Beginning
|
Ending
|
Expenses Paid
|
|
Account Value
|
Account Value
|
During Period
|
|
12/1/18
|
5/31/19
|
12/1/18 - 5/31/19*
|
|
Actual
|
$1,000.00
|
$1,049.00
|
$7.15
|
Hypothetical (5% return before expenses)
|
1,000.00
|
1,017.95
|
7.04
|
*
|
Expenses are equal to the Fund’s annualized expense ratio of 1.40% multiplied by the average account value over the period multiplied by 182/365 (to reflect the one-half year period).
|
Six
|
One
|
Five
|
Ten
|
|
Average Annual Total Return as of May 31, 2019
|
Months
|
Year
|
Years
|
Years
|
Iman Fund
|
4.90%
|
2.72%
|
11.12%
|
13.15%
|
Dow Jones Islamic Market World Index**
|
2.66%
|
0.38%
|
7.20%
|
10.74%
|
Blended Dow Jones Islamic Market US Index*/
|
||||
Dow Jones Islamic Market World Index**
|
2.27%
|
2.43%
|
8.50%
|
11.78%
|
*
|
The Dow Jones Islamic Market US Index is a diversified compilation of U.S. equity securities considered by Dow Jones to be in compliance with Islamic principles. The index is
constructed from stocks in the Dow Jones Indexes (DJGI) family. Dow Jones believes that these stocks are accessible to investors and are well traded. The DJGI methodology removes issues that are not suitable for global investing. Prior to
July 31, 2013, the performance of the Dow Jones Islamic Market US Index does not include the reinvestment of dividends.
|
**
|
The Dow Jones Islamic Market World Index is a compilation of 56 country-level benchmark indexes considered by Dow Jones to be in compliance with Islamic principles. The index provides a
definitive standard for measuring stock market performance for Islamic investors on a global basis, in accordance with Dow Jones Indexes’ established index methodology.
|
Number of
|
|||||||
Shares
|
Value
|
||||||
COMMON STOCKS - 96.6%
|
|||||||
ARCHITECTURAL, ENGINEERING & RELATED SERVICES - 1.5%
|
|||||||
25,200
|
Tetra Tech, Inc.
|
$
|
1,701,504
|
||||
AUTOMOTIVE PARTS, ACCESSORIES & TIRE STORES - 0.1%
|
|||||||
380
|
O’Reilly Automotive, Inc. (a)
|
141,121
|
|||||
AUTOMOTIVE REPAIR & MAINTENANCE - 0.9%
|
|||||||
13,200
|
Monro, Inc.
|
1,052,172
|
|||||
BASIC CHEMICAL MANUFACTURING - 0.3%
|
|||||||
1,600
|
Air Products and Chemicals, Inc.
|
325,744
|
|||||
BUILDING MATERIAL & SUPPLIES DEALERS - 1.3%
|
|||||||
8,000
|
The Home Depot, Inc.
|
1,518,800
|
|||||
BUSINESS SUPPORT SERVICES - 1.0%
|
|||||||
8,900
|
Atlassian Corp. Plc - Class A (a)(b)
|
1,120,332
|
|||||
CHILD DAY CARE SERVICES - 0.5%
|
|||||||
4,600
|
Bright Horizons Family Solutions Inc. (a)
|
630,476
|
|||||
CLOTHING STORES - 0.6%
|
|||||||
6,800
|
Ross Stores, Inc.
|
632,332
|
|||||
COLLEGES, UNIVERSITIES & PROFESSIONAL SCHOOLS - 0.6%
|
|||||||
5,300
|
Grand Canyon Education, Inc. (a)
|
635,258
|
|||||
COMMERCIAL & SERVICE INDUSTRY MACHINERY MANUFACTURING - 0.8%
|
|||||||
20,300
|
Fabrinet (a)(b)
|
865,592
|
|||||
COMMUNICATIONS EQUIPMENT MANUFACTURING - 3.7%
|
|||||||
24,500
|
Apple Inc.
|
4,289,215
|
|||||
COMPUTER & PERIPHERAL EQUIPMENT MANUFACTURING - 0.6%
|
|||||||
19,400
|
Teradata Corp. (a)
|
666,196
|
|||||
COMPUTER SYSTEMS DESIGN & RELATED SERVICES - 0.9%
|
|||||||
2,300
|
Accenture PLC - Class A (b)
|
409,561
|
|||||
5,400
|
Okta, Inc. (a)
|
611,388
|
|||||
1,020,949
|
|||||||
CUT & SEW APPAREL MANUFACTURING - 0.8%
|
|||||||
329
|
Kontoor Brands, Inc. (a)
|
9,627
|
|||||
4,500
|
lululemon athletica Inc. (a)
|
745,155
|
|||||
2,300
|
VF Corp.
