Amana 2005 N-1A

Financial Highlights

These tables are to help you understand each Fund’s financial performance. The top section 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 distributions and without regard to income taxes. Tait Weller & Baker, independent auditors, audited this information. Their report and each Fund’s financial statements are in the Trust’s annual report (available free upon request from Saturna Capital).

Income Fund
	For Year Ended May 31,
	2005	2004	2003	2002	2001
Net Asset value at beginning of year Income from investment operations	$17.50	$15.07	$16.63	$18.62	$18.39
Net investment income	0.23*	0.28	0.19	0.15	0.17
Net gains or losses on securities (both realized and unrealized)	3.93	2.43	(1.55)	(1.99)	0.23
Total from investment operations Less distributions	4.16	2.71	(1.36)	(1.84)	0.40
Dividends (from net investment income)	(0.24)	(0.28)	(0.20)	(0.15)	(0.17)
Total distributions	(0.24)	(0.28)	(0.20)	(0.15)	(0.17)
Paid-in capital from early redemption penalties	0.00#
Net asset value at end of year	$21.42	$17.50	$15.07	$16.63	$18.62

Total Return	23.76%	17.99%	(8.15)%	(9.88)%	2.17%

Ratios / Supplemental Data
Net assets ($000), end of year	$40.842	$24,760	$19,410	$20,878	$23,237
Ratio of expenses to average net assets
Before custodian fee waiver	1.61%	1.72%	1.89%	1.71%	1.57%
After custodian fee waiver	1.60%	1.71%	1.87%	1.70%	1.56%
Ratio of net investment income to average net assets	1.26%	1.71%	1.36%	0.89%	0.89%
Portfolio turnover rate	9%	3%	5%	8%	8%

Growth Fund
	For Year Ended May 31,
	2005	2004	2003	2002	2001
Net Asset value at beginning of year Income from investment operations	$12.34	$10.01	$11.10	$12.61	$14.45
Net investment income	(0.13)*	(0.11)	(0.11)	(0.12)	(0.11)
Net gains or losses on securities (both realized and unrealized)	3.30	2.44	(0.98)	(1.39)	(1.27)
Total from investment operations Less distributions	3.17	2.33	(1.09)	(1.51)	(1.38)
Distributions (from capital gains)	-	-	-	-	(0.46)
Total distributions	-	-	-	-	(0.46)
Paid-in capital from early redemption penalties	0.00#
Net asset value at end of year	$15.51	$12.34	$10.01	$11.10	$12.61

Total Return	25.69%	23.28%	(9.82)%	(11.97)%	(9.89)%

Ratios / Supplemental Data
Net assets ($000), end of year	$53,874	$32,778	$22,143	$23,965	$26,419
Ratio of expenses to average net assets
Before custodian fee waiver	1.66%	1.75%	1.96%	1.74%	1.55%
After custodian fee waiver	1.65%	1.73%	1.93%	1.73%	1.54%
Ratio of net investment income to average net assets	(0.87)%	(1.00)%	(1.20)%	(1.09)%	(0.90)%
Portfolio turnover rate	2%	13%	16%	8%	11%

*Calculated using average shares outstanding
#Amount is les than $0.01

Amana Mutual Funds Trust
INVESTMENT APPLICATION

Mail application, identify photocopy and check to:	For assistance, call:
AMANA MUTUAL FUNDS TRUST	800/SATURNA or 360/594-9900
Box N, Bellingham WA 98227-0596	FAX 360/734-0755

ACCOUNT TYPE AND NAME (select only one)

[ ]Individual

________________________________________________________________________________ __________________________

First

Middle Initial

Last

Social Security Number________________________

Date of Birth________________________

Month/Day/Year

[ ]Joint with____________________________________________________________________________ ______________________________

First

Middle Initial

Last

Joint Owner's Social Security Number_______________________________________________

	(Joint accounts are presumed to be "Joint Tenancy with Right of Survivorship" unless indicated)
[ ]Gifts to Minor_______________________	as Custodian for ____________________________

Name of Custodian

Name of Minor

under the ________________

Uniform Transfers to Minors Act

________________

___________________________

State

Minor's Birthdate

Minor's Social Security Number

Other________________________________________________

_________________________

Indicate name of corporation, organization or fiduciary capacity. If a trust, include name(s) of trustees and date of trust instruments (corporate resolution and/or trust documents).

Tax ID Number

________________________________________________

Person(s) authorized to transact business for the above entity.

Residence Address ____________________________________________________________________ ________________________

Street

Apt., Suite, Etc.

________________________________________________________________________________ ____________

City

State

ZIP (+4)

Country

TELEPHONE _(___)_________________

_(___)_________________________

Daytime

Home

CITIZENSHIP

[ ]US

[ ]Resident Alien

[ ]Non-Resident Alien_________________

Country of residence

INVESTMENT SELECTION

Amana Growth Fund for $__________________

Minimum $250 per Fund

Amana Income Fund for $__________________

Make check(s) payable to each Fund selected.

