# EDGAR Filing Document

**Accession Number:** 0001989916
**File Stem:** 0001999371-26-000628
**Filing Date:** 2026-1
**Character Count:** 205747
**Document Hash:** 645a3dd4b26ecd9e7a89db5b11271a93
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-000628.hdr.sgml**: 20260109

**ACCESSION NUMBER**: 0001999371-26-000628

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260109

**DATE AS OF CHANGE**: 20260109

**EFFECTIVENESS DATE**: 20260109

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SP Funds Trust
- **CENTRAL INDEX KEY:** 0001989916

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23893
- **FILM NUMBER:** 26524003

**BUSINESS ADDRESS:**
- **STREET 1:** 1331 S. INTERNATIONAL PARKWAY
- **STREET 2:** SUITE 2291
- **CITY:** LAKE MARY
- **STATE:** FL
- **ZIP:** 32746
- **BUSINESS PHONE:** 321-275-5125

**MAIL ADDRESS:**
- **STREET 1:** 1331 S. INTERNATIONAL PARKWAY
- **STREET 2:** SUITE 2291
- **CITY:** LAKE MARY
- **STATE:** FL
- **ZIP:** 32746

## Series and Classes Contracts Data

### SP Funds S&P Global Technology ETF (Series ID: S000082880)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000246211 | SP Funds S&P Global Technology ETF | SPTE            |

### SP Funds S&P World (ex-US) ETF (Series ID: S000083496)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000247153 | SP Funds S&P World (ex-US) ETF | SPWO            |

### SP Funds 2030 Target Date Fund (Series ID: S000085284)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000250259 | Investor Shares      |  |
| C000250260 | Institutional Shares |  |

### SP Funds 2040 Target Date Fund (Series ID: S000085285)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000250261 | Investor Shares      |  |
| C000250262 | Institutional Shares |  |

### SP Funds 2050 Target Date Fund (Series ID: S000085286)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000250263 | Institutional Shares |  |
| C000250264 | Investor Shares      |  |

?xml version='1.0' encoding='ASCII'?

**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 **(811-23893)**

**<u>SP Funds Trust</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(Exact name of registrant as specified in charter)

**1331 S. International Parkway, Suite 2291 Lake Mary, FL 32746**

(Address of principal executive offices) (Zip code)

**The Corporate Trust Company**

**Corporation Trust Center**

**1209 Orange Street**

**Wilmington, DE 19801**

(Name and address of agent for service)

With a Copy to:

**Deborah Bielicke Eades Vedder Price P.C. 222 North LaSalle Street Chicago, Illinois 60601**

**(321) 275-5125**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>October 31</u>**

Date of reporting period: **<u>October 31, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

**SP Funds 2030 Target Date Fund** Tailored Shareholder Report

Annual Shareholder ReportOctober 31, 2025

**SP Funds 2030 Target Date Fund** 

TICKER: SPTAX - Investor Shares

This annual shareholder report contains important information about the SP Funds 2030 Target Date Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.sp-funds.com/sptax/. You can also request this information by contacting us at (425) 409-9500 or by writing to SP Funds 2030 Target Date Fund, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| SP Funds 2030 Target Date Fund  | $90  | 0.85%  |

---

**Cumulative Performance**

(Initial Investment of $10,000)

![line](qesdusmq61mjt1f47h.jpg)

**Annual Performance**

---

| | | |
|:---|:---|:---|
| <br>  | **1 Year** <br>  | **Since Inception** <br> **(6/28/24)** <br>  |
| SP Funds 2030 Target Date Fund  | 12.15%  | 9.88%  |
| Dow Jones Target 2030 Index  | 9.79%  | 8.68%  |
| S&P 500® Total Return Index  | 21.45%  | 19.79%  |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | 6.56% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit https://www.sp-funds.com/sptax/ for more recent performance information.

**How did the Fund perform in the past** year**?**

For the period ending October 31, 2025, the SP Funds 2030 Target Date ETF sought a high level of total return in line with its target benchmark the Dow Jones Target 2030 Index. During the fiscal year the fund returned 12.15% compared to Dow Jones Target 2030 Index returning 9.79%. During that same time period the S&P 500® Total Return Index had a 21.45% rate of return while the Bloomberg U.S. Aggregate Bond Index returned 6.16%.

**What Factors Influenced Performance?**

The Fund's performance during the period was influenced by equity and fixed income market conditions, including interest rate movements, consistent with its more conservative asset allocation as it approaches its target date. The Fund's glide path, which emphasizes capital preservation relative to longer-dated target date funds, also impacted overall results.

**SP Funds 2030 Target Date Fund** Tailored Shareholder Report

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Fund Size (Thousands)  | $5539  |
| Number of Holdings  | 6  |
| Total Advisory Fee  | $19320  |
| Portfolio Turnover  | 7%  |

---

**What did the Fund invest in?**

(as of October 31, 2025)

**Security Type**

(% of total net assets)

![bar](qesjsoa1mjbqusgg.jpg)

---

| | |
|:---|:---|
| **Top Holdings** <br>  | **(% of total net assets)** <br>  |
| SP Funds Dow Jones <br> Global Sukuk ETF  | 45.5  |
| SP Funds S&P 500 Sharia <br> Industry Exclusions ETF  | 20.8  |
| SP Funds S&P Global REIT <br> Sharia ETF  | 9.4  |
| SP Funds S&P Global <br> Technology ETF  | 7.2  |
| SP Funds S&P World (ex-US) ETF  | 7.1  |
| SPDR Gold Shares  | 2.2  |

---

**How Has the Fund Changed?**

There were no material changes during the reporting period.

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants.

**For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.sp-funds.com/sptax/.** 

**Householding**

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

SP Funds 2030 Target Date Fund Tailored Shareholder Report

annual Shareholder Report October 31, 2025

**SP Funds 2030 Target Date Fund** 

TICKER: SPTMX - Institutional Shares

This annual shareholder report contains important information about the SP Funds 2030 Target Date Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.sp-funds.com/sptmx/. You can also request this information by contacting us at (425) 409-9500 or by writing to SP Funds 2030 Target Date Fund, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| SP Funds 2030 Target Date Fund  | $48  | 0.45%  |

---

**Cumulative Performance**

(Initial Investment of $10,000)

![line](qes5bx1mz1mjt1g2cl.jpg)

**Annual Performance**

---

| | | |
|:---|:---|:---|
| <br>  | **1 Year** <br>  | **Since Inception** <br> **(8/29/24)** <br>  |
| SP Funds 2030 Target Date Fund  | 12.59%  | 9.88%  |
| Dow Jones Target 2030 Index  | 9.79%  | 8.68%  |
| S&P 500® Total Return Index  | 21.45%  | 20.28%  |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | 3.96% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit https://www.sp-funds.com/sptmx/ for more recent performance information.

**How did the Fund perform in the past** year**?**

For the period ending October 31, 2025, the SP Funds 2030 Target Date ETF sought a high level of total return in line with its target benchmark the Dow Jones Target 2030 Index. During the fiscal year the fund returned 12.59% compared to Dow Jones Target 2030 Index returning 9.79%. During that same time period the S&P 500® Total Return Index had a 21.45% rate of return while the Bloomberg U.S. Aggregate Bond Index returned 6.16%.

**What Factors Influenced Performance?**

The Fund's performance during the period was influenced by equity and fixed income market conditions, including interest rate movements, consistent with its more conservative asset allocation as it approaches its target date. The Fund's glide path, which emphasizes capital preservation relative to longer-dated target date funds, also impacted overall results.

SP Funds 2030 Target Date Fund Tailored Shareholder Report

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Fund Size (Thousands)  | $5539  |
| Number of Holdings  | 6  |
| Total Advisory Fee  | $19320  |
| Portfolio Turnover  | 7%  |

---

**What did the Fund invest in?**

(as of October 31, 2025)

**Security Type**

(% of total net assets)

![bar](qesjsoa1mjbqusgg.jpg)

---

| | |
|:---|:---|
| **Top Holdings** <br>  | **(% of total net assets)** <br>  |
| SP Funds Dow Jones <br> Global Sukuk ETF  | 45.5  |
| SP Funds S&P 500 Sharia <br> Industry Exclusions ETF  | 20.8  |
| SP Funds S&P Global REIT <br> Sharia ETF  | 9.4  |
| SP Funds S&P Global <br> Technology ETF  | 7.2  |
| SP Funds S&P World (ex-US) ETF  | 7.1  |
| SPDR Gold Shares  | 2.2  |

---

**How Has the Fund Changed?**

There were no material changes during the reporting period.

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants.

**For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.sp-funds.com/sptmx/.** 

**Householding**

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

SP Funds 2040 Target Date Fund Tailored Shareholder Report

annual Shareholder Report October 31, 2025

**SP Funds 2040 Target Date Fund** 

TICKER: SPTBX - Investor Shares

This annual shareholder report contains important information about the SP Funds 2040 Target Date Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.sp-funds.com/sptbx/. You can also request this information by contacting us at (425) 409-9500 or by writing to SP Funds 2040 Target Date Fund, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| SP Funds 2040 Target Date Fund  | $95  | 0.85%  |

---

**Cumulative Performance**

(Initial Investment of $10,000)

![line](qes1349c91mjt14kfa.jpg)

**Annual Performance**

---

| | | |
|:---|:---|:---|
| <br>  | **1 Year** <br>  | **Since Inception** <br> **(6/28/24)** <br>  |
| SP Funds 2040 Target Date Fund  | 23.59%  | 12.96%  |
| Dow Jones Target 2040 Index  | 13.56%  | 13.68%  |
| S&P 500® Total Return Index  | 21.45%  | 19.79%  |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | 6.56% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit https://www.sp-funds.com/sptbx/ for more recent performance information.

**How did the Fund perform in the past** year**?**

For the period ending October 31, 2025, the SP Funds 2040 Target Date ETF sought a high level of total return in line with its target benchmark the Dow Jones Target 2040 Index. During the fiscal year the fund returned 23.59% compared to Dow Jones Target 2040 Index returning 13.56%. During that same time period the S&P 500® Total Return Index had a 21.45% rate of return while the Bloomberg U.S. Aggregate Bond Index returned 6.16%.

**What Factors Influenced Performance?**

The Fund's performance was driven by equity and fixed income market conditions, reflecting its balanced asset allocation and glide path positioning. Equity market performance and changes in interest rates influenced returns across the Fund's underlying investments.

**SP Funds 2040 Target Date Fund** Tailored Shareholder Report

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Fund Size (Thousands)  | $3678  |
| Number of Holdings  | 5  |
| Total Advisory Fee  | $9719  |
| Portfolio Turnover  | 1%  |

---

**What did the Fund invest in?**

(as of October 31, 2025)

**Security Type**

(% of total net assets)

![bar](qes55d1mjbr4jmj.jpg)

---

| | |
|:---|:---|
| **Top Holdings** <br>  | **(% of total net assets)** <br>  |
| SP Funds S&P 500 Sharia <br> Industry Exclusions ETF  | 33.0  |
| SP Funds S&P Global <br> Technology ETF  | 31.0  |
| SP Funds S&P World (ex-US) ETF  | 18.3  |
| SP Funds S&P Global REIT <br> Sharia ETF  | 4.6  |
| SP Funds Dow Jones <br> Global Sukuk ETF  | 4.5  |

---

**How Has the Fund Changed?**

There were no material changes during the reporting period.

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants.

**For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.sp-funds.com/sptbx/.** 

**Householding**

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

**SP Funds 2040 Target Date Fund** Tailored Shareholder Report

annual Shareholder Report October 31, 2025

**SP Funds 2040 Target Date Fund** 

TICKER: SPTNX - Institutional Shares

This annual shareholder report contains important information about the SP Funds 2040 Target Date Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.sp-funds.com/sptnx/. You can also request this information by contacting us at (425) 409-9500 or by writing to SP Funds 2040 Target Date Fund, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| SP Funds 2040 Target Date Fund  | $50  | 0.45%  |

---

**Cumulative Performance**

(Initial Investment of $10,000)

![line](qesdusmq61mjt180ee.jpg)

**Annual Performance**

---

| | | |
|:---|:---|:---|
| <br>  | **1 Year** <br>  | **Since Inception** <br> **(8/29/24)** <br>  |
| SP Funds 2040 Target Date Fund  | 24.20%  | 19.34%  |
| Dow Jones Target 2040 Index  | 13.56%  | 11.85%  |
| S&P 500® Total Return Index  | 21.45%  | 20.28%  |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | 3.96% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit https://www.sp-funds.com/sptnx/ for more recent performance information.

**How did the Fund perform in the past** year**?**

For the period ending October 31, 2025, the SP Funds 2040 Target Date ETF sought a high level of total return in line with its target benchmark the Dow Jones Target 2040 Index. During the fiscal year the fund returned 24.20% compared to Dow Jones Target 2040 Index returning 13.56%. During that same time period the S&P 500® Total Return Index had a 21.45% rate of return while the Bloomberg U.S. Aggregate Bond Index returned 6.16%.

**What Factors Influenced Performance?**

The Fund's performance was driven by equity and fixed income market conditions, reflecting its balanced asset allocation and glide path positioning. Equity market performance and changes in interest rates influenced returns across the Fund's underlying investments.

SP Funds 2040 Target Date Fund Tailored Shareholder Report

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Fund Size (Thousands)  | $3678  |
| Number of Holdings  | 5  |
| Total Advisory Fee  | $9719  |
| Portfolio Turnover  | 1%  |

---

**What did the Fund invest in?**

(as of October 31, 2025)

**Security Type**

(% of total net assets)

![bar](qes55d1mjbr4jmj.jpg)

---

| | |
|:---|:---|
| **Top Holdings** <br>  | **(% of total net assets)** <br>  |
| SP Funds S&P 500 Sharia <br> Industry Exclusions ETF  | 33.0  |
| SP Funds S&P Global <br> Technology ETF  | 31.0  |
| SP Funds S&P World (ex-US) ETF  | 18.3  |
| SP Funds S&P Global REIT <br> Sharia ETF  | 4.6  |
| SP Funds Dow Jones <br> Global Sukuk ETF  | 4.5  |

---

**How Has the Fund Changed?**

There were no material changes during the reporting period.

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants.

**For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.sp-funds.com/sptnx/.** 

**Householding**

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

SP Funds 2050 Target Date Fund Tailored Shareholder Report

annual Shareholder Report October 31, 2025

**SP Funds 2050 Target Date Fund** 

TICKER: SPTCX - Investor Shares

This annual shareholder report contains important information about the SP Funds 2050 Target Date Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.sp-funds.com/sptcx/. You can also request this information by contacting us at (425) 409-9500 or by writing to SP Funds 2050 Target Date Fund, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| SP Funds 2050 Target Date Fund  | $95  | 0.85%  |

---

**Cumulative Performance**

(Initial Investment of $10,000)

![line](qesdusmq61mjt11a38.jpg)

**Annual Performance**

---

| | | |
|:---|:---|:---|
| <br>  | **1 Year** <br>  | **Since Inception** <br> **(6/28/24)** <br>  |
| SP Funds 2050 Target Date Fund  | 22.72%  | 11.14%  |
| Dow Jones Target 2050 Index  | 16.64%  | 16.36%  |
| S&P 500® Total Return Index  | 21.45%  | 19.79%  |
| Bloomberg U.S. Aggregate Bond Index | 6.16% | 6.56% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit https://www.sp-funds.com/sptcx/ for more recent performance information.

**How did the Fund perform in the past** year**?**

For the period ending October 31, 2025, the SP Funds 2050 Target Date ETF sought a high level of total return in line with its target benchmark the Dow Jones Target 2050 Index. During the fiscal year the fund returned 22.72% compared to Dow Jones Target 2050 Index returning 16.64%. During that same time period the S&P 500® Total Return Index had a 21.45% rate of return while the Bloomberg U.S. Aggregate Bond Index returned 6.16%.

**What Factors Influenced Performance?**

The Fund's performance was primarily influenced by equity market conditions, given its higher allocation to growth-oriented investments consistent with its longer time horizon. Interest rate movements affecting fixed income holdings also contributed to results.

SP Funds 2050 Target Date Fund Tailored Shareholder Report

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Fund Size (Thousands)  | $3080  |
| Number of Holdings  | 5  |
| Total Advisory Fee  | $7607  |
| Portfolio Turnover  | 49%  |

---

**What did the Fund invest in?**

(as of October 31, 2025)

**Security Type**

(% of total net assets)

![bar](qes55d1mjbrc6am.jpg)

---

| | |
|:---|:---|
| **Top Holdings** <br>  | **(% of total net assets)** <br>  |
| SP Funds S&P 500 Sharia Industry <br> Exclusions ETF  | 34.5  |
| SP Funds S&P Global <br> Technology ETF  | 32.6  |
| SP Funds S&P World (ex-US) ETF  | 19.2  |
| SP Funds Dow Jones <br> Global Sukuk ETF  | 4.8  |
| SP Funds S&P Global REIT <br> Sharia ETF  | 4.7  |

---

**How Has the Fund Changed?**

There were no material changes during the reporting period.

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants.

**For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.sp-funds.com/sptcx/.** 

**Householding**

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

**SP Funds 2050 Target Date Fund** Tailored Shareholder Report

annual Shareholder Report October 31, 2025

**SP Funds 2050 Target Date Fund** 

TICKER: SPTOX - Institutional Shares

This annual shareholder report contains important information about the SP Funds 2050 Target Date Fund (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.sp-funds.com/sptox/. You can also request this information by contacting us at (425) 409-9500 or by writing to SP Funds 2050 Target Date Fund, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| SP Funds 2050 Target Date Fund  | $43  | 0.45%  |

---

**Cumulative Performance**

(Initial Investment of $10,000)

![line](qesdusmq61mjt12rf8.jpg)

**Annual Performance**

---

| | |
|:---|:---|
| <br>  | **Since Inception** <br> **(12/18/24)** <br>  |
| SP Funds 2050 Target Date Fund  | 19.28%  |
| Dow Jones Target 2050 Index  | 15.73%  |
| S&P 500® Total Return Index  | 17.75%  |
| Bloomberg U.S. Aggregate Bond Index | 6.65% |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit https://www.sp-funds.com/sptox/ for more recent performance information.

**How did the Fund perform in the past** year**?**

For the period ending October 31, 2025, the SP Funds 2050 Target Date ETF sought a high level of total return in line with its target benchmark the Dow Jones Target 2050 Index. During the fiscal year the fund returned 19.28% compared to Dow Jones Target 2050 Index returning 15.73%. During that same time period the S&P 500® Total Return Index had a 17.75% rate of return while the Bloomberg U.S. Aggregate Bond Index returned 6.65%.

**What Factors Influenced Performance?**

The Fund's performance was primarily influenced by equity market conditions, given its higher allocation to growth-oriented investments consistent with its longer time horizon. Interest rate movements affecting fixed income holdings also contributed to results.

**SP Funds 2050 Target Date Fund** Tailored Shareholder Report

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Fund Size (Thousands)  | $3080  |
| Number of Holdings  | 5  |
| Total Advisory Fee  | $7607  |
| Portfolio Turnover  | 49%  |

---

**What did the Fund invest in?**

(as of October 31, 2025)

**Security Type**

(% of total net assets)

![bar](qes55d1mjbrc6am.jpg)

---

| | |
|:---|:---|
| **Top Holdings** <br>  | **(% of total net assets)** <br>  |
| SP Funds S&P 500 Sharia Industry <br> Exclusions ETF  | 34.5  |
| SP Funds S&P Global <br> Technology ETF  | 32.6  |
| SP Funds S&P World (ex-US) ETF  | 19.2  |
| SP Funds Dow Jones <br> Global Sukuk ETF  | 4.8  |
| SP Funds S&P Global REIT <br> Sharia ETF  | 4.7  |

---

**How Has the Fund Changed?**

There were no material changes during the reporting period.

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants.

**For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.sp-funds.com/sptox/.** 

**Householding**

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

SP Funds S&P Global Technology ETF Tailored Shareholder Report

annual Shareholder Report October 31, 2025

**SP Funds S&P Global Technology ETF** 

TICKER: SPTE (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the SP Funds S&P Global Technology ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.sp-funds.com/spte/. You can also request this information by contacting us at (425) 409-9500 or by writing to SP Funds S&P Global Technology ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| SP Funds S&P Global Technology ETF  | $65  | 0.55%  |

---

**Cumulative Performance**

(Initial Investment of $10,000)

![line](qesdusmq61mjt1i36l.jpg)

**Annual Performance**

---

| | | |
|:---|:---|:---|
| <br>  | **1 Year** <br>  | **Since Inception (11/30/23)** <br>  |
| SP Funds S&P Global Technology ETF  | 36.62%  | 37.19%  |
| S&P Global 1200 Shariah Information Technology (Sector) Capped (USD) TR  | 41.44%  | 37.01%  |
| S&P 500® Total Return Index  | 21.45%  | 25.04%  |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit https://www.sp-funds.com/spte/ for more recent performance information.

