Form NPORT-P AQUILA FUNDS TRUST For: Mar 31

  
    NPORT-P
    false
    
      
      
        
          0000707800
          XXXXXXXX
        
      
      
      
      
        S000041644
        C000129287
        C000129288
        C000129290
        C000129289
      
      
    
  
  
    
      Aquila Funds Trust
      811-03578
      0000707800
      5493002RAE6QXG2F2J66
      120 West 45th Street
      STE 3600
      New York
      
      10036
      212-697-6666
      Aquila Opportunity Growth Fund
      S000041644
      549300QQRQT16ZV7EA07
      2022-12-31
      2022-03-31
      N
    
    
      182089114.32
      2377300.12
      179711814.20
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      N
      
        
          
          
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Republic Services Inc
        NKNQHM6BLECKVOQP7O46
        
        760759100
        
          
          
        
        20320.00000000
        NS
        USD
        2692400.00000000
        1.498176406479
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Catalent Inc
        N/A
        
        148806102
        
          
          
        
        16000.00000000
        NS
        USD
        1774400.00000000
        0.987358570664
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CMS Energy Corp
        549300IA9XFBAGNIBW29
        
        125896100
        
          
          
        
        48000.00000000
        NS
        USD
        3357120.00000000
        1.868057486896
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dominion Energy Inc
        ILUL7B6Z54MRYCF6H308
        
        25746U109
        
          
          
        
        40000.00000000
        NS
        USD
        3398800.00000000
        1.891250174692
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wolfspeed Inc
        549300OGU88P3AW3TO93
        
        977852102
        
          
          
        
        50000.00000000
        NS
        USD
        5693000.00000000
        3.167849607073
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aspen Aerogels Inc
        N/A
        
        04523Y105
        
          
          
        
        16000.00000000
        NS
        USD
        551680.00000000
        0.306980374359
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Archer-Daniels-Midland Co
        549300LO13MQ9HYSTR83
        
        039483102
        
          
          
        
        11000.00000000
        NS
        USD
        992860.00000000
        0.552473416630
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Teledyne Technologies Inc
        549300VSMO9KYQWDND94
        
        879360105
        
          
          
        
        5366.00000000
        NS
        USD
        2536132.58000000
        1.411221956269
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Wheaton Precious Metals Corp
        549300XSFG5ZCGVYD886
        
        962879102
        
          
          
        
        10000.00000000
        NS
        USD
        475800.00000000
        0.264757218170
        Long
        EC
        CORP
        CA
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Dreyfus Treasury Obligations Cash Management Fund
        549300MKKM9KT7BF6329
        
        261908107
        
          
          
        
        4414089.29000000
        NS
        USD
        4414089.29000000
        2.456204289990
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mattel Inc
        549300VELLG24KHTJ564
        
        577081102
        
          
          
        
        146000.00000000
        NS
        USD
        3242660.00000000
        1.804366626888
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Helios Technologies Inc
        5493000BCJSMIDRNTI78
        
        42328H109
        
          
          
        
        13000.00000000
        NS
        USD
        1043250.00000000
        0.580512752956
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BankUnited Inc
        96OVUWEW5D4YX6PFXD91
        
        06652K103
        
          
          
        
        44000.00000000
        NS
        USD
        1934240.00000000
        1.076300970312
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pioneer Natural Resources Co
        FY8JBF7CCL2VE4F1B628
        
        723787107
        
          
          
        
        23000.00000000
        NS
        USD
        5750690.00000000
        3.199951002442
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Prudential Financial Inc
        5PRBRS5FEH7NREC8OR45
        
        744320102
        
          
          
        
        12000.00000000
        NS
        USD
        1418040.00000000
        0.789063315793
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Arista Networks Inc
        635400H1WKBLOQERUU95
        
        040413106
        
          
          
        
        47200.00000000
        NS
        USD
        6559856.00000000
        3.650208545944
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Albertsons Cos Inc
        549300YKWOC0AOR16R51
        
        013091103
        
          
          
        
        30000.00000000
        NS
        USD
        997500.00000000
        0.555055328132
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Seagen Inc
        N/A
        
        81181C104
        
          
          
        
        4000.00000000
        NS
        USD
        576200.00000000
        0.320624441172
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Qorvo Inc
        254900YAUJV2EUEVBR11
        
        74736K101
        
          
          
        
        24000.00000000
        NS
        USD
        2978400.00000000
        1.657320089532
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ventas Inc
        ORQTRC074CWLT3DKHT41
        
        92276F100
        
          
          
