# EDGAR Filing Document

**Accession Number:** 0001031008
**File Stem:** 0001162044-25-000943
**Filing Date:** 2025-9
**Character Count:** 218363
**Document Hash:** 52737ed975c031fbc3f543e9a05b435f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-25-000943.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001162044-25-000943

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AZZAD FUNDS
- **CENTRAL INDEX KEY:** 0001031008

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08021
- **FILM NUMBER:** 251292861

**BUSINESS ADDRESS:**
- **STREET 1:** 3141 FAIRVIEW PARK DRIVE
- **STREET 2:** SUITE 355
- **CITY:** FALLS CHURCH
- **STATE:** VA
- **ZIP:** 22042
- **BUSINESS PHONE:** 6306532666

**MAIL ADDRESS:**
- **STREET 1:** 3141 FAIRVIEW PARK DRIVE
- **STREET 2:** SUITE 355
- **CITY:** FALLS CHURCH
- **STATE:** VA
- **ZIP:** 22042

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ISLAMIA GROUP OF FUNDS
- **DATE OF NAME CHANGE:** 19970121

## Series and Classes Contracts Data

### Azzad Ethical Fund (Series ID: S000004763)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000012956 | Azzad Ethical Fund | ADJEX           |

### Azzad Wise Capital Fund (Series ID: S000022554)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000065234 | Azzad Wise Capital Fund | WISEX           |

?xml version='1.0' encoding='ASCII'? FORM N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number <u>811-08021</u>

<u>AZZAD FUNDS</u>

(Exact name of registrant as specified in charter)

3141 Fairview Park Drive, Suite 355

<u>Falls Church, VA 22042</u>

(Address of principal executive offices)(Zip code)

Bashar Qasem

3141 Fairview Park Drive

Suite 355

<u>Falls Church, VA 22042</u>

(Name and address of agent for service)

With copies to:

Thompson Hine LLP

Cassandra W. Borchers

312 Walnut Street

Cincinnati, OH, 45202

Registrant's telephone number, including area code: (703) 207-7005

Date of fiscal year end: <u>June 30</u>

Date of reporting period: <u>June 30, 2025</u>

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Stockholders.**

![Azzad Asset Management - Halal Investments, business retirement plans, manage your endowment, Financial Planning, Wealth Management, Retirement Accounts, Zakah Calculation, Estate Planning](image_001.gif)

ANNUAL SHAREHOLDER REPORT

**June 30, 2025** 

Azzad Ethical Fund

***ADJEX***

**<u>ADDITIONAL INFORMATION</u>**

This annual shareholder report contains important information about the Azzad Ethical Fund - ADJEX (the "Fund") for the period July 1, 2024 to June 30, 2025.

You can find additional information about the Fund at https://azzadasset.com/azzad-ethical-fund/. You can also request this information by contacting us at 1-888-862-9923.

**<u>expense Information</u>**

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment\*** |
| &nbsp;&nbsp;Azzad Ethical Fund | &nbsp;&nbsp;$100 | &nbsp;&nbsp;0.99% |

---

\*Annualized

**<u>managment's discussion of fund performance</u>**

How did the Fund perform last year?

**Performance Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund returned 1.40% for the 12-month period ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• It underperformed compared to the Russell MidCap® Growth Index, which
returned 26.49%.

&nbsp;&nbsp;&nbsp;&nbsp;• Underperformance is largely attributed to the sub-adviser's stock selection
and allocation.

**Sector Positioning** 

&nbsp;&nbsp;&nbsp;&nbsp;• An overweight allocation in healthcare detracted from performance. While
healthcare has traditionally been a defensive sector, policy uncertainty and mixed results from specific sub-industries weighed on Fund
returns.

&nbsp;&nbsp;&nbsp;&nbsp;• The strategy's underweight allocation in energy proved advantageous.
Energy as a sector underperformed the broader index, rising and falling over the period with artificial intelligence ("AI")
demand speculation and geopolitical tensions.

**Other factors affecting Fund performance** 

&nbsp;&nbsp;&nbsp;&nbsp;• Poor stock selection within information technology ("IT") was
the largest detractor from relative performance. Despite IT being the largest sector allocation and an overweight in the Fund, the chosen
stocks underperformed relative to the benchmark, particularly in areas like AI and semiconductors, which faced cracks in their growth
narratives during certain periods.

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund sub-adviser employs a bottom-up stock selection approach, focusing
on what they believe to be profitable, lower-debt companies. This was not rewarded during the period.

The sub-adviser did not tilt toward speculative investments, opting instead to concentrate on business fundamentals.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Year** |
| &nbsp;&nbsp;**Azzad Ethical Fund** | &nbsp;&nbsp;1.40% | &nbsp;&nbsp;6.38% | &nbsp;&nbsp;7.53% |
| &nbsp;&nbsp;**Russell 3000 Index** | &nbsp;&nbsp;15.30% | &nbsp;&nbsp;15.96% | &nbsp;&nbsp;12.96% |
| &nbsp;&nbsp;**Russell MidCap Growth Index** | &nbsp;&nbsp;26.49% | &nbsp;&nbsp;12.65% | &nbsp;&nbsp;12.13% |

---

**Cumulative Performance Comparison of $10,000 Investment**

![](image_001.jpg)

**Past performance is not a good predictor of future performance**. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. To obtain performance data current to the most recent month end, please call 1-888-350-3369.

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;ADVISORY FEES |
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PAID BY FUND |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;(NET OF WAIVERS) |
| &nbsp;&nbsp;$143.5 MILLION | &nbsp;&nbsp;57 | &nbsp;&nbsp;40.09% | &nbsp;&nbsp;$957588 |

---

**<u>PORTFOLIO ILLUSTRATION</u>**

The following chart gives a visual breakdown of the Ethical Fund by the industry sectors the underlying securities represent as a percentage of the portfolio of investments.

![](image_002.gif)

**<u>top ten holdings</u>**

(% of Net Assets)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Cadence Design Systems, Inc. | &nbsp;&nbsp;3.94% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;3.87% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;CoStar Group, Inc. | &nbsp;&nbsp;3.45% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Idexx Laboratories, Inc. | &nbsp;&nbsp;3.23% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Veeva Systems, Inc. Class A | &nbsp;&nbsp;2.88% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;HEICO Corp. | &nbsp;&nbsp;2.77% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Howmet Aerospace Inc. | &nbsp;&nbsp;2.68% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;2.63% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Cloudfare, Inc. Class A | &nbsp;&nbsp;2.48% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Insulet Corp. | &nbsp;&nbsp;2.43% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;30.36% |

---

**<u>How has the fund changed</u>**

This is a summary of certain planned changes to the Fund since July 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by October 28, 2025 at https://azzadasset.com/azzad-ethical-fund/ or upon request at 1-888-862-9923.

Effective as of August 1, 2025, Delaware Investments Fund Advisers no longer serves as the sub-adviser to the Fund.

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Azzad Ethical Fund documents not be householded, please contact Azzad Funds at 1-888-862-9923, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Azzad Funds or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://azzadasset.com/azzad-ethical-fund/ or contact us at 1-888-862-9923.

![Azzad Asset Management - Halal Investments, business retirement plans, manage your endowment, Financial Planning, Wealth Management, Retirement Accounts, Zakah Calculation, Estate Planning](image_003.gif)

ANNUAL SHAREHOLDER REPORT

**June 30, 2025** 

Azzad Wise Capital Fund

***WISEX***

**<u>ADDITIONAL INFORMATION</u>**

This annual shareholder report contains important information about the Azzad Wise Capital Fund - WISEX (the "Fund") for the period July 1, 2024 to June 30, 2025.

You can find additional information about the Fund at https://azzadasset.com/azzad-wise-capital-fund/. You can also request this information by contacting us at 1-888-862-9923.

**<u>expense Information</u>**

**What were the Fund costs for the past year?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment\*** |
| &nbsp;&nbsp;Azzad Wise Capital Fund | &nbsp;&nbsp;$91 | &nbsp;&nbsp;0.89% |

---

**<u>managment's discussion of fund performance</u>**

How did the Fund perform last year?

**Performance Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;• The Fund returned 5.24% for the year ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• It underperformed against the ICE BofAML US Corp and Govt 1-3 Yr Index, which
returned 5.93% over the same period.

**Sector Positioning** 

&nbsp;&nbsp;&nbsp;&nbsp;• Bahrain, Egypt, Oman, and Turkey were the top performing regions.

&nbsp;&nbsp;&nbsp;&nbsp;• Allocations to Indonesia, Malysia, Qatar, and the United States also contributed
positively to performance.

&nbsp;&nbsp;&nbsp;&nbsp;• Allocations to more defensive regions like Saudi Arabia and high-quality
supranational issuers like the Islamic Development Bank were among top detractors from performance.

**Other factors affecting Fund performance** 

&nbsp;&nbsp;&nbsp;&nbsp;• Overall strong credit fundamentals in the Gulf Cooperation Council, as well
as stable robust energy prices, were a positive driver of the asset class versus other emerging and developed markets.

Higher beta assets in the Fund (Islamic Trade Finance and high-yield issuers) performed well due to improved credit spreads.

**<u>Performance graph</u>**

**AVERAGE ANNUAL RETURNS**

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Year** |
| &nbsp;&nbsp;**Azzad Wise Capital Fund** | &nbsp;&nbsp;5.24% | &nbsp;&nbsp;2.63% | &nbsp;&nbsp;2.24% |
| &nbsp;&nbsp;**ICE BofAML US Corp&Govt 1-3 Yr Index** | &nbsp;&nbsp;5.93% | &nbsp;&nbsp;1.60% | &nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;**Bloomberg US Aggregate Index** | &nbsp;&nbsp;6.08% | &nbsp;&nbsp;-0.73% | &nbsp;&nbsp;1.76% |

---

**Cumulative Performance Comparison of $10,000 Investment**

**Past performance is not a good predictor of future performance**. The returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. To obtain performance data current to the most recent month end, please call 1-888-350-3369.

**<u>Fund statistics</u>**

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;ADVISORY FEES |
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PAID BY FUND |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;(NET OF WAIVERS) |
| &nbsp;&nbsp;$341.5 MILLION | &nbsp;&nbsp;273 | &nbsp;&nbsp;30.13% | &nbsp;&nbsp;$2238838 |

---

**<u>PORTFOLIO ILLUSTRATION</u>**

The following chart gives a visual breakdown of the Wise Fund by the security types the underlying securities represent as a percentage of the portfolio of investments

![](image_004.gif)

**<u>top ten holdings</u>**

(% of Net Assets)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;MAF Sukuk Ltd., Sr. Unsecd. Note, 4.500%, 11/03/2025 | &nbsp;&nbsp;3.21% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;TNB Global Ventures Cap., Sr. Unsecd. Note, Series EMTN, 3.244%, 10/19/2026 | &nbsp;&nbsp;2.31% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Perusahaan Penerbit SBSN Indois Sukuk, Series 144A, 4.150%, 03/29/2027 | &nbsp;&nbsp;2.28% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Axiata Spv2 Bhd, 4.357%, 03/24/2026 | &nbsp;&nbsp;2.22% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Indonesia, Government of, 5.000%, Series 144A, 05/25/2030 | &nbsp;&nbsp;1.94% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Wakala Global Sukuk BHD, REGS, 3.179%, 04/27/2026 | &nbsp;&nbsp;1.88% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;KSA Sukuk Ltd., Sr. Unsecd. Note, Series Regs, 2.250%, 05/17/2031 | &nbsp;&nbsp;1.80% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Sharjah Sukuk Ltd., 3.854%, 04/03/2026 | &nbsp;&nbsp;1.79% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Esic Sukuk Ltd, Sr. Unsecd. Note, 5.831%, 02/14/2029 | &nbsp;&nbsp;1.79% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Saudi Electricity Global, Sr. Unsecd. Note REGS, 1.740%, 09/17/2025 | &nbsp;&nbsp;1.68% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;20.90% |

---

**<u>How has the fund changed</u>**

The Fund has not had any material changes during the year ended June 30, 2025.

**<u>Householding</u>**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Azzad Wise Capital Fund documents not be householded, please contact Azzad Funds at 1-888-862-9923, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Azzad Funds or your financial intermediary.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, visit https://azzadasset.com/azzad-wise-capital-fund/ or contact us at 1-888-862-9923.

**Item 2. Code of Ethics.**

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) For purposes of this item, "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote:

(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

(3) Compliance with applicable governmental laws, rules, and regulations;

(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code; and

(5) Accountability for adherence to the code.

(c) Amendments: During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.

(d) Waivers:

During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.

**Item 3. Audit Committee Financial Expert.**

(a) The registrant's board of directors has determined that the Registrant does not have an audit committee financial expert. This is because the Registrant believes that the experience provided by each member of the audit committee together offers the Registrant adequate oversight for the Registrant's level of financial complexity.

**Item 4. Principal Accountant Fees and Services.**

(a) **<u>Audit Fees</u>**

FY 2025 $<u>28,000</u>

FY 2024 $<u>28,000</u>

Nature of the fees: Audit of Financial Statements and Auditor Consent

(b) **<u>Audit-Related Fees</u>**

<u>Registrant</u>

FY 2025 $<u>0</u>

FY 2024 $<u>0</u>

Nature of the fees:

<u>N/A</u>

(c) **<u>Tax Fees</u>**

<u>Registrant</u>

FY 2025 $<u>4,800</u>

FY 2024 $<u>4,800</u>

Nature of the fees:

<u>Preparation of Tax services and Filing</u>

(d) **<u>All Other Fees</u>**

<u>Registrant</u>

FY 2025 $<u>0</u>

FY 2024 $<u>0</u>

Nature of the fees:

<u>N/A</u>

(e) (1) **<u>Audit Committee's Pre-Approval Policies</u>**

The board of directors must approve an independent auditor who shall perform any audit or non-audit services for the Azzad Funds prior to such engagement. The board must also approve external auditors who shall perform non audit services that directly relate to the operations or financial reporting of the Azzad Funds for an entity controlled by Azzad Asset Management, Inc., (advisor to the Azzad Funds).

The board of directors must approve any non-audit services that qualify under the deminimis exception described under the Securities Exchange Act of 1934, as amended, and applicable rules thereunder, prior to the completion of an audit.

However, the board is not required to grant pre-approval to engagements established prior to the implementation of this pre-approval policy.

(2) **<u>Percentages of Services Approved by the Audit Committee</u>**

<u>Registrant</u>

Audit-Related Fees: 0%

Tax Fees: 0%

All Other Fees: 0%

(f) &nbsp;&nbsp;&nbsp;&nbsp; During audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) &nbsp;&nbsp;&nbsp;&nbsp; The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:

<u>Registrant</u>

FY 2025 $<u>4,800</u>

FY 2024 $<u>4,800</u>

(h) &nbsp;&nbsp;&nbsp;&nbsp; The registrant's audit committee has not considered whether the provision of non-audit services to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.

(i)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(j) &nbsp;&nbsp;&nbsp;&nbsp; Not Applicable.

**Item 5. Audit Committee of Listed Companies.** Not applicable.

**Item 6. Schedule of Investments.** Schedule filed with Item 7.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Companies.**

![](image_005.gif)

