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, 2024

Date of reporting period: November 30, 2023

Item 1. Report to Shareowners

Performance

Summary

2

November

30,

2023

Semi-Annual

As

of

November

30,

2023

As

of

December

31

,

2023

Performance

data

quoted

in

this

report

represents

past

performance,

is

before

any

taxes

payable

by

shareowners,

and

is

no

guarantee

of

future

results.

Current

performance

may

be

higher

or

lower

than

that

stated

herein.

Performance

current

to

the

most

recent

month-end

is

available

by

calling

toll-free

1-888-732-6262

or

visiting

www.amanafunds.com.

Average

annual

total

returns

are

historical

and

include

change

in

share

value

as

well

as

reinvestment

of

dividends

and

capital

gains,

if

any.

The

investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

The

Amana

Funds

limit

the

securities

they

purchase

to

those

consistent

with

Islamic

principles,

which

limits

opportunities

and

may

affect

performance.

Institutional

Shares

of

the

Amana

Income,

Growth,

and

Developing

World

Funds

began

operations

September

25,

2013

.

The

Amana

Participation

Fund

began

operations

September

28,

2015

.

A

note

about

risk:

Please

see

the

Notes

to

Financial

Statements

beginning

on

page

33

for

a

discussion

of

investment

risks.

For

a

more

detailed

discussion

of

the

risks

associated

with

each

Fund,

please

see

the

Funds'

prospectus

or

each

Fund's

summary

prospectus.

1

By

regulation,

expense

ratios

shown

in

this

table

are

as

stated

in

the

Funds’

most

recent

prospectus

which

is

dated

September

28,

2023,

and

incorporates

results

for

the

fiscal

year

ended

May

31,

2023

.

Ratios

presented

in

this

table

differ

from

the

expense

ratios

shown

elsewhere

in

this

report

as

they

represent

different

fiscal

periods.

Also

by

regulation,

this

page

shows

performance

as

of

the

most

recent

calendar

quarter-end

in

addition

to

performance

through

the

Funds'

most

recent

fiscal

period.

Average

Annual

Returns

(before

any

taxes

paid

by

shareowners)

1

Year

3

Year

5

Year

10

year

15

Year

Expense

Ratio

1

125

Income

Fund

Investor

Shares

(

AMANX

)

5.77%

7.91%

10.23%

9.07%

10.98%

1.02%

150

Income

Fund

Institutional

Shares

(

AMINX

)

6.02%

8.16%

10.48%

9.33%

n/a

0.78%

225

Growth

Fund

Investor

Shares

(

AMAGX

)

13.91%

10.28%

15.68%

14.06%

14.57%

0.91%

250

Growth

Fund

Institutional

Shares

(

AMIGX

)

14.19%

10.55%

15.96%

14.33%

n/a

0.67%

325

Developing

World

Fund

Investor

Shares

(

AMDWX

)

4.27%

0.60%

5.78%

1.46%

n/a

1.22%

350

Developing

World

Fund

Institutional

Shares

(

AMIDX

)

4.47%

0.82%

6.00%

1.68%

n/a

1.01%

425

Participation

Fund

Investor

Shares

(

AMAPX

)

0.79%

-1.27%

1.56%

n/a

n/a

0.80%

450

Participation

Fund

Institutional

Shares

(

AMIPX

)

1.04%

-1.02%

1.83%

n/a

n/a

0.56%

Average

Annual

Returns

(before

any

taxes

paid

by

shareowners)

1

Year

3

Year

5

Year

10

year

15

Year

Expense

Ratio

1

125

Income

Fund

Investor

Shares

(

AMANX

)

13.55%

8.28%

12.63%

9.25%

11.13%

1.02%

150

Income

Fund

Institutional

Shares

(

AMINX

)

13.82%

8.54%

12.88%

9.51%

n/a

0.78%

225

Growth

Fund

Investor

Shares

(

AMAGX

)

25.66%

10.02%

18.68%

14.29%

14.70%

0.91%

250

Growth

Fund

Institutional

Shares

(

AMIGX

)

25.98%

10.29%

18.97%

14.56%

n/a

0.67%

325

Developing

World

Fund

Investor

Shares

(

AMDWX

)

13.24%

0.05%

7.58%

2.23%

n/a

1.22%

350

Developing

World

Fund

Institutional

Shares

(

AMIDX

)

13.39%

0.22%

7.76%

2.45%

n/a

1.01%

425

Participation

Fund

Investor

Shares

(

AMAPX

)

2.46%

-0.73%

1.90%

n/a

n/a

0.80%

450

Participation

Fund

Institutional

Shares

(

AMIPX

)

2.60%

-0.52%

2.14%

n/a

n/a

0.56%

Please

consider

an

investment’s

objectives,

risks,

charges,

and

expenses

carefully

before

investing.

To

obtain

a

free

prospectus

or

summary

prospectus

that

contains

this

and

other

important

information

on

the

Amana

Funds,

please

call

toll-free

1-888-732-6262

or

visit

www.amanafunds.com.

Please

read

the

prospectus

or

summary

prospectus

carefully

before

investing.

Fellow

Shareowners:

January

19,

2024

November

30,

2023

Semi-Annual

3

Last

year

we

noted

the

rarity

of

consecutive

down

years

for

major

market

indices

and

the

unbroken

post-World

War

II

streak

of

positive

returns

in

the

year

following

midterm

elections.

While

difficult

to

explain,

the

two

curiosities

provided

some

hope

for

a

year

in

which

many

expected

a

recession

following

a

series

of

aggressive

Federal

Reserve

rate

hikes.

As

readers

well

know,

2023

did

not

feature

a

recession.

Indeed,

third

quarter

gross

domestic

product

(GDP)

growth

hit

a

stunning

4.9%

with

a

bit

above

2%

expected

for

the

full

year.

Meanwhile,

the

stock

market

kept

its

post-midterm

election

streak

alive

for

the

20th

consecutive

time,

recouping

a

large

portion

of

2022’s

losses.

For

the

six-month

period

ended

November

30,

2023,

the

S&P

500

Index

returned

10.17%

and

the

broader

Dow

Jones

Islamic

Market

World

Index

appreciated

7.89%.

Developing

markets

experienced

a

less

buoyant

recovery

with

the

MSCI

Emerging

Markets

Index

gaining

4.60%.

Weakness

persisted

within

Islamic

fixed

income

markets,

with

the

FTSE

IdealRatings

Sukuk

Index

returning

0.21%.

Year-to-date

as

of

November

30,

the

S&P

500

Index

gained

20.80%,

and

registered

a

13.84%

return

for

the

one-year

period.

For

the

six

months

ended

November

30,

2023,

Amana

Growth

Fund

Investor

Shares

gained

9.72%,

Amana

Income

Fund

Investor

Shares

returned

6.05%,

Amana

Developing

World

Fund

Investor

Shares

rose

1.88%,

and

Amana

Participation

Fund

Investor

Shares

slipped

-0.47%.

As

expected,

lower

expenses

allowed

the

Institutional

Shares

of

each

Fund

to

post

slightly

better

returns:

Amana

Growth

9.86%,

Amana

Income

6.17%,

Amana

Developing

World

2.04%,

while

Amana

Participation

dropped

-0.34%.

The

percentage

of

Amana

Funds’

shareowner

assets

in

Institutional

Shares

continued

to

rise,

hitting

53%

from

52%

last

year.

The

Amana

Funds'

investment

philosophy

follows

Islamic

principles,

which

preclude

most

investments

in

banking

and

finance.

We

favor

companies

with

good

sustainability

factors,

low

debt

levels,

and

strong

balance

sheets.

In

volatile

and

troubled

times,

these

solid

principles

have

repeatedly

proven

their

value.

2023

Accolades

As

experienced

investors,

we

know

that

gains

or

losses

over

a

short

interval

tell

an

incomplete

story

compared

to

performance

evaluated

over

a

lengthier

time

span,

even

during

times

of

uncertainty.

We

take

comfort

along

with

our

shareowners

in

the

accolades

bestowed

by

fund

industry

watchdogs

like

Morningstar.

As

of

November

30,

2023,

Morningstar

rated

each

share

class

of

the

Amana

Funds

on

overall

performance.

For

each

Fund’s

Investor

Shares,

Amana

Growth

was

rated

5

Stars,

Amana

Developing

World

and

Amana

Participation

were

rated

4

Stars,

and

Amana

Income

was

rated

3

Stars.

For

each

Fund’s

Institutional

Shares,

Amana

Growth

was

rated

5

Stars,

Amana

Developing

World

and

Amana

Participation

were

rated

4

Stars,

and

Amana

Income

was

rated

3

Stars.

Please

refer

to

"Morningstar

Ratings"

on

page

5

for

more

details.

Morningstar

continued

to

award

"Low

Carbon"

designations

to

Amana

Income,

Growth,

and

Developing

World

Funds

as

of

November

30,

2023,

which

identifies

them

as

"low

carbon"

funds

within

the

global

universe

(see

page

6).

4

November

30,

2023

Semi-Annual

Amana

Growth

Fund

also

earned

a

Sustainability

Rating

of

"High"

from

Morningstar

as

of

November

30,

2023

(see

page

5).

Going

Forward

Unlike

the

Midterm

Effect

mentioned

above,

we

have

no

similar

track

record

of

performance

–

positive

or

negative

–

during

presidential

election

years.

We

are

encouraged

by

the

resilience

of

the

US

economy

in

the

face

of

significantly

higher

interest

rates.

At

the

same

time,

company

earnings

seem

to

have

bottomed

and

analysts

anticipate

better

growth

in

the

coming

year.

The

appearance

of

attractive

savings

rates

brought

billions

of

dollars

into

money

market

funds;

money

that

could

easily

be

redeployed

to

the

stock

market

if

inflation

were

to

reach

the

2%

target

and

the

Fed

gain

comfort

in

easing

rates.

Perhaps

we

are

being

premature,

and

the

effects

of

higher

rates

have

yet

to

be

felt.

However,

inflation

has

moderated,

holiday

spending

was

positive

(if

not

ebullient),

and

one

of

the

rarest

of

all

creatures,

the

soft

landing,

appears

to

be

within

sight.

We

are

hopeful

that

the

concentration

of

equity

market

returns

among

a

handful

of

mega-cap

Technology

stocks

will

diversify

among

a

wider

variety

of

sectors

and

companies

in

the

coming

year.

Strong

Management

Matters

Amana

Mutual

Funds

embody

basic

principles

of

sound

finance:

good

governance,

transparency,

fairness,

and

risk

sharing.

The

Trustees

are

active

governors

who

take

their

responsibilities

to

their

shareowners

seriously.

Saturna

staff

work

globally,

based

in

offices

in

Bellingham,

Washington;

Henderson,

Nevada;

and

Kuala

Lumpur,

Malaysia

to

better

serve

you.

As

a

group,

the

five

Amana

Trustees

are

solidly

committed

to

investing

in

Amana

Mutual

Funds.

Including

their

affiliated

accounts,

they

currently

have

over

$36

million

invested

in

the

four

mutual

funds

of

the

Trust.

Dr.

Mirza,

Mr.

Kaiser,

and

Mr.

Fielding

remain

among

the

Trust's

largest

individual

shareowners.

For

more

information,

please

visit

www.amanafunds.

com

or

call

1-888/73-AMANA.

We

thank

you

for

investing

with

us.

Respectfully,

Nicholas

Kaiser,

M.

Yaqub

Mirza,

President

Independent

Board

Chairman

November

30,

2023

Semi-Annual

5

Morningstar

Ratings

(as

of

November

30,

2023)

The

Morningstar

Sustainability

Rating

and

the

Morningstar

Portfolio

Sustainability

Score

are

not

based

on

fund

performance

and

are

not

equivalent

to

the

Morningstar

Rating

("Star

Rating").

©

2024

Morningstar®.

All

rights

reserved.

Morningstar,

Inc.

is

an

independent

fund

performance

monitor.

The

information

contained

herein:

(1)

is

proprietary

to

Morningstar

and/or

its

content

providers;

(2)

may

not

be

copied

or

distributed;

and

(3)

is

not

warranted

to

be

accurate,

complete,

or

timely.

Neither

Morningstar

nor

its

content

providers

are

responsible

for

any

damages

or

losses

arising

from

any

use

of

this

information.

A

Morningstar

Ratings™

("Star

Ratings")

are

as

of

November

30,

2023

and

December

31,

2023.

The

Morningstar

Rating™

for

funds,

or

"star

rating",

is

calculated

for

managed

products

(including

mutual

funds,

variable

annuity

and

variable

life

subaccounts,

exchange-traded

funds,

closed-end

funds,

and

separate

accounts)

with

at

least

a

three-year

history.

Exchange-traded

funds

and

open-ended

mutual

funds

are

considered

a

single

population

for

comparative

purposes.

It

is

calculated

based

on

a

Morningstar

Risk-Adjusted

Return

measure

that

accounts

for

variation

in

a

managed

product's

monthly

excess

performance

(not

including

the

effects

of

sales

charges,

loads,

and

redemption

fees),

placing

more

emphasis

on

downward

variations

and

rewarding

consistent

performance.

The

top

10%

of

products

in

each

product

category

receive

5

stars,

the

next

22.5%

receive

4

stars,

the

next

35%

receive

3

stars,

the

next

22.5%

receive

2

stars,

and

the

bottom

10%

receive

1

star.

The

Overall

Morningstar

Rating

for

a

managed

product

is

derived

from

a

weighted

average

of

the

performance

figures

associated

with

its

three-,

five-,

and

10-year

(if

applicable)

Morningstar

Rating

metrics.

The

weights

are:

100%

three-year

rating

for

36-59

months

of

total

returns,

60%

five-year

rating/40%

three-year

rating

for

60-119

months

of

total

returns,

and

50%

10-year

rating/30%

five-year

rating/20%

three-year

rating

for

120

or

more

months

of

total

returns.

While

the

10-year

overall

star

rating

formula

seems

to

give

the

most

weight

to

the

10-year

period,

the

most

recent

three-year

period

actually

has

the

greatest

impact

because

it

is

included

in

all

three

rating

periods.

B

Morningstar

Sustainability

Ratings

are

as

of

October

31,

2023.

The

Morningstar

Sustainability

Rating™

is

intended

to

measure

how

well

the

issuing

companies

of

the

securities

within

a

fund’s

portfolio

are

managing

their

environmental,

social,

and

governance

(“ESG”)

risks

and

opportunities

relative

to

the

fund’s

Morningstar

category

peers.

The

Morningstar

Sustainability

Rating

calculation

is

a

two-step

process.

First,

each

fund

with

at

least

50%

of

assets

covered

by

a

company-level

ESG

score

from

Sustainalytics

receives

a

Morningstar

Portfolio

Sustainability

Score™.

The

Morningstar

Portfolio

Sustainability

Score

is

an

asset-weighted

average

of

normalized

company-level

ESG

scores

with

deductions

made

for

controversial

incidents

by

the

issuing

companies,

such

as

environmental

accidents,

fraud,

or

discriminatory

behavior.

The

Morningstar

Sustainability

Rating

is

then

assigned

to

all

scored

funds

within

Morningstar

Categories

in

which

at

least

ten

(10)

funds

receive

a

Portfolio

Sustainability

Score

and

is

determined

by

each

fund's

rank

within

the

following

distribution:

High

(highest

10%),

Above

Average

(next

22.5%),

Average

(next

35%),

Below

Average

(next

22.5%),

and

Low

(lowest

10%).

The

Morningstar

Sustainability

Rating

is

depicted

by

globe

icons

where

High

equals

5

globes

and

Low

equals

1

globe.

A

Sustainability

Rating

is

assigned

to

any

fund

that

has

more

than

half

of

its

underlying

assets

rated

by

Sustainalytics

and

is

within

a

Morningstar

Category

with

at

least

10

scored

funds;

therefore,

the

rating

is

not

limited

to

funds

with

explicit

sustainable

or

responsible

investment

mandates.

Morningstar

updates

its

Sustainability

Ratings

monthly.

Portfolios

receive

a

Morningstar

Portfolio

Sustainability

Score

and

Sustainability

Rating

one

month

and

six

business

days

after

their

reported

as-of

date

based

on

the

most

recent

portfolio.

