# EDGAR Filing Document

**Accession Number:** 0001105877
**File Stem:** 0000898531-23-000056
**Filing Date:** 2023-2
**Character Count:** 62360
**Document Hash:** 1bdc240cbd53e806512acb0690247701
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898531-23-000056.hdr.sgml**: 20230206

**ACCESSION NUMBER**: 0000898531-23-000056

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230206

**DATE AS OF CHANGE**: 20230206

**EFFECTIVENESS DATE**: 20230206

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09821
- **FILM NUMBER:** 23589359

**BUSINESS ADDRESS:**
- **STREET 1:** 721 ENTERPRISE DRIVE
- **STREET 2:** SUITE 100
- **CITY:** OAK BROOK
- **STATE:** IL
- **ZIP:** 60523
- **BUSINESS PHONE:** 4147656029

**MAIL ADDRESS:**
- **STREET 1:** 721 ENTERPRISE DRIVE
- **STREET 2:** SUITE 100
- **CITY:** OAK BROOK
- **STATE:** IL
- **ZIP:** 60523

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AAA FUNDS
- **DATE OF NAME CHANGE:** 20000209

## Series and Classes Contracts Data

### Iman Fund (Series ID: S000005190)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000014168 | Iman Fund Class K | IMANX           |

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number **<u>811-09821</u>**

**<u>Allied Asset Advisors Funds</u>**<br> (Exact name of registrant as specified in charter)

#### 8925 South Kostner Avenue
**<u>Hometown, IL 60456</u>**<br> (Address of principal executive offices) (Zip code)

#### Bassam Osman

#### Allied Asset Advisors Funds

#### 8925 South Kostner Avenue
**Hometown, IL 60456**<br> (Name and address of agent for service)

(877) 417-6161

Registrant's telephone number, including area code

Date of fiscal year end: **May 31, 2022**

Date of reporting period: **November 30, 2022**

------

#### Item 1. Reports to Stockholders.

![](iman_fund-logo.jpg)

## Semi-Annual

## Report

## <br>

## November 30, 2022
(Unaudited)

Trading Symbol: IMANX

------

#### IMAN FUND
EXPENSE EXAMPLE

November 30, 2022 (Unaudited)

As a shareholder of the Iman Fund (the "Fund"), you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (6/1/2022 - 11/30/2022).

#### Actual Expenses
The first line of the table below provides information about actual account values and actual expenses. Although the Fund charges no sales load or transaction fees, you will be assessed fees for outgoing wire transfers, returned checks and stop payment orders at prevailing rates charged by U.S. Bancorp Fund Services, LLC, (doing business as U.S. Bank Global Fund Services), the Fund's transfer agent. If you request a redemption be made by wire transfer, currently a $15.00 fee is charged by the Fund's transfer agent. IRA accounts will be charged a $15.00 annual maintenance fee. The example below includes, but is not limited to, management fees, fund accounting, custody and transfer agent fees. However, the example below does not include portfolio trading commissions and related expenses, and other extraordinary expenses as determined under generally accepted accounting principles. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

#### Hypothetical Example for Comparison Purposes
The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. Please note that Iman Fund does not have any sales charge (loads), redemption fees, or exchange fees.

---

| | | | |
|:---|:---|:---|:---|
|  | **Beginning** | **Ending** | **Expenses Paid** |
|  | **Account Value** | **Account Value** | **During Period** |
|  | **<u>6/1/22</u>** | **<u>11/30/22</u>** | **<u>6/1/22 - 11/30/22\*</u>** |
| Actual | $1000.00 | $991.10 | $6.89 |
| Hypothetical (5% return before expenses) | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1018.15 | &nbsp;&nbsp;&nbsp;&nbsp;6.98 |

---

\* Expenses are equal to the Fund's annualized expense ratio of 1.38% multiplied by the average account value over the period multiplied by 183/365 (to reflect the one-half year period).

------

#### IMAN FUND
ALLOCATION OF PORTFOLIO ASSETS

(Calculated as a percentage of net assets)

November 30, 2022 (Unaudited)

![](if-barchart1.jpg)

![](if-barchart2.jpg)

------

Total Rate of Return

For the Period November 30, 2012 to November 30, 2022

(Unaudited)

![](if-linechart.jpg)

This chart assumes an initial investment of $10,000 made on November 30, 2012 and held through November 30, 2022.

**Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the recent month end may be obtained by visiting www.investaaa.com.**

Indices mentioned are unmanaged and used to measure stock markets. You cannot invest directly in an index.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six** | **One** | **Five** | **Ten** |
| **Average Annual Total Return as of November 30, 2022** | **Months\*\*** | **Year** | **Years** | **Years** |
| Iman Fund | -0.89% | -23.12% | 5.76% | 10.70% |
| Dow Jones Islamic Market World Index\* | -2.76% | -17.84% | 8.54% | &nbsp;&nbsp;&nbsp;&nbsp;9.97% |

---

\* The Dow Jones Islamic Market World Index is a compilation of various country-level benchmark indexes considered by Dow Jones to be in compliance with Islamic principles. The index provides a definitive standard for measuring stock market performance for Islamic investors on a global basis, in accordance with Dow Jones Indexes' established index methodology.

\*\* Not Annualized.

The Fund's gross expense ratio, per the Fund's prospectus dated September 30, 2022 was 1.28%.

