Azzad Funds NPORT-P Azzad Ethical Fund (Sep 2020 report)

Schedule of Investments
September 30, 2020 (unaudited)
Azzad Ethical Fund
		Shares or Principal
Security Description		Amount ($)		Fair Value ($)(1)
Common Stocks - 94.32%
Agricultural Chemicals - 0.73%
Scotts Miracle-Gro Co.		5,013		766,538
Apparel & Other Finished Prods of Fabrics & Similar Material - 1.06%
Columbia Sportswear Co. (2)		3,166		275,379
Luluemon Athletica, Inc. (2)		2,555		841,540
				1,116,919
Auto Controls For Regulating Residential & Comml Environments - 0.37%
Trane Technologies Plc.		3,182		385,817
Biological Products, (No Diagnostic Substances) - 1.38%
Bio-Techne Corp.		2,196		544,015
Seattle Genetics, Inc. (2)		4,691		917,982
				1,461,997
Computer Communications Equipment - 0.66%
Arista Networks, Inc. (2)		3,378		699,010
Computer Peripheral Equipment, Nec - 1.34%
Palo Alto Networks, Inc. (2)		5,769		1,411,963
Electrical Work - 1.56%
Quanta Services, Inc.		31,200		1,649,232
Electronic Components & Accessories - 0.25%
Universal Display Corp.		1,462		264,242
Electronic Computers - 0.47%
Crowdstrike Holdings, Inc. (2)		3,587		492,567
Electronic Connectors - 1.58%
Amphenol Corp.		15,391		1,666,384
General Industrial Machinery & Equipment - 0.87%
Zebra Technologies Corp. Class A (2)		3,652		921,984
General Industrial Machinery & Equipment, Nec - 0.33%
Ingersoll Rand, Inc. (2)		9,912		352,867
Hotels & Motels - 0.25%
Choice Hotels International, Inc. (2)		3,025		260,029
House Appliances - 0.39%
A.O. Smith Corp.		7,721		407,669
Industrial Instruments For Measurement, Display, And Control- 1.59%
Cognex Corp.		7,232		470,803
Keysight Technologies, Inc. (2)		12,270		1,212,031
				1,682,834
Instruments For Meas & Testing Of Electricity & Elec Signals - 2.02%
Teradyne, Inc.		26,877		2,135,646
Laboratory Analytical Instruments - 1.86%
Agilent Technologies, Inc.		12,266		1,238,130
Coherent, Inc. (2)		4,012		445,051
Mettler Toledo International, Inc. (2)		298		287,794
				1,970,975
Men's & Boys' Furnishgs, Work Clothg, & Allied Garments - 0.55%
Cintas Corp. (2)		1,753		583,451
Miscellaneous Food Preparations & Kindred Products- - 0.17%
McCormick & Co., Inc.		905		175,661
Optical Instrumentts & Lenses - 2.05%
KLA Corp.		11,187		2,167,369
Orthopedic, Prosthetic & Surgical Appliances & Supplies - 2.02%
Align Technology, Inc.(2)		444		145,348
Edwards Lifesciences Corporation (2)		18,074		1,442,666
Intuitive Surgical, Inc. (2)		768		544,927
				2,132,941
Paints, Varnishes, Lacquers, Enamels & Allied Products - 1.11%
Rpm International, Inc.		14,150		1,172,186
Pharmaceutical Preparations- 0.19%
10X Genomics, Inc. Class A (2)		482		60,096
Genmab A/S (2)		3,906		142,998
				203,094
Pumps & Pumping Equipment - 0.54%
IDEX Corporation		3,127		570,396
Real Estate Investment Trusts - 0.50%
American Homes 4 Rent Class A		18,674		531,836
Retail - Auto & Home Supply Stores- 2.52%
AutoZone, Inc.(2)		1,100		1,295,404
O'Reilly Automotive, Inc. (2)		2,973		1,370,791
				2,666,195
Retail-Auto Dealers & Gasoline Stations - 1.34%
Copart, Inc. (2)		13,497		1,419,345
Retail-Building Materials, Hardware, Garden Supply- 3.40%
Fastenal Co.		47,515		2,142,451
Tractor Supply Co.		10,101		1,447,877
				3,590,328
Retail-Drug Stores And Proprietary Stores - 0.33%
National Vision Holdings, Inc. (2)		9,062		346,531
Retail- Eating & Drinking Places - 1.27%
Chipotle Mexican Grill, Inc. (2)		1,077		1,339,476
Retail - Radio, Tv & Consumer Electronics Stores - 0.00%
Best Buy Co., Inc.