**Table of Contents**

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Page |
| &nbsp;&nbsp;Schedule of Investments | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Statements of Assets and Liabilities | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;Statements of Operations | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;Statements of Changes in Net Assets | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;Financial Highlights | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;Notes to Financial Statements | &nbsp;&nbsp;18 |
| &nbsp;&nbsp;report of independent registered public accoUnting firm | &nbsp;&nbsp;37 |
| &nbsp;&nbsp;Additional Information | &nbsp;&nbsp;38 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Azzad Ethical Fund** | &nbsp;&nbsp;**Azzad Ethical Fund** | &nbsp;&nbsp;**Azzad Ethical Fund** |
| &nbsp;&nbsp;**Schedule of Investments** | &nbsp;&nbsp;**Schedule of Investments** | &nbsp;&nbsp;**Schedule of Investments** |
| &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**June 30, 2025** |
| &nbsp;&nbsp;**<u>Shares</u>** |  | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**COMMON STOCKS - 96.34%** | &nbsp;&nbsp;**COMMON STOCKS - 96.34%** |  |
| &nbsp;&nbsp;**Aircraft & Parts - 2.77%** | &nbsp;&nbsp;**Aircraft & Parts - 2.77%** |  |
| &nbsp;&nbsp;15356 | &nbsp;&nbsp;HEICO Corp. Class A | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3973365 |
| &nbsp;&nbsp;**Biological Products (No Diagnostic Substances) - 2.68%** | &nbsp;&nbsp;**Biological Products (No Diagnostic Substances) - 2.68%** |  |
| &nbsp;&nbsp;34484 | &nbsp;&nbsp;Bio-Techne Corp. | &nbsp;&nbsp;1774202 |
| &nbsp;&nbsp;16651 | &nbsp;&nbsp;Repligen Corp. \* | &nbsp;&nbsp;2071051 |
|  |  | &nbsp;&nbsp;3845253 |
| &nbsp;&nbsp;**Electrical Work - 3.87%** | &nbsp;&nbsp;**Electrical Work - 3.87%** |  |
| &nbsp;&nbsp;14703 | &nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5558910 |
| &nbsp;&nbsp;**Household Appliances - 1.44%** | &nbsp;&nbsp;**Household Appliances - 1.44%** |  |
| &nbsp;&nbsp;20894 | &nbsp;&nbsp;SharkNinja, Inc. \* | &nbsp;&nbsp;2068297 |
| &nbsp;&nbsp;**In Vitro & In Vivo Diagnostic Substances - 3.23%** | &nbsp;&nbsp;**In Vitro & In Vivo Diagnostic Substances - 3.23%** |  |
| &nbsp;&nbsp;8630 | &nbsp;&nbsp;Idexx Laboratories, Inc. \* | &nbsp;&nbsp;4628614 |
| &nbsp;&nbsp;**Instruments for Measuring & Testing of Electricity & Electric Signals - 0.97%** | &nbsp;&nbsp;**Instruments for Measuring & Testing of Electricity & Electric Signals - 0.97%** |  |
| &nbsp;&nbsp;10576 | &nbsp;&nbsp;Itron, Inc. \* | &nbsp;&nbsp;1392119 |
| &nbsp;&nbsp;**Laboratory Analytical Instruments - 1.33%** | &nbsp;&nbsp;**Laboratory Analytical Instruments - 1.33%** |  |
| &nbsp;&nbsp;21461 | &nbsp;&nbsp;Coherent, Inc. \* | &nbsp;&nbsp;1914536 |
| &nbsp;&nbsp;**Lumber & Wood Products (No Furniture) - 1.45%** | &nbsp;&nbsp;**Lumber & Wood Products (No Furniture) - 1.45%** |  |
| &nbsp;&nbsp;38230 | &nbsp;&nbsp;Trex Co., Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2078947 |
| &nbsp;&nbsp;**Measuring & Controlling Devices - 2.16%** | &nbsp;&nbsp;**Measuring & Controlling Devices - 2.16%** |  |
| &nbsp;&nbsp;40771 | &nbsp;&nbsp;Trimble, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3097781 |
| &nbsp;&nbsp;**Metalworking Machinery & Equipment - 1.67%** | &nbsp;&nbsp;**Metalworking Machinery & Equipment - 1.67%** |  |
| &nbsp;&nbsp;11541 | &nbsp;&nbsp;Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2392680 |
| &nbsp;&nbsp;**Mining & Quarrying of Nonmetallic Minerals (No Fuels) - 1.69%** | &nbsp;&nbsp;**Mining & Quarrying of Nonmetallic Minerals (No Fuels) - 1.69%** |  |
| &nbsp;&nbsp;4416 | &nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2424207 |
| &nbsp;&nbsp;**Miscellaneous Electrical Machinery, Equipment & Supplies - 1.30%** | &nbsp;&nbsp;**Miscellaneous Electrical Machinery, Equipment & Supplies - 1.30%** |  |
| &nbsp;&nbsp;14471 | &nbsp;&nbsp;Novanta, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1865746 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Motors & Generators - 1.57%** | &nbsp;&nbsp;**Motors & Generators - 1.57%** |  |
| &nbsp;&nbsp;15727 | &nbsp;&nbsp;Generac Holdings, Inc. Class A \* | &nbsp;&nbsp;2252264 |
| &nbsp;&nbsp;**Natural Gas Transmission - 1.05%** | &nbsp;&nbsp;**Natural Gas Transmission - 1.05%** |  |
| &nbsp;&nbsp;8615 | &nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;1499699 |
| &nbsp;&nbsp;**Optical Instruments & Lenses - 2.36%** | &nbsp;&nbsp;**Optical Instruments & Lenses - 2.36%** |  |
| &nbsp;&nbsp;3775 | &nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;3381419 |
| &nbsp;&nbsp;**Orthopedic, Prosthetic & Surgical Appliances & Supplies - 1.57%** | &nbsp;&nbsp;**Orthopedic, Prosthetic & Surgical Appliances & Supplies - 1.57%** |  |
| &nbsp;&nbsp;10293 | &nbsp;&nbsp;Align Technology, Inc. \* | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1948774 |
| &nbsp;&nbsp;3832 | &nbsp;&nbsp;Edwards Lifesciences Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299701 |
|  |  | &nbsp;&nbsp;2248475 |
| &nbsp;&nbsp;**Pharmaceutical Preparations - 0.59%** | &nbsp;&nbsp;**Pharmaceutical Preparations - 0.59%** |  |
| &nbsp;&nbsp;2590 | &nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 844573 |
| &nbsp;&nbsp;**Retail-Auto Dealers & Gasoline Stations - 1.64%** | &nbsp;&nbsp;**Retail-Auto Dealers & Gasoline Stations - 1.64%** |  |
| &nbsp;&nbsp;48093 | &nbsp;&nbsp;Copart, Inc. \* | &nbsp;&nbsp;2359924 |
| &nbsp;&nbsp;**Retail-Building Materials, Hardware, Garden Supply - 4.08%** | &nbsp;&nbsp;**Retail-Building Materials, Hardware, Garden Supply - 4.08%** |  |
| &nbsp;&nbsp;89730 | &nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;3768660 |
| &nbsp;&nbsp;39588 | &nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;2089059 |
|  |  | &nbsp;&nbsp;5857719 |
| &nbsp;&nbsp;**Retail-Catalog & Mail-Order Houses - 1.13%** | &nbsp;&nbsp;**Retail-Catalog & Mail-Order Houses - 1.13%** |  |
| &nbsp;&nbsp;9060 | &nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;1618025 |
| &nbsp;&nbsp;**Retail-Lumber & Other Building Materials Dealers - 1.71%** | &nbsp;&nbsp;**Retail-Lumber & Other Building Materials Dealers - 1.71%** |  |
| &nbsp;&nbsp;32367 | &nbsp;&nbsp;Floor & Decor Holdings, Inc. Class A \* | &nbsp;&nbsp;2458597 |
| &nbsp;&nbsp;**Retail-Shoe Stores - 1.45%** | &nbsp;&nbsp;**Retail-Shoe Stores - 1.45%** |  |
| &nbsp;&nbsp;13705 | &nbsp;&nbsp;Boot Barn Holdings, Inc. \* | &nbsp;&nbsp;2083160 |
| &nbsp;&nbsp;**Rolling Drawing & Extruding of Nonferrous Metals - 2.68%** | &nbsp;&nbsp;**Rolling Drawing & Extruding of Nonferrous Metals - 2.68%** |  |
| &nbsp;&nbsp;20665 | &nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;3846376 |
| &nbsp;&nbsp;**Rubber & Plastics Footwear - 1.70%** | &nbsp;&nbsp;**Rubber & Plastics Footwear - 1.70%** |  |
| &nbsp;&nbsp;46863 | &nbsp;&nbsp;On Holding AG Class A (Switzerland) \* | &nbsp;&nbsp;2439219 |
| &nbsp;&nbsp;**Semiconductors & Related Devices - 4.06%** | &nbsp;&nbsp;**Semiconductors & Related Devices - 4.06%** |  |
| &nbsp;&nbsp;27810 | &nbsp;&nbsp;Lattice Semiconductor Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1362412 |
| &nbsp;&nbsp;10293 | &nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1474884 |
| &nbsp;&nbsp;4086 | &nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2988419 |
|  |  | &nbsp;&nbsp;5825715 |
| &nbsp;&nbsp;**Services-Business Services - 5.18%** | &nbsp;&nbsp;**Services-Business Services - 5.18%** |  |
| &nbsp;&nbsp;7477 | &nbsp;&nbsp;Corpay, Inc. \* | &nbsp;&nbsp;2481018 |
| &nbsp;&nbsp;61612 | &nbsp;&nbsp;Costar Group, Inc. \* | &nbsp;&nbsp;4953605 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7434623 |
| &nbsp;&nbsp;**Services-Computer Integrated Systems Design - 0.69%** | &nbsp;&nbsp;**Services-Computer Integrated Systems Design - 0.69%** |  |
| &nbsp;&nbsp;24365 | &nbsp;&nbsp;Waystar Holding Corp. \* | &nbsp;&nbsp;995798 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Services-Computer Processing & Data Preparation - 1.01%** | &nbsp;&nbsp;**Services-Computer Processing & Data Preparation - 1.01%** |  |
| &nbsp;&nbsp;32775 | &nbsp;&nbsp;Toast, Inc. Class A \* | &nbsp;&nbsp;1451605 |
| &nbsp;&nbsp;**Services-Computer Programming, Data Processing, Etc. - 4.84%** | &nbsp;&nbsp;**Services-Computer Programming, Data Processing, Etc. - 4.84%** |  |
| &nbsp;&nbsp;3580 | &nbsp;&nbsp;AppLovin Corp. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1253286 |
| &nbsp;&nbsp;3987 | &nbsp;&nbsp;Factset Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1783305 |
| &nbsp;&nbsp;53177 | &nbsp;&nbsp;Pinterest, Inc. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1906927 |
| &nbsp;&nbsp;27823 | &nbsp;&nbsp;The Trade Desk, Inc. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2002978 |
|  |  | &nbsp;&nbsp;6946496 |
| &nbsp;&nbsp;**Services-Prepackaged Software - 21.07%** | &nbsp;&nbsp;**Services-Prepackaged Software - 21.07%** |  |
| &nbsp;&nbsp;5074 | &nbsp;&nbsp;Appfolio, Inc. Class A \* | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1168441 |
| &nbsp;&nbsp;26531 | &nbsp;&nbsp;Bentley Systems, Inc. Class B | &nbsp;&nbsp;1431878 |
| &nbsp;&nbsp;18363 | &nbsp;&nbsp;Cadence Design Systems, Inc. \* | &nbsp;&nbsp;5658558 |
| &nbsp;&nbsp;52012 | &nbsp;&nbsp;Clearwater Analytics Holdings, Inc. Class A \* | &nbsp;&nbsp;1140623 |
| &nbsp;&nbsp;18188 | &nbsp;&nbsp;Cloudfare, Inc. Class A \* | &nbsp;&nbsp;3561756 |
| &nbsp;&nbsp;24635 | &nbsp;&nbsp;Datadog, Inc. Class A \* | &nbsp;&nbsp;3309220 |
| &nbsp;&nbsp;4589 | &nbsp;&nbsp;HubSpot, Inc. \* | &nbsp;&nbsp;2554375 |
| &nbsp;&nbsp;9590 | &nbsp;&nbsp;Paylocity Holding Corp. \* | &nbsp;&nbsp;1737612 |
| &nbsp;&nbsp;11215 | &nbsp;&nbsp;Snowflake, Inc. Class A \* | &nbsp;&nbsp;2509581 |
| &nbsp;&nbsp;5131 | &nbsp;&nbsp;Tyler Technologies, Inc. \* | &nbsp;&nbsp;3041862 |
| &nbsp;&nbsp;14340 | &nbsp;&nbsp;Veeva Systems, Inc. Class A \* | &nbsp;&nbsp;4129633 |
|  |  | &nbsp;&nbsp;30243539 |
| &nbsp;&nbsp;**Services-To Dwellings & Other Buildings - 1.75%** | &nbsp;&nbsp;**Services-To Dwellings & Other Buildings - 1.75%** |  |
| &nbsp;&nbsp;44538 | &nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;2512834 |
| &nbsp;&nbsp;**Surgical & Medical Instruments & Apparatus - 3.42%** | &nbsp;&nbsp;**Surgical & Medical Instruments & Apparatus - 3.42%** |  |
| &nbsp;&nbsp;10951 | &nbsp;&nbsp;Inspire Medical Systems, Inc. \* | &nbsp;&nbsp;1421111 |
| &nbsp;&nbsp;11106 | &nbsp;&nbsp;Insulet Corp. \* | &nbsp;&nbsp;3489283 |
|  |  | &nbsp;&nbsp;4910394 |
| &nbsp;&nbsp;**Transportation Services - 1.15%** | &nbsp;&nbsp;**Transportation Services - 1.15%** |  |
| &nbsp;&nbsp;9782 | &nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;1650028 |
| &nbsp;&nbsp;**Trucking (No Local) - 1.38%** | &nbsp;&nbsp;**Trucking (No Local) - 1.38%** |  |
| &nbsp;&nbsp;12227 | &nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;1984442 |
| &nbsp;&nbsp;**Wholesale-Drugs, Proprietaries & Druggists' Sundries - 1.16%** | &nbsp;&nbsp;**Wholesale-Drugs, Proprietaries & Druggists' Sundries - 1.16%** |  |
| &nbsp;&nbsp;5546 | &nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;1662968 |
| &nbsp;&nbsp;**Wholesale-Miscellaneous Durable Goods - 1.75%** | &nbsp;&nbsp;**Wholesale-Miscellaneous Durable Goods - 1.75%** |  |
| &nbsp;&nbsp;8606 | &nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;2508477 |
| &nbsp;&nbsp;**X-Ray Apparatus & Tubes & Related Irradiation Apparatus - 2.79%** | &nbsp;&nbsp;**X-Ray Apparatus & Tubes & Related Irradiation Apparatus - 2.79%** |  |
| &nbsp;&nbsp;28512 | &nbsp;&nbsp;GE Healthcare Technology, Inc. | &nbsp;&nbsp;2111884 |
| &nbsp;&nbsp;28978 | &nbsp;&nbsp;Hologic, Inc. \* | &nbsp;&nbsp;1888206 |
|  |  | &nbsp;&nbsp;4000090 |
| &nbsp;&nbsp;TOTAL FOR INVESTMENTS (Cost $105,177,330) \*\* - 96.34% | &nbsp;&nbsp;TOTAL FOR INVESTMENTS (Cost $105,177,330) \*\* - 96.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138256914 |
| &nbsp;&nbsp;OTHER ASSETS LESS LIABILITIES, NET - 3.66% | &nbsp;&nbsp;OTHER ASSETS LESS LIABILITIES, NET - 3.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5247331 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;NET ASSETS - 100.00% | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;143504245 |
| &nbsp;&nbsp;\* Non-income producing securities during the period. |  |
| &nbsp;&nbsp;\*\* Refer to Note 9 for Tax Cost. |  |
| &nbsp;&nbsp;AG - Abbreviation for the German word Aktiengesellschaft. |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Azzad Wise Capital Fund** | &nbsp;&nbsp;**Azzad Wise Capital Fund** | &nbsp;&nbsp;**Azzad Wise Capital Fund** |
| &nbsp;&nbsp;**Schedule of Investments** | &nbsp;&nbsp;**Schedule of Investments** | &nbsp;&nbsp;**Schedule of Investments** |
| &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**June 30, 2025** |
| &nbsp;&nbsp;**<u>Shares/Par</u>** |  | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**COMMON STOCKS - 5.19%** | &nbsp;&nbsp;**COMMON STOCKS - 5.19%** |  |
| &nbsp;&nbsp;**Arrangement of Transportation of Freight & Cargo - 0.22%** | &nbsp;&nbsp;**Arrangement of Transportation of Freight & Cargo - 0.22%** |  |
| &nbsp;&nbsp;3686 | &nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353672 |
| &nbsp;&nbsp;3601 | &nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411414 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 765086 |
| &nbsp;&nbsp;**Beverages - 0.25%** | &nbsp;&nbsp;**Beverages - 0.25%** |  |
| &nbsp;&nbsp;6174 | &nbsp;&nbsp;The Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436811 |
| &nbsp;&nbsp;3114 | &nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411173 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 847984 |
| &nbsp;&nbsp;**Computer & Office Equipment - 0.12%** | &nbsp;&nbsp;**Computer & Office Equipment - 0.12%** |  |
| &nbsp;&nbsp;1391 | &nbsp;&nbsp;International Business Machines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410039 |
| &nbsp;&nbsp;**Construction, Mining & Materials Handling Machinery & Equipment - 0.14%** | &nbsp;&nbsp;**Construction, Mining & Materials Handling Machinery & Equipment - 0.14%** |  |
| &nbsp;&nbsp;2586 | &nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 473833 |
| &nbsp;&nbsp;**Converted Paper & Paperboard Products - 0.10%** | &nbsp;&nbsp;**Converted Paper & Paperboard Products - 0.10%** |  |
| &nbsp;&nbsp;2762 | &nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356077 |
| &nbsp;&nbsp;**Electromedical & Electrotherapeutic Apparatus - 0.16%** | &nbsp;&nbsp;**Electromedical & Electrotherapeutic Apparatus - 0.16%** |  |
| &nbsp;&nbsp;6091 | &nbsp;&nbsp;Medtronic PLC (Ireland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530952 |
| &nbsp;&nbsp;**Electronic & Other Electrical Equipment - 0.17%** | &nbsp;&nbsp;**Electronic & Other Electrical Equipment - 0.17%** |  |
| &nbsp;&nbsp;4327 | &nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 576919 |
| &nbsp;&nbsp;**General Industrial Machinery & Equipment - 0.20%** | &nbsp;&nbsp;**General Industrial Machinery & Equipment - 0.20%** |  |
| &nbsp;&nbsp;1773 | &nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438374 |
| &nbsp;&nbsp;1121 | &nbsp;&nbsp;Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240309 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 678683 |
| &nbsp;&nbsp;**Household Appliances - 0.12%** | &nbsp;&nbsp;**Household Appliances - 0.12%** |  |
| &nbsp;&nbsp;6410 | &nbsp;&nbsp;A.O. Smith Corp. | &nbsp;&nbsp;420304 |
| &nbsp;&nbsp;**Industrial Inorganic Chemicals - 0.29%** | &nbsp;&nbsp;**Industrial Inorganic Chemicals - 0.29%** |  |
| &nbsp;&nbsp;1502 | &nbsp;&nbsp;Air Products & Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423654 |
| &nbsp;&nbsp;1213 | &nbsp;&nbsp;Linde AG PLC (Ireland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 569115 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 992769 |
| &nbsp;&nbsp;**Industrial Instruments for Measurement, Display, and Control - 0.15%** | &nbsp;&nbsp;**Industrial Instruments for Measurement, Display, and Control - 0.15%** |  |
| &nbsp;&nbsp;892 | &nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505621 |
| &nbsp;&nbsp;**Men's & Boy's Furnishings - 0.18%** | &nbsp;&nbsp;**Men's & Boy's Furnishings - 0.18%** |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;2776 | &nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 618687 |
| &nbsp;&nbsp;**Miscellaneous Food Preparations & Kindred Products - 0.09%** | &nbsp;&nbsp;**Miscellaneous Food Preparations & Kindred Products - 0.09%** |  |
| &nbsp;&nbsp;4083 | &nbsp;&nbsp;McCormick & Company, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309573 |
| &nbsp;&nbsp;**Natural Gas Distribution - 0.10%** | &nbsp;&nbsp;**Natural Gas Distribution - 0.10%** |  |
| &nbsp;&nbsp;2361 | &nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363854 |
| &nbsp;&nbsp;**Perfumes, Cosmetics & Other Toilet Preparations - 0.28%** | &nbsp;&nbsp;**Perfumes, Cosmetics & Other Toilet Preparations - 0.28%** |  |
| &nbsp;&nbsp;4929 | &nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448046 |
