Azzad Ethical Wrap Program Quarterly Performance

Models and Allocations as of 9/30/2019:

Annualized returns as of 9/30/2019

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Quarter and YTD returns are not annualized.
GIPS performance inception date is 3/1/2007
Past performance cannot guarantee future results.

Calendar year returns

Year Gross (%) Net (%) Benchmark:

DJ Global

Aggressive Index

2018 -5.62 -6.89 -9.45
2017 21.43 19.81 23.20
2016 8.75 7.29 10.96
2015 -1.46 -2.80 -2.56
2014 8.10 6.57 6.58
2013 25.33 23.56 27.02
2012 10.40 8.66 16.84
2011 -7.74 -9.37 -5.15
2010 17.56 15.58 19.42
2009 47.31 44.82 38.99
2008 -38.92 -40.31 -40.69
2007* 11.44 9.57 7.14
*Performance Period: 3/1/2007-12/31/2007

GIPS statistics by calendar year

Year #of Accts Composite

Assets ($MM)

Firm

Assets ($MM)

Composite Dispersion (%) Composite St. Dev.
(% 3-Year Rolling)
Benchmark St. Dev.
(% 3-Year Rolling)
2018 75 17.5 491 0.57 11.03 11.34
2017 58 15.3 475 0.86 9.26 10.51
2016 53 11.5 373 0.45 10.23 11.43
2015 56 8.9 332 0.66 9.98 10.77
2014 46 7.0 290 0.81 10.90 10.44
2013 44 7.2 227 1.57 16.22 13.95
2012 23 2.5 163 1.15 19.16 17.09
2011 24 2.2 132 1.15 21.78 21.24
2010 18 1.5 117 0.90 24.89 25.54
2009 16 1 94 6.69
2008 4 >1 69 2.41
2007 4 >1 74

Annualized returns as of 9/30/2019

Mouse over the chart to see performance numbers.

Quarter and YTD returns are not annualized.
GIPS performance inception date is 12/1/2003
Past performance cannot guarantee future results.

Calendar year returns

Year Gross (%) Net (%) Benchmark:

DJ Global Moderate

Aggressive Index

2017 19.23 17.86 19.07
2016 7.49 6.24 9.31
2015 -1.35 -2.50 -1.89
2014 7.16 5.88 5.89
2013 21.93 20.51 20.74
2012 10.59 9.37 13.96
2011 -3.08 -4.58 -2.63
2010 17.77 15.58 16.63
2009 36.27 33.80 31.31
2008 -35.90 -37.05 -33.17
2007 16.35 14.30 8.33
2006 11.71 9.76 15.13
2005 12.12 10.13 10.05
2004 16.29 13.90 15.43
2003* 1.04 1.00 4.61
*Performance Period: 12/1/2003-12/31/2003

GIPS Statistics As of 12/31/2017

Year #of Accts Composite

Assets ($MM)

Firm

Assets ($MM)

Composite Dispersion (%) Composite St. Dev.
(% 3-Year Rolling)
Benchmark St. Dev.
(% 3-Year Rolling)
2017 322 87 475 0.54 8.16 8.35
2016 342 71 373 0.28 9.16 9.14
2015 341 63 332.00 0.34 9.01 8.66
2014 336 60 290.00 0.62 9.43 8.47
2013 327 58 227.00 2.01 13.23 13.46
2012 135 42 163.00 0.89 15.56 17.09
2011 126 34 132.00 1.22 17.60 16.88
2010 76 13 117.00 0.64 21.67 20.60
2009 88 13 94.00 1.78
2008 126 15 69.00 4.31
2007 162 31 74.00 1.79
2006 166 28 61.00 2.14
2005 122 16 40.00 1.57
2004 59 6 15.00

Annualized returns as of 9/30/2019

Mouse over the chart to see performance numbers.

