# EDGAR Filing Document

**Accession Number:** 0001105877
**File Stem:** 0001133228-26-001487
**Filing Date:** 2026-2
**Character Count:** 63997
**Document Hash:** 975e7c6b70c8cb0c71e200899e28d95a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-001487.hdr.sgml**: 20260206

**ACCESSION NUMBER**: 0001133228-26-001487

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260206

**DATE AS OF CHANGE**: 20260206

**EFFECTIVENESS DATE**: 20260206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALLIED ASSET ADVISORS FUNDS
- **CENTRAL INDEX KEY:** 0001105877

**ORGANIZATION NAME:**
- **EIN:** 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:** 26606462

**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           |

?xml version='1.0' encoding='ASCII'? 2025-09-24191660_ImanFund_ClassB_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

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>**

(Exact name of registrant as specified in charter)

**<u>8925 South Kostner Avenue</u>**

**<u>Hometown, IL 60456</u>**

(Address of principal executive offices) (Zip code)

**<u>Bassam Osman</u>**

**<u>Allied Asset Advisors Funds</u>**

**<u>8925 South Kostner Avenue</u>**

**<u>Hometown, IL 60456</u>**

(Name and address of agent for service)

**<u>(877) 417-6161</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>May 31, 2025</u>**

Date of reporting period: **<u>November 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img1319_202405062000853.jpg) | **Iman Fund**  | ![image](img1318_202405061952623.jpg) |
| ![image](img1319_202405062000853.jpg) | Class K \| IMANX  | ![image](img1318_202405061952623.jpg) |
| ![image](img1319_202405062000853.jpg) | Semi-Annual Shareholder Report \| November 30, 2025  | ![image](img1318_202405061952623.jpg) |

---

This semi-annual shareholder report contains important information about the Iman Fund for the period of June 1, 2025, to November 30, 2025. You can find additional information about the Fund at https://investaaa.com/literature/. You can also request this information by contacting us at 1-888-386-3785.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class K<sup>1</sup>  | $57 | 1.04% |

---

\* Annualized

---

| | |
|:---|:---|
| 1 | The Advisor has agreed to reduce the annual rate of its advisory fee to an annual rate of 0.70% of the Fund's daily average net assets through September 30, 2026. The Advisor may extend or otherwise amend the terms of this arrangement, subject to approval of the Fund's Board of Trustees, including a majority of the Trustees who are not interested persons (as defined in the Investment Company Act of 1940, as amended) after the term. Without this waiver, the costs shown above may have been higher. |

---

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | | | |
|:---|:---|:---|:---|
| **Net Assets** | $228224160 | **Net Advisory Fee** | $745980 |
| **Number of Holdings** | 111 | **Portfolio Turnover** | 20% |

---

**WHAT DID THE FUND INVEST IN?** (as of November 30, 2025)

**Industry Breakdown (%)**

![image](ts6186img003.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Apple, Inc.  | 8.4% |
|  Alphabet, Inc.  | 7.3% |
|  Microsoft Corp.  | 6.7% |
|  NVIDIA Corp.  | 6.4% |
|  Taiwan Semiconductor Manufacturing Co. Ltd.  | 6.2% |
|  Exxon Mobil Corp.  | 3.8% |
|  Broadcom, Inc.  | 3.2% |
|  Meta Platforms, Inc.  | 3.1% |
|  Agnico Eagle Mines Ltd.  | 2.6% |
|  Johnson & Johnson  | 2.3% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://investaaa.com/literature/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Allied Asset Advisors, Inc. documents not be householded, please contact Allied Asset Advisors, Inc. at 1-888-386-3785, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Allied Asset Advisors, Inc. or your financial intermediary.

