[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_96":97},"routes/item",{"_9":10},"item",{"_11":12,"_13":14,"_15":16,"_17":18,"_19":20,"_21":-5,"_22":23,"_24":25,"_26":27,"_28":29,"_30":29,"_31":32,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":-5,"_46":47,"_48":-5,"_49":-5,"_50":51,"_52":53,"_54":55,"_56":57,"_58":57,"_59":60,"_61":40,"_62":63},"id","sdrq0fpytdi3zmfjhrarz7rcu","revision",2,"title","Azzad Funds 提交 N-1A 注册声明，涉及两只基金","originalTitle","AZZAD FUNDS (0001031008) (Filer)","summary","Azzad Funds 于 2026 年 10 月 28 日提交 N-1A 注册声明，涉及 Azzad Ethical Fund（ADJEX）和 Azzad Wise Capital Fund（WISEX），所列招募说明书拟于 2026 年 11 月 1 日生效。","reason","source",{"_11":86,"_87":88,"_89":90,"_91":57,"_92":93,"_94":95},"links",{"_83":84,"_63":85},"publishedAt","2026-10-28T21:22:52.000Z","discoveredAt","2026-10-28T21:49:39.019Z","timelineAt","category","ai-products","tags",[80,81,82],"stockSymbols",[],"score",23,"selected",false,"channel","news","story",{"_72":73,"_15":74},"x","readingMode","full","author","language","body",{"_76":-5,"_63":77,"_78":-5,"_79":40},"outline",[],"relatedStories",[75],"indexable",true,"markdownAvailable","group",{"_64":65,"_43":66,"_67":68,"_69":70,"_71":70},"hasTranslation","bodyLanguage","original","factId","fKd20YvZLArA",{"_72":73,"_15":74},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","21a2a0f1-adf3-43eb-bf72-9d0bcaa21caf","Azzad Funds提交两只基金注册声明",{"_72":73,"_15":74},"zh","

As filed with\nthe Securities and Exchange Commission on October 28, 2026

Registration No. 333-20177

Investment Company Act No. 811-08021

UNITED STATES
\nSECURITIES AND EXCHANGE COMMISSION
\nWashington, D.C. 20549

FORM N-1A

\n \n \n \n \n \n \n \n \n \n

REGISTRATION STATEMENT UNDER SECURITIES ACT OF 1933	☒
Pre-Effective Amendment No.	☐
Post-Effective Amendment\n No. 51	☒

and/or

\n \n \n \n \n \n \n

REGISTRATION STATEMENT UNDER INVESTMENT COMPANY ACT OF 1940	☒
Amendment No. 55	☒

(Check appropriate box or boxes)

Azzad\nFunds
\n(Exact Name of Registrant as Specified in Charter)

3141\nFairview Park Drive, Suite 355, Falls Church, VA 22042
\n(Address of Principal Executive Offices)

703-207-7005
\n(Registrant’s Telephone Number, including Area Code)
\n
\nLexis Document Services Inc.

84\nState Street, 5^th Floor, Boston, MA 02109
\n(Name and Address of Agent for Service)

With Copies to:

JoAnn M. Strasser
\nThompson Hine LLP
\n41 South High Street
\nSuite 1700
\nColumbus, OH 43215

As\nsoon as practicable after the Effective Date of this Registration Statement

(Approximate Date of Proposed Public Offering)

It is proposed that this filing will become effective:\n(check appropriate box)

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	☐	immediately upon filing pursuant to paragraph (b)
	☒	on November 1, 2026 pursuant to paragraph\n (b)
	☐	60 days after filing pursuant to paragraph (a)(1)
	☐	on (date) pursuant to paragraph (a)(1)
	☐	75 days after filing pursuant to paragraph (a)(2)
	☐	on (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

\n \n \n \n \n

☐

This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

$\"\"$

Azzad\nEthical Fund (ADJEX)

Azzad\nWise Capital Fund (WISEX)

PROSPECTUS

November\n1, 2026

If\nyou have any questions about any part of the prospectus or wish to obtain additional information about the Azzad Funds, please\ncall 888-350-3369 or visit https://azzadasset.com/azzad-funds/.

The\nSecurities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus.\nAny representation to the contrary is a criminal offense.

Azzad\nFunds c/o Nottingham Shareholder Services

116\nSouth Franklin Street, Rocky Mount, North Carolina 27804

{This\nPage is Left Intentionally Blank}

Table\nof Contents

Azzad Ethical Fund Summary (ADJEX)	5
Investment objective	5
Fees and expenses of the Ethical Fund	5
Portfolio turnover	6
Principal investment strategy	6
Ethical Investment Restrictions	8
Principal risks of investing in the Ethical Fund	8
Performance	10
Investment Adviser	11
Portfolio Manager	11
Buying and Selling Shares	11
Tax Information	12
Payments to broker-dealers and other financial intermediaries	13
Azzad Wise Capital Fund Summary (WISEX)	14
Investment objective	14
Fees and expenses of the Wise Fund	14
Portfolio Turnover	14
Principal investment strategy	15
Ethical Investment Restrictions	16
Principal risks of investing in the Wise Fund	17
Performance	20
Investment Adviser	22
Investment Sub-Advisers	22
Portfolio Managers	22
Buying and Selling Shares	22
Tax Information	23
Payments to broker-dealers and other financial intermediaries	23
Additional Information About the Funds’ Principal Investment Strategies and Related Risks	24
Investment objective of the Azzad Ethical Fund	24
Principal investment strategy of the Azzad Ethical Fund	24
Investment objective of the Azzad Wise Capital Fund	25
Principal investment strategy of the Azzad Wise Capital Fund	25
Ethical Investment Restrictions	27
Principal risks of investing in the Funds	27
Portfolio Holdings Disclosure Policies	33
Temporary Defensive Positions	33
Management, Organization & Capital Structure	33
The Investment Adviser	33
The Sub-Advisers to the Wise Fund	34
Portfolio Managers	35
Distributor	36
Distribution Plan	36
Custodian, Transfer & Dividend Disbursing Agents	37
Organization	37
At What Price Are Shares Sold?	37
How is Your Share Price (NAV) Determined?	38

\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n

Shareholder Guide	39
How to Purchase Your Shares	39
How to Sell Your Shares	41
Market Timing	44
Taxes, Dividend, and Distribution	45
Shareholder Services	47
Reporting to Third Party Information Providers	48
Financial Highlights	49
Financial Highlights (Azzad Ethical Fund)	50
Financial Highlights (Azzad Wise Capital Fund)	51
Account Types	52
Privacy Policy Notice	53
Additional Information	54

Azzad\nEthical Fund Summary (ADJEX)

Investment\nObjective

Azzad\nEthical Fund’s (the “Ethical Fund”) investment objective is to provide shareholders with long-term total returns\nusing means that are consistent with the Adviser’s ethical principles.

Fees\nand Expenses of the Ethical Fund

The\ntable below describes fees and expenses that you may pay if you buy, hold, and sell shares of the Azzad Ethical Fund (“Shares”).\nYou may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in\nthe table and Example below.

\n\n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n

Annual\n Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management\n fees	0.80%
Distribution\n and/or Service (12b-1) fees	0.15%
Other\n Expenses	0.22%
Total\n Annual Fund Operating Expenses	1.17%
Fee\n Waiver/Expense Reimbursement*	(0.18)%
Total\n Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement	0.99%

\n\n \n \n

Azzad Asset\n Management, Inc. (the “Adviser”) has agreed to contractually waive all or a portion of its fees and/or reimburse the\n Ethical Fund for certain operating expenses, to the extent necessary to limit the Ethical Fund’s net annual operating expenses\n (excluding brokerage costs; borrowing costs, including without limitation dividends on securities sold short; taxes; indirect\n expenses, such as expenses incurred by other investment companies in which the Ethical Fund invests; and litigation and other\n extraordinary expenses) to 0.99% of average daily net assets through December 1, 2029. These fee waivers and expense reimbursements\n are subject to possible recoupment from the Ethical Fund within three years from the date on which the expenses were incurred if\n such recoupment can be achieved within the lesser of the foregoing expense limits or the expense limits in place at the time of\n recoupment. This agreement may be terminated only by the Ethical Fund’s Board of Trustees (the “Board”) upon 60\n days’ notice.

Example:

This example is intended to help you compare the cost of investing in the Ethical Fund with the cost of investing in other mutual\nfunds. The example assumes that you invest $10,000 in the Ethical Fund for the time periods indicated and then redeem all your\nshares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Ethical\nFund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions\nyour costs would be:

\n\n \n \n \n \n\n \n \n \n \n

One\n Year	Three\n Years	Five\n Years	Ten\n Years
$101	$315	$547	$1,298

Portfolio\nTurnover

The\nEthical Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).\nA higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in\na taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Ethical\nFund’s performance. For the most recent fiscal year ended June 30, 2026, the Ethical Fund’s portfolio turnover rate\nwas 34.18% of the average value of its portfolio.

Principal\nInvestment Strategy

The\nEthical Fund seeks to achieve its objective by investing primarily in common stocks of mid-capitalization companies that the Adviser\nbelieves are high quality and/or exhibit above-average growth potential, which, for the purposes of the Ethical Fund, typically\nare companies with market capitalizations similar to those issuers included in the Russell Midcap^® Growth Index\n(the “Index”) over the last 13 months at the time of purchase. As of September 30, 2026, the Index had a weighted\naverage market capitalization of $45.30 billion and a median market capitalization of $15.00 billion. The largest stock by market\ncap in the Index was $123.26 billion. Over time, the capitalizations of the companies in the Index will change. As they do, the\nsize of the companies in which the Ethical Fund invests may change. Under normal market conditions, the Ethical Fund will invest\nat least 80% of its assets (defined as net assets plus borrowing for investment purposes) in securities meeting the Ethical Fund’s\nethical investment criteria.

The\nEthical Fund seeks total return, which includes income from dividends and capital appreciation of portfolio securities held by\nthe Ethical Fund.

When\nselecting securities for the Ethical Fund, the Adviser employs a systematic process focused on companies included within the Ethical\nFund’s designated mid-cap growth universe. From this universe, the Adviser seeks to identify companies that meet defined\nfinancial and qualitative criteria. These include measures of profitability, balance-sheet strength, earnings stability, prudent\nuse of leverage, and valuation ratios that the Adviser believes are indicative of durable growth and sound financial management.\nThe Adviser’s screening process seeks to maintain broad representation across the mid-cap growth universe while favoring\ncompanies that demonstrate consistent business performance, strong financial discipline, and moderate debt levels.

Generally,\nin determining whether to remove a position from the Ethical Fund, the Adviser considers many factors, including what it believes\nto be excessive valuation given company growth prospects, deterioration of fundamentals, weak cash flow to support shareholder\nreturns, unexpected and poorly explained management changes, and to take advantage of what it believes are more attractive investment\nopportunities.

The\nAdviser will sell a security if it falls out of compliance with the Ethical Fund’s ethical investment restrictions. The\nAdviser may also sell securities for a variety of reasons, such as when it no longer adheres to the Adviser’s investment\nthesis, to secure gains, limit losses, raise cash, or redeploy assets into opportunities believed to be more promising, among\nothers.

If\nthe Adviser’s strategies do not work as intended, the Ethical Fund may not achieve its objective.

To\ntake advantage of market inefficiencies, the Ethical Fund may be actively traded. During these periods, the Ethical Fund may have\na higher turnover rate.

Ethical\nInvestment Restrictions

The\nEthical Fund does not invest in corporations that derive substantial revenue (defined as more than 5% of total revenue) from alcohol,\ntobacco, pornography, pork, gambling, conventional financial services, including insurance, or weapons industries, as determined\nby the Adviser.

The\nEthical Fund will not invest in securities or other instruments that derive revenue from the receipt of interest from lending\narrangements, preferred stocks and convertible securities or other instruments that pay interest from lending, or from the receipt\nof gains from futures contracts, trading debt or trades that involve exchanging the same kind of monetary instruments (such as\nthe same type of currency).

Principal\nRisks of Investing in the Ethical Fund

Although\nthe Adviser makes every effort to achieve the Ethical Fund’s objective, the Adviser cannot guarantee it will attain that\nobjective. You could lose money by investing in the Ethical Fund. The principal risks include:

$\"\"$

Medium-capitalization\n stocks held by the Ethical Fund could fall out of favor and returns would subsequently\n trail returns from the overall stock market. The performance of such stocks also could\n be more volatile than large-capitalization stocks. Medium-cap companies are more likely\n to have more limited product lines, fewer capital resources and less depth of management\n than larger companies.

$\"\"$

Growth\n stocks can react differently to issuer, political, market, and economic developments\n than the market, and other types of stocks. The stocks of such companies can therefore\n be subject to more abrupt or erratic market movements than stocks of larger, more established\n companies or the stock market in general.

$\"\"$

Investing\n primarily in issuers within the same market capitalization category carries the risk\n that the category may be out of favor due to current market conditions or investor sentiment.\n Because the Ethical Fund invests primarily in securities issued by mid-cap companies,\n it is likely to be more volatile than a fund that focuses on securities issued by large\n companies. Medium-sized companies typically have less seasoned management, narrower product\n lines, and fewer capital reserves and liquidity than larger companies.

$\"\"$

The\n stock market may fall in value, causing prices of stocks held by the Ethical Fund to\n fall. Stock prices fluctuate based on changes to a company’s financial condition,\n on overall market and economic conditions and on investors’ perception of a company’s\n soundness. Stock markets are volatile and can decline significantly in response to adverse\n issuer, political, regulatory, market, or economic developments. Different parts of the\n market, including different market sectors, and different types of securities can react\n differently to these developments.

$\"\"$

At\n times, the Ethical Fund may have a significant portion of its assets invested in securities\n of companies conducting business in a broadly related group of industries within an economic\n sector. Individual sectors may be more volatile, and may perform differently, than the\n broader market. Companies in the same economic sector may be similarly affected by economic\n or market events, making the Ethical Fund more vulnerable to unfavorable developments\n in that economic sector than funds that invest more broadly.

$\"\"$

Investment\n risks associated with investing in the information technology sector, in addition to\n other risks, include the intense competition to which information technology companies\n may be subject; the dramatic and often unpredictable changes in growth rates and competition\n for qualified personnel among information technology companies; effects on profitability\n from being heavily dependent on patent and intellectual property rights and the loss\n or impairment of those rights; obsolescence of existing technology; general economic\n conditions; and government regulation.

$\"\"$

Investment\n risks associated with investing in the industrial sector. Industrial companies are affected\n by supply and demand both for their specific product or service and for industrial sector\n products in general. Government regulation, world events, exchange rates and economic\n conditions, technological developments and liabilities for environmental damage and general\n civil liabilities will likewise affect the performance of these companies.

$\"\"$

The\n Ethical Fund’s ethical investment restrictions do not allow investing in certain\n businesses, and there are broad limitations upon the types of securities or other instruments\n in which the Ethical Fund may invest, as well as upon commonly used investment techniques.\n As a result, the Ethical Fund will not be able to participate in strong performance from\n those businesses and may not be able to earn income comparable to other funds from non-invested\n assets.

$\"\"$

The\n Ethical Fund is subject to management risk because it is an actively managed portfolio.\n The Adviser’s management practices and investment strategies might not produce\n the desired results. The Adviser may be incorrect in its assessment of a stock’s\n appreciation or depreciation potential.

$\"\"$

You\nshould consider investing in the Ethical Fund if you are looking for long-term total return and are willing to accept the associated\nrisks.

Performance

The\nfollowing bar chart and table provide some indication of the risks of investing in the Ethical Fund by showing changes in the\nEthical Fund’s performance from year to year and by showing how the Ethical Fund’s average annual returns for each\nof the last 10 calendar years compare with those of a broad measure of market performance and a supplemental index. To obtain\nupdated performance information, please call 888-350-3369. The Ethical Fund’s past performance, before and after taxes,\nis not necessarily an indication of its future performance.

\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n

Years	Returns
2016	2.48%
2017	23.22%
2018	-3.28%
2019	30.01%
2020	30.42%
2021	17.78%
2022	-27.82%
2023	24.26%
2024	1.75%
2025	1.43%

$\"\"$

For\nthe period 01-01-2026 through 09-30-2026, the total return for the Ethical Fund was 7.67%.

Best\nQuarter: 6-30-2020 28.57%

Worst\nQuarter: 6-30-2022 -20.38%

The\nEthical Fund’s inception date was December 22, 2000

\n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n

Average\n Annual Total Returns For Periods Ended \n December 31, 2025	\n 1 Year	\n 5 Years	\n 10 Years
Before\n taxes \n After taxes on distributions \n After taxes on distributions and sale of Shares	1.43% \n 1.43% \n 0.85%	1.74% \n 0.79% \n 1.34%	8.49% \n 7.14% \n 6.67%
Russell\n 3000 Index \n (reflects\n no deductions for fees and expenses)	17.15%	13.14%	14.27%
Russell\n MidCap Growth Index \n (reflects\n no deductions for fees and expenses)	8.66%	6.64%	12.48%

After-tax\nreturns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact\nof state and local taxes. Your actual after-tax returns depend on your tax situation and may differ from those shown. After-tax\nreturns shown are not relevant if your Shares are held in tax-deferred arrangements, such as Individual Retirement Accounts (IRAs)\nor 401(k) plans.

Investment\nAdviser

Azzad\nAsset Management, Inc. is the investment adviser to the Ethical Fund.

Portfolio\nManager

Jamal\nElbarmil

Vice\nPresident of the Adviser.

Portfolio\nmanager of the Ethical Fund since March 2020.

Buying\nand Selling Shares

You\ncan buy, sell (redeem) or exchange shares of the Ethical Fund, either through a financial professional or directly from the Ethical\nFund, on any day that the New York Stock Exchange (the “NYSE”) is open.

\n\n \n \n \n \n\n \n \n \n \n

Minimum\n to Open Fund Account	Minimum\n to Open IRA Account	Minimum\n Additional Investment	Minimum\nto Open Coverdell Account
$1,000	$500	$50	$500

To\nbuy shares, contact your financial professional or open an account by completing and signing an application (available at https://azzadasset.com/azzad-funds-online-access/\nor by calling 888-350-3369). Make your check payable to the Ethical Fund and mail to:

\n\n \n \n\n \n \n

Regular\n Mail

Express\n Mail

Azzad\nEthical Fund

c/o\nNottingham Shareholder Services, LLC

P.O.\nBox 4365

Rocky\nMount, NC 27802-0069

Azzad\nEthical Fund

c/o\nNottingham Shareholder Services, LLC

116\nS. Franklin Street

Rocky\nMount, NC 27804

Fund\nminimums are waived when purchased in an employer-sponsored retirement plan such as a 401(k) or 403(b) plan.

You\nmay redeem your shares at any time at the net asset value (“NAV”) per share next determined after the transfer agent\nreceives your redemption request. If your redemption request is received prior to close of trading on the NYSE (normally 4:00\np.m. Eastern Time), your redemption will be priced the same day. You can submit your request to redeem shares to the Ethical Fund\nby telephone by calling 888-350-3369 or by mail to:

\n\n \n \n\n \n \n

Regular\n Mail

Express\n Mail

Azzad\nEthical Fund

c/o\nNottingham Shareholder Services, LLC

P.O.\nBox 4365

Rocky\nMount, NC 27802-0069

Azzad\nEthical Fund

c/o\nNottingham Shareholder Services, LLC

116\nS. Franklin Street

Rocky\nMount, NC 27804

Tax\nInformation

Unless\nyou are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account, any dividends\nand distributions made by the Ethical Fund are taxable to you as ordinary income or capital gains.

Payments\nto Broker-Dealers and Other Financial Intermediaries

If\nyou purchase shares of the Ethical Fund through a broker-dealer or other financial intermediary (such as a bank), the Ethical\nFund and its related companies may pay the intermediary for the sale of Shares and related services. These payments may create\na conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Ethical Fund\nover another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

Azzad\nWise Capital Fund Summary (WISEX)

Investment\nObjective

Azzad\nWise Capital Fund’s (the “Wise Fund”) investment objective is to provide shareholders with capital preservation\nand income.

Fees\nand Expenses of the Wise Fund

The\ntable below describes fees and expenses that you may pay if you buy, hold, and sell shares of the Azzad Wise Capital Fund (“Shares”).\nYou may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in\nthe table and Example below.

\n\n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n

Annual\n Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management\n fees	0.80%
Distribution\n and/or Service (12b-1) fees	0.05%
Other\n Expenses	0.13%
Total\n Annual Fund Operating Expenses	0.98%
Fee\n Waiver/Expense Reimbursement*	(0.09)%
Total\n Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement	\n 0.89%

\n\n \n \n

Azzad Asset Management, Inc. (the “Adviser”)\nhas agreed to contractually waive all or a portion of its fees and/or reimburse the Wise Fund for certain operating expenses, to the\nextent necessary to limit the Wise Fund’s net annual operating expenses (excluding brokerage costs; borrowing costs, including\nwithout limitation dividends on securities sold short; taxes; indirect expenses, such as expenses incurred by other investment companies\nin which the Wise Fund invests; and litigation and other extraordinary expenses) to 0.89% of average daily net assets through December\n1, 2029. These fee waivers and expense reimbursements are subject to possible recoupment from the Wise Fund within three years from the\ndate on which the expenses were incurred if such recoupment can be achieved within the lesser of the foregoing expense limits or the\nexpense limits in place at the time of recoupment. This agreement may be terminated only by the Wise Fund’s Board of Trustees (the\n“Board”) upon 60 days’ notice.

Example:\n

This example is intended to help you compare the cost of investing in the Wise Fund with the cost of investing in other mutual\nfunds. The example assumes that you invest $10,000 in the Wise Fund for the time periods indicated and then redeem all your shares\nat the end of those periods. The example also assumes that your investment has a 5% return each year and that the Wise Fund’s\noperating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would\nbe:

\n\n \n \n \n \n\n \n \n \n \n

One\n Year	Three\n Years	Five\n Years	Ten\n Years
$91	$284	$493	$1,136

Portfolio\nTurnover

The\nWise Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio).\nHigher turnover rates may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account.\nThese costs, which are not reflected in annual fund operating expenses or in the example, affect the Wise Fund’s performance.\nFor the most recent fiscal year ended June 30, 2026, the Wise Fund’s portfolio turnover rate was 26.45% of the average value\nof its portfolio.

Principal\nInvestment Strategy

The\nWise Fund invests primarily in fixed income securities issued for payment by international financial institutions, foreign governments,\nagencies of foreign governments, and global corporations in transactions structured to be compliant with the Wise Fund’s\nethical investment guidelines. Examples of fixed income securities in which the Wise Fund invests include sukuk and wakala. Sukuk\nare asset-based securities used to finance projects and asset acquisitions while avoiding the Islamic prohibition on interest.

Whereas\nbonds represent debt ownership, a sukuk certificate represents ownership or interest in a tangible asset, or the usufruct of an\nasset. Sukuk grant investors a proportionate beneficial ownership of the underlying asset, along with its associated risks and\npotential cash flows. Wakala accounts are operated under the Islamic finance principle of wakala (an agency agreement). With wakala,\na bank, as agent, raises funds to invest in various commercial activities from its investors. The bank and its investors both\nshare in the profit and risk of loss of investment in such activities.

The\nWise Fund anticipates that approximately 80% of its fixed income securities will be investment grade at the time of purchase,\nbased upon the credit ratings given by one or more nationally recognized statistical rating organizations (“NRSROs”).\nApproximately 20% of the Wise Fund’s fixed income securities may be below investment grade (but not lower than a B rating\nby Moody’s or an equivalent NRSRO). The Wise Fund may also invest in unrated securities (securities that are not rated by\na rating agency) if the Wise Fund determines that the securities are of comparable quality to rated securities that the Wise Fund\nmay purchase.

The\nWise Fund invests up to 10% of its net assets (at the time of purchase) in domestic and international common stocks of any market\ncapitalization, including emerging market securities. The Adviser will emphasize dividend-paying stocks issued by companies with\nstrong fundamentals and relatively limited anticipated volatility to supplement its fixed-income holdings.

The\nWise Fund may invest in short-term income producing investments such as money market accounts and certificates of deposit that\nfollow its ethical guidelines.

The\nWise Fund may invest up to 15% of its net assets in illiquid securities as defined by the Investment Company Act of 1940, as amended\n(the “1940 Act”) which may include investments in trade finance securities. Generally, these securities evidence transactions\nwhere there is a flow of goods or services (typically of a cross-border nature) and a financing need. These trade finance structures\nare subject to significant individual variation. The Wise Fund’s trade finance investments are expected to consist primarily\nof loans, or similar instruments used to finance international trade and related infrastructure projects. These are expected to\ninclude, but not be limited to, facilities for pre-export finance, process and commodities finance, receivables financing, letters\nof credit and other documentary credits, promissory notes, bills of exchange, and other negotiable instruments. The Wise Fund\nmay engage in such investments by way of purchase, assignment, participation, guarantee, insurance, or any other appropriate financial\ninstrument.

The\nessence of the Wise Fund’s strategy is to provide shareholders with a return that is comparable to the return on bank accounts,\ncertificates of deposit, and other similar fixed income products. The Wise Fund concentrates its investments in the financial\nservices industry. The Wise Fund anticipates that the maturity of the securities in the portfolio will range from one to fifteen\nyears and that the average duration of the portfolio will range from one to three years. While the Wise Fund generally purchases\nsecurities at the lower end of this maturity range, the Wise Fund may purchase securities with maturities at the longer end of\nthis range when the Adviser determines that they offer an attractive return or to lengthen the average duration of the Wise Fund.

The\nWise Fund’s sub-adviser, Federated Investment Management Company (“Federated”) directs the investment of most\nof the Wise Fund’s assets, furnishing investment information, advice, and recommendations to the Wise Fund as to the acquisition,\nholding, or disposition of securities or other assets that the Wise Fund may own or contemplate acquiring from time to time. The\nAdviser and Federated have retained Federated Hermes (UK) LLP (“Federated Hermes UK”), an affiliate of Federated,\nto aid in carrying out Federated’s duties as the Wise Fund’s sub-adviser. The Adviser will oversee Federated and Federated\nHermes UK and will be responsible for the day-to-day portfolio management of the Wise Fund related to the dividend-yielding equity\nportion of the Wise Fund’s portfolio and for ensuring that the Wise Fund’s holdings and portfolio management comply\nwith its ethical investment restrictions.

Federated\nwill sell a security if it falls out of compliance with the Wise Fund’s ethical investment restrictions upon the Adviser’s\ninstructions. In addition, a security may be sold when Federated believes it is showing deteriorating technical and fundamental\nindicators, due to sector rotations or geographical reallocations, or to manage concentration risk.

As\npart of the analysis in its security selection process, among other factors, Federated may evaluate whether environmental, social\nand governance factors could have positive or negative impact on the risk profiles of many issuers or guarantors in the universe\nof securities in which Wise Fund may invest. Federated may also consider information derived from active engagements conducted\nby its in-house stewardship team with certain issuers or guarantors on environmental, social and governance topics. This qualitative\nanalysis does not automatically result in including or excluding specific securities but may be used by Federated as an additional\ninput in its primary analysis.

Ethical\nInvestment Restrictions

The\nWise Fund does not invest in corporations that derive substantial revenue (defined as more than 5% of total revenue) from alcohol,\ntobacco, pornography, pork, gambling, conventional financial services, including insurance, or weapons industries as determined\nby the Adviser.

The\nWise Fund will not invest in securities or other instruments that derive revenue from the receipt of interest from lending arrangements,\npreferred stocks and convertible securities or other instruments that pay interest from lending, or from the receipt of gains\nfrom futures contracts, trading debt, or trades that involve exchanging the same kind of monetary instruments (such as the same\ntype of currency). The Wise Fund will, however, be able to invest in instruments that provide a fixed rate of return in transactions\nthat are structured to be compliant with the Wise Fund’s ethical investment restrictions such as sukuk, certificates of\ndeposit, bank notes, and short-term bank deposits.

