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Fees and Expenses of the Ethical Fund The table below describes fees and expenses that you may pay if you buy, hold, and sell shares of the Azzad Ethical Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zQwsj4iJ6EE1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zGmB2Jd7Vs02" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top; background-color: #EAF1DD"> <td colspan="2" id="xdx_98E_eoef--OperatingExpensesCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000004763Member_zXiidQSLgpzh" style="border-bottom: black 1pt solid; padding-right: 89.1pt; padding-left: 2.9pt">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; width: 83%; padding-right: 2.9pt; padding-left: 2.9pt">Management fees</td> <td id="xdx_98D_eoef--ManagementFeesOverAssets_dp_c20261028__20261028__oef--ClassAxis__custom--C000012956Member_zZRgCWhJCa87" style="width: 17%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">0.80%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">Distribution and/or Service (12b-1) fees</td> <td id="xdx_987_eoef--DistributionAndService12b1FeesOverAssets_dp_c20261028__20261028__oef--ClassAxis__custom--C000012956Member_zdTbcsancXpe" style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">0.15%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">Other Expenses</td> <td id="xdx_982_eoef--OtherExpensesOverAssets_dp_c20261028__20261028__oef--ClassAxis__custom--C000012956Member_zhWwE9uHILFb" style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">0.22%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">Total Annual Fund Operating Expenses</td> <td id="xdx_989_eoef--ExpensesOverAssets_dp_c20261028__20261028__oef--ClassAxis__custom--C000012956Member_zKZyoTn1J1Ck" style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">1.17%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">Fee Waiver/Expense Reimbursement*</td> <td id="xdx_98C_eoef--FeeWaiverOrReimbursementOverAssets_dp_c20261028__20261028__oef--ClassAxis__custom--C000012956Member_fKg_____zPxo3ZFmMWJ4" style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(0.18)%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement</td> <td id="xdx_98A_eoef--NetExpensesOverAssets_dp_c20261028__20261028__oef--ClassAxis__custom--C000012956Member_zWsNt6bdEvSf" style="border-bottom: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">0.99%</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify">*</td> <td style="text-align: justify">Azzad Asset Management, Inc. (the “Adviser”) has agreed to contractually waive all or a portion of its fees and/or reimburse the Ethical Fund for certain operating expenses, to the extent necessary to limit the Ethical Fund’s net annual operating expenses (excluding brokerage costs; borrowing costs, including without limitation dividends on securities sold short; taxes; indirect expenses, such as expenses incurred by other investment companies in which the Ethical Fund invests; and litigation and other extraordinary expenses) to 0.99% of average daily net assets through December 1, 2029. These fee waivers and expense reimbursements are subject to possible recoupment from the Ethical Fund within three years from the date on which the expenses were incurred if such recoupment can be achieved within the lesser of the foregoing expense limits or the expense limits in place at the time of recoupment. This agreement may be terminated only by the Ethical Fund’s Board of Trustees (the “Board”) upon 60 days’ notice.</td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0080 0.0015 0.0022 0.0117 -0.0018 0.0099 December 1, 2029 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 funds. The example assumes that you invest $10,000 in the Ethical Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Ethical Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zvZ7WP3VnH1"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zwhJEzI8Z8je" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top; background-color: #4F6228"> <td id="xdx_48D_eoef--ExpenseExampleYear01_zWYaZxyWTwjj" style="border: Black 1pt solid; width: 28%; padding-top: 2pt; padding-bottom: 2pt; text-align: center">One Year</td> <td id="xdx_488_eoef--ExpenseExampleYear03_zCIn43QGShPj" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 24%; padding-top: 2pt; padding-bottom: 2pt; text-align: center">Three Years</td> <td id="xdx_484_eoef--ExpenseExampleYear05_zU7KM6lPXM1j" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 24%; padding-top: 2pt; padding-bottom: 2pt; text-align: center">Five Years</td> <td id="xdx_48B_eoef--ExpenseExampleYear10_z7IVcJh5V1Pk" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 24%; padding-top: 2pt; padding-bottom: 2pt; text-align: center">Ten Years</td></tr> <tr id="xdx_413_20261028__20261028__oef--ClassAxis__custom--C000012956Member_zL4Buf2ONRqa"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center">$101</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center">$315</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-top: 2pt; padding-bottom: 2pt; text-align: center">$547</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-top: 2pt; padding-bottom: 2pt; text-align: center">$1,298 </td></tr> </table> 101 315 547 1298 Portfolio Turnover The Ethical Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Ethical Fund’s performance. For the most recent fiscal year ended June 30, 2026, the Ethical Fund’s portfolio turnover rate was 34.18% of the average value of its portfolio. 0.3418 Principal Investment Strategy The Ethical Fund seeks to achieve its objective by investing primarily in common stocks of mid-capitalization companies that the Adviser believes are high quality and/or exhibit above-average growth potential, which, for the purposes of the Ethical Fund, typically are companies with market capitalizations similar to those issuers included in the Russell Midcap® Growth Index (the “Index”) over the last 13 months at the time of purchase. As of September 30, 2026, the Index had a weighted average market capitalization of $45.30 billion and a median market capitalization of $15.00 billion. The largest stock by market cap in the Index was $123.26 billion. Over time, the capitalizations of the companies in the Index will change. As they do, the size of the companies in which the Ethical Fund invests may change. Under normal market conditions, the Ethical Fund will invest at least 80% of its assets (defined as net assets plus borrowing for investment purposes) in securities meeting the Ethical Fund’s ethical investment criteria. The Ethical Fund seeks total return, which includes income from dividends and capital appreciation of portfolio securities held by the Ethical Fund. When selecting securities for the Ethical Fund, the Adviser employs a systematic process focused on companies included within the Ethical Fund’s designated mid-cap growth universe. From this universe, the Adviser seeks to identify companies that meet defined financial and qualitative criteria. These