As

part

of

the

evaluation

process,

Morningstar

uses

Sustainalytics’

ESG

scores

from

the

same

month

as

the

portfolio

as-of

date.

The

Fund’s

portfolios

are

actively

managed

and

subject

to

change,

which

may

result

in

a

different

Morningstar

Sustainability

Score

and

Rating

each

month.

Amana

Income

Fund

was

rated

on

99%

of

Assets

Under

Management.

Amana

Growth

Fund

and

Amana

Developing

World

Fund

were

each

rated

100%

of

Assets

Under

Management.

Amana

Participation

Fund

was

rated

83%

of

Assets

Under

Management.

%

Rank

in

Category

is

the

fund’s

percentile

rank

for

the

specified

time

period

relative

to

all

funds

that

have

the

same

Morningstar

category.

The

highest

(or

most

favorable)

percentile

rank

is

1

and

the

lowest

(or

least

favorable)

percentile

rank

is

100.

The

top-

performing

fund

in

a

category

will

always

receive

a

rank

of

1.

Percentile

ranks

within

categories

are

most

useful

in

those

categories

that

have

a

large

number

of

funds.

The

Amana

Mutual

Funds

offer

two

share

classes

–

Investor

Shares

and

Institutional

Shares,

each

of

which

has

different

expense

structures.

Morningstar™

Ratings

A

1

Year

3

Year

5

Year

10

Year

15

Year

Overall

Sustainability

Rating™

B

Amana

Income

Fund

–

“Large

Blend”

Category

Investor

Shares

(AMANX)

n/a







n/a



%

Rank

in

Category

82

68

74

83

91

n/a

19

Institutional

Shares

(AMINX)

n/a







n/a



%

Rank

in

Category

81

62

69

79

90

n/a

19

Number

of

Funds

in

Category

1,435

1,300

1,192

886

678

1,300

3,563

Amana

Growth

Fund

–

“Large

Growth”

Category

Investor

Shares

(AMAGX)

n/a







n/a



%

Rank

in

Category

80

4

14

12

45

n/a

3

Institutional

Shares

(AMIGX)

n/a







n/a



%

Rank

in

Category

79

3

13

11

40

n/a

3

Number

of

Funds

in

Category

1,212

1,127

1,039

813

602

1,127

1,585

Amana

Developing

World

Fund

–

“Diversified

Emerging

Markets”

Category

Investor

Shares

(AMDWX)

n/a







n/a



%

Rank

in

Category

55

27

18

70

n/a

n/a

28

Institutional

Shares

(AMIDX)

n/a







n/a



%

Rank

in

Category

52

25

16

62

n/a

n/a

28

Number

of

Funds

in

Category

804

716

653

393

215

716

1,816

Amana

Participation

Fund

–

“Emerging

Markets

Bond”

Category

Investor

Shares

(AMAPX)

n/a





n/a

n/a



%

Rank

in

Category

100

12

44

n/a

n/a

n/a

36

Institutional

Shares

(AMIPX)

n/a





n/a

n/a



%

Rank

in

Category

100

11

34

n/a

n/a

n/a

36

Number

of

Funds

in

Category

250

233

215

108

47

233

869

6

November

30,

2023

Semi-Annual

Morningstar

Ratings

(as

of

December

31,

2023)

Morningstar

ratings

represented

as

unshaded

stars

are

based

on

extended

performance.

These

extended

performance

ratings

are

based

on

the

historical

adjusted

returns

prior

to

the

inception

date

of

the

Institutional

Shares

and

reflect

the

historical

performance

of

the

Investor

Shares,

adjusted

to

reflect

the

fees

and

expenses

of

the

Institutional

Shares.

Morningstar

Carbon

Metrics

(as

of

November

30,

2023)

Morningstar

carbon

metrics

are

asset-weighted

portfolio

calculations

based

on

their

Sustainalytics

subsidiary's

carbon-risk

research.

Based

on

two

of

these

metrics

–

Carbon

Risk

Score

and

Fossil

Fund

Involvement

%

–

funds

may

receive

the

Low

Carbon

designation,

which

allows

investors

to

easily

identify

low-carbon

funds

within

the

global

universe.

The

portfolio

Carbon

Risk

Score

is

a

number

between

0

and

100

(a

lower

score

is

better).

A

portfolio's

Carbon

Risk

Score

is

the

asset-weighted

sum

of

the

carbon

risk

scores

of

its

holdings,

averaged

over

the

trailing

12

months.

The

carbon

risk

of

a

company

is

Sustainalytics'

evaluation

of

the

degree

to

which

a

firm's

activities

and

products

are

aligned

with

the

transition

to

a

low-carbon

economy.

The

assessment

includes

carbon

intensity,

fossil

fuel

involvement,

stranded

assets

exposure,

mitigation

strategies,

and

green

product

solutions.

Fossil

Fuel

Involvement

%

is

the

portfolio's

asset-weighted

percentage

exposure

to

fossil

fuels,

averaged

over

the

trailing

12

months.

Companies

with

fossil

fuel

involvement

are

defined

as

those

in

the

following

subindustries:

Thermal

Coal

Extraction,

Thermal

Coal

Power

Generation,

Oil

&

Gas

Production,

Oil

&

Gas

Power

Generation,

and

Oil

&

Gas

Products

&

Services.

To

receive

the

Low

Carbon

designation

a

fund

must

have

a

Carbon

Risk

Score

below

10

and

a

Fossil

Fuel

Involvement

%

of

less

than

7%

of

assets.

For

these

metrics

to

be

calculated,

at

least

67%

of

a

portfolio's

assets

must

be

covered

by

Sustainalytics

company

carbon-risk

research.

All

Morningstar

carbon

metrics

are

calculated

quarterly.

Amana

Income

Fund

was

rated

on

94%,

Amana

Growth

Fund

was

rated

on

100%,

and

Amana

Developing

World

Fund

was

rated

on

92%

of

assets

under

management.

As

of

November

30,

2023,

the

Amana

Income,

Amana

Growth,

and

Amana

Developing

World

Funds

had

not

received

a

12-month

average

fossil

fuel

exposure

rating.

Morningstar™

Ratings

A

1

Year

3

Year

5

Year

10

Year

15

Year

Overall

Amana

Income

Fund

–

“Large

Blend”

Category

Investor

Shares

(AMANX)

n/a







n/a



%

Rank

in

Category

91

68

84

85

92

n/a

Institutional

Shares

(AMINX)

n/a







n/a



%

Rank

in

Category

89

61

82

81

90

n/a

Number

of

Funds

in

Category

1,430

1,298

1,191

897

683

1,298

Amana

Growth

Fund

–

“Large

Growth”

Category

Investor

Shares

(AMAGX)

n/a







n/a



%

Rank

in

Category

83

5

15

12

47

n/a

Institutional

Shares

(AMIGX)

n/a







n/a



%

Rank

in

Category

82

4

13

10

41

n/a

Number

of

Funds

in

Category

1,200

1,118

1,031

810

599

1,118

Amana

Developing

World

Fund

–

“Diversified

Emerging

Markets”

Category

Investor

Shares

(AMDWX)

n/a







n/a



%

Rank

in

Category

38

24

17

60

n/a

n/a

Institutional

Shares

(AMIDX)

n/a







n/a



%

Rank

in

Category

37

24

16

52

n/a

n/a

Number

of

Funds

in

Category

816

721

656

402

216

721

Amana

Participation

Fund

–

“Emerging

Markets

Bond”

Category

Investor

Shares

(AMAPX)

n/a





n/a

n/a



%

Rank

in

Category

2

4

6

n/a

n/a

n/a

Institutional

Shares

(AMIPX)

n/a





n/a

n/a



%

Rank

in

Category

1

2

4

n/a

n/a

n/a

Number

of

Funds

in

Category

243

226

213

110

47

226

Amana

Income

Fund

Amana

Growth

Fund

Amana

Developing

World

Fund

November

30,

2023

Semi-Annual

7

Amana

Income

Fund:

Performance

Summary

Average

Annual

Returns

(as

of

November

30,

2023

)

Growth

of

$10,000

Comparison

of

any

mutual

fund

to

a

market

index

must

be

made

bearing

in

mind

that

the

index

is

unmanaged

and

expense-free.

Conversely,

the

Fund

will

(1)

be

actively

managed;

(2)

have

an

objective

other

than

mirroring

the

index,

such

as

limiting

risk;

(3)

bear

transaction

and

other

operational

costs;

(4)

stand

ready

to

buy

and

sell

its

securities

to

shareowners

on

a

daily

basis;

and

(5)

provide

a

wide

range

of

services.

The

graph

compares

$10,000

invested

in

Institutional

Shares

of

the

Fund

on

November

30,

2013,

to

an

identical

amount

invested

in

the

S&P

500

Index,

a

broad-based

stock

market

index.

The

graph

shows

that

an

investment

in

Institutional

Shares

of

the

Fund

would

have

risen

to

$24,398

versus

$30,550

in

the

Index.

Institutional

Shares

are

used

in

this

chart

because

they

represent

the

larger

share

class

in

terms

of

assets.

Please

note

that

investors

cannot

invest

directly

in

the

Index.

Past

performance

does

not

guarantee

future

results.

The

“Growth

of

$10,000”

graph

and

“Average

Annual

Returns”

performance

table

assume

the

reinvestment

of

dividends

and

capital

gains.

They

do

not

reflect

the

deduction

of

taxes

that

a

shareowner

might

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Fund

Objective

The

objectives

of

the

Income

Fund

are

current

income

and

preservation

of

capital,

consistent

with

Islamic

principles;

current

income

is

its

primary

objective.

Top

10

Holdings

%

of

Total

Net

Assets

Portfolio

Diversification

%

of

Total

Net

Assets

Chart

Underline

1

Year

5

Year

10

Year

Expense

Ratio

Investor

Shares

(

AMANX

)

5.77%

10.23%

9.07%

1.02%

Institutional

Shares

(

AMINX

)

6.02%

10.48%

9.33%

0.78%

S&P

500

Index

13.84%

12.51%

11.81%

n/a

Eli

Lilly

12.4%

Microsoft

9.1%

Rockwell

Automation

4.9%

Taiwan

Semiconductor

ADR

4.8%

Illinois

Tool

Works

4.3%

W.W.

Grainger

3.8%

PPG

Industries

3.2%

Linde

3.2%

Honeywell

International

3.1%

Genuine

Parts

3.0%

Schedule

of

Investments

As

of

November

30,

2023

Amana

Income

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

8

November

30,

2023

Semi-Annual

Continued

on

next

page.

Common

Stock

-

89

.7

%

Number

of

Shares

Cost

Market

Value

Percentage

of

Net

Assets

Consumer

Discretionary

Automotive

Retailers

Genuine

Parts

382,000

$

15,016,749

$

50,721,960

3.0%

Consumer

Staples

Household

Products

Colgate-Palmolive

415,400

15,151,572

32,721,058

2.0%

Kenvue

500,000

8,059,347

10,220,000

0.6%

Kimberly-Clark

230,000

13,960,736

28,457,900

1.7%

Procter

&

Gamble

165,000

20,502,654

25,330,800

1.5%

Unilever

ADR

450,000

15,802,908

21,465,000

1.3%

73,477,217

118,194,758

7.1%

Packaged

Food

McCormick

&

Co

559,288

13,161,835

36,258,641

2.2%

86,639,052

154,453,399

9.3%

Health

Care

Biotech

Amgen

141,000

34,235,216

38,019,240

2.3%

Large

Pharma

AbbVie

100,000

2,803,208

14,239,000

0.9%

Bristol-Myers

Squibb

650,000

15,185,381

32,097,000

1.9%

Eli

Lilly

350,000

12,008,515

206,864,000

12.4%

Johnson

&

Johnson

130,000

13,568,315

20,105,800

1.2%

Novartis

ADR

295,400

15,552,802

28,919,660

1.7%

Pfizer

1,100,000

18,605,774

33,517,000

2.0%

77,723,995

335,742,460

20.1%

Medical

Devices

Abbott

Laboratories

350,000

8,392,885

36,501,500

2.2%

120,352,096

410,263,200

24.6%

Industrials

Commercial

&

Residential

Building

Equipment

&

Systems

Honeywell

International

260,000

10,768,521

50,939,200

3.1%

Johnson

Controls

International

510,000

32,596,288

26,928,000

1.6%

43,364,809

77,867,200

4.7%

Courier

Services

United

Parcel

Service,

Class

B

220,000

39,274,536

33,354,200

2.0%

Electrical

Power

Equipment

Eaton

100,000

17,241,460

22,769,000

1.4%

Industrial

Distribution

&

Rental

W.W.

Grainger

80,000

7,590,798

62,895,200

3.8%

Industrial

Machinery

Illinois

Tool

Works

300,000

14,672,460

72,663,000

4.3%

Measurement

Instruments

Rockwell

Automation

300,000

13,657,124

82,632,000

4.9%

Rail

Freight

Canadian

National

Railway

384,000

8,600,818

44,524,800

2.7%

144,402,005

396,705,400

23.8%

Materials

Basic

&

Diversified

Chemicals

Air

Products

&

Chemicals

110,000

6,424,723

29,760,500

1.8%

Schedule

of

Investments

As

of

November

30,

2023

Amana

Income

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Semi-Annual

9

Common

Stock

-

89.7%

Number

of

Shares

Cost

Market

Value

Percentage

of

Net

Assets

Materials

(continued)

Basic

&

Diversified

Chemicals

(continued)

Linde

130,000

$

8,531,143

$

53,790,100

3.2%

14,955,866

83,550,600

5.0%

Specialty

Chemicals

PPG

Industries

379,000

12,758,054

53,814,210

3.2%

27,713,920

137,364,810

8.2%

Technology

Communications

Equipment

Cisco

Systems

680,000

31,332,728

32,898,400

2.0%

Consumer

Electronics

Nintendo

750,000

36,514,433

35,059,820

2.1%

Infrastructure

Software

Microsoft

400,000

7,953,170

151,564,000

9.1%

Semiconductor

Devices

Broadcom

Ltd

9,500

8,244,025

8,794,435

0.5%

Texas

Instruments

250,000

38,489,292

38,177,500

2.3%

46,733,317

46,971,935

2.8%

Semiconductor

Manufacturing

Taiwan

Semiconductor

ADR

824,500

8,249,619

80,232,095

4.8%

130,783,267

346,726,250

20.8%

Total

investments

$524,907,089

$

1,496,235,019

89.7%

Other

assets

(net

of

liabilities)

171,233,784

10.3%

Total

net

assets

$

1,667,468,803

100.0%

ADR:

American

Depositary

Receipt

Amana

Income

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

November

30,

2023

Semi-Annual

Statement

of

Assets

and

Liabilities

Statement

of

Operations

As

of

November

30,

2023

Assets

Investments

in

securities,

at

value

(Cost

$524,907,089)

$

1,496,235,019

Cash

167,687,869

Dividends

receivable

3,965,251

Receivable

for

Fund

shares

sold

1,309,857

Prepaid

expenses

13,801

Total

assets

1,669,211,797

Liabilities

Accrued

advisory

fees

996,342

Payable

for

Fund

shares

redeemed

474,025

Accrued

12b-1

distribution

fees

156,242

Accrued

retirement

plan

custody

fee

54,676

Accrued

audit

expenses

39,677

Accrued

legal

expenses

5,185

Accrued

Chief

Compliance

Officer

expenses

4,056

Accrued

trustee

expenses

3,541

Accrued

other

operating

expenses

9,250

Total

liabilities

1,742,994

Net

assets

$1,667,468,803

Analysis

of

net

assets

Paid-in

capital

(unlimited

shares

authorized,

without

par

value)

$609,464,678

Total

distributable

earnings

1,058,004,125

Net

assets

applicable

to

Fund

shares

outstanding

$1,667,468,803

Net

asset

value

per

Investor

Shares

AMANX

Net

assets,

at

value

$775,789,235

Shares

outstanding

12,764,359

Net

asset

value,

offering

and

redemption

price

per

share

$60.78

Net

asset

value

per

Institutional

Shares

AMINX

Net

assets,

at

value

$891,679,568

Shares

outstanding

14,814,951

Net

asset

value,

offering

and

redemption

price

per

share

$60.19

Period

ended

November

30,

2023

Investment

income

Dividend

Income

(Net

of

foreign

tax

of

$233,931)

