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									       ALLIED ASSET ADVISORS
Investment Advisor to the Dow Jones SM Islamic Fund
                    October 31, 2006
ALLIED ASSET ADVISORS Investment Advisor to the Dow Jones SM Islamic Fund
Agenda/Table of Contents
        Section                                                                   Page(s) / Tab
           1.   Executive Session of the Independent Trustees
          2.     Approval of Agenda
          3.     Approval of Minutes of Prior Meeting
                    Minutes of Board of Trustees Meeting - August 15, 2006            1-3
          4.     Report of Investment Advisor
                    Performance Review                                                1-3
                    Advisor Presentation                                               4
          5.     Marketing and Administrative Reports                                 1-2
          6.     Financial Reports
                     Summary of Expenses                                                1
                     Statements of Changes in Net Assets                                2
          7.     Compliance Reports
                    Regulatory and Portfolio Compliance                               1-3
                    Rule 144a Illiquid Securities                                      4
                    Rule 17a-7 Transaction Documentation                               5
                    Code of Ethics Report                                              6
                    Anti-Money Laundering Certification - June 30, 2006                7
                    Broker Commissions                                                 8
                    Letter from Quasar Distributors, LLC - August 31, 2006             9
          8.     Fair Value Report                                                      1
          9.     Resignation of Officer
          10.    Code of Ethics - Rule 17j-1
          11.    Anti-Money Laundering Program
          12.    Compliance Policies and Procedures
          13.    Market Timing Policy
          14.    Portfolio Holdings Disclosure Policy
          15.    Resolutions                                                          1-2
          16.    Mutual Fund Legal and Industry Update                                1 - 17
          17.    Other Attached Documents
                    2007 Proposed Board Meeting Schedule                                A
                    Final Minutes of Board of Trustees Meeting - April 19, 2006         B
ALLIED ASSET ADVISORS Investment Advisor to the Dow Jones SM Islamic Fund
Executive Session of the Independent Trustees

     The Independent Trustees plan to meet in a regular, quarterly executive session with the counsel to the Independent Trustees.
ALLIED ASSET ADVISORS Investment Advisor to the Dow Jones SM Islamic Fund
Approval of Agenda

       RESOLVED, that the Board of Trustees hereby accepts the agenda as presented in substantially the form presented.

       or

       RESOLVED, that the Board of Trustees hereby accepts the agenda with the following material changes:
             1
             2
             3
ALLIED ASSET ADVISORS Investment Advisor to the Dow Jones SM Islamic Fund
Advisor Presentation

       To be presented at the Board Meeting.




                                               Page 4
ALLIED ASSET ADVISORS Investment Advisor to the Dow Jones SM Islamic Fund
Shareholder Profile by Account Size

                                                                          As of August 31, 2006

             Number of Shares                              Number of Accounts                                            Market Value *
                                                       #                        %                                  #                          %
             1 - 999                                       321                      76.4 %                $        823,362                         3.0 %
             1,000 - 4,999                                  70                      16.7                           961,109                         3.5
             5,000 - 9,999                                  12                       2.8                           645,975                         2.3
             10,000 - 19,999                                 7                       1.7                           664,721                         2.4
             Over 20,000                                    10                       2.4                        24,490,504                        88.8
             Total                                         420                    100.0 %                 $     27,585,671                      100.0 %

           * Total market value includes shareholder transactions on August 31, 2006, which are not included in the Fund's calculation of net assets until
             the next business day (September 1, 2006). Therefore, this market value amount does not agree with other stated net assets totals.


                                                                            As of May 31, 2006

             Number of Shares                              Number of Accounts                                            Market Value *
                                                       #                  %                                        #                          %

             1 - 999                                       306                      75.2 %                $        773,534                         2.9 %
             1,000 - 4,999                                  74                      18.2                           998,765                         3.7
             5,000 - 9,999                                  11                       2.7                           575,883                         2.2
             10,000 - 19,999                                 6                       1.5                           545,759                         2.0
             Over 20,000                                    10                       2.4                        23,912,749                        89.2

             Total                                         407                    100.0 %                 $     26,806,690                      100.0 %

           * Total market value includes shareholder transactions on May 31, 2006, which are not included in the Fund's calculation of net assets until
             the next business day (June 1, 2006). Therefore, this market value amount does not agree with other stated net assets totals.




