# EDGAR Filing Document

**Accession Number:** 0001031008
**File Stem:** 0001162044-25-001198
**Filing Date:** 2025-11
**Character Count:** 46020
**Document Hash:** 0dfcc8c9d0b59dc6e5f94e81aa557d5a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-25-001198.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0001162044-25-001198

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20260630

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08021
- **FILM NUMBER:** 251532837

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **September 30, 2025 (unaudited)** | **September 30, 2025 (unaudited)** | **September 30, 2025 (unaudited)** |
| **<u>Azzad Ethical Fund</u>** | **<u>Azzad Ethical Fund</u>** | **<u>Azzad Ethical Fund</u>** |
|  | **Shares or Principal** |  |
| **Security Description** | **Amount ($)** | **Fair Value ($)(1)** |
| **Common Stocks - 95.05%** | **Common Stocks - 95.05%** | **Common Stocks - 95.05%** |
| **Abrasive, Asbestos & Misc. Nonmetallic Mineral Prods - 0.21%** |  |  |
| Vistra Corp. | 1562  | 306027  |
| **Aircraft & Parts - 2.35%** |  |  |
| HEICO Corp. Class A  | 13683  | 3476713  |
| **Apparel & Other Finished Prods of Fabrics & Similar Material - 0.07%** |  |  |
| Lululemon Athletica, Inc. (2) | 560  | 99641  |
| **Biological Products, (No Diagnostic Substances) - 0.42%** |  |  |
| Repligen Corp. (2) | 4651  | 621699  |
| **Broadline Retail - 0.74%** |  |  |
| Coupang, Inc. (2) | 34076  | 1097247  |
| **Capital Goods - 2.45%** |  |  |
| Howmet Aerospace, Inc. | 18456  | 3621621  |
| **Commercial Services & Supplies - 0.68%** |  |  |
| Republic Services, Inc. (2) | 4385  | 1006270  |
| **Computer Peripheral Equipment, NEC - 0.20%** |  |  |
| Fortinet, Inc. (2) | 3553  | 298736  |
| **Construction & Engineering - 0.30%** |  |  |
| Emcor Group, Inc. | 686  | 445584  |
| **Electric Utilities - 1.58%** |  |  |
| Constellation Energy (2) | 303  | 99708  |
| GE Vernova, Inc. | 1863  | 1145559  |
| Vertiv Holdings Co. Class A (2) | 7251  | 1093886  |
|  |  | 2339153  |
| **Electrical Work - 4.12%** |  |  |
| Quanta Services, Inc. | 14703  | 6093217  |
| **Electronic Equipment, Instruments & Components - 0.89%** |  |  |
| Itron, Inc. (2) | 10576  | 1317347  |
| **Energy Equipment & Services - 0.07%** |  |  |
| Baker Hughes Co. (2) | 2062  | 100461  |
| **Finance Services - 2.33%** |  |  |
| Corpay, Inc. (2) | 7477  | 2153825  |
| Fiserv, Inc. (2) | 780  | 100565  |
| Toast, Inc. Class A (2) | 32775  | 1196615  |
|  |  | 3451005  |
| **Healthcare Equipment & Services - 1.17%** |  |  |
| Cencora, Inc. | 5546  | 1733291  |
| **Household Appliances - 1.46%** |  |  |
| Sharkninja, Inc. (2) | 20894  | 2155216  |
| **IT Services - 4.45%** |  |  |
| Cloudfare, Inc. Class A (2) | 18929  | 4061974  |
| Snowflake, Inc. Class A (2) | 11215  | 2529543  |
|  |  | 6591517  |
| **In Vitro & In Vivo Diagnostic Substances - 4.04%** |  |  |
| IDEXX Laboratories, Inc. (2) | 9362  | 5981288  |
| **Industrial Instruments For Measurement, Display, and Control - 0.07%** |  |  |
| Roper Industries, Inc. (2) | 200  | 99738  |
| **Interactive Media & Services - 0.54%** |  |  |
| Reddit, Inc. Class A (2) | 3493  | 803355  |
| **Laboratory Analytical Instruments - 2.05%** |  |  |
| Coherent, Inc. (2) | 21461  | 2311779  |
| Mettler-Toledo International, Inc. (2) | 82  | 100664  |
| Waters Corp. (2) | 2069  | 620307  |
|  |  | 3032750  |
| **Leather & Leather Products - 0.44%** |  |  |
| Tapestry, Inc. | 5714  | 646939  |
| **Lumber & Wood Products (No Furniture) - 0.81%** |  |  |
| Trex Co., Inc. (2) | 23230  | 1200294  |
| **Measuring & Controlling Devices - 0.13%** |  |  |
| Rockwell Automation, Inc. | 567  | 198184  |
| **Media and Entertainment - 1.38%** |  |  |
| Roblox Corp. Class A (2) | 14718  | 2038737  |
| **Men's & Boys' Furnishgs, Work Clothing, & Allied Garments - 0.07%** |  |  |
| Cintas Corp. (2) | 485  | 99551  |
