Schedule of Investments | |||||||
September 30, 2024 (unaudited) | |||||||
Azzad Ethical Fund | |||||||
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| Shares or Principal |
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Security Description |
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| Amount ($) |
| Fair Value ($)(1) | ||
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Common Stocks - 95.05% | |||||||
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Aircraft & Parts - 2.65% |
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HEICO Corp. Class A (2) | 19,545 |
| 3,982,489 | ||||
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Apparel & Other Finished Prods of Fabrics & Similar Material - 2.08% |
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Levi Strauss & Co. Class A (2) | 92,233 |
| 2,010,679 | ||||
Lululemon Athletica, Inc. (Canada) (2) | 4,110 |
| 1,115,249 | ||||
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| 3,125,928 |
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Biological Products, (No Diagnostic Substances) - 3.49% |
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Bio-Techne Corp. (2) | 34,484 |
| 2,756,306 | ||||
Repligen Corp. (2) | 16,651 |
| 2,478,002 | ||||
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| 5,234,308 | ||||
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Capital Goods - 2.21% |
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Howmet Aerospace, Inc. | 33,022 |
| 3,310,456 | ||||
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Commercial & Professional Services - 0.66% |
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ASGN, Inc. (2) | 10,615 |
| 989,636 | ||||
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Electrical Equipment - 0.30% |
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Vertiv Holdings Co. Class A | 4,585 |
| 456,162 | ||||
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Electrical Work - 2.92% |
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Quanta Services, Inc. | 14,703 |
| 4,383,699 | ||||
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Electronic Components & Accessories - 1.84% |
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Universal Display Corp. | 13,146 |
| 2,759,345 | ||||
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Finance Services - 1.45% |
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Corpay, Inc. (2) | 6,978 |
| 2,182,439 | ||||
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General Industrial Machinery & Equipment - 1.74% |
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Zebra Technologies Corp. (2) | 7,070 |
| 2,618,162 | ||||
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Health Care Equipment & Services - 2.76% |
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Inspire Medical Systems, Inc. (2) | 10,951 |
| 2,311,209 | ||||
Cencora, Inc. | 8,105 |
| 1,824,273 | ||||
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| 4,135,482 |
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GE HealthCare Technologies Inc. - 1.63% |
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GE Healthcare Technologies, Inc. | 26,028 |
| 2,442,728 | ||||
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Household Appliances - 1.61% |
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A.O. Smith Corp. | 26,954 |
| 2,421,278 | ||||
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Household Durables - 0.73% |
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Sharkninja, Inc. (2) | 10,026 |
| 1,089,926 | ||||
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In Vitro & In Vivo Diagnostic Substances - 2.26% |
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IDEXX Laboratories, Inc. (2) | 6,722 |
| 3,396,089 | ||||
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Instruments For Meas & Testing of Electricity & Electric Signals - 1.83% |
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Teradyne, Inc. | 20,533 |
| 2,749,985 | ||||
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Laboratory Analytical Instruments - 1.91% |
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Coherent, Inc. (2) |
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| 7,473 |
| 664,424 | |
Illumina, Inc. (2) |
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| 3,820 |
| 498,166 | |
Mettler-Toledo International, Inc. (2) |
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| 1,138 |
| 1,706,659 | ||
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| 2,869,249 |
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Lumber & Wood Products (No Furniture) - 1.70% |
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Trex Co., Inc. (2) | 38,230 |
| 2,545,353 | ||||
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Measuring & Controlling Devices - 1.68% |
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Trimble, Inc. (2) | 40,561 |
| 2,518,432 | ||||
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Metalworking Machinery & Equipment - 1.27% |
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Lincoln Electric Holdings, Inc. | 9,891 |
| 1,899,270 | ||||
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Mining & Quarrying of Nonmetallic Minerals (No Fuels) - 1.31% |
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Martin Marietta Materials, Inc. | 3,666 |
| 1,973,225 | ||||
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Miscellaneous Electrical Machinery, Equipment & Supplies - 1.19% |
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Novanta, Inc. (2) | 10,020 |
| 1,792,778 | ||||
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Motors & Generators - 2.10% |
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Generac Holdings, Inc. Class A (2) | 19,831 |
| 3,150,749 | ||||
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Optical Instruments & Lenses - 1.95% |
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KLA Corp. | 3,775 |
| 2,923,398 | ||||
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Orthopedic, Prosthetic & Surgical Appliances & Supplies - 2.70% |
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Align Technology, Inc. (2) | 9,619 |
| 2,446,304 | ||||
Edwards Lifesciences Corp. (2) | 24,434 |
| 1,612,400 | ||||
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| 4,058,704 | ||||
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Retail-Auto Dealers & Gasoline Stations - 2.00% |
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Copart, Inc. (2) | 57,372 |
