SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 2-96924

AMANA MUTUAL FUNDS TRUST

(Exact Name of Registrant as Specified in Charter)

1300 N. State Street

Bellingham, Washington 98225-4730

(Address of Principal Executive Offices, including ZIP Code)

Elliot S. Cohen

1300 N. State Street

Bellingham, Washington 98225-4730

(Name and Address of Agent for Service)

Registrant’s Telephone Number – (360) 734-9900  Ext. 1804

Date of fiscal year end: May 31, 2024

Date of reporting period: May 31, 2024

Item 1. Report to Shareowners

AMIDX

| INSTITUTIONAL SHARES

Amana Developing World Fund 

Annual Shareholder Report - May 31, 2024

Fund Overview 

The objective of the Growth Fund is long-term capital growth, consistent with Islamic principles. This Annual Shareholder Report contains important information about the Amana Developing World Fund for the period of June 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.saturna.com/amana/developing-world-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?  

  (Based on a hypothetical $10,000 investment) 

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Institutional Shares	$96.73	0.90%

How did the Fund perform over the last year? 

For the fiscal year ended May 31, 2024, the Amana Developing World Fund Institutional Shares returned 14.95%, ahead of the MSCI Emerging Markets Index, which returned 12.39%. For the five-year period ended May 31, 2024, the Institutional Shares reported an annualized return of 8.31%, the Index reported 3.54%, and the Fund’s Morningstar peer group reported 4.45%. Morningstar rated the Institutional Shares 4 Stars for overall performance.

From the end of fiscal 2023 through the end of fiscal 2024, the Amana Developing World Fund's total net assets increased 49.7%. The Institutional Shares reported a turnover ratio of 1.3%, consistent with our overall strategy of investing in companies with long-term growth potential. 

Factors Affecting Past Performance

Viewed alone, fiscal 2024 was a strong year for emerging markets. When compared to the US’s immense returns, driven by the rise in artificial intelligence (AI), emerging market returns look humbler. Developing economies experienced growth that propelled equities higher, despite a strong US dollar. While economic growth was strong, equity returns were quite divergent. For the one-year period ended March 31, 2024, India’s gross domestic product (GDP) grew 8.2% and the MSCI India Index returned 37.35%. Meanwhile, China’s GDP grew 5.4% but the MSCI China Index declined -16.98%. This divergence between economic gains and equity growth has been a consistent theme in emerging market investing; economic gains don’t necessarily accrue to shareholders. This, among others, is a key reason why we consider governance at both the company and geographic level. 

The above-mentioned disparity, and the fact that China constitutes 27.16% of the MSCI Emerging Markets Index, provides a compelling argument for active investing in emerging markets. Southeast Asia and Latin America benefited from supply chain diversification, Taiwan and South Korea are manufacturing leading-edge semiconductors, and India and Indonesia are adding masses to the middle class. With the MSCI Emerging Markets Index trading at 12.02x forward P/E versus 20.86x for the MSCI USA Index, we continue to see attractive value in developing world markets. 

How did the Fund perform over the past 10 years? 

The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Cumulative Performance

May 31, 2014 through May 31, 2024 with initial investment of $10,000.

	Amana Developing World Fund Institutional Shares $13,470	MSCI Emerging Markets Index $13,007
May - 14	10,000	10,000
June - 14	10,220	10,266
July - 14	10,211	10,464
August - 14	10,495	10,700
September - 14	10,083	9,907
October - 14	10,238	10,024
November - 14	10,156	9,918
December - 14	9,799	9,461
January - 15	9,698	9,517
February - 15	9,762	9,812
March - 15	9,458	9,672
April - 15	9,679	10,416
May - 15	9,504	9,999
June - 15	9,256	9,740
July - 15	9,063	9,064
August - 15	8,364	8,245
September - 15	8,032	7,997
October - 15	8,391	8,567
November - 15	8,345	8,233
December - 15	8,160	8,049
January - 16	8,002	7,527
February - 16	8,076	7,515
March - 16	8,670	8,509
April - 16	8,800	8,555
May - 16	8,744	8,236
June - 16	8,957	8,566
July - 16	9,133	8,997
August - 16	9,198	9,220
September - 16	9,115	9,339
October - 16	8,855	9,361
November - 16	8,317	8,930
December - 16	8,259	8,950
January - 17	8,511	9,440
February - 17	8,680	9,728
March - 17	8,848	9,974
April - 17	9,091	10,192
May - 17	9,334	10,494
June - 17	9,343	10,599
July - 17	9,623	11,231
August - 17	9,633	11,482
September - 17	9,698	11,436
October - 17	9,614	11,837
November - 17	9,745	11,861
December - 17	10,052	12,287
January - 18	10,211	13,311
February - 18	9,893	12,697
March - 18	9,827	12,461
April - 18	9,762	12,405
May - 18	9,443	11,966
June - 18	9,171	11,469
July - 18	9,331	11,721
August - 18	9,190	11,404
September - 18	8,993	11,343
October - 18	8,412	10,355
November - 18	8,722	10,782
December - 18	8,501	10,497
January - 19	9,123	11,416
February - 19	9,067	11,441
March - 19	9,161	11,537
April - 19	9,368	11,780
May - 19	8,822	10,925
June - 19	9,406	11,607
July - 19	9,415	11,465
August - 19	9,217	10,906
September - 19	9,359	11,115
October - 19	9,594	11,583
November - 19	9,585	11,567
December - 19	10,092	12,430
January - 20	9,893	11,851
February - 20	9,505	11,226
March - 20	8,330	9,497
April - 20	8,917	10,366
May - 20	9,192	10,446
June - 20	9,770	11,214
July - 20	10,225	12,216
August - 20	10,348	12,486
September - 20	10,263	12,286
October - 20	10,471	12,539
November - 20	11,391	13,699
December - 20	12,272	14,706
January - 21	12,499	15,157
February - 21	12,727	15,273
March - 21	12,613	15,042
April - 21	12,926	15,416
May - 21	13,049	15,774
June - 21	13,125	15,801
July - 21	12,793	14,738
August - 21	13,125	15,123
September - 21	12,613	14,522
October - 21	12,888	14,666
November - 21	12,935	14,068
December - 21	13,194	14,332
January - 22	12,395	14,061
February - 22	12,232	13,640
March - 22	12,058	13,332
April - 22	11,481	12,591
May - 22	11,452	12,646
June - 22	10,634	11,806
July - 22	11,029	11,777
August - 22	10,711	11,826
September - 22	9,932	10,440
October - 22	10,143	10,115
November - 22	11,173	11,616
December - 22	10,893	11,452
January - 23	11,653	12,357
February - 23	11,166	11,556
March - 23	11,595	11,906
April - 23	11,449	11,771
May - 23	11,439	11,573
June - 23	11,780	12,012
July - 23	12,238	12,760
August - 23	11,799	11,974
September - 23	11,341	11,661
October - 23	10,932	11,208
November - 23	11,673	12,105
December - 23	12,351	12,578
January - 24	12,154	11,994
February - 24	12,608	12,565
March - 24	13,002	12,876
April - 24	12,627	12,934
May - 24	13,470	13,007

Annual Average Total Return

	1 Year	5 Year	10 Year
Institutional Shares	14.95%	8.31%	2.78%
MSCI Emerging Markets Index	12.39%	3.54%	2.66%

Please visit www.saturna.com/amana/developing-world-fund for more recent performance information.

AMIDX

| INSTITUTIONAL SHARES

Amana Developing World Fund 

Annual Shareholder Report - May 31, 2024

Key Fund Statistics

Total Net Assets	$125,834,661
# of Portfolio Holdings	41
Advisory Fees Paid	$833,792
Portfolio Turnover Rate	1%

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762

What did the Fund invest in?

Top 10 Holdings 

% of Total Net Assets 

NVIDIA	8.2%
Qualcomm	4.0%
Southern Copper	3.6%
ASML Holding NY	3.5%
Taiwan Semiconductor ADR	3.3%
Bim Birlesik Magazalar AS	3.0%
Colgate-Palmolive	2.9%
Ford Otomotiv Sanayi	2.8%
UltraTech Cement	2.7%
Unilever ADR	2.7%

Geographic Weightings

% of Total Net Assets 

United States	13.5%
China	9.1%
Taiwan	7.4%
India	7.4%
Malaysia	6.5%
Turkey	5.8%
South Korea	5.6%
Philippines	4.5%
Thailand	3.6%
Peru	3.6%

Industry Weightings

% of Total Net Assets 

Personal Care Products	13.5%
Semiconductor Devices	12.2%
Semiconductor Manufacturing	6.8%
Electronics Components	5.8%
Food & Drug Stores	5.4%
Health Care Facilities	5.4%
Communications Equipment	4.5%
Base Metals	3.6%
Automobiles	2.8%
Cement & Aggregates	2.7%
Other Industries	31.2%
Other Assets (net of liabilities)	6.1%

QR Code

Additional Information

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library  .

1300 N. State Street 

Bellingham, WA 98225 

1-866-290-2688 

AMDWX

| INVESTOR SHARES

Amana Developing World Fund 

Annual Shareholder Report - May 31, 2024

Fund Overview 

The objective of the Growth Fund is long-term capital growth, consistent with Islamic principles. This Annual Shareholder Report contains important information about the Amana Developing World Fund for the period of June 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.saturna.com/amana/developing-world-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?  

  (Based on a hypothetical $10,000 investment) 

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Investor Shares	$121.28	1.13%

How did the Fund perform over the last year? 

For the fiscal year ended May 31, 2024, the Amana Developing World Fund Investor Shares returned 14.65%, ahead of the MSCI Emerging Markets Index, which returned 12.39%. For the five-year period ended May 31, 2024, the Investor Shares reported an annualized return of 8.09%, the Index reported 3.54%, and the Fund’s Morningstar peer group reported 4.45%. Morningstar rated the Investor Shares 4 Stars for overall performance.

From the end of fiscal 2023 through the end of fiscal 2024, the Amana Developing World Fund's total net assets increased 49.7%. The Investor Shares reported a low turnover ratio of 1.3%, consistent with our overall strategy of investing in companies with long-term growth potential. 

Factors Affecting Past Performance

Viewed alone, fiscal 2024 was a strong year for emerging markets. When compared to the US’s immense returns, driven by the rise in artificial intelligence (AI), emerging market returns look humbler. Developing economies experienced growth that propelled equities higher, despite a strong US dollar. While economic growth was strong, equity returns were quite divergent. For the one-year period ended March 31, 2024, India’s gross domestic product (GDP) grew 8.2% and the MSCI India Index returned 37.35%. Meanwhile, China’s GDP grew 5.4% but the MSCI China Index declined -16.98%. This divergence between economic gains and equity growth has been a consistent theme in emerging market investing; economic gains don’t necessarily accrue to shareholders. This, among others, is a key reason why we consider governance at both the company and geographic level. 

The above-mentioned disparity, and the fact that China constitutes 27.16% of the MSCI Emerging Markets Index, provides a compelling argument for active investing in emerging markets. Southeast Asia and Latin America benefited from supply chain diversification, Taiwan and South Korea are manufacturing leading-edge semiconductors, and India and Indonesia are adding masses to the middle class. With the MSCI Emerging Markets Index trading at 12.02x forward P/E versus 20.86x for the MSCI USA Index, we continue to see attractive value in developing world markets. 

How did the Fund perform over the past 10 years? 

The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Cumulative Performance

May 31, 2014 through May 31, 2024 with initial investment of $10,000.

	Amana Developing World Fund Investor Shares $12,872	MSCI Emerging Markets Index $13,007
May - 14	10,000	10,000
June - 14	8,639	10,266
July - 14	10,230	10,464
August - 14	10,505	10,700
September - 14	10,074	9,907
October - 14	10,230	10,024
November - 14	10,147	9,918
December - 14	9,789	9,461
January - 15	9,679	9,517
February - 15	9,743	9,812
March - 15	9,430	9,672
April - 15	9,660	10,416
May - 15	9,476	9,999
June - 15	9,228	9,740
July - 15	9,034	9,064
August - 15	8,334	8,245
September - 15	7,994	7,997
October - 15	8,362	8,567
November - 15	8,307	8,233
December - 15	8,123	8,049
January - 16	7,966	7,527
February - 16	8,040	7,515
March - 16	8,623	8,509
April - 16	8,744	8,555
May - 16	8,688	8,236
June - 16	8,910	8,566
July - 16	9,077	8,997
August - 16	9,133	9,220
September - 16	9,049	9,339
October - 16	8,790	9,361
November - 16	8,253	8,930
December - 16	8,202	8,950
January - 17	8,452	9,440
February - 17	8,620	9,728
March - 17	8,787	9,974
April - 17	9,028	10,192
May - 17	9,270	10,494
June - 17	9,270	10,599
July - 17	9,548	11,231
August - 17	9,558	11,482
September - 17	9,613	11,436
October - 17	9,530	11,837
November - 17	9,660	11,861
December - 17	9,956	12,287
January - 18	10,114	13,311
February - 18	9,807	12,697
March - 18	9,733	12,461
April - 18	9,668	12,405
May - 18	9,351	11,966
June - 18	9,082	11,469
July - 18	9,240	11,721
August - 18	9,100	11,404
September - 18	8,905	11,343
October - 18	8,328	10,355
November - 18	8,635	10,782
December - 18	8,407	10,497
January - 19	9,024	11,416
February - 19	8,968	11,441
March - 19	9,062	11,537
April - 19	9,268	11,780
May - 19	8,725	10,925
June - 19	9,296	11,607
July - 19	9,314	11,465
August - 19	9,109	10,906
September - 19	9,240	11,115
October - 19	9,483	11,583
November - 19	9,473	11,567
December - 19	9,977	12,430
January - 20	9,780	11,851
February - 20	9,386	11,226
March - 20	8,232	9,497
April - 20	8,804	10,366
May - 20	9,076	10,446
June - 20	9,649	11,214
July - 20	10,090	12,216
August - 20	10,212	12,486
September - 20	10,128	12,286
October - 20	10,334	12,539
November - 20	11,235	13,699
December - 20	12,099	14,706
January - 21	12,324	15,157
February - 21	12,549	15,273
March - 21	12,437	15,042
April - 21	12,737	15,416
May - 21	12,859	15,774
June - 21	12,925	15,801
July - 21	12,605	14,738
August - 21	12,925	15,123
September - 21	12,418	14,522
October - 21	12,690	14,666
November - 21	12,737	14,068
December - 21	12,984	14,332
January - 22	12,195	14,061
February - 22	12,034	13,640
March - 22	11,863	13,332
April - 22	11,293	12,591
May - 22	11,255	12,646
June - 22	10,457	11,806
July - 22	10,837	11,777
August - 22	10,524	11,826
September - 22	9,754	10,440
October - 22	9,963	10,115
November - 22	10,970	11,616
December - 22	10,700	11,452
January - 23	11,438	12,357
February - 23	10,959	11,556
March - 23	11,371	11,906
April - 23	11,237	11,771
May - 23	11,227	11,573
June - 23	11,554	12,012
July - 23	12,014	12,760
August - 23	11,573	11,974
September - 23	11,131	11,661
October - 23	10,719	11,208
November - 23	11,438	12,105
December - 23	12,116	12,578
January - 24	11,913	11,994
February - 24	12,358	12,565
March - 24	12,736	12,876
April - 24	12,368	12,934
May - 24	12,872	13,007

Annual Average Total Return

	1 Year	5 Year	10 Year
Investor Shares	14.65%	8.09%	2.56%
MSCI Emerging Markets Index	12.39%	3.54%	2.66%

Please visit www.saturna.com/amana/developing-world-fund for more recent performance information.

AMDWX

| INVESTOR SHARES

Amana Developing World Fund 

Annual Shareholder Report - May 31, 2024

Key Fund Statistics

Total Net Assets	$125,834,661
# of Portfolio Holdings	41
Advisory Fees Paid	$833,792
Portfolio Turnover Rate	1%

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762

What did the Fund invest in?

Top 10 Holdings 

% of Total Net Assets 

NVIDIA	8.2%
Qualcomm	4.0%
Southern Copper	3.6%
ASML Holding NY	3.5%
Taiwan Semiconductor ADR	3.3%
Bim Birlesik Magazalar AS	3.0%
Colgate-Palmolive	2.9%
Ford Otomotiv Sanayi	2.8%
UltraTech Cement	2.7%
Unilever ADR	2.7%

Geographic Weightings

% of Total Net Assets 

United States	13.5%
China	9.1%
Taiwan	7.4%
India	7.4%
Malaysia	6.5%
Turkey	5.8%
South Korea	5.6%
Philippines	4.5%
Thailand	3.6%
Peru	3.6%

Industry Weightings

% of Total Net Assets 

Personal Care Products	13.5%
Semiconductor Devices	12.2%
Semiconductor Manufacturing	6.8%
Electronics Components	5.8%
Food & Drug Stores	5.4%
Health Care Facilities	5.4%
Communications Equipment	4.5%
Base Metals	3.6%
Automobiles	2.8%
Cement & Aggregates	2.7%
Other Industries	31.2%
Other Assets (net of liabilities)	6.1%

QR Code

Additional Information

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library  .

1300 N. State Street 

Bellingham, WA 98225 

1-866-290-2688 

AMIGX

| INSTITUTIONAL SHARES

Amana Growth Fund 

Annual Shareholder Report - May 31, 2024

Fund Overview 

The objective of the Growth Fund is long-term capital growth, consistent with Islamic principles. This Annual Shareholder Report contains important information about the Amana Growth Fund for the period of June 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.saturna.com/amana/growth-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?  

  (Based on a hypothetical $10,000 investment) 

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Institutional Shares	$70.17	0.62%

How did the Fund perform over the last year? 

For the fiscal year ended May 31, 2024, the Institutional Shares of the Amana Growth Fund returned 26.34% (versus 7.09% last year). The Institutional Shares’ fiscal year performance trailed the broad S&P 500 Index, which gained 28.19%. While income is not an investment, the Institutional Shares paid a qualified income dividend at $0.24 per share. All Fund shareowners received a capital gain distribution of $0.35 per share. The Fund's total net assets increased 36.63% during the fiscal year.  For the 10-year period ended May 31, 2024, the Institutional Shares provided an annualized return of 15.15%. Since their inception on September 25, 2013, the Institutional Shares provided an annualized return of 15.41%. 

What Factors Influenced Performance?

After Nvidia’s May 2023 earnings announcement, the artificial intelligence (AI) frenzy took off, defining market performance ever since. The handful of stocks that dominated 2023 became known as the Magnificent Seven: Apple, Microsoft, Nvidia, Google, Amazon, Tesla, and Meta. All (except possibly Apple) are expected to be major AI players in the coming years. The Amana Growth Fund holds positions in Apple, Microsoft, Nvidia, and Google. We do not believe the other three stocks are appropriate holdings for the Fund. Those we do own are held in positions lower than their benchmark weights, creating a performance drag. Last year, GLP-1 drug companies Novo Nordisk and Eli Lilly helped overcome that drag, soaring to new heights on enthusiasm for the effectiveness of their weight loss drugs. Trane was a top contributor in the Industrial sector, benefiting from rising demand for cooling technologies.

Looking Forward

With a presidential election approaching, either bravery or foolishness would be required to opine on next year’s outlook. The two candidates have widely divergent opinions on a host of issues including taxation, tariffs, immigration, fossil fuels, alternative energy, and many others. Economic resilience (in terms of jobs and wages) adds to the uncertainty, defying the inverted yield curve prognostications, and consumers are still scarred from the pandemic-engendered period of high inflation. 

How did the Fund perform over the past 10 years? 

The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Cumulative Performance

May 31, 2014 through May 31, 2024 with initial investment of $10,000.

