# EDGAR Filing Document

**Accession Number:** 0001031008
**File Stem:** 0001162044-26-000152
**Filing Date:** 2026-2
**Character Count:** 171528
**Document Hash:** 8550f47d6dbb82593ee732d72654bff9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-26-000152.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0001162044-26-000152

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260220

**DATE AS OF CHANGE**: 20260220

**EFFECTIVENESS DATE**: 20260220

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08021
- **FILM NUMBER:** 26659463

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

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

<u>Azzad Funds</u>

(Exact name of registrant as specified in charter)

3141 Fairview Park Drive, Suite 355

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

(Address of principal executive offices)

(Zip code)

Bashar Qasem

3141 Fairview Park Drive

Suite 355

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

(Name and address of agent for service)

With copies to:

Thompson Hine LLP

Cassandra W. Borchers

312 Walnut Street

Cincinnati, OH, 45202

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

Date of fiscal year end: June 30

Date of reporting period: December 31, 2025

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

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

**Item 1. Reports to Stockholders.**

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

SEMI-ANNUAL SHAREHOLDER REPORT

**December 31, 2025 (Unaudited)**

Azzad Ethical Fund

***ADJEX***

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

This semi-annual shareholder report contains important information about the Azzad Ethical Fund - ADJEX (the "Fund") for the period July 1, 2025 to December 31, 2025.

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

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

**What were the Fund costs for the past six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment\*** |
| &nbsp;&nbsp;Azzad Ethical Fund | &nbsp;&nbsp;$50 | &nbsp;&nbsp;0.99% |

---

\*Annualized

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

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

![](image_002.gif)

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;ADVISORY FEES |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;(NET OF WAIVERS): |
| &nbsp;&nbsp;$137.3 MILLION | &nbsp;&nbsp;81 | &nbsp;&nbsp;28.66% | &nbsp;&nbsp;$491463 |

---

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

(% of Net Assets)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;IDEXX Laboratories, Inc. | &nbsp;&nbsp;4.61% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;4.17% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Cadence Design Systems, Inc. | &nbsp;&nbsp;3.87% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;3.05% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Coherent, Inc. | &nbsp;&nbsp;2.89% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;2.76% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Cloudfare, Inc. Class A | &nbsp;&nbsp;2.72% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;2.70% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;2.62% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;HEICO Corp. Class A | &nbsp;&nbsp;2.52% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;31.91% |

---

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

The Fund has not had any material changes during the six months ended December 31, 2025.

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

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

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

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

SEMI-ANNUAL SHAREHOLDER REPORT

**December 31, 2025 (Unaudited)**

Azzad Wise Capital Fund

***WISEX***

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

This semi-annual shareholder report contains important information about the Azzad Wise Capital Fund - WISEX (the "Fund") for the period July 1, 2025 to December 31, 2025.

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

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

**What were the Fund costs for the past six months?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Costs of a $10,000 investment** | &nbsp;&nbsp;**Costs paid as a percentage of a $10,000 investment\*** |
| &nbsp;&nbsp;Azzad Wise Capital Fund | &nbsp;&nbsp;$45 | &nbsp;&nbsp;0.89% |

---

\*Annualized

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

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

![](image_004.gif)

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;PORTFOLIO | &nbsp;&nbsp;ADVISORY FEES |
| &nbsp;&nbsp;NET ASSETS: | &nbsp;&nbsp;HOLDINGS: | &nbsp;&nbsp;TURNOVER: | &nbsp;&nbsp;(NET OF WAIVERS): |
| &nbsp;&nbsp;$362.6 MILLION | &nbsp;&nbsp;216 | &nbsp;&nbsp;10.35% | &nbsp;&nbsp;$1309934 |

---

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

(% of Net Assets)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;1. | &nbsp;&nbsp;TNB Global Ventures Cap., Sr. Unsecd. Note, Series EMTN, 3.244%, 10/19/2026 | &nbsp;&nbsp;2.19% |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Perusahaan Penerbit SBSN Indois Sukuk, Series REGS, 4.150%, 03/29/2027 | &nbsp;&nbsp;2.15% |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;ICD Sukuk Co. Ltd., 5.000%, 02/01/2027 | &nbsp;&nbsp;2.12% |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Axiata Spv2 Bhd, 4.357%, 03/24/2026 | &nbsp;&nbsp;2.10% |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Mazoon Assets Co. SAOC. Sr. Unsecd Note, Series 144A, 5.250%, 10/09/2031 | &nbsp;&nbsp;1.92% |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Banque Saudi Fransi, Sr. Unsecd. Note, Series REGS, 4.750%, 05/31/2028 | &nbsp;&nbsp;1.89% |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;DAE Sukuk DIFC Ltd., Sr. Unsecd. Note, Series REGS, 3.750%, 02/15/2026 | &nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;EI Sukuk Co. Ltd., Sr. Unsecd. Note, 5.431%, 05/28/2029 | &nbsp;&nbsp;1.85% |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Perusahaan Penerbit SBSN Indois Sukuk, Series 144A, 5.000%, 05/25/2030 | &nbsp;&nbsp;1.84% |
| &nbsp;&nbsp;10. | &nbsp;&nbsp;Wakala Global Sukuk BHD, REGS, 3.179%, 04/27/2026 | &nbsp;&nbsp;1.78% |
|  | &nbsp;&nbsp;Total % of Net Assets | &nbsp;&nbsp;19.70% |

---

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

The Fund has not had any material changes during the six months ended December 31, 2025.

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

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

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

**Item 2. Code of Ethics.** Not applicable.

**Item 3. Audit Committee Financial Expert.** Not applicable.

**Item 4. Principal Accountant Fees and Services.** Not applicable.

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

**Item 6. Schedule of Investments.**

Not applicable – schedule filed with Item 7.

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

![](image_005.gif)

