# EDGAR Filing Document

**Accession Number:** 0001989916
**File Stem:** 0001999371-25-008754
**Filing Date:** 2025-7
**Character Count:** 162265
**Document Hash:** 3353949a3debaef1c0c45a319fdeb805
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-008754.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001999371-25-008754

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**EFFECTIVENESS DATE**: 20250707

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23893
- **FILM NUMBER:** 251108933

**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'? spfunds_tsr

**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>**

(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>April 30, 2025</u>**

Updated June 27, 2024

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

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

**semi-annual Shareholder Report April 30, 2025**<br>**SP Funds 2030 Target Date Fund**<br>Ticker: SPTAX - Investor Shares<br>

This semi-annual shareholder report contains important information about the SP Funds 2030 Target Date Fund (the "Fund") for the period November 1, 2024 to April 30, 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 the Fund at ShariaPortfolio, 1331 S. International Pkwy Ste 2291, Lake Mary, FL 32746.

#### What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SP Funds 2030 Target Date Fund - Investor Shares<br>| $42<br>| 0.85%<br>|

---

Costs paid as a percentage of a $10,000 investment is an annualized figure.

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $4094 |
| **Number of Holdings** | 6 |
| **Total Advisory Fee** | $8923 |
| **Portfolio Turnover** | 4% |

---

#### Sector Breakdown (% of Total Net Assets)
![](v7vzmg1mc5cx3ak.jpg)

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net assets)** |
| **SP Funds Dow Jones Global Sukuk ETF**<br>| 48.6%<br>|
| **SP Funds S&P 500 Sharia Industry Exclusions ETF**<br>| 21.1%<br>|
| **SP Funds S&P Global REIT Sharia ETF**<br>| 9.6%<br>|
| **SP Funds S&P Global Technology ETF**<br>| 7.6%<br>|
| **SP Funds S&P World (ex-US) ETF**<br>| 7.4%<br>|
| **SPDR Gold Shares**<br>| 2.6%<br>|

---

#### 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.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.sp-funds.com/SPTAX .
SP Funds 2030 Target Date Fund Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br>**SP Funds 2030 Target Date Fund**<br>Ticker: SPTMX - Institutional Shares<br>

This semi-annual shareholder report contains important information about the SP Funds 2030 Target Date Fund (the "Fund") for the period November 1, 2024 to April 30, 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 the Fund at ShariaPortfolio, 1331 S. International Pkwy Ste 2291, Lake Mary, FL 32746.

#### What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SP Funds 2030 Target Date Fund - Institutional Shares<br>| $22<br>| 0.45%<br>|

---

Costs paid as a percentage of a $10,000 investment is an annualized figure.

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $4094 |
| **Number of Holdings** | 6 |
| **Total Advisory Fee** | $8923 |
| **Portfolio Turnover** | 4% |

---

#### Sector Breakdown (% of Total Net Assets)
![](v7vzmg1mc5cxqhp.jpg)

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net assets)** |
| **SP Funds Dow Jones Global Sukuk ETF**<br>| 48.6%<br>|
| **SP Funds S&P 500 Sharia Industry Exclusions ETF**<br>| 21.1%<br>|
| **SP Funds S&P Global REIT Sharia ETF**<br>| 9.6%<br>|
| **SP Funds S&P Global Technology ETF**<br>| 7.6%<br>|
| **SP Funds S&P World (ex-US) ETF**<br>| 7.4%<br>|
| **SPDR Gold Shares**<br>| 2.6%<br>|

---

#### 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.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.sp-funds.com/SPTMX .
**SP Funds 2040 Target Date Fund** Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br>**SP Funds 2040 Target Date Fund**<br>Ticker: SPTBX - Investor Shares<br>

This semi-annual shareholder report contains important information about the SP Funds 2040 Target Date Fund (the "Fund") for the period November 1, 2024 to April 30, 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 the Fund at ShariaPortfolio, 1331 S. International Pkwy Ste 2291, Lake Mary, FL 32746.

#### What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SP Funds 2040 Target Date Fund - Investor Shares<br>| $41<br>| 0.85%<br>|

---

Costs paid as a percentage of a $10,000 investment is an annualized figure.

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $1925 |
| **Number of Holdings** | 5 |
| **Total Advisory Fee** | $3776 |
| **Portfolio Turnover** | 1% |

---

#### Sector Breakdown (% of Total Net Assets)
![](v7vzmg1mc5cw89r.jpg)

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net assets)** |
| **SP Funds S&P 500 Sharia Industry Exclusions ETF**<br>| 34.1%<br>|
| **SP Funds S&P Global Technology ETF**<br>| 33.0%<br>|
| **SP Funds S&P World (ex-US) ETF**<br>| 19.6%<br>|
| **SP Funds Dow Jones Global Sukuk ETF**<br>| 4.9%<br>|
| **SP Funds S&P Global REIT Sharia ETF**<br>| 4.8%<br>|

---

#### 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.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.sp-funds.com/SPTBX .
SP Funds 2040 Target Date Fund Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br>**SP Funds 2040 Target Date Fund**<br>Ticker: SPTNX - Institutional Shares<br>

This semi-annual shareholder report contains important information about the SP Funds 2040 Target Date Fund (the "Fund") for the period November 1, 2024 to April 30, 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 the Fund at ShariaPortfolio, 1331 S. International Pkwy Ste 2291, Lake Mary, FL 32746.

#### What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SP Funds 2040 Target Date Fund - Institutional Shares<br>| $22<br>| 0.45%<br>|

---

Costs paid as a percentage of a $10,000 investment is an annualized figure.

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $1925 |
| **Number of Holdings** | 5 |
| **Total Advisory Fee** | $3776 |
| **Portfolio Turnover** | 1% |

---

#### Sector Breakdown (% of Total Net Assets)
![](v7vzmg1mc5cv30v.jpg)

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net assets)** |
| **SP Funds S&P 500 Sharia Industry Exclusions ETF**<br>| 34.1%<br>|
| **SP Funds S&P Global Technology ETF**<br>| 33.0%<br>|
| **SP Funds S&P World (ex-US) ETF**<br>| 19.6%<br>|
| **SP Funds Dow Jones Global Sukuk ETF**<br>| 4.9%<br>|
| **SP Funds S&P Global REIT Sharia ETF**<br>| 4.8%<br>|

---

#### 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.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.sp-funds.com/SPTNX .
SP Funds 2050 Target Date Fund Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br>**SP Funds 2050 Target Date Fund**<br>Ticker: SPTCX - Investor Shares<br>

This semi-annual shareholder report contains important information about the SP Funds 2050 Target Date Fund (the "Fund") for the period November 1, 2024 to April 30, 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 the Fund at ShariaPortfolio, 1331 S. International Pkwy Ste 2291, Lake Mary, FL 32746.

#### What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SP Funds 2050 Target Date Fund - Investor Shares<br>| $41<br>| 0.85%<br>|

---

Costs paid as a percentage of a $10,000 investment is an annualized figure.

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $1565 |
| **Number of Holdings** | 5 |
| **Total Advisory Fee** | $2770 |
| **Portfolio Turnover** | 65% |

---

#### Sector Breakdown (% of Total Net Assets)
![](v7vzmg1mc5d0m8h.jpg)

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net assets)** |
| **SP Funds S&P 500 Sharia Industry Exclusions ETF**<br>| 34.2%<br>|
| **SP Funds S&P Global Technology ETF**<br>| 33.0%<br>|
| **SP Funds S&P World (ex-US) ETF**<br>| 19.7%<br>|
| **SP Funds Dow Jones Global Sukuk ETF**<br>| 4.9%<br>|
| **SP Funds S&P Global REIT Sharia ETF**<br>| 4.8%<br>|

---

#### 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.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.sp-funds.com/SPTCX .
**SP Funds 2050 Target Date Fund** Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br>**SP Funds 2050 Target Date Fund**<br>Ticker: SPTOX - Institutional Shares<br>

This semi-annual shareholder report contains important information about the SP Funds 2050 Target Date Fund (the "Fund") for the period November 1, 2024 to April 30, 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 the Fund at ShariaPortfolio, 1331 S. International Pkwy Ste 2291, Lake Mary, FL 32746.

#### What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SP Funds 2050 Target Date Fund - Institutional Shares | $21 | 0.45% |

---

Costs paid as a percentage of a $10,000 investment is an annualized figure.

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $1565 |
| **Number of Holdings** | 5 |
| **Total Advisory Fee** | $2770 |
| **Portfolio Turnover** | 65% |

---

#### Sector Breakdown (% of Total Net Assets)
![](v7vzmg1mc5d11yi.jpg)

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net assets)** |
| **SP Funds S&P 500 Sharia Industry Exclusions ETF**<br>| 34.2%<br>|
| **SP Funds S&P Global Technology ETF**<br>| 33.0%<br>|
| **SP Funds S&P World (ex-US) ETF**<br>| 19.7%<br>|
| **SP Funds Dow Jones Global Sukuk ETF**<br>| 4.9%<br>|
| **SP Funds S&P Global REIT Sharia ETF**<br>| 4.8%<br>|

---

#### 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.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.sp-funds.com/SPTOX .
SP Funds S&P Global Technology ETF Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br>**SP Funds S&P Global Technology ETF**<br>Ticker: SPTE (Listed on NYSE Arca, Inc.)<br>

This semi-annual shareholder report contains important information about the SP Funds S&P Global Technology ETF (the "Fund") for the period November 1, 2024 to April 30, 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 contacting the Fund at ShariaPortfolio, 1331 S. International Pkwy Ste 2291, Lake Mary, FL 32746.

#### What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SP Funds S&P Global Technology ETF<br>| $27<br>| 0.55%<br>|

---

Costs paid as a percentage of a $10,000 investment is an annualized figure.

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $49526 |
| **Number of Holdings** | 94 |
| **Total Advisory Fee** | $126941 |
| **Portfolio Turnover** | 16% |

---

#### Sector Breakdown (% of Total Net Assets)
![](v7vzmg1mc59xbmc.jpg)

#### Geographic Breakdown (% of Total Net Assets)
![](v7vzmg1mc5b29no.jpg)

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net assets)** |
| **Taiwan Semiconductor Manufacturing Co. Ltd.**<br>| 12.0%<br>|
| **Apple, Inc.**<br>| 10.6%<br>|
| **Microsoft Corp.**<br>| 10.0%<br>|
| **NVIDIA Corp.**<br>| 9.4%<br>|
| **SAP SE**<br>| 6.9%<br>|
| **ASML Holding NV**<br>| 4.7%<br>|
| **Broadcom, Inc.**<br>| 3.9%<br>|
| **MediaTek, Inc.**<br>| 3.7%<br>|
| **Xiaomi Corp.**<br>| 2.5%<br>|
| **Keyence Corp.**<br>| 1.9%<br>|

---

#### 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.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.sp-funds.com/SPTE .
**SP Funds S&P World (ex-US) ETF** Tailored Shareholder Report

**semi-annual Shareholder Report April 30, 2025**<br>**SP Funds S&P World (ex-US) ETF**<br>Ticker: SPWO (Listed on NYSE Arca, Inc.)<br>

This semi-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 April 30, 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 the Fund at ShariaPortfolio, 1331 S. International Pkwy Ste 2291, Lake Mary, FL 32746.

#### What were the Fund costs for the past six months? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| SP Funds S&P World (ex-US) ETF<br>| $27<br>| 0.55%<br>|

---

Costs paid as a percentage of a $10,000 investment is an annualized figure.

