Amana Mutual Funds Trust
02/09/2026 | Press release | Distributed by Public on 02/09/2026 10:51
Semi-Annual Report by Investment Company (Form N-CSRS)
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 2-96924
AMANA MUTUAL FUNDS TRUST
(Exact Name of Registrant as Specified in Charter)
1300 N. State Street
Bellingham, Washington 98225-4730
(Address of Principal Executive Offices, including ZIP Code)
Elliot S. Cohen
1300 N. State Street
Bellingham, Washington 98225-4730
(Name and Address of Agent for Service)
Registrant's Telephone Number - (360) 734-9900 Ext. 1804
Date of fiscal year end: May 31, 2026
Date of reporting period: November 30, 2025
Item 1. Report to Shareowners
AMIDX
| INSTITUTIONAL SHARES
Amana Developing World Fund
Semi-Annual Shareholder Report - November 30, 2025
Fund Overview
The objective of the Amana Developing World Fund is long-term capital growth, consistent with Islamic principles. This Semi-Annual Shareholder Report contains important information about the Amana Developing World Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at www.saturna.com/fund/amana-developing-world. 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 6 months?
(Based on a hypothetical $10,000 investment)
|
Class Name
|
Cost of a $10,000 Investment
|
Cost Paid as a % of a $10,000 Investment
|
|
Institutional Shares
|
$50
|
0.91%
|
Annual Average Total Return
|
1 Year
|
5 Year
|
10 Year
|
|
|
Institutional Shares
|
14.81%
|
6.17%
|
6.30%
|
|
Bloomberg Emerging Markets Large, Mid & Small
|
25.32%
|
5.40%
|
8.40%
|
|
MSCI Emerging Markets Index
|
30.29%
|
5.54%
|
8.30%
|
Key Fund Statistics
|
Total Net Assets
|
$156,607,527
|
|
# of Portfolio Holdings
|
37
|
|
Advisory Fees Paid
|
$588,427
|
|
Portfolio Turnover Rate
|
9%
|
Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/fund/amana-developing-worldfor more recent performance information.
What did the Fund invest in?
Industry Weightings
% of Total Net Assets
|
Personal Care Products
|
9.5%
|
|
Semiconductor Manufacturing
|
9.0%
|
|
Semiconductor Devices
|
7.2%
|
|
Health Care Facilities
|
6.8%
|
|
Food & Drug Stores
|
5.8%
|
|
Precious Metals
|
5.5%
|
|
Communications Equipment
|
4.8%
|
|
Agricultural Chemicals
|
4.5%
|
|
Electronics Components
|
4.2%
|
|
Electronic Manufacturing Services & Original Design Manufacturer
|
3.9%
|
|
Other Industries
|
32.9%
|
|
Other Assets (net of liabilities)
|
5.9%
|
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
Semi-Annual Shareholder Report - November 30, 2025
Fund Overview
The objective of the Amana Developing World Fund is long-term capital growth, consistent with Islamic principles. This Semi-Annual Shareholder Report contains important information about the Amana Developing World Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at www.saturna.com/fund/amana-developing-world. 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 6 months?
(Based on a hypothetical $10,000 investment)
|
Class Name
|
Cost of a $10,000 Investment
|
Cost Paid as a % of a $10,000 Investment
|
|
Investor Shares
|
$62
|
1.14%
|
Annual Average Total Return
|
1 Year
|
5 Year
|
10 Year
|
|
|
Investor Shares
|
14.57%
|
5.95%
|
6.09%
|
|
Bloomberg Emerging Markets Large, Mid & Small
|
25.32%
|
5.40%
|
8.40%
|
|
MSCI Emerging Markets Index
|
30.29%
|
5.54%
|
8.30%
|
Key Fund Statistics
|
Total Net Assets
|
$156,607,527
|
|
# of Portfolio Holdings
|
37
|
|
Advisory Fees Paid
|
$588,427
|
|
Portfolio Turnover Rate
|
9%
|
Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/fund/amana-developing-worldfor more recent performance information.
What did the Fund invest in?
Industry Weightings
% of Total Net Assets
|
Personal Care Products
|
9.5%
|
|
Semiconductor Manufacturing
|
9.0%
|
|
Semiconductor Devices
|
7.2%
|
|
Health Care Facilities
|
6.8%
|
|
Food & Drug Stores
|
5.8%
|
|
Precious Metals
|
5.5%
|
|
Communications Equipment
|
4.8%
|
|
Agricultural Chemicals
|
4.5%
|
|
Electronics Components
|
4.2%
|
|
Electronic Manufacturing Services & Original Design Manufacturer
|
3.9%
|
|
Other Industries
|
32.9%
|
|
Other Assets (net of liabilities)
|
5.9%
|
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
Semi-Annual Shareholder Report - November 30, 2025
Fund Overview
The objective of the Amana Growth Fund is long-term capital growth, consistent with Islamic principles. This Semi-Annual Shareholder Report contains important information about the Amana Growth Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at www.saturna.com/fund/amana-growth. You can also request this information by contacting us at 1-800-728-8762 or [email protected]. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last 6 months?
(Based on a hypothetical $10,000 investment)
|
Class Name
|
Cost of a $10,000 Investment
|
Cost Paid as a % of a $10,000 Investment
|
|
Institutional Shares
|
$34
|
0.61%
|
Annual Average Total Return
|
1 Year
|
5 Year
|
10 Year
|
|
|
Institutional Shares
|
18.08%
|
14.57%
|
16.68%
|
|
Bloomberg US Large Cap Total Return Index
|
15.17%
|
14.89%
|
14.75%
|
|
Bloomberg 1000 Growth Total Return Index
|
17.10%
|
14.67%
|
16.47%
|
|
S&P 500 Index
|
15.00%
|
15.28%
|
14.63%
|
Key Fund Statistics
|
Total Net Assets
|
$6,054,394,688
|
|
# of Portfolio Holdings
|
35
|
|
Advisory Fees Paid
|
$16,525,932
|
|
Portfolio Turnover Rate
|
3%
|
Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/fund/amana-growthfor more recent performance information.
What did the Fund invest in?
Industry Weightings
% of Total Net Assets
|
Semiconductor Devices
|
15.1%
|
|
Large Pharma
|
11.5%
|
|
Semiconductor Manufacturing
|
11.2%
|
|
Communications Equipment
|
10.9%
|
|
Infrastructure Software
|
10.8%
|
|
Internet Media & Services
|
7.1%
|
|
Commercial & Residential Building Equipment & Systems
|
6.6%
|
|
Application Software
|
3.8%
|
|
Medical Devices
|
3.7%
|
|
Measurement Instruments
|
3.1%
|
|
Other Industries
|
14.7%
|
|
Other Assets (net of liabilities)
|
1.5%
|
Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/resources/literature.
1300 N. State Street
Bellingham, WA 98225
1-800-728-8762
AMAGX
| INVESTOR SHARES
Amana Growth Fund
Semi-Annual Shareholder Report - November 30, 2025
Fund Overview
The objective of the Amana Growth Fund is long-term capital growth, consistent with Islamic principles. This Semi-Annual Shareholder Report contains important information about the Amana Growth Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at www.saturna.com/fund/amana-growth. You can also request this information by contacting us at 1-800-728-8762 or [email protected]. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last 6 months?
(Based on a hypothetical $10,000 investment)
|
Class Name
|
Cost of a $10,000 Investment
|
Cost Paid as a % of a $10,000 Investment
|
|
Investor Shares
|
$47
|
0.85%
|
Annual Average Total Return
|
1 Year
|
5 Year
|
10 Year
|
|
|
Investor Shares
|
17.79%
|
14.29%
|
16.40%
|
|
Bloomberg US Large Cap Total Return Index
|
15.17%
|
14.89%
|
14.75%
|
|
Bloomberg 1000 Growth Total Return Index
|
17.10%
|
14.67%
|
16.47%
|
|
S&P 500 Index
|
15.00%
|
15.28%
|
14.63%
|
Key Fund Statistics
|
Total Net Assets
|
$6,054,394,688
|
|
# of Portfolio Holdings
|
35
|
|
Advisory Fees Paid
|
$16,525,932
|
|
Portfolio Turnover Rate
|
3%
|
Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/fund/amana-growthfor more recent performance information.
What did the Fund invest in?
Industry Weightings
% of Total Net Assets
|
Semiconductor Devices
|
15.1%
|
|
Large Pharma
|
11.5%
|
|
Semiconductor Manufacturing
|
11.2%
|
|
Communications Equipment
|
10.9%
|
|
Infrastructure Software
|
10.8%
|
|
Internet Media & Services
|
7.1%
|
|
Commercial & Residential Building Equipment & Systems
|
6.6%
|
|
Application Software
|
3.8%
|
|
Medical Devices
|
3.7%
|
|
Measurement Instruments
|
3.1%
|
|
Other Industries
|
14.7%
|
|
Other Assets (net of liabilities)
|
1.5%
|
Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/resources/literature.
1300 N. State Street
Bellingham, WA 98225
1-800-728-8762
AMINX
| INSTITUTIONAL SHARES
Amana Income Fund
Semi-Annual Shareholder Report - November 30, 2025
Fund Overview
The objective of the Amana Income Fund is current income and preservation of capital, consistent with Islamic principles. This Semi-Annual Shareholder Report contains important information about the Amana Income Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at www.saturna.com/fund/amana-income. You can also request this information by contacting us at 1-800-728-8762 or [email protected]. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last 6 months?
(Based on a hypothetical $10,000 investment)
|
Class Name
|
Cost of a $10,000 Investment
|
Cost Paid as a % of a $10,000 Investment
|
|
Institutional Shares
|
$40
|
0.75%
|
Annual Average Total Return
|
1 Year
|
5 Year
|
10 Year
|
|
|
Institutional Shares
|
14.49%
|
11.90%
|
11.82%
|
|
Bloomberg US Large Cap Total Return Index
|
15.17%
|
14.89%
|
14.75%
|
|
Bloomberg 1000 Value Total Return Index
|
7.17%
|
13.24%
|
10.73%
|
|
S&P 500 Index
|
15.00%
|
15.28%
|
14.63%
|
Key Fund Statistics
|
Total Net Assets
|
$2,187,058,534
|
|
# of Portfolio Holdings
|
33
|
|
Advisory Fees Paid
|
$7,481,968
|
|
Portfolio Turnover Rate
|
4%
|
Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/fund/amana-incomefor more recent performance information.
What did the Fund invest in?
Industry Weightings
% of Total Net Assets
|
Large Pharma
|
18.7%
|
|
Semiconductor Manufacturing
|
9.9%
|
|
Infrastructure Software
|
8.1%
|
|
Semiconductor Devices
|
7.4%
|
|
Personal Care Products
|
5.9%
|
|
Industrial Wholesale & Rental
|
5.8%
|
|
Measurement Instruments
|
5.4%
|
|
Basic & Diversified Chemicals
|
3.8%
|
|
Diversified Industrials
|
3.4%
|
|
Commercial & Residential Building Equipment & Systems
|
2.9%
|
|
Other Industries
|
18.7%
|
|
Other Assets (net of liabilities)
|
10.0%
|
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
AMANX
| INVESTOR SHARES
Amana Income Fund
Semi-Annual Shareholder Report - November 30, 2025
Fund Overview
The objective of the Amana Income Fund is current income and preservation of capital, consistent with Islamic principles. This Semi-Annual Shareholder Report contains important information about the Amana Income Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at www.saturna.com/fund/amana-income. You can also request this information by contacting us at 1-800-728-8762 or [email protected]. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last 6 months?
(Based on a hypothetical $10,000 investment)
|
Class Name
|
Cost of a $10,000 Investment
|
Cost Paid as a % of a $10,000 Investment
|
|
Investor Shares
|
$53
|
0.99%
|
Annual Average Total Return
|
1 Year
|
5 Year
|
10 Year
|
|
|
Investor Shares
|
14.22%
|
11.64%
|
11.56%
|
|
Bloomberg US Large Cap Total Return Index
|
15.17%
|
14.89%
|
14.75%
|
|
Bloomberg 1000 Value Total Return Index
|
7.17%
|
13.24%
|
10.73%
|
|
S&P 500 Index
|
15.00%
|
15.28%
|
14.63%
|
Key Fund Statistics
|
Total Net Assets
|
$2,187,058,534
|
|
# of Portfolio Holdings
|
33
|
|
Advisory Fees Paid
|
$7,481,968
|
|
Portfolio Turnover Rate
|
4%
|
Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/fund/amana-incomefor more recent performance information.
What did the Fund invest in?
Industry Weightings
% of Total Net Assets
|
Large Pharma
|
18.7%
|
|
Semiconductor Manufacturing
|
9.9%
|
|
Infrastructure Software
|
8.1%
|
|
Semiconductor Devices
|
7.4%
|
|
Personal Care Products
|
5.9%
|
|
Industrial Wholesale & Rental
|
5.8%
|
|
Measurement Instruments
|
5.4%
|
|
Basic & Diversified Chemicals
|
3.8%
|
|
Diversified Industrials
|
3.4%
|
|
Commercial & Residential Building Equipment & Systems
|
2.9%
|
|
Other Industries
|
18.7%
|
|
Other Assets (net of liabilities)
|
10.0%
|
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
AMIPX
| INSTITUTIONAL SHARES
Amana Participation Fund
Semi-Annual Shareholder Report - November 30, 2025
Fund Overview
The objective of the Amana Participation Fund is capital preservation and current income, consistent with Islamic principles. This Semi-Annual Shareholder Report contains important information about the Amana Participation Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at www.saturna.com/fund/amana-participation. You can also request this information by contacting us at 1-800-728-8762 or [email protected]. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last 6 months?
(Based on a hypothetical $10,000 investment)
|
Class Name
|
Cost of a $10,000 Investment
|
Cost Paid as a % of a $10,000 Investment
|
|
Institutional Shares
|
$28
|
0.55%
|
Annual Average Total Return
|
1 Year
|
5 Year
|
10 Year
|
|
|
Institutional Shares
|
5.53%
|
1.73%
|
2.58%
|
|
Bloomberg Global Aggregate Bond Index
|
5.57%
|
-1.94%
|
1.29%
|
|
Bloomberg Custom Sukuk
|
6.78%
|
n/a
|
n/a
|
|
FTSE IdealRatings Sukuk Index
|
6.84%
|
1.86%
|
3.61%
|
Key Fund Statistics
|
Total Net Assets
|
$267,741,244
|
|
# of Portfolio Holdings
|
56
|
|
Advisory Fees Paid
|
$701,967
|
|
Portfolio Turnover Rate
|
20%
|
Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/fund/amana-participationfor more recent performance information.
What did the Fund invest in?
Sector Weightings
% of Total Net Assets
|
Financials
|
39.7%
|
|
Real Estate
|
12.4%
|
|
Utilities
|
7.6%
|
|
Government
|
6.7%
|
|
Industrials
|
6.6%
|
|
Energy
|
6.4%
|
|
Communications
|
5.5%
|
|
Materials
|
3.8%
|
|
Consumer Staples
|
2.8%
|
|
Bank Time Deposits
|
2.6%
|
|
Other Sectors
|
0.7%
|
|
Other Assets (net of liabilities)
|
5.2%
|
Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/resources/literature.
1300 N. State Street
Bellingham, WA 98225
1-800-728-8762
AMAPX
| INVESTOR SHARES
Amana Participation Fund
Semi-Annual Shareholder Report - November 30, 2025
Fund Overview
The objective of the Amana Participation Fund is capital preservation and current income, consistent with Islamic principles. This Semi-Annual Shareholder Report contains important information about the Amana Participation Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at www.saturna.com/fund/amana-participation. You can also request this information by contacting us at 1-800-728-8762 or [email protected]. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the last 6 months?