|
188,324
|
|||||
943,106
|
|||||||
DATA PROCESSING, HOSTING & RELATED SERVICES - 0.4%
|
|||||||
920
|
CoStar Group Inc. (a)
|
468,869
|
|||||
DRUGS & DRUGGISTS’ SUNDRIES MERCHANT WHOLESALERS - 2.1%
|
|||||||
16,500
|
Nu Skin Enterprises, Inc. - Class A
|
770,385
|
|||||
15,500
|
The Procter & Gamble Co.
|
1,595,105
|
|||||
2,365,490
|
|||||||
ELECTRICAL EQUIPMENT MANUFACTURING - 0.4%
|
|||||||
2,400
|
Littelfuse, Inc.
|
391,704
|
|||||
500
|
Rockwell Automation, Inc.
|
74,425
|
|||||
466,129
|
Number of
|
|||||||
Shares
|
Value
|
||||||
COMMON STOCKS - 96.6% (Continued)
|
|||||||
ELECTRONIC SHOPPING & MAIL-ORDER HOUSES - 0.9%
|
|||||||
23,800
|
Farfetch Ltd. - Class A (a)(b)
|
$
|
477,190
|
||||
55,600
|
Overstock.com, Inc. (a)
|
530,980
|
|||||
1,008,170
|
|||||||
ELECTRONICS & APPLIANCE STORES - 0.1%
|
|||||||
2,600
|
Best Buy Co., Inc.
|
162,942
|
|||||
ELEMENTARY & SECONDARY SCHOOLS - 0.7%
|
|||||||
4,300
|
Strategic Education, Inc.
|
756,757
|
|||||
ENGINE, TURBINE & POWER TRANSMISSION
|
|||||||
EQUIPMENT MANUFACTURING - 0.1%
|
|||||||
900
|
Cummins, Inc.
|
135,684
|
|||||
FOOTWEAR MANUFACTURING - 0.7%
|
|||||||
10,500
|
NIKE, Inc. - Class B
|
809,970
|
|||||
FREIGHT TRANSPORTATION ARRANGEMENT - 0.1%
|
|||||||
1,100
|
Expeditors International of Washington, Inc.
|
76,549
|
|||||
FURNITURE STORES - 0.6%
|
|||||||
18,200
|
The Lovesac Co. (a)
|
656,110
|
|||||
GENERAL FREIGHT TRUCKING - 1.6%
|
|||||||
54,500
|
Knight-Swift Transportation Holdings Inc.
|
1,506,380
|
|||||
2,400
|
Old Dominion Freight Line, Inc.
|
317,856
|
|||||
1,824,236
|
|||||||
GROCERY & RELATED PRODUCT MERCHANT WHOLESALERS - 0.6%
|
|||||||
8,600
|
Wingstop, Inc.
|
685,248
|
|||||
HOME HEALTH CARE SERVICES - 0.9%
|
|||||||
9,500
|
LHC Group, Inc. (a)
|
1,076,160
|
|||||
INDUSTRIAL MACHINERY MANUFACTURING - 0.1%
|
|||||||
2,600
|
Applied Materials, Inc.
|
100,594
|
|||||
MANAGEMENT, SCIENTIFIC & TECHNICAL CONSULTING SERVICES - 1.0%
|
|||||||
45,034
|
The Hackett Group, Inc.
|
724,597
|
|||||
2,800
|
salesforce.com, Inc. (a)
|
423,948
|
|||||
1,148,545
|
|||||||
MANUFACTURING & REPRODUCING MAGNETIC & OPTICAL MEDIA - 1.7%
|
|||||||
13,900
|
MongoDB, Inc. (a)
|
1,950,726
|
|||||
MEDICAL EQUIPMENT & SUPPLIES MANUFACTURING - 6.3%
|
|||||||
1,175
|
ABIOMED, Inc. (a)
|
307,756
|
|||||
570
|
Align Technology, Inc. (a)
|
162,079
|
|||||
20,800
|
Boston Scientific Corp. (a)
|
798,928
|
|||||
4,300
|
Edwards Lifesciences, Corp. (a)
|
734,010
|
|||||
21,000
|
Intersect ENT, Inc. (a)
|
495,180
|
|||||
4,000
|
Intuitive Surgical, Inc. (a)
|
1,859,400
|
|||||
12,300
|
Penumbra, Inc. (a)
|
1,755,210
|
|||||
6,100
|
Stryker Corp.