$

15,534,937

Miscellaneous

income

524

Total

investment

income

15,535,461

Expenses

Investment

advisory

fees

6,112,287

12b-1

distribution

fees

966,944

Custodian

fees

36,859

Filing

and

registration

fees

34,126

Retirement

plan

custodial

fees

27,856

125

Investor

Shares

10

150

Institutional

Shares

27,846

Audit

fees

25,147

Chief

Compliance

Officer

expenses

16,234

Trustee

fees

13,561

Legal

fees

11,612

Other

operating

expenses

52,839

Total

gross

expenses

7,297,465

Less

custodian

fee

credits

(36,859)

Net

expenses

7,260,606

Net

investment

income

$8,274,855

Net

realized

gain

from

investments

and

foreign

currency

$49,854,684

Net

Increase

in

unrealized

appreciation

on

investments

and

foreign

currency

38,193,622

Net

gain

on

investments

88,048,306

Net

increase

in

net

assets

resulting

from

operations

$96,323,161

Amana

Income

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Semi-Annual

11

Statements

of

Changes

in

Net

Assets

Period

ended

November

30,

2023

Year

ended

May

31,

2023

Increase

in

net

assets

from

operations

From

operations

Net

investment

income

$8,274,855

$17,607,756

Net

realized

gain

on

investments

and

foreign

currency

49,854,684

80,227,508

Net

increase

(decrease)

in

unrealized

appreciation

on

investments

and

foreign

currency

38,193,622

(30,365,532)

Net

increase

in

net

assets

96,323,161

67,469,732

Distributions

to

shareowners

from

125

Net

dividend

and

distribution

to

shareholders

-

Investor

Shares

–

(55,985,474)

150

Net

dividend

and

distribution

to

shareholders

-

Institutional

Shares

–

(64,862,482)

Total

distributions

–

(120,847,956)

Capital

share

transactions

Proceeds

from

the

sale

of

shares

125

Investor

Shares

28,661,033

52,799,494

150

Institutional

Shares

57,248,333

119,146,187

Value

of

shares

issued

in

reinvestment

of

dividends

and

distributions

125

Investor

Shares

–

54,163,090

150

Institutional

Shares

–

62,364,157

Cost

of

shares

redeemed

125

Investor

Shares

(45,523,265)

(80,836,010)

150

Institutional

Shares

(44,428,927)

(114,327,486)

Total

capital

shares

transactions

(4,042,826)

93,309,432

Total

increase

in

net

assets

92,280,335

39,931,208

Net

assets

Beginning

of

period

1,575,188,468

1,535,257,260

End

of

period

$1,667,468,803

$1,575,188,468

Shares

of

the

Fund

sold

and

redeemed

Investor

Shares

(AMANX)

Number

of

shares

sold

478,323

925,903

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

–

958,643

Number

of

shares

redeemed

(761,573)

(1,416,491)

Net

increase

(decrease)

in

number

of

shares

outstanding

(283,250)

468,055

Institutional

Shares

(AMINX)

Number

of

shares

sold

967,703

2,093,110

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

–

1,115,876

Number

of

shares

redeemed

(748,600)

(2,028,671)

Net

increase

in

number

of

shares

outstanding

219,103

1,180,315

–

–

Amana

Income

Fund:

Financial

Highlights

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

November

30,

2023

Semi-Annual

Investor

Shares

(AMANX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

period:

Period

ended

November

30,

2023

Year

ended

May

31,

2023

2022

2021

2020

2019

A

A

A

A

A

A

A

Net

asset

value

at

beginning

of

period

$57.31

$59.34

$61.52

$50.03

$48.32

$48.91

Income

from

investment

operations

Net

investment

income

A

0.26

0.59

0.59

0.58

0.67

0.61

Net

gains

on

securities

(both

realized

and

unrealized)

3.21

1.91

0.37

14.53

5.17

1.80

Total

from

investment

operations

3.47

2.50

0.96

15.11

5.84

2.41

Less

distributions

Dividends

(from

net

investment

income)

–

(0.55)

(0.55)

(0.56)

(0.66)

(0.62)

Distributions

(from

capital

gains)

–

(3.98)

(2.59)

(3.06)

(3.47)

(2.38)

Total

distributions

–

(4.53)

(3.14)

(3.62)

(4.13)

(3.00)

Net

asset

value

at

end

of

period

$60.78

$57.31

$59.34

$61.52

$50.03

$48.32

Total

Return

B

6.05%

4.35%

1.16%

30.87%

11.77%

5.35%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

period

$775,789

$747,787

$746,534

$841,439

$735,565

$805,610

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

C

1.01%

1.02%

1.01%

1.04%

1.06%

1.11%

After  custodian

fee

credits

C

1.01%

1.02%

1.01%

1.04%

1.06%

1.10%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

C

0.87%

1.03%

0.94%

1.03%

1.31%

1.22%

Portfolio

turnover

rate

B

3%

8%

5%

5%

0%

1%

Institutional

Shares

(AMINX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

period:

Period

ended

November

30,

2023

Year

ended

May

31,

2023

2022

2021

2020

2019

A

A

A

A

A

A

A

Net

asset

value

at

beginning

of

period

$56.69

$58.79

$61.04

$49.72

$48.12

$48.72

Income

from

investment

operations

Net

investment

income

A

0.33

0.72

0.74

0.71

0.78

0.74

Net

gains

on

securities

(both

realized

and

unrealized)

3.17

1.90

0.37

14.42

5.13

1.79

Total

from

investment

operations

3.50

2.62

1.11

15.13

5.91

2.53

Less

distributions

Dividends

(from

net

investment

income)

–

(0.74)

(0.77)

(0.75)

(0.84)

(0.75)

Distributions

(from

capital

gains)

–

(3.98)

(2.59)

(3.06)

(3.47)

(2.38)

Total

distributions

–

(4.72)

(3.36)

(3.81)

(4.31)

(3.13)

Net

asset

value

at

end

of

period

$60.19

$56.69

$58.79

$61.04

$49.72

$48.12

Total

Return

B

6.17%

4.61%

1.40%

31.14%

11.96%

5.63%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

period

$891,680

$827,401

$788,724

$703,695

$533,239

$472,724

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

C

0.77%

0.78%

0.77%

0.80%

0.83%

0.87%

After  custodian

fee

credits

C

0.76%

0.77%

0.77%

0.79%

0.82%

0.86%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

C

1.11%

1.27%

1.19%

1.27%

1.55%

1.47%

Portfolio

turnover

rate

B

3%

8%

5%

5%

0%

1%

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

November

30,

2023

Semi-Annual

13

Amana

Growth

Fund:

Performance

Summary

Average

Annual

Returns

(as

of

November

30,

2023

)

Growth

of

$10,000

Comparison

of

any

mutual

fund

to

a

market

index

must

be

made

bearing

in

mind

that

the

index

is

unmanaged

and

expense-free.

Conversely,

the

Fund

will

(1)

be

actively

managed;

(2)

have

an

objective

other

than

mirroring

the

index,

such

as

limiting

risk;

(3)

bear

transaction

and

other

operational

costs;

(4)

stand

ready

to

buy

and

sell

its

securities

to

shareowners

on

a

daily

basis;

and

(5)

provide

a

wide

range

of

services.

The

graph

compares

$10,000

invested

in

Institutional

Shares

of

the

Fund

on

November

30,

2013,

to

an

identical

amount

invested

in

the

S&P

500

Index,

a

broad-based

stock

market

index.

The

graph

shows

that

an

investment

in

Institutional

Shares

of

the

Fund

would

have

risen

to

$38,166

versus

$30,550

in

the

Index.

Institutional

Shares

are

used

in

this

chart

because

they

represent

the

larger

share

class

in

terms

of

assets.

Please

note

that

investors

cannot

invest

directly

in

the

Index.

Past

performance

does

not

guarantee

future

results

.

The

“Growth

of

$10,000”

graph

and

“Average

Annual

Returns”

performance

table

assume

the

reinvestment

of

dividends

and

capital

gains.

They

do

not

reflect

the

deduction

of

taxes

that

a

shareowner

might

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Fund

Objective

The

objective

of

the

Growth

Fund

is

long-term

capital

growth,

consistent

with

Islamic

principles.

Top

10

Holdings

%

of

Total

Net

Assets

Portfolio

Diversification

%

of

Total

Net

Assets

Chart

Underline

1

Year

5

Year

10

Year

Expense

Ratio

Investor

Shares

13.91%

15.68%

14.06%

0.91%

Institutional

Shares

14.19%

15.96%

14.33%

0.67%

S&P

500

Index

13.84%

12.51%

11.81%

n/a

Apple

8.7%

ASML

Holding

NY

4.8%

Microsoft

4.8%

Eli

Lilly

4.7%

Novo

Nordisk

ADR

4.7%

Adobe

4.5%

Intuit

3.8%

Advanced

Micro

Devices

3.3%

Alphabet,

Class

A

3.3%

Taiwan

Semiconductor

ADR

2.7%

Schedule

of

Investments

As

of

November

30,

2023

Amana

Growth

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

November

30,

2023

Semi-Annual

Continued

on

next

page.

Common

Stock

-

95

.8

%

Number

of

Shares

Cost

Market

Value

Percentage

of

Net

Assets

Communications

Internet

Media

Alphabet,

Class

A

1

1,076,000

$

124,992,520

$

142,602,280

3.3%

Consumer

Discretionary

Automotive

Retailers

AutoZone

40,000

98,870,262

104,397,200

2.4%

Home

Products

Stores

Lowe's

400,000

8,620,300

79,532,000

1.8%

Specialty

Apparel

Stores

Lululemon

Athletica

1

205,000

67,300,471

91,594,000

2.1%

TJX

Companies

1,150,000

12,679,185

101,326,500

2.3%

79,979,656

192,920,500

4.4%

187,470,218

376,849,700

8.6%

Consumer

Staples

Household

Products

Church

&

Dwight

1,171,300

20,995,228

113,182,719

2.6%

Estee

Lauder,

Class

A

458,594

16,624,230

58,557,868

1.3%

37,619,458

171,740,587

3.9%

Health

Care

Biotech

Amgen

324,725

16,875,998

87,558,849

2.0%

Large

Pharma

AstraZeneca

ADR

1,020,000

69,184,692

65,881,800

1.5%

Eli

Lilly

348,700

11,964,836

206,095,648

4.7%

Johnson

&

Johnson

379,750

23,137,374

58,732,135

1.4%

Merck

&

Co

640,000

68,188,486

65,587,200

1.5%

Novo

Nordisk

ADR

2,003,200

7,663,671

204,005,888

4.7%

180,139,059

600,302,671

13.8%

Life

Science

Equipment

Agilent

Technologies

900,000

16,302,137

115,020,000

2.6%

IDEXX

Laboratories

83,000

40,328,806

38,663,060

0.9%

56,630,943

153,683,060

3.5%

Managed

Care

Elevance

Health

182,000

86,155,866

87,267,180

2.0%

Medical

Devices

Stryker

300,000

15,657,168

88,899,000

2.1%

355,459,034

1,017,710,760

23.4%

Industrials

Commercial

&

Residential

Building

Equipment

&

Systems

Johnson

Controls

International

1,600,000

78,470,848

84,480,000

1.9%

Trane

400,000

66,621,870

90,164,000

2.1%

145,092,718

174,644,000

4.0%

Industrial

Distribution

&

Rental

Fastenal

565,700

6,970,389

33,925,029

0.8%

Measurement

Instruments

Keysight

Technologies

500,000

8,390,911

67,945,000

1.6%

Schedule

of

Investments

As

of

November

30,

2023

Amana

Growth

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Semi-Annual

15

Common

Stock

-

95.8%

Number

of

Shares

Cost

Market

Value

Percentage

of

Net

Assets

Industrials

(continued)

Measurement

Instruments

(continued)

Trimble

1

1,500,000

$

15,966,794

$

69,600,000

1.6%

24,357,705

137,545,000

3.2%

Metalworking

Machinery

Lincoln

Electric

Holdings

271,400

5,997,298

53,753,484

1.2%

Rail

Freight

Norfolk

Southern

212,925

12,951,217

46,451,718

1.1%

Union

Pacific

350,000

27,011,044

78,844,500

1.8%

39,962,261

125,296,218

2.9%

222,380,371

525,163,731

12.1%

Technology

Application

Software

Adobe

1

320,600

10,572,380

195,889,806

4.5%

Intuit

285,600

9,926,412

163,208,976

3.8%

20,498,792

359,098,782

8.3%

Communications

Equipment

Apple

1,989,550

1,517,516

377,915,022

8.7%

Cisco

Systems

1,500,000

26,759,130

72,570,000

1.6%

Motorola

Solutions

310,000

79,705,054

100,089,700

2.3%

107,981,700

550,574,722

12.6%

Information

Services

Gartner

1

179,900

6,185,084

78,227,716

1.8%

Infrastructure

Software

Microsoft

550,000

162,824,406

208,400,500

4.8%

Oracle

737,200

21,467,457

85,670,012

2.0%

ServiceNow

150,000

72,721,322

102,861,000

2.3%

257,013,185

396,931,512

9.1%

Semiconductor

Devices

Advanced

Micro

Devices

1

1,200,000

59,033,683

145,392,000

3.3%

Broadcom

90,000

85,613,298

83,315,700

1.9%

144,646,981

228,707,700

5.2%

Semiconductor

Manufacturing

ASML

Holding

NY

308,000

10,937,644

210,598,080

4.8%

Taiwan

Semiconductor

ADR

1,210,921

12,693,436

117,834,723

2.7%

23,631,080

328,432,803

7.5%

559,956,822

1,941,973,235

44.5%

Total

investments

$1,487,878,423

$

4,176,040,293

95.8%

Other

assets

(net

of

liabilities)

182,130,803

4.2%

Total

net

assets

$

4,358,171,096

100.0%

1

Non-income

producing

ADR:

American

Depositary

Receipt

Amana

Growth

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

November

30,

2023

Semi-Annual

Statement

of

Assets

and

Liabilities

Statement

of

Operations

As

of

November

30,

2023

Assets

Investments

in

securities,

at

value

(Cost

$1,487,878,423)

$

4,176,040,293

Cash

169,453,096

Receivable

for

security

sales

8,590,982

Receivable

for

Fund

shares

sold

5,230,881

Dividends

receivable

3,896,449

Prepaid

expenses

36,605

Total

assets

4,363,248,306

Liabilities

Payable

for

Fund

shares

redeemed

2,375,613

Accrued

advisory

fees

2,098,398

Accrued

12b-1

distribution

fees

423,077

Accrued

retirement

plan

custody

fee

82,024

Accrued

audit

expenses

66,064

Accrued

legal

expenses

9,504

Accrued

trustee

expenses

7,720

Accrued

Chief

Compliance

Officer

expenses

6,398

Accrued

other

operating

expenses

8,412

Total

liabilities

5,077,210

Net

assets

$4,358,171,096

Analysis

of

net

assets

Paid-in

capital

(unlimited

shares

authorized,

without

par

value)

$1,632,874,810

Total

distributable

earnings

2,725,296,286

Net

assets

applicable

to

Fund

shares

outstanding

$4,358,171,096

Net

asset

value

per

Investor

Shares

AMAGX

Net

assets,

at

value

$2,131,416,702

Shares

outstanding

31,151,391

Net

asset

value,

offering

and

redemption

price

per

share

$68.42

Net

asset

value

per

Institutional

Shares

AMIGX

Net

assets,

at

value

$2,226,754,394

Shares

outstanding

32,323,071

Net

asset

value,

offering

and

redemption

price

per

share

$68.89

Period

ended

Novemb

er

30,

2023

Investment

income

Dividend

Income

(Net

of

foreign

tax

of

$531,063)

$

19,765,716

Miscellaneous

income

(21,287)