------

SCHEDULE OF INVESTMENTS

November 30, 2022 (Unaudited)

(Classifications are based on the North American Industry Classification System)

---

| | | |
|:---|:---|:---|
| **Number of** |  | |
| **Shares** |  | **Value** |
| **COMMON STOCKS - 99.1%** | **COMMON STOCKS - 99.1%** | |
| | **AGRICULTURE, CONSTRUCTION AND** | |
| | **&nbsp;&nbsp;&nbsp;&nbsp;MINING MACHINERY MANUFACTURING - 0.9%** | |
| 10900 | The Toro Co. | $1209791 |
|  | **APPAREL ACCESSORIES AND OTHER APPAREL MANUFACTURING - 0.2%** |  |
| 805 | Deckers Outdoor Corp. (a) | 321098 |
|  | **ARCHITECTURAL, ENGINEERING, AND RELATED SERVICES - 0.7%** |  |
| 9700 | Exponent, Inc. | 1003077 |
|  | **AUDIO AND VIDEO EQUIPMENT MANUFACTURING - 1.8%** |  |
| 32000 | Dolby Laboratories, Inc. - Class A | 2395840 |
|  | **BASIC CHEMICAL MANUFACTURING - 1.0%** |  |
| 4075 | Linde PLC (b) | 1371156 |
|  | **BUSINESS SUPPORT SERVICES - 0.2%** |  |
| 1859 | NV5 Global, Inc. (a) | 268644 |
|  | **CLOTHING STORES - 2.7%** |  |
| 77900 | Figs, Inc. - Class A (a) | 609957 |
| 22450 | Ross Stores, Inc. | 2641692 |
| 5900 | The TJX Companies, Inc. | 472295 |
|  |  | 3723944 |
|  | **COMMUNICATIONS EQUIPMENT MANUFACTURING - 8.6%** |  |
| 28300 | ADTRAN Holdings, Inc. | 573641 |
| 65370 | Apple, Inc. | 9676721 |
| 11900 | QUALCOMM, Inc. | 1505231 |
|  |  | 11755593 |
|  | **COMPUTER AND PERIPHERAL EQUIPMENT MANUFACTURING - 1.8%** |  |
| 49500 | Cisco Systems, Inc. | 2461140 |
|  | **COMPUTER SYSTEMS DESIGN AND RELATED SERVICES - 0.7%** |  |
| 5100 | Cognizant Technology Solutions Corp. - Class A | 317271 |
| 705 | EPAM Systems, Inc. (a) | 259849 |
| 755 | ServiceNow, Inc. (a) | 314306 |
|  |  | 891426 |
|  | **CUT AND SEW APPAREL MANUFACTURING - 1.0%** |  |
| 925 | Cintas Corp. | 427146 |
| 2335 | Lululemon Athletica, Inc. (a) | 888024 |
|  |  | 1315170 |
|  | **DATA PROCESSING, HOSTING, AND RELATED SERVICES - 0.7%** |  |
| 2055 | Automatic Data Processing, Inc. | 542808 |
| 23704 | Ooma, Inc. (a) | 373338 |
|  |  | 916146 |
|  | **DRUGS AND DRUGGISTS' SUNDRIES MERCHANT WHOLESALERS - 0.3%** |  |
| 10000 | Roche Holdings Ltd. - ADR (b) | 409200 |
|  | **ELECTRICAL EQUIPMENT MANUFACTURING - 0.7%** |  |
| 11255 | Franklin Electric Co., Inc. | 937542 |
|  | **ELECTRONIC SHOPPING AND MAIL-ORDER HOUSES - 0.5%** |  |
| 11853 | JD.com, Inc. - ADR (b) | 677755 |

---

The accompanying notes are an integral part of these financial statements.

------

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022 (Unaudited)

(Classifications are based on the North American Industry Classification System)

---

| | | |
|:---|:---|:---|
| **Number of** |  | |
| **Shares** |  | **Value** |
| **COMMON STOCKS - 99.1% (Continued)** | **COMMON STOCKS - 99.1% (Continued)** | |
| | **EMPLOYMENT SERVICES - 0.2%** | |
| 5500 | Kforce, Inc. | $324885 |
|  | **FOOTWEAR MANUFACTURING - 0.5%** |  |
| 6290 | NIKE, Inc. - Class B | 689950 |
|  | **FREIGHT TRANSPORTATION ARRANGEMENT - 0.8%** |  |
| 3400 | Expeditors International of Washington, Inc. | 394604 |
| 3780 | JB Hunt Transport Services, Inc. | 695104 |
|  |  | 1089708 |
|  | **GASOLINE STATIONS - 3.6%** |  |
| 24200 | Chevron Corp. | 4436102 |
| 18700 | Magnolia Oil & Gas Corp. - Class A | 487696 |
|  |  | 4923798 |
|  | **GENERAL FREIGHT TRUCKING - 1.4%** |  |
| 6370 | Old Dominion Freight Line, Inc. | 1927626 |
|  | **INDUSTRIAL MACHINERY MANUFACTURING - 3.3%** |  |
| 3700 | Applied Materials, Inc. | 405520 |
| 4485 | ASML Holding NV (b) | 2727418 |
| 16400 | Axcelis Technologies, Inc. (a) | 1309704 |
|  |  | 4442642 |
|  | **LESSORS OF REAL ESTATE - 2.0%** |  |
| 9100 | Public Storage | 2711436 |
|  | **MANAGEMENT OF COMPANIES AND ENTERPRISES - 2.1%** |  |
| 12905 | Abbott Laboratories | 1388320 |
| 6238 | Grupo Aeroportuario del Sureste SAB de CV - ADR (b) | 1542595 |
|  |  | 2930915 |
|  | **MEDICAL EQUIPMENT AND SUPPLIES MANUFACTURING - 5.3%** |  |
| 30900 | AngioDynamics, Inc. (a) | 400155 |
| 69200 | Cerus Corp. (a) | 276800 |
| 3900 | Edwards Lifesciences Corp. (a) | 301275 |
| 21500 | Globus Medical, Inc. - Class A (a) | 1588635 |
| 1480 | Intuitive Surgical, Inc. (a) | 400177 |
| 21990 | Johnson & Johnson | 3914220 |
| 4500 | Merit Medical Systems, Inc. (a) | 324000 |
|  |  | 7205262 |
|  | **METAL ORE MINING - 2.2%** |  |
| 58000 | Alamos Gold, Inc. - Class A (b) | 562600 |
| 10575 | Franco-Nevada Corp. (b) | 1545219 |
| 24665 | Wheaton Precious Metals Corp. (b) | 962675 |
|  |  | 3070494 |
|  | **METALWORKING MACHINERY MANUFACTURING - 0.2%** |  |
| 2000 | Lincoln Electric Holdings, Inc. | 295760 |
|  | **MISCELLANEOUS DURABLE GOODS MERCHANT WHOLESALERS - 0.8%** |  |
| 3335 | Pool Corp. | 1098582 |

