| | | | | | | |
Schedule of Investments |
September 29, 2023 (unaudited) |
Azzad Wise Capital Fund |
|
|
|
|
|
|
|
|
|
|
|
|
| Shares or Principal |
|
|
Security Description | | | | | Amount ($) | | Fair Value ($)(1) |
| | |
|
|
|
|
|
Common Stocks - 6.60% | | | | | | | |
|
|
|
|
|
|
|
|
Arrangement of Transportation of Freight & Cargo - 0.28% |
|
|
|
|
|
C.H. Robinson Worldwide, Inc. |
|
|
|
| 2,496 |
| 214,980 |
Expeditors International of Washington, Inc. (2) |
|
|
|
| 3,601 |
| 412,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 627,763 |
|
|
|
|
|
|
|
|
Beverages - 0.32% |
|
|
|
|
|
|
|
The Coca-Cola Co. |
|
|
|
| 6,174 |
| 345,620 |
PepsiCo, Inc. |
|
|
|
| 2,305 |
| 390,559 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 736,179 |
|
|
|
|
|
|
|
|
Canned Fruit, Vegetables, Preserves, Jams & Jellies - 0.09% |
|
|
|
|
|
The J.M. Smucker Co. |
|
|
|
| 1,660 |
| 204,031 |
|
|
|
|
|
|
|
|
Construction, Mining & Materials Handling Machinery & Equipment - 0.15% |
|
|
|
|
|
Dover Corp. |
|
|
|
| 2,586 |
| 360,773 |
|
|
|
|
|
|
|
|
Converted Paper & Paperboard Products - 0.14% |
|
|
|
|
|
|
Kimberly-Clark Corp. |
|
|
|
| 2,762 |
| 333,788 |
|
|
|
|
|
|
|
|
Electric Services - 0.13% |
|
|
|
|
|
|
|
Nextera Energy, Inc. |
|
|
|
| 5,141 |
| 294,528 |
|
|
|
|
|
|
|
|
Electromedical & Electrotherapeutic Apparatus - 0.14% |
|
|
|
|
|
|
Medtronic PLC (Ireland) |
|
|
|
| 4,177 |
| 327,310 |
|
|
|
|
|
|
|
|
Electronic & Other Electrical Equipment - 0.18% |
|
|
|
|
|
|
Emerson Electric Co. |
|
|
|
| 4,327 |
| 417,858 |
|
|
|
|
|
|
|
|
General Industrial Machinery & Equipment - 0.28% |
|
|
|
|
|
|
Illinois Tool Works, Inc. |
|
|
|
| 1,773 |
| 408,340 |
Nordson Corp. |
|
|
|
| 1,121 |
| 250,174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 658,514 |
|
|
|
|
|
|
|
|
Household Appliances - 0.20% |
|
|
|
|
|
|
|
A.O. Smith Corp. |
|
|
|
| 7,132 |
| 471,639 |
|
|
|
|
|
|
|
|
Industrial Inorganic Chemicals - 0.40% |
|
|
|
|
|
|
|
Air Products & Chemicals, Inc. |
|
|
|
| 1,502 |
| 425,667 |
Linde AG PLC (Ireland) |
|
|
|
| 1,398 |
| 520,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 946,212 |
|
|
|
|
|
|
|
|
Industrial Instruments For Measurement, Display & Control - 0.18% |
|
|
|
|
|
Roper Technologies, Inc. |
|
|
|
| 892 |
| 431,978 |
|
|
|
|
|
|
|
|
Men's & Boy's Furnishings - 0.22% |
|
|
|
|
|
|
|
Cintas Corp. |
|
|
|
| 1,070 |
| 514,681 |
|
|
|
|
|
|
|
|
Miscellaneous Food Preparations & Kindred Products - 0.13% |
|
|
|
|
|
McCormick & Company, Inc. |
|
|
|
| 4,083 |
| 308,838 |
|
|
|
|
|
|
|
|
Paints, Varnishes, Lacquers, Enamels & Allied Products - 0.14% |
|
|
|
|
|
PPG Industries, Inc. |
|
|
|
| 2,496 |
| 323,981 |
|
|
|
|
|
|
|
|
Perfumes, Cosmetics & Other Toilet Preparations - 0.14% |
|
|
|
|
|
Colgate-Palmolive Co. |
|
|
|
| 4,751 |
| 337,844 |
|
|
|
|
|
|
|
|