INTERNET SERVICES
Personal e-mail address: _________________________________
Transaction confirmations and shareowner reports may be sent to my e-mail address:
[ ]Instead of paper mailings (save paper and postage __In addition to paper mailings
[ ]Please call me to establish PIN for internet access to my account.
TELEPHONE REDEMPTION PRIVILEGES
You automatically have telephone redemption by check and telephone exchange privileges unless you strike this line. Each Fund endeavors to confirm that instructions are genuine and it may be liable for losses if it does not. (Procedures may include requiring a form of personal identification. The Fund also provides written confirmation of transactions.)
ACH TELEPHONE TRANSFER PRIVILEGE
[ ]To transfer funds by ACH at no charge to or from my (our) bank account, I (we) authorize electronic fund transfers through the Automated Clearing House (ACH) for my (our) designated US bank account. Please attach a voided check.
AUTOMATIC INVESTMENT PLAN
Invest $______ into [ ]Growth Fund and/or $______ into __Income Fund on the ________ day of each month (the 15th unless another date is chosen) by ACH transfer from my (our) US bank account. This plan may be canceled at any time. Please attach a voided check.
CHECK WRITING PRIVILEGE	($500 per check minimum)	($10 charge per checkbook, $25 charge per checkbook outside the US)
__I (We) request the Custodian to honor checks drawn by me (us) on my (our) __Growth Fund and/or __Income Fund account subject to acceptance by the Trust, with payment to be made by redeeming sufficient shares in my (our) account. None of the custodian bank, Saturna Capital Corporation nor Amana Mutual Funds Trust shall incur any liability to me (us) for honoring such checks, for redeeming shares to pay such checks, or for returning checks which are not accepted. __Single Signature Authority (for checkbook only) -- Joint Accounts Only: (Checks for joint accounts require both signatures unless this box is marked to authorize checks with a single signature.) By our signatures below, we agree to permit check redemptions upon the single signature of a joint owner. The signature of one joint owner is on behalf of himself and as attorney in fact on behalf of each other joint owner by appointment. We hereby agree with each other, with the Trust and with Saturna Capital Corporation that all moneys now or hereafter invested in our account are and shall be owned as Joint Tenants with Right of Survivorship, and not as Tenants in Common.
IDENTIFICATION (attach clear photocopy)
Driver's License Number _________________________ State of Issuance _________________________ (You may also establish identity with a copy of passport or other government document)
The undersigned warrants(s) that I (we) have full authority to make this Application, am (are) of legal age, and have received and read a current Prospectus and agree to be bound by its terms. Unless this sentence is struck, I (we) certify, under penalties of perjury, that I (we) am not subject to backup withholding under the provisions of section 3406(a)(1)(C) of the Internal Revenue Code. This application is not effective until it is received and accepted by the Trust.
_________________________		____________________________________________________
Date		Signature of Individual (or Custodian)
_________________________		____________________________________________________
Date		Signature of Joint Owner, if any

PLEASE SAVE THIS QUICK GUIDE TO

AMANA MUTUAL FUNDS TRUST

ACCOUNTS
Open your account by sending a completed Application and photocopy of identification documentation to the Trust, indicating your Fund selection. For convenience, you may have your account consolidated with others of your household or other group. We will appoint a representative, responsible to you for all questions on your account(s). Extra forms will be sent for certain accounts, such as IRA’s.

INVESTMENTS
Initial investments are at least $250, and are to be accompanied by an Application. Additional investments may be made for $25 or more at any time. There are no sales commissions or other charges. Purchases can be made on-line at www.amanafunds.com.

REDEMPTIONS
You may sell your shares any time. As with purchases, you may choose from several methods including telephone, written instructions, and checkwriting. You will be paid the market price for your shares on the day we receive your instructions, and there are no redemption fees or charges. If we receive your redemption request by one p.m. Pacific time, your check is normally mailed to you the same day. You may exchange shares from one fund to the other without charge. Redemption of new investments may be restricted for up to 14 calendar days to allow for bank clearing. Frequent trading is not allowed.

STATEMENTS

On the date of each transaction, you are mailed a confirmation, showing the details of the transaction and your account balance. At year-end and at selected points during the year we mail a statement showing all transactions for the period. Monthly consolidated statements are available upon request. Account histories are available on-line at www.amanafunds.com.

DIVIDENDS AND PRICES
The Income Fund pays income dividends twice annually, at the end of May and December. Most shareowners reinvest all dividends in additional shares. Fund prices are carried in major newspapers and quoted on electronic systems (symbols AMANX and AMAGX), available by calling 888/73-AMANA (732-6262), and accessible on the Internet at www.amanafunds.com.

FOR MORE INFORMATION
Please consult the applicable pages of this Prospectus for additional details on Amana Mutual Funds Trust and the services to its shareowners. You may also call 800-SATURNA (800-728-8762) with any questions, and visit Saturna Capital on the Internet: www.amanafunds.com.

PART B

STATEMENT OF ADDITIONAL INFORMATION

AMANA MUTUAL FUNDS TRUST

GROWTH FUND

INCOME FUND

1300 N. State Street

Bellingham, Washington 98225

360/594-9900

888/73-AMANA

STATEMENT OF ADDITIONAL INFORMATION

August 18, 2004

This Statement of Additional Information is not a Prospectus. It provides additional information concerning the Trust, the Income Fund and the Growth Fund that is not included in the Prospectus. It should be read in conjunction with the Prospectus. You may obtain a Prospectus dated August 10, 2005 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 on the Internet at http://www.amanafunds.com.

Table of Contents
	Page
Trust History	3
Fund Descriptions, Investments and Risks	3
Management of the Trust	5
Principal Holders of Securities	8
Investment Advisory and Other Services	3
Brokerage Allocation	11
Capital Stock	12
Purchase, Redemption and Pricing of Shares	12
Taxation of the Trust	13
Underwriters	13
Financial Statements	14

TRUST HISTORY

Amana Mutual Funds Trust (the "Trust") was organized as an Indiana Business Trust on July 26, 1984. The Income Fund commenced operations on June 23, 1986. The Growth Fund began operations on February 3, 1994.

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 two separate funds for investors: Growth Fund and Income Fund.

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

Fund Policies
The primary objective of the Growth Fund is long-term capital growth, consistent with Islamic principles. The objectives of the Income Fund are current income and preservation of capital, consistent with Islamic principles; current income is its primary objective. In accordance with Islamic principles, the Funds shall not make any investments that pay interest. The investment objective(s) of a Fund are fundamental, and cannot be changed without approval by vote of a majority of the outstanding shares of the Fund.

