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Following the Principles of Islamic Finance

Amana Developing World Fund

Overview

Fund Facts

As of September 30, 2014
Net Assets: $30.51 Million
Investor Shares
Ticker Symbol: AMDWX
CUSIP: 022865307
Inception Date: September 28, 2009
Minimum Initial Investment: $250
30-Day Yield¹: 0.73%
Institutional Shares
Ticker Symbol: AMINX
CUSIP: 022865604
Inception Date: September 25, 2013
Minimum Initial Investment: $100,000
30-Day Yield¹: 1.02%

Portfolio Managers

Scott Klimo Scott Klimo CFA

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

Nick Kaiser Nick Kaiser MBA, CFA

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

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 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 assets or revenues in the developing world, the Developing World Fund seeks to reduce its foreign investing risk.

The adviser maintains a list of countries in which the Developing World Fund may invest. 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.

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.

Principal Risks of Investing in the Fund

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.

The Developing World 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 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. The risks of foreign investing are generally magnified in the smaller and more volatile securities markets of the developing world.

Performance

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 Developing World Investor Shares AMDWX $11.18 $0.13 5.77% 0.53% n/a
Amana Developing World Institutional Shares AMIDX $11.22 $0.13 6.05% 0.83% 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
Ratio²
30-Day
Yield¹
Amana Developing World Investor Shares AMDWX 0.29% 2.74% 2.10% n/a 1.59% 0.72%
Amana Developing World Institutional Shares AMIDX 0.57% n/a n/a n/a 1.40% 1.00%
MSCI Emerging Markets Index 0.64% 3.24% 4.64% 10.53% n/a n/a
Quarter-end, as of September 30, 2014 Ticker 1 Year 3 Year 5 Year 10 Year Expense
Ratio²
30-Day
Yield¹
Amana Developing World Investor Shares AMDWX 2.82% 4.39% 1.94% n/a 1.59% 0.73%
Amana Developing World Institutional Shares AMIDX 3.20% n/a n/a n/a 1.40% 1.02%
MSCI Emerging Markets Index 4.30% 7.18% 4.42% 10.67% 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 MSCI Emerging Markets Index, produced by Morgan Stanley Capital International, measures equity market performance in over 20 emerging market countries.

Holdings

As of September 30, 2014

Top Ten Holdings

Western Digital 2.9%
Aspen Pharmacare Holdings 2.7%
VF 2.6%
Baidu  ADS 2.5%
MercadoLibre 2.5%
Mead Johnson Nutrition 2.5%
Telekomunikasi Indonesia ADS 2.4%
Bangkok Dusit Medical Services 2.3%
Kalbe Farma 2.0%
Telenor ASA 2.0%
Total 24.4%

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

Sector Allocation

Consumer Staples 16.1% color box key Amana Income Fund Sector Allocation
Health Care 14.4% color box key
Communications 13.0% color box key
Utilities 7.7% color box key
Materials 7.6% color box key
Consumer Discretionary 7.5% color box key
Energy 5.1% color box key
Technology 4.8% color box key
Financials 3.2% color box key
Industrials 2.8% color box key
Cash and equivalents 17.8% color box key

Country Allocation

Country AllocationsCountry Allocations

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

Ratings

Morningstar Ratings™

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Month-end Ratings

As of October 31, 2014 Overall 1 Year 3 Year 5 Year 10 Year
Amana Developing World — "Diversified Emerging Mkts" Category
Investor Shares (AMDWX) ★ ★ ★ n/a ★ ★ ★ ★ ★ ★ n/a
% Rank in Category n/a 62 69 88 n/a
Institutional Shares (AMIDX) ☆ ☆ ☆ n/a ☆ ☆ ☆ ☆ ☆ ☆ n/a
% Rank in Category n/a 60 66 87 n/a
Funds in Category 497 688 497 335 n/a

Quarter-end Ratings

As of September 30, 2014 Overall 1 Year 3 Year 5 Year 10 Year
Amana Developing World — "Diversified Emerging Mkts" Category
Investor Shares (AMDWX) ★ ★ ★ n/a ★ ★ ★ ★ ★ n/a
% Rank in Category n/a 69 87 84 n/a
Institutional Shares (AMIDX) ☆ ☆ ☆ n/a ☆ ☆ ☆ ☆ ☆ n/a
% Rank in Category n/a 65 86 82 n/a
Funds in Category 484 677 484 336 n/a

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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 Developing World — "Emerging Markets Funds" Category
Investor Shares (AMDWX)
Quintile Rank 4th 4th 5th n/a
Absolute Rank (Number of Funds) in Category 418 (680) 323 (494) 276 (324) n/a
Institutional Shares (AMIDX)
Quintile Rank 3rd n/a n/a n/a
Absolute Rank (Number of Funds) in Category 401 (680) n/a n/a n/a

Quarter-end Quintile Rankings

As of September 30, 2014 1 Year 3 Year 5 Year 10 Year
Amana Developing World — "Emerging Markets Funds" Category
Investor Shares (AMDWX)
Quintile Rank 4th 5th 5th n/a
Absolute Rank (Number of Funds) in Category 454 (672) 401 (483) 262 (322) n/a
Institutional Shares (AMIDX)
Quintile Rank 4th n/a n/a n/a
Absolute Rank (Number of Funds) in Category 429 (672) 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.

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

Distributions

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Record Date Ex, Pay and
Reinvest Date
Qualified
Income
Short-Term
Capital Gains
Long-Term
Capital Gains
Taxable
Income
Total Distributions
(per share)
Investor Shares (AMDWX)
12/30/2013 12/31/2013 $0.00 $0.00 $0.00 $0.04070 $0.04070
12/29/2011 12/30/2011 $0.00780 $0.00 $0.00 $0.00 $0.00780
Institutional Shares (AMIDX)
12/30/2013 12/31/2013 $0.00 $0.00 $0.00 $0.04070 $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 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 Developing World Fund Investor Shares (AMDWX) Institutional Shares (AMIDX)
Management Fees 0.95% 0.95%
Distribution (12b-1) Fees 0.25% None
Other Expenses 0.39% 0.45%
Total Annual Fund Operating Expenses 1.59% 1.40%

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.