Quarter and YTD returns are not annualized.
GIPS performance inception date is 2/1/2004
Past performance cannot guarantee future results

Calendar year returns

Year Gross (%) Net (%) Benchmark:

DJ Global

Moderate Index

2018 -3.52 -4.38 -5.20
2017 15.72 14.68 15.15
2016 6.43 5.49 7.66
2015 -1.03 -1.90 -1.20
2014 6.25 5.27 5.36
2013 17.16 16.10 14.46
2012 9.78 8.75 11.24
2011 -2.20 -3.40 0.27
2010 16.88 15.16 13.95
2009 31.71 29.47 23.79
2008 -33.64 -34.83 -24.75
2007 17.20 15.15 8.02
2006 12.40 10.39 11.91
2005 12.82 10.56 7.25
2004* 12.02 9.38 11.02
*Performance Period: 2/1/2004-12/31/2004

GIPS statistics by calendar year

Year #of Accts Composite

Assets ($MM)

Firm

Assets ($MM)

Composite Dispersion (%) Composite St. Dev.
(% 3-Year Rolling)
Benchmark St. Dev.
(% 3-Year Rolling)
2018 181 73 491 0.65 7.82 6.77
2017 172 72 475 0.65 6.48 6.17
2016 176 62 373 0.24 7.26 6.85
2015 178 54 332 0.26 7.30 6.55
2014 162 48 290 0.25 7.50 6.55
2013 140 37 227 0.77 10.35 8.20
2012 144 34 163 0.66 13.21 9.74
2011 47 23 132 0.44 15.69 12.48
2010 30 10 117 1.14 20.64 15.76
2009 36 9 94 5.01
2008 41 6 69 2.02
2007 58 15 74 0.94
2006 57 10 61 4.59
2005 39 4 40 4.05
2004 14 <1 15

Annualized returns as of 9/30/2019

Quarter and YTD returns are not annualized.
GIPS performance inception date is 2/1/2004
N/A-Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year.
Past performance cannot guarantee future results.

Calendar year returns

Year Gross (%) Net (%) Benchmark:

DJ Global

Moderate Conservative Index

2018 -2.34 -3.00 -3.15
2017 11.86 11.14 10.92
2016 4.52 3.88 5.65
2015 -1.07 -1.65 -1.11
2014 5.43 4.77 4.78
2013 12.69 11.99 8.14
2012 11.39 10.34 8.40
2011 0.93 0.12 2.82
2010 5.73 4.47 11.22
2009 NA* NA* 17.16
2008 -29.77 -31.23 -15.27
2007 17.74 15.43 7.47
2006 15.13 12.87 8.28
2005 9.78 7.45 4.05
2004** 7.38 5.29 9.06
*N/A-Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year.
**Performance Period: 2/1/2004-12/31/2004

GIPS statistics by calendar year

Year #of Accts Composite

Assets ($MM)

Firm

Assets ($MM)

Composite Dispersion (%) Composite St. Dev.
(% 3-Year Rolling)
Benchmark St. Dev.
(% 3-Year Rolling)
2018 41 15.4 491 0.30 5.73 4.57
2017 41 16.7 475 1.64 4.73 4.24
2016 44 14.5 373 0.92 5.30 4.76
2015 39 13.30 332 0.32 5.61 4.59
2014 34 10.80 290 0.30 5.78 4.67
2013 24 5.40 227 0.52 6.99 5.49
2012 22 2.10 163 2.52 7.90 6.27
2011 9 1.40 132 NA* NA** 8.42
2010 12 2.70 117 NA* NA** 11.21
2009 3 <1 94 NA*
2008 4 <1 69 9.10
2007 5 <1 74 0.98
2006 12 <1 61 1.29
2005 7 <1 40 NA*
2004 1 <1 15
*Information is not statistically meaningful as insufficient number of accounts in the Composite for the entire year.
**36 monthly returns data not available.

Annualized returns as of 9/30/2019

Mouse over the chart to see performance numbers.

Quarter and YTD returns are not annualized.
GIPS Performance Inception Date is 1/1/2011
Past performance cannot guarantee future results.