**How did the Fund perform in the past** year**?**

For the period ending October 31, 2025, the S&P 500 Global Technology ETF (SPTE) sought to track the performance of the S&P Global 1200 Shariah Information Technology Capped Index. During the fiscal year the fund returned 36.62% compared to the S&P Global 1200 Shariah Information Technology Capped Index returning 41.44%. During that same time period the S&P 500® Total Return Index had a 21.45% rate of return.

**What Factors Influenced Performance?**

The Fund's performance during the period was influenced primarily by U.S. equity market conditions and the performance of large-capitalization stocks included in its underlying index. Sector-level performance and the Fund's index-based exclusions also contributed to differences in returns relative to the broader market.

SP Funds S&P Global Technology ETF Tailored Shareholder Report

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Fund Size (Thousands)  | $82911  |
| Number of Holdings  | 91  |
| Total Advisory Fee  | $303240  |
| Portfolio Turnover  | 31%  |

---

**What did the Fund invest in?**

(as of October 31, 2025)

**Sector Breakdown**

(% of total net assets)

![bar](qes55d1mjbq8pda.jpg)

**Geographic Breakdown**

(% of total net assets)

![bar](qes55d1mjh6bts4.jpg)

---

| | |
|:---|:---|
| Top Ten Holdings <br>  | (% of total net assets) <br>  |
| NVIDIA Corp.  | 11.4  |
| Apple, Inc.  | 11.2  |
| Taiwan Semiconductor Manufacturing Co. Ltd.  | 11.2  |
| Microsoft Corp.  | 10.5  |
| ASML Holding NV  | 6.3  |
| Broadcom, Inc.  | 4.9  |
| SAP SE  | 4.2  |
| MediaTek, Inc.  | 3.6  |
| Delta Electronics, Inc.  | 3.2  |
| Advantest Corp.  | 1.8  |

---

**How Has the Fund Changed?**

There were no material changes during the reporting period.

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants.

**For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.sp-funds.com/spte/.** 

**Householding**

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

SP Funds S&P World (ex-US) ETF Tailored Shareholder Report

annual Shareholder Report October 31, 2025

**SP Funds S&P World (ex-US) ETF** 

TICKER: SPWO (Listed on NYSE Arca, Inc.)

This annual shareholder report contains important information about the SP Funds S&P World (ex-US) ETF (the "Fund") for the period November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://www.sp-funds.com/spwo/. You can also request this information by contacting us at (425) 409-9500 or by writing to SP Funds S&P World (ex-US) ETF, c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701.

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

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** <br>  | **Costs of a $10,000 investment** <br>  | **Costs paid as a percentage of a $10,000 investment** <br>  |
| SP Funds S&P World (ex-US) ETF  | $72  | 0.55%  |

---

**Cumulative Performance**

(Initial Investment of $10,000)

![line](qesdusmq61mjt1h5jc.jpg)

**Annual Performance**

---

| | | |
|:---|:---|:---|
| <br>  | **1 Year** <br>  | **Since Inception** <br> **(12/19/23)** <br>  |
| SP Funds S&P World (ex-US) ETF  | 21.82%  | 19.39%  |
| S&P DM Ex-U.S. & EM 50/50 <br> Shariah Index  | 20.29%  | 18.21%  |
| S&P 500® Total Return Index  | 21.45%  | 22.91%  |

---

**The Fund's past performance is not a good indicator of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.** 

Visit https://www.sp-funds.com/spwo/ for more recent performance information.

**How did the Fund perform in the past** year**?**

For the period ending October 31, 2024, the SP Funds S&P World (ex-US) ETF aimed to track the performance of the S&P DM Ex-U.S. & EM 50/50 Shariah Index. During the fiscal year the fund returned 21.82% compared to S&P DM Ex-U.S. & EM 50/50 Shariah Index 20.29%. During that same time period the S&P 500® Total Return Index had a 21.45% rate of return.

**What Factors Influenced Performance?**

The Fund's performance was driven by equity market conditions in international developed and emerging markets, as well as currency movements affecting non-U.S. securities. Regional market performance and sector allocation within the underlying index also influenced overall results.

SP Funds S&P World (ex-US) ETF Tailored Shareholder Report

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| <br>  | <br>  |
| Fund Size (Thousands)  | $83685  |
| Number of Holdings  | 391  |
| Total Advisory Fee  | $278006  |
| Portfolio Turnover  | 39%  |

---

**What did the Fund invest in?**

(as of October 31, 2025)

**Sector Breakdown**

(% of total net assets)

![bar](qesjsoa1mjh6hdhc.jpg)

**Geographic Breakdown**

(% of total net assets)

![bar](qesdusmq61mjsoyy6s.jpg)

---

| | |
|:---|:---|
| Top Ten Holdings <br>  | (% of total net assets) <br>  |
| Taiwan Semiconductor Manufacturing Co. Ltd.  | 15.7  |
| Alibaba Group Holding Ltd.  | 5.2  |
| ASML Holding NV  | 2.5  |
| Samsung Electronics Co. Ltd.  | 2.2  |
| SAP SE  | 1.5  |
| AstraZeneca PLC  | 1.5  |
| Nestle SA  | 1.5  |
| PDD Holdings, Inc.  | 1.4  |
| Roche Holding AG  | 1.4  |
| Novartis AG  | 1.4  |

---

**How Has the Fund Changed?**

There were no material changes during the reporting period.

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants.

**For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.sp-funds.com/spwo/.** 

**Householding**

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker-dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the registrant's Code of Ethics is filed herewith.*

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's Board of Trustees of the Trust has determined that there is at least one audit committee financial expert serving on its audit committee. Mr. Serkan Altay is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

Mr. Altay has over 20 years' experience in portfolio management and investment research. Mr. Altay currently serves as the portfolio manager at Rally Assets in Toronto, Canada. Prior to joining RallyAssets, Mr. Altay was the Director of Investments for the Victoria Foundation (2018-2022), overseeing its $400 million endowment portfolio and providing leadership, management, and investmentexpertise to the Foundation's investment activities; Associate Portfolio Manager at BCI (2012-2018); a Fund Analyst at Morningstar (2012) and an Equity Analyst/Emerging Markets for the Abu DhabiInvestment Company (2010-2011). He holds a Bachelor of Commerce in Finance from Concordia University and is a Chartered Financial Analyst.

**<u>Item 4. Principal Accountant Fees and Services.</u>** 

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for the fiscal year. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no "Other services" provided by the principal accountant during each Fund's initial fiscal period. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

SP Funds 2030 Target Date Fund<sup>(1)</sup>

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2025 | FYE 10/31/2024 |
| (a) Audit Fees | $12500 | $12500 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $2500 | $2500 |
| (d) All Other Fees | N/A | N/A |

---

SP Funds 2040 Target Date Fund<sup>(1)</sup>

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2025 | FYE 10/31/2024 |
| (a) Audit Fees | $12500 | $12500 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $2500 | $2500 |
| (d) All Other Fees | N/A | N/A |

---

SP Funds 2050 Target Date Fund<sup>(1)</sup>

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2025 | FYE 10/31/2024 |
| (a) Audit Fees | $12500 | $12500 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $2500 | $2500 |
| (d) All Other Fees | N/A | N/A |

---

SP Funds S&P Global Technology ETF<sup>(2)</sup>

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2025 | FYE 10/31/2024 |
| (a) Audit Fees | $12500 | $12500 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $2500 | $2500 |
| (d) All Other Fees | N/A | N/A |

---

SP Funds World (ex-US) ETF<sup>(3)</sup>

---

| | | |
|:---|:---|:---|
| | FYE 10/31/2025 | FYE 10/31/2024 |
| (a) Audit Fees | $12500 | $12500 |
| (b) Audit-Related Fees | N/A | N/A |
| (c) Tax Fees | $2500 | $2500 |
| (d) All Other Fees | N/A | N/A |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund commenced operations on June 28, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Fund commenced operations on November 30, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Fund commenced operations on December 19, 2023.

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Tait Weller & Baker LLP applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;FYE 10/31/2025 | &nbsp;&nbsp;FYE 10/31/2024 |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp; 0% | &nbsp;&nbsp; 0% |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp; 0% | &nbsp;&nbsp; 0% |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp; 0% | &nbsp;&nbsp; 0% |

---

(f) All of the principal accountant's hours spent on auditing the registrant's financial statements were attributed to work performed by full-time permanent employees of the principal accountant.

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

<u>Non-Audit Related Fees</u> <u>FYE 10/31/2025</u> <u>FYE 10/31/2024</u> <br> Registrant N/A N/A <br> <u>Registrant's Investment Adviser</u> <u>N/A</u> <u>N/A</u>

(h) The audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, is compatible with maintaining the principal accountant's independence. During the reporting period, no such non-audit services were provided, and therefore, no such consideration was necessary.

(i) The registrant has not been identified by the U.S. Securities and Exchange Commission as having filed an annual report issued by a registered public accounting firm branch or office that is located in a foreign jurisdiction where the Public Company Accounting Oversight Board is unable to inspect or completely investigate because of a position taken by an authority in that jurisdiction.

(j) The registrant is not a foreign issuer.

**<u>Item 5. Audit Committee of Listed Registrants.</u>** 

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Mr. Altay (Chair), Mr. Zeini and Mr. Anwer.

(b) Not applicable

**<u>Item 6. Investments.</u>** 

(a) Schedule of Investments is included
 within the financial statements filed under Item 7 of this Form.

(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.</u>** 

(a) ![](spfundsncsr001.jpg)

**SP Funds 2030 Target Date Fund**

Investor Class Ticker: SPTAX

Institutional Class Ticker: SPTMX

**SP Funds 2040 Target Date Fund**

Investor Class Ticker: SPTBX

Institutional Class Ticker: SPTNX

**SP Funds 2050 Target Date Fund**

Investor Class Ticker: SPTCX

Institutional Class Ticker: SPTOX

**SP Funds S&P Global Technology ETF**

Ticker: SPTE

**SP Funds World ex-US ETF**

Ticker: SPWO

**Annual Financial Statements**

**October 31, 2025**

**TABLE OF CONTENTS**

[Schedules of Investments](#spfundsncsra001)<sub>1</sub>

---

| | |
|:---|:---|
| [Statements of Assets and Liabilities](#spfundsncsra002) | 17 |

---

---

| | |
|:---|:---|
| [Statements of Operations](#spfundsncsra003) | 18 |

---

---

| | |
|:---|:---|
| [Statements of Changes in Net Assets](#spfundsncsra004) | 19 |

---

---

| | |
|:---|:---|
| [Financial Highlights](#spfundsncsra005) | 21 |

---

---

| | |
|:---|:---|
| [Notes to the Financial Statements](#spfundsncsra006) | 26 |

---

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#spfundsncsra007) | 38 |

---

---

| | |
|:---|:---|
| [Other Non-Audited Information](#spfundsncsra008) | 40 |

---

**SP Funds 2030 Target Date Fund**

**Schedule of Investments**

**October 31, 2025**

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 92.2%** | **Shares** | **Value** |
| SP Funds Dow Jones Global Sukuk ETF <sup>(a)(b)</sup> | 135586 | $2520544 |
| SP Funds S&P 500 Sharia Industry Exclusions ETF <sup>(b)</sup> | 22341 | 1152572 |
| SP Funds S&P Global REIT Sharia ETF <sup>(b)</sup> | 26670 | 518732 |
| SP Funds S&P Global Technology ETF <sup>(b)</sup> | 10961 | 401417 |
| SP Funds S&P World (ex-US) ETF <sup>(b)</sup> | 14255 | 390444 |
| SPDR Gold Shares <sup>(c)</sup> | 335 | 123320 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $4,678,180) |  | 5107029 |
| **TOTAL INVESTMENTS - 92.2%** (Cost $4,678,180) |  | 5107029 |
| Other Assets in Excess of Liabilities - 7.8% |  | 431881 |
| **TOTAL NET ASSETS - 100.0%** |  | $5538910 |
| Percentages are stated as a percent of net assets. |  |  |
| REIT - Real Estate Investment Trust |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fair
 value of this security exceeds 25% of the Fund's net assets. Additional information
 for this security, including the financial statements, is available from the SEC's
 EDGAR database at www.sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Affiliated
 security as defined by the Investment Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Non-income
 producing security.

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

**SP Funds 2040 Target Date Fund**

**Schedule of Investments**

**October 31, 2025**

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 91.4%** | **Shares** | **Value** |
| SP Funds Dow Jones Global Sukuk ETF <sup>(a)</sup> | 8940 | $166195 |
| SP Funds S&P 500 Sharia Industry Exclusions ETF <sup>(a)(b)</sup> | 23502 | 1212468 |
| SP Funds S&P Global REIT Sharia ETF <sup>(a)</sup> | 8617 | 167601 |
| SP Funds S&P Global Technology ETF <sup>(a)(b)</sup> | 31166 | 1141370 |
| SP Funds S&P World (ex-US) ETF <sup>(a)</sup> | 24565 | 672835 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $2,814,012) |  | 3360469 |
| **TOTAL INVESTMENTS - 91.4%** (Cost $2,814,012) |  | 3360469 |
| Other Assets in Excess of Liabilities - 8.6% |  | 317819 |
| **TOTAL NET ASSETS - 100.0%** |  | $3678288 |
| Percentages are stated as a percent of net assets. |  |  |
| REIT - Real Estate Investment Trust |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated
 security as defined by the Investment Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Fair
 value of this security exceeds 25% of the Fund's net assets. Additional information
 for this security, including the financial statements, is available from the SEC's
 EDGAR database at www.sec.gov.

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

**SP Funds 2050 Target Date Fund**

**Schedule of Investments**

**October 31, 2025**

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 95.8%** | **Shares** | **Value** |
| SP Funds Dow Jones Global Sukuk ETF <sup>(a)</sup> | 7920 | $147233 |
| SP Funds S&P 500 Sharia Industry Exclusions ETF <sup>(a)(b)</sup> | 20576 | 1061516 |
| SP Funds S&P Global REIT Sharia ETF <sup>(a)</sup> | 7494 | 145758 |
| SP Funds S&P Global Technology ETF <sup>(a)(b)</sup> | 27434 | 1004696 |
| SP Funds S&P World (ex-US) ETF <sup>(a)</sup> | 21640 | 592720 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $2,558,929) |  | 2951923 |
| **TOTAL INVESTMENTS - 95.8%** (Cost $2,558,929) |  | 2951923 |
| Other Assets in Excess of Liabilities - 4.2% |  | 128445 |
| **TOTAL NET ASSETS - 100.0%** |  | $3080368 |
| Percentages are stated as a percent of net assets. |  |  |
| REIT - Real Estate Investment Trust |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated
 security as defined by the Investment Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Fair
 value of this security exceeds 25% of the Fund's net assets. Additional information
 for this security, including the financial statements, is available from the SEC's
 EDGAR database at www.sec.gov.

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

**SP Funds S&P Global Technology ETF**

**Schedule of Investments**

**October 31, 2025**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.4%** | **Shares** | **Value** |
| **Computers - 14.9%** |  |  |
| Apple, Inc. | 34339 | $9284235 |
| Capgemini SE - ADR | 10061 | 309477 |
| CGI, Inc. | 7326 | 638198 |
| Cognizant Technology Solutions Corp. - Class A | 1371 | 99919 |
| Crowdstrike Holdings, Inc. - Class A <sup>(a)</sup> | 684 | 371419 |
| EPAM Systems, Inc. <sup>(a)</sup> | 143 | 23386 |
| Fortinet, Inc. <sup>(a)</sup> | 1752 | 151425 |
| Fujitsu Ltd. - ADR | 22364 | 583030 |
| Gartner, Inc. <sup>(a)</sup> | 218 | 54138 |
| Logitech International SA | 1933 | 232803 |
| NetApp, Inc. | 563 | 66310 |
| Nomura Research Institute Ltd. - ADR | 5536 | 213081 |
| Obic Co. Ltd. | 3944 | 122553 |
| Seagate Technology Holdings PLC | 588 | 150457 |
| Super Micro Computer, Inc. <sup>(a)</sup> | 1409 | 73212 |
|  |  | 12373643 |
| **Electrical Components & Equipment - 3.2%** |  |  |
| Delta Electronics, Inc. | 82540 | 2671588 |
| **Electronics - 2.3%** |  |  |
| Halma PLC - ADR | 2419 | 227869 |
| Jabil, Inc. | 325 | 71789 |
| Kyocera Corp. - ADR | 18340 | 243858 |
| Murata Manufacturing Co. Ltd. - ADR | 49370 | 531715 |
| SCREEN Holdings Co. Ltd. | 1199 | 114293 |
| TDK Corp. | 25360 | 440020 |
| TE Connectivity PLC | 807 | 199337 |
| Trimble, Inc. <sup>(a)</sup> | 612 | 48807 |
|  |  | 1877688 |
| **Energy-Alternate Sources - 0.1%** |  |  |
| First Solar, Inc. <sup>(a)</sup> | 310 | 82751 |
| **Healthcare-Products - 0.5%** |  |  |
| FUJIFILM Holdings Corp. - ADR | 32281 | 374137 |
| **Internet - 0.7%** |  |  |
| CDW Corp. | 350 | 55779 |
| F5, Inc. <sup>(a)</sup> | 152 | 38464 |
| GoDaddy, Inc. - Class A <sup>(a)</sup> | 397 | 52853 |
| Palo Alto Networks, Inc. <sup>(a)</sup> | 1825 | 401938 |
| VeriSign, Inc. | 233 | 55873 |
|  |  | 604907 |
| **Machinery-Diversified - 1.7%** |  |  |
| Hexagon AB - ADR | 27424 | 334024 |
| Keyence Corp. | 2580 | 960791 |
| Omron Corp. - ADR | 2301 | 64428 |
|  |  | 1359243 |
| **Office-Business Equipment - 0.4%** |  |  |
| Canon, Inc. - ADR | 11715 | 336103 |
| Zebra Technologies Corp. - Class A <sup>(a)</sup> | 102 | 27464 |
|  |  | 363567 |
| **Semiconductors - 50.4%<sup>(b)</sup>** |  |  |
| Advanced Micro Devices, Inc. <sup>(a)</sup> | 4480 | 1147418 |
| Advantest Corp. - ADR | 9834 | 1475100 |

---

---

| | | |
|:---|:---|:---|
| Analog Devices, Inc. | 1344 | 314671 |
| Applied Materials, Inc. | 2160.0 | 503496 |
| ASM International NV | 600.0 | 389197 |
| ASML Holding NV | 4956.0 | 5251735 |
| BE Semiconductor Industries NV | 955.0 | 162694 |
| Broadcom, Inc. | 11089.0 | 4098827 |
| Disco Corp. - ADR | 12174.0 | 404420 |
| Infineon Technologies AG - ADR | 16980.0 | 672578 |
| KLA Corp. | 350.0 | 423059 |
| Lam Research Corp. | 3542.0 | 557723 |
| Lasertec Corp. - ADR | 5342.0 | 214268 |
| MediaTek, Inc. | 69284.0 | 2952475 |
| Microchip Technology, Inc. | 1478.0 | 92257 |
| Micron Technology, Inc. | 3074.0 | 687869 |
| Monolithic Power Systems, Inc. | 132.0 | 132660 |
| NVIDIA Corp. | 46854.0 | 9487466 |
| NXP Semiconductors NV | 702.0 | 146802 |
| ON Semiconductor Corp. <sup>(a)</sup> | 1227.0 | 61448 |
| QUALCOMM, Inc. | 2962.0 | 535826 |
| Skyworks Solutions, Inc. | 411.0 | 31943 |
| STMicroelectronics NV | 8565.0 | 210912 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 30877.0 | 9276377 |
| Teradyne, Inc. | 424.0 | 77066 |
| Texas Instruments, Inc. | 2438.0 | 393640 |
| Tokyo Electron Ltd. - ADR | 12129.0 | 1335039 |
| United Microelectronics Corp. - ADR | 100401.0 | 774092 |
|  |  | 41811058 |
| **Software - 21.0%** |  |  |
| Akamai Technologies, Inc. <sup>(a)</sup> | 406.0 | 30491 |
| Autodesk, Inc. <sup>(a)</sup> | 594.0 | 178996 |
| Cadence Design Systems, Inc. <sup>(a)</sup> | 716.0 | 242502 |
| Constellation Software, Inc. | 258.0 | 679655 |
| Dassault Systemes SE - ADR | 8871.0 | 252557 |
| Fair Isaac Corp. <sup>(a)</sup> | 57.0 | 94593 |
| Microsoft Corp. | 16885.0 | 8743222 |
| Oracle Corp. | 4574.0 | 1201178 |
| PTC, Inc. <sup>(a)</sup> | 322.0 | 63930 |
| Roper Technologies, Inc. | 297.0 | 132507 |
| Sage Group PLC - ADR | 3190.0 | 193920 |
| Salesforce, Inc. | 2586.0 | 673420 |
| SAP SE - ADR | 13279.0 | 3452673 |
| ServiceNow, Inc. <sup>(a)</sup> | 561.0 | 515716 |
| Synopsys, Inc. <sup>(a)</sup> | 494.0 | 224187 |
| Technology One Ltd. | 4147.0 | 100178 |
| Temenos AG - ADR | 788.0 | 74537 |
| Tyler Technologies, Inc. <sup>(a)</sup> | 108.0 | 51436 |
| WiseTech Global Ltd. | 2871.0 | 129911 |
| Workday, Inc. - Class A <sup>(a)</sup> | 591.0 | 141793 |
| Xero Ltd. <sup>(a)</sup> | 2213.0 | 210068 |
|  |  | 17387470 |
| **Telecommunications - 4.2%** |  |  |
| Arista Networks, Inc. <sup>(a)</sup> | 2786.0 | 439324 |
| Cisco Systems, Inc. | 10936.0 | 799531 |
| Corning, Inc. | 2146.0 | 191166 |
| Nokia OYJ - ADR | 65386.0 | 451817 |
| Telefonaktiebolaget LM Ericsson - ADR | 37656.0 | 379949 |
| Xiaomi Corp. - ADR <sup>(a)</sup> | 44326.0 | 1230490 |
|  |  | 3492277 |
| **TOTAL COMMON STOCKS** (Cost $57,383,472) |  | 82398329 |
| **TOTAL INVESTMENTS - 99.4%** (Cost $57,383,472) |  | 82398329 |
| Other Assets in Excess of Liabilities - 0.6% |  | 512593 |
| **TOTAL NET ASSETS - 100.0%** |  | $82910922 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) To
 the extent that the Fund invests more heavily in a particular industry or sector of the
 economy, its performance will be especially sensitive to developments that significantly
 affect those industries or sectors.

