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Form N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-04276

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)

Nicholas F. Kaiser
1300 N. State Street
Bellingham, Washington 98225-4730
(Name and Address of Agent for Service)

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

Date of fiscal year end: May 31, 2016
Date of reporting period: February 29, 2016

Item 1. Schedule of Investments

The unaudited schedule of investments as of the close of the reporting period is as follows:

Amana Mutual Funds Trust, Income Fund

Common Stocks — 97.6% Number of Shares Market Value Percentage of Assets
 
Consumer Discretionary  
 
Apparel, Footwear & Accessory Design
    Nike 760,000 $46,808,400 3.8%
 
Auto Parts
    Johnson Controls 500,000 18,230,000 1.5%
 
Automotive Wholesalers
    Genuine Parts 400,000 36,060,000 3.0%
 
Home Improvement
    Stanley Black & Decker 100,000 9,401,000 0.8%
 
  110,499,400 9.1%
 
Consumer Staples  
 
Beverages
    PepsiCo 250,000 24,455,000 2.0%
 
Household Products
    Colgate-Palmolive 600,000 39,384,000 3.3%
    Kimberly-Clark 300,000 39,090,000 3.2%
    Procter & Gamble 150,000 12,043,500 1.0%
    Unilever ADS 325,000 13,916,500 1.1%
  104,434,000 8.6%
 
Packaged Food
    General Mills 600,000 35,310,000 2.9%
    JM Smucker 230,000 29,341,100 2.4%
    McCormick & Co 300,000 27,978,000 2.3%
  92,629,100 7.6%
 
  221,518,100 18.2%
 
Energy  
 
Refining & Marketing
    Phillips 66 210,000 16,671,900 1.4%
 
  16,671,900 1.4%
 
Health Care  
 
Health Care Supplies
    Becton, Dickinson & Co. 150,000 22,117,500 1.8%
 
Large Pharma
    AbbVie 350,000 19,113,500 1.6%
    Bristol-Myers Squibb 650,000 40,254,500 3.3%
    Eli Lilly 620,000 44,640,000 3.7%
    GlaxoSmithKline ADS 400,000 15,468,000 1.3%
    Johnson & Johnson 180,000 18,937,800 1.6%
    Novartis ADS 450,000 31,999,500 2.6%
    Pfizer 1,150,000 34,120,500 2.8%
  204,533,800 16.9%
 
Life Science Equipment
    Abbott Laboratories 350,000 13,559,000 1.1%
 
  240,210,300 19.8%
 
Industrials  
 
Aircraft & Parts
    United Technologies 250,000 24,155,000 2.0%
 
Commercial & Residential Building Equipment & Systems
    Honeywell International 400,000 40,540,000 3.3%
 
Courier Services
    United Parcel Service 300,000 28,965,000 2.4%
 
Flow Control Equipment
    Parker Hannifin 275,000 27,830,000 2.3%
 
Industrial Automation Controls
    Emerson Electric 390,000 19,043,700 1.6%
 
Industrial Distribution & Rental
    W.W. Grainger 80,000 17,352,000 1.4%
 
Industrial Machinery
    Illinois Tool Works 500,000 47,125,000 3.9%
 
Measurement Instruments
    Rockwell Automation 325,000 33,829,250 2.8%
 
Rail Freight
    Canadian National Railway 534,000 30,918,600 2.6%
 
  269,758,550 22.3%
 
Materials  
 
Agricultural Chemicals
    Potash Corp of Saskatchewan 192,400 3,259,256 0.3%
 
Basic & Diversified Chemicals
    Air Products & Chemicals 225,000 29,805,750 2.5%
    Methanex 300,000 9,501,000 0.8%
    Praxair 220,000 22,393,800 1.8%
  61,700,550 5.1%
 
Containers & Packaging
    3M 260,000 40,786,200 3.4%
 
Non-Wood Building Materials
    Carlisle 330,000 29,752,800 2.4%
 
Specialty Chemicals
    E.I. du Pont de Nemours 500,000 30,435,000 2.5%
    PPG Industries 400,000 38,612,000 3.2%
    RPM International 180,000 7,353,000 0.6%
  76,400,000 6.3%
 
  211,898,806 17.5%
 
Technology  
 
Infrastructure Software
    Microsoft 750,000 38,160,000 3.1%
 
Semiconductor Devices
    Intel 700,000 20,713,000 1.7%
    Microchip Technology 600,000 26,694,000 2.2%
  47,407,000 3.9%
 
