iman_nq.htm

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

0000894189-09-001177.txt : 20090422 0000894189-09-001177.hdr.sgml : 20090422 20090422094624 ACCESSION NUMBER: 0000894189-09-001177 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090228 FILED AS OF DATE: 20090422 DATE AS OF CHANGE: 20090422 EFFECTIVENESS DATE: 20090422 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ALLIED ASSET ADVISORS FUNDS CENTRAL INDEX KEY: 0001105877 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-09821 FILM NUMBER: 09762940 BUSINESS ADDRESS: STREET 1: 745 MCCLINTOCK DRIVE STREET 2: SUITE 314 CITY: BURR RIDGE STATE: IL ZIP: 60527 BUSINESS PHONE: 4147655028 MAIL ADDRESS: STREET 1: 745 MCCLINTOCK DRIVE STREET 2: SUITE 314 CITY: BURR RIDGE STATE: IL ZIP: 60527 FORMER COMPANY: FORMER CONFORMED NAME: AAA FUNDS DATE OF NAME CHANGE: 20000209

0001105877 S000005190 Iman Fund

C000014168 Iman Fund Class K IMANX

N-Q 1 iman_nq.htm QUARTERLY NOTICE OF PORTFOLIO HOLDINGS iman_nq.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number 811 - 09821

Allied Asset Advisors Funds

(Exact name of Registrant as specified in charter)

745 McClintock Drive, Suite 314

Burr Ridge, IL 60527

(Address of principal executive offices) (Zip code)

Bassam Osman

Allied Asset Advisors Funds

745 McClintock Drive, Suite 314

Burr Ridge, IL 60527

(Name and address of agent for service)

(877) 417-6161

Registrant's telephone number, including area code

Date of fiscal year end: May 31, 2009

Date of reporting period: February 28, 2009

Item 1. Schedule of Investments.

Iman Fund
Schedule of Investments
February 28, 2009 (Unaudited)

	Shares		Value
COMMON STOCKS - 97.8%

Aerospace - 0.7%
United Technologies Corp.	3,500	$	142,905

Air Freight & Logistics - 2.3%
FedEx Corp.	5,500		237,655
United Parcel Service, Inc.- Class B	6,200		255,316
			492,971
Auto Components - 0.2%
Magna International Inc.-Class A (b)	1,500		38,490

Automobiles - 0.3%
Thor Industries, Inc.	6,000		64,260

Beverages - 0.8%
PepsiCo, Inc.	3,600		173,304

Biotechnology - 7.9%
Alexion Pharmaceuticals, Inc. (a)	9,000		307,800
Amgen, Inc. (a)	8,000		391,440
Genentech, Inc. (a)	5,500		470,525
Gilead Sciences, Inc. (a)	5,700		255,360
Seattle Genetics, Inc. (a)	10,000		80,300
Vertex Pharmaceuticals Inc. (a)	6,000		181,380
			1,686,805
Chemicals - 2.5%
Agrium Inc. (b)	4,100		142,598
Monsanto Co.	1,000		76,270
Mosaic Co.	1,200		51,660
Syngenta AG - ADR (b)	2,300		98,486
Terra Industries Inc.	4,400		113,476
Zoltek Companies, Inc. (a)	8,000		45,760
			528,250
Commercial Services - 0.6%
Career Education Corp. (a)	5,000		123,350

Commercial Services & Supplies - 1.1%
The Brink's Co.	5,500		131,285
CoStar Group Inc. (a)	2,000		51,000
Layne Christensen Co. (a)	3,000		48,810
			231,095
Communications Equipment - 5.6%
Cisco Systems, Inc. (a)	13,500		196,695
Corning Inc.	13,300		140,315
EchoStar Corp. - Class A (a)	7,000		114,660
Harris Corp.	7,500		279,600
Infinera Corp. (a)	9,000		64,800
Juniper Networks, Inc. (a)	5,500		78,155
QUALCOMM, Inc.	8,200		274,126
Research In Motion Ltd. (a)(b)	1,100		43,934
			1,192,285
Computers & Peripherals - 0.6%
Apple Inc. (a)	1,500		133,965

