Amana Mutual Funds Trust Income Fund (AMANX) N-CSRS Certified semi-annual shareholder report (management investment company)

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 002-96924

AMANA MUTUAL FUNDS TRUST
(Exact Name of Registrant as Specified in Charter)

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

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

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

Date of fiscal year end: May 31, 2023
Date of reporting period: November 30, 2022

Item 1. Semi-Annual Report

Performance Summary

As of November 30, 2022

Average Annual Returns (before any taxes paid by shareowners)	1 Year		3 Year		5 Year		10 Year		15 Year		Expense Ratio1
Amana Income Fund Investor Shares (AMANX)		1.24%		10.99%		9.67%		11.25%		8.48%		1.01%
Amana Income Fund Institutional Shares (AMINX)		1.49%		11.22%		9.91%		n/a		n/a		0.77%
Amana Growth Fund Investor Shares (AMAGX)		-12.27%		15.17%		15.15%		14.74%		10.63%		0.91%
Amana Growth Fund Institutional Shares (AMIGX)		-12.07%		15.45%		15.42%		n/a		n/a		0.64%
Amana Developing World Fund Investor Shares (AMDWX)		-13.87%		5.01%		2.58%		1.47%		n/a		1.21%
Amana Developing World Fund Institutional Shares (AMIDX)		-13.62%		5.24%		2.77%		n/a		n/a		0.99%
Amana Participation Fund Investor Shares (AMAPX)		-5.21%		-0.05%		1.31%		n/a		n/a		0.80%
Amana Participation Fund Institutional Shares (AMIPX)		-4.86%		0.24%		1.55%		n/a		n/a		0.56%

As of December 31, 2022

Average Annual Returns (before any taxes paid by  shareowners)	1 Year		3 Year		5 Year		10 Year		15 Year		Expense Ratio1
Amana Income Fund Investor Shares (AMANX)		-8.72%		8.41%		8.63%		10.72%		8.24%		1.01%
Amana Income Fund Institutional Shares (AMINX)		-8.51%		8.64%		8.87%		n/a		n/a		0.77%
Amana Growth Fund Investor Shares (AMAGX)		-19.41%		12.09%		13.93%		14.03%		10.35%		0.91%
Amana Growth Fund Institutional Shares (AMIGX)		-19.22%		12.35%		14.20%		n/a		n/a		0.64%
Amana Developing World Fund Investor Shares (AMDWX)		-17.59%		2.36%		1.45%		0.90%		n/a		1.21%
Amana Developing World Fund Institutional Shares (AMIDX)		-17.44%		2.58%		1.62%		n/a		n/a		0.99%
Amana Participation Fund Investor Shares (AMAPX)		-4.99%		0.19%		1.38%		n/a		n/a		0.80%
Amana Participation Fund Institutional Shares (AMIPX)		-4.64%		0.44%		1.64%		n/a		n/a		0.56%

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.

¹  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.

2     Semi-Annual Report November 30, 2022

Fellow Shareowners: January 20, 2023

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).

Semi-Annual Report November 30, 2022     3

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.¹

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

¹  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.

4     Semi-Annual Report November 30, 2022

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

Semi-Annual Report November 30, 2022     5

Morningstar Ratings (as of November 30, 2022)
Morningstar™ RatingsA	1 Year	3 Year	5 Year	10 Year	15 Year	Overall	Sustainability Rating™ B
Amana Income Fund – “Large Blend” Category
Investor Shares (AMANX)	n/a	êêêêê	êêê	êêê	n/a	êêê	ø ø ø ø ø
% Rank in Category	6	25	62	79	56	n/a	33
Institutional Shares (AMINX)	n/a	êêêêê	êêêê	¶ ¶¶	n/a	êêêê	ø ø ø ø ø
% Rank in Category	6	21	56	74	48	n/a	33
Number of Funds in Category	1,347	1,214	1,108	813	608	1,214	3,391
Amana Growth Fund – “Large Growth” Category
Investor Shares (AMAGX)	n/a	êêêêê	êêêêê	êêêê	n/a	êêêêê	ø ø ø ø ø
% Rank in Category	13	2	3	12	11	n/a	7
Institutional Shares (AMIGX)	n/a	êêêêê	êêêêê	¶¶¶¶¶	n/a	êêêêê	ø ø ø ø ø
% Rank in Category	13	2	2	8	9	n/a	7
Number of Funds in Category	1,231	1,126	1,051	793	574	1,126	1,590
Amana Developing World Fund – “Diversified Emerging Markets” Category
Investor Shares (AMDWX)	n/a	êêêêê	êêê êê	êêêê	n/a	êêêêê	ø ø ø ø ø
% Rank in Category	31	9	11	71	n/a	n/a	21
Institutional Shares (AMIDX)	n/a	êêêêê	êêêêê	¶¶¶¶	n/a	êêêêê	ø ø ø ø ø
% Rank in Category	30	8	9	64	n/a	n/a	21
Number of Funds in Category	812	732	654	383	181	732	1,781
Amana Participation Fund – “Emerging Markets Bond” Category
Investor Shares (AMAPX)	n/a	êêêêê	êêêêê	n/a	n/a	êêêêê	ø ø ø ø ø
% Rank in Category	3	7	4	n/a	n/a	n/a	46
Institutional Shares (AMIPX)	n/a	êêêêê	êêêê	n/a	n/a	êêêêê	ø ø ø ø ø
% Rank in Category	2	4	3	n/a	n/a	n/a	46
Number of Funds in Category	271	249	218	103	40	249	877

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”).

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

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

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

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

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

Amana Income Fund	100%
Amana Growth Fund	100%
Amana Developing World Fund	99%
Amana Developing World Fund	74%

% 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.

6     Semi-Annual Report November 30, 2022

Morningstar Ratings (as of December 31, 2022)
Morningstar™ RatingsA	1 Year	3 Year	5 Year	10 Year	15 Year	Overall
Amana Income Fund – “Large Blend” Category
Investor Shares (AMANX)	n/a	êêêêê	êêêê	êêê	n/a	êêêê
% Rank in Category	7	18	53	77	49	n/a
Institutional Shares (AMINX)	n/a	êêêêê	êêê ê	¶¶¶	n/a	êêêê
% Rank in Category	6	15	45	70	44	n/a
Number of Funds in Category	1,358	1,223	1,116	818	614	1,223
Amana Growth Fund – “Large Growth” Category
Investor Shares (AMAGX)	n/a	êêêêê	êêêêê	êêêêê	n/a	êêêêê
% Rank in Category	11	2	2	9	8	n/a
Institutional Shares (AMIGX)	n/a	êêêêê	êêêêê	¶¶¶¶¶	n/a	êêêêê
% Rank in Category	10	2	2	7	7	n/a
Number of Funds in Category	1,235	1,131	1,054	804	579	1,131
Amana Developing World Fund – “Diversified Emerging Markets” Category
Investor Shares (AMDWX)	n/a	êêêêê	êêêêê	êêêê	n/a	êêêêê
% Rank in Category	31	9	11	68	n/a	n/a
Institutional Shares (AMIDX)	n/a	êêêêê	êêêêê	¶¶¶¶	n/a	êêêêê
% Rank in Category	30	8	10	58	n/a	n/a
Number of Funds in Category	816	732	650	394	183	732
Amana Participation Fund – “Emerging Markets Bond” Category
Investor Shares (AMAPX)	n/a	êêêêê	êêêêê	n/a	n/a	êêêêê
% Rank in Category	2	4	6	n/a	n/a	n/a
Institutional Shares (AMIPX)	n/a	êêêêê	êêêêê	n/a	n/a	êêêêê
% Rank in Category	1	2	4	n/a	n/a	n/a
Number of Funds in Category	270	248	223	103	41	248

Morningstar Carbon Metrics (as of September 30, 2022)

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     7

Amana Income Fund: Performance Summary

Average Annual Returns (as of November 30, 2022)
	1 Year		5 Year		10 Year		Expense Ratio1
Investor Shares (AMANX)		1.24%		9.67%		11.25%		1.01%
Institutional Shares (AMINX)2		1.49%		9.91%		n/a		0.77%
S&P 500 Index		-9.21%		10.97%		13.33%		n/a

Growth of $10,000

Comparison of any mutual fund to a market index must be made bearing in mind that the index is unmanaged and expense-free. Conversely, the Fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other operational costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in 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.

¹  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.

²  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.