        
        32000.00000000
        NS
        USD
        1976320.00000000
        1.099716236685
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WEC Energy Group Inc
        549300IGLYTZUK3PVP70
        
        92939U106
        
          
          
        
        34000.00000000
        NS
        USD
        3393540.00000000
        1.888323266395
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Synopsys Inc
        QG7T915N9S0NY5UKNE63
        
        871607107
        
          
          
        
        8000.00000000
        NS
        USD
        2666160.00000000
        1.483575251782
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        NiSource Inc
        549300D8GOWWH0SJB189
        
        65473P105
        
          
          
        
        90000.00000000
        NS
        USD
        2862000.00000000
        1.592549723422
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Guardant Health Inc
        254900M8C3E5VC8BR186
        
        40131M109
        
          
          
        
        10000.00000000
        NS
        USD
        662400.00000000
        0.368590124666
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Aptiv PLC
        N/A
        
        000000000
        
          
          
          
        
        11177.00000000
        NS
        USD
        1337998.67000000
        0.744524602323
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Splunk Inc
        549300XGDSGBP6UEI867
        
        848637104
        
          
          
        
        30000.00000000
        NS
        USD
        4458300.00000000
        2.480805182367
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cadence Design Systems Inc
        GCT7RXJOGLXPV0NXZY22
        
        127387108
        
          
          
        
        12000.00000000
        NS
        USD
        1973520.00000000
        1.098158186641
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Southwest Airlines Co
        UDTZ87G0STFETI6HGH41
        
        844741108
        
          
          
        
        24000.00000000
        NS
        USD
        1099200.00000000
        0.611645931511
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Zimmer Biomet Holdings Inc
        2P2YLDVPES3BXQ1FRB91
        
        98956P102
        
          
          
        
        26000.00000000
        NS
        USD
        3325400.00000000
        1.850407005684
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IFF
        BZLRL03D3GPGMOGFO832
        
        459506101
        
          
          
        
        6000.00000000
        NS
        USD
        787980.00000000
        0.438468669134
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        M&T Bank Corp
        549300WYXDDBYRASEG81
        
        55261F104
        
          
          
        
        14000.00000000
        NS
        USD
        2373000.00000000
        1.320447412187
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Evoqua Water Technologies Corp
        529900YQAOMEZRGRRP43
        
        30057T105
        
          
          
        
        18000.00000000
        NS
        USD
        845640.00000000
        0.470553371109
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Avantor Inc
        N/A
        
        05352A100
        
          
          
        
        48000.00000000
        NS
        USD
        1623360.00000000
        0.903312899725
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Kellogg Co
        LONOZNOJYIBXOHXWDB86
        
        487836108
        
          
          
        
        23000.00000000
        NS
        USD
        1483270.00000000
        0.825360317351
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Caesars Entertainment Inc
        549300FA4CTCW903Y781
        
        12769G100
        
          
          
        
        28000.00000000
        NS
        USD
        2166080.00000000
        1.205307513945
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Elastic NV
        2549003I48WHHH937I59
        
        000000000
        
          
          
          
        
        5000.00000000
        NS
        USD
        444750.00000000
        0.247479556076
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Planet Fitness Inc
        549300LLE5HUPF6H8G33
        
        72703H101
        
          
          
        
        16000.00000000
        NS
        USD
        1351680.00000000
        0.752137529754
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Xylem Inc/NY
        549300DF5MV96DRYLQ48
        
        98419M100
        
          
          
        
        16000.00000000
        NS
        USD
        1364160.00000000
        0.759081981378
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Steel Dynamics Inc
        549300HGGKEL4FYTTQ83
        
        858119100
        
          
          
        
        24000.00000000
        NS
        USD
        2002320.00000000
        1.114183844236
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ally Financial Inc
        549300JBN1OSM8YNAI90
        
        02005N100
        
          
          
        
        41000.00000000
        NS
        USD
        1782680.00000000
        0.991965947222
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Valero Energy Corp
        549300XTO5VR8SKV1V74
        
        91913Y100
        
          
          
        
        12000.00000000
        NS
        USD
        1218480.00000000
        0.678018863380
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cushman & Wakefield PLC
        N/A
        
        000000000
        
          
          
          
        
        50000.00000000
        NS
        USD
        1025500.00000000
        0.570635828570
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Brown & Brown Inc
        549300PC8KTJ71XKFY89
        
        115236101
        
          
          
        
        18000.00000000
        NS
        USD
        1300860.00000000
        0.723858921457
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Take-Two Interactive Software
        BOMSTHHJK882EWYX3334
        
