Amana Mutual Funds Trust
09/11/2025 | Press release | Distributed by Public on 09/11/2025 14:29
Amendment Semi-Annual Report by Investment Company (Form N-CSRS/A)
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 2-96924
AMANA MUTUAL FUNDS TRUST
(Exact Name of Registrant as Specified in Charter)
1300 N. State Street
Bellingham, Washington 98225-4730
(Address of Principal Executive Offices, including ZIP Code)
Elliot S. Cohen
1300 N. State Street
Bellingham, Washington 98225-4730
(Name and Address of Agent for Service)
Registrant's Telephone Number - (360) 734-9900 Ext. 1804
Date of fiscal year end: May 31, 2025
Date of reporting period: November 30, 2024
Explanatory Note: The Registrant is filing this amendment to its Form N-CSRS (the "Amendment") for the period ended November 30, 2024 originally filed with the Securities and Exchange Commission on January 29, 2025 (Accession Number 0000766285-25-000008). The sole purpose of the Amendment is to correct the Renewal of Investment Advisory Contract.
Except as set forth above, the Amendment does not amend, update or change any other items or disclosures found in the Original Filing.
Item 1. Report to Shareowners
AMIDX
| INSTITUTIONAL SHARES
Amana Developing World Fund
Semi-Annual Shareholder Report - November 30, 2024
Fund Overview
The objective of the Amana Developing World Fund is long-term capital growth, consistent with Islamic principles. This Semi-Annual Shareholder Report contains important information about the Amana Developing World Fund for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at www.saturna.com/amana/developing-world-fund. You can also request this information by contacting us at 1-800-728-8762 or [email protected]. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last 6 months?
(Based on a hypothetical $10,000 investment)
|
Class Name
|
Cost of a $10,000 Investment
|
Cost Paid as a % of a $10,000 Investment
|
|
Institutional Shares
|
$45
|
0.89%
|
Annual Average Total Return
|
1 Year
|
5 Year
|
10 Year
|
|
|
Institutional Shares
|
14.68%
|
6.91%
|
2.80%
|
|
MSCI Emerging Markets Index
|
11.86%
|
3.20%
|
3.16%
|
Key Fund Statistics
|
Total Net Assets
|
$131,175,798
|
|
# of Portfolio Holdings
|
40
|
|
Advisory Fees Paid
|
$526,157
|
|
Portfolio Turnover Rate
|
1%
|
Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/amana/developing-world-fundfor more recent performance information.
What did the Fund invest in?
Industry Weightings
% of Total Net Assets
|
Semiconductor Devices
|
12.9%
|
|
Personal Care Products
|
12.3%
|
|
Health Care Facilities
|
6.2%
|
|
Semiconductor Manufacturing
|
6.2%
|
|
Food & Drug Stores
|
6.0%
|
|
Electronics Components
|
4.9%
|
|
Communications Equipment
|
3.6%
|
|
Other Machinery & Equipment
|
3.1%
|
|
Base Metals
|
3.0%
|
|
Electronic Manufacturing Services & Original Design Manufacturer
|
3.0%
|
|
Other Industries
|
30.8%
|
|
Other Assets (net of liabilities)
|
8.0%
|
Geographic Weightings
% of Total Net Assets
|
United States
|
18.8%
|
|
Taiwan
|
10.5%
|
|
India
|
7.7%
|
|
Malaysia
|
7.4%
|
|
Turkey
|
5.1%
|
|
Philippines
|
4.7%
|
|
South Korea
|
4.0%
|
|
South Africa
|
3.2%
|
|
Brazil
|
3.1%
|
|
Peru
|
3.0%
|
|
Other Countries
|
32.5%
|
Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library.
1300 N. State Street
Bellingham, WA 98225
1-800-728-8762
This page is intentionally left blank.
AMDWX
| INVESTOR SHARES
Amana Developing World Fund
Semi-Annual Shareholder Report - November 30, 2024
Fund Overview
The objective of the Amana Developing World Fund is long-term capital growth, consistent with Islamic principles. This Semi-Annual Shareholder Report contains important information about the Amana Developing World Fund for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at www.saturna.com/amana/developing-world-fund. You can also request this information by contacting us at 1-800-728-8762 or [email protected]. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last 6 months?
(Based on a hypothetical $10,000 investment)
|
Class Name
|
Cost of a $10,000 Investment
|
Cost Paid as a % of a $10,000 Investment
|
|
Investor Shares
|
$56
|
1.12%
|
Annual Average Total Return
|
1 Year
|
5 Year
|
10 Year
|
|
|
Investor Shares
|
14.48%
|
6.69%
|
2.58%
|
|
MSCI Emerging Markets Index
|
11.86%
|
3.20%
|
3.16%
|
Key Fund Statistics
|
Total Net Assets
|
$131,175,798
|
|
# of Portfolio Holdings
|
40
|
|
Advisory Fees Paid
|
$526,157
|
|
Portfolio Turnover Rate
|
1%
|
Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/amana/developing-world-fundfor more recent performance information.
What did the Fund invest in?
Industry Weightings
% of Total Net Assets
|
Semiconductor Devices
|
12.9%
|
|
Personal Care Products
|
12.3%
|
|
Health Care Facilities
|
6.2%
|
|
Semiconductor Manufacturing
|
6.2%
|
|
Food & Drug Stores
|
6.0%
|
|
Electronics Components
|
4.9%
|
|
Communications Equipment
|
3.6%
|
|
Other Machinery & Equipment
|
3.1%
|
|
Base Metals
|
3.0%
|
|
Electronic Manufacturing Services & Original Design Manufacturer
|
3.0%
|
|
Other Industries
|
30.8%
|
|
Other Assets (net of liabilities)
|
8.0%
|
Geographic Weightings
% of Total Net Assets
|
United States
|
18.8%
|
|
Taiwan
|
10.5%
|
|
India
|
7.7%
|
|
Malaysia
|
7.4%
|
|
Turkey
|
5.1%
|
|
Philippines
|
4.7%
|
|
South Korea
|
4.0%
|
|
South Africa
|
3.2%
|
|
Brazil
|
3.1%
|
|
Peru
|
3.0%
|
|
Other Countries
|
32.5%
|
Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library.
1300 N. State Street
Bellingham, WA 98225
1-800-728-8762
This page is intentionally left blank.
AMIGX
| INSTITUTIONAL SHARES
Amana Growth Fund
Semi-Annual Shareholder Report - November 30, 2024
Fund Overview
The objective of the Amana Growth Fund is long-term capital growth, consistent with Islamic principles. This Semi-Annual Shareholder Report contains important information about the Amana Growth Fund for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at www.saturna.com/amana/growth-fund. You can also request this information by contacting us at 1-800-728-8762 or [email protected]. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last 6 months?
(Based on a hypothetical $10,000 investment)
|
Class Name
|
Cost of a $10,000 Investment
|
Cost Paid as a % of a $10,000 Investment
|
|
Institutional Shares
|
$31
|
0.60%
|
Annual Average Total Return
|
1 Year
|
5 Year
|
10 Year
|
|
|
Institutional Shares
|
23.76%
|
16.81%
|
14.80%
|
|
S&P 500 Index
|
33.89%
|
15.75%
|
13.33%
|
Key Fund Statistics
|
Total Net Assets
|
$5,667,104,516
|
|
# of Portfolio Holdings
|
33
|
|
Advisory Fees Paid
|
$16,234,814
|
|
Portfolio Turnover Rate
|
2%
|
Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/amana/growth-fundfor more recent performance information.
What did the Fund invest in?
Industry Weightings
% of Total Net Assets
|
Large Pharma
|
13.4%
|
|
Infrastructure Software
|
11.3%
|
|
Semiconductor Devices
|
10.8%
|
|
Communications Equipment
|
9.3%
|
|
Semiconductor Manufacturing
|
7.7%
|
|
Application Software
|
6.2%
|
|
Commercial & Residential Building Equipment & Systems
|
5.9%
|
|
Measurement Instruments
|
4.7%
|
|
Internet Media & Services
|
4.0%
|
|
Specialty Apparel Stores
|
2.6%
|
|
Other Industries
|
18.5%
|
|
Other Assets (net of liabilities)
|
5.6%
|
Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library.
1300 N. State Street
Bellingham, WA 98225
1-800-728-8762
This page is intentionally left blank.
AMAGX
| INVESTOR SHARES
Amana Growth Fund
Semi-Annual Shareholder Report - November 30, 2024
Fund Overview
The objective of the Amana Growth Fund is long-term capital growth, consistent with Islamic principles. This Semi-Annual Shareholder Report contains important information about the Amana Growth Fund for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at www.saturna.com/amana/growth-fund. You can also request this information by contacting us at 1-800-728-8762 or [email protected]. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last 6 months?
(Based on a hypothetical $10,000 investment)
|
Class Name
|
Cost of a $10,000 Investment
|
Cost Paid as a % of a $10,000 Investment
|
|
Investor Shares
|
$44
|
0.85%
|
Annual Average Total Return
|
1 Year
|
5 Year
|
10 Year
|
|
|
Investor Shares
|
23.46%
|
16.53%
|
14.53%
|
|
S&P 500 Index
|
33.89%
|
15.75%
|
13.33%
|
Key Fund Statistics
|
Total Net Assets
|
$5,667,104,516
|
|
# of Portfolio Holdings
|
33
|
|
Advisory Fees Paid
|
$16,234,814
|
|
Portfolio Turnover Rate
|
2%
|
Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/amana/growth-fundfor more recent performance information.
What did the Fund invest in?
Industry Weightings
% of Total Net Assets
|
Large Pharma
|
13.4%
|
|
Infrastructure Software
|
11.3%
|
|
Semiconductor Devices
|
10.8%
|
|
Communications Equipment
|
9.3%
|
|
Semiconductor Manufacturing
|
7.7%
|
|
Application Software
|
6.2%
|
|
Commercial & Residential Building Equipment & Systems
|
5.9%
|
|
Measurement Instruments
|
4.7%
|
|
Internet Media & Services
|
4.0%
|
|
Specialty Apparel Stores
|
2.6%
|
|
Other Industries
|
18.5%
|
|
Other Assets (net of liabilities)
|
5.6%
|
Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library.
1300 N. State Street
Bellingham, WA 98225
1-800-728-8762
This page is intentionally left blank.
AMINX
| INSTITUTIONAL SHARES
Amana Income Fund
Semi-Annual Shareholder Report - November 30, 2024
Fund Overview
The objective of the Amana Income Fund is current income and preservation of capital, consistent with Islamic principles. This Semi-Annual Shareholder Report contains important information about the Amana Income Fund for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at www.saturna.com/amana/income-fund. You can also request this information by contacting us at 1-800-728-8762 or [email protected]. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last 6 months?
(Based on a hypothetical $10,000 investment)
|
Class Name
|
Cost of a $10,000 Investment
|
Cost Paid as a % of a $10,000 Investment
|
|
Institutional Shares
|
$39
|
0.75%
|
Annual Average Total Return
|
1 Year
|
5 Year
|
10 Year
|
|
|
Institutional Shares
|
21.12%
|
12.05%
|
10.16%
|
|
S&P 500 Index
|
33.89%
|
15.75%
|
13.33%
|
Key Fund Statistics
|
Total Net Assets
|
$1,979,026,636
|
|
# of Portfolio Holdings
|
32
|
|
Advisory Fees Paid
|
$7,099,058
|
|
Portfolio Turnover Rate
|
2%
|
Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/amana/income-fundfor more recent performance information.
What did the Fund invest in?
Industry Weightings
% of Total Net Assets
|
Large Pharma
|
17.1%
|
|
Infrastructure Software
|
8.6%
|
|
Personal Care Products
|
7.7%
|
|
Semiconductor Manufacturing
|
7.7%
|
|
Industrial Wholesale & Rental
|
6.9%
|
|
Semiconductor Devices
|
5.0%
|
|
Basic & Diversified Chemicals
|
4.9%
|
|
Measurement Instruments
|
4.5%
|
|
Diversified Industrials
|
4.2%
|
|
Automotive Retailers
|
2.4%
|
|
Other Industries
|
23.8%
|
|
Other Assets (net of liabilities)
|
7.2%
|
Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library.
1300 N. State Street
Bellingham, WA 98225
1-800-728-8762
This page is intentionally left blank.
AMANX
| INVESTOR SHARES
Amana Income Fund
Semi-Annual Shareholder Report - November 30, 2024
Fund Overview
The objective of the Amana Income Fund is current income and preservation of capital, consistent with Islamic principles. This Semi-Annual Shareholder Report contains important information about the Amana Income Fund for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at www.saturna.com/amana/income-fund. You can also request this information by contacting us at 1-800-728-8762 or [email protected]. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last 6 months?
(Based on a hypothetical $10,000 investment)
|
Class Name
|
Cost of a $10,000 Investment
|
Cost Paid as a % of a $10,000 Investment
|
|
Investor Shares
|
$52
|
1.00%
|
Annual Average Total Return
|
1 Year
|
5 Year
|
10 Year
|
|
|
Investor Shares
|
20.82%
|
11.81%
|
9.90%
|
|
S&P 500 Index
|
33.89%
|
15.75%
|
13.33%
|
Key Fund Statistics
|
Total Net Assets
|
$1,979,026,636
|
|
# of Portfolio Holdings
|
32
|
|
Advisory Fees Paid
|
$7,099,058
|
|
Portfolio Turnover Rate
|
2%
|
Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/amana/income-fundfor more recent performance information.
What did the Fund invest in?
Industry Weightings
% of Total Net Assets
|
Large Pharma
|
17.1%
|
|
Infrastructure Software
|
8.6%
|
|
Personal Care Products
|
7.7%
|
|
Semiconductor Manufacturing
|
7.7%
|
|
Industrial Wholesale & Rental
|
6.9%
|
|
Semiconductor Devices
|
5.0%
|
|
Basic & Diversified Chemicals
|
4.9%
|
|
Measurement Instruments
|
4.5%
|
|
Diversified Industrials
|
4.2%
|
|
Automotive Retailers
|
2.4%
|
|
Other Industries
|
23.8%
|
|
Other Assets (net of liabilities)
|
7.2%
|
Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library.
1300 N. State Street
Bellingham, WA 98225
1-800-728-8762
This page is intentionally left blank.
AMIPX
| INSTITUTIONAL SHARES
Amana Participation Fund
Semi-Annual Shareholder Report - November 30, 2024
Fund Overview
The objective of the Amana Participation Fund is capital preservation and current income, consistent with Islamic principles. This Semi-Annual Shareholder Report contains important information about the Amana Participation Fund for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at www.saturna.com/amana/participation-fund. You can also request this information by contacting us at 1-800-728-8762 or [email protected]. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last 6 months?
(Based on a hypothetical $10,000 investment)
|
Class Name
|
Cost of a $10,000 Investment
|
Cost Paid as a % of a $10,000 Investment
|
|
Institutional Shares
|
$28
|
0.55%
|
Annual Average Total Return
|
1 Year
|
5 Year
|
Since Inception
|
|
|
Institutional Shares
|
6.48%
|
1.62%
|
2.16%
|
|
FTSE IdealRatings Sukuk Index
|
6.86%
|
2.16%
|
3.20%
|
Key Fund Statistics
|
Total Net Assets
|
$216,795,122
|
|
# of Portfolio Holdings
|
48
|
|
Advisory Fees Paid
|
$524,749
|
|
Portfolio Turnover Rate
|
8%
|
Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/amana/participation-fundfor more recent performance information.
What did the Fund invest in?
Sector Weightings
% of Total Net Assets
|
Financials
|
37.5%
|
|
Government
|
14.9%
|
|
Real Estate
|
12.2%
|
|
Utilities
|
9.4%
|
|
Communications
|
6.6%
|
|
Industrials
|
5.3%
|
|
Bank Time Deposits
|
3.7%
|
|
Energy
|
3.1%
|
|
Consumer Staples
|
2.1%
|
|
Other Assets (net of liabilities)
|
5.2%
|
Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library.
1300 N. State Street
Bellingham, WA 98225
1-800-728-8762
This page is intentionally left blank.
AMAPX
| INVESTOR SHARES
Amana Participation Fund
Semi-Annual Shareholder Report - November 30, 2024
Fund Overview
The objective of the Amana Participation Fund is capital preservation and current income, consistent with Islamic principles. This Semi-Annual Shareholder Report contains important information about the Amana Participation Fund for the period of June 1, 2024 to November 30, 2024. You can find additional information about the Fund at www.saturna.com/amana/participation-fund. You can also request this information by contacting us at 1-800-728-8762 or [email protected]. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last 6 months?
(Based on a hypothetical $10,000 investment)
|
Class Name
|
Cost of a $10,000 Investment
|
Cost Paid as a % of a $10,000 Investment
|
|
Investor Shares
|
$40
|
0.79%
|
Annual Average Total Return
|
1 Year
|
5 Year
|
Since Inception
|
|
|
Investor Shares
|
6.34%
|
1.37%
|
1.92%
|
|
FTSE IdealRatings Sukuk Index
|
6.86%
|
2.16%
|
3.20%
|
Key Fund Statistics
|
Total Net Assets
|
$216,795,122
|
|
# of Portfolio Holdings
|
48
|
|
Advisory Fees Paid
|
$524,749
|
|
Portfolio Turnover Rate
|
8%
|
Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/amana/participation-fundfor more recent performance information.
What did the Fund invest in?
Sector Weightings
% of Total Net Assets
|
Financials
|
37.5%
|
|
Government
|
14.9%
|
|
Real Estate
|
12.2%
|
|
Utilities
|
9.4%
|
|
Communications
|
6.6%
|
|
Industrials
|
5.3%
|
|
Bank Time Deposits
|
3.7%
|
|
Energy
|
3.1%
|
|
Consumer Staples
|
2.1%
|
|
Other Assets (net of liabilities)
|
5.2%
|
Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library.
1300 N. State Street
Bellingham, WA 98225
1-800-728-8762
This page is intentionally left blank.
Item 2. Code of Ethics
Registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer or persons performing similar functions, which is included with this submission as Exhibit (a)(1) and posted on the Registrant's website at https://www.saturna.com/code-ethics. Requests may also be made via telephone at 1-800-728-8762, and will be processed within one business day of receiving such request.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
(a) The Schedule of Investments is fully answered in Item 7.
