# EDGAR Filing Document

**Accession Number:** 0000766285
**File Stem:** 0000766285-23-000003
**Filing Date:** 2023-2
**Character Count:** 254797
**Document Hash:** c280827168373614d3366255aef3f769
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000766285-23-000003.hdr.sgml**: 20230206

**ACCESSION NUMBER**: 0000766285-23-000003

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230206

**DATE AS OF CHANGE**: 20230206

**EFFECTIVENESS DATE**: 20230206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMANA MUTUAL FUNDS TRUST
- **CENTRAL INDEX KEY:** 0000766285
- **IRS NUMBER:** 356447892
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04276
- **FILM NUMBER:** 23589665

**BUSINESS ADDRESS:**
- **STREET 1:** 1300 NORTH STATE ST
- **CITY:** BELLINGHAM
- **STATE:** WA
- **ZIP:** 98225
- **BUSINESS PHONE:** 3605949900

**MAIL ADDRESS:**
- **STREET 1:** 1300 N STATE STREET
- **CITY:** BELLINGHAM
- **STATE:** WA
- **ZIP:** 98225

## Series and Classes Contracts Data

### AMANA INCOME FUND (Series ID: S000004772)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000012979 | Amana Income Fund Investor Shares      | AMANX           |
| C000131513 | Amana Income Fund Institutional Shares | AMINX           |

### Amana Growth Fund (Series ID: S000022508)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000065109 | Amana Growth Fund Investor Shares      | AMAGX           |
| C000131514 | Amana Growth Fund Institutional Shares | AMIGX           |

### Amana Developing World Fund (Series ID: S000026568)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000079787 | Amana Developing World Fund Investor Shares      | AMDWX           |
| C000131515 | Amana Developing World Fund Institutional Shares | AMIDX           |

### Amana Participation Fund (Series ID: S000050991)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000160666 | Amana Participation Fund Investor Shares      | AMAPX           |
| C000160667 | Amana Participation Fund Institutional Shares | AMIPX           |

**SECURITIES AND EXCHANGE COMMISSION<br> WASHINGTON, DC 20549**

# FORM N-CSRS
**CERTIFIED SHAREHOLDER REPORT OF REGISTERED<br> MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number: 002-96924

**AMANA MUTUAL FUNDS TRUST**<br> (Exact Name of Registrant as Specified in Charter)

**1300 N. State Street<br> Bellingham, Washington 98225-4730**<br> (Address of Principal Executive Offices, including ZIP Code)

**Elliot S. Cohen<br> 1300 N. State Street<br> Bellingham, Washington 98225-4730**<br> (Name and Address of Agent for Service)

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

Date of fiscal year end: May 31, 2023

Date of reporting period: November 30, 2022

### Item 1. Semi-Annual Report

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![Amana Mutual Funds TRust Semi-Annual Report Novemeber 30, 2022](amana-frontcover.jpg)

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**Performance Summary**

***As of November 30, 2022***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Average Annual Returns** *(before any taxes paid by shareowners)* | **1 Year** | **3 Year** | **5 Year** | **10 Year** | **15 Year** | **Expense Ratio<sup>1</sup>** |
| &nbsp;&nbsp; **Amana Income Fund** Investor Shares (AMANX) | 1.24% | 10.99% | 9.67% | 11.25% | 8.48% | 1.01% |
| &nbsp;&nbsp; **Amana Income Fund** Institutional Shares (AMINX) | 1.49% | 11.22% | 9.91% | n/a | n/a | 0.77% |
| &nbsp;&nbsp; **Amana Growth Fund** Investor Shares (AMAGX) | -12.27% | 15.17% | 15.15% | 14.74% | 10.63% | 0.91% |
| &nbsp;&nbsp; **Amana Growth Fund** Institutional Shares (AMIGX) | -12.07% | 15.45% | 15.42% | n/a | n/a | 0.64% |
| &nbsp;&nbsp; **Amana Developing World Fund** Investor Shares (AMDWX) | -13.87% | 5.01% | 2.58% | 1.47% | n/a | 1.21% |
| &nbsp;&nbsp; **Amana Developing World Fund** Institutional Shares (AMIDX) | -13.62% | 5.24% | 2.77% | n/a | n/a | 0.99% |
| &nbsp;&nbsp; **Amana Participation Fund** Investor Shares (AMAPX) | -5.21% | -0.05% | 1.31% | n/a | n/a | 0.80% |
| &nbsp;&nbsp; **Amana Participation Fund** Institutional Shares (AMIPX) | -4.86% | 0.24% | 1.55% | n/a | n/a | 0.56% |

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***As of December 31, 2022***

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Average Annual Returns** *(before any taxes paid by shareowners)* | **1 Year** | **3 Year** | **5 Year** | **10 Year** | **15 Year** | **Expense Ratio<sup>1</sup>** |
| &nbsp;&nbsp; **Amana Income Fund** Investor Shares (AMANX) | -8.72% | 8.41% | 8.63% | 10.72% | 8.24% | 1.01% |
| &nbsp;&nbsp; **Amana Income Fund** Institutional Shares (AMINX) | -8.51% | 8.64% | 8.87% | n/a | n/a | 0.77% |
| &nbsp;&nbsp; **Amana Growth Fund** Investor Shares (AMAGX) | -19.41% | 12.09% | 13.93% | 14.03% | 10.35% | 0.91% |
| &nbsp;&nbsp; **Amana Growth Fund** Institutional Shares (AMIGX) | -19.22% | 12.35% | 14.20% | n/a | n/a | 0.64% |
| &nbsp;&nbsp; **Amana Developing World Fund** Investor Shares (AMDWX) | -17.59% | 2.36% | 1.45% | 0.90% | n/a | 1.21% |
| &nbsp;&nbsp; **Amana Developing World Fund** Institutional Shares (AMIDX) | -17.44% | 2.58% | 1.62% | n/a | n/a | 0.99% |
| &nbsp;&nbsp; **Amana Participation Fund** Investor Shares (AMAPX) | -4.99% | 0.19% | 1.38% | n/a | n/a | 0.80% |
| &nbsp;&nbsp; **Amana Participation Fund** Institutional Shares (AMIPX) | -4.64% | 0.44% | 1.64% | n/a | n/a | 0.56% |

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***Performance data quoted in this report represents past performance, is before any taxes payable by shareowners, and is no guarantee of future results.*** *Current performance may be higher or lower than that stated herein. Performance current to the most recent month-end is available by calling toll-free 1-888-732-6262 or visiting www.amanafunds.com. Average annual total returns are historical and include change in share value as well as reinvestment of dividends and capital gains, if any. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The Amana Funds limit the securities they purchase to those consistent with Islamic principles, which limits opportunities and may affect performance.* 

*Institutional Shares of the Amana Income, Growth, and Developing World Funds began operations September 25, 2013.* 

*The Amana Participation Fund began operations September 28, 2015.* 

***A note about risk:*** *Please see the Notes to Financial Statements beginning on page 35 for a discussion of investment risks. For a more detailed discussion of the risks associated with each Fund, please see the Funds' prospectus or each Fund's summary prospectus.* 

*<sup>1</sup>* *By regulation, expense ratios shown in this table are as stated in the Funds' most recent prospectus which is dated September 30, 2022, and incorporates results for the fiscal year ended May 31, 2022. Ratios presented in this table differ from the expense ratios shown elsewhere in this report as they represent different fiscal periods. Also by regulation, this page shows performance as of the most recent calendar quarter-end in addition to performance through the Funds' most recent fiscal period.* 

***Please consider an investment's objectives, risks, charges, and expenses carefully before investing. To obtain a free prospectus or summary prospectus that contains this and other important information on the Amana Funds, please call toll-free 1-888-732-6262 or visit www.amanafunds.com. Please read the prospectus or summary prospectus carefully before investing.***

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| | | | |
|:---|:---|:---|:---|
| *2* | | *Semi-Annual Report* | *November 30, 2022* |

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| | |
|:---|:---|
| **Fellow Shareowners:** | *January 20, 2023* |

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In 2022, three consecutive years of highly remunerative stock market returns collided with persistent inflation, the Federal Reserve pushing rates sharply higher, and Russia's invasion of Ukraine causing food and energy prices to soar. These combined forces, abetted by high valuations, drove equities to their worst annual performance since 2008 and the Global Financial Crisis. Since the end of World War II there have been only three years when the S&P 500 declined by a greater percentage than in 2022: 1974, following the previous year's OPEC oil price hikes; 2002, following the 2001 Dot Com crash and amid growing tensions over possible war in Iraq; and 2008, as mentioned above. Technology stocks led the sell-off in 2022, placed at risk by extended valuations as rising interest rates reduced the value of future cash flows.

For the six-month period ended November 30, 2022, the total return for the S&P 500 Index was -0.40% and the broader Dow Jones Islamic Market World Index fell -2.60%. Developing markets also faltered, with the MSCI Emerging Markets Index falling -8.15%. Islamic fixed-income markets suffered as well, with the FTSE IdealRatings Sukuk Index returning -2.15%. Year-to-date as of November 30, the S&P 500 Index was down -9.21%, and fell even further to -18.11% as of December 31, 2022.

For the six months ended November 30, Amana Growth Investor Shares gained 2.89%, Amana Income Investor Shares gained 4.63%, Amana Developing World Investor Shares fell -2.53%, and Amana Participation Investor Shares fell -1.51%. As expected, lower expenses allowed the Institutional Shares of each Fund to post slightly better returns: Amana Growth 3.03%, Amana Income 4.76%, Amana Developing World -2.44%, and Amana Participation -1.28%. More than half of the Amana Funds' shareowner assets – 52.0% – are now in Institutional shares.

The Amana Funds' investment philosophy follows Islamic principles, which preclude most investments in banking and finance. We favor companies with good sustainability factors, low debt levels, and strong balance sheets. In volatile and troubled times, these solid principles have repeatedly proven their value.

**New Lower Investment Minimums on Investor Shares** 

The Amana Funds are pleased to announce new lower minimum initial investments on each Fund's Investor Shares. Investors can now start investing with as little as $100! Previously, the minimum initial investment was $250 on Amana Income, Amana Growth, and Amana Developing World Fund Investor Shares, and $5,000 on Amana Participation Fund Investor Shares. The minimum for Institutional Shares remains at $100,000. We would also like to note that minimums are waived for tax-advantaged accounts including IRAs, HSAs, ESAs, and 401(k)s.

**2022 Accolades** 

As experienced investors, we know that gains or losses over a short interval tell an incomplete story compared to performance evaluated over a lengthier time span, even during times of uncertainty. We take comfort along with our shareowners in the accolades bestowed by fund industry media watchdogs like Morningstar, Investor's Business Daily, and US News & World Report.

Morningstar rated Amana Growth Fund, Amana Developing World Fund, and Amana Participation Fund with 5 Stars all based on overall performance, as of November 30, 2022. Additionally, ALL Amana Funds – Growth, Income, Developing World, and Participation Funds – were rated 5 Stars for the three-year period ended November 30, 2022. The Growth, Developing World, and Participation Funds earned 5-Star ratings for the five-year period ended November 30, 2022. Please refer to "Morningstar Ratings" on pages 6 and 7 for more details.

Morningstar continued to award "Low Carbon" designations to Amana Income, Growth, and Developing World Funds as of September 31, 2022, which identifies them as "low-carbon" funds within the global universe (see page 7).

Amana Growth also earned "High" (5-Globe) and Amana Developing World earned "Above Average" (4-Globe) Sustainability Ratings from Morningstar as of October 31, 2022 (see page 6).

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| | | |
|:---|:---|:---|
| *Semi-Annual Report* | *November 30, 2022* | <sub>3</sub> |

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US News & World Report recognized Amana Growth Fund as the number one Large Growth Fund for two quarters in a row for the quarters ended June 30, 2022, and September 30, 2022. US News & World Report's rankings are particularly meaningful as they aggregate several agencies' ratings into their analysis: Morningstar, Lipper, Zacks, CFRA, and TheStreet.<sup>1</sup>

**Going Forward** 

As we embark upon the new year, no question figures more prominently among investors than "What are your market expectations?" Such queries carry greater urgency, given the significant decline in 2022 and recessionary worries in 2023. In response to this question, we typically reply that we are not market prognosticators, preferring to focus on the long-term outlook for the stocks in which we invest. Every four years, however, we arrive upon a market phenomenon with an unblemished multi-decade record of calling the market over the coming year – the Midterm Effect. From 1945 to 2019, the one-year return of the S&P 500 has been positive in 19 out of 19 of the years following a midterm election. For the same period, returns for the S&P 500 in the years following a midterm election averaged 16.28% compared to an average return of 7.99% in other years.

From 1942 until now, the S&P 500 has had 17 down years. However, in that time, there have been only three pairs of consecutive down years (1973-1974, 2000-2001, and 2001-2002). Considering the market's 2022 downdraft, this perhaps provides another reason for optimism regarding the prospects for 2023 and for remaining engaged with the markets.

**Strong Management Matters** 

Amana Mutual Funds embody basic principles of sound finance: good governance, transparency, fairness, and risk sharing. The Trustees are active governors who take their responsibilities to their shareowners seriously. Saturna staff work globally, based in offices in Bellingham (Washington), Henderson (Nevada), and Kuala Lumpur (Malaysia) to better serve you.

As a group, the five Amana Trustees are solidly committed to investing in Amana Mutual Funds. Including their affiliated accounts, they currently have over $28 million invested in the four mutual funds of the Trust. Dr. Mirza, Mr. Kaiser, and Mr. Fielding remain among the Trust's largest individual shareowners.

For more information, please visit www.amanafunds.com or call 1-888/73-AMANA. We thank you for investing with us.

Respectfully,

(photo omitted)

**Nicholas Kaiser,** 

President

(photo omitted)

**M. Yaqub Mirza,** 

Independent Board Chairman

*<sup>1</sup>* *The US News Mutual Fund Score is produced using an equal weighting of the overall ratings provided by their data sources, including Morningstar, Lipper, Zacks, CFRA, and TheStreet. Individual fund rating systems are normalized to a 100-point scale based on point totals assigned to individual scoring systems. For Morningstar's and CFRA's five-Star ranking and Zacks' five-point scale, each star or point awarded would receive 20 points. In TheStreet's A-to-E scale, a highly rated "A" fund would receive 100 points, while a low-rated "E" would receive 20 points. The five Lipper Leader categories are each worth a total of 20 points, giving 4 points to each 1-to-5 point scale assigned to each section of the Lipper rankings. The US News score is calculated by dividing total points awarded according to the above system by the number of data sources (five). The combined US News Mutual Fund Score ranks funds numerically based on this score. Funds with identical scores to one decimal place are awarded the same numerical ranking. The Amana Growth Fund was ranked first among 1,177 Large Growth Funds, scoring 9.3 out of 10, for the one-year period ended June 30, 2022, and was ranked first among 1,174 Large Growth Funds, scoring 9.4 out of 10, for the one-year period ended September 30, 2022.* 

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| | | | |
|:---|:---|:---|:---|
| *4* | | *Semi-Annual Report* | *November 30, 2022* |

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| | | | |
|:---|:---|:---|:---|
| **Portfolio Managers** | **Portfolio Managers** | **Portfolio Managers** | **Portfolio Managers** |
| (photo omitted) | **Scott Klimo** CFA<sup>®</sup><br> Portfolio Manager<br> **Amana Growth Fund**<br> Deputy Portfolio Manager<br> **Amana Income Fund**<br> **Amana Developing World Fund** | (photo omitted) | **Bryce Fegley** MS, CFA<sup>®</sup>, CIPM<sup>®</sup> <br> Deputy Portfolio Manager<br> **Amana Income Fund** |
| (photo omitted) | **Monem Salam** MBA<br> Portfolio Manager<br> **Amana Income Fund**<br> **Amana Developing World Fund**<br> Deputy Portfolio Manager<br> **Amana Growth Fund** | (photo omitted) | **Christopher E. Paul** MBA, CFA<sup>®</sup><br> Deputy Portfolio Manager<br> **Amana Growth Fund** |
| (photo omitted) | **Patrick Drum** MBA, CFA<sup>®</sup>, CFP<sup>®</sup> <br> Portfolio Manager<br> **Amana Participation Fund** | (photo omitted) | **Elizabeth Alm** CFA<sup>®</sup><br> Deputy Portfolio Manager<br> **Amana Participation Fund** |
|  |  | (photo omitted) | **Levi Stewart Zurbrugg** MBA, CPA<sup>®</sup>, CFA<sup>®</sup><br> Deputy Portfolio Manager<br> **Amana Developing World Fund** |

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|:---|:---|:---|
| *Semi-Annual Report* | *November 30, 2022* | <sub>5</sub> |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Morningstar Ratings (as of November 30, 2022)** | **Morningstar Ratings (as of November 30, 2022)** | **Morningstar Ratings (as of November 30, 2022)** | | | | | |
| &nbsp;&nbsp; **Morningstar<sup>™</sup> Ratings<sup>A</sup>**  | **1 Year** | **3 Year** | <br>**5 Year** | <br>**10 Year** | <br>**15 Year** | <br>**Overall** | <br>**Sustainability<br>Rating<sup>™</sup> <sup>B</sup>** |
| &nbsp;&nbsp; **Amana Income Fund – "Large Blend" Category** | &nbsp;&nbsp; **Amana Income Fund – "Large Blend" Category** | &nbsp;&nbsp; **Amana Income Fund – "Large Blend" Category** | &nbsp;&nbsp; **Amana Income Fund – "Large Blend" Category** | &nbsp;&nbsp; **Amana Income Fund – "Large Blend" Category** | &nbsp;&nbsp; **Amana Income Fund – "Large Blend" Category** | &nbsp;&nbsp; **Amana Income Fund – "Large Blend" Category** |  |
| &nbsp;&nbsp; Investor Shares (AMANX) | n/a | êêêêê | êêê | êêê | n/a | êêê | **ø ø ø ø ø** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % Rank in Category | 6 | 25 | 62 | 79 | 56 | n/a | 33 |
| &nbsp;&nbsp; Institutional Shares (AMINX) | n/a | êêêêê | êêêê | ¶¶¶ | n/a | êêêê | **ø ø ø ø ø** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % Rank in Category | 6 | 21 | 56 | 74 | 48 | n/a | 33 |
| &nbsp;&nbsp; Number of Funds in Category | 1347 | 1214 | 1108 | 813 | 608 | 1214 | 3391 |
| &nbsp;&nbsp; **Amana Growth Fund – "Large Growth" Category** | &nbsp;&nbsp; **Amana Growth Fund – "Large Growth" Category** | &nbsp;&nbsp; **Amana Growth Fund – "Large Growth" Category** | &nbsp;&nbsp; **Amana Growth Fund – "Large Growth" Category** | &nbsp;&nbsp; **Amana Growth Fund – "Large Growth" Category** | &nbsp;&nbsp; **Amana Growth Fund – "Large Growth" Category** | &nbsp;&nbsp; **Amana Growth Fund – "Large Growth" Category** |  |
| &nbsp;&nbsp; Investor Shares (AMAGX) | n/a | êêêêê | êêêêê | êêêê | n/a | êêêêê | **ø ø ø ø ø** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % Rank in Category | 13 | 2 | 3 | 12 | 11 | n/a | 7 |
| &nbsp;&nbsp; Institutional Shares (AMIGX) | n/a | êêêêê | êêêêê | ¶¶¶¶¶ | n/a | êêêêê | **ø ø ø ø ø** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % Rank in Category | 13 | 2 | 2 | 8 | 9 | n/a | 7 |
| &nbsp;&nbsp; Number of Funds in Category | 1231 | 1126 | 1051 | 793 | 574 | 1126 | 1590 |
| &nbsp;&nbsp; **Amana Developing World Fund – "Diversified Emerging Markets" Category** | &nbsp;&nbsp; **Amana Developing World Fund – "Diversified Emerging Markets" Category** | &nbsp;&nbsp; **Amana Developing World Fund – "Diversified Emerging Markets" Category** | &nbsp;&nbsp; **Amana Developing World Fund – "Diversified Emerging Markets" Category** | &nbsp;&nbsp; **Amana Developing World Fund – "Diversified Emerging Markets" Category** | &nbsp;&nbsp; **Amana Developing World Fund – "Diversified Emerging Markets" Category** | &nbsp;&nbsp; **Amana Developing World Fund – "Diversified Emerging Markets" Category** |  |
| &nbsp;&nbsp; Investor Shares (AMDWX) | n/a | êêêêê | êêê êê | êêêê | n/a | êêêêê | **ø ø ø ø ø** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % Rank in Category | 31 | 9 | 11 | 71 | n/a | n/a | 21 |
| &nbsp;&nbsp; Institutional Shares (AMIDX) | n/a | êêêêê | êêêêê | ¶¶¶¶ | n/a | êêêêê | **ø ø ø ø ø** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % Rank in Category | 30 | 8 | 9 | 64 | n/a | n/a | 21 |
| &nbsp;&nbsp; Number of Funds in Category | 812 | 732 | 654 | 383 | 181 | 732 | 1781 |
| &nbsp;&nbsp; **Amana Participation Fund – "Emerging Markets Bond" Category** | &nbsp;&nbsp; **Amana Participation Fund – "Emerging Markets Bond" Category** | &nbsp;&nbsp; **Amana Participation Fund – "Emerging Markets Bond" Category** | &nbsp;&nbsp; **Amana Participation Fund – "Emerging Markets Bond" Category** | &nbsp;&nbsp; **Amana Participation Fund – "Emerging Markets Bond" Category** | &nbsp;&nbsp; **Amana Participation Fund – "Emerging Markets Bond" Category** | &nbsp;&nbsp; **Amana Participation Fund – "Emerging Markets Bond" Category** |  |
| &nbsp;&nbsp; Investor Shares (AMAPX) | n/a | êêêêê | êêêêê | n/a | n/a | êêêêê | **ø ø ø ø ø** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % Rank in Category | 3 | 7 | 4 | n/a | n/a | n/a | 46 |
| &nbsp;&nbsp; Institutional Shares (AMIPX) | n/a | êêêêê | êêêê | n/a | n/a | êêêêê | **ø ø ø ø ø** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % Rank in Category | 2 | 4 | 3 | n/a | n/a | n/a | 46 |
| &nbsp;&nbsp; Number of Funds in Category | 271 | 249 | 218 | 103 | 40 | 249 | 877 |

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***The Morningstar Sustainability Rating and the Morningstar Portfolio Sustainability Score are not based on fund performance and are not equivalent to the Morningstar Rating ("Star Rating").***

**<sup>©</sup>** ***2022 Morningstar*** **<sup>®</sup>** **.** *All rights reserved. Morningstar, Inc. is an independent fund performance monitor. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.* 

*<sup>A</sup>* *Morningstar Ratings<sup>™</sup> ("Star Ratings") are as of November 30, 2022 and December 31, 2022. The Morningstar Rating<sup>™</sup> for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance (not including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.* 

*<sup>B</sup>* *Morningstar Sustainability Ratings are as of October 31, 2022. The Morningstar Sustainability Rating<sup>™</sup> is intended to measure how well the issuing companies of the securities within a fund's portfolio are managing their environmental, social, and governance ("ESG") risks and opportunities relative to the fund's Morningstar category peers. The Morningstar Sustainability Rating calculation is a two-step process. First, each fund with at least 50% of assets covered by a company-level ESG score from Sustainalytics receives a Morningstar Portfolio Sustainability Score<sup>™</sup>. The Morningstar Portfolio Sustainability Score is an asset-weighted average of normalized company-level ESG scores with deductions made for controversial incidents by the issuing companies, such as environmental accidents, fraud, or discriminatory behavior. The Morningstar Sustainability Rating is then assigned to all scored funds within Morningstar Categories in which at least ten (10) funds receive a Portfolio Sustainability Score and is determined by each fund's rank within the following distribution: High (highest 10%), Above Average (next 22.5%), Average (next 35%), Below Average (next 22.5%), and Low (lowest 10%). The Morningstar Sustainability Rating is depicted by globe icons where High equals 5 globes and Low equals 1 globe. A Sustainability Rating is assigned to any fund that has more than half of its underlying assets rated by Sustainalytics and is within a Morningstar Category with at least 10 scored funds; therefore, the rating is not limited to funds with explicit sustainable or responsible investment mandates. Morningstar updates its Sustainability Ratings monthly. Portfolios receive a Morningstar Portfolio Sustainability Score and Sustainability Rating one month and six business days after their reported as-of date based on the most recent portfolio. As part of the evaluation process, Morningstar uses Sustainalytics' ESG scores from the same month as the portfolio as-of date.* 

*The Fund's portfolios are actively managed and subject to change, which may result in a different Morningstar Sustainability Score and Rating each month.* 

*The Funds were rated on the following percentages of Assets Under Management:* 

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| | | | |
|:---|:---|:---|:---|
| *Amana Income Fund* | | *100%* | |
| *Amana Growth Fund* | | *100%* | |
| *Amana Developing World Fund* | | *99%* | |
| *Amana Developing World Fund* | | *74%* | |

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*% Rank in Category is the fund's percentile rank for the specified time period relative to all funds that have the same Morningstar category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Percentile ranks within categories are most useful in those categories that have a large number of funds.* 

