Allied Asset Advisors 485B

The Trustees noted that the Fund’s performance has reasonably tracked its benchmark, and that the Fund’s year-to-date performance was good in both relative and absolute terms. This performance record, together with the Advisor’s agreement since the inception of the Fund to limit expenses, were factors in the Trustees’ decision to continue the Investment Management Agreement for another year. Based on the information reviewed and the discussions, the Trustees, including a majority of the Independent Trustees, concluded that they were satisfied with the nature and quality of the services provided by the Advisor, as well as the proposed changes in the Fund’s investment policy and investment strategy, and that the investment advisory fee was reasonable in relation to those services.


	10

For the services provided by AAA under the Agreement, the Trust, on behalf of the Fund, has agreed to pay to AAA an annual fee of 0.75% on the first $500 million in assets, 0.65% on the next $5 billion in assets and 0.50% on the amount of assets over $5.5 billion. All fees are computed on the average daily closing net asset value of the Fund and are payable monthly. The following table shows the advisory fees and expenses accrued and paid to the Advisor for the fiscal periods indicated below:

	Advisory Fees paid during fiscal years ended May 31,
	2004	2003	2002
Fees Accrued	$147,816	$125,924	$137,194
Fees Waived by Advisor	$102,510	$125,924	$137,194
Expenses Reimbursed by Advisor	$0	$93,093	$74,660
Total Fees and Expenses Paid Advisor	$45,306	-$93,093	-$74,660

The Advisor may recapture any expenses or fees it has waived or reimbursed within a three-year period under certain conditions.

Code of Ethics

The Trust, the Advisor and the Fund’s distributor have each adopted a written Code of Ethics that governs the personal securities transactions of their board members, officers and employees who may have access to current trading information of the Trust. The Codes permit such persons to invest in securities for their personal accounts including securities that may be purchased or held by the Trust. The Codes restrict and limit, absent prior approval certain types of transactions and includes reporting and other obligations to monitor personal transactions.

Administrative Services

Administrator, Fund Accountant, Transfer Agent and Dividend Disbursing Agent. U.S. Bancorp Fund Services, LLC ("USBFS" or the "Administrator"), 615 East Michigan Street, Milwaukee, Wisconsin, 53202, a subsidiary of U.S. Bank, National Association, provides administrative personnel and services (including blue-sky services) to the Fund. Administrative services include, but are not limited to, providing office space, equipment, telephone facilities, various personnel, including clerical and supervisory, and computers, as is necessary or beneficial to provide compliance services to the Fund.

Administration Fees Paid during fiscal years ended May 31,
	2004	2003	2002
U.S. Bancorp Fund Services, LLC	$45,850	$39,785	$45,825


	11

USBFS also serves as fund accountant, transfer agent and dividend disbursing agent under separate agreements. The Administrator, Custodian and the Fund’s distributor are affiliated entities under the common control of US Bancorp.

Custodian. U.S. Bank, National Association ("Custodian"), 425 Walnut Street, Cincinnati, Ohio, 45202, is custodian for the securities and cash of the Fund. Under the Custody Agreement, the Custodian holds the Fund’s portfolio securities in safekeeping and keeps all necessary records and documents relating to its duties.

Distributor

Quasar Distributors, LLC, 615 East Michigan Street, Milwaukee, Wisconsin, 53202 (the "Distributor"), serves as the principal underwriter and national distributor for the shares of the Fund pursuant to a Distribution Agreement with the Trust dated as of August 26, 2002 (the "Distribution Agreement"). The Distributor is registered as a broker-dealer under the Securities Exchange Act of 1934 (the "1934 Act") and each state’s securities laws and is a member of the NASD. The offering of the Fund’s shares is continuous. The Distribution Agreement provides that the Distributor, as agent in connection with the distribution of Fund shares, will use its best efforts to distribute the Fund’s shares.

Pricing of Shares

Shares of the Fund are sold on a continual basis at the net asset value per share next computed following acceptance of an order by the Fund. The Fund’s net asset value per share for the purpose of pricing purchase and redemption orders is determined at the close of regular trading (normally 4:00 p.m. Eastern Time) on each day the New York Stock Exchange is open for trading. The NYSE is closed on the following holidays: New Year’s Day, Martin Luther King, Jr. Day, Presidents’ Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

Securities that are traded on more than one exchange are valued on the exchange determined by the Advisor to be the primary market. Securities primarily traded in the National Association of Securities Dealers Automated Quotation (“NASDAQ”) National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price (“NOCP”). If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation, or if there has been no sale on such day, at the mean between the bid and asked prices. Over-the-counter (“OTC”) securities which are not traded in the NASDAQ National Market System shall be valued at the most recent trade price. An example of how the Class K shares of the Fund calculated the net asset value per share as of May 31, 2004 is as follows:

Net Assets	=	Net Asset Value Per Share
Shares Outstanding	=	Net Asset Value Per Share

$21,439,269
3,228,090	=	$6.64

Purchasing Shares

Shares of the Fund are sold in a continuous offering and may be purchased on any business day through authorized investment dealers or directly from the Fund.


	12

Stock Certificates and Confirmations. The Fund does not generally issue stock certificates representing shares purchased. Confirmations of the opening of an account and of all subsequent transactions in the account are forwarded by the Fund to the shareholder’s address of record. If a shareholder needs stock certificates, the Fund can issue them under special requests.

Special Incentive Programs. At various times the Fund may implement programs under which a dealer’s sales force may be eligible to win nominal awards for certain sales efforts or recognition programs conforming to criteria established by the Fund, or participate in sales programs sponsored by the Fund. In addition, AAA or the Distributor, in its discretion may from time to time, pursuant to objective criteria, sponsor programs designed to reward selected dealers for certain services or activities that are primarily intended to result in the sale of shares of the Fund. These programs will not change the price you pay for your shares or the amount that the Fund will receive from the sale.