| **Metalworking Machinery & Equipment - 1.84%** |  |  |
| Lincoln Electric Holdings, Inc.  | 11541  | 2721714  |
| **Mining & Quarrying of Nonmetallic Minerals (No Fuels) - 1.88%** |  |  |
| Martin Marietta Materials, Inc.  | 4416  | 2783316  |
| **Motors & Generators - 1.78%** |  |  |
| Generac Holdings, Inc. Class A (2) | 15727  | 2632700  |
| **Optical Instruments & Lenses - 2.51%** |  |  |
| KLA Corp.  | 3449  | 3720091  |
| **Orthopedic, Prosthetic & Surgical Appliances & Supplies - 1.09%** |  |  |
| Edwards Lifesciences Corp. (2) | 20670  | 1607506  |
| **Pharmaceutical Preparations - 1.47%** |  |  |
| Alnylam Pharmaceuticals, Inc. (2) | 4591  | 2093496  |
| Biomarin Pharmaceutical, Inc. (2) | 1587  | 85952  |
|  |  | 2179448  |
| **Railroad Equipment - 0.07%** |  |  |
| Westinghouse Air Brake Technologies Corp. (2) | 499  | 100035  |
| **Retail-Auto Dealers & Gasoline Stations - 1.46%** |  |  |
| Copart, Inc. (2) | 48093  | 2162742  |
| **Retail-Building Materials, Hardware, Garden Supply - 4.50%** |  |  |
| Fastenal Co.  | 89730  | 4400359  |
| Tractor Supply Co. | 39588  | 2251370  |
|  |  | 6651729  |
| **Retail-Catalog & Mail-Order Houses - 0.98%** |  |  |
| CDW Corp. | 9060  | 1443077  |
| **Retail-Eating & Drinking Places - 0.20%** |  |  |
| Dutch Bros, Inc. Class A (2) | 5611  | 293680  |
| **Retail-Lumber & Other Building Materials Dealers - 1.00%** |  |  |
| Floor & Decor Holdings, Inc. Class A (2) | 20000  | 1474000  |
| **Retail-Retail Stores, NEC - 0.07%** |  |  |
| Ulta Beauty, Inc. (2) | 183  | 100055  |
| **Retail-Shoe Stores - 1.53%** |  |  |
| Boot Barn Holdings, Inc. (2) | 13705  | 2271193  |
| **Rubber & Plastics Footwear - 1.34%** |  |  |
| On Holding AG (Switzerland) (2)  | 46863  | 1984648  |
| **Semiconductors & Related Devices - 3.41%** |  |  |
| Macom Technology Solutions (2) | 10293  | 1281376  |
| Monolithic Power Systems, Inc.  | 4086  | 3761735  |
|  |  | 5043111  |
| **Services-Business Services - 4.73%** |  |  |
| Costar Group, Inc. (2) | 61612  | 5198204  |
| Fair Isaac Corp. (2) | 456  | 682418  |
| MSCI, Inc. | 1975  | 1120635  |
|  |  | 7001257  |
| **Services-Computer Integrated Systems - 0.62%** |  |  |
| Waystar Holding Corp. (2) | 24365  | 923921  |
| **Services-Computer Processing & Data Preparation - 0.07%** |  |  |
| Workday, Inc. (2) | 409  | 98459  |
| **Services-Computer Programming Services - 1.18%** |  |  |
| VeriSign, Inc. | 2896  | 809635  |
| Zscaler, Inc. (2) | 3111  | 932242  |
|  |  | 1741877  |
| **Services-Computer Programming, Data Processing, Etc. - 3.53%** |  |  |
| AppLovin Corp. Class A (2) | 3580  | 2572373  |
| Pinterest, Inc. Class A (2) | 39812  | 1280752  |
| The Trade Desk, Inc. Class A (2) | 27823  | 1363605  |
|  |  | 5216730  |
| **Services-Management Services - 0.18%** |  |  |
| Gartner, Inc. (2) | 1035  | 272070  |
| **Services-Prepackaged Software - 15.76%** |  |  |
| Atlassian Corp. plc Class A (United Kingdom) (2) | 626  | 99972  |
| Bentley Systems, Inc. Class B | 26531  | 1365816  |
| Cadence Design Systems, Inc. (2) | 18363  | 6450187  |
| Clearwater Class Analytics Holdings, Inc. Class A (2) | 27012  | 486756  |
| Crowdstrike Holdings, Inc. Class A (2) | 205  | 100528  |
| Datadog, Inc. Class A (2) | 24635  | 3508024  |
| HubSpot, Inc. (2) | 4589  | 2146734  |
| Manhattan Associates, Inc. (2) | 3982  | 816230  |
| MongoDB, Inc. (2) | 1275  | 395735  |
| Paylocity Holding Corp. (2) | 9590  | 1527399  |
| Tyler Technologies, Inc. (2) | 5131  | 2684334  |
| Veeva Systems, Inc. (2) | 12567  | 3743835  |
|  |  | 23325551  |
| **Services-To Dwellings & Other Buildings - 1.77%** |  |  |
| Rollins, Inc. | 44538  | 2616162  |
| **Surgical & Medical Instruments & Apparatus - 3.02%** |  |  |
| DexCom, Inc. (2) | 10901  | 733528  |
| Insulet Corp. (2) | 11106  | 3428755  |
| Resmed, Inc. | 1140  | 312052  |
|  |  | 4474336  |
| **Technology Hardware & Equipment - 0.34%** |  |  |
| Super Micro Compter, Inc. (2) | 10488  | 502795  |
