Azzad Funds NPORT-P Wise Capital Fund (Mar 2020 report)

Schedule of Investments
March 31, 2020 (unaudited)
Azzad Wise Capital Fund
			Shares or Principal
Security Description			Amount ($)		Fair Value ($)(1)
Common Stocks - 7.02%
Arrangement of Transportation of Freight & Cargo - 0.20%
Expeditors International of Washington, Inc.			4,129		275,487
Beverages - 0.34%
Coca Cola Co.			5,060		223,905
PepsiCo., Inc.			2,060		247,406
					471,311
Construction, Mining & Materials Handling Machinery & Equipment - 0.16%
Dover Corp.			2,553		214,299
Converted Paper & Paperboard Prods (No Containers/Boxes) - 0.19%
Kimberly Clark Corp.			2,068		264,435
Cutlery, Handtools & General Hardware - 0.13%
Stanley Black & Decker, Inc.			1,836		183,600
Electromedical & Electrotherapeutic Apparatus - 0.17%
Medtronic PLC (Ireland)			2,517		226,983
Electronic & Other Electrical Equipment - 0.14%
Emerson Electric Co.			4,059		193,411
Fats & Oils - 0.17%
Archer-Daniels-Midland Co.			6,571		231,168
General Industrial Machinery & Equipment - 0.17%
Illinois Tool Works, Inc.			1,631		231,798
Household Appliances - 0.20%
Smith A O Corp.			7,132		269,661
Household Furniture - 0.13%
Leggett & Platt, Inc.			6,678		178,169
Industrial Inorganic Chemicals - 0.36%
Air Products & Chemicals, Inc.			1,198		239,133
Linde AG PLC (Ireland)			1,398		241,854
					480,987
Industrial Instruments For Measurement, Display & Control - 0.18%
Roper Industries, Inc.			777		242,276
Men's & Boys' Furnishings, Work Clothing, and Allied Garments - 0.27%
Cintas Corp.			1,027		177,897
VF Corp.			3,610		195,229
					373,126
Miscellaneous Food Preparations & Kindred Products - 0.19%
McCormick & Co., Inc.			1,836		259,262
Natural Gas Distribution - 0.18%
Atmos Energy Corp.			2,534		251,449
Perfumes, Cosmetics & Other Toilet Preparations - 0.19%
Colgate Palmolive Co.			3,939		261,392
Pharmaceutical Preparations - 0.57%
Abbott Laboratories			3,408		268,925
AbbVie, Inc.			3,245		247,237
Johnson & Johnson			1,971		258,457
					774,619
Plastics, Materials, Synth Resins & Nonvulcan Elastomers - 0.15%
Albemarle Corp.			3,598		202,819
Retail-Building Materials, Hardware, Garden Supply - 0.18%
Sherwin Williams Co.			523		240,329
Retail-Drug Stores & Proprietary Stores - 0.19%
Walgreens Boots Alliance, Inc.			5,625		257,344
Retail-Eating Places - 0.17%
McDonalds Corp.			1,407		232,647
Retail-Family Clothing Stores - 0.16%
Ross Stores, Inc.			2,540		220,904
Retail-Lumber & Other Building Materials Dealers - 0.16%
Lowes Companies, Inc.			2,465		212,113
Retail-Variety Stores - 0.17%
Target Corp.			2,561		238,096
Services-Computer Processing & Data Preparations - 0.17%
Automatic Data Processing, Inc.			1,672		228,529
Soap, Detergent, Cleaning Preparations, Perfumes, Cosmetics - 0.36%
Ecolab, Inc.			1,456		226,888
The Procter & Gamble Co.			2,375		261,250
					488,138
Special Industry Machinery - 0.15%
Pentair PLC (Ireland)			6,863		204,243
Specialty Cleaning, Polishing & Sanitation Preparations - 0.23%
Clorox Co.			1,801		312,023
Steel Works, Blast Furnaces Rolling Mills - 0.17%