#### Key Fund Statistics
(as of April 30, 2025)

---

| | |
|:---|:---|
|  |  |
| **Fund Size (Thousands)** | $46432 |
| **Number of Holdings** | 380 |
| **Total Advisory Fee** | $94791 |
| **Portfolio Turnover** | 21% |

---

#### Sector Breakdown (% of Total Net Assets)
![](v7vzmg1mc59xeeq.jpg)

#### Geographic Breakdown (% of Total Net Assets)
![](v7vzmg1mc5ay82i.jpg)

#### What did the Fund invest in?
(as of April 30, 2025)

---

| | |
|:---|:---|
| **Top Holdings** | **(% of net assets)** |
| **Taiwan Semiconductor Manufacturing Co. Ltd.**<br>| 13.2%<br>|
| **Alibaba Group Holding Ltd.**<br>| 4.6%<br>|
| **SAP SE**<br>| 2.1%<br>|
| **Xiaomi Corp. - Class B**<br>| 2.1%<br>|
| **Nestle SA**<br>| 1.9%<br>|
| **ASML Holding NV**<br>| 1.8%<br>|
| **Meituan**<br>| 1.7%<br>|
| **Roche Holding AG**<br>| 1.6%<br>|
| **Novartis AG**<br>| 1.5%<br>|
| **AstraZeneca PLC**<br>| 1.5%<br>|

---

#### 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.

#### For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting information, visit https://www.sp-funds.com/SPWO .
**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

**<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) ![](spfinancial001.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

**Semi-Annual Financial Statements**

**April 30, 2025**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Schedules of Investments](#spfinanciala001) | 1 |
| [Statements of Assets and Liabilities](#spfinanciala002) | 17 |
| [Statements of Operations](#spfinanciala003) | 18 |
| [Statements of Changes in Net Assets](#spfinanciala004) | 19 |
| [Financial Highlights](#spfinanciala005) | 21 |
| [Notes to Financial Statements](#spfinanciala006) | 27 |

---

**SP Funds 2030 Target Date Fund**

**Schedule of Investments**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 96.9%** | **Shares** | **Value** |
| SP Funds Dow Jones Global Sukuk ETF <sup>(a)(b)</sup> | 109868 | $1989709 |
| SP Funds S&P 500 Sharia Industry Exclusions ETF <sup>(b)</sup> | 22390 | 865374 |
| SP Funds S&P Global REIT Sharia ETF <sup>(b)</sup> | 20732 | 392457 |
| SP Funds S&P Global Technology ETF <sup>(b)</sup> | 11934 | 309329 |
| SP Funds S&P World (ex-US) ETF <sup>(b)</sup> | 13730 | 303723 |
| SPDR Gold Shares ETF <sup>(c)</sup> | 351 | 106623 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $4,085,004) |  | 3967215 |
| **TOTAL INVESTMENTS - 96.9%** (Cost $4,085,004) |  | 3967215 |
| Other Assets in Excess of Liabilities - 3.1% |  | 127242 |
| **TOTAL NET ASSETS - 100.0%** |  | $4094457 |

---

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
 company 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**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 96.4%** | **Shares** | **Value** |
| SP Funds Dow Jones Global Sukuk ETF <sup>(a)</sup> | 5225 | $94625 |
| SP Funds S&P 500 Sharia Industry Exclusions ETF <sup>(a)(b)</sup> | 16990 | 656663 |
| SP Funds S&P Global REIT Sharia ETF <sup>(a)</sup> | 4832 | 91470 |
| SP Funds S&P Global Technology ETF <sup>(a)(b)</sup> | 24478 | 634470 |
| SP Funds S&P World (ex-US) ETF <sup>(a)</sup> | 17067 | 377541 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,944,651) |  | 1854769 |
| **TOTAL INVESTMENTS - 96.4%** (Cost $1,944,651) |  | 1854769 |
| Other Assets in Excess of Liabilities - 3.6% |  | 70215 |
| **TOTAL NET ASSETS - 100.0%** |  | $1924984 |

---

Percentages are stated as a percent of net assets.

REIT - Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated
 company 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**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 96.6%** | **Shares** | **Value** |
| SP Funds Dow Jones Global Sukuk ETF <sup>(a)</sup> | 4260 | $77149 |
| SP Funds S&P 500 Sharia Industry Exclusions ETF <sup>(a)(b)</sup> | 13851 | 535341 |
| SP Funds S&P Global REIT Sharia ETF <sup>(a)</sup> | 3939 | 74565 |
| SP Funds S&P Global Technology ETF <sup>(a)(b)</sup> | 19956 | 517260 |
| SP Funds S&P World (ex-US) ETF <sup>(a)</sup> | 13914 | 307793 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,646,465) |  | 1512108 |
| **TOTAL INVESTMENTS - 96.6%** (Cost $1,646,465) |  | 1512108 |
| Other Assets in Excess of Liabilities - 3.4% |  | 53417 |
| **TOTAL NET ASSETS - 100.0%** |  | $1565525 |

---

Percentages are stated as a percent of net assets.

REIT - Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;(a) Affiliated
 company 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**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.7%** | **Shares** | **Value** |
| **Computers - 16.6%** |  |  |
| Accenture PLC - Class A | 1456 | $435562 |
| Apple, Inc. | 24713 | 5251512 |
| Capgemini SE - ADR | 8030 | 255515 |
| CGI, Inc. - Class A | 1921 | 203295 |
| Cognizant Technology Solutions Corp. - Class A | 1294 | 95200 |
| Crowdstrike Holdings, Inc. - Class A <sup>(a)</sup> | 565 | 242311 |
| EPAM Systems, Inc. <sup>(a)</sup> | 158 | 24792 |
| Fortinet, Inc. <sup>(a)</sup> | 1532 | 158960 |
| Fujitsu Ltd. - ADR | 18806 | 417681 |
| Gartner, Inc. <sup>(a)</sup> | 176 | 74110 |
| HP, Inc. | 2136 | 54617 |
| Logitech International SA | 1525 | 115134 |
| NetApp, Inc. | 553 | 49632 |
| Nomura Research Institute Ltd. - ADR | 4566 | 171545 |
| Obic Co. Ltd. | 3203 | 112074 |
| Quanta Computer, Inc. | 72410 | 539968 |
| Super Micro Computer, Inc. <sup>(a)</sup> | 1130 | 36002 |
|  |  | 8237910 |
| **Electrical Components & Equipment - 1.0%** |  |  |
| Delta Electronics, Inc. | 50046 | 521850 |
| **Electronics - 1.7%** |  |  |
| Halma PLC - ADR | 1960 | 147863 |
| Jabil, Inc. | 265 | 38838 |
| Kyocera Corp. - ADR | 14101 | 167026 |
| Murata Manufacturing Co. Ltd. - ADR | 38316 | 270128 |
| SCREEN Holdings Co. Ltd. | 980 | 65022 |
| TE Connectivity PLC | 735 | 107589 |
| Trimble, Inc. <sup>(a)</sup> | 494 | 30697 |
|  |  | 827163 |
| **Energy-Alternate Sources - 0.1%** |  |  |
| First Solar, Inc. <sup>(a)</sup> | 254 | 31958 |
| **Healthcare-Products - 0.5%** |  |  |
| FUJIFILM Holdings Corp. - ADR | 25482 | 261191 |
| **Internet - 1.0%** |  |  |
| CDW Corp. | 287 | 46081 |
| F5, Inc. <sup>(a)</sup> | 158 | 41829 |
| GoDaddy, Inc. - Class A <sup>(a)</sup> | 333 | 62714 |
| Palo Alto Networks, Inc. <sup>(a)</sup> | 1527 | 285442 |
| VeriSign, Inc. <sup>(a)</sup> | 189 | 53320 |
|  |  | 489386 |
| **Machinery-Diversified - 2.4%** |  |  |
| Hexagon AB - ADR | 22033 | 211958 |
| Keyence Corp. | 2250 | 943915 |
| Omron Corp. - ADR | 1903 | 56652 |
|  |  | 1212525 |

---

---

| | | |
|:---|:---|:---|
| **Office-Business Equipment - 0.7%** | | |
| Canon, Inc. - ADR | 10110 | 310579 |
| Zebra Technologies Corp. - Class A <sup>(a)</sup> | 86 | 21528 |
|  |  | 332107 |
| **Semiconductors - 44.5%<sup>(b)</sup>** |  |  |
| Advanced Micro Devices, Inc. <sup>(a)</sup> | 3820 | 371877 |
| Advantest Corp. - ADR | 7947 | 331946 |
| Analog Devices, Inc. | 1120 | 218310 |
| Applied Materials, Inc. | 1944 | 292980 |
| ASM International NV | 451 | 218041 |
| ASML Holding NV | 3497 | 2315565 |
| BE Semiconductor Industries NV | 722 | 77346 |
| Broadcom, Inc. | 10130 | 1949721 |
| Disco Corp. - ADR | 9648 | 186689 |
| Infineon Technologies AG - ADR | 14329 | 472427 |
| KLA Corp. | 299 | 210104 |
| Lam Research Corp. | 2898 | 207700 |
| Lasertec Corp. - ADR | 4609 | 85866 |
| MediaTek, Inc. | 43675 | 1843519 |
| Microchip Technology, Inc. | 1346 | 62024 |
| Micron Technology, Inc. | 2596 | 199762 |
| Monolithic Power Systems, Inc. | 97 | 57531 |
| NVIDIA Corp. | 42909 | 4673648 |
| NXP Semiconductors NV | 640 | 117958 |
| ON Semiconductor Corp. <sup>(a)</sup> | 957 | 37993 |
| QUALCOMM, Inc. | 2591 | 384660 |
| Skyworks Solutions, Inc. | 396 | 25455 |
| STMicroelectronics NV | 6474 | 145832 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 35506 | 5918495 |
| Teradyne, Inc. | 319 | 23673 |
| Texas Instruments, Inc. | 2120 | 339306 |
| Tokyo Electron Ltd. - ADR | 10728 | 803527 |
| United Microelectronics Corp. - ADR | 63394 | 446294 |
|  |  | 22018249 |
| **Software - 26.0%<sup>(b)</sup>** |  |  |
| Adobe, Inc. <sup>(a)</sup> | 982 | 368230 |
| Akamai Technologies, Inc. <sup>(a)</sup> | 395 | 31829 |
| ANSYS, Inc. <sup>(a)</sup> | 238 | 76607 |
| Autodesk, Inc. <sup>(a)</sup> | 494 | 135480 |
| Cadence Design Systems, Inc. <sup>(a)</sup> | 643 | 191447 |
| Constellation Software, Inc. | 223 | 802101 |
| Dassault Systemes SE - ADR | 6730 | 252240 |
| Fair Isaac Corp. <sup>(a)</sup> | 54 | 107443 |
| Microsoft Corp. | 12563 | 4965651 |
| Oracle Corp. | 3663 | 515457 |
| PTC, Inc. <sup>(a)</sup> | 316 | 48971 |
| Roper Technologies, Inc. | 256 | 143381 |
| Sage Group PLC - ADR | 2725 | 180286 |
| Salesforce, Inc. | 2161 | 580682 |
| SAP SE - ADR | 11718 | 3423882 |
| ServiceNow, Inc. <sup>(a)</sup> | 455 | 434530 |
| Synopsys, Inc. <sup>(a)</sup> | 347 | 159277 |
| Temenos AG - ADR | 632 | 45251 |
| Tyler Technologies, Inc. <sup>(a)</sup> | 92 | 49984 |
| WiseTech Global Ltd. | 1708 | 96740 |
| Workday, Inc. - Class A <sup>(a)</sup> | 485 | 118825 |
| Xero Ltd. <sup>(a)</sup> | 1304 | 136994 |

---

---

| | | |
|:---|:---|:---|
|  |  | 12865288 |
| **Telecommunications - 5.2%** |  |  |
| Arista Networks, Inc. <sup>(a)</sup> | 2362.0 | 194322 |
| Cisco Systems, Inc. | 8993.0 | 519166 |
| Corning, Inc. | 1844.0 | 81837 |
| Juniper Networks, Inc. | 948.0 | 34431 |
| Nokia Oyj - ADR | 56409.0 | 281481 |
| Telefonaktiebolaget LM Ericsson - ADR | 33169.0 | 273312 |
| Xiaomi Corp. - ADR <sup>(a)</sup> | 38184.0 | 1218833 |
|  |  | 2603382 |
| **TOTAL COMMON STOCKS** (Cost $44,896,463) |  | 49401009 |
| **TOTAL INVESTMENTS - 99.7%** (Cost $44,896,463) |  | 49401009 |
| Other Assets in Excess of Liabilities - 0.3% |  | 124657 |
| **TOTAL NET ASSETS - 100.0%** |  | $49525666 |

---

Percentages are stated as a percent of net assets.