	Amana Growth Fund Institutional Shares $40,989	S&P 500 Index $33,028
May - 14	10,000	10,000
June - 14	10,241	10,207
July - 14	9,955	10,066
August - 14	10,388	10,468
September - 14	10,316	10,322
October - 14	10,659	10,574
November - 14	11,098	10,858
December - 14	11,000	10,831
January - 15	10,640	10,506
February - 15	11,356	11,109
March - 15	11,176	10,934
April - 15	11,138	11,039
May - 15	11,288	11,181
June - 15	10,977	10,964
July - 15	11,366	11,194
August - 15	10,618	10,519
September - 15	10,422	10,258
October - 15	11,115	11,124
November - 15	11,134	11,157
December - 15	10,977	10,981
January - 16	10,466	10,436
February - 16	10,524	10,422
March - 16	11,129	11,129
April - 16	11,091	11,172
May - 16	11,436	11,372
June - 16	11,443	11,402
July - 16	11,940	11,822
August - 16	11,864	11,839
September - 16	11,861	11,841
October - 16	11,474	11,625
November - 16	11,616	12,056
December - 16	11,838	12,294
January - 17	12,220	12,527
February - 17	12,786	13,025
March - 17	12,951	13,040
April - 17	13,230	13,174
May - 17	13,572	13,359
June - 17	13,532	13,442
July - 17	13,737	13,719
August - 17	14,047	13,761
September - 17	14,311	14,045
October - 17	14,739	14,372
November - 17	15,234	14,813
December - 17	15,306	14,978
January - 18	16,158	15,836
February - 18	15,651	15,252
March - 18	15,520	14,864
April - 18	15,258	14,921
May - 18	15,883	15,281
June - 18	15,892	15,375
July - 18	16,691	15,947
August - 18	17,603	16,466
September - 18	17,918	16,560
October - 18	16,669	15,428
November - 18	16,996	15,743
December - 18	15,715	14,321
January - 19	16,878	15,469
February - 19	17,874	15,966
March - 19	18,471	16,276
April - 19	19,132	16,935
May - 19	17,874	15,859
June - 19	19,114	16,976
July - 19	19,205	17,220
August - 19	19,227	16,948
September - 19	19,295	17,265
October - 19	19,653	17,639
November - 19	20,282	18,279
December - 19	20,965	18,831
January - 20	20,923	18,823
February - 20	19,762	17,274
March - 20	18,110	15,140
April - 20	20,080	17,081
May - 20	21,344	17,895
June - 20	22,219	18,250
July - 20	23,759	19,279
August - 20	25,369	20,665
September - 20	24,732	19,880
October - 20	23,740	19,351
November - 20	26,379	21,470
December - 20	27,922	22,295
January - 21	27,764	22,070
February - 21	28,100	22,679
March - 21	28,941	23,672
April - 21	30,118	24,935
May - 21	30,415	25,109
June - 21	31,829	25,696
July - 21	33,308	26,306
August - 21	34,742	27,106
September - 21	32,156	25,845
October - 21	34,698	27,656
November - 21	35,494	27,464
December - 21	36,807	28,695
January - 22	33,897	27,210
February - 22	32,318	26,395
March - 22	32,955	27,375
April - 22	30,449	24,988
May - 22	30,295	25,034
June - 22	28,182	22,968
July - 22	30,763	25,085
August - 22	29,423	24,062
September - 22	26,667	21,846
October - 22	28,949	23,615
November - 22	31,211	24,935
December - 22	29,732	23,498
January - 23	31,300	24,975
February - 23	30,301	24,365
March - 23	32,044	25,260
April - 23	32,174	25,654
May - 23	32,443	25,766
June - 23	34,409	27,468
July - 23	34,802	28,350
August - 23	34,657	27,899
September - 23	32,919	26,569
October - 23	32,536	26,010
November - 23	35,640	28,386
December - 23	37,457	29,675
January - 24	38,683	30,174
February - 24	40,712	31,785
March - 24	41,448	32,808
April - 24	39,836	31,468
May - 24	40,989	33,028

Annual Average Total Return

	1 Year	5 Year	10 Year
Institutional Shares	26.34%	18.06%	15.15%
S&P 500 Index	28.19%	15.79%	12.68%

Please visit www.saturna.com/amana/growth-fund for more recent performance information.

AMIGX

| INSTITUTIONAL SHARES

Amana Growth Fund 

Annual Shareholder Report - May 31, 2024

Key Fund Statistics

Total Net Assets	$5,225,172,912
# of Portfolio Holdings	35
Advisory Fees Paid	$27,063,118
Portfolio Turnover Rate	10%

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762

What did the Fund invest in?

Top 10 Holdings 

% of Total Net Assets 

Apple	7.3%
ASML Holding NY	5.7%
Eli Lilly	5.5%
Microsoft	5.2%
Novo Nordisk ADR	5.2%
Alphabet, Class A	4.4%
NVIDIA	4.1%
Advanced Micro Devices	3.8%
Taiwan Semiconductor ADR	3.5%
Intuit	3.2%

Geographic Weightings

% of Total Net Assets 

United States	77.5%
Netherlands	5.5%
Denmark	5.2%
Taiwan	3.5%
Ireland	2.5%
United Kingdom	2.4%
France	1.9%

Industry Weightings

% of Total Net Assets 

Large Pharma	15.0%
Semiconductor Devices	10.7%
Infrastructure Software	9.5%
Semiconductor Manufacturing	9.2%
Communications Equipment	8.9%
Application Software	5.9%
Commercial & Residential Building Equipment & Systems	5.3%
Internet Media & Services	4.4%
Measurement Instruments	4.1%
Life Science & Diagnostics	3.8%
Other Industries	21.8%
Other Assets (net of liabilities)	1.4%

QR Code

Additional Information

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library  .

1300 N. State Street 

Bellingham, WA 98225 

1-866-290-2688 

AMAGX

| INVESTOR SHARES

Amana Growth Fund 

Annual Shareholder Report - May 31, 2024

Fund Overview 

The objective of the Growth Fund is long-term capital growth, consistent with Islamic principles. This Annual Shareholder Report contains important information about the Amana Growth Fund for the period of June 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.saturna.com/amana/growth-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?  

  (Based on a hypothetical $10,000 investment) 

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Investor Shares	$98.32	0.87%

How did the Fund perform over the last year? 

For the fiscal year ended May 31, 2024, the Investor Shares of the Amana Growth Fund returned 26.03% (versus 6.83% last year). The Investor Shares’ fiscal year performance trailed the broad S&P 500 Index, which gained 28.19%. While income is not an investment objective, the Investor Shares paid a qualified income dividend at $0.11 per share. All Fund shareowners received a capital gain distribution of $0.35 per share. The Fund's total net assets increased 36.63% during the fiscal year.  For the 15-year period ended May 31, 2024, the Investor provided an annualized return of 14.66%. Since the Fund's inception on February 3, 1994, the Investor Shares provided an annualized return of 11.93%.  

What Factors Influenced Performance?

After Nvidia’s May 2023 earnings announcement, the artificial intelligence (AI) frenzy took off, defining market performance ever since. The handful of stocks that dominated 2023 became known as the Magnificent Seven: Apple, Microsoft, Nvidia, Google, Amazon, Tesla, and Meta. All (except possibly Apple) are expected to be major AI players in the coming years. The Amana Growth Fund holds positions in Apple, Microsoft, Nvidia, and Google. We do not believe the other three stocks are appropriate holdings for the Fund. Those we do own are held in positions lower than their benchmark weights, creating a performance drag. Last year, GLP-1 drug companies Novo Nordisk and Eli Lilly helped overcome that drag, soaring to new heights on enthusiasm for the effectiveness of their weight loss drugs. Trane was a top contributor in the Industrial sector, benefiting from rising demand for cooling technologies.

Looking Forward

With a presidential election approaching, either bravery or foolishness would be required to opine on next year’s outlook. The two candidates have widely divergent opinions on a host of issues including taxation, tariffs, immigration, fossil fuels, alternative energy, and many others. Economic resilience (in terms of jobs and wages) adds to the uncertainty, defying the inverted yield curve prognostications, and consumers are still scarred from the pandemic-engendered period of high inflation. 

How did the Fund perform over the past 10 years? 

The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Cumulative Performance

May 31, 2014 through May 31, 2024 with initial investment of $10,000.

	Amana Growth Fund Investor Shares $40,035	S&P 500 Index $33,028
May - 14	10,000	10,000
June - 14	10,238	10,207
July - 14	9,949	10,066
August - 14	10,382	10,468
September - 14	10,307	10,322
October - 14	10,647	10,574
November - 14	11,084	10,858
December - 14	10,984	10,831
January - 15	10,625	10,506
February - 15	11,343	11,109
March - 15	11,157	10,934
April - 15	11,118	11,039
May - 15	11,266	11,181
June - 15	10,955	10,964
July - 15	11,340	11,194
August - 15	10,590	10,519
September - 15	10,394	10,258
October - 15	11,080	11,124
November - 15	11,099	11,157
December - 15	10,937	10,981
January - 16	10,427	10,436
February - 16	10,482	10,422
March - 16	11,082	11,129
April - 16	11,044	11,172
May - 16	11,385	11,372
June - 16	11,388	11,402
July - 16	11,881	11,822
August - 16	11,802	11,839
September - 16	11,798	11,841
October - 16	11,409	11,625
November - 16	11,550	12,056
December - 16	11,770	12,294
January - 17	12,146	12,527
February - 17	12,710	13,025
March - 17	12,871	13,040
April - 17	13,149	13,174
May - 17	13,478	13,359
June - 17	13,438	13,442
July - 17	13,638	13,719
August - 17	13,943	13,761
September - 17	14,202	14,045
October - 17	14,625	14,372
November - 17	15,114	14,813
December - 17	15,181	14,978
January - 18	16,024	15,836
February - 18	15,515	15,252
March - 18	15,385	14,864
April - 18	15,120	14,921
May - 18	15,737	15,281
June - 18	15,741	15,375
July - 18	16,532	15,947
August - 18	17,435	16,466
September - 18	17,743	16,560
October - 18	16,501	15,428
November - 18	16,823	15,743
December - 18	15,552	14,321
January - 19	16,698	15,469
February - 19	17,678	15,966
March - 19	18,267	16,276
April - 19	18,918	16,935
May - 19	17,669	15,859
June - 19	18,891	16,976
July - 19	18,981	17,220
August - 19	18,995	16,948
September - 19	19,062	17,265
October - 19	19,408	17,639
November - 19	20,028	18,279
December - 19	20,695	18,831
January - 20	20,654	18,823
February - 20	19,504	17,274
March - 20	17,867	15,140
April - 20	19,810	17,081
May - 20	21,048	17,895
June - 20	21,910	18,250
July - 20	23,422	19,279
August - 20	25,003	20,665
September - 20	24,373	19,880
October - 20	23,385	19,351
November - 20	25,986	21,470
December - 20	27,495	22,295
January - 21	27,339	22,070
February - 21	27,666	22,679
March - 21	28,488	23,672
April - 21	29,638	24,935
May - 21	29,921	25,109
June - 21	31,311	25,696
July - 21	32,759	26,306
August - 21	34,158	27,106
September - 21	31,609	25,845
October - 21	34,104	27,656
November - 21	34,876	27,464
December - 21	36,164	28,695
January - 22	33,292	27,210
February - 22	31,738	26,395
March - 22	32,352	27,375
April - 22	29,889	24,988
May - 22	29,736	25,034
June - 22	27,656	22,968
July - 22	30,184	25,085
August - 22	28,856	24,062
September - 22	26,152	21,846
October - 22	28,384	23,615
November - 22	30,597	24,935
December - 22	29,143	23,498
January - 23	30,671	24,975
February - 23	29,683	24,365
March - 23	31,384	25,260
April - 23	31,507	25,654
May - 23	31,767	25,766
June - 23	33,687	27,468
July - 23	34,059	28,350
August - 23	33,916	27,899
September - 23	32,205	26,569
October - 23	31,828	26,010
November - 23	34,853	28,386
December - 23	36,620	29,675
January - 24	37,815	30,174
February - 24	39,789	31,785
March - 24	40,501	32,808
April - 24	38,917	31,468
May - 24	40,035	33,028

Annual Average Total Return

	1 Year	5 Year	10 Year
Investor Shares	26.03%	17.77%	14.88%
S&P 500 Index	28.19%	15.79%	12.68%

Please visit www.saturna.com/amana/growth-fund for more recent performance information.

AMAGX

| INVESTOR SHARES

Amana Growth Fund 

Annual Shareholder Report - May 31, 2024

Key Fund Statistics

Total Net Assets	$5,225,172,912
# of Portfolio Holdings	35
Advisory Fees Paid	$27,063,118
Portfolio Turnover Rate	10%

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762

What did the Fund invest in?

Top 10 Holdings 

% of Total Net Assets 

Apple	7.3%
ASML Holding NY	5.7%
Eli Lilly	5.5%
Microsoft	5.2%
Novo Nordisk ADR	5.2%
Alphabet, Class A	4.4%
NVIDIA	4.1%
Advanced Micro Devices	3.8%
Taiwan Semiconductor ADR	3.5%
Intuit	3.2%

Geographic Weightings

% of Total Net Assets 

United States	77.5%
Netherlands	5.5%
Denmark	5.2%
Taiwan	3.5%
Ireland	2.5%
United Kingdom	2.4%
France	1.9%

Industry Weightings

% of Total Net Assets 

Large Pharma	15.0%
Semiconductor Devices	10.7%
Infrastructure Software	9.5%
Semiconductor Manufacturing	9.2%
Communications Equipment	8.9%
Application Software	5.9%
Commercial & Residential Building Equipment & Systems	5.3%
Internet Media & Services	4.4%
Measurement Instruments	4.1%
Life Science & Diagnostics	3.8%
Other Industries	21.8%
Other Assets (net of liabilities)	1.4%

QR Code

Additional Information

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library  .

1300 N. State Street 

Bellingham, WA 98225 

1-866-290-2688 

AMINX

| INSTITUTIONAL SHARES

Amana Income Fund 

Annual Shareholder Report - May 31, 2024

Fund Overview 

The objective of the Income Fund is current income and preservation of capital, consistent with Islamic principles. Current income is its primary objective. This Annual Shareholder Report contains important information about the Amana Income Fund for the period of June 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.saturna.com/amana/income-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?  

  (Based on a hypothetical $10,000 investment) 

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Institutional Shares	$83.62	0.76%

How did the Fund perform over the last year? 

For the fiscal year ended May 31, 2024, the Institutional Shares of the Amana Income Fund returned 20.05%, compared to 4.61% for the fiscal year ended May 31, 2023. The S&P 500 returned 28.19% over the 2024 fiscal year.  As the Amana Income Fund’s objective is current income, the Institutional Shares distributed $0.32 per share at fiscal year-end.  The Amana Income Fund Institutional Shares began operations on September 23, 2013. The Institutional Shares marked their 10-year anniversary during the fiscal year. For the 10-year period ended May 31, 2024, the Institutional Shares provided an average annual return of 9.97%. In comparison, the 10-year annualized return for the S&P 500 was 12.68%.  

Factors Affecting Past Performance

Frenzied optimism over artificial intelligence (AI) drove much of the US and global stock market performance during the fiscal year. Broadcom and Taiwan Semiconductor, whose businesses were buoyed by demand for AI products and services, were among the top contributors to the Amana Income Fund’s performance. The two best performers in the Fund, however, were pharmaceutical company Eli Lilly (with a strong diabetes and emerging weight loss pipeline) and electrical components manufacturer Eaton Corp (whose products are used in power management and energy efficiency applications). The strong results from companies competing outside the AI arena illustrate the benefits of diversification, as their prospects are not set to dim even if the AI hype fades. 

Looking Forward

Not only is 2024 a presidential election year in the US, but the UK will hold their national elections in July. The relationship between the US and China has grown increasingly adversarial on both a geopolitical and economic level. Global political uncertainty and the potential for ongoing escalation between the world’s two preeminent economic and military powers present investment risks. Meanwhile, the fast pace of innovation in AI, pharmaceutical development, and grid electrification offer investment opportunities. The Amana Income Fund will continue to prudently weigh risks and opportunities through ownership of companies with robust competitive advantages, skilled management, and strong balance sheets that position them well to deliver strong performance.

How did the Fund perform over the past 10 years? 

The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Cumulative Performance

May 31, 2014 through May 31, 2024 with initial investment of $10,000.

	Amana Income Fund Institutional Shares $25,874	S&P 500 Index $33,028
May - 14	10,000	10,000
June - 14	10,146	10,207
July - 14	9,768	10,066
August - 14	10,128	10,468
September - 14	10,000	10,322
October - 14	10,260	10,574
November - 14	10,536	10,858
December - 14	10,459	10,831
January - 15	10,131	10,506
February - 15	10,647	11,109
March - 15	10,445	10,934
April - 15	10,524	11,039
May - 15	10,622	11,181
June - 15	10,391	10,964
July - 15	10,360	11,194
August - 15	9,797	10,519
September - 15	9,577	10,258
October - 15	10,342	11,124
November - 15	10,382	11,157
December - 15	10,184	10,981
January - 16	9,804	10,436
February - 16	9,960	10,422
March - 16	10,612	11,129
April - 16	10,670	11,172
May - 16	10,734	11,372
June - 16	10,989	11,402
July - 16	11,301	11,822
August - 16	11,258	11,839
September - 16	11,175	11,841
October - 16	10,708	11,625
November - 16	11,049	12,056
December - 16	11,165	12,294
January - 17	11,376	12,527
February - 17	11,811	13,025
March - 17	11,877	13,040
April - 17	11,947	13,174
May - 17	12,126	13,359
June - 17	12,222	13,442
July - 17	12,199	13,719
August - 17	12,257	13,761
September - 17	12,721	14,045
October - 17	13,105	14,372
November - 17	13,455	14,813
December - 17	13,617	14,978
January - 18	14,159	15,836
February - 18	13,438	15,252
March - 18	13,166	14,864
April - 18	12,798	14,921
May - 18	13,102	15,281
June - 18	13,099	15,375
July - 18	13,938	15,947
August - 18	14,116	16,466
September - 18	14,229	16,560
October - 18	13,150	15,428
November - 18	13,903	15,743
December - 18	12,937	14,321
January - 19	13,419	15,469
February - 19	14,167	15,966
March - 19	14,453	16,276
April - 19	14,824	16,935
May - 19	13,839	15,859
June - 19	14,627	16,976
July - 19	14,664	17,220
August - 19	14,391	16,948
September - 19	14,817	17,265
October - 19	15,185	17,639
November - 19	15,691	18,279
December - 19	16,246	18,831
January - 20	15,893	18,823
February - 20	14,711	17,274
March - 20	13,325	15,140
April - 20	14,838	17,081
May - 20	15,494	17,895
June - 20	15,790	18,250
July - 20	16,333	19,279
August - 20	17,155	20,665
September - 20	16,791	19,880
October - 20	16,361	19,351
November - 20	18,084	21,470
December - 20	18,543	22,295
January - 21	18,549	22,070
February - 21	18,632	22,679
March - 21	19,497	23,672
April - 21	19,838	24,935
May - 21	20,319	25,109
June - 21	20,512	25,696
July - 21	20,951	26,306
August - 21	21,387	27,106
September - 21	19,999	25,845
October - 21	21,224	27,656
November - 21	21,267	27,464
December - 21	22,768	28,695
January - 22	21,515	27,210
February - 22	20,557	26,395
March - 22	21,327	27,375
April - 22	20,498	24,988
May - 22	20,604	25,034
June - 22	19,601	22,968
July - 22	20,744	25,085
August - 22	19,696	24,062
September - 22	18,452	21,846
October - 22	20,032	23,615
November - 22	21,585	24,935
December - 22	20,831	23,498
January - 23	21,020	24,975
February - 23	20,434	24,365
March - 23	21,398	25,260
April - 23	21,836	25,654
May - 23	21,554	25,766
June - 23	23,086	27,468
July - 23	23,006	28,350
August - 23	22,964	27,899
September - 23	21,942	26,569
October - 23	21,573	26,010
November - 23	22,884	28,386
December - 23	23,710	29,675
January - 24	23,993	30,174
February - 24	25,312	31,785
March - 24	26,099	32,808
April - 24	25,164	31,468
May - 24	25,874	33,028

Annual Average Total Return

	1 Year	5 Year	10 Year
Institutional Shares	20.05%	13.33%	9.97%
S&P 500 Index	28.19%	15.79%	12.68%

Please visit www.saturna.com/amana/income-fund for more recent performance information.

AMINX

| INSTITUTIONAL SHARES

Amana Income Fund 

Annual Shareholder Report - May 31, 2024

Key Fund Statistics

Total Net Assets	$1,858,513,701
# of Portfolio Holdings	33
Advisory Fees Paid	$12,682,266
Portfolio Turnover Rate	10%

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762

What did the Fund invest in?

Top 10 Holdings 

% of Total Net Assets 

Eli Lilly	14.6%
Microsoft	8.9%
Taiwan Semiconductor ADR	6.7%
Rockwell Automation	4.2%
W.W. Grainger	4.0%
Illinois Tool Works	3.9%
Linde	3.0%
Genuine Parts	3.0%
PPG Industries	2.7%
Canadian National Railway	2.6%

Geographic Weightings

% of Total Net Assets 

United States	77.2%
Taiwan	6.7%
United Kingdom	3.0%
Canada	2.6%
Japan	2.2%
Switzerland	1.6%

Industry Weightings

% of Total Net Assets 

Large Pharma	21.5%
Infrastructure Software	9.0%
Semiconductor Manufacturing	6.7%
Personal Care Products	6.7%
Industrial Wholesale & Rental	5.7%
Basic & Diversified Chemicals	4.6%
Semiconductor Devices	4.4%
Measurement Instruments	4.2%
Diversified Industrials	3.9%
Automotive Retailers	3.0%
Other Industries	23.6%
Other Assets (net of liabilities)	6.7%

QR Code

Additional Information

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library  .

1300 N. State Street 

Bellingham, WA 98225 

1-866-290-2688 

AMANX

| INVESTOR SHARES

Amana Income Fund 

Annual Shareholder Report - May 31, 2024

Fund Overview 

The objective of the Income Fund is current income and preservation of capital, consistent with Islamic principles. Current income is its primary objective. This Annual Shareholder Report contains important information about the Amana Income Fund for the period of June 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.saturna.com/amana/income-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?  

