UNITED STATES
          SECURITIES AND EXCHANGE COMMISSION      OMB APPROVAL
                Washington, D.C. 20549
                                                  OMB Number:     3235-2456
                      FORM 24F-2                  Expires:  August 31, 2003
           Annual Notice of Securities Sold       Estimated average burden
                Pursuant to Rule 24f-2            hours per response......1

Read instructions at end of Form before preparing Form.


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1.       Name and address of issuer:  Allied Asset Advisors Funds
                                      745 McClintock Drive, Suite 114
                                      Burr Ridge, IL 60521

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2.   The name of each series or class of securities for which this Form is filed
     (if the Form is being filed for all series and classes of securities of the
     issuer, check the box but do not list series or classes): [X]

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3.   Investment Company Act File Number: 811-09821

     Securities Act File Number:  333-76293
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4(a). Last day of fiscal year for which this Form is filed: 05/31/02
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4(b).[X]  Check  box if this  Form is  being  filed  late  (i.e.,  more  than 90
     calendar days after the end of the issuer's fiscal year).  (See instruction
     A.2)


Note: If the Form is being filed late, interest must be paid on the registration
fee due.
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4(c).[ ] Check  box if this is the last  time the  issuer  will be  filing  this
     Form.

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Persons who respond to the collection of information  contained in this form are
not required to respond  unless the form displays a currently  valid OMB control
number.


SEC 2393 (4-01)
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5.   Calculation of registration fee:


     (i)  Aggregate  sale  price of  securities  sold  during  the  fiscal  year
          pursuant to section 24(f):                                 $ 3,738,832


     (ii) Aggregate  price of  securities  redeemed  or  repurchased  during the
          fiscal year:                            $ 684,933

     (iii)Aggregate  price of  securities  redeemed  or  repurchased  during any
          prior  fiscal year ending no earlier  than  October 11. 1995 that were
          not  previously  used  to  reduce  registration  fees  payable  to the
          Commission:                             $       0

     (iv) Total available redemption credits [add items 5(ii) and 5(iii)]:  $ 0

     (v)  Net sales - if Item 5(i) is  greater  than Item 5(iv)  [subtract  Item
          5(iv) from Item 5(i)]:                                     $ 3,053,899

     (vi) Redemption  credits  available for use in future years -- if Item 5(i)
          is less than Item 5(iv) [subtract Item 5(iv) from Item 5(i)]:    $   0

     (vii)Multiplier for determining  registration fee (See Instruction  C.9): .

                                                                      X .000092

     (viii) Registration  fee due [multiply Item 5(v) by Item 5(vii)] (enter "0"
          if no fee is due):                                          = $ 280.96


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6.   Prepaid Shares

     If the  response  to Item 5(I) was  determined  by  deducting  an amount of
     securities that were  registered  under the Securities act of 1933 pursuant
     to rule 24e-2 as in effect before October 11, 1997,  then report the amount
     of securities  (number of shares or other units)  deducted  here:  N/A . If
     there is a number of shares or other units that were registered pursuant to
     rule 24e-2  remaining  unsold at the end of the fiscal  year for which this
     form is filed  that are  available  for use by the issue in  future  fiscal
     years, then state that number here: N/A .

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7.   Interest  due - if this Form is being filed more than 90 days after the end
     of the issuer's fiscal year (See Instruction D):

                                                                        + $ 0.16

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8.   Total of the amount of the registration fee due plus any interest due [line
     5(viii) plus line 7]:


                                                                      = $ 281.12

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9.   Date of the  registration  fee and any  interest  payment  was  sent to the
     Commission's lockbox depository: 9/5/02

         Method of Delivery:

                           [X]    Wire Transfer

                           [ ]    Mail or other means
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                                   SIGNATURES


This  report has been  signed  below by the  following  persons on behalf of the
issue and in the capacities and on the dates indicated.

By (signature and Title)*  /s/ Bassam Osman
                           -----------------------
                           Bassam Osman - President




Date     9/3/02

*Please print the name and title of the signing officer below the signature.