Principal\nRisks of Investing in the Wise Fund

Although\nthe Adviser makes every effort to achieve the Wise Fund’s objective of capital preservation and income, the Adviser cannot\nguarantee it will attain that objective. You could lose money by investing in the Wise Fund. The principal risks include:

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The\n Wise Fund invests in fixed-income securities, which are subject to credit risk. Credit\n risk includes issuer credit risk, which is the risk that payments will not be paid when\n due in accordance with their terms. Such non-payment or default may reduce the value\n of the Wise Fund’s portfolio holdings, its share price, and its performance. The\n counterparty issuing the securities may not be able to pay the securities when due or\n otherwise fulfill their contractual obligations, which could reduce the value of the\n Wise Fund’s portfolio holdings, its share price, and its performance.

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A\n rise in prevailing interest rates generally will cause the price of a fixed-rate debt\n security to fall. Generally, the longer the duration or maturity of a security or weighted\n average maturity of the Wise Fund, the more sensitive its price is to a rise in interest\n rates. Recent and potential future changes in government monetary policy are likely to\n affect the level of interest rates.

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Sukuk\n involve many of the same risks that conventional bonds incur such as credit and counterparty\n risk, interest rate, maturity, and investment grade securities risk. In addition to these\n risks, there are certain risks specific to sukuk. These include various operational risks\n including default risk, a lack of institutional support, and risks related to the underlying\n assets. The sukuk markets are in their infancy and most sukuk trading is restricted to\n the primary markets. Unlike conventional bonds, sukuk tend to be held until maturity;\n thus, they are traded less frequently compared to conventional bonds.

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Investments\n in below investment-grade fixed-income securities may subject the Wise Fund to greater\n risks than other securities, including being subject to greater levels of interest rate\n risk, credit risk (including a greater risk of default), and liquidity risk. The ability\n of the issuer to make payments is predominantly speculative for below investment-grade\n fixed income securities.

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The\n Wise Fund invests in trade finance securities located primarily in or having exposure\n to global emerging markets. As such, the Wise Fund is subject to all the risks typical\n to investments generally made in emerging markets. In addition, the Wise Fund is subject\n to risks specific to the trade finance asset class such as liquidity risk, credit rating\n risk, and counter-party risk.

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When\n the Wise Fund invests in wakala, it will be subject to the credit risk of the bank acting\n as agent, and the risk that the bank will not manage the investment in a profitable manner.

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The\n stock market may fall in value, causing prices of stocks held by the Wise Fund to fall.\n Stock prices fluctuate based on changes to a company’s financial condition, on\n overall market and economic conditions and on investors’ perception of a company’s\n soundness.

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Individual\n securities or other holdings in the Wise Fund may not perform as expected, and the Wise\n Fund’s portfolio management practices may not achieve the desired result.

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The\n Wise Fund is subject to management risk because it is an actively managed portfolio.\n The Adviser’s management practices and investment strategies might not produce\n the desired results. The Adviser may be incorrect in its assessment of a stock’s\n appreciation or depreciation potential.

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Investing\n in foreign securities involves risks not typically associated with U.S. investments,\n including, among others, adverse fluctuations in foreign currency values as well as adverse\n political, social, and economic developments affecting a foreign country, less publicly\n available information, more volatile or less liquid securities markets, restrictions\n on receiving the investment proceeds from a foreign country, foreign tax laws, potential\n difficulties in enforcing contractual obligations, less revealing accounting practices,\n inadequate or irregular regulation, and more volatile performance. Foreign financial\n markets may also have fewer investor protections. Foreign companies may also receive\n less coverage than U.S. companies by market analysts and the financial press. These factors\n may prevent the Wise Fund and its Adviser from obtaining information concerning foreign\n companies that is as frequent, extensive, and reliable as the information available concerning\n companies in the United States. There is also the risk of confiscation, taxation, currency\n blockage, or political or social instability.

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Securities\n that trade or are denominated in currencies other than the U.S. dollar may be adversely\n affected by fluctuations in currency exchange rates or currency controls imposed by foreign\n governments. When the U.S. dollar strengthens relative to a foreign currency, the U.S.\n dollar value of an investment denominated in that currency will typically fall. Investing\n in currencies or securities denominated in a foreign currency entails risk of being exposed\n to a currency that may not fully reflect the strengths and weaknesses of the economy\n of the country or region utilizing the currency. In addition, it is possible that a currency\n (such as, for example, the euro) could be abandoned in the future by countries that have\n already adopted its use, and the effects of such an abandonment on the applicable country\n and the rest of the countries utilizing the currency are uncertain but could negatively\n affect the Wise Fund’s investments denominated in the currency.

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The\n Wise Fund concentrates its investments in the financial services industry. Adverse developments\n affecting a security in the financial services industry may affect all securities in\n that industry, and any negative developments affecting that industry will have a greater\n impact on the Wise Fund than a fund that is not concentrated in that industry. Further,\n because the Wise Fund’s investments are concentrated in securities issued by a\n limited number of counterparties, all of which share a single industry, the Wise Fund\n is even more susceptible to any single negative economic, technological, political, or\n regulatory occurrence that impacts the financial services industry than funds that are\n not similarly concentrated.

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Investments\n in emerging market securities impose risks different from, or greater than, risks of\n investing in foreign developed countries including smaller market capitalization; significant\n price volatility; and restrictions on foreign investment. Emerging market countries may\n have relatively unstable governments and may present the risk of nationalization of businesses,\n expropriation, and confiscatory taxation, or, in certain instances, reversion to closed\n market, centrally planned economies. Emerging market economies may also experience more\n severe downturns. The currencies of emerging market countries may experience significant\n declines against the U.S. dollar, and devaluation may occur subsequent to investments\n in these currencies by the Wise Fund. Inflation and rapid fluctuations in inflation rates\n have had, and may continue to have, negative effects on the economies and securities\n markets of certain emerging market countries.

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The\n Wise Fund’s investment in securities issued by foreign governments and agencies of\n foreign governments (sovereign debt) differs from debt obligations issued by private entities\n in that, generally, remedies for defaults must be pursued in the courts of the defaulting\n party. Legal recourse is therefore limited. The foreign sovereign debt securities the Wise\n Fund purchases involve specific risks, including that (i) the governmental entity that controls\n the repayment of sovereign debt may not be willing or able to repay the principal and/or\n interest when it becomes due because of political constraints, cash flow problems, and other\n national economic factors; (ii) governments may default on their sovereign debt, which may\n require holders of such sovereign debt to participate in debt rescheduling or additional\n lending to defaulting governments; and (iii) there are no bankruptcy proceedings by which\n defaulted sovereign debt may be collected in whole or in part.

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The\n Wise Fund’s ethical investment restrictions will narrow the availability of investment\n opportunities in which it can invest. It is possible that the restrictions placed on\n investments may cause the Wise Fund to underperform compared to other funds that do not\n place such restrictions on their investments.

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The\n Wise Fund may invest up to 15% of its net assets in securities considered to be illiquid\n as defined by the 1940 Act. These can include certificates issued by foreign banks, trade\n finance, sukuk, and wakala. As a result, if the Wise Fund receives a large amount of\n redemptions, the Wise Fund may be forced to sell such illiquid investments at a significant\n loss to be able to meet such redemption requests.

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The\n Wise Fund may, from time to time, invest a certain amount of its assets in the financials\n sector. The operations and businesses of financial services companies are subject to\n extensive governmental regulation, the availability and cost of capital funds, and interest\n rate changes. General market downturns may affect financial services companies adversely.

You\nshould consider investing in the Wise Fund if you are looking for capital preservation and income and are willing to accept the\nassociated risks.

Performance

The\nfollowing bar chart and table provide some indication of the risks of investing in the Wise Fund by showing changes in the Wise\nFund’s performance from year to year and by showing how the Wise Fund’s average annual returns for each of the last\n10 calendar years compare with those of a broad measure of market performance and a supplemental index. To obtain updated performance\ninformation, please call 888-350-3369. The Wise Fund’s past performance, before and after taxes, is not necessarily an indication\nof its future performance.

\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n

Years	Returns
2016	1.38%
2017	2.68%
2018	0.09%
2019	5.23%
2020	3.52%
2021	1.99%
2022	-3.37%
2023	4.39%
2024	4.52%
2025	5.28%

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For\nthe period from 1-1-2026 through 09-30-2026, the total return for the Wise Fund was (0.12)%.

Best\nQuarter: ended 6-30-2020 4.10%

Worst\nQuarter: ended 3-31-2020 -3.53%\t

The\nWise Fund’s inception date was April 6, 2010

\n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n

Average\n Annual Total Returns For Periods Ended \n December 31, 2025	\n 1 Year	\n 5 Years	\n 10 Years
Before\n taxes \n After taxes on distributions \n After taxes on distributions and sale of Shares	5.28% \n 3.76% \n 3.11%	2.51% \n 1.46% \n 1.47%	2.54% \n 1.72% \n 1.61%
Bloomberg\n US Aggregate Index \n (reflects no deductions for fees and expenses)	7.30%	-0.36%	2.01%
ICE\n BofAML US Corp & Govt 1-3 Year Index \n (reflects\n no deductions for fees and expenses)	5.31%	1.97%	2.10%

Investment\nAdviser

Azzad\nAsset Management, Inc. is the investment adviser to the Wise Fund.

Investment\nSub-Advisers

Federated\nInvestment Management Company is the sub-adviser to the Wise Fund. Federated Hermes (UK) LLP is the sub-sub-adviser to the Wise\nFund.

Portfolio\nManagers

Jamal\nElbarmil

Vice\nPresident of the Adviser.

Portfolio\nmanager of the Wise Fund since April 2010.

Ihab\nSalib

Senior\nPortfolio Manager at Federated.

Portfolio\nmanager of the Wise Fund since May 2014.

John\nPolinski

Portfolio\nManager at Federated.

Portfolio\nmanager of the Wise Fund since May 2014.

Mohammed\nElmi

Portfolio\nManager at Federated Hermes UK.

Portfolio\nmanager of the Wise Fund since July 2021.

Buying\nand Selling Shares

You\ncan buy, sell (redeem) or exchange shares of the Wise Fund, either through a financial professional or directly from the Wise\nFund, on any day that the New York Stock Exchange (the “NYSE”) is open.

\n\n \n \n \n\n \n \n \n

Minimum\n to Open Fund Account	Minimum\n to Open IRA Account	Minimum\n Additional Investment
$4,000	$4,000	$300

To\nbuy shares, contact your financial professional, or open an account by completing and signing an application (available at https://azzadasset.com/azzad-funds-online-access/\nor by calling 888-350-3369). Make your check payable to the Wise Fund and mail to:

\n\n \n \n\n \n \n\n \n \n

Regular\n Mail

Express\n Mail

Azzad\nWise Capital Fund

c/o\nNottingham Shareholder Services, LLC

P.O.\nBox 4365

Rocky\nMount, NC 27802-0069

Azzad\nWise Capital Fund

c/o\nNottingham Shareholder Services, LLC

116\nS. Franklin Street

Rocky\nMount, NC 27804

Fund\nminimums are waived when purchased in an employer-sponsored retirement plan such as a 401(k) or 403(b) plan.

You\nmay redeem your shares at any time at the net asset value (“NAV”) per share next determined after the transfer agent\nreceives your redemption request. If your redemption request is received prior to close of trading on the NYSE (normally 4:00\np.m. Eastern Time), your redemption will be priced the same day. You can submit your request to redeem shares to the Wise Fund\nby telephone by calling 888-350-3369 or by mail to:

\n\n \n \n\n \n \n\n \n \n

Regular\n Mail

Express\n Mail

Azzad\nWise Capital Fund

c/o\nNottingham Shareholder Services, LLC

P.O.\nBox 4365

Rocky\nMount, NC 27802-0069

Azzad\nWise Capital Fund

c/o\nNottingham Shareholder Services, LLC

116\nS. Franklin Street

Rocky\nMount, NC 27804

Tax\nInformation

Unless\nyou are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account, any dividends\nand distributions made by the Wise Fund are taxable to you as ordinary income or capital gains.

Payments\nto Broker-Dealers and Other Financial Intermediaries

If\nyou purchase shares of the Wise Fund through a broker-dealer or other financial intermediary (such as a bank), the Wise Fund and\nits related companies may pay the intermediary for the sale of Shares and related services. These payments may create a conflict\nof interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Wise Fund over another\ninvestment. Ask your salesperson or visit your financial intermediary’s website for more information.

Additional\nInformation About the Funds’
\nPrincipal Investment Strategies and Related Risks

Investment\nObjective of the Azzad Ethical Fund

Azzad\nEthical Fund’s investment objective is to provide shareholders with long-term total returns using means that are consistent\nwith the Adviser’s ethical principles.

The\ninvestment objective of the Ethical Fund is non-fundamental and may be changed by the Board without shareholder approval. The\nEthical Fund’s policy to, under normal market conditions, invest at least 80% of its assets (defined as net assets plus\nborrowing for investment purposes) in securities meeting the Ethical Fund’s ethical investment criteria is also non-fundamental\nand may be changed by the Board without shareholder approval. If the Board decides to change the Ethical Fund’s investment\nobjective or the 80% investment policy, shareholders will be given 60 days’ advance notice.

Principal\nInvestment Strategy of the Azzad Ethical Fund

The\nEthical Fund seeks to achieve its objective to provide growth of capital by investing primarily in a diversified portfolio of U.S. mid-capitalization\ncompanies and, to a lesser extent, foreign mid-capitalization companies, that common stocks of mid-capitalization companies the Adviser\nbelieves are high quality and/or exhibit above-average growth potential. Under normal market conditions, the Ethical Fund invests at\nleast 80% of its assets (defined as net assets plus borrowing for investment purposes) in securities meeting the Ethical Fund’s\nethical investment criteria. There is no guarantee, however, that the Ethical Fund will achieve its objective.

For\npurposes of the Ethical Fund, mid-capitalization companies typically are companies with market capitalizations similar to those\nof issuers included in the Russell Midcap^® Growth Index (the “Index”) over the last 13 months at the\ntime of purchase. As of September 30, 2026, the Index had a weighted average market capitalization of $45.30 billion and a median\nmarket capitalization of $15.00 billion. The largest stock by market cap in the Index was $123.26 billion. Over time, the capitalizations\nof the companies in the Index will change. As they do, the size of the companies in which the Ethical Fund invests may change.\nSecurities of a company whose capitalization exceeds the mid-capitalization range after purchase will not be sold solely because\nof the company’s increased capitalization.

In\nselecting securities for the Ethical Fund, the Adviser employs a systematic process focused on companies included within the Ethical\nFund’s designated mid-cap growth universe. From this universe, the Adviser seeks to identify companies that meet defined\nfinancial and qualitative criteria. These include measures of profitability, balance-sheet strength, earnings stability, prudent\nuse of leverage, and valuation ratios that the Adviser believes are indicative of durable growth and sound financial management.\nThe Adviser’s screening process seeks to maintain broad representation across the mid-cap growth universe while favoring\ncompanies that demonstrate consistent business performance, strong financial discipline, and moderate debt levels.

If\nthe Adviser’s strategies do not work as intended, the Ethical Fund may not achieve its objective.

To\ntake advantage of market inefficiencies, the Ethical Fund may be actively traded. During these periods, the Ethical Fund may have\na higher turnover rate.

Investment\nObjective of the Azzad Wise Capital Fund

Azzad\nWise Capital Fund’s investment objective is to provide shareholders with capital preservation and income.

The\ninvestment objective of the Wise Fund is non-fundamental and may be changed by the Board without shareholder approval. If the\nBoard decides to change the Wise Fund’s investment objective, shareholders will be given 60 days’ advance notice.

Principal\nInvestment Strategy of the Azzad Wise Capital Fund

Azzad\nWise Capital Fund concentrates its investments in the financial services industry. The Wise Fund invests primarily in U.S. dollar-denominated\nbank notes and certificates for payment issued by domestic and foreign counterparties in transactions structured to be compliant\nwith the Wise Fund’s ethical investment restrictions. Some of the certificates (called “sukuk”) are asset-based\nsecurities that represent ownership or interest in a tangible asset, or the usufruct of an asset. Sukuk grant investors a proportionate\nbeneficial ownership of the underlying asset, along with its associated risks and potential cash flows. Underlying assets may\ninclude, without limitation, real estate (developed and undeveloped), infrastructure projects, lease contracts, and machinery\nand equipment. While the certificate is linked to the returns generated by certain assets of the issuer, the underlying assets\nare not pledged as security for the certificates, and the Wise Fund (as the investor) is relying on the creditworthiness of the\nissuer for all payments required by the sukuk. Sukuk certificate holders share the risk of the underlying asset. If the assets\non which sukuk are issued do not perform as well as expected, the sukuk investor will bear a share of the loss. Unlike conventional\nbonds, sukuk do not earn interest payments. Issuers of these certificates are anticipated to be international financial institutions,\nforeign governments, agencies of foreign governments and global corporations.

Other\naccounts (called “wakala”) are operated under the Islamic finance principle of wakala, which is an “agency agreement.”\nIn its capacity as an agent, a bank raises funds to invest in various commercial activities from its investors. The bank and its\ninvestors both share in the profit and risk of loss of investment in such activities. As agent, the bank is responsible for monitoring\nthe underlying investments to make sure that they will achieve the anticipated profit rate agreed upon in the contract on the\nmaturity date. If the bank makes any profit by the maturity date, the profits are shared with the investors according to a pre-agreed\nratio. Conversely, if a loss is made, it is borne by the investors in the absence of gross negligence, fraud or willful default\nby the bank. Additionally, since wakala are Islamic fixed-income investments, the financial and economic data associated with\ninterest bearing investments similarly affect the yields and returns on wakala.

There\nis no assurance that the issuers of these fixed income securities will be able to make such payments. Prior to entering into a\ntransaction with a counterparty, the Wise Fund’s sub-adviser, Federated, reviews the counterparty’s credit rating\nand, if the counterparty is unrated, conducts due diligence on the counterparty’s financial condition and credit history.\nThe Wise Fund anticipates that approximately 80% of the Wise Fund’s fixed income securities will be investment grade at\nthe time of purchase, based upon the credit ratings given by one or more nationally recognized statistical rating organizations\n(NRSROs). Approximately 20% of the Wise Fund’s fixed income securities may be below investment grade (but not lower than\na B rating by Moody’s or equivalent NRSRO). The Wise Fund may also invest in unrated securities (securities that are not\nrated by a rating agency) if the Wise Fund determines that the securities are of comparable quality to rated securities that the\nWise Fund may purchase.

The\nWise Fund may also invest in short-term income producing investments, such as money market accounts and certificates of deposit\nthat the Adviser determines are compliant with the Wise Fund’s ethical investment restrictions. Short-term investments are\nsecurities that have a remaining maturity of 12 months or less, or that have provisions that permit the Wise Fund to require the\nissuer to repurchase the security within a period of 12 months or less. Issuers of these short-term investments are anticipated\nto be banks and other financial institutions.

The\nWise Fund may invest up to 10% of its net assets (at the time of purchase) in domestic and international common stocks of any\nmarket capitalization, including emerging market securities. The Adviser intends to emphasize dividend-paying stocks issued by\ncompanies with strong fundamentals and relatively limited anticipated volatility to supplement its fixed-income holdings.

The\nWise Fund may invest no more than 15% or more of its net assets in illiquid securities as defined by the 1940 Act, which may include\nno more than 15% or more of its net assets in trade finance. Generally, these securities evidence transactions where there is\na flow of goods or services (typically of a cross-border nature) and a financing need. These trade finance structures are subject\nto significant individual variation. The Wise Fund’s trade finance investments are expected to consist primarily of loans,\nor similar instruments used to finance international trade and related infrastructure projects. These are expected to include,\nbut not be limited to, facilities for pre-export finance, process and commodities finance, receivables financing, letters of credit\nand other documentary credits, promissory notes, bills of exchange and other negotiable instruments. The Wise Fund may engage\nin such investments by way of purchase, assignment, participation, guarantee, insurance or any other appropriate financial instrument.

The\nWise Fund anticipates that the maturity of the securities in the portfolio will range from one to fifteen years and that the average\nduration of the portfolio will range from one to three years.

Federated\ndirects the investment of most of the Wise Fund’s assets, furnishing investment information, advice and recommendations\nto the Wise Fund as to the acquisition, holding or disposition of securities or other assets that the Wise Fund may own or contemplate\nacquiring from time to time. Federated and the Adviser have retained Federated Hermes UK, an affiliate of Federated, to provide\nassistance in carrying out Federated’s duties as the Wise Fund’s sub-adviser. The Adviser will oversee each of Federated\nand Federated Hermes UK and will be responsible for the day-to-day portfolio management of the Wise Fund related to the dividend-yielding\nequity portion of the Wise Fund’s portfolio and for ensuring that the Wise Fund’s holdings and portfolio management\ncomply with its ethical investment restrictions.

Ethical\nInvestment Restrictions

The\nEthical Fund and Wise Fund (each a “Fund” or collectively, the “Funds”) do not invest in corporations\nthat derive substantial revenue (defined as more than 5% of total revenue) from alcohol, tobacco, pornography, pork, gambling,\nconventional financial services, including insurance, or weapons industries, as determined by the Adviser.

The\nFunds will not invest in securities or other instruments that derive revenue from the receipt of interest from lending arrangements,\npreferred stocks and convertible securities or other instruments that pay interest from lending, or from the receipt of gains\nfrom futures contracts, trading debt or trades that involve exchanging the same kind of monetary instruments (such as the same\ntype of currency). The Funds will, however, be able to invest in instruments that provide a fixed rate of return in transactions\nthat are structured to be compliant with the Funds’ ethical investment restrictions.

Principal\nRisks of Investing in the Funds

Although\nthe Adviser makes every effort to achieve each Fund’s objective, the Adviser cannot guarantee it will attain those objectives.\nYou could lose money by investing in the Funds.

The\nprincipal risks of investing in the Funds include:

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The\n stock market may fall in value, causing prices of stocks held by the Funds to fall. Stock\n prices fluctuate based on changes to a company’s financial condition, on overall\n market and economic conditions and on investors’ perception of a company’s\n soundness. Stock markets are volatile and can decline significantly in response to adverse\n issuer, political, regulatory, market, or economic developments. Different parts of the\n market, including different market sectors, and different types of securities can react\n differently to these developments.

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The\n Funds’ ethical investment restrictions do not allow investing in certain businesses,\n and there are broad limitations upon the types of securities or other instruments in\n which the Funds may invest, as well as upon commonly used investment techniques. As a\n result, the Funds will not be able to participate in strong performance from those businesses\n and may not be able to earn income comparable to other funds from non-invested assets.

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The\n Funds are subject to management risk because they are actively managed portfolios. The\n Adviser’s management practices and investment strategies might not produce the\n desired results. The Adviser may be incorrect in its assessment of a stock’s appreciation\n or depreciation potential.

$\"\"$

The\n increasing interconnectivity between global economies and financial markets increases\n the likelihood that events or conditions in one region or financial market may adversely\n impact issuers in a different country, region or financial market. Securities in the\n Funds’ portfolios may underperform due to inflation (or expectations for inflation),\n or investor perceptions of, issuer, market, economic, industry, political, regulatory,\n geopolitical, environmental, public health, natural disasters, pandemics, epidemics,\n terrorism, governmental actions, tariffs and trade wars and other conditions. The occurrence\n of global events similar to those in recent years, such as terrorist attacks around the\n world, pandemics, natural disasters, social and political discord or debt crises and\n downgrades, among others, may result in market volatility and may have long-term effects\n on both the U.S. and global financial markets. It is difficult to predict when similar\n events affecting the U.S. or global financial markets may occur, the effects that such\n events may have and the duration of those effects. Any such event(s) could have a significant\n adverse impact on the value and risk profile of the Funds’ portfolios. Therefore,\n the Funds could lose money over short periods due to short-term market movements and\n over longer periods during more prolonged market downturns. During a general market downturn,\n multiple asset classes may be negatively affected. Changes in market conditions and interest\n rates can have the same impact on all types of securities and instruments. In times of\n severe market disruptions, you could lose your entire investment.

In\naddition to the above risks, the following are principal risks of investing in the Ethical Fund:

$\"\"$

Medium-capitalization\n stocks held by the Ethical Fund could fall out of favor and returns would subsequently\n trail returns from the overall stock market. The performance of such stocks also could\n be more volatile than large capitalization stocks. Medium-cap companies are more likely\n to have more limited product lines, fewer capital resources, and less depth of management\n than larger companies.

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Growth\n stocks can react differently to issuer, political, market, and economic developments\n than the overall market and other types of stocks. Growth stocks also tend to be more\n expensive relative to their earnings or assets compared to other types of stocks. As\n a result, growth stocks tend to be sensitive to changes in their earnings and more volatile\n in price than the overall stock market. In addition, companies that the Adviser believes\n have significant growth potential are often companies with new, limited or cyclical product\n lines, markets or financial resources and the management of such companies may be dependent\n upon one or a few key people. The stocks of such companies can therefore be subject to\n more abrupt or erratic market movements than stocks of larger, more established companies\n or the stock market in general.

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In\naddition to the above risks, the following are principal risks of investing in the Wise Fund:

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Because\n the Wise Fund may invest in foreign stocks, it may also be subject to foreign investing\n risk. Foreign investing involves risks not typically associated with U.S. investments.\n These risks include, among others, adverse fluctuations in foreign currency values as\n well as adverse political, social and economic developments affecting a foreign country.\n In addition, foreign financial markets may also have fewer investor protections and more\n volatile or less liquid securities markets. Foreign investing involves less publicly\n available information. Foreign companies may receive less coverage than US companies\n by market analysts and the financial press. These factors may prevent the Wise Fund and\n the Adviser from obtaining information concerning foreign companies that is as frequent,\n extensive and reliable as the information available concerning companies in the United\n States. Investments in foreign countries could be affected by factors not present in\n the U.S., such as restrictions on receiving the investment proceeds from a foreign country,\n foreign tax laws, and potential difficulties in enforcing contractual obligations. There\n is also the risk of confiscation, taxation, currency blockage or political or social\n instability. Foreign accounting may be less revealing than American accounting practices.\n Foreign regulation may be inadequate or irregular. Owning foreign securities could cause\n the Wise Fund’s performance to fluctuate more than if it held only U.S. securities.

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Securities\n that trade or are denominated in currencies other than the U.S. dollar may be adversely\n affected by fluctuations in currency exchange rates and currency controls imposed by\n foreign governments. When the U.S. dollar strengthens relative to a foreign currency,\n the U.S. dollar value of an investment denominated in that currency will typically fall.\n Investing in currencies or securities denominated in a foreign currency entails risk\n of being exposed to a currency that may not fully reflect the strengths and weaknesses\n of the economy of the country or region utilizing the currency. In addition, it is possible\n that a currency (such as for example, the euro) could be abandoned in the future by countries\n that have already adopted its use, and the effects of such an abandonment on the applicable\n country and the rest of the countries utilizing the currency are uncertain but could\n negatively affect the Wise Fund’s investments denominated in the currency.

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The\n Wise Fund invests in certificates, notes and other securities, which are subject to credit\n risk. Credit risk includes issuer credit risk, which is the risk that payments will not\n be paid when due in accordance with their terms. Such non-payment or default may reduce\n the value of the Wise Fund’s portfolio holdings, its share price and its performance.\n The counterparty issuing the securities may not be able to pay the securities when due,\n which could result in a loss to the Wise Fund. Further, because the Wise Fund’s\n investments are concentrated in securities issued by a limited number of counterparties,\n all of which share a single economic sector, the Wise Fund is even more susceptible to\n losses resulting from a particular counterparty’s inability to pay a security when\n due and from changes in economic conditions that impact all of the counterparties in\n that sector.

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Investments\n in below investment grade fixed income securities may subject the Wise Fund to greater\n risks than other securities, including being subject to greater levels of interest rate\n risk, credit risk (including a greater risk of default) and liquidity risk. The ability\n of the issuer to make payments is predominantly speculative for below investment-grade\n fixed income securities. Approximately 20% of the Wise Fund’s fixed income securities\n may be below investment grade (but not lower than a B rating by Moody’s or equivalent\n NRSRO). The Wise Fund may also invest in unrated securities (securities that are not\n rated by a rating agency) if the Wise Fund determines that the securities are of comparable\n quality to rated securities that the Wise Fund may purchase. Generally, the lower the\n credit rating of a security, the greater the risk that the issuer will default on its\n obligation, which could result in a loss to the Wise Fund. Issuers of securities with\n lower investment grade categories are more vulnerable to changes in economic conditions\n than issuers of higher-grade securities.

