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Following Principles of Islamic Finance

Amana Growth Fund


Fund Facts

As of December 31, 2016
Net Assets: $1.49 Billion
Investor Shares
Ticker Symbol: AMAGX
CUSIP: 022865208
Inception Date: February 3, 1994
Minimum Initial Investment: $250
30-Day Yield¹: 0.61%
Institutional Shares
Ticker Symbol: AMIGX
CUSIP: 022865505
Inception Date: September 25, 2013
Minimum Initial Investment: $100,000
30-Day Yield¹: 0.70%

Portfolio Managers

Nick Kaiser MBA, CFA®

Portfolio Manager since 1994

Nicholas Kaiser, Chairman, was born in Bellingham in 1946. Mr. Kaiser graduated from Yale College, with a degree in economics and obtained his MBA from the University of Chicago in 1968, with dual majors in International Economics and Finance. Mr. Kaiser purchased control of Unified Management Corporation (Indianapolis) in 1976, and built it into a mid-sized investment management and brokerage firm. After selling Unified to a major insurance company, he returned to Bellingham and founded Saturna Capital in 1989.

Mr. Kaiser and his children control Saturna Capital through its voting stock. A Chartered Financial Analyst®, he is Saturna's global investment strategist. He serves Saturna's mutual funds as trustee, president, and equity portfolio manager.

Mr. Kaiser's industry activities include service with the Investment Company Institute (past Governor), CFA Institute (past chapter president), Financial Planning Association (past chapter president), and No-Load Mutual Fund Association (past national president). He currently serves on the volunteer boards of St. Paul's Academy, Mt. Baker Council of the Boy Scouts of America, the Mt. Baker Foundation, and Shawnigan Lake School. He supports a range of non-profit activities, such as the Kaiser Professorship in International Business at Western Washington University. A commercial pilot (retired), ocean sailor, and avid skier, he reads and travels extensively.

Mr. Kaiser has been named to Morningstar's Ultimate Stockpicker's list seven years running (2010 through 2016); he has twice been nominated for Morningstar's Domestic Stock Portfolio Manager of the Year (2006 & 2008) and twice been named to Barron's Top 100 Portfolio Managers (2001 & 2002). Mr. Kaiser was Northwest Business Monthly's Business Person of the Year in 2006, and received Whatcom Business Alliance's Lifetime Achievement Award in 2013.

SCC: Director, Chairman
STC: Director, Chairman
SSB: Director, Chairman

Scott Klimo CFA®

Deputy Portfolio Manager since 2012

Scott Klimo, Chief Investment Officer, joined Saturna Capital in May 2012. He received his BA in Asian Studies from Hamilton College in Clinton, NY and also attended the Chinese University of Hong Kong and the Mandarin Training Center in Taipei, Taiwan. Scott has over 25 years experience in the financial industry with the first several years of his career spent living and working in a variety of Asian countries and the past 10 years working as a senior analyst, research director and portfolio manager covering global equities. Mr. Klimo is a chartered financial analyst (CFA) charterholder and a private pilot. He is a supporter of various environmental organizations and served for several years on the Board of Directors of the Marin County Bicycle Coalition. Outside of work Mr. Klimo is an avid cyclist and scuba diver; pursuits he shares with his wife and two teenage children.

Investment Style

Targeted to investors seeking long-term capital growth

Generally large-cap, but can invest in any capitalization domestic and foreign stocks

Diversified across industries and companies

Actively managed by the award-winning, values-based, global expertise of Saturna Capital

Investment Objective

Long-term capital growth, consistent with Islamic principles.

Principal Investment Strategies

The Growth Fund invests only in common stocks, including foreign stocks. Investment decisions are made in accordance with Islamic principles. Generally, Islamic principles require that investors share in profit and loss, that they receive no usury or interest, and that they do not invest in a business that is prohibited by Islamic principles. Some of the businesses not permitted are liquor, wine, casinos, pornography, insurance, gambling, pork processing, and interest-based banks or finance associations.

The Growth Fund does not make any investments that pay interest. In accordance with Islamic principles, the Fund shall not purchase conventional bonds, debentures, or other interest-paying obligations of indebtedness. Islamic principles discourage speculation, and the Fund tends to hold investments for several years.

The Growth Fund diversifies its investments across industries and companies, and generally follows a large-cap value investment style. The Fund favors companies expected to grow earnings and stock prices faster than the economy which tend to be smaller and less seasoned companies.