(b) Not applicable
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Table
of
Contents:
2
Morningstar
Ratings
3
Amana
Income
Fund
5
Schedule
of
Investments
5
Statement
of
Assets
and
Liabilities
and
Statement
of
Operations
7
Statements
of
Changes
in
Net
Assets
8
Financial
Highlights
9
Amana
Growth
Fund
10
Schedule
of
Investments
10
Statement
of
Assets
and
Liabilities
and
Statement
of
Operations
12
Statements
of
Changes
in
Net
Assets
13
Financial
Highlights
14
Amana
Developing
World
Fund
16
Schedule
of
Investments
16
Statement
of
Assets
and
Liabilities
and
Statement
of
Operations
19
Statements
of
Changes
in
Net
Assets
20
Financial
Highlights
21
Amana
Participation
Fund
23
Schedule
of
Investments
23
Statement
of
Assets
and
Liabilities
and
Statement
of
Operations
25
Statements
of
Changes
in
Net
Assets
26
Financial
Highlights
27
Notes
To
Financial
Statements
28
Note
1
-
Organization
28
Note
2
-
Unaudited
Information
28
Note
3
-
Significant
Accounting
Policies
28
Note
4
-
Transactions
with
Affiliated
Persons
31
Note
5
-
Distributions
to
Shareowners
32
Note
6
-
Federal
Income
Taxes
32
Note
7
-
Investments
33
Note
8
-
Custodian
33
Note
9
-
Subsequent
Events
33
Form
N-CSR
Items
8-11
34
Renewal
of
Investment
Advisory
Contract
35
Summary
Information
37
November
30,
2024
N-CSRS
3
Morningstar
Ratings
(as
of
November
30,
2024)
The
Morningstar
Sustainability
Rating
and
the
Morningstar
Portfolio
Sustainability
Score
are
not
based
on
fund
performance
and
are
not
equivalent
to
the
Morningstar
Rating
("Star
Rating").
©
2024
Morningstar®.
All
rights
reserved.
Morningstar,
Inc.
is
an
independent
fund
performance
monitor.
The
information
contained
herein:
(1)
is
proprietary
to
Morningstar
and/or
its
content
providers;
(2)
may
not
be
copied
or
distributed;
and
(3)
is
not
warranted
to
be
accurate,
complete,
or
timely.
Neither
Morningstar
nor
its
content
providers
are
responsible
for
any
damages
or
losses
arising
from
any
use
of
this
information.
A
Morningstar
Ratingsâ„¢
("Star
Ratings")
are
as
of
November
30,
2024.
The
Morningstar
Ratingâ„¢
for
funds,
or
"star
rating",
is
calculated
for
managed
products
(including
mutual
funds,
variable
annuity
and
variable
life
subaccounts,
exchange-traded
funds,
closed-end
funds,
and
separate
accounts)
with
at
least
a
three-year
history.
Exchange-traded
funds
and
open-ended
mutual
funds
are
considered
a
single
population
for
comparative
purposes.
It
is
calculated
based
on
a
Morningstar
Risk-Adjusted
Return
measure
that
accounts
for
variation
in
a
managed
product's
monthly
excess
performance
(not
including
the
effects
of
sales
charges,
loads,
and
redemption
fees),
placing
more
emphasis
on
downward
variations
and
rewarding
consistent
performance.
The
top
10%
of
products
in
each
product
category
receive
5
stars,
the
next
22.5%
receive
4
stars,
the
next
35%
receive
3
stars,
the
next
22.5%
receive
2
stars,
and
the
bottom
10%
receive
1
star.
The
Overall
Morningstar
Rating
for
a
managed
product
is
derived
from
a
weighted
average
of
the
performance
figures
associated
with
its
three-,
five-,
and
10-year
(if
applicable)
Morningstar
Rating
metrics.
The
weights
are:
100%
three-year
rating
for
36-59
months
of
total
returns,
60%
five-year
rating/40%
three-year
rating
for
60-119
months
of
total
returns,
and
50%
10-year
rating/30%
five-year
rating/20%
three-year
rating
for
120
or
more
months
of
total
returns.
While
the
10-year
overall
star
rating
formula
seems
to
give
the
most
weight
to
the
10-year
period,
the
most
recent
three-year
period
actually
has
the
greatest
impact
because
it
is
included
in
all
three
rating
periods.
B
Morningstar
Sustainability
Ratings
are
as
of
October
31,
2024.
The
Morningstar
Sustainability
Ratingâ„¢
is
intended
to
measure
how
well
the
issuing
companies
of
the
securities
within
a
fund's
portfolio
are
managing
their
environmental,
social,
and
governance
("ESG")
risks
and
opportunities
relative
to
the
fund's
Morningstar
category
peers.
The
Morningstar
Sustainability
Rating
calculation
is
a
two-step
process.
First,
each
fund
with
at
least
50%
of
assets
covered
by
a
company-level
ESG
score
from
Sustainalytics
receives
a
Morningstar
Portfolio
Sustainability
Scoreâ„¢.
The
Morningstar
Portfolio
Sustainability
Score
is
an
asset-weighted
average
of
normalized
company-level
ESG
scores
with
deductions
made
for
controversial
incidents
by
the
issuing
companies,
such
as
environmental
accidents,
fraud,
or
discriminatory
behavior.
The
Morningstar
Sustainability
Rating
is
then
assigned
to
all
scored
funds
within
Morningstar
Categories
in
which
at
least
ten
(10)
funds
receive
a
Portfolio
Sustainability
Score
and
is
determined
by
each
fund's
rank
within
the
following
distribution:
High
(highest
10%),
Above
Average
(next
22.5%),
Average
(next
35%),
Below
Average
(next
22.5%),
and
Low
(lowest
10%).
The
Morningstar
Sustainability
Rating
is
depicted
by
globe
icons
where
High
equals
5
globes
and
Low
equals
1
globe.
A
Sustainability
Rating
is
assigned
to
any
fund
that
has
more
than
half
of
its
underlying
assets
rated
by
Sustainalytics
and
is
within
a
Morningstar
Category
with
at
least
10
scored
funds;
therefore,
the
rating
is
not
limited
to
funds
with
explicit
sustainable
or
responsible
investment
mandates.
Morningstar
updates
its
Sustainability
Ratings
monthly.
Portfolios
receive
a
Morningstar
Portfolio
Sustainability
Score
and
Sustainability
Rating
one
month
and
six
business
days
after
their
reported
as-of
date
based
on
the
most
recent
portfolio.
As
part
of
the
evaluation
process,
Morningstar
uses
Sustainalytics'
ESG
scores
from
the
same
month
as
the
portfolio
as-of
date.
The
Fund's
portfolios
are
actively
managed
and
subject
to
change,
which
may
result
in
a
different
Morningstar
Sustainability
Score
and
Rating
each
month.
Amana
Growth
Fund
and
Amana
Developing
World
Fund
were
each
rated
on
100%
of
Assets
Under
Management.
Amana
Income
Fund
was
rated
on
98%
of
Assets
Under
Management.
Amana
Participation
Fund
was
rated
on
91%
of
Assets
Under
Management.
%
Rank
in
Category
is
the
fund's
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.
The
Amana
Mutual
Funds
offer
two
share
classes
-
Investor
Shares
and
Institutional
Shares,
each
of
which
has
different
expense
structures.
Morningstarâ„¢
Ratings
A
1
Year
3
Year
5
Year
10
Year
15
Year
Overall
Sustainability
Ratingâ„¢
B
Amana
Income
Fund
-
"Large
Blend"
Category
Investor
Shares
(AMANX)
n/a
ï‚«ï‚«ï‚«
ï‚«ï‚«
ï‚«ï‚«
n/a
ï‚«ï‚«
%
Rank
in
Category
96
75
88
93
96
n/a
11
Institutional
Shares
(AMINX)
n/a
ï‚«ï‚«ï‚«
ï‚«ï‚«
ï‚«ï‚«
n/a
ï‚«ï‚«
%
Rank
in
Category
96
72
86
91
95
n/a
11
Number
of
Funds
in
Category
1,383
1,276
1,174
885
698
1,276
3,709
Amana
Growth
Fund
-
"Large
Growth"
Category
Investor
Shares
(AMAGX)
n/a
ï‚«ï‚«ï‚«
ï‚«ï‚«ï‚«ï‚«
ï‚«ï‚«ï‚«ï‚«
n/a
ï‚«ï‚«ï‚«ï‚«
%
Rank
in
Category
95
64
50
42
69
n/a
1
Institutional
Shares
(AMIGX)
n/a
ï‚«ï‚«ï‚«
ï‚«ï‚«ï‚«ï‚«
ï‚«ï‚«ï‚«ï‚«
n/a
ï‚«ï‚«ï‚«ï‚«
%
Rank
in
Category
95
61
45
35
60
n/a
1
Number
of
Funds
in
Category
1,089
1,020
955
751
586
1,020
1,573
Amana
Developing
World
Fund
-
"Diversified
Emerging
Markets"
Category
Investor
Shares
(AMDWX)
n/a
ï‚«ï‚«ï‚«ï‚«
ï‚«ï‚«ï‚«ï‚«ï‚«
ï‚«ï‚«ï‚«ï‚«
n/a
ï‚«ï‚«ï‚«ï‚«
%
Rank
in
Category
22
33
15
63
87
n/a
27
Institutional
Shares
(AMIDX)
n/a
ï‚«ï‚«ï‚«ï‚«
ï‚«ï‚«ï‚«ï‚«ï‚«
ï‚«ï‚«ï‚«ï‚«
n/a
ï‚«ï‚«ï‚«ï‚«
%
Rank
in
Category
21
31
13
57
78
n/a
27
Number
of
Funds
in
Category
789
705
631
426
216
705
1,785
Amana
Participation
Fund
-
"Emerging
Markets
Bond"
Category
Investor
Shares
(AMAPX)
n/a
ï‚«ï‚«ï‚«ï‚«
ï‚«ï‚«ï‚«ï‚«
n/a
n/a
ï‚«ï‚«ï‚«ï‚«
%
Rank
in
Category
33
24
17
n/a
n/a
n/a
84
Institutional
Shares
(AMIPX)
n/a
ï‚«ï‚«ï‚«ï‚«
ï‚«ï‚«ï‚«ï‚«
n/a
n/a
ï‚«ï‚«ï‚«ï‚«
%
Rank
in
Category
30
21
16
n/a
n/a
n/a
84
Number
of
Funds
in
Category
165
164
151
123
82
164
2,384
4
November
30,
2024
N-CSRS
Morningstar
Ratings
(as
of
December
31,
2024)
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.
Morningstar
Carbon
Metrics
(as
of
October
31,
2024)
Morningstar
carbon
metrics
are
asset-weighted
portfolio
calculations
based
on
their
Sustainalytics
subsidiary's
carbon-risk
research.
Based
on
two
of
these
metrics
-
Carbon
Risk
Score
and
Fossil
Fund
Involvement
%
-
funds
may
receive
the
Low
Carbon
designation,
which
allows
investors
to
easily
identify
low-carbon
funds
within
the
global
universe.
The
portfolio
Carbon
Risk
Score
is
a
number
between
0
and
100
(a
lower
score
is
better).
A
portfolio's
Carbon
Risk
Score
is
the
asset-weighted
sum
of
the
carbon
risk
scores
of
its
holdings,
averaged
over
the
trailing
12
months.
The
carbon
risk
of
a
company
is
Sustainalytics'
evaluation
of
the
degree
to
which
a
firm's
activities
and
products
are
aligned
with
the
transition
to
a
low-carbon
economy.
The
assessment
includes
carbon
intensity,
fossil
fuel
involvement,
stranded
assets
exposure,
mitigation
strategies,
and
green
product
solutions.
Fossil
Fuel
Involvement
%
is
the
portfolio's
asset-weighted
percentage
exposure
to
fossil
fuels,
averaged
over
the
trailing
12
months.
Companies
with
fossil
fuel
involvement
are
defined
as
those
in
the
following
subindustries:
Thermal
Coal
Extraction,
Thermal
Coal
Power
Generation,
Oil
&
Gas
Production,
Oil
&
Gas
Power
Generation,
and
Oil
&
Gas
Products
&
Services.
To
receive
the
Low
Carbon
designation
a
fund
must
have
a
Carbon
Risk
Score
below
10
and
a
Fossil
Fuel
Involvement
%
of
less
than
7%
of
assets.
For
these
metrics
to
be
calculated,
at
least
67%
of
a
portfolio's
assets
must
be
covered
by
Sustainalytics
company
carbon-risk
research.
All
Morningstar
carbon
metrics
are
calculated
quarterly.
Amana
Income
Fund
was
rated
on
98%
of
assets
under
management.
Amana
Growth
and
Amana
Developing
World
Funds
were
rated
on
100%
of
assets
under
management.
Amana
Participation
Fund
was
rated
on
91%
of
assets
under
management.
As
of
November
30,
2024,
the
Amana
Income,
Amana
Growth,
and
Amana
Developing
World
Funds
had
not
received
a
12-month
average
fossil
fuel
exposure
rating.
Morningstarâ„¢
Ratings
A
1
Year
3
Year
5
Year
10
Year
15
Year
Overall
Amana
Income
Fund
-
"Large
Blend"
Category
Investor
Shares
(AMANX)
n/a
ï‚«ï‚«
ï‚«ï‚«
ï‚«ï‚«
n/a
ï‚«ï‚«
%
Rank
in
Category
91
78
88
91
95
n/a
Institutional
Shares
(AMINX)
n/a
ï‚«ï‚«ï‚«
ï‚«ï‚«
ï‚«ï‚«
n/a
ï‚«ï‚«
%
Rank
in
Category
90
76
86
89
93
n/a
Number
of
Funds
in
Category
1,386
1,280
1,180
889
704
1,280
Amana
Growth
Fund
-
"Large
Growth"
Category
Investor
Shares
(AMAGX)
n/a
ï‚«ï‚«ï‚«
ï‚«ï‚«ï‚«
ï‚«ï‚«ï‚«ï‚«
n/a
ï‚«ï‚«ï‚«ï‚«
%
Rank
in
Category
93
73
53
46
66
n/a
Institutional
Shares
(AMIGX)
n/a
ï‚«ï‚«ï‚«
ï‚«ï‚«ï‚«
ï‚«ï‚«ï‚«ï‚«
n/a
ï‚«ï‚«ï‚«ï‚«
%
Rank
in
Category
92
71
49
38
61
n/a
Number
of
Funds
in
Category
1,088
1,020
952
748
587
1,020
Amana
Developing
World
Fund
-
"Diversified
Emerging
Markets"
Category
Investor
Shares
(AMDWX)
n/a
ï‚«ï‚«ï‚«ï‚«
ï‚«ï‚«ï‚«ï‚«ï‚«
ï‚«ï‚«ï‚«
n/a
ï‚«ï‚«ï‚«ï‚«
%
Rank
in
Category
43
32
15
69
79
n/a
Institutional
Shares
(AMIDX)
n/a
ï‚«ï‚«ï‚«ï‚«
ï‚«ï‚«ï‚«ï‚«ï‚«
ï‚«ï‚«ï‚«ï‚«
n/a
ï‚«ï‚«ï‚«ï‚«
%
Rank
in
Category
39
29
13
62
69
n/a
Number
of
Funds
in
Category
787
707
632
430
219
707
Amana
Participation
Fund
-
"Emerging
Markets
Bond"
Category
Investor
Shares
(AMAPX)
n/a
ï‚«ï‚«ï‚«ï‚«
ï‚«ï‚«ï‚«ï‚«
n/a
n/a
ï‚«ï‚«ï‚«ï‚«
%
Rank
in
Category
17
21
14
n/a
n/a
n/a
Institutional
Shares
(AMIPX)
n/a
ï‚«ï‚«ï‚«ï‚«
ï‚«ï‚«ï‚«ï‚«
n/a
n/a
ï‚«ï‚«ï‚«ï‚«
%
Rank
in
Category
12
20
11
n/a
n/a
n/a
Number
of
Funds
in
Category
165
164
152
123
82
164
Amana
Income
Fund
Amana
Growth
Fund
Amana
Developing
World
Fund
Schedule
of
Investments
As
of
November
30,
2024
Amana
Income
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
November
30,
2024
N-CSRS
5
Continued
on
next
page.
Common
Stock
-
92
.8
%
Number
of
Shares
Cost
Market
Value
Percentage
of
Net
Assets
Consumer
Discretionary
Automotive
Retailers
Genuine
Parts
382,000
$
15,016,749
$
48,410,860
2.4%
Consumer
Staples
Household
Products
Procter
&
Gamble
250,000
34,077,472
44,815,000
2.3%
Packaged
Food
McCormick
&
Co
559,288
13,161,835
43,853,772
2.2%
Personal
Care
Products
Colgate-Palmolive
450,000
18,061,325
43,483,500
2.2%
Kenvue
1,675,000
34,061,723
40,334,000
2.0%
Kimberly-Clark
300,000
22,709,515
41,805,000
2.1%
Unilever
ADR
475,000
17,206,628
28,424,000
1.4%
92,039,191
154,046,500
7.7%
139,278,498
242,715,272
12.2%
Health
Care
Biotech
Amgen
136,710
33,262,372
38,671,158
2.0%
Large
Pharma
AbbVie
100,000
2,803,208
18,293,000
0.9%
Eli
Lilly
299,475
10,247,346
238,187,441
12.0%
Johnson
&
Johnson
165,000
19,251,626
25,576,650
1.3%
Merck
&
Co
123,000
15,683,886
12,501,720
0.6%
Novartis
ADR
295,400
15,552,802
31,244,458
1.6%
Pfizer
488,500
8,154,101
12,803,585
0.7%
71,692,969
338,606,854
17.1%
Medical
Devices
Abbott
Laboratories
350,000
8,392,885
41,569,500
2.1%
113,348,226
418,847,512
21.2%
Industrials
Commercial
&
Residential
Building
Equipment
&
Systems
Johnson
Controls
International
550,000
34,796,048
46,123,000
2.3%
Courier
Services
United
Parcel
Service,
Class
B
260,000
45,172,384
35,287,200
1.8%
Diversified
Industrials
Illinois
Tool
Works
300,000
14,672,460
83,256,000
4.2%
Electrical
Power
Equipment
Eaton
110,000
20,458,947
41,296,200
2.1%
Industrial
Wholesale
&
Rental
Ferguson
Enterprises
185,000
37,090,424
39,947,050
2.0%
W.W.
