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Following the Principles of Islamic Finance

Amana Income Fund


Fund Facts

As of September 30, 2014
Net Assets: $1.57 Billion
Investor Shares
Ticker Symbol: AMANX
CUSIP: 022865109
Inception Date: June 23, 1986
Minimum Initial Investment: $250
30-Day Yield¹: 1.34%
Institutional Shares
Ticker Symbol: AMINX
CUSIP: 022865406
Inception Date: September 25, 2013
Minimum Initial Investment: $100,000
30-Day Yield¹: 1.58%

Portfolio Managers

Nick Kaiser Nick Kaiser MBA, CFA

Portfolio manager since 1990

Scott Klimo Scott Klimo CFA

Deputy Portfolio manager since 2012

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 mainly 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 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. Fixed-income investments conforming to Islamic principles, known as sukuk or Islamic bonds, are permitted. 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 in the Fund

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.

The Income Fund's restricted ability to invest in certain market sectors, such as financial companies and conventional fixed-income securities, limits opportunities and may increase the risk of loss during economic downturns. Because Islamic principles preclude the use of interest-paying instruments, cash reserves do not earn income.

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 judgement 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 November 21, 2014 Ticker Price Change YTD 30-Day Yield¹ Dividend
October 31, 2014
Amana Income Investor Shares AMANX $47.76 $0.31 10.08% 1.22% n/a
Amana Income Institutional Shares AMINX $47.78 $0.31 10.35% 1.46% n/a

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Average Annual Total Returns

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Month-end, as of October 31, 2014 Ticker 1 Year 3 Year 5 Year 10 Year Expense
Amana Income Investor Shares AMANX 10.86% 15.71% 13.34% 10.80% 1.15% 1.05%
Amana Income Institutional Shares AMINX 11.13% n/a n/a n/a 0.90% 1.29%
S&P 500 Index 17.27% 19.75% 16.67% 8.19% n/a n/a
Russell 1000 Value Index 16.45% 20.41% 16.47% 7.87% n/a n/a
Quarter-end, as of September 30, 2014 Ticker 1 Year 3 Year 5 Year 10 Year Expense
Amana Income Investor Shares AMANX 13.87% 18.18% 12.66% 10.77% 1.15% 1.34%
Amana Income Institutional Shares AMINX 14.15% n/a n/a n/a 0.90% 1.58%
S&P 500 Index 19.73% 22.97% 15.69% 8.10% n/a n/a
Russell 1000 Value Index 18.88% 23.92% 15.24% 7.81% 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, 2014

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, 2014

Top Ten Holdings

Nike, Class B 3.1%
Canadian National Railway 3.0%
Microsoft 2.9%
Novartis ADR 2.7%
Illinois Tool Works 2.7%
Bristol-Myers Squibb 2.6%
Eli Lilly 2.6%
PPG Industries 2.5%
Colgate-Palmolive 2.5%
W.W. Grainger 2.4%
Total 27.0%

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

Sector Allocation

Industrials 20.3% color box key Amana Income Fund Sector Allocation
Health Care 18.0% color box key
Materials 17.0% color box key
Consumer Staples 14.6% color box key
Technology 9.2% color box key
Consumer Discretionary 7.5% color box key
Energy 7.1% color box key
Communications 1.4% color box key
Utilities 0.8% color box key
Cash and equivalents 4.1% color box key

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

Ratings and Awards

Morningstar Ratings™

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Month-end Ratings

As of October 31, 2014 Overall 1 Year 3 Year 5 Year 10 Year
Amana Income — "Large Blend" Category
Investor Shares (AMANX) ★ ★ ★ n/a ★ ★ ★ ★ ★ ★ ★ ★ ★
% Rank in Category n/a 83 84 82 1
Institutional Shares (AMINX) ☆ ☆ ☆ n/a ☆ ☆ ☆ ☆ ☆ ☆ ☆ ☆ ☆
% Rank in Category n/a 81 83 82 1
Funds in Category 1,341 1,567 1,341 1,198 804

Quarter-end Ratings

As of September 30, 2014 Overall 1 Year 3 Year 5 Year 10 Year
Amana Income — "Large Blend" Category
Investor Shares (AMANX) ★ ★ ★ n/a ★ ★ ★ ★ ★ ★ ★ ★ ★
% Rank in Category n/a 81 89 81 1
Institutional Shares (AMINX) ☆ ☆ ☆ n/a ☆ ☆ ☆ ☆ ☆ ☆ ☆ ☆ ☆
% Rank in Category n/a 79 88 79 1
Funds in Category 1,343 1,570 1,343 1,204 804

Lipper Awards

Amana Income Fund Lipper Awards

Amana Income: Best Fund
For the 10-year period ended 12/31/2011 among 40 Equity Income Funds;
For the 3 and 5-year periods ended 12/31/2007 among 198 and 135 Equity Income Funds, respectively;
and the 3-year period ended 12/31/2006 among 180 Equity Income Funds.

