485APOS

File No. 2-96924

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933
POST-EFFECTIVE AMENDMENT NO. 43

REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940
POST-EFFECTIVE AMENDMENT NO. 46

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)

Registrant's Telephone Number — (360) 734-9900

Thomas R. Phillips, Esq.
1300 N. State Street
Bellingham, Washington 98225-4730
(Name and Address of Agent for Service)

It is proposed that this filing will become effective:

[   ]   Immediately upon filing pursuant to paragraph (b) of Rule 485, or
[   ]   on _________ pursuant to paragraph (b) of Rule 485
[   ]   60 days after filing pursuant to paragraph (a)(1) of Rule 485, or
[   ]   on _________ pursuant to paragraph (a)(1) of Rule 485
[   ]   75 days after filing pursuant to paragraph (a)(2) of Rule 485, or
[ x ]   on September 28, 2015 pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:
[   ]   this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

EXPLANATORY NOTE

This Post-Effective Amendment is the revised annual update to Amana Mutual Funds Trust's Registration Statement. It includes increased disclosures required by regulation as well as material for a new series of the Trust: Amana Participation Fund. A filing will be submitted after the reviewing process is completed.

PART A

PROSPECTUS

Amana Mutual Funds Trust

Income Fund		Growth Fund		Developing World Fund		Participation Fund
Investor	(AMANX)	Investor	(AMAGX)	Investor	(AMDWX)	Investor	(AMAPX)
Institutional	(AMINX)	Institutional	(AMIGX)	Institutional	(AMIDX)	Institutional	(AMIPX)

Prospectus

September 28, 2015

Investments are consistent with Islamic principles.

Please read this Prospectus and keep it for future reference. It is designed to provide important information and to help investors decide if a Fund's goals match their own.

Neither the Securities and Exchange Commission nor any state securities authority has approved or disapproved these securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

Table of Contents:
Amana Income Fund	3
Amana Growth Fund	6
Amana Developing World Fund	9
Amana Participation Fund	12
Investment Objectives	15
Principal Investment Strategies	15
Principal Risks	16
Investment Information	17
Investment Adviser	17
Fund Share Pricing	18
Purchase and Sale of Fund Shares	18
Distributions	19
Frequent Trading Policy	20
Tax Consequences	20
Distribution Arrangements	21
Financial Highlights	22

2

Amana Income Fund

Investment Objective

Current income and preservation of capital, consistent with Islamic principles. Current income is its primary objective.

Fees and Expenses

This section describes the fees and expenses that you may pay if you buy and hold shares of the Income Fund.

Shareowner Fees
There are no fees that shareowners pay directly from their investments, such as charges for purchases, redemptions, and exchanges of shares.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Income Fund Investor Shares	AMANX
Management Fees	0.83%
Distribution (12b-1) Fees	0.25%
Other Expenses	0.05%
Total Annual Fund Operating Expenses	1.13%

Income Fund Institutional Shares	AMINX
Management Fees	0.83%
Other Expenses	0.05%
Total Annual Fund Operating Expenses	0.88%

Example
The example below is intended to help investors compare the cost of investing in shares of the Income Fund with the cost of investing in other mutual funds.

The example assumes an investor invests $10,000 in shares of the Income Fund for the time periods indicated and then redeems all shares at the end of those periods. The example also assumes that the investment has a 5% return each year and that the Fund's operating expenses remain the same. Although actual costs may be higher or lower, based on these assumptions an investor's expenses would be:

1 Year	3 years	5 Years	10 Years
Income Fund Investor Shares			AMANX
$115	$359	$622	$1,375
Income Fund Institutional Shares			AMINX
$90	$281	$488	$1,084

Portfolio Turnover
The Income Fund may have transaction costs, such as commissions and a bid-ask spread, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in taxable distributions. Personal income taxes, which are not reflected in annual fund operating expenses or in the example, affect your after-tax returns. During the most recent fiscal year, the Fund's portfolio turnover rate was 1.49% of the average value of its portfolio.

Principal Investment Strategies

The Income Fund invests mainly in common stocks, including foreign stocks. Investment decisions are made in accordance with Islamic principles. Generally, Islamic principles require that investors share in profit and loss, that they receive no usury or interest, and that they do not invest in a business that is prohibited by Islamic principles. Some of the businesses not permitted are liquor, wine, casinos, pornography, insurance, gambling, pork processing, and interest-based banks or finance associations.

The Income Fund does not make any investments that pay interest. In accordance with Islamic principles, the Fund shall not purchase conventional bonds, debentures, or other interest-paying obligations of indebtedness. Fixed-income investments conforming to Islamic principles, known as sukuk or Islamic bonds, are permitted. Islamic principles discourage speculation, and the Fund tends to hold investments for several years.

The Income Fund diversifies its investments across industries and companies, and generally follows a large-cap value investment style. Common stock purchases are restricted to dividend-paying companies, which are expected to have more stable stock prices and tend to be larger companies.

It is the policy of the Income Fund, under normal circumstances, to invest at least 80% of its assets in income-producing securities, primarily dividend-paying common stocks. The Income Fundmay invest in foreign securities.

Principal Risks of Investing

The value of Income Fund shares rises and falls as the value of the securities in which the Fund invests goes up and down. Consider investing in the Fund only if you are willing to accept the risk that you may lose money. Fund share prices, yields, and total returns will change with the fluctuations in the securities markets as well as the fortunes of the industries and companies in which the Fund invests.

3

Amana Income Fund

The Income Fund's restricted ability to invest in certain market sectors, such as financial companies and conventional fixed-income securities, limits opportunities and may increase the risk of loss during economic downturns. Because Islamic principles preclude the use of interest-paying instruments, cash reserves do not earn income.

The Income Fund may invest in securities that are not traded in the United States when market conditions or investment opportunities arise that, in the judgement of the adviser (Saturna Capital Corporation), warrant such investment. Investments in the securities of foreign issuers may involve risks in addition to those normally associated with investments in the securities of US issuers. All foreign investments are subject to risks of: (1) foreign political and economic instability; (2) adverse movements in foreign exchange rates; (3) currency devaluation; (4) the imposition or tightening of exchange controls or other limitations on repatriation of foreign capital; (5) changes in foreign governmental attitudes towards private investment, including potential nationalization, increased taxation or confiscation of assets; and (6) differing reporting, accounting, and auditing standards of foreign countries.

Performance

Annual Total Return
The following bar chart presents the calendar year total returns of the Income Fund Investor shares before taxes. The bar chart provides an indication of the risks of investing in the Fund by showing changes in performance from year to year. A fund's past performance (before and after taxes) is not a guarantee of how a fund will perform in the future.

Performance data current to the most recent month-end and quarter-end are available on www.amanafunds.com.

Best Quarter	Q2 2009	12.39%
Worst Quarter	Q3 2011	-14.15%
The year-to-date return as of the most recent calendar quarter (which ended June 30, 2015) was -0.77%.

Average Annual Total Returns The table below presents the average annual returns for the Income Fund and provides an indication of the risks of investing in the Fund by showing how the Fund's average annual returns for 1, 5, and 10 years compare to those of a broad-based market index.
		Periods ended December 31, 2014
		1 Year	5 Years	10 Years
Income Fund Investor Shares			AMANX
	Return before taxes	9.13%	12.17%	10.04%
	Return after taxes on distributions	8.66%	11.85%	9.75%
	Return after taxes on distributions and sale of Fund shares	5.76%	11.78%	9.64%
		1 Year	Since Inception September 25, 2013
Income Fund Institutional Shares			AMINX
	Return before taxes	9.42%	14.53%
	Return after taxes on distributions	8.90%	13.99%
	Return after taxes on distributions and sale of Fund shares	5.99%	13.92%
		1 Year	5 Years	10 Years
S&P 500 Index (reflects no deduction for fees, expenses, or taxes)		13.69%	15.45%	7.67%

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes. Actual after-tax returns depend on an investor's tax situation and likely differ from those shown. After-tax illustrations are not relevant to retirement plans, corporations, trusts, or other investors that are taxed at special rates.

4

Amana Income Fund

Investment Adviser

Saturna Capital Corporation is the Income Fund's investment adviser.

Portfolio Managers

Since 1990, Mr. Nicholas Kaiser, chairman of Saturna Capital Corporation, has been primarily responsible for the day-to-day management of the Income Fund. Since 2012, Mr. Scott Klimo, director of research at Saturna Capital Corporation, has been the deputy portfolio manager for the Fund.

Purchase and Sale of Fund Shares

You may open an account and purchase Income Fund Investor sharesby sending a completed application, a photocopy of a government-issued identity document, and a check for $250 or more ($100 under a group or retirement plan) payable to the Income Fund.

Income Fund Institutional shares are available for purchase with an initial minimum investment of $100,000. Financial advisers and other intermediaries may aggregate client orders to meet the $100,000 initial minimum investment.

Shareowners may purchase additionalshares at any time in minimum amounts of $25.

Shareowners may redeem shares of their investment on any business day bythese methods:

Written request

Write:   Amana Mutual Funds
            Box N
            Bellingham, WA 98227-0596

Or Fax:   360/734-0755

Telephone request

Call: 888/732-6262 or 360/734-9900

Tax Information

Distributions you receive from the Fund may be taxed as ordinary income, qualified dividend income, or capital gains.

Financial Intermediary Compensation

If you purchase the Income Fund through a broker-dealer or other financial intermediary (such as a bank or investment adviser), the Fund and its related companies may pay the intermediary for the sale of shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your broker-dealer or other financial intermediary's website for more information.

5

Amana Growth Fund

Investment Objective

Long-term capital growth, consistent with Islamic principles.

Fees and Expenses

This section describes the fees and expenses that you may pay if you buy and hold shares of the Growth Fund.

Shareowner Fees
There are no fees that shareowners pay directly from their investments, such as charges for purchases, redemptions, and exchanges of shares.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Growth Fund Investor Shares	AMAGX
Management Fees	0.81%
Distribution (12b-1) Fees	0.25%
Other Expenses	0.02%
Total Annual Fund Operating Expenses	1.08%

Growth Fund Institutional Shares	AMIGX
Management Fees	0.81%
Other Expenses	0.02%
Total Annual Fund Operating Expenses	0.83%

Example
The example below is intended to help investors compare the cost of investing in shares of the Growth Fund with the cost of investing in other mutual funds.

The example assumes an investor invests $10,000 in shares of the Growth Fund for the time periods indicated and then redeems all shares at the end of those periods. The example also assumes that the investment has a 5% return each year and that the Fund's operating expenses remain the same. Although actual costs may be higher or lower, based on these assumptions an investor's expenses would be:

1 Year	3 years	5 Years	10 Years
Growth Fund Investor Shares			AMAGX
$110	$343	$595	$1,317
Growth Fund Institutional Shares			AMIGX
$85	$265	$460	$1,025

Portfolio Turnover
The Growth Fund may have transaction costs, such as commissions and a bid-ask spread, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in taxable distributions. Personal income taxes, which are not reflected in annual fund operating expenses or in the example, affect your after-tax returns. During the most recent fiscal year, the Fund's portfolio turnover rate was 0.00% of the average value of its portfolio.

Principal Investment Strategies

The Growth Fund invests only in common stocks, including foreign stocks. Investment decisions are made in accordance with Islamic principles. Generally, Islamic principles require that investors share in profit and loss, that they receive no usury or interest, and that they do not invest in a business that is prohibited by Islamic principles. Some of the businesses not permitted are liquor, wine, casinos, pornography, insurance, gambling, pork processing, and interest-based banks or finance associations.

The Growth Fund does not make any investments that pay interest. In accordance with Islamic principles, the Fund shall not purchase conventional bonds, debentures, or other interest-paying obligations of indebtedness. Islamic principles discourage speculation, and the Fund tends to hold investments for several years.

The Growth Fund diversifies its investments across industries and companies, and generally follows a large-cap value investment style. The Fund favors companies expected to grow earnings and stock prices faster than the economy which tend to be smaller and less seasoned companies.

It is the policy of the Growth Fund, under normal circumstances, to invest at least 80% of assets in common stocks. The adviser (Saturna Capital Corporation) selects investments primarily on past earnings and revenue growth rates, and the expectation of increases in earnings and share price. The Growth Fund may invest in foreign securities.

Principal Risks of Investing

The value of Growth Fund shares rises and falls as the value of the stocks in which the Fund invests goes up and down. Consider investing in the Fund only if you are willing to accept the risk that you may lose money. Fund share prices, yields, and total returns will change with the fluctuations in the securities markets as well as the fortunes of the industries and companies in which the Fund invests.

6

Amana Growth Fund

The smaller and less seasoned companies that may be in the Growth Fund have a greater risk of price volatility. Growth stocks, which can be priced on future expectations rather than current results, may decline substantially when expectations are not met or general market conditions weaken.

The Growth Fund's restricted ability to invest in certain market sectors, such as financial companies and fixed-income securities, limits opportunities and may increase the risk of loss during economic downturns. Because Islamic principles preclude the use of interest-paying instruments, cash reserves do not earn income.

The Growth Fund may invest in securities that are not traded in the United States when market conditions or investment opportunities arise that, in the adviser's judgment, warrant such investment. Investments in the securities of foreign issuers may involve risks in addition to those normally associated with investments in the securities of US issuers. All foreign investments are subject to risks of: (1) foreign political and economic instability; (2) adverse movements in foreign exchange rates; (3) currency devaluation; (4) the imposition or tightening of exchange controls or other limitations on repatriation of foreign capital; (5) changes in foreign governmental attitudes towards private investment, including potential nationalization, increased taxation or confiscation of assets; and (6) differing reporting, accounting, and auditing standards of foreign countries.

Performance

Annual Total Return
The following bar chart presents the calendar year total returns of the Growth Fund Investor shares before taxes. The bar chart provides an indication of the risks of investing in the Fund by showing changes in performance from year to year. A fund's past performance (before and after taxes) is not a guarantee of how a fund will perform in the future.

Performance data current to the most recent month-end and quarter-end are available on www.amanafunds.com.

Best Quarter	Q3 2010	12.77%
Worst Quarter	Q4 2008	-18.34%
The year-to-date return as of the most recent calendar quarter (which ended June 30, 2015) was -0.26%.

Average Annual Total Returns The table below presents the average annual returns of the Growth Fund and provides an indication of the risks of investing in the Fund by showing how the Fund's average annual returns for 1, 5, and 10 years compare to those of a broad-based market index.
		Periods ended December 31, 2014
		1 Year	5 Years	10 Years
Growth Fund Investor Shares			AMAGX
	Return before taxes	22.83%	15.52%	10.74%
	Return after taxes on distributions	21.97%	15.35%	10.63%
	Return after taxes on distributions and sale of Fund shares	13.64%	12.55%	8.92%
		1 Year	Since Inception September 25, 2013
Growth Fund Institutional Shares			AMIGX
	Return before taxes	9.42%	14.53%
	Return after taxes on distributions	8.90%	13.99%
	Return after taxes on distributions and sale of Fund shares	5.99%	13.92%
		1 Year	5 Years	10 Years
S&P 500 Index (reflects no deduction for fees, expenses, or taxes)		13.69%	15.45%	7.67%

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes. Actual after-tax returns depend on an investor's tax situation and likely differ from those shown. After-tax illustrations are not relevant to

7

Amana Growth Fund

retirement plans, corporations, trusts, or other investors that are taxed at special rates.

Investment Adviser

Saturna Capital Corporation is the Growth Fund's investment adviser.

Portfolio Managers

Since 1994, Mr. Nicholas Kaiser, chairman of Saturna Capital Corporation, has been primarily responsible for the day-to-day management of the Growth Fund. Since 2012, Mr. Scott Klimo, director of research at Saturna Capital Corporation, has been the deputy portfolio manager for the Fund.

Purchase and Sale of Fund Shares

You may open an account and purchase Growth Fund Investor shares by sending a completed application, a photocopy of a government-issued identity document, and a check for $250 or more ($100 under a group or retirement plan) payable to the Growth Fund.

Growth Fund Institutional shares are available for purchase with an initial minimum investment of $100,000. Financial advisers and other intermediaries may aggregate client orders to meet the $100,000 initial minimum investment.

Shareowners may purchase additional shares at any time in minimum amounts of $25.

Shareowners may redeem shares of their investment on any business day by these methods:

Written request

Write:   Amana Mutual Funds
            Box N
            Bellingham, WA 98227-0596

Or Fax:   360/734-0755

Telephone request

Call: 888/732-6262 or 360/734-9900

Tax Information

Distributions you receive from the Fund may be taxed as ordinary income, qualified dividend income, or capital gains.

Financial Intermediary Compensation

If you purchase the Growth Fund through a broker-dealer or other financial intermediary (such as a bank or investment adviser), the Fund and its related companies may pay the intermediary for the sale of shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your broker-dealer or other financial intermediary's website for more information.

8

Amana Developing World Fund

Investment Objective

Long-term capital growth, consistent with Islamic principles.

Fees and Expenses

This section describes the fees and expenses that you may pay if you buy and hold shares of the Developing World Fund.

Shareowner Fees
There are no fees that shareowners pay directly from their investments, such as charges for purchases, redemptions, and exchanges of shares.

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Developing World Fund Investor Shares	AMDWX
Management Fees	0.95%
Distribution (12b-1) Fees	0.25%
Other Expenses	0.34%
Total Annual Fund Operating Expenses	1.54%

Developing World Fund Institutional Shares	AMIDX
Management Fees	0.95%
Other Expenses	0.29%
Total Annual Fund Operating Expenses	1.24%

Example
The example below is intended to help investors compare the cost of investing in shares of the Developing World Fund with the cost of investing in other mutual funds.

The example assumes an investor invests $10,000 in shares of the Developing World Fund for the time periods indicated and then redeems all shares at the end of those periods. The example also assumes that the investment has a 5% return each year and that the Fund's operating expenses remain the same. Although actual costs may be higher or lower, based on these assumptions an investor's expenses would be:

1 Year	3 years	5 Years	10 Years
Developing World Fund Investor Shares			AMDWX
$157	$486	$839	$1,834
Developing World Fund Institutional Shares			AMIDX
$126	$393	$681	$1,500

Portfolio Turnover
The Developing World Fund may have transaction costs, such as commissions and a bid-ask spread, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in taxable distributions. Personal income taxes, which are not reflected in annual fund operating expenses or in the example, affect your after-tax returns. During the most recent fiscal year, the Fund's portfolio turnover rate was 10.69% of the average value of its portfolio.

Principal Investment Strategies

The Developing World Fund invests only in common stocks of companies with significant exposure (50% or more of production, assets or revenues) to countries with developing economies and/or markets. Investment decisions are made in accordance with Islamic principles. Generally, Islamic principles require that investors share in profit and loss, that they receive no usury or interest, and that they do not invest in a business that is prohibited by Islamic principles. Some of the businesses not permitted are liquor, wine, casinos, pornography, insurance, gambling, pork processing, and interest-based banks or finance associations.

The Developing World Fund does not make any investments that pay interest. In accordance with Islamic principles, the Funds shall not purchase conventional bonds, debentures, or other interest-paying obligations of indebtedness. Islamic principles discourage speculation, and the Funds tend to hold investments for several years.

The Developing World Fund diversifies its investments across the countries of the developing world, industries, and companies, and generally follows a large-cap value investment style.

In determining whether a country is part of the developing world, the adviser (Saturna Capital Corporation) will consider such factors as thecountry's per capita gross domestic product, the percentage of the country's economy thatis industrialized, market capitalization as a percentage of gross domestic product, the overall regulatoryenvironment, and limits on foreignownership and restrictions on repatriation of initial capital or income.

By allowing investments in companies headquartered in more advanced economies yet having the majority of assets or revenues in the developing world, the Developing World Fund seeks to reduce its foreign investing risk.

9

Amana Developing World Fund

The adviser maintains a list of countries in whichthe Developing World Fund may invest. The list, which changes over time, currently includes: Argentina, Bahrain, Brazil, Chile, China, Colombia, Croatia, Czech Republic, Egypt, Hungary, India, Indonesia, Jordan, Kuwait, Lebanon, Malaysia, Malta, Mexico,Morocco, Oman, Panama,Peru, Philippines, Poland, Qatar, Russia, South Africa, Thailand, Turkey, Ukraine, and United Arab Emirates.

It is the policy of the Developing World Fund, under normal circumstances, to invest at least 80% of assets in common stocks of companies with significant exposure to countries with developing economies and/or markets.

Principal Risks of Investing

The value of Developing World Fund shares rises and falls as the value of the stocks in which the Fund invests goes up and down. Consider investing in the Fund only if you are willing to accept the risk that you may lose money. Fund share prices, yields, and total returns will change with the fluctuations in the securities and currency markets as well as the fortunes of the industries and companies in which the Fund invests.

The Developing World Fund's restricted ability to invest in certain market sectors, such as financial companies and conventional fixed-income securities, limits opportunities and may increase the risk of loss during economic downturns. Because Islamic principles preclude the use of interest-paying instruments, cash reserves do not earn income.

The Developing World Fund involves risks not typically associated with investing in US securities. Investments in the securities of foreign issuers may involve risks in addition to those normally associated with investments in the securities of US issuers. All foreign investments are subject to risks of: (1) foreign political and economic instability; (2) adverse movements in foreign exchange rates; (3) currency devaluation; (4) the imposition or tightening of exchange controls or other limitations on repatriation of foreign capital; (5) changes in foreign governmental attitudes towards private investment, including potential nationalization, increased taxation or confiscation of assets, and (6) differing reporting, accounting, and auditing standards of foreign countries. The risks of foreign investing are generally magnified in the smaller and more volatile securities markets of the developing world.

Performance

Annual Total Returns
The following bar chart presents the calendar year total returns of the Developing World Fund Investor shares before taxes. The bar chart provides an indication of the risks of investing in the Fund by showing changes in performance from year to year. A fund's past performance (before and after taxes) is not a guarantee of how a fund will perform in the future.

Performance data current to the most recent month-end and quarter-end are available on www.amanafunds.com.

¹ For the period September 28, 2009 (the inception of the fund) through December 31, 2009 and not annualized.