Grainger
80,000
7,590,798
96,427,200
4.9%
44,681,222
136,374,250
6.9%
Measurement
Instruments
Rockwell
Automation
300,000
13,657,124
88,542,000
4.5%
Rail
Freight
Canadian
National
Railway
384,000
8,600,818
42,888,960
2.1%
182,039,003
473,767,610
23.9%
Schedule
of
Investments
As
of
November
30,
2024
Amana
Income
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
November
30,
2024
N-CSRS
Common
Stock
-
92.8%
Number
of
Shares
Cost
Market
Value
Percentage
of
Net
Assets
Materials
Basic
&
Diversified
Chemicals
Air
Products
&
Chemicals
110,000
$
6,424,723
$
36,776,300
1.9%
Linde
130,000
8,531,143
59,928,700
3.0%
14,955,866
96,705,000
4.9%
Specialty
Chemicals
PPG
Industries
379,000
12,758,054
47,136,230
2.4%
27,713,920
143,841,230
7.3%
Technology
Communications
Equipment
Cisco
Systems
750,000
34,718,422
44,407,500
2.3%
Consumer
Electronics
Nintendo
750,000
36,514,433
43,850,513
2.2%
Infrastructure
Software
Microsoft
400,000
7,953,170
169,384,000
8.6%
Semiconductor
Devices
Broadcom
300,000
34,949,114
48,624,000
2.5%
Texas
Instruments
250,000
38,489,292
50,257,500
2.5%
73,438,406
98,881,500
5.0%
Semiconductor
Manufacturing
Taiwan
Semiconductor
ADR
824,500
8,249,619
152,252,170
7.7%
160,874,050
508,775,683
25.8%
Total
investments
$638,270,446
$
1,836,358,167
92.8%
Other
assets
(net
of
liabilities)
142,668,469
7.2%
Total
net
assets
$
1,979,026,636
100.0%
ADR:
American
Depositary
Receipt
Amana
Income
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
November
30,
2024
N-CSRS
7
Statement
of
Assets
and
Liabilities
Statement
of
Operations
As
of
November
30,
2024
Assets
Investments
in
securities,
at
value
(Cost
$638,270,446)
$
1,836,358,167
Cash
140,498,004
Dividends
receivable
3,785,297
Receivable
for
Fund
shares
sold
210,565
Prepaid
expenses
22,159
Total
assets
1,980,874,192
Liabilities
Accrued
advisory
fees
1,170,108
Payable
for
Fund
shares
redeemed
385,575
Accrued
12b-1
distribution
fees
178,587
Accrued
retirement
plan
custody
fee
56,569
Accrued
legal
expenses
5,658
Accrued
audit
expenses
5,331
Accrued
Chief
Compliance
Officer
expenses
5,061
Accrued
trustee
expenses
3,220
Accrued
other
operating
expenses
37,447
Total
liabilities
1,847,556
Net
assets
$1,979,026,636
Analysis
of
net
assets
Paid-in
capital
(unlimited
shares
authorized,
without
par
value)
$663,353,785
Total
distributable
earnings
1,315,672,851
Net
assets
applicable
to
Fund
shares
outstanding
$1,979,026,636
Net
asset
value
per
Investor
Shares
AMANX
Net
assets,
at
value
$878,793,340
Shares
outstanding
12,593,242
Net
asset
value,
offering
and
redemption
price
per
share
$69.78
Net
asset
value
per
Institutional
Shares
AMINX
Net
assets,
at
value
$1,100,233,296
Shares
outstanding
15,937,567
Net
asset
value,
offering
and
redemption
price
per
share
$69.03
Period
ended
November
30,
2024
Investment
income
Dividend
Income
(Net
of
foreign
tax
of
$296,385)
$
16,094,340
Miscellaneous
income
1,148
Total
investment
income
16,095,488
Expenses
Investment
advisory
fees
7,099,058
12b-1
distribution
fees
1,092,661
Custodian
fees
43,699
ReFlow
fees
42,226
Retirement
plan
custodial
fees
32,692
125
Investor
Shares
173
150
Institutional
Shares
32,519
Filing
and
registration
fees
28,383
Audit
fees
24,874
Chief
Compliance
Officer
expenses
16,228
Legal
fees
10,068
Trustee
fees
9,235
Other
operating
expenses
63,362
Total
gross
expenses
8,462,486
Less
custodian
fee
credits
(43,699)
Net
expenses
8,418,787
Net
investment
income
$7,676,701
Net
realized
gain
from
investments
and
foreign
currency
$44,090,089
A
Net
i
ncrease
in
unrealized
appreciation
on
investments
and
foreign
currency
79,811,061
Net
gain
on
investments
123,901,150
Net
increase
in
net
assets
resulting
from
operations
$131,577,851
A
Includes
$13,742,445
in
net
realized
gains
from
redemptions
in-kind
Amana
Income
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
November
30,
2024
N-CSRS
Statements
of
Changes
in
Net
Assets
Period
ended
November
30,
2024
Year
ended
May
31,
2024
Increase
in
net
assets
from
operations
From
operations
Net
investment
income
$7,676,701
$17,097,751
Net
realized
gain
on
investments
and
foreign
currency
44,090,089
109,115,389
Net
increase
in
unrealized
appreciation
on
investments
and
foreign
currency
79,811,061
185,124,533
Net
increase
in
net
assets
131,577,851
311,337,673
Distributions
to
shareowners
from
125
Net
dividend
and
distribution
to
shareholders
-
Investor
Shares
-
(39,617,273)
150
Net
dividend
and
distribution
to
shareholders
-
Institutional
Shares
-
(49,306,364)
Total
distributions
-
(88,923,637)
Capital
share
transactions
Proceeds
from
the
sale
of
shares
125
Investor
Shares
33,170,282
65,597,644
150
Institutional
Shares
106,208,388
140,060,628
Value
of
shares
issued
in
reinvestment
of
dividends
and
distributions
125
Investor
Shares
-
38,327,596
150
Institutional
Shares
-
47,465,741
Cost
of
shares
redeemed
125
Investor
Shares
(52,752,399)
(115,814,293)
150
Institutional
Shares
(97,691,187)
(114,726,119)
Total
capital
shares
transactions
(11,064,916)
60,911,197
Total
increase
in
net
assets
120,512,935
283,325,233
Net
assets
Beginning
of
period
1,858,513,701
1,575,188,468
End
of
period
$1,979,026,636
$1,858,513,701
Shares
of
the
Fund
sold
and
redeemed
Investor
Shares
(AMANX)
Number
of
shares
sold
486,011
1,063,460
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
-
641,057
Number
of
shares
redeemed
(770,429)
(1,874,466)
Net
decrease
in
number
of
shares
outstanding
(284,418)
(169,949)
Institutional
Shares
(AMINX)
Number
of
shares
sold
1,570,918
2,288,062
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
-
802,660
Number
of
shares
redeemed
(1,442,902)
(1,877,019)
Net
increase
in
number
of
shares
outstanding
128,016
1,213,703
-
-
Amana
Income
Fund:
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
November
30,
2024
N-CSRS
9
Investor
Shares
(AMANX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
November
30,
2024
Year
ended
May
31,
2024
2023
2022
2021
2020
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$65.21
$57.31
$59.34
$61.52
$50.03
$48.32
Income
from
investment
operations
Net
investment
income
A
0.22
0.53
0.59
0.59
0.58
0.67
Net
gains
on
securities
(both
realized
and
unrealized)
4.35
10.49
1.91
0.37
14.53
5.17
Total
from
investment
operations
4.57
11.02
2.50
0.96
15.11
5.84
Less
distributions
Dividends
(from
net
investment
income)
-
(0.51)
(0.55)
(0.55)
(0.56)
(0.66)
Distributions
(from
capital
gains)
-
(2.61)
(3.98)
(2.59)
(3.06)
(3.47)
Total
distributions
-
(3.12)
(4.53)
(3.14)
(3.62)
(4.13)
Net
asset
value
at
end
of
period
$69.78
$65.21
$57.31
$59.34
$61.52
$50.03
Total
Return
B
6.99%
19.75%
4.35%
1.16%
30.87%
11.77%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$878,793
$839,814
$747,787
$746,534
$841,439
$735,565
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
C
1.00%
1.01%
1.02%
1.01%
1.04%
1.06%
After custodian
fee
credits
C
1.00%
1.00%
1.02%
1.01%
1.04%
1.06%
Ratio
of
net
investment
income
after
custodian
fee
credits to
average
net
assets
C
0.65%
0.86%
1.03%
0.94%
1.03%
1.31%
Portfolio
turnover
rate
B
2%
10%
8%
5%
5%
0%
Institutional
Shares
(AMINX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
November
30,
2024
Year
ended
May
31,
2024
2023
2022
2021
2020
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$64.44
$56.69
$58.79
$61.04
$49.72
$48.12
Income
from
investment
operations
Net
investment
income
A
0.30
0.67
0.72
0.74
0.71
0.78
Net
gains
on
securities
(both
realized
and
unrealized)
4.29
10.38
1.90
0.37
14.42
5.13
Total
from
investment
operations
4.59
11.05
2.62
1.11
15.13
5.91
Less
distributions
Dividends
(from
net
investment
income)
-
(0.69)
(0.74)
(0.77)
(0.75)
(0.84)
Distributions
(from
capital
gains)
-
(2.61)
(3.98)
(2.59)
(3.06)
(3.47)
Total
distributions
-
(3.30)
(4.72)
(3.36)
(3.81)
(4.31)
Net
asset
value
at
end
of
period
$69.03
$64.44
$56.69
$58.79
$61.04
$49.72
Total
Return
B
7.12%
20.05%
4.61%
1.40%
31.14%
11.96%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$1,100,233
$1,018,700
$827,401
$788,724
$703,695
$533,239
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
C
0.76%
0.76%
0.78%
0.77%
0.80%
0.83%
After custodian
fee
credits
C
0.75%
0.76%
0.77%
0.77%
0.79%
0.82%
Ratio
of
net
investment
income
after
custodian
fee
credits to
average
net
assets
C
0.90%
1.11%
1.27%
1.19%
1.27%
1.55%
Portfolio
turnover
rate
B
2%
10%
8%
5%
5%
0%
A
Calculated
using
average
shares
outstanding
B
Not
annualized
for
period
of
less
than
one
year
C
Annualized
for
periods
of
less
than
one
year
Schedule
of
Investments
As
of
November
30,
2024
Amana
Growth
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
November
30,
2024
N-CSRS
Continued
on
next
page.
Common
Stock
-
94
.4
%
Number
of
Shares
Cost
Market
Value
Percentage
of
Net
Assets
Communications
Internet
Media
&
Services
Alphabet,
Class
A
1,345,000
$
161,823,354
$
227,237,750
4.0%
Consumer
Discretionary
Automotive
Retailers
AutoZone
1
40,000
98,870,262
126,781,600
2.2%
Home
Products
Stores
Lowe's
400,000
8,620,300
108,972,000
1.9%
Specialty
Apparel
Stores
TJX
Companies
1,150,000
12,679,185
144,543,500
2.6%
120,169,747
380,297,100
6.7%
Consumer
Staples
Household
Products
Procter
&
Gamble
640,000
106,667,904
114,726,400
2.0%
Personal
Care
Products
Church
&
Dwight
1,171,300
20,995,227
128,995,269
2.3%
127,663,131
243,721,669
4.3%
Health
Care
Large
Pharma
AbbVie
560,000
108,940,146
102,440,800
1.8%
AstraZeneca
ADR
1,590,000
107,739,591
107,515,800
1.9%
Eli
Lilly
320,510
11,029,385
254,917,628
4.5%
Merck
&
Co
800,000
85,929,228
81,312,000
1.4%
Novo
Nordisk
ADR
2,003,200
7,663,671
213,941,760
3.8%
321,302,021
760,127,988
13.4%
Life
Science
&
Diagnostics
Agilent
Technologies
895,850
16,257,273
123,600,425
2.2%
Medical
Devices
Stryker
300,000
15,657,168
117,645,000
2.1%
353,216,462
1,001,373,413
17.7%
Industrials
Commercial
&
Residential
Building
Equipment
&
Systems
Johnson
Controls
International
2,000,000
104,457,808
167,720,000
3.0%
Trane
400,000
66,621,870
166,488,000
2.9%
171,079,678
334,208,000
5.9%
Electrical
Power
Equipment
Schneider
Electric
SE
400,000
101,566,238
102,994,860
1.8%
Measurement
Instruments
Keysight
Technologies
1
860,000
63,733,901
146,922,400
2.6%
Trimble
1
1,665,000
26,578,159
121,495,050
2.1%
90,312,060
268,417,450
4.7%
Metalworking
Machinery
Lincoln
Electric
Holdings
268,920
5,947,784
58,753,642
1.0%
Rail
Freight
Union
Pacific
310,275
24,763,628
75,911,881
1.4%
393,669,388
840,285,833
14.8%
Schedule
of
Investments
As
of
November
30,
2024
Amana
Growth
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
November
30,
2024
N-CSRS
11
Common
Stock
-
94.4%
Number
of
Shares
Cost
Market
Value
Percentage
of
Net
Assets
Technology
Application
Software
Adobe
1
320,600
$
10,572,380
$
165,407,158
2.9%
Intuit
285,600
9,926,412
183,278,088
3.3%
20,498,792
348,685,246
6.2%
Communications
Equipment
Apple
1,974,750
1,510,016
468,667,417
8.3%
Cisco
Systems
966,450
17,754,442
57,223,505
1.0%
19,264,458
525,890,922
9.3%
Infrastructure
Software
Microsoft
660,000
205,627,703
279,483,600
4.9%
Oracle
900,000
39,381,679
166,356,000
3.0%
ServiceNow
1
185,000
99,581,103
194,146,400
3.4%
344,590,485
639,986,000
11.3%
IT
Services
Gartner
1
179,900
6,185,085
93,175,607
1.6%
Semiconductor
Devices
Advanced
Micro
Devices
1
1,200,000
59,033,683
164,610,000
2.9%
Broadcom
1,100,000
110,696,976
178,288,000
3.1%
Nvidia
1,950,000
133,180,317
269,587,500
4.8%
302,910,976
612,485,500
10.8%
Semiconductor
Manufacturing
ASML
Holding
NY
308,000
10,937,644
211,475,880
3.7%
Taiwan
Semiconductor
ADR
1,210,921
12,693,436
223,608,672
4.0%
23,631,080
435,084,552
7.7%
717,080,876
2,655,307,827
46.9%
Total
investments
$1,873,622,958
$
5,348,223,592
94.4%
Other
assets
(net
of
liabilities)
318,880,924
5.6%
Total
net
assets
$
5,667,104,516
100.0%
1
Non-income
producing
ADR:
American
Depositary
Receipt
Amana
Growth
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
November
30,
2024
N-CSRS
Statement
of
Assets
and
Liabilities
Statement
of
Operations
As
of
November
30,
2024
Assets
Investments
in
securities,
at
value
(Cost
$1,873,622,958)
$
5,348,223,592
Cash
319,908,908
Dividends
receivable
2,878,718
Receivable
for
Fund
shares
sold
1,229,491
Prepaid
expenses
47,188
Total
assets
5,672,287,897
Liabilities
Accrued
advisory
fees
2,677,755
Payable
for
Fund
shares
redeemed
1,757,975
Accrued
12b-1
distribution
fees
550,536
Accrued
retirement
plan
custody
fee
87,891
Accrued
legal
expenses
10,688
Accrued
trustee
expenses
10,304
Accrued
Chief
Compliance
Officer
expenses
7,320
Accrued
other
operating
expenses
80,912
Total
liabilities
5,183,381
Net
assets
$5,667,104,516
Analysis
of
net
assets
Paid-in
capital
(unlimited
shares
authorized,
without
par
value)
$1,953,172,756
Total
distributable
earnings
3,713,931,760
Net
assets
applicable
to
Fund
shares
outstanding
$5,667,104,516
Net
asset
value
per
Investor
Shares
AMAGX
Net
assets,
at
value
$2,698,722,129
Shares
outstanding
32,158,871
Net
asset
value,
offering
and
redemption
price
per
share
$83.92
Net
asset
value
per
Institutional
Shares
AMIGX
Net
assets,
at
value
$2,968,382,387
Shares
outstanding
35,105,648
Net
asset
value,
offering
and
redemption
price
per
share
$84.56
Period
ended
November
30,
2024
Investment
income
Dividend
Income
(Net
of
foreign
tax
of
$649,209)
$
21,058,286
Miscellaneous
income
(9,940)
Total
investment
income
21,048,346
Expenses
Investment
advisory
fees
16,234,814
12b-1
distribution
fees
3,351,625
Custodian
fees
123,436
ReFlow
fees
103,986
Filing
and
registration
fees
73,151
Retirement
plan
custodial
fees
50,388
225
Investor
Shares
172
250
Institutional
Shares
50,216
Audit
fees
45,986
Chief
Compliance
Officer
expenses
43,560
Trustee
fees
29,079
Legal
fees
26,753
Other
operating
expenses
165,555
Total
gross
expenses
20,248,333
Less
custodian
fee
credits
(123,436)
Net
expenses
20,124,897
Net
investment
income
$923,449
Net
realized
gain
from
investments
and
foreign
currency
$24,350,806
A
Net
i
ncrease
in
unrealized
appreciation
on
investments
and
foreign
currency
369,745,190
Net
gain
on
investments
394,095,996
Net
increase
in
net
assets
resulting
from
operations
$395,019,445
A
Includes
$51,639,866
in
net
realized
gains
from
redemptions
in-kind
Amana
Growth
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
November
30,
2024
N-CSRS
13
Statements
of
Changes
in
Net
Assets
Period
ended
November
30,
2024
Year
ended
May
31,
2024
Increase
in
net
assets
from
operations
From
operations
Net
investment
income
$923,449
$9,357,997
Net
realized
gain
on
investments
and
foreign
currency
24,350,806
240,318,416
Net
increase
in
unrealized
appreciation
on
investments
and
foreign
currency
369,745,190
788,446,787
Net
increase
in
net
assets
395,019,445
1,038,123,200
Distributions
to
shareowners
from
225
Net
dividend
and
distribution
to
shareholders
-
Investor
Shares
-
(14,498,999)
250
Net
dividend
and
distribution
to
shareholders
-
Institutional
Shares
-
(18,959,927)
Total
distributions
-
(33,458,926)
Capital
share
transactions
Proceeds
from
the
sale
of
shares
225
Investor
Shares
191,741,040
492,993,115
250
Institutional
Shares
361,756,764
664,241,837
Value
of
shares
issued
in
reinvestment
of
dividends
and
distributions
225
Investor
Shares
-
13,941,611
250
Institutional
Shares
-
18,285,747
Cost
of
shares
redeemed
225
Investor
Shares
(208,075,327)
(334,959,259)
250
Institutional
Shares
(298,510,318)
(458,432,950)
Total
capital
shares
transactions
46,912,159
396,070,101
Total
increase
in
net
assets
441,931,604
1,400,734,375
Net
assets
Beginning
of
period
5,225,172,912
3,824,438,537
End
of
period
$5,667,104,516
$5,225,172,912
Shares
of
the
Fund
sold
and
redeemed
Investor
Shares
(AMAGX)
Number
of
shares
sold
2,326,726
6,950,130
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
-
196,666
Number
of
shares
redeemed
(2,531,192)
(4,695,664)
Net
increase
(decrease)
in
number
of
shares
outstanding
(204,466)
2,451,132
Institutional
Shares
(AMIGX)
Number
of
shares
sold
4,377,255
9,379,438
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
-
256,606
Number
of
shares
redeemed
(3,606,727)
(6,539,327)
Net
increase
in
number
of
shares
outstanding
770,528
3,096,717
-
-
Amana
Growth
Fund:
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
November
30,
2024
N-CSRS
Investor
Shares
(AMAGX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
November
30,
2024
Year
ended
May
31,
2024
2023
2022
2021
2020
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$78.08
$62.36
$60.47
$61.17
$45.39
$39.31
Income
from
investment
operations
Net
investment
income
A
(0.04)
0.06
0.12
0.05
0.10
0.15
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
5.88
16.12
3.86
(0.37)
18.74
7.33
Total
from
investment
operations
5.84
16.18
3.98
(0.32)
18.84
7.48
Less
distributions
Dividends
(from
net
investment
income)
-
(0.11)
(0.10)
(0.05)
(0.13)
(0.16)
Distributions
(from
capital
gains)
-
(0.35)
(1.99)
(0.33)
(2.93)
(1.24)
Total
distributions
-
(0.46)
(2.09)
(0.38)
(3.06)
(1.40)
Net
