SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 2-96924

AMANA MUTUAL FUNDS TRUST

(Exact Name of Registrant as Specified in Charter)

1300 N. State Street

Bellingham, Washington 98225-4730

(Address of Principal Executive Offices, including ZIP Code)

Elliot S. Cohen

1300 N. State Street

Bellingham, Washington 98225-4730

(Name and Address of Agent for Service)

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

Date of fiscal year end: May 31, 2026

Date of reporting period: November 30, 2025

Item 1. Report to Shareowners

AMIDX

| INSTITUTIONAL SHARES

Amana Developing World Fund

Semi-Annual Shareholder Report - November 30, 2025

Fund Overview

The objective of the Amana Developing World Fund is long-term capital growth, consistent with Islamic principles. This Semi-Annual Shareholder Report contains important information about the Amana Developing World Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at www.saturna.com/fund/amana-developing-world. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the 6 months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Institutional Shares	$50	0.91%

Annual Average Total Return

	1 Year	5 Year	10 Year
Institutional Shares	14.81%	6.17%	6.30%
Bloomberg Emerging Markets Large, Mid & Small	25.32%	5.40%	8.40%
MSCI Emerging Markets Index	30.29%	5.54%	8.30%

Key Fund Statistics

Total Net Assets	$156,607,527
# of Portfolio Holdings	37
Advisory Fees Paid	$588,427
Portfolio Turnover Rate	9%

Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/fund/amana-developing-world for more recent performance information.

What did the Fund invest in?

Industry Weightings

% of Total Net Assets

Personal Care Products	9.5%
Semiconductor Manufacturing	9.0%
Semiconductor Devices	7.2%
Health Care Facilities	6.8%
Food & Drug Stores	5.8%
Precious Metals	5.5%
Communications Equipment	4.8%
Agricultural Chemicals	4.5%
Electronics Components	4.2%
Electronic Manufacturing Services & Original Design Manufacturer	3.9%
Other Industries	32.9%
Other Assets (net of liabilities)	5.9%

Additional Information

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/resources/literature.

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

AMDWX

| INVESTOR SHARES

Amana Developing World Fund

Semi-Annual Shareholder Report - November 30, 2025

Fund Overview

What were the Fund’s costs for the 6 months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Investor Shares	$62	1.14%

Annual Average Total Return

	1 Year	5 Year	10 Year
Investor Shares	14.57%	5.95%	6.09%
Bloomberg Emerging Markets Large, Mid & Small	25.32%	5.40%	8.40%
MSCI Emerging Markets Index	30.29%	5.54%	8.30%

Key Fund Statistics

Total Net Assets	$156,607,527
# of Portfolio Holdings	37
Advisory Fees Paid	$588,427
Portfolio Turnover Rate	9%

What did the Fund invest in?

Industry Weightings

% of Total Net Assets

Personal Care Products	9.5%
Semiconductor Manufacturing	9.0%
Semiconductor Devices	7.2%
Health Care Facilities	6.8%
Food & Drug Stores	5.8%
Precious Metals	5.5%
Communications Equipment	4.8%
Agricultural Chemicals	4.5%
Electronics Components	4.2%
Electronic Manufacturing Services & Original Design Manufacturer	3.9%
Other Industries	32.9%
Other Assets (net of liabilities)	5.9%

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

AMIGX

| INSTITUTIONAL SHARES

Amana Growth Fund

Semi-Annual Shareholder Report - November 30, 2025

Fund Overview

The objective of the Amana Growth Fund is long-term capital growth, consistent with Islamic principles. This Semi-Annual Shareholder Report contains important information about the Amana Growth Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at www.saturna.com/fund/amana-growth. You can also request this information by contacting us at 1-800-728-8762 or 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 6 months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Institutional Shares	$34	0.61%

Annual Average Total Return

	1 Year	5 Year	10 Year
Institutional Shares	18.08%	14.57%	16.68%
Bloomberg US Large Cap Total Return Index	15.17%	14.89%	14.75%
Bloomberg 1000 Growth Total Return Index	17.10%	14.67%	16.47%
S&P 500 Index	15.00%	15.28%	14.63%

Key Fund Statistics

Total Net Assets	$6,054,394,688
# of Portfolio Holdings	35
Advisory Fees Paid	$16,525,932
Portfolio Turnover Rate	3%

What did the Fund invest in?

Industry Weightings

% of Total Net Assets

Semiconductor Devices	15.1%
Large Pharma	11.5%
Semiconductor Manufacturing	11.2%
Communications Equipment	10.9%
Infrastructure Software	10.8%
Internet Media & Services	7.1%
Commercial & Residential Building Equipment & Systems	6.6%
Application Software	3.8%
Medical Devices	3.7%
Measurement Instruments	3.1%
Other Industries	14.7%
Other Assets (net of liabilities)	1.5%

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

AMAGX

| INVESTOR SHARES

Amana Growth Fund

Semi-Annual Shareholder Report - November 30, 2025

Fund Overview

What were the Fund’s costs for the last 6 months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Investor Shares	$47	0.85%

Annual Average Total Return

	1 Year	5 Year	10 Year
Investor Shares	17.79%	14.29%	16.40%
Bloomberg US Large Cap Total Return Index	15.17%	14.89%	14.75%
Bloomberg 1000 Growth Total Return Index	17.10%	14.67%	16.47%
S&P 500 Index	15.00%	15.28%	14.63%

Key Fund Statistics

Total Net Assets	$6,054,394,688
# of Portfolio Holdings	35
Advisory Fees Paid	$16,525,932
Portfolio Turnover Rate	3%

What did the Fund invest in?

Industry Weightings

% of Total Net Assets

Semiconductor Devices	15.1%
Large Pharma	11.5%
Semiconductor Manufacturing	11.2%
Communications Equipment	10.9%
Infrastructure Software	10.8%
Internet Media & Services	7.1%
Commercial & Residential Building Equipment & Systems	6.6%
Application Software	3.8%
Medical Devices	3.7%
Measurement Instruments	3.1%
Other Industries	14.7%
Other Assets (net of liabilities)	1.5%

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

AMINX

| INSTITUTIONAL SHARES

Amana Income Fund

Semi-Annual Shareholder Report - November 30, 2025

Fund Overview

The objective of the Amana Income Fund is current income and preservation of capital, consistent with Islamic principles. This Semi-Annual Shareholder Report contains important information about the Amana Income Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at www.saturna.com/fund/amana-income. You can also request this information by contacting us at 1-800-728-8762 or 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 6 months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Institutional Shares	$40	0.75%

Annual Average Total Return

	1 Year	5 Year	10 Year
Institutional Shares	14.49%	11.90%	11.82%
Bloomberg US Large Cap Total Return Index	15.17%	14.89%	14.75%
Bloomberg 1000 Value Total Return Index	7.17%	13.24%	10.73%
S&P 500 Index	15.00%	15.28%	14.63%

Key Fund Statistics

Total Net Assets	$2,187,058,534
# of Portfolio Holdings	33
Advisory Fees Paid	$7,481,968
Portfolio Turnover Rate	4%

What did the Fund invest in?

Industry Weightings

% of Total Net Assets

Large Pharma	18.7%
Semiconductor Manufacturing	9.9%
Infrastructure Software	8.1%
Semiconductor Devices	7.4%
Personal Care Products	5.9%
Industrial Wholesale & Rental	5.8%
Measurement Instruments	5.4%
Basic & Diversified Chemicals	3.8%
Diversified Industrials	3.4%
Commercial & Residential Building Equipment & Systems	2.9%
Other Industries	18.7%
Other Assets (net of liabilities)	10.0%

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

AMANX

| INVESTOR SHARES

Amana Income Fund

Semi-Annual Shareholder Report - November 30, 2025

Fund Overview

What were the Fund’s costs for the last 6 months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Investor Shares	$53	0.99%

Annual Average Total Return

	1 Year	5 Year	10 Year
Investor Shares	14.22%	11.64%	11.56%
Bloomberg US Large Cap Total Return Index	15.17%	14.89%	14.75%
Bloomberg 1000 Value Total Return Index	7.17%	13.24%	10.73%
S&P 500 Index	15.00%	15.28%	14.63%

Key Fund Statistics

Total Net Assets	$2,187,058,534
# of Portfolio Holdings	33
Advisory Fees Paid	$7,481,968
Portfolio Turnover Rate	4%

What did the Fund invest in?

Industry Weightings

% of Total Net Assets

Large Pharma	18.7%
Semiconductor Manufacturing	9.9%
Infrastructure Software	8.1%
Semiconductor Devices	7.4%
Personal Care Products	5.9%
Industrial Wholesale & Rental	5.8%
Measurement Instruments	5.4%
Basic & Diversified Chemicals	3.8%
Diversified Industrials	3.4%
Commercial & Residential Building Equipment & Systems	2.9%
Other Industries	18.7%
Other Assets (net of liabilities)	10.0%

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

AMIPX

| INSTITUTIONAL SHARES

Amana Participation Fund

Semi-Annual Shareholder Report - November 30, 2025

Fund Overview

The objective of the Amana Participation Fund is capital preservation and current income, consistent with Islamic principles. This Semi-Annual Shareholder Report contains important information about the Amana Participation Fund for the period of June 1, 2025 to November 30, 2025. You can find additional information about the Fund at www.saturna.com/fund/amana-participation. You can also request this information by contacting us at 1-800-728-8762 or 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 6 months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Institutional Shares	$28	0.55%

Annual Average Total Return

	1 Year	5 Year	10 Year
Institutional Shares	5.53%	1.73%	2.58%
Bloomberg Global Aggregate Bond Index	5.57%	-1.94%	1.29%
Bloomberg Custom Sukuk	6.78%	n/a	n/a
FTSE IdealRatings Sukuk Index	6.84%	1.86%	3.61%

Key Fund Statistics

Total Net Assets	$267,741,244
# of Portfolio Holdings	56
Advisory Fees Paid	$701,967
Portfolio Turnover Rate	20%

Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/fund/amana-participation for more recent performance information.

What did the Fund invest in?

Sector Weightings

% of Total Net Assets

Financials	39.7%
Real Estate	12.4%
Utilities	7.6%
Government	6.7%
Industrials	6.6%
Energy	6.4%
Communications	5.5%
Materials	3.8%
Consumer Staples	2.8%
Bank Time Deposits	2.6%
Other Sectors	0.7%
Other Assets (net of liabilities)	5.2%

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

AMAPX

| INVESTOR SHARES

Amana Participation Fund

Semi-Annual Shareholder Report - November 30, 2025

Fund Overview

What were the Fund’s costs for the last 6 months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Investor Shares	$40	0.79%

Annual Average Total Return

	1 Year	5 Year	10 Year
Investor Shares	5.19%	1.48%	2.34%
Bloomberg Global Aggregate Bond Index	5.57%	-1.94%	1.29%
Bloomberg Custom Sukuk	6.78%	n/a	n/a
FTSE IdealRatings Sukuk Index	6.84%	1.86%	3.61%

Key Fund Statistics

Total Net Assets	$267,741,244
# of Portfolio Holdings	56
Advisory Fees Paid	$701,967
Portfolio Turnover Rate	20%

Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/fund/amana-participation for more recent performance information.

What did the Fund invest in?

Sector Weightings

% of Total Net Assets

Financials	39.7%
Real Estate	12.4%
Utilities	7.6%
Government	6.7%
Industrials	6.6%
Energy	6.4%
Communications	5.5%
Materials	3.8%
Consumer Staples	2.8%
Bank Time Deposits	2.6%
Other Sectors	0.7%
Other Assets (net of liabilities)	5.2%

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

Item 2. Code of Ethics

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

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

(a) The Schedule of Investments is fully answered in Item 7.

(b) Not applicable

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

Table

Contents:

Morningstar

Ratings

Amana

Income

Fund

Schedule

Investments

Statement

Assets

and

Liabilities

and

Statement

Operations

Statements

Changes

Net

Assets

Financial

Highlights

Amana

Growth

Fund

Schedule

Investments

Statement

Assets

and

Liabilities

and

Statement

Operations

Statements

Changes

Net

Assets

Financial

Highlights

Amana

Developing

World

Fund

Schedule

Investments

Statement

Assets

and

Liabilities

and

Statement

Operations

Statements

Changes

Net

Assets

Financial

Highlights

Amana

Participation

Fund

Schedule

Investments

Statement

Assets

and

Liabilities

and

Statement

Operations

Statements

Changes

Net

Assets

Financial

Highlights

Notes

Financial

Statements

Note

Organization

Note

Unaudited

Information

Note

Significant

Accounting

Policies

Note

Transactions

with

Affiliated

Persons

Note

Distributions

Shareowners

Note

Federal

Income

Taxes

Note

Investments

Note

Custodian

Note

Subsequent

Events

Renewal

Investment

Advisory

Contract

Form

N-CSR

Items

8-11

Summary

Information

November

30,

2025

Semi-Annual

Morningstar

Ratings

(as

November

30,

2025)

2026

Morningstar®.

All

rights

reserved.

Morningstar,

Inc.

independent

fund

performance

monitor.

The

information

contained

herein:

(1)

proprietary

Morningstar

and/or

its

content

providers;

(2)

may

not

copied

distributed;

and

(3)

not

warranted

accurate,

complete,

timely.

Neither

Morningstar

nor

its

content

providers

are

responsible

for

any

damages

losses

arising

from

any

use

this

information.

Morningstar

Ratings™

("Star

Ratings")

are

November

30,

2025.

The

Morningstar

Rating™

for

funds,

"star

rating",

calculated

for

managed

products

(including

mutual

funds,

variable

annuity

and

variable

life

subaccounts,

exchange-traded

funds,

closed-end

funds,

and

separate

accounts)

with

least

three-year

history.

Exchange-traded

funds

and

open-ended

mutual

funds

are

considered

single

population

for

comparative

purposes.

calculated

based

Morningstar

Risk-Adjusted

Return

measure

that

accounts

for

variation

managed

product's

monthly

excess

performance

(not

including

the

effects

sales

charges,

loads,

and

redemption

fees),

placing

emphasis

downward

variations

and

rewarding

consistent

performance.

The

top

10%

products

each

product

category

receive

stars,

the

22.5%

receive

stars,

the

35%

receive

stars,

the

22.5%

receive

stars,

and

the

bottom

10%

receive

star.

The

Overall

Morningstar

Rating

for

managed

product

derived

from

weighted

average

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

total

returns,

60%

five-year

rating/40%

three-year

rating

for

60-119

months

total

returns,

and

50%

10-year

rating/30%

five-year

rating/20%

three-year

rating

for

120

months

total

returns.

While

the

10-year

overall

star

rating

formula

seems

give

the

most

weight

the

10-year

period,

the

most

recent

three-year

period

actually

has

the

greatest

impact

because

included

all

three

rating

periods.

Rank

Category

the

fund’s

percentile

rank

for

the

specified

time

period

relative

all

funds

that

have

the

same

Morningstar

category.

The

highest

(or

most

favorable)

percentile

rank

and

the

lowest

(or

least

favorable)

percentile

rank

100.

The

top-

performing

fund

category

will

always

receive

rank

Percentile

ranks

within

Category

Investor

(AMANX)

n/a



n/a



Rank

Category

n/a

Institutional

(AMINX)

n/a



n/a



Rank

Category

n/a

Number

Funds

Category

1,308

1,211

1,121

875

675

1,211

Amana

Growth

Fund

–

“Large

Growth”

Category

Investor

(AMAGX)

n/a





n/a



Rank

Category

n/a

Institutional

(AMIGX)

n/a







n/a



Rank

Category

n/a

Number

Funds

Category

1,079

1,009

943

755

579

1,009

Amana

Developing

World

Fund

–

“Diversified

Emerging

Markets”

Category

Investor

(AMDWX)

n/a





n/a



Rank

Category

n/a

Institutional

(AMIDX)

n/a





n/a



Rank

Category

n/a

Number

Funds

Category

751

693

616

456

225

693

Amana

Participation

Fund

–

“Emerging

Markets

Bond”

Category

Investor

(AMAPX)

n/a





n/a



Rank

Category

n/a

Institutional

(AMIPX)

n/a





n/a



Rank

Category

n/a

Number

Funds

Category

147

142

121

147

Schedule

Investments

November

30,

2025

Amana

Income

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2025

Semi-Annual

Continued

page.

