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


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


 
FORM N-Q
 
 
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
 




Investment Company Act file number 811 - 09821



Allied Asset Advisors Funds
(Exact name of Registrant as specified in charter)



745 McClintock Drive, Suite 314
Burr Ridge, IL 60527
(Address of principal executive offices) (Zip code)



Bassam Osman
Allied Asset Advisors Funds
745 McClintock Drive, Suite 314
Burr Ridge, IL 60527
(Name and address of agent for service)



(877) 417-6161
Registrant's telephone number, including area code



Date of fiscal year end: May 31, 2008



Date of reporting period: February 29, 2008
 
 
 
Item 1. Schedule of Investments.
 
Iman Fund
        
 
Schedule of Investments
        
 
February 29, 2008 (Unaudited)
        
           
     
Shares
  
Value
 
COMMON STOCKS  97.8%
        
 
Aerospace 0.8%
        
 
United Technologies Corp.
  
4,400
$
310,244
           
 
Air Freight & Logistics  1.3%
        
 
United Parcel Service, Inc. - Class B
  
7,000
  
491,680
           
 
Auto Components  1.9%
        
 
LKQ Corp. (a)
  
8,000
  
169,920
 
Magna International Inc. - Class A
  
8,000
  
585,680
         
755,600
           
 
Automobiles  0.1%
        
 
Harley-Davidson, Inc.
  
1,200
  
44,592
           
 
Beverages  2.8%
        
 
The Coca-Cola Co.
  
8,500
  
496,910
 
PepsiCo, Inc.
  
8,500
  
591,260
         
1,088,170
           
 
Biological Products, Except Diagnostic Substances  0.5%
        
 
QIAGEN N.V. (a)
  
8,500
  
186,915
           
 
Biotechnology  3.9%
        
 
Amgen, Inc. (a)
  
10,000
  
455,200
 
Celgene Corp. (a)
  
7,000
  
394,590
 
Genentech, Inc. (a)
  
2,000
  
151,500
 
Gilead Sciences, Inc. (a)
  
10,500
  
496,860
 
Waters Corp. (a)
  
500
  
29,805
         
1,527,955
           
 
Building Products  1.3%
        
 
American Woodmark Corp.
  
8,300
  
157,534
 
Apogee Enterprises, Inc.
  
6,500
  
100,035
 
Simpson Manufacturing Co., Inc.
  
10,000
  
239,600
         
497,169
           
 
Chemicals  1.2%
        
 
Monsanto Co.
  
2,000
  
231,360
 
Sigma-Aldrich Corp.
  
1,000
  
55,020
 
Syngenta AG - ADR
  
3,500
  
200,620
         
487,000
           
 
Commercial Services  1.8%
        
 
Career Education Corp. (a)
  
5,000
  
74,250
 
Copart, Inc. (a)
  
15,000
  
624,900
         
699,150
           
 
Commercial Services & Supplies  1.2%
        
 
The Brink's Co.
  
5,500
  
368,115
 
CoStar Group Inc. (a)
  
2,000
  
83,040
         
451,155
           
 
Communications Equipment  4.3%
        
 
Cisco Systems, Inc. (a)
  
9,000
  
219,330
 
Corning Inc.
  
19,000
  
441,370
 
Harmonic, Inc. (a)
  
9,000
  
80,190
 
Plantronics, Inc.
  
500
  
9,430
 
Research In Motion Ltd. (a)(b)
  
9,000
  
934,200
         
1,684,520
           
 
Computers & Peripherals  5.0%
        
 
Apple Inc. (a)
  
5,200
  
650,104
 
EMC Corp. (a)
  
8,500
  
132,090
 
Hewlett-Packard Co.
  
15,000
  
716,550
 
International Business Machines Corp. (IBM)
  
4,000
  
455,440
         
1,954,184
           
 
Construction & Engineering  4.8%
        
 
Aecom Technology Corp. (a)
  
7,000
  
181,440
 
Foster Wheeler Ltd. (a)(b)
  
8,000
  
523,600
 
Granite Construction Inc.
  
5,000
  
150,950
 
McDermott International, Inc. (a)(b)
  
9,000
  
469,980
 
Quanta Services, Inc. (a)
  
9,000
  
214,920
 
The Shaw Group Inc. (a)
  
5,000
  
321,900
 
Vulcan Materials Co.
  
500
  
35,050
         
1,897,840
           
 
Distributors  0.1%
        
 
Genuine Parts Co.
  
