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08/10/2026 | Press release | Distributed by Public on 08/10/2026 13:50

Annual Report by Investment Company (Form N-CSR)

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 2-96924

AMANA MUTUAL FUNDS TRUST

(Exact Name of Registrant as Specified in Charter)

1300 N. State Street

Bellingham, Washington 98225-4730

(Address of Principal Executive Offices, including ZIP Code)

Elliot S. Cohen

1300 N. State Street

Bellingham, Washington 98225-4730

(Name and Address of Agent for Service)

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

Date of fiscal year end: May 31, 2026

Date of reporting period: May 31, 2026

Item 1. Report to Shareowners

AMIDX

| INSTITUTIONAL SHARES

Amana Developing World Fund

Annual Shareholder Report - May 31, 2026

Fund Overview

The objective of the Amana Developing World Fund is long-term capital growth, consistent with Islamic principles. This Annual Shareholder Report contains important information about the Amana Developing World Fund for the period of June 1, 2025 to May 31, 2026. You can find additional information about the Fund at www.saturna.com/products/amana-developing-world. You can also request this information by contacting us at 1-800-728-8762 or [email protected]. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund's costs over the last year?

(Based on a hypothetical $10,000 investment)

Table Summary

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Institutional Shares	$114	0.90%

How did the Fund perform over the last year?

For the fiscal year ended May 31, 2026, the Amana Developing World Fund Institutional Shares returned 53.28%, outperforming the Fund's primary benchmark the Bloomberg Emerging Markets Large, Mid & Small Cap Index, which returned 45.91%. For the five years ended May 31, the Investor Shares has an annualized return of 8.84%, versus 6.79% for the primary benchmark. The Amana Developing World Fund's gross expense ratio was 0.98% for the Institutional Shares. The Fund's total net assets stood at $210.62 million, up 56% during the fiscal year. The Fund continues to have a low turnover rate at 14% during the most recent fiscal year, consistent with our overall strategy of investing in companies with long-term growth potential.

Fiscal 2026 was a strong year for emerging markets, outpacing the S&P 500 Index 29.78% return. The defining force was artificial intelligence (AI). Surging demand for advanced semiconductors made Taiwan and South Korea, now nearly half the index, the standout performers. The Fund's positioning across the AI supply chain was an important driver of its results, helping the Fund outperform its benchmark by roughly seven percentage points.

Returns elsewhere were positive but uneven. Chinese equities advanced, though we remain on the sidelines, concerned about governance in the country. India stayed the fastest-growing major economy, with gross domestic product up an estimated 7.4%, yet its equities lagged amid elevated valuations. Emerging market equities have re-rated but still trade at a meaningful discount to developed markets and we continue to see value in the diversification these markets present.

Fund Performance

Table Summary

	Amana Developing World Fund Institutional Shares	MSCI Emerging Markets Index	Bloomberg Emerging Markets Large, Mid & Small
5/31/2016	10,000	10,000	10,000
6/30/2016	10,244	10,400	10,378
7/31/2016	10,445	10,923	10,917
8/31/2016	10,520	11,194	11,164
9/30/2016	10,424	11,338	11,266
10/31/2016	10,127	11,365	11,275
11/30/2016	9,512	10,842	10,821
12/31/2016	9,446	10,866	10,875
1/31/2017	9,734	11,461	11,441
2/28/2017	9,926	11,812	11,837
3/31/2017	10,119	12,110	12,147
4/30/2017	10,397	12,375	12,380
5/31/2017	10,674	12,741	12,679
6/30/2017	10,685	12,869	12,806
7/31/2017	11,006	13,636	13,494
8/31/2017	11,016	13,940	13,781
9/30/2017	11,091	13,885	13,720
10/31/2017	10,995	14,372	14,155
11/30/2017	11,145	14,401	14,216
12/31/2017	11,496	14,917	14,738
1/31/2018	11,678	16,161	15,884
2/28/2018	11,314	15,415	15,184
3/31/2018	11,239	15,129	14,966
4/30/2018	11,164	15,062	14,970
5/31/2018	10,800	14,528	14,519
6/30/2018	10,489	13,925	13,906
7/31/2018	10,671	14,231	14,231
8/31/2018	10,510	13,846	13,871
9/30/2018	10,285	13,772	13,685
10/31/2018	9,621	12,573	12,563
11/30/2018	9,975	13,091	13,112
12/31/2018	9,722	12,744	12,829
1/31/2019	10,434	13,860	13,785
2/28/2019	10,369	13,891	13,824
3/31/2019	10,477	14,008	14,055
4/30/2019	10,714	14,303	14,259
5/31/2019	10,089	13,265	13,335
6/30/2019	10,757	14,093	14,089
7/31/2019	10,768	13,920	13,960
8/31/2019	10,542	13,242	13,347
9/30/2019	10,703	13,495	13,605
10/31/2019	10,973	14,064	14,137
11/30/2019	10,962	14,044	14,104
12/31/2019	11,542	15,092	15,128
1/31/2020	11,314	14,388	14,602
2/29/2020	10,870	13,630	13,882
3/31/2020	9,526	11,530	11,721
4/30/2020	10,198	12,586	12,783
5/31/2020	10,512	12,683	12,939
6/30/2020	11,174	13,615	13,955
7/31/2020	11,694	14,832	15,367
8/31/2020	11,835	15,160	15,812
9/30/2020	11,737	14,917	15,452
10/31/2020	11,976	15,224	15,772
11/30/2020	13,027	16,632	17,264
12/31/2020	14,035	17,855	18,470
1/31/2021	14,295	18,402	18,967
2/28/2021	14,555	18,543	19,150
3/31/2021	14,425	18,263	18,810
4/30/2021	14,783	18,718	19,403
5/31/2021	14,923	19,152	20,012
6/30/2021	15,010	19,185	20,061
7/31/2021	14,631	17,893	18,986
8/31/2021	15,010	18,362	19,450
9/30/2021	14,425	17,632	18,923
10/31/2021	14,739	17,806	19,101
11/30/2021	14,793	17,080	18,588
12/31/2021	15,089	17,401	18,959
1/31/2022	14,176	17,072	18,292
2/28/2022	13,989	16,561	17,959
3/31/2022	13,791	16,187	17,403
4/30/2022	13,130	15,287	16,391
5/31/2022	13,097	15,354	16,454
6/30/2022	12,162	14,334	15,575
7/31/2022	12,613	14,299	15,609
8/31/2022	12,250	14,358	15,667
9/30/2022	11,358	12,675	14,012
10/31/2022	11,600	12,281	13,620
11/30/2022	12,778	14,103	15,266
12/31/2022	12,458	13,905	15,106
1/31/2023	13,327	15,003	16,186
2/28/2023	12,770	14,030	15,328
3/31/2023	13,260	14,455	15,673
4/30/2023	13,093	14,291	15,566
5/31/2023	13,082	14,051	15,293
6/30/2023	13,472	14,585	15,823
7/31/2023	13,996	15,492	16,736
8/31/2023	13,494	14,538	15,893
9/30/2023	12,971	14,158	15,531
10/31/2023	12,503	13,608	14,938
11/30/2023	13,350	14,697	16,041
12/31/2023	14,126	15,271	16,603
1/31/2024	13,901	14,562	15,802
2/29/2024	14,419	15,255	16,569
3/31/2024	14,869	15,633	16,844
4/30/2024	14,441	15,703	17,030
5/31/2024	15,038	15,792	17,075
6/30/2024	15,489	16,415	17,529
7/31/2024	15,703	16,463	17,624
8/31/2024	15,962	16,729	17,825
9/30/2024	16,266	17,846	19,239
10/31/2024	15,602	17,053	18,454
11/30/2024	15,309	16,440	17,916
12/31/2024	15,146	16,417	17,844
1/31/2025	15,134	16,711	17,938
2/28/2025	14,726	16,792	17,989
3/31/2025	14,487	16,898	18,134
4/30/2025	14,669	17,120	18,276
5/31/2025	14,873	17,850	19,049
6/30/2025	15,543	18,924	20,057
7/31/2025	15,532	19,293	20,452
8/31/2025	16,043	19,540	21,117
9/30/2025	16,860	20,938	22,327
10/31/2025	17,587	21,813	22,956
11/30/2025	17,575	21,291	22,453
12/31/2025	18,212	21,928	23,057
1/31/2026	19,966	23,869	24,843
2/28/2026	21,218	25,181	26,056
3/31/2026	19,498	21,892	22,945
4/30/2026	21,545	25,112	25,975
5/31/2026	22,966	27,545	27,793

May 31, 2016 through May 31, 2026 with initial investment of $10,000.

Annual Average Total Return

Table Summary

	1 Year	5 Year	10 Year
Institutional Shares	53.27%	8.84%	8.59%
Bloomberg Emerging Markets Large, Mid & Small	45.91%	6.79%	10.76%
MSCI Emerging Markets Index	55.15%	8.03%	11.12%

Key Fund Statistics

Table Summary

Total Net Assets	$210,616,957
# of Portfolio Holdings	35
Advisory Fees Paid	$1,309,333
Portfolio Turnover Rate	14%

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

AMIDX

| INSTITUTIONAL SHARES

Amana Developing World Fund

Annual Shareholder Report - May 31, 2026

What did the Fund invest in?

Top 10 Holdings

% of Total Net Assets

Table Summary

Delta Electronics	8.0%
Samsung Electronics	7.0%
Jabil	4.9%
Taiwan Semiconductor ADR	4.6%
Quimica y Minera Chile ADR	4.5%
Qualcomm	4.4%
Barrick Mining Corporation	4.2%
Antofagasta	3.9%
Rio Tinto ADR	3.8%
Monolithic Power Systems	3.7%

Geographic Weightings

% of Total Net Assets

Table Summary

Taiwan	17.6%
United States	13.5%
South Korea	8.4%
China	7.5%
India	7.2%
United Kingdom	6.3%
Malaysia	5.7%
Saudi Arabia	4.6%
Chile	4.5%
Turkey	3.7%
Other Countries	16.1%
Other Assets (net of liabilities)	4.9%

Industry Weightings

% of Total Net Assets

Table Summary

Communications Equipment	8.6%
Semiconductor Manufacturing	8.2%
Semiconductor Devices	8.1%
Electronics Components	8.0%
Personal Care Products	6.3%
Health Care Facilities	6.0%
Electronic Manufacturing Services & Original Design Manufacturer	4.9%
Food & Drug Stores	4.6%
Agricultural Chemicals	4.5%
Base Metals	4.3%
Other Industries	31.6%
Other Assets (net of liabilities)	4.9%

Householding

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

Additional Information

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

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

AMDWX

| INVESTOR SHARES

Amana Developing World Fund

Annual Shareholder Report - May 31, 2026

Fund Overview

What were the Fund's costs over the last year?

(Based on a hypothetical $10,000 investment)

Table Summary

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Investor Shares	$142	1.12%

How did the Fund perform over the last year?

For the fiscal year ended May 31, 2026, the Amana Developing World Fund Investor Shares returned 52.89%, outperforming the Fund's primary benchmark the Bloomberg Emerging Markets Large, Mid & Small Cap Index, which returned 45.91%. For the five years ended May 31, the Investor Shares has an annualized return of 8.61%, versus 6.79% for the primary benchmark. The Amana Developing World Fund's gross expense ratio was 1.20% for the Investor Shares. The Fund's total net assets stood at $210.62 million, up 56% during the fiscal year. The Fund continues to have a low turnover rate at 14% during the most recent fiscal year, consistent with our overall strategy of investing in companies with long-term growth potential.

Fund Performance

Table Summary

	Amana Developing World Fund Investor Shares	MSCI Emerging Markets Index	Bloomberg Emerging Markets Large, Mid & Small
5/31/2016	10,000	10,000	10,000
6/30/2016	10,256	10,400	10,378
7/31/2016	10,448	10,923	10,917
8/31/2016	10,512	11,194	11,164
9/30/2016	10,416	11,338	11,266
10/31/2016	10,117	11,365	11,275
11/30/2016	9,499	10,842	10,821
12/31/2016	9,440	10,866	10,875
1/31/2017	9,729	11,461	11,441
2/28/2017	9,921	11,812	11,837
3/31/2017	10,114	12,110	12,147
4/30/2017	10,392	12,375	12,380
5/31/2017	10,670	12,741	12,679
6/30/2017	10,670	12,869	12,806
7/31/2017	10,990	13,636	13,494
8/31/2017	11,001	13,940	13,781
9/30/2017	11,065	13,885	13,720
10/31/2017	10,969	14,372	14,155
11/30/2017	11,119	14,401	14,216
12/31/2017	11,460	14,917	14,738
1/31/2018	11,642	16,161	15,884
2/28/2018	11,288	15,415	15,184
3/31/2018	11,203	15,129	14,966
4/30/2018	11,128	15,062	14,970
5/31/2018	10,763	14,528	14,519
6/30/2018	10,453	13,925	13,906
7/31/2018	10,635	14,231	14,231
8/31/2018	10,474	13,846	13,871
9/30/2018	10,249	13,772	13,685
10/31/2018	9,585	12,573	12,563
11/30/2018	9,939	13,091	13,112
12/31/2018	9,677	12,744	12,829
1/31/2019	10,387	13,860	13,785
2/28/2019	10,323	13,891	13,824
3/31/2019	10,430	14,008	14,055
4/30/2019	10,667	14,303	14,259
5/31/2019	10,043	13,265	13,335
6/30/2019	10,699	14,093	14,089
7/31/2019	10,721	13,920	13,960
8/31/2019	10,484	13,242	13,347
9/30/2019	10,635	13,495	13,605
10/31/2019	10,915	14,064	14,137
11/30/2019	10,904	14,044	14,104
12/31/2019	11,484	15,092	15,128
1/31/2020	11,257	14,388	14,602
2/29/2020	10,803	13,630	13,882
3/31/2020	9,475	11,530	11,721
4/30/2020	10,134	12,586	12,783
5/31/2020	10,447	12,683	12,939
6/30/2020	11,106	13,615	13,955
7/31/2020	11,614	14,832	15,367
8/31/2020	11,754	15,160	15,812
9/30/2020	11,657	14,917	15,452
10/31/2020	11,894	15,224	15,772
11/30/2020	12,932	16,632	17,264
12/31/2020	13,925	17,855	18,470
1/31/2021	14,185	18,402	18,967
2/28/2021	14,444	18,543	19,150
3/31/2021	14,314	18,263	18,810
4/30/2021	14,660	18,718	19,403
5/31/2021	14,801	19,152	20,012
6/30/2021	14,876	19,185	20,061
7/31/2021	14,509	17,893	18,986
8/31/2021	14,876	18,362	19,450
9/30/2021	14,293	17,632	18,923
10/31/2021	14,606	17,806	19,101
11/30/2021	14,660	17,080	18,588
12/31/2021	14,944	17,401	18,959
1/31/2022	14,037	17,072	18,292
2/28/2022	13,851	16,561	17,959
3/31/2022	13,654	16,187	17,403
4/30/2022	12,998	15,287	16,391
5/31/2022	12,954	15,354	16,454
6/30/2022	12,036	14,334	15,575
7/31/2022	12,473	14,299	15,609
8/31/2022	12,113	14,358	15,667
9/30/2022	11,227	12,675	14,012
10/31/2022	11,468	12,281	13,620
11/30/2022	12,626	14,103	15,266
12/31/2022	12,315	13,905	15,106
1/31/2023	13,166	15,003	16,186
2/28/2023	12,613	14,030	15,328
3/31/2023	13,088	14,455	15,673
4/30/2023	12,934	14,291	15,566
5/31/2023	12,923	14,051	15,293
6/30/2023	13,298	14,585	15,823
7/31/2023	13,828	15,492	16,736
8/31/2023	13,320	14,538	15,893
9/30/2023	12,812	14,158	15,531
10/31/2023	12,337	13,608	14,938
11/30/2023	13,166	14,697	16,041
12/31/2023	13,946	15,271	16,603
1/31/2024	13,712	14,562	15,802
2/29/2024	14,225	15,255	16,569
3/31/2024	14,659	15,633	16,844
4/30/2024	14,236	15,703	17,030
5/31/2024	14,815	15,792	17,075
6/30/2024	15,261	16,415	17,529
7/31/2024	15,473	16,463	17,624
8/31/2024	15,718	16,729	17,825
9/30/2024	16,019	17,846	19,239
10/31/2024	15,362	17,053	18,454
11/30/2024	15,072	16,440	17,916
12/31/2024	14,913	16,417	17,844
1/31/2025	14,890	16,711	17,938
2/28/2025	14,498	16,792	17,989
3/31/2025	14,251	16,898	18,134
4/30/2025	14,430	17,120	18,276
5/31/2025	14,632	17,850	19,049
6/30/2025	15,283	18,924	20,057
7/31/2025	15,271	19,293	20,452
8/31/2025	15,765	19,540	21,117
9/30/2025	16,572	20,938	22,327
10/31/2025	17,278	21,813	22,956
11/30/2025	17,267	21,291	22,453
12/31/2025	17,886	21,928	23,057
1/31/2026	19,604	23,869	24,843
2/28/2026	20,838	25,181	26,056
3/31/2026	19,143	21,892	22,945
4/30/2026	21,161	25,112	25,975
5/31/2026	22,372	27,545	27,793

May 31, 2016 through May 31, 2026 with initial investment of $10,000.

Annual Average Total Return

Table Summary

	1 Year	5 Year	10 Year
Investor Shares	52.89%	8.61%	8.39%
Bloomberg Emerging Markets Large, Mid & Small	45.91%	6.79%	10.76%
MSCI Emerging Markets Index	55.15%	8.03%	11.12%

Key Fund Statistics

Table Summary

Total Net Assets	$210,616,957
# of Portfolio Holdings	35
Advisory Fees Paid	$1,309,333
Portfolio Turnover Rate	14%

AMDWX

| INVESTOR SHARES

Amana Developing World Fund

Annual Shareholder Report - May 31, 2026

What did the Fund invest in?

Top 10 Holdings

% of Total Net Assets

Table Summary

Delta Electronics	8.0%
Samsung Electronics	7.0%
Jabil	4.9%
Taiwan Semiconductor ADR	4.6%
Quimica y Minera Chile ADR	4.5%
Qualcomm	4.4%
Barrick Mining Corporation	4.2%
Antofagasta	3.9%
Rio Tinto ADR	3.8%
Monolithic Power Systems	3.7%

Geographic Weightings

% of Total Net Assets

Table Summary

Taiwan	17.6%
United States	13.5%
South Korea	8.4%
China	7.5%
India	7.2%
United Kingdom	6.3%
Malaysia	5.7%
Saudi Arabia	4.6%
Chile	4.5%
Turkey	3.7%
Other Countries	16.1%
Other Assets (net of liabilities)	4.9%

Industry Weightings

% of Total Net Assets

Table Summary

Communications Equipment	8.6%
Semiconductor Manufacturing	8.2%
Semiconductor Devices	8.1%
Electronics Components	8.0%
Personal Care Products	6.3%
Health Care Facilities	6.0%
Electronic Manufacturing Services & Original Design Manufacturer	4.9%
Food & Drug Stores	4.6%
Agricultural Chemicals	4.5%
Base Metals	4.3%
Other Industries	31.6%
Other Assets (net of liabilities)	4.9%

Householding

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

AMIGX

| INSTITUTIONAL SHARES

Amana Growth Fund

Annual Shareholder Report - May 31, 2026

Fund Overview

The objective of the Amana Growth Fund is long-term capital growth, consistent with Islamic principles. This Annual Shareholder Report contains important information about the Amana Growth Fund for the period of June 1, 2025 to May 31, 2026. You can find additional information about the Fund at www.saturna.com/products/amana-growth. You can also request this information by contacting us at 1-800-728-8762 or [email protected]. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund's costs over the last year?

(Based on a hypothetical $10,000 investment)

Table Summary

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Institutional Shares	$71	0.60%

How did the Fund perform over the last year?

For the fiscal year ended May 31, 2026, the Amana Growth Fund Institutional Shares returned 36.70% (versus 5.42% for the fiscal year ended May 31, 2025). The Institutional Shares' fiscal year performance exceeded the Bloomberg US Large Cap Index which returned 29.61%, and the S&P 500 Index which returned 29.78%. The Fund's total net assets increased 28.37% during the fiscal year. For the 10-year period ended May 31, 2026, the Institutional Shares provided an annualized return of 17.84%. Since the Fund's inception on September 25, 2013, the Institutional Shares provided an annualized return of 16.13%.

Stock selection was strong, especially in the Industrial, Information Technology, and Communications sectors. While the artificial intelligence trade remained dominant, it broadened to include adjacent companies, which benefited several of our holdings.

Middle East conflict and increased oil prices have spurred higher inflation. Core inflation has not been as affected but remains above the Federal Reserve's 2% target. High inflation, the potential for higher interest rates and stretched market valuations create uncertainty.