  (Based on a hypothetical $10,000 investment) 

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Investor Shares	$109.87	1.00%

How did the Fund perform over the last year? 

For the fiscal year ended May 31, 2024, the Investor Shares of the Amana Income Fund returned 19.75%, compared to 4.35% for the fiscal year ended May 31, 2023. The S&P 500 returned 28.19% over the 2024 fiscal year.  As the Amana Income Fund’s objective is current income, the Investor Shares distributed $0.27 per share at fiscal year-end.   

Factors Affecting Past Performance

Frenzied optimism over artificial intelligence (AI) drove much of the US and global stock market performance during the fiscal year. Broadcom and Taiwan Semiconductor, whose businesses were buoyed by demand for AI products and services, were among the top contributors to the Amana Income Fund’s performance. The two best performers in the Fund, however, were pharmaceutical company Eli Lilly (with a strong diabetes and emerging weight loss pipeline) and electrical components manufacturer Eaton Corp (whose products are used in power management and energy efficiency applications). The strong results from companies competing outside the AI arena illustrate the benefits of diversification, as their prospects are not set to dim even if the AI hype fades. 

Looking Forward

Not only is 2024 a presidential election year in the US, but the UK will hold their national elections in July. The relationship between the US and China has grown increasingly adversarial on both a geopolitical and economic level. Global political uncertainty and the potential for ongoing escalation between the world’s two preeminent economic and military powers present investment risks. Meanwhile, the fast pace of innovation in AI, pharmaceutical development, and grid electrification offer investment opportunities. The Amana Income Fund will continue to prudently weigh risks and opportunities through ownership of companies with robust competitive advantages, skilled management, and strong balance sheets that position them well to deliver strong performance.

How did the Fund perform over the past 10 years? 

The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Cumulative Performance

May 31, 2014 through May 31, 2024 with initial investment of $10,000.

	Amana Income Fund Investor Shares $25,275	S&P 500 Index $33,028
May - 14	10,000	10,000
June - 14	10,141	10,207
July - 14	9,764	10,066
August - 14	10,119	10,468
September - 14	9,991	10,322
October - 14	10,249	10,574
November - 14	10,523	10,858
December - 14	10,442	10,831
January - 15	10,113	10,506
February - 15	10,626	11,109
March - 15	10,422	10,934
April - 15	10,501	11,039
May - 15	10,594	11,181
June - 15	10,362	10,964
July - 15	10,330	11,194
August - 15	9,765	10,519
September - 15	9,546	10,258
October - 15	10,303	11,124
November - 15	10,344	11,157
December - 15	10,143	10,981
January - 16	9,763	10,436
February - 16	9,916	10,422
March - 16	10,562	11,129
April - 16	10,617	11,172
May - 16	10,679	11,372
June - 16	10,930	11,402
July - 16	11,240	11,822
August - 16	11,192	11,839
September - 16	11,108	11,841
October - 16	10,641	11,625
November - 16	10,978	12,056
December - 16	11,090	12,294
January - 17	11,300	12,527
February - 17	11,731	13,025
March - 17	11,793	13,040
April - 17	11,860	13,174
May - 17	12,032	13,359
June - 17	12,128	13,442
July - 17	12,103	13,719
August - 17	12,158	13,761
September - 17	12,614	14,045
October - 17	12,992	14,372
November - 17	13,338	14,813
December - 17	13,496	14,978
January - 18	14,028	15,836
February - 18	13,314	15,252
March - 18	13,042	14,864
April - 18	12,673	14,921
May - 18	12,973	15,281
June - 18	12,968	15,375
July - 18	13,796	15,947
August - 18	13,966	16,466
September - 18	14,077	16,560
October - 18	13,008	15,428
November - 18	13,751	15,743
December - 18	12,791	14,321
January - 19	13,266	15,469
February - 19	14,002	15,966
March - 19	14,283	16,276
April - 19	14,646	16,935
May - 19	13,667	15,859
June - 19	14,443	16,976
July - 19	14,479	17,220
August - 19	14,205	16,948
September - 19	14,624	17,265
October - 19	14,983	17,639
November - 19	15,478	18,279
December - 19	16,025	18,831
January - 20	15,673	18,823
February - 20	14,504	17,274
March - 20	13,139	15,140
April - 20	14,629	17,081
May - 20	15,276	17,895
June - 20	15,566	18,250
July - 20	16,097	19,279
August - 20	16,906	20,665
September - 20	16,540	19,880
October - 20	16,115	19,351
November - 20	17,810	21,470
December - 20	18,259	22,295
January - 21	18,266	22,070
February - 21	18,344	22,679
March - 21	19,192	23,672
April - 21	19,525	24,935
May - 21	19,991	25,109
June - 21	20,177	25,696
July - 21	20,609	26,306
August - 21	21,031	27,106
September - 21	19,663	25,845
October - 21	20,862	27,656
November - 21	20,901	27,464
December - 21	22,369	28,695
January - 22	21,135	27,210
February - 22	20,192	26,395
March - 22	20,942	27,375
April - 22	20,125	24,988
May - 22	20,224	25,034
June - 22	19,239	22,968
July - 22	20,354	25,085
August - 22	19,321	24,062
September - 22	18,097	21,846
October - 22	19,641	23,615
November - 22	21,161	24,935
December - 22	20,418	23,498
January - 23	20,597	24,975
February - 23	20,022	24,365
March - 23	20,960	25,260
April - 23	21,389	25,654
May - 23	21,104	25,766
June - 23	22,603	27,468
July - 23	22,518	28,350
August - 23	22,474	27,899
September - 23	21,465	26,569
October - 23	21,104	26,010
November - 23	22,382	28,386
December - 23	23,184	29,675
January - 24	23,454	30,174
February - 24	24,739	31,785
March - 24	25,507	32,808
April - 24	24,585	31,468
May - 24	25,275	33,028

Annual Average Total Return

	1 Year	5 Year	10 Year
Investor Shares	19.75%	13.08%	9.72%
S&P 500 Index	28.19%	15.79%	12.68%

Please visit www.saturna.com/amana/income-fund for more recent performance information.

AMANX

| INVESTOR SHARES

Amana Income Fund 

Annual Shareholder Report - May 31, 2024

Key Fund Statistics

Total Net Assets	$1,858,513,701
# of Portfolio Holdings	33
Advisory Fees Paid	$12,682,266
Portfolio Turnover Rate	10%

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762

What did the Fund invest in?

Top 10 Holdings 

% of Total Net Assets 

Eli Lilly	14.6%
Microsoft	8.9%
Taiwan Semiconductor ADR	6.7%
Rockwell Automation	4.2%
W.W. Grainger	4.0%
Illinois Tool Works	3.9%
Linde	3.0%
Genuine Parts	3.0%
PPG Industries	2.7%
Canadian National Railway	2.6%

Geographic Weightings

% of Total Net Assets 

United States	77.2%
Taiwan	6.7%
United Kingdom	3.0%
Canada	2.6%
Japan	2.2%
Switzerland	1.6%

Industry Weightings

% of Total Net Assets 

Large Pharma	21.5%
Infrastructure Software	9.0%
Semiconductor Manufacturing	6.7%
Personal Care Products	6.7%
Industrial Wholesale & Rental	5.7%
Basic & Diversified Chemicals	4.6%
Semiconductor Devices	4.4%
Measurement Instruments	4.2%
Diversified Industrials	3.9%
Automotive Retailers	3.0%
Other Industries	23.6%
Other Assets (net of liabilities)	6.7%

QR Code

Additional Information

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library  .

1300 N. State Street 

Bellingham, WA 98225 

1-866-290-2688 

AMIPX

| INSTITUTIONAL SHARES

Amana Participation Fund 

Annual Shareholder Report - May 31, 2024

Fund Overview 

The objective of the Participation Fund is capital preservation and current income, consistent with Islamic principles. Capital preservation is its primary objective. This Annual Shareholder Report contains important information about the Amana Participation Fund for the period of June 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.saturna.com/amana/participation-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?  

  (Based on a hypothetical $10,000 investment) 

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Institutional Shares	$56.63	0.56%

How did the Fund perform over the last year? 

For the fiscal year ended May 31, 2024, the Institutional Shares of the Amana Participation Fund returned 2.26% and the FTSE IdealRatings Sukuk Index returned 2.69% . The Fund’s underperformance relative to the benchmark can be attributed to the Fund’s differing objective and prudent composition.

At fiscal year-end, the Amana Participation Fund held 44 issues and reported an option-adjusted duration of 3.77 years. Last fiscal year-end, the Fund reported an option-adjusted duration of 4.94 years. In an interest rate environment marked by higher volatility on securities with longer maturities, the Fund’s duration profile was decreased to emphasize ownership of high-quality issuers and reduce duration risk. The Institutional Shares reported a 30-day yield of 10.42%, a marked increase compared to its yield of 8.67% at fiscal year-end 2023. The Fund retained 4.8% of its total assets in cash, a decrease from fiscal year-end 2023, when it was 7.2%.

The Amana Participation Fund reported total net assets of $199.5 million, reflecting a decline of -8.8% since fiscal year-end 2023. We are proud to provide our investors the only entirely dedicated Islamic-compliant investment fund that offers capital preservation and current income.

How did the Fund perform since inception? 

The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Cumulative Performance

September 30, 2015 through May 31, 2024 with initial investment of $10,000.

	Amana Participation Fund Institutional Shares $11,721	FTSE IdealRatings Sukuk Index $12,814
September - 15	10,000	10,000
October - 15	9,980	10,077
November - 15	9,950	10,010
December - 15	9,940	9,998
January - 16	9,922	9,977
February - 16	9,949	10,102
March - 16	10,025	10,209
April - 16	10,102	10,291
May - 16	10,110	10,295
June - 16	10,232	10,426
July - 16	10,283	10,487
August - 16	10,375	10,578
September - 16	10,342	10,578
October - 16	10,308	10,542
November - 16	10,184	10,374
December - 16	10,194	10,399
January - 17	10,245	10,482
February - 17	10,315	10,576
March - 17	10,339	10,602
April - 17	10,378	10,651
May - 17	10,422	10,706
June - 17	10,381	10,716
July - 17	10,434	10,763
August - 17	10,495	10,850
September - 17	10,483	10,855
October - 17	10,482	10,862
November - 17	10,469	10,846
December - 17	10,468	10,847
January - 18	10,459	10,828
February - 18	10,384	10,711
March - 18	10,397	10,731
April - 18	10,337	10,652
May - 18	10,339	10,694
June - 18	10,371	10,700
July - 18	10,428	10,784
August - 18	10,451	10,807
September - 18	10,450	10,808
October - 18	10,422	10,735
November - 18	10,433	10,775
December - 18	10,479	10,876
January - 19	10,590	11,038
February - 19	10,644	11,110
March - 19	10,733	11,279
April - 19	10,791	11,353
May - 19	10,849	11,469
June - 19	10,957	11,635
July - 19	11,061	11,760
August - 19	11,228	12,039
September - 19	11,187	11,968
October - 19	11,201	11,972
November - 19	11,226	12,008
December - 19	11,207	12,051
January - 20	11,320	12,231
February - 20	11,332	12,319
March - 20	10,822	11,651
April - 20	11,041	11,964
May - 20	11,307	12,302
June - 20	11,417	12,459
July - 20	11,584	12,765
August - 20	11,661	12,833
September - 20	11,660	12,818
October - 20	11,703	12,861
November - 20	11,779	13,021
December - 20	11,834	13,110
January - 21	11,866	13,116
February - 21	11,839	13,027
March - 21	11,769	12,934
April - 21	11,834	13,048
May - 21	11,877	13,121
June - 21	11,894	13,191
July - 21	11,923	13,235
August - 21	11,952	13,268
September - 21	11,933	13,233
October - 21	11,925	13,209
November - 21	11,883	13,205
December - 21	11,910	13,253
January - 22	11,810	13,022
February - 22	11,708	12,883
March - 22	11,583	12,697
April - 22	11,469	12,371
May - 22	11,452	12,359
June - 22	11,395	12,191
July - 22	11,479	12,405
August - 22	11,471	12,379
September - 22	11,207	11,875
October - 22	11,140	11,725
November - 22	11,306	12,093
December - 22	11,357	12,168
January - 23	11,466	12,387
February - 23	11,388	12,253
March - 23	11,440	12,409
April - 23	11,520	12,541
May - 23	11,462	12,479
June - 23	11,440	12,421
July - 23	11,454	12,448
August - 23	11,420	12,408
September - 23	11,302	12,249
October - 23	11,195	12,119
November - 23	11,423	12,504
December - 23	11,652	12,851
January - 24	11,642	12,784
February - 24	11,642	12,749
March - 24	11,717	12,849
April - 24	11,622	12,670
May - 24	11,721	12,814

Annual Average Total Return

	1 Year	5 Year	Since Inception
Institutional Shares	2.26%	1.56%	1.85%
FTSE IdealRatings Sukuk Index	2.69%	2.24%	2.89%

Please visit www.saturna.com/amana/participation-fund for more recent performance information.

AMIPX

| INSTITUTIONAL SHARES

Amana Participation Fund 

Annual Shareholder Report - May 31, 2024

Key Fund Statistics

Total Net Assets	$199,453,124
# of Portfolio Holdings	44
Advisory Fees Paid	$1,022,016
Portfolio Turnover Rate	17%

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762

What did the Fund invest in?

Top 10 Holdings 

% of Total Net Assets 

Kuwait Financial Bank Tier 1 (3.600% due PERP)	4.7%
Riyad (3.174% due 02/25/2030)	4.3%
Investment Corporate of Dubai (5.000% due 02/1/2027)	3.9%
DP World Salaam (6.000% due PERP)	3.9%
Dubai Aerospace Enterprises DIFC (3.750% due 02/15/2026)	3.7%
EMAAR (3.700% due 07/6/2031)	3.1%
Perusahaan Penerbit SBSN (4.550% due 03/29/2026)	3.1%
Air Lease Corp Sukuk Ltd (5.850% due 04/1/2028)	3.0%
TNB Global Ventures Cap (3.244% due 10/19/2026)	2.9%
Kingdom of Saudi Arabia (3.628% due 04/20/2027)	2.9%

Sector Weightings

% of Total Net Assets 

Financials	38.4%
Government	18.6%
Real Estate	9.9%
Utilities	9.6%
Communications	7.2%
Industrials	5.7%
Energy	2.8%
Bank Time Deposits	2.0%
Other Assets (net of liabilities)	5.8%

Geographic Weightings

% of Total Net Assets 

United Arab Emirates	33.0%
Saudi Arabia	23.8%
Malaysia	12.5%
Cayman Islands	8.6%
Indonesia	6.5%
Kuwait	4.7%
Oman	3.1%
United States	2.0%

QR Code

Additional Information

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library  .

1300 N. State Street 

Bellingham, WA 98225 

1-866-290-2688 

AMAPX

| INVESTOR SHARES

Amana Participation Fund 

Annual Shareholder Report - May 31, 2024

Fund Overview 

The objective of the Participation Fund is capital preservation and current income, consistent with Islamic principles. Capital preservation is its primary objective. This Annual Shareholder Report contains important information about the Amana Participation Fund for the period of June 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.saturna.com/amana/participation-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?  

  (Based on a hypothetical $10,000 investment) 

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Investor Shares	$80.80	0.80%

How did the Fund perform over the last year? 

For the fiscal year ended May 31, 2024, the Investor Shares of the Amana Participation Fund returned 2.01% and the FTSE IdealRatings Sukuk Index returned 2.69% . The Fund’s underperformance relative to the benchmark can be attributed to the Fund’s differing objective and prudent composition.

At fiscal year-end, the Amana Participation Fund held 44 issues and reported an option-adjusted duration of 3.77 years. Last fiscal year-end, the Fund reported an option-adjusted duration of 4.94 years. In an interest rate environment marked by higher volatility on securities with longer maturities, the Fund’s duration profile was decreased to emphasize ownership of high-quality issuers and reduce duration risk. The Investor Shares reported a 30-day yield of 10.09%, a marked increase compared to its yield of 8.67% at fiscal year-end 2023. The Fund retained 4.8% of its total assets in cash, a decrease from fiscal year-end 2023, when it was 7.2%.

The Amana Participation Fund reported total net assets of $199.5 million, reflecting a decline of -8.8% since fiscal year-end 2023. We are proud to provide our investors the only entirely dedicated Islamic-compliant investment fund that offers capital preservation and current income.

How did the Fund perform since inception? 

The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Cumulative Performance

September 30, 2015 through May 31, 2024 with initial investment of $10,000.

	Amana Participation Fund Investor Shares $11,480	FTSE IdealRatings Sukuk Index $12,814
September - 15	10,000	10,000
October - 15	9,970	10,077
November - 15	9,940	10,010
December - 15	9,930	9,998
January - 16	9,912	9,977
February - 16	9,939	10,102
March - 16	10,010	10,209
April - 16	10,082	10,291
May - 16	10,091	10,295
June - 16	10,213	10,426
July - 16	10,265	10,487
August - 16	10,351	10,578
September - 16	10,317	10,578
October - 16	10,282	10,542
November - 16	10,154	10,374
December - 16	10,163	10,399
January - 17	10,212	10,482
February - 17	10,280	10,576
March - 17	10,302	10,602
April - 17	10,339	10,651
May - 17	10,381	10,706
June - 17	10,348	10,716
July - 17	10,399	10,763
August - 17	10,448	10,850
September - 17	10,434	10,855
October - 17	10,441	10,862
November - 17	10,415	10,846
December - 17	10,423	10,847
January - 18	10,401	10,828
February - 18	10,325	10,711
March - 18	10,336	10,731
April - 18	10,284	10,652
May - 18	10,284	10,694
June - 18	10,304	10,700
July - 18	10,368	10,784
August - 18	10,379	10,807
September - 18	10,376	10,808
October - 18	10,346	10,735
November - 18	10,366	10,775
December - 18	10,409	10,876
January - 19	10,507	11,038
February - 19	10,570	11,110
March - 19	10,646	11,279
April - 19	10,701	11,353
May - 19	10,767	11,469
June - 19	10,873	11,635
July - 19	10,963	11,760
August - 19	11,127	12,039
September - 19	11,094	11,968
October - 19	11,096	11,972
November - 19	11,129	12,008
December - 19	11,097	12,051
January - 20	11,208	12,231
February - 20	11,217	12,319
March - 20	10,719	11,651
April - 20	10,934	11,964
May - 20	11,185	12,302
June - 20	11,292	12,459
July - 20	11,455	12,765
August - 20	11,530	12,833
September - 20	11,526	12,818
October - 20	11,566	12,861
November - 20	11,639	13,021
December - 20	11,691	13,110
January - 21	11,720	13,116
February - 21	11,692	13,027
March - 21	11,620	12,934
April - 21	11,693	13,048
May - 21	11,733	13,121
June - 21	11,736	13,191
July - 21	11,762	13,235
August - 21	11,788	13,268
September - 21	11,778	13,233
October - 21	11,757	13,209
November - 21	11,724	13,205
December - 21	11,748	13,253
January - 22	11,635	13,022
February - 22	11,543	12,883
March - 22	11,406	12,697
April - 22	11,291	12,371
May - 22	11,284	12,359
June - 22	11,225	12,191
July - 22	11,293	12,405
August - 22	11,295	12,379
September - 22	11,032	11,875
October - 22	10,952	11,725
November - 22	11,114	12,093
December - 22	11,162	12,168
January - 23	11,278	12,387
February - 23	11,199	12,253
March - 23	11,248	12,409
April - 23	11,313	12,541
May - 23	11,254	12,479
June - 23	11,241	12,421
July - 23	11,253	12,448
August - 23	11,216	12,408
September - 23	11,098	12,249
October - 23	10,991	12,119
November - 23	11,201	12,504
December - 23	11,436	12,851
January - 24	11,423	12,784
February - 24	11,410	12,749
March - 24	11,492	12,849
April - 24	11,384	12,670
May - 24	11,480	12,814

Annual Average Total Return

	1 Year	5 Year	Since Inception
Investor Shares	2.01%	1.29%	1.60%
FTSE IdealRatings Sukuk Index	2.69%	2.24%	2.89%

Please visit www.saturna.com/amana/participation-fund for more recent performance information.

AMAPX

| INVESTOR SHARES

Amana Participation Fund 

Annual Shareholder Report - May 31, 2024

Key Fund Statistics

Total Net Assets	$199,453,124
# of Portfolio Holdings	44
Advisory Fees Paid	$1,022,016
Portfolio Turnover Rate	17%

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762

What did the Fund invest in?