                                                                                    Page 1
ALLIED ASSET ADVISORS Investment Advisor to the Dow Jones SM Islamic Fund
Shareholder Profile by State

                                                                                        As of August 31, 2006

                                     Total Accounts                      Market Value *                                                  Total Accounts                      Market Value *
                                     #         %                         $             %                                                 #         %                         $             %
    Arizona                              1         0.2 %          $       15,498          0.1 %          New York                           37         8.8 %          $      730,763             2.7 %
    Arkansas                             2         0.5                     7,463          0.0            North Carolina                      2         0.5                    13,936             0.1
    California                          48        11.5                 2,905,107         10.5            North Dakota                        1         0.2                       898             0.0
    Connecticut                          6         1.4                    10,204          0.0            Ohio                               12         2.9                   254,333             0.9
    District of Columbia                 7         1.7                    29,440          0.1            Oklahoma                            8         1.9                    14,568             0.1
    Florida                             24         5.7                   303,907          1.1            Oregon                              4         1.0                    18,594             0.1
    Georgia                             16         3.8                    84,750          0.3            Pennsylvania                       14         3.4                   174,061             0.6
    Hawaii                               1         0.2                       101          0.0            South Carolina                      1         0.2                     3,129             0.0
    Illinois                            61        14.5                21,103,595         76.5            Tennessee                           2         0.5                     8,791             0.0
    Indiana                             18         4.3                   123,149          0.4            Texas                              21         5.0                   213,147             0.8
    Iowa                                 1         0.2                     6,397          0.0            Virginia                           14         3.4                    58,821             0.2
    Kentucky                             6         1.4                    93,105          0.3            Washington                          2         0.5                   200,946             0.7
    Louisiana                            3         0.7                   104,213          0.4            West Virginia                       1         0.2                       471             0.0
    Maryland                            10         2.4                   110,540          0.4            Wisconsin                           3         0.7                    17,072             0.1
    Massachusetts                        5         1.2                    19,833          0.1            APO FPO Military                    1         0.2                       330             0.0
    Michigan                            43        10.3                   148,960          0.5            Foreign
    Minnesota                            8         1.9                    37,886          0.1              Canada                           1          0.2                  24,617               0.1
    Missouri                             7         1.7                    42,432          0.2              France                           1          0.2                     853               0.0
    Nebraska                             2         0.5                   540,239          2.0              Israel                           1          0.2                   3,218               0.0
    Nevada                               2         0.5                     5,430          0.0              Jordan                           1          0.2                   3,180               0.0
    New Jersey                          15         3.6                   133,548          0.5              Saudi Arabia                     1          0.2                   1,623               0.0
    New Mexico                           5         1.2                    14,433          0.1              United Arab Emirates             1          0.2                   2,090               0.0
                                                                                                         Total                            420        100.0 %          $ 27,585,671             100.0 %



    Blue Sky Registration: The Fund is registered in all fifty states. All sales were made in compliance with state requirements.

*   Total market value includes shareholder transactions on August 31, 2006, which are not included in the Fund's calculation of net assets until the next business day (September 1, 2006).
    Therefore, this market value amount does not agree with other stated net assets totals.