It is the policy of the Growth Fund, under normal circumstances, to invest at least 80% of assets in common stocks. The adviser (Saturna Capital Corporation) selects investments primarily on past earnings and revenue growth rates, and the expectation of increases in earnings and share price. The Growth Fund may invest in foreign securities.

Principal Risks of Investing

Market risk: The value of Growth Fund shares rises and falls as the value of the stocks in which the Fund invests goes up and down. Consider investing in the Fund only if you are willing to accept the risk that you may lose money. Fund share prices, yields, and total returns will change with the fluctuations in the securities markets as well as the fortunes of the industries and companies in which the Fund invests.

Small-cap risk: The smaller and less seasoned companies that may be in the Growth Fund have a greater risk of price volatility. Growth stocks, which can be priced on future expectations rather than current results, may decline substantially when expectations are not met or general market conditions weaken.

Strategy risk: The Growth Fund's restricted ability to invest in certain market sectors, such as financial companies and conventional fixed-income securities, limits investment opportunities and may adversely affect the Fund's performance. Because Islamic principles preclude the use of interest-paying instruments, cash reserves do not earn income.

Foreign investing risk: The Growth Fund may invest in securities that are not traded in the United States when market conditions or investment opportunities arise that, in the judgment of the adviser (Saturna Capital Corporation), warrant such investment. Investments in the securities of foreign issuers may involve risks in addition to those normally associated with investments in the securities of US issuers. All foreign investments are subject to risks of: (1) foreign political and economic instability; (2) adverse movements in foreign exchange rates; (3) currency devaluation; (4) the imposition or tightening of exchange controls or other limitations on repatriation of foreign capital; (5) changes in foreign governmental attitudes towards private investment, including potential nationalization, increased taxation, or confiscation of assets; and (6) differing reporting, accounting, and auditing standards of foreign countries.


Daily Price and Stats

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As of January 13, 2017 Ticker Price Change YTD 30-Day Yield¹
Amana Growth Investor Shares AMAGX $30.91 $0.12 2.83% 0.57%
Amana Growth Institutional Shares AMIGX $30.97 $0.12 2.82% 0.53%

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Average Annual Total Returns

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Month-end, as of December 31, 2016 Ticker 1 Year 3 Year 5 Year 10 Year Expense
Amana Growth Investor Shares AMAGX 7.62% 6.91% 10.79% 7.10% 1.09% 0.61%
Amana Growth Institutional Shares AMIGX 7.85% 7.15% n/a n/a 0.85% 0.70%
S&P 500 Index 11.96% 8.87% 14.64% 6.94% n/a n/a
Russell 1000 Growth Index 7.07% 8.55% 14.48% 8.33% n/a n/a
Quarter-end, as of December 31, 2016 Ticker 1 Year 3 Year 5 Year 10 Year Expense
Amana Growth Investor Shares AMAGX 7.62% 6.91% 10.79% 7.10% 1.09% 0.61%
Amana Growth Institutional Shares AMIGX 7.85% 7.15% n/a n/a 0.85% 0.70%
S&P 500 Index 11.96% 8.87% 14.64% 6.94% n/a n/a
Russell 1000 Growth Index 7.07% 8.55% 14.48% 8.33% n/a n/a

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Growth of $10,000

Growth of $10,000Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 invested at the beginning of the period and redeemed at the end of the period, and assumes reinvestment of all dividends and capital gains.

Annual Total Returns

As of September 30, 2016

Annual Total ReturnsAnnual Total Returns

The S&P 500 is an index comprised of 500 widely held common stocks considered to be representative of the US stock market in general. The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the US equity universe. It includes those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.


As of September 30, 2016

Top Ten Holdings

Adobe Systems 5.0%
Apple 4.5%
Church & Dwight 4.4%
Intuit 4.2%
Amgen 4.1%
TJX Companies 3.4%
Lowe's 3.3%
Estee Lauder, Class A 3.2%
Qualcomm 3.1%
Eli Lilly 3.0%
Total 38.2%

View full month-end portfolio schedule. This link will open a new browser window.

Sector Allocation

Technology 31.8% 19.9% Amana Income Fund Sector Allocation
Health Care 25.2% color box key
Industrials 13.7% color box key
Consumer Staples 11.4% color box key
Consumer Discretionary 8.1% color box key
Communications 2.5% color box key
Cash and equivalents 7.3% color box key

Security and sector weightings are shown as a percentage of total net assets.