Iman Fund PAGE 1 TSR-SAR-018866103

22.910.69.18.14.74.03.83.43.330.1 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

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

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](img001.jpg)

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedule of Investments](#tsoi) | [1](#tsoi) |
| [Statement of Assets and Liabilities](#tsal) | [4](#tsal) |
| [Statement of Operations](#tsop) | [5](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [6](#tscna) |
| [Financial Highlights](#tfihi) | [7](#tfihi) |
| [Notes to the Financial Statements](#tnotes) | [8](#tnotes) |
| [Other Information](#tother) | [13](#tother) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**IMAN FUND** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.7%**<br>|  |  |
|  **Advertising, Public Relations, and Related Services - 0.3%**<br>|  |  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 1090 | $653433  |
|  **Apparel Accessories and Other Apparel Manufacturing - 0.1%**<br>|  |  |
| Deckers Outdoor Corp.<sup>(a)</sup> | 2910 | 256167  |
|  **Audio and Video Equipment Manufacturing - 0.1%**<br>|  |  |
| Dolby Laboratories, Inc. - Class A | 2900 | 195605  |
|  **Automotive Parts, Accessories, and Tire Retailers - 0.7%**<br>|  |  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 15500 | 1576350  |
| **Bakeries and Tortilla Manufacturing - 0.0%<sup>(b)</sup>** | **Bakeries and Tortilla Manufacturing - 0.0%<sup>(b)</sup>** | **Bakeries and Tortilla Manufacturing - 0.0%<sup>(b)</sup>** |
| J & J Snack Foods Corp. | 935 | 86347  |
| **Basic Chemical Manufacturing - 1.0%**<br>|  |  |
| Linde PLC | 5585 | 2291637  |
| **Building Equipment Contractors - 0.1%** | **Building Equipment Contractors - 0.1%** | **Building Equipment Contractors - 0.1%** |
| EMCOR Group, Inc. | 330 | 202973  |
| **Business Support Services - 0.3%**<br>|  |  |
| Uber Technologies, Inc.<sup>(a)</sup> | 7100 | 621534  |
|  **Clothing and Clothing Accessories Retailers - 0.9%**<br>|  |  |
| Boot Barn Holdings, Inc.<sup>(a)</sup> | 1200 | 232584  |
| Ross Stores, Inc. | 3850 | 678986  |
| TJX Cos., Inc. | 7600 | 1154592  |
|  |  | 2066162  |
|  **Communications Equipment Manufacturing - 9.1%**<br>|  |  |
| Apple, Inc. | 68600 | 19129110  |
| QUALCOMM, Inc. | 9300 | 1563237  |
|  |  | 20692347  |
|  **Computer and Peripheral Equipment Manufacturing - 2.3%**<br>|  |  |
| Cisco Systems, Inc. | 38000 | 2923720  |
| Super Micro Computer, Inc.<sup>(a)</sup> | 68700 | 2325495  |
|  |  | 5249215  |
|  **Computer Systems Design and Related Services - 10.6%**<br>|  |  |
| Alphabet, Inc. - Class A | 41350 | 13239443  |
| Alphabet, Inc. - Class C | 10585 | 3388470  |