                                                                                                 Page 2
ALLIED ASSET ADVISORS Investment Advisor to the Dow Jones SM Islamic Fund
Summary of Expenses

                                                                                                           June 1, 2006                       Fiscal Year
                                                                                                            Through                             Ended
                                                                                                          August 31, 2006                     May 31, 2006

   Investment Income                                                                              $       112,666                     $     344,988

   Expenses
         Investment advisory fees                                                                          50,403            0.75 %         193,889           0.75 %
         Administration fees                                                                               12,362            0.18            44,328           0.17
         Transfer agent fees                                                                               11,457            0.17            44,069           0.17
         Accounting fees                                                                                    9,750            0.14            37,123           0.14
         Professional fees                                                                                  8,035            0.12            41,615           0.16
         License fees                                                                                       6,715            0.10            25,675           0.10
         Registration fees                                                                                  5,889            0.09            23,113           0.09
         Reports to shareholders                                                                            1,722            0.03             6,347           0.03
         Custody fees                                                                                         770            0.01             3,011           0.01
         Miscellaneous expenses                                                                               669            0.01             2,430           0.01
      Total operating expenses before reimbursement                                                       107,772            1.60           421,600           1.63
      Less: Reimbursement from Adviser                                                                       (245)          (0.00)          (16,219)         (0.06)
      Net expense ratio *                                                                                 107,527            1.60 %         405,381           1.57 %

   Net Investment Income (Loss)                                                                   $          5,139                    $      (60,393)

   Average Net Assets                                                                             $     26,662,584                    $   25,851,903

     *   Effective October 1, 2005 the expense waiver increased to 1.60% of average daily net assets.




                                                                                               Page 1
ALLIED ASSET ADVISORS Investment Advisor to the Dow Jones SM Islamic Fund
Statements of Changes in Net Assets

                                                                                June 1, 2006                      Fiscal Year
                                                                                 Through                            Ended
                                                                               August 31, 2006                    May 31, 2006
   Operations
      Net investment income (loss)                                    $          5,139                    $      (60,393)
      Net realized gain on investments                                          16,338                            89,533
      Change in unrealized appreciation on investments                         739,169                         1,331,943
      Net increase in net assets from operations                               760,646           2.84 %        1,361,083         5.74 %

   Capital Share Transactions
       Shares sold                                                              453,401                        3,534,873
       Shares reinvested                                                            -                             12,778
       Shares redeemed                                                         (442,091)                      (1,759,213)
       Net increase in net assets from capital share transactions                11,310          0.04 %        1,788,438         7.55 %

   Distributions to Shareholders
       From net investment income                                                   -                            (46,738)
       Total distributions to shareholders                                          -            -   %           (46,738)        (0.20) %

   Net Increase in Net Assets                                                  771,956           2.88 %        3,102,783         13.09 %

   Net Assets:
       Beginning of period                                                   26,799,847                       23,697,064
       End of period                                                  $      27,571,803                   $   26,799,847




                                                                    Page 2
                                                                                                                         SM
ALLIED ASSET ADVISORS Investment Advisor to the Dow Jones                                                                     Islamic Fund
Regulatory and Portfolio Compliance

For the Period Ended August 31, 2006                                                                                                                               % of NA
                                                                                                                                                    Investment     or TA at   Complies
                                 Total Assets (TA):                 $27,619,404                                 Net Assets (NA):      $27,571,803     Amount       8/31/06
I. Prospectus/SAI Compliance

  A. Fundamental Investment Policies

   1. The Fund did not borrow money or issue senior securities, except as permitted under the 1940 Act, as amended. (SAI p.3)                               -       0.00%       YES

   2. The Fund did not purchase physical commodities or contracts relating to physical commodities. (SAI p.3)                                               -       0.00%       YES

   3. The Fund did not make loans except as permitted under the 1940 Act, as amended, as interpreted or modified by
      regulatory authority having jurisdiction. (SAI p.3)                                                                                                   -       0.00%       YES

   4. The Fund did not engage in the business of underwriting securities, except to the extent that the Fund may be deemed to
      be an underwriter in connection with the disposition of portfolio securities. (SAI p.3)                                                               -       0.00%       YES

   5. The Fund did not purchase or sell real estate, which term does not include securities of companies which deal in real
      estate or mortgages or investments secured by real estate, or interests there in, except that the Fund reserves freedom of
      action to hold and to sell real estate acquired as a result of the Fund's ownership of securities. (SAI p.3)                                          -       0.00%       YES