Fund Performance

Table Summary

	Amana Growth Fund Institutional Shares	S&P 500 Index	Bloomberg US Large Cap Total Return Index	Bloomberg 1000 Growth Total Return Index
5/31/2016	10,000	10,000	10,000	10,000
6/30/2016	10,006	10,026	10,029	10,003
7/31/2016	10,441	10,396	10,407	10,439
8/31/2016	10,374	10,410	10,421	10,392
9/30/2016	10,371	10,412	10,433	10,428
10/31/2016	10,033	10,222	10,243	10,161
11/30/2016	10,157	10,601	10,610	10,325
12/31/2016	10,352	10,810	10,815	10,438
1/31/2017	10,685	11,015	11,035	10,786
2/28/2017	11,180	11,453	11,474	11,217
3/31/2017	11,324	11,466	11,488	11,335
4/30/2017	11,568	11,584	11,618	11,608
5/31/2017	11,867	11,747	11,791	11,917
6/30/2017	11,833	11,820	11,862	11,902
7/31/2017	12,012	12,063	12,104	12,187
8/31/2017	12,283	12,100	12,142	12,322
9/30/2017	12,514	12,350	12,388	12,456
10/31/2017	12,888	12,638	12,682	12,882
11/30/2017	13,321	13,026	13,060	13,225
12/31/2017	13,384	13,170	13,205	13,301
1/31/2018	14,129	13,924	13,970	14,190
2/28/2018	13,686	13,411	13,461	13,807
3/31/2018	13,571	13,070	13,117	13,475
4/30/2018	13,342	13,121	13,165	13,517
5/31/2018	13,888	13,436	13,487	14,074
6/30/2018	13,896	13,519	13,574	14,176
7/31/2018	14,595	14,022	14,065	14,599
8/31/2018	15,393	14,479	14,526	15,297
9/30/2018	15,668	14,562	14,600	15,394
10/31/2018	14,576	13,566	13,587	14,113
11/30/2018	14,862	13,843	13,873	14,362
12/31/2018	13,742	12,593	12,627	13,152
1/31/2019	14,759	13,602	13,654	14,289
2/28/2019	15,629	14,039	14,107	14,852
3/31/2019	16,152	14,312	14,374	15,271
4/30/2019	16,730	14,891	14,957	15,900
5/31/2019	15,629	13,945	14,027	15,050
6/30/2019	16,714	14,928	15,002	16,065
7/31/2019	16,793	15,142	15,244	16,360
8/31/2019	16,813	14,902	15,006	16,256
9/30/2019	16,872	15,181	15,255	16,233
10/31/2019	17,185	15,510	15,587	16,577
11/30/2019	17,735	16,073	16,163	17,244
12/31/2019	18,332	16,558	16,638	17,724
1/31/2020	18,295	16,551	16,698	18,159
2/29/2020	17,281	15,189	15,348	16,907
3/31/2020	15,836	13,313	13,471	15,201
4/30/2020	17,559	15,020	15,227	17,360
5/31/2020	18,664	15,735	16,018	18,480
6/30/2020	19,429	16,048	16,370	19,148
7/31/2020	20,775	16,953	17,313	20,519
8/31/2020	22,183	18,171	18,635	22,370
9/30/2020	21,626	17,481	17,941	21,475
10/31/2020	20,759	17,016	17,454	20,864
11/30/2020	23,067	18,879	19,463	23,060
12/31/2020	24,416	19,604	20,233	24,075
1/31/2021	24,278	19,407	20,060	23,841
2/28/2021	24,572	19,942	20,566	24,110
3/31/2021	25,307	20,815	21,350	24,661
4/30/2021	26,336	21,926	22,503	26,199
5/31/2021	26,596	22,079	22,601	25,925
6/30/2021	27,832	22,594	23,255	27,238
7/31/2021	29,125	23,131	23,816	28,077
8/31/2021	30,380	23,835	24,524	29,037
9/30/2021	28,118	22,726	23,381	27,476
10/31/2021	30,341	24,318	25,049	29,719
11/30/2021	31,037	24,150	24,804	29,583
12/31/2021	32,185	25,232	25,761	30,355
1/31/2022	29,640	23,926	24,307	27,775
2/28/2022	28,259	23,210	23,550	26,667
3/31/2022	28,817	24,072	24,371	27,651
4/30/2022	26,625	21,973	22,135	24,546
5/31/2022	26,490	22,013	22,077	23,960
6/30/2022	24,643	20,196	20,288	22,110
7/31/2022	26,900	22,058	22,166	24,720
8/31/2022	25,728	21,158	21,302	23,532
9/30/2022	23,318	19,210	19,326	21,326
10/31/2022	25,314	20,765	20,849	22,502
11/30/2022	27,292	21,925	21,958	23,608
12/31/2022	25,998	20,662	20,667	22,016
1/31/2023	27,369	21,961	21,995	23,689
2/28/2023	26,496	21,425	21,479	23,284
3/31/2023	28,021	22,211	22,292	24,667
4/30/2023	28,134	22,558	22,594	24,926
5/31/2023	28,369	22,656	22,780	25,737
6/30/2023	30,088	24,153	24,280	27,486
7/31/2023	30,432	24,929	25,102	28,308
8/31/2023	30,305	24,532	24,685	27,968
9/30/2023	28,785	23,362	23,543	26,438
10/31/2023	28,450	22,871	23,037	25,850
11/30/2023	31,165	24,960	25,205	28,611
12/31/2023	32,754	26,094	26,362	29,967
1/31/2024	33,826	26,532	26,787	30,541
2/29/2024	35,600	27,949	28,239	32,541
3/31/2024	36,243	28,848	29,105	33,186
4/30/2024	34,834	27,670	27,925	31,746
5/31/2024	35,842	29,042	29,259	33,479
6/30/2024	37,985	30,084	30,351	35,240
7/31/2024	37,356	30,450	30,685	35,202
8/31/2024	38,583	31,189	31,429	36,003
9/30/2024	38,670	31,855	32,102	36,957
10/31/2024	37,242	31,566	31,860	36,655
11/30/2024	38,569	33,419	33,827	39,048
12/31/2024	38,002	32,622	33,006	38,620
1/31/2025	38,353	33,531	34,006	39,661
2/28/2025	37,617	33,093	33,475	38,439
3/31/2025	34,866	31,229	31,512	35,624
4/30/2025	35,236	31,017	31,369	35,988
5/31/2025	37,784	32,969	33,407	38,843
6/30/2025	39,776	34,646	35,162	41,054
7/31/2025	40,274	35,424	35,964	42,341
8/31/2025	40,768	36,142	36,652	42,863
9/30/2025	43,600	37,461	38,022	44,747
10/31/2025	45,560	38,338	38,941	46,153
11/30/2025	45,541	38,432	38,958	45,726
12/31/2025	44,801	38,455	38,956	45,546
1/31/2026	45,904	39,013	39,418	45,513
2/28/2026	46,446	38,717	39,063	44,491
3/31/2026	43,385	36,789	37,135	42,051
4/30/2026	49,117	40,649	41,050	47,307
5/31/2026	51,651	42,788	43,299	50,452

May 31, 2016 through May 31, 2026 with initial investment of $10,000.

Annual Average Total Return

Table Summary

	1 Year	5 Year	10 Year
Institutional Shares	36.70%	14.20%	17.84%
Bloomberg 1000 Growth Total Return Index	29.89%	14.24%	17.57%
Bloomberg US Large Cap Total Return Index	29.61%	13.89%	15.78%
S&P 500 Index	29.78%	14.15%	15.65%

Key Fund Statistics

Table Summary

Total Net Assets	$6,768,596,317
# of Portfolio Holdings	31
Advisory Fees Paid	$33,998,135
Portfolio Turnover Rate	12%

AMIGX

| INSTITUTIONAL SHARES

Amana Growth Fund

Annual Shareholder Report - May 31, 2026

What did the Fund invest in?

Top 10 Holdings

% of Total Net Assets

Table Summary

Apple	7.6%
Alphabet, Class A	7.6%
Taiwan Semiconductor ADR	7.3%
Broadcom	7.3%
ASML Holding NY	7.1%
Nvidia	6.6%
Microsoft	4.9%
Eli Lilly	4.6%
Johnson Controls International	4.0%
Advanced Micro Devices	3.8%

Geographic Weightings

% of Total Net Assets

Table Summary

United States	66.8%
Taiwan	7.3%
Netherlands	7.1%
United Kingdom	3.7%
Italy	3.0%
Ireland	2.6%
Japan	2.2%
France	1.9%
Denmark	1.1%
Canada	0.5%

Industry Weightings

% of Total Net Assets

Table Summary

Semiconductor Devices	17.7%
Semiconductor Manufacturing	14.4%
Communications Equipment	11.5%
Large Pharma	10.3%
Infrastructure Software	8.9%
Internet Media & Services	7.6%
Commercial & Residential Building Equipment & Systems	6.6%
Medical Devices	3.1%
Fabricated Metal & Hardware	3.0%
Specialty Apparel Stores	2.6%
Other Industries	10.5%
Other Assets (net of liabilities)	3.8%

Householding

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

AMAGX

| INVESTOR SHARES

Amana Growth Fund

Annual Shareholder Report - May 31, 2026

Fund Overview

What were the Fund's costs over the last year?

(Based on a hypothetical $10,000 investment)

Table Summary

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Investor Shares	$100	0.85%

How did the Fund perform over the last year?

For the fiscal year ended May 31, 2026, the Amana Growth Fund Investor Shares returned 36.38% (versus 5.17% for the fiscal year ended May 31, 2025). The Investor Shares' fiscal year performance exceeded the Bloomberg US Large Cap Index which returned 29.61%, and the S&P 500 Index which returned 29.78%. Income is not a Fund investment objective and the Investor Shares did not pay a dividend or distribute capital gains. The Fund's total net assets increased 28.37% during the fiscal year. For the 15-year period ended May 31, 2026, the Investor Shares provided an annualized return of 14.45%. Since the Fund's inception on February 3, 1994, the Investor Shares provided an annualized return of 12.40%.

Fund Performance

Table Summary

	Amana Growth Fund Investor Shares	S&P 500 Index	Bloomberg US Large Cap Total Return Index	Bloomberg 1000 Growth Total Return Index
5/31/2016	10,000	10,000	10,000	10,000
6/30/2016	10,003	10,026	10,029	10,003
7/31/2016	10,436	10,396	10,407	10,439
8/31/2016	10,366	10,410	10,421	10,392
9/30/2016	10,363	10,412	10,433	10,428
10/31/2016	10,021	10,222	10,243	10,161
11/30/2016	10,145	10,601	10,610	10,325
12/31/2016	10,338	10,810	10,815	10,438
1/31/2017	10,669	11,015	11,035	10,786
2/28/2017	11,164	11,453	11,474	11,217
3/31/2017	11,305	11,466	11,488	11,335
4/30/2017	11,549	11,584	11,618	11,608
5/31/2017	11,838	11,747	11,791	11,917
6/30/2017	11,804	11,820	11,862	11,902
7/31/2017	11,979	12,063	12,104	12,187
8/31/2017	12,247	12,100	12,142	12,322
9/30/2017	12,474	12,350	12,388	12,456
10/31/2017	12,846	12,638	12,682	12,882
11/30/2017	13,276	13,026	13,060	13,225
12/31/2017	13,334	13,170	13,205	13,301
1/31/2018	14,074	13,924	13,970	14,190
2/28/2018	13,628	13,411	13,461	13,807
3/31/2018	13,514	13,070	13,117	13,475
4/30/2018	13,281	13,121	13,165	13,517
5/31/2018	13,822	13,436	13,487	14,074
6/30/2018	13,826	13,519	13,574	14,176
7/31/2018	14,520	14,022	14,065	14,599
8/31/2018	15,314	14,479	14,526	15,297
9/30/2018	15,585	14,562	14,600	15,394
10/31/2018	14,494	13,566	13,587	14,113
11/30/2018	14,776	13,843	13,873	14,362
12/31/2018	13,660	12,593	12,627	13,152
1/31/2019	14,666	13,602	13,654	14,289
2/28/2019	15,527	14,039	14,107	14,852
3/31/2019	16,044	14,312	14,374	15,271
4/30/2019	16,617	14,891	14,957	15,900
5/31/2019	15,519	13,945	14,027	15,050
6/30/2019	16,593	14,928	15,002	16,065
7/31/2019	16,672	15,142	15,244	16,360
8/31/2019	16,684	14,902	15,006	16,256
9/30/2019	16,743	15,181	15,255	16,233
10/31/2019	17,047	15,510	15,587	16,577
11/30/2019	17,592	16,073	16,163	17,244
12/31/2019	18,178	16,558	16,638	17,724
1/31/2020	18,141	16,551	16,698	18,159
2/29/2020	17,131	15,189	15,348	16,907
3/31/2020	15,693	13,313	13,471	15,201
4/30/2020	17,400	15,020	15,227	17,360
5/31/2020	18,487	15,735	16,018	18,480
6/30/2020	19,245	16,048	16,370	19,148
7/31/2020	20,573	16,953	17,313	20,519
8/31/2020	21,961	18,171	18,635	22,370
9/30/2020	21,408	17,481	17,941	21,475
10/31/2020	20,540	17,016	17,454	20,864
11/30/2020	22,825	18,879	19,463	23,060
12/31/2020	24,150	19,604	20,233	24,075
1/31/2021	24,013	19,407	20,060	23,841
2/28/2021	24,301	19,942	20,566	24,110
3/31/2021	25,023	20,815	21,350	24,661
4/30/2021	26,032	21,926	22,503	26,199
5/31/2021	26,281	22,079	22,601	25,925
6/30/2021	27,502	22,594	23,255	27,238
7/31/2021	28,773	23,131	23,816	28,077
8/31/2021	30,002	23,835	24,524	29,037
9/30/2021	27,764	22,726	23,381	27,476
10/31/2021	29,955	24,318	25,049	29,719
11/30/2021	30,634	24,150	24,804	29,583
12/31/2021	31,764	25,232	25,761	30,355
1/31/2022	29,242	23,926	24,307	27,775
2/28/2022	27,877	23,210	23,550	26,667
3/31/2022	28,417	24,072	24,371	27,651
4/30/2022	26,253	21,973	22,135	24,546
5/31/2022	26,119	22,013	22,077	23,960
6/30/2022	24,292	20,196	20,288	22,110
7/31/2022	26,512	22,058	22,166	24,720
8/31/2022	25,346	21,158	21,302	23,532
9/30/2022	22,970	19,210	19,326	21,326
10/31/2022	24,931	20,765	20,849	22,502
11/30/2022	26,875	21,925	21,958	23,608
12/31/2022	25,598	20,662	20,667	22,016
1/31/2023	26,940	21,961	21,995	23,689
2/28/2023	26,072	21,425	21,479	23,284
3/31/2023	27,566	22,211	22,292	24,667
4/30/2023	27,674	22,558	22,594	24,926
5/31/2023	27,902	22,656	22,780	25,737
6/30/2023	29,589	24,153	24,280	27,486
7/31/2023	29,915	24,929	25,102	28,308
8/31/2023	29,790	24,532	24,685	27,968
9/30/2023	28,287	23,362	23,543	26,438
10/31/2023	27,956	22,871	23,037	25,850
11/30/2023	30,613	24,960	25,205	28,611
12/31/2023	32,165	26,094	26,362	29,967
1/31/2024	33,214	26,532	26,787	30,541
2/29/2024	34,948	27,949	28,239	32,541
3/31/2024	35,574	28,848	29,105	33,186
4/30/2024	34,183	27,670	27,925	31,746
5/31/2024	35,164	29,042	29,259	33,479
6/30/2024	37,258	30,084	30,351	35,240
7/31/2024	36,632	30,450	30,685	35,202
8/31/2024	37,835	31,189	31,429	36,003
9/30/2024	37,911	31,855	32,102	36,957
10/31/2024	36,502	31,566	31,860	36,655
11/30/2024	37,794	33,419	33,827	39,048
12/31/2024	37,230	32,622	33,006	38,620
1/31/2025	37,567	33,531	34,006	39,661
2/28/2025	36,841	33,093	33,475	38,439
3/31/2025	34,145	31,229	31,512	35,624
4/30/2025	34,496	31,017	31,369	35,988
5/31/2025	36,981	32,969	33,407	38,843
6/30/2025	38,924	34,646	35,162	41,054
7/31/2025	39,406	35,424	35,964	42,341
8/31/2025	39,879	36,142	36,652	42,863
9/30/2025	42,641	37,461	38,022	44,747
10/31/2025	44,551	38,338	38,941	46,153
11/30/2025	44,518	38,432	38,958	45,726
12/31/2025	43,788	38,455	38,956	45,546
1/31/2026	44,860	39,013	39,418	45,513
2/28/2026	45,379	38,717	39,063	44,491
3/31/2026	42,379	36,789	37,135	42,051
4/30/2026	47,968	40,649	41,050	47,307
5/31/2026	50,435	42,788	43,299	50,452

May 31, 2016 through May 31, 2026 with initial investment of $10,000.

Annual Average Total Return

Table Summary

	1 Year	5 Year	10 Year
Investor Shares	36.38%	13.92%	17.56%
Bloomberg 1000 Growth Total Return Index	29.89%	14.24%	17.57%
Bloomberg US Large Cap Total Return Index	29.61%	13.89%	15.78%
S&P 500 Index	29.78%	14.15%	15.65%

Key Fund Statistics

Table Summary

Total Net Assets	$6,768,596,317
# of Portfolio Holdings	31
Advisory Fees Paid	$33,998,135
Portfolio Turnover Rate	12%

AMAGX

| INVESTOR SHARES

Amana Growth Fund

Annual Shareholder Report - May 31, 2026

What did the Fund invest in?

Top 10 Holdings

% of Total Net Assets

Table Summary

Apple	7.6%
Alphabet, Class A	7.6%
Taiwan Semiconductor ADR	7.3%
Broadcom	7.3%
ASML Holding NY	7.1%
Nvidia	6.6%
Microsoft	4.9%
Eli Lilly	4.6%
Johnson Controls International	4.0%
Advanced Micro Devices	3.8%

Geographic Weightings

% of Total Net Assets

Table Summary

United States	66.8%
Taiwan	7.3%
Netherlands	7.1%
United Kingdom	3.7%
Italy	3.0%
Ireland	2.6%
Japan	2.2%
France	1.9%
Denmark	1.1%
Canada	0.5%

Industry Weightings

% of Total Net Assets

Table Summary

Semiconductor Devices	17.7%
Semiconductor Manufacturing	14.4%
Communications Equipment	11.5%
Large Pharma	10.3%
Infrastructure Software	8.9%
Internet Media & Services	7.6%
Commercial & Residential Building Equipment & Systems	6.6%
Medical Devices	3.1%
Fabricated Metal & Hardware	3.0%
Specialty Apparel Stores	2.6%
Other Industries	10.5%
Other Assets (net of liabilities)	3.8%

Householding

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

AMINX

| INSTITUTIONAL SHARES

Amana Income Fund

Annual Shareholder Report - May 31, 2026

Fund Overview

The objective of the Amana Income Fund is current income and preservation of capital, consistent with Islamic principles. This Annual Shareholder Report contains important information about the Amana Income Fund for the period of June 1, 2025 to May 31, 2026. You can find additional information about the Fund at www.saturna.com/products/amana-income. You can also request this information by contacting us at 1-800-728-8762 or [email protected]. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund's costs over the last year?

(Based on a hypothetical $10,000 investment)

Table Summary

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Institutional Shares	$83	0.74%

How did the Fund perform over the last year?

For the fiscal year ended May 31, 2026, Amana Income Fund Institutional Shares returned 23.28% compared to 8.02% in the same period of 2025. The Bloomberg US Large Cap Index returned 29.61% over the same period. In pursuit of its objective of current income, during the fiscal year, the Institutional Shares distributed a total dividend of $4.05 per share. The Institutional shares expense ratio was 0.74% and the Fund's total net assets were $2.32 billion (at period ended May 31, 2026) up 17% during the fiscal year.

The Fund's strongest contributions came from the continuing artificial intelligence (AI) and data-center investment cycle. Taiwan Semiconductor was the standout, with Broadcom and Cisco Systems also contributing as demand for AI computing infrastructure held up. Eli Lilly added to returns on continued strength in its health care business. On the other side, several of the Fund's more defensive holdings lagged - Nintendo was the largest detractor, followed by Abbott Laboratories, while Consumer Staples holdings Kimberly-Clark and Kenvue also weighed on results.

A wave of very large prospective public offerings - companies such as SpaceX, OpenAI, and Anthropic - could absorb a meaningful share of investor capital in the year ahead, an overhang worth watching. In a market increasingly shaped by a small number of outsized businesses, we believe the Amana Income Fund's focus on durable earnings and income remains a valuable complement in investors' portfolios.

Fund Performance

Table Summary

	Amana Income Fund Institutional Shares	S&P 500 Index	Bloomberg US Large Cap Total Return Index	Bloomberg 1000 Value Total Return Index
5/31/2016	10,000	10,000	10,000	10,000
6/30/2016	10,237	10,026	10,029	10,045
7/31/2016	10,528	10,396	10,407	10,372
8/31/2016	10,488	10,410	10,421	10,452
9/30/2016	10,411	10,412	10,433	10,434
10/31/2016	9,975	10,222	10,243	10,291
11/30/2016	10,293	10,601	10,610	10,926
12/31/2016	10,401	10,810	10,815	11,210
1/31/2017	10,598	11,015	11,035	11,300
2/28/2017	11,003	11,453	11,474	11,721
3/31/2017	11,064	11,466	11,488	11,623
4/30/2017	11,130	11,584	11,618	11,585
5/31/2017	11,296	11,747	11,791	11,565
6/30/2017	11,386	11,820	11,862	11,762
7/31/2017	11,364	12,063	12,104	11,937
8/31/2017	11,419	12,100	12,142	11,859
9/30/2017	11,850	12,350	12,388	12,258
10/31/2017	12,209	12,638	12,682	12,379
11/30/2017	12,534	13,026	13,060	12,814
12/31/2017	12,685	13,170	13,205	13,035
1/31/2018	13,190	13,924	13,970	13,574
2/28/2018	12,519	13,411	13,461	12,915
3/31/2018	12,265	13,070	13,117	12,651
4/30/2018	11,922	13,121	13,165	12,690
5/31/2018	12,205	13,436	13,487	12,763
6/30/2018	12,203	13,519	13,574	12,832
7/31/2018	12,985	14,022	14,065	13,352
8/31/2018	13,150	14,479	14,526	13,544
9/30/2018	13,255	14,562	14,600	13,537
10/31/2018	12,251	13,566	13,587	12,788
11/30/2018	12,952	13,843	13,873	13,124
12/31/2018	12,052	12,593	12,627	11,798
1/31/2019	12,501	13,602	13,654	12,766
2/28/2019	13,198	14,039	14,107	13,115
3/31/2019	13,464	14,312	14,374	13,133
4/30/2019	13,809	14,891	14,957	13,648
5/31/2019	12,892	13,945	14,027	12,625
6/30/2019	13,626	14,928	15,002	13,542
7/31/2019	13,661	15,142	15,244	13,720
8/31/2019	13,407	14,902	15,006	13,267
9/30/2019	13,803	15,181	15,255	13,819
10/31/2019	14,146	15,510	15,587	14,111
11/30/2019	14,617	16,073	16,163	14,594
12/31/2019	15,134	16,558	16,638	15,017
1/31/2020	14,805	16,551	16,698	14,556
2/29/2020	13,705	15,189	15,348	13,094
3/31/2020	12,413	13,313	13,471	10,740
4/30/2020	13,823	15,020	15,227	11,968
5/31/2020	14,434	15,735	16,018	12,371
6/30/2020	14,710	16,048	16,370	12,317
7/31/2020	15,215	16,953	17,313	12,667
8/31/2020	15,981	18,171	18,635	13,148
9/30/2020	15,642	17,481	17,941	12,779
10/31/2020	15,241	17,016	17,454	12,621
11/30/2020	16,847	18,879	19,463	14,454
12/31/2020	17,274	19,604	20,233	14,992
1/31/2021	17,280	19,407	20,060	14,954
2/28/2021	17,357	19,942	20,566	15,992
3/31/2021	18,163	20,815	21,350	17,033
4/30/2021	18,481	21,926	22,503	17,661
5/31/2021	18,928	22,079	22,601	18,156
6/30/2021	19,108	22,594	23,255	17,923
7/31/2021	19,518	23,131	23,816	18,006
8/31/2021	19,924	23,835	24,524	18,374
9/30/2021	18,631	22,726	23,381	17,843
10/31/2021	19,772	24,318	25,049	18,665
11/30/2021	19,812	24,150	24,804	18,090
12/31/2021	21,210	25,232	25,761	19,273
1/31/2022	20,043	23,926	24,307	19,203
2/28/2022	19,151	23,210	23,550	19,097
3/31/2022	19,868	24,072	24,371	19,578
4/30/2022	19,096	21,973	22,135	18,603
5/31/2022	19,194	22,013	22,077	19,245
6/30/2022	18,260	20,196	20,288	17,493
7/31/2022	19,325	22,058	22,166	18,413
8/31/2022	18,348	21,158	21,302	18,026
9/30/2022	17,189	19,210	19,326	16,374
10/31/2022	18,662	20,765	20,849	18,467
11/30/2022	20,108	21,925	21,958	19,602
12/31/2022	19,406	20,662	20,667	18,789
1/31/2023	19,582	21,961	21,995	19,761
2/28/2023	19,036	21,425	21,479	19,027
3/31/2023	19,934	22,211	22,292	18,629
4/30/2023	20,342	22,558	22,594	18,901
5/31/2023	20,079	22,656	22,780	17,947
6/30/2023	21,506	24,153	24,280	19,144
7/31/2023	21,432	24,929	25,102	20,007
8/31/2023	21,393	24,532	24,685	19,400
9/30/2023	20,440	23,362	23,543	18,828
10/31/2023	20,097	22,871	23,037	18,280
11/30/2023	21,319	24,960	25,205	19,490
12/31/2023	22,087	26,094	26,362	20,550
1/31/2024	22,352	26,532	26,787	20,586
2/29/2024	23,580	27,949	28,239	21,187
3/31/2024	24,313	28,848	29,105	22,475
4/30/2024	23,442	27,670	27,925	21,521
5/31/2024	24,104	29,042	29,259	22,183
6/30/2024	24,856	30,084	30,351	21,962
7/31/2024	24,770	30,450	30,685	23,085
8/31/2024	25,869	31,189	31,429	23,625
9/30/2024	25,858	31,855	32,102	23,836
10/31/2024	25,282	31,566	31,860	23,688
11/30/2024	25,821	33,419	33,827	25,115
12/31/2024	24,994	32,622	33,006	23,350
1/31/2025	25,495	33,531	34,006	24,366
2/28/2025	26,005	33,093	33,475	24,806
3/31/2025	24,682	31,229	31,512	24,248
4/30/2025	24,978	31,017	31,369	23,199
5/31/2025	26,037	32,969	33,407	23,841
6/30/2025	27,271	34,646	35,162	24,730
7/31/2025	27,255	35,424	35,964	24,710
8/31/2025	27,445	36,142	36,652	25,773
9/30/2025	27,988	37,461	38,022	26,127
10/31/2025	28,528	38,338	38,941	26,055
11/30/2025	29,563	38,432	38,958	26,915
12/31/2025	29,154	38,455	38,956	27,209
1/31/2026	29,798	39,013	39,418	28,779
2/28/2026	30,994	38,717	39,063	29,869
3/31/2026	28,489	36,789	37,135	28,786
4/30/2026	30,722	40,649	41,050	30,122
5/31/2026	32,100	42,788	43,299	30,547

May 31, 2016 through May 31, 2026 with initial investment of $10,000.