Top 10 Holdings 

% of Total Net Assets 

Kuwait Financial Bank Tier 1 (3.600% due PERP)	4.7%
Riyad (3.174% due 02/25/2030)	4.3%
Investment Corporate of Dubai (5.000% due 02/1/2027)	3.9%
DP World Salaam (6.000% due PERP)	3.9%
Dubai Aerospace Enterprises DIFC (3.750% due 02/15/2026)	3.7%
EMAAR (3.700% due 07/6/2031)	3.1%
Perusahaan Penerbit SBSN (4.550% due 03/29/2026)	3.1%
Air Lease Corp Sukuk Ltd (5.850% due 04/1/2028)	3.0%
TNB Global Ventures Cap (3.244% due 10/19/2026)	2.9%
Kingdom of Saudi Arabia (3.628% due 04/20/2027)	2.9%

Sector Weightings

% of Total Net Assets 

Financials	38.4%
Government	18.6%
Real Estate	9.9%
Utilities	9.6%
Communications	7.2%
Industrials	5.7%
Energy	2.8%
Bank Time Deposits	2.0%
Other Assets (net of liabilities)	5.8%

Geographic Weightings

% of Total Net Assets 

United Arab Emirates	33.0%
Saudi Arabia	23.8%
Malaysia	12.5%
Cayman Islands	8.6%
Indonesia	6.5%
Kuwait	4.7%
Oman	3.1%
United States	2.0%

QR Code

Additional Information

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library  .

1300 N. State Street 

Bellingham, WA 98225 

1-866-290-2688 

Item 2. Code of Ethics

Registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer or persons performing similar functions, which is included with this submission as Exhibit (a)(1) and posted on the Registrant’s website at https://www.saturna.com/code-ethics.  Requests may also be made via telephone at 1-800-728-8762, and will be processed within one business day of receiving such request.

Item 3. Audit Committee Financial Expert

(a)(1)(i) The Trustees of Amana Mutual Funds Trust determined, at their quarterly meeting of June 12, 2003, that the Trust shall have at least one audit committee financial expert serving on its Audit & Compliance Committee.

(a)(2) Mr. Ron Fielding, independent Trustee (as defined for investment companies), presently serves as financial expert.

Item 4. Principal Accountant Fees and Services

(a) Audit Fees

For the fiscal years ending May 31, 2024, and 2023 the aggregate audit fees billed for professional services rendered by the principal accountant were $124,000 and $124,000, respectively.

(b) Audit-Related Fees

There were no fees billed by the principal accountant for assurance and related services that were not included under paragraph (a) for the fiscal years ending May 31, 2024, and 2023.

(c) Tax Fees

For the fiscal years ending May 31, 2024, and 2023, the aggregate tax fees billed for professional tax preparation services rendered by the principal accountant were $20,000 and $20,000 respectively.  Service includes preparation of the Funds’ federal and state income tax returns.

(d) All Other Fees

There were no other fees billed by the principal accountant for the fiscal years ending May 31, 2024, and 2023.

(e)(1) Audit Committee Pre-Approval Policies and Procedures

The following is an excerpt from the Amana Mutual Funds Trust Audit & Compliance Committee Charter:

D.   Oversight of Independent Auditors

3.  Pre-approval of Audit and Non-Audit Services. Except as provided below, the Committee’s prior approval is necessary for the engagement of the independent auditors to provide any audit or non-audit services for the Trust and any non-audit services for any entity controlling, controlled by or under common control with Saturna that provides ongoing services to the Trust (Saturna and each such entity, an “Adviser Affiliate”) where the engagement relates directly to the operations or financial reporting of the Trust.  Non-audit services that qualify under the de minimis exception described in the Securities Exchange Act of 1934, as amended, and applicable rules thereunder, that were not pre-approved by the Committee, must be approved by the Committee prior to the completion of the audit. Pre-approval by the Committee is not required for engagements entered into pursuant to (a) pre-approval policies and procedures established by the Committee, or (b) pre-approval granted by one or more members of the Committee to whom, or by a subcommittee to which, the Committee has delegated pre-approval authority, provided in either case, that the Committee is informed of each such service at its next regular meeting.

(e)(2) Percentages of Services

None of the services described in each of paragraphs (b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) Aggregate Non-Audit Fees

The aggregate non-audit fees billed by the principal accountant for services rendered to the Registrant are shown above in the response to Item 4(b), (c) and (d) above.

(1)  The aggregate non-audit fees billed by the principal accountant for services rendered to the Registrant’s investment adviser, Saturna Capital Corporation (“Saturna”), for the fiscal years ended May 31, 2024, and 2023 were:

	Fiscal Year Ended
	May 2024	May 2023
All other fees:	$20,000	$20,000

The fees listed above consist of fees paid by Saturna to the Registrant’s principal accountant for its review and report on Saturna’s internal transfer agency control procedures and Saturna’s custody control procedures.

(2)  The aggregate non-audit fees billed by the principal accountant for services rendered to entities controlling, controlled by, or under common control with Saturna, for the fiscal years ended May 31, 2024, and 2022 were:

	Fiscal Year Ended
	May 2024	May 2023
All other fees:	None	None

(h) Registrant’s Audit Committee

The Registrant’s Audit Committee has considered the provision of non-audit services that were rendered to Saturna, and any entity controlling, controlled by or under common control with Saturna that provides ongoing services to the Registrant, that were not pre-approved pursuant to Rule 2-01 (c)(7)(ii) of Regulation S-X and has determined that the provision of such services is compatible with maintaining the independence of the Registrant’s principal accountant.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Table

of

Contents:

2

Morningstar

Ratings

3

Amana

Income

Fund

5

Schedule

of

Investments

5

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations

7

Statements

of

Changes

in

Net

Assets

8

Financial

Highlights

9

Amana

Growth

Fund

10

Schedule

of

Investments

10

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations

12

Statements

of

Changes

in

Net

Assets

13

Financial

Highlights

14

Amana

Developing

World

Fund

15

Schedule

of

Investments

15

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations

18

Statements

of

Changes

in

Net

Assets

19

Financial

Highlights

20

Amana

Participation

Fund

21

Schedule

of

Investments

21

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations

23

Statements

of

Changes

in

Net

Assets

24

Financial

Highlights

25

Notes

To

Financial

Statements

26

Note

1

–

Organization

26

Note

2

–

Significant

Accounting

Policies

26

Note

3

–

Transactions

with

Affiliated

Persons

29

Note

4

–

Distributions

to

Shareowners

30

Note

5

–

Federal

Income

Taxes

30

Note

6

–

Investments

31

Note

7

–

Custodian

31

Note

8

–

Subsequent

Events

31

Report

of

Independent

Registered

Public

Accounting

Firm

32

Summary

Information

33

May

31,

2024

N-CSR

3

Morningstar

Ratings

(as

of

May

31,

2024)

(unaudited)

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

May

31,

2024

and

June

30,

2024.

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

April

30,

2024.

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,

Amana

Growth

Fund,

and

Amana

Developing

World

Fund

were

each

rated

100%

of

Assets

Under

Management.

Amana

Participation

Fund

was

rated

91%

of

Assets

Under

Management.

%

Rank

in

Category

is

the

fund’s

percentile

rank

for

the

specified

time

period

relative

to

all

funds

that

have

the

same

Morningstar

category.

The

highest

(or

most

favorable)

percentile

rank

is

1

and

the

lowest

(or

least

favorable)

percentile

rank

is

100.

The

top-

performing

fund

in

a

category

will

always

receive

a

rank

of

1.

Percentile

ranks

within

categories

are

most

useful

in

those

categories

that

have

a

large

number

of

funds.

The

Amana

Mutual

Funds

offer

two

share

classes

–

Investor

Shares

and

Institutional

Shares,

each

of

which

has

different

expense

structures.

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

85

49

75

86

92

n/a

12

Institutional

Shares

(AMINX)

n/a







n/a



%

Rank

in

Category

84

44

72

82

91

n/a

12

Number

of

Funds

in

Category

1,409

1,289

1,189

887

687

1,289

3,639

Amana

Growth

Fund

–

“Large

Growth”

Category

Investor

Shares

(AMAGX)

n/a







n/a



%

Rank

in

Category

79

16

21

18

52

n/a

1

Institutional

Shares

(AMIGX)

n/a







n/a



%

Rank

in

Category

78

14

19

15

45

n/a

1

Number

of

Funds

in

Category

1,170

1,100

1,026

798

604

1,100

1,586

Amana

Developing

World

Fund

–

“Diversified

Emerging

Markets”

Category

Investor

Shares

(AMDWX)

n/a







n/a



%

Rank

in

Category

45

18

11

52

n/a

n/a

27

Institutional

Shares

(AMIDX)

n/a







n/a



%

Rank

in

Category

42

17

11

49

n/a

n/a

27

Number

of

Funds

in

Category

808

717

651

425

219

717

1,818

Amana

Participation

Fund

–

“Emerging

Markets

Bond”

Category

Investor

Shares

(AMAPX)

n/a





n/a

n/a



%

Rank

in

Category

100

24

47

n/a

n/a

n/a

29

Institutional

Shares

(AMIPX)

n/a





n/a

n/a



%

Rank

in

Category

100

17

37

n/a

n/a

n/a

29

Number

of

Funds

in

Category

238

226

208

113

44

226

878

4

May

31,

2024

N-CSR

Morningstar

Ratings

(as

of

June

30,

2024)

Morningstar

ratings

represented

as

unshaded

stars

are

based

on

extended

performance.

These

extended

performance

ratings

are

based

on

the

historical

adjusted

returns

prior

to

the

inception

date

of

the

Institutional

Shares

and

reflect

the

historical

performance

of

the

Investor

Shares,

adjusted

to

reflect

the

fees

and

expenses

of

the

Institutional

Shares.

Morningstar

Carbon

Metrics

(as

of

May

31,

2024)

Morningstar

carbon

metrics

are

asset-weighted

portfolio

calculations

based

on

their

Sustainalytics

subsidiary's

carbon-risk

research.

Based

on

two

of

these

metrics

–

Carbon

Risk

Score

and

Fossil

Fund

Involvement

%

–

funds

may

receive

the

Low

Carbon

designation,

which

allows

investors

to

easily

identify

low-carbon

funds

within

the

global

universe.

The

portfolio

Carbon

Risk

Score

is

a

number

between

0

and

100

(a

lower

score

is

better).

A

portfolio's

Carbon

Risk

Score

is

the

asset-weighted

sum

of

the

carbon

risk

scores

of

its

holdings,

averaged

over

the

trailing

12

months.

The

carbon

risk

of

a

company

is

Sustainalytics'

evaluation

of

the

degree

to

which

a

firm's

activities

and

products

are

aligned

with

the

transition

to

a

low-carbon

economy.

The

assessment

includes

carbon

intensity,

fossil

fuel

involvement,

stranded

assets

exposure,

mitigation

strategies,

and

green

product

solutions.

Fossil

Fuel

Involvement

%

is

the

portfolio's

asset-weighted

percentage

exposure

to

fossil

fuels,

averaged

over

the

trailing

12

months.

Companies

with

fossil

fuel

involvement

are

defined

as

those

in

the

following

subindustries:

Thermal

Coal

Extraction,

Thermal

Coal

Power

Generation,

Oil

&

Gas

Production,

Oil

&

Gas

Power

Generation,

and

Oil

&

Gas

Products

&

Services.

To

receive

the

Low

Carbon

designation

a

fund

must

have

a

Carbon

Risk

Score

below

10

and

a

Fossil

Fuel

Involvement

%

of

less

than

7%

of

assets.

For

these

metrics

to

be

calculated,

at

least

67%

of

a

portfolio's

assets

must

be

covered

by

Sustainalytics

company

carbon-risk

research.

All

Morningstar

carbon

metrics

are

calculated

quarterly.

Amana

Income,

Amana

Growth,

and

Amana

Developing

World

Funds

were

rated

on

100%

of

assets

under

management.

As

of

May

31,

2024,

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

83

42

70

82

92

n/a

Institutional

Shares

(AMINX)

n/a







n/a



%

Rank

in

Category

82

36

67

79

90

n/a

Number

of

Funds

in

Category

1,415

1,302

1,192

888

689

1,302

Amana

Growth

Fund

–

“Large

Growth”

Category

Investor

Shares

(AMAGX)

n/a







n/a



%

Rank

in

Category

70

14

22

19

49

n/a

Institutional

Shares

(AMIGX)

n/a









n/a



%

Rank

in

Category

69

12

19

16

43

n/a

Number

of

Funds

in

Category

1,162

1,092

1,019

794

600

1,092

Amana

Developing

World

Fund

–

“Diversified

Emerging

Markets”

Category

Investor

Shares

(AMDWX)

n/a







n/a



%

Rank

in

Category

32

16

12

52

n/a

n/a

Institutional

Shares

(AMIDX)

n/a







n/a



%

Rank

in

Category

30

15

11

48

n/a

n/a

Number

of

Funds

in

Category

804

718

646

423

215

718

Amana

Participation

Fund

–

“Emerging

Markets

Bond”

Category

Investor

Shares

(AMAPX)

n/a





n/a

n/a



%

Rank

in

Category

100

21

33

n/a

n/a

n/a

Institutional

Shares

(AMIPX)

n/a





n/a

n/a



%

Rank

in

Category

100

16

28

n/a

n/a

n/a

Number

of

Funds

in

Category

237

226

207

114

44

226

Amana

Income

Fund

Amana

Growth

Fund

Amana

Developing

World

Fund

Schedule

of

Investments

As

of

May

31,

2024

Amana

Income

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSR

5

Continued

on

next

page.

Common

Stock

-

93

.3

%

Number

of

Shares

Cost

Market

Value

Percentage

of

Net

Assets

Consumer

Discretionary

Automotive

Retailers

Genuine

Parts

382,000

$

15,016,749

$

55,061,480

3.0%

Consumer

Staples

Household

Products

Procter

&

Gamble

242,000

32,746,567

39,818,680

2.1%

Packaged

Food

McCormick

&

Co

559,288

13,161,835

40,391,779

2.2%

Personal

Care

Products

Colgate-Palmolive

450,000

18,061,325

41,832,000

2.3%

Kenvue

1,000,000

18,453,249

19,300,000

1.0%

Kimberly-Clark

287,000

20,908,224

38,257,100

2.1%

Unilever

ADR

450,000

15,802,908

24,637,500

1.3%

73,225,706

124,026,600

6.7%

119,134,108

204,237,059

11.0%

Health

Care

Biotech

Amgen

141,000

34,235,216

43,124,850

2.3%

Large

Pharmaceuticals

AbbVie

100,000

2,803,207

16,124,000

0.9%

Bristol-Myers

Squibb

500,000

11,183,576

20,545,000

1.1%

Eli

Lilly

330,000

11,311,071

270,712,200

14.6%

Johnson

&

Johnson

165,000

19,251,626

24,200,550

1.3%

Merck

&

Co

123,000

15,683,886

15,441,420

0.8%

Novartis

ADR

295,400

15,552,803

30,464,602

1.6%

Pfizer

800,000

12,014,838

22,928,000

1.2%

87,801,007

400,415,772

21.5%

Medical

Devices

Abbott

Laboratories

350,000

8,392,885

35,766,500

1.9%

130,429,108

479,307,122

25.7%

Industrials

Commercial

&

Residential

Building

Equipment

&

Systems

Johnson

Controls

International

550,000

34,796,048

39,550,500

2.1%

Courier

Services

United

Parcel

Service,

Class

B

260,000

45,172,384

36,121,800

1.9%

Diversified

Industrials

Illinois

Tool

Works

300,000

14,672,460

72,825,000

3.9%

Electrical

Power

Equipment

Eaton

100,000

17,241,460

33,285,000

1.8%

Industrial

Wholesale

&

Rental

Ferguson

155,000

31,106,204

31,889,700

1.7%

W.W.

Grainger

80,000

7,590,798

73,716,800

4.0%

38,697,002

105,606,500

5.7%

Measurement

Instruments

Rockwell

Automation

300,000

13,657,124

77,259,000

4.2%

Rail

Freight

Canadian

National

Railway

384,000

8,600,818

48,894,720

2.6%

172,837,296

413,542,520

22.2%

Schedule

of

Investments

As

of

May

31,

2024

Amana

Income

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

May

31,

2024

N-CSR

Common

Stock

-

93.3%

Number

of

Shares

Cost

Market

Value

Percentage

of

Net

Assets

Materials

Basic

&

Diversified

Chemicals

Air

Products

&

Chemicals

110,000

$

6,424,723

$

29,337,000

1.6%

Linde

130,000

8,531,143

56,617,600

3.0%

14,955,866

85,954,600

4.6%

Specialty

Chemicals

PPG

Industries

379,000

12,758,054

49,804,390

2.7%

27,713,920

135,758,990

7.3%

Technology

Communications

Equipment

Cisco

Systems

720,000

33,299,680

33,480,000

1.8%

Consumer

Electronics

Nintendo

750,000

36,514,433

40,816,517

2.2%

Infrastructure

Software

Microsoft

400,000

7,953,170

166,052,000

9.0%

Semiconductor

Devices

Broadcom

25,000

26,858,452

33,213,750

1.8%

Texas

Instruments

250,000

38,489,292

48,752,500

2.6%

65,347,744

81,966,250

4.4%

Semiconductor

Manufacturing

Taiwan

Semiconductor

ADR

824,500

8,249,619

124,532,480

6.7%

151,364,646

446,847,247

24.1%

Total

investments

$616,495,827

$

1,734,754,418

93.3%

Other

assets

(net

of

liabilities)

123,759,283

6.7%

Total

net

assets

$

1,858,513,701

100.0%

ADR:

American

Depositary

Receipt

Amana

Income

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSR

7

Statement

of

Assets

and

Liabilities

Statement

of

Operations

As

of

May

31,

2024

Assets

Investments

in

securities,

at

value

(Cost

$616,495,827)

$

1,734,754,418

Cash

119,219,977

Dividends

receivable

3,825,368

Receivable

for

Fund

shares

sold

2,863,988

Prepaid

expenses

28,009

Total

assets

1,860,691,760

Liabilities

Accrued

advisory

fees

1,146,312

Payable

for

Fund

shares

redeemed

785,647

Accrued

12b-1

distribution

fees

177,849

Accrued

retirement

plan

custody

fee

23,877

Accrued

audit

expenses

14,678

Accrued

trustee

expenses

9,772

Accrued

legal

expenses

9,027

Accrued

Chief

Compliance

Officer

expenses

4,910

Accrued

other

operating

expenses

5,987

Total

liabilities

2,178,059

Net

assets

$1,858,513,701

Analysis

of

net

assets

Paid-in

capital

(unlimited

shares

authorized,

without

par

value)

$674,418,700

Total

distributable

earnings

1,184,095,001

Net

assets

applicable

to

Fund

shares

outstanding

$1,858,513,701

Net

asset

value

per

Investor

Shares

AMANX

Net

assets,

at

value

$839,813,804

Shares

outstanding

12,877,660

Net

asset

value,

offering

and

redemption

price

per

share

$65.21

Net

asset

value

per

Institutional

Shares

AMINX

Net

assets,

at

value

$1,018,699,897

Shares

outstanding

15,809,551

Net

asset

value,

offering

and

redemption

price

per

share

$64.44

Year

ended

May

31,

2024

Investment

income

Dividend

Income

(Net

of

foreign

tax

of

$718,128)

$

32,127,640

Miscellaneous

income

1,008

Total

investment

income

32,128,648

Expenses

Investment

advisory

fees

12,682,266

12b-1

distribution

fees

1,994,218

Custodian

fees

76,965

Filing

and

registration

fees

62,555

Retirement

plan

custodial

fees

55,647

125

Investor

Shares

287

150

Institutional

Shares

55,360

Audit

fees

41,907

Chief

Compliance

Officer

expenses

34,116

Trustee

fees

25,908

Legal

fees

24,167

Other

operating

expenses

110,113

Total

gross

expenses

15,107,862

Less

custodian

fee

credits

(76,965)

Net

expenses

15,030,897

Net

investment

income

$17,097,751

Net

realized

gain

from

investments

and

foreign

currency

$109,115,389

Net

Increase

in

unrealized

appreciation

on

investments

and

foreign

currency

185,124,533

Net

gain

on

investments

294,239,922

Net

increase

in

net

assets

resulting

from

operations

$311,337,673

Amana

Income

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

8

May

31,

2024

N-CSR

Statements

of

Changes

in

Net

Assets

Year

ended

May

31,

2024

Year

ended

May

31,

2023

Increase

in

net

assets

from

operations

From

operations

Net

investment

income

$17,097,751

$17,607,756

Net

realized

gain

on

investments

and

foreign

currency

109,115,389

80,227,508

Net

increase

(decrease)

in

unrealized

appreciation

on

investments

and

foreign

currency

185,124,533

(30,365,532)

Net

increase

in

net

assets

311,337,673

67,469,732

Distributions

to

shareowners

from

125

Net

dividend

and

distribution

to

shareholders

-

Investor

Shares

(39,617,273)

(55,985,474)

150

Net

dividend

and

distribution

to

shareholders

-

Institutional

Shares

(49,306,364)

(64,862,482)

Total

distributions

(88,923,637)

(120,847,956)