Nucor Corp.			6,251		225,161
Surgical & Medical Instruments & Apparatus - 0.39%
3M Co.			1,870		255,274
Becton Dickinson & Co.			1,212		278,481
					533,755
Wholesale-Durable Goods - 0.18%
W.W. Grainger, Inc.			999		248,251
Wholesale-Groceries & Related Products - 0.13%
Sysco Corp.			3,900		177,957
Wholesale-Motor Vehicle Supplies & New Parts - 0.16%
Genuine Parts Co.			3,141		211,484
Total Common Stocks			(Cost $           9,339,036)		9,617,226
Sukuks - 51.73%
Banks - 10.25%
AHB Sukuk, Ltd., 4.375%, 09/19/2023 (Cayman Islands)			1,000,000		1,028,320
DIB Sukuk Ltd, 3.6%, 3/30/2021 (Cayman Islands)			4,200,000		4,202,940
QIB Sukuk, Ltd., REGS, 3.251%, 05/23/2022 (Cayman Islands)			2,404,000		2,362,228
QIB Sukuk, Ltd., REGS, 4.754%, 10/27/2020 (Cayman Islands)			4,000,000		3,969,224
SIB Sukuk Co. III Ltd. REGS, 3.084%, 09/08/2021 (Cayman Islands)			2,500,000		2,484,920
					14,047,632
Basic Materials - 1.82%
Equate Sukuk Spc Ltd. REGS, 3.944%, 02/21/2024  (Kuwait)			2,585,000		2,499,305
Communication Equipment - 1.97%
Axiata Spv2 Bhd, Series REGS, 3.466%, 11/19/2020 (Malaysia)			2,700,000		2,704,612
Financial Services - 5.03%
Dubai Islamic Bank Sukuk, Ltd., 3.664%, 02/14/2022 (United Arab Emirates)			1,000,000		993,124
FAB Sukuk Co. Ltd., REGS, 3.625%, 03/05/2023 (United Arab Emirates)			1,940,000		1,930,562
ICD Sukuk Co. Ltd., REGS, 3.508%, 05/21/2020 (United Arab Emirates)			4,000,000		3,976,900
					6,900,586
Food & Beverage - 0.71%
Almarai Sukuk, Ltd., 4.311%, 03/05/2024 (Cayman Islands)			1,000,000		971,681
Real Estate - 1.89%
Dar Al-Arkan International Sukuk Co., REGS, 6.875%, 03/21/2023 (Cayman Islands)			1,400,000		1,095,679
DIFC Investments LLC, Note, Series REGS, 4.325% 11/12/2024 (United Arab Emirates)			1,500,000		1,492,963
					2,588,642
Sovereigns - 23.98%
CBB International Sukuk Six, REGS, 5.250%, 03/20/2025 (Bahrain)			1,250,000		1,168,125
Hazine Mustesarligi, Series 144A, 5.004%, 04/06/2023 (Turkey) (6)			1,000,000		932,500
Hazine Mustesarligi, Series 144A, 4.251%, 06/08/2021 (Turkey) (6)			1,000,000		970,000
Hazine Mustesarligi, Series 144A, 5.800%, 02/21/2022 (Turkey) (6)			1,000,000		969,652
Indonesia, Government of, Series 144A, 3.400%, 03/29/2022 (Indonesia) (6)			1,600,000		1,590,464
Indonesia, Government of, Series 144A, 3.900%, 08/20/2024 (Indonesia) (6)			2,300,000		2,304,669
Indonesia, Government of, Series 144A, 4.150%, 03/29/2027 (Indonesia) (6)			800,000		799,832
KSA Sukuk, Ltd., Series 144A, 2.894%, 04/20/2022 (Saudi Arabia) (6)			2,100,000		2,102,625
KSA Sukuk, Ltd., Series 144A, 4.303%, 01/19/2029 (Saudi Arabia) (6)			2,500,000		2,682,965
KSA Sukuk, Ltd., Series 144A, 2.969%, 10/29/2029 (Saudi Arabia) (6)			1,500,000		1,471,695
Oman, Government, Series 144A, 4.397%, 06/01/2024 (Oman) (6)			500,000		441,336
Oman, Government, Series 144A, 5.932%, 10/31/2025 (Oman) (6)			2,500,000		2,237,925
Perusahaan Pener Indois Sukuk, Series REGS, 3.300%, 11/21/2022 (Indonesia)			2,600,000		2,575,872
RAK Capital, 3.094%, 03/31/2025 (Cayman Islands)			2,500,000		2,420,185
