Amana Mutual Funds Trust
09/11/2025 | Press release | Distributed by Public on 09/11/2025 14:32
Amendment to Annual Report by Investment Company (Form N-CSR/A)
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM N-CSR
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: May 31, 2025
Explanatory Note: The Registrant is filing this amendment to its Form N-CSR (the "Amendment") for the period ended May 31, 2025 originally filed with the Securities and Exchange Commission on August 4, (Accession Numbers 0000766285-25-000013). The sole purpose of the Amendment is to file a revised Report of the Independent Registered Public Accounting Firm that corrects the year they started auditing the Funds and to update the Subsequent Events to reflect the new president of the Fund's Trust.
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
Annual Shareholder Report - May 31, 2025
Fund Overview
The objective of the Amana Developing World Fund is long-term capital growth, consistent with Islamic principles. This Annual Shareholder Report contains important information about the Amana Developing World Fund for the period of June 1, 2024 to May 31, 2025. 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 year?
(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
|
$91
|
0.91%
|
How did the Fund perform over the last year?
For the fiscal year ended May 31, 2025, the Amana Developing World Fund Institutional Shares returned -1.10% for the year. The Fund underperformed the MSCI Emerging Markets Index, which was up 13.64%. For the five years ended May 31, 2025, the Institutional Shares saw a 7.19% annualized total return versus 7.52% for its benchmark and 9.8% for its Morningstar peer group. Ending the fiscal year, the Fund shares held Three Stars for its Morningstar Overall Rating.
The Amana Developing World Fund's gross expense ratio was .98% for the Institutional Shares. The Fund's total net assets increased 7.3% during the fiscal year. The Fund continues to have a very low turnover rate at 9% for Institutional Shares, consistent with our overall strategy of investing in companies with long-term growth potential
Factors Affecting Past Performance
Fiscal year 2025 was a strong year for emerging markets, with the MSCI Emerging Markets Index outperforming the S&P 500 Index's 13.52% total return. Unfortunately, Fund performance lagged during the year. The Fund's underweight exposure to China was a significant component of the underperformance. Over the fiscal year, China, a 29.11% component of the MSCI Emerging Markets Index, returned 26.55%. The Fund has been underweight China for several years due to governance concerns. While this served us well in prior years, it created a substantial headwind in fiscal year 2025. We continue to assess whether these apprehensions remain merited.
Emerging markets delivered positive but varied returns in fiscal 2025, reflecting the diversity of their economies and the divergence between growth and equity performance. India's gross domestic product (GDP) grew 6.5% through March 2025, though its equity market, up 4.65% for the period, underperformed amid relatively high valuations (forward price-to-earnings ratio (P/E) of 22.34), while China's 5.0% annual GDP growth was accompanied by a rebound in equities, as low valuations (forward P/E 11.01) and government stimulus drew investors back into the country, despite ongoing property sector concerns. Overall, emerging market equities remain attractively valued, with the MSCI Emerging Markets Index trading at a forward P/E of 12.15 - well below the MSCI All Country World Index's 18.08.
How did the Fund perform over the past 10 years?
The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Cumulative Performance
May 31, 2015 through May 31, 2025 with initial investment of $10,000.
|
Amana Developing World Fund Institutional Shares $16,103
|
MSCI Emerging Markets Index $14,703
|
|
|
May - 15
|
10,000
|
10,000
|
|
June - 15
|
9,739
|
9,740
|
|
July - 15
|
9,535
|
9,065
|
|
August - 15
|
8,800
|
8,245
|
|
September - 15
|
8,451
|
7,997
|
|
October - 15
|
8,829
|
8,568
|
|
November - 15
|
8,780
|
8,233
|
|
December - 15
|
8,585
|
8,050
|
|
January - 16
|
8,419
|
7,528
|
|
February - 16
|
8,497
|
7,515
|
|
March - 16
|
9,122
|
8,510
|
|
April - 16
|
9,258
|
8,556
|
|
May - 16
|
9,200
|
8,237
|
|
June - 16
|
9,424
|
8,566
|
|
July - 16
|
9,609
|
8,997
|
|
August - 16
|
9,678
|
9,221
|
|
September - 16
|
9,590
|
9,339
|
|
October - 16
|
9,317
|
9,362
|
|
November - 16
|
8,751
|
8,931
|
|
December - 16
|
8,690
|
8,950
|
|
January - 17
|
8,955
|
9,440
|
|
February - 17
|
9,132
|
9,729
|
|
March - 17
|
9,309
|
9,975
|
|
April - 17
|
9,565
|
10,193
|
|
May - 17
|
9,820
|
10,494
|
|
June - 17
|
9,830
|
10,600
|
|
July - 17
|
10,125
|
11,232
|
|
August - 17
|
10,135
|
11,483
|
|
September - 17
|
10,204
|
11,437
|
|
October - 17
|
10,115
|
11,838
|
|
November - 17
|
10,253
|
11,862
|
|
December - 17
|
10,576
|
12,287
|
|
January - 18
|
10,744
|
13,311
|
|
February - 18
|
10,408
|
12,698
|
|
March - 18
|
10,339
|
12,461
|
|
April - 18
|
10,270
|
12,406
|
|
May - 18
|
9,935
|
11,967
|
|
June - 18
|
9,649
|
11,470
|
|
July - 18
|
9,817
|
11,722
|
|
August - 18
|
9,669
|
11,405
|
|
September - 18
|
9,462
|
11,344
|
|
October - 18
|
8,851
|
10,356
|
|
November - 18
|
9,176
|
10,783
|
|
December - 18
|
8,944
|
10,497
|
|
January - 19
|
9,599
|
11,416
|
|
February - 19
|
9,539
|
11,442
|
|
March - 19
|
9,639
|
11,538
|
|
April - 19
|
9,857
|
11,781
|
|
May - 19
|
9,282
|
10,926
|
|
June - 19
|
9,896
|
11,608
|
|
July - 19
|
9,906
|
11,466
|
|
August - 19
|
9,698
|
10,907
|
|
September - 19
|
9,847
|
11,115
|
|
October - 19
|
10,095
|
11,584
|
|
November - 19
|
10,085
|
11,568
|
|
December - 19
|
10,618
|
12,431
|
|
January - 20
|
10,409
|
11,852
|
|
February - 20
|
10,000
|
11,227
|
|
March - 20
|
8,764
|
9,497
|
|
April - 20
|
9,382
|
10,367
|
|
May - 20
|
9,671
|
10,447
|
|
June - 20
|
10,279
|
11,215
|
|
July - 20
|
10,758
|
12,217
|
|
August - 20
|
10,888
|
12,487
|
|
September - 20
|
10,798
|
12,287
|
|
October - 20
|
11,017
|
12,540
|
|
November - 20
|
11,984
|
13,700
|
|
December - 20
|
12,912
|
14,707
|
|
January - 21
|
13,151
|
15,158
|
|
February - 21
|
13,390
|
15,274
|
|
March - 21
|
13,271
|
15,043
|
|
April - 21
|
13,600
|
15,417
|
|
May - 21
|
13,729
|
15,775
|
|
June - 21
|
13,809
|
15,802
|
|
July - 21
|
13,460
|
14,739
|
|
August - 21
|
13,809
|
15,124
|
|
September - 21
|
13,271
|
14,523
|
|
October - 21
|
13,560
|
14,667
|
|
November - 21
|
13,610
|
14,069
|
|
December - 21
|
13,882
|
14,333
|
|
January - 22
|
13,042
|
14,062
|
|
February - 22
|
12,869
|
13,641
|
|
March - 22
|
12,687
|
13,333
|
|
April - 22
|
12,080
|
12,592
|
|
May - 22
|
12,049
|
12,647
|
|
June - 22
|
11,189
|
11,807
|
|
July - 22
|
11,604
|
11,778
|
|
August - 22
|
11,270
|
11,827
|
|
September - 22
|
10,449
|
10,440
|
|
October - 22
|
10,672
|
10,116
|
|
November - 22
|
11,756
|
11,617
|
|
December - 22
|
11,461
|
11,453
|
|
January - 23
|
12,261
|
12,358
|
|
February - 23
|
11,748
|
11,556
|
|
March - 23
|
12,199
|
11,906
|
|
April - 23
|
12,046
|
11,771
|
|
May - 23
|
12,035
|
11,574
|
|
June - 23
|
12,394
|
12,013
|
|
July - 23
|
12,876
|
12,761
|
|
August - 23
|
12,415
|
11,975
|
|
September - 23
|
11,933
|
11,662
|
|
October - 23
|
11,502
|
11,209
|
|
November - 23
|
12,281
|
12,106
|
|
December - 23
|
12,995
|
12,579
|
|
January - 24
|
12,788
|
11,995
|
|
February - 24
|
13,265
|
12,565
|
|
March - 24
|
13,679
|
12,877
|
|
April - 24
|
13,286
|
12,934
|
|
May - 24
|
13,835
|
13,007
|
|
June - 24
|
14,249
|
13,521
|
|
July - 24
|
14,446
|
13,561
|
|
August - 24
|
14,685
|
13,780
|
|
September - 24
|
14,964
|
14,700
|
|
October - 24
|
14,353
|
14,046
|
|
November - 24
|
14,084
|
13,541
|
|
December - 24
|
13,934
|
13,523
|
|
January - 25
|
13,923
|
13,764
|
|
February - 25
|
13,547
|
13,831
|
|
March - 25
|
13,328
|
13,919
|
|
April - 25
|
13,495
|
14,102
|
|
May - 25
|
16,103
|
14,703
|
Annual Average Total Return
|
1 Year
|
5 Year
|
10 Year
|
|
|
Institutional Shares
|
-1.10%
|
7.19%
|
3.19%
|
|
MSCI Emerging Markets Index
|
13.64%
|
7.52%
|
4.34%
|
Past performance does not guarantee future results. The "Average Annual Return" and "Cumulative Performance" tables assume 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.
AMIDX
| INSTITUTIONAL SHARES
Amana Developing World Fund
Annual Shareholder Report - May 31, 2025
Key Fund Statistics
|
Total Net Assets
|
$135,024,389
|
|
# of Portfolio Holdings
|
39
|
|
Advisory Fees Paid
|
$1,056,119
|
|
Portfolio Turnover Rate
|
9%
|
Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762.
What did the Fund invest in?
Top 10 Holdings
% of Total Net Assets
|
Taiwan Semiconductor ADR
|
3.9%
|
|
Jabil
|
3.5%
|
|
Manila Electric
|
3.1%
|
|
Unilever ADR
|
3.1%
|
|
Clicks Group
|
3.0%
|
|
UltraTech Cement
|
3.0%
|
|
Hikma Pharmaceuticals
|
3.0%
|
|
Delta Electronics
|
2.9%
|
|
Bim Birlesik Magazalar AS
|
2.9%
|
|
WEG
|
2.8%
|
Geographic Weightings
% of Total Net Assets
|
Taiwan
|
10.9%
|
|
United States
|
10.4%
|
|
India
|
7.7%
|
|
Malaysia
|
6.8%
|
|
Turkey
|
4.6%
|
|
Philippines
|
4.3%
|
|
South Korea
|
3.6%
|
|
United Kingdom
|
3.1%
|
|
Jordan
|
3.0%
|
|
South Africa
|
3.0%
|
|
Other Countries
|
42.6%
|
Industry Weightings
% of Total Net Assets
|
Personal Care Products
|
10.3%
|
|
Semiconductor Devices
|
6.9%
|
|
Semiconductor Manufacturing
|
6.6%
|
|
Health Care Facilities
|
6.3%
|
|
Food & Drug Stores
|
5.9%
|
|
Electronics Components
|
3.6%
|
|
Communications Equipment
|
3.5%
|
|
Electronic Manufacturing Services & Original Design Manufacturer
|
3.5%
|
|
Power Generation
|
3.1%
|
|
Cement & Aggregates
|
3.0%
|
|
Other Industries
|
29.9%
|
|
Other Assets (net of liabilities)
|
17.4%
|
QR Code
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/resources/literature.
1300 N. State Street
Bellingham, WA 98225
1-800-728-8762
AMDWX
| INVESTOR SHARES
Amana Developing World Fund
Annual Shareholder Report - May 31, 2025
Fund Overview
The objective of the Amana Developing World Fund is long-term capital growth, consistent with Islamic principles. This Annual Shareholder Report contains important information about the Amana Developing World Fund for the period of June 1, 2024 to May 31, 2025. 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 year?
(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
|
$112
|
1.13%
|
How did the Fund perform over the last year?
For the fiscal year ended May 31, 2025, the Amana Developing World Fund Investor Shares total return was -1.24%. The Fund underperformed the MSCI Emerging Markets Index, which was up 13.64%. For the five years ended May 31, 2025, the Investor Shares provided a 6.97% annualized total return versus 7.52% for its benchmark and 9.80% for its Morningstar peer group. Ending the fiscal year, the Fund shares held Three Stars for its Morningstar Overall Rating.
The Amana Developing World Fund's gross expense ratio was 1.20% for the Investor Shares. The Fund's total net assets increased 7.3% during the fiscal year. The Fund continues to have a very low turnover rate at 9% for Investor Shares, consistent with our overall strategy of investing in companies with long-term growth potential.
Factors Affecting Past Performance
Fiscal year 2025 was a strong year for emerging markets, with the MSCI Emerging Markets Index outperforming the S&P 500 Index's 13.52% total return. Unfortunately, Fund performance lagged during the year. The Fund's underweight exposure to China was a significant component of the underperformance. Over the fiscal year, China, a 29.11% component of the MSCI Emerging Markets Index, returned 26.55%. The Fund has been underweight China for several years due to governance concerns. While this served us well in prior years, it created a substantial headwind in fiscal year 2025. We continue to assess whether these apprehensions remain merited.
Emerging markets delivered positive but varied returns in fiscal 2025, reflecting the diversity of their economies and the divergence between growth and equity performance. India's gross domestic product (GDP) grew 6.5% through March 2025, though its equity market, up 4.65% for the period, underperformed amid relatively high valuations (forward price-to-earnings ratio (P/E) of 22.34), while China's 5.0% annual GDP growth was accompanied by a rebound in equities, as low valuations (forward P/E 11.01) and government stimulus drew investors back into the country, despite ongoing property sector concerns. Overall, emerging market equities remain attractively valued, with the MSCI Emerging Markets Index trading at a forward P/E of 12.15 - well below the MSCI All Country World Index's 18.08.
How did the Fund perform over the past 10 years?
The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Cumulative Performance
May 31, 2015 through May 31, 2025 with initial investment of $10,000.
|
Amana Developing World Fund Investor Shares $13,415
|
MSCI Emerging Markets Index $14,703
|
|
|
May - 15
|
10,000
|
10,000
|
|
June - 15
|
8,961
|
9,740
|
|
July - 15
|
9,534
|
9,065
|
|
August - 15
|
8,795
|
8,245
|
|
September - 15
|
8,435
|
7,997
|
|
October - 15
|
8,824
|
8,568
|
|
November - 15
|
8,766
|
8,233
|
|
December - 15
|
8,572
|
8,050
|
|
January - 16
|
8,406
|
7,528
|
|
February - 16
|
8,484
|
7,515
|
|
March - 16
|
9,100
|
8,510
|
|
April - 16
|
9,227
|
8,556
|
|
May - 16
|
9,168
|
8,237
|
|
June - 16
|
9,403
|
8,566
|
|
July - 16
|
9,579
|
8,997
|
|
August - 16
|
9,638
|
9,221
|
|
September - 16
|
9,550
|
9,339
|
|
October - 16
|
9,276
|
9,362
|
|
November - 16
|
8,709
|
8,931
|
|
December - 16
|
8,655
|
8,950
|
|
January - 17
|
8,920
|
9,440
|
|
February - 17
|
9,096
|
9,729
|
|
March - 17
|
9,273
|
9,975
|
|
April - 17
|
9,527
|
10,193
|
|
May - 17
|
9,782
|
10,494
|
|
June - 17
|
9,782
|
10,600
|
|
July - 17
|
10,076
|
11,232
|
|
August - 17
|
10,086
|
11,483
|
|
September - 17
|
10,145
|
11,437
|
|
October - 17
|
10,057
|
11,838
|
|
November - 17
|
10,194
|
11,862
|
|
December - 17
|
10,507
|
12,287
|
|
January - 18
|
10,673
|
13,311
|
|
February - 18
|
10,349
|
12,698
|
|
March - 18
|
10,271
|
12,461
|
|
April - 18
|
10,202
|
12,406
|
|
May - 18
|
9,868
|
11,967
|
|
June - 18
|
9,584
|
11,470
|
|
July - 18
|
9,750
|
11,722
|
|
August - 18
|
9,603
|
11,405
|
|
September - 18
|
9,397
|
11,344
|
|
October - 18
|
8,788
|
10,356
|
|
November - 18
|
9,112
|
10,783
|
|
December - 18
|
8,872
|
10,497
|
|
January - 19
|
9,523
|
11,416
|
|
February - 19
|
9,464
|
11,442
|
|
March - 19
|
9,563
|
11,538
|
|
April - 19
|
9,780
|
11,781
|
|
May - 19
|
9,208
|
10,926
|
|
June - 19
|
9,810
|
11,608
|
|
July - 19
|
9,829
|
11,466
|
|
August - 19
|
9,612
|
10,907
|
|
September - 19
|
9,750
|
11,115
|
|
October - 19
|
10,007
|
11,584
|
|
November - 19
|
9,997
|
11,568
|
|
December - 19
|
10,529
|
12,431
|
|
January - 20
|
10,321
|
11,852
|
|
February - 20
|
9,905
|
11,227
|
|
March - 20
|
8,687
|
9,497
|
|
April - 20
|
9,291
|
10,367
|
|
May - 20
|
9,578
|
10,447
|
|
June - 20
|
10,182
|
11,215
|
|
July - 20
|
10,648
|
12,217
|
|
August - 20
|
10,776
|
12,487
|
|
September - 20
|
10,687
|
12,287
|
|
October - 20
|
10,905
|
12,540
|
|
November - 20
|
11,856
|
13,700
|
|
December - 20
|
12,767
|
14,707
|
|
January - 21
|
13,005
|
15,158
|
|
February - 21
|
13,243
|
15,274
|
|
March - 21
|
13,124
|
15,043
|
|
April - 21
|
13,441
|
15,417
|
|
May - 21
|
13,570
|
15,775
|
|
June - 21
|
13,639
|
15,802
|
|
July - 21
|
13,302
|
14,739
|
|
August - 21
|
13,639
|
15,124
|
|
September - 21
|
13,104
|
14,523
|
|
October - 21
|
13,391
|
14,667
|
|
November - 21
|
13,441
|
14,069
|
|
December - 21
|
13,701
|
14,333
|
|
January - 22
|
12,869
|
14,062
|
|
February - 22
|
12,699
|
13,641
|
|
March - 22
|
12,519
|
13,333
|
|
April - 22
|
11,917
|
12,592
|
|
May - 22
|
11,877
|
12,647
|
|
June - 22
|
11,035
|
11,807
|
|
July - 22
|
11,436
|
11,778
|
|
August - 22
|
11,105
|
11,827
|
|
September - 22
|
10,294
|
10,440
|
|
October - 22
|
10,514
|
10,116
|
|
November - 22
|
11,576
|
11,617
|
|
December - 22
|
11,291
|
11,453
|
|
January - 23
|
12,071
|
12,358
|
|
February - 23
|
11,564
|
11,556
|
|
March - 23
|
12,000
|
11,906
|
|
April - 23
|
11,858
|
11,771
|
|
May - 23
|
11,848
|
11,574
|
|
June - 23
|
12,192
|
12,013
|
|
July - 23
|
12,678
|
12,761
|
|
August - 23
|
12,213
|
11,975
|
|
September - 23
|
11,747
|
11,662
|
|
October - 23
|
11,311
|
11,209
|
|
November - 23
|
12,071
|
12,106
|
|
December - 23
|
12,786
|
12,579
|
|
January - 24
|
12,571
|
11,995
|
|
February - 24
|
13,042
|
12,565
|
|
March - 24
|
13,440
|
12,877
|
|
April - 24
|
13,052
|
12,934
|
|
May - 24
|
13,583
|
13,007
|
|
June - 24
|
13,992
|
13,521
|
|
July - 24
|
14,186
|
13,561
|
|
August - 24
|
14,411
|
13,780
|
|
September - 24
|
14,687
|
14,700
|
|
October - 24
|
14,084
|
14,046
|
|
November - 24
|
13,818
|
13,541
|
|
December - 24
|
13,672
|
13,523
|
|
January - 25
|
13,652
|
13,764
|
|
February - 25
|
13,292
|
13,831
|
|
March - 25
|
13,066
|
13,919
|
|
April - 25
|
13,230
|
14,102
|
|
May - 25
|
13,415
|
14,703
|
Annual Average Total Return
|
1 Year
|
5 Year
|
10 Year
|
|
|
Investor Shares
|
-1.24%
|
6.97%
|
2.98%
|
|
MSCI Emerging Markets Index
|
13.64%
|
7.52%
|
4.34%
|
Past performance does not guarantee future results. The "Average Annual Return" and "Cumulative Performance" tables assume 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.
AMDWX
| INVESTOR SHARES
Amana Developing World Fund
Annual Shareholder Report - May 31, 2025
Key Fund Statistics
|
Total Net Assets
|
$135,024,389
|
|
# of Portfolio Holdings
|
39
|
|
Advisory Fees Paid
|
$1,056,119
|
|
Portfolio Turnover Rate
|
9%
|
Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762.
What did the Fund invest in?
Top 10 Holdings
% of Total Net Assets
|
Taiwan Semiconductor ADR
|
3.9%
|
|
Jabil
|
3.5%
|
|
Manila Electric
|
3.1%
|
|
Unilever ADR
|
3.1%
|
|
Clicks Group
|
3.0%
|
|
UltraTech Cement
|
3.0%
|
|
Hikma Pharmaceuticals
|
3.0%
|
|
Delta Electronics
|
2.9%
|
|
Bim Birlesik Magazalar AS
|
2.9%
|
|
WEG
|
2.8%
|
Geographic Weightings
% of Total Net Assets
|
Taiwan
|
10.9%
|
|
United States
|
10.4%
|
|
India
|
7.7%
|
|
Malaysia
|
6.8%
|
|
Turkey
|
4.6%
|
|