|
1,117,764
|
|||||
7,230,327
|
Number of
|
|||||||
Shares
|
Value
|
||||||
COMMON STOCKS - 96.6% (Continued)
|
|||||||
MISCELLANEOUS DURABLE GOODS MERCHANT WHOLESALERS - 0.8%
|
|||||||
2,800
|
3M Co.
|
$
|
447,300
|
||||
2,700
|
Honeywell International, Inc.
|
443,637
|
|||||
890,937
|
|||||||
MOTOR VEHICLE & MOTOR VEHICLE PARTS
|
|||||||
& SUPPLIES MERCHANT WHOLESALERS - 0.8%
|
|||||||
10,800
|
Dorman Products, Inc. (a)
|
881,928
|
|||||
MOTOR VEHICLE PARTS MANUFACTURING - 0.5%
|
|||||||
4,100
|
RBC Bearings Inc. (a)
|
583,430
|
|||||
NAVIGATIONAL, MEASURING, ELECTROMEDICAL
|
|||||||
& CONTROL INSTRUMENTS MANUFACTURING - 2.6%
|
|||||||
13,100
|
Bruker Corp.
|
547,187
|
|||||
1,700
|
Coherent, Inc. (a)
|
187,051
|
|||||
7,000
|
Danaher Corp.
|
924,070
|
|||||
8,300
|
LivaNova Plc (a)(b)
|
596,770
|
|||||
17,400
|
Teradyne, Inc.
|
733,236
|
|||||
2,988,314
|
|||||||
NURSING CARE FACILITIES (SKILLED NURSING FACILITIES) - 0.8%
|
|||||||
17,900
|
The Ensign Group, Inc.
|
953,354
|
|||||
OFFICE SUPPLIES, STATIONERY & GIFT STORES - 0.1%
|
|||||||
2,500
|
Etsy, Inc. (a)
|
155,775
|
|||||
OFFICES OF REAL ESTATE AGENTS & BROKERS - 0.6%
|
|||||||
7,600
|
FirstService Corp. (b)
|
686,736
|
|||||
OIL & GAS EXTRACTION - 0.1%
|
|||||||
2,000
|
EOG Resources, Inc.
|
163,760
|
|||||
OTHER CHEMICAL PRODUCT & PREPARATION MANUFACTURING - 1.5%
|
|||||||
13,900
|
Innospec Inc.
|
1,121,869
|
|||||
21,329
|
NanoString Technologies, Inc. (a)
|
606,597
|
|||||
1,728,466
|
|||||||
OTHER ELECTRICAL EQUIPMENT & COMPONENT MANUFACTURING - 0.9%
|
|||||||
16,700
|
Emerson Electric Co.
|
1,006,008
|
|||||
OTHER GENERAL MERCHANDISE STORES - 1.3%
|
|||||||
1,500
|
Burlington Stores, Inc. (a)
|
234,870
|
|||||
4,600
|
Dollar General Corp.
|
585,488
|
|||||
5,600
|
Five Below, Inc. (a)
|
720,888
|
|||||
1,541,246
|
|||||||
OTHER GENERAL PURPOSE MACHINERY MANUFACTURING - 0.6%
|
|||||||
15,700
|
Graco Inc.
|
741,354
|
|||||
OTHER INFORMATION SERVICES - 4.6%
|
|||||||
10,600
|
Alibaba Group Holding Ltd. - ADR (a)(b)
|
1,582,156
|
|||||
11,400
|
Facebook Inc. - Class A (a)
|
2,023,158
|
|||||
45,800
|
Twitter, Inc. (a)
|
1,668,952
|
|||||
5,274,266
|
Number of
|
|||||||
Shares
|
Value
|
||||||
COMMON STOCKS - 96.6% (Continued)
|
|||||||
OTHER MISCELLANEOUS MANUFACTURING - 0.6%
|
|||||||
3,600
|
Pool Corp.
|
$
|
647,208
|
||||
OTHER MISCELLANEOUS STORE RETAILERS - 0.5%
|
|||||||
6,000
|
Ollie’s Bargain Outlet Holdings, Inc. (a)
|
592,320
|
|||||
OTHER PROFESSIONAL, SCIENTIFIC & TECHNICAL SERVICES - 2.5%
|
|||||||
10,800
|
RealPage, Inc. (a)
|
629,856
|
|||||
8,400
|
ServiceNow, Inc. (a)
|
2,200,212
|
|||||
2,830,068
|
|||||||
OTHER SCHOOLS & INSTRUCTION - 1.6%
|
|||||||
54,100
|
TAL Education Group - ADR (a)(b)
|
1,861,581
|
|||||
PETROLEUM & COAL PRODUCTS MANUFACTURING - 1.3%
|
|||||||
20,500
|
Exxon Mobil Corp.