Anti-Money Laundering. The Fund has established an Anti-Money Laundering Compliance Program (the "Program") as required by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA PATRIOT ACT"). To ensure compliance with this law, the Fund’s Program provides for the development of internal practices, procedures and controls, designation of anti-money laundering compliance officers, an ongoing training program and an independent audit function to determine the effectiveness of the Program.

Procedures to implement the Program include, but are not limited to, determining that the Fund’s Distributor and Transfer Agent have established proper anti-money laundering procedures, reporting suspicious and/or fraudulent activity and a complete and thorough review of all new opening account applications. The Fund will not transact business with any person or entity whose identity cannot be adequately verified under the provisions of the USA PATRIOT ACT.

Redemption of Shares

Signature Guarantees. If a shareholder requests that redemption proceeds be sent to an address other than that on record with the Fund or proceeds be made payable to someone other than to the shareholder(s) of record, the written request must have signatures guaranteed by:

·	a trust company or commercial bank whose deposits are insured by the Bank Insurance Fund, which is administered by the Federal Deposit Insurance Company ("FDIC");

·	a member of the New York, Boston, American, Midwest, or Pacific Stock Exchange;

·	a savings bank or savings association whose deposits are insured by the Savings Association Insurance Fund, which is administered by the FDIC; or

·	any other "eligible guarantor institution" as defined in the 1934 Act.

The Fund does not accept signatures guaranteed by a notary public.

The Fund and its transfer agent have adopted standards for accepting signature guarantees from the above institutions. The Fund may elect in the future to limit eligible signature guarantors to institutions that are members of a signature guarantor program. The Fund and its transfer agent reserve the right to amend these standards at any time without notice.


	13

Additional Documentation. Additional documents are required for certain types of shareholders, such as corporations, partnerships, executors, trustees, administrators, or guardians. The Fund’s transfer agent requires documents from entities to identify individuals possessing authority to redeem shares from the Fund. The documentation may include corporate resolutions, partnership agreements, trust instruments or plans that give such authority to the individual.

Redemption In-Kind. If the amount you are redeeming is over the lesser of $250,000 or 1% of the Fund’s net asset value, the Fund has the right to redeem your shares by giving you the amount that exceeds $250,000 or 1% of the Fund’s net asset value in securities instead of cash and you would bear any market risks associated with such securities until they are converted into cash.

Brokerage Allocation and Other Practices

AAA places the Fund’s portfolio securities transactions, taking into account the costs, promptness of executions and other qualitative considerations. There is no pre-existing commitment to place orders with any broker, dealer or member of an exchange. AAA evaluates a wide range of criteria in placing the Fund’s portfolio securities transactions, including the broker’s commission rate, execution capability, positioning and distribution capabilities, information in regard to the availability of securities, trading patterns, statistical or factual information, opinions pertaining to trading strategy, back office efficiency, ability to handle difficult trades, financial stability, and prior performance in servicing AAA and its clients. In transactions on securities executed in the over-the-counter ma rket, purchases and sales are transacted directly with dealers on a principal basis.

AAA, when effecting purchases and sales of portfolio securities for the account of the Fund, will seek execution of trades either (1) at the most favorable and competitive rate of commission charged by any broker, dealer or member of an exchange, or (2) at a higher rate of commission charges, if reasonable, in relation to brokerage and research services provided to the Fund or AAA by such member, broker, or dealer. Such services may include, but are not limited to, any one or more of the following: information as to the availability of securities for purchase or sale, statistical or factual information, or opinions pertaining to investments. AAA may use research and services provided by brokers and dealers in servicing all its clients, including the Fund, and AAA will not necessarily use all such servi ces in connection with the Fund. In accordance with the provisions of Section 28(e) of the 1934 Act, AAA may from time to time receive services and products that serve both research and non-research functions. In such event, AAA makes a good faith determination of the anticipated research and non-research use of the product or service and allocates brokerage only with respect to the research component. Brokerage may also be allocated to dealers in consideration of the Fund’s share distribution but only when execution and price are comparable to that offered by other brokers.

For the fiscal periods indicated below, the Fund paid the following in brokerage commissions:

Aggregate Brokerage Commissions Paid during fiscal years ended May 31,
2004	2003	2002
$1,195	$2,452	$4,549

None of the payments during the period indicated above in brokerage commissions were paid to an affiliated broker.


	14

If AAA provides investment advisory services to individuals and other institutional clients, there may be occasions on which other investment advisory clients advised by AAA may also invest in the same securities as the Fund. When these clients buy or sell the same securities at substantially the same time, the AAA may average the transactions as to price and allocate the amount of available investments in a manner, which it believes to be equitable to each client, including the Fund. On the other hand, to the extent permitted by law, AAA may aggregate the securities to be sold or purchased for the Fund with those to be sold or purchased for other clients managed by it in order to obtain lower brokerage commissions, if any.

Consistent with the Rules of Fair Practice of the National Association of Securities Dealers, Inc. and subject to seeking the most favorable combination of net price and execution available, the Advisor may consider sales of shares of the Fund as a factor in the selection of broker-dealers to execute portfolio transactions for the Fund.

For the fiscal periods indicated below the Fund’s portfolio turnover rate was:

Portfolio Turnover During fiscal years ended May 31,
2004	2003
4.50%	5.10%

The portfolio turnover rate is calculated by dividing the lesser of the Fund’s annual sales or purchases of portfolio securities (exclusive of purchases or sales of securities whose maturities at the time of acquisition were one year or less) by the monthly average value of the securities in the portfolio during the year.