Semiconductor Manufacturing
    Taiwan Semiconductor ADS 850,048 20,018,630 1.7%
 
  105,585,630 8.7%
 
Utilities  
 
Utility Networks
    National Fuel Gas 170,000 7,765,600 0.6%
 
  7,765,600 0.6%
 
Total investments (Cost = $617,814,762) 1,183,908,286 97.6%
Other assets (net of liabilities)   28,683,183 2.4%
Total net assets   $1,212,591,469 100.0%
ADS: American Depositary Share
ADR: American Depositary Receipt

 

Amana Mutual Funds Trust, Growth Fund

Common Stocks — 97.9% Number of Shares Market Value Percentage of Assets
 
Communications  
 
Internet Media
    Alphabet, Class A¹ 55,000 $39,447,100 2.4%
 
  39,447,100 2.4%
 
Consumer Discretionary  
 
Auto Parts
    Gentex 800,000 11,648,000 0.7%
 
Automotive Wholesalers
    Genuine Parts 100,000 9,015,000 0.6%
 
Home & Office Product Wholesalers
    Fastenal 600,000 27,174,000 1.6%
 
Home Products Stores
    Lowe's 790,000 53,348,700 3.2%
 
Specialty Apparel Stores
    TJX Companies 800,000 59,280,000 3.6%
 
  160,465,700 9.7%
 
Consumer Staples  
 
Beverages
    PepsiCo 400,000 39,128,000 2.4%
 
Household Products
    Church & Dwight 800,000 72,608,000 4.4%
    Clorox 290,000 36,661,800 2.2%
    Estee Lauder 640,000 58,451,200 3.5%
  167,721,000 10.1%
 
  206,849,000 12.5%
 
Health Care  
 
Biotech
    Amgen 532,440 75,755,563 4.6%
    Celgene¹ 200,000 20,166,000 1.2%
  95,921,563 5.8%
 
Health Care Services
    VCA Antech¹ 620,000 31,638,600 1.9%
 
Health Care Supply Chain
    Express Scripts Holding¹ 650,000 45,747,000 2.8%
 
Large Pharma
    Eli Lilly 650,000 46,800,000 2.8%
    Johnson & Johnson 420,000 44,188,200 2.7%
    Novartis ADS 550,000 39,110,500 2.4%
    Novo Nordisk ADS 1,100,000 56,540,000 3.4%
  186,638,700 11.3%
 
Life Science Equipment
    Agilent Technologies 900,000 33,615,000 2.0%
 
Medical Devices
    Stryker 300,000 29,964,000 1.8%
 
Medical Equipment
    Dentsply International 275,000 16,764,000 1.0%
 
  440,288,863 26.6%
 
Industrials  
 
Aircraft & Parts
    Harris 390,000 30,427,800 1.8%
 
Building Sub Contractors
    EMCOR Group 700,000 32,109,000 1.9%
 
Measurement Instruments
    Keysight Technologies¹ 450,000 11,740,500 0.7%
    Trimble Navigation¹ 1,700,000 39,542,000 2.4%
  51,282,500 3.1%
 
Metalworking Machinery
    Lincoln Electric 400,000 21,828,000 1.3%
 
Rail Freight
    Norfolk Southern 380,000 27,804,600 1.7%
    Union Pacific 392,654 30,964,695 1.9%
  58,769,295 3.6%
 
  194,416,595 11.7%
 
Materials  
 
Agricultural Chemicals
    Potash Corp of Saskatchewan 731,260 12,387,544 0.7%
 
  12,387,544 0.7%
 
Technology  
 
Application Software
    Adobe Systems¹ 900,000 76,635,000 4.6%
    Intuit 764,000 73,832,960 4.5%
    SAP ADS 316,379 23,835,994 1.4%
  174,303,954 10.5%
 
Communications Equipment
    Apple 700,000 67,683,000 4.1%
    Cisco Systems 1,800,000 47,124,000 2.8%
  114,807,000 6.9%
 
Information Services
    Gartner¹ 250,000 20,600,000 1.2%
 
Infrastructure Software
    Akamai Technologies¹ 650,000 35,080,500 2.1%
    Oracle 650,000 23,907,000 1.5%
  58,987,500 3.6%
 
IT Services
    Convergys 511,033 13,174,431 0.8%
    Infosys ADS 1,600,000 26,912,000 1.6%
  40,086,431 2.4%
Semiconductor Devices
    Qualcomm 800,000 40,632,000 2.5%
    SanDisk 370,000 26,736,200 1.6%
    Xilinx 600,000 28,332,000 1.7%
  95,700,200 5.8%
 
Semiconductor Manufacturing
    ASML 385,000 35,042,700 2.1%
    Taiwan Semiconductor ADS 1,243,297 29,279,644 1.8%
  64,322,344 3.9%
 