| &nbsp;&nbsp;24469 | &nbsp;&nbsp;Kenvue, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512136 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 960182 |
| &nbsp;&nbsp;**Petroleum Refining - 0.08%** | &nbsp;&nbsp;**Petroleum Refining - 0.08%** |  |
| &nbsp;&nbsp;2486 | &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267991 |
| &nbsp;&nbsp;**Pharmaceutical Preparations - 0.44%** | &nbsp;&nbsp;**Pharmaceutical Preparations - 0.44%** |  |
| &nbsp;&nbsp;3997 | &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 543632 |
| &nbsp;&nbsp;2332 | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 432866 |
| &nbsp;&nbsp;3381 | &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516448 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1492946 |
| &nbsp;&nbsp;**Retail-Building Materials, Hardware, Garden Supply - 0.31%** | &nbsp;&nbsp;**Retail-Building Materials, Hardware, Garden Supply - 0.31%** |  |
| &nbsp;&nbsp;11508 | &nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 483336 |
| &nbsp;&nbsp;1705 | &nbsp;&nbsp;The Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585428 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1068764 |
| &nbsp;&nbsp;**Retail-Lumber & Other Building Materials - 0.14%** | &nbsp;&nbsp;**Retail-Lumber & Other Building Materials - 0.14%** |  |
| &nbsp;&nbsp;2186 | &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485008 |
| &nbsp;&nbsp;**Retail-Variety Stores - 0.07%** | &nbsp;&nbsp;**Retail-Variety Stores - 0.07%** |  |
| &nbsp;&nbsp;2324 | &nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229263 |
| &nbsp;&nbsp;**Services-Computer Programming, Data Processing, Etc. - 0.06%** | &nbsp;&nbsp;**Services-Computer Programming, Data Processing, Etc. - 0.06%** |  |
| &nbsp;&nbsp;469 | &nbsp;&nbsp;Factset Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209774 |
| &nbsp;&nbsp;**Services-Consumer Credit Reporting, Collection Agencies - 0.12%** | &nbsp;&nbsp;**Services-Consumer Credit Reporting, Collection Agencies - 0.12%** |  |
| &nbsp;&nbsp;838 | &nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 441869 |
| &nbsp;&nbsp;**Soap, Detergent, Cleaning Preparations, Perfumes, Cosmetics - 0.40%** | &nbsp;&nbsp;**Soap, Detergent, Cleaning Preparations, Perfumes, Cosmetics - 0.40%** |  |
| &nbsp;&nbsp;4191 | &nbsp;&nbsp;Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 402797 |
| &nbsp;&nbsp;2036 | &nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548580 |
| &nbsp;&nbsp;2517 | &nbsp;&nbsp;The Procter Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401008 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1352385 |
| &nbsp;&nbsp;**Special Industry Machinery (No Metalworking Machinery) - 0.20%** | &nbsp;&nbsp;**Special Industry Machinery (No Metalworking Machinery) - 0.20%** |  |
| &nbsp;&nbsp;6670 | &nbsp;&nbsp;Pentair PLC (Ireland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 684742 |
| &nbsp;&nbsp;**Specialty Cleaning, Polishing & Sanitation Preparations - 0.08%** | &nbsp;&nbsp;**Specialty Cleaning, Polishing & Sanitation Preparations - 0.08%** |  |
| &nbsp;&nbsp;2400 | &nbsp;&nbsp;The Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288168 |
| &nbsp;&nbsp;**Steel Works, Blasts Furnaces & Rolling Mills (Coke Ovens) - 0.09%** | &nbsp;&nbsp;**Steel Works, Blasts Furnaces & Rolling Mills (Coke Ovens) - 0.09%** |  |
| &nbsp;&nbsp;2254 | &nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291983 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Surgical & Medical Instruments & Apparatus - 0.09%** | &nbsp;&nbsp;**Surgical & Medical Instruments & Apparatus - 0.09%** |  |
| &nbsp;&nbsp;1427 | &nbsp;&nbsp;West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312228 |
| &nbsp;&nbsp;**Wholesale-Drugs, Proprietaries & Druggists' Sundries - 0.13%** | &nbsp;&nbsp;**Wholesale-Drugs, Proprietaries & Druggists' Sundries - 0.13%** |  |
| &nbsp;&nbsp;2558 | &nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429744 |
| &nbsp;&nbsp;**Wholesale-Durable Goods - 0.17%** | &nbsp;&nbsp;**Wholesale-Durable Goods - 0.17%** |  |
| &nbsp;&nbsp;551 | &nbsp;&nbsp;W.W. Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 573172 |
| &nbsp;&nbsp;**Wholesale-Groceries & Related Products - 0.12%** | &nbsp;&nbsp;**Wholesale-Groceries & Related Products - 0.12%** |  |
| &nbsp;&nbsp;5384 | &nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 407784 |
| &nbsp;&nbsp;**Wholesale-Motor Vehicle Supplies & New Parts - 0.12%** | &nbsp;&nbsp;**Wholesale-Motor Vehicle Supplies & New Parts - 0.12%** |  |
| &nbsp;&nbsp;3268 | &nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396441 |
| &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $11,369,803) - 5.19% | &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $11,369,803) - 5.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17742825 |
| &nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUSTS - 0.12%** | &nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUSTS - 0.12%** |  |
| &nbsp;&nbsp;1393 | &nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394776 |
| &nbsp;&nbsp;TOTAL FOR REAL ESTATE INVESTMENT TRUSTS (Cost $361,548) - 0.12% | &nbsp;&nbsp;TOTAL FOR REAL ESTATE INVESTMENT TRUSTS (Cost $361,548) - 0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394776 |
| &nbsp;&nbsp;**SUKUKS - 68.30%** | &nbsp;&nbsp;**SUKUKS - 68.30%** |  |
| &nbsp;&nbsp;**Banks - 15.18%** | &nbsp;&nbsp;**Banks - 15.18%** |  |
| &nbsp;&nbsp;4560000 | &nbsp;&nbsp;ADIB Sukuk II Co. Ltd., Sr. Unsecd. Note, Series REGS, 5.695%, 11/15/2028 (United Arab Emirates) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4735961 |
| &nbsp;&nbsp;5000000 | &nbsp;&nbsp;AL Rajhi Sukuk, Ltd., Sr. Unsecd. Note, Series REGS, 4.750%, 04/05/2028 (Saudi Arabia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000050 |
| &nbsp;&nbsp;2000000 | &nbsp;&nbsp;AL Rajhi Sukuk, Ltd., Jr. Sub. Note, Series EMTN, 6.250%, 07/21/2030 (Saudi Arabia) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2010327 |
| &nbsp;&nbsp;2500000 | &nbsp;&nbsp;AUB Sukuk, Ltd., Unsecd. Note, Series EMTN, 2.615%, 09/09/2026 (Bahrain) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2432625 |
| &nbsp;&nbsp;5000000 | &nbsp;&nbsp;Banque Saudi Fransi, Sr. Unsecd. Note, Series REGS, 4.750%, 05/31/2028 (Saudi Arabia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5002800 |
| &nbsp;&nbsp;4500000 | &nbsp;&nbsp;DIB Sukuk, Ltd., Series REGS, 5.243%, 03/04/2029 (United Arab Emirates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4568625 |
| &nbsp;&nbsp;3000000 | &nbsp;&nbsp;FAB Sukuk Co. Ltd., Sr. Unsecd. Note, Series REGS, 1.411%, 01/14/2026 (United Arab Emirates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2948304 |
| &nbsp;&nbsp;3000000 | &nbsp;&nbsp;FAB Sukuk Co. Ltd., Sr. Unsecd. Note, Series REGS, 2.591%, 03/02/2027 (United Arab Emirates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2910528 |
| &nbsp;&nbsp;2000000 | &nbsp;&nbsp;FAB Sukuk Co. Ltd., Sr. Unsecd. Note, 5.153%, 01/16/2030 (United Arab Emirates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2056378 |
| &nbsp;&nbsp;5100000 | &nbsp;&nbsp;KIB Sukuk Ltd., Sub., 2.375%, 11/30/2030 (Kuwait) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5030200 |
| &nbsp;&nbsp;3000000 | &nbsp;&nbsp;NCB Tier 1 Sukuk Ltd. Jr. Sub. Note, 3.500%, 07/26/2026 (Saudi Arabia) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2906550 |
| &nbsp;&nbsp;4950000 | &nbsp;&nbsp;QIB Sukuk, Ltd., Sr. Unsecd. Note, REGS, 5.581%, 11/22/2028 (Qatar) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5119469 |
| &nbsp;&nbsp;5000000 | &nbsp;&nbsp;SNB Sukuk Ltd., Sr. Unsecd. Note, REGS, 5.129%, 02/27/2029 (Saudi Arabia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5075225 |
| &nbsp;&nbsp;2000000 | &nbsp;&nbsp;Warba Sukuk Ltd., Sr. Unsecd. Note, Series EMTN, 5.351%, 07/10/2029 (Kuwait) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2038096 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51835138 |
| &nbsp;&nbsp;**Communications Equipment - 4.30%** | &nbsp;&nbsp;**Communications Equipment - 4.30%** |  |
| &nbsp;&nbsp;7600000 | &nbsp;&nbsp;Axiata Spv2 Bhd, 4.357%, 03/24/2026 (Malaysia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7592155 |
| &nbsp;&nbsp;4580000 | &nbsp;&nbsp;Axiata Spv2 Bhd, Series REGS, 2.163%, 08/19/2030 (Malaysia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4087121 |
| &nbsp;&nbsp;3000000 | &nbsp;&nbsp;ICD Sukuk Co. Ltd., 5.000%, 02/01/2027 (United Arab Emirates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3003060 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14682336 |
| &nbsp;&nbsp;**Energy - 5.49%** | &nbsp;&nbsp;**Energy - 5.49%** |  |
| &nbsp;&nbsp;4000000 | &nbsp;&nbsp;EDO Sukuk, Ltd., Sr. Unsecd. Note, Series 144A, 5.662%, 07/03/2031 (Oman) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4069960 |
| &nbsp;&nbsp;3300000 | &nbsp;&nbsp;EDO Sukuk, Ltd., Sr. Unsecd. Note, Series 144A, 5.875%, 09/21/2033 (Oman) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3382401 |
| &nbsp;&nbsp;2500000 | &nbsp;&nbsp;Nogaholding Sukuk Ltd., Sr. Unsecd. Note, Series REGS, 5.250%, 04/08/2029 (Bahrain) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2439450 |
| &nbsp;&nbsp;3000000 | &nbsp;&nbsp;SA Global Sukuk, Ltd., Sr. Unsecd. Note, REGS, 1.602%, 06/17/2026 (Saudi Arabia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2911845 |
| &nbsp;&nbsp;3500000 | &nbsp;&nbsp;SA Global Sukuk, Ltd., Sr. Unsecd. Note, Series 144A, 4.250%, 10/02/2029 (Saudi Arabia) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3444938 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;2800000 | &nbsp;&nbsp;SA Global Sukuk, Ltd., Sr. Unsecd. Note, Series 144A, 2.694%, 06/17/2031 (Saudi Arabia) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2490648 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18739242 |
| &nbsp;&nbsp;**Financial Services - 7.89%** | &nbsp;&nbsp;**Financial Services - 7.89%** |  |
| &nbsp;&nbsp;1500000 | &nbsp;&nbsp;Air Lease Corp. Sukuk Ltd., Sr. Unsecd. Note, Series 144A, 5.850%, 04/01/2028 (United States) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1532871 |
| &nbsp;&nbsp;2000000 | &nbsp;&nbsp;Air Lease Corp. Sukuk Ltd., Sr. Unsecd. Note, Series REGS, 5.850%, 04/01/2028 (United States) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2043828 |
| &nbsp;&nbsp;2300000 | &nbsp;&nbsp;DAE Sukuk DIFC Ltd., Series 144A, 3.750%, 02/15/2026 (United Arab Emirates) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2282412 |
| &nbsp;&nbsp;5500000 | &nbsp;&nbsp;DAE Sukuk DIFC Ltd., Sr. Unsecd. Note, Series REGS, 3.750%, 02/15/2026 (United Arab Emirates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5457943 |
| &nbsp;&nbsp;11000000 | &nbsp;&nbsp;MAF Sukuk Ltd., Sr. Unsecd. Note, 4.500%, 11/03/2025 (United Arab Emirates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10968276 |
| &nbsp;&nbsp;1500000 | &nbsp;&nbsp;MDGH Sukuk Ltd. Sr. Unsecd. Note, Series EMTN, 4.959%, 04/04/2034 (United Arab Emirates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1528101 |
| &nbsp;&nbsp;3000000 | &nbsp;&nbsp;SUCI Second Investment Co., Sr. Unsecd. Note, REGS, 6.000%, 10/25/2028 (Saudi Arabia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3124029 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26937460 |
| &nbsp;&nbsp;**Government Owned - 2.25%** | &nbsp;&nbsp;**Government Owned - 2.25%** |  |
| &nbsp;&nbsp;5000000 | &nbsp;&nbsp;EI Sukuk Co. Ltd., Sr. Unsecd. Note, 5.431%, 05/28/2029 (United Arab Emirates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5142128 |
| &nbsp;&nbsp;2500000 | &nbsp;&nbsp;Ma'aden Sukuk Ltd., Sr. Unsecd. Note, Series 144A, 5.250%, 02/13/2030 (Saudi Arabia) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2543563 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7685691 |
| &nbsp;&nbsp;**Home Construction - 5.33%** | &nbsp;&nbsp;**Home Construction - 5.33%** |  |
| &nbsp;&nbsp;3000000 | &nbsp;&nbsp;Aldar Sukuk Ltd., Sr. Unsecd. Note, Series REGS, 4.875%, 05/24/2033 (United Arab Emirates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2969028 |
| &nbsp;&nbsp;5000000 | &nbsp;&nbsp;Aldar Sukuk (No. 2) Ltd., Sr. Unsecd. Note, Series REGS, 3.875%, 10/22/2029 (United Arab Emirates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4820830 |
| &nbsp;&nbsp;4600000 | &nbsp;&nbsp;Emaar Sukuk Ltd., Sr. Unsecd. Note, Series EMTN, 3.700%, 07/06/2031 (United Arab Emirates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4319336 |
| &nbsp;&nbsp;6000000 | &nbsp;&nbsp;ESIC Sukuk Ltd., Sr. Unsecd. Note, Series REGS, 5.831%, 02/14/2029 (United Arab Emirates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6099246 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18208440 |
| &nbsp;&nbsp;**Sovereigns - 21.00%** | &nbsp;&nbsp;**Sovereigns - 21.00%** |  |
| &nbsp;&nbsp;1500000 | &nbsp;&nbsp;CBB International Sukuk Progr. SPC., Series 144A, 3.950%, 09/16/2027 (Bahrain) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1439514 |
| &nbsp;&nbsp;2000000 | &nbsp;&nbsp;CBB International Sukuk Progr. Sr. Unsecd. Note, Series REGS, 3.950%, 09/16/2027 (Bahrain) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1919352 |
| &nbsp;&nbsp;1000000 | &nbsp;&nbsp;CBB International Sukuk Progr. WLL., Series 144A, 3.875%, 05/18/2029 (Bahrain) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 933154 |
| &nbsp;&nbsp;1000000 | &nbsp;&nbsp;CBB International Sukuk Progr. WLL., Sr. Unsecd., Series REGS, 3.875%, 05/18/2029 (Bahrain) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 933154 |
| &nbsp;&nbsp;2500000 | &nbsp;&nbsp;Egypt Taskeek Co., Sr. Unsecd. Series REGS, 10.875%, 02/28/2026 (Egypt) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2561192 |
| &nbsp;&nbsp;1500000 | &nbsp;&nbsp;Hazine Mustesarligi, Series 144A, 5.125%, 06/22/2026 (Turkey) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1491456 |
| &nbsp;&nbsp;3900000 | &nbsp;&nbsp;Hazine Mustesarligi Varli, Sr. Unsecd. Note, Series REGS, 5.125%, 06/22/2026 (Turkey) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3877785 |
| &nbsp;&nbsp;1500000 | &nbsp;&nbsp;Hazine Mustesarligi Varli, Sr. Unsecd. Note, Series REGS, 9.758%, 11/13/2025 (Turkey) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1525384 |
| &nbsp;&nbsp;4000000 | &nbsp;&nbsp;Hazine Mustesarligi Varli, Sr. Unsecd. Note, Series 144A, 6.500%, 04/26/2030 (Turkey) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3982698 |
| &nbsp;&nbsp;3000000 | &nbsp;&nbsp;Hazine Mustesarligi Varli, Sr. Unsecd. Note, Series 144A, 6.750%, 09/01/2030 (Turkey) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2997263 |
| &nbsp;&nbsp;7000000 | &nbsp;&nbsp;KSA Sukuk Ltd., Sr. Unsecd. Note, Series REGS, 2.250%, 05/17/2031 (Saudi Arabia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6144250 |
| &nbsp;&nbsp;2500000 | &nbsp;&nbsp;Oman, Government, Sr. Unsecd., Series REGS, 4.875%, 06/15/2030 (Oman) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2513473 |
| &nbsp;&nbsp;3000000 | &nbsp;&nbsp;Oman, Government, Sr. Unsecd., Series 144A, 4.875%, 06/15/2030 (Oman) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3016168 |
| &nbsp;&nbsp;3500000 | &nbsp;&nbsp;Oman, Government, Series 144A, 5.932%, 10/31/2025 (Oman) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3506630 |
| &nbsp;&nbsp;1685000 | &nbsp;&nbsp;Perusahaan Penerbit SBSN Indois Sukuk, Series 144A, 4.150%, 03/29/2027 (Indonesia) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1683355 |
| &nbsp;&nbsp;7800000 | &nbsp;&nbsp;Perusahaan Penerbit SBSN Indois Sukuk, Series REGS, 4.150%, 03/29/2027 (Indonesia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7792386 |
| &nbsp;&nbsp;4700000 | &nbsp;&nbsp;Perusahaan Penerbit SBSN Indois Sukuk, Series 144A, 5.100%, 07/02/2029 (Indonesia) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4811188 |
| &nbsp;&nbsp;6500000 | &nbsp;&nbsp;Perusahaan Penerbit SBSN Indois Sukuk, Series 144A, 5.000%, 05/25/2030 (Indonesia) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6638383 |
| &nbsp;&nbsp;6150000 | &nbsp;&nbsp;Sharjah Sukuk Ltd., 3.854%, 04/03/2026 (United Arab Emirates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6105448 |
| &nbsp;&nbsp;1500000 | &nbsp;&nbsp;Sharjah Sukuk Ltd., Series REGS, 3.234%, 10/23/2029 (United Arab Emirates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1399680 |
| &nbsp;&nbsp;6480000 | &nbsp;&nbsp;Wakala Global Sukuk BHD, REGS, 3.179%, 04/27/2026 (Malaysia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6422568 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71694481 |
| &nbsp;&nbsp;**Utilities - 6.20%** | &nbsp;&nbsp;**Utilities - 6.20%** |  |
| &nbsp;&nbsp;2350000 | &nbsp;&nbsp;Mazoon Assets Co. SAOC. Sr. Unsecd Note, Series 144A, 5.250%, 10/09/2031 (Oman) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2341540 |
| &nbsp;&nbsp;5758000 | &nbsp;&nbsp;Saudi Electricity Global, Sr. Unsecd. Note REGS, 1.740%, 09/17/2025 (Saudi Arabia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5720573 |
| &nbsp;&nbsp;2500000 | &nbsp;&nbsp;Saudi Electricity Global, Sr. Unsecd. Note REGS, 2.413%, 09/17/2030 (Saudi Arabia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2216113 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;3000000 | &nbsp;&nbsp;Saudi Electricity Global Sukuk, Sr. Unsecd. Note, REGS, 4.942%, 02/13/2029 (Saudi Arabia) | &nbsp;&nbsp;Saudi Electricity Global Sukuk, Sr. Unsecd. Note, REGS, 4.942%, 02/13/2029 (Saudi Arabia) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3034035 |