| F5, Inc.<sup>(a)</sup> | 7525 | 1799679  |
| PDF Solutions, Inc.<sup>(a)</sup> | 33480 | 907308  |
| SAP SE - ADR | 13400 | 3239450  |
| ServiceNow, Inc.<sup>(a)</sup> | 755 | 613370  |
| Workday, Inc. - Class A<sup>(a)</sup> | 4800 | 1034976  |
|  |  | 24222696  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Cut and Sew Apparel Manufacturing - 0.1%** | **Cut and Sew Apparel Manufacturing - 0.1%** | **Cut and Sew Apparel Manufacturing - 0.1%** |
| Cintas Corp. | 1700 | $316234  |
|  **Data Processing, Hosting & Related Services - 0.6%**<br>|  |  |
| Shopify, Inc. - Class A<sup>(a)</sup> | 8500 | 1348440  |
|  **Drugs and Druggists' Sundries Merchant Wholesalers - 0.3%**<br>|  |  |
| McKesson Corp. | 740 | 652029  |
|  **Electric Power Generation, Transmission and Distribution - 0.3%**<br>|  |  |
| GE Vernova, Inc. | 1100 | 659747  |
| **Electrical Equipment Manufacturing - 0.7%** | **Electrical Equipment Manufacturing - 0.7%** | **Electrical Equipment Manufacturing - 0.7%** |
| Powell Industries, Inc. | 4800 | 1551456  |
| **Footwear Manufacturing - 0.4%**<br>|  |  |
| NIKE, Inc. - Class B | 13000 | 840190  |
| **Freight Transportation Arrangement - 0.1%** | **Freight Transportation Arrangement - 0.1%** | **Freight Transportation Arrangement - 0.1%** |
|  Expeditors International of Washington, Inc. | 1800 | 264420  |
| **General Freight Trucking - 0.1%**<br>|  |  |
| Old Dominion Freight Line, Inc. | 1480 | 200229  |
| **Household Appliance Manufacturing - 0.7%** | **Household Appliance Manufacturing - 0.7%** | **Household Appliance Manufacturing - 0.7%** |
| A.O. Smith Corp. | 4600 | 303508  |
| SharkNinja, Inc.<sup>(a)</sup> | 13000 | 1268410  |
|  |  | 1571918  |
|  **Household Appliances and Electrical and Electronic Goods Merchant Wholesalers - 0.1%**<br>|  |  |
| TE Connectivity PLC | 920 | 208058  |
|  **Independent Artists, Writers, and Performers - 0.1%**<br>|  |  |
| Madison Square Garden Sports Corp.<sup>(a)</sup> | 910 | 207507  |
| **Industrial Machinery Manufacturing - 2.0%** | **Industrial Machinery Manufacturing - 2.0%** | **Industrial Machinery Manufacturing - 2.0%** |
| ASML Holding NV | 4200 | 4452000  |
| Kadant, Inc. | 585 | 162700  |
|  |  | 4614700  |
|  **Machinery, Equipment, and Supplies Merchant Wholesalers - 0.2%**<br>|  |  |
| Ferguson Enterprises, Inc. | 2000 | 503340  |
|  **Medical Equipment and Supplies Manufacturing - 3.8%**<br>|  |  |
| Boston Scientific Corp.<sup>(a)</sup> | 10000 | 1015800  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 4450 | 385682  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 1480 | 848750  |
| Johnson & Johnson | 24850 | 5141962  |