Capital

share

transactions

Proceeds

from

the

sale

of

shares

125

Investor

Shares

65,597,644

52,799,494

150

Institutional

Shares

140,060,628

119,146,187

Value

of

shares

issued

in

reinvestment

of

dividends

and

distributions

125

Investor

Shares

38,327,596

54,163,090

150

Institutional

Shares

47,465,741

62,364,157

Cost

of

shares

redeemed

125

Investor

Shares

(115,814,293)

(80,836,010)

150

Institutional

Shares

(114,726,119)

(114,327,486)

Total

capital

shares

transactions

60,911,197

93,309,432

Total

increase

in

net

assets

283,325,233

39,931,208

Net

assets

Beginning

of

year

1,575,188,468

1,535,257,260

End

of

year

$1,858,513,701

$1,575,188,468

Shares

of

the

Fund

sold

and

redeemed

Investor

Shares

(AMANX)

Number

of

shares

sold

1,063,460

925,903

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

641,057

958,643

Number

of

shares

redeemed

(1,874,466)

(1,416,491)

Net

increase

(decrease)

in

number

of

shares

outstanding

(169,949)

468,055

Institutional

Shares

(AMINX)

Number

of

shares

sold

2,288,062

2,093,110

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

802,660

1,115,876

Number

of

shares

redeemed

(1,877,019)

(2,028,671)

Net

increase

in

number

of

shares

outstanding

1,213,703

1,180,315

–

–

Amana

Income

Fund:

Financial

Highlights

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSR

9

Investor

Shares

(AMANX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

year:

Year

ended

May

31,

2024

2023

2022

2021

2020

A

A

A

A

A

A

Net

asset

value

at

beginning

of

year

$57.31

$59.34

$61.52

$50.03

$48.32

Income

from

investment

operations

Net

investment

income

A

0.53

0.59

0.59

0.58

0.67

Net

gains

on

securities

(both

realized

and

unrealized)

10.49

1.91

0.37

14.53

5.17

Total

from

investment

operations

11.02

2.50

0.96

15.11

5.84

Less

distributions

Dividends

(from

net

investment

income)

(0.51)

(0.55)

(0.55)

(0.56)

(0.66)

Distributions

(from

capital

gains)

(2.61)

(3.98)

(2.59)

(3.06)

(3.47)

Total

distributions

(3.12)

(4.53)

(3.14)

(3.62)

(4.13)

Net

asset

value

at

end

of

year

$65.21

$57.31

$59.34

$61.52

$50.03

Total

Return

19.75%

4.35%

1.16%

30.87%

11.77%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

year

$839,814

$747,787

$746,534

$841,439

$735,565

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

1.01%

1.02%

1.01%

1.04%

1.06%

After  custodian

fee

credits

1.00%

1.02%

1.01%

1.04%

1.06%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

0.86%

1.03%

0.94%

1.03%

1.31%

Portfolio

turnover

rate

10%

8%

5%

5%

0%

Institutional

Shares

(AMINX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

year:

Year

ended

May

31,

2024

2023

2022

2021

2020

A

A

A

A

A

A

Net

asset

value

at

beginning

of

year

$56.69

$58.79

$61.04

$49.72

$48.12

Income

from

investment

operations

Net

investment

income

A

0.67

0.72

0.74

0.71

0.78

Net

gains

on

securities

(both

realized

and

unrealized)

10.38

1.90

0.37

14.42

5.13

Total

from

investment

operations

11.05

2.62

1.11

15.13

5.91

Less

distributions

Dividends

(from

net

investment

income)

(0.69)

(0.74)

(0.77)

(0.75)

(0.84)

Distributions

(from

capital

gains)

(2.61)

(3.98)

(2.59)

(3.06)

(3.47)

Total

distributions

(3.30)

(4.72)

(3.36)

(3.81)

(4.31)

Net

asset

value

at

end

of

year

$64.44

$56.69

$58.79

$61.04

$49.72

Total

Return

20.05%

4.61%

1.40%

31.14%

11.96%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

year

$1,018,700

$827,401

$788,724

$703,695

$533,239

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

0.76%

0.78%

0.77%

0.80%

0.83%

After  custodian

fee

credits

0.76%

0.77%

0.77%

0.79%

0.82%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

1.11%

1.27%

1.19%

1.27%

1.55%

Portfolio

turnover

rate

10%

8%

5%

5%

0%

A

Calculated

using

average

shares

outstanding

Schedule

of

Investments

As

of

May

31,

2024

Amana

Growth

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

May

31,

2024

N-CSR

Continued

on

next

page.

Common

Stock

-

98

.6

%

Number

of

Shares

Cost

Market

Value

Percentage

of

Net

Assets

Communications

Internet

Media

&

Services

Alphabet,

Class

A

1,345,000

$

161,823,354

$

232,012,500

4.4%

Consumer

Discretionary

Automotive

Retailers

AutoZone

1

40,000

98,870,262

110,797,600

2.1%

Home

Products

Stores

Lowe's

400,000

8,620,300

88,516,000

1.7%

Specialty

Apparel

Stores

Lululemon

Athletica

1

225,000

76,660,871

70,197,750

1.3%

TJX

Companies

1,150,000

12,679,185

118,565,000

2.3%

89,340,056

188,762,750

3.6%

196,830,618

388,076,350

7.4%

Consumer

Staples

Household

Products

Procter

&

Gamble

640,000

106,667,904

105,305,600

2.0%

Personal

Care

Products

Church

&

Dwight

1,171,300

20,995,227

125,340,813

2.4%

127,663,131

230,646,413

4.4%

Health

Care

Large

Pharma

AstraZeneca

ADR

1,590,000

107,739,591

124,051,800

2.4%

Eli

Lilly

348,700

11,964,836

286,052,558

5.5%

Merck

&

Co

800,000

85,929,228

100,432,000

1.9%

Novo

Nordisk

ADR

2,003,200

7,663,670

270,992,896

5.2%

213,297,325

781,529,254

15.0%

Life

Science

&

Diagnostics

Agilent

Technologies

900,000

16,302,137

117,369,000

2.2%

IDEXX

Laboratories

1

165,000

82,785,831

81,996,750

1.6%

99,087,968

199,365,750

3.8%

Managed

Care

Elevance

Health

207,000

98,881,036

111,465,360

2.1%

Medical

Devices

Stryker

300,000

15,657,169

102,327,000

2.0%

426,923,498

1,194,687,364

22.9%

Industrials

Commercial

&

Residential

Building

Equipment

&

Systems

Johnson

Controls

International

2,000,000

104,457,808

143,820,000

2.8%

Trane

400,000

66,621,870

130,984,000

2.5%

171,079,678

274,804,000

5.3%

Electrical

Power

Equipment

Schneider

Electric

SE

400,000

101,566,238

99,842,695

1.9%

Measurement

Instruments

Keysight

Technologies

1

860,000

63,733,901

119,092,800

2.3%

Trimble

1

1,665,000

26,578,159

92,707,200

1.8%

90,312,060

211,800,000

4.1%

Schedule

of

Investments

As

of

May

31,

2024

Amana

Growth

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSR

11

Common

Stock

-

98.6%

Number

of

Shares

Cost

Market

Value

Percentage

of

Net

Assets

Industrials

(continued)

Metalworking

Machinery

Lincoln

Electric

Holdings

271,400

$

5,997,298

$

53,292,104

1.0%

Rail

Freight

Union

Pacific

350,000

27,011,044

81,487,000

1.6%

395,966,318

721,225,799

13.9%

Technology

Application

Software

Adobe

1

320,600

10,572,380

142,590,056

2.7%

Intuit

285,600

9,926,412

164,631,264

3.2%

20,498,792

307,221,320

5.9%

Communications

Equipment

Apple

1,987,150

1,516,258

382,029,587

7.3%

Cisco

Systems

1,750,000

39,258,055

81,375,000

1.6%

40,774,313

463,404,587

8.9%

Infrastructure

Software

Microsoft

660,000

205,627,703

273,985,800

5.2%

Oracle

900,000

39,381,679

105,471,000

2.0%

ServiceNow

1

185,000

99,581,103

121,532,050

2.3%

344,590,485

500,988,850

9.5%

IT

Services

Gartner

1

179,900

6,185,085

75,498,633

1.4%

Semiconductor

Devices

Advanced

Micro

Devices

1

1,200,000

59,033,683

200,280,000

3.8%

Broadcom

110,000

110,696,976

146,140,500

2.8%

NVIDIA

195,000

133,180,317

213,784,350

4.1%

302,910,976

560,204,850

10.7%

Semiconductor

Manufacturing

ASML

Holding

NY

308,000

10,937,644

295,787,800

5.7%

Taiwan

Semiconductor

ADR

1,210,921

12,693,436

182,897,508

3.5%

23,631,080

478,685,308

9.2%

738,590,731

2,386,003,548

45.6%

Total

investments

$2,047,797,650

$

5,152,651,974

98.6%

Other

assets

(net

of

liabilities)

72,520,938

1.4%

Total

net

assets

$

5,225,172,912

100.0%

1

Non-income

producing

ADR:

American

Depositary

Receipt

Amana

Growth

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

May

31,

2024

N-CSR

Statement

of

Assets

and

Liabilities

Statement

of

Operations

As

of

May

31,

2024

Assets

Investments

in

securities,

at

value

(Cost

$2,047,797,650)

$

5,152,651,974

Cash

72,108,714

Receivable

for

Fund

shares

sold

3,610,796

Dividends

receivable

3,297,998

Prepaid

expenses

59,651

Total

assets

5,231,729,133

Liabilities

Payable

for

Fund

shares

redeemed

3,318,387

Accrued

advisory

fees

2,582,891

Accrued

12b-1

distribution

fees

534,810

Accrued

retirement

plan

custody

fee

37,504

Accrued

trustee

expenses

23,719

Accrued

audit

expenses

20,694

Accrued

legal

expenses

20,450

Accrued

Chief

Compliance

Officer

expenses

7,346

Accrued

other

operating

expenses

10,420

Total

liabilities

6,556,221

Net

assets

$5,225,172,912

Analysis

of

net

assets

Paid-in

capital

(unlimited

shares

authorized,

without

par

value)

$1,906,260,597

Total

distributable

earnings

3,318,912,315

Net

assets

applicable

to

Fund

shares

outstanding

$5,225,172,912

Net

asset

value

per

Investor

Shares

AMAGX

Net

assets,

at

value

$2,527,040,834

Shares

outstanding

32,363,337

Net

asset

value,

offering

and

redemption

price

per

share

$78.08

Net

asset

value

per

Institutional

Shares

AMIGX

Net

assets,

at

value

$2,698,132,078

Shares

outstanding

34,335,120

Net

asset

value,

offering

and

redemption

price

per

share

$78.58

Year

ended

May

31,

2024

Investment

income

Dividend

Income

(Net

of

foreign

tax

of

$1,515,760)

$

42,804,153

Total

investment

income

42,804,153

Expenses

Investment

advisory

fees

27,063,118

12b-1

distribution

fees

5,510,040

Custodian

fees

180,970

Filing

and

registration

fees

155,382

Audit

fees

96,393

Retirement

plan

custodial

fees

86,415

225

Investor

Shares

292

250

Institutional

Shares

86,123

Chief

Compliance

Officer

expenses

79,707

ReFlow

fees

70,956

Trustee

fees

64,716

Legal

fees

53,356

Other

operating

expenses

266,073

Total

gross

expenses

33,627,126

Less

custodian

fee

credits

(180,970)

Net

expenses

33,446,156

Net

investment

income

$9,357,997

Net

realized

gain

from

investments

and

foreign

currency

$240,318,416

A

Net

Increase

in

unrealized

appreciation

on

investments

and

foreign

currency

788,446,787

Net

gain

on

investments

1,028,765,203

Net

increase

in

net

assets

resulting

from

operations

$1,038,123,200

A

Includes

$29,081,899

in

net

realized

gains

from

redemptions

in-kind

Amana

Growth

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSR

13

Statements

of

Changes

in

Net

Assets

Year

ended

May

31,

2024

Year

ended

May

31,

2023

Increase

in

net

assets

from

operations

From

operations

Net

investment

income

$9,357,997

$10,975,605

Net

realized

gain

on

investments

and

foreign

currency

240,318,416

71,477,598

Net

increase

in

unrealized

appreciation

on

investments

and

foreign

currency

788,446,787

162,482,174

Net

increase

in

net

assets

1,038,123,200

244,935,377

Distributions

to

shareowners

from

225

Net

dividend

and

distribution

to

shareholders

-

Investor

Shares

(14,498,999)

(58,195,925)

250

Net

dividend

and

distribution

to

shareholders

-

Institutional

Shares

(18,959,927)

(60,563,003)

Total

distributions

(33,458,926)

(118,758,928)

Capital

share

transactions

Proceeds

from

the

sale

of

shares

225

Investor

Shares

492,993,115

270,694,426

250

Institutional

Shares

664,241,837

651,089,637

Value

of

shares

issued

in

reinvestment

of

dividends

and

distributions

225

Investor

Shares

13,941,611

56,262,765

250

Institutional

Shares

18,285,747

58,569,250

Cost

of

shares

redeemed

225

Investor

Shares

(334,959,259)

(204,912,016)

250

Institutional

Shares

(458,432,950)

(307,663,933)

Total

capital

shares

transactions

396,070,101

524,040,129

Total

increase

in

net

assets

1,400,734,375

650,216,578

Net

assets

Beginning

of

year

3,824,438,537

3,174,221,959

End

of

year

$5,225,172,912

$3,824,438,537

Shares

of

the

Fund

sold

and

redeemed

Investor

Shares

(AMAGX)

Number

of

shares

sold

6,950,130

4,553,853

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

196,666

969,880

Number

of

shares

redeemed

(4,695,664)

(3,467,797)

Net

increase

in

number

of

shares

outstanding

2,451,132

2,055,936

Institutional

Shares

(AMIGX)

Number

of

shares

sold

9,379,438

10,920,895

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

256,606

1,005,136

Number

of

shares

redeemed

(6,539,327)

(5,189,405)

Net

increase

in

number

of

shares

outstanding

3,096,717

6,736,626

–

–

Amana

Growth

Fund:

Financial

Highlights

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

May

31,

2024

N-CSR

Investor

Shares

(AMAGX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

year:

Year

ended

May

31,

2024

2023

2022

2021

2020

A

A

A

A

A

A

Net

asset

value

at

beginning

of

year

$62.36

$60.47

$61.17

$45.39

$39.31

Income

from

investment

operations

Net

investment

income

A

0.06

0.12

0.05

0.10

0.15

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

16.12

3.86

(0.37)

18.74

7.33

Total

from

investment

operations

16.18

3.98

(0.32)

18.84

7.48

Less

distributions

Dividends

(from

net

investment

income)

(0.11)

(0.10)

(0.05)

(0.13)

(0.16)

Distributions

(from

capital

gains)

(0.35)

(1.99)

(0.33)

(2.93)

(1.24)

Total

distributions

(0.46)

(2.09)

(0.38)

(3.06)

(1.40)

Net

asset

value

at

end

of

year

$78.08

$62.36

$60.47

$61.17

$45.39

Total

Return

26.03%

6.83%

(0.62)%

42.16%

19.12%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

year

$2,527,041

$1,865,385

$1,684,412

$1,735,349

$1,303,469

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

0.87%

0.91%

0.91%

0.96%

1.02%

After  custodian

fee

credits

0.87%

0.91%

0.90%

0.96%

1.02%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

0.09%

0.21%

0.09%

0.19%

0.36%

Portfolio

turnover

rate

10%

6%

3%

B

3%

B

0%

C

Institutional

Shares

(AMIGX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

year:

Year

ended

May

31,

2024

2023

2022

2021

2020

A

A

A

A

A

A

Net

asset

value

at

beginning

of

year

$62.71

$60.80

$61.50

$45.60

$39.49

Income

from

investment

operations

Net

investment

income

A

0.23

0.27

0.22

0.24

0.28

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

16.23

3.88

(0.38)

18.84

7.34

Total

from

investment

operations

16.46

4.15

(0.16)

19.08

7.62

Less

distributions

Dividends

(from

net

investment

income)

(0.24)

(0.25)

(0.21)

(0.25)

(0.27)

Distributions

(from

capital

gains)

(0.35)

(1.99)

(0.33)

(2.93)

(1.24)

Total

distributions

(0.59)

(2.24)

(0.54)

(3.18)

(1.51)

Net

asset

value

at

end

of

year

$78.58

$62.71

$60.80

$61.50

$45.60

Total

Return

26.34%

7.09%

(0.40)%

42.53%

19.39%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

year

$2,698,132

$1,959,054

$1,489,810

$1,291,092

$859,154

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

0.62%

0.67%

0.64%

0.71%

0.79%

After  custodian

fee

credits

0.62%

0.66%

0.64%

0.71%

0.78%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

0.33%

0.46%

0.32%

0.43%

0.60%

Portfolio

turnover

rate

10

%

6%

3%

B

3%

B

0%

C

A

Calculated

using

average

shares

outstanding

B

As

restated

to

reflect

the

exclusion

of

redemptions

in-kind,

which

reduced

the

percentage

by

4%

and

2%

for

the

year

ended

May

31,

2022

and

2021,

respectively.

C

Amount

is

less

than

0.5%

Schedule

of

Investments

As

of

May

31,

2024

Amana

Developing

World

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSR

15

Continued

on

next

page.

Common

Stock

-

93

.9

%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Telecom

Carriers

Saudi

Telecom

288,000

$

3,198,895

$

2,768,610

Saudi

Arabia

2.2%

Wireless

Telecommunications

Telekomunikasi

Indonesia

ADR

83,000

1,813,782

1,491,510

Indonesia

1.2%

5,012,677

4,260,120

3.4%

Consumer

Discretionary

Automobiles

Ford

Otomotiv

Sanayi

103,600

1,794,814

3,507,185

Turkey

2.8%

Home

Products

Stores

Wilcon

Depot

5,550,000

2,140,944

1,896,907

Philippines

1.5%

3,935,758

5,404,092

4.3%

Consumer

Staples

Food

&

Drug

Stores

Bim

Birlesik

Magazalar

AS

251,000

2,767,620

3,739,975

Turkey

3.0%

Clicks

Group

192,000

2,314,634

3,006,790

South

Africa

2.4%

5,082,254

6,746,765

5.4%

Packaged

Food

Indofood

CBP

Sukses

Makmur

2,500,000

1,468,008

1,500,430

Indonesia

1.2%

Personal

Care

Products

Colgate-Palmolive

39,000

2,727,509

3,625,440

United

States

2.9%

Dabur

India

444,000

2,928,237

2,899,720

India

2.3%

Kimberly-Clark

de

Mexico,

Class

A

1,100,000

1,948,895

2,313,265

Mexico

1.8%

LG

Household

&

Health

Care

6,050

3,600,424

1,830,112

South

Korea

1.5%

Unicharm

88,800

3,252,800

2,867,897

Japan

2.3%

Unilever

ADR

62,500

3,123,346

3,421,875

United

Kingdom

2.7%

17,581,211

16,958,309

13.5%

24,131,473

25,205,504

20.1%

Financials

Islamic

Banking

BIMB

Holdings

1,476,100

1,168,041

788,212

Malaysia

0.6%

Islamic

Insurance

Syarikat

Takaful

Malaysia

Keluarga

1,324,000

1,153,295

1,063,975

Malaysia

0.8%

2,321,336

1,852,187

1.4%

Health

Care

Health

Care

Facilities

Bangkok

Dusit

Medical

Services

NVDR

3,423,000

2,366,173

2,514,341

Thailand

2.0%

IHH

Healthcare

1,764,000

2,329,363

2,320,212

Malaysia

1.8%

KPJ

Healthcare

4,825,992

1,231,253

1,951,018

Malaysia

1.6%

5,926,789

6,785,571

5.4%

Health

Care

Services

Fleury

498,750

2,353,504

1,323,123

Brazil

1.1%

Specialty

&

Generic

Pharma

Hikma

Pharmaceuticals

127,400

3,585,573

3,147,198

Jordan

2.5%

11,865,866

11,255,892

9.0%

Industrials

Other

Machinery

&

Equipment

WEG

387,000

2,799,542

2,783,711

Brazil

2.2%

Schedule

of

Investments

As

of

May

31,

2024

Amana

Developing

World

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

May

31,

2024

N-CSR

Continued

on

next

page.