Sharjah Sukuk 2, Ltd., 3.839%, 01/27/2021 (Cayman Islands)			6,250,000		6,237,394
Zar Sovereign Capital Fund, Series REGS, 3.903%, 06/24/2020 (South Africa)			3,970,000		3,972,954
					32,878,193
Supranationals - 2.25%
Apicorp Sukuk, Ltd., 3.141%, 11/01/2022 (Cayman Islands)			3,070,000		3,077,920
Transportation & Logistics - 1.40%
DP World Cresent, Ltd, Sr. Unsecd. Note, Series REGS, 3.908%, 05/31/2023 (Cayman Islands)			2,000,000		1,913,068
Utilities - 1.70%
Saudi Electricity Global Sukuk, Series REGS, 4.211%, 04/03/2022 (Cayman Islands)			2,300,000		2,323,851
Wireline Telecommunications Services - 0.74%
Saudi Telecom Co., Series 144A, 3.890%, 05/13/2029 (Saudi Arabia)			1,000,000		1,011,700
Total Sukuks			(Cost $        72,927,462)		70,917,190
Bank Time Deposits - 25.64% (5)
Arab Banking Corp., NY Branch, 2.06% - 2.17%, 04/14/2020 - 07/31/2020 (Bahrain) - 6.71%			9,205,376		9,205,376
Gulf International Bank (UK), 1.10% - 1.77%, 05/05/2020 - 07/17/2020 (Bahrain) - 6.04%			8,277,535		8,277,535
Maybank Islamic Bank, 1.05% - 2.80%, 04/03/2020 - 08/31/2020 (Malaysia) - 6.80%			9,318,817		9,318,817
Qatar National Bank, 1.35% - 3.07%, 04/01/2020 - 11/20/2020 (Qatar) - 6.09%			8,352,929		8,352,929
Total Bank Time Deposits			(Cost $        35,154,657)		35,154,657
Trade Finance Agreements (3) - 4.27%
	Shares or Principal	Acquisition
	Amount ($)	Date (3)	Cost (3)		Value
Consumer Goods - 0.70%
Government of Egypt, 4.16% (12-month US LIBOR + 2.50%) 6/22/2020 (Egypt) (4)	$               85,967.00	6/25/2019	85,967		85,795
Government of Egypt, 4.31% (12-month US LIBOR + 2.50%) 06/04/2020 (Egypt) (4)	$               83,834.00	6/7/2019	83,834		83,667
Government of Egypt, 4.31% (12-month US LIBOR + 2.50%) 06/08/2020 (Egypt) (4)	$               83,661.00	6/11/2019	83,661		83,493
Government of Egypt, 4.31% (12-month US LIBOR + 2.50%) 6/8/2020 (Egypt) (4)	$               82,787.00	6/11/2019	82,787		82,622
Government of Egypt, 4.31% (12-month US LIBOR + 2.50%) 6/8/2020 (Egypt) (4)	$               87,096.00	6/11/2019	87,096		86,922
Government of Egypt, 4.55% (12-month US LIBOR + 2.50%) 5/14/2020 (Egypt) (4)	$               84,584.00	5/17/2019	84,584		84,415
Government of Egypt, 4.55% (12-month US LIBOR + 2.50%) 5/14/2020 (Egypt) (4)	$               83,644.00	5/17/2019	83,644		83,476
Government of Egypt, 4.57% (12-month US LIBOR + 2.50%) 5/11/2020 (Egypt) (4)	$               88,400.00	5/15/2019	88,400		88,223
Government of Egypt, 4.57% (12-month US LIBOR + 2.50%) 5/11/2020 (Egypt) (4)	$               87,087.00	5/15/2019	87,087		86,913
Government of Egypt, 4.57% (12-month US LIBOR + 2.50%) 5/15/2020 (Egypt) (4)	$               29,395.00	5/20/2019	29,395		29,336
Government of Egypt, 4.58% (12-month US LIBOR + 2.50%) 5/22/2020 (Egypt) (4)	$               86,105.00	5/24/2019	86,105		85,933
Government of Egypt, 4.59% (12-month US LIBOR + 2.50%) 5/18/2020 (Egypt) (4)	$               83,609.00	5/22/2019	83,609		83,442
					964,237
Consumer Non-Cyclical/Food-Wholesale - 0.81%
PT Pacific Indopalm Industries, 3.66%, (3-month US LIBOR + 2.50%) 05/29/2020, (Indonesia)	$             250,000.00	3/5/2019	250,000		250,000