---

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

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**IMAN FUND** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| &nbsp;&nbsp;&nbsp; **Medical Equipment and Supplies** <br>**Manufacturing - (Continued)**  | &nbsp;&nbsp;&nbsp; **Medical Equipment and Supplies** <br>**Manufacturing - (Continued)**  | &nbsp;&nbsp;&nbsp; **Medical Equipment and Supplies** <br>**Manufacturing - (Continued)**  |
| LeMaitre Vascular, Inc. | 10593 | $878689  |
| ResMed, Inc. | 1155 | 295484  |
|  |  | 8566367  |
| **Metal Ore Mining - 4.7%**<br>|  |  |
| Agnico Eagle Mines Ltd. | 33400 | 5825962  |
| Alamos Gold, Inc. - Class A | 97200 | 3645000  |
| Franco-Nevada Corp. | 1265 | 265448  |
| Newmont Corp. | 10500 | 952665  |
|  |  | 10689075  |
|  **Miscellaneous Durable Goods Merchant Wholesalers - 0.7%**<br>|  |  |
| Wheaton Precious Metals Corp. | 13800 | 1518690  |
|  **Motor Vehicle and Motor Vehicle Parts and Supplies Merchant Wholesalers - 0.6%**<br>|  |  |
| Copart, Inc.<sup>(a)</sup> | 33000 | 1286340  |
|  **Motor Vehicle Body and Trailer Manufacturing - 0.4%**<br>|  |  |
| Blue Bird Corp.<sup>(a)</sup> | 18200 | 950404  |
| **Motor Vehicle Manufacturing - 2.5%**<br>|  |  |
| Federal Signal Corp. | 10000 | 1140000  |
| Tesla, Inc.<sup>(a)</sup> | 10620 | 4568405  |
|  |  | 5708405  |
| &nbsp;&nbsp;&nbsp; **Navigational, Measuring, Electromedical,** <br>**and Control Instruments Manufacturing - 1.0%**<br>|  |  |
| Danaher Corp. | 9400 | 2131732  |
| Veralto Corp. | 2233 | 226024  |
|  |  | 2357756  |
|  **Nursing Care Facilities (Skilled Nursing Facilities) - 0.1%**<br>|  |  |
| Ensign Group, Inc. | 1000 | 185540  |
| **Oil and Gas Extraction - 4.0%**<br>|  |  |
| EOG Resources, Inc. | 6070 | 654649  |
| Exxon Mobil Corp. | 73900 | 8566488  |
|  |  | 9221137  |
|  **Other Amusement and Recreation Industries - 0.4%**<br>|  |  |
| OneSpaWorld Holdings Ltd. | 41800 | 853556  |
|  **Other Electrical Equipment and Component Manufacturing - 0.2%**<br>|  |  |
| Hubbell, Inc. | 1250 | 539288  |
|  **Other Fabricated Metal Product Manufacturing - 0.1%**<br>|  |  |
| Watts Water Technologies, Inc. - Class A | 730 | 201392  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Other Financial Investment Activities - 0.4%** | **Other Financial Investment Activities - 0.4%** | **Other Financial Investment Activities - 0.4%** |
| Chemed Corp. | 2235 | $981590  |
|  **Other General Purpose Machinery Manufacturing - 1.1%**<br>|  |  |
| Graco, Inc. | 24700 | 2036268  |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 240 | 354413  |
|  |  | 2390681  |
| **Other Miscellaneous Manufacturing - 0.1%** | **Other Miscellaneous Manufacturing - 0.1%** | **Other Miscellaneous Manufacturing - 0.1%** |
| YETI Holdings, Inc.<sup>(a)</sup> | 7229 | 299859  |
|  **Other Professional, Scientific, and Technical Services - 1.8%**<br>|  |  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 5425 | 4084374  |
|  **Petroleum and Coal Products Manufacturing - 3.3%**<br>|  |  |
| Chevron Corp. | 23200 | 3506216  |
| Imperial Oil Ltd. | 40500 | 4001400  |
|  |  | 7507616  |
|  **Pharmaceutical and Medicine Manufacturing - 3.4%**<br>|  |  |
| Abbott Laboratories | 16300 | 2101070  |
| Eli Lilly & Co. | 3340 | 3592070  |
| Novo Nordisk AS - ADR | 17800 | 878430  |
| Regeneron Pharmaceuticals, Inc. | 915 | 713874  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 1300 | 563693  |
|  |  | 7849137  |
| **Poultry and Egg Production - 0.4%**<br>|  |  |
| Vital Farms, Inc.<sup>(a)</sup> | 29000 | 948300  |
| **Residential Building Construction - 0.6%** | **Residential Building Construction - 0.6%** | **Residential Building Construction - 0.6%** |
| Everus Construction Group, Inc.<sup>(a)</sup> | 11400 | 1048344  |
| NVR, Inc.<sup>(a)</sup> | 50 | 375365  |
|  |  | 1423709  |
| **Restaurants and Other Eating Places - 0.1%** | **Restaurants and Other Eating Places - 0.1%** | **Restaurants and Other Eating Places - 0.1%** |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 5750 | 198490  |
| **Sawmills and Wood Preservation - 0.8%** | **Sawmills and Wood Preservation - 0.8%** | **Sawmills and Wood Preservation - 0.8%** |
| Louisiana-Pacific Corp. | 21200 | 1738612  |
| **Scheduled Air Transportation - 0.7%**<br>|  |  |
| Ryanair Holdings PLC - ADR | 24000 | 1635840  |
|  **Scientific Research and Development Services - 0.2%**<br>|  |  |
| Marvell Technology, Inc. | 5000 | 447000  |
|  **Semiconductor and Other Electronic Component Manufacturing - 22.9%**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 8700 | 1892511  |
| Analog Devices, Inc. | 4350 | 1154229  |
| Applied Materials, Inc. | 6300 | 1589175  |
| Arteris, Inc.<sup>(a)</sup> | 118549 | 1699993  |