(Based on a hypothetical $10,000 investment)
|
Class Name
|
Cost of a $10,000 Investment
|
Cost Paid as a % of a $10,000 Investment
|
|
Investor Shares
|
$40
|
0.79%
|
Annual Average Total Return
|
1 Year
|
5 Year
|
10 Year
|
|
|
Investor Shares
|
5.19%
|
1.48%
|
2.34%
|
|
Bloomberg Global Aggregate Bond Index
|
5.57%
|
-1.94%
|
1.29%
|
|
Bloomberg Custom Sukuk
|
6.78%
|
n/a
|
n/a
|
|
FTSE IdealRatings Sukuk Index
|
6.84%
|
1.86%
|
3.61%
|
Key Fund Statistics
|
Total Net Assets
|
$267,741,244
|
|
# of Portfolio Holdings
|
56
|
|
Advisory Fees Paid
|
$701,967
|
|
Portfolio Turnover Rate
|
20%
|
Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/fund/amana-participationfor more recent performance information.
What did the Fund invest in?
Sector Weightings
% of Total Net Assets
|
Financials
|
39.7%
|
|
Real Estate
|
12.4%
|
|
Utilities
|
7.6%
|
|
Government
|
6.7%
|
|
Industrials
|
6.6%
|
|
Energy
|
6.4%
|
|
Communications
|
5.5%
|
|
Materials
|
3.8%
|
|
Consumer Staples
|
2.8%
|
|
Bank Time Deposits
|
2.6%
|
|
Other Sectors
|
0.7%
|
|
Other Assets (net of liabilities)
|
5.2%
|
Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/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. Requests may also be made via telephone at 1-800-728-8762, and will be processed within one business day of receiving such request.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
(a) The Schedule of Investments is fully answered in Item 7.
(b) Not applicable
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Table
of
Contents:
2
Morningstar
Ratings
3
Amana
Income
Fund
4
Schedule
of
Investments
4
Statement
of
Assets
and
Liabilities
and
Statement
of
Operations
6
Statements
of
Changes
in
Net
Assets
7
Financial
Highlights
8
Amana
Growth
Fund
10
Schedule
of
Investments
10
Statement
of
Assets
and
Liabilities
and
Statement
of
Operations
12
Statements
of
Changes
in
Net
Assets
13
Financial
Highlights
14
Amana
Developing
World
Fund
16
Schedule
of
Investments
16
Statement
of
Assets
and
Liabilities
and
Statement
of
Operations
18
Statements
of
Changes
in
Net
Assets
19
Financial
Highlights
20
Amana
Participation
Fund
22
Schedule
of
Investments
22
Statement
of
Assets
and
Liabilities
and
Statement
of
Operations
24
Statements
of
Changes
in
Net
Assets
25
Financial
Highlights
26
Notes
To
Financial
Statements
28
Note
1
-
Organization
28
Note
2
-
Unaudited
Information
28
Note
3
-
Significant
Accounting
Policies
28
Note
4
-
Transactions
with
Affiliated
Persons
31
Note
5
-
Distributions
to
Shareowners
32
Note
6
-
Federal
Income
Taxes
32
Note
7
-
Investments
33
Note
8
-
Custodian
33
Note
9
-
Subsequent
Events
33
Renewal
of
Investment
Advisory
Contract
34
Form
N-CSR
Items
8-11
36
Summary
Information
37
November
30,
2025
Semi-Annual
3
Morningstar
Ratings
(as
of
November
30,
2025)
©
2026
Morningstar®.
All
rights
reserved.
Morningstar,
Inc.
is
an
independent
fund
performance
monitor.
The
information
contained
herein:
(1)
is
proprietary
to
Morningstar
and/or
its
content
providers;
(2)
may
not
be
copied
or
distributed;
and
(3)
is
not
warranted
to
be
accurate,
complete,
or
timely.
Neither
Morningstar
nor
its
content
providers
are
responsible
for
any
damages
or
losses
arising
from
any
use
of
this
information.
A
Morningstar
Ratingsâ„¢
("Star
Ratings")
are
as
of
November
30,
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
ï‚«ï‚«
ï‚«ï‚«
ï‚«ï‚«
n/a
ï‚«ï‚«
%
Rank
in
Category
31
86
81
84
91
n/a
Institutional
Shares
(AMINX)
n/a
ï‚«ï‚«
ï‚«ï‚«
ï‚«ï‚«
n/a
ï‚«ï‚«
%
Rank
in
Category
27
84
79
81
89
n/a
Number
of
Funds
in
Category
1,308
1,211
1,121
875
675
1,211
Amana
Growth
Fund
-
"Large
Growth"
Category
Investor
Shares
(AMAGX)
n/a
ï‚«ï‚«
ï‚«ï‚«ï‚«ï‚«
ï‚«ï‚«ï‚«ï‚«
n/a
ï‚«ï‚«
%
Rank
in
Category
34
83
32
26
61
n/a
Institutional
Shares
(AMIGX)
n/a
ï‚«ï‚«
ï‚«ï‚«ï‚«ï‚«
ï‚«ï‚«ï‚«ï‚«ï‚«
n/a
ï‚«ï‚«
%
Rank
in
Category
31
81
29
20
56
n/a
Number
of
Funds
in
Category
1,079
1,009
943
755
579
1,009
Amana
Developing
World
Fund
-
"Diversified
Emerging
Markets"
Category
Investor
Shares
(AMDWX)
n/a
ï‚«ï‚«
ï‚«ï‚«ï‚«
ï‚«ï‚«ï‚«
n/a
ï‚«ï‚«
%
Rank
in
Category
92
84
42
82
85
n/a
Institutional
Shares
(AMIDX)
n/a
ï‚«ï‚«
ï‚«ï‚«ï‚«
ï‚«ï‚«ï‚«
n/a
ï‚«ï‚«
%
Rank
in
Category
91
83
40
78
81
n/a
Number
of
Funds
in
Category
751
693
616
456
225
693
Amana
Participation
Fund
-
"Emerging
Markets
Bond"
Category
Investor
Shares
(AMAPX)
n/a
ï‚«ï‚«ï‚«
ï‚«ï‚«ï‚«ï‚«
ï‚«ï‚«ï‚«ï‚«
n/a
ï‚«ï‚«ï‚«ï‚«
%
Rank
in
Category
76
66
16
23
n/a
n/a
Institutional
Shares
(AMIPX)
n/a
ï‚«ï‚«ï‚«
ï‚«ï‚«ï‚«ï‚«ï‚«
ï‚«ï‚«ï‚«ï‚«ï‚«
n/a
ï‚«ï‚«ï‚«ï‚«ï‚«
%
Rank
in
Category
68
57
9
15
n/a
n/a
Number
of
Funds
in
Category
147
147
142
121
83
147
Schedule
of
Investments
As
of
November
30,
2025
Amana
Income
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
November
30,
2025
Semi-Annual
Continued
on
next
page.
Common
Stock
-
90
.0
%
Number
of
Shares
Cost
Market
Value
Percentage
of
Net
Assets
Consumer
Discretionary
Apparel,
Footwear
&
Acc
Design
Nike,
Class
B
205,000
$
14,047,249
$
13,249,150
0.6%
Automotive
Retailers
Genuine
Parts
382,000
15,016,749
49,812,800
2.3%
Home
Products
Stores
Home
Depot
52,000
20,230,590
18,559,840
0.8%
49,294,588
81,621,790
3.7%
Consumer
Staples
Household
Products
Procter
&
Gamble
127,000
19,991,437
18,816,320
0.9%
Packaged
Food
Danone
150,000
12,939,522
13,411,390
0.6%
Personal
Care
Products
Colgate-Palmolive
450,000
18,061,325
36,175,500
1.7%
Kenvue
1,675,000
34,061,723
29,061,250
1.3%
Kimberly-Clark
300,000
22,709,515
32,736,000
1.5%
Unilever
ADR
500,000
18,702,308
30,295,000
1.4%
93,534,871
128,267,750
5.9%
126,465,830
160,495,460
7.4%
Health
Care
Large
Pharma
AbbVie
155,000
14,399,325
35,293,500
1.6%
Eli
Lilly
266,890
9,157,548
287,032,188
13.1%
Johnson
&
Johnson
165,000
19,251,626
34,141,800
1.6%
Merck
&
Co
123,000
15,683,886
12,894,090
0.6%
Novartis
ADR
295,400
15,552,803
38,520,160
1.8%
74,045,188
407,881,738
18.7%
Medical
Devices
Abbott
Laboratories
350,000
8,392,885
45,115,000
2.0%
82,438,073
452,996,738
20.7%
Industrials
Commercial
&
Residential
Building
Equipment
&
Systems
Johnson
Controls
International
550,000
34,796,048
63,970,500
2.9%
Construction
&
Mining
Machinery
Komatsu
Ltd
400,000
13,809,888
13,152,797
0.6%
Courier
Services
United
Parcel
Service,
Class
B
300,000
49,276,044
28,737,000
1.3%
Diversified
Industrials
Illinois
Tool
Works
300,000
14,672,460
74,784,000
3.4%
Electrical
Power
Equipment
Eaton
110,000
20,458,947
38,047,900
1.8%
Industrial
Wholesale
&
Rental
Ferguson
Enterprises
200,000
39,986,233
50,334,000
2.3%
W.W.
Grainger
80,000
7,590,798
75,890,400
3.5%
47,577,031
126,224,400
5.8%
Measurement
Instruments
Rockwell
Automation
300,000
13,657,124
118,758,000
5.4%
Schedule
of
Investments
As
of
November
30,
2025
Amana
Income
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
November
30,
2025
Semi-Annual
5
Common
Stock
-
90.0%
Number
of
Shares
Cost
Market
Value
Percentage
of
Net
Assets
Industrials
(continued)
Rail
Freight
Canadian
National
Railway
384,000
$
8,600,818
$
36,821,760
1.7%
202,848,360
500,496,357
22.9%
Materials
Basic
&
Diversified
Chemicals
Air
Products
&
Chemicals
110,000
6,424,723
28,715,500
1.3%
Linde
130,000
8,531,143
53,341,600
2.5%
14,955,866
82,057,100
3.8%
Cement
&
Aggregates
CRH
PLC
110,000
11,405,141
13,195,600
0.6%
26,361,007
95,252,700
4.4%
Technology
Communications
Equipment
Cisco
Systems
750,000
34,718,422
57,705,000
2.6%
Consumer
Electronics
Nintendo
750,000
36,514,433
63,630,818
2.9%
Infrastructure
Software
Microsoft
357,980
7,264,521
176,129,740
8.1%
Semiconductor
Devices
Broadcom
300,000
34,949,114
120,888,000
5.5%
Texas
Instruments
250,000
38,489,292
42,067,500
1.9%
73,438,406
162,955,500
7.4%
Semiconductor
Manufacturing
Taiwan
Semiconductor
ADR
743,965
7,484,010
216,873,237
9.9%
159,419,792
677,294,295
30.9%
Total
investments
$646,827,650
$
1,968,157,340
90.0%
Other
assets
(net
of
liabilities)
218,901,194
10.0%
Total
net
assets
$
2,187,058,534
100.0%
ADR:
American
Depositary
Receipt
PCL:
Public
Company
Limited
Amana
Income
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
November
30,
2025
Semi-Annual
Statement
of
Assets
and
Liabilities
Statement
of
Operations
As
of
November
30,
2025
Assets
Investments
in
securities,
at
value
(Cost
$646,827,650)
$
1,968,157,340
Cash
214,469,143
Dividends
receivable
3,180,952
Receivable
for
Fund
shares
sold
2,852,977
Prepaid
expenses
29,691
Total
assets
2,188,690,103
Liabilities
Accrued
advisory
fees
1,246,973
Accrued
12b-1
distribution
fees
174,728
Payable
for
Fund
shares
redeemed
88,329
Accrued
retirement
plan
custody
fee
70,832
Accrued
Chief
Compliance
Officer
expenses
4,423
Accrued
trustee
expenses
4,361
Accrued
other
operating
expenses
41,923
Total
liabilities
1,631,569
Net
assets
$2,187,058,534
Analysis
of
net
assets
Paid-in
capital
(unlimited
shares
authorized,
without
par
value)
$699,455,610
Total
distributable
earnings
1,487,602,924
Net
assets
applicable
to
Fund
shares
outstanding
$2,187,058,534
Net
asset
value
per
Investor
Shares
AMANX
Net
assets,
at
value
$868,813,445
Shares
outstanding
11,514,048
Net
asset
value,
offering
and
redemption
price
per
share
$75.46
Net
asset
value
per
Institutional
Shares
AMINX
Net
assets,
at
value
$1,318,245,089
Shares
outstanding
17,683,021
Net
asset
value,
offering
and
redemption
price
per
share
$74.55
Period
ended
November
30,
2025
Investment
income
Dividend
Income
(Net
of
foreign
tax
of
$384,229)
$
15,502,705
Miscellaneous
income
874
Total
investment
income
15,503,579
Expenses
Investment
advisory
fees
7,481,968
12b-1
distribution
fees
1,057,582
ReFlow
fees
98,733
Custodian
fees
49,781
Filing
and
registration
fees
35,022
Retirement
plan
custodial
fees
32,354
125
Investor
Shares
40
150
Institutional
Shares
32,314
Legal
fees
24,859
Audit
fees
18,233
Chief
Compliance
Officer
expenses
15,652
Trustee
fees
15,610
Other
operating
expenses
61,612
Total
gross
expenses
8,891,406
Less
custodian
fee
credits
(49,781)
Net
expenses
8,841,625
Net
investment
income
$6,661,954
Net
realized
gain
from
investments
and
foreign
currency
$99,508,592
A
Net
Increase
in
unrealized
appreciation
on
investments
and
foreign
currency
157,426,335
Net
gain
on
investments
256,934,927
Net
increase
in
net
assets
resulting
from
operations
$263,596,881
A
Includes
$35,339,248
in
net
realized
gains
from
redemptions
in-kind
Amana
Income
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
November
30,
2025
Semi-Annual
7
Statements
of
Changes
in
Net
Assets
Period
ended
November
30,
2025
Year
ended
May
31,
2025
Increase
in
net
assets
from
operations
From
operations
Net
investment
income
$6,661,954
$16,083,947
Net
realized
gain
on
investments
and
foreign
currency
99,508,592
84,628,411
Net
increase
in
unrealized
appreciation
on
investments
and
foreign
currency
157,426,335
45,632,361
Net
increase
in
net
assets
263,596,881
146,344,719
Distributions
to
shareowners
from
125
Net
dividend
and
distribution
to
shareholders
-
Investor
Shares
-
(45,166,603)
150
Net
dividend
and
distribution
to
shareholders
-
Institutional
Shares
-
(61,267,074)
Total
distributions
-
(106,433,677)
Capital
share
transactions
Proceeds
from
the
sale
of
shares
125
Investor
Shares
30,092,914
69,870,774
150
Institutional
Shares
185,350,981
251,888,879
Value
of
shares
issued
in
reinvestment
of
dividends
and
distributions
125
Investor
Shares
-
43,617,060
150
Institutional
Shares
-
58,767,563
Cost
of
shares
redeemed
125
Investor
Shares
(112,809,427)
(127,442,908)
150
Institutional
Shares
(160,205,102)
(214,093,824)
Total
capital
shares
transactions
(57,570,634)
82,607,544
Total
increase
in
net
assets
206,026,247
122,518,586
Net
assets
Beginning
of
period
1,981,032,287
1,858,513,701
End
of
period
$2,187,058,534
$1,981,032,287
Shares
of
the
Fund
sold
and
redeemed
Investor
Shares
(AMANX)
Number
of
shares
sold
424,492
1,052,806
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
-
679,237
Number
of
shares
redeemed
(1,594,723)
(1,925,424)
Net
decrease
in
number
of
shares
outstanding
(1,170,231)
(193,381)
Institutional
Shares
(AMINX)
Number
of
shares
sold
2,646,964
3,848,401
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
-
927,069
Number
of
shares
redeemed
(2,279,281)
(3,269,683)
Net
increase
in
number
of
shares
outstanding
367,683
1,505,787
-
-
Amana
Income
Fund:
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
November
30,
2025
Semi-Annual
Investor
Shares
(AMANX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
November
30,
2025
Year
ended
May
31,
2025
2024
2023
2022
2021
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$66.54
$65.21
$57.31
$59.34
$61.52
$50.03
Income
from
investment
operations
Net
investment
income
A
0.18
0.46