Common

Stock

-

93.9%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Industrials

(continued)

Rubber

&

Plastic

Hartalega

Holdings

2,750,000

$

2,643,031

$

1,836,590

Malaysia

1.5%

5,442,573

4,620,301

3.7%

Materials

Agricultural

Chemicals

Quimica

y

Minera

Chile

ADR

46,400

3,258,128

2,166,880

Chile

1.7%

Base

Metals

Southern

Copper

38,379

2,142,608

4,552,901

Peru

3.6%

Cement

&

Aggregates

UltraTech

Cement

29,100

2,689,466

3,460,087

India

2.7%

Iron

Rio

Tinto

ADR

45,100

3,316,352

3,161,510

China

2

2.5%

Precious

Metals

Barrick

Gold

155,240

3,185,293

2,653,051

Canada

2.1%

14,591,847

15,994,429

12.6%

Real

Estate

Multi

Asset

Class

Ownership

&

Development

SM

Prime

Holdings

2,800,000

1,564,843

1,291,209

Philippines

1.0%

Technology

Communications

Equipment

Samsung

Electronics

62,700

3,115,508

3,322,024

South

Korea

2.6%

Sercomm

669,000

1,839,844

2,445,537

Taiwan

1.9%

4,955,352

5,767,561

4.5%

Computer

Hardware

&

Storage

Advantech

270,931

2,371,963

2,966,276

Taiwan

2.4%

Electronic

Manufacturing

Services

&

Original

Design

Manufacturer

Jabil

25,550

2,480,174

3,037,895

United

States

2.4%

Electronics

Components

Delta

Electronics

307,500

2,392,030

3,098,525

China

2

2.5%

KCE

Electronics

NVDR

1,810,000

3,110,607

2,049,036

Thailand

1.6%

Samsung

7,900

3,360,919

2,158,396

South

Korea

1.7%

8,863,556

7,305,957

5.8%

IT

Services

Infosys

ADR

163,200

3,243,960

2,733,600

India

2.2%

Semiconductor

Devices

NVIDIA

9,450

2,196,641

10,360,319

United

States

8.2%

Qualcomm

24,500

3,020,311

4,999,225

China

2

4.0%

5,216,952

15,359,544

12.2%

Semiconductor

Manufacturing

ASML

Holding

NY

4,550

3,079,805

4,369,593

Netherlands

3.5%

Taiwan

Semiconductor

ADR

27,200

1,513,555

4,108,288

Taiwan

3.3%

4,593,360

8,477,881

6.8%

31,725,317

45,648,714

36.3%

Schedule

of

Investments

As

of

May

31,

2024

Amana

Developing

World

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSR

17

Common

Stock

-

93.9%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Utilities

Power

Generation

Manila

Electric

428,500

$

2,833,817

$

2,687,660

Philippines

2.1%

Total

investments

$103,425,507

$

118,220,108

93.9%

Other

assets

(net

of

liabilities)

7,614,553

6.1%

Total

net

assets

$

125,834,661

100.0%

1

Country

of

domicile

unless

otherwise

indicated

2

Denotes

a

country

or

region

of

primary

exposure

ADR:

American

Depositary

Receipt

NVDR:

Non

Voting

Depository

Receipt

Amana

Developing

World

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

May

31,

2024

N-CSR

Statement

of

Assets

and

Liabilities

Statement

of

Operations

As

of

May

31,

2024

Assets

Investments

in

securities,

at

value

(Cost

$103,425,507)

$

118,220,108

Cash

7,307,858

Receivable

for

Fund

shares

sold

252,045

Dividends

receivable

210,787

Prepaid

expenses

8,487

Total

assets

125,999,285

Liabilities

Accrued

advisory

fees

81,564

Payable

for

Fund

shares

redeemed

34,704

Accrued

audit

expenses

30,839

Accrued

retirement

plan

custody

fee

7,735

Accrued

12b-1

distribution

fees

7,376

Accrued

trustee

expenses

547

Accrued

legal

expenses

388

Accrued

Chief

Compliance

Officer

expenses

71

Accrued

other

operating

expenses

1,400

Total

liabilities

164,624

Net

assets

$125,834,661

Analysis

of

net

assets

Paid-in

capital

(unlimited

shares

authorized,

without

par

value)

$112,373,994

Total

distributable

earnings

13,460,667

Net

assets

applicable

to

Fund

shares

outstanding

$125,834,661

Net

asset

value

per

Investor

Shares

AMDWX

Net

assets,

at

value

$35,115,080

Shares

outstanding

2,641,643

Net

asset

value,

offering

and

redemption

price

per

share

$13.29

Net

asset

value

per

Institutional

Shares

AMIDX

Net

assets,

at

value

$90,719,581

Shares

outstanding

6,797,026

Net

asset

value,

offering

and

redemption

price

per

share

$13.35

Year

ended

May

31,

2024

Investment

income

Dividend

Income

(Net

of

foreign

tax

of

$261,163)

$

2,359,100

Miscellaneous

income

62

Total

investment

income

2,359,162

Expenses

Investment

advisory

fees

833,792

12b-1

distribution

fees

80,325

Custodian

fees

78,241

Filing

and

registration

fees

41,681

Audit

fees

21,608

Retirement

plan

custodial

fees

17,798

325

Investor

Shares

173

350

Institutional

Shares

17,625

Trustee

fees

1,387

Chief

Compliance

Officer

expenses

726

Legal

fees

689

Other

operating

expenses

13,284

Total

gross

expenses

1,089,531

Less

custodian

fee

credits

(77,234)

Net

expenses

1,012,297

Net

investment

income

$1,346,865

Net

realized

loss

from

investments

and

foreign

currency

$(2,015,157)

Net

Increase

in

unrealized

appreciation

on

investments

and

foreign

currency

14,675,631

Net

gain

on

investments

12,660,474

Net

increase

in

net

assets

resulting

from

operations

$14,007,339

Amana

Developing

World

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSR

19

Statements

of

Changes

in

Net

Assets

Year

ended

May

31,

2024

Year

ended

May

31,

2023

Increase

in

net

assets

from

operations

From

operations

Net

investment

income

$1,346,865

$888,018

Net

realized

gain

(loss)

on

investments

and

foreign

currency

(2,015,157)

476,070

Net

increase

(decrease)

in

unrealized

appreciation

on

investments

and

foreign

currency

14,675,631

(1,261,229)

Net

increase

in

net

assets

14,007,339

102,859

Distributions

to

shareowners

from

325

Net

dividend

and

distribution

to

shareholders

-

Investor

Shares

(299,740)

(235,598)

350

Net

dividend

and

distribution

to

shareholders

-

Institutional

Shares

(787,678)

(568,673)

Total

distributions

(1,087,418)

(804,271)

Capital

share

transactions

Proceeds

from

the

sale

of

shares

325

Investor

Shares

7,070,763

12,067,697

350

Institutional

Shares

43,861,528

17,042,275

Value

of

shares

issued

in

reinvestment

of

dividends

and

distributions

325

Investor

Shares

297,630

234,338

350

Institutional

Shares

781,001

567,391

Cost

of

shares

redeemed

325

Investor

Shares

(5,818,766)

(5,818,968)

350

Institutional

Shares

(17,334,306)

(9,172,089)

Total

capital

shares

transactions

28,857,850

14,920,644

Total

increase

in

net

assets

41,777,771

14,219,232

Net

assets

Beginning

of

year

84,056,890

69,837,658

End

of

year

$125,834,661

$84,056,890

Shares

of

the

Fund

sold

and

redeemed

Investor

Shares

(AMDWX)

Number

of

shares

sold

572,870

1,051,929

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

24,217

21,073

Number

of

shares

redeemed

(472,648)

(506,651)

Net

increase

in

number

of

shares

outstanding

124,439

566,351

Institutional

Shares

(AMIDX)

Number

of

shares

sold

3,506,333

1,477,329

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

63,342

50,887

Number

of

shares

redeemed

(1,425,506)

(802,107)

Net

increase

in

number

of

shares

outstanding

2,144,169

726,109

–

–

Amana

Developing

World

Fund:

Financial

Highlights

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

20

May

31,

2024

N-CSR

Investor

Shares

(AMDWX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

year:

Year

ended

May

31,

2024

2023

2022

2021

2020

A

A

A

A

A

A

Net

asset

value

at

beginning

of

year

$11.70

$11.85

$13.70

$9.67

$9.33

Income

from

investment

operations

Net

investment

income

A

0.14

0.13

0.21

0.05

0.04

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

1.56

(0.17)

(1.90)

3.98

0.34

Total

from

investment

operations

1.70

(0.04)

(1.69)

4.03

0.38

Less

distributions

Dividends

(from

net

investment

income)

(0.11)

(0.08)

(0.16)

–

(0.04)

Distributions

(from

capital

gains)

0.00

B

(0.03)

–

–

–

Total

distributions

(0.11)

(0.11)

(0.16)

–

(0.04)

Net

asset

value

at

end

of

year

$13.29

$11.70

$11.85

$13.70

$9.67

Total

Return

14.65%

(0.25)%

(12.47)%

41.68%

4.02%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

year

$35,115

$29,446

$23,123

$22,553

$13,253

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

1.20%

1.22%

1.21%

1.20%

1.34%

After  custodian

fee

credits

1.13%

1.15%

1.14%

1.14%

1.29%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

1.15%

1.11%

1.59%

0.44%

0.38%

Portfolio

turnover

rate

1%

6%

30%

3%

9%

Institutional

Shares

(AMIDX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

year:

Year

ended

May

31,

2024

2023

2022

2021

2020

A

A

A

A

A

A

Net

asset

value

at

beginning

of

year

$11.74

$11.90

$13.77

$9.70

$9.36

Income

from

investment

operations

Net

investment

income

A

0.17

0.15

0.24

0.08

0.04

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

1.57

(0.17)

(1.90)

3.99

0.36

Total

from

investment

operations

1.74

(0.02)

(1.66)

4.07

0.40

Less

distributions

Dividends

(from

net

investment

income)

(0.13)

(0.11)

(0.21)

–

(0.06)

Distributions

(from

capital

gains)

0.00

B

(0.03)

–

–

–

Total

distributions

(0.13)

(0.14)

(0.21)

–

(0.06)

Net

asset

value

at

end

of

year

$13.35

$11.74

$11.90

$13.77

$9.70

Total

Return

14.95%

(0.12)%

(12.24)%

41.96%

4.20%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

year

$90,720

$54,611

$46,715

$42,241

$18,959

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

0.98%

1.01%

0.99%

0.97%

1.21%

After  custodian

fee

credits

0.90%

0.94%

0.92%

0.91%

1.16%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

1.36%

1.31%

1.80%

0.65%

0.43%

Portfolio

turnover

rate

1%

6%

30%

3%

9%

A

Calculated

using

average

shares

outstanding

B

Amount

is

less

than

$0.01

Consolidated

Schedule

of

Investments

As

of

May

31,

2024

Amana

Participation

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSR

21

Continued

on

next

page.

Corporate

Sukuk

-

73.6%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Saudi

Telecom

2

3.890%

due

05/13/2029

$

5,450,000

$

5,171,508

Saudi

Arabia

2.6%

Axiata

SPV2

2

2.163%

due

08/19/2030

6,000,000

4,970,016

Malaysia

2.5%

Axiata

SPV2

2

4.357%

due

03/24/2026

4,357,000

4,265,661

Malaysia

2.1%

14,407,185

7.2%

Energy

SA

Global

2

2.694%

due

06/17/2031

6,000,000

5,091,060

Saudi

Arabia

2.6%

SA

Global

Sukuk

Ltd

2

1.602%

due

06/17/2026

500,000

463,740

Cayman

Islands

0.2%

5,554,800

2.8%

Financials

Kuwait

Financial

Bank

Tier

1

2,3

3.600%

due

PERP

10,000,000

9,350,000

Kuwait

4.7%

Riyad

2

3.174%

due

02/25/2030

8,830,000

8,598,212

Saudi

Arabia

4.3%

Investment

Corporate

of

Dubai

2

5.000%

due

02/01/2027

7,850,000

7,752,660

United

Arab

Emirates

3.9%

Dubai

Aerospace

Enterprises

DIFC

2

3.750%

due

02/15/2026

7,700,000

7,410,880

United

Arab

Emirates

3.7%

Air

Lease

Corp

Sukuk

Ltd

2

5.850%

due

04/01/2028

6,000,000

5,957,094

Cayman

Islands

3.0%

National

Commercial

Bank

Tier

1

2,3

3.500%

due

PERP

5,550,000

5,177,151

Saudi

Arabia

2.6%

Dubai

Islamic

Bank

2

5.493%

due

11/30/2027

5,000,000

5,019,870

United

Arab

Emirates

2.5%

Sharjah

Islamic

Bank

Tier

1

2,3

5.000%

due

PERP

5,000,000

4,869,000

United

Arab

Emirates

2.4%

Dubai

Islamic

Bank

Tier

1

2,3

6.250%

due

PERP

4,500,000

4,474,107

United

Arab

Emirates

2.2%

Boubyan

Sukuk

Ltd

2

3.389%

due

03/29/2027

4,600,000

4,342,124

Cayman

Islands

2.2%

Mas

Al

Ryan

2

2.210%

due

09/02/2025

4,500,000

4,302,909

Cayman

Islands

2.2%

Banque

Saudi

Fransi

2

4.750%

due

05/31/2028

4,000,000

3,903,064

Saudi

Arabia

2.0%

EMAAR

Malls

2

4.564%

due

06/18/2024

3,000,000

2,993,532

United

Arab

Emirates

1.5%

QIB

Sukuk

LTD

5.581

2

5.581%

due

11/22/2028

1,000,000

1,012,355

Cayman

Islands

0.5%

FAB

Sukuk

Company

LTD

2

4.581%

due

01/17/2028

1,000,000

979,380

Cayman

Islands

0.5%

Khazanah

Global

Sukuk

2

4.687%

due

06/01/2028

500,000

488,885

Malaysia

0.2%

76,631,223

38.4%

Industrials

DP

World

Salaam

2,3

6.000%

due

PERP

7,800,000

7,739,160

United

Arab

Emirates

3.9%

DP

World

Crescent

2

3.750%

due

01/30/2030

4,000,000

3,665,314

United

Arab

Emirates

1.8%

11,404,474

5.7%

Real

Estate

EMAAR

2

3.700%

due

07/06/2031

7,000,000

6,223,224

United

Arab

Emirates

3.1%

Aldar

2

3.875%

due

10/22/2029

6,000,000

5,537,880

United

Arab

Emirates

2.8%

Majid

Al

Futtaim

2

4.638%

due

05/14/2029

5,650,000

5,431,063

United

Arab

Emirates

2.7%

Majid

Al

Futtaim

2

4.500%

due

11/03/2025

2,600,000

2,550,158

United

Arab

Emirates

1.3%

19,742,325

9.9%

Utilities

TNB

Global

Ventures

Cap

2

3.244%

due

10/19/2026

6,140,000

5,823,135

Malaysia

2.9%

TNB

Global

Ventures

2

4.851%

due

11/01/2028

5,300,000

5,207,738

Malaysia

2.6%

Saudi

Electricity

Global

2

5.060%

due

04/08/2043

5,000,000

4,706,630

Saudi

Arabia

2.4%

Saudi

Electricity

Global

2

5.500%

due

04/08/2044

2,400,000

2,320,977

Saudi

Arabia

1.2%

Saudi

Electricity

Global

2

5.684%

due

04/11/2053

1,000,000

964,936

Saudi

Arabia

0.5%

19,023,416

9.6%

Total

Corporate

Sukuk

(Cost

$

154,227,000)

$146,763,423

73.6%

Government

Sukuk

-

18.6

%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Government

Perusahaan

Penerbit

SBSN

2

4.550%

due

03/29/2026

6,185,000

6,114,639

Indonesia

3.1%

Kingdom

of

Saudi

Arabia

2

3.628%

due

04/20/2027

6,000,000

5,744,568

Saudi

Arabia

2.9%

Consolidated

Schedule

of

Investments

As

of

May

31,

2024

Amana

Participation

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

22

May

31,

2024

N-CSR

Government

Sukuk

-

18.6%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Government

(continued)

Oman

Sovereign

Sukuk

2

4.875%

due

06/15/2030

$

5,150,000

$

4,976,187

Oman

2.5%

Malaysia

Sovereign

Sukuk

2

4.236%

due

04/22/2045

5,000,000

4,461,693

Malaysia

2.2%

Perusahaan

Penerbit

SBSN

2

3.550%

due

06/09/2051

5,280,000

3,784,563

Indonesia

1.9%

Kingdom

of

Saudi

Arabia

2

4.303%

due

01/19/2029

3,200,000

3,088,058

Saudi

Arabia

1.5%

Perusahaan

Penerbit

SBSN

2

4.450%

due

02/20/2029

3,050,000

2,950,120

Indonesia

1.5%

Islamic

Development

Bank

Trust

Services

2

4.747%

due

10/27/2027

2,500,000

2,480,050

Saudi

Arabia

1.2%

Ras

Al

Khaimah

2

3.094%

due

03/31/2025

2,450,000

2,395,757

United

Arab

Emirates

1.2%

Oman

Sovereign

Sukuk

SAOC

2

4.397%

due

06/01/2024

1,200,000

1,200,000

Oman

0.6%

Total

Government

Sukuk

(Cost

$

40,015,000)

$37,195,635

18.6%

Bank

Time

Deposits

-

2.0%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Bank

Time

Deposits

Gulf

International

Bank

5.000%

due

07/11/2024

2,000,000

2,000,000

United

States

1.0%

Gulf

International

Bank

5.000%

due

06/26/2024

2,000,000

2,000,000

United

States

1.0%

Total

Bank

Time

Deposits

(Cost

4,000,000)

$4,000,000

2.0%

Total

investments

(Cost

$195,543,379)

$187,959,058

94.2%

Other

assets

(net

of

liabilities)

11,494,066

5.8%

Total

net

assets

$199,453,124

100.0%

1

Denotes

a

country

or

region

of

primary

exposure

2

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

a

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

These

Securities

have

been

deemed

liquid

under

guidelines

approved

by

the

Trust's

Board

of

Trustees.

At

May

31,

2024,

the

aggregate

value

of

these

securities

was

$183,959,058

representing

92.2

%

of

total

net

assets.

3

Security

is

perpetual

in

nature

with

no

stated

maturity

date.

SA:

Special

Assessment

Amana

Participation

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSR

23

Consolidated

Statement

of

Assets

and

Liabilities

Consolidated

Statement

of

Operations

As

of

May

31,

2024

Assets

Investments

in

securities,

at

value

(Cost

$195,543,379)

$

187,959,058

Cash

9,467,948

Dividends

receivable

2,062,111

Receivable

for

Fund

shares

sold

416,379

Prepaid

expenses

9,049

Total

assets

199,914,545

Liabilities

Payable

for

Fund

shares

redeemed

334,549

Accrued

advisory

fees

84,009

Distributions

payable

15,182

Accrued

audit

expenses

10,469

Accrued

12b-1

distribution

fees

6,108

Accrued

retirement

plan

custody

fee

4,928

Accrued

legal

expenses

1,647

Accrued

trustee

expenses

1,405

Accrued

Chief

Compliance

Officer

expenses

656

Accrued

other

operating

expenses

2,468

Total

liabilities

461,421

Net

assets

$199,453,124

Analysis

of

net

assets

Paid-in

capital

(unlimited

shares

authorized,

without

par

value)

$214,303,615

Total

distributable

earnings

(14,850,491

)

Net

assets

applicable

to

Fund

shares

outstanding

$199,453,124

Net

asset

value

per

Investor

Shares

AMAPX

Net

assets,

at

value

$28,756,200

Shares

outstanding

3,013,116

Net

asset

value,

offering

and

redemption

price

per

share

$9.54

Net

asset

value

per

Institutional

Shares

AMIPX

Net

assets,

at

value

$170,696,924

Shares

outstanding

17,822,825

Net

asset

value,

offering

and

redemption

price

per

share

$9.58

Year

ended

May

31,

2024

Investment

income

Sukuk

income

$

8,200,304

Miscellaneous

income

103

Total

investment

income

8,200,407

Expenses

Investment

advisory

fees

1,022,016

12b-1

distribution

fees

70,584

Filing

and

registration

fees

47,472

Custodian

fees

46,837

Legal

fees

14,784

Retirement

plan

custodial

fees

11,769

425

Investor

Shares

355

450

Institutional

Shares

11,414

Audit

fees

7,000

Chief

Compliance

Officer

expenses

4,506

Trustee

fees

3,731

Other

operating

expenses

37,577

Total

gross

expenses

1,266,276

Less

custodian

fee

credits

(46,837)

Net

expenses

1,219,439

Net

investment

income

$6,980,968

Net

realized

loss

from

investments

$(3,429,790)

Net

decrease

in

unrealized

depreciation

on

investments

769,931

Net

loss

on

investments

(2,659,859)

Net

increase

in

net

assets

resulting

from

operations

$4,321,109

Amana

Participation

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

24

May

31,

2024

N-CSR

Consolidated

Statements

of

Changes

in

Net

Assets

Year

ended

May

31,

2024

Year

ended

May

31,

2023

Increase

(Decrease)

in

net

assets

from

operations

From

operations

Net

investment

income

$6,980,968

$4,912,869

Net

realized

loss

on

investments

(3,429,790)

(3,707,804)

Net

increase

(decrease)

in

unrealized

appreciation

on

investments

769,931

(1,442,394)

Net

increase

(decrease)

in

net

assets

4,321,109

(237,329)