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Lipper Quintile Rankings

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Month-end Quintile Ratings

As of October 31, 2014 1 Year 3 Year 5 Year 10 Year
Amana Income — "Equity Income Funds" Category
Investor Shares (AMANX)
Quintile Rank 4th 4th 5th 1st
Absolute Rank (Number of Funds) in Category 371 (473) 237 (331) 220 (272) 2 (161)
Institutional Shares (AMINX)
Quintile Rank 4th n/a n/a n/a
Absolute Rank (Number of Funds) in Category 359 (473) n/a n/a n/a

Quarter-end Quintile Rankings

As of September 30, 2014 1 Year 3 Year 5 Year 10 Year
Amana Income — "Equity Income Funds" Category
Investor Shares (AMANX)
Quintile Rank 4th 4th 4th 1st
Absolute Rank (Number of Funds) in Category 339 (465) 246 (323) 210 (271) 3 (160)
Institutional Shares (AMINX)
Quintile Rank 4th n/a n/a n/a
Absolute Rank (Number of Funds) in Category 322 (465) n/a n/a n/a

Source: Morningstar, Inc. Morningstar, Inc. is an independent fund performance monitor. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return™ measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% in each category receive 5 stars, the next 22.5% 4 stars, the next 35% 3 stars, the next 22.5% 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating™ for a fund is derived from a weighted average of performance figures associated with its 3, 5, and 10 year (if applicable) Morningstar Rating™ metrics. Morningstar ratings represented as unshaded stars are based on extended performance. These extended performance ratings are based on the historical adjusted returns prior to the inception date of the institutional shares and reflect the historical performance of the investor shares, adjusted to reflect the fees and expenses of the institutional shares.

A fund's % Rank in Category is the total-return percentile rank for the specified time period relative to all funds that have the same Morningstar category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Percentile ranks within categories are most useful in those categories that have a large number of funds.

Source: Lipper Inc., A Thomson Reuters Company. Lipper Inc. is a nationally recognized organization that ranks performance of mutual funds within a universe of funds that have similar investment objectives. 20% of the funds in each Lipper category are in the 1st quintile. Rankings are historical and are based on total return with capital gains and dividends reinvested. Rankings do not consider any sales charges. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Users acknowledge that they have not relied upon any warranty, condition, guarantee, or representation made by Lipper. Any use of the data for analyzing, managing, or trading financial instruments is at the user’s own risk. Funds are chosen as the best fund in their category for demonstrating consistently strong risk-adjusted returns compared with peers.

Amana Funds Institutional Shares began operations September 25, 2013 and are not yet rated by Lipper.


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Record Date Ex, Pay and
Reinvest Date
Capital Gains
Capital Gains
Total Distributions
(per share)
Investor Shares (AMANX)
05/29/2014 05/30/2014 $0.40223 $0.00 $0.00 $0.00 $0.40223
12/30/2013 12/31/2013 $0.33233 $0.00 $0.00 $0.00 $0.33233
05/30/2013 05/31/2013 $0.27600 $0.00 $0.00 $0.00 $0.27600
12/28/2012 12/31/2012 $0.30000 $0.01160 $0.00 $0.00 $0.31160
05/30/2012 05/31/2012 $0.24000 $0.00 $0.00 $0.00 $0.24000
12/29/2011 12/30/2011 $0.25300 $0.00 $0.16518 $0.00 $0.41818
05/27/2011 05/31/2011 $0.24000 $0.00 $0.00 $0.00 $0.24000
12/30/2010 12/31/2010 $0.20000 $0.00 $0.00 $0.00 $0.20000
05/27/2010 05/28/2010 $0.18200 $0.00 $0.00 $0.00 $0.18200
12/30/2009 12/31/2009 $0.16300 $0.00 $0.00 $0.00 $0.16300
05/28/2009 05/29/2009 $0.16000 $0.00 $0.00 $0.00 $0.16000
Institutional Shares (AMINX)
05/29/2014 05/30/2014 $0.44968 $0.00 $0.00 $0.00 $0.44968
12/30/2013 12/31/2013 $0.39500 $0.00 $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 www.irs.gov.

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 0.84% 0.84%
Distribution (12b-1) Fees 0.25% None
Other Expenses 0.06% 0.06%
Total Annual Fund Operating Expenses 1.15% 0.90%

¹ A Fund's 30-Day Yield is calculated by dividing the net investment income per share during the preceding 30 days by the net asset value per share on the last day of the period. 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 of the Fund's most recent prospectus or summary prospectus dated August 15, 2014.

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-SATURNA. 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.