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, 2012
Date of reporting period: August 31, 2011
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 - 88.1% | Number of Shares | Market Value | Percentage of Assets | |
| Aerospace | ||||
| United Technologies | 250,000 | $18,562,500 | 1.5% | |
| Automotive | ||||
| Genuine Parts | 400,000 | 22,008,000 | 1.7% | |
| Chemicals | ||||
| Air Products & Chemicals | 250,000 | 20,467,500 | 1.6% | |
| BASF ADS | 140,000 | 9,969,400 | 0.8% | |
| E.I. du Pont de Nemours | 400,000 | 19,308,000 | 1.5% | |
| Methanex | 300,000 | 7,806,000 | 0.6% | |
| Praxair | 220,000 | 21,667,800 | 1.7% | |
| RPM International | 180,000 | 3,751,200 | 0.3% | |
| 82,969,900 | 6.5% | |||
| Computers | ||||
| Intel | 1,200,000 | 24,156,000 | 1.9% | |
| Microchip Technology | 600,000 | 19,686,000 | 1.6% | |
| Microsoft | 1,000,000 | 26,600,000 | 2.1% | |
| Taiwan Semiconductor ADS | 1,500,000 | 17,955,000 | 1.4% | |
| 88,397,000 | 7.0% | |||
| Cosmetics & Toiletries | ||||
| Procter & Gamble | 400,000 | 25,472,000 | 2.0% | |
| Diversified Operations | ||||
| 3M | 200,000 | 16,596,000 | 1.3% | |
| Carlisle | 550,000 | 21,565,500 | 1.7% | |
| Honeywell International | 450,000 | 21,514,500 | 1.7% | |
| Johnson Controls | 600,000 | 19,128,000 | 1.5% | |
| PPG Industries | 175,000 | 13,403,250 | 1.1% | |
| 92,207,250 | 7.3% | |||
| Energy | ||||
| Cenovus Energy | 400,000 | 14,432,000 | 1.1% | |
| ConocoPhillips | 330,000 | 22,463,100 | 1.8% | |
| EnCana | 500,000 | 12,705,000 | 1.0% | |
| Exxon Mobil | 350,000 | 25,907,000 | 2.0% | |
| Total ADS | 375,000 | 18,390,000 | 1.5% | |
| 93,897,100 | 7.4% | |||
| Financial | ||||
| Dun & Bradstreet | 200,000 | 13,378,000 | 1.1% | |
| Food Production | ||||
| General Mills | 600,000 | 22,746,000 | 1.8% | |
| JM Smucker | 250,000 | 18,022,500 | 1.4% | |
| Kellogg | 400,000 | 21,728,000 | 1.7% | |
| McCormick & Co | 300,000 | 14,337,000 | 1.1% | |
| PepsiCo | 400,000 | 25,772,000 | 2.0% | |
| Unilever ADS | 325,000 | 10,965,500 | 0.9% | |
| 113,571,000 | 8.9% | |||
| Industrial Automation/Robotics | ||||
| Rockwell Automation | 325,000 | 20,842,250 | 1.6% | |
| Instruments - Control | ||||
| Parker Hannifin | 275,000 | 20,193,250 | 1.6% | |
| Machinery | ||||
| Emerson Electric | 450,000 | 20,947,500 | 1.7% | |
| W.W. Grainger | 150,000 | 23,115,000 | 1.8% | |
| 44,062,500 | 3.5% | |||
| Medical | ||||
| Abbott Laboratories | 350,000 | 18,378,500 | 1.4% | |
| AstraZeneca ADS | 450,000 | 21,339,000 | 1.7% | |
| Becton, Dickinson & Co. | 210,000 | 17,089,800 | 1.3% | |
| Bristol-Myers Squibb | 800,000 | 23,800,000 | 1.9% | |
| Eli Lilly | 700,000 | 26,257,000 | 2.0% | |
| GlaxoSmithKline ADS | 500,000 | 21,415,000 | 1.7% | |
| Johnson & Johnson | 310,000 | 20,398,000 | 1.6% | |
| Novartis ADR | 450,000 | 26,307,000 | 2.1% | |
| Pfizer | 1,200,000 | 22,776,000 | 1.8% | |
| 197,760,300 | 15.5% | |||
| Metal Ores | ||||
| Freeport-McMoRan Copper & Gold | 400,000 | 18,844,000 | 1.5% | |
| Paper & Paper Products | ||||
| Kimberly-Clark | 300,000 | 20,748,000 | 1.6% | |
| Publishing | ||||