|
1,450,785
|
|||||
PHARMACEUTICAL & MEDICINE MANUFACTURING - 8.4%
|
|||||||
4,800
|
Alexion Pharmaceuticals, Inc. (a)
|
545,664
|
|||||
4,000
|
Bio-Techne Corp
|
792,200
|
|||||
11,700
|
Bristol-Myers Squibb Co.
|
530,829
|
|||||
2,900
|
Eli Lilly and Co.
|
336,226
|
|||||
32,100
|
Halozyme Therapeutics, Inc. (a)
|
473,475
|
|||||
2,300
|
IDEXX Laboratories, Inc. (a)
|
574,471
|
|||||
5,565
|
Illumina, Inc. (a)
|
1,707,954
|
|||||
10,200
|
Johnson & Johnson
|
1,337,730
|
|||||
14,800
|
Merck & Co., Inc.
|
1,172,308
|
|||||
28,900
|
Pfizer Inc.
|
1,199,928
|
|||||
2,500
|
Sage Therapeutics, Inc. (a)
|
429,675
|
|||||
3,300
|
Vertex Pharmaceuticals Inc. (a)
|
548,394
|
|||||
9,648,854
|
|||||||
PLASTICS PRODUCT MANUFACTURING - 0.4%
|
|||||||
68,900
|
ZAGG Inc. (a)
|
458,874
|
|||||
PROFESSIONAL & COMMERCIAL EQUIPMENT
|
|||||||
& SUPPLIES MERCHANT WHOLESALERS - 1.1%
|
|||||||
4,900
|
New Relic, Inc. (a)
|
491,568
|
|||||
1,800
|
Paycom Software, Inc. (a)
|
381,780
|
|||||
9,100
|
Tactile Systems Technology, Inc. (a)
|
437,073
|
|||||
1,310,421
|
|||||||
SCHEDULED AIR TRANSPORTATION - 1.2%
|
|||||||
29,500
|
Southwest Airlines Co.
|
1,404,200
|
|||||
SCIENTIFIC RESEARCH & DEVELOPMENT SERVICES - 1.8%
|
|||||||
700
|
Biogen Inc. (a)
|
153,503
|
|||||
4,600
|
Exact Sciences Corp. (a)
|
476,698
|
|||||
10,300
|
ICON Plc (a)(b)
|
1,458,068
|
|||||
2,088,269
|
|||||||
SEMICONDUCTOR & OTHER ELECTRONIC
|
|||||||
COMPONENT MANUFACTURING - 9.3%
|
|||||||
7,000
|
Advanced Micro Devices, Inc. (a)
|
191,870
|
|||||
4,075
|
Alphabet Inc. - Class A (a)
|
4,508,988
|
|||||
24,600
|
Intel Corp.
|
1,083,384
|
Number of
|
|||||||
Shares
|
Value
|
||||||
COMMON STOCKS - 96.6% (Continued)
|
|||||||
SEMICONDUCTOR & OTHER ELECTRONIC
|
|||||||
COMPONENT MANUFACTURING - 9.3% (Continued)
|
|||||||
1,125
|
Lam Research Corp.
|
$
|
196,436
|
||||
64,400
|
Marvell Technology Group Ltd. (b)
|
1,436,120
|
|||||
3,000
|
Monolithic Power Systems, Inc.
|
349,350
|
|||||
4,300
|
NVIDIA Corp.
|
582,478
|
|||||
44,600
|
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR (b)
|
1,710,410
|
|||||
3,400
|
Texas Instruments Inc.
|
354,654
|
|||||
3,100
|
Xilinx, Inc.
|
317,161
|
|||||
10,730,851
|
|||||||
SERVICES TO BUILDINGS & DWELLINGS - 1.2%
|
|||||||
4,000
|
Automatic Data Processing, Inc.
|
640,480
|
|||||
21,150
|
Rollins, Inc.
|
794,605
|
|||||
1,435,085
|
|||||||
SOAP, CLEANING COMPOUND & TOILET
|
|||||||
PREPARATION MANUFACTURING - 2.8%
|
|||||||
27,800
|
Colgate-Palmolive Co.
|
1,935,436
|
|||||
5,150
|
Ecolab, Inc.
|
948,064
|
|||||
3,000
|
West Pharmaceutical Services, Inc.