include measures of profitability, balance-sheet strength, earnings stability, prudent use of leverage, and valuation ratios that the Adviser believes are indicative of durable growth and sound financial management. The Adviser’s screening process seeks to maintain broad representation across the mid-cap growth universe while favoring companies that demonstrate consistent business performance, strong financial discipline, and moderate debt levels. Generally, in determining whether to remove a position from the Ethical Fund, the Adviser considers many factors, including what it believes to be excessive valuation given company growth prospects, deterioration of fundamentals, weak cash flow to support shareholder returns, unexpected and poorly explained management changes, and to take advantage of what it believes are more attractive investment opportunities. The Adviser will sell a security if it falls out of compliance with the Ethical Fund’s ethical investment restrictions. The Adviser may also sell securities for a variety of reasons, such as when it no longer adheres to the Adviser’s investment thesis, to secure gains, limit losses, raise cash, or redeploy assets into opportunities believed to be more promising, among others. If the Adviser’s strategies do not work as intended, the Ethical Fund may not achieve its objective. To take advantage of market inefficiencies, the Ethical Fund may be actively traded. During these periods, the Ethical Fund may have a higher turnover rate. Ethical Investment Restrictions The Ethical Fund does not invest in corporations that derive substantial revenue (defined as more than 5% of total revenue) from alcohol, tobacco, pornography, pork, gambling, conventional financial services, including insurance, or weapons industries, as determined by the Adviser. The Ethical Fund will not invest in securities or other instruments that derive revenue from the receipt of interest from lending arrangements, preferred stocks and convertible securities or other instruments that pay interest from lending, or from the receipt of gains from futures contracts, trading debt or trades that involve exchanging the same kind of monetary instruments (such as the same type of currency). Under normal market conditions, the Ethical Fund will invest at least 80% of its assets (defined as net assets plus borrowing for investment purposes) in securities meeting the Ethical Fund’s ethical investment criteria. You could lose money by investing in the Ethical Fund. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><img alt="" src="azzad485bpos072926004.jpg"/></td><td style="text-align: justify">Medium-capitalization stocks held by the Ethical Fund could fall out of favor and returns would subsequently trail returns from the overall stock market. The performance of such stocks also could be more volatile than large-capitalization stocks. Medium-cap companies are more likely to have more limited product lines, fewer capital resources and less depth of management than larger companies.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><img alt="" src="azzad485bpos072926004.jpg"/></td><td style="text-align: justify">Growth stocks can react differently to issuer, political, market, and economic developments than the market, and other types of stocks. The stocks of such companies can therefore be subject to more abrupt or erratic market movements than stocks of larger, more established companies or the stock market in general.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><img alt="" src="azzad485bpos072926004.jpg"/></td><td style="text-align: justify">Investing primarily in issuers within the same market capitalization category carries the risk that the category may be out of favor due to current market conditions or investor sentiment. Because the Ethical Fund invests primarily in securities issued by mid-cap companies, it is likely to be more volatile than a fund that focuses on securities issued by large companies. Medium-sized companies typically have less seasoned management, narrower product lines, and fewer capital reserves and liquidity than larger companies.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><img alt="" src="azzad485bpos072926004.jpg"/></td><td style="text-align: justify">The stock market may fall in value, causing prices of stocks held by the Ethical Fund to fall. Stock prices fluctuate based on changes to a company’s financial condition, on overall market and economic conditions and on investors’ perception of a company’s soundness. Stock markets are volatile and can decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Different parts of the market, including different market sectors, and different types of securities can react differently to these developments.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><img alt="" src="azzad485bpos072926004.jpg"/></td><td style="text-align: justify">At times, the Ethical Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Individual sectors may be more volatile, and may perform differently, than the broader market. Companies in the same economic sector may be similarly affected by economic or market events, making the Ethical Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><img alt="" src="azzad485bpos072926004.jpg"/></td><td style="text-align: justify">Investment risks associated with investing in the information technology sector, in addition to other risks, include the intense competition to which information technology companies may be subject; the dramatic and often unpredictable changes in growth rates and competition for qualified personnel among information technology companies; effects on profitability from being heavily dependent on patent and intellectual property rights and the loss or impairment of those rights; obsolescence of existing technology; general economic conditions; and government regulation.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><img alt="" src="azzad485bpos072926004.jpg"/></td><td style="text-align: justify">Investment risks associated with investing in the industrial sector. Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><img alt="" src="azzad485bpos072926004.jpg" style="width: 10px; height: 9px"/></td><td style="text-align: justify">The Ethical Fund’s ethical investment restrictions do not allow investing in certain businesses, and there are broad limitations upon the types of securities or other instruments in which the Ethical Fund may invest, as well as upon commonly used investment techniques. As a result, the Ethical Fund will not be able to participate in strong performance from those businesses and may not be able to earn income comparable to other funds from non-invested assets.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><img alt="" src="azzad485bpos072926004.jpg" style="width: 10px; height: 9px"/></td><td style="text-align: justify">The Ethical Fund is subject to management risk because it is an actively managed portfolio. The Adviser’s management practices and investment strategies might not produce the desired results. The Adviser may be incorrect in its assessment of a stock’s appreciation or depreciation potential.