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

The Funds may use short-term income producing investments to the extent the Board of Trustees and the consultant on Islamic principles 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. The Adviser does not know of any short-term investments that meet Islamic requirements that are currently available in the United States. Most ordinary mutual funds use a variety of interest investments for short-term needs. Islamic principles prohibit the use of these interest-producing investments. If short-term Islamic investments become available in the future, the Funds have the power to use them.

In accordance with Islamic principles, the Funds shall not purchase bonds, debentures, or other interest paying obligations of indebtedness. The Funds may not make loans, lend portfolio securities, make short sales, borrow money, or purchase or sell options, except that they may sell covered call options and purchase call options for the purpose of terminating call options previously sold. These restrictions are fundamental policies and may not be changed without prior approval by vote of a majority of the outstanding shares of a Fund.

The Adviser selects investments in companies that to its knowledge do not violate the require-ments of the Islamic faith at the time of investment. To insure that investments meet the require-ments of the Islamic faith, the Adviser has a consulting agreement on Islamic issues with the Fiqh Council of North America (FCNA), a non-profit organization serving the Muslim community. Whenever the Adviser learns that a company whose stock is owned by a Fund has activities (through acquisition or otherwise) that it believes are not permitted by Islamic principles, the Adviser notifies the Board of Trustees. The Board determines whether the stock of that company should be divested by the Fund. Immediate divesting may have an adverse impact on the investment performance of a Fund. The following

“non-fundamental” policies were established by the Trustees, and may be changed by them as allowed by law:

(i)	Each Fund has the power to use covered call options, as a method to increase the income received from common and preferred stocks owned by that Fund. The Funds may sell (write) covered call options and purchase call options to close out call options previously written. The Trustees currently have, by policy, suspended the use of call options.
(ii)	Each Fund has authority to invest up to 10% of its assets in foreign securities not traded publicly in the US. While the Funds may occasionally invest in such foreign securities, current policy limits such investments to 5% of fund assets
	The Funds intend to invest only in foreign securities available for trading and settlement in the United States, primarily in American Depositary Receipts (ADRs) for foreign securities. These are certificates issued by United States banks, representing the right to receive securities of the foreign issuer deposited in that bank or a correspondent bank. The Adviser does not plan to invest Fund assets in foreign securities that are not traded and settled in the US. There is no limit on the portion of assets invested in ADRs.

(iii)

The Funds shall not purchase

securities on margin; "restricted securities" (those which are subject to legal or contractual restrictions on resale or are otherwise not readily marketable); or oil, gas or other mineral exploration leases and programs.

In addition, the Funds shall not

purchase real estate;

purchase real estate limited partnerships (excepting master limited partnerships that are publicly traded on a national security exchange or Nasdaq's National Market System);

purchase commodities or commodity contracts;

borrow, lend, or issue senior securities;

act as a securities underwriter;

purchase securities of any issuer in excess of 5% of the value of a Fund;

or purchase more than 10% of the outstanding voting securities of any issuer or concentrate their investments in a single industry beyond 25% of the total value of a Fund.

Also,

no Fund shall purchase or retain securities of any issuer if the officers or trustees of the Trust or its Adviser owning beneficially more than one half of one percent of the securities of an issuer together own beneficially more than five percent of the securities of that issuer;

no Fund shall invest in the securities of other investment companies, except by purchase in the open market where no commission or profit results from the purchase other than the customary broker's commission or except when the purchase is part of a plan of merger, consolidation, reorganization or acquisition;

and no Fund shall invest more than 10% of its assets in the securities of issuers which together have a record of less than three years continuous operation or securities of issuers which are restricted as to disposition.

(iv)	The Funds' investments in warrants, valued at the lower of cost or market, shall not exceed 5% of the value of a Fund's net assets. Included within that amount, but not to exceed 2% of the value of a Fund's net assets, may be warrants that are not listed on the New York or American Stock Exchange. Warrants acquired by a Fund in units or attached to securities may be deemed to be without value.
(v)	The Trustees have also instructed that investments not be made in preferred stocks

(vi)	The Trustees have also instructed that the Funds should favor no-debt and low-debt companies.

Temporary Defensive Position
The Funds may use short-term income producing investments to the extent the Board of Trustees and the consultant on Islamic principles agree that those investments are consistent with Islamic principles. The Adviser does not know of any short-term investments that meet Islamic requirements that are currently available in the United States. Accordingly, assets are 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. The portfolio turnover rate for the Income Fund for the fiscal years ended May 31, 2005 and 2004, was 9% and 3%, respectively. The turnover rate for the Growth Fund for the fiscal years ended May 31, 2005 and 2004, was 2% and 13%, respectively.

The Trustees have adopted a policy that seeks to minimize potential current income taxes paid by shareowners, where the basic strategies to be favored are (1) infrequent trading, (2) offset capital gains with losses and (3) sell highest-cost tax-lots first.

Disclosure of Portfolio Holdings
The Funds publish their portfolio holdings on the Internet after each month-end. They publish annual and semi-annual reports containing portfolio holdings. They file periodic reports with the SEC containing portfolio holdings, which may be published on the Internet. They may provide dealers, financial services and reporters with month-end portfolio holdings. The Funds do not disclose mid-month portfolio holdings. However, in occasional circumstances in which he deems it in the best interest of the Funds, the president may disclose portfolio information so long as the recipient agrees not to trade a Fund based on such information. Neither the Adviser, the Funds, nor any affiliated party shall receive any compensation or consideration in connection with the disclosure of portfolio holdings. Information about open trades, strategies, and investment programs is proprietary information of the Adviser and kept confidential.

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 or the adviser may arise. However, should the president become aware that a potential conflict of interest may exist in connection with portfolio disclosures, he will promptly consult with the Board chairman with regard to action to be taken. Periodically the president will report to the Board any mid-month portfolio holdings disclosures.

MANAGEMENT OF THE TRUST

Board of Trustees
A Board of fiveTrustees manages the Trust: Nicholas Kaiser, Talat M. Othman, Samir I. Salah, Iqbal Unus, and Abdul Wahab. 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 any committees of the Trust.