Common

Stock

Number

Cost

Market

Value

Percentage

Net

Assets

Consumer

Discretionary

Apparel,

Footwear

Acc

Design

Nike,

Class

205,000

14,047,249

13,249,150

0.6%

Automotive

Retailers

Genuine

Parts

382,000

15,016,749

49,812,800

2.3%

Home

Products

Stores

Home

Depot

52,000

20,230,590

18,559,840

0.8%

49,294,588

81,621,790

3.7%

Consumer

Staples

Household

Products

Procter

Gamble

127,000

19,991,437

18,816,320

0.9%

Packaged

Food

Danone

150,000

12,939,522

13,411,390

0.6%

Personal

Care

Products

Colgate-Palmolive

450,000

18,061,325

36,175,500

1.7%

Kenvue

1,675,000

34,061,723

29,061,250

1.3%

Kimberly-Clark

300,000

22,709,515

32,736,000

1.5%

Unilever

ADR

500,000

18,702,308

30,295,000

1.4%

93,534,871

128,267,750

5.9%

126,465,830

160,495,460

7.4%

Health

Care

Large

Pharma

AbbVie

155,000

14,399,325

35,293,500

1.6%

Eli

Lilly

266,890

9,157,548

287,032,188

13.1%

Johnson

165,000

19,251,626

34,141,800

1.6%

Merck

123,000

15,683,886

12,894,090

0.6%

Novartis

ADR

295,400

15,552,803

38,520,160

1.8%

74,045,188

407,881,738

18.7%

Medical

Devices

Abbott

Laboratories

350,000

8,392,885

45,115,000

2.0%

82,438,073

452,996,738

20.7%

Industrials

Commercial

Residential

Building

Equipment

Systems

Johnson

Controls

International

550,000

34,796,048

63,970,500

2.9%

Construction

Mining

Machinery

Komatsu

Ltd

400,000

13,809,888

13,152,797

0.6%

Courier

Services

United

Parcel

Service,

Class

300,000

49,276,044

28,737,000

1.3%

Diversified

Industrials

Illinois

Tool

Works

300,000

14,672,460

74,784,000

3.4%

Electrical

Power

Equipment

Eaton

110,000

20,458,947

38,047,900

1.8%

Industrial

Wholesale

Rental

Ferguson

Enterprises

200,000

39,986,233

50,334,000

2.3%

W.W.

Grainger

80,000

7,590,798

75,890,400

3.5%

47,577,031

126,224,400

5.8%

Measurement

Instruments

Rockwell

Automation

300,000

13,657,124

118,758,000

5.4%

Schedule

Investments

November

30,

2025

Amana

Income

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2025

Semi-Annual

Common

Stock

90.0%

Number

Cost

Market

Value

Percentage

Net

Assets

Industrials

(continued)

Rail

Freight

Canadian

National

Railway

384,000

8,600,818

36,821,760

1.7%

202,848,360

500,496,357

22.9%

Materials

Basic

Diversified

Chemicals

Air

Products

Chemicals

110,000

6,424,723

28,715,500

1.3%

Linde

130,000

8,531,143

53,341,600

2.5%

14,955,866

82,057,100

3.8%

Cement

Aggregates

CRH

PLC

110,000

11,405,141

13,195,600

0.6%

26,361,007

95,252,700

4.4%

Technology

Communications

Equipment

Cisco

Systems

750,000

34,718,422

57,705,000

2.6%

Consumer

Electronics

Nintendo

750,000

36,514,433

63,630,818

2.9%

Infrastructure

Software

Microsoft

357,980

7,264,521

176,129,740

8.1%

Semiconductor

Devices

Broadcom

300,000

34,949,114

120,888,000

5.5%

Texas

Instruments

250,000

38,489,292

42,067,500

1.9%

73,438,406

162,955,500

7.4%

Semiconductor

Manufacturing

Taiwan

Semiconductor

ADR

743,965

7,484,010

216,873,237

9.9%

159,419,792

677,294,295

30.9%

Total

investments

$646,827,650

1,968,157,340

90.0%

Other

assets

(net

liabilities)

218,901,194

10.0%

Total

net

assets

2,187,058,534

100.0%

ADR:

American

Depositary

Receipt

PCL:

Public

Company

Limited

Amana

Income

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2025

Semi-Annual

Statement

Assets

and

Liabilities

Statement

Operations

November

30,

2025

Assets

Investments

securities,

value

(Cost

$646,827,650)

1,968,157,340

Cash

214,469,143

Dividends

receivable

3,180,952

Receivable

for

Fund

sold

2,852,977

Prepaid

expenses

29,691

Total

assets

2,188,690,103

Liabilities

Accrued

advisory

fees

1,246,973

Accrued

12b-1

distribution

fees

174,728

Payable

for

Fund

redeemed

88,329

Accrued

retirement

plan

custody

fee

70,832

Accrued

Chief

Compliance

Officer

expenses

4,423

Accrued

trustee

expenses

4,361

Accrued

other

operating

expenses

41,923

Total

liabilities

1,631,569

Net

assets

$2,187,058,534

Analysis

net

assets

Paid-in

capital

(unlimited

authorized,

without

par

value)

$699,455,610

Total

distributable

earnings

1,487,602,924

Net

assets

applicable

Fund

outstanding

$2,187,058,534

Net

asset

value

per

Investor

AMANX

Net

assets,

value

$868,813,445

outstanding

11,514,048

Net

asset

value,

offering

and

redemption

price

per

$75.46

Net

asset

value

per

Institutional

AMINX

Net

assets,

value

$1,318,245,089

outstanding

17,683,021

Net

asset

value,

offering

and

redemption

price

per

$74.55

Period

ended

November

30,

2025

Investment

income

Dividend

Income

(Net

foreign

tax

$384,229)

15,502,705

Miscellaneous

income

874

Total

investment

income

15,503,579

Expenses

Investment

advisory

fees

7,481,968

12b-1

distribution

fees

1,057,582

ReFlow

fees

98,733

Custodian

fees

49,781

Filing

and

registration

fees

35,022

Retirement

plan

custodial

fees

32,354

125

Investor

150

Institutional

32,314

Legal

fees

24,859

Audit

fees

18,233

Chief

Compliance

Officer

expenses

15,652

Trustee

fees

15,610

Other

operating

expenses

61,612

Total

gross

expenses

8,891,406

Less

custodian

fee

credits

(49,781)

Net

expenses

8,841,625

Net

investment

income

$6,661,954

Net

realized

gain

from

investments

and

foreign

currency

$99,508,592

Net

Increase

unrealized

appreciation

investments

and

foreign

currency

157,426,335

Net

gain

investments

256,934,927

Net

increase

net

assets

resulting

from

operations

$263,596,881

Includes

$35,339,248

net

realized

gains

from

redemptions

in-kind

Amana

Income

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2025

Semi-Annual

Statements

Changes

Net

Assets

Period

ended

November

30,

2025

Year

ended

May

31,

2025

Increase

net

assets

from

operations

From

operations

Net

investment

income

$6,661,954

$16,083,947

Net

realized

gain

investments

and

foreign

currency

99,508,592

84,628,411

Net

increase

unrealized

appreciation

investments

and

foreign

currency

157,426,335

45,632,361

Net

increase

net

assets

263,596,881

146,344,719

Distributions

shareowners

from

125

Net

dividend

and

distribution

shareholders

Investor

–

(45,166,603)

150

Net

dividend

and

distribution

shareholders

Institutional

–

(61,267,074)

Total

distributions

–

(106,433,677)

Capital

transactions

Proceeds

from

the

sale

125

Investor

30,092,914

69,870,774

150

Institutional

185,350,981

251,888,879

Value

issued

reinvestment

dividends

and

distributions

125

Investor

–

43,617,060

150

Institutional

–

58,767,563

Cost

redeemed

125

Investor

(112,809,427)

(127,442,908)

150

Institutional

(160,205,102)

(214,093,824)

Total

capital

transactions

(57,570,634)

82,607,544

Total

increase

net

assets

206,026,247

122,518,586

Net

assets

Beginning

period

1,981,032,287

1,858,513,701

End

period

$2,187,058,534

$1,981,032,287

the

Fund

sold

and

redeemed

Investor

(AMANX)

Number

sold

424,492

1,052,806

Number

issued

reinvestment

dividends

and

distributions

–

679,237

Number

redeemed

(1,594,723)

(1,925,424)

Net

decrease

number

outstanding

(1,170,231)

(193,381)

Institutional

(AMINX)

Number

sold

2,646,964

3,848,401

Number

issued

reinvestment

dividends

and

distributions

–

927,069

Number

redeemed

(2,279,281)

(3,269,683)

Net

increase

number

outstanding

367,683

1,505,787

–

Amana

Income

Fund:

Financial

Highlights

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2025

Semi-Annual

Investor

(AMANX)

Selected

data

per

outstanding

capital

stock

throughout

each

period:

Period

ended

November

30,

2025

Year

ended

May

31,

2025

2024

2023

2022

2021

Net

asset

value

beginning

period

$66.54

$65.21

$57.31

$59.34

$61.52

$50.03

Income

from

investment

operations

Net

investment

income

0.18

0.46

0.53

0.59

0.58

Net

gains

securities

(both

realized

and

unrealized)

8.74

4.47

10.49

1.91

0.37

14.53

Total

from

investment

operations

8.92

4.93

11.02

2.50

0.96

15.11

Less

distributions

Dividends

(from

net

investment

income)

–

(0.44)

(0.51)

(0.55)

(0.56)

Distributions

(from

capital

gains)

–

(3.16)

(2.61)

(3.98)

(2.59)

(3.06)

Total

distributions

–

(3.60)

(3.12)

(4.53)

(3.14)

(3.62)

Net

asset

value

end

period

$75.46

$66.54

$65.21

$57.31

$59.34

$61.52

Total

Return

13.41%

7.77%

19.75%

4.35%

1.16%

30.87%

Ratios

supplemental

data

Net

assets

($000),

end

period

$868,813

$844,062

$839,814

$747,787

$746,534

$841,439

Ratio

expenses

average

net

assets

Before

custodian

fee

credits

1.00%

1.01%

1.02%

1.01%

1.04%

After custodian

fee

credits

0.99%

1.00%

1.02%

1.01%

1.04%

Ratio

net

investment

income

after

custodian

fee

credits to

average

net

assets

0.49%

0.69%

0.86%

1.03%

0.94%

1.03%

Portfolio

turnover

rate

10%

Calculated

using

average

outstanding

Not

annualized

for

period

less

than

one

year

Annualized

for

periods

less

than

one

year

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2025

Semi-Annual

Amana

Income

Fund:

Financial

Highlights

Investor

(AMANX)

Selected

data

per

outstanding

capital

stock

throughout

each

period:

Period

ended

November

30,

2025

Year

ended

May

31,

2025

2024

2023

2022

2021

Net

asset

value

beginning

period

$66.54

$65.21

$57.31

$59.34

$61.52

$50.03

Income

from

investment

operations

Net

investment

income

0.18

0.46

0.53

0.59

0.58

Net

gains

securities

(both

realized

and

unrealized)

8.74

4.47

10.49

1.91

0.37

14.53

Total

from

investment

operations

8.92

4.93

11.02

2.50

0.96

15.11

Less

distributions

Dividends

(from

net

investment

income)

–

(0.44)

(0.51)

(0.55)

(0.56)

Distributions

(from

capital

gains)

–

(3.16)

(2.61)

(3.98)

(2.59)

(3.06)

Total

distributions

–

(3.60)

(3.12)

(4.53)

(3.14)

(3.62)

Net

asset

value

end

period

$75.46

$66.54

$65.21

$57.31

$59.34

$61.52

Total

Return

13.41%

7.77%

19.75%

4.35%

1.16%

30.87%

Ratios

supplemental

data

Net

assets

($000),

end

period

$868,813

$844,062

$839,814

$747,787

$746,534

$841,439

Ratio

expenses

average

net

assets

Before

custodian

fee

credits

1.00%

1.01%

1.02%

1.01%

1.04%

After custodian

fee

credits

0.99%

1.00%

1.02%

1.01%

1.04%

Ratio

net

investment

income

after

custodian

fee

credits to

average

net

assets

0.49%

0.69%

0.86%

1.03%

0.94%

1.03%

Portfolio

turnover

rate

10%

Calculated

using

average

outstanding

Not

annualized

for

period

less

than

one

year

Annualized

for

periods

less

than

one

year

Institutional

(AMINX)

Selected

data

per

outstanding

capital

stock

throughout

each

period:

Period

ended

November

30,

2025

Year

ended

May

31,

2025

2024

2023

2022

2021

Net

asset

value

beginning

period

$65.66

$64.44

$56.69

$58.79

$61.04

$49.72

Income

from

investment

operations

Net

investment

income

0.26

0.62

0.67

0.72

0.74

0.71

Net

gains

securities

(both

realized

and

unrealized)

8.63

4.40

10.38

1.90

0.37

14.42

Total

from

investment

operations

8.89

5.02

11.05

2.62

1.11

15.13

Less

distributions

Dividends

(from

net

investment

income)

–

(0.64)

(0.69)

(0.74)

(0.77)

(0.75)

Distributions

(from

capital

gains)

–

(3.16)

(2.61)

(3.98)

(2.59)

(3.06)

Total

distributions

–

(3.80)

(3.30)

(4.72)

(3.36)

(3.81)

Net

asset

value

end

period

$74.55

$65.66

$64.44

$56.69

$58.79

$61.04

Total

Return

13.54%

8.02%

20.05%

4.61%

1.40%

31.14%

Ratios

supplemental

data

Net

assets

($000),

end

period

$1,318,245

$1,136,971

$1,018,700

$827,401

$788,724

$703,695

Ratio

expenses

average

net

assets

Before

custodian

fee

credits

0.75%

0.76%

0.78%

0.77%

0.80%

After custodian

fee

credits

0.75%

0.76%

0.77%

0.79%

Ratio

net

investment

income

after

custodian

fee

credits to

average

net

assets

0.73%

0.94%

1.11%

1.27%

1.19%

1.27%

Portfolio

turnover

rate

10%

Calculated

using

average

outstanding

Not

annualized

for

period

less

than

one

year

Annualized

for

periods

less

than

one

year

Schedule

Investments

November

30,

2025

Amana

Growth

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2025

Semi-Annual

Continued

page.