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The\n Wise Fund’s investments in emerging market securities impose risks different from,\n or greater than, risks of investing in foreign developed countries. These risks include:\n smaller market capitalization of securities markets, which may suffer periods of relative\n illiquidity; significant price volatility; and restrictions on foreign investment. Emerging\n market countries may have relatively unstable governments and may present the risk of\n nationalization of businesses, expropriation, and confiscatory taxation or, in certain\n instances, reversion to closed market, centrally planned economies. Emerging market economies\n may also experience more severe downturns. In addition, foreign investors may be required\n to register or pay taxes or tariffs on the proceeds of securities sales; future economic\n or political crises could lead to price controls, forced mergers, expropriation or confiscatory\n taxation, seizure, nationalization, or creation of government monopolies. The currencies\n of emerging market countries may experience significant declines against the U.S. dollar,\n and devaluation may occur subsequent to investments in these currencies by the Wise Fund.\n Inflation and rapid fluctuations in inflation rates have had, and may continue to have,\n negative effects on the economies and securities markets of certain emerging market countries.\n

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Additional\n risks of emerging markets securities may include greater social, economic and political\n uncertainty and instability; more substantial governmental involvement in the economy;\n less governmental supervision and regulation; unavailability of currency hedging techniques;\n companies that are newly organized and small; differences in auditing and financial reporting\n standards, which may result in unavailability of material information about issuers;\n and less developed legal systems. In addition, emerging securities markets may have different\n clearance and settlement procedures, which may be unable to keep pace with the volume\n of securities transactions or otherwise make it difficult to engage in such transactions.\n Settlement problems may cause the Wise Fund to miss attractive investment opportunities,\n hold a portion of its assets in cash pending investment, or be delayed in disposing of\n a portfolio security. Such a delay could result in possible liability to a purchaser\n of the security.

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The\n Wise Fund concentrates its investments in the financial services industry. Adverse developments\n affecting a security in the financial services industry may affect all securities in\n that industry, and any negative developments affecting that industry will have a greater\n impact on the Wise Fund than a fund that is not concentrated in that industry. Further,\n because the Wise Fund’s investments are concentrated in securities issued by a\n limited number of counterparties, all of which may share a single industry, the Wise\n Fund is even more susceptible to any single negative economic, technological, political,\n or regulatory occurrence that impacts the financial services industry.

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The\n Wise Fund invests a significant portion of its assets in issuers located in, or with\n economic ties to, a limited number of countries, particularly countries in the Middle\n East and Southeast Asia, due in part to the relatively small size of the global sukuk\n market. As a result, the Wise Fund is more susceptible to adverse economic, political,\n regulatory, or military developments affecting those countries or that region, including\n armed conflict, than a fund that is more geographically diversified. Many of these economies\n depend heavily on petroleum exports, and a sustained decline in oil and natural gas prices,\n or political instability and unrest in the region, could adversely affect the Wise Fund’s\n investments.

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The\n Wise Fund’s investment in securities issued by foreign governments and agencies\n of foreign governments (sovereign debt) differs from debt obligations issued by private\n entities in that, generally, remedies for defaults must be pursued in the courts of the\n defaulting party. Legal recourse is therefore limited. The foreign sovereign debt securities\n the Wise Fund purchases involve specific risks including that (i) the governmental entity\n that controls the repayment of sovereign debt may not be willing or able to repay the\n principal and/or interest when it becomes due because of political constraints, cash\n flow problems and other national economic factors; (ii) governments may default on their\n sovereign debt, which may require holders of such sovereign debt to participate in debt\n rescheduling or additional lending to defaulting governments; and (iii) there are no\n bankruptcy proceedings by which defaulted sovereign debt may be collected in whole or\n in part.

A\ncountry whose exports are concentrated in a few commodities could be vulnerable to a decline in the international price of such\ncommodities. Another factor bearing on the ability of a country to repay sovereign debt is the level of the country’s international\nreserves. Fluctuations in the level of these reserves can affect the amount of foreign exchange readily available for external\ndebt payments and, thus, could have a bearing on the capacity of the country to make payments on its sovereign debt. Also, there\ncan be no assurance that the holders of commercial bank loans to the same sovereign entity may not contest payments to the holders\nof sovereign debt in the event of default under commercial bank loan agreements.

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The\n Wise Fund intends to invest in certain instruments that may be illiquid. As a result,\n if the Wise Fund receives a large amount of redemptions, the Wise Fund may be forced\n to sell such illiquid investments at a significant loss to be able to meet such redemption\n requests.

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Sukuk\n involve many of the same risks that conventional bonds incur such as: credit and counterparty\n risk, interest rate, maturity, and investment grade securities risk. In addition to these\n risks, there are certain risks specific to sukuk. These include various operational risks\n including default risk, a lack of institutional support and risks related to the underlying\n assets. The sukuk markets are in their infancy with limited issuers. Unlike conventional\n bonds, sukuk tend to be held until maturity; thus, they are traded less frequently compared\n to conventional bonds.

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When\n the Wise Fund invests in wakala it will be subject to the credit risk of the bank acting\n as agent, and the risk that the bank will not manage the investment in a profitable manner.\n

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Certificates\n of deposit, banknotes and short-term money market instruments in which the Wise Fund invests\n can fluctuate in value. Like other fixed income securities, they are subject to risk, including\n market and credit risk. They also may be subject to counterparty risk, which is the risk\n that the other parties to an agreement or a participant in a transaction, such as a bank,\n might default on a contract or fail to perform by failing to pay amounts due or failing to\n fulfill the obligations of the contract or transaction. This could reduce the value of the\n Wise Fund’s portfolio holdings, its share price, and its performance. To the extent\n that the Wise Fund’s assets are deposited into short-term money market instruments,\n it will be more difficult for the Wise Fund to achieve its objective.

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The\n Wise Fund attempts to manage interest rate risk through its management of the average\n duration of the securities it holds in its portfolio. Duration is a mathematical concept\n that measures a portfolio’s exposure to interest rate risk. For example, the price\n of a portfolio with a duration of five years would be expected to fall approximately\n five percent if interest rates rose by one percentage point and a portfolio with a duration\n of two years would be expected to fall approximately two percent if interest rates rose\n by one percentage point. The Wise Fund expects to maintain its average duration range\n within one to three years.

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Portfolio\nHoldings Disclosure Policies

A\ndescription of the Funds’ policies regarding disclosure of the securities in the Funds’ portfolios is found in the\nSAI.

Temporary\nDefensive Positions

During\nuncertain market, economic, political, or other unfavorable conditions, the Funds may adopt a temporary defensive position. Under\nthese circumstances, the Funds may hold up to 100% of their assets in non-interest-bearing cash accounts. The Funds will not invest\nin interest-paying instruments frequently used by other mutual funds for this purpose. During these periods, the Funds may not\nachieve their investment objectives.

Management,\nOrganization & Capital Structure

The\nInvestment Adviser

Azzad\nAsset Management, Inc., 3141 Fairview Park Drive, Suite 355, Falls Church, VA 22042, serves as investment adviser to the Funds.\nThe Adviser is a privately held corporation that is registered as an investment adviser under the Investment Advisers Act of 1940,\nas amended, with the U.S. Securities and Exchange Commission (the “SEC”). The Adviser was incorporated in the State\nof Delaware on June 9, 2000. The Adviser was initially formed as Zad Asset Management, LLC in the State of Virginia on August\n4, 1997, and was converted into a corporation under Delaware law in June 2000 under the current name. The Adviser currently manages\ninvestments for clients other than the Funds and may continue to do so in the future.

Under\nthe terms of the advisory agreements between the Adviser and the Trust, the Adviser is responsible for formulating the Funds’ investment\nprogram, making investment decisions and engaging in portfolio transactions for the Funds. The Adviser also furnishes corporate officers,\nprovides office space, services and equipment and supervises all matters relating to the Funds’ operations. The Adviser is responsible\nfor ensuring compliance with the Funds’ investment policies and guidelines.

Under\nthe advisory agreements with the Azzad Funds (the “Trust”), the Adviser earns an annual management fee equal to 0.80%\nof the average daily net assets for each Fund. The Wise Fund’s sub-advisory fee is paid out of the annual management fee\nthat the Adviser receives, not by the Wise Fund. The Adviser has agreed to contractually waive all or a portion of its fees and/or\nreimburse each Fund for certain operating expenses, to the extent necessary to limit each Fund’s net annual operating expenses\n(excluding brokerage costs; borrowing costs including without limitation dividends on securities sold short; taxes; indirect expenses,\nsuch as expenses incurred by other investment companies in which such Fund invests; and litigation and other extraordinary expenses)\nto 0.99% and 0.89% of average daily net assets of the Ethical Fund and the Wise Fund, respectively, until at least December 1,\n2029. These fee waivers and expense reimbursements are subject to possible recoupment from each respective Fund within three years\nfrom the date on which the expenses were incurred, if such recoupment can be achieved within the lesser of the expense limits\nthat were in place at the time of the waiver or reimbursement and the expense limits in place at the time of recoupment. These\nagreements may be terminated only by the Board.

For\nthe fiscal year ended June 30, 2026, the Adviser earned 0.80% (before waivers) for services to the Ethical Fund and 0.62% (after\nwaivers). For its services to the Wise Fund, for the fiscal year ended June 30, 2026, the Adviser earned 0.80% (before waivers)\nand 0.71% (after waivers).

A\ndiscussion regarding the basis for the Board’s most recent renewal of the Funds’ investment advisory agreements with\nthe Adviser is available in the Funds’ annual Form N-CSR for the fiscal year ended June 30, 2026.

The\nSub-Advisers to the Wise Fund

Federated\nInvestment Management Company, a Delaware statutory trust, located at 1001 Liberty Avenue, Pittsburgh, PA, 15222, serves as sub-adviser\nto the Wise Fund. Federated Hermes (UK) LLP, a limited liability partnership, located at 150 Cheapside, London, United Kingdom\nEC2V 6ET, serves as sub-subadviser to the Wise Fund. Federated and Federated Hermes UK are each SEC registered investment advisers\nthat, collectively, with other affiliates of Federated Hermes, Inc., had approximately $911.6 billion in assets under management\nas of June 30, 2026. As sub-adviser and sub-subadviser, Federated and Federated Hermes UK each manage the Wise Fund’s portfolio\nand implement trades on behalf of the Wise Fund.

Federated\nand Federated Hermes UK are each indirect, wholly owned subsidiaries of Federated Hermes, Inc., a Pennsylvania corporation with\na principal address of 1001 Liberty Avenue, Pittsburgh, PA 15222-3779, and a publicly owned company (Ticker Symbol: FHI). Federated\nHermes, Inc. owns 100% of the outstanding voting securities of FII Holdings, Inc., a Delaware corporation with a principal address\nof 1105 N. Market Street, Suite 1300 Wilmington, DE 19801. FII Holdings owns 100% of the outstanding voting securities of Federated\nand Federated Hermes UK.

Under\na sub-advisory agreement between the Adviser and Federated, Federated earns an annual sub-advisory of 0.60% on the first $25 million\nin assets; 0.50% on assets between $25 million and $50 million; and 0.40% on assets over $50 million of the average daily net\nassets for the portion of the Wise Fund that it manages. As of August 15, 2023, Federated voluntarily reduced its annual sub-advisory\nfee to 0.25% of the average daily net assets for the portion of the Wise Fund that it manages. The sub-advisory fee is paid out\nof the annual management fee the Adviser receives, not by the Wise Fund directly. A discussion regarding the basis for the Board’s\nmost recent renewal of the sub-advisory agreement between the Adviser and Federated is available in the Wise Fund’s annual\nForm N-CSR for the fiscal year ended June 30, 2026.

Under\na sub-subadvisory agreement between the Adviser, Federated and Federated Hermes UK, the Adviser and Federated have retained Federated\nHermes UK to provide sub-subadvisory services to Federated in connection with its role as sub-adviser of the Wise Fund. Under\nthe terms of the sub-subadvisory agreement, the sub-subadvisory fee is paid out of the sub-advisory fee Federated receives, not\nby either the Wise Fund or the Adviser directly. A discussion regarding the basis for the Board’s most recent renewal of\nthe sub-subadvisory agreement between the Adviser, Federated and Federated Hermes UK is available in the Wise Fund’s annual\nForm N-CSR for the fiscal year ended June 30, 2026.

Portfolio\nManagers

Ethical\nFund and Wise Fund

Since\nApril 2000, Mr. Jamal Elbarmil has served as the Vice President of the Adviser. He has served the Ethical Fund as its portfolio\nmanager since March 2020 and has served the Wise Fund as its portfolio manager since April 2010. He is responsible for the daily\nmanagement of each Fund’s portfolio. He holds a master’s degree in information systems from the American University\nin Washington, DC. Mr. Elbarmil reviews the Funds’ holdings and performance to ensure compliance with the Funds’ respective\nstrategies. Prior to joining the Adviser, Mr. Elbarmil was Vice President of Technology for Information Policy & Administration,\nInc. in Virginia where he supervised the development of software systems. Mr. Elbarmil has over 25 years of investment experience.

Wise\nFund Only

Ihab\nSalib is a Senior Vice President, Senior Portfolio Manager and Head of International Fixed Income Group at Federated. He has served\nthe Wise Fund as its portfolio manager since May 2014. Mr. Salib joined Federated Hermes, Inc. in 1999 and has over 33 years of\ninvestment experience. He is responsible for product strategy, portfolio management, and research in the international fixed income\narea. His previous associations include Senior Trader, global fixed income and foreign exchange securities, Federated Hermes,\nInc.; Associate Director, Senior Analyst/Trader, UBS Brinson; and various positions at Bank of New York and Bankers Trust Company.\nMr. Salib received a B.A. with a major in Economics from State University of New York at Stony Brook.

John\nPolinski is a Vice President, Portfolio Manager and Senior Investment Analyst at Federated. He has served the Wise Fund as its\nportfolio manager since May 2014. Mr. Polinski joined Federated in 2005 and has over 26 years of investment experience. He is\nresponsible for portfolio management and research in the global fixed income area. His previous associations include Vice President\nand Portfolio Manager, High Yield Credit Research, with DWS/Deutsche Asset Management; Director, Czech Management Centre; Analyst,\nDeutsche Bank AG. Mr. Polinski received a B.A. from the University of Pittsburgh and an M.B.A. from the University of South Carolina.

Mohammed\nElmi, CFA is a Vice President, Portfolio Manager and Senior Investment Analyst at Federated. He has served the Wise Fund as its\nportfolio manager since July 2021. Mr. Elmi joined Federated in 2013 and has over 25 years of investment experience. He is responsible\nfor portfolio management and research in the global fixed income area. His previous associations include Director, Emerging Market\nCredit Strategist, Societe Generale; Vice President, Emerging Market Credit Analyst, Credit Suisse; Investment Manager, Mashreq\nCapital (DIFC); and Product Development Manager, Bloomberg LP. Mr. Elmi received a B.S. and M.Sc. from the University of London.

The\nSAI provides additional information about the portfolio managers’ compensation, other accounts managed by the portfolio\nmanagers and the portfolio managers’ ownership of securities in the Ethical Fund and Wise Fund.

Manager\nof Managers Structure

The\nAdviser, on behalf of itself and on behalf of the Funds and other funds that the Adviser may advise in the future, was granted\nan exemptive order (the “Order”, Investment Company Act Release No. 34261, April 30, 2021) from the SEC that permits\nthe Adviser, with the Board’s approval, to enter into, replace, or amend sub-advisory agreements with sub-advisers without\nobtaining shareholder approval. The Adviser has the ultimate responsibility, subject to oversight by the Board, to oversee the\nsub-advisers and recommend their hiring, termination, and replacement, in reliance on the Order. Shareholders will be notified\nwithin 90 days of the engagement of any different or additional sub-adviser or sub-advisers to manage the Funds’ portfolio.\nThe Order also allows the Funds, in accordance with certain conditions, to disclose only Adviser compensation without disclosing\nthe sub-adviser fee rate.

At\na special meeting of the shareholders held on December 28, 2020, shareholders of the Ethical Fund and Wise Fund approved the use\nof the Order.

Distributor

Paralel\nDistributors, LLC (the “Distributor”) is the principal underwriter and distributor of the Shares and serves as the\nFunds’ exclusive agent for the distribution of the Shares. The Distributor may sell the Shares to or through qualified securities\ndealers or others.

Distribution\nPlan

The\nFunds have adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the\nFunds are authorized to reimburse any entity that provides services in connection with the sales and promotion of the shares,\nincluding its expenses in connection therewith. The maximum annual reimbursement under the Plan is 0.15% of the Ethical Fund’s\naverage daily net assets and 0.05% of Wise Fund’s average daily net assets. Because these fees are paid out of a Fund’s\nassets on an on-going basis, over time, these fees will increase the cost of your investment in Shares and may cost you more than\npaying other types of sales charges. Fees paid under the Plan may not be waived for individual shareholders.

In\naddition to paying fees under the Plan, the Funds may pay service fees to intermediaries such as banks, broker-dealers, financial\nadvisers or other financial institutions, for various shareholder services associated with shareholders whose shares are held\nof record in omnibus, other group accounts or accounts traded through registered securities clearing agents.

Shareholder\nservicing agents and broker-dealers may charge investors a fee for use of specialized purchase and redemption procedures offered\nto investors by the shareholder servicing agents and broker-dealers. In addition, shareholder servicing agents and broker-dealers\noffering purchase and redemption procedures like those offered to shareholders who invest in a Fund directly may impose charges,\nlimitations, minimums and restrictions in addition to or different from those applicable to shareholders who invest in a Fund\ndirectly. Accordingly, the net return to investors who invest through shareholder servicing agents and broker-dealers may be less\nthan by investing in a Fund directly. An investor should read the Prospectus in conjunction with the materials provided by the\nshareholder servicing agent and broker-dealer describing the procedures under which Shares may be purchased and redeemed through\nthe shareholder servicing agent and broker-dealer.

Custodian,\nTransfer & Dividend Disbursing Agents

Argent\nInstitutional Trust Company (the “Custodian”), 4343 Easton Commons, Suite 120, Columbus, OH 43219, serves as custodian\nfor the Funds’ cash and securities. The Custodian does not assist in, and is not responsible for, investment decisions involving\nassets of the Funds. The Custodian does maintain certain financial and accounting books and records pursuant to an agreement with\nthe Funds.

Nottingham\nShareholder Services, LLC, 116 S. Franklin Street, Rocky Mount, NC 27804, serves as the transfer agent and dividend-disbursing\nagent for the Funds and in that capacity maintains certain books and records for the Funds.

Shareholder\ninquiries relating to a shareholder account should be directed by writing to Azzad Funds c/o Nottingham Shareholder Services,\nLLC, 116 S. Franklin Street, Rocky Mount, NC 27804, or by telephoning Azzad Funds (toll-free) at 888-350-3369, Monday through\nFriday (except holidays), between the hours of 9:00 A.M. and 5:00 P.M., Eastern Time.

Organization

Each\nFund is a series of the Trust, a Massachusetts business trust that is registered with the SEC as an open-end, management investment\ncompany. It is not intended that meetings of the Funds’ shareholders be held except when required by Federal or Massachusetts\nstate law. All shareholders of the Funds are entitled to vote at shareholders’ meetings. From time to time, large shareholders\nmay control the Funds.

At\nWhat Price Are Shares Sold?

Shares\nare sold at their offering price, which is the NAV without any sales charge. The offering price that applies to a purchase order\nis based on the next calculation of the NAV per share that is made after a Fund receives the purchase order. The NAV of a Fund\nmay fluctuate.

How\nis Your Share Price (NAV) Determined?

The\nNAV of shares of a Fund is determined normally at 4:00 p.m. Eastern Time, on each day that the NYSE is open for trading (referred\nto in this Prospectus as a “regular business day”). The NAV per share is determined by dividing the value of a Fund’s\nnet assets by the number of shares that are outstanding.

A\nFund’s securities are valued based on market quotations, if available. If market quotations are not readily available, securities\nare valued at fair value as determined in good faith by the Adviser, in its capacity as the Board’s valuation designee,\npursuant to Rule 2a-5 under the 1940 Act. As a general matter, fair value represents the amount that a Fund could reasonably expect\nto receive if such Fund’s investment in the security were sold at the time of valuation. The valuation designee will value\na Fund’s assets at their fair value according to policies approved by, and subject to supervision by, the Board. The Adviser\nmay utilize its valuation committee and third parties to assist the Adviser in its capacity as valuation designee, based upon\ninformation available at the time the valuation is made that the Adviser believes to be reliable.

It\nis not anticipated that market quotations will be available for some of the securities in which the Wise Fund invests. Accordingly,\nthe valuation designee will need to price the securities using the Trust’s fair value pricing guidelines. In accordance\nwith the Trust’s good faith pricing guidelines, the valuation designee is required to consider all appropriate factors relevant\nto the value of securities for which it has determined other pricing sources are not available or reliable as described above.\nNo single standard for determining fair value controls, since fair value depends upon the circumstances of each individual case.\nAs a general principle, the fair value of securities is intended to be the amount which the owner might reasonably expect to receive\nfor them upon their current sale. However, as the fair valuation of securities will be based upon its analysis of factors it considers\nrelevant, the fair value price may differ from the price that would be received if the securities were sold. If the fair value\nprice differs, a shareholder may receive more or less proceeds or shares from redemptions and purchases of Shares than if the\nsecurities were priced at the price that would be received upon their current sale. Similarly, the performance of a Fund may be\naffected. A Fund also may not be able to receive a security’s fair value if the Fund should sell the security. The valuation\ndesignee reviews its own fair value decisions and reports to the Board on all fair valuation decisions that are made. The Board\nreviews all valuation decisions made by the valuation designee and evaluates whether the valuation committee is adhering to the\nFunds’ Procedures and whether the Procedures continue to be appropriate for the Funds.

Securities\nwith remaining maturities of 60 days or less are generally fair valued at amortized cost, as the Board believes that this method\nof valuing short-term investments approximates market value.

Shares\nare not priced on the days when the NYSE trading is closed. A Fund’s NAV may be calculated earlier, however, if trading on the\nNYSE is restricted or as permitted by the SEC. Your order (redemption or purchase) will be priced at the next NAV calculated after the\nFund receives your order.

If\na security or securities that a Fund owns are traded when the NYSE is closed (for example, on a foreign exchange or in an after-hours\nmarket) the value of a Fund’s assets may be affected on days when a Fund is not open for business. In addition, trading\nin some of a Fund’s portfolio holdings may not occur on days when a Fund is open for business. In addition, a Fund may not\nmake any purchases or sales of securities on some days when a Fund is open for business.

Shareholder\nGuide

How\nto Purchase Your Shares

Shares\nof a Fund are offered for sale on a continuous basis.

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The\n minimum initial investment for Wise Fund is $4,000 (and $300 for accounts using\n Automated Clearing House (“ACH”) transactions, regardless of the type of\n account). The minimum initial investment for Ethical Fund is $1,000 and $500 for\n IRA/Coverdell IRAs (and $50 for accounts using Automated Clearing House (“ACH”)\n transactions, regardless of the type of account).

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There\n is no minimum initial investment for investments made through broker-dealers and\n wirehouses.

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The\n minimum subsequent investment is $50 for the Ethical Fund and $300 for the Wise\n Fund; there is no minimum subsequent investment for investments made through broker-dealers\n and wirehouses.

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The\n Funds may waive the investment minimums at their discretion.

The\nprice for a Share is a Fund’s NAV next determined after receipt of your purchase order.

BY\nMAIL: You may purchase shares of a Fund by completing and signing an Account Application form enclosed with this Prospectus\nand mailing it, together with your check made payable to the Azzad Funds and a copy of your driver’s license (for identification\nverification purposes), to the address listed below:

\n\n \n \n\n \n \n\n \n \n

Regular\n Mail

Express\n Mail

Azzad\nFunds

c/o\nNottingham Shareholder Services, LLC

P.O.\nBox 4365

Rocky\nMount, NC 27802-0069

Azzad\nFunds

c/o\nNottingham Shareholder Services, LLC

116\nS. Franklin Street

Rocky\nMount, NC 27804

When\nmaking subsequent investments, enclose your check with the return remittance portion of the confirmation of your previous investment\nor indicate on your check or a separate piece of paper your name, address and account number and mail to the address set forth\nabove. Third party checks will not be accepted, and the Funds reserve the right to refuse to accept other checks. Bounced\nchecks or checks in which funds cannot be collected will be charged a $30 fee.

In\ncompliance with the USA PATRIOT Act of 2001, please note that the transfer agent will verify certain information on your application,\nas part of the Funds’ Anti-Money Laundering Program. As requested on the Application, you should supply your full name,\nbirth date, social security number and permanent street address. The Funds reserve the right to close the account if clarifying\ninformation/documentation is not received within 5 business days.

BY\nTELEPHONE: Once your account is open, you may make subsequent investments by telephone by calling toll free at 888-350-3369.\nPayment for shares purchased by telephone is due within three business days after the date of the transaction. Investments by\ntelephone are not available in the Funds’ retirement account administered by the Funds’ transfer agent or its agents.

If\nyour telephone order to purchase shares is canceled due to nonpayment (whether or not your check has been processed by the Funds),\nyou will be responsible for any loss incurred by the Funds because of such cancellation.

BY\nWIRE: You may make your initial or subsequent investments in the applicable Fund by wire transfer. To enable timely processing\nand transaction analysis, investors wiring funds must first notify the transfer agent of the investment. Please call Shareholder\nServices at: 888-350-3369 for additional information regarding sending wire transfers.

To\nensure proper receipt, please be sure your bank includes the respective Fund’s name and the account number that has been\nassigned to you. If you are opening a new account, please complete the Account Application form and mail it to the address indicated\nin “By Mail” above after completing your wire arrangement.

Wire\npurchases are completed when wired payment is received and the Funds accept the purchase. The Funds and their agents are not responsible\nfor any delays that occur in wiring funds, including delays in processing by the bank. Note: federal funds wire purchase orders\nwill be accepted only when the Funds and Custodian Bank are open for business.

There\nare no wire fees charged by the Funds for purchases of $1,000 or more. A wire fee of up to $20 will be charged by the Funds on\nwire purchases of less than $1,000. Your bank also may charge wire fees for this service.

BY\nAUTOMATIC INVESTMENT PLAN: You may make subsequent investments automatically for as little as $50 a month for the Ethical\nFund and $300 a month for the Wise Fund, beginning within thirty (30) days after your account is opened by completing the automatic\ninvestment plan (“AIP”) form authorizing the Funds to draw on your bank account. Ask your bank whether it will honor\ndebits through the ACH or, if necessary, preauthorized checks. You may change the date or amount of your investment at any time\nby written instruction received by a Fund at least fifteen business days before the change is to become effective. Dates available\nfor AIPs are the 10^th and 20^th of each month (or the nearest business day thereafter). A fee of $30 will\nbe charged for returned ACH payments.

Additional\nInformation About Purchases

All\npurchases of shares are subject to acceptance by the Funds and are not binding until accepted. The Funds reserve the right to\nreject any application or investment. Orders are priced as of the close of trading on the NYSE, usually as of 4:00 p.m., Eastern\nTime, Monday through Friday, exclusive of days when the NYSE is closed.

Fees\nand charges associated with purchasing Shares are set forth in this Prospectus. However, investors may purchase and sell shares\nthrough registered broker-dealers who may charge additional fees for their services.

If\nchecks are returned unpaid due to insufficient funds, stop payment or other reasons, the Funds will charge $30, and you will be\nresponsible for any loss incurred by the Funds with respect to canceling the purchase. To recover any such loss or charge, the\nFunds reserve the right, without further notice, to redeem shares already owned by any purchaser (in the Funds) whose order is\ncanceled and such a purchaser may be prohibited from placing further orders unless investments are accompanied by full payment\nby wire or cashier’s check.

