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Previous: DREYFUS MASSACHUSETTS TAX EXEMPT BOND FUND, N-30D, 2000-02-01 |
Next: ADVANTUS SERIES FUND INC, 497, 2000-02-01 |
| INCOME FUND • GROWTH FUND |
SEMI-ANNUAL
|
||
|
REPORT
|
|||
|
January
4, 2000
|
|||
|
Fellow Shareowners:
Mutual fund performance was a multi-tier story for 1999. Tech stocks outperformed large-cap stocks, which outperformed smaller and mid-cap stocks, while income funds generally lost money. For the 6 months ended November 30, 1999, the tech heavy Nasdaq Composite soared 35.0%, the S&P 500 gained 6.7%, the Dow Jones Islamic Index, US Markets garnered 10.1%, but the S&P Utilities Index dipped -15.4%. As value investors, the Amana Funds seek investment profits from sound, growing, established businesses that can be held for several years. The returns for Amana Income and Amana Growth, while dramatically different this year, both exhibited good performances for their different market tiers. Low unemployment, high consumer confidence and moderate interest rates bring us to forecast that 1999's high rate of economic growth will continue for the next year. The Federal Reserve could stop the party with even higher interest rates, in which case "high quality" companies such as those held by Amana Income should be the best investments in 2000. Amana Income Fund, with a small loss for the first six months of its fiscal year ended November 30, 1999, returned a total 8.7% for the 1999 calendar year. Rising rates this year hurt Income Fund because its investments are esecially sensitive to interest rates. Still, helped by a long bull market, Amana Income Fund has returned an average 10.9% per year for the last ten calendar years. Amana Growth Fund, with a 35.4% gain for the first six months of its fiscal year ended November 30, 1999, returned an outstanding total of 99.4% for the full 1999 calendar year. But Growth Fund now has extra risk because a single stock, Qualcomm, constitutes over 21% of the Fund's portfolio. For the almost six years from its February 1994 inception to December 31, 1999, the Fund has provided an annual average total return of 24.4%. Over $44 million is now invested through the two Amana mutual funds, up from $3 million when Saturna Capital became Amana Income's adviser a decade ago. your board is proud of Amana's years of successful Islamic investment experience, and the growth of assets as the Trust's reputation widens. To enhance Amana for the years ahead, the board recently named the Fiqh Council of North America as religious consultants to Amana. It also selected the Islamic Society of North America to advise Amana on investment programs for the Society's membership. If you have questions or need investment help, please call us at 800/SATURNA. Further information about fund operations (unaudited) is available for you on the following pages.
|
GRAPHIC OMITTED | |||
|
Respectfully,
| ||||
|
Nicholas
Kaiser,
President
|
Bassam
Osman,
Chairman
|
|||
| Average Annual Returns (as of 12/31/99) |
1 year
|
5 years
|
10 years | ||||||
| Amana Income Fund | 8.68% | 17.21% | 10.88% | ||||||
| Amana Growth Fund | 99.42% | 31.12% | 24.36% | ||||||
| since 2/3/94 inception | |||||||||
| November 30, 1999 Report | 1 |
| INVESTMENTS | I N C O M E | |||
| GRAPHIC OMITTED | ||||
| Issue |
Number of Shares
|
Cost
|
Market Value
|
|
| COMMON STOCKS (95.3%) | ||||
| Advertising (1.2%) | ||||
|
R.H.