Pharmaceutical Preparations - 0.38% |
|
|
|
|
|
|
|
Abbott Laboratories |
|
|
|
| 3,436 |
| 332,776 |
AbbVie, Inc. |
|
|
|
| 1,348 |
| 200,933 |
Johnson & Johnson |
|
|
|
| 2,319 |
| 361,184 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 894,893 |
|
|
|
|
|
|
|
|
Plastics, Materials, Synth Resins & Nonvulcan Elastomers - 0.32% |
|
|
|
|
|
Albemarle Corp. |
|
|
|
| 4,428 |
| 752,937 |
|
|
|
|
|
|
|
|
Retail-Building Materials, Hardware, Garden Supply - 0.17% |
|
|
|
|
|
The Sherwin-Williams Co. |
|
|
|
| 1,569 |
| 400,173 |
|
|
|
|
|
|
|
|
Retail-Lumber & Other Building Materials - 0.16% |
|
|
|
|
|
|
Lowe's Companies, Inc. |
|
|
|
| 2,186 |
| 454,338 |
|
|
|
|
|
|
|
|
Retail-Variety Stores - 0.11% |
|
|
|
|
|
|
|
Target Corp. |
|
|
|
| 2,324 |
| 256,965 |
|
|
|
|
|
|
|
|
Services-Consumer Credit Reporting, Collection Agencies - 0.11% |
|
|
|
|
|
S&P Global, Inc. |
|
|
|
| 723 |
| 264,191 |
|
|
|
|
|
|
|
|
Soap, Detergent, Cleaning Preparations, Perfumes, Cosmetics - 0.49% |
|
|
|
|
|
Church & Dwight Co., Inc. |
|
|
|
| 4,772 |
| 437,258 |
Ecolab, Inc. |
|
|
|
| 2,036 |
| 344,898 |
The Procter Gamble Co. |
|
|
|
| 2,513 |
| 366,546 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,148,702 |
|
|
|
|
|
|
|
|
Special Industry Machinery (No Metalworking Machinery) - 0.18% |
|
|
|
|
|
Pentair PLC (Ireland) |
|
|
|
| 6,670 |
| 431,882 |
|
|
|
|
|
|
|
|
Specialty Cleaning, Polishing & Sanitation Preparations - 0.13% |
|
|
|
|
|
The Clorox Co. |
|
|
|
| 2,400 |
| 314,544 |
|
|
|
|
|
|
|
|
Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) - 0.25% |
|
|
|
|
|
Nucor Corp. |
|
|
|
| 3,699 |
| 578,339 |
|
|
|
|
|
|
|
|
Surgical & Medical Instruments & Apparatus - 0.54% |
|
|
|
|
|
|
3M Co. |
|
|
|
| 3,885 |
| 363,714 |
Becton, Dickinson & Co. |
|
|
|
| 1,440 |
| 372,283 |
West Pharmaceutical Services, Inc. |
|
|
|
| 1,422 |
| 533,549 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1,269,546 |
|
|
|
|
|
|
|
|
Wholesale-Durable Goods - 0.26% |
|
|
|
|
|
|
|
W.W. Grainger, Inc. |
|
|
|
| 893 |
| 617,813 |
|
|
|
|
|
|
|
|
Wholesale-Groceries & Related Products - 0.15% |
|
|
|
|
|
|
Sysco Corp. |
|
|
|
| 5,384 |
| 355,613 |
|
|
|
|
|
|
|
|
Wholesale-Motor Vehicle Supplies & New Parts - 0.20% |
|
|
|
|
|
|
Genuine Parts Co. |
|
|
|
| 3,268 |
| 471,834 |
|
|
|
|
|
|
|
|
Total Common Stocks |
|
|
|
| (Cost $ 11,052,558) |
| 15,507,687 |
|
|
|
|
|
|
|
|
Real Estate Investment Trusts - 0.18% (5) | | | | | | | |
|
|
|
|
|
|
|
|
Essex Property Trust, Inc. |
|
|
|
| 2,022 |
| 428,846 |
|
|
|
|
|
|
|
|
Total Real Estate Investment Trusts |
|
|
|
| (Cost $ 542,659) |
| 428,846 |
|
|
|
|
|
|
|
|
Sukuks - 64.91% | | | | | | | |
|
|
|
|
|
|
|
|
Banks - 8.20% |
|
|
|
|
|
|
|
AUB Sukuk, Ltd., Sr. Unsecd. Note, Series EMTN, 2.615%, 09/09/2026 (Cayman Islands) |
|
| 1,000,000 |
| 907,389 |