asset
value
at
end
of
period
$83.92
$78.08
$62.36
$60.47
$61.17
$45.39
Total
Return
B
7.48%
26.03%
6.83%
(0.62)%
42.16%
19.12%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$2,698,722
$2,527,041
$1,865,385
$1,684,412
$1,735,349
$1,303,469
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
C
0.85%
0.87%
0.91%
0.91%
0.96%
1.02%
After custodian
fee
credits
C
0.85%
0.87%
0.91%
0.90%
0.96%
1.02%
Ratio
of
net
investment
income
after
custodian
fee
credits to
average
net
assets
C
(0.10)%
0.09%
0.21%
0.09%
0.19%
0.36%
Portfolio
turnover
rate
B
2%
10%
6%
3%
D
3%
D
0%
E
Institutional
Shares
(AMIGX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
November
30,
2024
Year
ended
May
31,
2024
2023
2022
2021
2020
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$78.58
$62.71
$60.80
$61.50
$45.60
$39.49
Income
from
investment
operations
Net
investment
income
A
0.07
0.23
0.27
0.22
0.24
0.28
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
5.91
16.23
3.88
(0.38)
18.84
7.34
Total
from
investment
operations
5.98
16.46
4.15
(0.16)
19.08
7.62
Less
distributions
Dividends
(from
net
investment
income)
-
(0.24)
(0.25)
(0.21)
(0.25)
(0.27)
Distributions
(from
capital
gains)
-
(0.35)
(1.99)
(0.33)
(2.93)
(1.24)
Total
distributions
-
(0.59)
(2.24)
(0.54)
(3.18)
(1.51)
Net
asset
value
at
end
of
period
$84.56
$78.58
$62.71
$60.80
$61.50
$45.60
Total
Return
B
7.61%
26.34%
7.09%
(0.40)%
42.53%
19.39%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$2,968,382
$2,698,132
$1,959,054
$1,489,810
$1,291,092
$859,154
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
C
0.61%
0.62%
0.67%
0.64%
0.71%
0.79%
After custodian
fee
credits
C
0.60%
0.62%
0.66%
0.64%
0.71%
0.78%
Ratio
of
net
investment
income
after
custodian
fee
credits to
average
net
assets
C
0.15%
0.33%
0.46%
0.32%
0.43%
0.60%
Portfolio
turnover
rate
B
2%
10%
6%
3%
D
3%
D
0%
E
A
Calculated
using
average
shares
outstanding
B
Not
annualized
for
period
of
less
than
one
year
C
Annualized
for
periods
of
less
than
one
year
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
November
30,
2024
N-CSRS
15
Amana
Growth
Fund:
Financial
Highlights
Investor
Shares
(AMAGX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
November
30,
2024
Year
ended
May
31,
2024
2023
2022
2021
2020
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$78.08
$62.36
$60.47
$61.17
$45.39
$39.31
Income
from
investment
operations
Net
investment
income
A
(0.04)
0.06
0.12
0.05
0.10
0.15
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
5.88
16.12
3.86
(0.37)
18.74
7.33
Total
from
investment
operations
5.84
16.18
3.98
(0.32)
18.84
7.48
Less
distributions
Dividends
(from
net
investment
income)
-
(0.11)
(0.10)
(0.05)
(0.13)
(0.16)
Distributions
(from
capital
gains)
-
(0.35)
(1.99)
(0.33)
(2.93)
(1.24)
Total
distributions
-
(0.46)
(2.09)
(0.38)
(3.06)
(1.40)
Net
asset
value
at
end
of
period
$83.92
$78.08
$62.36
$60.47
$61.17
$45.39
Total
Return
B
7.48%
26.03%
6.83%
(0.62)%
42.16%
19.12%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$2,698,722
$2,527,041
$1,865,385
$1,684,412
$1,735,349
$1,303,469
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
C
0.85%
0.87%
0.91%
0.91%
0.96%
1.02%
After custodian
fee
credits
C
0.85%
0.87%
0.91%
0.90%
0.96%
1.02%
Ratio
of
net
investment
income
after
custodian
fee
credits to
average
net
assets
C
(0.10)%
0.09%
0.21%
0.09%
0.19%
0.36%
Portfolio
turnover
rate
B
2%
10%
6%
3%
D
3%
D
0%
E
Institutional
Shares
(AMIGX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
November
30,
2024
Year
ended
May
31,
2024
2023
2022
2021
2020
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$78.58
$62.71
$60.80
$61.50
$45.60
$39.49
Income
from
investment
operations
Net
investment
income
A
0.07
0.23
0.27
0.22
0.24
0.28
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
5.91
16.23
3.88
(0.38)
18.84
7.34
Total
from
investment
operations
5.98
16.46
4.15
(0.16)
19.08
7.62
Less
distributions
Dividends
(from
net
investment
income)
-
(0.24)
(0.25)
(0.21)
(0.25)
(0.27)
Distributions
(from
capital
gains)
-
(0.35)
(1.99)
(0.33)
(2.93)
(1.24)
Total
distributions
-
(0.59)
(2.24)
(0.54)
(3.18)
(1.51)
Net
asset
value
at
end
of
period
$84.56
$78.58
$62.71
$60.80
$61.50
$45.60
Total
Return
B
7.61%
26.34%
7.09%
(0.40)%
42.53%
19.39%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$2,968,382
$2,698,132
$1,959,054
$1,489,810
$1,291,092
$859,154
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
C
0.61%
0.62%
0.67%
0.64%
0.71%
0.79%
After custodian
fee
credits
C
0.60%
0.62%
0.66%
0.64%
0.71%
0.78%
Ratio
of
net
investment
income
after
custodian
fee
credits to
average
net
assets
C
0.15%
0.33%
0.46%
0.32%
0.43%
0.60%
Portfolio
turnover
rate
B
2%
10%
6%
3%
D
3%
D
0%
E
A
Calculated
using
average
shares
outstanding
B
Not
annualized
for
period
of
less
than
one
year
C
Annualized
for
periods
of
less
than
one
year
D
As
restated
to
reflect
the
exclusion
of
redemptions
in-kind,
which
reduced
the
percentage
by
4%
and
2%
for
the
year
ended
May
31,
2022
and
2021,
respectively.
E
Amount
is
less
than
0.5%
Schedule
of
Investments
As
of
November
30,
2024
Amana
Developing
World
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
November
30,
2024
N-CSRS
Continued
on
next
page.
Common
Stock
-
92
.0
%
Number
of
Shares
Cost
Market
Value
Country
1
Percentage
of
Net
Assets
Communications
Telecom
Carriers
Saudi
Telecom
288,000
$
3,198,895
$
3,051,298
Saudi
Arabia
2.3%
Wireless
Telecommunications
Telekomunikasi
Indonesia
ADR
83,000
1,813,782
1,417,640
Indonesia
1.1%
5,012,677
4,468,938
3.4%
Consumer
Discretionary
Automobiles
Ford
Otomotiv
Sanayi
109,600
1,984,463
3,055,831
Turkey
2.3%
Home
Products
Stores
Wilcon
Depot
5,550,000
2,140,944
1,231,295
Philippines
1.0%
4,125,407
4,287,126
3.3%
Consumer
Staples
Food
&
Drug
Stores
Bim
Birlesik
Magazalar
AS
265,000
2,965,425
3,621,833
Turkey
2
2.8%
Clicks
Group
192,000
2,314,634
4,198,081
South
Africa
3.2%
5,280,059
7,819,914
6.0%
Packaged
Food
Indofood
CBP
Sukses
Makmur
2,500,000
1,468,008
1,878,368
Indonesia
1.4%
Personal
Care
Products
Colgate-Palmolive
40,000
2,820,107
3,865,200
United
States
2.9%
Dabur
India
444,000
2,928,237
2,774,594
India
2
2.1%
Kimberly-Clark
de
Mexico,
Class
A
1,300,000
2,253,150
1,772,625
Mexico
1.4%
LG
Household
&
Health
Care
6,050
3,600,424
1,352,313
South
Korea
1.0%
Unicharm
95,800
3,440,796
2,486,374
Japan
1.9%
Unilever
ADR
65,000
3,263,718
3,889,600
United
Kingdom
3.0%
18,306,432
16,140,706
12.3%
25,054,499
25,838,988
19.7%
Financials
Islamic
Banking
BIMB
Holdings
1,476,100
1,168,041
893,215
Malaysia
0.7%
Islamic
Insurance
Syarikat
Takaful
Malaysia
Keluarga
1,324,000
1,153,295
1,125,970
Malaysia
0.8%
2,321,336
2,019,185
1.5%
Health
Care
Health
Care
Facilities
Bangkok
Dusit
Medical
Services
NVDR
3,423,000
2,366,173
2,522,922
Thailand
1.9%
IHH
Healthcare
1,764,000
2,329,363
2,881,550
Malaysia
2.2%
KPJ
Healthcare
4,825,992
1,231,253
2,707,990
Malaysia
2.1%
5,926,789
8,112,462
6.2%
Specialty
&
Generic
Pharma
Hikma
Pharmaceuticals
127,400
3,585,574
3,116,262
Jordan
2.4%
9,512,363
11,228,724
8.6%
Industrials
Other
Machinery
&
Equipment
WEG
450,000
3,249,495
4,021,490
Brazil
2
3.1%
Schedule
of
Investments
As
of
November
30,
2024
Amana
Developing
World
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
November
30,
2024
N-CSRS
17
Continued
on
next
page.
Common
Stock
-
92.0%
Number
of
Shares
Cost
Market
Value
Country
1
Percentage
of
Net
Assets
Industrials
(continued)
Rubber
&
Plastic
Hartalega
Holdings
2,750,000
$
2,643,031
$
2,180,115
Malaysia
1.6%
5,892,526
6,201,605
4.7%
Materials
Agricultural
Chemicals
Quimica
y
Minera
Chile
ADR
49,000
3,379,002
1,884,540
Chile
1.4%
Base
Metals
Southern
Copper
38,832
2,142,608
3,896,791
Peru
3.0%
Cement
&
Aggregates
UltraTech
Cement
29,100
2,689,466
3,865,168
India
2
2.9%
Iron
Rio
Tinto
ADR
45,100
3,316,352
2,834,084
China
2
2.1%
Precious
Metals
Barrick
Gold
164,000
3,332,544
2,868,360
Canada
2.2%
14,859,972
15,348,943
11.6%
Real
Estate
Multi
Asset
Class
Ownership
&
Development
SM
Prime
Holdings
2,800,000
1,564,843
1,261,957
Philippines
1.0%
Technology
Communications
Equipment
Samsung
Electronics
62,700
3,115,508
2,465,566
South
Korea
1.9%
Sercomm
669,000
1,839,844
2,255,938
Taiwan
1.7%
4,955,352
4,721,504
3.6%
Computer
Hardware
&
Storage
Advantech
270,931
2,371,962
2,821,336
Taiwan
2.2%
Electronic
Manufacturing
Services
&
Original
Design
Manufacturer
Jabil
28,600
2,832,472
3,884,738
United
States
3.0%
Electronics
Components
Delta
Electronics
307,500
2,392,030
3,645,695
Taiwan
2
2.8%
KCE
Electronics
NVDR
1,810,000
3,110,607
1,340,070
Thailand
1.0%
Samsung
7,900
3,360,919
1,445,790
South
Korea
1.1%
8,863,556
6,431,555
4.9%
IT
Services
Infosys
ADR
163,200
3,243,960
3,601,824
India
2.7%
Semiconductor
Devices
Nvidia
94,500
2,196,641
13,064,625
United
States
9.9%
Qualcomm
24,500
3,020,311
3,883,985
United
States
3.0%
5,216,952
16,948,610
12.9%
Semiconductor
Manufacturing
ASML
Holding
NY
4,550
3,079,805
3,124,076
Netherlands
2.4%
Taiwan
Semiconductor
ADR
27,200
1,513,555
5,022,752
Taiwan
3.8%
4,593,360
8,146,828
6.2%
32,077,614
46,556,395
35.5%
Schedule
of
Investments
As
of
November
30,
2024
Amana
Developing
World
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
November
30,
2024
N-CSRS
Common
Stock
-
92.0%
Number
of
Shares
Cost
Market
Value
Country
1
Percentage
of
Net
Assets
Utilities
Power
Generation
Manila
Electric
428,500
$
2,833,817
$
3,501,190
Philippines
2.7%
Total
investments
$103,255,054
$
120,713,051
92.0%
Other
assets
(net
of
liabilities)
10,462,747
8.0%
Total
net
assets
$
131,175,798
100.0%
1
Country
of
domicile
unless
otherwise
indicated
2
Denotes
a
country
or
region
of
primary
exposure
ADR:
American
Depositary
Receipt
NVDR:
Non
Voting
Depository
Receipt
Amana
Developing
World
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
November
30,
2024
N-CSRS
19
Statement
of
Assets
and
Liabilities
Statement
of
Operations
As
of
November
30,
2024
Assets
Investments
in
securities,
at
value
(Cost
$103,255,054)
$
120,713,051
Cash
10,600,279
Dividends
receivable
84,553
Receivable
for
Fund
shares
sold
22,438
Prepaid
expenses
18,847
Total
assets
131,439,168
Liabilities
Payable
for
Fund
shares
redeemed
118,878
Accrued
advisory
fees
86,981
Accrued
audit
expenses
28,710
Accrued
retirement
plan
custody
fee
18,478
Accrued
12b-1
distribution
fees
7,798
Accrued
trustee
expenses
238
Accrued
Chief
Compliance
Officer
expenses
216
Accrued
legal
expenses
170
Accrued
other
operating
expenses
1,901
Total
liabilities
263,370
Net
assets
$131,175,798
Analysis
of
net
assets
Paid-in
capital
(unlimited
shares
authorized,
without
par
value)
$115,631,267
Total
distributable
earnings
15,544,531
Net
assets
applicable
to
Fund
shares
outstanding
$131,175,798
Net
asset
value
per
Investor
Shares
AMDWX
Net
assets,
at
value
$37,504,537
Shares
outstanding
2,773,899
Net
asset
value,
offering
and
redemption
price
per
share
$13.52
Net
asset
value
per
Institutional
Shares
AMIDX
Net
assets,
at
value
$93,671,260
Shares
outstanding
6,892,176
Net
asset
value,
offering
and
redemption
price
per
share
$13.59
Period
ended
November
30,
2024
Investment
income
Dividend
Income
(Net
of
foreign
tax
of
$116,399)
$
1,011,859
Miscellaneous
income
92
Total
investment
income
1,011,951
Expenses
Investment
advisory
fees
526,157
Custodian
fees
49,801
12b-1
distribution
fees
46,623
Filing
and
registration
fees
20,740
Audit
fees
12,181
Retirement
plan
custodial
fees
10,743
325
Investor
Shares
90
350
Institutional
Shares
10,653
Chief
Compliance
Officer
expenses
1,151
Trustee
fees
672
Legal
fees
625
Other
operating
expenses
7,219
Total
gross
expenses
675,912
Less
custodian
fee
credits
(49,321)
Net
expenses
626,591
Net
investment
income
$385,360
Net
realized
loss
from
investments
and
foreign
currency
$(957,485)
Net
i
ncrease
in
unrealized
appreciation
on
investments
and
foreign
currency
2,655,988
Net
gain
on
investments
1,698,503
Net
increase
in
net
assets
resulting
from
operations
$2,083,863
Amana
Developing
World
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
November
30,
2024
N-CSRS
Statements
of
Changes
in
Net
Assets
Period
ended
November
30,
2024
Year
ended
May
31,
2024
Increase
in
net
assets
from
operations
From
operations
Net
investment
income
$385,360
$1,346,865
Net
realized
loss
on
investments
and
foreign
currency
(957,485)
(2,015,157)
Net
increase
in
unrealized
appreciation
on
investments
and
foreign
currency
2,655,988
14,675,631
Net
increase
in
net
assets
2,083,863
14,007,339
Distributions
to
shareowners
from
325
Net
dividend
and
distribution
to
shareholders
-
Investor
Shares
-
(299,740)
350
Net
dividend
and
distribution
to
shareholders
-
Institutional
Shares
-
(787,678)
Total
distributions
-
(1,087,418)
Capital
share
transactions
Proceeds
from
the
sale
of
shares
325
Investor
Shares
5,318,898
7,070,763
350
Institutional
Shares
18,317,762
43,861,528
Value
of
shares
issued
in
reinvestment
of
dividends
and
distributions
325
Investor
Shares
-
297,630
350
Institutional
Shares
-
781,001
Cost
of
shares
redeemed
325
Investor
Shares
(3,455,093)
(5,818,766)
350
Institutional
Shares
(16,924,293)
(17,334,306)
Total
capital
shares
transactions
3,257,274
28,857,850
Total
increase
in
net
assets
5,341,137
41,777,771
Net
assets
Beginning
of
period
125,834,661
84,056,890
End
of
period
$131,175,798
$125,834,661
Shares
of
the
Fund
sold
and
redeemed
Investor
Shares
(AMDWX)
Number
of
shares
sold
382,298
572,870
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
-
24,217
Number
of
shares
redeemed
(250,042)
(472,648)
Net
increase
in
number
of
shares
outstanding
132,256
124,439
Institutional
Shares
(AMIDX)
Number
of
shares
sold
1,317,295
3,506,333
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
-
63,342
Number
of
shares
redeemed
(1,222,145)
(1,425,506)
Net
increase
in
number
of
shares
outstanding
95,150
2,144,169
-
-
Amana
Developing
World
Fund:
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
November
30,
2024
N-CSRS
21
Investor
Shares
(AMDWX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
November
30,
2024
Year
ended
May
31,
2024
2023
2022
2021
2020
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$13.29
$11.70
$11.85
$13.70
$9.67
$9.33
Income
from
investment
operations
Net
investment
income
A
0.03
0.14
0.13
0.21
0.05
0.04
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
0.20
1.56
(0.17)
(1.90)
3.98
0.34
Total
from
investment
operations
0.23
1.70
(0.04)
(1.69)
4.03
0.38
Less
distributions
Dividends
(from
net
investment
income)
-
(0.11)
(0.08)
(0.16)
-
(0.04)
Distributions
(from
capital
gains)
-
0.00
B
(0.03)
-
-
-
Total
distributions
-
(0.11)
(0.11)
(0.16)
-
(0.04)
Net
asset
value
at
end
of
period
$13.52
$13.29
$11.70
$11.85
$13.70
$9.67
Total
Return
C
1.73%
14.65%
(0.25)%
(12.47)%
41.68%
4.02%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$37,505
$35,115
$29,446
$23,123
$22,553
$13,253
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
D
1.19%
1.20%
1.22%
1.21%
1.20%
1.34%
After custodian
fee
credits
D
1.12%
1.13%
1.15%
1.14%
1.14%
1.29%
Ratio
of
net
investment
income
after
custodian
fee
credits to
average
net
assets
D
0.43%
1.15%
1.11%
1.59%
0.44%
0.38%
Portfolio
turnover
rate
C
1%
1%
6%
30%
3%
9%
Institutional
Shares
(AMIDX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
November
30,
2024
Year
ended
May
31,
2024
2023
2022
2021
2020
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$13.35
$11.74
$11.90
$13.77
$9.70
$9.36
Income
from
investment
operations
Net
investment
income
A
0.04
0.17
0.15
0.24
0.08
0.04
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
0.20
1.57
(0.17)
(1.90)
3.99
0.36
Total
from
investment
operations
0.24
1.74
(0.02)
(1.66)
4.07
0.40
Less
distributions
Dividends
(from
net
investment
income)
-
(0.13)
(0.11)
(0.21)
-
(0.06)
Distributions
(from
capital
gains)
-
0.00
B
(0.03)
-
-
-
Total
distributions
-
(0.13)
(0.14)
(0.21)
-
(0.06)
Net
asset
value
at
end
of
period
$13.59
$13.35
$11.74
$11.90
$13.77
$9.70
Total
Return
C
1.80%
14.95%
(0.12)%
(12.24)%
41.96%
4.20%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$93,671
$90,720
$54,611
$46,715
$42,241
$18,959
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
D
0.97%
0.98%
1.01%
0.99%
0.97%
1.21%
After custodian
fee
credits
D
0.89%
0.90%
0.94%
0.92%
0.91%
1.16%
Ratio
of
net
investment
income
after
custodian
fee
credits to
average
net
assets
D
0.65%
1.36%
1.31%
1.80%
0.65%
0.43%
Portfolio
turnover
rate
C
1%
1%
6%
30%
3%
9%
A
Calculated
using
average
shares
outstanding
B
Amount
is
less
than
$0.01
C
Not
annualized
for
period
of
less
than
one
year
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
November
30,
2024
N-CSRS
Amana
Developing
World
Fund:
Financial
Highlights
D
Annualized
for
periods
of
less
than
one
year
Consolidated
Schedule
of
Investments
As
of
November
30,
2024
Amana
Participation
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
November
30,
2024
N-CSRS
23
Continued
on
next
page.