| &nbsp;&nbsp;8000000 | &nbsp;&nbsp;TNB Global Ventures Cap., Sr. Unsecd. Note, Series EMTN, 3.244%, 10/19/2026 (Malaysia) | &nbsp;&nbsp;TNB Global Ventures Cap., Sr. Unsecd. Note, Series EMTN, 3.244%, 10/19/2026 (Malaysia) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7873334 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21185595 |
| &nbsp;&nbsp;**Wireline Telecommunications Services - 0.66%** | &nbsp;&nbsp;**Wireline Telecommunications Services - 0.66%** | &nbsp;&nbsp;**Wireline Telecommunications Services - 0.66%** |  |  |
| &nbsp;&nbsp;2300000 | &nbsp;&nbsp;Saudi Telecom Co., Series 144A, 3.890%, 05/13/2029 (Saudi Arabia) (1) | &nbsp;&nbsp;Saudi Telecom Co., Series 144A, 3.890%, 05/13/2029 (Saudi Arabia) (1) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2238770 |
| &nbsp;&nbsp;TOTAL FOR SUKUKS (Cost $232,353,455) - 68.30% | &nbsp;&nbsp;TOTAL FOR SUKUKS (Cost $232,353,455) - 68.30% | &nbsp;&nbsp;TOTAL FOR SUKUKS (Cost $232,353,455) - 68.30% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233207153 |
| &nbsp;&nbsp;**TRADE FINANCE AGREEMENTS - 4.50% (2) (5)** | &nbsp;&nbsp;**TRADE FINANCE AGREEMENTS - 4.50% (2) (5)** | &nbsp;&nbsp;**TRADE FINANCE AGREEMENTS - 4.50% (2) (5)** |  |  |
| &nbsp;&nbsp;**<u>Shares/Par</u>** |  | &nbsp;&nbsp;**<u>Acquisition Date (2)</u>** | &nbsp;&nbsp;**<u>Cost (2)</u>** | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**Energy - Oil Refining and Marketing - 3.33%** | &nbsp;&nbsp;**Energy - Oil Refining and Marketing - 3.33%** | &nbsp;&nbsp;**Energy - Oil Refining and Marketing - 3.33%** |  |  |
| &nbsp;&nbsp;2171822 | &nbsp;&nbsp;African Export Import Bank 209, 4.639% (4-month SOFR +1.000%), 04/30/2026 (Egypt) (3) | &nbsp;&nbsp;04/30/2025 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 2165822 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167044 |
| &nbsp;&nbsp;828178 | &nbsp;&nbsp;African Export Import Bank 209, 4.943% (4-month SOFR +1.000%), 05/18/2026 (Egypt) (3) | &nbsp;&nbsp;05/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 828178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 826356 |
| &nbsp;&nbsp;3308500 | &nbsp;&nbsp;Arab Republic of Egypt, 7.667-7.690%, (3.770% 12-months TSOFR + 4.000% - 1.00), 09/25/2025 (Egypt) (3) | &nbsp;&nbsp;09/27/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3303227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3308500 |
| &nbsp;&nbsp;691500 | &nbsp;&nbsp;Arab Republic of Egypt, 7.690%, (3.770% 12-months TSOFR + 4.000% - 1.00), 10/23/2025 (Egypt) (3) | &nbsp;&nbsp;10/24/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 691500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 691500 |
| &nbsp;&nbsp;13036 | &nbsp;&nbsp;Arab Republic of Egypt, 7.271%, (3.150% 12-months TSOFR + 4.195% - 1.00), 06/25/2026 (Egypt) (3) | &nbsp;&nbsp;06/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13036 |
| &nbsp;&nbsp;7325 | &nbsp;&nbsp;Government of Egypt, 7.667%-8.096%, (12-months SOFR +2.500%), 07/21/2025 (Egypt) (3) | &nbsp;&nbsp;07/22/2024 - 07/23/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7325 |
| &nbsp;&nbsp;7140 | &nbsp;&nbsp;Government of Egypt, 8.733%, (12-months SOFR +2.500%), 07/28/2025 (Egypt) (3) | &nbsp;&nbsp;07/26/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7140 |
| &nbsp;&nbsp;9047 | &nbsp;&nbsp;Government of Egypt, 8.273%, (12-months SOFR +2.500%), 08/11/2025 (Egypt) (3) | &nbsp;&nbsp;08/12/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9047 |
| &nbsp;&nbsp;8011 | &nbsp;&nbsp;Government of Egypt, 8.311%, (12-months SOFR +2.500%), 08/18/2025 (Egypt) (3) | &nbsp;&nbsp;08/19/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8011 |
| &nbsp;&nbsp;12737 | &nbsp;&nbsp;Government of Egypt, 8.135%, (12-months SOFR +2.500%), 09/02/2025 (Egypt) (3) | &nbsp;&nbsp;08/29/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12737 |
| &nbsp;&nbsp;376 | &nbsp;&nbsp;Government of Egypt, 8.029%, (12-months SOFR +2.500%), 09/04/2025 (Egypt) (3) | &nbsp;&nbsp;09/04/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 |
| &nbsp;&nbsp;4829 | &nbsp;&nbsp;Government of Egypt, 7.893%, (12-months SOFR +2.500%), 09/11/2025 (Egypt) (3) | &nbsp;&nbsp;09/11/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4829 |
| &nbsp;&nbsp;12729 | &nbsp;&nbsp;Government of Egypt, 7.809%, (12-months SOFR +2.500%), 09/15/2025 (Egypt) (3) | &nbsp;&nbsp;09/12/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12729 |
| &nbsp;&nbsp;20226 | &nbsp;&nbsp;Government of Egypt, 7.338%-7.753, (12-months SOFR +2.500%), 09/22/2025 (Egypt) (3) | &nbsp;&nbsp;09/18/2024 - 09/27/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20226 |
| &nbsp;&nbsp;204 | &nbsp;&nbsp;Government of Egypt, 7.667%, (12-months SOFR +2.500%), 09/25/2025 (Egypt) (3) | &nbsp;&nbsp;09/27/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 |
| &nbsp;&nbsp;383 | &nbsp;&nbsp;Government of Egypt, 7.743%, (12-months SOFR +2.500%), 09/29/2025 (Egypt) (3) | &nbsp;&nbsp;09/30/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 |
| &nbsp;&nbsp;4417 | &nbsp;&nbsp;Government of Egypt, 7.755%, (12-months SOFR +2.500%), 10/02/2025 (Egypt) (3) | &nbsp;&nbsp;10/03/2024 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4417 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4417 |
| &nbsp;&nbsp;35517 | &nbsp;&nbsp;Government of Egypt, 7.338%-8.078%, (12-months SOFR +2.500%), 10/07/2025 (Egypt) (3) | &nbsp;&nbsp;10/04/2024 - 10/24/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35517 |
| &nbsp;&nbsp;15160 | &nbsp;&nbsp;Government of Egypt, 8.039%-8.075%, (12-months SOFR +2.500%), 10/14/2025 (Egypt) (3) | &nbsp;&nbsp;10/11/2024 - 10/22/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15160 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;18837 | &nbsp;&nbsp;Government of Egypt, 7.967%-8.075%, (12-months SOFR +2.500%), 10/20/2025 (Egypt) (3) | &nbsp;&nbsp;10/18/2024 - 10/22/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18837 |
| &nbsp;&nbsp;8541 | &nbsp;&nbsp;Government of Egypt, 8.071%-8.104%, (12-months SOFR +2.500%), 10/27/2025 (Egypt) (3) | &nbsp;&nbsp;10/24/2024 - 10/29/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8541 |
| &nbsp;&nbsp;12549 | &nbsp;&nbsp;Government of Egypt, 8.087%, (12-months SOFR +2.500%), 10/30/2025 (Egypt) (3) | &nbsp;&nbsp;10/29/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12549 |
| &nbsp;&nbsp;13555 | &nbsp;&nbsp;Government of Egypt, 7.753%-8.061%, (12-months SOFR +2.500%), 11/03/2025 (Egypt) (3) | &nbsp;&nbsp;11/04/2024 - 11/05/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13555 |
| &nbsp;&nbsp;10182 | &nbsp;&nbsp;Government of Egypt, 8.157%-8.164%, (12-months SOFR +2.500%), 11/10/2025 (Egypt) (3) | &nbsp;&nbsp;11/08/2024 - 11/11/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10182 |
| &nbsp;&nbsp;4311 | &nbsp;&nbsp;Government of Egypt, 8.160%, (12-months SOFR +2.500%), 11/17/2025 (Egypt) (3) | &nbsp;&nbsp;11/15/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4311 |
| &nbsp;&nbsp;6052 | &nbsp;&nbsp;Government of Egypt, 8.208%, (12-months SOFR +2.500%), 11/20/2025 (Egypt) (3) | &nbsp;&nbsp;11/21/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6052 |
| &nbsp;&nbsp;3496 | &nbsp;&nbsp;Government of Egypt, 8.243%, (12-months SOFR +2.500%), 11/24/2025 (Egypt) (3) | &nbsp;&nbsp;11/26/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3496 |
| &nbsp;&nbsp;348 | &nbsp;&nbsp;Government of Egypt, 8.178%, (12-months SOFR +2.500%), 12/01/2025 (Egypt) (3) | &nbsp;&nbsp;12/03/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348 |
| &nbsp;&nbsp;4646 | &nbsp;&nbsp;Government of Egypt, 8.048%, (12-months SOFR +2.500%), 12/08/2025 (Egypt) (3) | &nbsp;&nbsp;12/09/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4646 |
| &nbsp;&nbsp;3589 | &nbsp;&nbsp;Government of Egypt, 8.096%, (12-months SOFR +2.500%), 12/15/2025 (Egypt) (3) | &nbsp;&nbsp;12/17/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3589 |
| &nbsp;&nbsp;3453 | &nbsp;&nbsp;Government of Egypt, 8.129%, (12-months SOFR +2.500%), 12/18/2025 (Egypt) (3) | &nbsp;&nbsp;12/19/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3453 |
| &nbsp;&nbsp;3411 | &nbsp;&nbsp;Government of Egypt, 8.083%, (12-months SOFR +2.500%), 01/05/2026 (Egypt) (3) | &nbsp;&nbsp;01/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3411 |
| &nbsp;&nbsp;323 | &nbsp;&nbsp;Government of Egypt, 8.112%, (12-months SOFR +2.500%), 01/20/2026 (Egypt) (3) | &nbsp;&nbsp;01/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 323 |
| &nbsp;&nbsp;18669 | &nbsp;&nbsp;Government of Egypt, 8.124%, (12-months SOFR +2.500%), 01/22/2026 (Egypt) (3) | &nbsp;&nbsp;01/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18669 |
| &nbsp;&nbsp;2184 | &nbsp;&nbsp;Government of Egypt, 8.086%, (12-months SOFR +2.500%), 02/02/2026 (Egypt) (3) | &nbsp;&nbsp;02/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2184 |
| &nbsp;&nbsp;8445 | &nbsp;&nbsp;Government of Egypt, 8.097%, (12-months SOFR +2.500%), 02/09/2026 (Egypt) (3) | &nbsp;&nbsp;02/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8445 |
| &nbsp;&nbsp;2728 | &nbsp;&nbsp;Government of Egypt, 8.192%, (12-months SOFR +2.500%), 02/17/2026 (Egypt) (3) | &nbsp;&nbsp;02/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2728 |
| &nbsp;&nbsp;10437 | &nbsp;&nbsp;Government of Egypt, 8.141%, (12-months SOFR +2.500%), 02/23/2026 (Egypt) (3) | &nbsp;&nbsp;02/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10437 |
| &nbsp;&nbsp;2204 | &nbsp;&nbsp;Government of Egypt, 8.054%, (12-months SOFR +2.500%), 02/26/2026 (Egypt) (3) | &nbsp;&nbsp;02/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2204 |
| &nbsp;&nbsp;17251 | &nbsp;&nbsp;Government of Egypt, 7.994%-8.045%, (12-months SOFR +2.500%), 03/02/2026 (Egypt) (3) | &nbsp;&nbsp;03/03/2025 - 03/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17251 |
| &nbsp;&nbsp;3836 | &nbsp;&nbsp;Government of Egypt, 7.976%, (12-months SOFR +2.500%), 03/25/2026 (Egypt) (3) | &nbsp;&nbsp;03/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3836 |
| &nbsp;&nbsp;7831 | &nbsp;&nbsp;Government of Egypt, 7.891%, (12-months SOFR +2.500%), 04/02/2026 (Egypt) (3) | &nbsp;&nbsp;04/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7831 |
| &nbsp;&nbsp;4171 | &nbsp;&nbsp;Government of Egypt, 7.781%, (12-months SOFR +2.500%), 04/20/2026 (Egypt) (3) | &nbsp;&nbsp;04/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4171 |
| &nbsp;&nbsp;12460 | &nbsp;&nbsp;Government of Egypt, 7.785%, (12-months SOFR +2.500%), 04/27/2026 (Egypt) (3) | &nbsp;&nbsp;04/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12460 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;2387 | &nbsp;&nbsp;Government of Egypt, 7.685%, (12-months SOFR +2.500%), 05/05/2026 (Egypt) (3) | &nbsp;&nbsp;05/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2387 |
| &nbsp;&nbsp;8047 | &nbsp;&nbsp;Government of Egypt, 7.685%-7.886, (12-months SOFR +2.500%), 05/11/2026 (Egypt) (3) | &nbsp;&nbsp;05/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8047 |
| &nbsp;&nbsp;3925 | &nbsp;&nbsp;Government of Egypt, 7.980%, (12-months SOFR +2.500%), 05/18/2026 (Egypt) (3) | &nbsp;&nbsp;05/19/2025 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3701 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3925 |
| &nbsp;&nbsp;4569 | &nbsp;&nbsp;Government of Egypt, 7.995%, (12-months SOFR +2.500%), 05/21/2026 (Egypt) (3) | &nbsp;&nbsp;05/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4569 |
| &nbsp;&nbsp;12878 | &nbsp;&nbsp;Government of Egypt, 7.970%, (12-months SOFR +2.500%), 06/01/2026 (Egypt) (3) | &nbsp;&nbsp;05/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12878 |
| &nbsp;&nbsp;4000000 | &nbsp;&nbsp;Turk Eximbank, 5.463%, (12-months SOFR +1.250%), 12/29/2025 (Turkey) | &nbsp;&nbsp;12/27/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3988000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000000 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11342955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11359852 |
| &nbsp;&nbsp;**Foreign Sovereign - 1.17%** | &nbsp;&nbsp;**Foreign Sovereign - 1.17%** | &nbsp;&nbsp;**Foreign Sovereign - 1.17%** |  |  |
| &nbsp;&nbsp;341206 | &nbsp;&nbsp;Government of Pakistan, 8.218%, (12-months SOFR +1.000%), 11/03/2025 (Pakistan) (3) | &nbsp;&nbsp;11/05/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 341206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345881 |
| &nbsp;&nbsp;717664 | &nbsp;&nbsp;Government of Pakistan, 8.327%, (12-months SOFR +1.000%), 12/01/2025 (Pakistan) (3) | &nbsp;&nbsp;12/03/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 717664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 727496 |
| &nbsp;&nbsp;698305 | &nbsp;&nbsp;Government of Pakistan, 8.198%, (12-months SOFR +1.000%), 12/08/2025 (Pakistan) (3) | &nbsp;&nbsp;12/10/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 698305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 707872 |
| &nbsp;&nbsp;717524 | &nbsp;&nbsp;Government of Pakistan, 8.189%, (12-months SOFR +1.000%), 12/11/2025 (Pakistan) (3) | &nbsp;&nbsp;12/12/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 717524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 727354 |
| &nbsp;&nbsp;462744 | &nbsp;&nbsp;Government of Pakistan, 8.261%, (12-months SOFR +1.000%), 01/20/2026 (Pakistan) (3) | &nbsp;&nbsp;01/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 469083 |
| &nbsp;&nbsp;127813 | &nbsp;&nbsp;Government of Pakistan, 8.018%, (12-months SOFR +1.000%), 06/15/2026 (Pakistan) (3) | &nbsp;&nbsp;06/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127813 |
| &nbsp;&nbsp;211012 | &nbsp;&nbsp;Government of Pakistan, 7.878%, (12-months SOFR +1.000%), 06/18/2026 (Pakistan) (3) | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211012 |
| &nbsp;&nbsp;167981 | &nbsp;&nbsp;Government of Pakistan, 7.785%, (12-months SOFR +1.000%), 06/22/2026 (Pakistan) (3) | &nbsp;&nbsp;06/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167981 |
| &nbsp;&nbsp;526067 | &nbsp;&nbsp;Government of Pakistan, 8.018%, (12-months SOFR +1.000%), 06/25/2026 (Pakistan) (3) | &nbsp;&nbsp;06/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526067 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3970316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4010559 |
| &nbsp;&nbsp;TOTAL FOR TRADE FINANCE AGREEMENTS (Cost $15,313,271) - 4.50% | &nbsp;&nbsp;TOTAL FOR TRADE FINANCE AGREEMENTS (Cost $15,313,271) - 4.50% | &nbsp;&nbsp;TOTAL FOR TRADE FINANCE AGREEMENTS (Cost $15,313,271) - 4.50% | &nbsp;&nbsp;$15313271 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 15370411 |
| &nbsp;&nbsp;**BANK TIME DEPOSITS - 17.33% (4)** | &nbsp;&nbsp;**BANK TIME DEPOSITS - 17.33% (4)** | &nbsp;&nbsp;**BANK TIME DEPOSITS - 17.33% (4)** |  |  |
| &nbsp;&nbsp;21806636 | &nbsp;&nbsp;Arab Banking Corp., NY Branch, 4.440%-4.770%, 07/28/2025-12/26/2025 (Bahrain) | &nbsp;&nbsp;Arab Banking Corp., NY Branch, 4.440%-4.770%, 07/28/2025-12/26/2025 (Bahrain) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21806636 |
| &nbsp;&nbsp;16014500 | &nbsp;&nbsp;Maybank Islamic Bank, 4.350%-4.400%, 07/23/2025-09/18/2025 (Malaysia) | &nbsp;&nbsp;Maybank Islamic Bank, 4.350%-4.400%, 07/23/2025-09/18/2025 (Malaysia) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16014500 |
| &nbsp;&nbsp;21355139 | &nbsp;&nbsp;Qatar National Bank, 4.630%-4.730%, 07/28/2025-12/24/2025 (Qatar) | &nbsp;&nbsp;Qatar National Bank, 4.630%-4.730%, 07/28/2025-12/24/2025 (Qatar) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21355139 |
| &nbsp;&nbsp;TOTAL FOR BANK TIME DEPOSITS (Cost $59,176,275) - 17.33% | &nbsp;&nbsp;TOTAL FOR BANK TIME DEPOSITS (Cost $59,176,275) - 17.33% | &nbsp;&nbsp;TOTAL FOR BANK TIME DEPOSITS (Cost $59,176,275) - 17.33% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59176275 |
| &nbsp;&nbsp;TOTAL FOR INVESTMENTS (Cost $318,574,352) \*\* - 95.44% | &nbsp;&nbsp;TOTAL FOR INVESTMENTS (Cost $318,574,352) \*\* - 95.44% | &nbsp;&nbsp;TOTAL FOR INVESTMENTS (Cost $318,574,352) \*\* - 95.44% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325891440 |
| &nbsp;&nbsp;OTHER ASSETS LESS LIABILITIES, NET - 4.56% | &nbsp;&nbsp;OTHER ASSETS LESS LIABILITIES, NET - 4.56% | &nbsp;&nbsp;OTHER ASSETS LESS LIABILITIES, NET - 4.56% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15572112 |
| &nbsp;&nbsp;NET ASSETS - 100.00% | &nbsp;&nbsp;NET ASSETS - 100.00% | &nbsp;&nbsp;NET ASSETS - 100.00% |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;341463552 |
| &nbsp;&nbsp;\* Variable rate security; the coupon rate shown represents the yield at June 30, 2025. | &nbsp;&nbsp;\* Variable rate security; the coupon rate shown represents the yield at June 30, 2025. | &nbsp;&nbsp;\* Variable rate security; the coupon rate shown represents the yield at June 30, 2025. |  |  |
| &nbsp;&nbsp;\*\* Refer to Note 9 for Tax Cost. | &nbsp;&nbsp;\*\* Refer to Note 9 for Tax Cost. | &nbsp;&nbsp;\*\* Refer to Note 9 for Tax Cost. |  |  |

