Iman Fund
Schedule of Investments
August 31, 2020 (Unaudited)
(Classifications are based on the North American Industry Classificiation System)
Shares | Value | |||||||
COMMON STOCKS - 93.2% | ||||||||
Advertising, Public Relations, and Related Services - 0.8% | ||||||||
2,100 | The Trade Desk, Inc. - Class A (a) | $ | 1,010,730 | |||||
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Automobile Dealers - 1.6% | ||||||||
5,920 | Carvana Co. (a) | 1,278,483 | ||||||
13,000 | Vroom, Inc. (a) | 892,190 | ||||||
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2,170,673 | ||||||||
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Basic Chemical Manufacturing - 0.4% | ||||||||
1,650 | Air Products & Chemicals, Inc. | 482,229 | ||||||
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Business Support Services - 1.5% | ||||||||
3,515 | Atlassian Corp PLC - Class A (a)(b) | 674,037 | ||||||
48,900 | Farfetch Ltd. - Class A (a)(b) | 1,354,041 | ||||||
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2,028,078 | ||||||||
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Cable & Other Subscription Programming - 0.5% | ||||||||
5,300 | Liberty Broadband Corp. - Class C (a) | 742,477 | ||||||
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Clothing Stores - 0.7% | ||||||||
7,540 | Ross Stores, Inc. | 686,743 | ||||||
5,900 | The TJX Companies, Inc. | 323,261 | ||||||
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1,010,004 | ||||||||
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Communications Equipment Manufacturing - 4.0% | ||||||||
41,520 | Apple Inc. | 5,357,741 | ||||||
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Computer and Peripheral Equipment Manufacturing - 1.1% | ||||||||
19,700 | Logitech International SA (b) | 1,473,166 | ||||||
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Computer Systems Design & Related Services - 7.8% | ||||||||
11,400 | Alteryx, Inc. - Class A (a) | 1,377,462 | ||||||
26,000 | Cerner Corp. | 1,907,620 | ||||||
6,530 | EPAM Systems, Inc. (a) | 2,135,963 | ||||||
6,025 | F5 Networks, Inc. (a) | 797,288 | ||||||
6,300 | Jack Henry & Associates, Inc. | 1,042,146 | ||||||
7,160 | Okta, Inc. (a) | 1,542,049 | ||||||
3,520 | ServiceNow, Inc. (a) | 1,696,711 | ||||||
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10,499,239 | ||||||||
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Couriers and Express Delivery Services - 0.8% | ||||||||
5,800 | Ferrari NV (b) | 1,129,550 | ||||||
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Cut & Sew Apparel Manufacturing - 2.0% | ||||||||
7,105 | Lululemon Athletica, Inc. (a) | 2,669,135 | ||||||
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Data Processing, Hosting, & Related Services - 0.8% | ||||||||
12,800 | Ceridian HCM Holding, Inc. (a) | 1,017,856 | ||||||
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Electronic Shopping and Mail-Order Houses - 1.3% | ||||||||
4,040 | Wayfair, Inc. - Class A (a) | 1,198,102 | ||||||
9,100 | Chewy, Inc. - Class A (a) | 555,737 | ||||||
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1,753,839 | ||||||||
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Employment Services - 0.5% | ||||||||
11,600 | Robert Half International, Inc. | 617,120 | ||||||
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Footwear Manufacturing - 0.9% | ||||||||
10,470 | NIKE, Inc. - Class B | 1,171,488 | ||||||
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Industrial Machinery Manufacturing - 1.8% | ||||||||
6,355 | ASML Holding NV - ADR (b) | 2,377,914 | ||||||
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Machinery, Equipment, & Supplies Merchant Wholesalers - 0.1% | ||||||||
4,100 | Fastenal Co. | 200,326 | ||||||
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Medical and Diagnostic Laboratories - 1.0% | ||||||||
18,000 | CareDx, Inc. (a) | 614,700 | ||||||
7,250 | Guardant Health, Inc. (a) | 692,375 | ||||||
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1,307,075 | ||||||||
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Medical Equipment & Supplies Manufacturing - 2.2% | ||||||||
2,635 | DexCom, Inc. (a) | 1,120,955 | ||||||
2,775 | Intuitive Surgical, Inc. (a) | 2,028,081 | ||||||
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3,149,036 | ||||||||