Investments\npaid for by checks drawn on foreign banks may be deferred until such checks have cleared the normal collection process. In such\ninstances, your investment will be priced at the NAV next determined after receipt of the check, and any amounts charged to the\nFunds for collection procedures will be deducted from the amount invested.

In\naddition, you will be required to provide information such as your birth date, social security number, address and other relevant\ninformation to help us verify your identity. For most accounts, you will be required to submit a photocopy of your driver’s\nlicense or other picture identification. If you do not provide this information, we may not be able to open your account. If we\nare unable to verify your identity, we reserve the right to close your account. We also reserve the right to close your account\nfor other lawful reasons including but not limited to reasonable suspicion of money laundering, fraud, terrorism or other illegal\nactivity relating to the account.

The\nFunds have authorized one or more brokers to receive on their behalf purchase and redemption orders, and such brokers are authorized\nto designate other intermediaries to receive purchase and redemption orders on the Funds’ behalf. The Funds will be deemed\nto have received a purchase or redemption order when an authorized broker or, if applicable, a broker’s authorized designee,\nreceives the order. Investor orders will be priced at the respective Fund’s NAV next computed after they are received by\nan authorized broker or the broker’s authorized designee. Investors may be charged a fee if they effect transactions through\na broker or agent.

How\nto Sell Your Shares

You\nmay request to sell all or a portion of your shares at any time at the NAV per share next determined after the transfer agent\nreceives your redemption request in proper form. To be in proper form, the following conditions must be satisfied:

●

The\n request should be in writing, unless redeeming by telephone, indicating the number of\n shares or dollar amount to be redeemed;

●

The\n request must identify your account number;

●

The\n request should be signed by you and any other person listed on the account, exactly as\n the shares are registered; and

●

If\n you request that the redemption proceeds be sent to a person, bank or an address other\n than that of record or paid to someone other than the record owner(s), or if the address\n was changed within the last 30 days, or if the proceeds of a requested redemption exceed\n $50,000, the signature(s) on the request must be medallion signature guaranteed by an\n eligible signature guarantor.

If\nyour redemption request is received prior to close of trading on the NYSE (normally 4:00 p.m. Eastern Time), your redemption will\nbe priced the same day. Any redemption request received after that time will be priced the next business day.

BY\nMAIL: Your request must include:

a)\nOriginal signatures of each registered owner exactly as the shares are registered;

b)\nA Fund’s name and the account number;

c)\nThe number of shares or dollar amount to be sold; and

d)\nAny additional documents that may be required for redemption by corporations, partnerships, trusts or other entities.

Send\nyour written request for redemption to:

\n\n \n \n\n \n \n\n \n \n

Regular\n Mail

Express\n Mail

Azzad\nFunds

c/o\nNottingham Shareholder Services, LLC

P.O.\nBox 4365

Rocky\nMount, NC 27802-0069

Azzad\nFunds

c/o\nNottingham Shareholder Services, LLC

116\nS. Franklin Street

Rocky\nMount, NC 27804

BY\nTELEPHONE: Redemptions by telephone can be made by calling 888-350-3369. If you do not wish to allow telephone redemptions\nby any person on the account, you should decline that option on the account application.

This\nfeature can only be used on non-institutional accounts if:

The\n redemption proceeds are to be mailed to the address of record or wired to the pre-authorized\n bank account.

There\n has been no change of address of record on the account within the preceding 30 days.

The\n person requesting the redemption can provide proper identification; and

The\n proceeds of the redemption do not exceed $15,000.

Regarding\ntelephone redemptions, neither the Funds nor the transfer agent will be responsible for acting upon any instructions reasonably\nbelieved by them to be genuine. The Funds and/or the transfer agent will, however, employ reasonable procedures to confirm that\ninstructions communicated by telephone are genuine (including requiring some form of personal identification, providing written\nconfirmations, and tape-recording conversations); and if the Funds or the transfer agent does not employ reasonable procedures,\nit may be liable for losses due to unauthorized or fraudulent transactions. Shareholders should be aware that they may have trouble\neffecting telephone redemptions during times of a market downturn or other emergency.

SPECIAL\nREDEMPTION ARRANGEMENTS

Special\narrangements may be made by institutional investors, or on behalf of accounts established by brokers, advisers, banks or similar\ninstitutions, to have redemption proceeds transferred by wire to pre-established accounts upon telephone instructions. For further\ninformation, call the Funds at 888-350-3369.

SIGNATURE\nGUARANTEE

Redemptions\nof more than $50,000 currently require a signature guarantee. A signature guarantee verifies the authenticity of your signature,\nand the guarantor must be an eligible guarantor. To be eligible, the guarantor must be a participant in a STAMP program (a Securities\nTransfer Agents Medallion Program). You may call the Funds at 888-350-3369 to determine whether the guarantor is eligible.

The\nFunds typically expect that it will take up to seven days following the receipt of your redemption request in proper form to pay\nout redemption proceeds by check or electronic transfer. The Funds typically expect to pay redemptions from cash, cash equivalents,\nproceeds from the sale of the applicable Shares, any lines of credit, and then from the sale of portfolio securities. These redemption\npayment methods will be used in regular and stressed market conditions.

REDEMPTION\nPROCEEDS MAY BE SENT TO YOU:

BY\nMAIL: If your redemption check is mailed, it is usually mailed within 48 hours of receipt of the redemption request in proper\nform; however, the Funds have up to seven days to mail your redemption proceeds. If the shares to be redeemed were purchased by\ncheck, the redemption proceeds will not be mailed until the purchase check has cleared, which may take up to 15 days from the\npurchase date. You may avoid this requirement by investing by bank wire (federal funds). Please notify the Funds promptly in writing\nof any change of address.

BY\nWIRE: You may authorize the Funds to transmit redemption proceeds by wire provided you send written instructions with a signature\nguarantee at the time of redemption. Proceeds from your redemption will usually be transmitted on the first business day following\nreceipt of a redemption request in proper form. However, the Funds may hold redemption proceeds for up to seven days. If the shares\nto be redeemed were purchased by check, the redemption proceeds will not be wired until the purchase check has cleared, which\nmay take up to 15 days from the purchase date. A wire fee of up to $20 will be charged by the Funds, which is deducted from your\nredemption proceeds.

ADDITIONAL\nINFORMATION ABOUT REDEMPTIONS

(1)

The\n redemption price may be more or less than your cost to purchase the shares, depending\n on the NAV of a Fund’s portfolio next determined after your request is received.

(2)

A\n request to redeem shares in an IRA or similar retirement account must be accompanied\n by an IRS Form W 4-P and must state a reason for withdrawal as specified by the IRS.\n Proceeds from the redemption of shares from a retirement account may be subject to withholding\n tax. IRA distributions must be accompanied by a Fund’s distribution application.

(3)

A\n Fund may redeem existing accounts and refuse a potential account the privilege of having\n an account in a Fund if the Fund reasonably determines that the failure to do so would\n have a material adverse consequence to the Fund and its shareholders.

(4)

Excessive\n short-term trading has an adverse impact on effective portfolio management as well as\n upon a Fund’s expenses. The Funds may refuse investments from shareholders who\n engage in short-term trading.

Market\nTiming

The\nFunds are intended for long-term investors and do not accommodate frequent transactions. To minimize harm to the Funds and their\nshareholders, the Funds reserve the right to reject any purchase order or exchange request, in whole or in part, for any reason\nand without prior notice. The Funds may decide to restrict purchase and sale activity in its shares based on various factors,\nincluding whether frequent purchase and sale activity will disrupt portfolio management strategies and adversely affect the Funds’\nperformance.

Due\nto the complexity and subjectivity involved in identifying abusive trading activity, there can be no assurance that the Funds’\nefforts will identify all trades or trading practices that may be considered abusive. In addition, the Funds’ ability to\nmonitor trades that are placed by individual shareholders within group or omnibus accounts maintained by financial intermediaries\nis severely limited because the Funds do not generally have access to the underlying shareholder account information. The Funds\nwill work with financial intermediaries as necessary to discourage shareholders from engaging in abusive trading practices and\nto impose restrictions on excessive trading. There may be limitations on the ability of financial intermediaries to impose restrictions\non the trading practices of their clients. As a result, the Funds’ ability to monitor and discourage abusive trading practices\nin omnibus accounts may be limited. However, the Funds have entered into agreements with financial intermediaries that require\nthe intermediary to provide individual shareholder information for shareholders holding shares in omnibus accounts.

MANDATORY\nREDEMPTIONS

To\nreduce expenses, the Funds may redeem all of the shares in any shareholder account, other than an active automatic investment\nplan, UGMA/UTMA and retirement plan account, if, for a period of more than three months, the account has a net value of $500 or\nless and the reduction in value is not due to market action. If a Fund elects to close such accounts, it will notify shareholders\nwhose accounts are below the minimum of its intention to do so and will provide those shareholders with an opportunity to increase\ntheir accounts by investing a sufficient amount to bring their accounts up to the minimum amount within ninety (90) days of the\nnotice. No account-closing fee will be charged to investors whose accounts are closed under the mandatory redemption provision.

How\nto Exchange Your Shares

As\na Fund shareholder, you may exchange your shares of any Fund for shares of any other Fund, subject to the minimum investment requirement\nof the Fund. The exchange is treated as a redemption and purchase for tax purposes and any gain on such transaction may be subject\nto federal income tax. You may request the exchange by contacting the Fund at the phone number or address provided in the “By\nTelephone” and “By Mail” sections above.

It\nis your responsibility to obtain and read the prospectus of the Fund you are exchanging your shares for before you make an exchange.\nIn addition:

▪

You\n may make up to two exchanges out of a Fund during a calendar year. This limit helps keep\n each Fund’s net asset base stable and reduces the Fund’s administrative expenses.

▪

If\n you exchange shares into or out of a Fund, the exchange is made using the NAV per share\n of the Fund next determined after the exchange request is received.

▪

In\n times of extreme economic or market conditions, exchanging shares by telephone may be\n difficult. To receive the NAV as of the date of your exchange, your exchange request\n must be received before that day’s close of the NYSE, usually 4:00 p.m. Eastern\n Time.

▪

Each\n exchange represents the sale of shares from one fund and the purchase of shares in another,\n which may produce a gain or a loss for federal income tax purposes.

No\nexchange will be accepted unless the registration of the two accounts is identical. Neither the Funds nor the Funds’ transfer\nagent are liable for following exchange instructions communicated by telephone that they reasonably believe to be genuine. However,\nif they do not employ reasonable procedures to confirm that telephone instructions are genuine, the Funds’ transfer agent\nmay be liable for any losses due to unauthorized or fraudulent instructions. Procedures employed may include recording telephone\ninstructions and requiring a form of personal identification from the caller.

Taxes,\nDividend, and Distribution

Taxation\nof the Funds

Your\ninvestment will have tax consequences that you should consider. Some of the more common federal tax consequences are described\nhere, but you should consult your tax consultant about your situation. Although it is not an investment objective, the Adviser\nwill attempt to consider the tax consequences of its investment decisions. However, there may be occasions when the Adviser’s\ninvestment decisions will result in a negative tax consequence for the Funds’ shareholders.

TAXES\nON DISTRIBUTIONS. Each Fund qualifies as a regulated investment company under Subchapter M of the Internal Revenue Code so\nthat it will not be liable for federal income tax. Distributions of net investment income or short-term capital gain are taxable\nto you as ordinary income. Distributions of long-term capital gain are taxable to you as long-term capital gain, regardless of\nhow long you have held your shares. Distributions may also be subject to state and local taxes.

The\nFunds will mail reports to you containing information about the Funds’ distributions during the year after December 31 of\neach year (by January 31st). Consult your tax adviser about the Federal, state, and local tax consequences of your particular\ncircumstances.

TAXES\nON REDEMPTIONS OF SHARES. The sale of a Share is a taxable transaction for Federal income tax purposes. Your taxable gain\nor loss is computed by subtracting your tax basis in the shares from the redemption proceeds. Because your tax basis depends on\nthe original purchase price and on the price at which any dividends may have been reinvested, you should keep your account statement\nso that you or your tax professional will be able to determine whether a sale will result in a taxable gain or loss.

“BUYING\nA DIVIDEND” All distributions reduce the NAV of a Share by the amount of the distribution. If a shareholder purchases\nShares after a Fund has realized but not yet distributed income or capital gains, the purchase price may include the amount of\nthe upcoming distribution, and the shareholder may pay full price for the Shares and later receive a portion of the purchase price\nback as a taxable distribution. In such case, the shareholder will be taxed upon receipt of such distribution, even though the\ndistribution effectively represents a return of a portion of the purchase price. This is known as “buying a dividend.”\nUnless your investment is in a tax-deferred account, you may wish to avoid buying Shares shortly before a distribution.

TAX\nWITHHOLDING. The Funds may be required to withhold U.S. federal income tax from all taxable distributions and from proceeds\nfrom certain sales payable to shareholders who fail to provide the Funds with their correct taxpayer identification numbers or\nto make required certifications, or who have been notified by the IRS that they are subject to backup withholding. Any such withheld\namounts may be credited against the shareholder’s U.S. federal income tax liability.

Distributions

As\na shareholder, you are entitled to your share of a Fund’s net income and capital gains on its investments. A Fund passes\nsubstantially all its earnings along to its investors as distributions. When a Fund earns dividends from stocks and distributes\nthese earnings to shareholders, it is called a dividend distribution. A Fund realizes capital gains when it sells securities for\na higher price than it paid. When net long-term capital gains are distributed to shareholders, it is called a capital gain distribution.\nNet short-term capital gains are considered ordinary income and are included in dividend distributions.

LONG-TERM\nVS. SHORT-TERM CAPITAL GAINS:

▪

Long-term\n capital gains are realized on securities held by a Fund for more than one year and are\n part of your capital gain distribution.

▪

Short-term\n capital gains are realized on securities held by a Fund for less than one year and are\n part of your dividend distributions.

The\nFunds distribute capital gains, if any, annually. The Wise Fund distributes dividends, if any, monthly and the Ethical Fund distributes\ndividends, if any, annually. This policy is subject to change at any time. All distributions are reinvested in additional shares,\nunless you elect to receive distributions in cash. For Federal income tax purposes, distributions are treated the same whether\nthey are received in cash or reinvested. Shares become entitled to receive distributions on the day after the shares are issued.

If\nyou have elected to receive distributions in cash, and the postal or other delivery service returns your check to the Funds as\nundeliverable, you will not receive interest on amounts represented by the uncashed checks.

Shareholder\nServices

Online\nAccount Access

Online\naccount access is a password-protected area of the Funds’ website that gives you access to your account information in a\nsecure internet environment. To obtain additional information about accessing your account online, call toll free 888-350-3369.

Automatic\nInvestment Plan

Automatic\ninvestment plans are available for your convenience to purchase shares without having to manually initiate each transaction. Automatic\ninvestment plans allow you to purchase Shares by having specified amounts automatically deducted from your bank account and invested\nin a Fund monthly. To establish this service for your account, you may contact the Funds toll free at 888-350-3369 between the\nhours of 9:00 A.M. and 5:00 P.M., Eastern Time. This service may take up to four weeks to begin. Also, due to the varying procedures\nto prepare, process, and forward the bank withdrawal information to the Funds, there may be periodic delays in posting the funds\nto your account.

Dollar-cost\naveraging. By participating in an automatic investment plan with a Fund, you will be practicing dollar cost averaging.\nDollar-cost averaging is an investment strategy designed to avoid the pitfalls of market timing by investing equal amounts of\nmoney at regular intervals (monthly, quarterly, so on) over a long period of time. The advantage of dollar-cost averaging is that\nan investor buys more shares at lower prices, and fewer shares at higher prices. As a result, an investor ends up paying an average\nprice per share over time. The important key is to stick with dollar-cost averaging through periods of rising and falling markets.\nOf course, no strategy can guarantee a profit or protect your investment from losses.

Shareholder\nReports

To\nkeep the Funds’ costs as low as possible and to conserve paper usage, where practical we attempt to eliminate duplicate\nmailings to the same address. When we find that two or more Fund shareholders have the same last name and address, rather than\nsending a separate report to each shareholder, we will send just one report to that address. If your household is receiving separate\nmailings that you feel are unnecessary, or if you want us to send separate statements, please notify Nottingham Shareholder Services\nat 888-350-3369.

Reporting\nto Third Party Information Providers

The\nFunds provide various third-party information providers such as Morningstar, Lipper, and others, as well as various third-party\nconsultants, with Fund information. These information providers may receive Fund information such as a Fund’s holdings and\nNAV and other Fund information, in advance of Shareholders. A description of the Funds’ policies and procedures with respect\nto the disclosure of the Funds’ portfolio securities is available in the Funds’ SAI.

Currently,\ndisclosure of the Funds’ holdings is required to be made quarterly within 60 days of the end of each fiscal quarter, in\nthe annual Form N-CSR and semi-annual Form N-CSR to Fund shareholders, and in the quarterly holdings report on Form N-PORT. The\nannual and semi-annual Form N-CSRs are available by contacting the Funds’ transfer agent, c/o Nottingham Shareholder Services,\nLLC, 116 S. Franklin Street, Rocky Mount, NC 27804 or calling 888-350-3369. The Funds’ top 10 holdings as of the calendar\nquarter-end are most typically posted on the Funds’ website at azzadasset.com/azzad-ethical-fund-2/#top-holdings for the\nEthical Fund and azzadasset.com/azzad-wise-capital-fund/#top-holdings for the Wise Fund.

Financial\nHighlights

The\nfinancial highlights table is intended to help you understand each Fund’s financial performance for the past five years.\nCertain information reflects financial results for a single Share. Total returns in the table represent the rate that an investor\nwould have earned (or lost) on an investment in each Fund, assuming reinvestment of all dividends and other distributions. The\nfinancial data in the table, for the past five fiscal years, were audited by the independent registered public accounting firm\nSanville & Company, whose report, along with the Funds’ financial statements and notes thereto, are included in the\nannual Form N-CSR for the period ended June 30, 2026 filed with the SEC and are available upon request. Further information about\nthe performance of the Funds is contained in the Annual Report and financial statements for the Funds, a copy of which may also\nbe obtained, at no charge, by calling the Funds at 1-888-350-3369.

\n\n \n\n \n\n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n\n \n \n

Azzad Ethical Fund
Financial Highlights
	June\n 30,
For\n a share outstanding during fiscal year ended	2026		2025		2024	2023		2022
Net Asset Value, Beginning of\n Year	$16.41			$17.02		$16.52			$13.05		$20.13
Income (Loss) from Investment\n Operations:
	Net investment loss (a)	(0.11)			(0.10)		(0.09)			(0.08)		(0.12)
	Net realized and unrealized gain (loss) \n from investment transactions	2.09			0.37		1.01			3.56		(4.53)
Total from Investment Operations	1.98			0.27		0.92			3.48		(4.65)
Less Distributions From:
	Net realized gains	-			(0.88)		(0.42)			(0.01)		(2.43)
Total Distributions	-			(0.88)		(0.42)			(0.01)		(2.43)

Net Asset Value, End of Year	$18.39			$16.41		$17.02			$16.52		$13.05

Total Return (b)	12.07%			1.40%		5.66%			26.66%		(26.46)%
Net Assets, End of Year (in thousands)	$149,043			$143,504		$146,308			$137,619		$106,126

Ratios of:
Gross Expenses to Average Net\n Assets	1.17%			1.12%		1.14%			1.14%		1.12%
Net Expenses to Average Net Assets	0.99%			0.99%		0.99%			0.99%		0.99%
Gross Investment Loss	(0.83)%			(0.76)%		(0.72)%			(0.70)%		(0.82)%
Net Investment Loss	(0.65)%			(0.63)%		(0.57)%			(0.55)%		(0.69)%
Portfolio\n turnover rate	34.18%			40.09%		24.49%			27.88%		26.23%
(a)	Calculated using the average\n shares method.
(b)	Assumes\n the reinvestment of dividends. \n

\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n\n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n\n \n \n \n

Azzad\n Wise Capital Fund
Financial\n Highlights
	June\n 30,
For\n a share outstanding during fiscal year ended	2026		2025		2024	2023		2022
Net Asset\n Value, Beginning of Year	$10.80			$10.65		$10.54			$10.45		$11.00
Income\n (Loss) from Investment Operations:
	Net investment\n income (a)	0.39			0.39		0.33			0.22		0.13
	Net realized and\n unrealized gain (loss) \n from investment transactions	(0.03)			0.16		0.11			0.09		(0.50)
Total\n from Investment Operations	0.36			0.55		0.44			0.31		(0.37)
Less\n Distributions From:
	Net investment income	(0.39)			(0.39)		(0.33)			(0.21)		(0.15)
	Net realized gains	-			(0.01)		-			(0.01)		(0.03)
Total\n Distributions	(0.39)			(0.40)		(0.33)			(0.22)		(0.18)
		\n
Net Asset\n Value, End of Year	$10.77			$10.80		$10.65			$10.54		$10.45

Total\n Return (b)	3.35%			5.24%		4.22%			2.99%		(3.46)%
Net Assets,\n End of Year (in thousands)	$377,416			$341,464		$265,954			$232,124		$211,212

Ratios\n of:
Gross\n Expenses to Average Net Assets	0.98%			0.95%		0.96%			0.97%		0.98%
Net Expenses\n to Average Net Assets	0.89%			0.89%		0.89%			0.89%		0.89%
Gross\n Investment Income	3.49%			3.58%		3.02%			1.98%		1.14%
Net Investment\n Income	3.58%			3.63%		3.09%			2.06%		1.23%
Portfolio\n turnover rate	26.45%			30.13%		36.30%			24.00%		26.47%
(a)	Calculated\n using the average shares method.
(b)	Assumes\n the reinvestment of dividends. \n

Account\nTypes

You\nmay invest in the Funds through the following types of accounts (their respective applications can be downloaded online at www.azzadasset.com,\nfor a hard copy call 888-350-3369):

\n\n \n \n\n \n \n\n \n \n\n \n \n\n \n \n

INDIVIDUAL,\n SOLE PROPRIETORSHIP AND JOINT ACCOUNTS (regular mutual fund accounts) \n	Individual and sole proprietorship accounts are owned by one person; joint accounts can have two or more owners. All owners of the joint account must sign written instructions to purchase or redeem shares or to change account information exactly as their names appear on the account. If you elect telephone privileges, however, redemption requests by telephone may be made by any one of the joint account owners. \n
RETIREMENT\n ACCOUNTS \n	The\n Funds offer various tax-deferred retirement plans and accounts, including Traditional\n IRAs, Roth IRAs, Rollover IRAs, SEP (Simplified Employee Pension) IRAs, and SIMPLE IRAs.\n A Share may also be an appropriate investment for other retirement plans. Before investing\n in any IRA or other retirement plan, you should consult your legal or tax adviser. \n
UNIFORM\n GIFT OR TRANSFER TO MINOR ACCOUNTS (UGMA, UTMA) \n	Depending\n on the laws of your state, you can set up a custodial account under the Uniform Gift (or Transfers) to Minors Act. These\n custodial accounts provide a way to give money to a child and obtain tax benefits. To open a UGMA or UTMA account, you\n must include the minor’s social security number on the application and the custodian, or trustee, of the UGMA or\n UTMA must sign instructions in a manner indicating trustee capacity. \n
COVERDELL\n EDUCATION SAVINGS ACCOUNTS (formerly EDUCATION IRA) \n	You\n may establish a tax-deferred education savings account on behalf of any child with a Social Security Number to help save\n for his/her education. Account redemptions may be used for qualified primary, secondary, post-secondary or higher education\n expenses. \n
FOR\n AN ORGANIZATION \n	You\n may open an account for a trust, corporation, partnership, endowment, foundation, or other entity. For corporations, a\n corporate resolution signed by an authorized person with a signature guarantee is required. For partnerships, a certification\n for a partnership agreement or the pages from the partnership agreement that identify the general partners is required.\n An authorized officer of the corporation or other legal entity must sign the application. For trust accounts, the trust\n must be established before you can open the account. You must include the name of each trustee, the name of the trust\n and provide a certification for trust, or the pages from the trust document that identify the trustees. \n

\n\n \n

Privacy\nPolicy Notice

The\nAzzad Funds Commitment to Protecting Your Privacy

PLEASE\nREAD AND RETAIN FOR YOUR RECORDS

The\nfollowing is a description of the Funds’ policy regarding disclosure of nonpublic personal information that you provide\nto the Funds or that the Funds collect from other sources. If you hold shares of a Fund through a broker-dealer or other financial\nintermediary, the privacy policy of your financial intermediary would govern how your nonpublic personal information would be\nshared with unaffiliated third parties.

Categories\nof Information the Funds Collect. The Funds collect the following nonpublic personal information about you:

●

Information\n the Funds receive from you on or in applications or other forms, correspondence, or conversations\n (such as your name, address, phone number, social security number, assets, income and\n date of birth); and

●

Information\n about your transactions with the Funds, their affiliates, or others (such as your account\n number and balance, payment history, parties to transactions, cost basis information,\n and other financial information).

Categories\nof Information the Funds Disclose. The Funds do not disclose any nonpublic personal information about current or former shareholders\nto affiliated or unaffiliated third parties, except as required or permitted by law. The Funds are permitted by law to disclose\nall of the information they collect, as described above, to their service providers (such as the Funds’ custodian and transfer\nagent) to process your transactions and otherwise provide services to you.

Confidentiality\nand Security. The Funds restrict access to your nonpublic personal information to those persons who require such information\nto provide products or services to you. The Funds maintain physical, electronic, and procedural safeguards that comply with federal\nstandards to guard your nonpublic personal information.

Additional\nInformation

INVESTMENT ADVISER	AZZAD ASSET MANAGEMENT, INC.
	3141 FAIRVIEW PARK DRIVE
	SUITE 355
	FALLS CHURCH, VA 22042
	TEL: 703-207-7005
	FAX: 703-852-7478
	WEB: WWW.AZZADASSET.COM
	EMAIL: hello@azzadasset.com

INDEPENDENT REGISTERED	SANVILLE & COMPANY, LLC
PUBLIC ACCOUNTING FIRM	1011 SURREY LN, BLDG 200
	FLOWER MOUND, TX 75022

DISTRIBUTOR	PARALEL DISTRIBUTORS, LLC
	1700 BROADWAY SUITE 2100
	DENVER, CO 80290

ADMINISTRATOR AND	THE NOTTINGHAM COMPANY, LLC
FUND ACCOUNTANT	116 S. FRANKLIN STREET
\n	ROCKY MOUNT, NC 27804
\n	TEL: 888-350-3369

TRANSFER AGENT	Nottingham Shareholder Services, LLC
	116 S. FRANKLIN STREET
	ROCKY MOUNT, NC 27804
	TEL: 888-350-3369

CUSTODIAN	ARGENT INSTITUTIONAL TRUST COMPANY
	4343 EASTON COMMONS, SUITE 120
	COLUMBUS, OH 43219

LEGAL COUNSEL	THOMPSON HINE LLP
	41 SOUTH HIGH STREET
	SUITE 1700
	COLUMBUS, OH 43215

Additional\ninformation about the Funds is included in the Funds’ SAI dated November 1, 2026, the Funds’ annual and semi-annual\nreports to shareholders and in Form N-CSR. The Funds’ SAI contains more detailed information about the Funds and their management\nand operations. The SAI is incorporated by reference into this prospectus and is legally part of it. The Funds’ annual report\nincludes a discussion of the market conditions and investment strategies that significantly affected the Funds’ performance\nduring its last fiscal year. The Funds’ Form N-CSR includes the Funds’ annual and semi-annual financial statements.

These\ndocuments (and other information about the Funds) are available free of charge upon request on the internet at https://azzadasset.com/azzad-funds/,\nby telephone at 888-350-3369, or by mail to Nottingham Shareholder Services, LLC, P.O. Box 4365, Rocky Mount, NC 27802-0069. To\nobtain the Funds’ SAI, annual and semi-annual reports, Form N-CSR and other information, or to make shareholder inquiries\nabout the Funds, please email shareholders@ncshare.com. Reports and other information about the Funds are available on\nthe EDGAR Database on the SEC’s website at www.sec.gov, and copies of the Funds’ reports and SAI may be obtained,\nafter paying a duplicating fee, by e-mailing your request to PUBLICINFO@SEC.GOV.