Distributions

to

shareowners

from

425

Net

dividend

and

distribution

to

shareholders

-

Investor

Shares

(857,965)

(514,276)

450

Net

dividend

and

distribution

to

shareholders

-

Institutional

Shares

(5,730,425)

(4,214,746)

Total

distributions

(6,588,390)

(4,729,022)

Capital

share

transactions

Proceeds

from

the

sale

of

shares

425

Investor

Shares

9,329,328

7,014,297

450

Institutional

Shares

50,645,545

55,676,244

Value

of

shares

issued

in

reinvestment

of

dividends

and

distributions

425

Investor

Shares

845,539

507,146

450

Institutional

Shares

5,678,992

4,185,801

Cost

of

shares

redeemed

425

Investor

Shares

(7,787,173)

(5,039,991)

450

Institutional

Shares

(75,702,455)

(50,420,675)

Total

capital

shares

transactions

(16,990,224)

11,922,822

Total

increase

(decrease)

in

net

assets

(19,257,505)

6,956,471

Net

assets

Beginning

of

year

218,710,629

211,754,158

End

of

year

$199,453,124

$218,710,629

Shares

of

the

Fund

sold

and

redeemed

Investor

Shares

(AMAPX)

Number

of

shares

sold

975,227

721,333

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

88,555

52,351

Number

of

shares

redeemed

(814,310)

(517,383)

Net

increase

in

number

of

shares

outstanding

249,472

256,301

Institutional

Shares

(AMIPX)

Number

of

shares

sold

5,276,214

5,696,416

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

592,716

430,341

Number

of

shares

redeemed

(7,893,506)

(5,182,413)

Net

increase

(decrease)

in

number

of

shares

outstanding

(2,024,576)

944,344

–

–

Amana

Participation

Fund:

Financial

Highlights

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSR

25

Investor

Shares

(AMAPX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

year:

Year

ended

May

31

2024

A

2023

A

2022

A

2021

A

2020

A

A

A

A

A

A

Net

asset

value

at

beginning

of

period

$9.64

$9.86

$10.42

$10.12

$9.97

Income

from

investment

operations

Net

investment

income

B

0.31

0.21

0.18

0.19

0.24

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

(0.12)

(0.24)

(0.57)

0.30

0.14

Total

from

investment

operations

0.19

(0.03)

(0.39)

0.49

0.38

Less

distributions

Dividends

(from

net

investment

income)

(0.29)

(0.19)

(0.17)

(0.19)

(0.23)

Total

distributions

(0.29)

(0.19)

(0.17)

(0.19)

(0.23)

Net

asset

value

at

end

of

period

$9.54

$9.64

$9.86

$10.42

$10.12

Total

Return

2.01%

(0.26)%

(3.83)%

4.90%

3.88%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

year

$28,756

$26,650

$24,722

$22,375

$16,531

Ratio

of

expenses

to

average

net

assets

Before  custodian

fee

credits

0.83%

0.80%

0.80%

0.82%

0.88%

After

custodian

fee

credits

0.80%

0.78%

0.78%

0.80%

0.86%

Ratio

of

net

investment

income

after

to

average

net

assets

3.23%

2.11%

1.71%

1.86%

2.34%

Portfolio

turnover

rate

17%

48%

15%

19%

34%

Institutional

Shares

(AMIPX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

year:

Year

ended

May

31

2024

A

2023

A

2022

A

2021

A

2020

A

A

A

A

A

A

Net

asset

value

at

beginning

of

period

$9.68

$9.89

$10.45

$10.16

$10.00

Income

from

investment

operations

Net

investment

income

B

0.33

0.23

0.20

0.22

0.26

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

(0.12)

(0.22)

(0.57)

0.29

0.16

Total

from

investment

operations

0.21

0.01

(0.37)

0.51

0.42

Less

distributions

Dividends

(from

net

investment

income)

(0.31)

(0.22)

(0.19)

(0.22)

(0.26)

Total

distributions

(0.31)

(0.22)

(0.19)

(0.22)

(0.26)

Net

asset

value

at

end

of

period

$9.58

$9.68

$9.89

$10.45

$10.16

Total

Return

2.26%

0.09%

(3.58)%

5.04%

4.23%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

year

$170,697

$192,060

$187,032

$143,404

$100,023

Ratio

of

expenses

to

average

net

assets

Before  custodian

fee

credits

0.58%

0.56%

0.56%

0.58%

0.63%

After

custodian

fee

credits

0.56%

0.53%

0.54%

0.56%

0.61%

Ratio

of

net

investment

income

after

to

average

net

assets

3.45%

2.34%

1.97%

2.10%

2.53%

Portfolio

turnover

rate

17%

48%

15%

19%

34%

A

Consolidated

B

Calculated

using

average

shares

outstanding

Notes

To

Financial

Statements

26

May

31,

2024

N-CSR

Note

1

–

Organization

Amana

Mutual

Funds

Trust

(the

“Trust”)

was

organized

as

a

Delaware

Statutory

Trust

on

March

11,

2013,

and

is

the

successor

to

Amana

Mutual

Funds

Trust,

an

Indiana

Business

Trust

(“Prior

Trust”)

organized

on

July

26,

1984,

pursuant

to

a

reorganization

on

July

19,

2013.

Each

Fund

is

a

series

of

the

Trust

and

the

Income,

Growth,

and

Developing

World

Funds

are

successors

to

the

corresponding

series

of

the

Prior

Trust.

The

Trust

is

registered

as

an

open-end,

management

company

under

the

Investment

Company

Act

of

1940,

as

amended.

The

Trust

restricts

its

investments

to

those

acceptable

to

Muslims

by

investing

in

accordance

with

Islamic

principles.

Four

portfolio

series

have

been

created.

The

Income

Fund

was

first

authorized

to

sell

shares

of

beneficial

interest

to

the

public

on

June

23,

1986.

The

Growth

Fund

began

operations

on

February

3,

1994

.

The

Developing

World

Fund

began

operations

on

September

28,

2009

.

Institutional

Shares

of

Income,

Growth,

and

Developing

World

Funds

were

first

offered

September

25,

2013.

The

Participation

Fund

(both

Investor

and

Institutional

Shares)

began

operations

September

28,

2015

.

The

Participation

Fund

is

a

nondiversified

fund.

Each

Fund

is

an

investment

company

and

accordingly

follows

the

investment

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standard

Codification

Topic

946

“Financial

Services

–

Investment

Companies.”

Each

class

of

shares

of

a

Fund

represents

an

interest

in

the

same

portfolio

of

investments

of

the

Fund

and

has

in

all

respects

the

same

rights

and

obligations

as

each

other

class

of

the

Fund,

except

that

each

class

bears

its

own

class

expenses,

and

each

class

has

exclusive

voting

rights

on

matters

affecting

that

class.

Each

class

of

shares

may

be

subject

to

different

investment

minimums

and

other

conditions

of

eligibility

as

may

be

described

in

the

prospectus

for

the

particular

class

of

shares,

as

from

time

to

time

in

effect.

Income,

realized

and

unrealized

capital

gains

and

losses,

and

expenses

to

be

paid

by

a

Fund

and

not

allocated

to

a

particular

class

as

provided

below,

shall

be

allocated

to

each

class

on

the

basis

of

relative

net

assets.

Expenses

allocable

to

a

specific

class

are

expenses

specifically

incurred

by

or

for

such

class

including

the

following:

Distribution

fees;

Retirement

plan

custodial

fees;

and

Any

applicable

service

fees.

Net

investment

income

dividends

and

capital

gain

distributions

paid

by

the

Fund

on

each

class

of

its

shares

will

be

calculated

in

the

same

manner

on

the

same

day

and

at

the

same

time.

Commencing

in

the

year

ended

May

31,

2021,

the

Participation

Fund

utilizes

a

wholly-owned

subsidiary

to

achieve

its

investment

objective

(see

Note

2).

Investment

risks:

Income

,

Growth

,

Developing

World

,

and

Participation

Funds

:

The

value

of

the

shares

of

each

of

the

Funds

rises

and

falls

as

the

value

of

the

securities

in

which

the

Funds

invest

goes

up

and

down.

The

Funds

limit

the

securities

they

purchase

to

those

consistent

with

Islamic

principles.

This

limits

opportunities

and

may

affect

performance.

Each

of

the

Funds

may

invest

in

securities

that

are

not

traded

in

the

United

States.

Investments

in

the

securities

of

foreign

issuers

may

involve

risks

in

addition

to

those

normally

associated

with

investments

in

the

securities

of

US

issuers.

These

risks

include

currency

and

market

fluctuations,

and

political

or

social

instability.

The

risks

of

foreign

investing

are

generally

magnified

in

the

smaller

and

more

volatile

securities

markets

of

the

developing

world.

Growth

Fund

:

The

smaller

and

less

seasoned

companies

that

may

be

in

the

Growth

Fund

have

a

greater

risk

of

price

volatility.

Participation

Fund

:

While

the

Participation

Fund

does

not

invest

in

conventional

bonds,

risks

similar

to

those

of

conventional

fixed-

income

funds

apply.

These

include:

diversification

and

concentration

risk,

liquidity

risk,

interest

rate

risk,

credit

risk,

and

high-yield

risk.

The

Participation

Fund

also

includes

risks

specific

to

investments

in

Islamic

fixed-income

instruments.

The

structural

complexity

of

sukuk

,

along

with

the

weak

infrastructure

of

the

sukuk

market,

increases

risk.

As

compared

to

rights

of

conventional

bondholders,

holders

of

sukuk

may

have

limited

ability

to

pursue

legal

recourse

to

enforce

the

terms

of

the

sukuk

or

to

restructure

the

sukuk

in

order

to

seek

recovery

of

principal.

Sukuk

are

also

subject

to

the

risk

that

some

Islamic

scholars

may

deem

certain

sukuk

as

not

meeting

Islamic

investment

principles

subsequent

to

the

sukuk

being

issued.

The

Funds

may

invest

substantially

in

one

or

more

sectors,

which

can

increase

volatility

and

exposure

to

issuers

specific

to

a

particular

sector

or

industry.

Please

see

each

Fund’s

Summary

Prospectus,

the

Funds'

Prospectus,

and

Statement

of

Additional

Information

for

a

more

detailed

discussion

of

the

risks

affecting

the

Funds.

Note

2

–

Significant

Accounting

Policies

The

following

is

a

summary

of

the

significant

accounting

policies,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America,

which

are

consistently

followed

by

the

Funds

in

preparation

of

their

financial

statements.

Security

valuation:

Investments

in

securities

traded

on

a

national

securities

exchange

and

over-the-counter

securities

for

which

sale

prices

are

available

are

valued

at

that

price.

Securities

for

which

there

are

no

sales

are

valued

at

latest

bid

price.

Foreign

markets

may

close

before

the

time

as

of

which

the

Funds’

share

prices

are

determined.

Because

of

this,

events

occurring

after

the

close

and

before

the

determination

of

the

Funds’

share

prices

may

have

a

material

effect

on

the

values

of

some

or

all

of

the

Funds’

foreign

securities.

To

account

for

this,

the

Funds

may

use

outside

pricing

services

for

valuation

of

their

non-US

securities.

In

cases

in

which

there

is

not

a

readily

available

market

price,

a

fair

value

for

such

security

is

determined

in

good

faith

by

the

Adviser,

whom

the

Board

of

Trustees

has

designated

as

the

Funds’

valuation

designee

to

perform

fair

value

determinations

relating

to

all

Fund

investments.

Security

transactions

are

recorded

on

trade

date.

Realized

gains

and

losses

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

Sukuk

certificates

in

which

the

Participation

Fund

invests

are

valued

based

on

evaluated

prices

supplied

by

an

independent

pricing

service,

which

include

valuations

provided

by

market

makers

and

other

participants,

provided

that

there

is

sufficient

market

activity

on

which

the

pricing

service

can

base

such

valuations.

Where

market

activity

is

insufficient

for

making

such

determinations,

the

independent

pricing

service

uses

proprietary

valuation

Notes

To

Financial

Statements

(continued)

May

31,

2024

N-CSR

27

methodologies

and

may

consider

a

variety

of

factors,

such

as

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

and

other

factors

in

order

to

calculate

the

security’s

fair

value.

Foreign

currency:

Investment

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

US

dollar

amounts

at

the

date

of

valuation.

Purchases

and

sales

of

investment

securities

and

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

US

dollar

amounts

on

the

respective

dates

of

such

transactions.

The

Funds

do

not

isolate

that

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

market

prices

of

securities

held.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

or

loss

from

investments.

Reported

net

realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions,

and

the

difference

between

the

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

recorded

on

the

Funds’

books

and

the

US

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

the

fair

values

of

assets

and

liabilities,

other

than

investments

in

securities

at

fiscal

period

end,

resulting

from

changes

in

exchange

rates.

Share

valuation:

Each

Fund

computes

the

share

price

of

each

share

class

by

dividing

the

net

assets

attributable

to

each

share

class

by

the

outstanding

shares

of

that

class.

Each

share

class

represents

an

interest

in

the

same

investment

portfolio.

Each

share

class

is

identical

in

all

respects

except

that

each

class

bears

its

own

class

expenses,

and

each

class

has

exclusive

voting

rights

on

matters

affecting

that

class.

As

a

result

of

the

differences

in

the

expenses

borne

by

each

share

class,

the

share

price

and

distributions

will

vary

among

a

Fund’s

share

classes.

The

Funds’

shares

are

not

priced

or

traded

on

days

the

New

York

Stock

Exchange

is

closed.

The

NAV

is

both

the

offering

and

redemption

price

per

share.

Share

Valuation

Inputs

as

of

May

31,

2024

Level

1

Level

2

Level

3

Funds

Quoted

Price

Significant

Observable

Input

Significant

Unobservable

Input

Total

Income

Fund

Common

Stock

Consumer

Discretionary

$55,061,480

$–

$–

$55,061,480

Consumer

Staples

$204,237,059

$–

$–

$204,237,059

Health

Care

$479,307,122

$–

$–

$479,307,122

Industrials

$413,542,520

$–

$–

$413,542,520

Materials

$135,758,990

$–

$–

$135,758,990

Technology

$406,030,730

$40,816,517

$–

$446,847,247

Total

Common

Stock

$1,693,937,901

$40,816,517

$–

$1,734,754,418

Total

Assets

$1,693,937,901

$40,816,517

$–

$1,734,754,418

Growth

Fund

Common

Stock

Communications

$232,012,500

$–

$–

$232,012,500

Consumer

Discretionary

$388,076,350

$–

$–

$388,076,350

Consumer

Staples

$230,646,413

$–

$–

$230,646,413

Health

Care

$1,194,687,364

$–

$–

$1,194,687,364

Industrials

$621,383,104

$99,842,695

$–

$721,225,799

Technology

$2,386,003,548

$–

$–

$2,386,003,548

Total

Common

Stock

$5,052,809,279

$99,842,695

$–

$5,152,651,974

Total

Assets

$5,052,809,279

$99,842,695

$–

$5,152,651,974

Developing

World

Fund

Common

Stock

Communications

$1,491,510

$2,768,610

$–

$4,260,120

Consumer

Discretionary

$–

$5,404,092

$–

$5,404,092

Consumer

Staples

$7,047,315

$18,158,189

$–

$25,205,504

Financials

$–

$1,852,187

$–

$1,852,187

Health

Care

$–

$11,255,892

$–

$11,255,892

Industrials

$–

$4,620,301

$–

$4,620,301

Materials

$12,534,342

$3,460,087

$–

$15,994,429

Real

Estate

$–

$1,291,209

$–

$1,291,209

Technology

$29,608,920

$16,039,794

$–

$45,648,714

Utilities

$–

$2,687,660

$–

$2,687,660

Total

Common

Stock

$50,682,087

$67,538,021

$–

$118,220,108

Total

Assets

$50,682,087

$67,538,021

$–

$118,220,108

Note

2

–

Significant

Accounting

Policies

(continued)

Notes

To

Financial

Statements

(continued)

28

May

31,

2024

N-CSR

Fair

value

measurements:

Accounting

Standards

Codification

(ASC)

820

establishes

a

three-

tier

framework

for

measuring

fair

value

based

on

a

hierarchy

of

inputs.

The

hierarchy

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Funds’

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Funds’

investments

and

are

summarized

below.

Level

1

-

Unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

that

the

Trust

has

the

ability

to

access.

Level

2

-

Observable

inputs

other

than

quoted

prices

in

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates,

and

similar

data.

Level

3

−

Unobservable

inputs

for

the

asset

or

liability,

to

the

extent

relevant

observable

inputs

are

not

available,

representing

the

Trust’s

own

assumptions

about

the

assumptions

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

would

be

based

on

the

best

information

available.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

marketplace,

the

liquidity

of

markets,

and

other

characteristics

particular

to

the

security.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

in

its

entirety

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Investment

concentration:

The

fundamental

policies

of

the

Funds

prohibit

earning

interest,

in

accordance

with

Islamic

principles.

Consequently,

cash

is

held

in

non-interest-bearing

deposits

with

the

Funds’

custodian

or

other

banks.

“Other

assets

(net

of

liabilities)”

in

the

Funds’

Schedules

of

Investments

primarily

represents

cash

on

deposit

with

the

custodian.

Cash

on

deposit

will

vary

widely

over

time.

Accounting

Standards

Codification

(“ASC”)

825,

“

Financial

Instruments,

”

identifies

these

items

as

a

concentration

of

credit

risk.

The

risk

is

managed

by

careful

financial

analysis

and

review

of

the

custodian’s

operations,

resources,

and

protections

available

to

the

Trust.

This

process

includes

evaluation

of

other

financial

institutions

providing

investment

company

custody

services.

ReFlow

Liquidity

Program:

The

Funds

may

participate

in

the

ReFlow

Fund,

LLC

("ReFlow")

liquidity

program,

which

is

designed

to

provide

an

alternative

liquidity

source

on

days

when

redemptions

of

Fund

shares

exceed

purchases.

Under

the

program,

ReFlow

is

available

to

provide

cash

to

the

Funds

to

meet

all,

or

a

portion,

of

daily

net

shareowner

redemptions.

Following

purchases

of

Fund

shares,

ReFlow

then

generally

redeems

those

shares

when

the

Fund

experiences

net

sales,

at

the

end

of

a

maximum

holding

period

determined

by

ReFlow

(currently

8

days)

or

at

other

times

at

ReFlow's

discretion.

For

use

of

the

ReFlow

service,

a

participating

Fund

pays

a

fee

to

ReFlow

each

time

it

purchases

Fund

shares,

calculated

by

applying

to

the

purchase

amount

a

fee

rate

determined

through

an

automated

daily

"Dutch

auction"

among

other

participating

mutual

funds

seeking

liquidity

that

day.

The

current

minimum

fee

rate

is

0.14%

of

the

value

of

the

Fund

shares

purchased

by

ReFlow,

although

the

Fund

may

submit

a

bid

at

a

higher

fee

rate

if

it

determines

that

doing

so

is

in

the

best

interest

of

Fund

shareowners.

In

accordance

with

federal

securities

laws,

ReFlow

is

prohibited

from

acquiring

more

than

3%

of

the

outstanding

voting

securities

of

a

Fund.

ReFlow

will

periodically

redeem

its

entire

share

position

in

the

Fund

and

request

that

such

redemption

be

met

in

kind

in

accordance

with

the

Funds'

in-kind

redemption

policies.

There

is

no

assurance

that

ReFlow

will

have

sufficient

funds

available

to

meet

the

Funds’

liquidity

needs

on

a

particular

day.

Federal

income

taxes:

Each

Fund

intends

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

necessary

to

qualify

as

a

regulated

investment

company

and

to

make

the

requisite

distributions

of

income

and

capital

gains

to

its

shareowners

sufficient

to

relieve

it

from

all

or

substantially

all

federal

income

taxes.

Therefore,

no

federal

income

tax

provision

is

required.

The

Funds

recognize

the

tax

benefits

of

uncertain

tax

positions

only

where

the

position

is

“more

likely

than

not”

to

be

sustained

assuming

examination

by

tax

authorities.

Management

has

analyzed

the

Funds’

tax

positions

and

has

concluded

that

no

liability

for

unrecognized

tax

benefits

should

be

recorded

related

to

uncertain

tax

positions

taken

on

returns

filed

for

open

tax

years

(2021

−

2023)

or

expected

to

be

taken

in

the

Funds’

2024

tax

returns.

The

Funds

identify

their

major

tax

jurisdiction

as

US

federal

and

foreign

jurisdictions

where

the

Funds

make

significant

investments;

however,

the

Funds

are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

change

materially

in

the

next

12

months.

Participation

Fund

Bank

Time

Deposits

1

$–

$4,000,000

$–

$4,000,000

Corporate

Sukuk

1

$–

$146,763,423

$–

$146,763,423

Government

Sukuk

1

$–

$37,195,635

$–

$37,195,635

Total

Assets

$–

$187,959,058

$–

$187,959,058

1

See

the

Schedule

of

Investments

for

additional

details.