Construction & Engineering - 4.5%
Aecom Technology Corp. (a)	7,000		171,710
Chicago Bridge & Iron Co N.V. (b)	15,700		94,671
Foster Wheeler Ag (a)(b)	6,100		91,744
Granite Construction Inc.	7,500		266,850
Jacobs Engineering Group Inc. (a)	3,000		101,220
McDermott International, Inc. (a)(b)	5,300		62,487
Quanta Services, Inc. (a)	9,000		158,400
Vulcan Materials Co.	500		20,705
			967,787
Copper Ores - 0.3%
Ivanhoe Mines Ltd. (a)	15,500		70,525

Distributors - 0.1%
Genuine Parts Co.	1,100		30,954

Diversified Consumer Services - 0.5%
Brink's Home Security Holdings, Inc. (a)	5,500		115,335

Diversified Telecommunication Services - 0.6%
Chunghwa Telecom Co. Ltd. - ADR (b)	9,072		139,255

Drilling Oil And Gas Wells - 0.3%
Pioneer Drilling Co. (a)	19,500		74,880

Electrical Equipment - 2.1%
Acuity Brands, Inc.	8,000		183,360
AZZ Inc. (a)	5,000		101,200
Rockwell Automation, Inc.	700		14,070
SunPower Corp. (a)	6,033		149,377
			448,007
Electronic Equipment & Instruments - 1.6%
Agilent Technologies, Inc. (a)	3,300		45,771
Amphenol Corp. - Class A	3,000		76,260
FLIR Systems, Inc. (a)	3,000		61,230
NIDEC CORPORATION - ADR (b)	8,300		84,743
ScanSource, Inc. (a)	3,000		47,610
Trimble Navigation Ltd. (a)	2,000		28,200
			343,814
Energy Equipment & Services - 4.8%
Core Laboratories N.V. (b)	2,000		150,800
Diamond Offshore Drilling, Inc.	1,700		106,488
FMC Technologies, Inc. (a)	1,300		34,437
Natural Gas Services Group (a)	8,000		60,000
Noble Corp. (b)	1,000		24,590
Patterson-UTI Energy, Inc.	21,500		184,685
Rowan Companies, Inc.	13,000		157,430
Schlumberger Ltd. (b)	6,600		251,196
Superior Well Services, Inc. (a)	10,000		57,500
			1,027,126
Food Products - 1.5%
Lance, Inc.	4,000		87,240
Nestle SA - ADR (b)	4,415		145,297
Peet's Coffee & Tea Inc. (a)	4,000		86,200
			318,737
Gold Ores - 0.1%
FNX Mining Co. Inc. (a)(b)	3,000		7,890
Teck Cominco Ltd.-Class B (b)	5,000		17,250
			25,140
Health Care Equipment & Supplies - 6.2%
Becton, Dickinson & Co.	2,100		129,969
C.R. Bard, Inc.	6,000		481,560
DENTSPLY International, Inc.	1,000		23,120
Illumina, Inc. (a)	10,000		313,300
Medtronic, Inc.	3,700		109,483
Zimmer Holdings, Inc. (a)	7,500		262,650
			1,320,082
Health Care Providers & Services - 1.0%
Fresenius Medical Care AG & Co. KGaA - ADR (b)	3,000		121,680
PSS World Medical, Inc. (a)	7,000		101,010
			222,690
Household Durables - 0.1%
Panasonic Corp. - ADR (b)	2,800		32,172