Refer to the Schedule of Investments for further disaggregation of investment categories.

---

| |
|:---|
| **Allocation of Portfolio Holdings by Country as of October 31, 2025** |
| (% of Net Assets) |

---

---

| | | |
|:---|:---|:---|
| United States | $43379580 | 52.2% |
| Taiwan | 15674532 | 18.9 |
| Japan | 7412836 | 9.0 |
| Netherlands | 5950428 | 7.2 |
| Germany | 4125251 | 5.0 |
| Canada | 1317853 | 1.6 |
| China | 1230490 | 1.5 |
| Sweden | 713973 | 0.9 |
| France | 562034 | 0.7 |
| Switzerland | 518252 | 0.6 |
| Finland | 451817 | 0.5 |
| United Kingdom | 421789 | 0.5 |
| Australia | 230089 | 0.3 |
| New Zealand | 210068 | 0.3 |
| Ireland | 199337 | 0.2 |
| Other Assets in Excess of Liabilities | 512593 | 0.6 |
|  | $**82910922** | **100.0%** |

---

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

**SP Funds S&P World (ex-US) ETF**

**Schedule of Investments**

**October 31, 2025**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.4%** | **Shares** | **Value** |
| **Aerospace/Defense - 0.1%** |  |  |
| Aselsan Elektronik Sanayi Ve Ticaret AS | 13306 | $64429 |
| **Airlines - 0.1%** |  |  |
| Ryanair Holdings PLC - ADR | 1258 | 78600 |
| **Apparel - 0.9%** |  |  |
| adidas AG - ADR | 1690 | 160415 |
| Asics Corp. - ADR | 3653 | 93093 |
| Eclat Textile Co. Ltd. | 2653 | 35427 |
| Hermes International SCA - ADR | 1690 | 418004 |
| Shenzhou International Group Holdings Ltd. - ADR | 9024 | 75170 |
|  |  | 782109 |
| **Auto Manufacturers - 2.0%** |  |  |
| BYD Co. Ltd. - ADR | 41511 | 537152 |
| BYD Co. Ltd. - Class A | 4807 | 68111 |
| Ferrari NV | 604 | 241558 |
| Great Wall Motor Co. Ltd. - ADR | 2610 | 50503 |
| Kia Corp. | 1254 | 105531 |
| Li Auto, Inc. - Class A <sup>(a)</sup> | 13425 | 137753 |
| NIO, Inc. - Class A <sup>(a)</sup> | 17406 | 122278 |
| Subaru Corp. - ADR | 5920 | 62752 |
| Suzuki Motor Corp. - ADR | 2465 | 147826 |
| XPeng, Inc. - Class A <sup>(a)</sup> | 16433 | 184370 |
| Zhejiang Leapmotor Technology Co. Ltd. - Class H <sup>(a)(b)</sup> | 5006 | 37550 |
|  |  | 1695384 |
| **Auto Parts & Equipment - 0.8%** |  |  |
| Bridgestone Corp. - ADR | 5891 | 128306 |
| Contemporary Amperex Technology Co. Ltd. - Class A | 3583 | 195822 |
| Contemporary Amperex Technology Co. Ltd. - Class H | 752 | 54038 |
| Denso Corp. - ADR | 9754 | 136556 |
| Fuyao Glass Industry Group Co. Ltd. - Class H <sup>(b)</sup> | 6808 | 60747 |
| Hyundai Mobis Co. Ltd. | 303 | 67203 |
| LG Energy Solution Ltd. <sup>(a)</sup> | 202 | 67062 |
|  |  | 709734 |
| **Banks - 1.2%** |  |  |
| Abu Dhabi Islamic Bank PJSC | 16301 | 93733 |
| Al Rajhi Bank | 21572 | 608018 |
| Alinma Bank | 13741 | 94901 |
| Bank AlBilad | 8248 | 65234 |
| Computershare Ltd. - ADR | 2679 | 64162 |
| Dubai Islamic Bank PJSC | 32505 | 84073 |
|  |  | 1010121 |
| **Beverages - 0.3%** |  |  |
| Arca Continental SAB de CV | 5512 | 53416 |
| Coca-Cola Femsa SAB de CV - ADR | 580 | 49851 |
| Nongfu Spring Co. Ltd. - Class H <sup>(b)</sup> | 20344 | 135065 |
|  |  | 238332 |
| **Biotechnology - 1.1%** |  |  |
| 3SBio, Inc. <sup>(b)</sup> | 20746 | 82213 |
| BeOne Medicines Ltd. - ADR <sup>(a)</sup> | 806 | 250247 |
| CSL Ltd. - ADR | 4846 | 279227 |
| Genmab AS <sup>(a)</sup> | 313 | 88923 |
| Innovent Biologics, Inc. <sup>(a)(b)</sup> | 15952 | 178563 |
| Samsung Biologics Co. Ltd. <sup>(a)(b)</sup> | 86 | 73701 |
|  |  | 952874 |

---

---

| | | |
|:---|:---|:---|
| **Building Materials - 0.6%** |  |  |
| Anhui Conch Cement Co. Ltd. - ADR | 2660.0 | 39554 |
| Geberit AG - ADR | 1611.0 | 117925 |
| James Hardie Industries PLC <sup>(a)</sup> | 2885.0 | 60383 |
| Kingspan Group PLC - ADR | 777.0 | 58027 |
| Nibe Industrier AB - Class B <sup>(a)</sup> | 7681.0 | 30028 |
| Sika AG - ADR | 8058.0 | 156728 |
| Svenska Cellulosa AB SCA - Class B | 2080.0 | 27774 |
|  |  | 490419 |
| **Chemicals - 2.4%** |  |  |
| Air Liquide SA - ADR | 14419.0 | 557583 |
| Chandra Asri Pacific Tbk PT | 145852.0 | 60954 |
| DSM-Firmenich AG | 1238.0 | 101023 |
| Formosa Plastics Corp. | 53585.0 | 66413 |
| Givaudan SA - ADR | 2054.0 | 169147 |
| Nitto Denko Corp. - ADR | 3510.0 | 87469 |
| Novonesis Novozymes B - ADR | 1705.0 | 101754 |
| SABIC Agri-Nutrients Co. | 2615.0 | 85490 |
| Saudi Arabian Mining Co. <sup>(a)</sup> | 14976.0 | 256579 |
| Saudi Basic Industries Corp. | 9902.0 | 161198 |
| Shin-Etsu Chemical Co. Ltd. - ADR | 19867.0 | 297806 |
| Sociedad Quimica y Minera de Chile SA - ADR <sup>(a)</sup> | 1603.0 | 78531 |
|  |  | 2023947 |
| **Coal - 0.3%** |  |  |
| China Shenhua Energy Co. Ltd. - ADR | 9504.0 | 200725 |
| China Shenhua Energy Co. Ltd. - Class A | 7139.0 | 42663 |
|  |  | 243388 |
| **Commercial Services - 1.8%** |  |  |
| Brambles Ltd. - ADR | 3390.0 | 109734 |
| Dai Nippon Printing Co. Ltd. - ADR | 4405.0 | 38191 |
| Experian PLC - ADR | 4575.0 | 213104 |
| Intertek Group PLC - ADR | 791.0 | 53487 |
| New Oriental Education & Technology Group, Inc. - ADR <sup>(a)</sup> | 1461.0 | 87032 |
| Recruit Holdings Co. Ltd. - ADR | 39076.0 | 388416 |
| RELX PLC - ADR | 9103.0 | 402717 |
| SGS SA - ADR | 8044.0 | 90334 |
| Wolters Kluwer NV - ADR | 1193.0 | 147097 |
|  |  | 1530112 |
| **Computers - 2.7%** |  |  |
| Advantech Co. Ltd. | 5619.0 | 57303 |
| Asia Vital Components Co. Ltd. | 3783.0 | 175361 |
| Asustek Computer, Inc. | 7917.0 | 179505 |
| Bizlink Holding, Inc. | 1951.0 | 88535 |
| Capgemini SE - ADR | 3829.0 | 117780 |
| CGI, Inc. | 986.0 | 85895 |
| Elm Co. | 293.0 | 73950 |
| Fujitsu Ltd. - ADR | 8563.0 | 223237 |
| Gigabyte Technology Co. Ltd. | 6007.0 | 54812 |
| Hygon Information Technology Co. Ltd. - Class A | 1936.0 | 62415 |
| Infosys Ltd. - ADR | 38878.0 | 644208 |
| Innolux Corp. | 89677.0 | 38798 |
| Logitech International SA | 738.0 | 88882 |
| Nomura Research Institute Ltd. - ADR | 2168.0 | 83446 |
| Obic Co. Ltd. | 1578.0 | 49034 |
| Wipro Ltd. - ADR | 34283.0 | 90164 |
| Wiwynn Corp. | 1308.0 | 185727 |
|  |  | 2299052 |

---

**Cosmetics/Personal Care - 2.1%**

---

| | | |
|:---|:---|:---|
| Beiersdorf AG - ADR | 2426 | 51528 |
| Essity AB - Class B | 3013.0 | 82812 |
| Giant Biogene Holding Co. ltd <sup>(b)</sup> | 5401.0 | 25851 |
| Haleon PLC - ADR | 22104.0 | 204904 |
| Kao Corp. - ADR | 11721.0 | 97988 |
| L'Oreal SA - ADR | 5752.0 | 480177 |
| Shiseido Co. Ltd. - ADR | 2002.0 | 34214 |
| Unicharm Corp. - ADR | 12757.0 | 39164 |
| Unilever PLC - ADR | 12129.0 | 730044 |
|  |  | 1746682 |
| **Distribution/Wholesale - 0.4%** |  |  |
| AddTech AB - Class B | 1217.0 | 41282 |
| Pop Mart International Group Ltd. <sup>(b)</sup> | 7536.0 | 214866 |
| Toromont Industries Ltd. | 387.0 | 46543 |
|  |  | 302691 |
| **Electric - 0.7%** |  |  |
| Abu Dhabi National Energy Co. PJSC | 126185.0 | 115777 |
| ACWA Power Co. <sup>(a)</sup> | 2526.0 | 162802 |
| Dian Swastatika Sentosa Tbk PT <sup>(a)</sup> | 17315.0 | 88059 |
| Dubai Electricity & Water Authority PJSC | 101011.0 | 76454 |
| Origin Energy Ltd. | 8370.0 | 67123 |
| Tenaga Nasional Bhd | 32049.0 | 101626 |
|  |  | 611841 |
| **Electrical Components & Equipment - 3.0%** |  |  |
| ABB Ltd. | 7681.0 | 570848 |
| Delta Electronics, Inc. | 21572.0 | 698225 |
| Fortune Electric Co. Ltd. | 2513.0 | 58450 |
| Fujikura Ltd. | 1364.0 | 187439 |
| Legrand SA - ADR | 6578.0 | 226283 |
| Schneider Electric SE - ADR | 13418.0 | 760801 |
|  |  | 2502046 |
| **Electronics - 2.9%** |  |  |
| Assa Abloy AB - ADR | 9963.0 | 187504 |
| BYD Electronic International Co. Ltd. | 8592.0 | 40394 |
| Celestica, Inc. <sup>(a)</sup> | 565.0 | 194713 |
| Chroma ATE, Inc. | 4483.0 | 119436 |
| Delta Electronics Thailand PCL | 51764.0 | 347388 |
| E Ink Holdings, Inc. | 10455.0 | 72101 |
| Foxconn Industrial Internet Co. Ltd. - Class A | 13308.0 | 134700 |
| Gold Circuit Electronics Ltd. | 3801.0 | 57557 |
| Halma PLC - ADR | 897.0 | 84497 |
| Hoya Corp. - ADR | 1709.0 | 277798 |
| Jentech Precision Industrial Co. Ltd. | 970.0 | 67210 |
| Kyocera Corp. - ADR | 6910.0 | 91879 |
| Lotes Co. Ltd. | 1020.0 | 45789 |
| Micro-Star International Co. Ltd. | 8056.0 | 28696 |
| Murata Manufacturing Co. Ltd. - ADR | 18372.0 | 197866 |
| NIDEC CORP - ADR | 21882.0 | 59738 |
| Samsung Electro-Mechanics Co. Ltd. | 279.0 | 47977 |
| SCREEN Holdings Co. Ltd. | 456.0 | 43467 |
| Shimadzu Corp. | 1378.0 | 37121 |
| Silergy Corp. | 3782.0 | 27374 |
| TDK Corp. | 9636.0 | 167194 |
| Tripod Technology Corp. | 5126.0 | 56944 |
| Unimicron Technology Corp. | 14766.0 | 78535 |
|  |  | 2465878 |
| **Energy-Alternate Sources - 0.1%** |  |  |
| Vestas Wind Systems AS - ADR | 15293.0 | 104145 |

---

**Engineering & Construction - 1.0%**

---

| | | |
|:---|:---|:---|
| Aena SME SA <sup>(b)</sup> | 3640 | 98940 |
| Airports of Thailand PCL | 48067 | 61319 |
| AtkinsRealis Group, Inc. | 816 | 57603 |
| Grupo Aeroportuario del Centro Norte SAB de CV | 3009 | 37137 |
| Grupo Aeroportuario del Pacifico SAB de CV - ADR | 452 | 94161 |
| Grupo Aeroportuario del Sureste SAB de CV - ADR | 186 | 56235 |
| Samsung C&T Corp. | 432 | 68526 |
| Skanska AB - Class B | 1765 | 48269 |
| Stantec, Inc. | 535 | 59306 |
| Taisei Corp. | 812 | 59218 |
| United Integrated Services Co. Ltd. | 1900 | 53277 |
| WSP Global, Inc. | 645 | 123435 |
|  |  | 817426 |
| **Environmental Control - 0.3%** |  |  |
| Waste Connections, Inc. | 1284 | 215553 |
| **Food - 2.5%** |  |  |
| Ajinomoto Co., Inc. - ADR | 4701 | 132239 |
| Almarai Co. JSC | 5449 | 72040 |
| Bid Corp. Ltd. | 3760 | 93041 |
| BIM Birlesik Magazalar AS | 4908 | 62915 |
| Chocoladefabriken Lindt & Spruengli AG | 5 | 77048 |
| Chocoladefabriken Lindt & Spruengli AG | 1 | 153472 |
| Kerry Group PLC - ADR | 777 | 71367 |
| Mowi ASA - ADR | 2223 | 48950 |
| Nestle SA - ADR | 12840 | 1226477 |
| Orkla ASA - ADR | 3758 | 38294 |
| SD Guthrie Bhd | 41903 | 52829 |
| Want Want China Holdings Ltd. | 51676 | 33377 |
|  |  | 2062049 |
| **Food Service - 0.3%** |  |  |
| Compass Group PLC - ADR | 8536 | 286297 |
| **Forest Products & Paper - 0.1%** |  |  |
| UPM-Kymmene Oyj - ADR | 2642 | 71149 |
| **Hand/Machine Tools - 0.3%** |  |  |
| Fuji Electric Co. Ltd. | 748 | 53701 |
| Makita Corp. - ADR | 1396 | 45000 |
| Schindler Holding AG | 198 | 70542 |
| Techtronic Industries Co. Ltd. - ADR | 1373 | 80362 |
|  |  | 249605 |
| **Healthcare-Products - 1.9%** |  |  |
| Alcon AG | 2478 | 184596 |
| Cochlear Ltd. - ADR | 650 | 60866 |
| Coloplast AS - ADR | 6242 | 56615 |
| EssilorLuxottica SA - ADR | 2886 | 529791 |
| Fisher & Paykel Healthcare Corp. Ltd. | 2779 | 59041 |
| FUJIFILM Holdings Corp. - ADR | 12536 | 145292 |
| Lifco AB - Class B <sup>(a)</sup> | 1114 | 43210 |
| Olympus Corp. | 5769 | 71132 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. - Class A | 965 | 29172 |
| Siemens Healthineers AG - ADR | 2919 | 81499 |
| Smith & Nephew PLC - ADR | 2168 | 79826 |
| Sonova Holding AG - ADR | 1230 | 66838 |
| Straumann Holding AG - ADR | 5648 | 71165 |
| Sysmex Corp. - ADR | 2397 | 26631 |
| Terumo Corp. - ADR | 7458 | 120372 |
|  |  | 1626046 |
| **Healthcare-Services - 0.9%** |  |  |
| Bangkok Dusit Medical Services PCL | 53473 | 31255 |