AB - Aktiebolag

ADR - American Depositary Receipt

AG – Aktiengesellschaft

NV - Naamloze Vennootschap

OYJ - Julkinen Asakeyhtio

PLC - Public Limited Company

SA - Sociedad Anónima

SE - Societas Europeae

&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.

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

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

**Schedule of Investments**

**April 30, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **COMMON STOCKS - 99.2%** | **Shares** | **Value** |
| **Agriculture - 0.1%** |  |  |
| IOI Corp. Bhd | 18747 | $15902 |
| Kuala Lumpur Kepong Bhd | 3434 | 15614 |
|  |  | 31516 |
| **Airlines - 0.1%** |  |  |
| Ryanair Holdings PLC - ADR | 766 | 36661 |
| **Apparel - 1.2%** |  |  |
| adidas AG - ADR | 1118 | 127955 |
| Asics Corp. - ADR | 2696 | 58045 |
| Eclat Textile Co. Ltd. | 1334 | 17268 |
| Feng TAY Enterprise Co. Ltd. | 3501 | 12315 |
| Hermes International SCA - ADR | 1100 | 301323 |
| Shenzhou International Group Holdings Ltd. - ADR | 7991 | 54458 |
|  |  | 571364 |
| **Auto Manufacturers - 2.8%** |  |  |
| BYD Co. Ltd. - ADR | 5435 | 517032 |
| BYD Co. Ltd. - Class A | 1100 | 53478 |
| Ferrari NV | 393 | 179412 |
| Geely Automobile Holdings Ltd. - ADR | 2391 | 100056 |
| Great Wall Motor Co. Ltd. - ADR | 1859 | 26630 |
| Kia Corp. | 787 | 50049 |
| Li Auto, Inc. - Class A <sup>(a)</sup> | 11536 | 141695 |
| Subaru Corp. - ADR | 3141 | 28458 |
| Suzuki Motor Corp. - ADR | 1578 | 75637 |
| XPeng, Inc. - Class A <sup>(a)</sup> | 11964 | 112393 |
|  |  | 1284840 |
| **Auto Parts & Equipment - 0.8%** |  |  |
| Bridgestone Corp. - ADR | 3799 | 79323 |
| Contemporary Amperex Technology Co. Ltd. - Class A | 3100 | 98812 |
| Denso Corp. - ADR | 6827 | 88068 |
| Fuyao Glass Industry Group Co. Ltd. - Class H <sup>(b)</sup> | 3991 | 28229 |
| Hyundai Mobis Co. Ltd. | 193 | 36319 |
| LG Energy Solution Ltd. <sup>(a)</sup> | 172 | 39264 |
| Samsung SDI Co. Ltd. | 180 | 22287 |
|  |  | 392302 |
| **Banks - 1.6%** |  |  |
| Abu Dhabi Islamic Bank PJSC | 10937 | 54491 |
| Al Rajhi Bank | 17169 | 445829 |
| Alinma Bank | 10543 | 81513 |
| Bank AlBilad | 6321 | 48702 |
| Computershare Ltd. - ADR | 1994 | 52402 |
| Dubai Islamic Bank PJSC | 25372 | 52222 |
|  |  | 735159 |
| **Beverages - 0.4%** |  |  |
| Arca Continental SAB de CV | 4236 | 44693 |
| Coca-Cola Femsa SAB de CV - ADR | 527 | 49606 |
| Nongfu Spring Co. Ltd. - Class H <sup>(b)</sup> | 18120 | 83652 |
|  |  | 177951 |

---

---

| | | |
|:---|:---|:---|
| **Biotechnology - 1.1%** | | |
| Akeso, Inc. <sup>(a)(b)</sup> | 5407 | 60138 |
| BeiGene Ltd. - ADR <sup>(a)</sup> | 529 | 137439 |
| CSL Ltd. - ADR | 3141 | 252411 |
| Samsung Biologics Co. Ltd. <sup>(a)(b)</sup> | 58 | 42924 |
|  |  | 492912 |
| **Building Materials - 0.7%** |  |  |
| Anhui Conch Cement Co. Ltd. - ADR | 1657 | 23132 |
| Geberit AG - ADR | 1156 | 80850 |
| James Hardie Industries PLC - ADR <sup>(a)</sup> | 1032 | 24500 |
| Kingspan Group PLC - ADR | 376 | 31762 |
| Nibe Industrier AB - Class B <sup>(a)</sup> | 3795 | 16046 |
| Sika AG - ADR | 5245 | 131125 |
| Svenska Cellulosa AB SCA - Class B | 1488 | 19331 |
|  |  | 326746 |
| **Chemicals - 3.1%** |  |  |
| Air Liquide SA - ADR | 9453 | 386911 |
| Chandra Asri Pacific Tbk PT | 122491 | 58109 |
| Croda International PLC - ADR | 544 | 10761 |
| Formosa Plastics Corp. | 41806 | 44442 |
| Givaudan SA - ADR | 1350 | 129911 |
| Nippon Paint Holdings Co. Ltd. | 2665 | 20272 |
| Nitto Denko Corp. - ADR | 2539 | 44509 |
| Novonesis (Novozymes) B - ADR | 1228 | 79709 |
| Petronas Chemicals Group Bhd | 19273 | 16392 |
| SABIC Agri-Nutrients Co. | 2003 | 52706 |
| Sahara International Petrochemical Co. | 3637 | 18423 |
| Saudi Arabian Mining Co. <sup>(a)</sup> | 10800 | 147133 |
| Saudi Basic Industries Corp. | 7747 | 125988 |
| Shin-Etsu Chemical Co. Ltd. - ADR | 13239 | 201365 |
| Sociedad Quimica y Minera de Chile SA - ADR | 1288 | 44050 |
| Symrise AG - ADR | 1935 | 55515 |
| Yanbu National Petrochemical Co. | 2683 | 22854 |
|  |  | 1459050 |
| **Coal - 0.3%** |  |  |
| China Shenhua Energy Co. Ltd. - ADR | 7996 | 119700 |
| China Shenhua Energy Co. Ltd. - Class A | 4200 | 22149 |
|  |  | 141849 |
| **Commercial Services - 2.7%** |  |  |
| Beijing-Shanghai High Speed Railway Co. Ltd. - Class A | 25800 | 20639 |
| Brambles Ltd. - ADR | 2405 | 63396 |
| Dai Nippon Printing Co. Ltd. - ADR | 2090 | 14484 |
| Experian PLC - ADR | 3115 | 154846 |
| Intertek Group PLC - ADR | 525 | 32214 |
| New Oriental Education & Technology Group, Inc. - ADR | 1201 | 58669 |
| Recruit Holdings Co. Ltd. - ADR | 27133 | 302533 |
| RELX PLC - ADR | 6070 | 331604 |
| Secom Co. Ltd. - ADR | 5475 | 49987 |
| SGS SA - ADR | 5403 | 52517 |
| TOPPAN Holdings, Inc. - ADR | 2099 | 29911 |
| Wolters Kluwer NV - ADR | 735 | 131219 |
|  |  | 1242019 |
| **Computers - 3.4%** |  |  |
| Acer, Inc. | 20055 | 21884 |
| Advantech Co. Ltd. | 4310 | 45414 |

---

---

| | | |
|:---|:---|:---|
| Asia Vital Components Co. Ltd. | 2139 | 31032 |
| Asustek Computer, Inc. | 6332.0 | 114828 |
| Capgemini SE - ADR | 2668.0 | 84896 |
| CGI, Inc. | 708.0 | 74926 |
| Chicony Electronics Co. Ltd. | 4399.0 | 21181 |
| Elm Co. | 223.0 | 61521 |
| Fujitsu Ltd. - ADR | 5836.0 | 129618 |
| Gigabyte Technology Co. Ltd. | 3482.0 | 24877 |
| Infosys Ltd. - ADR | 31476.0 | 553978 |
| Innolux Corp. | 52572.0 | 22519 |
| LG Corp. | 139.0 | 6512 |
| Nomura Research Institute Ltd. - ADR | 1566.0 | 58835 |
| Obic Co. Ltd. | 905.0 | 31666 |
| Quanta Computer, Inc. | 24903.0 | 185704 |
| Wipro Ltd. - ADR | 24615.0 | 70399 |
| Wiwynn Corp. | 1009.0 | 60257 |
|  |  | 1600047 |
| **Cosmetics/Personal Care - 2.6%** |  |  |
| Beiersdorf AG - ADR | 1402.0 | 39354 |
| Essity AB - Class B | 2033.0 | 58683 |
| Haleon PLC - ADR | 13865.0 | 140730 |
| Kao Corp. - ADR | 6942.0 | 58938 |
| L'Oreal SA - ADR | 3753.0 | 329513 |
| Shiseido Co. Ltd. - ADR | 1240.0 | 20299 |
| Unicharm Corp. - ADR | 6450.0 | 30508 |
| Unilever PLC - ADR | 8038.0 | 510815 |
|  |  | 1188840 |
| **Distribution/Wholesale - 0.4%** |  |  |
| AddTech AB - Class B | 592.0 | 19924 |
| Pop Mart International Group Ltd. <sup>(b)</sup> | 5598.0 | 139901 |
| Toromont Industries Ltd. | 183.0 | 15453 |
|  |  | 175278 |
| **Electric - 0.5%** |  |  |
| ACWA Power Co. | 1824.0 | 156583 |
| Dubai Electricity & Water Authority PJSC | 78841.0 | 57526 |
| Origin Energy Ltd. | 5608.0 | 38179 |
|  |  | 252288 |
| **Electrical Components & Equipment - 1.5%** |  |  |
| Delta Electronics, Inc. | 16985.0 | 177110 |
| Ecopro BM Co. Ltd. <sup>(a)</sup> | 79.0 | 5641 |
| Fortune Electric Co. Ltd. | 1322.0 | 17402 |
| Legrand SA - ADR | 4168.0 | 91779 |
| Schneider Electric SE - ADR | 8839.0 | 408980 |
|  |  | 700912 |
| **Electronics - 2.7%** |  |  |
| ABB Ltd. | 5242.0 | 275512 |
| Assa Abloy AB - ADR | 6507.0 | 97605 |
| BYD Electronic International Co Ltd. | 6614.0 | 27549 |
| Chroma ATE, Inc. | 2625.0 | 24007 |
| Delta Electronics Thailand PCL | 41885.0 | 122878 |
| E Ink Holdings, Inc. | 8106.0 | 56265 |
| Foxconn Industrial Internet Co. Ltd. - Class A | 7800.0 | 19396 |
| Halma PLC | 918.0 | 33793 |
| Hoya Corp. - ADR | 1068.0 | 124913 |
| Jentech Precision Industrial Co. Ltd. | 570.0 | 17822 |