Corporate
Sukuk
-
76.2%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
Communications
Axiata
SPV2
2
2.163%
due
08/19/2030
$
6,000,000
$
5,182,224
Malaysia
2.4%
Saudi
Telecom
2
3.890%
due
05/13/2029
5,000,000
4,868,182
Saudi
Arabia
2.2%
Axiata
SPV2
2
4.357%
due
03/24/2026
4,357,000
4,322,138
Malaysia
2.0%
14,372,544
6.6%
Consumer
Staples
Almarai
Sukuk
2
5.233%
due
07/25/2033
4,500,000
4,603,995
Saudi
Arabia
2.1%
Energy
SA
Global
2
2.694%
due
06/17/2031
7,500,000
6,590,625
Saudi
Arabia
3.1%
Financials
Kuwait
Financial
Bank
Tier
1
2,3
3.600%
due
PERP
10,000,000
9,530,000
Kuwait
4.4%
Investment
Corporate
of
Dubai
2
5.000%
due
02/01/2027
7,850,000
7,827,722
United
Arab
Emirates
3.6%
Riyad
2
3.174%
due
02/25/2030
7,830,000
7,783,725
Saudi
Arabia
3.6%
Dubai
Aerospace
Enterprises
DIFC
2
3.750%
due
02/15/2026
7,700,000
7,568,684
United
Arab
Emirates
3.5%
Air
Lease
Corp
Sukuk
2
5.850%
due
04/01/2028
6,000,000
6,116,645
Cayman
Islands
2.8%
National
Commercial
Bank
Tier
1
2,3
3.500%
due
PERP
5,550,000
5,289,150
Saudi
Arabia
2.4%
Sharjah
Islamic
Bank
Tier
1
2,3
5.000%
due
PERP
5,200,000
5,139,420
United
Arab
Emirates
2.4%
Dubai
Islamic
Bank
2
5.493%
due
11/30/2027
5,000,000
5,074,070
United
Arab
Emirates
2.3%
Dubai
Islamic
Bank
Tier
1
2,3
6.250%
due
PERP
4,500,000
4,484,587
United
Arab
Emirates
2.1%
Boubyan
Sukuk
Ltd
2
3.389%
due
03/29/2027
4,600,000
4,447,050
Cayman
Islands
2.1%
Mas
Al
Ryan
2
2.210%
due
09/02/2025
4,500,000
4,399,407
Cayman
Islands
2.0%
Banque
Saudi
Fransi
2
4.750%
due
05/31/2028
4,000,000
3,971,704
Saudi
Arabia
1.8%
EI
Sukuk
Co
Ltd
2
5.431%
due
05/28/2029
2,000,000
2,048,848
Cayman
Islands
1.0%
Khazanah
Global
Sukuk
2
4.687%
due
06/01/2028
2,000,000
1,997,031
Malaysia
0.9%
Sharjah
2
3.854%
due
04/03/2026
1,600,000
1,567,120
United
Arab
Emirates
0.7%
ADIB
Capital
Invest
Three
2
7.250%
due
07/18/2070
1,000,000
1,062,260
Cayman
Islands
0.5%
QIB
Sukuk
LTD
5.581
2
5.581%
due
11/22/2028
1,000,000
1,035,856
Cayman
Islands
0.5%
FAB
Sukuk
Company
2
4.581%
due
01/17/2028
1,000,000
996,934
Cayman
Islands
0.5%
EI
Sukuk
Co
Ltd
2
2.082%
due
11/02/2026
1,000,000
946,540
Cayman
Islands
0.4%
81,286,753
37.5%
Industrials
DP
World
Salaam
2,3
6.000%
due
PERP
7,800,000
7,783,499
United
Arab
Emirates
3.6%
DP
World
Crescent
2
3.750%
due
01/30/2030
4,000,000
3,773,349
United
Arab
Emirates
1.7%
11,556,848
5.3%
Real
Estate
Dar
Al-Arkan
Sukuk
Co
Lt
2
8.000%
due
02/25/2029
7,000,000
7,266,490
Cayman
Islands
3.4%
EMAAR
2
3.700%
due
07/06/2031
7,000,000
6,506,129
United
Arab
Emirates
3.0%
Aldar
2
3.875%
due
10/22/2029
6,000,000
5,706,552
United
Arab
Emirates
2.6%
Majid
Al
Futtaim
2
4.638%
due
05/14/2029
5,650,000
5,573,849
United
Arab
Emirates
2.6%
Emirates
REIT
Sukuk
II
2
11.000%
due
12/12/2025
1,310,926
1,313,286
Cayman
Islands
0.6%
26,366,306
12.2%
Utilities
TNB
Global
Ventures
2
4.851%
due
11/01/2028
6,300,000
6,318,264
Malaysia
2.9%
TNB
Global
Ventures
Cap
2
3.244%
due
10/19/2026
6,140,000
5,958,710
Malaysia
2.7%
Saudi
Electricity
Global
2
5.060%
due
04/08/2043
5,000,000
4,767,965
Saudi
Arabia
2.2%
Saudi
Electricity
Global
2
5.500%
due
04/08/2044
2,400,000
2,379,521
Saudi
Arabia
1.1%
Consolidated
Schedule
of
Investments
As
of
November
30,
2024
Amana
Participation
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
November
30,
2024
N-CSRS
Corporate
Sukuk
-
76.2%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
Utilities
(continued)
Saudi
Electricity
Global
2
5.684%
due
04/11/2053
$
1,000,000
$
986,662
Saudi
Arabia
0.5%
20,411,122
9.4%
Total
Corporate
Sukuk
(Cost
$
167,612,622)
$165,188,193
76.2%
Government
Sukuk
-
14.9%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
Government
Perusahaan
Penerbit
SBSN
2
4.550%
due
03/29/2026
5,185,000
5,175,190
Indonesia
2.4%
Oman
Sovereign
Sukuk
2
4.875%
due
06/15/2030
5,150,000
5,160,552
Oman
2.4%
Kingdom
of
Saudi
Arabia
2
3.628%
due
04/20/2027
5,000,000
4,881,785
Saudi
Arabia
2.2%
Malaysia
Sovereign
Sukuk
2
4.236%
due
04/22/2045
5,000,000
4,634,585
Malaysia
2.1%
Perusahaan
Penerbit
SBSN
2
3.550%
due
06/09/2051
5,280,000
3,904,665
Indonesia
1.8%
Kingdom
of
Saudi
Arabia
2
4.303%
due
01/19/2029
3,200,000
3,150,531
Saudi
Arabia
1.4%
Perusahaan
Penerbit
SBSN
2
4.450%
due
02/20/2029
3,050,000
2,996,623
Indonesia
1.4%
Islamic
Development
Bank
Trust
Services
2
4.747%
due
10/27/2027
2,500,000
2,521,260
Saudi
Arabia
1.2%
Total
Government
Sukuk
(Cost
33,629,525)
$32,425,191
14.9%
Bank
Time
Deposits
-
3.7%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
Bank
Time
Deposits
Bank
ABC
2
4.880%
due
01/08/2025
2,000,000
2,000,000
United
States
1.0%
Bank
ABC
2
4.770%
due
12/23/2024
2,000,000
2,000,000
United
States
0.9%
Bank
ABC
2
4.830%
due
12/09/2024
2,000,000
2,000,000
United
States
0.9%
Gulf
International
Bank
2
4.310%
due
12/09/2024
2,000,000
2,000,000
United
States
0.9%
Total
Bank
Time
Deposits
(Cost
8,000,000)
$8,000,000
3.7%
Total
investments
(Cost
$209,242,147)
$205,613,384
94.8%
Other
assets
(net
of
liabilities)
11,181,738
5.2%
Total
net
assets
$216,795,122
100.0%
1
Denotes
a
country
or
region
of
primary
exposure
2
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
a
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
These
Securities
have
been
deemed
liquid
under
guidelines
approved
by
the
Trust's
Board
of
Trustees.
At
November
30,
2024,
the
aggregate
value
of
these
securities
was
$205,613,384
representing
94.8%
of
total
net
assets.
3
Security
is
perpetual
in
nature
with
no
stated
maturity
date.
SA:
Special
Assessment
Amana
Participation
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
November
30,
2024
N-CSRS
25
Consolidated
Statement
of
Assets
and
Liabilities
Consolidated
Statement
of
Operations
As
of
November
30,
2024
Assets
Investments
in
securities,
at
value
(Cost
$209,242,147)
$
205,613,384
Cash
8,752,861
Dividends
receivable
2,546,090
Receivable
for
Fund
shares
sold
102,643
Prepaid
expenses
18,754
Total
assets
217,033,732
Liabilities
Payable
for
Fund
shares
redeemed
109,716
Accrued
advisory
fees
88,341
Accrued
retirement
plan
custody
fee
13,174
Distributions
payable
7,544
Accrued
12b-1
distribution
fees
6,059
Accrued
audit
expenses
5,507
Accrued
legal
expenses
3,201
Accrued
trustee
expenses
744
Accrued
Chief
Compliance
Officer
expenses
559
Accrued
other
operating
expenses
3,765
Total
liabilities
238,610
Net
assets
$216,795,122
Analysis
of
net
assets
Paid-in
capital
(unlimited
shares
authorized,
without
par
value)
$273,226,755
Total
distributable
earnings
(56,431,633)
Net
assets
applicable
to
Fund
shares
outstanding
$216,795,122
Net
asset
value
per
Investor
Shares
AMAPX
Net
assets,
at
value
$29,816,419
Shares
outstanding
3,052,717
Net
asset
value,
offering
and
redemption
price
per
share
$9.77
Net
asset
value
per
Institutional
Shares
AMIPX
Net
assets,
at
value
$186,978,703
Shares
outstanding
19,075,511
Net
asset
value,
offering
and
redemption
price
per
share
$9.80
Period
ended
November
30,
2024
Investment
income
Sukuk
income
$
4,499,107
Miscellaneous
income
1
Total
investment
income
4,499,108
Expenses
Investment
advisory
fees
524,749
12b-1
distribution
fees
36,368
Custodian
fees
26,183
Filing
and
registration
fees
21,507
Retirement
plan
custodial
fees
8,246
425
Investor
Shares
210
450
Institutional
Shares
8,036
Audit
fees
5,038
Legal
fees
4,315
Chief
Compliance
Officer
expenses
1,733
Trustee
fees
1,155
Other
operating
expenses
10,561
Total
gross
expenses
639,855
Less
custodian
fee
credits
(26,183)
Net
expenses
613,672
Net
investment
income
$3,885,436
Net
realized
loss
from
investments
$(186,332)
Net
de
crease
in
unrealized
depreciation
on
investments
3,955,558
Net
gain
on
investments
3,769,226
Net
increase
in
net
assets
resulting
from
operations
$7,654,662
Amana
Participation
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
November
30,
2024
N-CSRS
Consolidated
Statements
of
Changes
in
Net
Assets
Period
ended
November
30,
2024
Year
ended
May
31,
2024
Increase
(Decrease)
in
net
assets
from
operations
From
operations
Net
investment
income
$3,885,436
$6,980,968
Net
realized
loss
on
investments
(186,332)
(3,429,790)
Net
decrease
in
unrealized
de
preciation
on
investments
3,955,558
769,931
Net
increase
in
net
assets
7,654,662
4,321,109
Distributions
to
shareowners
from
425
Net
dividend
and
distribution
to
shareholders
-
Investor
Shares
(381,295)
(857,965)
450
Net
dividend
and
distribution
to
shareholders
-
Institutional
Shares
(2,588,910)
(5,730,425)
Total
distributions
(2,970,205)
(6,588,390)
Capital
share
transactions
Proceeds
from
the
sale
of
shares
425
Investor
Shares
4,988,611
9,329,328
450
Institutional
Shares
42,786,114
50,645,545
Value
of
shares
issued
in
reinvestment
of
dividends
and
distributions
425
Investor
Shares
373,302
845,539
450
Institutional
Shares
2,549,160
5,678,992
Cost
of
shares
redeemed
425
Investor
Shares
(4,971,225)
(7,787,173)
450
Institutional
Shares
(33,068,421)
(75,702,455)
Total
capital
shares
transactions
12,657,541
(16,990,224)
Total
increase
(decrease)
in
net
assets
17,341,998
(19,257,505)
Net
assets
Beginning
of
period
199,453,124
218,710,629
End
of
period
$216,795,122
$199,453,124
Shares
of
the
Fund
sold
and
redeemed
Investor
Shares
(AMAPX)
Number
of
shares
sold
512,325
975,227
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
38,329
88,555
Number
of
shares
redeemed
(511,053)
(814,310)
Net
increase
in
number
of
shares
outstanding
39,601
249,472
Institutional
Shares
(AMIPX)
Number
of
shares
sold
4,370,474
5,276,214
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
260,744
592,716
Number
of
shares
redeemed
(3,378,532)
(7,893,506)
Net
increase
(decrease)
in
number
of
shares
outstanding
1,252,686
(2,024,576)
-
-
Amana
Participation
Fund:
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
November
30,
2024
N-CSRS
27
Investor
Shares
(AMAPX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
Nov.
30,
2024
Year
ended
May
31,
2024
A
2023
A
2022
A
2021
A
2020
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$9.54
$9.64
$9.86
$10.42
$10.12
$9.97
Income
from
investment
operations
Net
investment
income
B,C
0.18
0.31
0.21
0.18
0.19
0.24
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
0.18
(0.12)
(0.24)
(0.57)
0.30
0.14
Total
from
investment
operations
0.36
0.19
(0.03)
(0.39)
0.49
0.38
Less
distributions
Dividends
(from
net
investment
income)
(0.13)
(0.29)
(0.19)
(0.17)
(0.19)
(0.23)
Total
distributions
(0.13)
(0.29)
(0.19)
(0.17)
(0.19)
(0.23)
Net
asset
value
at
end
of
period
$9.77
$9.54
$9.64
$9.86
$10.42
$10.12
Total
Return
C
3.76%
2.01%
(0.26)%
(3.83)%
4.90%
3.88%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
year
$29,816
$28,756
$26,650
$24,722
$22,375
$16,531
Ratio
of
expenses
to
average
net
assets
Before custodian
fee
credits
D
0.81%
0.83%
0.80%
0.80%
0.82%
0.88%
After
custodian
fee
credits
D
0.80%
0.80%
0.78%
0.78%
0.80%
0.86%
Ratio
of
net
investment
income
after
to
average
net
assets
D
3.67%
3.23%
2.11%
1.71%
1.86%
2.34%
Portfolio
turnover
rate
C
8%
17%
48%
15%
19%
34%
Institutional
Shares
(AMIPX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
Nov.
