Azzad Funds NPORT-PWise Capital Fund (Mar 2024 report)

Schedule of Investments

March 31, 2024 (unaudited)

Azzad Wise Capital Fund

Shares or Principal

Security Description

Amount ($)

Fair Value ($)(1)

Arrangement of Transportation of Freight & Cargo - 0.24%

C.H. Robinson Worldwide, Inc. (2)

2,496

190,045

Expeditors International of Washington, Inc.   (2)

3,601

437,774

627,819

Beverages - 0.30%

The Coca-Cola Co.

6,174

377,725

PepsiCo, Inc.

2,305

403,398

781,123

Construction, Mining & Materials Handling Machinery & Equipment - 0.18%

Dover Corp.

2,586

458,213

Converted Paper & Paperboard Prods (No Containers/Boxes) - 0.14%

Kimberly-Clark Corp.

2,762

357,265

Diversified Financials - 0.12%

S&P Global, Inc.

723

307,600

Electromedical & Electrotherapeutic Apparatus - 0.14%

Medtronic PLC (Ireland)

4,177

364,026

Electronic & Other Electrical Equipment - 0.19%

Emerson Electric Co.

4,327

490,768

General Industrial Machinery & Equipment - 0.30%

Illinois Tool Works, Inc.

1,773

475,749

Nordson Corp. (2)

1,121

307,759

783,508

Household Appliances - 0.22%

A.O. Smith Corp.  

6,410

573,439

Household Products - 0.19%

Church & Dwight Co., Inc.

4,772

497,767

Industrial Inorganic Chemicals - 0.36%

Air Products & Chemicals, Inc.

1,502

363,890

Linde AG PLC (Ireland)

1,213

563,220

927,110

Industrial Instruments For Measurement, Display & Control - 0.19%

Roper Technologies, Inc.

892

500,269

Men's & Boy's Furnishings, Work Clothing, and Allied Garments - 0.22%

Cintas Corp.

836

574,357

Miscellaneous Food Preparations & Kindred Products - 0.12%

McCormick & Company, Inc.

4,083

313,615

Paints, Varnishes, Lacquers, Enamels & Allied Products - 0.14%

PPG Industries, Inc.

2,496

361,670

Perfumes, Cosmetics & Other Toilet Preparations - 0.16%

Colgate-Palmolive Co.

4,751

427,828

Personal Care Products - 0.18%

Kenvue, Inc.

21,640

464,394

Petroleum Refining - 0.11%

Chevron Corp.

890

140,389

Exxon Mobil Corp.

1,295

150,531

290,920

Pharmaceutical Preparations - 0.39%

Abbott Laboratories

3,436

390,536

AbbVie, Inc. (2)

1,348

245,471

Johnson & Johnson

2,319

366,843

1,002,850

Plastics, Materials, Synth Resins & Nonvulcan Elastomers - 0.22%

Albemarle Corp.

4,428

583,345

Retail-Building Materials, Hardware, Garden Supply - 0.27%

Fastenal Co.

2,096

161,685

The Sherwin-Williams Co.

1,569

544,961

706,646

Retail-Lumber & Other Building Materials Dealers - 0.21%

Lowe's Companies, Inc.

2,186

556,840

Retail-Variety Stores - 0.16%

Target Corp.

2,324

411,836

Soap, Detergent, Cleaning Preparations, Perfumes, Cosmetics - 0.34%

Ecolab, Inc.

2,036

470,112

The Procter Gamble Co.

2,513

407,734

877,846

Special Industry Machinery (No Metalworking Machinery) - 0.22%

Pentair PLC (Ireland)

6,670

569,885

Specialty Cleaning, Polishing & Sanitation Preparations - 0.14%

The Clorox Co.

2,400

367,464

Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) - 0.21%

Nucor Corp.

2,797

553,526

Surgical & Medical Instruments & Apparatus - 0.35%

Becton, Dickinson & Co.

1,440

356,328

West Pharmaceutical Services, Inc.

1,422

562,700

919,028

Wholesale-Durable Goods - 0.22%

W.W. Grainger, Inc.

551

560,532

Wholesale-Groceries & Related Products - 0.17%

Sysco Corp.

5,384

437,073

Wholesale-Motor Vehicle Supplies & New Parts - 0.19%

Genuine Parts Co.

3,268

506,311

Total Common Stocks

(Cost $          10,458,391)

17,154,873

Essex Property Trust, Inc.