---

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

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**IMAN FUND** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| &nbsp;&nbsp;&nbsp; **Semiconductor and Other Electronic** <br>**Component Manufacturing - (Continued)**  | &nbsp;&nbsp;&nbsp; **Semiconductor and Other Electronic** <br>**Component Manufacturing - (Continued)**  | &nbsp;&nbsp;&nbsp; **Semiconductor and Other Electronic** <br>**Component Manufacturing - (Continued)**  |
| Broadcom, Inc. | 18400 | $7414464  |
| Diodes, Inc.<sup>(a)</sup> | 25345 | 1171192  |
| FormFactor, Inc.<sup>(a)</sup> | 4900 | 269598  |
| Lam Research Corp. | 9800 | 1528800  |
| Micron Technology, Inc. | 8590 | 2031363  |
| Monolithic Power Systems, Inc. | 350 | 324860  |
| nLight, Inc.<sup>(a)</sup> | 32626 | 1149414  |
| NVIDIA Corp. | 82050 | 14522850  |
| Silicon Motion Technology Corp. - ADR | 17900 | 1592384  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 48400 | 14109084  |
| Texas Instruments, Inc. | 8800 | 1480776  |
| Vertiv Holdings Co. - Class A | 1540 | 276784  |
| Vicor Corp.<sup>(a)</sup> | 1500 | 134025  |
|  |  | 52341502  |
| **Services to Buildings and Dwellings - 0.1%** | **Services to Buildings and Dwellings - 0.1%** | **Services to Buildings and Dwellings - 0.1%** |
| Rollins, Inc. | 3300 | 202884  |
| **Ship and Boat Building - 0.3%**<br>|  |  |
| Malibu Boats, Inc. - Class A<sup>(a)</sup> | 27233 | 773145  |
|  **Soap, Cleaning Compound, and Toilet Preparation Manufacturing - 1.8%**<br>|  |  |
| Oil-Dri Corp. of America | 15419 | 839256  |
| Procter & Gamble Co. | 22000 | 3259520  |
|  |  | 4098776  |
| **Software Publishers - 8.1%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 1915 | 613049  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 1470 | 458405  |
| Microsoft Corp. | 31180 | 15340872  |
| Nextpower, Inc. - Class A<sup>(a)</sup> | 1700 | 155754  |
| Salesforce, Inc. | 6680 | 1540007  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 615 | 288816  |
|  |  | 18396903  |
| **Support Activities for Crop Production - 0.2%** | **Support Activities for Crop Production - 0.2%** | **Support Activities for Crop Production - 0.2%** |
| Corteva, Inc. | 7200 | 485784  |
| **Technical and Trade Schools - 0.3%**<br>|  |  |
| Universal Technical Institute, Inc.<sup>(a)</sup> | 31600 | 727432  |
|  **Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing - 0.3%**<br>|  |  |
| Lennox International, Inc. | 425 | 212020  |
| Trane Technologies PLC | 1260 | 531065  |
|  |  | 743085  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
|  **Web Search Portals, Libraries, Archives, and Other - 3.1%**<br>|  |  |
| Meta Platforms, Inc. - Class A | 10965 | $7104772  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $140,878,478)** |  | 227510175  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.7%**<br>**(Cost $140,878,478)** |  | $227510175  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.3% |  | 713985  |
| **TOTAL NET ASSETS - 100.0%** |  | $228224160 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents less than 0.05% of net assets. 

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

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**IMAN FUND** 

**STATEMENT OF ASSETS AND LIABILITIES** 

**November 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **ASSETS:**<br>|  |
| Investments, at value | $227510175  |
| Cash | 820414  |
| Dividends receivable | 205399  |
| Dividend tax reclaims receivable | 57146  |
| Receivable for fund shares sold | 10531  |
| Prepaid expenses and other assets | 8082  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 228611747  |
| **LIABILITIES:**<br>|  |
| Payable to Adviser (Note 3) | 127950  |
| Payable for legal fees | 85344  |
| Payable for fund administration and accounting fees | 77849  |
| Payable for transfer agent fees and expenses | 33616  |
| Payable for capital shares redeemed | 30088  |
| Payable for expenses and other liabilities | 32740  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 387587  |
| **NET ASSETS** | $228224160  |
| **Net Assets Consists of:**<br>|  |
| Paid-in capital | $137058006  |
| Total distributable earnings | 91166154  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $228224160  |
| Net assets | $228224160  |
| Shares issued and outstanding<sup>(a)</sup> | 12028372  |
| Net asset value per share | $18.97  |
| **COST:**<br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $140878478 |

---

<sup>(a)</sup> Unlimited shares authorized.