---

The accompanying notes are an integral part of these financial statements.

------

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022 (Unaudited)

(Classifications are based on the North American Industry Classification System)

---

| | | |
|:---|:---|:---|
| **Number of** |  | |
| **Shares** |  | **Value** |
| **COMMON STOCKS - 99.1% (Continued)** | **COMMON STOCKS - 99.1% (Continued)** | |
| | **MOTOR VEHICLE AND MOTOR VEHICLE PARTS AND** | |
| | **&nbsp;&nbsp;&nbsp;&nbsp;SUPPLIES MERCHANT WHOLESALERS - 0.2%** | |
| 4840 | Copart, Inc. (a) | $322150 |
|  | **MOTOR VEHICLE MANUFACTURING - 1.3%** |  |
| 8745 | Tesla, Inc. (a) | 1702652 |
|  | **NAVIGATIONAL, MEASURING, ELECTROMEDICAL, AND** |  |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;CONTROL INSTRUMENTS MANUFACTURING - 3.7%** |  |
| 4920 | Danaher Corp. | 1345177 |
| 4965 | IDEXX Laboratories, Inc. (a) | 2114445 |
| 25400 | MaxLinear, Inc. (a) | 929640 |
| 2640 | Teradyne, Inc. | 246708 |
| 5230 | Transcat, Inc. (a) | 418557 |
|  |  | 5054527 |
|  | **OFFICE ADMINISTRATIVE SERVICES - 0.6%** |  |
| 5153 | CorVel Corp. (a) | 788254 |
|  | **OIL AND GAS EXTRACTION - 0.9%** |  |
| 6600 | EOG Resources, Inc. | 936738 |
| 1265 | Pioneer Natural Resources Co. | 298527 |
|  |  | 1235265 |
|  | **OTHER FINANCIAL INVESTMENT ACTIVITIES - 2.4%** |  |
| 3150 | Chemed Corp. | 1638000 |
| 13725 | Innovative Industrial Properties, Inc. | 1663607 |
|  |  | 3301607 |
|  | **OTHER FOOD MANUFACTURING - 0.2%** |  |
| 1870 | J&J Snack Foods Corp. | 306717 |
|  | **OTHER GENERAL PURPOSE MACHINERY MANUFACTURING - 2.6%** |  |
| 1650 | Mettler-Toledo International, Inc. (a) | 2424774 |
| 4455 | Nordson Corp. | 1053563 |
|  |  | 3478337 |
|  | **OTHER INFORMATION SERVICES - 2.7%** |  |
| 18400 | CoStar Group, Inc. (a) | 1491136 |
| 18665 | Meta Platforms, Inc. - Class A (a) | 2204337 |
|  |  | 3695473 |
|  | **OTHER PROFESSIONAL, SCIENTIFIC, AND TECHNICAL SERVICES - 0.4%** |  |
| 15128 | Forrester Research, Inc. (a) | 532203 |
|  | **OTHER TELECOMMUNICATIONS - 0.6%** |  |
| 3300 | ResMed, Inc. | 759660 |
|  | **OTHER WOOD PRODUCT MANUFACTURING - 0.3%** |  |
| 9100 | Skyline Champion Corp. (a) | 473109 |
|  | **PESTICIDE, FERTILIZER, AND OTHER AGRICULTURAL** |  |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;CHEMICAL MANUFACTURING - 0.2%** |  |
| 2440 | SiteOne Landscape Supply, Inc. (a) | 306293 |
|  | **PETROLEUM AND COAL PRODUCTS MANUFACTURING - 3.0%** |  |
| 37100 | Exxon Mobil Corp. | 4130714 |

---

The accompanying notes are an integral part of these financial statements.

------

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022 (Unaudited)

(Classifications are based on the North American Industry Classification System)