Donnelley
|
15,000 | 235,562 | 279,375 | |
| Aerospace (.8%) | ||||
|
Raytheon,
Cl A
|
6,000 | 317,697 | 174,750 | |
| Automotive (1.2%) | ||||
|
Genuine
Parts
|
11,000 | 355,744 | 283,250 | |
| Building (.6%) | ||||
|
Plum
Creek Timber
|
5,000 | 153,499 | 125,938 | |
| Business Services (1%) | ||||
|
Dun
& Bradstreet Corp
|
6,500 | 112,923 | 175,500 | |
|
Gartner
Group CL B
|
1,692 | 16,548 | 18,718 | |
|
SUB-TOTAL
|
129,471 | 194,218 | ||
| Chemicals (1.3%) | ||||
|
RPM
|
25,390 | 182,267 | 298,332 | |
| Machinery (2.4%) | ||||
|
Manitowoc
|
17,250 | 95,638 | 526,125 | |
| Medical (13.7%) | ||||
|
American
Home Products
|
15,200 | 193,026 | 790,400 | |
|
Bristol-Myers
Squibb
|
18,560 | 206,069 | 1,356,040 | |
|
Glaxo
Wellcome plc ADR
|
10,000 | 260,426 | 594,375 | |
|
IMS
Health
|
13,000 | 148,605 | 306,312 | |
|
SUB-TOTAL
|
808,126 | 3,047,127 | ||
| Mining (4.1%) | ||||
|
Phelps
Dodge
|
4,200 | 147,435 | 218,400 | |
|
Rio
Tinto plc ADS
|
9,000 | 521,085 | 699,750 | |
|
SUB-TOTAL
|
668,520 | 918,150 | ||
| Oil & Gas Production (17.5%) | ||||
|
Atlantic
Richfield
|
10,000 | 591,408 | 962,500 | |
|
BP
Amoco PLC ADR
|
9,262 | 411,519 | 564,403 | |
|
Enron
|
10,000 | 201,429 | 380,625 | |
|
Exxon
|
10,000 | 307,279 | 793,125 | |
|
Fletcher
Challenge Energy ADR
|
20,000 | 493,562 | 452,500 | |
|
Mobil
|
7,000 | 395,104 | 730,187 | |
|
SUB-TOTAL
|
2,400,301 | 3,883,340 | ||
|
2
|
November 30, 1999 Report |
| I N C O M E | INVESTMENTS | ||||
| Issue |
Number of Shares
|
Cost
|
Market Value
|
||
| Publishing (.8%) | GRAPHIC OMITTED | ||||
|
McGraw-Hill
|
3,000 | 172,917 | 170,063 | ||
| Real Estate (3.7%) | |||||
|
Duke-Weeks
Realty
|
20,000 | 434,493 | 370,000 | ||
|
Shurgard
Storage Centers
|
20,000 | 526,956 | 446,250 | ||
|
SUB-TOTAL
|
961,449 | 816,250 | |||
| Steel (2.3%) | |||||
|
USX-U.S.
Steel Group
|
20,000 | 489,611 | 506,250 | ||
| Telecommunications (25.8%) | |||||
|
BCE,
Inc
|
19,600 | 324,207 | 1,325,450 | ||
|
Cable
& Wireless plc ADS
|
20,000 | 408,074 | 795,000 | ||
|
GTE
|
10,000 | 410,441 | 730,000 | ||
|
SBC
Communications
|
20,480 | 375,305 | 1,063,680 | ||
|
Tele
Danmark A/S ADR
|
10,000 | 261,452 | 319,375 | ||
|
Telefonica
S.A. ADR
|
23,877 | 202,956 | 1,483,359 | ||
|
SUB-TOTAL
|
1,982,435 | 5,716,864 | |||
| Tools (2%) | |||||
|
Regal-Beloit
|
20,000 | 357,762 | 440,000 | ||
|
Transportation
(2.5%)
|
|||||
|
Canadian
Pacific Ltd
|
26,000 | 611,349 | 565,500 | ||
| Utilities-Gas & Electric (14.4%) | |||||
|
Duke
Energy Corp
|
5,000 | 296,509 | 253,125 | ||
|
Edison
International
|
13,000 | 287,969 | 344,500 | ||
|
FPL
Group
|
10,000 | 344,874 | 437,500 | ||
|
Idacorp
|
10,000 | 320,332 | 280,000 | ||
|
NiSource
|
24,000 | 469,159 | 451,500 | ||
|
PG
& E Corporation
|
20,000 | 458,942 | 446,250 | ||
|
Piedmont
Natural Gas
|
11,400 | 198,575 | 361,950 | ||
|
Puget
Sound Energy
|
10,000 | 285,992 | 205,000 | ||
|
Sempra
Energy
|
22,300 | 501,564 | 409,763 | ||
|
SUB-TOTAL
|
3,163,916 | 3,189,588 | |||
| TOTAL INVESTMENTS (95.3%) | 13,086,263 | 21,135,120 | |||
|
Other Assets (net of liabilities) (4.7%)
|
1,044,775 | ||||
| TOTAL NET ASSETS (100%) | 22,179,895 |