Additional Information on Distributions and Taxes

Distributions

A shareholder will automatically receive all income dividends and capital gain distributions in additional full and fractional shares of the Fund at their net asset value as of the date of payment unless the shareholder elects to receive such dividends or distributions in cash. The reinvestment date normally precedes the payment date by about seven days although the exact timing is subject to change. Shareholders will receive a confirmation of each new transaction in their account. The Trust will confirm all account activity, including the payment of dividend and capital gain distributions and transactions made as a result of a Systematic Withdrawal Plan or an Automatic Investment Plan. Shareholders may rely on these statements in lieu of stock certificates.

Taxes

Distributions of net investment income. The Fund receives income generally in the form of dividends on its investments. This income, less expenses incurred in the operation of the Fund, constitutes the Fund’s net investment income from which dividends may be paid to you. Any distributions by the Fund from such income will be taxable to you as ordinary income, whether you take them in cash or in additional shares.

Distributions of capital gains. The Fund may derive capital gains and losses in connection with sales or other dispositions of its portfolio securities. Distributions from net short-term capital gains will be taxable to you as ordinary income. Distributions from net long-term capital gains will be taxable to you as long-term capital gain, regardless of how long you have held your shares in the Fund. Any net capital gains realized by the Fund generally will be distributed once each year, and may be distributed more frequently, if necessary, in order to reduce or eliminate excise or income taxes on the Fund.


	15

Information on the tax character of distributions. The Fund will inform you of the amount of your ordinary income dividends and capital gains distributions at the time they are paid, and will advise you of their tax status for federal income tax purposes shortly after the close of each calendar year. If you have not held Fund shares for a full year, the Fund may designate and distribute to you, as ordinary income or capital gain, a percentage of income that is not equal to the actual amount of such income earned during the period of your investment in the Fund.

Election to be taxed as a regulated investment company. The Fund is qualified, and intends to continue to qualify, as a regulated investment company under Subchapter M of the Internal Revenue Code during the current fiscal year. As a regulated investment company, the Fund generally pays no federal income tax on the income and gains it distributes to you. The Board reserves the right not to maintain the qualification of the Fund as a regulated investment company if it determines such course of action to be beneficial to shareholders. In such case, the Fund will be subject to federal, and possibly state corporate taxes on its taxable income and gains, and distributions to you will be taxed as ordinary divide nd income to the extent of the Fund’s earnings and profits.

Excise tax distribution requirements. To avoid federal excise taxes, the Internal Revenue Code requires the Fund to distribute to you by December 31 of each year, at a minimum, the following amounts: 98% of its taxable ordinary income earned during the calendar year; 98% of its capital gain net income earned during the twelve month period ending October 31; and 100% of any undistributed amounts from the prior year. The Fund intends to declare and pay these amounts in December (or in January that are treated by you as received in December) to avoid these excise taxes, but can give no assurances that its distributions will be sufficient to eliminate all taxes.

Redemption of Fund shares. By law, redemptions of Fund shares are taxable transactions for federal and state income tax purposes. If you redeem your Fund shares, the IRS will require that you report a gain or loss on your redemption. If you hold your shares as a capital asset, the gain or loss that you realize will be capital gain or loss and will be long-term or short-term, generally depending on how long you hold your shares. Any loss incurred on the redemption of shares held for six months or less will be treated as a long-term capital loss to the extent of any long-term capital gains distributed to you by the Fund on those shares.

By law, all or a portion of any loss that you realize upon the redemption of your Fund shares will be disallowed to the extent that you buy other shares in the Fund (through reinvestment of dividends or otherwise) within 30 days before or after your share redemption. Any loss disallowed under these rules will be added to your tax basis in the new shares you buy.

Dividends-received deduction for corporations. If you are a corporate shareholder, you should note that it is expected that a portion of the dividends paid by the Fund will qualify for the dividends-received deduction. In some circumstances, you will be allowed to deduct these qualified dividends, thereby reducing the tax that you would otherwise be required to pay on these dividends. The dividends-received deduction will be available only with respect to dividends designated by the Fund as eligible for such treatment. All dividends (including the deducted portion) must be included in your alternative minimum taxable income calculation.


	16

Investment in complex securities. The Fund may invest in complex securities. These investments may be subject to numerous special and complex tax rules. These rules could affect whether gains and losses recognized by the Fund are treated as ordinary income or capital gain, accelerate the recognition of income to the Fund and/or defer the Fund’s ability to recognize losses. In turn, these rules may affect the amount, timing or character of the income distributed to you by the Fund.

Performance Information

The Fund’s total return may be compared to relevant indices, including Dow Jones Islamic Market USA^SM Index, Russell 3000 Growth Index and indices published by Lipper, Inc.

Investors should note that the investment results of the Fund will fluctuate over time, and any presentation of the Fund’s total return for any period should not be considered as a representation of what an investment may earn or what an investor’s total return may be in any future period.

Average Annual Total Return. Average annual total return quotations used in the Fund’s prospectus are calculated according to the following formula:

P(1 +T)ⁿ= ERV

where P equals a hypothetical initial payment of $1,000; T equals average annual total return; n equals the number of years; and ERV equals the ending redeemable value at the end of the period of a hypothetical $1,000 payment made at the beginning of the period.

Under the foregoing formula, the time periods used in the prospectus will be based on rolling calendar quarters. Average annual total return, or "T" in the above formula, is computed by finding the average annual compounded rates of return over the period that would equate the initial amount invested to the ending redeemable value. Average annual total return assumes the reinvestment of all dividends and distributions.