Total

investment

income

19,744,429

Expenses

Investment

advisory

fees

12,485,100

12b-1

distribution

fees

2,502,569

Custodian

fees

83,146

Filing

and

registration

fees

67,117

Audit

fees

50,355

ReFlow

fees

49,943

Retirement

plan

custodial

fees

42,045

225

Investor

Shares

120

250

Institutional

Shares

41,925

Chief

Compliance

Officer

expenses

36,429

Trustee

fees

33,619

Legal

fees

20,845

Other

operating

expenses

113,093

Total

gross

expenses

15,484,261

Less

custodian

fee

credits

(83,146)

Net

expenses

15,401,115

Net

investment

income

$4,343,314

Net

realized

gain

from

investments

$5,868,041

A

Net

increase

in

unrealized

appreciation

on

investments

371,754,992

Net

gain

on

investments

377,623,033

Net

increase

in

net

assets

resulting

from

operations

$381,966,347

A

Includes

$20,992,515

in

net

realized

gains

from

redemptions

in-kind

Amana

Growth

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Semi-Annual

17

Statements

of

Changes

in

Net

Assets

Period

ended

November

30,

2023

Year

ended

May

31,

2023

Increase

in

net

assets

from

operations

From

operations

Net

investment

income

$4,343,314

$10,975,605

Net

realized

gain

on

investments

5,868,041

71,477,598

Net

increase

in

unrealized

appreciation

on

investments

371,754,992

162,482,174

Net

increase

in

net

assets

381,966,347

244,935,377

Distributions

to

shareowners

from

225

Net

dividend

and

distribution

to

shareholders

-

Investor

Shares

–

(58,195,925)

250

Net

dividend

and

distribution

to

shareholders

-

Institutional

Shares

–

(60,563,003)

Total

distributions

–

(118,758,928)

Capital

share

transactions

Proceeds

from

the

sale

of

shares

225

Investor

Shares

206,277,085

270,694,426

250

Institutional

Shares

304,418,464

651,089,637

Value

of

shares

issued

in

reinvestment

of

dividends

and

distributions

225

Investor

Shares

–

56,262,765

250

Institutional

Shares

–

58,569,250

Cost

of

shares

redeemed

225

Investor

Shares

(124,958,984)

(204,912,016)

250

Institutional

Shares

(233,970,353)

(307,663,933)

Total

capital

shares

transactions

151,766,212

524,040,129

Total

increase

in

net

assets

533,732,559

650,216,578

Net

assets

Beginning

of

period

3,824,438,537

3,174,221,959

End

of

period

$4,358,171,096

$3,824,438,537

Shares

of

the

Fund

sold

and

redeemed

Investor

Shares

(AMAGX)

Number

of

shares

sold

3,154,814

4,553,853

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

–

969,880

Number

of

shares

redeemed

(1,915,628)

(3,467,797)

Net

increase

in

number

of

shares

outstanding

1,239,186

2,055,936

Institutional

Shares

(AMIGX)

Number

of

shares

sold

4,633,697

10,920,895

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

–

1,005,136

Number

of

shares

redeemed

(3,549,029)

(5,189,405)

Net

increase

in

number

of

shares

outstanding

1,084,668

6,736,626

–

–

Amana

Growth

Fund:

Financial

Highlights

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

November

30,

2023

Semi-Annual

Report

Investor

Shares

(AMAGX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

period:

Period

ended

November

30,

2023

Year

ended

May

31,

2023

2022

2021

2020

2019

A

A

A

A

A

A

A

Net

asset

value

at

beginning

of

period

$62.36

$60.47

$61.17

$45.39

$39.31

$36.24

Income

from

investment

operations

Net

investment

income

A

0.03

0.12

0.05

0.10

0.15

0.13

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

6.03

3.86

(0.37)

18.74

7.33

4.14

Total

from

investment

operations

6.06

3.98

(0.32)

18.84

7.48

4.27

Less

distributions

Dividends

(from

net

investment

income)

–

(0.10)

(0.05)

(0.13)

(0.16)

(0.16)

Distributions

(from

capital

gains)

–

(1.99)

(0.33)

(2.93)

(1.24)

(1.04)

Total

distributions

–

(2.09)

(0.38)

(3.06)

(1.40)

(1.20)

Net

asset

value

at

end

of

period

$68.42

$62.36

$60.47

$61.17

$45.39

$39.31

Total

Return

B

9.72%

6.83%

(0.62)%

42.16%

19.12%

12.28%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

period

$2,131,417

$1,865,385

$1,684,412

$1,735,349

$1,303,469

$1,263,423

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

C

0.88%

0.91%

0.91%

0.96%

1.02%

1.08%

After  custodian

fee

credits

C

0.87%

0.91%

0.90%

0.96%

1.02%

1.08%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

C

0.09%

0.21%

0.09%

0.19%

0.36%

0.34%

Portfolio

turnover

rate

B

1%

D

6%

D

3%

D

3%

D

0%

D,E

0%

D

Institutional

Shares

(AMIGX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

period:

Period

ended

November

30,

2023

Year

ended

May

31,

2023

2022

2021

2020

2019

A

A

A

A

A

A

A

Net

asset

value

at

beginning

of

period

$62.71

$60.80

$61.50

$45.60

$39.49

$36.37

Income

from

investment

operations

Net

investment

income

A

0.11

0.27

0.22

0.24

0.28

0.23

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

6.07

3.88

(0.38)

18.84

7.34

4.15

Total

from

investment

operations

6.18

4.15

(0.16)

19.08

7.62

4.38

Less

distributions

Dividends

(from

net

investment

income)

–

(0.25)

(0.21)

(0.25)

(0.27)

(0.22)

Distributions

(from

capital

gains)

–

(1.99)

(0.33)

(2.93)

(1.24)

(1.04)

Total

distributions

–

(2.24

)

(0.54)

(3.18)

(1.51)

(1.26)

Net

asset

value

at

end

of

period

$68.89

$62.71

$60.80

$61.50

$45.60

$30.49

Total

Return

B

9.86%

7.09%

(0.40)%

42.53%

19.39%

12.54%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

period

$2,226,754

$1,959,054

$1,489,810

$1,291,092

$859,154

$724,520

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

C

0.63%

0.67%

0.64%

0.71%

0.79%

0.84%

After  custodian

fee

credits

C

0.63%

0.66%

0.64%

0.71%

0.78%

0.84%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

C

0.33%

0.46%

0.32%

0.43%

0.60%

0.58%

Portfolio

turnover

rate

B

1%

D

6%

D

3%

D

3%

D

0%

D,E

0%

D

A

Calculated

using

average

shares

outstanding

B

Not

annualized

for

period

of

less

than

one

year

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Semi-Annual

Report

19

Amana

Growth

Fund:

Financial

Highlights

Investor

Shares

(AMAGX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

period:

Period

ended

November

30,

2023

Year

ended

May

31,

2023

2022

2021

2020

2019

A

A

A

A

A

A

A

Net

asset

value

at

beginning

of

period

$62.36

$60.47

$61.17

$45.39

$39.31

$36.24

Income

from

investment

operations

Net

investment

income

A

0.03

0.12

0.05

0.10

0.15

0.13

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

6.03

3.86

(0.37)

18.74

7.33

4.14

Total

from

investment

operations

6.06

3.98

(0.32)

18.84

7.48

4.27

Less

distributions

Dividends

(from

net

investment

income)

–

(0.10)

(0.05)

(0.13)

(0.16)

(0.16)

Distributions

(from

capital

gains)

–

(1.99)

(0.33)

(2.93)

(1.24)

(1.04)

Total

distributions

–

(2.09)

(0.38)

(3.06)

(1.40)

(1.20)

Net

asset

value

at

end

of

period

$68.42

$62.36

$60.47

$61.17

$45.39

$39.31

Total

Return

B

9.72%

6.83%

(0.62)%

42.16%

19.12%

12.28%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

period

$2,131,417

$1,865,385

$1,684,412

$1,735,349

$1,303,469

$1,263,423

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

C

0.88%

0.91%

0.91%

0.96%

1.02%

1.08%

After  custodian

fee

credits

C

0.87%

0.91%

0.90%

0.96%

1.02%

1.08%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

C

0.09%

0.21%

0.09%

0.19%

0.36%

0.34%

Portfolio

turnover

rate

B

1%

D

6%

D

3%

D

3%

D

0%

D,E

0%

D

Institutional

Shares

(AMIGX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

period:

Period

ended

November

30,

2023

Year

ended

May

31,

2023

2022

2021

2020

2019

A

A

A

A

A

A

A

Net

asset

value

at

beginning

of

period

$62.71

$60.80

$61.50

$45.60

$39.49

$36.37

Income

from

investment

operations

Net

investment

income

A

0.11

0.27

0.22

0.24

0.28

0.23

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

6.07

3.88

(0.38)

18.84

7.34

4.15

Total

from

investment

operations

6.18

4.15

(0.16)

19.08

7.62

4.38

Less

distributions

Dividends

(from

net

investment

income)

–

(0.25)

(0.21)

(0.25)

(0.27)

(0.22)

Distributions

(from

capital

gains)

–

(1.99)

(0.33)

(2.93)

(1.24)

(1.04)

Total

distributions

–

(2.24

)

(0.54)

(3.18)

(1.51)

(1.26)

Net

asset

value

at

end

of

period

$68.89

$62.71

$60.80

$61.50

$45.60

$30.49

Total

Return

B

9.86%

7.09%

(0.40)%

42.53%

19.39%

12.54%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

period

$2,226,754

$1,959,054

$1,489,810

$1,291,092

$859,154

$724,520

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

C

0.63%

0.67%

0.64%

0.71%

0.79%

0.84%

After  custodian

fee

credits

C

0.63%

0.66%

0.64%

0.71%

0.78%

0.84%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

C

0.33%

0.46%

0.32%

0.43%

0.60%

0.58%

Portfolio

turnover

rate

B

1%

D

6%

D

3%

D

3%

D

0%

D,E

0%

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.

E

Amount

is

less

than

0.5%

Amana

Developing

World

Fund:

Performance

Summary

20

November

30,

2023

Semi-Annual

Average

Annual

Returns

(as

of

November

30,

2023

)

Growth

of

$10,000

Comparison

of

any

mutual

fund

to

a

market

index

must

be

made

bearing

in

mind

that

the

index

is

unmanaged

and

expense-free.

Conversely,

the

Fund

will

(1)

be

actively

managed;

(2)

have

an

objective

other

than

mirroring

the

index,

such

as

limiting

risk;

(3)

bear

transaction

and

other

operational

costs;

(4)

stand

ready

to

buy

and

sell

its

securities

to

shareowners

on

a

daily

basis;

and

(5)

provide

a

wide

range

of

services.

The

graph

compares

$10,000

invested

in

Institutional

Shares

of

the

Fund

on

November,

2013,

to

an

identical

amount

invested

in

the

MSCI

Emerging

Markets

Index,

a

broad-based

international

equity

index.

The

graph

shows

that

an

investment

in

Institutional

Shares

of

the

Fund

would

have

risen

to

$11,122

versus

$12,334

in

the

Index.

Institutional

Shares

are

used

in

this

chart

because

they

represent

the

larger

share

class

in

terms

of

assets.

Please

note

that

investors

cannot

invest

directly

in

the

Index.

Past

performance

does

not

guarantee

future

results

.

The

“Growth

of

$10,000”

graph

and

“Average

Annual

Returns”

performance

table

assume

the

reinvestment

of

dividends

and

capital

gains.

They

do

not

reflect

the

deduction

of

taxes

that

a

shareowner

might

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Fund

Objective

The

objective

of

the

Developing

World

Fund

is

long-term

capital

growth,

consistent

with

Islamic

principles.

Top

10

Holdings

%

of

Total

Net

Assets

Portfolio

Diversification

%

of

Total

Net

Assets

Chart

Underline

1

Year

5

Year

10

Year

Expense

Ratio

Investor

Shares

(

AMDWX

)

4.27%

5.78%

1.46%

1.22%

Institutional

Shares

(

AMIDX

)

4.47%

6.00%

1.68%

1.01%

MSCI

Emerging

Markets

Index

4.21%

2.34%

2.12%

n/a

Nvidia

4.4%

Samsung

Electronics

3.2%

Qualcomm

2.9%

ASML

Holding

NY

2.9%

UltraTech

Cement

2.9%

Rio

Tinto

ADR

2.8%

Delta

Electronics

2.8%

Colgate-Palmolive

2.8%

Ford

Otomotiv

Sanayi

2.7%

Unilever

ADR

2.7%

Schedule

of

Investments

As

of

November

30,

2023

Amana

Developing

World

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Semi-Annual

21

Continued

on

next

page.

Common

Stock

-

91.3%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Telecom

Carriers

Saudi

Telecom

250,000

$

2,816,714

$

2,565,816

Saudi

Arabia

2.5%

Telekomunikasi

Indonesia

ADR

83,000

1,813,782

2,050,100

Indonesia

2.0%

4,630,496

4,615,916

4.5%

Consumer

Discretionary

Automobiles

Ford

Otomotiv

Sanayi

96,000

1,512,336

2,800,491

Turkey

2.7%

Home

Products

Stores

Wilcon

Depot

5,000,000

1,955,201

1,905,325

Philippines

1.9%

3,467,537

4,705,816

4.6%

Consumer

Staples

Food

&

Drug

Stores

Bim

Birlesik

Magazalar

AS

140,000

1,471,344

1,495,800

Turkey

1.5%

Clicks

Group

174,000

2,018,839

2,712,437

South

Africa

2.7%

3,490,183

4,208,237

4.2%

Household

Products

Colgate-Palmolive

35,800

2,432,852

2,819,966

United

States

2.8%

Dabur

India

360,000

2,378,362

2,321,769

India

2.3%

Kimberly-Clark

de

Mexico,

Class

A

1,100,000

1,948,896

2,217,290

Mexico

2.2%

LG

Household

&

Health

Care

5,100

3,294,406

1,317,536

South

Korea

1.3%

Unicharm

75,000

2,823,516

2,417,026

Japan

2.4%

Unilever

ADR

57,000

2,833,396

2,718,900

United

Kingdom

2.7%

15,711,428

13,812,487

13.7%

Packaged

Food

Indofood

CBP

Sukses

Makmur

2,500,000

1,468,008

1,859,672

Indonesia

1.8%

20,669,619

19,880,396

19.7%

Financials

Islamic

Banking

BIMB

Holdings

1,476,100

1,168,041

722,331

Malaysia

0.7%

Islamic

Insurance

Carriers

Syarikat

Takaful

Malaysia

Keluarga

1,099,981

969,996

885,903

Malaysia

0.9%

Real

Estate

Owners

&

Developers

SM

Prime

Holdings

2,800,000

1,564,843

1,630,045

Philippines

1.6%

3,702,880

3,238,279

3.2%

Health

Care

Generic

Pharma

Hikma

Pharmaceuticals

116,500

3,317,463

2,545,706

Jordan

2.5%

Health

Care

Facilities

Bangkok

Dusit

Medical

Services

NVDR

3,065,000

2,084,220

2,288,804

Thailand

2.3%

IHH

Healthcare

1,550,000

2,046,441

1,942,319

Malaysia

1.9%

KPJ

Healthcare

4,400,992

1,048,935

1,266,306

Malaysia

1.3%

5,179,596

5,497,429

5.5%

Health

Care

Services

Fleury

498,750

2,353,504

1,754,018

Brazil

1.7%

10,850,563

9,797,153

9.7%

Schedule

of

Investments

As

of

November

30,

2023

Amana

Developing

World

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

22

November

30,

2023

Semi-Annual

Continued

on

next

page.