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><img alt="" src="azzad485bpos072926004.jpg" style="width: 10px; height: 9px"/></td><td style="text-align: justify">The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region, or financial market. Markets in which the Ethical Fund invests can be volatile and can decline significantly in response to, or investor perceptions of, issuer, market, economic, industry, political, regulatory, geopolitical, environmental, public health, natural disasters, pandemics, epidemics, terrorism, governmental actions, tariffs and trade wars and other conditions. As a result, the Ethical Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns.</td></tr></table> Performance The following bar chart and table provide some indication of the risks of investing in the Ethical Fund by showing changes in the Ethical Fund’s performance from year to year and by showing how the Ethical Fund’s average annual returns for each of the last 10 calendar years compare with those of a broad measure of market performance and a supplemental index. To obtain updated performance information, please call 888-350-3369. The Ethical Fund’s past performance, before and after taxes, is not necessarily an indication of its future performance. The following bar chart and table provide some indication of the risks of investing in the Ethical Fund by showing changes in the Ethical Fund’s performance from year to year and by showing how the Ethical Fund’s average annual returns for each of the last 10 calendar years compare with those of a broad measure of market performance and a supplemental index. 888-350-3369 The Ethical Fund’s past performance, before and after taxes, is not necessarily an indication of its future performance. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2016</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000012956Member_zEJFCk6Cwy1f" style="display: none; width: 50%">2.48%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000012956Member_zrjxtB1Z629d" style="display: none">23.22%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td id="xdx_981_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000012956Member_zm3OBDliDjX3" style="display: none">-3.28%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000012956Member_znfyZiA2IXOg" style="display: none">30.01%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000012956Member_zufj8PgHkYjc" style="display: none">30.42%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_98C_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000012956Member_zN63ZqaU7dgb" style="display: none">17.78%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000012956Member_zabhJ1JgFGM3" style="display: none">-27.82%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_980_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000012956Member_zC6gsj1tOvO4" style="display: none">24.26%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_986_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000012956Member_z2ce9f4ZQlAg" style="display: none">1.75%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000012956Member_zG2DNuBMLhf9" style="display: none">1.43%</td></tr> </table> <img alt="" src="azzad485bpos072926002.jpg"/> 0.0248 0.2322 -0.0328 0.3001 0.3042 0.1778 -0.2782 0.2426 0.0175 0.0143 For the period 01-01-2026 through 09-30-2026, the total return for the Ethical Fund was 7.67%. Best Quarter: 6-30-2020 28.57% Worst Quarter: 6-30-2022 -20.38% The Ethical Fund’s inception date was December 22, 2000 2026-09-30 the total return for the Ethical Fund 0.0767 Best Quarter 2020-06-30 0.2857 Worst Quarter 2022-06-30 -0.2038 <div id="xdx_A87_eoef--PerformanceTableTextBlock_zg7VIINsidZi"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zG6eMgL8Qe59" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: top; background-color: #4F6228"> <td id="xdx_983_eoef--PerformanceTableHeading_c20261028__20261028__dei--LegalEntityAxis__custom--S000004763Member_zFdYsE7kKVp6" style="border: Black 1pt solid; width: 61%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Average Annual Total Returns For Periods Ended December 31, 2025</td> <td id="xdx_497_20250101__20251231_zMtRBCjD2tRl" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> 1 Year</td> <td id="xdx_493_20210101__20251231_zfuuYOeyVwU2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> 5 Years</td> <td id="xdx_49B_20160101__20251231_zMAJwKe9OUOj" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> 10 Years</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> Before taxes After taxes on distributions After taxes on distributions and sale of Shares</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.43% <span id="xdx_907_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000012956Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zSFbn75kCQD" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.43% <span id="xdx_904_eoef--AvgAnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000012956Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zGbHtWzkVjd4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.85%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.74% <span id="xdx_90F_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000012956Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z5BmADsAElj7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.79% <span id="xdx_901_eoef--AvgAnnlRtrPct_dp_c20210101__20251231__oef--ClassAxis__custom--C000012956Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zt4GjW254EFg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.34%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8.49% <span id="xdx_908_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--ClassAxis__custom--C000012956Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zvAzSilfWzL5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.14% <span id="xdx_905_eoef--AvgAnnlRtrPct_dp_c20160101__20251231__oef--ClassAxis__custom--C000012956Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zky0jVG99g29" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.67%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--Russell3000IndexMember_zXevJNfPoBGf"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Russell 3000 Index (reflects no deductions for fees and expenses)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">17.15%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">13.14%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">14.27%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--RussellMidCapGrowthIndexMember_z9P5rPWgdiac"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Russell MidCap Growth Index (reflects no deductions for fees and expenses)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">8.66%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">6.64%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">12.48%</td></tr> </table> Average Annual Total Returns For Periods Ended December 31, 2025 0.0143 0.0143 0.0085 0.0174 0.0079 0.0134 0.0849 0.0714 0.0667 (reflects no deductions for fees and expenses) 0.1715 0.1314 0.1427 0.0866 0.0664 0.1248 After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if your Shares are held in tax-deferred arrangements, such as Individual Retirement Accounts (IRAs) or 401(k) plans. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant if your Shares are held in tax-deferred arrangements, such as Individual Retirement Accounts (IRAs) or 401(k) plans. Azzad Wise Capital Fund Summary (WISEX) Investment Objective Azzad Wise Capital Fund’s (the “Wise Fund”) investment objective is to provide shareholders with capital preservation and income. Fees and Expenses of the Wise Fund The table below describes fees and expenses that you may pay if you buy, hold, and sell shares of the Azzad Wise Capital Fund (“Shares”). You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below. <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zj1G7BRSU5ja"></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zLpsVo8OPKt" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: top; background-color: #EAF1DD"> <td colspan="2" id="xdx_986_eoef--OperatingExpensesCaption_c20261028__20261028__dei--LegalEntityAxis__custom--S000022554Member_z4NrqZve2gWk" style="padding-right: 2.9pt; padding-left: 2.9pt">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; width: 67%; padding-right: 2.9pt; padding-left: 2.9pt">Management fees</td> <td id="xdx_984_eoef--ManagementFeesOverAssets_dp_c20261028__20261028__oef--ClassAxis__custom--C000065234Member_zkkjHETh0ob6" style="width: 33%; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">0.80%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">Distribution and/or Service (12b-1) fees</td> <td id="xdx_98E_eoef--DistributionAndService12b1FeesOverAssets_dp_c20261028__20261028__oef--ClassAxis__custom--C000065234Member_z7UxzOg2uk5h" style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">0.05%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">Other Expenses</td> <td id="xdx_981_eoef--OtherExpensesOverAssets_dp_c20261028__20261028__oef--ClassAxis__custom--C000065234Member_zNsft3ncaXv1" style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">0.13%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">Total Annual Fund Operating Expenses</td> <td id="xdx_98B_eoef--ExpensesOverAssets_dp_c20261028__20261028__oef--ClassAxis__custom--C000065234Member_zWJrNKHlDNZ5" style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">0.98%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">Fee Waiver/Expense Reimbursement*</td> <td id="xdx_98C_eoef--FeeWaiverOrReimbursementOverAssets_dp_c20261028__20261028__oef--ClassAxis__custom--C000065234Member_fKg_____zCfxuMhOnI09" style="padding-right: 2.9pt; padding-left: 2.9pt; text-align: right">(0.09)%</td></tr> <tr style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt">Total Annual Fund Operating Expenses after Fee Waiver and/or Expense Reimbursement</td> <td id="xdx_985_eoef--NetExpensesOverAssets_dp_c20261028__20261028__oef--ClassAxis__custom--C000065234Member_z9PzXZCBxYVk" style="border-bottom: black 1pt solid; padding-right: 2.9pt; padding-left: 2.9pt; text-align: right"> 0.89%</td></tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="text-align: justify">*</td> <td style="text-align: justify">Azzad Asset Management, Inc. (the “Adviser”) has agreed to contractually waive all or a portion of its fees and/or reimburse the Wise Fund for certain operating expenses, to the extent necessary to limit the Wise Fund’s net annual operating expenses (excluding brokerage costs; borrowing costs, including without limitation dividends on securities sold short; taxes; indirect expenses, such as expenses incurred by other investment companies in which the Wise Fund invests; and litigation and other extraordinary expenses) to 0.89% of average daily net assets through December 1, 2029. These fee waivers and expense reimbursements are subject to possible recoupment from the Wise Fund within three years from the date on which the expenses were incurred if such recoupment can be achieved within the lesser of the foregoing expense limits or the expense limits in place at the time of recoupment. This agreement may be terminated only by the Wise Fund’s Board of Trustees (the “Board”) upon 60 days’ notice.</td></tr> </table> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0080 0.0005 0.0013 0.0098 -0.0009 0.0089 December 1, 2029 Example: This example is intended to help you compare the cost of investing in the Wise Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Wise Fund for the time periods indicated and then redeem all your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Wise Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zFK9gI1jZwhc"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zRyoqTs7riO2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top; background-color: #4F6228"> <td id="xdx_48C_eoef--ExpenseExampleYear01_zq3k5QyZebF3" style="border: Black 1pt solid; width: 28%; padding-top: 2pt; padding-bottom: 2pt; text-align: center">One Year</td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zdIQZMOibQng" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 24%; padding-top: 2pt; padding-bottom: 2pt; text-align: center">Three Years</td> <td id="xdx_485_eoef--ExpenseExampleYear05_zJppgURXg9G5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 24%; padding-top: 2pt; padding-bottom: 2pt; text-align: center">Five Years</td> <td id="xdx_488_eoef--ExpenseExampleYear10_zk7zjCescXv8" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 24%; padding-top: 2pt; padding-bottom: 2pt; text-align: center">Ten Years</td></tr> <tr id="xdx_411_20261028__20261028__oef--ClassAxis__custom--C000065234Member_zsKudWNQEk74"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center">$91</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2pt; padding-bottom: 2pt; text-align: center">$284</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-top: 2pt; padding-bottom: 2pt; text-align: center">$493</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-top: 2pt; padding-bottom: 2pt; text-align: center">$1,136</td></tr> </table> 91 284 493 1136 Portfolio Turnover The Wise Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). Higher turnover rates may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Wise Fund’s performance. For the most recent fiscal year ended June 30, 2026, the Wise Fund’s portfolio turnover rate was 26.45% of the average value of its portfolio. 