DIB Sukuk, Ltd., Sr. Unsecd. Note, 2.950%, 02/20/2025 (Cayman Islands) |
|
| 4,500,000 |
| 4,321,139 |
KIB Sukuk Ltd., Sub, 2.375%, 11/30/2030 (Cayman Islands) |
|
|
| 3,450,000 |
| 3,068,119 |
QIB Sukuk Ltd., Unsecd Note Series EMTN, 3.982%, 03/26/2024 (Cayman Islands) |
|
| 7,100,000 |
| 7,026,089 |
QIIB Senior Sukuk Ltd., Sr. Unsecd. Note REGS, 4.264%, 03/05/2024 (Cayman Islands) |
|
| 4,000,000 |
| 3,964,124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 19,286,860 |
|
|
|
|
|
|
|
|
Basic Materials - 3.28% |
|
|
|
|
|
|
|
Equate Sukuk Spc Ltd. REGS, 3.944%, 02/21/2024 (Kuwait) |
|
| 7,785,000 |
| 7,703,725 |
|
|
|
|
|
|
|
|
Communications Equipment - 0.84% |
|
|
|
|
|
|
|
ICD Sukuk Co. Ltd., Sr., 5.000%, 02/01/2027 (Cayman Islands) |
|
| 2,000,000 |
| 1,977,818 |
|
|
|
|
|
|
|
|
Energy - 4.18% |
|
|
|
|
|
|
|
SA Global Sukuk, Ltd., Sr. Unsecd. Note, Series 144A, 0.946%, 06/17/2024 (Cayman Islands) (6) |
|
| 6,500,000 |
| 6,256,250 |
SA Global Sukuk, Ltd., Sr. Unsecd. Note, Series REGS, 0.946%, 06/17/2024 (Cayman Islands) (6) |
|
| 3,000,000 |
| 2,893,125 |
SA Global Sukuk, Ltd., Sr. Unsecd. Note, Series 144A, 2.694%, 06/17/2031 (Cayman Islands) (6) |
|
| 800,000 |
| 661,024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 9,810,399 |
|
|
|
|
|
|
|
|
Financial Services - 3.02% |
|
|
|
|
|
|
|
MAF Sukuk Ltd., Sr. Unsecd. Note, 4.500%, 11/03/2025 (Cayman Islands) |
|
| 5,000,000 |
| 4,861,180 |
Emaar Sukuk Ltd., Sr. Unsecd. Note, Series EMTN, 3.7%, 07/06/2031 |
|
| 2,500,000 |
| 2,223,602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 7,084,782 |
|
|
|
|
|
|
|
|
Food & Beverage - 1.26% |
|
|
|
|
|
|
|
Almarai Sukuk, Ltd., 4.311%, 03/05/2024 (Cayman Islands) |
|
|
| 3,000,000 |
| 2,970,711 |
|
|
|
|
|
|
|
|
Home Construction - 6.29% |
|
|
|
|
|
|
|
Aldar Sukuk Ltd., 4.750%, 09/29/2025 (Cayman Islands) |
|
|
| 6,000,000 |
| 5,869,668 |
Aldar Investment Property, Sr. Unsecd. Note, 4.875%, 05/24/2033 |
|
| 2,000,000 |
| 1,910,000 |
Esic Sukuk Ltd., 3.939%, 07/30/2024 (Cayman Islands) |
|
|
| 7,200,000 |
| 6,984,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 14,764,388 |
|
|
|
|
|
|
|
|
Leasing and Rental - 0.64% |
|
|
|
|
|
|
|
Air Lease Corp. Sukuk Ltd. Sr. Unsecd. Note Series 144A, 5.850%, 04/01/2028 (United States) |
|
| 1,500,000 |
| 1,493,587 |
|
|
|
|
|
|
|
|
Other Financial - 2.39% |
|
|
|
|
|
|
|
EMG Sukuk Ltd, 4.564%, 06/18/2024 (Cayman Islands) |
|
|
| 5,700,000 |
| 5,617,458 |
|
|
|
|
|
|
|
|
Real Estate - 1.44% |
|
|
|
|
|
|
|
DAE Sukuk DIFC Ltd., Series 144A, 3.750%, 02/15/2026 (United Arab Emirates) (6) |
|
| 1,000,000 |
| 935,000 |
DIFC Investments LLC, Note, Series REGS, 4.325%, 11/12/2024 (United Arab Emirates) |
|
| 2,500,000 |
| 2,449,475 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3,384,475 |
|
|
|
|
|
|
|
|
Sovereigns - 22.51% |