---

---

| |
|:---|
| &nbsp;&nbsp;(1) Denotes a restricted security that may be sold without restriction to "qualified institutional buyers" as defined in Rule 144A under |
| &nbsp;&nbsp;the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees. |
| &nbsp;&nbsp;At June 30, 2025, these liquid restricted securities amount to $54,826,912, which represented 16.06% of total net assets. |
| &nbsp;&nbsp;(2) Denotes a restricted and/or an illiquid security that either: (a) cannot be offered for public sale without first being |
| &nbsp;&nbsp;registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction |
| &nbsp;&nbsp;on public sales; or (c) is considered an illiquid security as defined by the Investment Company Act of 1940. At June 30, 2025, these |
| &nbsp;&nbsp;restricted and/or illiquid securities amounted to $15,370,411, which represented 4.50% of total net assets and are level 3 securities. |
| &nbsp;&nbsp;(3) Floating/variable note with current rate and current maturity or next reset date shown. |
| &nbsp;&nbsp;(4) Variable rate instrument, varying maturity dates ranging from one month to twelve months; 7 day demand redemption clause per deposit. |
| &nbsp;&nbsp;(5) Trade Finance Agreement rates shown are net of ITFC Mudarib Fee which range from 1% - 10%, depending on the agreement. |
| &nbsp;&nbsp;SOFR - Secured Overnight Financial Rate, a benchmark interest rate for dollar-denominated derivatives and loans. |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Azzad Funds** | &nbsp;&nbsp;**Azzad Funds** | &nbsp;&nbsp;**Azzad Funds** |
| &nbsp;&nbsp;**Statements of Assets and Liabilities** | &nbsp;&nbsp;**Statements of Assets and Liabilities** | &nbsp;&nbsp;**Statements of Assets and Liabilities** |
| &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**June 30, 2025** | &nbsp;&nbsp;**June 30, 2025** |
|  | &nbsp;&nbsp;**Azzad Ethical** | &nbsp;&nbsp;**Azzad Wise** |
|  | &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Capital Fund</u>** |
| &nbsp;&nbsp;Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Securities at Fair Value (Cost $105,177,330 and $318,574,352, respectively) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;138256914 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;325891440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | &nbsp;&nbsp;5340919 | &nbsp;&nbsp;9113368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36674 | &nbsp;&nbsp;32635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities Sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;6427256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15030 | &nbsp;&nbsp;26282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sukuk and Other Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;3582260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143665509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345094622 |
| &nbsp;&nbsp;Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Redemptions | &nbsp;&nbsp;38680 | &nbsp;&nbsp;380402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;2987490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions Payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;14629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Adviser | &nbsp;&nbsp;70242 | &nbsp;&nbsp;194963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution Fees | &nbsp;&nbsp;18649 | &nbsp;&nbsp;11752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee Fees | &nbsp;&nbsp;2329 | &nbsp;&nbsp;4717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3631070 |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;143504245 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;341463552 |
| &nbsp;&nbsp;Net Assets Consist of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid In Capital | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;112707554 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;334615649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable Earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30796691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6847903 |
| &nbsp;&nbsp;Net Assets, for 8,746,695 and 31,628,333 Shares Outstanding, respectively | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;143504245 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;341463552 |
| &nbsp;&nbsp;Net Asset Value Per Share | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.41 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.80 |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Azzad Funds** | &nbsp;&nbsp;**Azzad Funds** | &nbsp;&nbsp;**Azzad Funds** |
| &nbsp;&nbsp;**Statements of Operations** | &nbsp;&nbsp;**Statements of Operations** | &nbsp;&nbsp;**Statements of Operations** |
| &nbsp;&nbsp;**For the year ended June 30, 2025** | &nbsp;&nbsp;**For the year ended June 30, 2025** | &nbsp;&nbsp;**For the year ended June 30, 2025** |
|  | &nbsp;&nbsp;**Azzad Ethical** | &nbsp;&nbsp;**Azzad Wise** |
|  | &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Capital Fund</u>** |
| &nbsp;&nbsp;Investment Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504831 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sukuk Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9588406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Income from Underlying Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3698604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13656641 |
| &nbsp;&nbsp;Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1136733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2413908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and Filing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1585852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2860542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees Waived by the Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (179145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (175070) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1406707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2685472 |
| &nbsp;&nbsp;Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (901876) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10971169 |
| &nbsp;&nbsp;Realized and Unrealized Gain on Investments and Foreign Currency Transactions: |  |  |
| &nbsp;&nbsp; Realized Gain (Loss) on Investments and Foreign Currency Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3003145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (469185) |
| &nbsp;&nbsp; Net Change in Unrealized Appreciation on Investments and Foreign Currency Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4653160 |
| &nbsp;&nbsp;Net Realized and Unrealized Gain on Investments and Foreign Currency Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3028029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4183975 |
| &nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2126153 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 15155144 |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Azzad Ethical Fund** | &nbsp;&nbsp;**Azzad Ethical Fund** | &nbsp;&nbsp;**Azzad Ethical Fund** |
| &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** |
|  | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;6/30/2024 |
| &nbsp;&nbsp;**Increase (Decrease) in Net Assets From Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; (901876) | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; (794860) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3003145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2503383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6300580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2126153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8009103 |
| &nbsp;&nbsp;**Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7360323) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3518770) |
| &nbsp;&nbsp;**Capital Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2430435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4199030 |
| &nbsp;&nbsp;Total Increase (Decrease) in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2803735) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8689363 |
| &nbsp;&nbsp;**Net Assets:** |  |  |
| &nbsp;&nbsp;Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146307980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137618617 |
| &nbsp;&nbsp;End of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;143504245 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;146307980 |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Azzad Wise Capital Fund** | &nbsp;&nbsp;**Azzad Wise Capital Fund** | &nbsp;&nbsp;**Azzad Wise Capital Fund** |
| &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** |
|  | &nbsp;&nbsp;Year Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;6/30/2024 |
| &nbsp;&nbsp;**Increase (Decrease) in Net Assets From Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10971169 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7757528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (469185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4653160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2573672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15155144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10669063 |
| &nbsp;&nbsp;**Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11306159) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7810836) |
| &nbsp;&nbsp;**Capital Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71660143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30972656 |
| &nbsp;&nbsp;Total Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75509128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33830883 |
| &nbsp;&nbsp;**Net Assets:** |  |  |
| &nbsp;&nbsp;Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265954424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232123541 |
| &nbsp;&nbsp;End of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;341463552 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;265954424 |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Azzad Ethical Fund** | &nbsp;&nbsp;**Azzad Ethical Fund** | &nbsp;&nbsp;**Azzad Ethical Fund** | &nbsp;&nbsp;**Azzad Ethical Fund** | &nbsp;&nbsp;**Azzad Ethical Fund** | &nbsp;&nbsp;**Azzad Ethical Fund** | &nbsp;&nbsp;**Azzad Ethical Fund** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** |
|  | &nbsp;&nbsp;For the Years Ended | &nbsp;&nbsp;For the Years Ended | &nbsp;&nbsp;For the Years Ended | &nbsp;&nbsp;For the Years Ended | &nbsp;&nbsp;For the Years Ended | &nbsp;&nbsp;For the Years Ended |
|  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;6/30/2024 | &nbsp;&nbsp;6/30/2023 | &nbsp;&nbsp;6/30/2022 | &nbsp;&nbsp;6/30/2021 |  |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.02 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 16.52 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 13.05 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 20.13 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 15.57 |  |
| &nbsp;&nbsp;Income From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Loss \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |  |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.71 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.59 |  |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00 |  |
| &nbsp;&nbsp; Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.03) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.03) |  |
| &nbsp;&nbsp;Redemption Fees (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00 | &nbsp;&nbsp;^ |
| &nbsp;&nbsp;Net Asset Value, at End of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.41 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 17.02 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 16.52 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 13.05 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 20.13 |  |
| &nbsp;&nbsp;Total Return \*\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.40% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.66% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.66% | &nbsp;&nbsp; (26.46)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36.53% |  |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 143504 | &nbsp;&nbsp;$146308 | &nbsp;&nbsp;$137619 | &nbsp;&nbsp;$106126 | &nbsp;&nbsp;$137531 |  |
| &nbsp;&nbsp; Before Waivers |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;1.12% | &nbsp;&nbsp;1.14% | &nbsp;&nbsp;1.14% | &nbsp;&nbsp;1.12% | &nbsp;&nbsp;1.15% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Loss to Average Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.76)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.72)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.70)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.82)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.80)% |  |
| &nbsp;&nbsp; After Waivers |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;0.99% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Loss to Average Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.63)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.57)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.55)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.69)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.64)% |  |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;40.09% | &nbsp;&nbsp;24.49% | &nbsp;&nbsp;27.88% | &nbsp;&nbsp;26.23% | &nbsp;&nbsp;64.12% |  |
| &nbsp;&nbsp;(a) The Fund charged a 2.00% redemption fee on shares redeemed within 90 days of purchase. Effective November 1, 2020, the Fund | &nbsp;&nbsp;(a) The Fund charged a 2.00% redemption fee on shares redeemed within 90 days of purchase. Effective November 1, 2020, the Fund | &nbsp;&nbsp;(a) The Fund charged a 2.00% redemption fee on shares redeemed within 90 days of purchase. Effective November 1, 2020, the Fund | &nbsp;&nbsp;(a) The Fund charged a 2.00% redemption fee on shares redeemed within 90 days of purchase. Effective November 1, 2020, the Fund | &nbsp;&nbsp;(a) The Fund charged a 2.00% redemption fee on shares redeemed within 90 days of purchase. Effective November 1, 2020, the Fund | &nbsp;&nbsp;(a) The Fund charged a 2.00% redemption fee on shares redeemed within 90 days of purchase. Effective November 1, 2020, the Fund | &nbsp;&nbsp;(a) The Fund charged a 2.00% redemption fee on shares redeemed within 90 days of purchase. Effective November 1, 2020, the Fund |
| &nbsp;&nbsp;no longer charges a redemption fee on shares redeemed within 90 days of purchase. | &nbsp;&nbsp;no longer charges a redemption fee on shares redeemed within 90 days of purchase. | &nbsp;&nbsp;no longer charges a redemption fee on shares redeemed within 90 days of purchase. |  |  |  |  |
| &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. |  |
| &nbsp;&nbsp;\*\* Assumes reinvestment of dividends. |  |  |  |  |  |  |
| &nbsp;&nbsp;^ Amount calculated is less than $0.005 per share. |  |  |  |  |  |  |

---

<br> The accompanying notes are an integral part of these financial statements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Azzad Wise Capital Fund** | &nbsp;&nbsp;**Azzad Wise Capital Fund** | &nbsp;&nbsp;**Azzad Wise Capital Fund** | &nbsp;&nbsp;**Azzad Wise Capital Fund** | &nbsp;&nbsp;**Azzad Wise Capital Fund** | &nbsp;&nbsp;**Azzad Wise Capital Fund** | &nbsp;&nbsp;**Azzad Wise Capital Fund** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each year.** |
|  | &nbsp;&nbsp;For the Years Ended | &nbsp;&nbsp;For the Years Ended | &nbsp;&nbsp;For the Years Ended | &nbsp;&nbsp;For the Years Ended | &nbsp;&nbsp;For the Years Ended | &nbsp;&nbsp;For the Years Ended |
|  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;6/30/2024 | &nbsp;&nbsp;6/30/2023 | &nbsp;&nbsp;6/30/2022 | &nbsp;&nbsp;6/30/2021 |  |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.65 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10.54 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10.45 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 11.00 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10.65 |  |
| &nbsp;&nbsp;Income From Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12 |  |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47 |  |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) |  |
| &nbsp;&nbsp; Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |  |
| &nbsp;&nbsp;Redemption Fees (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00 | &nbsp;&nbsp;^ |
| &nbsp;&nbsp;Net Asset Value, at End of Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.80 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10.65 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10.54 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10.45 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 11.00 |  |
| &nbsp;&nbsp;Total Return \*\* | &nbsp;&nbsp;5.24% | &nbsp;&nbsp;4.22% | &nbsp;&nbsp;2.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.46)% | &nbsp;&nbsp;4.39% |  |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 341464 | &nbsp;&nbsp;$265954 | &nbsp;&nbsp;$232124 | &nbsp;&nbsp;$211212 | &nbsp;&nbsp;$195432 |  |
| &nbsp;&nbsp; Before Waivers/Recoupment |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;0.96% | &nbsp;&nbsp;0.97% | &nbsp;&nbsp;0.98% | &nbsp;&nbsp;1.20% | &nbsp;&nbsp;+ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;3.58% | &nbsp;&nbsp;3.02% | &nbsp;&nbsp;1.98% | &nbsp;&nbsp;1.14% | &nbsp;&nbsp;1.01% |  |
| &nbsp;&nbsp; After Waivers/Recoupment |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;1.08% | &nbsp;&nbsp;+ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;3.63% | &nbsp;&nbsp;3.09% | &nbsp;&nbsp;2.06% | &nbsp;&nbsp;1.23% | &nbsp;&nbsp;1.14% |  |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;30.13% | &nbsp;&nbsp;36.30% | &nbsp;&nbsp;24.00% | &nbsp;&nbsp;26.47% | &nbsp;&nbsp;22.06% |  |
| &nbsp;&nbsp;(a) The Fund charged a 2.00% redemption fee on shares redeemed within 90 days of purchase. Effective November 1, 2020, the Fund | &nbsp;&nbsp;(a) The Fund charged a 2.00% redemption fee on shares redeemed within 90 days of purchase. Effective November 1, 2020, the Fund | &nbsp;&nbsp;(a) The Fund charged a 2.00% redemption fee on shares redeemed within 90 days of purchase. Effective November 1, 2020, the Fund | &nbsp;&nbsp;(a) The Fund charged a 2.00% redemption fee on shares redeemed within 90 days of purchase. Effective November 1, 2020, the Fund | &nbsp;&nbsp;(a) The Fund charged a 2.00% redemption fee on shares redeemed within 90 days of purchase. Effective November 1, 2020, the Fund | &nbsp;&nbsp;(a) The Fund charged a 2.00% redemption fee on shares redeemed within 90 days of purchase. Effective November 1, 2020, the Fund | &nbsp;&nbsp;(a) The Fund charged a 2.00% redemption fee on shares redeemed within 90 days of purchase. Effective November 1, 2020, the Fund |
| &nbsp;&nbsp;no longer charges a redemption fee on shares redeemed within 90 days of purchase. | &nbsp;&nbsp;no longer charges a redemption fee on shares redeemed within 90 days of purchase. | &nbsp;&nbsp;no longer charges a redemption fee on shares redeemed within 90 days of purchase. |  |  |  |  |
| &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the period. |  |
| &nbsp;&nbsp;\*\* Assumes reinvestment of dividends. |  |  |  |  |  |  |

---

---

| |
|:---|
| &nbsp;&nbsp;^ Amount calculated is less than $0.005 per share. |
| &nbsp;&nbsp;+ As of January 1, 2021, the Adviser reduced its annual management fee to 0.80% of the average daily net assets and reduced |
| &nbsp;&nbsp;its annual fund operating expenses after fee waiver and/or expense reimbursement to 0.89% of the average daily net assets. |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |

---

**Azzad Funds**

Notes to Financial Statements

JUNE 30, 2025

**Note 1. Organization**

The Azzad Funds (the "Trust") is an open-end management investment company under the Investment Company Act of 1940, as amended, (the "1940 Act"). The Trust was organized as a Massachusetts business trust on December 16, 1996. The Trust is comprised of the Azzad Ethical Fund (the "Ethical Fund"), which commenced operations on December 22, 2000 and is a registered, diversified fund, and the Azzad Wise Capital Fund (the "Wise Fund"), which commenced operations on April 6, 2010 and is a registered, diversified fund, (each a "Fund" and collectively the "Funds"). Azzad Asset Management, Inc. ("Adviser") is the investment adviser to both Funds (see Note 4).

The Ethical Fund's primary investment objective is to provide shareholders with long-term total returns using means that are consistent with the Adviser's ethical principles.

The Wise Fund's primary investment objective is to provide shareholders with capital preservation and income.

The Funds should be considered long-term investments and are not appropriate for short-term goals. The Funds may also be used in all types of retirement and college savings plans including separately managed (wrap) programs.

Each Fund is classified as "diversified" for purposes of the 1940 Act. This means that each Fund, with respect to 75% of its total assets, may not purchase the securities of any issuer (except securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities or securities issued by other investment companies) if, as a result (i) more than 5% of such Fund's total assets would be invested in securities of that issuer, or (ii) such Fund would hold more than 10% of the outstanding voting securities of that issuer.

**Note 2. Summary of Significant Accounting Policies**

*The following is a summary of the significant accounting policies followed by the Funds in the preparation of its financial statements. The Funds follow the accounting and reporting guidance of Financial Accounting Standards Board Accounting Standard Codification 946 including Accounting Standards Update 2013-08 applicable to investment companies.* 

*Security Valuation –* All investments in securities are recorded at their estimated fair value, as described in Note 3.

*Foreign Currency* – Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, income, and foreign withholding taxes recorded on each Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period-end, resulting from changes in exchange rates.

 

*Security Transactions and Related Investment Income-* Investment transactions are accounted for on the trade date. Realized gains and losses from security transactions are determined on the identified cost basis. Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates. Net realized gain/(loss) on the statement of operations also includes realized gain distributions received from Real Estate Investment Trusts ("REITs"). Distributions of net realized gains are recorded on the REIT's ex-dividend date. Sukuk income and income from other investments in the Wise Fund are recorded on an accrual basis. Discounts and premiums on securities purchased are amortized over the life of the respective security.

 

*Federal Income Taxes-* The Funds make no provision for federal income or excise tax. The Funds intend to qualify each year as regulated investment companies ("RICs") under subchapter M of the Internal Revenue Code of 1986, as amended, by complying with the requirements applicable to RICs and by distributing substantially all of their taxable income. The Funds also intend to distribute sufficient net investment income and net capital gains, if any, so that they will not be subject to excise tax on undistributed income and gains. If the required amount of net investment income or gains is not distributed, the Funds could incur a tax expense. Therefore, no federal income tax or excise provision is required.

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed the Funds' tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2022-2024) or expected to be taken on the Funds' 2025 tax returns. The Funds identify their major tax jurisdiction as U.S. Federal, however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the year ended June 30, 2025, the Funds did not incur any interest or penalties.

*Cash* – During the ordinary course of business, the Funds hold cash balances at a major financial institution that are held to meet short-term liquidity requirements, rather than for investment purposes. The cash balances may exceed federally insured limits. The Funds have not experienced losses on these accounts, and management believes the Funds are not exposed to significant risks on such accounts.

*Restricted and Illiquid Securities -* Each Fund may invest up to 15% of its net assets in securities that are considered to be illiquid. A security is considered to be illiquid if it cannot be sold or disposed of in the ordinary course of business within seven days at approximately the value at which a Fund has valued the security. Examples of illiquid securities include securities that have a limited trading market, securities that are sold in private placements without being registered for public sale under the Securities Act of 1933, as amended (the "1933 Act"), and are therefore subject to restrictions on resale, and other securities that are subject to restrictions on resale. Certain restricted securities such as commercial paper issued under Section 4(a)(2) of the 1933 Act and domestically traded securities that are not registered under the 1933 Act, but are regularly traded among qualified institutional buyers because they are exempt from registration under 1933 Act Rule 144A, may be treated as liquid securities by the Adviser, for purposes of the 15% limitation, pursuant to procedures adopted by the Board of Trustees of the Trust (the "Board"), which require consideration of factors such as trading activity, availability of market quotations and number of dealers willing to purchase the security.

*Dividends and Distributions to Shareholders-* The Ethical Fund intends to distribute substantially all of its net investment income as dividends to their shareholders on at least an annual basis. Net investment income in Wise Fund, if any, is declared as dividends and paid monthly. The Funds intend to distribute their net realized capital gains at least once a year. Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expenses or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset value per share of the Funds. Please see Note 9 for additional information on dividends paid.

*Estimates*- The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Note 3. Securities Valuations**

 ****

***Processes and Structure***

In computing net asset value, portfolio securities of the Funds are generally valued at their current market values determined on the basis of readily available market quotations, when available. If market quotations are not readily available, securities are valued at fair value as determined in good faith by the Adviser, in its capacity as the Board's valuation designee, pursuant to Rule 2a-5 under the 1940 Act. As a general matter, fair value represents the amount that a Fund could reasonably expect to receive if such Fund's investment in the security were sold at the time of valuation. The Adviser may utilize its valuation committee and third parties to assist the Adviser in its capacity as valuation designee, based upon information available at the time the valuation is made and that the Adviser believes to be reliable.

The Board has approved the Adviser as valuation designee and has adopted written Pricing and Valuation Procedures (the "Procedures") governing the fair valuation of securities, and has delegated authority to the Adviser to apply those methods in making fair value determinations, subject to Board oversight. The Adviser has established a valuation committee to assist with the implementation of these Procedures. The valuation designee has the responsibility of determining the fair value of each Fund's securities or other assets in the absence of readily available market quotations. The valuation designee also reviews the Funds' Procedures to make sure they continue to be appropriate for the Funds. The valuation designee reviews its own fair value decisions and reports to the Board on all fair valuation decisions that are made. The Board reviews all valuation decisions made by the valuation designee and evaluates whether the valuation committee is adhering to the Funds' Procedures and whether the Procedures continue to be appropriate for the Funds.

***Hierarchy of Fair Value Inputs***

The Funds utilize various methods to measure the fair value of most of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The three levels of inputs are as follows:

· *Level 1.* Unadjusted quoted prices in active markets for identical assets or liabilities that the
Funds have 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 that relevant observable
inputs are not available, representing the Funds' own assumptions about the assumptions that a market participant would use in valuing
the asset or liability, and that would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

 ****

***Fair Value Measurements***

A description of the valuation techniques applied to each Fund's major categories of assets and liabilities measured at fair value on a recurring basis follows.

 

*Equity securities (common stock and REITs).* Securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy. Certain foreign securities may be fair valued using a pricing service that considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange traded funds, and the movement of the certain indexes of securities based on a statistical analysis of the historical relationship and that are categorized as level 2 investments in the fair value hierarchy.

*Sukuks*. The Wise Fund invests in Sukuks. Sukuks are used to finance projects and asset acquisitions while avoiding the Islamic prohibition on interest. Whereas bonds represent a debt ownership, a sukuk certificate represents ownership or interest in a tangible asset, or the usufruct of an asset. They are therefore considered to be asset-based securities. Sukuks grant investors a proportionate beneficial ownership of the underlying asset, along with its associated risks and potential cash flows. Underlying assets may include, without limitation, real estate (developed and undeveloped), infrastructure projects, lease contracts and machinery and equipment. While the certificate is linked to the returns generated by certain assets of the issuer, the underlying assets are not pledged as security for the certificates, and the Wise Fund (as the investor) is relying on the creditworthiness of the issuer for all payments required by the Sukuk. Sukuk certificate holders share the risk of the underlying asset. If the assets on which sukuk are issued do not perform as well as expected, the sukuk investor will bear a share of the loss. Unlike conventional bonds, sukuks do not earn interest payments.

Sukuks may be issued by international financial institutions, foreign governments and agencies of foreign governments and even global corporations. Like conventional bonds, rating agencies rate Sukuks based on their credit quality and the issuer's ability to pay investors. Sukuks receive ratings that look exactly like conventional bonds. At June 30, 2025, 68.30% of the Wise Fund's net assets were invested in Sukuks. These instruments are categorized as level 2 investments in the fair value hierarchy.

*Trade Finance Agreements.* Trade finance agreements in which the Wise Fund may invest consist primarily of loans or similar instruments used to finance international trade and related infrastructure projects, such as, for example, facilities for pre-export finance, process and commodities finance, receivables financing, factoring or forfeiting, trade credit insurance, letters of credit and other documentary credits, documentary collection, promissory notes, bills of exchange and other negotiable instruments. The Wise Fund may invest in such investments by way of purchase, assignment, participation, guarantee, insurance or another financial instrument. Trade finance agreement transactions may include both domestic and international transactions, and may include sellers of goods or services, buyers of such goods or services, intermediaries such as banks and other financial institutions as lenders, insurers, and other parties. A trade finance agreement transaction can involve various structures. For example, while a seller (or exporter) can require a purchaser (an importer) to prepay for goods shipped, the purchaser (importer) may wish to reduce risk by requiring the seller to document the goods that have been shipped. Banks, financial institutions or other lenders may assist by providing various forms of support, such as a letter of credit provided by the importer's bank to the exporter (or the exporter's bank) providing for payment upon presentation of certain documents (for example, a bill of lading). The exporter's bank also may make a loan (by advancing funds) to the exporter on the basis of the export contract.