---

| | | |
|:---|:---|:---|
| **Number of** |  | |
| **Shares** |  | **Value** |
| **COMMON STOCKS - 99.1% (Continued)** | **COMMON STOCKS - 99.1% (Continued)** | |
| | **PHARMACEUTICAL AND MEDICINE MANUFACTURING - 5.9%** | |
| 9400 | Amphastar Pharmaceuticals, Inc. (a) | $277206 |
| 3560 | Eli Lilly & Co. | 1321045 |
| 3800 | Lantheus Holdings, Inc. (a) | 235904 |
| 4600 | Moderna, Inc. (a) | 809186 |
| 13455 | Novo Nordisk A/S - ADR (b) | 1676493 |
| 2125 | Regeneron Pharmaceuticals, Inc. (a) | 1597362 |
| 1790 | Vertex Pharmaceuticals, Inc. (a) | 566356 |
| 6360 | West Pharmaceutical Services, Inc. | 1492438 |
|  |  | 7975990 |
|  | **RESTAURANTS AND OTHER EATING PLACES - 0.4%** |  |
| 365 | Chipotle Mexican Grill, Inc. (a) | 593840 |
|  | **SAWMILLS AND WOOD PRESERVATION - 0.2%** |  |
| 3720 | UFP Industries, Inc. | 304519 |
|  | **SEMICONDUCTOR AND OTHER ELECTRONIC** |  |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;COMPONENT MANUFACTURING - 12.1%** |  |
| 8900 | Advanced Micro Devices, Inc. (a) | 690907 |
| 42315 | Alphabet, Inc. - Class A (a) | 4273392 |
| 12865 | Alphabet, Inc. - Class C (a) | 1305154 |
| 4350 | Analog Devices, Inc. | 747809 |
| 3885 | Diodes, Inc. (a) | 358314 |
| 13700 | Formfactor, Inc. (a) | 316059 |
| 1240 | Lam Research Corp. | 585751 |
| 10835 | Micron Technology, Inc. | 624638 |
| 8970 | NVIDIA Corp. | 1517993 |
| 52800 | Taiwan Semiconductor Manufacturing Co. - ADR (b) | 4381344 |
| 5315 | Texas Instruments, Inc. | 959145 |
| 14000 | Vicor Corp. (a) | 755860 |
|  |  | 16516366 |
|  | **SERVICES TO BUILDINGS AND DWELLINGS - 0.2%** |  |
| 7300 | Rollins, Inc. | 295212 |
|  | **SOAP, CLEANING COMPOUND, AND TOILET** |  |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;PREPARATION MANUFACTURING - 2.9%** |  |
| 12200 | Inter Parfums, Inc. | 1162538 |
| 780 | The Estee Lauder Cos., Inc. - Class A | 183916 |
| 16980 | The Procter & Gamble Co. | 2532737 |
|  |  | 3879191 |
|  | **SOFTWARE PUBLISHERS - 10.4%** |  |
| 2230 | Adobe, Inc. (a) | 769194 |
| 2300 | ANSYS, Inc. (a) | 584890 |
| 8200 | Cadence Design Systems, Inc. (a) | 1410728 |
| 950 | Intuit, Inc. | 387211 |
| 4600 | Manhattan Associates, Inc. (a) | 579324 |
| 31210 | Microsoft Corp. | 7962919 |
| 6490 | Salesforce, Inc. (a) | 1040023 |
| 10550 | Shopify, Inc. - Class A (a)(b) | 431284 |

---

The accompanying notes are an integral part of these financial statements.

------

SCHEDULE OF INVESTMENTS (Continued)

November 30, 2022 (Unaudited)

(Classifications are based on the North American Industry Classification System)

---

| | | |
|:---|:---|:---|
| **Number of** |  | |
| **Shares** |  | **Value** |
| **COMMON STOCKS - 99.1% (Continued)** | **COMMON STOCKS - 99.1% (Continued)** | |
| | **SOFTWARE PUBLISHERS - 10.4% (Continued)** | |
| 6400 | The Descartes Systems Group, Inc. (a)(b) | $444480 |
| 1660 | Tyler Technologies, Inc. (a) | 568948 |
|  |  | 14179001 |
|  | **SUPPORT ACTIVITIES FOR CROP PRODUCTION - 0.6%** |  |
| 12800 | Corteva, Inc. | 859648 |
|  | **SUPPORT ACTIVITIES FOR MINING - 2.0%** |  |
| 27100 | BHP Group Ltd. - ADR (b) | 1701880 |
| 8400 | Rio Tinto PLC - ADR (b) | 576576 |
| 30500 | SSR Mining, Inc. (b) | 462380 |
|  |  | 2740836 |
|  | **WAREHOUSING AND STORAGE - 1.1%** |  |
| 8945 | Landstar System, Inc. | 1547306 |
|  | TOTAL COMMON STOCKS (Cost $127,088,094) | 135347450 |
|  | Total Investments (Cost $127,088,094) - 99.1% | 135347450 |
|  | Other Assets in Excess of Liabilities - 0.9% | 1182367 |
|  | **TOTAL NET ASSETS - 100.0%** | $136529817 |

---

Percentages are stated as a percent of net assets.

PLC – Public Limited Company

ADR – American Depositary Receipt

(a) Non Income Producing

(b) Foreign Issued Securities

The accompanying notes are an integral part of these financial statements.

------

STATEMENT OF ASSETS AND LIABILITIES

November 30, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Assets:** | |
| Investments, at value (cost $127,088,094) | $135347450 |
| Cash | 1274909 |
| Receivable for capital shares sold | 11822 |
| Dividends receivable | 175821 |
| Other assets | 19026 |
| &nbsp;&nbsp;&nbsp; **Total Assets** | 136829028 |
| **Liabilities:** |  |
| Payable to Adviser (Note 3) | 105391 |
| Payable for capital shares redeemed | 5002 |
| Payable for professional fees | 23141 |
| Payable for Trustee fees | 9784 |
| Accrued fund administration & fund accounting expense | 93040 |
| Accrued expenses and other liabilities | 62853 |
| &nbsp;&nbsp;&nbsp; **Total Liabilities** | 299211 |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $136529817 |
| **Net assets consist of:** |  |
| Paid-in capital | $142407558 |
| Total distributable earnings (loss) | (5877741) |
| &nbsp;&nbsp;&nbsp; **Net Assets** | $136529817 |
| Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 12285057 |
| &nbsp;&nbsp;&nbsp; **Net asset value, redemption price and offering price per share** | $11.11 |

---

The accompanying notes are an integral part of these financial statements.