Best Quarter	Q1 2012	5.99%
Worst Quarter	Q3 2011	-10.78%
The year-to-date return as of the most recent calendar quarter (which ended June 30, 2015) was -5.74%.

Average Annual Total Returns
The table below presents the average annual returns of the Developing World Fund and provides an indication of the risks of investing in the Fund by showing how the Fund's average annual returns for the previous one year and since the Fund's inception on September 28, 2009, compare to those of a broad-based market index.

		Periods ended December 31, 2014
		1 Year	5 Years	Since inception September 28, 2009
Developing World Fund Investor Shares				AMDWX
	Return before taxes	0.76%	3.78%	1.29%
	Return after taxes on distributions	0.73%	0.70%	1.25%
	Return after taxes on distributions and sale of Fund shares	0.49%	0.56%	0.98%

10

Amana Developing World Fund

		1 Year	Since inception September 25, 2013
Developing World Fund Institutional Shares				AMIDX
	Return before taxes	1.05%	-1.01%
	Return after taxes on distributions	0.99%	-1.18%
	Return after taxes on distributions and sale of Fund shares	0.70%	-0.80%
		1 Year	5 Years	Since inception September 28, 2009
Morgan Stanley Capital International (MSCI) Emerging Markets Index (reflects no deduction for fees, expenses, or taxes)		-2.19%	1.78%	3.50%

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of any state or local taxes. Actual after-tax returns depend on an investor's tax situation and likely differ from those shown. After-tax illustrations are not relevant to retirement plans, corporations, trusts, or other investors that are taxed at special rates.

In loss periods, the average after-tax total return may be higher than average annual total return because of an assumed deduction of losses from other income.

Investment Adviser

Saturna Capital Corporation is the Developing World Fund's investment adviser.

Portfolio Managers

Since July 2014, Mr. Scott Klimo, director of research at Saturna Capital Corporation, has been primarily responsible for the day-to-day management of the Developing World Fund. Previously, he was the Fund's deputy portfolio manager since 2012. Since July 2014, Mr. Nicholas Kaiser, chairman of Saturna Capital Corporation, has been the deputy portfolio manager. Previously, he was the Fund's portfolio manager since 2009.

Purchase and Sale of Fund Shares

You may open an account and purchase Developing World Fund Investor shares by sending a completed application, a photocopy of a government-issued identity document, and a check for $250 or more ($100 under a group or retirement plan) payable to the Developing World Fund.

Developing World Fund Institutional shares are available for purchase with an initial minimum investment of $100,000. Financial advisers and other intermediaries may aggregate client orders to meet the $100,000 initial minimum investment.

Shareowners may purchase additional shares at any time in minimum amounts of $25.

Shareowners may redeem shares of their investment on any business day by these methods:

Written request

Write:   Amana Mutual Funds
            Box N
            Bellingham, WA 98227-0596

Or Fax:   360/734-0755

Telephone request

Call: 888/732-6262 or 360/734-9900

Tax Information

Distributions you receive from the Fund may be taxed as ordinary income, qualified dividend income, or capital gains.

Financial Intermediary Compensation

If you purchase the Developing World Fund through a broker-dealer or other financial intermediary (such as a bank or investment adviser), the Fund and its related companies may pay the intermediary for the sale of shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your broker-dealer or other financial intermediary's website for more information.

11

Amana Participation Fund

Investment Objective

Capital preservation and current income, consistent with Islamic principles. Capital preservation is its primary objective.

Fees and Expenses

This section describes the fees and expenses that you may pay if you buy and hold shares of the Participation Fund.

Shareowner Fees

Maximum sales charge (load) on purchases	None
Maximum deferred sales charge (load) on redemptions	None
Maximum sales charge (load) on reinvested dividends	None
Redemption fee (as a percentage on shares held less than 182 calendar days)	2%
Exchange fee	None
Maximum account fee	None

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Participation Fund Investor Shares	AMAPX
Management Fees	0.50%
Distribution (12b-1) Fees	0.25%
Other Expenses¹	0.35%
Total Annual Fund Operating Expenses	1.10%

¹ The "Other Expenses" are based on estimated amounts for the initial fiscal year.

Participation Fund Institutional Shares	AMIPX
Management Fees	0.50%
Distribution Fees	0.00%
Other Expenses¹	0.35%
Total Annual Fund Operating Expenses	0.85%

¹ The "Other Expenses" are based on estimated amounts for the initial fiscal year.

Example
The example below is intended to help investors compare the cost of investing in shares of the Participation Fund with the cost of investing in other mutual funds.

The example assumes an investor invests $10,000 in shares of the Participation Fund for the time periods indicated and then redeems all shares at the end of those periods. The example also assumes that the investment has a 5% return each year and that the Fund's operating expenses remain the same. Although actual costs may be higher or lower, based on these assumptions an investor's expenses would be:

1 Year	3 years
Participation Fund Investor Shares	AMAPX
$112	$350
Participation Fund Institutional Shares	AMIPX
$87	$271

Portfolio Turnover
The Participation Fund may have transaction costs, such as commissions and a bid-ask spread, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual Fund operating expenses or in the example, affect your after-tax returns. The Fund began operations as of September 28, 2015 (the date of this Prospectus) and consequently has not yet made any purchases or sold any securities, and therefore does not have a portfolio turnover rate to report.

Principal Investment Strategies

The Participation Fund invests at least 80% of its assets in short and intermediate-term Islamic fixed-income investments, where the Fund participates in certain risks not common in similar investments such as bonds and debentures. The Fund invests primarily in notes and certificates issued for payment by foreign governments, their agencies, and financial institutions in transactions structured to be in accordance with Islamic principles. Examples of these notes and certificates include (a) sukuk, which link the returns and cash flows of financing to the assets purchased, or the returns generated from an asset purchased, (b) murabaha, which involves a purchase and sale contract, and (c) wakala, in which accounts are operated under the Islamic finance principle of wakala (an agency agreement).

Generally, Islamic principles require that investors participate in profit and loss, that they receive no usury or interest, and that they do not invest in a prohibited business. Some of the businesses not permitted are liquor, wine, casinos, pornography, insurance, gambling, pork processing, and interest-based banks or finance associations.

In accordance with Islamic principles, the Fund shall not purchase conventional bonds, debentures, or other interest-paying obligations of indebtedness. Islamic principles discourage speculation, and the Fund tends to hold investments for several years. Under normal circumstances the Fund maintains a dollar-weighted average maturity of two to five years.

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Amana Participation Fund

The Participation Fund restricts its investments so that at least 50% are denominated in US dollars, with no more than 10% in any other currency.

Under normal conditions, the Fund invests at least 65% of its assets in securities rated within the four highest grades (Aaa, Aa, A, or Baa) by a nationally-recognized rating agency and may invest up to 35% in unrated and high-yield notes and certificates.

Principal Risks of Investing

The value of Participation Fund shares rises and falls as the value of the securities in which the Fund invests goes up and down. Consider investing in the Fund only if you are willing to accept the risk that you may lose money. Fund share prices, yields, and total returns will change with the fluctuations in the securities and currency markets as well as the fortunes of the countries, industries and companies in which the Fund invests.

The Fund is non-diversified and may invest a larger percentage of its assets in fewer issuers, which may cause the Fund to experience more volatility than diversified funds. In addition, the Fund may concentrate its investments within the financial services industry.

The Participation Fund's restricted ability to invest in certain market sectors, such as non-Islamic financial companies and conventional fixed-income securities, limits opportunities and may increase the risk of loss during economic downturns. Because Islamic principles preclude the use of interest-paying instruments, conventional cash reserves do not earn income.

Liquidity risk exists when particular investments are difficult to sell. Investments by the Fund in foreign securities and those that are thinly traded, such as lower quality issuers, tend to involve greater liquidity risk. The market for certain investments may become illiquid under adverse market or economic conditions.

The Participation Fund involves risks not typically associated with investing in US securities. Investments in the securities of foreign issuers may involve risks in addition to those normally associated with investments in the securities of US issuers. All foreign investments are subject to risks of: (1) foreign political and economic instability; (2) adverse movements in foreign exchange rates; (3) currency devaluation; (4) the imposition or tightening of exchange controls or other limitations on repatriation of foreign capital; (5) changes in foreign governmental attitudes towards private investment, including potential nationalization, increased taxation or confiscation of assets, and (6) differing reporting, accounting, and auditing standards of foreign countries. The risks of foreign investing are generally magnified in the smaller and more volatile securities markets of the Participation Fund.

The Fund's investments in sukuk, especially sukuk issued by foreign governments and their agencies, differ from conventional debt obligations for which investors may use courts to seek remedies for defaults. To the extent a Fund holds sukuk that default, the Fund's legal recourse may be significantly more limited.

Performance

The Fund began operations on September 28, 2015 and consequently has no historical returns to report. Future reports will show how the Fund's average annual total returns for the required time periods compare with the [Bloomberg Malaysian Foreign Currency Sukuk Index] Index.

A fund's past performance (before and after taxes) is not a guarantee of how a fund will perform in the future. Performance data current to the most recent month-end and quarter-end are available on www.amanafunds.com.

Investment Adviser

Saturna Capital Corporation is the Participation Fund's investment adviser.

Portfolio Managers

Mr. Patrick Drum CFA, is the portfolio manager for the Fund, and Mr. Bryce Fegley CFA, is the deputy portfolio manager. They have been the managers of the Fund since inception.

Purchase and Sale of Fund Shares

You may open an account and purchase Participation Fund Investor Shares by sending a completed application, a photocopy of a government-issued identity document, and a check for $5,000 or more ($100 under a group or retirement plan) payable to the Participation Fund.

Participation Fund Institutional shares are available for purchase with an initial minimum investment of $100,000. Financial advisers and other intermediaries may aggregate client orders to meet the $100,000 initial minimum investment.

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Amana Participation Fund

Shareowners may purchase additional shares at any time in minimum amounts of $25.

Shareowners may redeem shares of their investment on any business day by these methods:

Written request

Write:   Amana Mutual Funds
            Box N
            Bellingham, WA 98227-0596

Or Fax:   360/734-0755

Telephone request

Call: 888/732-6262 or 360/734-9900

As a disincentive to short-term trading, Amana Participation Fund shares held less than 182 calendar days will be assessed a 2% early redemption fee (payable to the Fund).

Tax Information

Distributions you receive from the Fund may be taxed as ordinary income or capital gains.

Financial Intermediary Compensation

If you purchase the Participation Fund through a broker-dealer or other financial intermediary (such as a bank or investment adviser), the Fund and its related companies may pay the intermediary for the sale of shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your broker-dealer or other financial intermediary's website for more information.

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Investment Objectives

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

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

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

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

There can be no guarantee that the particular investment objectives of a Fund will be realized. These investment objectives may only be changed with approval by vote of a majority of the outstanding shares of a Fund.

Principal Investment Strategies

Amana Mutual Funds Trust is designed to provide investment alternatives that are consistent with Islamic principles. Generally, Islamic principles require that investors share in profit and loss, that they receive no usury or interest, and that they do not invest in a business that is prohibited by Islamic principles. Some of the businesses not permitted are liquor, wine, casinos, pornography, insurance, gambling, pork processing, and interest-based banks or finance associations.

The Funds do not make any investments that pay interest. In accordance with Islamic principles, the Funds shall not purchase conventional bonds, debentures, or other interest-paying obligations of indebtedness. Fixed-income investments conforming to Islamic principles, known as sukuk or Islamic bonds, are permitted in the Income Fund. Islamic principles discourage speculation, and the Funds tend to hold investments for several years.

These criteria limit investment selection and income-earning opportunities more than is customary for mutual funds.

The adviser, Saturna Capital Corporation, selects investments. To ensure that investments meet the requirements of the Islamic faith, the adviser follows guidelines established by the Fiqh Council of North America, a non-profit organization serving the Muslim community.

The Amana Funds favor companies trading for less than the adviser's assessment of intrinsic value, which typically means companies with relatively low price/earning multiples, strong balance sheets and proven businesses.

The Funds seek to minimize potential current income taxes paid by shareowners, where the basic strategies to be favored are (1) infrequent trading, (2) offsetting capital gains with losses and (3) selling highest-cost tax-lots first.

During uncertain or adverse market or economic conditions, a Fund may adopt a temporary defensive position. The Funds cannot invest in interest-paying instruments frequently used by other mutual funds for this purpose. When markets are unattractive, the adviser chooses between continuing to follow the Funds' investment policies or converting securities to cash for temporary, defensive purposes. This choice is based on the adviser's evaluation of market conditions and a Fund's portfolio holdings. In the event a Fund takes such a position, it may not be able to achieve its investment objective.

By diversifying its investments, each Fund seeks to reduce the risk of owning only a few securities. Diversification does not assure a profit or protect against a loss.

Income Fund

It is the policy of the Income Fund, under normal circumstances, to invest at least 80% of its assets in income-producing securities, primarily dividend-paying common stocks. The Income Fund may invest in foreign securities.

While cash assets do not contribute to the Income Fund's primary objective of current income, they do assist its secondary objective of preservation of capital.

Growth Fund

It is the policy of the Growth Fund, under normal circumstances, to invest at least 80% of assets in common stocks. The adviser selects investments primarily on past earnings and revenue growth rates, and the expectation of increases in earnings and share price. The Growth Fund may invest in foreign securities.

Cash assets may contribute to the Growth Fund's objective of long-term capital growth by preventing capital losses during periods of market decline.

Developing World Fund

It is the policy of the Developing World Fund, under normal circumstances, to invest at least 80% of assets in common stocks of companies with significant exposure to countries with developing economies and/or markets.

The Developing World Fund may invest in equity securities of any company, regardless of where it is based, if the adviser determines that a significant portion of the company's production, assets or revenues (generally 50% or more) is attributable to developing countries.

The adviser maintains a list of countries in which the Developing World Fund may invest. The list, which changes over time, currently includes: Argentina, Bahrain, Brazil, Chile, China, Colombia, Croatia, Czech Republic, Egypt, Hungary, India, Indonesia, Jordan, Kuwait, Lebanon, Malaysia, Malta, Mexico, Morocco, Oman, Panama, Peru, Philippines, Poland, Qatar, Russia, South Africa, Thailand, Turkey, Ukraine, and United Arab Emirates.

15

Cash assets may contribute to the Developing World Fund's objective of long-term capital growth by preventing capital losses during periods of market decline.

Participation Fund

It is the policy of the Participation Fund, under normal circumstances, to invest at least 80% of its assets in short and intermediate-term Islamic fixed-income investments, where the Fund participates in certain risks not common in similar investments such as bonds and debentures. The Fund invests primarily in notes and certificates issued for payment by foreign governments, their agencies, and financial institutions in transactions structured to be in accordance with Islamic principles. Examples of these notes and certificates include (a) sukuk, which link the returns and cash flows of financing to the assets purchased, or the returns generated from an asset purchased, (b) murabaha, which involves a purchase and sale contract, and (c) wakala, in which accounts are operated under the Islamic finance principle of wakala (an agency agreement).

Principal Risks

Investing in securities entails both market risks and risk of price variation in individual securities. Islamic principles restrict the Funds' ability to invest in certain stocks and market sectors, such as financial companies and fixed-income securities. This may limit opportunities and possibly increase the risk of loss during market declines.

Income Fund

The Income Fund invests mainly in common stocks, which involve greater risk, and commensurately greater opportunity for reward, than other investments such as short-term bonds and money market instruments.

The Income Fund is suitable for investors seeking current income and preservation of capital.

Growth Fund

The Growth Fund typically invests in smaller and less seasoned companies than the Income Fund, which may lead to greater variability in the Fund's returns. Growth stocks, which can be priced on future expectations rather than current results, may decline substantially when expectations are not met or general market conditions weaken.

The Growth Fund is suitable for investors seeking higher returns and willing to accept greater fluctuations in value (risk).

Developing World Fund

Although all securities in the Amana Funds may be adversely affected by currency fluctuations, including devaluation, or global economic, political, or social instability, securities issued by entities based outside the United States, particularly in countries with developing economies and/or markets that are the focus of the Developing World Fund, may be affected to a greater extent.

Foreign countries can involve higher risks of confiscatory taxation, seizure or nationalization of assets, establishment of exchange controls, less public information about securities and less governmental market supervision, adoption of government restrictions, or adverse political or social developments that affect investments.

The Developing World Fund is especially susceptible to sharp declines in value.

Investing in countries of the developing world may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, developing countries may have less developed legal and accounting systems. The governments of these countries may be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect security prices. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. Securities markets in these countries are also relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid than securities issued in countries with more developed economies or markets.

The Developing World Fund is suitable for investors seeking higher returns and willing to accept greater fluctuations in value (risk).

Participation Fund

Investing in certificates, notes, and similar securities subjects the Fund to credit risk, which is the risk that a security issuer may not be able pay its obligations when due thus reducing the value of the Fund's portfolio holdings.

Investing in securities related to the fixed-income markets subjects the Fund to interest rate risk, which is the risk that a rise in prevailing interest rates generally cause the price of such securities to fall. The Fund mitigates this risk by seeking to maintain an average portfolio maturity of two to five years (short to intermediate term), in that longer term securities normally have greater declines when interest rates rise.

The Fund is non-diversified, which means it may invest a larger percentage of its assets in fewer issuers as compared to a fund that is more broadly diversified. Because the Fund is not required to diversify its investments among a broader group of issuers, the Fund may be more volatile than diversified funds. Although the Fund is considered non-diversified, the Fund intends to maintain sufficient diversification to qualify for favorable tax treatment provided to mutual funds under the US Internal Revenue Code of 1986.

16

The Fund may concentrate its investments in the financial services industry. Adverse developments within the financial services industry may have a greater impact on the Fund as compared to a fund that is not similarly concentrated. In addition, because the Fund's investments are concentrated in securities issued by a limited number of issuers, many of which share a single industry, the Fund may be even more susceptible to concentration risk.

In addition to credit risk, interest rate risk, maturity and investment grade risk, investing in sukuk and similar forms of Islamic investments involve specific additional risks. Once purchased, these investments tend to be held until maturity, meaning trading is less frequent compared to conventional bonds. Being a relatively new form of security, institutional markets and support for sukuk is less robust than that available in conventional debt markets. Laws and regulations regarding the issuance, trading, default resolution, and other aspects of sukuk are not as well defined as they are for conventional debt issuers.

The Fund's investment in sukuk, especially sukuk issued by foreign governments and their agencies, differ from conventional debt obligations. Holders of conventional bonds typically have legal remedies if the issuer defaults and the bondholders may pursue their remedies in the courts having jurisdiction over the defaulting party. Sukuk investments may not offer investors the right to pursue such remedies. To the extent a Fund's holds a sukuk that is in default, the Fund's legal recourse to enforce payment may be significantly limited. Accordingly, a sovereign or private entity's willingness to meet its terms of its obligations gives rise to credit risk but without the legal protections typically provided to lenders.

Investment Information

Shareowners receive an Amana Mutual Funds Trust financial report showing the investment returns, portfolios, income, and expenses of each Fund every six months. The audited financial statements of each Fund for the year ended May 31, 2014, included in the Trust's Annual Report, are available upon request. Investors may obtain current share prices daily on financial information websites, by calling 1-888-732-6262, on electronic quotation systems, and at www.amanafunds.com. The following symbols can be used to obtain quotations and other information:

Income Fund
Investor Shares	AMANX	Institutional Shares	AMINX
Growth Fund
Investor Shares	AMAGX	Institutional Shares	AMIGX
Developing World Fund
Investor Shares	AMDWX	Institutional Shares	AMIDX
Participation Fund
Investor Shares	AMAPX	Institutional Shares	AMIPX

This prospectus, financial reports, performance information, proxy voting records, and other useful information are also available at www.amanafunds.com. Portfolio holdings are provided each month-end online (see the Statement of Additional Information for a description of portfolio disclosure policies).

Investment Adviser

Saturna Capital Corporation, 1300 N. State Street, Bellingham, Washington 98225, is the Trust's investment adviser and administrator ("adviser"). The adviser's wholly-owned subsidiary, Saturna Brokerage Services, Inc., is the Trust's distributor. Founded in 1989, Saturna Capital Corporation has approximately $4.0 billion in assets under management. It is also the adviser to Saturna Investment Trust and to separately managed accounts. The Amana Growth Fund, Amana Income Fund, and Amana Developing World Fund each pay an advisory and administration fee of 0.95% on the first $500 million of a Fund's average daily net assets, 0.85% on the next $500 million, 0.75% on the next $500 million, and 0.65% on assets over $1.5 billion. For the fiscal year ended May 31, 2015, these fees amounted to 0.84% for the Income Fund, 0.80% for the Growth Fund, and 0.95% for the Developing World Fund. The Amana Participation Fund, which only began operations on September 28, 2015, pays an advisory and administration fee of 0.50% of the Fund's average daily net assets. A discussion regarding the basis for the Board of Trustee's renewal of the advisory contracts is available in the Trust's Semi-Annual Report which covers the six months ending November 30, and is published each January.

Mr. Nicholas Kaiser, MBA, CFA, is chairman and controlling shareowner of Saturna Capital Corporation. Since 1990, Mr. Kaiser has been primarily responsible for the day-to-day management of the Income and Growth Funds' portfolios. He managed the Developing World Fund from its inception in 2009 until 2014 when he became deputy portfolio manager of the Fund. Mr. Kaiser has managed equity mutual funds since 1976; he has managed equity portfolios for the adviser since founding the firm in 1989.

Mr. Scott Klimo, CFA, is director of research at the adviser. Since 2014, Mr. Klimo has been primarily responsible for the day-to-day management of the Developing World Fund's portfolio. Since 2012, he has been deputy portfolio manager of the Income and Growth Funds, and served as deputy portfolio manager of the Developing World Fund from 2012 to 2014. From 2001 to 2011, he served as a senior investment analyst, research director, and portfolio manager at Avera Global Partners/Security Global Investors.

Mr. Patrick Drum MBA, CFA, CFP®, is a portfolio manager, research analyst for the adviser. Since 2015, he has been primarily responsible for the day-to-day management of the Participation Fund's portfolio. From 2007 to 2014, Mr. Drum was a senior portfolio manager with the Arbor Group at UBS Financial Services specializing in the investment of non-US fixed income portfolios employing an ESG screening process.