Trade Finance agreements are located primarily in or have exposure to global emerging markets. As such, the Wise Fund is subject to all of the risks typical to investments generally made in emerging markets. In addition, the Wise Fund is subject to risks specific to the trade finance agreements asset class, such as liquidity risk, credit rating risk, and counter-party risk. The Wise Fund will only invest in trade finance agreements related securities if it is determined that this investment is in accordance with the Wise Fund's ethical investment philosophy. Trade finance agreements are categorized as level 3 investments in the fair value hierarchy. Trade finance agreements are considered illiquid securities as defined by the 1940 Act. The Wise Fund's investments in trade finance agreements at June 30, 2025 represented 4.50% of the Wise Fund's net assets.

*Bank Time Deposits.* In a typical bank deposit, a bank raises funds to invest in various commercial activities from its investors. The bank and its investors both share in the profit and risk of loss of investment in such activities. The bank is responsible for monitoring the underlying investments to make sure that they will achieve the anticipated profit rate agreed upon in the contract on the maturity date. If the bank makes any profit by the maturity date, the profits are shared with investors according to a pre-agreed ratio. Conversely, if a loss is made, it is borne by the investors in the absence of gross negligence, fraud or willful default by the bank. The bank provides investors with monthly indicative profit rates for their investments. Bank time deposits are categorized as level 2 investments in the fair value hierarchy. The Wise Fund's investments in bank deposits represented 17.33% of its net assets at June 30, 2025.

The following tables summarize the inputs used to value each Fund's assets measured at fair value as of June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Ethical Fund</u>** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** |
| &nbsp;&nbsp;***Categories*** | &nbsp;&nbsp;***<u>Level 1</u>*** | &nbsp;&nbsp;***<u>Level 2</u>*** | &nbsp;&nbsp;***<u>Level 3</u>*** | &nbsp;&nbsp;***<u>Fair Value</u>*** |
| &nbsp;&nbsp; Common Stocks \* | &nbsp;&nbsp;$138256914 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$138256914 |
|  | &nbsp;&nbsp;$138256914 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$138256914 |

---

\* Industry classifications for these categories are detailed in the Fund's Schedule of Investments.

There were no transfers into or out of level 1, level 2, or level 3 during the period. It is the Ethical Fund's policy to recognize transfers into and out of level 1, level 2, and level 3 at the end of the reporting period. The Ethical Fund did not hold any derivative instruments at any time during the year ended June 30, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br>**<u>Wise Fund</u>** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** |
| &nbsp;&nbsp;***Categories*** | &nbsp;&nbsp;***<u>Level 1</u>*** | &nbsp;&nbsp;***<u>Level 2</u>*** | &nbsp;&nbsp;***<u>Level 3</u>*** | &nbsp;&nbsp;***<u>Fair Value</u>*** |
| &nbsp;&nbsp; Common Stocks \* | &nbsp;&nbsp;$17742825 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$17742825 |
| &nbsp;&nbsp; Real Estate Investment Trusts | &nbsp;&nbsp;394776 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;394776 |
| &nbsp;&nbsp; Sukuks \* | &nbsp;&nbsp;- | &nbsp;&nbsp;233207153 | &nbsp;&nbsp;- | &nbsp;&nbsp;233207153 |
| &nbsp;&nbsp; Trade Finance Agreements \* | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;15370411 | &nbsp;&nbsp;15370411 |
| &nbsp;&nbsp; Bank Time Deposits | &nbsp;&nbsp;- | &nbsp;&nbsp;59176275 | &nbsp;&nbsp;- | &nbsp;&nbsp;59176275 |
|  | &nbsp;&nbsp;$18137601 | &nbsp;&nbsp;$292383428 | &nbsp;&nbsp;$15370411 | &nbsp;&nbsp;$325891440 |

---

 

\* Industry classifications for these categories are detailed in the Fund's Schedule of Investments.

There were no transfers into or out of level 1, level 2 or level 3 during the period. It is the Wise Fund's policy to recognize transfers into and out of level 1, level 2 and level 3 at the end of the reporting period.

The following is a reconciliation of level 3 assets for which significant unobservable inputs were used to determine fair value:

---

| | |
|:---|:---|
|  | Investments in Trade Finance Agreements |
| &nbsp;&nbsp;Balance as of 6/30/2024 | &nbsp;&nbsp;$6664133 |
| &nbsp;&nbsp;Change in Unrealized Appreciation | &nbsp;&nbsp;45140 |
| &nbsp;&nbsp;Realized Gain/(Loss) | &nbsp;&nbsp;12076 |
| &nbsp;&nbsp;Purchases | &nbsp;&nbsp;15313195 |
| &nbsp;&nbsp;Sales | &nbsp;&nbsp;(6664133) |
| &nbsp;&nbsp;Transfers In/(Out) of Level 3 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Balance as of 6/30/2025 | &nbsp;&nbsp;$15370411 |

---

The Wise Fund uses a pricing service to provide price evaluations for level 3 Trade Finance Agreements. The values supplied by the pricing service under the agreements are determined by market quotations where such quotations are available, fair value where market quotations are not available. Unless otherwise stated the valuations are marked mid-market for each transaction and are derived from proprietary models. The quantitative unobservable inputs used by the pricing service may be based upon a number of factors including, but not limited to, current prices quoted, valuation of underlying assets, market liquidity, the pricing service's proprietary models and assumptions (which are subject to change without notice) and publicly available information.

**Note 4. Transactions with the Adviser and Affiliates**

*Advisory Agreements* – Under advisory agreements with the Trust, the Adviser furnishes management and investment advisory services and, subject to the supervision of the Board, directs the investments of the Trust in accordance with the Funds' investment objectives, policies and limitations. For this service, the Adviser receives a monthly management fee at the annual rate of 0.80% of the average daily net assets for each Fund.

For the year ended June 30, 2025, the Adviser earned $1,136,733 and $2,413,908 in advisory fees for the Ethical Fund and Wise Fund, respectively under the advisory agreements. As of June 30, 2025, the Adviser was owed $69,478 and $194,199 in advisory fees for the Ethical Fund and Wise Fund, respectively.

The Adviser has agreed to contractually waive all or a portion of its fees or reimburse each Fund for certain operating expenses, to the extent necessary to limit each Fund's net annual operating expenses (excluding brokerage costs; borrowing costs, including without limitation dividends on securities sold short; taxes; indirect expenses, such as expenses incurred by other investment companies in which the Funds invest; and litigation and other extraordinary expenses) to 0.99% and 0.89% of the average daily net assets of the Ethical Fund and Wise Fund, respectively, until at least December 1, 2029. Any waiver or reimbursement of operating expenses by the Adviser is subject to repayment by the respective Fund within three years after such reimbursement or waiver occurred, if the Board approves such reimbursement and the Fund is able to make the repayment without exceeding the expense limitations in place at either the time of the waiver or reimbursement occurred or any expense limitation then in effect. For the year ended June 30, 2025, the Adviser waived fees of $179,145 for the Ethical Fund and $175,070 for the Wise Fund.

The Adviser may be entitled to reimbursement of fees waived or expenses paid by the Adviser from each Fund. The amount of fees waived or expenses paid may be reimbursed to the Adviser during the following three-year period to the extent that payment of such expenses does not cause a Fund to exceed the expense limitation. As of June 30, 2025, the unreimbursed amounts paid or waived by the Adviser on behalf of the Ethical Fund and Wise Fund are $564,888 and $544,731, respectively. As of June 30, 2025, amounts subject to future recoupment are as follows:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fiscal Year Ended</u>** | &nbsp;&nbsp; **<u>Recoverable in</u>**<br> **<u>Fiscal Year Ending</u>** | &nbsp;&nbsp;**<u>Ethical Fund</u>** | &nbsp;&nbsp;**<u>Wise Fund</u>** |
| &nbsp;&nbsp;June 30, 2023 | &nbsp;&nbsp;June 30, 2026 | &nbsp;&nbsp;$180053 | &nbsp;&nbsp;$177748 |
| &nbsp;&nbsp;June 30, 2024 | &nbsp;&nbsp;June 30, 2027 | &nbsp;&nbsp;$205690 | &nbsp;&nbsp;$191913 |
| &nbsp;&nbsp;June 30, 2025 | &nbsp;&nbsp;June 30, 2028 | &nbsp;&nbsp;$179145 | &nbsp;&nbsp;$175070 |

---

*Sub-Advisory Agreement –* The Adviser entered into a sub-advisory agreement with Delaware Investments Fund Advisers ("DIFA") on August 15, 2023, on behalf of the Ethical Fund. Under the sub-advisory agreement between the Adviser and DIFA, DIFA earns an annual sub-advisory fee equal to a flat fee of 0.25% of the Ethical Fund's average daily net assets. The sub-advisory fee is paid to DIFA by the Adviser, not the Ethical Fund directly, and therefore is included in the advisory fees paid by the Ethical Fund. For the year ended June 30, 2025, DIFA earned $347,211 in sub-advisory fees for the Ethical Fund.

The Adviser entered into a Sub-Advisory Agreement with Federated Investment Management Company ("Federated") on August 15, 2023, on behalf of the Wise Fund. Under a Sub-Advisory Agreement between the Adviser and Federated, Federated earns an annual sub-advisory fee of 0.60% on the first $25 million in assets; 0.50% on assets between $25 million and $50 million; and 0.40% on assets over $50 million of the average daily net assets for the portion of the Wise Fund that it manages. As of August 15, 2023, the Sub-Adviser voluntarily reduced its annual sub-advisory fee to 0.25% of the average daily net assets for the portion of the Wise Fund that it manages. The sub-advisory fee paid to Federated is paid by the Adviser, not the Wise Fund directly, and therefore is included in the advisory fees paid by the Wise Fund. The Wise Fund receives additional research services and investment management expertise, from a reputable investment manager without any additional expense to the Wise Fund. For the year ended June 30, 2025, Federated earned $635,213 in sub-advisory fees for the Wise Fund.

The Adviser entered into a Sub Sub-Advisory Agreement with Federated and Federated Hermes (UK) LLP ("Federated Hermes") on August 15, 2023, on behalf of the Wise Fund. Federated and the Adviser retained Federated Hermes, an affiliate of Federated, to provide assistance in carrying out Federated's duties as the Wise Fund's sub-adviser. The Adviser oversees each of Federated and Federated Hermes and will be responsible for the day-to-day portfolio management of the Wise Fund related to the dividend-yielding equity portion of the Wise Fund's portfolio and for ensuring that the Wise Fund's holdings and portfolio management complies with its ethical investment restrictions. Under the terms of the sub-sub-advisory agreement, Federated Hermes' sub-sub-advisory fee is paid by Federated, from the sub-advisory fee that Federated receives, and not directly by the Fund or the Adviser, and therefore does not increase the advisory fees paid by the Wise Fund. For the year ended June 30, 2025, Federated Hermes earned $0 in sub-sub-advisory fees for the Wise Fund.

 

*Administrative Agreement -* The Funds have an Administrative Agreement with the Adviser. Pursuant to the Administrative Agreement, the Adviser, subject to the overall supervision and review of the Board, provides administrative services to the Funds, provides the Funds with office space, facilities and business equipment, and provides the services and clerical personnel for administering the affairs of the Funds. As such, each Fund pays the Adviser $750 per month.

For the year ended June 30, 2025, the Adviser earned $8,997 from each Fund for administrative services. As of June 30, 2025, each Fund owed the Adviser $764 in administrative fees.

**Note 5. Segment Reporting**

Each Fund included herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by the Adviser to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for each Fund is the information utilized for the day-to-day management of the Funds. Each Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated to a Fund based on performance measurements. Due to the significance of oversight and its role, the Adviser is deemed to be the Chief Operating Decision Maker.

**Note 6. Capital Share Transactions**

Each Fund is authorized to issue an unlimited number of shares. There is no par-value on the capital stock.

The following is a summary of capital share activity for the years ended June 30, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Ethical Fund** | &nbsp;&nbsp;<u>Year Ended 6/30/2025</u> | &nbsp;&nbsp;<u>Year Ended 6/30/2025</u> | &nbsp;&nbsp;<u>Year Ended 6/30/2024</u> | &nbsp;&nbsp;<u>Year Ended 6/30/2024</u> |
|  | &nbsp;&nbsp;<u>Shares</u> | &nbsp;&nbsp;<u>Amount</u> | &nbsp;&nbsp;<u>Shares</u> | &nbsp;&nbsp;<u>Amount</u> |
| &nbsp;&nbsp;Shares Sold | &nbsp;&nbsp;1607052 | &nbsp;&nbsp;$25990585 | &nbsp;&nbsp;1507815 | &nbsp;&nbsp;$24522352 |
| &nbsp;&nbsp;Shares issued in reinvestment of distributions | &nbsp;&nbsp;425491 | &nbsp;&nbsp;7224843 | &nbsp;&nbsp;211106 | &nbsp;&nbsp;3470579 |
| &nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp; <u>(1883020)</u> | &nbsp;&nbsp; <u>(30784993)</u> | &nbsp;&nbsp;<u>(1451176)</u> | &nbsp;&nbsp; <u>(23793901)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp; 149523</u> | &nbsp;&nbsp;<u>$&nbsp;&nbsp;&nbsp;&nbsp;2430435</u> | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp; 267745</u> | &nbsp;&nbsp;<u>$&nbsp;&nbsp;&nbsp;&nbsp;4199030</u> |

---

The following is a summary of capital share activity for the years ended June 30, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Wise Fund** | &nbsp;&nbsp;<u>Year Ended 6/30/2025</u> | &nbsp;&nbsp;<u>Year Ended 6/30/2025</u> | &nbsp;&nbsp;<u>Year Ended 6/30/2024</u> | &nbsp;&nbsp;<u>Year Ended 6/30/2024</u> |
|  | &nbsp;&nbsp;<u>Shares</u> | &nbsp;&nbsp;<u>Amount</u> | &nbsp;&nbsp;<u>Shares</u> | &nbsp;&nbsp;<u>Amount</u> |
| &nbsp;&nbsp;Shares Sold | &nbsp;&nbsp;10971873 | &nbsp;&nbsp;$118190831 | &nbsp;&nbsp;7458583 | &nbsp;&nbsp;$78761236 |
| &nbsp;&nbsp;Shares issued in reinvestment of distributions | &nbsp;&nbsp;1036814 | &nbsp;&nbsp;11165943 | &nbsp;&nbsp;729817 | &nbsp;&nbsp;7722431 |
| &nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp; <u>(5356349)</u> | &nbsp;&nbsp; <u>(57696631)</u> | &nbsp;&nbsp; <u>(5239870)</u> | &nbsp;&nbsp; <u>(55511011)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;6652338</u> | &nbsp;&nbsp;<u>$71660143</u> | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;2948530</u> | &nbsp;&nbsp;<u>$30972656</u> |

---

**Note 7. Investment Transactions**

For the year ended June 30, 2025, purchases and sales of investment securities other than short-term investments aggregated $54,781,731 and $56,594,415 respectively, for the Ethical Fund. For the year ended June 30, 2025, the purchases and sales of investment securities other than short-term investments aggregated $121,625,888 and $66,385,435, respectively, for the Wise Fund.

**Note 8. Concentration of Risk**

The Wise Fund invests in securities of non-U.S. and U.S. issuers. Political or economic developments may have an effect on the liquidity and volatility of portfolio securities and currency holdings. As of June 30, 2025, the diversification of countries was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<br>**Country** | &nbsp;&nbsp;**Percentage of Net Assets** |
| &nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;20.89% |
| &nbsp;&nbsp;Saudi Arabia | &nbsp;&nbsp;15.77% |
| &nbsp;&nbsp;Malaysia | &nbsp;&nbsp;12.30% |
| &nbsp;&nbsp;Bahrain | &nbsp;&nbsp;9.34% |
| &nbsp;&nbsp;Qatar | &nbsp;&nbsp;7.75% |
| &nbsp;&nbsp;Indonesia | &nbsp;&nbsp;6.13% |
| &nbsp;&nbsp;United States | &nbsp;&nbsp;5.84% |
| &nbsp;&nbsp;Oman | &nbsp;&nbsp;5.51% |
| &nbsp;&nbsp;Turkey | &nbsp;&nbsp;5.24% |
| &nbsp;&nbsp;Egypt | &nbsp;&nbsp;2.91% |
| &nbsp;&nbsp;Kuwait | &nbsp;&nbsp;2.07% |
| &nbsp;&nbsp;Pakistan | &nbsp;&nbsp;1.17% |
| &nbsp;&nbsp;Ireland | &nbsp;&nbsp;0.52% |

---

Investing in foreign securities involves risks not typically associated with U.S. investments, including, among others, adverse fluctuations in foreign currency values, as well as adverse political, social, and economic developments affecting a foreign country, less publicly available information, more volatile or less liquid securities markets, restrictions on receiving the investment proceeds from a foreign country, foreign tax laws, potential difficulties in enforcing contractual obligations, less revealing accounting practices, inadequate or irregular regulation, and more volatile performance. Foreign financial markets may also have fewer investor protections. Foreign companies may also receive less coverage than U.S. companies by market analysts and the financial press. These factors may prevent the Wise Fund and the Adviser from obtaining information concerning foreign companies that is as frequent, extensive, and reliable as the information available concerning companies in the U.S. There is also the risk of confiscation, taxation, currency blockage, or political or social instability.

The economy of the United Arab Emirates (UAE), in which the Wise Fund makes investments, is dominated by petroleum exports. A sustained decrease in commodity prices, particularly oil and natural gas, could have a negative impact on all aspects of the UAE economy and the Wise Fund. The non-oil UAE economy, which is concentrated in Dubai's service sector, could be affected by declines in tourism, real estate, banking and re-export trade. The UAE and the governments of the individual emirates exercise substantial influence over many aspects of the private sector. Governmental actions could have a significant effect on economic conditions in the UAE, which could adversely affect the value of the Wise Fund. In addition, political instability and protests in the Middle East may cause disruptions to many industries. Continued political and social unrest in these areas may adversely affect the value of the Wise Fund.

***Concentration Risk***: To the extent that either Fund is concentrated in a particular sector or group of sectors, the Fund may be susceptible to loss due to adverse occurrences affecting that sector or group of sectors.

***Technology Sector Risk***: For the Ethical Fund, investment risks associated with investing in the information technology sector, in addition to other risks, include the intense competition to which information technology companies may be subject; the dramatic and often unpredictable changes in growth rates and competition for qualified personnel among information technology companies; effects on profitability from being heavily dependent on patent and intellectual property rights and the loss or impairment of those rights; obsolescence of existing technology; general economic conditions; and government regulation.

***Market Risk:*** Overall market risks may affect the value of the Funds. Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, trade barriers, recessions and depressions, or other events could have a significant impact on a Fund and its investments and could result in increased premiums or discounts to the Fund's net asset value, and may impair market liquidity, thereby increasing liquidity risk. The Funds could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments.

**Note 9. Tax Matters**

As of June 30, 2025, the tax basis components, unrealized appreciation (depreciation) and cost of investment securities were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>Ethical Fund</u>** | &nbsp;&nbsp;**<u>Wise Fund</u>** |
| &nbsp;&nbsp;Federal tax cost of investments, including short-term investments | &nbsp;&nbsp;<u>$105177330</u> | &nbsp;&nbsp;<u>$318574352</u> |
| &nbsp;&nbsp;Gross tax appreciation of investments | &nbsp;&nbsp;$41298704 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;8668206 |
| &nbsp;&nbsp;Gross tax depreciation of investments | &nbsp;&nbsp;<u>$(8219120)</u> | &nbsp;&nbsp;<u>$(1351118)</u> |
| &nbsp;&nbsp;Net tax appreciation | &nbsp;&nbsp;<u>$33079584</u> | &nbsp;&nbsp;<u>$&nbsp;&nbsp;&nbsp;&nbsp;7317088</u> |

---

Income and long-term capital gain distributions are determined in accordance with Federal income tax regulations, which may differ from accounting principles generally accepted in the United States. The Funds' tax basis capital gains and losses and undistributed ordinary income are determined at the end of each fiscal year. As of June 30, 2025, the Funds' most recent fiscal year-end, components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>Ethical Fund</u>** | &nbsp;&nbsp;**<u>Wise Fund</u>** |
| &nbsp;&nbsp;Unrealized appreciation on investments | &nbsp;&nbsp;$33079584 | &nbsp;&nbsp;$7317088 |
| &nbsp;&nbsp; Long-term Capital Loss Carryforward –<br> Non-expiring | &nbsp;&nbsp;- | &nbsp;&nbsp;(59276) |
| &nbsp;&nbsp; Short-term Capital Loss Carryforward –<br> Non-expiring | &nbsp;&nbsp;- | &nbsp;&nbsp;(40165) |
| &nbsp;&nbsp;Late Year Losses | &nbsp;&nbsp;(429092) | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Post-October Losses | &nbsp;&nbsp; <u>(1853801)</u> | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;(369744)</u> |
|  | &nbsp;&nbsp;<u>$30796691</u> | &nbsp;&nbsp;<u>$6846741</u> |

---

Under current tax law, certain capital losses realized after October 31, and certain ordinary losses realized after December 31 but before the end of the fiscal year ("Post-October Losses" and "Late Year Losses", respectively) may be deferred and treated as occurring on the first business day of the following fiscal year. The Ethical Fund incurred and elected to defer $429,092 of such late year losses. The Wise Fund incurred and elected to defer $369,744 of Post-October Losses.

