The Dow Jones^SM Islamic Fund

A series of Allied Asset Advisors Funds

Supplement dated March 21, 2008 to

the Dow Jones^SM Islamic Fund

Statement of Additional Information dated September 28, 2007

Effective immediately, the name of the Dow Jones^SM Islamic Fund will be changed to the Iman Fund (the “Fund”).  As a result of the change in the Fund’s name, all references in the Fund’s Statement of Information (the “SAI”) to “Dow Jones^SM Islamic Fund” are changed to “Iman Fund.”

In addition, the following changes to the SAI are also made, effective immediately:

·   The following sentence replaces the first sentence in the section entitled “Investment Strategies and Risk” on page 4:  “The Fund seeks growth of capital while adhering to Islamic principles by investing, under normal circumstances, at least 80% of its net assets in domestic and foreign securities chosen by the Fund’s Advisor that meet Islamic principles.”

·   The following sentence replaces the first sentence following “Foreign Securities” on page 4:  “As stated in the Fund’s Prospectus, some of the securities purchased by the Fund may be securities of non-U.S. companies (“foreign securities”), though it is not anticipated by the Fund’s Advisor that the Fund will have more than 20% of the Fund’s net assets invested in foreign securities at any given time.”

·   The section entitled “More Information about Dow Jones^SM” on pages 5-6 is removed in its entirety.