Philippines
|
4.3%
|
|
South Korea
|
3.6%
|
|
United Kingdom
|
3.1%
|
|
Jordan
|
3.0%
|
|
South Africa
|
3.0%
|
|
Other Countries
|
42.6%
|
Industry Weightings
% of Total Net Assets
|
Personal Care Products
|
10.3%
|
|
Semiconductor Devices
|
6.9%
|
|
Semiconductor Manufacturing
|
6.6%
|
|
Health Care Facilities
|
6.3%
|
|
Food & Drug Stores
|
5.9%
|
|
Electronics Components
|
3.6%
|
|
Communications Equipment
|
3.5%
|
|
Electronic Manufacturing Services & Original Design Manufacturer
|
3.5%
|
|
Power Generation
|
3.1%
|
|
Cement & Aggregates
|
3.0%
|
|
Other Industries
|
29.9%
|
|
Other Assets (net of liabilities)
|
17.4%
|
QR Code
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/resources/literature.
1300 N. State Street
Bellingham, WA 98225
1-800-728-8762
AMIGX
| INSTITUTIONAL SHARES
Amana Growth Fund
Annual Shareholder Report - May 31, 2025
Fund Overview
The objective of the Amana Growth Fund is long-term capital growth, consistent with Islamic principles. This Annual Shareholder Report contains important information about the Amana Growth Fund for the period of June 1, 2024 to May 31, 2025. 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 year?
(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
|
$63
|
0.61%
|
How did the Fund perform over the last year?
For the fiscal year ended May 31, 2025, the Amana Growth Fund Institutional Shares returned 5.42% (versus 26.34% last year). The Institutional Shares' fiscal year performance trailed the S&P 500 Index, which returned 13.52%. While income is not a Fund investment objective, the Institutional Shares paid a qualified income dividend at $0.08 per share. All Fund shareowners received a capital gain distribution of $3.14 per share. The Fund's total net assets increased .91% during the fiscal year. Since the Fund's inception on February 3, 1994, the Institutional Shares provided an annualized return of 14.52%.
What Factors Influenced Performance?
Stock selection was weak during the year due to diversification requirements, strong performances among non-Shariah compliant stocks, and some errors on our part. Nvidia represented the first challenge as we are unable to match its double-digit weight in the growth benchmark, while it appreciated strongly. Our errors were most significant in Health Care as Novo Nordisk, the longest held stock in the fund, shed 46.07%. We remain shareholders as previous drawdowns have been followed by major recoveries.
Looking Forward
Future economic and market conditions remain uncertain due to tariffs and the unusually combined risks of inflation and weak economic growth, otherwise known as stagflation. Balancing the negatives are the productivity enhancing possibilities of artificial intelligence.
How did the Fund perform over the past 10 years?
The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Cumulative Performance
May 31, 2015 through May 31, 2025 with initial investment of $10,000.
|
Amana Growth Fund Institutional Shares $38,277
|
S&P 500 Index $33,535
|
|
|
May - 15
|
10,000
|
10,000
|
|
June - 15
|
9,724
|
9,806
|
|
July - 15
|
10,068
|
10,012
|
|
August - 15
|
9,406
|
9,408
|
|
September - 15
|
9,232
|
9,175
|
|
October - 15
|
9,846
|
9,949
|
|
November - 15
|
9,864
|
9,979
|
|
December - 15
|
9,724
|
9,821
|
|
January - 16
|
9,271
|
9,334
|
|
February - 16
|
9,323
|
9,321
|
|
March - 16
|
9,858
|
9,954
|
|
April - 16
|
9,825
|
9,992
|
|
May - 16
|
10,131
|
10,172
|
|
June - 16
|
10,137
|
10,198
|
|
July - 16
|
10,577
|
10,574
|
|
August - 16
|
10,510
|
10,589
|
|
September - 16
|
10,507
|
10,591
|
|
October - 16
|
10,164
|
10,398
|
|
November - 16
|
10,290
|
10,783
|
|
December - 16
|
10,487
|
10,996
|
|
January - 17
|
10,825
|
11,204
|
|
February - 17
|
11,326
|
11,649
|
|
March - 17
|
11,473
|
11,663
|
|
April - 17
|
11,720
|
11,783
|
|
May - 17
|
12,023
|
11,948
|
|
June - 17
|
11,988
|
12,023
|
|
July - 17
|
12,169
|
12,270
|
|
August - 17
|
12,444
|
12,308
|
|
September - 17
|
12,677
|
12,562
|
|
October - 17
|
13,057
|
12,855
|
|
November - 17
|
13,495
|
13,249
|
|
December - 17
|
13,559
|
13,396
|
|
January - 18
|
14,314
|
14,163
|
|
February - 18
|
13,865
|
13,641
|
|
March - 18
|
13,749
|
13,295
|
|
April - 18
|
13,517
|
13,346
|
|
May - 18
|
14,070
|
13,667
|
|
June - 18
|
14,078
|
13,751
|
|
July - 18
|
14,786
|
14,263
|
|
August - 18
|
15,594
|
14,728
|
|
September - 18
|
15,873
|
14,812
|
|
October - 18
|
14,766
|
13,799
|
|
November - 18
|
15,056
|
14,080
|
|
December - 18
|
13,921
|
12,809
|
|
January - 19
|
14,952
|
13,835
|
|
February - 19
|
15,834
|
14,280
|
|
March - 19
|
16,363
|
14,557
|
|
April - 19
|
16,948
|
15,147
|
|
May - 19
|
15,834
|
14,184
|
|
June - 19
|
16,932
|
15,184
|
|
July - 19
|
17,013
|
15,402
|
|
August - 19
|
17,033
|
15,158
|
|
September - 19
|
17,093
|
15,442
|
|
October - 19
|
17,409
|
15,776
|
|
November - 19
|
17,967
|
16,349
|
|
December - 19
|
18,572
|
16,842
|
|
January - 20
|
18,534
|
16,836
|
|
February - 20
|
17,506
|
15,450
|
|
March - 20
|
16,043
|
13,541
|
|
April - 20
|
17,788
|
15,277
|
|
May - 20
|
18,908
|
16,005
|
|
June - 20
|
19,683
|
16,323
|
|
July - 20
|
21,047
|
17,244
|
|
August - 20
|
22,473
|
18,483
|
|
September - 20
|
21,909
|
17,781
|
|
October - 20
|
21,030
|
17,308
|
|
November - 20
|
23,368
|
19,203
|
|
December - 20
|
24,735
|
19,941
|
|
January - 21
|
24,595
|
19,740
|
|
February - 21
|
24,893
|
20,284
|
|
March - 21
|
25,638
|
21,172
|
|
April - 21
|
26,680
|
22,302
|
|
May - 21
|
26,943
|
22,458
|
|
June - 21
|
28,196
|
22,982
|
|
July - 21
|
29,506
|
23,528
|
|
August - 21
|
30,777
|
24,244
|
|
September - 21
|
28,485
|
23,116
|
|
October - 21
|
30,737
|
24,736
|
|
November - 21
|
31,443
|
24,564
|
|
December - 21
|
32,606
|
25,665
|
|
January - 22
|
30,028
|
24,337
|
|
February - 22
|
28,629
|
23,608
|
|
March - 22
|
29,194
|
24,485
|
|
April - 22
|
26,973
|
22,350
|
|
May - 22
|
26,837
|
22,391
|
|
June - 22
|
24,965
|
20,542
|
|
July - 22
|
27,251
|
22,437
|
|
August - 22
|
26,064
|
21,522
|
|
September - 22
|
23,623
|
19,539
|
|
October - 22
|
25,645
|
21,121
|
|
November - 22
|
27,649
|
22,302
|
|
December - 22
|
26,338
|
21,017
|
|
January - 23
|
27,727
|
22,337
|
|
February - 23
|
26,842
|
21,792
|
|
March - 23
|
28,387
|
22,592
|
|
April - 23
|
28,501
|
22,945
|
|
May - 23
|
28,740
|
23,045
|
|
June - 23
|
30,481
|
24,568
|
|
July - 23
|
30,830
|
25,357
|
|
August - 23
|
30,701
|
24,953
|
|
September - 23
|
29,161
|
23,763
|
|
October - 23
|
28,822
|
23,264
|
|
November - 23
|
31,572
|
25,388
|
|
December - 23
|
33,182
|
26,542
|
|
January - 24
|
34,268
|
26,988
|
|
February - 24
|
36,065
|
28,429
|
|
March - 24
|
36,717
|
29,343
|
|
April - 24
|
35,289
|
28,145
|
|
May - 24
|
36,310
|
29,540
|
|
June - 24
|
38,482
|
30,600
|
|
July - 24
|
37,844
|
30,973
|
|
August - 24
|
39,087
|
31,724
|
|
September - 24
|
39,175
|
32,402
|
|
October - 24
|
37,729
|
32,108
|
|
November - 24
|
39,073
|
33,993
|
|
December - 24
|
38,499
|
33,182
|
|
January - 25
|
38,854
|
34,106
|
|
February - 25
|
38,109
|
33,661
|
|
March - 25
|
35,322
|
31,765
|
|
April - 25
|
35,697
|
31,549
|
|
May - 25
|
38,277
|
33,535
|
Annual Average Total Return
|
1 Year
|
5 Year
|
10 Year
|
|
|
Institutional Shares
|
5.42%
|
15.15%
|
14.37%
|
|
S&P 500 Index
|
13.52%
|
15.94%
|
12.86%
|
Past performance does not guarantee future results. The "Average Annual Return" and "Cumulative Performance" tables assume 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.
AMIGX
| INSTITUTIONAL SHARES
Amana Growth Fund
Annual Shareholder Report - May 31, 2025
Key Fund Statistics
|
Total Net Assets
|
$5,272,630,589
|
|
# of Portfolio Holdings
|
33
|
|
Advisory Fees Paid
|
$31,740,031
|
|
Portfolio Turnover Rate
|
3%
|
Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762.
What did the Fund invest in?
Top 10 Holdings
% of Total Net Assets
|
Apple
|
6.8%
|
|
Microsoft
|
5.8%
|
|
Nvidia
|
5.4%
|
|
Broadcom
|
5.3%
|
|
Taiwan Semiconductor ADR
|
4.4%
|
|
Alphabet, Class A
|
4.4%
|
|
ASML Holding NY
|
4.3%
|
|
Intuit
|
4.1%
|
|
Eli Lilly
|
4.1%
|
|
Johnson Controls International
|
3.8%
|
Industry Weightings
% of Total Net Assets
|
Infrastructure Software
|
12.1%
|
|
Semiconductor Devices
|
11.2%
|
|
Large Pharma
|
11.1%
|
|
Semiconductor Manufacturing
|
8.7%
|
|
Communications Equipment
|
7.9%
|
|
Commercial & Residential Building Equipment & Systems
|
7.1%
|
|
Application Software
|
6.6%
|
|
Measurement Instruments
|
4.8%
|
|
Internet Media & Services
|
4.4%
|
|
Automotive Retailers
|
2.8%
|
|
Other Industries
|
17.6%
|
|
Other Assets (net of liabilities)
|
5.7%
|
QR Code
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/resources/literature.
1300 N. State Street
Bellingham, WA 98225
1-800-728-8762
AMAGX
| INVESTOR SHARES
Amana Growth Fund
Annual Shareholder Report - May 31, 2025
Fund Overview
The objective of the Amana Growth Fund is long-term capital growth, consistent with Islamic principles. This Annual Shareholder Report contains important information about the Amana Growth Fund for the period of June 1, 2024 to May 31, 2025. 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 year?
(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
|
$88
|
0.86%
|
How did the Fund perform over the last year?
For the fiscal year ended May 31, 2025, the Amana Growth Fund Investor Shares returned 5.17% (versus 26.03% last year). The Investor Shares' fiscal year performance trailed the S&P 500 Index, which returned 13.52%. Income is not a Fund investment objective, and the Investor Shares did not pay a dividend. All Fund shareowners received a capital gain distribution of $3.14 per share. The Fund's total net assets increased .91% during the fiscal year. For the 15-year period ended May 31, 2025, the Investor Shares provided an annualized return of 13.67%. Since the Fund's inception on February 3, 1994, the Investor Shares provided an annualized return of 11.71%.
What Factors Influenced Performance?
Stock selection was weak during the year due to diversification requirements, strong performances among non-Shariah compliant stocks, and some errors on our part. Nvidia represented the first challenge as we are unable to match its double-digit weight in the growth benchmark, while it appreciated strongly. Our errors were most significant in Health Care as Novo Nordisk, the longest held stock in the fund, shed 46.07%. We remain shareholders as previous drawdowns have been followed by major recoveries.
Looking Forward
Future economic and market conditions remain uncertain due to tariffs and the unusually combined risks of inflation and weak economic growth, otherwise known as stagflation. Balancing the negatives are the productivity enhancing possibilities of artificial intelligence.
How did the Fund perform over the past 10 years?
The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Cumulative Performance
May 31, 2015 through May 31, 2025 with initial investment of $10,000.
|
Amana Growth Fund Investor Shares $37,372
|
S&P 500 Index $33,535
|
|
|
May - 15
|
10,000
|
10,000
|
|
June - 15
|
9,724
|
9,806
|
|
July - 15
|
10,065
|
10,012
|
|
August - 15
|
9,400
|
9,408
|
|
September - 15
|
9,226
|
9,175
|
|
October - 15
|
9,835
|
9,949
|
|
November - 15
|
9,852
|
9,979
|
|
December - 15
|
9,708
|
9,821
|
|
January - 16
|
9,256
|
9,334
|
|
February - 16
|
9,305
|
9,321
|
|
March - 16
|
9,837
|
9,954
|
|
April - 16
|
9,803
|
9,992
|
|
May - 16
|
10,106
|
10,172
|
|
June - 16
|
10,109
|
10,198
|
|
July - 16
|
10,546
|
10,574
|
|
August - 16
|
10,476
|
10,589
|
|
September - 16
|
10,473
|
10,591
|
|
October - 16
|
10,127
|
10,398
|
|
November - 16
|
10,252
|
10,783
|
|
December - 16
|
10,448
|
10,996
|
|
January - 17
|
10,781
|
11,204
|
|
February - 17
|
11,282
|
11,649
|
|
March - 17
|
11,424
|
11,663
|
|
April - 17
|
11,671
|
11,783
|
|
May - 17
|
11,963
|
11,948
|
|
June - 17
|
11,928
|
12,023
|
|
July - 17
|
12,106
|
12,270
|
|
August - 17
|
12,377
|
12,308
|
|
September - 17
|
12,606
|
12,562
|
|
October - 17
|
12,981
|
12,855
|
|
November - 17
|
13,416
|
13,249
|
|
December - 17
|
13,475
|
13,396
|
|
January - 18
|
14,223
|
14,163
|
|
February - 18
|
13,772
|
13,641
|
|
March - 18
|
13,656
|
13,295
|
|
April - 18
|
13,421
|
13,346
|
|
May - 18
|
13,969
|
13,667
|
|
June - 18
|
13,972
|
13,751
|
|
July - 18
|
14,674
|
14,263
|
|
August - 18
|
15,476
|
14,728
|
|
September - 18
|
15,749
|
14,812
|
|
October - 18
|
14,647
|
13,799
|
|
November - 18
|
14,932
|
14,080
|
|
December - 18
|
13,804
|
12,809
|
|
January - 19
|
14,821
|
13,835
|
|
February - 19
|
15,691
|
14,280
|
|
March - 19
|
16,214
|
14,557
|
|
April - 19
|
16,792
|
15,147
|
|
May - 19
|
15,683
|
14,184
|
|
June - 19
|
16,768
|
15,184
|
|
July - 19
|
16,848
|
15,402
|
|
August - 19
|
16,860
|
15,158
|
|
September - 19
|
16,920
|
15,442
|
|
October - 19
|
17,227
|
15,776
|
|
November - 19
|
17,778
|
16,349
|
|
December - 19
|
18,370
|
16,842
|
|
January - 20
|
18,333
|
16,836
|
|
February - 20
|
17,312
|
15,450
|
|
March - 20
|
15,859
|
13,541
|
|
April - 20
|
17,584
|
15,277
|
|
May - 20
|
18,683
|
16,005
|
|
June - 20
|
19,448
|
16,323
|
|
July - 20
|
20,790
|
17,244
|
|
August - 20
|
22,194
|
18,483
|
|
September - 20
|
21,634
|
17,781
|
|
October - 20
|
20,757
|
17,308
|
|
November - 20
|
23,066
|
19,203
|
|
December - 20
|
24,406
|
19,941
|
|
January - 21
|
24,267
|
19,740
|
|
February - 21
|
24,558
|
20,284
|
|
March - 21
|
25,287
|
21,172
|
|
April - 21
|
26,307
|
22,302
|
|
May - 21
|
26,559
|
22,458
|
|
June - 21
|
27,792
|
22,982
|
|
July - 21
|
29,077
|
23,528
|
|
August - 21
|
30,319
|
24,244
|
|
September - 21
|
28,057
|
23,116
|
|
October - 21
|
30,271
|
24,736
|
|
November - 21
|
30,957
|
24,564
|
|
December - 21
|
32,100
|
25,665
|
|
January - 22
|
29,551
|
24,337
|
|
February - 22
|
28,171
|
23,608
|
|
March - 22
|
28,717
|
24,485
|
|
April - 22
|
26,530
|
22,350
|
|
May - 22
|
26,395
|
22,391
|
|
June - 22
|
24,549
|
20,542
|
|
July - 22
|
26,792
|
22,437
|
|
August - 22
|
25,614
|
21,522
|
|
September - 22
|
23,213
|
19,539
|
|
October - 22
|
25,195
|
21,121
|
|
November - 22
|
27,159
|
22,302
|
|
December - 22
|
25,868
|
21,017
|
|
January - 23
|
27,225
|
22,337
|
|
February - 23
|
26,348
|
21,792
|
|
March - 23
|
27,858
|
22,592
|
|
April - 23
|
27,966
|
22,945
|
|
May - 23
|
28,197
|
23,045
|
|
June - 23
|
29,902
|
24,568
|
|
July - 23
|
30,232
|
25,357
|
|
August - 23
|
30,105
|
24,953
|
|
September - 23
|
28,586
|
23,763
|
|
October - 23
|
28,251
|
23,264
|
|
November - 23
|
30,937
|
25,388
|
|
December - 23
|
32,505
|
26,542
|
|
January - 24
|
33,565
|
26,988
|
|
February - 24
|
35,318
|
28,429
|
|
March - 24
|
35,950
|
29,343
|
|
April - 24
|
34,544
|
28,145
|
|
May - 24
|
35,536
|
29,540
|
|
June - 24
|
37,652
|
30,600
|
|
July - 24
|
37,020
|
30,973
|
|
August - 24
|
38,235
|
31,724
|
|
September - 24
|
38,312
|
32,402
|
|
October - 24
|
36,888
|
32,108
|
|
November - 24
|
38,194
|
33,993
|
|
December - 24
|
37,623
|
33,182
|
|
January - 25
|
37,964
|
34,106
|
|
February - 25
|
37,231
|
33,661
|
|
March - 25
|
34,506
|
31,765
|
|
April - 25
|
34,860
|
31,549
|
|
May - 25
|
37,372
|
33,535
|
Annual Average Total Return
|
1 Year
|
5 Year
|
10 Year
|
|
|
Investor Shares
|
5.17%
|
14.87%
|
14.09%
|
|
S&P 500 Index
|
13.52%
|
15.94%
|
12.86%
|
Past performance does not guarantee future results. The "Average Annual Return" and "Cumulative Performance" tables assume 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.
AMAGX
| INVESTOR SHARES
Amana Growth Fund
Annual Shareholder Report - May 31, 2025
Key Fund Statistics
|
Total Net Assets
|
$5,272,630,589
|
|
# of Portfolio Holdings
|
33
|
|
Advisory Fees Paid
|
$31,740,031
|
|
Portfolio Turnover Rate
|
3%
|
Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762.
What did the Fund invest in?
Top 10 Holdings
% of Total Net Assets
|
Apple
|
6.8%
|
|
Microsoft
|
5.8%
|
|
Nvidia
|
5.4%
|
|
Broadcom
|
5.3%
|
|
Taiwan Semiconductor ADR
|
4.4%
|
|
Alphabet, Class A
|
4.4%
|
|
ASML Holding NY
|
4.3%
|
|
Intuit
|
4.1%
|
|
Eli Lilly
|
4.1%
|
|
Johnson Controls International
|
3.8%
|
Industry Weightings
% of Total Net Assets
|
Infrastructure Software
|
12.1%
|
|
Semiconductor Devices
|
11.2%
|
|
Large Pharma
|
11.1%
|
|
Semiconductor Manufacturing
|
8.7%
|
|
Communications Equipment
|
7.9%
|
|
Commercial & Residential Building Equipment & Systems
|
7.1%
|
|
Application Software
|
6.6%
|
|
Measurement Instruments
|
4.8%
|
|
Internet Media & Services
|
4.4%
|
|
Automotive Retailers
|
2.8%
|
|
Other Industries
|
17.6%
|
|
Other Assets (net of liabilities)
|
5.7%
|
QR Code
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/resources/literature.
1300 N. State Street
Bellingham, WA 98225
1-800-728-8762
AMINX
| INSTITUTIONAL SHARES
Amana Income Fund
Annual Shareholder Report - May 31, 2025
Fund Overview
The objective of the Amana Income Fund is current income and preservation of capital, consistent with Islamic principles. This Annual Shareholder Report contains important information about the Amana Income Fund for the period of June 1, 2024 to May 31, 2025. 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 year?
(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
|
$79
|
0.76%
|
How did the Fund perform over the last year?
For the fiscal year ended May 31, 2025, Amana Income Fund Institutional Shares had a total return of 8.02%, compared to 20.05% the year before. The S&P 500 had a return of 13.52% over the same period. In pursuit of its objective of current income, the Fund distributed qualified income of $0.64 per share during the fiscal year. The Fund's average expense ratio was 0.76%, unchanged from the prior fiscal year.
Factors Affecting Past Performance
The fiscal year period was marked by high-profile political events such as the decision by Joe Biden to drop out of the presidential race, the election of Donald Trump for a second term, and the Trump administration's rollout of aggressive and confrontational positions on trade and foreign policy.
Apparel companies such as portfolio holding Nike fared poorly due to the potential impact of high tariffs on their Asian suppliers. Transportation companies such as UPS and Canadian National Railway also suffered with lower freight volumes and the potential for further trade policy headwinds on their outlook.