| November 30, 1999 Report | 3 |
| STATEMENT OF ASSETS AND LIABILITIES | I N C O M E | |||
| GRAPHIC OMITTED | ||||
| As of November 30, 1999. | ||||
| Assets | ||||
|
Common
stocks (cost $13,086,263)
|
$21,135,120 | |||
|
Cash
|
1,007,096 | |||
|
Dividends
receivable
|
53,612 | |||
|
Insurance
reserve premium
|
7,763 | |||
|
Total
Assets
|
$22,203,591 | |||
| Liabilities | ||||
|
Payable
to affiliate
|
17,391 | |||
|
Other
liabilities
|
6,305 | |||
|
Total
liabilities
|
$ 23,696 | |||
| Net Assets | $22,179,895 | |||
| Fund shares outstanding | 1,095,122 | |||
| Analysis of Net Assets | ||||
|
Paid
in capital (unlimited shares authorized, without par value)
|
$13,455,868 | |||
|
Accumulated
net realized gains
|
675,170 | |||
|
Unrealized
net appreciation on investments
|
8,048,857 | |||
|
Net
Assets applicable to fund shares outstanding
|
$22,179,895 | |||
| Net Asset Value, Offering and Redemption price per share | $20.25 | |||
|
4
|
November 30, 1999 Report |
| I N C O M E | STATEMENT OF OPERATIONS | |||
| For six months ended November 30, 1999 | GRAPHIC OMITTED | |||
| Investment income | ||||
|
Dividends
(net of foreign taxes of $6,542)
|
$303,269
|
|||
|
Miscellaneous
income
|
232
|
|||
| Gross investment income |
$303,501
|
|||
| Expenses | ||||
| Investment adviser and administration fees | 107,445 | |||
| Shareowner servicing | 17,021 | |||
| Professional fees | 16,788 | |||
| Filing and registration fees | 7,500 | |||
| Other expenses | 5,826 | |||
| Printing and postage | 5,050 | |||
| Custodian fees | 1,300 | |||
| Total gross expenses | 160,930 | |||
|
Less
custodian fees
|
(1,300)
|
|||
| Net expenses |
159,630
|
|||
|
Net
investment income
|
143,871
|
|||
| Net realized gain on investments | ||||
| Proceeds from sales | 1,259,966 | |||
| Less cost of securities sold | ||||
|
(based
on identified cost)
|
846,617
|
|||
|
Realized
net gain
|
413,349
|
|||
| Unrealized gain on investments | ||||
| End of period |
8,048,857
|
|||
| Beginning of period | 8,642,803 | |||
|
Increase
(decrease) in unrealized gain for the period
|
(593,946)
|
|||
|
Net
realized and unrealized gain (loss) on investments
|
(180,597)
|
|||
| Net increase (decrease) in net assets resulting from operations |
($36,726)
|
| November 30, 1999 Report | 5 |
| STATEMENT OF CHANGES IN NET ASSETS | I N C O M E | |||
| Six months ended | Year ended | |||
| Nov. 30,1999 | May 31,1999 | |||
| From operations: | ||||
| Net investment income | $143,871 | $277,914 | ||
| Net realized gain on investments | 413,349 | 696,066 | ||
|
Net
increase (decrease) in unrealized appreciation
|
(593,946) | 537,109 | ||
|
Net
increase (decrease) in net assets
|
(36,726) | 1,511,089 | ||
| Dividends to shareowners from: | ||||
| Net investment income | 0 | (325,360) | ||
|
Capital
gains distributions
|
0 | (484,494) | ||
|
Total
distributions
|
0 | (809,854) | ||
| Fund share transactions: | ||||
| Proceeds from sales of shares | 2,075,545 | 6,347,245 | ||
|
Value
of shares issued in reinvestment of dividends
|
0 | 795,378 | ||
| 2,075,545 | 7,142,623 | |||
|
Cost
of shares redeemed
|
(2,592,658) | (4,996,336) | ||
|
Net