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

Portfolio Diversification
% of Total Net Assets
Large Pharma	21.6%	∎
Household Products	6.5%	∎
Infrastructure Software	6.4%	∎
Commercial & Residential Building Equipment & Systems	5.4%	∎
Measurement Instruments	4.9%	∎
Basic & Diversified Chemicals	4.9%	∎
Specialty Chemicals	4.8%	∎
Semiconductor Devices	4.5%	∎
Automotive Retailers	4.4%	∎
Industrial Machinery	4.3%	∎
Semiconductor Manufacturing	4.3%	∎
Other industries < 3.5%	19.1%	∎
Other Assets (net of liabilities)	8.9%	∎

8     Semi-Annual Report November 30, 2022

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

Common Stocks – 91.1%	Number of Shares		Cost		Market Value		Percentage of Net Assets
Consumer Discretionary
Automotive Retailers
Genuine Parts		382,000		$15,016,749		$70,032,060		4.4%
Home Improvement
Stanley Black & Decker		71,950		4,850,611		5,879,754		0.3%
				19,867,360		75,911,814		4.7%
Consumer Staples
Household Products
Colgate-Palmolive		415,400		15,151,572		32,185,192		2.0%
Kimberly-Clark		230,000		13,960,736		31,194,900		1.9%
Procter & Gamble		135,000		16,030,154		20,136,600		1.3%
Unilever ADR		420,000		14,236,893		21,159,600		1.3%
				59,379,355		104,676,292		6.5%
Packaged Food
McCormick & Co		559,288		13,161,835		47,640,152		3.0%
				72,541,190		152,316,444		9.5%
Health Care
Biotech
Amgen		106,000		25,857,756		30,358,400		1.9%
Large Pharma
AbbVie		140,000		3,688,616		22,565,200		1.4%
Bristol-Myers Squibb		650,000		15,185,381		52,182,000		3.3%
Eli Lilly		455,000		15,545,890		168,841,400		10.5%
Johnson & Johnson		125,000		10,460,152		22,250,000		1.4%
Novartis ADR		275,400		14,323,946		24,664,824		1.6%
Pfizer		1,100,000		18,605,774		55,143,000		3.4%
				77,809,759		345,646,424		21.6%
Medical Devices
Abbott Laboratories		350,000		8,392,885		37,653,000		2.3%
				112,060,400		413,657,824		25.8%
Industrials
Commercial & Residential Building Equipment & Systems
Honeywell International		260,000		10,768,521		57,083,000		3.6%
Johnson Controls International		430,000		27,645,988		28,569,200		1.8%
				38,414,509		85,652,200		5.4%
Courier Services
United Parcel Service, Class B		110,000		20,602,851		20,870,300		1.3%
Flow Control Equipment
Parker Hannifin		40,000		1,586,972		11,957,600		0.7%
Industrial Distribution & Rental
W.W. Grainger		80,000		7,590,798		48,244,800		3.0%

Continued on next page.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report November 30, 2022     9

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

Common Stocks – 91.1%	Number of Shares		Cost		Market Value		Percentage of Net Assets
Industrials (continued)
Industrial Machinery
Illinois Tool Works		300,000		$14,672,460		$68,241,000		4.3%
Measurement Instruments
Rockwell Automation		300,000		13,657,124		79,266,000		4.9%
Rail Freight
Canadian National Railway		384,000		8,600,818		49,317,120		3.1%
				105,125,532		363,549,020		22.7%
Materials
Basic & Diversified Chemicals
Air Products & Chemicals		110,000		6,424,723		34,117,600		2.2%
Linde		130,000		8,531,142		43,742,400		2.7%
				14,955,865		77,860,000		4.9%
Specialty Chemicals
3M		200,000		13,704,248		25,194,000		1.6%
PPG Industries		379,000		12,758,054		51,248,380		3.2%
				26,462,302		76,442,380		4.8%
				41,418,167		154,302,380		9.7%
Technology
Communications Equipment
Cisco Systems		600,000		27,297,500		29,832,000		1.8%
Consumer Electronics
Nintendo		650,000		32,232,217		27,580,494		1.7%
Infrastructure Software
Microsoft		400,000		7,953,170		102,056,000		6.4%
Semiconductor Devices
Intel		900,000		19,537,540		27,063,000		1.7%
Texas Instruments		250,000		38,489,292		45,115,000		2.8%
				58,026,832		72,178,000		4.5%
Semiconductor Manufacturing
Taiwan Semiconductor ADR		824,500		8,249,619		68,417,010		4.3%
				133,759,338		300,063,504		18.7%
Total investments				$484,771,987		$1,459,800,986		91.1%
Other assets (net of liabilities)						142,839,797		8.9%
Total net assets						$1,602,640,783		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
Assets
Investments in securities, at value (Cost $484,771,987)	$1,459,800,986
Cash	142,125,239
Dividends receivable	4,085,446
Receivable for Fund shares sold	149,619
Prepaid expenses	26,834
Other assets	2,529
Total assets	1,606,190,653
Liabilities
Payable for securities purchased	1,889,889
Accrued advisory fees	946,259
Payable for Fund shares redeemed	487,032
Accrued 12b-1 distribution fees	151,654
Accrued retirement plan custody fee	49,721
Accrued other operating expenses	10,021
Accrued legal expenses	5,907
Accrued trustee expenses	4,709
Accrued Chief Compliance Officer expenses	4,678
Total liabilities	3,549,870
Net Assets	$1,602,640,783
Analysis of Net Assets
Paid-in capital (unlimited shares authorized, without par value)	$516,041,679
Total distributable earnings	1,086,599,104
Net assets applicable to Fund shares outstanding	$1,602,640,783
Net asset value per Investor Share	AMANX
Net assets, at value	$766,149,741
Shares outstanding	12,339,184
Net asset value, offering and redemption price per share	$62.09
Net asset value per Institutional Share	AMINX
Net assets, at value	$836,491,042
Shares outstanding	13,582,095
Net asset value, offering and redemption price per share	$61.59

Statement of Operations

Period ended November 30, 2022
Investment income
Dividend Income (net of foreign tax of $264,681)	$14,783,673
Miscellaneous income	2,020
Total investment income	14,785,693
Expenses
Investment advisory fees	5,585,172
12b-1 distribution fees	894,198
Filing and registration fees	35,055
Custodian fees	32,925
Retirement plan custodial fees
Investor Shares	42
Institutional Shares	26,006
Other operating expenses	25,120
Printing and postage fees	21,999
Legal fees	18,947
Audit fees	15,041
Chief Compliance Officer expenses	11,518
Trustee fees	5,507
Total gross expenses	6,671,530
Less custodian fee credits	(32,925	)
Net expenses	6,638,605
Net investment income	$8,147,088
Net realized gain from investments and foreign currency	$51,967,702
Net increase in unrealized appreciation on investments	11,425,126
Net gain on investments	$63,392,828
Net increase in net assets resulting from operations	$71,539,916

The accompanying notes are an integral part of these financial statements. Semi-Annual Report November 30, 2022     11

Amana Income Fund

Statements of Changes in Net Assets	Period ended November 30, 2022		Year ended May 31, 2022
Increase (decrease) in net assets from operations
From operations
Net investment income	$8,147,088		$16,768,051
Net realized gain on investment	51,967,702		86,498,012
Net increase (decrease) in unrealized appreciation	11,425,126		(81,975,793	)
Net increase in net assets	71,539,916		21,290,270
Distributions to shareowners
Net dividend and distribution to shareowners - Investor Shares	-		(39,012,483	)
Net dividend and distribution to shareowners - Institutional Shares	-		(42,119,427	)
Total distributions	-		(81,131,910	)
Capital share transactions
Proceeds from the sale of shares
Investor Shares	20,439,750		63,205,053
Institutional Shares	52,094,204		195,808,033
Value of shares issued in reinvestment of dividends and distributions
Investor Shares	-		37,828,390
Institutional Shares	-		40,674,735
Cost of shares redeemed
Investor Shares	(34,310,455	)	(169,927,539	)
Institutional Shares	(42,379,892	)	(117,623,925	)
Total capital share transactions	(4,156,393	)	49,964,747
Total increase (decrease) in net assets	67,383,523		(9,876,893	)
Net assets
Beginning of period	1,535,257,260		1,545,134,153
End of period	$1,602,640,783		$1,535,257,260
Shares of the Fund sold and redeemed
Investor Shares (AMANX)
Number of shares sold	357,108		1,013,224
Number of shares issued in reinvestment of dividends and distributions	-		584,713
Number of shares redeemed	(597,478	)	(2,695,833	)
Net decrease in number of shares outstanding	(240,370	)	(1,097,896	)
Institutional Shares (AMINX)
Number of shares sold	913,747		3,142,847
Number of shares issued in reinvestment of dividends and distributions	-		636,014
Number of shares redeemed	(747,185	)	(1,892,271	)
Net increase in number of shares outstanding	166,562		1,886,590

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

Amana Income Fund: Financial Highlights

Investor Shares (AMANX)	Period ended			Year ended May 31,
Selected data per share of outstanding capital stock throughout each period:	Nov. 30, 2022	2022		2021		2020		2019		2018
Net asset value at beginning of period	$59.34	$61.52		$50.03		$48.32		$48.91		$48.03
Income from investment operations
Net investment incomeA	0.28	0.59		0.58		0.67		0.61		0.58
Net gains on securities (both realized & unrealized)	2.47	0.37		14.53		5.17		1.80		3.28
Total from investment operations	2.75	0.96		15.11		5.84		2.41		3.86
Less distributions
Dividends (from net investment income)	-	(0.55	)	(0.56	)	(0.66	)	(0.62	)	(0.57	)
Distributions (from capital gains)	-	(2.59	)	(3.06	)	(3.47	)	(2.38	)	(2.41	)
Total distributions	-	(3.14	)	(3.62	)	(4.13	)	(3.00	)	(2.98	)
Net asset value at end of period	$62.09	$59.34		$61.52		$50.03		$48.32		$48.91
Total ReturnB	4.63%	1.16%		30.87%		11.77%		5.35%		7.82%
Ratios / supplemental data
Net assets ($000), end of period	$766,150	$746,534		$841,439		$735,565		$805,610		$882,571
Ratio of expenses to average net assets
Before custodian fee creditsC	1.02%	1.01%		1.04%		1.06%		1.11%		1.13%
After custodian fee creditsC	1.02%	1.01%		1.04%		1.06%		1.10%		1.12%
Ratio of net investment income after custodian fee credits to average net assetsC	0.97%	0.94%		1.03%		1.31%		1.22%		1.14%
Portfolio turnover rateB	5%	5%		5%		0%		1%		1%