On the positive side, the artificial intelligence investment boom continued and data center suppliers such as Broadcom, Cisco Systems, and Taiwan Semiconductor turned in strong contributions to performance.
Looking Forward
Economic, fiscal, trade, and foreign policy are sources of interdependent uncertainty. The GOP-controlled congress is currently attempting to pass major legislation, the Federal Reserve is waiting to assess the impact of tariffs on inflation before lowering rates despites signs of slowing growth, and the potential for geopolitical conflict can absorb the attention leaders would otherwise devote to these other key issues. With an elevated level of uncertainty, the Amana Income focus on sustainable earnings and income can be an important asset in investors' portfolios.
How did the Fund perform over the past 10 years?
The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Cumulative Performance
May 31, 2015 through May 31, 2025 with initial investment of $10,000.
|
Amana Income Fund Institutional Shares $26,313
|
S&P 500 Index $33,535
|
|
|
May - 15
|
10,000
|
10,000
|
|
June - 15
|
9,783
|
9,806
|
|
July - 15
|
9,753
|
10,012
|
|
August - 15
|
9,223
|
9,408
|
|
September - 15
|
9,016
|
9,175
|
|
October - 15
|
9,736
|
9,949
|
|
November - 15
|
9,774
|
9,979
|
|
December - 15
|
9,588
|
9,821
|
|
January - 16
|
9,230
|
9,334
|
|
February - 16
|
9,377
|
9,321
|
|
March - 16
|
9,991
|
9,954
|
|
April - 16
|
10,045
|
9,992
|
|
May - 16
|
10,106
|
10,172
|
|
June - 16
|
10,345
|
10,198
|
|
July - 16
|
10,640
|
10,574
|
|
August - 16
|
10,599
|
10,589
|
|
September - 16
|
10,521
|
10,591
|
|
October - 16
|
10,081
|
10,398
|
|
November - 16
|
10,402
|
10,783
|
|
December - 16
|
10,511
|
10,996
|
|
January - 17
|
10,710
|
11,204
|
|
February - 17
|
11,120
|
11,649
|
|
March - 17
|
11,181
|
11,663
|
|
April - 17
|
11,248
|
11,783
|
|
May - 17
|
11,416
|
11,948
|
|
June - 17
|
11,506
|
12,023
|
|
July - 17
|
11,485
|
12,270
|
|
August - 17
|
11,540
|
12,308
|
|
September - 17
|
11,976
|
12,562
|
|
October - 17
|
12,338
|
12,855
|
|
November - 17
|
12,667
|
13,249
|
|
December - 17
|
12,820
|
13,396
|
|
January - 18
|
13,330
|
14,163
|
|
February - 18
|
12,651
|
13,641
|
|
March - 18
|
12,395
|
13,295
|
|
April - 18
|
12,048
|
13,346
|
|
May - 18
|
12,335
|
13,667
|
|
June - 18
|
12,332
|
13,751
|
|
July - 18
|
13,122
|
14,263
|
|
August - 18
|
13,289
|
14,728
|
|
September - 18
|
13,396
|
14,812
|
|
October - 18
|
12,380
|
13,799
|
|
November - 18
|
13,089
|
14,080
|
|
December - 18
|
12,180
|
12,809
|
|
January - 19
|
12,634
|
13,835
|
|
February - 19
|
13,338
|
14,280
|
|
March - 19
|
13,606
|
14,557
|
|
April - 19
|
13,956
|
15,147
|
|
May - 19
|
13,029
|
14,184
|
|
June - 19
|
13,771
|
15,184
|
|
July - 19
|
13,806
|
15,402
|
|
August - 19
|
13,549
|
15,158
|
|
September - 19
|
13,949
|
15,442
|
|
October - 19
|
14,296
|
15,776
|
|
November - 19
|
14,772
|
16,349
|
|
December - 19
|
15,294
|
16,842
|
|
January - 20
|
14,962
|
16,836
|
|
February - 20
|
13,850
|
15,450
|
|
March - 20
|
12,545
|
13,541
|
|
April - 20
|
13,969
|
15,277
|
|
May - 20
|
14,587
|
16,005
|
|
June - 20
|
14,866
|
16,323
|
|
July - 20
|
15,376
|
17,244
|
|
August - 20
|
16,151
|
18,483
|
|
September - 20
|
15,808
|
17,781
|
|
October - 20
|
15,403
|
17,308
|
|
November - 20
|
17,025
|
19,203
|
|
December - 20
|
17,457
|
19,941
|
|
January - 21
|
17,463
|
19,740
|
|
February - 21
|
17,541
|
20,284
|
|
March - 21
|
18,355
|
21,172
|
|
April - 21
|
18,676
|
22,302
|
|
May - 21
|
19,129
|
22,458
|
|
June - 21
|
19,311
|
22,982
|
|
July - 21
|
19,724
|
23,528
|
|
August - 21
|
20,135
|
24,244
|
|
September - 21
|
18,828
|
23,116
|
|
October - 21
|
19,981
|
24,736
|
|
November - 21
|
20,022
|
24,564
|
|
December - 21
|
21,435
|
25,665
|
|
January - 22
|
20,255
|
24,337
|
|
February - 22
|
19,354
|
23,608
|
|
March - 22
|
20,078
|
24,485
|
|
April - 22
|
19,298
|
22,350
|
|
May - 22
|
19,397
|
22,391
|
|
June - 22
|
18,454
|
20,542
|
|
July - 22
|
19,529
|
22,437
|
|
August - 22
|
18,543
|
21,522
|
|
September - 22
|
17,371
|
19,539
|
|
October - 22
|
18,859
|
21,121
|
|
November - 22
|
20,321
|
22,302
|
|
December - 22
|
19,611
|
21,017
|
|
January - 23
|
19,789
|
22,337
|
|
February - 23
|
19,238
|
21,792
|
|
March - 23
|
20,145
|
22,592
|
|
April - 23
|
20,558
|
22,945
|
|
May - 23
|
20,292
|
23,045
|
|
June - 23
|
21,734
|
24,568
|
|
July - 23
|
21,659
|
25,357
|
|
August - 23
|
21,620
|
24,953
|
|
September - 23
|
20,657
|
23,763
|
|
October - 23
|
20,310
|
23,264
|
|
November - 23
|
21,544
|
25,388
|
|
December - 23
|
22,321
|
26,542
|
|
January - 24
|
22,588
|
26,988
|
|
February - 24
|
23,830
|
28,429
|
|
March - 24
|
24,571
|
29,343
|
|
April - 24
|
23,690
|
28,145
|
|
May - 24
|
24,359
|
29,540
|
|
June - 24
|
25,119
|
30,600
|
|
July - 24
|
25,032
|
30,973
|
|
August - 24
|
26,143
|
31,724
|
|
September - 24
|
26,132
|
32,402
|
|
October - 24
|
25,550
|
32,108
|
|
November - 24
|
26,094
|
33,993
|
|
December - 24
|
25,259
|
33,182
|
|
January - 25
|
25,765
|
34,106
|
|
February - 25
|
26,280
|
33,661
|
|
March - 25
|
24,943
|
31,765
|
|
April - 25
|
25,243
|
31,549
|
|
May - 25
|
26,313
|
33,535
|
Annual Average Total Return
|
1 Year
|
5 Year
|
10 Year
|
|
|
Institutional Shares
|
8.02%
|
12.52%
|
10.16%
|
|
S&P 500 Index
|
13.52%
|
15.94%
|
12.86%
|
Past performance does not guarantee future results. The "Average Annual Return" and "Cumulative Performance" tables assume 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.
AMINX
| INSTITUTIONAL SHARES
Amana Income Fund
Annual Shareholder Report - May 31, 2025
Key Fund Statistics
|
Total Net Assets
|
$1,981,032,287
|
|
# of Portfolio Holdings
|
32
|
|
Advisory Fees Paid
|
$14,082,137
|
|
Portfolio Turnover Rate
|
4%
|
Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762.
What did the Fund invest in?
Top 10 Holdings
% of Total Net Assets
|
Eli Lilly
|
11.0%
|
|
Microsoft
|
9.3%
|
|
Taiwan Semiconductor ADR
|
8.0%
|
|
Rockwell Automation
|
4.8%
|
|
W.W. Grainger
|
4.4%
|
|
Illinois Tool Works
|
3.7%
|
|
Broadcom
|
3.7%
|
|
Nintendo
|
3.1%
|
|
Linde
|
3.1%
|
|
Johnson Controls International
|
2.8%
|
Industry Weightings
% of Total Net Assets
|
Large Pharma
|
15.4%
|
|
Infrastructure Software
|
9.3%
|
|
Semiconductor Manufacturing
|
8.0%
|
|
Personal Care Products
|
7.8%
|
|
Industrial Wholesale & Rental
|
6.2%
|
|
Semiconductor Devices
|
6.0%
|
|
Measurement Instruments
|
4.8%
|
|
Basic & Diversified Chemicals
|
4.6%
|
|
Diversified Industrials
|
3.7%
|
|
Consumer Electronics
|
3.1%
|
|
Other Industries
|
21.5%
|
|
Other Assets (net of liabilities)
|
9.6%
|
QR Code
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/resources/literature.
www.saturna.com/resources/literature
AMANX
| INVESTOR SHARES
Amana Income Fund
Annual Shareholder Report - May 31, 2025
Fund Overview
The objective of the Amana Income Fund is current income and preservation of capital, consistent with Islamic principles. This Annual Shareholder Report contains important information about the Amana Income Fund for the period of June 1, 2024 to May 31, 2025. 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 year?
(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
|
$104
|
1.00%
|
How did the Fund perform over the last year?
For the fiscal year ended May 31, 2025, Amana Income Fund Investor Shares had a total return of 7.77%, compared to 19.75% the year before. The S&P 500 had a return of 13.52% over the same period. In pursuit of its objective of current income, the Fund distributed qualified income of $0.44 per share during the fiscal year. The Fund's average expense ratio during the fiscal year was 1%.
Factors Affecting Past Performance
The fiscal year period was marked by high-profile political events such as the decision by Joe Biden to drop out of the presidential race, the election of Donald Trump for a second term, and the Trump administration's rollout of aggressive and confrontational positions on trade and foreign policy.
Apparel companies such as portfolio holding Nike fared poorly due to the potential impact of high tariffs on their Asian suppliers. Transportation companies such as UPS and Canadian National Railway also suffered with lower freight volumes and the potential for further trade policy headwinds on their outlook.
On the positive side, the artificial intelligence investment boom continued and data center suppliers such as Broadcom, Cisco Systems, and Taiwan Semiconductor turned in strong contributions to performance.
Looking Forward
Economic, fiscal, trade, and foreign policy are sources of interdependent uncertainty. The GOP-controlled congress is currently attempting to pass major legislation, the Federal Reserve is waiting to assess the impact of tariffs on inflation before lowering rates despites signs of slowing growth, and the potential for geopolitical conflict can absorb the attention leaders would otherwise devote to these other key issues. With an elevated level of uncertainty, the Amana Income focus on sustainable earnings and income can be an important asset in investors' portfolios.
How did the Fund perform over the past 10 years?
The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Cumulative Performance
May 31, 2015 through May 31, 2025 with initial investment of $10,000.
|
Amana Income Fund Investor Shares $25,709
|
S&P 500 Index $33,535
|
|
|
May - 15
|
10,000
|
10,000
|
|
June - 15
|
9,781
|
9,806
|
|
July - 15
|
9,751
|
10,012
|
|
August - 15
|
9,217
|
9,408
|
|
September - 15
|
9,011
|
9,175
|
|
October - 15
|
9,726
|
9,949
|
|
November - 15
|
9,764
|
9,979
|
|
December - 15
|
9,575
|
9,821
|
|
January - 16
|
9,216
|
9,334
|
|
February - 16
|
9,360
|
9,321
|
|
March - 16
|
9,970
|
9,954
|
|
April - 16
|
10,022
|
9,992
|
|
May - 16
|
10,081
|
10,172
|
|
June - 16
|
10,317
|
10,198
|
|
July - 16
|
10,610
|
10,574
|
|
August - 16
|
10,565
|
10,589
|
|
September - 16
|
10,485
|
10,591
|
|
October - 16
|
10,044
|
10,398
|
|
November - 16
|
10,362
|
10,783
|
|
December - 16
|
10,469
|
10,996
|
|
January - 17
|
10,666
|
11,204
|
|
February - 17
|
11,073
|
11,649
|
|
March - 17
|
11,132
|
11,663
|
|
April - 17
|
11,196
|
11,783
|
|
May - 17
|
11,358
|
11,948
|
|
June - 17
|
11,448
|
12,023
|
|
July - 17
|
11,424
|
12,270
|
|
August - 17
|
11,476
|
12,308
|
|
September - 17
|
11,907
|
12,562
|
|
October - 17
|
12,264
|
12,855
|
|
November - 17
|
12,590
|
13,249
|
|
December - 17
|
12,739
|
13,396
|
|
January - 18
|
13,242
|
14,163
|
|
February - 18
|
12,567
|
13,641
|
|
March - 18
|
12,311
|
13,295
|
|
April - 18
|
11,963
|
13,346
|
|
May - 18
|
12,246
|
13,667
|
|
June - 18
|
12,241
|
13,751
|
|
July - 18
|
13,022
|
14,263
|
|
August - 18
|
13,183
|
14,728
|
|
September - 18
|
13,288
|
14,812
|
|
October - 18
|
12,279
|
13,799
|
|
November - 18
|
12,980
|
14,080
|
|
December - 18
|
12,074
|
12,809
|
|
January - 19
|
12,522
|
13,835
|
|
February - 19
|
13,217
|
14,280
|
|
March - 19
|
13,482
|
14,557
|
|
April - 19
|
13,825
|
15,147
|
|
May - 19
|
12,901
|
14,184
|
|
June - 19
|
13,633
|
15,184
|
|
July - 19
|
13,668
|
15,402
|
|
August - 19
|
13,409
|
15,158
|
|
September - 19
|
13,804
|
15,442
|
|
October - 19
|
14,143
|
15,776
|
|
November - 19
|
14,610
|
16,349
|
|
December - 19
|
15,127
|
16,842
|
|
January - 20
|
14,794
|
16,836
|
|
February - 20
|
13,691
|
15,450
|
|
March - 20
|
12,403
|
13,541
|
|
April - 20
|
13,809
|
15,277
|
|
May - 20
|
14,419
|
16,005
|
|
June - 20
|
14,693
|
16,323
|
|
July - 20
|
15,195
|
17,244
|
|
August - 20
|
15,959
|
18,483
|
|
September - 20
|
15,613
|
17,781
|
|
October - 20
|
15,212
|
17,308
|
|
November - 20
|
16,812
|
19,203
|
|
December - 20
|
17,236
|
19,941
|
|
January - 21
|
17,242
|
19,740
|
|
February - 21
|
17,315
|
20,284
|
|
March - 21
|
18,116
|
21,172
|
|
April - 21
|
18,431
|
22,302
|
|
May - 21
|
18,871
|
22,458
|
|
June - 21
|
19,046
|
22,982
|
|
July - 21
|
19,454
|
23,528
|
|
August - 21
|
19,852
|
24,244
|
|
September - 21
|
18,561
|
23,116
|
|
October - 21
|
19,693
|
24,736
|
|
November - 21
|
19,730
|
24,564
|
|
December - 21
|
21,115
|
25,665
|
|
January - 22
|
19,950
|
24,337
|
|
February - 22
|
19,061
|
23,608
|
|
March - 22
|
19,768
|
24,485
|
|
April - 22
|
18,997
|
22,350
|
|
May - 22
|
19,090
|
22,391
|
|
June - 22
|
18,161
|
20,542
|
|
July - 22
|
19,213
|
22,437
|
|
August - 22
|
18,238
|
21,522
|
|
September - 22
|
17,083
|
19,539
|
|
October - 22
|
18,540
|
21,121
|
|
November - 22
|
19,975
|
22,302
|
|
December - 22
|
19,273
|
21,017
|
|
January - 23
|
19,443
|
22,337
|
|
February - 23
|
18,900
|
21,792
|
|
March - 23
|
19,785
|
22,592
|
|
April - 23
|
20,190
|
22,945
|
|
May - 23
|
19,921
|
23,045
|
|
June - 23
|
21,336
|
24,568
|
|
July - 23
|
21,256
|
25,357
|
|
August - 23
|
21,214
|
24,953
|
|
September - 23
|
20,262
|
23,763
|
|
October - 23
|
19,921
|
23,264
|
|
November - 23
|
21,127
|
25,388
|
|
December - 23
|
21,884
|
26,542
|
|
January - 24
|
22,139
|
26,988
|
|
February - 24
|
23,353
|
28,429
|
|
March - 24
|
24,078
|
29,343
|
|
April - 24
|
23,207
|
28,145
|
|
May - 24
|
23,858
|
29,540
|
|
June - 24
|
24,597
|
30,600
|
|
July - 24
|
24,506
|
30,973
|
|
August - 24
|
25,589
|
31,724
|
|
September - 24
|
25,574
|
32,402
|
|
October - 24
|
25,000
|
32,108
|
|
November - 24
|
25,527
|
33,993
|
|
December - 24
|
24,703
|
33,182
|
|
January - 25
|
25,196
|
34,106
|
|
February - 25
|
25,693
|
33,661
|
|
March - 25
|
24,380
|
31,765
|
|
April - 25
|
24,669
|
31,549
|
|
May - 25
|
25,709
|
33,535
|
Annual Average Total Return
|
1 Year
|
5 Year
|
10 Year
|
|
|
Investor Shares
|
7.77%
|
12.26%
|
9.90%
|
|
S&P 500 Index
|
13.52%
|
15.94%
|
12.86%
|
Past performance does not guarantee future results. The "Average Annual Return" and "Cumulative Performance" tables assume 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.
AMANX
| INVESTOR SHARES
Amana Income Fund
Annual Shareholder Report - May 31, 2025
Key Fund Statistics
|
Total Net Assets
|
$1,981,032,287
|
|
# of Portfolio Holdings
|
32
|
|
Advisory Fees Paid
|
$14,082,137
|
|
Portfolio Turnover Rate
|
4%
|
Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762.
What did the Fund invest in?
Top 10 Holdings
% of Total Net Assets
|
Eli Lilly
|
11.0%
|
|
Microsoft
|
9.3%
|
|
Taiwan Semiconductor ADR
|
8.0%
|
|
Rockwell Automation
|
4.8%
|
|
W.W. Grainger
|
4.4%
|
|
Illinois Tool Works
|
3.7%
|
|
Broadcom
|
3.7%
|
|
Nintendo
|
3.1%
|
|
Linde
|
3.1%
|
|
Johnson Controls International
|
2.8%
|
Industry Weightings
% of Total Net Assets
|
Large Pharma
|
15.4%
|
|
Infrastructure Software
|
9.3%
|
|
Semiconductor Manufacturing
|
8.0%
|
|
Personal Care Products
|
7.8%
|
|
Industrial Wholesale & Rental
|
6.2%
|
|
Semiconductor Devices
|
6.0%
|
|
Measurement Instruments
|
4.8%
|
|
Basic & Diversified Chemicals
|
4.6%
|
|
Diversified Industrials
|
3.7%
|
|
Consumer Electronics
|
3.1%
|
|
Other Industries
|
21.5%
|
|
Other Assets (net of liabilities)
|
9.6%
|
QR Code
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/resources/literature.
www.saturna.com/resources/literature
AMIPX
| INSTITUTIONAL SHARES
Amana Participation Fund
Annual Shareholder Report - May 31, 2025
Fund Overview
The objective of the Amana Participation Fund is capital preservation and current income, consistent with Islamic principles. This Annual Shareholder Report contains important information about the Amana Participation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?
(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
|
$59
|
0.57%
|
How did the Fund perform over the last year?
For the fiscal year ended May 31, 2025, the Amana Participation Fund Institutional Shares returned 5.68% and the FTSE IdealRatings Sukuk Index returned 6.77% . The underperformance can be attributed to differences in the Fund's objective and prudent composition relative to the FTSE IdealRatings Sukuk Index.
For the year ending May 31, 2025, the portfolio held 60 investments, 54 sukuk and 6 Islamic placements (murabahas), reporting an option-adjusted duration of 3.42 years, a slight decrease from the previous year's 3.77. The rationale to retain the Fund's duration profile relative to the previous year reflects a strategic allocation to emphasize the ownership of high-quality issuers while reducing duration risk in an interest rate environment marked by higher volatility on securities with longer maturities.
The Amana Participation Fund reported total assets of more than $257 million, up from the prior year when the Fund reported assets of more than $199 million. We take great pride in offering the Islamic community the only entirely dedicated Sharia-compliant investment income fund offering capital preservation and current income.
How did the Fund perform since inception?
The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Cumulative Performance
September 30, 2015 through May 31, 2025 with initial investment of $10,000.
|
Amana Participation Fund Institutional Shares $12,387
|
FTSE IdealRatings Sukuk Index $13,681
|
|
|
September - 15
|
10,000
|
10,000
|
|
October - 15
|
9,980
|
10,077
|
|
November - 15
|
9,950
|
10,010
|
|
December - 15
|
9,940
|
9,998
|
|
January - 16
|
9,922
|
9,977
|
|
February - 16
|
9,949
|
10,102
|
|
March - 16
|
10,025
|
10,209
|
|
April - 16
|
10,102
|
10,291
|
|
May - 16
|
10,110
|
10,295
|
|
June - 16
|
10,232
|
10,426
|
|
July - 16
|
10,283
|
10,487
|
|
August - 16
|
10,375
|
10,578
|
|
September - 16
|
10,342
|
10,578
|
|
October - 16
|
10,308
|
10,542
|
|
November - 16
|
10,184
|
10,374
|
|
December - 16
|
10,194
|
10,399
|
|
January - 17
|
10,245
|
10,482
|
|
February - 17
|
10,315
|
10,576
|
|
March - 17
|
10,339
|
10,602
|
|
April - 17
|
10,378
|
10,651
|
|
May - 17
|
10,422
|
10,706
|
|
June - 17
|
10,381
|
10,716
|
|
July - 17
|
10,434
|
10,763
|
|
August - 17
|
10,495
|
10,850
|
|
September - 17
|
10,483
|
10,855
|
|
October - 17
|
10,482
|
10,862
|
|
November - 17
|
10,469
|
10,846
|
|
December - 17
|
10,468
|
10,847
|
|
January - 18
|
10,459
|
10,828
|
|
February - 18
|
10,384
|
10,711
|
|
March - 18
|
10,397
|
10,731
|
|
April - 18
|
10,337
|
10,652
|
|
May - 18
|
10,339
|
10,694
|
|
June - 18
|
10,371