*The Amana Mutual Funds offer two share classes – Investor Shares and Institutional Shares, each of which has different expense structures.* 

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|:---|:---|:---|:---|
| *6* | | *Semi-Annual Report* | *November 30, 2022* |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Morningstar Ratings (as of December 31, 2022)**<br>&nbsp;&nbsp; **Morningstar<sup>™</sup> Ratings<sup>A</sup>**  | <br>**1 Year** | <br>**3 Year** | <br>**5 Year** | <br>**10 Year** | <br>**15 Year** | <br>**Overall** |
| &nbsp;&nbsp; **Amana Income Fund – "Large Blend" Category** |  |  |  |  |  |  |
| &nbsp;&nbsp; Investor Shares (AMANX) | n/a | êêêêê | êêêê | êêê | n/a | êêêê |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % Rank in Category | 7 | 18 | 53 | 77 | 49 | n/a |
| &nbsp;&nbsp; Institutional Shares (AMINX) | n/a | êêêêê | êêê ê | ¶¶¶ | n/a | êêêê |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % Rank in Category | 6 | 15 | 45 | 70 | 44 | n/a |
| &nbsp;&nbsp; Number of Funds in Category | 1358 | 1223 | 1116 | 818 | 614 | 1223 |
| &nbsp;&nbsp; **Amana Growth Fund – "Large Growth" Category** |  |  |  |  |  |  |
| &nbsp;&nbsp; Investor Shares (AMAGX) | n/a | êêêêê | êêêêê | êêêêê | n/a | êêêêê |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % Rank in Category | 11 | 2 | 2 | 9 | 8 | n/a |
| &nbsp;&nbsp; Institutional Shares (AMIGX) | n/a | êêêêê | êêêêê | ¶¶¶¶¶ | n/a | êêêêê |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % Rank in Category | 10 | 2 | 2 | 7 | 7 | n/a |
| &nbsp;&nbsp; Number of Funds in Category | 1235 | 1131 | 1054 | 804 | 579 | 1131 |
| &nbsp;&nbsp; **Amana Developing World Fund – "Diversified Emerging Markets" Category** |  |  |  |  |  |  |
| &nbsp;&nbsp; Investor Shares (AMDWX) | n/a | êêêêê | êêêêê | êêêê | n/a | êêêêê |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % Rank in Category | 31 | 9 | 11 | 68 | n/a | n/a |
| &nbsp;&nbsp; Institutional Shares (AMIDX) | n/a | êêêêê | êêêêê | ¶¶¶¶ | n/a | êêêêê |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % Rank in Category | 30 | 8 | 10 | 58 | n/a | n/a |
| &nbsp;&nbsp; Number of Funds in Category | 816 | 732 | 650 | 394 | 183 | 732 |
| &nbsp;&nbsp; **Amana Participation Fund – "Emerging Markets Bond" Category** |  |  |  |  |  |  |
| &nbsp;&nbsp; Investor Shares (AMAPX) | n/a | êêêêê | êêêêê | n/a | n/a | êêêêê |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % Rank in Category | 2 | 4 | 6 | n/a | n/a | n/a |
| &nbsp;&nbsp; Institutional Shares (AMIPX) | n/a | êêêêê | êêêêê | n/a | n/a | êêêêê |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % Rank in Category | 1 | 2 | 4 | n/a | n/a | n/a |
| &nbsp;&nbsp; Number of Funds in Category | 270 | 248 | 223 | 103 | 41 | 248 |

---

**Morningstar Carbon Metrics (as of September 30, 2022)**![Morningstar Carbon Metrics](amana-carbon.jpg)

*Morningstar carbon metrics are asset-weighted portfolio calculations based on their Sustainalytics subsidiary's carbon-risk research. Based on two of these metrics – Carbon Risk Score and Fossil Fund Involvement % – funds may receive the Low Carbon designation, which allows investors to easily identify low-carbon funds within the global universe.* 

*The portfolio Carbon Risk Score is a number between 0 and 100 (a lower score is better). A portfolio's Carbon Risk Score is the asset-weighted sum of the carbon risk scores of its holdings, averaged over the trailing 12 months. The carbon risk of a company is Sustainalytics' evaluation of the degree to which a firm's activities and products are aligned with the transition to a low-carbon economy. The assessment includes carbon intensity, fossil fuel involvement, stranded assets exposure, mitigation strategies, and green product solutions.* 

*Fossil Fuel Involvement % is the portfolio's asset-weighted percentage exposure to fossil fuels, averaged over the trailing 12 months. Companies with fossil fuel involvement are defined as those in the following subindustries: Thermal Coal Extraction, Thermal Coal Power Generation, Oil & Gas Production, Oil & Gas Power Generation, and Oil & Gas Products & Services.* 

*To receive the Low Carbon designation a fund must have a Carbon Risk Score below 10 and a Fossil Fuel Involvement % of less than 7% of assets. For these metrics to be calculated, at least 67% of a portfolio's assets must be covered by Sustainalytics company carbon-risk research. All Morningstar carbon metrics are calculated quarterly.* 

*Amana Income Fund was rated on 90%, Amana Growth Fund was rated on 91%, and Amana Developing World Fund was rated on 73% of assets under management.* 

---

| | | |
|:---|:---|:---|
| *Semi-Annual Report* | *November 30, 2022* | <sub>7</sub> |

---

------

**Amana Income Fund: Performance Summary**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Returns (as of November 30, 2022)** | &nbsp;&nbsp; **Average Annual Returns (as of November 30, 2022)** | &nbsp;&nbsp; **Average Annual Returns (as of November 30, 2022)** | &nbsp;&nbsp; **Average Annual Returns (as of November 30, 2022)** | &nbsp;&nbsp; **Average Annual Returns (as of November 30, 2022)** |
|  | **1 Year** | **5 Year** | **10 Year** | **Expense Ratio<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp; Investor Shares (AMANX) | 1.24% | 9.67% | 11.25% | 1.01% |
| &nbsp;&nbsp;&nbsp; Institutional Shares (AMINX)<sup>2</sup>  | 1.49% | 9.91% | n/a | 0.77% |
| &nbsp;&nbsp;&nbsp; S&P 500 Index | -9.21% | 10.97% | 13.33% | n/a |

---

**Growth of $10,000** 

------

---

| | |
|:---|:---|
| ![Amana Income Fund Growth of $10,000](amanx10k.gif) | *Comparison of any mutual fund to a market index must be made bearing in mind that the index is unmanaged and expense-free. Conversely, the Fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other operational costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in Investor Shares of the Fund on November 30, 2012, to an identical amount invested in the S&P 500 Index, a broad-based stock market index. The graph shows that an investment in Investor Shares of the Fund would have risen to $29,042 versus $34,966 in the Index. Investor Shares are used in this chart because they have a longer track record. Please note that investors cannot invest directly in the Index.* |

---

***Past performance does not guarantee future results.*** *The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.* 

*<sup>1</sup>* *By regulation, expense ratios shown in this table are as stated in the Funds' most recent prospectus, which is dated September 30, 2022, and incorporates results for the fiscal year ended May 31, 2022. Ratios presented in this table differ from the expense ratios shown elsewhere in this report as they represent different fiscal periods.* 

*<sup>2</sup>* *Institutional shares of the Amana Income Fund began operations September 25, 2013.* 

**Fund Objective** 

------

The objectives of the Income Fund are current income and preservation of capital, consistent with Islamic principles; current income is its primary objective.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top 10 Holdings** | |
| **% of Total Net Assets** | **% of Total Net Assets** |
| &nbsp;&nbsp;&nbsp; Eli Lilly | 10.5% |
| &nbsp;&nbsp;&nbsp; Microsoft | 6.4% |
| &nbsp;&nbsp;&nbsp; Rockwell Automation | 4.9% |
| &nbsp;&nbsp;&nbsp; Genuine Parts | 4.4% |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor ADR | 4.3% |
| &nbsp;&nbsp;&nbsp; Illinois Tool Works | 4.3% |
| &nbsp;&nbsp;&nbsp; Honeywell International | 3.6% |
| &nbsp;&nbsp;&nbsp; Pfizer | 3.4% |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb | 3.3% |
| &nbsp;&nbsp;&nbsp; PPG Industries | 3.2% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Portfolio Diversification** | | | |
| **% of Total Net Assets** | **% of Total Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp; Large Pharma | 21.6% | ∎ | ![Amana Income Fund Portfolio Diversification](amanx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Household Products | 6.5% | ∎ | ![Amana Income Fund Portfolio Diversification](amanx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Infrastructure Software | 6.4% | ∎ | ![Amana Income Fund Portfolio Diversification](amanx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Commercial & Residential Building Equipment & Systems | 5.4% | ∎ | ![Amana Income Fund Portfolio Diversification](amanx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Measurement Instruments | 4.9% | ∎ | ![Amana Income Fund Portfolio Diversification](amanx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Basic & Diversified Chemicals | 4.9% | ∎ | ![Amana Income Fund Portfolio Diversification](amanx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Specialty Chemicals | 4.8% | ∎ | ![Amana Income Fund Portfolio Diversification](amanx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Semiconductor Devices | 4.5% | ∎ | ![Amana Income Fund Portfolio Diversification](amanx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Automotive Retailers | 4.4% | ∎ | ![Amana Income Fund Portfolio Diversification](amanx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Industrial Machinery | 4.3% | ∎ | ![Amana Income Fund Portfolio Diversification](amanx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Semiconductor Manufacturing | 4.3% | ∎ | ![Amana Income Fund Portfolio Diversification](amanx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Other industries < 3.5% | 19.1% | ∎ | ![Amana Income Fund Portfolio Diversification](amanx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Other Assets (net of liabilities) | 8.9% | ∎ | ![Amana Income Fund Portfolio Diversification](amanx_industries.gif)  |

---

---

| | | | |
|:---|:---|:---|:---|
| *8* | | *Semi-Annual Report* | *November 30, 2022* |

---

------

---

| | |
|:---|:---|
| **Amana Income Fund: Schedule of Investments** | *As of November 30, 2022* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of Shares** | **Cost** | **Market Value** | **Percentage of Net Assets** |
| **Common Stocks – 91.1%**<br>**Consumer Discretionary** | | | | |
| **Automotive Retailers** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts | 382000 | $15016749 | $70032060 | 4.4% |
| **Home Improvement** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker | 71950 | 4850611 | 5879754 | 0.3% |
|  |  | **19867360** | **75911814** | **4.7%** |
| **Consumer Staples** |  |  |  |  |
| **Household Products** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive | 415400 | 15151572 | 32185192 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark | 230000 | 13960736 | 31194900 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble | 135000 | 16030154 | 20136600 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever ADR | 420000 | 14236893 | 21159600 | 1.3% |
|  |  | 59379355 | 104676292 | 6.5% |
| **Packaged Food** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co | 559288 | 13161835 | 47640152 | 3.0% |
|  |  | **72541190** | **152316444** | **9.5%** |
| **Health Care** |  |  |  |  |
| **Biotech** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen | 106000 | 25857756 | 30358400 | 1.9% |
| **Large Pharma** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie | 140000 | 3688616 | 22565200 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb | 650000 | 15185381 | 52182000 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly | 455000 | 15545890 | 168841400 | 10.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 125000 | 10460152 | 22250000 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis ADR | 275400 | 14323946 | 24664824 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer | 1100000 | 18605774 | 55143000 | 3.4% |
|  |  | 77809759 | 345646424 | 21.6% |
| **Medical Devices** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 350000 | 8392885 | 37653000 | 2.3% |
|  |  | **112060400** | **413657824** | **25.8%** |
| **Industrials** |  |  |  |  |
| **Commercial & Residential Building<br>Equipment & Systems** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International | 260000 | 10768521 | 57083000 | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International | 430000 | 27645988 | 28569200 | 1.8% |
|  |  | 38414509 | 85652200 | 5.4% |
| **Courier Services** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Class B | 110000 | 20602851 | 20870300 | 1.3% |
| **Flow Control Equipment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker Hannifin | 40000 | 1586972 | 11957600 | 0.7% |
| **Industrial Distribution & Rental** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; W.W. Grainger | 80000 | 7590798 | 48244800 | 3.0% |

---

*Continued on next page.* 

---

| | | | |
|:---|:---|:---|:---|
| *The accompanying notes are an integral part of these financial statements.* | *Semi-Annual Report* | *November 30, 2022* | <sub>9</sub> |

---

------

---

| | |
|:---|:---|
| **Amana Income Fund: Schedule of Investments** | *As of November 30, 2022* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of Shares** | **Cost** | **Market Value** | **Percentage of Net Assets** |
| **Common Stocks – 91.1%**<br>**Industrials** *(continued)* | | | | |
| **Industrial Machinery** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works | 300000 | $14672460 | $68241000 | 4.3% |
| **Measurement Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation | 300000 | 13657124 | 79266000 | 4.9% |
| **Rail Freight** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian National Railway | 384000 | 8600818 | 49317120 | 3.1% |
|  |  | **105125532** | **363549020** | **22.7%** |
| **Materials** |  |  |  |  |
| **Basic & Diversified Chemicals** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals | 110000 | 6424723 | 34117600 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde | 130000 | 8531142 | 43742400 | 2.7% |
|  |  | 14955865 | 77860000 | 4.9% |
| **Specialty Chemicals** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M | 200000 | 13704248 | 25194000 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries | 379000 | 12758054 | 51248380 | 3.2% |
|  |  | 26462302 | 76442380 | 4.8% |
|  |  | **41418167** | **154302380** | **9.7%** |
| **Technology** |  |  |  |  |
| **Communications Equipment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems | 600000 | 27297500 | 29832000 | 1.8% |
| **Consumer Electronics** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo | 650000 | 32232217 | 27580494 | 1.7% |
| **Infrastructure Software** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft | 400000 | 7953170 | 102056000 | 6.4% |
| **Semiconductor Devices** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel | 900000 | 19537540 | 27063000 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments | 250000 | 38489292 | 45115000 | 2.8% |
|  |  | 58026832 | 72178000 | 4.5% |
| **Semiconductor Manufacturing** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor ADR | 824500 | 8249619 | 68417010 | 4.3% |
|  |  | **133759338** | **300063504** | **18.7%** |
| Total investments |  | $484771987 | $1459800986 | 91.1% |
| Other assets (net of liabilities) |  |  | 142839797 | 8.9% |
| **Total net assets** |  |  | **$1602640783** | **100.0%** |

---

*ADR: American Depositary Receipt* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *10* | | *Semi-Annual Report* | *November 30, 2022* | *The accompanying notes are an integral part of these financial statements.* |

---

------

**Amana Income Fund** 

**Statement of Assets and Liabilities** 

---

| | | |
|:---|:---|:---|
| *As of November 30, 2022* | *As of November 30, 2022* |  |
| &nbsp;&nbsp; **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value<br>(Cost $484,771,987) | $1459800986 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 142125239 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable | 4085446 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 149619 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 26834 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 2529 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 1606190653 |  |
| &nbsp;&nbsp; **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 1889889 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued advisory fees | 946259 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares redeemed | 487032 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued 12b-1 distribution fees | 151654 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued retirement plan custody fee | 49721 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued other operating expenses | 10021 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued legal expenses | 5907 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued trustee expenses | 4709 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Chief Compliance Officer expenses | 4678 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3549870 |  |
| &nbsp;&nbsp; **Net Assets** | **$1602640783** |  |
| &nbsp;&nbsp; **Analysis of Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital (unlimited shares authorized, without par value) | $516041679 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | 1086599104 |  |
| &nbsp;&nbsp; **Net assets applicable to Fund shares outstanding** | **$1602640783** |  |
| &nbsp;&nbsp; **Net asset value per Investor Share** | **AMANX** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, at value | $766149741 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 12339184 |  |
| &nbsp;&nbsp; **Net asset value, offering and redemption price per share** | **$62.09** |  |
| &nbsp;&nbsp; **Net asset value per Institutional Share** | **AMINX** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, at value | $836491042 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 13582095 |  |
| &nbsp;&nbsp; **Net asset value, offering and redemption price per share** | **$61.59** |  |

---

**Statement of Operations** 

---

| | |
|:---|:---|
| *Period ended November 30, 2022* | *Period ended November 30, 2022* |
| &nbsp;&nbsp; **Investment income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Income<br>(net of foreign tax of $264,681) | $14783673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous income | 2020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 14785693 |
| &nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 5585172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12b-1 distribution fees | 894198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filing and registration fees | 35055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 32925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement plan custodial fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 26006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating expenses | 25120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and postage fees | 21999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 18947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 15041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer expenses | 11518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees | 5507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total gross expenses | 6671530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less custodian fee credits | (32925) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 6638605 |
| &nbsp;&nbsp; **Net investment income** | **$8147088** |
| &nbsp;&nbsp; Net realized gain from investments and foreign currency | $51967702 |
| &nbsp;&nbsp; Net increase in unrealized appreciation on investments | 11425126 |
| &nbsp;&nbsp; **Net gain on investments** | **$63392828** |
| &nbsp;&nbsp; **Net increase in net assets resulting from operations** | **$71539916** |

---

---

| | | | |
|:---|:---|:---|:---|
| *The accompanying notes are an integral part of these financial statements.* | *Semi-Annual Report* | *November 30, 2022* | <sub>11</sub> |

---

------

**Amana Income Fund** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Statements of Changes in Net Assets** | | *Period ended November 30, 2022* | *Year ended May 31, 2022* |
| &nbsp;&nbsp; **Increase (decrease) in net assets from operations** |  |  |  |
| &nbsp;&nbsp; **From operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | $8147088 | $16768051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investment |  | 51967702 | 86498012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in unrealized appreciation |  | 11425126 | (81975793) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets |  | 71539916 | 21290270 |
| &nbsp;&nbsp; **Distributions to shareowners** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net dividend and distribution to shareowners - Investor Shares |  |  | (39012483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net dividend and distribution to shareowners - Institutional Shares |  |  | (42119427) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  |  | (81131910) |
| &nbsp;&nbsp; **Capital share transactions** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | 20439750 | 63205053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  | 52094204 | 195808033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value of shares issued in reinvestment of dividends and distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  |  | 37828390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 40674735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | (34310455) | (169927539) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  | (42379892) | (117623925) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total capital share transactions |  | (4156393) | 49964747 |
| &nbsp;&nbsp; **Total increase (decrease) in net assets** |  | **67383523** | **(9876893)** |
| &nbsp;&nbsp; **Net assets** |  |  |  |
| &nbsp;&nbsp; Beginning of period |  | 1535257260 | 1545134153 |
| &nbsp;&nbsp; End of period |  | $1602640783 | $1535257260 |
| &nbsp;&nbsp; **Shares of the Fund sold and redeemed** |  |  |  |
| &nbsp;&nbsp; **Investor Shares (AMANX)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares sold |  | 357108 | 1013224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares issued in reinvestment of dividends and distributions |  |  | 584713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares redeemed |  | (597478) | (2695833) |
| &nbsp;&nbsp; **Net decrease in number of shares outstanding** |  | **(240370)** | **(1097896)** |
| &nbsp;&nbsp; **Institutional Shares (AMINX)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares sold |  | 913747 | 3142847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares issued in reinvestment of dividends and distributions |  |  | 636014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares redeemed |  | (747185) | (1892271) |
| &nbsp;&nbsp; **Net increase in number of shares outstanding** |  | **166562** | **1886590** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *12* | | *Semi-Annual Report* | *November 30, 2022* | *The accompanying notes are an integral part of these financial statements.* |

---

------

**Amana Income Fund: Financial Highlights** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Investor Shares (AMANX)** | | *Period ended* |  | *Year ended May 31,* | *Year ended May 31,* | *Year ended May 31,* |  |
| &nbsp;&nbsp; *Selected data per share of outstanding capital stock throughout each period:* |  | **Nov. 30, 2022** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp; **Net asset value at beginning of period** |  | **$59.34** | **$61.52** | **$50.03** | **$48.32** | **$48.91** | **$48.03** |
| &nbsp;&nbsp; **Income from investment operations** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>A</sup>  |  | 0.28 | 0.59 | 0.58 | 0.67 | 0.61 | 0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains on securities (both realized & unrealized) |  | 2.47 | 0.37 | 14.53 | 5.17 | 1.80 | 3.28 |
| &nbsp;&nbsp; **Total from investment operations** |  | **2.75** | **0.96** | **15.11** | **5.84** | **2.41** | **3.86** |
| &nbsp;&nbsp; **Less distributions** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (from net investment income) |  |  | (0.55) | (0.56) | (0.66) | (0.62) | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions (from capital gains) |  |  | (2.59) | (3.06) | (3.47) | (2.38) | (2.41) |
| &nbsp;&nbsp; **Total distributions** |  | **-** | **(3.14)** | **(3.62)** | **(4.13)** | **(3.00)** | **(2.98)** |
| &nbsp;&nbsp; **Net asset value at end of period** |  | **$62.09** | **$59.34** | **$61.52** | **$50.03** | **$48.32** | **$48.91** |
| &nbsp;&nbsp; **Total Return<sup>B</sup>**  |  | **4.63%** | **1.16%** | **30.87%** | **11.77%** | **5.35%** | **7.82%** |
| &nbsp;&nbsp; **Ratios / supplemental data** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets ($000), end of period |  | $766150 | $746534 | $841439 | $735565 | $805610 | $882571 |
| &nbsp;&nbsp; Ratio of expenses to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before custodian fee credits<sup>C</sup>  |  | 1.02% | 1.01% | 1.04% | 1.06% | 1.11% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After custodian fee credits<sup>C</sup>  |  | 1.02% | 1.01% | 1.04% | 1.06% | 1.10% | 1.12% |
| &nbsp;&nbsp; Ratio of net investment income after custodian fee credits to average net assets<sup>C</sup>  |  | 0.97% | 0.94% | 1.03% | 1.31% | 1.22% | 1.14% |
| &nbsp;&nbsp; **Portfolio turnover rate<sup>B</sup>**  |  | **5%** | **5%** | **5%** | **0%** | **1%** | **1%** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Institutional Shares (AMINX)** | | *Period ended* |  | *Year ended May 31,* | *Year ended May 31,* | *Year ended May 31,* |  |
| &nbsp;&nbsp; *Selected data per share of outstanding capital stock throughout each period:* |  | **Nov. 30, 2022** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp; **Net asset value at beginning of period** |  | **$58.79** | **$61.04** | **$49.72** | **$48.12** | **$48.72** | **$47.90** |
| &nbsp;&nbsp; **Income from investment operations** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>A</sup>  |  | 0.35 | 0.74 | 0.71 | 0.78 | 0.74 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains on securities (both realized & unrealized) |  | 2.45 | 0.37 | 14.42 | 5.13 | 1.79 | 3.26 |
| &nbsp;&nbsp; **Total from investment operations** |  | **2.80** | **1.11** | **15.13** | **5.91** | **2.53** | **3.96** |
| &nbsp;&nbsp; **Less distributions** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (from net investment income) |  |  | (0.77) | (0.75) | (0.84) | (0.75) | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions (from capital gains) |  |  | (2.59) | (3.06) | (3.47) | (2.38) | (2.41) |
| &nbsp;&nbsp; **Total distributions** |  | **-** | **(3.36)** | **(3.81)** | **(4.31)** | **(3.13)** | **(3.14)** |
| &nbsp;&nbsp; **Net asset value at end of period** |  | **$61.59** | **$58.79** | **$61.04** | **$49.72** | **$48.12** | **$48.72** |
| &nbsp;&nbsp; **Total Return<sup>B</sup>**  |  | **4.76%** | **1.40%** | **31.14%** | **11.96%** | **5.63%** | **8.05%** |
| &nbsp;&nbsp; **Ratios / supplemental data** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets ($000), end of period |  | $836491 | $788724 | $703695 | $533239 | $472724 | $451651 |
| &nbsp;&nbsp; Ratio of expenses to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before custodian fee credits<sup>C</sup>  |  | 0.78% | 0.77% | 0.80% | 0.83% | 0.87% | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After custodian fee credits<sup>C</sup>  |  | 0.78% | 0.77% | 0.79% | 0.82% | 0.86% | 0.88% |
| &nbsp;&nbsp; Ratio of net investment income after custodian fee credits to average net assets<sup>C</sup>  |  | 1.21% | 1.19% | 1.27% | 1.55% | 1.47% | 1.39% |
| &nbsp;&nbsp; **Portfolio turnover rate<sup>B</sup>**  |  | **5%** | **5%** | **5%** | **0%** | **1%** | **1%** |

---

*<sup>A</sup>* *Calculated using average shares outstanding* 

*<sup>B</sup>* *Not annualized for periods of less than one year* 

*<sup>C</sup>* *Annualized for periods of less than one year* 

---

| | | | |
|:---|:---|:---|:---|
| *The accompanying notes are an integral part of these financial statements.* | *Semi-Annual Report* | *November 30, 2022* | <sub>13</sub> |

