Portfolio Holdings, June 30, 2021

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AQUILA THREE PEAKS OPPORTUNITY GROWTH FUND PORTFOLIO HOLDINGS, JUNE 30, 2021

SECURITY DESCRIPTION TICKER % OF PORTFOLIO

IQVIA HOLDINGS INC IQV 2.28% ALLY FINANCIAL INC ALLY 2.20% LPL FINANCIAL HOLDINGS INC LPLA 2.15% SS&C TECHNOLOGIES HOLDINGS INC SSNC 2.13% VERTIV HOLDINGS CO VRT 1.97% ZIMMER BIOMET HOLDINGS INC ZBH 1.95% TELEFLEX INC TFX 1.74% NASDAQ INC NDAQ 1.74% TRANSUNION TRU 1.67% MOTOROLA SOLUTIONS INC MSI 1.64% AVANTOR INC AVTR 1.61% XYLEM INC/NY XYL 1.60% ARTHUR J GALLAGHER & CO AJG 1.52% ZEBRA TECHNOLOGIES CORP ZBRA 1.51% CDW CORP/DE CDW 1.51% KEYSIGHT TECHNOLOGIES INC KEYS 1.49% MATTEL INC MAT 1.48% CATALENT INC CTLT 1.46% GFL ENVIRONMENTAL INC GFL 1.40% MARVELL TECHNOLOGY INC MRVL 1.36% BROWN & BROWN INC BRO 1.34% CLARIVATE PLC CCC 1.34% WESCO INTERNATIONAL INC WCC 1.34% RACKSPACE TECHNOLOGY INC RXT 1.29% DISCOVER FINANCIAL SERVICES DFS 1.28% COMMSCOPE HOLDING CO INC COMM 1.23% QORVO INC QRVO 1.23% BALL CORP BLL 1.23% DIVERSEY HOLDINGS LTD DSEY 1.22% ADAPTHEALTH CORP AHCO 1.22% LKQ CORP LKQ 1.21% ELANCO ANIMAL HEALTH INC ELAN 1.21% APTIV PLC APTV 1.13% CHURCHILL DOWNS INC CHDN 1.13% GARTNER INC IT 1.11% CHAMPIONX CORP CHX 1.11% SYNCHRONY FINANCIAL SYF 1.10% BLACK KNIGHT INC BKI 1.10% DELL TECHNOLOGIES INC DELL 1.08% UNDER ARMOUR INC UAA 1.07% HOWARD HUGHES CORP/THE HHC 1.07% CAESARS ENTERTAINMENT INC CZR 1.05% VERISK ANALYTICS INC VRSK 1.05% BROADRIDGE FINANCIAL SOLUTIONS INC BR 1.04% AZEK CO INC/THE AZEK 1.03% GOODYEAR TIRE & RUBBER CO/THE GT 1.02% GLOBAL PAYMENTS INC GPN 1.02% CROWN HOLDINGS INC CCK 1.02% LESLIE’S INC LESL 1.02% PERFORMANCE FOOD GROUP CO PFGC 1.01% NORTONLIFELOCK INC NLOK 1.00% BIO-RAD LABORATORIES INC BIO 0.99% ENTEGRIS INC ENTG 0.98% REALOGY HOLDINGS CORP RLGY 0.98% RESIDEO TECHNOLOGIES INC REZI 0.97% TELEDYNE TECHNOLOGIES INC TDY 0.97%

June 30, 2021 Aquila Distributors LLC Unaudited AQUILA THREE PEAKS OPPORTUNITY GROWTH FUND PORTFOLIO HOLDINGS, JUNE 30, 2021

SECURITY DESCRIPTION TICKER % OF PORTFOLIO

XPO LOGISTICS INC XPO 0.97% CONSTELLATION BRANDS INC STZ 0.97% BUILDERS FIRSTSOURCE INC BLDR 0.96% HCA HEALTHCARE INC HCA 0.96% BERRY GLOBAL GROUP INC BERY 0.95% AMERIPRISE FINANCIAL INC AMP 0.91% EVOQUA WATER TECHNOLOGIES CORP AQUA 0.91% AMERICAN WATER WORKS CO INC AWK 0.90% CARRIER GLOBAL CORP CARR 0.89% MOLSON COORS BEVERAGE CO TAP 0.87% STANLEY BLACK & DECKER INC SWK 0.87% LIVE NATION ENTERTAINMENT INC LYV 0.85% SHIFT4 PAYMENTS INC FOUR 0.84% CUSHMAN & WAKEFIELD PLC CWK 0.81% SERVICE CORP INTERNATIONAL/US SCI 0.80% PLANET FITNESS INC PLNT 0.79% LEIDOS HOLDINGS INC LDOS 0.78% PALO ALTO NETWORKS INC PANW 0.78% REPUBLIC SERVICES INC RSG 0.76% CARMAX INC KMX 0.73% US FOODS HOLDING CORP USFD 0.71% GODADDY INC GDDY 0.71% BRIGHT HORIZONS FAMILY SOLUTIONS INC BFAM 0.71% L BRANDS INC LB 0.70% AMETEK INC AME 0.69% VICI PROPERTIES INC VICI 0.62% AVAYA HOLDINGS CORP AVYA 0.61% ON SEMICONDUCTOR CORP ON 0.57%

DREYFUS TR OBL CSH MGMT-INST 2.77%

TOTAL PORTFOLIO 100.00%

Information regarding holdings is subject to change and is not necessarily representative of the entire portfolio. Investment Considerations: Please refer to the Fund prospectus for a complete description of risks associated with an investment in the Fund. These include, but are not limited to, potential loss of value, market risk, financial risk, interest rate and credit risk, and investments in highly- leveraged companies, lower-quality debt securities, foreign markets and foreign currencies. The Fund will invest at least 70% of it’s assets in equity securities. Equity holdings of the Fund may include common stock, warrants, convertible bonds, preferred stock or a limited allocation to foreign equity. Up to 30% of assets may be invested in fixed income securities including lower-quality, high-yield corporate debt. The Fund may hold significant amounts of cash or other short-term investments in response to market volatility, while seeking to identify investment opportunities for the Fund, or for other reasons. If a significant amount of a Fund’s assets are used for cash management or defensive investing purposes, it will be more difficult for the Fund to achieve its investment objectives.

This material must be preceded or accompanied by a copy of the Fund’s current prospectus. Before investing in the Fund, carefully read about and consider the investment objectives, risks, charges, expenses, and other information found in the Fund prospectus.