Average Annual Total Return (after Taxes on Distributions). The Fund’s quotations of average annual total return (after taxes on distributions) are calculated according to the following formula:

P(1 + T)ⁿ = ATV_D

where "P" equals a hypothetical initial payments of $1,000; "T" equals average annual total return; "n" equals the number of years; and "ATV_D" equals the ending redeemable value at the end of the period of a hypothetical $1,000 payment made at the beginning of the period after taxes on distributions, not after taxes on redemption

Dividends and other distributions less the taxes due on such distributions, are assumed to be reinvested in shares at the prices in effect on the reinvestment dates, and taxes due are calculated using the highest individual marginal federal income tax rates on the reinvestment dates. ATV_D will be adjusted to reflect the effect of any absorption of Fund expenses by the Advisor.


	17

Average Annual Total Return (after Taxes on Distributions and Redemptions). The Fund’s quotations of average annual total return (after taxes on distributions and redemption) are calculated according to the following formula:

P(1 + T)ⁿ = ATV_DR

where "P" equals a hypothetical initial payments of $1,000; "T" equals average annual total return; "n" equals the number of years; and "ATV_DR" equals the ending redeemable value at the end of the period of a hypothetical $1,000 payment made at the beginning of the period after taxes on distributions and redemption.

Dividends and other distributions less the taxes due on such distributions, are assumed to be reinvested in shares at the prices in effect on the reinvestment dates, and the taxes due are calculated using the highest individual marginal federal income tax rates on the reinvestment dates. Capital gains taxes resulting from the redemption are subtracted and the tax benefit from capital losses resulting from the redemption are added. ATV_DR will be adjusted to reflect the effect of any absorption of Fund expenses by the Advisor.

Independent Auditors

Tait, Weller & Baker, 1818 Market Street, Suite 2400, Philadelphia, Pennsylvania, 19103, serves as the Fund’s independent auditors, whose services include auditing the Fund’s financial statements.

Proxy Voting Guidelines

The Advisor has established Proxy Voting Guidelines ("Guidelines"), which explain the Advisor’s procedures with respect to voting the Fund’s proxies. Generally, the Trust has delegated its proxy voting process to the Advisor. The Guidelines provide a basic policy to govern the proxy voting procedures.

According to the Guidelines, the Advisor votes proxies in a manner designed to maximize the value of its clients’ investment. The Advisor generally votes in accordance with management’s recommendations. If the Advisor believes management is not acting on behalf of the best interests of the Fund and its shareholders, the Advisor will not vote with management.

Conflicts of Interest. The Advisor’s duty is to vote in the best interests of its clients and Fund shareholders. Therefore, in situations where there is a conflict of interest between the interests of the Advisor and the interests of the client, the Advisor will take one of the following steps to resolve the conflict:

1.	Vote the securities based on a pre-determined voting policy if the application of the policy to the matter presented involves little discretion on the part of the Advisor;

2.	Vote the securities in accordance with a pre-determined policy based upon the recommendations of an independent third party, such as a proxy voting service;

3.	Refer the proxy to the client or to a fiduciary of the client for voting purposes;


	18

4.	Suggest that the client engage another party to determine how the proxy should be voted; or

5.	Disclose the conflict to the client or, with respect to the Fund, the Board (or its delegate) and obtain the client’s or Board’s direction to vote the proxies.

Policies of the Fund’s Advisor. The Advisor is in a better position to monitor corporate actions, analyze proxy proposals, make voting decisions and ensure that proxies are submitted in a timely fashion. As stated above, the Board therefore delegates its authority to vote proxies to the Advisor, subject to the supervision of the Board. Moreover, the Board authorizes the Advisor to retain a third party proxy voting service, such as Investor Responsibility Research Center ("IRRC"), to provide recommendations on proxy votes or vote proxies on the Fund’s behalf.

In the event of a conflict between the interests of the Advisor and the Funds, the Advisor’s policies provide that the conflict may be disclosed to the Board or its delegate, who shall provide direction to vote the proxies. The Board has delegated this authority to the Independent trustees, and the proxy voting direction in such a case shall be determined by a majority of the independent trustees.

The Trust is required to annually file Form N-PX, which lists each Fundäs complete proxy voting record for the 12-month period ending June 30. Once filed, each Fundäs proxy voting record will be available without charge, upon request, by calling toll-free 1-877-417-6161 and on the SECäs web site at www.sec.gov.

Financial Statements

The audited financial statements for the Fund are incorporated by reference to the Fund’s Annual Report for the fiscal year ended May 31, 2004, as filed with the Securities and Exchange Commission.


	19

ALLIED ASSET ADVISORS FUNDS

PART C

OTHER INFORMATION

Item 22. Exhibits.

(a)

Declaration of Trust

(i)	Amended and Restated Certificate of Trust¹

(ii)	Declaration of Trust¹

(iii)

Written Instrument Fixing the Number of Trustees²

(iv)	Written Instrument Establishing and Designating Classes of Interest²

(b)

Bylaws

(i)

Bylaws¹

(ii)	Amendment to Bylaws²

(c)

Instruments Defining Rights of Security Holders¹

(d)

Advisory Agreement²

(e)

Form of Distribution Agreemen²

(f)

Bonus or Profit Sharing Contracts - Not applicable

(g)

Custody Agreement²

(h)

Other Material Contracts

(i)	Fund Administration Servicing Agreement²

(ii)	Transfer Agent Servicing Agreement²

(iii)

Fund Accounting Servicing Agreement²

(iv)	Expense Waiver and Reimbursement Agreement²

(v)	Power of Attorney³

(i)

Opinion and Consent of Counsel²

(j)

Consent of Independent Public Accountants - Filed herewith.

(k)

Omitted Financial Statements - Not applicable

(l)

Agreement Relating to Initial Capital²

(m)

Rule 12b-1 Plan- Not Applicable

(n)

Rule 18f-3 Plan²

(o)

Reserved.

(p)

Joint Code of Ethics for Registrant and Advisor²

¹ Incorporated by reference to Registrant’s Initial Filing of the Registration Statement filed February 23, 2000.