0.2645 Principal Investment Strategy The Wise Fund invests primarily in fixed income securities issued for payment by international financial institutions, foreign governments, agencies of foreign governments, and global corporations in transactions structured to be compliant with the Wise Fund’s ethical investment guidelines. Examples of fixed income securities in which the Wise Fund invests include sukuk and wakala. Sukuk are asset-based securities used to finance projects and asset acquisitions while avoiding the Islamic prohibition on interest. Whereas bonds represent debt ownership, a sukuk certificate represents ownership or interest in a tangible asset, or the usufruct of an asset. Sukuk grant investors a proportionate beneficial ownership of the underlying asset, along with its associated risks and potential cash flows. Wakala accounts are operated under the Islamic finance principle of wakala (an agency agreement). With wakala, a bank, as agent, raises funds to invest in various commercial activities from its investors. The bank and its investors both share in the profit and risk of loss of investment in such activities. The Wise Fund anticipates that approximately 80% of its fixed income securities will be investment grade at the time of purchase, based upon the credit ratings given by one or more nationally recognized statistical rating organizations (“NRSROs”). Approximately 20% of the Wise Fund’s fixed income securities may be below investment grade (but not lower than a B rating by Moody’s or an equivalent NRSRO). The Wise Fund may also invest in unrated securities (securities that are not rated by a rating agency) if the Wise Fund determines that the securities are of comparable quality to rated securities that the Wise Fund may purchase. The Wise Fund invests up to 10% of its net assets (at the time of purchase) in domestic and international common stocks of any market capitalization, including emerging market securities. The Adviser will emphasize dividend-paying stocks issued by companies with strong fundamentals and relatively limited anticipated volatility to supplement its fixed-income holdings. The Wise Fund may invest in short-term income producing investments such as money market accounts and certificates of deposit that follow its ethical guidelines. The Wise Fund may invest up to 15% of its net assets in illiquid securities as defined by the Investment Company Act of 1940, as amended (the “1940 Act”) which may include investments in trade finance securities. Generally, these securities evidence transactions where there is a flow of goods or services (typically of a cross-border nature) and a financing need. These trade finance structures are subject to significant individual variation. The Wise Fund’s trade finance investments are expected to consist primarily of loans, or similar instruments used to finance international trade and related infrastructure projects. These are expected to include, but not be limited to, facilities for pre-export finance, process and commodities finance, receivables financing, letters of credit and other documentary credits, promissory notes, bills of exchange, and other negotiable instruments. The Wise Fund may engage in such investments by way of purchase, assignment, participation, guarantee, insurance, or any other appropriate financial instrument. The essence of the Wise Fund’s strategy is to provide shareholders with a return that is comparable to the return on bank accounts, certificates of deposit, and other similar fixed income products. The Wise Fund concentrates its investments in the financial services industry. The Wise Fund anticipates that the maturity of the securities in the portfolio will range from one to fifteen years and that the average duration of the portfolio will range from one to three years. While the Wise Fund generally purchases securities at the lower end of this maturity range, the Wise Fund may purchase securities with maturities at the longer end of this range when the Adviser determines that they offer an attractive return or to lengthen the average duration of the Wise Fund. The Wise Fund’s sub-adviser, Federated Investment Management Company (“Federated”) directs the investment of most of the Wise Fund’s assets, furnishing investment information, advice, and recommendations to the Wise Fund as to the acquisition, holding, or disposition of securities or other assets that the Wise Fund may own or contemplate acquiring from time to time. The Adviser and Federated have retained Federated Hermes (UK) LLP (“Federated Hermes UK”), an affiliate of Federated, to aid in carrying out Federated’s duties as the Wise Fund’s sub-adviser. The Adviser will oversee Federated and Federated Hermes UK and will be responsible for the day-to-day portfolio management of the Wise Fund related to the dividend-yielding equity portion of the Wise Fund’s portfolio and for ensuring that the Wise Fund’s holdings and portfolio management comply with its ethical investment restrictions. Federated will sell a security if it falls out of compliance with the Wise Fund’s ethical investment restrictions upon the Adviser’s instructions. In addition, a security may be sold when Federated believes it is showing deteriorating technical and fundamental indicators, due to sector rotations or geographical reallocations, or to manage concentration risk. As part of the analysis in its security selection process, among other factors, Federated may evaluate whether environmental, social and governance factors could have positive or negative impact on the risk profiles of many issuers or guarantors in the universe of securities in which Wise Fund may invest. Federated may also consider information derived from active engagements conducted by its in-house stewardship team with certain issuers or guarantors on environmental, social and governance topics. This qualitative analysis does not automatically result in including or excluding specific securities but may be used by Federated as an additional input in its primary analysis. Ethical Investment Restrictions The Wise Fund does not invest in corporations that derive substantial revenue (defined as more than 5% of total revenue) from alcohol, tobacco, pornography, pork, gambling, conventional financial services, including insurance, or weapons industries as determined by the Adviser. The Wise Fund will not invest in securities or other instruments that derive revenue from the receipt of interest from lending arrangements, preferred stocks and convertible securities or other instruments that pay interest from lending, or from the receipt of gains from futures contracts, trading debt, or trades that involve exchanging the same kind of monetary instruments (such as the same type of currency). The Wise Fund will, however, be able to invest in instruments that provide a fixed rate of return in transactions that are structured to be compliant with the Wise Fund’s ethical investment restrictions such as sukuk, certificates of deposit, bank notes, and short-term bank deposits. The Wise Fund invests up to 10% of its net assets (at the time of purchase) in domestic and international common stocks of any market capitalization, including emerging market securities. You could lose money by investing in the Wise Fund. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><img alt="" src="azzad485bpos072926004.jpg"/></td><td style="text-align: justify">The Wise Fund invests in fixed-income securities, which are subject to credit risk. Credit risk includes issuer credit risk, which is the risk that payments will not be paid when due in accordance with their terms. Such non-payment or default may reduce the value of the Wise Fund’s portfolio holdings, its share price, and its performance. The counterparty issuing the securities may not be able to pay the securities when due or otherwise fulfill their contractual obligations, which could reduce the value of the Wise Fund’s portfolio holdings, its share price, and its performance.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><img alt="" src="azzad485bpos072926004.jpg"/></td><td style="text-align: justify">A rise in prevailing interest rates generally will cause the price of a fixed-rate debt security to fall. Generally, the longer the duration or maturity of a security or weighted average maturity of the Wise Fund, the more sensitive its price is to a rise in interest rates. Recent and potential future changes in government monetary policy are likely to affect the level of interest rates.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><img alt="" src="azzad485bpos072926004.jpg"/></td><td style="text-align: justify">Sukuk involve many of the same risks that conventional bonds incur such as credit and counterparty risk, interest rate, maturity, and investment grade securities risk. In addition to these risks, there are certain risks specific to sukuk. These include various operational risks including default risk, a lack of institutional support, and risks related to the underlying assets. The sukuk markets are in their infancy and most sukuk trading is restricted to the primary markets. Unlike conventional bonds, sukuk tend to be held until maturity; thus, they are traded less frequently compared to conventional bonds.</td></tr></table> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--BelowInvestmentGradeFixedIncomeSecuritiesRiskMember_zLgINhT3Gqpd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><img alt="" src="azzad485bpos072926004.jpg"/></td><td style="text-align: justify">Investments in below investment-grade fixed-income securities may subject the Wise Fund to greater risks than other securities, including being subject to greater levels of interest rate risk, credit risk (including a greater risk of default), and liquidity risk. The ability of the issuer to make payments is predominantly speculative for below investment-grade fixed income securities.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><img alt="" src="azzad485bpos072926004.jpg"/></td><td style="text-align: justify">The Wise Fund invests in trade finance securities located primarily in or having exposure to global emerging markets. As such, the Wise Fund is subject to all the risks typical to investments generally made in emerging markets. In addition, the Wise Fund is subject to risks specific to the trade finance asset class such as liquidity risk, credit rating risk, and counter-party risk.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><img alt="" src="azzad485bpos072926004.jpg"/></td><td style="text-align: justify">When the Wise Fund invests in wakala, it will be subject to the credit risk of the bank acting as agent, and the risk that the bank will not manage the investment in a profitable manner.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><img alt="" src="azzad485bpos072926004.jpg" style="width: 10px; height: 9px"/></td><td style="text-align: justify">The stock market may fall in value, causing prices of stocks held by the Wise Fund to fall. Stock prices fluctuate based on changes to a company’s financial condition, on overall market and economic conditions and on investors’ perception of a company’s soundness.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><img alt="" src="azzad485bpos072926004.jpg"/></td><td style="text-align: justify">Individual securities or other holdings in the Wise Fund may not perform as expected, and the Wise Fund’s portfolio management practices may not achieve the desired result.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><img alt="" src="azzad485bpos072926004.jpg" style="width: 10px; height: 9px"/></td><td style="text-align: justify">The Wise Fund is subject to management risk because it is an actively managed portfolio. The Adviser’s management practices and investment strategies might not produce the desired results. The Adviser may be incorrect in its assessment of a stock’s appreciation or depreciation potential.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><img alt="" src="azzad485bpos072926004.jpg"/></td><td style="text-align: justify">Investing in foreign securities involves risks not typically associated with U.S. investments, including, among others, adverse fluctuations in foreign currency values as well as adverse political, social, and economic developments affecting a foreign country, less publicly available information, more volatile or less liquid securities markets, restrictions on receiving the investment proceeds from a foreign country, foreign tax laws, potential difficulties in enforcing contractual obligations, less revealing accounting practices, inadequate or irregular regulation, and more volatile performance. Foreign financial markets may also have fewer investor protections. Foreign companies may also receive less coverage than U.S. companies by market analysts and the financial press. These factors may prevent the Wise Fund and its Adviser from obtaining information concerning foreign companies that is as frequent, extensive, and reliable as the information available concerning companies in the United States. There is also the risk of confiscation, taxation, currency blockage, or political or social instability. </td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><img alt="" src="azzad485bpos072926004.jpg" style="width: 10px; height: 9px"/></td><td style="text-align: justify">Securities that trade or are denominated in currencies other than the U.S. dollar may be adversely affected by fluctuations in currency exchange rates or currency controls imposed by foreign governments. When the U.S. dollar strengthens relative to a foreign currency, the U.S. dollar value of an investment denominated in that currency will typically fall. Investing in currencies or securities denominated in a foreign currency entails risk of being exposed to a currency that may not fully reflect the strengths and weaknesses of the economy of the country or region utilizing the currency. In addition, it is possible that a currency (such as, for example, the euro) could be abandoned in the future by countries that have already adopted its use, and the effects of such an abandonment on the applicable country and the rest of the countries utilizing the currency are uncertain but could negatively affect the Wise Fund’s investments denominated in the currency.