|
10,700
|
|
July - 18
|
10,428
|
10,784
|
|
August - 18
|
10,451
|
10,807
|
|
September - 18
|
10,450
|
10,808
|
|
October - 18
|
10,422
|
10,735
|
|
November - 18
|
10,433
|
10,775
|
|
December - 18
|
10,479
|
10,876
|
|
January - 19
|
10,590
|
11,038
|
|
February - 19
|
10,644
|
11,110
|
|
March - 19
|
10,733
|
11,279
|
|
April - 19
|
10,791
|
11,353
|
|
May - 19
|
10,849
|
11,469
|
|
June - 19
|
10,957
|
11,635
|
|
July - 19
|
11,061
|
11,760
|
|
August - 19
|
11,228
|
12,039
|
|
September - 19
|
11,187
|
11,968
|
|
October - 19
|
11,201
|
11,972
|
|
November - 19
|
11,226
|
12,008
|
|
December - 19
|
11,207
|
12,051
|
|
January - 20
|
11,320
|
12,231
|
|
February - 20
|
11,332
|
12,319
|
|
March - 20
|
10,822
|
11,651
|
|
April - 20
|
11,041
|
11,964
|
|
May - 20
|
11,307
|
12,302
|
|
June - 20
|
11,417
|
12,459
|
|
July - 20
|
11,584
|
12,765
|
|
August - 20
|
11,661
|
12,833
|
|
September - 20
|
11,660
|
12,818
|
|
October - 20
|
11,703
|
12,861
|
|
November - 20
|
11,779
|
13,021
|
|
December - 20
|
11,834
|
13,110
|
|
January - 21
|
11,866
|
13,116
|
|
February - 21
|
11,839
|
13,027
|
|
March - 21
|
11,769
|
12,934
|
|
April - 21
|
11,834
|
13,048
|
|
May - 21
|
11,877
|
13,121
|
|
June - 21
|
11,894
|
13,191
|
|
July - 21
|
11,923
|
13,235
|
|
August - 21
|
11,952
|
13,268
|
|
September - 21
|
11,933
|
13,233
|
|
October - 21
|
11,925
|
13,209
|
|
November - 21
|
11,883
|
13,205
|
|
December - 21
|
11,910
|
13,253
|
|
January - 22
|
11,810
|
13,022
|
|
February - 22
|
11,708
|
12,883
|
|
March - 22
|
11,583
|
12,697
|
|
April - 22
|
11,469
|
12,371
|
|
May - 22
|
11,452
|
12,359
|
|
June - 22
|
11,395
|
12,191
|
|
July - 22
|
11,479
|
12,405
|
|
August - 22
|
11,471
|
12,379
|
|
September - 22
|
11,207
|
11,875
|
|
October - 22
|
11,140
|
11,725
|
|
November - 22
|
11,306
|
12,093
|
|
December - 22
|
11,357
|
12,168
|
|
January - 23
|
11,466
|
12,387
|
|
February - 23
|
11,388
|
12,253
|
|
March - 23
|
11,440
|
12,409
|
|
April - 23
|
11,520
|
12,541
|
|
May - 23
|
11,463
|
12,479
|
|
June - 23
|
11,440
|
12,421
|
|
July - 23
|
11,454
|
12,448
|
|
August - 23
|
11,420
|
12,408
|
|
September - 23
|
11,302
|
12,249
|
|
October - 23
|
11,195
|
12,119
|
|
November - 23
|
11,423
|
12,504
|
|
December - 23
|
11,652
|
12,851
|
|
January - 24
|
11,642
|
12,784
|
|
February - 24
|
11,642
|
12,749
|
|
March - 24
|
11,717
|
12,849
|
|
April - 24
|
11,622
|
12,670
|
|
May - 24
|
11,721
|
12,814
|
|
June - 24
|
11,809
|
12,916
|
|
July - 24
|
11,925
|
13,090
|
|
August - 24
|
12,102
|
13,353
|
|
September - 24
|
12,229
|
13,527
|
|
October - 24
|
12,134
|
13,312
|
|
November - 24
|
12,163
|
13,362
|
|
December - 24
|
12,118
|
13,280
|
|
January - 25
|
12,160
|
13,352
|
|
February - 25
|
12,274
|
13,521
|
|
March - 25
|
12,329
|
13,582
|
|
April - 25
|
12,371
|
13,664
|
|
May - 25
|
12,387
|
13,681
|
Annual Average Total Return
|
1 Year
|
5 Year
|
Since Inception
|
|
|
Institutional Shares
|
5.68%
|
1.84%
|
2.24%
|
|
FTSE IdealRatings Sukuk Index
|
6.77%
|
2.15%
|
3.29%
|
Past performance does not guarantee future results. The "Average Annual Return" and "Cumulative Performance" tables assume 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.
AMIPX
| INSTITUTIONAL SHARES
Amana Participation Fund
Annual Shareholder Report - May 31, 2025
Key Fund Statistics
|
Total Net Assets
|
$257,286,300
|
|
# of Portfolio Holdings
|
60
|
|
Advisory Fees Paid
|
$1,102,087
|
|
Portfolio Turnover Rate
|
22%
|
Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762.
What did the Fund invest in?
Top 10 Holdings
% of Total Net Assets
|
Kuwait Financial Bank Tier 1 (3.600% due PERP)
|
3.8%
|
|
SA Global (2.694% due 06/17/2031)
|
2.9%
|
|
Almarai Sukuk (5.233% due 07/25/2033)
|
2.9%
|
|
Dar Al-Arkan Sukuk Co Lt (8.000% due 02/25/2029)
|
2.8%
|
|
EDO Sukuk Ltd (5.662% due 07/3/2031)
|
2.7%
|
|
DP World Salaam (6.000% due PERP)
|
2.6%
|
|
Dubai Aerospace Enterprises DIFC (3.750% due 02/15/2026)
|
2.6%
|
|
Majid Al Futtaim (4.638% due 05/14/2029)
|
2.6%
|
|
EMAAR (3.700% due 07/6/2031)
|
2.6%
|
|
TNB Global Ventures (4.851% due 11/1/2028)
|
2.5%
|
Sector Weightings
% of Total Net Assets
|
Financials
|
33.4%
|
|
Real Estate
|
12.6%
|
|
Government
|
12.4%
|
|
Utilities
|
8.4%
|
|
Communications
|
5.6%
|
|
Energy
|
5.6%
|
|
Industrials
|
5.1%
|
|
Bank Time Deposits
|
3.9%
|
|
Consumer Staples
|
2.9%
|
|
Materials
|
1.9%
|
|
Other Sectors
|
0.3%
|
|
Other Assets (net of liabilities)
|
7.9%
|
QR Code
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/resources/literature.
1300 N. State Street
Bellingham, WA 98225
1-800-728-8762
AMAPX
| INVESTOR SHARES
Amana Participation Fund
Annual Shareholder Report - May 31, 2025
Fund Overview
The objective of the Amana Participation Fund is capital preservation and current income, consistent with Islamic principles. This Annual Shareholder Report contains important information about the Amana Participation Fund for the period of June 1, 2024 to May 31, 2025. 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 year?
(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
|
$82
|
0.80%
|
How did the Fund perform over the last year?
For the fiscal year ended May 31, 2025, the Amana Participation Fund Investor Shares returned 5.44% and the FTSE IdealRatings Sukuk Index returned 6.77% . The underperformance can be attributed to differences in the Fund's objective and prudent composition relative to the FTSE IdealRatings Sukuk Index.
For the year ending May 31, 2025, the portfolio held 60 investments, 54 sukuk and 6 Islamic placements (murabahas), reporting an option-adjusted duration of 3.42 years, a slight decrease from the previous year's 3.77. The rationale to retain the Fund's duration profile relative to the previous year reflects a strategic allocation to emphasize the ownership of high-quality issuers while reducing duration risk in an interest rate environment marked by higher volatility on securities with longer maturities.
The Amana Participation Fund reported total assets of more than $257 million, up from the prior year when the Fund reported assets of more than $199 million. We take great pride in offering the Islamic community the only entirely dedicated Sharia-compliant investment income fund offering capital preservation and current income.
How did the Fund perform since inception?
The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.
Cumulative Performance
September 30, 2015 through May 31, 2025 with initial investment of $10,000.
|
Amana Participation Fund Investor Shares $12,104
|
FTSE IdealRatings Sukuk Index $13,681
|
|
|
September - 15
|
10,000
|
10,000
|
|
October - 15
|
9,970
|
10,077
|
|
November - 15
|
9,940
|
10,010
|
|
December - 15
|
9,930
|
9,998
|
|
January - 16
|
9,912
|
9,977
|
|
February - 16
|
9,939
|
10,102
|
|
March - 16
|
10,010
|
10,209
|
|
April - 16
|
10,082
|
10,291
|
|
May - 16
|
10,091
|
10,295
|
|
June - 16
|
10,213
|
10,426
|
|
July - 16
|
10,265
|
10,487
|
|
August - 16
|
10,351
|
10,578
|
|
September - 16
|
10,317
|
10,578
|
|
October - 16
|
10,282
|
10,542
|
|
November - 16
|
10,154
|
10,374
|
|
December - 16
|
10,163
|
10,399
|
|
January - 17
|
10,212
|
10,482
|
|
February - 17
|
10,280
|
10,576
|
|
March - 17
|
10,302
|
10,602
|
|
April - 17
|
10,339
|
10,651
|
|
May - 17
|
10,381
|
10,706
|
|
June - 17
|
10,348
|
10,716
|
|
July - 17
|
10,399
|
10,763
|
|
August - 17
|
10,448
|
10,850
|
|
September - 17
|
10,434
|
10,855
|
|
October - 17
|
10,441
|
10,862
|
|
November - 17
|
10,415
|
10,846
|
|
December - 17
|
10,423
|
10,847
|
|
January - 18
|
10,401
|
10,828
|
|
February - 18
|
10,325
|
10,711
|
|
March - 18
|
10,336
|
10,731
|
|
April - 18
|
10,284
|
10,652
|
|
May - 18
|
10,284
|
10,694
|
|
June - 18
|
10,304
|
10,700
|
|
July - 18
|
10,368
|
10,784
|
|
August - 18
|
10,379
|
10,807
|
|
September - 18
|
10,376
|
10,808
|
|
October - 18
|
10,346
|
10,735
|
|
November - 18
|
10,366
|
10,775
|
|
December - 18
|
10,409
|
10,876
|
|
January - 19
|
10,507
|
11,038
|
|
February - 19
|
10,570
|
11,110
|
|
March - 19
|
10,646
|
11,279
|
|
April - 19
|
10,701
|
11,353
|
|
May - 19
|
10,767
|
11,469
|
|
June - 19
|
10,873
|
11,635
|
|
July - 19
|
10,963
|
11,760
|
|
August - 19
|
11,127
|
12,039
|
|
September - 19
|
11,094
|
11,968
|
|
October - 19
|
11,096
|
11,972
|
|
November - 19
|
11,129
|
12,008
|
|
December - 19
|
11,097
|
12,051
|
|
January - 20
|
11,208
|
12,231
|
|
February - 20
|
11,217
|
12,319
|
|
March - 20
|
10,719
|
11,651
|
|
April - 20
|
10,934
|
11,964
|
|
May - 20
|
11,185
|
12,302
|
|
June - 20
|
11,292
|
12,459
|
|
July - 20
|
11,455
|
12,765
|
|
August - 20
|
11,530
|
12,833
|
|
September - 20
|
11,526
|
12,818
|
|
October - 20
|
11,566
|
12,861
|
|
November - 20
|
11,639
|
13,021
|
|
December - 20
|
11,691
|
13,110
|
|
January - 21
|
11,720
|
13,116
|
|
February - 21
|
11,692
|
13,027
|
|
March - 21
|
11,620
|
12,934
|
|
April - 21
|
11,693
|
13,048
|
|
May - 21
|
11,733
|
13,121
|
|
June - 21
|
11,736
|
13,191
|
|
July - 21
|
11,762
|
13,235
|
|
August - 21
|
11,788
|
13,268
|
|
September - 21
|
11,778
|
13,233
|
|
October - 21
|
11,757
|
13,209
|
|
November - 21
|
11,724
|
13,205
|
|
December - 21
|
11,748
|
13,253
|
|
January - 22
|
11,635
|
13,022
|
|
February - 22
|
11,543
|
12,883
|
|
March - 22
|
11,406
|
12,697
|
|
April - 22
|
11,291
|
12,371
|
|
May - 22
|
11,284
|
12,359
|
|
June - 22
|
11,225
|
12,191
|
|
July - 22
|
11,293
|
12,405
|
|
August - 22
|
11,295
|
12,379
|
|
September - 22
|
11,032
|
11,875
|
|
October - 22
|
10,952
|
11,725
|
|
November - 22
|
11,114
|
12,093
|
|
December - 22
|
11,162
|
12,168
|
|
January - 23
|
11,278
|
12,387
|
|
February - 23
|
11,199
|
12,253
|
|
March - 23
|
11,248
|
12,409
|
|
April - 23
|
11,313
|
12,541
|
|
May - 23
|
11,254
|
12,479
|
|
June - 23
|
11,241
|
12,421
|
|
July - 23
|
11,253
|
12,448
|
|
August - 23
|
11,217
|
12,408
|
|
September - 23
|
11,098
|
12,249
|
|
October - 23
|
10,991
|
12,119
|
|
November - 23
|
11,201
|
12,504
|
|
December - 23
|
11,436
|
12,851
|
|
January - 24
|
11,423
|
12,784
|
|
February - 24
|
11,410
|
12,749
|
|
March - 24
|
11,492
|
12,849
|
|
April - 24
|
11,384
|
12,670
|
|
May - 24
|
11,480
|
12,814
|
|
June - 24
|
11,563
|
12,916
|
|
July - 24
|
11,687
|
13,090
|
|
August - 24
|
11,858
|
13,353
|
|
September - 24
|
11,968
|
13,527
|
|
October - 24
|
11,873
|
13,312
|
|
November - 24
|
11,911
|
13,362
|
|
December - 24
|
11,864
|
13,280
|
|
January - 25
|
11,903
|
13,352
|
|
February - 25
|
12,001
|
13,521
|
|
March - 25
|
12,065
|
13,582
|
|
April - 25
|
12,091
|
13,664
|
|
May - 25
|
12,104
|
13,681
|
Annual Average Total Return
|
1 Year
|
5 Year
|
Since Inception
|
|
|
Investor Shares
|
5.44%
|
1.59%
|
1.99%
|
|
FTSE IdealRatings Sukuk Index
|
6.77%
|
2.15%
|
3.29%
|
Past performance does not guarantee future results. The "Average Annual Return" and "Cumulative Performance" tables assume 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.
AMAPX
| INVESTOR SHARES
Amana Participation Fund
Annual Shareholder Report - May 31, 2025
Key Fund Statistics
|
Total Net Assets
|
$257,286,300
|
|
# of Portfolio Holdings
|
60
|
|
Advisory Fees Paid
|
$1,102,087
|
|
Portfolio Turnover Rate
|
23%
|
Householding
You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762.
What did the Fund invest in?
Top 10 Holdings
% of Total Net Assets
|
Kuwait Financial Bank Tier 1 (3.600% due PERP)
|
3.8%
|
|
SA Global (2.694% due 06/17/2031)
|
2.9%
|
|
Almarai Sukuk (5.233% due 07/25/2033)
|
2.9%
|
|
Dar Al-Arkan Sukuk Co Lt (8.000% due 02/25/2029)
|
2.8%
|
|
EDO Sukuk Ltd (5.662% due 07/3/2031)
|
2.7%
|
|
DP World Salaam (6.000% due PERP)
|
2.6%
|
|
Dubai Aerospace Enterprises DIFC (3.750% due 02/15/2026)
|
2.6%
|
|
Majid Al Futtaim (4.638% due 05/14/2029)
|
2.6%
|
|
EMAAR (3.700% due 07/6/2031)
|
2.6%
|
|
TNB Global Ventures (4.851% due 11/1/2028)
|
2.5%
|
Sector Weightings
% of Total Net Assets
|
Financials
|
33.4%
|
|
Real Estate
|
12.6%
|
|
Government
|
12.4%
|
|
Utilities
|
8.4%
|
|
Communications
|
5.6%
|
|
Energy
|
5.6%
|
|
Industrials
|
5.1%
|
|
Bank Time Deposits
|
3.9%
|
|
Consumer Staples
|
2.9%
|
|
Materials
|
1.9%
|
|
Other Sectors
|
0.3%
|
|
Other Assets (net of liabilities)
|
7.9%
|
QR Code
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/resources/literature.
1300 N. State Street
Bellingham, WA 98225
1-800-728-8762
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. There have been no amendments or waivers granted with respect to the code of ethics during the period covered by the report. 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
(a)(1)(i) The Trustees of Amana Mutual Funds Trust determined, at their quarterly meeting of June 12, 2003, that the Trust shall have at least one audit committee financial expert serving on its Audit & Compliance Committee.
(a)(2) Mr. Ronald H. Fielding, independent Trustee (as defined for investment companies), presently serves as financial expert.
Item 4. Principal Accountant Fees and Services
(a) Audit Fees
For the fiscal years ending May 31, 2025, and 2024 the aggregate audit fees billed for professional services rendered by the principal accountant were $132,500 and $129,000, respectively.
(b) Audit-Related Fees
There were no fees billed by the principal accountant for assurance and related services that were not included under paragraph (a) for the fiscal years ending May 31, 2025, and 2024.
(c) Tax Fees
For the fiscal years ending May 31, 2025, and 2024, the aggregate tax fees billed for professional tax preparation services rendered by the principal accountant were $21,500 and $20,500 respectively. Service includes preparation of the Funds' federal and state income tax returns.
(d) All Other Fees
There were no other fees billed by the principal accountant for the fiscal years ending May 31, 2025, and 2024.
(e)(1) Audit Committee Pre-Approval Policies and Procedures
The following is an excerpt from the Amana Mutual Funds Trust Audit & Compliance Committee Charter:
D. Oversight of Independent Auditors
3. Pre-approval of Audit and Non-Audit Services. Except as provided below, the Committee's prior approval is necessary for the engagement of the independent auditors to provide any audit or non-audit services for the Trust and any non-audit services for any entity controlling, controlled by or under common control with Saturna that provides ongoing services to the Trust (Saturna and each such entity, an "Adviser Affiliate") where the engagement relates directly to the operations or financial reporting of the Trust. Non-audit services that qualify under the de minimis exception described in the Securities Exchange Act of 1934, as amended, and applicable rules thereunder, that were not pre-approved by the Committee, must be approved by the Committee prior to the completion of the audit. Pre-approval by the Committee is not required for engagements entered into pursuant to (a) pre-approval policies and procedures established by the Committee, or (b) pre-approval granted by one or more members of the Committee to whom, or by a subcommittee to which, the Committee has delegated pre-approval authority, provided in either case, that the Committee is informed of each such service at its next regular meeting.
(e)(2) Percentages of Services
None of the services described in each of paragraphs (b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable.
(g) Aggregate Non-Audit Fees
The aggregate non-audit fees billed by the principal accountant for services rendered to the Registrant are shown above in the response to Item 4(b), (c) and (d) above.
(1) The aggregate non-audit fees billed by the principal accountant for services rendered to the Registrant's investment adviser, Saturna Capital Corporation ("Saturna"), for the fiscal years ended May 31, 2025, and 2024 were:
|
|
Fiscal Year Ended
|
|
|
|
May 2025
|
May 2024
|
|
All other fees:
|
$21,500
|
$20,500
|
The fees listed above consist of fees paid by Saturna to the Registrant's principal accountant for its review and report on Saturna's internal transfer agency control procedures and Saturna's custody control procedures.
(2) The aggregate non-audit fees billed by the principal accountant for services rendered to entities controlling, controlled by, or under common control with Saturna, for the fiscal years ended May 31, 2025, and 2024 were:
|
|
Fiscal Year Ended
|
|
|
|
May 2025
|
May 2024
|
|
All other fees:
|
None
|
None
|
(h) Registrant's Audit Committee
The Registrant's Audit Committee has considered the provision of non-audit services that were rendered to Saturna, and any entity controlling, controlled by or under common control with Saturna that provides ongoing services to the Registrant, that were not pre-approved pursuant to Rule 2-01 (c)(7)(ii) of Regulation S-X and has determined that the provision of such services is compatible with maintaining the independence of the Registrant's principal accountant.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
The schedule is included as part of the report to shareholders filed under Item 7 of this Form.
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
15
Schedule
of
Investments
15
Statement
of
Assets
and
Liabilities
and
Statement
of
Operations
18
Statements
of
Changes
in
Net
Assets
19
Financial
Highlights
20
Amana
Participation
Fund
21
Schedule
of
Investments
21
Statement
of
Assets
and
Liabilities
and
Statement
of
Operations
23
Statements
of
Changes
in
Net
Assets
24
Financial
Highlights
25
Notes
To
Financial
Statements
26
Note
1
-
Organization
26
Note
2
-
Significant
Accounting
Policies
26
Note
3
-
Transactions
with
Affiliated
Persons
29
Note
4
-
Distributions
to
Shareowners
30
Note
5
-
Federal
Income
Taxes
30
Note
6
-
Investments
31
Note
7
-
Custodian
31
Note
8
-
Subsequent
Events
31
Report
of
Independent
Registered
Public
Accounting
Firm
32
Form
N-CSR
Items
8-11
34
Summary
Information
35
May
31,
2025
Annual
Financial
3
Morningstar
Ratings
(as
of
May
31,
2025)
Unaudited
©
2025
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
May
31,
2025.
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.
%
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
Amana
Income
Fund
-
"Large
Blend"
Category
Investor
Shares
(AMANX)
n/a