Institutional Shares (AMINX)	Period ended			Year ended May 31,
Selected data per share of outstanding capital stock throughout each period:	Nov. 30, 2022	2022		2021		2020		2019		2018
Net asset value at beginning of period	$58.79	$61.04		$49.72		$48.12		$48.72		$47.90
Income from investment operations
Net investment incomeA	0.35	0.74		0.71		0.78		0.74		0.70
Net gains on securities (both realized & unrealized)	2.45	0.37		14.42		5.13		1.79		3.26
Total from investment operations	2.80	1.11		15.13		5.91		2.53		3.96
Less distributions
Dividends (from net investment income)	-	(0.77	)	(0.75	)	(0.84	)	(0.75	)	(0.73	)
Distributions (from capital gains)	-	(2.59	)	(3.06	)	(3.47	)	(2.38	)	(2.41	)
Total distributions	-	(3.36	)	(3.81	)	(4.31	)	(3.13	)	(3.14	)
Net asset value at end of period	$61.59	$58.79		$61.04		$49.72		$48.12		$48.72
Total ReturnB	4.76%	1.40%		31.14%		11.96%		5.63%		8.05%
Ratios / supplemental data
Net assets ($000), end of period	$836,491	$788,724		$703,695		$533,239		$472,724		$451,651
Ratio of expenses to average net assets
Before custodian fee creditsC	0.78%	0.77%		0.80%		0.83%		0.87%		0.89%
After custodian fee creditsC	0.78%	0.77%		0.79%		0.82%		0.86%		0.88%
Ratio of net investment income after custodian fee credits to average net assetsC	1.21%	1.19%		1.27%		1.55%		1.47%		1.39%
Portfolio turnover rateB	5%	5%		5%		0%		1%		1%

^A  Calculated using average shares outstanding

^B  Not annualized for periods of less than one year

^C  Annualized for periods of less than one year

The accompanying notes are an integral part of these financial statements. Semi-Annual Report November 30, 2022     13

Amana Growth Fund: Performance Summary

Average Annual Returns (as of November 30, 2022)
	1 Year		5 Year		10 Year		Expense Ratio1
Investor Shares (AMAGX)		-12.27%		15.15%		14.74%		0.91%
Institutional Shares (AMIGX)2		-12.07%		15.42%		n/a		0.64%
S&P 500 Index		-9.21%		10.97%		13.33%		n/a

Growth of $10,000

Comparison of any mutual fund to a market index must be made bearing in mind that the index is unmanaged and expense-free. Conversely, the Fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other operational costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in 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.

¹  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.

²  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.

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

Portfolio Diversification
% of Total Net Assets
Communications Equipment	13.3%	∎
Large Pharma	12.9%	∎
Semiconductor Manufacturing	8.4%	∎
Application Software	6.6%	∎
Household Products	6.0%	∎
Measurement Instruments	5.2%	∎
Commercial & Residential Building Equipment & Systems	4.5%	∎
Specialty Apparel Stores	4.3%	∎
Life Science Equipment	4.1%	∎
Rail Freight	3.8%	∎
Infrastructure Software	3.3%	∎
Biotech	3.0%	∎
Other industries < 3.0%	16.2%	∎
Other Assets (net of liabilities)	8.4%	∎

14     Semi-Annual Report November 30, 2022

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

Common Stocks – 91.6%	Number of Shares		Cost		Market Value		Percentage of Net Assets
Communications
Internet Media
Alphabet, Class A1		660,000		$74,180,314		$66,653,400		1.9%
Consumer Discretionary
Home Products Stores
Lowe’s		400,000		8,620,300		85,020,000		2.5%
Specialty Apparel Stores
Lululemon Athletica1		150,000		50,431,904		57,046,500		1.6%
TJX Companies		1,150,000		12,679,185		92,057,500		2.7%
				63,111,089		149,104,000		4.3%
				71,731,389		234,124,000		6.8%
Consumer Staples
Household Products
Church & Dwight		1,182,750		21,185,584		96,831,743		2.8%
Estee Lauder, Class A		458,594		16,624,230		108,131,879		3.2%
				37,809,814		204,963,622		6.0%
Health Care
Biotech
Amgen		355,000		18,341,782		101,672,000		3.0%
Large Pharma
AstraZeneca ADR		1,020,000		69,184,692		69,329,400		2.0%
Eli Lilly		350,000		12,007,975		129,878,000		3.8%
Johnson & Johnson		380,000		23,150,478		67,640,000		2.0%
Merck & Co		450,000		47,464,635		49,554,000		1.5%
Novo Nordisk ADR		1,002,195		7,665,243		124,873,497		3.6%
				159,473,023		441,274,897		12.9%
Life Science Equipment
Agilent Technologies		900,000		16,302,137		139,482,000		4.1%
Managed Care
Elevance Health		136,000		64,775,408		72,477,120		2.1%
Medical Devices
Stryker		300,000		15,657,168		70,167,000		2.0%
				274,549,518		825,073,017		24.1%
Industrials
Commercial & Residential Building Equipment & Systems
Johnson Controls International		1,244,000		59,845,842		82,651,360		2.4%
Trane		400,000		66,621,870		71,368,000		2.1%
				126,467,712		154,019,360		4.5%
Industrial Distribution & Rental
Fastenal		633,000		7,613,243		32,605,830		1.0%
Measurement Instruments
Keysight Technologies1		500,000		8,390,911		90,445,000		2.6%
Trimble1		1,500,000		15,966,794		89,625,000		2.6%
				24,357,705		180,070,000		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

Common Stocks – 91.6%	Number of Shares		Cost		Market Value		Percentage of Net Assets
Industrials (continued)
Metalworking Machinery
Lincoln Electric Holdings		307,000		$6,707,264		$45,399,160		1.3%
Rail Freight
Norfolk Southern		250,000		14,370,513		64,125,000		1.9%
Union Pacific		300,000		16,986,610		65,229,000		1.9%
				31,357,123		129,354,000		3.8%
				196,503,047		541,448,350		15.8%
Materials
Agricultural Chemicals
Corteva		1,050,000		59,533,180		70,518,000		2.1%
Technology
Application Software
Adobe1		320,600		10,572,380		110,584,558		3.2%
Intuit		285,600		9,926,412		116,407,704		3.4%
				20,498,792		226,992,262		6.6%
Communications Equipment
Apple		2,005,800		1,523,285		296,918,574		8.7%
Cisco Systems		1,500,000		26,759,130		74,580,000		2.1%
Motorola Solutions		310,000		79,705,053		84,382,000		2.5%
				107,987,468		455,880,574		13.3%
Information Services
Gartner1		179,900		6,185,085		63,031,563		1.8%
Infrastructure Software
Microsoft		205,000		54,427,656		52,303,700		1.5%
Oracle		737,200		21,467,457		61,209,716		1.8%
				75,895,113		113,513,416		3.3%
Semiconductor Devices
Advanced Micro Devices1		662,950		8,416,084		51,464,808		1.5%
Semiconductor Manufacturing
ASML Holding NY		308,000		10,937,644		187,300,960		5.5%
Taiwan Semiconductor ADR		1,222,471		12,765,781		101,440,644		2.9%
				23,703,425		288,741,604		8.4%
				242,685,967		1,199,624,227		34.9%
Total investments				$956,993,229		$3,142,404,616		91.6%
Other assets (net of liabilities)						286,738,818		8.4%
Total net assets						$3,429,143,434		100.0%

¹  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
Assets
Investments in securities, at value (Cost $956,993,229)	$3,142,404,616
Cash	267,320,821
Receivable for security sales	33,656,608
Dividends receivable	3,976,060
Receivable for Fund shares sold	1,814,033
Prepaid expenses	63,594
Total assets	3,449,235,732
Liabilities
Payable for securities purchased	16,257,930
Accrued advisory fees	1,699,286
Payable for Fund shares redeemed	1,692,189
Accrued 12b-1 distribution fees	338,256
Accrued retirement plan custody fee	73,509
Accrued other liabilities	14,292
Accrued Chief Compliance Officer expenses	9,925
Accrued trustee expenses	6,911
Total liabilities	20,092,298
Net Assets	$3,429,143,434
Analysis of Net Assets
Paid-in capital (unlimited shares authorized, without par value)	$1,090,935,795
Total distributable earnings	2,338,207,639
Net assets applicable to Fund shares outstanding	$3,429,143,434
Net asset value per Investor Share	AMAGX
Net assets, at value	$1,735,119,079
Shares outstanding	27,888,175
Net asset value, offering and redemption price per share	$62.22
Net asset value per Institutional Share	AMIGX
Net assets, at value	$1,694,024,355
Shares outstanding	27,044,874
Net asset value, offering and redemption price per share	$62.64