------

STATEMENT OF OPERATIONS

For the Six Months Ended November 30, 2022 (Unaudited)

---

| | |
|:---|:---|
| **Investment income:** | |
| Dividend income (Net of foreign withholding tax of $11,332) | $572949 |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 572949 |
| **Expenses:** |  |
| Advisory fees (Note 3) | 656479 |
| Administration fees | 84852 |
| Transfer agent fees and expenses | 63600 |
| Legal fees | 25410 |
| Fund accounting fees | 23892 |
| Federal and state registration fees | 19578 |
| Trustees' fees and related expenses | 9699 |
| Custody fees | 8991 |
| Audit fees | 7251 |
| Reports to shareholders | 3516 |
| Other expenses | 981 |
| &nbsp;&nbsp;&nbsp; **Total expenses** | 904249 |
| **Net investment loss** | (331300) |
| **Realized and unrealized gain (loss) on investments:** |  |
| Net realized loss from security transactions | (14966064) |
| Change in net unrealized appreciation on investments | 13962418 |
| **Realized and unrealized loss on investments** | (1003646) |
| **Net decrease in net assets from operations** | $(1334946) |

---

The accompanying notes are an integral part of these financial statements.

------

STATEMENTS OF CHANGES IN NET ASSETS

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** | |
|  | **November 30, 2022** | **Year Ended** |
|  | (Unaudited) | **May 31, 2022** |
| **From operations:** |  |  |
| Net investment loss | $(331300) | $(1252403) |
| Net realized gain(loss) on investments | (14966064) | 4662832 |
| Change in net unrealized appreciation (depreciation) on investments | 13962418 | (27320565) |
| &nbsp;&nbsp;&nbsp; **Net decrease in net assets from operations** | (1334946) | (23910136) |
| **Net decrease in net assets resulting from distributions paid** |  | (30515760) |
| **From capital share transactions:** |  |  |
| Proceeds from sale of shares | 2684637 | 21707521 |
| Net asset value of shares issued in reinvestment of distributions to shareholders |  | 30357760 |
| Payments for shares redeemed | (4484689) | (12612281) |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital share transactions** | (1800052) | 39453000 |
| **Total decrease in net assets** | (3134998) | (14972896) |
| **Net assets:** |  |  |
| Beginning of period | 139664815 | 154637711 |
| End of period | $136529817 | $139664815 |

---

The accompanying notes are an integral part of these financial statements.

------

FINANCIAL HIGHLIGHTS

Per Share Data for a Share Outstanding Throughout Each Period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months** | | | | | |
|  | **Ended** | | | | | |
|  | **November 30,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | **2022** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** |
|  | (Unaudited) | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Net asset value, beginning of period** | $11.21 | $15.73 | $11.63 | $12.76 | $13.96 | $12.72 |
| **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(1)</sup> | (0.03) | (0.10) | (0.13) | (0.05) | (0.06) | (0.05) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;gain (loss) on investments | (0.07) | (1.41) | 4.65 | 0.56 | 0.21 | 2.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | (0.10) | (1.51) | 4.52 | 0.51 | 0.15 | 2.39 |
| **Less distributions paid:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From net investment income |  |  |  |  |  | (0.04) |
| &nbsp;&nbsp;&nbsp; From net realized gain on investments |  | (3.01) | (0.42) | (1.64) | (1.35) | (1.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions paid |  | (3.01) | (0.42) | (1.64) | (1.35) | (1.15) |
| **Net asset value, end of period** | $11.11 | $11.21 | $15.73 | $11.63 | $12.76 | $13.96 |
| Total return | (0.89)%<sup>(2)</sup> | (14.19)% | 38.85% | 2.50% | 2.72% | 19.25% |
| Net assets at end of period (000's) | $136530 | $139665 | $154638 | $115345 | $114861 | $108886 |
| Ratio of expenses to average net assets | 1.38%<sup>(3)</sup> | 1.28% | 1.29% | 1.33% | 1.34% | 1.33% |
| Ratio of net investment income (loss) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;to average net assets | (0.50)%<sup>(3)</sup> | (0.77)% | (0.93)% | (0.40)% | (0.48)% | (0.39)% |
| Portfolio turnover rate | 56.83%<sup>(2)</sup> | 114.5% | 106.6% | 95.4% | 89.4% | 71.6% |

---

(1) Net investment income (loss) per share is calculated using ending balances prior to consideration of adjustments for permanent book to tax differences.

(2) Not Annualized.

(3) Annualized.

The accompanying notes are an integral part of these financial statements.

------

NOTES TO THE FINANCIAL STATEMENTS

November 30, 2022 (Unaudited)

**1. Organization**

Allied Asset Advisors Funds (the "Trust"), an open-end management investment company, was organized as a Delaware statutory trust on January 14, 2000. The Trust currently offers one series of shares to investors, the Iman Fund (the "Fund"), a diversified series of the Trust. Allied Asset Advisors, Inc. (the "Adviser"), a Delaware corporation, serves as investment adviser to the Fund.

The Trust is authorized to issue an unlimited number of shares without par value, of each series. The Trust currently offers one class of shares of the Fund.

The investment objective of the Fund is to seek growth of capital while adhering to Islamic principles. To achieve its investment objective, the Fund seeks investments that meet Islamic principles whose prices the Fund's Adviser anticipates will increase over the long term. Under normal circumstances, the Fund invests its net assets in domestic and foreign securities chosen by the Adviser in accordance with Islamic principles. Islamic principles generally preclude investments in certain businesses (e.g., alcohol, pornography and gambling) and investments in interest bearing debt obligations. Any uninvested cash will be held in non-interest bearing deposits or invested in a manner following Islamic principles.

The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies.*

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").

**Use of Estimates:** In preparing the financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

**Security Valuation:** Investment securities are carried at fair value determined using the following valuation methods:

• Equity securities listed on a U.S. securities exchange or NASDAQ for which market quotations are readily available are valued at the last quoted sale price on the valuation date.

• Options, futures, unlisted U.S. securities and listed U.S. securities not traded on the valuation date for which market quotations are readily available are valued at the most recent quoted bid price. The Fund did
 not hold any such securities during the period ended November 30, 2022.