| **Trading Companies & Distributors - 0.14%** |  |  |
| United Rentals, Inc. (2) | 212  | 202388  |
| **Transportation Services - 1.41%** |  |  |
| Expedia Group, Inc. | 9782  | 2090903  |
| **Trucking (No Local) - 0.89%** |  |  |
| Old Dominion Freight Line, Inc.  | 9344  | 1315448  |
| **Wholesale-Drugs, Proprietaries & Druggists' Sundries - 0.07%** |  |  |
| Mckesson Corp. | 140  | 108156  |
| **Wholesale-Durable Goods - 0.71%** |  |  |
| W.W. Grainger, Inc. | 1100  | 1048256  |
| **Wholesale-Miscellaneous Durable Goods - 1.80%** |  |  |
| Pool Corp. | 8606  | 2668462  |
| **X-Ray Apparatus & Tubes & Related Irradiation Apparatus- 0.68%** |  |  |
| Hologic, Inc. (2) | 14978  | 1010865  |
| **Total Investments - 95.05%** | (Cost $106,386,465) | 140642262  |
| Other Assets Less Liabilities - 4.95% |  | 7326556  |
| Total Net Assets - 100.00% |  | 147968818  |
| (1) ***Statement on Financial Accounting Standard No. 157 "Fair Value Measurements"*** - Various inputs are used in determining the value of the Fund's investments. | (1) ***Statement on Financial Accounting Standard No. 157 "Fair Value Measurements"*** - Various inputs are used in determining the value of the Fund's investments. | (1) ***Statement on Financial Accounting Standard No. 157 "Fair Value Measurements"*** - Various inputs are used in determining the value of the Fund's investments. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These inputs are summarized in the three broad levels listed below. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These inputs are summarized in the three broad levels listed below. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These inputs are summarized in the three broad levels listed below. |
| • Level 1 - quoted prices in active markets for identical securities | • Level 1 - quoted prices in active markets for identical securities | • Level 1 - quoted prices in active markets for identical securities |
| • Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | • Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | • Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| • Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) | • Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) | • Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of September 30, 2025 in valuing the Fund's assets carried at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of September 30, 2025 in valuing the Fund's assets carried at fair value: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used as of September 30, 2025 in valuing the Fund's assets carried at fair value: |
|  | Investments in  | Other Financial |
| Valuation Inputs | Securities | Instruments (9) |
| Level 1 - Quoted Prices | $140642262 | $- |
| Level 2 - Other Significant Observable Inputs | - | - |
| Level 3 - Significant Unobservable Inputs | - | - |
| Total | $140642262 | $- |
| The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term | The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term | The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term |
| debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment | debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment | debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment |
| Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active | Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active | Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active |
| market, such securities are reflected as Level 2. | market, such securities are reflected as Level 2. | market, such securities are reflected as Level 2. |
| (2) Represents non-income producing securities. | (2) Represents non-income producing securities. | (2) Represents non-income producing securities. |
| AG - Abbreviation for the German word Aktiengesellschaft. |  |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** AZZAD FUNDS