30,
2024
Year
ended
May
31,
2024
A
2023
A
2022
A
2021
A
2020
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$9.58
$9.68
$9.89
$10.45
$10.16
$10.00
Income
from
investment
operations
Net
investment
income
B,C
0.18
0.33
0.23
0.20
0.22
0.26
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
0.18
(0.12)
(0.22)
(0.57)
0.29
0.16
Total
from
investment
operations
0.36
0.21
0.01
(0.37)
0.51
0.42
Less
distributions
Dividends
(from
net
investment
income)
(0.14)
(0.31)
(0.22)
(0.19)
(0.22)
(0.26)
Total
distributions
(0.14)
(0.31)
(0.22)
(0.19)
(0.22)
(0.26)
Net
asset
value
at
end
of
period
$9.80
$9.58
$9.68
$9.89
$10.45
$10.16
Total
Return
C
3.77%
2.26%
0.09%
(3.58)%
5.04%
4.23%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
year
$186,979
$170,697
$192,060
$187,032
$143,404
$100,023
Ratio
of
expenses
to
average
net
assets
Before custodian
fee
credits
D
0.58%
0.58%
0.56%
0.56%
0.58%
0.63%
After
custodian
fee
credits
D
0.55%
0.56%
0.53%
0.54%
0.56%
0.61%
Ratio
of
net
investment
income
after
to
average
net
assets
D
3.70%
3.45%
2.34%
1.97%
2.10%
2.53%
Portfolio
turnover
rate
C
8%
17%
48%
15%
19%
34%
A
Consolidated
B
Calculated
using
average
shares
outstanding
C
Not
annualized
for
period
of
less
than
one
year
D
Annualized
for
periods
of
less
than
one
year
Notes
To
Financial
Statements
28
November
30,
2024
N-CSRS
Note
1
-
Organization
Amana
Mutual
Funds
Trust
(the
"Trust")
was
organized
as
a
Delaware
Statutory
Trust
on
March
11,
2013,
and
is
the
successor
to
Amana
Mutual
Funds
Trust,
an
Indiana
Business
Trust
("Prior
Trust")
organized
on
July
26,
1984,
pursuant
to
a
reorganization
on
July
19,
2013.
Each
Fund
is
a
series
of
the
Trust
and
the
Income,
Growth,
and
Developing
World
Funds
are
successors
to
the
corresponding
series
of
the
Prior
Trust.
The
Trust
is
registered
as
an
open-end,
management
company
under
the
Investment
Company
Act
of
1940,
as
amended.
The
Trust
restricts
its
investments
to
those
acceptable
to
Muslims
by
investing
in
accordance
with
Islamic
principles.
Four
portfolio
series
have
been
created.
The
Income
Fund
was
first
authorized
to
sell
shares
of
beneficial
interest
to
the
public
on
June
23,
1986.
The
Growth
Fund
began
operations
on
February
3,
1994
.
The
Developing
World
Fund
began
operations
on
September
28,
2009
.
Institutional
Shares
of
Income,
Growth,
and
Developing
World
Funds
were
first
offered
September
25,
2013.
The
Participation
Fund
(both
Investor
and
Institutional
Shares)
began
operations
September
28,
2015
.
The
Participation
Fund
is
a
nondiversified
fund.
Each
Fund
is
an
investment
company
and
accordingly
follows
the
investment
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standard
Codification
Topic
946
"Financial
Services
-
Investment
Companies."
Each
class
of
shares
of
a
Fund
represents
an
interest
in
the
same
portfolio
of
investments
of
the
Fund
and
has
in
all
respects
the
same
rights
and
obligations
as
each
other
class
of
the
Fund,
except
that
each
class
bears
its
own
class
expenses,
and
each
class
has
exclusive
voting
rights
on
matters
affecting
that
class.
Each
class
of
shares
may
be
subject
to
different
investment
minimums
and
other
conditions
of
eligibility
as
may
be
described
in
the
prospectus
for
the
particular
class
of
shares,
as
from
time
to
time
in
effect.
Income,
realized
and
unrealized
capital
gains
and
losses,
and
expenses
to
be
paid
by
a
Fund
and
not
allocated
to
a
particular
class
as
provided
below,
shall
be
allocated
to
each
class
on
the
basis
of
relative
net
assets.
Expenses
allocable
to
a
specific
class
are
expenses
specifically
incurred
by
or
for
such
class
including
the
following:
Distribution
fees;
Retirement
plan
custodial
fees;
and
Any
applicable
service
fees.
Net
investment
income
dividends
and
capital
gain
distributions
paid
by
the
Fund
on
each
class
of
its
shares
will
be
calculated
in
the
same
manner
on
the
same
day
and
at
the
same
time.
Commencing
in
the
year
ended
May
31,
2021,
the
Participation
Fund
utilizes
a
wholly-owned
subsidiary
to
achieve
its
investment
objective
(see
Note
3).
Investment
risks:
Income
,
Growth
,
Developing
World
,
and
Participation
Funds
:
The
value
of
the
shares
of
each
of
the
Funds
rises
and
falls
as
the
value
of
the
securities
in
which
the
Funds
invest
goes
up
and
down.
The
Funds
limit
the
securities
they
purchase
to
those
consistent
with
Islamic
principles.
This
limits
opportunities
and
may
affect
performance.
Each
of
the
Funds
may
invest
in
securities
that
are
not
traded
in
the
United
States.
Investments
in
the
securities
of
foreign
issuers
may
involve
risks
in
addition
to
those
normally
associated
with
investments
in
the
securities
of
US
issuers.
These
risks
include
currency
and
market
fluctuations,
and
political
or
social
instability.
The
risks
of
foreign
investing
are
generally
magnified
in
the
smaller
and
more
volatile
securities
markets
of
the
developing
world.
Growth
Fund
:
The
smaller
and
less
seasoned
companies
that
may
be
in
the
Growth
Fund
have
a
greater
risk
of
price
volatility.
Participation
Fund
:
While
the
Participation
Fund
does
not
invest
in
conventional
bonds,
risks
similar
to
those
of
conventional
fixed-
income
funds
apply.
These
include:
diversification
and
concentration
risk,
liquidity
risk,
interest
rate
risk,
credit
risk,
and
high-yield
risk.
The
Participation
Fund
also
includes
risks
specific
to
investments
in
Islamic
fixed-income
instruments.
The
structural
complexity
of
sukuk
,
along
with
the
weak
infrastructure
of
the
sukuk
market,
increases
risk.
As
compared
to
rights
of
conventional
bondholders,
holders
of
sukuk
may
have
limited
ability
to
pursue
legal
recourse
to
enforce
the
terms
of
the
sukuk
or
to
restructure
the
sukuk
in
order
to
seek
recovery
of
principal.
Sukuk
are
also
subject
to
the
risk
that
some
Islamic
scholars
may
deem
certain
sukuk
as
not
meeting
Islamic
investment
principles
subsequent
to
the
sukuk
being
issued.
The
Funds
may
invest
substantially
in
one
or
more
sectors,
which
can
increase
volatility
and
exposure
to
issuers
specific
to
a
particular
sector
or
industry.
Please
see
each
Fund's
Summary
Prospectus,
the
Funds'
Prospectus,
and
Statement
of
Additional
Information
for
a
more
detailed
discussion
of
the
risks
affecting
the
Funds.
Note
2
-
Unaudited
Information
The
information
in
this
interim
report
has
not
been
subject
to
independent
audit.
Note
3
-
Significant
Accounting
Policies
The
following
is
a
summary
of
the
significant
accounting
policies,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America,
which
are
consistently
followed
by
the
Funds
in
preparation
of
their
financial
statements.
Security
valuation:
Investments
in
securities
traded
on
a
national
securities
exchange
and
over-the-counter
securities
for
which
sale
prices
are
available
are
valued
at
that
price.
Securities
for
which
there
are
no
sales
are
valued
at
latest
bid
price.
Foreign
markets
may
close
before
the
time
as
of
which
the
Funds'
share
prices
are
determined.
Because
of
this,
events
occurring
after
the
close
and
before
the
determination
of
the
Funds'
share
prices
may
have
a
material
effect
on
the
values
of
some
or
all
of
the
Funds'
foreign
securities.
To
account
for
this,
the
Funds
may
use
outside
pricing
services
for
valuation
of
their
non-US
securities.
In
cases
in
which
there
is
not
a
readily
available
market
price,
a
fair
value
for
such
security
is
determined
in
good
faith
by
the
Adviser,
whom
the
Board
of
Trustees
has
designated
as
the
Funds'
valuation
designee
to
perform
fair
value
determinations
relating
to
all
Fund
investments.
Security
transactions
are
recorded
on
trade
date.
Realized
gains
and
losses
on
sales
of
securities
are
recorded
on
the
identified
cost
basis.
Sukuk
certificates
in
which
the
Participation
Fund
invests
are
valued
based
on
evaluated
prices
supplied
by
an
independent
pricing
service,
which
include
valuations
provided
by
market
makers
and
other
participants,
provided
that
there
is
sufficient
market
activity
Notes
To
Financial
Statements
(continued)
November
30,
2024
N-CSRS
29
on
which
the
pricing
service
can
base
such
valuations.
Where
market
activity
is
insufficient
for
making
such
determinations,
the
independent
pricing
service
uses
proprietary
valuation
methodologies
and
may
consider
a
variety
of
factors,
such
as
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
and
other
factors
in
order
to
calculate
the
security's
fair
value.
Foreign
currency:
Investment
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
US
dollar
amounts
at
the
date
of
valuation.
Purchases
and
sales
of
investment
securities
and
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
US
dollar
amounts
on
the
respective
dates
of
such
transactions.
The
Funds
do
not
isolate
that
portion
of
the
results
of
operations
resulting
from
changes
in
foreign
exchange
rates
on
investments
from
the
fluctuations
arising
from
changes
in
market
prices
of
securities
held.
Such
fluctuations
are
included
with
the
net
realized
and
unrealized
gain
or
loss
from
investments.
Reported
net
realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions,
and
the
difference
between
the
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
recorded
on
the
Funds'
books
and
the
US
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
the
fair
values
of
assets
and
liabilities,
other
than
investments
in
securities
at
fiscal
period
end,
resulting
from
changes
in
exchange
rates.
Share
valuation:
Each
Fund
computes
the
share
price
of
each
share
class
by
dividing
the
net
assets
attributable
to
each
share
class
by
the
outstanding
shares
of
that
class.
Each
share
class
represents
an
interest
in
the
same
investment
portfolio.
Each
share
class
is
identical
in
all
respects
except
that
each
class
bears
its
own
class
expenses,
and
each
class
has
exclusive
voting
rights
on
matters
affecting
that
class.
As
a
result
of
the
differences
in
the
expenses
borne
by
each
share
class,
the
share
price
and
distributions
will
vary
among
a
Fund's
share
classes.
The
Funds'
shares
are
not
priced
or
traded
on
days
the
New
York
Stock
Exchange
is
closed.
The
NAV
is
both
the
offering
and
redemption
price
per
share.
Share
Valuation
Inputs
as
of
November
30,
2024
Level
1
Level
2
Level
3
Funds
Quoted
Price
Significant
Observable
Input
Significant
Unobservable
Input
Total
Income
Fund
Common
Stock
Consumer
Discretionary
$48,410,860
$-
$-
$48,410,860
Consumer
Staples
$242,715,272
$-
$-
$242,715,272
Health
Care
$418,847,512
$-
$-
$418,847,512
Industrials
$473,767,610
$-
$-
$473,767,610
Materials
$143,841,230
$-
$-
$143,841,230
Technology
$464,925,170
$43,850,513
$-
$508,775,683
Total
Common
Stock
$1,792,507,654
$43,850,513
$-
$1,836,358,167
Total
Assets
$1,792,507,654
$43,850,513
$-
$1,836,358,167
Growth
Fund
Common
Stock
Communications
$227,237,750
$-
$-
$227,237,750
Consumer
Discretionary
$380,297,100
$-
$-
$380,297,100
Consumer
Staples
$243,721,669
$-
$-
$243,721,669
Health
Care
$1,001,373,413
$-
$-
$1,001,373,413
Industrials
$737,290,973
$102,994,860
$-
$840,285,833
Technology
$2,655,307,827
$-
$-
$2,655,307,827
Total
Common
Stock
$5,245,228,732
$102,994,860
$-
$5,348,223,592
Total
Assets
$5,245,228,732
$102,994,860
$-
$5,348,223,592
Developing
World
Fund
Common
Stock
Communications
$1,417,640
$3,051,298
$-
$4,468,938
Consumer
Discretionary
$-
$4,287,126
$-
$4,287,126
Consumer
Staples
$7,754,800
$18,084,188
$-
$25,838,988
Financials
$-
$2,019,185
$-
$2,019,185
Health
Care
$-
$11,228,724
$-
$11,228,724
Industrials
$-
$6,201,605
$-
$6,201,605
Materials
$11,483,775
$3,865,168
$-
$15,348,943
Real
Estate
$-
$1,261,957
$-
$1,261,957
Technology
$32,582,000
$13,974,395
$-
$46,556,395
Utilities
$-
$3,501,190
$-
$3,501,190
Total
Common
Stock
$53,238,215
$67,474,836
$-
$120,713,051
Total
Assets
$53,238,215
$67,474,836
$-
$120,713,051
Note
3
-
Significant
Accounting
Policies
(continued)
Notes
To
Financial
Statements
(continued)
30
November
30,
2024
N-CSRS
Fair
value
measurements:
Accounting
Standards
Codification
(ASC)
820
establishes
a
three-
tier
framework
for
measuring
fair
value
based
on
a
hierarchy
of
inputs.
The
hierarchy
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Funds'
investments
and
are
summarized
below.
Level
1
-
Unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
that
the
Trust
has
the
ability
to
access.
Level
2
-
Observable
inputs
other
than
quoted
prices
in
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly.
These
inputs
may
include
quoted
prices
for
the
identical
instrument
on
an
inactive
market,
prices
for
similar
instruments,
interest
rates,
prepayment
speeds,
credit
risk,
yield
curves,
default
rates,
and
similar
data.
Level
3
−
Unobservable
inputs
for
the
asset
or
liability,
to
the
extent
relevant
observable
inputs
are
not
available,
representing
the
Trust's
own
assumptions
about
the
assumptions
a
market
participant
would
use
in
valuing
the
asset
or
liability,
and
would
be
based
on
the
best
information
available.
The
availability
of
observable
inputs
can
vary
from
security
to
security
and
is
affected
by
a
wide
variety
of
factors,
including,
for
example,
the
type
of
security,
whether
the
security
is
new
and
not
yet
established
in
the
marketplace,
the
liquidity
of
markets,
and
other
characteristics
particular
to
the
security.
To
the
extent
that
valuation
is
based
on
models
or
inputs
that
are
less
observable
or
unobservable
in
the
market,
the
determination
of
fair
value
requires
more
judgment.
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
falls
in
its
entirety
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
Investment
concentration:
The
fundamental
policies
of
the
Funds
prohibit
earning
interest,
in
accordance
with
Islamic
principles.
Consequently,
cash
is
held
in
non-interest-bearing
deposits
with
the
Funds'
custodian
or
other
banks.
"Other
assets
(net
of
liabilities)"
in
the
Funds'
Schedules
of
Investments
primarily
represents
cash
on
deposit
with
the
custodian.
Cash
on
deposit
will
vary
widely
over
time.
Accounting
Standards
Codification
("ASC")
825,
"
Financial
Instruments,
"
identifies
these
items
as
a
concentration
of
credit
risk.
The
risk
is
managed
by
careful
financial
analysis
and
review
of
the
custodian's
operations,
resources,
and
protections
available
to
the
Trust.
This
process
includes
evaluation
of
other
financial
institutions
providing
investment
company
custody
services.
ReFlow
Liquidity
Program:
The
Funds
may
participate
in
the
ReFlow
Fund,
LLC
("ReFlow")
liquidity
program,
which
is
designed
to
provide
an
alternative
liquidity
source
on
days
when
redemptions
of
Fund
shares
exceed
purchases.
Under
the
program,
ReFlow
is
available
to
provide
cash
to
the
Funds
to
meet
all,
or
a
portion,
of
daily
net
shareowner
redemptions.
Following
purchases
of
Fund
shares,
ReFlow
then
generally
redeems
those
shares
when
the
Fund
experiences
net
sales,
at
the
end
of
a
maximum
holding
period
determined
by
ReFlow
(currently
8
days)
or
at
other
times
at
ReFlow's
discretion.
For
use
of
the
ReFlow
service,
a
participating
Fund
pays
a
fee
to
ReFlow
each
time
it
purchases
Fund
shares,
calculated
by
applying
to
the
purchase
amount
a
fee
rate
determined
through
an
automated
daily
"Dutch
auction"
among
other
participating
mutual
funds
seeking
liquidity
that
day.
The
current
minimum
fee
rate
is
0.14%
of
the
value
of
the
Fund
shares
purchased
by
ReFlow,
although
the
Fund
may
submit
a
bid
at
a
higher
fee
rate
if
it
determines
that
doing
so
is
in
the
best
interest
of
Fund
shareowners.
In
accordance
with
federal
securities
laws,
ReFlow
is
prohibited
from
acquiring
more
than
3%
of
the
outstanding
voting
securities
of
a
Fund.
ReFlow
will
periodically
redeem
its
entire
share
position
in
the
Fund
and
request
that
such
redemption
be
met
in
kind
in
accordance
with
the
Funds'
in-kind
redemption
policies.
There
is
no
assurance
that
ReFlow
will
have
sufficient
funds
available
to
meet
the
Funds'
liquidity
needs
on
a
particular
day.
Federal
income
taxes:
Each
Fund
intends
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
necessary
to
qualify
as
a
regulated
investment
company
and
to
make
the
requisite
distributions
of
income
and
capital
gains
to
its
shareowners
sufficient
to
relieve
it
from
all
or
substantially
all
federal
income
taxes.