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Record Date Ex, Pay and
Reinvest Date
Capital Gains
Capital Gains
Total Distributions
(per share)
Investor Shares (AMAGX)
12/29/2016 12/30/2016 $0.00 $0.22372 $0.00 $3.88473 $4.10845
12/30/2015 12/31/2015 $0.00 $0.17323 $0.00 $2.19121 $2.36444
12/30/2014 12/31/2014 $0.00 $0.12654 $0.00 $2.10163 $2.22817
12/30/2013 12/31/2013 $0.00 $0.19080 $0.01973 $0.81974 $1.03027
12/28/2012 12/31/2012 $0.00 $0.06830 $0.00 $0.00 $0.06830
12/29/2011 12/30/2011 $0.00 $0.01000 $0.00 $0.00 $0.01000
05/27/2011 05/31/2011 $0.00 $0.01000 $0.00 $0.00 $0.01000
12/30/2010 12/31/2010 $0.00 $0.00560 $0.00 $0.00 $0.00560
Institutional Shares (AMIGX)
12/29/2016 12/30/2016 $0.00 $0.27031 $0.00 $3.88473 $4.15504
12/30/2015 12/31/2015 $0.00 $0.22733 $0.00 $2.19121 $2.41854
12/30/2014 12/31/2014 $0.00 $0.17982 $0.00 $2.10163 $2.28145
12/30/2013 12/31/2013 $0.00 $0.24203 $0.01973 $0.81974 $1.08150

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The Amana Growth Fund intends to distribute its net investment income and net realized capital gains, if any, to its shareowners. Distributions from net capital gains are paid at the end of December and May; income dividends are paid at the end of December — as a result of its investment strategy, the Growth Fund may not pay income dividends.

Dividends paid by the Fund with respect to each class of shares are calculated in the same manner and at the same time.

Both dividends and capital gain distributions are paid in additional full and fractional shares of the share class owned. At your option, you may receive dividends and/or capital gain distributions in cash. You are notified of each dividend and capital gain distribution when paid. Returned dividend payments will be automatically reinvested into your account and invested in additional shares of the Fund; future dividends in such accounts will continue to be reinvested until the shareowner is located or the account is closed.

Distributions for the last five years are listed in the table above. For prior distributions, please contact a Saturna representative.

Regulations regarding distributions can be complex, and there are several methods for managing your tax liability. Please consult a tax advisor about your particular circumstances. You also may obtain helpful information by calling the Internal Revenue Service at 1-800-829-1040 or visiting

If applicable, distribution information will appear on Form 1099-DIV, typically sent in late January. For more information on tax documentation, please visit our Tax Documentation page.

The Fund pays per-share distributions to shareowners invested on the Record Date. On the Payable Date, the fund's share price is reduced by the amount of its distribution.

Fees and Expenses

The following tables describe the fees and expenses mutual fund shareowners may pay. There are no shareowner fees (fees paid directly from an investment). The Fund imposes no sales charge (load) on purchases or reinvested dividends, or any deferred sales charge (load) upon redemption. There are no exchange fees or account fees. Investments in mutual funds are subject to ongoing expenses. Saturna endeavors to keep these fees low. We encourage you to compare the following fees with similar fees of other no-load mutual funds:

Shareowner Fees (fees paid directly from your investment)
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price): 0%
Maximum Deferred Sales Charge (Load): 0%
Maximum Sales Charge (Load) Imposed on Reinvested Dividends/Distributions: 0%
Early Redemption Fee: 0%
Exchange Fee (between Saturna's affiliated funds): 0%
Maximum Account Fee: 0%
Annual Fund Operating Expenses (expenses deducted from Fund Assets)²
Amana Growth Fund Investor Shares (AMAGX) Institutional Shares (AMIGX)
Management Fees 0.81% 0.81%
Distribution (12b-1) Fees 0.25% None
Other Expenses 0.03% 0.04%
Total Annual Fund Operating Expenses 1.09% 0.85%

¹ A Fund's 30-Day Yield, sometimes referred to as "standardized yield" or "SEC yield,” is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). The 30-Day Yield provides an estimate of a Fund's investment income rate, but may not equal the actual income distribution rate.

² Expense ratios shown are as stated in the Fund's most recent prospectus or summary prospectus dated September 22, 2016.

Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance data quoted. Standardized returns current to the most recent month-end can be obtained by visiting our Month-End Returns Page or by calling toll free 1-800-728-8762. The Fund cannot guarantee that its investment objective will be met. Securities of the Fund are offered and sold only through the prospectus or summary prospectus.

Check out the background of Saturna Brokerage Services, Inc. or any firm or investment professional on FINRA's BrokerCheck.