|
343,800
|
|||||
3,227,300
|
|||||||
SOFTWARE PUBLISHERS - 15.9%
|
|||||||
2,900
|
Adobe Inc. (a)
|
785,610
|
|||||
16,100
|
Akamai Technologies, Inc. (a)
|
1,213,296
|
|||||
19,000
|
Coupa Software, Inc. (a)
|
2,074,990
|
|||||
3,100
|
HubSpot, Inc. (a)
|
537,168
|
|||||
1,800
|
Intuit Inc.
|
440,730
|
|||||
2,000
|
MercadoLibre Inc. (a)
|
1,141,040
|
|||||
35,100
|
Microsoft Corp.
|
4,341,168
|
|||||
6,200
|
Shopify Inc. - Class A (a)(b)
|
1,704,380
|
|||||
2,800
|
Splunk Inc. (a)
|
319,172
|
|||||
4,600
|
Tableau Software, Inc. - Class A (a)
|
517,362
|
|||||
10,300
|
Twilio, Inc. - Class A (a)
|
1,359,497
|
|||||
2,000
|
Tyler Technologies, Inc. (a)
|
426,700
|
|||||
12,300
|
Veeva Systems, Inc. - Class A (a)
|
1,897,767
|
|||||
7,300
|
Workday, Inc. - Class A (a)
|
1,490,076
|
|||||
18,248,956
|
|||||||
SPECIALIZED FREIGHT TRUCKING - 0.6%
|
|||||||
10,800
|
Saia, Inc. (a)
|
637,200
|
|||||
TRAVEL ARRANGEMENT & RESERVATION SERVICES - 0.3%
|
|||||||
215
|
Booking Holdings Inc. (a)
|
356,087
|
|||||
TOTAL COMMON STOCKS (Cost $99,696,933)
|
110,988,936
|
Number of
|
|||||||
Shares
|
Value
|
||||||
REAL ESTATE INVESTMENT TRUST (REIT) - 2.8%
|
|||||||
LESSORS OF REAL ESTATE - 2.8%
|
|||||||
13,400
|
Public Storage
|
$
|
3,187,592
|
||||
TOTAL REIT (Cost $2,929,379)
|
3,187,592
|
||||||
Total Investments (Cost $102,626,312) - 99.4%
|
114,176,528
|
||||||
Other Assets in Excess of Liabilities - 0.6%
|
684,259
|
||||||
TOTAL NET ASSETS - 100.0%
|
$
|
114,860,787
|
(a)
|
Non Income Producing
|
(b)
|
Foreign Issued Security
|
Assets:
|
||||
Investments, at value (cost $102,626,312)
|
$
|
114,176,528
|
||
Cash
|
593,318
|
|||
Receivable for capital shares sold
|
165,285
|
|||
Dividends receivable
|
126,841
|
|||
Other assets
|
25,921
|
|||
Total Assets
|
115,087,893
|
|||
Liabilities:
|
||||
Payable to Adviser (Note 3)
|
100,291
|
|||
Payable for professional fees
|
28,433
|
|||
Payable for Trustee fees
|
4,573
|
|||
Accrued expenses and other liabilities
|
93,809
|
|||
Total Liabilities
|
227,106
|
|||
Net Assets
|
$
|
114,860,787
|
||
Net assets consist of:
|
||||
Paid-in capital
|
$
|
92,778,021
|
||
Total distributable earnings
|
22,082,766
|
|||
Net Assets
|
$
|
114,860,787
|
||
Shares of beneficial interest outstanding
|
||||
(unlimited number of shares authorized, no par value)
|
8,998,223
|
|||
Net asset value, redemption price and offering price per share
|
$
|
12.76
|
Investment income:
|
||||
Dividend income (Net of foreign withholding tax of $8,765)
|
$
|
962,939
|
||
Total investment income
|
962,939
|
|||
Expenses:
|
||||
Advisory fees (Note 3)
|
1,120,725
|
|||
Administration fees
|
116,304
|
|||
Transfer agent fees and expenses
|
83,922
|
|||
Legal fees
|
52,782
|
|||
Fund accounting fees
|
38,497
|
|||
Federal and state registration fees
|
30,787
|
|||
Trustees’ fees and related expenses
|
19,072
|
|||
Custody fees
|
14,230
|
|||
Audit fees
|
13,501
|
|||
Reports to shareholders
|
7,755
|
|||
Other expenses
|
3,488
|
|||
Total expenses
|
1,501,063
|
|||
Net investment loss
|
(538,124
|
)
|
||
Realized and unrealized gain (loss) on investments:
|
||||
Net realized gain from security transactions
|
14,083,786
|
|||
Change in net unrealized appreciation/depreciation on investments
|
(10,834,211
|
)
|
||
Realized and unrealized gain on investments
|
3,249,575
|
|||
Net increase in net assets from operations
|
$
|
2,711,451
|
Year Ended
|
Year Ended
|
|||||||
May 31, 2019
|
May 31, 2018
|
|||||||
From operations:
|