As of June 30, 2025, the Wise Fund has a capital loss carryforward available for federal income tax purposes, which can be used to offset future capital gains, as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Long-term non-expiring | &nbsp;&nbsp;$(59276) |
| &nbsp;&nbsp;Short-term non-expiring | &nbsp;&nbsp;$(40165) |

---

The Ethical Fund has recorded a reclassification in the capital accounts. As of June 30, 2025, the Ethical Fund recorded permanent book/tax differences of $927,740 from net investment loss to paid-in-capital. This reclassification has no impact on the net asset value of the Ethical Fund.

The Funds paid the following distributions for the years ended June 30, 2025 and 2024:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Ethical Fund** |  |  |
| &nbsp;&nbsp;<u>Year Ended</u> | &nbsp;&nbsp;<u>Amount</u> | &nbsp;&nbsp;<u>Tax Character</u> |
| &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;$7360323 | &nbsp;&nbsp;Long-Term Capital Gain |
| &nbsp;&nbsp;<u>Year Ended</u> | &nbsp;&nbsp;<u>Amount</u> | &nbsp;&nbsp;<u>Tax Character</u> |
| &nbsp;&nbsp;6/30/2024 | &nbsp;&nbsp;$3518770 | &nbsp;&nbsp;Long-Term Capital Gain |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Wise Fund** |  |  |
| &nbsp;&nbsp;<u>Year Ended</u> | &nbsp;&nbsp;<u>Amount</u> | &nbsp;&nbsp;<u>Tax Character</u> |
| &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;$11023767 | &nbsp;&nbsp;Ordinary Income |
| &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 282392 | &nbsp;&nbsp;Long-Term Capital Gain |
| &nbsp;&nbsp;<u>Year Ended</u> | &nbsp;&nbsp;<u>Amount</u> | &nbsp;&nbsp;<u>Tax Character</u> |
| &nbsp;&nbsp;6/30/2024 | &nbsp;&nbsp;$7810836 | &nbsp;&nbsp;Ordinary Income |

---

**Note 10. Distribution Plan** 

The Funds adopted an Amended and Restated Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act, that allows each Fund to pay distribution expenditures incurred in connection with the sale and promotion of such Fund and the furnishing of services to shareholders of the Fund. The Plan provides that the Ethical Fund may receive an annual reimbursement under the Plan up to 0.15% of its average daily net assets and the Wise Fund may receive an annual reimbursement under the Plan up to 0.05% of its average daily net assets. Under the Plan, permitted expenditures include: (a) payments, including incentive compensation, to securities dealers or other financial intermediaries, financial institutions, investment advisers and others that are engaged in the sale of shares, or that may be advising shareholders of the Fund regarding the purchase, sale or retention of shares; (b) payments, including incentive compensation, to securities dealers or other financial intermediaries, financial institutions, investment advisers and others that hold shares for shareholders in omnibus accounts or as shareholders of record or provide shareholder support or administrative services to the Fund's shares and their shareholders; (c) expenses of maintaining personnel (including personnel of organizations with which the Trust has entered into agreements related to the Plan) who engage in or support distribution of shares or who render shareholder support services, including, but not limited to, allocated overhead, office space and equipment, telephone facilities and expenses, answering routine inquiries regarding the Trust, processing shareholder transactions, and providing such other shareholder services as the Trust may reasonably request; (d) costs of preparing, printing and distributing prospectuses and statements of additional information and reports for each Fund's shares for recipients other than existing shareholders; (e) costs of formulating and implementing marketing and promotional activities, including, but not limited to, sales seminars, direct mail promotions and television, radio, newspaper, magazine and other mass media advertising; (f) costs of preparing, printing and distributing sales literature; (g) costs of obtaining such information, analyses and reports with respect to marketing and promotional activities as the Trust may, from time to time, deem advisable; and (h) costs of implementing and operating the Plan. The Trust is authorized to engage in the activities listed above, and in any other activities related to the distribution of shares, either directly or through other persons with which the Trust has entered into agreements related to the Plan. Because these expenses are paid out of each Fund's respective assets on an ongoing basis, over time these expenses may increase the cost of a shareholder's investment and may cost a shareholder more than paying other types of sales charges. For the year ended June 30, 2025, the Ethical Fund incurred $213,137 in distribution fees and the Wise Fund incurred $150,869 in distribution fees.

**Note 11. Control and Ownership**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of control of the funds under Section 2(a)(9) of the 1940 Act. As of June 30, 2025, Charles Schwab & Co., Inc. ("Schwab"), in aggregate, owned approximately 64% and 79% of the shares of the Ethical Fund and the Wise Fund, respectively, for the benefit of others. As a result, Schwab may be deemed to control both Funds.

**Note 12. Indemnifications**

In the normal course of business, each Fund enters into contracts that contain general indemnification to other parties. A Fund's maximum exposure under these contracts is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The Funds expect the risk of loss to be remote.

**Note 13. Subsequent Events**

On July 31, 2025, the Wise Fund paid shareholders of record at July 30, 2025, a net investment income distribution of $1,090,382, equivalent to $0.03419 per share.

Effective as of August 1, 2025, Delaware Investments Fund Advisers no longer serves as the sub-adviser to the Ethical Fund.

Management has evaluated the impact of all subsequent events through the date the financial statements were available to be issued and has determined that there were no additional subsequent events requiring disclosure in the financial statements for the Funds.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Board of Trustees

The Azzad Ethical Fund and Azzad Wise Capital Fund,

each a Series of the Azzad Funds

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Azzad Ethical Fund (the "Ethical Fund") and Azzad Wise Capital Fund (the "Wise Fund"), each a series of The Azzad Funds, (the "Funds"), including the schedules of investments, as of June 30, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the related notes (collectively referred to as the "financial statements") and the financial highlights for each of the five years in the period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of June 30, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities and cash owned as of June 30, 2025, by correspondence with the custodian, clearing organizations, banks and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![A black background with a black square Description automatically generated with medium confidence](image_003.jpg)

We have served as the Funds auditor since 2005

Dallas, Texas

August 26, 2025

**Azzad Funds**

ADDITIONAL INFORMATION

JUNE 30, 2025 (UNAUDITED)

**PROXY VOTING POLICY**

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted those proxies during the most recent twelve month period ended June 30, are available without charge upon request by calling the Funds at 1-888-350-3369, by visiting the Funds' website at https://azzadasset.com/azzad-funds/, and from Fund documents filed with the Securities and Exchange Commission ("SEC") on the SEC's website at <u>www.sec.gov</u>.

**ADVISORY, SUB-ADVISORY AND SUB-SUB-ADVISORY AGREEMENTS RENEWAL**

In connection with a meeting held on June 5 & 17, 2025, the Board of Trustees (the "Board" or the "Trustees") of Azzad Funds (the "Trust"), including a majority of the Trustees who are not "interested persons" as that term is defined by the Investment Company Act of 1940, as amended, considered: (i) the renewal of the advisory agreement between the Trust and Azzad Asset Management, Inc. (the "Adviser") with respect to the Azzad Ethical Fund (the "Ethical Fund") and Azzad Wise Capital Fund (the "Wise Fund") (collectively, the "Funds"); (ii) the renewal of the sub-advisory agreement between the Adviser and Federated Investment Management Company ("FIMC") with respect to the Wise Fund; (iii) the renewal of the sub-advisory between the Adviser and Delaware Investments Fund Advisers ("DIFA") with respect to the Ethical Fund; and (iv) the renewal of the sub-sub-advisory agreement between the Adviser, FIMC and Federated Hermes (UK) LLP ("Federated Hermes") with respect to the Wise Fund.

The Board requested and received various informational materials including, without limitation: (i) documents containing information about the Adviser, FIMC, DIFA and Federated Hermes, including financial information, a description of personnel and the services provided to the Funds, information on investment advice and performance and information on compliance reporting and services provided to the Funds; (ii) comparative expense and performance information for other mutual funds with strategies similar to the Funds; and (iii) benefits to be realized by each of the Adviser, FIMC, DIFA and Federated Hermes from their relationship with the Funds. In considering the renewal of each Agreement, the Board, including the Independent Trustees, did not identify any single factor as all-important or controlling in their decision. In reaching their decision to renew each respective Agreement, the Board considered the factors enumerated below.

**ADVISORY AGREEMENT BETWEEN THE TRUST AND THE ADVISER WITH RESPECT TO THE FUNDS**

**Nature, Extent and Quality of Services**

The Board considered the nature, extent, and quality of the services the Adviser provided to each Fund. The Trustees reviewed the key personnel servicing the Funds, including each person's background and qualifications. The Board noted that there were no changes from the last approval of the advisory agreements. The Board reviewed and discussed the Adviser's Form ADV and financial reports. The Trustees discussed the Adviser's practices for monitoring compliance, noting that it included daily and quarterly reviews. The Trustees noted that the Adviser reported no material compliance issues or deviations from the Funds' stated investment objectives, policies, or limitations. The Board noted that the Adviser did not report any litigation or administrative action since the last approval of the advisory agreements. After a discussion, the Board concluded that the Adviser has sufficient experience, financial capabilities, experienced personnel and adequate compliance policies and procedures essential to perform its duties under the advisory agreements and provide satisfactory services to the Funds.

**Performance** 

The Trustees reviewed each Fund's performance for prior periods and noted that each Fund's performance was also reviewed and discussed at each quarterly Board meeting. The Trustees observed that the Ethical Fund underperformed its peer group average and the Russell Mid Cap Growth Index over the 1-year, 3-year, 5-year, 10-year and since inception periods through December 31, 2024. The Board noted that the Ethical Fund had net returns of -8.53% for the quarter ended March 31, 2025, trailing its peer group average and Russell Mid Cap Growth Index with net returns of -8.19% and -1.12%, respectively. The Board acknowledged the Adviser's explanation regarding the underperformance of the Ethical Fund, including the volatile market, and the Adviser's plans for performance. After further discussion, the Trustees concluded that the Ethical Fund's performance was acceptable.

The Board acknowledged that the Wise Fund trailed its peer group average for the 1-year period ended December 31, 2024, but outperformed its benchmark, ICE BofAML US Corp & Govt 1-3 Yr Index, for the same period. The Board noted that the Wise Fund outperformed its peer group average and benchmark over the 3-year, 5-year, 10-year, and since inception periods through December 31, 2024. After further discussion, the Trustees concluded that the Wise Fund's performance was satisfactory.

**Fees and Expenses**

The Board observed that the advisory fee for each Fund was 0.80% of each Fund's average daily net assets, and the net expense ratios for the Ethical Fund and Wise Fund was 0.99% and 0.89%, respectively, as of December 31, 2024. The Board noted that each Fund's net expense ratio was greater than its peer group average of 0.96% for the Ethical Fund and 0.53% for the Wise Fund, but it was within the range of its peers. The Board further noted that the Ethical Fund's net expense ratio was below its Morningstar category average of 1%, and the Wise Fund's net expense ratio was below its Morningstar category average of 0.96%. The Board discussed the services provided to the Funds, as well as the investment processes involved with the ethical screening for both Funds. The Trustees agreed that the fees and expenses for both Funds were acceptable given each Fund's unique investment strategy, ethical screening and the resources involved to actively manage each Fund. The Board concluded that the advisory fee was not unreasonable.

**Profitability** 

The Trustees reviewed the profitability analysis provided by the Adviser and noted that the Adviser realized a profit in connection with its management of both Funds. The Trustees agreed that the realized profits were reasonable considering the time and effort necessary to manage each Fund, as well as the Adviser's expenses for managing the Funds, including the sub-advisory fees that the Adviser pays to each Fund's Sub-Adviser. The Trustees considered the administration agreement between the Trust and the Adviser, on behalf of both Funds, and any compensation paid to the Adviser. The Trustees concluded that the Adviser's profits in connection with the management of the Funds were not excessive.

**Economies of Scale** 

The Trustees discussed economies of scale for each Fund. The Trustees noted that the Adviser did not have immediate plans to change the fee structure of either Fund, but it was open to considering reducing fee levels at the appropriate time. They agreed to revisit the matter of economies of scale at the next renewal of each advisory agreement.

**Conclusion** 

Having requested and received all such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the advisory agreements, the Board concluded that the renewal of each advisory agreement was in the best interests of the Trust and shareholders of each Fund.

**SUB-ADVISORY AGREEMENT BETWEEN THE ADVISER AND FIMC WITH RESPECT TO THE WISE FUND**

**Nature, Quality and Extent of Services** 

The Trustees discussed the services provided by FIMC to the Wise Fund, noting that it provided portfolio management services and a continuous investment program for the Wise Fund. The Trustees reviewed the key personnel servicing the Wise Fund, noting that there were no significant changes since the last renewal of the sub-advisory agreement. The Board acknowledged FIMC's practices for monitoring compliance with the Wise Fund's investment limitations, including the use of automated compliance engines contained within various third-party systems. The Board observed that FIMC did not report any compliance issues nor any litigation or administrative action during the period. After a discussion, the Board concluded that it was satisfied with the nature, extent and quality of sub-advisory services provided to the Wise Fund by FIMC.

**Performance** 

The Board acknowledged that the Wise Fund trailed its peer group average for the 1-year period ended December 31, 2024, but outperformed its benchmark, ICE BofAML US Corp & Govt 1-3 Yr Index, for the same period. The Board noted that the Wise Fund outperformed its peer group average and benchmark over the 3-year, 5-year, 10-year, and since inception periods through December 31, 2024. After further discussion, the Trustees concluded that the Wise Fund's performance was satisfactory.

**Fees and Expenses** 

The Trustees observed that, FIMC's sub-advisory fee was paid by the Adviser from its advisory fee and not directly by the Wise Fund. The Trustees considered the tiered, asset-based sub-advisory fee that FIMC charged with respect to the Wise Fund under the sub-advisory agreement. The Trustees noted that FIMC voluntarily reduced its annual sub-advisory fee to 0.25% of the average daily net assets for the portion of the Wise Fund that it managed. The Board noted that FIMC does not receive other fees or direct or indirect "fall out" benefits from FIMC's sub-advisory relationship with the Wise Fund. The Trustees noted that FIMC's sub-advisory fee was not unreasonable.

**Profitability** 

The Board discussed the profitability of FIMC and reviewed a profitability analysis provided by FIMC specific to its sub-advisory relationship with the Wise Fund. The Board also considered FIMC's overall profitability as disclosed in Federated Hermes, Inc.'s financial statements. After a discussion, the Board concluded that excessive profitability for FIMC was not an issue at this time.

**Economies of Scale** 

The Board considered whether economies of scale were present with respect to FIMC's role as sub-adviser to the Wise Fund. The Board agreed that economies of scale were primarily an adviser-level issue and should be considered with respect to the Wise Fund's overall advisory agreement and the advisory.

**Conclusion**

Having requested such information from FIMC as the Board believed to be reasonably necessary to evaluate the terms of the sub-advisory agreement, the Board determined that the renewal of the sub-advisory agreement was in the best interests of the Wise Fund and its shareholders.

**SUB-ADVISORY AGREEMENT BETWEEN THE ADVISER AND DIFA WITH RESPECT TO THE ETHICAL FUND**

**Nature, Quality and Extent of Services**

The Trustees noted that DIFA is a series of Macquarie Investment Management Business Trust, and an affiliate of Macquarie Asset Management ("MAM"). The Trustees reviewed the investment advisory services provided by DIFA to the Ethical Fund, including portfolio management and security selection. The Trustees further reviewed the investment processes of DIFA in the selection of securities for the Ethical Fund's portfolio, which included a review of the macroeconomic environment. The Board reviewed the key personnel from DIFA servicing the Ethical Fund, noting the transition of one individual into another internal role. The Board noted that DIFA did not report any compliance issues nor any regulatory examination since the last approval of the sub-advisory agreement. The Board discussed the settlement order that was issued to MAM regarding an investment strategy that was no longer offered. The Board concluded that the nature, extent and quality of the sub-advisory services provided by DIFA was acceptable.

**Performance** 

The Trustees observed that the Ethical Fund underperformed its peer group average and the Russell Mid Cap Growth Index over the 1-year, 3-year, 5-year, 10-year and since inception periods through December 31, 2024. The Board noted that the Ethical Fund had net returns of -8.53% for the quarter ended March 31, 2025, trailing its peer group average and Russell Mid Cap Growth Index with net returns of -8.19% and -1.12%, respectively. The Board acknowledged DIFA's explanation regarding the underperformance of the Ethical Fund, including the challenging macro environment market, and the DIFA's plans for security selection in such an environment. After further discussion, the Trustees concluded that the Ethical Fund's performance was acceptable.

**Fees and Expenses** 

The Trustees observed that DIFA's sub-advisory fee related to the management of the Ethical Fund was 0.25% of the Ethical Fund's average daily net assets, which was paid by the Adviser from its advisory fee and not directly by the Ethical Fund. They noted DIFA's explanation that DIFA received no additional compensation or benefits from its relationship with the Ethical Fund. After a discussion, the Trustees concluded that DIFA's sub-advisory fee was not unreasonable.

**Profitability** 

The Trustees noted that while DIFA did not provide a profitability analysis of its "model-only" investment strategy business, DIFA did provide the profitability realized by MAM in connection with all of its business lines, including DIFA's sub-advisory services to the Ethical Fund. After discussion, the Board concluded that excessive profitability was not an issue with DIFA at this time.

**Economies of Scale** 

The Trustees considered whether economies of scale were present with respect to DIFA's sub-advisory services provided to the Ethical Fund. The Trustees agreed that economies of scale was primarily an adviser-level issue and should be considered with respect to the Ethical Fund's overall advisory agreement and the advisory fee.

**Conclusion**

Having requested such information from DIFA as the Board believed to be reasonably necessary to evaluate the terms of the sub-advisory agreement, the Board determined that the renewal of the sub-advisory agreement was in the best interests of the Ethical Fund and its shareholders.

**SUB-SUB-ADVISORY AGREEMENT BETWEEN THE ADVISER, FIMC AND FEDERATED HERMES WITH RESPECT TO THE WISE FUND**

**Nature, Quality and Extent of Services** 

The Trustees acknowledged that Federated Hermes continued to assist FIMC in providing Wise Fund a continuous investment program by managing certain investments, including bank deposits, trade finance contracts and sukuk securities, in accordance with the Wise Fund's investment objective, policies, restrictions and limitations in compliance with the Wise Fund's registration statement. The Trustees reviewed the key personnel servicing the Wise Fund, noting that the portfolio manager provided portfolio management and research services in the global fixed income area. The Trustees discussed the compliance monitoring provided by Federated Hermes, which included automated compliance engines to run pre-trade and post-trade compliance tests on a daily basis. The Board observed that Federated Hermes did not report any compliance issues, nor any litigation or administrative actions since the last approval of the sub-sub-advisory agreement The Trustees concluded that Federated Hermes was expected to continue to provide quality services to the Wise Fund as its sub-sub-adviser.

**Performance**

The Board acknowledged that the Wise Fund trailed its peer group average for the 1-year period ended December 31, 2024, but outperformed its benchmark, ICE BofAML US Corp & Govt 1-3 Yr Index, for the same period. The Board noted that the Wise Fund outperformed its peer group average and benchmark over the 3-year, 5-year, 10-year and since inception periods through December 31, 2024. After further discussion, the Trustees concluded that the Wise Fund's performance was satisfactory.