Household Products - 0.6%
Colgate-Palmolive Co.	2,000		120,360

Industrial Conglomerates - 0.4%
3M Co.	2,000		90,920

Internet & Catalog Retail - 0.3%
VistaPrint Ltd. (a)(b)	3,000		73,500

Internet Software & Services - 1.2%
Google Inc. (a)	750		253,493

IT Services - 2.9%
Accenture Ltd. - Class A (b)	8,000		233,520
Automatic Data Processing, Inc.	9,500		324,425
Infosys Technologies Ltd. - ADR (b)	2,500		60,500
			618,445
Machinery - 5.8%
Ampco-Pittsburgh Corp.	5,000		54,750
Bucyrus International, Inc. - Class A	4,000		49,680
CIRCOR International, Inc.	7,500		166,725
Illinois Tool Works, Inc.	7,000		194,600
Joy Global Inc.	3,500		61,110
Kaydon Corp.	7,000		175,000
L.B. Foster Co.- Class A (a)	5,000		106,850
The Manitowoc Co., Inc.	7,500		30,750
Parker Hannifin Corp.	6,000		200,220
Robbins & Myers, Inc.	8,500		137,105
Sun Hydraulics Corp.	4,500		59,670
			1,236,460
Management Services - 1.1%
Michael Baker Corp. (a)	7,200		230,472

Manufactured Homes - 0.3%
Skyline Corp.	4,600		73,416

Medicinal Chemicals And Botanical Products - 1.6%
Novo-Nordisk A/S - ADR (b)	7,300		353,466

Metals & Mining - 5.4%
Agnico-Eagle Mines Ltd. (b)	2,100		104,706
Brush Engineered Materials Inc. (a)	7,500		93,000
Haynes International, Inc. (a)	3,500		47,250
Kaiser Aluminum Corp.	5,000		110,200
Newmont Mining Corp.	5,500		228,965
Nucor Corp.	1,500		50,475
Randgold Resources Ltd. - ADR (b)	6,000		272,880
Schnitzer Steel Industries, Inc.	3,000		85,920
Sims Group Ltd. - ADR (b)	12,500		134,375
Universal Stainless & Alloy Products, Inc. (a)	3,500		35,700
			1,163,471
Office Electronics - 1.2%
CANON Inc. - ADR (b)	10,000		251,100

Oil & Gas - 8.3%
BG Group PLC - ADR (b)	2,500		179,060
Contango Oil & Gas Co. (a)	3,500		127,470
EOG Resources, Inc.	6,100		305,244
Imperial Oil Ltd. (b)	3,500		109,165
Occidental Petroleum Corp.	3,000		155,610
Royal Dutch Shell PLC - Class A - ADR (b)	7,400		325,378
StatoilHydro ASA - ADR (b)	20,300		338,198
Stone Energy Corp. (a)	1,980		7,841
Tesco Corp. (a)(b)	11,500		88,205
Total SA - ADR (b)	1,000		47,200
Ultra Petroleum Corp. (a)(b)	2,500		87,850
			1,771,221
Paper & Forest Products - 0.4%
Deltic Timber Corp.	2,500		78,250

Personal Products - 0.1%
Avon Products, Inc.	1,600		28,144

Pharmaceuticals - 4.5%
Abbott Laboratories	5,000		236,700
Alcon, Inc. (b)	1,200		98,832
Auxilium Pharmaceuticals Inc. (a)	3,500		96,145
Eli Lilly & Co.	4,500		132,210
Forest Laboratories, Inc. (a)	2,000		42,880
Genzyme Corp. (a)	1,000		60,930
Johnson & Johnson	6,000		300,000
			967,697
Road & Rail - 0.1%
Providence and Worcester Railroad Co.	2,000		21,820