|
|
|
|
|
|
|
CBB International Sukuk Progr. Co., REGS, 6.250%, 11/14/2024 |
|
| 1,500,000 |
| 1,499,760 |
CBB International Sukuk Progr. Co., REGS, 6.250%, 11/14/2024 (Bahrain) |
|
| 1,500,000 |
| 1,378,614 |
CBB International Sukuk Progr. WLL., Sr. Unsecd., Series REGS, 3.875%, 05/18/2029 |
|
| 1,000,000 |
| 875,528 |
CBB International Sukuk Six, REGS, 5.250%, 03/20/2025 (Bahrain) |
|
| 2,000,000 |
| 1,968,254 |
CBB International Sukuk Progr. WLL., Series 144A, 3.875%, 05/18/2029 (Bahrain) (1) |
|
| 1,000,000 |
| 880,234 |
CBB International Sukuk Progr. SPC., REGS, 6.250%, 11/14/2024 |
|
| 2,000,000 |
| 1,996,980 |
Egypt Taskeek Co. Sr. Unsecd. Note Series 144A, 10.875%, 02/28/2026 (Egypt) (6) |
|
| 2,000,000 |
| 1,898,952 |
Hazine Mustesarligi Varli, Sr. Unsecd. Note, Series REGS, 5.125%, 06/22/2026 (Turkey) |
|
| 1,400,000 |
| 1,310,085 |
Hazine Mustesarligi, Series 144A, 5.125%, 06/22/2026 (Turkey) (6) |
|
| 1,000,000 |
| 932,000 |
Perusahaan Penerbit SBSN Indois Sukuk, Series 144A, 3.900%, 08/20/2024 (Indonesia) |
|
| 3,800,000 |
| 3,738,251 |
Perusahaan Penerbit SBSN Indois Sukuk, Series 144A, 4.150%, 03/29/2027 (Indonesia) |
|
| 1,685,000 |
| 1,613,324 |
Perusahaan Pener Indois Sukuk, Series REGS, 2.300%, 06/23/2026 (Indonesia) |
|
| 2,500,000 |
| 2,353,134 |
Wakala Global Sukuk BHD, REGS, 3.179%, 04/27/2026 (Malaysia) |
|
| 1,500,000 |
| 1,426,986 |
Wakala Global Sukuk BHD, REGS, 3.043%, 04/22/2025 (Malaysia) |
|
| 2,000,000 |
| 1,932,759 |
Oman, Government, Series 144A, 4.397%, 06/01/2024 (Oman) (6) |
|
| 3,000,000 |
| 2,958,150 |
Oman, Government, Sr. Unsecd. Series REGS, 4.397%, 06/01/2024 |
|
| 2,500,000 |
| 2,471,645 |
Oman, Government, Series 144A, 5.932%, 10/31/2025 (Oman) (6) |
|
| 2,500,000 |
| 2,494,250 |
Perusahaan Pener Indois Sukuk, Series REGS, 2.300%, 06/23/2026 (Indonesia) (6) |
|
| 3,800,000 |
| 3,576,764 |
Perusahaan Penerbit SBSN Indois Sukuk, Series 144A, 4.150%, 03/29/2027 |
|
| 4,000,000 |
| 3,829,849 |
Perusahaan Penerbit SBSN Indois Sukuk, REGS, 3.900%, 08/20/2024 (Indonesia) (6) |
|
| 3,500,000 |
| 3,443,126 |
RAK Capital, 3.094%, 3/31/2025 |
|
|
|
| 2,500,000 |
| 2,401,080 |
Sharjah Sukuk Ltd., 3.764%, 09/17/2024 (Cayman Islands) |
|
|
| 2,800,000 |
| 2,738,856 |
Sharjah Sukuk Program, Sr. Unsecd, Note, 3.234%, 10/23/2029 |
|
| 1,500,000 |
| 1,311,354 |
Sharjah Sukuk Ltd., 3.854%, 04/03/2026 (Cayman Islands) |
|
|
| 4,000,000 |
| 3,824,808 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 52,854,743 |
|
|
|
|
|
|
|
|
Supranationals - 1.03% |
|
|
|
|
|
|
|
IDB Trust Services, Ltd. REGS, 1.957%, 10/02/2024 (Jersey) |
|
| 2,500,000 |
| 2,408,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2,408,320 |
|
|
|
|
|
|
|
|
Utilities - 6.19% |
|
|
|
|
|
|
|
Edo Sukuk Ltd., Sr Unsecd. Note, Series 144A, 5.875%, 09/21/2033 |
|
| 1,500,000 |