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

4<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**IMAN FUND** 

**STATEMENT OF OPERATIONS** 

**For the Period Ended November 30, 2025 (Unaudited)** 

---

| | |
|:---|:---|
| **INVESTMENT INCOME:**<br>|  |
| Dividend income | $958457  |
| Less: Issuance fees | (715)  |
| Less: Dividend withholding taxes | (29826)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 927916  |
| **EXPENSES:**<br>|  |
| Investment advisory fee | 1065685  |
| Fund administration and accounting fees | 149850  |
| Legal fees | 93999  |
| Transfer agent fees | 57238  |
| Federal and state registration fees | 23860  |
| Reports to shareholders | 10252  |
| Trustees' fees | 10049  |
| Custodian fees | 8155  |
| Audit fees | 7766  |
| Other expenses and fees | 1187  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1428041  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | (319705)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1108336  |
| **NET INVESTMENT gain (loss)** | (180420)  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |
| Net realized gain (loss) from:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 4069983  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 2266829  |
| Net realized gain (loss) | 6336812  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |
| &nbsp;&nbsp;&nbsp; Investments | 32848834  |
| **Net realized and unrealized gain (loss)** | 39185646  |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $39005226 |

---

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

5<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**IMAN FUND** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**November 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**May 31, 2025**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(180420) | $(184343)  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 6336812 | 5864814  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 32848834 | 582739  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 39005226 | 6263210  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 10263962 | 22358077  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (16276440) | (19220761)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | (6012478) | 3137316  |
| **Net increase (decrease) in net assets** | 32992748 | 9400526  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 195231412 | 185830886  |
| &nbsp;&nbsp;&nbsp; End of the period | $228224160 | $195231412  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 566222 | 1405976  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (921853) | (1225027)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | (355631) | 180949 |

---

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

6<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**IMAN FUND** 

**FINANCIAL HIGHLIGHTS** 

**Per share data for a share outstanding throughout each year** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**November 30,** <br>**2025** <br>(Unaudited) | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  | **Year Ended May 31,**  |
|  | **Period Ended** <br>**November 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $15.76 | $15.23 | $11.93 | $11.21 | $15.73 | $11.63  |
| **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment gain (loss) | &nbsp;&nbsp; (0.01)<sup>(a)</sup> | (0.01)<sup>(a)</sup> | (0.03)<sup>(a)</sup> | (0.03)<sup>(a)</sup> | (0.10)<sup>(b)</sup> | (0.13)<sup>(b)</sup>  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3.22 | 0.54 | 3.33 | 0.90 | (1.41) | 4.65  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.21 | 0.53 | 3.30 | 0.87 | (1.51) | 4.52  |
| **LESS DISTRIBUTIONS:**<br>|  |  |  |  |  |  |
| Net realized gains | &nbsp;&nbsp; — |  |  | (0.15) | (3.01) | (0.42)  |
| **Total distributions** | &nbsp;&nbsp; — |  |  | (0.15) | (3.01) | (0.42)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $18.97 | $15.76 | $15.23 | $11.93 | $11.21 | $15.73  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 20.37% | 3.48% | 27.66% | 7.93% | -14.19% | 38.85%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $228224 | $195231 | $185831 | $148855 | $139665 | $154638  |
| Ratio of expenses to average net assets: | Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/ recoupment<sup>(e)</sup> | &nbsp;&nbsp; 1.34% | 1.30% | 1.31% | 1.35% | 1.28% | 1.29%  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/ recoupment<sup>(e)</sup> | &nbsp;&nbsp; 1.04% | 1.10%<sup>(f)</sup> | 1.31% | 1.35% | 1.28% | 1.29%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; (0.17)% | (0.09)% | (0.24)% | (0.24)% | (0.77)% | (0.93)%  |
| Portfolio turnover rate<sup>(d)</sup> | &nbsp;&nbsp; 20% | 27% | 25% | 72% | 115% | 107% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Net investment loss per share is calculated using ending balances prior to consideration of adjustments for permanent book to tax differences.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> As of September 30, 2024, the Adviser is waiving a portion of its management fees for two years, ending on September 30, 2026. See Note 3 for details.

