SP Funds 2040 Target Date Fund
  
Schedule of Investments
  
January 31, 2026 (Unaudited)
  
   
EXCHANGE TRADED FUNDS - 92.2%
  
Shares
    
Value
 
SP Funds Dow Jones Global Sukuk ETF (a)
    
16,955
    
$
308,751
  
SP Funds S&P 500 Sharia Industry Exclusions ETF (a)(b)
    
42,239
      
2,173,619
  
SP Funds S&P Global REIT Sharia ETF (a)
    
15,558
      
311,471
  
SP Funds S&P Global Technology ETF (a)(b)
    
55,261
      
2,029,924
  
SP Funds S&P World (ex-US) ETF (a)
    
41,296
      
1,210,386
  
TOTAL EXCHANGE TRADED FUNDS (Cost $5,419,741)
      
6,034,151
  
                 
TOTAL INVESTMENTS - 92.2% (Cost $5,419,741)
      
6,034,151
  
Other Assets in Excess of Liabilities - 7.8%
      
507,687
  
TOTAL NET ASSETS - 100.0%
          
$
6,541,838
  
                 
Percentages are stated as a percent of net assets.
          

REIT - Real Estate Investment Trust

(a)
Affiliated security as defined by the Investment Company Act of 1940.
(b)
Fair value of this security exceeds 25% of the Fund’s net assets.  Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.


Summary of Fair Value Disclosure as of January 31, 2026 (Unaudited)
 
SP Funds 2040 Target Date Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of January 31, 2026:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Exchange Traded Funds
  
$
6,034,151
    
$
–
    
$
–
    
$
6,034,151
  
Total Investments
  
$
6,034,151
    
$
–
    
$
–
    
$
6,034,151
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  

Transactions with affiliated companies during the period ended January 31, 2026 are as follows:
 
          
Security Name
Market Value as of October 31, 2025
Purchases
Purchases In-Kind
Sales
Sales In-Kind
Market Value as of
January 31, 2026
Share Balance as of January 31, 2026
Dividends
Change in
Unrealized
Gain (Loss)
Realized Gain/Loss
SP Funds Dow Jones Global Sukuk ETF
$    166,195
  $    146,655
                          $           -
$         -
                          $      -
                    $    308,751
                   16,955
                                 $      4,182
                   $    (4,099)
$             -
SP Funds S&P 500 Sharia Industry Exclusions ETF
        1,212,468
               955,903
                          -
                          -
                          -
           2,173,619
42,239
                   1,869
            5,248
     -
SP Funds S&P Global REIT Sharia ETF
        167,601
                 137,720
                          -
                          -
                          -
               311,471
15,558
                   1,917
             6,150
          -
SP Funds S&P Global Technology ETF
 1,141,370
 877,849
            -
         -
     -
 2,029,924
               55,261
    10,028
   10,705
              -
SP Funds S&P World (ex-US) ETF
      672,835
               487,601
                       -
              -
                      -
             1,210,386
              41,296
                3,503
           49,950
-
 
$ 3,360,469
 $ 2,605,728
 $           -
$         -
$      -
$ 6,034,151
      171,309
$    21,499
$     67,954
$              -