Calendar year returns

Year Gross (%) Net (%) Benchmark:

DJ Global

Conservative Index

2018 -0.97 -1.32 -0.62
2017 6.65 6.28 5.72
2016 2.80 2.48 3.02
2015 -0.44 -0.76 -0.63
2014 4.13 3.79 3.87
2013 4.99 4.62 1.41
2012 6.29 5.94 5.44
2011 0.68 0.42 5.26

GIPS statistics as of 3/31/2019

Year #of Accts Composite

Assets ($MM)

Firm

Assets ($MM)

Composite Dispersion (%) Composite St. Dev.
(% 3-Year Rolling)
Benchmark St. Dev.
(% 3-Year Rolling)
2018 14 3.3 491 0.35 3.23 2.52
2017 13 3.1 475 0.76 2.47 2.47
2016 16 5.1 373 0.92 2.83 2.94
2015 14 3.60 332 0.37 3.43 3.00
2014 17 3.90 290 0.46 3.33 3.14
2013 19 5.50 227 2.29 3.53 3.38
2012 11 5.60 163 NA* NA**
2011 6 2.40 132 NA* NA**
*Information is not statistically meaningful as insufficient number of accounts in the Composite for the entire year.
**36 monthly returns data not available.

Annualized returns as of 9/30/2019 

Mouse over the chart to see performance numbers.

*Quarter & YTD returns are not annualized.
**GIPS Performance Inception Date is 3/1/2004
N/A-Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year.
Past performance cannot guarantee future results.

Calendar year returns

Year Gross (%) Net (%) Benchmark:

DJ Global

Aggressive Index

2018 -2.15 -3.07 -1.51
2017 28.63 27.38 30.21
2016 8.43 7.38 7.07
2015 4.16 3.18 5.67
2014 14.92 13.80 13.05
2013 35.27 33.88 33.48
2012 15.89 14.25 15.26
2011 1.08 -0.58 2.64
2010 15.19 13.09 16.71
2009 33.61 30.84 37.21
2008 -35.56 -36.95 -38.44
2007 17.16 14.81 11.81
2006 11.30 9.33 9.07
2005 11.72 9.49 5.26
2004** 7.27 5.65 3.51
*Performance Period: 3/1/2004-12/31/2004

GIPS statistics by calendar year

Year #of Accts Composite

Assets ($MM)

Firm

Assets ($MM)

Composite Dispersion (%) Composite St. Dev.
(% 3-Year Rolling)
Benchmark St. Dev. (% 3-Year Rolling)
2018 1213 67.0 491 0.47 11.79  12.3
2017 1111 63.7 475 0.54 10.73  10.35
2016 1008 39 373 0.20 11.30  11.31
2015 925 33.9 332 0.67 11.26  10.85
2014 862 29.5 290 0.35 11.03  9.73
2013 776 21.6 227 0.24 13.37  12.35
2012 822 14.2 163 0.47 16.78  15.88
2011 261 4.4 132 0.41 18.22  18.01
2010 348 5.4 117 0.33 22.55  22.42
2009 364 6 94 0.55  –
2008 414 5 69 0.64  –
2007 350 6.6 74 0.67  –
2006 540 3 61 1.07  –
2005 340 1.3 40 0.75  –
2004 170 <1 15  –
*Information is not statistically meaningful as insufficient number of accounts in the Composite for the entire year.
**36 monthly returns data not available.

Annualized returns as of 9/30/2019 

Mouse over the chart to see performance numbers.

*Quarter & YTD returns are not annualized.
**GIPS Performance Inception Date is 4/1/2011
Past performance cannot guarantee future results.