Statement of Operations

Period ended November 30, 2022
Investment income
Dividend income (net of foreign taxes of ($476,835))	$17,131,450
Miscellaneous income	1,083
Total investment income	17,132,533
Expenses
Investment advisory fees	10,047,788
12b-1 distribution fees	2,029,110
Filing and registration fees	86,630
Custodian fees	63,673
Other operating expenses	52,109
Printing and postage fees	46,164
ReFlow fees	42,991
Legal fees	39,485
Retirement plan custodial fees
Investor Shares	73
Institutional Shares	38,957
Chief Compliance Officer expenses	33,020
Audit fees	31,135
Trustee fees	25,000
Total gross expenses	12,536,135
Less custodian fee credits	(63,673	)
Net expenses	12,472,462
Net investment income	$4,660,071
Net realized gain from investments	$65,816,831	A
Net increase in unrealized appreciation on investments	31,486,683
Net gain on investments	$97,303,514
Net increase in net assets resulting from operations	$101,963,585

^A  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

Statements of Changes in Net Assets	Period ended November 30, 2022		Year ended May 31, 2022
Increase in net assets from operations
From operations
Net investment income	$4,660,071		$6,668,755
Net realized gain on investment	65,816,831		156,439,782
Net increase (decrease) in unrealized appreciation	31,486,683		(212,645,392	)
Net increase (decrease) in net assets	101,963,585		(49,536,855	)
Distributions to shareowners
Net dividend and distribution to shareowners - Investor Shares	-		(10,731,202	)
Net dividend and distribution to shareowners - Institutional Shares	-		(12,600,454	)
Total distributions	-		(23,331,656	)
Capital share transactions
Proceeds from the sale of shares
Investor Shares	93,311,006		369,297,243
Institutional Shares	278,208,154		596,315,727
Value of shares issued in reinvestment of dividends and distributions
Investor Shares	-		10,393,301
Institutional Shares	-		12,250,680
Cost of shares redeemed
Investor Shares	(90,922,245	)	(404,487,360	)
Institutional Shares	(127,639,025	)	(363,120,682	)
Total capital share transactions	152,957,890		220,648,909
Total increase in net assets	254,921,475		147,780,398
Net assets
Beginning of period	3,174,221,959		3,026,441,561
End of period	$3,429,143,434		$3,174,221,959
Shares of the Fund sold and redeemed
Investor Shares (AMAGX)
Number of shares sold	1,601,340		5,421,126
Number of shares issued in reinvestment of dividends and distributions	-		144,091
Number of shares redeemed	(1,569,434	)	(6,077,316	)
Net increase (decrease) in number of shares outstanding	31,906		(512,099	)
Institutional Shares (AMIGX)
Number of shares sold	4,746,918		8,919,985
Number of shares issued in reinvestment of dividends and distributions	-		169,091
Number of shares redeemed	(2,203,821	)	(5,581,408	)
Net increase in number of shares outstanding	2,543,097		3,507,668

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

Amana Growth Fund: Financial Highlights

Investor Shares (AMAGX)	Period ended			Year ended May 31,
Selected data per share of outstanding capital stock throughout each period:	Nov. 30, 2022	2022		2021		2020		2019		2018
Net asset value at beginning of period	$60.47	$61.17		$45.39		$39.31		$36.24		$34.42
Income from investment operations
Net investment incomeA	0.05	0.05		0.10		0.15		0.13		0.16
Net gains (losses) on securities (both realized and unrealized)	1.70	(0.37	)	18.74		7.33		4.14		5.47
Total from investment operations	1.75	(0.32	)	18.84		7.48		4.27		5.63
Less distributions
Dividends (from net investment income)	-	(0.05	)	(0.13	)	(0.16	)	(0.16	)	(0.17	)
Distributions (from capital gains)	-	(0.33	)	(2.93	)	(1.24	)	(1.04	)	(3.64	)
Total distributions	-	(0.38	)	(3.06	)	(1.40	)	(1.20	)	(3.81	)
Net asset value at end of period	$62.22	$60.47		$61.17		$45.39		$39.31		$36.24
Total ReturnB	2.89%	(0.62	)%	42.16%		19.12%		12.28%		16.76%
Ratios / supplemental data
Net assets ($000), end of period	$1,735,119	$1,684,412		$1,735,349		$1,303,469		$1,263,423		$1,137,705
Ratio of expenses to average net assets
Before custodian fee creditsC	0.92%	0.91%		0.96%		1.02%		1.08%		1.09%
After custodian fee creditsC	0.92%	0.90%		0.96%		1.02%		1.08%		1.09%
Ratio of net investment income after custodian fee credits to average net assetsC	0.18%	0.09%		0.19%		0.36%		0.34%		0.45%
Portfolio turnover rateB	6%	7%		5%		0%	D	0%		0%

Institutional Shares (AMIGX)	Period ended			Year ended May 31,
Selected data per share of outstanding capital stock throughout each period:	Nov. 30, 2022	2022		2021		2020		2019		2018
Net asset value at beginning of period	$60.80	$61.50		$45.60		$39.49		$36.37		$34.53
Income from investment operations
Net investment incomeA	0.13	0.22		0.24		0.28		0.23		0.25
Net gains (losses) on securities (both realized and unrealized)	1.71	(0.38	)	18.84		7.34		4.15		5.49
Total from investment operations	1.84	(0.16	)	19.08		7.62		4.38		5.74
Less distributions
Dividends (from net investment income)	-	(0.21	)	(0.25	)	(0.27	)	(0.22	)	(0.26	)
Distributions (from capital gains)	-	(0.33	)	(2.93	)	(1.24	)	(1.04	)	(3.64	)
Total distributions	-	(0.54	)	(3.18	)	(1.51	)	(1.26	)	(3.90	)
Net asset value at end of period	$62.64	$60.80		$61.50		$45.60		$39.49		$36.37
Total ReturnB	3.03%	(0.40	)%	42.53%		19.39%		12.54%		17.03%
Ratios / supplemental data
Net assets ($000), end of period	$1,694,024	$1,489,810		$1,291,092		$859,154		$724,520		$565,740
Ratio of expenses to average net assets
Before custodian fee creditsC	0.68%	0.64%		0.71%		0.79%		0.84%		0.86%
After custodian fee creditsC	0.67%	0.64%		0.71%		0.78%		0.84%		0.86%
Ratio of net investment income after custodian fee credits to average net assetsC	0.43%	0.32%		0.43%		0.60%		0.58%		0.70%
Portfolio turnover rateB	6%	7%		5%		0%	D	0%		0%

^A  Calculated using average shares outstanding

^B  Not annualized for periods of less than one year

^C  Annualized for periods of less than one year

^D  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 Ratio1
Investor Shares (AMDWX)		-13.87%		2.58%		1.47%		1.21%
Institutional Shares (AMIDX)2		-13.62%		2.77%		n/a		0.99%
MSCI Emerging Markets Index		-17.43%		-0.42%		2.06%		n/a

Growth of $10,000

Comparison of any mutual fund to a market index must be made bearing in mind that the index is unmanaged and expense-free. Conversely, the Fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other operational costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in 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.

¹  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.

²  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.

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

Portfolio Diversification
% of Total Net Assets
Household Products	12.1%	∎
Electronics Components	7.6%	∎
Health Care Facilities	5.9%	∎
Telecom Carriers	4.9%	∎
Communications Equipment	4.7%	∎
Semiconductor Devices	4.3%	∎
Steel Raw Material Suppliers	3.0%	∎
Other industries < 3.0%	38.6%	∎
Other Assets (net of liabilities)	18.9%	∎

20     Semi-Annual Report November 30, 2022

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

Common Stocks – 81.1%	Number of Shares		Cost		Market Value		Country1	Percentage of Net Assets
Communications
Telecom Carriers
Saudi Telecom		175,000		$2,021,306		$1,798,997	Saudi Arabia		2.5%
Telekomunikasi Indonesia ADR		67,000		1,390,444		1,707,160	Indonesia		2.4%
				3,411,750		3,506,157			4.9%
Consumer Discretionary
Apparel, Footwear & Accessory Design
VF		26,000		1,352,339		853,320	United States		1.2%
Automobiles
Ford Otomotiv Sanayi		87,000		1,216,294		2,081,984	Turkey		2.9%
Home Products Stores
Wilcon Depot		3,000,000		1,113,120		1,711,686	Philippines		2.4%
				3,681,753		4,646,990			6.5%
Consumer Staples
Food & Drug Stores
Clicks Group		110,000		1,097,433		1,923,488	South Africa		2.7%
Household Products
Colgate-Palmolive		18,000		1,090,802		1,394,640	United States		2.0%
Kimberly-Clark de Mexico, Class A		1,100,000		1,948,896		1,871,722	Mexico		2.6%
LG Household & Health Care		3,000		2,467,641		1,513,918	South Korea		2.1%
Unicharm		51,000		1,907,386		1,877,214	Japan		2.6%
Unilever ADR		39,000		1,920,205		1,964,820	United Kingdom		2.8%
				9,334,930		8,622,314			12.1%
Packaged Food
Indofood CBP Sukses Makmur		2,500,000		1,468,008		1,605,027	Indonesia		2.2%
				11,900,371		12,150,829			17.0%
Financials
Islamic Banking
BIMB Holdings		1,386,700		1,124,235		798,460	Malaysia		1.1%
Islamic Insurance Carriers
Syarikat Takaful Malaysia Keluarga		499,981		502,967		400,826	Malaysia		0.6%
Real Estate Owners & Developers
SM Prime Holdings		2,200,000		1,195,553		1,426,152	Philippines		2.0%
				2,822,755		2,625,438			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