0.53
0.59
0.59
0.58
Net
gains
on
securities
(both
realized
and
unrealized)
8.74
4.47
10.49
1.91
0.37
14.53
Total
from
investment
operations
8.92
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
period
$75.46
$66.54
$65.21
$57.31
$59.34
$61.52
Total
Return
B
13.41%
7.77%
19.75%
4.35%
1.16%
30.87%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$868,813
$844,062
$839,814
$747,787
$746,534
$841,439
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
C
1.00%
1.01%
1.01%
1.02%
1.01%
1.04%
After custodian
fee
credits
C
0.99%
1.00%
1.00%
1.02%
1.01%
1.04%
Ratio
of
net
investment
income
after
custodian
fee
credits to
average
net
assets
C
0.49%
0.69%
0.86%
1.03%
0.94%
1.03%
Portfolio
turnover
rate
B
4%
4%
10%
8%
5%
5%
A
Calculated
using
average
shares
outstanding
B
Not
annualized
for
period
of
less
than
one
year
C
Annualized
for
periods
of
less
than
one
year
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
November
30,
2025
Semi-Annual
9
Amana
Income
Fund:
Financial
Highlights
Investor
Shares
(AMANX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
November
30,
2025
Year
ended
May
31,
2025
2024
2023
2022
2021
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$66.54
$65.21
$57.31
$59.34
$61.52
$50.03
Income
from
investment
operations
Net
investment
income
A
0.18
0.46
0.53
0.59
0.59
0.58
Net
gains
on
securities
(both
realized
and
unrealized)
8.74
4.47
10.49
1.91
0.37
14.53
Total
from
investment
operations
8.92
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
period
$75.46
$66.54
$65.21
$57.31
$59.34
$61.52
Total
Return
B
13.41%
7.77%
19.75%
4.35%
1.16%
30.87%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$868,813
$844,062
$839,814
$747,787
$746,534
$841,439
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
C
1.00%
1.01%
1.01%
1.02%
1.01%
1.04%
After custodian
fee
credits
C
0.99%
1.00%
1.00%
1.02%
1.01%
1.04%
Ratio
of
net
investment
income
after
custodian
fee
credits to
average
net
assets
C
0.49%
0.69%
0.86%
1.03%
0.94%
1.03%
Portfolio
turnover
rate
B
4%
4%
10%
8%
5%
5%
A
Calculated
using
average
shares
outstanding
B
Not
annualized
for
period
of
less
than
one
year
C
Annualized
for
periods
of
less
than
one
year
Institutional
Shares
(AMINX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
November
30,
2025
Year
ended
May
31,
2025
2024
2023
2022
2021
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$65.66
$64.44
$56.69
$58.79
$61.04
$49.72
Income
from
investment
operations
Net
investment
income
A
0.26
0.62
0.67
0.72
0.74
0.71
Net
gains
on
securities
(both
realized
and
unrealized)
8.63
4.40
10.38
1.90
0.37
14.42
Total
from
investment
operations
8.89
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
period
$74.55
$65.66
$64.44
$56.69
$58.79
$61.04
Total
Return
B
13.54%
8.02%
20.05%
4.61%
1.40%
31.14%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$1,318,245
$1,136,971
$1,018,700
$827,401
$788,724
$703,695
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
C
0.75%
0.76%
0.76%
0.78%
0.77%
0.80%
After custodian
fee
credits
C
0.75%
0.76%
0.76%
0.77%
0.77%
0.79%
Ratio
of
net
investment
income
after
custodian
fee
credits to
average
net
assets
C
0.73%
0.94%
1.11%
1.27%
1.19%
1.27%
Portfolio
turnover
rate
B
4%
4%
10%
8%
5%
5%
A
Calculated
using
average
shares
outstanding
B
Not
annualized
for
period
of
less
than
one
year
C
Annualized
for
periods
of
less
than
one
year
Schedule
of
Investments
As
of
November
30,
2025
Amana
Growth
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
November
30,
2025
Semi-Annual
Continued
on
next
page.
Common
Stock
-
98.5%
Number
of
Shares
Cost
Market
Value
Percentage
of
Net
Assets
Communications
Internet
Media
&
Services
Alphabet,
Class
A
1,345,000
$
161,823,354
$
430,642,100
7.1%
Consumer
Discretionary
Automotive
Retailers
AutoZone
1
40,000
98,870,262
158,173,200
2.6%
Home
Products
Stores
Lowe's
400,000
8,620,300
96,992,000
1.6%
Specialty
Apparel
Stores
TJX
Companies
1,150,000
12,679,185
174,708,000
2.9%
120,169,747
429,873,200
7.1%
Consumer
Staples
Personal
Care
Products
Church
&
Dwight
1,171,300
20,995,228
99,747,908
1.7%
Health
Care
Large
Pharma
AbbVie
600,000
116,604,834
136,620,000
2.2%
AstraZeneca
ADR
1,590,000
107,739,591
147,424,800
2.5%
Eli
Lilly
290,435
10,031,382
312,354,129
5.2%
Novo
Nordisk
ADR
2,003,200
7,663,670
98,857,920
1.6%
242,039,477
695,256,849
11.5%
Life
Science
&
Diagnostics
Agilent
Technologies
205,875
5,321,733
31,601,813
0.5%
Medical
Devices
Smith
&
Nephew
6,759,770
111,059,709
112,431,692
1.9%
Stryker
300,000
15,657,168
111,354,000
1.8%
126,716,877
223,785,692
3.7%
374,078,087
950,644,354
15.7%
Industrials
Commercial
&
Residential
Building
Equipment
&
Systems
Johnson
Controls
International
2,000,000
104,457,808
232,620,000
3.8%
Trane
400,000
66,621,870
168,592,000
2.8%
171,079,678
401,212,000
6.6%
Electrical
Power
Equipment
Eaton
70,000
25,915,995
24,212,300
0.4%
Schneider
Electric
SE
400,000
100,973,753
107,660,873
1.8%
126,889,748
131,873,173
2.2%
Fabricated
Metal
&
Hardware
Prysmian
S.P.A
280,000
29,445,717
28,106,081
0.5%
Measurement
Instruments
Keysight
Technologies
1
281,975
6,173,040
55,816,951
0.9%
Trimble
1
1,665,000
26,578,159
135,564,300
2.2%
32,751,199
191,381,251
3.1%
Metalworking
Machinery
Lincoln
Electric
Holdings
268,920
5,947,784
64,387,516
1.1%
Schedule
of
Investments
As
of
November
30,
2025
Amana
Growth
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
November
30,
2025
Semi-Annual
11
Common
Stock
-
98.5%
Number
of
Shares
Cost
Market
Value
Percentage
of
Net
Assets
Industrials
(continued)
Waste
Management
Waste
Management
160,000
$
36,183,268
$
34,859,200
0.6%
402,297,394
851,819,221
14.1%
Technology
Application
Software
Adobe
1
162,175
5,574,571
51,917,083
0.8%
Intuit
285,600
9,926,412
181,093,248
3.0%
15,500,983
233,010,331
3.8%
Communications
Equipment
Apple
1,644,225
1,392,331
458,492,141
7.6%
Cisco
Systems
929,050
17,145,279
71,481,107
1.2%
Fujikura
Ltd
1,100,000
85,937,737
127,427,486
2.1%
104,475,347
657,400,734
10.9%
Infrastructure
Software
Microsoft
660,000
205,627,703
324,726,600
5.3%
Oracle
900,000
39,381,679
181,755,000
3.0%
ServiceNow
1
185,000
99,581,103
150,295,850
2.5%
344,590,485
656,777,450
10.8%
IT
Services
Fujitsu
Limited
2,300,000
63,659,352
61,082,413
1.0%
Semiconductor
Devices
Advanced
Micro
Devices
1
345,100
25,536,426
75,069,603
1.3%
Broadcom
1,150,000
122,582,706
463,404,000
7.7%
Nvidia
2,100,000
152,670,793
371,700,000
6.1%
300,789,925
910,173,603
15.1%
Semiconductor
Manufacturing
ASML
Holding
NY
308,000
10,937,644
326,480,000
5.4%
Taiwan
Semiconductor
ADR
1,210,921
12,693,436
352,995,581
5.8%
23,631,080
679,475,581
11.2%
852,647,172
3,197,920,112
52.8%
Total
investments
$1,932,010,982
$5,960,646,895
98.5%
Other
assets
(net
of
liabilities)
93,747,793
1.5%
Total
net
assets
$6,054,394,688
100.0%
1
Non-income
producing
ADR:
American
Depositary
Receipt
Amana
Growth
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
November
30,
2025
Semi-Annual
Statement
of
Assets
and
Liabilities
Statement
of
Operations
As
of
November
30,
2025
Assets
Investments
in
securities,
at
value
(Cost
$1,932,010,982)
$
5,960,646,895
Cash
91,824,382
Receivable
for
security
sales
11,030,729
Dividends
receivable
4,026,189
Receivable
for
Fund
shares
sold
3,087,316
Prepaid
expenses
38,425
Total
assets
6,070,653,936
Liabilities
Payable
for
Fund
shares
redeemed
12,661,252
Accrued
advisory
fees
2,823,848
Accrued
12b-1
distribution
fees
553,949
Accrued
retirement
plan
custody
fee
108,565
Accrued
trustee
expenses
15,474
Accrued
Chief
Compliance
Officer
expenses
8,379
Accrued
other
operating
expenses
87,781
Total
liabilities
16,259,248
Net
assets
$6,054,394,688
Analysis
of
net
assets
Paid-in
capital
(unlimited
shares
authorized,
without
par
value)
$1,626,660,367
Total
distributable
earnings
4,427,734,321
Net
assets
applicable
to
Fund
shares
outstanding
$6,054,394,688
Net
asset
value
per
Investor
Shares
AMAGX
Net
assets,
at
value
$2,732,837,951
Shares
outstanding
28,734,935
Net
asset
value,
offering
and
redemption
price
per
share
$95.10
Net
asset
value
per
Institutional
Shares
AMIGX
Net
assets,
at
value
$3,321,556,737
Shares
outstanding
34,604,255
Net
asset
value,
offering
and
redemption
price
per
share
$95.99
Period
ended
November
30,
2025
Investment
income
Dividend
Income
(Net
of
foreign
tax
of
$862,750)
$
21,945,568
Miscellaneous
income
1,181
Total
investment
income
21,946,749
Expenses
Investment
advisory
fees
16,525,932
12b-1
distribution
fees
3,256,382
ReFlow
fees
323,269
Custodian
fees
143,730
Audit
fees
65,305
Filing
and
registration
fees
60,891
Legal
fees
58,021
Retirement
plan
custodial
fees
50,826
225
Investor
Shares
57
250
Institutional
Shares
50,769
Chief
Compliance
Officer
expenses
44,830
Trustee
fees
43,049
Other
operating
expenses
159,345
Total
gross
expenses
20,731,580
Less
custodian
fee
credits
(143,730)
Net
expenses
20,587,850
Net
investment
income
$1,358,899
Net
realized
gain
from
investments
and
foreign
currency
$214,809,460
A
Net
Increase
in
unrealized
appreciation
on
investments
and
foreign
currency
836,949,544
Net
gain
on
investments
1,051,759,004
Net
increase
in
net
assets
resulting
from
operations
$1,053,117,903
A
Includes
$187,355,742
in
net
realized
gains
from
redemptions
in-kind
Amana
Growth
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
November
30,
2025
Semi-Annual
13
Statements
of
Changes
in
Net
Assets
Period
ended
November
30,
2025
Year
ended
May
31,
2025
Increase
in
net
assets
from
operations
From
operations
Net
investment
income
$1,358,899
$6,237,673
Net
realized
gain
on
investments
and
foreign
currency
214,809,460
176,817,604
Net
increase
in
unrealized
appreciation
on
investments
and
foreign
currency
836,949,544
86,888,468
Net
increase
in
net
assets
1,053,117,903
269,943,745
Distributions
to
shareowners
from
225
Net
dividend
and
distribution
to
shareholders
-
Investor
Shares
-
(100,893,981)
250
Net
dividend
and
distribution
to
shareholders
-
Institutional
Shares
-
(113,345,661)
Total
distributions
-
(214,239,642)
Capital
share
transactions
Proceeds
from
the
sale
of
shares
225
Investor
Shares
115,779,528
356,186,050
250
Institutional
Shares
505,853,425
823,392,230
Value
of
shares
issued
in
reinvestment
of
dividends
and
distributions
225
Investor
Shares
-
95,674,351
250
Institutional
Shares
-
108,756,525
Cost
of
shares
redeemed
225
Investor
Shares
(371,436,319)
(499,074,381)
250
Institutional
Shares
(521,550,438)
(893,181,201)
Total
capital
shares
transactions
(271,353,804)
(8,246,426)
Total
increase
in
net
assets
781,764,099
47,457,677
Net
assets
Beginning
of
period
5,272,630,589
5,225,172,912
End
of
period
$6,054,394,688
$5,272,630,589
Shares
of
the
Fund
sold
and
redeemed
Investor
Shares
(AMAGX)
Number
of
shares
sold
1,316,954
4,453,978
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
-
1,199,979
Number
of
shares
redeemed
(4,310,604)
(6,288,709)
Net
decrease
in
number
of
shares
outstanding
(2,993,650)
(634,752)
Institutional
Shares
(AMIGX)
Number
of
shares
sold
5,777,815
10,318,331
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
-
1,354,546
Number
of
shares
redeemed
(5,907,232)
(11,274,325)
Net
increase
(decrease)
in
number
of
shares
outstanding
(129,417)
398,552
-
-
Amana
Growth
Fund:
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
November
30,
2025
Semi-Annual
Investor
Shares
(AMAGX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
November
30,
2025
Year
ended
May
31,
2025
2024
2023
2022
2021
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$79.00
$78.08
$62.36
$60.47
$61.17
$45.39
Income
from
investment
operations
Net
investment
income
A
(0.04)
(0.01)
0.06
0.12
0.05
0.10
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
16.14
4.07
16.12
3.86
(0.37)
18.74
Total
from
investment
operations
16.10
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
period
$95.10
$79.00
$78.08
$62.36
$60.47
$61.17
Total
Return
B
20.38%
5.17%
26.03%
6.83%
(0.62)%
42.16%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$2,732,838
$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
C
0.86%
0.86%
0.87%
0.91%
0.91%
0.96%
After custodian
fee
credits
C
0.85%
0.86%
0.87%
0.91%
0.90%
0.96%
Ratio
of
net
investment
income
after
custodian
fee
credits to
average
net
assets
C
(0.09)%
(0.01)%
0.09%
0.21%
0.09%
0.19%
Portfolio
turnover
rate
B
3%
3%
10%
6%
3%
D
3%
D
A
Calculated
using
average
shares
outstanding
B
Not
annualized
for
period
of
less
than
one
year
C
Annualized
for
periods
of
less
than
one
year
D
As
restated
to
reflect
the
exclusion
of
redemptions
in-kind,
which
reduced
the
percentage
by
4%
and
2%
for
the
year
ended
May
31,
2022
and
2021,
respectively.
