As filed with the Securities and Exchange Commission on October 27, 2005

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-9821

Allied Asset Advisors Funds

(Exact name of registrant as specified in charter)

745 McClintock Drive, Suite 314

Burr Ridge, IL 60527

(Address of principal executive offices) (Zip code)

Bassam Osman

Allied Asset Advisors Funds

745 McClintock Drive, Suite 314

Burr Ridge, IL 60527

(Name and address of agent for service)

(877) 417-6161

Registrant's telephone number, including area code

Date of fiscal year end: May 31, 2006

Date of reporting period: August 31, 2005

Item 1. Schedule of Investments.

		DOW JONES ISLAMIC FUND
		SCHEDULE OF INVESTMENTS
		August 31, 2005 (Unaudited)
Number of				Fair
Shares		COMMON STOCKS - 98.3%		Value
		AEROSPACE - 1.1%
1,000		Rockwell Collins, Inc.	$	48,130
4,400		United Technologies Corp.		220,000
				268,130
		AIR FREIGHT & LOGISTICS - 0.9%
500		Expeditors International Washington, Inc.		27,755
1,100		FedEx Corp.		89,584
1,500		United Parcel Service, Inc. - Class B		106,335
				223,674
		AIRLINES - 0.2%
3,000		Southwest Airlines Co.		39,960
		AUTO COMPONENTS - 0.4%
2,000		Bandag, Inc.		86,600
1,000		Gentex Corp.		17,120
				103,720
		AUTOMOBILES - 0.4%
1,200		Harley-Davidson, Inc.		59,112
1,000		Winnebago Industries, Inc.		30,470
				89,582
		BEVERAGES - 3.0%
8,500		The Coca-Cola Co.		374,000
6,900		PepsiCo, Inc.		378,465
				752,465
		BIOTECHNOLOGY - 3.7%
4,552		Amgen, Inc. (a)		363,705
1,100		Applera Corp - Applied Biosystems Group		23,650
1,075		Biogen Idec, Inc. (a)		45,311
1,000		Celgene Corp. (a)		50,200
500		Chiron Corp. (a)		18,220
2,000		Genentech, Inc. (a)		187,880
1,000		Genzyme Corp. (a)		71,170
2,000		Gilead Sciences, Inc. (a)		86,000
500		Immunomedics, Inc. (a)		880
1,000		Medimmune, Inc. (a)		29,930
500		Myriad Genetics, Inc. (a)		9,885
500		Techne Corp. (a)		28,485
				915,316
		CHEMICALS - 1.4%
1,000		Ecolab, Inc.		33,000
1,000		Engelhard Corp.		28,450
852		Monsanto Co.		54,392
500		Sigma-Aldrich Corp.		31,200
10,000		Syngenta AG ADR		212,900
				359,942
		COMMERCIAL SERVICES & SUPPLIES - 1.9%
750		Apollo Group, Inc. (a)		58,995
3,000		Career Education Corp. (a)		117,600
500		Cintas Corp.		20,625
750		Copart, Inc. (a)		18,517
8,000		Corinthian Colleges, Inc. (a)		101,440
500		Deluxe Corp.		19,870
500		DeVry, Inc. (a)		9,235
300		Herman Miller, Inc.		8,970
500		HNI Corp.		28,825
500		Robert Half International, Inc.		16,840
500		The Corporate Executive Board Co.		40,385
1,000		United Stationers, Inc. (a)		46,900
				488,202
		COMMUNICATIONS EQUIPMENT - 3.9%
314		A D C Telecommunications (a)		6,575
500		Andrew Corp. (a)		5,765
28,000		Cisco Systems, Inc. (a)		493,360
500		Echelon Corp. (a)		4,240
500		Interdigital Communications Corp. (a)		8,890
500		Plantronics, Inc.		16,300
500		Polycom, Inc. (a)		8,905
6,600		QUALCOMM, Inc.		262,086
2,000		Research In Motion Ltd. (a)(b)		156,580
500		Tekelec (a)		9,855
				972,556
		COMPUTERS & PERIPHERALS - 5.7%
8,900		Dell, Inc. (a)		316,840
500		Diebold, Inc.		24,000
8,500		EMC Corp. (a)		109,310
10,321		Hewlett-Packard Co.		286,511
6,500		International Business Machines Corp.		524,030
500		Lexmark International, Inc. - Class A (a)		31,490
1,000		NCR Corp. (a)		34,220
1,100		Network Appliance, Inc. (a)		26,114
500		QLogic Corp. (a)		17,280
12,600		Sun Microsystems, Inc. (a)		47,880
				1,417,675
		CONSTRUCTION & ENGINEERING - 0.6%
500		Dycom Industries, Inc. (a)		8,860
1,500		Florida Rock Industries, Inc.		84,900
500		Fluor Corp.		30,955