Common

Stock

-

91.3%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Industrials

Industrial

Machinery

WEG

100,000

$

696,417

$

694,832

Brazil

0.7%

Rubber

&

Plastic

Hartalega

Holdings

2,500,000

2,447,689

1,287,235

Malaysia

1.3%

Waste

Management

Sunny

Friend

Environmental

Technology

247,376

1,861,580

950,386

Taiwan

0.9%

5,005,686

2,932,453

2.9%

Materials

Agricultural

Chemicals

Quimica

y

Minera

Chile

ADR

36,500

2,782,442

1,833,760

Chile

1.8%

Base

Metals

Southern

Copper

36,500

1,964,769

2,625,445

Peru

2.6%

Cement

&

Aggregates

UltraTech

Cement

26,500

2,377,956

2,864,226

India

2.9%

Precious

Metal

Mining

Barrick

Gold

144,740

3,004,693

2,545,977

Canada

2.5%

Steel

Raw

Material

Suppliers

Rio

Tinto

ADR

41,000

3,031,482

2,832,690

China

2

2.8%

13,161,342

12,702,098

12.6%

Technology

Communications

Equipment

Samsung

Electronics

58,000

2,837,734

3,270,489

South

Korea

3.2%

Sercomm

600,000

1,568,864

2,387,162

Taiwan

2.4%

4,406,598

5,657,651

5.6%

Computer

Hardware

&

Storage

Advantech

235,931

1,974,128

2,665,397

Taiwan

2.6%

Electronics

Components

Delta

Electronics

279,000

2,099,069

2,821,893

China

2

2.8%

KCE

Electronics

NVDR

1,650,000

2,931,030

2,464,587

Thailand

2.5%

Samsung

SDI

5,900

2,767,690

2,148,345

South

Korea

2.1%

7,797,789

7,434,825

7.4%

EMS/ODM

Jabil

23,000

2,156,636

2,652,360

United

States

2.6%

IT

Services

Infosys

ADR

146,500

2,951,002

2,571,075

India

2.6%

Semiconductor

Devices

NVIDIA

9,450

2,196,640

4,419,765

United

States

4.4%

Qualcomm

23,000

2,730,943

2,968,150

China

2

2.9%

4,927,583

7,387,915

7.3%

Semiconductor

Manufacturing

ASML

Holding

NY

4,250

2,788,193

2,905,980

Netherlands

2.9%

Taiwan

Semiconductor

ADR

26,000

1,323,007

2,530,060

Taiwan

2.5%

4,111,200

5,436,040

5.4%

28,324,936

33,805,263

33.5%

Schedule

of

Investments

As

of

November

30,

2023

Amana

Developing

World

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Semi-Annual

23

Common

Stock

-

91.3%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Utilities

Power

Generation

Manila

Electric

Co

100,000

$

648,555

$

648,171

Philippines

0.6%

Total

investments

$90,461,614

$92,325,545

91.3%

Other

assets

(net

of

liabilities)

8,775,202

8.7%

Total

net

assets

$101,100,747

100.0%

1

Country

of

domicile

unless

otherwise

indicated

2

Denotes

a

country

or

region

of

primary

exposure

ADR:

American

Depositary

Receipt

NVDR:

Non

Voting

Depository

Receipt

Amana

Developing

World

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

24

November

30,

2023

Semi-Annual

Statement

of

Assets

and

Liabilities

Statement

of

Operations

As

of

November

30,

2023

Assets

Investments

in

securities,

at

value

(Cost

$90,461,614)

$

92,325,545

Cash

8,952,525

Dividends

receivable

62,406

Receivable

for

Fund

shares

sold

59,438

Prepaid

expenses

13,210

Total

assets

101,413,124

Liabilities

Payable

for

Fund

shares

redeemed

193,615

Accrued

advisory

fees

64,964

Accrued

audit

expenses

28,526

Accrued

retirement

plan

custody

fee

17,137

Accrued

12b-1

distribution

fees

6,257

Accrued

Chief

Compliance

Officer

expenses

371

Accrued

legal

expenses

247

Accrued

trustee

expenses

183

Accrued

other

operating

expenses

1,077

Total

liabilities

312,377

Net

assets

$101,100,747

Analysis

of

net

assets

Paid-in

capital

(unlimited

shares

authorized,

without

par

value)

$99,229,692

Total

distributable

earnings

1,871,055

Net

assets

applicable

to

Fund

shares

outstanding

$101,100,747

Net

asset

value

per

Investor

Shares

AMDWX

Net

assets,

at

value

$31,111,985

Shares

outstanding

2,609,636

Net

asset

value,

offering

and

redemption

price

per

share

$11.92

Net

asset

value

per

Institutional

Shares

AMIDX

Net

assets,

at

value

$69,988,762

Shares

outstanding

5,844,138

Net

asset

value,

offering

and

redemption

price

per

share

$11.98

Period

ended

November

30,

2023

Investment

income

Dividend

Income

(Net

of

foreign

tax

of

$133,328)

$

1,016,218

Miscellaneous

income

8

Total

investment

income

1,016,226

Expenses

Investment

advisory

fees

392,285

12b-1

distribution

fees

38,327

Custodian

fees

35,726

Filing

and

registration

fees

22,568

Audit

fees

9,986

Retirement

plan

custodial

fees

8,721

325

Investor

Shares

6

350

Institutional

Shares

8,715

Trustee

fees

673

Chief

Compliance

Officer

expenses

50

Legal

fees

50

Other

operating

expenses

4,703

Total

gross

expenses

513,089

Less

custodian

fee

credits

(35,223)

Net

expenses

477,866

Net

investment

income

$538,360

Net

realized

loss

from

investments

and

foreign

currency

$(935,794)

Net

Increase

in

unrealized

appreciation

on

investments

and

foreign

currency

1,727,742

Net

gain

on

investments

791,948

Net

increase

in

net

assets

resulting

from

operations

$1,330,308

Amana

Developing

World

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Semi-Annual

25

Statements

of

Changes

in

Net

Assets

Period

ended

November

30,

2023

Year

ended

May

31,

2023

Increase

in

net

assets

from

operations

From

operations

Net

investment

income

$538,360

$888,018

Net

realized

gain

(loss)

on

investments

and

foreign

currency

(935,794)

476,070

Net

increase

(decrease)

in

unrealized

appreciation

on

investments

and

foreign

currency

1,727,742

(1,261,229)

Net

increase

in

net

assets

1,330,308

102,859

Distributions

to

shareowners

from

325

Net

dividend

and

distribution

to

shareholders

-

Investor

Shares

–

(235,598)

350

Net

dividend

and

distribution

to

shareholders

-

Institutional

Shares

–

(568,673)

Total

distributions

–

(804,271)

Capital

share

transactions

Proceeds

from

the

sale

of

shares

325

Investor

Shares

3,308,587

12,067,697

350

Institutional

Shares

23,452,163

17,042,275

Value

of

shares

issued

in

reinvestment

of

dividends

and

distributions

325

Investor

Shares

–

234,338

350

Institutional

Shares

–

567,391

Cost

of

shares

redeemed

325

Investor

Shares

(2,191,215)

(5,818,968)

350

Institutional

Shares

(8,855,986)

(9,172,089)

Total

capital

shares

transactions

15,713,549

14,920,644

Total

increase

in

net

assets

17,043,857

14,219,232

Net

assets

Beginning

of

period

84,056,890

69,837,658

End

of

period

$101,100,747

$84,056,890

Shares

of

the

Fund

sold

and

redeemed

Investor

Shares

(AMDWX)

Number

of

shares

sold

277,998

1,051,929

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

–

21,073

Number

of

shares

redeemed

(185,566)

(506,651)

Net

increase

in

number

of

shares

outstanding

92,432

566,351

Institutional

Shares

(AMIDX)

Number

of

shares

sold

1,941,925

1,477,329

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

–

50,887

Number

of

shares

redeemed

(750,644)

(802,107)

Net

increase

in

number

of

shares

outstanding

1,191,281

726,109

–

–

Amana

Developing

World

Fund:

Financial

Highlights

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

26

November

30,

2023

Semi-Annual

Report

Investor

Shares

(AMDWX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

period:

Period

ended

November

30,

2023

Year

ended

May

31,

2023

2022

2021

2020

2019

A

A

A

A

A

A

A

Net

asset

value

at

beginning

of

period

$11.70

$11.85

$13.70

$9.67

$9.33

$10.05

Income

from

investment

operations

Net

investment

income

A

0.06

0.13

0.21

0.05

0.04

0.03

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

0.16

(0.17)

(1.90)

3.98

0.34

(0.70)

Total

from

investment

operations

0.22

(0.04)

(1.69)

4.03

0.38

(0.67)

Less

distributions

Dividends

(from

net

investment

income)

–

(0.08)

(0.16)

–

(0.04)

(0.05)

Distributions

(from

capital

gains)

–

(0.03)

–

–

–

–

Total

distributions

–

(0.11)

(0.16)

–

(0.04)

(0.05)

Net

asset

value

at

end

of

period

$11.92

$11.70

$11.85

$13.70

$9.67

$9.33

Total

Return

B

1.88%

(0.25)%

(12.47)%

41.68%

4.02%

(6.70)%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

period

$31,112

$29,446

$23,123

$22,553

$13,253

$15,026

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

C

1.20%

1.22%

1.21%

1.20%

1.34%

1.36%

After  custodian

fee

credits

C

1.13%

1.15%

1.14%

1.14%

1.29%

1.31%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

C

0.97%

1.11%

1.59%

0.44%

0.38%

0.35%

Portfolio

turnover

rate

B

1%

6%

30%

3%

9%

9%

Institutional

Shares

(AMIDX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

period:

Period

ended

November

30,

2023

Year

ended

May

31,

2023

2022

2021

2020

2019

A

A

A

A

A

A

A

Net

asset

value

at

beginning

of

period

$11.74

$11.90

$13.77

$9.70

$9.36

$10.08

Income

from

investment

operations

Net

investment

income

A

0.07

0.15

0.24

0.08

0.04

0.05

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

0.17

(0.17)

(1.90)

3.99

0.36

(0.72)

Total

from

investment

operations

0.24

(0.02)

(1.66)

4.07

0.40

(0.67)

Less

distributions

Dividends

(from

net

investment

income)

–

(0.11)

(0.21)

–

(0.06)

(0.05)

Distributions

(from

capital

gains)

–

(0.03)

–

–

–

–

Total

distributions

–

(0.14)

(0.21)

–

(0.06)

(0.05)

Net

asset

value

at

end

of

period

$11.98

$11.74

$11.90

$13.77

$9.70

$9.36

Total

Return

B

2.04

%

(0.12)%

(12.24)%

41.96%

4.20%

(6.58)%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

period

$69,989

$54,611

$46,715

$42,241

$18,959

$15,127

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

C

0.97%

1.01%

0.99%

0.97%

1.21%

1.19%

After  custodian

fee

credits

C

0.90%

0.94%

0.92%

0.91%

1.16%

1.14%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

C

1.15%

1.31%

1.80%

0.65%

0.43%

0.54%

Portfolio

turnover

rate

B

1%

6%

30%

3%

9%

9%

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

November

30,

2023

Semi-Annual

27

Amana

Participation

Fund:

Performance

Summary

Average

Annual

Returns

(as

of

November

30,

2023

)

Growth

of

$10,000

Comparison

of

any

mutual

fund

to

a

market

index

must

be

made

bearing

in

mind

that

the

index

is

unmanaged

and

expense-free.

Conversely,

the

Fund

will

(1)

be

actively

managed;

(2)

have

an

objective

other

than

mirroring

the

index,

such

as

limiting

risk;

(3)

bear

transaction

and

other

operational

costs;

(4)

stand

ready

to

buy

and

sell

its

securities

to

shareowners

on

a

daily

basis;

and

(5)

provide

a

wide

range

of

services.

The

graph

compares

$10,000

invested

in

Institutional

Shares

of

the

Fund

on

September

28,

2015,

to

an

identical

amount

invested

in

the

FTSE

IdealRatings

Sukuk

Index,

a

measurement

of

global

Islamic

fixed-income

securities,

also

known

as

sukuk.

The

graph

shows

that

an

investment

in

Institutional

Shares

of

the

Fund

would

have

risen

to

$11,423

versus

$12,504

in

the

Index.

Institutional

Shares

are

used

in

this

chart

because

they

represent

the

larger

share

class

in

terms

of

assets.

Please

note

that

investors

cannot

invest

directly

in

the

Index.

Past

performance

does

not

guarantee

future

results

.

The

“Growth

of

$10,000”

graph

and

“Average

Annual

Returns”

performance

table

assume

the

reinvestment

of

dividends

and

capital

gains.

They

do

not

reflect

the

deduction

of

taxes

that

a

shareowner

might

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Fund

Objective

The

objectives

of

the

Participation

Fund

are

capital

preservation

and

current

income,

consistent

with

Islamic

principles.

Capital

preservation

is

its

primary

objective.

Top

10

Holdings

%

of

Total

Net

Assets

Portfolio

Diversification

%

of

Total

Net

Assets

1

Year

5

Year

10

Year

Expense

Ratio

Investor

Shares

(

AMAPX

)

1

0.79%

1.56%

n/a

0.80%

Institutional

Shares

(

AMIPX

)

2

1.04%

1.83%

n/a

0.56%

FTSE

IdealRatings

Sukuk

Index

3.40%

3.02%

n/a

n/a

1

Investor

Shares

of

the

Amana

Participation

Fund

began

operations

September

28,

2015.

2

Institutional

Shares

of

the

Amana

Participation

Fund

began

operations

September

28,

2015.

Investment

Corporate

of

Dubai

(5.000%

due

02/1/2027)

4.7%

Kuwait

Financial

Bank

Tier

1

(3.600%

due

PERP)

4.4%

Dubai

Islamic

Bank

(5.493%

due

11/30/2027)

4.4%

TNB

Global

Ventures

Cap

(3.244%

due

10/19/2026)

4.2%

Riyad

(3.174%

due

02/25/2030)

4.1%

DP

World

Salaam

(6.000%

due

PERP)

3.7%

Dubai

Aerospace

Enterprises

DIFC

(3.750%

due

02/15/2026)

3.6%

Kingdom

of

Saudi

Arabia

(3.628%

due

04/20/2027)

3.5%

Saudi

Telecom

(3.890%

due

05/13/2029)

3.4%

Tabreed

(5.500%

due

10/31/2025)

3.4%

Consolidated

Schedule

of

Investments

As

of

November

30,

2023

Amana

Participation

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

28

November

30,

2023

Semi-Annual

Continued

on

next

page.