   6. The Fund did not concentrate its investments in a particular industry. Not more than 25% of net assets within the
      same industry.                                                                                                                                  $3,772,320    13.68%      YES

   7. The Fund did not engage in the business of underwriting securities, except to the extent that the Fund may be deemed to
      be an underwriter in connection with the disposition of portfolio securities.                                                                         -       0.00%       YES

   8. With respect to 75% of the value of total assets is represented by cash and cash items, government securities, securities of
      other investment companies, and other securities for the purposes of this calculation limited in respect to any one issuer to
      an amount greater in value than 5% of the value of the total assets of such company and to not more than 10% of the
      outstanding voting securities of such issuer.                                                                                                   $1,772,954    6.42%       YES

   9. The Fund did not issue senior securities, except as permitted under the 1940 Act, as amended, and as interpreted or
      modified by regulatory authority having jurisdiction.                                                                                                 -       0.00%       YES




                                                                                               Page 1
                                                                                                                       SM
ALLIED ASSET ADVISORS Investment Advisor to the Dow Jones                                                                      Islamic Fund
Regulatory and Portfolio Compliance

 B. Non-Fundamental Investment Policies

  1. The Fund did not purchase securities on margin or make short sales. (SAI p.3)                                                                           -          0.00%       YES

  2. The Fund did not invest more than 15% of its net assets in illiquid securities. (SAI p.3)                                                               -          0.00%       YES

  3. The Fund did not enter into futures contracts or purchase options thereon. (SAI p.3)                                                                    -          0.00%       YES

  4. The Fund did not borrow money in an amount greater than 5% of its total assets, except for temporary or emergency purposes.
     (SAI p.3)                                                                                                                                               -          0.00%       YES

 C. General Prospectus/SAI Limitations

  1. To achieve its investment objective, under normal circumstances, the Fund invests at least 80% of its net assets in
     domestic and foreign securities included in the Dow Jones Islamic Market Indexes (the “Indexes”), as well as up to
     20% of its net assets in securities chosen by the Fund’s investment advisor that meet Islamic principles. The Indexes
     consist solely of common stocks that meet Islamic principles, but does not include all stocks that meet these principles.                                                  *   YES

    * At August 31, 2006, the Fund held 278 securities, of which 243 were contained in the 1,937 securities in the Dow Jones Islamic Market Indexes. At August 31, 2006,
      the Fund held 35 securities that were not included in the Dow Jones Islamic Market Indexes, but that were chosen by the Advisor that meet Islamic principles.
      These investments make up 6.48% of the net assets of the Fund.

    A.S.V., Inc.                                        Diebold, Inc.                            McKesson Corp.                   Sabre Group Holdings, Inc.
    Arkema - ADR                                        Echelon Corp.                            MedQuist Inc.                    Tatneft - ADR
    Atlantic Tele-Network, Inc.                         Electronic Arts Inc.                     Mercury Interactive Corp.        Tenaris S.A.
    Bandag, Inc.                                        First Data Corp.                         Mohawk Industries                Teva Pharmaceutical Industries Ltd.
    Blyth                                               Foundry Networks, Inc.                   Move Inc.                        Unisys Corp.
    Catalina Marketing Corp.                            Immunomedics, Inc.                       NCR Corp.                        United Technologies Corp.
    Compania de Minas Buenaventura S.A.u. - ADR         Integrated Device Technology, Inc.       Neenah Paper, Inc.               Woodward Governor Co.
    D.R. Horton Corp.                                   Kaydon Corp.                             PetroChina Company Ltd. - ADR    XOMA Ltd.
    Deluxe Corp.                                        Lifepoint Hospitals, Inc.                Rockwell Collins, Inc.
 D. Additional Representations/Statistics

  1. The fiscal year to date portfolio turnover rate was 0.0%.

  2. The Fund did not enter into any Rule 17a-7 or 17e-1 transactions [transactions among the Fund and affiliated entities].
  3. The Fund did not purchase any 144A securities.