increase (decrease)in net assets from share transactions
|
(517,113) | 2,146,287 | ||
| Total increase (decrease) in net assets | (553,839) | 2,847,522 | ||
| Net Assets | ||||
| Beginning of period | 22,733,734 | 19,886,212 | ||
| End of period | $22,179,895 | $22,733,734 | ||
| Shares of the fund sold and redeemed | ||||
| Number of shares sold | 115,397 | 325,376 | ||
| Number of shares issued in reinvestment of dividends | 0 | 40,174 | ||
| 115,397 | 365,550 | |||
| Number of shares redeemed | (140,213) | (252,381) | ||
| Net increase (decrease) in number of shares outstanding | (24,816) | 113,169 |
|
6
|
November 30, 1999 Report |
| I N C O M E | FINANCIAL HIGHLIGHTS | ||||||
| Selected data per share of outstanding capital stock throughout each period. | GRAPHIC OMITTED | ||||||
| Six Months ended | Year ended May 31 | ||||||
| Nov. 30,'99 | 1999 | 1998 | 1997 | 1996 | 1995 | ||
| Net asset value at beginning of period | $20.30 | $19.76 | $16.61 | $13.93 | $12.92 | $12.18 | |
|
Income
from investment operations
|
|||||||
|
Net
investment income
|
0.13 | 0.25 | 0.26 | 0.38 | 0.42 | 0.38 | |
| Net
gains or losses on securities (both realized and unrealized) |
(0.18) | 1.02 | 3.58 | 2.86 | 1.76 | 0.80 | |
| Total from investment operations | (0.05) | 1.27 | 3.84 | 3.24 | 2.18 | 1.18 | |
|
Less
distributions
|
|||||||
|
Dividends
(from net investment income)
|
0.00 | (0.29) | (0.22) | (0.42) | (0.41) | (0.44) | |
|
Distributions
(from capital gains)
|
0.00 | (0.44) | (0.47) | (0.14) | (0.76) | 0.00 | |
| Total distributions | 0.00 | (0.73) | (0.69) | (0.56) | (1.17) | (0.44) | |
| Net asset value at end of period | $20.25 | $20.30 | $19.76 | $16.61 | $13.93 | $12.92 | |
| Total return | -0.25% | 6.56% | 23.51% | 23.62% | 17.03% | 9.95% | |
| Ratios / Supplemental Data | |||||||
| Net assets ($000), end of period | $22,180 | $22,733 | $19,886 | $16,332 | $12,464 | $10,708 | |
| Ratio of gross espenses to ave. net assets | 0.70% | 1.33% | 1.36% | 1.44% | 1.57% | 1.56% | |
| Ratio of net investment income to ave. net assets | 0.60% | 1.30% | 1.43% | 2.51% | 3.06% | 3.11% | |
| Portfolio turnover rate | 0.70% | 17% | 8% | 14% | 24% | 29% | |
| GRAPH OMMITTED | |||||||
| November 30, 1999 Report | 7 |
| INVESTMENTS | G R O W T H | |||
| GRAPHIC OMITTED | ||||
| Issue |
Number
of Shares
|
Cost
|
Market
Value
|
|
| COMMON STOCKS (99.3%) | ||||
|
Auto
Parts (1%)
|
||||
|
Genuine
Parts
|
5000 | 159,450 | 128,750 | |
|
Supreme
Industries*
|
6615 | 64,632 | 49,613 | |
|
SUB-TOTAL
|
224,082 | 178,363 | ||
| Building (3.2%) | ||||
|
Champion
Enterprises*
|
15000 | 195,560 | 130,312 | |
|
TJ
International
|
10000 | 330,900 | 416,875 | |
|
SUB-TOTAL
|
526,460 | 547,187 | ||
| Business Services (2.6%) | ||||
|
Convergys*
|
10000 | 185,962 | 273,125 | |
|
Gartner
Group Cl B
|
4520 | 61,986 | 50,003 | |
|
Hutchison
Whampoa ADR
|
2000 | 62,091 | 122,000 | |
|
SUB-TOTAL
|
310,039 | 445,128 | ||
| Chemicals (.7%) | ||||
|
RPM
|
10781 | 133,257 | 126,677 | |
| Computer Hardware (9.5%) | ||||
|
Advanced
Digital Information*
|
12000 | 33,778 | 539,250 | |
|
Compaq
Computer
|
3000 | 21,721 | 73,312 | |
|
Hewlett-Packard
Co.