Corporate

Sukuk

-

68.5%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Saudi

Telecom

2

3.890%

due

05/13/2029

$

7,450,000

$

7,026,689

Saudi

Arabia

3.4%

Consumer

Discretionary

Almarai

2

4.311%

due

03/05/2024

2,580,000

2,560,031

Saudi

Arabia

1.2%

Energy

SA

Global

2

2.694%

due

06/17/2031

6,000,000

5,092,500

Saudi

Arabia

2.5%

Financials

Investment

Corporate

of

Dubai

2

5.000%

due

02/01/2027

9,850,000

9,641,771

United

Arab

Emirates

4.7%

Kuwait

Financial

Bank

Tier

1

2,3

3.600%

due

PERP

10,000,000

9,042,900

Kuwait

4.4%

Dubai

Islamic

Bank

2

5.493%

due

11/30/2027

9,000,000

9,022,536

United

Arab

Emirates

4.4%

Riyad

2

3.174%

due

02/25/2030

8,830,000

8,439,714

Saudi

Arabia

4.1%

EMAAR

2

3.700%

due

07/06/2031

7,000,000

6,102,292

United

Arab

Emirates

2.9%

Majid

Al

Futtaim

2

4.638%

due

05/14/2029

5,650,000

5,339,849

United

Arab

Emirates

2.6%

TNB

Global

Ventures

2

4.851%

due

11/01/2028

5,300,000

5,198,558

Malaysia

2.5%

National

Commercial

Bank

Tier

1

2,3

3.500%

due

PERP

5,550,000

5,099,806

Saudi

Arabia

2.5%

Sharjah

Islamic

Bank

Tier

1

2,3

5.000%

due

PERP

5,000,000

4,793,970

United

Arab

Emirates

2.3%

Aldar

2

3.875%

due

10/22/2029

5,000,000

4,568,330

United

Arab

Emirates

2.2%

Majid

Al

Futtaim

2

4.500%

due

11/03/2025

4,600,000

4,472,976

United

Arab

Emirates

2.2%

Dubai

Islamic

Bank

Tier

1

2,3

6.250%

due

PERP

4,500,000

4,459,644

United

Arab

Emirates

2.2%

Mas

Al

Ryan

2

2.210%

due

09/02/2025

4,500,000

4,213,125

Cayman

Islands

2.0%

Islamic

Development

Bank

Trust

Services

2

4.747%

due

10/27/2027

2,500,000

2,504,500

Saudi

Arabia

1.2%

82,899,971

40.2%

Industrials

DP

World

Salaam

2,3

6.000%

due

PERP

7,800,000

7,683,624

United

Arab

Emirates

3.7%

DP

World

Crescent

2

3.750%

due

01/30/2030

4,000,000

3,635,743

United

Arab

Emirates

1.8%

11,319,367

5.5%

Technology

Axiata

SPV2

2

2.163%

due

08/19/2030

6,000,000

4,907,858

Malaysia

2.4%

Axiata

SPV2

2

4.357%

due

03/24/2026

4,357,000

4,252,983

Malaysia

2.1%

9,160,841

4.5%

Utilities

TNB

Global

Ventures

Cap

2

3.244%

due

10/19/2026

9,140,000

8,594,149

Malaysia

4.2%

Tabreed

2

5.500%

due

10/31/2025

6,950,000

6,914,555

United

Arab

Emirates

3.3%

Saudi

Electricity

Global

2

5.060%

due

04/08/2043

5,000,000

4,469,280

Saudi

Arabia

2.2%

Saudi

Electricity

Global

2

5.500%

due

04/08/2044

2,400,000

2,244,480

Saudi

Arabia

1.1%

Saudi

Electricity

Global

2

5.684%

due

04/11/2053

1,000,000

940,142

Saudi

Arabia

0.4%

23,162,606

11.2%

Total

Corporate

Sukuk

(Cost

$

149,392,921

)

$141,222,005

68.5%

Government

Sukuk

-

21.7%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Foreign

Government

Sukuk

Dubai

Aerospace

Enterprises

DIFC

2

3.750%

due

02/15/2026

7,700,000

7,353,500

United

Arab

Emirates

3.6%

Kingdom

of

Saudi

Arabia

2

3.628%

due

04/20/2027

7,500,000

7,197,810

Saudi

Arabia

3.5%

Perusahaan

Penerbit

SBSN

2

4.550%

due

03/29/2026

6,185,000

6,096,316

Indonesia

3.0%

Malaysia

Sovereign

Sukuk

2

4.236%

due

04/22/2045

5,000,000

4,401,855

Malaysia

2.1%

Perusahaan

Penerbit

SBSN

2

3.550%

due

06/09/2051

5,280,000

3,821,051

Indonesia

1.9%

International

Islamic

Liquidity

Management

2

5.650%

due

12/07/2023

3,800,000

3,800,581

Luxembourg

1.8%

Consolidated

Schedule

of

Investments

As

of

November

30,

2023

Amana

Participation

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Semi-Annual

29

Government

Sukuk

-

21.7%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Foreign

Government

Sukuk

(continued)

Ras

Al

Khaimah

2

3.094%

due

03/31/2025

$

3,950,000

$

3,797,475

United

Arab

Emirates

1.8%

Kingdom

of

Saudi

Arabia

2

4.303%

due

01/19/2029

3,200,000

3,129,831

Saudi

Arabia

1.5%

Perusahaan

Penerbit

SBSN

2

4.450%

due

02/20/2029

3,050,000

2,961,056

Indonesia

1.4%

International

Islamic

Liquidity

Management

2

5.430%

due

12/07/2023

2,200,000

2,200,393

Luxembourg

1.1%

Total

Government

Sukuk

(Cost

$

47,099,619

)

$44,759,868

21.7%

Bank

Time

Deposits

-

6.1%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Bank

Time

Deposits

Arab

Banking

Corp,

NY

Branch

5.540%

due

12/22/2023

3,000,000

3,000,000

United

States

1.5%

Arab

Banking

Corp,

NY

Branch

5.510%

due

12/04/2023

3,000,000

3,000,000

United

States

1.5%

Arab

Banking

Corp,

NY

Branch

5.550%

due

12/15/2023

3,500,000

3,500,000

United

States

1.7%

Gulf

International

Bank

5.100%

due

12/18/2023

1,500,000

1,500,000

United

States

0.7%

Gulf

International

Bank

5.200%

due

12/11/2023

1,500,000

1,500,000

United

States

0.7%

Total

Bank

Time

Deposits

(Cost

12,500,000)

$12,500,000

6.1%

Total

investments

(Cost

$208,992,540)

$198,481,873

96.3%

Other

assets

(net

of

liabilities)

7,561,420

3.7%

Total

net

assets

$206,043,293

100.0%

1

Denotes

a

country

or

region

of

primary

exposure

2

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

a

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

These

Securities

have

been

deemed

liquid

under

guidelines

approved

by

the

Trust's

Board

of

Trustees.

At

November

30,

2023,

the

aggregate

value

of

these

securities

was

$185,981,873

representing

90.2%

of

total

net

assets.

3

Security

is

perpetual

in

nature

with

no

stated

maturity

date.

Amana

Participation

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

30

November

30,

2023

Semi-Annual

Consolidated

Statement

of

Assets

and

Liabilities

Consolidated

Statement

of

Operations

As

of

November

30,

2023

Assets

Investments

in

securities,

at

value

(Cost

$208,992,540)

$

198,481,873

Cash

5,834,885

Sukuk

income

receivable

1,915,933

Receivable

for

Fund

shares

sold

155,212

Prepaid

expenses

12,793

Total

assets

206,400,696

Liabilities

Payable

for

Fund

shares

redeemed

232,728

Accrued

advisory

fees

83,878

Accrued

audit

expenses

12,802

Accrued

retirement

plan

custody

fee

12,294

Accrued

12b-1

distribution

fees

5,734

Distributions

payable

3,278

Accrued

legal

expenses

1,166

Accrued

Chief

Compliance

Officer

expenses

683

Accrued

trustee

expenses

473

Accrued

other

operating

expenses

4,367

Total

liabilities

357,403

Net

assets

$206,043,293

Analysis

of

net

assets

Paid-in

capital

(unlimited

shares

authorized,

without

par

value)

$266,682,412

Total

distributable

earnings

(60,639,119)

Net

assets

applicable

to

Fund

shares

outstanding

$206,043,293

Net

asset

value

per

Investor

Shares

AMAPX

Net

assets,

at

value

$28,180,236

Shares

outstanding

2,971,686

Net

asset

value,

offering

and

redemption

price

per

share

$9.48

Net

asset

value

per

Institutional

Shares

AMIPX

Net

assets,

at

value

$177,863,057

Shares

outstanding

18,690,514

Net

asset

value,

offering

and

redemption

price

per

share

$9.52

Period

ended

November

30,

2023

Investment

income

Sukuk

income

$

4,268,755

Miscellaneous

income

50

Total

investment

income

4,268,805

Expenses

Investment

advisory

fees

530,093

12b-1

distribution

fees

34,411

Filing

and

registration

fees

27,623

Custodian

fees

24,103

Legal

fees

8,530

Retirement

plan

custodial

fees

6,196

425

Investor

Shares

10

450

Institutional

Shares

6,186

Audit

fees

3,499

Chief

Compliance

Officer

expenses

2,365

Trustee

fees

2,010

Other

operating

expenses

27,580

Total

gross

expenses

666,410

Less

custodian

fee

credits

(24,103)

Net

expenses

642,307

Net

investment

income

$3,626,498

Net

realized

loss

from

investments

$(2,364,331)

Net

i

ncrease

in

unrealized

depreciation

on

investments

(2,156,415)

Net

loss

on

investments

(4,520,746)

Net

decrease

in

net

assets

resulting

from

operations

$(894,248)

Amana

Participation

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Semi-Annual

31

Consolidated

Statements

of

Changes

in

Net

Assets

Period

ended

November

30,

2023

Year

ended

May

31,

2023

Increase

(Decrease)

in

net

assets

from

operations

From

operations

Net

investment

income

$3,626,498

$4,912,869

Net

realized

loss

on

investments

(2,364,331)

(3,707,804)

Net

decrease

in

unrealized

appreciation

on

investments

(2,156,415)

(1,442,394)

Net

decrease

in

net

assets

(894,248)

(237,329)

Distributions

to

shareowners

from

425

Net

dividend

and

distribution

to

shareholders

-

Investor

Shares

(331,036)

(514,276)

450

Net

dividend

and

distribution

to

shareholders

-

Institutional

Shares

(2,444,025)

(4,214,746)

Total

distributions

(2,775,061)

(4,729,022)

Capital

share

transactions

Proceeds

from

the

sale

of

shares

425

Investor

Shares

4,892,790

7,014,297

450

Institutional

Shares

22,001,717

55,676,244

Value

of

shares

issued

in

reinvestment

of

dividends

and

distributions

425

Investor

Shares

326,384

507,146

450

Institutional

Shares

2,421,864

4,185,801

Cost

of

shares

redeemed

425

Investor

Shares

(3,230,130)

(5,039,991)

450

Institutional

Shares

(35,410,652)

(50,420,675)

Total

capital

shares

transactions

(8,998,027)

11,922,822

Total

increase

(decrease)

in

net

assets

(12,667,336)

6,956,471

Net

assets

Beginning

of

period

218,710,629

211,754,158

End

of

period

$206,043,293

$218,710,629

Shares

of

the

Fund

sold

and

redeemed

Investor

Shares

(AMAPX)

Number

of

shares

sold

513,236

721,333

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

34,370

52,351

Number

of

shares

redeemed

(339,564)

(517,383)

Net

increase

in

number

of

shares

outstanding

208,042

256,301

Institutional

Shares

(AMIPX)

Number

of

shares

sold

2,303,882

5,696,416

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

254,101

430,341

Number

of

shares

redeemed

(3,714,870)

(5,182,413)

Net

increase

(decrease)

in

number

of

shares

outstanding

(1,156,887)

944,344

–

–

Amana

Participation

Fund:

Financial

Highlights

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

32

November

30,

2023

Semi-Annual

Investor

Shares

(AMAPX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

period:

Period

ended

Nov.

30,

2023

Year

ended

May

31,

2023

A

2022

A

2021

A

2020

2019

A

A

A

A

A

A

A

Net

asset

value

at

beginning

of

period

$9.64

$9.86

$10.42

$10.12

$9.97

$9.76

Income

from

investment

operations

Net

investment

income

B,C

0.15

0.21

0.18

0.19

0.24

0.24

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

(0.20)

(0.24)

(0.57)

0.30

0.14

0.21

Total

from

investment

operations

(0.05)

(0.03)

(0.39)

0.49

0.38

0.45

Less

distributions

Dividends

(from

net

investment

income)

(0.11)

(0.19)

(0.17)

(0.19)

(0.23)

(0.24)

Total

distributions

(0.11)

(0.19)

(0.17)

(0.19)

(0.23)

(0.24)

Net

asset

value

at

end

of

period

$9.48

$9.64

$9.86

$10.42

$10.12

$9.97

Total

Return

C

(0.47)%

(0.26)%

(3.83)%

4.90%

3.88%

4.70%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

year

$28,180

$26,650

$24,722

$22,375

$16,531

$20,612

Ratio

of

expenses

to

average

net

assets

Before  custodian

fee

credits

D

0.84%

0.80%

0.80%

0.82%

0.88%

0.88%

After

custodian

fee

credits

D

0.82%

0.78%

0.78%

0.80%

0.86%

0.87%

Ratio

of

net

investment

income

after

to

average

net

assets

D

3.20%

2.11%

1.71%

1.86%

2.34%

2.46%

Portfolio

turnover

rate

C

3%

48%

15%

19%

34%

22%

Institutional

Shares

(AMIPX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

period:

Period

ended

Nov.

30,

2023

Year

ended

May

31,

2023

A

2022

A

2021

A

2020

2019

A

A

A

A

A

A

A

Net

asset

value

at

beginning

of

period

$9.68

$9.89

$10.45

$10.16

$10.00

$9.79

Income

from

investment

operations

Net

investment

income

B,C

0.16

0.23

0.20

0.22

0.26

0.27

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

(0.19)

(0.22)

(0.57)

0.29

0.16

0.21

Total

from

investment

operations

(0.03)

0.01

(0.37)

0.51

0.42

0.48

Less

distributions

Dividends

(from

net

investment

income)

(0.13)

(0.22)

(0.19)

(0.22)

(0.26)

(0.27)

Total

distributions

(0.13)

(0.22)

(0.19)

(0.22)

(0.26)

(0.27)

Net

asset

value

at

end

of

period

$9.52

$9.68

$9.89

$10.45

$10.16

$10.00

Total

Return

C

(0.34)%

0.09%

(3.58)%

5.04%

4.23%

4.93%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

year

$177,863

$192,060

$187,032

$143,404

$100,023

$55,716

Ratio

of

expenses

to

average

net

assets

Before  custodian

fee

credits

D

0.60%

0.56%

0.56%

0.58%

0.63%

0.64%

After

custodian

fee

credits

D

0.57%

0.53%

0.54%

0.56%

0.61%

0.63%

Ratio

of

net

investment

income

after

to

average

net

assets

D

3.44%

2.34%

1.97%

2.10%

2.53%

2.70%

Portfolio

turnover

rate

C

3

%

48%

15%

19%

34%

22%

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

(Consolidated

with

respect

to

the

Amana

Participation

Fund)

Notes

To

Financial

Statements

November

30,

2023

Semi-Annual

33

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)

34

November

30,

2023

Semi-Annual

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,

2023

Level

1

Level

2

Level

3

Funds

Quoted

Price

Significant

Observable

Input

Significant

Unobservable

Input

Total

Income

Fund

Common

Stock

Consumer

Discretionary

$50,721,960

$–

$–

$50,721,960

Consumer

Staples

$154,453,399

$–

$–

$154,453,399

Health

Care

$410,263,200

$–

$–

$410,263,200

Industrials

$396,705,400

$–

$–

$396,705,400

Materials

$137,364,810

$–

$–

$137,364,810

Technology

$311,666,430

$35,059,820

$–

$346,726,250

Total

Common

Stock

$1,461,175,199

$35,059,820

$–

$1,496,235,019

Total

Assets

$1,461,175,199

$35,059,820

$–

$1,496,235,019

Growth

Fund

Common

Stock

1

$4,176,040,293

$–

$–

$4,176,040,293

Total

Assets

$4,176,040,293

$–

$–

$4,176,040,293

Developing

World

Fund

Common

Stock

Communications

$2,050,100

$2,565,816

$–

$4,615,916

Consumer

Discretionary

$–

$4,705,816

$–

$4,705,816

Consumer

Staples

$5,538,866

$14,341,530

$–

$19,880,396

Financials

$–

$3,238,279

$–

$3,238,279

Health

Care

$–

$9,797,153

$–

$9,797,153

Industrials

$–

$2,932,453

$–

$2,932,453

Materials

$9,837,872

$2,864,226

$–

$12,702,098

Technology

$18,047,390

$15,757,873

$–

$33,805,263

Utilities

$–

$648,171

$–

$648,171

Total

Common

Stock

$35,474,228

$56,851,317

$–

$92,325,545

Total

Assets

$35,474,228

$56,851,317

$–

$92,325,545

Participation

Fund

Bank

Time

Deposits

1

$–

$12,500,000

$–

$12,500,000

Corporate

Sukuk

1

$–

$141,222,005

$–

$141,222,005

Government

Sukuk

1

$–

$44,759,868

$–

$44,759,868

Total

Assets

$–

$198,481,873

$–

$198,481,873

1

See

the

Schedule

of

Investments

for

additional

details.

Note

3

–

Significant

Accounting

Policies

(continued)

Notes

To

Financial

Statements

(continued)

November

30,

2023

Semi-Annual

35

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

(2020

−

2022)

or

expected

to

be

taken

in

the

Funds’

2023

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.

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

period

ended

May

31,

2023

,

and

have

no

effect

on

net

assets

or

NAV

per

share.

The

Income,

Developing

World

and

Participation

Funds

had

no

reclassification

of

capital

accounts.

Growth

Fund

Distributable

earnings

$(19,090,563)

Paid-in

Capital

$19,090,563

Note

3

–

Significant

Accounting

Policies

(continued)

Notes

To

Financial

Statements

(continued)

36

November

30,

2023

Semi-Annual

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

Recent

Accounting

Pronouncement:

In

December

2020,

the

SEC

adopted

a

new

rule

providing

a

framework

for

fund

valuation

practices

(“Rule

2a-5”).