---

---

| | | |
|:---|:---|:---|
| Kyocera Corp. - ADR | 4935 | 58455 |
| Lotes Co. Ltd. | 600.0 | 23450 |
| Luxshare Precision Industry Co. Ltd. - Class A | 3700.0 | 15716 |
| Micro-Star International Co. Ltd. | 4664.0 | 20343 |
| Murata Manufacturing Co. Ltd. - ADR | 11454.0 | 80751 |
| NIDEC Corp. - ADR | 14659.0 | 63913 |
| Pegatron Corp. | 17956.0 | 45363 |
| Samsung Electro-Mechanics Co. Ltd. | 205.0 | 16974 |
| SCREEN Holdings Co. Ltd. | 228.0 | 15128 |
| Shimadzu Corp. | 688.0 | 17692 |
| Silergy Corp. | 2237.0 | 27977 |
| Unimicron Technology Corp. | 8427.0 | 24741 |
| Voltronic Power Technology Corp. | 462.0 | 21668 |
|  |  | 1231911 |
| **Energy-Alternate Sources - 0.1%** |  |  |
| Vestas Wind Systems A/S - ADR | 8429.0 | 36751 |
| **Engineering & Construction - 0.6%** |  |  |
| Airports of Thailand PCL | 40679.0 | 46579 |
| Grupo Aeroportuario del Pacifico SAB de CV - ADR | 355.0 | 72956 |
| Grupo Aeroportuario del Sureste SAB de CV - ADR | 129.0 | 40834 |
| Samsung C&T Corp. | 267.0 | 22990 |
| Stantec, Inc. | 268.0 | 23476 |
| WSP Global, Inc. | 471.0 | 83323 |
|  |  | 290158 |
| **Environmental Control - 0.4%** |  |  |
| Waste Connections, Inc. | 844.0 | 166362 |
| **Food - 3.0%** |  |  |
| Ajinomoto Co., Inc. - ADR | 3084.0 | 62914 |
| Almarai Co. JSC | 3530.0 | 49690 |
| Bid Corp Ltd. | 2772.0 | 69649 |
| BIM Birlesik Magazalar AS | 3826.0 | 44866 |
| Chocoladefabriken Lindt & Spruengli AG | 3.0 | 43955 |
| Kerry Group PLC - ADR | 525.0 | 55493 |
| Mowi ASA - ADR | 1007.0 | 18418 |
| Nestle SA - ADR | 8451.0 | 900792 |
| Nissin Foods Holdings Co. Ltd. | 603.0 | 13312 |
| Orkla ASA - ADR | 1657.0 | 18542 |
| Savola Group <sup>(a)</sup> | 1694.0 | 14136 |
| SD Guthrie Bhd | 24386.0 | 26844 |
| Sumber Alfaria Trijaya Tbk PT | 97167.0 | 12643 |
| Want Want China Holdings Ltd. | 36756.0 | 24126 |
| Yakult Honsha Co. Ltd. | 1071.0 | 22018 |
|  |  | 1377398 |
| **Food Service - 0.4%** |  |  |
| Compass Group PLC - ADR | 5460.0 | 183347 |
| **Forest Products & Paper - 0.1%** |  |  |
| Mondi PLC - ADR | 759.0 | 22748 |
| UPM-Kymmene Oyj - ADR | 1739.0 | 45909 |
|  |  | 68657 |
| **Hand/Machine Tools - 0.3%** |  |  |
| Fuji Electric Co. Ltd. | 401.0 | 17775 |
| Makita Corp. - ADR | 904.0 | 26632 |
| Schindler Holding AG | 122.0 | 44658 |

---

---

| | | |
|:---|:---|:---|
| Techtronic Industries Co. Ltd. - ADR | 939.0 | 47213 |
|  |  | 136278 |
| **Healthcare-Products - 2.2%** |  |  |
| Alcon AG | 1633.0 | 158302 |
| Cochlear Ltd. - ADR | 345.0 | 29970 |
| Coloplast A/S - ADR | 3795.0 | 42808 |
| EssilorLuxottica SA - ADR | 1880.0 | 274405 |
| Fisher & Paykel Healthcare Corp Ltd. | 1443.0 | 29116 |
| FUJIFILM Holdings Corp. - ADR | 8083.0 | 82851 |
| Olympus Corp. | 3865.0 | 50548 |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. - Class A | 900.0 | 27220 |
| Siemens Healthineers AG - ADR | 2159.0 | 57904 |
| Smith & Nephew PLC - ADR | 1583.0 | 44356 |
| Sonova Holding AG - ADR | 884.0 | 54180 |
| Straumann Holding AG - ADR | 4223.0 | 51183 |
| Sysmex Corp. - ADR | 1588.0 | 29314 |
| Terumo Corp. - ADR | 4807.0 | 92198 |
|  |  | 1024355 |
| **Healthcare-Services - 1.1%** |  |  |
| Bangkok Dusit Medical Services PCL | 31148.0 | 22378 |
| Bumrungrad Hospital PCL | 3915.0 | 19338 |
| Dr Sulaiman Al Habib Medical Services Group Co. | 871.0 | 66505 |
| ICON PLC <sup>(a)</sup> | 211.0 | 31954 |
| IHH Healthcare Bhd | 33356.0 | 53493 |
| Lonza Group AG - ADR | 2270.0 | 162214 |
| Mouwasat Medical Services Co. | 964.0 | 18633 |
| Sonic Healthcare Ltd. - ADR | 1638.0 | 27355 |
| Wuxi Biologics Cayman, Inc. - ADR <sup>(a)</sup> | 16235.0 | 92864 |
|  |  | 494734 |
| **Home Builders - 0.1%** |  |  |
| Sekisui Chemical Co. Ltd. | 1415.0 | 24691 |
| Taylor Wimpey PLC - ADR | 796.0 | 12592 |
|  |  | 37283 |
| **Home Furnishings - 0.4%** |  |  |
| Haier Smart Home Co. Ltd. - ADR | 5281.0 | 60784 |
| Lite-On Technology Corp. | 19320.0 | 57991 |
| Midea Group Co. Ltd. - Class A | 4906.0 | 49730 |
|  |  | 168505 |
| **Household Products/Wares - 0.3%** |  |  |
| Henkel AG & Co. KGaA - ADR | 1358.0 | 23901 |
| Reckitt Benckiser Group Plc - ADR | 10710.0 | 138266 |
|  |  | 162167 |
| **Insurance - 0.1%** |  |  |
| Co. for Cooperative Insurance | 697.0 | 25792 |
| **Internet - 4.8%** |  |  |
| Allegro.eu SA <sup>(a)(b)</sup> | 4727.0 | 41413 |
| Auto Trader Group PLC - ADR | 11935.0 | 33060 |
| CAR Group Ltd. | 866.0 | 18457 |
| Coupang, Inc. <sup>(a)</sup> | 4462.0 | 104277 |
| JD.com, Inc. - ADR | 12816.0 | 418058 |
| Kanzhun Ltd. - ADR <sup>(a)</sup> | 2936.0 | 44921 |
| MakeMyTrip Ltd. <sup>(a)</sup> | 556.0 | 58280 |
| Meituan - ADR <sup>(a)</sup> | 23930.0 | 793758 |

---

---

| | | |
|:---|:---|:---|
| PDD Holdings, Inc. - ADR <sup>(a)</sup> | 6326 | 667836 |
| Trend Micro, Inc. - ADR | 330.0 | 23199 |
| Vipshop Holdings Ltd. - ADR | 3173.0 | 43216 |
|  |  | 2246475 |
| **Iron/Steel - 0.8%** |  |  |
| BlueScope Steel Ltd. | 1123.0 | 17152 |
| Fortescue Ltd. - ADR | 2481.0 | 51208 |
| Vale SA - ADR | 31185.0 | 290332 |
|  |  | 358692 |
| **Leisure Time - 0.3%** |  |  |
| Amadeus IT Group SA - ADR | 1472.0 | 116126 |
| Shimano, Inc. - ADR | 2744.0 | 38444 |
|  |  | 154570 |
| **Lodging - 0.1%** |  |  |
| H World Group Ltd. - ADR | 1525.0 | 52216 |
| **Machinery-Construction & Mining - 1.6%** |  |  |
| Epiroc AB - ADR <sup>(a)</sup> | 1903.0 | 40819 |
| Hitachi Ltd. - ADR | 14541.0 | 360326 |
| Metso Oyj | 2226.0 | 24186 |
| Mitsubishi Electric Corp. - ADR | 3305.0 | 127606 |
| Sandvik AB - ADR | 3247.0 | 69161 |
| Siemens Energy AG - ADR <sup>(a)</sup> | 1682.0 | 129918 |
|  |  | 752016 |
| **Machinery-Diversified - 1.7%** |  |  |
| Atlas Copco AB - ADR | 4660.0 | 65100 |
| Atlas Copco AB - ADR | 7916.0 | 122460 |
| Daifuku Co. Ltd. - ADR | 1762.0 | 23276 |
| FANUC Corp. - ADR | 6054.0 | 77128 |
| Hexagon AB - ADR | 6411.0 | 61674 |
| Keyence Corp. | 641.0 | 268911 |
| Kone Oyj - ADR | 2364.0 | 73107 |
| Omron Corp. - ADR | 438.0 | 13039 |
| SMC Corp. - ADR | 3638.0 | 59045 |
| Spirax Group PLC | 165.0 | 12948 |
| Yaskawa Electric Corp. - ADR | 454.0 | 19336 |
|  |  | 796024 |
| **Media - 0.3%** |  |  |
| Informa PLC - ADR | 2376.0 | 46484 |
| Pearson PLC - ADR | 2165.0 | 35182 |
| Thomson Reuters Corp. | 440.0 | 81715 |
|  |  | 163381 |
| **Metal Fabricate/Hardware - 0.1%** |  |  |
| SKF AB - ADR | 1258.0 | 24669 |
| Tenaris SA - ADR | 738.0 | 24568 |
|  |  | 49237 |
| **Mining - 4.1%** |  |  |
| Agnico Eagle Mines Ltd. | 1638.0 | 192142 |
| Amman Mineral Internasional PT <sup>(a)</sup> | 109808.0 | 47131 |
| Antofagasta PLC | 794.0 | 17319 |
| Barrick Mining Corp. | 5319.0 | 101235 |
| BHP Group Ltd. - ADR | 8319.0 | 395568 |
| Boliden AB - ADR | 420.0 | 25735 |