Management Information
The Trustees and officers are listed in the following table:

(1)	(2)	(3)	(4)	(4)
Name, Address and Age	Position(s) Held with Trust & Number of Saturna Fund Portfolios Overseen	Principal Occupation(s) during past 5 years, including Directorships	Dollar Range of Securities in the Funds of the Trust at Dec. 31, 2003	Dollar Range of Equity Securities in all Saturna Funds
INDEPENDENT TRUSTEES
Talat M. Othman 3432 Monitor Lane Long Grove, IL 60047 Age: 69	Chairman, Inependent Trustee since 2001; Two	Chairman, Grove Financial, Inc. (financial services)	Income: $10,001- $50,000	$10,001-$50,000
Samir I. Salah 501 Merlins Lane Herndon, VA 20170 Age: 67	Independent Trustee since 2001; Two	President, Piedmont Management Services, Inc. (accounting services)	Growth: $1-$10,000	$1-$10,000
Iqbal Unus, Ph.D 500 Grove Street Herndon, VA 20170 Age: 61	Independent Trustee since 1986; Two	Director, The International Islamic Forum for Science, Technology & Human Resources Development	Income: $10,001-$50,000 Growth: $50,001-$100,000	$50,001- $100,000
Abdul Wahab 1100 Wright Road Lynwood, CA 90262	Independent Trustee since 2004; Two	President, Wasatch Company (textiles manufacturing)	Income: $10,001- $50,000	$10,001 - $50,000
INTERESTED TRUSTEE
Nicholas F. Kaiser*, CFA 1300 N. State Street Bellingham, WA 98225 Age: 59	President and Trustee since 1989; Seven	President, Saturna Capital Corporation (the Trust's investment adviser) President, Saturna Brokerage Services, Inc.(the Trust's distributor)	Income: $10,001-$50,000 Growth: $50,001-$100,000	over $100,000
OFFICERS WHO ARE NOT TRUSTEES
Monem A. Salam, MBA* 1300 N. State Street Bellingham, WA 98225 Age: 33	Vice President since 2003	Director of Islamic Investing, Saturna Capital Corporation (the Trust's investment adviser) [since 2003] Registered Representative, Morgan Stanley [1999-2003] Chief Investment Officer, International Trading Group & Associates [1995-1999]	Growth: $1-$10,000	$1-$10,000
Ethel B. Bartolome* 1300 N. State Street Bellingham WA 98225 Age: 33	Secretary since 2003	Corporate Administrator, Saturna Capital Corporation (the Trus'ts investment adviser)	Growth: $1-$10,000	$1-$10,000
Christopher R. Fankhauser* 1300 N. State Street Bellingham, WA 98225 Age: 33	Treasurer since 2002	Director of Operations, Saturna Capital Corporation (the Trust's investment adviser)	Income: $1-$10,000 Growth: $1-$10,000	$10,0001-$50,000
James D. Winship, MBA 5406 Diamond Place NE Bainbridge Island WA 98110 Age: 57	Chief Compliance Officer since 2004	Private Practice Adjunct Professor, University of Washington and Seattle Pacific University [2000-2003]	Income: $1-$10,000	$1-$10,000

*Mr. Kaiser, Mr. Salam, Mr. Fankhauser, and Mrs. Bartolome are "interested persons" of the Trust as employees of the Adviser, Saturna Capital. Messrs. Kaiser, Fankhauser, Winship and Mrs. Bartolome hold the same positions with Saturna Investment Turst, which has five fund portfolios, and is also manged by Saturna Capital Corporation. Mr. Winship is not an employee of Saturna Capital, but is its Chief Compliance Officer.

The Board has authority to establish an Executive Committee with the power to act on behalf of the Board between meetings and to exercise all powers of the Trustees in the management of the Trust. No Executive Committee has been established at this time. An audit committee, consisting of all Independent Trustees (Salah, Othman, Wahab and Unus, held two meetings during the fiscal year. A marketing committee, consisting of Independent Trustees Othman and Unus, did not meet during the fiscal year. A nominating committee, consisting of Independent Trustees Othman and Unus, did not meet during the fiscal year.

A nominating committee, consisting of Independent Trustees Unus and Othman, held one meeting during the fiscal year. Shreowners wishing to recommend nominees may do so by sending written information to Dr. Unus at his address given above.

Compensation

Their respective employers pay the salaries of officers of the Trust, not the Trust. The Trustees are paid no compensation or fees by the Trust, other than reimbursement of travel expense. For the fiscal year ended May 31, 2005, no Trustees' expenses, nor any pension or retirement benefits, were incurred. Mr. Winship, an independent attorney in private practice, is retained by the Turst as Chief Compliance Officer, for which he is compensated by the Trust.

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 204a1 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 the investing in common stocks that may be purchased by the Funds. A copy of the Code is available without charge by contacting the Trust or Saturna Capital Corporation, and is available on the Trust's website.

Proxy Voting Policies

The proxy voting guidelines below summarize Saturna Capital’s positions on various issues of concern to investors, and give a general indication of how portfolio securities held in advisory accounts, such as the Funds, will be voted on proposals dealing with particular issues.

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 advisor may not vote in strict adherence to these guidelines. Regardless of these guidelines, the advisor will always attempt to vote consistent with specific investment objectives and policies of the Funds.

Saturna Capital’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 shareholders. 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 is available (1) without charge, upon request, by calling Saturna Capital at 800-SATURNA; (2) through the Trust’s website at http://www.amanafunds.com; and (3) on the SEC’s website at http://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.