Note

2

–

Significant

Accounting

Policies

(continued)

Notes

To

Financial

Statements

(continued)

May

31,

2024

N-CSR

29

Reclassification

of

capital

accounts:

Accounting

principles

generally

accepted

in

the

United

States

of

America

require

that

certain

components

of

net

assets

relating

to

permanent

differences

be

reclassified

between

financial

and

tax

reporting.

These

reclassifications

are

as

of

the

fiscal

year

ended

May

31,

2024

,

and

have

no

effect

on

net

assets

or

NAV

per

share.

The

Income

and

Developing

World

Funds

had

no

reclassification

of

capital

accounts.

Distributions

to

shareowners:

For

the

Amana

Participation

Fund

,

dividends

to

shareowners

from

net

investment

income

are

paid

daily

and

distributed

on

the

last

business

day

of

each

month.

For

the

Amana

Income

Fund

,

Amana

Growth

Fund

,

and

Amana

Developing

World

Fund

,

dividends

to

shareowners

from

net

investment

income,

if

any,

are

paid

in

May

and

December.

As

a

result

of

their

investment

strategies,

the

Growth

and

Developing

World

Funds

do

not

expect

to

pay

income

dividends.

Distributions

of

capital

gains,

if

any,

are

made

at

least

annually,

and

as

required

to

comply

with

federal

excise

tax

requirements.

Distributions

to

shareowners

are

determined

in

accordance

with

income

tax

regulations

and

are

recorded

on

the

ex-dividend

date.

Dividends

are

paid

in

shares

of

the

Funds,

at

the

net

asset

value

on

the

payable

date.

Shareowners

may

elect

to

take

distributions

if

they

total

$10

or

more

in

cash.

Use

of

estimates:

The

preparation

of

financial

statements

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Foreign

taxes:

Withholding

taxes

on

foreign

dividends

are

paid

(a

portion

of

which

may

be

reclaimable)

or

provided

for

in

accordance

with

the

applicable

country’s

tax

rules

and

rates

and

are

disclosed

in

the

Statement

of

Operations.

Withholding

tax

reclaims

are

filed

in

certain

countries

to

recover

a

portion

of

the

amounts

previously

withheld.

The

Funds

record

a

reclaim

receivable

based

on

a

number

of

factors,

including

a

jurisdiction’s

legal

obligation

to

pay

reclaims

as

well

as

payment

history

and

market

convention.

Consolidation

of

Subsidiary

–

Amana

SPV:

The

Consolidated

Portfolio

of

Investments,

Consolidated

Statement

of

Assets

and

Liabilities,

Consolidated

Statement

of

Operations

and

Consolidated

Statement

of

Changes

in

Net

Assets

and

the

Consolidated

Financial

Highlights

of

the

Amana

Participation

Fund

includes

the

accounts

of

AMANA

SPV,

a

wholly

owned

and

controlled

subsidiary.

AMANA

SPV

is

a

C-Corporation

incorporated

as

an

exempted

company

under

the

company’s

law

of

the

Cayman

Islands

on

January

21,

2019,

and

is

not

subject

to

Cayman

Islands

taxes

at

the

present

time.

For

its

income

tax

purpose,

the

SPV

is

not

subject

to

US

income

taxes;

however,

the

SPV's

net

income

and

capital

gains

will

be

included

each

year

in

the

Amana

Participation

Fund's

taxable

income.

All

inter-company

accounts

and

transactions

have

been

eliminated

in

consolidation.

The

Amana

Participation

Fund

may

invest

up

to

25%

of

its

total

assets

in

the

segregated

portfolio

vehicle

(“SPV”)

which

acts

as

an

investment

vehicle

in

order

to

effect

certain

investments

consistent

with

the

Fund's

investment

objectives

and

policies.

A

summary

of

the

Amana

Participation

Fund's

investments

in

the

SPV

is

as

follows:

Other:

Dividend

income

is

recognized

on

the

ex-dividend

date,

and

sukuk

income

is

recognized

on

an

accrual

basis.

Expenses

incurred

by

the

Trust

on

behalf

of

the

Funds

(e.g.,

professional

fees)

are

allocated

to

the

Funds

on

the

basis

of

relative

daily

average

net

assets.

Net

investment

losses

may

not

be

utilized

to

offset

net

investment

income

in

future

periods

for

tax

purposes.

Note

3

–

Transactions

with

Affiliated

Persons

Under

a

contract

approved

annually

by

the

Board

of

Trustees

of

the

Trust,

including

those

who

are

not

party

to

the

contract

or

"interested

persons"

(as

defined

in

the

Investment

Company

Act

of

1940)

of

such

parties

or

the

Trust

(the

"Independent

Trustees"),

Saturna

Capital

Corporation

("Saturna

Capital")

provides

investment

advisory

services

and

certain

other

administrative

services

and

facilities

required

to

conduct

Trust

business.

Effective

December

1,

2020,

the

Amana

Income

Fund

,

Amana

Growth

Fund

,

and

Amana

Developing

World

Fund

each

pay

an

advisory

and

administration

fee

of

0.80%

on

the

first

$1

billion

of

a

Fund’s

average

daily

net

assets,

0.65%

on

the

next

$1

billion,

and

0.50%

on

assets

over

$2

billion.

The

Amana

Participation

Fund

pays

an

advisory

and

administration

fee

of

0.50%

annually

of

the

average

daily

net

assets.

For

the

fiscal

year

ended

May

31,

2024

,

the

Funds

paid

the

following

advisory

fees

to

Saturna

Capital:

1

Certain

officers

and

one

trustee

of

Amana

are

also

officers

and

directors

of

the

investment

adviser.

Saturna

Brokerage

Services,

Inc.

(“SBS”),

a

subsidiary

of

Saturna

Capital,

is

registered

as

a

broker-dealer

and

acts

as

distributor.

The

Funds

have

adopted

a

Distribution

Plan

in

accordance

with

Rule

12b-1

under

the

1940

Act

applicable

to

the

Investor

Shares

of

each

Fund.

The

plan

provides

that

the

Funds

will

pay

a

fee

to

SBS

at

an

annual

rate

of

up

to

0.25%

of

the

average

daily

net

assets

Growth

Fund

Distributable

earnings

$(29,081,899)

Paid-in

Capital

$29,081,899

Participation

Fund

Distributable

earnings

$154

Paid-in

Capital

$(154)

Inception

Date

of

SPV

SPV

Net

Assets

at

May

31,

2024

%

of

Fund

Net

Assets

at

May

31,

2024

Amana

SPV

January

21,

2019

$41,604,037

20.9%

Advisory

Fees

100

Income

Fund

$12,682,266

200

Growth

Fund

$27,063,118

300

Developing

World

Fund

$833,792

400

Participation

Fund

$1,022,016

Note

2

–

Significant

Accounting

Policies

(continued)

Notes

To

Financial

Statements

(continued)

30

May

31,

2024

N-CSR

applicable

to

Investor

Shares

of

each

Fund.

The

fee

is

paid

to

SBS

as

reimbursement

for

expenses

incurred

for

distribution-related

activity.

For

the

fiscal

year

ended

May

31,

2024

,

the

Funds

paid

the

following

distribution

fees

to

SBS:

For

the

fiscal

year

ended

May

31,

2024

,

Saturna

Capital

spent

an

additional

$5,588,398

of

its

own

resources,

and

not

part

of

the

12b-1

expense

of

the

Funds,

to

compensate

broker-dealers

or

other

financial

intermediaries,

or

their

affiliates,

in

connection

with

the

sale,

distribution,

retention,

and/or

servicing

of

Fund

shares.

To

the

extent

that

these

resources

are

derived

from

advisory

fees

paid

by

the

Funds,

these

payments

could

be

considered

“revenue

sharing.”

Any

such

payments

will

not

change

the

net

asset

value

or

the

price

of

a

Fund’s

shares.

SBS

is

used

to

effect

equity

portfolio

transactions

for

the

Trust.

SBS

currently

executes

portfolio

transactions

without

commission.

Transactions

effected

through

other

brokers

are

subject

to

commissions

payable

to

that

broker.

Saturna

Trust

Company

(“STC”),

a

subsidiary

of

Saturna

Capital,

acts

as

retirement

plan

custodian

for

the

Funds.

Each

class

of

shares

of

a

Fund

pays

an

annual

fee

of

$10

per

account

for

retirement

plan

services

to

Saturna

Trust

Company.

For

the

fiscal

year

ended

May

31,

2024

,

the

Funds

incurred

the

following

retirement

plan

custodial

fees

to

STC:

Mr.

Nicholas

Kaiser

serves

as

a

trustee

and

president

of

the

Trust.

He

is

also

a

director

and

the

chairman

of

Saturna

Capital

Corporation

and

Saturna

Trust

Company.

He

is

not

compensated

by

the

Trust.

For

the

fiscal

year

ended

May

31,

2024

,

the

Funds

paid

trustee

compensation

expenses

of

$82,520,

which

is

included

in

the

$95,742

of

total

expenses

incurred

for

the

Independent

Trustees.

On

May

31,

2024

,

the

trustees,

officers,

and

their

affiliates

(including

Saturna

Capital

Corporation)

as

a

group,

owned

the

following

percentages

of

outstanding

shares:

The

officers

of

the

Trust

are

paid

by

Saturna

Capital

Corporation,

not

the

Trust,

except

the

Chief

Compliance

Officer,

who

is

partially

compensated

by

the

Trust.

For

the

fiscal

year

ended

May

31,

2024

,

the

Funds

paid

the

following

compensation

expenses

for

the

Chief

Compliance

Officer:

Note

4

–

Distributions

to

Shareowners

The

tax

characteristics

of

distributions

paid

for

the

fiscal

year

ended

May

31,

2024

and

May

31,

2023

,

were

as

follows:

Note

5

–

Federal

Income

Taxes

The

cost

basis

of

investments

for

federal

income

tax

purposes

at

May

31,

2024

,

were

as

follows:

Distribution

(12b-1)

fees

125

Income

Fund

Investor

Shares

(AMANX)

$1,994,218

150

Income

Fund

Institutional

Shares

(AMINX)

n/a

225

Growth

Fund

Investor

Shares

(AMAGX)

$5,510,040

250

Growth

Fund

Institutional

Shares

(AMIGX)

n/a

325

Developing

World

Fund

Investor

Shares

(AMDWX)

$80,325

350

Developing

World

Fund

Institutional

Shares

(AMIDX)

n/a

425

Participation

Fund

Investor

Shares

(AMAPX)

$70,584

450

Participation

Fund

Institutional

Shares

(AMIPX)

n/a

Retirement

plan

custodial

fees

125

Income

Fund

Investor

Shares

(AMANX)

$287

150

Income

Fund

Institutional

Shares

(AMINX)

$55,360

225

Growth

Fund

Investor

Shares

(AMAGX)

$292

250

Growth

Fund

Institutional

Shares

(AMIGX)

$86,123

325

Developing

World

Fund

Investor

Shares

(AMDWX)

$173

350

Developing

World

Fund

Institutional

Shares

(AMIDX)

$17,625

425

Participation

Fund

Investor

Shares

(AMAPX)

$355

450

Participation

Fund

Institutional

Shares

(AMIPX)

$11,414

Trustees',

officers',

and

affiliates'

ownership

125

Income

Fund

Investor

Shares

(AMANX)

0.03%

150

Income

Fund

Institutional

Shares

(AMINX)

1.60%

225

Growth

Fund

Investor

Shares

(AMAGX)

0.01%

250

Growth

Fund

Institutional

Shares

(AMIGX)

0.71%

325

Developing

World

Fund

Investor

Shares

(AMDWX)

0.76%

350

Developing

World

Fund

Institutional

Shares

(AMIDX)

3.90%

425

Participation

Fund

Investor

Shares

(AMAPX)

0.04%

450

Participation

Fund

Institutional

Shares

(AMIPX)

3.80%

Chief

Compliance

Officer

100

Income

Fund

$34,116

200

Growth

Fund

$79,707

300

Developing

World

Fund

$726

400

Participation

Fund

$4,506

Income

Fund

May

31,

2024

May

31,

2023

Ordinary

Income

$17,028,371

$17,478,335

Long-term

capital

gain

1

$71,895,266

$103,369,621

Growth

Fund

May

31,

2024

May

31,

2023

Ordinary

Income

2

$11,227,103

$9,413,427

Long-term

capital

gain

1

$22,231,823

$109,345,501

Developing

World

Fund

May

31,

2024

May

31,

2023

Ordinary

Income

2

$1,050,922

$638,577

Long-term

capital

gain

1

$36,496

$165,694

Participation

Fund

May

31,

2024

May

31,

2023

Ordinary

Income

$6,588,390

$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.

Income

Fund

Growth

Fund

Cost

of

investments

$616,495,827

$2,047,797,650

Gross

tax

unrealized

appreciation

$1,133,147,305

$3,129,523,515

Gross

tax

unrealized

depreciation

$(14,888,714)

$(24,669,191)

Net

tax

unrealized

appreciation

$1,118,258,591

$3,104,854,324

Note

3

–

Transactions

with

Affiliated

Persons

(continued)

Notes

To

Financial

Statements

(continued)

May

31,

2024

N-CSR

31

As

of

May

31,

2024

,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

At

May

31,

2024

,

the

Funds

had

the

following

capital

loss

carryforwards

and

loss

deferrals,

subject

to

regulation.

Loss

carryforwards

may

be

used

to

offset

future

net

capital

gains

realized

for

federal

income

tax

purposes.

Note

6

–

Investments

Investment

transactions

other

than

short

term

investments

and

redemptions

in

kind

for

the

fiscal

year

ended

May

31,

2024

,

were

as

follows:

During

the

fiscal

year

ended

May

31,

2024

,

the

Funds’

redemptions

in-kind

were

as

follows:

Note

7

–

Custodian

Under

agreements

in

place

with

the

Trust’s

custodian,

UMB

Bank,

custody

fees

are

reduced

by

credits

for

cash

balances.

For

the

fiscal

year

ended

May

31,

2024

,

such

reductions

were

as

follows:

Note

8

–

Subsequent

Events

There

were

no

other

events

or

transactions

during

the

period

that

materially

impacted

the

amounts

or

disclosures

in

the

Funds’

financial

statements.

Developing

World

Fund

Participation

Fund

Cost

of

investments

$103,425,507

$195,543,379

Gross

tax

unrealized

appreciation

$27,181,726

$50,844

Gross

tax

unrealized

depreciation

$(12,387,125)

$(7,635,165)

Net

tax

unrealized

appreciation

(depreciation)

$14,794,601

$(7,584,321)

Income

Fund

Undistributed

ordinary

income

$192,077

Accumulated

capital

gains

$65,659,553

Tax

accumulated

earnings

$65,851,630

Unrealized

Appreciation

$1,118,258,591

Other

unrealized

accumulated

losses

$(15,220)

Total

accumulated

earnings

$1,184,095,001

Growth

Fund

Undistributed

ordinary

income

$2,822,133

Accumulated

capital

gains

$211,417,587

Tax

accumulated

earnings

$214,239,720

Unrealized

Appreciation

$3,104,854,324

Other

unrealized

accumulated

losses

$(181,729)

Total

accumulated

earnings

$3,318,912,315

Developing

World

Fund

Undistributed

ordinary

income

$674,648

Accumulated

capital

and

other

losses

$(1,864,641)

Tax

accumulated

earnings

$(1,189,993)

Unrealized

Appreciation

$14,794,601

Other

unrealized

accumulated

losses

$(143,941)

Total

accumulated

earnings

$13,460,667

Participation

Fund

Undistributed

ordinary

income

$(1,870)

Accumulated

capital

and

other

losses

$(7,264,300)

Tax

accumulated

earnings

$(7,266,170)

Unrealized

Depreciation

$(7,584,321)

Total

accumulated

earnings

$(14,850,491)

Developing

World

Fund

Participation

Fund

Short

term

loss

carryforward

$–

$1,366,204

Long

term

loss

carryforward

$927,641

$3,735,846

Total

Capital

loss

carryforward

$927,641

$5,102,050

Post-October

loss

deferral

1

$937,000

$2,162,250

Total

accumulated

losses

$1,864,641

$7,264,300

Purchases

Sales

100

Income

Fund

$158,715,656

$154,576,235

200

Growth

Fund

$1,044,868,012

$438,871,601

300

Developing

World

Fund

$34,045,378

$1,228,320

400

Participation

Fund

$32,529,052

$44,842,937

Purchases

Sales

200

Growth

Fund

$–

$35,442,396

Custodian

Fee

Credits

100

Income

Fund

$76,965

200

Growth

Fund

$180,970

300

Developing

World

Fund

$77,234

400

Participation

Fund

$46,837

Note

5

–

Federal

Income

Taxes

(continued)

Report

of

Independent

Registered

Public

Accounting

Firm

32

May

31,

2024

N-CSR

To

the

Shareowners

and

Board

of

Trustees

Amana

Mutual

Funds

Trust

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

the

Amana

Income

Fund

,

the

Amana

Growth

Fund

,

the

Amana

Developing

World

Fund

and

the

Amana

Participation

Fund

(the

“Funds”),

each

a

series

of

Amana

Mutual

Funds

Trust

(the

“Trust”),

including

the

schedules

of

investments,

as

of

May

31,

2024

,

the

related

statements

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes

(consolidated

for

2024,

2023

and

2022

with

respect

to

the

Amana

Participation

Fund

)

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Funds

as

of

May

31,

2024

,

the

results

of

their

operations

for

the

year

then

ended,

the

changes

in

their

net

assets

for

each

of

the

two

years

in

the

period

then

ended

and

their

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended

(consolidated

for

2024,

2023

and

2022

with

respect

to

the

Amana

Participation

Fund

),

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Trust’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(“PCAOB”)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

have

served

as

the

auditor

of

one

or

more

of

the

funds

in

the

Trust

since

1995.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audits

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Funds

are

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

the

Funds’

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting,

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Funds’

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

May

31,

2024

by

correspondence

with

the

custodian.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Philadelphia,

Pennsylvania

July

26,

2024

Tait,

Weller

&

Baker

LLP

May

31,

2024

N-CSR

33

Availability

of

Quarterly

Portfolio

Information

(1)

The

Amana

Funds

file

complete

schedules

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

their

reports

on

Form

N-PORT.

(2)

The

Funds’

Form

N-PORT

reports

are

available

on

the

SEC’s

website

at

www.sec.gov.

(3)

The

Funds

post

a

complete

schedule

of

portfolio

holdings

after

the

end

of

each

month

available

at

www.amanafunds.com.

Privacy

Statement

At

Saturna

Capital

and

the

Amana

Mutual

Funds

Trust,

we

understand

the

importance

of

maintaining

the

privacy

of

your

financial

information.

We

want

to

assure

you

that

we

protect

the

confidentiality

of

any

personal

information

that

you

share

with

us.

In

addition,

we

do

not

sell

information

about

our

current

or

former

customers.

In

the

course

of

our

relationship,

we

gather

certain

non-public

information

about

you,

including

your

name,

address,

investment

choices,

and

account

information.

We

do

not

disclose

your

information

to

unaffiliated

third

parties

unless

it

is

necessary

to

process

a

transaction;

service

your

account;

deliver

your

account

statements,

shareowner

reports,

and

other

information;

or

as

required

by

law.

When

we

disclose

information

to

unaffiliated

third

parties,

we

require

a

contract

to

restrict

the

companies’

use

of

customer

information

and

from

sharing

or

using

it

for

any

purposes

other

than

performing

the

services

for

which

they

were

required.

We

may

share

information

within

the

Saturna

Capital

family

of

companies

in

the

course

of

informing

you

about

products

or

services

that

may

address

your

investing

needs.

We

maintain

our

own

technology

resources

to

minimize

the

need

for

any

third-party

services,

and

restrict

access

to

information

within

Saturna.

We

maintain

physical,

electronic,

and

procedural

safeguards

to

guard

your

personal

information.

If

you

have

any

questions

or

concerns

about

the

security

or

privacy

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Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The Funds’ disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14.  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15.  Submission of Matters to a Vote of Security Holders.

No changes to report.

Item 16.  Controls and Procedures.

a. The Registrant’s President and Treasurer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

b. There were no significant changes in the Registrant’s internal control over financial reporting (as defined in Rule 30e-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

Exhibits included with this filing:

(a)(1) Code of Ethics.

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

(a)(3) Not applicable.

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

SIGNATURES

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

AMANA MUTUAL FUNDS TRUST

By:

/s/Nicholas F. Kaiser, President

Signature and Title

Nicholas F. Kaiser, President

Printed name and Title

July 30, 2024

Date

Pursuant to the requirements of the Securities Exchange Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated.

By:

/s/Nicholas F. Kaiser, President

Signature and Title

Nicholas F. Kaiser, President

Printed name and Title

July 30, 2024

Date

By:

/s/ Christopher R. Fankhauser, Treasurer

Signature and Title

Christopher R. Fankhauser, Treasurer

Printed name and Title

July 30, 2024

Date