Annual Average Total Return

Table Summary

	1 Year	5 Year	10 Year
Institutional Shares	23.28%	11.14%	12.37%
Bloomberg 1000 Value Total Return Index	28.13%	10.97%	11.81%
Bloomberg US Large Cap Total Return Index	29.61%	13.89%	15.78%
S&P 500 Index	29.78%	14.15%	15.65%

Key Fund Statistics

Table Summary

Total Net Assets	$2,318,369,605
# of Portfolio Holdings	31
Advisory Fees Paid	$15,166,831
Portfolio Turnover Rate	10%

AMINX

| INSTITUTIONAL SHARES

Amana Income Fund

Annual Shareholder Report - May 31, 2026

What did the Fund invest in?

Top 10 Holdings

% of Total Net Assets

Table Summary

Taiwan Semiconductor ADR	12.6%
Eli Lilly	12.1%
Microsoft	6.3%
Rockwell Automation	5.8%
Broadcom	5.8%
W.W. Grainger	4.3%
Cisco Systems	4.2%
Texas Instruments	3.3%
Illinois Tool Works	3.2%
Johnson Controls International	3.2%

Geographic Weightings

% of Total Net Assets

Table Summary

United States	65.0%
Taiwan	12.6%
United Kingdom	4.7%
France	3.0%
Japan	2.6%
Canada	2.1%
Switzerland	1.9%

Industry Weightings

% of Total Net Assets

Table Summary

Large Pharma	17.7%
Semiconductor Manufacturing	12.6%
Semiconductor Devices	9.1%
Infrastructure Software	6.3%
Industrial Wholesale & Rental	6.2%
Personal Care Products	6.2%
Measurement Instruments	5.8%
Basic & Diversified Chemicals	4.3%
Communications Equipment	4.2%
Commercial & Residential Building Equipment & Systems	3.2%
Other Industries	16.3%
Other Assets (net of liabilities)	8.1%

Householding

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

AMANX

| INVESTOR SHARES

Amana Income Fund

Annual Shareholder Report - May 31, 2026

Fund Overview

What were the Fund's costs over the last year?

(Based on a hypothetical $10,000 investment)

Table Summary

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Investor Shares	$109	0.98%

How did the Fund perform over the last year?

For the fiscal year ended May 31, 2026, Amana Income Fund Investor Shares returned 22.99% compared to 7.77% in the same period of 2025. The Bloomberg US Large Cap Index returned 29.61% over the same period. In pursuit of its objective of current income, during the fiscal year, the Investor Shares distributed a total dividend of $3.81 per share. The Investor shares expense ratio was 0.98% and the Fund's total net assets were $2.32 billion (at period ended May 31, 2026) up 17% during the fiscal year.

Fund Performance

Table Summary

	Amana Income Fund Investor Shares	S&P 500 Index	Bloomberg US Large Cap Total Return Index	Bloomberg 1000 Value Total Return Index
5/31/2016	10,000	10,000	10,000	10,000
6/30/2016	10,234	10,026	10,029	10,045
7/31/2016	10,525	10,396	10,407	10,372
8/31/2016	10,480	10,410	10,421	10,452
9/30/2016	10,401	10,412	10,433	10,434
10/31/2016	9,964	10,222	10,243	10,291
11/30/2016	10,280	10,601	10,610	10,926
12/31/2016	10,385	10,810	10,815	11,210
1/31/2017	10,581	11,015	11,035	11,300
2/28/2017	10,985	11,453	11,474	11,721
3/31/2017	11,043	11,466	11,488	11,623
4/30/2017	11,106	11,584	11,618	11,585
5/31/2017	11,267	11,747	11,791	11,565
6/30/2017	11,356	11,820	11,862	11,762
7/31/2017	11,333	12,063	12,104	11,937
8/31/2017	11,385	12,100	12,142	11,859
9/30/2017	11,811	12,350	12,388	12,258
10/31/2017	12,166	12,638	12,682	12,379
11/30/2017	12,489	13,026	13,060	12,814
12/31/2017	12,637	13,170	13,205	13,035
1/31/2018	13,136	13,924	13,970	13,574
2/28/2018	12,467	13,411	13,461	12,915
3/31/2018	12,213	13,070	13,117	12,651
4/30/2018	11,867	13,121	13,165	12,690
5/31/2018	12,148	13,436	13,487	12,763
6/30/2018	12,143	13,519	13,574	12,832
7/31/2018	12,918	14,022	14,065	13,352
8/31/2018	13,077	14,479	14,526	13,544
9/30/2018	13,182	14,562	14,600	13,537
10/31/2018	12,181	13,566	13,587	12,788
11/30/2018	12,876	13,843	13,873	13,124
12/31/2018	11,977	12,593	12,627	11,798
1/31/2019	12,422	13,602	13,654	12,766
2/28/2019	13,111	14,039	14,107	13,115
3/31/2019	13,375	14,312	14,374	13,133
4/30/2019	13,714	14,891	14,957	13,648
5/31/2019	12,798	13,945	14,027	12,625
6/30/2019	13,524	14,928	15,002	13,542
7/31/2019	13,558	15,142	15,244	13,720
8/31/2019	13,302	14,902	15,006	13,267
9/30/2019	13,694	15,181	15,255	13,819
10/31/2019	14,030	15,510	15,587	14,111
11/30/2019	14,493	16,073	16,163	14,594
12/31/2019	15,006	16,558	16,638	15,017
1/31/2020	14,676	16,551	16,698	14,556
2/29/2020	13,582	15,189	15,348	13,094
3/31/2020	12,303	13,313	13,471	10,740
4/30/2020	13,699	15,020	15,227	11,968
5/31/2020	14,304	15,735	16,018	12,371
6/30/2020	14,576	16,048	16,370	12,317
7/31/2020	15,073	16,953	17,313	12,667
8/31/2020	15,831	18,171	18,635	13,148
9/30/2020	15,488	17,481	17,941	12,779
10/31/2020	15,090	17,016	17,454	12,621
11/30/2020	16,677	18,879	19,463	14,454
12/31/2020	17,098	19,604	20,233	14,992
1/31/2021	17,104	19,407	20,060	14,954
2/28/2021	17,177	19,942	20,566	15,992
3/31/2021	17,971	20,815	21,350	17,033
4/30/2021	18,283	21,926	22,503	17,661
5/31/2021	18,720	22,079	22,601	18,156
6/30/2021	18,893	22,594	23,255	17,923
7/31/2021	19,298	23,131	23,816	18,006
8/31/2021	19,694	23,835	24,524	18,374
9/30/2021	18,413	22,726	23,381	17,843
10/31/2021	19,535	24,318	25,049	18,665
11/30/2021	19,572	24,150	24,804	18,090
12/31/2021	20,946	25,232	25,761	19,273
1/31/2022	19,791	23,926	24,307	19,203
2/28/2022	18,908	23,210	23,550	19,097
3/31/2022	19,610	24,072	24,371	19,578
4/30/2022	18,845	21,973	22,135	18,603
5/31/2022	18,938	22,013	22,077	19,245
6/30/2022	18,016	20,196	20,288	17,493
7/31/2022	19,059	22,058	22,166	18,413
8/31/2022	18,092	21,158	21,302	18,026
9/30/2022	16,946	19,210	19,326	16,374
10/31/2022	18,392	20,765	20,849	18,467
11/30/2022	19,815	21,925	21,958	19,602
12/31/2022	19,119	20,662	20,667	18,789
1/31/2023	19,287	21,961	21,995	19,761
2/28/2023	18,749	21,425	21,479	19,027
3/31/2023	19,627	22,211	22,292	18,629
4/30/2023	20,028	22,558	22,594	18,901
5/31/2023	19,762	22,656	22,780	17,947
6/30/2023	21,165	24,153	24,280	19,144
7/31/2023	21,086	24,929	25,102	20,007
8/31/2023	21,045	24,532	24,685	19,400
9/30/2023	20,100	23,362	23,543	18,828
10/31/2023	19,762	22,871	23,037	18,280
11/30/2023	20,958	24,960	25,205	19,490
12/31/2023	21,710	26,094	26,362	20,550
1/31/2024	21,963	26,532	26,787	20,586
2/29/2024	23,166	27,949	28,239	21,187
3/31/2024	23,885	28,848	29,105	22,475
4/30/2024	23,021	27,670	27,925	21,521
5/31/2024	23,668	29,042	29,259	22,183
6/30/2024	24,401	30,084	30,351	21,962
7/31/2024	24,310	30,450	30,685	23,085
8/31/2024	25,384	31,189	31,429	23,625
9/30/2024	25,370	31,855	32,102	23,836
10/31/2024	24,800	31,566	31,860	23,688
11/30/2024	25,323	33,419	33,827	25,115
12/31/2024	24,506	32,622	33,006	23,350
1/31/2025	24,995	33,531	34,006	24,366
2/28/2025	25,487	33,093	33,475	24,806
3/31/2025	24,185	31,229	31,512	24,248
4/30/2025	24,471	31,017	31,369	23,199
5/31/2025	25,504	32,969	33,407	23,841
6/30/2025	26,707	34,646	35,162	24,730
7/31/2025	26,684	35,424	35,964	24,710
8/31/2025	26,864	36,142	36,652	25,773
9/30/2025	27,393	37,461	38,022	26,127
10/31/2025	27,914	38,338	38,941	26,055
11/30/2025	28,923	38,432	38,958	26,915
12/31/2025	28,518	38,455	38,956	27,209
1/31/2026	29,142	39,013	39,418	28,779
2/28/2026	30,307	38,717	39,063	29,869
3/31/2026	27,849	36,789	37,135	28,786
4/30/2026	30,029	40,649	41,050	30,122
5/31/2026	31,368	42,788	43,299	30,547

May 31, 2016 through May 31, 2026 with initial investment of $10,000.

Annual Average Total Return

Table Summary

	1 Year	5 Year	10 Year
Investor Shares	22.99%	10.88%	12.11%
Bloomberg 1000 Value Total Return Index	28.13%	10.97%	11.81%
Bloomberg US Large Cap Total Return Index	29.61%	13.89%	15.78%
S&P 500 Index	29.78%	14.15%	15.65%

Key Fund Statistics

Table Summary

Total Net Assets	$2,318,369,605
# of Portfolio Holdings	31
Advisory Fees Paid	$15,166,831
Portfolio Turnover Rate	10%

AMANX

| INVESTOR SHARES

Amana Income Fund

Annual Shareholder Report - May 31, 2026

What did the Fund invest in?

Top 10 Holdings

% of Total Net Assets

Table Summary

Taiwan Semiconductor ADR	12.6%
Eli Lilly	12.1%
Microsoft	6.3%
Rockwell Automation	5.8%
Broadcom	5.8%
W.W. Grainger	4.3%
Cisco Systems	4.2%
Texas Instruments	3.3%
Illinois Tool Works	3.2%
Johnson Controls International	3.2%

Geographic Weightings

% of Total Net Assets

Table Summary

United States	65.0%
Taiwan	12.6%
United Kingdom	4.7%
France	3.0%
Japan	2.6%
Canada	2.1%
Switzerland	1.9%

Industry Weightings

% of Total Net Assets

Table Summary

Large Pharma	17.7%
Semiconductor Manufacturing	12.6%
Semiconductor Devices	9.1%
Infrastructure Software	6.3%
Industrial Wholesale & Rental	6.2%
Personal Care Products	6.2%
Measurement Instruments	5.8%
Basic & Diversified Chemicals	4.3%
Communications Equipment	4.2%
Commercial & Residential Building Equipment & Systems	3.2%
Other Industries	16.3%
Other Assets (net of liabilities)	8.1%

Householding

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

AMIPX

| INSTITUTIONAL SHARES

Amana Participation Fund

Annual Shareholder Report - May 31, 2026

Fund Overview

The objective of the Amana Participation Fund is capital preservation and current income, consistent with Islamic principles. This Annual Shareholder Report contains important information about the Amana Participation Fund for the period of June 1, 2025 to May 31, 2026. You can find additional information about the Fund at www.saturna.com/products/amana-participation. You can also request this information by contacting us at 1-800-728-8762 or [email protected]. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund's costs over the last year?

(Based on a hypothetical $10,000 investment)

Table Summary

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Institutional Shares	$56	0.55%

How did the Fund perform over the last year?

For the twelve-month period ending May 31, 2026, the Amana Participation Fund Institutional Shares returned 4.37%. For the same period, the Fund's primary benchmark, the Bloomberg Global Aggregate Bond Total Return Index returned 3.26%, and its secondary benchmark, the Bloomberg Custom USD 0+ Sukuk Dual Capped Unhedged USD Index returned 5.14%. The Fund's underperformance relative to these benchmarks is primarily attributable to differences in the Fund's investment objective and portfolio composition, including its underweight position in sovereign issues relative to the respective benchmark weightings.

As of May 31, 2026, the portfolio held 81 investments, comprising 80 sukuk, one murabaha, and cash, with an option-adjusted duration of 3.39 years, a slight decrease from 3.42 years in the prior year. The decision to maintain a broadly similar duration profile reflects a strategic allocation emphasizing ownership of high-quality issuers while reducing duration risk in an interest rate environment marked by heightened volatility in longer-maturity securities.

The Amana Participation Fund reported total assets of more than $321 million as of May 31, 2026, up from more than $257 million in the same period in 2025. We take great pride in offering the Islamic community one of the only fully dedicated Islamic-compliant fixed income mutual fund focused on capital preservation and current income.

Fund Performance

Table Summary

	Amana Participation Fund Institutional Shares	FTSE IdealRatings Sukuk Index	Bloomberg Global Aggregate Bond Index	Bloomberg Custom Sukuk
5/31/2016	10,000	10,000	10,000	-
6/30/2016	10,120	10,127	10,292	-
7/31/2016	10,171	10,187	10,370	-
8/31/2016	10,262	10,275	10,319	-
9/30/2016	10,229	10,275	10,376	-
10/31/2016	10,196	10,240	10,088	-
11/30/2016	10,073	10,077	9,687	-
12/31/2016	10,083	10,101	9,643	-
1/31/2017	10,134	10,182	9,751	-
2/28/2017	10,203	10,273	9,798	-
3/31/2017	10,227	10,299	9,813	-
4/30/2017	10,265	10,346	9,923	-
5/31/2017	10,309	10,399	10,077	-
6/30/2017	10,268	10,409	10,068	-
7/31/2017	10,320	10,454	10,237	-
8/31/2017	10,381	10,539	10,339	-
9/30/2017	10,369	10,544	10,245	-
10/31/2017	10,368	10,551	10,207	-
11/30/2017	10,355	10,535	10,320	-
12/31/2017	10,354	10,537	10,356	-
1/31/2018	10,345	10,518	10,479	-
2/28/2018	10,271	10,404	10,386	-
3/31/2018	10,284	10,423	10,497	-
4/30/2018	10,224	10,347	10,329	-
5/31/2018	10,226	10,388	10,250	-
6/30/2018	10,258	10,394	10,205	-
7/31/2018	10,314	10,475	10,188	-
8/31/2018	10,337	10,498	10,198	-
9/30/2018	10,336	10,499	10,110	-
10/31/2018	10,308	10,428	9,998	-
11/30/2018	10,320	10,466	10,029	-
12/31/2018	10,365	10,565	10,232	-
1/31/2019	10,474	10,722	10,387	-
2/28/2019	10,528	10,792	10,328	-
3/31/2019	10,617	10,956	10,457	-
4/30/2019	10,673	11,028	10,426	-
5/31/2019	10,731	11,140	10,567	-
6/30/2019	10,838	11,302	10,801	-
7/31/2019	10,940	11,423	10,771	-
8/31/2019	11,106	11,694	10,990	-
9/30/2019	11,065	11,625	10,879	-
10/31/2019	11,080	11,629	10,951	-
11/30/2019	11,104	11,664	10,868	-
12/31/2019	11,085	11,706	10,931	-
1/31/2020	11,197	11,880	11,071	-
2/29/2020	11,208	11,966	11,145	-
3/31/2020	10,704	11,317	10,896	-
4/30/2020	10,920	11,622	11,110	-
5/31/2020	11,184	11,949	11,158	-
6/30/2020	11,293	12,102	11,257	-
7/31/2020	11,458	12,399	11,616	-
8/31/2020	11,535	12,466	11,599	-
9/30/2020	11,533	12,451	11,557	-
10/31/2020	11,576	12,493	11,568	-
11/30/2020	11,651	12,648	11,778	-
12/31/2020	11,705	12,735	11,937	-
1/31/2021	11,736	12,741	11,832	-
2/28/2021	11,710	12,654	11,628	-
3/31/2021	11,641	12,564	11,404	-
4/30/2021	11,706	12,674	11,548	-
5/31/2021	11,748	12,745	11,657	-
6/30/2021	11,765	12,813	11,554	-
7/31/2021	11,793	12,856	11,708	-
8/31/2021	11,822	12,888	11,659	-
9/30/2021	11,803	12,854	11,452	-
10/31/2021	11,796	12,831	11,424	-
11/30/2021	11,754	12,826	11,391	-
12/31/2021	11,780	12,873	11,375	-
1/31/2022	11,681	12,649	11,142	-
2/28/2022	11,580	12,514	11,009	-
3/31/2022	11,457	12,333	10,674	-
4/30/2022	11,344	12,017	10,089	-
5/31/2022	11,328	12,005	10,117	-
6/30/2022	11,272	11,842	9,792	-
7/31/2022	11,354	12,050	10,000	-
8/31/2022	11,346	12,025	9,606	-
9/30/2022	11,085	11,535	9,112	-
10/31/2022	11,019	11,389	9,049	-
11/30/2022	11,183	11,747	9,475	-
12/31/2022	11,233	11,820	9,527	-
1/31/2023	11,341	12,033	9,839	-
2/28/2023	11,264	11,902	9,512	-
3/31/2023	11,315	12,053	9,813	-
4/30/2023	11,394	12,182	9,856	-
5/31/2023	11,338	12,121	9,664	-
6/30/2023	11,316	12,065	9,663	-
7/31/2023	11,330	12,091	9,730	-
8/31/2023	11,296	12,053	9,597	-
9/30/2023	11,179	11,898	9,316	-
10/31/2023	11,074	11,772	9,205	-
11/30/2023	11,299	12,146	9,669	-
12/31/2023	11,525	12,483	10,071	-
1/31/2024	11,515	12,418	9,932	-
2/29/2024	11,516	12,384	9,807	-
3/31/2024	11,590	12,481	9,861	-
4/30/2024	11,495	12,307	9,612	-
5/31/2024	11,594	12,447	9,738	-
6/30/2024	11,681	12,546	9,752	-
7/31/2024	11,795	12,715	10,022	-
8/31/2024	11,970	12,971	10,259	-
9/30/2024	12,096	13,140	10,433	-
10/31/2024	12,002	12,931	10,084	-
11/30/2024	12,031	12,979	10,118	-
12/31/2024	11,986	12,899	9,901	-
1/31/2025	12,027	12,969	9,957	-
2/28/2025	12,140	13,133	10,100	-
3/31/2025	12,194	13,193	10,162	-
4/30/2025	12,236	13,272	10,460	-
5/31/2025	12,253	13,289	10,423	-
6/30/2025	12,346	13,423	10,621	-
7/31/2025	12,404	13,496	10,463	-
8/31/2025	12,512	13,651	10,615	-
9/30/2025	12,595	13,753	10,684	-
10/31/2025	12,665	13,850	10,657	-
11/30/2025	12,697	13,866	10,682	-
12/31/2025	12,743	13,885	10,710	-
1/31/2026	12,764	13,889	10,810	-
2/28/2026	12,858	14,042	10,931	-
3/31/2026	12,570	13,730	10,595	-
4/30/2026	12,745	13,920	10,727	-
5/31/2026	12,788	13,961	10,763	-

May 31, 2016 through May 31, 2026 with initial investment of $10,000.

Annual Average Total Return

Table Summary

	1 Year	5 Year	10 Year
Institutional Shares	4.37%	1.71%	2.49%
Bloomberg Custom Sukuk	5.14%	-	-
Bloomberg Global Aggregate Bond Index	3.26%	-1.58%	0.74%
FTSE IdealRatings Sukuk Index	5.05%	1.84%	3.39%

Key Fund Statistics

Table Summary

Total Net Assets	$320,791,569
# of Portfolio Holdings	81
Advisory Fees Paid	$1,451,141
Portfolio Turnover Rate	35%

Past performance does not guarantee future results. The "Average Annual Return" and "Cumulative Performance" tables assume the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/products/amana-participation for more recent performance information. Bloomberg Custom Sukuk Index returns are only shown for periods following the index's inception.

AMIPX

| INSTITUTIONAL SHARES

Amana Participation Fund

Annual Shareholder Report - May 31, 2026

What did the Fund invest in?

Top 10 Holdings

% of Total Net Assets

Table Summary

Al Rajhi Sukuk (6.375% due 11/16/2049)	3.0%
SAIB Tier 1 Sukuk Ltd (6.375% due 11/27/2049)	2.8%
Hazine Mustesarligi Varl (6.500% due 04/26/2030)	2.7%
Equate Sukuk SPC Ltd (5.000% due 09/5/2031)	2.7%
KFH Tier 1 Sukuk 2 Ltd (6.250% due 11/20/2051)	2.5%
Aercap Sukuk Ltd (4.500% due 10/3/2029)	2.5%
EDO Sukuk Ltd (5.662% due 07/3/2031)	2.4%
Air Lease Corp Sukuk (5.850% due 04/1/2028)	2.4%
National Central Cooling (5.279% due 03/5/2030)	2.4%
Almarai Sukuk (5.233% due 07/25/2033)	2.3%

Geographic Weightings

% of Total Net Assets

Table Summary

Cayman Islands	47.4%
United Arab Emirates	17.4%
Saudi Arabia	14.0%
Malaysia	5.1%
Indonesia	3.9%
Turkey	3.0%
Oman	2.3%
United States	0.5%
Qatar	0.3%

Sector Weightings

% of Total Net Assets

Table Summary

Financials	40.5%
Government	12.4%
Real Estate	11.4%
Utilities	8.0%
Industrials	6.3%
Energy	5.1%
Communications	4.2%
Materials	2.7%
Consumer Staples	2.3%
Fixed Income	0.5%
Other Sectors	0.5%
Other Assets (net of liabilities)	6.1%

Householding

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

AMAPX

| INVESTOR SHARES

Amana Participation Fund

Annual Shareholder Report - May 31, 2026

Fund Overview

What were the Fund's costs over the last year?