² Incorporated by reference to Registrant’s Pre-Effective Amendment No. 1 to the Registration Statement filed on May 23, 2000.

³ Incorporated by reference to Registrant’s Post-Effective Amendment No. 3 to the Registration Statement filed on August 1, 2003.

Item 23. Persons Controlled by or Under Common Control with Registrant.

No person is directly or indirectly controlled by or under common control with the Registrant.

Item 24. Indemnification.

Reference is made to Article V of the Registrant’s Agreement and Declaration of Trust.


	C-1

Pursuant to Rule 484 under the Securities Act of 1933, as amended, the Registrant furnishes the following undertaking: "Insofar as indemnification for liability arising under the Securities Act of 1933 (the "Act") may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue."

Item 25. Business and Other Connections of the Investment Advisor.

With respect to the Advisor, the response to this Item will be incorporated by reference to the Advisor’s Uniform Application for Investment Adviser Registration (Form ADV) on file with the Securities and Exchange Commission ("SEC"), dated September 4, 2003. The Advisor’s Form ADV may be obtained, free of charge, at the SEC's website at www.adviserinfo.sec.gov.

Item 26. Principal Underwriter.

(a) Quasar Distributors, LLC, the Registrant’s principal underwriter, acts as principal underwriter for the following investment companies:

Advisors Series Trust	Glenmede Fund, Inc.
AHA Investment Funds	Guinness Atkinson Funds
Allied Asset Advisors Funds	Harding, Loevner Funds, Inc.
Alpine Equity Trust	The Hennessy Funds, Inc.
Alpine Series Trust	The Hennessy Mutual Funds, Inc.
Alpine Income Trust	Jacob Internet Fund
Alternative Investment Advisors	The Jensen Portfolio, Inc.
Brandes Investment Trust	Kirr Marbach Partners, Funds, Inc.
Brandywine Advisors Fund, Inc.	Kit Cole Investment Trust
Brazos Mutual Funds	Light Revolution Fund, Inc.
Buffalo Funds	LKCM Funds
Buffalo Balanced Fund	Masters’ Select Funds
Buffalo High Yield Fund	Matrix Advisors Value Fund, Inc.
Buffalo Large Cap Fund	Monetta Fund, Inc.
Buffalo Small Cap Fund	Monetta Trust
Buffalo U.S. Global Fund	MP63 Fund
CCM Advisors Funds	MUTUALS.com
CCMA Select Investment Trust	NorCap Funds
Country Mutual Funds Trust	Optimum Q Funds
Cullen Funds Trust	Permanent Portfolio
Everest Funds	Professionally Managed Portfolios
First American Funds, Inc.	Prudent Bear Mutual Funds
First American Insurance Portfolios, Inc.	Rainier Funds
First American Investment Funds, Inc.	SEIX Funds, Inc.
First American Strategy Funds, Inc.	TIFF Investment Program, Inc.


	C-2

FFTW Funds, Inc.	Wexford Trust
Fort Pitt Capital Funds	Zodiac Trust
Fremont Funds

(b) To the best of Registrant’s knowledge, the directors and executive officers of Quasar Distributors, LLC are as follows:

Name and Principal Business Address	Position and Offices with Quasar Distributors, LLC	Positions and Offices with Registrant
James R. Schoenike	President, Board Member	None
Donna J. Berth	Treasurer	None
Joe Redwine	Board Member	None
Bob Kern	Board Member	None
Eric W. Falkeis	Board Member	None
Teresa Cowan	Assistant Secretary	None
The address of each of the foregoing is 615 East Michigan Street, Milwaukee, Wisconsin, 53202.

Item 27. Location of Accounts and Records.

The books and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 are maintained in the following locations:

Records Relating to:	Are located at:
Registrant’s Fund Accountant, Administrator and Transfer Agent	U.S. Bancorp Fund Services, LLC 615 East Michigan Street Milwaukee, WI 53202

Registrant’s Investment Advisor	Allied Asset Advisors, Inc. 745 McClintock Drive, Suite 114 Burr Ridge, IL 60521

Registrant’s Custodian	U.S. Bank, National Association 425 Walnut Street Cincinnati, OH 54202

Item 28. Management Services Not Discussed in Parts A and B.

Not applicable.

Item 29. Undertakings.

Not applicable.


	C-3

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Amendment to the Registration Statement on Form N-1A of Allied Asset Advisors Funds to be signed on its behalf by the undersigned, thereunto duly authorized, in the Village of Burr Ridge and the State of Illinois on the 1st day of October, 2004.

ALLIED ASSET ADVISORS FUNDS

By: *Bassam Osman

Bassam Osman

Chairperson and President

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on October 1, 2004.

Signature	Title

*Bassam Osman Bassam Osman	Trustee, Chairperson and President

*Abdalla Idris Ali Abdalla Idris Ali	Trustee

*Jamal Said Jamal Said	Trustee

*Imran Hussain Imran Hussain	Trustee

*Mohammed Kaiseruddin Mohammed Kaiseruddin	Trustee

*Mohammad Basheeruddin Mohammad Basheeruddin	Treasurer

*Mujeeb Cheema Mujeeb Cheema	Secretary

*Signed by

/s/ Bassam Osman

Bassam Osman

as Attorney in Fact pursuant to the Power of

Attorney filed August 1, 2003.


	C-4

EXHIBIT INDEX

Exhibit	Exhibit No.

Consent of Tait, Weller & Baker	EX-99.j.


	C-5

EX-99.J OTHER OPININ 2 consent.htm CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS Unassociated Document

CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS

We consent to the references to our firm in the Post-Effective Amendment to the Registration Statement on Form N-1A of Allied Asset Advisors, Inc and to the use of our reports dated July 2, 2004 on the financial statements and financial highlights of Dow Jones Islamic Fund, a series of Allied Asset Advisors, Inc. Such financial statements and financial highlights appear in the 2004 Annual Report to Shareholders, which is incorporated by reference into the Statement of Additional Information.