Therefore,
no
federal
income
tax
provision
is
required.
The
Funds
recognize
the
tax
benefits
of
uncertain
tax
positions
only
where
the
position
is
"more
likely
than
not"
to
be
sustained
assuming
examination
by
tax
authorities.
Management
has
analyzed
the
Funds'
tax
positions
and
has
concluded
that
no
liability
for
unrecognized
tax
benefits
should
be
recorded
related
to
uncertain
tax
positions
taken
on
returns
filed
for
open
tax
years
(2021
−
2023)
or
expected
to
be
taken
in
the
Funds'
2024
tax
returns.
The
Funds
identify
their
major
tax
jurisdiction
as
US
federal
and
foreign
jurisdictions
where
the
Funds
make
significant
investments;
however,
the
Funds
are
not
aware
of
any
tax
positions
for
which
it
is
reasonably
possible
that
the
total
amounts
of
unrecognized
tax
benefits
will
change
materially
in
the
next
12
months.
Participation
Fund
Bank
Time
Deposits
1
$-
$8,000,000
$-
$8,000,000
Corporate
Sukuk
1
$-
$165,188,193
$-
$165,188,193
Government
Sukuk
1
$-
$32,425,191
$-
$32,425,191
Total
Assets
$-
$205,613,384
$-
$205,613,384
1
See
the
Schedule
of
Investments
for
additional
details.
Note
3
-
Significant
Accounting
Policies
(continued)
Notes
To
Financial
Statements
(continued)
November
30,
2024
N-CSRS
31
Reclassification
of
capital
accounts:
Accounting
principles
generally
accepted
in
the
United
States
of
America
require
that
certain
components
of
net
assets
relating
to
permanent
differences
be
reclassified
between
financial
and
tax
reporting.
These
reclassifications
are
as
of
the
fiscal
year
ended
May
31,
2024
,
and
have
no
effect
on
net
assets
or
NAV
per
share.
The
Income
and
Developing
World
Funds
had
no
reclassification
of
capital
accounts.
Distributions
to
shareowners:
For
the
Amana
Participation
Fund
,
dividends
to
shareowners
from
net
investment
income
are
paid
daily
and
distributed
on
the
last
business
day
of
each
month.
For
the
Amana
Income
Fund
,
Amana
Growth
Fund
,
and
Amana
Developing
World
Fund
,
dividends
to
shareowners
from
net
investment
income,
if
any,
are
paid
in
May
and
December.
As
a
result
of
their
investment
strategies,
the
Growth
and
Developing
World
Funds
do
not
expect
to
pay
income
dividends.
Distributions
of
capital
gains,
if
any,
are
made
at
least
annually,
and
as
required
to
comply
with
federal
excise
tax
requirements.
Distributions
to
shareowners
are
determined
in
accordance
with
income
tax
regulations
and
are
recorded
on
the
ex-dividend
date.
Dividends
are
paid
in
shares
of
the
Funds,
at
the
net
asset
value
on
the
payable
date.
Shareowners
may
elect
to
take
distributions
if
they
total
$10
or
more
in
cash.
Use
of
estimates:
The
preparation
of
financial
statements
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Foreign
taxes:
Withholding
taxes
on
foreign
dividends
are
paid
(a
portion
of
which
may
be
reclaimable)
or
provided
for
in
accordance
with
the
applicable
country's
tax
rules
and
rates
and
are
disclosed
in
the
Statement
of
Operations.
Withholding
tax
reclaims
are
filed
in
certain
countries
to
recover
a
portion
of
the
amounts
previously
withheld.
The
Funds
record
a
reclaim
receivable
based
on
a
number
of
factors,
including
a
jurisdiction's
legal
obligation
to
pay
reclaims
as
well
as
payment
history
and
market
convention.
Consolidation
of
Subsidiary
-
Amana
SPV:
The
Consolidated
Portfolio
of
Investments,
Consolidated
Statement
of
Assets
and
Liabilities,
Consolidated
Statement
of
Operations
and
Consolidated
Statement
of
Changes
in
Net
Assets
and
the
Consolidated
Financial
Highlights
of
the
Amana
Participation
Fund
includes
the
accounts
of
AMANA
SPV,
a
wholly
owned
and
controlled
subsidiary.
AMANA
SPV
is
a
C-Corporation
incorporated
as
an
exempted
company
under
the
company's
law
of
the
Cayman
Islands
on
January
21,
2019,
and
is
not
subject
to
Cayman
Islands
taxes
at
the
present
time.
For
its
income
tax
purpose,
the
SPV
is
not
subject
to
US
income
taxes;
however,
the
SPV's
net
income
and
capital
gains
will
be
included
each
year
in
the
Amana
Participation
Fund's
taxable
income.
All
inter-company
accounts
and
transactions
have
been
eliminated
in
consolidation.
The
Amana
Participation
Fund
may
invest
up
to
25%
of
its
total
assets
in
the
segregated
portfolio
vehicle
("SPV")
which
acts
as
an
investment
vehicle
in
order
to
effect
certain
investments
consistent
with
the
Fund's
investment
objectives
and
policies.
A
summary
of
the
Amana
Participation
Fund's
investments
in
the
SPV
is
as
follows:
Other:
Dividend
income
is
recognized
on
the
ex-dividend
date,
and
sukuk
income
is
recognized
on
an
accrual
basis.
Expenses
incurred
by
the
Trust
on
behalf
of
the
Funds
(e.g.,
professional
fees)
are
allocated
to
the
Funds
on
the
basis
of
relative
daily
average
net
assets.
Net
investment
losses
may
not
be
utilized
to
offset
net
investment
income
in
future
periods
for
tax
purposes.
Note
4
-
Transactions
with
Affiliated
Persons
Under
a
contract
approved
annually
by
the
Board
of
Trustees
of
the
Trust,
including
those
who
are
not
party
to
the
contract
or
"interested
persons"
(as
defined
in
the
Investment
Company
Act
of
1940)
of
such
parties
or
the
Trust
(the
"Independent
Trustees"),
Saturna
Capital
Corporation
("Saturna
Capital")
provides
investment
advisory
services
and
certain
other
administrative
services
and
facilities
required
to
conduct
Trust
business.
Effective
December
1,
2020,
the
Amana
Income
Fund
,
Amana
Growth
Fund
,
and
Amana
Developing
World
Fund
each
pay
an
advisory
and
administration
fee
of
0.80%
on
the
first
$1
billion
of
a
Fund's
average
daily
net
assets,
0.65%
on
the
next
$1
billion,
and
0.50%
on
assets
over
$2
billion.
The
Amana
Participation
Fund
pays
an
advisory
and
administration
fee
of
0.50%
annually
of
the
average
daily
net
assets.
For
the
fiscal
period
ended
November
30,
2024
,
the
Funds
paid
the
following
advisory
fees
to
Saturna
Capital:
1
Certain
officers
and
one
trustee
of
Amana
are
also
officers
and
directors
of
the
investment
adviser.
Saturna
Brokerage
Services,
Inc.
("SBS"),
a
subsidiary
of
Saturna
Capital,
is
registered
as
a
broker-dealer
and
acts
as
distributor.
The
Funds
have
adopted
a
Distribution
Plan
in
accordance
with
Rule
12b-1
under
the
1940
Act
applicable
to
the
Investor
Shares
of
each
Fund.
The
plan
provides
that
the
Funds
will
pay
a
fee
to
SBS
at
an
annual
rate
of
up
to
0.25%
of
the
average
daily
net
assets
Growth
Fund
Participation
Fund
Distributable
earnings
$(29,081,899)
$154
Paid-in
Capital
$29,081,899
$(154)
Inception
Date
of
SPV
SPV
Net
Assets
at
November
30,
2024
%
of
Fund
Net
Assets
at
November
30,
2024
Amana
SPV
January
21,
2019
$46,002,662
21.2%
Advisory
Fees
100
Income
Fund
$7,099,058
200
Growth
Fund
$16,234,814
300
Developing
World
Fund
$526,157
400
Participation
Fund
$524,749
Note
3
-
Significant
Accounting
Policies
(continued)
Notes
To
Financial
Statements
(continued)
32
November
30,
2024
N-CSRS
applicable
to
Investor
Shares
of
each
Fund.
The
fee
is
paid
to
SBS
as
reimbursement
for
expenses
incurred
for
distribution-related
activity.
For
the
fiscal
period
ended
November
30,
2024
,
the
Funds
paid
the
following
distribution
fees
to
SBS:
For
the
fiscal
year
ended
May
31,
2024,
Saturna
Capital
spent
an
additional
$5,588,398
of
its
own
resources,
and
not
part
of
the
12b-1
expense
of
the
Funds,
to
compensate
broker-dealers
or
other
financial
intermediaries,
or
their
affiliates,
in
connection
with
the
sale,
distribution,
retention,
and/or
servicing
of
Fund
shares.
To
the
extent
that
these
resources
are
derived
from
advisory
fees
paid
by
the
Funds,
these
payments
could
be
considered
"revenue
sharing."
Any
such
payments
will
not
change
the
net
asset
value
or
the
price
of
a
Fund's
shares.
SBS
is
used
to
effect
equity
portfolio
transactions
for
the
Trust.
SBS
currently
executes
portfolio
transactions
without
commission.
Transactions
effected
through
other
brokers
are
subject
to
commissions
payable
to
that
broker.
Saturna
Trust
Company
("STC"),
a
subsidiary
of
Saturna
Capital,
acts
as
retirement
plan
custodian
for
the
Funds.
Each
class
of
shares
of
a
Fund
pays
an
annual
fee
of
$10
per
account
for
retirement
plan
services
to
Saturna
Trust
Company.
For
the
fiscal
period
ended
November
30,
2024
,
the
Funds
incurred
the
following
retirement
plan
custodial
fees
to
STC:
Mr.
Nicholas
Kaiser
serves
as
a
trustee
and
president
of
the
Trust.
He
is
also
a
director
and
the
chairman
of
Saturna
Capital
Corporation
and
Saturna
Trust
Company.
He
is
not
compensated
by
the
Trust.
For
the
fiscal
period
ended
November
30,
2024
,
the
Funds
paid
trustee
compensation
expenses
of
$42,000,
which
is
included
in
the
$40,141
of
total
expenses
incurred
for
the
Independent
Trustees.
On
November
30,
2024
,
the
trustees,
officers,
and
their
affiliates
(including
Saturna
Capital
Corporation)
as
a
group,
owned
the
following
percentages
of
outstanding
shares:
The
officers
of
the
Trust
are
paid
by
Saturna
Capital
Corporation,
not
the
Trust,
except
the
Chief
Compliance
Officer,
who
is
partially
compensated
by
the
Trust.
For
the
fiscal
period
ended
November
30,
2024
,
the
Funds
paid
the
following
compensation
expenses
for
the
Chief
Compliance
Officer:
Note
5
-
Distributions
to
Shareowners
The
tax
characteristics
of
distributions
paid
for
the
fiscal
period
ended
November
30,
2024
and
May
31,
2024
,
were
as
follows:
Note
6
-
Federal
Income
Taxes
The
cost
basis
of
investments
for
federal
income
tax
purposes
at
November
30,
2024
,
were
as
follows:
Distribution
(12b-1)
fees
125
Income
Fund
Investor
Shares
(AMANX)
$1,092,661
150
Income
Fund
Institutional
Shares
(AMINX)
n/a
225
Growth
Fund
Investor
Shares
(AMAGX)
$3,351,625
250
Growth
Fund
Institutional
Shares
(AMIGX)
n/a
325
Developing
World
Fund
Investor
Shares
(AMDWX)
$46,623
350
Developing
World
Fund
Institutional
Shares
(AMIDX)
n/a
425
Participation
Fund
Investor
Shares
(AMAPX)
$36,368
450
Participation
Fund
Institutional
Shares
(AMIPX)
n/a
Retirement
plan
custodial
fees
125
Income
Fund
Investor
Shares
(AMANX)
$173
150
Income
Fund
Institutional
Shares
(AMINX)
$32,519
225
Growth
Fund
Investor
Shares
(AMAGX)
$172
250
Growth
Fund
Institutional
Shares
(AMIGX)
$50,216
325
Developing
World
Fund
Investor
Shares
(AMDWX)
$90
350
Developing
World
Fund
Institutional
Shares
(AMIDX)
$10,653
425
Participation
Fund
Investor
Shares
(AMAPX)
$210
450
Participation
Fund
Institutional
Shares
(AMIPX)
$8,036
Trustees',
officers',
and
affiliates'
ownership
125
Income
Fund
Investor
Shares
(AMANX)
0.02%
150
Income
Fund
Institutional
Shares
(AMINX)
1.55%
225
Growth
Fund
Investor
Shares
(AMAGX)
0.01%
250
Growth
Fund
Institutional
Shares
(AMIGX)
0.64%
325
Developing
World
Fund
Investor
Shares
(AMDWX)
0.72%
350
Developing
World
Fund
Institutional
Shares
(AMIDX)
3.85%
425
Participation
Fund
Investor
Shares
(AMAPX)
0.04%
450
Participation
Fund
Institutional
Shares
(AMIPX)
3.61%
Chief
Compliance
Officer
100
Income
Fund
$16,228
200
Growth
Fund
$43,560
300
Developing
World
Fund
$1,151
400
Participation
Fund
$1,733
Income
Fund
November
30,
2024
May
31,
2024
Ordinary
Income
$-
$17,028,371
Long-term
capital
gain
1
$-
$71,895,266
Growth
Fund
November
30,
2024
May
31,
2024
Ordinary
Income
2
$-
$11,227,103
Long-term
capital
gain
1
$-
$22,231,823
Developing
World
Fund
November
30,
2024
May
31,
2024
Ordinary
Income
2
$-
$1,050,922
Long-term
capital
gain
1
$-
$36,496
Participation
Fund
November
30,
2024
May
31,
2024
Ordinary
Income
$2,970,205
$6,588,390
1
Long-Term
Capital
Gain
dividend
designated
at
20%
rate
pursuant
to
Section
852(b)(3)
of
the
Internal
Revenue
Code.
2
By
Policy,
the
Growth
and
Developing
World
Funds
seek
to
avoid
paying
income
dividends.
Income
Fund
Growth
Fund
Cost
of
investments
$638,270,446
$1,873,622,958
Gross
tax
unrealized
appreciation
$1,212,168,506
$3,486,716,607
Gross
tax
unrealized
depreciation
$(14,080,785)
$(12,115,973)
Net
tax
unrealized
appreciation
$1,198,087,721
$3,474,600,634
Note
4
-
Transactions
with
Affiliated
Persons
(continued)
Notes
To
Financial
Statements
(continued)
November
30,
2024
N-CSRS
33
As
of
May
31,
2024
,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
May
31,
2024
,
the
Funds
had
the
following
capital
loss
carryforwards
and
loss
deferrals,
subject
to
regulation.
Loss
carryforwards
may
be
used
to
offset
future
net
capital
gains
realized
for
federal
income
tax
purposes.
Note
7
-
Investments
Investment
transactions
other
than
short
term
investments
and
redemptions
in
kind
for
the
fiscal
period
ended
November
30,
2024
,
were
as
follows:
During
the
fiscal
period
ended
November
30,
2024
,
the
Funds'
redemptions
in-kind
were
as
follows:
Note
8
-
Custodian
Under
agreements
in
place
with
the
Trust's
custodian,
UMB
Bank,
custody
fees
are
reduced
by
credits
for
cash
balances.
For
the
fiscal
period
ended
November
30,
2024
,
such
reductions
were
as
follows:
Note
9
-
Subsequent
Events
The
Funds
each
declared
a
distribution
to
be
paid
on
December
19,
2024,
to
all
shareowners
of
record
on
December
18,
2024,
as
follows:
Developing
World
Fund
Participation
Fund
Cost
of
investments
$103,255,054
$209,242,147
Gross
tax
unrealized
appreciation
$32,636,780
$543,392
Gross
tax
unrealized
depreciation
$(15,178,783)
$(4,172,155)
Net
tax
unrealized
appreciation
(depreciation)
$17,457,997
$(3,628,763)
Income
Fund
Undistributed
ordinary
income
$192,077
Accumulated
capital
gains
$65,659,553
Tax
accumulated
earnings
$65,851,630
Unrealized
Appreciation
$1,118,258,591
Other
unrealized
accumulated
losses
$(15,220)
Total
accumulated
earnings
$1,184,095,001
Growth
Fund
Undistributed
ordinary
income
$2,822,133
Accumulated
capital
gains
$211,417,587
Tax
accumulated
earnings
$214,239,720
Unrealized
Appreciation
$3,104,854,324
Other
unrealized
accumulated
losses
$(181,729)
Total
accumulated
earnings
$3,318,912,315
Developing
World
Fund
Undistributed
ordinary
income
$674,648
Accumulated
capital
and
other
losses
$(1,864,641
)
Tax
accumulated
earnings
$(1,189,993)
Unrealized
Appreciation
$14,794,601
Other
unrealized
accumulated
losses
$(143,941)
Total
accumulated
earnings
$13,460,667
Participation
Fund
Undistributed
ordinary
income
$(1,870)
Accumulated
capital
and
other
losses
$(7,264,300)
Tax
accumulated
earnings
$(7,266,170)
Unrealized
Depreciation
$(7,584,321)
Total
accumulated
earnings
$(14,850,491)
Developing
World
Fund
Participation
Fund
Short
term
loss
carryforward
$-
$1,366,204
Long
term
loss
carryforward
$927,641
$3,735,846
Total
Capital
loss
carryforward
$927,641
$5,102,050
Post-October
loss
deferral
1
$937,000
$2,162,249
Total
accumulated
losses
$1,864,641
$7,264,299
Purchases
Sales
100
Income
Fund
$38,855,500
$35,868,099
200
Growth
Fund
$108,940,146
$242,722,819
300
Developing
World
Fund
$2,183,051
$1,382,764
400
Participation
Fund
$25,594,303
$15,610,675
Purchases
Sales
100
Income
Fund
$-
$25,286,992
200
Growth
Fund
$-
$64,746,158
Custodian
Fee
Credits
100
Income
Fund
$43,699
200
Growth
Fund
$123,436
300
Developing
World
Fund
$49,321
400
Participation
Fund
$26,183
Ordinary
Income
Short-Term
Capital
Gain
Long-Term
Capital
Gain
125
Income
Fund
Investor
Shares
(AMANX)
$0.22
$-
$3.157
150
Income
Fund
Institutional
Shares
(AMINX
)
$0.36
$-
$3.157
225
Growth
Fund
Investor
Shares
(AMAGX)
$-
$-
$3.14377
250
Growth
Fund
Institutional
Shares
(AMIGX)
$0.08
$-
$3.14377
325
Developing
World
Fund
Investor
Shares
(AMDWX)
$0.077
$-
$-
350
Developing
World
Fund
Institutional
Shares
(AMIDX)
$0.105
$-
$-
Participation
Fund
Investor
Shares
(AMAPX)
Daily
$-
$-
450
Participation
Fund
Institutional
Shares
(AMIPX)
Daily
$-
$-
Note
6
-
Federal
Income
Taxes
(continued)
Form
N-CSR
Items
8-11
34
November
30,
2024
N-CSRS
Item
8.