PRINCIPAL HOLDERS OF SECURITIES

As of August 1, 2005, the principal holders of record (those with more than 5% of the outstanding shares) of securities of Amana Income Fund were:

Name and Address	Shares	Percentage of Class
NFSC Omnibus Account for the Exclusive Benefit of our Customers 200 Liberty Street New York NY 10281	277,960	14.43%

As of August 1, 2005, the principal holders (those with more than 5% of the outstanding shares) of securities of Amana Growth Fund were:

Name and Address	Shares	Percentage of Class
NFSC Omnibus Account for the Exclusive Benefit of our Customers 200 Liberty Street New York NY 10281	729,763	18.18%
National Investor Service Corp. Omnibus Account for the Exclusive Benefit of our Customers 55 Water Street New York NY 10041	460,441	11.47%

As of August 2, 2005, officers and trustees (plus affiliated entities), as a group, owned 1.55% and 0.44% of the outstanding shares of the Income Fund and Growth Fund, respectively.

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 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 principal portfolio manager of both the Growth Fund and the Income Fund. A discussion regarding the Trustees' approval of the continuance of the investment advisory and administration agreements is available in the Turst's semi-annual report dated November 30, 2004.

Advisory Fee
Each Fund pays the Adviser an advisory and administration fee of 0.95% annually of 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.

For the fiscal years ended May 31, 2005, 2004, and 2003, Saturna Capital was paid $310,307, $211,843, and $2170,737, respectively, as the Income Fund’s investment adviser and administrator. Similarly, for the fiscal years ended May 31, 2005, 2004, and 2003, Saturna Capital was paid $376,067, $267,770, and $186,361, respectively, as the Growth Fund’s investment adviser and administrator.

The advisory agreements also provide in the event that the total expenses of either 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.

Under its respective investment advisory agreement each Fund pays its own taxes, brokerage commissions, any trustees’ fees (currently none), legal and auditing fees, insurance premiums, custodian, transfer agent, 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 printing costs for prospectuses, reports and notices to shareowners.

Portfolio Manager
Mr. Nicholas Kaiser is the primary portfolio manager for the two funds of the Trust. At the fiscal year end (May 31, 2005), he directly owned $100,001-$500,000 of the Income Fund and $10,001-$50,000 of the Growth Fund. He indirectly owns an additional $100,001-$500,000 of the Funds of the Trust.

In addition, Mr. Kaiser is the primary manager for two other investment company portfolios: Sextant Growth Fund and Sextant International Fund. May 31, 2005 assets of these funds were $10 million, and include a performance element in their investment advisory fees. Mr. Kaiser is also the primary manager of two other pooled investment portfolios, having December 31, 2004 assets of $8 million, which are managed with a performance fee. Also at December 31, 2004, Mr. Kaiser was the primary manager for twenty-five private accounts having total assets of $11 million with fees based on assets (no performance component). At May 31, 2005, both directly and indirectly, Mr. Kaiser owns approximately $1.8 million of Saturna Capital’s mutual funds.

All Saturna Capital employees, including Nicholas Kaiser and other portfolio managers, are paid an annual salary, as set by the board of Saturna Capital. The board also pays annual bonuses, that are dependent on the profits of Saturna Capital and not the results of any specific managed account or specific business of Saturna Capital. All employees are eligible for a retirement plan, health 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, such as Mr. Kaiser, are also paid a monthly bonus 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.

The portfolio equity transactions of the funds are normally executed by Saturna Brokerage Services, an affiliate of the Adviser, but involve no conflict of interest because the Adviser has agreed to waive all commission charges normally paid on securities transactions. The Adviser has adopted a Code of Ethics which governs trading by portfolio managers to avoid conflicts of interest. To avoid any single managed account of the Adviser getting a trading advantage, portfolio transactions are done as a “bunched” order then allocated pro-rata to managed accounts.

Shareowner Services
Under a separate service agreement, Saturna Capital also provides shareowner services as the transfer agent and dividend-paying agent for the Funds. As transfer agent, Saturna furnishes to each shareowner a statement after each transaction, an 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 or correspondence. Further, 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. The transfer agent performs the mailing of all financial statements, notices and prospectuses to shareowners. The transfer agent 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 $1.65 per active account. For the fiscal years ended May 31, 2005, 2004, and 2003, Saturna Capital was paid $54,477, 48,894, and $49,125, respectively, as the Income Fund’s shareowner servicing agent. Similarly, for the fiscal years ended May 31, 2005, 2004, and 2003, Saturna Capital was paid $86,823, 72,825, and $70,011, respectively, as the Growth Fund’s shareowner servicing agent.

Rule 12b-1 Plan
Effective August 13, 2001, the Trust entered into a distribution agreement under Rule 12b-1 with Saturna Brokerage Services, Inc. (“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. This Rule 12b-1 distribution plan contemplates that the Funds shall reimburse the Distributor monthly at a rate of up to 0.25% annually of their average daily net assets to finance the distribution of Fund shares and to furnish services to shareowners. Unlike many such Rule 12b-1 plans, 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, but does allocate the 12b-1 expense between the two Amana Funds 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 and distribution services. They expected that to the extent the Adviser and Distributor have greater flexibility and resources under the plan, additional sales of Fund shares may result, and that this has the potential to benefit the Funds by reducing the possibility that Fund would experience net redemptions, which might require the liquidation o portfolio securities in amounts and at times that could be disadvantageous for investment purposes. There can be no assurance that these events will occur.