(Based on a hypothetical $10,000 investment)

Table Summary

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Investor Shares	$81	0.79%

How did the Fund perform over the last year?

For the twelve-month period ending May 31, 2026, the Amana Participation Fund Investor Shares returned 4.12%. For the same period, the Fund's primary benchmark, the Bloomberg Global Aggregate Bond Total Return Index returned 3.26%, and its secondary benchmark, the Bloomberg Custom USD 0+ Sukuk Dual Capped Unhedged USD Index returned 5.14%. The Fund's underperformance relative to these benchmarks is primarily attributable to differences in the Fund's investment objective and portfolio composition, including its underweight position in sovereign issues relative to the respective benchmark weightings.

Fund Performance

Table Summary

	Amana Participation Fund Investor Shares	FTSE IdealRatings Sukuk Index	Bloomberg Global Aggregate Bond Index	Bloomberg Custom Sukuk
5/31/2016	10,000	10,000	10,000	-
6/30/2016	10,121	10,127	10,292	-
7/31/2016	10,173	10,187	10,370	-
8/31/2016	10,258	10,275	10,319	-
9/30/2016	10,224	10,275	10,376	-
10/31/2016	10,189	10,240	10,088	-
11/30/2016	10,062	10,077	9,687	-
12/31/2016	10,071	10,101	9,643	-
1/31/2017	10,120	10,182	9,751	-
2/28/2017	10,187	10,273	9,798	-
3/31/2017	10,209	10,299	9,813	-
4/30/2017	10,246	10,346	9,923	-
5/31/2017	10,287	10,399	10,077	-
6/30/2017	10,255	10,409	10,068	-
7/31/2017	10,305	10,454	10,237	-
8/31/2017	10,354	10,539	10,339	-
9/30/2017	10,339	10,544	10,245	-
10/31/2017	10,347	10,551	10,207	-
11/30/2017	10,321	10,535	10,320	-
12/31/2017	10,328	10,537	10,356	-
1/31/2018	10,307	10,518	10,479	-
2/28/2018	10,231	10,404	10,386	-
3/31/2018	10,242	10,423	10,497	-
4/30/2018	10,191	10,347	10,329	-
5/31/2018	10,191	10,388	10,250	-
6/30/2018	10,211	10,394	10,205	-
7/31/2018	10,275	10,475	10,188	-
8/31/2018	10,285	10,498	10,198	-
9/30/2018	10,282	10,499	10,110	-
10/31/2018	10,252	10,428	9,998	-
11/30/2018	10,272	10,466	10,029	-
12/31/2018	10,315	10,565	10,232	-
1/31/2019	10,412	10,722	10,387	-
2/28/2019	10,474	10,792	10,328	-
3/31/2019	10,550	10,956	10,457	-
4/30/2019	10,604	11,028	10,426	-
5/31/2019	10,670	11,140	10,567	-
6/30/2019	10,775	11,302	10,801	-
7/31/2019	10,864	11,423	10,771	-
8/31/2019	11,026	11,694	10,990	-
9/30/2019	10,994	11,625	10,879	-
10/31/2019	10,995	11,629	10,951	-
11/30/2019	11,028	11,664	10,868	-
12/31/2019	10,997	11,706	10,931	-
1/31/2020	11,106	11,880	11,071	-
2/29/2020	11,115	11,966	11,145	-
3/31/2020	10,622	11,317	10,896	-
4/30/2020	10,835	11,622	11,110	-
5/31/2020	11,084	11,949	11,158	-
6/30/2020	11,190	12,102	11,257	-
7/31/2020	11,351	12,399	11,616	-
8/31/2020	11,425	12,466	11,599	-
9/30/2020	11,421	12,451	11,557	-
10/31/2020	11,461	12,493	11,568	-
11/30/2020	11,534	12,648	11,778	-
12/31/2020	11,585	12,735	11,937	-
1/31/2021	11,614	12,741	11,832	-
2/28/2021	11,586	12,654	11,628	-
3/31/2021	11,515	12,564	11,404	-
4/30/2021	11,588	12,674	11,548	-
5/31/2021	11,627	12,745	11,657	-
6/30/2021	11,630	12,813	11,554	-
7/31/2021	11,656	12,856	11,708	-
8/31/2021	11,681	12,888	11,659	-
9/30/2021	11,672	12,854	11,452	-
10/31/2021	11,651	12,831	11,424	-
11/30/2021	11,618	12,826	11,391	-
12/31/2021	11,642	12,873	11,375	-
1/31/2022	11,530	12,649	11,142	-
2/28/2022	11,439	12,514	11,009	-
3/31/2022	11,303	12,333	10,674	-
4/30/2022	11,189	12,017	10,089	-
5/31/2022	11,181	12,005	10,117	-
6/30/2022	11,124	11,842	9,792	-
7/31/2022	11,191	12,050	10,000	-
8/31/2022	11,193	12,025	9,606	-
9/30/2022	10,932	11,535	9,112	-
10/31/2022	10,853	11,389	9,049	-
11/30/2022	11,013	11,747	9,475	-
12/31/2022	11,061	11,820	9,527	-
1/31/2023	11,176	12,033	9,839	-
2/28/2023	11,098	11,902	9,512	-
3/31/2023	11,146	12,053	9,813	-
4/30/2023	11,211	12,182	9,856	-
5/31/2023	11,152	12,121	9,664	-
6/30/2023	11,140	12,065	9,663	-
7/31/2023	11,151	12,091	9,730	-
8/31/2023	11,115	12,053	9,597	-
9/30/2023	10,997	11,898	9,316	-
10/31/2023	10,891	11,772	9,205	-
11/30/2023	11,100	12,146	9,669	-
12/31/2023	11,332	12,483	10,071	-
1/31/2024	11,320	12,418	9,932	-
2/29/2024	11,306	12,384	9,807	-
3/31/2024	11,388	12,481	9,861	-
4/30/2024	11,281	12,307	9,612	-
5/31/2024	11,376	12,447	9,738	-
6/30/2024	11,459	12,546	9,752	-
7/31/2024	11,581	12,715	10,022	-
8/31/2024	11,751	12,971	10,259	-
9/30/2024	11,860	13,140	10,433	-
10/31/2024	11,766	12,931	10,084	-
11/30/2024	11,804	12,979	10,118	-
12/31/2024	11,757	12,899	9,901	-
1/31/2025	11,796	12,969	9,957	-
2/28/2025	11,893	13,133	10,100	-
3/31/2025	11,955	13,193	10,162	-
4/30/2025	11,982	13,272	10,460	-
5/31/2025	11,995	13,289	10,423	-
6/30/2025	12,085	13,423	10,621	-
7/31/2025	12,139	13,496	10,463	-
8/31/2025	12,255	13,651	10,615	-
9/30/2025	12,333	13,753	10,684	-
10/31/2025	12,400	13,850	10,657	-
11/30/2025	12,416	13,866	10,682	-
12/31/2025	12,459	13,885	10,710	-
1/31/2026	12,489	13,889	10,810	-
2/28/2026	12,566	14,042	10,931	-
3/31/2026	12,294	13,730	10,595	-
4/30/2026	12,463	13,920	10,727	-
5/31/2026	12,489	13,961	10,763	-

May 31, 2016 through May 31, 2026 with initial investment of $10,000.

Annual Average Total Return

Table Summary

	1 Year	5 Year	10 Year
Investor Shares	4.12%	1.44%	2.25%
Bloomberg Custom Sukuk	5.14%	-	-
Bloomberg Global Aggregate Bond Index	3.26%	-1.58%	0.74%
FTSE IdealRatings Sukuk Index	5.05%	1.84%	3.39%

Key Fund Statistics

Table Summary

Total Net Assets	$320,791,569
# of Portfolio Holdings	81
Advisory Fees Paid	$1,451,141
Portfolio Turnover Rate	35%

Past performance does not guarantee future results. The "Average Annual Return" and "Cumulative Performance" tables assume the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/products/amana-participation for more recent performance information. Bloomberg Custom Sukuk Index returns are only shown for periods following the index's inception.

AMAPX

| INVESTOR SHARES

Amana Participation Fund

Annual Shareholder Report - May 31, 2026

What did the Fund invest in?

Top 10 Holdings

% of Total Net Assets

Table Summary

Al Rajhi Sukuk (6.375% due 11/16/2049)	3.0%
SAIB Tier 1 Sukuk Ltd (6.375% due 11/27/2049)	2.8%
Hazine Mustesarligi Varl (6.500% due 04/26/2030)	2.7%
Equate Sukuk SPC Ltd (5.000% due 09/5/2031)	2.7%
KFH Tier 1 Sukuk 2 Ltd (6.250% due 11/20/2051)	2.5%
Aercap Sukuk Ltd (4.500% due 10/3/2029)	2.5%
EDO Sukuk Ltd (5.662% due 07/3/2031)	2.4%
Air Lease Corp Sukuk (5.850% due 04/1/2028)	2.4%
National Central Cooling (5.279% due 03/5/2030)	2.4%
Almarai Sukuk (5.233% due 07/25/2033)	2.3%

Geographic Weightings

% of Total Net Assets

Table Summary

Cayman Islands	47.4%
United Arab Emirates	17.4%
Saudi Arabia	14.0%
Malaysia	5.1%
Indonesia	3.9%
Turkey	3.0%
Oman	2.3%
United States	0.5%
Qatar	0.3%

Sector Weightings

% of Total Net Assets

Table Summary

Financials	40.5%
Government	12.4%
Real Estate	11.4%
Utilities	8.0%
Industrials	6.3%
Energy	5.1%
Communications	4.2%
Materials	2.7%
Consumer Staples	2.3%
Fixed Income	0.5%
Other Sectors	0.5%
Other Assets (net of liabilities)	6.1%

Householding

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

Item 2. Code of Ethics

Registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer or persons performing similar functions, which is included with this submission as Exhibit (a)(1) and posted on the Registrant's website at https://www.saturna.com/code-ethics. There have been no amendments or waivers granted with respect to the code of ethics during the period covered by the report. Requests may also be made via telephone at 1-800-728-8762, and will be processed within one business day of receiving such request.

Item 3. Audit Committee Financial Expert

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

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

Item 4. Principal Accountant Fees and Services

(a) Audit Fees

For the fiscal years ending May 31, 2026, and 2025 the aggregate audit fees billed for professional services rendered by the principal accountant were $132,500 and $129,000, respectively.

(b) Audit-Related Fees

There were no fees billed by the principal accountant for assurance and related services that were not included under paragraph (a) for the fiscal years ending May 31, 2026, and 2025.

(c) Tax Fees

For the fiscal years ending May 31, 2026, and 2025, the aggregate tax fees billed for professional tax preparation services rendered by the principal accountant were $21,500 and $20,500 respectively. Service includes preparation of the Funds' federal and state income tax returns.

(d) All Other Fees

There were no other fees billed by the principal accountant for the fiscal years ending May 31, 2026, and 2025.

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

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

D. Oversight of Independent Auditors

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

(e)(2) Percentages of Services

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

(f) Not applicable.

(g) Aggregate Non-Audit Fees

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

(1) The aggregate non-audit fees billed by the principal accountant for services rendered to the Registrant's investment adviser, Saturna Capital Corporation ("Saturna"), for the fiscal years ended May 31, 2026, and 2025 were:

	Fiscal Year Ended
	May 2026	May 2025
All other fees:	$21,500	$20,500

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

(2) The aggregate non-audit fees billed by the principal accountant for services rendered to entities controlling, controlled by, or under common control with Saturna, for the fiscal years ended May 31, 2026, and 2025 were:

	Fiscal Year Ended
	May 2026	May 2025
All other fees:	None	None

(h) Registrant's Audit Committee

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

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

The schedule is included as part of the report to shareholders filed under Item 7 of this Form.

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

Table

Contents:

Morningstar

Ratings

Amana

Income

Fund

Schedule

Investments

Statement

Assets

and

Liabilities

and

Statement

Operations

Statements

Changes

Net

Assets

Financial

Highlights

Amana

Growth

Fund

Schedule

Investments

Statement

Assets

and

Liabilities

and

Statement

Operations

Statements

Changes

Net

Assets

Financial

Highlights

Amana

Developing

World

Fund

Schedule

Investments

Statement

Assets

and

Liabilities

and

Statement

Operations

Statements

Changes

Net

Assets

Financial

Highlights

Amana

Participation

Fund

Schedule

Investments

Statement

Assets

and

Liabilities

and

Statement

Operations

Statements

Changes

Net

Assets

Financial

Highlights

Notes

Financial

Statements

Note

Organization

Note

Significant

Accounting

Policies

Note

Transactions

with

Affiliated

Persons

Note

Distributions

Shareowners

Note

Federal

Income

Taxes

Note

Investments

Note

Custodian

Note

Subsequent

Events

Report

Independent

Registered

Public

Accounting

Firm

Form

N-CSR

Items

8-11

Summary

Information

May

31,

2026

Annual

Financial

Morningstar

Ratings

(as

May

31,

2026)

Unaudited

2026

Morningstar®.

All

rights

reserved.

Morningstar,

Inc.

independent

fund

performance

monitor.

The

information

contained

herein:

(1)

proprietary

Morningstar

and/or

its

content

providers;

(2)

may

not

copied

distributed;

and

(3)

not

warranted

accurate,

complete,

timely.

Neither

Morningstar

nor

its

content

providers

are

responsible

for

any

damages

losses

arising

from

any

use

this

information.

Morningstar

Ratings™

("Star

Ratings")

are

May

31,

2026.

The

Morningstar

Rating™

for

funds,

"star

rating",

calculated

for

managed

products

(including

mutual

funds,

variable

annuity

and

variable

life

subaccounts,

exchange-traded

funds,

closed-end

funds,

and

separate

accounts)

with

least

three-year

history.

Exchange-traded

funds

and

open-ended

mutual

funds

are

considered

single

population

for

comparative

purposes.

calculated

based

Morningstar

Risk-Adjusted

Return

measure

that

accounts

for

variation

managed

product's

monthly

excess

performance

(not

including

the

effects

sales

charges,

loads,

and

redemption

fees),

placing

emphasis

downward

variations

and

rewarding

consistent

performance.

The

top

10%

products

each

product

Category

the

fund's

percentile

rank

for

the

specified

time

period

relative

all

funds

that

have

the

same

Morningstar

category.

The

highest

(or

most

favorable)

percentile

rank

and

the

lowest

(or

least

favorable)

percentile

rank

100.

The

top-

performing

fund

Category

Investor

(AMANX)

n/a







n/a



Rank

Category

n/a

Institutional

(AMINX)

n/a







n/a



Rank

Category

n/a

Number

Funds

Category

1,301

1,201

1,117

886

677

1,201

Amana

Growth

Fund

"Large

Growth"

Category

Investor

(AMAGX)

n/a





n/a



Rank

Category

n/a

Institutional

(AMIGX)

n/a





n/a



Rank

Category

n/a

Number

Funds

Category

1,068

987

939

760

581

987

Amana

Developing

World

Fund

"Diversified

Emerging

Markets"

Category

Investor

(AMDWX)

n/a







n/a



Rank

Category

n/a

Institutional

(AMIDX)

n/a







n/a



Rank

Category

n/a

Number

Funds

Category

727

691

625

463

243

691

Amana

Participation

Fund

"Emerging

Markets

Bond"

Category

Investor

(AMAPX)

n/a





n/a



Rank

Category

n/a

Institutional

(AMIPX)

n/a





n/a



Rank

Category

n/a

Number

Funds

Category

144

139

121

144

May

31,

2026

Annual

Financial

Morningstar

Ratings

(as

June

30,

2026)

Unaudited

Morningstar

ratings

represented

unshaded

stars

are

based

extended

performance.

These

extended

performance

ratings

are

based

the

historical

adjusted

returns

prior

the

inception

date

the

Institutional

and

reflect

the

historical

performance

the

Investor

Shares,

adjusted

reflect

the

fees

and

expenses

the

Institutional

Shares.

Morningstar™

Ratings

Year

Overall

Amana

Income

Fund

"Large

Blend"

Category

Investor

(AMANX)

n/a







n/a



Rank

Category

n/a

Institutional

(AMINX)

n/a







n/a



Rank

Category

n/a

Number

Funds

Category

1,306

1,203

1,123

889

677

1,203

Amana

Growth

Fund

"Large

Growth"

Category

Investor

(AMAGX)

n/a





n/a



Rank

Category

n/a

Institutional

(AMIGX)

n/a





n/a



Rank

Category

n/a

Number

Funds

Category

1,060

978

928

751

583

978

Amana

Developing

World

Fund

"Diversified

Emerging

Markets"

Category

Investor

(AMDWX)

n/a







n/a



Rank

Category

n/a

Institutional

(AMIDX)

n/a







n/a



Rank

Category

n/a

Number

Funds

Category

724

688

626

464

246

688

Amana

Participation

Fund

"Emerging

Markets

Bond"

Category

Investor

(AMAPX)

n/a







n/a



Rank

Category

n/a

Institutional

(AMIPX)

n/a





n/a



Rank

Category

n/a

Number

Funds

Category

143

142

120

143

Schedule

Investments

May

31,

2026

Amana

Income

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

May

31,

2026

Annual

Financial

Continued

page.

Common

Stock

91.9%

Number

Cost

Market

Value

Percentage

Net

Assets

Consumer

Discretionary

Apparel,

Footwear

Acc

Design

Nike,

Class

350,000

23,123,770

16,180,500

0.7%

Home

Products

Stores

Home

Depot

70,000

26,610,960

22,199,800

1.0%

49,734,730

38,380,300

1.7%

Consumer

Staples

Packaged

Food

Danone

340,000

28,938,322

24,185,540

1.0%

Personal

Care

Products

Colgate-Palmolive

450,000

18,061,325

40,558,500

1.8%

Kenvue

1,675,000

34,061,723

28,944,000

1.2%

Kimberly-Clark

300,000

22,709,515

29,280,000

1.3%

Unilever

Plc

771,000

38,800,032

43,522,950

1.9%

113,632,595

142,305,450

6.2%

142,570,917

166,490,990

7.2%

Health

Care

Large

Pharma

AbbVie

155,000

14,399,326

33,746,600

1.4%

Eli

Lilly

252,960

8,691,661

279,520,800

12.1%

Johnson

165,000

19,251,626

37,179,450

1.6%

Merck

140,000

17,730,742

16,620,800

0.7%

Novartis

ADR

295,400

15,552,802

44,360,218

1.9%

75,626,157

411,427,868

17.7%

Medical

Devices

Abbott

Laboratories

350,000

8,392,885

29,960,000

1.3%

84,019,042

441,387,868

19.0%

Industrials

Commercial

Residential

Building

Equipment

Systems

Johnson

Controls

International

550,000

34,796,048

73,733,000

3.2%

Construction

Mining

Machinery

Komatsu

Ltd

700,000

24,912,106

28,599,864

1.2%

Courier

Services

United

Parcel

Service,

Class

300,000

49,276,044

32,007,000

1.4%

Diversified

Industrials

Illinois

Tool

Works

300,000

14,672,460

74,184,000

3.2%

Electrical

Power

Equipment

Schneider

Electric

150,000

48,776,777

47,134,970

2.0%

Industrial

Wholesale

Rental

Ferguson

Enterprises

200,000

39,986,232

45,194,000

1.9%

W.W.

Grainger

80,000

7,590,798

98,739,200

4.3%

47,577,030

143,933,200

6.2%

Measurement

Instruments

Rockwell

Automation

300,000

13,657,124

135,318,000

5.8%

Rail

Freight

Canadian

National

Railway

400,000

10,378,325

47,420,000

2.1%

244,045,914

582,330,034

25.1%

Materials

Basic

Diversified

Chemicals

Air

Products

Chemicals

120,000

9,409,349

33,434,400

1.5%

Schedule

Investments

May

31,

2026

Amana

Income

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

May

31,

2026

Annual

Financial

Common

Stock

91.9%

Number

Cost

Market

Value

Percentage

Net

Assets

Materials

(continued)

Basic

Diversified

Chemicals

(continued)

Linde

130,000

8,531,143

64,699,700

2.8%

17,940,492

98,134,100

4.3%

Cement

Aggregates

CRH

PLC

220,000

24,696,753

23,933,800

1.0%

42,637,245

122,067,900

5.3%

Technology

Communications

Equipment

Cisco

Systems

800,000

38,488,346

96,336,000

4.2%

Consumer

Electronics

Nintendo

750,000

36,514,433

33,577,487

1.4%

Infrastructure

Software

Microsoft

324,930

6,722,878

146,296,483

6.3%

Semiconductor

Devices

Broadcom

300,000

34,949,114

134,031,000

5.8%

Texas

Instruments

250,000

38,489,292

76,420,000

3.3%

73,438,406

210,451,000

9.1%

Semiconductor

Manufacturing

Taiwan

Semiconductor

ADR

701,205

7,139,233

293,419,232

12.6%

162,303,296

780,080,202

33.6%

Total

investments

$725,311,144

$2,130,737,294

91.9%

Other

assets

(net

liabilities)

187,632,311

8.1%

Total

net

assets

$2,318,369,605

100.0%

ADR:

American

Depositary

Receipt

Amana

Income

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

May

31,

2026

Annual

Financial

Statement

Assets

and

Liabilities

Statement

Operations

May

31,

2026

Assets

Investments

securities,

value

(Cost

$725,311,144)

2,130,737,294

Cash

184,235,280

Dividends

receivable

4,851,212

Receivable

for

Fund

sold

836,705

Prepaid

expenses

38,291

Total

assets

2,320,698,782

Liabilities

Accrued

advisory

fees

1,343,317

Payable

for

Fund

redeemed

706,147

Accrued

12b-1

distribution

fees

191,807

Accrued

retirement

plan

custody

fee

31,424

Accrued

audit

expenses

17,689

Accrued

trustee

expenses

9,180

Accrued

Chief

Compliance

Officer

expenses

4,317

Accrued

legal

expenses

2,994

Accrued

other

operating

expenses

22,302

Total

liabilities

2,329,177

Net

assets

$2,318,369,605

Analysis

net

assets

Paid-in

capital

(unlimited

authorized,

without

par

value)

$863,688,388

Total

distributable

earnings

1,454,681,217

Net

assets

applicable

Fund

outstanding

$2,318,369,605

Net

asset

value

per

Investor

AMANX

Net

assets,

value

$924,633,792

outstanding

11,911,031

Net

asset

value,

offering

and

redemption

price

per

$77.63

Net

asset

value

per

Institutional

AMINX

Net

assets,

value

$1,393,735,813

outstanding

18,223,235

Net

asset

value,

offering

and

redemption

price

per

$76.48

Year

ended

May

31,

2026

Investment

income

Dividend

Income

(Net

foreign

tax

$1,298,250)

34,679,998

Miscellaneous

income

15,278

Total

investment

income

34,695,276

Expenses

Investment

advisory

fees

15,166,831

12b-1

distribution

fees

2,142,918

ReFlow

fees

152,946

Custodian

fees

103,063

Filing

and

registration

fees

75,652

Retirement

plan

custodial

fees

70,936

125

Investor

150

Institutional

70,856

Legal

fees

55,573

Audit

fees

38,178

Chief

Compliance

Officer

expenses

31,425

Trustee

fees

31,003

Other

operating

expenses

125,011

Total

gross

expenses

17,993,536

Less

custodian

fee

credits

(103,063)

Net

expenses

17,890,473

Net

investment

income

$16,804,803

Net

realized

gain

from

investments

and

foreign

currency

$187,940,668

Net

Increase

unrealized

appreciation

investments

and

foreign

currency

241,537,627

Net

gain

investments

429,478,295

Net

increase

net

assets

resulting

from

operations

$446,283,098

Includes

$76,666,732

net

realized

gains

from

redemptions

in-kind

Amana

Income

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

May

31,

2026

Annual

Financial

Statements

Changes

Net

Assets

Year

ended

May

31,

2026

Year

ended

May

31,

2025

Increase

net

assets

from

operations

From

operations

Net

investment

income

$16,804,803

$16,083,947

Net

realized

gain

investments

and

foreign

currency

187,940,668

84,628,411

Net

increase

unrealized

appreciation

investments

and

foreign

currency

241,537,627

45,632,361

Net

increase

net

assets

446,283,098

146,344,719

Distributions

shareowners

from

125

Net

dividend

and

distribution

shareholders

Investor

(44,000,049)

(45,166,603)

150

Net

dividend

and

distribution

shareholders

Institutional

(70,835,443)

(61,267,074)

Total

distributions

(114,835,492)

(106,433,677)

Capital

transactions

Proceeds

from

the

sale

125

Investor

83,512,212

69,870,774

150

Institutional

311,564,509

251,888,879

Value

issued

reinvestment

dividends

and

distributions

125

Investor

42,437,918

43,617,060

150

Institutional

67,232,095

58,767,563

Cost

redeemed

125

Investor

(181,052,516)

(127,442,908)

150

Institutional

(317,804,506)

(214,093,824)

Total

capital

transactions

5,889,712

82,607,544

Total

increase

net

assets

337,337,318

122,518,586

Net

assets

Beginning

year

1,981,032,287

1,858,513,701

End

year

$2,318,369,605

$1,981,032,287

the

Fund

sold

and

redeemed

Investor

(AMANX)

Number

sold

1,157,787

1,052,806

Number

issued

reinvestment

dividends

and

distributions

601,924

679,237

Number

redeemed

(2,532,959)

(1,925,424)

Net

decrease

number

outstanding

(773,248)

(193,381)

Institutional

(AMINX)

Number

sold

4,400,951

3,848,401

Number

issued

reinvestment

dividends

and

distributions

967,093

927,069

Number

redeemed

(4,460,147)

(3,269,683)

Net

increase

number

outstanding

907,897

1,505,787

Amana

Income

Fund:

Financial

Highlights

The

accompanying

notes

are

integral

part

these

financial

statements.