        874054109
        
          
          
        
        8000.00000000
        NS
        USD
        1229920.00000000
        0.684384610703
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Mosaic Co/The
        2YD5STGSJNMUB7H76907
        
        61945C103
        
          
          
        
        7000.00000000
        NS
        USD
        465500.00000000
        0.259025819794
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        LPL Financial Holdings Inc
        549300XROQ4Y8G2L7682
        
        50212V100
        
          
          
        
        16000.00000000
        NS
        USD
        2922880.00000000
        1.626426182948
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Huntington Bancshares Inc/OH
        549300XTVCVV9I7B5T19
        
        446150104
        
          
          
        
        219000.00000000
        NS
        USD
        3201780.00000000
        1.781619096247
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Cheniere Energy Inc
        MIHC87W9WTYSYZWV1J40
        
        16411R208
        
          
          
        
        5000.00000000
        NS
        USD
        693250.00000000
        0.385756497471
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Builders FirstSource Inc
        549300W0SKP6L3H7DP63
        
        12008R107
        
          
          
        
        22000.00000000
        NS
        USD
        1419880.00000000
        0.790087177251
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Twitter Inc
        549300I8RX485XMK6836
        
        90184L102
        
          
          
        
        17000.00000000
        NS
        USD
        657730.00000000
        0.365991519771
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CommVault Systems Inc
        65T5VRP62VXG39YFML83
        
        204166102
        
          
          
        
        22000.00000000
        NS
        USD
        1459700.00000000
        0.812244874661
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Weyerhaeuser Co
        08IRJODWFYBI7QWRGS31
        
        962166104
        
          
          
        
        125000.00000000
        NS
        USD
        4737500.00000000
        2.636165029599
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Carrier Global Corp
        549300JE3W6CWY2NAN77
        
        14448C104
        
          
          
        
        24000.00000000
        NS
        USD
        1100880.00000000
        0.612580761537
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Nordson Corp
        14OS6Q5N55N95WM84M53
        
        655663102
        
          
          
        
        5500.00000000
        NS
        USD
        1248940.00000000
        0.694968222072
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Dexcom Inc
        549300YSK3QDSFR5EU59
        
        252131107
        
          
          
        
        1000.00000000
        NS
        USD
        511600.00000000
        0.284678000874
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        MetLife Inc
        C4BXATY60WC6XEOZDX54
        
        59156R108
        
          
          
        
        68000.00000000
        NS
        USD
        4779040.00000000
        2.659279814893
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AeroVironment Inc
        529900PGHVI29YLZ6221
        
        008073108
        
          
          
        
        17000.00000000
        NS
        USD
        1600380.00000000
        0.890525760437
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bright Horizons Family Solutio
        N/A
        
        109194100
        
          
          
        
        13555.00000000
        NS
        USD
        1798612.95000000
        1.000831780596
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BioMarin Pharmaceutical Inc
        NSLL8ITTRR0J5HEMR848
        
        09061G101
        
          
          
        
        8000.00000000
        NS
        USD
        616800.00000000
        0.343216166808
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HubSpot Inc
        529900BLNVEW0MVKJB37
        
        443573100
        
          
          
        
        1000.00000000
        NS
        USD
        474940.00000000
        0.264278674228
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Horizon Corp
        TF3RXI1ZB1TQ30H9JV10
        
        320517105
        
          
          
        
        40000.00000000
        NS
        USD
        939600.00000000
        0.522837079010
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Ford Motor Co
        20S05OYHG0MQM4VUIC57
        
        345370860
        
          
          
        
        244000.00000000
        NS
        USD
        4126040.00000000
        2.295920286803
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Jacobs Engineering Group Inc
        549300CZ8QS1GE53O776
        
        469814107
        
          
          
        
        12000.00000000
        NS
        USD
        1653720.00000000
        0.920206613773
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ON Semiconductor Corp
        ZV20P4CNJVT8V1ZGJ064
        
        682189105
        
          
          
        
        32000.00000000
        NS
        USD
        2003520.00000000
        1.114851579969
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Corteva Inc
        549300WZN9I2QKLS0O94
        
        22052L104
        
          
          
        
        17000.00000000
        NS
        USD
        977160.00000000
        0.543737207456
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Horizon Therapeutics Plc
        529900P0GSQ79OOZEV53
        
        000000000
        
          
          
          
        
        5000.00000000
        NS
        USD
        526050.00000000
        0.292718651993
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Micron Technology Inc
        B3DXGBC8GAIYWI2Z0172
        
        595112103
        
          
          
