STATEMENTS OF ASSETS & LIABILITIES December 31, 2003

US DOLLARS

ASSETS

Investment in Dow Jones Islamic Market Index Portfolio ("the Portfolio"), at market value

5,489,820
 

Cash

7,073

Dividends receivable

4,118

Total Assets

$5,501,011
 

LIABILITIES

Impure dividend payable

26,450

Accrued Expenses & other Liabilities

152,892

Total Liabilities

340,931

Net Assets

$ 5,321,669

Number of units outstanding

74,909

NET ASSET VALUE AND OFFERING PRICE PER NONVOTING REDEEMABLE PREFERENCE SHARES ($8,331,457/105,250 SHARES)

71.04