Investment\nCompany Act File Number: 811-08021

AZZAD^®

THE\nAZZAD FUNDS

STATEMENT\nOF ADDITIONAL INFORMATION

November\n1, 2026

Azzad\nEthical Fund (ADJEX)

Azzad\nWise Capital Fund (WISEX)

\n\n \n

Azzad\n Ethical Fund (the “Ethical Fund”) and Azzad Wise Capital Fund (the “Wise Fund”) (each a “Fund”\n and collectively, the “Funds”) are series of Azzad Funds (the “Trust”). This Statement of Additional\n Information (“SAI”) is not a prospectus, and it should be read in conjunction with the Prospectus for the Funds\n dated November 1, 2026, as it may be supplemented. The Funds’ financial statements, the notes relating thereto, the\n financial highlights, and the report of the independent registered public accounting firm are incorporated by reference from\n the Funds’ most recent Form N-CSR into this SAI. The Funds’ prospectus, shareholder report, and/or other financial\n statements can be obtained, without charge, on the Funds’ website at https://azzadasset.com/azzad-funds/ or by calling\n 888-350-3369. This SAI is incorporated by reference into the Prospectus.

TABLE\nOF CONTENTS

INVESTMENT\n OBJECTIVES, POLICIES AND RESTRICTIONS	2
TRUSTEES\n AND EXECUTIVE OFFICERS	8
INVESTMENT\n ADVISORY AND OTHER SERVICES	10
SUB-ADVISER\n AND SUB-SUB-ADVISER (WISE FUND)	11
PORTFOLIO\n MANAGEMENT	12
CONTROL\n PERSONS AND PRINCIPAL SHAREHOLDERS	14
CODE\n OF ETHICS	14
ADMINISTRATOR\n AND FUND ACCOUNTANT	14
COMPLIANCE\n SERVICES	15
TRANSFER\n AGENT	15
CUSTODIAN	15
DISTRIBUTOR	15
SHAREHOLDER\n SERVICING AND DISTRIBUTION PLAN	15
PORTFOLIO\n TRANSACTIONS AND ALLOCATION OF BROKERAGE	16
PURCHASE\n OF SHARES	18
DIVIDENDS\n AND DISTRIBUTIONS	19
NET\n ASSET VALUE	19
REDEMPTION\n OF SHARES	19
INDEPENDENT\n REGISTERED PUBLIC ACCOUNTING FIRM	20
OTHER\n INFORMATION	20
ORGANIZATION	20
FINANCIAL\n STATEMENTS	20
PROXY\n VOTING PROCEDURES	20
DISCLOSURE\n OF PORTFOLIO HOLDINGS	21
ANTI-MONEY\n LAUNDERING COMPLIANCE	21

INVESTMENT\nOBJECTIVES, POLICIES, AND RESTRICTIONS

The\ninvestment objectives and policies of the Funds are described in the Funds’ Prospectus. All investments are subject to the\noverall policy of making investment decisions according to ethical principles, as described in the Prospectus. Additional information\nregarding the Funds’ investment risks, policies, and restrictions is set forth in this SAI.

Investment\nPolicies and Associated Risks

The\nfollowing discussion supplements the disclosure in the Prospectus about the Funds’ investment techniques, strategies, and risks.\nUnless otherwise noted, the policies described in this SAI are not fundamental and may be changed by the Board. As all investment\nsecurities are subject to inherent market risks and fluctuations in value due to earnings, economic, and political conditions\nand other factors, there is no assurance that the Funds’ investment objectives will be achieved.

Each\nFund is a diversified series of the Trust, an open-end management investment company organized as a Massachusetts business trust\non December 16, 1996 (formerly Islamia Group of Funds). The Wise Fund invests primarily in securities issued by counterparties\nin transactions structured to be compliant with the Wise Fund’s ethical investment restrictions, which are described in the Prospectus.\nThe Wise Fund may also invest in other fixed-income and dividend-paying securities that are structured to provide returns consistent\nwith the Wise Fund’s ethical investment restrictions, which are described in the Prospectus. Such securities include common stocks\nand American Depositary Receipts (“ADRs”). The Ethical Fund invests primarily in equity securities of mid-capitalization\ncompanies that Azzad Asset Management, Inc. (the “Adviser”) believes are high quality and/or exhibit above-average\ngrowth potential and that under normal market conditions, meet the Ethical Fund’s ethical investment criteria. The Adviser\nserves as the investment adviser for each Fund.

Equity\nSecurities. The equity securities in which the Funds may invest consist of common stock. Common stocks represent an equity\n(ownership) interest in a corporation. Although equity securities have a history of long-term growth in value, their prices fluctuate\nbased on changes in a company’s financial condition and on overall market and economic conditions.

Investments\nin equity securities are subject to inherent market risks and fluctuations in value due to earnings, economic conditions, and\nother factors beyond the control of the Adviser. As a result, the returns and net asset values (“NAV”) of the Funds\nwill fluctuate. Securities in the Funds’ portfolios may not increase as much as the market as a whole and some undervalued\nsecurities may continue to be undervalued for long periods of time. Although profits in some Fund holdings may be realized quickly,\nit is not expected that most investments will appreciate rapidly.

Initial\nPublic Offerings (“IPOs”). IPOs are a form of equity security. IPOs can have a dramatic impact on Fund performance\nand assumptions about future performance based on that impact may not be warranted. Investing in IPOs involves risks. Many, but\nnot all, of the companies issuing IPOs are small, unseasoned companies. These are companies that have been in operation for a\nshort period of time. Small company securities, including IPOs, are subject to greater volatility in their prices than are securities\nissued by more established companies. If a Fund does not intend to make a long-term investment in the IPO (it is sometimes possible\nto immediately sell an IPO at a profit), the Adviser may not perform the same detailed research on the company that it does for\ncore holdings.

Mid-Capitalization\nCompanies. The Adviser considers companies within the Russell MidCap Growth benchmark to be mid-capitalization companies. As of September\n30, 2026 (the quarter-end closest to the index’s rebalance) the Index had a weighted average market capitalization of $45.30 billion\nand a median market capitalization of $15.00 billion. The largest stock by market cap in the Index was $123.26 billion. Investing in\nsuch companies may be riskier than investing in large-capitalization companies. Smaller companies typically have more limited product\nlines, markets, and financial resources than larger companies, and their securities may trade less frequently and in more limited volume\nthan those of larger, more mature companies. Securities of these companies may be subject to volatility in their prices. They may have\na limited trading market, which may adversely affect a Fund’s ability to dispose of them and can reduce the price the Fund might\nbe able to obtain for them. Other investors that own a security issued by a mid- capitalization company for which there is limited liquidity\nmight trade the security when a Fund is attempting to dispose of its holdings in that security. In that case, the Fund might receive\na lower price for its holdings than otherwise might be obtained.

Real\nEstate Investment Trust (“REIT”) Securities. Subject to its investment policies and restrictions, a Fund may invest\nin securities issued by REITs. A REIT is a domestic corporation (or a trust or association\notherwise taxable as such for federal tax purposes) that meets certain requirements of the Internal Revenue Code of 1986,\nas amended (the “Tax Code”). The Tax Code permits a qualifying REIT to deduct dividends it pays, thereby effectively\neliminating entity-level federal income tax for a REIT that distributes all of its taxable income (including net capital gains)\nand making the REIT a modified pass-through vehicle for federal income tax purposes. To qualify for treatment as a REIT, a company\nmust, among other things, derive at least 75% of its gross income each taxable year from real estate sources (such as rents from\nreal estate, interest from mortgages on real estate, and gains from sales of real estate assets), and must annually distribute\nto its shareholders 90% or more of its taxable income (including net capital gains). Moreover, at the end of each quarter of its\ntaxable year, at least 75% of the value of its total assets must be represented by real estate assets, cash and cash items and\nU.S. government securities. REITs are sometimes informally characterized as equity REITs, mortgage REITs and hybrid REITs. An\nequity REIT invests primarily in the fee ownership or leasehold ownership of land and buildings and derives its income primarily\nfrom rental income. It is anticipated, although not required, that under normal circumstances, a majority of each Fund’s investments\nin REITs will consist of shares issued by equity REITs.

The\nprices of securities issued by companies engaged in the real estate industry may change in response to interest rate changes.\nAt times, when interest rates go up, the value of securities issued by companies in the real estate industry goes down. If a Fund\nfocuses its real estate related investments in a geographic area or in a property type, the Fund will be particularly subject\nto the risks associated with that geographic area or property type. \t

Sukuk.\nThe Wise Fund may invest in sukuk. Sukuk are used to finance projects and asset acquisitions while avoiding interest. Whereas\nbonds represent a debt ownership, a sukuk certificate represents ownership or interest in a tangible asset, or the usufruct of\nan asset. Sukuk are therefore considered to be asset-based securities. Sukuk grant investors a proportionate beneficial ownership\nof the underlying asset, along with its associated risks and potential cash flows. Underlying assets may include, without limitation,\nreal estate (developed and undeveloped), infrastructure projects, lease contracts, and machinery and equipment. While the certificate\nis linked to the returns generated by certain assets of the issuer, the underlying assets are not pledged as security for the\ncertificates, and the Wise Fund (as the investor) is relying on the creditworthiness of the issuer for all payments required by\nthe sukuk. Sukuk certificate holders share the risk of the underlying asset. If the assets on which sukuk are issued do not perform\nas well as expected, the sukuk investor will bear a share of the loss. Unlike conventional bonds, sukuk do not earn interest payments.\nSukuk may be issued by international financial institutions, foreign governments and agencies of foreign governments and even\nglobal corporations. Like conventional bonds, rating agencies rate sukuk based on their credit quality and the issuer’s\nability to pay investors. Sukuk receive ratings that look exactly like conventional bonds.

Wakala.\nThe Wise Fund may invest in wakala. As an element of Islamic finance, wakala means “agency agreement.” In its\ncapacity as an agent, a bank raises funds to invest in various commercial activities from its investors. The bank and its investors\nboth share in the profit and risk of loss of investment in such activities. As agent, the bank is responsible for monitoring the\nunderlying investments to make sure that they will achieve the anticipated profit rate agreed upon in the contract on the maturity\ndate. If the bank makes any profit by the maturity date, the profits are shared with the investors according to a pre-agreed ratio.\nConversely, if a loss is made, it is borne by the investors in the absence of gross negligence, fraud or willful default by the\nbank.

Since\nwakala are Islamic fixed-income investments, the financial and economic data associated with interest bearing investments similarly\naffect the yields and returns on wakala. Changes in interest rates impact prices of fixed-income and related investments. When\ninterest rates rise, the value of fixed-income investments (paying a lower rate of interest) generally will fall. Investments\nwith shorter terms may have less interest rate risk, but generally have lower returns and, because of the more frequent maturity\ndates, may involve higher re-investment costs.

Trade\nFinance. Trade finance investments in which the Wise Fund may invest consist primarily of loans or similar instruments used\nto finance international trade and related infrastructure projects, such as, for example, facilities for pre-export finance, process\nand commodities finance, receivables financing, factoring or forfaiting, trade credit insurance, letters of credit and other documentary\ncredits, documentary collection, promissory notes, bills of exchange and other negotiable instruments. The Wise Fund may invest\nin such investments by way of purchase, assignment, participation, guarantee, insurance or another financial instrument. Trade\nfinance transactions may include both domestic and international transactions, and may include sellers of goods or services, buyers\nof such goods or services, intermediaries such as banks and other financial institutions as lenders, insurers, and other parties.\nA trade finance transaction can involve various structures. For example, while a seller (or exporter) can require a purchaser\n(an importer) to prepay for goods shipped, the purchaser (importer) may wish to reduce risk by requiring the seller to document\nthe goods that have been shipped. Banks, financial institutions or other lenders may assist by providing various forms of support,\nsuch as a letter of credit provided by the importer’s bank to the exporter (or the exporter’s bank) providing for payment\nupon presentation of certain documents (for example, a bill of lading). The exporter’s bank also may make a loan (by advancing\nfunds) to the exporter based on the export contract.

Trade\nFinance securities are located primarily in or have exposure to global emerging markets. As such, the Wise Fund is subject to\nall the risks typical to investments generally made in emerging markets. In addition, the Wise Fund is subject to risks specific\nto the trade finance asset class such as liquidity risk, credit rating risk, and counter-party risk. The Wise Fund will only invest\nin trade finance related securities if it is determined that this investment is in accordance with the Wise Fund’s ethical\ninvestment philosophy.

Special\nPurpose Entity Certificates. The Wise Fund may invest in certificates issued by special purpose entities established by various\nfinancial institutions as part of transactions involving guarantees by the financial institutions of arrangements designed to\nassure that the issuers of the certificates have sufficient funds to make all payments required by the certificates. There is\nno assurance that the issuers of the certificates will be able to make such payments.

Investment\nCompanies. The Wise Fund may invest in investment companies such as open-end funds (mutual funds), closed-end funds, and exchange-traded\nfunds (also referred to as “Underlying Funds”). The Investment Company Act of 1940, as amended (the “1940\nAct”) provides that mutual funds may not: (1) purchase more than 3% of an investment company’s outstanding shares;\n(2) invest more than 5% of its assets in any single such investment company, and (3) invest more than 10% of its assets in investment\ncompanies overall, unless: (i) the underlying investment company and/or the Wise Fund has received an order for exemptive relief\nfrom such limitations from the SEC; and (ii) the underlying investment company and the Wise Fund take appropriate steps to comply\nwith any conditions in such order.

In\naddition, Section 12(d)(1)(F) of the 1940 Act, as amended, provides that the provisions of Section 12(d)(1) shall not apply to\nsecurities purchased or otherwise acquired by the Wise Fund if (i) immediately after such purchase or acquisition not more than\n3% of the total outstanding stock of such registered investment company is owned by the Wise Fund and all affiliated persons of\nthe Wise Fund; and (ii) the Wise Fund has not offered, and is not proposing to offer or sell any security issued by it through\na principal underwriter or otherwise at a public or offering price which includes a sales load of more than 1.5%. An investment\ncompany that issues shares to the Wise Fund pursuant to Section 12(d)(1)(F) shall not be required to redeem its shares in an amount\nexceeding 1% of such investment company’s total outstanding shares in any period of less than 30 days. The Wise Fund (or\nthe Adviser acting on behalf of the Wise Fund) must comply with the following voting restrictions: when the Wise Fund exercises\nvoting rights, by proxy or otherwise, with respect to investment companies owned by the Wise Fund, the Wise Fund will either seek\ninstruction from the Wise Fund’s shareholders with regard to the voting of all proxies and vote in accordance with such instructions,\nor vote the shares held by the Wise Fund in the same proportion as the vote of all other holders of such security.

Further,\nthe Wise Fund may rely on Rule 12d1-3, which allows unaffiliated mutual funds to exceed the limitations set forth above, provided\nthe aggregate sales loads any investor pays (i.e., the combined distribution expenses of both the acquiring fund and the acquired\nfunds) do not exceed the limits on sales loads established by the Financial Industry Regulatory Authority (“FINRA”)\nfor funds of funds.

The\nWise Fund and any “affiliated persons,” as defined by the 1940 Act, may purchase in the aggregate only up to 3% of\nthe total outstanding securities of any Underlying Fund. Accordingly, when affiliated persons hold shares of any of the\nUnderlying Funds, the Wise Fund’s ability to invest fully in shares of those funds is restricted, and the Adviser must then,\nin some instances, select alternative investments that would not have been its first preference. The 1940 Act also provides\nthat an Underlying Fund whose shares are purchased by the Wise Fund will be obligated to redeem shares held by the Wise Fund in\nan amount up to 1% of the Underlying Fund’s outstanding securities during any period of less than 30 days. Shares held by the\nWise Fund in excess of 1% of an Underlying Fund’s outstanding securities therefore will be considered not readily marketable securities,\nwhich, together with other such securities, may not exceed 15% of the Wise Fund’s total assets.

Under\ncertain circumstances an Underlying Fund may determine to make payment of a redemption by the Wise Fund wholly or partly by a\ndistribution in kind of securities from its portfolio, in lieu of cash, in conformity with the rules of the SEC. In such cases,\nthe Wise Fund may hold securities distributed by an Underlying Fund until the Adviser determines that it is appropriate to dispose\nof such securities. Investment decisions by the investment advisers of the Underlying Funds are made independently of the Wise\nFund and the Adviser. Therefore, the investment adviser of one Underlying Fund may be purchasing shares of the same issuer whose\nshares are being sold by the investment adviser of another such fund. The result would be an indirect expense to the Wise Fund\nwithout accomplishing any investment purpose. Because other investment companies employ an investment adviser, such investments\nby the Wise Fund may cause shareholders to bear duplicate fees.

Restricted\nand Illiquid Securities. Each Fund may invest up to 15% of its net assets in securities that are considered illiquid. A security\nis illiquid if it cannot be sold or disposed of in the ordinary course of business within seven days at approximately the value\nat which the Fund has valued the security. Examples of illiquid securities include securities that have a limited trading market,\nsecurities that are sold in private placements without being registered for public sale under the Securities Act of 1933, as amended\n(the “1933 Act”), and are therefore subject to restrictions on resale, and other securities that are subject to restrictions\non resale. Certain restricted securities such as commercial paper issued under Section 4(2) of the 1933 Act and domestically traded\nsecurities that are not registered under the 1933 Act, but are regularly traded among qualified institutional buyers because they\nare exempt from registration under Rule 144A of the 1933 Act, may be treated as liquid securities for purposes of the 15% limitation\nby the Adviser, pursuant to procedures adopted by the Board, which require consideration of factors such as trading activity,\navailability of market quotations and number of dealers willing to purchase the security.

Closed-End\nInvestment Companies. The Funds may invest their assets in “closed-end” investment companies (or “closed-end\nfunds”), subject to the investment restrictions set forth above. Shares of closed-end funds are typically offered to the\npublic in a one-time initial public offering by a group of underwriters who retain a spread or underwriting commission of between\n4% and 6% of the initial public offering price. Such securities are then listed for trading on the New York Stock Exchange (the\n“NYSE”), the American Stock Exchange, the National Association of Securities Dealers Automated Quotation System (commonly\nknown as “NASDAQ”) and, in some cases, may be traded in other over-the-counter markets. Because the shares of closed-end\nfunds cannot be redeemed upon demand to the issuer like the shares of an open-end investment company (such as the Funds), investors\nseek to buy and sell shares of closed-end funds in the secondary market.

The\nFunds generally will purchase shares of closed-end funds only in the secondary market. The Funds will incur normal brokerage costs\non such purchases similar to the expenses the Funds would incur for the purchase of securities of any other type of issuer in\nthe secondary market. The Funds may, however, also purchase securities of a closed-end fund in an initial public offering when,\nin the opinion of the Adviser, based on a consideration of the nature of the closed-end fund’s proposed investments, the prevailing\nmarket conditions and the level of demand for such securities, they represent an attractive opportunity for growth of capital.\nThe initial offering price typically will include a dealer spread, which may be higher than the applicable brokerage cost if a\nFund purchased such securities in the secondary market.

The\nshares of many closed-end funds, after their initial public offering, frequently trade at a price per share that is less than\nthe NAV per share, the difference representing the “market discount” of such shares. This market discount may be due\nin part to the investment objective of long-term appreciation, which is sought by many closed-end funds, as well as to the fact\nthat the shares of closed-end funds are not redeemable by the holder upon demand to the issuer at the next determined NAV but\nrather are subject to the principles of supply and demand in the secondary market. A relative lack of secondary market purchasers\nof closed-end fund shares also may contribute to such shares trading at a discount to their NAV.

The\nFunds may invest in shares of closed-end funds that are trading at a discount to NAV or at a premium to NAV. There can be no assurance\nthat the market discount on shares of any closed-end fund purchased by a Fund will ever decrease. In fact, it is possible that\nthis market discount may increase, and a Fund may suffer realized or unrealized capital losses due to further decline in the market\nprice of the securities of such closed-end funds, thereby adversely affecting the NAV of the Fund’s shares. Similarly, there can\nbe no assurance that any shares of a closed-end fund purchased by a Fund at a premium will continue to trade at a premium or that\nthe premium will not decrease subsequent to a purchase of such shares by the Fund.

Closed-end\nfunds may issue senior securities (including preferred stock and debt obligations) for the purpose of leveraging the closed-end\nfund’s common shares in an attempt to enhance the current return to such closed-end fund’s common shareholders. A Fund’s investment\nin the common shares of closed-end funds that are financially leveraged may create an opportunity for greater total return on\nits investment, but at the same time may be expected to exhibit more volatility in market price and NAV than an investment in\nshares of investment companies without a leveraged capital structure.

Foreign\nEquity Securities. The Wise Fund may invest in foreign equity securities, including investments in ADRs, Global Depositary\nReceipts (“GDRs”) covering such securities or through the purchase of individual securities on recognized exchanges\nand developed over-the-counter markets. ADRs are receipts typically issued by a U.S. bank or trust company evidencing ownership\nof the underlying foreign security and denominated in U.S. dollars. Purchases of foreign equity securities entail certain risks.\nFor example, there may be less information publicly available about a foreign company than about a U.S. company, and foreign companies\ngenerally are not subject to accounting, auditing and financial reporting standards and practices comparable to those in the U.S.\nOther risks associated with investments in foreign securities include changes in restrictions on foreign currency transactions\nand rates of exchanges, changes in the administrations or economic and monetary policies of foreign governments, the imposition\nof exchange control regulations, the possibility of expropriation decrees and other adverse foreign governmental action, the imposition\nof foreign taxes, less liquid markets, less government supervision of exchanges, brokers, and issuers, difficulty in enforcing\ncontractual obligations, delays in settlement of securities transactions and greater price volatility. In addition, when the Wise\nFund invests in foreign securities, its operating expenses are likely to be higher than those of an investment company investing\nexclusively in U.S. securities, since the custodial and certain other expenses are expected to be higher.

Options.\nThe Wise Fund may utilize call and put options to attempt to protect against possible changes in the market value of securities\nheld in or to be purchased for the Wise Fund’s portfolio and to generate income or gain for the Wise Fund. The Wise Fund\nwill only invest in options if it is determined that this investment is in accordance with the Wise Fund’s ethical investment\nphilosophy. The ability of the Wise Fund to successfully utilize options will depend on the Adviser’s ability to predict\npertinent market movements, which cannot be assured. The Wise Fund will comply with applicable regulatory requirements when implementing\nthese techniques and instruments.

The\nWise Fund may write (sell) covered call options and covered put options and purchase call and put options. The purpose of engaging\nin options transactions is to reduce the effect of price fluctuations of the securities owned by the Wise Fund (and involved in\nthe options) on a Wise Fund’s NAV per share and to generate additional revenues.

A\ncovered call option is an option sold on a security owned by the seller of the option in exchange for a premium. A call option\ngives the purchaser of the option the right to buy the underlying securities at the exercise price during the option period. If\nthe option is exercised by the purchaser during the option period, the seller is required to deliver the underlying security against\npayment of the exercise price. The seller’s obligation terminates upon expiration of the option period or when the seller executes\na closing purchase transaction with respect to such option. Call options on securities which the Wise Fund sells (writes) will\nbe covered or secured, which means that the Wise Fund will own the underlying security or, to the extent it does not hold such\na security, will maintain a segregated account with the Wise Fund’s custodian consisting of liquid debt obligations equal\nto the market value of the option, marked to market daily. When the Wise Fund writes a covered call option, it profits from the\npremium paid by the buyer but gives up the opportunity to profit from an increase in the value of the underlying security above\nthe exercise price. At the same time, the seller retains the risk of loss from a decline in the value of the underlying security\nduring the option period. Although the seller may terminate its obligation by executing a closing purchase transaction, the cost\nof effecting such a transaction may be greater than the premium received upon its sale, resulting in a loss to the seller. If\nsuch an option expires unexercised, the seller realizes a gain equal to the premium received. Such a gain may be offset or exceeded\nby a decline in the market value of the underlying security during the option period. If an option is exercised, the exercise\nprice, the premium received, and the market value of the underlying security determine the gain or loss realized by the seller.

When\nthe Wise Fund sells a put option, it has the obligation to buy, and the purchaser of the put the right to sell, the underlying\nsecurity at the exercise price during the option period. The obligation of the Wise Fund is terminated when the purchaser exercises\nthe put option, when the option expires or when a closing purchase transaction is effected by the Wise Fund. The Wise Fund’s gain\non the sale of a put option is limited to the premium received. The Wise Fund’s potential loss on a put option is determined by\ntaking into consideration the exercise price of the option, the market price of the underlying security when the put is exercised,\nand the premium received. Although the Wise Fund risks a substantial loss if the price of the security on which it has sold a\nput option drops suddenly, it can protect itself against serious loss by entering into a closing purchase transaction. The degree\nof loss will depend upon the Wise Fund’s ability to detect the movement in the security’s price and to execute a closing transaction\nat the appropriate time.

The\nWise Fund will write options on such portion of its portfolio as management determines is appropriate in seeking to attain the\nWise Fund’s objective. The Wise Fund will write options when management believes that a liquid secondary market will exist\non a national securities exchange for options of the same series so that the Wise Fund can effect a closing purchase transaction\nif it desires to close out its position. Consistent with the investment policies of the Wise Fund, a closing purchase transaction\nwill ordinarily be effected to realize a profit on an outstanding option, to prevent an underlying security from being called\nor to permit the sale of the underlying security. Effecting a closing purchase transaction will permit the Wise Fund to write\nanother option on the underlying security with either a different exercise price or expiration date or both.

The\nWise Fund may purchase put options to protect against declines in the market value of portfolio securities or to attempt to retain\nunrealized gains in the value of portfolio securities. Put options might also be purchased to facilitate the sale of portfolio\nsecurities. The Wise Fund may purchase call options as a temporary substitute for the purchase of individual securities, which\nthen could be purchased in orderly fashion. Upon the purchase of the securities, the Wise Fund would normally terminate the call\nposition. The purchase of both put and call options involves the risk of loss of all or part of the premium paid. If the price\nof the underlying security does not rise (in the case of a call) or drop (in the case of a put) by an amount at least equal to\nthe premium paid for the option contract, the Wise Fund will experience a loss on the option contract equal to the deficiency.

Investment\nRestrictions

Fundamental\nInvestment Limitations. The investment limitations described below have been adopted by the Trust with respect to the Funds\nand are fundamental (“Fundamental”), i.e., they may not be changed without the affirmative vote of a majority of the\noutstanding shares of the Funds. As used in the Prospectus and the SAI, the term “majority” of the outstanding shares\nof the Funds means the lesser of: (1) 67% or more of the outstanding shares of the respective Fund present at a meeting, if the\nholders of more than 50% of the outstanding shares of the Fund are present or represented at such meeting; or (2) more than 50%\nof the outstanding shares of the respective Fund. Other investment practices, which may be changed by the Board without the approval\nof shareholders to the extent permitted by applicable law, regulation or regulatory policy, are considered non-fundamental (“Non-Fundamental”).

1.\nBorrowing Money. The Funds will not borrow money or property, except: (a) from a bank, provided that immediately after\nsuch borrowing there is an asset coverage of 300% for all borrowings of the Fund; or (b) from a bank or other persons for temporary\npurposes only, provided that such temporary borrowings are in an amount not exceeding 5% of the Fund’s total assets at the time\nwhen the borrowing is made. This limitation does not preclude a Fund from entering into reverse repurchase transactions, provided\nthat the Fund has an asset coverage of 300% for all borrowings and repurchase commitments of the Fund pursuant to reverse repurchase\ntransactions.

2.\nSenior Securities. The Funds will not issue senior securities. This limitation is not applicable to activities that may\nbe deemed to involve the issuance or sale of a senior security by a Fund, provided that the Fund’s engagement in such activities\nis consistent with or permitted by the 1940 Act, as amended, the rules and regulations promulgated thereunder or interpretations\nof the SEC or its staff.

