THE FUND OBJECTIVES

The objective of the Fund is to generate medium – to long-term capital appreciation by seeking to match the performance of the Dow Jones Islamic Market Extra Liquid Index (the “Index”) – a compilation of 100 most liquid equity securities in the Dow Jones Islamic Market Index (DJIMI). DJIMI is a globally diversified compilation of equity securities considered by the Dow Jones’ Shariah Supervisory Board to be in compliance with Shariah law.

Global Market Commentary & Outlook
 
GDP growth will be penalized by the impact of hurricanes Katrina and Rita. The congressional Budget now estimate that the storms will reduce GDP growth in the 2nd half of 2005 by one half of a percentage point, with most of the damage in the 3rd quarter.
Investors are optimistic that Prime Minister Koizumi’s landslide victory last month will pring broad policy for Japan. Recent data releases suggest that the surge in inventory accumulation that energized the economy in the first half of 2005 has reached longer term sustainable levels.
 

FUND'S  PERFORMANCE
 

FUND PERFORMANCE DATA

NAV Per Share	US$82.76
1 Month	1.68 %
3 Month	6.68%
1 Year	17.14%
Since Inception(1-11-2000)	-17.24%

GEOGRAPHICAL DISTRIBUTION (30/ 09/2005)
 

COUNTRY	%
1. AMERICA	65.30%
2. EUROPE	15.90 %
3. UK	12.20%
4. JAPAN	4.30%
5. ASIA (EX JAP.)	2.30%

 

SECTOR DISTRIBUTION (30/ 09/2005)
 

Sector	%
1. Health Care	25.7
2.Technology	23.6
3. Energy	18.1
4. Consumer Staples	11.1
5. Telecommunications	5.9
6.  Industrial	6.6
7. Consumer Discretionary	5.5
8.  Materials	3