**Table of Contents**

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Page |
| &nbsp;&nbsp;Schedule of Investments | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Statements of Assets and Liabilities | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;Statements of Operations | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;Statements of Changes in Net Assets | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;Financial Highlights | &nbsp;&nbsp;17 |
| &nbsp;&nbsp;Notes to Financial Statements | &nbsp;&nbsp;19 |
| &nbsp;&nbsp;Additional Information | &nbsp;&nbsp;38 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Azzad Ethical Fund** | &nbsp;&nbsp;**Azzad Ethical Fund** | &nbsp;&nbsp;**Azzad Ethical Fund** |
| &nbsp;&nbsp;**Schedule of Investments** | &nbsp;&nbsp;**Schedule of Investments** | &nbsp;&nbsp;**Schedule of Investments** |
| &nbsp;&nbsp;**December 31, 2025 (Unaudited)** | &nbsp;&nbsp;**December 31, 2025 (Unaudited)** | &nbsp;&nbsp;**December 31, 2025 (Unaudited)** |
| &nbsp;&nbsp;**<u>Shares</u>** |  | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**COMMON STOCKS - 95.61%** | &nbsp;&nbsp;**COMMON STOCKS - 95.61%** |  |
| &nbsp;&nbsp;**Aircraft & Parts - 2.52%** | &nbsp;&nbsp;**Aircraft & Parts - 2.52%** |  |
| &nbsp;&nbsp;13683 | &nbsp;&nbsp;HEICO Corp. Class A | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3454000 |
| &nbsp;&nbsp;**Apparel & Other Finished Products of Fabrics & Similar Material - 0.53%** | &nbsp;&nbsp;**Apparel & Other Finished Products of Fabrics & Similar Material - 0.53%** |  |
| &nbsp;&nbsp;3519 | &nbsp;&nbsp;Lululemon Athletica, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 731283 |
| &nbsp;&nbsp;**Auto Controls for Regulating Residential & Commercial Environments - 0.14%** | &nbsp;&nbsp;**Auto Controls for Regulating Residential & Commercial Environments - 0.14%** |  |
| &nbsp;&nbsp;508 | &nbsp;&nbsp;Trane Technologies PLC (Ireland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197714 |
| &nbsp;&nbsp;**Computer Peripheral Equipment - 1.15%** | &nbsp;&nbsp;**Computer Peripheral Equipment - 1.15%** |  |
| &nbsp;&nbsp;19816 | &nbsp;&nbsp;Fortinet, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1573589 |
| &nbsp;&nbsp;**Electric Services - 1.14%** | &nbsp;&nbsp;**Electric Services - 1.14%** |  |
| &nbsp;&nbsp;3338 | &nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1179215 |
| &nbsp;&nbsp;2361 | &nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380900 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1560115 |
| &nbsp;&nbsp;**Electrical Work - 4.47%** | &nbsp;&nbsp;**Electrical Work - 4.47%** |  |
| &nbsp;&nbsp;686 | &nbsp;&nbsp;Emcor Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419688 |
| &nbsp;&nbsp;13551 | &nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5719335 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6139023 |
| &nbsp;&nbsp;**Electronic Components - 1.00%** | &nbsp;&nbsp;**Electronic Components - 1.00%** |  |
| &nbsp;&nbsp;8452 | &nbsp;&nbsp;Vertiv Holdings Co. Class A | &nbsp;&nbsp;1369309 |
| &nbsp;&nbsp;**Electronic Computers - 0.22%** | &nbsp;&nbsp;**Electronic Computers - 0.22%** |  |
| &nbsp;&nbsp;10488 | &nbsp;&nbsp;Super Micro Computer, Inc. \* | &nbsp;&nbsp;306984 |
| &nbsp;&nbsp;**General Industrial Machinery & Equipment - 0.22%** | &nbsp;&nbsp;**General Industrial Machinery & Equipment - 0.22%** |  |
| &nbsp;&nbsp;3758 | &nbsp;&nbsp;Ingersoll Rand, Inc. | &nbsp;&nbsp;297709 |
| &nbsp;&nbsp;**Household Appliances - 1.70%** | &nbsp;&nbsp;**Household Appliances - 1.70%** |  |
| &nbsp;&nbsp;20894 | &nbsp;&nbsp;SharkNinja, Inc. \* | &nbsp;&nbsp;2338039 |
| &nbsp;&nbsp;**In Vitro & In Vivo Diagnostic Substances - 4.61%** | &nbsp;&nbsp;**In Vitro & In Vivo Diagnostic Substances - 4.61%** |  |
| &nbsp;&nbsp;9362 | &nbsp;&nbsp;Idexx Laboratories, Inc. \* | &nbsp;&nbsp;6333674 |
| &nbsp;&nbsp;**Industrial Instruments for Measurement, Display, and Control - 0.46%** | &nbsp;&nbsp;**Industrial Instruments for Measurement, Display, and Control - 0.46%** |  |
| &nbsp;&nbsp;1417 | &nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;630749 |
| &nbsp;&nbsp;**Instruments for Measuring & Testing of Electricity & Electric Signals - 0.71%** | &nbsp;&nbsp;**Instruments for Measuring & Testing of Electricity & Electric Signals - 0.71%** |  |
| &nbsp;&nbsp;10576 | &nbsp;&nbsp;Itron, Inc. \* | &nbsp;&nbsp;982087 |
| &nbsp;&nbsp;**Laboratory Analytical Instruments - 3.54%** | &nbsp;&nbsp;**Laboratory Analytical Instruments - 3.54%** |  |
| &nbsp;&nbsp;21461 | &nbsp;&nbsp;Coherent, Inc. \* | &nbsp;&nbsp;3961057 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;82 | &nbsp;&nbsp;Mettler Toledo International, Inc. \* | &nbsp;&nbsp;114324 |
| &nbsp;&nbsp;2069 | &nbsp;&nbsp;Waters Corp. \* | &nbsp;&nbsp;785868 |
|  |  | &nbsp;&nbsp;4861249 |
| &nbsp;&nbsp;**Leather & Leather Products - 0.53%** | &nbsp;&nbsp;**Leather & Leather Products - 0.53%** |  |
| &nbsp;&nbsp;5714 | &nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 730078 |
| &nbsp;&nbsp;**Men's & Boys' Furnishings, Work Clothing, & Allied Garments - 0.69%** | &nbsp;&nbsp;**Men's & Boys' Furnishings, Work Clothing, & Allied Garments - 0.69%** |  |
| &nbsp;&nbsp;5017 | &nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 943547 |
| &nbsp;&nbsp;**Metalworking Machinery & Equipment - 2.01%** | &nbsp;&nbsp;**Metalworking Machinery & Equipment - 2.01%** |  |
| &nbsp;&nbsp;11541 | &nbsp;&nbsp;Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2765685 |
| &nbsp;&nbsp;**Mining & Quarrying of Nonmetallic Minerals (No Fuels) - 2.14%** | &nbsp;&nbsp;**Mining & Quarrying of Nonmetallic Minerals (No Fuels) - 2.14%** |  |
| &nbsp;&nbsp;4416 | &nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2749667 |
| &nbsp;&nbsp;681 | &nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194235 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2943902 |
| &nbsp;&nbsp;**Oil & Gas Field Machinery & Equipment - 0.21%** | &nbsp;&nbsp;**Oil & Gas Field Machinery & Equipment - 0.21%** |  |
| &nbsp;&nbsp;6486 | &nbsp;&nbsp;Baker Hughes Co. | &nbsp;&nbsp;295372 |
| &nbsp;&nbsp;**Optical Instruments & Lenses - 3.05%** | &nbsp;&nbsp;**Optical Instruments & Lenses - 3.05%** |  |
| &nbsp;&nbsp;3449 | &nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;4190811 |
| &nbsp;&nbsp;**Ordnance & Accessories (No Vehicles/Guided Missiles) - 0.61%** | &nbsp;&nbsp;**Ordnance & Accessories (No Vehicles/Guided Missiles) - 0.61%** |  |
| &nbsp;&nbsp;1472 | &nbsp;&nbsp;Axon Enterprises, Inc. \* | &nbsp;&nbsp;835993 |
| &nbsp;&nbsp;**Pharmaceutical Preparations - 1.40%** | &nbsp;&nbsp;**Pharmaceutical Preparations - 1.40%** |  |
| &nbsp;&nbsp;4591 | &nbsp;&nbsp;Alnylam Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1825611 |
| &nbsp;&nbsp;1587 | &nbsp;&nbsp;Biomarin Pharmaceutical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94315 |
|  |  | &nbsp;&nbsp;1919926 |
| &nbsp;&nbsp;**Railroad Equipment - 0.48%** | &nbsp;&nbsp;**Railroad Equipment - 0.48%** |  |
| &nbsp;&nbsp;3078 | &nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 656999 |
| &nbsp;&nbsp;**Refuse Systems - 1.01%** | &nbsp;&nbsp;**Refuse Systems - 1.01%** |  |
| &nbsp;&nbsp;6515 | &nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1380724 |
| &nbsp;&nbsp;**Retail-Auto Dealers & Gasoline Stations - 1.37%** | &nbsp;&nbsp;**Retail-Auto Dealers & Gasoline Stations - 1.37%** |  |
| &nbsp;&nbsp;48093 | &nbsp;&nbsp;Copart, Inc. \* | &nbsp;&nbsp;1882841 |
| &nbsp;&nbsp;**Retail-Building Materials, Hardware, Garden Supply - 4.07%** | &nbsp;&nbsp;**Retail-Building Materials, Hardware, Garden Supply - 4.07%** |  |
| &nbsp;&nbsp;89730 | &nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;3600865 |
| &nbsp;&nbsp;39588 | &nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;1979796 |
|  |  | &nbsp;&nbsp;5580661 |
| &nbsp;&nbsp;**Retail-Catalog & Mail-Order Houses - 1.84%** | &nbsp;&nbsp;**Retail-Catalog & Mail-Order Houses - 1.84%** |  |
| &nbsp;&nbsp;9060 | &nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;1233972 |
| &nbsp;&nbsp;54946 | &nbsp;&nbsp;Coupang, Inc. \* | &nbsp;&nbsp;1296176 |
|  |  | &nbsp;&nbsp;2530148 |
| &nbsp;&nbsp;**Retail-Eating & Drinking Places - 0.25%** | &nbsp;&nbsp;**Retail-Eating & Drinking Places - 0.25%** |  |
| &nbsp;&nbsp;5611 | &nbsp;&nbsp;Dutch Bros, Inc. Class A \* | &nbsp;&nbsp;343505 |
| &nbsp;&nbsp;**Retail-Retail Stores - 0.78%** | &nbsp;&nbsp;**Retail-Retail Stores - 0.78%** |  |
| &nbsp;&nbsp;1768 | &nbsp;&nbsp;Ulta Beauty, Inc. \* | &nbsp;&nbsp;1069658 |
| &nbsp;&nbsp;**Retail-Shoe Stores - 1.76%** | &nbsp;&nbsp;**Retail-Shoe Stores - 1.76%** |  |
| &nbsp;&nbsp;13705 | &nbsp;&nbsp;Boot Barn Holdings, Inc. \* | &nbsp;&nbsp;2418521 |
| &nbsp;&nbsp;**Rolling Drawing & Extruding of Nonferrous Metals - 2.76%** | &nbsp;&nbsp;**Rolling Drawing & Extruding of Nonferrous Metals - 2.76%** |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;18456 | &nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;3783849 |
| &nbsp;&nbsp;**Rubber & Plastics Footwear - 1.59%** | &nbsp;&nbsp;**Rubber & Plastics Footwear - 1.59%** |  |
| &nbsp;&nbsp;46863 | &nbsp;&nbsp;On Holding AG Class A (Switzerland) \* | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2178192 |
| &nbsp;&nbsp;**Semiconductors & Related Devices - 3.98%** | &nbsp;&nbsp;**Semiconductors & Related Devices - 3.98%** |  |
| &nbsp;&nbsp;10293 | &nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1762985 |
| &nbsp;&nbsp;4086 | &nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3703387 |
|  |  | &nbsp;&nbsp;5466372 |
| &nbsp;&nbsp;**Services-Business Services - 3.11%** | &nbsp;&nbsp;**Services-Business Services - 3.11%** |  |
| &nbsp;&nbsp;2000 | &nbsp;&nbsp;Corpay, Inc. \* | &nbsp;&nbsp;601860 |
| &nbsp;&nbsp;5219 | &nbsp;&nbsp;DoorDash, Inc. \* | &nbsp;&nbsp;1181999 |
| &nbsp;&nbsp;514 | &nbsp;&nbsp;Fair Isaac Corp. \* | &nbsp;&nbsp;868979 |
| &nbsp;&nbsp;7103 | &nbsp;&nbsp;Fiserv, Inc. \* | &nbsp;&nbsp;477109 |
| &nbsp;&nbsp;1975 | &nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;1133117 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4263064 |
| &nbsp;&nbsp;**Services-Computer Integrated Systems Design - 0.58%** | &nbsp;&nbsp;**Services-Computer Integrated Systems Design - 0.58%** |  |
| &nbsp;&nbsp;24365 | &nbsp;&nbsp;Waystar Holding Corp. \* | &nbsp;&nbsp;797954 |
| &nbsp;&nbsp;**Services-Computer Processing & Data Preparation - 2.04%** | &nbsp;&nbsp;**Services-Computer Processing & Data Preparation - 2.04%** |  |
| &nbsp;&nbsp;4722 | &nbsp;&nbsp;Reddit, Inc. Class A \* | &nbsp;&nbsp;1085446 |
| &nbsp;&nbsp;32775 | &nbsp;&nbsp;Toast, Inc. Class A \* | &nbsp;&nbsp;1163840 |
| &nbsp;&nbsp;2561 | &nbsp;&nbsp;Workday, Inc. \* | &nbsp;&nbsp;550052 |
|  |  | &nbsp;&nbsp;2799338 |
| &nbsp;&nbsp;**Services-Computer Programming Services - 1.36%** | &nbsp;&nbsp;**Services-Computer Programming Services - 1.36%** |  |
| &nbsp;&nbsp;3450 | &nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 838177 |
| &nbsp;&nbsp;4562 | &nbsp;&nbsp;Zscaler, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1026085 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1864262 |
| &nbsp;&nbsp;**Services-Computer Programming, Data Processing, Etc. - 2.01%** | &nbsp;&nbsp;**Services-Computer Programming, Data Processing, Etc. - 2.01%** |  |
| &nbsp;&nbsp;1000 | &nbsp;&nbsp;AppLovin Corp. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 673820 |
| &nbsp;&nbsp;39812 | &nbsp;&nbsp;Pinterest, Inc. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1030733 |
| &nbsp;&nbsp;27823 | &nbsp;&nbsp;The Trade Desk, Inc. Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1056161 |
|  |  | &nbsp;&nbsp;2760714 |
| &nbsp;&nbsp;**Services-Equipment Rental & Leasing - 1.12%** | &nbsp;&nbsp;**Services-Equipment Rental & Leasing - 1.12%** |  |
| &nbsp;&nbsp;1902 | &nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1539327 |
| &nbsp;&nbsp;**Services-Prepackaged Software - 19.72%** | &nbsp;&nbsp;**Services-Prepackaged Software - 19.72%** |  |
| &nbsp;&nbsp;8659 | &nbsp;&nbsp;Atlassian Corp. Class A (United Kingdom) \* | &nbsp;&nbsp;1403970 |
| &nbsp;&nbsp;2190 | &nbsp;&nbsp;Autodesk, Inc. \* | &nbsp;&nbsp;648262 |
| &nbsp;&nbsp;16988 | &nbsp;&nbsp;Cadence Design Systems, Inc. \* | &nbsp;&nbsp;5310109 |
| &nbsp;&nbsp;18929 | &nbsp;&nbsp;Cloudfare, Inc. Class A \* | &nbsp;&nbsp;3731852 |
| &nbsp;&nbsp;3819 | &nbsp;&nbsp;CoreWeave, Inc. Class A \* | &nbsp;&nbsp;273479 |
| &nbsp;&nbsp;1874 | &nbsp;&nbsp;CrowdStrike Holdings, Inc. Class A \* | &nbsp;&nbsp;878456 |
| &nbsp;&nbsp;24635 | &nbsp;&nbsp;Datadog, Inc. Class A \* | &nbsp;&nbsp;3350114 |
| &nbsp;&nbsp;4589 | &nbsp;&nbsp;HubSpot, Inc. \* | &nbsp;&nbsp;1841566 |
| &nbsp;&nbsp;3982 | &nbsp;&nbsp;Manhattan Associates, Inc. \* | &nbsp;&nbsp;690120 |
| &nbsp;&nbsp;1275 | &nbsp;&nbsp;MongoDB, Inc. \* | &nbsp;&nbsp;535105 |
| &nbsp;&nbsp;16289 | &nbsp;&nbsp;Roblox Corp. Class A \* | &nbsp;&nbsp;1319898 |
| &nbsp;&nbsp;11215 | &nbsp;&nbsp;Snowflake, Inc. Class A \* | &nbsp;&nbsp;2460122 |
| &nbsp;&nbsp;4012 | &nbsp;&nbsp;Tyler Technologies, Inc. \* | &nbsp;&nbsp;1821247 |
| &nbsp;&nbsp;12567 | &nbsp;&nbsp;Veeva Systems, Inc. Class A \* | &nbsp;&nbsp;2805331 |
|  |  | &nbsp;&nbsp;27069631 |