May

31,

2026

Annual

Financial

Investor

(AMANX)

Selected

data

per

outstanding

capital

stock

throughout

each

year:

Year

ended

May

31,

2026

2025

2024

2023

2022

Net

asset

value

beginning

year

$66.54

$65.21

$57.31

$59.34

$61.52

Income

from

investment

operations

Net

investment

income

0.46

0.53

0.59

Net

gains

securities

(both

realized

and

unrealized)

14.44

4.47

10.49

1.91

0.37

Total

from

investment

operations

14.90

4.93

11.02

2.50

0.96

Less

distributions

Dividends

(from

net

investment

income)

(0.37)

(0.44)

(0.51)

(0.55)

Distributions

(from

capital

gains)

(3.44)

(3.16)

(2.61)

(3.98)

(2.59)

Total

distributions

(3.81)

(3.60)

(3.12)

(4.53)

(3.14)

Net

asset

value

end

year

$77.63

$66.54

$65.21

$57.31

$59.34

Total

Return

22.99%

7.77%

19.75%

4.35%

1.16%

Ratios

supplemental

data

Net

assets

($000),

end

year

$924,634

$844,062

$839,814

$747,787

$746,534

Ratio

expenses

average

net

assets

Before

custodian

fee

credits

0.99%

1.01%

1.02%

1.01%

After custodian

fee

credits

0.98%

1.00%

1.02%

1.01%

Ratio

net

investment

income

after

custodian

fee

credits to

average

net

assets

0.64%

0.69%

0.86%

1.03%

0.94%

Portfolio

turnover

rate

10%

Institutional

(AMINX)

Selected

data

per

outstanding

capital

stock

throughout

each

year:

Year

ended

May

31,

2026

2025

2024

2023

2022

Net

asset

value

beginning

year

$65.66

$64.44

$56.69

$58.79

$61.04

Income

from

investment

operations

Net

investment

income

0.63

0.62

0.67

0.72

0.74

Net

gains

securities

(both

realized

and

unrealized)

14.24

4.40

10.38

1.90

0.37

Total

from

investment

operations

14.87

5.02

11.05

2.62

1.11

Less

distributions

Dividends

(from

net

investment

income)

(0.61)

(0.64)

(0.69)

(0.74)

(0.77)

Distributions

(from

capital

gains)

(3.44)

(3.16)

(2.61)

(3.98)

(2.59)

Total

distributions

(4.05)

(3.80)

(3.30)

(4.72)

(3.36)

Net

asset

value

end

year

$76.48

$65.66

$64.44

$56.69

$58.79

Total

Return

23.28%

8.02%

20.05%

4.61%

1.40%

Ratios

supplemental

data

Net

assets

($000),

end

year

$1,393,736

$1,136,971

$1,018,700

$827,401

$788,724

Ratio

expenses

average

net

assets

Before

custodian

fee

credits

0.75

0.76%

0.78%

0.77%

After custodian

fee

credits

0.74%

0.76%

0.77%

Ratio

net

investment

income

after

custodian

fee

credits to

average

net

assets

0.89%

0.94%

1.11%

1.27%

1.19%

Portfolio

turnover

rate

10%

Calculated

using

average

outstanding

Schedule

Investments

May

31,

2026

Amana

Growth

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

May

31,

2026

Annual

Financial

Continued

page.

Common

Stock

96.2%

Number

Cost

Market

Value

Percentage

Net

Assets

Communications

Internet

Media

Services

Alphabet,

Class

1,345,000

161,823,354

511,557,300

7.6%

Consumer

Discretionary

Automotive

Retailers

AutoZone

40,000

98,870,262

117,407,600

1.7%

Home

Products

Stores

Lowe's

400,000

8,620,300

85,744,000

1.3%

Specialty

Apparel

Stores

TJX

Companies

1,150,000

12,679,185

177,962,500

2.6%

120,169,747

381,114,100

5.6%

Consumer

Staples

Personal

Care

Products

Church

Dwight

1,171,300

20,995,228

112,011,419

1.7%

Health

Care

Large

Pharma

AbbVie

750,000

148,391,814

163,290,000

2.4%

AstraZeneca

PLC

795,000

107,739,591

147,607,650

2.2%

Eli

Lilly

283,775

9,810,378

313,571,375

4.6%

Novo

Nordisk

ADR

1,634,595

6,968,222

74,504,840

1.1%

272,910,005

698,973,865

10.3%

Medical

Devices

Smith

Nephew

6,759,770

111,059,709

100,850,678

1.5%

Stryker

350,000

33,821,078

106,781,500

1.6%

144,880,787

207,632,178

3.1%

417,790,792

906,606,043

13.4%

Industrials

Commercial

Residential

Building

Equipment

Systems

Johnson

Controls

International

2,000,000

104,457,808

268,120,000

4.0%

Trane

395,920

65,969,120

178,678,696

2.6%

170,426,928

446,798,696

6.6%

Electrical

Power

Equipment

Eaton

70,000

25,915,995

28,042,000

0.4%

Schneider

Electric

400,000

100,973,753

125,693,253

1.9%

126,889,748

153,735,253

2.3%

Fabricated

Metal

Hardware

Prysmian

S.P.A

1,160,000

120,889,112

199,925,110

3.0%

Measurement

Instruments

Trimble

1,500,000

15,966,794

84,615,000

1.2%

Metalworking

Machinery

Lincoln

Electric

Holdings

268,920

5,947,784

69,513,131

1.0%

Waste

Management

Waste

Management

265,000

60,613,492

56,036,900

0.8%

500,733,858

1,010,624,090

14.9%

Schedule

Investments

May

31,

2026

Amana

Growth

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

May

31,

2026

Annual

Financial

Common

Stock

96.2%

Number

Cost

Market

Value

Percentage

Net

Assets

Information

Technology

Application

Software

Constellation

Software

Inc.

17,000

32,508,646

34,808,044

0.5%

Technology

Communications

Equipment

Apple

1,644,225

1,392,331

513,096,854

7.6%

Cisco

Systems

929,050

17,145,279

111,876,201

1.7%

Fujikura

Ltd

5,100,000

61,600,856

152,054,271

2.2%

80,138,466

777,027,326

11.5%

Infrastructure

Software

Microsoft

735,000

236,467,606

330,926,400

4.9%

Oracle

596,550

11,876,078

134,689,059

2.0%

ServiceNow

1,125,000

120,892,843

139,916,250

2.0%

369,236,527

605,531,709

8.9%

Semiconductor

Devices

Advanced

Micro

Devices

500,000

63,316,228

258,050,000

3.8%

Broadcom

1,101,740

118,147,054

492,224,380

7.3%

Nvidia

2,100,000

152,670,792

443,394,000

6.6%

334,134,074

1,193,668,380

17.7%

Semiconductor

Manufacturing

ASML

Holding

301,410

10,705,141

486,101,992

7.1%

Taiwan

Semiconductor

ADR

1,178,356

12,486,339

493,083,068

7.3%

23,191,480

979,185,060

14.4%

806,700,547

3,555,412,475

52.5%

Total

investments

$2,060,722,172

$6,512,133,471

96.2%

Other

assets

(net

liabilities)

256,462,846

3.8%

Total

net

assets

$6,768,59

6,317

100.0%

Non-income

producing

ADR:

American

Depositary

Receipt

Amana

Growth

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

May

31,

2026

Annual

Financial

Statement

Assets

and

Liabilities

Statement

Operations

May

31,

2026

Assets

Investments

securities,

value

(Cost

$2,060,722,172)

6,512,133,471

Cash

255,489,383

Dividends

receivable

7,497,632

Receivable

for

Fund

sold

3,166,117

Prepaid

expenses

68,687

Total

assets

6,778,355,290

Liabilities

Payable

for

Fund

redeemed

5,766,875

Accrued

advisory

fees

3,197,069

Accrued

12b-1

distribution

fees

634,285

Accrued

retirement

plan

custody

fee

48,435

Accrued

audit

expenses

45,559

Accrued

trustee

expenses

30,888

Accrued

Chief

Compliance

Officer

expenses

8,909

Accrued

legal

expenses

6,906

Accrued

other

operating

expenses

20,047

Total

liabilities

9,758,973

Net

assets

$6,768,596,317

Analysis

net

assets

Paid-in

capital

(unlimited

authorized,

without

par

value)

$2,047,585,593

Total

distributable

earnings

4,721,010,724

Net

assets

applicable

Fund

outstanding

$6,768,596,317

Net

asset

value

per

Investor

AMAGX

Net

assets,

value

$3,051,753,656

outstanding

28,325,293

Net

asset

value,

offering

and

redemption

price

per

$107.74

Net

asset

value

per

Institutional

AMIGX

Net

assets,

value

$3,716,842,661

outstanding

34,205,416

Net

asset

value,

offering

and

redemption

price

per

$108.66

Year

ended

May

31,

2026

Investment

income

Dividend

Income

(Net

foreign

tax

$2,676,572)

49,828,740

Miscellaneous

income

3,650

Total

investment

income

49,832,390

Expenses

Investment

advisory

fees

33,998,135

12b-1

distribution

fees

6,703,140

ReFlow

fees

483,319

Custodian

fees

332,669

Legal

fees

130,870

Filing

and

registration

fees

123,220

Audit

fees

118,183

Retirement

plan

custodial

fees

110,306

225

Investor

490

250

Institutional

109,816

Chief

Compliance

Officer

expenses

88,756

Trustee

fees

84,937

Other

operating

expenses

332,984

Total

gross

expenses

42,506,519

Less

custodian

fee

credits

(332,669)

Net

expenses

42,173,850

Net

investment

income

$7,658,540

Net

realized

gain

from

investments

and

foreign

currency

$584,437,858

Net

Increase

unrealized

appreciation

investments

and

foreign

currency

1,259,677,092

Net

gain

investments

1,844,114,950

Net

increase

net

assets

resulting

from

operations

$1,851,773,490

Includes

$277,566,108

net

realized

gains

from

redemptions

in-kind

Amana

Growth

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

May

31,

2026

Annual

Financial

Statements

Changes

Net

Assets

Year

ended

May

31,

2026

Year

ended

May

31,

2025

Increase

net

assets

from

operations

From

operations

Net

investment

income

$7,658,540

$6,237,673

Net

realized

gain

investments

and

foreign

currency

584,437,858

176,817,604

Net

increase

unrealized

appreciation

investments

and

foreign

currency

1,259,677,092

86,888,468

Net

increase

net

assets

1,851,773,490

269,943,745

Distributions

shareowners

from

225

Net

dividend

and

distribution

shareholders

Investor

(100,893,981)

250

Net

dividend

and

distribution

shareholders

Institutional

(6,070,076)

(113,345,661)

Total

distributions

(6,070,076)

(214,239,642)

Capital

transactions

Proceeds

from

the

sale

225

Investor

283,440,022

356,186,050

250

Institutional

854,085,911

823,392,230

Value

issued

reinvestment

dividends

and

distributions

225

Investor

95,674,351

250

Institutional

5,769,923

108,756,525

Cost

redeemed

225

Investor

(579,205,842)

(499,074,381)

250

Institutional

(913,827,700)

(893,181,201)

Total

capital

transactions

(349,737,686)

(8,246,426)

Total

increase

net

assets

1,495,965,728

47,457,677

Net

assets

Beginning

year

5,272,630,589

5,225,172,912

End

year

$6,768,596,317

$5,272,630,589

the

Fund

sold

and

redeemed

Investor

(AMAGX)

Number

sold

3,049,794

4,453,978

Number

issued

reinvestment

dividends

and

distributions

1,199,979

Number

redeemed

(6,453,086)

(6,288,709)

Net

decrease

number

outstanding

(3,403,292)

(634,752)

Institutional

(AMIGX)

Number

sold

9,350,373

10,318,331

Number

issued

reinvestment

dividends

and

distributions

62,641

1,354,546

Number

redeemed

(9,941,270)

(11,274,325)

Net

increase

(decrease)

number

outstanding

(528,256)

398,552

Amana

Growth

Fund:

Financial

Highlights

The

accompanying

notes

are

integral

part

these

financial

statements.

May

31,

2026

Annual

Financial

Investor

(AMAGX)

Selected

data

per

outstanding

capital

stock

throughout

each

year:

Year

ended

May

31,

2026

2025

2024

2023

2022

Net

asset

value

beginning

year

$79.00

$78.08

$62.36

$60.47

$61.17

Income

from

investment

operations

Net

investment

income

0.00

(0.01)

0.06

0.12

0.05

Net

gains

(losses)

securities

(both

realized

and

unrealized)

28.74

4.07

16.12

3.86

(0.37)

Total

from

investment

operations

28.74

4.06

16.18

3.98

(0.32)

Less

distributions

Dividends

(from

net

investment

income)

(0.11)

(0.10)

(0.05)

Distributions

(from

capital

gains)

(3.14)

(0.35)

(1.99)

(0.33)

Total

distributions

(3.14)

(0.46)

(2.09)

(0.38)

Net

asset

value

end

year

$107.74

$79.00

$78.08

$62.36

$60.47

Total

Return

36.38%

5.17%

26.03%

6.83%

(0.62)%

Ratios

supplemental

data

Net

assets

($000),

end

year

$3,051,754

$2,506,581

$2,527,041

$1,865,385

$1,684,412

Ratio

expenses

average

net

assets

Before

custodian

fee

credits

0.86

0.86%

0.87%

0.91%

After custodian

fee

credits

0.85%

0.86%

0.87%

0.91%

0.90%

Ratio

net

investment

income

after

custodian

fee

credits to

average

net

assets

(0.01)%

0.09%

0.21%

0.09%

Portfolio

turnover

rate

12%

10%

Institutional

(AMIGX)

Selected

data

per

outstanding

capital

stock

throughout

each

year:

Year

ended

May

31,

2026

2025

2024

2023

2022

Net

asset

value

beginning

year

$79.64

$78.58

$62.71

$60.80

$61.50

Income

from

investment

operations

Net

investment

income

0.23

0.19

0.23

0.27

0.22

Net

gains

(losses)

securities

(both

realized

and

unrealized)

28.97

4.09

16.23

3.88

(0.38)

Total

from

investment

operations

29.20

4.28

16.46

4.15

(0.16)

Less

distributions

Dividends

(from

net

investment

income)

(0.18)

(0.08)

(0.24)

(0.25)

(0.21)

Distributions

(from

capital

gains)

(3.14)

(0.35)

(1.99)

(0.33)

Total

distributions

(0.18)

(3.22)

(0.59)

(2.24)

(0.54)

Net

asset

value

end

year

$108.66

$79.64

$78.58

$62.71

$60.80

Total

Return

36.70%

5.42%

26.34%

7.09%

(0.40)%

Ratios

supplemental

data

Net

assets

($000),

end

year

$3,716,843

$2,766,050

$2,698,132

$1,959,054

$1,489,810

Ratio

expenses

average

net

assets

Before

custodian

fee

credits

0.61%

0.62%

0.67%

0.64%

After custodian

fee

credits

0.60%

0.61%

0.62%

0.66%

0.64%

Ratio

net

investment

income

after

custodian

fee

credits to

average

net

assets

0.24%

0.23%

0.33%

0.46%

0.32%

Portfolio

turnover

rate

12%

10%

Calculated

using

average

outstanding

Amount

less

than

$0.01

restated

reflect

the

exclusion

redemptions

in-kind,

which

reduced

the

percentage

for

the

year

ended

May

31,

2022.

Schedule

Investments

May

31,

2026

Amana

Developing

World

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

May

31,

2026

Annual

Financial

Continued

page.

Common

Stock

95.1%

Number

Cost

Market

Value

Country

Percentage

Net

Assets

Communications

Telecom

Carriers

Saudi

Telecom

470,000

5,296,104

5,496,214

Saudi

Arabia

2.6%

Wireless

Telecommunications

Telekomunikasi

Indonesia

ADR

120,000

2,474,228

1,970,400

Indonesia

0.9%

7,770,332

7,466,614

3.5%

Consumer

Discretionary

Automobiles

Ford

Otomotiv

Sanayi

1,096,000

1,984,463

1,978,861

Turkey

1.0%

Consumer

Staples

Food

Drug

Stores

Bim

Birlesik

Magazalar

720,000

4,143,944

5,783,309

Turkey

2.7%

Clicks

Group

270,000

3,935,935

3,910,180

South

Africa

1.9%

8,079,879

9,693,489

4.6%

Personal

Care

Products

Dabur

India

660,000

4,186,645

3,079,866

India

1.4%

Kimberly-Clark

Mexico,

Class

2,350,000

4,013,399

5,205,052

Mexico

2.5%

Unilever

Plc

89,044

5,075,139

5,026,534

United

Kingdom

2.4%

13,275,183

13,311,452

6.3%

21,355,062

23,004,941

10.9%

Financials

Islamic

Banking

Alinma

Bank

660,000

3,807,240

4,249,929

Saudi

Arabia

2.0%

BIMB

Holdings

1,476,100

1,168,041

818,837

Malaysia

0.4%

4,975,281

5,068,766

2.4%

Islamic

Insurance

Syarikat

Takaful

Malaysia

Keluarga

1,500,000

1,294,978

1,286,416

Malaysia

0.6%

6,270,259

6,355,182

3.0%

Health

Care

Biotech

Samsung

Biologics

Ltd

3,300

3,642,296

2,986,059

South

Korea

1.4%

Health

Care

Facilities

Bangkok

Dusit

Medical

Services

NVDR

6,500,000

4,327,003

3,632,226

Thailand

1.7%

IHH

Healthcare

2,200,000

3,025,417

5,000,690

Malaysia

2.4%

KPJ

Healthcare

4,825,992

1,231,253

3,907,271

Malaysia

1.9%

8,583,673

12,540,187

6.0%

12,225,969

15,526,246

7.4%

Industrials

Other

Machinery

Equipment

WEG

700,000

5,045,327

6,119,475

Brazil

2.9%

Rubber

Plastic

Hartalega

Holdings

2,750,000

2,643,031

874,885

Malaysia

0.4%

7,688,358

6,994,360

3.3%

Materials

Agricultural

Chemicals

Quimica

Minera

Chile

ADR

110,000

5,676,670

9,445,700

Chile

4.5%

Schedule

Investments

May

31,

2026

Amana

Developing

World

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

May

31,

2026

Annual

Financial

Continued

page.