  568,807,429 34.3%
 
Total investments (Cost = $742,247,683) 1,622,662,231 97.9%
Other assets (net of liabilities)   34,153,392 2.1%
Total net assets   $1,656,815,623 100.0%
¹ Non-income producing security

ADS: American Depositary Share
ADR: American Depositary Receipt

 

Amana Mutual Funds Trust, Developing World Fund

Common Stocks — 82.9% Number of Shares Market Value Country¹ Percentage of Assets
Communications  
 
Internet Media
    Baidu ADS² 3,500 $606,970 China³ 2.6%
 
Telecom Carriers
    Advanced Info Service 79,000 377,491 Thailand 1.6%
    China Mobile ADS 9,000 481,410 China 2.1%
    Telekomunikasi Indonesia ADS 15,000 735,750 Indonesia 3.1%
    Telenor 10,000 149,029 Malaysia³ 0.6%
  1,743,680   7.4%
 
  2,350,650   10.0%
 
Consumer Discretionary  
 
Apparel, Footwear & Accessory Design
    Samsonite International 259,800 756,506 Hong Kong³ 3.2%
    VF Corp 12,000 781,320 United States 3.3%
  1,537,826   6.5%
 
Automobiles
    Ford Otomotiv Sanayi 40,000 471,134 Turkey 2.0%
 
E-Commerce Discretionary
    MercadoLibre 7,000 712,320 Brazil³ 3.0%
 
Jewelry & Watch Stores
    Pandora A/S 4,000 504,360 Denmark 2.2%
 
  3,225,640   13.7%
 
Consumer Staples  
 
Food & Drug Stores
    Clicks Group 98,000 575,199 South Africa 2.5%
 
Household Products
    Colgate-Palmolive 8,000 525,120 United States 2.2%
    Kimberly-Clark de Mexico 210,000 461,004 Mexico 2.0%
    Unilever ADS 14,700 629,454 United Kingdom 2.7%
  1,615,578   6.9%
Packaged Food
    Danone ADS 37,000 515,040 France 2.2%
    Indofood CBP Sukses Makmur 250,000 294,131 Indonesia 1.2%
    Mead Johnson Nutrition 6,000 442,560 United States 1.9%
  1,251,731   5.3%
 
  3,442,508   14.7%
 
Energy  
 
Exploration & Production
    CNOOC ADS 3,300 346,830 China 1.5%
 
Midstream-Oil & Gas
    Petronas Gas 70,000 366,310 Malaysia 1.5%
 
  713,140   3.0%
 
Financials  
 
Islamic Banking
    BIMB Holdings 531,000 454,697 Malaysia 1.9%
 
Real Estate Owners & Developers
    SM Prime Holdings 1,610,000 700,263 Philippines 3.0%
 
  1,154,960   4.9%
 
Health Care  
 
Generic Pharma
    Aspen Pharmacare 28,000 497,457 South Africa 2.1%
    Dr. Reddy's Laboraties ADR 12,000 527,760 India 2.3%
  1,025,217   4.4%
 
Health Care Facilities
    Bangkok Dusit Medical Services 1,250,000 757,306 Thailand 3.2%
    IHH Healthcare 300,000 456,149 Malaysia 2.0%
    KPJ Healthcare 633,998 657,442 Malaysia 2.8%
  1,870,897   8.0%
 
Life Science Equipment
    Abbott Laboratories 12,000 464,880 United States 2.0%
 
Medical Devices
    Mindray Medical International ADS 13,000 361,400 China³ 1.5%
 
Specialty Pharma
    Genomma Lab Internacional² 273,500 177,707 Mexico 0.7%
    Kalbe Farma 4,500,000 437,706 Indonesia 1.9%
  615,413   2.6%
 
  4,337,807   18.5%
 
Industrials  
 
Agricultural Machinery
    Turk Traktor ve Ziraat Makineleri 18,000 478,625 Turkey 2.0%
 
Rail Freight
    Kansas City Southern Industries 6,500 531,115 United States 2.3%
 
  1,009,740   4.3%
 
Technology  
 
Application Software
    Tencent Holdings ADR 26,000 477,100 China 2.0%
 
Computer Hardware & Storage
    Lenovo Group Ltd. 400,000 333,423 China 1.4%
 
IT Services
    Infosys ADS 28,000 470,960 India 2.0%
 
  1,281,483   5.4%
 
Utilities  
 
Power Generation
    Aboitiz Power 815,000 735,727 Philippines 3.1%
    Manila Electric 80,000 546,822 Philippines 2.4%
  1,282,549   5.5%
 