|
2000 | 107,555 | 189,750 | |
|
Intel
|
2400 | 91,913 | 184,050 | |
|
International
Business Machines
|
3000 | 156,658 | 309,188 | |
|
Symbol
Technologies
|
6750 | 97,435 | 321,891 | |
|
SUB-TOTAL
|
509,060 | 1,617,441 | ||
| Computer Software (24.2%) | ||||
|
America
Online*
|
8000 | 87,617 | 581,500 | |
|
Adobe
Systems
|
8400 | 167,688 | 576,975 | |
|
Business
Objects SA ADS*
|
6000 | 104,592 | 531,000 | |
|
Cisco
Systems*
|
9000 | 194,368 | 802,687 | |
|
Intuit*
|
12000 | 202,357 | 600,000 | |
|
Microsoft*
|
3600 | 85,628 | 327,766 | |
|
Oracle
*
|
10500 | 154,547 | 712,031 | |
|
SUB-TOTAL
|
996,797 | 4,131,959 | ||
| Electronics (15.5%) | ||||
|
FLIR
Systems*
|
8000 | 109,013 | 122,000 | |
|
Qualcomm*
|
7000 | 121,548 | 2,536,188 | |
|
SUB-TOTAL
|
230,561 | 2,658,188 | ||
| Food Production (.7%) | ||||
|
Potash
Corp of Saskatchewan
|
2700 | 184,568 | 119,475 | |
|
8
|
November 30, 1999 Report |
| G R O W T H | INVESTMENTS | ||||
| Issue |
Number
of Shares
|
Cost
|
Market
Value
|
GRAPHIC OMITTED | |
| Machinery (1.3%) | |||||
|
Crane
|
4500 | 76,234 | 82,688 | ||
|
Manitowoc
|
4500 | 104,324 | 137,250 | ||
|
SUB-TOTAL
|
180,558 | 219,938 | |||
| Mining (1.3%) | |||||
|
Rio
Tinto plc ADS
|
3000 | 160,897 | 233,250 | ||
| Oil & Gas (5.7%) | |||||
|
Atlantic
Richfield
|
2600 | 165,028 | 250,250 | ||
|
Noble
Drilling
|
6000 | 124,826 | 167,250 | ||
|
Schlumberger
Ltd
|
2500 | 169,986 | 150,156 | ||
|
Williams
Companies
|
12000 | 358,981 | 405,000 | ||
|
SUB-TOTAL
|
818,821 | 972,656 | |||
| Paper & Publishing (2.3%) | |||||
|
Fletcher
Challenge Paper ADR
|
25000 | 171,985 | 143,750 | ||
|
McGraw-Hill
|
4000 | 89,379 | 226,750 | ||
|
SUB-TOTAL
|
261,364 | 370,500 | |||
| Pharmaceuticals (12.2%) | |||||
|
Affymetrix*
|
3000 | 104,150 | 294,000 | ||
|
Bone
Care International*
|
10000 | 116,370 | 93,750 | ||
|
Genentech
|
4000 | 263,191 | 343,500 | ||
|
Glaxo
Wellcome plc ADR
|
2500 | 55,379 | 148,594 | ||
|
Immunex
Corp*
|
8000 | 172,289 | 567,000 | ||
|
IMS
Health
|
4000 | 118,696 | 94,250 | ||
|
Johnson
& Johnson
|
2000 | 91,871 | 207,500 | ||
|
Ligand
Pharmaceuticals*
|
6000 | 90,709 | 69,000 | ||
|
Lilly
(Eli)
|
2000 | 127,124 | 143,500 | ||
|
Novo-Nordisk
A/S ADR
|
2000 | 111,091 | 131,500 | ||
|
SUB-TOTAL
|
1,250,870 | 2,092,594 | |||
| Photographic Supplies (1%) | |||||
|
Fuji
Photo Film ADR
|
4500 | 138,736 | 178,875 | ||
| Real Estate (1.3%) | |||||
|
Intrawest
|
14000 | 236,476 | 229,250 | ||
| Retail (6.1%) | |||||
|
Gap
|
11812 | 111,606 | 478,386 | ||
|
Saks*
|
4100 | 144,554 | 71,750 | ||
|
West
Marine*
|
12000 | 145,004 | 102,750 | ||
|
Whole
Foods Market*
|
10000 | 323,084 | 393,125 | ||
|
SUB-TOTAL
|
724,248 | 1,046,011 |
| November 30, 1999 Report | 9 |
| INVESTMENTS | G R O W T H | |||
| GRAPHIC OMITTED | ||||
| Issue |
Number
of Shares
|
Cost
|
Market
Value
|
|
| Steel (.7%) | ||||
|
AK
Steel Holding
|
7000 | 160,819 | 115,937 | |
| Tools (.8%) | ||||
|
Regal-Beloit
|
6000 | 107,449 | 132,000 | |
| Telecommunications (4.8%) | ||||
|
Leap
Wireless International*