Common Stocks – 81.1%	Number of Shares		Cost		Market Value		Country1	Percentage of Net Assets
Health Care
Generic Pharma
Hikma Pharmaceuticals		76,000		$2,380,551		$1,376,216	Jordan		2.0%
Health Care Facilities
Bangkok Dusit Medical Services NVDR		2,500,000		1,649,593		2,153,670	Thailand		3.0%
IHH Healthcare		1,000,000		1,310,388		1,308,136	Malaysia		1.8%
KPJ Healthcare		3,600,992		847,689		762,185	Malaysia		1.1%
				3,807,670		4,223,991			5.9%
Health Care Services
Fleury		510,000		2,479,795		1,745,421	Brazil		2.4%
				8,668,016		7,345,628			10.3%
Industrials
Rail Freight
Canadian Pacific Railway		18,746		1,326,467		1,535,485	Canada		2.2%
Rubber & Plastic
Hartalega Holdings		1,100,000		1,851,613		430,300	Malaysia		0.6%
Waste Management
Sunny Friend Environmental Technology		220,000		1,756,100		989,182	Taiwan		1.4%
				4,934,180		2,954,967			4.2%
Materials
Agricultural Chemicals
Quimica y Minera Chile ADR		18,000		1,448,389		1,784,880	Chile		2.5%
Base Metals
Southern Copper		31,000		1,553,631		1,891,620	Peru		2.7%
Cement & Aggregates
UltraTech Cement		2,000		157,180		174,304	India		0.2%
Precious Metal Mining
Barrick Gold		101,740		2,272,996		1,660,397	Canada		2.3%
Steel Raw Material Suppliers
Rio Tinto ADR		31,000		2,399,283		2,127,840	China2		3.0%
				7,831,479		7,639,041			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

Common Stocks – 81.1%	Number of Shares		Cost		Market Value		Country1	Percentage of Net Assets
Technology
Communications Equipment
Samsung Electronics		35,000		$1,673,798		$1,681,713	South Korea		2.4%
Sercomm		600,000		1,568,864		1,642,207	Taiwan		2.3%
				3,242,662		3,323,920			4.7%
Computer Hardware & Storage
Advantech		127,685		914,496		1,389,893	Taiwan		1.9%
Electronics Components
Delta Electronics		180,000		1,087,325		1,779,969	China2		2.5%
KCE Electronics NVDR		1,000,000		2,065,604		1,384,646	Thailand		1.9%
Samsung SDI		4,000		1,840,901		2,258,112	South Korea		3.2%
				4,993,830		5,422,727			7.6%
IT Services
Infosys ADR		100,000		2,158,609		2,035,000	India		2.9%
Semiconductor Devices
NVIDIA		8,500		1,777,820		1,438,455	United States		2.0%
Qualcomm		13,000		1,618,318		1,644,370	China2		2.3%
				3,396,138		3,082,825			4.3%
Semiconductor Manufacturing
Taiwan Semiconductor ADR		21,000		843,194		1,742,580	Taiwan		2.4%
				15,548,929		16,996,945			23.8%
Total investments				$58,799,233		$57,865,995			81.1%
Other assets (net of liabilities)						13,468,643			18.9%
Total net assets						$71,334,638			100.0%

¹  Country of domicile unless otherwise indicated

²  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

Countries

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
Assets
Investments in securities, at value (Cost $58,799,233)	$57,865,995
Cash	13,764,014
Dividends receivable	94,966
Receivable for Fund shares sold	59,595
Prepaid expenses	9,079
Total assets	71,793,649
Liabilities
Payable for securities purchased	372,599
Accrued advisory fees	44,051
Accrued audit expenses	15,091
Accrued retirement plan custody fee	14,994
Accrued 12b-1 distribution fees	4,591
Accrued Chief Compliance Officer expenses	3,424
Accrued other liabilities	3,392
Payable for Fund shares redeemed	738
Accrued trustee expenses	131
Total liabilities	459,011
Net Assets	$71,334,638
Analysis of Net Assets
Paid-in capital (unlimited shares authorized, without par value)	$71,692,767
Total distributable earnings	(358,129	)
Net assets applicable to Fund shares outstanding	$71,334,638
Net asset value per Investor Share	AMDWX
Net assets, at value	$23,985,160
Shares outstanding	2,076,060
Net asset value, offering and redemption price per share	$11.55
Net asset value per Institutional Share	AMIDX
Net assets, at value	$47,349,478
Shares outstanding	4,078,729
Net asset value, offering and redemption price per share	$11.61

Statement of Operations
Period ended November 30, 2022
Investment income
Dividend Income (net of foreign tax of $98,389)	$721,130
Miscellaneous income	177
Total investment income	721,307
Expenses
Investment advisory fees	263,450
12b-1 distribution fees	27,426
Filing and registration fees	24,397
Custodian fees	22,105
Audit fees	10,569
Retirement plan custodial fees
Investor Shares	24
Institutional Shares	8,140
Printing and postage fees	4,214
Other expenses	935
Trustee fees	241
Chief Compliance Officer expenses	50
Legal fees	50
Total gross expenses	361,601
Less custodian fee credits	(21,600	)
Net expenses	340,001
Net investment income	$381,306
Net realized gain from investments and foreign currency	$335,434
Net decrease in unrealized appreciation on investments and foreign currency	(2,317,027	)
Net loss on investments	$(1,981,593	)
Net decrease in net assets resulting from operations	$(1,600,287	)

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

Amana Developing World Fund

Statements of Changes in Net Assets	Period ended November 30, 2022		Year ended May 31, 2022
Increase in net assets from operations
From operations
Net investment income	$381,306		$1,237,099
Net realized gain on investment	335,434		7,693,254
Net decrease in unrealized appreciation	(2,317,027	)	(18,312,459	)
Net decrease in net assets	(1,600,287	)	(9,382,106	)
Distributions to shareowners
Net dividend and distribution to shareowners - Investor Shares	-		(283,941	)
Net dividend and distribution to shareowners - Institutional Shares	-		(735,354	)
Total distributions	-		(1,019,295	)
Capital share transactions
Proceeds from the sale of shares
Investor Shares	3,143,505		9,575,173
Institutional Shares	4,638,655		21,983,609
Value of shares issued in reinvestment of dividends and distributions
Investor Shares	-		282,410
Institutional Shares	-		733,732
Cost of shares redeemed
Investor Shares	(1,748,082	)	(5,824,543	)
Institutional Shares	(2,936,811	)	(11,305,135	)
Total capital share transactions	3,097,267		15,445,246
Total increase in net assets	1,496,980		5,043,845
Net assets
Beginning of period	69,837,658		64,793,813
End of period	$71,334,638		$69,837,658
Shares of the Fund sold and redeemed
Investor Shares (AMDWX)
Number of shares sold	283,800		724,874
Number of shares issued in reinvestment of dividends and distributions	-		21,170
Number of shares redeemed	(158,593	)	(441,889	)
Net increase in number of shares outstanding	125,207		304,155
Institutional Shares (AMIDX)
Number of shares sold	419,300		1,652,790
Number of shares issued in reinvestment of dividends and distributions	-		54,838
Number of shares redeemed	(267,319	)	(849,481	)
Net increase in number of shares outstanding	151,981		858,147

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

Amana Developing World Fund: Financial Highlights

Investor Shares (AMDWX)	Period ended		Year ended May 31,
Selected data per share of outstanding capital stock throughout each period:	Nov. 30, 2022		2022		2021	2020		2019		2018
Net asset value at beginning of period	$11.85		$13.70		$9.67	$9.33		$10.05		$9.97
Income from investment operations
Net investment incomeA	0.06		0.21		0.05	0.04		0.03		0.03
Net gains (losses) on securities (both realized & unrealized)	(0.36	)	(1.90	)	3.98	0.34		(0.70	)	0.07
Total from investment operations	(0.30	)	(1.69	)	4.03	0.38		(0.67	)	0.10
Less distributions
Dividends (from net investment income)	-		(0.16	)	-	(0.04	)	(0.05	)	(0.02	)
Total distributions	-		(0.16	)	-	(0.04	)	(0.05	)	(0.02	)
Net asset value at end of period	$11.55		$11.85		$13.70	$9.67		$9.33		$10.05
Total ReturnB	(2.53	)%	(12.47	)%	41.68%	4.02%		(6.70	)%	0.98%
Ratios / supplemental data
Net assets ($000), end of period	$23,985		$23,123		$22,553	$13,253		$15,026		$15,067
Ratio of expenses to average net assets
Before custodian fee creditsC	1.24%		1.21%		1.20%	1.34%		1.36%		1.37%
After custodian fee creditsC	1.17%		1.14%		1.14%	1.29%		1.31%		1.32%
Ratio of net investment income after custodian fee credits to average net assetsC	1.02%		1.59%		0.44%	0.38%		0.35%		0.27%
Portfolio turnover rateB	2%		30%		3%	9%		9%		20%