| 1,481,634 |
Saudi Electricity Global, Sr. Unsecd. Note REGS, 1.740%, 09/17/2025 (Cayman Islands) |
|
| 3,758,000 |
| 3,484,640 |
Saudi Electricity Global Sr. Unsecd. Note, 2.413%, 9/17/2030 |
|
| 2,500,000 |
| 2,107,913 |
Tabreed Sukuk SPC, Ltd, Sr. Unsecd. Note REGS, 5.500%, 10/31/2025 (United Arab Emirates) |
|
| 4,704,000 |
| 4,669,228 |
TNB Global Ventures Cap., Sr. Unsecd. Note, Series EMTN, 3.244%, 10/19/2026 (Malaysia) |
|
| 3,000,000 |
| 2,800,754 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 14,544,169 |
|
|
|
|
|
|
|
|
Wireline Telecommunications Services - 3.64% |
|
|
|
|
|
|
Axiata Spv2 Bhd, 4.357%, 03/24/2026 (Malaysia) |
|
|
| 4,600,000 |
| 4,451,569 |
Axiata SPV2 Bhd Sr. Unsecured Note Series EMTN, 2.163%, 8/19/2030 |
|
| 2,380,000 |
| 1,928,930 |
Saudi Telecom Co., Series 144A, 3.890%, 05/13/2029 (Saudi Arabia) (6) |
|
| 2,300,000 |
| 2,156,735 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 8,537,234 |
|
|
|
|
|
|
|
|
Total Sukuks |
|
|
|
| (Cost $ 158,515,393) |
| 152,438,669 |
|
|
|
|
|
|
|
|
Bank Time Deposits - 19.68% (5) | | | | | | | |
|
|
|
|
|
|
|
|
Arab Banking Corp., NY Branch, 5.660%, 12/21/2023 (Bahrain) |
|
| $ 2,087,030 |
| $ 2,087,030 |
Arab Banking Corp., NY Branch, 5.570%, 10/19/2023 (Bahrain) |
|
| $ 2,061,579 |
| $ 2,061,579 |
Arab Banking Corp., NY Branch, 5.570%, 11/13/2023 (Bahrain) |
|
| $ 1,024,920 |
| $ 1,024,920 |
Arab Banking Corp., NY Branch, 5.660%, 12/26/2023 (Bahrain) |
|
| $ 1,017,893 |
| $ 1,017,893 |
Arab Banking Corp., NY Branch, 5.550%, 10/23/2023 (Bahrain) |
|
| $ 2,000,000 |
| $ 2,000,000 |
Arab Banking Corp., NY Branch, 5.680%, 01/12/2024 (Bahrain) |
|
| $ 2,028,213 |
| $ 2,028,213 |
Arab Banking Corp., NY Branch, 5.720%, 02/15/2024 (Bahrain) |
|
| $ 1,158,663 |
| $ 1,158,663 |
Arab Banking Corp., NY Branch, 5.720%, 01/25/2024 (Bahrain) |
|
| $ 3,147,825 |
| $ 3,147,825 |
Gulf International Bank (UK), 5.250%, 11/27/2023 (Bahrain) |
|
|
| $ 2,615,425 |
| $ 2,615,425 |
Gulf International Bank (UK), 5.100%, 10/30/2023 (Bahrain) |
|
|
| $ 2,591,115 |
| $ 2,591,115 |
Gulf International Bank (UK), 5.250%, 12/14/2023 (Bahrain) |
|
|
| $ 1,039,970 |
| $ 1,039,970 |
Gulf International Bank (UK), 5.250%, 12/15/2023 (Bahrain) |
|
|
| $ 2,488,000 |
| $ 2,500,000 |
Maybank Islamic Bank, 5.520%, 11/06/2023 (Malaysia) |
|
|
| $ 2,086,852 |
| $ 2,086,852 |
Maybank Islamic Bank, 5.450%, 10/23/2023 (Malaysia) |
|
|
| $ 2,051,223 |
| $ 2,051,223 |
Maybank Islamic Bank, 5.600%, 12/05/2023 (Malaysia) |
|
|
| $ 2,052,672 |
| $ 2,052,672 |
Maybank Islamic Bank, 4.950%, 12/28/2023 (Malaysia) |
|
|
| $ 2,000,000 |
| $ 2,000,000 |
Maybank Islamic Bank, 5.670%, 01/29/2024 (Malaysia) |
|
|
| $ 2,027,907 |
| $ 2,027,907 |
Maybank Islamic Bank, 5.600%, 01/16/2024 (Malaysia) |
|
|
| $ 2,500,000 |
| $ 2,500,000 |
