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Schedule of Investments |
September 29, 2023 (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 - 97.32% |
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Aircraft & Parts - 2.02% |
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HEICO Corp. Class A | 19,545 |
| 2,525,605 |
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Apparel & Other Finished Prods of Fabrics & Similar Material - 2.39% |
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Levi Strauss & Co. Class A | 92,233 |
| 1,252,524 |
Lululemon Athletica, Inc. (Canada) | 4,521 |
| 1,743,343 |
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| 2,995,867 |
Biological Products, (No Diagnostic Substances) - 3.50% |
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Bio-Techne Corp. | 26,770 |
| 1,822,234 |
Repligen Corp. (2) | 16,065 |
| 2,554,496 |
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| 4,376,730 |
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Computer Communications Equipment - 1.08% |
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Arista Networks, Inc. (2) | 7,420 |
| 1,364,761 |
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Dental Equipment & Supplies - 1.15% |
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Envista Holdings Corp. (2) | 51,368 |
| 1,432,140 |
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Electrical Work - 2.21% |
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Quanta Services, Inc. | 14,703 |
| 2,750,490 |
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Electronic Components & Accessories - 1.52% |
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Universal Display Corp. | 12,095 |
| 1,898,794 |
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General Industrial Machinery & Equipment - 0.78% |
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Zebra Technologies Corp. Class A (2) | 4,112 |
| 972,611 |
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Household Appliances - 1.60% |
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A.O. Smith Corp. | 30,071 |
| 1,988,595 |
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Industrial Instruments for Measurement, Display, & Control- 1.68% |
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Keysight Technologies, Inc. (2) | 15,830 |
| 2,094,467 |
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Instruments For Measuring & Testing of Electricity & Electric Signals - 2.25% |
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Teradyne, Inc. | 27,876 |
| 2,800,423 |
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In Vitro & In Vivo Diagnostic Substances - 1.47% |
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Idexx Laboratories, Inc. (2) | 4,178 |
| 1,826,914 |
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Laboratory Analytical Instruments - 1.77% |
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Agilent Technologies, Inc. | 13,208 |
| 1,476,918 |
Mettler Toledo International, Inc. (2) | 654 |
| 724,678 |
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| 2,201,596 |
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Lumber & Wood Products (No Furniture) - 1.89% |
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Trex Co., Inc. (2) | 38,230 |
| 2,356,115 |
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Measuring & Controlling Devices - 1.57% |
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Trimble, Inc. (2) | 36,279 |
| 1,953,987 |
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Metalworking Machinery & Equipment - 1.13% |
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Lincoln Electric Holdings, Inc. | 7,778 |
| 1,413,963 |
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Mining & Quarrying of Nonmetallic Minerals (No Fuels) - 1.21% |
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Martin Marietta Materials, Inc. | 3,666 |
| 1,504,820 |
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Miscellaneous Electrical Machinery, Equipment & Supplies - 0.95% |
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Novanta, Inc. (2) | 8,225 |
| 1,179,794 |
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Motorcycles, Bicycles & Parts - 0.42% |
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Fox Factory Holding Corp. (2) | 5,361 |
| 531,168 |
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Motors & Generators - 1.19% |
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Generac Holdings, Inc. Class A (2) | 13,635 |
| 1,485,670 |
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Motor Vehicle Parts & Accessories - 2.44% |
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Borgwarner, Inc. | 75,400 |
| 3,043,898 |
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Ophthalmic Goods - 1.56% |
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National Vision Holdings, Inc. (2) | 43,647 |
| 706,208 |
The Cooper Companies, Inc. | 3,881 |
| 1,234,197 |
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| 1,940,405 |
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Optical Instruments & Lenses - 1.39% |
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KLA Corp. | 3,775 |
| 1,731,441 |
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Orthopedic, Prosthetic & Surgical Appliances & Supplies - 3.29% |
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Edwards Lifesciences Corp. (2) | 24,434 |
| 1,692,787 |
Intuitive Surgical, Inc. (2) |
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| 8,223 |
| 2,403,501 |
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| 4,096,288 |
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Pharmaceutical Preparations- 1.35% |
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Genmab A/S ADR (2) | 47,713 |