Institutional Shares (AMIDX)	Period ended		Year ended May 31,
Selected data per share of outstanding capital stock throughout each period:	Nov. 30, 2022		2022		2021	2020		2019		2018
Net asset value at beginning of period	$11.90		$13.77		$9.70	$9.36		$10.08		$9.99
Income from investment operations
Net investment incomeA	0.07		0.24		0.08	0.04		0.05		0.05
Net gains (losses) on securities (both realized and unrealized)	(0.36	)	(1.90	)	3.99	0.36		(0.72	)	0.07
Total from investment operations	(0.29	)	(1.66	)	4.07	0.40		(0.67	)	0.12
Less distributions
Dividends (from net investment income)	-		(0.21	)	-	(0.06	)	(0.05	)	(0.03	)
Total distributions	-		(0.21	)	-	(0.06	)	(0.05	)	(0.03	)
Net asset value at end of period	$11.61		$11.90		$13.77	$9.70		$9.36		$10.08
Total ReturnB	(2.44	)%	(12.24	)%	41.96%	4.20%		(6.58	)%	1.17%
Ratios / supplemental data
Net assets ($000), end of period	$47,349		$46,715		$42,241	$18,959		$15,127		$16,034
Ratio of expenses to average net assets
Before custodian fee creditsC	1.03%		0.99%		0.97%	1.21%		1.19%		1.19%
After custodian fee creditsC	0.96%		0.92%		0.91%	1.16%		1.14%		1.14%
Ratio of net investment income after custodian fee credits to average net assetsC	1.23%		1.80%		0.65%	0.43%		0.54%		0.44%
Portfolio turnover rateB	2%		30%		3%	9%		9%		20%

^A  Calculated using average shares outstanding

^B  Not annualized for periods of less than one year

^C  Annualized for periods of less than one year

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

Amana Participation Fund: Performance Summary

Average Annual Returns (as of November 30, 2022)
	1 Year		5 Year		10 Year		Expense Ratio1
Investor Shares (AMAPX)2		-5.21%		1.31%		n/a		0.80%
Institutional Shares (AMIPX)2		-4.86%		1.55%		n/a		0.56%
FTSE IdealRatings Sukuk Index		-8.42%		2.20%		n/a		n/a

Growth of $10,000

Comparison of any mutual fund to a market index must be made bearing in mind that the index is unmanaged and expense-free. Conversely, the Fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other operational costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in Institutional Shares of the Fund on September 28, 2015, to an identical amount invested in the FTSE IdealRatings Sukuk Index, a measurement of global Islamic fixed-income securities, also known as sukuk. The graph shows that an investment in Institutional Shares of the Fund would have risen to $11,306 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.

¹  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.

²  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.

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

Portfolio Diversification
% of Total Net Assets
Financials	32.2%	∎
Foreign Government Sukuk	19.7%	∎
Utilities	10.1%	∎
Bank Time Deposits	6.0%	∎
Industrials	4.4%	∎
Consumer Discretionary	4.0%	∎
Materials	3.8%	∎
Communications	2.9%	∎
Technology	2.0%	∎
Other Assets (net of liabilities)	14.9%	∎

28     Semi-Annual Report November 30, 2022

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

Corporate Sukuk – 59.4%	Coupon / Maturity	Face Amount		Market Value		Country1	Percentage of Net Assets
Communications
Saudi Telecom2	3.89% due 05/13/2029		$6,450,000		$6,082,479	Saudi Arabia		2.9%
Consumer Discretionary
Almarai2	4.311% due 03/05/2024		8,580,000		8,424,304	Saudi Arabia		4.0%
Financials
Abu Dhabi Islamic Bank Capital Invest Two2	7.125% due PERP		6,200,000		6,222,853	United Arab Emirates		3.0%
Al Hilal Bank2	4.375% due 09/19/2023		1,324,000		1,310,106	United Arab Emirates		0.6%
Dubai International Finance Centre2	4.325% due 11/12/2024		7,300,000		7,119,610	United Arab Emirates		3.4%
Dubai Islamic Bank2	2.95% due 02/20/2025		6,200,000		5,887,257	United Arab Emirates		2.8%
Emirates Islamic Bank2	1.827% due 09/23/2025		4,000,000		3,631,293	United Arab Emirates		1.8%
Investment Corporate of Dubai2	5.00% due 02/01/2027		8,350,000		8,268,099	United Arab Emirates		4.0%
Islamic Development Bank Trust Services2	1.957% due 10/02/2024		500,000		473,107	Saudi Arabia		0.2%
Kuwait Financial Bank Tier 12	3.60% due PERP		9,500,000		8,793,010	Kuwait		4.2%
Majid Al Futtaim2	4.50% due 11/03/2025		4,600,000		4,464,282	United Arab Emirates		2.1%
Majid Al Futtaim2	4.638% due 05/14/2029		3,650,000		3,496,246	United Arab Emirates		1.7%
Mar Sukuk Ltd2	2.21% due 09/02/2025		2,000,000		1,838,776	Cayman Islands		0.9%
National Commercial Bank Tier 12	3.50% due PERP		5,550,000		5,073,810	Saudi Arabia		2.4%
Noor2	4.471% due 04/24/2023		1,000,000		994,717	United Arab Emirates		0.5%
Qatar International Bank2	3.982% due 03/26/2024		5,650,000		5,546,120	Qatar		2.7%
Sharjah Islamic Bank2	2.85% due 06/23/2025		4,300,000		4,047,026	United Arab Emirates		1.9%
					67,166,312			32.2%
Industrials
DP World Crescent2	3.908% due 05/31/2023		4,500,000		4,457,652	United Arab Emirates		2.1%
DP World Salaam2	6.00% due PERP		4,800,000		4,745,241	United Arab Emirates		2.3%
					9,202,893			4.4%
Materials
Equate2	3.944% due 02/21/2024		8,000,000		7,839,572	United Arab Emirates		3.8%
Technology
Axiata SPV22	4.357% due 03/24/2026		4,150,000		4,053,554	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

Corporate Sukuk – 59.4%	Coupon / Maturity	Face Amount		Market Value		Country1	Percentage of Net Assets
Utilities
Saudi Electric Global2	4.222% due 01/27/2024		$2,000,000		$1,975,418	Saudi Arabia		0.9%
Saudi Electric Global2	4.00% due 04/08/2024		1,200,000		1,178,480	Saudi Arabia		0.6%
Saudi Electric Global3	4.00% due 04/08/2024		1,500,000		1,476,846	Saudi Arabia		0.7%
Saudi Electric Global2	5.06% due 04/08/2043		1,000,000		933,328	Saudi Arabia		0.5%
Saudi Electric Global2	5.50% due 04/08/2044		2,000,000		1,978,617	Saudi Arabia		0.9%
Tabreed2	5.50% due 10/31/2025		6,950,000		6,982,361	United Arab Emirates		3.3%
TNB Global Ventures Cap2	3.244% due 10/19/2026		7,140,000		6,600,930	Malaysia		3.2%
					21,125,980			10.1%
Total Corporate Sukuk	(Cost $132,087,049)				$123,895,094			59.4%
Government Sukuk – 19.7%	Coupon / Maturity	Face Amount		Market Value		Country1	Percentage of Net Assets
Foreign Government Sukuk
Department of Finance Dubai2	5.00% due 04/30/2029		$5,000,000		$5,059,374	United Arab Emirates		2.4%
Islamic Development Bank2	3.389% due 09/26/2023		3,500,000		3,459,380	Saudi Arabia		1.7%
International Islamic Liquidity Management2	3.32% due 12/08/2022		2,000,000		1,999,767	Luxembourg		1.0%
International Islamic Liquidity Management2	3.95% due 01/19/2023		3,000,000		2,999,465	Luxembourg		1.4%
Kingdom of Saudi Arabia2	3.628% due 04/20/2027		4,500,000		4,341,648	Saudi Arabia		2.1%
Kingdom of Saudi Arabia2	4.303% due 01/19/2029		3,500,000		3,445,896	Saudi Arabia		1.7%
Malaysia Sovereign2	4.236% due 04/22/2045		2,000,000		1,868,241	Malaysia		0.9%
Perusahaan Penerbit SBSN2	4.55% due 03/29/2026		5,685,000		5,651,283	Indonesia		2.7%
Perusahaan Penerbit SBSN2	4.45% due 02/20/2029		3,050,000		2,990,861	Indonesia		1.4%
Perusahaan Penerbit SBSN2	3.550% due 06/09/2051		7,280,000		5,502,289	Indonesia		2.6%
Ras Al Khaimah2	3.094% due 03/31/2025		3,950,000		3,789,718	United Arab Emirates		1.8%
Total Government Sukuk	(Cost $43,615,594)				$41,107,922			19.7%
Bank Time Deposits – 6.0%	Coupon / Maturity	Face Amount		Market Value		Country1	Percentage of Net Assets
Bank Time Deposits
Gulf International Bank	3.85% due 12/15/2022		7,500,000		7,500,000	United States		3.6%
Arab Banking Corp, NY Branch	1.72% due 02/13/2023		1,000,000		1,000,000	United States		0.4%
Arab Banking Corp, NY Branch	3.31% due 05/15/2023		2,000,000		2,000,000	United States		1.0%
Arab Banking Corp, NY Branch	3.45% due 08/11/2023		2,000,000		2,000,000	United States		1.0%
Total Bank Time Deposits	(Cost $12,500,000)				$12,500,000			6.0%
Total investments	(Cost $188,203,143)				$177,503,016			85.1%
Other assets (net of liabilities)					31,193,469			14.9%
Total net assets					$208,696,485			100.0%

¹  Denotes a country or region of primary exposure.

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

³  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

Sukuk Quality Diversification
% of Total Net Assets
Rated “AAA”	1.9%	∎
Rated “A+”	6.2%	∎
Rated “A”	2.4%	∎
Rated “A-”	11.2%	∎
Rated “BBB+”	3.2%	∎
Rated “BBB”	16.3%	∎
Rated “BBB-”	12.8%	∎
Rated “BB”	2.3%	∎
Rated “B+”	3.0%	∎
Not Rated	25.8%	∎
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.