---

------

---

| | |
|:---|:---|
| **Amana Growth Fund: Performance Summary** | |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Returns (as of November 30, 2022)** | | | | |
|  | **1 Year** | **5 Year** | **10 Year** | **Expense Ratio<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp; Investor Shares (AMAGX) | -12.27% | 15.15% | 14.74% | 0.91% |
| &nbsp;&nbsp;&nbsp; Institutional Shares (AMIGX)<sup>2</sup>  | -12.07% | 15.42% | n/a | 0.64% |
| &nbsp;&nbsp;&nbsp; S&P 500 Index | -9.21% | 10.97% | 13.33% | n/a |

---

**Growth of $10,000** 

------

---

| | |
|:---|:---|
| ![Amana Growth Fund Growth of $10,000](amagx10k.gif) | *Comparison of any mutual fund to a market index must be made bearing in mind that the index is unmanaged and expense-free. Conversely, the Fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other operational costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in Investor Shares of the Fund on November 30, 2012, to an identical amount invested in the S&P 500 Index, a broad-based stock market index. The graph shows that an investment in Investor Shares of the Fund would have risen to $39,577 versus $34,966 in the Index. Investor Shares are used in this chart because they represent the larger share class in terms of assets and have a longer track record. Please note that investors cannot invest directly in the Index.* |

---

***Past performance does not guarantee future results.*** *The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.* 

*<sup>1</sup>* *By regulation, expense ratios shown in this table are as stated in the Funds' most recent prospectus, which is dated September 30, 2022, and incorporates results for the fiscal year ended May 31, 2022. Ratios presented in this table differ from the expense ratios shown elsewhere in this report as they represent different fiscal periods.* 

*<sup>2</sup>* *Institutional shares of the Amana Growth Fund began operations September 25, 2013.* 

**Fund Objective** 

------

The objective of the Growth Fund is long-term capital growth, consistent with Islamic principles.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top 10 Holdings** | |
| **% of Total Net Assets** | **% of Total Net Assets** |
| &nbsp;&nbsp;&nbsp; Apple | 8.7% |
| &nbsp;&nbsp;&nbsp; ASML Holding NY | 5.5% |
| &nbsp;&nbsp;&nbsp; Agilent Technologies | 4.1% |
| &nbsp;&nbsp;&nbsp; Eli Lilly | 3.8% |
| &nbsp;&nbsp;&nbsp; Novo Nordisk ADR | 3.6% |
| &nbsp;&nbsp;&nbsp; Intuit | 3.4% |
| &nbsp;&nbsp;&nbsp; Adobe | 3.2% |
| &nbsp;&nbsp;&nbsp; Estee Lauder, Class A | 3.2% |
| &nbsp;&nbsp;&nbsp; Amgen | 3.0% |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor ADR | 2.9% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Portfolio Diversification** | | | |
| **% of Total Net Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp; Communications Equipment | 13.3% | ∎ | ![Amana Growth Fund Portfolio Diversification](amagx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Large Pharma | 12.9% | ∎ | ![Amana Growth Fund Portfolio Diversification](amagx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Semiconductor Manufacturing | 8.4% | ∎ | ![Amana Growth Fund Portfolio Diversification](amagx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Application Software | 6.6% | ∎ | ![Amana Growth Fund Portfolio Diversification](amagx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Household Products | 6.0% | ∎ | ![Amana Growth Fund Portfolio Diversification](amagx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Measurement Instruments | 5.2% | ∎ | ![Amana Growth Fund Portfolio Diversification](amagx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Commercial & Residential Building Equipment & Systems | 4.5% | ∎ | ![Amana Growth Fund Portfolio Diversification](amagx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Specialty Apparel Stores | 4.3% | ∎ | ![Amana Growth Fund Portfolio Diversification](amagx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Life Science Equipment | 4.1% | ∎ | ![Amana Growth Fund Portfolio Diversification](amagx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Rail Freight | 3.8% | ∎ | ![Amana Growth Fund Portfolio Diversification](amagx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Infrastructure Software | 3.3% | ∎ | ![Amana Growth Fund Portfolio Diversification](amagx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Biotech | 3.0% | ∎ | ![Amana Growth Fund Portfolio Diversification](amagx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Other industries < 3.0% | 16.2% | ∎ | ![Amana Growth Fund Portfolio Diversification](amagx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Other Assets (net of liabilities) | 8.4% | ∎ | ![Amana Growth Fund Portfolio Diversification](amagx_industries.gif)  |

---

---

| | | | |
|:---|:---|:---|:---|
| *14* | | *Semi-Annual Report* | *November 30, 2022* |

---

------

---

| | |
|:---|:---|
| **Amana Growth Fund: Schedule of Investments** | *As of November 30, 2022* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of Shares** | **Cost** | **Market Value** | **Percentage of Net Assets** |
| **Common Stocks – 91.6%**<br>**Communications** | | | | |
| **Internet Media** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Class A<sup>1</sup>  | 660000 | **$74180314** | **$66653400** | **1.9%** |
| **Consumer Discretionary** |  |  |  |  |
| **Home Products Stores** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's | 400000 | 8620300 | 85020000 | 2.5% |
| **Specialty Apparel Stores** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica<sup>1</sup>  | 150000 | 50431904 | 57046500 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Companies | 1150000 | 12679185 | 92057500 | 2.7% |
|  |  | 63111089 | 149104000 | 4.3% |
|  |  | **71731389** | **234124000** | **6.8%** |
| **Consumer Staples** |  |  |  |  |
| **Household Products** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Church & Dwight | 1182750 | 21185584 | 96831743 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder, Class A | 458594 | 16624230 | 108131879 | 3.2% |
|  |  | **37809814** | **204963622** | **6.0%** |
| **Health Care** |  |  |  |  |
| **Biotech** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen | 355000 | 18341782 | 101672000 | 3.0% |
| **Large Pharma** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AstraZeneca ADR | 1020000 | 69184692 | 69329400 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly | 350000 | 12007975 | 129878000 | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 380000 | 23150478 | 67640000 | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co | 450000 | 47464635 | 49554000 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk ADR | 1002195 | 7665243 | 124873497 | 3.6% |
|  |  | 159473023 | 441274897 | 12.9% |
| **Life Science Equipment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies | 900000 | 16302137 | 139482000 | 4.1% |
| **Managed Care** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health | 136000 | 64775408 | 72477120 | 2.1% |
| **Medical Devices** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker | 300000 | 15657168 | 70167000 | 2.0% |
|  |  | **274549518** | **825073017** | **24.1%** |
| **Industrials** |  |  |  |  |
| **Commercial & Residential Building Equipment &<br>Systems** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International | 1244000 | 59845842 | 82651360 | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane | 400000 | 66621870 | 71368000 | 2.1% |
|  |  | 126467712 | 154019360 | 4.5% |
| **Industrial Distribution & Rental** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastenal | 633000 | 7613243 | 32605830 | 1.0% |
| **Measurement Instruments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies<sup>1</sup>  | 500000 | 8390911 | 90445000 | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble<sup>1</sup>  | 1500000 | 15966794 | 89625000 | 2.6% |
|  |  | 24357705 | 180070000 | 5.2% |

---

*Continued on next page.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *The accompanying notes are an integral part of these financial statements.* | *Semi-Annual Report* | *November 30, 2022* | | *15* |

---

------

---

| | |
|:---|:---|
| **Amana Growth Fund: Schedule of Investments** | *As of November 30, 2022* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of Shares** | **Cost** | **Market Value** | **Percentage of Net Assets** |
| **Common Stocks – 91.6%**<br>**Industrials** *(continued)* | | | | |
| **Metalworking Machinery** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Electric Holdings | 307000 | $6707264 | $45399160 | 1.3% |
| **Rail Freight** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern | 250000 | 14370513 | 64125000 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific | 300000 | 16986610 | 65229000 | 1.9% |
|  |  | 31357123 | 129354000 | 3.8% |
|  |  | **196503047** | **541448350** | **15.8%** |
| **Materials** |  |  |  |  |
| **Agricultural Chemicals** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva | 1050000 | **59533180** | **70518000** | **2.1%** |
| **Technology** |  |  |  |  |
| **Application Software** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe<sup>1</sup>  | 320600 | 10572380 | 110584558 | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit | 285600 | 9926412 | 116407704 | 3.4% |
|  |  | 20498792 | 226992262 | 6.6% |
| **Communications Equipment** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple | 2005800 | 1523285 | 296918574 | 8.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems | 1500000 | 26759130 | 74580000 | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions | 310000 | 79705053 | 84382000 | 2.5% |
|  |  | 107987468 | 455880574 | 13.3% |
| **Information Services** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner<sup>1</sup>  | 179900 | 6185085 | 63031563 | 1.8% |
| **Infrastructure Software** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft | 205000 | 54427656 | 52303700 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle | 737200 | 21467457 | 61209716 | 1.8% |
|  |  | 75895113 | 113513416 | 3.3% |
| **Semiconductor Devices** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices<sup>1</sup>  | 662950 | 8416084 | 51464808 | 1.5% |
| **Semiconductor Manufacturing** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NY | 308000 | 10937644 | 187300960 | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor ADR | 1222471 | 12765781 | 101440644 | 2.9% |
|  |  | 23703425 | 288741604 | 8.4% |
|  |  | **242685967** | **1199624227** | **34.9%** |
| Total investments |  | $956993229 | $3142404616 | 91.6% |
| Other assets (net of liabilities) |  |  | 286738818 | 8.4% |
| **Total net assets** |  |  | **$3429143434** | **100.0%** |

---

*<sup>1</sup>* *Non-income producing* 

*ADR:* *American Depositary Receipt* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *16* | | *Semi-Annual Report* | *November 30, 2022* | *The accompanying notes are an integral part of these financial statements.* |

---

------

**Amana Growth Fund** 

**Statement of Assets and Liabilities** 

---

| | | |
|:---|:---|:---|
| *As of November 30, 2022* | *As of November 30, 2022* |  |
| &nbsp;&nbsp; **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value<br>(Cost $956,993,229) | $3142404616 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 267320821 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for security sales | 33656608 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable | 3976060 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 1814033 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 63594 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 3449235732 |  |
| &nbsp;&nbsp; **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 16257930 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued advisory fees | 1699286 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares redeemed | 1692189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued 12b-1 distribution fees | 338256 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued retirement plan custody fee | 73509 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued other liabilities | 14292 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Chief Compliance Officer expenses | 9925 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued trustee expenses | 6911 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 20092298 |  |
| &nbsp;&nbsp; **Net Assets** | **$3429143434** |  |
| &nbsp;&nbsp; **Analysis of Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital (unlimited shares authorized, without par value) | $1090935795 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | 2338207639 |  |
| &nbsp;&nbsp; **Net assets applicable to Fund shares outstanding** | **$3429143434** |  |
| &nbsp;&nbsp; **Net asset value per Investor Share** | **AMAGX** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, at value | $1735119079 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 27888175 |  |
| &nbsp;&nbsp; **Net asset value, offering and redemption price per share** | **$62.22** |  |
| &nbsp;&nbsp; **Net asset value per Institutional Share** | **AMIGX** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, at value | $1694024355 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 27044874 |  |
| &nbsp;&nbsp; **Net asset value, offering and redemption price per share** | **$62.64** |  |

---

**Statement of Operations** 

---

| | |
|:---|:---|
| *Period ended November 30, 2022* | *Period ended November 30, 2022* |
| &nbsp;&nbsp; **Investment income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income<br>(net of foreign taxes of ($476835)) | $17131450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous income | 1083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 17132533 |
| &nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 10047788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12b-1 distribution fees | 2029110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filing and registration fees | 86630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 63673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating expenses | 52109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and postage fees | 46164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ReFlow fees | 42991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 39485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement plan custodial fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 38957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer expenses | 33020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 31135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees | 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total gross expenses | 12536135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less custodian fee credits | (63673) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 12472462 |
| &nbsp;&nbsp; **Net investment income** | **$4660071** |
| &nbsp;&nbsp; Net realized gain from investments | $65816831 <sup>A</sup> |
| &nbsp;&nbsp; Net increase in unrealized appreciation on investments | 31486683 |
| &nbsp;&nbsp; **Net gain on investments** | **$97303514** |
| &nbsp;&nbsp; **Net increase in net assets resulting from operations** | **$101963585** |

---

*<sup>A</sup>* *Includes $13,619,580 in net realized gains from redemptions in-kind.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *The accompanying notes are an integral part of these financial statements.* | *Semi-Annual Report* | *November 30, 2022* | | *17* |

---

------

**Amana Growth Fund** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Statements of Changes in Net Assets** | | *Period ended November 30, 2022* | *Year ended May 31, 2022* |
| &nbsp;&nbsp; **Increase in net assets from operations** |  |  |  |
| &nbsp;&nbsp; **From operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | $4660071 | $6668755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investment |  | 65816831 | 156439782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in unrealized appreciation |  | 31486683 | (212645392) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets |  | 101963585 | (49536855) |
| &nbsp;&nbsp; **Distributions to shareowners** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net dividend and distribution to shareowners - Investor Shares |  |  | (10731202) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net dividend and distribution to shareowners - Institutional Shares |  |  | (12600454) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  |  | (23331656) |
| &nbsp;&nbsp; **Capital share transactions** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | 93311006 | 369297243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  | 278208154 | 596315727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value of shares issued in reinvestment of dividends and distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  |  | 10393301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 12250680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | (90922245) | (404487360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  | (127639025) | (363120682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total capital share transactions |  | 152957890 | 220648909 |
| &nbsp;&nbsp; **Total increase in net assets** |  | **254921475** | **147780398** |
| &nbsp;&nbsp; **Net assets** |  |  |  |
| &nbsp;&nbsp; Beginning of period |  | 3174221959 | 3026441561 |
| &nbsp;&nbsp; End of period |  | $3429143434 | $3174221959 |
| &nbsp;&nbsp; **Shares of the Fund sold and redeemed** |  |  |  |
| &nbsp;&nbsp; **Investor Shares (AMAGX)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares sold |  | 1601340 | 5421126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares issued in reinvestment of dividends and distributions |  |  | 144091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares redeemed |  | (1569434) | (6077316) |
| &nbsp;&nbsp; **Net increase (decrease) in number of shares outstanding** |  | **31906** | **(512099)** |
| &nbsp;&nbsp; **Institutional Shares (AMIGX)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares sold |  | 4746918 | 8919985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares issued in reinvestment of dividends and distributions |  |  | 169091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares redeemed |  | (2203821) | (5581408) |
| &nbsp;&nbsp; **Net increase in number of shares outstanding** |  | **2543097** | **3507668** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *18* | | *Semi-Annual Report* | *November 30, 2022* | *The accompanying notes are an integral part of these financial statements.* |

---

------

**Amana Growth Fund: Financial Highlights** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Investor Shares (AMAGX)** | | *Period ended* |  | *Year ended May 31,* | *Year ended May 31,* | *Year ended May 31,* |  |
| &nbsp;&nbsp; *Selected data per share of outstanding capital stock throughout each period:* |  | **Nov. 30, 2022** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp; **Net asset value at beginning of period** |  | **$60.47** | **$61.17** | **$45.39** | **$39.31** | **$36.24** | **$34.42** |
| &nbsp;&nbsp; **Income from investment operations** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>A</sup>  |  | 0.05 | 0.05 | 0.10 | 0.15 | 0.13 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on securities (both realized and unrealized) |  | 1.70 | (0.37) | 18.74 | 7.33 | 4.14 | 5.47 |
| &nbsp;&nbsp; **Total from investment operations** |  | **1.75** | **(0.32)** | **18.84** | **7.48** | **4.27** | **5.63** |
| &nbsp;&nbsp; **Less distributions** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (from net investment income) |  |  | (0.05) | (0.13) | (0.16) | (0.16) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions (from capital gains) |  |  | (0.33) | (2.93) | (1.24) | (1.04) | (3.64) |
| &nbsp;&nbsp; **Total distributions** |  | **-** | **(0.38)** | **(3.06)** | **(1.40)** | **(1.20)** | **(3.81)** |
| &nbsp;&nbsp; **Net asset value at end of period** |  | **$62.22** | **$60.47** | **$61.17** | **$45.39** | **$39.31** | **$36.24** |
| &nbsp;&nbsp; **Total Return<sup>B</sup>**  |  | **2.89%** | **(0.62)%** | **42.16%** | **19.12%** | **12.28%** | **16.76%** |
| &nbsp;&nbsp; **Ratios / supplemental data** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets ($000), end of period |  | $1735119 | $1684412 | $1735349 | $1303469 | $1263423 | $1137705 |
| &nbsp;&nbsp; Ratio of expenses to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before custodian fee credits<sup>C</sup>  |  | 0.92% | 0.91% | 0.96% | 1.02% | 1.08% | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After custodian fee credits<sup>C</sup>  |  | 0.92% | 0.90% | 0.96% | 1.02% | 1.08% | 1.09% |
| &nbsp;&nbsp; Ratio of net investment income after custodian fee credits to average net assets<sup>C</sup>  |  | 0.18% | 0.09% | 0.19% | 0.36% | 0.34% | 0.45% |
| &nbsp;&nbsp; **Portfolio turnover rate<sup>B</sup>**  |  | **6%** | **7%** | **5%** | **0%** **<sup>D</sup>** | **0%** | **0%** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Institutional Shares (AMIGX)** | | *Period ended* |  | *Year ended May 31,* | *Year ended May 31,* | *Year ended May 31,* |  |
| &nbsp;&nbsp; *Selected data per share of outstanding capital stock throughout each period:* |  | **Nov. 30, 2022** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp; **Net asset value at beginning of period** |  | **$60.80** | **$61.50** | **$45.60** | **$39.49** | **$36.37** | **$34.53** |
| &nbsp;&nbsp; **Income from investment operations** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>A</sup>  |  | 0.13 | 0.22 | 0.24 | 0.28 | 0.23 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on securities (both realized and unrealized) |  | 1.71 | (0.38) | 18.84 | 7.34 | 4.15 | 5.49 |
| &nbsp;&nbsp; **Total from investment operations** |  | **1.84** | **(0.16)** | **19.08** | **7.62** | **4.38** | **5.74** |
| &nbsp;&nbsp; **Less distributions** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (from net investment income) |  |  | (0.21) | (0.25) | (0.27) | (0.22) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions (from capital gains) |  |  | (0.33) | (2.93) | (1.24) | (1.04) | (3.64) |
| &nbsp;&nbsp; **Total distributions** |  | **-** | **(0.54)** | **(3.18)** | **(1.51)** | **(1.26)** | **(3.90)** |
| &nbsp;&nbsp; **Net asset value at end of period** |  | **$62.64** | **$60.80** | **$61.50** | **$45.60** | **$39.49** | **$36.37** |
| &nbsp;&nbsp; **Total Return<sup>B</sup>**  |  | **3.03%** | **(0.40)%** | **42.53%** | **19.39%** | **12.54%** | **17.03%** |
| &nbsp;&nbsp; **Ratios / supplemental data** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets ($000), end of period |  | $1694024 | $1489810 | $1291092 | $859154 | $724520 | $565740 |
| &nbsp;&nbsp; Ratio of expenses to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before custodian fee credits<sup>C</sup>  |  | 0.68% | 0.64% | 0.71% | 0.79% | 0.84% | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After custodian fee credits<sup>C</sup>  |  | 0.67% | 0.64% | 0.71% | 0.78% | 0.84% | 0.86% |
| &nbsp;&nbsp; Ratio of net investment income after custodian fee credits to average net assets<sup>C</sup>  |  | 0.43% | 0.32% | 0.43% | 0.60% | 0.58% | 0.70% |
| &nbsp;&nbsp; **Portfolio turnover rate<sup>B</sup>**  |  | **6%** | **7%** | **5%** | **0%** **<sup>D</sup>** | **0%** | **0%** |

---

*<sup>A</sup>* *Calculated using average shares outstanding* 

*<sup>B</sup>* *Not annualized for periods of less than one year* 

*<sup>C</sup>* *Annualized for periods of less than one year* 

*<sup>D</sup>* *Amount is less than 0.5%* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *The accompanying notes are an integral part of these financial statements.* | *Semi-Annual Report* | *November 30, 2022* | | *19* |

---

------

---

| | |
|:---|:---|
| **Amana Developing World Fund: Performance Summary** | |

---

**Average Annual Returns (as of November 30, 2022)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** | **Expense Ratio<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp; Investor Shares (AMDWX) | -13.87% | 2.58% | 1.47% | 1.21% |
| &nbsp;&nbsp;&nbsp; Institutional Shares (AMIDX)<sup>2</sup>  | -13.62% | 2.77% | n/a | 0.99% |
| &nbsp;&nbsp;&nbsp; MSCI Emerging Markets Index | -17.43% | -0.42% | 2.06% | n/a |

---

**Growth of $10,000** 

------

---

| | |
|:---|:---|
| ![Amana Develoing World Growth of $10,000](amdwx10k.gif) | *Comparison of any mutual fund to a market index must be made bearing in mind that the index is unmanaged and expense-free. Conversely, the Fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other operational costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in Investor Shares of the Fund on November 30 2012, to an identical amount invested in the MSCI Emerging Markets Index, a broad-based international equity index. The graph shows that an investment in Investor Shares of the Fund would have risen to $11,576 versus $12,269 in the Index. Investor Shares are used in this chart because they have a longer track record. Please note that investors cannot invest directly in the Index.* |

---

***Past performance does not guarantee future results.*** *The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.* 

*<sup>1</sup>* *By regulation, expense ratios shown in this table are as stated in the Funds' most recent prospectus, which is dated September 30, 2022, and incorporates results for the fiscal year ended May 31, 2022. Ratios presented in this table differ from the expense ratios shown elsewhere in this report as they represent different fiscal periods.* 

*<sup>2</sup>* *Institutional shares of the Amana Developing World Fund began operations September 25, 2013.* 

**Fund Objective** 

------

The objective of the Developing World Fund is long-term capital growth, consistent with Islamic principles.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top 10 Holdings** | |
| **% of Total Net Assets** | **% of Total Net Assets** |
| &nbsp;&nbsp;&nbsp; Samsung SDI | 3.2% |
| &nbsp;&nbsp;&nbsp; Bangkok Dusit Medical Services NVDR | 3.0% |
| &nbsp;&nbsp;&nbsp; Rio Tinto ADR | 3.0% |
| &nbsp;&nbsp;&nbsp; Ford Otomotiv Sanayi | 2.9% |
| &nbsp;&nbsp;&nbsp; Infosys ADR | 2.9% |
| &nbsp;&nbsp;&nbsp; Unilever ADR | 2.8% |
| &nbsp;&nbsp;&nbsp; Clicks Group | 2.7% |
| &nbsp;&nbsp;&nbsp; Southern Copper | 2.7% |
| &nbsp;&nbsp;&nbsp; Unicharm | 2.6% |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark de Mexico, Class A | 2.6% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Portfolio Diversification** | | | |
| **% of Total Net Assets** | **% of Total Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp; Household Products | 12.1% | ∎ | ![Amana Developing World Portfolio Diversification](amdwx_industries.gif) |
| &nbsp;&nbsp;&nbsp; Electronics Components | 7.6% | ∎ | ![Amana Developing World Portfolio Diversification](amdwx_industries.gif) |
| &nbsp;&nbsp;&nbsp; Health Care Facilities | 5.9% | ∎ | ![Amana Developing World Portfolio Diversification](amdwx_industries.gif) |
| &nbsp;&nbsp;&nbsp; Telecom Carriers | 4.9% | ∎ | ![Amana Developing World Portfolio Diversification](amdwx_industries.gif) |
| &nbsp;&nbsp;&nbsp; Communications Equipment | 4.7% | ∎ | ![Amana Developing World Portfolio Diversification](amdwx_industries.gif) |
| &nbsp;&nbsp;&nbsp; Semiconductor Devices | 4.3% | ∎ | ![Amana Developing World Portfolio Diversification](amdwx_industries.gif) |
| &nbsp;&nbsp;&nbsp; Steel Raw Material Suppliers | 3.0% | ∎ | ![Amana Developing World Portfolio Diversification](amdwx_industries.gif) |
| &nbsp;&nbsp;&nbsp; Other industries < 3.0% | 38.6% | ∎ | ![Amana Developing World Portfolio Diversification](amdwx_industries.gif) |
| &nbsp;&nbsp;&nbsp; Other Assets (net of liabilities) | 18.9% | ∎ | ![Amana Developing World Portfolio Diversification](amdwx_industries.gif) |

---

---

| | | | |
|:---|:---|:---|:---|
| *20* | | *Semi-Annual Report* | *November 30, 2022* |