		7,457		829,890
Retail-Retail Stores, Nec. - 0.00%
Ulta Beauty, Inc. (2)
		5,050		1,131,099
Retail-Variety Stores- 2.52%
Dollar General Corp.		10,775		2,258,655
Ollie's Bargain Outlet Holding, Inc. (2)		4,683		409,060
				2,667,715
Semiconductors & Related Devices - 7.22%
Advanced Micro Devices, Inc.(2)		20,064		1,645,047
Brooks, inc.		6,690		309,479
IPG Photonics, Inc. (2)		4,172		709,115
Maxim Integrated Products, Inc.		14,170		958,034
Microchip Technology, Inc.		6,264		643,689
Monolithic Power Systems, Inc.		5,617		1,570,569
Skyworks Solutions, Inc.		12,343		1,795,906
				7,631,839
Services-Business Services, Nec. - 2.39%
Costar Group, Inc. (2)		1,899		1,611,320
Etsy, Inc. (2)		7,494		911,495
				2,522,815
Services-Commercial Physical & Biological Research - 1.74%
Charles River Laboratories International, Inc. (2)		5,286		1,197,015
Incyte Corp. (2)		7,162		642,718
				1,839,733
Services-Computer Integrated Systems Design - 2.75%
Cerner Corp.		21,002		1,518,235
GoDaddy, Inc. Class A (2)		18,267		1,387,744
				2,905,979
Services-Computer Processing & Data Preparation - 1.52%
RingCentral, Inc. (2)		1,258		345,459
Zendesk, Inc. (2)		3,275		337,063
Zynga, Inc. Class A (2)		101,560		926,227
				1,608,749
Services-Computer Programming Services - 3.88%
EPAM Systems, Inc. (2)		7,445		2,406,820
VeriSign, Inc. (2)		8,253		1,690,627
				4,097,447
Services-Computer Programming, Data Processing, Etc. - 2.52%
Factset Research Ssytems, Inc.		3,371		1,128,880
Twitter, Inc. (2)		34,585		1,539,033
				2,667,913
Services-Consumer Credit Reporting, Collection Agencies - 1.77%
TransUnion		22,293		1,875,510
Services-Health Services - 0.66%
Teladoc Health, Inc. (2)		3,191		699,595
Services-Home Health Care Services- 0.76%
Chemed Corp.		1,678		806,027
Services-Medical Laboratories - 0.76%
Laboratory Corp. of America Holdings (2)		4,274		804,666
Services-Prepackaged Software - 18.17%
Atlassian Corp., Plc. Class-A (2)		4,739		861,503
Cadence Design Systems, Inc. (2)		22,116		2,358,229
Citrix Systems, Inc.		15,528		2,138,361
Docusign, Inc. (2)		8,251		1,775,945
Electronic Arts, Inc. (2)		7,177		935,953
Guidewire Software, Inc. (2)		5,996		625,203
Okta, Inc. (2)		2,741		586,163
Paycom Software, Inc. (2)		3,463		1,078,032
Paylocity Holding Corp. (2)		8,757		1,413,555
Splunk, Inc. (2)		5,174		973,384
Square, Inc. Class A (2)		18,418		2,993,846
Twilio, Inc. Class A (2)		6,717		1,659,704
Tyler Technologies, Inc. (2)		1,652		575,821
Veeva Systems, Inc. Class A (2)		4,350		1,223,176
				19,198,875
Services - To Dwellings & Other Buildings - 0.45%
Rollins, Inc.		8,800		476,872
Special Industry Machinery, Nec. - 1.49%
Lam Research Corp.		4,733		1,570,173
Specialty Cleaning, Polishing And Sanitation Preparations - 1.26%
Clorox Co.		6,330		1,330,376
Sugar & Confectionery Products - 0.77%
Hershey Co.		5,714		819,045
Surgical & Medical Instruments & Apparatus - 3.47%
Abiomed, Inc.(2)		3,636		1,007,390
Dexcom, Inc. (2)		5,340		2,201,308
Insulet Corp. (2)		858		202,994
Resmed, inc.		1,033		177,087
Teleflex, Inc.		231		78,637
				3,667,416
Trucking (No Local)- 1.55%
Hunt JB Transport Services, Inc.		3,672		464,067
Old Dominion Freight Line, Inc.		6,507		1,177,246
				1,641,313
Wholesale-Durable Goods - 0.82%
W.W. Grainger, Inc.		2,424		864,810
Wholesale-Groceries & Related  Products - 0.76%
Dominos Pizza, Inc.		1,900		808,032
Wholesale-Lumber & Other Construction Materials - 0.81%
Trex Co., Inc.		11,896		851,754
X-Ray Apparatus & Tubes & Related Irradiation Apparatus - 1.72%
Hologic, Inc. (2)		27,333		1,816,825
Total Investments - 94.32%		(Cost $             67,517,878 )		99,679,950
Other Assets less Liabilities - 5.68%				6,007,350
Total Net Assets - 100.00%				105,687,300
(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 September 30, 2020 in valuing the Fund's assets carried at fair value:
		Investments in		Other Financial
Valuation Inputs		Securities		Instruments (9)
Level 1 - Quoted Prices	$	99,679,950	$	-
Level 2 - Other Significant Observable Inputs		-		-
Level 3 - Significant Unobservable Inputs		-		-
Total	$	99,679,950	$	-
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)  All or a portion of this security is on loan.
(4)  Investment purchased with cash received as securities lending collateral. The yield shown represents the 7-day yield in effect at September 30, 2020.
(5)  Investment in affiliate. The yield shown represents the 7-day yield in effect at September 30, 2020.
(6)  Assets of affiliates to the Conservative Allocation Fund held for the benefit of the Fund's Trustees in connection with the Trustees Deferred Compensation Plan.
(7)  Fair valued security deemed as Level 3 security.
(8)  Exchange-traded fund.
(9)  Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures contracts, which are valued at the unrealized
appreciation/depreciation on the instrument.