Common

Stock

98.5%

Number

Cost

Market

Value

Percentage

Net

Assets

Communications

Internet

Media

Services

Alphabet,

Class

1,345,000

161,823,354

430,642,100

7.1%

Consumer

Discretionary

Automotive

Retailers

AutoZone

40,000

98,870,262

158,173,200

2.6%

Home

Products

Stores

Lowe's

400,000

8,620,300

96,992,000

1.6%

Specialty

Apparel

Stores

TJX

Companies

1,150,000

12,679,185

174,708,000

2.9%

120,169,747

429,873,200

7.1%

Consumer

Staples

Personal

Care

Products

Church

Dwight

1,171,300

20,995,228

99,747,908

1.7%

Health

Care

Large

Pharma

AbbVie

600,000

116,604,834

136,620,000

2.2%

AstraZeneca

ADR

1,590,000

107,739,591

147,424,800

2.5%

Eli

Lilly

290,435

10,031,382

312,354,129

5.2%

Novo

Nordisk

ADR

2,003,200

7,663,670

98,857,920

1.6%

242,039,477

695,256,849

11.5%

Life

Science

Diagnostics

Agilent

Technologies

205,875

5,321,733

31,601,813

0.5%

Medical

Devices

Smith

Nephew

6,759,770

111,059,709

112,431,692

1.9%

Stryker

300,000

15,657,168

111,354,000

1.8%

126,716,877

223,785,692

3.7%

374,078,087

950,644,354

15.7%

Industrials

Commercial

Residential

Building

Equipment

Systems

Johnson

Controls

International

2,000,000

104,457,808

232,620,000

3.8%

Trane

400,000

66,621,870

168,592,000

2.8%

171,079,678

401,212,000

6.6%

Electrical

Power

Equipment

Eaton

70,000

25,915,995

24,212,300

0.4%

Schneider

Electric

400,000

100,973,753

107,660,873

1.8%

126,889,748

131,873,173

2.2%

Fabricated

Metal

Hardware

Prysmian

S.P.A

280,000

29,445,717

28,106,081

0.5%

Measurement

Instruments

Keysight

Technologies

281,975

6,173,040

55,816,951

0.9%

Trimble

1,665,000

26,578,159

135,564,300

2.2%

32,751,199

191,381,251

3.1%

Metalworking

Machinery

Lincoln

Electric

Holdings

268,920

5,947,784

64,387,516

1.1%

Schedule

Investments

November

30,

2025

Amana

Growth

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2025

Semi-Annual

Common

Stock

98.5%

Number

Cost

Market

Value

Percentage

Net

Assets

Industrials

(continued)

Waste

Management

Waste

Management

160,000

36,183,268

34,859,200

0.6%

402,297,394

851,819,221

14.1%

Technology

Application

Software

Adobe

162,175

5,574,571

51,917,083

0.8%

Intuit

285,600

9,926,412

181,093,248

3.0%

15,500,983

233,010,331

3.8%

Communications

Equipment

Apple

1,644,225

1,392,331

458,492,141

7.6%

Cisco

Systems

929,050

17,145,279

71,481,107

1.2%

Fujikura

Ltd

1,100,000

85,937,737

127,427,486

2.1%

104,475,347

657,400,734

10.9%

Infrastructure

Software

Microsoft

660,000

205,627,703

324,726,600

5.3%

Oracle

900,000

39,381,679

181,755,000

3.0%

ServiceNow

185,000

99,581,103

150,295,850

2.5%

344,590,485

656,777,450

10.8%

Services

Fujitsu

Limited

2,300,000

63,659,352

61,082,413

1.0%

Semiconductor

Devices

Advanced

Micro

Devices

345,100

25,536,426

75,069,603

1.3%

Broadcom

1,150,000

122,582,706

463,404,000

7.7%

Nvidia

2,100,000

152,670,793

371,700,000

6.1%

300,789,925

910,173,603

15.1%

Semiconductor

Manufacturing

ASML

Holding

308,000

10,937,644

326,480,000

5.4%

Taiwan

Semiconductor

ADR

1,210,921

12,693,436

352,995,581

5.8%

23,631,080

679,475,581

11.2%

852,647,172

3,197,920,112

52.8%

Total

investments

$1,932,010,982

$5,960,646,895

98.5%

Other

assets

(net

liabilities)

93,747,793

1.5%

Total

net

assets

$6,054,394,688

100.0%

Non-income

producing

ADR:

American

Depositary

Receipt

Amana

Growth

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2025

Semi-Annual

Statement

Assets

and

Liabilities

Statement

Operations

November

30,

2025

Assets

Investments

securities,

value

(Cost

$1,932,010,982)

5,960,646,895

Cash

91,824,382

Receivable

for

security

sales

11,030,729

Dividends

receivable

4,026,189

Receivable

for

Fund

sold

3,087,316

Prepaid

expenses

38,425

Total

assets

6,070,653,936

Liabilities

Payable

for

Fund

redeemed

12,661,252

Accrued

advisory

fees

2,823,848

Accrued

12b-1

distribution

fees

553,949

Accrued

retirement

plan

custody

fee

108,565

Accrued

trustee

expenses

15,474

Accrued

Chief

Compliance

Officer

expenses

8,379

Accrued

other

operating

expenses

87,781

Total

liabilities

16,259,248

Net

assets

$6,054,394,688

Analysis

net

assets

Paid-in

capital

(unlimited

authorized,

without

par

value)

$1,626,660,367

Total

distributable

earnings

4,427,734,321

Net

assets

applicable

Fund

outstanding

$6,054,394,688

Net

asset

value

per

Investor

AMAGX

Net

assets,

value

$2,732,837,951

outstanding

28,734,935

Net

asset

value,

offering

and

redemption

price

per

$95.10

Net

asset

value

per

Institutional

AMIGX

Net

assets,

value

$3,321,556,737

outstanding

34,604,255

Net

asset

value,

offering

and

redemption

price

per

$95.99

Period

ended

November

30,

2025

Investment

income

Dividend

Income

(Net

foreign

tax

$862,750)

21,945,568

Miscellaneous

income

1,181

Total

investment

income

21,946,749

Expenses

Investment

advisory

fees

16,525,932

12b-1

distribution

fees

3,256,382

ReFlow

fees

323,269

Custodian

fees

143,730

Audit

fees

65,305

Filing

and

registration

fees

60,891

Legal

fees

58,021

Retirement

plan

custodial

fees

50,826

225

Investor

250

Institutional

50,769

Chief

Compliance

Officer

expenses

44,830

Trustee

fees

43,049

Other

operating

expenses

159,345

Total

gross

expenses

20,731,580

Less

custodian

fee

credits

(143,730)

Net

expenses

20,587,850

Net

investment

income

$1,358,899

Net

realized

gain

from

investments

and

foreign

currency

$214,809,460

Net

Increase

unrealized

appreciation

investments

and

foreign

currency

836,949,544

Net

gain

investments

1,051,759,004

Net

increase

net

assets

resulting

from

operations

$1,053,117,903

Includes

$187,355,742

net

realized

gains

from

redemptions

in-kind

Amana

Growth

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2025

Semi-Annual

Statements

Changes

Net

Assets

Period

ended

November

30,

2025

Year

ended

May

31,

2025

Increase

net

assets

from

operations

From

operations

Net

investment

income

$1,358,899

$6,237,673

Net

realized

gain

investments

and

foreign

currency

214,809,460

176,817,604

Net

increase

unrealized

appreciation

investments

and

foreign

currency

836,949,544

86,888,468

Net

increase

net

assets

1,053,117,903

269,943,745

Distributions

shareowners

from

225

Net

dividend

and

distribution

shareholders

Investor

–

(100,893,981)

250

Net

dividend

and

distribution

shareholders

Institutional

–

(113,345,661)

Total

distributions

–

(214,239,642)

Capital

transactions

Proceeds

from

the

sale

225

Investor

115,779,528

356,186,050

250

Institutional

505,853,425

823,392,230

Value

issued

reinvestment

dividends

and

distributions

225

Investor

–

95,674,351

250

Institutional

–

108,756,525

Cost

redeemed

225

Investor

(371,436,319)

(499,074,381)

250

Institutional

(521,550,438)

(893,181,201)

Total

capital

transactions

(271,353,804)

(8,246,426)

Total

increase

net

assets

781,764,099

47,457,677

Net

assets

Beginning

period

5,272,630,589

5,225,172,912

End

period

$6,054,394,688

$5,272,630,589

the

Fund

sold

and

redeemed

Investor

(AMAGX)

Number

sold

1,316,954

4,453,978

Number

issued

reinvestment

dividends

and

distributions

–

1,199,979

Number

redeemed

(4,310,604)

(6,288,709)

Net

decrease

number

outstanding

(2,993,650)

(634,752)

Institutional

(AMIGX)

Number

sold

5,777,815

10,318,331

Number

issued

reinvestment

dividends

and

distributions

–

1,354,546

Number

redeemed

(5,907,232)

(11,274,325)

Net

increase

(decrease)

number

outstanding

(129,417)

398,552

–

Amana

Growth

Fund:

Financial

Highlights

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2025

Semi-Annual

Investor

(AMAGX)

Selected

data

per

outstanding

capital

stock

throughout

each

period:

Period

ended

November

30,

2025

Year

ended

May

31,

2025

2024

2023

2022

2021

Net

asset

value

beginning

period

$79.00

$78.08

$62.36

$60.47

$61.17

$45.39

Income

from

investment

operations

Net

investment

income

(0.04)

(0.01)

0.06

0.12

0.05

0.10

Net

gains

(losses)

securities

(both

realized

and

unrealized)

16.14

4.07

16.12

3.86

(0.37)

18.74

Total

from

investment

operations

16.10

4.06

16.18

3.98

(0.32)

18.84

Less

distributions

Dividends

(from

net

investment

income)

–

(0.11)

(0.10)

(0.05)

(0.13)

Distributions

(from

capital

gains)

–

(3.14)

(0.35)

(1.99)

(0.33)

(2.93)

Total

distributions

–

(3.14)

(0.46)

(2.09)

(0.38)

(3.06)

Net

asset

value

end

period

$95.10

$79.00

$78.08

$62.36

$60.47

$61.17

Total

Return

20.38%

5.17%

26.03%

6.83%

(0.62)%

42.16%

Ratios

supplemental

data

Net

assets

($000),

end

period

$2,732,838

$2,506,581

$2,527,041

$1,865,385

$1,684,412

$1,735,349

Ratio

expenses

average

net

assets

Before

custodian

fee

credits

0.86%

0.87%

0.91%

0.96%

After custodian

fee

credits

0.85%

0.86%

0.87%

0.91%

0.90%

0.96%

Ratio

net

investment

income

after

custodian

fee

credits to

average

net

assets

(0.09)%

(0.01)%

0.09%

0.21%

0.09%

0.19%

Portfolio

turnover

rate

10%

Calculated

using

average

outstanding

Not

annualized

for

period

less

than

one

year

Annualized

for

periods

less

than

one

year

restated

reflect

the

exclusion

redemptions

in-kind,

which

reduced

the

percentage

and

for

the

year

ended

May

31,

2022

and

2021,

respectively.

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2025

Semi-Annual

Amana

Growth

Fund:

Financial

Highlights

Investor

(AMAGX)

Selected

data

per

outstanding

capital

stock

throughout

each

period:

Period

ended

November

30,

2025

Year

ended

May

31,

2025

2024

2023

2022

2021

Net

asset

value

beginning

period

$79.00

$78.08

$62.36

$60.47

$61.17

$45.39

Income

from

investment

operations

Net

investment

income

(0.04)

(0.01)

0.06

0.12

0.05

0.10

Net

gains

(losses)

securities

(both

realized

and

unrealized)

16.14

4.07

16.12

3.86

(0.37)

18.74

Total

from

investment

operations

16.10

4.06

16.18

3.98

(0.32)

18.84

Less

distributions

Dividends

(from

net

investment

income)

–

(0.11)

(0.10)

(0.05)

(0.13)

Distributions

(from

capital

gains)

–

(3.14)

(0.35)

(1.99)

(0.33)

(2.93)

Total

distributions

–

(3.14)

(0.46)

(2.09)

(0.38)

(3.06)

Net

asset

value

end

period

$95.10

$79.00

$78.08

$62.36

$60.47

$61.17

Total

Return

20.38%

5.17%

26.03%

6.83%

(0.62)%

42.16%

Ratios

supplemental

data

Net

assets

($000),

end

period

$2,732,838

$2,506,581

$2,527,041

$1,865,385

$1,684,412

$1,735,349

Ratio

expenses

average

net

assets

Before

custodian

fee

credits

0.86%

0.87%

0.91%

0.96%

After custodian

fee

credits

0.85%

0.86%

0.87%

0.91%

0.90%

0.96%

Ratio

net

investment

income

after

custodian

fee

credits to

average

net

assets

(0.09)%

(0.01)%

0.09%

0.21%

0.09%

0.19%

Portfolio

turnover

rate

10%

Calculated

using

average

outstanding

Not

annualized

for

period

less

than

one

year

Annualized

for

periods

less

than

one

year

restated

reflect

the

exclusion

redemptions

in-kind,

which

reduced

the

percentage

and

for

the

year

ended

May

31,

2022

and

2021,

respectively.

Institutional

(AMIGX)

Selected

data

per

outstanding

capital

stock

throughout

each

period:

Period

ended

November

30,

2025

Year

ended

May

31,

2025

2024

2023

2022

2021

Net

asset

value

beginning

period

$79.64

$78.58

$62.71

$60.80

$61.50

$45.60

Income

from

investment

operations

Net

investment

income

0.07

0.19

0.23

0.27

0.22

0.24

Net

gains

(losses)

securities

(both

realized

and

unrealized)

16.28

4.09

16.23

3.88

(0.38)

18.84

Total

from

investment

operations

16.35

4.28

16.46

4.15

(0.16)

19.08

Less

distributions

Dividends

(from

net

investment

income)

–

(0.08)

(0.24)

(0.25)

(0.21)

(0.25)

Distributions

(from

capital

gains)

–

(3.14)

(0.35)

(1.99)

(0.33)

(2.93)

Total

distributions

–

(3.22)

(0.59)

(2.24)

(0.54)

(3.18)

Net

asset

value

end

period

$95.99

$79.64

$78.58

$62.71

$60.80

$61.50

Total

Return

20.53%

5.42%

26.34%

7.09%

(0.40)%

42.53%

Ratios

supplemental

data

Net

assets

($000),

end

period

$3,321,557

$2,766,050

$2,698,132

$1,959,054

$1,489,810

$1,291,092

Ratio

expenses

average

net

assets

Before

custodian

fee

credits

0.61%

0.62%

0.67%

0.64%

0.71%

After custodian

fee

credits

0.61%

0.62%

0.66%

0.64%

0.71%

Ratio

net

investment

income

after

custodian

fee

credits to

average

net

assets

0.16%

0.23%

0.33%

0.46%

0.32%

0.43%

Portfolio

turnover

rate

10%

Calculated

using

average

outstanding

Not

annualized

for

period

less

than

one

year

Annualized

for

periods

less

than

one

year

restated

reflect

the

exclusion

redemptions

in-kind,

which

reduced

the

percentage

and

for

the

year

ended

May

31,

2022

and

2021,

respectively.

Schedule

Investments

November

30,

2025

Amana

Developing

World

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2025

Semi-Annual

Continued

page.