|
5000 | 26,449 | 255,625 | |
|
SBC
Communications
|
7000 | 353,726 | 363,562 | |
|
Telefonica
S.A. ADS*
|
3182 | 41,081 | 197,682 | |
|
SUB-TOTAL
|
421,256 | 816,869 | ||
| Transportation (4.4%) | ||||
|
Airborne
Freight
|
10000 | 285,707 | 231,875 | |
|
DaimlerChrysler
AG
|
1306 | 134,367 | 88,971 | |
|
KLM
Royal Dutch Airlines
|
3106 | 155,823 | 77,067 | |
|
Southwest
Airlines
|
16875 | 132,586 | 275,273 | |
|
Trinity
Industries
|
3000 | 117,089 | 87,000 | |
|
SUB-TOTAL
|
825,572 | 760,186 | ||
| TOTAL INVESTMENTS (99.3%) | 8,401,890 | 16,992,484 | ||
| Other Assets (net of liabilities) (.7%) | 115,676 | |||
| TOTAL ASSETS (100%) | 17,108,160 | |||
|
*Non-Income
producing security
|
|
10
|
November 30, 1999 Report |
| G R O W T H | STATEMENT OF ASSETS AND LIABILITIES | |||
| As of November 30, 1999 | GRAPHIC OMITTED | |||
| Assets | ||||
|
Common
stocks (cost $8,401,890)
|
$16,992,484 | |||
|
Cash
|
207,830 | |||
|
Dividends
receivable
|
5,322 | |||
|
Total
Assets
|
$17,205,636 | |||
| Liabilities | ||||
| Payable to affiliate | 97,476 | |||
|
Total
liabilities
|
97,476 | |||
| Net Assets | $17,108,160 | |||
| Fund shares outstanding | 1,270,162 | |||
| Analysis of Net Assets | ||||
|
Paid
in capital (unlimited shares authorized, without par value)
|
$8,420,375 | |||
|
Accumulated
net realized gains
|
97,190 | |||
|
Unrealized
net appreciation on investments
|
8,590,595 | |||
|
Net
assets applicable to fund shares outstanding
|
$17,108,160 | |||
|
Net
Asset Value, Offering and Redemption price per share
|
$13.47 | |||
| November 30, 1999 Report | 11 |
| STATEMENT OF OPERATIONS | G R O W T H | |||
| For six months ended November 30, 1999 | ||||
| Investment income | ||||
|
Dividends
(net of foreign taxes of $1,230)
|
$65,778 | |||
|
Miscellaneous
income
|
4,010 | |||
|
Gross
investment income
|
$69,788 | |||
| Expenses | ||||
|
Investment
adviser and administration fees
|
66,681 | |||
|
Shareowner
servicing
|
11,500 | |||
|
Filing
and registration fees
|
6,600 | |||
|
Professional
fees
|
8,743 | |||
|
Other
expenses
|
2,655 | |||
|
Printing
and postage
|
2,450 | |||
|
Custodian
fees
|
1,578 | |||
|
Total
gross expenses
|
100,207 | |||
|
Less
custodian fees
|
(1,578) | |||
|
Net
expenses
|
98,629 | |||
|
Net
investment income
|
(28,841) | |||
| Net realized gain on investments | ||||
|
Proceeds
from sales
|
1,024,580 | |||
|
Less
cost of securities sold based on identified cost
|
745,829 | |||
|
Realized
net gain (loss)
|
278,751 | |||
| Unrealized gain on investments | ||||
|
End
of period
|
8,590,595 | |||
|
Beginning
of period
|
4,393,454 | |||
|
Increase
in unrealized gain for the period
|
4,197,141 | |||
|
Net
realized and unrealized gain on investments
|
4,475,892 | |||
|
Net
increase (decrease) in net assets resulting from operations
|
$4,447,051 |
|
12
|
November 30, 1999 Report |
| G R O W T H | STATEMENT OF CHANGES IN NET ASSETS | ||||
| GRAPHIC OMITTED | |||||
| Period ended | Year ended | ||||
| Nov. 30,1999 | May 31,1999 | ||||
| From operations: | |||||