---

------

---

| | |
|:---|:---|
| **Amana Developing World Fund: Schedule of Investments** | *As of November 30, 2022* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of Shares** | **Cost** | **Market Value** | **Country<sup>1</sup>** | **Percentage of Net Assets** |
| **Common Stocks – 81.1%**<br>**Communications** | | | |  | |
| **Telecom Carriers** | | | |  | |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Telecom | 175000 | $2021306 | $1798997 | Saudi Arabia | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Telekomunikasi Indonesia ADR | 67000 | 1390444 | 1707160 | Indonesia | 2.4% |
|  |  | **3411750** | **3506157** |  | **4.9%** |
| **Consumer Discretionary** |  |  |  |  |  |
| **Apparel, Footwear & Accessory Design** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VF | 26000 | 1352339 | 853320 | United States | 1.2% |
| **Automobiles** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Otomotiv Sanayi | 87000 | 1216294 | 2081984 | Turkey | 2.9% |
| **Home Products Stores** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wilcon Depot | 3000000 | 1113120 | 1711686 | Philippines | 2.4% |
|  |  | **3681753** | **4646990** |  | **6.5%** |
| **Consumer Staples** |  |  |  |  |  |
| **Food & Drug Stores** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Clicks Group | 110000 | 1097433 | 1923488 | South Africa | 2.7% |
| **Household Products** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive | 18000 | 1090802 | 1394640 | United States | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark de Mexico, Class A | 1100000 | 1948896 | 1871722 | Mexico | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; LG Household & Health Care | 3000 | 2467641 | 1513918 | South Korea | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Unicharm | 51000 | 1907386 | 1877214 | Japan | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever ADR | 39000 | 1920205 | 1964820 | United Kingdom | 2.8% |
|  |  | 9334930 | 8622314 |  | 12.1% |
| **Packaged Food** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indofood CBP Sukses Makmur | 2500000 | 1468008 | 1605027 | Indonesia | 2.2% |
|  |  | **11900371** | **12150829** |  | **17.0%** |
| **Financials** |  |  |  |  |  |
| **Islamic Banking** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BIMB Holdings | 1386700 | 1124235 | 798460 | Malaysia | 1.1% |
| **Islamic Insurance Carriers** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Syarikat Takaful Malaysia Keluarga | 499981 | 502967 | 400826 | Malaysia | 0.6% |
| **Real Estate Owners & Developers** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SM Prime Holdings | 2200000 | 1195553 | 1426152 | Philippines | 2.0% |
|  |  | **2822755** | **2625438** |  | **3.7%** |

---

*Continued on next page.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *The accompanying notes are an integral part of these financial statements.* | *Semi-Annual Report* | *November 30, 2022* | | *21* |

---

------

---

| | |
|:---|:---|
| **Amana Developing World Fund: Schedule of Investments** | *As of November 30, 2022* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of Shares** | **Cost** | **Market Value** | **Country<sup>1</sup>** | **Percentage of Net Assets** |
| **Common Stocks – 81.1%**<br>**Health Care** | | | |  | |
| **Generic Pharma** | | | |  | |
| &nbsp;&nbsp;&nbsp;&nbsp; Hikma Pharmaceuticals | 76000 | $2380551 | $1376216 | Jordan | 2.0% |
| **Health Care Facilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bangkok Dusit Medical Services NVDR | 2500000 | 1649593 | 2153670 | Thailand | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; IHH Healthcare | 1000000 | 1310388 | 1308136 | Malaysia | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; KPJ Healthcare | 3600992 | 847689 | 762185 | Malaysia | 1.1% |
|  |  | 3807670 | 4223991 |  | 5.9% |
| **Health Care Services** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fleury | 510000 | 2479795 | 1745421 | Brazil | 2.4% |
|  |  | **8668016** | **7345628** |  | **10.3%** |
| **Industrials** |  |  |  |  |  |
| **Rail Freight** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Railway | 18746 | 1326467 | 1535485 | Canada | 2.2% |
| **Rubber & Plastic** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hartalega Holdings | 1100000 | 1851613 | 430300 | Malaysia | 0.6% |
| **Waste Management** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunny Friend Environmental Technology | 220000 | 1756100 | 989182 | Taiwan | 1.4% |
|  |  | **4934180** | **2954967** |  | **4.2%** |
| **Materials** |  |  |  |  |  |
| **Agricultural Chemicals** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Quimica y Minera Chile ADR | 18000 | 1448389 | 1784880 | Chile | 2.5% |
| **Base Metals** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Copper | 31000 | 1553631 | 1891620 | Peru | 2.7% |
| **Cement & Aggregates** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UltraTech Cement | 2000 | 157180 | 174304 | India | 0.2% |
| **Precious Metal Mining** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barrick Gold | 101740 | 2272996 | 1660397 | Canada | 2.3% |
| **Steel Raw Material Suppliers** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto ADR | 31000 | 2399283 | 2127840 | China<sup>2</sup> | 3.0% |
|  |  | **7831479** | **7639041** |  | **10.7%** |

---

*Continued on next page.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *22* | | *Semi-Annual Report* | *November 30, 2022* | *The accompanying notes are an integral part of these financial statements.* |

---

------

---

| | |
|:---|:---|
| **Amana Developing World Fund: Schedule of Investments** | *As of November 30, 2022* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Number of Shares** | **Cost** | **Market Value** | **Country<sup>1</sup>** | **Percentage of Net Assets** |
| **Common Stocks – 81.1%**<br>**Technology** | | | |  | |
| **Communications Equipment** | | | |  | |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics | 35000 | $1673798 | $1681713 | South Korea | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Sercomm | 600000 | 1568864 | 1642207 | Taiwan | 2.3% |
|  |  | 3242662 | 3323920 |  | 4.7% |
| **Computer Hardware & Storage** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advantech | 127685 | 914496 | 1389893 | Taiwan | 1.9% |
| **Electronics Components** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Electronics | 180000 | 1087325 | 1779969 | China<sup>2</sup> | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; KCE Electronics NVDR | 1000000 | 2065604 | 1384646 | Thailand | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung SDI | 4000 | 1840901 | 2258112 | South Korea | 3.2% |
|  |  | 4993830 | 5422727 |  | 7.6% |
| **IT Services** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Infosys ADR | 100000 | 2158609 | 2035000 | India | 2.9% |
| **Semiconductor Devices** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA | 8500 | 1777820 | 1438455 | United States | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualcomm | 13000 | 1618318 | 1644370 | China<sup>2</sup> | 2.3% |
|  |  | 3396138 | 3082825 |  | 4.3% |
| **Semiconductor Manufacturing** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor ADR | 21000 | 843194 | 1742580 | Taiwan | 2.4% |
|  |  | **15548929** | **16996945** |  | **23.8%** |
| Total investments |  | $58799233 | $57865995 |  | 81.1% |
| Other assets (net of liabilities) |  |  | 13468643 |  | 18.9% |
| **Total net assets** |  |  | **$71334638** |  | **100.0%** |

---

*<sup>1</sup>* *Country of domicile unless otherwise indicated* 

*<sup>2</sup>* *Denotes a country or region of primary exposure* 

*ADR: American Depositary Receipt* 

*NVDR: Thai Non-Voting Depository* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *The accompanying notes are an integral part of these financial statements.* | *Semi-Annual Report* | *November 30, 2022* | | *23* |

---

------

---

| | |
|:---|:---|
| **Amana Developing World Fund: Schedule of Investments** | *As of November 30, 2022* |

---

---

| |
|:---|
| &nbsp;&nbsp; **Countries** |
| ![Amana Developing World Geographic Diversification](amdwx_countries.gif) Other assets (net of liabilities) 18.9% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *24* | | *Semi-Annual Report* | *November 30, 2022* | *The accompanying notes are an integral part of these financial statements.* |

---

------

**Amana Developing World Fund** 

**Statement of Assets and Liabilities** 

---

| | |
|:---|:---|
| *As of November 30, 2022* | *As of November 30, 2022* |
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value<br> (Cost $58,799,233) | $57865995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 13764014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable | 94966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 59595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 9079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 71793649 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 372599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued advisory fees | 44051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued audit expenses | 15091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued retirement plan custody fee | 14994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued 12b-1 distribution fees | 4591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Chief Compliance Officer expenses | 3424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued other liabilities | 3392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares redeemed | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued trustee expenses | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 459011 |
| &nbsp;&nbsp; **Net Assets** | **$71334638** |
| &nbsp;&nbsp; **Analysis of Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital (unlimited shares authorized, without par value) | $71692767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | (358129) |
| &nbsp;&nbsp; **Net assets applicable to Fund shares outstanding** | **$71334638** |
| &nbsp;&nbsp; **Net asset value per Investor Share** | **AMDWX** |
| &nbsp;&nbsp; Net assets, at value | $23985160 |
| &nbsp;&nbsp; Shares outstanding | 2076060 |
| &nbsp;&nbsp; **Net asset value, offering and redemption price per share** | **$11.55** |
| &nbsp;&nbsp; **Net asset value per Institutional Share** | **AMIDX** |
| &nbsp;&nbsp; Net assets, at value | $47349478 |
| &nbsp;&nbsp; Shares outstanding | 4078729 |
| &nbsp;&nbsp; **Net asset value, offering and redemption price per share** | **$11.61** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Statement of Operations** | &nbsp;&nbsp; **Statement of Operations** |
| *Period ended November 30, 2022* | *Period ended November 30, 2022* |
| &nbsp;&nbsp; **Investment income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Income<br> (net of foreign tax of $98,389) | $721130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous income | 177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 721307 |
| &nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 263450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12b-1 distribution fees | 27426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filing and registration fees | 24397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 22105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 10569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement plan custodial fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 8140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and postage fees | 4214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer expenses | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total gross expenses | 361601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less custodian fee credits | (21600) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 340001 |
| &nbsp;&nbsp; **Net investment income** | **$381306** |
| &nbsp;&nbsp; Net realized gain from investments and foreign currency | $335434 |
| &nbsp;&nbsp; Net decrease in unrealized appreciation on investments and foreign currency | (2317027) |
| &nbsp;&nbsp; **Net loss on investments** | **$(1981593** |
| &nbsp;&nbsp; **Net decrease in net assets resulting from operations** | **$(1600287** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *The accompanying notes are an integral part of these financial statements.* | *Semi-Annual Report* | *November 30, 2022* | | *25* |

---

------

**Amana Developing World Fund** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Statements of Changes in Net Assets** | | *Period ended November 30, 2022* | *Year ended May 31, 2022* |
| &nbsp;&nbsp; **Increase in net assets from operations** |  |  |  |
| &nbsp;&nbsp; **From operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | $381306 | $1237099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investment |  | 335434 | 7693254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease in unrealized appreciation |  | (2317027) | (18312459) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease in net assets |  | (1600287) | (9382106) |
| &nbsp;&nbsp; **Distributions to shareowners** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net dividend and distribution to shareowners - Investor Shares |  |  | (283941) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net dividend and distribution to shareowners - Institutional Shares |  |  | (735354) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  |  | (1019295) |
| &nbsp;&nbsp; **Capital share transactions** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | 3143505 | 9575173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  | 4638655 | 21983609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value of shares issued in reinvestment of dividends and distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  |  | 282410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  |  | 733732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | (1748082) | (5824543) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  | (2936811) | (11305135) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total capital share transactions |  | 3097267 | 15445246 |
| &nbsp;&nbsp; **Total increase in net assets** |  | **1496980** | **5043845** |
| &nbsp;&nbsp; **Net assets** |  |  |  |
| &nbsp;&nbsp; Beginning of period |  | 69837658 | 64793813 |
| &nbsp;&nbsp; End of period |  | $71334638 | $69837658 |
| &nbsp;&nbsp; **Shares of the Fund sold and redeemed** |  |  |  |
| &nbsp;&nbsp; **Investor Shares (AMDWX)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares sold |  | 283800 | 724874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares issued in reinvestment of dividends and distributions |  |  | 21170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares redeemed |  | (158593) | (441889) |
| &nbsp;&nbsp; **Net increase in number of shares outstanding** |  | **125207** | **304155** |
| &nbsp;&nbsp; **Institutional Shares (AMIDX)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares sold |  | 419300 | 1652790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares issued in reinvestment of dividends and distributions |  |  | 54838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares redeemed |  | (267319) | (849481) |
| &nbsp;&nbsp; **Net increase in number of shares outstanding** |  | **151981** | **858147** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *26* | | *Semi-Annual Report* | *November 30, 2022* | *The accompanying notes are an integral part of these financial statements.* |

---

------

**Amana Developing World Fund: Financial Highlights** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Investor Shares (AMDWX)** | | *Period ended* | *Year ended May 31,* | *Year ended May 31,* | *Year ended May 31,* | *Year ended May 31,* | *Year ended May 31,* |
| &nbsp;&nbsp; *Selected data per share of outstanding capital stock throughout each period:* |  | **Nov. 30, 2022** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp; **Net asset value at beginning of period** |  | **$11.85** | **$13.70** | **$9.67** | **$9.33** | **$10.05** | **$9.97** |
| &nbsp;&nbsp; **Income from investment operations** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>A</sup>  |  | 0.06 | 0.21 | 0.05 | 0.04 | 0.03 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on securities (both realized & unrealized) |  | (0.36) | (1.90) | 3.98 | 0.34 | (0.70) | 0.07 |
| &nbsp;&nbsp; **Total from investment operations** |  | **(0.30)** | **(1.69)** | **4.03** | **0.38** | **(0.67)** | **0.10** |
| &nbsp;&nbsp; **Less distributions** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (from net investment income) |  |  | (0.16) |  | (0.04) | (0.05) | (0.02) |
| &nbsp;&nbsp; **Total distributions** |  | **-** | **(0.16)** | **-** | **(0.04)** | **(0.05)** | **(0.02)** |
| &nbsp;&nbsp; **Net asset value at end of period** |  | **$11.55** | **$11.85** | **$13.70** | **$9.67** | **$9.33** | **$10.05** |
| &nbsp;&nbsp; **Total Return<sup>B</sup>**  |  | **(2.53)%** | **(12.47)%** | **41.68%** | **4.02%** | **(6.70)%** | **0.98%** |
| &nbsp;&nbsp; **Ratios / supplemental data** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets ($000), end of period |  | $23985 | $23123 | $22553 | $13253 | $15026 | $15067 |
| &nbsp;&nbsp; Ratio of expenses to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before custodian fee credits<sup>C</sup>  |  | 1.24% | 1.21% | 1.20% | 1.34% | 1.36% | 1.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After custodian fee credits<sup>C</sup>  |  | 1.17% | 1.14% | 1.14% | 1.29% | 1.31% | 1.32% |
| &nbsp;&nbsp; Ratio of net investment income after custodian fee credits to average net assets<sup>C</sup>  |  | 1.02% | 1.59% | 0.44% | 0.38% | 0.35% | 0.27% |
| &nbsp;&nbsp; **Portfolio turnover rate<sup>B</sup>**  |  | **2%** | **30%** | **3%** | **9%** | **9%** | **20%** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Institutional Shares (AMIDX)** | | *Period ended* | *Year ended May 31,* | *Year ended May 31,* | *Year ended May 31,* | *Year ended May 31,* | *Year ended May 31,* |
| &nbsp;&nbsp; *Selected data per share of outstanding capital stock throughout each period:* |  | **Nov. 30, 2022** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp; **Net asset value at beginning of period** |  | **$11.90** | **$13.77** | **$9.70** | **$9.36** | **$10.08** | **$9.99** |
| &nbsp;&nbsp; **Income from investment operations** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>A</sup>  |  | 0.07 | 0.24 | 0.08 | 0.04 | 0.05 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on securities (both realized and unrealized) |  | (0.36) | (1.90) | 3.99 | 0.36 | (0.72) | 0.07 |
| &nbsp;&nbsp; **Total from investment operations** |  | **(0.29)** | **(1.66)** | **4.07** | **0.40** | **(0.67)** | **0.12** |
| &nbsp;&nbsp; **Less distributions** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (from net investment income) |  |  | (0.21) |  | (0.06) | (0.05) | (0.03) |
| &nbsp;&nbsp; **Total distributions** |  | **-** | **(0.21)** | **-** | **(0.06)** | **(0.05)** | **(0.03)** |
| &nbsp;&nbsp; **Net asset value at end of period** |  | **$11.61** | **$11.90** | **$13.77** | **$9.70** | **$9.36** | **$10.08** |
| &nbsp;&nbsp; **Total Return<sup>B</sup>** |  | **(2.44)%** | **(12.24)%** | **41.96%** | **4.20%** | **(6.58)%** | **1.17%** |
| &nbsp;&nbsp; **Ratios / supplemental data** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets ($000), end of period |  | $47349 | $46715 | $42241 | $18959 | $15127 | $16034 |
| &nbsp;&nbsp; Ratio of expenses to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before custodian fee credits<sup>C</sup>  |  | 1.03% | 0.99% | 0.97% | 1.21% | 1.19% | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After custodian fee credits<sup>C</sup>  |  | 0.96% | 0.92% | 0.91% | 1.16% | 1.14% | 1.14% |
| &nbsp;&nbsp; Ratio of net investment income after custodian fee credits to average net assets<sup>C</sup>  |  | 1.23% | 1.80% | 0.65% | 0.43% | 0.54% | 0.44% |
| &nbsp;&nbsp; **Portfolio turnover rate<sup>B</sup>**  |  | **2%** | **30%** | **3%** | **9%** | **9%** | **20%** |

---

*<sup>A</sup>* *Calculated using average shares outstanding* 

*<sup>B</sup>* *Not annualized for periods of less than one year <sup></sup>*

*<sup>C</sup>* *Annualized for periods of less than one year* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *The accompanying notes are an integral part of these financial statements.* | *Semi-Annual Report* | *November 30, 2022* | | *27* |

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------

**Amana Participation Fund: Performance Summary**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Average Annual Returns (as of November 30, 2022)** | &nbsp;&nbsp; **Average Annual Returns (as of November 30, 2022)** | &nbsp;&nbsp; **Average Annual Returns (as of November 30, 2022)** | &nbsp;&nbsp; **Average Annual Returns (as of November 30, 2022)** | &nbsp;&nbsp; **Average Annual Returns (as of November 30, 2022)** |
|  | **1 Year** | **5 Year** | **10 Year** | **Expense Ratio<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp; Investor Shares (AMAPX)<sup>2</sup>  | -5.21% | 1.31% | n/a | 0.80% |
| &nbsp;&nbsp;&nbsp; Institutional Shares (AMIPX)<sup>2</sup>  | -4.86% | 1.55% | n/a | 0.56% |
| &nbsp;&nbsp;&nbsp; FTSE IdealRatings Sukuk Index | -8.42% | 2.20% | n/a | n/a |

---

**Growth of $10,000** 

------

---

| | |
|:---|:---|
| ![Amana Participation Fund Growth of $10,000](amipx10k.gif) | *Comparison of any mutual fund to a market index must be made bearing in mind that the index is unmanaged and expense-free. Conversely, the Fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other operational costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in Institutional Shares of the Fund on September 28, 2015, to an identical amount invested in the FTSE IdealRatings Sukuk Index, a measurement of global Islamic fixed-income securities, also known as sukuk. The graph shows that an investment in Institutional Shares of the Fund would have risen to $11,306 versus $12,093 in the Index. Institutional Shares are used in this chart because they represent the larger share class in terms of assets. Please note that investors cannot invest directly in the Index.* |

---

**Past performance does not guarantee future results.** *The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.* 

*<sup>1</sup>* *By regulation, expense ratios shown in this table are as stated in the Funds' most recent prospectus, which is dated September 30, 2022, and incorporates results for the fiscal year ended May 31, 2022. Ratios presented in this table differ from the expense ratios shown elsewhere in this report as they represent different fiscal periods.* 

*<sup>2</sup>* *The Amana Participation Fund commenced operations September 28, 2015.* 

**Fund Objective** 

------

The objectives of the Participation Fund are capital preservation and current income, consistent with Islamic principles. Capital preservation is its primary objective.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Top 10 Holdings** | &nbsp;&nbsp; **Top 10 Holdings** |
| **% of Total Net Assets** | **% of Total Net Assets** |
| &nbsp;&nbsp;&nbsp; Kuwait Financial Bank Tier 1 *(3.60% due 06/30/2090)* | 4.2% |
| &nbsp;&nbsp;&nbsp; Almarai *(4.311% due 03/05/2024)* | 4.0% |
| &nbsp;&nbsp;&nbsp; Investment Corporate of Dubai *(5.00% due 02/01/2027)* | 4.0% |
| &nbsp;&nbsp;&nbsp; Equate *(3.944% due 02/21/2024)* | 3.8% |
| &nbsp;&nbsp;&nbsp; Gulf International Bank *(3.85% due 12/15/2022)* | 3.6% |
| &nbsp;&nbsp;&nbsp; Dubai International Finance Centre *(4.325% due 11/12/2024)* | 3.4% |
| &nbsp;&nbsp;&nbsp; Tabreed *(5.50% due 10/31/2025)* | 3.3% |
| &nbsp;&nbsp;&nbsp; TNB Global Ventures Cap *(3.244% due 10/19/2026)* | 3.2% |
| &nbsp;&nbsp;&nbsp; Abu Dhabi Islamic Bank Capital Invest Two *(7.125% due 09/20/2070)* | 3.0% |
| &nbsp;&nbsp;&nbsp; Saudi Telecom *(3.89% due 05/13/2029)* | 2.9% |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Portfolio Diversification** | | | |
| **% of Total Net Assets** | **% of Total Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp; Financials | 32.2% | ∎ | <br> ![Amana Participation Fund Portfolio Diversification](amapx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Foreign Government Sukuk | 19.7% | ∎ | <br> ![Amana Participation Fund Portfolio Diversification](amapx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Utilities | 10.1% | ∎ | <br> ![Amana Participation Fund Portfolio Diversification](amapx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Bank Time Deposits | 6.0% | ∎ | <br> ![Amana Participation Fund Portfolio Diversification](amapx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Industrials | 4.4% | ∎ | <br> ![Amana Participation Fund Portfolio Diversification](amapx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 4.0% | ∎ | <br> ![Amana Participation Fund Portfolio Diversification](amapx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Materials | 3.8% | ∎ | <br> ![Amana Participation Fund Portfolio Diversification](amapx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Communications | 2.9% | ∎ | <br> ![Amana Participation Fund Portfolio Diversification](amapx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Technology | 2.0% | ∎ | <br> ![Amana Participation Fund Portfolio Diversification](amapx_industries.gif)  |
| &nbsp;&nbsp;&nbsp; Other Assets (net of liabilities) | 14.9% | ∎ | <br> ![Amana Participation Fund Portfolio Diversification](amapx_industries.gif)  |

---

---

| | | | |
|:---|:---|:---|:---|
| *28* | | *Semi-Annual Report* | *November 30, 2022* |

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------

---

| | |
|:---|:---|
| **Amana Participation Fund: Consolidated Schedule of Investments** | *As of November 30, 2022* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Coupon / Maturity** | **Face Amount** | **Market Value** | **Country<sup>1</sup>** | **Percentage of Net Assets** |
| **Corporate Sukuk – 59.4%**<br>**Communications** |  | | |  | |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Telecom<sup>2</sup>  | 3.89% due 05/13/2029 | $6450000 | **$6082479** | Saudi Arabia | **2.9%** |
| **Consumer Discretionary** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Almarai<sup>2</sup>  | 4.311% due 03/05/2024 | 8580000 | **8424304** | Saudi Arabia | **4.0%** |
| **Financials** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abu Dhabi Islamic Bank Capital Invest Two<sup>2</sup>  | 7.125% due PERP | 6200000 | 6222853 | United Arab Emirates | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Al Hilal Bank<sup>2</sup>  | 4.375% due 09/19/2023 | 1324000 | 1310106 | United Arab Emirates | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Dubai International Finance Centre<sup>2</sup>  | 4.325% due 11/12/2024 | 7300000 | 7119610 | United Arab Emirates | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Dubai Islamic Bank<sup>2</sup>  | 2.95% due 02/20/2025 | 6200000 | 5887257 | United Arab Emirates | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Emirates Islamic Bank<sup>2</sup>  | 1.827% due 09/23/2025 | 4000000 | 3631293 | United Arab Emirates | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment Corporate of Dubai<sup>2</sup>  | 5.00% due 02/01/2027 | 8350000 | 8268099 | United Arab Emirates | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Islamic Development Bank Trust Services<sup>2</sup>  | 1.957% due 10/02/2024 | 500000 | 473107 | Saudi Arabia | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuwait Financial Bank Tier 1<sup>2</sup>  | 3.60% due PERP | 9500000 | 8793010 | Kuwait | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Majid Al Futtaim<sup>2</sup>  | 4.50% due 11/03/2025 | 4600000 | 4464282 | United Arab Emirates | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Majid Al Futtaim<sup>2</sup>  | 4.638% due 05/14/2029 | 3650000 | 3496246 | United Arab Emirates | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Mar Sukuk Ltd<sup>2</sup>  | 2.21% due 09/02/2025 | 2000000 | 1838776 | Cayman Islands | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; National Commercial Bank Tier 1<sup>2</sup>  | 3.50% due PERP | 5550000 | 5073810 | Saudi Arabia | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Noor<sup>2</sup>  | 4.471% due 04/24/2023 | 1000000 | 994717 | United Arab Emirates | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Qatar International Bank<sup>2</sup>  | 3.982% due 03/26/2024 | 5650000 | 5546120 | Qatar | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Sharjah Islamic Bank<sup>2</sup>  | 2.85% due 06/23/2025 | 4300000 | 4047026 | United Arab Emirates | 1.9% |
|  |  |  | **67166312** |  | **32.2%** |
| **Industrials** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DP World Crescent<sup>2</sup>  | 3.908% due 05/31/2023 | 4500000 | 4457652 | United Arab Emirates | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; DP World Salaam<sup>2</sup>  | 6.00% due PERP | 4800000 | 4745241 | United Arab Emirates | 2.3% |
|  |  |  | **9202893** |  | **4.4%** |
| **Materials** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equate<sup>2</sup>  | 3.944% due 02/21/2024 | 8000000 | **7839572** | United Arab Emirates | **3.8%** |
| **Technology** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Axiata SPV2<sup>2</sup>  | 4.357% due 03/24/2026 | 4150000 | **4053554** | Malaysia | **2.0%** |