---

---

| | | |
|:---|:---|:---|
| Cameco Corp. | 1204 | 54242 |
| Gold Fields Ltd. - ADR | 8270.0 | 186406 |
| Grupo Mexico SAB de CV - Class B | 29151.0 | 151541 |
| Impala Platinum Holdings Ltd. - ADR <sup>(a)</sup> | 8988.0 | 53119 |
| Ivanhoe Mines Ltd. - Class A <sup>(a)</sup> | 1646.0 | 14586 |
| Kinross Gold Corp. | 4186.0 | 61670 |
| Norsk Hydro ASA - ADR | 4496.0 | 23514 |
| Pan American Silver Corp. | 830.0 | 20857 |
| Press Metal Aluminium Holdings Bhd | 31603.0 | 35888 |
| Rio Tinto Ltd. | 1186.0 | 88863 |
| Rio Tinto PLC - ADR | 3402.0 | 202079 |
| South32 Ltd. - ADR | 2958.0 | 25468 |
| Southern Copper Corp. | 884.0 | 79136 |
| Wheaton Precious Metals Corp. | 1481.0 | 123418 |
|  |  | 1899917 |
| **Miscellaneous Manufacturing - 0.4%** |  |  |
| Airtac International Group | 942.0 | 25919 |
| Alfa Laval AB - ADR | 767.0 | 32287 |
| Elite Material Co. Ltd. | 2751.0 | 47824 |
| Indutrade AB | 612.0 | 16548 |
| Sunny Optical Technology Group Co. Ltd. - ADR | 646.0 | 53938 |
|  |  | 176516 |
| **NAICS~Management of Companies and Enterprises - 4.6%** |  |  |
| Alibaba Group Holding Ltd. - ADR | 17811.0 | 2127168 |
| **Office-Business Equipment - 0.2%** |  |  |
| Canon, Inc. | 2918.0 | 90093 |
| **Oil & Gas - 2.2%** |  |  |
| ADNOC Drilling Co. PJSC | 27948.0 | 37284 |
| ARC Resources Ltd. | 1510.0 | 27887 |
| Canadian Natural Resources Ltd. | 6691.0 | 191628 |
| Cenovus Energy, Inc. | 4297.0 | 50489 |
| Formosa Petrochemical Corp. | 9967.0 | 10892 |
| Imperial Oil Ltd. | 385.0 | 25919 |
| Neste Oyj - ADR | 2021.0 | 10408 |
| PTT Exploration & Production PCL | 13674.0 | 40729 |
| Saudi Arabian Oil Co. <sup>(b)</sup> | 50876.0 | 343839 |
| Suncor Energy, Inc. | 4103.0 | 144628 |
| Tourmaline Oil Corp. | 1093.0 | 48189 |
| Turkiye Petrol Rafinerileri AS | 5776.0 | 18728 |
| Woodside Energy Group Ltd. - ADR | 6134.0 | 79435 |
|  |  | 1030055 |
| **Pharmaceuticals - 9.6%** |  |  |
| Astellas Pharma, Inc. - ADR | 6373.0 | 63156 |
| AstraZeneca PLC - ADR | 9946.0 | 714023 |
| Celltrion, Inc. | 466.0 | 52878 |
| Chugai Pharmaceutical Co. Ltd. - ADR | 4082.0 | 117358 |
| CSPC Pharmaceutical Group Ltd. | 76365.0 | 60366 |
| Daiichi Sankyo Co. Ltd. - ADR | 5949.0 | 152592 |
| Dr Reddy's Laboratories Ltd. - ADR | 5572.0 | 77562 |
| Eisai Co. Ltd. | 701.0 | 20238 |
| GSK PLC - ADR | 6697.0 | 266875 |
| Jiangsu Hengrui Pharmaceuticals Co. Ltd. - Class A | 3200.0 | 22515 |
| Merck KGaA - ADR | 1939.0 | 53769 |
| Novartis AG - ADR | 6313.0 | 716462 |
| Novo Nordisk A/S - ADR | 10186.0 | 676860 |

---

---

| | | |
|:---|:---|:---|
| Ono Pharmaceutical Co. Ltd. - ADR | 3632 | 13838 |
| Otsuka Holdings Co. Ltd. - ADR | 3368.0 | 81842 |
| Roche Holding AG | 68.0 | 23799 |
| Roche Holding AG - ADR | 17976.0 | 732882 |
| Sandoz Group AG - ADR | 1439.0 | 62424 |
| Sanofi SA - ADR | 7236.0 | 397618 |
| Shionogi & Co. Ltd. - ADR | 5913.0 | 49255 |
| Sino Biopharmaceutical Ltd. | 93638.0 | 47213 |
| UCB SA - ADR | 783.0 | 71887 |
|  |  | 4475412 |
| **Pipelines - 0.2%** |  |  |
| Adnoc Gas PLC | 61844.0 | 53374 |
| Petronas Gas Bhd | 6447.0 | 26147 |
|  |  | 79521 |
| **Real Estate - 0.9%** |  |  |
| Aldar Properties PJSC | 31653.0 | 71182 |
| Daito Trust Construction Co. Ltd. - ADR | 544.0 | 15031 |
| Emaar Properties PJSC | 55937.0 | 199500 |
| FirstService Corp. | 91.0 | 15940 |
| KE Holdings, Inc. - ADR | 6416.0 | 130245 |
|  |  | 431898 |
| **Retail - 3.5%** |  |  |
| Abu Dhabi National Oil Co. for Distribution PJSC | 27529.0 | 25258 |
| ANTA Sports Products Ltd. - ADR | 446.0 | 130580 |
| Associated British Foods PLC - ADR | 1065.0 | 29405 |
| Cie Financiere Richemont SA - ADR | 17604.0 | 309478 |
| Clicks Group Ltd. - ADR | 955.0 | 41280 |
| Dollarama, Inc. | 901.0 | 110954 |
| Fast Retailing Co. Ltd. - ADR | 6785.0 | 223769 |
| H & M Hennes & Mauritz AB - ADR | 9956.0 | 28773 |
| Industria de Diseno Textil SA - ADR | 7225.0 | 194497 |
| JD Health International, Inc. <sup>(a)(b)</sup> | 10145.0 | 48536 |
| JUMBO SA | 1061.0 | 33529 |
| Li Ning Co. Ltd. - ADR | 926.0 | 43068 |
| MatsukiyoCocokara & Co. | 1360.0 | 25042 |
| Moncler SpA | 659.0 | 40482 |
| Mr Price Group Ltd. | 1637.0 | 20857 |
| Nitori Holdings Co. Ltd. - ADR | 2888.0 | 34269 |
| Pan Pacific International Holdings Corp. - ADR | 1896.0 | 58567 |
| Raia Drogasil SA | 10161.0 | 35501 |
| Wesfarmers Ltd. - ADR | 7601.0 | 190557 |
|  |  | 1624402 |
| **Semiconductors - 20.1%** |  |  |
| Advantest Corp. - ADR | 2408.0 | 100582 |
| Alchip Technologies Ltd. | 693.0 | 46044 |
| ARM Holdings PLC - ADR <sup>(a)</sup> | 420.0 | 47901 |
| ASM International NV | 146.0 | 70585 |
| ASML Holding NV | 1247.0 | 825710 |
| ASPEED Technology, Inc. | 195.0 | 18291 |
| Disco Corp. - ADR | 3256.0 | 63004 |
| eMemory Technology, Inc. | 422.0 | 33844 |
| Global Unichip Corp. | 569.0 | 18235 |
| Infineon Technologies AG - ADR | 4452.0 | 146782 |
| King Yuan Electronics Co. Ltd. | 7322.0 | 19871 |
| Lasertec Corp. - ADR | 912.0 | 16991 |
| MediaTek, Inc. | 14025.0 | 591994 |

---

---

| | | |
|:---|:---|:---|
| Novatek Microelectronics Corp. | 5515 | 89494 |
| Powertech Technology, Inc. | 6719.0 | 22794 |
| Realtek Semiconductor Corp. | 4651.0 | 76201 |
| Samsung Electronics Co. Ltd. | 15185.0 | 592872 |
| STMicroelectronics NV | 2223.0 | 50075 |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 36640.0 | 6107522 |
| Tokyo Electron Ltd. - ADR | 3053.0 | 228670 |
| United Microelectronics Corp. - ADR | 19843.0 | 139695 |
| Vanguard International Semiconductor Corp. | 6528.0 | 18349 |
|  |  | 9325506 |
| **Shipbuilding - 0.1%** |  |  |
| Yangzijiang Shipbuilding Holdings Ltd. | 25839.0 | 44130 |
| **Software - 3.0%** |  |  |
| Constellation Software, Inc. | 62.0 | 223006 |
| Dassault Systemes SE - ADR | 2249.0 | 84293 |
| Descartes Systems Group, Inc. <sup>(a)</sup> | 195.0 | 20495 |
| Sage Group PLC - ADR | 890.0 | 58882 |
| SAP SE - ADR | 3278.0 | 957799 |
| WiseTech Global Ltd. | 438.0 | 24808 |
| Xero Ltd. <sup>(a)</sup> | 458.0 | 48116 |
|  |  | 1417399 |
| **Telecommunications - 4.0%** |  |  |
| Accton Technology Corp. | 4578.0 | 85024 |
| Celcomdigi Bhd | 22985.0 | 20348 |
| Chunghwa Telecom Co. Ltd. - ADR | 3573.0 | 144492 |
| Etihad Etisalat Co. | 3244.0 | 54313 |
| Far EasTone Telecommunications Co. Ltd. | 15471.0 | 41455 |
| Hellenic Telecommunications Organization SA - ADR | 3570.0 | 33290 |
| Nokia Oyj - ADR | 16008.0 | 79880 |
| Saudi Telecom Co. | 16353.0 | 207524 |
| Singapore Telecommunications Ltd. - ADR | 2338.0 | 67872 |
| Taiwan Mobile Co. Ltd. | 12923.0 | 45861 |
| Telefonaktiebolaget LM Ericsson - ADR | 10092.0 | 83158 |
| Telekom Malaysia Bhd | 13861.0 | 21844 |
| Vodacom Group Ltd. - ADR | 3890.0 | 28164 |
| Xiaomi Corp. - Class B <sup>(a)(b)</sup> | 148067.0 | 953738 |
|  |  | 1866963 |
| **Transportation - 1.5%** |  |  |
| Canadian National Railway Co. | 1781.0 | 172143 |
| Canadian Pacific Kansas City Ltd. | 2952.0 | 213990 |
| DSV A/S - ADR | 1291.0 | 136536 |
| InPost SA <sup>(a)</sup> | 1401.0 | 23570 |
| J&T Global Express Ltd. <sup>(a)</sup> | 47162.0 | 36734 |
| Kawasaki Kisen Kaisha Ltd. | 1549.0 | 21176 |
| Kuehne + Nagel International AG - ADR | 662.0 | 30432 |
| SITC International Holdings Co. Ltd. | 9883.0 | 27337 |
| TFI International, Inc. | 172.0 | 13955 |
|  |  | 675873 |
| **TOTAL COMMON STOCKS (Cost $44,452,184)** |  | 46050896 |

---

---

| | | |
|:---|:---|:---|
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 0.3%** | **Shares** | **Value** |
| **REITs - Warehouse & Industry - 0.3%** |  |  |
| Goodman Group | 6660 | 127756 |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (Cost $152,613)** |  | 127756 |

---

---

| | | |
|:---|:---|:---|
| **RIGHTS - 0.0%<sup>(c)</sup>** | **Shares** | **Value** |
| **Auto Parts & Equipment *-* 0.0%<sup>(c)</sup>** |  |  |
| Samsung SDI Co. Ltd., Expires 05/23/2025, Exercise Price $102.85 <sup>(a)</sup> | 25 | 617 |
| **TOTAL RIGHTS (Cost $686)** |  | 617 |
| **TOTAL INVESTMENTS - 99.5% (Cost $44,605,483)** |  | 46179269 |
| Other Assets in Excess of Liabilities - 0.5% |  | 252698 |
| **TOTAL NET ASSETS - 100.0%** |  | $46431967 |

---

Percentages are stated as a percent of net assets.