n/a

%
Rank
in
Category
84
79
87
85
92
n/a
Institutional
Shares
(AMINX)
n/a



n/a

%
Rank
in
Category
83
77
84
82
90
n/a
Number
of
Funds
in
Category
1,353
1,257
1,155
885
696
1,257
Amana
Growth
Fund
-
"Large
Growth"
Category
Investor
Shares
(AMAGX)
n/a



n/a

%
Rank
in
Category
97
90
47
39
71
n/a
Institutional
Shares
(AMIGX)
n/a



n/a

%
Rank
in
Category
97
88
43
33
67
n/a
Number
of
Funds
in
Category
1,085
1,034
952
748
581
1,034
Amana
Developing
World
Fund
-
"Diversified
Emerging
Markets"
Category
Investor
Shares
(AMDWX)
n/a



n/a

%
Rank
in
Category
98
75
55
77
97
n/a
Institutional
Shares
(AMIDX)
n/a



n/a

%
Rank
in
Category
98
72
51
72
96
n/a
Number
of
Funds
in
Category
770
716
634
444
219
716
Amana
Participation
Fund
-
"Emerging
Markets
Bond"
Category
Investor
Shares
(AMAPX)
n/a


n/a
n/a

%
Rank
in
Category
87
49
24
n/a
n/a
n/a
Institutional
Shares
(AMIPX)
n/a


n/a
n/a

%
Rank
in
Category
80
43
20
n/a
n/a
n/a
Number
of
Funds
in
Category
159
159
152
125
86
159
4
May
31,
2025
Annual
Financial
Morningstar
Ratings
(as
of
June
30,
2025)
Unaudited
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.
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



n/a

%
Rank
in
Category
86
84
85
83
93
n/a
Institutional
Shares
(AMINX)
n/a



n/a

%
Rank
in
Category
85
83
83
79
91
n/a
Number
of
Funds
in
Category
1,354
1,265
1,161
894
698
1,265
Amana
Growth
Fund
-
"Large
Growth"
Category
Investor
Shares
(AMAGX)
n/a



n/a

%
Rank
in
Category
98
90
51
38
73
n/a
Institutional
Shares
(AMIGX)
n/a



n/a

%
Rank
in
Category
98
89
46
32
69
n/a
Number
of
Funds
in
Category
1,084
1,033
954
754
581
1,033
Amana
Developing
World
Fund
-
"Diversified
Emerging
Markets"
Category
Investor
Shares
(AMDWX)
n/a



n/a

%
Rank
in
Category
99
79
59
78
97
n/a
Institutional
Shares
(AMIDX)
n/a



n/a

%
Rank
in
Category
99
77
55
75
96
n/a
Number
of
Funds
in
Category
769
711
629
453
216
711
Amana
Participation
Fund
-
"Emerging
Markets
Bond"
Category
Investor
Shares
(AMAPX)
n/a