**Fees and Expenses** 

The Trustees acknowledged that Federated Hermes' sub-sub-advisory fee continued to be paid by FIMC from its sub-advisory fee and not directly by the Wise Fund or the Adviser. The Trustees considered the overall fee that FIMC charged with respect to the Wise Fund, noting that effective on January 1, 2021, FIMC had granted the Wise Fund a voluntary reduction from its contractual sub-advisory fee. The Board noted that Federated Hermes did not receive other fees or direct or indirect benefits from its sub-sub-advisory relationship with the Wise Fund. The Trustees concluded that Federated Hermes' sub-sub-advisory fee was not unreasonable.

**Profitability** 

The Board discussed the profitability of Federated Hermes and observed that it did not calculate the profitability specific to its sub-advisory relationship with the Wise Fund; however, the Board reviewed Federated Hermes' overall profitability as disclosed in Federated Hermes, Inc.'s financial statements and a separate profitability analysis that FIMC provided in conjunction with its 15(c) response as the Wise Fund's sub-adviser. After a discussion, the Board concluded that excessive profitability for Federated Hermes was not an issue at this time.

**Economies of Scale** 

The Board considered whether economies of scale were present with respect to Federated Hermes' role as sub-sub-adviser to the Wise Fund. The Board agreed that economies of scale was primarily an adviser-level issue and should be considered with respect to the Wise Fund's overall advisory agreement and the advisory fee.

**Conclusion**

Having requested such information from Federated Hermes as the Board believed to be reasonably necessary to evaluate the terms of the sub-sub-advisory agreement, the Board determined that the renewal of the sub-sub-advisory agreement was in the best interests of the Wise Fund and its shareholders.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** The information is included as part of the material filed under Item 7 of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract**. The information is included as part of the material filed under Item 7 of this Form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.** Not applicable.

**Item 13. Portfolio Managers of Closed-End Funds.** Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Funds.** Not applicable.

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

The registrant has adopted procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**Item 16. Controls and Procedures.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; Disclosure Controls & Procedures. Principal executive and financial officers have concluded that Registrant's disclosure controls & procedures are effective based on their evaluation as of a date within 90 days of the filing date of this report.

(b)&nbsp;&nbsp;&nbsp;&nbsp; Internal Controls. There were no significant changes in the Registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1)

EX-99.CODE ETH. Filed herewith.

(a)(2)

EX-99.CERT. Filed herewith.

(a)(3)

Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(b) EX-99.906CERT. Filed herewith.

**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

<u>AZZAD FUNDS</u>

By <u>/s/ Bashar Qasem</u>

&nbsp;&nbsp;&nbsp;&nbsp; Bashar Qasem

&nbsp;&nbsp;&nbsp;&nbsp; Chairman and Treasurer

Date: September 4, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By <u>/s/ Bashar Qasem</u>

&nbsp;&nbsp;&nbsp;&nbsp; Bashar Qasem

&nbsp;&nbsp;&nbsp;&nbsp; Chairman and Treasurer

Date: September 4, 2025

## Ex-99.Cert

I, Bashar Qasem, certify that:

1. I have reviewed this report on Form N-CSR of Azzad Funds ;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>September 4, 2025</u>

<u>/s/ Bashar Qasem</u>

Bashar Qasem

Chairman and Treasurer

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION**

I, Bashar Qasem, President and Treasurer of <u>Azzad Funds</u> (the "Registrant"), do certify to the best of my knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended June 30, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

President and Treasurer

<u>Azzad Funds</u>

By: <u>/s/Bashar Qasem</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bashar Qasem

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman and Treasurer

Date: <u>September 4, 2025</u>

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to <u>Azzad Funds</u> and will be retained by <u>Azzad Funds</u> and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.

## Ex-99.Code

(Azzad Wise Capital Fund & Azzad Ethical Fund) Azzad Funds Complex (each, the "Fund", or "Azzad Funds), Azzad Asset Management, Inc., (Adviser or AAM) Azzad Funds and Azzad Adviser (together Azzad)

**Code of Ethics**

&nbsp;&nbsp;&nbsp;&nbsp;**I.**

**Statement of Policy**

Rule 17j-1 of the Investment Company Act and Rule 204A-1(a)(2) require the adoption of a Code of Ethics.

This Code of Ethics has been adopted by the Board of Trustees ("Board") of the Azzad Funds and serves as a uniform Code of Ethics for the Funds, as well as, the Investment Adviser, Azzad Asset Management, ("AAM").

The Code of Ethics was established with the intent and for the purposes of promoting the following:

<br> ▪

Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interests between personal and professional relationships;

<br> ▪

Full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with or submits to, the SEC and in other public communications made by the Trust or Adviser;

<br> ▪

Compliance with applicable laws and governmental rules and regulations;

<br> ▪

The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

<br> ▪

Accountability for adherence to the Code.

It is the responsibility of all AAM employees to ensure that AAM conducts its business with the highest level of ethical standards and in keeping with its fiduciary duties to its clients. AAM has a duty to exercise its authority and responsibility for the benefit of its clients, to place the interests of its clients first, and to refrain from having outside interests that conflict with the interests of its clients. AAM must avoid any circumstances that might adversely affect or appear to affect its duty of complete loyalty to its clients. All AAM employees must comply with all applicable laws and governmental rules and regulations.

*Over the last few years, the ability to share information has become so rapid that rumors can cause untold damage to a company's reputation and stock prices. AAM employees are prohibited from engaging in inappropriate stock rumors including engaging in any online chats about public companies.* 

A. Fiduciary Duty

This Code of Ethics is based on the principle that directors, officers and employees (this includes **IARs** under Azzad's compliance supervision but, for IRS purposes, independent contractors) of Azzad Asset Management ("AAM") have a fiduciary duty to place the interests of clients and shareholders ahead of their own. Employees may not, in any respect, take advantage of client transactions. Employees must avoid taking inappropriate advantage of their position. It is imperative that we avoid activities, interests and relationships that may interfere with making decisions in the best interests of our clients.

It is also imperative that employees conduct all their personal securities transactions in full compliance with this Code including both the preclearance and reporting requirements. Employees must not use material nonpublic knowledge of portfolio transactions made or contemplated for the Azzad Funds (or the adviser's other portfolios or strategies) to profit or cause others to profit in contemplation of the market effect of such transactions. Although this Code cannot possibly cover every circumstance that may arise, doubtful situations should be resolved in favor of clients whenever possible. AAM expects that each individual's conduct must depend upon his/her sense of fiduciary obligation to clients.

All records and reports created or maintained pursuant to this Code are intended solely for AAM's internal use, are confidential, and in no event constitute an admission by any person as to any fact, circumstance or legal conclusion.

Employees are expected to (i) fully comply with all applicable federal securities laws, state and local laws; and (ii) immediately report any violations of this Code to the **Chief Compliance Officer ("CCO").**

B. Definitions

***Access Persons:*** According to the Investment Company Act definition, an Access Person includes: ▪

any officer of AAM ▪

any employee of AAM who, in connection with his regular functions or duties, makes, participates in or obtains information regarding the purchase or sale of a security by a registered investment company, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and ▪

Any natural person in a control relationship to AAM who obtains information concerning recommendations regarding the purchase or sale of a security for an AAM managed mutual fund.

The current positions at AAM deemed to be "Access Persons" are: all AAM employees including any independent contractors who are Investment Adviser Representatives registered under AAM. All Access Persons are required to abide by this Code of Ethics Policy including the pre-clearance and reporting requirements.

***Advisory Client:*** Any client for which AAM serves as investment advisor, or any person or entity for which AAM renders investment advice or makes investment decisions.

***Shareholders:*** Refers to clients who have purchased shares of the Azzad Funds.

***Beneficial Ownership:*** Any securities accounts of a spouse, minor children and relatives residing in the employee's house. Some common examples of beneficial ownership include joint accounts, UGMA/UTMA accounts and controlling interests in corporations. If an employee is uncertain about whether he/she has beneficial ownership of an account, the employee should check with his/her

**Preclearance Officer**.

However, when an employee has a substantial measure of influence or control over an account, but not direct or indirect beneficial ownership (i.e. When he/she serves as trustee for a nonfamily member or manages or assists in managing a charitable account), the rules set forth in this Code of Ethics do not apply. However, the employee will continue to conduct his/her transactions in conformity with the spirit of these rules.

***Securities:*** Means any shares of any publicly traded company (stocks), including options, rights, stock appreciation rights, warrants, preferred stock, restricted stock, phantom stock, bonds, and closed-end and open-end mutual funds, **including the Azzad Funds**. The term securities does not encompass direct obligations of the US Government, bank certificates of deposit, money market funds, commercial paper and other high quality short-term debt instruments.

***Azzad Funds or Funds:*** Includes the Azzad Ethical Fund and the Azzad Wise Capital Fund.

C. Disclosure of Personal Holdings

**Compliance** shall review and explain the Code of Ethics to new employees. Within **10 business days of beginning employment with AAM**, all newly hired employees must (1) make full disclosure on the ***Securities Holdings Report*** all brokerage accounts and all publicly-traded securities beneficially owned by the employee or members of the employee's *immediate family* (include copies of recent account statements); (2) provide a written acknowledgement of receipt of this Code of Ethics and any amendments by signing and completing the ***Initial Compliance Certification Form*;** and (3) request that their brokerage, mutual fund or other trustee firm forward duplicate copies of all trade confirmations and account statements to **Compliance**.

Within thirty days after the end of each calendar quarter, all employees shall disclose on the ***Personal Securities Holdings Form*** all brokerage accounts and all publicly traded securities beneficially owned by the employee or members of the employee's immediate family (including copies of recent account statements). The form should include a report of all personal securities **<u>holdings</u> <u>and</u> <u>transactions</u>**, including any transactions in the Azzad Funds.

**AAM employees must inform Compliance in writing that they intend to open a brokerage account. They must also request that duplicate copies of trade confirmations and statements be directly mailed to Compliance** 

*Immediate family: Persons who reside in the same household as the individual*

D. Preclearance

No AAM employee may purchase or sell shares of any security without the prior written approval of the Preclearance Officer. An employee must complete a ***Trade Authorization Request for Access Persons Form*** and submit the completed form to the Preclearance Officer. The Preclearance Officer shall review the request and, as soon as reasonably practicable, determine whether to approve the request. All trade requests are kept confidential. The approval shall remain valid for **three trading days**.

Chief Compliance Officer or Preclearance Officer may deny approval of any transaction requiring preclearance, even if the transaction is generally permitted under the Code of Ethics, if he or she believes that denying preclearance is appropriate.

An order not executed within allowed time must be resubmitted for pre-clearance approval. Employees must wait for approval before placing the order with the broker.

*The following transactions are exempt from Preclearance*:

<br> ▪

Preclearance approval is not required for the ***purchase or sale of shares of any mutual funds***, but such transactions must be included in the quarterly disclosure reports required of Access Persons. ▪

Securities **transactions in which neither the employee nor his/her immediate family member knows of the transaction prior to its completion** (i.e. Discretionary trades involving an investment club in which the employee is neither consulted nor advised of the trade before its execution); ▪

Any acquisition of securities through **stock dividends, dividend re-investments, stock splits** and other similar corporation reorganizations or distributions

*Prohibited Transactions:*

The following securities transactions are prohibited and will not be authorized by the Preclearance Officer absent exceptional circumstances:

<br> ▪

***Initial Public Offerings***. Any purchase of securities in an initial public offering (other than a new offering of a registered open-end investment company); ▪

***Limited Offerings***. Any prior approval of an acquisition of securities in a limited offering (such as a private placement) will consider, among other factors, whether the investment opportunity should be reserved for a Fund and its shareholders or other client, and whether the opportunity is being offered to an individual by virtue of his or her position with AAM. ▪

***Short Sales and Options***. No approvals will be given for short sales and options trading. However, where any such option is held by a member of an employee's family, approval may be given provided there is no conflict with the interests of the Funds or other AAM clients and at the sole discretion of the Preclearance Officer. ▪

***Short-swing trades.*** No Access Person may purchase then sell, or sell then repurchase, any security within 10 calendar days. The Preclearance Officer may, for good cause shown, permit a short-swing trade, but shall record the reasons and grant of permission with the records of the Code. ▪

***Conflicting Trades.*** No Access Person shall purchase or sell, directly or indirectly, any security in which he has, or because of such transaction acquires, any direct or indirect beneficial ownership, if the person knows at the time of the transaction that the security is being purchased or sold for any client for a period of 5 business days from such transaction. Investment opportunities are to be given to clients first and foremost. Access persons may purchase or sell the same securities traded for clients at least 5 business days after the trade. ▪

***General Standards***. In granting approval, the Preclearance Officer may consider the extent to which the employee has access to pending investment decisions, the number of transactions already approved for an employee within the past six months, whether the employee has made unreasonable use of the Company's resources during business hours in arriving at person investment decisions, and any other factors, that are, in the opinion of the Preclearance Officer, pertinent to the matter.

**E. Annual Certification of Compliance with the Code of Ethics & Annual Securities Holding Report**

Each year **Compliance** will conduct an annual meeting with employees to review the Code. All employees shall certify annually that they have read and understood the Code, that they have complied with the requirements of the Code, and that they have reported all securities transactions required to be disclosed or report pursuant to the requirements of this Code and that they will continue to remain in full compliance with the Code by signing the ***Annual Compliance Certification Form*.** In addition, employees will complete an ***Annual Securities Holdings Report***. On an Annual basis, the employee must verify the composite holdings.

**F. Other Fiduciary Duties**

<br> ▪

**Gifts**: The purpose of business gifts in a commercial setting is to create goodwill and sound working relationships, not to gain unfair advantage. No gift should ever be offered, given, provided or accepted by any employee in connection with AAM's business unless it (1) is **not** a cash gift, (2) is consistent with customary business practices, (3) is not excessive in value (over $250), (4) cannot be construed as a bribe, payoff or kickback and (5) does not violate any laws or regulations. All gifts received by Azzad employees must be disclosed to **Compliance** within 14 days of receipt. **Funds Advisory Personnel are strictly forbidden from accepting any compensation including gifts and entertainment (other than regular salary or wages from the funds) for the purchase or sale of any property to or for the fund.** For example, if a fund's portfolio manager accepts any gifts or entertainment from a broker-dealer for the purchase or sale of the fund's portfolio securities, the portfolio manager has violated section 17(e) (1) of the 1940 Investment Company Act. ▪

**Entertainment**: No entertainment should ever be offered, given, provided or accepted by any employee in connection with AAM's business unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety. All entertainment received by Azzad employees must be disclosed to **Compliance** within 14 days of receipt. ▪

**Political Contributions**: Employees shall not make political contributions in excess of $100; this includes both federal and state political campaigns in the United States, unless the amount in excess of $100 is approved by Compliance . All political contributions made by Employees should be reported to **Compliance** within 14 days. ▪

**Service as a Director**: No employee shall serve as a director or trustee on the board of any noncharitable or commercial company not affiliated with AAM absent prior written authorization of the Preclearance Officer. The Preclearance Officer would have to determine if that board service would be consistent with the interests of AAM clients and Azzad Funds shareholders. ▪

**Brokerage accounts**. No Employee may, directly or indirectly, have an interest in any brokerage or trading account without obtaining prior permission from the Preclearance Officer. ▪

**Insider Trading**: AAM has an insider trading policy and expects all employees to fully abide by its rules. ▪

**Sanctions**: If the Preclearance Officer determines that an employee has committed a violation of the Code, she may impose sanctions and take other actions as she deems appropriate, including a letter of caution or warning, suspension of personal trading rights, suspension of employment (with or without compensation), fine, civil referral to the SEC, criminal referral, and termination of employment. The employee may also be asked to disgorge and forfeit any profits on prohibited transactions in accordance with the requirements of the Code.

**G. Monitoring, Reporting and Disclosure**

1. At least quarterly, **Compliance** shall review employees' quarterly Personal Securities Holdings Forms, Trade Authorizations, and Account Statements. **Compliance** will investigate all apparent violations of this Code and will prepare a report if any violations are discovered.

2. At least annually, **Compliance** shall prepare and submit a written report to the Azzad Funds Board that: ▪

Describes any issues arising under this Code of Ethics since the last report to the Board, including, but not limited to, information about material violations of the Code or procedures, and sanctions imposed in response to the material violations; ▪

Describes any waivers granted during the period; and ▪

Certifies that AAM has adopted procedures reasonably necessary to prevent violations of this Code of Ethics.

If there are material changes to the Code of Ethics, AAM shall submit such changes to the board at the next board meeting for its approval.

3. Additional Disclosure. This Code of Ethics shall be filed with the SEC as an Appendix to the registration statement of each Azzad Fund<sup>1</sup>. There will be disclosure on AAM's Form ADV Part 2 and in the Funds' prospectuses or their statements of additional information that 1.) AAM has a code of ethics; and 2.) Subject to certain limitations, AAM employees are permitted to invest in securities for their own accounts and 3.) The Code of Ethics is available on public file at <u>www.sec.gov</u> and available upon request from AAM or the SEC.

**H. Reporting of Code Violations**

All employees must report, promptly, any violations of this Code of Ethics to **Compliance**. All reports will be treated confidentially to the extent permitted by law and investigated promptly. Failure to do so is itself a violation of this Code and may result in a disciplinary action, including termination of employment.

**Procedures**

**Compliance** is responsible for ensuring adequate supervision over the activities of all persons who act on AAM's behalf. To ensure compliance with AAM's Code of Ethics, the following procedures must be followed:

<br> ▪

A ***Personal Securities Holdings Form*** must be completed and attached to recent account statement(s). Such statements must include all trade transactions made during the quarter. New employees must deliver this form within 10 business days after date of employment. Thereafter, all employees must deliver no later than 30 days after each calendar quarter or will be found in violation of the Code of Ethics and SEC rules and regulations. An ***Annual Securities Holdings Form*** shall be completed by January 31 of the following year. **Compliance** is responsible for reviewing all such transactions. ▪

A ***Trade Authorization Request for Access Persons*** must be completed, signed and preapproved by the Preclearance Officer. After approval, employee must conclude his/her request within 3 trading days. After three trading days, this approval will be invalid. Preclearance approval is not required for the purchase or sale of shares of any mutual funds, but such transactions must be included in your quarterly securities reports. ▪

An ***Initial Compliance Certification Form*** must be given to new employees and signed within 10 days of employment. ▪

An ***Annual Compliance Certification Form*** must be given to each employee and signed annually. ▪

A ***Code of Ethics Report to the Azzad Funds' Board of Directors*** must be completed by **Compliance** and the report must be delivered to the funds' board of directors at the Funds' quarterly meeting. ▪

**Compliance** will **review AAM's Code of Ethics policy annually** and make any changes deemed necessary.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, that company has adopted a code of ethics that applies to access persons. The registrant also must a. file with the SEC a copy of such code as an exhibit to its annual report; b. post the text of the code on its internet website and disclose, in its annual report, its internet address, and the fact that it has posted the code on its website or c. undertake in its most recently filed semi-annual report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which this request may be made. Disclosure also is required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant's annual report on Form N-CSR or on the registrant's website. If the registrant intends to satisfy the disclosure requirement by posting this information on its website, the registrant will be required to disclose its internet address and such intention.

**Code of Ethics & Azzad Funds**

Rule 17j-1(c) (2) (ii) of the IC Act states that no less frequently than annually, every fund and its investment adviser(s) and principal underwriters must furnish to the fund's board of directors, and the board of directors must consider, a written report that:

1)

Describes any issues arising under the code of ethics or procedures since the last report to the board of directors, including, but not limited to, information about material violations of the code or procedures and sanctions imposed in response to the material violations; and

2)

Certifies that the fund, investment adviser or principal underwriter, as applicable, has adopted procedures reasonably necessary to prevent Access Persons from violating the code.

Any sub adviser (if applicable) for the Azzad Funds must provide written reports to the board [***Code of Ethics Report***] containing the information specified in items 1 and 2 above at the board's quarterly fund meetings. In addition, AAM must provide written reports to the board containing the information specified in items 1 and 2 above at the board's quarterly fund meetings. Of course, the board's minutes should reflect this review.

**Amendments**

This Code may not be amended except in written form, which is specifically approved or ratified by a majority vote of each Board member, including a majority of its independent Trustees.

**Updated**: November 16, 2020

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