||||||||
Net investment loss
|
$
|
(538,124
|
)
|
$
|
(366,257
|
)
|
||
Net realized gain on investments
|
14,083,786
|
10,225,374
|
||||||
Change in net unrealized appreciation/depreciation on investments
|
(10,834,211
|
)
|
6,690,332
|
|||||
Net increase in net assets from operations
|
2,711,451
|
16,549,449
|
||||||
Net decrease in net assets resulting from distributions paid
|
(10,544,244
|
)
|
(7,791,415
|
)(1)
|
||||
From capital share transactions:
|
||||||||
Proceeds from sale of shares
|
18,456,922
|
22,863,035
|
||||||
Net asset value of shares issued in reinvestment of distributions to shareholders
|
10,415,127
|
7,727,484
|
||||||
Payments for shares redeemed
|
(15,064,066
|
)
|
(14,044,133
|
)
|
||||
Net increase in net assets from capital share transactions
|
13,807,983
|
16,546,386
|
||||||
Total increase in net assets
|
5,975,190
|
25,304,420
|
||||||
Net assets:
|
||||||||
Beginning of period
|
108,885,597
|
83,581,177
|
||||||
End of period
|
$
|
114,860,787
|
$
|
108,885,597
|
(2)
|
(1)
|
Includes net investment income distributions of $240,556 and net realized capital gain distributions of $7,550,859.
|
(2)
|
Includes accumulated undistributed net investment income of $0.
|
Year Ended May 31,
|
||||||||||||||||||||
2019
|
2018
|
2017
|
2016
|
2015
|
||||||||||||||||
Net asset value, beginning of period
|
$
|
13.96
|
$
|
12.72
|
$
|
11.15
|
$
|
11.40
|
$
|
11.59
|
||||||||||
Income (loss) from investment operations:
|
||||||||||||||||||||
Net investment income (loss)(1)
|
(0.06
|
)
|
(0.05
|
)
|
0.03
|
0.00
|
(2)
|
(0.00
|
)(2)
|
|||||||||||
Net realized and unrealized gain on investments
|
0.21
|
2.44
|
2.42
|
0.22
|
1.13
|
|||||||||||||||
Total from investment operations
|
0.15
|
2.39
|
2.45
|
0.22
|
1.13
|
|||||||||||||||
Less distributions paid:
|
||||||||||||||||||||
From net investment income
|
—
|
(0.04
|
)
|
(0.00
|
)(2)
|
—
|
—
|
|||||||||||||
From net realized gain on investments
|
(1.35
|
)
|
(1.11
|
)
|
(0.88
|
)
|
(0.47
|
)
|
(1.32
|
)
|
||||||||||
Total distributions paid
|
(1.35
|
)
|
(1.15
|
)
|
(0.88
|
)
|
(0.47
|
)
|
(1.32
|
)
|
||||||||||
Net asset value, end of period
|
$
|
12.76
|
$
|
13.96
|
$
|
12.72
|
$
|
11.15
|
$
|
11.40
|
||||||||||
Total return
|
2.72
|
%
|
19.25
|
%
|
23.06
|
%
|
1.99
|
%
|
10.22
|
%
|
||||||||||
Net assets at end of period (000’s)
|
$
|
114,861
|
$
|
108,886
|
$
|
83,581
|
$
|
61,067
|
$
|
68,440
|
||||||||||
Ratio of expenses to average net assets
|
1.34
|
%
|
1.33
|
%
|
1.35
|
%
|
1.39
|
%
|
1.42
|
%
|
||||||||||
Ratio of net investment income (loss)
|
||||||||||||||||||||
to average net assets
|
(0.48
|
)%
|
(0.39
|
)%
|
0.33
|
%
|
0.03
|
%
|
(0.02
|
)%
|
||||||||||
Portfolio turnover rate
|
89.4
|
%
|
71.6
|
%
|
74.7
|
%
|
70.6
|
%
|
72.0
|
%
|
(1)
|
Net investment income (loss) per share is calculated using ending balances prior to consideration of adjustments for permanent book to tax differences.
|
(2)
|
Less than one cent per share.
|
1.
|
Organization
|
2.
|
Significant Accounting Policies
|
•
|
Equity securities listed on a U.S. securities exchange or NASDAQ for which market quotations are readily available are valued at the last quoted sale price on the valuation date.
|
•
|
Options, futures, unlisted U.S. securities and listed U.S. securities not traded on the valuation date for which market quotations are readily available are valued at the most recent
quoted bid price. The Fund did not hold any such securities during the period ended May 31, 2019.