/s/ TAIT, WELLER & BAKER &n bsp;

Philadelphia, Pennsylvania

September 30, 2004

EX-99.16 PWR OF ATTY 3 poa.htm POWER OF ATTORNEY Power of Attorney

POWER OF ATTORNEY

The undersigned Trustee of the Allied Asset Advisors Funds (the “Trust”) hereby appoint Dr. Bassam Osman, and Mohammad Basheeruddin, as attorneys-in-fact and agents, with the power, to execute, and to file any of the documents referred to below relating to the initial registration of the Trust as an investment company under the Investment Company Act of 1940, as amended (the “Act”) and the registration of the Trust's securities under the Securities Act of 1933, as amended (the “Securities Act”) including the Trust's Registration Statement on Form N-1A, any and all amendments thereto, including all exhibits and any documents required to be filed with respect thereto with any regulatory authority, including applications for exemptive order rulin gs. Each of the undersigned grants to the said attorneys full authority to do every act necessary to be done in order to effectuate the same as fully, to all intents and purposes, as he could do if personally present, thereby ratifying all that said attorneys-in-fact and agents may lawfully do or cause to be done by virtue hereof.

The undersigned Trustee hereby execute this Power of Attorney as of this 30th day of August 2004.

Name	Title
_/s/ Imran Hussain____________________________________________
Imran Hussain	Trustee

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REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933			x

	Pre-Effective Amendment No. ___		¨

	Post-Effective Amendment No. 5		x
		and

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940			x

	Amendment No. 7		x

Risk/Return Summary	2
Performance Summary	3
Fees and Expenses	4
More Information about the Dow Jones Islamic Market Indexes^SM	5
Shari`ah Supervisory Board	6
Management of the Fund	7
Calculating Share Price	7
How to Purchase Shares	8
How to Sell Shares	10
Distributions and Taxes	12
Shareholder Reports and Confirmations	12
Financial Highlights	12
Privacy Notice	15

	1 Year	3 Year	Since 06/30/00 Fund Inception
Dow Jones Islamic Fund
Return Before Taxes	26.50%	-7.66%	-11.40%
Return After Taxes on Distributions⁽¹⁾	26.47%	-7.70%	-11.44%
Return After Taxes on Distributions and Sale of Fund Shares^{(1) (2)}	17.27%	-6.45%	-9.47%
Dow Jones Islamic Market USA Index (reflects no deduction for fees, expenses or taxes)⁽³⁾	26.85%	-7.85%	-11.22%
Russell 3000 Growth Index (reflects no deduction for fees, expenses or taxes)⁽⁴⁾	29.56%	-9.61%	-15.74%

⁽¹⁾	After-tax returns are calculated using the historical highest individual federal margin income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns shown are not relevant to those who hold their shares through tax-deferred arrangements such as 401(k) plans or IRAs.
⁽²⁾	The "Return After Taxes on Distributions and Sale of Fund Shares" may be higher than certain return figures because when a capital loss occurs upon the redemption of Fund shares, a tax deduction is provided that benefits the investor.
⁽³⁾	The Dow Jones Islamic Market USA Index is a diverse compilation of U.S. equity securities considered by the Shari’ah Supervisory Board of Dow Jones to be in compliance with Islamic principles. The index is constructed from stocks in the Dow Jones Global Indexes (DJGI) family. Dow Jones believes that these stocks are accessible to investors and are well traded. The DJGI methodology removes issues that are not suitable for global investing. The performance of the Dow Jones Islamic Market USA Index does not include the reinvestment of dividends.
⁽⁴⁾	The Russell 3000 Growth Index takes the largest 3,000 U.S. companies based on market capitalization and measures the performance of those with higher price-to-book ratios and higher forecasted growth values.

*Shareholder Fees*
*(fees paid directly from your investment)*	Class K
Maximum sales charge (load) imposed on purchases⁽¹⁾	None
Maximum deferred sales charge (load)	None
Maximum sales charge (load) imposed on reinvested dividends	None
Exchange fee	None
Redemption fee⁽²⁾	None
Maximum account fee⁽³⁾	None

*Annual Fund Operating Expenses*
*(expenses that are deducted from Fund assets)*	Class K
Management Fees	0.75%
Distribution (12b-1) Fees	None
Other Expenses	1.24%
Total Annual Fund Operating Expenses	1.99%
Less Expense Reimbursement	-0.52%
Net Annual Fund Operating Expenses⁽⁴⁾	1.47%

⁽¹⁾	Although no sales loads or transaction fees are charged, your account will be assessed a fee of $25.00 for each returned check.
⁽²⁾	The transfer agent charges a fee of $15.00 for outgoing wire transfers.
⁽³⁾	IRA accounts are assessed a $12.50 annual fee.
⁽⁴⁾	The Fund has an Investment Advisory Agreement with Allied Asset Advisors, Inc., the investment advisor for the Fund. The Agreement provides that the annual management fee shall be 0.75% of the first $500 million in assets, 0.65% of the next $5 billion in assets and 0.50% on the amount of assets over $5.5 billion. The investment advisor entered into an Expense Waiver and Reimbursement Contract effective through September 30, 2005 under which the investment advisor has agreed to waive its fees and absorb expenses to the extent that total annual fund operating expenses exceed 1.50% for Class K shares. Under certain conditions, the investment advisor can recapture any expenses or fees it has waived or reimbursed within a three-year period from the date of reimbursement.