For the fiscal years ended May 31, 2005, 2004, and 2003, Saturna Brokerage Services was paid $72,169, 45,812, and $39,743, respectively, as the Income Fund’s underwriter under the distribution

plan. Similarly, for the fiscal years ended May 31, 2005, 2004, and 2003, Saturna Brokerage Services was paid $87,871, 57,781, and $43,432, respectively, as the Growth Fund’s underwriter. 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, but Mr. Nicholas Kaiser and other employees of Saturna Capital may be considered to receive indirect financial benefits from the operation of the plan insofar as the plan grows Trust assets and the fees paid Saturna Capital.
Under the distribution plan, the Distributor has entered into dealer selling agreements with a 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. To the extent that fees paid to Saturna (either as investment adviser or Distributor) are passed in part to other brokerage firms, these fees should be considered as “revenue sharing” by Saturna.
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, 2005, the Distributor spent the following amounts on these principal activities:
Advertising: ................................................................ ............................$87,271
Printing and mailing of prospectuses to other than current shareowners:.......17,892
Compensation to underwriters: ..................................................................11,427
Compensation to broker-dealers:...............................................................25 ,677

Custodian
National City Bank, Indiana, of Indianapolis, One Merchants Plaza, Indianapolis, Indiana 46255 is the custodian of the Funds. As custodian for the Funds, the bank holds in custody all securities and cash, settles for all securities transactions, receives money from sale of 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 an account at the custodian bank.
Independent Registered Public Accounting Firm

Tait, Weller and Baker LLP, 1818 Market Street, Suite 2400, Philadelphia, PA 19103 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, auditing the Adviser and affiliates, and assisting the Adviser in any accounting matters throughout the year.

Principal Underwriter
The Adviser’s wholly-owned subsidiary, Saturna Brokerage Services, Inc., 1300 N. State Street, Bellingham WA 98225 is a discount brokerage firm and acts as distributor for the Trust under a Rule 12b-1 distribution plan. Mr. Nicholas Kaiser, an affiliated person of the Trust, is President of Saturna Brokerage Services, Inc.

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. The Adviser may make allocation of brokerage to any broker in return for research or services and for selling shares of any fund of Amana Mutual Funds Trust. Brokers may provide research or statistical material to the Adviser, but this information is only supplemental to the research and other statistics and material accumulated and maintained through the Adviser’s own efforts. Any such supplemental information may or may not be of value or used in making investment decisions for the Trust or any other account serviced by the Adviser. Research services provided by brokers through which the Trust effects securities transactions may be used by the Trust’s investment adviser in servicing all of its accounts and not all of these services may be used by the

adviser in connection with the Trust.

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 is generally directed to Saturna Brokerage Service, Inc., a wholly owned subsidiary of the adviser, which is qualified as a broker-dealer to engage in a general brokerage business. Saturna Brokerage Services has agreed to execute transactions for the Funds without any commissions for calendar 2005. For the fiscal years ended May 31, 2005, 2004, and 2003, the Income Fund paid Saturna Brokerage $5,004, $1,976, and $7,490, respectively, in commissions. For the fiscal years ended May 31, 2005, 2004, and 2003, Growth Fund paid Saturna Brokerage a total of $6,061, $13,157, and $14,843, respectively, in commissions. For the fiscal year ended May 31, 2005, Income Fund paid 100% of its aggregate brokerage commissions to Saturna Brokerage, and the Fund effected 100% of its aggregate dollar amount of transactions involving the payment of commissions through Saturna Brokerage. Also for the fiscal year ended May 31, 2005, Growth Fund paid 100% of its aggregate brokerage commissions to Saturna Brokerage, and the Fund effected 100% of its aggregate dollar amount of transactions involving the payment of commissions through Saturna Brokerage. The Trustees review brokerage activity in detail at each regular meeting. Meetings are held on a quarterly schedule.

CAPITAL STOCK
Each Fund of Amana Mutual Funds Trust is divided into shares of beneficial interest. The shares of each separate Fund of the Trust have equal voting rights. All shares are fully paid, non-assessable, transferable and with rights of redemption, and are not subject to preemptive rights. The Trust is not required to hold annual shareowner meetings. However, special meetings may be called for such purposes as electing or removing Trustees, changing fundamental policies, or voting on approval of an advisory contract. On issues relating solely to a single Fund, only the shareowners of that Fund are entitled to vote. All dividends and distributions for each Fund shall be distributed to shareowners in proportion to the number of shares owned.

PURCHASE, REDEMPTION AND PRICING OF SHARES
See How to Buy Shares, How to Redeem Shares and Pricing of Fund Shares in the Prospectus for an explanation about the ways to purchase or redeem shares. Both purchases and redemptions are made at net asset value per share.
In addition to normal purchases or redemptions, the shares of the Funds may be exchanged for shares of other funds of Amana Mutual Funds Trust. Exchanges will be made at no charge upon written request or by telephone if the shareowner has previously authorized telephone privileges on the application. A gain or loss for federal tax purposes will be realized upon redemption of any shares for the purposes of an exchange as described above.
Price (net asset value) per share is determined by dividing the value of all securities and other assets, less liabilities, by the number of shares outstanding. The daily price is determined for each Fund as of the close of trading on the New York Stock Exchange (generally 4 p.m. New York 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 (observance), Labor Day, Thanksgiving Day and Christmas Holiday. 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.

The Funds do not permit frequent trading in fund shares.

TAXATION OF THE TRUST
The Trust is organized as a “series” investment company. Each Fund of the Trust is a separate economic entity with separate assets and liabilities and separate income streams. The shareowners of each separate Fund may look only to that fund for income, capital gain or loss, redemption, liquidation, or termination. Each Fund has separate arrangements with the Adviser. Assets of each Fund are segregated. The creditors and shareowners of each Fund are limited to the assets of that fund for recovery of charges, expenses and liabilities. Each Fund of the Trust conducts separate voting on issues relating solely to that Fund, except as required by the Investment Company Act. 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 they have since inception, with the provisions of the Internal Revenue Code applicable to regulated investment companies (Subchapter M), which relieve mutual funds of federal income taxes on the amounts so distributed.

As of May 31, 2005, the components of distributable earnings on a tax basis were as follows:
................................................................ Income Fund........Growth Fund
Capital loss carryforward.............................$(345,395)........$(1,442,984)
Post-October losses..................................................0...............(282,570 )
Unrealized appreciation..............................11,778,286............17,517,551
................................................................$ 11,432,891..........$15,791,997

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 ordinary income dividends to the extent of Fund’s earnings and profits. 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.