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
November
30,
2025
Semi-Annual
15
Amana
Growth
Fund:
Financial
Highlights
Investor
Shares
(AMAGX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
November
30,
2025
Year
ended
May
31,
2025
2024
2023
2022
2021
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$79.00
$78.08
$62.36
$60.47
$61.17
$45.39
Income
from
investment
operations
Net
investment
income
A
(0.04)
(0.01)
0.06
0.12
0.05
0.10
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
16.14
4.07
16.12
3.86
(0.37)
18.74
Total
from
investment
operations
16.10
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
period
$95.10
$79.00
$78.08
$62.36
$60.47
$61.17
Total
Return
B
20.38%
5.17%
26.03%
6.83%
(0.62)%
42.16%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$2,732,838
$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
C
0.86%
0.86%
0.87%
0.91%
0.91%
0.96%
After custodian
fee
credits
C
0.85%
0.86%
0.87%
0.91%
0.90%
0.96%
Ratio
of
net
investment
income
after
custodian
fee
credits to
average
net
assets
C
(0.09)%
(0.01)%
0.09%
0.21%
0.09%
0.19%
Portfolio
turnover
rate
B
3%
3%
10%
6%
3%
D
3%
D
A
Calculated
using
average
shares
outstanding
B
Not
annualized
for
period
of
less
than
one
year
C
Annualized
for
periods
of
less
than
one
year
D
As
restated
to
reflect
the
exclusion
of
redemptions
in-kind,
which
reduced
the
percentage
by
4%
and
2%
for
the
year
ended
May
31,
2022
and
2021,
respectively.
Institutional
Shares
(AMIGX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
November
30,
2025
Year
ended
May
31,
2025
2024
2023
2022
2021
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$79.64
$78.58
$62.71
$60.80
$61.50
$45.60
Income
from
investment
operations
Net
investment
income
A
0.07
0.19
0.23
0.27
0.22
0.24
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
16.28
4.09
16.23
3.88
(0.38)
18.84
Total
from
investment
operations
16.35
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
period
$95.99
$79.64
$78.58
$62.71
$60.80
$61.50
Total
Return
B
20.53%
5.42%
26.34%
7.09%
(0.40)%
42.53%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$3,321,557
$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
C
0.61%
0.61%
0.62%
0.67%
0.64%
0.71%
After custodian
fee
credits
C
0.61%
0.61%
0.62%
0.66%
0.64%
0.71%
Ratio
of
net
investment
income
after
custodian
fee
credits to
average
net
assets
C
0.16%
0.23%
0.33%
0.46%
0.32%
0.43%
Portfolio
turnover
rate
B
3%
3%
10%
6%
3%
D
3%
D
A
Calculated
using
average
shares
outstanding
B
Not
annualized
for
period
of
less
than
one
year
C
Annualized
for
periods
of
less
than
one
year
D
As
restated
to
reflect
the
exclusion
of
redemptions
in-kind,
which
reduced
the
percentage
by
4%
and
2%
for
the
year
ended
May
31,
2022
and
2021,
respectively.
Schedule
of
Investments
As
of
November
30,
2025
Amana
Developing
World
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
November
30,
2025
Semi-Annual
Continued
on
next
page.
Common
Stock
-
94.1%
Number
of
Shares
Cost
Market
Value
Percentage
of
Net
Assets
Communications
Telecom
Carriers
Saudi
Telecom
387,000
$
4,326,681
$
4,404,355
2.8%
Wireless
Telecommunications
Telekomunikasi
Indonesia
ADR
120,000
2,474,228
2,586,000
1.7%
6,800,909
6,990,355
4.5%
Consumer
Discretionary
Automobiles
Ford
Otomotiv
Sanayi
1,096,000
1,984,463
2,442,479
1.5%
Home
Products
Stores
Wilcon
Depot
4,857,500
1,381,055
586,698
0.4%
3,365,518
3,029,177
1.9%
Consumer
Staples
Food
&
Drug
Stores
Bim
Birlesik
Magazalar
AS
360,000
4,143,944
4,554,311
2.9%
Clicks
Group
224,000
2,980,666
4,550,921
2.9%
7,124,610
9,105,232
5.8%
Packaged
Food
Indofood
CBP
Sukses
Makmur
2,500,000
1,468,008
1,269,095
0.8%
Personal
Care
Products
Dabur
India
600,000
3,844,962
3,475,042
2.2%
Kimberly-Clark
de
Mexico,
Class
A
2,350,000
4,013,399
4,820,447
3.1%
Unicharm
300,000
3,530,326
1,761,802
1.2%
Unilever
ADR
77,000
3,982,347
4,665,430
3.0%
15,371,034
14,722,721
9.5%
23,963,652
25,097,048
16.1%
Financials
Islamic
Banking
Alinma
Bank
200,000
1,358,341
1,291,829
0.8%
BIMB
Holdings
1,476,100
1,168,041
821,925
0.5%
2,526,382
2,113,754
1.3%
Islamic
Insurance
Syarikat
Takaful
Malaysia
Keluarga
1,500,000
1,294,978
1,228,084
0.8%
3,821,360
3,341,838
2.1%
Health
Care
Health
Care
Facilities
Bangkok
Dusit
Medical
Services
NVDR
5,500,000
3,718,561
3,251,759
2.1%
IHH
Healthcare
2,200,000
3,025,417
4,400,301
2.8%
KPJ
Healthcare
4,825,992
1,231,252
3,028,431
1.9%
7,975,230
10,680,491
6.8%
Industrials
Other
Machinery
&
Equipment
WEG
700,000
5,045,327
5,758,311
3.7%
Rubber
&
Plastic
Hartalega
Holdings
2,750,000
2,643,031
665,414
0.4%
7,688,358
6,423,725
4.1%
Schedule
of
Investments
As
of
November
30,
2025
Amana
Developing
World
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
November
30,
2025
Semi-Annual
17
Common
Stock
-
94.1%
Number
of
Shares
Cost
Market
Value
Percentage
of
Net
Assets
Materials
Agricultural
Chemicals
Quimica
y
Minera
Chile
ADR
110,000
$
5,676,669
$
7,075,200
4.5%
Base
Metals
Southern
Copper
40,239
2,142,609
5,423,413
3.5%
Cement
&
Aggregates
UltraTech
Cement
35,000
3,525,794
4,414,949
2.8%
Iron
Rio
Tinto
ADR
75,000
5,151,660
5,396,250
3.4%
Metals
&
Ore
APL
Apollo
Tubes
Ltd
150,000
3,027,775
2,889,480
1.9%
Precious
Metals
Barrick
Mining
Corporation
210,000
4,275,702
8,681,400
5.5%
23,800,209
33,880,692
21.6%
Technology
Communications
Equipment
Samsung
Electronics
70,000
3,620,815
4,807,800
3.1%
Sercomm
1,050,000
3,113,546
2,762,657
1.7%
6,734,361
7,570,457
4.8%
Computer
Hardware
&
Storage
Advantech
420,931
4,028,508
3,871,383
2.5%
Electronic
Manufacturing
Services
&
Original
Design
Manufacturer
Jabil
28,600
2,832,472
6,026,306
3.9%
Electronics
Components
Delta
Electronics
220,000
2,006,645
6,558,304
4.2%
IT
Services
Infosys
ADR
210,000
4,106,006
3,670,800
2.3%
Semiconductor
Devices
Monolithic
Power
Systems
5,000
3,550,004
4,640,850
3.0%
Nvidia
10,000
208,808
1,770,000
1.1%
Qualcomm
29,000
3,772,449
4,874,610
3.1%
7,531,261
11,285,460
7.2%
Semiconductor
Manufacturing
ASML
Holding
NY
5,850
4,048,956
6,201,000
3.9%
Taiwan
Semiconductor
ADR
27,200
1,513,555
7,929,072
5.1%
5,562,511
14,130,072
9.0%
32,801,764
53,112,782
33.9%
Utilities
Power
Generation
Manila
Electric
478,500
3,308,096
4,829,227
3.1%
Total
investments
$113,525,096
$147,385,335
94.1%
Other
assets
(net
of
liabilities)
9,222,192
5.9%
Total
net
assets
$156,607,527
100.0%
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
November
30,
2025
Semi-Annual
Statement
of
Assets
and
Liabilities
Statement
of
Operations
As
of
November
30,
2025
Assets
Investments
in
securities,
at
value
(Cost
$113,525,096)
$
147,385,335
Cash
9,035,644
Receivable
for
Fund
shares
sold
189,446
Dividends
receivable
140,481
Receivable
for
security
sales
47,710
Prepaid
expenses
19,900
Total
assets
156,818,516
Liabilities
Accrued
advisory
fees
101,459
Accrued
audit
expenses
42,357
Accrued
retirement
plan
custody
fee
26,273
Payable
for
Fund
shares
redeemed
23,135
Accrued
12b-1
distribution
fees
9,639
Accrued
trustee
expenses
1,083
Accrued
Chief
Compliance
Officer
expenses
210
Accrued
other
operating
expenses
6,833
Total
liabilities
210,989
Net
assets
$156,607,527
Analysis
of
net
assets
Paid-in
capital
(unlimited
shares
authorized,
without
par
value)
$121,541,108
Total
distributable
earnings
35,066,419
Net
assets
applicable
to
Fund
shares
outstanding
$156,607,527
Net
asset
value
per
Investor
Shares
AMDWX
Net
assets,
at
value
$47,873,428
Shares
outstanding
3,108,602
Net
asset
value,
offering
and
redemption
price
per
share
$15.40
Net
asset
value
per
Institutional
Shares
AMIDX
Net
assets,
at
value
$108,734,099
Shares
outstanding
7,023,892
Net
asset
value,
offering
and
redemption
price
per
share
$15.48
Period
ended
November
30,
2025
Investment
income
Dividend
Income
(Net
of
foreign
tax
of
$189,593)
$
1,376,585
Miscellaneous
income
2,100
Total
investment
income
1,378,685
Expenses
Investment
advisory
fees
588,427
Custodian
fees
57,348
12b-1
distribution
fees
54,211
Filing
and
registration
fees
24,512
Audit
fees
14,540
Retirement
plan
custodial
fees
11,663
325
Investor
Shares
20
350
Institutional
Shares
11,643
Legal
fees
6,340
ReFlow
fees
6,173
Trustee
fees
3,288
Chief
Compliance
Officer
expenses
1,078
Other
operating
expenses
7,250
Total
gross
expenses
774,830
Less
custodian
fee
credits
(56,873)
Net
expenses
717,957
Net
investment
income
$660,728
Net
realized
loss
from
investments
and
foreign
currency
$(2,859,274)
Net
Increase
in
unrealized
appreciation
on
investments
and
foreign
currency
26,452,084
Net
gain
on
investments
23,592,810
Net
increase
in
net
assets
resulting
from
operations
$24,253,538
Amana
Developing
World
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
November
30,
2025
Semi-Annual
19
Statements
of
Changes
in
Net
Assets
Period
ended
November
30,
2025
Year
ended
May
31,
2025
Increase
in
net
assets
from
operations
From
operations
Net
investment
income
$660,728
$1,187,033
Net
realized
gain
(loss)
on
investments
and
foreign
currency
(2,859,274)
4,522,192
Net
increase
(decrease)
in
unrealized
appreciation
on
investments
and
foreign
currency
26,452,084
(7,389,000)
Net
increase
(decrease)
in
net
assets
24,253,538
(1,679,775)
Distributions
to
shareowners
from
325
Net
dividend
and
distribution
to
shareholders
-
Investor
Shares
-
(212,734)
350
Net
dividend
and
distribution
to
shareholders
-
Institutional
Shares
-
(755,278)
Total
distributions
-
(968,012)
Capital
share
transactions
Proceeds
from
the
sale
of
shares
325
Investor
Shares
6,297,821
12,139,998
350
Institutional
Shares
15,166,129
39,163,602
Value
of
shares
issued
in
reinvestment
of
dividends
and
distributions
325
Investor
Shares
-
211,204
350
Institutional
Shares
-
746,022
Cost
of
shares
redeemed
325
Investor
Shares
(4,183,443)
(8,010,523)
350
Institutional
Shares
(19,950,907)
(32,412,788)
Total
capital
shares
transactions
(2,670,400)
11,837,515
Total
increase
in
net
assets
21,583,138
9,189,728
Net
assets
Beginning
of
period
135,024,389
125,834,661
End
of
period
$156,607,527
$135,024,389
Shares
of
the
Fund
sold
and
redeemed
Investor
Shares
(AMDWX)
Number
of
shares
sold
441,981
899,380
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
-
15,940
Number
of
shares
redeemed
(295,886)
(594,456)
Net
increase
in
number
of
shares
outstanding
146,095
320,864
Institutional
Shares
(AMIDX)
Number
of
shares
sold
1,034,090
2,903,908
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
-
56,134
Number
of
shares
redeemed
(1,367,371)
(2,399,895)
Net
increase
(decrease)
in
number
of
shares
outstanding
(333,281)
560,147
-
-
Amana
Developing
World
Fund:
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
November
30,
2025
Semi-Annual
Investor
Shares
(AMDWX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
November
30,
2025
Year
ended
May
31,
2025
2024
2023
2022
2021
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$13.05
$13.29
$11.70
$11.85
$13.70
$9.67
Income
from
investment
operations
Net
investment
income
A
0.05
0.10
0.14
0.13
0.21
0.05
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
2.30
(0.26)
1.56
(0.17)
(1.90)
3.98
Total
from
investment
operations
2.35
(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
period
$15.40
$13.05
$13.29
$11.70
$11.85
$13.70
Total
Return
C
18.01%
(1.24)%
14.65%
(0.25)%
(12.47)%
41.68%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$47,873
$38,650
$35,115
$29,446
$23,123
$22,553
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
D
1.21%
1.20%
1.20%
1.22%
1.21%
1.20%
After custodian
fee
credits
D
1.14%
1.13%
1.13%
1.15%
1.14%
1.14%
Ratio
of
net
investment
income
after
custodian
fee
credits to
average
net
assets
D
0.73%
0.76%
1.15%
1.11%
1.59%
0.44%
Portfolio
turnover
rate
C
9%
9%
1%
6%
30%
3%
A
Calculated
using
average
shares
outstanding
B
Amount
is
less
than
$0.01
C
Not
annualized
for
period
of
less
than
one
year
D
Annualized
for
periods
of
less
than
one
year
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
November
30,
2025
Semi-Annual
21
Amana
Developing
World
Fund:
Financial
Highlights
Investor
Shares
(AMDWX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
November
30,
2025
Year
ended
May
31,
2025
2024
2023
2022
2021
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$13.05
$13.29
$11.70
$11.85
$13.70
$9.67
Income
from
investment
operations
Net
investment
income
A
0.05
0.10
0.14
0.13
0.21
0.05
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
2.30
(0.26)
1.56
(0.17)
(1.90)
3.98
Total
from
investment
operations
2.35
(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
period
$15.40
$13.05
$13.29
$11.70
$11.85
$13.70
Total
Return
C
18.01%
(1.24)%
14.65%
(0.25)%
(12.47)%
41.68%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$47,873
$38,650
$35,115
$29,446
$23,123
$22,553
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
D
1.21%
1.20%
1.20%
1.22%
1.21%
1.20%
After custodian
fee
credits
D
1.14%
1.13%
1.13%
1.15%
1.14%
1.14%
Ratio
of
net
investment
income
after
custodian
fee
credits to
average
net
assets
D
0.73%
0.76%
1.15%
1.11%
1.59%
0.44%
Portfolio
turnover
rate
C
9%
9%
1%
6%
30%
3%
A
Calculated
using
average
shares
outstanding
B
Amount
is
less
than
$0.01
C
Not
annualized
for
period
of
less
than
one
year
D
Annualized
for
periods
of
less
than
one
year
Institutional
Shares
(AMIDX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
November
30,
2025
Year
ended
May
31,
2025
2024
2023
2022
2021
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$13.10
$13.35
$11.74
$11.90
$13.77
$9.70
Income
from
investment
operations
Net
investment
income
A
0.07
0.13
0.17
0.15
0.24
0.08
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
2.31
(0.27)
1.57
(0.17)
(1.90)
3.99
Total
from
investment
operations
2.38
(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
period
$15.48
$13.10
$13.35
$11.74
$11.90
$13.77
Total
Return
C
18.17%
(1.10)%
14.95%
(0.12)%
(12.24)%
41.96%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$108,734
$96,374
$90,720
$54,611
$46,715
$42,241
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
D
0.99%
0.98%
0.98%
1.01%
0.99%
0.97%
After custodian
fee
credits
D
0.91%
0.91%
0.90%
0.94%
0.92%
0.91%
Ratio
of
net
investment
income
after
custodian
fee
credits to
average
net
assets
D
0.97%
0.96%
1.36%
1.31%
1.80%
0.65%
Portfolio
turnover
rate
C
9%
9%
1%
6%
30%
3%
A
Calculated
using
average
shares
outstanding
B
Amount
is
less
than
$0.01
C
Not
annualized
for
period
of
less
than
one
year
D
Annualized
for
periods
of
less
than
one
year
Consolidated
Schedule
of
Investments
As
of
November
30,
2025
Amana
Participation
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
November
30,
2025
Semi-Annual
Continued
on
next
page.