---

*Continued on next page.* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *The accompanying notes are an integral part of these financial statements.* | *Semi-Annual Report* | *November 30, 2022* | | *29* |

---

------

---

| | |
|:---|:---|
| **Amana Participation Fund: Consolidated Schedule of Investments** | *As of November 30, 2022* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Coupon / Maturity** | **Face Amount** | **Market Value** | **Country<sup>1</sup>** | **Percentage of Net Assets** |
| **Corporate Sukuk – 59.4%**<br>**Utilities** |  | | |  | |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Electric Global<sup>2</sup>  | 4.222% due 01/27/2024 | $2000000 | $1975418 | Saudi Arabia | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Electric Global<sup>2</sup>  | 4.00% due 04/08/2024 | 1200000 | 1178480 | Saudi Arabia | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Electric Global<sup>3</sup>  | 4.00% due 04/08/2024 | 1500000 | 1476846 | Saudi Arabia | 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Electric Global<sup>2</sup>  | 5.06% due 04/08/2043 | 1000000 | 933328 | Saudi Arabia | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Saudi Electric Global<sup>2</sup>  | 5.50% due 04/08/2044 | 2000000 | 1978617 | Saudi Arabia | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Tabreed<sup>2</sup>  | 5.50% due 10/31/2025 | 6950000 | 6982361 | United Arab Emirates | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; TNB Global Ventures Cap<sup>2</sup>  | 3.244% due 10/19/2026 | 7140000 | 6600930 | Malaysia | 3.2% |
|  |  |  | **21125980** |  | **10.1%** |
| **Total Corporate Sukuk** | **(Cost $132,087,049)** |  | **$123895094** |  | **59.4%** |
| **Government Sukuk – 19.7%** | **Coupon / Maturity** | **Face Amount** | **Market Value** | **Country<sup>1</sup>** | **Percentage of Net Assets** |
| **Foreign Government Sukuk** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Department of Finance Dubai<sup>2</sup>  | 5.00% due 04/30/2029 | $5000000 | $5059374 | United Arab Emirates | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Islamic Development Bank<sup>2</sup>  | 3.389% due 09/26/2023 | 3500000 | 3459380 | Saudi Arabia | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; International Islamic Liquidity Management<sup>2</sup>  | 3.32% due 12/08/2022 | 2000000 | 1999767 | Luxembourg | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; International Islamic Liquidity Management<sup>2</sup>  | 3.95% due 01/19/2023 | 3000000 | 2999465 | Luxembourg | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingdom of Saudi Arabia<sup>2</sup>  | 3.628% due 04/20/2027 | 4500000 | 4341648 | Saudi Arabia | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Kingdom of Saudi Arabia<sup>2</sup>  | 4.303% due 01/19/2029 | 3500000 | 3445896 | Saudi Arabia | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Malaysia Sovereign<sup>2</sup>  | 4.236% due 04/22/2045 | 2000000 | 1868241 | Malaysia | 0.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Perusahaan Penerbit SBSN<sup>2</sup>  | 4.55% due 03/29/2026 | 5685000 | 5651283 | Indonesia | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Perusahaan Penerbit SBSN<sup>2</sup>  | 4.45% due 02/20/2029 | 3050000 | 2990861 | Indonesia | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Perusahaan Penerbit SBSN<sup>2</sup>  | 3.550% due 06/09/2051 | 7280000 | 5502289 | Indonesia | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ras Al Khaimah<sup>2</sup>  | 3.094% due 03/31/2025 | 3950000 | 3789718 | United Arab Emirates | 1.8% |
| **Total Government Sukuk** | **(Cost $43,615,594)** |  | **$41107922** |  | **19.7%** |
| **Bank Time Deposits – 6.0%** | **Coupon / Maturity** | **Face Amount** | **Market Value** | **Country<sup>1</sup>** | **Percentage of Net Assets** |
| **Bank Time Deposits** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gulf International Bank | 3.85% due 12/15/2022 | 7500000 | 7500000 | United States | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Arab Banking Corp, NY Branch | 1.72% due 02/13/2023 | 1000000 | 1000000 | United States | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Arab Banking Corp, NY Branch | 3.31% due 05/15/2023 | 2000000 | 2000000 | United States | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Arab Banking Corp, NY Branch | 3.45% due 08/11/2023 | 2000000 | 2000000 | United States | 1.0% |
| **Total Bank Time Deposits** | **(Cost $12,500,000)** |  | **$12500000** |  | **6.0%** |
| Total investments | (Cost $188,203,143) |  | $177503016 |  | 85.1% |
| Other assets (net of liabilities) |  |  | 31193469 |  | 14.9% |
| **Total net assets** |  |  | **$208696485** |  | **100.0%** |

---

*<sup>1</sup>* *Denotes a country or region of primary exposure.* 

*<sup>2</sup>* *Security was purchased pursuant to Regulation S under the Securities Act of 1933 which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. These securities have been deemed liquid under guidelines approved by the Trust's Board of Trustees. At November 30, 2022, the aggregate value of these securities was $163,526,170 representing 78.4% of net assets.* 

*<sup>3</sup>* *Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in public offering registered under the Securities Act of 1933. These securities have been deemed liquid under guidelines approved by the Trust's Board of Trustees. At November 30, 2022, the net value of these securities was $1,476,846 representing 0.7% of net assets.* 

*PERP: Security is perpetual in nature and has no stated maturity* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *30* | | *Semi-Annual Report* | *November 30, 2022* | *The accompanying notes are an integral part of these financial statements.* |

---

------

---

| | |
|:---|:---|
| **Amana Participation Fund: Consolidated Schedule of Investments** | *As of November 30, 2022* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Sukuk Quality Diversification** | &nbsp;&nbsp; **Sukuk Quality Diversification** | &nbsp;&nbsp; **Sukuk Quality Diversification** | &nbsp;&nbsp; **Sukuk Quality Diversification** | |
| **% of Total Net Assets** | **% of Total Net Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp; Rated "AAA" | 1.9% | ∎ | <br> ![Sukuk Quality Diversification](amapx_sukukdiversity.gif)  |  |
| &nbsp;&nbsp;&nbsp; Rated "A+" | 6.2% | ∎ | <br> ![Sukuk Quality Diversification](amapx_sukukdiversity.gif)  |  |
| &nbsp;&nbsp;&nbsp; Rated "A" | 2.4% | ∎ | <br> ![Sukuk Quality Diversification](amapx_sukukdiversity.gif)  |  |
| &nbsp;&nbsp;&nbsp; Rated "A-" | 11.2% | ∎ | <br> ![Sukuk Quality Diversification](amapx_sukukdiversity.gif)  |  |
| &nbsp;&nbsp;&nbsp; Rated "BBB+" | 3.2% | ∎ | <br> ![Sukuk Quality Diversification](amapx_sukukdiversity.gif)  |  |
| &nbsp;&nbsp;&nbsp; Rated "BBB" | 16.3% | ∎ | <br> ![Sukuk Quality Diversification](amapx_sukukdiversity.gif)  |  |
| &nbsp;&nbsp;&nbsp; Rated "BBB-" | 12.8% | ∎ | <br> ![Sukuk Quality Diversification](amapx_sukukdiversity.gif)  |  |
| &nbsp;&nbsp;&nbsp; Rated "BB" | 2.3% | ∎ | <br> ![Sukuk Quality Diversification](amapx_sukukdiversity.gif)  |  |
| &nbsp;&nbsp;&nbsp; Rated "B+" | 3.0% | ∎ | <br> ![Sukuk Quality Diversification](amapx_sukukdiversity.gif)  |  |
| &nbsp;&nbsp;&nbsp; Not Rated | 25.8% | ∎ | <br> ![Sukuk Quality Diversification](amapx_sukukdiversity.gif)  |  |
| &nbsp;&nbsp;&nbsp; Other Assets (net of liabilities) | 14.9% | ∎ |  |  |
| *Credit ratings are the lesser of S&P Global Ratings or Moody's Investors Service. If neither S&P nor Moody's rate a particular security, that security is categorized as not rated (except for US Treasury securities and securities issued or backed by US agencies which inherit the credit rating for the US government). Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). Ratings apply to the creditworthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.* | *Credit ratings are the lesser of S&P Global Ratings or Moody's Investors Service. If neither S&P nor Moody's rate a particular security, that security is categorized as not rated (except for US Treasury securities and securities issued or backed by US agencies which inherit the credit rating for the US government). Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). Ratings apply to the creditworthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.* | *Credit ratings are the lesser of S&P Global Ratings or Moody's Investors Service. If neither S&P nor Moody's rate a particular security, that security is categorized as not rated (except for US Treasury securities and securities issued or backed by US agencies which inherit the credit rating for the US government). Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). Ratings apply to the creditworthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.* | *Credit ratings are the lesser of S&P Global Ratings or Moody's Investors Service. If neither S&P nor Moody's rate a particular security, that security is categorized as not rated (except for US Treasury securities and securities issued or backed by US agencies which inherit the credit rating for the US government). Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). Ratings apply to the creditworthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.* |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *The accompanying notes are an integral part of these financial statements.* | *Semi-Annual Report* | *November 30, 2022* | | *31* |

---

------

**Amana Participation Fund** 

**Consolidated Statement of Assets and Liabilities** 

---

| | |
|:---|:---|
| *As of November 30, 2022* | *As of November 30, 2022* |
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value<br>(Cost $188,203,143) | $177503016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash | 29755986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 1590711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 67472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 8708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 208925893 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares redeemed | 99879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued advisory fees | 84655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued audit expenses | 22985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued retirement plan custody fee | 10057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued 12b-1 distribution fees | 5031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued other expenses | 2663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued legal expenses | 1329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions payable | 1306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued trustee expenses | 1017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued Chief Compliance Officer expenses | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 229408 |
| &nbsp;&nbsp; **Net Assets** | **$208696485** |
| &nbsp;&nbsp; **Analysis of Net Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital (unlimited shares authorized, without par value) | $220982537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | (12286052) |
| &nbsp;&nbsp; **Net assets applicable to Fund shares outstanding** | **$208696485** |
| &nbsp;&nbsp; **Net asset value per Investor Share** | **AMAPX** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, at value | $24890973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 2578743 |
| &nbsp;&nbsp; **Net asset value, offering and redemption price per share** | **$9.65** |
| &nbsp;&nbsp; **Net asset value per Institutional Share** | **AMIPX** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, at value | $183805512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding | 18976607 |
| &nbsp;&nbsp; **Net asset value, offering and redemption price per share** | **$9.69** |

---

**Consolidated Statement of Operations** 

---

| | |
|:---|:---|
| *Period ended November 30, 2022* | *Period ended November 30, 2022* |
| &nbsp;&nbsp; **Investment income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sukuk Income | $2735974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous income | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 2736100 |
| &nbsp;&nbsp; **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 532596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12b-1 distribution fees | 30704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filing and registration fees | 28416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 20757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retirement plan custodial fees |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares | 5951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and postage fees | 4987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 3740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating expenses | 2935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer expenses | 2143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 1681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total gross expenses | 634334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less custodian fee credits | (20757) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 613577 |
| &nbsp;&nbsp; **Net investment income** | **$2122523** |
| &nbsp;&nbsp; Net realized loss from investments | $(1425147) |
| &nbsp;&nbsp; Net increase in unrealized depreciation on investments | (3788269) |
| &nbsp;&nbsp; **Net loss on investments** | **$(5213416)** |
| &nbsp;&nbsp; **Net decrease in net assets resulting from operations** | **$(3090893)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *32* | | *Semi-Annual Report* | *November 30, 2022* | *The accompanying notes are an integral part of these financial statements.* |

---

------

**Amana Participation Fund** 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Consolidated Statements of Changes in Net Assets** | | *Period ended November 30, 2022* | *Year ended May 31, 2022* |
| &nbsp;&nbsp; **Increase (decrease) in net assets from operations** |  |  |  |
| &nbsp;&nbsp; **From operations** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | $2122523 | $4039827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investment |  | (1425147) | (729144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease in unrealized appreciation |  | (3788269) | (11554928) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease in net assets |  | (3090893) | (8244245) |
| &nbsp;&nbsp; **Distributions to shareowners** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net dividend and distribution to shareowners - Investor Shares |  | (155458) | (403616) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net dividend and distribution to shareowners - Institutional Shares |  | (1422689) | (3416755) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions |  | (1578147) | (3820371) |
| &nbsp;&nbsp; **Capital share transactions** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from the sale of shares |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | 3070780 | 12131609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  | 26566823 | 110517839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value of shares issued in reinvestment of distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | 153112 | 396693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  | 1409289 | 3373456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investor Shares |  | (2534936) | (8787913) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares |  | (27053701) | (59591919) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total capital share transactions |  | 1611367 | 58039765 |
| &nbsp;&nbsp; **Total increase (decrease) in net assets** |  | **(3057673)** | **45975149** |
| &nbsp;&nbsp; **Net assets** |  |  |  |
| &nbsp;&nbsp; Beginning of period |  | 211754158 | 165779009 |
| &nbsp;&nbsp; End of period |  | $208696485 | $211754158 |
| &nbsp;&nbsp; **Shares of the Fund sold and redeemed** |  |  |  |
| &nbsp;&nbsp; **Investor Shares (AMAPX)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares sold |  | 315636 | 1177129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares issued in reinvestment of dividends and distributions |  | 15779 | 38997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares redeemed |  | (260015) | (856814) |
| &nbsp;&nbsp; **Net increase in number of shares outstanding** |  | **71400** | **359312** |
| &nbsp;&nbsp; **Institutional Shares (AMIPX)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares sold |  | 2712932 | 10670740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares issued in reinvestment of dividends and distributions |  | 144679 | 330547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of shares redeemed |  | (2784061) | (5816685) |
| &nbsp;&nbsp; **Net increase in number of shares outstanding** |  | **73550** | **5184602** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *The accompanying notes are an integral part of these financial statements.* | *Semi-Annual Report* | *November 30, 2022* | | *33* |

---

------

**Amana Participation Fund: Financial Highlights** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | | | | |
| &nbsp;&nbsp; **Investor Shares (AMAPX)** | | *Period ended* | *Year ended May 31,* | *Year ended May 31,* | *Year ended May 31,* | *Year ended May 31,* | *Year ended May 31,* |
| &nbsp;&nbsp; *Selected data per share of outstanding capital stock throughout each period:* |  | **Nov. 20, 2022** | **2022** **<sup>A</sup>** | **2021** **<sup>A</sup>** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp; **Net asset value at beginning of period** |  | **$9.86** | **$10.42** | **$10.12** | **$9.97** | **$9.76** | **$10.07** |
| &nbsp;&nbsp; **Income from investment operations** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>B</sup>  |  | 0.09 | 0.18 | 0.19 | 0.24 | 0.24 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on securities (both realized & unrealized) |  | (0.24) | (0.57) | 0.30 | 0.14 | 0.21 | (0.31) |
| &nbsp;&nbsp; **Total from investment operations** |  | **(0.15** | **(0.39)** | **0.49** | **0.38** | **0.45** | **(0.09** |
| &nbsp;&nbsp; **Less distributions** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (from net investment income) |  | (0.06) | (0.17) | (0.19) | (0.23) | (0.24) | (0.22) |
| &nbsp;&nbsp; **Total distributions** |  | **(0.06** | **(0.17)** | **(0.19)** | **(0.23)** | **(0.24)** | **(0.22** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital from early redemption fees<sup>C</sup>  |  | n/a | n/a | n/a | n/a | n/a | 0.00 |
| &nbsp;&nbsp; **Net asset value at end of period** |  | **$9.65** | **$9.86** | **$10.42** | **$10.12** | **$9.97** | **$9.76** |
| &nbsp;&nbsp; **Total Return<sup>D</sup>**  |  | **(1.51** | **(3.83)%** | **4.90%** | **3.88%** | **4.70%** | **(0.94** |
| &nbsp;&nbsp; **Ratios / supplemental data** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets ($000), end of period |  | $24891 | $24722 | $22375 | $16531 | $20612 | $18212 |
| &nbsp;&nbsp; Ratio of expenses to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before custodian fee credits<sup>E</sup>  |  | 0.81% | 0.80% | 0.82% | 0.88% | 0.88% | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After custodian fee credits<sup>E</sup>  |  | 0.79% | 0.78% | 0.80% | 0.86% | 0.87% | 0.85% |
| &nbsp;&nbsp; Ratio of net investment income after custodian fee credits to average net assets<sup>E</sup>  |  | 1.78% | 1.71% | 1.86% | 2.34% | 2.46% | 2.18% |
| &nbsp;&nbsp; **Portfolio turnover rate<sup>D</sup>**  |  | **11%** | **15%** | **19%** | **34%** | **22%** | **7%** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Institutional Shares (AMIPX)** | | *Period ended* | *Year ended May 31,* | *Year ended May 31,* | *Year ended May 31,* | *Year ended May 31,* | *Year ended May 31,* |
| &nbsp;&nbsp; *Selected data per share of outstanding capital stock throughout each period:* |  | **Nov. 20, 2022** **<sup>A</sup>** | **2022** **<sup>A</sup>** | **2021** **<sup>A</sup>** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp; **Net asset value at beginning of period** |  | **$9.89** | **$10.45** | **$10.16** | **$10.00** | **$9.79** | **$10.11** |
| &nbsp;&nbsp; **Income from investment operations** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>B</sup>  |  | 0.10 | 0.20 | 0.22 | 0.26 | 0.27 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) on securities (both realized & unrealized) |  | (0.23) | (0.57) | 0.29 | 0.16 | 0.21 | (0.32) |
| &nbsp;&nbsp; **Total from investment operations** |  | **(0.13)** | **(0.37)** | **0.51** | **0.42** | **0.48** | **(0.08)** |
| &nbsp;&nbsp; **Less distributions** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (from net investment income) |  | (0.07) | (0.19) | (0.22) | (0.26) | (0.27) | (0.24) |
| &nbsp;&nbsp; **Total distributions** |  | **(0.07)** | **(0.19)** | **(0.22)** | **(0.26)** | **(0.27)** | **(0.24)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital from early redemption fees<sup>C</sup>  |  | n/a | n/a | n/a | n/a | n/a | 0.00 |
| &nbsp;&nbsp; **Net asset value at end of period** |  | **$9.69** | **$9.89** | **$10.45** | **$10.16** | **$10.00** | **$9.79** |
|  **Total Return<sup>D</sup>**  |  | **(1.28)%** | **(3.58)%** | **5.04%** | **4.23%** | **4.93%** | **(0.80)%** |
| &nbsp;&nbsp; **Ratios / supplemental data** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Net assets ($000), end of period |  | $183806 | $187032 | $143404 | $100023 | $55716 | $44729 |
| &nbsp;&nbsp; Ratio of expenses to average net assets |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before custodian fee credits<sup>E</sup>  |  | 0.57% | 0.56% | 0.58% | 0.63% | 0.64% | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After custodian fee credits<sup>E</sup>  |  | 0.55% | 0.54% | 0.56% | 0.61% | 0.63% | 0.60% |
| &nbsp;&nbsp; Ratio of net investment income after custodian fee credits to average net assets<sup>E</sup>  |  | 2.02% | 1.97% | 2.10% | 2.53% | 2.70% | 2.45% |
| &nbsp;&nbsp; **Portfolio turnover rate<sup>D</sup>**  |  | **11%** | **15%** | **19%** | **34%** | **22%** | **7%** |

---

*<sup>A</sup>* *Consolidated* 

*<sup>B</sup>* *Calculated using average shares outstanding* 

*<sup>C</sup>* *Amount is less than $0.01* 

*<sup>D</sup>* *Not annualized for periods of less than one year <sup></sup>*

*<sup>E</sup>* *Annualized for periods of less than one year* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *34* | | *Semi-Annual Report* | *November 30, 2022* | *The accompanying notes are an integral part of these financial statements.* |

---

------

**Notes To Financial Statements** *(Consolidated with respect to the Amana Participation Fund)* 

**Note 1 – Organization** 

Amana Mutual Funds Trust (the "Trust") was organized as a Delaware Statutory Trust on March 11, 2013, and is the successor to Amana Mutual Funds Trust, an Indiana Business Trust ("Prior Trust") organized on July 26, 1984, pursuant to a reorganization on July 19, 2013. Each Fund is a series of the Trust and the Income, Growth, and Developing World Funds are successors to the corresponding series of the Prior Trust. The Trust is registered as an open-end, diversified management company under the Investment Company Act of 1940, as amended. The Trust restricts its investments to those acceptable to Muslims by investing in accordance with Islamic principles. Four portfolio series have been created. The Income Fund was first authorized to sell shares of beneficial interest to the public on June 23, 1986. The Growth Fund began operations on February 3, 1994. The Developing World Fund began operations on September 28, 2009. Institutional shares of Income, Growth, and Developing World Funds were first offered September 25, 2013. The Participation Fund (both Investor and Institutional Shares) began operations September 28, 2015. The Participation Fund is a nondiversified fund.

Each Fund is an investment company and accordingly follows the investment accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services – Investment Companies."

Each class of shares of a Fund represents an interest in the same portfolio of investments of the Fund and has in all respects the same rights and obligations as each other class of the Fund, except that each class bears its own class expenses, and each class has exclusive voting rights on matters affecting that class. Each class of shares may be subject to different investment minimums and other conditions of eligibility as may be described in the prospectus for the particular class of shares, as from time to time in effect.

Income, realized and unrealized capital gains and losses, and expenses to be paid by a Fund and not allocated to a particular class as provided below, shall be allocated to each class on the basis of relative net assets. Expenses allocable to a specific class are expenses specifically incurred by or for such class including the following:

• Distribution fees;

• Retirement plan custodial fees; and

• Any applicable service fees.

Net investment income dividends and capital gain distributions paid by the Fund on each class of its shares will be calculated in the same manner on the same day and at the same time.

Commencing in the year ended May 31, 2021, the Participation Fund utilizes a wholly-owned subsidiary to achieve its investment objective (see Note 2).

**Investment risks:** 

**Income**, **Growth**, **Developing World**, and **Participation Funds**: The value of the shares of each of the Funds rises and falls as the value of the securities in which the Funds invest goes up and down. The Funds limit the securities they purchase to those consistent with Islamic principles. This limits opportunities and may affect performance. Each of the Funds may invest in securities that are not traded in the United States. Investments in the securities of foreign issuers may involve risks in addition to those normally associated with investments in the securities of US issuers. These risks include currency and market fluctuations, and political or social instability. The risks of foreign investing are generally magnified in the smaller and more volatile securities markets of the developing world.

**Growth Fund:** The smaller and less seasoned companies that may be in the Growth Fund have a greater risk of price volatility.

**Participation Fund:** While the Participation Fund does not invest in conventional bonds, risks similar to those of conventional fixed-income funds apply. These include: diversification and concentration risk, liquidity risk, interest rate risk, credit risk, and high-yield risk. The Participation Fund also includes risks specific to investments in Islamic fixed-income instruments. The structural complexity of *sukuk*, along with the weak infrastructure of the *sukuk* market, increases risk. As compared to rights of conventional bondholders, holders of *sukuk* may have limited ability to pursue legal recourse to enforce the terms of the *sukuk* or to restructure the *sukuk* in order to seek recovery of principal. *Sukuk* are also subject to the risk that some Islamic scholars may deem certain *sukuk* as not meeting Islamic investment principles subsequent to the *sukuk* being issued.

The Funds may invest substantially in one or more sectors, which can increase volatility and exposure to issues specific to a particular sector or industry.

Please see each Fund's Summary Prospectus, the Funds' Prospectus, and Statement of Additional Information for a more detailed discussion of the risks affecting the Funds.

**Note 2 – Unaudited Information** 

The information in this interim report has not been subject to independent audit.

**Note 3 – Significant Accounting Policies** 

The following is a summary of the significant accounting policies, in conformity with accounting principles generally accepted in the United States of America, which are consistently followed by the Funds in preparation of their financial statements.

**Security valuation:** 

Investments in securities traded on a national securities exchange and over-the-counter securities for which sale prices are available are valued at that price. Securities for which there are no sales are valued at latest bid price.

Foreign markets may close before the time as of which the Funds' share prices are determined. Because of this, events occurring after the close and before the determination of the Funds' share prices may have a material effect on the values of some or all of the Funds' foreign securities. To account for this, the Funds may use outside pricing services for valuation of their non-US securities.

In cases in which there is not a readily available market price, a fair value for such security is determined in good faith under the direction of the Board of Trustees. The Board of Trustees has designated the adviser (Saturna Capital) as each Fund's valuation designee to perform fair value functions in accordance with valuation policies and procedures adopted by the adviser, subject to the Board of Trustee's oversight.