Common

Stock

95.1%

Number

Cost

Market

Value

Country

Percentage

Net

Assets

Materials

(continued)

Base

Metals

Antofagasta

148,000

6,808,082

8,160,482

United

Kingdom

3.9%

Southern

Copper

4,299

376,773

822,399

Peru

0.4%

7,184,855

8,982,881

4.3%

Cement

Aggregates

UltraTech

Cement

43,000

4,586,011

5,194,736

India

2.5%

Iron

Rio

Tinto

ADR

75,000

5,151,660

7,979,250

China

3.8%

Metals

Ore

APL

Apollo

Tubes

Ltd

220,000

4,604,733

4,239,840

India

2.0%

Precious

Metals

Barrick

Mining

Corporation

210,000

4,275,702

8,935,500

United

States

4.2%

31,479,631

44,777,907

21.3%

Technology

Communications

Equipment

Samsung

Electronics

70,000

3,620,815

14,685,556

South

Korea

7.0%

Sercomm

1,250,000

3,628,464

3,435,157

Taiwan

1.6%

7,249,279

18,120,713

8.6%

Computer

Hardware

Storage

Advantech

450,931

4,302,376

7,088,265

Taiwan

3.4%

Electronic

Manufacturing

Services

Original

Design

Manufacturer

Jabil

28,600

2,832,472

10,426,416

United

States

4.9%

Electronics

Components

Delta

Electronics

220,000

2,006,645

16,879,781

Taiwan

8.0%

Services

Infosys

ADR

210,000

4,106,006

2,656,500

India

1.3%

Semiconductor

Devices

Monolithic

Power

Systems

5,000

3,550,004

7,831,050

China

3.7%

Qualcomm

37,000

4,924,862

9,287,740

United

States

4.4%

8,474,866

17,118,790

8.1%

Semiconductor

Manufacturing

ASML

Holding

4,700

3,331,868

7,579,972

Netherlands

3.6%

Taiwan

Semiconductor

ADR

23,050

1,352,874

9,645,272

Taiwan

4.6%

4,684,742

17,225,244

8.2%

33,656,386

89,515,709

42.5%

Utilities

Power

Generation

Manila

Electric

500,000

3,538,820

4,629,652

Philippines

2.2%

Total

investments

$125,969,280

$200,249,472

95.1%

Other

assets

(net

liabilities)

10,367,485

4.9%

Total

net

assets

$210,616,957

100.0%

Denotes

country

region

primary

exposure

Non-income

producing

ADR:

American

Depositary

Receipt

Schedule

Investments

May

31,

2026

Amana

Developing

World

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

May

31,

2026

Annual

Financial

NVDR:

Non

Voting

Depository

Receipt

Amana

Developing

World

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

May

31,

2026

Annual

Financial

Statement

Assets

and

Liabilities

Statement

Operations

May

31,

2026

Assets

Investments

securities,

value

(Cost

$125,969,280)

200,249,472

Cash

10,009,575

Foreign

cash

121,641

Receivable

for

Fund

sold

370,210

Dividends

receivable

252,277

Prepaid

expenses

4,637

Total

assets

211,007,812

Liabilities

Accrued

advisory

fees

138,695

Payable

for

Fund

redeemed

110,397

Deferred

non-US

tax

76,091

Accrued

audit

expenses

34,490

Accrued

12b-1

distribution

fees

14,157

Accrued

retirement

plan

custody

fee

11,881

Accrued

legal

expenses

752

Accrued

trustee

expenses

585

Accrued

Chief

Compliance

Officer

expenses

203

Accrued

other

operating

expenses

3,604

Total

liabilities

390,855

Net

assets

$210,616,957

Analysis

net

assets

Paid-in

capital

(unlimited

authorized,

without

par

value)

$137,126,689

Total

distributable

earnings

73,490,268

Net

assets

applicable

Fund

outstanding

$210,616,957

Net

asset

value

per

Investor

AMDWX

Net

assets,

value

$69,201,989

outstanding

3,567,682

Net

asset

value,

offering

and

redemption

price

per

$19.40

Net

asset

value

per

Institutional

AMIDX

Net

assets,

value

$141,414,968

outstanding

7,257,262

Net

asset

value,

offering

and

redemption

price

per

$19.49

Year

ended

May

31,

2026

Investment

income

Dividend

Income

(Net

foreign

tax

$445,643)

3,439,114

Miscellaneous

income

2,339

Total

investment

income

3,441,453

Expenses

Investment

advisory

fees

1,309,333

Custodian

fees

138,172

12b-1

distribution

fees

126,376

Filing

and

registration

fees

50,868

Retirement

plan

custodial

fees

27,371

325

Investor

350

Institutional

27,331

Audit

fees

23,033

Legal

fees

14,426

ReFlow

fees

6,320

Trustee

fees

3,871

Chief

Compliance

Officer

expenses

2,213

Other

operating

expenses

18,123

Total

gross

expenses

1,720,106

Less

custodian

fee

credits

(137,224)

Net

expenses

1,582,882

Net

investment

income

$1,858,571

Net

realized

gain

from

investments

and

foreign

currency

$1,716,327

Net

Increase

unrealized

appreciation

investments

and

foreign

currency

66,888,769

Deferred

non-U.S.

taxes

(76,091)

Net

gain

investments

68,529,005

Net

increase

net

assets

resulting

from

operations

$70,387,576

Includes

$3,217,909

net

realized

gains

from

redemptions

in-kind

Amana

Developing

World

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

May

31,

2026

Annual

Financial

Statements

Changes

Net

Assets

Year

ended

May

31,

2026

Year

ended

May

31,

2025

Increase

net

assets

from

operations

From

operations

Net

investment

income

$1,858,571

$1,187,033

Net

realized

gain

investments

and

foreign

currency

1,716,327

4,522,192

Net

increase

(decrease)

unrealized

appreciation

investments

foreign

currency

and

deferred

non-U.S.

taxes

66,812,678

(7,389,000)

Net

increase

(decrease)

net

assets

70,387,576

(1,679,775)

Distributions

shareowners

from

325

Net

dividend

and

distribution

shareholders

Investor

(1,364,577)

(212,734)

350

Net

dividend

and

distribution

shareholders

Institutional

(3,127,702)

(755,278)

Total

distributions

(4,492,279)

(968,012)

Capital

transactions

Proceeds

from

the

sale

325

Investor

19,781,658

12,139,998

350

Institutional

46,655,769

39,163,602

Value

issued

reinvestment

dividends

and

distributions

325

Investor

1,350,662

211,204

350

Institutional

3,073,086

746,022

Cost

redeemed

325

Investor

(11,201,587)

(8,010,523)

350

Institutional

(49,962,317)

(32,412,788)

Total

capital

transactions

9,697,271

11,837,515

Total

increase

net

assets

75,592,568

9,189,728

Net

assets

Beginning

year

135,024,389

125,834,661

End

year

$210,616,957

$135,024,389

the

Fund

sold

and

redeemed

Investor

(AMDWX)

Number

sold

1,221,944

899,380

Number

issued

reinvestment

dividends

and

distributions

88,452

15,940

Number

redeemed

(705,221)

(594,456)

Net

increase

number

outstanding

605,175

320,864

Institutional

(AMIDX)

Number

sold

2,842,595

2,903,908

Number

issued

reinvestment

dividends

and

distributions

200,593

56,134

Number

redeemed

(3,143,099)

(2,399,895)

Net

increase

(decrease)

number

outstanding

(99,911)

560,147

Amana

Developing

World

Fund:

Financial

Highlights

The

accompanying

notes

are

integral

part

these

financial

statements.

May

31,

2026

Annual

Financial

Investor

(AMDWX)

Selected

data

per

outstanding

capital

stock

throughout

each

year:

Year

ended

May

31,

2026

2025

2024

2023

2022

Net

asset

value

beginning

year

$13.05

$13.29

$11.70

$11.85

$13.70

Income

from

investment

operations

Net

investment

income

0.16

0.10

0.14

0.13

0.21

Net

gains

(losses)

securities

(both

realized

and

unrealized)

6.63

(0.26)

1.56

(0.17)

(1.90)

Total

from

investment

operations

6.79

(0.16)

1.70

(0.04)

(1.69)

Less

distributions

Dividends

(from

net

investment

income)

(0.17)

(0.08)

(0.11)

(0.08)

(0.16)

Distributions

(from

capital

gains)

(0.27)

0.00

(0.03)

Total

distributions

(0.44)

(0.08)

(0.11)

(0.16)

Net

asset

value

end

year

$19.40

$13.05

$13.29

$11.70

$11.85

Total

Return

52.89%

(1.24)%

14.65%

(0.25)%

(12.47)%

Ratios

supplemental

data

Net

assets

($000),

end

year

$69,202

$38,650

$35,115

$29,446

$23,123

Ratio

expenses

average

net

assets

Before

custodian

fee

credits

1.20

1.20%

1.22%

1.21%

After custodian

fee

credits

1.12%

1.13%

1.15%

1.14%

Ratio

net

investment

income

after

custodian

fee

credits to

average

net

assets

0.98%

0.76%

1.15%

1.11%

1.59%

Portfolio

turnover

rate

14%

30%

Institutional

(AMIDX)

Selected

data

per

outstanding

capital

stock

throughout

each

year:

Year

ended

May

31,

2026

2025

2024

2023

2022

Net

asset

value

beginning

year

$13.10

$13.35

$11.74

$11.90

$13.77

Income

from

investment

operations

Net

investment

income

0.19

0.13

0.17

0.15

0.24

Net

gains

(losses)

securities

(both

realized

and

unrealized)

6.67

(0.27)

1.57

(0.17)

(1.90)

Total

from

investment

operations

6.86

(0.14)

1.74

(0.02)

(1.66)

Less

distributions

Dividends

(from

net

investment

income)

(0.20)

(0.11)

(0.13)

(0.11)

(0.21)

Distributions

(from

capital

gains)

(0.27)

0.00

(0.03)

Total

distributions

(0.47)

(0.11)

(0.13)

(0.14)

(0.21)

Net

asset

value

end

year

$19.49

$13.10

$13.35

$11.74

$11.90

Total

Return

53.28%

(1.10)%

14.95%

(0.12)%

(12.24)%

Ratios

supplemental

data

Net

assets

($000),

end

year

$141,415

$96,374

$90,720

$54,611

$46,715

Ratio

expenses

average

net

assets

Before

custodian

fee

credits

0.98%

1.01%

0.99%

After custodian

fee

credits

0.90%

0.91%

0.90%

0.94%

0.92%

Ratio

net

investment

income

after

custodian

fee

credits to

average

net

assets

1.20%

0.96%

1.36%

1.31%

1.80%

Portfolio

turnover

rate

14%

30%

Calculated

using

average

outstanding

Amount

less

than

$0.01

Consolidated

Schedule

Investments

May

31,

2026

Amana

Participation

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

May

31,

2026

Annual

Financial

Continued

page.

Corporate

Sukuk

80.7%

Coupon

Maturity

Face

Amount

Market

Value

Country

Percentage

Net

Assets

Communications

Axiata

SPV2

2.163%

due

08/19/2030

6,000,000

5,426,236

Malaysia

1.7%

Saudi

Telecom

3.890%

due

05/13/2029

5,000,000

4,882,000

Saudi

Arabia

1.5%

Otel

Sukuk

LTD

5.375%

due

01/24/2031

3,269,000

3,303,161

Cayman

Islands

1.0%

13,611,397

4.2%

Consumer

Staples

Almarai

Sukuk

5.233%

due

07/25/2033

7,380,000

7,419,961

Saudi

Arabia

2.3%

Energy

EDO

Sukuk

Ltd

5.662%

due

07/03/2031

7,500,000

7,742,070

Cayman

Islands

2.4%

Global

2.694%

due

06/17/2031

7,500,000

6,770,243

Saudi

Arabia

2.1%

Indonesia

Govt

Sukuk

5.200%

due

07/23/2035

1,000,000

989,850

Indonesia

0.3%

Global

Sukuk

Ltd

4.750%

due

10/02/2034

1,000,000

973,288

Cayman

Islands

0.3%

16,475,451

5.1%

Financials

Rajhi

Sukuk

6.375%

due

11/16/2049

9,500,000

9,553,389

Saudi

Arabia

3.0%

SAIB

Tier

Sukuk

Ltd

6.375%

due

11/27/2049

9,000,000

9,018,354

Cayman

Islands

2.8%

KFH

Tier

Sukuk

Ltd

6.250%

due

11/20/2051

8,000,000

8,041,258

Cayman

Islands

2.5%

Aercap

Sukuk

Ltd

4.500%

due

10/03/2029

8,000,000

7,883,863

Cayman

Islands

2.5%

Air

Lease

Corp

Sukuk

5.850%

due

04/01/2028

7,500,000

7,597,784

Cayman

Islands

2.4%

BAB

USD

AT1

Sukuk

Ltd

6.375%

due

01/15/2051

7,000,000

7,027,606

Cayman

Islands

2.2%

Emirates

REIT

Sukuk

III

7.500%

due

12/12/2028

7,000,000

6,979,041

Cayman

Islands

2.2%

Boubyan

Tier

Sukuk

Ltd

3.950%

due

04/01/2049

6,350,000

6,259,930

Cayman

Islands

2.0%

Dubai

Islamic

Bank

5.493%

due

11/30/2027

5,000,000

5,068,405

United

Arab

Emirates

1.6%

SIB

Tier

Sukuk

6.125%

due

06/04/2050

5,000,000

5,059,370

Cayman

Islands

1.6%

Khazanah

Global

Sukuk

4.687%

due

06/01/2028

5,000,000

5,026,305

Malaysia

1.6%

Ajman

Senior

Sukuk

Ltd

5.125%

due

04/30/2030

5,000,000

4,976,515

Cayman

Islands

1.5%

Boubyan

Sukuk

Ltd

3.389%

due

03/29/2027

4,600,000

4,552,444

Cayman

Islands

1.4%

ADIB

Capital

Invest

Three

7.250%

due

07/18/2070

4,050,000

4,172,679

Cayman

Islands

1.3%

Banque

Saudi

Fransi

4.750%

due

05/31/2028

4,000,000

3,988,553

Saudi

Arabia

1.2%

DIB

Tier

Sukuk

5.250%

due

10/16/2049

3,980,000

3,955,011

Cayman

Islands

1.2%

BSF

Sukuk

Ltd

5.375%

due

01/21/2030

3,500,000

3,544,580

Cayman

Islands

1.1%

Alpha

Star

Ltd

7.000%

due

08/26/2028

3,500,000

3,472,990

United

Arab

Emirates

1.1%

Sukuk

Ltd

5.431%

due

05/28/2029

3,000,000

3,039,972

Cayman

Islands

0.9%

SIB

Sukuk

III

Ltd

5.200%

due

02/26/2030

2,280,000

2,286,556

Cayman

Islands

0.7%

SRC

Sukuk

Ltd

5.000%

due

02/27/2028

2,250,000

2,255,720

Cayman

Islands

0.7%

Sukuk

Ltd

5.059%

due

03/25/2030

2,000,000

2,008,740

Cayman

Islands

0.6%

Alinma

Tier

Sukuk

Ltd

6.500%

due

09/06/2049

1,960,000

1,977,201

Cayman

Islands

0.6%

Suci

Second

Invest

6.250%

due

10/25/2033

1,500,000

1,607,948

Cayman

Islands

0.5%

QIIB

Senior

ORYX

Ltd

5.247%

due

01/24/2029

1,500,000

1,519,919

Cayman

Islands

0.5%

Suci

Second

Invest

4.875%

due

05/08/2032

1,500,000

1,485,788

Saudi

Arabia

0.5%

Adnoc

Murban

Sukuk

Ltd

4.750%

due

05/06/2035

1,500,000

1,478,347

United

Arab

Emirates

0.5%

Alinma

Bank

6.250%

due

09/03/2050

1,100,000

1,099,313

Saudi

Arabia

0.3%

Suci

Second

Invest

6.000%

due

10/25/2028

1,000,000

1,027,093

Cayman

Islands

0.3%

SRC

Sukuk

Ltd

5.375%

due

02/27/2035

1,000,000

1,014,239

Cayman

Islands

0.3%

Suci

Second

Invest

5.133%

due

01/28/2036

1,000,000

999,387

Cayman

Islands

0.3%

Rajhi

Sukuk

6.150%

due

01/14/2051

1,000,000

997,118

Saudi

Arabia

0.3%

QIIB

Tier

Sukuk

Ltd

5.450%

due

10/02/2049

1,000,000

991,346

Qatar

0.3%

129,966,764

40.5%

Consolidated

Schedule

Investments

May

31,

2026

Amana

Participation

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

May

31,

2026

Annual

Financial

Continued

page.

Corporate

Sukuk

80.7%

Coupon

Maturity

Face

Amount

Market

Value

Percentage

Net

Assets

Fixed

Income

Sharjah

Sukuk

Program

3.234%

due

10/23/2029

500,000

468,919

Cayman

Islands

0.2%

Industrials

World

Crescent

Ltd

5.500%

due

09/13/2033

6,000,000

6,042,128

Cayman

Islands

1.9%

Ma'aden

Sukuk

Ltd

5.250%

due

02/13/2030

4,790,000

4,821,185

Cayman

Islands

1.5%

World

Crescent

3.750%

due

01/30/2030

5,000,000

4,738,937

United

Arab

Emirates

1.5%

Ma'aden

Sukuk

Ltd

5.500%

due

02/13/2035

2,500,000

2,526,751

Cayman

Islands

0.8%

EDO

Sukuk

Ltd

5.875%

due

09/21/2033

2,000,000

2,093,152

Cayman

Islands

0.6%

20,222,153

6.3%

Materials

Equate

Sukuk

SPC

Ltd

5.000%

due

09/05/2031

8,500,000

8,502,771

United

Arab

Emirates

2.7%

Real

Estate

Dar

Al-Arkan

Sukuk

8.000%

due

02/25/2029

7,000,000

7,148,729

Cayman

Islands

2.2%

Alpha

Star

Holding

8.375%

due

04/12/2027

6,550,000

6,589,052

United

Arab

Emirates

2.0%

Majid

Futtaim

4.638%

due

05/14/2029

6,650,000

6,511,125

United

Arab

Emirates

2.0%

Aldar

3.875%

due

10/22/2029

6,000,000

5,762,550

United

Arab

Emirates

1.8%

EMAAR

3.700%

due

07/06/2031

6,000,000

5,644,614

United

Arab

Emirates

1.8%

Dar

Al-Arkan

Sukuk

7.250%

due

07/02/2030

2,500,000

2,513,445

Cayman

Islands

0.8%

MAF

SUKUK

5.000%

due

06/01/2033

2,500,000

2,455,993

Cayman

Islands

0.8%

36,625,508

11.4%

Utilities

National

Central

Cooling

5.279%

due

03/05/2030

7,500,000

7,577,708

United

Arab

Emirates

2.4%

TNB

Global

Ventures

4.851%

due

11/01/2028

4,300,000

4,337,269

Malaysia

1.4%

Saudi

Electricity

Sukuk

5.225%

due

02/18/2030

3,000,000

3,038,809

Cayman

Islands

0.9%

Saudi

Electricity

Global

5.684%

due

04/11/2053

2,500,000

2,432,724

Saudi

Arabia

0.8%

Saudi

Electricity

Global

5.500%

due

04/08/2044

2,400,000

2,355,382

Saudi

Arabia

0.7%

Mazoon

Assets

SAOC

5.500%

due

02/14/2029

2,140,000

2,167,906

Oman

0.7%

Saudi

Electricity

Sukuk

5.489%

due

02/18/2035

2,000,000

2,028,655

Cayman

Islands

0.6%

TNB

Global

Ventures

Cap

3.244%

due

10/19/2026

1,140,000

1,134,058

Malaysia

0.4%

Saudi

Electricity

Global

5.060%

due

04/08/2043

500,000

470,071

Saudi

Arabia

0.1%

25,542,582

8.0%

Total

Corporate

Sukuk

(Cost

$260,645,334)

$258,835,506

80.7%

Government

Sukuk

12.7%

Coupon

Maturity

Face

Amount

Market

Value

Country

Percentage

Net

Assets

Fixed

Income

Hazine

Mustesarligi

Varl

8.509%

due

01/14/2029

1,000,000

1,063,639

Turkey

0.3%

Government

Hazine

Mustesarligi

Varl

6.500%

due

04/26/2030

8,500,000

8,587,781

Turkey

2.7%

Oman

Sovereign

Sukuk

4.875%

due

06/15/2030

5,150,000

5,171,117

Oman

1.6%

Perusahaan

Penerbit

SBSN

5.600%

due

11/15/2033

4,000,000

4,095,000

Indonesia

1.3%

KSA

Sukuk

Ltd

4.511%

due

05/22/2033

3,500,000

3,423,826

Cayman

Islands

1.1%

Perusahaan

Penerbit

SBSN

3.550%

due

06/09/2051

4,280,000

2,952,216

Indonesia

0.9%

KSA

Sukuk

LTD

5.250%

due

06/04/2034

2,650,000

2,698,696

Cayman

Islands

0.8%

Perusahaan

Penerbit

SBSN

2.550%

due

06/09/2031

2,700,000

2,428,569

Indonesia

0.8%

Consolidated

Schedule

Investments

May

31,

2026

Amana

Participation

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

May

31,

2026

Annual

Financial

Government

Sukuk

12.7%

Coupon

Maturity

Face

Amount

Market

Value

Percentage

Net

Assets

Government

(continued)

Kingdom

Saudi

Arabia

4.303%

due

01/19/2029

2,200,000

2,185,480

Saudi

Arabia

0.7%

Perusahaan

Penerbit

SBSN

4.450%

due

02/20/2029

2,050,000

2,052,255

Indonesia

0.6%

RAK

Capital

5.000%

due

03/12/2035

1,500,000

1,502,867

Cayman

Islands

0.5%

KSA

Sukuk

LTD

5.250%

due

06/04/2030

1,250,000

1,274,350

Cayman

Islands

0.4%

KSA

IJARAH

Sukuk

Ltd

4.875%

due

09/09/2035

1,200,000

1,185,669

Cayman

Islands

0.4%

Saudi

Government

Sukuk

5.590%

due

04/25/2036

4,000,000

1,069,790

Saudi

Arabia

0.3%

Saudi

Government

Sukuk

3.900%

due

01/23/2029

2,500,000

647,469

Saudi

Arabia

0.2%

Sharjah

Sukuk

Program

3.200%

due

07/13/2031

500,000

452,457

Cayman

Islands

0.1%

39,727,542

12.4%

Total

Government

Sukuk

(Cost

$41,539,750)

$40,791,181

12.7%

Bank

Time

Deposits

0.5%

Coupon

Maturity

Face

Amount

Market

Value

Country

Percentage

Net

Assets

Bank

Time

Deposits

Kuwait

Finance

House

0.040%

due

08/13/2026

1,500,000

United

States

0.5%

Total

Bank

Time

Deposits

(Cost

$1,500,000)

$1,500,000

0.5%

Total

investments

(Cost

$303,685,084)

$301,126,687

93.9%

Other

assets

(net

liabilities)

19,664,882

6.1%

Total

net

assets

$320,791,569

100.0%

Security

was

purchased

pursuant

Regulation

under

the

Securities

Act

1933

which

exempts

from

registration

securities

offered

and

sold

outside

the

United

States.

Such

security

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

These

Securities

have

been

deemed

liquid

under

guidelines

approved

the

Trust's

Board

Trustees.

May

31,

2026,

the

aggregate

value

these

securities

was

$299,626,687

representing

93.4%

total

net

assets.

Denotes

country

region

primary

exposure

SA:

Special

Assessment

Amana

Participation

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

May

31,

2026

Annual

Financial

Consolidated

Statement

Assets

and

Liabilities

Consolidated

Statement

Operations

May

31,

2026

Assets

Investments

securities,

value

(Cost

$303,685,084)

301,126,687

Cash

16,495,979

Dividends

receivable

3,797,998

Receivable

for

Fund

sold

324,922

Prepaid

expenses

7,878

Total

assets

321,753,464

Liabilities

Payable

for

Fund

redeemed

679,686

Accrued

advisory

fees

135,624

Distributions

payable

103,727

Accrued

audit

expenses

16,016

Accrued

retirement

plan

custody

fee

10,040

Accrued

12b-1

distribution

fees

9,651

Accrued

legal

expenses

2,065

Accrued

Chief

Compliance

Officer

expenses

354

Accrued

other

operating

expenses

4,732

Total

liabilities

961,895

Net

assets

$320,791,569

Analysis

net

assets

Paid-in

capital

(unlimited

authorized,

without

par

value)

$331,851,406

Total

distributable

earnings

(11,059,837)

Net

assets

applicable

Fund

outstanding

$320,791,569

Net

asset

value

per

Investor

AMAPX

Net

assets,

value

$47,283,786

outstanding

4,844,885

Net

asset

value,

offering

and

redemption

price

per

$9.76

Net

asset

value

per

Institutional

AMIPX

Net

assets,

value

$273,507,783

outstanding

27,922,986

Net

asset

value,

offering

and

redemption

price

per

$9.80

Year

ended

May

31,

2026

Investment

income

Sukuk

income

13,643,776

Miscellaneous

income

107

Total

investment

income

13,643,883

Expenses

Investment

advisory

fees

1,451,141

12b-1

distribution

fees

97,615

Custodian

fees

67,717

Filing

and

registration

fees

60,958

Retirement

plan

custodial

fees

22,632

425

Investor

450

Institutional

22,573

Audit

fees

15,524

Legal

fees

15,288

Trustee

fees

5,394

Chief

Compliance

Officer

expenses

3,849

Other

operating

expenses

28,103

Total

gross

expenses

1,768,221

Less

custodian

fee

credits

(67,717)

Net

expenses

1,700,504

Net

investment

income

$11,943,379

Net

realized

loss

from

investments

and

foreign

currency

$(1,567,810)

Net

increase

unrealized

depreciation

investments

1,285,337

Net

loss

investments

(282,473)

Net

increase

net

assets

resulting

from

operations

$11,660,906

Amana

Participation

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

May

31,

2026

Annual

Financial

Consolidated

Statements

Changes

Net

Assets

Year

ended

May

31,

2026

Year

ended

May

31,

2025

Increase

net

assets

from

operations

From

operations

Net

investment

income

$11,943,379

$8,287,495

Net

realized

loss

investments

and

foreign

currency

(1,567,810)

(240,580)

Net

increase

unrealized

appreciation

investments

and

foreign

currency

1,285,337

3,740,587

Net

increase

net

assets

11,660,906

11,787,502

Distributions

shareowners

from

425

Net

dividend

and

distribution

shareholders

Investor

(1,469,203)

(1,083,820)

450

Net

dividend

and

distribution

shareholders

Institutional

(9,905,171)

(7,199,705)

Total

distributions

(11,374,374)

(8,283,525)

Capital

transactions

Proceeds

from

the

sale

425

Investor

21,856,161

13,065,840

450

Institutional

203,738,506

118,045,122

Value

issued

reinvestment

dividends

and

distributions

425

Investor

1,426,753

1,059,338

450

Institutional

9,631,394

7,077,542

Cost

redeemed

425

Investor

(10,643,658)

(8,763,467)

450

Institutional

(162,790,419)

(76,155,176)

Total

capital

transactions

63,218,737

54,329,199

Total

increase

net

assets

63,505,269

57,833,176

Net

assets

Beginning

year

257,286,300

199,453,124

End

year

$320,791,569

$257,286,300

the

Fund

sold

and

redeemed

Investor

(AMAPX)

Number

sold

2,216,245

1,341,293

Number

issued

reinvestment

dividends

and

distributions

145,083

108,739

Number

redeemed

(1,079,408)

(900,183)

Net

increase

number

outstanding

1,281,920

549,849

Institutional

(AMIPX)

Number

sold

20,576,457

12,052,279

Number

issued

reinvestment

dividends

and

distributions

975,632

723,734

Number

redeemed

(16,448,149)

(7,779,792)

Net

increase

number

outstanding

5,103,940

4,996,221

Amana

Participation

Fund:

Consolidated

Financial

Highlights

The

accompanying

notes

are

integral

part

these

financial

statements.