n/a
n/a

%
Rank
in
Category
96
77
25
n/a
n/a
n/a
Institutional
Shares
(AMIPX)
n/a


n/a
n/a

%
Rank
in
Category
92
71
21
n/a
n/a
n/a
Number
of
Funds
in
Category
159
159
152
125
87
159
Schedule
of
Investments
As
of
May
31,
2025
Amana
Income
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2025
Annual
Financial
5
Continued
on
next
page.
Common
Stock
-
90
.4
%
Number
of
Shares
Cost
Market
Value
Percentage
of
Net
Assets
Consumer
Discretionary
Apparel,
Footwear
&
Acc
Design
Nike,
Class
B
155,000
$
10,646,110
$
9,391,450
0.5%
Automotive
Retailers
Genuine
Parts
382,000
15,016,749
48,330,640
2.4%
Home
Products
Stores
Home
Depot
30,000
11,894,959
11,048,700
0.6%
37,557,818
68,770,790
3.5%
Consumer
Staples
Household
Products
Procter
&
Gamble
250,000
34,077,472
42,472,500
2.1%
Packaged
Food
McCormick
&
Co
559,288
13,161,835
40,677,016
2.1%
Personal
Care
Products
Colgate-Palmolive
450,000
18,061,325
41,823,000
2.1%
Kenvue
1,675,000
34,061,723
39,982,250
2.0%
Kimberly-Clark
300,000
22,709,515
43,128,000
2.2%
Unilever
ADR
475,000
17,206,628
30,324,000
1.5%
92,039,191
155,257,250
7.8%
139,278,498
238,406,766
12.0%
Health
Care
Biotech
Amgen
74,650
18,478,923
21,512,637
1.1%
Large
Pharma
AbbVie
100,000
2,803,208
18,611,000
0.9%
Eli
Lilly
296,275
10,140,323
218,553,179
11.0%
Johnson
&
Johnson
165,000
19,251,626
25,609,650
1.3%
Merck
&
Co
123,000
15,683,886
9,451,320
0.5%
Novartis
ADR
295,400
15,552,803
34,195,504
1.7%
63,431,846
306,420,653
15.4%
Medical
Devices
Abbott
Laboratories
350,000
8,392,885
46,753,000
2.4%
90,303,654
374,686,290
18.9%
Industrials
Commercial
&
Residential
Building
Equipment
&
Systems
Johnson
Controls
International
550,000
34,796,048
55,753,500
2.8%
Courier
Services
United
Parcel
Service,
Class
B
260,000
45,172,384
25,360,400
1.3%
Diversified
Industrials
Illinois
Tool
Works
300,000
14,672,460
73,524,000
3.7%
Electrical
Power
Equipment
Eaton
110,000
20,458,947
35,222,000
1.8%
Industrial
Wholesale
&
Rental
Ferguson
Enterprises
200,000
39,986,232
36,468,000
1.8%
W.W.
Grainger
80,000
7,590,798
87,004,800
4.4%
47,577,030
123,472,800
6.2%
Measurement
Instruments
Rockwell
Automation
300,000
13,657,124
94,665,000
4.8%
Schedule
of
Investments
As
of
May
31,
2025
Amana
Income
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
May
31,
2025
Annual
Financial
Common
Stock
-
90.4%
Number
of
Shares
Cost
Market
Value
Percentage
of
Net
Assets
Industrials
(continued)
Rail
Freight
Canadian
National
Railway
384,000
$
8,600,818
$
40,296,960
2.0%
184,934,811
448,294,660
22.6%
Materials
Basic
&
Diversified
Chemicals
Air
Products
&
Chemicals
110,000
6,424,723
30,680,100
1.5%
Linde
130,000
8,531,142
60,785,400
3.1%
14,955,865
91,465,500
4.6%
Technology
Communications
Equipment
Cisco
Systems
750,000
34,718,422
47,280,000
2.4%
Consumer
Electronics
Nintendo
750,000
36,514,433
61,020,213
3.1%
Infrastructure
Software
Microsoft
400,000
7,953,170
184,144,000
9.3%
Semiconductor
Devices
Broadcom
300,000
34,949,114
72,621,000
3.7%
Texas
Instruments
250,000
38,489,292
45,712,500
2.3%
73,438,406
118,333,500
6.0%
Semiconductor
Manufacturing
Taiwan
Semiconductor
ADR
824,500
8,249,619
159,392,340
8.0%
160,874,050
570,170,053
28.8%
Total
investments
$627,904,696
$
1,791,794,059
90.4%
Other
assets
(net
of
liabilities)
189,238,228
9.6%
Total
net
assets
$
1,981,032,287
100.0%
ADR:
American
Depositary
Receipt
Amana
Income
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2025
Annual
Financial
7
Statement
of
Assets
and
Liabilities
Statement
of
Operations
As
of
May
31,
2025
Assets
Investments
in
securities,
at
value
(Cost
$627,904,696)
$
1,791,794,059
Cash
187,097,199
Dividends
receivable
3,444,333
Receivable
for
Fund
shares
sold
414,857
Prepaid
expenses
34,403
Total
assets
1,982,784,851
Liabilities
Accrued
advisory
fees
1,200,335
Payable
for
Fund
shares
redeemed
301,503
Accrued
12b-1
distribution
fees
176,151
Accrued
retirement
plan
custody
fee
38,478
Accrued
audit
expenses
13,471
Accrued
Chief
Compliance
Officer
expenses
4,542
Accrued
trustee
expenses
3,333
Accrued
legal
expenses
2,820
Accrued
other
operating
expenses
11,931
Total
liabilities
1,752,564
Net
assets
$1,981,032,287
Analysis
of
net
assets
Paid-in
capital
(unlimited
shares
authorized,
without
par
value)
$781,131,944
Total
distributable
earnings
1,199,900,343
Net
assets
applicable
to
Fund
shares
outstanding
$1,981,032,287
Net
asset
value
per
Investor
Shares
AMANX
Net
assets,
at
value
$844,061,700
Shares
outstanding
12,684,279
Net
asset
value,
offering
and
redemption
price
per
share
$66.54
Net
asset
value
per
Institutional
Shares
AMINX
Net
assets,
at
value
$1,136,970,587
Shares
outstanding
17,315,338
Net
asset
value,
offering
and
redemption
price
per
share
$65.66
Year
ended
May
31,
2025
Investment
income
Dividend
Income
(Net
of
foreign
tax
of
$817,909)
$
32,840,403
Miscellaneous
income
3,008
Total
investment
income
32,843,411
Expenses
Investment
advisory
fees
14,082,137
12b-1
distribution
fees
2,136,301
ReFlow
fees
88,088
Custodian
fees
87,780
Retirement
plan
custodial
fees
87,001
125
Investor
Shares
222
150
Institutional
Shares
86,779
Filing
and
registration
fees
64,383
Audit
fees
33,014
Legal
fees
32,850
Chief
Compliance
Officer
expenses
31,291
Trustee
fees
26,072
Other
operating
expenses
178,327
Total
gross
expenses
16,847,244
Less
custodian
fee
credits
(87,780)
Net
expenses
16,759,464
Net
investment
income
$16,083,947
Net
realized
gain
from
investments
and
foreign
currency
$84,628,411
A
Net
Increase
in
unrealized
appreciation
on
investments
and
foreign
currency
45,632,361
Net
gain
on
investments
130,260,772
Net
increase
in
net
assets
resulting
from
operations
$146,344,719
A
Includes
$24,105,700
in
net
realized
gains
from
redemptions
in-kind
Amana
Income
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
May
31,
2025
Annual
Financial
Statements
of
Changes
in
Net
Assets
Year
ended
May
31,
2025
Year
ended
May
31,
2024
Increase
in
net
assets
from
operations
From
operations
Net
investment
income
$16,083,947
$17,097,751
Net
realized
gain
on
investments
and
foreign
currency
84,628,411
109,115,389
Net
increase
in
unrealized
appreciation
on
investments
and
foreign
currency
45,632,361
185,124,533
Net
increase
in
net
assets
146,344,719
311,337,673
Distributions
to
shareowners
from
125
Net
dividend
and
distribution
to
shareholders
-
Investor
Shares
(45,166,603)
(39,617,273)
150
Net
dividend
and
distribution
to
shareholders
-
Institutional
Shares
(61,267,074)
(49,306,364)
Total
distributions
(106,433,677)
(88,923,637)
Capital
share
transactions
Proceeds
from
the
sale
of
shares
125
Investor
Shares
69,870,774
65,597,644
150
Institutional
Shares
251,888,879
140,060,628
Value
of
shares
issued
in
reinvestment
of
dividends
and
distributions
125
Investor
Shares
43,617,060
38,327,596
150
Institutional
Shares
58,767,563
47,465,741
Cost
of
shares
redeemed
125
Investor
Shares
(127,442,908)
(115,814,293)
150
Institutional
Shares
(214,093,824)
(114,726,119)
Total
capital
shares
transactions
82,607,544
60,911,197
Total
increase
in
net
assets
122,518,586
283,325,233
Net
assets
Beginning
of
year
1,858,513,701
1,575,188,468
End
of
year
$1,981,032,287
$1,858,513,701
Shares
of
the
Fund
sold
and
redeemed
Investor
Shares
(AMANX)
Number
of
shares
sold
1,052,806
1,063,460
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
679,237
641,057
Number
of
shares
redeemed
(1,925,424)
(1,874,466)
Net
decrease
in
number
of
shares
outstanding
(193,381)
(169,949)
Institutional
Shares
(AMINX)
Number
of
shares
sold
3,848,401
2,288,062
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
927,069
802,660
Number
of
shares
redeemed
(3,269,683)
(1,877,019)
Net
increase
in
number
of
shares
outstanding
1,505,787
1,213,703
-
-
Amana
Income
Fund:
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2025
Annual
Financial
9
Investor
Shares
(AMANX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
year:
Year
ended
May
31,
2025
2024
2023
2022
2021
A
A
A
A
A
A
Net
asset
value
at
beginning
of
year
$65.21
$57.31
$59.34
$61.52
$50.03
Income
from
investment
operations
Net
investment
income
A
0.46
0.53
0.59
0.59
0.58
Net
gains
on
securities
(both
realized
and
unrealized)
4.47
10.49
1.91
0.37
14.53
Total
from
investment
operations
4.93
11.02
2.50
0.96
15.11
Less
distributions
Dividends
(from
net
investment
income)
(0.44)
(0.51)
(0.55)
(0.55)
(0.56)
Distributions
(from
capital
gains)
(3.16)
(2.61)
(3.98)
(2.59)
(3.06)
Total
distributions
(3.60)
(3.12)
(4.53)
(3.14)
(3.62)
Net
asset
value
at
end
of
year
$66.54
$65.21
$57.31
$59.34
$61.52
Total
Return
7.77%
19.75%
4.35%
1.16%
30.87%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
year
$844,062
$839,814
$747,787
$746,534
$841,439
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
1.01%
1.01%
1.02%
1.01%
1.04%
After custodian
fee
credits
1.00%
1.00%
1.02%
1.01%
1.04%
Ratio
of
net
investment
income
after
custodian
fee
credits to
average
net
assets
0.69%
0.86%
1.03%
0.94%
1.03%
Portfolio
turnover
rate
4%
10%
8%
5%
5%
Institutional
Shares
(AMINX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
year:
Year
ended
May
31,
2025
2024
2023
2022
2021
A
A
A
A
A
A
Net
asset
value
at
beginning
of
year
$64.44
$56.69
$58.79
$61.04
$49.72
Income
from
investment
operations
Net
investment
income
A
0.62
0.67
0.72
0.74
0.71
Net
gains
on
securities
(both
realized
and
unrealized)
4.40
10.38
1.90
0.37
14.42
Total
from
investment
operations
5.02
11.05
2.62
1.11
15.13
Less
distributions
Dividends
(from
net
investment
income)
(0.64)
(0.69)
(0.74)
(0.77)
(0.75)
Distributions
(from
capital
gains)
(3.16)
(2.61)
(3.98)
(2.59)
(3.06)
Total
distributions
(3.80)
(3.30)
(4.72)
(3.36)
(3.81)
Net
asset
value
at
end
of
year
$65.66
$64.44
$56.69
$58.79
$61.04
Total
Return
8.02%
20.05%
4.61%
1.40%
31.14%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
year
$1,136,971
$1,018,700
$827,401
$788,724
$703,695
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
0.76%
0.76%
0.78%
0.77%
0.80%
After custodian
fee
credits
0.76%
0.76%
0.77%
0.77%
0.79%
Ratio
of
net
investment
income
after
custodian
fee
credits to
average
net
assets
0.94%
1.11%
1.27%
1.19%
1.27%
Portfolio
turnover
rate
4%
10%
8%
5%
5%
A
Calculated
using
average
shares
outstanding
Schedule
of
Investments
As
of
May
31,
2025
Amana
Growth
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
May
31,
2025
Annual
Financial
Continued
on
next
page.
Common
Stock
-
94
.3
%
Number
of
Shares
Cost
Market
Value
Percentage
of
Net
Assets
Communications
Internet
Media
&
Services
Alphabet,
Class
A
1,345,000
$
161,823,354
$
230,990,300
4.4%
Consumer
Discretionary
Automotive
Retailers
AutoZone
1
40,000
98,870,262
149,321,600
2.8%
Home
Products
Stores
Lowe's
400,000
8,620,300
90,292,000
1.7%
Specialty
Apparel
Stores
TJX
Companies
1,150,000
12,679,185
145,935,000
2.8%
120,169,747
385,548,600
7.3%
Consumer
Staples
Household
Products
Procter
&
Gamble
640,000
106,667,904
108,729,600
2.0%
Personal
Care
Products
Church
&
Dwight
1,171,300
20,995,228
115,150,503
2.2%
127,663,132
223,880,103
4.2%
Health
Care
Large
Pharma
AbbVie
600,000
116,604,834
111,666,000
2.1%
AstraZeneca
ADR
1,590,000
107,739,591
115,799,700
2.2%
Eli
Lilly
290,435
10,031,382
214,245,186
4.1%
Novo
Nordisk
ADR
2,003,200
7,663,670
143,228,800
2.7%
242,039,477
584,939,686
11.1%
Life
Science
&
Diagnostics
Agilent
Technologies
586,100
12,639,490
65,596,312
1.2%
Medical
Devices
Stryker
300,000
15,657,168
114,792,000
2.2%
270,336,135
765,327,998
14.5%
Industrials
Commercial
&
Residential
Building
Equipment
&
Systems
Johnson
Controls
International
2,000,000
104,457,807
202,740,000
3.8%
Trane
400,000
66,621,870
172,108,000
3.3%
171,079,677
374,848,000
7.1%
Electrical
Power
Equipment
Eaton
70,000
25,915,995
22,414,000
0.4%
Schneider
Electric
SE
400,000
100,973,753
100,907,305
1.9%
126,889,748
123,321,305
2.3%
Measurement
Instruments
Keysight
Technologies
1
851,450
63,660,247
133,711,708
2.5%
Trimble
1
1,665,000
26,578,159
118,664,550
2.3%
90,238,406
252,376,258
4.8%
Metalworking
Machinery
Lincoln
Electric
Holdings
268,920
5,947,784
52,060,223
1.0%
Schedule
of
Investments
As
of
May
31,
2025
Amana
Growth
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2025
Annual
Financial
11
Common
Stock
-
94.3%
Number
of
Shares
Cost
Market
Value
Percentage
of
Net
Assets
Industrials
(continued)
Rail
Freight
Union
Pacific
153,840
$
15,915,636
$
34,100,174
0.7%
410,071,251
836,705,960
15.9%
Technology
Application
Software
Adobe
1
320,600
10,572,380
133,077,854
2.5%
Intuit
285,600
9,926,412
215,191,032
4.1%
20,498,792
348,268,886
6.6%
Communications
Equipment
Apple
1,773,025
1,440,251
356,112,071
6.8%
Cisco
Systems
929,050
17,145,280
58,567,312
1.1%
18,585,531
414,679,383
7.9%
Infrastructure
Software
Microsoft
660,000
205,627,703
303,837,600
5.8%
Oracle
900,000
39,381,679
148,977,000
2.8%
ServiceNow
1
185,000
99,581,103
187,051,650
3.5%
344,590,485
639,866,250
12.1%
IT
Services
Gartner
1
179,900
6,185,085
78,511,958
1.5%
Semiconductor
Devices
Advanced
Micro
Devices
1
245,100
3,543,066
27,139,923
0.5%
Broadcom
1,150,000
122,582,706
278,380,500
5.3%
Nvidia
2,100,000
152,670,792
283,773,000
5.4%
278,796,564
589,293,423
11.2%
Semiconductor
Manufacturing
ASML
Holding
NY
308,000
10,937,644
226,925,160
4.3%
Taiwan
Semiconductor
ADR
1,210,921
12,693,436
234,095,248
4.4%
23,631,080
461,020,408
8.7%
692,287,537
2,531,640,308
48.0%
Total
investments
$1,782,351,156
$
4,974,093,269
94.3%
Other
assets
(net
of
liabilities)
298,537,320
5.7%
Total
net
assets
$
5,272,630,589
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
May
31,
2025
Annual
Financial
Statement
of
Assets
and
Liabilities
Statement
of
Operations
As
of
May
31,
2025
Assets
Investments
in
securities,
at
value
(Cost
$1,782,351,156)
$
4,974,093,269
Cash
299,269,112
Dividends
receivable
3,556,193
Receivable
for
Fund
shares
sold
1,422,173
Prepaid
expenses
75,021
Total
assets
5,278,415,768
Liabilities
Accrued
advisory
fees
2,570,872
Payable
for
Fund
shares
redeemed
2,524,902
Accrued
12b-1
distribution
fees
518,937
Accrued
retirement
plan
custody
fee
57,739
Accrued
audit
expenses
22,917
Accrued
trustee
expenses
9,881
Accrued
legal
expenses
9,491
Accrued
Chief
Compliance
Officer
expenses
7,314
Accrued
other
operating
expenses
63,126
Total
liabilities
5,785,179
Net
assets
$5,272,630,589
Analysis
of
net
assets
Paid-in
capital
(unlimited
shares
authorized,
without
par
value)
$2,119,757,171
Total
distributable
earnings
3,152,873,418
Net
assets
applicable
to
Fund
shares
outstanding
$5,272,630,589
Net
asset
value
per
Investor
Shares
AMAGX
Net
assets,
at
value
$2,506,580,838
Shares
outstanding
31,728,585
Net
asset
value,
offering
and
redemption
price
per
share
$79.00
Net
asset
value
per
Institutional
Shares
AMIGX
Net
assets,
at
value
$2,766,049,751
Shares
outstanding
34,733,672
Net
asset
value,
offering
and
redemption
price
per
share
$79.64
Year
ended
May
31,
2025
Investment
income
Dividend
Income
(Net
of
foreign
tax
of
$1,719,932)
$
45,873,297
Miscellaneous
income
2,101
Total
investment
income
45,875,398
Expenses
Investment
advisory
fees
31,740,031
12b-1
distribution
fees
6,496,444
ReFlow
fees
384,371
Custodian
fees
239,314
Retirement
plan
custodial
fees
131,566
225
Investor
Shares
343
250
Institutional
Shares
131,223
Filing
and
registration
fees
120,918
Legal
fees
98,053
Audit
fees
92,002
Chief
Compliance
Officer
expenses
87,739
Trustee
fees
75,996
Other
operating
expenses
410,605
Total
gross
expenses
39,877,039
Less
custodian
fee
credits
(239,314)
Net
expenses
39,637,725
Net
investment
income
$6,237,673
Net
realized
gain
from
investments
and
foreign
currency
$176,817,604
A
Net
Increase
in
unrealized
appreciation
on
investments
and
foreign
currency
86,888,468
Net
gain
on
investments
263,706,072
Net
increase
in
net
assets
resulting
from
operations
$269,943,745
A
Includes
$221,743,000
in
net
realized
gains
from
redemptions
in-kind
Amana
Growth
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2025
Annual
Financial
13
Statements
of
Changes
in
Net
Assets
Year
ended
May
31,
2025
Year
ended
May
31,
2024
Increase
in
net
assets
from
operations
From
operations
Net
investment
income
$6,237,673
$9,357,997
Net
realized
gain
on
investments
and
foreign
currency
176,817,604
240,318,416
Net
increase
in
unrealized
appreciation
on
investments
and
foreign
currency
86,888,468
788,446,787
Net
increase
in
net
assets
269,943,745
1,038,123,200
Distributions
to
shareowners
from
225
Net
dividend
and
distribution
to
shareholders
-
Investor
Shares
(100,893,981)
(14,498,999)
250
Net
dividend
and
distribution
to
shareholders
-
Institutional
Shares
(113,345,661)
(18,959,927)
Total
distributions
(214,239,642)
(33,458,926)
Capital
share
transactions
Proceeds
from
the
sale
of
shares
225
Investor
Shares
356,186,050
492,993,115
250
Institutional
Shares
823,392,230
664,241,837
Value
of
shares
issued
in
reinvestment
of
dividends
and
distributions
225
Investor
Shares
95,674,351
13,941,611
250
Institutional
Shares
108,756,525
18,285,747
Cost
of
shares
redeemed
225
Investor
Shares
(499,074,381)
(334,959,259)
250
Institutional
Shares
(893,181,201)
(458,432,950)
Total
capital
shares
transactions
(8,246,426)
396,070,101
Total
increase
in
net
assets
47,457,677
1,400,734,375
Net
assets
Beginning
of
year
5,225,172,912
3,824,438,537
End
of
year
$5,272,630,589
$5,225,172,912
Shares
of
the
Fund
sold
and
redeemed
Investor
Shares
(AMAGX)
Number
of
shares
sold
4,453,978
6,950,130
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
1,199,979
196,666
Number
of
shares
redeemed
(6,288,709)
(4,695,664)
Net
increase
(decrease)
in
number
of
shares
outstanding
(634,752)
2,451,132
Institutional
Shares
(AMIGX)
Number
of
shares
sold
10,318,331
9,379,438
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
1,354,546
256,606
Number
of
shares
redeemed
(11,274,325)
(6,539,327)
Net
increase
in
number
of
shares
outstanding
398,552
3,096,717
-
-
Amana
Growth
Fund:
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
May
31,
2025
Annual
Financial
Investor
Shares
(AMAGX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
year:
Year
ended
May
31,
2025
2024
2023
2022
2021
A
A
A
A
A
A
Net
asset
value
at
beginning
of
year
$78.08
$62.36
$60.47
$61.17
$45.39
Income
from
investment
operations
Net
investment
income
A
(0.01)
0.06
0.12
0.05
0.10
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
4.07
16.12
3.86
(0.37)
18.74
Total
from
investment
operations
4.06
16.18
3.98
(0.32)
18.84
Less
distributions
Dividends
(from
net
investment
income)
-
(0.11)
(0.10)
(0.05)
(0.13)
Distributions
(from
capital
gains)
(3.14)
(0.35)
(1.99)
(0.33)
(2.93)
Total
distributions
(3.14)
(0.46)
(2.09)
(0.38)
(3.06)
Net
asset
value
at
end
of
year
$79.00
$78.08
$62.36
$60.47
$61.17
Total
Return
5.17%
26.03%
6.83%
(0.62)%
42.16%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
year
$2,506,581
$2,527,041
$1,865,385
$1,684,412
$1,735,349
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
0.86%
0.87%
0.91%
0.91%
0.96%
After custodian
fee
credits
0.86%
0.87%
0.91%
0.90%
0.96%
Ratio
of
net
investment
income
after
custodian
fee
credits to
average
net
assets
(0.01)%
0.09%
0.21%
0.09%
0.19%
Portfolio
turnover
rate
3%
10%
6%
3%
B
3%
B
Institutional
Shares
(AMIGX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
year:
Year
ended
May
31,
2025
2024
2023
2022
2021
A
A
A
A
A
A
Net
asset
value
at
beginning
of
year
$78.58
$62.71
$60.80
$61.50
$45.60
Income
from
investment
operations
Net
investment
income
A
0.19
0.23
0.27
0.22
0.24
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
4.09
16.23
3.88
(0.38)
18.84
Total
from
investment
operations
4.28
16.46
4.15
(0.16)
19.08
Less
distributions
Dividends
(from
net
investment
income)
(0.08)
(0.24)
(0.25)
(0.21)
(0.25)
Distributions
(from
capital
gains)
(3.14)
(0.35)
(1.99)
(0.33)
(2.93)
Total
distributions
(3.22)
(0.59)
(2.24)
(0.54)
(3.18)
Net
asset
value
at
end
of
year
$79.64
$78.58
$62.71
$60.80
$61.50
Total
Return
5.42%
26.34%
7.09%
(0.40)%
42.53%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
year
$2,766,050
$2,698,132
$1,959,054
$1,489,810
$1,291,092
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
0.61%
0.62%
0.67%
0.64%
0.71%
After custodian
fee
credits
0.61%
0.62%
0.66%
0.64%
0.71%
Ratio
of
net
investment
income
after
custodian
fee
credits to
average
net
assets
0.23%
0.33%
0.46%
0.32%