2,022

495,006

Total Real Estate Investment Trusts

(Cost $               542,659)

495,006

Banks - 5.79%

ADIB Sukuk II Company Ltd, Sr. Unsecd. Note, 5.695%, 11/15/2028 (Cayman Islands)

1,500,000

1,530,300

AL Rajhi Sukuk, Ltd., Sr. Unsecd. Note, Series REGS, 4.750%, 04/05/2028 (Saudi Arabia)

2,000,000

1,981,300

AUB Sukuk, Ltd., Sr. Unsecured Note, Series EMTN, 2.615%, 09/09/2026 (Cayman Islands)

1,000,000

934,449

Banque Saudi Fransi, Sr. Unsecd. Note, 4.75%, 05/31/2028 (Saudi Arabia)

2,000,000

1,972,500

DIB Sukuk, Ltd.,  Sr. Unsecd. Note, 2.950%, 02/20/2025 (Cayman Islands)

5,500,000

5,370,525

KIB Sukuk Ltd., Sub, 2.375%, 11/30/2030 (Cayman Islands)

3,450,000

3,273,188

15,062,262

Communications Equipment - 0.76%

ICD Sukuk Co. Ltd., Sr., 5.000%, 02/01/2027 (Cayman Islands)

2,000,000

1,984,950

Energy - 3.87%

SA Global Sukuk, Ltd., Sr. Unsecd. Note, Series 144A, 0.946%, 06/17/2024 (Cayman Islands) (6)

6,500,000

6,425,640

SA Global Sukuk, Ltd., Sr. Unsecd. Note, Series 144A, 0.946%, 06/17/2024 (Cayman Islands) (6)

3,000,000

2,969,820

SA Global Sukuk, Ltd., Sr. Unsecd. Note, Series 144A, 2.694%, 06/17/2031 (Cayman Islands) (6)

800,000

687,728

10,083,188

Financial Services - 2.47%

Air Lease Corp. Sukuk Ltd., Sr. Unsecd. Note, Series 144A, 5.850%, 04/01/2028 (Bahrain)

1,500,000

1,502,254

MAF Sukuk Ltd., Sr. Unsecd. Note, 4.500%, 11/03/2025 (Cayman Islands)

5,000,000

4,923,055

6,425,309

Home Construction - 5.56%

Aldar Sukuk Ltd., 4.750%, 09/29/2025 (Cayman Islands)

6,000,000

5,934,756

Aldar Sukuk (No. 2) Ltd., Sr. Unsecd. Note, Series EMTN, 3.875%, 10/22/2029 (Cayman Islands)

1500000

1,404,750

Esic Sukuk Ltd., 3.939%, 07/30/2024 (Cayman Islands)

7,200,000

7,148,692

14,488,198

Government Owned - 3.39%

Axiata Spv2 Bhd, Series REGS, 2.163%, 08/19/2030 (Cayman Islands)

2,380,000

1,997,457

EDO Sukuk, Ltd., Sr. Unsecd. Note, Series 144A, 5.875%, 09/21/2033 (Bahrain)

2,800,000

2,849,868

Nogaholding Sukuk, Sr. Unsecd Note, Series REGS, 5.25%, 04/08/2029 (Bahrain)

2,500,000

2,425,375

Suci Secone Investment Co, Sr. Unsecd. Note, 6%, 10/25/2028 (Cayman Islands)

1,500,000

1,549,800

8,822,500

Government Sponsored - 1.08%

FAB Sukuk, Ltd. Sr. Unsecd. Note, Series 144A, 2.591%, 03/02/2027 (Cayman Islands)

3,000,000

2,809,410

Other Financial - 4.18%

Aldar Sukuk Ltd., Sr. Unsecd. Note, Series REGS, 4.875%, 05/24/2033 (Cayman Islands)

3,000,000

2,933,349

Emaar Sukuk Ltd., Sr. Unsecd. Note, Series EMTN, 3.700%, 07/06/2031 (Cayman Islands)

2,500,000

2,276,563

EMG Sukuk Ltd, 4.564%, 06/18/2024 (Cayman Islands)

5,700,000

5,685,323

10,895,235

Real Estate - 1.32%

DAE Sukuk DIFC Ltd., Series 144A, 3.750%, 02/15/2026 (United Arab Emirates) (6)

1,000,000

964,360

DIFC Investments LLC, Note, Series REGS, 4.325%, 11/12/2024 (United Arab Emirates)

2,500,000

2,479,215

3,443,575

Sovereigns - 23.96%

CBB International Sukuk Progr. SPC., Series 144A, 3.950%, 09/16/2027 (Bahrain) (6)