                                                                                                 Page 2
                                                                                                                         SM
ALLIED ASSET ADVISORS Investment Advisor to the Dow Jones                                                                      Islamic Fund
Regulatory and Portfolio Compliance

II. 1940 Act Compliance

 A.   The Fund did not invest more than 10% of its total assets in shares of other investment companies and not more than
      5% of its total assets in any one investment company, provided the investment does not represent more than 3% of
      the voting stock of the acquired investment company at the time such shares are purchased.                                                                                                    YES

III. IRC Compliance

 A.   With respect to 50% of the total value of the Fund's assets (a) not more than 5% of its total assets were invested in the
      securities of any one issuer and (b) the Fund may not own more than 10% of the outstanding voting securities of any one
      issuer. These percentage limitations do not apply to investments in U.S. Government securities or the securities of other
      regulated investment companies.                                                                                                                        $1,772,954       6.42%                 YES

 B.   Less than 25% of the total value of the Fund's assets may be invested in securities of any one issuer or of any two or more
      issuers controlled by the Fund, which, pursuant to the regulations under the Code, may be deemed to be engaged in the
      same, similar or related trades or businesses.                                                                                                         $3,772,320      13.66%                 YES

 C.   90% Gross Income Test
      1) Dividends and interest                                                                                                            $112,666
      2) Gross gains on investments sold (gross realized)                                                                                    16,338
      3) Other income not related to the Portfolio's business of investing in stocks or securities                                                -
      4) Gross income                                                                                                                      $129,004
      Is other income (line 3) less than or equal to 10% of gross income (line 4)?                                                               0%                                                 YES

IV. Insurance Coverage

 A.   At August 31, 2006, the Fund had $300,000 of fidelity bond coverage, which insures gross assets up to $35,000,000. The Fund's gross assets at August 31, 2006 were $27,619,404.
      Therefore, the Fund had adequate coverage at August 31, 2006. The Fund's insurance policy includes an Omnibus Wording rider which states If the insured shall, while this bond is in
      force, require an increase in limits to comply with SEC Reg. 17g-1, due to an increase in asset size of current funds insured under the bond or by the addition of new funds, such increase
      in limits shall automatically be covered hereunder from the date of such increase without the payment of additional premium for the remainder of the premium period.




      /s/ M. Naziruddin Ali                                    9/20/2006                        /s/ Jon Gitter                                            9/20/2006
      Allied Asset Advisors Funds                                  Date                         U.S. Bancorp Fund Services, LLC                               Date



                                                                                               Page 3
ALLIED ASSET ADVISORS Investment Advisor to the Dow Jones SM Islamic Fund
Rule 144a Illiquid Securities

    Overview

      The Allied Asset Advisors Funds may purchase restricted securities which are eligible for purchase and sale pursuant to Rule 144a of the Securities
      Act of 1933, as amended. This rule permits certain qualified institutional buyers, such as the Funds, to trade in privately placed securities. The
      Board has also approved procedures which govern when certain securities acquired by the Allied Asset Advisors Funds may be deemed liquid.


    Representations

      During the quarter ended August 31, 2006, the Fund did not hold any Rule 144a illiquid securities.




      /s/ M. Naziruddin Ali                                                          9/20/2006
      M. Naziruddin Ali                                                                Date
      Chief Compliance Officer
      Allied Asset Advisors Funds




                                                                               Page 4
ALLIED ASSET ADVISORS Investment Advisor to the Dow Jones SM Islamic Fund
Rule 17a-7 Transaction Documentation

    Overview

       Rule 17a-7 of the 1940 Act governs security transactions between portfolios within the same fund family or transactions between a
       fund and a person who is affiliated with the fund (or an affiliate of an affiliate) solely by reason of having a common investment adviser,
       investment advisers which are affiliated with each other, common directors and/or common officers. In accordance with the procedures
       which were adopted by the Board, the details of these transactions need to be reported to you along with the representations below.


    No Rule 17a-7 transactions have occurred during the quarter ending August 31, 2006.