Common

Stock

94.1%

Number

Cost

Market

Value

Percentage

Net

Assets

Communications

Telecom

Carriers

Saudi

Telecom

387,000

4,326,681

4,404,355

2.8%

Wireless

Telecommunications

Telekomunikasi

Indonesia

ADR

120,000

2,474,228

2,586,000

1.7%

6,800,909

6,990,355

4.5%

Consumer

Discretionary

Automobiles

Ford

Otomotiv

Sanayi

1,096,000

1,984,463

2,442,479

1.5%

Home

Products

Stores

Wilcon

Depot

4,857,500

1,381,055

586,698

0.4%

3,365,518

3,029,177

1.9%

Consumer

Staples

Food

Drug

Stores

Bim

Birlesik

Magazalar

360,000

4,143,944

4,554,311

2.9%

Clicks

Group

224,000

2,980,666

4,550,921

2.9%

7,124,610

9,105,232

5.8%

Packaged

Food

Indofood

CBP

Sukses

Makmur

2,500,000

1,468,008

1,269,095

0.8%

Personal

Care

Products

Dabur

India

600,000

3,844,962

3,475,042

2.2%

Kimberly-Clark

Mexico,

Class

2,350,000

4,013,399

4,820,447

3.1%

Unicharm

300,000

3,530,326

1,761,802

1.2%

Unilever

ADR

77,000

3,982,347

4,665,430

3.0%

15,371,034

14,722,721

9.5%

23,963,652

25,097,048

16.1%

Financials

Islamic

Banking

Alinma

Bank

200,000

1,358,341

1,291,829

0.8%

BIMB

Holdings

1,476,100

1,168,041

821,925

0.5%

2,526,382

2,113,754

1.3%

Islamic

Insurance

Syarikat

Takaful

Malaysia

Keluarga

1,500,000

1,294,978

1,228,084

0.8%

3,821,360

3,341,838

2.1%

Health

Care

Health

Care

Facilities

Bangkok

Dusit

Medical

Services

NVDR

5,500,000

3,718,561

3,251,759

2.1%

IHH

Healthcare

2,200,000

3,025,417

4,400,301

2.8%

KPJ

Healthcare

4,825,992

1,231,252

3,028,431

1.9%

7,975,230

10,680,491

6.8%

Industrials

Other

Machinery

Equipment

WEG

700,000

5,045,327

5,758,311

3.7%

Rubber

Plastic

Hartalega

Holdings

2,750,000

2,643,031

665,414

0.4%

7,688,358

6,423,725

4.1%

Schedule

Investments

November

30,

2025

Amana

Developing

World

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2025

Semi-Annual

Common

Stock

94.1%

Number

Cost

Market

Value

Percentage

Net

Assets

Materials

Agricultural

Chemicals

Quimica

Minera

Chile

ADR

110,000

5,676,669

7,075,200

4.5%

Base

Metals

Southern

Copper

40,239

2,142,609

5,423,413

3.5%

Cement

Aggregates

UltraTech

Cement

35,000

3,525,794

4,414,949

2.8%

Iron

Rio

Tinto

ADR

75,000

5,151,660

5,396,250

3.4%

Metals

Ore

APL

Apollo

Tubes

Ltd

150,000

3,027,775

2,889,480

1.9%

Precious

Metals

Barrick

Mining

Corporation

210,000

4,275,702

8,681,400

5.5%

23,800,209

33,880,692

21.6%

Technology

Communications

Equipment

Samsung

Electronics

70,000

3,620,815

4,807,800

3.1%

Sercomm

1,050,000

3,113,546

2,762,657

1.7%

6,734,361

7,570,457

4.8%

Computer

Hardware

Storage

Advantech

420,931

4,028,508

3,871,383

2.5%

Electronic

Manufacturing

Services

Original

Design

Manufacturer

Jabil

28,600

2,832,472

6,026,306

3.9%

Electronics

Components

Delta

Electronics

220,000

2,006,645

6,558,304

4.2%

Services

Infosys

ADR

210,000

4,106,006

3,670,800

2.3%

Semiconductor

Devices

Monolithic

Power

Systems

5,000

3,550,004

4,640,850

3.0%

Nvidia

10,000

208,808

1,770,000

1.1%

Qualcomm

29,000

3,772,449

4,874,610

3.1%

7,531,261

11,285,460

7.2%

Semiconductor

Manufacturing

ASML

Holding

5,850

4,048,956

6,201,000

3.9%

Taiwan

Semiconductor

ADR

27,200

1,513,555

7,929,072

5.1%

5,562,511

14,130,072

9.0%

32,801,764

53,112,782

33.9%

Utilities

Power

Generation

Manila

Electric

478,500

3,308,096

4,829,227

3.1%

Total

investments

$113,525,096

$147,385,335

94.1%

Other

assets

(net

liabilities)

9,222,192

5.9%

Total

net

assets

$156,607,527

100.0%

ADR:

American

Depositary

Receipt

NVDR:

Non

Voting

Depository

Receipt

Amana

Developing

World

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2025

Semi-Annual

Statement

Assets

and

Liabilities

Statement

Operations

November

30,

2025

Assets

Investments

securities,

value

(Cost

$113,525,096)

147,385,335

Cash

9,035,644

Receivable

for

Fund

sold

189,446

Dividends

receivable

140,481

Receivable

for

security

sales

47,710

Prepaid

expenses

19,900

Total

assets

156,818,516

Liabilities

Accrued

advisory

fees

101,459

Accrued

audit

expenses

42,357

Accrued

retirement

plan

custody

fee

26,273

Payable

for

Fund

redeemed

23,135

Accrued

12b-1

distribution

fees

9,639

Accrued

trustee

expenses

1,083

Accrued

Chief

Compliance

Officer

expenses

210

Accrued

other

operating

expenses

6,833

Total

liabilities

210,989

Net

assets

$156,607,527

Analysis

net

assets

Paid-in

capital

(unlimited

authorized,

without

par

value)

$121,541,108

Total

distributable

earnings

35,066,419

Net

assets

applicable

Fund

outstanding

$156,607,527

Net

asset

value

per

Investor

AMDWX

Net

assets,

value

$47,873,428

outstanding

3,108,602

Net

asset

value,

offering

and

redemption

price

per

$15.40

Net

asset

value

per

Institutional

AMIDX

Net

assets,

value

$108,734,099

outstanding

7,023,892

Net

asset

value,

offering

and

redemption

price

per

$15.48

Period

ended

November

30,

2025

Investment

income

Dividend

Income

(Net

foreign

tax

$189,593)

1,376,585

Miscellaneous

income

2,100

Total

investment

income

1,378,685

Expenses

Investment

advisory

fees

588,427

Custodian

fees

57,348

12b-1

distribution

fees

54,211

Filing

and

registration

fees

24,512

Audit

fees

14,540

Retirement

plan

custodial

fees

11,663

325

Investor

350

Institutional

11,643

Legal

fees

6,340

ReFlow

fees

6,173

Trustee

fees

3,288

Chief

Compliance

Officer

expenses

1,078

Other

operating

expenses

7,250

Total

gross

expenses

774,830

Less

custodian

fee

credits

(56,873)

Net

expenses

717,957

Net

investment

income

$660,728

Net

realized

loss

from

investments

and

foreign

currency

$(2,859,274)

Net

Increase

unrealized

appreciation

investments

and

foreign

currency

26,452,084

Net

gain

investments

23,592,810

Net

increase

net

assets

resulting

from

operations

$24,253,538

Amana

Developing

World

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2025

Semi-Annual

Statements

Changes

Net

Assets

Period

ended

November

30,

2025

Year

ended

May

31,

2025

Increase

net

assets

from

operations

From

operations

Net

investment

income

$660,728

$1,187,033

Net

realized

gain

(loss)

investments

and

foreign

currency

(2,859,274)

4,522,192

Net

increase

(decrease)

unrealized

appreciation

investments

and

foreign

currency

26,452,084

(7,389,000)

Net

increase

(decrease)

net

assets

24,253,538

(1,679,775)

Distributions

shareowners

from

325

Net

dividend

and

distribution

shareholders

Investor

–

(212,734)

350

Net

dividend

and

distribution

shareholders

Institutional

–

(755,278)

Total

distributions

–

(968,012)

Capital

transactions

Proceeds

from

the

sale

325

Investor

6,297,821

12,139,998

350

Institutional

15,166,129

39,163,602

Value

issued

reinvestment

dividends

and

distributions

325

Investor

–

211,204

350

Institutional

–

746,022

Cost

redeemed

325

Investor

(4,183,443)

(8,010,523)

350

Institutional

(19,950,907)

(32,412,788)

Total

capital

transactions

(2,670,400)

11,837,515

Total

increase

net

assets

21,583,138

9,189,728

Net

assets

Beginning

period

135,024,389

125,834,661

End

period

$156,607,527

$135,024,389

the

Fund

sold

and

redeemed

Investor

(AMDWX)

Number

sold

441,981

899,380

Number

issued

reinvestment

dividends

and

distributions

–

15,940

Number

redeemed

(295,886)

(594,456)

Net

increase

number

outstanding

146,095

320,864

Institutional

(AMIDX)

Number

sold

1,034,090

2,903,908

Number

issued

reinvestment

dividends

and

distributions

–

56,134

Number

redeemed

(1,367,371)

(2,399,895)

Net

increase

(decrease)

number

outstanding

(333,281)

560,147

–

Amana

Developing

World

Fund:

Financial

Highlights

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2025

Semi-Annual

Investor

(AMDWX)

Selected

data

per

outstanding

capital

stock

throughout

each

period:

Period

ended

November

30,

2025

Year

ended

May

31,

2025

2024

2023

2022

2021

Net

asset

value

beginning

period

$13.05

$13.29

$11.70

$11.85

$13.70

$9.67

Income

from

investment

operations

Net

investment

income

0.05

0.10

0.14

0.13

0.21

0.05

Net

gains

(losses)

securities

(both

realized

and

unrealized)

2.30

(0.26)

1.56

(0.17)

(1.90)

3.98

Total

from

investment

operations

2.35

(0.16)

1.70

(0.04)

(1.69)

4.03

Less

distributions

Dividends

(from

net

investment

income)

–

(0.08)

(0.11)

(0.08)

(0.16)

–

Distributions

(from

capital

gains)

–

0.00

(0.03)

–

Total

distributions

–

(0.08)

(0.11)

(0.16)

–

Net

asset

value

end

period

$15.40

$13.05

$13.29

$11.70

$11.85

$13.70

Total

Return

18.01%

(1.24)%

14.65%

(0.25)%

(12.47)%

41.68%

Ratios

supplemental

data

Net

assets

($000),

end

period

$47,873

$38,650

$35,115

$29,446

$23,123

$22,553

Ratio

expenses

average

net

assets

Before

custodian

fee

credits

1.21%

1.20%

1.22%

1.21%

1.20%

After custodian

fee

credits

1.14%

1.13%

1.15%

1.14%

Ratio

net

investment

income

after

custodian

fee

credits to

average

net

assets

0.73%

0.76%

1.15%

1.11%

1.59%

0.44%

Portfolio

turnover

rate

30%

Calculated

using

average

outstanding

Amount

less

than

$0.01

Not

annualized

for

period

less

than

one

year

Annualized

for

periods

less

than

one

year

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2025

Semi-Annual

Amana

Developing

World

Fund:

Financial

Highlights

Investor

(AMDWX)

Selected

data

per

outstanding

capital

stock

throughout

each

period:

Period

ended

November

30,

2025

Year

ended

May

31,

2025

2024

2023

2022

2021

Net

asset

value

beginning

period

$13.05

$13.29

$11.70

$11.85

$13.70

$9.67

Income

from

investment

operations

Net

investment

income

0.05

0.10

0.14

0.13

0.21

0.05

Net

gains

(losses)

securities

(both

realized

and

unrealized)

2.30

(0.26)

1.56

(0.17)

(1.90)

3.98

Total

from

investment

operations

2.35

(0.16)

1.70

(0.04)

(1.69)

4.03

Less

distributions

Dividends

(from

net

investment

income)

–

(0.08)

(0.11)

(0.08)

(0.16)

–

Distributions

(from

capital

gains)

–

0.00

(0.03)

–

Total

distributions

–

(0.08)

(0.11)

(0.16)

–

Net

asset

value

end

period

$15.40

$13.05

$13.29

$11.70

$11.85

$13.70

Total

Return

18.01%

(1.24)%

14.65%

(0.25)%

(12.47)%

41.68%

Ratios

supplemental

data

Net

assets

($000),

end

period

$47,873

$38,650

$35,115

$29,446

$23,123

$22,553

Ratio

expenses

average

net

assets

Before

custodian

fee

credits

1.21%

1.20%

1.22%

1.21%

1.20%

After custodian

fee

credits

1.14%

1.13%

1.15%

1.14%

Ratio

net

investment

income

after

custodian

fee

credits to

average

net

assets

0.73%

0.76%

1.15%

1.11%

1.59%

0.44%

Portfolio

turnover

rate

30%

Calculated

using

average

outstanding

Amount

less

than

$0.01

Not

annualized

for

period

less

than

one

year

Annualized

for

periods

less

than

one

year

Institutional

(AMIDX)

Selected

data

per

outstanding

capital

stock

throughout

each

period:

Period

ended

November

30,

2025

Year

ended

May

31,

2025

2024

2023

2022

2021

Net

asset

value

beginning

period

$13.10

$13.35

$11.74

$11.90

$13.77

$9.70

Income

from

investment

operations

Net

investment

income

0.07

0.13

0.17

0.15

0.24

0.08

Net

gains

(losses)

securities

(both

realized

and

unrealized)

2.31

(0.27)

1.57

(0.17)

(1.90)

3.99

Total

from

investment

operations

2.38

(0.14)

1.74

(0.02)

(1.66)

4.07

Less

distributions

Dividends

(from

net

investment

income)

–

(0.11)

(0.13)

(0.11)

(0.21)

–

Distributions

(from

capital

gains)

–

0.00

(0.03)

–

Total

distributions

–

(0.11)

(0.13)

(0.14)

(0.21)

–

Net

asset

value

end

period

$15.48

$13.10

$13.35

$11.74

$11.90

$13.77

Total

Return

18.17%

(1.10)%

14.95%

(0.12)%

(12.24)%

41.96%

Ratios

supplemental

data

Net

assets

($000),

end

period

$108,734

$96,374

$90,720

$54,611

$46,715

$42,241

Ratio

expenses

average

net

assets

Before

custodian

fee

credits

0.99%

0.98%

1.01%

0.99%

0.97%

After custodian

fee

credits

0.91%

0.90%

0.94%

0.92%

0.91%

Ratio

net

investment

income

after

custodian

fee

credits to

average

net

assets

0.97%

0.96%

1.36%

1.31%

1.80%

0.65%

Portfolio

turnover

rate

30%

Calculated

using

average

outstanding

Amount

less

than

$0.01

Not

annualized

for

period

less

than

one

year

Annualized

for

periods

less

than

one

year

Consolidated

Schedule

Investments

November

30,

2025

Amana

Participation

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2025

Semi-Annual

Continued

page.