May

31,

2026

Annual

Financial

Investor

(AMAPX)

Selected

data

per

outstanding

capital

stock

throughout

each

year:

Year

ended

May

2026

2025

2024

2023

2022

Net

asset

value

beginning

period

$9.72

$9.54

$9.64

$9.86

$10.42

Income

from

investment

operations

Net

investment

income

0.39

0.35

0.31

0.21

0.18

Net

gains

(losses)

securities

(both

realized

and

unrealized)

0.01

0.17

(0.12)

(0.24)

(0.57)

Total

from

investment

operations

0.40

0.52

0.19

(0.03)

(0.39)

Less

distributions

Dividends

(from

net

investment

income)

(0.36)

(0.34)

(0.29)

(0.19)

(0.17)

Total

distributions

(0.36)

(0.34)

(0.29)

(0.19)

(0.17)

Net

asset

value

end

period

$9.76

$9.72

$9.54

$9.64

$9.86

Total

Return

4.12%

5.44%

2.01%

(0.26)%

(3.83)%

Ratios

supplemental

data

Net

assets

($000),

end

year

$47,284

$34,639

$28,756

$26,650

$24,722

Ratio

expenses

average

net

assets

Before custodian

fee

credits

0.81%

0.82%

0.83%

0.80%

After

custodian

fee

credits

0.79%

0.80%

0.78%

Ratio

net

investment

income

after

custodian

fee

credits

average

net

assets

3.96%

3.56%

3.23%

2.11%

1.71%

Portfolio

turnover

rate

35%

22%

17%

48%

15%

Institutional

(AMIPX)

Selected

data

per

outstanding

capital

stock

throughout

each

year:

Year

ended

May

2026

2025

2024

2023

2022

Net

asset

value

beginning

period

$9.76

$9.58

$9.68

$9.89

$10.45

Income

from

investment

operations

Net

investment

income

0.41

0.37

0.33

0.23

0.20

Net

gains

(losses)

securities

(both

realized

and

unrealized)

0.01

0.17

(0.12)

(0.22)

(0.57)

Total

from

investment

operations

0.42

0.54

0.21

0.01

(0.37)

Less

distributions

Dividends

(from

net

investment

income)

(0.38)

(0.36)

(0.31)

(0.22)

(0.19)

Total

distributions

(0.38)

(0.36)

(0.31)

(0.22)

(0.19)

Net

asset

value

end

period

$9.80

$9.76

$9.58

$9.68

$9.89

Total

Return

4.37%

5.68%

2.26%

0.09%

(3.58)%

Ratios

supplemental

data

Net

assets

($000),

end

year

$273,508

$222,648

$170,697

$192,060

$187,032

Ratio

expenses

average

net

assets

Before custodian

fee

credits

0.57%

0.59%

0.58%

0.56%

After

custodian

fee

credits

0.55%

0.57%

0.56%

0.53%

0.54%

Ratio

net

investment

income

after

custodian

fee

credits

average

net

assets

4.14%

3.79%

3.45%

2.34%

1.97%

Portfolio

turnover

rate

35%

22%

17%

48%

15%

Calculated

using

average

outstanding

(Consolidated

with

respect

the

Amana

Participation

Fund)

Notes

Financial

Statements

May

31,

2026

Annual

Financial

Note

Organization

Amana

Mutual

Funds

Trust

(the

"Trust")

was

organized

Delaware

Statutory

Trust

March

11,

2013,

and

the

successor

Amana

Mutual

Funds

Trust,

Indiana

Business

Trust

("Prior

Trust")

organized

July

26,

1984,

pursuant

reorganization

July

19,

2013.

Each

Fund

series

the

Trust

and

the

Income,

Growth,

and

Developing

World

Funds

are

successors

the

corresponding

series

the

Prior

Trust.

The

Trust

registered

open-end,

management

company

under

the

Investment

Company

Act

1940,

amended.

The

Trust

restricts

its

investments

those

acceptable

Muslims

investing

accordance

with

Islamic

principles.

Seven

portfolio

series

have

been

created.

The

Income

Fund

was

first

authorized

sell

beneficial

interest

the

public

June

23,

1986.

The

Growth

Fund

began

operations

February

1994.

The

Developing

World

Fund

began

operations

September

28,

2009.

Institutional

Income,

Growth,

and

Developing

World

Funds

were

first

offered

September

25,

2013.

The

Participation

Fund

(both

Investor

and

Institutional

Shares)

began

operations

September

28,

2015.

The

Participation

Fund

non-diversified

fund.

The

Trust

has

three

additional

series

that

operate

ETFs

and

are

described

and

offered

separate

prospectus

and

have

separate

shareholder

reports:

the

Amana

Equity

Income

ETF,

Amana

Growth

ETF,

Amana

Developing

World

ETF

(each

"Fund"

and

together,

the

"Funds").

All

three

Funds

are

non-diversified

and

began

operations

June

24,

2026.

Each

Fund

investment

company

and

accordingly

follows

the

investment

accounting

and

reporting

guidance

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standard

Codification

Topic

946

"Financial

Services

Investment

Companies."

Each

class

Fund

represents

interest

the

same

portfolio

investments

the

Fund

and

has

all

respects

the

same

rights

and

obligations

each

other

class

the

Fund,

except

that

each

class

bears

its

own

class

expenses,

and

each

class

has

exclusive

voting

rights

matters

affecting

that

class.

Each

class

may

subject

different

investment

minimums

and

other

conditions

eligibility

may

described

the

prospectus

for

the

particular

class

shares,

from

time

effect.

Income,

realized

and

unrealized

capital

gains

and

losses,

and

expenses

paid

Fund

and

not

allocated

particular

class

provided

below,

shall

allocated

each

class

the

basis

relative

net

assets.

Expenses

allocable

specific

class

are

expenses

specifically

incurred

for

such

class

including

the

following:

Distribution

fees;

Retirement

plan

custodial

fees;

and

Any

applicable

service

fees.

Net

investment

income

dividends

and

capital

gain

distributions

paid

the

Fund

each

class

its

will

calculated

the

same

manner

the

same

day

and

the

same

time.

Commencing

the

year

ended

May

31,

2021,

the

Participation

Fund

utilizes

wholly-owned

subsidiary

achieve

its

investment

objective

(see

Note

2).

Investment

risks:

Income

Growth

Developing

World

and

Participation

Funds

The

value

the

each

the

Funds

rises

and

falls

the

value

the

securities

which

the

Funds

invest

goes

and

down.

The

Funds

limit

the

securities

they

purchase

those

consistent

with

Islamic

principles.

This

limits

opportunities

and

may

affect

performance.

Each

the

Funds

may

invest

securities

that

are

not

traded

the

United

States.

Investments

the

securities

foreign

issuers

may

involve

risks

addition

those

normally

associated

with

investments

the

securities

issuers.

These

risks

include

currency

and

market

fluctuations,

and

political

social

instability.

The

risks

foreign

investing

are

generally

magnified

the

smaller

and

volatile

securities

markets

the

developing

world.

Growth

Fund

smaller

and

less

seasoned

companies

that

may

the

Growth

Fund

have

greater

risk

price

volatility.

Participation

Fund

While

the

Participation

Fund

does

not

invest

conventional

bonds,

risks

similar

those

conventional

fixed-

income

funds

apply.

These

include:

diversification

and

concentration

risk,

liquidity

risk,

interest

rate

risk,

credit

risk,

and

high-yield

risk.

The

Participation

Fund

also

includes

risks

specific

investments

Islamic

fixed-income

instruments.

The

structural

complexity

sukuk

along

with

the

weak

infrastructure

the

sukuk

market,

increases

risk.

compared

rights

conventional

bondholders,

holders

sukuk

may

have

limited

ability

pursue

legal

recourse

enforce

the

terms

the

sukuk

restructure

the

sukuk

order

seek

recovery

principal.

Sukuk

are

also

subject

the

risk

that

some

Islamic

scholars

may

deem

certain

sukuk

not

meeting

Islamic

investment

principles

subsequent

the

sukuk

being

issued.

The

Funds

may

invest

substantially

one

sectors,

which

can

increase

volatility

and

exposure

issuers

specific

particular

sector

industry.

Please

see

each

Fund's

Summary

Prospectus,

the

Funds'

Prospectus,

and

Statement

Additional

Information

for

detailed

discussion

the

risks

affecting

the

Funds.

Note

Significant

Accounting

Policies

The

following

summary

the

significant

accounting

policies,

conformity

with

accounting

principles

generally

accepted

the

United

States

America,

which

are

consistently

followed

the

Funds

preparation

their

financial

statements.

Security

valuation:

Investments

securities

traded

national

securities

exchange

and

over-the-counter

securities

for

which

sale

prices

are

available

are

valued

that

price.

Securities

for

which

there

are

sales

are

valued

latest

bid

price.

Foreign

markets

may

before

the

time

which

the

Funds'

prices

are

determined.

Because

this,

events

occurring

after

the

and

before

the

determination

the

Funds'

prices

may

have

material

effect

the

values

some

all

the

Funds'

foreign

securities.

account

for

this,

the

Funds

may

use

outside

pricing

services

for

valuation

their

non-US

securities.

cases

which

there

not

readily

available

market

price,

fair

value

for

such

security

determined

good

faith

the

Adviser,

whom

the

Board

Trustees

has

designated

the

Funds'

valuation

designee

perform

fair

value

determinations

relating

all

Fund

investments.

Security

transactions

are

recorded

trade

date.

Realized

gains

and

losses

sales

securities

are

recorded

the

identified

cost

basis.

Sukuk

certificates

which

the

Participation

Fund

invests

are

valued

based

evaluated

prices

supplied

independent

pricing

service,

which

include

valuations

provided

market

makers

and

other

participants,

provided

that

there

sufficient

market

activity

which

the

pricing

service

can

base

such

valuations.

Where

Notes

Financial

Statements

(continued)

May

31,

2026

Annual

Financial

market

activity

insufficient

for

making

such

determinations,

the

independent

pricing

service

uses

proprietary

valuation

methodologies

and

may

consider

variety

factors,

such

yield

curves,

credit

spreads,

estimated

default

rates,

anticipated

market

interest

rate

volatility,

coupon

rates,

and

other

factors

order

calculate

the

security's

fair

value.

Foreign

currency:

Investment

securities

and

other

assets

and

liabilities

denominated

foreign

currencies

are

translated

into

dollar

amounts

the

date

valuation.

Purchases

and

sales

investment

securities

and

income

and

expense

items

denominated

foreign

currencies

are

translated

into

dollar

amounts

the

respective

dates

such

transactions.

The

Funds

not

isolate

that

portion

the

results

operations

resulting

from

changes

foreign

exchange

rates

investments

from

the

fluctuations

arising

from

changes

market

prices

securities

held.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

loss

from

investments.

Reported

net

realized

foreign

exchange

gains

losses

arise

from

sales

foreign

currencies,

currency

gains

losses

realized

between

the

trade

and

settlement

dates

securities

transactions,

and

the

difference

between

the

amounts

dividends,

interest,

and

foreign

withholding

taxes

recorded

the

Funds'

books

and

the

dollar

equivalent

the

amounts

actually

received

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

the

fair

values

assets

and

liabilities,

other

than

investments

securities

fiscal

period

end,

resulting

from

changes

exchange

rates.

valuation:

Each

Fund

computes

the

price

each

class

dividing

the

net

assets

attributable

each

class

the

outstanding

that

class.

Each

class

represents

interest

the

same

investment

portfolio.

Each

class

identical

all

respects

except

that

each

class

bears

its

own

class

expenses,

and

each

class

has

exclusive

voting

rights

matters

affecting

that

class.

result

the

differences

the

expenses

borne

each

class,

the

price

and

distributions

will

vary

among

Fund's

classes.

The

Funds'

are

not

priced

traded

days

the

New

York

Stock

Exchange

closed.

The

NAV

both

the

offering

and

redemption

price

per

share.

Valuation

Inputs

May

31,

2026

Level

Funds

Quoted

Price

Significant

Observable

Input

Significant

Unobservable

Input

Total

Income

Fund

Common

Stock

Consumer

Discretionary

$38,380,300

Consumer

Staples

$142,305,450

$24,185,540

$166,490,990

Health

Care

$441,387,868

Industrials

$506,595,200

$75,734,834

$582,330,034

Materials

$122,067,900

Technology

$746,502,715

$33,577,487

$780,080,202

Total

Common

Stock

$1,997,239,433

$133,497,861

$2,130,737,294

Total

Market

Value

Investments

$1,997,239,433

$133,497,861

$2,130,737,294

Growth

Fund

Common

Stock

Communications

$511,557,300

Consumer

Discretionary

$381,114,100

Consumer

Staples

$112,011,419

Health

Care

$805,755,365

$100,850,678

$906,606,043

Industrials

$650,197,682

$360,426,408

$1,010,624,090

Information

Technology

$34,808,044

Technology

$3,403,358,204

$152,054,271

$3,555,412,47

Total

Common

Stock

$5,

898,802,114

$613,331,357

$6,512,133,471

Total

Market

Value

Investments

$5,

898,802,114

613,331,357

$6,512,133,471

Developing

World

Fund

Common

Stock

Communications

$1,970,400

$5,496,214

$7,466,614

Consumer

Discretionary

$1,978,861

Consumer

Staples

$5,026,534

$17,978,407

$23,004,941

Financials

$6,355,182

Health

Care

$15,526,246

Industrials

$6,994,360

Materials

$27,182,849

$17,595,058

$44,777,907

Technology

$47,426,950

$42,088,759

$89,515,709

Utilities

$4,629,652

Total

Common

Stock

$81,606,733

$118,642,739

$200,249,472

Total

Market

Value

Investments

$81,606,733

$118,642,739

$200,249,472

Note

Significant

Accounting

Policies

(continued)

Notes

Financial

Statements

(continued)

May

31,

2026

Annual

Financial

Fair

value

measurements:

Accounting

Standards

Codification

(ASC)

820

establishes

three-

tier

framework

for

measuring

fair

value

based

hierarchy

inputs.

The

hierarchy

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Funds'

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

determining

the

value

the

Funds'

investments

and

are

summarized

below.

Level

Unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

that

the

Trust

has

the

ability

access.

Level

Observable

inputs

other

than

quoted

prices

Level

that

are

observable

for

the

asset

liability,

either

directly

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates,

and

similar

data.

Level

−

Unobservable

inputs

for

the

asset

liability,

the

extent

relevant

observable

inputs

are

not

available,

representing

the

Trust's

own

assumptions

about

the

assumptions

market

participant

would

use

valuing

the

asset

liability,

and

would

based

the

best

information

available.

The

availability

observable

inputs

can

vary

from

security

and

affected

wide

variety

factors,

including,

for

example,

the

type

security,

whether

the

security

new

and

not

yet

established

the

marketplace,

the

liquidity

markets,

and

other

characteristics

particular

the

security.

the

extent

that

valuation

based

models

inputs

that

are

less

observable

unobservable

the

market,

the

determination

fair

value

requires

judgment.

Accordingly,

the

degree

judgment

exercised

determining

fair

value

greatest

for

instruments

categorized

Level

The

inputs

used

measure

fair

value

may

fall

into

different

levels

the

fair

value

hierarchy.

such

cases,

for

disclosure

purposes,

the

level

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

its

entirety

determined

based

the

lowest

level

input

that

significant

the

fair

value

measurement

its

entirety.

The

inputs

methodology

used

for

valuing

securities

are

not

necessarily

indication

the

risk

associated

with

investing

those

securities.

Investment

concentration:

The

fundamental

policies

the

Funds

prohibit

earning

interest,

accordance

with

Islamic

principles.

Consequently,

cash

held

non-interest-bearing

deposits

with

the

Funds'

custodian

other

banks.

"Other

assets

(net

liabilities)"

the

Funds'

Schedules

Investments

primarily

represents

cash

deposit

with

the

custodian.

Cash

deposit

will

vary

widely

over

time.

Accounting

Standards

Codification

("ASC")

825,

Financial

Instruments,

identifies

these

items

concentration

credit

risk.

The

risk

managed

careful

financial

analysis

and

review

the

custodian's

operations,

resources,

and

protections

available

the

Trust.

This

process

includes

evaluation

other

financial

institutions

providing

investment

company

custody

services.

ReFlow

Liquidity

Program:

The

Funds

may

participate

the

ReFlow

Fund,

LLC

("ReFlow")

liquidity

program,

which

designed

provide

alternative

liquidity

source

days

when

redemptions

Fund

exceed

purchases.

Under

the

program,

ReFlow

available

provide

cash

the

Funds

meet

all,

portion,

daily

net

shareowner

redemptions.

Following

purchases

Fund

shares,

ReFlow

then

generally

redeems

those

when

the

Fund

experiences

net

sales,

the

end

maximum

holding

period

determined

ReFlow

(currently

days)

other

times

ReFlow's

discretion.

For

use

the

ReFlow

service,

participating

Fund

pays

fee

ReFlow

each

time

purchases

Fund

shares,

calculated

applying

the

purchase

amount

fee

rate

determined

through

automated

daily

"Dutch

auction"

among

other

participating

mutual

funds

seeking

liquidity

that

day.

The

current

minimum

fee

rate

0.14%

the

value

the

Fund

purchased

ReFlow,

although

the

Fund

may

submit

bid

higher

fee

rate

determines

that

doing

the

best

interest

Fund

shareowners.

accordance

with

federal

securities

laws,

ReFlow

prohibited

from

acquiring

than

the

outstanding

voting

securities

Fund.

ReFlow

will

periodically

redeem

its

entire

position

the

Fund

and

request

that

such

redemption

met

kind

accordance

with

the

Funds'

in-kind

redemption

policies.

There

assurance

that

ReFlow

will

have

sufficient

funds

available

meet

the

Funds'

liquidity

needs

particular

day.

Foreign

taxes

The

Funds

may

subject

foreign

taxation

income

received,

capital

gains

sale

securities

and

certain

foreign

currency

transactions

the

foreign

jurisdictions

which

they.

Foreign

taxes,

any,

are

recorded

based

the

tax

regulations

and

rates

that

exist

the

foreign

markets

which

the

Funds

invest.

When

capital

tax

determined

apply,

the

Funds

record

estimated

deferred

tax

liability

amount

that

may

payable

the

securities

were

disposed

the

valuation

date.

Federal

income

taxes:

Each

Fund

intends

comply

with

the

requirements

the

Internal

Revenue

Code

necessary

qualify

regulated

investment

company

and

make

the

requisite

distributions

income

and

capital

gains

its

shareowners

sufficient

relieve

from

all

substantially

all

federal

income

taxes.

Therefore,

federal

income

tax

provision

required.

Participation

Fund

Bank

Time

Deposits

$1,500,000

Corporate

Sukuk

$258,835,506

Government

Sukuk

$40,791,181

Total

Market

Value

Investments

$301,126,687

See

the

Schedule

Investments

for

additional

details.

Note

Significant

Accounting

Policies

(continued)

Notes

Financial

Statements

(continued)

May

31,

2026

Annual

Financial

The

Funds

recognize

the

tax

benefits

uncertain

tax

positions

only

where

the

position

"more

likely

than

not"

sustained

assuming

examination

tax

authorities.

Management

has

analyzed

the

Funds'

tax

positions

and

has

concluded

that

liability

for

unrecognized

tax

benefits

should

recorded

uncertain

tax

positions

taken

returns

filed

for

open

tax

years

(2023

−

2025)

expected

taken

the

Funds'

2026

tax

returns.

The

Funds

identify

their

major

tax

jurisdiction

federal

and

foreign

jurisdictions

where

the

Funds

make

significant

investments;

however,

the

Funds

are

not

aware

any

tax

positions

for

which

reasonably

possible

that

the

total

amounts

unrecognized

tax

benefits

will

change

materially

the

months.

Reclassification

capital

accounts:

Accounting

principles

generally

accepted

the

United

States

America

require

that

certain

components

net

assets

relating

permanent

differences

reclassified

between

financial

and

tax

reporting.

These

reclassifications

are

the

fiscal

year

ended

May

31,

2026

and

have

effect

net

assets

NAV

per

share.

Distributions

shareowners:

For

the

Amana

Participation

Fund

dividends

shareowners

from

net

investment

income

are

paid

daily

and

distributed

the

last

business

day

each

month.

For

the

Amana

Income

Fund

Amana

Growth

Fund

and

Amana

Developing

World

Fund

dividends

shareowners

from

net

investment

income,

any,

are

paid

May

and

December.

result

their

investment

strategies,

the

Growth

and

Developing

World

Funds

not

expect

pay

income

dividends.

Distributions

capital

gains,

any,

are

made

least

annually,

and

required

comply

with

federal

excise

tax

requirements.

Distributions

shareowners

are

determined

accordance

with

income

tax

regulations

and

are

recorded

the

ex-dividend

date.

Dividends

are

paid

the

Funds,

the

net

asset

value

the

payable

date.

Shareowners

may

elect

take

distributions

they

total

$10

cash.

Use

estimates:

The

preparation

financial

statements

conformity

with

accounting

principles

generally

accepted

the

United

States

America

requires

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities

and

disclosure

contingent

assets

and

liabilities

the

date

the

financial

statements

and

the

reported

amounts

increases

and

decreases

net

assets

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Foreign

taxes:

Withholding

taxes

foreign

dividends

are

paid

portion

which

may

reclaimable)

provided

for

accordance

with

the

applicable

country's

tax

rules

and

rates

and

are

disclosed

the

Statement

Operations.

Withholding

tax

reclaims

are

filed

certain

countries

recover

portion

the

amounts

previously

withheld.

The

Funds

record

reclaim

receivable

based

number

factors,

including

jurisdiction's

legal

obligation

pay

reclaims

well

payment

history

and

market

convention.

Consolidation

Subsidiary

Amana

SPV:

The

Consolidated

Portfolio

Investments,

Consolidated

Statement

Assets

and

Liabilities,

Consolidated

Statement

Operations

and

Consolidated

Statement

Changes

Net

Assets

and

the

Consolidated

Financial

Highlights

the

Amana

Participation

Fund

includes

the

accounts

AMANA

SPV,

wholly

owned

and

controlled

subsidiary.