---

---

| | | |
|:---|:---|:---|
| Dr Sulaiman Al Habib Medical Services Group Co. | 1137 | 82528 |
| ICON PLC <sup>(a)</sup> | 398.0 | 68384 |
| IHH Healthcare Bhd | 34705.0 | 68366 |
| Lonza Group AG - ADR | 3493.0 | 240912 |
| WuXi AppTec Co. Ltd. - Class H <sup>(b)</sup> | 4811.0 | 67224 |
| Wuxi Biologics Cayman, Inc. - ADR <sup>(a)</sup> | 20068.0 | 189843 |
|  |  | 748512 |
| **Home Builders - 0.0%<sup>(c)</sup>** |  |  |
| Sekisui Chemical Co. Ltd. | 1979.0 | 34363 |
| **Home Furnishings - 0.4%** |  |  |
| Haier Smart Home Co. Ltd. - ADR | 6548.0 | 84731 |
| Lite-On Technology Corp. | 24695.0 | 144197 |
| Midea Group Co. Ltd. - Class A | 6150.0 | 66053 |
| Midea Group Co. Ltd. - Class H | 4963.0 | 53639 |
|  |  | 348620 |
| **Household Products/Wares - 0.4%** |  |  |
| Henkel AG & Co. KGaA - ADR | 1984.0 | 36922 |
| Reckitt Benckiser Group PLC - ADR | 16986.0 | 260396 |
|  |  | 297318 |
| **Internet - 9.4%** |  |  |
| Alibaba Group Holding Ltd. - ADR | 25758.0 | 4389936 |
| Allegro.eu SA <sup>(a)(b)</sup> | 8059.0 | 75348 |
| Auto Trader Group PLC - ADR | 17805.0 | 45047 |
| CAR Group Ltd. | 1803.0 | 42138 |
| JD.com, Inc. - ADR | 16237.0 | 536470 |
| Kanzhun Ltd. - ADR | 4138.0 | 91698 |
| MakeMyTrip Ltd. <sup>(a)</sup> | 792.0 | 63360 |
| Meitu, Inc. <sup>(b)</sup> | 34343.0 | 38089 |
| Meituan - ADR <sup>(a)</sup> | 31557.0 | 832158 |
| PDD Holdings, Inc. - ADR <sup>(a)</sup> | 8761.0 | 1181596 |
| Trend Micro, Inc. - ADR | 629.0 | 32060 |
| Trip.com Group Ltd. | 6820.0 | 476914 |
| Vipshop Holdings Ltd. - ADR | 2544.0 | 44495 |
|  |  | 7849309 |
| **Investment Companies - 0.0%<sup>(c)</sup>** |  |  |
| EXOR NV | 457.0 | 39666 |
| **Iron/Steel - 0.2%** |  |  |
| BlueScope Steel Ltd. | 2191.0 | 32846 |
| Fortescue Ltd. - ADR | 4213.0 | 117627 |
|  |  | 150473 |
| **Leisure Time - 0.3%** |  |  |
| Amadeus IT Group SA - ADR | 2262.0 | 172862 |
| Shimano, Inc. - ADR | 4069.0 | 42521 |
|  |  | 215383 |
| **Lodging - 0.1%** |  |  |
| H World Group Ltd. - ADR | 1915.0 | 73919 |
| **Machinery-Construction & Mining - 2.8%** |  |  |
| Epiroc AB - ADR | 3120.0 | 65863 |
| HD Hyundai Electric Co. Ltd. | 104.0 | 63506 |
| Hitachi Ltd. - ADR | 22610.0 | 781854 |
| Metso Oyj | 3525.0 | 57814 |
| Mitsubishi Electric Corp. - ADR | 5305.0 | 302385 |
| Mitsubishi Heavy Industries Ltd. | 16730.0 | 505304 |
| Sandvik AB - ADR | 5388.0 | 163149 |
| Siemens Energy AG - ADR <sup>(a)</sup> | 3341.0 | 416055 |
|  |  | 2355930 |

---

---

| | | |
|:---|:---|:---|
| **Machinery-Diversified - 1.7%** | | |
| Atlas Copco AB - ADR | 7840 | 117914 |
| Atlas Copco AB - ADR | 12434 | 209264 |
| Daifuku Co. Ltd. - ADR | 3814 | 60795 |
| Ebara Corp. | 2077 | 55695 |
| FANUC Corp. - ADR | 9375 | 155156 |
| Hexagon AB - ADR | 10322 | 125722 |
| Keyence Corp. | 998 | 371655 |
| Kone Oyj - ADR | 3875 | 129347 |
| SMC Corp. - ADR | 6093 | 104739 |
| WEG SA | 16500 | 128902 |
|  |  | 1459189 |
| **Media - 0.2%** |  |  |
| Pearson PLC - ADR | 3287 | 45722 |
| Thomson Reuters Corp. | 650 | 99665 |
|  |  | 145387 |
| **Metal Fabricate/Hardware - 0.1%** |  |  |
| SKF AB - ADR | 1662 | 42929 |
| Tenaris SA - ADR | 824 | 32795 |
|  |  | 75724 |
| **Mining - 5.1%** |  |  |
| Agnico Eagle Mines Ltd. | 2491 | 401042 |
| Amman Mineral Internasional PT <sup>(a)</sup> | 154871 | 66120 |
| Antofagasta PLC | 1624 | 59530 |
| Barrick Mining Corp. | 8535 | 280449 |
| BHP Group Ltd. - ADR | 12803 | 730411 |
| Boliden AB - ADR <sup>(a)</sup> | 706 | 64458 |
| Cameco Corp. | 2180 | 223018 |
| CMOC Group Ltd. - Class H | 40623 | 87913 |
| Gold Fields Ltd. - ADR | 10160 | 390246 |
| Grupo Mexico SAB de CV - Class B | 34895 | 301540 |
| Impala Platinum Holdings Ltd. - ADR | 10209 | 108522 |
| Ivanhoe Mines Ltd. - Class A <sup>(a)</sup> | 3402 | 34065 |
| Kinross Gold Corp. | 6027 | 140314 |
| Norsk Hydro ASA - ADR | 6599 | 45005 |
| Northam Platinum Holdings Ltd. | 3866 | 64673 |
| Pan American Silver Corp. | 2091 | 73722 |
| Press Metal Aluminium Holdings Bhd | 41608 | 62889 |
| Rio Tinto Ltd. | 1746 | 151873 |
| Rio Tinto PLC - ADR | 5305 | 380581 |
| South32 Ltd. - ADR | 4502 | 46506 |
| Southern Copper Corp. | 907 | 125891 |
| Valterra Platinum Ltd. | 2976 | 184406 |
| Wheaton Precious Metals Corp. | 2238 | 216349 |
|  |  | 4239523 |
| **Miscellaneous Manufacturing - 0.6%** |  |  |
| Airtac International Group | 1615 | 47860 |
| Alfa Laval AB - ADR | 1444 | 68648 |
| Diploma PLC | 662 | 48794 |
| Elite Material Co. Ltd. | 3535 | 156391 |
| Hyundai Rotem Co. Ltd. | 348 | 56300 |
| Indutrade AB | 1247 | 33367 |
| Sunny Optical Technology Group Co. Ltd. - ADR | 752 | 72643 |
|  |  | 484003 |
| **Office-Business Equipment - 0.2%** |  |  |
| Canon, Inc. - ADR | 4494 | 128933 |
| **Oil & Gas - 1.8%** |  |  |
| ADNOC Drilling Co. PJSC | 28727 | 43643 |

---

---

| | | |
|:---|:---|:---|
| ARC Resources Ltd. | 2816 | 51993 |
| Canadian Natural Resources Ltd. | 10358.0 | 331701 |
| Cenovus Energy, Inc. | 6420.0 | 108592 |
| Imperial Oil Ltd. | 787.0 | 69677 |
| Neste Oyj - ADR | 4350.0 | 44979 |
| PTT Exploration & Production PCL | 15580.0 | 51556 |
| Saudi Arabian Oil Co. <sup>(b)</sup> | 63928.0 | 441512 |
| Suncor Energy, Inc. | 6009.0 | 239519 |
| Tourmaline Oil Corp. | 1611.0 | 70929 |
| Turkiye Petrol Rafinerileri AS | 10159.0 | 47741 |
|  |  | 1501842 |
| **Pharmaceuticals - 8.6%** |  |  |
| Astellas Pharma, Inc. - ADR | 9036.0 | 94336 |
| AstraZeneca PLC - ADR | 15411.0 | 1269866 |
| Celltrion, Inc. | 778.0 | 95888 |
| Chugai Pharmaceutical Co. Ltd. - ADR | 6405.0 | 146418 |
| CSPC Pharmaceutical Group Ltd. | 89246.0 | 87843 |
| Daiichi Sankyo Co. Ltd. - ADR | 9405.0 | 224121 |
| Dr Reddy's Laboratories Ltd. - ADR | 6862.0 | 91196 |
| Eisai Co. Ltd. | 1413.0 | 41916 |
| Galderma Group AG | 647.0 | 119688 |
| GSK PLC - ADR | 10139.0 | 475114 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd. - Class A | 5559.0 | 50132 |
| Merck KGaA - ADR | 3240.0 | 84791 |
| Novartis AG - ADR | 9445.0 | 1169197 |
| Novo Nordisk AS - ADR | 15928.0 | 787799 |
| Orion Oyj - Class B | 536.0 | 37459 |
| Otsuka Holdings Co. Ltd. - ADR | 5125.0 | 139246 |
| Roche Holding AG | 135.0 | 45709 |
| Roche Holding AG - ADR | 28010.0 | 1131604 |
| Sandoz Group AG - ADR | 2198.0 | 146233 |
| Sanofi SA - ADR | 10587.0 | 535490 |
| Shionogi & Co. Ltd. - ADR | 7979.0 | 65907 |
| Sigma Healthcare Ltd. | 28662.0 | 58355 |
| Sino Biopharmaceutical Ltd. | 111621.0 | 101536 |
| UCB SA - ADR | 1205.0 | 154891 |
|  |  | 7154735 |
| **Pipelines - 0.1%** |  |  |
| Adnoc Gas PLC | 77526.0 | 73664 |
| Petronas Gas Bhd | 10877.0 | 48048 |
|  |  | 121712 |
| **Real Estate - 0.7%** |  |  |
| Aldar Properties PJSC | 42356.0 | 103787 |
| Daito Trust Construction Co. Ltd. - ADR | 6175.0 | 28529 |
| Emaar Properties PJSC | 69438.0 | 268454 |
| FirstService Corp. | 203.0 | 32346 |
| KE Holdings, Inc. - Class A | 22329.0 | 126524 |
|  |  | 559640 |
| **Retail - 3.1%** |  |  |
| Alibaba Health Information Technology Ltd. <sup>(a)</sup> | 65157.0 | 48623 |
| ANTA Sports Products Ltd. - ADR | 527.0 | 137758 |
| Associated British Foods PLC - ADR | 1537.0 | 46955 |
| Cie Financiere Richemont SA - ADR | 26291.0 | 518721 |
| Clicks Group Ltd. - ADR | 1333.0 | 56545 |
| Dollarama, Inc. | 1387.0 | 180469 |
| Fast Retailing Co. Ltd. - ADR | 10378.0 | 381807 |
| H & M Hennes & Mauritz AB - ADR | 12034.0 | 44887 |
| Industria de Diseno Textil SA - ADR | 22171.0 | 305960 |
| JD Health International, Inc. <sup>(a)(b)</sup> | 11492.0 | 89751 |
| JUMBO SA | 1236.0 | 39288 |
| Laopu Gold Co. Ltd. - Class H | 515.0 | 45356 |

---

---

| | | |
|:---|:---|:---|
| Li Ning Co. Ltd. - ADR | 1031 | 56086 |
| MatsukiyoCocokara & Co. | 1887.0 | 34205 |
| Moncler SpA | 1141.0 | 68481 |
| Mr Price Group Ltd. | 2910.0 | 34732 |
| Nitori Holdings Co. Ltd. - ADR | 4335.0 | 34550 |
| Pan Pacific International Holdings Corp. - ADR | 6653.0 | 78572 |
| Raia Drogasil SA | 14313.0 | 53211 |
| Ryohin Keikaku Co. Ltd. | 2779.0 | 57166 |
| Wesfarmers Ltd. - ADR | 11326.0 | 311578 |
|  |  | 2624701 |
| **Semiconductors - 25.7%<sup>(d)</sup>** |  |  |
| Advantest Corp. - ADR | 3819.0 | 572850 |
| Alchip Technologies Ltd. | 905.0 | 102891 |
| ARM Holdings PLC - ADR <sup>(a)</sup> | 593.0 | 100703 |
| ASM International NV | 224.0 | 145300 |
| ASML Holding NV | 1945.0 | 2061062 |
| ASPEED Technology, Inc. | 329.0 | 58542 |
| Disco Corp. - ADR | 4715.0 | 156632 |
| eMemory Technology, Inc. | 721.0 | 46674 |
| Global Unichip Corp. | 969.0 | 48228 |
| Infineon Technologies AG - ADR | 6509.0 | 257822 |
| King Yuan Electronics Co. Ltd. | 12621.0 | 89091 |
| Lasertec Corp. - ADR | 2016.0 | 80862 |
| MediaTek, Inc. | 17977.0 | 766074 |
| Novatek Microelectronics Corp. | 6826.0 | 87265 |
| Realtek Semiconductor Corp. | 5750.0 | 96329 |
| Samsung Electronics Co. Ltd. | 24602.0 | 1856266 |
| SK hynix, Inc. | 2693.0 | 1056597 |
| STMicroelectronics NV | 3164.0 | 77913 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 43617.0 | 13103855 |
| Tokyo Electron Ltd. - ADR | 4693.0 | 516559 |
| United Microelectronics Corp. - ADR | 26482.0 | 204176 |
| Vanguard International Semiconductor Corp. | 11734.0 | 36911 |
|  |  | 21522602 |
| **Shipbuilding - 0.2%** |  |  |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 220.0 | 73192 |
| Yangzijiang Shipbuilding Holdings Ltd. | 31940.0 | 86387 |
|  |  | 159579 |
| **Software - 2.5%** |  |  |
| Cambricon Technologies Corp. Ltd. - Class A <sup>(a)</sup> | 349.0 | 67461 |
| Constellation Software, Inc. | 92.0 | 242358 |
| Dassault Systemes SE - ADR | 3350.0 | 95374 |
| Descartes Systems Group, Inc. <sup>(a)</sup> | 401.0 | 35451 |
| Kingdee International Software Group Co. Ltd. <sup>(a)</sup> | 31877.0 | 60127 |
| Pro Medicus Ltd. | 273.0 | 47112 |
| Sage Group PLC - ADR | 1194.0 | 72583 |
| SAP SE - ADR | 4987.0 | 1296670 |
| TOTVS SA | 5647.0 | 46674 |
| WiseTech Global Ltd. | 896.0 | 40544 |
| Xero Ltd. <sup>(a)</sup> | 819.0 | 77743 |
|  |  | 2082097 |
| **Telecommunications - 3.1%** |  |  |
| Accton Technology Corp. | 5726.0 | 201167 |
| Advanced Info Service PCL | 12004.0 | 112114 |
| CELCOMDIGI BHD | 38176.0 | 32816 |
| Chunghwa Telecom Co. Ltd. - ADR | 4259.0 | 181348 |
| Etihad Etisalat Co. | 4231.0 | 76437 |
| Far EasTone Telecommunications Co. Ltd. | 19830.0 | 59669 |
| Hellenic Telecommunications Organization SA - ADR | 3922.0 | 36906 |
| Nokia Oyj - ADR | 25990.0 | 179591 |
| Saudi Telecom Co. | 20915.0 | 251974 |

---

---

| | | |
|:---|:---|:---|
| Singapore Telecommunications Ltd. - ADR | 3597 | 117550 |
| Taiwan Mobile Co. Ltd. | 19636 | 69944 |
| Telefonaktiebolaget LM Ericsson - ADR | 14589 | 147203 |
| Telekom Malaysia Bhd | 27398 | 47757 |
| Xiaomi Corp. - ADR <sup>(a)</sup> | 38632 | 1072424 |
| Xiaomi Corp. - Class B <sup>(a)(b)</sup> | 4 | 22 |
|  |  | 2586922 |
| **Toys/Games/Hobbies - 0.1%** |  |  |
| Sanrio Co. Ltd. | 1046 | 48595 |
| **Transportation - 1.2%** |  |  |
| Canadian National Railway Co. | 2767 | 265592 |
| Canadian Pacific Kansas City Ltd. | 4523 | 325808 |
| InPost SA <sup>(a)</sup> | 2892 | 36450 |
| J&T Global Express Ltd. <sup>(a)</sup> | 65836 | 84453 |
| Kawasaki Kisen Kaisha Ltd. | 3228 | 46370 |
| Kuehne + Nagel International AG - ADR | 1327 | 50758 |
| SITC International Holdings Co. Ltd. | 14547 | 53567 |
| TFI International, Inc. | 343 | 30855 |
| ZTO Express Cayman, Inc. | 4700 | 86233 |
|  |  | 980086 |
| **TOTAL COMMON STOCKS** (Cost $69,370,137) |  | 83168672 |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.2%** | **Shares** | **Value** |
| **Warehouse & Industry - 0.2%** |  |  |
| Goodman Group | 10163 | 219756 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Cost $228,126) |  | 219756 |
| **TOTAL INVESTMENTS - 99.6%** (Cost $69,598,263) |  | 83388428 |
| Other Assets in Excess of Liabilities - 0.4% |  | 296380 |
| **TOTAL NET ASSETS - 100.0%** |  | $83684808 |
| Percentages are stated as a percent of net assets. |  |  |

---

ADR - American Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security
 is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as
 amended. These securities may only be resold in transactions exempt from registration
 to qualified institutional investors. As of October 31, 2025, the value of these securities
 total $1,619,442 or 1.9% of the Fund's net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents
 less than 0.05% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) To
 the extent that the Fund invests more heavily in particular industries or sectors of
 the economy, its performance will be especially sensitive to developments that significantly
 affect those industries or sectors.

---

| |
|:---|
| **Allocation of Portfolio Holdings by Country as of October 31, 2025** |
| (% of Net Assets) |

---

---

| | | |
|:---|:---|:---|
| Taiwan | $17718713 | 21.1 |
| Japan | 8947686 | 10.7 |
| China | 7113513 | 8.5 |
| Switzerland | 6645760 | 7.9 |
| Hong Kong | 4707401 | 5.6 |
| United Kingdom | 4587533 | 5.5 |
| Canada | 4236962 | 5.1 |
| France | 3721283 | 4.4 |
| South Korea | 3631749 | 4.3 |
| Saudi Arabia | 2432663 | 2.9 |
| Netherlands | 2393125 | 2.9 |
| Germany | 2385702 | 2.9 |
| Australia | 2379858 | 2.9 |

---

---

| | | |
|:---|:---|:---|
| Ireland | 1731461 | 2.1 |
| Sweden | 1544283 | 1.8 |
| Denmark | 1139236 | 1.3 |
| South Africa | 932165 | 1.1 |
| India | 888928 | 1.1 |
| United Arab Emirates | 859585 | 0.9 |
| Thailand | 603632 | 0.7 |
| Singapore | 594464 | 0.7 |
| Mexico | 592340 | 0.7 |
| Spain | 577762 | 0.7 |
| Finland | 520339 | 0.6 |
| Malaysia | 414331 | 0.5 |
| United States | 376138 | 0.4 |
| Italy | 310039 | 0.4 |
| Brazil | 228787 | 0.4 |
| Indonesia | 215133 | 0.3 |
| Turkey | 175085 | 0.3 |
| Belgium | 154891 | 0.2 |
| Chile | 138061 | 0.2 |
| New Zealand | 136784 | 0.2 |
| Norway | 132249 | 0.1 |
| Poland | 111798 | 0.1 |
| Greece | 76194 | 0.1 |
| Luxembourg | 32795 | 0.0 |
| Other Assets in Excess of Liabilities | 296380 | 0.4 |
|  | $**83684808** | **100.0%** |

---

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

**Statements of Assets and Liabilities**

**October 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **SP Funds 2030** <br> **Target Date Fund**  | **SP Funds 2040** <br> **Target Date Fund**  | **SP Funds 2050** <br> **Target Date Fund**  | **SP Funds S&P <br> Global<br> Technology ETF**  | **SP Funds S&P** <br> **World (ex-US) ETF**  |
| **ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at value (Note 2) | $123320 | $– | $– | $82398329 | $83388428 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at value (Note 7) | 4983709 | 3360469 | 2951923 |  |  |
| &nbsp;&nbsp;&nbsp;Cash | 396302 | 162290 | 96515 | 49408 | 87606 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 32619 | 155000 | 32859 |  |  |
| &nbsp;&nbsp;&nbsp;Receivable for investments sold |  |  |  | 869321 |  |
| &nbsp;&nbsp;&nbsp;Dividends receivable |  |  |  | 23461 | 43241 |
| &nbsp;&nbsp;&nbsp;Dividend tax reclaims receivable |  |  |  | 9387 | 17517 |
| &nbsp;&nbsp;&nbsp;Foreign currency, at value |  |  |  | 7814 | 185408 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 6033 | 2574 | 634 | – | – |
| Total assets | 5541983 | 3680333 | 3081931 | 83357720 | 83722200 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable to adviser (Note 4) | 1983 | 1272 | 981 | 36491 | 37392 |
| &nbsp;&nbsp;&nbsp;Payable for distribution and shareholder servicing fees | 1090 | 773 | 582 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for investments purchased | – | – | – | 410307 | – |
| Total liabilities | 3073 | 2045 | 1563 | 446798 | 37392 |
| **NET ASSETS** | $5538910 | $3678288 | $3080368 | $82910922 | $83684808 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $5104793 | $3128889 | $2693191 | $58014462 | $71065239 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 434117 | 549399 | 387177 | 24896460 | 12619569 |
| Total net assets | $5538910 | $3678288 | $3080368 | $82910922 | $83684808 |
| &nbsp;&nbsp;&nbsp;Net assets | $– | $– | $– | $82910922 | $83684808 |
| &nbsp;&nbsp;&nbsp;Shares issued and outstanding<sup>(a)</sup> |  |  |  | 2275000 | 3075000 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $– | $– | $– | $36.44 | $27.21 |
| **Institutional Class** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $1863391 | $1158442 | $1281924 | $– | $– |
| &nbsp;&nbsp;&nbsp;Shares issued and outstanding<sup>(a)</sup> | 85395 | 49167 | 55680 |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $21.82 | $23.56 | $23.02 | $– | $– |
| **Investor Class** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $3675519 | $2519846 | $1798444 | $– | $– |
| &nbsp;&nbsp;&nbsp;Shares issued and outstanding<sup>(a)</sup> | 168964 | 107372 | 78204 |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $21.75 | $23.47 | $23.00 | $– | $– |
| **COST:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at cost | $81126 | $– | $– | $57383472 | $69598263 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at cost | $4597054 | $2814012 | $2558929 | $– | $– |
| &nbsp;&nbsp;&nbsp;Foreign currency, at cost | $– | $– | $– | $7879 | $185366 |

---

(a) Unlimited
 shares authorized without par value.