| &nbsp;&nbsp;**Services-To Dwellings & Other Buildings - 1.95%** | &nbsp;&nbsp;**Services-To Dwellings & Other Buildings - 1.95%** |  |
| &nbsp;&nbsp;44538 | &nbsp;&nbsp;Rollins, Inc. \* | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2673171 |
| &nbsp;&nbsp;**Surgical & Medical Instruments & Apparatus - 3.71%** | &nbsp;&nbsp;**Surgical & Medical Instruments & Apparatus - 3.71%** |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;13154 | &nbsp;&nbsp;DexCom, Inc. \* | &nbsp;&nbsp;873031 |
| &nbsp;&nbsp;11106 | &nbsp;&nbsp;Insulet Corp. \* | &nbsp;&nbsp;3156769 |
| &nbsp;&nbsp;4393 | &nbsp;&nbsp;Resmed, Inc. | &nbsp;&nbsp;1058142 |
|  |  | &nbsp;&nbsp;5087942 |
| &nbsp;&nbsp;**Transportation Services - 2.02%** | &nbsp;&nbsp;**Transportation Services - 2.02%** |  |
| &nbsp;&nbsp;9782 | &nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;2771338 |
| &nbsp;&nbsp;**Trucking (No Local) - 1.07%** | &nbsp;&nbsp;**Trucking (No Local) - 1.07%** |  |
| &nbsp;&nbsp;9344 | &nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;1465139 |
| &nbsp;&nbsp;**Wholesale-Drugs, Proprietaries & Druggists' Sundries - 1.59%** | &nbsp;&nbsp;**Wholesale-Drugs, Proprietaries & Druggists' Sundries - 1.59%** |  |
| &nbsp;&nbsp;5546 | &nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;1873161 |
| &nbsp;&nbsp;380 | &nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;311710 |
|  |  | &nbsp;&nbsp;2184871 |
| &nbsp;&nbsp;**Wholesale-Durable Goods - 0.96%** | &nbsp;&nbsp;**Wholesale-Durable Goods - 0.96%** |  |
| &nbsp;&nbsp;1308 | &nbsp;&nbsp;W.W. Grainger, Inc. | &nbsp;&nbsp;1319837 |
| &nbsp;&nbsp;**Wholesale-Miscellaneous Durable Goods - 1.43%** | &nbsp;&nbsp;**Wholesale-Miscellaneous Durable Goods - 1.43%** |  |
| &nbsp;&nbsp;8606 | &nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;1968623 |
| &nbsp;&nbsp;TOTAL FOR INVESTMENTS (Cost $95,908,083) \*\* - 95.61% | &nbsp;&nbsp;TOTAL FOR INVESTMENTS (Cost $95,908,083) \*\* - 95.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131257519 |
| &nbsp;&nbsp;OTHER ASSETS LESS LIABILITIES, NET - 4.39% | &nbsp;&nbsp;OTHER ASSETS LESS LIABILITIES, NET - 4.39% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6020121 |
| &nbsp;&nbsp;NET ASSETS - 100.00% | &nbsp;&nbsp;NET ASSETS - 100.00% | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;137277640 |
| &nbsp;&nbsp;\* Non-income producing securities during the period. | &nbsp;&nbsp;\* Non-income producing securities during the period. |  |
| &nbsp;&nbsp;\*\* Refer to Note 9 for Tax Cost. | &nbsp;&nbsp;\*\* Refer to Note 9 for Tax Cost. |  |
| &nbsp;&nbsp;AG - Abbreviation for the German word Aktiengesellschaft. | &nbsp;&nbsp;AG - Abbreviation for the German word Aktiengesellschaft. |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Azzad Wise Capital Fund** | &nbsp;&nbsp;**Azzad Wise Capital Fund** | &nbsp;&nbsp;**Azzad Wise Capital Fund** |
| &nbsp;&nbsp;**Schedule of Investments** | &nbsp;&nbsp;**Schedule of Investments** | &nbsp;&nbsp;**Schedule of Investments** |
| &nbsp;&nbsp;**December 31, 2025 (Unaudited)** | &nbsp;&nbsp;**December 31, 2025 (Unaudited)** | &nbsp;&nbsp;**December 31, 2025 (Unaudited)** |
| &nbsp;&nbsp;**<u>Shares/Par</u>** |  | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**COMMON STOCKS - 5.07%** | &nbsp;&nbsp;**COMMON STOCKS - 5.07%** |  |
| &nbsp;&nbsp;**Arrangement of Transportation of Freight & Cargo - 0.31%** | &nbsp;&nbsp;**Arrangement of Transportation of Freight & Cargo - 0.31%** |  |
| &nbsp;&nbsp;3686 | &nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592561 |
| &nbsp;&nbsp;3601 | &nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536585 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1129146 |
| &nbsp;&nbsp;**Beverages - 0.24%** | &nbsp;&nbsp;**Beverages - 0.24%** |  |
| &nbsp;&nbsp;6174 | &nbsp;&nbsp;The Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446921 |
| &nbsp;&nbsp;3114 | &nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 878546 |
| &nbsp;&nbsp;**Computer & Office Equipment - 0.13%** | &nbsp;&nbsp;**Computer & Office Equipment - 0.13%** |  |
| &nbsp;&nbsp;1586 | &nbsp;&nbsp;International Business Machines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 469789 |
| &nbsp;&nbsp;**Construction, Mining & Materials Handling Machinery & Equipment - 0.14%** | &nbsp;&nbsp;**Construction, Mining & Materials Handling Machinery & Equipment - 0.14%** |  |
| &nbsp;&nbsp;2586 | &nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504891 |
| &nbsp;&nbsp;**Converted Paper & Paperboard Products - 0.08%** | &nbsp;&nbsp;**Converted Paper & Paperboard Products - 0.08%** |  |
| &nbsp;&nbsp;2762 | &nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 278658 |
| &nbsp;&nbsp;**Electromedical & Electrotherapeutic Apparatus - 0.16%** | &nbsp;&nbsp;**Electromedical & Electrotherapeutic Apparatus - 0.16%** |  |
| &nbsp;&nbsp;6091 | &nbsp;&nbsp;Medtronic PLC (Ireland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585102 |
| &nbsp;&nbsp;**Electronic & Other Electrical Equipment - 0.16%** | &nbsp;&nbsp;**Electronic & Other Electrical Equipment - 0.16%** |  |
| &nbsp;&nbsp;4327 | &nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 574279 |
| &nbsp;&nbsp;**General Industrial Machinery & Equipment - 0.20%** | &nbsp;&nbsp;**General Industrial Machinery & Equipment - 0.20%** |  |
| &nbsp;&nbsp;1773 | &nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436690 |
| &nbsp;&nbsp;1121 | &nbsp;&nbsp;Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269522 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 706212 |
| &nbsp;&nbsp;**Household Appliances - 0.12%** | &nbsp;&nbsp;**Household Appliances - 0.12%** |  |
| &nbsp;&nbsp;6410 | &nbsp;&nbsp;A.O. Smith Corp. | &nbsp;&nbsp;428701 |
| &nbsp;&nbsp;**Industrial Inorganic Chemicals - 0.25%** | &nbsp;&nbsp;**Industrial Inorganic Chemicals - 0.25%** |  |
| &nbsp;&nbsp;1502 | &nbsp;&nbsp;Air Products & Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371024 |
| &nbsp;&nbsp;1213 | &nbsp;&nbsp;Linde AG PLC (Ireland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 517211 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 888235 |
| &nbsp;&nbsp;**Industrial Instruments for Measurement, Display, and Control - 0.12%** | &nbsp;&nbsp;**Industrial Instruments for Measurement, Display, and Control - 0.12%** |  |
| &nbsp;&nbsp;1004 | &nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446911 |
| &nbsp;&nbsp;**Men's & Boy's Furnishings - 0.14%** | &nbsp;&nbsp;**Men's & Boy's Furnishings - 0.14%** |  |
| &nbsp;&nbsp;2776 | &nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522082 |
| &nbsp;&nbsp;**Miscellaneous Food Preparations & Kindred Products - 0.08%** | &nbsp;&nbsp;**Miscellaneous Food Preparations & Kindred Products - 0.08%** |  |
| &nbsp;&nbsp;4083 | &nbsp;&nbsp;McCormick & Company, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 278093 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Natural Gas Distribution - 0.11%** | &nbsp;&nbsp;**Natural Gas Distribution - 0.11%** |  |
| &nbsp;&nbsp;2361 | &nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395774 |
| &nbsp;&nbsp;**Perfumes, Cosmetics & Other Toilet Preparations - 0.22%** | &nbsp;&nbsp;**Perfumes, Cosmetics & Other Toilet Preparations - 0.22%** |  |
| &nbsp;&nbsp;4929 | &nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389490 |
| &nbsp;&nbsp;24469 | &nbsp;&nbsp;Kenvue, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 422090 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 811580 |
| &nbsp;&nbsp;**Petroleum Refining - 0.08%** | &nbsp;&nbsp;**Petroleum Refining - 0.08%** |  |
| &nbsp;&nbsp;2486 | &nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299165 |
| &nbsp;&nbsp;**Pharmaceutical Preparations - 0.49%** | &nbsp;&nbsp;**Pharmaceutical Preparations - 0.49%** |  |
| &nbsp;&nbsp;4410 | &nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552529 |
| &nbsp;&nbsp;2332 | &nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 532839 |
| &nbsp;&nbsp;3381 | &nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 699698 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1785066 |
| &nbsp;&nbsp;**Retail-Building Materials, Hardware, Garden Supply - 0.28%** | &nbsp;&nbsp;**Retail-Building Materials, Hardware, Garden Supply - 0.28%** |  |
| &nbsp;&nbsp;11508 | &nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461816 |
| &nbsp;&nbsp;1705 | &nbsp;&nbsp;The Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552471 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1014287 |
| &nbsp;&nbsp;**Retail-Lumber & Other Building Materials - 0.15%** | &nbsp;&nbsp;**Retail-Lumber & Other Building Materials - 0.15%** |  |
| &nbsp;&nbsp;2186 | &nbsp;&nbsp;Lowe's Companies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527176 |
| &nbsp;&nbsp;**Retail-Variety Stores - 0.09%** | &nbsp;&nbsp;**Retail-Variety Stores - 0.09%** |  |
| &nbsp;&nbsp;3319 | &nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324432 |
| &nbsp;&nbsp;**Services-Computer Programming, Data Processing, Etc. - 0.04%** | &nbsp;&nbsp;**Services-Computer Programming, Data Processing, Etc. - 0.04%** |  |
| &nbsp;&nbsp;469 | &nbsp;&nbsp;Factset Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136099 |
| &nbsp;&nbsp;**Services-Consumer Credit Reporting, Collection Agencies - 0.12%** | &nbsp;&nbsp;**Services-Consumer Credit Reporting, Collection Agencies - 0.12%** |  |
| &nbsp;&nbsp;838 | &nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437930 |
| &nbsp;&nbsp;**Soap, Detergent, Cleaning Preparations, Perfumes, Cosmetics - 0.34%** | &nbsp;&nbsp;**Soap, Detergent, Cleaning Preparations, Perfumes, Cosmetics - 0.34%** |  |
| &nbsp;&nbsp;4191 | &nbsp;&nbsp;Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351415 |
| &nbsp;&nbsp;2036 | &nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534491 |
| &nbsp;&nbsp;2517 | &nbsp;&nbsp;The Procter Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360711 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1246617 |
| &nbsp;&nbsp;**Special Industry Machinery (No Metalworking Machinery) - 0.19%** | &nbsp;&nbsp;**Special Industry Machinery (No Metalworking Machinery) - 0.19%** |  |
| &nbsp;&nbsp;6670 | &nbsp;&nbsp;Pentair PLC (Ireland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 694614 |
| &nbsp;&nbsp;**Specialty Cleaning, Polishing & Sanitation Preparations - 0.07%** | &nbsp;&nbsp;**Specialty Cleaning, Polishing & Sanitation Preparations - 0.07%** |  |
| &nbsp;&nbsp;2400 | &nbsp;&nbsp;The Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241992 |
| &nbsp;&nbsp;**Steel Works, Blasts Furnaces & Rolling Mills (Coke Ovens) - 0.10%** | &nbsp;&nbsp;**Steel Works, Blasts Furnaces & Rolling Mills (Coke Ovens) - 0.10%** |  |
| &nbsp;&nbsp;2254 | &nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367650 |
| &nbsp;&nbsp;**Surgical & Medical Instruments & Apparatus - 0.15%** | &nbsp;&nbsp;**Surgical & Medical Instruments & Apparatus - 0.15%** |  |
| &nbsp;&nbsp;762 | &nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147881 |
| &nbsp;&nbsp;1427 | &nbsp;&nbsp;West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540506 |
| &nbsp;&nbsp;**Wholesale-Drugs, Proprietaries & Druggists' Sundries - 0.14%** | &nbsp;&nbsp;**Wholesale-Drugs, Proprietaries & Druggists' Sundries - 0.14%** |  |
| &nbsp;&nbsp;2558 | &nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525669 |
| &nbsp;&nbsp;**Wholesale-Durable Goods - 0.15%** | &nbsp;&nbsp;**Wholesale-Durable Goods - 0.15%** |  |
| &nbsp;&nbsp;551 | &nbsp;&nbsp;W.W. Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555987 |
| &nbsp;&nbsp;**Wholesale-Groceries & Related Products - 0.11%** | &nbsp;&nbsp;**Wholesale-Groceries & Related Products - 0.11%** |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;5384 | &nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396747 |
| &nbsp;&nbsp;**Wholesale-Motor Vehicle Supplies & New Parts - 0.11%** | &nbsp;&nbsp;**Wholesale-Motor Vehicle Supplies & New Parts - 0.11%** |  |
| &nbsp;&nbsp;3268 | &nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401833 |
| &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $11,770,258) - 5.07% | &nbsp;&nbsp;TOTAL FOR COMMON STOCKS (Cost $11,770,258) - 5.07% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18393769 |
| &nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUSTS - 0.11%** | &nbsp;&nbsp;**REAL ESTATE INVESTMENT TRUSTS - 0.11%** |  |
| &nbsp;&nbsp;1577 | &nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412669 |
| &nbsp;&nbsp;TOTAL FOR REAL ESTATE INVESTMENT TRUSTS (Cost $411,588) - 0.11% | &nbsp;&nbsp;TOTAL FOR REAL ESTATE INVESTMENT TRUSTS (Cost $411,588) - 0.11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412669 |
| &nbsp;&nbsp;**SUKUKS - 70.37%** | &nbsp;&nbsp;**SUKUKS - 70.37%** |  |
| &nbsp;&nbsp;**Banks - 15.35%** | &nbsp;&nbsp;**Banks - 15.35%** |  |
| &nbsp;&nbsp;4560000 | &nbsp;&nbsp;ADIB Sukuk II Co. Ltd., Sr. Unsecd. Note, Series REGS, 5.695%, 11/15/2028 (United Arab Emirates) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4731420 |
| &nbsp;&nbsp;5000000 | &nbsp;&nbsp;AL Rajhi Sukuk, Ltd., Sr. Unsecd. Note, Series REGS, 4.750%, 04/05/2028 (Saudi Arabia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5037102 |
