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Schedule of Investments |
September 30, 2022 (unaudited) |
Azzad Ethical Fund |
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| Shares or Principal |
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Security Description | | | Amount ($) | | Fair Value ($)(1) |
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Common Stocks - 95.02% |
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Aircraft & Parts - 1.62% |
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HEICO Corp. Class A | 15,131 |
| 1,734,315 |
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Apparel & Other Finished Prods of Fabrics & Similar Material - 2.61% |
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Levi Strauss & Co. Class A | 56,291 |
| 814,531 |
Lululemon Athletica, Inc. (Canada) (2) | 4,280 |
| 1,196,517 |
On Holding AG Class A (Switzerland) (2) | 48,274 |
| 774,798 |
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| 2,785,846 |
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Biological Products, (No Diagnostic Substances) - 2.96% |
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Bio-Techne Corp. | 4,604 |
| 1,307,536 |
Seagen, Inc. (2) | 13,534 |
| 1,851,857 |
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| 3,159,393 |
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Communication Services, NEC - 0.83% |
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Workiva, Inc. (2) | 11,405 |
| 887,309 |
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Computer Communications Equipment - 3.06% |
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Arista Networks, Inc. (2) | 28,893 |
| 3,261,731 |
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Electrical Work - 1.96% |
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Quanta Services, Inc. | 16,414 |
| 2,090,979 |
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Electronic Components & Accessories - 1.55% |
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Novanta, Inc. (2) | 6,219 |
| 719,227 |
Universal Display Corp. | 9,955 |
| 939,254 |
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| 1,658,481 |
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Electronic Computers - 1.72% |
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Crowdstrike Holdings, Inc. Class A (2) | 11,125 |
| 1,833,511 |
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Electronic Connectors - 1.02% |
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Amphenol Corp. Class A | 16,183 |
| 1,083,614 |
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General Industrial Machinery & Equipment - 0.94% |
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Zebra Technologies Corp. Class A (2) | 3,844 |
| 1,007,166 |
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Household Appliances - 1.36% |
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A.O. Smith Corp. | 29,795 |
| 1,447,441 |
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Industrial Instruments For Measurement, Display, And Control- 2.51% |
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Cognex Corp. (2) | 5,038 |
| 208,825 |
Keysight Technologies, Inc. (2) | 15,687 |
| 2,468,506 |
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| 2,677,331 |
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Instruments For Meas & Testing Of Electricity & Elec Signals - 1.95% |
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Teradyne, Inc. | 27,625 |
| 2,076,019 |
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Internet Media Services - 2.38% |
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Pinterest, Inc. Class A (2) | 81,151 |
| 1,890,818 |
Shutterstock, Inc. | 12,994 |
| 651,909 |
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| 2,542,727 |
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Laboratory Analytical Instruments - 1.44% |
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Agilent Technologies, Inc. | 12,614 |
| 1,533,232 |
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Measuring & Controlling Devices - 1.36% |
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Trimble, Inc. (2) | 26,818 |
| 1,455,413 |
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Media & Entertainment - 1.03% |
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ZoomInfo Technologies, Inc. (2) | 26,335 |
| 1,097,116 |
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Medical Equipment - 1.70% |
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Repligen Corp. (2) | 9,693 |
| 1,813,657 |
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Motors & Generators - 1.11% |
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Generac Holdings, Inc. (2) | 6,637 |
| 1,182,315 |
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Optical Instrumentts & Lenses - 1.26% |
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KLA Corp. | 4,438 |
| 1,343,072 |
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Orthopedic, Prosthetic & Surgical Appliances & Supplies - 2.88% |
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Edwards Lifesciences Corp. (2) | 20,539 |
| 1,697,138 |
Intuitive Surgical, Inc. (2) |
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| 7,334 |
| 1,374,685 |
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| 3,071,823 |
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Pharmaceutical Preparations- 2.74% |
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Genmab A/S ADR (2) | 47,276 |
| 1,518,978 |
Horizon Therapeutics PLC (Ireland) (2) |
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| 22,752 |
| 1,408,121 |
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| 2,927,099 |
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Pumps & Pumping Equipment - 1.21% |
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IDEX Corp. | 6,446 |
| 1,288,233 |
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Retail-Auto Dealers & Gasoline Stations - 1.42% |
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Copart, Inc. (2) | 14,212 |
| 1,512,157 |
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Retail-Building Materials, Hardware, Garden Supply - 2.11% |
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Fastenal Co. | 48,835 |
