Allied Asset Advisors Funds – ‘N-1A/A’ on 5/23/00 – EX-99.I

On:  Tuesday, 5/23/00, at 5:14pm ET   ·   Accession #:  894189-0-317   ·   File #:  333-30924

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Pre-Effective Amendment to Registration Statement of an Open-End Management Investment Company   —   Form N-1A
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-1A/A      Pre-Effective Amendment to Registration Statement     66±   288K 
                          of an Open-End Management Investment                   
                          Company                                                
 2: EX-99.A(III)  Written Instrument Fixing                            1      8K 
 3: EX-99.A(IV)  Written Instrument Establishing                       2±    12K 
 4: EX-99.B(I)  Amendment to Bylaws                                    1      8K 
 5: EX-99.D     Advisory Agreement                                     6±    26K 
 6: EX-99.D(I)  Expense Waiver and Reimbursement Agreement             2±    10K 
 7: EX-99.E     Distribution Agreement                                 7±    30K 
 8: EX-99.G     Custody Agreement                                     27±    90K 
 9: EX-99.H(I)  Admistration Agreement                                 8±    31K 
10: EX-99.H(II)  Transfer Agent Servicing Agreement                    8±    31K 
11: EX-99.H(III)  Fund Accounting                                      8±    32K 
12: EX-99.H(IV)  Shareholder Services Agreement                        4±    19K 
13: EX-99.H(V)  Fullfilment Agreement                                  4±    16K 
14: EX-99.I     Opinion and Consent of Counsel                         1     11K 
15: EX-99.L     Agreement Relating to Initial Capital                  1      8K 
16: EX-99.M     Rule 12B-1 Plan                                        8±    35K 
17: EX-99.N     Rule 18F-3 Plan                                        3±    14K 
18: EX-99.P     Code of Ethics                                        16±    56K 

EX-99.I   —   Opinion and Consent of Counsel

                                                                 May      , 2000

Allied Asset Advisors Funds                                                     
745 McClintock Drive                                                            
Suite 114                                                                       
Burr Ridge, Illinois 60521                                                      

Ladies and Gentlemen:                                                           

        Reference is made to Pre-Effective Amendment No. 1 to the Registration
Statement on Form N-1A under the Securities Act of 1933 being filed by Allied   
Asset Advisors Funds (the "Trust") in connection with the proposed public       
offering of an indefinite number of shares of beneficial interest, no par value 
("Shares"), in the Dow Jones Islamic Index Fund (the "Fund"), the sole initial  
series of the Trust.                                                            

        We have acted as counsel to the Trust since its inception, and in such
capacity are familiar with the Trust's organization and have counseled the Trust
regarding various legal matters. We have examined such Trust records and other  
documents and certificates as we have considered necessary or appropriate for   
the purposes of this opinion. In our examination of such materials, we have     
assumed the genuineness of all signatures and the conformity to original        
documents of all copies submitted to us.                                        

       Based upon the foregoing and assuming that the Trust's Declaration of
Trust dated January 10, 2000, the Written Instrument Establishing and           
Designating Classes of Interests dated May 4, 2000, and the By-Laws of the Trust
adopted January 10, 2000, as amended on May 4, 2000 are presently in full force 
and effect and have not been amended in any respect except as provided in the   
above-referenced documents and that the resolutions adopted by the Board of     
Trustees of the Trust on May 4, 2000 relating to organizational matters,        
securities matters and the issuance of shares are presently in full force and   
effect and have not been amended in any respect, we advise you and opine that   
(a) the Trust is a duly formed and validly existing business trust under the    
laws of the State of Delaware (commonly known as a Delaware business trust) and 
is authorized to issue an unlimited number of Shares in the Fund; and (b) upon  
issuance of the Shares for cash at net asset value plus any applicable front-end
sales charges and receipt by the Trust of a purchase price not less than the net
asset value thereof, the Shares of the Fund will be legally issued and          
outstanding, fully paid and nonassessable.                                      

        This opinion is solely for the benefit of the Trust, the Trust's Board
of Trustees and the Trust's officers and may not be relied upon by any other    
person without our prior written consent. We hereby consent to the use of this  
opinion in connection with said Pre-Effective Amendment.                        

                         Very truly yours,

                                         VEDDER, PRICE, KAUFMAN & KAMMHOLZ

Dates Referenced Herein

This ‘N-1A/A’ Filing		Date		Other Filings
Filed on:		5/23/00		None on these Dates
		5/4/00
		1/10/00
				List all Filings

4 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 9/26/23  Allied Asset Advisors Funds       485BPOS     9/28/23   15:2.2M                                   US Bancorp Fund Svcs LLC
 9/26/22  Allied Asset Advisors Funds       485BPOS     9/30/22   15:2.3M                                   US Bancorp Fund Svcs LLC
 9/24/21  Allied Asset Advisors Funds       485BPOS     9/30/21   16:2.3M                                   US Bancorp Fund Svcs LLC
 9/25/20  Allied Asset Advisors Funds       485BPOS     9/30/20   18:3.3M                                   US Bancorp Fund Svcs LLC