Shari`ah Supervisory Board Member - Country	Biography
Shaykh Dr. Abdul Sattar Abu Ghuddah - Syria	Dr. Abu Ghuddah is a senior Shari`ah Advisor to Albaraka Investment Co. He holds a PhD in Islamic Law. Dr. Abu Ghuddah has published many books on Islamic Financial transactions. He was an advisor for Islamic Law Encyclopaedia (Kuwait Awqaf Ministry). Dr. Abu Ghuddah is a member and chairman of several reputed Islamic Shari`ah Boards.
Shaykh Justice Muhammad Taqi Usmani - Pakistan	Mr. Usmani has been a member of the Supreme Court of Pakistan since 1982. He is also the vice president of Darul Uloom Karachi and the vice chair and deputy chairman of the Islamic Fiqh Academy (OIC), Jeddah. Mr. Usmani edits the monthly magazines Albalagh and Albalagh International. He is a chairman or member of the Shari`ah supervisory boards of a dozen Islamic banks and financial institutions worldwide.
Shaykh Nizam Yaquby - Bahrain	Mr. Yaquby is a member of the Islamic supervisory boards for several Islamic institutions, including the Arab Islamic Bank and the Abu Dhabi Islamic Bank. His work has appeared in several publications.
Shaykh Dr. Mohamed A. Elgari - Saudi Arabia	Dr. Elgari is an associate professor of Islamic Economics and the director of the Center for Research in Islamic Economics at King Abdulaziz University. He is an expert at the Islamic Jurisprudence Academy (OIC). He is also an advisor to several Islamic financial institutions worldwide and the author of many books on Islamic banking.
Shaykh Yusuf Talal DeLorenzo - United States	Mr. DeLorenzo is considered a leading Islamic scholar in the United States. He has translated over twenty books from Arabic, Persian, and Urdu for publication in English and has been commissioned to prepare a new translation of the Qur`an. Mr. DeLorenzo compiled the first English translation of legal rulings issued by Shari`ah supervisory boards on the operations of Islamic banks. Since 1989, Mr. DeLorenzo has served as secretary of the Figh Council of North America. He is also a Shari`ah consultant to several Islamic financial institutions and was an advisor on Islamic education to the government of Pakistan.
Shaykh Dr. Mohd Daud Baker - Malaysia	Dr. Baker is currently a member of the Shari`ah Advisory Council of many financial institutions in Malaysia and around the world, including the Central Bank of Malaysia, Securities Commission of Malaysia, International Islamic Financial Market in Bahrain, Accounting and Auditing Organization for Islamic Financial Institutions in Bahrain and HSBC (Malaysia).

	Minimum	To Open	To Add to
To open an account, you must	Investments	Your Account	Your Account
invest at least the minimum	Regular accounts	$500	$50
amount.	IRA accounts	$250	$50

*By mail*	To open an account, complete an account application form and send it together with your check to the address below. To make additional investments once you have opened your account, send your check together with the detachable form that’s included with your Fund account statement or confirmation. You may also send a letter stating the amount of your investment with your name, the name of the Fund and your account number together with a check to the address below. Checks should be made payable to "Dow Jones Islamic Fund." The Fund will not accept payment in cash, money orders, or cashier’s checks in amounts of less than $10,000. Also, to prevent check fraud, the Fund will not accept third party checks, Treasury checks, credit card checks, traveler’s checks or starter checks for the purchase of shar es. If your check is returned for any reason, a $25 fee will be assessed against your account.

	Regular Mail Dow Jones Islamic Fund U.S. Bancorp Fund Services, LLC P.O. Box 701 Milwaukee, Wisconsin 53201-0701	Overnight Delivery Dow Jones Islamic Fund U.S. Bancorp Fund Services, LLC 615 E. Michigan Street, Third Floor Milwaukee, Wisconsin 53202

	NOTE: *The Fund does not consider the U.S. Postal Service or other independent delivery services to be its agents*. Therefore, when you deposit your account application form, additional purchase request, or redemption request in the mail or use other delivery services, or if your documents are simply in the transfer agent’s post office box that does not mean that the transfer agent or the Fund actually received those documents.

*Through a broker/dealer organization*	If you purchased your shares through a broker-dealer or other financial organization, your redemption order should be placed through the same organization. The organization is responsible for sending your redemption order to the Fund on a timely basis. Please keep in mind that your broker-dealer may charge additional fees for its services.

*By mail*	Send your written redemption request to the address below. Your request should contain the Fund’s name, your account number and the dollar amount or the number of shares to be redeemed. Be sure to have all shareholders sign the letter. Additional documents are required for certain types of shareholders, such as corporations, partnerships, executors, trustees, administrators, or guardians (i.e., corporate resolutions, or trust documents indicating proper authorization). Please see the Statement of Additional Information for more information.

	Regular Mail Dow Jones Islamic Fund U.S. Bancorp Fund Services, LLC P.O. Box 701 Milwaukee, Wisconsin 53201-0701	Overnight Delivery Dow Jones Islamic Fund U.S. Bancorp Fund Services, LLC 615 E. Michigan Street, Third Floor Milwaukee, Wisconsin 53202

*By telephone*	If you are authorized to perform telephone transactions (either through your account application form or by subsequent arrangement in writing with the Fund) you may redeem shares in any amount, but not less than $100, by calling 1-888-FUNDS-85. A signature guarantee is required of all shareholders to change or add telephone redemption privileges. For security reasons, requests by telephone will be recorded.

*By wire*	To redeem shares by wire, call the Fund at 1-888-FUNDS-85 and specify the amount of money you wish to be wired. Your bank may charge a fee to receive wired funds. The transfer agent charges a $15 outgoing wire fee.