Rule

2a-5

establishes

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

permits

fund

boards

to

designate

certain

parties

to

perform

fair

value

determinations,

subject

to

board

oversight

and

certain

other

conditions.

Rule

2a-5

also

defines

when

market

quotations

are

“readily

available”

for

purposes

of

the

1940

Act

and

the

threshold

for

determining

whether

a

fund

must

fair

value

a

security.

In

connection

with

Rule

2a-5,

the

SEC

also

adopted

related

recordkeeping

requirements

and

is

rescinding

previously

issued

guidance,

including

with

respect

to

the

role

of

a

board

in

determining

fair

value

and

the

accounting

and

auditing

of

fund

investments.

The

Fund

has

adopted

procedures

in

accordance

with

Rule

2a-5.

Regulatory

Update

–

Tailored

Shareholder

Reports

for

Mutual

Funds

and

Exchange-Traded

Funds

(“ETFs”)

–

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

to

require

mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Fund.

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,

2023

,

the

Funds

paid

the

following

advisory

fees

to

Saturna

Capital:

Inception

Date

of

SPV

SPV

Net

Assets

at

November

30,

2023

%

of

Fund

Net

Assets

at

November

30,

2023

Amana

SPV

January

21,

2019

$42,314,490

20.5%

Note

3

–

Significant

Accounting

Policies

(continued)

Notes

To

Financial

Statements

(continued)

November

30,

2023

Semi-Annual

37

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

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,

2023

,

the

Funds

paid

the

following

distribution

fees

to

SBS:

For

the

fiscal

period

ended

November

30,

2023

,

Saturna

Capital

spent

an

additional

$2,678,006

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,

2023

,

the

Funds

incurred

the

following

retirement

plan

custodial

fees

to

STC:

Mr.

Nicholas

Kaiser

serves

as

a

trustee

and

president

of

the

Trust.

He

is

also

a

director

and

the

chairman

of

Saturna

Capital

Corporation

and

Saturna

Trust

Company.

He

is

not

compensated

by

the

Trust.

For

the

fiscal

period

ended

November

30,

2023

,

the

Funds

paid

trustee

compensation

expenses

of

$41,750,

which

is

included

in

the

$49,863

of

total

expenses

incurred

for

the

Independent

Trustees.

On

November

30,

2023

,

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,

2023

,

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,

2023

and

May

31,

2023

,

were

as

follows:

Advisory

Fees

100

Income

Fund

$6,112,287

200

Growth

Fund

$12,485,100

300

Developing

World

Fund

$392,285

400

Participation

Fund

$530,093

Distribution

(12b-1)

fees

125

Income

Fund

Investor

Shares

(AMANX)

$966,944

150

Income

Fund

Institutional

Shares

(AMINX)

n/a

225

Growth

Fund

Investor

Shares

(AMAGX)

$2,502,569

250

Growth

Fund

Institutional

Shares

(AMIGX)

n/a

325

Developing

World

Fund

Investor

Shares

(AMDWX)

$38,327

350

Developing

World

Fund

Institutional

Shares

(AMIDX)

n/a

425

Participation

Fund

Investor

Shares

(AMAPX)

$34,411

450

Participation

Fund

Institutional

Shares

(AMIPX)

n/a

Retirement

plan

custodial

fees

125

Income

Fund

Investor

Shares

(AMANX)

$10

150

Income

Fund

Institutional

Shares

(AMINX)

$27,846

225

Growth

Fund

Investor

Shares

(AMAGX)

$120

250

Growth

Fund

Institutional

Shares

(AMIGX)

$41,925

325

Developing

World

Fund

Investor

Shares

(AMDWX)

$6

350

Developing

World

Fund

Institutional

Shares

(AMIDX)

$8,715

425

Participation

Fund

Investor

Shares

(AMAPX)

$10

450

Participation

Fund

Institutional

Shares

(AMIPX)

$6,186

Trustees',

officers',

and

affiliates'

ownership

125

Income

Fund

Investor

Shares

(AMANX)

0.03%

150

Income

Fund

Institutional

Shares

(AMINX)

1.62%

225

Growth

Fund

Investor

Shares

(AMAGX)

0.01%

250

Growth

Fund

Institutional

Shares

(AMIGX)

0.77%

325

Developing

World

Fund

Investor

Shares

(AMDWX)

0.75%

350

Developing

World

Fund

Institutional

Shares

(AMIDX)

4.41%

425

Participation

Fund

Investor

Shares

(AMAPX)

0.04%

450

Participation

Fund

Institutional

Shares

(AMIPX)

3.60%

Chief

Compliance

Officer

100

Income

Fund

$16,234

200

Growth

Fund

$36,429

300

Developing

World

Fund

$50

400

Participation

Fund

$2,365

Income

Fund

November

30,

2023

May

31,

2023

Ordinary

Income

$–

$17,478,335

Long-term

capital

gain

1

$–

$103,369,621

Growth

Fund

November

30,

2023

May

31,

2023

Ordinary

Income

2

$–

$9,413,427

Long-term

capital

gain

1

$–

$109,345,501

Developing

World

Fund

November

30,

2023

May

31,

2023

Ordinary

Income

2

$–

$638,577

Long-term

capital

gain

1

$–

$165,694

Participation

Fund

November

30,

2023

May

31,

2023

Ordinary

Income

$2,775,061

$4,729,022

1

Long-Term

Capital

Gain

dividend

designated

at

20%

rate

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code.

2

By

Policy,

the

Growth

and

Developing

World

Funds

seek

to

avoid

paying

income

dividends.

Note

4

–

Transactions

with

Affiliated

Persons

(continued)

Notes

To

Financial

Statements

(continued)

38

November

30,

2023

Semi-Annual

Note

6

–

Federal

Income

Taxes

The

cost

basis

of

investments

for

federal

income

tax

purposes

at

November

30,

2023

,

were

as

follows:

As

of

May

31,

2023

,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

At

May

31,

2023

,

the

Funds

had

the

following

capital

loss

carryforwards

and

loss

deferrals,

subject

to

regulation.

Loss

carryforwards

may

be

used

to

offset

future

net

capital

gains

realized

for

federal

income

tax

purposes.

Note

7

–

Investments

Investment

transactions

other

than

short

term

investments

and

redemptions

in

kind

for

the

fiscal

period

ended

November

30,

2023

,

were

as

follows:

During

the

fiscal

period

ended

November

30,

2023

,

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,

2023

,

such

reductions

were

as

follows:

Note

9

–

Subsequent

Events

The

Funds

each

declared

a

distribution

to

be

paid

on

December

21,

2023,

to

all

share

owners

of

record

on

December

20,

2023,

as

follows:

Income

Fund

Growth

Fund

Cost

of

investments

$524,907,089

$1,487,878,423

Gross

tax

unrealized

appreciation

$988,480,028

$2,699,230,685

Gross

tax

unrealized

depreciation

$(17,152,098)

$(11,068,815)

Net

tax

unrealized

appreciation

$971,327,930

$2,688,161,870

Developing

World

Fund

Participation

Fund

Cost

of

investments

$90,461,614

$208,992,540

Gross

tax

unrealized

appreciation

$13,240,020

$94

Gross

tax

unrealized

depreciation

$(11,376,089)

$(10,510,761)

Net

tax

unrealized

appreciation

$1,863,931

$(10,510,667)

Income

Fund

Undistributed

ordinary

income

$263,796

Accumulated

capital

gains

$28,415,809

Tax

accumulated

earnings

$28,679,605

Unrealized

Appreciation

$933,132,140

Other

unrealized

accumulated

losses

$(130,780)

Total

accumulated

earnings

$961,680,965

Growth

Fund

Undistributed

ordinary

income

$4,427,748

Accumulated

capital

gains

$22,495,314

Tax

accumulated

earnings

$26,923,062

Unrealized

Appreciation

$2,316,406,878

Total

accumulated

earnings

$2,343,329,940

Developing

World

Fund

Undistributed

ordinary

income

$384,940

Accumulated

capital

gains

$36,834

Tax

accumulated

earnings

$421,774

Unrealized

Appreciation

$118,959

Other

unrealized

gains

$13

Total

accumulated

earnings

$540,746

Participation

Fund

Undistributed

ordinary

income

$16,974

Accumulated

capital

and

other

losses

$(4,246,085)

Tax

accumulated

earnings

$(4,229,111)

Unrealized

Depreciation

$(8,354,252)

Total

accumulated

earnings

$(12,583,363)

Participation

Fund

Short

term

loss

carryforward

$993,568

Long

term

loss

carryforward

$1,136,848

Total

Capital

loss

carryforward

$2,130,416

Post-October

loss

deferral

1

$2,115,669

Total

accumulated

losses

$4,246,085

Purchases

Sales

100

Income

Fund

$45,068,211

$73,242,037

200

Growth

Fund

$328,683,265

$58,391,069

300

Developing

World

Fund

$18,523,488

$424,662

400

Participation

Fund

$2,509,250

$19,621,688

Purchases

Sales

200

Growth

Fund

$–

$25,025,965

Custodian

Fee

Credits

100

Income

Fund

$36,859

200

Growth

Fund

$83,146

300

Developing

World

Fund

$35,223

400

Participation

Fund

$24,103

Ordinary

Income

Short-Term

Capital

Gain

Long-Term

Capital

Gain

425

Income

Fund

Investor

Shares

(AMANX

)

$0.24

$-

$2.61

450

Income

Fund

Institutional

Shares

(AMINX)

$0.37

$-

$2.61

125

Growth

Fund

Investor

Shares

(AMAGX)

$0.111

$-

$0.353

150

Growth

Fund

Institutional

Shares

(AMIGX)

$0.235

$-

$0.353

225

Developing

World

Fund

Investor

Shares

(AMDWX)

$0.11

$-

$0.0043

250

Developing

World

Fund

Institutional

Shares

(AMIDX)

$0.13

$-

$0.0043

325

Participation

Fund

Investor

Shares

(AMAPX)

Daily

$-

$-

350

Participation

Fund

Institutional

Shares

(AMIPX)

Daily

$-

$-

Expenses

November

30,

2023

Semi-Annual

39

All

mutual

funds

have

operating

expenses.

As

an

Amana

Mutual

Fund

shareowner,

you

incur

ongoing

costs,

including

management

fees,

distribution

(or

service)

12b-1

fees,

and

other

Fund

expenses

such

as

shareowner

reports

(like

this

one).

Operating

expenses,

which

are

deducted

from

a

fund’s

gross

earnings,

directly

reduce

the

investment

return

of

a

fund.

Mutual

funds

(unlike

other

financial

investments)

only

report

their

results

after

deduction

of

operating

expenses.

With

the

Amana

Funds,

unlike

many

mutual

funds,

you

do

not

incur

sales

charges

(loads)

on

purchases,

reinvested

dividends,

or

other

distributions.

There

are

no

redemption

fees

or

exchange

fees.

You

may

incur

fees

related

to

extra

services

requested

by

you

for

your

account,

such

as

bank

wires.

The

examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Funds

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

Examples

The

following

examples

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

(June

1,

2023

to

November

30,

2023

).

Actual

Expenses

The

first

line

for

each

Fund

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

line,

together

with

the

amount

you

have

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

line

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

The

Funds

may

charge

for

extra

services

(such

as

domestic

bank

wires,

international

bank

wires,

or

overnight

courier

delivery

of

redemption

checks)

rendered

on

request,

which

you

may

need

to

estimate

to

determine

your

total

expenses.

Hypothetical

Example

For

Comparison

Purposes

The

second

line

for

each

Fund

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

each

Fund’s

actual

expense

ratio

(based

on

the

last

six

months)

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Funds

and

other

mutual

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareowner

reports

of

other

mutual

funds.

You

may

wish

to

add

other

fees

that

are

not

included

in

the

expenses

shown

in

the

table,

such

as

IRA

fees

charged

by

custodians

other

than

Saturna

Trust

Company

(note

that

Saturna

does

not

charge

such

fees

to

shareowners

directly

on

Saturna

IRAs,

ESAs,

or

HSAs

with

the

Amana

Funds),

and

charges

for

extra

services

such

as

bank

wires.

Please

note

that

the

expenses

shown

in

the

tables

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs,

such

as

sales

charges

(loads)

or

exchange

fees

(note

that

the

Amana

Funds

do

not

assess

any

such

transactional

costs).

Therefore,

the

“Hypothetical”

line

of

each

fund

is

useful

in

comparing

ongoing

costs

only,

and

may

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

Expenses

are

equal

to

annualized

expense

ratios

indicated

above

(based

on

the

most

recent

semi-annual

period

of

June

1,

2023,

through

November

30,

2023

),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

to

reflect

the

semi-annual

period.

Beginning

Account

Value

[June

1,

2023]

Ending

Account

Value

[November

30,

2023]

Expenses

Paid

During

the

Period

Annualized

Expense

Ratio

100

Income

Fund

125

Investor

Shares

(

AMANX

),

Actual

$1,000.00

$1,060.50

$5.20

1.01%

125

Hypothetical

(5%

return

before

expenses)

$1,000.00

$1,020.02

$5.09

1.01%

150

Institutional

Shares

(

AMINX

),

Actual

$1,000.00

$1,061.70

$3.95

0.76%

150

Hypothetical

(5%

return

before

expenses)

$1,000.00

$1,021.24

$3.87

0.76%

200

Growth

Fund

225

Investor

Shares

(

AMAGX

),

Actual

$1,000.00

$1,097.20

$4.60

0.87%

225

Hypothetical

(5%

return

before

expenses)

$1,000.00

$1,020.68

$4.43

0.87%

250

Institutional

Shares

(

AMIGX

),

Actual

$1,000.00

$1,098.60

$3.31

0.63%

250

Hypothetical

(5%

return

before

expenses)

$1,000.00

$1,021.91

$3.19

0.63%

300

Developing

World

Fund

325

Investor

Shares

(

AMDWX

),

Actual

$1,000.00

$1,018.80

$5.69

1.13%

325

Hypothetical

(5%

return

before

expenses)

$1,000.00

$1,019.43

$5.70

1.13%

350

Institutional

Shares

(

AMIDX

),

Actual

$1,000.00

$1,020.40

$4.57

0.90%

350

Hypothetical

(5%

return

before

expenses)

$1,000.00

$1,020.55

$4.57

0.90%

400

Participation

Fund

425

Investor

Shares

(

AMAPX

),

Actual

$1,000.00

$995.30

$4.09

0.82%

425

Hypothetical

(5%

return

before

expenses)

$1,000.00

$1,020.97

$4.14

0.82%

450

Institutional

Shares

(

AMIPX

),

Actual

$1,000.00

$996.60

$2.87

0.57%

450

Hypothetical

(5%

return

before

expenses)

$1,000.00

$1,022.20

$2.90

0.57%

Renewal

of

Investment

Advisory

Contract

40

November

30,

2023

Semi-Annual

During

their

meeting

of

September

11,

2023,

the

Trustees

of

Amana

Mutual

Funds

Trust

(the

“Board”

or

“Trustees”),

including

the

Independent

Trustees,

discussed

the

continuance

of

the

Investment

Advisory

and

Administrative

Services

Agreement

between

the

Trust,

on

behalf

of

each

Fund,

and

Saturna

Capital

Corporation

(“Saturna”).

The

Trustees

also

considered

Saturna’s

management

of

a

wholly-

owned

subsidiary

of

Amana

Participation

Fund

that

invests

in

the

same

securities

and

assets

in

which

the

Fund

invests.

In

evaluating

the

agreements,

the

Board,

including

the

Independent

Trustees,

considered

the

factors

it

deemed

relevant,

including

the

nature,

quality

and

extent

of

services

provided,

the

performance

of

each

Fund,

expenses

and

fees,

the

profitability

of

Saturna,

the

potential

for

economies

of

scale

that

may

be

shared

with

each

Fund

and

its

shareholders

as

each

Fund’s

assets

grow,

and

any

other

benefits

derived

by

Saturna

from

its

relationship

with

the

Funds.

In

their

deliberations,

the

Trustees

did

not

identify

any

single

factor

which

alone

was

responsible

for

the

decision

to

approve

the

agreements,

and

each

Trustee

may

have

given

different

weights

to

different

factors,

and,

thus,

each

Trustee

may

have

had

a

different

basis

for

his

decision.