AMANA

SPV

C-Corporation

incorporated

exempted

company

under

the

company's

law

the

Cayman

Islands

January

21,

2019,

and

not

subject

Cayman

Islands

taxes

the

present

time.

For

its

income

tax

purpose,

the

SPV

not

subject

income

taxes;

however,

the

SPV's

net

income

and

capital

gains

will

included

each

year

the

Amana

Participation

Fund's

taxable

income.

All

inter-company

accounts

and

transactions

have

been

eliminated

consolidation.

The

Amana

Participation

Fund

may

invest

25%

its

total

assets

the

segregated

portfolio

vehicle

("SPV")

which

acts

investment

vehicle

order

effect

certain

investments

consistent

with

the

Fund's

investment

objectives

and

policies.

summary

the

Amana

Participation

Fund's

investments

the

SPV

follows:

The

Amana

Income

Fund

Amana

Growth

Fund

and

Amana

Developing

World

Fund

all

may

invest

20%

its

total

assets

segregated

portfolio

vehicle

("SPV")

which

acts

investment

vehicle

order

effect

certain

investments

consistent

with

the

Funds'

investment

objectives

and

policies.

May

31,

2026,

Amana

Income

Fund

Amana

Growth

Fund

and

Amana

Developing

World

Fund

did

not

have

any

investment

the

SPV.

Other:

Dividend

income

recognized

the

ex-dividend

date,

and

sukuk

income

recognized

accrual

basis.

Expenses

incurred

the

Trust

behalf

the

Funds

(e.g.,

professional

fees)

are

allocated

the

Funds

the

basis

relative

daily

average

net

assets.

Net

investment

losses

may

not

utilized

offset

net

investment

income

future

periods

for

tax

purposes.

Note

Transactions

with

Affiliated

Persons

Under

contract

approved

annually

the

Board

Trustees

the

Trust,

including

those

who

are

not

party

the

contract

"interested

persons"

(as

defined

the

Investment

Company

Act

1940)

such

parties

the

Trust

(the

"Independent

Trustees"),

Saturna

Capital

Corporation

("Saturna

Capital")

provides

investment

advisory

services

and

certain

other

administrative

services

and

facilities

required

conduct

Trust

business.

Effective

December

2020,

the

Amana

Income

Fund

Amana

Growth

Fund

and

Amana

Developing

World

Fund

each

pay

advisory

and

administration

fee

0.80%

the

first

billion

Fund's

average

daily

net

assets,

0.65%

the

billion,

and

0.50%

assets

over

billion.

Income

Fund

Growth

Fund

Distributable

earnings

$(76,666,732)

$(277,566,108)

Paid-in

Capital

$76,666,732

$277,566,108

Developing

World

Fund

Participation

Fund

Distributable

earnings

$(3,217,909)

$89

Paid-in

Capital

$3,217,909

$(89)

Inception

Date

SPV

Net

Assets

May

31,

2026

Fund

Net

Assets

May

31,

2026

Amana

SPV

January

21,

2019

$70,681,980

22.0%

Note

Significant

Accounting

Policies

(continued)

Notes

Financial

Statements

(continued)

May

31,

2026

Annual

Financial

The

Amana

Participation

Fund

pays

advisory

and

administration

fee

0.50%

annually

the

average

daily

net

assets.

For

the

fiscal

year

ended

May

31,

2026

the

Funds

paid

the

following

advisory

fees

Saturna

Capital:

Certain

officers

and

one

trustee

Amana

are

also

officers

and

directors

the

investment

adviser.

Saturna

Brokerage

Services,

Inc.

("SBS"),

subsidiary

Saturna

Capital,

registered

broker-dealer

and

acts

distributor.

The

Funds

have

adopted

Distribution

Plan

accordance

with

Rule

12b-1

under

the

1940

Act

applicable

the

Investor

each

Fund.

The

plan

provides

that

the

Funds

will

pay

fee

SBS

annual

rate

0.25%

the

average

daily

net

assets

applicable

Investor

each

Fund.

The

fee

paid

SBS

reimbursement

for

expenses

incurred

for

distribution-related

activity.

For

the

fiscal

year

ended

May

31,

2026

the

Funds

paid

the

following

distribution

fees

SBS:

For

the

fiscal

year

ended

May

31,

2026,

Saturna

Capital

spent

additional

$3,999,548

its

own

resources,

and

not

part

the

12b-1

expense

the

Funds,

compensate

broker-dealers

other

financial

intermediaries,

their

affiliates,

connection

with

the

sale,

distribution,

retention,

and/or

servicing

Fund

shares.

the

extent

that

these

resources

are

derived

from

advisory

fees

paid

the

Funds,

these

payments

could

considered

"revenue

sharing."

Any

such

payments

will

not

change

the

net

asset

value

the

price

Fund's

shares.

SBS

used

effect

equity

portfolio

transactions

for

the

Trust.

SBS

currently

executes

portfolio

transactions

without

commission.

Transactions

effected

through

other

brokers

are

subject

commissions

payable

that

broker.

Saturna

Trust

Company

("STC"),

subsidiary

Saturna

Capital,

acts

retirement

plan

custodian

for

the

Funds.

Each

class

Fund

pays

annual

fee

$10

per

account

for

retirement

plan

services

Saturna

Trust

Company.

For

the

fiscal

year

ended

May

31,

2026

the

Funds

incurred

the

following

retirement

plan

custodial

fees

STC:

Ms.

Jane

Carten

serves

trustee

and

president

the

Trust.

She

not

compensated

the

Trust.

For

the

fiscal

year

ended

May

31,

2026,

the

Funds

paid

trustee

compensation

expenses

$69,000,

which

included

the

$125,205

total

expenses

incurred

for

the

Independent

Trustees.

May

31,

2026,

the

trustees,

officers,

and

their

affiliates

(including

Saturna

Capital

Corporation)

group,

owned

the

following

percentages

outstanding

The

officers

the

Trust

are

paid

Saturna

Capital

Corporation,

not

the

Trust,

except

the

Chief

Compliance

Officer,

who

partially

compensated

the

Trust.

For

the

fiscal

year

ended

May

31,

2026

the

Funds

paid

the

following

compensation

expenses

for

the

Chief

Compliance

Officer:

Advisory

Fees

100

Income

Fund

$15,166,831

200

Growth

Fund

$33,998,135

300

Developing

World

Fund

$1,309,333

400

Participation

Fund

$1,451,141

Distribution

(12b-1)

fees

125

Income

Fund

Investor

(AMANX)

$2,142,918

150

Income

Fund

Institutional

(AMINX)

n/a

225

Growth

Fund

Investor

(AMAGX)

$6,703,140

250

Growth

Fund

Institutional

(AMIGX)

n/a

325

Developing

World

Fund

Investor

(AMDWX)

$126,376

350

Developing

World

Fund

Institutional

(AMIDX)

n/a

425

Participation

Fund

Investor

(AMAPX)

$97,615

450

Participation

Fund

Institutional

(AMIPX)

n/a

Retirement

plan

custodial

fees

125

Income

Fund

Investor

(AMANX)

$80

150

Income

Fund

Institutional

(AMINX)

$70,856

225

Growth

Fund

Investor

(AMAGX)

$490

250

Growth

Fund

Institutional

(AMIGX)

$109,816

325

Developing

World

Fund

Investor

(AMDWX)

$40

350

Developing

World

Fund

Institutional

(AMIDX)

$27,331

425

Participation

Fund

Investor

(AMAPX)

$59

450

Participation

Fund

Institutional

(AMIPX)

$22,573

Trustees',

officers',

and

affiliates'

ownership

125

Income

Fund

Investor

(AMANX)

0.02%

150

Income

Fund

Institutional

(AMINX)

0.57%

225

Growth

Fund

Investor

(AMAGX)

0.02%

250

Growth

Fund

Institutional

(AMIGX)

0.19%

325

Developing

World

Fund

Investor

(AMDWX)

0.14%

350

Developing

World

Fund

Institutional

(AMIDX)

0.49%

425

Participation

Fund

Investor

(AMAPX)

0.20%

450

Participation

Fund

Institutional

(AMIPX)

0.26%

Chief

Compliance

Officer

100

Income

Fund

$31,425

200

Growth

Fund

$88,756

300

Developing

World

Fund

$2,213

400

Participation

Fund

$3,849

Note

Transactions

with

Affiliated

Persons

(continued)

Notes

Financial

Statements

(continued)

May

31,

2026

Annual

Financial

Note

Distributions

Shareowners

The

tax

characteristics

distributions

paid

for

the

fiscal

year

ended

May

31,

2026

and

May

31,

2025

were

follows:

Note

Federal

Income

Taxes

The

cost

basis

investments

for

federal

income

tax

purposes

May

31,

2026

were

follows:

May

31,

2026

the

components

distributable

earnings

tax

basis

were

follows:

May

31,

2026

the

Funds

had

the

following

capital

loss

carryforwards

and

loss

deferrals,

subject

regulation.

Loss

carryforwards

may

used

offset

future

net

capital

gains

realized

for

federal

income

tax

purposes.

Net

capital

losses

incurred

after

October

and

within

the

taxable

year

are

deemed

arise

the

first

business

day

fund's

taxable

year

During

the

year

ended

May

31,

2026,

Growth

Fund

utilized

$12,248,438

short

and

long

term

capital

loss

carry

forward.

Income

Fund

May

31,

2026

May

31,

2025

Ordinary

Income

$15,111,181

$16,174,139

Long-term

capital

gain

$99,724,311

$90,259,538

Growth

Fund

May

31,

2026

May

31,

2025

Ordinary

Income

$6,070,076

$2,822,055

Long-term

capital

gain

$211,417,587

Developing

World

Fund

May

31,

2026

May

31,

2025

Ordinary

Income

$1,841,155

$968,012

Long-term

capital

gain

$2,651,124

Participation

Fund

May

31,

2026

May

31,

2025

Ordinary

Income

$11,374,374

$8,283,525

Long-Term

Capital

Gain

dividend

designated

20%

rate

pursuant

Section

852(b)(3)

the

Internal

Revenue

Code.

Income

Fund

Growth

Fund

Cost

investments

$725,311,144

$2,060,722,172

Gross

tax

unrealized

appreciation

$1,459,534,035

$4,474,201,362

Gross

tax

unrealized

depreciation

$(54,107,885)

$(22,790,063)

Net

tax

unrealized

appreciation

$1,405,426,150

$4,451,411,299

Developing

World

Fund

Participation

Fund

Cost

investments

$125,969,280

$303,685,084

Gross

tax

unrealized

appreciation

$83,344,336

$760,655

Gross

tax

unrealized

depreciation

$(9,064,144)

$(3,319,053)

Net

tax

unrealized

appreciation

(depreciation)

$74,280,192

$(2,558,397)

Income

Fund

Undistributed

ordinary

income

$1,816,845

Accumulated

capital

gains

$47,692,810

Tax

accumulated

earnings

$49,509,655

Unrealized

Appreciation

$1,405,426,145

Other

unrealized

accumulated

losses

$(256,583)

Total

accumulated

earnings

$1,454,679,217

Growth

Fund

Undistributed

ordinary

income

$7,569,163

Accumulated

capital

gains

$262,186,940

Tax

accumulated

earnings

$269,756,103

Unrealized

Appreciation

$4,451,419,225

Other

unrealized

accumulated

losses

$(164,604)

Total

accumulated

earnings

$4,721,010,724

Developing

World

Fund

Undistributed

ordinary

income

$771,403

Accumulated

capital

and

other

losses

$(1,475,961)

Tax

accumulated

earnings

$(704,558)

Unrealized

Appreciation

$74,294,372

Unrealized

non-U.S.

taxes

$(76,091

)

Other

unrealized

accumulated

losses

$(23,455)

Total

accumulated

earnings

$73,490,268

Participation

Fund

Accumulated

capital

and

other

losses

$(7,487,055)

Tax

accumulated

earnings

$(7,487,055)

Unrealized

Depreciation

$(2,558,397)

Other

unrealized

accumulated

losses

$(1,014,385)

Total

accumulated

earnings

$(11,059,837)

Developing

World

Fund

Participation

Fund

Short

term

loss

carryforward

$284,190

$2,028,653

Long

term

loss

carryforward

$1,191,771

$5,458,402

Total

Capital

loss

carryforward

$1,475,961

$7,487,055

Post-October

loss

deferral

$23,455

$1,024,911

Total

accumulated

losses

$1,499,416

$8,511,966

Notes

Financial

Statements

(continued)

May

31,

2026

Annual

Financial

the

reporting

period,

the

Fund

adopted

FASB

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740)

Improvements

Income

Tax

Disclosures

(ASU

2023-09),

which

enhances

income

tax

disclosures,

including

disclosure

income

taxes

paid

disaggregated

jurisdiction.

For

the

tax

year

ended

May

31,

2026,

the

below

shows

foreign

taxes

paid:

Amana

Participation

did

not

have

tax

report

the

year

end

May

31,

2026.

Note

Investments

Investment

transactions

other

than

short

term

investments

and

redemptions

kind

for

the

fiscal

year

ended

May

31,

2026

were

follows:

During

the

fiscal

year

ended

May

31,

2026

the

Funds'

redemptions

in-kind

were

follows:

During

the

fiscal

year

ended

May

31,

2026,

the

Fund

had

the

following

in-kind

redemption

transactions

the

Reflow

program

outlined

Note

Custodian

Under

agreements

place

with

the

Trust's

custodian,

UMB

Bank,

custody

fees

are

reduced

credits

for

cash

balances.

For

the

fiscal

year

ended

May

31,

2026

such

reductions

were

follows:

Note

Subsequent

Events

There

were

events

transactions

during

the

period

that

materially

impacted

the

amounts

disclosures

the

Funds'

financial

statements.

Income

Fund

U.S.

Federal

Taxes

Income

Taxes

paid

foreign

jurisdictions

Canada

151,690

France

237,585

Japan

70,007

Switzerland

189,969

Taiwan

Province

China

541,299

United

Kingdom

11,235

Foreign

tax

subtotal

$1,201,785

Total

paid

for

income

taxes

(net

refunds)

$1,201,785

Growth

Fund

U.S.

Federal

Taxes

Income

Taxes

paid

foreign

jurisdictions

Denmark

476,177

France

296,757

Italy

319,443

Japan

63,915

Netherlands

402,928

Taiwan

Province

China

841,906

United

Kingdom

15,900

Foreign

tax

subtotal

$2,417,026

Total

paid

for

income

taxes

(net

refunds)

$2,417,026

Developing

World

Fund

U.S.

Federal

Taxes

Income

Taxes

paid

foreign

jurisdictions

Brazil

6,740

Canada

31,605

Chile

39,192

India

27,288

Indonesia

29,823

Japan

3,517

Korea

Republic

14,837

Mexico

25,561

Netherlands

6,834

Philippines

54,527

Saudi

Arabia

22,672

South

Africa

18,492

Taiwan

Province

China

73,910

Thailand

17,128

Turkey

53,382

United

Kingdom

3,383

Foreign

tax

subtotal

$428,891

Total

paid

for

income

taxes

(net

refunds)

$428,891

Purchases

Sales

100

Income

Fund

$203,348,430

$195,845,080

200

Growth

Fund

$702,441,018

$690,959,342

300

Developing

World

Fund

$46,277,704

$21,914,461

400

Participation

Fund

$166,876,253

$93,889,603

Purchases

Sales

100

Income

Fund

$98,250,792

200

Growth

Fund

$318,890,068

300

Developing

World

Fund

$4,304,488

Income

Fund

Growth

Fund

1,450,331

3,659,453

Value

Securities

$98,250,792

$318,890,068

Cash

$5,067,909

$13,890,699

Total

Amount

$103,318,701

$332,780,767

Realized

Gains

$76,666,732

$277,566,108

Developing

World

Fund

284,635

Value

Securities

$4,304,488

Cash

$143,902

Total

Amount

$4,448,390

Realized

Gains

$3,217,909

Custodian

Fee

Credits

100

Income

Fund

$103,063

200

Growth

Fund

$332,669

300

Developing

World

Fund

$137,224

400

Participation

Fund

$67,718

Note

Federal

Income

Taxes

(continued)

Report

Independent

Registered

Public

Accounting

Firm

May

31,

2026

Annual

Financial

the

Shareowners

the

Amana

Mutual

Funds

Trust

and

Board

Trustees

Amana

Mutual

Funds

Trust

Opinion

the

Financial

Statements

have

audited

the

accompanying

statements

assets

and

liabilities

the

Amana

Income

Fund,

the

Amana

Growth

Fund,

the

Amana

Developing

World

Fund,

(collectively

along

with

the

Amana

Participation

Fund)

(the

"Funds"),

each

series

Amana

Mutual

Funds

Trust

(the

"Trust"),

including

the

schedules

investments,

May

31,

2026,

the

statements

operations,

the

statements

changes

net

assets,

and

financial

highlights

for

each

the

periods

indicated

the

table

below,

and

the

notes

(collectively

referred

the

"financial

statements").

have

also

audited

the

accompanying

consolidated

statement

assets

and

liabilities

the

Amana

Participation

Fund,

series

Amana

Mutual

Funds

Trust,

including

the

consolidated

schedule

investments,

May

31,

2026,

the

consolidated

statement

operations,

the

consolidated

statements

changes

net

assets

and

the

consolidated

financial

highlights

for

each

the

periods

indicated

the

table

below,

and

the

consolidated

notes

(collectively

referred

the

"consolidated

financial

statements").

our

opinion,

the

financial

statements

and

consolidated

financial

statements

present

fairly,

all

material

respects,

the

financial

position

the

Funds

May

31,

2026,

the

results

their

operations,

the

changes

their

net

assets

and

their

financial

highlights

for

each

the

periods

indicated

the

table

below,

conformity

with

accounting

principles

generally

accepted

the

United

States

America.

Basis

for

Opinion

These

financial

statements

and

the

consolidated

financial

statements

are

the

responsibility

the

Trust's

management.

Our

responsibility

express

opinion

the

Funds'

financial

statements

and

consolidated

financial

statements

based

our

audits.

are

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

independent

with

respect

the

Funds

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

the

Securities

and

Exchange

Commission

and

the

PCAOB.

have

served

the

auditor

one

the

funds

the

Trust

since

1997.

Funds

Statement

Operations

Statements

Changes

Net

Assets

Financial

Highlights

Amana

Income

Fund,

Amana

Growth

Fund,

Amana

Developing

World

Fund

For

the

year

ended

May

31,

2026

For

each

the

two

years

the

period

ended

May

31,

2026

and

2025

For

each

the

five

years

the

period

then

ended

Fund

Consolidated

Statement

Operations

Consolidated

Statements

Changes

Net

Assets

Consolidated

Financial

Highlights

Amana

Participation

Fund

For

the

year

ended

May

31,

2026

For

each

the

two

years

the

period

ended

May

31,

2026

and

2025

For

each

the

five

years

the

period

then

ended

Report

Independent

Registered

Public

Accounting

Firm

May

31,

2026

Annual

Financial

conducted

our

audits

accordance

with

the

standards

the

PCAOB.

Those

standards

require

that

plan

and

perform

the

audits

obtain

reasonable

assurance

about

whether

the

financial

statements

and

consolidated

financial

statements

are

free

material

misstatement,

whether

due

error

fraud.

The

Funds

are

not

required

have,

nor

were

engaged

perform,

audit

the

Funds'

internal

control

over

financial

reporting.

part

our

audits

are

required

obtain

understanding

internal

control

over

financial

reporting,

but

not

for

the

purpose

expressing

opinion

the

effectiveness

the

Funds'

internal

control

over

financial

reporting.

Accordingly,

express

such

opinion.

Our

audits

included

performing

procedures

assess

the

risks

material

misstatement

the

financial

statements

and

consolidated

financial

statements,

whether

due

error

fraud,

and

performing

procedures

that

respond

those

risks.

Such

procedures

included

examining,

test

basis,

evidence

regarding

the

amounts

and

disclosures

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

management,

well

evaluating

the

overall

presentation

the

financial

statements

and

consolidated

financial

statements.

Our

procedures

included

confirmation

securities

owned

May

31,

2026

correspondence

with

the

custodian.

believe

that

our

audits

provide

reasonable

basis

for

our

opinion.

TAIT,

WELLER

BAKER

LLP

Philadelphia,

Pennsylvania

July

30,

2026

Form

N-CSR

Items

8-11

May

31,

2026

Annual

Financial

Item

Changes

and

Disagreements

with

Accountants

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

Proxy

Disclosures

for

Open-End

Management

Investment

Companies.

Not

applicable.

Item

10.

Remuneration

Paid

Directors,

Officers,

and

Others

Open-End

Management

Investment

Companies.

The

Funds'

disclosure

remuneration

items

included

part

the

Financial

Statements

filed

under

Item

this

form.

Item

11.

Statement

Regarding

Basis

for

Approval

Investment

Advisory

Contract.

The

Funds'

Investment

Advisory

Contract

included

part

the

Financial

Statements

filed

under

Item

this

form.

May

31,

2026

Annual

Financial

Availability

Quarterly

Portfolio

Information

(1)

The

Amana

Funds

file

complete

schedules

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

exhibit

their

reports

Form

N-PORT.

(2)

The

Funds'

Form

N-PORT

reports

are

available

the

SEC's

website

www.sec.gov.

(3)

The

Funds

post

complete

schedule

portfolio

holdings

after

the

end

each

month

available

www.amanafunds.com.

Privacy

Statement

Saturna

Capital

and

the

Amana

Mutual

Funds

Trust,

understand

the

importance

maintaining

the

privacy

your

financial

information.

want

assure

you

that

protect

the

confidentiality

any

personal

information

that

you

with

us.

addition,

not

sell

information

about

our

current

former

customers.

the

course

our

relationship,

gather

certain

non-public

information

about

you,

including

your

name,

address,

investment

choices,

and

account

information.

not

disclose

your

information

unaffiliated

third

parties

unless

necessary

process

transaction;

service

your

account;

deliver

your

account

statements,

shareowner

reports,

and

other

information;

required

law.

When

disclose

information

unaffiliated

third

parties,

require

contract

restrict

the

companies'

use

customer

information

and

from

sharing

using

for

any

purposes

other

than

performing

the

services

for

which

they

were

required.

may

information

within

the

Saturna

Capital

family

companies

the

course

informing

you

about

products

services

that

may

address

your

investing

needs.

maintain

our

own

technology

resources

minimize

the

need

for

any

third-party

services,

and

restrict

access

information

within

Saturna.

maintain

physical,

electronic,

and

procedural

safeguards

guard

your

personal

information.

you

have

any

questions

concerns

about

the

security

privacy

your

information

please

call

1-800-728-8762.

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

Not applicable.

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

Not applicable.

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No changes to report

Item 16. Controls and Procedures.

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

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

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

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

Exhibits included with this filing:

(a)(1) Code of Ethics.

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

(a)(3) Not applicable.

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

SIGNATURES

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

AMANA MUTUAL FUNDS TRUST

By:

/s/ Jane K. Carten, President

Signature and Title

Jane K. Carten, President

Printed name and Title

July 30, 2026

Date

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

By:

/s/Jane K. Carten, President

Signature and Title

Jane K. Carten, President

Printed name and Title

July 30, 2026

Date

By:

/s/ Christopher R. Fankhauser, Treasurer

Signature and Title

Christopher R. Fankhauser, Treasurer

Printed name and Title

July 30, 2026

Date

Amana Mutual Funds Trust published this content on August 10, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 10, 2026 at 19:51 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]

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