---

| | | | |
|:---|:---|:---|:---|
| *Semi-Annual Report* | *November 30, 2022* | | *35* |

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------

**Notes To Financial Statements (continued)** 

Security transactions are recorded on trade date. Realized gains and losses on sales of securities are recorded on the identified cost basis.

*Sukuk* certificates in which the Participation Fund invests are valued based on evaluated prices supplied by an independent pricing service, which include valuations provided by market makers and other participants, provided that there is sufficient market activity on which the pricing service can base such valuations. Where market activity is insufficient for making such determinations, the independent pricing service uses proprietary valuation methodologies and may consider a variety of factors, such as yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, and other factors in order to calculate the security's fair value.

**Foreign currency:** 

Investment securities and other assets and liabilities denominated in foreign currencies are translated into US dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into US dollar amounts on the respective dates of such transactions.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the US dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Share Valuation Inputs as of November 30, 2022** | &nbsp;&nbsp; **Share Valuation Inputs as of November 30, 2022** |  |  |  |
|  | **Level 1** | **Level 2** | **Level 3** |  |
| &nbsp;&nbsp; **Funds** | Quoted Price | Significant Observable Input | Significant Unobservable Input | **Total** |
| &nbsp;&nbsp; **Income Fund** |  |  |  |  |
| &nbsp;&nbsp; Consumer Discretionary | $75911814 | $- | $- | $75911814 |
| &nbsp;&nbsp; Consumer Staples | $152316444 | $- | $- | $152316444 |
| &nbsp;&nbsp; Health Care | $413657824 | $- | $- | $413657824 |
| &nbsp;&nbsp; Industrials | $363549020 | $- | $- | $363549020 |
| &nbsp;&nbsp; Materials | $154302380 | $- | $- | $154302380 |
| &nbsp;&nbsp; Technology | $272483010 | $27580494 | $- | $300063504 |
| &nbsp;&nbsp; **Total Common Stocks** | **$1432220492** | **$27580494** | **$-** | **$1459800986** |
| &nbsp;&nbsp; **Total Assets** | **$1432220492** | **$27580494** | **$-** | **$1459800986** |
| &nbsp;&nbsp; **Growth Fund** |  |  |  |  |
| &nbsp;&nbsp; Common Stocks<sup>1</sup>  | 3142404616 | $- | $- | $3142404616 |
| &nbsp;&nbsp; **Total Assets** | **$3142404616** | **$-** | **$-** | **$3142404616** |
| &nbsp;&nbsp; **Developing World Fund** |  |  |  |  |
| &nbsp;&nbsp; **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications | $1707160 | $1798997 | $- | $3506157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | $853320 | $3793670 | $- | $4646990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | $3359460 | $8791369 | $- | $12150829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | $- | $2625438 | $- | $2625438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | $- | $7345628 | $- | $7345628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | $1535485 | $1419482 | $- | $2954967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | $7464737 | $174304 | $- | $7639041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology | $6860405 | $10136540 | $- | $16996945 |
| &nbsp;&nbsp; **Total Common Stocks** | **$21780567** | **$36085428** | **$-** | **$57865995** |
| &nbsp;&nbsp; **Total Assets** | **$21780567** | **$36085428** | **$-** | **$57865995** |
| &nbsp;&nbsp; **Participation Fund** |  |  |  |  |
| &nbsp;&nbsp; Corporate Sukuk<sup>1</sup>  | $- | $123895094 | $- | $123895094 |
| &nbsp;&nbsp; Government Sukuk<sup>1</sup>  | $- | $41107922 | $- | $41107922 |
| &nbsp;&nbsp; Bank Time Deposits<sup>1</sup>  | $- | $12500000 | $- | $12500000 |
| &nbsp;&nbsp; **Total Assets** | **$-** | **$177503016** | **$-** | **$177503016** |

---

*<sup>1</sup>* *See the Schedule of Investments for additional details.* 

---

| | | | |
|:---|:---|:---|:---|
| *36* | | *Semi-Annual Report* | *November 30, 2022* |

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------

**Notes To Financial Statements (continued)** 

**Share valuation:** 

Each Fund computes the share price of each share class by dividing the net assets attributable to each share class by the outstanding shares of that class. Each share class represents an interest in the same investment portfolio. Each share class is identical in all respects except that each class bears its own class expenses, and each class has exclusive voting rights. As a result of the differences in the expenses borne by each share class, the share price and distributions will vary among a Fund's share classes. The Funds' shares are not priced or traded on days the New York Stock Exchange is closed. The NAV is both the offering and redemption price per share.

**Fair value measurements:** 

Accounting Standards Codification (ASC) 820 establishes a three-tier framework for measuring fair value based on a hierarchy of inputs. The hierarchy distinguishes between market data obtained from independent sources (observable inputs) and the Funds' own market assumptions (unobservable inputs). These inputs are used in determining the value of the Funds' investments and are summarized below.

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

---

| | |
|:---|:---|
| Level 2 — | Observable inputs other than quoted prices in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.  |

---

Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Trust's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The table on page 36 is a summary of the inputs used as of November 30, 2022, in valuing the Funds' investments carried at fair value.

**Investment concentration:** 

The fundamental policies of the Funds prohibit earning interest, in accordance with Islamic principles. Consequently, cash is held in non-interest-bearing deposits with the Funds' custodian or other banks. "Other assets (net of liabilities)" in the Funds' Schedules of Investments primarily represents cash on deposit with the custodian. Cash on deposit will vary widely over time. Accounting Standards Codification ("ASC") 825, "Financial Instruments," identifies these items as a concentration of credit risk. The risk is managed by careful financial analysis and review of the custodian's operations, resources, and protections available to the Trust. This process includes evaluation of other financial institutions providing investment company custody services.

**ReFlow Liquidity Program:** 

The Funds may participate in the ReFlow Fund, LLC ("ReFlow") liquidity program, which is designed to provide an alternative liquidity source on days when redemptions of Fund shares exceed purchases. Under the program, ReFlow is available to provide cash to the Funds to meet all, or a portion, of daily net shareowner redemptions. Following purchases of Fund shares, ReFlow then generally redeems those shares when the Fund experiences net sales, at the end of a maximum holding period determined by ReFlow (currently 14 days) or at other times at ReFlow's discretion. For use of the ReFlow service, a participating Fund pays a fee to ReFlow each time it purchases Fund shares, calculated by applying to the purchase amount a fee rate determined through an automated daily "Dutch auction" among other participating mutual funds seeking liquidity that day. The current minimum fee rate is 0.20% of the value of the Fund shares purchased by ReFlow, although the Fund may submit a bid at a higher fee rate if it determines that doing so is in the best interest of Fund shareowners. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of a Fund. ReFlow will periodically redeem its entire share position in the Fund and request that such redemption be met in kind in accordance with the Funds' in-kind redemption policies. There is no assurance that ReFlow will have sufficient funds available to meet the Funds' liquidity needs on a particular day. During the period ended November 30, 2022, only the Growth Fund participated in ReFlow. Fees associated with ReFlow are disclosed in the Statements of Operations.

---

| | | | |
|:---|:---|:---|:---|
| *Semi-Annual Report* | *November 30, 2022* | | *37* |

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**Notes To Financial Statements (continued)** 

**Federal income taxes:** 

Each Fund intends to comply with the requirements of the Internal Revenue Code necessary to qualify as a regulated investment company and to make the requisite distributions of income and capital gains to its shareowners sufficient to relieve it from all or substantially all federal income taxes. Therefore, no federal income tax provision is required.

The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2019 – 2021) or expected to be taken in the Funds' 2022 tax returns. The Funds identify their major tax jurisdiction as US federal and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

**Reclassification of capital accounts:** 

Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications are as of the fiscal year ended May 31, 2022, and have no effect on net assets or NAV per share.

---

| | | |
|:---|:---|:---|
|  | **Income Fund** | **Growth Fund** |
| &nbsp;&nbsp; Distributed earnings | $(11817477) | $(76988051) |
| &nbsp;&nbsp; Paid-in capital | $11817477 | $76988051 |
|  | **Developing World** | **Participation Fund** |
| &nbsp;&nbsp; Distributed earnings | $- | $- |
| &nbsp;&nbsp; Paid-in capital | $- | $- |

---

**Distributions to shareowners:** 

For the Amana Participation Fund, dividends to shareowners from net investment income are paid daily and distributed on the last business day of each month. For the Amana Income Fund, Amana Growth Fund, and Amana Developing World Fund, dividends to shareowners from net investment income, if any, are paid in May and December. As a result of their investment strategies, the Growth and Developing World Funds do not expect to pay income dividends. Distributions of capital gains, if any, are made at least annually, and as required to comply with federal excise tax requirements. Distributions to shareowners are determined in accordance with income tax regulations and are recorded on the ex-dividend date. Dividends are paid in shares of the Funds, at the net asset value on the payable date. Shareowners may elect to take distributions if they total $10 or more in cash.

**Use of estimates:** 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets during the reporting period. Actual results could differ from those estimates.

**Foreign taxes:** 

Withholding taxes on foreign dividends are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statement of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention.

**Consolidation of Subsidiary – Amana SPV:** 

The Consolidated Portfolio of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations and Consolidated Statement of Changes in Net Assets and the Consolidated Financial Highlights of the Amana Participation Fund includes the accounts of AMANA SPV, a wholly owned and controlled subsidiary. AMANA SPV is a C-Corporation incorporated as an exempted company under the company's law of the Cayman Islands on January 21, 2019, and is not subject to Cayman Islands taxes at the present time. For its income tax purpose, the SPV is not subject to US income taxes, however the SPV's net income and capital gains will be included each year in the Amana Participation Fund's taxable income. All inter-company accounts and transactions have been eliminated in consolidation.

The Amana Participation Fund may invest up to 25% of its total assets in the segregated portfolio vehicle ("SPV") which acts as an investment vehicle in order to effect certain investments consistent with the Fund's investment objectives and policies.

A summary of the Amana Participation Fund's investments in the SPV is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Inception**<br> **Date of SPV** | **SPV Net Assets**<br> **at Nov. 30, 2022** | **% of Fund Net Assets**<br> **at Nov. 30, 2022** |
| &nbsp;&nbsp; Amana SPV | January 21, 2019 | $40946184 | 19.6% |

---

**Other:** 

Dividend income is recognized on the ex-dividend date, and *sukuk* income is recognized on an accrual basis.

Expenses incurred by the Trust on behalf of the Funds (e.g., professional fees) are allocated to the Funds on the basis of relative daily average net assets. Net investment losses may not be utilized to offset net investment income in future periods for tax purposes.

---

| | | | |
|:---|:---|:---|:---|
| *38* | | *Semi-Annual Report* | *November 30, 2022* |

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**Notes To Financial Statements (continued)** 

**Note 4 – Transactions with Affiliated Persons** 

Under a contract approved annually by the Board of Trustees of the Trust, including those who are not party to the contract or "interested persons" (as defined in the Investment Company Act of 1940) of such parties or the Trust (the "Independent Trustees"), Saturna Capital Corporation ("Saturna Capital") provides investment advisory services and certain other administrative services and facilities required to conduct Trust business. Effective December 1, 2020, the Amana Growth Fund, Amana Income Fund, and Amana Developing World Fund each pay an advisory and administration fee of 0.80% on the first $1 billion of a Fund's average daily net assets, 0.65% on the next $1 billion, and 0.50% on assets over $2 billion. The Amana Participation Fund pays an advisory and administration fee of 0.50% annually of the average daily net assets. For the fiscal period ended November 30, 2022, the Funds paid the following advisory fees to Saturna Capital:

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| | |
|:---|:---|
|  | **Advisory fees** |
| &nbsp;&nbsp; **Income Fund** | $5585172 |
| &nbsp;&nbsp; **Growth Fund** | $10047788 |
| &nbsp;&nbsp; **Developing World Fund** | $263450 |
| &nbsp;&nbsp; **Participation Fund** | $532596 |

---

Certain officers and one trustee of Amana are also officers and directors of the investment adviser.

Saturna Brokerage Services, Inc. ("SBS"), a subsidiary of Saturna Capital, is registered as a broker-dealer and acts as distributor. The Funds have adopted a Distribution Plan in accordance with Rule 12b-1 under the 1940 Act applicable to the Investor Shares of each Fund. The plan provides that the Funds will pay a fee to SBS at an annual rate of up to 0.25% of the average daily net assets applicable to Investor Shares of each Fund. The fee is paid to SBS as reimbursement for expenses incurred for distribution-related activity. For the fiscal period ended November 30, 2022, the Funds paid the following distribution fees to SBS:

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| | |
|:---|:---|
| **Distribution (12b-1) fees** | **Distribution (12b-1) fees** |
| &nbsp;&nbsp; **Income Fund** Investor Shares (AMANX) | $894198 |
| &nbsp;&nbsp; **Income Fund** Institutional Shares (AMINX) | n/a |
| &nbsp;&nbsp; **Growth Fund** Investor Shares (AMAGX) | $2029110 |
| &nbsp;&nbsp; **Growth Fund** Institutional Shares (AMIGX) | n/a |
| &nbsp;&nbsp; **Developing World Fund** Investor Shares (AMDWX) | $27426 |
| &nbsp;&nbsp; **Developing World Fund** Institutional Shares (AMIDX) | n/a |
| &nbsp;&nbsp; **Participation Fund** Investor Shares (AMAPX) | $30704 |
| &nbsp;&nbsp; **Participation Fund** Institutional Shares (AMIPX) | n/a |

---

For the fiscal period ended November 30, 2022, Saturna Capital spent an additional $2,093,277 of its own resources, and not part of the 12b-1 expense of the Funds, to compensate broker-dealers or other financial intermediaries, or their affiliates, in connection with the sale, distribution, retention, and/or servicing of Fund shares. To the extent that these resources are derived from advisory fees paid by the Funds, these payments could be considered "revenue sharing." Any such payments will not change the net asset value or the price of a Fund's shares.

SBS is used to effect equity portfolio transactions for the Trust. SBS currently executes portfolio transactions without commission. Transactions effected through other brokers are subject to commissions payable to that broker.

Saturna Trust Company ("STC"), a subsidiary of Saturna Capital, acts as retirement plan custodian for the Funds. Each class of shares of a Fund pays an annual fee of $10 per account for retirement plan services to Saturna Trust Company. For the fiscal period ended November 30, 2022, the Funds incurred the following retirement plan custodial fees to STC:

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| | |
|:---|:---|
| **Retirement plan custodial fees** | **Retirement plan custodial fees** |
| &nbsp;&nbsp; **Income Fund** Investor Shares (AMANX) | $42 |
| &nbsp;&nbsp; **Income Fund** Institutional Shares (AMINX) | $26006 |
| &nbsp;&nbsp; **Growth Fund** Investor Shares (AMAGX) | $73 |
| &nbsp;&nbsp; **Growth Fund** Institutional Shares (AMIGX) | $38957 |
| &nbsp;&nbsp; **Developing World Fund** Investor Shares (AMDWX) | $24 |
| &nbsp;&nbsp; **Developing World Fund** Institutional Shares (AMIDX) | $8140 |
| &nbsp;&nbsp; **Participation Fund** Investor Shares (AMAPX) | $42 |
| &nbsp;&nbsp; **Participation Fund** Institutional Shares (AMIPX) | $5951 |

---

Mr. Nicholas Kaiser serves as a trustee and president of the Trust. He is also a director and the chairman of Saturna Capital Corporation and Saturna Trust Company. He is not compensated by the Trust. For the fiscal period ended November 30, 2022, the Fund's incurred $31,130 of total expenses for the Independent Trustee's compensation and Trust board meetings.

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| | | | |
|:---|:---|:---|:---|
| *Semi-Annual Report* | *November 30, 2022* | | *39* |

---

------

**Notes To Financial Statements (continued)** 

On November 30, 2022, the trustees, officers, and their affiliates (including Saturna Capital Corporation) as a group, owned the following percentages of outstanding shares:

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| | |
|:---|:---|
| **Trustees', officers', and affiliates' ownership** | **Trustees', officers', and affiliates' ownership** |
| &nbsp;&nbsp; **Income Fund** Investor Shares (AMANX) | 0.03% |
| &nbsp;&nbsp; **Income Fund** Institutional Shares (AMINX) | 1.64% |
| &nbsp;&nbsp; **Growth Fund** Investor Shares (AMAGX) | 0.02% |
| &nbsp;&nbsp; **Growth Fund** Institutional Shares (AMIGX) | 0.95% |
| &nbsp;&nbsp; **Developing World Fund** Investor Shares (AMDWX) | 0.94% |
| &nbsp;&nbsp; **Developing World Fund** Institutional Shares (AMIDX) | 6.25% |
| &nbsp;&nbsp; **Participation Fund** Investor Shares (AMAPX) | 0.02% |
| &nbsp;&nbsp; **Participation Fund** Institutional Shares (AMIPX) | 3.31% |

---

The officers of the Trust are paid by Saturna Capital Corporation, not the Trust, except the Chief Compliance Officer, who is partially compensated by the Trust. For the fiscal period ended November 30, 2022, the Funds paid the following compensation expenses for the Chief Compliance Officer:

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| | |
|:---|:---|
| **Chief Compliance Officer** | **Chief Compliance Officer** |
| &nbsp;&nbsp; **Income Fund** | $11518 |
| &nbsp;&nbsp; **Growth Fund** | $33020 |
| &nbsp;&nbsp; **Developing World Fund** | $50 |
| &nbsp;&nbsp; **Participation Fund** | $2143 |

---

**Note 5 – Distributions to Shareowners** 

The tax characteristics of distributions paid for the fiscal period ended November 30, 2022 and May 31, 2021, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Income Fund** | **November 30, 2022** | **May 31, 2022** |
| &nbsp;&nbsp; Ordinary income | $- | $16773114 |
| &nbsp;&nbsp; Long-term capital gain<sup>1</sup>  | $- | $64358796 |
| &nbsp;&nbsp; **Growth Fund** | **November 30, 2022** | **May 31, 2022** |
| &nbsp;&nbsp; Ordinary income<sup>2</sup>  | $- | $6261438 |
| &nbsp;&nbsp; Long-term capital gain<sup>1</sup>  | $- | $17070218 |
| &nbsp;&nbsp; **Developing World Fund** | **November 30, 2022** | **May 31, 2022** |
| &nbsp;&nbsp; Ordinary income<sup>2</sup>  | $- | $1019295 |
| &nbsp;&nbsp; **Participation Fund** | **November 30, 2022** | **May 31, 2022** |
| &nbsp;&nbsp; Ordinary income | $1578147 | $3820371 |

---

*<sup>1</sup>* *Long-Term Capital Gain dividend designated pursuant to Section 852(b)(3) of the Internal Revenue Code.* 

*<sup>2</sup>* *By policy, the Growth and Developing World Funds seek to avoid paying income dividends.* 

**Note 6 – Federal Income Taxes** 

The cost basis of investments for federal income tax purposes at November 30, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Income Fund** | **Growth Fund** |
| &nbsp;&nbsp; Cost of investments | $484771987 | $956993229 |
| &nbsp;&nbsp; Gross unrealized appreciation | $983547178 | $2196718268 |
| &nbsp;&nbsp; Gross unrealized depreciation | $(8518179) | $(11306881) |
| &nbsp;&nbsp; Net unrealized appreciation | $975028999 | $2185411387 |
|  | **Developing World Fund** | **Participation Fund** |
| &nbsp;&nbsp; Cost of investments | $58799233 | $188203143 |
| &nbsp;&nbsp; Gross unrealized appreciation | $8315029 | $24552 |
| &nbsp;&nbsp; Gross unrealized depreciation | $(9248267) | $(10724679) |
| &nbsp;&nbsp; Net unrealized depreciation | $(933238) | $(10700127) |

---

As of May 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Income Fund** |  |
| &nbsp;&nbsp; Undistributed ordinary income | $2112 |
| &nbsp;&nbsp; Accumulated capital gains | $51557921 |
| &nbsp;&nbsp; Tax accumulated earnings | $51560033 |
| &nbsp;&nbsp; Unrealized appreciation | $963499156 |
| &nbsp;&nbsp; **Total accumulated earnings** | **$1015059189** |
| &nbsp;&nbsp; **Growth Fund** |  |
| &nbsp;&nbsp; Undistributed ordinary income | $2865568 |
| &nbsp;&nbsp; Accumulated capital gains | $79453782 |
| &nbsp;&nbsp; Tax accumulated earnings | $82319350 |
| &nbsp;&nbsp; Unrealized appreciation | $2153924704 |
| &nbsp;&nbsp; **Total accumulated earnings** | **$2236244054** |
| &nbsp;&nbsp; **Developing World Fund** |  |
| &nbsp;&nbsp; Undistributed ordinary income | $309535 |
| &nbsp;&nbsp; Accumulated capital and other losses | $(273542) |
| &nbsp;&nbsp; Tax accumulated gains | $35993 |
| &nbsp;&nbsp; Unrealized appreciation | $1380201 |
| &nbsp;&nbsp; Post October Losses | $(174036) |
| &nbsp;&nbsp; **Total accumulated earnings** | **$1242158** |
| &nbsp;&nbsp; **Participation Fund** |  |
| &nbsp;&nbsp; Undistributed ordinary income | $115 |
| &nbsp;&nbsp; Accumulated capital and other losses | $(705269) |
| &nbsp;&nbsp; Tax accumulated losses | $(705154) |
| &nbsp;&nbsp; Unrealized depreciation | $(6911858) |
| &nbsp;&nbsp; **Total accumulated earnings** | **$(7617012)** |

---

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| | | | |
|:---|:---|:---|:---|
| *40* | | *Semi-Annual Report* | *November 30, 2022* |

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**Notes To Financial Statements (continued)** 

At May 31, 2022, the Funds had the following capital loss carryforwards and loss deferrals, subject to regulation. Prior to their expiration, loss carryforwards may be used to offset future net capital gains realized for federal income tax purposes.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Income<br>Fund** | **Growth<br>Fund** | **Developing<br>World Fund** | **Participation<br>Fund** |
| &nbsp;&nbsp; Short term loss carryforwards unlimited expiration | $- | $- | $273542 | $603911 |
| &nbsp;&nbsp; Long term loss carryforwards unlimited expiration | $- | $- | $- | $101358 |
| &nbsp;&nbsp; **Total Capital loss carryforward** | $- | $- | $273542 | $705269 |
| &nbsp;&nbsp; Post-October loss deferral<sup>1</sup>  | $- | $- | $174036 | $509803 |

---

*<sup>1</sup>* *Net capital losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of a fund's next taxable year.* 

**Note 7 – Investments** 

During the fiscal period ended November 30, 2022, the Funds investment transactions other than redemptions in-kind were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| &nbsp;&nbsp; **Income Fund** | $61588422 | $86131064 |
| &nbsp;&nbsp; **Growth Fund** | $345344666 | $158409854 |
| &nbsp;&nbsp; **Developing World Fund** | $5241050 | $1050892 |
| &nbsp;&nbsp; **Participation Fund** | $19001539 | $25552394 |

---

During the fiscal period ended November 30, 2022, the Fund's redemptions in-kind were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| &nbsp;&nbsp; **Growth Fund** | $- | $16281672 |

---

**Note 8 – Custodian** 

Under agreements in place with the Trust's custodian, UMB Bank, custody fees are reduced by credits for cash balances. For the fiscal period ended November 30, 2022, such reductions were as follows:

---

| | |
|:---|:---|
| **Custodian Fee Credits** | **Custodian Fee Credits** |
| &nbsp;&nbsp; **Income Fund** | $32925 |
| &nbsp;&nbsp; **Growth Fund** | $63673 |
| &nbsp;&nbsp; **Developing World Fund** | $21600 |
| &nbsp;&nbsp; **Participation Fund** | $20757 |

---

**Note 9 – Subsequent Events** 

The Funds each declared a distribution to be paid on December 15, 2022, to all share owners of record on December 14, 2022, as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Dividend<br>Income** | **Short-Term<br>Capital Gain** | **Long-Term<br>Capital Gain** |
| &nbsp;&nbsp; **Income Fund**<br> Investor Shares (AMANX) | $0.250 | $- | $3.975 |
| &nbsp;&nbsp; **Income Fund**<br> Institutional Shares (AMINX) | 0.390 |  | 3.975 |
| &nbsp;&nbsp; **Growth Fund**<br> Investor Shares (AMAGX) | 0.097 |  | 1.985 |
| &nbsp;&nbsp; **Growth Fund**<br> Institutional Shares (AMIGX) | 0.247 |  | 1.985 |
| &nbsp;&nbsp; **Developing World Fund**<br> Investor Shares (AMDWX) | 0.084 |  | 0.031 |
| &nbsp;&nbsp; **Developing World Fund**<br> Institutional Shares (AMIDX) | 0.108 |  | 0.031 |
| &nbsp;&nbsp; **Participation Fund**<br> Investor Shares (AMAPX) | Daily |  |  |
| &nbsp;&nbsp; **Participation Fund**<br> Institutional Shares (AMIPX) | Daily | - | - |

---

There were no other events or transactions during the period that materially impacted the amounts or disclosures in the Funds' financial statements.