Mr. Bryce Fegley CFA, CIPM®, is a portfolio manager, investment analyst and tactician for the adviser. Since 2015, he has been deputy portfolio manager of the Participation Fund. For Saturna Capital he has worked in brokerage, investment research, and its Malaysian investment advisory subsidiary.

17

See the Statement of Additional Information for a discussion of their compensation, other accounts managed, and ownership of Amana Funds.

Fund Share Pricing

The Funds compute their daily share prices (net asset values) using market prices as of the close of trading on the New York Stock Exchange (generally 4 p.m. Eastern time). Fund shares are not priced on the days when New York Stock Exchange trading is closed (typically weekends and US national holidays). Securities traded on a national securities exchange and over-the-counter securities are valued at the last reported sale price on the valuation day. Securities for which there are no sales are valued at the latest bid price. Occasionally there may be days without a readily available market price for a security. When this occurs, a fair value for such security is determined in good faith by or under the direction of the Board of Trustees. Using fair value to price a security may result in a value different from the security's most recent closing price and from the prices used by other mutual funds to calculate their share prices.

Foreign markets may close before the time as of which the share price is computed. Because of this, events occurring after the close of a foreign market and before the share price computation may have a material effect on foreign security prices. To account for this, the Funds use evaluations provided by an independent pricing service for many foreign securities, including sukuk. Such evaluations are based on the foreign securities' most recent closing market prices as of 4 p.m. Eastern time and correlations with broad market indices, sector indices, equity index futures contracts, American Depositary Receipts, and other factors. Foreign securities may trade on weekends or other days when the Funds do not price their shares. As a result, the share price may change on days when you will not be able to purchase or redeem shares.

Each Fund computes the share price of each share class by dividing the net assets attributable to each share class by the outstanding shares of that class. Each share class represents an interest in the same investment portfolio. Each share class is identical in all respects except that each class bears its own class expenses, and each class has exclusive voting rights. As a result of the differences in the expenses borne by each share class the share price will vary among a Fund's share classes.

Additional information about portfolio security valuation, including foreign securities, is contained in the Trust's Statement of Additional Information (SAI).

Purchase and Sale of Fund Shares

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT: To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. For most accounts, we will ask for a photocopy of your driver's license or other identifying documents.

You may open an account and purchase Investor shares by sending a completed application, a photocopy of a government-issued identity document, and a check to the Fund of your choice. The initial minimum investment for the Income, Growth, and Developing World Funds is $250, and for the Participation Fund is $5,000. For all Funds, the initial minimum investment is $100 under a group or retirement plan. The Funds do not accept initial orders via telephone or unaccompanied by payment.

Institutional shares are available for purchase with an initial minimum investment of $100,000. Financial advisers and other intermediaries may aggregate client orders to meet the $100,000 initial minimum investment. The Funds' distributor may waive the minimum at its discretion.

The price applicable to purchases and redemptions of Fund shares is the price next computed after receipt of a purchase or redemption request in proper order by the Funds' transfer agent (Saturna Capital Corporation). There are no sales charges or loads. The Funds may reject purchases for any reason, such as excessive trading. In addition, anti-money laundering regulations limit acceptance of third-party checks and money orders.

Shareowners may purchase additional shares of either class of shares at any time in minimum amounts of $25. Once an account is open, purchases can be made by check, by electronic funds transfer, or by wire. With prior authorization, purchase orders can be entered at www.amanafunds.com.

Shareowners may authorize the purchase or redemption of shares via electronic funds transfer ("EFT") by completing the appropriate section of the application. The authorization must be received at least two weeks before EFT can be used. To use EFT to purchase or redeem shares, simply call 1-888-732-6262. Investors may also wire money to purchase shares, though the wiring bank typically charges a fee for this service. Please notify Saturna Capital Corporation when you are wiring money.

Each time shares are purchased or redeemed, a confirmation is mailed and/or emailed showing the details of the transaction as well as the current number and value of shares held. Share balances are computed in full and fractional shares, expressed to three decimal places.

Shareowners may request a redemption of all or part of their investment on any business day of the Funds. The Funds pay redemption proceeds in US dollars, and the amount per share received is the price next determined after receipt of a redemption request in proper order. The amount received depends on the value of the investments of that Fund on that day and may be more or less than the cost of the shares being redeemed. Amana Participation Fund shares held less than 182 calendar days will be assessed a 2% early redemption fee (payable to the Fund).

18

The Funds normally pay proceeds of redemptions within three days after a proper instruction is received. To allow time for clearing of funds used to purchase shares being redeemed, payment for redemptions of new investments may be restricted for up to 14 calendar days (until the purchase check clears).

The Funds reserve the right to change the terms of purchasing shares and services offered.

There are several methods you may choose to redeem shares:

Written request

Write:   Amana Mutual Funds
            Box N
            Bellingham, WA 98227-0596

Or Fax:   360/734-0755

You may redeem shares by a written request and choose one of the following options for the proceeds:

• Redemption check (no minimum)
• Federal funds wire ($5,000 minimum)

Note: Signatures on written requests, such as payments directed to a third party, may need to be guaranteed by a national bank, trust company or by a member of a national securities exchange.

Prevailing rates apply to federal funds wires and expedited courier service for redemption checks. Delivery times cannot be guaranteed by the Funds.

Telephone request

Call: 888/732-6262 or 360/734-9900

Unless Saturna is notified in advance that you do not want this privilege, you may redeem shares by a telephone request and choose one of the following options for the proceeds:

• Redemption check (no minimum) sent to registered owner(s). Note: Redemption checks sent to other than registered owners may require a written request.
• Electronic Funds Transfers ($100 minimum) with proceeds transmitted to your bank account as designated by the EFT authorization on your application. The transfer agent must receive the EFT authorization at least two weeks before EFT can be used.
• Exchange (in at least the minimum established by the Fund being purchased) for shares of any other Fund for which Saturna Capital Corporation is adviser. If the exchange is your initial investment into a Fund, the new account will automatically have the same registration as your original account.

For telephone requests, the Funds will endeavor to confirm that instructions are genuine. The caller must provide:

• the name of the person making the request,
• the name and address of the registered owner(s),
• the account number,
• the amount to be redeemed, and
• the method for remittance of the proceeds.

As the transfer agent, Saturna may also require a form of personal identification. Neither the transfer agent nor the Fund will be responsible for the results of transactions they reasonably believe genuine.

The shares and/or uncashed checks of redemptions, dividends, or distributions may be transferred to your state of residence if no activity occurs within your account during an "inactivity period" specified in your state's laws.

The Amana Funds may restrain any account and suspend account services when: a Fund believes that there may exist a dispute between the registered or beneficial account owners; a Fund believes that a transaction may be fraudulent; in cases of abusive or threatening conduct or suspected illegal activity; or if a Fund is unable to verify the identity of the person(s) or entity opening an account or requesting a transaction.

Converting Shares

Shareowners may elect to convert eligible Investor shares into corresponding Institutional shares of the same Fund, provided that following the conversion the investor meets applicable eligibility requirements for the Institutional shares. Any such conversion will occur at the next available respective net asset values of the share classes.

Distributions

Each Fund intends to distribute its net investment income and net realized capital gains, if any, to its shareowners. Distributions from net capital gains are paid at the end of December and May; income dividends are paid in December and May for the Income Fund and in December for the Growth Fund and Developing World Fund. The Participation Fund intends to pay income distributions monthly. As a result of their investment strategies, the Growth Fund and Developing World Fund may not pay income dividends.

Dividends paid by each Fund with respect to each class of shares are calculated in the same manner and at the same time.

Both dividends and capital gain distributions are paid in additional full and fractional shares of the share class owned. At your option, you may receive dividends and/or capital gain distributions in cash. You are notified of each dividend and capital gain distribution when paid. Returned dividend payments will be automatically reinvested into your account and invested in additional shares of the Fund; future dividends in such accounts will continue to be reinvested until the shareowner is located or the account is closed.

You may choose to have your dividends and/or capital gains sent directly to your bank account or a check issued for dividend or

19

capital gain distributions of $10 or more. Dividends or capital gains in amounts less than $10 will be reinvested. If you do not indicate any choice on your application, your dividends will be reinvested.

Returned dividend checks and dividend checks that remain uncashed for six months will be automatically reinvested into your account and invested in additional shares of the Fund; future dividends in such accounts will continue to be reinvested until the shareowner is located or the account is closed.

Frequent Trading Policy

The Funds are intended for long-term investment and do not permit rapid trading. They have adopted a Frequent Trading Policy that attempts to identify and limit rapid trading. Rapid trading may lead to higher portfolio turnover, which may negatively affect performance or increase costs, thereby adversely affecting other shareowners.

To the extent reasonably practicable, the Funds monitor trading in Fund shares in an effort to identify trading patterns that appear to indicate frequent purchases and redemptions that might violate the Frequent Trading Policy. If a Fund, the transfer agent, or a Fund's manager, based on the information available, believes that it has identified a pattern of such trading (whether directly through the Fund, indirectly through an intermediary, or otherwise), it

may, in its sole discretion, temporarily or permanently bar future purchases of shares of the Fund (or any other fund managed by the adviser) by the account holder, or any accounts under common control (such as those advised by an investment manager or any other type of asset allocator).

In making such a judgment, factors considered may include the size of the trades, the frequency and pattern of trades, the methods used to communicate orders, and other factors considered relevant.

Although this process involves judgments that are inherently subjective, the Funds seek to make decisions that are consistent with the interests of the Funds' shareowners. The Funds reserve the right to refuse or revoke any purchase order for any reason the Fund, the transfer agent, or a Fund's manager believes to be contrary to the Frequent Trading Policy.

As a further disincentive to short-term trading, Amana Participation Fund shares held less than 182 calendar days will be assessed a 2% early redemption fee (payable to the Fund).

The Funds often receive orders through financial intermediaries who trade Fund shares through omnibus accounts (i.e., a single account in which the transactions of individual shareowners are combined). When possible, the Funds obtain contractual agreements with intermediaries to enforce the Funds' redemption policies, and rely on intermediaries to have reasonable procedures in place to detect and prevent market timing of Fund shares. The Funds cannot always identify all intermediaries, or detect or prevent trading that violates the Frequent Trading Policy through intermediaries or omnibus accounts. Some intermediaries trade shares of several funds and cannot always enforce a particular fund's policies.

If you purchase shares through an intermediary, the transfer agent may not have your account information. If so, you must contact your intermediary to perform Fund transactions. Investors should be aware that intermediaries might have policies different than the Funds' policies regarding trading and redemptions, and these may be in addition to or in place of the Funds' policies. For more information about these restrictions and policies, please contact your broker, retirement plan administrator, or other intermediary.

Exemptions

The Participation Fund may exempt certain transactions from the 2% early redemption fee. These exemptions include:

• Emergency situations (such as death or disability)
• Retirement plan situations (such as required minimum distributions)
• Reinvestment of dividends or distributions
• Involuntary distributions (such as those required by employer decisions such as termination or plan restructuring)
• Systematic withdrawal plans

The Funds' Statement of Additional Information contains further details including a list of exemptions.

Tax Consequences

Dividends and capital gain distributions may be subject to income tax, whether they are paid in cash or reinvested in additional Fund shares, depending on the type of distribution, the type of your account, and your city, state, and country of tax residence. Income dividends paid by the Funds are normally eligible for the "qualified dividend income" tax rate.

Investors may realize a capital gain or loss on any redemption or exchange of Fund shares.

After the end of each calendar year, shareowners receive a complete annual statement, which should be retained for tax accounting. Saturna Capital Corporation keeps each account's entire investment transaction history and helps shareowners maintain the tax records needed to determine reportable capital gains and losses as well as dividend income.

Each February, the Funds' transfer agent reports to each shareowner (consolidated by US taxpayer identification number) and to the IRS the amount of each redemption transaction of the shareowner and the amount of dividends and capital gains distributions he or she received for the preceding calendar year. Capital gains a Fund distributes may be taxed at different rates, depending on the length of time the Fund held its investments on which the gains were realized.

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For redemptions of Fund shares that were originally purchased in a taxable account on or after January 1, 2012, tax regulations require that we report cost basis information to you and the Internal Revenue Service on Form 1099-B. This information is reported using a cost basis method selected by you or, in the event no cost basis method was selected, our default method (FIFO - First In, First Out). Please note that the cost basis information reported to you may not always be the same as what you report on your tax return as different rules may apply. You should save your transaction records to make sure the information reported on your tax return is accurate.

To avoid being subject to federal backup withholding tax on dividends and other distributions, you must furnish your correct Social Security or other tax payer identification number when you open an account.

Distributions to shareowners who are not US taxpayers may be subject to withholding tax unless an applicable tax treaty provides for a reduced rate or exemption. Capital gain distributions paid by the Funds are not subject to foreign withholding.

Distribution Arrangements

The Trust has a distribution plan under Rule 12b-1 that allows it to pay distribution and other costs for the sale of Investor shares and services provided to shareowners. Under the plan, Investor shares may pay up to 0.25% annually of their average daily net assets. Because these costs are paid out of Investor share assets on an ongoing basis, over time these costs will increase the cost of your investment in Income Fund, Growth Fund, Developing World Fund, and Participation Fund Investor shares and may cost you more than paying other types of sales charges. Institutional shares do not pay 12b-1 fees.

Shares may be purchased and sold through intermediaries, such as broker-dealers and retirement plan administrators, having agreements with the Funds. These intermediaries may charge investors and/or require the adviser/distributor to the Funds to share revenues for their services. Any such payments are in addition to any distribution and service fees paid out of the Trust's 12b-1 plan and could be characterized as "revenue sharing." An intermediary's receipt or expectation of receipt could influence an intermediary's recommendation of the Funds. You should review your intermediary's compensation practices. For more information, see the Trust's Statement of Additional Information.

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Financial Highlights

The tables on the following pages are provided to help you understand each Fund's financial performance. The top section of each table reflects financial results for a single Fund share. The total returns represent the rate that an investor earned (or lost) on an investment in each Fund, assuming reinvestment of all dividends and other distributions and without regard to income taxes. XXXXXXXXXXXXXXX, the independent registered public accounting firm for the Funds, audited this information. Their report and each Fund's financial statements are in the Trust's annual report (available free upon request from the Funds at www.amanafunds.com or by calling 1-888-732-6262.

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Amana Income Fund: Financial Highlights

Investor Shares (AMANX)	Year ended May 31,
Selected data per share of outstanding capital stock throughout each period:	2015	2014	2013	2012	2011
Net asset value at beginning of year	$45.34	$38.79	$31.77	$33.91	$27.28
Income from investment operations
Net investment income	0.58¹	0.72¹	0.58	0.49	0.44
Net gains (losses) on securities (both realized and unrealized)	2.10	6.56	7.03	(1.98)	6.63
Total from investment operations	2.68	7.28	7.61	(1.49)	7.07
Less distributions
Dividends (from net investment income)	(0.60)	(0.73)	(0.58)	(0.49)	(0.44)
Distributions (from capital gains)	(0.41)	-	(0.01)	(0.17)	-
Total distributions	(1.01)	(0.73)	(0.59)	(0.66)	(0.44)
Paid-in capital from early redemption fees	n/a	n/a	0.00²	0.01	0.00²
Net asset value at end of year	$47.01	$45.34	$38.79	$31.77	$33.91
Total Return	5.94%	18.82%	24.08%	(4.36)%	25.97%
Ratios / supplemental data
Net assets ($000), end of year	$1,357,567	$1,524,471	$1,433,461	$1,296,998	$1,399,997
Ratio of expenses to average net assets
Before custodian fee credits	1.13%	1.15%	1.19%	1.20%	1.21%
After custodian fee credits	1.12%	1.14%	1.18%	1.20%	1.20%
Ratio of net investment income after custodian fee credits to average net assets	1.26%	1.71%	1.58%	1.52%	1.47%
Portfolio turnover rate	0%	1%	1%	3%	3%

Institutional Shares (AMINX)	Year ended	Period ended³
Selected data per share of outstanding capital stock throughout each period:	May 31, 2015	May 31, 2014
Net asset value at beginning of year	$45.30	$40.66
Income from investment operations
Net investment income	0.72¹	0.69¹
Net gains on securities (both realized and unrealized)	2.09	4.79
Total from investment operations	2.81	5.48
Less distributions
Dividends (from net investment income)	(0.73)	(0.84)
Distributions (from capital gains)	(0.41)	-
Total distributions	(1.14)	(0.84)
Net asset value at end of year	$46.97	$45.30
Total Return	6.22%	13.53%4
Ratios / supplemental data
Net assets ($000), end of year	$150,831	$83,805
Ratio of expenses to average net assets
Before custodian fee credits	0.88%	0.90%5
After custodian fee credits	0.87%	0.90%5
Ratio of net investment income after custodian fee credits to average net assets	1.54%	2.32%5
Portfolio turnover rate	0%	1%

¹ Calculated using average shares outstanding
² Amount is less than $0.01
³ Operations commenced on 09/25/2013
⁴ Not Annualized
⁵ Annualized

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Amana Growth Fund: Financial Highlights

Investor Shares (AMAGX)	Year ended May 31,
Selected data per share of outstanding capital stock throughout each year:	2015	2014	2013	2012	2011
Net asset value at beginning of year	$33.22	$29.03	$25.32	$26.07	$21.19
Income from investment operations
Net investment income (loss)	0.13¹	0.12¹	0.13	0.06	0.02
Net gains (losses) on securities (both realized and unrealized)	4.02	5.10	3.65	(0.80)	4.88
Total from investment operations	4.15	5.22	3.78	(0.74)	4.90
Less distributions
Dividends (from net investment income)	(0.13)	(0.19)	(0.07)	(0.01)	(0.02)
Distributions (from capital gains)	(2.10)	(0.84)	-	-	-
Total distributions	(2.23)	(1.03)	(0.07)	(0.01)	(0.02)
Paid-in capital from early redemption fees	n/a	n/a	0.00²	0.00²	0.00²
Net asset value at end of year	$35.14	$33.22	$29.03	$25.32	$26.07
Total Return	12.66%	18.12%	14.94%	(2.84)%	23.10%
Ratios / supplemental data
Net assets ($000), end of year	$1,879,365	$1,890,187	$2,185,221	$2,195,225	$2,210,268
Ratio of expenses to average net assets
Before custodian fee credits	1.08%	1.10%	1.11%	1.13%	1.14%
After custodian fee credits	1.08%	1.09%	1.11%	1.13%	1.14%
Ratio of net investment income after custodian fee credits to average net assets	0.38%	0.39%	0.44%	0.23%	0.07%
Portfolio turnover rate	0%	0%	1%	12%	5%

Institutional Shares (AMIGX)	Year ended	Period ended³
Selected data per share of outstanding capital stock throughout each year:	May 31, 2015	May 31, 2014
Net asset value at beginning of year	$33.23	$30.45
Income from investment operations
Net investment income	0.25¹	0.16¹
Net gains on securities (both realized and unrealized)	3.97	3.70
Total from investment operations	4.22	3.86
Less distributions
Dividends (from net investment income)	(0.18)	(0.24)
Distributions (from capital gains)	(2.10)	(0.84)
Total distributions	(2.28)	(1.08)
Net asset value at end of year	$35.17	$33.23
Total Return	12.88%	12.82%4
Ratios / supplemental data
Net assets ($000), end of year	$172,281	$94,349
Ratio of expenses to average net assets
Before custodian fee credits	0.83%	0.87%5
After custodian fee credits	0.83%	0.87%5
Ratio of net investment income after custodian fee credits to average net assets	0.65%	0.70%5
Portfolio turnover rate	0%	0%

¹ Calculated using average shares outstanding
² Amount is less than $0.01
³ Operations commenced on 09/25/2013
⁴ Not Annualized
⁵ Annualized

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Amana Developing World Fund: Financial Highlights

Investor Shares (AMDWX)	Year ended May 31,
Selected data per share of outstanding capital stock throughout each year:	2015	2014	2013	2012	2011
Net asset value at beginning of year	$10.88	$10.94	$9.90	$10.88	$10.16
Income from investment operations
Net investment income (loss)	0.05¹	0.01¹	0.06	(0.01)	(0.06)
Net gains (losses) on securities (both realized and unrealized)	(0.62)	(0.03)	0.98	(0.96)	0.78
Total from investment operations	(0.57)	(0.02)	1.04	(0.97)	0.72
Less distributions
Dividends (from net investment income)	(0.02)	(0.04)	-	(0.01)	-
Total distributions	(0.02)	(0.04)	-	(0.01)	-
Paid-in capital from early redemption fees	n/a	n/a	0.00²	0.00²	0.00²
Net asset value at end of year	$10.29	$10.88	$10.94	$9.90	$10.88
Total Return	(5.24)%	(0.17)%	10.51%	(8.94)%	7.09%
Ratios / supplemental data
Net assets ($000), end of year	$21,051	$20,775	$24,908	$18,073	$15,839
Ratio of expenses to average net assets
Before custodian fee credits	1.54%	1.59%	1.54%	1.63%	1.61%
After custodian fee credits	1.48%	1.54%	1.51%	1.61%	1.60%
Ratio of net investment income (loss) after custodian fee credits to average net assets	0.50%	0.06%	0.67%	(0.10)%	(0.63)%
Portfolio turnover rate	14%	11%	4%	12%	2%

Institutional Shares (AMIDX)	Year ended	Period ended³
Selected data per share of outstanding capital stock throughout each year:	May 31, 2015	May 31, 2014
Net asset value at beginning of year	$10.91	$10.87
Income from investment operations
Net investment income	0.09¹	0.05¹
Net gains on securities (both realized and unrealized)	(0.63)	0.03
Total from investment operations	(0.54)	0.08
Less distributions
Dividends (from net investment income)	(0.04)	(0.04)
Total distributions	(0.04)	(0.04)
Net asset value at end of year	$10.33	$10.91
Total Return	(4.96)%	0.75%4
Ratios / supplemental data
Net assets ($000), end of year	$8,442	$7,406
Ratio of expenses to average net assets
Before custodian fee credits	1.24%	1.40%5
After custodian fee credits	1.18%	1.35%5
Ratio of net investment income after custodian fee credits to average net assets	0.86%	0.64%5
Portfolio turnover rate	14%	11%

¹ Calculated using average shares outstanding
² Amount is less than $0.01
³ Operations commenced on 09/25/2013
⁴ Not Annualized
⁵ Annualized

25

Amana Participation Fund: Financial Highlights

Information for the Participation Fund, which began operations September 28, 2015 (the date of this Prospectus), is not yet available.