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
Assets
Investments in securities, at value (Cost $188,203,143)	$177,503,016
Cash	29,755,986
Interest receivable	1,590,711
Receivable for Fund shares sold	67,472
Prepaid expenses	8,708
Total assets	208,925,893
Liabilities
Payable for Fund shares redeemed	99,879
Accrued advisory fees	84,655
Accrued audit expenses	22,985
Accrued retirement plan custody fee	10,057
Accrued 12b-1 distribution fees	5,031
Accrued other expenses	2,663
Accrued legal expenses	1,329
Distributions payable	1,306
Accrued trustee expenses	1,017
Accrued Chief Compliance Officer expenses	486
Total liabilities	229,408
Net Assets	$208,696,485
Analysis of Net Assets
Paid-in capital (unlimited shares authorized, without par value)	$220,982,537
Total distributable earnings	(12,286,052	)
Net assets applicable to Fund shares outstanding	$208,696,485
Net asset value per Investor Share	AMAPX
Net assets, at value	$24,890,973
Shares outstanding	2,578,743
Net asset value, offering and redemption price per share	$9.65
Net asset value per Institutional Share	AMIPX
Net assets, at value	$183,805,512
Shares outstanding	18,976,607
Net asset value, offering and redemption price per share	$9.69

Consolidated Statement of Operations

Period ended November 30, 2022
Investment income
Sukuk Income	$2,735,974
Miscellaneous income	126
Total investment income	2,736,100
Expenses
Investment advisory fees	532,596
12b-1 distribution fees	30,704
Filing and registration fees	28,416
Custodian fees	20,757
Retirement plan custodial fees
Investor Shares	42
Institutional Shares	5,951
Printing and postage fees	4,987
Audit fees	3,740
Other operating expenses	2,935
Chief Compliance Officer expenses	2,143
Legal fees	1,681
Trustee fees	382
Total gross expenses	634,334
Less custodian fee credits	(20,757	)
Net expenses	613,577
Net investment income	$2,122,523
Net realized loss from investments	$(1,425,147	)
Net increase in unrealized depreciation on investments	(3,788,269	)
Net loss on investments	$(5,213,416	)
Net decrease in net assets resulting from operations	$(3,090,893	)

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

Amana Participation Fund

Consolidated Statements of Changes in Net Assets	Period ended November 30, 2022		Year ended May 31, 2022
Increase (decrease) in net assets from operations
From operations
Net investment income	$2,122,523		$4,039,827
Net realized loss on investment	(1,425,147	)	(729,144	)
Net decrease in unrealized appreciation	(3,788,269	)	(11,554,928	)
Net decrease in net assets	(3,090,893	)	(8,244,245	)
Distributions to shareowners
Net dividend and distribution to shareowners - Investor Shares	(155,458	)	(403,616	)
Net dividend and distribution to shareowners - Institutional Shares	(1,422,689	)	(3,416,755	)
Total distributions	(1,578,147	)	(3,820,371	)
Capital share transactions
Proceeds from the sale of shares
Investor Shares	3,070,780		12,131,609
Institutional Shares	26,566,823		110,517,839
Value of shares issued in reinvestment of distributions
Investor Shares	153,112		396,693
Institutional Shares	1,409,289		3,373,456
Cost of shares redeemed
Investor Shares	(2,534,936	)	(8,787,913	)
Institutional Shares	(27,053,701	)	(59,591,919	)
Total capital share transactions	1,611,367		58,039,765
Total increase (decrease) in net assets	(3,057,673	)	45,975,149
Net assets
Beginning of period	211,754,158		165,779,009
End of period	$208,696,485		$211,754,158
Shares of the Fund sold and redeemed
Investor Shares (AMAPX)
Number of shares sold	315,636		1,177,129
Number of shares issued in reinvestment of dividends and distributions	15,779		38,997
Number of shares redeemed	(260,015	)	(856,814	)
Net increase in number of shares outstanding	71,400		359,312
Institutional Shares (AMIPX)
Number of shares sold	2,712,932		10,670,740
Number of shares issued in reinvestment of dividends and distributions	144,679		330,547
Number of shares redeemed	(2,784,061	)	(5,816,685	)
Net increase in number of shares outstanding	73,550		5,184,602

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

Amana Participation Fund: Financial Highlights

Investor Shares (AMAPX)	Period ended		Year ended May 31,
Selected data per share of outstanding capital stock throughout each period:	Nov. 20, 2022	A	2022	A	2021	A	2020		2019		2018
Net asset value at beginning of period	$9.86		$10.42		$10.12		$9.97		$9.76		$10.07
Income from investment operations
Net investment incomeB	0.09		0.18		0.19		0.24		0.24		0.22
Net gains (losses) on securities (both realized & unrealized)	(0.24	)	(0.57	)	0.30		0.14		0.21		(0.31	)
Total from investment operations	(0.15	)	(0.39	)	0.49		0.38		0.45		(0.09	)
Less distributions
Dividends (from net investment income)	(0.06	)	(0.17	)	(0.19	)	(0.23	)	(0.24	)	(0.22	)
Total distributions	(0.06	)	(0.17	)	(0.19	)	(0.23	)	(0.24	)	(0.22	)
Paid-in capital from early redemption feesC	n/a		n/a		n/a		n/a		n/a		0.00
Net asset value at end of period	$9.65		$9.86		$10.42		$10.12		$9.97		$9.76
Total ReturnD	(1.51	)%	(3.83	)%	4.90%		3.88%		4.70%		(0.94	)%
Ratios / supplemental data
Net assets ($000), end of period	$24,891		$24,722		$22,375		$16,531		$20,612		$18,212
Ratio of expenses to average net assets
Before custodian fee creditsE	0.81%		0.80%		0.82%		0.88%		0.88%		0.87%
After custodian fee creditsE	0.79%		0.78%		0.80%		0.86%		0.87%		0.85%
Ratio of net investment income after custodian fee credits to average net assetsE	1.78%		1.71%		1.86%		2.34%		2.46%		2.18%
Portfolio turnover rateD	11%		15%		19%		34%		22%		7%

Institutional Shares (AMIPX)	Period ended		Year ended May 31,
Selected data per share of outstanding capital stock throughout each period:	Nov. 20, 2022	A	2022	A	2021	A	2020		2019		2018
Net asset value at beginning of period	$9.89		$10.45		$10.16		$10.00		$9.79		$10.11
Income from investment operations
Net investment incomeB	0.10		0.20		0.22		0.26		0.27		0.24
Net gains (losses) on securities (both realized & unrealized)	(0.23	)	(0.57	)	0.29		0.16		0.21		(0.32	)
Total from investment operations	(0.13	)	(0.37	)	0.51		0.42		0.48		(0.08	)
Less distributions
Dividends (from net investment income)	(0.07	)	(0.19	)	(0.22	)	(0.26	)	(0.27	)	(0.24	)
Total distributions	(0.07	)	(0.19	)	(0.22	)	(0.26	)	(0.27	)	(0.24	)
Paid-in capital from early redemption feesC	n/a		n/a		n/a		n/a		n/a		0.00
Net asset value at end of period	$9.69		$9.89		$10.45		$10.16		$10.00		$9.79
Total ReturnD	(1.28	)%	(3.58	)%	5.04%		4.23%		4.93%		(0.80	)%
Ratios / supplemental data
Net assets ($000), end of period	$183,806		$187,032		$143,404		$100,023		$55,716		$44,729
Ratio of expenses to average net assets
Before custodian fee creditsE	0.57%		0.56%		0.58%		0.63%		0.64%		0.62%
After custodian fee creditsE	0.55%		0.54%		0.56%		0.61%		0.63%		0.60%
Ratio of net investment income after custodian fee credits to average net assetsE	2.02%		1.97%		2.10%		2.53%		2.70%		2.45%
Portfolio turnover rateD	11%		15%		19%		34%		22%		7%

^A  Consolidated

^B  Calculated using average shares outstanding

^C  Amount is less than $0.01

^D  Not annualized for periods of less than one year

^E  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

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.

Share Valuation Inputs as of November 30, 2022
	Level 1	Level 2	Level 3
Funds	Quoted Price	Significant Observable Input	Significant Unobservable Input	Total
Income Fund
Consumer Discretionary	$75,911,814	$-	$-	$75,911,814
Consumer Staples	$152,316,444	$-	$-	$152,316,444
Health Care	$413,657,824	$-	$-	$413,657,824
Industrials	$363,549,020	$-	$-	$363,549,020
Materials	$154,302,380	$-	$-	$154,302,380
Technology	$272,483,010	$27,580,494	$-	$300,063,504
Total Common Stocks	$1,432,220,492	$27,580,494	$-	$1,459,800,986
Total Assets	$1,432,220,492	$27,580,494	$-	$1,459,800,986
Growth Fund
Common Stocks1	3,142,404,616	$-	$-	$3,142,404,616
Total Assets	$3,142,404,616	$-	$-	$3,142,404,616
Developing World Fund
Common Stocks
Communications	$1,707,160	$1,798,997	$-	$3,506,157
Consumer Discretionary	$853,320	$3,793,670	$-	$4,646,990
Consumer Staples	$3,359,460	$8,791,369	$-	$12,150,829
Financials	$-	$2,625,438	$-	$2,625,438
Health Care	$-	$7,345,628	$-	$7,345,628
Industrials	$1,535,485	$1,419,482	$-	$2,954,967
Materials	$7,464,737	$174,304	$-	$7,639,041
Technology	$6,860,405	$10,136,540	$-	$16,996,945
Total Common Stocks	$21,780,567	$36,085,428	$-	$57,865,995
Total Assets	$21,780,567	$36,085,428	$-	$57,865,995
Participation Fund
Corporate Sukuk1	$-	$123,895,094	$-	$123,895,094
Government Sukuk1	$-	$41,107,922	$-	$41,107,922
Bank Time Deposits1	$-	$12,500,000	$-	$12,500,000
Total Assets	$-	$177,503,016	$-	$177,503,016

¹  See the Schedule of Investments for additional details.