Qatar National Bank, 5.770%, 12/08/2023 (Qatar) |
|
|
| $ 1,055,523 |
| $ 1,055,523 |
Qatar National Bank, 5.660%, 10/06/2023 (Qatar) |
|
|
| $ 1,021,375 |
| $ 1,021,375 |
Qatar National Bank, 5.820%, 12/01/2023 (Qatar) |
|
|
| $ 513,802 |
| $ 513,802 |
Qatar National Bank, 5.670%, 11/06/2023 (Qatar) |
|
|
| $ 2,000,000 |
| $ 2,000,000 |
Qatar National Bank, 5.680%, 12/06/2023 (Qatar) |
|
|
| $ 2,000,000 |
| $ 2,000,000 |
Qatar National Bank, 6.070%, 03/18/2024 (Qatar) |
|
|
| $ 2,500,000 |
| $ 2,500,000 |
Qatar National Bank, 6.080%, 03/06/2024 (Qatar) |
|
|
| $ 1,126,933 |
| $ 1,126,933 |
|
|
|
|
|
|
|
|
Total Bank Time Deposits |
|
|
|
| (Cost $ 46,196,920) |
| 46,208,920 |
|
|
|
|
|
|
|
|
Trade Finance Agreements (3) - 2.10% | | | | | | | |
|
|
|
|
|
|
|
|
|
|
| Shares or Principal | Acquisition |
|
|
|
|
|
| Amount ($) | Date (3) | Cost (3) |
| Value |
|
|
|
|
|
|
|
|
Energy-Oil Refining & Marketing - 2.10% |
|
|
|
|
|
|
|
Government of Egypt, 3.680%, 10/06/2023 (Egypt) (4) |
| $ 377 | 10/7/2022 | $ 377 |
| $ 373 |
Government of Egypt, 3.680%, 10/06/2023 (Egypt) (4) |
| $ 44,571 | 10/7/2022 | $ 44,571 |
| $ 44,032 |
Government of Egypt, 3.680%, 10/06/2023 (Egypt) (4) |
| $ 3,387 | 10/7/2022 | $ 3,387 |
| $ 3,346 |
Government of Egypt, 3.680%, 10/10/2023 (Egypt) (4) |
| $ 3,939 | 10/10/2022 | $ 3,939 |
| $ 3,891 |
Government of Egypt, 3.680%, 10/10/2023 (Egypt) (4) |
| $ 155 | 10/11/2022 | $ 155 |
| $ 153 |
Government of Egypt, 3.680%, 10/12/2023 (Egypt) (4) |
| $ 2,832 | 10/13/2022 | $ 2,832 |
| $ 2,798 |
Government of Egypt, 3.680%, 10/23/2023 (Egypt) (4) |
| $ 534 | 10/26/2022 | $ 534 |
| $ 527 |
Government of Egypt, 3.680%, 11/02/2023 (Egypt) (4) |
| $ 2,467 | 11/3/2022 | $ 2,467 |
| $ 2,437 |
Government of Egypt, 3.680%, 11/09/2023 (Egypt) (4) |
| $ 40,082 | 11/10/2022 | $ 40,082 |
| $ 39,597 |
Government of Egypt, 3.680%, 11/20/2023 (Egypt) (4) |
| $ 175 | 11/21/2022 | $ 175 |
| $ 172 |
Government of Egypt, 3.680%, 11/24/2023 (Egypt) (4) |
| $ 1,098 | 11/23/2022 | $ 1,098 |
| $ 1,085 |
Government of Egypt, 7.338%, 01/02/2024 (Egypt) (4) |
| $ 658,692 | 1/3/2023 | $ 658,692 |
| $ 622,398 |
Government of Egypt, 7.293%, 01/12/2024 (Egypt) (4) |
| $ 718,200 | 1/13/2023 | $ 713,440 |
| $ 678,627 |
Government of Egypt, 7.271%, 01/29/2024 (Egypt) (4) |
| $ 33,380 | 1/30/2023 | $ 33,380 |
| $ 31,541 |
Government of Egypt, 7.296%, 01/29/2024 (Egypt) (4) |
| $ 670,851 | 1/31/2023 | $ 670,851 |
| $ 633,887 |
Government of Egypt, 7.755%, 02/26/2024 (Egypt) (4) |
| $ 34,228 | 2/27/2023 | $ 34,228 |
| $ 32,342 |
Government of Egypt, 7.765%, 02/26/2024 (Egypt) (4) |
| $ 30,041 | 3/1/2023 | $ 30,041 |
| $ 28,386 |
Government of Egypt, 7.802%, 03/04/2024 (Egypt) (4) |
| $ 476,003 | 3/6/2023 | $ 476,003 |
| $ 449,775 |
Government of Egypt, 7.427%, 05/24/2024 (Egypt) (4) |
| $ 332,161 | 5/25/2023 | $ 332,161 |