26

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

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Additional information about each Fund's investments and operations is available in the Trust's annual and semi-annual shareowner reports. The Trust's annual report includes a discussion of the market conditions and investment strategies that significantly affected each Fund's performance during its last fiscal year. A Statement of Additional Information (SAI) contains more details, and is incorporated in this Prospectus by reference.

To obtain free copies of these documents and other information, and to make shareowner inquiries, please contact us at:

Saturna Capital (logo omitted)
1300 North State Street
Bellingham, WA 98225-4730
1-800-728-8762
www.saturna.com

Amana Mutual Funds Trust (logo omitted)
1-888-732-6262
www.amanafunds.com

Copies of the Statement of Additional Information and the annual and semi-annual reports are also available on our website, www.amanafunds.com.

Information about the Trust (including the SAI) can be reviewed and copied at the SEC's Public Reference Room in Washington, DC (call 202-551-8090 for information). Reports and other information about the Trust are also available on the SEC's EDGAR database (www.sec.gov) and copies may be obtained, upon payment of a duplicating fee, by e-mail request to publicinfo@sec.gov or writing the Public Reference Section of the SEC, Washington, DC 20549-1520.

Amana's Investment Company Act file number is 811-04276.

PART B

STATEMENT OF ADDITIONAL INFORMATION

Amana Mutual Funds Trust
Income Fund		Growth Fund		Developing World Fund		Participation Fund
Investor	(AMANX)	Investor	(AMAGX)	Investor	(AMDWX)	Investor	(AMAPX)
Institutional	(AMINX)	Institutional	(AMIGX)	Institutional	(AMIDX)	Institutional	(AMIPX)

Statement of Additional Information

September 28, 2015

1300 N. State Street
Bellingham, Washington 98225

360-734-9900
888-732-6262

This Statement of Additional Information is not a Prospectus or Summary Prospectus. It provides additional information concerning the Trust, the Income Fund, the Growth Fund, and the Developing World Fund that is not included in the Prospectus or Summary Prospectuses. It should be read in conjunction with the Prospectus or Summary Prospectuses.

The audited financial statements and Report of Independent Registered Public Accounting Firm in the Funds' Annual Report to Shareowners, for the fiscal year ended May 31, 2015, and the Funds' Semi-Annual Report dated November 30, 2014, are incorporated by reference and made part of this Statement of Additional Information.

You may obtain a Prospectus or Summary Prospectus dated September 28, 2015 and shareowner Annual and Semi-Annual reports without charge by writing to the address shown above, calling toll-free to the number shown above, and at www.amanafunds.com.

TABLE OF CONTENTS:
Trust History	2
Fund Descriptions, Investments and Risks	2
Management of the Trust	5
Principal Holders of Securities	11
Investment Advisory and Other Services	13
Portfolio Managers	16
Brokerage Allocation	17
Capital Stock	17
Purchase, Redemption and Pricing of Shares	18
Taxation of the Trust	19
Underwriters	20
Financial Statements	20

TRUST HISTORY

Amana Mutual Funds Trust (the "Trust") was organized as a Delaware Statutory Trust March 11, 2013, and is the successor to Amana Mutual Funds Trust, an Indiana Business Trust organized on July 26, 1984, pursuant to a reorganization on July 19, 2013. Each Fund is a series of the Trust and the successor to the corresponding series of the prior Trust. The Income Fund commenced operations on June 23, 1986. The Growth Fund began operations on February 3, 1994. The Developing World Fund began operations on September 28, 2009. Institutional shares of the Income, Growth, and Developing World Fund were first offered on September 25, 2013. The Participation Fund, including its Investor and Institutional shares, began operations September 28, 2015.

FUND DESCRIPTIONS, INVESTMENTS, AND RISKS

Classification
Amana Mutual Funds Trust is designed to meet the needs of various investors, and the particular needs of Muslims, by investing in accordance with Islamic principles. The Trust is open to any investor.

The Trust is technically known as an "open-end diversified management investment company." It is a "series trust" that presently offers four separate funds for investors: Income Fund, Growth Fund, Developing World Fund, and Participation Fund.

Investment Strategies and Risks
The Prospectus describes the principal investment strategies and risks of those strategies.

The Funds pursue these investment strategies by purchasing equity securities. While the Funds may purchase preferred stocks and engage in covered option writing, they currently do not do so.

In accordance with Islamic principles, the Funds shall not purchase conventional bonds, debentures, or other interest paying obligations of indebtedness.

The Funds may use income-producing investments to the extent the Board of Trustees and Saturna's Islamic consultants agree that those investments are consistent with Islamic principles. Short-term investments are securities that mature or have a remaining maturity of twelve months or less from the date of purchase. Most ordinary mutual funds use a variety of interest-paying investments for short-term needs. Because the Funds may not receive interest from their investments, the Funds cannot use them. A limited amount of Islamic investments that do not pay interest are available. The Funds may invest in them when such opportunities are suitable for the Funds.

Saturna Capital Corporation, the Funds' investment adviser (the "adviser") selects investments in companies that to its knowledge do not violate the requirements of the Islamic faith at the time of investment. To ensure that investments meet the requirements of the Islamic faith, the adviser follows guidelines established by the Fiqh Council of North America, a non-profit organization serving the Muslim community.

Fund Policies
The objectives of the Income Fund are current income and preservation of capital, consistent with Islamic principles; current income is its primary objective. The objective of the Growth Fund is long-term capital growth, consistent with Islamic principles. The objective of the Developing World Fund is long-term capital growth, consistent with Islamic principles. The objectives of the Participation Fund

2

are capital preservation and current income, consistent with Islamic principles; capital preservation is its primary objective. In addition to the following fundamental policies, the trustees have instructed that investments not be made in preferred stocks and that the Funds should favor no-debt and low-debt companies. In accordance with Islamic principles, the Funds shall not make any investments that pay interest. These investment objectives, and the policies that follow, are fundamental policies and cannot be changed without approval by vote of a majority of the outstanding shares of the Fund. Other restrictions in the form of operating policies are subject to change by the Trust's Board without shareowner approval.

Senior Securities. Each Fund shall not issue senior securities.

Borrowing. Each Fund shall not borrow money, except for emergency purposes, including facilitation of heavy redemption requests, and then only in amounts not exceeding 10% of the then net liquidating value of the Fund's assets. The Trust is authorized to mortgage or pledge assets of a Fund to the extent necessary to secure such temporary borrowings.

Underwriting. Each Fund shall not act as an underwriter of another issuer's securities, except to the extent that the Fund may be deemed to be an underwriter within the meaning of the Securities Act of 1933 (the 1933 Act), in connection with the purchase and sale of portfolio securities.

Industry Concentration. Each Fund, other than the Participation Fund, shall not concentrate its investments in any particular industry, and no investment shall be made if such investment at the time made would cause more than twenty-five percent of the total assets of the Fund, taken at market value or fair value as determined by the Trustees, to be invested in securities of issuers in any one industry. This restriction does not apply to the Participation Fund.

Real Estate and Commodities. Each Fund shall not engage in the purchase or sale of real estate, commodities, or commodity contracts except as may be acquired by the Fund in connection with a merger, consolidation, reorganization, or in satisfaction of a debt.

Loans. Each Fund shall not make loans, except that a Fund may, subject to applicable restrictions imposed by law, make loans of portfolio securities to brokers or dealers in corporate or governmental securities, banks, or other recognized institutional borrowers of securities against no less than 100% cash or equivalent collateral if immediately thereafter the aggregate market value of securities loaned shall not exceed 33% of the market value of its total assets.

Diversification. With respect to 75% of its total assets, each Fund, other than the Participation Fund, shall not: (1) purchase more than 10% of the outstanding voting securities of any one issuer; or (2) purchase securities of any issuer if, as a result, more than 5% of the Fund's total assets would be invested in that issuer's securities. This limitation does not apply to obligations of the US government or its agencies or instrumentalities. This restriction does not apply to the Participation Fund.

Options. Each Fund shall not purchase or sell options, except that a Fund may sell covered call options and purchase call options for the purpose of terminating call options previously sold.

Short Sales. Each Fund shall not make short sales of securities or maintain a short position, unless at all times when a short position is open, the Fund owns an equal amount of such securities or owns securities which, without the payment of any further consideration, are convertible into or exchangeable for securities of the same issue as, and equal in amount to, the securities sold short.

Temporary Defensive Position
The Funds may use short-term income producing investments to the extent the Board of Trustees and Saturna's Islamic consultants agree that those investments are consistent with Islamic principles. Short-term investments that meet Islamic and mutual fund requirements are currently limited in the United States. Accordingly, assets are primarily held in cash at the custodian when the adviser implements a defensive position.

Portfolio Turnover
The Trust places no formal restrictions on portfolio turnover and will buy or sell investments according to the adviser's appraisal of the factors affecting the market and the economy. Excessive portfolio turnover may be considered gambling by Islamic investors. The portfolio turnover rates for the most recent three fiscal years ended May 31, were:

Portfolio Turnover	2015	2014	2013
Income Fund	0%	1%	1%
Growth Fund	0%	0%	1%
Developing World Fund	14%	11%	4%
Participation Fund	n/a	n/a	n/a

The Trustees have adopted a policy that seeks to minimize potential current income taxes paid by shareowners, which includes: (1) infrequent trading, (2) offsetting capital gains with losses and (3) selling highest-cost tax-lots first.

Disclosure of Portfolio Holdings
The Amana Mutual Funds Trust has adopted a portfolio holdings disclosure policy governing the disclosure of the Funds' portfolio holdings. In accordance with this policy, the Funds may provide portfolio holdings information to third parties no earlier than the time a report is filed with the SEC

3

that is required to contain such information or one day after the information is posted on the Fund's publicly accessible website, www.amanafunds.com. A list of portfolio holdings is generally made available on the Funds' website within ten business days after each month-end. Additionally, the Funds publish on the website a list of their top ten holdings as of the end of each calendar quarter, within ten business days after the end of the quarter for which the information is current.

The Funds may disclose portfolio holdings information that has not been included in a filing with the SEC or posted on the Funds' website (i.e., non-public portfolio holdings information) only if there is a legitimate business purpose for doing so and if the recipient is required, either by explicit agreement or by virtue of the recipient's duties to the Funds as an agent or service provider, to maintain the confidentiality of the information and to not use the information in an improper manner (e.g., personal trading). The Funds may disclose on an ongoing basis such non-public portfolio holdings information in the normal course of their investment and administrative operations to various service providers, including the adviser, independent registered public accounting firm, custodian, financial printer, and to the legal counsel for the Funds' trustees. The adviser may disclose daily non-public portfolio holdings information on a next-day basis to service providers to enable the adviser to perform statistical analysis using those service providers' systems and software programs. The adviser may also provide certain non-public portfolio holdings information to broker-dealers from time to time in connection with the purchase or sale of securities. In providing this information, reasonable precautions are taken in an effort to avoid potential misuse of the disclosed information, including limitations on the scope of the portfolio holdings information disclosed, when appropriate.

Non-public portfolio holdings information may be provided to other persons if approved by the adviser's president or designee upon a determination that there is a legitimate business purpose for doing so, the disclosure is consistent with the interests of the Funds, and the recipient is obligated to maintain the confidentiality of the information and not misuse it.

Neither the adviser, the Funds, nor any affiliated or non-affiliated party shall receive any compensation or other consideration in connection with the disclosure of portfolio holdings.

In view of these Fund policies, it is unlikely that a conflict of interest between the interests of the Funds, the adviser, or any affiliated person of the Funds may arise. However, should the adviser's president become aware that a potential conflict of interest may exist in connection with authorized portfolio disclosures, she will promptly consult with the chairman of the Trust's Board of Trustees with regard to action to be taken. For further information about conflicts of interest, see the "Portfolio Managers" section beginning on page 16.

4

MANAGEMENT OF THE TRUST

Board of Trustees
A Board of five Trustees oversees the Trust: M. Yaqub Mirza, Iqbal Unus, Miles Davis, Ronald Fielding, and Nicholas Kaiser. The Trustees establish policies as well as review and approve contracts and their continuance. The Trustees also elect the officers, determine the amount of any dividend or capital gain distribution, and serve on committees of the Trust. Trustees serve for the lifetime of the Trust or until reaching the mandatory retirement age, death, resignation, removal, or non re-election by the shareowners. The Trustees annually appoint officers for one-year terms.

Management Information
Starting with the Independent Trustees, the Trustees and officers are listed in the following table.

Name (Age) and Address		Position(s) Held with Trust and Number of Saturna Fund Portfolios Overseen	Principal Occupation(s) during past 5 years, including Directorships	Other Directorships held by Trustee
INDEPENDENT TRUSTEES
(graphic omitted)	M. Yaqub Mirza, PhD (68) 1300 N. State Street Bellingham, WA 98225	Independent Chairman (since 2014) Vice Chairman, Independent Trustee (2009 to 2014); Independent Trustee (1987 to 2003); Chairman (2000 to 2003); Audit and Compliance Committee; Governance, Compensation and Nominations Committee; Four	CEO, Sterling Management Group, Inc. (financial services)	None
(graphic omitted)	Iqbal J. Unus, PhD (71) 1300 N. State Street Bellingham, WA 98225	Independent Trustee (since 1989); Governance, Compensation and Nominations Committee (Chairman); Four	Adviser, The Fairfax Institute at the International Institute of Islamic Thought	None
(graphic omitted)	Miles K. Davis, PhD (56) 1300 N. State Street Bellingham, WA 98225	Independent Trustee (since 2008); Audit and Compliance Committee; Four	Dean and George Edward Durell Chair of Management, Harry F. Byrd, Jr. School of Business, Shenandoah University; Associate Professor of Management/Director of the Institute for Entrepreneurship, Shenandoah University	None
(graphic omitted)	Ronald H. Fielding, MA, MBA, CFA (66) 1300 N. State Street Bellingham, WA 98225	Independent Trustee (since 2012); Audit and Compliance Committee (Chairman, Financial Expert); Thirteen	Director, ICI Mutual Insurance Company	Saturna Investment Trust
INTERESTED TRUSTEE
(graphic omitted)	Nicholas F. Kaiser, MBA, CFA (69) 1300 N. State Street Bellingham, WA 98225	President, Trustee¹,² (since 1989); Governance, Compensation and Nominations Committee; Thirteen	Chairman and Director, Saturna Capital Corporation (the Trust's investment adviser); Chairman and Director Saturna Trust Company	Saturna Investment Trust

Continued on next page.

5

Name (Age) and Address		Position(s) Held with Trust and Number of Saturna Fund Portfolios Overseen	Principal Occupation(s) during past 5 years, including Directorships	Other Directorships held by Trustee
OFFICERS WHO ARE NOT TRUSTEES
(graphic omitted)	Jane K. Carten, MBA (40) 1300 N. State Street Bellingham, WA 98225	Vice President¹,² (since 2012); N/A	President, Chief Executive Officer, and Director, Saturna Capital Corporation; President and Director, Saturna Brokerage Services; Vice President and Director, Saturna Trust Company	N/A
(graphic omitted)	Christopher R. Fankhauser (43) 1300 N. State Street Bellingham, WA 98225	Treasurer¹ (since 2002); N/A	Chief Operations Officer and Director, Saturna Capital Corporation; Vice President and Chief Operations Officer, Saturna Brokerage Services; Vice President and Director, Saturna Trust Company	N/A
(graphic omitted)	Ethel B. Bartolome (42) 1300 N. State Street Bellingham, WA 98225	Secretary¹ (since 2003); N/A	Corporate Administrator and Secretary, Saturna Capital Corporation; Secretary, Saturna Trust Company	N/A
(graphic omitted)	Michael E. Lewis (53) 1300 N. State Street Bellingham, WA 98225	Chief Compliance Officer¹ (since 2012); N/A	Chief Compliance Officer, Saturna Capital Corporation, Saturna Trust Company, and affiliated funds; District Director, Seattle Office, Financial Industry Regulatory Authority (FINRA)	N/A

As of July 15, 2015, no Independent Trustee (or any of his immediate family members) owned beneficially or of record securities of the adviser or the Trust's principal underwriter, or any person (other than a registered investment company) directly or indirectly, controlling, controlled by or under common control with the adviser or principal underwriter.

¹ Mr. Kaiser, Mrs. Carten, Mr. Fankhauser, Mrs. Bartolome, and Mr. Lewis are "interested persons" of the Trust as employees of the adviser. Mr. Kaiser, Mr. Fankhauser, Mrs. Bartolome, and Mr. Lewis hold the same positions with Saturna Investment Trust, which has seven fund portfolios and is also managed by Saturna Capital Corporation.

² Mrs. Carten is Mr. Kaiser's daughter.

6

Management Ownership Information (as of December 31, 2014)
Trustee/Officer	Dollar range of equity securities in Funds of Saturna fund complex	Aggregate dollar range of equity securities in all Registered Investment Companies overseen by Trustee/Officer in Saturna fund complex
M. Yaqub Mirza	Amana Income Investor Shares: over $100,000 Amana Income Institutional Shares: over $100,000 Amana Growth Investor Shares: over $100,000 Amana Growth Investor Shares: over $100,000 Amana Developing World Investor Shares: $10,001-$50,000	Over $100,000
Iqbal J. Unus	Amana Income Investor Shares: $50,001-$100,000 Amana Income Institutional Shares: over $100,000 Amana Growth Investor Shares: over $100,000 Amana Growth Institutional Shares: over $100,000	Over $100,000
Miles K. Davis	Amana Income Investor Shares: $10,001-$50,000 Amana Growth Investor Shares: $10,001-$50,000 Amana Developing World Investor Shares: $1-10,000	$10,001-$50,000
Ronald H. Fielding	Amana Income Investor Shares: $50,001-$100,000 Amana Growth Investor Shares: $10,001-$50,000 Amana Developing World Investor Shares: $10,001-$50,000 Sextant International: over $100,000 Sextant Global High Income: $10,001-$50,000	Over $100,000
Nicholas F. Kaiser	Amana Income Institutional Shares: over $100,000 Amana Growth Investor Shares: $10,001-$50,000 Amana Growth Institutional Shares: over $100,000 Amana Developing World Institutional Shares: over $100,000 Sextant Growth: over $100,000 Sextant International: over $100,000 Sextant Core: over $100,000 Sextant Global High Income: over $100,000 Sextant Short-Term Bond: over $100,000 Sextant Bond Income: over $100,000 Idaho Tax-Exempt: over $100,000	Over $100,000

7

Leadership Structure and Board of Trustees
As part of its annual governance assessment, the Board reviews the collective and individual experience, qualifications, attributes, and skills of the Trustees. Attributes common to all Trustees are strong educational backgrounds, lifetimes of experience in business and finance, and ability to effectively request, evaluate, and discuss information about Amana with the adviser and other service providers to the Trust. The chairman of the Board and all other Trustees (except Mr. Kaiser) are independent of the adviser or other service providers, and fulfill the legal definition of Disinterested Trustee. They reside in diverse communities across the continent, and all have lived outside the United States.

The Board has concluded that its current leadership structure, in which the chairman of the Board is an Independent Trustee and not affiliated with the adviser, is appropriate and in the best interest of shareowners. In light of the services provided to the Trust daily by the adviser and the responsibilities of the adviser to the Trust, the Board believes it appropriate and in the best interest of shareowners to have a separate President who is an active adviser employee. In making the determination that each Trustee is qualified to serve, the Board considers a variety of criteria, including actual service, commitment, and participation of each Trustee during his tenure with the Trust. In addition to the information set forth in the Trustees table above and other relevant qualifications, the following are additional important qualifications of each Trustee:

M. Yaqub Mirza, PhD, returned to the position of the Trust's independent chairman in 2014. He suggested the concept of a US Islamic equity mutual fund in 1984. He is a founding member of the Board of Trustees and served from 1987 through 2003 as an independent Trustee, and as chairman of the Board from 2000 until 2003. He is the CEO of Sterling Management Group, Inc. (Herndon, VA), a consulting, venture capital, securities management, and real estate investment firm. Dr. Mirza has served on the boards of public and private corporations, and has been actively involved with agro-industrial and technology businesses in several countries. He serves as a leader of numerous charities, and lectures on both entrepreneurialism and philanthropy. Dr. Mirza's degrees include a master's of science from the University of Karachi and a doctorate in physics from the University of Texas at Dallas. The Board feels Dr. Mirza's long service to the Trust, community organizations, considerable board experience, financial business background, and leadership make him an excellent board member.

Iqbal J. Unus, PhD, has served on the Board of Trustees since 1989. Currently Adviser of the Fairfax Institute (providing educational courses in the Washington, DC area), Dr. Unus has a long management career in Islamic education and service institutions. He is the former Dean of Students/Registrar at the School of Islamic and Social Sciences (Leesburg, VA). Dr. Unus holds two master's degrees in physics and nuclear engineering and a doctorate in nuclear physics from Emory University. The Board feels Dr. Unus' long service to the Trust and educational institutions, and his communication and other leadership skills, make him an excellent board member.

Miles K. Davis, PhD, is Dean and George Edward Durell Chair of Management, Harry F. Byrd, Jr. School of Business at Shenandoah University (Winchester, VA). Dr. Davis is active in the microfinance movement, and lectures regularly in the US, Africa, and Europe. An authority on entrepreneurship, his work focuses on the areas of integrity, values, and principles within the business world. Dr. Davis earned a bachelor's degree in communications from Duquesne University, a master's degree in human resource development from Bowie State University, and a doctorate in organizational behavior and management from The George Washington University. The Board feels Dr. Davis' proven academic leadership skills, financial background, and experience make him an excellent board member.