Calendar year returns

Year Gross (%) Net (%) Benchmark:

Russell 1000® Value Index

2018 -4.36 -5.26 -8.27
2017 18.79 17.61 13.66
2016 11.98 10.91 17.34
2015 -3.80 -4.70 -3.81
2014 10.47 9.39 13.45
2013 30.65 29.31 32.53
2012 14.71 13.08 17.51
2011 0.53 -0.71 -5.69
*Performance Period: 4/1/2011-12/31/2011

GIPS statistics by calendar year

Year #of Accts Composite

Assets ($MM)

Firm

Assets ($MM)

Composite Dispersion (%) Composite St. Dev.
(% 3-Year Rolling)
Benchmark St. Dev.
(% 3-Year Rolling)
2018 937 25.4 491 0.49 10.99 10.98
2017 880 25.7 475 0.52 10.58 10.69
2016 902 20.4 373 0.47 11.27 10.93
2015 869 18.60 332.00 0.30 11.31 10.83
2014 855 23.40 290.00 0.22 9.23 9.33
2013 796 18.30 227.00 0.45 NA**
2012 837 11.10 163.00 0.49 NA**
**36 monthly returns data not available.

Annualized returns as of 9/30/2019

Mouse over the chart to see performance numbers.

*Quarter & YTD returns are not annualized.
**GIPS performance inception date is 3/1/2009
Past performance cannot guarantee future results.

Calendar year returns

Year Gross (%) Net (%) Benchmark:

Russell MidCap® Value Index

2018 -14.17 -14.98 -12.29
2017 14.94 13.80 13.34
2016 10.43 9.37 20.00
2015 -2.39 -3.31 -4.79
2014 3.02 2.01 14.73
2013 30.43 29.08 33.46
2012 20.35 18.65 18.51
2011 -1.32 -2.94 -1.09
2010 18.41 16.26 24.75
2009* 82.23 79.12 71.03
*Performance Period: 3/1/2009-12/31/2009

GIPS statistics by calendar year

Year Number of Accounts Composite

Assets ($MM)

Firm

Assets ($MM)

Composite Dispersion (%) Composite St. Dev.
(% 3-Year Rolling)
Benchmark St. Dev.
(% 3-Year Rolling)
2018 848 16.3 491 0.85 14.05 12.13
2017 810 18.6 475 1.58 10.01 10.47
2016 873 15.2 373 0.21 11.16 11.46
2015 849 10.80 332 0.39 11.63 10.86
2014 819 16.00 290 0.55 12.11 9.94
2013 770 15.20 227 0.62 14.78 13.89
2012 836 10.70 163 0.71 16.84 16.99
2012 844 7.60 132 0.57 NA**
2012 809 8.40 117 0.64 NA**
**36 monthly returns data not available.

Annualized returns as of 9/30/2019

Mouse over the chart to see performance numbers.

*Quarter & YTD returns are not annualized.
**GIPS Performance Inception Date is 8/1/2013
Past performance cannot guarantee future results.

Calendar year returns

Year Gross (%) Net (%) Benchmark:

Russell 2000® Growth Index

2018 19.13 18.00 -9.31
2017 41.18 39.79 22.18
2016 22.70 21.52 11.32
2015 -3.90 -4.80 -1.38
2014 10.69 9.61 5.59
2013* 10.58 10.13 13.44
*Performance Period: 8/1/2013-12/31/2013

GIPS statistics by calendar year

Year #of Accts Composite

Assets ($MM)

Firm

Assets ($MM)

Composite Dispersion (%) Composite St. Dev.
(% 3-Year Rolling)
Benchmark St. Dev.
(% 3-Year Rolling)
2018 987 25.4 491 1.01 15.38 16.69
2017 870 18.4 475 1.11 12.35 14.80
2016 878 12 373 1.82 13.79 16.91
2015 850 9.5 332 0.61 NA**
2014 824 9.8 290 0.36 NA**
2013 759 8.3 227 NA* NA**
*No account with a full year of history was found due to the composite’s inception date
**36 monthly returns data not available.

Annualized returns as of 9/30/2019

Mouse over the chart to see performance numbers.

