (continued) | | | | |
| | | Professional Services (2.2%) | | | | |
| 14,000 | | Jacobs Solutions, Inc. | | 1,518,860 | | |
| 9,000 | | Verisk Analytics, Inc. | | 1,534,770 | | |
| | | | | 3,053,630 | | |
| | | | | | | |
| | | Trading Companies & Distributors (1.1%) | | | | |
| 12,000 | | WESCO International, Inc.+ | | 1,432,560 | | |
| | | Total Industrials | | 17,782,540 | | |
| | | | | | | |
| | | Information Technology (15.9%) | | | | |
| | | Communication Equipment (2.3%) | | | | |
| 28,000 | | Arista Networks, Inc.+ | | 3,160,920 | | |
| | | | | | | |
| | | Semiconductors & Semiconductor Equipment (4.2%) | | | | |
| 12,000 | | Ambarella, Inc.+ | | 674,160 | | |
| 16,000 | | Micron Technology, Inc. | | 801,600 | | |
| 21,000 | | ON Semiconductor Corp.+ | | 1,308,930 | | |
| 37,000 | | PDF Solutions, Inc.+ | | 907,610 | | |
| 15,000 | | Rambus, Inc.+ | | 381,300 | | |
| 15,000 | | Wolfspeed, Inc.+ | | 1,550,400 | | |
| | | | | 5,624,000 | | |
| | | | | | | |
| | | Software (9.4%) | | | | |
| 11,000 | | Cadence Design Systems, Inc.+ | | 1,797,730 | | |
| 19,000 | | CommVault Systems, Inc.+ | | 1,007,760 | | |
| 15,000 | | Elastic NV+ | | 1,076,100 | | |
| 3,000 | | HubSpot, Inc.+ | | 810,360 | | |
| 12,234 | | Palo Alto Networks, Inc.+ | | 2,003,807 | | |
| 19,000 | | Splunk, Inc.+ | | 1,428,800 | | |
| 5,500 | | Synopsys, Inc.+ | | 1,680,305 | | |
| 14,400 | | Workday, Inc.+ | | 2,191,968 | | |
| 5,000 | | Zscaler, Inc.+ | | 821,850 | | |
| | | | | 12,818,680 | | |
| | | Total Information Technology | | 21,603,600 | | |
AQUILA OPPORTUNITY GROWTH FUND
SCHEDULE OF INVESTMENTS (continued)
September 30, 2022
(unaudited)
| Shares | | Common Stocks (continued) | | Market
Value | | (a) |
| | | Materials (6.7%) | | | | |
| | | Chemicals (2.1%) | | | | |
| 4,000 | | Albemarle Corp. | | 1,057,760 | | |
| 23,000 | | Corteva, Inc. | | 1,314,450 | | |
| 6,000 | | International Flavors & Fragrances, Inc. | | 544,980 | | |
| | | | | 2,917,190 | | |
| | | | | | | |
| | | Construction Materials (1.0%) | | | | |
| 4,000 | | Martin Marietta Materials, Inc. | | 1,288,360 | | |
| | | | | | | |
| | | Metals & Mining (3.6%) | | | | |
| 69,000 | | Barrick Gold Corp. | | 1,069,500 | | |
| 51,000 | | Lithium Americas Corp.+ | | 1,337,730 | | |
| 25,000 | | Newmont Corp. | | 1,050,750 | | |
| 20,000 | | Steel Dynamics, Inc. | | 1,419,000 | | |
| | | | | 4,876,980 | | |
| | | Total Materials | | 9,082,530 | | |
| | | | | | | |
| | | Real Estate (4.1%) | | | | |
| | | Equity Real Estate Investment (4.1%) | | | | |
| 32,000 | | Ventas, Inc. | | 1,285,440 | | |
| 80,000 | | VICI Properties, Inc. | | 2,388,000 | | |
| 65,000 | | Weyerhaeuser Co. | | 1,856,400 | | |
| | | | | 5,529,840 | | |
| | | Total Real Estate | | 5,529,840 | | |
| | | | | | | |
| | | Utilities (9.5%) | | | | |
| | | Electric Utilities (3.5%) | | | | |
| 22,000 | | Entergy Corp. | | 2,213,860 | | |
| 71,000 | | FirstEnergy Corp. | | 2,627,000 | | |
| | | | | 4,840,860 | | |
| | | | | | | |
| | | Multi-Utilities (6.0%) | | | | |
| 45,000 | | CMS Energy Corp. | | 2,620,800 | | |
| 41,000 | | Dominion Energy, Inc. | | 2,833,510 | | |