Ronald H. Fielding, MA, MBA, CFA, has worked in the mutual fund industry as a portfolio manager, owner, and senior officer of mutual fund advisers for over 25 years. He has served on the board of Investment Company Institute Mutual Insurance for 15 years. He has taught courses in finance and economics, and serves on philanthropic and educational institution boards. Mr. Fielding has a bachelor's degree in liberal arts from St. John's College, plus master's degrees in economics and business from the University of Rochester. The Board feels Mr. Fielding's demonstrated mutual fund industry experience and background, and his volunteer service and leadership on many boards, including ICI Mutual Insurance, make him an excellent board member.

Nicholas F. Kaiser, MBA, CFA, is president of the Trust and the portfolio manager of the Amana Income and Amana Growth Funds. He is chairman of Saturna Capital Corporation, Amana's investment adviser and administrator. He is also chairman of Saturna Capital Corporation's trust company and Malaysian investment advisory subsidiaries. For over 40 years, Mr. Kaiser and his firms have provided investment management, administration, accounting, servicing, marketing, and other services to mutual funds. Mr. Kaiser earned a bachelor's degree in economics from Yale College, and a master's degree in business administration from the University of Chicago. The Board feels Mr. Kaiser's experience leading mutual funds and investment advisory firms, both domestic and foreign, plus leadership experience on various other boards, make him an excellent board member.

Board Role in Risk Oversight
The Board's role in management of the Trust is oversight. Day-to-day management of the Trust, selection of Fund investments, administration services, and management of operational and portfolio risk are responsibilities of the adviser. Distribution services are the responsibility of Saturna Brokerage Services, Inc., a subsidiary of the adviser.

8

The Board, through reports from the adviser, distributor, and third parties; meetings of the whole board as well as its committees; independent experiences including shareowner contacts; and communications with board advisors such as auditors, legal counsel, compliance officers, and regulators; provides only general supervision and risk oversight. The chairman's duties include developing the agenda for each Board meeting in consultation with management, presiding at each Board meeting, discussing Trust matters with management between Board meetings, and facilitating communication and coordination between the Trustees and management.

Committees
The Board has established two standing committees: the Audit and Compliance Committee and the Governance, Compensation, and Nominations Committee. The respective duties and current memberships of the standing committees are:

Audit and Compliance Committee. The Audit and Compliance Committee selects the independent registered public accounting firm, reviews all audit reports, and monitors compliance programs. Ronald H. Fielding, Miles K. Davis, and M. Yaqub Mirza are the members of the Audit and Compliance Committee. During the fiscal year ended May 31, 2014, the Audit and Compliance Committee met twice.

Governance, Compensation, and Nominations Committee. The Governance, Compensation, and Nominations Committee oversees the Board's annual review of operations and structure, and recommends trustee compensation. Shareowners wishing to recommend nominees may do so by sending written information to Dr. Unus at his address as given above. M. Yaqub Mirza, Iqbal J. Unus, and Nicholas F. Kaiser (an Interested Trustee) are the members of the Governance, Compensation and Nominations Committee. With respect to the selection of nominees for Disinterested Trustees, Mr. Kaiser acts solely in an advisory capacity and does not vote. During the fiscal year ended May 31, 2014, the Governance, Compensation and Nominations Committee met once.

Compensation
Saturna Capital Corporation, not the Trust, pays the salaries of officers of the Trust; except the Trust's Chief Compliance Officer's salary, for which the Trust may partially reimburse the adviser. The Trust pays the Independent Trustees $2,000 per quarter in arrears, $1,000 per board meeting attended (in person or by phone), and reimbursement of travel expenses. The Trustees are also paid $250 for committee meetings attended. The Trust pays the Board chairman and each committee chairman an additional $500 per quarter in arrears. For the fiscal year ended May 31, 2015, the Trust incurred $56,500 of compensation expenses. No pension or retirement benefits were incurred.

Code of Ethics
The Trust, its investment adviser Saturna Capital Corporation, and its principal underwriter Saturna Brokerage Services, have adopted a common Code of Ethics under Rule 17j-1 of the Investment Company Act and Rule 204a-1 of the Investment Advisers Act. The Code permits personnel subject to the Code (as defined in the Code) to invest in securities, including common stocks and mutual funds. To prevent conflicts of interest, the Code includes restrictions on investing in securities that may be purchased by the Funds. A copy of the Code is available without charge by contacting the Trust or the adviser, and is available on the Trust's website.

Trustee Compensation for Fiscal Year ended May 31, 2015
Name of Person; Position	Aggregate Compensation from Trust	Pension or Retirement Benefits Accrued as Part of Trust Expenses	Estimated Annual Benefits Upon Retirement	Total Compensation From Trust and Fund Complex Paid to Trustees
M. Yaqub Mirza; Trustee, Independent Chairman	$14,750	$0	$0	$14,750
Iqbal J. Unus; Trustee	$14,250	$0	$0	$14,250
Miles K. Davis; Trustee	$12,000	$0	$0	$12,000
Ronald H. Fielding; Trustee¹	$13,500	$0	$0	$20,750
Nicholas F. Kaiser; Trustee²	$0	$0	$0	$0
Michael E. Lewis; Chief Compliance Officer³	$109,476	$0	$0	n/a
Herbert G. Grubel; Emeritus Trustee	$1,000	$0	$0	$1,000
Abdul Wahab; Emeritus Trustee	$1,000	$0	$0	$1,000

¹ Ronald H. Fielding serves as Trustee to the Saturna Investment Trust, to which Saturna Capital Corporation is adviser.

² Nicholas F. Kaiser serves as president and Trustee to the Saturna Investment Trust, for which Saturna Capital Corporation is adviser. He serves in this capacity without compensation.

³ Michael E. Lewis serves as Chief Compliance Officer to the Saturna Investment Trust, to which Saturna Capital Corporation is adviser.

9

Proxy Voting Policies
The proxy voting guidelines summarize Saturna Capital Corporation's positions and give a general indication of how portfolio securities held in advisory accounts, such as the Funds, will be voted.

The proxy voting guidelines are just that — guidelines. The guidelines are not exhaustive and do not include all potential voting issues. Because proxy issues and the circumstances of individual companies are so varied, there may be instances when the adviser may not vote in strict adherence to these guidelines. Regardless of these guidelines, the adviser will always attempt to vote consistent with the Funds' specific investment objectives and policies.

Saturna Capital Corporation's investment professionals, as part of their ongoing review and analysis of all portfolio holdings, are responsible for monitoring significant corporate developments, including proxy proposals submitted to shareowners. Voting proxies is a responsibility of a Fund's portfolio manager.

These guidelines are reviewed and approved annually by the Trustees. The portfolio manager will refer all issues where there could be a conflict of interest (e.g., a familial or business relationship with company management) or uncertainty of direction to the Trustees for resolution. Disclosure of the proxy voting record is a responsibility of the Trust's secretary. Information is filed on Form N-PX regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 and is available (1) without charge, upon request, by calling Saturna Capital Corporation toll-free at 1-800-728-8762; (2) on the Trust's website at www.amanafunds.com; and (3) on the SEC's website at www.sec.gov.

By the following general categories, absent special circumstances, proxies will be voted:

• Governance

For proposals calling for a majority of the directors to be independent of management.

For proposals seeking to increase the independence of board nominating, audit, and compensation committees.

In accordance with the recommendation of the company's board of directors on all shareholder proposals, except it will vote for shareholder proposals that are consistent with these proxy voting guidelines.

For the election of the company's nominees for director, except it will withhold votes for nominees it considers insufficiently committed or competent.

Against proposals to elect directors on a staggered schedule.

• Business Transactions

On a case-by-case basis on board-approved proposals to effect acquisitions, mergers, reincorporations, reorganizations, and other transactions.

Against proposals to adopt anti-takeover measures.

On a case-by-case basis on proposals to amend a company's charter or bylaws.

Against authorization to transact other unidentified, substantive business at the meeting.

• Capitalization

On a case-by-case basis on board-approved proposals involving changes to a company's capitalization, except it will normally vote:

For proposals relating to the authorization of additional common stock.

For proposals to effect stock splits.

For proposals authorizing share repurchase programs.

• Executive Compensation

On a case-by-case basis on board-approved proposals relating to executive compensation.

For compensation programs that relate executive compensation to a company's long-term performance.

For stock option plans unless they could result in massive dilution or have other provisions clearly not in the interest of existing shareholders.

10

PRINCIPAL HOLDERS OF SECURITIES

As of June 26, 2015, the principal holders of record (those with 5% or more of the outstanding shares) of securities of the Income Fund were:

Name and Address	Shares	Percentage of Investor shares
NFSC Omnibus Account for the Exclusive Benefit of Our Customers 200 Liberty Street, New York, NY 10281	8,626,996	32.28%
Charles Schwab & Co., Inc. Special Custody Account FBO Customers 101 Montgomery Street, San Francisco, CA 94104	6,397,416	23.94%
Pershing LLC 1 Pershing Plaza, Jersey City, NJ 07399	2,004,423	7.50%
Voya Retirement, Insurance and Annuity Company One Orange Way, Windsor, CT, 06095	1,621,680	6.06%
Name and Address	Shares	Percentage of Institutional shares
UBS WM USA Omnibus Account 1000 Harbor Blvd. 5th Floor, Weehawken, NJ 07086	1,787,705	35.43%
First Clearing, LLC Special Custody Account for the Exclusive Benefit of Customers 2801 Market Street, Saint Louis, MO 63103	749,228	14.85%
NFSC Omnibus Account for the Exclusive Benefit of Our Customers 200 Liberty Street, New York, NY 10281	393,566	7.80%
Merrill Lynch Pierce, Fenner & Smith For the Sole Benefit of its Customers 4800 Deer Lake Drive East, Jacksonville, FL 32246	391,486	7.75%

As of June 26, 2015, the principal holders of record (those with 5% or more of the outstanding shares) of securities of the Growth Fund were:

Name and Address	Shares	Percentage of Investor shares
NFSC Omnibus Account for the Exclusive Benefit of Our Customers 200 Liberty Street, New York, NY 10281	16,678,555	33.18%
Charles Schwab & Co., Inc. Special Custody Account FBO Customers 101 Montgomery Street, San Francisco, CA 94104	9,618,065	19.13%
New York Life Trust Company 169 Lackawanna Avenue, Parsippany, NJ 07054	7,287,838	14.49%
Pershing LLC 1 Pershing Plaza, Jersey City, NJ 07399	2,598,894	5.17%
Name and Address	Shares	Percentage of Institutional shares
UBS WM USA Omnibus Account 1000 Harbor Blvd. 5th Floor, Weehawken, NJ 07086	2,701,405	34.74%
First Clearing, LLC Special Custody Account for the Exclusive Benefit of Customers 2801 Market Street, Saint Louis, MO 63103	1,376,072	17.70%
Merrill Lynch Pierce, Fenner & Smith For the Sole Benefit of its Customers 4800 Deer Lake Drive East, Jacksonville, FL 32246	838,455	10.78%
NFSC Omnibus Account for the Exclusive Benefit of Our Customers 200 Liberty Street, New York, NY 10281	434,596	5.59%

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As of June 26, 2015 the principal holders of record (those with 5% or more of the outstanding shares) of securities of the Developing World Fund were:

Name and Address	Shares	Percentage of Investor shares
Charles Schwab & Co., Inc. Special Custody Account FBO Customers 101 Montgomery Street, San Francisco, CA 94104	402,793	19.83%
NFSC Omnibus Account for the Exclusive Benefit of Our Customers 200 Liberty Street, New York, NY 10281	385,220	18.96%
TD Ameritrade Inc. For The Exclusive Benefit of Our Customers P.O. Box 2226, Omaha, NE 68103-2226	236,375	11.63%
Pershing LLC 1 Pershing Plaza, Jersey City, NJ 07399	122,233	6.01%
Name and Address	Shares	Percentage of Institutional shares
Saturna Capital Corporation¹ 1300 North State Street, Bellingham, WA 98225	227,011	27.16%
Charles Schwab & Co., Inc. Special Custody Account FBO Customers 101 Montgomery Street, San Francisco, CA 94104	133,432	15.96%
TD Ameritrade, Inc. for the Exclusive Benefit of Our Clients P.O. Box 2226, Omaha, NE 68103	72,194	8.63%
Fifth Third Bank FBO Ashour Generation Management¹ 5001 Kingsley Drive, Cincinnati, OH 45263	57,307	6.85%
Saturna Capital 401(k) Omnibus Account 1300 North State Street, WA 98225	52,958	6.33%
Sterling Charitable Gift Fund¹ 459 Herndon Parkway, Suite 22, Herndon, VA 20170	46,202	5.52%
Fifth Third Bank FBO Wege P M FBO Johanna Osman¹ 5001 Kingsley Drive, Cincinnati, OH 45263	45,845	5.48%

¹ Shares owned beneficially

As of June 26, 2015 the principal holders of record (those with 5% or more of the outstanding shares) of securities of the Participation Fund were:

Name and Address	Shares	Percentage of Investor shares
n/a	n/a	n/a
Name and Address	Shares	Percentage of Institutional shares
n/a	n/a	n/a

On June 26, 2015, the trustees, officers, and their affiliates (including Saturna Capital Corporation) as a group, owned the following percentages of outstanding shares:

Trustees', officers', and affiliates' ownership
Income Fund Investor Shares (AMANX)	0.04%
Income Fund Institutional Shares (AMINX)	3.15%
Growth Fund Investor Shares (AMAGX)	0.02%
Growth Fund Institutional Shares (AMIGX)	3.34%
Developing World Fund Investor Shares (AMDWX)	1.36%
Developing World Fund Institutional Shares (AMIDX)	30.35%
Participation Fund Investor Shares (AMAPX)	n/a
Participation Fund Institutional Shares (AMIPX)	n/a

12

INVESTMENT ADVISORY AND OTHER SERVICES

Investment Adviser and Administrator
Saturna Capital Corporation, 1300 N. State Street, Bellingham, Washington 98225 is the Investment Adviser and Administrator (the "adviser") for the Trust. Saturna Capital Corporation is also the Trust's shareowner servicing agent. Mr. Nicholas Kaiser, by his ownership of the majority of its voting stock, is the controlling person of the adviser. Mr. Kaiser is also a trustee and president of Amana Mutual Funds Trust, and the portfolio manager of the Income and Growth Funds. A discussion regarding the Trustees' approval of the continuance of the investment advisory and administration agreements is available in the Trust's semi-annual report published every January.

Advisory Fee
Under their Advisory and Administration Agreements, each Fund, other than the Participation Fund, pays the adviser an advisory and administration fee of 0.95% annually of average daily net assets. Additionally, the adviser has contractually undertaken to modify each Fund's advisory and administration fee to: 0.95% on the first $500 million of the Fund's average daily net assets, 0.85% on the next $500 million, 0.75% on the next $500 million, and 0.65% on assets over $1.5 billion. This undertaking may not be rescinded without the approval of the Board of Trustees. Under the Advisory and Administration Agreement for the Particiapation Fund, the Fund pays the adviser an advisory and administration fee of 0.50% annually of the average daily net assets. The adviser, at its own expense and without additional cost to the Funds, furnishes office space, office facilities and equipment, personnel (including executive officers), and clerical and bookkeeping services required to conduct the Funds' business.

The Advisory and Administration Fees table below shows amounts Saturna Capital Corporation was paid as the Funds' investment adviser and administrator For the three most recent fiscal years ended May 31.

The advisory agreements also provide that in the event the total expenses of a Fund (excluding taxes, commissions and extraordinary items) for any fiscal year exceed 2% of average daily net assets, the Fund shall be reimbursed for such excess. No reimbursements have been required.

The Investment Advisory and Administrative Services Agreement is renewable from year to year with respect to each Fund, so long as its continuance is approved at least annually (1) by the vote of a majority of the Disinterested Trustees, cast in person at a meeting called for the purpose of voting on such approval, and (2) by the vote of a majority of the Trustees or by a majority vote of the outstanding shares of the Fund (as defined by the 1940 Act).

Under its respective investment advisory agreement, each Fund pays its own taxes, brokerage commissions, trustees' fees, legal and auditing fees, insurance premiums, custodian fees, shareowner servicing fees, registrar and dividend disbursing agent fees, expenses incurred in complying with state and federal laws regulating the issue and sale of its shares, and mailing and printing costs for prospectuses, reports, and notices to shareowners.

Principal Underwriter
The adviser's wholly-owned subsidiary, Saturna Brokerage Services, Inc., 1300 N. State Street, Bellingham, WA 98225, is a general securities brokerage firm and acts as distributor for the Trust.

Mr. Kaiser, an interested Trustee, is chairman of Saturna Capital Corporation and Saturna Trust Company. Mrs. Jane Carten, an officer of the Trust, is president, chief executive officer, and a director of Saturna Capital Corporation; she is also president and a director of Saturna Brokerage Services, Inc. and a vice president and director of Saturna Trust Company. Mr. Fankhauser, an officer of the Trust, is chief operations officer and a director of Saturna Capital Corporation; he is also chief operations officer and a vice president of Saturna Brokerage Services, Inc. and a vice president, chief operations officer, and director of Saturna Trust company. All employees of the distributor are also employees of the adviser.

Shareowner Servicing
Under a separate service agreement, Saturna Capital Corporation also provides shareowner services as the transfer agent and dividend-paying agent for the Funds. As transfer agent, Saturna furnishes to each shareowner a confirmation after each transaction, a historical statement at the end of each year showing all transactions during the year, and Form 1099 and Form 1042 tax forms. Saturna also, on behalf of the Funds, responds to shareowners' questions and correspondence. Furthermore, the transfer agent regularly furnishes the Funds with current shareowner lists and information necessary to keep the shares in balance with the Funds' records. The transfer agent protects the privacy of shareowner information, but provides shareowner information to regulators and other parties with legal rights to such information, and to a mailing service, under a confidentiality agreement, to facilitate the distribution of shareowner reports. The transfer agent performs the mailing

Advisory and Administration Fees	2015	2014	2013
Income Fund	$13,264,582	$12,951,687	$11,504,926
Growth Fund	$16,227,410	$16,405,519	$17,422,571
Developing World Fund	$281,687	$251,366	$197,043
Participation Fund	n/a	n/a	n/a

13

of all financial statements, notices, and prospectuses to shareowners. Without direct cost to individual shareowners, the transfer agent also maintains records of contributions, disbursements, and assets as required for IRAs and other IRS-qualified retirement accounts. The transfer agent makes year-end zakah computations for shareowners requesting this service. The transfer agent is paid a monthly fee of $0.25 per active account, for each Fund other than the Participation Fund.

The Shareowner Servicing Fees table below shows the amounts Saturna Capital Corporation was paid as the Funds' transfer agent for the three most recent fiscal years ended May 31.

Saturna Trust Company, a wholly-owned subsidiary of Saturna Capital Corporation, is the Funds' retirement plan custodian and, as such, is paid compensation for maintaining records of contributions, disbursements, and assets as required for IRAs and other qualified retirement accounts. An annual fee of $10 per account for retirement plan services is paid by the Funds to Saturna Trust Company.

The Retirement Plan Custodian Fees table below shows the amounts Saturna Trust Company was paid as the Funds' retirement plan custodian for the three most recent fiscal years ended May 31.

Rule 12b-1 Plan
Effective July 19, 2013, the Trust entered into a distribution agreement with Saturna Brokerage Services, Inc. (the "distributor"), a broker-dealer registered under the Securities Exchange Act of 1934, pursuant to which the distributor acts as principal underwriter of Fund shares for sale to the public. Additionally, the Trust has adopted a Rule 12b-1 plan which provides for each Fund to reimburse the distributor monthly at a rate of up to 0.25% annually of that Fund's average daily net assets applicable to Income Fund, Growth Fund, Developing World Fund, and Participation Fund Investor shares to finance the distribution of those shares and to furnish services to owners of Investor shares. The plan reimburses the distributor only for expenses incurred and does not compensate the distributor regardless of expenses. The Trust does not participate in any joint distribution activities with another investment company and allocates the 12b-1 expense among Income Fund, Growth Fund, Developing World Fund, and Participation Fund Investor shares based on relative net asset size.

The Trustees, in seeking shareowner approval for the distribution plan, expected that it would help the adviser and distributor have the flexibility to direct their distribution activities in a manner consistent with prevailing market conditions by using, subject to regular Trustee approval, a portion of Trust assets to make payments to the distributor or third parties for marketing, distribution, and other services. They expected that to the extent the adviser and distributor have greater flexibility and resources under the plan, additional sales of Income Fund, Growth Fund, Developing World Fund, and Participation Fund Investor shares may result, and that this has the potential to benefit the Funds by reducing the possibility that a Fund would experience net redemptions, which might require the liquidation of portfolio securities in amounts and at times that could be disadvantageous for investment purposes. There can be no assurance that these events will occur.

The 12b-1 Fees table below shows the amounts Saturna Brokerage Services was paid as the Funds'

Shareowner Servicing Fees	2015	2014	2013
Income Fund Investor Shares (AMANX)	$38,569	$53,152	$331,991
Income Fund Institutional Shares (AMINX)	$463	$136	n/a
Growth Fund Investor Shares (AMAGX)	$50,683	$84,135	$551,477
Growth Fund Institutional Shares (AMIGX)	$471	$143	n/a
Developing World Fund Investor Shares (AMDWX)	$4,797	$4,720	$14,135
Developing World Fund Institutional Shares (AMIDX)	$56	$18	n/a
Participation Fund Investor Shares (AMAPX)	n/a	n/a	n/a
Participation Fund Institutional Shares (AMIPX)	n/a	n/a	n/a

Retirement Plan Custodian Fees	2015	2014	2013
Income Fund Investor Shares (AMANX)	$38,269	$30,798	$37,173
Income Fund Institutional Shares (AMINX)	$1,238	$ 227	n/a
Growth Fund Investor Shares (AMAGX)	$48,854	$47,366	$54,594
Growth Fund Institutional Shares (AMIGX)	$961	$189	n/a
Developing World Fund Investor Shares (AMDWX)	$7,771	$7,114	$7,445
Developing World Fund Institutional Shares (AMIDX)	$37	$20	n/a
Participation Fund Investor Shares (AMAPX)	n/a	n/a	n/a
Participation Fund Institutional Shares (AMIPX)	n/a	n/a	n/a

12b-1 Fees	2015	2014	2013
Income Fund Investor Shares (AMANX)	$3,666,354	$3,729,148	$3,334,975
Growth Fund Investor Shares (AMAGX)	$4,771,835	$5,033,177	$5,547,142
Developing World Fund Investor Shares (AMDWX)	$55,330	$56,621	$51,854
Participation Fund Investor Shares (AMAPX)	n/a	n/a	n/a

14

underwriter under the distribution plan for the three most recent fiscal years ended May 31.