The

Trustees

considered

Saturna’s

specific

responsibilities

in

all

aspects

of

day-to-day

management

of

the

Funds

as

well

as

the

qualifications,

experience

and

responsibilities

of

the

Funds’

portfolio

managers

and

other

key

personnel

at

Saturna.

The

Trustees

considered

that

the

Funds

offer

a

full

range

of

high-quality

investor

services,

including

unique

services

for

Islamic

investors.

The

Trustees

discussed

Saturna’s

experience,

ability,

and

commitment

to

quality

service

through

performing

internally

such

functions

as

shareowner

servicing,

administration,

retirement

plans,

accounting,

marketing,

and

distribution

–

all

in

addition

to

investment

management.

The

Trustees

took

into

consideration

Saturna’s

continued

avoidance

of

significant

operational

and

regulatory

compliance

problems,

plus

its

continued

investments

in

infrastructure,

information

management

systems,

personnel,

training,

compliance,

and

investor

education

materials,

all

designed

to

meet

investor

needs

with

high

quality

services.

They

recognized

Saturna’s

efforts

to

recruit

and

retain

qualified,

experienced,

and

specialized

staff

and

improve

the

capital

base

on

which

Saturna

operates,

which

the

Trustees

believe

is

important

to

the

long-

term

success

of

the

Funds.

The

Trustees

recognized

Saturna’s

focus

on

investors

and

its

efforts

to

avoid

conflicts

of

interest.

The

Trustees

considered

the

investment

performance

of

each

Fund

over

time,

including

comparative

information

from

Morningstar,

Inc.

(“Morningstar”),

which

provides

independent

analysis

of

mutual

fund

data

and,

among

other

things,

ranks

mutual

fund

performance

within

categories

comprised

of

similarly

managed

funds.

The

Trustees

considered

and

discussed

each

Fund’s

performance

relative

to

the

Fund’s

Morningstar

category

for

the

one-,

three-,

five-,

ten-,

and

fifteen-year

periods,

as

applicable,

and

the

related

Morningstar

rankings

(one

through

five

stars)

for

the

three-,

five-,

and

ten-year

periods,

as

applicable,

ended

as

of

July

31,

2023.

The

Trustees

also

noted

the

favorable

sustainability

rating

assigned

by

Morningstar

to

the

Amana

Growth

Fund

(five

out

of

five)

and

Amana

Income

Fund

(four

out

of

five.).

The

Trustees

considered

the

short-,

medium-,

and

long-term

investment

performance

of

Amana

Income

Fund,

Amana

Growth

Fund,

and

Amana

Developing

World

Fund,

and

the

short-term

and

medium-term

performance

of

Amana

Participation

Fund,

each

relative

to

their

Morningstar

categories,

and

noted

that

the

Funds

were

managed

for

the

long

term.

The

Trustees

noted

that

the

short-

and

medium-term

performance

of

Amana

Income

Fund

was

in

the

third

quartile

for

its

Morningstar

category

for

the

one-,

three-,

and

five-year

periods,

and

long-term

performance

was

in

the

fourth

quartile

for

the

ten-

and

fifteen-year

periods.

The

Trustees

noted

that

the

short-term

performance

of

the

Amana

Growth

Fund

was

in

the

third

quartile

of

its

Morningstar

category

for

the

one-year

period,

and

its

medium-,

and

long-term

investment

performance

was

I

the

first

quartile

of

its

Morningstar

category

for

the

three-,

five-,

ten-,

and

fifteen-year

periods.

The

Trustees

noted

that

the

short-

and

medium-term

performance

of

the

Amana

Developing

World

Fund

was

in

the

second

quartile

of

its

Morningstar

category

for

the

one-

and

three-year

periods,

and

the

Fund’s

long-term

performance

was

in

the

first

and

fourth

quartiles,

respectively,

for

the

five-

and

ten-

year

periods.

The

Trustees

noted

that

the

Amana

Participation

Fund’s

performance

was

in

the

fourth

quartile

for

its

Morningstar

category

for

the

one-year

period

and

in

the

first

quartile

for

the

three-

and

five-year

periods.

The

Trustees

noted

the

risk-

averse

investment

style

used

by

Saturna

to

manage

the

Funds

and

considered

other

factors

which

can

affect

a

Fund’s

performance

relative

to

the

Fund’s

broader

Morningstar

categories.

In

evaluating

such

performance

data,

the

Trustees

noted

that

Islamic

investment

restrictions

to

which

the

Funds

adhere

increase

Saturna’s

research

expenses

and

obligations

and

impose

constraints

on

Saturna’s

selection

of

the

Funds’

portfolio

investments

that

impact

performance.

The

Trustees

found

that

Saturna

continued

to

manage

the

Funds

in

a

manner

that

is

designed

to

be

acceptable

to

Islamic

investors

and

that

the

risk

averse

approach

also

is

attractive

non-Islamic

long-term

investors.

The

Trustees

noted

Saturna’s

decades

of

dedicated

service

provided

to

Amana

Mutual

Fund

Trust

and

its

shareowners.

Recognizing

the

investment

mandates

of

the

Funds,

the

Trustees

also

considered

the

performance

of

the

Funds

as

compared

to

a

more

limited

group

of

other

funds

with

similar

investment

objectives

and

strategies,

including

faith-based

managed

funds,

and

with

a

range

of

asset

sizes.

The

Trustees

considered

these

comparative

performance

data,

along

with

the

comparative

data

published

by

Morningstar,

as

well

as

each

Fund’s

performance

relative

to

its

benchmark,

to

evaluate

each

Fund’s

performance

over

near-term

and

long-term

time

periods,

as

applicable.

When

evaluating

the

Funds’

performance

record,

the

Board

noted

that

relative

performance

comparisons,

especially

over

limited

periods

of

time,

is

only

one

of

the

factors

that

it

deems

relevant

to

its

consideration

of

each

Fund’s

agreement.

The

Board

noted

that,

after

considering

all

relevant

factors,

it

may

be

appropriate

to

approve

the

continuation

of

the

agreement

notwithstanding

a

Fund’s

underperformance

relative

to

its

Morningstar

peer

group

during

certain

periods.

The

Trustees

also

reviewed

the

fees

and

expenses

of

the

Funds

and

considered

the

components

of

each

Fund’s

operating

expenses.

The

Trustees

noted

that

the

net

expense

ratios

for

both

share

classes

of

Amana

Income

Fund

were

above

their

respective

Morningstar

category

average

expense

ratios,

the

net

expense

ratio

for

the

Amana

Growth

Fund

Institutional

share

class

was

at,

and

the

Renewal

of

Investment

Advisory

Contract

(continued)

November

30,

2023

Semi-Annual

41

Investor

share

class

was

above,

the

Morningstar

category

average

expense

ratios,

and

the

net

expense

ratios

for

Amana

Developing

World

Investor

share

class

was

at,

and

the

institutional

share

class

below,

the

Morningstar

category

average

expense

ratios,

and

both

share

classes

of

Amana

Participation

Fund

were

below

the

Morningstar

category

average

expense

ratios.

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

were

expected

to

lower

the

Funds’

advisory

fees

at

higher

asset

levels.

In

light

of

the

services

provided

by

Saturna,

the

Trustees

found

each

Fund’s

advisory

fee

structure

and

expense

ratios

to

be

reasonable

given

the

size

of

each

Fund,

the

services

provided,

and

the

expenses

incurred

by

the

adviser.

They

noted

the

significant

sponsorship

of

the

Funds

by

Saturna

evidenced,

in

part,

by

the

amount

of

fees

and

expenses

paid

by

Saturna

out

of

its

own

resources

to

brokerage

platforms

and

similar

unaffiliated

intermediaries.

The

Trustees

noted

that

the

expenses

imposed

by

intermediaries

are

often

borne

by

funds

and

the

Trustees

appreciated

that

Saturna’s

efforts

help

make

the

Funds

more

widely

available

and

otherwise

less

expensive

had

the

Funds

borne

these

expenses.

The

Trustees

recognized

that

the

competitive

performance

record

of

Amana

Income

Fund

and

Amana

Growth

Fund

over

the

long

term

had

likely

contributed

to

their

asset

size,

which

over

time

has

resulted

in

lower

expense

ratios

due

to

overall

costs

being

spread

over

a

larger

asset

base.

The

Trustees

reviewed

Saturna’s

financial

information

and

discussed

the

issue

of

Saturna’s

profitability

related

to

its

management

and

administration

of

the

Funds.

They

discussed

the

reasonableness

of

Saturna’s

profitability

with

respect

to

each

of

the

Funds

as

part

of

their

evaluation

of

whether

the

advisory

fees

bear

a

reasonable

relationship

to

the

mix

of

services

provided

by

Saturna,

including

the

nature,

extent,

and

quality

of

such

services.

The

Trustees

considered

the

extent

to

which

advisory

fees

paid

to

Saturna

reflect

economies

of

scale.

The

Trustees

considered

the

fact

that

fee

breakpoints

lower

the

operating

expenses

and

expense

ratios

of

the

Funds

as

assets

grow

and

demonstrate

the

benefits

of

economies

of

scale

are

being

shared

with

shareowners.

In

this

connection,

the

Board

noted

that

the

investment

advisory

fee

rate

schedules

for

each

Fund

other

than

the

Amana

Participation

Fund

include

breakpoints

that

reduce

the

fee

rate

as

Fund

assets

increase

above

certain

levels,

and

that

Saturna

had

agreed,

in

2019

and

2020,

to

reduce

the

breakpoints

in

the

investment

advisory

fee

for

Amana

Income

Fund,

Amana

Growth

Fund

and

Amana

Developing

World

Fund

as

described

above.

With

respect

to

the

Amana

Participation

Fund,

the

Board

determined

that

the

investment

advisory

fees

are

reasonable

and

appropriate

and

that

breakpoints

in

the

fee

schedule

are

unnecessary

based

on

the

current

level

of

the

Fund’s

assets

and

the

level

of

its

fees

and

expenses

compared

to

peers.

The

Trustees

considered

and

compared

the

fees

charged

by

Saturna

to

other

types

of

advisory

accounts

for

which

Saturna

serves

as

an

investment

adviser,

including

non-mutual

fund

advisory

clients

and

individual

advisory

clients.

The

Trustees

noted

the

significant

differences

between

the

full

range

of

services

Saturna

provides

to

the

Funds,

including

investment

advisory

and

administrative

services,

transfer

agency

services,

and

other

services,

as

compared

to

the

investment

advisory

services

provided

to

the

other

advisory

accounts.

The

Trustees

also

considered

how

the

various

services

provided

to

those

other

accounts,

which

include

Saturna’s

investment

management,

research,

and

customer

service

operations

performed

for

those

accounts,

benefit

the

Funds.

The

Trustees

considered

potential

benefits

to

Saturna

and

to

its

other

businesses

from

acting

as

investment

adviser

for

the

Funds,

but

also

noted

that

Saturna’s

other

business

lines

also

potentially

benefit

the

Funds.

The

Trustees

also

noted

that

there

were

no

soft

dollar

arrangements

with

respect

to

trading

in

the

Funds’

portfolios

and

that

Saturna’s

affiliated

broker,

Saturna

Brokerage

Services,

voluntarily

waives

brokerage

commissions

for

executing

each

Fund’s

portfolio

transactions,

resulting

in

lower

transaction

costs

for

the

Funds.

The

Trustees

concluded

that

the

fees

paid

by

each

Fund

to

Saturna

were,

from

an

arm’s-length

bargaining

perspective,

reasonable

and

in

the

best

interest

of

the

Fund

and

its

shareowners

in

light

of

the

services

provided,

comparative

performance,

expense

and

advisory

fee

information,

costs

of

services

provided,

profits

to

be

realized,

and

benefits

derived

or

to

be

derived

by

Saturna

from

its

relationship

with

the

Funds.

Following

this

discussion,

the

Trustees

unanimously

agreed,

based

on

their

business

judgment,

to

renew

the

Investment

Advisory

and

Administrative

Services

Agreements

with

respect

to

Amana

Income

Fund,

Amana

Growth

Fund,

Amana

Developing

World

Fund,

and

Amana

Participation

Fund.

42

November

30,

2023

Semi-Annual

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.

Availability

of

Proxy

Voting

Information

(1)

A

description

of

the

policies

and

procedures

that

the

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

(a)

without

charge,

upon

request,

by

calling

Saturna

Capital

at

1-888-732-6262;

(b)

on

the

Funds’

website

at

www.

amanafunds.com;

and

(c)

on

the

SEC’s

website

at

www.sec.gov.

(2)

Information

regarding

how

each

Fund

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

is

available

(a)

without

charge,

upon

request,

by

calling

Saturna

Capital

at

1-888-732-6262;

(b)

on

the

Funds’

website

at

www.amanafunds.com;

and

(c)

on

the

SEC’s

website

at

www.sec.gov.

Householding

Policy

To

reduce

expenses,

we

may

mail

only

one

copy

of

the

Funds’

prospectus,

each

annual

and

semi-annual

report,

and

proxy

statements,

when

necessary,

to

those

addresses

shared

by

two

or

more

accounts.

If

you

wish

to

receive

individual

and/or

more

copies

of

these

documents,

please

call

us

at

1-888-732-6262

or

write

to

us

at

Saturna

Capital/Amana

Mutual

Funds,

P.O.

Box

N,

Bellingham,

WA

98227.

We

will

begin

sending

you

individual

copies

thirty

days

after

receiving

your

request.

If

you

are

currently

receiving

multiple

copies

and

wish

to

receive

only

one

copy,

please

call

us

at

1-888-732-6262

or

write

to

us

at

Saturna

Capital/Amana

Mutual

Funds,

P.O.

Box

N,

Bellingham,

WA

98227.

We

will

begin

sending

you

a

single

copy

with

subsequent

report

mailings.

Statement

Regarding

Liquidity

Risk

Management

Program

The

Securities

and

Exchange

Commission

adopted

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”)

to

promote

effective

liquidity

risk

management

throughout

the

open-end

investment

company

industry,

thereby

reducing

the

risk

that

funds

will

be

unable

to

meet

their

redemption

obligations

and

mitigating

dilution

of

the

interests

of

fund

shareowners.

Pursuant

to

the

Liquidity

Rule,

the

Trust,

on

behalf

of

the

Funds,

has

adopted

a

liquidity

risk

management

program

(the

“Program”)

to

govern

the

Trust’s

approach

to

managing

liquidity

risk.

The

Program

is

overseen

by

Saturna

Capital’s

Liquidity

Risk

Committee,

and

the

Program’s

principal

objectives

include

assessing,

managing

and

periodically

reviewing

each

Fund’s

liquidity

risk,

based

on

factors

specific

to

the

circumstances

of

the

Fund.

At

a

meeting

of

the

Board

held

on

December

12,

2022,

the

Trustees

received

a

report

addressing

the

operation

of

the

Program

and

assessing

its

adequacy

and

effectiveness

of

implementation.

It

was

reported

to

the

Board

that

the

assessment

found

that

the

Program

was

adequately

designed

and

effective

in

achieving

its

objectives.

Further,

that

review

of

the

Program’s

implementation

evidenced

substantial

compliance

with

relevant

policies

and

procedures.

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 2. Code of Ethics

Not applicable.

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) Included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

Not applicable.

Item11. 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits

Exhibits included with this filing:

(a)(1) Code of Ethics.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906.CERT.

(c) Registrant’s Rule 30e-3 Notice pursuant to Item 1(b) of Form N-CSR.  Attached hereto as EX-99.30e-3Notice.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AMANA MUTUAL FUNDS TRUST

By:

/s/Nicholas Kaiser                                             

 , President

Signature and Title

Nicholas F. Kaiser, President

Printed name and Title

                    January 29, 2024

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/Nicholas Kaiser                                                             

 , President

Signature and Title

Nicholas F. Kaiser, President

Printed name and Title

                January 29, 2024                

Date

By:

/s/Christopher Fankhauser                                                              

 , Treasurer

Signature and Title

Christopher R. Fankhauser, Treasurer

Printed name and Title

                January 29, 2024

Date