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

7<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**IMAN FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (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 Fund seeks growth of capital while adhering to Islamic principles. The Fund seeks to achieve its investment objective by investing in common stocks and equity-related securities of domestic and foreign issuers that meet Islamic principles and whose prices the Adviser anticipates will increase over the long term. Islamic principles generally preclude investments in certain businesses (e.g., alcohol, pornography and gambling) and investments in interest bearing debt obligations or businesses that derive interest income as their primary source of income. The Fund may invest in companies of all market capitalizations. Any uninvested cash will be held in non-interest bearing deposits or invested in a manner following Islamic principles. There can be no guarantee that the Fund will achieve its investment objective.

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:** 

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;• 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, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• 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, 2025.

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.

8<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**IMAN FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

**Summary of Fair Value Exposure at November 30, 2025.** 

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 –<br>| 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)

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, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| Common Stocks | $227510175  | $—  | $—  | $227510175  |
| **Total\*** | $227510175  | $—  | $—  | $227510175 |

---

\* 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, 2025 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.** 

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**IMAN FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

As of and during the year ended May 31, 2025, 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, 2022 through May 31, 2025.

As of May 31, 2025, the tax cost of investments and the components of distributable earnings/(accumulated losses) on a tax basis were as follows:

---

| | |
|:---|:---|
| Cost of investments | $140485203  |
| Gross tax unrealized appreciation | $61489211  |
| Gross tax unrealized depreciation | (7879747)  |
| Net tax unrealized appreciation | 53609464  |
| Other accumulated losses | (1448536)  |
| Total distributable earnings | $52160928 |

---

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

At May 31, 2025, the Iman Fund had short-term tax basis capital losses of $1,448,536 and long-term tax basis capital losses of $0 which may be carried forward to offset future capital gains. To the extent that the Iman Fund may realize future net capital gains, those gains will be offset by any of its unused capital loss carryforwards. These losses do not expire.

During the 2025 fiscal year, the Iman Fund utilized $5,742,474 of capital loss carryover.

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, 2025, the Fund did not defer any late year losses or 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 May 31,**  | **Year Ended May 31,**  |
|  | **2025** | **2024**  |
| Ordinary income | $— | $—  |
| Long-term capital gains | $— | $— |

---

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, 2025, total distributable earnings was increased by $275,845 and paid-in capital was decreased by $(275,845) 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.** 

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**IMAN FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

**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.**

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 period ended November 30, 2025, the Fund had advisory expenses of $1,065,685 and as of November 30, 2025, the Fund had $127,950 payable to the Adviser.

The Adviser is waiving a portion of its management fee for two years beginning on September 30, 2024 and through September 30, 2026 such that the Trust, on behalf of the Fund, is compensating the Adviser for its management services at the annual rate of 0.70% of the Fund's daily average net assets (instead 1.00% as set forth in the investment advisory contract), and (ii) a Consulting Services Agreement, which provides that during the effective period of the Advisory Fee Waiver Agreement the Adviser is allocating a portion of the management fee received by the Adviser to the North American Islamic Trust ("NAIT"), the parent company of the Adviser, such that the Adviser will pay to NAIT an amount equal an annual rate of 0.10% of the Fund's daily average net assets for NAIT's consulting services to the Adviser regarding Shariah compliance matters for the Fund. The waived fees are not subject to recoupment.

