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Following Principles of Islamic Finance

Amana Income Fund


Fund Facts

As of September 30, 2016
Net Assets: $1.31 Billion
Investor Shares
Ticker Symbol: AMANX
CUSIP: 022865109
Inception Date: June 23, 1986
Minimum Initial Investment: $250
30-Day Yield¹: 1.26%
Institutional Shares
Ticker Symbol: AMINX
CUSIP: 022865406
Inception Date: September 25, 2013
Minimum Initial Investment: $100,000
30-Day Yield¹: 1.51%

Portfolio Managers

Nick Kaiser MBA, CFA®

Portfolio Manager since 1990

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 current income and preservation of capital

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

Current income and preservation of capital, consistent with Islamic principles. Current income is its primary objective.

Principal Investment Strategies

The Income Fund invests primarily in dividend-paying 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 Income 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 Income Fund diversifies its investments across industries and companies, and generally follows a large-cap value investment style. Common stock purchases are restricted to dividend-paying companies, which are expected to have more stable stock prices and tend to be larger companies.

It is the policy of the Income Fund, under normal circumstances, to invest at least 80% of its assets in income-producing securities, primarily dividend-paying common stocks. The Income Fund may invest in foreign securities.

Principal Risks of Investing

Market risk: The value of Income Fund shares rises and falls as the value of the securities 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.

Strategy risk: The Income 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 Income 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 October 25, 2016 Ticker Price Change YTD 30-Day Yield¹ Dividend
September 30, 2016
Amana Income Investor Shares AMANX $44.39 $-0.19 5.38% 1.30% n/a
Amana Income Institutional Shares AMINX $44.39 $-0.18 5.62% 1.56% n/a

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Average Annual Total Returns

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Month-end, as of September 30, 2016 Ticker 1 Year 3 Year 5 Year 10 Year Expense
Amana Income Investor Shares AMANX 16.36% 8.18% 12.91% 8.25% 1.15% 1.26%
Amana Income Institutional Shares AMINX 16.69% 8.45% n/a n/a 0.90% 1.51%
S&P 500 Index 15.43% 11.15% 16.35% 7.23% n/a n/a
Russell 1000 Value Index 16.18% 9.69% 16.13% 5.83% n/a n/a
Quarter-end, as of September 30, 2016 Ticker 1 Year 3 Year 5 Year 10 Year Expense
Amana Income Investor Shares AMANX 16.36% 8.18% 12.91% 8.25% 1.15% 1.26%
Amana Income Institutional Shares AMINX 16.69% 8.45% n/a n/a 0.90% 1.51%
S&P 500 Index 15.43% 11.15% 16.35% 7.23% n/a n/a
Russell 1000 Value Index 16.18% 9.69% 16.13% 5.83% 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 Value Index measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values.


As of September 30, 2016

Top Ten Holdings

Illinois Tool Works 4.6%
Eli Lilly 3.8%
Honeywell International 3.6%
3M 3.5%
Colgate-Palmolive 3.4%
Microsoft 3.3%
PPG Industries 3.1%
Genuine Parts 3.1%
Nike, Class B 3.0%
Rockwell Automation 3.0%
Total 34.4%

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

Sector Allocation

Industrials 24.1% color box key Amana Income Fund Sector Allocation
Materials 18.2% color box key
Health Care 17.9% color box key
Consumer Staples 17.7% color box key
Technology 10.1% color box key
Consumer Discretionary 7.0% color box key
Energy 1.3% color box key
Cash and equivalents 3.7% 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 (AMANX)
05/27/2016 05/31/2016 $0.00 $0.29000 $0.00 $0.00 $0.29000
12/30/2015 12/31/2015 $0.00 $0.35776 $0.00 $2.25310 $2.61087
05/28/2015 05/29/2015 $0.00 $0.30600 $0.00 $0.00 $0.30600
12/30/2014 12/31/2014 $0.00 $0.29680 $0.00315 $0.40625 $0.70619
05/29/2014 05/30/2014 $0.00 $0.40223 $0.00 $0.00 $0.40223
12/30/2013 12/31/2013 $0.00 $0.33233 $0.00 $0.00 $0.33233
05/30/2013 05/31/2013 $0.00 $0.27600 $0.00 $0.00 $0.27600
12/28/2012 12/31/2012 $0.00 $0.30000 $0.01160 $0.00 $0.31160
05/30/2012 05/31/2012 $0.00 $0.24000 $0.00 $0.00 $0.24000
12/29/2011 12/30/2011 $0.00 $0.25300 $0.00 $0.16518 $0.41818
05/27/2011 05/31/2011 $0.00 $0.24000 $0.00 $0.00 $0.24000
12/30/2010 12/31/2010 $0.00 $0.20000 $0.00 $0.00 $0.20000
05/27/2010 05/28/2010 $0.00 $0.18200 $0.00 $0.00 $0.18200
Institutional Shares (AMINX)
05/27/2016 05/31/2016 $0.00 $0.33900 $0.00 $0.00 $0.33900
12/30/2015 12/31/2015 $0.00 $0.43021 $0.00 $2.25310 $2.68331
05/28/2015 05/29/2015 $0.00 $0.35800 $0.00 $0.00 $0.35800
12/30/2014 12/31/2014 $0.00 $0.36799 $0.00315 $0.40625 $0.70619
05/29/2014 05/30/2014 $0.00 $0.44968 $0.00 $0.00 $0.44968
12/30/2013 12/31/2013 $0.00 $0.39500 $0.00 $0.00 $0.39500

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The Amana Income Fund intends to distribute its net investment income and net realized capital gains, if any, to its shareowners. Distributions from net capital gains and income dividends are paid at the end of December and May.

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 Income Fund Investor Shares (AMANX) Institutional Shares (AMINX)
Management Fees 0.86% 0.86%
Distribution (12b-1) Fees 0.25% None
Other Expenses 0.04% 0.04%
Total Annual Fund Operating Expenses 1.15% 0.90%

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.