| 30,000 | | WEC Energy Group, Inc. | | 2,682,900 | | |
| | | | | 8,137,210 | | |
| | | Total Utilities | | 12,978,070 | | |
| | | Total Common Stocks
(cost $131,749,099) | | 133,789,890 | | |
| Shares | | Short-Term Investment (1.9%) | | Market
Value | | (a) |
| 2,559,173 | | Dreyfus Treasury Obligations Cash Management - Institutional
Shares, 2.85%* (cost $2,559,173) | | | $ 2,559,173 | | |
| | | | | | | | |
| | | | | | | | |
| | | Total Investments (cost $134,308,272 - note b) | 100.1% | | 136,349,063 | | |
| | | Other assets less liabilities | (0.1) | | (156,367) | | |
| | | Net Assets | 100.0% | | $ 136,192,696 | | |
| + Non-income producing security. |
| |
| * The rate is an annualized seven-day yield at period end. |
AQUILA OPPORTUNITY GROWTH FUND
SCHEDULE OF INVESTMENTS (continued)
September 30, 2022
(unaudited)
| Portfolio Distribution | | Percent of
Common
Stocks |
| Aerospace & Defense | | 3.1 | % |
| Air Freight & Logistics | | 0.4 | |
| Automobiles | | 1.5 | |
| Banks | | 5.7 | |
| Biotechnology | | 2.3 | |
| Building Products | | 0.6 | |
| Capital Markets | | 1.5 | |
| Chemicals | | 2.2 | |
| Commercial Services & Supplies | | 1.8 | |
| Communication Equipment | | 2.4 | |
| Construction Materials | | 1.0 | |
| Electric Utilities | | 3.6 | |
| Electrical Equipment | | 2.2 | |
| Energy Equipment & Services | | 0.4 | |
| Entertainment | | 3.6 | |
| Equity Real Estate Investment | | 4.1 | |
| Food & Staples Retailing | | 1.2 | |
| Food Products | | 5.6 | |
| Health Care Equipment & Supplies | | 1.9 | |
| Health Care Providers & Services | | 4.2 | |
| Hotels, Restaurants & Leisure | | 0.2 | |
| Insurance | | 4.8 | |
| Interactive Media & Services | | 1.0 | |
| Internet & Direct Marketing Retail | | 1.9 | |
| Leisure Products | | 1.5 | |
| Life Sciences Tools & Services | | 2.0 | |
| Machinery | | 1.7 | |
| Metals & Mining | | 3.6 | |
| Mortgage Real Estate Investment | | 0.6 | |
| Multi-Utilities | | 6.1 | |
| Oil, Gas & Consumable Fuels | | 6.9 | |
| Pharmaceuticals | | 0.9 | |
| Professional Services | | 2.3 | |
| Semiconductors & Semiconductor Equipment | | 4.2 | |
| Software | | 9.6 | |
| Specialty Retail | | 2.3 | |
| Trading Companies & Distributors | | 1.1 | |
| | | 100.0 | % |
See accompanying notes to financial statements.
AQUILA OPPORTUNITY GROWTH FUND
NOTES TO FINANCIAL STATEMENTS
September 30, 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 September 30, 2022, the net unrealized appreciation on investments, based on cost for federal income tax purposes of $134,802,716 amounted to $1,546,347, which consisted of aggregate gross unrealized appreciation of $12,686,511 and aggregate gross unrealized depreciation of $11,140,164.
(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, 2022:
| Valuation Inputs+ | | Investments in
Securities |
| Level 1 – Quoted Prices: | | |
| Common Stocks and Short-Term Investment | | $ | 136,349,063 |
| Level 2 – Other Significant Observable Inputs | | — |
| Level 3 – Significant Unobservable Inputs | | — |
| Total | | $ | 136,349,063 |
| +See schedule of investments for a detailed listing of securities. | | |