If shareowners do not furnish the transfer agent with a valid Social Security or Tax Identification Number and in certain other circumstances, the transfer agent is required to withhold 28% of income. Dividends and capital gains distributions to shareowners who are nonresident aliens may be subject to a 30% United States foreign withholding tax under the existing provisions of the code applicable to foreign individuals and entities unless a reduced rate of withholding or a withholding exemption is provided under applicable treaty law. If the IRS determines that the Trust 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.

UNDERWRITERS

Effective August 13, 2001, the Trust entered into a distribution agreement under Rule 12b-1 with Saturna Brokerage Services, Inc. (“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 National Association of Securities Dealers and a wholly-owned

subsidiary of Saturna Capital Corporation. All employees of the Distributor are also employees of the Adviser. The distribution plan contemplates that the Funds shall reimburse the Distributor monthly at a rate of up to 0.25% annually of their average daily net assets to finance the distribution of Fund shares and to furnish services to shareowners.

For the fiscal years ended May 31, 2005, 2004, and 2003, Saturna Brokerage Services was paid $72,169, 45,812, and $39,743, respectively, as the Income Fund’s underwriter under the distribution plan. Similarly, for the fiscal years ended May 31, 2005, 2004, and 2003, Saturna Brokerage Services was paid $87,871, 57,781, and $43,432, respectively, as the Growth Fund’s underwriter.

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

There is incorporated into this Registration Statement the following financial information in the Annual Report to shareowners for the fiscal year ended May 31, 2005. Filed as Exhibit A hereto:

Report of Tait, Weller & Baker LLP, Independent Registred Public Accounting FIrm.
Statement of Assets and Liabilities as of May 31, 2005.
Financial Highlights - years ended May 31, 2005, 2004, 2003, 2002, and 2001.
Statement of Operations - Year ended May 31, 2005.
Statements of Changes in Net Assets - years ended May 31, 2005, and 2004.
Investments - as of May 31, 2005.
Notes to Financial Statements.

PART C

OTHER INFORMATION

Exhibits

Exhibits included with this filing:

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

(a)* Articles of Incorporation.
(1) Agreement and Declaration of Trust of Amana Mutual Funds Trust, filed July 26, 1984 with Secretary of State of Indiana. Incorporated by Reference. Filed as Exhibit No. 1 to initial filing of Form N-8A and Form N-1A on April 4, 1985. File Nos. 811-4276 and 2-96924.

(2) Resolution of the Board of Amana Mutual Funds Trust creating series Amana Growth Fund. Incorporated by Reference. Filed as Exhibit 1-2 to Post-Effective Amendment No. 10 to Registration Statement on Form N-1A filed December 3, 1993.

(b)* By-laws.
Bylaws of Amana Mutual Funds Trust. Incorporated by Reference. Filed as Exhibit No. 2 to initial filing of Form N-8A and Form N-1A on April 4, 1985. File Nos. 811-4276 and 2-96924.

(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 Fund of Amana Mutual Funds Trust, effective December 28, 1989, between the Fund and Saturna Capital Corporation. Filed as Exhibit A to filing of Proxy Statement dated November 30, 1989. File Nos. 8114276 and 2-96924.

(2) Agreement for Investment Advisory and Administrative Services for the Growth Fund of Amana Mutual Funds Trust, between the Trust and Saturna Capital Corporation dated December 3, 1993. Incorporated by reference. Filed as Exhibit 5-2 to Post-Effective Amendment No. 11 to Registration Statement on Form N-1A filed August 5, 1994.

(e)* Underwriting Contracts. Distribution Agreement. Filed as Exhibit 10.a. to Form N-1A filed August 2001.

(f)* Bonus or Profit Sharing Contracts. Not applicable.

(g)* Custodian Agreements.
(a) 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.
n 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.

(h)* Other Material Contracts.
Agreement for Transfer Agent and Dividend Disbursement Agent Services for the Amana Mutual Funds Trust between the Trust and Saturna Capital Corporation dated September 1, 1990. Incorporated by Reference. Filed as Exhibit No. 9 to filing of Amendment No. 6 of Form N-1A in September, 1990.

(i)* Legal opinions.
(a) Opinion of Counsel dated January 7, 1986 for Income Fund. Incorporated by Reference. Filed

as Exhibit No. 10 in pre-effective Amendment No.2 to Registration Statement on Form N-1A and Form N-8A on January 24, 1986. File Nos. 8114276 and 2-96924.

(b) Opinion of Counsel dated December 1, 1993 for Growth Fund. Incorporated by Reference. Filed as Exhibit No. 10-2 in post-effective Amendment No. 10 to Registration Statement on Form N-1A on December 2, 1993. File No. 2-96924.

(j) Other opinions.
(a) Accountant’s Consents dated August 10, 2005 (see Documents).

(b) Copies of Powers of Attorney dated June 17, 2005 (see Documents).

(k) Omitted Financial Statements. Not applicable.

(l)* Initial Capital Agreements. 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.

(m)* Rule 12b-1 Plan. Distribution Plan Amana Mutual Funds Trust pursuant to Rule 12b-1 (effective August 13, 2001). Filed as Exhibit 10.b. on Form N-1A in July, 2002.

(n) Rule 18f-3 Plan. Not applicable.

(p) Code of Ethics. Code of Ethics dated March 2005 (see Documents).

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

There is no provision for indemnification of the officers and trustees of the Trust except as provided by Article III, Section 3.18, and Article V, Section 5.3 of the Agreement and Declaration of Trust of Amana Mutual Funds Trust, which provisions are set forth below:

ARTICLE III

SECTION 3.18. Indemnification

In addition to the mandatory indemnification provided for in Article V hereof, the Trustees shall have power to the extent permitted by law to indemnify or enter into agreements with any person with whom the Trust or its Portfolios has dealings, including, without limitation, any investment adviser or subadviser, including the Adviser, to such extent as the Trustees shall determine.