Corporate
Sukuk
-
82.0%
Coupon
/
Maturity
Face
Amount
Market
Value
Percentage
of
Net
Assets
Communications
Axiata
SPV2
1
4.357%
due
03/24/2026
$
4,357,000
$
4,359,026
1.6%
Axiata
SPV2
1
2.163%
due
08/19/2030
6,000,000
5,451,883
2.0%
Saudi
Telecom
1
3.890%
due
05/13/2029
5,000,000
4,969,026
1.9%
14,779,935
5.5%
Consumer
Staples
Almarai
Sukuk
1
5.233%
due
07/25/2033
7,380,000
7,594,738
2.8%
Energy
SA
Global
1
2.694%
due
06/17/2031
8,500,000
7,731,762
2.9%
Financials
Aercap
Sukuk
Ltd
1
4.500%
due
10/03/2029
8,500,000
8,435,903
3.2%
Ahli
United
Sukuk
Ltd
1
3.875%
due
06/17/2046
2,500,000
2,455,830
0.9%
Air
Lease
Corp
Sukuk
1
5.850%
due
04/01/2028
6,000,000
6,125,666
2.3%
Al
Rajhi
Sukuk
1
6.375%
due
11/16/2049
9,000,000
9,124,895
3.4%
Alpha
Star
HO
IX
Ltd
1
7.000%
due
08/26/2028
3,500,000
3,566,821
1.3%
Banque
Saudi
Fransi
1
4.750%
due
05/31/2028
4,000,000
4,027,101
1.5%
Boubyan
Sukuk
Ltd
1
3.389%
due
03/29/2027
4,600,000
4,541,391
1.7%
Boubyan
Tier
1
Sukuk
Ltd
1
3.950%
due
04/01/2049
7,350,000
7,187,087
2.7%
BSF
Sukuk
Co
Ltd
1
5.375%
due
01/21/2030
3,500,000
3,603,819
1.3%
DIB
Tier
1
Sukuk
4
1
4.625%
due
05/19/2049
5,250,000
5,198,503
1.9%
Dubai
Islamic
Bank
1
5.493%
due
11/30/2027
5,000,000
5,118,445
1.9%
Dukhan
Tier
1
Sukuk
1
3.950%
due
07/14/2049
850,000
834,700
0.3%
EI
Sukuk
Co
Ltd
1
5.431%
due
05/28/2029
2,000,000
2,060,225
0.8%
Emirates
REIT
Sukuk
III
1
7.500%
due
12/12/2028
5,500,000
5,583,184
2.1%
Khazanah
Global
Sukuk
1
4.687%
due
06/01/2028
5,000,000
5,076,123
1.9%
Kuwait
Financial
Bank
Tier
1
1,2
3.600%
due
PERP
10,000,000
9,814,560
3.7%
MAF
SUKUK
1
5.000%
due
06/01/2033
2,000,000
2,036,300
0.8%
National
Commercial
Bank
Tier
1
1,2
3.500%
due
PERP
5,550,000
5,428,710
2.0%
QIIB
Senior
ORYX
Ltd
1
5.247%
due
01/24/2029
1,500,000
1,537,671
0.6%
SAIB
Tier
1
Sukuk
Ltd
1
6.375%
due
11/27/2049
9,000,000
9,007,567
3.4%
Sharjah
1
3.854%
due
04/03/2026
1,200,000
1,195,436
0.4%
SIB
Tier
1
Sukuk
1
6.125%
due
06/04/2050
4,000,000
4,035,430
1.5%
WARBA
Tier
1
Sukuk
2
Ltd
1
4.000%
due
11/29/2071
350,000
340,710
0.1%
106,336,077
39.7%
Fixed
Income
Hazine
Mustesarligi
Varl
1
8.509%
due
01/14/2029
1,000,000
1,099,457
0.4%
Sharjah
Sukuk
Program
1
3.234%
due
10/23/2029
710,000
671,983
0.3%
1,771,440
0.7%
Industrials
DP
World
Crescent
Ltd
1
5.500%
due
09/13/2033
3,000,000
3,111,924
1.2%
DP
World
Crescent
1
3.750%
due
01/30/2030
5,000,000
4,855,216
1.8%
EDO
Sukuk
Ltd
5.875
1
5.875%
due
09/21/2033
2,000,000
2,124,172
0.8%
Ma'aden
Sukuk
Ltd
1
5.250%
due
02/13/2030
4,790,000
4,913,337
1.8%
Ma'aden
Sukuk
Ltd
1
5.500%
due
02/13/2035
1,500,000
1,564,079
0.6%
Mazoon
Assets
Co
SAOC
1
5.500%
due
02/14/2029
1,140,000
1,168,511
0.4%
17,737,239
6.6%
Consolidated
Schedule
of
Investments
As
of
November
30,
2025
Amana
Participation
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
November
30,
2025
Semi-Annual
23
Corporate
Sukuk
-
82.0%
Coupon
/
Maturity
Face
Amount
Market
Value
Percentage
of
Net
Assets
Materials
Equate
Sukuk
SPC
Ltd
1
5.000%
due
09/05/2031
$
10,000,000
$
10,160,740
3.8%
Real
Estate
Aldar
1
3.875%
due
10/22/2029
6,000,000
5,855,055
2.2%
Alpha
Star
Holding
1
8.375%
due
04/12/2027
6,550,000
6,740,408
2.5%
Dar
Al-Arkan
Sukuk
Co
Lt
1
8.000%
due
02/25/2029
7,000,000
7,276,500
2.7%
EMAAR
1
3.700%
due
07/06/2031
7,000,000
6,752,214
2.5%
Majid
Al
Futtaim
1
4.638%
due
05/14/2029
6,650,000
6,681,109
2.5%
33,305,286
12.4%
Utilities
National
Central
Cooling
1
5.279%
due
03/05/2030
7,500,000
7,710,332
2.9%
Saudi
Electricity
Global
1
5.500%
due
04/08/2044
2,400,000
2,435,530
0.9%
Saudi
Electricity
Global
1
5.684%
due
04/11/2053
2,500,000
2,510,005
1.0%
TNB
Global
Ventures
Cap
1
3.244%
due
10/19/2026
1,140,000
1,130,759
0.4%
TNB
Global
Ventures
1
4.851%
due
11/01/2028
6,300,000
6,423,300
2.4%
20,209,926
7.6%
Total
Corporate
Sukuk
(Cost
$218,777,801)
$219,627,143
82.0%
Government
Sukuk
-
10.2%
Coupon
/
Maturity
Face
Amount
Market
Value
Percentage
of
Net
Assets
Energy
EDO
Sukuk
Ltd
1
5.662%
due
07/03/2031
9,000,000
9,421,452
3.5%
Government
Hazine
Mustesarligi
Varl
1
6.500%
due
04/26/2030
5,000,000
5,178,063
1.9%
Kingdom
of
Saudi
Arabia
1
4.303%
due
01/19/2029
1,200,000
1,203,180
0.5%
Oman
Sovereign
Sukuk
1
4.875%
due
06/15/2030
5,150,000
5,269,122
2.0%
Perusahaan
Penerbit
SBSN
1
4.450%
due
02/20/2029
3,050,000
3,065,250
1.1%
Perusahaan
Penerbit
SBSN
1
3.550%
due
06/09/2051
4,280,000
3,135,100
1.2%
17,850,715
6.7%
Total
Government
Sukuk
(Cost
$26,969,935)
$27,272,167
10.2%
Bank
Time
Deposits
-
2.6%
Coupon
/
Maturity
Face
Amount
Market
Value
Percentage
of
Net
Assets
Bank
Time
Deposits
Bank
ABC
0.043%
due
12/26/2025
2,000,000
2,000,000
0.8%
Kuwait
Finance
House
0.043%
due
12/04/2025
2,000,000
2,000,000
0.7%
Kuwait
Finance
House
0.042%
due
12/15/2025
3,000,000
3,000,000
1.1%
Total
Bank
Time
Deposits
(Cost
$7,000,000)
$7,000,000
2.6%
Total
investments
(Cost
$252,747,736)
$253,899,310
94.8%
Other
assets
(net
of
liabilities)
13,841,934
5.2%
Total
net
assets
$267,741,244
100.0%
1
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
a
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
These
Securities
have
been
deemed
liquid
under
guidelines
approved
by
the
Trust's
Board
of
Trustees.
At
November
30,
2025,
the
aggregate
value
of
these
securities
was
$246,899,310
representing
92.2%
of
total
net
assets.
2
Variable
rate
security.
The
interest
rate
represents
the
rate
in
effect
at
November
30,
2025
and
resets
periodically
based
on
the
parenthetically
disclosed
reference
rate
and
spread.
SA:
Special
Assessment
Amana
Participation
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
November
30,
2025
Semi-Annual
Consolidated
Statement
of
Assets
and
Liabilities
Consolidated
Statement
of
Operations
As
of
November
30,
2025
Assets
Investments
in
securities,
at
value
(Cost
$252,747,736)
$
253,899,310
Cash
10,655,872
Dividends
receivable
3,353,978
Receivable
for
Fund
shares
sold
148,851
Prepaid
expenses
23,038
Total
assets
268,081,049
Liabilities
Payable
for
Fund
shares
redeemed
156,534
Accrued
advisory
fees
119,286
Accrued
retirement
plan
custody
fee
22,638
Distributions
payable
17,304
Accrued
audit
expenses
8,037
Accrued
12b-1
distribution
fees
7,807
Accrued
legal
expenses
3,607
Accrued
trustee
expenses
969
Accrued
Chief
Compliance
Officer
expenses
386
Accrued
other
operating
expenses
3,237
Total
liabilities
339,805
Net
assets
$267,741,244
Analysis
of
net
assets
Paid-in
capital
(unlimited
shares
authorized,
without
par
value)
$333,343,208
Total
distributable
earnings
(65,601,964)
Net
assets
applicable
to
Fund
shares
outstanding
$267,741,244
Net
asset
value
per
Investor
Shares
AMAPX
Net
assets,
at
value
$38,390,362
Shares
outstanding
3,869,512
Net
asset
value,
offering
and
redemption
price
per
share
$9.92
Net
asset
value
per
Institutional
Shares
AMIPX
Net
assets,
at
value
$229,350,882
Shares
outstanding
23,033,128
Net
asset
value,
offering
and
redemption
price
per
share
$9.96
Period
ended
November
30,
2025
Investment
income
Sukuk
income
$
6,504,422
Miscellaneous
income
25
Total
investment
income
6,504,447
Expenses
Investment
advisory
fees
701,967
12b-1
distribution
fees
45,259
Custodian
fees
32,898
Filing
and
registration
fees
29,721
Retirement
plan
custodial
fees
8,900
425
Investor
Shares
26
450
Institutional
Shares
8,874
Legal
fees
8,540
Audit
fees
7,546
Trustee
fees
3,736
Chief
Compliance
Officer
expenses
1,798
Other
operating
expenses
10,624
Total
gross
expenses
850,989
Less
custodian
fee
credits
(32,898)
Net
expenses
818,091
Net
investment
income
$5,686,356
Net
realized
loss
from
investments
$(797,621)
Net
increase
in
unrealized
depreciation
on
investments
4,995,308
Net
gain
on
investments
4,197,687
Net
increase
in
net
assets
resulting
from
operations
$9,884,043
Amana
Participation
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
November
30,
2025
Semi-Annual
25
Consolidated
Statements
of
Changes
in
Net
Assets
Period
ended
November
30,
2025
Year
ended
May
31,
2025
Increase
in
net
assets
from
operations
From
operations
Net
investment
income
$5,686,356
$8,287,495
Net
realized
loss
on
investments
(797,621)
(240,580)
Net
increase
in
unrealized
appreciation
on
investments
4,995,308
3,740,587
Net
increase
in
net
assets
9,884,043
11,787,502
Distributions
to
shareowners
from
425
Net
dividend
and
distribution
to
shareholders
-
Investor
Shares
(511,349)
(1,083,820)
450
Net
dividend
and
distribution
to
shareholders
-
Institutional
Shares
(3,751,073)
(7,199,705)
Total
distributions
(4,262,422)
(8,283,525)
Capital
share
transactions
Proceeds
from
the
sale
of
shares
425
Investor
Shares
8,019,319
13,065,840
450
Institutional
Shares
82,618,065
118,045,122
Value
of
shares
issued
in
reinvestment
of
dividends
and
distributions
425
Investor
Shares
497,006
1,059,338
450
Institutional
Shares
3,663,161
7,077,542
Cost
of
shares
redeemed
425
Investor
Shares
(5,487,971)
(8,763,467)
450
Institutional
Shares
(84,476,257)
(76,155,176)
Total
capital
shares
transactions
4,833,323
54,329,199
Total
increase
in
net
assets
10,454,944
57,833,176
Net
assets
Beginning
of
period
257,286,300
199,453,124
End
of
period
$267,741,244
$257,286,300
Shares
of
the
Fund
sold
and
redeemed
Investor
Shares
(AMAPX)
Number
of
shares
sold
813,087
1,341,293
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
50,392
108,739
Number
of
shares
redeemed
(556,932)
(900,183)
Net
increase
in
number
of
shares
outstanding
306,547
549,849
Institutional
Shares
(AMIPX)
Number
of
shares
sold
8,356,916
12,052,279
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
370,091
723,734
Number
of
shares
redeemed
(8,512,925)
(7,779,792)
Net
increase
in
number
of
shares
outstanding
214,082
4,996,221
-
-
Amana
Participation
Fund:
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
November
30,
2025
Semi-Annual
Investor
Shares
(AMAPX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
Nov.