1,100
  
45,375
           
 
Diversified Telecommunication Services  1.4%
        
 
Chunghwa Telecom Co. Ltd. - ADR
  
7,500
  
184,050
 
Deutsche Telekom AG - ADR
  
20,000
  
377,800
         
561,850
           
 
Drilling Oil And Gas Wells  0.6%
        
 
Pioneer Drilling Co. (a)
  
16,300
  
218,583
           
 
Electrical Equipment  1.0%
        
 
Acuity Brands, Inc.
  
8,000
  
355,280
 
Rockwell Automation, Inc.
  
700
  
38,297
         
393,577
           
 
Electronic Equipment & Instruments  0.7%
        
 
Agilent Technologies, Inc. (a)
  
3,300
  
101,013
 
AVX Corp.
  
500
  
6,270
 
Jabil Circuit, Inc.
  
500
  
6,460
 
ScanSource, Inc. (a)
  
3,000
  
101,910
 
Trimble Navigation Ltd. (a)
  
2,000
  
54,680
         
270,333
           
 
Energy Equipment & Services  4.3%
        
 
Core Laboratories N.V. (a)(b)
  
2,000
  
243,200
 
ENSCO International, Inc.
  
500
  
29,920
 
GulfMark Offshore, Inc. (a)
  
2,000
  
101,320
 
Helmerich & Payne, Inc.
  
10,000
  
448,300
 
Noble Corp.
  
1,000
  
49,150
 
Patterson-UTI Energy, Inc.
  
19,000
  
450,870
 
Rowan Companies, Inc.
  
500
  
20,155
 
Schlumberger Ltd.(b)
  
4,000
  
345,800
         
1,688,715
           
 
Food & Staples Retailing  0.3%
        
 
CVS Caremark Corp.
  
2,800
  
113,064
           
 
Food Products  0.9%
        
 
Lance, Inc.
  
4,000
  
67,000
 
Nestle SA - ADR
  
1,766
  
211,275
 
Peet's Coffee & Tea Inc. (a)
  
4,000
  
93,640
         
371,915
           
 
Gold Ores  0.3%
        
 
FNX Mining Co. Inc. (a)(b)
  
3,000
  
98,340
           
 
Health Care Equipment & Supplies  0.5%
        
 
C.R. Bard, Inc.
  
1,000
  
94,790
 
DENTSPLY International, Inc.
  
1,000
  
39,040
 
Stryker Corp.
  
1,000
  
65,110
         
198,940
           
 
Health Care Providers & Services  1.1%
        
 
Cardinal Health, Inc.
  
1,650
  
97,581
 
Healthways, Inc. (a)
  
4,000
  
137,400
 
Lincare Holdings, Inc. (a)
  
1,000
  
32,500
 
PSS World Medical, Inc. (a)
  
7,000
  
122,500
 
UnitedHealth Group, Inc.
  
1,000
  
46,480
         
436,461
           
 
Health Care Technology  0.0%
        
 
Hlth Corp. (a)
  
1,000
  
11,840
           
 
Help Supply Services  0.1%
        
 
Barrett Business Services, Inc.
  
3,500
  
56,700
           
 
Hotels Restaurants & Leisure  0.5%
        
 
Ctrip.com International Ltd. - ADR
  
2,500
  
151,550
 
Home Inns & Hotels Management, Inc. - ADR (a)
  
2,000
  
54,080
         
205,630
           
 
Household Durables  0.4%
        
 
Brookfield Homes Corp.
  
10,050
  
153,262
           
 
Household Products  1.9%
        
 
Colgate-Palmolive Co.
  
2,000
  
152,180
 
Kimberly-Clark Corp.
  
2,000
  
130,360
 
Procter & Gamble Co.
  
7,000
  
463,260
         
745,800
           
 
Industrial Conglomerates  0.6%
        
 
3M Co.
  
3,000
  
235,200
           
 
Internet Software & Services  3.1%
        
 
Google Inc. (a)
  
1,800
  
848,124
 
Yahoo! Inc. (a)
  
14,000
  
388,920
         
1,237,044
           
 
IT Services  1.4%
        
 
Automatic Data Processing, Inc.
  
11,500
  
459,425
 
Convergys Corp. (a)
  
500
  
7,220
 
Paychex, Inc.
  
1,200
  
37,752
 
Western Union Co.
  
3,000
  
62,400
         
566,797
           
 
Machinery  6.3%
        
 
American Railcar Industries, Inc.
  
6,000
  
149,040
 
Ampco-Pittsburgh Corp.
  
3,500
  
132,510
 
Bucyrus International, Inc. - Class A
  
2,000
  
199,760
 
CIRCOR International, Inc.
  