| &nbsp;&nbsp;2000000 | &nbsp;&nbsp;AL Rajhi Sukuk, Ltd., Jr. Sub. Note, Series EMTN, 6.250%, 07/21/2030 (Saudi Arabia) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2036776 |
| &nbsp;&nbsp;2500000 | &nbsp;&nbsp;AUB Sukuk, Ltd., Unsecd. Note, Series EMTN, 2.615%, 09/09/2026 (Bahrain) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2466902 |
| &nbsp;&nbsp;6800000 | &nbsp;&nbsp;Banque Saudi Fransi, Sr. Unsecd. Note, Series REGS, 4.750%, 05/31/2028 (Saudi Arabia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6844267 |
| &nbsp;&nbsp;3000000 | &nbsp;&nbsp;Banque Saudi Fransi, Sr. Unsecd. Note, Series REGS, 5.375%, 01/21/2030 (Saudi Arabia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3087221 |
| &nbsp;&nbsp;4500000 | &nbsp;&nbsp;DIB Sukuk, Ltd., Series REGS, 5.243%, 03/04/2029 (United Arab Emirates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4614373 |
| &nbsp;&nbsp;3000000 | &nbsp;&nbsp;FAB Sukuk Co. Ltd., Sr. Unsecd. Note, Series REGS, 1.411%, 01/14/2026 (United Arab Emirates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2992320 |
| &nbsp;&nbsp;3000000 | &nbsp;&nbsp;FAB Sukuk Co. Ltd., Sr. Unsecd. Note, Series REGS, 2.591%, 03/02/2027 (United Arab Emirates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2942187 |
| &nbsp;&nbsp;2000000 | &nbsp;&nbsp;FAB Sukuk Co. Ltd., Sr. Unsecd. Note, 5.153%, 01/16/2030 (United Arab Emirates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2072151 |
| &nbsp;&nbsp;3000000 | &nbsp;&nbsp;NCB Tier 1 Sukuk Ltd. Jr. Sub. Note, 3.500%, 07/26/2026 (Saudi Arabia) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2951520 |
| &nbsp;&nbsp;4950000 | &nbsp;&nbsp;QIB Sukuk, Ltd., Sr. Unsecd. Note, REGS, 5.581%, 11/22/2028 (Qatar) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5134240 |
| &nbsp;&nbsp;3500000 | &nbsp;&nbsp;SIB Sukuk, Co. III Ltd., Series REGS, 5.200%, 02/26/2030 (United Arab Emirates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3573427 |
| &nbsp;&nbsp;5000000 | &nbsp;&nbsp;SNB Sukuk Ltd., Sr. Unsecd. Note, REGS, 5.129%, 02/27/2029 (Saudi Arabia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5116400 |
| &nbsp;&nbsp;2000000 | &nbsp;&nbsp;Warba Sukuk Ltd., Sr. Unsecd. Note, Series EMTN, 5.351%, 07/10/2029 (Kuwait) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2063818 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55664124 |
| &nbsp;&nbsp;**Communications Equipment - 6.20%** | &nbsp;&nbsp;**Communications Equipment - 6.20%** |  |
| &nbsp;&nbsp;7600000 | &nbsp;&nbsp;Axiata Spv2 Bhd, 4.357%, 03/24/2026 (Malaysia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7603747 |
| &nbsp;&nbsp;4580000 | &nbsp;&nbsp;Axiata Spv2 Bhd, Series REGS, 2.163%, 08/19/2030 (Malaysia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4148635 |
| &nbsp;&nbsp;7700000 | &nbsp;&nbsp;ICD Sukuk Co. Ltd., 5.000%, 02/01/2027 (United Arab Emirates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7695149 |
| &nbsp;&nbsp;3000000 | &nbsp;&nbsp;TT Varlik Kiralama, Sr. Unsecd. Note, Series 144A, 6.500%, 10/30/2030 (Turkey) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3031878 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22479409 |
| &nbsp;&nbsp;**Energy - 5.29%** | &nbsp;&nbsp;**Energy - 5.29%** |  |
| &nbsp;&nbsp;4000000 | &nbsp;&nbsp;EDO Sukuk, Ltd., Sr. Unsecd. Note, Series 144A, 5.662%, 07/03/2031 (Oman) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4186000 |
| &nbsp;&nbsp;3300000 | &nbsp;&nbsp;EDO Sukuk, Ltd., Sr. Unsecd. Note, Series 144A, 5.875%, 09/21/2033 (Oman) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3501300 |
| &nbsp;&nbsp;2500000 | &nbsp;&nbsp;Nogaholding Sukuk Ltd., Sr. Unsecd. Note, Series REGS, 5.250%, 04/08/2029 (Bahrain) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2486214 |
| &nbsp;&nbsp;3000000 | &nbsp;&nbsp;SA Global Sukuk, Ltd., Sr. Unsecd. Note, REGS, 1.602%, 06/17/2026 (Saudi Arabia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2963073 |
| &nbsp;&nbsp;3500000 | &nbsp;&nbsp;SA Global Sukuk, Ltd., Sr. Unsecd. Note, Series 144A, 4.250%, 10/02/2029 (Saudi Arabia) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3484495 |
| &nbsp;&nbsp;2800000 | &nbsp;&nbsp;SA Global Sukuk, Ltd., Sr. Unsecd. Note, Series 144A, 2.694%, 06/17/2031 (Saudi Arabia) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2544920 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19166002 |
| &nbsp;&nbsp;**Financial Services - 5.05%** | &nbsp;&nbsp;**Financial Services - 5.05%** |  |
| &nbsp;&nbsp;1500000 | &nbsp;&nbsp;Air Lease Corp. Sukuk Ltd., Sr. Unsecd. Note, Series 144A, 5.850%, 04/01/2028 (United States) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1534895 |
| &nbsp;&nbsp;3000000 | &nbsp;&nbsp;Air Lease Corp. Sukuk Ltd., Sr. Unsecd. Note, Series REGS, 5.850%, 04/01/2028 (United States) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3069790 |
| &nbsp;&nbsp;2300000 | &nbsp;&nbsp;DAE Sukuk DIFC Ltd., Series 144A, 3.750%, 02/15/2026 (United Arab Emirates) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2292737 |
| &nbsp;&nbsp;6750000 | &nbsp;&nbsp;DAE Sukuk DIFC Ltd., Sr. Unsecd. Note, Series REGS, 3.750%, 02/15/2026 (United Arab Emirates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6728684 |
| &nbsp;&nbsp;1500000 | &nbsp;&nbsp;MDGH Sukuk Ltd. Sr. Unsecd. Note, Series EMTN, 4.959%, 04/04/2034 (United Arab Emirates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1544550 |
| &nbsp;&nbsp;3000000 | &nbsp;&nbsp;SUCI Second Investment Co., Sr. Unsecd. Note, REGS, 6.000%, 10/25/2028 (Saudi Arabia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3141570 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18312226 |
| &nbsp;&nbsp;**Government Owned - 2.55%** | &nbsp;&nbsp;**Government Owned - 2.55%** |  |
| &nbsp;&nbsp;6500000 | &nbsp;&nbsp;EI Sukuk Co. Ltd., Sr. Unsecd. Note, 5.431%, 05/28/2029 (United Arab Emirates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6697921 |
| &nbsp;&nbsp;2500000 | &nbsp;&nbsp;Ma'aden Sukuk Ltd., Sr. Unsecd. Note, Series 144A, 5.250%, 02/13/2030 (Saudi Arabia) (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2566015 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9263936 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Home Construction - 5.51%** | &nbsp;&nbsp;**Home Construction - 5.51%** |  |  |
| &nbsp;&nbsp;3900000 | &nbsp;&nbsp;Aldar Sukuk Ltd., Sr. Unsecd. Note, Series REGS, 4.875%, 05/24/2033 (United Arab Emirates) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3914231 |
| &nbsp;&nbsp;5000000 | &nbsp;&nbsp;Aldar Sukuk (No. 2) Ltd., Sr. Unsecd. Note, Series REGS, 3.875%, 10/22/2029 (United Arab Emirates) | &nbsp;&nbsp;Aldar Sukuk (No. 2) Ltd., Sr. Unsecd. Note, Series REGS, 3.875%, 10/22/2029 (United Arab Emirates) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4873457 |
| &nbsp;&nbsp;5200000 | &nbsp;&nbsp;Emaar Sukuk Ltd., Sr. Unsecd. Note, Series EMTN, 3.700%, 07/06/2031 (United Arab Emirates) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5001485 |
| &nbsp;&nbsp;6000000 | &nbsp;&nbsp;ESIC Sukuk Ltd., Sr. Unsecd. Note, Series REGS, 5.831%, 02/14/2029 (United Arab Emirates) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6199282 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19988455 |
| &nbsp;&nbsp;**Sovereigns - 23.96%** | &nbsp;&nbsp;**Sovereigns - 23.96%** |  |  |
| &nbsp;&nbsp;1500000 | &nbsp;&nbsp;CBB International Sukuk Progr. SPC., Series 144A, 3.950%, 09/16/2027 (Bahrain) (1) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1465624 |
| &nbsp;&nbsp;4400000 | &nbsp;&nbsp;CBB International Sukuk Progr. Sr. Unsecd. Note, Series REGS, 3.950%, 09/16/2027 (Bahrain) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4299163 |
| &nbsp;&nbsp;1000000 | &nbsp;&nbsp;CBB International Sukuk Progr. WLL., Series 144A, 3.875%, 05/18/2029 (Bahrain) (1) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 953160 |
| &nbsp;&nbsp;1000000 | &nbsp;&nbsp;CBB International Sukuk Progr. WLL., Sr. Unsecd., Series REGS, 3.875%, 05/18/2029 (Bahrain) | &nbsp;&nbsp;CBB International Sukuk Progr. WLL., Sr. Unsecd., Series REGS, 3.875%, 05/18/2029 (Bahrain) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 953160 |
| &nbsp;&nbsp;2500000 | &nbsp;&nbsp;Egypt Taskeek Co., Sr. Unsecd. Series REGS, 10.875%, 02/28/2026 (Egypt) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2524750 |
| &nbsp;&nbsp;3500000 | &nbsp;&nbsp;Egypt Taskeek Co., Sr. Unsecd. Series 144A, 6.375%, 04/07/2029 (Egypt) (1) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3591833 |
| &nbsp;&nbsp;3000000 | &nbsp;&nbsp;Global Sukuk Ventures, Private Placement, Series 144A, 4.250%, 11/10/2035 (Qatar) (1) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2974535 |
| &nbsp;&nbsp;1500000 | &nbsp;&nbsp;Hazine Mustesarligi, Series 144A, 5.125%, 06/22/2026 (Turkey) (1) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1506942 |
| &nbsp;&nbsp;3900000 | &nbsp;&nbsp;Hazine Mustesarligi Varli, Sr. Unsecd. Note, Series REGS, 5.125%, 06/22/2026 (Turkey) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3918051 |
| &nbsp;&nbsp;4000000 | &nbsp;&nbsp;Hazine Mustesarligi Varli, Sr. Unsecd. Note, Series 144A, 6.500%, 04/26/2030 (Turkey) (1) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4158252 |
| &nbsp;&nbsp;3000000 | &nbsp;&nbsp;Hazine Mustesarligi Varli, Sr. Unsecd. Note, Series 144A, 6.750%, 09/01/2030 (Turkey) (1) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3144142 |
| &nbsp;&nbsp;7000000 | &nbsp;&nbsp;KSA Sukuk Ltd., Sr. Unsecd. Note, Series REGS, 2.250%, 05/17/2031 (Saudi Arabia) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6284740 |
| &nbsp;&nbsp;3500000 | &nbsp;&nbsp;KSA Ijarah Sukuk Ltd., Series 144A, 4.250%, 09/09/2030 (Saudi Arabia) (1) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3493305 |
| &nbsp;&nbsp;2500000 | &nbsp;&nbsp;Oman, Government, Sr. Unsecd., Series REGS, 4.875%, 06/15/2030 (Oman) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2551267 |
| &nbsp;&nbsp;3000000 | &nbsp;&nbsp;Oman, Government, Sr. Unsecd., Series 144A, 4.875%, 06/15/2030 (Oman) (1) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3061521 |
| &nbsp;&nbsp;1685000 | &nbsp;&nbsp;Perusahaan Penerbit SBSN Indois Sukuk, Series 144A, 4.150%, 03/29/2027 (Indonesia) (1) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1685000 |
| &nbsp;&nbsp;7800000 | &nbsp;&nbsp;Perusahaan Penerbit SBSN Indois Sukuk, Series REGS, 4.150%, 03/29/2027 (Indonesia) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7800000 |
| &nbsp;&nbsp;4700000 | &nbsp;&nbsp;Perusahaan Penerbit SBSN Indois Sukuk, Series 144A, 5.100%, 07/02/2029 (Indonesia) (1) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4820649 |
| &nbsp;&nbsp;6500000 | &nbsp;&nbsp;Perusahaan Penerbit SBSN Indois Sukuk, Series 144A, 5.000%, 05/25/2030 (Indonesia) (1) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6662500 |
| &nbsp;&nbsp;3000000 | &nbsp;&nbsp;Perusahaan Penerbit SBSN Indois Sukuk, Series 144A, 4.500%, 12/01/2030 (Indonesia) (1) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3005400 |
| &nbsp;&nbsp;1000000 | &nbsp;&nbsp;Perusahaan Penerbit SBSN Indois Sukuk, Series 144A, 5.200%, 07/23/2035 (Indonesia) (1) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1020140 |
| &nbsp;&nbsp;6150000 | &nbsp;&nbsp;Sharjah Sukuk Ltd., 3.854%, 04/03/2026 (United Arab Emirates) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6131183 |
| &nbsp;&nbsp;1500000 | &nbsp;&nbsp;Sharjah Sukuk Ltd., Series REGS, 3.234%, 10/23/2029 (United Arab Emirates) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1414740 |
| &nbsp;&nbsp;3000000 | &nbsp;&nbsp;State of Qatar, Private Placement, Series 144A, 3.625%, 11/10/2028 (Qatar) (1) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2979390 |
| &nbsp;&nbsp;6480000 | &nbsp;&nbsp;Wakala Global Sukuk BHD, REGS, 3.179%, 04/27/2026 (Malaysia) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6464513 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86863960 |
| &nbsp;&nbsp;**Utilities - 5.83%** | &nbsp;&nbsp;**Utilities - 5.83%** |  |  |
| &nbsp;&nbsp;6850000 | &nbsp;&nbsp;Mazoon Assets Co. SAOC. Sr. Unsecd Note, Series 144A, 5.250%, 10/09/2031 (Oman) (1) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6966532 |
| &nbsp;&nbsp;3500000 | &nbsp;&nbsp;Saudi Electricity Global, Sr. Unsecd. Note REGS, 2.413%, 09/17/2030 (Saudi Arabia) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3177335 |
| &nbsp;&nbsp;3000000 | &nbsp;&nbsp;Saudi Electricity Global Sukuk, Sr. Unsecd. Note, REGS, 4.942%, 02/13/2029 (Saudi Arabia) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3057407 |
| &nbsp;&nbsp;8000000 | &nbsp;&nbsp;TNB Global Ventures Cap., Sr. Unsecd. Note, Series EMTN, 3.244%, 10/19/2026 (Malaysia) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7938402 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21139676 |
| &nbsp;&nbsp;**Wireline Telecommunications Services - 0.63%** | &nbsp;&nbsp;**Wireline Telecommunications Services - 0.63%** |  |  |
| &nbsp;&nbsp;2300000 | &nbsp;&nbsp;Saudi Telecom Co., Series 144A, 3.890%, 05/13/2029 (Saudi Arabia) (1) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2284290 |
| &nbsp;&nbsp;TOTAL FOR SUKUKS (Cost $252,440,086) - 70.37% | &nbsp;&nbsp;TOTAL FOR SUKUKS (Cost $252,440,086) - 70.37% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255162078 |