30,
2025
A
Year
ended
May
31
2025
A
2024
A
2023
A
2022
A
2021
A
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$9.72
$9.54
$9.64
$9.86
$10.42
$10.12
Income
from
investment
operations
Net
investment
income
B,C
0.19
0.35
0.31
0.21
0.18
0.19
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
0.15
0.17
(0.12)
(0.24)
(0.57)
0.30
Total
from
investment
operations
0.34
0.52
0.19
(0.03)
(0.39)
0.49
Less
distributions
Dividends
(from
net
investment
income)
(0.14)
(0.34)
(0.29)
(0.19)
(0.17)
(0.19)
Total
distributions
(0.14)
(0.34)
(0.29)
(0.19)
(0.17)
(0.19)
Net
asset
value
at
end
of
period
$9.92
$9.72
$9.54
$9.64
$9.86
$10.42
Total
Return
C
3.51%
5.44%
2.01%
(0.26)%
(3.83)%
4.90%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
year
$38,390
$34,639
$28,756
$26,650
$24,722
$22,375
Ratio
of
expenses
to
average
net
assets
Before custodian
fee
credits
D
0.82%
0.82%
0.83%
0.80%
0.80%
0.82%
After
custodian
fee
credits
D
0.79%
0.80%
0.80%
0.78%
0.78%
0.80%
Ratio
of
net
investment
income
after
to
average
net
assets
D
3.84%
3.56%
3.23%
2.11%
1.71%
1.86%
Portfolio
turnover
rate
C
20%
22%
17%
48%
15%
19%
A
Consolidated
B
Calculated
using
average
shares
outstanding
C
Not
annualized
for
period
of
less
than
one
year
D
Annualized
for
periods
of
less
than
one
year
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
November
30,
2025
Semi-Annual
27
Amana
Participation
Fund:
Financial
Highlights
Investor
Shares
(AMAPX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
Nov.
30,
2025
A
Year
ended
May
31
2025
A
2024
A
2023
A
2022
A
2021
A
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$9.72
$9.54
$9.64
$9.86
$10.42
$10.12
Income
from
investment
operations
Net
investment
income
B,C
0.19
0.35
0.31
0.21
0.18
0.19
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
0.15
0.17
(0.12)
(0.24)
(0.57)
0.30
Total
from
investment
operations
0.34
0.52
0.19
(0.03)
(0.39)
0.49
Less
distributions
Dividends
(from
net
investment
income)
(0.14)
(0.34)
(0.29)
(0.19)
(0.17)
(0.19)
Total
distributions
(0.14)
(0.34)
(0.29)
(0.19)
(0.17)
(0.19)
Net
asset
value
at
end
of
period
$9.92
$9.72
$9.54
$9.64
$9.86
$10.42
Total
Return
C
3.51%
5.44%
2.01%
(0.26)%
(3.83)%
4.90%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
year
$38,390
$34,639
$28,756
$26,650
$24,722
$22,375
Ratio
of
expenses
to
average
net
assets
Before custodian
fee
credits
D
0.82%
0.82%
0.83%
0.80%
0.80%
0.82%
After
custodian
fee
credits
D
0.79%
0.80%
0.80%
0.78%
0.78%
0.80%
Ratio
of
net
investment
income
after
to
average
net
assets
D
3.84%
3.56%
3.23%
2.11%
1.71%
1.86%
Portfolio
turnover
rate
C
20%
22%
17%
48%
15%
19%
A
Consolidated
B
Calculated
using
average
shares
outstanding
C
Not
annualized
for
period
of
less
than
one
year
D
Annualized
for
periods
of
less
than
one
year
Institutional
Shares
(AMIPX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
Nov.
30,
2025
A
Year
ended
May
31
2025
A
2024
A
2023
A
2022
A
2021
A
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$9.76
$9.58
$9.68
$9.89
$10.45
$10.16
Income
from
investment
operations
Net
investment
income
B,C
0.20
0.37
0.33
0.23
0.20
0.22
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
0.15
0.17
(0.12)
(0.22)
(0.57)
0.29
Total
from
investment
operations
0.35
0.54
0.21
0.01
(0.37)
0.51
Less
distributions
Dividends
(from
net
investment
income)
(0.15)
(0.36)
(0.31)
(0.22)
(0.19)
(0.22)
Total
distributions
(0.15)
(0.36)
(0.31)
(0.22)
(0.19)
(0.22)
Net
asset
value
at
end
of
period
$9.96
$9.76
$9.58
$9.68
$9.89
$10.45
Total
Return
C
3.63%
5.68%
2.26%
0.09%
(3.58)%
5.04%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
year
$229,351
$222,648
$170,697
$192,060
$187,032
$143,404
Ratio
of
expenses
to
average
net
assets
Before custodian
fee
credits
D
0.57%
0.59%
0.58%
0.56%
0.56%
0.58%
After
custodian
fee
credits
D
0.55%
0.57%
0.56%
0.53%
0.54%
0.56%
Ratio
of
net
investment
income
after
custodian
fee
credit
to
average
net
assets
D
4.08%
3.79%
3.45%
2.34%
1.97%
2.10%
Portfolio
turnover
rate
C
20%
22%
17%
48%
15%
19%
A
Consolidated
B
Calculated
using
average
shares
outstanding
C
Not
annualized
for
period
of
less
than
one
year
D
Annualized
for
periods
of
less
than
one
year
Notes
To
Financial
Statements
28
November
30,
2025
Semi-Annual
Note
1
-
Organization
Amana
Mutual
Funds
Trust
(the
"Trust")
was
organized
as
a
Delaware
Statutory
Trust
on
March
11,
2013,
and
is
the
successor
to
Amana
Mutual
Funds
Trust,
an
Indiana
Business
Trust
("Prior
Trust")
organized
on
July
26,
1984,
pursuant
to
a
reorganization
on
July
19,
2013.
Each
Fund
is
a
series
of
the
Trust
and
the
Income,
Growth,
and
Developing
World
Funds
are
successors
to
the
corresponding
series
of
the
Prior
Trust.
The
Trust
is
registered
as
an
open-end,
management
company
under
the
Investment
Company
Act
of
1940,
as
amended.
The
Trust
restricts
its
investments
to
those
acceptable
to
Muslims
by
investing
in
accordance
with
Islamic
principles.
Four
portfolio
series
have
been
created.
The
Income
Fund
was
first
authorized
to
sell
shares
of
beneficial
interest
to
the
public
on
June
23,
1986.
The
Growth
Fund
began
operations
on
February
3,
1994
.
The
Developing
World
Fund
began
operations
on
September
28,
2009
.
Institutional
Shares
of
Income,
Growth,
and
Developing
World
Funds
were
first
offered
September
25,
2013.
The
Participation
Fund
(both
Investor
and
Institutional
Shares)
began
operations
September
28,
2015
.
The
Participation
Fund
is
a
nondiversified
fund.
Each
Fund
is
an
investment
company
and
accordingly
follows
the
investment
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standard
Codification
Topic
946
"Financial
Services
-
Investment
Companies."
Each
class
of
shares
of
a
Fund
represents
an
interest
in
the
same
portfolio
of
investments
of
the
Fund
and
has
in
all
respects
the
same
rights
and
obligations
as
each
other
class
of
the
Fund,
except
that
each
class
bears
its
own
class
expenses,
and
each
class
has
exclusive
voting
rights
on
matters
affecting
that
class.
Each
class
of
shares
may
be
subject
to
different
investment
minimums
and
other
conditions
of
eligibility
as
may
be
described
in
the
prospectus
for
the
particular
class
of
shares,
as
from
time
to
time
in
effect.
Income,
realized
and
unrealized
capital
gains
and
losses,
and
expenses
to
be
paid
by
a
Fund
and
not
allocated
to
a
particular
class
as
provided
below,
shall
be
allocated
to
each
class
on
the
basis
of
relative
net
assets.
Expenses
allocable
to
a
specific
class
are
expenses
specifically
incurred
by
or
for
such
class
including
the
following:
Distribution
fees;
Retirement
plan
custodial
fees;
and
Any
applicable
service
fees.
Net
investment
income
dividends
and
capital
gain
distributions
paid
by
the
Fund
on
each
class
of
its
shares
will
be
calculated
in
the
same
manner
on
the
same
day
and
at
the
same
time.
Commencing
in
the
year
ended
May
31,
2021,
the
Participation
Fund
utilizes
a
wholly-owned
subsidiary
to
achieve
its
investment
objective
(see
Note
3).
Investment
risks:
Income
,
Growth
,
Developing
World
,
and
Participation
Funds
:
The
value
of
the
shares
of
each
of
the
Funds
rises
and
falls
as
the
value
of
the
securities
in
which
the
Funds
invest
goes
up
and
down.
The
Funds
limit
the
securities
they
purchase
to
those
consistent
with
Islamic
principles.
This
limits
opportunities
and
may
affect
performance.
Each
of
the
Funds
may
invest
in
securities
that
are
not
traded
in
the
United
States.
Investments
in
the
securities
of
foreign
issuers
may
involve
risks
in
addition
to
those
normally
associated
with
investments
in
the
securities
of
US
issuers.
These
risks
include
currency
and
market
fluctuations,
and
political
or
social
instability.
The
risks
of
foreign
investing
are
generally
magnified
in
the
smaller
and
more
volatile
securities
markets
of
the
developing
world.
Growth
Fund
:
The
smaller
and
less
seasoned
companies
that
may
be
in
the
Growth
Fund
have
a
greater
risk
of
price
volatility.
Participation
Fund
:
While
the
Participation
Fund
does
not
invest
in
conventional
bonds,
risks
similar
to
those
of
conventional
fixed-
income
funds
apply.
These
include:
diversification
and
concentration
risk,
liquidity
risk,
interest
rate
risk,
credit
risk,
and
high-yield
risk.
The
Participation
Fund
also
includes
risks
specific
to
investments
in
Islamic
fixed-income
instruments.
The
structural
complexity
of
sukuk
,
along
with
the
weak
infrastructure
of
the
sukuk
market,
increases
risk.
As
compared
to
rights
of
conventional
bondholders,
holders
of
sukuk
may
have
limited
ability
to
pursue
legal
recourse
to
enforce
the
terms
of
the
sukuk
or
to
restructure
the
sukuk
in
order
to
seek
recovery
of
principal.
Sukuk
are
also
subject
to
the
risk
that
some
Islamic
scholars
may
deem
certain
sukuk
as
not
meeting
Islamic
investment
principles
subsequent
to
the
sukuk
being
issued.
The
Funds
may
invest
substantially
in
one
or
more
sectors,
which
can
increase
volatility
and
exposure
to
issuers
specific
to
a
particular
sector
or
industry.
Please
see
each
Fund's
Summary
Prospectus,
the
Funds'
Prospectus,
and
Statement
of
Additional
Information
for
a
more
detailed
discussion
of
the
risks
affecting
the
Funds.
Note
2
-
Unaudited
Information
The
information
in
this
interim
report
has
not
been
subject
to
independent
audit.
Note
3
-
Significant
Accounting
Policies
The
following
is
a
summary
of
the
significant
accounting
policies,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America,
which
are
consistently
followed
by
the
Funds
in
preparation
of
their
financial
statements.
Security
valuation:
Investments
in
securities
traded
on
a
national
securities
exchange
and
over-the-counter
securities
for
which
sale
prices
are
available
are
valued
at
that
price.
Securities
for
which
there
are
no
sales
are
valued
at
latest
bid
price.
Foreign
markets
may
close
before
the
time
as
of
which
the
Funds'
share
prices
are
determined.
Because
of
this,
events
occurring
after
the
close
and
before
the
determination
of
the
Funds'
share
prices
may
have
a
material
effect
on
the
values
of
some
or
all
of
the
Funds'
foreign
securities.
To
account
for
this,
the
Funds
may
use
outside
pricing
services
for
valuation
of
their
non-US
securities.
In
cases
in
which
there
is
not
a
readily
available
market
price,
a
fair
value
for
such
security
is
determined
in
good
faith
by
the
Adviser,
whom
the
Board
of
Trustees
has
designated
as
the
Funds'
valuation
designee
to
perform
fair
value
determinations
relating
to
all
Fund
investments.
Security
transactions
are
recorded
on
trade
date.
Realized
gains
and
losses
on
sales
of
securities
are
recorded
on
the
identified
cost
basis.
Sukuk
certificates
in
which
the
Participation
Fund
invests
are
valued
based
on
evaluated
prices
supplied
by
an
independent
pricing
service,
which
include
valuations
provided
by
market
makers
and
other
participants,
provided
that
there
is
sufficient
market
activity
Notes
To
Financial
Statements
(continued)
November
30,
2025
Semi-Annual
29
on
which
the
pricing
service
can
base
such
valuations.
Where
market
activity
is
insufficient
for
making
such
determinations,
the
independent
pricing
service
uses
proprietary
valuation
methodologies
and
may
consider
a
variety
of
factors,
such
as
yield
curves,
credit
spreads,
estimated
default
rates,
anticipated
market
interest
rate
volatility,
coupon
rates,
and
other
factors
in
order
to
calculate
the
security's
fair
value.
Foreign
currency:
Investment
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
US
dollar
amounts
at
the
date
of
valuation.
Purchases
and
sales
of
investment
securities
and
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
US
dollar
amounts
on
the
respective
dates
of
such
transactions.
The
Funds
do
not
isolate
that
portion
of
the
results
of
operations
resulting
from
changes
in
foreign
exchange
rates
on
investments
from
the
fluctuations
arising
from
changes
in
market
prices
of
securities
held.
Such
fluctuations
are
included
with
the
net
realized
and
unrealized
gain
or
loss
from
investments.
Reported
net
realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions,
and
the
difference
between
the
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
recorded
on
the
Funds'
books
and
the
US
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
the
fair
values
of
assets
and
liabilities,
other
than
investments
in
securities
at
fiscal
period
end,
resulting
from
changes
in
exchange
rates.
Share
valuation:
Each
Fund
computes
the
share
price
of
each
share
class
by
dividing
the
net
assets
attributable
to
each
share
class
by
the
outstanding
shares
of
that
class.
Each
share
class
represents
an
interest
in
the
same
investment
portfolio.
Each
share
class
is
identical
in
all
respects
except
that
each
class
bears
its
own
class
expenses,
and
each
class
has
exclusive
voting
rights
on
matters
affecting
that
class.
As
a
result
of
the
differences
in
the
expenses
borne
by
each
share
class,
the
share
price
and
distributions
will
vary
among
a
Fund's
share
classes.
The
Funds'
shares
are
not
priced
or
traded
on
days
the
New
York
Stock
Exchange
is
closed.
The
NAV
is
both
the
offering
and
redemption
price
per
share.