Semiconductor & Semiconductor Equipment - 4.4%
Applied Materials, Inc.	8,300		76,443
Atheros Communications (a)	5,500		66,440
Broadcom Corp. - Class A (a)	3,800		62,510
Cree, Inc. (a)	15,500		304,420
Cymer, Inc. (a)	9,500		175,465
Cypress Semiconductor Corp. (a)	6,100		33,916
Intel Corp.	7,500		95,550
Rambus, Inc. (a)	14,000		119,840
			934,584
Software - 6.4%
Adobe Systems, Inc. (a)	9,000		150,300
Microsoft Corp.	18,900		305,235
Nintendo Co., Ltd - ADR (a)(b)	2,000		72,794
Salesforce.com, Inc. (a)	13,500		378,000
Synopsys, Inc. (a)	7,000		130,410
Teradata Corp. (a)	10,000		154,600
VMware Inc.- Class A (a)	8,400		174,384
			1,365,723
Specialty Retail - 4.5%
Bed Bath & Beyond, Inc. (a)	10,000		213,000
Best Buy Co., Inc.	12,000		345,840
Foot Locker, Inc.	3,200		26,592
O'Reilly Automotive, Inc. (a)	4,000		133,440
Staples, Inc.	15,100		240,845
			959,717
Textiles, Apparel & Luxury Goods - 1.1%
Nike, Inc. - Class B	5,700		236,721

Water Supply - 0.2%
Pure Cycle Corporation (a)	12,500		38,750

Wireless Telecommunication Services - 0.7%
China Mobile Ltd. - ADR (b)	2,500		108,375
NTT DoCoMo, Inc. - ADR (b)	2,500		38,425
			146,800

TOTAL COMMON STOCKS (Cost $36,736,303)			20,958,714

Total Investments (Cost $36,736,303) - 97.8%			20,958,714
Other Assets in Excess of Liabilities - 2.2%			468,048
TOTAL NET ASSETS - 100.0%		$	21,426,762


Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt
(a) - Non Income Producing
(b) - Foreign Issued Securities

The cost basis of investments for federal income tax purposes at February 28, 2009 was as follows*:

Cost of investments	$	36,736,303
Gross unrealized appreciation		448,502
Gross unrealized depreciation		(16,226,091	)
Net unrealized depreciation	$	(15,777,589	)

*Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous
fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s
most recent semi-annual or annual report.

Iman Fund

FAS 157 - Summary of Fair Value Exposure at February 28, 2009

In September 2006, the Financial Accounting Standards Board issued Standard No. 157, “Fair Value Measurements” (“FAS 157”) effective for fiscal years beginning after November 15, 2007. FAS 157 clarifies the definition of fair value for financial reporting


The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.


The following is a summary of the inputs used to value the Fund's (Portfolio's) net assets as of February 28, 2009:

Description	Investments in Securities		Other Financial Instruments
Level 1 - Quoted prices	$	20,958,714	$	-
Level 2 - Other significant observable inputs		-		-
Level 3 - Significant unobservable inputs		-		-
Total	$	20,958,714	$	-

* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, written options, forwards and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

(Admins. - modify the above sentence to remove instruments not applicable.)

Item 2. Controls and Procedures.

(a)

The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.

Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)). Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Allied Asset Advisors Funds

By /s/ Bassam Osman

Bassam Osman, President

Date 4/20/2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By /s/ Bassam Osman

Bassam Osman, President

Date 4/20/2009

By /s/ Mohammad Basheeruddin

Mohammad Basheeruddin, Treasurer

Date 4/20/2009

EX-99.CERT 2 certs.htm OFFICER CERTIFICATIONS certs.htm

CERTIFICATION

I, Bassam Osman, certify that:

1.	I have reviewed this report on Form N-Q of Allied Asset Advisors Funds;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)	Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation;

(d)

Disclosed in this report any change in the Registrant's internal control over financial reporting that occurred during the Registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5.	The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: 4/20/2009	/s/ Bassam Osman
	Bassam Osman, President

CERTIFICATION

I, Mohammad Bahseeruddin, certify that:

1.	I have reviewed this report on Form N-Q of Allied Asset Advisors Funds;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

(a)

(b)

(c)	Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation;

(d)

5.	The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: 4/20/2009	/s/ Mohammad Basheeruddin
	Mohammad Basheeruddin, Treasurer