*Quarter and YTD returns not annualized.
**GIPS Performance Inception Date is 8/14/2012
Past performance cannot guarantee future results.

Calendar year returns 

Year Gross (%) Net (%) Benchmark:

Russell 2000® Value Index

2018 -5.47 -6.36 -17.11
2017 16.20 15.06 7.84
2016 25.62 24.41 31.74
2015 0.43 -0.52 -7.46
2014 7.22 6.18 4.22
2013 31.98 30.62 34.51
2012* 6.70 6.23 8.41
*Performance Period: 8/14/2012-12/31/2012

GIPS statistics as of 12/31/2017

Year #of Accts Composite

Assets ($MM)

Firm

Assets ($MM)

Composite Dispersion (%) Composite St. Dev.
(% 3-Year Rolling)
Benchmark St. Dev.
(% 3-Year Rolling)
2018 925 18.6 491 1.91 14.55 15.98
2017 873 19.6 475 0.44 12.63 14.17
2016 888 16.9 373 0.66 14.05 15.72
2015 863 13.2 332 0.38 13.24 13.65
2014 822 12.9 290 0.40 NA**
2013 755 10.3 227 0.33 NA**
2012 807 6.9 163 NA* NA**
*No account with a full year of history was found due to the composite’s inception date
**36 monthly returns data not available.

Annualized returns as of 9/30/2019

Mouse over the chart to see performance numbers.

*Quarter and YTD returns not annualized.
**GIPS performance inception date is 12/03/2012
Past performance cannot guarantee future results.

Calendar year returns

Year Gross (%) Net (%) Benchmark:

MSCI AC World Ex USA Index

2018 -13.70 -14.52 -14.20
2017 22.45 21.25 27.18
2016 4.39 3.38 4.50
2015 -1.61 -2.53 -5.66
2014 -2.06 -3.02 -3.87
2013 18.72 17.50 15.30
2012* 3.09 2.98 3.47
*Performance Period: 12/3/2012-12/31/2012

GIPS statistics by calendar year

Year Number of Accounts Composite

Assets ($MM)

Firm

Assets ($MM)

Composite Dispersion (%) Composite St. Dev.
(% 3-Year Rolling)
Benchmark St. Dev.
(% 3-Year Rolling)
2018 917 50.6 491 0.48 10.82 11.54
2017 882 56.0 475 0.32 10.65 12.03
2016 901 42.9 373 0.45 11.68 12.69
2015 895 41.7 332 0.45 11.04 12.30
2014 822 22.0 290 0.28 NA**
2013 763 19.3 227 0.29 NA**
2012 824 23.0 163 NA* NA**
*No account with a full year of history was found due to the composite’s inception date
**36 monthly returns data not available.

Annualized returns as of 9/30/2019

Mouse over the chart to see performance numbers.

* Quarter and YTD returns not annualized.
** GIPS performance inception date is 4/1/2004
Past performance cannot guarantee future results.

Calendar year returns

Year Gross (%) Net (%) Benchmark:

DJ US Select REIT Index

2018 -5.97 -6.86 -9.22
2017 8.84 7.77 3.77
2016 0.21 -0.75 6.67
2015 18.13 17.02 4.48
2014 19.96 18.79 32.00
2013 3.46 2.39 1.22
2012 21.10 19.38 17.12
2011 7.37 5.60 9.37
2010 14.19 12.11 28.07
2009 29.54 26.86 28.46
2008 -26.40 -27.99 -39.20
2007 4.88 2.77 -17.56
2006 38.78 36.32 32.60
2005 16.02 13.70 14.95
2004** 11.31 9.64 18.80
*Performance Period: 4/1/2004-12/31/2004

GIPS statistics by calendar year

Year Number of Accounts Composite

Assets ($MM)

Firm

Assets ($MM)