    Representations

       Rule 17a-7 transactions must comply with the following requirements:

        a.   No brokerage commissions or fees were paid.
        b.   All transactions were effected at the current market value.
        c.   Cash was the only consideration for all transactions.
        d.   The above information is correct and any security purchased for Allied Asset Advisors Funds is consistent with that
             portfolio's investment policy.


             /s/ M. Naziruddin Ali                                                         9/20/2006
             M. Naziruddin Ali                                                               Date
             Chief Compliance Officer
             Allied Asset Advisors Funds




                                                                                 Page 5
ALLIED ASSET ADVISORS Investment Advisor to the Dow Jones SM Islamic Fund
Code of Ethics Report

    Quarter Ended June 30, 2006


       Allied Asset Advisors Funds
       In accordance with Allied Asset Advisors Funds' Code of Ethics, access persons made no transactions during the calendar quarter
       ended June 30, 2006, which are required to be reported to the Board pursuant to the Code of Ethics.



       /s/ M. Naziruddin Ali                                                              7/15/2006
       M. Naziruddin Ali                                                                     Date
       Chief Compliance Officer
       Allied Asset Advisors Funds




                                                                              Page 6
ALLIED ASSET ADVISORS Investment Advisor to the Dow Jones SM Islamic Fund
Anti-Money Laundering Certification
WILL BE REPLACED WITH WORD DOCUMENT CONTAINING ELECTRONIC SIGNATURE - LEAVE THIS PAGE AS A FILLER.


                                          ANTI-MONEY LAUNDERING CERTIFICATE OF COMPLIANCE


  Pursuant to the Allied Asset Advisors Funds' Anti-Money Laundering Program, U.S. Bancorp Fund Services, LLC ("USBFS") certifies that:

  1. There were no Office of Foreign Asset Control ("OFAC") matches within Allied Asset Advisors Funds for the calendar quarter ended
     June 30, 2006.

  2. There were no FinCEN matches within Allied Asset Advisors Funds for the calendar quarter ended June 30, 2006.

  3. There have been no Suspicious Activity Reports filed on behalf of Allied Asset Advisors Funds for the calendar quarter ended June 30, 2006.

  4. USBFS has followed its Anti-Money Laundering ("AML") policies and procedures under Section 352 of the USA PATRIOT Act and has
     conducted new employee AML training as necessary.

  5. USBFS has complied with Allied Asset Advisors Funds' Customer Identification Program under Section 326 of the USA PATRIOT Act.


                                                                                                Allied Asset Advisors Funds

                                                                                                /s/ Mike McVoy
                                                                                                Mike McVoy
                                                                                                AML Compliance Officer




                                                                                 Page 7
ALLIED ASSET ADVISORS Investment Advisor to the Dow Jones SM Islamic Fund
Broker Commissions

                                                            June 1, 2006 through August 31, 20061


                                                 Total                Total                 Percentage of
                     Broker                     Principal          Commissions                  Total                 Number of   $/Share
                                                 Value                Paid                  Commissions                Shares

                                     There were no commissioned trades in the Fund for the quarter ended August 31, 2006.


       1
           Report prepared September 7, 2006.




                                                                            Page 8
ALLIED ASSET ADVISORS Investment Advisor to the Dow Jones SM Islamic Fund
Fair Value Report

                                                      Fair Value Determinations by the Investment Adviser


                                                         Price                                                                         Percentage of
 Security held by Fund           Shares                Per Share             Date                 Fair Value          Net Assets        Net Assets
       Tatneft *                  500                   $90.06             9/15/2006          $      45,030.00    $    27,680,275.82          0.16%
       Tatneft *                  500                   $90.06             9/18/2006          $      45,030.00    $    27,761,187.21          0.16%
       Tatneft *                  500                   $90.06             9/19/2006          $      45,030.00    $    27,653,180.30          0.16%
       Tatneft *                  500                   $90.06             9/20/2006          $      45,030.00    $    27,810,603.64          0.16%
       Tatneft *                  500                   $90.06             9/21/2006          $      45,030.00    $    27,703,348.98          0.16%
      Arkema **                   100                   $37.45             5/23/2006          $        3,745.00   $    26,493,379.56          0.01%


*Security stopped trading due to pending change of stock exchanges.
**Security received as part of a spinoff of Total FINA .