Utility Networks
    Enersis ADS 10,000 126,400 Chile 0.5%
    Hong Kong & China Gas 317,000 557,249 China 2.4%
  683,649   2.9%
 
  1,966,198   8.4%
 
Total Common Stock   19,482,126   82.9%
 
Warrants — 0.0% Number of Shares Market Value Country¹ Percentage of Assets
 
Financials  
 
Islamic Banking
    BIMB Holdings Warrants² 80,000 $5,232 Malaysia 0%4
 
  5,232   0%
 
Total Warrants   5,232   0.0%
 
Total investments (Cost = $19,151,658) 19,487,358   82.9%
Other assets (net of liabilities)   4,006,660   17.1%
Total assets   $23,494,018   100.0%
¹ Country of domicile unless otherwise indicated
² Non-Income producing security
³ Denotes a country or region of primary exposure
4 Amount is less than 0.05%

ADS: American Depositary Share
ADR: American Depositary Receipt

 

Amana Mutual Funds Trust, Participation Fund

Corporate Sukuk — 41.9% Coupon / Maturity Face Amount Market Value Country¹ Percentage of Assets
 
Energy  
 
    Petronas Global Sukuk² 2.707% due 03/18/2020 $750,000 $746,435 Malaysia 5.7%
 
  750,000 746,435   5.7%
 
Financials  
 
    DIB Sukuk Ltd³ 2.921% due 06/03/2020 750,000 737,812 United Arab Emirates 5.6%
    Noor Sukuk Co Ltd³ 2.788% due 04/28/2020 500,000 484,257 United Arab Emirates 3.7%
    QIB Sukuk Ltd³ 2.754% due 10/27/2020 500,000 494,750 Qatar 3.7%
    Sukuk Funding No3 Ltd³ 4.348% due 12/03/2018 750,000 773,438 United Arab Emirates 5.8%
    Tamweel Funding Ltd³ 5.154% due 01/18/2017 500,000 510,625 United Arab Emirates 3.9%
    TF Varlik Kiralama As³ 5.375% due 04/24/2019 500,000 513,625 Turkey 3.9%
 
  3,500,000 3,514,507   26.6%
 
Industrials  
 
    DP World Sukuk Ltd² 6.25% due 07/02/2017 500,000 523,500 United Arab Emirates 4.0%
 
  500,000 523,500   4.0%
 
Utilities  
 
    Saudi Electric Global Sukuk² 4.00% due 04/08/2024 750,000 744,525 Saudi Arabia 5.6%
 
  750,000 744,525   5.6%
 
Total Corporate Sukuk 5,500,000 5,528,967   41.9%
 
Government Sukuk — 26.4% Coupon / Maturity Face Amount Market Value Country¹ Percentage of Assets
 
Foreign Government Sukuk  
 
    Hazine Mustesarligi Varlik Kiralama² 2.803% due 03/26/2018 $750,000 $738,788 Turkey 5.6%
    Perusahaan Penerbit SBSN III² 6.125% due 03/15/2019 500,000 546,250 Indonesia 4.1%
    RAK Capital³ 3.094% due 03/31/2025 1,000,000 949,186 United Arab Emirates 7.2%
    Sharjah Sukuk Ltd³ 3.764% due 09/17/2024 750,000 743,475 United Arab Emirates 5.6%
    SOQ Sukuk A Q.S.C³ 3.241% due 01/18/2023 500,000 509,875 Qatar 3.9%
 
  3,500,000 3,487,574   26.4%
 
Total investments (Cost = $9,081,573) $9,000,000 9,016,541   68.3%
Other assets (net of liabilities)     4,183,077   31.7%
Total net assets     $13,199,618   100.0%

¹ Country of domicile

² Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in public offering registered under the Securities Act of 1933. These securities have been deemed liquid under guidelines approved by the Trust's Board of Trustees. At February 29, 2016, the net value of these securities was $3,299,498, representing 25.0% of net assets.

³ Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. These securities have been deemed liquid under guidelines approved by the Trust's Board of Trustees. At February 29, 2016, the aggregate value of these securities was $5,717,043, representing 43.3% of net assets.

 

Organization:

Amana Mutual Funds Trust (the "Trust") was organized as a Delaware Statutory Trust on March 11, 2013, and is the successor to Amana Mutual Funds Trust, an Indiana Business Trust ("Prior Trust") organized on July 26, 1984, pursuant to a reorganization on July 19, 2013.

Security valuation:

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

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

In cases in which there is not a readily available market price, a fair value for such security is determined in good faith by or under the direction of the Board of Trustees.