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

**Statements of Operations**

**For the Year Ended October 31, 2025**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **SP Funds 2030** <br> **Target Date Fund**  | **SP Funds 2040** <br> **Target Date Fund**  | **SP Funds 2050** <br> **Target Date Fund**  | **SP Funds S&P** <br> **Global<br> Technology ETF**  | **SP Funds S&P** <br> **World (ex-US) ETF**  |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income from affiliated securities | $95869 | $20632 | $16939 | $– | $– |
| &nbsp;&nbsp;&nbsp;Dividend income from unaffiliated securities |  |  |  | 558792 | 1087890 |
| &nbsp;&nbsp;&nbsp;Less: Dividend withholding taxes |  |  |  | (67318) | (124412) |
| &nbsp;&nbsp;&nbsp;Less: Issuance fees | – | – | – | (12365) | (36503) |
| Total investment income | 95869 | 20632 | 16939 | 479109 | 926975 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | 19320 | 9719 | 7607 | 303240 | 278006 |
| &nbsp;&nbsp;&nbsp;Distribution expenses - Investor Class | 6608 | 3394 | 3259 |  |  |
| &nbsp;&nbsp;&nbsp;Shareholder service costs - Investor Class | 3965 | 2036 | 1956 | – | – |
| Total expenses | 29893 | 15149 | 12822 | 303240 | 278006 |
| **NET INVESTMENT INCOME** | 65976 | 5483 | 4117 | 175869 | 648969 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities | 8484 |  |  | (80804) | (1033698) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities | 5876 | 603 | (7660) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation |  |  |  | (8214) | (27635) |
| &nbsp;&nbsp;&nbsp;Redemptions in-kind transactions | – | – | – | 865075 | 1648396 |
| Net realized gain (loss) | 14360 | 603 | (7660) | 776057 | 587063 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities | 35312 |  |  | 18341535 | 11766228 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities | 410012 | 562797 | 402502 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation | – | – | – | (630) | (157) |
| Net change in unrealized appreciation (depreciation) | 445324 | 562797 | 402502 | 18340905 | 11766071 |
| Net realized and unrealized gain (loss) | 459684 | 563400 | 394842 | 19116962 | 12353134 |
| **NET INCREASE (DECREASE) IN NET** |  |  |  |  |  |
| **ASSETS RESULTING FROM OPERATIONS** | $525660 | $568883 | $398959 | $19292831 | $13002103 |

---

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

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SP Funds 2030 Target Date Fund** | **SP Funds 2030 Target Date Fund** | **SP Funds 2040 Target Date Fund** | **SP Funds 2040 Target Date Fund** |
|  | **Year ended** <br> **October 31, 2025**  | **Period ended** <br> **October 31, 2024<sup>(a)</sup>**  | **Year ended** <br> **October 31, 2025**  | **Period ended** <br> **October 31, 2024<sup>(a)</sup>**  |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $65976 | $5255 | $5483 | $208 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 14360 | 97 | 603 | 2574 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 445324 | (16475) | 562797 | (16341) |
| Net increase (decrease) in net assets from operations | 525660 | (11123) | 568883 | (13559) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings - Institutional Class | (33629) |  | (3770) |  |
| &nbsp;&nbsp;&nbsp;From earnings - Investor Class | (48521) | – | (4088) | – |
| Total distributions to shareholders | (82150) | – | (7858) | – |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold - Institutional Class | 167544 | 1538180 | 482876 | 464352 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions - Institutional Class | 33629 |  | 3770 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed - Institutional Class | (36791) |  | (5442) |  |
| &nbsp;&nbsp;&nbsp;Shares sold - Investor Class | 1346262 | 2184770 | 1261352 | 1098236 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions - Investor Class | 48521 |  | 4088 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed - Investor Class | (175592) | – | (175537) | (2873) |
| Net increase (decrease) in net assets from capital transactions | 1383573 | 3722950 | 1571107 | 1559715 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 1827083 | 3711827 | 2132132 | 1546156 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 3711827 | – | 1546156 | – |
| End of the period | $5538910 | $3711827 | $3678288 | $1546156 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold - Institutional Class | 8435 | 77106 | 25153 | 24097 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions - Institutional Class | 1683 |  | 191 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed - Institutional Class | (1829) |  | (274) |  |
| &nbsp;&nbsp;&nbsp;Shares sold - Investor Class | 64850 | 110635 | 58654 | 57178 |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions - Investor Class | 2436 |  | 207 |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed - Investor Class | (8957) | – | (8518) | (148) |
| Total increase (decrease) in shares outstanding | 66618 | 187741 | 75413 | 81127 |

---

(a) Inception
 date of the Fund was June 28, 2024.

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SP Funds 2050 Target Date Fund** | **SP Funds 2050 Target Date Fund** | **SP Funds S&P Global Technology ETF** | **SP Funds S&P Global Technology ETF** |
|  | **Year ended** <br> **October 31, 2025**  | **Period ended** <br> **October 31, 2024<sup>(a)</sup>**  | **Year ended** <br> **October 31, 2025**  | **Period ended** <br> **October 31, 2024<sup>(b)</sup>**  |
| **OPERATIONS:** | | | | |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $4117 | $(46) | $175869 | $65075 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (7660) | 32 | 776057 | 49172 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 402502 | (9508) | 18340905 | 6673124 |
| Net increase (decrease) in net assets from operations | 398959 | (9522) | 19292831 | 6787371 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings - ETF |  |  | (245097) | (73888) |
| &nbsp;&nbsp;&nbsp;From earnings - Institutional Class | (1352) |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings - Investor Class | (2191) | – | – | – |
| Total distributions to shareholders | (3543) | – | (245097) | (73888) |

---

**CAPITAL TRANSACTIONS:**

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

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SP Funds 2050 Target Date Fund** | **SP Funds 2050 Target Date Fund** | **SP Funds S&P Global Technology ETF** | **SP Funds S&P Global Technology ETF** |
|  | **Year ended** <br> **October 31, 2025**  | **Period ended** <br> **October 31, 2024<sup>(a)</sup>**  | **Year ended** <br> **October 31, 2025**  | **Period ended** <br> **October 31, 2024<sup>(b)</sup>**  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  | 25968362 | 32825053 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |  | (1644960) |  |
| &nbsp;&nbsp;&nbsp;ETF transaction fees |  |  | 1228 | 22 |
| &nbsp;&nbsp;&nbsp;Shares sold - Institutional Class | 1183271 |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions - Institutional Class | 1352 |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed - Institutional Class | (20314) |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold - Investor Class | 1201563 | 412712 |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions - Investor Class | 2191 |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed - Investor Class | (86103) | (198) | – | – |
| Net increase (decrease) in net assets from capital transactions | 2281960 | 412514 | 24324630 | 32825075 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 2677376 | 402992 | 43372364 | 39538558 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 402992 | – | 39538558 | – |
| End of the period | $3080368 | $402992 | $82910922 | $39538558 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold |  |  | 850000 | 1475000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed |  |  | (50000) |  |
| &nbsp;&nbsp;&nbsp;Shares sold - Institutional Class | 56596 |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions - Institutional Class | 70 |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed - Institutional Class | (986) |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold - Investor Class | 61004 | 21468 |  |  |
| &nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions - Investor Class | 113 |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares redeemed - Investor Class | (4371) | (10) | – | – |
| Total increase (decrease) in shares outstanding | 112426 | 21458 | 800000 | 1475000 |

---

(a) Inception date of the Fund
was June 28, 2024.

(b) Inception date of the Fund
was November 30, 2023.

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **SP Funds S&P World (ex-US) ETF** | **SP Funds S&P World (ex-US) ETF** |
|  | **Year ended** <br> **October 31, 2025**  | **Period ended** <br> **October 31, 2024<sup>(a)</sup>**  |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $648969 | $154085 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 587063 | (99933) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 11766071 | 2023785 |
| Net increase (decrease) in net assets from operations | 13002103 | 2077937 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;From earnings - ETF | (664913) | (183813) |
| Total distributions to shareholders | (664913) | (183813) |
| **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 52527030 | 24693858 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (7776488) |  |
| &nbsp;&nbsp;&nbsp;ETF transaction fees | 3686 | 5408 |
| Net increase (decrease) in net assets from capital transactions | 44754228 | 24699266 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 57091418 | 26593390 |
| **NET ASSETS:** |  |  |
| Beginning of the period | 26593390 | – |
| End of the period | $83684808 | $26593390 |
| **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 2200000 | 1175000 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (300000) | – |
| Total increase (decrease) in shares outstanding | 1900000 | 1175000 |

---

(a) Inception date of the Fund
was December 19, 2023.

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

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
| **SP Funds 2030 Target Date Fund** | **Institutional Class** | **Institutional Class** |
|  | **Year ended** <br> **October 31,** <br> **2025**  | **Period ended** <br> **October 31,** <br> **2024**<sup>(a)</sup>  |
| **PER SHARE DATA:** |  |  |
| Net asset value, beginning of year | $19.79 | $19.95 |
| **INVESTMENT OPERATIONS:** |  |  |
| Net investment income<sup>(b)(d)</sup> | 0.36 | 0.03 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 2.09 | (0.19) |
| Total from investment operations | 2.45 | (0.16) |
| **LESS DISTRIBUTIONS FROM:** |  |  |
| Net investment income | (0.42) | – |
| Total distributions | (0.42) | – |
| Net asset value, end of year | $21.82 | $19.79 |
| **TOTAL RETURN<sup>(e)</sup>** | 12.59% | -0.80% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
| Net assets, end of year (in thousands) | $1863 | $1526 |
| Ratio of expenses to average net assets<sup>(f)(g)</sup> | 0.45% | 0.45% |
| Ratio of net investment income (loss) to average net assets<sup>(f)(g)</sup> | 1.76% | 0.96% |
| Portfolio turnover rate<sup>(e)</sup> | 7% | 13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date of the class was
 August 29, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net
 investment income per share has been calculated based on average shares outstanding during
 the years.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Realized
 and unrealized gains and losses per share in the caption are balancing amounts necessary
 to reconcile the change in net asset value per share for the periods, and may not reconcile
 with the aggregate gains and losses in the Statements of Operations due to share transactions
 for the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Recognition
 of net investment income by the Fund is affected by the timing of the declaration of
 dividends by the underlying exchange traded funds in which the Fund invests. The ratio
 does not include net investment income of the exchange traded funds in which the Fund
 invests in.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not
 annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized
 for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(g) These
 ratios exclude the impact of expenses of the underlying exchange traded funds as represented
 in the Schedule of Investments. Recognition of net investment income by the Fund is affected
 by the timing of the underlying exchange traded funds in which the Fund invests in.

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
| **SP Funds 2030 Target Date Fund** | **Investor Class** | **Investor Class** |
|  | **Year ended** <br> **October 31,** <br> **2025**  | **Period ended** <br> **October 31,** <br> **2024**<sup>(a)</sup>  |
| **PER SHARE DATA:** |  |  |
| Net asset value, beginning of year | $19.76 | $20.00 |
| **INVESTMENT OPERATIONS:** |  |  |
| Net investment income<sup>(b)(d)</sup> | 0.28 | 0.07 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 2.08 | (0.31) |
| Total from investment operations | 2.36 | (0.24) |
| **LESS DISTRIBUTIONS FROM:** |  |  |
| Net investment income | (0.37) | – |
| Total distributions | (0.37) | – |
| Net asset value, end of year | $21.75 | $19.76 |
| **TOTAL RETURN<sup>(e)</sup>** | 12.15% | -1.20% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
| Net assets, end of year (in thousands) | $3676 | $2186 |
| Ratio of expenses to average net assets<sup>(f)(g)</sup> | 0.85% | 0.85% |
| Ratio of net investment income (loss) to average net assets<sup>(f)(g)</sup> | 1.39% | 0.96% |

---

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

**Financial Highlights**

---

| | | |
|:---|:---|:---|
| **SP Funds 2030 Target Date Fund** | **Investor Class** | **Investor Class** |
|  | **Year ended** <br> **October 31,** <br> **2025**  | **Period ended** <br> **October 31,** <br> **2024**<sup>(a)</sup>  |
| Portfolio turnover rate<sup>(e)</sup> | 7% | 13% |

---

(a) Inception
 date of the Fund was June 28, 2024.

(b) Net
 investment income per share has been calculated based on average shares outstanding during
 the years.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Realized
 and unrealized gains and losses per share in the caption are balancing amounts necessary
 to reconcile the change in net asset value per share for the periods, and may not reconcile
 with the aggregate gains and losses in the Statements of Operations due to share transactions
 for the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Recognition
 of net investment income by the Fund is affected by the timing of the declaration of
 dividends by the underlying exchange traded funds in which the Fund invests. The ratio
 does not include net investment income of the exchange traded funds in which the Fund
 invests in.

(e) Not
 annualized for periods less than one year.

(f) Annualized
 for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(g) These
 ratios exclude the impact of expenses of the underlying exchange traded funds as represented
 in the Schedule of Investments. Recognition of net investment income by the Fund is affected
 by the timing of the underlying exchange traded funds in which the Fund invests in.

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
| **SP Funds 2040 Target Date Fund** | **Institutional Class** | **Institutional Class** |
|  | **Year ended** <br> **October 31,** <br> **2025**  | **Period ended** <br> **October 31,** <br> **2024**<sup>(a)</sup>  |
| **PER SHARE DATA:** |  |  |
| Net asset value, beginning of year | $19.07 | $19.25 |
| **INVESTMENT OPERATIONS:** |  |  |
| Net investment income<sup>(b)(d)</sup> | 0.10 | 0.01 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 4.49 | (0.19) |
| Total from investment operations | 4.59 | (0.18) |
| **LESS DISTRIBUTIONS FROM:** |  |  |
| Net investment income | (0.10) | – |
| Total distributions | (0.10) | – |
| Net asset value, end of year | $23.56 | $19.07 |
| **TOTAL RETURN<sup>(e)</sup>** | 24.20% | -0.93% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
| Net assets, end of year (in thousands) | $1158 | $459 |
| Ratio of expenses to average net assets<sup>(f)(g)</sup> | 0.45% | 0.45% |
| Ratio of net investment income (loss) to average net assets<sup>(f)(g)</sup> | 0.49% | 0.20% |
| Portfolio turnover rate<sup>(e)</sup> | 1% | –% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date of the class was
 August 29, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net
 investment income per share has been calculated based on average shares outstanding during
 the years.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Realized
 and unrealized gains and losses per share in the caption are balancing amounts necessary
 to reconcile the change in net asset value per share for the periods, and may not reconcile
 with the aggregate gains and losses in the Statements of Operations due to share transactions
 for the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Recognition
 of net investment income by the Fund is affected by the timing of the declaration of
 dividends by the underlying exchange traded funds in which the Fund invests. The ratio
 does not include net investment income of the exchange traded funds in which the Fund
 invests in.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not
 annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized
 for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(g) These
 ratios exclude the impact of expenses of the underlying exchange traded funds as represented
 in the Schedule of Investments. Recognition of net investment income by the Fund is affected
 by the timing of the underlying exchange traded funds in which the Fund invests in.

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
| **SP Funds 2040 Target Date Fund** | **Investor Class** | **Investor Class** |
|  | **Year ended** <br> **October 31,** <br> **2025**  | **Period ended** <br> **October 31,** <br> **2024**<sup>(a)</sup>  |
| **PER SHARE DATA:** |  |  |
| Net asset value, beginning of year | $19.06 | $20.00 |

---

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
| **SP Funds 2040 Target Date Fund** | **Investor Class** | **Investor Class** |
|  | **Year ended** <br> **October 31,** <br> **2025**  | **Period ended** <br> **October 31,** <br> **2024**<sup>(a)</sup>  |
| **INVESTMENT OPERATIONS:** |  |  |
| Net investment income<sup>(b)(d)</sup> | 0.02 | 0.00<sup>(h)</sup> |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 4.46 | (0.94) |
| Total from investment operations | 4.48 | (0.94) |
| **LESS DISTRIBUTIONS FROM:** |  |  |
| Net investment income | (0.07) | – |
| Total distributions | (0.07) | – |
| Net asset value, end of year | $23.47 | $19.06 |
| **TOTAL RETURN<sup>(e)</sup>** | 23.59% | -4.70% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
| Net assets, end of year (in thousands) | $2520 | $1087 |
| Ratio of expenses to average net assets<sup>(f)(g)</sup> | 0.85% | 0.85% |
| Ratio of net investment income (loss) to average net assets<sup>(f)(g)</sup> | 0.12% | 0.04% |
| Portfolio turnover rate<sup>(e)</sup> | 1% | –% |

---

(a) Inception
 date of the Fund was June 28, 2024.

(b) Net
 investment income per share has been calculated based on average shares outstanding during
 the years.

(c) Realized
 and unrealized gains and losses per share in the caption are balancing amounts necessary
 to reconcile the change in net asset value per share for the periods, and may not reconcile
 with the aggregate gains and losses in the Statements of Operations due to share transactions
 for the periods.

(d) Recognition
 of net investment income by the Fund is affected by the timing of the declaration of
 dividends by the underlying exchange traded funds in which the Fund invests. The ratio
 does not include net investment income of the exchange traded funds in which the Fund
 invests in.

(e) Not
 annualized for periods less than one year.

(f)&nbsp;&nbsp;&nbsp;&nbsp; Annualized for periods less than one year.

(g) These
 ratios exclude the impact of expenses of the underlying exchange traded funds as represented
 in the Schedule of Investments. Recognition of net investment income by the Fund is affected
 by the timing of the underlying exchange traded funds in which the Fund invests in.

(h) Represents
 less than $0.0005 per share

**Financial Highlights**

---

| | |
|:---|:---|
| **SP Funds 2050 Target Date Fund** | **Institutional Class**  |
|  | **Period ended** <br> **October 31,** <br> **2025**<sup>(a)</sup>  |
| **PER SHARE DATA:** |  |
| Net asset value, beginning of year | $19.37 |
| **INVESTMENT OPERATIONS:** |  |
| Net investment income<sup>(b)(d)</sup> | 0.10 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 3.62 |
| Total from investment operations | 3.72 |
| **LESS DISTRIBUTIONS FROM:** |  |
| Net investment income | (0.07) |
| Total distributions | (0.07) |
| Net asset value, end of year | $23.02 |
| **TOTAL RETURN<sup>(e)</sup>** | 19.28% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |
| Net assets, end of year (in thousands) | $1282 |
| Ratio of expenses to average net assets<sup>(f)(g)</sup> | 0.45% |
| Ratio of net investment income (loss) to average net assets<sup>(f)(g)</sup> | 0.58% |
| Portfolio turnover rate<sup>(e)</sup> | 49% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date of the class was
 December 1 8 , 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net
 investment income per share has been calculated based on average shares outstanding during
 the years.

(c) Realized
 and unrealized gains and losses per share in the caption are balancing amounts necessary
 to reconcile the change in net asset value per share for the periods, and may not reconcile
 with the aggregate gains and losses in the Statements of Operations due to share transactions
 for the periods.

(d) Recognition
 of net investment income by the Fund is affected by the timing of the declaration of
 dividends by the underlying exchange traded funds in which the Fund invests. The ratio
 does not include net investment income of the exchange traded funds in which the Fund
 invests in.