Institutional shares do not pay the 12b-1 fee.

No Trustee who is not an interested person of the Trust has a direct or indirect financial interest in the operation of the plan or related agreements. While Saturna Brokerage Services is paid fees under the plan, there is no benefit to Saturna Capital Corporation or its employees, including Mr. Kaiser, as the amounts spent by Saturna Capital Corporation (described below) substantially exceed the 12b-1 fees received.

Under the distribution plan, the distributor has entered into dealer selling agreements with a large number of brokerage firms. These selling agreements do not compensate dealers for actual sales (the Amana Funds pay no sales commissions), only for assets they hold and service for their customers.

Saturna Capital Corporation operates a 401(k) retirement plan administration business. Employers pay Saturna an annual plan recordkeeping fee of $750 plus 0.25% of the year-end plan assets. Saturna Brokerage Services, as distributor of the Amana and Sextant funds, pays each retirement plan 0.25% (the 12b-1 fee) of year-end assets invested in Investor shares of the funds.

The Funds pay the distributor a rate, evaluated monthly and changed from time to time (which has varied from 0.15% to 0.25% of average annual daily net assets), estimated to provide sufficient revenues to pay projected 12b-1 plan expenses. During the fiscal year ended May 31, 2015, the Funds reimbursed the distributor the following amounts allocated to the following principal activities:

Advertising:	$-
Printing and mailing of prospectuses to other than current shareowners:	$-
Compensation to underwriters:	$-
Compensation to broker-dealers:	$8,493,519

The adviser spent an additional $3,808,585 of its own resources to compensate broker-dealers. The adviser may pay such additional compensation, out of its own resources and not as an expense of the Funds, to brokers or other financial intermediaries, or their affiliates, in connection with the sale, distribution, retention, and/or servicing of Fund shares. To the extent that these resources are derived from advisory fees paid by Income Fund, Growth Fund, Developing World Fund, and Participation Fund Investor shares, these payments could be considered "revenue sharing." In some cases, these payments may create an incentive for the intermediary or its employees to recommend or sell shares of the Funds to you. If you have purchased shares of a Fund through an intermediary, please contact your intermediary to learn more about any payments it receives from the adviser and/or its affiliates, as well as fees and/or commissions the intermediary charges. You should also consult disclosures made by your intermediary at the time of purchase. Any such payments will not change the net asset value or the price of a Fund's shares.

Custodian
Bank of New York Mellon Asset Servicing, 2 Hanson Place, Brooklyn, NY, 11217, is the custodian of the Funds. The custodian holds all securities and cash, settles all Fund portfolio securities transactions, receives (on behalf of the Funds) the money from sale of Fund shares, and on order of the Funds, pays the authorized expenses of the Funds. When investors redeem Fund shares, the proceeds are paid to the shareowner from a Fund's account at the custodian bank.

Independent Registered Public Accounting Firm

XXXXXXXXXXXXXXXXXXXX, is the independent registered public accounting firm for the Trust and the Funds. The accountants conduct an annual audit of the Funds as of May 31 each year. With pre-approval of the Trustees, they may provide related services such as preparing Fund tax returns.

15

PORTFOLIO MANAGERS

All Saturna Capital Corporation employees, including Patrick T. Drum, Bryce R. Fegley, Nicholas F. Kaiser, Scott F. Klimo, and other portfolio managers are paid an annual salary, as set by the board of Saturna Capital. The board also pays bonuses that are partly dependent on the profits of Saturna Capital and may also reflect the results of specific managed accounts or specific businesses of Saturna Capital. As owners of shares and/or stock options of Saturna Capital Corporation, Messrs. Drum, Fegley, Kaiser, Klimo, Meeks, McIlvaine, and Nielsen may benefit from any increase in its value per share that might result from its operations or profits. They may also receive dividends on shares of Saturna Capital. All Saturna Capital employees are eligible for a retirement plan, health care, and other benefits, and a stock option plan. Stock options are annually awarded on the basis of years of service, and not individual performance. Mutual fund portfolio managers are paid a monthly bonus (which may be shared with other employees) when a fund achieves an overall rating of 4 or 5 stars from Morningstar. The bonus is 1% of the adviser's net monthly fee (which is based on both assets and performance) for a 4-star rating and 2% of the monthly fee for a 5-star rating.

Saturna's portfolio managers may manage multiple accounts, including mutual funds and separate accounts for individuals, investment partnerships, pension funds, and charities. Portfolio managers make investment decisions for each account based on the investment objectives, policies, practices, and other relevant investment considerations that the managers believe are applicable to that account. The management of multiple accounts may give rise to potential conflicts of interest when the accounts have similar or different objectives, benchmarks, time horizons, and fees because the portfolio manager must allocate his time and investment ideas across multiple accounts. Consequently, a manager may purchase (or sell) a security for one account and not for another. The adviser has adopted policies designed to fairly allocate securities purchased or sold on an aggregated basis. Transactions executed for one account may adversely affect the value of securities held by other accounts. Securities selected for some accounts may outperform the securities selected for others. Through an arrangement with Saturna Brokerage Services, accounts presently trade securities at zero commission, eliminating a potential conflict.

Amana's net monthly advisory fee is solely dependent on Fund assets. The net monthly fee from the Sextant Funds is partly based on Sextant Fund performance results. The Sextant International Fund (which Mr. Kaiser manages), Sextant Global High Income Fund (which Mr. Fegley manages) and the Sextant Bond Income, Sextant Core Fund, Sextant Growth Fund, and Sextant Short-Term Bond Fund (which Mr. Kaiser and Mr. Fegley do not manage), pay a base fee of

Portfolio Manager Fund Ownership (as of May 31, 2015)
Dollar range of equity securities in Amana Mutual Funds Trust owned beneficially by Portfolio Managers
Patrick T. Drum	None
Bryce R. Fegley	Amana Growth Fund Investor Shares: $1-$10,000 Amana Developing World Fund Investor Shares: $1-$10,000
Nicholas F. Kaiser	Amana Income Fund Investor Shares: $100,001-$500,000 Amana Income Fund Institutional Shares: over $1,000,000 Amana Growth Fund Institutional Shares: over $1,000,000 Amana Developing World Fund Institutional Shares: over $1,000,000
Scott F. Klimo	Amana Income Fund Institutional Shares: $100,001-$500,000 Amana Growth Fund Investor Shares: $1-$10,000 Amana Growth Fund Institutional Shares: $100,001-$500,000 Amana Developing World Fund Investor Shares: $50,001-$100,000 Amana Developing World Fund Institutional Shares: $50,001-$100,000

Portfolio Managers (as of May 31, 2015)
Portfolio Manager:	Trust portfolios served as primary manager (assets):	Other investment company portfolios served as primary manager (assets):	Other pooled investment vehicles served as primary manager (assets):	Other accounts (assets):
Patrick T. Drum	None	Saturna Sustainable Bond Fund ($3,260,409)	None	None
Bryce R. Fegley	None	Sextant Global High Income Fund ($8,244,018)¹	None	None
Nicholas F. Kaiser	Amana Growth Fund ($2,051,587,850) Amana Income Fund ($1,508,265,381)	Sextant International Fund ($95,084,941)¹	Three ($34,385,382)¹	Forty-four ($44,821,764)
Scott F. Klimo	Amana Dev. World Fund ($29,487,222)	None	None	Three ($2,673,514)
¹ Assets managed with a performance fee

16

0.50% of average daily net assets, adjusted up or down by up to 0.20% depending upon a Fund's performance over the previous 12 months compared to the average fund in its Morningstar category.

Since all fund assets vary over time with performance and investors favor mutual funds with superior investment records, the portfolio manager's bonus is a function of both performance and assets.

The two private pooled investment portfolios managed by Mr. Kaiser pay Saturna Capital Corporation as adviser a performance fee of 10% of the year's increase in net asset value achieved from the previous highest year-end net asset value. There is no base fee and no performance fee in years when the net asset value is below the highest previous value. As portfolio manager, Mr. Kaiser normally receives a significant portion of any fee earned as a bonus.

A portfolio manager's compensation plan may give rise to potential conflicts of interest. To reduce this risk, a mutual fund portfolio manager's account performance bonus depends upon the Fund's overall Morningstar™ rating, which derives from investment results over the last three, five, and ten years. A manager's compensation tends to increase with assets under management, which in turn may increase the value of Saturna Capital Corporation.

BROKERAGE ALLOCATION

The placing of purchase and sale orders as well as the negotiation of commissions is performed by the adviser and is reviewed by the Board of Trustees. Although it is permitted to do so, the adviser does not allocate brokerage to any broker in return for research or services.

The primary consideration in effecting securities transactions for the Trust is to obtain the best price and execution which in the judgment of the adviser is attainable at the time and which would bring the best net overall economic result to a Fund. Factors taken into account in the selection of brokers include the price of the security, commissions paid on the transaction, the efficiency and cooperation with which the transaction is effected, the expediency of making settlement, and the financial strength and stability of the broker. The adviser may negotiate commissions at a rate in excess of the amount another broker would have charged if it determines in good faith that the overall net economic result is favorable to the Fund and is not required to execute trades in "over-the-counter" securities with primary market-makers if similar terms are available elsewhere. The adviser evaluates whether brokerage commissions are reasonable based upon available information about the general level of commissions paid by similar mutual funds for comparable services.

When consistent with best execution, brokerage may be directed to Saturna Brokerage Services, Inc., a wholly-owned subsidiary of the adviser, which engages in a discount brokerage business. Saturna Brokerage Services currently executes portfolio transactions for the Trust for free (no commissions). Transactions effected through other brokers are subject to commissions payable to that broker.

The Commissions Paid To Saturna Brokerage Services table below contains the commissions each Fund paid Saturna Brokerage for each of the last three fiscal years.

The Trustees review brokerage activity in detail at each regular meeting. Meetings are held on a quarterly schedule.

CAPITAL STOCK

The Amana Mutual Funds Trust is organized as a "series" investment company. Each Fund of the Trust is divided into classes, which are further divided into shares of beneficial interest. Those Funds and classes are named: Income Fund Investor, Income Fund Institutional, Growth Fund Investor, Growth Fund Institutional, Developing World Fund Investor, Developing World Fund Institutional, Participation Fund Investor, and Participation Fund Institutional. There are no restrictions on shareowners' rights to freely retain or dispose of shares of any class. There are no material obligations or potential liabilities associated with owning a Fund's shares except the investment risks described in the Funds' prospectus and summary prospectuses, and in this statement of additional information

Commissions Paid To Saturna Brokerage Services
	2015	2014	2013	% of 2015 aggregate brokerage commissions paid Saturna Brokerage	% of 2015 aggregate dollar amount of transactions involving the payment of commissions through Saturna Brokerage
Income Fund	$0	$0	$0	0%	0%
Growth Fund	$0	$0	$0	0%	0%
Developing World Fund	$0	$0	$0	0%	0%
Participation Fund	n/a	n/a	n/a	n/a	n/a

17

in the section "Investment Strategies and Risks" on page 2. The shareowners of each separate Fund may look only to that fund for dividends, income, capital gains or losses, redemption, liquidation, or termination. Each class of shares of a Fund will have (i) exclusive voting rights on any matter submitted to shareowners that relates solely to its arrangement and (ii) separate voting rights on any matter submitted to shareowners in which the interests of one class differ from the interest of any other class. The voting rights of each class of shares can only be modified by a majority vote of that class. Shareowners may elect to convert eligible Investor shares into corresponding Institutional shares of the same series, provided that following the conversion the investor meets applicable eligibility requirements for the Institutional shares. Any such conversion will occur at the next available respective net asset values of the share classes. There are no sinking fund provisions. The creditors and shareowners of each class of shares are limited to the assets of that class of shares for recovery of charges, expenses, and liabilities.

PURCHASE, REDEMPTION, AND PRICING OF SHARES

See Purchase and Sale of Fund Shares in each Fund's Summary Prospectus and Fund Share Pricing in the Trust's Prospectus for an explanation about the ways to purchase or redeem shares. Both purchases and redemptions are made at net asset value per share.

It is important to note that there are differences between the two share classes. Income Fund, Growth Fund, and Developing World Fund Investor shares are subject to an annual distribution fee to compensate financial intermediaries for providing investors with ongoing account services. Income Fund, Growth Fund, and Developing World Fund Institutional shares are not subject to an annual distribution fee and, consequently, holders of Institutional shares may not receive the same types or levels of services from financial intermediaries. In choosing between Income Fund, Growth Fund, Developing World Fund, and Participation Fund Investor shares versus Institutional shares, investors should weigh the benefits of the services to be provided by financial intermediaries against the annual distribution fee imposed upon some shares.

Offering Price
Each Fund computes its price per share of each share class on each business day by dividing the value of all securities and other assets, less liabilities, attributable to each share class, by the number of shares outstanding of that class. The daily price is determined for each class of each Fund as of the close of trading on the New York Stock Exchange (generally 4 p.m. Eastern time) on each day the Exchange is open for trading. The Exchange is generally closed on New Year's Day, Martin Luther King Day, President's Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving and Christmas. See the balance sheet in the Annual Report or Semi-Annual Report for a specimen sheet showing how the Funds calculate net asset value, which is the price used for both purchase and redemption of shares.

Pricing of Foreign Equity Securities
Foreign securities traded outside the US are valued on the basis of their most recent closing market prices at 4 p.m. Eastern time.

Foreign markets may close before the time at which the Funds' prices are determined. Because of this, events occurring after the close of a foreign market and before the determination of the Funds' NAVs may have a material effect on the Funds' foreign security prices. To account for this the Funds may use independent pricing services for valuation of securities.

In developing valuations for foreign securities, the independent pricing services review a variety of factors, including developments in foreign markets, the performance of US securities markets, and the performance of instruments trading in US markets that represent foreign securities and baskets of foreign securities. The Funds may also fair value securities in other situations, for example, when a particular foreign market is closed but the Fund is open.

The Funds routinely compare closing market prices, the next day's opening prices in the same markets, and adjusted prices and other factors they believe are relevant for such testing. Other mutual funds may adjust the prices of their securities by different amounts.

Early Redemption Fee Waiver
The 2% early redemption fee on Participation Fund shares held less than 182 calendar days is normally waived for non-participant directed, involuntary and/or non-discretionary transactions. Early redemption fees are due and payable to the Fund regardless of dollar amount.

Orders Placed Directly With The Funds
Common reasons for this waiver for transactions processed directly include:

Corrections
Reinvested dividends
Death distributions
Disability distributions
Financial hardship distribuitons
Retirement plan required minimum distributions
Involuntary distributions required by employer decisions to change a plan
Systematic withdrawal plans
Automated asset rebalancing programs
WRAP program distributions
Participant contribution distributions
Shares redeemed as part of a defined contribution retirement plan participant-directed distribution

18

including, but not limited to, the following examples:
Death distributions
Qualified Domestic Relations Orders (QDROs)
Shares redeemed as part of a retirement plan termination or restructuring
Shares transferred from one retirement plan to another plan in the same fund
Shares redeemed by shareowner to cover various plan fees
Retirement plan loan distributions
Excess contributions corrections
Forfeiture, or terminated employee distributions
Rollover Contributions
Other Involuntary Distributions

The following transactions are not exempt from the early redemption fee:

In Service Distributions
Redemption Fees applied to Fund of Funds Transactions

Fund/SERV^® Order Processing
Waivers of early redemption fees prior to the end of the 90-day holding period apply to orders transmitted to the transfer agent through the Depository Trust & Clearing Corporation's (DTCC) Fund/SERV^® order processing system. Those circumstances under which a waiver may or may not be granted are described using the Fund/SERV^® transaction and reason codes listed below.

Fund/SERV® Reason Codes	Fund Waiver Policy
(1) Corrections Waiver	Yes
(2) Death Waiver	Yes
(3) Disability Waiver	Yes
(4) Mandatory/Qualified Distribution Waiver	Yes
(5) Systematic Withdrawal Plan Waiver	Yes
(6) Defined Contribution Waiver	Yes
(7) Hardship Waiver	Yes
(8) Auto Rebalance Waiver	Yes
(9) Defined Contribution Plans
a. Termination Waiver	Yes
b. Involuntary Distribution Waiver	Yes
c. Loan Distribution Waiver	Yes
d. Excess Contribution Waiver	Yes
e. WRAP Program Distribution	Yes
f. Fund of Funds	No
g. Divorce	Yes
h. Plan Fees	Yes
(10) Reinvested Shares Waiver	Yes
(11) Exchange Buy Waiver	No
(12) Exchange Buy Aging Date Waiver	No
(13) Aging Start Date Waiver	No
(14) Eligible Transaction Waiver	No

Intermediary Processing
Investors should be aware that intermediaries might have policies different than the Funds' policies regarding trading and redemptions, and these may be in addition to or in place of the Funds' policies. For more information about these restrictions and policies, please contact your broker, retirement plan administrator, or other intermediary.

Abandoned Property
It is the responsibility of the investor to ensure that Saturna Capital Corporation maintains a correct address for the investor's account(s). An incorrect address may cause an investor's account statements and other mailings to be returned. If Saturna Capital Corporation is unable to locate the investor, then it will determine whether the investor's account has been legally abandoned. Saturna Capital Corporation is legally obligated to escheat (or transfer) abandoned property to the appropriate state's unclaimed property administrator in accordance with statutory requirements. The investor's last known address of record determines which state has jurisdiction.

TAXATION OF THE TRUST

Each Fund is a separate economic entity and as such, the tax status and tax consequences to shareowners of each Fund differ, depending upon the investment objectives, operations, income, gain or loss, and distributions from each Fund.

Each Fund intends to distribute to shareowners substantially all of its net investment income and net realized capital gains, if any, and to comply, as each has since inception, with the provisions of the Internal Revenue Code applicable to regulated investment companies (Subchapter M), which relieve mutual funds of federal income tax on the amounts so distributed.

If a Fund failed to qualify for treatment as a regulated investment company for any taxable year, (a) it would be taxed as an ordinary corporation on the full amount of its taxable income for that year without being able to deduct the distributions it makes to its shareowners and (b) the shareowners would treat all those distributions, including distributions of net capital gain, as dividends to the extent of that Fund's earnings and profits, taxable as ordinary income (except that, for individual shareowners, the part thereof that is "qualified dividend income" would be subject to federal income tax at the rate for net capital gain — a maximum rate of 20%) and eligible for the dividends-received deduction available to corporations under certain circumstances. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before requalifying for regulated investment company treatment.

The Trust's custodian may use foreign sub-custodians to hold securities of a Fund outside the US, which can subject the

19

Fund to foreign withholding or other taxes. Working with its custodian, the Fund can normally reclaim such foreign taxes.

As of May 31, 2015, the components of distributable earnings on a tax basis were as follows:

Income Fund
Undistributed ordinary income	$20,751
Accumulated capital gains	31,017,161
Tax accumulated earnings	31,037,912
Other accumulated losses	(4,633)
Unrealized appreciation	722,972,044
Total accumulated earnings	754,005,323
Growth Fund
Undistributed ordinary income	$4,986,281
Accumulated capital gains	79,246,308
Tax accumulated earnings	84,232,589
Unrealized appreciation	1,093,766,286
Total accumulated earnings	1,177,998,875
Developing World Fund
Undistributed ordinary income	$119,607
Tax accumulated earnings	119,607
Accumulated capital and other losses	(1,114,186)
Other accumulated losses	(1,687,696)
Unrealized appreciation	2,093,923
Other unrealized losses	(737)
Total accumulated losses	(589,089)
Participation Fund
n/a	n/a

The Funds' transfer agent must withhold and remit to the US Treasury 28% of dividends, capital gain distributions, and redemption proceeds (regardless of the extent to which gain or loss may be realized) otherwise payable to any individual or certain other non-corporate shareowner who fails to properly furnish the transfer agent with a correct Social Security or other taxpayer identification number. Withholding at that rate also is required from a Fund's dividends and capital gain distributions otherwise payable to such a shareowner who is subject to backup withholding for any other reason. Backup withholding is not an additional tax, and any amounts so withheld may be credited against a shareowner's federal income tax liability or refunded.

If the IRS determines that a Fund should be fined or penalized for inaccurate or missing or otherwise inadequate reporting of a Tax Identification Number, the amount of the IRS fee or penalty will be directly assessed to the shareowner account involved.

Dividends a Fund pays to a foreign shareowner, other than (1) dividends paid to a foreign shareowner whose ownership of shares is effectively connected with a US trade or business the shareowner carries on and (2) capital gain distributions paid to a non-resident alien individual who is physically present in the United States for no more than 182 days during the taxable year, generally will be subject to a federal withholding tax of 30% (or lower treaty rate). For Fund tax years before January 1, 2014, "short-term capital gain dividends," if properly designated by a Fund, are exempt from that tax. It is possible that future legislation will extend these rules to later periods.

UNDERWRITERS

Effective July 19, 2013, the Trust entered into a distribution agreement with Saturna Brokerage Services, Inc. (the "distributor"), a broker-dealer registered under the Securities Exchange Act of 1934, pursuant to which distributor acts as principal underwriter of Fund shares for sale to the public. The distributor is a member of the the Financial Industry Regulatory Authority and a wholly-owned subsidiary of Saturna Capital Corporation. All employees of the distributor are also employees of the adviser. Additionally, the Trust has adopted a Rule 12b-1 Plan, under which the distributor is reimbursed by the Trust on a monthly basis at a rate of up to 0.25% annually of the Funds' average daily net assets applicable to Investor shares to finance the distribution of Income Fund, Growth Fund, and Developing World Fund Investor shares and to furnish services to owners of Investor shares. See Rule 12b-1 Plan on page 14 for more information.