0.43%
Portfolio
turnover
rate
3%
10%
6%
3%
B
3%
B
A
Calculated
using
average
shares
outstanding
B
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.
Schedule
of
Investments
As
of
May
31,
2025
Amana
Developing
World
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2025
Annual
Financial
15
Continued
on
next
page.
Common
Stock
-
82.6%
Number
of
Shares
Cost
Market
Value
Country
1
Percentage
of
Net
Assets
Communications
Telecom
Carriers
Saudi
Telecom
300,000
$
3,325,885
$
3,347,485
Saudi
Arabia
2.5%
Wireless
Telecommunications
Telekomunikasi
Indonesia
ADR
83,000
1,813,782
1,423,450
Indonesia
1.0%
5,139,667
4,770,935
3.5%
Consumer
Discretionary
Automobiles
Ford
Otomotiv
Sanayi
1,096,000
1,984,463
2,242,630
Turkey
1.7%
Home
Products
Stores
Wilcon
Depot
5,550,000
2,140,944
612,487
Philippines
0.4%
4,125,407
2,855,117
2.1%
Consumer
Staples
Food
&
Drug
Stores
Bim
Birlesik
Magazalar
AS
320,000
3,652,456
3,884,083
Turkey
2
2.9%
Clicks
Group
192,000
2,314,634
4,131,139
South
Africa
3.0%
5,967,090
8,015,222
5.9%
Packaged
Food
Indofood
CBP
Sukses
Makmur
2,500,000
1,468,008
1,670,642
Indonesia
1.3%
Personal
Care
Products
Dabur
India
500,000
3,242,051
2,824,447
India
2
2.1%
Kimberly-Clark
de
Mexico,
Class
A
1,800,000
2,996,718
3,210,972
Mexico
2.4%
LG
Household
&
Health
Care
6,050
3,600,424
1,426,457
South
Korea
1.0%
Unicharm
287,400
3,440,796
2,279,792
Japan
1.7%
Unilever
ADR
65,000
3,263,718
4,149,600
United
Kingdom
3.1%
16,543,707
13,891,268
10.3%
23,978,805
23,577,132
17.5%
Financials
Islamic
Banking
BIMB
Holdings
1,476,100
1,168,041
805,006
Malaysia
0.6%
Islamic
Insurance
Syarikat
Takaful
Malaysia
Keluarga
1,500,000
1,294,978
1,268,830
Malaysia
0.9%
2,463,019
2,073,836
1.5%
Health
Care
Health
Care
Facilities
Bangkok
Dusit
Medical
Services
NVDR
3,923,000
2,713,307
2,565,438
Thailand
1.9%
IHH
Healthcare
1,764,000
2,329,363
2,857,749
Malaysia
2.1%
KPJ
Healthcare
4,825,992
1,231,253
3,080,748
Malaysia
2.3%
6,273,923
8,503,935
6.3%
Specialty
&
Generic
Pharma
Hikma
Pharmaceuticals
137,400
3,846,505
3,969,628
Jordan
3.0%
10,120,428
12,473,563
9.3%
Industrials
Other
Machinery
&
Equipment
WEG
500,000
3,627,912
3,710,988
Brazil
2
2.8%
Rubber
&
Plastic
Hartalega
Holdings
2,750,000
2,643,031
1,214,488
Malaysia
0.9%
6,270,943
4,925,476
3.7%
Schedule
of
Investments
As
of
May
31,
2025
Amana
Developing
World
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
May
31,
2025
Annual
Financial
Continued
on
next
page.
Common
Stock
-
82.6%
Number
of
Shares
Cost
Market
Value
Country
1
Percentage
of
Net
Assets
Materials
Barrick
Mining
Corporation
175,000
$
3,536,868
$
3,353,000
Canada
2.5%
Agricultural
Chemicals
Quimica
y
Minera
Chile
ADR
70,000
4,086,009
2,130,100
Chile
1.6%
Base
Metals
Southern
Copper
39,502
2,142,609
3,591,127
Peru
2.6%
Cement
&
Aggregates
UltraTech
Cement
31,000
2,953,700
4,066,939
India
2
3.0%
Iron
Rio
Tinto
ADR
50,000
3,607,972
2,971,500
China
2
2.2%
16,327,158
16,112,666
11.9%
Real
Estate
Multi
Asset
Class
Ownership
&
Development
SM
Prime
Holdings
2,800,000
1,564,843
1,131,312
Philippines
0.8%
Technology
Communications
Equipment
Samsung
Electronics
62,700
3,115,508
2,544,222
South
Korea
1.9%
Sercomm
669,000
1,839,844
2,148,256
Taiwan
1.6%
4,955,352
4,692,478
3.5%
Computer
Hardware
&
Storage
Advantech
295,931
2,660,842
3,330,811
Taiwan
2.5%
Electronic
Manufacturing
Services
&
Original
Design
Manufacturer
Jabil
28,600
2,832,472
4,805,086
United
States
3.5%
Electronics
Components
Delta
Electronics
320,000
2,546,615
3,932,285
Taiwan
2
2.9%
Samsung
7,900
3,360,918
965,911
South
Korea
0.7%
5,907,533
4,898,196
3.6%
IT
Services
Infosys
ADR
190,000
3,740,409
3,456,100
India
2.6%
Semiconductor
Devices
Monolithic
Power
Systems
4,000
2,821,704
2,647,600
United
States
2.0%
Nvidia
23,000
484,973
3,107,990
United
States
2.3%
Qualcomm
24,500
3,020,311
3,557,400
United
States
2.6%
6,326,988
9,312,990
6.9%
Semiconductor
Manufacturing
ASML
Holding
NY
5,000
3,412,870
3,683,850
Netherlands
2.7%
Taiwan
Semiconductor
ADR
27,200
1,513,555
5,258,304
Taiwan
3.9%
4,926,425
8,942,154
6.6%
31,350,021
39,437,815
29.2%
Schedule
of
Investments
As
of
May
31,
2025
Amana
Developing
World
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2025
Annual
Financial
17
Common
Stock
-
82.6%
Number
of
Shares
Cost
Market
Value
Country
1
Percentage
of
Net
Assets
Utilities
Power
Generation
Manila
Electric
428,500
$
2,833,817
$
4,221,845
Philippines
3.1%
Total
investments
$104,174,108
$111,579,697
82.6%
Other
assets
(net
of
liabilities)
23,444,692
17.4%
Total
net
assets
$135,024,389
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.
18
May
31,
2025
Annual
Financial
Statement
of
Assets
and
Liabilities
Statement
of
Operations
As
of
May
31,
2025
Assets
Investments
in
securities,
at
value
(Cost
$104,174,108)
$
111,579,697
Cash
23,309,607
Dividends
receivable
253,068
Receivable
for
Fund
shares
sold
44,269
Prepaid
expenses
14,123
Total
assets
135,200,764
Liabilities
Accrued
advisory
fees
92,056
Accrued
audit
expenses
37,817
Payable
for
Fund
shares
redeemed
20,514
Accrued
retirement
plan
custody
fee
14,610
Accrued
12b-1
distribution
fees
8,290
Accrued
legal
expenses
303
Accrued
trustee
expenses
287
Accrued
Chief
Compliance
Officer
expenses
212
Accrued
other
operating
expenses
2,286
Total
liabilities
176,375
Net
assets
$135,024,389
Analysis
of
net
assets
Paid-in
capital
(unlimited
shares
authorized,
without
par
value)
$124,211,509
Total
distributable
earnings
10,812,880
Net
assets
applicable
to
Fund
shares
outstanding
$135,024,389
Net
asset
value
per
Investor
Shares
AMDWX
Net
assets,
at
value
$38,649,910
Shares
outstanding
2,962,507
Net
asset
value,
offering
and
redemption
price
per
share
$13.05
Net
asset
value
per
Institutional
Shares
AMIDX
Net
assets,
at
value
$96,374,479
Shares
outstanding
7,357,173
Net
asset
value,
offering
and
redemption
price
per
share
$13.10
Year
ended
May
31,
2025
Investment
income
Dividend
Income
(Net
of
foreign
tax
of
$258,282)
$
2,470,660
Miscellaneous
income
118
Total
investment
income
2,470,778
Expenses
Investment
advisory
fees
1,056,119
Custodian
fees
97,662
12b-1
distribution
fees
94,554
Filing
and
registration
fees
42,643
Retirement
plan
custodial
fees
32,245
325
Investor
Shares
90
350
Institutional
Shares
32,155
Audit
fees
24,179
Legal
fees
2,441
Chief
Compliance
Officer
expenses
2,178
Trustee
fees
1,827
Other
operating
expenses
26,605
Total
gross
expenses
1,380,453
Less
custodian
fee
credits
(96,708)
Net
expenses
1,283,745
Net
investment
income
$1,187,033
Net
realized
gain
from
investments
and
foreign
currency
$4,522,192
Net
decrease
in
unrealized
appreciation
on
investments
and
foreign
currency
(7,389,000)
Net
loss
on
investments
(2,866,808)
Net
decrease
in
net
assets
resulting
from
operations
$(1,679,775)
Amana
Developing
World
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2025
Annual
Financial
19
Statements
of
Changes
in
Net
Assets
Year
ended
May
31,
2025
Year
ended
May
31,
2024
Increase
in
net
assets
from
operations
From
operations
Net
investment
income
$1,187,033
$1,346,865
Net
realized
gain
(loss)
on
investments
and
foreign
currency
4,522,192
(2,015,157)
Net
increase
(decrease)
in
unrealized
appreciation
on
investments
and
foreign
currency
(7,389,000)
14,675,631
Net
increase
(decrease)
in
net
assets
(1,679,775)
14,007,339
Distributions
to
shareowners
from
325
Net
dividend
and
distribution
to
shareholders
-
Investor
Shares
(212,734)
(299,740)
350
Net
dividend
and
distribution
to
shareholders
-
Institutional
Shares
(755,278)
(787,678)
Total
distributions
(968,012)
(1,087,418)
Capital
share
transactions
Proceeds
from
the
sale
of
shares
325
Investor
Shares
12,139,998
7,070,763
350
Institutional
Shares
39,163,602
43,861,528
Value
of
shares
issued
in
reinvestment
of
dividends
and
distributions
325
Investor
Shares
211,204
297,630
350
Institutional
Shares
746,022
781,001
Cost
of
shares
redeemed
325
Investor
Shares
(8,010,523)
(5,818,766)
350
Institutional
Shares
(32,412,788)
(17,334,306)
Total
capital
shares
transactions
11,837,515
28,857,850
Total
increase
in
net
assets
9,189,728
41,777,771
Net
assets
Beginning
of
year
125,834,661
84,056,890
End
of
year
$135,024,389
$125,834,661
Shares
of
the
Fund
sold
and
redeemed
Investor
Shares
(AMDWX)
Number
of
shares
sold
899,380
572,870
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
15,940
24,217
Number
of
shares
redeemed
(594,456)
(472,648)
Net
increase
in
number
of
shares
outstanding
320,864
124,439
Institutional
Shares
(AMIDX)
Number
of
shares
sold
2,903,908
3,506,333
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
56,134
63,342
Number
of
shares
redeemed
(2,399,895)
(1,425,506)
Net
increase
in
number
of
shares
outstanding
560,147
2,144,169
-
-
Amana
Developing
World
Fund:
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
May
31,
2025
Annual
Financial
Investor
Shares
(AMDWX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
year:
Year
ended
May
31,
2025
2024
2023
2022
2021
A
A
A
A
A
A
Net
asset
value
at
beginning
of
year
$13.29
$11.70
$11.85
$13.70
$9.67
Income
from
investment
operations
Net
investment
income
A
0.10
0.14
0.13
0.21
0.05
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
(0.26)
1.56
(0.17)
(1.90)
3.98
Total
from
investment
operations
(0.16)
1.70
(0.04)
(1.69)
4.03
Less
distributions
Dividends
(from
net
investment
income)
(0.08)
(0.11)
(0.08)
(0.16)
-
Distributions
(from
capital
gains)
-
0.00
B
(0.03)
-
-
Total
distributions
(0.08)
(0.11)
(0.11)
(0.16)
-
Net
asset
value
at
end
of
year
$13.05
$13.29
$11.70
$11.85
$13.70
Total
Return
(1.24)%
14.65%
(0.25)%
(12.47)%
41.68%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
year
$38,650
$35,115
$29,446
$23,123
$22,553
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
1.20%
1.20%
1.22%
1.21%
1.20%
After custodian
fee
credits
1.13%
1.13%
1.15%
1.14%
1.14%
Ratio
of
net
investment
income
after
custodian
fee
credits to
average
net
assets
0.76%
1.15%
1.11%
1.59%
0.44%
Portfolio
turnover
rate
9%
1%
6%
30%
3%
Institutional
Shares
(AMIDX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
year:
Year
ended
May
31,
2025
2024
2023
2022
2021
A
A
A
A
A
A
Net
asset
value
at
beginning
of
year
$13.35
$11.74
$11.90
$13.77
$9.70
Income
from
investment
operations
Net
investment
income
A
0.13
0.17
0.15
0.24
0.08
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
(0.27)
1.57
(0.17)
(1.90)
3.99
Total
from
investment
operations
(0.14)
1.74
(0.02)
(1.66)
4.07
Less
distributions
Dividends
(from
net
investment
income)
(0.11)
(0.13)
(0.11)
(0.21)
-
Distributions
(from
capital
gains)
-
0.00
B
(0.03)
-
-
Total
distributions
(0.11)
(0.13)
(0.14)
(0.21)
-
Net
asset
value
at
end
of
year
$13.10
$13.35
$11.74
$11.90
$13.77
Total
Return
(1.10)%
14.95%
(0.12)%
(12.24)%
41.96%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
year
$96,374
$90,720
$54,611
$46,715
$42,241
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
0.98%
0.98%
1.01%
0.99%
0.97%
After custodian
fee
credits
0.91%
0.90%
0.94%
0.92%
0.91%
Ratio
of
net
investment
income
after
custodian
fee
credits to
average
net
assets
0.96%
1.36%
1.31%
1.80%
0.65%
Portfolio
turnover
rate
9%
1%
6%
30%
3%
A
Calculated
using
average
shares
outstanding
B
Amount
is
less
than
$0.01
Consolidated
Schedule
of
Investments
As
of
May
31,
2025
Amana
Participation
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2025
Annual
Financial
21
Continued
on
next
page.
Corporate
Sukuk
-
73.1%
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
$
5,282,752
Malaysia
2.0%
Saudi
Telecom
2
3.890%
due
05/13/2029
5,000,000
4,863,562
Saudi
Arabia
1.9%
Axiata
SPV2
2
4.357%
due
03/24/2026
4,357,000
4,342,866
Malaysia
1.7%
14,489,180
5.6%
Consumer
Staples
Almarai
Sukuk
2
5.233%
due
07/25/2033
7,380,000
7,393,800
Saudi
Arabia
2.9%
Energy
SA
Global
2
2.694%
due
06/17/2031
8,500,000
7,512,376
Saudi
Arabia
2.9%
Financials
Kuwait
Financial
Bank
Tier
1
2,3
3.600%
due
PERP
10,000,000
9,676,600
Kuwait
3.8%
Dubai
Aerospace
Enterprises
DIFC
2
3.750%
due
02/15/2026
6,700,000
6,641,817
United
Arab
Emirates
2.6%
Air
Lease
Corp
Sukuk
2
5.850%
due
04/01/2028
6,000,000
6,101,643
Cayman
Islands
2.4%
Aercap
Sukuk
Ltd
2
4.500%
due
10/03/2029
6,200,000
6,058,826
Cayman
Islands
2.3%
Al
Rajhi
Sukuk
2
6.375%
due
11/16/2049
6,000,000
6,054,432
Saudi
Arabia
2.3%
SAIB
Tier
1
Sukuk
Ltd
2
6.375%
due
11/27/2049
5,500,000
5,555,486
Cayman
Islands
2.2%
National
Commercial
Bank
Tier
1
2,3
3.500%
due
PERP
5,550,000
5,342,430
Saudi
Arabia
2.1%
Sharjah
Islamic
Bank
Tier
1
2,3
5.000%
due
PERP
5,200,000
5,187,312
United
Arab
Emirates
2.0%
Dubai
Islamic
Bank
2
5.493%
due
11/30/2027
5,000,000
5,077,000
United
Arab
Emirates
2.0%
Khazanah
Global
Sukuk
2
4.687%
due
06/01/2028
5,000,000
5,001,257
Malaysia
1.9%
Boubyan
Sukuk
Ltd
2
3.389%
due
03/29/2027
4,600,000
4,487,898
Cayman
Islands
1.7%
Banque
Saudi
Fransi
2
4.750%
due
05/31/2028
4,000,000
3,989,640
Saudi
Arabia
1.5%
Boubyan
Tier
1
Sukuk
Ltd
2
3.950%
due
04/01/2049
3,850,000
3,721,025
Cayman
Islands
1.4%
Emirates
REIT
Sukuk
III
2
7.500%
due
12/12/2028
2,500,000
2,506,225
Cayman
Islands
1.0%
EI
Sukuk
Co
Ltd
2
5.431%
due
05/28/2029
2,000,000
2,044,400
Cayman
Islands
0.8%
QIIB
Senior
ORYX
Ltd
2
5.247%
due
01/24/2029
1,500,000
1,524,750
Cayman
Islands
0.6%
Sharjah
2
3.854%
due
04/03/2026
1,200,000
1,185,794
United
Arab
Emirates
0.5%
ADIB
Capital
Invest
Three
2
7.250%
due
07/18/2070
1,000,000
1,042,800
Cayman
Islands
0.4%
QIB
Sukuk
LTD
2
5.581%
due
11/22/2028
1,000,000
1,031,690
Cayman
Islands
0.4%
BSF
Sukuk
Co
Ltd
2
5.375%
due
01/21/2030
1,000,000
1,015,628
Cayman
Islands
0.4%
FAB
Sukuk
Company
2
4.581%
due
01/17/2028
1,000,000
1,003,956
Cayman
Islands
0.4%
EI
Sukuk
Co
Ltd
2
2.082%
due
11/02/2026
1,000,000
961,250
Cayman
Islands
0.4%
Alpha
Star
HO
IX
Ltd
2
7.000%
due
08/26/2028
750,000
756,195
United
Arab
Emirates
0.3%
85,968,054
33.4%
Fixed
Income
Sharjah
Sukuk
Program
2
3.234%
due
10/23/2029
710,000
654,058
Cayman
Islands
0.3%
Industrials
DP
World
Salaam
2,3
6.000%
due
PERP
6,800,000
6,777,560
United
Arab
Emirates
2.6%
DP
World
Crescent
2
3.750%
due
01/30/2030
4,000,000
3,778,950
United
Arab
Emirates
1.5%
Ma'aden
Sukuk
Ltd
2
5.250%
due
02/13/2030
1,500,000
1,515,907
Cayman
Islands
0.6%
Ma'aden
Sukuk
Ltd
2
5.500%
due
02/13/2035
500,000
505,000
Cayman
Islands
0.2%
DP
World
Crescent
Ltd
2
5.500%
due
09/13/2033
500,000
500,623
Cayman
Islands
0.2%
13,078,040
5.1%
Materials
Equate
Sukuk
SPC
Ltd
2
5.000%
due
09/05/2031
5,000,000
4,969,250
United
Arab
Emirates
1.9%
Consolidated
Schedule
of
Investments
As
of
May
31,
2025
Amana
Participation
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
May
31,
2025
Annual
Financial
Corporate
Sukuk
-
73.1%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
Real
Estate
Dar
Al-
Arkan
Sukuk
Co
Lt
2
8.000%
due
02/25/2029
$
7,000,000
$
7,209,125
Cayman
Islands
2.8%
Majid
Al
Futtaim
2
4.638%
due
05/14/2029
6,650,000
6,574,988
United
Arab
Emirates
2.6%
EMAAR
2
3.700%
due
07/06/2031
7,000,000
6,538,588
United
Arab
Emirates
2.6%
Alpha
Star
Holding
2
8.375%
due
04/12/2027
6,050,000
6,242,777
United
Arab
Emirates
2.4%
Aldar
2
3.875%
due
10/22/2029
6,000,000
5,762,490
United
Arab
Emirates
2.2%
32,327,968
12.6%
Utilities
TNB
Global
Ventures
2
4.851%
due
11/01/2028
6,300,000
6,331,631
Malaysia
2.5%
TNB
Global
Ventures
Cap
2
3.244%
due
10/19/2026
6,140,000
6,023,060
Malaysia
2.3%
Saudi
Electricity
Global
2
5.060%
due
04/08/2043
5,000,000
4,637,370
Saudi
Arabia
1.8%
Saudi
Electricity
Global
2
5.684%
due
04/11/2053
2,500,000
2,376,575
Saudi
Arabia
0.9%
Saudi
Electricity
Global
2
5.500%
due
04/08/2044
2,400,000
2,325,178
Saudi
Arabia
0.9%
21,693,814
8.4%
Total
Corporate
Sukuk
(Cost
$
191,837,000)
$188,086,540
73.1%
Government
Sukuk
-
15.1%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
Energy
EDO
Sukuk
Ltd
2
5.662%
due
07/03/2031
7,000,000
7,043,540
Cayman
Islands
2.7%
Government
Perusahaan
Penerbit
SBSN
2
4.550%
due
03/29/2026
5,185,000
5,195,370
Indonesia
2.0%
Oman
Sovereign
Sukuk
2
4.875%
due
06/15/2030
5,150,000
5,133,412
Oman
2.0%
Kingdom
of
Saudi
Arabia
2
3.628%
due
04/20/2027
5,000,000
4,918,180
Saudi
Arabia
1.9%
Malaysia
Sovereign
Sukuk
2
4.236%
due
04/22/2045
5,000,000
4,281,031
Malaysia
1.7%
Perusahaan
Penerbit
SBSN
2
3.550%
due
06/09/2051
5,280,000
3,660,290
Indonesia
1.4%
Kingdom
of
Saudi
Arabia
2
4.303%
due
01/19/2029
3,200,000
3,164,935
Saudi
Arabia
1.2%
Perusahaan
Penerbit
SBSN
2
4.450%
due
02/20/2029
3,050,000
3,047,969
Indonesia
1.2%
Hazine
Mustesarligi
Varl
2
6.500%
due
04/26/2030
2,500,000
2,495,125
Turkey
1.0%
31,896,312
12.4%
Total
Government
Sukuk
(Cost
41,365,000)
$38,939,852
15.1%
Bank
Time
Deposits
-
3.9%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
Bank
Time
Deposits
Bank
ABC
0.046%
due
08/21/2025
2,000,000
2,000,000
United
States
0.8%
Bank
ABC
0.045%
due
06/23/2025
2,000,000
2,000,000
United
States
0.8%
Bank
ABC
0.045%
due
06/20/2025
2,500,000
2,500,000
United
States
0.9%
Ahli
United
Bank
0.046%
due
07/24/2025
1,000,000
1,000,000
United
States
0.4%
Gulf
International
Bank
0.041%
due
06/23/2025
1,000,000
1,000,000
United
States
0.4%
Bank
ABC
0.045%
due
07/23/2025
1,500,000
1,500,000
United
States
0.6%
Total
Bank
Time
Deposits
(Cost
10,000,000)
$10,000,000
3.9%
Total
investments
(Cost
$240,870,126)
$237,026,392
92.1%
Other
assets
(net
of
liabilities)
20,259,908
7.9%
Total
net
assets
$257,286,300
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
May
31,
2025,
the
aggregate
value
of
these
securities
was
$227,026,393
representing
88.2%
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.
May
31,
2025
Annual
Financial
23
Consolidated
Statement
of
Assets
and
Liabilities
Consolidated
Statement
of
Operations
As
of
May
31,
2025
Assets
Investments
in
securities,
at
value
(Cost
$240,870,126)
$
237,026,392
Cash
17,838,483
Dividends
receivable
2,683,519
Receivable
for
Fund
shares
sold
471,823
Prepaid
expenses
15,415
Total
assets
258,035,632
Liabilities
Payable
for
Fund
shares
redeemed
562,602
Accrued
advisory
fees
107,495
Distributions
payable
42,505
Accrued
retirement
plan
custody
fee
13,738
Accrued
audit
expenses
10,492
Accrued
12b-1
distribution
fees
7,240
Accrued
legal
expenses
1,257
Accrued
Chief
Compliance
Officer
expenses
471
Accrued
trustee
expenses
411
Accrued
other
operating
expenses
3,121
Total
liabilities
749,332
Net
assets
$257,286,300
Analysis
of
net
assets
Paid-in
capital
(unlimited
shares
authorized,
without
par
value)
$268,632,758
Total
distributable
earnings
(11,346,458)
Net
assets
applicable
to
Fund
shares
outstanding
$257,286,300
Net
asset
value
per
Investor
Shares
AMAPX
Net
assets,
at
value
$34,638,758
Shares
outstanding
3,562,965
Net
asset
value,
offering
and
redemption
price
per
share
$9.72
Net
asset
value
per
Institutional
Shares
AMIPX
Net
assets,
at
value
$222,647,542
Shares
outstanding
22,819,046
Net
asset
value,
offering
and
redemption
price
per
share
$9.76
Year
ended
May
31,
2025
Investment
income
Sukuk
income
$
9,594,664
Miscellaneous
income
10,712
Total
investment
income
9,605,376
Expenses
Investment
advisory
fees
1,102,087
12b-1
distribution
fees
76,701
Custodian
fees
54,591
Filing
and
registration
fees
46,343
Retirement
plan
custodial
fees
29,960
425
Investor
Shares
259
450
Institutional
Shares
29,701
Legal
fees
10,436
Audit
fees
10,022
Chief
Compliance
Officer
expenses
3,347
Trustee
fees
2,652
Other
operating
expenses
36,333
Total
gross
expenses
1,372,472
Less
custodian
fee
credits
(54,591)
Net
expenses
1,317,881
Net
investment
income
$8,287,495
Net
realized
loss
from
investments
$(240,580)
Net
decrease
in
unrealized
depreciation
on
investments
3,740,587
Net
gain
on
investments
3,500,007
Net
increase
in
net
assets
resulting
from
operations
$11,787,502
Amana
Participation
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
May
31,
2025
Annual
Financial
Consolidated
Statements
of
Changes
in
Net
Assets
Year
ended
May
31,
2025
Year
ended
May
31,
2024
Increase
(Decrease)
in
net
assets
from
operations
From
operations
Net
investment
income
$8,287,495
$6,980,968
Net
realized
loss
on
investments
(240,580)
(3,429,790)
Net
decrease
in
unrealized
depreciation
on
investments
3,740,587
769,931
Net
increase
in
net
assets
11,787,502
4,321,109
Distributions
to
shareowners
from
425
Net
dividend
and
distribution
to
shareholders
-
Investor
Shares
(1,083,820)
(857,965)