| &nbsp;&nbsp;**TRADE FINANCE AGREEMENTS - 2.60% (2) (5)** | &nbsp;&nbsp;**TRADE FINANCE AGREEMENTS - 2.60% (2) (5)** |  |  |
| &nbsp;&nbsp;**<u>Shares/Par</u>** |  | &nbsp;&nbsp;**<u>Cost (2)</u>** | &nbsp;&nbsp;**<u>Fair Value</u>** |
| &nbsp;&nbsp;**Energy - Oil Refining and Marketing - 1.63%** | &nbsp;&nbsp;**Energy - Oil Refining and Marketing - 1.63%** |  |  |
| &nbsp;&nbsp;2171822 | &nbsp;&nbsp;African Export Import Bank 209, 4.639% (4-month SOFR +1.000%), 04/30/2026 (Egypt) (3) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;2165822 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2171822 |
| &nbsp;&nbsp;828178 | &nbsp;&nbsp;African Export Import Bank 209, 4.943% (4-month SOFR +1.000%), 05/18/2026 (Egypt) (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 828178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 828178 |
| &nbsp;&nbsp;13036 | &nbsp;&nbsp;Arab Republic of Egypt, 7.009%, (3.150% 12-months TSOFR + 4.195% - 1.00), 06/25/2026 (Egypt) (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13037 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;20458 | &nbsp;&nbsp;Arab Republic of Egypt, 6.938%, (3.150% 12-months TSOFR + 4.195% - 1.00), 07/06/2026 (Egypt) (3) | &nbsp;&nbsp;07/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20458 |
| &nbsp;&nbsp;32599 | &nbsp;&nbsp;Arab Republic of Egypt, 7.046%, (3.150% 12-months TSOFR + 4.195% - 1.00), 07/09/2026 (Egypt) (3) | &nbsp;&nbsp;07/10/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32599 |
| &nbsp;&nbsp;39280 | &nbsp;&nbsp;Arab Republic of Egypt, 7.039%-7.056%, (3.150% 12-months TSOFR + 4.195% - 1.00), 07/13/2026 (Egypt) (3) | &nbsp;&nbsp;07/14/2025 - 07/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39280 |
| &nbsp;&nbsp;40138 | &nbsp;&nbsp;Arab Republic of Egypt, 7.744%, (3.150% 12-months TSOFR + 4.195% - 1.00), 08/17/2026 (Egypt) (3) | &nbsp;&nbsp;08/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40138 |
| &nbsp;&nbsp;12415 | &nbsp;&nbsp;Arab Republic of Egypt, 6.700%, (3.150% 12-months TSOFR + 4.195% - 1.00), 09/21/2026 (Egypt) (3) | &nbsp;&nbsp;09/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12415 |
| &nbsp;&nbsp;646951 | &nbsp;&nbsp;Arab Republic of Egypt, 7.555%, (3.978% 12-months TSOFR + 4.000% - 1.00), 09/24/2026 (Egypt) (3) | &nbsp;&nbsp;09/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 641541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 646951 |
| &nbsp;&nbsp;369686 | &nbsp;&nbsp;Arab Republic of Egypt, 7.393%, (3.978% 12-months TSOFR + 4.000% - 1.00), 10/19/2026 (Egypt) (3) | &nbsp;&nbsp;10/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369686 |
| &nbsp;&nbsp;184843 | &nbsp;&nbsp;Arab Republic of Egypt, 7.490%, (3.978% 12-months TSOFR + 4.000% - 1.00), 11/12/2026 (Egypt) (3) | &nbsp;&nbsp;11/14/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184843 |
| &nbsp;&nbsp;768366 | &nbsp;&nbsp;Arab Republic of Egypt, 6.678%-7.537%, (3.150%-3.978% 12-months TSOFR + 4.000%-4.195% - 1.00), 11/16/2026 (Egypt) (3) | &nbsp;&nbsp;11/17/2025 - 11/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 768366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 768366 |
| &nbsp;&nbsp;15569 | &nbsp;&nbsp;Arab Republic of Egypt, 6.609%, (3.150% 12-months TSOFR + 4.195% - 1.00), 11/23/2026 (Egypt) (3) | &nbsp;&nbsp;11/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15569 |
| &nbsp;&nbsp;42199 | &nbsp;&nbsp;Arab Republic of Egypt, 6.594%, (3.150% 12-months TSOFR + 4.195% - 1.00), 11/30/2026 (Egypt) (3) | &nbsp;&nbsp;12/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42199 |
| &nbsp;&nbsp;554529 | &nbsp;&nbsp;Arab Republic of Egypt, 7.460%, (3.978% 12-months TSOFR + 4.000% - 1.00), 12/07/2026 (Egypt) (3) | &nbsp;&nbsp;12/09/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 554529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 554529 |
| &nbsp;&nbsp;33334 | &nbsp;&nbsp;Arab Republic of Egypt, 7.898%, (3.150% 12-months TSOFR + 4.195% - 1.00), 12/17/2026 (Egypt) (3) | &nbsp;&nbsp;12/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33334 |
| &nbsp;&nbsp;19963 | &nbsp;&nbsp;Arab Republic of Egypt, 7.898%, (3.150% 12-months TSOFR + 4.195% - 1.00), 01/04/2027 (Egypt) (3) | &nbsp;&nbsp;12/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19963 |
| &nbsp;&nbsp;3411 | &nbsp;&nbsp;Government of Egypt, 8.083%, (12-months SOFR +2.500%), 01/05/2026 (Egypt) (3) | &nbsp;&nbsp;01/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3411 |
| &nbsp;&nbsp;323 | &nbsp;&nbsp;Government of Egypt, 8.112%, (12-months SOFR +2.500%), 01/20/2026 (Egypt) (3) | &nbsp;&nbsp;01/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 |
| &nbsp;&nbsp;18669 | &nbsp;&nbsp;Government of Egypt, 8.124%, (12-months SOFR +2.500%), 01/22/2026 (Egypt) (3) | &nbsp;&nbsp;01/23/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18669 |
| &nbsp;&nbsp;2184 | &nbsp;&nbsp;Government of Egypt, 8.086%, (12-months SOFR +2.500%), 02/02/2026 (Egypt) (3) | &nbsp;&nbsp;02/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2184 |
| &nbsp;&nbsp;8445 | &nbsp;&nbsp;Government of Egypt, 8.097%, (12-months SOFR +2.500%), 02/09/2026 (Egypt) (3) | &nbsp;&nbsp;02/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8445 |
| &nbsp;&nbsp;2728 | &nbsp;&nbsp;Government of Egypt, 8.192%, (12-months SOFR +2.500%), 02/17/2026 (Egypt) (3) | &nbsp;&nbsp;02/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2728 |
| &nbsp;&nbsp;10437 | &nbsp;&nbsp;Government of Egypt, 8.141%, (12-months SOFR +2.500%), 02/23/2026 (Egypt) (3) | &nbsp;&nbsp;02/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10437 |
| &nbsp;&nbsp;2205 | &nbsp;&nbsp;Government of Egypt, 8.054%, (12-months SOFR +2.500%), 02/26/2026 (Egypt) (3) | &nbsp;&nbsp;02/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2205 |
| &nbsp;&nbsp;17251 | &nbsp;&nbsp;Government of Egypt, 7.994%-8.045%, (12-months SOFR +2.500%), 03/02/2026 (Egypt) (3) | &nbsp;&nbsp;03/03/2025 - 03/04/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17251 |
| &nbsp;&nbsp;3835 | &nbsp;&nbsp;Government of Egypt, 7.976%, (12-months SOFR +2.500%), 03/25/2026 (Egypt) (3) | &nbsp;&nbsp;03/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3835 |
| &nbsp;&nbsp;7831 | &nbsp;&nbsp;Government of Egypt, 7.891%, (12-months SOFR +2.500%), 04/02/2026 (Egypt) (3) | &nbsp;&nbsp;04/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7831 |
| &nbsp;&nbsp;4171 | &nbsp;&nbsp;Government of Egypt, 7.781%, (12-months SOFR +2.500%), 04/20/2026 (Egypt) (3) | &nbsp;&nbsp;04/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4171 |
| &nbsp;&nbsp;12460 | &nbsp;&nbsp;Government of Egypt, 7.785%, (12-months SOFR +2.500%), 04/27/2026 (Egypt) (3) | &nbsp;&nbsp;04/25/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12460 |
| &nbsp;&nbsp;2387 | &nbsp;&nbsp;Government of Egypt, 7.685%, (12-months SOFR +2.500%), 05/05/2026 (Egypt) (3) | &nbsp;&nbsp;05/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2387 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;8047 | &nbsp;&nbsp;Government of Egypt, 7.685%-7.886, (12-months SOFR +2.500%), 05/11/2026 (Egypt) (3) | &nbsp;&nbsp;05/12/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8047 |
| &nbsp;&nbsp;3925 | &nbsp;&nbsp;Government of Egypt, 7.980%, (12-months SOFR +2.500%), 05/18/2026 (Egypt) (3) | &nbsp;&nbsp;05/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3925 |
| &nbsp;&nbsp;4569 | &nbsp;&nbsp;Government of Egypt, 7.995%, (12-months SOFR +2.500%), 05/21/2026 (Egypt) (3) | &nbsp;&nbsp;05/22/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4569 |
| &nbsp;&nbsp;12878 | &nbsp;&nbsp;Government of Egypt, 7.970%, (12-months SOFR +2.500%), 06/01/2026 (Egypt) (3) | &nbsp;&nbsp;05/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12878 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5902394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5919123 |
| &nbsp;&nbsp;**Foreign Sovereign - 0.97%** | &nbsp;&nbsp;**Foreign Sovereign - 0.97%** | &nbsp;&nbsp;**Foreign Sovereign - 0.97%** |  |  |
| &nbsp;&nbsp;462744 | &nbsp;&nbsp;Government of Pakistan, 8.261%, (12-months SOFR +1.000%), 01/20/2026 (Pakistan) (3) | &nbsp;&nbsp;01/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 463715 |
| &nbsp;&nbsp;127813 | &nbsp;&nbsp;Government of Pakistan, 7.861%, (12-months SOFR +1.000%), 06/15/2026 (Pakistan) (3) | &nbsp;&nbsp;06/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130407 |
| &nbsp;&nbsp;211012 | &nbsp;&nbsp;Government of Pakistan, 7.878%, (12-months SOFR +1.000%), 06/18/2026 (Pakistan) (3) | &nbsp;&nbsp;06/18/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215296 |
| &nbsp;&nbsp;167981 | &nbsp;&nbsp;Government of Pakistan, 7.785%, (12-months SOFR +1.000%), 06/22/2026 (Pakistan) (3) | &nbsp;&nbsp;06/16/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171391 |
| &nbsp;&nbsp;526067 | &nbsp;&nbsp;Government of Pakistan, 7.752%, (12-months SOFR +1.000%), 06/25/2026 (Pakistan) (3) | &nbsp;&nbsp;06/26/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536746 |
| &nbsp;&nbsp;201705 | &nbsp;&nbsp;Government of Pakistan, 7.707%, (12-months SOFR +1.000%), 06/29/2026 (Pakistan) (3) | &nbsp;&nbsp;07/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205800 |
| &nbsp;&nbsp;226805 | &nbsp;&nbsp;Government of Pakistan, 7.689%, (12-months SOFR +1.000%), 07/02/2026 (Pakistan) (3) | &nbsp;&nbsp;07/03/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231409 |
| &nbsp;&nbsp;106599 | &nbsp;&nbsp;Government of Pakistan, 7.795%, (12-months SOFR +1.000%), 07/23/2026 (Pakistan) (3) | &nbsp;&nbsp;07/24/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108763 |
| &nbsp;&nbsp;232121 | &nbsp;&nbsp;Government of Pakistan, 7.822%, (12-months SOFR +1.000%), 07/27/2026 (Pakistan) (3) | &nbsp;&nbsp;07/28/2025 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 232121 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236833 |
| &nbsp;&nbsp;465788 | &nbsp;&nbsp;Government of Pakistan, 7.635%-7.882%, (12-months SOFR +1.000%), 08/03/2026 (Pakistan) (3) | &nbsp;&nbsp;08/04/2025 - 08/06/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475243 |
| &nbsp;&nbsp;233807 | &nbsp;&nbsp;Government of Pakistan, 7.637%, (12-months SOFR +1.000%), 08/10/2026 (Pakistan) (3) | &nbsp;&nbsp;08/11/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238553 |
| &nbsp;&nbsp;118467 | &nbsp;&nbsp;Government of Pakistan, 7.654%, (12-months SOFR +1.000%), 08/17/2026 (Pakistan) (3) | &nbsp;&nbsp;08/20/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120872 |
| &nbsp;&nbsp;235935 | &nbsp;&nbsp;Government of Pakistan, 8.018%, (12-months SOFR +1.000%), 08/24/2026 (Pakistan) (3) | &nbsp;&nbsp;08/26/2025 - 08/27/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240726 |
| &nbsp;&nbsp;130694 | &nbsp;&nbsp;Government of Pakistan, 7.437%, (12-months SOFR +1.000%), 11/06/2026 (Pakistan) (3) | &nbsp;&nbsp;11/05/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133347 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3447538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3509101 |
| &nbsp;&nbsp;TOTAL FOR TRADE FINANCE AGREEMENTS (Cost $9,349,932) - 2.60% | &nbsp;&nbsp;TOTAL FOR TRADE FINANCE AGREEMENTS (Cost $9,349,932) - 2.60% | &nbsp;&nbsp;TOTAL FOR TRADE FINANCE AGREEMENTS (Cost $9,349,932) - 2.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9349932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9428224 |
| &nbsp;&nbsp;**BANK TIME DEPOSITS - 16.82% (4)** | &nbsp;&nbsp;**BANK TIME DEPOSITS - 16.82% (4)** | &nbsp;&nbsp;**BANK TIME DEPOSITS - 16.82% (4)** |  |  |
| &nbsp;&nbsp;19995033 | &nbsp;&nbsp;Arab Banking Corp., NY Branch, 3.840%-4.620%, 02/09/2026-07/23/2026 (Bahrain) | &nbsp;&nbsp;Arab Banking Corp., NY Branch, 3.840%-4.620%, 02/09/2026-07/23/2026 (Bahrain) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19995033 |
| &nbsp;&nbsp;19351437 | &nbsp;&nbsp;Maybank Islamic Bank, 3.850%-3.950%, 01/23/2026-03/25/2026 (Malaysia) | &nbsp;&nbsp;Maybank Islamic Bank, 3.850%-3.950%, 01/23/2026-03/25/2026 (Malaysia) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19351437 |
| &nbsp;&nbsp;21627011 | &nbsp;&nbsp;Qatar National Bank, 3.960%-4.640%, 01/28/2026-12/30/2026 (Qatar) | &nbsp;&nbsp;Qatar National Bank, 3.960%-4.640%, 01/28/2026-12/30/2026 (Qatar) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21627011 |
| &nbsp;&nbsp;TOTAL FOR BANK TIME DEPOSITS (Cost $60,973,480) - 16.82% | &nbsp;&nbsp;TOTAL FOR BANK TIME DEPOSITS (Cost $60,973,480) - 16.82% | &nbsp;&nbsp;TOTAL FOR BANK TIME DEPOSITS (Cost $60,973,480) - 16.82% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60973481 |
| &nbsp;&nbsp;TOTAL FOR INVESTMENTS (Cost $334,945,344) \*\* - 94.97% | &nbsp;&nbsp;TOTAL FOR INVESTMENTS (Cost $334,945,344) \*\* - 94.97% | &nbsp;&nbsp;TOTAL FOR INVESTMENTS (Cost $334,945,344) \*\* - 94.97% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344370221 |
| &nbsp;&nbsp;OTHER ASSETS LESS LIABILITIES, NET - 5.03% | &nbsp;&nbsp;OTHER ASSETS LESS LIABILITIES, NET - 5.03% | &nbsp;&nbsp;OTHER ASSETS LESS LIABILITIES, NET - 5.03% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18242651 |
| &nbsp;&nbsp;NET ASSETS - 100.00% | &nbsp;&nbsp;NET ASSETS - 100.00% | &nbsp;&nbsp;NET ASSETS - 100.00% |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;362612872 |