In accordance with its contract with the Trust, the distributor devotes appropriate efforts to effect the sales of shares of each of the Funds, but is not obligated to sell any certain number of shares. The offering of shares is continuous.

FINANCIAL STATEMENTS

The most recent audited annual report accompanies this Statement of Additional Information.

There is incorporated by reference into this Registration Statement the following financial information in the Annual Report to shareowners for the fiscal year ended May 31, 2015:

Report of XXXXXXXXXXXX
Statements of Assets and Liabilities as of May 31, 2015
Financial Highlights — Years ended May 31, 2015, 2014, 2013, 2012, and 2011
Statements of Operations — Year ended May 31, 2015
Statements of Changes in Net Assets — Years ended May 31, 2015, and 2014
Investments — As of May 31, 2015
Notes to Financial Statements

20

PART C

OTHER INFORMATION

Exhibits

Exhibits included with this filing:

Items marked with an asterisk (*) are incorporated by reference to exhibits previously filed with the Registration Statement for Amana Mutual Funds Trust and amendments thereto.

(a)	Articles of Incorporation. *(1) Trust Instrument for Amana Mutual Funds Trust filed as Exhibit EX-99.a to Post-Effective Amendment No. 33 on March 29, 2013. (2) Amendment to the Trust Instrument for Amana Mutual Funds Trust filed as Exhibit EX-99.a.
(b)*	Bylaws. (1) Bylaws of Amana Mutual Funds Trust filed as Exhibit EX-99.b to Post-Effective Amendment No. 33 on March 29, 2013.
(c)*	Instruments Defining Rights of Security Holders. Included in (a) and (b).
(d)	Investment Advisory Contracts. *(1) Agreement for Investment Advisory and Administrative Services for the Income, Growth, and Developing World Funds of Amana Mutual Funds Trust, effective July 19, 2013, between the Funds and Saturna Capital Corporation, filed as Exhibit EX-99.d to Post-Effective Amendment No. 36 on July 19, 2013. File Nos. 811-04276 and 2-96924. (2) Form of Agreement for Investment Advisory and Administrative Services for the Participation Fund of Amana Mutual Funds Trust, filed as Exhibit EX-99.d.
(e)*	Underwriting Contracts. (1) Distribution Agreement between Amana Mutual Funds Trust and Saturna Capital Corporation dated July 19, 2013, filed as Exhibit EX-99.e to Post-Effective Amendment No. 36 on July 19, 2013.
(f)*	Bonus or Profit Sharing Contracts. Not applicable.
(g)*	Custodian Agreements. (1) Custodian Agreement between Income Fund of Amana Mutual Funds Trust and National City Bank, Indiana effective October 22, 1993, incorporated by reference., filed as Exhibit 8-1 to Post-Effective Amendment No. 10 to Registration Statement on Form N-1A filed December 3, 1993. (2) Agreement between Growth Fund of Amana Mutual Funds Trust and National City Bank, Indiana, dated December 3, 1993, incorporated by reference, filed as Exhibit 8-2 to Post-Effective Amendment No. 11 to Registration Statement on Form N-1A filed August 5, 1994. (3) Custodian Services Agreement between Amana Mutual Funds Trust and the Bank of New York Mellon Investment Servicing (US) Inc. (formerly PNC Global Investment Services, formerly PFPC Trust) dated July 29, 2008 filed as exhibit No. EX-99.g to Post-Effective Amendment No. 25 on August 21, 2008. (4) Assignment and Amendment of Custodian Agreement between Amana Mutual Funds Trust and the Bank of New York Mellon, effective July 19, 2013, filed as Exhibit EX-99.g to Post-Effective Amendment No. 36 on July 19, 2013.
(h)*	Other Material Contracts. (1) Agreement for Transfer Agent for the Amana Mutual Funds Trust between the Trust and Saturna Capital Corporation dated July 19, 2013, filed as Exhibit EX-99.h to Post-Effective Amendment No. 36 on July 19, 2013.
(i)	Legal opinions. Not applicable
(j)	Other opinions. (1) Power of Attorney dated June 16, 2014, filed as Exhibit EX-24.
(k)	Omitted Financial Statements. Not applicable.
(l)	Initial Capital Agreements. *(1) Form of Subscription Agreement and Investment Letter. Incorporated by Reference, filed as Exhibit 13-1 to Post-Effective Amendment No. 10 to Registration Statement on Form N-1A filed December 3, 1993. *(2) Form of Subscription Agreement between Amana Mutual Funds Trust on behalf of its Developing World Fund and Saturna Capital Corporation dated July 2, 2009, filed as Exhibit EX-99.l to Post-Effective Amendment No. 26 on July 10, 2009. (3) Form of Restricted Share Purchase Agreement between Amana Mutual Funds Trust on behalf of its Participation Fund and Saturna Capital Corporation filed as Exhibit EX-99.l.
(m)*	Rule 12b-1 Plan. (1) Distribution Plan of Amana Mutual Funds Trust pursuant to Rule 12b-1 (effective July 19, 2013), filed as Exhibit EX-99.m to Post-Effective Amendment No. 36 on July 19, 2013.
(n)*	Rule 18f-3 Plan. (1) Amana Mutual Funds Rule 18f-3 Plan pursuant to Rule 18f-3, filed as Exhibit EX-99.n to Post-Effective Amendment No. 39 on September 25, 2013.
(o)	Reserved.
(p)	Code of Ethics. (1) Code of Ethics dated March 2014, filed as Exhibit EX-99.p CODE ETH.

Persons Controlled by or Under Common Control with Registrant

No person or persons are directly or indirectly controlled by or under common control with the Registrant.

Indemnification

ARTICLE IX

LIMITATION OF LIABILITY AND INDEMNIFICATION

Section 1.   LIMITATION OF LIABILITY. All persons contracting with or having any claim against the Trust or a particular Series shall look only to the assets of the Trust or Assets belonging to such Series, respectively, for payment under such contract or claim; and neither the Trustees nor any of the Trust's officers or employees, whether past, present or future, shall be personally liable therefor. Every written instrument or obligation on behalf of the Trust or any Series may contain a statement to the foregoing effect, but the absence of such statement shall not operate to make any Trustee or officer of the Trust liable thereunder. Provided they have exercised reasonable care and have acted under the reasonable belief that their actions are in the best interest of the Trust, the Trustees and officers of the Trust shall not be responsible or liable for any act or omission or for neglect or wrongdoing of them or any officer, agent, employee, investment adviser, principal underwriter or independent contractor of the Trust, but nothing contained in this Trust Instrument or in the Delaware Act shall protect any Trustee or officer of the Trust against liability to the Trust or to Shareholders to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

Section 2.   INDEMNIFICATION.

(a) Subject to the exceptions and limitations contained in subsection (b) below:

(i) every person who is, or has been, a Trustee or an officer or employee of the Trust ("Covered Person") shall be indemnified by the Trust or the appropriate Series to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him or her in connection with any claim, action, suit or proceeding in which he or she becomes involved as a party or otherwise by virtue of his or her being or having been a Covered Person and against amounts paid or incurred by him or her in the settlement thereof.

(ii) as used herein, the words "claim," "action," "suit" or "proceeding" shall apply to all claims, actions, suits or proceedings (civil, criminal or other, including appeals), actual or threatened, and the words "liability" and "expenses" shall include, without limitation, attorney's fees, costs, judgments, amounts paid in settlement, fines, penalties and other liabilities.

(b)   No indemnification shall be provided hereunder to a Covered Person:

(i) who shall have been adjudicated by a court or body before which the proceeding was brought (A) to be liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office or (B) not to have acted in good faith in the reasonable belief that his or her action was in the best interest of the Trust; or

(ii) in the event of a settlement, if there has been a determination that such Covered Person engaged in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office: (A) by the court or other body approving the settlement; (B) by at least a majority of those Trustees who are neither Interested Persons of the Trust nor are parties to the matter based upon a review of readily available facts (as opposed to a full trial-type inquiry); or (C) by written opinion of independent legal counsel based upon a review of readily available facts (as opposed to a full trial-type inquiry).

(c)   The rights of indemnification herein provided may be insured against by policies maintained by the Trust, shall be severable, shall not be exclusive of or affect any other rights to which any Covered Person may now or hereafter be entitled and shall inure to the benefit of the heirs, executors and administrators of a Covered Person.

(d)   To the maximum extent permitted by applicable law, expenses in connection with the preparation and presentation of a defense to any claim, action, suit or proceeding of the character described in subsection (a) of this Section shall be paid by the Trust or applicable Series from time to time prior to final disposition thereof upon receipt of an undertaking by or on behalf of such Covered Person that such amount will be paid over by him or her to the Trust or applicable Series if it is ultimately determined that he or she is not entitled to indemnification under this Section; provided, however, that any such advancement will be made in accordance with any conditions required by the Commission.

(e)   Any repeal or modification of this Article IX by the Shareholders, or adoption or modification of any other provision of this Trust Instrument or the By-laws inconsistent with this Article, shall be prospective only, to the extent that such repeal or modification would, if applied retrospectively, adversely affect any limitation on the liability of any Covered Person or indemnification available to any Covered Person with respect to any act or omission which occurred prior to such repeal, modification or adoption.

Section 3.   INDEMNIFICATION OF SHAREHOLDERS. If any Shareholder or former Shareholder of any Series is held personally liable solely by reason of his or her being or having been a Shareholder and not because of his or her acts or omissions or for some other reason, the Shareholder or former Shareholder (or his or her heirs, executors, administrators or other legal representatives or, in the case of any entity, its general successor) shall be entitled out of the Assets belonging to the applicable Series to be held harmless from and indemnified against all loss and expense arising from such liability. The Trust, on behalf of the affected Series, shall, upon request by such Shareholder or former Shareholder, assume the defense of any claim made against him or her for any act or obligation of the Series and satisfy any judgment thereon from the Assets belonging to the Series.

Business and Other Connections of Investment Adviser

The answer to this item is fully disclosed in Part A and Part B of the Form N-1A.

Please see: "Investment Adviser" on page 13 of Part A; "Management of the Trust" on pages 5 through 10 of Part B; "Investment Advisory and Other Services" on pages 13 through 15 of Part B; and, "Portfolio Managers" on pages 15 through 16 of Part B.

Principal Underwriters

Effective July 19, 2013, the Trust entered into a distribution agreement with Saturna Brokerage Services, Inc. (the "distributor"), a broker-dealer registered under the Securities Exchange Act of 1934, pursuant to which distributor acts as principal underwriter of shares of the funds of the Trust for sale to the public. The distributor is a member of the Financial Industry Regulatory Authority and a wholly-owned subsidiary of Saturna Capital Corporation. All employees of the distributor are also employees of the adviser. The distribution plan provides that the distributor is reimbursed by the Trust on a monthly basis at a rate of up to 0.25% annually of the Funds' average daily net assets applicable to Investor shares to finance the distribution of Income Fund, Growth Fund, Developing World Fund, and Participation Fund Investor shares and to furnish services to owners of Investor shares.

Saturna Brokerage Services, Inc. also acts as underwriter for the nine portfolios of the Saturna Investment Trust.

Officers of Saturna Brokerage Services
Name and Principal Business Address	Positions and Offices with Underwriter	Positions and Offices with Trust
Jane K. Carten 1300 N. State Street, Bellingham, WA 98225	Director and President (Chief Executive Officer)	Vice President
Phelps S. McIlvaine 1300 N. State Street, Bellingham, WA 98225	Director, Vice President	n/a
Christopher W. Lang 1300 N. State Street, Bellingham, WA 98225	Vice President, Secretary	n/a
Christopher R. Fankhauser 1300 N. State Street, Bellingham, WA 98225	Vice President, Chief Operations Officer	Treasurer
Jacob A. Stewart 1300 N. State Street, Bellingham, WA 98225	Chief Compliance Officer, AML Officer	n/a
James S. Gibson 1300 N. State Street, Bellingham, WA 98225	Chief Financial Officer, Treasurer	n/a

Location of Accounts and Records

With the exception of those records maintained by the Custodian — Bank of New York Mellon Asset Servicing, 2 Hanson Place, Brooklyn, NY 11217 — Saturna Capital Corporation, address 1300 N. State Street, Bellingham, Washington 98225, maintains the records of the Trust.

Management Services

There are no management-related contracts in which service is provided to the Trust other than those discussed in Parts A and B of this Form N-1A.

Undertakings

Not applicable.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Trust certifies that it meets all the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act and has duly caused this amendment to registration statement to be duly signed on its behalf by the undersigned, duly authorized, in the City of Bellingham, State of Washington, on the 14th day of July , 2015.

AMANA MUTUAL FUNDS TRUST

By

/s/ Jane K. Carten 
Jane K. Carten, Vice President

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, this amendment has been signed below by the following persons in the capacities and on the date indicated.

Signature	Title	Date
**Nicholas F. Kaiser **By /s/ Jane K. Carten  Jane K. Carten, Attorney-in-fact	President; Trustee (Principal Executive Officer)	July 14, 2015
/s/ Christopher R. Fankhauser Christopher R. Fankhauser	Treasurer (Principal Financial Officer)	July 14, 2015
** Iqbal Unus ** Ronald H. Fielding ** M. Yaqub Mirza ** Miles K. Davis ** By /s/ Jane K. Carten Jane K. Carten, Attorney- in-fact	Other Trustees	July 14, 2015

EX-24

Power of Attorney

EX-99.A CHARTER

AMANA MUTUAL FUNDS TRUST

Amendment to
TRUST INSTRUMENT

The undersigned, being at least a majority of the Trustees of Amana Mutual Funds Trust, a Delaware statutory trust (the "Trust"), organized pursuant to that certain Trust Instrument dated March 11, 2013 (the "Trust Instrument"), do hereby, pursuant to Article III, Section 1(o) and Article IV of the Trust Instrument: (i) establish a new series of the Trust to be designated the Amana Participation Fund (the "Fund"); and (ii) establish the Investor Class and Institutional Class classes of shares. Any variations as to purchase price, determination of net asset value, the price, terms and manner of redemption and special and relative rights as to dividends on liquidation, and conditions under which such series or classes shall have separate voting rights, shall be as set forth in the Trust Instrument or as elsewhere determined by the Board of Trustees of the Trust.

This Amendment shall constitute an amendment to the Trust Instrument and, following execution by a majority of the Trustees, shall be effective on June 15, 2015. This instrument may be executed in several parts.

IN WITNESS WHEREOF, the undersigned Trustees have executed this instrument this 15th day of June 2015.

/s/ M. Yaqub Mirza M. Yaqub Mirza	Trustee; Chairman of the Board
/s/Nicholas F. Kaiser Nicholas F. Kaiser	Trustee; President
/s/ Miles Davis Miles K. Davis	Trustee
/s/ Ronald H. Fielding Ronald H. Fielding	Trustee
/s/ Iqbal J. Unus Iqbal Unus	Trustee

EX-99.D ADVSR CONTR

Form of
INVESTMENT ADVISORY
and ADMINISTRATIVE SERVICES AGREEMENT

for AMANA PARTICIPATION FUND, a series of
AMANA MUTUAL FUNDS TRUST

THIS AGREEMENT, executed this [   ]th day of [       ], 2015, between Saturna Capital Corporation, a Washington State corporation (the "Adviser") and Amana Mutual Funds Trust, a Delaware statutory trust (the "Trust"), for and on behalf of Amana Participation Fund, a series of the Trust, to be and become effective as provided in Section 1, Article V, between the parties hereto,

WITNESSETH, THAT:

The parties hereto pursuant to the terms hereof enter into the following Articles of Agreement:

ARTICLE 1: INVESTMENT ADVISORY SERVICES

Section 1. Investment Adviser. During the continuance of this Agreement, the Adviser shall supervise the investment management of the cash and securities of the Fund, and in that connection, to the extent reasonably required, shall furnish to the Fund advice and recommendations as to the securities to be purchased, held or sold and the portion of the assets to remain uninvested, all in accordance with the investment objectives, powers and restrictions imposed by law or other governing document or writing binding upon the Fund or the Amana Mutual Funds Trust.

Subject to review by the Trustees of the Trust, the Adviser shall place all orders for the purchase and sale of securities of the Fund. It is understood and agreed, however, that no such orders shall be placed in contravention of the Investment Company Act of 1940.

Section 2. Sub Adviser. The Adviser shall have authority to enter into an agreement with a religious consultant to provide consulting and advisory services as Sub-Adviser regarding the application and interpretation of Islamic principles to the investments of the Fund in accordance with the investment objectives, powers and restrictions imposed by law or other governing document or writing upon the Fund or the Trust.

ARTICLE II: ADMINISTRATIVE SERVICES

Section 1. Duties of Adviser. During the continuance of this Agreement, the Adviser shall furnish the Fund office space, office facilities and equipment, related utilities, telephone service, stationery and supplies, typesetting, personnel (including executive officers) and clerical and bookkeeping services as are required to fulfill its obligation as Adviser for the Fund. The Adviser shall pay the compensation of all its executives and employees, whether or not an officer or employee of the Trust, for all services rendered by them on behalf of the Fund as are required to fulfill its obligation as Adviser, and shall furnish such office space, facilities, supplies and services as agreed above.

Section 2. Fund Accounting. The Adviser shall act as fund accountant and prepare daily reports of net asset value as well as all other financial statements and reports. With the consent of the trustees, the Adviser at its expense may delegate fund accounting duties to another qualified party. The fund accountant shall furnish the trustees, at any regularly scheduled meeting or at such times as the trustees may request, a report on all matters pertaining to the services of the Adviser, including but not limited to, a list of the securities in the Fund and a record of brokerage commissions paid.

Section 3. Transfer Agency Services. The Adviser shall act as transfer agent, registrar, and dividend disbursing agent for the Fund, purusnt to the Transfer Agent Agreement between the Trust and the Adviser dated July 19, 2013, as may be amended or superceded from time to time (the "Transfer Agency Agreement"). Notwithstanding anything to the contrary under the Transfer Agency Agreement, the Adviser shall provide such transfer agency and related services to the Fund for no additional fee. The fee payable by the Fund to the Adviser under Section 1 of Article III of this Agreement shall constitute the compensation payable by the Fund to the Adviser for providing such transfer agency and related services.

Section 4. Fund Expenses. The Fund shall pay or provide for the payment of all its expenses not assumed by the Adviser as above provided, which expenses shall include, without limitation, taxes, interest, brokerage commissions, compensation and expenses of trustees, legal and accounting expenses, insurance premiums, custodian, the expense of issuing shares of the Fund ("Shares") under the Federal Securities laws and the regulatory authorities of the various states in which the Fund is authorized to offer Shares, association membership and meeting expenses, and the expense of preparing, mailing, e-mailing, printing or publishing online financial reports, investment newsletters, notices and prospectuses for its existing Shareholders.

ARTICLE III: FEES FOR SERVICES OF THE ADVISER

Section 1. Annual Fee. As full compensation for all services rendered and to be rendered and expenses assumed by the Adviser hereunder, the Fund shall pay to the Adviser an annual fee equal to [0.50]% of the average daily net asset value of the Fund. Such average daily net asset value shall be determined by dividing the aggregate of the daily net asset values, actually computed for each day on which the New York Stock Exchange is open, by the number of such days. The amount thus determined for each calendar month shall be paid to the Adviser as soon as practicable after the last day of such month.

Section 2. Termination. In the event of the termination of this Agreement the fee for the month in which terminated shall be that proportion of the rate for the whole month as the number of calendar days during which this Agreement is in effect during the month bears to the number of days in the whole month computed on the average daily net asset value of the Fund during such period.

Section 3. Reimbursement. Notwithstanding the foregoing provisions in this Article III, in the event that the total expenses (excluding taxes, interest and extraordinary items) of the Fund for any fiscal year exceeds the lesser of 2.00% of average daily net asset value or the expense limitation provisions established for the most restrictive state in which the Fund is registered to offer and sell Shares, the Adviser shall reimburse the Fund for such excess. Such calculation shall be made at the end of each month based on the average daily net assets in such month, on a basis consistently applied, and any reimbursement or adjustment required shall be made promptly thereafter. Any such reimbursement by the Adviser to the Fund shall not exceed the amount of the advisory fee paid or payable to the Adviser for such fiscal year.

ARTICLE IV: DISTRIBUTION

Section 1. The Fund. The Fund shall offer Shares without commission ("load") or other sales expense. The Fund shall act as its own distributor, and register where and when appropriate as an "issuer distributor." The Fund shall bear the expense of qualifying itself and any necessary personnel to sell the Fund. As the expense to the Fund is deemed warranted by the trustees, the Adviser shall cause the Fund to be registered under the various state "blue-sky" requirements.

Section 2. The Adviser. The Adviser may engage in any and all lawful activities designed to assist Fund distribution, and pay for such activities out of any part of its resources, including those fees described under Article III. The Adviser shall pay any and all expenses for printing and distributing extra prospectuses used in connection with sales and for preparing, printing and distributing sales literature. The Adviser shall pay the salaries of all persons used in the distribution of the Fund, furnish office space and facilities for such distribution activity, and pay for all collect and "800" telephone calls to the Fund.

ARTICLE V: TERM AND TERMINATION OF AGREEMENT

Section 1. Term of Agreement. This Agreement shall become effective when approved by the holders of a majority of the outstanding Shares of the Fund, and shall continue in effect for a two year period unless sooner terminated as hereinafter provided, and thereafter shall continue from year to year so long as the terms of the this Agreement and the renewal and continuance thereof have been approved at least annually by action of the trustees or a majority vote of the outstanding Shares of the Fund, but in either event it must be approved by a majority of the trustees, who are not interested persons of the Adviser, the Sub Adviser, the Trust or the Fund, casting their vote in person at a meeting called for the purpose of voting on such approval.