**Note 10 – COVID-19 Pandemic** 

The global outbreak of COVID-19 (commonly referred to as "coronavirus") has disrupted economic markets and the prolonged economic impact is uncertain. Although vaccines for COVID-19 are becoming more widely available, the ultimate economic fallout from the pandemic, amid the spread of COVID-19 variants, and the long-term impact on economies, markets, industries and individual companies are not known. The operational and financial performance of individual companies and the market in general depends on future developments, including the duration and spread of any future outbreaks and the pace of recovery which may vary from market to market, and such uncertainty may in turn adversely affect the value and liquidity of the Fund's investments, impair the Fund's ability to satisfy redemption requests, and negatively impact the Fund's performance.

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| | | | |
|:---|:---|:---|:---|
| *Semi-Annual Report* | *November 30, 2022* | | *41* |

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**Expenses** 

All mutual funds have operating expenses. As an Amana Mutual Fund shareowner, you incur ongoing costs, including management fees, distribution (or service) 12b-1 fees, and other Fund expenses such as shareowner reports (like this one). Operating expenses, which are deducted from a fund's gross earnings, directly reduce the investment return of a fund. Mutual funds (unlike other financial investments) only report their results after deduction of operating expenses.

With the Amana Funds, unlike many mutual funds, you do not incur sales charges (loads) on purchases, reinvested dividends, or other distributions. There are no redemption fees or exchange fees. You may incur fees related to extra services requested by you for your account, such as bank wires. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

**Examples** 

The following examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2022 to November 30, 2022).

**Actual Expenses** 

The first line for each Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you have invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. The Funds may charge for extra services (such as domestic bank wires, international bank wires, or overnight courier delivery of redemption checks) rendered on request, which you may need to estimate to determine your total expenses.

**Hypothetical Example For Comparison Purposes** 

The second line for each Fund provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio (based on the last six months) and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareowner reports of other mutual funds. You may wish to add other fees that are not included in the expenses shown in the table, such as IRA fees charged by custodians other than Saturna Trust Company (note that Saturna does not charge such fees to shareowners directly on Saturna IRAs, ESAs, or HSAs with the Amana Funds), and charges for extra services such as bank wires.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or exchange fees (note that the Amana Funds do not assess any such transactional costs). Therefore, the "Hypothetical" line of each fund is useful in comparing ongoing costs only, and may not help you determine the relative total costs of owning different funds.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>Account Value<br>[June 1, 2022]** | **Ending<br>Account Value<br>[November 30, 2022]** | **Expenses Paid<br>During Period** | **Annualized<br>Expense Ratio** |
| &nbsp;&nbsp; **Income Fund** |  |  |  |  |
| &nbsp;&nbsp; **Investor Shares (AMANX), Actual** | $1000.00 | $1046.30 | $5.23 | 1.02% |
| &nbsp;&nbsp; Hypothetical (5% return before expenses) | $1000.00 | $1019.96 | $5.16 | 1.02% |
| &nbsp;&nbsp; **Institutional Shares (AMINX), Actual** | $1000.00 | $1047.60 | $3.98 | 0.78% |
| &nbsp;&nbsp; Hypothetical (5% return before expenses) | $1000.00 | $1021.18 | $3.93 | 0.78% |
| &nbsp;&nbsp; **Growth Fund** |  |  |  |  |
| &nbsp;&nbsp; **Investor Shares (AMAGX), Actual** | $1000.00 | $1028.90 | $4.67 | 0.92% |
| &nbsp;&nbsp; Hypothetical (5% return before expenses) | $1000.00 | $1020.47 | $4.65 | 0.92% |
| &nbsp;&nbsp; **Institutional Shares (AMIGX), Actual** | $1000.00 | $1030.30 | $3.42 | 0.67% |
| &nbsp;&nbsp; Hypothetical (5% return before expenses) | $1000.00 | $1021.70 | $3.41 | 0.67% |
| &nbsp;&nbsp; **Developing World Fund** |  |  |  |  |
| &nbsp;&nbsp; **Investor Shares (AMDWX), Actual** | $1000.00 | $974.70 | $5.82 | 1.17% |
| &nbsp;&nbsp; Hypothetical (5% return before expenses) | $1000.00 | $1019.18 | $5.95 | 1.17% |
| &nbsp;&nbsp; **Institutional Shares (AMIDX), Actual** | $1000.00 | $975.60 | $4.76 | 0.96% |
| &nbsp;&nbsp; Hypothetical (5% return before expenses) | $1000.00 | $1020.25 | $4.87 | 0.96% |
| &nbsp;&nbsp; **Participation Fund** |  |  |  |  |
| &nbsp;&nbsp; **Investor Shares (AMAPX), Actual** | $1000.00 | $984.90 | $3.94 | 0.79% |
| &nbsp;&nbsp; Hypothetical (5% return before expenses) | $1000.00 | $1021.10 | $4.01 | 0.79% |
| &nbsp;&nbsp; **Institutional Shares (AMIPX), Actual** | $1000.00 | $987.20 | $2.73 | 0.55% |
| &nbsp;&nbsp; Hypothetical (5% return before expenses) | $1000.00 | $1022.32 | $2.78 | 0.55% |

---

*Expenses are equal to annualized expense ratios indicated above (based on the most recent semi-annual period of June 1, 2022, through November 30, 2022), multiplied by the average account value over the period, multiplied by 183/365 to reflect the semi-annual period.* 

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| | | | |
|:---|:---|:---|:---|
| *42* | | *Semi-Annual Report* | *November 30, 2022* |

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------

**Renewal of Investment Advisory Contract** 

During their meeting of September 12, 2022, the Trustees of Amana Mutual Funds Trust (the "Board" or "Trustees"), including the Independent Trustees, discussed the continuance of the Investment Advisory and Administrative Services Agreement between the Trust, on behalf of each Fund, and Saturna Capital Corporation ("Saturna"). The Trustees also considered Saturna's management of a wholly-owned subsidiary of Amana Participation Fund that invests in the same securities and assets in which the Fund invests. In evaluating the agreements, the Board, including the Independent Trustees, considered the factors it deemed relevant, including the nature, quality and extent of services provided, the performance of each Fund, expenses and fees, the profitability of Saturna, the potential for economies of scale that may be shared with each Fund and its shareholders as each Fund's assets grow, and any other benefits derived by Saturna from its relationship with the Funds. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the decision to approve the agreements, and each Trustee may have given different weights to different factors, and, thus, each Trustee may have had a different basis for his decision.

The Trustees considered Saturna's specific responsibilities in all aspects of day-to-day management of the Funds as well as the qualifications, experience and responsibilities of the Funds' portfolio managers and other key personnel at Saturna. The Trustees considered that the Funds offer a full range of high-quality investor services, including unique services for Islamic investors. The Trustees discussed Saturna's experience, ability, and commitment to quality service through performing internally such functions as shareowner servicing, administration, retirement plans, accounting, marketing, and distribution – all in addition to investment management. The Trustees took into consideration Saturna's continued avoidance of significant operational and regulatory compliance problems, plus its continued investments in infrastructure, information management systems, personnel, training, compliance, and investor education materials, all designed to meet investor needs with high quality services. They recognized Saturna's efforts to recruit and retain qualified, experienced, and specialized staff and improve the capital base on which Saturna operates, which the Trustees believe is important to the long-term success of the Funds. The Trustees recognized Saturna's focus on investors and its efforts to avoid conflicts of interest.

The Trustees considered the investment performance of each Fund over time, including comparative information from Morningstar, Inc. ("Morningstar") and Thomas Reuters Lipper ("Lipper"), which provide independent analysis of mutual fund data and, among other things, rank mutual fund performance within categories comprised of similarly managed funds. The Trustees considered and discussed each Fund's performance relative to the Fund's Morningstar category for the one-, three-, five-, ten-, and fifteen-year periods, as applicable, and the related Morningstar rankings (one through five stars) for the three-, five-, and ten-year periods, as applicable, ended as of July 31, 2022. The Trustees also noted the high ratings for sustainability assigned to the Amana Growth Fund and Amana Developing World Fund by Morningstar. The Trustees also considered certain rating information from Lipper of each Fund's performance within its assigned Lipper category.

The Trustees considered the short-, medium-, and long-term investment performance of Amana Income Fund, Amana Growth Fund, and Amana Developing World Fund, and the short-term and medium-term performance of Amana Participation Fund, each relative to their Morningstar categories, and noted that the Funds were managed for the long term. The Trustees noted that the short-term performance of Amana Income Fund was in the first quartile for its Morningstar category for the one-year period, medium-term performance was in the third quartile for the three- and five-year periods and long-term performance was in the fourth and third quartiles, respectively, for the ten- and fifteen-year periods. The Trustees noted that the short-, medium-, and long-term investment performance of Amana Growth Fund was in the first quartile for its Morningstar category for the one-, three-, five-, ten- and fifteen-year periods. The Trustees noted that both the short- and medium-term performance of the Amana Developing World Fund was in the first quartile for its Morningstar category for the one-, three- and five-year periods, and that the Fund's long-term performance was in the fourth quartile for the ten-year period. The Trustees noted that the Amana Participation Fund's performance was in the first quartile for its Morningstar category for the one-, three- and five-year periods. The Trustees noted the risk-averse investment style used by Saturna to manage the Funds and considered other factors which can affect a Fund's performance relative to the Fund's broader Morningstar categories. In evaluating such performance data, the Trustees noted that Islamic investment restrictions to which the Funds adhere increase Saturna's research expenses and obligations and impose constraints on Saturna's selection of the Funds' portfolio investments that impact performance. The Trustees found that Saturna continued to manage the Funds in a manner that is designed to be acceptable to Islamic investors and that the risk averse approach also is attractive non-Islamic long-term investors. The Trustees noted Saturna's decades of dedicated service provided to Amana Mutual Fund Trust and its shareowners.

Recognizing the investment mandates of the Funds, the Trustees also considered the performance of the Funds as compared to a more limited group of other funds with similar investment objectives and strategies, including faith-based managed funds, and with a range of asset sizes. The Trustees considered these comparative performance data, along with the comparative data published by Morningstar, as well as each Fund's performance relative to its benchmark, to evaluate each Fund's performance over near-term and long-term time periods, as applicable. When evaluating the Funds' performance record, the Board noted that relative performance comparisons, especially over limited periods of time, is only one of the factors that it deems relevant to its consideration of each Fund's agreement. The Board noted that, after considering all relevant factors, it may be appropriate to approve the continuation of the agreement notwithstanding a Fund's underperformance relative to its Morningstar peer group during certain periods.

The Trustees also reviewed the fees and expenses of the Funds and considered the components of each Fund's operating expenses. The Trustees noted that the net expense ratios for both share classes of Amana Income Fund were above their respective Morningstar category average expense ratios, the net expense ratio for the Amana Growth Fund Institutional share class was below and the Investor share class was above the Morningstar category average expense ratios, and the net expense ratios for both share classes of Developing World Fund and Amana Participation Fund were below the Morningstar category average expense ratios. The Trustees also noted that, effective in 2019, Saturna agreed to reduce the breakpoints in the investment advisory fee for Amana Income Fund, Amana Growth Fund, and Amana Developing World Fund, by five basis points at each asset level, and effective December 1, 2020, Saturna had agreed to a

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| | | | |
|:---|:---|:---|:---|
| *Semi-Annual Report* | *November 30, 2022* | | *43* |

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**Renewal of Investment Advisory Contract** 

further reduction in the advisory fee breakpoints for these Funds at higher asset levels in excess of $1 billion. The Trustees noted that these actions were expected to lower the Funds' advisory fees at higher asset levels. In light of the services provided by Saturna, the Trustees found each Fund's advisory fee structure and expense ratios to be reasonable given the size of each Fund, the services provided, and the expenses incurred by the adviser. They noted the significant sponsorship of the Funds by Saturna evidenced, in part, by the amount of fees and expenses paid by Saturna out of its own resources to brokerage platforms and similar unaffiliated intermediaries. The Trustees noted that the expenses imposed by intermediaries are often borne by funds and the Trustees appreciated that Saturna's efforts help make the Funds more widely available and otherwise less expensive had the Funds borne these expenses. The Trustees recognized that the competitive performance record of Amana Income Fund and Amana Growth Fund over the long term had likely contributed to their asset size, which over time has resulted in lower expense ratios due to overall costs being spread over a larger asset base.

The Trustees reviewed Saturna's financial information and discussed the issue of Saturna's profitability related to its management and administration of the Funds. They discussed the reasonableness of Saturna's profitability with respect to each of the Funds as part of their evaluation of whether the advisory fees bear a reasonable relationship to the mix of services provided by Saturna, including the nature, extent, and quality of such services.

The Trustees considered the extent to which advisory fees paid to Saturna reflect economies of scale. The Trustees considered the fact that fee breakpoints lower the operating expenses and expense ratios of the Funds as assets grow and demonstrate the benefits of economies of scale are being shared with shareowners. In this connection, the Board noted that the investment advisory fee rate schedules for each Fund other than the Amana Participation Fund include breakpoints that reduce the fee rate as Fund assets increase above certain levels, and that Saturna had agreed, in 2019 and 2020, to reduce the breakpoints in the investment advisory fee for Amana Income Fund, Amana Growth Fund and Amana Developing World Fund as described above. With respect to the Amana Participation Fund, the Board determined that the investment advisory fees are reasonable and appropriate and that breakpoints in the fee schedule are unnecessary based on the current level of the Fund's assets and the level of its actual advisory fee as compared to peers. The Trustees considered and compared the fees charged by Saturna to other types of advisory accounts for which Saturna serves as an investment adviser, including non-mutual fund advisory clients and individual advisory clients. The Trustees noted the significant differences between the full range of services Saturna provides to the Funds, including investment advisory and administrative services, transfer agency services, and other services, as compared to the investment advisory services provided to the other advisory accounts. The Trustees also considered how the various services provided to those other accounts, which include Saturna's investment management, research, and customer service operations performed for those accounts, benefit the Funds.

The Trustees considered potential benefits to Saturna and to its other businesses from acting as investment adviser for the Funds, but also noted that Saturna's other business lines also potentially benefit the Funds. The Trustees also noted that there were no soft dollar arrangements with respect to trading in the Funds' portfolios and that Saturna's affiliated broker, Saturna Brokerage Services, voluntarily waives brokerage commissions for executing each Fund's portfolio transactions, resulting in lower transaction costs for the Funds.

The Trustees concluded that the fees paid by each Fund to Saturna were, from an arm's-length bargaining perspective, reasonable and in the best interest of the Fund and its shareowners in light of the services provided, comparative performance, expense and advisory fee information, costs of services provided, profits to be realized, and benefits derived or to be derived by Saturna from its relationship with the Funds. Following this discussion, the Trustees unanimously agreed, based on their business judgment, to renew the Investment Advisory and Administrative Services Agreements with respect to Amana Income Fund, Amana Growth Fund, Amana Developing World Fund, and Amana Participation Fund.

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| | | | |
|:---|:---|:---|:---|
| *44* | | *Semi-Annual Report* | *November 30, 2022* |

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*Except for this legend, this page has been left blank intentionally.* 

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| | | | |
|:---|:---|:---|:---|
| *Semi-Annual Report* | *November 30, 2022* | | *45* |

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**Availability of Quarterly Portfolio Information** 

(1) The Amana Funds file complete schedules of portfolio holdings with the SEC for the first and third
quarters of each fiscal year as an exhibit to its reports on Form N-PORT.

(2) The Funds' Form N-PORT reports are available on the
SEC's website at www.sec.gov.

(3) The Funds make a complete schedule of portfolio holdings after the end of each month available at
www.amanafunds.com

**Availability of Proxy Voting Information** 

(1) A description of the policies and procedures that the Funds use to determine how to vote proxies
relating to portfolio securities is available (a) without charge, upon request, by calling Saturna Capital at 1-888-732-6262; (b) on the Funds' website at www. amanafunds.com; and (c) on the SEC's website at www.sec.gov.

(2) Information regarding how each Fund voted proxies relating to portfolio securities during the most
recent 12-month period ended June 30 is available (a) without charge, upon request, by calling Saturna Capital at 1-888-732-6262; (b) on the Funds' website at www.amanafunds.com; and (c) on the SEC's website at www.sec.gov.

**Householding Policy** 

To reduce expenses, we may mail only one copy of the Funds' prospectus, each annual and semi-annual report, and proxy statements, when necessary, to those addresses shared by two or more accounts. If you wish to receive individual and/or more copies of these documents, please call us at 1-888-732-6262 or write to us at Saturna Capital/Amana Mutual Funds, P.O. Box N, Bellingham, WA 98227. We will begin sending you individual copies thirty days after receiving your request.

If you are currently receiving multiple copies and wish to receive only one copy, please call us at 1-888-732-6262 or write to us at Saturna Capital/Amana Mutual Funds, P.O. Box N, Bellingham, WA 98227. We will begin sending you a single copy with subsequent report mailings.

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| | | | |
|:---|:---|:---|:---|
| *46* | | *Semi-Annual Report* | *November 30, 2022* |

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**Privacy Statement** 

At Saturna Capital and the Amana Mutual Funds Trust, we understand the importance of maintaining the privacy of your financial information. We want to assure you that we protect the confidentiality of any personal information that you share with us. In addition, we do not sell information about our current or former customers.

In the course of our relationship, we gather certain non-public information about you, including your name, address, investment choices, and account information. We do not disclose your information to unaffiliated third parties unless it is necessary to process a transaction; service your account; deliver your account statements, shareowner reports and other information; or as required by law. When we disclose information to unaffiliated third parties, we require a contract to restrict the companies' use of customer information and from sharing or using it for any purposes other than performing the services for which they were required.

We may share information within the Saturna Capital family of companies in the course of informing you about products or services that may address your investing needs.

We maintain our own technology resources to minimize the need for any third party services, and restrict access to information within Saturna. We maintain physical, electronic, and procedural safeguards to guard your personal information. If you have any questions or concerns about the security or privacy of your information please call us at 1-800-728-8762.

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| | | | |
|:---|:---|:---|:---|
| *Semi-Annual Report* | *November 30, 2022* | | *47* |

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------

![Amana Mutual Funds Trust](amana-backcover.jpg)

This report is for the information of the shareowners of the Funds. It is not authorized for distribution to prospective investors unless it is accompanied or preceded by an effective prospectus. Amana Mutual Funds Trust began operations in 1986. Saturna Capital Corporation, with extensive experience in mutual funds, invests the Trust's portfolios and handles daily operations under supervision of Amana's Board of Trustees. 1300 N. State Street Bellingham, WA 98225 1-800-728-8762 www.amanafunds.com Investment Adviser, Saturna Capital Corporation Administrator, and Transfer Agent Bellingham, WA Custodian UMB Bank Kansas City, MO Independent Registered Tait, Weller & Baker LLP Public Accounting Firm Philadelphia, PA Legal Counsel K & L Gates LLP Washington, DC This report is printed on paper with a minimum of 30% post-consumer fiber using soy-based inks. It is 100% recyclable.

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### Item 2. Code of Ethics
Not applicable.

### Item 3. Audit Committee Financial Expert
Not applicable.

### Item 4. Principal Accountant Fees and Services
Not applicable.

### Item 5. Audit Committee of Listed Registrants
Not applicable.

### Item 6. Investments
(a) Included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not applicable

### Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.

### Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.

### Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.

### Item 10. Submission of Matters to a Vote of Security Holders
Not applicable.

### Item 11. Controls and Procedures
a. The Registrant's President and Treasurer have concluded, based on their evaluation of the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

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

#### Item 12. Exhibits
Exhibits included with this filing:

[(a)(1) Code of Ethics.](ex99p-codeofethics.htm)

[(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ncsrs302certification.htm)

(a)(3) Not applicable.

[(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ncsrs906certification.htm)

[(c) Registrant's Rule 30e-3 Notice pursuant to Item 1(b) of Form N-CSRS. Attached hereto as EX-99.30e-3Notice.](ex99amana-30e3.htm)

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**SIGNATURES**

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

**AMANA MUTUAL FUNDS TRUST**

By:

*<u>/s/ Nicholas Kaiser, President</u>*<br> Signature and Title

**<u>Nicholas Kaiser, President</u>**<br> Printed name and Title

<u>January 30, 2023</u><br> 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:

*<u>/s/ Nicholas Kaiser, President</u>*<br> Signature and Title

**<u>Nicholas Kaiser, President</u>**<br> Printed name and Title

<u>January 30, 2023</u><br> Date

By:

*<u>/s/ Christopher Fankhauser, Treasurer</u>*<br> Signature and Title

**<u>Christopher Fankhauser, Treasurer</u>**<br> Printed name and Title

<u>January 30, 2023</u><br> Date

## Ex-99

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|:---|:---|:---|
| ![Amana Mutual Funds Trust Logo](amana-logo.gif) | ![Saturna Capital Logo](scc-logo.gif) | *1300 N. State Street<br> Bellingham, WA 98225-4730<br> www.saturna.com<br> 1-800-728-8762* |

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## IMPORTANT SHAREOWNER REPORT AVAILABLE ONLINE AND IN PRINT BY REQUEST
Thank you for being a shareowner. We encourage you to access and review this important report containing information about the Amana Mutual Funds, including portfolio holdings and financial statements.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The Amana Mutual Funds Trust's Semi-Annual Report for November 30, 2022, is available here:<br> **www.saturna.com/amana/semi-annual-report**<br> This report is available by mail or email upon request, free of charge. Reports for the prior reporting period and the Funds' portfolio holdings for their most recent first and third fiscal quarters are also available online and in print by request.<br> Current and future report delivery requests can be submitted at any time using the options below. | &nbsp;&nbsp;&nbsp;&nbsp;![Amana Mutual Funds Trust Annual Report](amana-frontcover.jpg) |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;![Envelope](envelope-gray.gif)<br> **To request a paper copy by mail:** | &nbsp;&nbsp;&nbsp;&nbsp;![Envelope](envelope-gray.gif)<br> **To request a paper copy by mail:** | &nbsp;&nbsp;&nbsp;&nbsp;**Why am I receiving this Notice?**<br> The Securities and Exchange Commission adopted rule 30e-3, allowing mutual fund companies to deliver shareowner reports by making such reports accessible electronically. You still may choose to receive a paper copy of the current report and/or any future reports by following the instructions. |
| &nbsp;&nbsp;&nbsp;&nbsp;![Mouse](mouse-gray.gif)<br> ![Phone](phone-gray.gif) | &nbsp;&nbsp;&nbsp;&nbsp; **Online:** Visit www.saturna.com/report-request and use the online form to let us know you'd like a paper copy.<br> **Telephone:** Call 1-800-728-8762 and a Saturna Capital representative would be happy to mail you a copy. | &nbsp;&nbsp;&nbsp;&nbsp;**Why am I receiving this Notice?**<br> The Securities and Exchange Commission adopted rule 30e-3, allowing mutual fund companies to deliver shareowner reports by making such reports accessible electronically. You still may choose to receive a paper copy of the current report and/or any future reports by following the instructions. |

---

*20221130-30E3-AM-A*

## Ex-99.Code

# Code of Ethics
Updated: February 15, 2022

## AMANA MUTUAL FUNDS TRUST <br> SATURNA INVESTMENT TRUST SATURNA CAPITAL CORPORATION<br> SATURNA BROKERAGE SERVICES, INC. SATURNA TRUST COMPANY SATURNA SDN. BHD.

## PREAMBLE
At all times, our clients' interests must come first. We must maintain the integrity of our business by promoting ethical conduct, creating a culture of compliance and avoiding even the appearance of impropriety. We must not take inappropriate advantage of our positions and access to information. We are all expected to protect and preserve the confidentiality of information entrusted to us by our clients.

All persons must comply with all applicable securities laws, rules and regulations, as well as the rules of applicable self-regulatory organizations such as the Financial Industry Regulatory Authority.

The board of directors of Saturna Capital Corporation, acting for itself and its subsidiaries, and the board of trustees of both Saturna Investment Trust and Amana Mutual Funds Trust independently adopted this Code of Ethics to assist in maintaining the highest standards of conduct. Saturna Capital and its affiliates encourage private investment activities, but such activities must be carried out within the letter and spirit of this Code. Each of these boards must approve any material change to this Code of Ethics. Questions should be brought to the attention of the Chief Compliance Officer.

By accepting employment with the Adviser and/or its subsidiaries, or association with a Fund, you have agreed to be bound by this Code. This Code is a part of the Saturna Manual, which governs the operations of Saturna Capital and its affiliates. Each employee annually certifies in writing his understanding of and intention to comply with this Code.

This Code does not attempt to identify all possible conflicts of interest, and literal compliance with each of its specific provisions will not shield you from liability for front running client orders with personal trading or other unethical conduct or conduct that violates a fiduciary duty.

## SECTION 1 — DEFINITIONS
* **"Adviser"** means Saturna Capital Corporation, including any of its subsidiaries. Adviser does not include any consultant or sub-advisor whose only role is to advise on general principles.