---

---

| |
|:---|
| &nbsp;&nbsp;\* Variable rate security; the coupon rate shown represents the yield at December 31, 2025. |
| &nbsp;&nbsp;\*\* Refer to Note 9 for Tax Cost. |
| &nbsp;&nbsp;(1) Denotes a restricted security that may be sold without restriction to "qualified institutional buyers" as defined in Rule 144A under |
| &nbsp;&nbsp;the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees. |
| &nbsp;&nbsp;At December 31, 2025, these liquid restricted securities amount to $76,915,455, which represented 21.21% of total net assets. |
| &nbsp;&nbsp;(2) Denotes a restricted and/or an illiquid security that either: (a) cannot be offered for public sale without first being |
| &nbsp;&nbsp;registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction |
| &nbsp;&nbsp;on public sales; or (c) is considered an illiquid security as defined by the Investment Company Act of 1940. At December 31, 2025, these |
| &nbsp;&nbsp;restricted and/or illiquid securities amounted to $9,428,224, which represented 2.60% of total net assets and are level 3 securities. |
| &nbsp;&nbsp;(3) Floating/variable note with current rate and current maturity or next reset date shown. |
| &nbsp;&nbsp;(4) Variable rate instrument, varying maturity dates ranging from one month to twelve months; 7 day demand redemption clause per deposit. |
| &nbsp;&nbsp;(5) Trade Finance Agreement rates shown are net of ITFC Mudarib Fee which range from 1% - 10%, depending on the agreement. |
| &nbsp;&nbsp;SOFR - Secured Overnight Financial Rate, a benchmark interest rate for dollar-denominated derivatives and loans. |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Azzad Funds** | &nbsp;&nbsp;**Azzad Funds** | &nbsp;&nbsp;**Azzad Funds** |
| &nbsp;&nbsp;**Statements of Assets and Liabilities** | &nbsp;&nbsp;**Statements of Assets and Liabilities** | &nbsp;&nbsp;**Statements of Assets and Liabilities** |
| &nbsp;&nbsp;**December 31, 2025 (Unaudited)** | &nbsp;&nbsp;**December 31, 2025 (Unaudited)** | &nbsp;&nbsp;**December 31, 2025 (Unaudited)** |
|  | &nbsp;&nbsp;**Azzad Ethical** | &nbsp;&nbsp;**Azzad Wise** |
|  | &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Capital Fund</u>** |
| &nbsp;&nbsp;Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Securities at Fair Value (Cost $95,908,083 and $334,945,344, respectively) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;131257519 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;344370221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | &nbsp;&nbsp;6169825 | &nbsp;&nbsp;16432282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157281 | &nbsp;&nbsp;1623819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15606 | &nbsp;&nbsp;26405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sukuk and Other Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;3529789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137617814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366007437 |
| &nbsp;&nbsp;Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Redemptions | &nbsp;&nbsp;22350 | &nbsp;&nbsp;49775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Purchased | &nbsp;&nbsp;199614 | &nbsp;&nbsp;3087750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to Adviser | &nbsp;&nbsp;61239 | &nbsp;&nbsp;206570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution Fees | &nbsp;&nbsp;27002 | &nbsp;&nbsp;13395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee Fees | &nbsp;&nbsp;286 | &nbsp;&nbsp;792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3394565 |
| &nbsp;&nbsp;Net Assets | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;137277640 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;362612872 |
| &nbsp;&nbsp;Net Assets Consist of: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid In Capital | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;107395653 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;353498354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributable Earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29881987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9114518 |
| &nbsp;&nbsp;Net Assets, for 8,427,683 and 33,366,581 Shares Outstanding, respectively | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;137277640 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;362612872 |
| &nbsp;&nbsp;Net Asset Value Per Share | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.29 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.87 |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Azzad Funds** | &nbsp;&nbsp;**Azzad Funds** | &nbsp;&nbsp;**Azzad Funds** |
| &nbsp;&nbsp;**Statements of Operations** | &nbsp;&nbsp;**Statements of Operations** | &nbsp;&nbsp;**Statements of Operations** |
| &nbsp;&nbsp;**For the six months ended December 31, 2025 (Unaudited)** | &nbsp;&nbsp;**For the six months ended December 31, 2025 (Unaudited)** | &nbsp;&nbsp;**For the six months ended December 31, 2025 (Unaudited)** |
|  | &nbsp;&nbsp;**Azzad Ethical** | &nbsp;&nbsp;**Azzad Wise** |
|  | &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Capital Fund</u>** |
| &nbsp;&nbsp;Investment Income: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229602 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sukuk Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5882716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Income from Underlying Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1932530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8010787 |
| &nbsp;&nbsp;Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1414520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer Agent | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and Filing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 824932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1678240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees Waived by the Adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (104586) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 728062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1573654 |
| &nbsp;&nbsp;Net Investment Income (Loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (498460) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6437133 |
| &nbsp;&nbsp;Realized and Unrealized Gain on Investments and Foreign Currency Transactions: |  |  |
| &nbsp;&nbsp; Realized Gain (Loss) on Investments and Foreign Currency Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2686096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153072 |
| &nbsp;&nbsp; Net Change in Unrealized Appreciation on Investments and Foreign Currency Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2269852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2107789 |
| &nbsp;&nbsp;Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (416244) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2260861 |
| &nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; (914704) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 8697994 |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Azzad Ethical Fund** | &nbsp;&nbsp;**Azzad Ethical Fund** | &nbsp;&nbsp;**Azzad Ethical Fund** |
| &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** |
|  | &nbsp;&nbsp;(Unaudited) |  |
|  | &nbsp;&nbsp;Six Months |  |
|  | &nbsp;&nbsp;Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;6/30/2025 |
| &nbsp;&nbsp;**Increase (Decrease) in Net Assets From Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Loss | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; (498460) | &nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp; (901876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2686096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3003145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2269852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase (Decrease) in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (914704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2126153 |
| &nbsp;&nbsp;**Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7360323) |
| &nbsp;&nbsp;**Capital Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5311901) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2430435 |
| &nbsp;&nbsp;Total Decrease in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6226605) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2803735) |
| &nbsp;&nbsp;**Net Assets:** |  |  |
| &nbsp;&nbsp;Beginning of Period/Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143504245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146307980 |
| &nbsp;&nbsp;End of Period/Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;137277640 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;143504245 |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Azzad Wise Capital Fund** | &nbsp;&nbsp;**Azzad Wise Capital Fund** | &nbsp;&nbsp;**Azzad Wise Capital Fund** |
| &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** | &nbsp;&nbsp;**Statements of Changes in Net Assets** |
|  | &nbsp;&nbsp;(Unaudited) |  |
|  | &nbsp;&nbsp;Six Months |  |
|  | &nbsp;&nbsp;Ended | &nbsp;&nbsp;Year Ended |
|  | &nbsp;&nbsp;12/31/2025 | &nbsp;&nbsp;6/30/2025 |
| &nbsp;&nbsp;**Increase (Decrease) in Net Assets From Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6437133 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10971169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (469185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation on Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2107789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4653160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase in Net Assets Resulting from Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8697994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15155144 |
| &nbsp;&nbsp;**Distributions to Shareholders** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6431379) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11306159) |
| &nbsp;&nbsp;**Capital Share Transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18882705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71660143 |
| &nbsp;&nbsp;Total Increase in Net Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21149320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75509128 |
| &nbsp;&nbsp;**Net Assets:** |  |  |
| &nbsp;&nbsp;Beginning of Period/Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 341463552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265954424 |
| &nbsp;&nbsp;End of Period/Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;362612872 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;341463552 |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Azzad Ethical Fund** | &nbsp;&nbsp;**Azzad Ethical Fund** | &nbsp;&nbsp;**Azzad Ethical Fund** | &nbsp;&nbsp;**Azzad Ethical Fund** | &nbsp;&nbsp;**Azzad Ethical Fund** | &nbsp;&nbsp;**Azzad Ethical Fund** | &nbsp;&nbsp;**Azzad Ethical Fund** | &nbsp;&nbsp;**Azzad Ethical Fund** | &nbsp;&nbsp;**Azzad Ethical Fund** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** |
|  | &nbsp;&nbsp;(Unaudited) |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Six Months |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Ended |  | &nbsp;&nbsp;For the Years Ended | &nbsp;&nbsp;For the Years Ended | &nbsp;&nbsp;For the Years Ended | &nbsp;&nbsp;For the Years Ended | &nbsp;&nbsp;For the Years Ended |  |
|  | &nbsp;&nbsp;12/31/2025 |  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;6/30/2024 | &nbsp;&nbsp;6/30/2023 | &nbsp;&nbsp;6/30/2022 | &nbsp;&nbsp;6/30/2021 |  |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Period/Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 16.41 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 17.02 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 16.52 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 13.05 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 20.13 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 15.57 |  |
| &nbsp;&nbsp;Income From Investment Operations: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Loss \* | &nbsp;&nbsp; (0.06) |  | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.12) |  |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp; (0.06) |  | &nbsp;&nbsp; 0.37 | &nbsp;&nbsp; 1.01 | &nbsp;&nbsp; 3.56 | &nbsp;&nbsp; (4.53) | &nbsp;&nbsp; 5.71 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp; (0.12) |  | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp; 0.92 | &nbsp;&nbsp; 3.48 | &nbsp;&nbsp; (4.65) | &nbsp;&nbsp; 5.59 |  |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp; 0.00 |  | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00 |  |
| &nbsp;&nbsp; Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp; (0.88) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (2.43) | &nbsp;&nbsp; (1.03) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp; - |  | &nbsp;&nbsp; (0.88) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (2.43) | &nbsp;&nbsp; (1.03) |  |
| &nbsp;&nbsp;Redemption Fees (a) | &nbsp;&nbsp; 0.00 |  | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp; 0.00 | &nbsp;&nbsp;^ |
| &nbsp;&nbsp;Net Asset Value, at End of Period/Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 16.29 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 16.41 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 17.02 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 16.52 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;13.05 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 20.13 |  |
| &nbsp;&nbsp;Total Return \*\* | &nbsp;&nbsp; (0.73)% | &nbsp;&nbsp;# | &nbsp;&nbsp;1.40% | &nbsp;&nbsp; 5.66% | &nbsp;&nbsp; 26.66% | &nbsp;&nbsp;(26.46)% | &nbsp;&nbsp; 36.53% |  |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Period/Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;137278 |  | &nbsp;&nbsp;$143504 | &nbsp;&nbsp;$146308 | &nbsp;&nbsp;$137619 | &nbsp;&nbsp;$106126 | &nbsp;&nbsp;$137531 |  |
| &nbsp;&nbsp; Before Waivers |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;1.12% | &nbsp;&nbsp;† | &nbsp;&nbsp;1.12% | &nbsp;&nbsp;1.14% | &nbsp;&nbsp;1.14% | &nbsp;&nbsp;1.12% | &nbsp;&nbsp;1.15% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Loss to Average Net Assets | &nbsp;&nbsp; (0.81)% | &nbsp;&nbsp;† | &nbsp;&nbsp; (0.76)% | &nbsp;&nbsp; (0.72)% | &nbsp;&nbsp;(0.70)% | &nbsp;&nbsp; (0.82)% | &nbsp;&nbsp;(0.80)% |  |
| &nbsp;&nbsp; After Waivers |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;† | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;0.99% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Loss to Average Net Assets | &nbsp;&nbsp; (0.68)% | &nbsp;&nbsp;† | &nbsp;&nbsp; (0.63)% | &nbsp;&nbsp; (0.57)% | &nbsp;&nbsp; (0.55)% | &nbsp;&nbsp; (0.69)% | &nbsp;&nbsp; (0.64)% |  |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;28.66% | &nbsp;&nbsp;# | &nbsp;&nbsp;40.09% | &nbsp;&nbsp;24.49% | &nbsp;&nbsp;27.88% | &nbsp;&nbsp;26.23% | &nbsp;&nbsp;64.12% |  |
| &nbsp;&nbsp;(a) The Fund charged a 2.00% redemption fee on shares redeemed within 90 days of purchase. Effective November 1, 2020, the Fund | &nbsp;&nbsp;(a) The Fund charged a 2.00% redemption fee on shares redeemed within 90 days of purchase. Effective November 1, 2020, the Fund | &nbsp;&nbsp;(a) The Fund charged a 2.00% redemption fee on shares redeemed within 90 days of purchase. Effective November 1, 2020, the Fund | &nbsp;&nbsp;(a) The Fund charged a 2.00% redemption fee on shares redeemed within 90 days of purchase. Effective November 1, 2020, the Fund | &nbsp;&nbsp;(a) The Fund charged a 2.00% redemption fee on shares redeemed within 90 days of purchase. Effective November 1, 2020, the Fund | &nbsp;&nbsp;(a) The Fund charged a 2.00% redemption fee on shares redeemed within 90 days of purchase. Effective November 1, 2020, the Fund | &nbsp;&nbsp;(a) The Fund charged a 2.00% redemption fee on shares redeemed within 90 days of purchase. Effective November 1, 2020, the Fund | &nbsp;&nbsp;(a) The Fund charged a 2.00% redemption fee on shares redeemed within 90 days of purchase. Effective November 1, 2020, the Fund |  |
| &nbsp;&nbsp;no longer charges a redemption fee on shares redeemed within 90 days of purchase. | &nbsp;&nbsp;no longer charges a redemption fee on shares redeemed within 90 days of purchase. | &nbsp;&nbsp;no longer charges a redemption fee on shares redeemed within 90 days of purchase. | &nbsp;&nbsp;no longer charges a redemption fee on shares redeemed within 90 days of purchase. |  |  |  |  |  |
| &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period. |  |  |
| &nbsp;&nbsp;\*\* Assumes reinvestment of dividends. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;^ Amount calculated is less than $0.005 per share. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;† Annualized |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;# Not annualized |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. | &nbsp;&nbsp;The accompanying notes are an integral part of these financial statements. |  |  |  |  |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Azzad Wise Capital Fund** | &nbsp;&nbsp;**Azzad Wise Capital Fund** | &nbsp;&nbsp;**Azzad Wise Capital Fund** | &nbsp;&nbsp;**Azzad Wise Capital Fund** | &nbsp;&nbsp;**Azzad Wise Capital Fund** | &nbsp;&nbsp;**Azzad Wise Capital Fund** | &nbsp;&nbsp;**Azzad Wise Capital Fund** | &nbsp;&nbsp;**Azzad Wise Capital Fund** | &nbsp;&nbsp;**Azzad Wise Capital Fund** |
| &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** | &nbsp;&nbsp;**Financial Highlights** |
| &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** | &nbsp;&nbsp;**Selected data for a share outstanding throughout each period/year.** |
|  | &nbsp;&nbsp;(Unaudited) |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Six Months |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp;Ended |  | &nbsp;&nbsp;For the Years Ended | &nbsp;&nbsp;For the Years Ended | &nbsp;&nbsp;For the Years Ended | &nbsp;&nbsp;For the Years Ended | &nbsp;&nbsp;For the Years Ended |  |
|  | &nbsp;&nbsp;12/31/2025 |  | &nbsp;&nbsp;6/30/2025 | &nbsp;&nbsp;6/30/2024 | &nbsp;&nbsp;6/30/2023 | &nbsp;&nbsp;6/30/2022 | &nbsp;&nbsp;6/30/2021 |  |
| &nbsp;&nbsp;Net Asset Value, at Beginning of Period/Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.80 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10.65 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10.54 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10.45 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 11.00 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10.65 |  |
| &nbsp;&nbsp;Income From Investment Operations: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12 |  |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47 |  |
| &nbsp;&nbsp;Distributions: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.10) |  |
| &nbsp;&nbsp; Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) |  |
| &nbsp;&nbsp;Redemption Fees (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00 | &nbsp;&nbsp;^ |
| &nbsp;&nbsp;Net Asset Value, at End of Period/Year | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.87 |  | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10.80 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10.65 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10.54 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10.45 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 11.00 |  |
| &nbsp;&nbsp;Total Return \*\* | &nbsp;&nbsp;2.50% | &nbsp;&nbsp;# | &nbsp;&nbsp;5.24% | &nbsp;&nbsp;4.22% | &nbsp;&nbsp;2.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.46)% | &nbsp;&nbsp;4.39% |  |
| &nbsp;&nbsp;Ratios/Supplemental Data: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Period/Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 362613 |  | &nbsp;&nbsp;$341464 | &nbsp;&nbsp;$265954 | &nbsp;&nbsp;$232124 | &nbsp;&nbsp;$211212 | &nbsp;&nbsp;$195432 |  |
| &nbsp;&nbsp; Before Waivers/Recoupment |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;† | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;0.96% | &nbsp;&nbsp;0.97% | &nbsp;&nbsp;0.98% | &nbsp;&nbsp;1.20% | &nbsp;&nbsp;+ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;3.58% | &nbsp;&nbsp;† | &nbsp;&nbsp;3.58% | &nbsp;&nbsp;3.02% | &nbsp;&nbsp;1.98% | &nbsp;&nbsp;1.14% | &nbsp;&nbsp;1.01% |  |
| &nbsp;&nbsp; After Waivers/Recoupment |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;† | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;0.89% | &nbsp;&nbsp;1.08% | &nbsp;&nbsp;+ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets | &nbsp;&nbsp;3.64% | &nbsp;&nbsp;† | &nbsp;&nbsp;3.63% | &nbsp;&nbsp;3.09% | &nbsp;&nbsp;2.06% | &nbsp;&nbsp;1.23% | &nbsp;&nbsp;1.14% |  |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;10.35% | &nbsp;&nbsp;# | &nbsp;&nbsp;30.13% | &nbsp;&nbsp;36.30% | &nbsp;&nbsp;24.00% | &nbsp;&nbsp;26.47% | &nbsp;&nbsp;22.06% |  |
| &nbsp;&nbsp;(a) The Fund charged a 2.00% redemption fee on shares redeemed within 90 days of purchase. Effective November 1, 2020, the Fund | &nbsp;&nbsp;(a) The Fund charged a 2.00% redemption fee on shares redeemed within 90 days of purchase. Effective November 1, 2020, the Fund | &nbsp;&nbsp;(a) The Fund charged a 2.00% redemption fee on shares redeemed within 90 days of purchase. Effective November 1, 2020, the Fund | &nbsp;&nbsp;(a) The Fund charged a 2.00% redemption fee on shares redeemed within 90 days of purchase. Effective November 1, 2020, the Fund | &nbsp;&nbsp;(a) The Fund charged a 2.00% redemption fee on shares redeemed within 90 days of purchase. Effective November 1, 2020, the Fund | &nbsp;&nbsp;(a) The Fund charged a 2.00% redemption fee on shares redeemed within 90 days of purchase. Effective November 1, 2020, the Fund | &nbsp;&nbsp;(a) The Fund charged a 2.00% redemption fee on shares redeemed within 90 days of purchase. Effective November 1, 2020, the Fund | &nbsp;&nbsp;(a) The Fund charged a 2.00% redemption fee on shares redeemed within 90 days of purchase. Effective November 1, 2020, the Fund |  |
| &nbsp;&nbsp;no longer charges a redemption fee on shares redeemed within 90 days of purchase. | &nbsp;&nbsp;no longer charges a redemption fee on shares redeemed within 90 days of purchase. | &nbsp;&nbsp;no longer charges a redemption fee on shares redeemed within 90 days of purchase. | &nbsp;&nbsp;no longer charges a redemption fee on shares redeemed within 90 days of purchase. |  |  |  |  |  |
| &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the period. | &nbsp;&nbsp;\* Per share net investment income has been determined on the basis of average shares outstanding during the period. |  |  |
| &nbsp;&nbsp;\*\* Assumes reinvestment of dividends. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;^ Amount calculated is less than $0.005 per share. |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;+ As of January 1, 2021, the Adviser reduced its annual management fee to 0.80% of the average daily net assets and reduced | &nbsp;&nbsp;+ As of January 1, 2021, the Adviser reduced its annual management fee to 0.80% of the average daily net assets and reduced | &nbsp;&nbsp;+ As of January 1, 2021, the Adviser reduced its annual management fee to 0.80% of the average daily net assets and reduced | &nbsp;&nbsp;+ As of January 1, 2021, the Adviser reduced its annual management fee to 0.80% of the average daily net assets and reduced | &nbsp;&nbsp;+ As of January 1, 2021, the Adviser reduced its annual management fee to 0.80% of the average daily net assets and reduced | &nbsp;&nbsp;+ As of January 1, 2021, the Adviser reduced its annual management fee to 0.80% of the average daily net assets and reduced | &nbsp;&nbsp;+ As of January 1, 2021, the Adviser reduced its annual management fee to 0.80% of the average daily net assets and reduced |  |  |
| &nbsp;&nbsp;its annual fund operating expenses after fee waiver and/or expense reimbursement to 0.89% of the average daily net assets. | &nbsp;&nbsp;its annual fund operating expenses after fee waiver and/or expense reimbursement to 0.89% of the average daily net assets. | &nbsp;&nbsp;its annual fund operating expenses after fee waiver and/or expense reimbursement to 0.89% of the average daily net assets. | &nbsp;&nbsp;its annual fund operating expenses after fee waiver and/or expense reimbursement to 0.89% of the average daily net assets. | &nbsp;&nbsp;its annual fund operating expenses after fee waiver and/or expense reimbursement to 0.89% of the average daily net assets. | &nbsp;&nbsp;its annual fund operating expenses after fee waiver and/or expense reimbursement to 0.89% of the average daily net assets. | &nbsp;&nbsp;its annual fund operating expenses after fee waiver and/or expense reimbursement to 0.89% of the average daily net assets. |  |  |
| &nbsp;&nbsp;† Annualized |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;# Not annualized |  |  |  |  |  |  |  |  |