500		Vulcan Materials Co.		35,925
				160,640
		CONTAINERS & PACKAGING - 0.1%
500		Aptargroup, Inc.		24,865
		DISTRIBUTORS - 0.3%
1,100		Genuine Parts Co.		50,402
500		W.W. Grainger, Inc.		32,160
				82,562
		DIVERSIFIED FINANCIAL SERVICES - 0.4%
2,000		Moody's Corp.		98,220
		ELECTRICAL EQUIPMENT - 1.5%
5,700		American Power Conversion Corp.		149,169
1,600		Emerson Electric Co.		107,648
700		Rockwell Automation, Inc.		36,428
1,000		Woodward Governor Co.		81,550
				374,795
		ELECTRONIC EQUIPMENT & INSTRUMENTS - 0.6%
1,800		Agilent Technologies, Inc. (a)		57,888
500		AVX Corp.		6,645
500		Cognex Corp.		14,875
500		Jabil Circuit, Inc. (a)		14,720
500		Kemet Corp. (a)		4,060
500		Molex, Inc.		13,380
500		Molex, Inc. - Class A		12,750
750		National Instruments Corp.		21,292
500		Plexus Corp. (a)		8,540
798		Symbol Technologies, Inc.		7,326
				161,476
		ENERGY EQUIPMENT & SERVICES - 3.4%
1,500		Baker Hughes, Inc.		88,125
1,000		BJ Services Co.		63,080
500		Cooper Cameron Corp. (a)		36,075
500		ENSCO International, Inc.		20,430
500		GlobalSantaFe Corp. (b)		23,440
1,600		Halliburton Co.		99,152
500		Noble Corp. (b)		35,650
1,000		Patterson-UTI Energy, Inc.		34,020
500		Rowan Companies, Inc.		18,600
2,000		Schlumberger Ltd.		172,460
2,000		Tenaris S.A. ADR		228,960
500		Tidewater, Inc.		22,270
				842,262
		FOOD & STAPLES RETAILING - 1.3%
2,800		CVS Corp.		82,236
5,000		Walgreen Co.		231,650
				313,886
		FOOD PRODUCTS - 0.4%
1,000		Hershey Foods Corp.		59,090
500		Lancaster Colony Corp.		22,875
545		Tootsie Roll Industries, Inc.		17,364
				99,329
		HEALTH CARE EQUIPMENT & SUPPLIES - 4.8%
1,800		Baxter International, Inc.		72,594
1,000		Becton, Dickinson & Co.		52,630
900		Biomet, Inc.		33,201
2,000		Boston Scientific Corp. (a)		53,760
1,000		C.R. Bard, Inc.		64,330
500		Cytyc Corp. (a)		12,475
500		Dentsply International, Inc.		26,485
700		Guidant Corp.		49,448
560		Hospira, Inc. (a)		22,310
4,400		Medtronic, Inc.		250,800
5,000		PolyMedica Corp.		178,750
500		Resmed, Inc. (a)		36,170
1,000		Respironics, Inc. (a)		39,160
2,000		St Jude Medical, Inc. (a)		91,800
2,000		Stryker Corp.		109,100
500		Waters Corp. (a)		22,735
1,000		Zimmer Holdings, Inc. (a)		82,170
				1,197,918
		HEALTH CARE PROVIDERS & SERVICES - 4.0%
500		Andrx Corp. (a)		9,065
1,650		Cardinal Health, Inc.		98,356
500		Cerner Corp. (a)		39,380
179		Coventry Health Care, Inc. (a)		14,320
500		Dendrite International, Inc. (a)		9,055
1,100		Health Management Associates, Inc. - Class A		26,752
1,100		IMS Health, Inc.		29,920
1,000		Laboratory Corp Of America Holdings (a)		49,320
500		LifePoint Hospitals, Inc. (a)		22,740
1,000		Lincare Holdings, Inc. (a)		42,340
1,100		McKesson Corp.		51,337
1,025		Medco Health Solutions, Inc. (a)		50,502
10,000		Odyssey HealthCare, Inc. (a)		167,000
1,000		Patterson Cos, Inc. (a)		40,060
500		Pediatrix Medical Group, Inc. (a)		37,065
500		Priority Healthcare Corp. - Class B (a)		13,945
750		Renal Care Group, Inc. (a)		35,318
4,800		UnitedHealth Group, Inc.		247,200
1,000		WebMD Corp. (a)		10,960
				994,635
		HOUSEHOLD DURABLES - 0.6%
500		Blyth, Inc.		12,425
500		Ethan Allen Interiors, Inc.		16,110
700		Leggett & Platt, Inc.		16,947
500		Mohawk Industries, Inc. (a)		42,690
1,500		Snap-On, Inc.		53,250
300		The Stanley Works		13,725
				155,147
		HOUSEHOLD PRODUCTS - 3.4%
500		Clorox Co.		28,785
2,000		Colgate-Palmolive Co.		105,000
2,000		Kimberly-Clark Corp.		124,640
10,600		Procter & Gamble Co.		588,088
				846,513
		INDUSTRIAL CONGLOMERATES - 0.8%