| 2,248,363 |
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Retail-Drug Stores And Proprietary Stores - 0.94% |
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National Vision Holdings, Inc. (2) | 30,834 |
| 1,006,730 |
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Retail- Eating & Drinking Places - 3.45% |
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Chipotle Mexican Grill, Inc. Class A (2) | 2,450 |
| 3,681,762 |
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Retail-Home Furniture, Furnishings, & Equipment Stores- 0.68% |
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Floor & Decor Holdings Inc. Class A (2) | 10,316 |
| 724,802 |
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Retail-Miscellaneous Retail - 1.22% |
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Pool Corp. | 4,103 |
| 1,305,616 |
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Retail-Retail Stores - 2.79% |
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Petco Health and Wellness Co., Inc. (2) | 41,985 |
| 468,553 |
Ulta Beauty, Inc. (2) | 6,255 |
| 2,509,443 |
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| 2,977,996 |
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Semiconductors & Related Devices - 7.61% |
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Advanced Micro Devices, Inc. (2) | 10,662 |
| 675,544 |
Brooks Automation, Inc. (2) | 14,459 |
| 619,713 |
Marvell Technology Group Ltd. (Bermuda) | 42,188 |
| 1,810,287 |
Microchip Technology, Inc. | 31,239 |
| 1,906,516 |
Monolithic Power Systems, Inc. | 8,561 |
| 3,111,067 |
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| 8,123,127 |
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Services-Business Services, Nec. - 4.57% |
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Costar Group, Inc. (2) | 58,415 |
| 4,068,605 |
Etsy, Inc. (2) | 8,062 |
| 807,248 |
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| 4,875,853 |
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Service-Commercial Physical & Biological Research - 1.02% |
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Charles River Laboratories International, Inc. (2) | 5,556 |
| 1,093,421 |
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Services-Computer Programming, Data Processing, Etc. - 3.88% |
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Factset Research Systems, Inc. | 3,548 |
| 1,419,590 |
Five9, Inc. (2) | 18,543 |
| 1,390,354 |
The Trade Desk, Inc. Class A (2) | 22,221 |
| 1,327,705 |
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| 4,137,649 |
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Services-Health Services - 1.18% |
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Envista Holdings Corp. (2) | 38,534 |
| 1,264,301 |
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Services-Miscellaneous Amusement & Recreation - 1.24% |
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Vail Resorts, Inc. | 6,136 |
| 1,323,167 |
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Services-Prepackaged Software - 10.46% |
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Atlassian Corp. PLC Class A (United Kingdom) (2) | 4,986 |
| 1,050,002 |
Cadence Design Systems, Inc. (2) | 19,411 |
| 3,172,340 |
Docusign, Inc. (2) | 19,390 |
| 1,036,783 |
Electronic Arts, Inc. | 16,244 |
| 1,879,593 |
Okta, Inc. Class A (2) | 3,005 |
| 170,894 |
Paycom Software, Inc. (2) | 5,924 |
| 1,954,861 |
Tyler Technologies, Inc. (2) | 4,781 |
| 1,661,398 |
Veeva Systems, Inc. Class A (2) | 1,422 |
| 234,460 |
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| 11,160,331 |
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Sugar & Confectionery Products - 1.53% |
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Hershey Co. | 7,403 |
| 1,632,139 |
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Surgical & Medical Instruments & Apparatus - 4.50% |
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Abiomed, Inc. (2) | 7,328 |
| 1,800,197 |
DexCom, Inc. (2) | 37,324 |
| 3,006,075 |
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| 4,806,272 |
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Switchgear & Switchboard Apparatus - 0.64% |
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Littelfuse, Inc. | 3,440 |
| 683,494 |
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Trucking (No Local) - 1.60% |
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Old Dominion Freight Line, Inc. | 6,852 |
| 1,704,572 |
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Wholesale-Lumber & Other Construction Materials - 1.24% |
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Trex Co., Inc. (2) | 30,027 |
| 1,319,386 |
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X-Ray Apparatus & Tubes & Related Irradiation Apparatus- 1.74% |
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Hologic, Inc. (2) | 28,713 |
| 1,852,563 |
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Total Investments - 95.00% | (Cost $ 99,210,179 ) |
| 101,391,524 |
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Other Assets Less Liabilities - 5.00% |
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| 5,314,730 |
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Total Net Assets - 100.00% |
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| 106,706,254 |
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(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) |
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The following is a summary of the inputs used as of September 30, 2022 in valuing the Fund's assets carried at fair value: |
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| | | | | Investments in | | Other Financial |
Valuation Inputs | | | | Securities | | Instruments (9) |
Level 1 - Quoted Prices | | | $ | 101,391,524 | $ | - |
Level 2 - Other Significant Observable Inputs | | | - | | - |
Level 3 - Significant Unobservable Inputs | | | - | | - |
Total | | | | $ | 101,391,524 | $ | - |
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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. |
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(2) Represents non-income producing securities. |