3.\nUnderwriting. The Funds will not act as underwriter of securities issued by other persons. This limitation is not applicable\nto the extent that, in connection with the disposition of portfolio securities (including restricted securities), a Fund may be\ndeemed an underwriter under certain federal securities laws.

4.\nReal Estate. The Funds will not purchase or sell real estate. This limitation is not applicable to investments in marketable\nsecurities that are secured by or represent interests in real estate. This limitation does not preclude a Fund from investing\nin mortgage related securities or investing in companies engaged in the real estate business or that have a significant portion\nof their assets in real estate (including real estate investment trusts).

5.\nCommodities. The Funds will not purchase or sell commodities unless acquired as a result of ownership of securities or\nother investments. This limitation does not preclude a Fund from purchasing or selling options or futures contracts, from investing\nin securities or other instruments backed by commodities or from investing in companies, which are engaged in a commodities business\nor have a significant portion of their assets in commodities.

6.\nLoans. The Funds will not make loans to other persons, except: (a) by loaning portfolio securities (limited at any given\ntime to no more than one-third of the Fund’s total assets); (b) by engaging in repurchase agreements; or (c) by purchasing nonpublicly\noffered debt securities. For purposes of this limitation, the term “loans” shall not include the purchase of a portion\nof an issue of publicly distributed bonds, debentures, or other securities.

7.\nConcentration. The Ethical Fund will not invest 25% or more of its total assets in a particular industry. The Wise Fund\nwill invest at least 25% of its total assets in the financial services industry. For this purpose, an investment in the financial\nservices industry includes the purchase of notes issued by counterparties that are in the financial services industry. This limitation\nis not applicable to investments in obligations issued or guaranteed by the U.S. government, its agencies, and instrumentalities\nor repurchase agreements with respect thereto.

8.\nInvestment Companies. The Ethical Fund may not purchase securities of other investment companies unless (a) such securities\nare consistent with the investment objective of the Ethical Fund and the investment companies operate in a manner consistent with\nthe Adviser’s ethical principles and (b) such purchase is in compliance with the 1940 Act and applicable state law. However,\nno such restriction shall apply to a purchase of investment company securities in connection with a merger, consolidation, acquisition,\nor reorganization.

With\nrespect to the percentages adopted by the Trust as maximum limitations on its investment policies and limitations, an excess above\nthe fixed percentage will not be a violation of the policy or limitation unless the excess results immediately and directly from\nthe acquisition of any security or the action taken. This paragraph does not apply to the borrowing policy set forth in paragraph\n1 above.

Non-Fundamental\nInvestment Limitations The following limitations have been adopted by the Trust with respect to the Funds and are Non-Fundamental\n(see “Fundamental Investment Limitations” above).

1.\nPledging. The Funds will not mortgage, pledge, hypothecate or in any manner transfer, as security for indebtedness, any\nassets of a Fund except as may be necessary in connection with borrowings described in limitation (1) above. Margin deposits,\nsecurity interests, liens, and collateral arrangements with respect to transactions involving options, futures contracts, short\nsales, and other permitted investments, and techniques are not deemed to be a mortgage, pledge or hypothecation of assets for\npurposes of this limitation.

2.\nBorrowing. The Funds will not purchase any security while borrowings (including reverse repurchase agreements) representing\nmore than one-third of its total assets are outstanding.

3.\nMargin Purchases. The Funds will not purchase securities or evidences of interest thereon on “margin.” This\nlimitation is not applicable to short-term credit obtained by a Fund for the clearance of purchases and sales or redemption of\nsecurities, or to arrangements with respect to transactions involving options or futures contracts.

4.\nIlliquid Investments. The Funds will not invest 15% or more of their separate net assets in securities for which there\nare legal or contractual restrictions on resale and other illiquid securities.

5.\nPreferred Stock and Warrants. The Funds will not invest in preferred stock and warrants.

6.\nOptions. The Ethical Fund will not purchase or sell options, except that the Ethical Fund may purchase covered call options\nas a method to increase the income received from common stocks owned by the Ethical Fund. The Ethical Fund may sell (write) covered\ncall options and purchase call options to close out call options previously written. The Ethical Fund currently does not write\ncovered call options.

7.\nEthical Investments. Under normal market conditions, the Ethical Fund will invest at least 80% of its assets (defined as\nnet assets plus borrowing for investment purposes) in securities meeting the Ethical Fund’s ethical investment criteria.

Portfolio\nTurnover

The\nFunds will generally not invest for short-term trading purposes, and portfolio securities may be sold without regard to the length\nof time they have been held when, in the opinion of the portfolio manager, investment considerations warrant such action. Portfolio\nturnover rate is calculated by dividing (1) the lesser of purchases or sales of portfolio securities for the fiscal year by (2)\nthe monthly average of the value of portfolio securities owned during the fiscal year. A 100% turnover rate would occur if all\nthe securities in a Fund’s portfolio, with the exception of securities whose maturities at the time of acquisition were one year\nor less, were sold and either repurchased or replaced within one year. A high rate of portfolio turnover (100% or more) generally\nleads to higher transaction costs and may result in a greater number of taxable transactions.

Portfolio\nTurnover. Portfolio turnover may vary from year to year, as well as within a year. High turnover rates may result in comparatively\ngreater brokerage expenses. The table below sets forth the portfolio turnover rates of the Funds for the fiscal years ended June\n30:

\n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n

Fund	2026	2025	2024
Ethical\n Fund	34.18%	40.09%	24.49%
Wise\n Fund	26.45%	30.13%	36.30%

The\nEthical Fund’s portfolio turnover rate decreased during the most recent fiscal year due primarily to a change in the Fund’s\nmanagement structure. During the fiscal year ended June 30, 2026, the Fund’s sub-adviser relationship was terminated, and\nportfolio management responsibilities were assumed directly by Azzad Asset Management. As a result, the Fund experienced lower\ntrading activity and fewer portfolio adjustments, contributing to the reduction in portfolio turnover during the period. The Wise\nFund’s portfolio turnover rate decreased during the most recent fiscal year ended June 30, 2026 due primarily to the Fund’s\ninvestment strategy. The portfolio turnover rate remained within the expected range projected for the Wise Fund. The portfolio\nturnover rate reflects the portfolio management team’s disciplined approach to trading and ongoing efforts to maintain efficient\nportfolio positioning while minimizing unnecessary transaction activity.

TRUSTEES\nAND EXECUTIVE OFFICERS

The\nBoard supervises the business and management activities of the Trust and approves all significant agreements between the Trust\nand outside service providers. The Board is scheduled to meet four times a year.

Each\nTrustee shall hold office until the next meeting of shareholders, if any, called for the purpose of considering the election or\nre-election of such Trustee or of a successor to such Trustee, and until the election and qualification of his successor, if any,\nelected at such meeting, or until such Trustee dies, resigns, retires, or is removed.

The\nfollowing tables contain information concerning each Trustee and officer of the Trust. The Board consists of two individuals who\nare not “interested persons” (as defined in the 1940 Act) of the Trust or any investment adviser to the Funds (“Independent\nTrustees”) and one interested Trustee (“Interested Trustee”). Mr. Qasem is an Interested Trustee because he\nis an officer of the Trust and an officer of the Adviser.

Trustees

\n\n \n \n \n \n \n \n\n \n\n \n \n \n \n \n \n\n \n \n \n \n \n \n\n \n\n \n \n \n \n \n \n\n \n

\n Name and \n Date of Birth	Position\n \n held with \n Fund or Trust	Length\n \n of Time Served	Principal\n Occupation \n During Past 5 Years	Number\n of Portfolios in Fund Complex Overseen by Trustee	Other\n Directorships \n Held by Trustee \n During Past 5 Years
Independent\n Trustees
Syed\n K. Raheemullah \n \n 25\n W. 181 Salem \n Naperville,\n IL 60540 \n \n Age:\n 77 \n	Trustee	Indefinite,\n Since 2000	Retired.\n Formerly Member of the technical staff of Lucent Technologies (manufacturer of telephone\n equipment) (1986 to 2020) \n	2	None\n
Damani\n Ingram \n \n 8609\n Waterside Court, \n Laurel,\n MD 20723 \n \n Age:\n 54 \n	Trustee	Indefinite, \n Since\n 2020 \n	Partner\n and Managing Attorney of The Ingram Firm, LLC (2001 to present), Columbia, MD.	2	None
Interested\n Trustee*
Bashar\n Qasem \n 3141\n Fairview Park Drive \n \n Suite\n 355 \n Falls\n Church, VA 22042 \n \n Age:\n 61 \n	Chairman,\n President, \n \n Treasurer,\n and Trustee \n	Indefinite, Since 2000	President\n of Azzad Asset Management, Inc. (since its inception in 2000); Operating Manager of Azzad Asset Management, Inc. (investment\n adviser) (1997 to 1999).	2	None
*Basis\n of Interestedness. Mr. Qasem is an Interested Trustee because he is an officer of\n Azzad Asset Management, Inc., the investment adviser to the Funds. \n

Officers

\n\n \n \n \n \n\n \n\n \n \n \n \n\n \n \n \n \n

\n Name and \n Date of Birth	Position\n held with \n Fund or Trust	Length\n of \n Time Served	Principal\n Occupation \n During Past 5 Years
Officers
Jamal\n Elbarmil \n \n 3141\n Fairview Park Drive \n Suite\n 355 \n \n Falls\n Church, VA 22042 \n Age: 64 \n	Secretary\n and Controller	Indefinite, Since 2000	Vice\n President and Portfolio Manager at Azzad Asset Management, Inc. (since 2000 and 2008 respectively).
Matthew\n Swendiman \n 3141 Fairview Park Drive \n Suite 355 \n Falls Church, VA 22042 \n Age: 53	Chief\n Compliance Officer	Since\n 2026	Founder\n and Chief Executive Officer of Key Bridge Compliance, LLC since 2019.

Leadership\nStructure and Board of Trustees

The\nTrust is led by Mr. Qasem and does not have an independent lead trustee. As part of its annual governance assessment, the Trust\nreviews the collective and individual experience, qualifications, and skills of the Trustees. Qualifications common to all Trustees\nare strong educational backgrounds, lifetimes of experience in business and finance, personal investments in the Funds, and an\nability to effectively evaluate information about the Funds, the Adviser, and its service providers.

Mr.\nQasem, an Interested Trustee of the Board and CEO of the Adviser, serves as the Board’s Chairman. The Board believes that\nits leadership structure is appropriate given the Funds’ size and investment objectives. Mr. Qasem has over 27 years of\nexperience in the investment management field and has served as Chairman of the Trust since inception. Mr. Qasem brings to the\nBoard an advantageous insight into the Funds’ operations, investment objectives, and history. The Board believes that, currently,\nhe is the most qualified to serve as Chairman. The Independent Trustees meet once a quarter, outside of the Adviser’s presence,\nto discuss the Board’s effectiveness, any matters of concern, and the Funds in general. The Board feels that the current\nleadership structure is appropriate because Mr. Qasem, in his role as CEO of the Adviser, provides the Board with insight into\nthe day-to-day operations of the Funds and he is receptive to inquiries and suggestions from the other Trustees in their areas\nof expertise and experience.

In\ndetermining that each Trustee is qualified to serve on the Board, the Board considers a variety of criteria, including actual\nservice, commitment, and participation of each member during his tenure with the Funds. The following are additional qualifications\nof each Trustee:

Bashar\nQasem is the founder and president of the Adviser established in 1997. For over 25 years, the Adviser has provided investment\nmanagement services to the Funds and other investors. Mr. Qasem is one of the few in the United States to earn the prestigious\nAAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions) designation, Certified Shariah Advisor and Auditor.\nAAOIFI is an internationally recognized organization that oversees Islamic financial organizations. Mr. Qasem has served as the\nFunds’ Chairman since their inception, and his institutional knowledge of the Funds is an important part of Board discussions.\nMr. Qasem was selected to serve as a Trustee based primarily on his experience in the investment management industry and prior\nmutual fund experience as a trustee of Islamia Funds.

Syed\nRaheemullah is retired. Prior to his retirement, Mr. Raheemullah was an engineer for Lucent Technologies. He has served as\na Trustee of the Trust since its inception, and his past experiences with mutual funds contribute to Board decision-making. Mr.\nRaheemullah was selected to serve as Trustee based primarily on his general business experience and prior mutual fund experience\nas a trustee of Islamia Funds.

Damani\nIngram is an attorney at the law firm of The Ingram Firm, LLC. Mr. Ingram is a litigator, legal advisor, and advocate for\nhis clients. He has also served as a legal advisor to notable nonprofit organizations in the Greater Washington, DC area. Mr.\nIngram was selected to serve as Trustee primarily because of his legal background. He was elected as Trustee by the Board, including\na majority of Independent Trustees, on October 6, 2020.

The\nTrust’s Audit Committee consists of Mr. Raheemullah and Mr. Ingram. The Audit Committee is responsible for overseeing the Funds’\naccounting and financial reporting policies and practices, its internal controls and, as appropriate, the internal controls of\ncertain service providers; overseeing the quality and objectivity of the Funds’ financial statements and the independent\naudit of the financial statements; and acting as a liaison between the Funds’ independent registered public accounting firm\nand the Board. During the fiscal year ended June 30, 2026, the Audit Committee held two meetings.

Board\nRole in Risk Oversight

The\nBoard’s role in management of the Trust is oversight. Daily management of the Funds, selection of Fund holdings, administration\nand distribution services, and management of operational and portfolio risk are the responsibilities of the Adviser. The Board\nobtains and reviews various reports and agreements from the Adviser, service providers, auditors, and the Funds’ chief compliance\nofficer (“CCO”). The Board meets independently with the Funds’ CCO at least once a year (or whenever a material\nevent occurs) to discuss the Adviser and Funds’ compliance procedures and findings. In addition, the portfolio managers\nfor the Funds report to the Board, at least once a year, on various potential risks to the Funds including investment, liquidity,\nand operational risks.

The\nfollowing table provides information regarding shares of the Funds owned by each Trustee as of December 31, 2025.

\n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n

\n Name of Trustee \n	Dollar\n Range of Equity Securities in the Ethical Fund \n	Dollar\n Range of Equity Securities in the Wise Fund	Aggregate\n Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Trustee Within the Trust
Bashar\n Qasem	Over\n $100,000	None	Over\n $100,000
Syed\n K. Raheemullah	$1-$10,000	None	$1-$10,000
Damani\n Ingram	None	None	None

For\ntheir service as Trustees, the Independent Trustees are entitled to receive compensation from the Trust. Compensation is based\non a yearly compensation rate of $20 per one million assets under management, up to a maximum of $12,000 per trustee annually.\nCompensation is paid to each Trustee on a quarterly basis and calculated at the end of each quarter. The calculation is based\non the assets under management at the end of each quarter divided by four times $20. None of the executive officers receive compensation\nfrom the Trust. The Funds will pay a pro rata portion of the fees payable to the Independent Trustees.

During\nthe fiscal year ended June 30, 2026, compensation paid by the Funds to the Independent Trustees was as follows:

\n\n \n \n \n \n \n \n\n \n\n \n \n \n \n \n \n\n \n \n \n \n \n \n

\n \n \n \n Name of Trustees	Aggregate\n Compensation from the \n Ethical Fund	Aggregate \n Compensation \n from the \n Wise Fund	Pension\n or \n Retirement Benefits \n Accrued as \n \n Part\n of \n Fund Expenses \n	Estimated\n Annual \n Benefits Upon \n Retirement	\n Total Compensation \n from Funds and \n Fund Complex Paid \n to Trustees
Independent\n Trustees
Syed\n K. Raheemullah	$3,511.81	$8,965.20	None	None	$12,477.01
Damani\n Ingram	$3,511.81	$8,965.20	None	None	$12,477.01

INVESTMENT\nADVISORY AND OTHER SERVICES

The\nAdviser’s address is 3141 Fairview Park Drive, Suite 355, Falls Church, Virginia 22042. The Adviser can also be contacted by telephone\nat 703-207-7005. As of June 30, 2026, Mr. Qasem is deemed to control the Adviser by virtue of his ownership of more than 25% of\nthe Adviser’s outstanding voting shares.

The\nAdviser currently serves as the investment adviser pursuant to an advisory agreement (each an “Advisory Agreement,”\nand collectively, the “Advisory Agreements”) with each Fund. The Adviser receives a management fee, at an annual rate\nof 0.80% of the average daily net assets of each Fund. The Adviser has contractually agreed to waive all or a portion of its fee\nor reimburse each Fund for certain operating expenses, to the extent necessary to limit each Fund’s net annual operating\nexpenses (excluding brokerage costs; borrowing costs including without limitation dividends on securities sold short; taxes; indirect\nexpenses, such as expenses incurred by other investment companies in which such Fund invests; and litigation and other extraordinary\nexpenses) to 0.99% and 0.89% of average daily net assets of the Ethical Fund and the Wise Fund, respectively, until at least December\n1, 2029. These fee waivers and expense reimbursements are subject to possible recoupment from each Fund within the three years\nfrom the date on which the expenses were incurred if such recoupment can be achieved within the lesser of the expense limits that\nwere in place at the time of the waiver or reimbursement or the expense limits in place at the time of recoupment. These agreements\nmay be terminated only by the Board.

Under\nthe Advisory Agreements, the Adviser provides the Funds with advice and assistance in the acquisition and disposition of the Funds’\ninvestments. All investment decisions are subject to review by the Board. The Adviser is obligated to pay the salaries and fees\nof any affiliates of the Adviser serving as officers of the Trust or the Funds. The Funds pay all operating expenses not expressly\nassumed by the Adviser, including custodial and transfer agency fees, federal and state securities registration fees, legal and\naudit fees and brokerage commissions and other costs associated with the purchase and sale of portfolio securities. The advisory\nfees paid by the Funds to the Adviser pursuant to the Advisory Agreements for the last three fiscal years are set forth below.\t

\n\n \n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n

For\n the Fiscal Years Ended June 30:
Ethical\n Fund	2026	2025	2024
Net\n Advisory Fee Paid	$879,691	$957,588	$909,234
Advisory\n Fees Earned	$1,132,727	$1,136,733	$1,114,924
Advisory\n Fees Waived	$253,036	$179,145	$205,690
Wise\n Fund	2026	2025	2024
Net\n Advisory Fee Paid	$2,571,114	$2,238,838	$1,808,237
Advisory\n Fees Earned	$2,884,115	$2,413,908	$2,000,150
Advisory\n Fees Waived	$313,001	$175,070	$191,913

The\nAdvisory Agreements continued in effect for an initial term of two years and continue from year to year if such continuance is\napproved at least annually in accordance with the requirements of the 1940 Act as now in effect or as hereafter amended. The Advisory\nAgreements will terminate automatically in the event of an assignment. In addition, the Advisory Agreements are terminable at\nany time, without penalty, by the Board or by vote of a majority of a Fund’s outstanding voting securities upon 60 days’ written\nnotice to the Adviser. A discussion regarding the basis for the Board’s most recent renewal of the Advisory Agreements is\navailable in the Funds’ annual Form N-CSR dated June 30, 2026.

The\nsame security may be suitable for the Funds or other accounts managed by the Adviser. If and when, the Funds or two or more accounts\nsimultaneously purchase or sell the same security, the transactions will be allocated as to price and amount in accordance with\narrangements equitable to the Funds or accounts. The simultaneous purchase or sale of the same securities by the Funds and other\naccounts may have a detrimental effect on the Funds, as this may affect the price paid or received by the Funds or the size of\nthe position obtainable or able to be sold by the Funds.

Prior\nto August 1, 2025, Delaware Investments Fund Advisers (“DIFA”) served as sub-adviser to the Ethical Fund pursuant\nto a sub-advisory agreement with the Adviser. DIFA’s sub-advisory fee was paid by the Adviser and not directly by the Ethical\nFund. For the fiscal year ended June 30, 2026, DIFA earned $354,033 in sub-advisory fees for the Ethical Fund.

SUB-ADVISER\nAND SUB-SUB-ADVISER (WISE FUND)

The\nAdviser has retained Federated Investment Management Company (“Federated”) to serve as sub-adviser to the Wise Fund.\nThe Adviser and Federated retained Federated Hermes (UK) LLP (“Federated Hermes UK”), an affiliate of Federated, to\naid in carrying out Federated’s duties as the Wise Fund’s sub-adviser.

Federated\nand Federated Hermes UK are each a wholly owned subsidiary of Federated Hermes, Inc. Federated, Federated Hermes UK, and other\nsubsidiaries of Federated Hermes, Inc., advise various equity, fixed-income, alternative/private markets, multi-asset and liquidity\nmanagement strategies and a range of separately managed account strategies which totaled approximately $911.6 billion in assets\nas of June 30, 2026. Federated Hermes, Inc. was established in 1955 and is one of the largest investment managers in the United\nStates with nearly 2,000 employees and provides investment products to more than 11,000 financial intermediaries and institutions.\nFederated and Federated Hermes UK receive certain credit research, portfolio management and other services from its affiliate,\nFederated Investors (UK) LLP, and receive certain administrative services from its affiliate, Federated Advisory Services Company.\nThere is no separate fee charged to or payable by the Adviser or the Wise Fund, for the services provided by Federated Investors\n(UK) LLP or Federated Advisory Services Company to Federated and Federated Hermes UK in connection with their duties as the Wise\nFund’s sub-adviser and sub-sub-adviser, respectively.

As\nsub-adviser to the Wise Fund, Federated directs the investment of the majority of the Wise Fund’s assets, in accordance\nwith the investment objective and policies outlined in the Wise Fund’s prospectus and this SAI. With respect to the portion\nof the Wise Fund’s assets that it sub-advises, Federated furnishes investment information, advice and recommendations to\nthe Wise Fund as to the acquisition, holding, or disposition of investments, all in accordance with the 1940 Act, periodic reporting\nas required and requested by the Adviser, and other provisions of a sub-advisory agreement between the Adviser and Federated (the\n“Sub-Advisory Agreement”). The Adviser is responsible for the day-to-day portfolio management of the Wise Fund related\nto the dividend yielding equity portion of the Wise Fund’s portfolio and for ensuring that the Wise Fund’s holdings\nand portfolio management complies with its ethical investment mandate. The Adviser pays a sub-advisory fee to Federated out of\nits own advisory fee. Under the terms of a sub-sub-advisory agreement between the Adviser, Federated, and Federated Hermes UK\n(the “Sub-Sub-Advisory Agreement”), the sub-sub-advisory fee is paid out of the sub-advisory fee Federated receives,\nnot by either the Wise Fund or the Adviser directly. The compensation of any officer, director or employee of Federated or Federated\nHermes UK who is rendering services to the Wise Fund is paid by Federated or Federated Hermes UK, respectively.

Each\nof the Sub-Advisory Agreement and the Sub-Sub-Advisory Agreement continued in effect for an initial two-year period and continues from\nyear to year, subject to annual approval by (a) the Board or (b) a vote of the majority of the Wise Fund’s outstanding voting securities,\nprovided that in either event continuance is also approved by a majority of the Independent Trustees, by a vote cast in person at a meeting\ncalled for the purpose of voting such approval. The Sub-Advisory Agreement may be terminated at any time, with 60 days’ written\nnotice, without the payment of any penalty, by the Board, by a vote of a majority of the Wise Fund’s outstanding voting securities,\nby the Adviser, or by Federated. The Sub-Sub-Advisory Agreement may be terminated at any time, with 60 days’ written notice, without\nthe payment of any penalty, by the Board, by a vote of a majority of the Wise Fund’s outstanding voting securities, by Federated,\nor by Federated Hermes UK. The Sub-Advisory Agreement and the Sub-Sub-Advisory Agreement shall each automatically terminate in the event\nof its assignment, as defined by the 1940 Act and the rules thereunder. A discussion regarding the basis for the Board’s most recent\nrenewal of the Sub-Advisory Agreement and Sub-Sub-Advisory Agreement is available in the Wise Fund’s annual Form N-CSR dated June\n30, 2026.

The\nsub-advisory fee paid by the Adviser to Federated pursuant to the Sub-Advisory Agreement for the last three fiscal years is set\nforth below. Under the terms of the Sub-Advisory Agreement, the sub- advisory fee is paid out of the advisory fee the Adviser\nreceives, not directly by the Wise Fund.

\n\n \n\n \n \n \n \n\n \n \n \n \n

For\n the Fiscal Years Ended June 30:
Wise\n Fund	2026	2025	2024
Sub-advisory\n Fees Paid	$1,517,093	$685,341	$571,002

The\nsub-sub-advisory fee paid by Federated to Federated Hermes UK pursuant to the Sub-Sub-Advisory Agreement for the last three fiscal\nyears is set forth below. Under the terms of the Sub-Sub-Advisory Agreement, the sub-sub-advisory fee is paid out of the sub-advisory\nfee Federated receives, not directly by either the Wise Fund or the Adviser.

\n\n \n\n \n \n \n \n\n \n \n \n \n

For\n the Fiscal Years Ended June 30:
Wise\n Fund	2026	2025	2024
Sub-sub-advisory\n Fees Paid	$391,694	$635,213	$571,002

PORTFOLIO\nMANAGEMENT

Compensation.\nMr. Jamal Elbarmil manages the Ethical Fund and the equity portion of the Wise Fund. Mr. Elbarmil receives a market-driven\nbase salary and incentive compensation based on divisional revenue growth, individual performance, and the overall profitability\nof the Adviser. Messrs. Ihab Salib, John Polinski, and Mohammed Elmi assist Mr. Elbarmil in managing the Wise Fund. Messrs. Salib,\nPolinski, and Elmi are paid a fixed base salary and a variable annual incentive. Base salary is determined within a market competitive\nposition-specific salary range, based on a portfolio manager’s experience and performance. The annual incentive amount is\ndetermined based primarily on Investment Product Performance (IPP) and may also include a discretionary component based on a variety\nof factors deemed relevant, such as financial measures and performance, and may be paid entirely in cash, or in a combination\nof cash and restricted stock of Federated Hermes, Inc. The total combined annual incentive opportunity is intended to be competitive\nin the market for a portfolio manager role. A portion of their discretionary annual incentive is subject to deferral arrangements.\nThe deferral period is three years. At least 50% of the deferred component of their bonus is notionally co-invested in the strategies\nthat they manage.

Other\nAccounts Managed by the Portfolio Managers. In addition to the Funds, the portfolio managers are responsible for the day-to-day\nmanagement of certain other accounts. The following table provides the number of, and total assets in, such other accounts as\nof the Funds’ fiscal year ended June 30, 2026:

\n Portfolio \n Management Team	Registered\n Investment Companies	Other\n Pooled Investment Vehicles	Other\n Accounts
Number\n of Accounts	Total\n Assets	Number\n of Accounts	Total\n Assets	Number\n of Accounts	Total\n Assets
All\n Accounts
Jamal\n Elbarmil	2	$166,060,000	0	$0	14	$232,842,902.28
Mohammed\n Elmi	2	$888,789,522	1	$122,849,898	1	$409,643,401
John\n Polinski	0	$0	6	$4,225,601,950	0	$0
Ihab\n Salib	15	$4,465,194,743	8	$988,184,920	2	$490,840,959
Accounts\n with Performance-Based Advisory Fee
Jamal\n Elbarmil	0	$0	0	$0	0	$0
Mohammed\n Elmi	0	$0	0	$0	1	$409,643,401
John\n Polinski	0	$0	0	$0	0	$0
Ihab\n Salib	0	$0	0	$0	2	$490,840,959

IPP\nis measured on a rolling one, three and five calendar year pre-tax gross total return basis versus the Wise Fund’s representative\nperformance index (i.e., ICE BofAML US Corp & Govt 1-3 Year Index) and versus the Wise Fund’s designated peer group of comparable\naccounts. Performance periods are adjusted if a portfolio manager has been managing an account for less than five years; accounts\nwith less than one year of performance history under a portfolio manager may be excluded.

As\nnoted above, Mr. Salib and Mr. Elmi are portfolio managers for other accounts and Mr. Polinski also provides research and analytical\nsupport to other accounts. Such other accounts may have different benchmarks and performance measures. The allocation or weighting\ngiven to the performance of the Wise Fund or other accounts for which they are responsible when their compensation is calculated\nmay be equal or can vary.