Changes
in
and
Disagreements
with
Accountants
for
Open-End
Management
Investment
Companies.
Not
applicable.
Item
9.
Proxy
Disclosures
for
Open-End
Management
Investment
Companies.
Not
applicable.
Item
10.
Remuneration
Paid
to
Directors,
Officers,
and
Others
of
Open-End
Management
Investment
Companies.
The
Funds'
disclosure
of
remuneration
items
is
included
as
part
of
the
Financial
Statements
filed
under
Item
7
of
this
form.
Item
11.
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract.
The
Funds'
Investment
Advisory
Contract
is
included
as
part
of
the
Financial
Statements
filed
under
Item
7
of
this
form.
Renewal
of
Investment
Advisory
Contract
November
30,
2024
N-CSRS
35
During
their
meeting
of
September
16,
2024,
the
Trustees
of
Amana
Mutual
Funds
Trust
(the
"Board"
or
"Trustees"),
including
the
Independent
Trustees,
discussed
the
continuance
of
the
Investment
Advisory
and
Administrative
Services
Agreement
between
the
Trust,
on
behalf
of
each
Fund,
and
Saturna
Capital
Corporation
("Saturna").
The
Trustees
also
considered
Saturna's
management
of
a
wholly
owned
subsidiary
of
Amana
Participation
Fund
that
invests
in
the
same
securities
and
assets
in
which
the
Fund
invests.
In
evaluating
the
agreements,
the
Board,
including
the
Independent
Trustees,
considered
the
factors
it
deemed
relevant,
including
the
nature,
quality
and
extent
of
services
provided,
the
performance
of
each
Fund,
expenses
and
fees,
the
profitability
of
Saturna,
the
potential
for
economies
of
scale
that
may
be
shared
with
each
Fund
and
its
shareholders
as
each
Fund's
assets
grow,
and
any
other
benefits
derived
by
Saturna
from
its
relationship
with
the
Funds.
In
their
deliberations,
the
Trustees
did
not
identify
any
single
factor
which
alone
was
responsible
for
the
decision
to
approve
the
agreements,
and
each
Trustee
may
have
given
different
weights
to
different
factors,
and,
thus,
each
Trustee
may
have
had
a
different
basis
for
his
decision.
The
Trustees
considered
Saturna's
specific
responsibilities
in
all
aspects
of
day-to-day
management
of
the
Funds
as
well
as
the
qualifications,
experience
and
responsibilities
of
the
Funds'
portfolio
managers
and
other
key
personnel
at
Saturna.
The
Trustees
considered
that
the
Funds
offer
a
full
range
of
high-quality
investor
services,
including
unique
services
for
Islamic
investors.
The
Trustees
discussed
Saturna's
experience,
ability,
and
commitment
to
quality
service
through
performing
internally
such
functions
as
shareowner
servicing,
administration,
retirement
plans,
accounting,
marketing,
and
distribution
-
all
in
addition
to
investment
management.
The
Trustees
took
into
consideration
Saturna's
continued
avoidance
of
significant
operational
and
regulatory
compliance
problems,
plus
its
continued
investments
in
infrastructure,
information
management
systems,
personnel,
training,
compliance,
and
investor
education
materials,
all
designed
to
meet
investor
needs
with
high
quality
services.
They
recognized
Saturna's
efforts
to
recruit
and
retain
qualified,
experienced,
and
specialized
staff
and
improve
the
capital
base
on
which
Saturna
operates,
which
the
Trustees
believe
is
important
to
the
long-term
success
of
the
Funds.
The
Trustees
recognized
Saturna's
focus
on
investors
and
its
efforts
to
avoid
conflicts
of
interest.
The
Trustees
considered
the
investment
performance
of
each
Fund
over
time,
including
comparative
information
from
Morningstar,
Inc.
("Morningstar"),
which
provides
independent
analysis
of
mutual
fund
data
and,
among
other
things,
ranks
mutual
fund
performance
within
categories
comprised
of
similarly
managed
funds.
The
Trustees
considered
and
discussed
each
Fund's
performance
relative
to
the
Fund's
Morningstar
category
for
the
one-,
three-,
five-,
ten-,
and
fifteen-year
periods,
as
applicable,
and
the
related
Morningstar
rankings
(one
through
five
stars)
for
the
three-,
five-,
and
ten-year
periods,
as
applicable,
ended
as
of
July
31,
2024.
The
Trustees
also
noted
the
favorable
sustainability
rating
assigned
by
Morningstar
to
the
Amana
Growth
Fund
(five
out
of
five),
Amana
Income
Fund
(four
out
of
five),
and
Amana
Developing
World
Fund
(four
out
of
five).
The
Trustees
considered
the
short-,
medium-,
and
long-term
investment
performance
of
Amana
Income
Fund,
Amana
Growth
Fund,
and
Amana
Developing
World
Fund,
and
the
short-term
and
medium-term
performance
of
Amana
Participation
Fund,
each
relative
to
their
Morningstar
categories,
and
noted
that
the
Funds
were
managed
for
the
long
term.
The
Trustees
noted
that
the
short-
term
and
long-term
performance
of
Amana
Income
Fund
was
in
the
fourth
quartile
of
its
Morningstar
category
for
the
one-,
ten-
and
fifteen-year
periods
and
its
medium-term
performance
was
in
the
third
quartile
for
the
three-and
five-year
periods.
The
Trustees
noted
that
the
short-term
performance
of
the
Amana
Growth
Fund
was
in
the
third
quartile
of
its
Morningstar
category
for
the
one-year
period,
its
medium-
and
long-term
investment
performance
was
in
the
first
quartile
of
its
Morningstar
category
for
the
three-,
five-,
and
ten-year
periods,
and
the
second
quartile
for
the
fifteen-year
periods.
The
Trustees
noted
that
both
the
short-
and
medium-term
performance
of
the
Amana
Developing
World
Fund
was
in
the
first
quartile
of
its
Morningstar
category
for
the
one-,
three-
and
five-year
periods,
and
the
Fund's
long-term
performance
was
in
the
second
quartile
for
the
ten-year
period.
The
Trustees
noted
that
the
Amana
Participation
Fund's
performance
was
in
the
fourth
quartile
of
its
Morningstar
category
for
the
one-year
period
and
in
the
second
quartile
for
the
three-
and
five-year
periods.
The
Trustees
noted
the
risk-averse
investment
style
used
by
Saturna
to
manage
the
Funds
and
considered
other
factors
that
can
affect
a
Fund's
performance
relative
to
the
Fund's
broader
Morningstar
categories.
In
evaluating
such
performance
data,
the
Trustees
noted
that
Islamic
investment
restrictions
to
which
the
Funds
adhere
increase
Saturna's
research
expenses
and
obligations
and
impose
constraints
on
Saturna's
selection
of
the
Funds'
portfolio
investments
that
impact
performance.
The
Trustees
found
that
Saturna
continued
to
manage
the
Funds
in
a
manner
that
is
designed
to
be
acceptable
to
Islamic
investors
and
that
the
risk
averse
approach
also
is
attractive
non-
Islamic
long-term
investors.
The
Trustees
noted
Saturna's
decades
of
dedicated
service
provided
to
Amana
Mutual
Fund
Trust
and
its
shareowners.
Recognizing
the
investment
mandates
of
the
Funds,
the
Trustees
also
considered
the
performance
of
the
Funds
as
compared
to
a
more
limited
group
of
other
funds
with
similar
investment
objectives
and
strategies,
including
faith-based
managed
funds,
and
with
a
range
of
asset
sizes.
The
Trustees
considered
these
comparative
performance
data,
along
with
the
comparative
data
published
by
Morningstar,
as
well
as
each
Fund's
performance
relative
to
its
benchmark,
to
evaluate
each
Fund's
performance
over
near-term
and
long-term
time
periods,
as
applicable.
When
evaluating
the
Funds'
performance
record,
the
Board
noted
that
relative
performance
comparisons,
especially
over
limited
periods
of
time,
is
only
one
of
the
factors
that
it
deems
relevant
to
its
consideration
of
each
Fund's
agreement.
The
Board
noted
that,
after
considering
all
relevant
factors,
it
may
be
appropriate
to
approve
the
continuation
of
the
agreement
notwithstanding
a
Fund's
underperformance
relative
to
its
Morningstar
peer
group
during
certain
periods.
The
Trustees
also
reviewed
the
fees
and
expenses
of
the
Funds
and
considered
the
components
of
each
Fund's
operating
expenses.
The
Trustees
noted
that
the
net
expense
ratios
for
both
share
classes
of
Amana
Developing
World
Fund
and
Amana
Participation
Fund
were
at
or
below
their
respective
Morningstar
category
average
net
expense
ratios,
as
was
the
Institutional
share
class
of
Amana
Growth
Fund.
The
Trustees
also
considered
that
the
net
expense
ratio
for
the
Investor
share
class
of
Amana
Growth
Fund
and
both
share
classes
of
Amana
Income
Fund
were
above
their
Morningstar
category
average
net
expense
ratio.
The
Trustees
also
noted
that,
effective
in
Renewal
of
Investment
Advisory
Contract
(continued)
36
November
30,
2024
N-CSRS
2019,
Saturna
agreed
to
reduce
the
breakpoints
in
the
investment
advisory
fee
for
Amana
Income
Fund,
Amana
Growth
Fund,
and
Amana
Developing
World
Fund,
by
five
basis
points
at
each
asset
level,
and
effective
December
1,
2020,
Saturna
had
agreed
to
a
further
reduction
in
the
advisory
fee
breakpoints
for
these
Funds
at
higher
asset
levels
in
excess
of
$1
billion.
The
Trustees
noted
that
these
actions
had
either
lowered
the
Funds'
advisory
fees
or
were
expected
to
lower
the
Funds'
advisory
fees
at
higher
asset
levels.
In
light
of
the
services
provided
by
Saturna,
the
Trustees
found
each
Fund's
advisory
fee
structure
and
expense
ratios
to
be
reasonable
given
the
size
of
each
Fund,
the
services
provided,
and
the
expenses
incurred
by
the
adviser.
They
noted
the
significant
sponsorship
of
the
Funds
by
Saturna
evidenced,
in
part,
by
the
amount
of
fees
and
expenses
paid
by
Saturna
out
of
its
own
resources
to
brokerage
platforms
and
similar
unaffiliated
intermediaries.
The
Trustees
noted
that
the
expenses
imposed
by
intermediaries
are
often
borne
by
funds
and
the
Trustees
appreciated
that
Saturna's
efforts
help
make
the
Funds
more
widely
available
and
otherwise
less
expensive
had
the
Funds
borne
these
expenses.
The
Trustees
recognized
that
the
competitive
performance
record
of
Amana
Income
Fund
and
Amana
Growth
Fund
over
the
long
term
had
likely
contributed
to
their
asset
size,
which
over
time
has
resulted
in
lower
expense
ratios
due
to
overall
costs
being
spread
over
a
larger
asset
base.
The
Trustees
reviewed
Saturna's
financial
information
and
discussed
the
issue
of
Saturna's
profitability
related
to
its
management
and
administration
of
the
Funds.
They
discussed
the
reasonableness
of
Saturna's
profitability
with
respect
to
each
of
the
Funds
as
part
of
their
evaluation
of
whether
the
advisory
fees
bear
a
reasonable
relationship
to
the
mix
of
services
provided
by
Saturna,
including
the
nature,
extent,
and
quality
of
such
services.
The
Trustees
considered
the
extent
to
which
advisory
fees
paid
to
Saturna
reflect
economies
of
scale.
The
Trustees
considered
the
fact
that
fee
breakpoints
lower
the
operating
expenses
and
expense
ratios
of
the
Funds
as
assets
grow
and
demonstrate
the
benefits
of
economies
of
scale
are
being
shared
with
shareowners.
In
this
connection,
the
Board
noted
that
the
investment
advisory
fee
rate
schedules
for
each
Fund
other
than
the
Amana
Participation
Fund
include
breakpoints
that
reduce
the
fee
rate
as
Fund
assets
increase
above
certain
levels,
and
that
Saturna
had
agreed,
in
2019
and
2020,
to
reduce
the
breakpoints
in
the
investment
advisory
fee
for
Amana
Income
Fund,
Amana
Growth
Fund
and
Amana
Developing
World
Fund
as
described
above.
With
respect
to
the
Amana
Participation
Fund,
the
Board
determined
that
the
investment
advisory
fees
are
reasonable
and
appropriate
and
that
breakpoints
in
the
fee
schedule
are
unnecessary
based
on
the
current
level
of
the
Fund's
assets
and
the
level
of
its
fees
and
expenses
compared
to
peers.
The
Trustees
considered
and
compared
the
fees
charged
by
Saturna
to
other
types
of
advisory
accounts
for
which
Saturna
serves
as
an
investment
adviser,
including
non-mutual
fund
advisory
clients
and
individual
advisory
clients.
The
Trustees
noted
the
significant
differences
between
the
full
range
of
services
Saturna
provides
to
the
Funds,
including
investment
advisory
and
administrative
services,
transfer
agency
services,
and
other
services,
as
compared
to
the
investment
advisory
services
provided
to
the
other
advisory
accounts.
The
Trustees
also
considered
how
the
various
services
provided
to
those
other
accounts,
which
include
Saturna's
investment
management,
research,
and
customer
service
operations
performed
for
those
accounts,
benefit
the
Funds.
The
Trustees
considered
potential
benefits
to
Saturna
and
to
its
other
businesses
from
acting
as
investment
adviser
for
the
Funds,
but
also
noted
that
Saturna's
other
business
lines
also
potentially
benefit
the
Funds.
The
Trustees
also
noted
that
there
were
no
soft
dollar
arrangements
with
respect
to
trading
in
the
Funds'
portfolios
and
that
Saturna's
affiliated
broker,
Saturna
Brokerage
Services,
voluntarily
waives
brokerage
commissions
for
executing
each
Fund's
portfolio
transactions,
resulting
in
lower
transaction
costs
for
the
Funds.
The
Trustees
concluded
that
the
fees
paid
by
each
Fund
to
Saturna
were,
from
an
arm's-length
bargaining
perspective,
reasonable
and
in
the
best
interest
of
the
Fund
and
its
shareowners
in
light
of
the
services
provided,
comparative
performance,
expense
and
advisory
fee
information,
costs
of
services
provided,
profits
to
be
realized,
and
benefits
derived
or
to
be
derived
by
Saturna
from
its
relationship
with
the
Funds.
Following
this
discussion,
the
Trustees
unanimously
agreed,
based
on
their
business
judgment,
to
renew
the
Investment
Advisory
and
Administrative
Services
Agreements
with
respect
to
Amana
Income
Fund,
Amana
Growth
Fund,
Amana
Developing
World
Fund,
and
Amana
Participation
Fund.
November
30,
2024
N-CSRS
37
Availability
of
Quarterly
Portfolio
Information
(1)
The
Amana
Funds
file
complete
schedules
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
(2)
The
Funds'
Form
N-PORT
reports
are
available
on
the
SEC's
website
at
www.sec.gov.
(3)
The
Funds
post
a
complete
schedule
of
portfolio
holdings
after
the
end
of
each
month
available
at
www.amanafunds.com.
Privacy
Statement
At
Saturna
Capital
and
the
Amana
Mutual
Funds
Trust,
we
understand
the
importance
of
maintaining
the
privacy
of
your
financial
information.
We
want
to
assure
you
that
we
protect
the
confidentiality
of
any
personal
information
that
you
share
with
us.
In
addition,
we
do
not
sell
information
about
our
current
or
former
customers.
In
the
course
of
our
relationship,
we
gather
certain
non-public
information
about
you,
including
your
name,
address,
investment
choices,
and
account
information.
We
do
not
disclose
your
information
to
unaffiliated
third
parties
unless
it
is
necessary
to
process
a
transaction;
service
your
account;
deliver
your
account
statements,
shareowner
reports,
and
other
information;
or
as
required
by
law.
When
we
disclose
information
to
unaffiliated
third
parties,
we
require
a
contract
to
restrict
the
companies'
use
of
customer
information
and
from
sharing
or
using
it
for
any
purposes
other
than
performing
the
services
for
which
they
were
required.
We
may
share
information
within
the
Saturna
Capital
family
of
companies
in
the
course
of
informing
you
about
products
or
services
that
may
address
your
investing
needs.
We
maintain
our
own
technology
resources
to
minimize
the
need
for
any
third-party
services,
and
restrict
access
to
information
within
Saturna.
We
maintain
physical,
electronic,
and
procedural
safeguards
to
guard
your
personal
information.
If
you
have
any
questions
or
concerns
about
the
security
or
privacy
of
your
information
please
call
us
at
1-800-728-8762.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSRS, as applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item16. Controls and Procedures
a. The Registrant's President and Treasurer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
b. There were no significant changes in the Registrant's internal control over financial reporting (as defined in Rule 30e-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not applicable.
(b) Not applicable.
Item 19. Exhibits
Exhibits included with this filing:
(a)(1) Code of Ethics.
(a)(2) Not applicable.
(a)(3) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
AMANA MUTUAL FUNDS TRUST
/s/Jane K. Carten , Vice President
Signature and Title
Jane K. Carten, Vice President
Printed name and Title
September 11, 2025
Date
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By:
/s/Jane K. Carten , Vice President
Signature and Title
Jane K. Carten, Vice President
Printed name and Title
September 11, 2025
Date
By:
/s/Christopher Fankhauser , Treasurer
Signature and Title
Christopher R. Fankhauser, Treasurer
Printed name and Title
September 11, 2025
Date
Amana Mutual Funds Trust published this content on September 11, 2025, and is solely responsible for the information contained herein. Distributed via SEC EDGAR on September 11, 2025 at 20:29 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]