• Securities or other assets for which market quotations are not readily available are valued at fair value as determined in good faith by the Adviser under direction of the Board of Trustees. The Fund did not hold
 any such securities during the period ended November 30, 2022.

The Fund has adopted fair valuation accounting standards which establish an authoritative definition of fair value and a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes.

#### Summary of Fair Value Exposure at November 30, 2022
The Trust has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination. 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 - | Unadjusted quoted prices in active markets for identical securities the Fund has the ability to access. |
| Level 2 - | Other significant observable inputs (including quoted prices for similar securities in active markets, quoted prices for identical or similar instruments in markets that are not active, model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, 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) |

---

------

#### IMAN FUND
NOTES TO THE FINANCIAL STATEMENTS (Continued)

November 30, 2022 (Unaudited)

Inputs that are used in determining a fair value of an investment may include price information, credit data, volatility statistics and other factors. These inputs can be either observable or unobservable. The availability of observable inputs can vary between investments and is affected by various factors such as the type of investment or similar investments in the marketplace. The inputs will be considered by the Adviser, along with any other relevant factors in the calculation of an investment's fair value. The Fund uses prices and inputs that are current as of the measurement date, which may include periods of market dislocations. During these periods, the availability of prices and inputs may be reduced for many investments. This condition could cause an investment to be reclassified between the various levels within the hierarchy.

Investments falling into the Level 3 category are primarily supported by quoted prices from brokers and dealers participating in the market for those investments. However, these may be classified as Level 3 investments due to lack of market transparency and corroboration to support these quoted prices. Additionally, valuation models may be used as the pricing source for any remaining investments classified as Level 3. These models rely on one or more significant unobservable inputs and/or significant assumptions by the Adviser. Inputs used in valuations may include, but are not limited to, financial statement analysis, capital account balances, discount rates and estimated cash flows, and comparable company data.

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 investments as of November 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $135347450 | $— | $— | $135347450 |
| &nbsp;&nbsp;&nbsp; Total\* | $135347450 | $— | $— | $135347450 |

---

\* Additional information regarding the industry and/or geographical classification of these investments is disclosed in the Schedule of Investments.

The Fund did not hold any investments during the period ended November 30, 2022 with significant unobservable inputs which would be classified as Level 3. The Fund did not hold any derivative instruments during the reporting period.

**Foreign Securities:** Investing in securities of foreign companies and foreign governments involves special risks and consideration not typically associated with investing in U.S. companies and the U.S. government. These risks include revaluation of currencies and future adverse political and economic developments. Moreover, securities of many foreign companies and foreign governments and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. companies and the U.S. government. The Fund does not invest in securities of U.S. or foreign governments.

**Federal Income Taxes:** It is the Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies, and the Fund intends to distribute all of its taxable income and net capital gains to shareholders. Therefore, no federal income tax provision is required.

As of and during the year ended May 31, 2022, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as other expenses in the Statement of Operations. During the year, the Fund did not incur any interest or penalties. The statute of limitations on the Fund's tax returns remains open for the years ended May 31, 2019 through May 31, 2022.

As of May 31, 2022, the tax cost of investments and the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

---

| | |
|:---|:---|
| Cost of investments | $144464726 |
| Gross tax unrealized appreciation | $11016242 |
| Gross tax unrealized depreciation | (16953938) |
| Net tax unrealized depreciation | (5937696) |
| Undistributed ordinary income |  |
| Undistributed long-term capital gains | 1816320 |
| Other accumulated losses | (421419) |
| Total accumulated losses | $(4542795) |

---

The difference between book basis and tax basis unrealized appreciation is attributable primarily to the tax deferral of losses relating to wash sale transactions.

------

NOTES TO THE FINANCIAL STATEMENTS (Continued)

November 30, 2022 (Unaudited)

A regulated investment company may elect for any taxable year to treat any portion of any qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital and ordinary losses which occur during the portion of the Fund's taxable year subsequent to October 31 and December 31, respectively. For the taxable year ended May 31, 2022, the Fund deferred, on a tax basis, ordinary late year losses of $421,236, and did not defer any post-October capital losses.

**Distributions to Shareholders:** The Fund will distribute substantially all of the net investment income and net realized gains that it has realized on the sale of securities. These income and gains distributions will generally be paid once each year, on or before December 31. The character of distributions made during the year from net investment income or net realized gains may differ from the characterization for federal income tax purposes due to differences in the recognition of income, expense or gain items for financial reporting and tax reporting purposes.

The tax character of distributions paid were as follows:

---

| | |
|:---|:---|
|  | **Year Ended** |
|  | **<u>May 31, 2022</u>** |
| Ordinary income | $10093075 |
| Long-term capital gains | $20422685 |

---

Dividend income and distributions to shareholders are recorded on the ex-dividend date. The Fund may periodically make reclassifications among certain of its capital accounts to reflect the tax character of permanent book to tax differences related to the components of the Fund's net assets. These reclassifications have no impact on the net assets or net asset value of the Fund.

For the fiscal year ended May 31, 2022, total distributable earnings was increased by $831,167 and paid-in capital was decreased by $831,167 resulting from such reclassification. This reclassification was due to net operating losses.

**Other:** Investment transactions and shareholder transactions are accounted for on the trade date. Net realized gains and losses on securities are computed on the basis of specific security lot identification. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments and currency gains or losses realized between the trade and settlement dates on securities transactions from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

The Fund reports net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign currency transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

**Subsequent Events:** In preparing these financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. For the period noted above, there were no such events or transactions.