|
•
|
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 May 31, 2019.
|
Level 1 -
|
Unadjusted quoted prices in active markets for identical securities the Fund has the ability to access.
|
Level 2 -
|
Other significant observable inputs (including quoted prices for similar securities in active markets, quoted prices for identical or similar instruments in markets that are not active,
model-derived valuations in which all significant inputs and significant value drivers are observable in active markets, interest rates, prepayment speeds, credit risk, etc.)
|
Level 3 -
|
Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Common Stocks
|
$
|
110,988,936
|
$
|
—
|
$
|
—
|
$
|
110,988,936
|
||||||||
REIT
|
3,187,592
|
—
|
—
|
3,187,592
|
||||||||||||
Total*
|
$
|
114,176,528
|
$
|
—
|
$
|
—
|
$
|
114,176,528
|
*
|
Additional information regarding the industry and/or geographical classification of these investments is disclosed in the Schedule of Investments.
|
Cost of investments
|
$
|
102,696,906
|
||
Gross tax unrealized appreciation
|
$
|
17,028,830
|
||
Gross tax unrealized depreciation
|
(5,549,208
|
)
|
||
Net tax unrealized appreciation
|
11,479,622
|
|||
Undistributed ordinary income
|
—
|
|||
Undistributed long-term capital gains
|
10,822,296
|
|||
Other accumulated losses
|
(219,152
|
)
|
||
Total distributable earnings
|
$
|
22,082,766
|
Year Ended
|
Year Ended
|
|||||||
May 31, 2019
|
May 31, 2018
|
|||||||
Ordinary Income
|
$
|
1,795,766
|
$
|
3,309,448
|
||||
Long-term capital gains
|
$
|
8,748,478
|
$
|
4,481,967
|
3.
|
Investment Advisory and Other Agreements
|
4.
|
Capital Share Transactions
|
Amount
|
Shares
|
|||||||
Shares sold
|
$
|
18,456,922
|
1,388,921
|
|||||
Shares reinvested
|
10,415,127
|
958,153
|
||||||
Shares redeemed
|
(15,064,066
|
)
|
(1,146,273
|
)
|
||||
Net Increase
|
$
|
13,807,983
|
1,200,801
|
|||||
Shares Outstanding
|
||||||||
Beginning of period
|
7,797,422
|
|||||||
End of period
|
8,998,223
|
Amount
|
Shares
|
|||||||
Shares sold
|
$
|
22,863,035
|
1,695,863
|
|||||
Shares reinvested
|
7,727,484
|
583,647
|
||||||
Shares redeemed
|
(14,044,133
|
)
|
(1,051,339
|
)
|
||||
Net increase
|
$
|
16,546,386
|
1,228,171
|
|||||
Shares Outstanding
|
||||||||
Beginning of period
|
6,569,251
|
|||||||
End of period
|
7,797,422
|
5.
|
Securities Transactions
|
6.
|
Beneficial Ownership
|
1.
|
Nature, Quality, and Extent of Services
|
2.
|
Investment Performance of the Fund and the Adviser
|
3.
|
Costs of Services and Profits Realized by the Adviser
|
4.
|
Economies of Scale
|
5.
|
Other Benefits to the Adviser
|
Other
|
||||
Position/Term
|
Directorships
|
|||
of Office and
|
Held by Trustee
|
|||
Name, Year of
|
Length of Time
|
Principal Occupations
|
No. of Funds
|
During the Past
|
Birth and Address
|
Served Complex
|
During the Past Five Years
|
in Overseen
|
Five Years
|
Independent Trustees
|
||||
Abdalla Idris Ali
|
Independent Trustee,
|
2011 to present – Secretary General
|
1
|
None
|
Year of birth: 1949
|
indefinite term,
|
of “ISNA Canada.”
|
||
715 Enterprise Drive
|
since 2000
|
|||
Oak Brook, IL 60523
|
||||
Mohammed Kaiseruddin
|
Independent Trustee,
|
1973 to present –
|
1
|
None
|
Year of birth: 1944
|
indefinite term,
|
Nuclear Engineer,
|
||
715 Enterprise Drive
|
since 2000;
|
Sargent & Lundy.
|
||
Oak Brook, IL 60523
|
Chairperson since 2006
|
|
||
Muhammad M. Kudaimi
|
Independent Trustee,
|
1988 to present –
|
1
|
None
|
Year of birth: 1956
|
indefinite term,
|
Medical Doctor.