| 3,006,293 | ||||
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Retail-Building Materials, Hardware, Garden Supply - 2.43% |
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Fastenal Co. | 37,205 |
| 2,657,181 | ||||
Tractor Supply Co. | 3,387 |
| 985,380 | ||||
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| 3,642,561 |
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Retail-Catalog & Mail-Order Houses - 0.84% |
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CDW Corp. | 5,549 |
| 1,255,739 | ||||
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Retail-Lumber & Other Building Materials Dealers - 2.52% |
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Floor & Decor Holdings, Inc. Class A (2) | 30,432 |
| 3,778,741 | ||||
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Retail-Variety Stores - 0.37% |
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Five Below, Inc. (2) | 6,253 |
| 552,453 | ||||
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Rubber & Plastics Footwear - 1.96% |
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On Holding AG (2) | 58,754 |
| 2,946,513 | ||||
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Semiconductors & Related Devices - 2.52% |
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Monolithic Power Systems, Inc. | 4,086 |
| 3,777,507 | ||||
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Semiconductors & Semiconductor Equipment - 2.24% |
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Impinj, Inc. (2) |
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| 4,717 |
| 1,021,325 | |
Lattice Semiconductor Corp. (2) |
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| 27,543 |
| 1,461,707 | ||
Onto Innovation, Inc. (2) |
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| 4,269 |
| 886,074 | |
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| 3,369,105 | ||||
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Services-Business Services - 3.66% |
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Costar Group, Inc. (2) | 72,912 |
| 5,500,481 | ||||
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Services-Computer Programming, Data Processing, Etc. - 6.06% |
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Factset Research Systems, Inc. | 3,161 |
| 1,453,586 | ||||
Pinterest, Inc. Class A (2) | 113,374 |
| 3,669,916 | ||||
The Trade Desk, Inc. Class A (2) | 36,258 |
| 3,975,690 | ||||
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| 9,099,192 | ||||
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Services-Miscellaneous Amusement & Recreation - 1.19% |
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Vail Resorts, Inc. | 10,246 |
| 1,785,775 | ||||
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Services-Prepackaged Software - 11.54% |
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Cadence Design Systems, Inc. (2) |
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| 18,363 |
| 4,976,924 | ||
HubSpot, Inc. (2) |
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| 4,191 |
| 2,227,936 | |
MongoDB, Inc. (2) |
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| 6,372 |
| 1,722,670 | |
Tyler Technologies, Inc. (2) |
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| 6,612 |
| 3,859,557 | ||
Veeva Systems, Inc. (2) |
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| 14,108 |
| 2,960,846 | |
Workiva, Inc. (2) |
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| 19,845 |
| 1,570,136 | |
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| 17,318,069 | ||||
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Services-To Dwellings & Other Buildings - 1.36% |
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Rollins, Inc. | 40,412 |
| 2,044,039 | ||||
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Software & Services - Communications Services, NEC - 2.02% |
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Appfolio, Inc. Class A (2) |
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| 3,788 |
| 891,695 | |
Datadog, Inc. Class A (2) |
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| 18,639 |
| 2,144,603 | |
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| 3,036,299 |
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Surgical & Medical Instruments & Apparatus - 3.11% |
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DexCom, Inc. (2) |
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| 38,718 |
| 2,595,655 | |
Insulet Corp. (2) |
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| 8,921 |
| 2,076,363 | |
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| 4,672,017 |
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Trucking (No Local) - 1.50% |
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Old Dominion Freight Line, Inc. | 11,370 |
| 2,258,537 | ||||
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Wholesale-Miscellaneous Durable Goods - 2.16% |
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Pool Corp. | 8,606 |
| 3,242,741 | ||||
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X-Ray Apparatus & Tubes & Related Irradiation Apparatus- 1.57% |
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Hologic, Inc. | 28,978 |
| 2,360,548 | ||||
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Total Investments - 95.05% | (Cost $ 108,810,328) |
| 142,655,881 | ||||
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Other Assets Less Liabilities - 0.99% |
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| 1,452,005 | ||||
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Total Net Assets - 100.00% |
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| 150,096,305 | ||||
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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, 2024 in valuing the Fund's assets carried at fair value: | |||||||
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| Investments in |
| Other Financial |
Valuation Inputs |
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| Securities |
| Instruments (9) | |
Level 1 - Quoted Prices |
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| $ | 142,655,881 | $ | - | |
Level 2 - Other Significant Observable Inputs | - |
| - | ||||
Level 3 - Significant Unobservable Inputs |
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| - |
| - | ||
Total |
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| $ | 142,655,881 | $ | - |
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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. | |||||||