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Metal Ore Mining - 3.0% | ||||||||
85,500 | Alamos Gold, Inc. - Class A (b) | 894,330 | ||||||
143,000 | B2Gold Corp. (b) | 963,820 | ||||||
39,800 | Wheaton Precious Metals Corp. (b) | 2,124,126 | ||||||
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3,982,276 | ||||||||
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Miscellaneous Durable Goods Merchant Wholesalers - 0.3% | ||||||||
1,235 | Pool Corp. | 404,882 | ||||||
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Motor Vehicle Manufacturing - 1.4% | ||||||||
3,730 | Tesla Inc. (a) | 1,858,734 | ||||||
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Navigational, Measuring, Electromedical, & Control Instruments Manufacturing - 1.6% | ||||||||
3,600 | IDEXX Laboratories, Inc. (a) | 1,407,816 | ||||||
10,700 | Cognex Corp. | 740,333 | ||||||
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2,148,149 | ||||||||
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Other Financial Investment Activities - 0.7% | ||||||||
5,975 | Sea Ltd. - ADR (a)(b) | 913,040 | ||||||
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Other General Purpose Machinery Manufacturing - 2.2% | ||||||||
4,180 | IDEX Corp. | 753,361 | ||||||
2,210 | Mettler-Toledo International, Inc. (a) | 2,145,424 | ||||||
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2,898,785 | ||||||||
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Other Information Services - 4.3% | ||||||||
1,015 | CoStar Group, Inc. (a) | 861,329 | ||||||
13,340 | Facebook, Inc. (a) | 3,911,288 | ||||||
27,100 | Pinterest, Inc. - Class A (a) | 997,009 | ||||||
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5,769,626 | ||||||||
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Other Schools & Instruction - 2.3% | ||||||||
41,500 | TAL Education Group - ADR (a)(b) | 3,063,115 | ||||||
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Other Telecommunications - 2.9% | ||||||||
3,700 | ResMed, Inc. | 668,886 | ||||||
4,090 | RingCentral, Inc. - Class A (a) | 1,189,249 | ||||||
6,200 | Zoom Video Communications, Inc. - Class A (a) | 2,015,620 | ||||||
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3,873,755 | ||||||||
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Other Transit & Ground Passenger Transportation - 0.4% | ||||||||
16,100 | Lyft, Inc. - Class A (a) | 477,687 | ||||||
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Pharmaceutical & Medicine Manufacturing - 6.5% | ||||||||
7,875 | 10X Genomics, Inc. - Class A (a) | 902,633 | ||||||
2,320 | Bio-Techne Corp. | 592,667 | ||||||
5,965 | Illumina, Inc. (a) | 2,130,817 | ||||||
15,000 | Johnson & Johnson | 2,301,150 | ||||||
11,800 | Moderna, Inc. (a) | 765,702 | ||||||
1,450 | Regeneron Pharmaceuticals, Inc. (a) | 898,899 | ||||||
2,700 | Vertex Pharmaceuticals, Inc. (a) | 753,624 | ||||||
1,130 | West Pharmaceutical Services, Inc. | 320,875 | ||||||
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8,666,367 | ||||||||
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Scientific Research and Development Services - 0.5% | ||||||||
15,300 | NanoString Technologies, Inc. (a) | 619,344 | ||||||
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Semiconductor & Other Electronic Component Manufacturing - 10.9% | ||||||||
10,000 | Advanced Micro Devices, Inc. (a) | 908,200 | ||||||
2,680 | Alphabet, Inc. - Class A (a) | 4,367,140 | ||||||
1,545 | Lam Research Corp. | 519,645 | ||||||
35,500 | Marvell Technology Group Ltd. | 1,376,690 | ||||||
6,575 | NVIDIA Corp. | 3,517,494 | ||||||
28,400 | Taiwan Semiconductor Manufacturing Co. Ltd. - ADR (b) | 2,250,700 | ||||||
11,560 | Texas Instruments, Inc. | 1,643,254 | ||||||
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14,583,123 | ||||||||
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Software Publishers - 26.4% | ||||||||
5,000 | Adobe, Inc. (a) | 2,566,950 | ||||||
5,385 | ANSYS, Inc. (a) | 1,825,569 | ||||||
6,160 | Autodesk, Inc. (a) | 1,513,512 | ||||||
9,940 | Cadence Design Systems, Inc. (a) | 1,102,445 | ||||||
3,285 | Coupa Software, Inc. (a) | 1,076,626 | ||||||
11,200 | Datadog, Inc. - Class A (a) | 935,760 | ||||||
3,685 | DocuSign, Inc. (a) | 821,755 | ||||||
1,970 | HubSpot, Inc. (a) | 590,370 | ||||||
2,640 | Intuit, Inc. | 911,830 | ||||||