|
||
715 Enterprise Drive
|
since 2009
|
|||
Oak Brook, IL 60523
|
||||
Interested Trustee
|
||||
Bassam Osman(1)(2)
|
Trustee,
|
1980 to present – Medical Doctor;
|
1
|
None
|
Year of birth: 1950
|
indefinite term,
|
2000 to present – Portfolio
|
||
715 Enterprise Drive
|
since 2000
|
Manager to the Fund.
|
||
Oak Brook, IL 60523
|
||||
Officers
|
||||
Bassam Osman(1)(2)
|
President
|
(See Above.)
|
1
|
N/A
|
Year of birth: 1950
|
since 2000
|
|||
715 Enterprise Drive
|
||||
Oak Brook, IL 60523
|
||||
Mohammad Basheeruddin
|
Treasurer
|
2001 to present –
|
1
|
N/A
|
Year of birth: 1950
|
since 2003
|
Accounting Manager, North
|
||
715 Enterprise Drive
|
American Islamic Trust (NAIT).
|
|||
Oak Brook, IL 60523
|
||||
Azam Nizamuddin
|
Chief Compliance
|
General Counsel and Deputy
|
1
|
N/A
|
Year of birth: 1967
|
Officer
|
Executive Director of NAIT
|
||
715 Enterprise Drive
|
since 2015
|
since April, 2015; 1998 to 2015 –
|
||
Oak Brook, IL 60523
|
Attorney in Private Practice.
|
|||
Salah Obeidallah(2)
|
Secretary
|
Executive Director of NAIT
|
1
|
N/A
|
Year of birth: 1956
|
since 2015
|
since March, 2015;
|
||
715 Enterprise Drive
|
President of Allied Asset
|
|||
Oak Brook, IL 60523
|
Advisors since June, 2015;
|
|||
|
2000 to 2015 – Owner, Manager of
|
|||
Paulison Car Wash & Detailing Inc.
|
(1)
|
This Trustee is deemed to be an “interested person” of the Trust as that term is defined in Section 2(a)(19) of the 1940 Act because of his affiliation with the Advisor.
|
(2)
|
Dr. Osman serves on the Board of Trustees of NAIT, which is an affiliate of the Fund.
|
•
|
Information we receive from you on or in applications or other forms, correspondence, or conversations, including, but not limited to, your name, address, phone number, social security
number, assets, income and date of birth; and
|
|
•
|
Information about your transactions with us, our affiliates, or others, including, but not limited to, your account number and balance, parties to transactions, cost basis information,
and other financial information.
|
|
•
|
Information collected from our website (including from the use of “cookies”)
|
FYE 5/31/2019
|
FYE 5/31/2018
|
|
Audit Fees
|
13,500
|
13,500
|
Audit-Related Fees
|
-
|
-
|
Tax Fees
|
-
|
-
|
All Other Fees
|
-
|
-
|
FYE 5/31/2019
|
FYE 5/31/2018
|
|
Audit-Related Fees
|
0%
|
0%
|
Tax Fees
|
0%
|
0%
|
All Other Fees
|
0%
|
0%
|
Non-Audit Related Fees
|
FYE 5/31/2019
|
FYE 5/31/2018
|
Registrant
|
-
|
-
|
Registrant’s Investment Adviser
|
-
|
-
|
(a)
|
Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.
|
(b)
|
Not Applicable
|
(a)
|
The Registrant’s President/Chief Executive Officer and Treasurer/Chief Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the
“Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded
that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the
Registrant and by the Registrant’s service provider.
|
(b)
|
There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that have materially
affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.
|
(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. Incorporated by reference to the Registrant’s Form N-CSR filed August 9, 2007.
|
(b)
|
Certifications pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002. Furnished herewith.
|
1.
|
I have reviewed this report on Form N-CSR of Allied Asset Advisors Funds;
|
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;
|
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;
|
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:
|
(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;
|
(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;
|
(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
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant’s internal control over financial reporting; and
|
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):
|
(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
|
(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: August 5, 2019
|
/s/Bassam Osman
Bassam Osman President |
1.
|
I have reviewed this report on Form N-CSR of Allied Asset Advisors Funds;
|
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;
|
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;
|
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:
|
(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;
|
(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;
|
(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
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant’s internal control over financial reporting; and
|
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):
|
(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
|
(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: August 8, 2019
|
/s/Mohammad Basheeruddin
Mohammad Basheeruddin
Treasurer |
/s/Bassam Osman
Bassam Osman
President, Allied Asset Advisors Funds
|
/s/Mohammad Basheeruddin
Mohammad Basheeruddin
Treasurer, Allied Asset Advisors Funds
|
Dated: August 5, 2019
|
Dated: August 8, 2019
|
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