|
Net
investment income
|
($28,841) | ($71,969) | |||
|
Net
realized gain on investments
|
278,751 | (80,750) | |||
|
Net
increase in unrealized appreciation
|
4,197,141 | 2,555,424 | |||
|
Net
increase (decrease) in net assets
|
4,447,051 | 2,402,705 | |||
| Dividends to shareowners from: | |||||
|
Net
investment income
|
0 | 0 | |||
|
Capital
gains distributions
|
0 | 0 | |||
| Fund share transactions: | |||||
|
Proceeds
from sales of shares
|
2,416,355 | 3,474,952 | |||
|
Value
of shares issued in reinvestment of dividends
|
0 | 0 | |||
| 2,416,355 | 3,474,952 | ||||
| Cost of shares redeemed | (1,476,526) | (4,236,089) | |||
|
Net
increase (decrease) in net assets from share transactions
|
939,829 | (761,137) | |||
|
Total
increase (decrease) in net assets
|
5,386,880 | 1,641,568 | |||
| Net Assets | |||||
|
Beginning
of period
|
11,721,280 | 10,079,712 | |||
|
End
of period
|
$17,108,160 | $11,721,280 | |||
|
Shares
of the fund sold and redeemed
|
|||||
| Number of shares sold | 250,496 | 410,770 | |||
|
Number
of shares issued in reinvestment of dividends
|
0 | 0 | |||
| 250,496 | 410,770 | ||||
|
Number
of shares redeemed
|
(158,896) | (527,296) | |||
|
Net
increase (decrease) in number of shares outstanding
|
91,600 | (116,526) |
| November 30, 1999 Report | 13 |
| FINANCIAL HIGHLIGHTS | G R O W T H | |||||||
| Selected data per share of outstanding capital stock throughout each period. | GRAPHIC OMITTED | |||||||
| Period Ended |
Year
Ended May 31
|
|||||||
|
Nov. 30,1999 |
1999 | 1998 | 1997 | 1996 | 1995 | |||
| Net asset value at beginning of period | $9.95 | $7.78 | $7.07 | $6.86 | $5.04 | $4.69 | ||
|
Income
from investment operations
|
||||||||
|
Net
investment income
|
(0.02) | (0.06) | (0.03) | (0.02) | (0.05) | (0.04) | ||
|
Net
gains or losses on securities
(both realized and unrealized) |
3.54 | 2.23 | 0.90 | 0.32 | 1.95 | 0.39 | ||
|
Total
from investment operations
|
3.52 | 2.17 | 0.87 | 0.30 | 1.90 | 0.35 | ||
|
Less
distributions
|
||||||||
| Dividends (from net investment income) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||
|
Distributions
(from capital gains)
|
0.00 | 0.00 | (0.16) | (0.09) | (0.08) | 0.00 | ||
|
Total
distributions
|
0.00 | 0.00 | (0.16) | (0.09) | (0.08) | 0.00 | ||
| Net asset value at end of period | $13.47 | $9.95 | $7.78 | $7.07 | $6.86 | $5.04 | ||
| Total return | 35.38% | 27.89% | 12.39% | 4.46% | 37.20% | 7.46% | ||
| Ratios / Supplemental Data | ||||||||
| Net assets ($000), end of period | $17,108 | $11,721 | $10,080 | $5,924 | $4,151 | $1,974 | ||
| Ratio of gross espenses to ave. net assets | 0.70% | 1.53% | 1.56% | 1.69% | 1.94% | 2.00% | ||
| Ratio of net investment income to ave. net assets | -0.20% | -0.74% | -0.40% | -0.60% | -0.79% | -0.82% | ||
| Portfolio turnover rate | 8% | 20% | 25% | 25% | 22% | 38% | ||
| GRAPH OMMITTED | ||||||||
|
14
|
November 30, 1999 Report |
| SUPPLEMENTARY INFORMATION | GRAPHIC OMMITTED | |
| ORGANIZATION