- **b. Investment Company Act file number:** 811-08021

- **c. CIK number of Registrant:** 0001031008

- **d. LEI of Registrant:** 549300VPHQXB2JY2TE69

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 3141 Fairview Park Drive

  - **City:** Falls Church

  - **State:** VA

  - **Foreign country:** US

  - **Zip / Postal Code:** 22042

  - **Telephone number:** 703-207-7005

**Item A.2. Information about the Series.**

- **a. Name of Series:** Azzad Ethical Fund

- **b. EDGAR series identifier (if any):** S000004763

- **c. LEI of Series:** 549300UP6SH6XKI13R82

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $150017175.63

**Total Liabilities:** $2048357.45

**Net Assets:** $147968818.18

**Cash Not Reported:** $6946504.59

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000012956 | 4.14%                | -0.23%               | -0.70%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $678366.87               | $5424143.38                                |
| Month 2  | $-1027246.95             | $747642.66                                 |
| Month 3  | $-2926673.05             | $1950932.63                                |

### Schedule of Portfolio Investments

| Name                                      | Title                                        | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Howmet Aerospace, Inc.                    | Howmet Aerospace, Inc.                       | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |     18456 | NS      | $3621620.88   | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Lululemon Athletica, Inc.                 | Lululemon Athletica, Inc.                    | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |       560 | NS      | $99640.80     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems, Inc.                       | Veeva Systems, Inc.                          | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |     12567 | NS      | $3743834.97   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals, Inc.             | Alnylam Pharmaceuticals, Inc.                | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |      4591 | NS      | $2093496.00   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Appolovin Corp.                           | Applovin Corp. Class A                       | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |      3580 | NS      | $2572373.20   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlassian Corp. plc                       | Atlassian Corp. plc Class A (United Kingdom) | CUSIP: G06242104<br>LEI: 549300AGBII4MWBVJY22 | Long             | EC               | CORP              | US        |       626 | NS      | $99972.20     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co.                          | Baker Hughes Co.                             | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2062 | NS      | $100460.64    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Bentley Systems, Inc.                     | Bentley Systems, Inc. Class B                | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Long             | EC               | CORP              | US        |     26531 | NS      | $1365815.88   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Biomarin Pharmaceutical, Inc.             | Biomarin Pharmaceutical, Inc.                | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |      1587 | NS      | $85951.92     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings, Inc.                  | Boot Barn Holdings, Inc.                     | CUSIP: 099406100<br>LEI: 52900QE1BF17YA3N4E71 | Long             | EC               | CORP              | US        |     13705 | NS      | $2271192.60   | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| CDW Corp.                                 | CDW Corp.                                    | CUSIP: 12514G108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9060 | NS      | $1443076.80   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems, Inc.              | Cadence Design Systems, Inc.                 | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |     18363 | NS      | $6450187.38   | 4.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Cencora, Inc.                             | Cencora, Inc.                                | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |      5546 | NS      | $1733291.38   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp.                              | Cintas Corp.                                 | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       485 | NS      | $99551.10     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings, Inc.       | Clearwater Analytics Holdings, Inc. Class A  | CUSIP: 185123106<br>LEI: 254900UFQ8MMZNB3WK83 | Long             | EC               | CORP              | US        |     27012 | NS      | $486756.24    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Cloudfare, Inc.                           | Cloudfare, Inc. Class A                      | CUSIP: 18915M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     18929 | NS      | $4061974.11   | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group, Inc.                        | CoStar Group, Inc.                           | CUSIP: 22160N109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     61612 | NS      | $5198204.44   | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Coherent, Inc.                            | Coherent, Inc.                               | CUSIP: 192479103<br>LEI: 549300RYOCKUMWACR010 | Long             | EC               | CORP              | US        |     21461 | NS      | $2311778.92   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy                      | Constellation Energy                         | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |       303 | NS      | $99708.21     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart, Inc.                              | Copart, Inc.                                 | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |     48093 | NS      | $2162742.21   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Corpay, Inc.                              | Corpay, Inc.                                 | CUSIP: 219948106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7477 | NS      | $2153824.62   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupang, Inc.                             | Coupang, Inc.                                | CUSIP: 22266T109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     34076 | NS      | $1097247.20   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings, Inc.                | Crowdstrike Holdings, Inc. Class A           | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Long             | EC               | CORP              | US        |       205 | NS      | $100527.90    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog, Inc.                             | Datadog, Inc. Class A                        | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Long             | EC               | CORP              | US        |     24635 | NS      | $3508024.00   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| DexCom, Inc.                              | DexCom, Inc.                                 | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Long             | EC               | CORP              | US        |     10901 | NS      | $733528.29    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Dutch Bros, Inc.                          | Dutch Bros, Inc. Class A                     | CUSIP: 26701L100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5611 | NS      | $293679.74    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp.                | Edwards Lifesciences Corp.                   | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Long             | EC               | CORP              | US        |     20670 | NS      | $1607505.90   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Emcor Group, Inc.                         | Emcor Group, Inc.                            | CUSIP: 29084Q100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       686 | NS      | $445584.44    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group, Inc.                       | Expedia Group, Inc.                          | CUSIP: 30212P303<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | EC               | CORP              | US        |      9782 | NS      | $2090902.50   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Fair Isaac Corp.                          | Fair Isaac Corp.                             | CUSIP: 303250104<br>LEI: RI6HET5SJUEY30V1PS26 | Long             | EC               | CORP              | US        |       456 | NS      | $682417.68    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co.                              | Fastenal Co.                                 | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |     89730 | NS      | $4400359.20   | 2.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv, Inc.                              | Fiserv, Inc.                                 | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |       780 | NS      | $100565.40    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings, Inc.              | Floor & Decor Holdings, Inc.                 | CUSIP: 339750101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20000 | NS      | $1474000.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet, Inc.                            | Fortinet, Inc.                               | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |      3553 | NS      | $298736.24    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova, Inc.                          | GE Vernova, Inc.                             | CUSIP: 36828A101<br>LEI: 254900DP080RU6OK2553 | Long             | EC               | CORP              | US        |      1863 | NS      | $1145558.70   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Gartner, Inc.                             | Gartner, Inc.                                | CUSIP: 366651107<br>LEI: PP55B5R38BFB8O8HH686 | Long             | EC               | CORP              | US        |      1035 | NS      | $272070.45    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Generac Holdings, Inc.                    | Generac Holdings, Inc.                       | CUSIP: 368736104<br>LEI: 529900S2H2AHJHSFFI84 | Long             | EC               | CORP              | US        |     15727 | NS      | $2632699.80   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp.                               | HEICO Corp.                                  | CUSIP: 422806208<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |     13683 | NS      | $3476713.47   | 2.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Hologic, Inc.                             | Hologic, Inc.                                | CUSIP: 436440101<br>LEI: 549300DYP6F5ZJL0LB74 | Long             | EC               | CORP              | US        |     14978 | NS      | $1010865.22   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot, Inc.                             | HubSpot, Inc.                                | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |      4589 | NS      | $2146734.20   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories, Inc.                  | IDEXX Laboratories, Inc.                     | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |      9362 | NS      | $5981288.18   | 4.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp.                             | Insulet Corp.                                | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |     11106 | NS      | $3428755.38   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Itron, Inc.                               | Itron, Inc.                                  | CUSIP: 465741106<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | EC               | CORP              | US        |     10576 | NS      | $1317346.56   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp.                                 | KLA Corp.                                    | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |      3449 | NS      | $3720091.40   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln Electric Holdings, Inc.           | Lincoln Electric Holdings, Inc.              | CUSIP: 533900106<br>LEI: BIMGBY40SIN95O01BN93 | Long             | EC               | CORP              | US        |     11541 | NS      | $2721714.03   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Macom Technology Solutions                | Macom Technology Solutions                   | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10293 | NS      | $1281375.57   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Manhattan Associates, Inc.                | Manhattan Associates, Inc.                   | CUSIP: 562750109<br>LEI: 529900Q1GJP7KD52SW51 | Long             | EC               | CORP              | US        |      3982 | NS      | $816230.36    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Martin Marietta Materials, Inc.           | Martin Marietta Materials, Inc.              | CUSIP: 573284106<br>LEI: 5299005MZ4WZECVATV08 | Long             | EC               | CORP              | US        |      4416 | NS      | $2783316.48   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Mckesson Corp.                            | Mckesson Corp.                               | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |       140 | NS      | $108155.60    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International, Inc.        | Mettler-Toledo International, Inc.           | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |        82 | NS      | $100664.02    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB, Inc.                             | MongoDB, Inc.                                | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Long             | EC               | CORP              | US        |      1275 | NS      | $395734.50    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems, Inc.            | Monolithic Power Systems, Inc.               | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |      4086 | NS      | $3761735.04   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI, Inc.                                | MSCI, Inc.                                   | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Long             | EC               | CORP              | US        |      1975 | NS      | $1120634.75   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line, Inc.           | Old Dominion Freight Line, Inc.              | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Long             | EC               | CORP              | US        |      9344 | NS      | $1315448.32   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| ON Holding AG                             | ON Holding AG                                | CUSIP: H5919C104<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |     46863 | NS      | $1984648.05   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Paylocity Holding Corp.                   | Paylocity Holding Corp.                      | CUSIP: 70438V106<br>LEI: 549300VH75FTB4DIEE07 | Long             | EC               | CORP              | US        |      9590 | NS      | $1527399.30   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinterest, Inc.                           | Pinterest, Inc.                              | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     39812 | NS      | $1280752.04   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corp.                                | Pool Corp.                                   | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Long             | EC               | CORP              | US        |      8606 | NS      | $2668462.42   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Services, Inc.                     | Quanta Services, Inc.                        | CUSIP: 74762E102<br>LEI: SHVRXXEACT60MMH07S24 | Long             | EC               | CORP              | US        |     14703 | NS      | $6093217.26   | 4.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Reddit, Inc.                              | Reddit, Inc. Class A                         | CUSIP: 757348100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3493 | NS      | $803355.07    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp.                            | Repligen Corp.                               | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Long             | EC               | CORP              | US        |      4651 | NS      | $621699.17    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services, Inc.                   | Republic Services, Inc.                      | CUSIP: 760759100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4385 | NS      | $1006269.80   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Resmed, Inc.                              | Resmed, Inc.                                 | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |      1140 | NS      | $312052.20    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Roblox Corp.                              | Roblox Corp. Class A                         | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     14718 | NS      | $2038737.36   | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation, Inc.                 | Rockwell Automation, Inc.                    | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |       567 | NS      | $198183.51    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Rollins, Inc.                             | Rollins, Inc.                                | CUSIP: 775711104<br>LEI: 549300F2A0BXT4SGWD84 | Long             | EC               | CORP              | US        |     44538 | NS      | $2616162.12   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Roper Technologies, Inc.                  | Roper Technologies, Inc.                     | CUSIP: 776696106<br>LEI: 54930003T4SXCIWVXY35 | Long             | EC               | CORP              | US        |       200 | NS      | $99738.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Sharkninja, Inc.                          | Sharkninja, Inc.                             | CUSIP: G8068L108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20894 | NS      | $2155216.10   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake, Inc.                           | Snowflake, Inc. Class A                      | CUSIP: 833445109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     11215 | NS      | $2529543.25   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Micro Compter, Inc.                 | Super Micro Compter, Inc.                    | CUSIP: 86800U302<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10488 | NS      | $502794.72    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Tapestry, Inc.                            | Tapestry, Inc.                               | CUSIP: 876030107<br>LEI: 549300LJNVY5SW3VTN33 | Long             | EC               | CORP              | US        |      5714 | NS      | $646939.08    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| The Trade Desk, Inc.                      | The Trade Desk, Inc. Class A                 | CUSIP: 88339J105<br>LEI: 549300GXPD31VT3E0P46 | Long             | EC               | CORP              | US        |     27823 | NS      | $1363605.23   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Toast, Inc.                               | Toast, Inc. Class A                          | CUSIP: 888787108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     32775 | NS      | $1196615.25   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co.                        | Tractor Supply Co.                           | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |     39588 | NS      | $2251369.56   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Trex Co., Inc.                            | Trex Co., Inc                                | CUSIP: 89531P105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     23230 | NS      | $1200294.10   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies, Inc.                  | Tyler Technologies, Inc.                     | CUSIP: 902252105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5131 | NS      | $2684333.96   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty, Inc.                         | Ulta Beauty, Inc.                            | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |       183 | NS      | $100055.25    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals, Inc.                      | United Rentals, Inc.                         | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |       212 | NS      | $202387.92    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| VeriSign, Inc.                            | VeriSign, Inc.                               | CUSIP: 92343E102<br>LEI: LMPL4N8ZOJRMF0KOF759 | Long             | EC               | CORP              | US        |      2896 | NS      | $809634.72    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co.                       | Vertiv Holdings Co. Class A                  | CUSIP: 92537N108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7251 | NS      | $1093885.86   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Vistra Corp.                              | Vistra Corp.                                 | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      1562 | NS      | $306027.04    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| W. W. Grainger, Inc.                      | W.W. Grainger, Inc.                          | CUSIP: 384802104<br>LEI: 549300TWZSP6O1IH2V34 | Long             | EC               | CORP              | US        |      1100 | NS      | $1048256.00   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Waters Corp.                              | Waters Corp.                                 | CUSIP: 941848103<br>LEI: 5T547R1474YC9HOD8Q74 | Long             | EC               | CORP              | US        |      2069 | NS      | $620306.89    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Waystar Holdings Corp.                    | Waystar Holdings Corp.                       | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24365 | NS      | $923920.80    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp.    | CUSIP: 929740108<br>LEI: 06BTX5UWZD0GQ5N5Y745 | Long             | EC               | CORP              | US        |       499 | NS      | $100034.53    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday, Inc.                             | Workday, Inc.                                | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |       409 | NS      | $98458.57     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Zscaler, Inc.                             | Zscaler, Inc.                                | CUSIP: 98980G102<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | EC               | CORP              | US        |      3111 | NS      | $932242.26    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-30

**Name of Applicant:** Azzad Funds

**Signature:** /s/ Bashar Qasem

**Name of Signer:** Bashar Qasem

**Title:** Chairman and Treasurer