Corporate

Sukuk

82.0%

Coupon

Maturity

Face

Amount

Market

Value

Percentage

Net

Assets

Communications

Axiata

SPV2

4.357%

due

03/24/2026

4,357,000

4,359,026

1.6%

Axiata

SPV2

2.163%

due

08/19/2030

6,000,000

5,451,883

2.0%

Saudi

Telecom

3.890%

due

05/13/2029

5,000,000

4,969,026

1.9%

14,779,935

5.5%

Consumer

Staples

Almarai

Sukuk

5.233%

due

07/25/2033

7,380,000

7,594,738

2.8%

Energy

Global

2.694%

due

06/17/2031

8,500,000

7,731,762

2.9%

Financials

Aercap

Sukuk

Ltd

4.500%

due

10/03/2029

8,500,000

8,435,903

3.2%

Ahli

United

Sukuk

Ltd

3.875%

due

06/17/2046

2,500,000

2,455,830

0.9%

Air

Lease

Corp

Sukuk

5.850%

due

04/01/2028

6,000,000

6,125,666

2.3%

Rajhi

Sukuk

6.375%

due

11/16/2049

9,000,000

9,124,895

3.4%

Alpha

Star

Ltd

7.000%

due

08/26/2028

3,500,000

3,566,821

1.3%

Banque

Saudi

Fransi

4.750%

due

05/31/2028

4,000,000

4,027,101

1.5%

Boubyan

Sukuk

Ltd

3.389%

due

03/29/2027

4,600,000

4,541,391

1.7%

Boubyan

Tier

Sukuk

Ltd

3.950%

due

04/01/2049

7,350,000

7,187,087

2.7%

BSF

Sukuk

Ltd

5.375%

due

01/21/2030

3,500,000

3,603,819

1.3%

DIB

Tier

Sukuk

4.625%

due

05/19/2049

5,250,000

5,198,503

1.9%

Dubai

Islamic

Bank

5.493%

due

11/30/2027

5,000,000

5,118,445

1.9%

Dukhan

Tier

Sukuk

3.950%

due

07/14/2049

850,000

834,700

0.3%

Sukuk

Ltd

5.431%

due

05/28/2029

2,000,000

2,060,225

0.8%

Emirates

REIT

Sukuk

III

7.500%

due

12/12/2028

5,500,000

5,583,184

2.1%

Khazanah

Global

Sukuk

4.687%

due

06/01/2028

5,000,000

5,076,123

1.9%

Kuwait

Financial

Bank

Tier

1,2

3.600%

due

PERP

10,000,000

9,814,560

3.7%

MAF

SUKUK

5.000%

due

06/01/2033

2,000,000

2,036,300

0.8%

National

Commercial

Bank

Tier

1,2

3.500%

due

PERP

5,550,000

5,428,710

2.0%

QIIB

Senior

ORYX

Ltd

5.247%

due

01/24/2029

1,500,000

1,537,671

0.6%

SAIB

Tier

Sukuk

Ltd

6.375%

due

11/27/2049

9,000,000

9,007,567

3.4%

Sharjah

3.854%

due

04/03/2026

1,200,000

1,195,436

0.4%

SIB

Tier

Sukuk

6.125%

due

06/04/2050

4,000,000

4,035,430

1.5%

WARBA

Tier

Sukuk

Ltd

4.000%

due

11/29/2071

350,000

340,710

0.1%

106,336,077

39.7%

Fixed

Income

Hazine

Mustesarligi

Varl

8.509%

due

01/14/2029

1,000,000

1,099,457

0.4%

Sharjah

Sukuk

Program

3.234%

due

10/23/2029

710,000

671,983

0.3%

1,771,440

0.7%

Industrials

World

Crescent

Ltd

5.500%

due

09/13/2033

3,000,000

3,111,924

1.2%

World

Crescent

3.750%

due

01/30/2030

5,000,000

4,855,216

1.8%

EDO

Sukuk

Ltd

5.875

5.875%

due

09/21/2033

2,000,000

2,124,172

0.8%

Ma'aden

Sukuk

Ltd

5.250%

due

02/13/2030

4,790,000

4,913,337

1.8%

Ma'aden

Sukuk

Ltd

5.500%

due

02/13/2035

1,500,000

1,564,079

0.6%

Mazoon

Assets

SAOC

5.500%

due

02/14/2029

1,140,000

1,168,511

0.4%

17,737,239

6.6%

Consolidated

Schedule

Investments

November

30,

2025

Amana

Participation

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2025

Semi-Annual

Corporate

Sukuk

82.0%

Coupon

Maturity

Face

Amount

Market

Value

Percentage

Net

Assets

Materials

Equate

Sukuk

SPC

Ltd

5.000%

due

09/05/2031

10,000,000

10,160,740

3.8%

Real

Estate

Aldar

3.875%

due

10/22/2029

6,000,000

5,855,055

2.2%

Alpha

Star

Holding

8.375%

due

04/12/2027

6,550,000

6,740,408

2.5%

Dar

Al-Arkan

Sukuk

8.000%

due

02/25/2029

7,000,000

7,276,500

2.7%

EMAAR

3.700%

due

07/06/2031

7,000,000

6,752,214

2.5%

Majid

Futtaim

4.638%

due

05/14/2029

6,650,000

6,681,109

2.5%

33,305,286

12.4%

Utilities

National

Central

Cooling

5.279%

due

03/05/2030

7,500,000

7,710,332

2.9%

Saudi

Electricity

Global

5.500%

due

04/08/2044

2,400,000

2,435,530

0.9%

Saudi

Electricity

Global

5.684%

due

04/11/2053

2,500,000

2,510,005

1.0%

TNB

Global

Ventures

Cap

3.244%

due

10/19/2026

1,140,000

1,130,759

0.4%

TNB

Global

Ventures

4.851%

due

11/01/2028

6,300,000

6,423,300

2.4%

20,209,926

7.6%

Total

Corporate

Sukuk

(Cost

$218,777,801)

$219,627,143

82.0%

Government

Sukuk

10.2%

Coupon

Maturity

Face

Amount

Market

Value

Percentage

Net

Assets

Energy

EDO

Sukuk

Ltd

5.662%

due

07/03/2031

9,000,000

9,421,452

3.5%

Government

Hazine

Mustesarligi

Varl

6.500%

due

04/26/2030

5,000,000

5,178,063

1.9%

Kingdom

Saudi

Arabia

4.303%

due

01/19/2029

1,200,000

1,203,180

0.5%

Oman

Sovereign

Sukuk

4.875%

due

06/15/2030

5,150,000

5,269,122

2.0%

Perusahaan

Penerbit

SBSN

4.450%

due

02/20/2029

3,050,000

3,065,250

1.1%

Perusahaan

Penerbit

SBSN

3.550%

due

06/09/2051

4,280,000

3,135,100

1.2%

17,850,715

6.7%

Total

Government

Sukuk

(Cost

$26,969,935)

$27,272,167

10.2%

Bank

Time

Deposits

2.6%

Coupon

Maturity

Face

Amount

Market

Value

Percentage

Net

Assets

Bank

Time

Deposits

Bank

ABC

0.043%

due

12/26/2025

2,000,000

0.8%

Kuwait

Finance

House

0.043%

due

12/04/2025

2,000,000

0.7%

Kuwait

Finance

House

0.042%

due

12/15/2025

3,000,000

1.1%

Total

Bank

Time

Deposits

(Cost

$7,000,000)

$7,000,000

2.6%

Total

investments

(Cost

$252,747,736)

$253,899,310

94.8%

Other

assets

(net

liabilities)

13,841,934

5.2%

Total

net

assets

$267,741,244

100.0%

Security

was

purchased

pursuant

Regulation

under

the

Securities

Act

1933

which

exempts

from

registration

securities

offered

and

sold

outside

the

United

States.

Such

security

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

These

Securities

have

been

deemed

liquid

under

guidelines

approved

the

Trust's

Board

Trustees.

November

30,

2025,

the

aggregate

value

these

securities

was

$246,899,310

representing

92.2%

total

net

assets.

Variable

rate

security.

The

interest

rate

represents

the

rate

effect

November

30,

2025

and

resets

periodically

based

the

parenthetically

disclosed

reference

rate

and

spread.

SA:

Special

Assessment

Amana

Participation

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2025

Semi-Annual

Consolidated

Statement

Assets

and

Liabilities

Consolidated

Statement

Operations

November

30,

2025

Assets

Investments

securities,

value

(Cost

$252,747,736)

253,899,310

Cash

10,655,872

Dividends

receivable

3,353,978

Receivable

for

Fund

sold

148,851

Prepaid

expenses

23,038

Total

assets

268,081,049

Liabilities

Payable

for

Fund

redeemed

156,534

Accrued

advisory

fees

119,286

Accrued

retirement

plan

custody

fee

22,638

Distributions

payable

17,304

Accrued

audit

expenses

8,037

Accrued

12b-1

distribution

fees

7,807

Accrued

legal

expenses

3,607

Accrued

trustee

expenses

969

Accrued

Chief

Compliance

Officer

expenses

386

Accrued

other

operating

expenses

3,237

Total

liabilities

339,805

Net

assets

$267,741,244

Analysis

net

assets

Paid-in

capital

(unlimited

authorized,

without

par

value)

$333,343,208

Total

distributable

earnings

(65,601,964)

Net

assets

applicable

Fund

outstanding

$267,741,244

Net

asset

value

per

Investor

AMAPX

Net

assets,

value

$38,390,362

outstanding

3,869,512

Net

asset

value,

offering

and

redemption

price

per

$9.92

Net

asset

value

per

Institutional

AMIPX

Net

assets,

value

$229,350,882

outstanding

23,033,128

Net

asset

value,

offering

and

redemption

price

per

$9.96

Period

ended

November

30,

2025

Investment

income

Sukuk

income

6,504,422

Miscellaneous

income

Total

investment

income

6,504,447

Expenses

Investment

advisory

fees

701,967

12b-1

distribution

fees

45,259

Custodian

fees

32,898

Filing

and

registration

fees

29,721

Retirement

plan

custodial

fees

8,900

425

Investor

450

Institutional

8,874

Legal

fees

8,540

Audit

fees

7,546

Trustee

fees

3,736

Chief

Compliance

Officer

expenses

1,798

Other

operating

expenses

10,624

Total

gross

expenses

850,989

Less

custodian

fee

credits

(32,898)

Net

expenses

818,091

Net

investment

income

$5,686,356

Net

realized

loss

from

investments

$(797,621)

Net

increase

unrealized

depreciation

investments

4,995,308

Net

gain

investments

4,197,687

Net

increase

net

assets

resulting

from

operations

$9,884,043

Amana

Participation

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2025

Semi-Annual

Consolidated

Statements

Changes

Net

Assets

Period

ended

November

30,

2025

Year

ended

May

31,

2025

Increase

net

assets

from

operations

From

operations

Net

investment

income

$5,686,356

$8,287,495

Net

realized

loss

investments

(797,621)

(240,580)

Net

increase

unrealized

appreciation

investments

4,995,308

3,740,587

Net

increase

net

assets

9,884,043

11,787,502

Distributions

shareowners

from

425

Net

dividend

and

distribution

shareholders

Investor

(511,349)

(1,083,820)

450

Net

dividend

and

distribution

shareholders

Institutional

(3,751,073)

(7,199,705)

Total

distributions

(4,262,422)

(8,283,525)

Capital

transactions

Proceeds

from

the

sale

425

Investor

8,019,319

13,065,840

450

Institutional

82,618,065

118,045,122

Value

issued

reinvestment

dividends

and

distributions

425

Investor

497,006

1,059,338

450

Institutional

3,663,161

7,077,542

Cost

redeemed

425

Investor

(5,487,971)

(8,763,467)

450

Institutional

(84,476,257)

(76,155,176)

Total

capital

transactions

4,833,323

54,329,199

Total

increase

net

assets

10,454,944

57,833,176

Net

assets

Beginning

period

257,286,300

199,453,124

End

period

$267,741,244

$257,286,300

the

Fund

sold

and

redeemed

Investor

(AMAPX)

Number

sold

813,087

1,341,293

Number

issued

reinvestment

dividends

and

distributions

50,392

108,739

Number

redeemed

(556,932)

(900,183)

Net

increase

number

outstanding

306,547

549,849

Institutional

(AMIPX)

Number

sold

8,356,916

12,052,279

Number

issued

reinvestment

dividends

and

distributions

370,091

723,734

Number

redeemed

(8,512,925)

(7,779,792)

Net

increase

number

outstanding

214,082

4,996,221

–

Amana

Participation

Fund:

Financial

Highlights

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2025

Semi-Annual

Investor

(AMAPX)

Selected

data

per

outstanding

capital

stock

throughout

each

period:

Period

ended

Nov.

30,

2025

Year

ended

May

2025

2024

2023

2022

2021

Net

asset

value

beginning

period

$9.72

$9.54

$9.64

$9.86

$10.42

$10.12

Income

from

investment

operations

Net

investment

income

B,C

0.19

0.35

0.31

0.21

0.18

0.19

Net

gains

(losses)

securities

(both

realized

and

unrealized)

0.15

0.17

(0.12)

(0.24)

(0.57)

0.30

Total

from

investment

operations

0.34

0.52

0.19

(0.03)

(0.39)

0.49

Less

distributions

Dividends

(from

net

investment

income)

(0.14)

(0.34)

(0.29)

(0.19)

(0.17)

(0.19)

Total

distributions

(0.14)

(0.34)

(0.29)

(0.19)

(0.17)

(0.19)

Net

asset

value

end

period

$9.92

$9.72

$9.54

$9.64

$9.86

$10.42

Total

Return

3.51%

5.44%

2.01%

(0.26)%

(3.83)%

4.90%

Ratios

supplemental

data

Net

assets

($000),

end

year

$38,390

$34,639

$28,756

$26,650

$24,722

$22,375

Ratio

expenses

average

net

assets

Before custodian

fee

credits

0.82%

0.83%

0.80%

0.82%

After

custodian

fee

credits

0.79%

0.80%

0.78%

0.80%

Ratio

net

investment

income

after

average

net

assets

3.84%

3.56%

3.23%

2.11%

1.71%

1.86%

Portfolio

turnover

rate

20%

22%

17%

48%

15%

19%

Consolidated

Calculated

using

average

outstanding

Not

annualized

for

period

less

than

one

year

Annualized

for

periods

less

than

one

year

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2025

Semi-Annual

Amana

Participation

Fund:

Financial

Highlights

Investor

(AMAPX)

Selected

data

per

outstanding

capital

stock

throughout

each

period:

Period

ended

Nov.

30,

2025

Year

ended

May

2025

2024

2023

2022

2021

Net

asset

value

beginning

period

$9.72

$9.54

$9.64

$9.86

$10.42

$10.12

Income

from

investment

operations

Net

investment

income

B,C

0.19

0.35

0.31

0.21

0.18

0.19

Net

gains

(losses)

securities

(both

realized

and

unrealized)

0.15

0.17

(0.12)

(0.24)

(0.57)

0.30

Total

from

investment

operations

0.34

0.52

0.19

(0.03)

(0.39)

0.49

Less

distributions

Dividends

(from

net

investment

income)

(0.14)

(0.34)

(0.29)

(0.19)

(0.17)

(0.19)

Total

distributions

(0.14)

(0.34)

(0.29)

(0.19)

(0.17)

(0.19)

Net

asset

value

end

period

$9.92

$9.72

$9.54

$9.64

$9.86

$10.42

Total

Return

3.51%

5.44%

2.01%

(0.26)%

(3.83)%

4.90%

Ratios

supplemental

data

Net

assets

($000),

end

year

$38,390

$34,639

$28,756

$26,650

$24,722

$22,375

Ratio

expenses

average

net

assets

Before custodian

fee

credits

0.82%

0.83%

0.80%

0.82%

After

custodian

fee

credits

0.79%

0.80%

0.78%

0.80%

Ratio

net

investment

income

after

average

net

assets

3.84%

3.56%

3.23%

2.11%

1.71%

1.86%

Portfolio

turnover

rate

20%

22%

17%

48%

15%

19%

Consolidated

Calculated

using

average

outstanding

Not

annualized

for

period

less

than

one

year

Annualized

for

periods

less

than

one

year

Institutional

(AMIPX)

Selected

data

per

outstanding

capital

stock

throughout

each

period:

Period

ended

Nov.

30,

2025

Year

ended

May

2025

2024

2023

2022

2021

Net

asset

value

beginning

period

$9.76

$9.58

$9.68

$9.89

$10.45

$10.16

Income

from

investment

operations

Net

investment

income

B,C

0.20

0.37

0.33

0.23

0.20

0.22

Net

gains

(losses)

securities

(both

realized

and

unrealized)

0.15

0.17

(0.12)

(0.22)

(0.57)

0.29

Total

from

investment

operations

0.35

0.54

0.21

0.01

(0.37)

0.51

Less

distributions

Dividends

(from

net

investment

income)

(0.15)

(0.36)

(0.31)

(0.22)

(0.19)

(0.22)

Total

distributions

(0.15)

(0.36)

(0.31)

(0.22)

(0.19)

(0.22)

Net

asset

value

end

period

$9.96

$9.76

$9.58

$9.68

$9.89

$10.45

Total

Return

3.63%

5.68%

2.26%

0.09%

(3.58)%

5.04%

Ratios

supplemental

data

Net

assets

($000),

end

year

$229,351

$222,648

$170,697

$192,060

$187,032

$143,404

Ratio

expenses

average

net

assets

Before custodian

fee

credits

0.57%

0.59%

0.58%

0.56%

0.58%

After

custodian

fee

credits

0.55%

0.57%

0.56%

0.53%

0.54%

0.56%

Ratio

net

investment

income

after

custodian

fee

credit

average

net

assets

4.08%

3.79%

3.45%

2.34%

1.97%

2.10%

Portfolio

turnover

rate

20%

22%

17%

48%

15%

19%

Consolidated

Calculated

using

average

outstanding

Not

annualized

for

period

less

than

one

year

Annualized

for

periods

less

than

one

year

Notes

Financial

Statements

November

30,

2025

Semi-Annual

Note

Organization

Amana

Mutual

Funds

Trust

(the

“Trust”)

was

organized

Delaware

Statutory

Trust

March

11,

2013,

and

the

successor

Amana

Mutual

Funds

Trust,

Indiana

Business

Trust

(“Prior

Trust”)

organized

July

26,

1984,

pursuant

reorganization

July

19,

2013.