Share
Valuation
Inputs
as
of
November
30,
2025
Level
1
Level
2
Level
3
Funds
Quoted
Price
Significant
Observable
Input
Significant
Unobservable
Input
Total
Income
Fund
Common
Stock
Consumer
Discretionary
$81,621,790
$-
$-
$81,621,790
Consumer
Staples
$147,084,070
$13,411,390
$-
$160,495,460
Health
Care
$452,996,738
$-
$-
$452,996,738
Industrials
$487,343,560
$13,152,797
$-
$500,496,357
Materials
$95,252,700
$-
$-
$95,252,700
Technology
$613,663,477
$63,630,818
$-
$677,294,295
Total
Common
Stock
$1,877,962,335
$90,195,005
$-
$1,968,157,340
Total
Assets
$1,877,962,335
$90,195,005
$-
$1,968,157,340
Growth
Fund
Common
Stock
Communications
$430,642,100
$-
$-
$430,642,100
Consumer
Discretionary
$429,873,200
$-
$-
$429,873,200
Consumer
Staples
$99,747,908
$-
$-
$99,747,908
Health
Care
$838,212,662
$112,431,692
$-
$950,644,354
Industrials
$716,052,267
$135,766,954
$-
$851,819,221
Technology
$3,009,410,213
$188,509,899
$-
$3,197,920,112
Total
Common
Stock
$5,523,938,350
$436,708,545
$-
$5,960,646,895
Total
Assets
$5,523,938,350
$436,708,545
$-
$5,960,646,895
Developing
World
Fund
Common
Stock
Communications
$2,586,000
$4,404,355
$-
$6,990,355
Consumer
Discretionary
$-
$3,029,177
$-
$3,029,177
Consumer
Staples
$4,665,430
$20,431,618
$-
$25,097,048
Financials
$-
$3,341,838
$-
$3,341,838
Health
Care
$-
$10,680,491
$-
$10,680,491
Industrials
$-
$6,423,725
$-
$6,423,725
Materials
$26,576,263
$7,304,429
$-
$33,880,692
Technology
$35,112,638
$18,000,144
$-
$53,112,782
Utilities
$-
$4,829,227
$-
$4,829,227
Total
Common
Stock
$68,940,331
$78,445,004
$-
$147,385,335
Total
Assets
$68,940,331
$78,445,004
$-
$147,385,335
Note
3
-
Significant
Accounting
Policies
(continued)
Notes
To
Financial
Statements
(continued)
30
November
30,
2025
Semi-Annual
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
$-
$7,000,000
$-
$7,000,000
Corporate
Sukuk
1
$-
$219,627,143
$-
$219,627,143
Government
Sukuk
1
$-
$27,272,167
$-
$27,272,167
Total
Assets
$-
$253,899,310
$-
$253,899,310
1
See
the
Schedule
of
Investments
for
additional
details.
Note
3
-
Significant
Accounting
Policies
(continued)
Notes
To
Financial
Statements
(continued)
November
30,
2025
Semi-Annual
31
Reclassification
of
capital
accounts:
Accounting
principles
generally
accepted
in
the
United
States
of
America
require
that
certain
components
of
net
assets
relating
to
permanent
differences
be
reclassified
between
financial
and
tax
reporting.
These
reclassifications
are
as
of
the
fiscal
year
ended
May
31,
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
4
-
Transactions
with
Affiliated
Persons
Under
a
contract
approved
annually
by
the
Board
of
Trustees
of
the
Trust,
including
those
who
are
not
party
to
the
contract
or
"interested
persons"
(as
defined
in
the
Investment
Company
Act
of
1940)
of
such
parties
or
the
Trust
(the
"Independent
Trustees"),
Saturna
Capital
Corporation
("Saturna
Capital")
provides
investment
advisory
services
and
certain
other
administrative
services
and
facilities
required
to
conduct
Trust
business.
Effective
December
1,
2020,
the
Amana
Income
Fund
,
Amana
Growth
Fund
,
and
Amana
Developing
World
Fund
each
pay
an
advisory
and
administration
fee
of
0.80%
on
the
first
$1
billion
of
a
Fund's
average
daily
net
assets,
0.65%
on
the
next
$1
billion,
and
0.50%
on
assets
over
$2
billion.
The
Amana
Participation
Fund
pays
an
advisory
and
administration
fee
of
0.50%
annually
of
the
average
daily
net
assets.
For
the
fiscal
period
ended
November
30,
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
November
30,
2025
%
of
Fund
Net
Assets
at
November
30,
2025
Amana
SPV
January
21,
2019
$60,635,562
22.6%
Advisory
Fees
100
Income
Fund
$7,481,968
200
Growth
Fund
$16,525,932
300
Developing
World
Fund
$588,427
400
Participation
Fund
$701,967
Note
3
-
Significant
Accounting
Policies
(continued)
Notes
To
Financial
Statements
(continued)
32
November
30,
2025
Semi-Annual
applicable
to
Investor
Shares
of
each
Fund.
The
fee
is
paid
to
SBS
as
reimbursement
for
expenses
incurred
for
distribution-related
activity.
For
the
fiscal
period
ended
November
30,
2025
,
the
Funds
paid
the
following
distribution
fees
to
SBS:
For
the
period
ended
November
30,
2025,
Saturna
Capital
spent
an
additional
$4,155,125
of
its
own
resources,
and
not
part
of
the
12b-1
expense
of
the
Funds,
to
compensate
broker-dealers
or
other
financial
intermediaries,
or
their
affiliates,
in
connection
with
the
sale,
distribution,
retention,
and/or
servicing
of
Fund
shares.
To
the
extent
that
these
resources
are
derived
from
advisory
fees
paid
by
the
Funds,
these
payments
could
be
considered
"revenue
sharing."
Any
such
payments
will
not
change
the
net
asset
value
or
the
price
of
a
Fund's
shares.
SBS
is
used
to
effect
equity
portfolio
transactions
for
the
Trust.
SBS
currently
executes
portfolio
transactions
without
commission.
Transactions
effected
through
other
brokers
are
subject
to
commissions
payable
to
that
broker.
Saturna
Trust
Company
("STC"),
a
subsidiary
of
Saturna
Capital,
acts
as
retirement
plan
custodian
for
the
Funds.
Each
class
of
shares
of
a
Fund
pays
an
annual
fee
of
$10
per
account
for
retirement
plan
services
to
Saturna
Trust
Company.
For
the
fiscal
period
ended
November
30,
2025
,
the
Funds
incurred
the
following
retirement
plan
custodial
fees
to
STC:
Ms.
Jane
Carten
serves
as
a
trustee
and
president
of
the
Trust.
She
is
not
compensated
by
the
Trust.
For
the
fiscal
period
ended
November
30,
2025
,
the
Funds
paid
trustee
compensation
expenses
of
$37,250,
which
is
included
in
the
$65,683
of
total
expenses
incurred
for
the
Independent
Trustees.
On
November
30,
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
period
ended
November
30,
2025
,
the
Funds
paid
the
following
compensation
expenses
for
the
Chief
Compliance
Officer:
Note
5
-
Distributions
to
Shareowners
The
tax
characteristics
of
distributions
paid
for
the
fiscal
period
ended
November
30,
2025
and
May
31,
2025
,
were
as
follows:
Note
6
-
Federal
Income
Taxes
The
cost
basis
of
investments
for
federal
income
tax
purposes
at
November
30,
2025
,
were
as
follows:
Distribution
(12b-1)
fees
125
Income
Fund
Investor
Shares
(AMANX)
$1,057,582
150
Income
Fund
Institutional
Shares
(AMINX)
n/a
225
Growth
Fund
Investor
Shares
(AMAGX)
$3,256,382
250
Growth
Fund
Institutional
Shares
(AMIGX
)
n/a
325
Developing
World
Fund
Investor
Shares
(AMDWX)
$54,211
350
Developing
World
Fund
Institutional
Shares
(AMIDX)
n/a
425
Participation
Fund
Investor
Shares
(AMAPX)
$45,259
450
Participation
Fund
Institutional
Shares
(AMIPX)
n/a
Retirement
plan
custodial
fees
125
Income
Fund
Investor
Shares
(AMANX)
$40
150
Income
Fund
Institutional
Shares
(AMINX)
$32,314
225
Growth
Fund
Investor
Shares
(AMAGX)
$57
250
Growth
Fund
Institutional
Shares
(AMIGX)
$50,769
325
Developing
World
Fund
Investor
Shares
(AMDWX)
$20
350
Developing
World
Fund
Institutional
Shares
(AMIDX)
$11,643
425
Participation
Fund
Investor
Shares
(AMAPX)
$26
450
Participation
Fund
Institutional
Shares
(AMIPX)
$8,874
Trustees',
officers',
and
affiliates'
ownership
125
Income
Fund
Investor
Shares
(AMANX)
0.02%
150
Income
Fund
Institutional
Shares
(AMINX)
0.53%
225
Growth
Fund
Investor
Shares
(AMAGX)
0.01%
250
Growth
Fund
Institutional
Shares
(AMIGX)
0.22%
325
Developing
World
Fund
Investor
Shares
(AMDWX)
0.10%
350
Developing
World
Fund
Institutional
Shares
(AMIDX)
0.34%
425
Participation
Fund
Investor
Shares
(AMAPX
)
0.08%
450
Participation
Fund
Institutional
Shares
(AMIPX
)
0.28%
Chief
Compliance
Officer
100
Income
Fund
$15,652
200
Growth
Fund
$44,830
300
Developing
World
Fund
$1,078
400
Participation
Fund
$1,798
Income
Fund
November
30,
2025
May
31,
2025
Ordinary
Income
$-
$16,174,139
Long-term
capital
gain
1
$-
$90,259,539
Growth
Fund
November
30,
2025
May
31,
2025
Ordinary
Income
$-
$2,822,055
Long-term
capital
gain
1
$-
$211,417,587
Developing
World
Fund
November
30,
2025
May
31,
2025
Ordinary
Income
$-
$968,012
Participation
Fund
November
30,
2025
May
31,
2025
Ordinary
Income
$4,262,422
$8,283,525
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
$646,827,650
$1,932,010,982
Gross
tax
unrealized
appreciation
$1,357,516,715
$4,039,646,365
Gross
tax
unrealized
depreciation
$(36,187,025)
$(11,010,452)
Net
tax
unrealized
appreciation
$1,321,329,690
$4,028,635,913
Developing
World
Fund
Participation
Fund
Cost
of
investments
$113,525,096
$252,747,736
Gross
tax
unrealized
appreciation
$42,979,146
$2,342,357
Gross
tax
unrealized
depreciation
$(9,118,907)
$(1,190,783)
Net
tax
unrealized
appreciation
$33,860,239
$1,151,574
Note
4
-
Transactions
with
Affiliated
Persons
(continued)
Notes
To
Financial
Statements
(continued)
November
30,
2025
Semi-Annual
33
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
7
-
Investments
Investment
transactions
other
than
short
term
investments
and
redemptions
in
kind
for
the
fiscal
period
ended
November
30,
2025
,
were
as
follows:
During
the
fiscal
period
ended
November
30,
2025
,
the
Funds'
redemptions
in-kind
were
as
follows:
Note
8
-
Custodian
Under
agreements
in
place
with
the
Trust's
custodian,
UMB
Bank,
custody
fees
are
reduced
by
credits
for
cash
balances.
For
the
fiscal
period
ended
November
30,
2025
,
such
reductions
were
as
follows:
Note
9
-
Subsequent
Events
The
Funds
declared
the
payment
of
a
distribution
to
be
paid
on
December
18,
2025,
to
all
shareowners
of
record
on
December
17,
2025
as
follows:
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
and
other
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
$67,086,781
$92,001,820
200
Growth
Fund
$347,274,143
$194,987,703
300
Developing
World
Fund
$24,057,487
$11,849,833
40
0
Participation
Fund
$65,666,000
$49,996,690
Sales
Gain
100
Income
Fund
$55,632,726
$35,339,248
200
Growth
Fund
$218,705,948
$187,355,742
Custodian
Fee
Credits
100
Income
Fund
$49,781
200
Growth
Fund
$143,730
300
Developing
World
Fund
$56,873
40
0
Participation
Fund
$32,898
Ordinary
Income
Short-Term
Capital
Gain
Long-Term
Capital
Gain
125
Income
Fund
Investor
12
Shares
(AMANX)
$0.150
$-
$3.442
150
Income
Fund
12
Institutional
Shares
12
12
(AMINX)
$0.325
$-
$3.442
250
Growth
Fund
12
Institutional
Shares
(AMIGX)
$0.177
$-
$-
325
Developing
World
12
Fund
Investor
Shares
(AMDWX)
$0.167
$-
$0.268
350
Developing
World
12
Fund
Institutional
Shares
(AMIDX)
$0.195
$-
$0.268
Note
6
-
Federal
Income
Taxes
(continued)
Renewal
of
Investment
Advisory
Contract
34
November
30,
2025
Semi-Annual
During
their
meeting
of
September
8,
2025,
the
Trustees
of
Amana
Mutual
Funds
Trust
(the
"Board"
or
"Trustees"),
including
the
Independent
Trustees,
discussed
the
continuance
of
the
Investment
Advisory
and
Administrative
Services
Agreement
between
the
Trust,
on
behalf
of
each
Fund,
and
Saturna
Capital
Corporation
("Saturna").
The
Trustees
also
considered
Saturna's
management
of
a
wholly
owned
subsidiary
of
Amana
Participation
Fund
that
invests
in
the
same
securities
and
assets
in
which
the
Fund
invests.
The
Trustees
also
discussed
the
approval
of
the
Investment
Advisory
and
Administrative
Services
Agreement
between
wholly
owned
subsidiaries
of
Amana
Income
Fund,
Amana
Growth
Fund
and
Amana
Developing
World
Fund,
and
Saturna.
In
evaluating
the
agreements,
the
Board,
including
the
Independent
Trustees,
considered
the
factors
it
deemed
relevant,
including
the
nature,
quality
and
extent
of
services
provided,
the
performance
of
each
Fund,
expenses
and
fees,
the
profitability
of
Saturna,
the
potential
for
economies
of
scale
that
may
be
shared
with
each
Fund
and
its
shareholders
as
each
Fund's
assets
grow,
and
any
other
benefits
derived
by
Saturna
from
its
relationship
with
the
Funds.
In
their
deliberations,
the
Trustees
did
not
identify
any
single
factor
which
alone
was
responsible
for
the
decision
to
approve
the
agreements,
and
each
Trustee
may
have
given
different
weights
to
different
factors,
and,
thus,
each
Trustee
may
have
had
a
different
basis
for
his
or
her
decision.
The
Trustees
considered
Saturna's
specific
responsibilities
in
all
aspects
of
day-to-day
management
of
the
Funds
as
well
as
the
qualifications,
experience
and
responsibilities
of
the
Funds'
portfolio
managers
and
other
key
personnel
at
Saturna.
The
Trustees
considered
that
the
Funds
offer
a
full
range
of
high-quality
investor
services,
including
unique
services
for
Islamic
investors.
The
Trustees
discussed
Saturna's
experience,
capabilities,
and
commitment
to
quality
service
through
performing
internally
such
functions
as
shareowner
servicing,
administration,
retirement
plans,
accounting,
marketing,
and
distribution
-
all
in
addition
to
investment
management.