PT Pacific Indopalm Industries, 3.66%, (3-month US LIBOR + 2.50%) 05/29/2020, (Indonesia)	$             250,000.00	3/14/2019	250,000		250,000
Government of Burkina Faso, 4.938%, (6-month US LIBOR +2.800%), 05/04/20200 (Burkina Faso) (4)	$               95,100.00	11/1/2019	95,100		95,100
Government of Burkina Faso, 4.938%, (6-month US LIBOR +2.800%), 05/19/2020 (Burkina Faso) (4)	$             178,428.00	11/18/2019	178,428		178,428
Government of Burkina Faso, 4.938%, (6-month US LIBOR +2.800%), 06/08/2020 (Burkina Faso) (4)	$               67,727.00	12/10/2019	67,727		67,727
Government of Gambia, NFSPMC, 5.14%, (12-month US LIBOR +3.50%), 08/31/2020 (Gambia) (4)	$               55,368.00	9/5/2019	55,368		55,229
Government of Gambia, NFSPMC, 5.14%, (12-month US LIBOR +3.50%), 08/21/2020 (Gambia) (4)	$               77,057.00	8/26/2019	77,057		76,865
Government of Gambia, NFSPMC, 5.14%, (12-month US LIBOR +3.50%), 07/13/2020 (Gambia) (4)	$               69,882.00	7/17/2019	69,882		69,707
Government of Gambia, NFSPMC, 5.12%, (12-month US LIBOR +3.50%), 07/09/2020 (Gambia) (4)	$                 6,013.00	7/12/2019	6,013		5,998
Government of Gambia, NFSPMC, 5.752%, (12-month US LIBOR +3.50%), 07/02/2020 (Gambia) (4)	$               64,745.00	7/5/2019	64,745		64,583
					1,113,637
Foreign Sovereign - 2.18%
Government of Pakistan, 4.45%, (12-month US LIBOR + 2.50%) 09/08/2020 (Pakistan)	$               33,532.00	9/10/2019	33,532		33,448
Government of Pakistan, 5.14%, (12-month US LIBOR + 2.50%) 05/15/2020 (Pakistan)	$               43,513.00	5/20/2019	43,513		43,405
Government of Pakistan, 4.45%, (12-month US LIBOR + 2.50%) 08/14/2020 (Pakistan)	$               49,371.00	8/19/2019	49,371		49,247
Government of Pakistan, 4.45%, (12-month US LIBOR + 2.50%) 08/03/2020 (Pakistan)	$               48,032.00	8/6/2019	48,032		47,912
Government of Pakistan, 4.60%, (12-month US LIBOR + 2.50%) 07/20/2020 (Pakistan)	$               51,168.00	7/24/2019	51,168		51,040
Government of Pakistan, 4.62%, (12-month US LIBOR + 2.50%) 07/13/2020 (Pakistan)	$               57,254.00	7/18/2019	57,254		57,110
Government of Pakistan, 4.69%, (12-month US LIBOR + 2.50%) 07/06/2020 (Pakistan)	$               52,632.00	7/11/2019	52,632		52,501
Government of Pakistan, 4.60%, (12-month US LIBOR + 2.50%) 07/09/2020 (Pakistan)	$               63,019.00	7/12/2019	63,019		62,862
Government of Pakistan, 4.59%, (12-month US LIBOR + 2.50%) 07/02/2020 (Pakistan)	$               42,096.00	7/5/2019	42,096		41,991
Government of Pakistan, 4.59%, (12-month US LIBOR + 2.50%) 07/02/2020 (Pakistan)	$               48,847.00	7/5/2019	48,847		48,725
Government of Pakistan, 4.58%, (12-month US LIBOR + 2.50%) 06/26/2020 (Pakistan)	$               53,396.00	7/1/2019	53,396		53,263
Government of Pakistan, 4.58%, (12-month US LIBOR + 2.50%) 06/26/2020 (Pakistan)	$               51,800.00	7/1/2019	51,800		51,671
Government of Pakistan, 5.01%, (12-month US LIBOR + 2.50%) 05/14/2020 (Pakistan)	$               43,512.00	5/17/2019	43,512		43,403