Amana Mutual Funds Trust (the "Trust") was established under Indiana law as a Business Trust on July 26, 1984. The Trust is registered as a no-load, open-end, diversified series investment company under the Investment Company Act of 1940, as amended. The Trust restricts its investments to those acceptable to Muslims by investing in accordance with Islamic principles. Two portfolio series have been created. The Income Fund was first authorized to sell shares of beneficial interest to the public on June 23, 1986. The Growth Fund began operations on February 3, 1994.
UNAUDITED INFORMATION
The information in this interim report
has not been subject to independent audit.
TRANSACTIONS
WITH AFFILIATED PERSONS
Saturna Capital Corporation provides investment advisory services and certain other administrative and and distribution services and facilities required by each Fund to conduct its business. For such services, each Fund pays an annual fee equal to .95% of its average daily net assets. The Fiqh Council of North America is the religious consultant to Saturna regarding Islamic principles. The Islamic Society of North America provides Saturna with advice regarding the provision of Amana's services to its members. From its advisory fee, Saturna pays each of these consultants a few equal to .10% of the average daily net assets of each Fund.
Saturna Capital also acts as a transfer agent to each Fund. The Trust acts as a distributor of its own shares, except in those states where Investors
National Corporation (a subsidiary of Saturna Capital) is registered as a broker-dealer and is willing to act as distributor without compensation.
Investors National Corporation, a discount broker, often executes securities transactions for the Funds at Investors National's discount commission rates.
All trustees serve without compensation. |
||
| AMANA
TRUSTEES
Bassam Osman, MD |
FIQH
COUNCIL of North America Investment Committee Taha Jabir Alalwani, PhD Nazih Hammad, PhD Abd al Hakim Jackson, PhD Muzammil Siddiqui, PhD Gamal Badawi, PhD |
|
| November 30, 1999 Report | 13 |
Amana Mutual Funds Trust began operations in 1986. Saturna Capital Corporation, with extensive experience in mutual funds, invests the Fund portfolios and handles daily operations by direction of the Board of Trustees. |
AMANA MUTUAL FUNDS TRUST | |
| Investment Advisor | Saturna Capital Corporation | GRAPHIC OMMITTED |
| Religious Consultant | Fiqh Council of North America | |
| Member Services Consultant | Islamic Society of North America | |
| Custodian | National City Bank of Indiana | |
| Auditors | Tait, Weller & Baker, Philadelphia | |
| Legal Counsel | Kirkpatrick & Lochart, Washington |
| This report is for the information of the shareowners of the Trust. It is not authorized for distribution to prospective investors unless it is accompanied or preceded by an effective prospectus. | GROWTH • INCOME |
| 1300 N. State Street Bellingham, WA 98225-4730 1-800/SATURNA (1-800/728-8762) Daily prices at 1-888/72-AMANA www.saturna.com/amana |
SEMI-ANNUAL
REPORT November 30, 1999 |
|
|