23,349 | Microsoft Corp. | 5,265,900 | ||||||
4,740 | MongoDB, Inc. (a) | 1,108,212 | ||||||
11,815 | salesforce.com, Inc. (a) | 3,221,360 | ||||||
4,640 | Shopify, Inc. - Class A (a)(b) | 4,948,189 | ||||||
70,700 | Slack Technologies, Inc. - Class A(a) | 2,321,788 | ||||||
34,800 | Snap, Inc. - Class A (a) | 786,132 | ||||||
6,040 | Splunk Inc. (a) | 1,324,753 | ||||||
6,770 | Twilio, Inc. - Class A (a) | 1,826,275 | ||||||
5,365 | Veeva Systems, Inc. - Class A (a) | 1,514,378 | ||||||
43,400 | ZoomInfo Technologies, Inc. - Class A (a) | 1,684,788 | ||||||
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35,346,592 | ||||||||
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TOTAL COMMON STOCKS (Cost $92,964,917) | 124,773,151 | |||||||
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REIT - 0.5% | ||||||||
Lessors of Real Estate - 0.5% | ||||||||
3,155 | Public Storage | 670,122 | ||||||
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TOTAL REIT (Cost $694,087) | 670,122 | |||||||
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Total Investments (Cost ($93,659,004) - 93.7% | 125,443,273 | |||||||
Other Assets in Excess of Liabilities - 6.3% | 8,395,917 | |||||||
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TOTAL NET ASSETS - 100.0% | $ | 133,839,190 | ||||||
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Percentages are stated as a percent of net assets.
ADR | American Depository Receipt |
PLC | Public Limited Company |
(a) | Non Income Producing |
(b) | Foreign Issued Securities |
The cost basis of investments for federal income tax purposes at August 31, 2020 was as follows*:
Cost of Investments | $ | 93,659,004 | ||
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Gross unrealized appreciation | 32,580,424 | |||
Gross unrealized depreciation | (796,155 | ) | ||
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Net unrealized appreciation | $ | 31,784,269 | ||
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* | Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report. |
Summary of Fair Value Exposure at August 31, 2020 (Unaudited)
The Trust has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination. Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1 - Unadjusted quoted prices in active markets for identical securities the Fund has the ability to access
Level 2 - Other significant observable inputs (including quoted prices for similar securities in active markets, quoted prices for identical or similar instruments in markets that are not active, model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, interest rates, prepayment speeds, credit risk, etc.)
Level 3 - Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments.)
Inputs that are used in determining a fair value of an investment may include price information, credit data, volatility statistics and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments and is affected by various factors such as the type of investment or similar investments in the marketplace. The inputs will be considered by the Adviser, along with any other relevant factors in the calculation of an investment’s fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.
Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, they may be classified as Level 3 investments due to lack of market transparanecy and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant asumptions by the Adviser. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.
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 inputs used to value the Fund’s net assets as of August 31, 2020:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | $ | 124,773,151 | $ | — | $ | — | $ | 124,773,151 | ||||||||
REIT | 670,122 | — | — | $ | 670,122 | |||||||||||
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Total* | $ | 125,443,273 | $ | — | $ | — | $ | 125,443,273 | ||||||||
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* | Additional information regarding the industry and/or geographical classification of these investments is disclosed in the Schedule of Investments. |
The Fund did not hold any investments during the period ended August 31, 2020 with significant unobservable inputs which would be classified as Level 3. The Fund did not hold any derivative instruments during the reporting period.