Each

Fund

series

the

Trust

and

the

Income,

Growth,

and

Developing

World

Funds

are

successors

the

corresponding

series

the

Prior

Trust.

The

Trust

registered

open-end,

management

company

under

the

Investment

Company

Act

1940,

amended.

The

Trust

restricts

its

investments

those

acceptable

Muslims

investing

accordance

with

Islamic

principles.

Four

portfolio

series

have

been

created.

The

Income

Fund

was

first

authorized

sell

beneficial

interest

the

public

June

23,

1986.

The

Growth

Fund

began

operations

February

1994

The

Developing

World

Fund

began

operations

September

28,

2009

Institutional

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

nondiversified

fund.

Each

Fund

investment

company

and

accordingly

follows

the

investment

accounting

and

reporting

guidance

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standard

Codification

Topic

946

“Financial

Services

–

Investment

Companies.”

Each

class

Fund

represents

interest

the

same

portfolio

investments

the

Fund

and

has

all

respects

the

same

rights

and

obligations

each

other

class

the

Fund,

except

that

each

class

bears

its

own

class

expenses,

and

each

class

has

exclusive

voting

rights

matters

affecting

that

class.

Each

class

may

subject

different

investment

minimums

and

other

conditions

eligibility

may

described

the

prospectus

for

the

particular

class

shares,

from

time

effect.

Income,

realized

and

unrealized

capital

gains

and

losses,

and

expenses

paid

Fund

and

not

allocated

particular

class

provided

below,

shall

allocated

each

class

the

basis

relative

net

assets.

Expenses

allocable

specific

class

are

expenses

specifically

incurred

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

the

Fund

each

class

its

will

calculated

the

same

manner

the

same

day

and

the

same

time.

Commencing

the

year

ended

May

31,

2021,

the

Participation

Fund

utilizes

wholly-owned

subsidiary

achieve

its

investment

objective

(see

Note

3).

Investment

risks:

Income

Growth

Developing

World

and

Participation

Funds

The

value

the

each

the

Funds

rises

and

falls

the

value

the

securities

which

the

Funds

invest

goes

and

down.

The

Funds

limit

the

securities

they

purchase

those

consistent

with

Islamic

principles.

This

limits

opportunities

and

may

affect

performance.

Each

the

Funds

may

invest

securities

that

are

not

traded

the

United

States.

Investments

the

securities

foreign

issuers

may

involve

risks

addition

those

normally

associated

with

investments

the

securities

issuers.

These

risks

include

currency

and

market

fluctuations,

and

political

social

instability.

The

risks

foreign

investing

are

generally

magnified

the

smaller

and

volatile

securities

markets

the

developing

world.

Growth

Fund

The

smaller

and

less

seasoned

companies

that

may

the

Growth

Fund

have

greater

risk

price

volatility.

Participation

Fund

While

the

Participation

Fund

does

not

invest

conventional

bonds,

risks

similar

those

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

investments

Islamic

fixed-income

instruments.

The

structural

complexity

sukuk

along

with

the

weak

infrastructure

the

sukuk

market,

increases

risk.

compared

rights

conventional

bondholders,

holders

sukuk

may

have

limited

ability

pursue

legal

recourse

enforce

the

terms

the

sukuk

restructure

the

sukuk

order

seek

recovery

principal.

Sukuk

are

also

subject

the

risk

that

some

Islamic

scholars

may

deem

certain

sukuk

not

meeting

Islamic

investment

principles

subsequent

the

sukuk

being

issued.

The

Funds

may

invest

substantially

one

sectors,

which

can

increase

volatility

and

exposure

issuers

specific

particular

sector

industry.

Please

see

each

Fund’s

Summary

Prospectus,

the

Funds'

Prospectus,

and

Statement

Additional

Information

for

detailed

discussion

the

risks

affecting

the

Funds.

Note

Unaudited

Information

The

information

this

interim

report

has

not

been

subject

independent

audit.

Note

Significant

Accounting

Policies

The

following

summary

the

significant

accounting

policies,

conformity

with

accounting

principles

generally

accepted

the

United

States

America,

which

are

consistently

followed

the

Funds

preparation

their

financial

statements.

Security

valuation:

Investments

securities

traded

national

securities

exchange

and

over-the-counter

securities

for

which

sale

prices

are

available

are

valued

that

price.

Securities

for

which

there

are

sales

are

valued

latest

bid

price.

Foreign

markets

may

before

the

time

which

the

Funds’

prices

are

determined.

Because

this,

events

occurring

after

the

and

before

the

determination

the

Funds’

prices

may

have

material

effect

the

values

some

all

the

Funds’

foreign

securities.

account

for

this,

the

Funds

may

use

outside

pricing

services

for

valuation

their

non-US

securities.

cases

which

there

not

readily

available

market

price,

fair

value

for

such

security

determined

good

faith

the

Adviser,

whom

the

Board

Trustees

has

designated

the

Funds’

valuation

designee

perform

fair

value

determinations

relating

all

Fund

investments.

Security

transactions

are

recorded

trade

date.

Realized

gains

and

losses

sales

securities

are

recorded

the

identified

cost

basis.

Sukuk

certificates

which

the

Participation

Fund

invests

are

valued

based

evaluated

prices

supplied

independent

pricing

service,

which

include

valuations

provided

market

makers

and

other

participants,

provided

that

there

sufficient

market

activity

Notes

Financial

Statements

(continued)

November

30,

2025

Semi-Annual

which

the

pricing

service

can

base

such

valuations.

Where

market

activity

insufficient

for

making

such

determinations,

the

independent

pricing

service

uses

proprietary

valuation

methodologies

and

may

consider

variety

factors,

such

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

and

other

factors

order

calculate

the

security’s

fair

value.

Foreign

currency:

Investment

securities

and

other

assets

and

liabilities

denominated

foreign

currencies

are

translated

into

dollar

amounts

the

date

valuation.

Purchases

and

sales

investment

securities

and

income

and

expense

items

denominated

foreign

currencies

are

translated

into

dollar

amounts

the

respective

dates

such

transactions.

The

Funds

not

isolate

that

portion

the

results

operations

resulting

from

changes

foreign

exchange

rates

investments

from

the

fluctuations

arising

from

changes

market

prices

securities

held.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

loss

from

investments.

Reported

net

realized

foreign

exchange

gains

losses

arise

from

sales

foreign

currencies,

currency

gains

losses

realized

between

the

trade

and

settlement

dates

securities

transactions,

and

the

difference

between

the

amounts

dividends,

interest,

and

foreign

withholding

taxes

recorded

the

Funds’

books

and

the

dollar

equivalent

the

amounts

actually

received

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

the

fair

values

assets

and

liabilities,

other

than

investments

securities

fiscal

period

end,

resulting

from

changes

exchange

rates.

valuation:

Each

Fund

computes

the

price

each

class

dividing

the

net

assets

attributable

each

class

the

outstanding

that

class.

Each

class

represents

interest

the

same

investment

portfolio.

Each

class

identical

all

respects

except

that

each

class

bears

its

own

class

expenses,

and

each

class

has

exclusive

voting

rights

matters

affecting

that

class.

result

the

differences

the

expenses

borne

each

class,

the

price

and

distributions

will

vary

among

Fund’s

classes.

The

Funds’

are

not

priced

traded

days

the

New

York

Stock

Exchange

closed.

The

NAV

both

the

offering

and

redemption

price

per

share.

Valuation

Inputs

November

30,

2025

Level

Funds

Quoted

Price

Significant

Observable

Input

Significant

Unobservable

Input

Total

Income

Fund

Common

Stock

Consumer

Discretionary

$81,621,790

$–

$81,621,790

Consumer

Staples

$147,084,070

$13,411,390

$–

$160,495,460

Health

Care

$452,996,738

$–

$452,996,738

Industrials

$487,343,560

$13,152,797

$–

$500,496,357

Materials

$95,252,700

$–

$95,252,700

Technology

$613,663,477

$63,630,818

$–

$677,294,295

Total

Common

Stock

$1,877,962,335

$90,195,005

$–

$1,968,157,340

Total

Assets

$1,877,962,335

$90,195,005

$–

$1,968,157,340

Growth

Fund

Common

Stock

Communications

$430,642,100

$–

$430,642,100

Consumer

Discretionary

$429,873,200

$–

$429,873,200

Consumer

Staples

$99,747,908

$–

$99,747,908

Health

Care

$838,212,662

$112,431,692

$–

$950,644,354

Industrials

$716,052,267

$135,766,954

$–

$851,819,221

Technology

$3,009,410,213

$188,509,899

$–

$3,197,920,112

Total

Common

Stock

$5,523,938,350

$436,708,545

$–

$5,960,646,895

Total

Assets

$5,523,938,350

$436,708,545

$–

$5,960,646,895

Developing

World

Fund

Common

Stock

Communications

$2,586,000

$4,404,355

$–

$6,990,355

Consumer

Discretionary

$–

$3,029,177

$–

$3,029,177

Consumer

Staples

$4,665,430

$20,431,618

$–

$25,097,048

Financials

$–

$3,341,838

$–

$3,341,838

Health

Care

$–

$10,680,491

$–

$10,680,491

Industrials

$–

$6,423,725

$–

$6,423,725

Materials

$26,576,263

$7,304,429

$–

$33,880,692

Technology

$35,112,638

$18,000,144

$–

$53,112,782

Utilities

$–

$4,829,227

$–

$4,829,227

Total

Common

Stock

$68,940,331

$78,445,004

$–

$147,385,335

Total

Assets

$68,940,331

$78,445,004

$–

$147,385,335

Note

Significant

Accounting

Policies

(continued)

Notes

Financial

Statements

(continued)

November

30,

2025

Semi-Annual

Fair

value

measurements:

Accounting

Standards

Codification

(ASC)

820

establishes

three-

tier

framework

for

measuring

fair

value

based

hierarchy

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

determining

the

value

the

Funds’

investments

and

are

summarized

below.

Level

Unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

that

the

Trust

has

the

ability

access.

Level

Observable

inputs

other

than

quoted

prices

Level

that

are

observable

for

the

asset

liability,

either

directly

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates,

and

similar

data.

Level

−

Unobservable

inputs

for

the

asset

liability,

the

extent

relevant

observable

inputs

are

not

available,

representing

the

Trust’s

own

assumptions

about

the

assumptions

market

participant

would

use

valuing

the

asset

liability,

and

would

based

the

best

information

available.

The

availability

observable

inputs

can

vary

from

security

and

affected

wide

variety

factors,

including,

for

example,

the

type

security,

whether

the

security

new

and

not

yet

established

the

marketplace,

the

liquidity

markets,

and

other

characteristics

particular

the

security.

the

extent

that

valuation

based

models

inputs

that

are

less

observable

unobservable

the

market,

the

determination

fair

value

requires

judgment.

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

Level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

level

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

its

entirety

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety.

The

inputs

methodology

used

for

valuing

securities

are

not

necessarily

indication

the

risk

associated

with

investing

those

securities.

Investment

concentration:

The

fundamental

policies

the

Funds

prohibit

earning

interest,

accordance

with

Islamic

principles.

Consequently,

cash

held

non-interest-bearing

deposits

with

the

Funds’

custodian

other

banks.

“Other

assets

(net

liabilities)”

the

Funds’

Schedules

Investments

primarily

represents

cash

deposit

with

the

custodian.

Cash

deposit

will

vary

widely

over

time.

Accounting

Standards

Codification

(“ASC”)

825,

“

Financial

Instruments,

”

identifies

these

items

concentration

credit

risk.

The

risk

managed

careful

financial

analysis

and

review

the

custodian’s

operations,

resources,

and

protections

available

the

Trust.

This

process

includes

evaluation

other

financial

institutions

providing

investment

company

custody

services.

ReFlow

Liquidity

Program:

The

Funds

may

participate

the

ReFlow

Fund,

LLC

("ReFlow")

liquidity

program,

which

designed

provide

alternative

liquidity

source

days

when

redemptions

Fund

exceed

purchases.

Under

the

program,

ReFlow

available

provide

cash

the

Funds

meet

all,

portion,

daily

net

shareowner

redemptions.

Following

purchases

Fund

shares,

ReFlow

then

generally

redeems

those

when

the

Fund

experiences

net

sales,

the

end

maximum

holding

period

determined

ReFlow

(currently

days)

other

times

ReFlow's

discretion.

For

use

the

ReFlow

service,

participating

Fund

pays

fee

ReFlow

each

time

purchases

Fund

shares,

calculated

applying

the

purchase

amount

fee

rate

determined

through

automated

daily

"Dutch

auction"

among

other

participating

mutual

funds

seeking

liquidity

that

day.

The

current

minimum

fee

rate

0.14%

the

value

the

Fund

purchased

ReFlow,

although

the

Fund

may

submit

bid

higher

fee

rate

determines

that

doing

the

best

interest

Fund

shareowners.

accordance

with

federal

securities

laws,

ReFlow

prohibited

from

acquiring

than

the

outstanding

voting

securities

Fund.

ReFlow

will

periodically

redeem

its

entire

position

the

Fund

and

request

that

such

redemption

met

kind

accordance

with

the

Funds'

in-kind

redemption

policies.

There

assurance

that

ReFlow

will

have

sufficient

funds

available

meet

the

Funds’

liquidity

needs

particular

day.

Federal

income

taxes:

Each

Fund

intends

comply

with

the

requirements

the

Internal

Revenue

Code

necessary

qualify

regulated

investment

company

and

make

the

requisite

distributions

income

and

capital

gains

its

shareowners

sufficient

relieve

from

all

substantially

all

federal

income

taxes.

Therefore,

federal

income

tax

provision

required.

The

Funds

recognize

the

tax

benefits

uncertain

tax

positions

only

where

the

position

“more

likely

than

not”

sustained

assuming

examination

tax

authorities.

Management

has

analyzed

the

Funds’

tax

positions

and

has

concluded

that

liability

for

unrecognized

tax

benefits

should

recorded

uncertain

tax

positions

taken

returns

filed

for

open

tax

years

(2022

−

2024)

expected

taken

the

Funds’

2025

tax

returns.

The

Funds

identify

their

major

tax

jurisdiction

federal

and

foreign

jurisdictions

where

the

Funds

make

significant

investments;

however,

the

Funds

are

not

aware

any

tax

positions

for

which

reasonably

possible

that

the

total

amounts

unrecognized

tax

benefits

will

change

materially

the

months.

Participation

Fund

Bank

Time

Deposits

$–

$7,000,000

$–

$7,000,000

Corporate

Sukuk

$–

$219,627,143

$–

$219,627,143

Government

Sukuk

$–

$27,272,167

$–

$27,272,167

Total

Assets

$–

$253,899,310

$–

$253,899,310

See

the

Schedule

Investments

for

additional

details.

Note

Significant

Accounting

Policies

(continued)

Notes

Financial

Statements

(continued)

November

30,

2025

Semi-Annual

Reclassification

capital

accounts:

Accounting

principles

generally

accepted

the

United

States

America

require

that

certain

components

net

assets

relating

permanent

differences

reclassified

between

financial

and

tax

reporting.

These

reclassifications

are

the

fiscal

year

ended

May

31,

2025

and

have

effect

net

assets

NAV

per

share.

The

Developing

World

had

reclassification

capital

accounts.

Distributions

shareowners:

For

the

Amana

Participation

Fund

dividends

shareowners

from

net

investment

income

are

paid

daily

and

distributed

the

last

business

day

each

month.

For

the

Amana

Income

Fund

Amana

Growth

Fund

and

Amana

Developing

World

Fund

dividends

shareowners

from

net

investment

income,

any,

are

paid

May

and

December.

result

their

investment

strategies,

the

Growth

and

Developing

World

Funds

not

expect

pay

income

dividends.

Distributions

capital

gains,

any,

are

made

least

annually,

and

required

comply

with

federal

excise

tax

requirements.