3,000		3M Co.		213,450
		INTERNET & CATALOG RETAIL - 0.3%
2,000		eBay, Inc. (a)		80,980
		INTERNET SOFTWARE & SERVICES - 0.1%
166		Ariba, Inc. (a)		986
60		HomeStore, Inc. (a)		228
600		VeriSign, Inc. (a)		13,080
				14,294
		INFORMATION TECHNOLOGY SERVICES - 1.2%
500		Affiliated Computer Services, Inc. - Class A (a)		25,975
2,000		Automatic Data Processing, Inc.		85,500
500		Convergys Corp. (a)		7,110
3,000		First Data Corp.		124,650
500		Keane, Inc. (a)		5,750
500		MedQuist, Inc. (a)		6,500
1,200		Paychex, Inc.		40,956
500		Sabre Holdings Corp.		9,590
1,100		Unisys Corp. (a)		7,315
				313,346
		LEISURE EQUIPMENT & PRODUCTS - 0.3%
500		Callaway Golf Co.		7,455
1,500		Mattel, Inc.		27,045
1,000		Polaris Industries, Inc.		52,680
				87,180
		MACHINERY - 1.4%
4,000		ASV, Inc. (a)		92,760
1,000		Clarcor, Inc.		28,300
1,000		Danaher Corp.		53,560
700		Dover Corp.		28,490
1,100		Illinois Tool Works, Inc.		92,708
500		Kaydon Corp.		14,455
500		Pall Corp.		14,300
500		Parker Hannifin Corp.		32,220
				356,793
		MEDIA - 0.6%
500		Catalina Marketing Corp.		11,970
500		Getty Images, Inc. (a)		42,795
500		John Wiley & Sons, Inc. - Class A		21,825
1,400		The McGraw-Hill Companies, Inc.		67,508
				144,098
		METALS & MINING - 1.6%
4,000		Cameco Corp.		201,400
3,000		Compania de Minas Buenaventura S.A. ADR		74,430
1,000		Meridian Gold, Inc. (a)(b)		18,890
1,000		Newmont Mining Corp.		39,580
1,000		Nucor Corp.		56,480
				390,780
		MULTILINE RETAIL - 0.5%
500		Big Lots, Inc. (a)		5,905
1,000		Dollar General Corp.		19,060
500		Dollar Tree Stores, Inc. (a)		11,385
1,000		Family Dollar Stores, Inc.		19,880
1,200		Kohl's Corp. (a)		62,940
500		99 Cents Only Stores (a)		5,275
				124,445
		OFFICE ELECTRONICS - 1.0%
5,000		Canon, Inc. ADR		253,250
		OIL & GAS - 11.5%
8,880		ChevronTexaco Corp.		545,232
1,400		EOG Resources, Inc.		89,362
26,200		Exxon Mobil Corp.		1,569,380
2,000		Murphy Oil Corp.		109,300
4,309		Shell Transport & Trading Co PLC ADR		291,892
2,000		Total SA ADR		263,680
				2,868,846
		PAPER AND ALLIED PRODUCTS - 0.0%
60		Neenah Paper, Inc.		1,818
		PERSONAL PRODUCTS - 1.1%
1,600		Avon Products, Inc.		52,512
4,000		The Gillette Co.		215,480
				267,992
		PHARMACEUTICALS - 13.6%
5,600		Abbott Laboratories		252,728
500		Allergan, Inc.		46,025
4,000		AstraZeneca PLC ADR		184,480
6,200		Bristol-Myers Squibb Co.		151,714
4,000		Eli Lilly & Co.		220,080
1,000		Forest Laboratories, Inc. (a)		44,400
11,784		Johnson & Johnson		746,988
666		King Pharmaceuticals, Inc. (a)		9,790
8,500		Merck & Co., Inc.		239,955
1,350		Mylan Laboratories		24,826
500		Noven Pharmaceuticals, Inc. (a)		8,330
31,000		Pfizer, Inc.		789,570
7,043		Sanofi-Aventis ADR		301,159
5,400		Schering-Plough Corp.		115,614
190		Teva Pharmaceutical Industries, Ltd. ADR		6,164
5,300		Wyeth		242,687
500		XOMA Ltd (a)(b)		730
				3,385,240
		PREPACKAGED SOFTWARE - 0.0%
500		Foundry Networks, Inc. (a)		5,850
		REAL ESTATE - 0.1%
500		Public Storage, Inc.		33,760
		ROAD & RAIL - 0.1%
832		Werner Enterprises, Inc.		14,851
		SEMICONDUCTOR & SEMICONDUCTOR EQUIPMENT - 6.1%
1,300		Altera Corp. (a)		28,431
1,000		Analog Devices, Inc.		36,450
5,800		Applied Materials, Inc.		106,198
600		Axcelis Technologies, Inc. (a)		3,540
500		Broadcom Corp. - Class A (a)		21,750
500		Cabot Microelectronics Corp. (a)		14,905
500		Credence Systems Corp. (a)		4,435
500		Cree, Inc. (a)		12,820
500		Integrated Circuit Systems, Inc. (a)		10,530
25,000		Intel Corp.		643,000
1,000		Intersil Corp. - Class A		21,000
600		KLA-Tencor Corp.		30,456