Government of Pakistan, 4.59%, (12-month US LIBOR + 2.50%) 06/22/2020 (Pakistan)	$               69,673.00	6/27/2019	69,673		69,498
Government of Pakistan, 4.5682%, (12-month US LIBOR + 2.50%) 06/18/2020 (Pakistan)	$               53,267.00	6/21/2019	53,267		53,134
Government of Pakistan, 4.70%, (12-month US LIBOR + 2.50%) 06/15/2020 (Pakistan)	$               39,931.00	6/20/2019	39,931		39,831
Government of Pakistan, 4.74%, (12-month US LIBOR + 2.50%) 06/08/2020 (Pakistan)	$               48,312.00	6/13/2019	48,312		48,191
Government of Pakistan, 4.75%, (12-month US LIBOR + 2.50%) 06/04/2020 (Pakistan)	$               47,544.00	6/7/2019	47,544		47,425
Government of Pakistan, 4.98%, (12-month US LIBOR + 2.50%) 05/28/2020 (Pakistan)	$               52,746.00	5/31/2019	52,746		52,614
Government of Pakistan, 5.15%, (12-month US LIBOR + 2.50%) 05/18/2020 (Pakistan)	$               50,354.00	5/21/2019	50,354		50,229
Government of Tunisia Electricity, (US LIBOR + 2.10%) 3.72%, 08/31/2020 (Tunisia)	$             503,237.00	8/29/2019	503,237		501,727
Government of Tunisia Electricity, 2.968542%, (US LIBOR + 2.10%) 08/31/2020 (Tunisia)	$             496,763.00	8/29/2019	496,763		495,273
Turk Eximbank, 2.8117%, (Interpolated US LIBOR + 1.10%) 11/16/2020 (Turkey)	$             998,000.00	2/18/2020	1,000,000		998,000
					2,992,500
Energy-Oil Refining & Marketing - 0.39%
Government of Maldives, 4.2198728%, (4-month US LIBOR + 1.66283%)  05/26/2020 (Maldives)	$               51,050.00	2/14/2020	51,050		51,050
Government of Maldives, 4.1744912%, (4-month US LIBOR + 4.1744912%) 06/09/2020 (Maldives)	$               28,551.00	2/24/2020	28,551		28,551
Government of Maldives, 4.1764888%, (4-month US LIBOR + 1.66283%) 05/29/2020 (Maldives)	$               23,696.00	2/24/2020	23,696		23,696
Government of Maldives, 4.1570406%, (4-month US LIBOR + 1.66283%) 07/04/2020 (Maldives)	$               40,007.00	2/24/2020	40,007		40,007
Government of Maldives, 3.8938768%, (4-month US LIBOR + 3.8938768%) 04/03/2020 (Maldives)	$               25,338.00	3/3/2020	25,338		25,338
Government of Maldives, 3.515398%, (4-month US LIBOR + 3.515398%) 06/17/2020 (Maldives)	$               55,969.00	3/9/2020	55,969		55,969
Government of Maldives, 3.6876928%, (4-month US LIBOR +3.6876928%) 06/07/2020 ((Maldives)	$               16,750.00	3/17/2020	16,750		16,749
Government of Maldives, 3.6718528%, (4-month US LIBOR + 3.6718528%) 07/16/2020 (Maldives)	$               52,805.00	3/17/2020	52,805		52,805
Government of Maldives, 3.5237928%, (4-month US LIBOR + 3.5237928%) 05/11/2020 (Maldives)	$               16,214.00	3/17/2020	16,214		16,214
Government of Maldives, 3.7966896%, (4-month US LIBOR + 3.5237928%) 07/23/2020 (Maldives)	$               12,810.00	3/25/2020	12,810		12,810
Government of Maldives, 3.5237928%, (4-month US LIBOR + 3.706076%) 05/11/2020 (Maldives)	$               10,651.00	3/25/2020	10,651		10,651
Government of Maldives, 4.57%, (4-month US LIBOR + 3.15%) 04/04/2020 (Maldives)	$               16,268.00	12/20/2019	16,268		16,268