Composite Dispersion (%) Composite St. Dev.
(% 3-Year Rolling)
Benchmark St. Dev.
(% 3-Year Rolling)
2018 969 19.4 491 0.68 13.11 13.69
2017 956 21.30 475 0.83 13.16 13.54
2016 991 18.70 373 0.51 14.63 15.30
2015 916 13.70 332 0.93 13.26 14.76
2014 847 12.60 290 0.53 12.99 13.47
2013 776 9.00 227 0.31 15.84 16.92
2012 837 10.00 163 0.88 17.83 18.61
2011 837 7.50 132 1.72 22.67 33.04
2010 789 4.10 117 0.63 28.15 41.49
2009 748 3.40 94 2.91
2008 667 <1 69 3.62
2007 571 <1 74 2.82
2006 543 6.20 61 2.29
2005 342 3.00 40 0.67
2004 148 <1 15

Annualized returns as of 9/30/2019

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*Quarter and YTD returns not annualized.
**GIPS performance inception date is 1/1/2013
Past performance cannot guarantee future results.

Calendar year returns

Year Gross (%) Net (%) S&P 500 Dividend Aristocrats Index
2018 -2.29 -3.21 -2.30
2017 23.21 21.99 21.73
2016 10.29 9.23 11.83
2015 -0.70 -1.63 0.93
2014 16.39 15.25 15.76
2013 30.21 28.87 32.29

GIPS statistics by calendar year

Year Number of Accounts Composite

Assets ($MM)

Firm

Assets ($MM)

Composite Dispersion (%) Composite St. Dev.
(% 3-Year Rolling)
Benchmark St. Dev.
(% 3-Year Rolling)
2018 442 40.9 491 0.57 11.23 10.64
2017 438 44.9 475 0.87 9.69 9.47
2016 331 25.6 373 0.7 10.50 11.83
2015 119 18.6 332 0.56 10.67 10.67
2014 55 14.2 290 0.90 NA*
2013 25 3.9 227 NA** NA*
*36 monthly returns data not available.
**Information is not statistically meaningful due to an insufficient number of accounts in the composite for the entire year.

Annualized returns as of 9/30/2019

Mouse over the chart to see performance numbers.

*Quarter and YTD returns not annualized.
**Inception date is 12/22/2000.
Past performance cannot guarantee future result.

Calendar year returns

Year Net (%) Benchmark:

Russell MidCap® Growth Index

2018 -3.28 -4.75
2017 23.19 25.27
2016 2.48 7.33
2015 -5.83 -0.20
2014 6.42 11.90
2013 36.36 35.74
2012 7.74 15.81
2011 2.09 -1.65
2010 23.85 26.38
2009 53.75 46.29
2008 -43.38 -44.32
2007 12.37 11.43
2006 3.08 10.66
2005 13.60 12.10
2004 10.66 15.48
2003 17.98 42.71
2002 -22.18 -27.41
2001 -5.09 -20.15

GIPS statistics by calendar year

Year Composite

Assets ($MM)

Firm

Assets ($MM)

Composite Dispersion (%) Composite St. Dev.
(% 3-Year Rolling)
Benchmark St. Dev.
(% 3-Year Rolling)
2018 75 491 NA* 13.12 13.00
2017 76 475 NA* 11.26 11.04
2016 64 373 NA* 12.43 12.35
2015 64 332 NA* 12.32 11.47
2014 53 290 NA* 12.25 11.02
2013 44 227 NA* 15.22 14.83
2012 28 163 18.19 18.16
2011 17 132 20.39 21.12
2010 11 117 26.15 26.74
2009 9 94
2008 2 69
2007 3 74
2006 4 61
2005 3 40
2004 1 15
*Single Account

Annualized returns as of 9/30/2019

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*Quarter and year-to-date returns are not annualized.
**Inception date is 4/1/2010
Past performance cannot guarantee future results

Calendar year returns

Year Net (%) Benchmark:

 BofAML US Corp&Govt 1-3 Yr Index

2018 -0.08 1.63
2017 2.66 0.86
2016 1.38 1.29
2015 -0.11 0.67
2014 2.79 0.78
2013 1.92 0.70
2012 5.07 1.48
2011 0.93 1.56
2010* 0.40 1.88
*Performance Period: 4/1/2010-12/31/2010

GIPS statistics by calendar year

Year Composite

Assets ($MM)

Firm

Assets ($MM)

Composite Dispersion (%) Composite St. Dev.
(% 3-Year Rolling)
Benchmark St. Dev.
(% 3-Year Rolling)
2018 121 491 NA* 1.14 0.81
2017 106 475 NA* 1.04 0.73
2016 100 373 NA* 1.25 0.75
2015 92 332 NA* 2.30 0.59
2014 79 290 NA* 2.31 0.50
2013 59 227 NA* 2.45 0.55
2012 40 163  NA*
2011 26 132  NA*
2010 15 117  NA*
*Single Account

Compliance Statement

Azzad Asset Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance GIPS® standards. Azzad Asset Management has been independently verified for the periods November 28, 2003 through December 31, 2017. The verification report is available upon request.

Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS® standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS® standards. Verification does not ensure the accuracy of any specific composite presentation.

The Firm

Azzad Asset Management is an independently registered investment adviser.  The firm maintains a complete list and description of composite descriptions, as well as information regarding the firm’s policies for valuing portfolios, calculating performance, and preparing compliant presentations, which are available upon request.  Past performance is not indicative of future results.

The Composite

The Global Aggressive composite seeks capital appreciation or growth for a portfolio. It is designed for investors with an above average level of risk tolerance and a strong appetite for volatility with a time frame of more than 10 years in return for long term above average returns. The strategy calls for the account to hold 100% in equity. The Aggressive composite was created on February 26, 2007. Parts of the composite assets are managed by external model managers throughout the entire history of the composite. The composite was previously named as A-Agg and was renamed and redefined on Oct 24, 2011. The redefinition of the composite better reflects its allocation and risk characteristics.

Benchmark

The Dow Jones Global Aggressive Index is a benchmark designed for asset allocation strategists who are willing to take 100% of the risk of an all-stock global market. It is a total returns index formed by equally weighing nine equity style indexes with monthly rebalancing. Until December 31, 2010 the S&P 500 Index was used as the composite benchmark. The Adviser believes the DJ Global Aggressive Index is a better representative of the composite’s characteristics and its objectives. Investors cannot invest directly in an index. The index is net of withholding taxes.

Valuation

Valuations are computed and performance is reported in U.S. dollars.

Calculation of Performance Returns

Returns are presented gross and net of management fees and include the reinvestment of all income. Gross returns do not reflect the deduction of trading costs which are bundled with wrap fees. Net of fee performance are calculated based on each individual client’s fee structure.  Net returns are reduced by wrap fees and any transaction costs incurred. Both gross and net returns are calculated on a before tax, total return basis and are gross of foreign withholding taxes. The composite’s return is calculated beginning with the first full month of performance through the last full month of performance. The composite’s returns are reported on a quarterly basis. Monthly linking of interim performance results is used to calculate quarterly and annual returns.

Internal Dispersion

The annual composite dispersion presented is an equal-weighted standard deviation calculated for the accounts in the composite for the entire year.

Ex-Post Standard Deviation

The three-year annualized standard deviation measures the variability of the composite and the benchmark returns over the preceding 36-month period.

Fees

Wrap/bundled fee accounts make up 100% of the composite for all periods shown.  All-inclusive/bundled/wrap fee accounts pay a fee based on a percentage of assets under management. This fee includes investment management, portfolio monitoring and custodial services. Clients do not pay a wrap fee on assets invested in the Azzad Funds. However, each fund does incur separate fund fees as disclosed in their respective prospectuses.

The management fee schedule is as follows:

Market value   Annual fee
First $250,000    2.0%
Next $250,000    1.75%
Next $500,000    1.5%

Actual investment advisory fees incurred by clients may vary.

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