**COVID-19:** The global outbreak of coronavirus disease 2019 ("COVID-19") has disrupted global economic markets and adversely affected individual companies and investment products. The prolonged economic impact of COVID-19 is uncertain. The operational and financial performance of the issuers of securities in which the Fund invests depends on future developments, including the duration and spread of the outbreak, and such uncertainty may in turn impact the value of the Fund's investments.

**3. Investment Advisory and Other Agreements**

The Trust has an Investment Advisory Agreement (the "Agreement") with the Adviser, with whom certain officers and a Trustee of the Trust are affiliated, to furnish investment advisory services to the Fund. Under the terms of the Agreement, the Trust, on behalf of the Fund, compensates the Adviser for its management services at the annual rate of 1.00% of the Fund's daily average net assets.

For the six months ended November 30, 2022, the Fund had advisory expenses of $656,479 and as of November 30, 2022, the Fund had $105,391 payable to the Adviser.

The Trust has a distribution agreement and a servicing agreement with Quasar Distributors, LLC (the "Distributor"), a subsidiary of Foreside Financial Group, LLC. Fees for such distribution services are paid to the Distributor by the Adviser.

------

NOTES TO THE FINANCIAL STATEMENTS (Continued)

November 30, 2022 (Unaudited)

**4. Capital Share Transactions**

Capital share transactions of the Fund for the period ended November 30, 2022, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount** | **Shares** |
| Shares sold | $2684637 | 251599 |
| Shares reinvested |  |  |
| Shares redeemed | (4484689) | (420800) |
| Net increase | $(1800052) | (169201) |
| **Shares Outstanding** |  |  |
| Beginning of period |  | 12454258 |
| End of period |  | 12285057 |

---

Capital share transactions of the Fund for the year ended May 31, 2022, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount** | **Shares** |
| Shares sold | $21707521 | 1441571 |
| Shares reinvested | 30357760 | 2056759 |
| Shares redeemed | (12612281) | (872858) |
| Net increase | $39453000 | 2625472 |
| **Shares Outstanding** |  |  |
| Beginning of year |  | 9828786 |
| End of year |  | 12454258 |

---

**5. Securities Transactions**

During the period ended November 30, 2022, the cost of purchases and proceeds from sales of investment securities, other than short-term investments, were $74,043,158 and $76,218,971, respectively. There were no purchases or sales of U.S. government securities for the Fund.

**6. Beneficial Ownership**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the Investment Company Act of 1940 ("1940 Act"). As of November 30, 2022, the North American Islamic Trust ("NAIT") held 46.14% of the Fund. NAIT is the parent company of the Adviser.

------

SUPPLEMENTAL INFORMATION (Unaudited)

Information pertaining to the Trustees and Officers of the Fund is set forth below. Each trustee will serve until the termination of the Trust or his earlier death, resignation, retirement, incapacity or removal. The statement of additional information (SAI) includes additional information about the Trustees and is available without charge, upon request by calling (877) 417-6161 or writing to Iman Fund, c/o Allied Asset Advisors, Inc., 8925 South Kostner Avenue, Hometown, IL 60456.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | **Other** |
|  | **Position/Term** |  |  | **Directorships** |
|  | **of Office and** |  |  | **Held by Trustee** |
|  **Name, Year of** | **Length of Time** | **Principal Occupations** | **No. of Funds** | **During the Past** |
|  **Birth and Address** | **Served Complex** | **During the Past Five Years** | **in Overseen** | **Five Years** |
|  **Independent Trustees** |  |  |  |  |
|  Abdalla Idris Ali | Independent Trustee, | 2017 to present – Senior Community and | 1 |  |
|  Year of birth: 1949 | indefinite term, | Religious Advisor of "ISNA Canada" |  |  |
|  8925 S. Kostner Avenue | since 2000 | 2011 to 2017 – Secretary General |  |  |
|  Hometown, IL 60456 |  | of "ISNA Canada." |  |  |
|  Mohammed Kaiseruddin | Independent Trustee, | Retired. 1973 to 2017 – | 1 |  |
|  Year of birth: 1944 | indefinite term, | Nuclear Engineer, |  |  |
|  8925 S. Kostner Avenue | since 2000; | Sargent & Lundy. |  |  |
|  Hometown, IL 60456 | Chairperson since 2006 |  |  |  |
|  Muhammad M. Kudaimi | Independent Trustee, | 1988 to present – | 1 |  |
|  Year of birth: 1956 | indefinite term, | Medical Doctor. |  |  |
|  8925 S. Kostner Avenue | since 2009 |  |  |  |
|  Hometown, IL 60456 |  |  |  |  |
|  **Interested Trustee** |  |  |  |  |
|  Bassam Osman<sup>(1)(2)</sup> | Trustee, | 1980 to present – Medical Doctor; | 1 |  |
|  Year of birth: 1950 | indefinite term, | 2000 to present – Portfolio |  |  |
|  8925 S. Kostner Avenue | since 2000 | Manager to the Fund. |  |  |
|  Hometown, IL 60456 |  |  |  |  |
|  **Officers** |  |  |  |  |
|  Bassam Osman<sup>(1)(2)</sup> | President | (See Above.) | 1 | N/A |
|  Year of birth: 1950 | since 2000 |  |  |  |
|  8925 S. Kostner Avenue |  |  |  |  |
|  Hometown, IL 60456 |  |  |  |  |
|  Mohamad Nasir | Interim Chief | General Manager of Allied | 1 | N/A |
|  Year of birth: 1966 | Compliance Officer | Asset Advisors since May, 2011. |  |  |
|  8925 S. Kostner Avenue | and Secretary |  |  |  |
|  Hometown, IL 60456 | since 2022 |  |  |  |
|  Salah Obeidallah | Treasurer | Executive Director of NAIT | 1 | N/A |
|  Year of birth: 1956 | since 2022 | since March, 2015; |  |  |
|  8925 S. Kostner Avenue |  | President of Allied Asset |  |  |
|  Hometown, IL 60456 |  | Advisors since June, 2015; |  |  |

---

<sup>(1)</sup> This Trustee is deemed to be an "interested person" of the Trust as that term is defined in Section 2(a)(19) of the 1940 Act because of his affiliation with the Adviser. <br> <sup>(2)</sup> Dr. Osman serves on the Board of Trustees of NAIT, which is an affiliate of the Fund.