Distributions

shareowners

are

determined

accordance

with

income

tax

regulations

and

are

recorded

the

ex-dividend

date.

Dividends

are

paid

the

Funds,

the

net

asset

value

the

payable

date.

Shareowners

may

elect

take

distributions

they

total

$10

cash.

Use

estimates:

The

preparation

financial

statements

conformity

with

accounting

principles

generally

accepted

the

United

States

America

requires

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

and

disclosure

contingent

assets

and

liabilities

the

date

the

financial

statements

and

the

reported

amounts

increases

and

decreases

net

assets

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Foreign

taxes:

Withholding

taxes

foreign

dividends

are

paid

portion

which

may

reclaimable)

provided

for

accordance

with

the

applicable

country’s

tax

rules

and

rates

and

are

disclosed

the

Statement

Operations.

Withholding

tax

reclaims

are

filed

certain

countries

recover

portion

the

amounts

previously

withheld.

The

Funds

record

reclaim

receivable

based

number

factors,

including

jurisdiction’s

legal

obligation

pay

reclaims

well

payment

history

and

market

convention.

Consolidation

Subsidiary

–

Amana

SPV:

The

Consolidated

Portfolio

Investments,

Consolidated

Statement

Assets

and

Liabilities,

Consolidated

Statement

Operations

and

Consolidated

Statement

Changes

Net

Assets

and

the

Consolidated

Financial

Highlights

the

Amana

Participation

Fund

includes

the

accounts

AMANA

SPV,

wholly

owned

and

controlled

subsidiary.

AMANA

SPV

C-Corporation

incorporated

exempted

company

under

the

company’s

law

the

Cayman

Islands

January

21,

2019,

and

not

subject

Cayman

Islands

taxes

the

present

time.

For

its

income

tax

purpose,

the

SPV

not

subject

income

taxes;

however,

the

SPV's

net

income

and

capital

gains

will

included

each

year

the

Amana

Participation

Fund's

taxable

income.

All

inter-company

accounts

and

transactions

have

been

eliminated

consolidation.

The

Amana

Participation

Fund

may

invest

25%

its

total

assets

the

segregated

portfolio

vehicle

(“SPV”)

which

acts

investment

vehicle

order

effect

certain

investments

consistent

with

the

Fund's

investment

objectives

and

policies.

summary

the

Amana

Participation

Fund's

investments

the

SPV

follows:

Other:

Dividend

income

recognized

the

ex-dividend

date,

and

sukuk

income

recognized

accrual

basis.

Expenses

incurred

the

Trust

behalf

the

Funds

(e.g.,

professional

fees)

are

allocated

the

Funds

the

basis

relative

daily

average

net

assets.

Net

investment

losses

may

not

utilized

offset

net

investment

income

future

periods

for

tax

purposes.

Note

Transactions

with

Affiliated

Persons

Under

contract

approved

annually

the

Board

Trustees

the

Trust,

including

those

who

are

not

party

the

contract

"interested

persons"

(as

defined

the

Investment

Company

Act

1940)

such

parties

the

Trust

(the

"Independent

Trustees"),

Saturna

Capital

Corporation

("Saturna

Capital")

provides

investment

advisory

services

and

certain

other

administrative

services

and

facilities

required

conduct

Trust

business.

Effective

December

2020,

the

Amana

Income

Fund

Amana

Growth

Fund

and

Amana

Developing

World

Fund

each

pay

advisory

and

administration

fee

0.80%

the

first

billion

Fund’s

average

daily

net

assets,

0.65%

the

billion,

and

0.50%

assets

over

billion.

The

Amana

Participation

Fund

pays

advisory

and

administration

fee

0.50%

annually

the

average

daily

net

assets.

For

the

fiscal

period

ended

November

30,

2025

the

Funds

paid

the

following

advisory

fees

Saturna

Capital:

Certain

officers

and

one

trustee

Amana

are

also

officers

and

directors

the

investment

adviser.

Saturna

Brokerage

Services,

Inc.

(“SBS”),

subsidiary

Saturna

Capital,

registered

broker-dealer

and

acts

distributor.

The

Funds

have

adopted

Distribution

Plan

accordance

with

Rule

12b-1

under

the

1940

Act

applicable

the

Investor

each

Fund.

The

plan

provides

that

the

Funds

will

pay

fee

SBS

annual

rate

0.25%

the

average

daily

net

assets

Income

Fund

Growth

Fund

Distributable

earnings

$(24,105,700)

$(221,743,000)

Paid-in

Capital

$24,105,700

$221,743,000

Participation

Fund

Distributable

earnings

$56

Paid-in

Capital

$(56)

Inception

Date

SPV

Net

Assets

November

30,

2025

Fund

Net

Assets

November

30,

2025

Amana

SPV

January

21,

2019

$60,635,562

22.6%

Advisory

Fees

100

Income

Fund

$7,481,968

200

Growth

Fund

$16,525,932

300

Developing

World

Fund

$588,427

400

Participation

Fund

$701,967

Note

Significant

Accounting

Policies

(continued)

Notes

Financial

Statements

(continued)

November

30,

2025

Semi-Annual

applicable

Investor

each

Fund.

The

fee

paid

SBS

reimbursement

for

expenses

incurred

for

distribution-related

activity.

For

the

fiscal

period

ended

November

30,

2025

the

Funds

paid

the

following

distribution

fees

SBS:

For

the

period

ended

November

30,

2025,

Saturna

Capital

spent

additional

$4,155,125

its

own

resources,

and

not

part

the

12b-1

expense

the

Funds,

compensate

broker-dealers

other

financial

intermediaries,

their

affiliates,

connection

with

the

sale,

distribution,

retention,

and/or

servicing

Fund

shares.

the

extent

that

these

resources

are

derived

from

advisory

fees

paid

the

Funds,

these

payments

could

considered

“revenue

sharing.”

Any

such

payments

will

not

change

the

net

asset

value

the

price

Fund’s

shares.

SBS

used

effect

equity

portfolio

transactions

for

the

Trust.

SBS

currently

executes

portfolio

transactions

without

commission.

Transactions

effected

through

other

brokers

are

subject

commissions

payable

that

broker.

Saturna

Trust

Company

(“STC”),

subsidiary

Saturna

Capital,

acts

retirement

plan

custodian

for

the

Funds.

Each

class

Fund

pays

annual

fee

$10

per

account

for

retirement

plan

services

Saturna

Trust

Company.

For

the

fiscal

period

ended

November

30,

2025

the

Funds

incurred

the

following

retirement

plan

custodial

fees

STC:

Ms.

Jane

Carten

serves

trustee

and

president

the

Trust.

She

not

compensated

the

Trust.

For

the

fiscal

period

ended

November

30,

2025

the

Funds

paid

trustee

compensation

expenses

$37,250,

which

included

the

$65,683

total

expenses

incurred

for

the

Independent

Trustees.

November

30,

2025

the

trustees,

officers,

and

their

affiliates

(including

Saturna

Capital

Corporation)

group,

owned

the

following

percentages

outstanding

The

officers

the

Trust

are

paid

Saturna

Capital

Corporation,

not

the

Trust,

except

the

Chief

Compliance

Officer,

who

partially

compensated

the

Trust.

For

the

fiscal

period

ended

November

30,

2025

the

Funds

paid

the

following

compensation

expenses

for

the

Chief

Compliance

Officer:

Note

Distributions

Shareowners

The

tax

characteristics

distributions

paid

for

the

fiscal

period

ended

November

30,

2025

and

May

31,

2025

were

follows:

Note

Federal

Income

Taxes

The

cost

basis

investments

for

federal

income

tax

purposes

November

30,

2025

were

follows:

Distribution

(12b-1)

fees

125

Income

Fund

Investor

(AMANX)

$1,057,582

150

Income

Fund

Institutional

(AMINX)

n/a

225

Growth

Fund

Investor

(AMAGX)

$3,256,382

250

Growth

Fund

Institutional

(AMIGX

)

n/a

325

Developing

World

Fund

Investor

(AMDWX)

$54,211

350

Developing

World

Fund

Institutional

(AMIDX)

n/a

425

Participation

Fund

Investor

(AMAPX)

$45,259

450

Participation

Fund

Institutional

(AMIPX)

n/a

Retirement

plan

custodial

fees

125

Income

Fund

Investor

(AMANX)

$40

150

Income

Fund

Institutional

(AMINX)

$32,314

225

Growth

Fund

Investor

(AMAGX)

$57

250

Growth

Fund

Institutional

(AMIGX)

$50,769

325

Developing

World

Fund

Investor

(AMDWX)

$20

350

Developing

World

Fund

Institutional

(AMIDX)

$11,643

425

Participation

Fund

Investor

(AMAPX)

$26

450

Participation

Fund

Institutional

(AMIPX)

$8,874

Trustees',

officers',

and

affiliates'

ownership

125

Income

Fund

Investor

(AMANX)

0.02%

150

Income

Fund

Institutional

(AMINX)

0.53%

225

Growth

Fund

Investor

(AMAGX)

0.01%

250

Growth

Fund

Institutional

(AMIGX)

0.22%

325

Developing

World

Fund

Investor

(AMDWX)

0.10%

350

Developing

World

Fund

Institutional

(AMIDX)

0.34%

425

Participation

Fund

Investor

(AMAPX

)

0.08%

450

Participation

Fund

Institutional

(AMIPX

)

0.28%

Chief

Compliance

Officer

100

Income

Fund

$15,652

200

Growth

Fund

$44,830

300

Developing

World

Fund

$1,078

400

Participation

Fund

$1,798

Income

Fund

November

30,

2025

May

31,

2025

Ordinary

Income

$–

$16,174,139

Long-term

capital

gain

$–

$90,259,539

Growth

Fund

November

30,

2025

May

31,

2025

Ordinary

Income

$–

$2,822,055

Long-term

capital

gain

$–

$211,417,587

Developing

World

Fund

November

30,

2025

May

31,

2025

Ordinary

Income

$–

$968,012

Participation

Fund

November

30,

2025

May

31,

2025

Ordinary

Income

$4,262,422

$8,283,525

Long-Term

Capital

Gain

dividend

designated

20%

rate

pursuant

Section

852(b)(3)

the

Internal

Revenue

Code.

Income

Fund

Growth

Fund

Cost

investments

$646,827,650

$1,932,010,982

Gross

tax

unrealized

appreciation

$1,357,516,715

$4,039,646,365

Gross

tax

unrealized

depreciation

$(36,187,025)

$(11,010,452)

Net

tax

unrealized

appreciation

$1,321,329,690

$4,028,635,913

Developing

World

Fund

Participation

Fund

Cost

investments

$113,525,096

$252,747,736

Gross

tax

unrealized

appreciation

$42,979,146

$2,342,357

Gross

tax

unrealized

depreciation

$(9,118,907)

$(1,190,783)

Net

tax

unrealized

appreciation

$33,860,239

$1,151,574

Note

Transactions

with

Affiliated

Persons

(continued)

Notes

Financial

Statements

(continued)

November

30,

2025

Semi-Annual

May

31,

2025

the

components

distributable

earnings

tax

basis

were

follows:

May

31,

2025

the

Funds

had

the

following

capital

loss

carryforwards

and

loss

deferrals,

subject

regulation.

Loss

carryforwards

may

used

offset

future

net

capital

gains

realized

for

federal

income

tax

purposes.

During

the

year

ended

May

31,

2025,

Developing

World

Fund

utilized

$927,641

long

term

capital

loss

carry

forward.

Note

Investments

Investment

transactions

other

than

short

term

investments

and

redemptions

kind

for

the

fiscal

period

ended

November

30,

2025

were

follows:

During

the

fiscal

period

ended

November

30,

2025

the

Funds’

redemptions

in-kind

were

follows:

Note

Custodian

Under

agreements

place

with

the

Trust’s

custodian,

UMB

Bank,

custody

fees

are

reduced

credits

for

cash

balances.

For

the

fiscal

period

ended

November

30,

2025

such

reductions

were

follows:

Note

Subsequent

Events

The

Funds

declared

the

payment

distribution

paid

December

18,

2025,

all

shareowners

record

December

17,

2025

follows:

There

were

other

events

transactions

during

the

period

that

materially

impacted

the

amounts

disclosures

the

Funds’

financial

statements.

Income

Fund

Undistributed

ordinary

income

$86,082

Other

losses

$(6,219)

Accumulated

capital

gains

$35,929,962

Tax

accumulated

earnings

$36,009,825

Unrealized

Appreciation

$1,163,889,363

Other

unrealized

gains

$1,155

Total

accumulated

earnings

$1,199,900,343

Growth

Fund

Undistributed

ordinary

income

$6,076,357

Accumulated

capital

and

other

losses

$(44,945,072)

Tax

accumulated

earnings

$(38,868,715)

Unrealized

Appreciation

$3,191,742,113

Other

unrealized

gains

$20

Total

accumulated

earnings

$3,152,873,418

Developing

World

Fund

Undistributed

ordinary

income

$755,918

Accumulated

capital

gains

$2,651,359

Tax

accumulated

earnings

$3,407,277

Unrealized

Appreciation

$7,405,589

Other

unrealized

gains

$14

Total

accumulated

earnings

$10,812,880

Participation

Fund

Accumulated

capital

and

other

losses

$(7,496,724)

Other

losses

$(6,000)

Tax

accumulated

earnings

$(7,502,724)

Unrealized

Depreciation

$(3,843,734)

Total

accumulated

earnings

$(11,346,458)

Income

Fund

Growth

Fund

Short

term

loss

carryforward

$–

$6,528,051

Long

term

loss

carryforward

$–

$5,720,387

Total

Capital

loss

carryforward

$–

$12,248,438

Post-October

loss

deferral

$32,696,634

Other

losses

$6,219

Total

accumulated

losses

$6,219

$44,945,072

Participation

Fund

Short

term

loss

carryforward

$2,023,271

Long

term

loss

carryforward

$5,376,725

Total

Capital

loss

carryforward

$7,399,996

Post-October

loss

deferral

$96,728

Other

losses

$6,000

Total

accumulated

losses

$7,502,724

Purchases

Sales

100

Income

Fund

$67,086,781

$92,001,820

200

Growth

Fund

$347,274,143

$194,987,703

300

Developing

World

Fund

$24,057,487

$11,849,833

Participation

Fund

$65,666,000

$49,996,690

Sales

Gain

100

Income

Fund

$55,632,726

$35,339,248

200

Growth

Fund

$218,705,948

$187,355,742

Custodian

Fee

Credits

100

Income

Fund

$49,781

200

Growth

Fund

$143,730

300

Developing

World

Fund

$56,873

Participation

Fund

$32,898

Ordinary

Income

Short-Term

Capital

Gain

Long-Term

Capital

Gain

125

Income

Fund

Investor

(AMANX)

$0.150

$3.442

150

Income

Fund

Institutional

(AMINX)

$0.325

$3.442

250

Growth

Fund

Institutional

(AMIGX)

$0.177

325

Developing

World

Fund

Investor

(AMDWX)

$0.167

$0.268

350

Developing

World

Fund

Institutional

(AMIDX)

$0.195

$0.268

Note

Federal

Income

Taxes

(continued)

Renewal

Investment

Advisory

Contract

November

30,

2025

Semi-Annual

During

their

meeting

September

2025,

the

Trustees

Amana

Mutual

Funds

Trust

(the

“Board”

“Trustees”),

including

the

Independent

Trustees,

discussed

the

continuance

the

Investment

Advisory

and

Administrative

Services

Agreement

between

the

Trust,

behalf

each

Fund,

and

Saturna

Capital

Corporation

(“Saturna”).

The

Trustees

also

considered

Saturna’s

management

wholly

owned

subsidiary

Amana

Participation

Fund

that

invests

the

same

securities

and

assets

which

the

Fund

invests.