The
Trustees
took
into
consideration
Saturna's
continued
avoidance
of
significant
operational
and
regulatory
compliance
problems,
plus
its
continued
investments
in
infrastructure,
information
management
systems,
personnel,
training,
compliance,
and
investor
education
materials,
all
designed
to
meet
investor
needs
with
high
quality
services.
They
recognized
Saturna's
efforts
to
recruit
and
retain
qualified,
experienced,
and
specialized
staff
and
improve
the
capital
base
on
which
Saturna
operates,
which
the
Trustees
believe
is
important
to
the
long-term
success
of
the
Funds.
The
Trustees
recognized
Saturna's
focus
on
investors
and
its
efforts
to
avoid
conflicts
of
interest.
The
Trustees
considered
the
investment
performance
of
each
Fund
over
time,
including
comparative
information
from
FUSE
Research
Network
("FUSE"),
which
provides
independent
analysis
of
mutual
fund
data
and,
among
other
things,
ranks
mutual
fund
performance
within
categories
comprised
of
similarly
managed
funds.
The
Trustees
considered
and
discussed
each
Fund's
performance
relative
to
the
Fund's
FUSE
peer
group
category
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
the
Morningstar,
Inc.
rankings
(one
through
five
stars)
for
the
three-,
five-,
and
ten-year
periods,
as
applicable,
ended
as
of
June
30,
2025.
The
Trustees
also
noted
the
favorable
sustainability
ratings
assigned
by
Morningstar
to
Amana
Growth
Fund
(five
out
of
five),
Amana
Income
Fund
(four
out
of
five),
and
Amana
Developing
World
Fund
(four
out
of
five).
The
Trustees
considered
the
short-,
medium-,
and
long-term
investment
performance
of
the
Institutional
share
class
of
Amana
Income
Fund,
Amana
Growth
Fund,
Amana
Developing
World
Fund,
and
Amana
Participation
Fund,
each
relative
to
their
FUSE
peer
group
categories,
and
noted
that
the
Funds
were
managed
for
the
long
term.
The
Trustees
noted
that
the
short-term
and
long-term
performance
of
the
Institutional
share
class
of
Amana
Income
Fund
was
in
the
third
quartile
of
its
FUSE
peer
group
category
for
the
one-year,
10-year
and
since
inception
(9/25/2013)
periods,
and
its
medium-
term
performance
was
in
the
fourth
and
third
quartiles
for
the
respective
three-and
five-year
periods.
The
Trustees
further
noted
that
the
Institutional
share
class
of
Amana
Income
Fund
had
underperformed
its
benchmark
for
the
one-,
three-,
five-,
and
10-
year
periods
ended
July
31,
2025.
The
Trustees
noted
that
the
short-term
performance
of
the
Institutional
share
class
of
Amana
Growth
Fund
was
in
the
fourth
quartile
of
its
FUSE
peer
group
category
for
the
one-year
period,
its
medium-term
performance
was
in
the
fourth
and
second
quartiles
for
the
respective
three-
and
five-year
periods,
and
its
long-term
performance
was
in
the
first
and
third
quartiles
for
the
respective
10-year
and
since
inception
(9/25/2013)
periods.
The
Trustees
further
noted
that
the
Institutional
share
class
of
Amana
Growth
Fund
had
underperformed
its
benchmark
for
the
one-,
three-,
and
five-year
periods
and
outperformed
its
benchmark
for
the
10-year
period
ended
July
31,
2025.
The
Trustees
noted
that
short-,
medium-,
and
long-term
performance
of
the
Institutional
share
class
of
Amana
Developing
World
Fund
was
in
the
fourth
quartile
of
its
FUSE
peer
group
category
for
the
one-year,
three-year,
five-year,
10-year,
and
since
inception
(9/25/2013)
periods.
The
Trustees
further
noted
that
the
Institutional
share
class
of
Amana
Developing
World
Fund
had
underperformed
its
benchmark
for
the
one-,
three-,
and
10-year
periods
and
performed
in
line
with
its
benchmark
for
the
five-year
period
ended
July
31,
2025.
The
Trustees
noted
that
the
short-
and
medium-term
performance
of
the
Institutional
share
class
of
Amana
Participation
Fund
were
in
the
fourth
quartile
of
its
FUSE
peer
category
for
the
one-year,
three-year,
five-year,
and
since
inception
(9/28/2015)
periods.
The
Trustees
further
noted
that
the
Institutional
share
class
of
Amana
Participation
Fund
had
outperformed
its
benchmark
for
the
one-,
three-,
and
five-year
periods
ended
July
31,
2025.
The
Trustees
noted
they
had
discussed
each
Fund's
performance
and
the
factors
impacting
performance
with
management
at
their
September
meeting
and
throughout
the
year.
The
Trustees
further
noted
the
risk-averse
investment
style
used
by
Saturna
to
manage
the
Funds
and
considered
other
factors
that
can
affect
a
Fund's
performance
relative
to
the
Fund's
broader
FUSE
peer
group
categories.
In
evaluating
such
performance
data,
the
Trustees
Renewal
of
Investment
Advisory
Contract
(continued)
November
30,
2025
Semi-Annual
35
noted
that
Islamic
investment
restrictions
to
which
the
Funds
adhere
increase
Saturna's
research
expenses
and
obligations
and
impose
constraints
on
Saturna's
selection
of
the
Funds'
portfolio
investments
that
impact
performance.
The
Trustees
found
that
Saturna
continued
to
manage
the
Funds
in
a
manner
that
is
designed
to
be
acceptable
to
Islamic
investors
and
that
the
risk
averse
approach
also
is
attractive
non-Islamic
long-term
investors.
The
Trustees
noted
Saturna's
decades
of
dedicated
service
provided
to
Amana
Mutual
Fund
Trust
and
its
shareowners.
Recognizing
the
investment
mandates
of
the
Funds,
the
Trustees
considered
the
comparative
data
reported
by
FUSE,
as
well
as
each
Fund's
performance
relative
to
its
benchmark,
as
provided
by
Saturna
Capital,
to
evaluate
each
Fund's
performance
over
near-
term
and
long-term
time
periods,
as
applicable.
When
evaluating
the
Funds'
performance
record,
the
Board
noted
that
relative
performance
comparisons,
especially
over
limited
periods
of
time,
is
only
one
of
the
factors
that
it
deems
relevant
to
its
consideration
of
each
Fund's
agreement.
The
Board
noted
that,
after
considering
all
relevant
factors,
it
may
be
appropriate
to
approve
the
continuation
of
the
agreement
notwithstanding
a
Fund's
underperformance
relative
to
its
FUSE
peer
group
category
during
certain
periods.
The
Trustees
also
reviewed
the
fees
and
expenses
of
the
Funds
and
considered
the
components
of
each
Fund's
operating
expenses.
The
Trustees
noted
that
the
total
net
expense
for
the
Institutional
share
class
of
each
Fund
was
below
its
respective
FUSE
peer
group
category
median
total
net
expense.
The
Trustees
also
noted
that,
effective
in
2019,
Saturna
agreed
to
reduce
the
breakpoints
in
the
investment
advisory
fee
for
Amana
Income
Fund,
Amana
Growth
Fund,
and
Amana
Developing
World
Fund,
by
five
basis
points
at
each
asset
level,
and
effective
December
1,
2020,
Saturna
had
agreed
to
a
further
reduction
in
the
advisory
fee
breakpoints
for
these
Funds
at
higher
asset
levels
in
excess
of
$1
billion.
The
Trustees
noted
that
these
actions
had
either
lowered
the
Funds'
advisory
fees
or
were
expected
to
lower
the
Funds'
advisory
fees
at
higher
asset
levels.
In
light
of
the
services
provided
by
Saturna,
the
Trustees
found
each
Fund's
advisory
fee
structure
and
expense
ratios
to
be
reasonable
given
the
size
of
each
Fund,
the
services
provided,
and
the
expenses
incurred
by
the
adviser.
They
noted
the
significant
sponsorship
of
the
Funds
by
Saturna
evidenced,
in
part,
by
the
amount
of
fees
and
expenses
paid
by
Saturna
out
of
its
own
resources
to
brokerage
platforms
and
similar
unaffiliated
intermediaries.
The
Trustees
noted
that
the
expenses
imposed
by
intermediaries
are
often
borne
by
funds
and
the
Trustees
appreciated
that
Saturna's
efforts
help
make
the
Funds
more
widely
available
and
otherwise
less
expensive
had
the
Funds
borne
these
expenses.
The
Trustees
reviewed
Saturna's
financial
information
and
considered
estimates
of
Saturna's
profitability
related
to
its
management
and
administration
of
the
Funds.
They
discussed
the
reasonableness
of
Saturna's
profitability
with
respect
to
each
of
the
Funds
as
part
of
their
evaluation
of
whether
the
advisory
fees
bear
a
reasonable
relationship
to
the
mix
of
services
provided
by
Saturna,
including
the
nature,
extent,
and
quality
of
such
services.
The
Trustees
considered
the
extent
to
which
advisory
fees
paid
to
Saturna
reflect
economies
of
scale.
The
Trustees
considered
the
fact
that
fee
breakpoints
lower
the
operating
expenses
and
expense
ratios
of
the
Funds
as
assets
grow
and
demonstrate
the
benefits
of
economies
of
scale
are
being
shared
with
shareowners.
In
this
connection,
the
Board
noted
that
the
investment
advisory
fee
rate
schedules
for
each
Fund
other
than
the
Amana
Participation
Fund
include
breakpoints
that
reduce
the
fee
rate
as
Fund
assets
increase
above
certain
levels,
and
that
Saturna
had
agreed,
in
2019
and
2020,
to
reduce
the
breakpoints
in
the
investment
advisory
fee
for
Amana
Income
Fund,
Amana
Growth
Fund
and
Amana
Developing
World
Fund
as
described
above.
With
respect
to
the
Amana
Participation
Fund,
the
Board
determined
that
the
investment
advisory
fees
are
reasonable
and
appropriate
and
that
breakpoints
in
the
fee
schedule
are
unnecessary
based
on
the
current
level
of
the
Fund's
assets
and
the
level
of
its
fees
and
expenses
compared
to
peers.
The
Trustees
also
recognized
that
potential
economies
of
scale
may
be
shared
acceptably
with
a
Fund
in
different
manners
such
as
fee
breakpoints,
fee
waivers
or
caps,
reinvestments
in
Saturna's
business
above
contractual
levels,
additional
new
product
offerings,
and
pricing
a
Fund
to
scale
from
inception,
among
others.
The
Trustees
considered
and
compared
the
fees
charged
by
Saturna
to
other
types
of
advisory
accounts
for
which
Saturna
serves
as
an
investment
adviser,
including
non-mutual
fund
advisory
clients
and
individual
advisory
clients.
The
Trustees
noted
the
significant
differences
between
the
full
range
of
services
Saturna
provides
to
the
Funds,
including
investment
advisory
and
administrative
services,
transfer
agency
services,
and
other
services,
as
compared
to
the
investment
advisory
services
provided
to
the
other
advisory
accounts.
The
Trustees
also
considered
how
the
various
services
provided
to
those
other
accounts,
which
include
Saturna's
investment
management,
research,
and
customer
service
operations
performed
for
those
accounts,
benefit
the
Funds.
The
Trustees
considered
potential
benefits
to
Saturna
and
to
its
other
businesses
from
acting
as
investment
adviser
for
the
Funds,
but
also
noted
that
Saturna's
other
business
lines
also
potentially
benefit
the
Funds.
The
Trustees
also
noted
that
there
were
no
soft
dollar
arrangements
with
respect
to
trading
in
the
Funds'
portfolios
and
that
Saturna's
affiliated
broker,
Saturna
Brokerage
Services,
voluntarily
waives
brokerage
commissions
for
executing
each
Fund's
portfolio
transactions,
resulting
in
lower
transaction
costs
for
the
Funds.
The
Trustees
concluded
that
the
fees
paid
by
each
Fund
to
Saturna
were,
from
an
arm's-length
bargaining
perspective,
reasonable
and
in
the
best
interest
of
the
Fund
and
its
shareowners
in
light
of
the
services
provided,
comparative
performance,
expense
and
advisory
fee
information,
costs
of
services
provided,
profits
to
be
realized,
and
benefits
derived
or
to
be
derived
by
Saturna
from
its
relationship
with
the
Funds.
Following
this
discussion,
the
Trustees
unanimously
agreed,
based
on
their
business
judgment,
to
renew
the
Investment
Advisory
and
Administrative
Services
Agreements
with
respect
to
Amana
Income
Fund,
Amana
Growth
Fund,
Amana
Developing
World
Fund,
and
Amana
Participation
Fund.
Form
N-CSR
Items
8-11
36
November
30,
2025
Semi-Annual
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.
November
30,
2025
Semi-Annual
37
Availability
of
Quarterly
Portfolio
Information
(1)
The
Amana
Funds
file
complete
schedules
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
(2)
The
Funds'
Form
N-PORT
reports
are
available
on
the
SEC's
website
at
www.sec.gov.
(3)
The
Funds
post
a
complete
schedule
of
portfolio
holdings
after
the
end
of
each
month
available
at
www.amanafunds.com.
Privacy
Statement
At
Saturna
Capital
and
the
Amana
Mutual
Funds
Trust,
we
understand
the
importance
of
maintaining
the
privacy
of
your
financial
information.
We
want
to
assure
you
that
we
protect
the
confidentiality
of
any
personal
information
that
you
share
with
us.
In
addition,
we
do
not
sell
information
about
our
current
or
former
customers.
In
the
course
of
our
relationship,
we
gather
certain
non-public
information
about
you,
including
your
name,
address,
investment
choices,
and
account
information.
We
do
not
disclose
your
information
to
unaffiliated
third
parties
unless
it
is
necessary
to
process
a
transaction;
service
your
account;
deliver
your
account
statements,
shareowner
reports,
and
other
information;
or
as
required
by
law.
When
we
disclose
information
to
unaffiliated
third
parties,
we
require
a
contract
to
restrict
the
companies'
use
of
customer
information
and
from
sharing
or
using
it
for
any
purposes
other
than
performing
the
services
for
which
they
were
required.
We
may
share
information
within
the
Saturna
Capital
family
of
companies
in
the
course
of
informing
you
about
products
or
services
that
may
address
your
investing
needs.
We
maintain
our
own
technology
resources
to
minimize
the
need
for
any
third-party
services,
and
restrict
access
to
information
within
Saturna.
We
maintain
physical,
electronic,
and
procedural
safeguards
to
guard
your
personal
information.
If
you
have
any
questions
or
concerns
about
the
security
or
privacy
of
your
information
please
call
us
at
1-800-728-8762.
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSRS, as applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item16. Controls and Procedures
a. The Registrant's President and Treasurer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
b. There were no significant changes in the Registrant's internal control over financial reporting (as defined in Rule 30e-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not applicable.
(b) Not applicable.
Item 19. Exhibits
Exhibits included with this filing:
(a)(1) Code of Ethics.
(a)(2) Not applicable.
(a)(3) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
AMANA MUTUAL FUNDS TRUST
/s/Jane K. Carten , President
Signature and Title
Jane K. Carten, President
Printed name and Title
January 29, 2026
Date
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By:
/s/Jane K. Carten , President
Signature and Title
Jane K. Carten, President
Printed name and Title
January 29, 2026
Date
By:
/s/Christopher Fankhauser , Treasurer
Signature and Title
Christopher R. Fankhauser, Treasurer
Printed name and Title
January 29, 2026
Date
Amana Mutual Funds Trust published this content on February 09, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on February 09, 2026 at 16:51 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]