| $ 313,859 |
Government of Egypt, 7.427%, 05/24/2024 (Egypt) (4) |
| $ 16,238 | 5/25/2023 | $ 16,238 |
| $ 15,343 |
Government of Egypt, 7.887%, 08/27/2024 (Egypt) (4) |
| $ 25,481 | 8/24/2023 | $ 25,481 |
| $ 24,077 |
Turk Eximbank, 8.728%, 09/17/2024 (Turkey) (4) |
| $ 2,000,000 | 9/20/2023 | $ 2,000,000 |
| $ 2,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| $ 4,928,646 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Trade Finance Agreements |
|
|
|
| (Cost $ 5,090,131) |
| 4,928,646 |
|
|
|
|
|
|
|
|
Total Investments - 93.47% |
|
|
|
| (Cost $ 46,208,919) |
| 219,512,768 |
|
|
|
|
|
|
|
|
Other Assets Less Liabilities - 6.53% |
|
|
|
|
|
| 15,326,149 |
|
|
|
|
|
|
|
|
Total Net Assets - 100.00% |
|
|
|
|
|
| 234,838,917 |
|
|
|
|
|
|
|
|
(1) Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - 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 - quoted prices in active markets for identical securities |
|
|
|
|
|
• Level 2 - other significant observable inputs (including quoted prices for similar securities, 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) |
|
|
|
|
|
|
|
|
|
|
|
|
The following is a summary of the inputs used as of March 31, 2023 in valuing the Fund's assets carried at fair value: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| | | | | Investments in | | Other Financial |
Valuation Inputs | | | | | Securities | | Instruments |
Level 1 - Quoted Prices | | | | $ | 15,936,533 | $ | - |
Level 2 - Other Significant Observable Inputs | | | | | 198,647,589 | | - |
Level 3 - Significant Unobservable Inputs | | | | | 4,928,646 | | - |
Total | | | | $ | 219,512,768 | $ | - |
|
|
|
|
|
|
|
|
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term |
|
|
debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment |
|
|
Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active |
|
|
market, such securities are reflected as Level 2. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIBOR – London Interbank Offered Rate. |
|
|
|
|
|
|
|
(2) Represents non-income producing securities. |
|
|
|
|
|
|
|
(3) Denotes a restricted and/or an illiquid security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At Septmeber 29, 2023, these restricted securities amounted to $4,928,646, which represented 2.10% of total net assets. |
|
|
(4) Floating/variable note with current rate and current maturity or next reset date shown. |
|
|
|
|
|
(5) Variable rate instrument, varying maturity dates ranging from one month to nine months; 7 day demand redemption clause per deposit. |
|
|
|
|
(6) Denotes a restricted security that may be sold without restriction to "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees. At September 29, 2023, these liquid restricted securities amount to $31,329,240, which represented 13.34% of total net assets. |
|
|