------

ADDITIONAL INFORMATION

November 30, 2022 (Unaudited)

#### Proxy Voting Policies and Procedures (Unaudited)
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (877) 417-6161 or by accessing the Fund's website at http://www.investaaa.com. Furthermore, you can obtain the description on the SEC's website at http://www.sec.gov.

#### Proxy Voting Record (Unaudited)
Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling (877) 417-6161. Furthermore, you can obtain the Fund's proxy voting records on the SEC's website at http://www.sec.gov.

#### Availability of Quarterly Portfolio Schedule (Unaudited)
The Fund will file its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. The Fund's Part F of Form N-PORT will be available on the EDGAR database on the SEC's website at www.sec.gov. These Forms may also be reviewed and copied at the SEC's Public Reference Room in Washington D.C. Information about the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

#### PRIVACY POLICY
In the course of servicing your account, we collect the following nonpublic personal information about you:

• Information we receive from you on or in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security number, assets, income and
 date of birth; and

• Information about your transactions with us, our affiliates, or others, including, but not limited to, your account number and balance, parties to transactions, cost basis information, and other financial
 information.

• Information collected from our website (including from the use of "cookies").

#### <br>
**We do not disclose any nonpublic personal information about our current or former shareholders to nonaffiliated third parties, except as permitted by law. For example, we are permitted by law to disclose all of the information we collect, as described above, to our transfer agent to process your transactions. Furthermore, we restrict access to your nonpublic personal information to those persons who require such information to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with industry standards to guard your nonpublic personal information.**

**In the event that you hold shares of the Fund through a financial intermediary, including, but not limited to, a broker-dealer, bank, or trust company, the privacy policy of your financial intermediary would govern how your financial intermediary shares nonpublic personal information with nonaffiliated third parties.**

------

(This Page Intentionally Left Blank.)

------

#### INVESTMENT ADVISER
*Allied Asset Advisors, Inc.*

*Hometown, Illinois*

#### DISTRIBUTOR
*Quasar Distributors, LLC*

*Milwaukee, Wisconsin*

#### INDEPENDENT REGISTERED

#### PUBLIC ACCOUNTING FIRM
*Cohen & Company, Ltd.*

*Milwaukee, Wisconsin*

#### ADMINISTRATOR, TRANSFER AGENT,

#### AND FUND ACCOUNTANT
*U.S. Bank Global Fund Services*

*Milwaukee, Wisconsin*

#### CUSTODIAN
*U.S. Bank, N.A.*

*Milwaukee, Wisconsin*

#### LEGAL COUNSEL
*Kirkland & Ellis LP*

*Chicago, Illinois*

**This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus. Quasar Distributors, LLC is the Distributor for the Fund.**

------

Investment Advisor

## AAA
*Allied Asset Advisors, Inc.*

8925 South Kostner Avenue

Hometown, IL 60456

(630) 789-0453

1-877-417-6161

*www.investaaa.com*

IF-SEMI1122

------

(b) Not Applicable

#### Item 2. Code of Ethics.

Not applicable for semi-annual reports.

#### Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

#### Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

#### Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

#### Item 6. Investments.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

#### Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

#### Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

#### Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

#### Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

#### Item 11. Controls and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940
 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have
 concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within
 the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that have materially
 affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

#### Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

#### Item 13. Exhibits.

&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](aaaiif-ex99cert302.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.* Not applicable to open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) &nbsp;&nbsp;&nbsp;&nbsp;*Change in the registrant's independent public accountant.* There was no change in the registrant's independent public accountant for the period covered by this report.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](aaaiif-ex99cert906.htm)

------

#### 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) Allied Asset Advisors Funds

By <u>/s/</u><u>Bassam Osman</u>

Bassam Osman, President

Date <u>February 2, 2023</u><br>

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 <u>/s/</u><u>Bassam Osman</u>

Bassam Osman, President

Date <u>February 2, 2023</u>

By <u>/s/</u><u>Salah Obeidallah</u>

Salah Obeidallah, Treasurer

Date <u>February 3, 2023</u>

## Ex-99.Cert

#### CERTIFICATIONS

I, Bassam Osman, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
 the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. 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:

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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; and

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;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):

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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| | |
|:---|:---|
| <br>Date: <u>February 2, 2023</u> | <br><u>/s/</u><u>Bassam Osman</u><br> Bassam Osman<br> President |

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I, Salah Obeidallah, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
 the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. 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:

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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; and

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;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):

 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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| | |
|:---|:---|
| Date: <u>February 2, 2023</u> | <u>/s/</u><u>Salah Obeidallah</u><br> Salah Obeidallah<br> Treasurer |

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## Exhibit 99.906

#### Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Allied Asset Advisors Funds, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Allied Asset Advisors Funds for the six months ended November 30, 2022 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Allied Asset Advisors Funds for the stated period.

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| | |
|:---|:---|
| <u>/s/</u><u>Bassam Osman</u><br> Bassam Osman<br> President, Allied Asset Advisors Funds<br>| <u>/s/</u><u>Salah Obeidallah</u><br> Salah Obeidallah<br> Treasurer, Allied Asset Advisors Funds |
| Dated: <u>February 2, 2023</u> |  |

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This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Allied Asset Advisors Funds for purposes of Section 18 of the Securities Exchange Act of 1934.

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