7,500
  
341,625
 
Graco Inc.
  
10,500
  
364,455
 
Illinois Tool Works, Inc.
  
7,000
  
343,490
 
Kaydon Corp.
  
7,000
  
298,970
 
The Manitowoc Co., Inc.
  
7,500
  
305,550
 
Pall Corp.
  
500
  
19,685
 
Westinghouse Air Brake Technologies Corp.
  
9,000
  
311,490
         
2,466,575
           
 
Management Consulting Services  1.4%
        
 
ABB Ltd. - ADR
  
21,500
  
538,360
           
 
Media  0.8%
        
 
Getty Images, Inc. (a)
  
9,600
  
308,736
 
John Wiley & Sons, Inc. - Class A
  
500
  
18,240
         
326,976
 
Medical Devices  0.3%
        
 
Intuitive Surgical, Inc. (a)
  
400
  
112,768
           
 
Medical, Dental, And Hospital Equipment And Supplies  0.2%
        
 
HealthTronics Inc. (a)
  
23,000
  
83,950
           
 
Metal Mining Services  0.6%
        
 
Yamana Gold Inc.
  
12,293
  
221,151
           
 
Metals & Mining  4.6%
        
 
AMCOL International Corp.
  
3,000
  
86,460
 
Brush Engineered Materials Inc. (a)
  
6,000
  
166,680
 
Cleveland-Cliffs Inc.
  
4,000
  
477,840
 
Compania de Minas Buenaventura S.A. - ADR
  
1,500
  
114,045
 
Freeport-McMoRan Copper & Gold, Inc.
  
2,000
  
201,720
 
Haynes International, Inc. (a)
  
3,500
  
198,835
 
Kaiser Aluminum Corp.
  
5,000
  
366,750
 
Schnitzer Steel Industries, Inc.
  
3,000
  
196,410
         
1,808,740
           
 
Multiline Retail  0.9%
        
 
99 Cents Only Stores (a)
  
23,500
  
218,315
 
J.C. Penney Co., Inc.
  
3,000
  
138,630
         
356,945
           
 
Office Electronics  1.1%
        
 
CANON Inc. - ADR
  
9,500
  
426,170
           
 
Oil & Gas  10.0%
        
 
BG Group PLC - ADR
  
2,500
  
296,394
 
Bois d' Arc Energy, Inc. (a)
  
5,000
  
107,350
 
Chevron Corp.
  
5,500
  
476,630
 
Cimarex Energy Co.
  
2,000
  
105,400
 
EOG Resources, Inc.
  
6,400
  
761,536
 
Exxon Mobil Corp.
  
7,500
  
652,575
 
Murphy Oil Corp.
  
2,000
  
160,760
 
Occidental Petroleum Corp.
  
5,000
  
386,850
 
Plains Exploration & Production Co. (a)
  
2,000
  
108,000
 
Royal Dutch Shell PLC - Class A - ADR
  
4,500
  
321,525
 
Royal Dutch Shell PLC - Class B - ADR
  
2,309
  
161,722
 
StatoilHydro ASA - ADR
  
10,000
  
305,400
 
Total SA - ADR
  
1,000
  
75,390
         
3,919,532
           
 
Oil And Gas Field Machinery And Equipment  0.7%
        
 
Tesco Corp. (a)(b)
  
11,500
  
283,245
           
 
Oil, Gas & Consumable Fuels  0.6%
        
 
Arena Resources, Inc. (a)
  
6,000
  
242,880
           
 
Personal Products  0.4%
        
 
Avon Products, Inc.
  
1,600
  
60,896
 
Mannatech, Inc.
  
11,000
  
85,580
         
146,476
           
 
Pharmaceuticals  6.9%
        
 
Abbott Laboratories
  
5,600
  
299,880
 
Alcon, Inc. (b)
  
1,500
  
217,095
 
AstraZeneca PLC - ADR
  
1,000
  
37,630
 
Bristol-Myers Squibb Co.
  
19,000
  
429,590
 
Eli Lilly & Co.
  
8,000
  
400,160
 
Forest Laboratories, Inc. (a)
  
2,000
  
79,540
 
Genzyme Corp. (a)
  
1,000
  
70,920
 
Johnson & Johnson
  
3,000
  
185,880
 
Merck & Co. Inc.
  
8,500
  
376,550
 
Pfizer, Inc.
  
15,000
  
334,200
 
Schering-Plough Corp.
  