Government of Maldives, 4.57%, (4-month US LIBOR + 3.15%) 04/06/2020 (Maldives)	$                 5,371.00	1/3/2020	5,371		5,371
Government of Maldives, 4.57%, (4-month US LIBOR + 3.15%) 04/16/2020 (Maldives)	$               49,145.00	1/13/2020	49,145		49,145
Government of Maldives, 4.57%, (4-month US LIBOR + 3.15%) 04/21/2020 (Maldives)	$               15,838.00	1/13/2020	15,838		15,838
Government of Maldives, 4.57%, (4-month US LIBOR + 3.15%) 04/29/2020 (Maldives)	$               47,003.00	1/30/2020	47,003		47,003
Government of Maldives, 4.257308%, (4-month US LIBOR + 3.15%) 05/13/2020 (Maldives)	$               51,357.00	2/5/2020	51,357		51,357
Government of Maldives, 4.1695984%, (4-month US LIBOR + 3.15%)04/29/2020 (Maldives)	$               13,905.00	2/5/2020	13,905		13,905
					532,727
Petroleum Refining - 0.18%
Islamic Republic of Pakistan, 4.90%, (12-month US LIBOR + 2.70%), 04/06/2020 (Pakistan) (4)	$             203,636.00	4/9/2019	203,636		203,535
Islamic Republic of Pakistan, 4.91%, (US LIBOR + %), 04/09/2020 (Pakistan) (4)	$               49,805.00	4/16/2019	49,805		49,780
					253,315
Total Trade Finance Agreements			(Cost $           5,866,658)		5,856,416
Total Investments - 88.66%			(Cost $       123,099,549)		121,545,489
Other Assets Less Liabilities - 11.34%					15,543,309
Total Net Assets - 100.00%					137,088,798
(1)  Statement on Financial Accounting Standard No. 157 "Fair Value Measurements" - Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
• Level 1 - quoted prices in active markets for identical securities
• Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of March 31, 2020 in valuing the Fund's assets carried at fair value:
			Investments in		Other Financial
Valuation Inputs			Securities		Instruments
Level 1 - Quoted Prices		$	9,617,226	$	-
Level 2 - Other Significant Observable Inputs			106,071,847		-
Level 3 - Significant Unobservable Inputs			5,856,416		-
Total		$	121,545,489	$	-
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, short-term debt instruments and repurchase agreements with a maturity of less than 60 days are valued using amortized cost, in accordance with rules under the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
(2)  Represents non-income producing securities.
(3) Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At March 31, 2020, these restricted securities amounted to $5,856,416, which represented 4.27% of total net assets.
(4) Floating/variable note with current rate and current maturity or next reset date shown.
(5) Variable rate instrument, varying maturity dates ranging from one month to nine months; 7 day demand redemption clause per deposit.
(6) Denotes a restricted security that may be sold without restriction to "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933 and that the Fund has determined to be liquid under criteria established by the Fund's Board of Trustees.  At March 31, 2020 these liquid restricted securities amount to $16,503,663, which represented 12.04% of total net assets.