(e) Not
 annualized for periods less than one year.

(f) Annualized
 for periods less than one year.

(g) These
 ratios exclude the impact of expenses of the underlying exchange traded funds as represented
 in the Schedule of Investments. Recognition of net investment income by the Fund is affected
 by the timing of the underlying exchange traded funds in which the Fund invests in.

**Financial Highlights**

---

| | | |
|:---|:---|:---|
| **SP Funds 2050 Target Date Fund** | **Investor Class** | **Investor Class** |
|  | **Year ended** <br> **October 31,** <br> **2025**  | **Period ended** <br> **October 31,** <br> **2024**<sup>(a)</sup>  |
| **PER SHARE DATA:** |  |  |
| Net asset value, beginning of year | $18.78 | $20.00 |
| **INVESTMENT OPERATIONS:** |  |  |
| Net investment income (loss)<sup>(b)(d)</sup> | 0.03 | (0.01) |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 4.23 | (1.21) |
| Total from investment operations | 4.26 | (1.22) |
| **LESS DISTRIBUTIONS FROM:** |  |  |
| Net investment income | (0.04) | – |
| Total distributions | (0.04) | – |
| Net asset value, end of year | $23.00 | $18.78 |
| **TOTAL RETURN<sup>(e)</sup>** | 22.72% | -6.10% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
| Net assets, end of year (in thousands) | $1798 | $403 |
| Ratio of expenses to average net assets<sup>(f)(g)</sup> | 0.85% | 0.85% |
| Ratio of net investment income (loss) to average net assets<sup>(f)(g)</sup> | 0.15% | (0.09)% |
| Portfolio turnover rate<sup>(e)</sup> | 49% | 12% |

---

(a) Inception
 date of the Fund was June 28, 2024.

(b) Net
 investment income per share has been calculated based on average shares outstanding during
 the years.

(c) Realized
 and unrealized gains and losses per share in the caption are balancing amounts necessary
 to reconcile the change in net asset value per share for the periods, and may not reconcile
 with the aggregate gains and losses in the Statements of Operations due to share transactions
 for the periods.

(d) Recognition
 of net investment income by the Fund is affected by the timing of the declaration of
 dividends by the underlying exchange traded funds in which the Fund invests. The ratio
 does not include net investment income of the exchange traded funds in which the Fund
 invests in.

(e) Not
 annualized for periods less than one year.

(f) Annualized
 for periods less than one year.

(g) These
 ratios exclude the impact of expenses of the underlying exchange traded funds as represented
 in the Schedule of Investments. Recognition of net investment income by the Fund is affected
 by the timing of the underlying exchange traded funds in which the Fund invests in.

**Financial Highlights** 

**SP Funds S&P Global Technology ETF**

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **October 31,** <br> **2025**  | **Period ended** <br> **October 31,** <br> **2024**<sup>(a)</sup>  |
| **PER SHARE DATA:** |  |  |
| Net asset value, beginning of period | $26.81 | $20.00 |
| **INVESTMENT OPERATIONS:** |  |  |
| Net investment income<sup>(b)</sup> | 0.09 | 0.06 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 9.68 | 6.81 |
| Total from investment operations | 9.77 | 6.87 |
| **LESS DISTRIBUTIONS FROM:** |  |  |
| Net investment income | (0.14) | (0.06) |
| Total distributions | (0.14) | (0.06) |

---

**Financial Highlights** 

**SP Funds S&P Global Technology ETF**

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **October 31,** <br> **2025**  | **Period ended** <br> **October 31,** <br> **2024**<sup>(a)</sup>  |
| ETF transaction fees per share | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> |
| Net asset value, end of period | $36.44 | $26.81 |
| **TOTAL RETURN<sup>(e)</sup>** | 36.62% | 34.34% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
| Net assets, end of period (in thousands) | $82911 | $39539 |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.55% | 0.55%<sup>(g)</sup> |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 0.32% | 0.25% |
| Portfolio turnover rate<sup>(e)(h)</sup> | 31% | 15% |

---

(a) Inception date of the Fund
was November 30, 2023.

(b)&nbsp;&nbsp;&nbsp;&nbsp; Net investment income per share has been calculated based on average shares outstanding during the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Realized
 and unrealized gains and losses per share in the caption are balancing amounts necessary
 to reconcile the change in net asset value per share for the periods, and may not reconcile
 with the aggregate gains and losses in the Statements of Operations due to share transactions
 for the periods.

(d) Amount represents less than
$0.005 per share.

(e) Not annualized for periods
less than one year.

(f) Annualized for periods less
than one year.

(g) The ratio of expense to
average net assets includes tax expense. The expense ratio excluding tax expense is 0.55% for the period ended October 31, 2024.

(h) Portfolio turnover rate
excludes in-kind transactions.

**Financial Highlights** 

**SP Funds S&P World (ex-US) ETF**

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **October 31,** <br> **2025**  | **Period ended** <br> **October 31,** <br> **2024**<sup>(a)</sup>  |
| **PER SHARE DATA:** |  |  |
| Net asset value, beginning of period | $22.63 | $20.00 |
| **INVESTMENT OPERATIONS:** |  |  |
| Net investment income<sup>(b)</sup> | 0.31 | 0.21 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 4.58 | 2.63 |
| Total from investment operations | 4.89 | 2.84 |
| **LESS DISTRIBUTIONS FROM:** |  |  |
| Net investment income | (0.31) | (0.22) |
| Total distributions | (0.31) | (0.22) |
| ETF transaction fees per share | 0.00<sup>(d)</sup> | 0.01 |
| Net asset value, end of period | $27.21 | $22.63 |
| **TOTAL RETURN<sup>(e)</sup>** | 21.82% | 14.32% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
| Net assets, end of period (in thousands) | $83685 | $26593 |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.55% | 0.55%<sup>(g)</sup> |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 1.28% | 1.11% |
| Portfolio turnover rate<sup>(e)(h)</sup> | 39% | 30% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception
 date of the Fund was December 19, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment
 income per share has been calculated based on average shares outstanding during the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Realized
 and unrealized gains and losses per share in the caption are balancing amounts necessary
 to reconcile the change in net asset value per share for the periods, and may not reconcile
 with the aggregate gains and losses in the Statements of Operations due to share transactions
 for the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount
 represents less than $0.005 per share.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Not
 annualized for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Annualized
 for periods less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The ratio
 of expenses to average net assets includes tax expense. The expense ratio excluding tax
 expense is 0.55% for the period ended October 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Portfolio
 turnover rate excludes in-kind transactions.

SP FUNDS TRUST

NOTES TO THE FINANCIALS STATEMENTS

October 31, 2025

**NOTE 1 – ORGANIZATION**

SP Funds Trust (the "Trust") consists of five series, SP Funds 2030 Target Date Fund (the "2030 Target Date Fund"), SP Funds 2040 Target Date Fund (the "2040 Target Date Fund"), SP Funds 2050 Target Date Fund (the "2050 Target Date Fund"), SP Funds S&P Global Technology ETF (the "Global Technology ETF") and SP Funds S&P World (ex-US) ETF (the "World ETF"), (each a "Fund", and collectively, the "Funds"). The Funds are all a non-diversified series of the Trust. The Trust was organized as a Delaware statutory trust on July 6, 2023, and is registered with the SEC under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the offering of each Fund's shares ("Shares") is registered under the Securities Act of 1933, as amended. The Trust is governed by the Board of Trustees (the "Board"). ShariaPortfolio, Inc. (the "Adviser") serves as investment adviser to the Funds and Tidal Investments LLC ("Tidal Investments" or "Sub-Adviser") serves as sub-adviser to the Global Technology ETF and the World ETF. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services—Investment Companies." Please see the table below for a summary of commencement and class specific information:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ticker** | **Commencement** <br> **of Operations**  | **12b-1 Fees** | **Shareholder** <br> **Servicing Fees**  |
| **2030 Target Date Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | SPTAX | 06/28/2024 | 0.25% | 0.15% |
| &nbsp;&nbsp;&nbsp;Institutional Class | SPTMX | 08/29/2024 | N/A | N/A |
| **2040 Target Date Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | SPTBX | 06/28/2024 | 0.25% | 0.15% |
| &nbsp;&nbsp;&nbsp;Institutional Class | SPTNX | 08/29/2024 | N/A | N/A |
| **2050 Target Date Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | SPTCX | 06/28/2024 | 0.25% | 0.15% |
| &nbsp;&nbsp;&nbsp;Institutional Class | SPTOX | 12/18/2024 | N/A | N/A |
| **Global Technology ETF** |  |  |  |  |
|  | SPTE | 11/30/2023 | N/A | N/A |
| **World ETF** |  |  |  |  |
|  | SPWO | 12/19/2023 | N/A | N/A |

---

The investment objective of the 2030 Target Date Fund, 2040 Target Date Fund, and 2050 Target Date Fund is to seek a high level of total return through its target date. Thereafter, the Fund primarily seeks high current income and secondarily capital appreciation. The investment objective of the Global Technology ETF is to seek to track the performance, before fees and expenses, of the S&P Global 1200 Shariah Information Technology Capped Index (the "Shariah Technology Index") . The investment objective of the World ETF is to seek to track the performance, before fees and expenses, of the S&P DM Ex- U.S. & EM 50/50 Shariah Index (the "Shariah World Index")(each an "Index", and collectively, the "Indices").

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;A. *Security Valuation.* Equity securities, listed on a securities exchange, market or automated
 quotation system for which quotations are readily available (except for securities traded
 on The Nasdaq Stock Market, LLC (the "NASDAQ")), including securities traded
 over -the-counter, are valued at the last quoted sale price on the primary exchange or
 market (foreign or domestic) on which they are traded on the valuation date (or at approximately
 4:00 p.m. EST if a security's primary exchange is normally open at that time),
 or, if there is no such reported sale on the valuation date, at the most recent quoted
 bid price or mean between the most recent quoted bid and ask prices for long and short
 positions. For a security that trades on multiple exchanges, the primary exchange will
 generally be considered the exchange on which the security is generally most actively
 traded. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used.
 Prices of securities traded on the securities exchange will be obtained from recognized
 independent pricing agents each day that the Funds are open for business.

Under Rule 2a-5 of the 1940 Act, a fair value will be determined for securities for which quotations are not readily available by the Valuation Designee (as defined in Rule 2a-5) in accordance with the Pricing and Valuation Policy and Fair Value Procedures, as applicable, of the Adviser, subject to oversight by the Board. When a security is "fair valued," consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the Adviser's Pricing

SP FUNDS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

October 31, 2025

and Valuation Policy and Fair Value Procedures, as applicable. Fair value pricing is an inherently subjective process, and no single standard exists for determining fair value. Different funds could reasonably arrive at different values for the same security. The use of fair value pricing by a fund may cause the net asset value ("NAV") of its shares to differ significantly from the NAV that would be calculated without regard to such considerations.

As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

---

| | |
|:---|:---|
| 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 relevant observable inputs are not available; representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information available. |

---

The 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.

The following is a summary of the inputs used to value each Fund's investments as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SP Funds 2030 Target Date Fund** | | | | |
|  | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** | <br>**Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | $5107029 | $— | $— | $5107029 |
| **Total Assets** | $5107029 | $— | $— | $5107029 |
| **SP Funds 2040 Target Date Fund** |  |  |  |  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | $3360469 | $— | $— | $3360469 |
| **Total Assets** | $3360469 | $— | $— | $3360469 |
| **SP Funds 2050 Target Date Fund** |  |  |  |  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | $2951923 | $— | $— | $2951923 |
| **Total Assets** | $2951923 | $— | $— | $2951923 |
| **SP Funds S&P Global Technology ETF** |  |  |  |  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $82398329 | $— | $— | $82398329 |
| **Total Assets** | $82398329 | $— | $— | $82398329 |
| **SP Funds S&P World (ex-US) ETF** |  |  |  |  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Common Stocks | $83094971 | $73701 | $83168672 |
| &nbsp;&nbsp;&nbsp;Real Estate Investment Trusts – Common | 219756 |  | 219756 |
| **Total Assets** | $83314727 | $73701 | $83388428 |

---

SP FUNDS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

October 31, 2025

Refer to the Schedule of Investments for industry classifications.

&nbsp;&nbsp;&nbsp;&nbsp;B. *Federal Income Taxes.* Each Fund has elected to be taxed as a regulated investment company
 ("RIC") as defined in Subtitle A, Chapter 1, Subchapter M of the Internal
 Revenue Code, as amended. No provision has been made for federal income taxes as it is
 the intention of the Funds to comply with the provisions of the Code applicable to RICs
 and to make distributions of income and realized gains sufficient to relieve it from
 all or substantially all excise and income taxes.

In order to avoid imposition of the excise tax applicable to RICs, the Funds intend to declare as dividends in each calendar year at least 98% of their net investment income (earned during the calendar year) and at least 98.2% of their net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts, if any, from prior years. As a RIC, the Funds are subject to a 4% excise tax that is imposed if the Funds do not distribute by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98 .2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one year period generally ending on October 31 of the calendar year (unless an election is made to use the fund's fiscal year) . The Funds generally intend to distribute income and capital gains in the manner necessary to minimize (but not necessarily eliminate) the imposition of such excise tax. The Funds may retain income or capital gains and pay excise tax when it is determined that doing so is in the best interest of shareholders. Management, in consultation with the Board, evaluates the costs of the excise tax relative to the benefits of retaining income and capital gains, including that such undistributed amounts (net of the excise tax paid) remain available for investment by the Funds and are available to supplement future distributions. Tax expense is disclosed in the Statements of Operations, if applicable. As of October 31, 2025, the Funds did not have any tax positions that did not meet the threshold of being sustained by the applicable tax authority. Generally, tax authorities can examine all the tax returns filed for the last three years. The Funds identify their major tax jurisdiction as U.S. Federal and the Commonwealth of Delaware; 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.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Securities Transactions and Investment Income.* Investment securities transactions are accounted
 for on the trade date. Gains and losses realized on sales of securities are determined
 on a specific identification basis. Discounts/premiums on debt securities purchased are
 accreted/amortized over the life of the respective securities using the effective interest
 method. Dividend income is recorded on the ex-dividend date. Dividends received from
 REITs generally are comprised of ordinary income, capital gains, and may include return
 of capital. Debt income is recorded on an accrual basis. Other non-cash dividends are recognized
 as investment income at the fair value of the property received. Withholding taxes on
 foreign dividends have been provided for in accordance with the Funds' understanding
 of the applicable country's tax rules and rates.

&nbsp;&nbsp;&nbsp;&nbsp;D. *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.

The Funds report net realized foreign exchange gains or losses that 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, interest, and foreign withholding taxes recorded on the Funds' 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 period end, resulting from changes in exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Distributions to Shareholders*. Distributions to shareholders from net investment income, if any,
 for the Funds are declared and paid at least monthly. Distributions to shareholders from
 net realized gains on securities, if any, for the Funds normally are declared and paid
 on an annual basis. Distributions are recorded on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Use of Estimates*. The preparation of financial statements in conformity with 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. Actual results could differ from those estimates.

SP FUNDS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;G. *Share Valuation.* The NAV per share of each Fund is calculated by dividing the sum of the
 value of the securities held by the Fund, plus cash or other assets, minus all liabilities
 by the total number of shares outstanding for the Fund, rounded to the nearest cent.
 The Funds' shares will not be priced on the days on which the New York Stock Exchange
 ("NYSE") is closed for trading.

&nbsp;&nbsp;&nbsp;&nbsp;H. *Guarantees and Indemnifications*. In the normal course of business, the Funds enter into contracts
 that contain a variety of representations which provide general indemnifications. The
 Funds' maximum exposure under these arrangements cannot be known; however, the
 Funds expect the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;I. *Cash.* Cash includes non-interest bearing and non-restricted cash with one institution.

&nbsp;&nbsp;&nbsp;&nbsp;J. *Illiquid Securities*. Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a Board-approved
 Liquidity Risk Management Program (the "Program") that requires, among other
 things, that each Fund limit its illiquid investments that are assets to no more than
 15% of the value of the Fund's net assets. An illiquid investment is any investment
 that a Fund reasonably expects cannot be sold or disposed of in current market conditions
 in seven calendar days or less without the sale or disposition significantly changing
 the market value of the investment. If a Fund should be in a position where the value
 of illiquid investments held by the Fund exceeds 15% of the Fund's net assets,
 that Fund will take such steps as set forth in the Program.

&nbsp;&nbsp;&nbsp;&nbsp;K. *Reclassification of Capital Accounts.* Accounting principles generally accepted in the United States
 of America require that certain components of net assets relating to permanent differences
 be reclassified between financial and tax reporting. These reclassifications have no
 effect on net assets or net asset value per share. These differences are primarily due
 reclassification of dividends. For the year ended October 31, 2025, the following adjustments
 were made:

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid-In Capital** | **Total Distributable** <br> **Earnings/(Accumulated Losses)**  |
| 2030 Target Date Fund | $(1730) | $1730 |
| 2040 Target Date Fund | (1933) | 1933 |
| 2050 Target Date Fund | (1283) | 1283 |
| Global Technology ETF | 864814 | (864814) |
| World ETF | 1616154 | (1616154) |

---

**NOTE 3 – PRINCIPAL INVESTMENT RISKS**

&nbsp;&nbsp;&nbsp;&nbsp;A. *Concentration Risk (only applicable to the World ETF)*. Each Fund's investments will be concentrated
 in an industry or group of industries to the extent the Index is so concentrated. Accordingly,
 the value of shares of the Funds may rise and fall more than the value of shares that
 invest in securities of companies in a broader range of industries.

&nbsp;&nbsp;&nbsp;&nbsp;B. *Currency Risk.* Because the Funds' NAVs are determined in U.S. dollars, the Funds'
 NAVs could decline if the currency of a non-U.S. market in which the Funds invest depreciates
 against the U.S. dollar or if there are delays or limits on repatriation of such currency.
 Currency exchange rates can be very volatile and can change quickly and unpredictably.
 As a result, the Funds' NAVs may change quickly and without warning.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Emerging Markets Risk*. Investments in emerging market securities impose risks different from,
 or greater than, risks of investing in foreign developed countries, including smaller
 market capitalization; significant price volatility; and restrictions on foreign investment.
 Emerging market countries may have relatively unstable governments and may present the
 risk of nationalization of businesses, expropriation, and confiscatory taxation, or,
 in certain instances, reversion to closed market, centrally planned economies. Emerging
 market economies may also experience more severe downturns. The currencies of emerging
 market countries may experience significant declines against the U.S. dollar, and devaluation
 may occur subsequent to investments in these currencies by the Funds. Inflation and rapid
 fluctuations in inflation rates have had, and may continue to have, negative effects
 on the economies and securities markets of certain emerging market countries. In addition,
 less information may be available about companies in emerging markets than in developed
 markets because such emerging markets companies may not be subject to accounting, auditing
 and financial reporting standards or to other regulatory practices required by U.S. companies
 which may lead to potential errors in index data, index computation and/or index construction.
 Such conditions may impact the ability of the Funds to buy, sell or otherwise transfer
 securities; adversely affect the trading market and price for such securities; and/or
 cause the Funds to decline in value.

SP FUNDS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;D. *Equity Securities Risk*. Equity securities are subject to changes in value, and their values
 may be more volatile than those of other assets classes. The Index is composed of common
 stocks, which generally subject their holders to more risks than preferred stocks and
 debt securities because common stockholders' claims are subordinated to those of
 holders of preferred stocks and debt securities upon the bankruptcy of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Exchange Traded Fund ("ETF") Risks (only applicable to the ETFs).* 

● *Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.* The Funds have a limited number of financial institutions that are authorized to purchase and redeem shares of the Funds ("Shares") directly from the Funds (known as "Authorized Participants" or "APs"). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions .

● *Cash Redemption Risk*. Each Fund's investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund. In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used. Additionally, purchases and redemptions of Shares for cash may cause the Fund to incur brokerage costs and those costs could be imposed on the Funds, thus decreasing the Funds' NAV to the extent that the costs are not offset by a transaction fee payable by an authorized participant.

● *Costs of Buying or Selling Shares*. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares of the Funds may significantly reduce investment results and an investment in shares of the Funds may not be advisable for investors who anticipate regularly making small investments.

● *Shares May Trade at Prices Other Than NAV*. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate a Fund's NAV, there may be times when the market price of Shares is more than the NAV intra -day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. Because securities held by the Funds may trade on foreign exchanges that are closed when the Fund's primary listing exchange is open, the Fund is likely to experience premiums and discounts greater than those of ETFs holding only domestic securities.