                                                                               Page 1
ALLIED ASSET ADVISORS Investment Advisor to the Dow JonesSM Islamic Fund
Resolutions
A. Resignation of Officer (Section 9)
         RESOLVED, that the following person hereby resigns as officer of Allied Asset Advisors Funds:
                Name
                Mr. Michael McVoy                                     co-AML Officer

B. Annual Approval of Code of Ethics (Section 10)
         WHEREAS, on an annual basis, and at such other time as deemed necessary or appropriate by the trustees, the trustees shall review operation of this
Code and shall adopt such amendments thereto as may be necessary to assure that the provisions of the Code establish standards and procedures that
reasonably designed to detect and prevent activities that would constitute violations of Rule 17j-1.
         WHEREAS, on an annual basis, the Trust and the Advisor must furnish to the Board of Trustees, and the Board of Trustees must consider, a written
report that describes any issues arising under the Code of Ethics since the last report, and certifies that the Trust and the Advisor have adopted procedures
reasonably necessary to prevent access persons from violating the Code, and the Board of Trustees has received this report.
         THEREFORE, BE IT RESOLVED, that the Code of Ethics, in the form attached hereto, is hereby approved.

C. Annual Review of Anti-Money Laundering Program (Section 11)
          WHEREAS, the Securities and Exchange Commission has implemented rules that require investment companies to adopt an appropriate Customer
Identification Program effective October 1, 2003 in connection with the Trust's Anti-Money Laundering Program (the "AML Program") adopted in accordance
with the USA PATRIOT Act of 2001; and
         WHEREAS, the Trust has integrated the Customer Identification Program into AML Program; and
         WHEREAS, the SEC requires that the Trust's AML Program be reviewed at least annually by the Board of Trustees; now therefore be it
         RESOLVED, that the Trustees have reviewed the Trust's AML Program as attached hereto; and
          FURTHER RESOLVED, that all previous actions taken by the officers and their designees with respect to the USA PATRIOT Act Policy are hereby
ratified and confirmed in all respects and the officers of the Trust are authorized to take such further actions as are necessary and appropriate to effectuate
these resolutions and ensure compliance with the USA PATRIOT Act.

D. Resolution to Pay Blue Sky Expenses
          RESOLVED, that the following persons shall each have authority to direct in writing the issuance of drafts for payment or reimbursement to third
parties of the Fund's blue sky expenses or any annual filings for states:
          Mr. Matthew Verhaalen                                Mr. Jon Gitter                       Ms. Christine Radonski



                                                                                   Page 1
ALLIED ASSET ADVISORS Investment Advisor to the Dow JonesSM Islamic Fund
Resolutions
E. Annual Approval of Compliance Policies and Procedures (Section 12)
          WHEREAS, Rule 38a-1 under the 1940 Act that the Trust adopt written policies and procedures reasonably designed to prevent violation of the federal
securities laws (the “Compliance Procedures”) by the Trust and each of its series (currently, the Dow Jones Islamic Fund, which is referred to as the Fund),
including policies and procedures that provide for oversight of compliance by each principal service provider to the Fund;
         WHEREAS, Rule 38a-1 requires the Board of Trustees of the Trust to approve the Compliance Procedures of the Trust and each of its principal
service providers; and
         WHEREAS, the Board has reviewed a summary of the Compliance Procedures of the Trust and each of its principal service providers and, after
consideration of all relevant factors, has found that the Compliance Procedures are reasonably designed to prevent violation of the federal securities laws
by the Trust and each of its principal service providers.
         RESOLVED, that the Board, including a majority of its independent trustees after consideration of all relevant factors, hereby approves the Trust's
Compliance Procedures in substantially the form presented at this meeting, with such changes as may be deemed necessary by the officers of the Trust to
ensure compliance with Rule 38a-1.
          FURTHER RESOLVED, that the Compliance Procedures of the Fund’s investment adviser, principal underwriter, administrator, transfer agent,
custodian and fund accountant are hereby approved in substantially the form presented at this meeting, with such changes as may be deemed necessary by the
officers of the Trust and each of its service providers to ensure compliance with Rule 38a-1.
          FURTHER RESOLVED, that the officers of the Trust be and hereby are authorized to prepare any documents and undertake any actions necessary
in order to finalize the Compliance Procedures.