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

4. CAPITAL SHARE TRANSACTIONS

Capital Share Transactions of the Fund for the period ended November 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount** | **Shares**  |
| Shares sold | $10263962  | 566222  |
| Shares redeemed | (16276440)  | (921853)  |
| **Net increase (decrease)** | $(6012478)  | (355631)  |
| **Shares Outstanding**<br>|  |  |
| Beginning of year |  | 12384003  |
| End of year |  | 12028372 |

---

Capital Share Transactions of the Fund for the year ended May 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount** | **Shares**  |
| Shares sold | $22358077  | 1405976  |
| Shares redeemed | (19220761) | (1225027)  |
| **Net increase (decrease)** | $3137316 | 180949  |
| **Shares Outstanding**<br>|  |  |
| Beginning of year |  | 12203054  |
| End of year |  | 12384003 |

---

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**[**TABLE OF CONTENTS**](#TOC)**

**IMAN FUND** 

**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

5. Securities Transactions

During the period ended November 30, 2025, the cost of purchases and proceeds from sales of investment securities, other than short-term investments, were $43,059,463 and $48,460,845, 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, 2025, NAIT held 49.55% of the Fund.

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**IMAN FUND** 

**OTHER INFORMATION** 

**November 30, 2025 (Unaudited)** 

**Tax Information** 

The Fund designates 0.00% of its ordinary income distribution for the year ended May 31, 2025 as qualified dividend income under the Jobs and Growth Tax Relief Reconciliation Act of 2003.

For the year ended May 31, 2025, 0.00% of the dividends paid from net ordinary income for the Fund qualifies for the dividends received deduction available to corporate shareholders.

For the year ended May 31, 2025, 0.00% of the percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C).

The Fund designates 0.00% of its ordinary income distributions for the year ended May 31, 2025 as interest-related dividends under Internal Revenue Code Section 871(k)(1)(C).

**PROXY VOTING POLICIES AND PROCEDURES** 

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** 

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 HOLDINGS INFORMATION** 

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:

&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

**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.**

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**IMAN FUND** 

**OTHER INFORMATION** 

**Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies November 30, 2025 (Unaudited)** 

There were no changes in or disagreements with accountants during the period covered by this report.

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**IMAN FUND** 

**OTHER INFORMATION** 

**Item 9 – Proxy Disclosures for Open-End Management Investment Companies** 

**November 30, 2025 (Unaudited)** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

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**IMAN FUND** 

**OTHER INFORMATION** 

**Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** 

**November 30, 2025 (Unaudited)** 

Disclosed under Item 7(a) within the Statement of Operations as presented in the Financial Statements.

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**IMAN FUND** 

**OTHER INFORMATION** 

**Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract** 

**November 30, 2025 (Unaudited)** 

Not Applicable for the period covered by this report.

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**INVESTMENT ADVISER** 

Allied Asset Advisors, Inc.

Hometown, Illinois

**DISTRIBUTOR** 

Quasar Distributors, LLC

Portland, Maine

**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 LLP

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.** 

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![](img002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

See Item 7(a).

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

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

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's President and Treasurer 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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not Applicable to open-end investment companies

**<u>Item 19. Exhibits.</u>**

&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) *Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed.* Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)).* Filed herewith.](aaaifs-efp21803_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) *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;(5) *Change in the registrant's independent public accountant.* Not applicable to open-end investment companies

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Furnished herewith.](aaaifs-efp21803_ex99906cert.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.

(Registrant) Allied
 Asset Advisors Funds

---

| | |
|:---|:---|
| By | /s/ Bassam Osman |
|  | Bassam Osman, President |

---

Date <u> 2/4/2026</u>

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 <u> 2/4/2026</u>

---

| | |
|:---|:---|
| By | /s/ Salah Obeidallah |
|  | Salah Obeidallah, Treasurer |

---

Date <u> 2/6/2026</u>

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

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 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.

---

| | | |
|:---|:---|:---|
| Date: | 2/4/2026 | /s/ Bassam Osman |
|  |  | Bassam Osman |
|  |  | President |

---

**<u>CERTIFICATIONS</u>**

I, Salah Obeidallah, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Allied Assets Advisor 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 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.

---

| | | |
|:---|:---|:---|
| Date: | 2/6/2026 | /s/ Salah Obeidallah |
|  |  | Salah Obeidallah |
|  |  | Treasurer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

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, 2024 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.

---

| | |
|:---|:---|
| /s/ Bassam Osman | /s/ Salah Obeidallah |
| Bassam Osman | Salah Obeidallah |
| President, Allied Asset Advisors Funds | Treasurer, Allied Asset Advisors Funds |

---

Dated: <u>2/4/2026</u>

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.