AB – Aktiebolag

ADR - American Depositary Receipt

AG - Aktiengesellschaft

AS – Aksjeselskap

ASA - Advanced Subscription Agreement

JSC - Public Joint Stock Company

KGaA - Kommanditgesellschaft auf Aktien

NV - Naamloze Vennootschap

OYJ - Julkinen Asakeyhtio

PCL - Public Company Limited

PJSC - Public Joint Stock Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SA - Sociedad Anónima

SA de CV - Sociedad Anónima de Capital Variable

SAB de CV - Sociedad Anónima Bursátil de Capital Variable

SE - Societas Europeae

SpA - Societa per Azioni

&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 April 30, 2025, the value of these securities total $1,742,370 or 3.8% of the Fund's
 net assets.

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

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

**Statements of Assets and Liabilities (Unaudited)**

**April 30, 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 Technology**<br> **ETF** | **SP Funds S&P**<br> **World (ex-US) ETF** |
| **ASSETS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments, at value (Note 2) | $106623 | $– | $– | $49401009 | $46179269 |
| &nbsp;&nbsp;&nbsp;Affiliated investments, at value (Note 7) | 3860592 | 1854769 | 1512108 |  |  |
| &nbsp;&nbsp;&nbsp;Cash | 122324 | 66696 | 51198 | 123169 | 184251 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 1110 | 1942 | 2508 |  |  |
| &nbsp;&nbsp;&nbsp;Dividends receivable |  |  |  | 18488 | 66732 |
| &nbsp;&nbsp;&nbsp;Dividend tax reclaims receivable |  |  |  | 4107 | 21612 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 6033 | 2573 | 634 | – | – |
| Total assets | 4096682 | 1925980 | 1566448 | 49546773 | 46451864 |
| **LIABILITIES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable to adviser (Note 4) | 1467 | 674 | 549 | 21107 | 19897 |
| &nbsp;&nbsp;&nbsp;Payable for distribution and shareholder servicing fees | 758 | 322 | 374 | – | – |
| Total liabilities | 2225 | 996 | 923 | 21107 | 19897 |
| **NET ASSETS** | $4094457 | $1924984 | $1565525 | $49525666 | $46431967 |
| **NET ASSETS CONSISTS OF:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $4226732 | $2012884 | $1710377 | $45424827 | $45481114 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated losses) | (132275) | (87900) | (144852) | 4100839 | 950853 |
| Total net assets | $4094457 | $1924984 | $1565525 | $49525666 | $46431967 |
| &nbsp;&nbsp;&nbsp;Net assets | $– | $– | $– | $49525666 | $46431967 |
| &nbsp;&nbsp;&nbsp;Shares issued and outstanding<sup>(a)</sup> |  |  |  | 1925000 | 2100000 |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $– | $– | $– | $25.73 | $22.11 |
| **Institutional Class** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $1603169 | $851414 | $283157 | $– | $– |
| &nbsp;&nbsp;&nbsp;Shares issued and outstanding<sup>(a)</sup> | 83234 | 46416 | 15894 |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $19.26 | $18.34 | $17.82 | $– | $– |
| **Investor Class** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | $2491288 | $1073570 | $1282368 | $– | $– |
| &nbsp;&nbsp;&nbsp;Shares issued and outstanding<sup>(a)</sup> | 129646 | 58737 | 72024 |  |  |
| &nbsp;&nbsp;&nbsp;Net asset value per share | $19.22 | $18.28 | $17.80 | $– | $– |
| **COST:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments, at cost | $83132 | $– | $– | $44896463 | $44605483 |
| &nbsp;&nbsp;&nbsp;Affiliated investments, at cost | 4001872 | 1944651 | 1646465 |  |  |

---

(a)&nbsp;&nbsp;&nbsp;&nbsp; Unlimited shares authorized without par value.

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

**Statements of Operations (Unaudited)**

**For the Period Ended April 30, 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 Technology** <br> **ETF** | **SP Funds S&P** <br> **World (ex-US) ETF** |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income from unaffiliated investments | $– | $– | $– | $185255 | $385624 |
| &nbsp;&nbsp;&nbsp;Dividend income from affiliated investments (Note 7) | 57753 | 9540 | 7492 |  |  |
| &nbsp;&nbsp;&nbsp;Less: Dividend withholding taxes |  |  |  | (17554) | (40842) |
| &nbsp;&nbsp;&nbsp;Less: Issuance fees | – | – | – | (4201) | (10666) |
| Total investment income | 57753 | 9540 | 7492 | 163500 | 334116 |
| **EXPENSES:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fee (Note 4) | 8923 | 3777 | 2770 | 126941 | 94791 |
| &nbsp;&nbsp;&nbsp;Distribution expenses - Investor Class | 3026 | 1359 | 1314 |  |  |
| &nbsp;&nbsp;&nbsp;Shareholder service costs - Investor Class | 1815 | 816 | 788 | – | – |
| Total expenses | 13764 | 5952 | 4872 | 126941 | 94791 |
| **NET INVESTMENT INCOME** | 43989 | 3588 | 2620 | 36559 | 239325 |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | 3333 |  |  | (304686) | (479029) |
| &nbsp;&nbsp;&nbsp;Affiliated investments (Note 7) | (7261) | 603 | (10603) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | – | – | – | (10608) | (9116) |
| Net realized gain (loss) | (3928) | 603 | (10603) | (315294) | (488145) |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated investments | 16609 |  |  | (2168776) | (450149) |
| &nbsp;&nbsp;&nbsp;Affiliated investments (Note 7) | (117923) | (73542) | (124849) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation | – | – | – | 445 | 549 |
| Net change in unrealized appreciation (depreciation) | (101314) | (73542) | (124849) | (2168331) | (449600) |
| Net realized and unrealized gain (loss) | (105242) | (72939) | (135452) | (2483625) | (937745) |
| **NET INCREASE (DECREASE) IN NET** |  |  |  |  |  |
| **ASSETS RESULTING FROM OPERATIONS** | $(61253) | $(69351) | $(132832) | $(2447066) | $(698420) |

---

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** |
|  | **Period ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Period ended**<br> **October 31, 2024<sup>(a)</sup>** | **Period ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Period ended**<br> **October 31, 2024<sup>(a)</sup>** |
| **OPERATIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $43989 | $5255 | $3588 | $207 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (3928) | 97 | 603 | 2574 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (101314) | (16475) | (73542) | (16340) |
| Net increase (decrease) in net assets from operations | (61253) | (11123) | (69351) | (13559) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings - Institutional Class | (23920) |  | (1696) |  |
| &nbsp;&nbsp;&nbsp;From earnings - Investor Class | (35979) | – | (3294) | – |
| Total distributions to shareholders | (59899) | – | (4990) | – |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions - Institutional Class | 119731 | 1538180 | 422320 | 464352 |
| &nbsp;&nbsp;&nbsp;Reinvestments - Institutional Class | 23920 |  | 1696 |  |
| &nbsp;&nbsp;&nbsp;Redemptions - Institutional Class | (23842) |  | (2730) |  |
| &nbsp;&nbsp;&nbsp;Subscriptions - Investor Class | 471659 | 2184770 | 127526 | 1098236 |
| &nbsp;&nbsp;&nbsp;Reinvestments - Investor Class | 35980 |  | 3294 |  |
| &nbsp;&nbsp;&nbsp;Redemptions – Investor Class | (123666) | – | (98937) | (2873) |
| Net increase (decrease) in net assets from capital transactions | 503782 | 3722950 | 453169 | 1559715 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 382630 | 3711827 | 378828 | 1546156 |
| **NET ASSETS:** |  |  |  |  |
| Beginning of the period | 3711827 | – | 1546156 | – |
| End of the period | $4094457 | $3711827 | $1924984 | $1546156 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions - Institutional Class | 6124 | 77106 | 22378 | 24097 |
| &nbsp;&nbsp;&nbsp;Reinvestments - Institutional Class | 1217 |  | 86 |  |
| &nbsp;&nbsp;&nbsp;Redemptions - Institutional Class | (1213) |  | (145) |  |
| &nbsp;&nbsp;&nbsp;Subscriptions - Investor Class | 23541 | 110635 | 6641 | 57177 |
| &nbsp;&nbsp;&nbsp;Reinvestments - Investor Class | 1832 |  | 167 |  |
| &nbsp;&nbsp;&nbsp;Redemptions – Investor Class | (6362) | – | (5100) | (148) |
| Total increase (decrease) in shares outstanding | 25139 | 187741 | 24027 | 81127 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(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** |
|  | **Period ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Period ended**<br> **October 31, 2024<sup>(a)</sup>** | **Period ended** <br> **April 30, 2025** <br> **(Unaudited)** | **Period ended** <br> **October 31, 2024<sup>(b)</sup>** |
| **OPERATIONS:** | | | | |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $2620 | $(46) | $36559 | $65075 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (10603) | 32 | (315294) | 49172 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (124849) | (9508) | (2168331) | 6673124 |
| Net increase (decrease) in net assets from operations | (132832) | (9522) | (2447066) | 6787371 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings - ETF |  |  | (165635) | (73888) |
| &nbsp;&nbsp;&nbsp;From earnings – Institutional Class | (478) |  |  |  |
| &nbsp;&nbsp;&nbsp;From earnings - Investor Class | (2020) | – | – | – |
| Total distributions to shareholders | (2498) | – | (165635) | (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** |
|  | **Period ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Period ended**<br> **October 31, 2024<sup>(a)</sup>** | **Period ended** <br> **April 30, 2025** <br> **(Unaudited)**  | **Period ended** <br> **October 31, 2024<sup>(b)</sup>**  |
| &nbsp;&nbsp;&nbsp;Subscriptions - ETF |  |  | 12599555 | 32825053 |
| &nbsp;&nbsp;&nbsp;ETF transactions (Note 10) |  |  | 254 | 22 |
| &nbsp;&nbsp;&nbsp;Subscriptions - Institutional Class | 308989 |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinvestments - Institutional Class | 478 |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemptions - Institutional Class | (973) |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions - Investor Class | 1034002 | 412712 |  |  |
| &nbsp;&nbsp;&nbsp;Reinvestments - Investor Class | 2020 |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemptions – Investor Class | (46653) | (198) | – | – |
| Net increase (decrease) in net assets from capital transactions | 1297863 | 412514 | 12599809 | 32825075 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 1162533 | 402992 | 9987108 | 39538558 |
| **NET ASSETS:** |  |  |  |  |
| **Beginning of the period** | 402992 | – | 39538558 | – |
| End of the period | $1565525 | $402992 | $49525666 | $39538558 |
| **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions - ETF |  |  | 450000 | 1475000 |
| &nbsp;&nbsp;&nbsp;Subscriptions - Institutional Class | 15924 |  |  |  |
| &nbsp;&nbsp;&nbsp;Reinvestments - Institutional Class | 25 |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemptions - Institutional Class | (55) |  |  |  |
| &nbsp;&nbsp;&nbsp;Subscriptions - Investor Class | 52964 | 21468 |  |  |
| &nbsp;&nbsp;&nbsp;Reinvestments - Investor Class | 104 |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemptions - Investor Class | (2502) | (10) | – | – |
| Total increase (decrease) in shares outstanding | 66460 | 21458 | 450000 | 1475000 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(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** |
|  | **Period ended** <br> **April 30, 2025**<br> **(Unaudited)** | **Period ended**<br> **October 31, 2024<sup>(c)</sup>** |
| **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $239325 | $154085 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (488145) | (99934) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (449600) | 2023786 |
| Net increase (decrease) in net assets from operations | (698420) | 2077937 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;**From earnings** | (249260) | (183813) |
| Total distributions to shareholders | (249260) | (183813) |
| **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;**Subscriptions** | 20784247 | 24693858 |
| ETF transaction fees (Note 10) | 2010 | 5408 |
| Net increase (decrease) in net assets from capital transactions | 20786257 | 24699266 |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 19838577 | 26593390 |
| **NET ASSETS:** |  |  |
| **Beginning of the period** | 26593390 | – |
| End of the period | $46431967 | $26593390 |
| **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**Subscriptions** | 925000 | 1175000 |
| Total increase (decrease) in shares outstanding | 925000 | 1175000 |

---

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

---

| | |
|:---|:---|
| **Financial Highlights** |  |
| **SP Funds 2030 Target Date Fund** | **Institutional** |

---

For a Share Outstanding throughout the periods presented.