In\naddition, Mr. Salib and Mr. Elmi have oversight responsibility for other portfolios that they do not personally manage and serve\non one or more investment teams that establish guidelines on various performance drivers (e.g., currency, duration, sector, volatility\nand/or yield curve) for taxable, fixed-income accounts. A portion of the IPP score is based on Federated Hermes, Inc.’s\nsenior management’s assessment of team contributions.

For\npurposes of calculating the annual incentive amount, each account is categorized into one of two IPP groups (which may be adjusted\nperiodically). Within each performance measurement period and IPP group, IPP is calculated on the basis of an assigned weighting\nto each account managed by the portfolio manager and included in the IPP groups. The weighting assigned to the Wise Fund is greater\nthan the weighting assigned to the other accounts or funds used to determine IPP (but can be adjusted periodically). A portion\nof the bonus tied to the IPP score may be adjusted based on management’s assessment of overall contributions to account performance\nand any other factors as deemed relevant.

Any\nindividual allocations from the discretionary pool may be determined by executive management on a discretionary basis using various\nfactors, such as, for example, on a product, strategy, or asset class basis, and considering overall contributions and any\nother factors deemed relevant (and may be adjusted periodically).

Additionally,\nFederated Hermes, Inc. has established a long-term incentive plan that allows participants to benefit from ownership of restricted\nFederated Hermes, Inc.’s shares in the business. Award holders are eligible to receive dividends from the first year of\naward. Participants are proposed by the executive committee based on a range of factors.

Conflicts\nof Interest

As\na general matter, certain conflicts of interest may arise in connection with a portfolio manager’s management of a fund’s investments,\non the one hand, and the investments of other funds/pooled investment vehicles or accounts for which the portfolio manager is\nresponsible, on the other. For example, it is possible that the various products managed could have different investment strategies\nthat, at times, might conflict with one another to the possible detriment of the Funds. Alternatively, to the extent that the\nsame investment opportunities might be desirable for more than one account, possible conflicts could arise in determining how\nto allocate them. Other potential conflicts can include, for example, conflicts created by specific portfolio manager compensation\narrangements (including, for example, the allocation or weighting given to the performance of the Wise Fund or other accounts\nor activities for which the portfolio manager is responsible in calculating the portfolio manager’s compensation), and conflicts\nrelating to selection of brokers or dealers to execute Fund portfolio trades and/or specific uses of commissions from Fund portfolio\ntrades (for example, research or “soft dollars”). The Adviser, Federated and Federated Hermes UK have each adopted\npolicies and procedures and have structured the portfolio managers’ compensation in a manner reasonably designed to safeguard\nthe Funds from being negatively affected because of any such potential conflicts.

Ownership\nof Shares. The following table shows the dollar range of each Fund’s equity securities beneficially owned by the portfolio\nmanagers as of June 30, 2026 (unless otherwise indicated).

\n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n

Name\n of Portfolio Manager \n	Dollar\n Range of Equity Securities in Ethical Fund \n	Dollar\n Range of Equity Securities in Wise Fund	Aggregate\n Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Portfolio Managers Within the Trust
Jamal\n Elbarmil	Over\n $100,000	Over\n $100,000	Over\n $100,000
Ihab\n Salib	None	None	None
John\n Polinski	None	None	None
Mohammed\n Elmi	None	None	None

CONTROL\nPERSONS AND PRINCIPAL SHAREHOLDERS

Shareholders\nowning 25% or more of outstanding shares of a Fund may be deemed to “control” a Fund (as that term is defined under\nthe 1940 Act) and may be able to affect the outcome of certain matters presented for a vote of Shareholders. Although the Funds\ndo not have information concerning the beneficial ownership as of September 30, 2026, to the Trust’s knowledge, the shareholders\nlisted below owned of record or beneficially 5% or more of the outstanding Shares of each Fund.

Ethical\nFund

\n\n \n \n \n \n\n \n \n \n \n

Name\n and Address of
\n Beneficial or Record Owner

Number\n of Record and Beneficial (Shares)

\n Percent (%)

\n Type of Ownership

Charles\n Schwab & Co, Inc.

\n \n

211\n Main St.

San\n Francisco, CA 94105

\n 5,162,229.458

\n 63.51%

\n Record¹

^1.

The\n Fund believes that such entity does not have a beneficial ownership interest in such\n Shares.

Wise\nFund

\n\n \n \n \n \n\n \n \n \n \n

Name\n and Address of
\n Beneficial or Record Owner

Number\n of Record and Beneficial (Shares)

\n Percent (%)

\n Type of Ownership

Charles\n Schwab & Co, Inc.

\n \n

211\n Main St.

San\n Francisco, CA 94105

\n 27,425,899.32

\n 76.36%

\n Record¹

^1.

The\n Fund believes that such entity does not have a beneficial ownership interest in such\n Shares.

CODE\nOF ETHICS

The\n1940 Act and rules thereunder require that the Trust, its Adviser, and any sub-adviser each establish standards and procedures\nfor the detection and prevention of certain conflicts of interest, including activities by which persons having knowledge of the\ninvestments and investment intentions of the Funds might take advantage of that knowledge for their own benefit. The Trust, its\nAdviser, and Federated have adopted a code of ethics to meet those concerns and legal requirements. The code of ethics does not\nprohibit employees who have knowledge of the investments and investment intentions of the Trust from engaging in personal securities\ninvesting but regulates such personal securities investing by these employees as a part of the effort to detect and prevent conflicts\nof interest.

Personnel\nof the Adviser may invest in securities for their own account pursuant to a code of ethics which has been adopted by the Funds\nand the Adviser that sets forth all employees’ fiduciary responsibilities regarding the Funds, establishes procedures for personal\ninvesting and restricts certain transactions. For example, all personal trades in most securities require pre-clearance, and participation\nin initial public offerings is prohibited. Under the code of ethics, the Adviser’s personnel may invest in securities, including\nsecurities that may be purchased or held by the Funds. For a free copy of the Adviser’s code of ethics policy, call 888-862-9923.

Personnel\nof Federated and Federated Hermes UK may invest in securities for their own account pursuant to a code of ethics. The code of\nethics adopted by Federated and Federated Hermes UK sets forth all employees’ fiduciary responsibilities regarding clients,\nestablishes procedures for personal financial and outside business interests, conflicts, confidentiality, insider trading, fair\ndealing, and proper use of company assets. For example, employees are prohibited from transacting in equity securities of Federated\nand Federated Hermes UK during any “blackout periods” or “closed periods” imposed by Federated, and Federated\nHermes UK or its affiliates. Violations of the code of ethics involve significant sanctions including termination of employment,\nand in some cases, civil and criminal liability. Under the code of ethics, each of Federated’s and Federated Hermes UK’s\npersonnel may invest in securities, including securities that may be purchased or held by the Wise Fund.

ADMINISTRATOR\nAND FUND ACCOUNTANT

The\nNottingham Company, LLC, 116 S. Franklin Street, Rocky Mount, NC 27804 serves as the administrator for the Funds (the “Administrator”)\npursuant to a Fund Accounting and Administration Service Agreement with the Trust.

Pursuant\nto the Fund Accounting and Administration Agreement, the Administrator performs the following services for the Funds: (i) procures\non behalf of the Trust, and coordinates with the custodian and monitors the services it provides to the Funds; (ii) coordinates\nwith and monitors any other third parties furnishing services to the Funds; (iii) provides the Funds with necessary office space,\ntelephones, and other communications facilities and personnel competent to perform administrative and clerical functions for the\nFunds; (iv) assists or supervises the maintenance by third parties of such books and records of the Funds as may be required by\napplicable federal or state law; (v) assists in the preparation of all federal, state, and local tax returns and reports of the\nFunds required by applicable law; (vi) assists in the preparation of and, after approval by the Trust, files and arranges for\nthe distribution of proxy materials and periodic reports to shareholders of the Funds as required by applicable law; (vii) assists\nin the preparation of and, after approval by the Trust, arranges for the filing of such registration statements and other documents\nwith the SEC and other federal and state regulatory authorities as may be required by applicable law; (viii) reviews and submits\nto the officers of the Trust for their approval invoices or other requests for payment of Fund expenses and instructs the custodian\nto issue checks in payment thereof; and (ix) takes such other action with respect to the Funds as may be necessary in the opinion\nof the Administrator to perform its duties under the agreement. The Administrator will also provide certain accounting and pricing\nservices for the Funds. The Administrator is paid a base fee plus a basis point fee on the assets under management for these services.\n

The\nfollowing shows the dollar amounts that the Funds paid to the Administrator for the period March 1, 2026, through June 30, 2026:

\n\n \n \n\n \n \n\n \n \n

Fund	2026
Ethical\n Fund	$18,289
Wise\n Fund	$49,851

Prior\nto March 1, 2026, Azzad Asset Management, Inc. served as the administrator for the Funds (the “Prior Administrator”).\nThe table below shows the amounts incurred by the Funds for administrative services for the fiscal years ended June 30.

\n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n

Fund	2026	2025	2024
Ethical\n Fund	$5,990	$8,997	$9,022
Wise\n Fund	$5,990	$8,997	$9,022

COMPLIANCE\nSERVICES

Key\nBridge Compliance, LLC, 36 Pike Street, Covington, KY 41011, provides compliance services to the Trust, including providing personnel\nto serve as the chief compliance officer for the Trust, preparing and updating of the Trust’s compliance manual, and monitoring\nand testing compliance with the policies and procedures under the Trust’s compliance manual. Nottingham is paid a fee for\nthese services.

TRANSFER\nAGENT

Nottingham\nShareholder Services, LLC (NSS), 116 S. Franklin Street, Rocky Mount, NC 27804, acts as transfer, dividend paying, and shareholder\nservicing agent for the Funds. NSS also is involved in preparing all filings under the securities or “Blue Sky” laws\nof such states or countries as are designated, which may be required to register or qualify, or continue the registration or qualification,\nof the Funds and/or their shares under such laws.

CUSTODIAN

Argent\nInstitutional Trust Company, 4343 Easton Commons, Suite 120, Columbus, Ohio 43219, serves as custodian for the Funds’ cash\nand securities (the “Custodian”). The Custodian is responsible for maintaining and safeguarding the books and records\nof the Funds’ portfolio securities and cash. The Custodian does not assist in, and is not responsible for, investment decisions\ninvolving assets of the Funds.

DISTRIBUTOR

The\nFunds will conduct a continuous offering of their securities. Paralel Distributors, LLC, 1700 Broadway, Suite 2100, Denver, CO\n80290, acts as the underwriter and distributor of the Funds’ shares (the “Distributor”) for the purpose of facilitating\nthe registration of Shares under state securities laws and assisting in sales of Shares pursuant to a distribution agreement (“Distribution\nAgreement”) between the Trust, on behalf of the Funds, and the Distributor. The Distributor is a broker-dealer registered\nwith the SEC and a member in good standing of FINRA. The Distribution Agreement may be terminated by either party upon 60 days’\nprior written notice to the other party and will terminate automatically in the event of its assignment. The Distributor serves\nas exclusive agent for the distribution of the Shares.

SHAREHOLDER\nSERVICING AND DISTRIBUTION PLAN

The\nFunds have adopted a Distribution and Service Plan (the “Plan”), which were reviewed and approved by a majority of the\ndisinterested Trustees of the Trust, pursuant to Rule 12b-1 under the 1940 Act (the “Rule”). The Rule provides that\nan investment company, that bears any direct or indirect expense of distributing its shares, must do so only in accordance with\na plan permitted by the Rule. The Plan provides that the Funds may use their assets to finance certain expenses and costs incurred\nin connection with providing marketing and promotional support to the Funds, shareholder servicing and maintaining shareholder\naccounts, to compensate parties with which they have written agreements and whose clients own shares of the Funds for providing\nservicing to their clients (“shareholder servicing”) and financial institutions with which they have written agreements\nand whose clients are Fund shareholders (each a “broker-dealer”) for providing distribution assistance and promotional\nsupport to the Funds, which is subject to a maximum of 0.05% per annum of the Wise Fund’s average daily net assets and subject\nto a maximum of 0.15% per annum of the Ethical Fund’s average daily net assets. Fees paid under the Plan may not be waived\nfor individual shareholders.

Each\nshareholder servicing agent and broker-dealer will, as agent for its customers, among other things: answer customer inquiries\nregarding account status and history, the manner in which purchases and redemptions of shares of each Fund may be effected and\ncertain other matters pertaining to the Funds; assist shareholders in designating and changing dividend options, account designations\nand addresses; provide necessary personnel and facilities to establish and maintain shareholder accounts and records; assist in\nprocessing purchase and redemption transactions; arrange for the wiring of funds; transmit and receive funds in connection with\ncustomer orders to purchase or redeem shares; verify and guarantee shareholder signatures in connection with redemption orders\nand transfers and changes in shareholder designated accounts; furnish quarterly and year-end statements and confirmations within\nfive business days after activity in the account; transmit to shareholders of the Funds proxy statements, annual reports, updated\nprospectuses and other communications; receive, tabulate and transmit proxies executed by shareholders with respect to meetings\nof shareholders of the Funds; and provide such other related services as either the Funds or a shareholder thereof may request.

Shareholder\nservicing agents and broker-dealers may charge investors a fee in connection with their use of specialized purchase and redemption\nprocedures offered to investors by the shareholder servicing agents and broker-dealers. In addition, shareholder servicing agents\nand broker-dealers offering purchase and redemption procedures similar to those offered to shareholders who invest in the Funds\ndirectly may impose charges, limitations, minimums, and restrictions in addition to or different from those applicable to shareholders\nwho invest in the Funds directly. Accordingly, the net yield to investors who invest through shareholder servicing agents and\nbroker-dealers may be less than realized by investing in the Funds directly. An investor should read the Prospectus in conjunction\nwith the materials provided by the shareholder servicing agent and broker-dealer describing the procedures under which Fund shares\nmay be purchased and redeemed through the shareholder servicing agent and broker-dealer.

In\naccordance with the 1940 Act, the Plan provides that all written agreements relating to the Plan must be in a form satisfactory\nto the Board. In addition, the Plan requires the Funds to prepare, at least quarterly, written reports setting forth all amounts\nexpended for distribution purposes by the Funds pursuant to the Plan and identifying the distribution activities for which those\nexpenditures were made for review by the Board.

The\nfollowing table shows the amounts paid for each Fund under its Plan for shareholder servicing and maintaining shareholder accounts\nunder Rule 12b-1.

\n\n \n \n\n \n \n\n \n \n

Fund	2026
Ethical\n Fund	$213,994
Wise\n Fund	$182,897

Bashar\nQasem, as an interested person of the Funds and the Adviser, may be deemed to have a direct or indirect interest in the operation\nof the Plan.

PORTFOLIO\nTRANSACTIONS AND ALLOCATION OF BROKERAGE

The\nFunds’ assets are invested by the Adviser in a manner consistent with their investment objectives, policies, and restrictions\nand with any instructions the Board may issue from time to time. Within this framework, the Adviser is responsible for making\nall determinations as to the purchase and sale of portfolio securities and for taking all steps necessary to implement securities\ntransactions on behalf of the Funds.

In\nplacing orders for the purchase and sale of portfolio securities for the Funds, the Adviser will use its best efforts to obtain\nthe best possible price and execution and will otherwise place orders with broker-dealers subject to and in accordance with any\ninstructions the Board may issue from time to time. The full range and quality of services available will be considered in making\nthese determinations, such as the size of the order, the difficulty of execution, the operational facilities of the firm involved\nand other factors. In those instances, in which it is reasonably determined that more than one broker-dealer can offer the services\nneeded to obtain the most favorable price and execution available, consideration may be given to those broker-dealers that furnish\nor supply research and statistical information to the Adviser that it may lawfully and appropriately use in its investment advisory\ncapacities.

While\nit is the Funds’ general policy to first seek to obtain the most favorable price and execution available in selecting a\nbroker-dealer to execute portfolio transactions for the Funds, in accordance with Section 28(e) of the Securities Exchange Act\nof 1934 (“1934 Act”), when it is determined that more than one broker can deliver best execution, weight is also given\nto the ability of a broker-dealer to furnish brokerage and research services to the Funds or to the Adviser, even if the specific\nservices are not directly useful to the Funds and may be useful to the Adviser in advising other clients. In negotiating commissions\nwith a broker or evaluating the spread to be paid to a dealer, the Funds may therefore pay a higher commission or spread than\nwould be the case if no weight were given to the furnishing of these supplemental services, provided that the amount of such commission\nor spread has been determined in good faith by the Adviser to be reasonable in relation to the value of the brokerage and/or research\nservices provided by such broker-dealer.

Transactions\non U.S. stock exchanges, commodities markets and futures markets and other agency transactions involve the payment by the Funds\nof negotiated brokerage commissions. Such commissions vary among different brokers. A particular broker may charge different commissions\naccording to such factors as the difficulty and size of the transaction. Transactions in foreign investments often involve the\npayment of fixed brokerage commissions, which may be higher than those in the United States. There is generally no stated commission\nin the case of securities traded in the over-the-counter markets, but the price paid by the Funds usually includes an undisclosed\ndealer commission or mark-up. In underwritten offerings, the price paid by the Funds includes a disclosed, fixed commission or\ndiscount retained by the underwriter or dealer.

It\nhas for many years been a common practice in the investment advisory business for advisers of investment companies and other institutional\ninvestors to receive brokerage and research services (as defined in the 1934 Act) from broker-dealers that execute portfolio transactions\nfor the clients of such advisers and from third parties with which such broker-dealers have arrangements. Consistent with this\npractice, the Adviser may receive brokerage and research services and other similar services from many broker-dealers with which\nthe Adviser may place the Funds’ portfolio transactions and from third parties with which these broker-dealers have arrangements.\nThese services include such matters as general economic and market reviews, industry and company reviews, evaluations of investments,\nrecommendations as to the purchase and sale of investments, newspapers, magazines, pricing services, quotation services, news\nservices, and personal computers utilized by the Adviser. Where the services referred to above are not used exclusively by the\nAdviser for research purposes, the Adviser, based upon its own allocations of expected use, bears that portion of the cost of\nthese services which directly relates to their non-research use. Some of these services are of value to the Adviser and its affiliates\nin advising several of their clients (including the Funds), although not all these services are necessarily useful and of value\nin managing the Funds. The management fee paid by the Funds is not reduced because the Adviser and its affiliates receive these\nservices even though the Adviser might otherwise be required to purchase some of these services for cash.

Consistent\nwith the conduct rules of the Financial Industry Regulatory Authority, and subject to seeking the most favorable price and execution\navailable and such other policies as the Trustees may determine, the Adviser may consider sales of shares of the Funds as a factor\nin the selection of broker-dealers to execute portfolio transactions for that Fund.

The\nfollowing table sets forth the brokerage commissions paid by the Funds for the last three fiscal years ended June 30:

\n\n \n \n \n \n\n \n \n \n \n\n \n \n \n \n

Fund	2026	2025	2024
Ethical\n Fund	$2,180	$2,495	$1,553
Wise\n Fund	$850	$320	$280

The\nincrease in brokerage commissions for the Wise Fund for the fiscal year ended June 30, 2026, from the prior fiscal year ended June 30,\n2025, was primarily due to portfolio screening-related sales, strategy rebalancing, and subsequent position adjustments which resulted\nin additional trading activity and associated brokerage commissions.

TAXATION

The\nFunds intend to qualify each year as a “regulated investment company” under Subchapter M of the Tax Code. By so qualifying,\nthe Funds will not incur federal income or state taxes on their net investment income and on net realized capital gains to the\nextent distributed as dividends to shareholders.

Amounts\nnot distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4%\nexcise tax at the Funds’ level. To avoid the tax, the Funds must distribute during each calendar year an amount equal to\nthe sum of (a) at least 98% of its ordinary income (not taking into account any capital gains or losses) for the calendar year,\n(b) at least 98.2% of its capital gains in excess of capital losses (adjusted for certain ordinary losses) for a one-year period\ngenerally ending on October 31 of the calendar year, and (c) all ordinary income and capital gains for previous years that were\nnot distributed during such years.

Under\nthe Tax Code, dividends derived from interest, and any short-term capital gains, are taxable to shareholders as ordinary income\nfor federal and state tax purposes, regardless of whether such dividends are taken in cash or reinvested in additional shares.\nDistributions made from the Funds’ net realized long-term capital gains (if any) and designated as capital gain dividends\nare taxable to shareholders as long-term capital gains, regardless of the length of time Fund shares are held. Corporate investors\nare not eligible for the dividends-received deduction with respect to distributions derived from interest or short or long-term\ncapital gains from the Funds but may be entitled to such a deduction with respect to distributions attributable to dividends received\nby the Funds. A distribution will be treated as paid on December 31st of a calendar year if it is declared by the Funds in October,\nNovember, or December of the year with a record date in such a month and paid by the Funds during January of the following year.\nSuch distributions will be taxable to shareholders in the calendar year the distributions are declared, rather than the calendar\nyear in which the distributions are received.

Distributions\npaid by the Funds from net long-term capital gains (excess of long-term capital gains over long-term capital losses), if any,\nwhether received in cash or reinvested in additional shares, are taxable as long-term capital gains, regardless of the length\nof time an investor has owned shares in the Funds. Distributions paid by the Funds from net short-term capital gains (excess of\nshort-term capital gains over short-term capital losses), if any, whether received in cash or reinvested in additional shares\nare taxable as ordinary income. Capital gains distributions are made when the Funds realize net capital gains on sales of portfolio\nsecurities during the year.

Net\ninvestment income is made up of dividends and interest less expenses. Net capital gain for a fiscal year is computed by taking\ninto account any capital loss carryforward of the Funds. Capital losses incurred after January 31, 2011 may now be carried forward\nindefinitely and retain the character of the original loss. Under pre-enacted laws, capital losses could be carried forward to\noffset any capital gains for eight years, and carried forward as short-term capital, irrespective of the character of the original\nloss. Capital loss carry forwards are available to offset future realized capital gains. To the extent that these carry forwards\nare used to offset future capital gains it is probable that the amount offset will not be distributed to shareholders. As of June\n30, 2026, the Funds had non-expiring capital loss carryforwards on a tax basis of:

\n\n \n \n \n\n \n \n \n\n \n \n \n

Fund	Long-Term\n Capital Loss Carryforward	Short-Term\n Capital Loss Carryforward
Ethical\n Fund	$(2,072,978)	$(2,690,993)
Wise\n Fund	$0	$0

For\ntaxable years beginning after December 31, 2013, certain U.S. shareholders, including individuals and estates and trusts, will\nbe subject to an additional 3.8% Medicare tax on all or a portion of their “net investment income,” which should include\ndividends from the Funds and net gains from the disposition of shares of the Funds. U.S. shareholders are urged to consult their\nown tax advisors regarding the implications of the additional Medicare tax resulting from an investment in the Funds.

Any\nredemption of Fund shares is a taxable event and may result in a capital gain or loss. A capital gain or loss may be realized\nfrom an ordinary redemption of shares. Dividend distributions, capital gains distributions, and capital gains or losses from redemptions\nand exchanges may also be subject to state and local taxes.

Ordinarily,\ndistributions and redemption proceeds paid to Fund shareholders are not subject to withholding of federal income tax. However,\nthe Funds’ distributions and redemption proceeds are subject to tax withholding if a Fund’s shareholder fails to supply\na Fund or its agent with the shareholder’s taxpayer identification number or if a Fund shareholder who is otherwise exempt from\nwithholding fails to properly document such shareholder’s status as an exempt recipient.

Payments\nto a shareholder that is either a foreign financial institution (“FFI”) or a non-financial foreign entity (“NFFE”)\nwithin the meaning of the Foreign Account Tax Compliance Act (“FATCA”) may be subject to a generally nonrefundable\n30% withholding tax on: (a) income dividends paid by a Fund after June 30, 2014 and (b) certain capital gain distributions and\nthe proceeds arising from the sale of Fund shares paid by the Funds after December 31, 2016. FATCA withholding tax generally can\nbe avoided: (a) by an FFI, subject to any applicable intergovernmental agreement or other exemption, if it enters into a valid\nagreement with the Internal Revenue Service (“irs”) to, among other requirements, report required information about\ncertain direct and indirect ownership of foreign financial accounts held by U.S. persons with the FFI and (b) by an NFFE, if it:\n(i) certifies that it has no substantial U.S. persons as owners or (ii) if it does have such owners, reports information relating\nto them. A Fund may disclose the information that it receives from its shareholders to the IRS, non-U.S. taxing authorities or\nother parties as necessary to comply with FATCA. Withholding also may be required if a foreign entity that is a shareholder of\na Fund fails to provide the Funds with appropriate certifications or other documentation concerning its status under FATCA.

The\ninformation above is only a summary of some of the tax considerations generally affecting the Funds and their shareholders. No\nattempt has been made to discuss individual tax consequences. To determine whether the Funds are a suitable investment based on\nhis or her tax situation, a prospective investor may wish to consult a tax adviser.

PURCHASE\nOF SHARES

Fund\nshares may be purchased at the NAV per share in proper form with accompanying check or other bank wire payment arrangements satisfactory\nto each Fund. The minimum initial investment for the Wise Fund is $4,000 (and $300 for accounts using Automated Clearing House\n(“ACH”) transactions, regardless of the type of account). The minimum initial investment for the Ethical Fund is $1,000\nand $500 for IRA/Coverdell IRAs (and $50 for accounts using Automated Clearing House (“ACH”) transactions, regardless\nof the type of account). There is no minimum investment amount for brokerage accounts and investments made through a wirehouse.\n

The\nFunds reserve the right in their sole discretion (i) to suspend the continued offering of a Fund’s shares, (ii) to reject purchase\norders in whole or in part when in the judgment of the Adviser such rejection is in the best interest of a Fund, and (iii) to\nreduce or waive the minimum for initial and subsequent investments for certain fiduciary accounts or under circumstances where\ncertain economies can be achieved in sales of a Fund’s shares.

DIVIDENDS\nAND DISTRIBUTIONS

Net\ninvestment income in the Wise Fund, if any, is declared as dividends and paid monthly. Net investment income in the Ethical Fund,\nif any, is declared as dividends and paid annually. Substantially all the realized net capital gains for the Ethical Fund, if\nany, are also declared and paid on an annual basis. Dividends and distributions are payable to shareholders of record at the time\nof declaration. Distributions are automatically reinvested in additional Fund shares unless the shareholder has elected to have\nthem paid in cash.

NET\nASSET VALUE

The\nmethod for determining the Funds’ NAV is summarized in the Prospectus in the text following the heading “How is Your\nShare Price (NAV) Determined.” The NAV of the Funds’ shares is determined on each day on which the NYSE is open, provided\nthat the NAV need not be determined on days when no Fund shares are tendered for redemption and no order for Fund shares is received.\nWhen market quotations are not readily available, portfolio securities are valued at fair value as determined in good faith by\nthe Adviser, as the Board’s valuation designee, pursuant to Rule 2a-5 under the 1940 Act and subject to Board oversight.\nFair value determinations may differ from values that would have been used if readily available market quotations existed. The\nNYSE is not open for business on the following holidays: New Year’s Day, Martin Luther King, Jr. Day, Presidents’ Day, Good\nFriday, Memorial Day, Independence Day, Juneteenth National Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

Brokers,\nDealers and Other Intermediaries. Certain brokers and certain designated intermediaries on their behalf may accept purchase\nand redemption orders. The Funds will be deemed to have received such an order when the broker or the designee has accepted the\norder. Customer orders are priced at the NAV next computed after such acceptance. Such orders may be transmitted to the Funds\nor their agents several hours after the time of the acceptance and pricing.

As\nstated above, the Funds have authorized certain dealers to accept on their behalf purchase and redemption orders. Such dealers\nare authorized to designate other intermediaries to accept purchase and redemption orders on the Funds’ behalf. The Funds\nwill be deemed to have received a purchase or redemption order when an authorized dealer or such dealer’s authorized designee,\naccepts the order. Customer orders will be priced at the applicable Fund’s NAV next computed after they are accepted by\nan authorized dealer or such dealer’s designee.