        
        36000.00000000
        NS
        USD
        2804040.00000000
        1.560298087514
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Verisk Analytics Inc
        549300I1YSWNIRKBWP67
        
        92345Y106
        
          
          
        
        11000.00000000
        NS
        USD
        2360930.00000000
        1.313731103605
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Lithium Americas Corp
        529900Q9ENG7EHHZ5R75
        
        53680Q207
        
          
          
        
        20000.00000000
        NS
        USD
        769800.00000000
        0.428352472778
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Palo Alto Networks Inc
        549300QXR2YVZV231H43
        
        697435105
        
          
          
        
        4078.00000000
        NS
        USD
        2538595.78000000
        1.412592595150
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        First Republic Bank/CA
        YWC0TIKBQM2JV8L4IV08
        
        33616C100
        
          
          
        
        17000.00000000
        NS
        USD
        2755700.00000000
        1.533399466399
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TransUnion
        549300ZS772LUNUMRB03
        
        89400J107
        
          
          
        
        16000.00000000
        NS
        USD
        1653440.00000000
        0.920050808768
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Barrick Gold Corp
        0O4KBQCJZX82UKGCBV73
        
        067901108
        
          
          
        
        34000.00000000
        NS
        USD
        834020.00000000
        0.464087463427
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Entergy Corp
        4XM3TW50JULSLG8BNC79
        
        29364G103
        
          
          
        
        26000.00000000
        NS
        USD
        3035500.00000000
        1.689093181498
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Diamondback Energy Inc
        549300R22LSX6OHWEN64
        
        25278X109
        
          
          
        
        16000.00000000
        NS
        USD
        2193280.00000000
        1.220442857228
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VICI Properties Inc
        254900RKH6RY9KCJQH63
        
        925652109
        
          
          
        
        80000.00000000
        NS
        USD
        2276800.00000000
        1.266917264251
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Marvell Technology Inc
        N/A
        
        573874104
        
          
          
        
        16000.00000000
        NS
        USD
        1147360.00000000
        0.638444392266
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Hess Corp
        UASVRYNXNK17ULIGK870
        
        42809H107
        
          
          
        
        54000.00000000
        NS
        USD
        5780160.00000000
        3.216349479154
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Simon Property Group Inc
        529900GQL5X8H7AO3T64
        
        828806109
        
          
          
        
        16000.00000000
        NS
        USD
        2104960.00000000
        1.171297507273
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Bath & Body Works Inc
        GR3KVMWVCR54YWQNXU90
        
        070830104
        
          
          
        
        28205.00000000
        NS
        USD
        1348199.00000000
        0.750200539681
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WESCO International Inc
        529900TXOGREY3WNJ434
        
        95082P105
        
          
          
        
        12000.00000000
        NS
        USD
        1561680.00000000
        0.868991283044
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HCA Healthcare Inc
        529900PH4ZGUH2MNEU89
        
        40412C101
        
          
          
        
        2000.00000000
        NS
        USD
        501240.00000000
        0.278913215712
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Occidental Petroleum Corp
        IM7X0T3ECJW4C1T7ON55
        
        674599105
        
          
          
        
        48000.00000000
        NS
        USD
        2723520.00000000
        1.515493019823
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Live Nation Entertainment Inc
        5493007B9BM9ZXJINO78
        
        538034109
        
          
          
        
        9000.00000000
        NS
        USD
        1058760.00000000
        0.589143237306
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Roku Inc
        549300KR6ITU0YIR1T71
        
        77543R102
        
          
          
        
        11000.00000000
        NS
        USD
        1377970.00000000
        0.766766506773
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        IQVIA Holdings Inc
        549300W3R20NM4KQPH86
        
        46266C105
        
          
          
        
        12000.00000000
        NS
        USD
        2774520.00000000
        1.543871788480
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Workday Inc
        549300J0DYC0N31V7G13
        
        98138H101
        
          
          
        
        15400.00000000
        NS
        USD
        3687684.00000000
        2.051998649290
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Phillips 66
        5493005JBO5YSIGK1814
        
        718546104
        
          
          
        
        11000.00000000
        NS
        USD
        950290.00000000
        0.528785491499
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Martin Marietta Materials Inc
        5299005MZ4WZECVATV08
        
        573284106
        
          
          
        
        4000.00000000
        NS
        USD
        1539560.00000000
        0.856682687698
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      
    
    
      2022-05-20
      Aquila Funds Trust
      Joseph DiMaggio
      Joseph DiMaggio
      Chief Financial Officer & Treasurer
    
  
  XXXX

 

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.

 

 

 

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