---

| | | |
|:---|:---|:---|
|  | **Period ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Period ended**<br> **October 31,**<br> **2024**<sup>(a)</sup> |
| **PER SHARE DATA:** |  |  |
| Net asset value, beginning of period | $19.79 | $19.95 |
| **INVESTMENT OPERATIONS:**  |  |  |
| Net investment income<sup>(b)(c)</sup> | 0.24 | 0.03 |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | (0.47) | (0.19) |
| Total from investment operations | (0.23) | (0.16) |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | (0.30) | – |
| Total distributions | (0.30) | – |
| Net asset value, end of period | $19.26 | $19.79 |
| **TOTAL RETURN<sup>(e)</sup>**  | -1.17% | -0.80% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
| Net assets, end of period (in thousands) | $1603 | $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> | 2.43% | 0.96% |
| Portfolio turnover rate<sup>(e)</sup> | 4% | 13% |

---

(a) Inception
 date of the Fund was August 29, 2024.

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

(c) 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.

(d) 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.

(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.

---

| | |
|:---|:---|
| **Financial Highlights** |  |
| **SP Funds 2030 Target Date Fund** | **Investor** |

---

For a Share Outstanding throughout the periods presented.

---

| | | |
|:---|:---|:---|
|  | **Period ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Period ended**<br> **October 31,**<br> **2024**<sup>(a)</sup> |
| **PER SHARE DATA:** | | |
| Net asset value, beginning of period | $19.76 | $20.00 |
| **INVESTMENT OPERATIONS:** |  |  |
| <br>Net investment income<sup>(b)(c)</sup> | 0.20 | 0.07 |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | (0.45) | (0.31) |
| Total from investment operations | (0.25) | (0.24) |
| **LESS DISTRIBUTIONS FROM:** |  |  |
| Net investment income | (0.29) | – |
| Total distributions | (0.29) | – |
| Net asset value, end of period | $19.22 | $19.76 |
| **TOTAL RETURN<sup>(e)</sup>**  | -1.32% | -1.20% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
| Net assets, end of period (in thousands) | $2491 | $2186 |

---

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

---

| | |
|:---|:---|
| **Financial Highlights** |  |
| **SP Funds 2030 Target Date Fund** | **Investor** |

---

For a Share Outstanding throughout the periods presented.

---

| | | |
|:---|:---|:---|
|  | **Period ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Period ended**<br> **October 31,**<br> **2024**<sup>(a)</sup> |
| 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> | 2.08% | 0.96% |
| Portfolio turnover rate<sup>(e)</sup> | 4% | 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 periods.

(c) 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.

(d) 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.

(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.

---

| | |
|:---|:---|
| **Financial Highlights** |  |
| **SP Funds 2040 Target Date Fund** | **Institutional Class** |

---

For a Share Outstanding throughout the periods presented.

---

| | | |
|:---|:---|:---|
|  | **Period ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Period ended**<br> **October 31,**<br> **2024**<sup>(a)</sup> |
| **PER SHARE DATA:** |  |  |
| Net asset value, beginning of period | $19.07 | $19.25 |
| **INVESTMENT OPERATIONS:** |  |  |
| Net investment income<sup>(b)(c)</sup> | 0.06 | 0.01 |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | (0.73) | (0.19) |
| Total from investment operations | (0.67) | (0.18) |
| **LESS DISTRIBUTIONS FROM:** |  |  |
| Net investment income | (0.06) | – |
| Total distributions | (0.06) | – |
| Net asset value, end of period | $18.34 | $19.07 |
| **TOTAL RETURN<sup>(e)</sup>** | -3.54% | -0.93% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
| Net assets, end of period (in thousands) | $851 | $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> | 0.68% | 0.20% |
| Portfolio turnover rate<sup>(e)</sup> | 1% | –% |

---

(a) Inception
 date of the Fund was August 29, 2024.

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

(c) 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.

(d) 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.

(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.

---

| | |
|:---|:---|
| **Financial Highlights** |  |
| **SP Funds 2040 Target Date Fund** | **Investor Shares** |

---

For a Share Outstanding throughout the periods presented.

---

| | | |
|:---|:---|:---|
|  | **Period ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Period ended**<br> **October 31,**<br> **2024**<sup>(a)</sup> |
| **PER SHARE DATA:** |  |  |
| Net asset value, beginning of period | $19.06 | $20.00 |
| **INVESTMENT OPERATIONS:**  |  |  |
| Net investment income<sup>(b)(c)</sup> | 0.03 | 0.00<sup>(h)</sup> |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | (0.75) | (0.94) |
| Total from investment operations | (0.72) | (0.94) |
| **LESS DISTRIBUTIONS FROM:**  |  |  |
| Net investment income | (0.06) | – |
| Total distributions | (0.06) | – |
| Net asset value, end of period | $18.28 | $19.06 |
| **TOTAL RETURN<sup>(e)</sup>**  | -3.81% | -4.70% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
| Net assets, end of period (in thousands) | $1074 | $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> | 0.29% | 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 periods.

(c) 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.

(d) 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.

(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.

(h) Represents
 less than $0.005 per share.

**Financial Highlights**

---

| | |
|:---|:---|
| **SP Funds 2050 Target Date Fund** | **Institutional** **Class** |

---

For a Share Outstanding throughout the periods presented.

---

| | |
|:---|:---|
|  | **Period ended**<br>**April 30,**<br>**2025**<sup>(a)</sup>**<br>**(Unaudited)** |
| **PER SHARE DATA:** |  |
| Net asset value, beginning of period | $19.37 |
| **INVESTMENT OPERATIONS:** |  |
| Net investment income<sup>(b)(c)</sup> | 0.05 |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | (1.56) |
| Total from investment operations | (1.51) |
| **LESS DISTRIBUTIONS FROM:** |  |
| Net investment income | (0.04) |
| Total distributions | (0.04) |
| Net asset value, end of period | $17.82 |
| **TOTAL RETURN<sup>(e)</sup>** | -7.82% |

---

**Financial Highlights**

---

| | |
|:---|:---|
| **SP Funds 2050 Target Date Fund** | **Institutional** **Class** |

---

For a Share Outstanding throughout the periods presented.

---

| | |
|:---|:---|
|  | **Period ended** |
|  | **April 30,** |
|  | **2025**<sup>(a)</sup>** |
|  | **(Unaudited)** |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |
| Net assets, end of period (in thousands) | $283 |
| 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> | 0.78% |
| Portfolio turnover rate<sup>(e)</sup> | 65% |

---

(a) Inception
 date of the Fund was December 18, 2024.

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

(c) 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.

(d) 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.

(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.

**Financial Highlights**

---

| | |
|:---|:---|
| **SP Funds 2050 Target Date Fund** | **Investor Shares** |

---

For a Share Outstanding throughout the periods presented.

---

| | | |
|:---|:---|:---|
|  | **Period ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Period ended**<br> **October 31,**<br> **2024**<sup>(a)</sup> |
| **PER SHARE DATA:** |  |  |
| Net asset value, beginning of period | $18.78 | $20.00 |
| **INVESTMENT OPERATIONS:**<br> Net investment income (loss)<sup>(b)(c)</sup> | 0.03 | (0.01) |
| Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | (0.97) | (1.21) |
| Total from investment operations | (0.94) | (1.22) |
| **LESS DISTRIBUTIONS FROM:** |  |  |
| Net investment income | (0.04) | – |
| Total distributions | (0.04) | – |
| Net asset value, end of period | $17.80 | $18.78 |
| **TOTAL RETURN<sup>(e)</sup>** | -5.04% | -6.10% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
| Net assets, end of period (in thousands) | $1282 | $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> | 0.37% | (0.09)% |
| Portfolio turnover rate<sup>(e)</sup> | 65% | 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 periods.

(c) 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.

(d) 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.

(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.

**Financial Highlights**

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

For a Share Outstanding throughout the periods presented.

---

| | | |
|:---|:---|:---|
|  | **Period ended**<br> **April 30, 2025**<br> **(Unaudited)** | **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> | 0.02 | 0.06 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | (1.00) | 6.81 |
| Total from investment operations | (0.98) | 6.87 |
| **LESS DISTRIBUTIONS FROM:**  |  |  |
| Net investment income | (0.10) | (0.06) |
| Total distributions | (0.10) | (0.06) |
| ETF transaction fees per share | 0.00<sup>(d)</sup> | 0.00<sup>(d)</sup> |
| Net asset value, end of period | $25.73 | $26.81 |
| **TOTAL RETURN<sup>(e)</sup>** | -3.68% | 34.34% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
| Net assets, end of period (in thousands) | $49526 | $39539 |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.55% | 0.55% |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 0.16% | 0.25% |
| Portfolio turnover rate<sup>(e)(g)</sup> | 16% | 15% |

---

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

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

(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) Portfolio
 turnover rate excludes in-kind transactions.

**Financial Highlights**

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

For a Share Outstanding throughout the periods presented.

---

| | | |
|:---|:---|:---|
|  | **Period ended**<br> **April 30, 2025**<br> **(Unaudited)** | **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> | 0.15 | 0.21 |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | (0.52) | 2.63 |
| Total from investment operations | (0.37) | 2.84 |
| **LESS DISTRIBUTIONS FROM:** |  |  |
| Net investment income | (0.15) | (0.22) |
| Total distributions | (0.15) | (0.22) |
| ETF transaction fees per share | 0.00<sup>(d)</sup> | 0.01 |
| Net asset value, end of period | $22.11 | $22.63 |
| **TOTAL RETURN<sup>(e)</sup>** | -1.63% | 14.31% |
| **SUPPLEMENTAL DATA AND RATIOS:** |  |  |

---

**Financial Highlights**

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

For a Share Outstanding throughout the periods presented.

---

| | | |
|:---|:---|:---|
|  | **Period ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Period ended**<br> **October 31,**<br> **2024**<sup>(a)</sup> |
| Net assets, end of period (in thousands) | $46432 | $26593 |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.55% | 0.55% |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 1.39% | 1.11% |
| Portfolio turnover rate<sup>(e)(g)</sup> | 21% | 30% |

---

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

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

(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) Portfolio
 turnover rate excludes in-kind transactions.