1,000		Linear Technology Corp.		37,930
1,000		Marvell Technology Group Ltd. (a)(b)		47,190
2,000		Maxim Integrated Products, Inc.		85,300
500		Micrel, Inc. (a)		6,300
750		Microchip Technology, Inc.		23,340
1,900		Micron Technology, Inc. (a)		22,629
2,000		National Semiconductor Corp.		49,860
500		Rambus, Inc. (a)		5,250
500		RF Micro Devices, Inc. (a)		3,275
500		Silicon Laboratories, Inc. (a)		15,515
500		Skyworks Solutions, Inc. (a)		3,770
500		Teradyne, Inc. (a)		8,400
7,000		Texas Instruments, Inc.		228,760
2,000		Xilinx, Inc.		56,180
				1,527,214
		SOFTWARE - 7.8%
5,900		BMC Software, Inc. (a)		118,000
1,100		Cadence Design Systems, Inc. (a)		17,611
600		Citrix Systems, Inc. (a)		14,280
40,000		Compuware Corp. (a)		362,400
1,000		Electronic Arts, Inc. (a)		57,280
750		Fair Isaac Corp.		30,652
700		Intuit, Inc. (a)		32,088
500		Macromedia, Inc. (a)		18,475
500		Mercury Interactive Corp. (a)		18,335
35,600		Microsoft Corp.		975,440
16,100		Oracle Corp. (a)		208,817
1,000		Parametric Technology Corp. (a)		6,060
500		Quest Software, Inc. (a)		6,780
3,461		Symantec Corp. (a)		72,612
1,000		Synopsys, Inc. (a)		19,000
				1,957,830
		SPECIALTY RETAIL - 4.8%
500		Autozone, Inc. (a)		47,250
1,000		Bed Bath & Beyond, Inc. (a)		40,550
9,200		Home Depot, Inc.		370,944
1,600		Limited Brands		35,168
2,800		Lowe's Cos, Inc.		180,068
750		Men's Wearhouse, Inc. (a)		22,860
1,000		Michaels Stores, Inc.		36,300
1,200		Office Depot, Inc. (a)		36,000
6,000		Pacific Sunwear Of California (a)		143,280
700		RadioShack Corp.		17,542
2,000		Ross Stores, Inc.		49,760
2,550		Staples, Inc.		55,998
1,800		The Gap Inc.		34,218
500		The Sherwin-Williams Co.		23,180
500		Tiffany & Co.		18,710
2,200		TJX Cos, Inc.		46,002
1,000		Williams-Sonoma, Inc. (a)		40,250
				1,198,080
		TEXTILES, APPAREL & LUXURY GOODS - 0.5%
1,000		Liz Claiborne, Inc.		41,030
600		Nike, Inc. - Class B		47,346
500		V.F. Corp.		29,655
				118,031
		WIRELESS TELECOMMUNICATION SERVICES - 0.9%
8,000		Vodafone Group PLC ADR		218,000
		Total Common Stocks (Cost $25,321,341)		24,559,598
		Other Assets in Excess of Liabilities - 1.7%		426,136
		TOTAL NET ASSETS - 100.0%	$	24,985,734
ADR	American Depository Receipt
(a)	Non Income Producing
(b)	U.S security of foreign company

For certain federal income tax information, as well as other information regarding securities valuation and other significant accounting policies, please refer to the footnotes to the Fund’s most recent semi-annual or annual report.

Item 2. Controls and Procedures.

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

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

Item 3. Exhibits.

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

SIGNATURES

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

(Registrant) Allied Asset Advisors Funds                         

By (Signature and Title) /s/Bassam Osman                         

Bassam Osman, President

Date   9/28/2005                                                                         

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 (Signature and Title)* /s/Bassam Osman                       

Bassam Osman, President

Date   9/28/2005                                                                         

By (Signature and Title)* /s/Mohammad Basheeruddin  

Mohammad Basheeruddin, Treasurer

Date   9/28/2005                                                                         

* Print the name and title of each signing officer under his or her signature.