*Through a systematic withdrawal plan*	If you own shares with a value of $10,000 or more, you may participate in the systematic withdrawal plan. The systematic withdrawal plan allows you to make automatic withdrawals from your Fund account at regular intervals. Money will be transferred from your Fund account to the checking or savings account you choose on your account application form. If you expect to purchase additional shares of the Fund, it may not be to your advantage to participate in the systematic withdrawal plan because of the possible adverse tax consequences of making contemporaneous purchases and redemptions.

	Class K
	Year Ended May 31, 2004			Year Ended May 31, 2003			Year Ended May 31, 2002			For the Period June 29, 2000⁽¹⁾ to May 31, 2001
Net Asset Value
Beginning of period	$	5.73		$	6.26		$	7.58		$	10.00
Operations
Net investment income (loss)		(0.02	)⁽²⁾		0.02	⁽³⁾		0.01	⁽³⁾		0.01
Net realized and unrealized gain (loss) on investments		0.94			(0.54	)		(1.32	)		(2.43	)

Total from operations		0.92			(0.52	)		(1.31	)		(2.42	)
Distributions to shareholders
From net investment income		(0.01	)		(0.01	)		(0.01	)		0.00
Total distributions to shareholders		(0.01	)		(0.01	)		(0.01	)		0.00
Net asset value
End of period	$	6.64		$	5.73		$	6.26		$	7.58
Total investment return		16.07	%		(8.22	)%		(17.34	)%		(25.02%	)⁽⁴⁾⁽⁵⁾
Net assets, end of period (in thousands)	$	21,439		$	18,070		$	20,020		$	20,497
Ratios
Expenses to average net assets
Before expense reimbursement		1.99	%		2.25	%		2.06	%		1.97	%⁽⁶⁾
After expense reimbursement		1.47	%		0.95	%		0.90	%		0.90	%⁽⁶⁾
Net investment income (loss) to average net assets
Before expense reimbursement		(0.77	)%		(0.94	)%		(1.07	)%		(0.99	)%⁽⁶⁾
After expense reimbursement		(0.25	)%		0.36	%		0.09	%		0.08	%⁽⁶⁾
Portfolio turnover rate⁽⁷⁾		4.5	%		5.1	%		13.7	%		20.0	%⁽⁴⁾

INVESTMENT RESTRICTIONS	3

INVESTMENT OBJECTIVE AND STRATEGIES	4

MORE ABOUT DOW JONES^SM	5

THE TRUST	6

MANAGEMENT OF THE FUND	7

INVESTMENT ADVISOR	10

CODE OF ETHICS	11

ADMINISTRATIVE SERVICES	11

DISTRIBUTOR	12

PRICING OF SHARES	12

PURCHASING SHARES	12

REDEMPTION OF SHARES	13

BROKERAGE ALLOCATION AND OTHER PRACTICES	14

ADDITIONAL INFORMATION ON DISTRIBUTIONS AND TAXES	15

PERFORMANCE INFORMATION	17

INDEPENDENT AUDITORS	18

PROXY VOTING GUIDELINES	18

FINANCIAL STATEMENTS	19

1 Year	3 Years	5 Years	10 Years
$153	$577	$1,027	$2,277

Name, Age and Address	Position/Office with the Trust and Length of Time Served	Principal Occupations during the Past Five Years	No. of Funds in Complex Overseen	Other Directorships held by Trustee
Interested Trustees
*Bassam Osman, 53 745 McClintock Drive, Suite 114 Burr Ridge, IL 60527	Trustee and Chairperson Indefinite Term since 2000	1980 to present - Neurologist, Bassam Osman, M.D., SC LTD.	1	None
Independent Trustees
Abdalla Idris Ali, 55 745 McClintock Drive, Suite 114 Burr Ridge, IL 60527	Independent Trustee Indefinite Term since 2000	1998 to present - Director, Center of Islamic Studies, Kansas City, MO; 1982 to 1998 - Principal, ISNA Islamic School, Toronto, Ontario, Canada	1	None
Mohammed Kaiseruddin, 60 745 McClintock Drive, Suite 114 Burr Ridge, IL 60527	Independent Trustee Indefinite Term since 2000	1973 to present - Nuclear Engineer, Sargent & Lundy	1	None
Imran Hussain 745 McClintock Drive, Suite 114 Burr Ridge, IL 60527	Independent Trustee Indefinite Term Since 2004	2001 to present - Partner, HFP Accounting & Financial; 2000 to 2001 - Analyst, Arthur D. Little	1	None
Officers
*Bassam Osman, 53 745 McClintock Drive, Suite 114 Burr Ridge, IL 60527	President Indefinite Term since 2000	(See Above.)	1	N/A
Mohammad Basheeruddin, 54 745 McClintock Drive, Suite 114 Burr Ridge, IL 60527	Treasurer Indefinite Term since 2003	2001 to present - Accounting Manager, North American Islamic Trust; 1997 to 2001 - Accountant, Platkin & Son and Accountant, Artisan Handprint	1	N/A
Mujeeb Cheema, 56 745 McClintock Drive, Suite 114 Burr Ridge, IL 60527	Secretary Indefinite Term since 2003	2003 to present - Executive Director, North American Islamic Trust; 1980 to 2003 - Managing Director, Hawkins International, Inc.	1	N/A

Name and Position	Aggregate Compensation From Trust	Pension or Retirement Benefits Accrued As Part of Trust Expenses	Annual Benefits Upon Retirement	Total Compensation from Trust and Fund Complex Paid to Trustees*
Interested Trustees
Bassam Osman	None	None	None	None
Independent Trustees
Abdalla Idris Ali	None	None	None	None
Imran Hussain	None	None	None	None
Mohammed Kaiseruddin	None	None	None	None

Name and Address	Shares	% Ownership	Type of Ownership
North American Islamic Trust 745 McClintock Drive, Suite 114 Burr Ridge, IL 60527	2,487,068.697	76.83%	Record