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><img alt="" src="azzad485bpos072926004.jpg"/></td><td style="text-align: justify">The Wise Fund concentrates its investments in the financial services industry. Adverse developments affecting a security in the financial services industry may affect all securities in that industry, and any negative developments affecting that industry will have a greater impact on the Wise Fund than a fund that is not concentrated in that industry. Further, because the Wise Fund’s investments are concentrated in securities issued by a limited number of counterparties, all of which share a single industry, the Wise Fund is even more susceptible to any single negative economic, technological, political, or regulatory occurrence that impacts the financial services industry than funds that are not similarly concentrated.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><img alt="" src="azzad485bpos072926004.jpg" style="width: 10px; height: 9px"/></td><td style="text-align: justify">Investments in emerging market securities impose risks different from, or greater than, risks of investing in foreign developed countries including smaller market capitalization; significant price volatility; and restrictions on foreign investment. Emerging market countries may have relatively unstable governments and may present the risk of nationalization of businesses, expropriation, and confiscatory taxation, or, in certain instances, reversion to closed market, centrally planned economies. Emerging market economies may also experience more severe downturns. The currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by the Wise Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries. </td></tr></table> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MiddleEastAndSoutheastAsiaInvestmentRiskMember_zgkIYR2wuqdj" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><img alt="" src="azzad485bpos072926004.jpg" style="width: 10px; height: 9px"/></td><td style="text-align: justify">The Wise Fund invests a significant portion of its assets in issuers located in, or with economic ties to, a limited number of countries, particularly countries in the Middle East and Southeast Asia, due in part to the relatively small size of the global sukuk market. As a result, the Wise Fund is more susceptible to adverse economic, political, regulatory, or military developments affecting those countries or that region, including armed conflict, than a fund that is more geographically diversified.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><img alt="" src="azzad485bpos072926004.jpg"/></td><td style="text-align: justify">The Wise Fund’s investment in securities issued by foreign governments and agencies of foreign governments (sovereign debt) differs from debt obligations issued by private entities in that, generally, remedies for defaults must be pursued in the courts of the defaulting party. Legal recourse is therefore limited. The foreign sovereign debt securities the Wise Fund purchases involve specific risks, including that (i) the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or interest when it becomes due because of political constraints, cash flow problems, and other national economic factors; (ii) governments may default on their sovereign debt, which may require holders of such sovereign debt to participate in debt rescheduling or additional lending to defaulting governments; and (iii) there are no bankruptcy proceedings by which defaulted sovereign debt may be collected in whole or in part.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><img alt="" src="azzad485bpos072926004.jpg"/></td><td style="text-align: justify">The Wise Fund’s ethical investment restrictions will narrow the availability of investment opportunities in which it can invest. It is possible that the restrictions placed on investments may cause the Wise Fund to underperform compared to other funds that do not place such restrictions on their investments.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><img alt="" src="azzad485bpos072926004.jpg"/></td><td style="text-align: justify">The Wise Fund may invest up to 15% of its net assets in securities considered to be illiquid as defined by the 1940 Act. These can include certificates issued by foreign banks, trade finance, sukuk, and wakala. As a result, if the Wise Fund receives a large amount of redemptions, the Wise Fund may be forced to sell such illiquid investments at a significant loss to be able to meet such redemption requests.</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><img alt="" src="azzad485bpos072926004.jpg" style="width: 10px; height: 9px"/></td><td style="text-align: justify">The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region, or financial market. Markets in which the Wise Fund invests can be volatile and can decline significantly in response to, or investor perceptions of, issuer, market, economic, industry, political, regulatory, geopolitical, environmental, public health, natural disasters, pandemics, epidemics, terrorism, governmental actions, tariffs and trade wars and other conditions. As a result, the Wise Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. </td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in"><img alt="" src="azzad485bpos072926004.jpg" style="width: 10px; height: 9px"/></td><td style="text-align: justify">The Wise Fund may, from time to time, invest a certain amount of its assets in the financials sector. The operations and businesses of financial services companies are subject to extensive governmental regulation, the availability and cost of capital funds, and interest rate changes. General market downturns may affect financial services companies adversely.</td></tr></table> Performance The following bar chart and table provide some indication of the risks of investing in the Wise Fund by showing changes in the Wise Fund’s performance from year to year and by showing how the Wise Fund’s average annual returns for each of the last 10 calendar years compare with those of a broad measure of market performance and a supplemental index. To obtain updated performance information, please call 888-350-3369. The Wise Fund’s past performance, before and after taxes, is not necessarily an indication of its future performance. The following bar chart and table provide some indication of the risks of investing in the Wise Fund by showing changes in the Wise Fund’s performance from year to year and by showing how the Wise Fund’s average annual returns for each of the last 10 calendar years compare with those of a broad measure of market performance and a supplemental index. 888-350-3369 The Wise Fund’s past performance, before and after taxes, is not necessarily an indication of its future performance. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2016</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20160101__20161231__oef--ClassAxis__custom--C000065234Member_zNlgPP9CVRfl" style="display: none; width: 50%">1.38%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2017</td> <td id="xdx_982_eoef--AnnlRtrPct_dp_c20170101__20171231__oef--ClassAxis__custom--C000065234Member_zqQphlBNU0Xg" style="display: none">2.68%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2018</td> <td id="xdx_987_eoef--AnnlRtrPct_dp_c20180101__20181231__oef--ClassAxis__custom--C000065234Member_zopic1DtwdYj" style="display: none">0.09%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td id="xdx_98A_eoef--AnnlRtrPct_dp_c20190101__20191231__oef--ClassAxis__custom--C000065234Member_z8jG3cdCnVZi" style="display: none">5.23%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td id="xdx_98D_eoef--AnnlRtrPct_dp_c20200101__20201231__oef--ClassAxis__custom--C000065234Member_zlUN6CqODGDk" style="display: none">3.52%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_989_eoef--AnnlRtrPct_dp_c20210101__20211231__oef--ClassAxis__custom--C000065234Member_zFq7mS8mnfce" style="display: none">1.99%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_988_eoef--AnnlRtrPct_dp_c20220101__20221231__oef--ClassAxis__custom--C000065234Member_z7bSHGyubqOa" style="display: none">-3.37%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_985_eoef--AnnlRtrPct_dp_c20230101__20231231__oef--ClassAxis__custom--C000065234Member_zOb0hrfKxVz8" style="display: none">4.39%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_983_eoef--AnnlRtrPct_dp_c20240101__20241231__oef--ClassAxis__custom--C000065234Member_zW3Lwfp4Eefg" style="display: none">4.52%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_dp_c20250101__20251231__oef--ClassAxis__custom--C000065234Member_zwbx36MLuYpb" style="display: none">5.28%</td></tr> </table> <img alt="" src="azzad485bpos072926003.jpg"/> 0.0138 0.0268 0.0009 0.0523 0.0352 0.0199 -0.0337 0.0439 0.0452 0.0528 For the period from 1-1-2026 through 09-30-2026, the total return for the Wise Fund was (0.12)%. Best Quarter: ended 6-30-2020 4.10% Worst Quarter: ended 3-31-2020 -3.53% The Wise Fund’s inception date was April 6, 2010 2026-09-30 the total return for the Wise Fund -0.0012 Best Quarter 2020-06-30 0.0410 Worst Quarter 2020-03-31 -0.0353 <div id="xdx_A81_eoef--PerformanceTableTextBlock_zU4sEgyqU42"></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zOYSWvdf4mjh" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: top; background-color: #4F6228"> <td id="xdx_98A_eoef--PerformanceTableHeading_c20261028__20261028__dei--LegalEntityAxis__custom--S000022554Member_zbumY367PLFb" style="border: Black 1pt solid; width: 61%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Average Annual Total Returns For Periods Ended December 31, 2025</td> <td id="xdx_49B_20250101__20251231_ztODK7x9qgaf" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> 1 Year</td> <td id="xdx_491_20210101__20251231_zbgfW7dCeTQd" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"> 5 Years</td> <td id="xdx_499_20160101__20251231_zLOgnSEyi7U2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom"> 10 Years</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"> Before taxes After taxes on distributions After taxes on distributions and sale of Shares</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5.28% 3.76% 3.11%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2.51% 1.46% 1.47%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2.54% 1.72% 1.61%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--BloombergUSAggregateIndexMember_z8CxZrC0hG0b"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">Bloomberg US Aggregate Index (reflects no deductions for fees and expenses)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">7.30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.36%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2.01%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--PerformanceMeasureAxis__custom--ICEBofAMLUSCorpandGovt1to3YearIndexMember_zzrfHrqGXbX2"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">ICE BofAML US Corp & Govt 1-3 Year Index (reflects no deductions for fees and expenses) </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">5.31%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.97%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">2.10%</td></tr> </table> Average Annual Total Returns For Periods Ended December 31, 2025 0.0528 0.0376 0.0311 0.0251 0.0146 0.0147 0.0254 0.0172 0.0161 (reflects no deductions for fees and expenses) 0.0730 -0.0036 0.0201 0.0531 0.0197 0.0210 After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Your actual after-tax returns depend on your tax situation and may differ from those shown. After-tax returns shown are not relevant if your Shares are held in tax-deferred arrangements, such as Individual Retirement Accounts (IRAs) or 401(k) plans. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns shown are not relevant if your Shares are held in tax-deferred arrangements, such as Individual Retirement Accounts (IRAs) or 401(k) plans. Azzad Asset Management, Inc. (the “Adviser”) has agreed to contractually waive all or a portion of its fees and/or reimburse the Ethical Fund for certain operating expenses, to the extent necessary to limit the Ethical Fund’s net annual operating expenses (excluding brokerage costs; borrowing costs, including without limitation dividends on securities sold short; taxes; indirect expenses, such as expenses incurred by other investment companies in which the Ethical Fund invests; and litigation and other extraordinary expenses) to 0.99% of average daily net assets through December 1, 2029. These fee waivers and expense reimbursements are subject to possible recoupment from the Ethical Fund within three years from the date on which the expenses were incurred if such recoupment can be achieved within the lesser of the foregoing expense limits or the expense limits in place at the time of recoupment. This agreement may be terminated only by the Ethical Fund’s Board of Trustees (the “Board”) upon 60 days’ notice. Azzad Asset Management, Inc. (the “Adviser”) has agreed to contractually waive all or a portion of its fees and/or reimburse the Wise Fund for certain operating expenses, to the extent necessary to limit the Wise Fund’s net annual operating expenses (excluding brokerage costs; borrowing costs, including without limitation dividends on securities sold short; taxes; indirect expenses, such as expenses incurred by other investment companies in which the Wise Fund invests; and litigation and other extraordinary expenses) to 0.89% of average daily net assets through December 1, 2029. These fee waivers and expense reimbursements are subject to possible recoupment from the Wise Fund within three years from the date on which the expenses were incurred if such recoupment can be achieved within the lesser of the foregoing expense limits or the expense limits in place at the time of recoupment. This agreement may be terminated only by the Wise Fund’s Board of Trustees (the “Board”) upon 60 days’ notice.