The\nFunds strictly prohibit late day trading. Orders for purchases and sales must be placed on or before the close of the NYSE to\nreceive that day’s share price. If an order is received after the close of the NYSE, the order is processed at the NAV next\ncalculated on the following business day. In addition, all broker-dealers and administrators are required by contract (and, in\nthe case of broker-dealers, by regulation) to only execute orders that are placed at or before the close of the NYSE. However,\nthe Funds and their agents cannot ensure that orders transmitted to the Funds or their agents as orders received by the close\nof the NYSE on a given day were in fact received by the intermediary by that time.

REDEMPTION\nOF SHARES

Redemption\nof shares, or payment for redemptions, may be suspended at times (a) when the NYSE is closed for other than customary weekend\nor holiday closings, (b) when trading on said Exchange is restricted, (c) when an emergency exists, as a result of which disposal\nby a Fund of securities owned by it is not reasonably practicable, or it is not reasonably practicable for a Fund fairly to determine\nthe value of its net assets, or (d) during any other period when the Securities and Exchange Commission, by order, so permits,\nprovided that applicable rules and regulations of the Securities and Exchange Commission shall govern as to whether the conditions\nprescribed in (b) or (c) exist.

Shareholders\nwho purchased shares through a third-party broker-dealer may also redeem shares held by the Transfer Agent by written request\nto the Transfer Agent at the address set forth in the Prospectus. To be considered in “good order”, written requests\nfor redemption should indicate the dollar amount or number of shares to be redeemed, refer to the shareholder’s Fund account number,\nincluding either the social security or tax identification number. The request should be signed in the same way the account is\nregistered. If there is more than one owner of the shares, all owners must sign. If shares to be redeemed have a value of $50,000\nor more, the signature(s) must be guaranteed by an “eligible guarantor institution,” which includes a commercial bank\nthat is a member of the Federal Deposit Insurance Corporation, a trust company, a member firm of a domestic stock exchange, a\nsavings association or a credit union that is authorized by its charter to provide a signature guarantee. The Transfer Agent may\nreject redemption instructions if the guarantor is neither a member of nor a participant in a signature guarantee program. Signature\nguarantees by notaries public are not acceptable. The purpose of a signature guarantee is to protect shareholders against the\npossibility of fraud. Further documentation will be requested from corporations, administrators, executors, personal representatives,\ntrustees, and custodians. Redemption requests given by facsimile will not be accepted.

If\nyou redeem shares through dealers or other financial institutions, they may charge you a fee when you redeem your shares. Once\nyour shares are redeemed, the proceeds will normally be sent to you on the next business day. However, if making immediate payment\ncould adversely affect the Funds, it may take up to seven calendar days.

INDEPENDENT\nREGISTERED PUBLIC ACCOUNTING FIRM

Sanville\n& Company, LLC, 1011 Surrey Ln., Bldg. 200, Flower Mound, TX 75022, is the Funds’ independent registered public accounting\nfirm providing services including (1) audit of annual financial statements, and (2) assistance and consultation in connection\nwith SEC filings.

OTHER\nINFORMATION

The\nAdviser has been continuously registered with the SEC under the Investment Advisers Act of 1940, as amended, since August 21,\n2000. The Trust has filed a registration statement under the 1933 Act and the 1940 Act with respect to the shares offered. Such\nregistrations do not imply approval or supervision of the Funds or the Adviser by the SEC. For further information, please refer\nto the registration statement and exhibits on file with the SEC in Washington, D.C. These documents are available upon payment\nof a reproduction fee. Statements in the Prospectus and in this SAI concerning the contents of contracts or other documents, copies\nof which are filed as exhibits to the registration statement, are qualified by reference to such contracts or documents.

ORGANIZATION

Each\nFund is a series of Azzad Funds, an open-end diversified management investment company under the Investment Company Act of 1940.\nThe Wise Fund began investment operations on April 6, 2010 (as Wise Capital Fund until November 1, 2011) and the Ethical Fund\nbegan its investment operations on December 22, 2000 (as the Azzad Ethical Mid Cap Fund until November 1, 2011, and as the Azzad/Dow\nJones Ethical Market Fund until December 16, 2003). The Board of Trustees of the Trust is authorized to issue an unlimited number\nof shares in one or more series or “Funds,” which may be divided into classes of shares. Currently, there are two series\nauthorized and outstanding. Each series has only one class of shares.

Each\nshare of each Fund has equal rights as to voting, redemption, dividends, and liquidation as the other shares of the Fund. There\nare no conversion, preemptive, or other subscription rights. The Board of Trustees has the right to establish additional series\nin the future, to change those series and to determine the preferences, voting powers, rights, and privileges thereof.

In\nthe interest of economy and convenience, certificates representing shares purchased will not be ordinarily issued. The investor,\nhowever, will have the same rights of ownership with respect to such shares as if certificates had been issued.

The\nTrust is not required and does not intend to hold annual meetings of shareholders. Shareholders owning more than 10% of the outstanding\nshares of the Trust have the right to call a special meeting for any purpose.

Under\nthe Declaration of Trust of the Trust, the Trust or any series of the Trust may be terminated at any time by the Trustees by written\nnotice to the shareholders of the Trust, or such series as the case may be, without a vote of the shareholders of the Trust, or\nof such series, or the Trust or any series of the Trust may be terminated by the affirmative vote of the shareholders in accordance\nwith provisions of the Declaration of Trust.

Under\nMassachusetts law applicable to Massachusetts business trusts, shareholders of such a trust may, under certain circumstances,\nbe held personally liable as partners for the Trust’s obligations. However, the Declaration of Trust of the Trust contains an\nexpress disclaimer of shareholder liability for acts or obligations of the Trust and requires that notice of this disclaimer be\ngiven in each agreement, obligation, or instrument entered into or executed by the Trust or the Trustees. The Trust’s Declaration\nof Trust further provides for indemnification out of the assets and property of the Trust for all loss and expense of any shareholder\nheld personally liable for the obligations of the Trust. Thus, the risk of a shareholder incurring financial loss on account of\nshareholder liability is limited to circumstances in which inadequate insurance existed and the Trust or Fund itself was unable\nto meet its obligations. The Trust believes the likelihood of the occurrence of these circumstances is remote.

FINANCIAL\nSTATEMENTS

The\nFunds’ audited financial statements and report of the independent registered public accounting firm are included in the\nFunds’ annual Form N-CSR for the fiscal year ended June 30, 2026, and are incorporated by reference in this SAI. They can\nbe obtained free of charge by calling the Funds’ transfer agent at 888-350-3369.

PROXY\nVOTING PROCEDURES

The\nBoard has delegated responsibility for decisions regarding proxy voting for securities held by the Funds to the Adviser. The Adviser\nwill vote such proxies in accordance with its proxy policies and procedures. Proxy votes generally will be cast in favor of proposals\nthat maintain or strengthen the shared interests of shareholders and management, increase shareholder value, maintain or increase\nshareholder influence over the issuer’s board of directors and management, and maintain or increase the rights of shareholders;\nproxy votes generally will be cast against proposals having the opposite effect.

In\nvoting on each issue, the Adviser shall be guided by its proxy voting guidelines. These guidelines will be reviewed annually, updated\nand changed as needed. To obtain a copy of the proxy voting guidelines for the Funds, please contact the Adviser by writing to Azzad\nAsset Management, Inc. Attention: Proxy Voting Guidelines, 3141 Fairview Park Dr. Suite 355 Falls Church, VA 22042. The Funds are required\nto file a Form N-PX, with the Funds’ complete proxy voting record for the 12 months ended June 30, no later than August 31 of each\nyear. Form N-PX for the Funds will be available without charge, upon request, by calling toll-free 888-350-3369. The information is also\navailable on the SEC’s website at www.sec.gov and the Funds’ website at https://azzadasset.com/azzad-funds/.

If\nthe Adviser determines that a proxy vote presents a conflict between the interests of Fund shareholders, on the one hand, and\nthose of the Adviser, the Fund’s principal underwriter, or any of their affiliates, on the other, the Adviser will vote\nthe proxy in accordance with the Fund’s pre-determined proxy voting guidelines. If such guidelines do not address the matter,\nor if the Adviser believes following the guidelines is not in the best interests of shareholders due to the nature of the conflict,\nthe Adviser will seek a recommendation from an independent third-party proxy advisory firm or will refer the matter to the Fund’s\nindependent Trustees for direction. Any individual involved in the proxy voting analysis or decision who has a conflict of interest\nwill be recused from the process. The Fund’s Board, including a majority of the independent Trustees, oversees the resolution\nof all material conflicts and reviews the implementation of these proxy voting procedures at least annually to ensure that proxies\nare voted solely in the best interests of Fund shareholders.

DISCLOSURE\nOF PORTFOLIO HOLDINGS

The\nFunds are required to include a schedule of portfolio holdings in their annual and semi-annual reports to shareholders. The Funds\nalso are required to file a schedule of portfolio holdings with the SEC on Form N-PORT. The Funds’ Form N-CSR and Form N-PORT\nare available on the SEC’s website at www.sec.gov. The Funds must also provide a copy of the complete schedule of\nportfolio holdings as filed with the SEC to any shareholder of the Funds, upon request, free of charge.

The\nFunds release portfolio holdings to third party servicing agents daily in order for those parties to perform their duties on behalf\nof the Funds. These third-party servicing agents include the Adviser, Federated, Federated Hermes UK, the Transfer Agent, the\nFund Accountant, the Administrator, and the Custodian. Additionally, the Funds may release portfolio holdings to third party rating\nagencies and data reporting platforms on a periodic basis. The Funds also may disclose portfolio holdings, as needed, to auditors,\nlegal counsel, proxy voting services (if applicable), pricing services, parties to merger and reorganization agreements and their\nagents, and prospective or newly hired investment advisers or sub-advisers. This information is disclosed to third parties under\nconditions of confidentiality. “Conditions of confidentiality” include (i) confidentiality clauses in written agreements,\n(ii) confidentiality implied by the nature of the relationship (e.g., attorney-client relationship), (iii) confidentiality required\nby fiduciary or regulatory principles (e.g., custody relationships), or (iv) understandings or expectations between the parties\nthat the information will be kept confidential.

Except\nas described above, the Funds are prohibited from entering into any arrangements with any person to make available information\nabout the Funds’ portfolio holdings without the specific approval of the Board. The Adviser must submit any proposed arrangement\npursuant to which the Adviser intends to disclose the Funds’ portfolio holdings to the Board, which will review such arrangement\nto determine whether the arrangement is in the best interests of the Funds’ shareholders. Additionally, the Adviser and\nany affiliated persons of the Adviser are prohibited from receiving compensation or other consideration, for themselves or on\nbehalf of the Funds, as a result of disclosing the Funds’ portfolio holdings.

The\nTrust has adopted policies and procedures that govern the disclosure of the Funds’ portfolio holdings. These policies and\nprocedures are designed to ensure that such disclosure is in the best interests of Fund shareholders. It is the Trust’s\npolicy to: (1) ensure that any disclosure of portfolio holdings information is in the best interest of Fund shareholders; (2)\nprotect the confidentiality of portfolio holdings information; (3) have procedures in place to guard against personal trading\nbased on the information; and (4) ensure that the disclosure of portfolio holdings information does not create conflicts between\nthe interests of the Funds’ shareholders and those of affiliates.

ANTI-MONEY\nLAUNDERING COMPLIANCE

The\nFunds are required to comply with various anti-money laundering laws and regulations. Consequently, the Funds may request additional\ninformation from investors to verify their identities and will request a copy of their driver’s licenses (or a similar picture\nidentification document). If at any time the Funds believe a shareholder may be involved in suspicious activity or if certain\naccount information matches information on government lists of suspicious persons, the Funds may choose not to establish a new\naccount or may be required to “freeze” a shareholder’s account. The Funds also may be required to provide a governmental\nagency with information about transactions that have occurred in a shareholder’s account, or to transfer monies received to establish\na new account, transfer an existing account, or transfer the proceeds of an existing account to a governmental agency. In some\ncircumstances, the law may not permit the Funds to inform the shareholder that they have taken the actions described above.

PART C - OTHER INFORMATION

Item 28.

Exhibits

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

(a)	Declaration of Trust of Registrant. Incorporated by reference from Registrant’s initial registration statement filed electronically on January 22, 1997.
(a)(1)	Amendment to Declaration of Trust of Registrant. Incorporated by reference from Post-Effective Amendment No. 4 to the Registrant's registration statement, filed electronically on November 5, 2001.
(a)(2)	Amendment Number 4 to Declaration of Trust of Registrant is incorporated by reference from Post-Effective Amendment No. 13 to the Registrant's registration statement, filed electronically on October 17, 2008.
(b)	Bylaws of Registrant. Incorporated by reference from Pre-Effective Amendment No. 3 to the Registrant's registration statement, filed electronically on June 21, 2000.
(c)	Instruments Defining Rights of Security Holders. None other than the Declaration of Trust and the Bylaws.
(d)(1)	Azzad Ethical Fund: Investment Advisory Agreement between Registrant and Azzad Asset Management, Inc., is incorporated by reference from Post-Effective Amendment No. 48 to the Registrant's registration statement, filed electronically on October 30, 2023.
(d)(2)	Azzad Wise Capital Fund: Investment Advisory Agreement between Registrant and Azzad Asset Management, Inc., is incorporated by reference from Post-Effective Amendment No. 48 to the Registrant's registration statement, filed electronically on October 30, 2023.
(d)(3)	Azzad Wise Capital Fund Expenses Agreement, is incorporated by reference from Post-Effective Amendment No. 48 to the Registrant's registration statement, filed electronically on October 30, 2023.
(d)(4)	Azzad Ethical Fund Expenses Agreement, is incorporated by reference from Post-Effective Amendment No. 48 to the Registrant's registration statement, filed electronically on October 30, 2023.
(d)(5)	Azzad\n Wise Capital Fund: Subadvisory Agreement between Azzad Asset Management and Federated Investment Management, is incorporated\n by reference from Post-Effective Amendment No. 48 to the Registrant's registration statement, filed electronically on October 30,\n 2023.
(d)(6)	Azzad\n Wise Capital Fund: Sub-Subadvisory Agreement among Federated Investment Management Company, Federated Hermes (UK) LLP and Azzad Asset\n Management, Inc. is incorporated by reference from Post-Effective Amendment No. 48 to the Registrant's registration statement,\n filed electronically on October 30, 2023.
(e)	Distribution Agreement dated January 23, 2026 between the Registrant and Paralel Distributors LLC, as distributor for the Registrant, is filed\n herewith.
(f)	Not\n Applicable.
(g)(1)	Form\nof Custodian Agreement between Registrant and Huntington National Bank as to the Azzad Ethical Fund incorporated by reference from\nPost-Effective Amendment No. 11 to the Registrant's registration statement, filed electronically on October 31, 2007.
(g)(2)	Form\nof Custodian Agreement between Registrant and Huntington National Bank as to the Azzad Wise Capital Fund is incorporated by reference\nfrom Post-Effective Amendment No. 13 to the Registrant's registration statement, filed electronically on October 17, 2008.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

(h)	Master\n Services Agreement between the Registrant and The Nottingham Company, LLC, dated November 1, 2025 is filed herewith.
(i)(1)	Opinion of Thompson Hine LLP as to the Azzad Ethical Fund and the Azzad Wise Capital Fund is incorporated by reference from Post-Effective Amendment No. 13 to the Registrant's registration statement, filed electronically on October 17, 2008.
(i)(2)	Consent of Thompson Hine LLP filed herewith.
(j)	Consent\n of independent registered public accounting firm filed herewith.
(k)	None
(l)(1)	Subscription Agreements are incorporated by reference from Pre-Effective Amendment No. 3 to the Registrant's registration statement, filed electronically on June 21, 2000.
(m)(1)	Amended\n and Restated Distribution Plan dated June 12, 2025 is incorporated herein by reference to Post-Effective Amendment No. 50 the\n Registration Statement filed on October 28, 2025.
(n)	Not Applicable.
(o)	Not Applicable.
(p)(1)	Registrant's Code of Ethics and Reporting Requirements is incorporated by reference from Pre-Effective Amendment No. 3 to the Registrant's registration statement, filed electronically on June 21, 2000.
(p)(2)	Code of Ethics of Azzad Asset Management, Inc., is filed herewith.
(p)(3)	Code of Ethics of Federated Investment Management is incorporated by reference from Post-Effective Amendment No. 47 to the Registrant's registration statement, filed electronically on October 27, 2022.
(p)(4)	Code of Ethics of Federated Hermes (UK) LLP is incorporated by reference from Post-Effective Amendment No. 47 to the Registrant's registration statement, filed electronically on October 27, 2022.
(p)(5)	Codes of Ethics for Paralel Distributors LLC, distributor for the Registrant, is filed herewith.
(q)	Power of Attorney for each trustee, is incorporated by reference from Post-Effective Amendment No. 28 to the Registrant’s registration statement, filed electronically on October 26, 2015. Power of Attorney, dated January 15, 2021 for Damani Ingram is incorporated by reference from Post-Effective Amendment No. 44 to the Registrant's registration statement, filed electronically on October 28, 2020.

\n\n

Item 29.

Persons Controlled by or Under Common Control with the Registrant

Not applicable.

\n\n

Item 30.

Indemnification

(a) Section 4 of Article XII of Registrant's\nDeclaration of Trust provides as follows: Subject to the exceptions and limitations contained in\nthis Section 4, every person who is, or has been, a Trustee, officer, employee or agent of the Trust, including persons\nwho serve at the request of the Trust as directors, trustees, officers, employees or agents of another organization\nin which the Trust has an interest as a shareholder, creditor or otherwise (hereinafter referred to\nas a “COVERED PERSON”), shall be indemnified by the Trust to the fullest extent permitted\nby law against liability and against all expenses reasonably incurred or paid by him in connection with any claim,\naction, suit or proceeding in which he becomes involved as a party or otherwise by virtue of his being or having been such a Trustee,\ndirector, officer, employee or agent and against amounts paid or incurred by him in settlement thereof.

No indemnification shall be provided hereunder\nto a Covered Person:

(a)            against\nany liability to the Trust or its Shareholders by reason of a final adjudication by the court or other body before which the\nproceeding was brought that he engaged in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved\nin the conduct of his office;

(b)           with respect to any matter as to which he shall have been finally adjudicated not to have acted in good faith in the\nreasonable belief that his action was in the best interests of the Trust; or

(c)            in the event of a settlement or other disposition not involving a final adjudication\n (as provided in paragraph (a) or(b)) and resulting in a payment by a Covered Person, unless there has been either a determination\n that such Covered Person did not engage in willful misfeasance, bad faith, gross negligence or reckless\n disregard of the duties involved in the conduct of his office by the court or other body approving the settlement\n or other disposition or a reasonable determination, based on a review of readily\n available facts (as opposed to a full trial-type inquiry), that he did not engage in such\nconduct:

(i)

by a vote of a majority of the Disinterested Trustees acting on the matter (PROVIDED that a\nmajority of the Disinterested Trustees then in office act on the matter); or

(ii)

by written opinion of independent legal counsel.

The rights of indemnification\nherein provided may be insured against by policies maintained by the Trust, shall be severable, shall not affect any other rights\nto which any Covered Person may now or hereafter be entitled, shall continue as to a person who has ceased to be such a Covered Person\nand shall inure to the benefit of the heirs, executors and administrators of such a person. Nothing contained herein shall\naffect any rights to indemnification to which Trust personnel other than Covered Persons may be entitled by contract or otherwise under\nlaw.

Expenses of preparation and\npresentation of a defense to any claim, action, suit or proceeding subject to a claim for indemnification under this Section 4 shall\nbe advanced by the Trust prior to final disposition thereof upon receipt of an undertaking by or on behalf of the recipient to repay such\namount if it is ultimately determined that he is not entitled to indemnification under this Section 4, PROVIDED that either:

(a)            such undertaking is secured by a surety bond or some other appropriate security or the Trust shall be insured against\nlosses arising out of any such advances; or

(b)           a majority of the Disinterested Trustees acting on the matter (PROVIDED that a majority of the Disinterested Trustees\nthen in office act on the matter) or independent legal counsel in a written opinion shall determine, based upon a review of the readily\navailable facts (as opposed to a full trial-type inquiry), that there is reason to believe that the recipient ultimately will be\nfound entitled to indemnification.

As used in this Section\n4, a \"Disinterested Trustee\" is one (x) who is not an Interested Person of the Trust (including, as such\nDisinterested Trustee, anyone who has been exempted from being an

Interested Person by\nany rule, regulation or order of the Commission), and (y) against whom none of such actions, suits or other proceedings or another\naction, suit or other proceeding on the same or similar grounds is then or has been pending.

As used in this\nSection 4, the words \"claim,” “action,” “suit” or \"proceeding\" shall apply to all claims,\nactions, suits, proceedings (civil, criminal, administrative or other, including appeals), actual or threatened; and\nthe word “liability\" and \"expenses\" shall include without limitation, attorneys' fees, costs, judgments, amounts\npaid in settlement, fines, penalties and other liabilities.

(b) Pursuant to the Investment\n Advisory Agreements between Azzad Asset Management, Inc. and Azzad Funds, each party to\neach of the agreements is obligated to indemnify and hold harmless the other party\n and the shareholders, directors, trustees, officers and employees of the other party (any such\n person, an \"Indemnified Party\") against any loss, liability, claim, damage\nor expenses (including the reasonable cost of investigating and defending any alleged loss, liability, claim,\ndamage or expenses and reasonable counsel fees incurred in connection therewith) arising out of the Indemnified\nParty's performance or nonperformance of any duties under the applicable agreement; provided, however, that nothing is deemed\nto protect any Indemnified Party against any liability to which such Indemnified Party would otherwise be\nsubject by reason of willful misfeasance, bad faith or negligence in the performance of duties hereunder or by\nreason of reckless disregard of obligations and duties under the applicable agreement.

C-1

(c) The Registrant may maintain a\nstandard mutual fund and investment advisory professional and directors’ and officers’ liability policy. The policy,\nif maintained, would provide coverage to the Registrant, its Trustees and officers, and could cover its advisers, among others. Coverage\nunder the policy would include losses by reason of any act, error, omission, misstatement, misleading statement, neglect\nor breach of duty.

Insofar as indemnification for liabilities arising\nunder the Securities Act of 1933 may be permitted to the officers, trustees or controlling persons of the Registrant pursuant to\nthe Declaration of Trust of the Registrant or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange\nCommission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In\nthe event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or\npaid by an officer or trustee or controlling person of the Registrant in the successful defense of any action, suit or proceeding)\nis asserted by such officer, trustee or controlling person in connection with the securities being registered, the Registrant\n will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit\n to a court of appropriate jurisdiction the question of whether such indemnification by it is against\npublic policy as expressed in the Act and will be governed by the final adjudication of such issue.

\n\n

Item 31.

Business and other Connections of the Investment Advisor

The following\ntable sets forth any other business, profession, vocation or employment of a substantial nature in which any director or officer of Azzad\nAsset Management, Inc., the investment adviser of the Azzad Ethical Fund and the Azzad Wise Capital Fund, has engaged during the last\ntwo years for his or her own account or in the capacity of director, officer, employee, partner or trustee. The address of Azzad Asset\nManagement, Inc. is 3141 Fairview Park Drive, Suite 355, Falls Church, VA 22042.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Name and Address	Management, Inc.	Other Businesses
\n Bashar Qasem \n 3141 Fairview Park Drive \n Suite 355 \n Falls Church, VA 22042	President, Chief Executive Officer, Director

\n Jamal Elbarmil \n 3141 Fairview Park Drive \n Suite 355 \n Falls Church, VA 22042	Vice President

\n Manal Fouz \n 3141 Fairview Park Drive \n Suite 355 \n Falls Church, VA 22042 \n	Chief Compliance Officer

\n\n

Item 32.

Principal Underwriter

(a)            Paralel\nDistributors LLC (“Paralel”) serves as the principal underwriter for Azzad Funds (2 series); Collaborative Investment Series\nTrust (7 series); Reaves Utility Income Fund (ATM Offering), Cullen Funds (6 series), Elevation Series Trust (38 series); Coller Secondaries\nPrivate Equity Opportunities Fund, Coller Private Credit Secondaries Fund; HarbourVest Private Investments Fund; XAI CLO & Income\nFund, XAI Floating Rate & Alternative Income Trust (ATM Offering), Shelton Funds (1 series), PFS Funds (5 series), Azzad Funds Trust\n(2 series), Pre-IPO and Growth Fund, Corgi ETF Trust I (197 series), and Spend Life Wisely Funds Investment Trust (2 series), Spinnaker\nETF Series (19 series), GreenFi Funds Trust (1 series), Amana Mutual Funds Trust (3 series), and Starboard Investment Trust (7 series).

(b)           The\nprincipal business address of Paralel is 1700 Broadway, Suite 2100, Denver, CO 80290. The following are the members and officers of Paralel.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Name	Address	Position\n with Underwriter	Position\n with Registrant
Brad\n Swenson	1700\n Broadway, Suite 2100 \n Denver,\n CO 80290	President, Chief Compliance Officer	None
Jeremy\n May	1700\n Broadway, Suite 2100 \n Denver,\n CO 80290	Chief Executive Officer	None
Christopher\n Moore	1700\n Broadway, Suite 2100 \n Denver,\n CO 80290	General Counsel	None

\n\n

(c)

Not applicable.

C-2

\n\n

Item 33.

Location of Accounts and Records

(a)            The\nRegistrant maintains accounts, books and other documents required by Section 31(a) of the\n1940 Act and the rules thereunder (“Records”) at the offices of The Nottingham Company, LLC, 116 S. Franklin Street, Rocky\nMount, NC 27804.

(b)            The\nNottingham Company, LLC maintains all Records related to its services as administrator and fund accountant to the Registrant at its offices\nlocated at 116 South Franklin Street, Rocky Mount, North Carolina 27804.

(c)            Nottingham\nShareholder Services, LLC maintains all Records related to its services as dividend disbursing and transfer agent to the Registrant at\n116 South Franklin Street, Rocky Mount, North Carolina 27804.

(d)           Azzad\nAsset Management, Inc., maintains all Records related to its services as investment advisor at its offices located at 3141\nFairview Park Drive, Suite 355, Falls Church, VA 22042

(e)            Federated\nInvestment Management Company, maintains all records related to its services as investment sub-advisor to the Azzad Wise Capital Fund\nat its offices located at 1001 Liberty Avenue, Pittsburgh, PA, 15222.

(f)            Argent\nInstitutional Trust maintains all Records relating to its service as custodian to the Registrant at its offices located at 4343 Easton\nCommons, Suite 120, Columbus, OH 43219.

\n\n

Item 34.

Management Services

None.

\n\n

Item 35.

Undertakings

None.

SIGNATURES

Pursuant\nto the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets\nall of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act and has duly caused\nthis Post-Effective Amendment to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized\nin the City of Falls Church, State of Virginia, on October 28, 2026.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

	AZZAD FUNDS

	By:	/s/ Bashar Qasem
		Bashar Qasem, President

Pursuant to the requirements of\nthe Securities Act of 1933, and the Investment Company Act of 1940, this Post-Effective Amendment to the Registration\nStatement has been signed below by the following persons in the capacities and on the date indicated.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

Signature	Title	Date

/s/ Bashar\n Qasem	Trustee, Treasurer (Principal Financial Officer) and President (Principal Executive\n Officer)	October 28, 2026
Bashar Qasem

Syed K. Raheemullah*	Trustee
Syed K. Raheemullah

Damani Ingram*	Trustee
Damani Ingram

\n\n \n\n\n \n

*By:	/s/ Bashar Qasem
	(Bashar Qasem, Attorney-in-Fact)

Exhibit Index

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

(e)	Distribution Agreement
(h)	Master Services Agreement
(i)(2)	Consent of Thompson Hine LLP
(j)	Consent of Independent Registered Public Accounting Firm
(p)(2)	Code of Ethics – Azzad Asset Management, Inc.
(p)(5)	Code of Ethics – Paralel Distributors LLC

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