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

Fair Value Measurements Disclosure:

The Funds have adopted authoritative fair valuation accounting standards, which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below.

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

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

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

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

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

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

The following is a summary of the inputs used as of February 29, 2016, in valuing the Funds' investments carried at value:

Funds Level 1
Quoted Price
Level 2
Significant Observable Input
Level 3
Significant Unobservable Input
Total
Income Fund
Common Stocks¹ $1,183,908,286 $ – $ – $1,183,908,286
Total Assets $1,183,908,286 $ – $ – $1,183,908,286
 
Growth Fund
Common Stocks¹ $1,622,662,231 $ – $ – $1,622,662,231
Total Assets $1,622,662,231 $ – $ – $1,622,662,231
 
Developing World Fund
Common Stocks
    Communications $1,824,130 $526,520 $ – $2,350,650
    Consumer Discretionary $1,493,640 $1,732,000 $ – $3,225,640
    Consumer Staples $2,112,174 $1,330,334 $ – $3,442,508
    Energy $346,830 $366,310 $ – $713,140
    Financials $ – $1,154,960 $ – $1,154,960
    Health Care $1,354,040 $2,983,767 $ – $4,337,807
    Industrials $531,115 $478,625 $ – $1,009,740
    Technology $948,060 $333,423 $ – $1,281,483
    Utilities $126,400 $1,839,798 $ – $1,966,198
Total Common Stocks $8,736,389 $10,745,737 $ – $19,482,126
Warrants $ – $5,232 $ – $5,232
Total Assets $8,736,389 $10,750,969 $ – $19,487,358
 
Participation Fund
    Corporate Sukuk $ – $5,528,967 $ – $5,528,967
    Government Sukuk $ – $3,487,574 $ – $3,487,574
Total Assets $ – $9,016,541 $ – $9,016,541

¹ See Schedule of Investments for industry breakout.

During the period ended February 29, 2016, no Fund had transfers between Level 1 and Level 2.

Derivative instruments and hedging activities:

The Funds have adopted the financial accounting reporting rules required by the Derivatives and Hedging Topic of the FASB Accounting Standards Codification. The Funds are required to include enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity's results of operations and financial position.

During the fiscal period ended February 29, 2016, the Funds held positions in rights offerings as a result of actions taken by the board of directors of the underlying companies. Rights offerings are issued to existing shareowners of companies and allow shareowners to purchase additional company shares, generally at a discount to the current market price, prior to a set expiration date. As a result of exercising certain rights offerings, the Funds received warrants. Holders of warrants have the right to purchase additional securities directly from the issuer at a set excercise price, prior to a stated expiration date.

The effects of these derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations are presented in the tables below. The fair values of derivative instruments as of February 29, 2016, by risk category are as follows:

Developing World Fund
Statement of Asset and Liabilities Location Derivatives not designated as hedging instruments Asset Derivatives
Investments in securities, at value Warrants $5,232
Total $5,232

Statement of Operations effects

Developing World Fund
Derivatives not designated as hedging instruments Realized Gains Unrealized Gains
Warrants $ – $(1,335)
Total $ – $(1,335)

Federal Income Taxes:

The cost basis of investments for federal income tax purposes at February 29, 2016, was as follows:

  Income Fund Growth Fund
Cost of investments $617,814,762 $742,247,683
Gross tax unrealized appreciation $570,455,822 $885,118,473
Gross tax unrealized depreciation $(4,362,298) $(4,703,925)
Net tax unrealized appreciation depreciation) $566,093,524 $880,414,548

 

  Developing World Fund Participation Fund
Cost of investments $19,151,658 $9,081,573
Gross tax unrealized appreciation $2,661,172 $8,733
Gross tax unrealized depreciation $(2,325,472) $(73,765)
Net tax unrealized appreciation depreciation) $335,700 $(65,032)

Item 2. Controls and Procedures

(a) An evaluation was performed within 90 days of the filing of this report, under the supervision of and with the participation of the registrant's management, including the principal executive officer and the principal financial officer, regarding the effectiveness of the design and operation of the registrant's disclosure controls and procedures. Based on that evaluation, the principal executive officer and principal financial officer concluded that the registrant's disclosure controls and procedures were effective.

(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occured during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits

Certification of Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 99.CERT.

SIGNATURES

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

AMANA MUTUAL FUNDS TRUST

By:

/s/ Nicholas Kaiser
Nicholas Kaiser, President

Date: April 29, 2016

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

By:

/s/ Nicholas Kaiser
Nicholas Kaiser, President

Date: April 29, 2016

By:

/s/ Christopher Fankhauser
Christopher Fankhauser, Treasurer

Date: April 29, 2016

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