450
Net
dividend
and
distribution
to
shareholders
-
Institutional
Shares
(7,199,705)
(5,730,425)
Total
distributions
(8,283,525)
(6,588,390)
Capital
share
transactions
Proceeds
from
the
sale
of
shares
425
Investor
Shares
13,065,840
9,329,328
450
Institutional
Shares
118,045,122
50,645,545
Value
of
shares
issued
in
reinvestment
of
dividends
and
distributions
425
Investor
Shares
1,059,338
845,539
450
Institutional
Shares
7,077,542
5,678,992
Cost
of
shares
redeemed
425
Investor
Shares
(8,763,467)
(7,787,173)
450
Institutional
Shares
(76,155,176)
(75,702,455)
Total
capital
shares
transactions
54,329,199
(16,990,224)
Total
increase
(decrease)
in
net
assets
57,833,176
(19,257,505)
Net
assets
Beginning
of
year
199,453,124
218,710,629
End
of
year
$257,286,300
$199,453,124
Shares
of
the
Fund
sold
and
redeemed
Investor
Shares
(AMAPX)
Number
of
shares
sold
1,341,293
975,227
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
108,739
88,555
Number
of
shares
redeemed
(900,183)
(814,310)
Net
increase
in
number
of
shares
outstanding
549,849
249,472
Institutional
Shares
(AMIPX)
Number
of
shares
sold
12,052,279
5,276,214
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
723,734
592,716
Number
of
shares
redeemed
(7,779,792)
(7,893,506)
Net
increase
(decrease)
in
number
of
shares
outstanding
4,996,221
(2,024,576)
-
-
Amana
Participation
Fund:
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2025
Annual
Financial
25
Investor
Shares
(AMAPX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
year:
Year
ended
May
31
2025
A
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
0.35
0.31
0.21
0.18
0.19
0.24
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
0.17
(0.12)
(0.24)
(0.57)
0.30
0.14
Total
from
investment
operations
0.52
0.19
(0.03)
(0.39)
0.49
0.38
Less
distributions
Dividends
(from
net
investment
income)
(0.34)
(0.29)
(0.19)
(0.17)
(0.19)
(0.23)
Total
distributions
(0.34)
(0.29)
(0.19)
(0.17)
(0.19)
(0.23)
Net
asset
value
at
end
of
period
$9.72
$9.54
$9.64
$9.86
$10.42
$10.12
Total
Return
5.44%
2.01%
(0.26)%
(3.83)%
4.90%
3.88%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
year
$34,639
$28,756
$26,650
$24,722
$22,375
$16,531
Ratio
of
expenses
to
average
net
assets
Before custodian
fee
credits
0.82%
0.83%
0.80%
0.80%
0.82%
0.88%
After
custodian
fee
credits
0.80%
0.80%
0.78%
0.78%
0.80%
0.86%
Ratio
of
net
investment
income
after
to
average
net
assets
3.56%
3.23%
2.11%
1.71%
1.86%
2.34%
Portfolio
turnover
rate
22%
17%
48%
15%
19%
34%
Institutional
Shares
(AMIPX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
year:
Year
ended
May
31
2025
A
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
0.37
0.33
0.23
0.20
0.22
0.26
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
0.17
(0.12)
(0.22)
(0.57)
0.29
0.16
Total
from
investment
operations
0.54
0.21
0.01
(0.37)
0.51
0.42
Less
distributions
Dividends
(from
net
investment
income)
(0.36)
(0.31)
(0.22)
(0.19)
(0.22)
(0.26)
Total
distributions
(0.36)
(0.31)
(0.22)
(0.19)
(0.22)
(0.26)
Net
asset
value
at
end
of
period
$9.76
$9.58
$9.68
$9.89
$10.45
$10.16
Total
Return
5.68%
2.26%
0.09%
(3.58)%
5.04%
4.23%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
year
$222,648
$170,697
$192,060
$187,032
$143,404
$100,023
Ratio
of
expenses
to
average
net
assets
Before custodian
fee
credits
0.59%
0.58%
0.56%
0.56%
0.58%
0.63%
After
custodian
fee
credits
0.57%
0.56%
0.53%
0.54%
0.56%
0.61%
Ratio
of
net
investment
income
after
to
average
net
assets
3.79%
3.45%
2.34%
1.97%
2.10%
2.53%
Portfolio
turnover
rate
22
%
17%
48%
15%
19%
34%
A
Consolidated
B
Calculated
using
average
shares
outstanding
Notes
To
Financial
Statements
26
May
31,
2025
Annual
Financial
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
2).
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
-
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
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
Notes
To
Financial
Statements
(continued)
May
31,
2025
Annual
Financial
27
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
May
31,
2025
Level
1
Level
2
Level
3
Funds
Quoted
Price
Significant
Observable
Input
Significant
Unobservable
Input
Total
Income
Fund
Common
Stock
Consumer
Discretionary
$68,770,790
$-
$-
$68,770,790
Consumer
Staples
$238,406,766
$-
$-
$238,406,766
Health
Care
$374,686,290
$-
$-
$374,686,290
Industrials
$448,294,660
$-
$-
$448,294,660
Materials
$91,465,500
$-
$-
$91,465,500
Technology
$509,149,840
$61,020,213
$-
$570,170,053
Total
Common
Stock
$1,730,773,846
$61,020,213
$-
$1,791,794,059
Total
Assets
$1,730,773,846
$61,020,213
$-
$1,791,794,059
Growth
Fund
Common
Stock
Communications
$230,990,300
$-
$-
$230,990,300
Consumer
Discretionary
$385,548,600
$-
$-
$385,548,600
Consumer
Staples
$223,880,103
$-
$-
$223,880,103
Health
Care
$765,327,998
$-
$-
$765,327,998
Industrials
$735,798,655
$100,907,305
$-
$836,705,960
Technology
$2,531,640,308
$-
$-
$2,531,640,308
Total
Common
Stock
$4,873,185,964
$100,907,305
$-
$4,974,093,269
Total
Assets
$4,873,185,964
$100,907,305
$-
$4,974,093,269
Developing
World
Fund
Common
Stock
Communications
$1,423,450
$3,347,485
$-
$4,770,935
Consumer
Discretionary
$-
$2,855,117
$-
$2,855,117
Consumer
Staples
$4,149,600
$19,427,532
$-
$23,577,132
Financials
$-
$2,073,836
$-
$2,073,836
Health
Care
$-
$12,473,563
$-
$12,473,563
Industrials
$-
$4,925,476
$-
$4,925,476
Materials
$12,045,727
$4,066,939
$-
$16,112,666
Real
Estate
$-
$1,131,312
$-
$1,131,312
Technology
$26,516,330
$12,921,485
$-
$39,437,815
Utilities
$-
$4,221,845
$-
$4,221,845
Total
Common
Stock
$44,135,107
$67,444,590
$-
$111,579,697
Total
Assets
$44,135,107
$67,444,590
$-
$111,579,697
Note
2
-
Significant
Accounting
Policies
(continued)
Notes
To
Financial
Statements
(continued)
28
May
31,
2025
Annual
Financial
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
(2022
−
2024)
or
expected
to
be
taken
in
the
Funds'
2025
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
$-
$10,000,000
$-
$10,000,000
Corporate
Sukuk
1
$-
$188,086,540
$-
$188,086,540
Government
Sukuk
1
$-
$38,939,852
$-
$38,939,852
Total
Assets
$-
$237,026,392
$-
$237,026,392
1
See
the
Schedule
of
Investments
for
additional
details.
Note
2
-
Significant
Accounting
Policies
(continued)
Notes
To
Financial
Statements
(continued)
May
31,
2025
Annual
Financial
29
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,
2025
,
and
have
no
effect
on
net
assets
or
NAV
per
share.
The
Developing
World
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
3
-
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
year
ended
May
31,
2025
,
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
Income
Fund
Growth
Fund
Distributable
earnings
$(24,105,700)
$(221,743,000)
Paid-in
Capital
$24,105,700
$221,743,000
Participation
Fund
Distributable
earnings
$56
Paid-in
Capital
$(56)
Inception
Date
of
SPV
SPV
Net
Assets
at
May
31,
2025
%
of
Fund
Net
Assets
at
May
31,
2025
Amana
SPV
January
21,
2019
$53,505,549
20.8%
Advisory
Fees
100
Income
Fund
$14,082,137
200
Growth
Fund
$31,740,031
300
Developing
World
Fund
$1,056,119
40
0
Participation
Fund
$1,102,087
Note
2
-
Significant
Accounting
Policies
(continued)
Notes
To
Financial
Statements
(continued)
30
May
31,
2025
Annual
Financial
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
year
ended
May
31,
2025
,
the
Funds
paid
the
following
distribution
fees
to
SBS:
For
the
fiscal
year
ended
May
31,
2025,
Saturna
Capital
spent
an
additional
$6,653,873
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
year
ended
May
31,
2025
,
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
not
compensated
by
the
Trust.
For
the
fiscal
year
ended
May
31,
2025
,
the
Funds
paid
trustee
compensation
expenses
of
$88,500,
which
is
included
in
the
$106,547
of
total
expenses
incurred
for
the
Independent
Trustees.
On
May
31,
2025
,
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
year
ended
May
31,
2025
,
the
Funds
paid
the
following
compensation
expenses
for
the
Chief
Compliance
Officer:
Note
4
-
Distributions
to
Shareowners
The
tax
characteristics
of
distributions
paid
for
the
fiscal
year
ended
May
31,
2025
and
May
31,
2024
,
were
as
follows:
Note
5
-
Federal
Income
Taxes
The
cost
basis
of
investments
for
federal
income
tax
purposes
at
May
31,
2025
,
were
as
follows:
Distribution
(12b-1)
fees
125
Income
Fund
Investor
Shares
(AMANX)
$2,136,301
150
Income
Fund
Institutional
Shares
(AMINX)
n/a
225
Growth
Fund
Investor
Shares
(AMAGX)
$6,496,444
250
Growth
Fund
Institutional
Shares
(AMIGX)
n/a
325
Developing
World
Fund
Investor
Shares
(AMDWX)
$94,554
350
Developing
World
Fund
Institutional
Shares
(AMIDX
)
n/a
425
Participation
Fund
Investor
Shares
(AMAPX)
$76,701
450
Participation
Fund
Institutional
Shares
(AMIPX)
n/a
Retirement
plan
custodial
fees
125
Income
Fund
Investor
Shares
(AMANX)
$222
150
Income
Fund
Institutional
Shares
(AMINX)
$86,779
225
Growth
Fund
Investor
Shares
(AMAGX)
$343
250
Growth
Fund
Institutional
Shares
(AMIGX)
$131,223
325
Developing
World
Fund
Investor
Shares
(AMDWX)
$90
350
Developing
World
Fund
Institutional
Shares
(AMIDX)
$32,155
425
Participation
Fund
Investor
Shares
(AMAPX)
$259
450
Participation
Fund
Institutional
Shares
(AMIPX)
$29,701
Trustees',
officers',
and
affiliates'
ownership
125
Income
Fund
Investor
Shares
(AMANX)
0.03%
150
Income
Fund
Institutional
Shares
(AMINX)
1.50%
225
Growth
Fund
Investor
Shares
(AMAGX)
0.01%
250
Growth
Fund
Institutional
Shares
(AMIGX)
0.59%
325
Developing
World
Fund
Investor
Shares
(AMDWX)
0.71%
350
Developing
World
Fund
Institutional
Shares
(AMIDX)
3.64%
425
Participation
Fund
Investor
Shares
(AMAPX)
0.09%
425
Participation
Fund
Institutional
Shares
(AMI
PX)
3.09%
Chief
Compliance
Officer
100
Income
Fund
$31,291
200
Growth
Fund
$87,739
300
Developing
World
Fund
$2,178
400
Participation
Fund
$3,347
Income
Fund
May
31,
2025
May
31,
2024
Ordinary
Income
$16,174,139
$17,028,371
Long-term
capital
gain
1
$90,259,538
$71,895,266
Growth
Fund
May
31,
2025
May
31,
2024
Ordinary
Income
$2,822,055
$11,227,103
Long-term
capital
gain
1
$211,417,587
$22,231,823
Developing
World
Fund
May
31,
2025
May
31,
2024
Ordinary
Income
$968,012
$1,050,922
Long-term
capital
gain
1
$-
$36,496
Participation
Fund
May
31,
2025
May
31,
2024
Ordinary
Income
$8,283,525
$6,588,390
1
Long-Term
Capital
Gain
dividend
designated
at
20%
rate
pursuant
to
Section
852(b)(3)
of
the
Internal
Revenue
Code.
Income
Fund
Growth
Fund
Cost
of
investments
$627,904,696
$1,782,351,156
Gross
tax
unrealized
appreciation
$1,196,439,799
$3,200,666,469
Gross
tax
unrealized
depreciation
$(32,550,436)
$(8,924,356)
Net
tax
unrealized
appreciation
$1,163,889,363
$3,191,742,113
Developing
World
Fund
Participation
Fund
Cost
of
investments
$104,174,108
$240,870,126
Gross
tax
unrealized
appreciation
$23,277,828
$438,672
Gross
tax
unrealized
depreciation
$(15,872,239)
$(4,282,406)
Net
tax
unrealized
appreciation
(depreciation)
$7,405,589
$(3,843,734)
Note
3
-
Transactions
with
Affiliated
Persons
(continued)
Notes
To
Financial
Statements
(continued)
May
31,
2025
Annual
Financial
31
As
of
May
31,
2025
,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
May
31,
2025
,
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.
During
the
year
ended
May
31,
2025,
Developing
World
Fund
utilized
$927,641
of
long
term
capital
loss
carry
forward.
Note
6
-
Investments
Investment
transactions
other
than
short
term
investments
and
redemptions
in
kind
for
the
fiscal
year
ended
May
31,
2025
,
were
as
follows:
During
the
fiscal
year
ended
May
31,
2025
,
the
Funds'
redemptions
in-kind
were
as
follows:
Note
7
-
Custodian
Under
agreements
in
place
with
the
Trust's
custodian,
UMB
Bank,
custody
fees
are
reduced
by
credits
for
cash
balances.
For
the
fiscal
year
ended
May
31,
2025
,
such
reductions
were
as
follows:
Note
8
-
Subsequent
Events
During
a
special
shareowner
meeting
on
February
14,
2025,
the
shareowners
of
the
Funds
approved
the
election
or
re-election
of
three
current
Independent
Trustees
of
the
Trust,
Mr.
Firas
J.
Al-Barzinji,
Dr.
Miles
K.
Davis,
and
Mr.
Ronald
H.
Fielding,
and
approved
the
election
of
two
new
Trustees,
Ms.
Asma
Y.
Mirza
as
an
Independent
Trustee
of
the
Trust,
and
Ms.
Jane
K.
Carten,
as
an
Interested
Trustee
of
the
Trust.
Mss.
Mirza
and
Carten
will
join
the
Board
effective
June
2025.
In
addition,
effective
June
2025,
after
decades
of
dedicated
service
as
founding
members
of
the
Board
of
Trustees,
Dr.
Yaqub
Mirza,
Independent
Chairman
of
the
Board,
and
Mr.
Nicholas
Kaiser,
Trustee
and
Founder
and
Global
Strategist,
Saturna
Capital
Corporation,
will
retire
from
the
Board.
Dr.
Mirza
and
Mr.
Kaiser
will
serve
as
Emeritus
Trustees
following
their
retirement.
There
were
no
other
events
or
transactions
during
the
period
that
materially
impacted
the
amounts
or
disclosures
in
the
Funds'
financial
statements.
Income
Fund
Undistributed
ordinary
income
$86,082
Other
losses
$(6,219)
Accumulated
capital
gains
$35,929,962
Tax
accumulated
earnings
$36,009,825
Unrealized
Appreciation
$1,163,889,363
Other
unrealized
gains
$1,155
Total
accumulated
earnings
$1,199,900,343
Growth
Fund
Undistributed
ordinary
income
$6,076,357
Accumulated
capital
and
other
losses
$(44,945,072)
Tax
accumulated
earnings
$(38,868,715)
Unrealized
Appreciation
$3,191,742,113
Other
unrealized
gains
$20
Total
accumulated
earnings
$3,152,873,418
Developing
World
Fund
Undistributed
ordinary
income
$755,918
Accumulated
capital
gains
$2,651,359
Tax
accumulated
earnings
$3,407,277
Unrealized
Appreciation
$7,405,589
Other
unrealized
gains
$14
Total
accumulated
earnings
$10,812,880
Participation
Fund
Accumulated
capital
losses
$(7,496,724)
Other
losses
$(6,000)
Tax
accumulated
earnings
$(7,502,724)
Unrealized
Depreciation
$(3,843,734)
Total
accumulated
earnings
$(11,346,458)
Income
Fund
Growth
Fund
Short
term
loss
carryforward
$-
$6,528,051
Long
term
loss
carryforward
$-
$5,720,387
Total
Capital
loss
carryforward
$-
$12,248,438
Post-October
loss
deferral
1
$-
$32,696,634
Other
losses
$6,219
$-
Total
accumulated
losses
$6,219
$44,945,072
Participation
Fund
Short
term
loss
carryforward
$2,023,271
Long
term
loss
carryforward
$5,376,725
Total
Capital
loss
carryforward
$7,399,996
Post-October
loss
deferral
1
$96,728
Other
losses
$6,000
Total
accumulated
losses
$7,502,724
Purchases
Sales
100
Income
Fund
$64,292,377
$84,408,453
200
Growth
Fund
$173,897,034
$362,428,043
300
Developing
World
Fund
$10,694,323
$14,511,621
400
Participation
Fund
$85,744,177
$44,222,155
Purchases
Sales
Gain
100
Income
Fund
$-
$53,093,772
$24,105,700
200
Growth
Fund
$-
$253,120,554
$221,743,000
Custodian
Fee
Credits
100
Income
Fund
$87,780
200
Growth
Fund
$239,314
300
Developing
World
Fund
$96,708
400
Participation
Fund
$54,591
Note
5
-
Federal
Income
Taxes
(continued)
Report
of
Independent
Registered
Public
Accounting
Firm
32
May
31,
2025
Annual
Financial
To
the
Shareowners
of
the
Amana
Mutual
Funds
Trust
and
Board
of
Trustees
of
Amana
Mutual
Funds
Trust
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities
of
the
Amana
Income
Fund,
the
Amana
Growth
Fund,
the
Amana
Developing
World
Fund,
(collectively
along
with
the
Amana
Participation
Fund)
(the
"Funds"),
each
a
series
of
Amana
Mutual
Funds
Trust
(the
"Trust"),
including
the
schedules
of
investments,
as
of
May
31,
2025,
the
related
statements
of
operations,
the
statements
of
changes
in
net
assets,
and
financial
highlights
for
each
of
the
periods
indicated
in
the
table
below,
and
the
related
notes
(collectively
referred
to
as
the
"financial
statements").
We
have
also
audited
the
accompanying
consolidated
statement
of
assets
and
liabilities
of
the
Amana
Participation
Fund,
a
series
of
Amana
Mutual
Funds
Trust,
including
the
consolidated
schedule
of
investments,
as
of
May
31,
2025,
the
related
consolidated
statement
of
operations,
the
consolidated
statements
of
changes
in
net
assets
and
the
consolidated
financial
highlights
for
each
of
the
periods
indicated
in
the
table
below,
and
the
related
consolidated
notes
(collectively
referred
to
as
the
"consolidated
financial
statements").
In
our
opinion,
the
financial
statements
and
consolidated
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Funds
as
of
May
31,
2025,
the
results
of
their
operations,
the
changes
in
their
net
assets
and
their
financial
highlights
for
each
of
the
periods
indicated
in
the
table
below,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
and
the
consolidated
financial
statements
are
the
responsibility
of
the
Trust's
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds'
financial
statements
and
consolidated
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
("PCAOB")
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
have
served
as
the
auditor
of
one
or
more
of
the
funds
in
the
Trust
since
1997.
Funds
Statement
of
Operations
Statement
of
Changes
in
Net
Assets
Financial
Highlights
Amana
Income
Fund,
Amana
Growth
Fund,
Amana
Developing
World
Fund
For
the
year
ended
May
31,
2025
For
each
of
the
two
years
in
the
period
ended
May
31,
2025
and
2024
For
each
of
the
five
years
in
the
period
then
ended
Fund
Consolidated
Statement
Of
Operations
Consolidated
Statements
Of
Changes
In
Net
Assets
Consolidated
Financial
Highlights
Amana
Participation
Fund
For
the
year
ended
May
31,
2025
For
each
of
the
two
years
in
the
period
ended
May
31,
2025
and
2024
For
each
of
the
five
years
in
the
period
then
ended
Report
of
Independent
Registered
Public
Accounting
Firm
May
31,
2025
Annual
Financial
33
We
conducted
our
audits
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audits
to
obtain
reasonable
assurance
about
whether
the
financial
statements
and
consolidated
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
The
Funds
are
not
required
to
have,
nor
were
we
engaged
to
perform,
an
audit
of
the
Funds'
internal
control
over
financial
reporting.
As
part
of
our
audits
we
are
required
to
obtain
an
understanding
of
internal
control
over
financial
reporting,
but
not
for
the
purpose
of
expressing
an
opinion
on
the
effectiveness
of
the
Funds'
internal
control
over
financial
reporting.
Accordingly,
we
express
no
such
opinion.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements
and
consolidated
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements
and
consolidated
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
May
31,
2025
by
correspondence
with
the
custodian.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
Philadelphia,
Pennsylvania
July
30,
2025
Tait,
Weller
&
Baker
LLP
Form
N-CSR
Items
8-11
34
May
31,
2025
Annual
Financial
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.
May
31,
2025
Annual
Financial
35
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.
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.
Not 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.
During a special shareowner meeting on February 14, 2025, the shareowners of the Funds approved the election or re-election of three current Independent Trustees of the Trust, Mr. Firas J. Al-Barzinji, Dr. Miles K. Davis, and Mr. Ronald H. Fielding, and approved the election of two new Trustees, Ms. Asma Y. Mirza as an Independent Trustee of the Trust, and Ms. Jane K. Carten, as an Interested Trustee of the Trust. Mss. Mirza and Carten will join the Board effective June 2025. In addition, effective June 2025, after decades of dedicated service as founding members of the Board of Trustees, Dr. Yaqub Mirza, Independent Chairman of the Board, and Mr. Nicholas Kaiser, Trustee and Founder and Global Strategist, Saturna Capital Corporation, will retire from the Board. Dr. Mirza and Mr. Kaiser will serve as Emeritus Trustees following their retirement.
Item 16. 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.
Not applicable.
Item 19. Exhibits.
Exhibits included with this filing:
(a)(1) Code of Ethics.
(a)(2) 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.
(a)(3) Not applicable.
(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
By:
/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 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities 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 R. 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 20:32 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]