F. Approval of Market Timing Policy (Section 13)
         RESOLVED, that the market timing policy of the Trust, be, and hereby is, approved.

G. Approval of Portfolio Holdings Disclosure Policy (Section 14)
         RESOLVED, that the policy of the disclosure of portfolio holdings of the Trust be, and hereby is, approved.




                                                                                    Page 2
ALLIED ASSET ADVISORS Investment Advisor to the Dow Jones SM Islamic Fund
Schedule of Upcoming Board Meetings

           January 2007                                  February 2007                               March 2007                            April 2007
  S     M T W T F                  S           S    M     T W T F              S           S    M    T W T          F    S      S       M T W T F                  S
         1   2    3    4 5          6                                1 2        3                               1    2    3       1      2  3    4    5 6           7
   7     8   9 10 11 12            13           4    5     6    7    8 9       10           4    5    6    7    8    9   10       8      9 10 11 12 13             14
  14    15 16 17 18 19             20          11   12    13 14 15 16          17          11   12   13   14   15   16   17      15     16 17 18 19 20             21
  21    22 23 24 25 26             27          18   19    20 21 22 23          24          18   19   20   21   22   23   24      22     23 24 25 26 27             28
  28    29 30 31                               25   26    27 28                            25   26   27   28   29   30   31      29     30

               May 2007                                   June 2007                                   July 2007                               August 2007
  S     M     T W T F              S           S    M    T W T           F     S           S    M    T W T F             S      S       M     T W T F              S
               1    2   3 4         5                                     1     2           1    2    3     4   5 6       7                         1    2  3       4
   6     7     8    9 10 11        12           3    4     5    6    7    8     9           8    9   10 11 12 13         14       5      6     7    8    9 10      11
  13    14    15 16 17 18          19          10   11    12   13   14   15    16          15   16   17 18 19 20         21      12     13    14 15 16 17          18
  20    21    22 23 24 25          26          17   18    19   20   21   22    23          22   23   24 25 26 27         28      19     20    21 22 23 24          25
  27    28    29 30 31                         24   25    26   27   28   29    30          29   30   31                          26     27    28 29 30 31

             September 2007                            October 2007                                November 2007                             December 2007
  S     M      T W T F             S           S    M T W T F                  S           S    M   T W T           F    S      S       M     T W T F              S
                                    1                1  2    3    4 5           6                             1      2    3                                         1
   2     3     4    5    6    7     8           7    8  9 10 11 12             13           4    5   6   7    8      9   10       2      3     4    5     6    7    8
   9    10    11   12   13   14    15          14   15 16 17 18 19             20          11   12 13 14 15         16   17       9     10    11   12    13   14   15
  16    17    18   19   20   21    22          21   22 23 24 25 26             27          18   19 20 21 22         23   24      16     17    18   19    20   21   22
  23    24    25   26   27   28    29          28   29 30 31                               25   26 27 28 29         30           23     24    25   26    27   28   29
  30                                                                                                                             30     31

 January Meeting                  Dividend Ratification.
 April Meeting                    Officer Approval, Insurance Renewal, Advisor Agreement Renewal, Contract Renewals & Waiver Renewal.                   IN PERSON
 July Meeting                     Distributor Agreement Renewal, Selection of Auditors (Auditors Invited) & Audit Committee Meeting.                    IN PERSON
 September Meeting                Anti-Money Laundering Program Review and Compliance Program Review.

       = Proposed Meeting Date               = Fund's Year End                = Advisory Agreement & Service Contracts Expire                = Expense Waiver Expires

 Each meeting is presumed to begin at Noon CST.

								
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