2,400
  
52,080
 
Wyeth
  
5,300
  
231,186
         
2,714,711
           
 
Real Estate Management & Development  0.1%
        
 
E-House China Holdings Ltd. - ADR (a)
  
3,000
  
48,780
           
 
Road & Rail 1.0%
        
 
Genesee & Wyoming Inc. - Class A (a)
  
11,500
  
356,500
 
Providence and Worcester Railroad Co.
  
2,000
  
39,300
         
395,800
           
 
Semiconductor & Semiconductor Equipment  2.2%
        
 
Cree, Inc. (a)
  
500
  
15,450
 
Cypress Semiconductor Corp. (a)
  
22,000
  
478,280
 
Integrated Device Technology, Inc. (a)
  
650
  
5,454
 
Intel Corp.
  
6,000
  
119,700
 
Microchip Technology, Inc.
  
750
  
23,085
 
Micron Technology, Inc. (a)
  
8,000
  
60,160
 
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR
  
18,000
  
175,320
 
Verigy Ltd. (a)(b)
  
220
  
4,422
         
881,871
           
 
Software  4.3%
        
 
Adobe Systems, Inc. (a)
  
1,690
  
56,868
 
Electronic Arts, Inc. (a)
  
1,250
  
59,113
 
Microsoft Corp.
  
20,000
  
544,400
 
Nintendo Co., Ltd - ADR (a)
  
2,000
  
128,236
 
Salesforce.com, Inc. (a)
  
10,000
  
597,200
 
Symantec Corp. (a)
  
18,000
  
303,120
         
1,688,937
           
 
Specialty Retail  4.1%
        
 
Bed Bath & Beyond, Inc. (a)
  
10,000
  
283,400
 
Best Buy Co., Inc.
  
2,500
  
107,525
 
Charming Shoppes, Inc. (a)
  
29,500
  
162,545
 
Circuit City Stores, Inc.
  
20,000
  
88,400
 
DSW Inc. - Class A (a)
  
3,000
  
54,630
 
Foot Locker, Inc.
  
29,000
  
356,700
 
O'Reilly Automotive, Inc. (a)
  
4,000
  
107,840
 
Pacific Sunwear Of California (a)
  
6,000
  
66,960
 
Ross Stores, Inc.
  
2,000
  
55,700
 
The TJX Companies, Inc.
  
10,000
  
320,000
         
1,603,700
           
 
Textiles, Apparel & Luxury Goods  0.8%
        
 
Gildan Activewear Inc. (a)(b)
  
2,000
  
75,420
 
K-Swiss Inc.  - Class A
  
11,000
  
159,610
 
Nike, Inc. - Class B
  
1,500
  
90,300
         
325,330
           
 
Water Supply  0.2%
        
 
Pure Cycle Corp. (a)
  
12,500
  
82,750
           
 
Wireless Telecommunication Services  0.2%
        
 
Vodafone Group Plc - ADR
  
2,500
  
80,575
           
 
TOTAL COMMON STOCKS (Cost $37,485,710)
      
38,441,822
           
 
Total Investments  (Cost $37,485,710)  97.8%
      
38,441,822
 
Other Assets in Excess of Liabilities  2.2%
      
875,941
 
TOTAL NET ASSETS 100.0%
    
$
39,317,763
           
           
           
 
Percentages are stated as a percent of net assets.
        
           
 
ADR - American Depositary Receipt
        
 
(a) - Non Income Producing
        
 
(b) - Foreign Issued Securities
        
           
 
The cost basis of investments for federal income tax purposes at February 29, 2008 was as follows*:
  
           
 
Cost of investments
  
 $ 37,485,710
    
 
Gross unrealized appreciation
  
      4,837,071
    
 
Gross unrealized depreciation
  
     (3,880,959)
    
 
Net unrealized depreciation
  
 $      956,112
    
           
 
*Because tax adjustments are calculated annually, the above table does not reflect tax adjustments.  For the previous
 
fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s
 
most recent semi-annual or annual report.
        
           
 
 
Item 2. Controls and Procedures.
 
(a)  
The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 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 1940 Act) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.


 
Item 3. Exhibits.
 
Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)).  Filed herewith.
 
 
 
 

 
 
 
 
 
 
SIGNATURES

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


Allied Asset Advisors Funds

By /s/ Bassam Osman                                                             
                            Bassam Osman, President

Date  4/10/08                                                                                                                                                                        



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

By /s/ Bassam Osman                                                                                                                                                                       
                            Bassam Osman, President

Date  4/10/08                                                                                 

By /s/ Mohammad Bahseeruddin                                                                                                                                                         
                            Mohammad Bahseeruddin, Treasurer

Date  4/10/08