1,500,000

1,417,500

CBB International Sukuk Progr. Co., REGS, 6.250%, 11/14/2024 (Bahrain)

1,500,000

1,496,550

CBB International Sukuk Progr. SPC., REGS, 6.250%, 11/14/2024 (Bahrain)

3,500,000

3,498,891

CBB International Sukuk Progr. WLL., Sr. Unsecd., Series REGS, 3.875%, 05/18/2029 (Bahrain)

1,000,000

911,500

CBB International Sukuk Six, REGS, 5.250%, 03/20/2025 (Bahrain)

2,000,000

1,984,090

CBB International Sukuk Progr. WLL., Series 144A, 3.875%, 05/18/2029 (Bahrain) (1)

1,000,000

915,350

Egypt Taskeek Co. Sr. Unsecd. Note Series 144A, 10.875%, 02/28/2026 (Egypt) (6)

2,500,000

2,612,288

Hazine Mustesarligi Varli, Sr. Unsecd. Note, Series REGS, 5.125%, 06/22/2026 (Turkey)

2,400,000

2,338,440

Hazine Mustesarligi Varli, Sr. Unsecd. Note, Series REGS, 9.758%, 11/13/2025 (Turkey)

1,500,000

1,584,372

Hazine Mustesarligi, Series 144A, 5.125%, 06/22/2026 (Turkey) (6)

1,000,000

970,600

Perusahaan Penerbit SBSN Indois Sukuk, Series 144A, 3.900%, 08/20/2024 (Indonesia)

3,800,000

3,773,400

Perusahaan Penerbit SBSN Indois Sukuk, Series 144A, 4.150%, 03/29/2027 (Indonesia)

5,000,000

4,879,302

Perusahaan Penerbit SBSN Indois Sukuk, Series 144A, 4.150%, 03/29/2027 (Indonesia)

1,685,000

1,644,325

Perusahaan Pener Indois Sukuk, Series REGS, 2.300%, 06/23/2026 (Indonesia)

2,500,000

2,415,591

Wakala Global Sukuk BHD, REGS, 3.179%, 04/27/2026 (Malaysia)

1,500,000

1,452,947

Wakala Global Sukuk BHD, REGS, 3.043%, 04/22/2025 (Malaysia)

2,000,000

1,957,812

Oman, Government, Series 144A, 4.397%, 06/01/2024 (Oman) (6)

3,000,000

2,985,504

Oman, Government, Sr. Unsecd. Series REGS, 4.397%, 06/01/2024 (Oman) (6)

4,000,000

3,987,936

Oman, Government, Series 144A, 4.875%, 06/15/2030 (Oman) (6)

1,500,000

1,478,178

Oman, Government, Series 144A, 5.932%, 10/31/2025 (Oman) (6)

2,500,000

2,512,620

Perusahaan Pener Indois Sukuk, Series REGS, 2.300%, 06/23/2026 (Indonesia) (6)

3,800,000

3,671,698

Perusahaan Penerbit SBSN Indois Sukuk, REGS, 3.900%, 08/20/2024 (Indonesia) (6)

3,500,000

3,475,500

Ras al-Khaimah, 3.094%, 03/31/2025 (Cayman Islands)

2,500,000

2,443,125

Sharjah Sukuk Ltd., 3.764%, 09/17/2024 (Cayman Islands)

2,800,000

2,772,941

Sharjah Sukuk Program, Sr. Unsecd, Note, 3.234%, 10/23/2029 (Cayman Islands)

1,500,000

1,350,027

Sharjah Sukuk Ltd., 3.854%, 04/03/2026 (Cayman Islands)

4,000,000

3,875,660

62,406,147

Supranationals - 2.29%

IDB Trust Services, Ltd. REGS, 1.957%, 10/02/2024 (Jersey)

6,068,000

5,960,305

Utilities - 5.11%

Saudi Electricity Global, Sr. Unsecd. Note REGS, 1.740%, 09/17/2025 (Saudi Arabia)

3,758,000

3,568,011

Saudi Electricity Global, Sr. Unsecd. Note REGS, 2.413%, 09/17/2030 (Saudi Arabia)

2,500,000

2,150,655

Tabreed Sukuk SPC, Ltd, Sr. Unsecd. Note REGS, 5.500%, 10/31/2025 (United Arab Emirates)