---

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

**Azzad Funds**

Notes to Financial Statements

DECEMBER 31, 2025 (UNAUDITED)

**Note 1. Organization**

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

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

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

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

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

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

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

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

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

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

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

 

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

 

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

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

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the six months ended December 31, 2025, the Funds did not incur any interest or penalties.

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

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

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

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

**Note 3. Securities Valuations**

 ****

***Processes and Structure***

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

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

***Hierarchy of Fair Value Inputs***

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

· *Level 1.* Unadjusted quoted
prices in active markets for identical assets or liabilities that the Funds have the ability to access.

· *Level 2.* Observable inputs
other than quoted prices included in level 1 that are observable for the asset or liability either directly or indirectly. These inputs
may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment
speeds, credit risk, yield curves, default rates, and similar data.

· *Level 3.* Unobservable
inputs for the asset or liability to the extent that relevant observable inputs are not available, representing the Funds' own assumptions
about the assumptions that a market participant would use in valuing the asset or liability, and that would be based on the best information
available.

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

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

 ****

***Fair Value Measurements***

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

 

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

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

Sukuks may be issued by international financial institutions, foreign governments and agencies of foreign governments and even global corporations. Like conventional bonds, rating agencies rate Sukuks based on their credit quality and the issuer's ability to pay investors. Sukuks receive ratings that look exactly like conventional bonds. At December 31, 2025, 70.37% of the Wise Fund's net assets were invested in Sukuks. These instruments are categorized as level 2 investments in the fair value hierarchy.

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

Trade Finance agreements are located primarily in or have exposure to global emerging markets. As such, the Wise Fund is subject to all of the risks typical to investments generally made in emerging markets. In addition, the Wise Fund is subject to risks specific to the trade finance agreements asset class, such as liquidity risk, credit rating risk, and counter-party risk. The Wise Fund will only invest in trade finance agreements related securities if it is determined that this investment is in accordance with the Wise Fund's ethical investment philosophy. Trade finance agreements are categorized as level 3 investments in the fair value hierarchy. Trade finance agreements are considered illiquid securities as defined by the 1940 Act. The Wise Fund's investments in trade finance agreements at December 31, 2025 represented 2.60% of the Wise Fund's net assets.

*Bank Time Deposits.* In a typical bank deposit, a bank raises funds to invest in various commercial activities from its investors. The bank and its investors both share in the profit and risk of loss of investment in such activities. The bank is responsible for monitoring the underlying investments to make sure that they will achieve the anticipated profit rate agreed upon in the contract on the maturity date. If the bank makes any profit by the maturity date, the profits are shared with investors according to a pre-agreed ratio. Conversely, if a loss is made, it is borne by the investors in the absence of gross negligence, fraud or willful default by the bank. The bank provides investors with monthly indicative profit rates for their investments. Bank time deposits are categorized as level 2 investments in the fair value hierarchy. The Wise Fund's investments in bank deposits represented 16.82% of its net assets at December 31, 2025.

The following tables summarize the inputs used to value each Fund's assets measured at fair value as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Ethical Fund</u>** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** |
| &nbsp;&nbsp;***Categories*** | &nbsp;&nbsp;***<u>Level 1</u>*** | &nbsp;&nbsp;***<u>Level 2</u>*** | &nbsp;&nbsp;***<u>Level 3</u>*** | &nbsp;&nbsp;***<u>Fair Value</u>*** |
| &nbsp;&nbsp; Common Stocks \* | &nbsp;&nbsp;$131257519 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$131257519 |
|  | &nbsp;&nbsp;$131257519 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$131257519 |

---

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

There were no transfers into or out of level 1, level 2, or level 3 during the period. It is the Ethical Fund's policy to recognize transfers into and out of level 1, level 2, and level 3 at the end of the reporting period. The Ethical Fund did not hold any derivative instruments at any time during the six months ended December 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;<br>**<u>Wise Fund</u>** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** | &nbsp;&nbsp;**Financial Instruments – Assets** |
| &nbsp;&nbsp;***Categories*** | &nbsp;&nbsp;***<u>Level 1</u>*** | &nbsp;&nbsp;***<u>Level 2</u>*** | &nbsp;&nbsp;***<u>Level 3</u>*** | &nbsp;&nbsp;***<u>Fair Value</u>*** |
| &nbsp;&nbsp; Common Stocks \* | &nbsp;&nbsp;$18393769 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;$18393769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts | &nbsp;&nbsp;412669 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;412669 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sukuks \* | &nbsp;&nbsp;- | &nbsp;&nbsp;255162078 | &nbsp;&nbsp;- | &nbsp;&nbsp;255162078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade Finance Agreements \* | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;9428224 | &nbsp;&nbsp;9428224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Time Deposits | &nbsp;&nbsp;- | &nbsp;&nbsp;60973481 | &nbsp;&nbsp;- | &nbsp;&nbsp;60973481 |
|  | &nbsp;&nbsp;$18806438 | &nbsp;&nbsp;$316135559 | &nbsp;&nbsp;$9428224 | &nbsp;&nbsp;$344370221 |

---

 

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

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

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

---

| | |
|:---|:---|
|  | Investments in Trade Finance Agreements |
| &nbsp;&nbsp;Balance as of 6/30/2025 | &nbsp;&nbsp;$15370411 |
| &nbsp;&nbsp;Change in Unrealized Appreciation | &nbsp;&nbsp;27360 |
| &nbsp;&nbsp;Realized Gain/(Loss) | &nbsp;&nbsp;12061 |
| &nbsp;&nbsp;Purchases | &nbsp;&nbsp;4720749 |
| &nbsp;&nbsp;Sales | &nbsp;&nbsp;(10702357) |
| &nbsp;&nbsp;Transfers In/(Out) of Level 3 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Balance as of 12/31/2025 | &nbsp;&nbsp;$9428224 |

---

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

Note 4. Transactions with the Adviser and Affiliates

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

For the six months ended December 31, 2025, the Adviser earned $588,333 and $1,414,520 in advisory fees for the Ethical Fund and Wise Fund, respectively under the advisory agreements. As of December 31, 2025, the Adviser was owed $60,475 and $205,806 in advisory fees for the Ethical Fund and Wise Fund, respectively.

