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Following Principles of Islamic Finance

Amana Developing World Fund


Fund Facts

As of June 30, 2016
Net Assets: $25.91 Million
Investor Shares
Ticker Symbol: AMDWX
CUSIP: 022865307
Inception Date: September 28, 2009
Minimum Initial Investment: $250
30-Day Yield¹: 0.23%
Institutional Shares
Ticker Symbol: AMIDX
CUSIP: 022865604
Inception Date: September 25, 2013
Minimum Initial Investment: $100,000
30-Day Yield¹: 0.49%

Portfolio Managers

Scott Klimo CFA®

Portfolio Manager since 2014
(Deputy Portfolio Manager 2012 — 2014)

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.

Nick Kaiser MBA, CFA®

Deputy Portfolio Manager since 2014
(Portfolio Manager 2009 — 2014)

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 three years running (2010, 2011, and 2012); 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

Investment Style

Targeted to investors seeking value and diversification beyond developed markets

Global scope, with focus on 30 emerging markets

Diversified across countries of the developing world, currencies, and industries

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 Developing World Fund invests only in common stocks of companies with significant exposure (50% or more of production assets, or revenues) to countries with developing economies and/or markets. 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 Developing World Fund does not make any investments that pay interest. In accordance with Islamic principles, the Funds shall not purchase conventional bonds, debentures, or other interest-paying obligations of indebtedness. Islamic principles discourage speculation, and the Funds tend to hold investments for several years.

The Developing World Fund diversifies its investments across the countries of the developing world, industries, and companies, and generally follows a large-cap value investment style.

In determining whether a country is part of the developing world, the adviser (Saturna Capital Corporation) will consider such factors as the country's per capita gross domestic product, the percentage of the country's economy that is industrialized, market capitalization as a percentage of gross domestic product, the overall regulatory environment, and limits on foreign ownership and restrictions on repatriation of initial capital or income.

By allowing investments in companies headquartered in more advanced economies yet having the majority of production assets or revenues in the developing world, the Developing World Fund seeks to reduce its foreign investing risk.

It is the policy of the Developing World Fund, under normal circumstances, to invest at least 80% of assets in common stocks of companies with significant exposure to countries with developing economies and/or markets.

The adviser maintains a list of countries it considers to have developing economies and/or markets. The list, which changes over time, currently includes: Argentina, Bahrain, Brazil, Chile, China, Colombia, Croatia, Czech Republic, Egypt, Hungary, India, Indonesia, Jordan, Kuwait, Lebanon, Malaysia, Malta, Mexico, Morocco, Oman, Panama, Peru, Philippines, Poland, Qatar, Russia, South Africa, Thailand, Turkey, Ukraine, and United Arab Emirates.

Principal Risks of Investing

Market risk: The value of Developing World 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 and currency markets as well as the fortunes of the industries and companies in which the Fund invests.

Strategy risk: The Developing World 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 Developing World Fund involves risks not typically associated with investing in US securities. 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.

Emerging markets risk: The risks of foreign investing are generally magnified in the smaller and more volatile securities markets of the developing world.


Daily Price and Stats

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As of August 26, 2016 Ticker Price Change YTD 30-Day Yield¹ Dividend
July 29, 2016
Amana Developing World Investor Shares AMDWX $9.94 $-0.02 13.34% 0.26% n/a
Amana Developing World Institutional Shares AMIDX $9.99 $-0.02 13.52% 0.58% n/a

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Average Annual Total Returns

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Month-end, as of July 31, 2016 Ticker 1 Year 3 Year 5 Year 10 Year Expense
Amana Developing World Investor Shares AMDWX 0.48% -2.33% -1.74% n/a 1.54% 0.20%
Amana Developing World Institutional Shares AMIDX 0.78% n/a n/a n/a 1.24% 0.50%
MSCI Emerging Markets Index -0.75% -0.29% -2.74% 3.90% n/a n/a
Quarter-end, as of June 30, 2016 Ticker 1 Year 3 Year 5 Year 10 Year Expense
Amana Developing World Investor Shares AMDWX -3.44% -2.59% -2.14% n/a 1.54% 0.23%
Amana Developing World Institutional Shares AMIDX -3.23% n/a n/a n/a 1.24% 0.49%
MSCI Emerging Markets Index -12.06% -1.56% -3.78% 3.54% 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 June 30, 2016

Annual Total ReturnsAnnual Total Returns

The MSCI Emerging Markets Index, produced by Morgan Stanley Capital International, measures equity market performance in over 20 emerging market countries.


As of June 30, 2016

Top Ten Holdings

MercadoLibre 3.8%
SM Prime Holdings 3.6%
Telekomunikasi Indonesia ADS 3.6%
Bangkok Dusit Medical Services NVDR 3.3%
Tencent Holdings ADR 3.2%
Clicks Group 3.2%
AboitizPower (Philippines) 3.1%
VF Corp 2.8%
Samsonite International 2.8%
Unilever ADS 2.7%
Total 32.1%

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

Sector Allocation

Health Care 18.9% color box key Amana Income Fund Sector Allocation
Consumer Staples 16.2% color box key
Consumer Discretionary 16.1% color box key
Communications 9.5% color box key
Utilities 8.1% color box key
Industrials 6.8% color box key
Financials 5.6% color box key
Technology 5.1% color box key
Energy 3.1% color box key
Cash and equivalents 10.6% color box key

Country Allocation

Country AllocationsCountry Allocations

Security, sector, and country 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 (AMDWX)
12/30/2015 12/31/2015 $0.00 $0.05073 $0.00 $0.00 $0.05073
12/30/2014 12/31/2014 $0.00 $0.02073 $0.00 $0.00 $0.02073
12/30/2013 12/31/2013 $0.04070 $0.00 $0.00 $0.00 $0.04070
12/29/2011 12/30/2011 $0.00 $0.00780 $0.00 $0.00 $0.00780
Institutional Shares (AMIDX)
12/30/2015 12/31/2015 $0.00 $0.06849 $0.00 $0.00 $0.06849
12/30/2014 12/31/2014 $0.00 $0.04054 $0.00 $0.00 $0.04054
12/30/2013 12/31/2013 $0.04070 $0.00 $0.00 $0.00 $0.04070

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The Amana Developing World 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 Developing World 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.

The Amana Developing World Fund Investor Shares (AMDWX) began operations September 28, 2009 and Institutional Shares began operations September 25, 2013. The Fund's entire distribution history is listed above.

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 Developing World Fund Investor Shares (AMDWX) Institutional Shares (AMIDX)
Management Fees 0.95% 0.95%
Distribution (12b-1) Fees 0.25% None
Other Expenses 0.34% 0.29%
Total Annual Fund Operating Expenses 1.54% 1.24%

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 28, 2015.

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.