* **"Access Person"** means a trustee, director, officer, or employee of a Fund or the Adviser. It does not include an Independent Trustee or Independent Director unless in connection with his or her regular functions or duties the Trustee or Director makes, participates in, or obtains information regarding, the purchase or sale of Reportable Securities by a Fund, or whose functions relate to the making of any recommendation with respect to such purchases or sales.

* **"Beneficial Ownership"** has the same meaning as used in Rule 16a- 1(a)(2) under the U.S. Securities Exchange Act of 1934. **"Direct or indirect beneficial ownership"** means direct or indirect influence or control or ownership of any beneficial interest. The terms of Rule 16a are incorporated herein by reference and shall control any determination hereunder. In general, and without limiting the foregoing, a person has Beneficial Ownership in any securities held (i) by members of a person's immediate family sharing the same household; provided, however, that the presumption of such Beneficial Ownership may be rebutted; or
(ii) by related partnerships, trusts, corporations or other arrangements.

* **"Business Entertainment"** means **ordinary** and **usual** business entertainment such as an occasional meal, ticket to a sporting event or theater, or comparable entertainment, so long as it is neither so frequent nor so extensive as to raise any question of propriety and the person providing the Business Entertainment ***must* accompany the recipient** to any such function.

* **"Chief Compliance Officer"** means the person designated by the Adviser and the Fund to act in that capacity under Rule 38a1 of the U.S. Investment Company Act of 1940 or similar authority. Any action, duty, or responsibility delegated to the Chief Compliance Officer under this Code of Ethics may, in his absence, (and shall, with respect to actions involving the personal transactions of the Chief Compliance Officer) be performed by another Compliance Officer or the President. Any action, duty or responsibility of Saturna Capital's Chief Compliance Officer under this Code is the responsibility of the Compliance Officer of a subsidiary where such Officer is employed.

* **"Fund"** means any registered investment company adopting this Code of Ethics.

* **"Gift"** includes anything of value, but does not include ordinary and usual **"Business Entertainment"**.

* **"Independent Trustee or Director"** means an independent Trustee of a Fund or an independent Director of the Adviser. An independent Trustee is a trustee who is not an "interested person" of a Fund within the meaning of Section 2(a)(19) of the 1940 Act. An independent Director is a director (i) who is not an "interested person" of the Adviser within the meaning of Section 2(a)(19)(B) of the 1940 Act for any reason other than as a director of the Adviser and as an owner of direct or beneficial interests in Saturna Capital (but owner of no more than 5% of Saturna Capital's outstanding voting securities), and (ii) who has no involvement with the day-to-day operations of the Funds or the Adviser.

* **"Initial Public Offering"** means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934.

* **"Limited Offering"** means an offering that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, 505, or 506 under the Securities Act of 1933.

* **"President"** means the president of Saturna Capital, the president of a subsidiary of Saturna Capital relating to employees of that subsidiary, or the president of a Fund.

* **"Portfolio Manager"** means the person (or one of the persons) responsible for the day-to-day management of a Fund, other pooled vehicles, or the portfolio of an individually managed account.

* **"Reporting Account"** means the account(s) maintained by Access Persons for reporting transactions covered by this Code on Saturna's own portfolio system (NEPTUNE), or on any other portfolio system having the monitoring functionality required by the Chief Compliance Officer.

* **"Reportable Security"** means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, mutual funds advised by Saturna Capital, hedge funds, unit trusts, and exchange- traded funds, interests in limited partnerships, shares of limited offerings, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof) or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or in general, any interest commonly known as a "security", or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing. ***Reportable Security*** does **not** include direct obligations of the Government of the United States (for any foreign subsidiary this would be direct obligations of their government) including short-term debt securities that are government securities within the meaning of law, bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements, other high-quality short-term debt instruments, shares of registered open-end investment companies where Saturna Capital does not act an adviser, shares issued by unit investment trusts that are invested exclusively in one or more open- end funds, 529 plans, variable contracts, and shares issued by money- market funds.

## Section 2 — PROHIBITED Transactions
(a) *Personal Profit from Knowledge of Client Transactions.* No person covered by this code may use actual knowledge of client transactions to profit from such transactions.

(b) *Conflicting Trades.* No Access Person shall purchase or sell any Reportable Security or derivative thereon in which he has, or because of such order will acquire, any direct or indirect Beneficial Ownership, when to their knowledge, any Fund or client of the Adviser has a pending order. However, an Access Person may participate as part of a "bunch" order with simultaneous client transactions. The Adviser must determine that the "bunching" is consistent with best execution and no client is disadvantaged.

(c) *Portfolio Manager Restrictions.* Portfolio Managers and any account in which they have a Beneficial Ownership are limited to transactions in registered open-end investment companies, exchange-traded funds, securities excluded from the definition of Reportable Security, and transactions in Saturna Capital stock. Transactions in Reportable Securities acquired prior to appointment as a Portfolio Manager are exempted from this restriction to the extent that the transactions reduce an existing position. Likewise, transactions in Reportable Securities acquired through inheritance or gift after appointment as a Portfolio Manager are exempted from this restriction to the extent that the transactions reduce an existing position.

(d) *Initial Public Offering*. No Access Person may directly or indirectly acquire beneficial ownership in any security in an initial public offering.

(e) *Limited Offering (commonly referred to as a Private Placement).* No Access Person may directly or indirectly acquire beneficial ownership in any security in a limited offering.

(f) *Principal Transactions.* No Access Person nor the Adviser may effect a transaction as principal with a client.

(g) *Insider Trading.*

(1) All directors, trustees, officers or employees of a Fund, or the Adviser are prohibited from trading in any security, either personally or on behalf of others, including clients, on the basis of material non- public information or communicating material non-public information to others in violation of the law.

(2) Persons who are aware of the misuse of material nonpublic information should report such misuse to the Chief Compliance Officer.

(h) *Investment recommendation disclosures.* No Access Person may recommend or attempt to cause any securities transactions by a client or participate in any investment decision without disclosing his interest in the securities.

(i) *Unlawful Actions.* No Access Person in connection with the purchase or sale, directly or indirectly, of a security held or to be acquired by a Fund as defined in Rule 17j-1 may:

1) Employ any device, scheme or artifice to defraud any client;

2) Make any untrue statement of a material fact to, or omit to state a material fact to, any client;

3) Engage in any act, practice or course of business that operates or would operate as a fraud or deceit on any client; or

4) Engage in any manipulative practice with regard to any client.

## Section 3 — REPORTING AND APPROVALS
(a) *Independent Trustees and Independent Directors.* An Independent Trustee or Independent Director need not make a transaction report pursuant to this section unless he, at the time he executes a transaction in a Reportable Security, knew or in the ordinary course of fulfilling his official duties, should have known that during the fifteen (15) calendar day period immediately before his transaction, a Fund purchased or sold the security, or the Fund or its Adviser considered purchasing or selling the security. In the event that this provision is triggered, the Trustee or Director may rely on paragraph (f)(3) of this Section to meet their quarterly reporting obligation.

(b) *Reporting Accounts.* No Access Persons may have a Beneficial Ownership in any securities account held away from Saturna Brokerage Services or Saturna Capital. Officers, directors, and employees of a foreign subsidiary of the Advisor are permitted to maintain securities accounts at a custodian acceptable to the subsidiaries' Chief Compliance Officer, provided that they comply with the provisions of (b)(1) and (b)(2) of this section. Reporting Accounts registrations in NEPTUNE are to be marked as "employee" to facilitate monitoring.

(1) No later than 10 days after becoming an Access Person, each Access Person shall meet with the Chief Compliance Officer to discuss the requirements of this Code. The Access Person shall deliver a current record (as of a date no more than 45 days prior to the date they became an Access Person) of all Securities (including name and quantity) in which the Access Person has a direct or indirect Beneficial Ownership, including the name of any broker, dealer or bank with whom the Access Person maintained an account. The Access Person shall provide evidence that the Access Person has made provision to open an account with Saturna Brokerage Services or another approved brokerage firm, and as soon as practicable, arrange to transfer all Securities holdings to that account and close any previous outside accounts.

(2) At the end of the first month of employment, the Access Person shall demonstrate that he has completed the process of closing all outside accounts and moving all holdings to the approved brokerage firm. The Chief Compliance Officer will provide appropriate guidance and assistance to the Access Person if needed to complete the process.

(3) An Access Person's willful non-compliance with completion of this process shall be considered a violation of this Code of Ethics.

(c) The President may permit, in unusual circumstances and for good cause, an Access Person to maintain a Reporting Account away from Saturna Brokerage Services or Saturna Capital. If an Access Person is permitted to maintain such an account the Access Person:

(1) must have no advance knowledge or control of any transaction in such account, and

(2) shall be responsible for maintaining on a mirroring Reporting Account an accurate history of all security transactions that are required to be reported under this Code, and

(3) shall instruct the manager or custodian with which such account is maintained to send periodic statements and copies of security transaction confirmations (if available) directly to the Chief Compliance Officer.

(d) Access Persons may keep records of securities in which they have indirect Beneficial Ownership in separate Reporting Account(s) from those in which they have direct Beneficial Ownership, or may combine those holdings in a single Reporting Account.

(e) *Not considered admission.* Any Reporting Account submission may contain a statement that the report shall not be construed as an admission by the person making such report that he has any direct or indirect Beneficial Ownership in the security to which the report relates.

(f) *Transaction reporting.*

(1) If not done through a Reporting Account, Access Persons shall report transactions in any security in which such person has, or because of such transaction acquires, any direct or indirect Beneficial Ownership.

(2) Every report shall be made not later than ten (10) days after the end of the execution of the transaction, and shall contain the following information:

(i) The date of the transaction, the title and the number of shares, and the principal amount of each security involved;

(ii) The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

(iii) The price at which the transaction was effected;

(iv) The name of the broker, dealer, fund distributor, or bank with or through whom the transaction was effected; and

(v) The date that the report was submitted.

(3) If expressly permitted by the Chief Compliance Officer, and if received by the Adviser no later than 30 days after the end of the applicable calendar quarter, periodic statements or copies of security transaction confirmations containing the information required by paragraph 17j-1(d)(1)(ii) of the Investment Company Act of 1940 will meet this requirement.

## SECTION 4 — EXEMPTIONS FROM PROHIBITED TRANSACTION AND REPORTING REQUIREMENTS
(a) *"Fund Direct" Accounts*. Accounts limited solely to transactions in registered open-end investment companies where the Adviser does not act as adviser, unit investment trusts, 529 plans, and variable contracts.

(b) *Exceptions and Exemptions.* The Chief Compliance Officer may grant an exception to or exemption from this Code to any person, transaction or series of transactions, provided that the exception or exemption is not contrary to the mandatory requirements of applicable Laws, Rules and Regulations. Exceptions or exemptions must be in writing and specify the reason(s) and any conditions imposed. In determining whether to grant permission for an initial public offering or limited offering, the Chief Compliance Officer shall consider, among other things, whether such offering should be reserved for a Fund or other client of the Adviser, and whether such transaction is being offered to the person because of his or her position with the Adviser. If an Access Person receives approval, they must disclose such investments whenever they are involved in the Adviser's subsequent consideration of these investments for any client. Further, the decision to purchase or sell such security for any client should be made by persons with no personal direct or indirect interest in the security.

(c) *Involuntary Transactions.* Transactions that are non-volitional by either the Access Person or any client (including transactions with respect to which such Access Person has no actual advance knowledge of a given trade).

(d) *Automatic Investment Plans.* Transactions made automatically in accordance with a predetermined schedule and allocation, such as dividend reinvestment plans.

(e) *Rights Offerings.* Purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of rights so acquired.

## SECTION 5 — PERIOD CERTIFICATION
(a) On a quarterly basis, Access Persons (other than those whose trading is subject to Portfolio Manager Restrictions and have not been permitted to hold a Reporting Account away) shall certify that they have reviewed their quarter-end holdings reports and that securities holdings in which they have a beneficial interest are accurately reflected.

(b) On an annual basis, Access Persons whose trading is subject to Portfolio Manager Restrictions and have not been permitted to maintain a Reporting Account away, shall certify that they have reviewed their year-end holdings reports and that securities holdings in which they have a beneficial interest are accurately reflected.

(c) On an annual basis, all Access Persons shall certify that they have read, understand, and intend to comply with this Code.

## SECTION 6 — SERVICE AS A DIRECTOR OF A PUBLICLY TRADED COMPANY
(a) No Access Person shall serve as director of any publicly traded company without first obtaining approval of the President. Any such approval shall be based on a determination by the President that such board service will be consistent with the interests of the clients of the Adviser, and that such person serving as a director will be isolated from those making investment decisions with respect to such company by appropriate procedures. At the direction of the President, in his or her sole discretion, such person may be required to resign from such directorship.

## SECTION 7 — GIFTS AND ENTERTAINMENT
(a) The giving or receiving of gifts or business entertainment could give rise to a potential or actual conflict of interest, such that the gift or entertainment is provided as a kickback or quid pro quo.

(b) *Gifts:* No Access Person, whether directly or indirectly, shall give or receive a Gift in excess of $100 per year to or from any person associated in any capacity with another firm. All Gifts must be reported to the Chief Compliance Officer within 30 days of receipt. For purposes of this provision, promotional items of nominal value that are widely distributed and display a gift giver's logo, such as golf balls, shirts, towels and pens, do not fall within the definition of "Gift."

(c) *Business entertainment:* No Access Person may provide Business Entertainment to any person from whom Saturna is soliciting business or with whom Saturna is conducting business, in excess of the dollar limit applicable to such person as established by the President or Chief Financial Officer of Saturna. Trustees of the Funds and investment advisory clients of Saturna are exempted from this requirement.

(d) *Payment or Reimbursement of Expenses:* Payments of an Access Person's or Trustee's ("Attendee") expenses in connection with meetings held by an offeror or by a securities brokerage firm, for the purpose of training or education of the Attendee may be received, provided that:

(1) The Attendee keeps, including all compensation received, the name of the offeror or brokerage firm, the amount of cash received, and the nature and, if known, value of any non-cash compensation;

(2) The Attendee obtains the President's prior approval to attend the meeting;

(3) The location is appropriate to the purpose of the meeting, which shall mean an office of the offeror or the brokerage firm, or a facility located in the vicinity of such office, or a regional location with respect to regional meetings;

(4) The payment or reimbursement is not applied to the expenses of guests of the Attendee; and

(5) The payment or reimbursement by the offeror or brokerage firm is not subject to any conditions. The limits of this paragraph shall not apply to any expenses incurred by any Fund or trustee which are paid by the Adviser in connection with any meeting, conference, education or other activity of any kind related to business of a Fund.

## SECTION 8 — DISCLOSURES
(a) *Fund trustee disclosures*. Fund trustees must disclose ownership interests in Fund securities, qualifications for their Fund positions, compensation, meeting attendance, potential conflicts of interest, and other details specified in SEC regulations which are received through an annual questionnaire. Questions are directed to Fund legal counsel and/or the Chief Compliance Officer.

(b) *Code of Ethics disclosure.* The Funds disclose in their registration statements that:

(1) The Funds and the Adviser have adopted this Code of Ethics;

(2) This Code permits personnel to invest in securities for their own accounts, and

(3) This Code is on public file, and available from, the SEC. This Code of Ethics is filed as an exhibit to the Funds' registration statements and is available online at Saturna websites.

## SECTION 9 — ADMINISTRATION AND ENFORCEMENT
(a) The Chief Compliance Officer will administer the Code and shall be responsible for a quarterly review, as prepared by the Reporting Account system, which compares Reporting Account securities transactions of Access Persons with completed portfolio transactions of clients to determine, among other things, whether a violation of this Code of Ethics, front-running, or insider trading may have occurred.

(b) Possible violations of this Code of Ethics must be reported to the Chief Compliance Officer immediately, or in the absence of the Chief Compliance Officer, to any Compliance Officer, the President, or to any Director. Possible violations shall be promptly investigated, and violations reported through the Chief Compliance Officer to the President and board of directors of the Adviser, with copies to Fund boards. Such report shall include the corrective action taken and any recommendation for disciplinary action deemed appropriate by the Chief Compliance Officer. Such recommendation shall be based on, among other things, the severity of the infraction, whether it is a first or repeat offense, and whether it is part of a pattern of disregard for the letter and intent of this Code of Ethics. The President or board of directors of the Adviser may impose such sanctions for violation of this Code of Ethics as deemed appropriate, including, but not limited to:

(1) Oral reprimand;

(2) Letter of censure;

(3) Suspension or termination of the employment;

(4) Reversal of a securities trade at the violator's expense and risk, including disgorgement of any profit; and

(5) In serious cases, referral to law enforcement or regulatory authorities.

(c) At their first regular meeting in each calendar year, the Fund boards must be provided and review an annual report from the Adviser on compliance for the previous year. The Boards must receive a certification that the Fund and the Adviser "have adopted procedures reasonably necessary to prevent Access Persons from violating" their codes before approving this Code of Ethics and "not less frequently than annually" thereafter. The annual report to the Fund boards must describe any issues and material violations arising under this Code since the last report.

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**Appendix A**

**Sarbanes-Oxley SOX Code of Ethics for the <br> Principal Executive Officer and Principal Financial Officer<br> of<br> Amana Mutual Funds Trust<br> Saturna Investment Trust**

* **COVERED OFFICERS/PURPOSE OF THE SOX CODE**

This Sarbanes-Oxley SOX Code of Ethics (the "SOX Code") for the series of funds (each, a "Fund" and collectively, the "Funds") of Amana Mutual Funds Trust and Saturna Investment Trust (each, a "Trust" and collectively, the "Trusts") applies to each Trust's Principal Executive Officer and Principal Financial Officer (the "Covered Officers," identified on Schedule A). The purpose of this SOX Code is to promote:

* Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

* Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by the Funds;

* Compliance with applicable laws and governmental rules and regulations;

* The prompt internal reporting of violations of the SOX Code to an appropriate person or persons identified in the SOX Code; and

* Accountability for adherence to the SOX Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

* **COVERED OFFICERS SHOULD HANDLE ETHICALLY ANY ACTUAL AND APPARENT CONFLICTS OF INTEREST**

A "conflict of interest" occurs when a Covered Officer's personal interest interferes with the interests of, or his service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, were to receive improper personal benefits as a result of his position with a Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 and the Investment Advisers Act of 1940. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with

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the Fund because of their status as "affiliated persons" of the investment adviser to each of the Funds. The compliance programs and procedures of the Funds and Saturna Capital Corporation ("Saturna") are designed to prevent, or identify and correct, violations of such requirements. This SOX Code does not, and is not intended to, repeal or replace those programs and procedures, and such conflicts fall outside of the parameters of this SOX Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between each of the Funds and Saturna, for which the Covered Officers may also serve as trustees, officers, or employees. As a result, this SOX Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for Saturna, or for both), be involved in establishing policies and implementing decisions that will have different effects on Saturna and each of the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each of the Funds and Saturna and is consistent with the performance by the Covered Officers of their duties as officers of one or more Funds and, if addressed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Boards of Trustees of each Trust (collectively, the "Board of Trustees") that the Covered Officers may also be directors, officers, or employees of Saturna and are covered by this SOX Code and by a separate code of ethics.

Other conflicts of interest are covered by this SOX Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. In reading the following examples of conflicts of interest under this SOX Code, Covered Officers should keep in mind that such a list cannot ever be exhaustive and cannot consider every possible scenario. As such, the overarching principle that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund shall govern and shall be the standard by which a Covered Officer's conduct is judged under this SOX Code.

Each Covered Officer must not:

* Use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund; and

* Cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Fund.

There are some potential conflict of interest situations that should be discussed with Saturna's Chief Legal Officer if material. Examples of these include:

* Service as a director on the board of any public company;

* Any direct ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than Saturna or any affiliated person of Saturna;

* A direct or indirect financial interest in commissions, transaction charges, or spreads paid

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by a Fund for effecting portfolio transactions or for selling or redeeming shares, other than an interest arising from the Covered Officer's employment, such as compensation or as director, officer, shareholder, or employee of Saturna.

* **DISCLOSURE & COMPLIANCE**

It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules, and regulations. In addition, each Covered Officer:

* Should familiarize himself with the disclosure requirements generally applicable to the Funds;

* Should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within or outside Saturna or a Fund, including to a Trust's Independent Trustees and auditors, and to governmental regulators and self-regulatory organizations; and

* Should, to the extent appropriate within his area of responsibility, consult with other officers of the Trust and employees of Saturna with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds.

* **REPORTING AND ACCOUNTABILITY**

Saturna's Chief Legal Officer is responsible for applying this SOX Code to specific situations in which questions are presented under it and has the authority to interpret this SOX Code in any particular situation. The Chief Legal Officer may consult, as appropriate, with the Independent Trustees, and/or counsel to the Independent Trustees, and is encouraged to do so. However, any approvals or waivers sought by the Covered Persons will be considered and approved by the Independent Trustees.

Each Covered Officer must:

* Upon adoption of the SOX Code, affirm in writing to the Board of Trustees that he has received, read, and understands the SOX Code;

* Annually thereafter affirm to the Board of Trustees that he has complied with the requirements of the SOX Code;

* Report at least annually such affiliations or other relationships related to conflicts of interest as covered by the Annual Directors & Officers Questionnaire;

* Not retaliate against any employee or member of Saturna for reports of violations or potential violations of law or this SOX Code that are made in good faith; and

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* Notify Saturna's Chief Legal Officer promptly if he is aware of any violation or potential violation of law or this SOX Code, recognizing that failure to do so is itself a violation of this SOX Code.

Each of the Funds will follow these procedures in investigating and enforcing this SOX Code:

* Saturna's Chief Legal Officer will take all appropriate action to investigate any potential violations reported to him;

* If, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal Officer is not required to take any further action, but he shall discuss with the Trust's Independent Trustees at its next regularly scheduled meeting his investigation and conclusion;

* Any matter that the Chief Legal Officer believes is a violation will be reported to the Independent Trustees;

* If the Independent Trustees concur that a violation has occurred, the Independent Trustees will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of Saturna; or a recommendation to dismiss the Covered Officer;

* The Independent Trustees will be responsible for granting waivers, as appropriate; and

* Any changes to or waivers of this SOX Code will, to the extent required, be disclosed as provided by SEC rules.

* **OTHER POLICIES AND PROCEDURES**

This SOX Code shall be the sole SOX Code of ethics adopted by the Trusts (on behalf of each Fund) for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. To the extent that they overlap or conflict, the provisions of this SOX Code supersede the policies and procedures of the Funds and the Funds' adviser, principal underwriter, and other service providers. The Funds' and Saturna's Code of Ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others and are not part of this SOX Code.

* **AMENDMENTS**

Except as to the individuals listed on Schedule A, this SOX Code may not be amended except in written form, which shall be explicitly approved or ratified by a majority vote of each Trust's Independent Trustees.

* **CONFIDENTIALITY**

All reports and records prepared or maintained pursuant to this SOX Code shall be considered

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confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this SOX Code, such matters shall not be disclosed to anyone other than the Independent Trustees and their independent legal counsel.

* **INTERNAL USE**

The SOX Code is intended solely for the internal use by each of the Funds and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

**SCHEDULE A**

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| | |
|:---|:---|
| <u>Persons Covered by this SOX Code of Ethics</u><br> Nicholas F. Kaiser<br> Jane K. Carten <br> Christopher R. Fankhauser<br>| <u>Position with Trusts</u><br> Principal Executive Officer<br> Principal Executive Officer<br> Principal Financial Officer |

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\# \# \#

## Ex-99.Cert

**CERTIFICATIONS**

<br> I, **Nicholas Kaiser**, certify that:

1. I have reviewed this report on Form N-CSRS of **Amana Mutual Funds Trust**;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3 (c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of 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; and

5. The registrant's other certifying officer(s) and I have disclosed, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.<br>

Date: January 30, 2023<br>/s/ *Nicholas Kaiser*<br> President <br>

<br> **CERTIFICATIONS**

<br> I, **Christopher Fankhauser**, certify that:

1. I have reviewed this report on Form N-CSRS of **Amana Mutual Funds Trust**;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3 (c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of 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; and

5. The registrant's other certifying officer(s) and I have disclosed, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):<br>

a) All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and<br>b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: January 30, 2023

/s/ *Christopher Fankhauser*<br> Treasurer

## Exhibit 99.906

**CERTIFICATION UNDER SECTION 906 OF THE<br> SARBANES-OXLEY ACT OF 2002 (18 U.S.C 1350)**

<br> I, **Nicholas Kaiser**, certify that:<br>

This certification is being furnished pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in connection with the filing of the Registrant's Semi-Annual Report on Form N-CSRS for the period ended November 30, 2022 (the "Report").

I hereby certify that to the best of my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

<br> Date: January 30, 2023<br>/s/ *Nicholas Kaiser*<br> President <br>

<br> **CERTIFICATION UNDER SECTION 906 OF THE<br> SARBANES-OXLEY ACT OF 2002 (18 U.S.C 1350)**

<br> I, **Christopher Fankhauser**, certify that:<br>

This certification is being furnished pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in connection with the filing of the Registrant's Semi-Annual Report on Form N-CSRS for the period ended November 30, 2022 (the "Report").

I hereby certify that to the best of my knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

<br> Date: January 30, 2023

/s/ *Christopher Fankhauser*<br> Treasurer