36     Semi-Annual Report November 30, 2022

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

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
Distributed earnings	$(11,817,477	)	$(76,988,051	)
Paid-in capital	$11,817,477		$76,988,051
	Developing World		Participation Fund
Distributed earnings	$-		$-
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 Date of SPV	SPV Net Assets at Nov. 30, 2022	% of Fund Net Assets at Nov. 30, 2022
Amana SPV	January 21, 2019	$40,946,184	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

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:

	Advisory fees
Income Fund	$5,585,172
Growth Fund	$10,047,788
Developing World Fund	$263,450
Participation Fund	$532,596

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:

Distribution (12b-1) fees
Income Fund Investor Shares (AMANX)	$894,198
Income Fund Institutional Shares (AMINX)	n/a
Growth Fund Investor Shares (AMAGX)	$2,029,110
Growth Fund Institutional Shares (AMIGX)	n/a
Developing World Fund Investor Shares (AMDWX)	$27,426
Developing World Fund Institutional Shares (AMIDX)	n/a
Participation Fund Investor Shares (AMAPX)	$30,704
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:

Retirement plan custodial fees
Income Fund Investor Shares (AMANX)	$42
Income Fund Institutional Shares (AMINX)	$26,006
Growth Fund Investor Shares (AMAGX)	$73
Growth Fund Institutional Shares (AMIGX)	$38,957
Developing World Fund Investor Shares (AMDWX)	$24
Developing World Fund Institutional Shares (AMIDX)	$8,140
Participation Fund Investor Shares (AMAPX)	$42
Participation Fund Institutional Shares (AMIPX)	$5,951

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.

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:

Trustees’, officers’, and affiliates’ ownership
Income Fund Investor Shares (AMANX)	0.03%
Income Fund Institutional Shares (AMINX)	1.64%
Growth Fund Investor Shares (AMAGX)	0.02%
Growth Fund Institutional Shares (AMIGX)	0.95%
Developing World Fund Investor Shares (AMDWX)	0.94%
Developing World Fund Institutional Shares (AMIDX)	6.25%
Participation Fund Investor Shares (AMAPX)	0.02%
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:

Chief Compliance Officer
Income Fund	$11,518
Growth Fund	$33,020
Developing World Fund	$50
Participation Fund	$2,143

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:

Income Fund	November 30, 2022	May 31, 2022
Ordinary income	$-	$16,773,114
Long-term capital gain1	$-	$64,358,796
Growth Fund	November 30, 2022	May 31, 2022
Ordinary income2	$-	$6,261,438
Long-term capital gain1	$-	$17,070,218
Developing World Fund	November 30, 2022	May 31, 2022
Ordinary income2	$-	$1,019,295
Participation Fund	November 30, 2022	May 31, 2022
Ordinary income	$1,578,147	$3,820,371

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

²  By policy, the Growth and Developing World Funds seek to avoid paying income dividends.

Note 6 – Federal Income Taxes

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

	Income Fund		Growth Fund
Cost of investments	$484,771,987		$956,993,229
Gross unrealized appreciation	$983,547,178		$2,196,718,268
Gross unrealized depreciation	$(8,518,179	)	$(11,306,881	)
Net unrealized appreciation	$975,028,999		$2,185,411,387
	Developing World Fund		Participation Fund
Cost of investments	$58,799,233		$188,203,143
Gross unrealized appreciation	$8,315,029		$24,552
Gross unrealized depreciation	$(9,248,267	)	$(10,724,679	)
Net unrealized depreciation	$(933,238	)	$(10,700,127	)

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

Income Fund
Undistributed ordinary income	$2,112
Accumulated capital gains	$51,557,921
Tax accumulated earnings	$51,560,033
Unrealized appreciation	$963,499,156
Total accumulated earnings	$1,015,059,189
Growth Fund
Undistributed ordinary income	$2,865,568
Accumulated capital gains	$79,453,782
Tax accumulated earnings	$82,319,350
Unrealized appreciation	$2,153,924,704
Total accumulated earnings	$2,236,244,054
Developing World Fund
Undistributed ordinary income	$309,535
Accumulated capital and other losses	$(273,542	)
Tax accumulated gains	$35,993
Unrealized appreciation	$1,380,201
Post October Losses	$(174,036	)
Total accumulated earnings	$1,242,158
Participation Fund
Undistributed ordinary income	$115
Accumulated capital and other losses	$(705,269	)
Tax accumulated losses	$(705,154	)
Unrealized depreciation	$(6,911,858	)
Total accumulated earnings	$(7,617,012	)

40     Semi-Annual Report November 30, 2022

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 Fund	Growth Fund	Developing World Fund	Participation Fund
Short term loss carryforwards unlimited expiration	$-	$-	$273,542	$603,911
Long term loss carryforwards unlimited expiration	$-	$-	$-	$101,358
Total Capital loss carryforward	$-	$-	$273,542	$705,269
Post-October loss deferral1	$-	$-	$174,036	$509,803

¹  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
Income Fund	$61,588,422	$86,131,064
Growth Fund	$345,344,666	$158,409,854
Developing World Fund	$5,241,050	$1,050,892
Participation Fund	$19,001,539	$25,552,394

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

	Purchases	Sales
Growth Fund	$-	$16,281,672

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
Income Fund	$32,925
Growth Fund	$63,673
Developing World Fund	$21,600
Participation Fund	$20,757

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 Income	Short-Term Capital Gain	Long-Term Capital Gain
Income Fund Investor Shares (AMANX)	$0.250	$-	$3.975
Income Fund Institutional Shares (AMINX)	0.390	-	3.975
Growth Fund Investor Shares (AMAGX)	0.097	-	1.985
Growth Fund Institutional Shares (AMIGX)	0.247	-	1.985
Developing World Fund Investor Shares (AMDWX)	0.084	-	0.031
Developing World Fund Institutional Shares (AMIDX)	0.108	-	0.031
Participation Fund Investor Shares (AMAPX)	Daily	-	-
Participation Fund 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.

Semi-Annual Report November 30, 2022     41

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.

		Beginning Account Value [June 1, 2022]	Ending Account Value [November 30, 2022]	Expenses Paid During Period	Annualized Expense Ratio
Income Fund
Investor Shares (AMANX), Actual		$1,000.00	$1,046.30	$5.23	1.02%
Hypothetical (5% return before expenses)		$1,000.00	$1,019.96	$5.16	1.02%
Institutional Shares (AMINX), Actual		$1,000.00	$1,047.60	$3.98	0.78%
Hypothetical (5% return before expenses)		$1,000.00	$1,021.18	$3.93	0.78%
Growth Fund
Investor Shares (AMAGX), Actual		$1,000.00	$1,028.90	$4.67	0.92%
Hypothetical (5% return before expenses)		$1,000.00	$1,020.47	$4.65	0.92%
Institutional Shares (AMIGX), Actual		$1,000.00	$1,030.30	$3.42	0.67%
Hypothetical (5% return before expenses)		$1,000.00	$1,021.70	$3.41	0.67%
Developing World Fund
Investor Shares (AMDWX), Actual		$1,000.00	$974.70	$5.82	1.17%
Hypothetical (5% return before expenses)		$1,000.00	$1,019.18	$5.95	1.17%
Institutional Shares (AMIDX), Actual		$1,000.00	$975.60	$4.76	0.96%
Hypothetical (5% return before expenses)		$1,000.00	$1,020.25	$4.87	0.96%
Participation Fund
Investor Shares (AMAPX), Actual	��	$1,000.00	$984.90	$3.94	0.79%
Hypothetical (5% return before expenses)		$1,000.00	$1,021.10	$4.01	0.79%
Institutional Shares (AMIPX), Actual		$1,000.00	$987.20	$2.73	0.55%
Hypothetical (5% return before expenses)		$1,000.00	$1,022.32	$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.

42     Semi-Annual Report November 30, 2022

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

Semi-Annual Report November 30, 2022     43

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.

44     Semi-Annual Report November 30, 2022

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

Semi-Annual Report November 30, 2022     45

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.

46     Semi-Annual Report November 30, 2022

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.

Semi-Annual Report November 30, 2022     47

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.

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.

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

(a)(3) Not applicable.

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

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

SIGNATURES

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

AMANA MUTUAL FUNDS TRUST

By:

/s/ Nicholas Kaiser, President
Signature and Title

Nicholas Kaiser, President
Printed name and Title

January 30, 2023
Date

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

By:

/s/ Nicholas Kaiser, President
Signature and Title

Nicholas Kaiser, President
Printed name and Title

January 30, 2023
Date

By:

/s/ Christopher Fankhauser, Treasurer
Signature and Title

Christopher Fankhauser, Treasurer
Printed name and Title

January 30, 2023
Date