Section 2. Termination of Agreement. This Agreement may be terminated at any time without liability to either party by notice in writing given by the party desiring to terminate to the other not less than sixty (60) days in advance of the date specified, for termination. The Fund may take such action either by the trustees or by the affirmative vote of the holders of a majority of the outstanding Shares of the Fund.

Section 3. No Assignment. This Agreement may not be assigned by either party and shall terminate automatically upon assignment (as defined in the federal Investment Company Act of 1940).

Section 4. Amendment. This Agreement may be amended only with the approving vote of the holders of a majority of the outstanding Shares of the Fund. The vote of a majority of the outstanding Shares of the Fund means the vote, at any meeting of the Shareholders, of (1) 67% or more of the Shares present or represented by proxy, at such meeting, if the holders of more than 50% of the outstanding Shares are present or represented by proxy, or (2) more than 50% of the outstanding Shares, whichever is less.

ARTICLE VI. GENERAL

This instrument is executed by the trustees and officers of Amana Mutual Funds Trust in such capacities on behalf of the Funds. By the execution hereof all parties agree that, except to the extent limited by the provisions of the federal Investment Company Act of 1940, for the payment of any claim or the performance of any obligations hereunder, resort shall be had solely to the assets and property of the Fund and no Shareholder, trustee, officer, employee or agent of the Trust or the Fund shall be personally liable therefore. Reference is made to Articles of Trust dated March 11, 2013 which has been filed with the Delaware Secretary of State, Dover, Delaware.

IN WITNESS WHEREOF,

The parties hereto have caused this Agreement to be executed on behalf of each of them by their duly authorized officers the date and year first above written.

AMANA MUTUAL FUNDS TRUST	SATURNA CAPITAL CORPORATION
By:	By:
Name: Nicholas F. Kaiser Title: President	Name: Jane K. Carten Title: President
Attest:	Attest:
Ethel Bartolome Secretary, Amana Mutual Funds Trust	Thomas R. Phillips Secretary, Saturna Capital Corporation

EX-99.L INT CAP AGRE

Form of

Restricted Share Purchase Agreement

This Agreement, dated as of the [   ]th day of [         ], 2015 is between Saturna Capital Corporation ("Saturna") and Amana Mutual Funds Trust ("Trust") on behalf of its series, Amana Participation Fund (the "Fund").

Whereas, the Fund is a newly created series of the Trust; and

Whereas, the shares of the Fund ("Shares") are not yet being offered to the public, pending effectiveness of a registration statement with the U.S. Securities and Exchange Commission; and

Whereas, Saturna wishes to purchase and the Trust wishes to sell 10,000 Shares of the Fund to provide initial capital to the Fund, the parties agree as follows:

Simultaneously with the execution of this Agreement the Trust will issue and sell to Saturna 10,000 Shares of the Institutional Class of the Fund and Saturna will pay to the Trust $100,000 in return therefor.

Saturna acknowledges that the Shares are not being sold pursuant to an effective SEC registration statement and agrees that Saturna will not sell, transfer, or redeem the Shares prior to (i) the public offering of the Shares pursuant to an effective SEC registration statement; (ii) the withdrawal of a filed registration with respect to the Shares prior to its effectiveness; or (iii) the liquidation of the Fund.
In witness whereof, the Trust and Saturna have executed this Agreement as of the date first written above.

AMANA MUTUAL FUNDS TRUST	SATURNA CAPITAL CORPORATION
By:	By:
Name: Nicholas F. Kaiser	Name: Jane K. Carten
Title: President	Title: President

EX-99.P CODE ETH

Code of Ethics

Updated: March 2014

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

Preamble

Our clients' interests come first. We must avoid even the appearance of impropriety. We must not take inappropriate advantage of our positions and access to information.

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

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

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

Section 1 — Definitions

• "Adviser" means Saturna Capital Corporation, including any of its subsidiaries. Adviser does not include any consultant or sub-advisor whose only role is to advise on general principles.
• "Access Person" means (1) any director, officer, or employee of the Adviser (or of any company controlled by the Adviser) and (2) any Fund trustee:
  1. who in connection with his regular functions or duties, makes, participates in, or has access to information regarding security transactions by any client of the Adviser, or whose functions relate to the making of any recommendations with respect to such transactions; and
  2. any natural person in a control relationship to any client of the Adviser who obtains information concerning recommendations made to the client concerning security transactions.
• "Beneficial Ownership" has the same meaning as used in Rule 16a-1(a)(2) under the U.S. Securities Exchange Act of 1934. "Direct or indirect beneficial ownership" means direct or indirect influence or control or ownership of any beneficial interest. The terms of Rule 16a are incorporated herein by reference and shall control any determination hereunder.In general, and without limiting the foregoing, a person has Beneficial Ownership in any securities held
  1. by members of a person's immediate family sharing the same household; provided, however, that the presumption of such Beneficial Ownership may be rebutted; or
  2. by related partnerships, trusts, corporations or other arrangements.
• "Business Entertainment" means ordinary and usual business entertainment such as an occasional meal, ticket to a sporting event or theater, or comparable entertainment, so long as it is neither so frequent nor so extensive as to raise any question of propriety and the person providing the Business Entertainment must accompany the recipient to any such function.
• "Chief Compliance Officer" means the person designated by the Adviser and the Fund to act in that capacity under Rule 38a1 of the U.S. Investment Company Act of 1940 or similar authority. Any action, duty or responsibility delegated to the Chief Compliance Officer under this Code of Ethics may, in his absence, (and shall, with respect to actions involving the personal transactions of the Chief Compliance Officer) be performed by another Compliance Officer or the President. Any action, duty or responsibility of Saturna Capital's Chief Compliance Officer under this Code is the responsibility of the Compliance Officer of a subsidiary where such Officer is employed.
• "Control" means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company. There is a presumption of control on the part of any person who owns beneficially 25% of the voting securities of the company.
• "Disinterested Trustee" means a trustee of a Fund who is not an Interested Person of the Fund. Only for purposes of this Code, Disinterested Trustee shall include a trustee of a Fund who, though an Interested Person of the Adviser by virtue being solely a consultant to a Fund, is not an employee, officer or director of the Adviser.
• "Fund" means any U.S. registered investment company adopting this Code of Ethics.
• "Gift" includes anything of value, but does not include ordinary and usual "Business Entertainment".
• "Interested Person" of another person means, when used with respect to a Fund:
  1. any affiliated person of such company,
  2. any member of the immediate family of any natural person who is an affiliated person of such company,
  3. any Interested Person of any investment adviser or principal underwriter for such company,
  4. any person or partner or employee of any person who at any time since the beginning of the last two fiscal years of such company has acted as legal counsel for such company,
  5. any broker or dealer registered under the Securities Exchange Act of 1934 or any affiliated person of such a broker or dealer, and
  6. any natural person whom the Securities and Exchange Commission by order shall have determined to be an Interested Person by reason of having had, at any time since the beginning of the last two fiscal years of such company, a material business or professional relationship with such company or with the principal executive officer of such company or with any other investment company having the same investment adviser or principal underwriter or with the principal executive officer of such other investment company. Provided that no person, or member of his immediate family, shall be deemed to be an Interested Person of a Fund solely because of his being a member of its board of trustees or advisory board or an owner of its securities. Solely for the purpose of defining Interested Person "member of the immediate family" means any parent, spouse of a parent, child, spouse of a child, spouse, brother, or sister, and includes step and adoptive relationships.
• "President" means the president of Saturna Capital, the president of a subsidiary of Saturna Capital relating to employees of that subsidiary, or the president of a Fund.
• "Purchase or sale of a security" includes, among other things, the purchase or sale of a derivative (such as an option or future) to purchase or sell a security. A security is "being considered for purchase or sale" when a recommendation to purchase or sell a security has been made and communicated and, with respect to the person making the recommendation, when that person seriously considers making such a recommendation.
• "Reporting Account" means the account(s) maintained by Access Persons for reporting transactions covered by this Code on Saturna's own portfolio system (NEPTUNE), or on any other portfolio system having the monitoring functionality required by the Chief Compliance Officer.
• "Security" means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, investment fund (including mutual funds, hedge funds, unit trusts, and exchange-traded funds) certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, pre-organization certificate or subscription, transferable share, investment contract, option or right to purchase or sell, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing. Security does not include direct obligations of a sovereign government (including short-term debt securities that are government securities within the meaning of law), bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements, other high-quality short-term debt instruments, and securities based upon a recognized market index [including derivatives (such as options or futures) based on a market index].
• "Security held or to be acquired" by a client means any security (including any option on a security and any security that is convertible into or exchangeable for) which, within the most recent fifteen (15) days:
  1. is or has been held by such client, or
  2. is being or has been considered by such client or the Adviser for purchase by such client.

Section 2 — Exempted Transactions

The transaction prohibitions of Section 3 of this Code shall not apply to:

1. Securities not Eligible for Clients. Transactions in securities that are not eligible for purchase or sale by any client.
2. Non-volitional Transactions. Transactions that are non-volitional by either the Access Person or any client (including transactions with respect to which such Access Person has no actual advance knowledge of a given trade).
3. No Control. Transactions effected in any account over which the Access Person has no direct or indirect influence or control.
4. Automatic Investment Plans. Transactions made automatically in accordance with a predetermined schedule and allocation, such as dividend reinvestment plans.
5. Rights Offerings. Purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of rights so acquired.
6. Approved Transactions. Transactions that receive the prior approval of the Chief Compliance Officer on the basis that they do not present the types of conflicts of interest or potential harm intended to be covered by this Code of Ethics.
7. Disinterested Trustees. Transactions by a Fund Disinterested Trustee, or Fund Officer who is not an affiliated person of the Adviser, are subject to the provisions of Sections 3 and 5 only if the Trustee/Officer, at the time of that transaction, knew or, in the ordinary course of fulfilling his official duties as a Trustee/Officer, should have known that, during the fifteen calendar day period immediately preceding or after the date of the transaction by the Trustee/Officer, such security was purchased or sold by the Fund or was being considered for purchase or sale for clients of its Adviser.
8. Insignificant Position.
   1. Transactions that result in an open (long or short) security position (or derivatives thereon) no larger than $10,000 USD or foreign equivalent. This provision does not apply to Initial Public Offerings or Private Placements.
   2. Transactions that result in an open (long or short) security position (or derivatives thereon) no larger than 1% of the average daily trading volume for the last month.
   3. Transactions that result in an open security position no larger than 2,000 shares (or derivatives thereon) for any stock in the Standard & Poor's 500 Index, or 500 shares (or derivatives thereon) for any stock in the Standard & Poor's 400 Mid-Cap Index or Standard & Poor's 600 Small-Cap Index.
   4. Transactions that result in an open security position no larger than 500 shares (or derivatives thereon) for any stock in the primary equity index of the primary security exchange of any country.
9. Exchange Act Section 28(e) transactions. Transactions executed by Saturna Brokerage Services for a Fund within the safe harbor of Section 28(e) of the Exchange Act of 1934 will not be deemed to violate the Act's Section 17(e) general prohibitions.
10. Not a Security. Transactions in investments specifically stated as not being a Security in the Section 1 definitions, nor transactions in separately managed accounts of a registered investment adviser.

Section 3 — Prohibited Transactions

After applying the transaction exemptions of Section 2 of this Code:

1. Pre-Clearance Required. No Access Person shall purchase or sell, directly or indirectly, any security in which he has, or because of such transaction acquires, any direct or indirect Beneficial Ownership without first obtaining the permission of the Chief Compliance Officer, who shall make reasonable inquiry as to the trading or proposed trading or pending purchase or sale orders by clients of the Adviser in such security. The Adviser will maintain records of the approval of, and rationale supporting, the acquisition of investments in IPO's and private placements for at least five years after the end of the fiscal year in which the approval is granted.
2. Conflicting Trades. No Access Person shall purchase or sell, directly or indirectly, any security in which he has, or because of such transaction acquires, any direct or indirect Beneficial Ownership, if the person knows at the time of the transaction that the security
   1. is being considered, or within five calendar days preceding the proposed transaction has been considered, for purchase or sale by any client; or
   2. is being purchased or sold by any client, or was purchased or sold by a client within the five calendar days preceding the Access Person's transactions; or
   3. is designated by the Adviser as a "Recommended Security" for consideration of client purchase or sale. However, an Access Person may participate as part of a "bunch" order with clients simultaneously purchasing or selling a security. The Adviser must determine that, for each transaction, bundling is consistent with best execution and no client is favored.
   In appropriate cases the Chief Compliance Officer may waive such prohibition in his discretion if all client trades have been cleared or executed.
3. Initial Public Offerings. No Access Person may purchase, directly or indirectly, any security in which he has or because of such transaction acquires, any direct or indirect Beneficial Ownership and which to his actual knowledge at the time of such purchase or sale, is the subject of an initial public offering. An initial public offering means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934.
4. Private Placements. No Access Person may purchase, directly or indirectly, any security in which he has or because of such transaction acquires, any direct or indirect Beneficial Ownership, if such transaction is not in the open market, or if such transaction is made pursuant to any exemption from the registration provisions of the federal securities laws unless such transaction has been approved in advance by the Chief Compliance Officer.
   Provided, that in determining whether to grant permission for such private placement, the Chief Compliance Officer shall consider, among other things, whether such offering should be reserved for a Fund or other client of the Adviser, and whether such transaction is being offered to the person because of his or her position with the Adviser.
   Provided further, that any such person who has received such permission shall be required to disclose such an investment when participating in any subsequent consideration of such security for purchase or sale by clients of the Adviser, and that the decision to purchase or sell such security should be made by persons with no personal direct or indirect interest in the security.
5. Principal Transactions. No Access Person nor the Adviser may effect a transaction as principal with a client.
6. Short-swing trades. No Access Person may purchase then sell, or sell then repurchase, any security within 10 calendar days. The Chief Compliance Officer may, for good cause shown, permit a short-swing trade, but shall record the reasons and grant of permission with the records of the Code.

Section 4 — Prohibited Activities

1. Gifts and Gratuities
   1. Limit on Gifts: No Access Person, whether directly or indirectly, shall give or receive a Gift in excess of $100 per year to or from any person associated in any capacity with another firm. All Gifts must be reported to the Chief Compliance Officer within 30 days of receipt.
   2. Business entertainment: No Access Person may provide Business Entertainment to any person from whom Saturna is soliciting business or with whom Saturna is conducting business, in excess of the dollar limit applicable to such person as established by the President or Chief Financial Officer of Saturna. For purposes of this rule, trustees of the Funds and investment advisory clients of Saturna are not considered to be "doing business" with Saturna.
   3. Payment or Reimbursement of Expenses. Payments of an Access Person's or trustee's ("Attendee") expenses in connection with meetings held by an offeror or by a securities brokerage firm, for the purpose of training or education of the Attendee may be received, provided that:
      • The Attendee keeps, including all compensation received, the name of the offeror or brokerage firm, the amount of cash received, and the nature and, if known, value of any non-cash compensation;
      • The Attendee obtains the President's or Chief Compliance Officer's prior approval to attend the meeting;
      • The location is appropriate to the purpose of the meeting, which shall mean an office of the offeror or the brokerage firm, or a facility located in the vicinity of such office, or a regional location with respect to regional meetings;
      • The payment or reimbursement is not applied to the expenses of guests of the Attendee; and
      • The payment or reimbursement by the offeror or brokerage firm is not subject to any conditions.
      The limits of this paragraph shall not apply to any expenses incurred by any Fund or trustee which are paid by the Adviser in connection with any meeting, conference, education or other activity of any kind related to business of a Fund.
2. Directorships. No Access Person shall serve as director of any publicly traded company without first obtaining approval of the President. Any such approval shall be based on a determination by the President that such board service will be consistent with the interests of the clients of the Adviser, and that such person serving as a director will be isolated from those making investment decisions with respect to such company by appropriate procedures. At the direction of the President, in his or her sole discretion, such person may be required to resign from such directorship.
3. Brokerage accounts. No Access Persons may, directly or indirectly, have an interest in any brokerage or trading account outside of the Reporting Account. Access Persons shall arrange to transfer outside accounts to a Reporting Account upon employment.
   1. The President may permit, in unusual circumstances and for good cause, an Access Person to maintain an account other than the approved brokerage Reporting Account.
   2. If an Access Person is permitted to maintain an account not with Saturna Brokerage Services, then the Access Person
      1. must have no advance knowledge or control of any transaction in such account, and
      2. shall be responsible for maintaining on a mirroring Reporting Account an accurate history of all security transactions that are required to be reported under this Code, and
      3. shall instruct the manager or custodian with which such account is maintained to send copies of security transaction confirmations and periodic statements directly to the Chief Compliance Officer.
4. Short Sales and Derivatives.
   1. No Access Person may sell short any security on the Adviser's Recommended List. Portfolio managers may not conduct short sales of any security
   2. No Access Person may purchase any derivative or other security in combination with any other derivatives or securities from which the Access Person would, directly or indirectly, benefit from a price decline in any stock on the Recommended List.
5. Waivers. The Chief Compliance Officer, in unusual circumstances and for good cause shown, may recommend to an ad hoc committee consisting of the Chief Compliance Officer plus one other director of Saturna, the waiver of any of the prohibitions in Section 3 and Section 4 as to any particular set of circumstances, and such prohibition may be waived in such limited circumstances by such ad hoc committee. A copy of the minutes of their deliberations shall be maintained with the records regarding enforcement of this Code of Ethics.

Section 5 — Reporting

1. Reporting Accounts.
   1. As provided in Section 4(c), Access Persons who own or trade Securities must maintain Saturna brokerage and/or mutual fund accounts, hold all of their Securities in those accounts, and perform all trading through those accounts. Investments defined in Section 1 as not being a Security and in non-Saturna investment funds (such as mutual funds) do not need to be held, reported or traded with Saturna Brokerage Services. Transactions in Saturna Funds are automatically reported via the Saturna transfer agent system.
   2. Reporting Accounts are marked as "employee" registrations to facilitate monitoring.
   3. Access Persons may keep records of securities in which they have indirect Beneficial Ownership in separate Reporting Account(s) from those in which they have direct Beneficial Ownership, or may combine those holdings in a single Reporting Account.
2. Trade reporting.
   1. If not done automatically, Access Persons shall report transactions in any security in which such person has, or because of such transaction acquires, any direct or indirect Beneficial Ownership.
   2. Every report shall be made not later than ten (10) days after the end of the execution of the transaction, and shall contain the following information:
      1. The date of the transaction, the title and the number of shares, and the principal amount of each security involved;
      2. The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);
      3. The price at which the transaction was effected;
      4. The name of the broker, dealer, fund distributor, or bank with or through whom the transaction was effected; and
      5. The date that the report was submitted.
3. Review of reports.
   1. The Chief Compliance Officer shall be responsible for a quarterly review, as prepared by the Reporting Account system, which compares Reporting Account securities transactions of Access Persons with completed portfolio transactions of clients to determine whether a violation of this Code of Ethics may have occurred. The Adviser will provide each Access Person with a list of the Reporting Accounts identified as relating to that person.
   2. At their first regular meeting in each calendar year, the Fund boards must be provided and review an annual report from the Adviser on compliance for the previous year. The Boards must receive a certification that the Fund and the Adviser "have adopted procedures reasonably necessary to prevent Access Persons from violating" their codes (a) before approving this Code of Ethics and (b) "not less frequently than annually" thereafter. The annual report to the Fund boards must describe any issues and material violations arising under this Code since the last report.
4. Not considered admission. Any such report may contain a statement that the report shall not be construed as an admission by the person making such report that he has any direct or indirect Beneficial Ownership in the security to which the report relates.
5. Certification.
   1. No later than 10 days after becoming an Access Person, each Access Person shall meet with the Chief Compliance Officer to discuss the requirements of this Code. For the date the person became an Access Person, the Access Person shall deliver a record of all Securities (including name and quantity) in which the Access Person has a direct or indirect Beneficial Ownership, including the name of any broker, dealer or bank with whom the Access Person maintained an account. The Access Person shall provide evidence that the Access Person has made provision to open an account with Saturna Brokerage Services or another approved brokerage firm, and as soon as practicable, arrange to transfer all Securities holdings to that account and close any previous outside accounts.
   2. At the end of the first month of employment, the Access Person shall demonstrate that he has completed the process of closing all outside accounts and moving all holdings to the approved brokerage firm. The Chief Compliance Officer will provide appropriate guidance and assistance to the Access Person if needed to complete the process.
   3. In conjunction with the Adviser's annual employee compliance meeting (normally held in August), and more frequently if instructed by the Chief Compliance Officer, all Adviser personnel shall certify (a) the accuracy of the inventory of their Reporting Account securities holdings, and (b) to their knowledge of and compliance with this Code of Ethics.
   4. An Access Person's willful non-compliance with completion of this process shall be considered a violation of this Code of Ethics.

Section 6 — Disclosures

1. Fund trustee disclosures. Primarily through an annual questionnaire, Fund trustees must disclose ownership interests in Fund securities, qualifications for their Fund positions, compensation, meeting attendance, potential conflicts of interest, and other details specified in SEC regulations. Questions are directed to Fund legal counsel or the Chief Compliance Officer.
2. Code of Ethics disclosure. Funds disclose in their registration statements (1) that the Funds and the Adviser have adopted this Code of Ethics, (2) that this Code permits personnel to invest in securities for their own accounts, and (3) that this Code is on public file, and available from, the SEC. This Code of Ethics is filed as an exhibit to the Funds' registration statements and is available online at Saturna websites.
3. Investment recommendation disclosures. No person may recommend or attempt to cause any securities transactions by a client or participate in any investment decision without disclosing his interest in the securities.
4. Insider Trading.
   1. Persons obtaining material nonpublic information shall refrain from disclosing that information to anyone. Additionally, no person may trade in the securities to which the information relates.
   2. Persons who are aware of the misuse of material nonpublic information should report such to the Chief Compliance Officer.

Section 7 — Sanctions

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

1. letter of censure;
2. suspension or termination of the employment;
3. reversal of a securities trade at the violator's expense and risk, including disgorgement of any profit; and
4. in serious cases, referral to law enforcement or regulatory authorities.

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Amana Mutual Funds Trust N-1A July 15, 2015