The Adviser has agreed to contractually waive all or a portion of its fees or reimburse each Fund for certain operating expenses, to the extent necessary to limit each Fund's net annual operating expenses (excluding brokerage costs; borrowing costs, including without limitation dividends on securities sold short; taxes; indirect expenses, such as expenses incurred by other investment companies in which the Funds invest; and litigation and other extraordinary expenses) to 0.99% and 0.89% of the average daily net assets of the Ethical Fund and Wise Fund, respectively, until at least December 1, 2029. Any waiver or reimbursement of operating expenses by the Adviser is subject to repayment by the respective Fund within three years after such reimbursement or waiver occurred, if the Board approves such reimbursement and the Fund is able to make the repayment without exceeding the expense limitations in place at either the time of the waiver or reimbursement occurred or any expense limitation then in effect. For the six months ended December 31, 2025, the Adviser waived fees of $96,870 for the Ethical Fund and $104,586 for the Wise Fund.

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

---

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

---

*Sub-Advisory Agreement –* The Adviser entered into a sub-advisory agreement with Delaware Investments Fund Advisers ("DIFA") on August 15, 2023, on behalf of the Ethical Fund. Under the sub-advisory agreement between the Adviser and DIFA, DIFA earns an annual sub-advisory fee equal to a flat fee of 0.25% of the Ethical Fund's average daily net assets. The sub-advisory fee is paid to DIFA by the Adviser, not the Ethical Fund directly, and therefore is included in the advisory fees paid by the Ethical Fund. For the six months ended December 31, 2025, DIFA earned $60,232 in sub-advisory fees for the Ethical Fund.

The Adviser entered into a Sub-Advisory Agreement with Federated Investment Management Company ("Federated") on August 15, 2023, on behalf of the Wise Fund. Under a Sub-Advisory Agreement between the Adviser and Federated, Federated earns an annual sub-advisory fee of 0.60% on the first $25 million in assets; 0.50% on assets between $25 million and $50 million; and 0.40% on assets over $50 million of the average daily net assets for the portion of the Wise Fund that it manages. As of August 15, 2023, the Sub-Adviser voluntarily reduced its annual sub-advisory fee to 0.25% of the average daily net assets for the portion of the Wise Fund that it manages. The sub-advisory fee paid to Federated is paid by the Adviser, not the Wise Fund directly, and therefore is included in the advisory fees paid by the Wise Fund. The Wise Fund receives additional research services and investment management expertise, from a reputable investment manager without any additional expense to the Wise Fund. For the six months ended December 31, 2025, Federated earned $406,686 in sub-advisory fees for the Wise Fund.

The Adviser entered into a Sub Sub-Advisory Agreement with Federated and Federated Hermes (UK) LLP ("Federated Hermes") on August 15, 2023, on behalf of the Wise Fund. Federated and the Adviser retained Federated Hermes, an affiliate of Federated, to provide assistance in carrying out Federated's duties as the Wise Fund's sub-adviser. The Adviser oversees each of Federated and Federated Hermes and will be responsible for the day-to-day portfolio management of the Wise Fund related to the dividend-yielding equity portion of the Wise Fund's portfolio and for ensuring that the Wise Fund's holdings and portfolio management complies with its ethical investment restrictions. Under the terms of the sub-sub-advisory agreement, Federated Hermes' sub-sub-advisory fee is paid by Federated, from the sub-advisory fee that Federated receives, and not directly by the Fund or the Adviser, and therefore does not increase the advisory fees paid by the Wise Fund. For the six months ended December 31, 2025, Federated Hermes earned $0 in sub-sub-advisory fees for the Wise Fund.

 

*Administrative Agreement -* The Funds have an Administrative Agreement with the Adviser. Pursuant to the Administrative Agreement, the Adviser, subject to the overall supervision and review of the Board, provides administrative services to the Funds, provides the Funds with office space, facilities and business equipment, and provides the services and clerical personnel for administering the affairs of the Funds. As such, each Fund pays the Adviser $750 per month. For the six months ended December 31, 2025, the Adviser earned $4,536 from each Fund for administrative services. As of December 31, 2025, each Fund owed the Adviser $764 in administrative fees.

**Note 5. Segment Reporting**

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

**Note 6. Capital Share Transactions**

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

The following is a summary of capital share activity for the six months ended December 31, 2025 and year ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Ethical Fund** | &nbsp;&nbsp;Six Months Ended 12/31/2025 | &nbsp;&nbsp;Six Months Ended 12/31/2025 | &nbsp;&nbsp;Year Ended 6/30/2025 | &nbsp;&nbsp;Year Ended 6/30/2025 |
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Amount | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Amount |
| Shares Sold | &nbsp;&nbsp;741969 | &nbsp;&nbsp;$12465272 | &nbsp;&nbsp;1607052 | &nbsp;&nbsp;$25990585 |
| Shares issued in reinvestment of distributions | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;425491 | &nbsp;&nbsp;7224843 |
| Shares redeemed | &nbsp;&nbsp; (1060981) | &nbsp;&nbsp; (17777173) | &nbsp;&nbsp; (1883020) | &nbsp;&nbsp; (30784993) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Decrease) | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp; (319012)</u> | &nbsp;&nbsp;<u>$(5311901)</u> | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp; 149523</u> | &nbsp;&nbsp;<u>$&nbsp;&nbsp;&nbsp;&nbsp;2430435</u> |

---

The following is a summary of capital share activity for the six months ended December 31, 2025 and year ended June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Wise Fund** | &nbsp;&nbsp; Six Months Ended 12/31/2025 | &nbsp;&nbsp; Six Months Ended 12/31/2025 | &nbsp;&nbsp; Year Ended 6/30/2025 | &nbsp;&nbsp; Year Ended 6/30/2025 |
|  | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Amount | &nbsp;&nbsp;Shares | &nbsp;&nbsp;Amount |
| &nbsp;&nbsp;Shares Sold | &nbsp;&nbsp;4569925 | &nbsp;&nbsp;$49689417 | &nbsp;&nbsp;10971873 | &nbsp;&nbsp;$118190831 |
| &nbsp;&nbsp;Shares issued in reinvestment of distributions | &nbsp;&nbsp;585962 | &nbsp;&nbsp;6364333 | &nbsp;&nbsp;1036814 | &nbsp;&nbsp;11165943 |
| &nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp; (3417639) | &nbsp;&nbsp; (37171045) | &nbsp;&nbsp; (5356349) | &nbsp;&nbsp; (57696631) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp; 1738248</u> | &nbsp;&nbsp;<u>$18882705</u> | &nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;6652338</u> | &nbsp;&nbsp;<u>$71660143</u> |

---

**Note 7. Investment Transactions**

For the six months ended December 31, 2025, purchases and sales of investment securities other than short-term investments aggregated $39,445,874 and $46,028,091 respectively, for the Ethical Fund. For the six months ended December 31, 2025, the purchases and sales of investment securities other than short-term investments aggregated $46,771,039 and $26,858,000, respectively, for the Wise Fund.

**Note 8. Concentration of Risk**

The Wise Fund invests in securities of non-U.S. and U.S. issuers. Political or economic developments may have an effect on the liquidity and volatility of portfolio securities and currency holdings. As of December 31, 2025, the diversification of countries was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<br>**Country** | &nbsp;&nbsp;**Percentage of Net Assets** |
| &nbsp;&nbsp;United Arab Emirates | &nbsp;&nbsp;20.25% |
| &nbsp;&nbsp;Saudi Arabia | &nbsp;&nbsp;16.01% |
| &nbsp;&nbsp;Malaysia | &nbsp;&nbsp;12.55% |
| &nbsp;&nbsp;Qatar | &nbsp;&nbsp;9.02% |
| &nbsp;&nbsp;Bahrain | &nbsp;&nbsp;9.00% |
| &nbsp;&nbsp;Indonesia | &nbsp;&nbsp;6.89% |
| &nbsp;&nbsp;United States | &nbsp;&nbsp;5.96% |
| &nbsp;&nbsp;Oman | &nbsp;&nbsp;5.59% |
| &nbsp;&nbsp;Turkey | &nbsp;&nbsp;4.35% |
| &nbsp;&nbsp;Egypt | &nbsp;&nbsp;3.32% |
| &nbsp;&nbsp;Pakistan | &nbsp;&nbsp;0.97% |
| &nbsp;&nbsp;Kuwait | &nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;Ireland | &nbsp;&nbsp;0.49% |

---

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

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

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

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

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

**Note 9. Tax Matters**

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

---

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

---

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>Ethical Fund</u>** | &nbsp;&nbsp;**<u>Wise Fund</u>** |
| &nbsp;&nbsp;Unrealized appreciation on investments | $33079584 | $7317088 |
| &nbsp;&nbsp; Long-term Capital Loss Carryforward –<br> Non-expiring |  | (59276) |
| &nbsp;&nbsp; Short-term Capital Loss Carryforward –<br> Non-expiring |  | (40165) |
| &nbsp;&nbsp;Late Year Losses | (429092) |  |
| &nbsp;&nbsp;Post-October Losses | &nbsp;&nbsp;&nbsp;&nbsp;(1853801) | &nbsp;&nbsp;&nbsp;&nbsp;(369744) |
| &nbsp;&nbsp;Distributable Earnings | <u>$30796691</u> | <u>$6847903</u> |

---

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

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

---

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

---

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

The Funds paid the following distributions for the six months ended December 31, 2025 and year ended June 30, 2025:

---

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

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Wise Fund** |  |  |
| &nbsp;&nbsp;Six Months Ended | Amount | &nbsp;&nbsp;Tax Character |
| &nbsp;&nbsp;12/31/2025 | $6431379 | &nbsp;&nbsp;Ordinary Income |
| &nbsp;&nbsp;Year Ended | Amount | &nbsp;&nbsp;Tax Character |
| &nbsp;&nbsp;6/30/2025 | $11023767 | &nbsp;&nbsp;Ordinary Income |
| &nbsp;&nbsp;6/30/2025 | $&nbsp;&nbsp;&nbsp;&nbsp; 282392 | &nbsp;&nbsp;Long-Term Capital Gain |

---

The Ethical Fund did not pay a distribution for the six months ended December 31, 2025.

**Note 10. Distribution Plan**

The Funds adopted an Amended and Restated Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act, that allows each Fund to pay distribution expenditures incurred in connection with the sale and promotion of such Fund and the furnishing of services to shareholders of the Fund. The Plan provides that the Ethical Fund may receive an annual reimbursement under the Plan up to 0.15% of its average daily net assets and the Wise Fund may receive an annual reimbursement under the Plan up to 0.05% of its average daily net assets. Under the Plan, permitted expenditures include: (a) payments, including incentive compensation, to securities dealers or other financial intermediaries, financial institutions, investment advisers and others that are engaged in the sale of shares, or that may be advising shareholders of the Fund regarding the purchase, sale or retention of shares; (b) payments, including incentive compensation, to securities dealers or other financial intermediaries, financial institutions, investment advisers and others that hold shares for shareholders in omnibus accounts or as shareholders of record or provide shareholder support or administrative services to the Fund's shares and their shareholders; (c) expenses of maintaining personnel (including personnel of organizations with which the Trust has entered into agreements related to the Plan) who engage in or support distribution of shares or who render shareholder support services, including, but not limited to, allocated overhead, office space and equipment, telephone facilities and expenses, answering routine inquiries regarding the Trust, processing shareholder transactions, and providing such other shareholder services as the Trust may reasonably request; (d) costs of preparing, printing and distributing prospectuses and statements of additional information and reports for each Fund's shares for recipients other than existing shareholders; (e) costs of formulating and implementing marketing and promotional activities, including, but not limited to, sales seminars, direct mail promotions and television, radio, newspaper, magazine and other mass media advertising; (f) costs of preparing, printing and distributing sales literature; (g) costs of obtaining such information, analyses and reports with respect to marketing and promotional activities as the Trust may, from time to time, deem advisable; and (h) costs of implementing and operating the Plan. The Trust is authorized to engage in the activities listed above, and in any other activities related to the distribution of shares, either directly or through other persons with which the Trust has entered into agreements related to the Plan. Because these expenses are paid out of each Fund's respective assets on an ongoing basis, over time these expenses may increase the cost of a shareholder's investment and may cost a shareholder more than paying other types of sales charges. For the six months ended December 31, 2025, the Ethical Fund incurred $110,312 in distribution fees and the Wise Fund incurred $88,408 in distribution fees.

**Note 11. Control and Ownership**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of control of the funds under Section 2(a)(9) of the 1940 Act. As of December 31, 2025, Charles Schwab & Co., Inc. ("Schwab"), in aggregate, owned approximately 65% and 78% of the shares of the Ethical Fund and the Wise Fund, respectively, for the benefit of others. As a result, Schwab may be deemed to control both Funds.

**Note 12. Indemnifications**

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

**Note 13. New Accounting Pronouncements** 

On December 14, 2023, the FASB issued ASU 2023-09-Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. ASU 2023-09 applies to all entities that are subject to Accounting Standards Codification (ASC) 740, Income Taxes. The Funds have adopted ASU 2023-09 as of December 31, 2025, with no material impact on the Fund's financial statements.

**Note 14. Subsequent Events**

On January 30, 2026, the Wise Fund paid shareholders of record at January 29, 2026, a net investment income distribution of $1,028,955, equivalent to $0.030768 per share.

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

**Azzad Funds**

ADDITIONAL INFORMATION

DECEMBER 31, 2025 (UNAUDITED)

**PROXY VOTING POLICY**

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

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

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

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

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

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

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

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

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

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

**Item 16. Controls and Procedures.** 

(a) &nbsp;&nbsp;&nbsp;&nbsp; The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing of this report.

(b)&nbsp;&nbsp;&nbsp;&nbsp; There were no significant changes in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

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

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

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.**

(a)(1) EX-99.CODE ETH. Not applicable.

(a)(2) EX-99.CERT. Filed herewith.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(b)&nbsp;&nbsp;&nbsp;&nbsp; EX-99.906CERT. Filed herewith.

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

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

<u>Azzad Funds</u>

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

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

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

Date February 20, 2026

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

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

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

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

Date February 20, 2026

## Ex-99.Cert

<u>CERTIFICATION</u>

I, Bashar Qasem, certify that:

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

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

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

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

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

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

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

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

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

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

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

Date: <u>February 20, 2026</u>

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

Bashar Qasem

Chairman and Treasurer

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2025 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

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

President and Treasurer

<u>Azzad Funds</u>

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

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

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

Date: <u>February 20, 2026</u>

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

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

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