● *Trading*. Although Shares are listed on a national securities exchange, such as the NYSE Arca, Inc. (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Funds' underlying portfolio holdings, which can be significantly less liquid than Shares. Also, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings. These adverse effects on liquidity for Shares, in turn, could lead to wider bid/ask spreads and differences between the market price of Shares and the underlying value of those Shares.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Foreign Securities Risks*. Certain foreign countries may impose exchange control regulations,
 restrictions on repatriation of profit on investments or of capital invested, local taxes
 on investments, and restrictions on the ability of issuers of non-U.S. securities to
 make payments of principal and interest to investors located outside the country, whether
 from currency blockage or otherwise. In addition, the Funds will be subject to risks
 associated with adverse political and economic developments in foreign countries, including
 seizure or nationalization of foreign deposits, the imposition of economic sanctions,
 different legal systems and laws relating to bankruptcy and creditors' rights, and
 the potential inability to enforce legal judgments, all of which could cause the Funds
 to lose money on their investments in non-U.S. securities. The cost of servicing external
 debt will also generally be adversely affected by rising international interest rates,
 as many external debt obligations bear interest at rates which are adjusted based upon
 international interest rates. Because non-U.S. securities may trade on days when Shares
 are not priced, NAVs may change at times when Shares cannot be sold.

&nbsp;&nbsp;&nbsp;&nbsp;G. *General Market Risk*. Securities markets and individual securities may increase or decrease
 in value. Security prices may fluctuate widely over short or extended periods in response
 to market or economic news and conditions, and securities markets also tend to
move in cycles. If there is a general decline in the securities markets, it is possible your investment may lose
value regardless of the individual results of the companies in which the Funds invest. The magnitude of up and down price or
market fluctuations over time is sometimes referred to as "volatility," and it can be significant. In addition,
different asset classes and geographic markets may experience periods of significant correlation with each other. As a result
of this correlation, the securities and markets in which the Funds invest may experience volatility due to market,
economic, political or social events and conditions that may not readily appear to directly relate to such securities,
the securities' issuer or the markets in which they trade.

SP FUNDS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;H. *Geographic Investment Risk*. To the extent the Funds invest a significant portion of their assets
 in the securities of companies of a single country or region, they are more likely to
 be impacted by events or conditions affecting that country or region.

&nbsp;&nbsp;&nbsp;&nbsp;I. *Information Technology Sector Risk* **.** Certain underlying funds are expected to have material
 exposure in the information technology sector. To the extent the Funds are invested in
 such underlying funds, market, or economic factors impacting information technology companies
 and companies that rely heavily on technological advances could have a significant effect
 on the value of each Fund's investments. The value of stocks of information technology
 companies and companies that rely heavily on technology is particularly vulnerable to
 rapid changes in technology product cycles, rapid product obsolescence, government regulation
 and competition, both domestically and internationally, including competition from foreign
 competitors with lower production costs. Stocks of information technology companies and
 companies that rely heavily on technology, especially those of smaller, less-seasoned
 companies, tend to be more volatile than the overall market. Information technology companies
 are heavily dependent on patent and intellectual property rights, the loss or impairment
 of which may adversely affect profitability.

&nbsp;&nbsp;&nbsp;&nbsp;J. *Mid-and-Large-Capitalization Companies Risk* **.** Mid-and large-capitalization companies may be less able than
 smaller capitalization companies to adapt to changing market conditions. Mid-and large-capitalization
 companies may be more mature and subject to more limited growth potential compared with
 smaller capitalization companies. During different market cycles, the performance of
 large capitalization companies has trailed the overall performance of the broader securities
 markets.

&nbsp;&nbsp;&nbsp;&nbsp;K. *Models and Data Risk*. The composition of the Indices are heavily dependent on proprietary
 quantitative models as well as information and data supplied by third parties ("Models
 and Data"). When Models and Data prove to be incorrect or incomplete, any decisions
 made in reliance thereon may lead to the inclusion or exclusion of securities from an
 Index universe that would have been excluded or included had the Models and Data been
 correct and complete. If the composition of the Indices reflects such errors, the Funds'
 portfolio can be expected to also reflect the errors.

&nbsp;&nbsp;&nbsp;&nbsp;L. *Non-Diversified Fund Risk.* Each fund is a non-diversified fund. In general, a non-diversified fund
 may invest a greater percentage of its assets in a particular issuer and may own fewer
 securities than other funds. Accordingly, a non-diversified fund is generally subject
 to the risk that a large loss in an individual security will cause a greater loss for
 the fund than it would if the fund was required to hold a larger number of securities
 or smaller positions.

&nbsp;&nbsp;&nbsp;&nbsp;M. *Passive Investment Risk (only applicable to the ETFs)*. The Funds invest in the securities
 included in, or representative of, its respective Index regardless of their investment
 merit. Each Fund does not attempt to outperform its respective Index or take defensive
 positions in declining markets. As a result, a Fund's performance may be adversely
 affected by a general decline in the market segments relating to its Index.

&nbsp;&nbsp;&nbsp;&nbsp;N. *Recently Organized Fund Risk*. The Funds are recently organized management investment companies
 with limited operating history. As a result, prospective investors have a limited track
 record or history on which to base their investment decision. There can be no assurance
 that the Funds will grow to or maintain an economically viable size.

&nbsp;&nbsp;&nbsp;&nbsp;O. *Sharia-Compliant Investing Risk*. Islamic religious law, commonly known as "Shariah," has
 certain restrictions regarding finance and commercial activities permitted for Muslims,
 including interest restrictions and prohibited industries, which reduces the size of
 the overall universe in which the Funds can invest. The strategy to reduce the investable
 universe may limit investment opportunities and adversely affect each Fund's performance,
 especially in comparison to a more diversified fund. Because Shariah principles preclude
 the use of interest-paying instruments, cash reserves do not earn income. To the extent
 that securities become non-compliant following purchase, such securities may be held
 for a temporary period of time. Additionally, certain companies that meet Shariah screens
 may nevertheless generate dividend income that is subject to purification.

&nbsp;&nbsp;&nbsp;&nbsp;P. *Tracking Error Risk*. As with all index funds, the performance of each Fund and its Index may
 differ from each other for a variety of reasons. For example, the Funds incur operating
 expenses and portfolio transaction costs not incurred by the Index. In addition, the
 Funds may not be fully invested in the securities of the Index at all times, including
 during its initial investment period, or may hold securities not included in the Index.

SP FUNDS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;Q. *Underlying Index Risk (only applicable to the ETFs)*. Neither the Adviser nor the S&P Dow
 Jones Indices LLC (the "Index Provider") is able to guarantee the continuous
 availability or timeliness of the production of the Index. The calculation and dissemination
 of the Index values may be delayed if the information technology or other facilities
 of the Index Provider, calculation agent, data providers and/or relevant stock exchange
 malfunction for any reason. A significant delay may cause trading in shares of a Fund
 to be suspended. Errors in Index data, computation and/or the construction in accordance
 with its methodology may occur from time to time and may not be identified and corrected
 by the Index Provider, calculation agent or other applicable party for a period of time
 or at all, which may have an adverse impact on the Funds and their shareholders.

**NOTE 4 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS**

The Adviser serves as the investment adviser to the Funds pursuant to an Investment Advisory Agreement (the "Advisory Agreement") between the Trust and the Adviser. Pursuant to this agreement, the Adviser is responsible for the general management and administration of the Funds, including investment selection, portfolio management, and compliance with each Fund's investment objectives and policies, subject to the oversight of the Board. The Adviser directly manages the 2030 Target Date Fund, 2040 Target Date Fund, and 2050 Target Date Fund, overseeing their investment strategy, asset allocation, and periodic rebalancing. For the Global Technology ETF and World ETF, the Adviser retains full responsibility for investment strategy and portfolio oversight but has engaged Tidal Investments LLC (the "Sub-Adviser") under a Trading Services Sub-Advisory Agreement (the "Sub-Advisory Agreement") to handle trade execution and broker-dealer selection. The Sub-Adviser does not provide investment management services and operates solely under the direction of the Adviser.

Pursuant to the Advisory Agreement, each Fund pays the Adviser a unitary management fee (the "Investment Advisory Fee") based on the Fund's average daily net assets. This fee covers substantially all expenses necessary for the operation of the Funds, including transfer agency, custody, fund administration, legal and audit services, and compliance oversight. However, certain expenses, (collectively, "Excluded Expenses") remain the responsibility of the Funds, including interest charges on borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, and litigation expenses and other non-routine or extraordinary expenses. The Investment Advisory Fees for the Funds are as follows:

---

| | |
|:---|:---|
| **Fund** | **Investment** <br> **Advisory Fee**  |
| 2030 Target Date Fund | 0.45% |
| 2040 Target Date Fund | 0.45% |
| 2050 Target Date Fund | 0.45% |
| Global Technology ETF | 0.55% |
| World ETF | 0.55% |

---

Pursuant to the Sub-Advisory Agreement for the Global Technology ETF and World ETF, the Adviser compensates the Sub-Adviser for its trading services (the "Sub-Advisory Fee"). The Sub-Advisory Fees paid by the Adviser to the Sub-Adviser are as follows:

---

| | |
|:---|:---|
| **Fund** | **Sub-Advisory Fee** |
| Global Technology ETF | 0.03% |
| World ETF | 0.03% |

---

There are no Sub-Advisory Fees for the 2030 Target Date Fund, 2040 Target Date Fund, and 2050 Target Date Fund, as all investment management responsibilities remain with the Adviser. The Adviser manages both the Global Technology ETF and World ETF and the 2030 Target Date Fund, 2040 Target Date Fund, and 2050 Target Date Fund, ensuring that each Fund adheres to its respective investment strategy. For the Global Technology ETF and World ETF, the Adviser ensures that the portfolios accurately track their respective indices while maintaining compliance with Sharia-compliant investment principles. The Sub-Adviser is responsible only for trade execution, implementing the Adviser's trading decisions in accordance with regulatory requirements. For the 2030 Target Date Fund, 2040 Target Date Fund, and 2050 Target Date Fund, the Adviser directly oversees strategic asset allocation, adjusting exposures over time in a glide path strategy that shifts from growth-oriented investments to more conservative allocations as the target date approaches. Across all Funds, the Adviser ensures strict adherence to Sharia-compliant investment principles, which include screening companies for financial and business activity compliance, excluding prohibited industries such as alcohol, gambling, and conventional financial services, and managing investments in accordance with Islamic finance principles. Investment Advisory Fees incurred are calculated and paid monthly to the Adviser. For the Global Technology ETF and World ETF, the Adviser also compensates the Sub-Adviser monthly for trading execution services. Investment Advisory Fees for the year ended October 31, 2025, are disclosed in the Statements of Operations.

SP FUNDS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

October 31, 2025

Tidal ETF Services LLC ("Tidal"), a Tidal Financial Group company, serves as the Funds' administrator and, in that capacity, performs various administrative and management services for the Funds. Tidal coordinates the payment of Fund-related expenses and manages the Trust's relationships with its various service providers.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), serves as the Funds' sub-administrator, fund accountant and transfer agent. In those capacities, Fund Services performs various administrative and accounting services for the Funds. Fund Services prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares reports and materials to be supplied to the Board; and monitors the activities of the Funds' custodian. U.S. Bank N.A. (the "Custodian"), an affiliate of Fund Services, serves as the Funds' custodian.

Foreside Fund Services, LLC (the "Distributor") acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares.

The Board has adopted two separate Distribution (Rule 12b-1) Plans (the "Plans") pursuant to Rule 12b-1 under the 1940 Act, one for the Target Date 2030, Target Date 2040 and Target Date 2050 Funds, and one for the Global Technology ETF and World ETF. Under the Plan for the Target Date 2030, Target Date 2040, and Target Date 2050 Funds, these Funds are to pay an amount up to 0.25% of their Investor Class average daily net assets each year to pay distribution fees for the sale and distribution of their Shares. The Plan adopted for the Global Technology ETF and World ETF has not been activated, and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, because the fees are paid out of the Funds' assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges. No distribution fees are paid by Institutional Class shares.

The 2030 Target Date Fund, 2040 Target Date Fund, and 2050 Target Date Funds have adopted a shareholder services plan on behalf of their Investor Class Shares. Under a shareholder services plan, the Funds' Investor Class shares may pay an authorized firm up to 0.25% on an annualized basis of average daily net assets attributable to its customers who are shareholders. For this fee, the authorized firms may provide a variety of services, including but not limited to: (i) maintaining accounts relating to Clients that invest in Shares; (ii) arranging for bank wires; (iii) responding to Client inquiries relating to the services performed by Service Providers; (iv) responding to inquiries from Clients concerning their investment in Shares; (v) assisting Clients in changing dividend options, account designations and addresses; (vi) providing information periodically to Clients showing their position in Shares; (vii) forwarding shareholder communications from the Funds such as proxies, shareholder reports, annual reports, and dividend distribution and tax notices to Clients; (viii) processing purchase, exchange and redemption requests from Clients and placing orders with the Funds or their service providers; (ix) providing sub-accounting with respect to Shares beneficially owned by Clients; and (x) processing dividend payments from the Funds on behalf of Clients. Service Providers may also use this fee for payments to financial institutions and intermediaries such as banks, savings and loan associations, insurance companies and investment counselors, broker-dealers, mutual fund supermarkets and the Service Providers' affiliates and subsidiaries as compensation for such services as are described herein.

Certain officers and trustees of the Trust are affiliated with the Adviser. Neither the affiliated trustee nor the Trust's officers receive compensation from the Funds.

**NOTE 5 – SEGMENT REPORTING**

In accordance with the FASB Accounting Standards Update (ASU) 2023- 07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, the Funds have evaluated their business activities and determined that they each operate as a single reportable segment.

Each Fund's investment activities are managed by the Principal Financial Officer, which serves as the Chief Operating Decision Maker ("CODM"). The Principal Financial Officer is responsible for assessing each Fund's financial performance and allocating resources. In making these assessments, the Principal Financial Officer evaluates each Fund's financial results on an aggregated basis, rather than by separate segments. As such, the Funds do not allocate operating expenses or assets to multiple segments, and accordingly, no additional segment disclosures are required. There were no intra-entity sales or transfers during the reporting period.

The Funds primarily generate income through dividends, interest, and realized/unrealized gains on their investment portfolios. Expenses incurred, including management fees, Fund operating expenses, and transaction costs, are considered general Fund-level expenses and are not allocated to specific segments or business lines.

Management has determined that the Funds do not meet the criteria for disaggregated segment reporting under ASU 2023-07 and will continue to evaluate its reporting requirements in accordance with applicable accounting standards.

SP FUNDS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

October 31, 2025

**NOTE 6 – PURCHASES AND SALES OF SECURITIES**

For the year ended October 31, 2025, the cost of purchases and proceeds from the sales or maturities of securities, excluding short-term investments, U.S. government securities, and in-kind transactions were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| 2030 Target Date Fund | $1576213 | $299661 |
| 2040 Target Date Fund | 1337649 | 22104 |
| 2050 Target Date Fund | 2966466 | 796930 |
| Global Technology ETF | 26346581 | 17370006 |
| World ETF | 50837955 | 19668746 |

---

There were no purchases or sales of long-term U.S. Government securities for the year ended October 31, 2025.

For the year ended October 31, 2025, in-kind transactions associated with creations and redemptions for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| 2030 Target Date Fund | $— | $— |
| 2040 Target Date Fund |  |  |
| 2050 Target Date Fund |  |  |
| Global Technology ETF | 16591415 | 1368276 |
| World ETF | 16296213 | 3047763 |

---

**NOTE 7 – TRANSACTIONS WITH AFFILIATES**

The 2030 Target Date Fund had the following investments in affiliates during the year ended October 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Name** | **Market** <br> **Value as of** <br> **October 31,** <br> **2024**  | **Purchases** | **Purchases** <br> **In-Kind**  | **Sales** | **Sales** <br> **In-Kind**  | **Market Value** <br> **as of October** <br> **31, 2025**  | **Share** <br> **Balance as** <br> **of October** <br> **31, 2025**  | **Dividends** | **Net Change in** <br> **Unrealized** <br> **Appreciation/** <br> **(Depreciation)** <br> **on Affiliated** <br> **Investments**  | **Net Realized** <br> **Gain/(Loss)** <br> **on Affiliated** <br> **Investments**  |
| &nbsp;&nbsp; SP Funds S&P Global Technology ETF  | $340766 | $76775 | $&nbsp;&nbsp;&nbsp;&nbsp; - | $(116793) | $&nbsp;&nbsp;&nbsp;&nbsp; - | $401417 | 10961 | $1839 | $100064 | $605 |
| &nbsp;&nbsp;SP Funds S&P World (ex-US) ETF | 172035 | 161590 |  | (10335) |  | 390444 | 14255 | 3561 | 66936 | 218 |
| &nbsp;&nbsp;SP Funds Dow Jones Global Sukuk ETF | 1548340 | 917068 |  |  |  | 2520544 | 135586 | 66214 | 55135 |  |
| &nbsp;&nbsp;SP Funds S&P Global REIT Sharia ETF | 349212 | 194187 |  |  |  | 518732 | 26670 | 17550 | (24668) |  |
| &nbsp;&nbsp;SP Funds S&P 500 Sharia Industry Exclusions ETF | 867655 | 206825 | - | (139504) | - | 1152572 | 22341 | 6705 | 212545 | 5053 |
| &nbsp;&nbsp;**Total** | $**3278008** | $**1556445** | $- | $**(266632)** | $**-** | $**4983709** | **209813** | $**95869** | $**410012** | $**5876** |

---

The 2040 Target Date Fund had the following investments in affiliates during the year ended October 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Name** | **Market** <br> **Value as of** <br> **October 31,** <br> **2024**  | **Purchases** | **Purchases** <br> **In-Kind**  | **Sales** | **Sales** <br> **In-Kind**  | **Market Value** <br> **as of October** <br> **31, 2025**  | **Share** <br> **Balance as** <br> **of October** <br> **31, 2025**  | **Dividends** | **Net Change in** <br> **Unrealized** <br> **Appreciation/** <br> **(Depreciation)** <br> **on Affiliated** <br> **Investments**  | **Net Realized** <br> **Gain/(Loss)** <br> **on Affiliated** <br> **Investments**  |
| &nbsp;&nbsp;SP Funds S&P Global Technology ETF | $576777 | $307410 | $&nbsp;&nbsp;&nbsp;&nbsp; - | $- | $&nbsp;&nbsp;&nbsp;&nbsp; - | $1141370 | 31166 | $3287 | $257183 | $- |
| &nbsp;&nbsp;SP Funds S&P World (ex-US) ETF | 149307 | 425728 |  | (3297) |  | 672835 | 24565 | 4464 | 101104 | (7) |

---

SP FUNDS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

October 31, 2025

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;SP Funds S&P 500 Sharia Industry Exclusions ETF | 602461 | 417913 |  | (13665) |  | 1212468 | 23502 | 5305 | 204952 | 807 |
| &nbsp;&nbsp;SP Funds Dow Jones Global Sukuk ETF | 77222 | 87306 |  | (1612) |  | 166195 | 8940 | 3262 | 3331 | (52) |
| &nbsp;&nbsp;SP Funds S&P Global REIT Sharia ETF | 75757 | 99292 | - | (3530) | - | 167601 | 8617 | 4314 | (3773) | (145) |
| &nbsp;&nbsp;**Total** | $**1481524** | $**1337649** | $**-** | $**(22104)** | $**-** | $**3360469** | **96790** | $**20632** | $**562797** | $**603** |

---

The 2050 Target Date Fund had the following investments in affiliates during the year ended October 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Name** | **Market** <br> **Value as of** <br> **October 31,** <br> **2024**  | **Purchases** | **Purchases** <br> **In-Kind**  | **Sales** | **Sales** <br> **In-Kind**  | **Market Value** <br> **as of October** <br> **31, 2025**  | **Share** <br> **Balance as** <br> **of October** <br> **31, 2025**  | **Dividends** | **Net Change in** <br> **Unrealized** <br> **Appreciation/** <br> **(Depreciation)** <br> **on Affiliated** <br> **Investments**  | **Net Realized** <br> **Gain/(Loss)** <br> **on Affiliated** <br> **Investments**  |
| &nbsp;&nbsp;SP Funds S&P Global Technology ETF | $150879 | $1033497 | $&nbsp;&nbsp;&nbsp;&nbsp; - | $(355630) | $&nbsp;&nbsp;&nbsp;&nbsp; - | $1004696 | 27434 | $2605 | $179528 | $(3578) |
| &nbsp;&nbsp;SP Funds S&P World<br> (ex-US) ETF | 39058 | 555090 |  | (83429) |  | 592720 | 21640 | 3732 | 81711 | 290 |
| &nbsp;&nbsp;SP Funds S&P 500 Sharia Industry Exclusions ETF | 157599 | 1092251 |  | (325781) |  | 1061516 | 20576 | 4377 | 140694 | (3247) |
| &nbsp;&nbsp;SP Funds Dow Jones Global Sukuk ETF | 20190 | 141843 |  | (17913) |  | 147233 | 7920 | 2645 | 3563 | (450) |
| &nbsp;&nbsp;SP Funds S&P Global REIT Sharia ETF | 19819 | 143785 | - | (14177) | - | 145758 | 7494 | 3580 | (2994) | (675) |
| &nbsp;&nbsp;**Total** | $**387545** | $**2966466** | $**-** | $**(796930)** | $**-** | $**2951923** | **85064** | $**16939** | $**402502** | $**(7660)** |

---

**NOTE 8 – INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS**

The tax character of distributions paid during the year ended October 31, 2025, was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Distributions paid from:**  | **2030 Target <br> Date Fund**  | **2040 Target <br> Date Fund**  | **2050 Target <br> Date Fund**  | **Global <br> Technology**  | **World ETF** |
| Ordinary income | $77628 | $7858 | $3543 | $245097 | $664913 |
| Long-term capital gain | 4522 |  |  |  |  |
| Return of capital | - | - | - | - | - |
| Total distributions paid | $82150 | $7858 | $3543 | $245097 | $664913 |

---

The Funds also designates as distributions of long-term gains, to the extent necessary to fully distribute such capital gains, earnings and profits distributed to shareholders on the redemption of shares.