| 1,682,838 |
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Railroad Equipment - 0.93% |
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Westinghouse Air Brake Technologies Corp. | 10,891 |
| 1,157,387 |
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Retail-Auto Dealers & Gasoline Stations - 1.98% |
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Copart, Inc. (2) | 57,372 |
| 2,472,159 |
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Retail-Building Materials, Hardware, Garden Supply - 1.80% |
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Fastenal Co. | 41,046 |
| 2,242,753 |
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Retail-Lumber & Other Building Materials Dealers - 1.89% |
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Floor & Decor Holdings, Inc. Class A (2) | 25,985 |
| 2,351,642 |
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Retail-Shoe Stores - 0.50% |
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Foot Locker, Inc. | 35,745 |
| 620,176 |
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Rolling Drawing & Extruding of Nonferrous Metals - 0.87% |
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Howmet Aerospace, Inc. | 23,658 |
| 1,094,182 |
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Rubber & Plastics Footwear - 1.28% |
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On Holding AG Class A (Switzerland) (2) | 57,175 |
| 1,590,608 |
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Semiconductors & Related Devices - 5.93% |
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Lattice Semiconductor Corp. (2) | 23,108 |
| 1,985,670 |
Microchip Technology, Inc. | 33,043 |
| 2,579,006 |
Monolithic Power Systems, Inc. | 6,118 |
| 2,826,516 |
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| 7,391,192 |
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Services-Business Services - 4.25% |
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Costar Group, Inc. (2) | 68,891 |
| 5,297,029 |
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Services-Computer Processing & Data Preparation - 1.37% |
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Workday, Inc. Class A (2) | 7,929 |
| 1,703,546 |
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Services-Computer Programming, Data Processing, Etc. - 6.76% |
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Doubleverify Holdings, Inc. (2) | 41,265 |
| 1,153,357 |
Factset Research Systems, Inc. | 3,161 |
| 1,382,179 |
Pinterest, Inc. Class A (2) | 113,374 |
| 3,064,499 |
The Trade Desk, Inc. Class A (2) | 36,258 |
| 2,833,563 |
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| 8,433,598 |
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Services-Miscellaneous Amusement & Recreation - 1.42% |
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Vail Resorts, Inc. | 7,962 |
| 1,766,688 |
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Services-Miscellaneous Equipment Rental & Leasing - 1.03% |
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Willscot Mobile Mini Holding Corp. (2) | 31,306 |
| 1,302,017 |
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Services-Prepackaged Software - 14.01% |
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Cadence Design Systems, Inc. (2) | 18,363 |
| 4,302,451 |
Crowdstrike Holdings, Inc. Class A (2) | 14,275 |
| 2,389,349 |
Docusign, Inc. (2) | 24,684 |
| 1,036,728 |
Engagesmart Inc. (2) | 25,571 |
| 460,022 |
HubSpot, Inc. (2) | 3,095 |
| 1,524,287 |
Paycom Software, Inc. | 7,107 |
| 1,842,632 |
Tyler Technologies, Inc. (2) | 6,612 |
| 2,553,158 |
Veeva Systems, Inc. Class A (2) | 8,899 |
| 1,810,502 |
Workiva, Inc. (2) | 15,268 |
| 1,547,259 |
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| 17,466,388 |
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Surgical & Medical Instruments & Apparatus - 5.08% |
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DexCom, Inc. (2) | 38,718 |
| 3,612,389 |
Inspire Medical Systems, Inc. (2) | 5,189 |
| 1,029,705 |
West Pharmaceutical Services Inc. | 4,504 |
| 1,689,946 |
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| 6,332,040 |
Switchgear & Switchboard Apparatus - 0.94% |
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Littelfuse, Inc. | 4,746 |
| 1,173,781 |
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Trucking (No Local) - 1.87% |
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Old Dominion Freight Line, Inc. | 5,685 |
| 2,325,961 |
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Wholesale-Miscellaneous Durable Goods - 1.96% |
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Pool Corp. | 6,877 |
| 2,448,900 |
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X-Ray Apparatus & Tubes & Related Irradiation Apparatus- 1.61% |
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Hologic, Inc. (2) | 28,978 |
| 2,011,073 |
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Total Investments - 97.32% | (Cost $ 108,943,163) |
| 121,330,500 |
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Other Assets Less Liabilities - 2.68% |
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| 3,343,534 |
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Total Net Assets - 100.00% |
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| 124,674,034 |
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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 29, 2023 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 | | | $ | 121,330,500 | $ | - |
Level 2 - Other Significant Observable Inputs | | | - | | - |
Level 3 - Significant Unobservable Inputs | | | - | | - |
Total | | | | $ | 121,330,500 | $ | - |
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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. |