ARTICLE V

SECTION 5.3. Indemnification

Any person (and his heirs, executors and administrators) shall be indemnified by the Trust against reasonable costs and expenses incurred by him in connection with any action, suit or proceeding to which he may be made a party by reason of his being or having been a trustee, officer or employee of the Trust, or of another corporation if the Trust requested him to serve as such, except in relation to any actions, suits or proceedings in which he has been adjudged liable because of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office. In the absence of an adjudication which expressly absolves such person of liability to the Trust or its shareowners for willful misfeasance, bad faith, gross negligence and reckless disregard of the duties involved in the conduct of his office, or in the event of a settlement, each such person (and his heirs, executors and administrators) shall be indemnified by the Trust against payments made, including reasonable costs and attorneys’ fees, provided that such indemnity shall be conditioned upon the prior determination made by a written opinion of independent counsel that such person has no liability by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office. Amounts paid in settlement shall not exceed costs, fees and expenses which would have been reasonably incurred if the action, suit or proceeding had been litigated to a conclusion. Such a determination by independent counsel, and the payments of amounts by the Trust on the basis thereof, shall not prevent a shareowner from challenging such indemnification by appropriate legal proceedings on the grounds that the person indemnified was liable to the Trust or its shareowners by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office. The foregoing rights and indemnification shall not be exclusive of any other rights to which such persons may be entitled according to law.

Undertaking as to Indemnification Provisions

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer of controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

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.

Principal Underwriters

Effective August 13, 2001, the Trust entered into a distribution agreement with Saturna Brokerage Services, Inc. (“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 National Association of Securities Dealers and a wholly-owned subsidiary of Saturna Capital Corporation. All employees of the Distributor are also employees of the Adviser. The distribution plan contemplates that the funds of the Trust shall reimburse the Distributor monthly at a rate of up to 0.25% annually of the average daily net assets of each fund to finance the distribution of shares of each fund and to furnish services to shareowners.

The directors of Saturna Brokerage Services, Inc. are Nicholas Kaiser, Phelps McIlvaine, and Meredith Ross. The officers of Saturna Brokerage Services, Inc. are Nicholas Kaiser (president, also president of Amana Mutual Funds Trust) and Phelps McIlvaine (Treasurer). The address for all businesses and persons is 1300 N. State Street, Bellingham, WA 98225.

Saturna Brokerage Services, Inc. also acts as underwriter for the 5 portfolios of the Saturna Investment Trust (without compensation).

Location of Accounts and Records

With the exception of those records maintained by the Custodian, National City Bank, Indiana, 101 W. Washington Street, Indianapolis, Indiana, 46255, all records of the Trust are physically in the possession of the Trust and maintained at the offices of Saturna Capital Corporation, 1300 N. State Street, Bellingham, Washington 98225.

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.

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 10th day of August, 2005.

AMANA MUTUAL FUNDS TRUST

By /s/ Nicholas F. Kaiser
Nicholas F. Kaiser,
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
/s/ Nicholas F. Kaiser Nicholas F. Kaiser	President;Trustee (Principal Executive Officer)	August 10, 2005
/s/ Christopher R. Fankhauser Christopher R. Fankhauser	Treasurer (Principal Financial Officer)	August 10, 2005
Iqbal Unus Samir Salah ** Talat Othman	Other Trustees	August 10, 2005
**By /s/ Nicholas F. Kaiser Nicholas F. Kaiser, Attorney-in-fact

35.04%	4.25%	18.18%	16.80%	99.42%	-14.48%	-14.75%	-25.17%	33.96%	23.04%
1995	1996	1997	1998	1999	2000	2001	2002	2003	2004

Amana Growth Fund Annual Average Total Returns
for the years ending December 31, 2004	1 Year	5 Years	10 Years
Return before taxes	23.04%	-2.10%	13.30%
Return before taxes on distributions	23.04%	-2.22%	13.06%
Return after taxes and sale of Fund shares	14.98%	-1.83%	13.03%
Russell 2000*	18.38%	6.68%	11.43%
*The Russell 2000 Index® is a widely recognized, unmanaged index of common stock prices of 2000 mid- and smaller-market capitalization companies, which reflects no deduction for fees, expenses or taxes. Note: 2004 year-to-date return is +3.7% (December 31, 2004 through quarter ending June 30, 2005). Highest return for a quarter was +62.7% (quarter ending December 31, 1999). Lowest return for a quarter was -18.7% (quarter ending September 30, 2002).

27.46%	12.39%	24.54%	14.07%	8.68%	3.90%	-11.39%	-15.85%	28.56%	20.76%
1995	1996	1997	1998	1999	2000	2001	2002	2003	2004

Amana Income Fund Annual Average Total Returns
for the years ending December 31, 2004	1 Year	5 Years	10 Years
Return before taxes	20.76%	3.76%	10.28%
Return before taxes on distributions	20.53%	2.72%	8.91%
Return after taxes and sale of Fund shares	13.74%	2.42%	7.88%
S&P 500 Index*	10.85%	-2.30%	12.05%
*The S&P 500 ® is the Standard & Poor's Composite Index of 500 stocks, a widely recognized, unmanaged index of common stock prices, which reflects no deduction for fees, expenses or taxes. Note: 2005 year-to-date return is +2.9% (December 31, 2004 through quarter ending June 30, 2005). Highest return for a quarter was +16.4% (quater ending December 31, 2003). Lowest return for a quarter was -16.5% (quarter ending September 30, 2002).

	GROWTH	INCOME
1 year total	$174	$169
3 years total	$540	$524
5 years total	$930	$903
10 years total	$2,022	$1,966

Growth Fund	-- long-term capital growth
Income Fund	-- current income and preservation of capital

	GROWTH	INCOME
Management Fees	0.95%	0.95%
Distribution (12b-1) Fees (estimated)	0.22%	0.22%
Other Expenses	0.49%	0.44%
Total Annual Fund Operating Expenses	1.66%	1.61%