The tax character of distributions paid during the year ended October 31, 2024, was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Distributions paid from:**  | **2030 Target <br> Date Fund**  | **2040 Target <br> Date Fund**  | **2050 Target <br> Date Fund**  | **Global <br> Technology**  | **World ETF** |
| Ordinary income | $- | $- | $- | $73888 | $183813 |
| Long-term capital gain |  |  |  |  |  |
| Return of capital | - | - | - | - | - |
| Total distributions paid | $- | $- | $- | $73888 | $183813 |

---

SP FUNDS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

October 31, 2025

As of October 31, 2025, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **2030 Target <br> Date Fund**  | **2040 Target <br> Date Fund**  | **2050 Target <br> Date Fund**  | **Global <br> Technology ETF**  | **World ETF** |
| Investments, at cost | $4672912 | $2811070 | $2563468 | $58136317 | $71011902 |
| Gross tax unrealized appreciation | 478503 | 556644 | 399055 | 26271283 | 16558480 |
| Gross tax unrealized depreciation | (44386) | (7245) | (10600) | (2009271) | (4181954) |
| Net tax unrealized appreciation (depreciation) | 434117 | 549399 | 388455 | 24262012 | 12376526 |
| Undistributed ordinary income |  |  |  | 635276 | 243351 |
| Undistributed long-term capital gain (loss) | - | - | - | - | - |
| Total distributable earnings/(accumulated | - | - | - | 635276 | 243351 |
| Other accumulated gain (loss) | - | - | (1278) | (828) | (308) |
| Total distributable earnings/(accumulated | $434117 | $549399 | $387177 | $24896460 | $12619569 |

---

The temporary differences between book basis and tax basis in the Funds was primarily attributable to the treatment of wash sales, non-REIT return of capital, and PFIC mark to markets.

Net capital losses incurred after November 30 and net investment losses incurred after December 31 (late-year losses), and within the taxable year, may be elected to be deferred to the first business day of each Fund's next taxable year. As of the most recent fiscal period ended October 31, 2025, the Funds did not defer any post-October losses.

As of October 31, 2025, there were capital loss carryovers of the following, which do not expire:

---

| | | |
|:---|:---|:---|
| **Fund:** | **Short-Term** | **Long-Term** |
| 2030 Target Date Fund | $- |  |
| 2040 Target Date Fund |  |  |
| 2050 Target Date Fund | 1278 |  |
| Global Technology ETF |  |  |
| World ETF |  |  |

---

**NOTE 9 – BENEFICIAL OWNERSHIP**

The beneficial ownership, either directly or indirectly, of 25% or more of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the 1940 Act. As of October 31, 2025, each Fund's percentage of control ownership positions greater than 25% are as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Shareholder** | &nbsp;&nbsp; **Percent of** <br> **Shares Held**  | &nbsp;&nbsp; **Type of** <br> **Ownership**  |
| &nbsp;&nbsp;2030 Target Date Fund | &nbsp;&nbsp;Charles Schwab & Co., Inc. | &nbsp;&nbsp;98.25% | &nbsp;&nbsp;Record |
| &nbsp;&nbsp;2040 Target Date Fund | &nbsp;&nbsp;Charles Schwab & Co., Inc. | &nbsp;&nbsp;81.16% | &nbsp;&nbsp;Record |
| &nbsp;&nbsp;2050 Target Date Fund | &nbsp;&nbsp;Charles Schwab & Co., Inc. | &nbsp;&nbsp;87.72% | &nbsp;&nbsp;Record |

---

It is not known whether any underlying beneficial owner owned or controlled 25% or more of the voting securities of the Funds.

**NOTE 10 – SHARE TRANSACTIONS**

The Global Technology ETF and the World ETF (ex- US) ETF (each an "ETF", and collectively, the "ETFs") list and trade their shares on the Exchange. Market prices for the shares may be different from their NAV. The ETFs issue and redeem shares on a continuous basis at NAV generally in large blocks of shares, called Creation Units. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the ETFs. Creation Units may only be purchased or redeemed by Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from the ETFs. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

SP FUNDS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

October 31, 2025

Each ETF currently offers one class of shares, which has no front- end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee is $300 for the Global Technology ETF and $2,500 for the World ETF, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the ETFs' Custodian has determined to waive some or all of the costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% of the value of the Creation Units subject to the transaction. Variable fees are imposed to compensate the ETFs for transaction costs associated with the cash transactions. Variable fees received by the ETFs, if any, are disclosed in the capital shares transactions section of the Statements of Changes in Net Assets. The ETFs may issue an unlimited number of shares of beneficial interest, with no par value. All shares of the ETFs have equal rights and privileges.

**NOTE 11 – NEW ACCOUNTING PRONOUNCEMENT**

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023- 09 is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the financial statements.

**NOTE 12 – SUBSEQUENT EVENTS**

In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. Management has determined that there are no subsequent events that would need to be disclosed in the Funds' financial statements.

![](spfundsncsr002.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Shareholders of**

**SP Funds 2030 Target Date Fund, SP Funds 2040 Target Date Fund, SP Funds 2050 Target Date Fund, SP Funds S&P Global Technology ETF, SP Funds World ex-US ETF and**

**The Board of Trustees of SP Funds Trust**

**Opinion on the Financial Statements**

We have audited the accompanying statements of assets and liabilities of SP Funds 2030 Target Date Fund, SP Funds 2040 Target Date Fund, SP Funds 2050 Target Date Fund, SP Funds S&P Global Technology ETF and SP Funds World ex-US ETF (collectively the "Funds"), each a series of SP Funds Trust (the "Trust"), including the schedules of investments, as of October 31, 2025, the related statements of operations, statements of changes in net assets, and the financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of October 31, 2025, and the results of their operations, the changes in their net assets and the financial highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Individual Funds Constituting** <br> **SP Funds Trust**  | **Statement Of** <br> **Operations**  | **Statements Of** <br> **Changes In Net Assets**  | **Financial Highlights** |
| SP Funds 2030 Target Date Fund, <br> SP Funds 2040 Target Date Fund, <br> SP Funds 2050 Target Date Fund  | For the year ended <br> October 31, 2025  | For the year ended October 31, <br> 2025 and for the period June 28, <br> 2024 (commencement of <br> operations) to October 31, 2024  | For the year ended October 31, 2025 and for the period June 28, 2024 (commencement of operations) to October 31, 2024 |
| SP Funds S&P Global Technology ETF | For the year ended <br> October 31, 2025  | For the year ended October 31, <br> 2025 and for the period <br> November 30, 2023 <br> (commencement of operations) <br> to October 31, 2024  | For the year ended October 31, 2025 and for the period November 30, 2023 (commencement of operations) to October 31, 2024 |
| SP Funds World ex-US ETF | For the year ended <br> October 31, 2025  | For the year ended October 31, <br> 2025 and for the period <br> December 19, 2023 <br> (commencement of operations) <br> to October 31, 2024  | For the year ended October 31, 2025 and for the period December 19, 2023 (commencement of operations) to October 31, 2024 |

---

**Basis for Opinion**

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements 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 have served as the auditor of one or more of the funds in the Trust since 2023.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements 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 risks of material misstatement of the financial statements, 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. 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. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian and brokers. When replies from brokers were not received, we performed other audit procedures. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| ![](spfundsncsr003.jpg) |
| **TAIT, WELLER & BAKER LLP** |

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**Philadelphia, Pennsylvania**

**December 30, 2025**

SP FUNDS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

October 31, 2025

<u>Other Non-Audited Information</u> (Unaudited)

For the year ended October 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| 2030 Target Date Fund | 100.00% |
| 2040 Target Date Fund | 100.00% |
| 2050 Target Date Fund | 100.00% |
| Global Technology ETF | 79.11% |
| World ETF | 98.41% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the year ended October 31, 2025, was as follows:

---

| | |
|:---|:---|
| 2030 Target Date Fund | 100.00% |
| 2040 Target Date Fund | 100.00% |
| 2050 Target Date Fund | 100.00% |
| Global Technology ETF | 30.19% |
| World ETF | 0.40% |

---

The percentage of taxable ordinary income distributions that are designated as short -term capital gain distributions under Internal Revenue Section 871(k)(2)(c) for the year ended October 31, 2025, was as follows:

---

| | |
|:---|:---|
| 2030 Target Date Fund | -% |
| 2040 Target Date Fund | -% |
| 2050 Target Date Fund | -% |
| Global Technology ETF | 13.75% |
| World ETF | 16.29% |

---

Pursuant to Section 853 of the Internal Revenue Code, the Funds designate the following amounts as foreign taxes paid for the period ended October 31, 2025. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | Creditable Foreign <br> Tax Credit Paid  | Per Share Amount | Portion of Ordinary Income <br> Distribution Derived from <br> Foreign Sourced Income  |
| World ETF | $124412 | $0.005026745 | 99.774% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included
 within the financial statements filed under Item 7(a) of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>** 

There have been no changes in or disagreements with the Funds' accountants.

**<u>Item 9. Proxy Disclosure for Open-End Management Investment Companies.</u>** 

There were no matters submitted to a vote of shareholders during the period covered by the report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</u>** 

See Item 7(a). Under the Investment Advisory Agreement, in exchange for a single unitary management fee from each Fund, the Adviser has agreed to pay all expenses incurred by the Funds, including Trustee compensation, except for certain excluded expenses. The unitary management fees paid are included in the Statements of Operations.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory and Sub-Advisory Contracts.</u>** 

Not Applicable.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>** 

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>** 

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which shareholder may recommend nominees to the Board that would require disclosure herein.

**<u>Item 16. Controls and Procedures.</u>**

(a) The Registrant's President/Principal
 Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined
 in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this
 report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.
 Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information
 required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others
 within the Registrant and by the Registrant's service provider.

(b) There were no changes in the
 Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered
 by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial
 reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

(a) Not Applicable

(b) Not Applicable

**<u>Item 19. Exhibits.</u>**

---

| | |
|:---|:---|
| *(a)* | (1) *[Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.](ex99-codeeth.htm)* Filed herewith. |
|  | (2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not applicable. |
|  | (3) *[A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ex99-cert.htm).* Filed herewith. |
|  | (4) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable. |
|  | (5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable. |
| (b) | *[Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex99-906cert.htm)* Furnished herewith. |

---

**SIGNATURES**

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.

---

| | |
|:---|:---|
| (Registrant) | SP Funds Trust |
| By (Signature and Title)\* | /s/ Irfan Chaudhry |
|  | Irfan Chaudhry, President/Principal Executive Officer |
| Date | January 9, 2026 |

---

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 (Signature and Title)\* | /s/ Irfan Chaudhry |
|  | Irfan Chaudhry, President/Principal Executive Officer |
| Date | January 9, 2026 |
| By (Signature and Title)\* | /s/ Glenn Vitale |
|  | Glenn Vitale, Treasurer/Principal Financial Officer |
| Date | January 9, 2026 |

---

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Code

**[SP Funds Trust N-CSR](spfund-ncsr_103125.htm)**

**Exhibit 99.CODE ETH**

**SP Funds Trust**

**Code of Ethics for Principal Executive Officer<br> and Principal Financial Officer ("Officer Code")**

**I.** **INTRODUCTION** 

SP Funds Trust (the "Trust," and each series thereof, a "Fund" and collectively, the "Funds") requires the Principal Executive Officer, Principal Financial Officer or other Trust Officer(s) performing similar functions as set forth in <u>Exhibit A</u> hereto ("Covered Officers") to maintain the highest ethical and legal standards while performing their duties and responsibilities to the Trust, with particular emphasis on those duties that relate to the preparation and reporting of financial information of the Trust. The following overriding principles govern the conduct of Covered Officers:

● Covered Officers shall act with honesty and integrity, avoiding actual or apparent conflicts of interest between personal and professional relationships and shall promptly report any potential conflicts.

● Covered Officers shall not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of a Fund or take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Funds.

● Covered Officers shall promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust and that are within the Covered Officer's responsibility.

● Covered Officers shall promote compliance with applicable laws and governmental rules and regulations.

● Covered Officers shall promptly report violations of the Officer Code.

Covered Officers are reminded of their obligations under the Code of Ethics of the Trust and ShariaPortfolio, Inc. adopted under Rule 17j-l of the Investment Company Act of 1940, as amended (the "1940 Act"). The obligations under that code apply independently of this Officer Code and are not a part of this Officer Code.

**II.** **CONFLICTS OF INTEREST** 

**Overview**. Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to and seek to avoid situations that may give rise to actual as well as apparent conflicts of interest. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the 1940 Act and the Investment Advisers Act of 1940, as amended (the "Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" of the Funds. The Trust and its service providers, for which Covered Officers are also officers or employees as set forth in Exhibit A ("Service Providers"), have adopted compliance programs and procedures designed to prevent, or identify and correct, violations of these provisions. This Officer Code does not, and is not intended to, duplicate or replace these programs and procedures, and such conflicts fall outside of the parameters of this Officer Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationships between the Trust and the Service Provider of which the Covered Officers are also officers or employees. As a result, this Officer Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust or for the Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the applicable Service Provider and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically.

Other conflicts of interest are covered by this Officer Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under this Officer Code, but Covered Officers should keep in mind that these examples are not exhaustive.

**Disclosure of Potential Conflicts.** Each Covered Officer shall provide prompt and full disclosure to the Code Compliance Officer (as defined below), in writing, prior to entering into any material transaction or relationship which may reasonably be expected to give rise to a conflict (other than conflicts arising from the advisory relationship). This includes, but is not limited to, the following:

● service as a director, officer, partner, consultant or in any other key role with any company with which the Trust has current or prospective business dealings;

● the receipt by a Covered Officer and his or her family members of any gifts from any company with which the Trust has current or prospective business dealings if it influences or gives the appearance of influencing the recipient;

● the receipt of customary business amenities from any company with which the Trust has current or prospective business dealings unless such amenity is business-related, reasonable in cost, appropriate as to time and place, and neither so frequent nor so costly as to raise any question of impropriety;

● any ownership by a Covered Officer and his or her family members of significant financial interest in any company with which the Trust has current or prospective business dealings, other than its investment adviser, principal underwriter, transfer agent or any affiliated person thereof; and

● a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III.** **DISCLOSURE AND COMPLIANCE** 

● Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Funds.

● Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trust and the Service Providers or their affiliates with the goal of promoting full, fair, accurate, timely and understandable disclosure in such reports and documents the Trust files with, or submits to, the SEC.

● Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside the Funds, including to the trustees and auditors of the Trust, and to governmental regulators and self-regulatory organizations.

● It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by laws, rules and regulations applicable to the Funds.

**IV.** **REPORTING AND ACCOUNTABILITY** 

● Upon adoption of the Officer Code (or thereafter as applicable, upon becoming a Covered Officer), each Covered Officer shall affirm in writing to the Code Compliance Officer that he or she has received, read and understands the Officer Code. Annually thereafter each Covered Officer shall affirm that he or she has complied with the requirements of the Officer Code.

● Each Covered Officer shall notify the Code Compliance Officer promptly if he or she knows of any violation of this Officer Code. Failure to do so is itself a violation of this Officer Code.

● A Covered Officer must not retaliate against any other Covered Officer or any other officer or employee of the Trust or its affiliated persons for reports of potential violations that are made in good faith.

● The provisions of this Officer Code, other than amendments to <u>Exhibit A</u>, and any waivers, including implicit waivers, shall be disclosed in accordance with SEC rules and regulations.

**V.** **CODE ADMINISTRATION** 

Except as described below, the Code Compliance Officer is responsible for applying this Officer Code to specific situations in which questions may arise and has the authority to interpret this Officer Code in any particular situation. The Board of Trustees of the Trust ("Board") hereby designates the Audit Committee Chair as the Code Compliance Officer. The Code Compliance Officer (or his or her designee) shall take all action he or she considers appropriate to investigate any actual or potential conflicts or violations reported to him or her, and is encouraged to consult with counsel to the Independent Trustees.

Any matters that the Code Compliance Officer believes are a conflict or violation will be reported to the Audit Committee, which shall determine sanctions or other appropriate action. The Audit Committee shall be responsible for reviewing any requests for waivers from the provisions of this Officer Code. Any violations of this Officer Code, any waivers granted from the Officer Code and any potential conflicts and their resolution shall be reported to the Board at the next regular meeting.

Any amendments to this Officer Code, other than amendments to <u>Exhibit A</u> and clerical or administrative corrections, must be approved or ratified by a majority vote of the Board, including a majority of Independent Trustees.

**VI.** **CONFIDENTIALITY** 

**VII.** **INTERNAL USE** 

All reports and records prepared or maintained pursuant to this Officer Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Officer Code, such matters shall not be disclosed to anyone other than the Board, the Trust and its officers, Trust counsel, counsel to the Independent Trustees, and officers of the Service Providers.

The Officer Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance or legal conclusion.

Adopted: October 16, 2023

**Exhibit A**

Persons Covered by this Code of Ethics

(effective October 16, 2023)

---

| | |
|:---|:---|
| **<u>Name</u>** | **<u>Title</u>** |
| Irfan Chaudhry | President and Principal Executive Officer |
| Glenn Vitale | Treasurer and Principal Financial Officer |

---

## Ex-99.Cert

**[SP Funds Trust N-CSR](spfund-ncsr_103125.htm)** 

**Exhibit 99.CERT**

**<u>CERTIFICATIONS</u>**

I, Irfan Chaudhry, certify that:

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

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: | January 9, 2026 | /s/ Irfan Chaudhry |
|  | | Irfan Chaudhry |
|  | | President/Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Glenn Vitale, certify that:

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

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;

&nbsp;&nbsp;&nbsp;&nbsp;(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: | January 9, 2026 | /s/ Glenn Vitale |
| | | Glenn Vitale |
| | | Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**[SP Funds Trust N-CSR](spfund-ncsr_103125.htm)** 

**Exhibit 99.906 CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the SP Funds Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the SP Funds Trust for the period ended October 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the SP Funds Trust for the stated period.

---

| | | | |
|:---|:---|:---|:---|
| /s/ Irfan Chaudhry | /s/ Irfan Chaudhry | /s/ Glenn Vitale | /s/ Glenn Vitale |
| Irfan Chaudhry | Irfan Chaudhry | Glenn Vitale | Glenn Vitale |
| President/Principal Executive Officer, | President/Principal Executive Officer, | Treasurer/Principal Financial Officer, | Treasurer/Principal Financial Officer, |
| SP Funds Trust | SP Funds Trust | SP Funds Trust | SP Funds Trust |
| Dated: | January 9, 2026 | Dated: | January 9, 2026 |

---

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by SP Funds Trust for purposes of Section 18 of the Securities Exchange Act of 1934.