SP FUNDS TRUST

NOTES TO THE FINANCIAL STATEMENTS

April 30, 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:

---

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

&nbsp;&nbsp;&nbsp;&nbsp;A. *Security Valuation.* Equity securities, which may include Real Estate Investment Trusts ("REITS"), Business Development Companies
 ("BDCs"), and Master Limited Partnerships ("MLPs",listed on a securities exchange, market or automated quotation
 system for which quotationsare readily available (except for securities traded on The Nasdaq Stock Market, LLC ("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 the 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 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

SP FUNDS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

April 30, 2025

particular situation, including a review of various factors set forth in the Adviser's Pricing 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. U.S. 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 April 30, 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 | $3967215 | $— | $— | $3967215 |
| **Total Assets** | $3967215 | $— | $— | $3967215 |
| **SP Funds 2040 Target Date Fund** |  |  |  |  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | $1854769 | $— | $— | $1854769 |
| **Total Assets** | $1854769 | $— | $— | $1854769 |
| **SP Funds 2050 Target Date Fund** |  |  |  |  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Exchange Traded Funds | $1512108 | $— | $— | $1512108 |
| **Total Assets** | $1512108 | $— | $— | $1512108 |
| **SP Funds S&P Global Technology ETF** |  |  |  |  |
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $49401009 | $— | $— | $49401009 |
| **Total Assets** | $49401009 | $— | $— | $49401009 |

---

SP FUNDS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

April 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SP Funds S&P World (ex-US) ETF** | | | | |
|  | <br>**Level 1** | <br>**Level 2** | <br>**Level 3** | <br>**Total** |
| **Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $45975945 | $74951 | $— | $46050896 |
| &nbsp;&nbsp;&nbsp;Real Estate Investment Trusts – Common | 127756 |  |  | 127756 |
| &nbsp;&nbsp;&nbsp;Rights | 617 |  |  | 617 |
| **Total Assets** | $46104318 | $74951 | $— | $46179269 |
| Refer to the Schedules of Investments for industry classifications. | Refer to the Schedules of Investments for industry classifications. | Refer to the Schedules 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 April 30, 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. Interest 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 U.S. 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)

April 30, 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. *Organizational and Offering Costs.* All organizational and offering costs for the Trust and the Funds will be borne by the Adviser. The Trust and
 the Funds do not have an obligation to reimburse the Adviser for organization and offering costs paid on their behalf.

**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.

&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 asset 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 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.

SP FUNDS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

April 30, 2025

● *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.

&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

SP FUNDS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

April 30, 2025

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.

&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

SP FUNDS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

April 30, 2025

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**<br>| **Investment**<br>**Advisory Fee**<br>|
| 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**<br>| **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 period ended April 30, 2025, are disclosed in the Statements of Operations.

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

SP FUNDS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

April 30, 2025

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 Adviser, which serves as the Chief Operating Decision Maker ("CODM"). The Adviser is responsible for assessing each Fund's financial performance and allocating resources. In making these assessments, the Adviser 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.

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

For the period ended April 30, 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 | $855759 | $154096 |
| 2040 Target Date Fund | 468289 | 22105 |
| 2050 Target Date Fund | 2039264 | 779249 |
| Global Technology ETF | 9619214 | 7248385 |
| World ETF | 24268466 | 7180073 |

---

There were no purchases or sales of long-term U.S. government securities for the period ended April 30, 2025.

For the period ended April 30, 2025, in-kind transactions associated with creations and redemptions for the Funds were as follows:

SP FUNDS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

April 30, 2025

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| 2030 Target Date Fund | $— | $— |
| 2040 Target Date Fund |  |  |
| 2050 Target Date Fund |  |  |
| Global Technology ETF | 10396827 |  |
| World ETF | 3431576 |  |

---

**NOTE 7 – TRANSACTIONS WITH AFFILIATES**

The 2030 Target Date Fund had the following investments in affiliates during the period ended April 30, 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** | **<br> Market <br> Value as of<br> April 30,<br> 2025** | **Share<br> Balance as of<br> April 30,<br> 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 | $59476 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $(72525) | $&nbsp;&nbsp;&nbsp;&nbsp;- | $309329 | 11934 | $1413 | $(14015) | $(4373) |
| &nbsp;&nbsp;SP Funds S&P World (ex-US) ETF | 172035 | 140211 |  | (3409) |  | 303723 | 13730 | 1463 | (5044) | (70) |
| &nbsp;&nbsp;SP Funds Dow Jones Global Sukuk ETF | 1548340 | 442948 |  |  |  | 1989709 | 109868 | 43246 | (1579) |  |
| &nbsp;&nbsp;SP Funds S&P Global REIT Sharia ETF | 349212 | 79656 |  |  |  | 392457 | 20732 | 8271 | (36411) |  |
| &nbsp;&nbsp;SP Funds S&P 500 Sharia Industry Exclusions ETF | 867655 | 120488 | - | (59077) | - | 865374 | 22390 | 3360 | (60874) | (2818) |
| &nbsp;&nbsp;**Total** | $**3278008** | $**842779** | $**-** | $**(135011)** | $**-** | $**3860592** | **178654** | $**57753** | $**(117923)** | $**(7261)** |

---

The 2040 Target Date Fund had the following investments in affiliates during the period ended April 30, 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 <br> Value as of<br> April 30,<br> 2025** | **Share<br> Balance as of<br> April 30,<br> 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 | $81023 | $&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $&nbsp;&nbsp;&nbsp;&nbsp; - | $634470 | 24478 | $2249 | $(23330) | $- |
| &nbsp;&nbsp;SP Funds S&P World (ex-US) ETF | 149307 | 235116 |  | (3297) |  | 377541 | 17067 | 1348 | (3578) | (7) |
| &nbsp;&nbsp;SP Funds S&P 500 Sharia Industry Exclusions ETF | 602461 | 106892 |  | (13665) |  | 656663 | 16990 | 2280 | (39832) | 807 |
| &nbsp;&nbsp; SP Funds Dow Jones Global Sukuk ETF | 77222 | 18935 |  | (1612) |  | 94625 | 5225 | 1951 | 132 | (52) |
| &nbsp;&nbsp;SP Funds S&P Global REIT Sharia ETF | 75757 | 26322 | - | (3530) | - | 91470 | 4832 | 1712 | (6934) | (145) |
| &nbsp;&nbsp; **Total**  | $**1481524** | $**468288** | $**-** | $**(22104)** | $**-** | $**1854769** | **68592** | $**9540** | $**(73542)** | $**603** |

---

SP FUNDS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

April 30, 2025

The 2050 Target Date Fund had the following investments in affiliates during the period ended April 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security Name** | **Market** **Value as of**<br> **October 31, <br> 2024** | **Purchases** | **Purchases** <br>**In-Kind** | **Sales** | **Sales**<br> **In-Kind** | **Market** <br> **Value as of** **April 30,**<br> **2025** | **Share** <br>**Balance as of** <br>**April 30,** <br> **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 | $769056 | $&nbsp;&nbsp;&nbsp;&nbsp;- | $(344158) | $&nbsp;&nbsp;&nbsp;&nbsp;- | $517260 | 19956 | $1720 | $(52966) | $(5551) |
| &nbsp;&nbsp;SP Funds S&P World (ex-US) ETF | 39058 | 349663 |  | (77220) |  | 307793 | 13914 | 1078 | (3028) | (680) |
| &nbsp;&nbsp;SP Funds S&P 500 Sharia Industry Exclusions ETF | 157599 | 771680 |  | (325781) |  | 535341 | 13851 | 1801 | (64910) | (3247) |
| &nbsp;&nbsp;SP Funds Dow Jones Global Sukuk ETF | 20190 | 74429 |  | (17913) |  | 77149 | 4260 | 1525 | 893 | (450) |
| &nbsp;&nbsp;SP Funds S&P Global REIT Sharia ETF | 19819 | 74436 | - | (14177) | - | 74565 | 3939 | 1368 | (4838) | (675) |
| &nbsp;&nbsp;**Total** | $**387545** | $**2039264** | $**-** | $**(779249)** | $**-** | $**1512108** | **55920** | $**7492** | $**(124849)** | $**(10603)** |

---

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

The tax character of distributions paid during the period ended April 30, 2025 (estimated), were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Distributions paid from:**  | **2030 Target<br> Date Fund** | **2040 Target<br> Date Fund** | **2050 Target<br> Date Fund** | **Global<br> Technology** | **World ETF** |
| &nbsp;&nbsp;Ordinary income | $59899 | $4990 | $2498 | $165635 | $249260 |

---

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

---

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

---

As of October 31, 2024, the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Distributions paid from:**  | **2030 Target<br> Date Fund**  | **2040 Target<br> Date Fund**  | **2050 Target<br> Date Fund**  | **Global<br> Technology ETF**  | **World ETF** |
| &nbsp;&nbsp;Investments, at cost | $3392074 | $1497556 | $397592 | $32502874 | $24687880 |
| &nbsp;&nbsp;Gross tax unrealized appreciation | 29675 | 9496 | 1963 | 8075672 | 3304156 |
| &nbsp;&nbsp;Gross tax unrealized depreciation | (50956) | (25528) | (12010) | (1463216) | (1405472) |
| &nbsp;&nbsp;Net tax unrealized appreciation (depreciation) | (21281) | (16032) | (10047) | 6612456 | 1898684 |
| &nbsp;&nbsp;Undistributed ordinary income | 10158 | 2473 | 525 | 101282 |  |
| &nbsp;&nbsp;Undistributed long-term capital gain (loss) | - | - | - | - | - |
| &nbsp;&nbsp;Total distributable earnings/(accumulated l) | 10158 | 2473 | 525 | 101282 | - |
| &nbsp;&nbsp;Other accumulated gain (loss) | - | - | - | (198) | (151) |
| &nbsp;&nbsp;Total distributable earnings/(accumulated l) | $(11123) | $(13559) | $(9522) | $6713540 | $1898533 |

---

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

SP FUNDS TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

April 30, 2025

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, 2024, the Funds did not defer any post-October losses.

As of October 31, 2024, the Funds did not have any unused capital loss carryforward.

**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. At April 30, 2025, Charles Schwab owned, as record shareholder, 100% of the outstanding shares of the 2030 Target Date Fund, 2040 Target Date Fund, and 2050 Target Date Fund. It is not known whether any underlying beneficial owners owned or controlled 25% or more of the voting securities of the Funds.

**NOTE 10 – SHARES 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.

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 – 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 recognized or disclosed in the Funds' financial statements.

&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>**

Not Applicable.

**<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.* Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](ex99-cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.* Furnished herewith.](ex99-906cert.htm)

**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 | July 6, 2025 |

---

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

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Irfan Chaudhry |
|  | Irfan Chaudhry, President/Principal Executive Officer |
| Date | July 6, 2025 |
| By (Signature and Title)\* | /s/ Glenn Vitale |
|  | Glenn Vitale, Treasurer/Principal Financial Officer |
| Date | July 4, 2025 |

---

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

## Ex-99.Cert

[SP Funds Trust N-CSRS](spfunds-ncsr_043025.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:

&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;(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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: | July 6, 2025 | /s/ Irfan Chaudhry |
| | | Irfan Chaudhry<br> 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:

&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;(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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: | July 4, 2025 | /s/ Glenn Vitale |
| | | Irfan Chaudhry<br> Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

[SP Funds Trust N-CSRS](spfunds-ncsr_043025.htm)

**Exhibit 99-906CERT**

**<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 April 30, 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<br> President/Principal Executive Officer,<br> SP Funds Trust | Irfan Chaudhry<br> President/Principal Executive Officer,<br> SP Funds Trust | Glenn Vitale<br> Treasurer/Principal Financial Officer,<br> SP Funds Trust | Glenn Vitale<br> Treasurer/Principal Financial Officer,<br> SP Funds Trust |
| Dated: | July 6, 2025 | Dated: | July 4, 2025 |

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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.