4,704,000

4,729,853

TNB Global Ventures Cap., Sr. Unsecd. Note, Series EMTN, 3.244%, 10/19/2026 (Malaysia)

3,000,000

2,855,537

13,304,056

Wireline Telecommunications Services - 2.95%

Axiata Spv2 Bhd, 4.357%, 03/24/2026 (Malaysia)

5,600,000

5,490,703

Saudi Telecom Co., Series 144A, 3.890%, 05/13/2029 (Saudi Arabia) (6)

2,300,000

2,192,925

7,683,628

Total Sukuks

(Cost $        166,387,518)

163,368,763

Arab Banking Corp., NY Branch, 5.800%, 06/18/2024 (Bahrain)

3,000,000

3,000,000

Arab Banking Corp., NY Branch, 5.600%, 06/12/2024 (Bahrain)

3,000,000

3,000,000

Arab Banking Corp., NY Branch, 5.690%, 11/25/2024 (Bahrain)

3,000,000

3,000,000

Arab Banking Corp., NY Branch, 5.600%, 07/25/2024 (Bahrain)

3,239,853

3,239,853

Arab Banking Corp., NY Branch, 5.71%, 09/06/2024 (Bahrain)

2,038,653

2,038,653

Gulf International Bank (UK), 4.95%, 7/29/2024 (Bahrain)

3,050,417

3,050,417

Gulf International Bank (UK), 5.00%, 6/13/2024 (Bahrain)

3,037,917

3,037,917

Gulf International Bank (UK), 5.00%, 6/13/2024 (Bahrain)

3,000,000

3,000,000

Gulf International Bank (UK), 4.80%, 6/17/2024 (Bahrain)

3,000,000

3,000,000

Gulf International Bank (UK), 4.80%, 6/28/2024 (Bahrain)

3,000,000

3,000,000

MayBank Islamic Bank, 5.720%, 08/06/2024 (Malaysia)

2,126,530

2,126,530

MayBank Islamic Bank, 5.720%, 04/23/2024 (Malaysia)

2,089,108

2,089,108

MayBank Islamic Bank, 5.300%, 07/29/2024 (Malaysia)

2,096,674

2,096,674

MayBank Islamic Bank, 5.370%, 05/29/2024 (Malaysia)

2,067,192

2,067,192

MayBank Islamic Bank, 5.720%, 04/15/2024 (Malaysia)

2,000,000

2,000,000

MayBank Islamic Bank, 5.720%, 05/06/2024 (Malaysia)

2,000,000

2,000,000

MayBank Islamic Bank, 5.270%, 06/18/2024 (Malaysia)

4,000,000

4,000,000

MayBank Islamic Bank, 5.300%, 07/15/2024 (Malaysia)

3,000,000

3,000,000

Qatar National Bank, 6.040%, 05/03/2024 (Qatar)

2,067,410

2,067,410

Qatar National Bank, 5.800%, 09/18/2024 (Qatar)

2,576,718

2,576,718

Qatar National Bank, 6.040%, 05/03/2024 (Qatar)

2,500,000

2,500,000

Qatar National Bank, 5.890%, 09/13/2024 (Qatar)

4,000,000

4,000,000

Total Bank Time Deposits

(Cost $          59,890,472)

59,890,472

Shares or Principal

Acquisition

Amount ($)

Date (3)

Cost (3)

Value

Energy-Oil Refining & Marketing - 0.91%

Government of Egypt, 7.427%, 05/24/2024 DD8 (Egypt)

 $                  332,161

 $                             332,161

 $             332,161

Government of Egypt, 7.427%, 05/24/2024 DD9 (Egypt)

 $                    16,238

 $                               16,238

 $               16,238

Government of Egypt, 7.887%, 08/27/2024 DD10 (Egypt)

 $                    25,481

 $                               25,481

 $               25,481

Turk Eximbank, 8.728%, (12-months SOFR +3.350%) 09/17/2024

 $               2,000,000

 $                          2,000,000

 $          1,988,000

 $          2,361,880

Total Trade Finance Agreements

(Cost $               2,373,880)

2,361,880

Total Investments - 93.40%

(Cost $           210,617,454)

243,270,994

Other Assets Less Liabilities - 6.60%

17,187,933

Total Net Assets - 100.00%

260,458,928

(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 28, 2024 in valuing the Fund's assets carried at fair value:

Securities

$

17,649,879

$

223,259,235

2,361,880

$

243,270,994

$

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.

LIBOR – London Interbank Offered Rate.

(2) Represents non-income producing securities.

(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.