The

Trustees

also

discussed

the

approval

the

Investment

Advisory

and

Administrative

Services

Agreement

between

wholly

owned

subsidiaries

Amana

Income

Fund,

Amana

Growth

Fund

and

Amana

Developing

World

Fund,

and

Saturna.

evaluating

the

agreements,

the

Board,

including

the

Independent

Trustees,

considered

the

factors

deemed

relevant,

including

the

nature,

quality

and

extent

services

provided,

the

performance

each

Fund,

expenses

and

fees,

the

profitability

Saturna,

the

potential

for

economies

scale

that

may

shared

with

each

Fund

and

its

shareholders

each

Fund’s

assets

grow,

and

any

other

benefits

derived

Saturna

from

its

relationship

with

the

Funds.

their

deliberations,

the

Trustees

did

not

identify

any

single

factor

which

alone

was

responsible

for

the

decision

approve

the

agreements,

and

each

Trustee

may

have

given

different

weights

different

factors,

and,

thus,

each

Trustee

may

have

had

different

basis

for

his

her

decision.

The

Trustees

considered

Saturna’s

specific

responsibilities

all

aspects

day-to-day

management

the

Funds

well

the

qualifications,

experience

and

responsibilities

the

Funds’

portfolio

managers

and

other

key

personnel

Saturna.

The

Trustees

considered

that

the

Funds

offer

full

range

high-quality

investor

services,

including

unique

services

for

Islamic

investors.

The

Trustees

discussed

Saturna’s

experience,

capabilities,

and

commitment

quality

service

through

performing

internally

such

functions

shareowner

servicing,

administration,

retirement

plans,

accounting,

marketing,

and

distribution

–

all

addition

investment

management.

The

Trustees

took

into

consideration

Saturna’s

continued

avoidance

significant

operational

and

regulatory

compliance

problems,

plus

its

continued

investments

infrastructure,

information

management

systems,

personnel,

training,

compliance,

and

investor

education

materials,

all

designed

meet

investor

needs

with

high

quality

services.

They

recognized

Saturna’s

efforts

recruit

and

retain

qualified,

experienced,

and

specialized

staff

and

improve

the

capital

base

which

Saturna

operates,

which

the

Trustees

believe

important

the

long-term

success

the

Funds.

The

Trustees

recognized

Saturna’s

focus

investors

and

its

efforts

avoid

conflicts

interest.

The

Trustees

considered

the

investment

performance

each

Fund

over

time,

including

comparative

information

from

FUSE

Research

Network

(“FUSE”),

which

provides

independent

analysis

mutual

fund

data

and,

among

other

things,

ranks

mutual

fund

performance

within

category

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

applicable,

and

the

Morningstar,

Inc.

rankings

(one

through

five

stars)

for

the

three-,

five-,

and

ten-year

periods,

applicable,

ended

June

30,

2025.

The

Trustees

also

noted

the

favorable

sustainability

ratings

assigned

Morningstar

Amana

Growth

Fund

(five

out

five),

Amana

Income

Fund

(four

out

five),

and

Amana

Developing

World

Fund

(four

out

five).

The

Trustees

considered

the

short-,

medium-,

and

long-term

investment

performance

the

Institutional

class

Amana

Income

Fund,

Amana

Growth

Fund,

Amana

Developing

World

Fund,

and

Amana

Participation

Fund,

each

relative

their

FUSE

peer

group

categories,

and

noted

that

the

Funds

were

managed

for

the

long

term.

The

Trustees

noted

that

the

short-term

and

long-term

performance

the

Institutional

class

Amana

Income

Fund

was

the

third

quartile

its

FUSE

peer

group

category

for

the

one-year,

10-year

and

since

inception

(9/25/2013)

periods,

and

its

medium-

term

performance

was

the

fourth

and

third

quartiles

for

the

respective

three-and

five-year

periods.

The

Trustees

further

noted

that

the

Institutional

class

Amana

Income

Fund

had

underperformed

its

benchmark

for

the

one-,

three-,

five-,

and

10-

year

periods

ended

July

31,

2025.

The

Trustees

noted

that

the

short-term

performance

the

Institutional

class

Amana

Growth

Fund

was

the

fourth

quartile

its

FUSE

peer

group

category

for

the

one-year

period,

its

medium-term

performance

was

the

fourth

and

second

quartiles

for

the

respective

three-

and

five-year

periods,

and

its

long-term

performance

was

the

first

and

third

quartiles

for

the

respective

10-year

and

since

inception

(9/25/2013)

periods.

The

Trustees

further

noted

that

the

Institutional

class

Amana

Growth

Fund

had

underperformed

its

benchmark

for

the

one-,

three-,

and

five-year

periods

and

outperformed

its

benchmark

for

the

10-year

period

ended

July

31,

2025.

The

Trustees

noted

that

short-,

medium-,

and

long-term

performance

the

Institutional

class

Amana

Developing

World

Fund

was

the

fourth

quartile

its

FUSE

peer

group

category

for

the

one-year,

three-year,

five-year,

10-year,

and

since

inception

(9/25/2013)

periods.

The

Trustees

further

noted

that

the

Institutional

class

Amana

Developing

World

Fund

had

underperformed

its

benchmark

for

the

one-,

three-,

and

10-year

periods

and

performed

line

with

its

benchmark

for

the

five-year

period

ended

July

31,

2025.

The

Trustees

noted

that

the

short-

and

medium-term

performance

the

Institutional

class

Amana

Participation

Fund

were

the

fourth

quartile

its

FUSE

peer

category

for

the

one-year,

three-year,

five-year,

and

since

inception

(9/28/2015)

periods.

The

Trustees

further

noted

that

the

Institutional

class

Amana

Participation

Fund

had

outperformed

its

benchmark

for

the

one-,

three-,

and

five-year

periods

ended

July

31,

2025.

The

Trustees

noted

they

had

discussed

each

Fund’s

performance

and

the

factors

impacting

performance

with

management

their

September

meeting

and

throughout

the

year.

The

Trustees

further

noted

the

risk-averse

investment

style

used

Saturna

manage

the

Funds

and

considered

other

factors

that

can

affect

Fund’s

performance

relative

the

Fund’s

broader

FUSE

peer

group

categories.

evaluating

such

performance

data,

the

Trustees

Renewal

Investment

Advisory

Contract

(continued)

November

30,

2025

Semi-Annual

noted

that

Islamic

investment

restrictions

which

the

Funds

adhere

increase

Saturna’s

research

expenses

and

obligations

and

impose

constraints

Saturna’s

selection

the

Funds’

portfolio

investments

that

impact

performance.

The

Trustees

found

that

Saturna

continued

manage

the

Funds

manner

that

designed

acceptable

Islamic

investors

and

that

the

risk

averse

approach

also

attractive

non-Islamic

long-term

investors.

The

Trustees

noted

Saturna’s

decades

dedicated

service

provided

Amana

Mutual

Fund

Trust

and

its

shareowners.

Recognizing

the

investment

mandates

the

Funds,

the

Trustees

considered

the

comparative

data

reported

FUSE,

well

each

Fund’s

performance

relative

its

benchmark,

provided

Saturna

Capital,

evaluate

each

Fund’s

performance

over

near-

term

and

long-term

time

periods,

applicable.

When

evaluating

the

Funds’

performance

record,

the

Board

noted

that

relative

performance

comparisons,

especially

over

limited

periods

time,

only

one

the

factors

that

deems

relevant

its

consideration

each

Fund’s

agreement.

The

Board

noted

that,

after

considering

all

relevant

factors,

may

appropriate

approve

the

continuation

the

agreement

notwithstanding

Fund’s

underperformance

relative

its

FUSE

peer

group

category

during

certain

periods.

The

Trustees

also

reviewed

the

fees

and

expenses

the

Funds

and

considered

the

components

each

Fund’s

operating

expenses.

The

Trustees

noted

that

the

total

net

expense

for

the

Institutional

class

each

Fund

was

below

its

respective

FUSE

peer

group

category

median

total

net

expense.

The

Trustees

also

noted

that,

effective

2019,

Saturna

agreed

reduce

the

breakpoints

the

investment

advisory

fee

for

Amana

Income

Fund,

Amana

Growth

Fund,

and

Amana

Developing

World

Fund,

five

basis

points

each

asset

level,

and

effective

December

2020,

Saturna

had

agreed

further

reduction

the

advisory

fee

breakpoints

for

these

Funds

higher

asset

levels

excess

billion.

The

Trustees

noted

that

these

actions

had

either

lowered

the

Funds’

advisory

fees

were

expected

lower

the

Funds’

advisory

fees

higher

asset

levels.

light

the

services

provided

Saturna,

the

Trustees

found

each

Fund’s

advisory

fee

structure

and

expense

ratios

reasonable

given

the

size

each

Fund,

the

services

provided,

and

the

expenses

incurred

the

adviser.

They

noted

the

significant

sponsorship

the

Funds

Saturna

evidenced,

part,

the

amount

fees

and

expenses

paid

Saturna

out

its

own

resources

brokerage

platforms

and

similar

unaffiliated

intermediaries.

The

Trustees

noted

that

the

expenses

imposed

intermediaries

are

often

borne

funds

and

the

Trustees

appreciated

that

Saturna’s

efforts

help

make

the

Funds

widely

available

and

otherwise

less

expensive

had

the

Funds

borne

these

expenses.

The

Trustees

reviewed

Saturna’s

financial

information

and

considered

estimates

Saturna’s

profitability

its

management

and

administration

the

Funds.

They

discussed

the

reasonableness

Saturna’s

profitability

with

respect

each

the

Funds

part

their

evaluation

whether

the

advisory

fees

bear

reasonable

relationship

the

mix

services

provided

Saturna,

including

the

nature,

extent,

and

quality

such

services.

The

Trustees

considered

the

extent

which

advisory

fees

paid

Saturna

reflect

economies

scale.

The

Trustees

considered

the

fact

that

fee

breakpoints

lower

the

operating

expenses

and

expense

ratios

the

Funds

assets

grow

and

demonstrate

the

benefits

economies

scale

are

being

shared

with

shareowners.

this

connection,

the

Board

noted

that

the

investment

advisory

fee

rate

schedules

for

each

Fund

other

than

the

Amana

Participation

Fund

include

breakpoints

that

reduce

the

fee

rate

Fund

assets

increase

above

certain

levels,

and

that

Saturna

had

agreed,

2019

and

2020,

reduce

the

breakpoints

the

investment

advisory

fee

for

Amana

Income

Fund,

Amana

Growth

Fund

and

Amana

Developing

World

Fund

described

above.

With

respect

the

Amana

Participation

Fund,

the

Board

determined

that

the

investment

advisory

fees

are

reasonable

and

appropriate

and

that

breakpoints

the

fee

schedule

are

unnecessary

based

the

current

level

the

Fund’s

assets

and

the

level

its

fees

and

expenses

compared

peers.

The

Trustees

also

recognized

that

potential

economies

scale

may

shared

acceptably

with

Fund

different

manners

such

fee

breakpoints,

fee

waivers

caps,

reinvestments

Saturna’s

business

above

contractual

levels,

additional

new

product

offerings,

and

pricing

Fund

scale

from

inception,

among

others.

The

Trustees

considered

and

compared

the

fees

charged

Saturna

other

types

advisory

accounts

for

which

Saturna

serves

investment

adviser,

including

non-mutual

fund

advisory

clients

and

individual

advisory

clients.

The

Trustees

noted

the

significant

differences

between

the

full

range

services

Saturna

provides

the

Funds,

including

investment

advisory

and

administrative

services,

transfer

agency

services,

and

other

services,

compared

the

investment

advisory

services

provided

the

other

advisory

accounts.

The

Trustees

also

considered

how

the

various

services

provided

those

other

accounts,

which

include

Saturna’s

investment

management,

research,

and

customer

service

operations

performed

for

those

accounts,

benefit

the

Funds.

The

Trustees

considered

potential

benefits

Saturna

and

its

other

businesses

from

acting

investment

adviser

for

the

Funds,

but

also

noted

that

Saturna’s

other

business

lines

also

potentially

benefit

the

Funds.

The

Trustees

also

noted

that

there

were

soft

dollar

arrangements

with

respect

trading

the

Funds’

portfolios

and

that

Saturna’s

affiliated

broker,

Saturna

Brokerage

Services,

voluntarily

waives

brokerage

commissions

for

executing

each

Fund’s

portfolio

transactions,

resulting

lower

transaction

costs

for

the

Funds.

The

Trustees

concluded

that

the

fees

paid

each

Fund

Saturna

were,

from

arm’s-length

bargaining

perspective,

reasonable

and

the

best

interest

the

Fund

and

its

shareowners

light

the

services

provided,

comparative

performance,

expense

and

advisory

fee

information,

costs

services

provided,

profits

realized,

and

benefits

derived

Saturna

from

its

relationship

with

the

Funds.

Following

this

discussion,

the

Trustees

unanimously

agreed,

based

their

business

judgment,

renew

the

Investment

Advisory

and

Administrative

Services

Agreements

with

respect

Amana

Income

Fund,

Amana

Growth

Fund,

Amana

Developing

World

Fund,

and

Amana

Participation

Fund.

Form

N-CSR

Items

8-11

November

30,

2025

Semi-Annual

Item

Changes

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

Directors,

Officers,

and

Others

Open-End

Management

Investment

Companies.

The

Funds’

disclosure

remuneration

items

included

part

the

Financial

Statements

filed

under

Item

this

form.

Item

11.

Statement

Regarding

Basis

for

Approval

Investment

Advisory

Contract.

The

Funds’

Investment

Advisory

Contract

included

part

the

Financial

Statements

filed

under

Item

this

form.

November

30,

2025

Semi-Annual

Availability

Quarterly

Portfolio

Information

(1)

The

Amana

Funds

file

complete

schedules

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

exhibit

their

reports

Form

N-PORT.

(2)

The

Funds’

Form

N-PORT

reports

are

available

the

SEC’s

website

www.sec.gov.

(3)

The

Funds

post

complete

schedule

portfolio

holdings

after

the

end

each

month

available

www.amanafunds.com.

Privacy

Statement

Saturna

Capital

and

the

Amana

Mutual

Funds

Trust,

understand

the

importance

maintaining

the

privacy

your

financial

information.

want

assure

you

that

protect

the

confidentiality

any

personal

information

that

you

with

us.

addition,

not

sell

information

about

our

current

former

customers.

the

course

our

relationship,

gather

certain

non-public

information

about

you,

including

your

name,

address,

investment

choices,

and

account

information.

not

disclose

your

information

unaffiliated

third

parties

unless

necessary

process

transaction;

service

your

account;

deliver

your

account

statements,

shareowner

reports,

and

other

information;

required

law.

When

disclose

information

unaffiliated

third

parties,

require

contract

restrict

the

companies’

use

customer

information

and

from

sharing

using

for

any

purposes

other

than

performing

the

services

for

which

they

were

required.

may

information

within

the

Saturna

Capital

family

companies

the

course

informing

you

about

products

services

that

may

address

your

investing

needs.

maintain

our

own

technology

resources

minimize

the

need

for

any

third-party

services,

and

restrict

access

information

within

Saturna.

maintain

physical,

electronic,

and

procedural

safeguards

guard

your

personal

information.

you

have

any

questions

concerns

about

the

security

privacy

your

information

please

call

1-800-728-8762.

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

Not applicable

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

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

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

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

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

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSRS, as applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item16. Controls and Procedures

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

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

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

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits

Exhibits included with this filing:

(a)(1) Code of Ethics.

(a)(2) Not applicable.

(a)(3) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

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

SIGNATURES

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

AMANA MUTUAL FUNDS TRUST

/s/Jane K. Carten , President

Signature and Title

Jane K. Carten, President

Printed name and Title

January 29, 2026

Date

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/Jane K. Carten , President

Signature and Title

Jane K. Carten, President

Printed name and Title

January 29, 2026

Date

By:

/s/Christopher Fankhauser , Treasurer

Signature and Title

Christopher R. Fankhauser, Treasurer

Printed name and Title