| McGraw-Hill | 400,000 | 16,844,000 | 1.3% | |
| Pearson ADS | 300,000 | 5,421,000 | 0.4% | |
| 22,265,000 | 1.7% | |||
| Shoes & Related Apparel | ||||
| Nike | 310,000 | 26,861,500 | 2.1% | |
| Soap & Cleaning Preparants | ||||
| Colgate-Palmolive | 300,000 | 26,991,000 | 2.1% | |
| Steel | ||||
| Nucor | 200,000 | 7,216,000 | 0.6% | |
| Tenaris ADR | 110,000 | 3,652,000 | 0.3% | |
| United States Steel | 250,000 | 7,527,500 | 0.6% | |
| 18,395,500 | 1.5% | |||
| Telecommunications | ||||
| Chunghwa Telecom ADR | 552,654 | 19,215,780 | 1.5% | |
| SK Telecom ADR | 200,000 | 3,216,000 | 0.3% | |
| Telus | 100,000 | 5,234,000 | 0.4% | |
| Vodafone Group ADS | 250,000 | 6,585,000 | 0.5% | |
| 34,250,780 | 2.7% | |||
| Tools | ||||
| Illinois Tool Works | 500,000 | 23,270,000 | 1.8% | |
| Regal-Beloit | 100,000 | 5,879,000 | 0.5% | |
| Stanley Black & Decker | 100,000 | 6,198,000 | 0.5% | |
| 35,347,000 | 2.8% | |||
| Transportation | ||||
| Canadian National Railway | 350,000 | 25,830,000 | 2.0% | |
| Canadian Pacific Railway | 90,000 | 5,167,800 | 0.4% | |
| United Parcel Service | 300,000 | 20,217,000 | 1.6% | |
| 51,214,800 | 4.0% | |||
| Utilities | ||||
| E.ON ADS | 300,000 | 6,582,000 | 0.5% | |
| Enersis ADS | 200,000 | 4,024,000 | 0.3% | |
| National Fuel Gas | 130,000 | 7,975,500 | 0.6% | |
| NextEra Energy | 150,000 | 8,508,000 | 0.7% | |
| Sempra Energy | 40,000 | 2,100,800 | 0.2% | |
| Telstra ADR | 150,000 | 2,434,500 | 0.2% | |
| 31,624,800 | 2.5% | |||
| Total common stocks | $1,119,863,430 | 88.1% | ||
| Issuer | Coupon / Maturity | Face Amount | Market Value | Percentage of Assets |
| Halal Income - 0.4% | ||||
| Sukuk | ||||
| 1Malaysia Sukuk | 3.928% due 06/04/2015 | 5,000,000 | $5,271,345 | 0.4% |
| Total investments | (cost = $975,539,601) | 1,125,134,775 | 88.5% | |
| Other assets (net of liabilities) | 146,815,583 | 11.5% | ||
| Total net assets | $1,271,950,358 | 100.0% | ||
| ADS: American Depositary Share | ||||
| ADR: American Depositary Receipt | ||||
| Amana Mutual Funds Trust, Growth Fund | |||
| Common Stocks | Number of Shares | Market Value | Percentage of Assets |
| Aerospace | |||
| Crane | 300,000 | $12,675,000 | 0.7% |
| Automotive | |||
| Gentex | 450,000 | 11,675,250 | 0.6% |
| Genuine Parts | 125,000 | 6,877,500 | 0.4% |
| 18,552,750 | 1.0% | ||
| Building | |||
| Fastenal | 800,000 | 26,776,000 | 1.4% |
| Lowe's | 900,000 | 17,937,000 | 0.9% |
| 44,713,000 | 2.3% | ||
| Business Services | |||
| Convergys1 | 730,000 | 7,774,500 | 0.4% |
| Gartner1 | 150,000 | 5,343,000 | 0.3% |
| 13,117,500 | 0.7% | ||
| Chemicals | |||
| Potash Corp of Saskatchewan | 825,000 | 47,833,500 | 2.5% |
| Computers | |||
| Adobe Systems1 | 1,100,000 | 27,764,000 | 1.5% |
| Akamai Technologies1 | 1,000,000 | 21,940,000 | 1.1% |
| Apple1 | 200,000 | 76,966,000 | 4.0% |
| Cisco Systems | 2,000,000 | 31,340,000 | 1.6% |
| Cree1 | 650,000 | 21,079,500 | 1.1% |
| Hewlett-Packard | 1,000,000 | 26,030,000 | 1.4% |
| Infosys ADS | 500,000 | 25,810,000 | 1.4% |
| Intel | 1,700,000 | 34,221,000 | 1.8% |
| International Business Machines | 250,000 | 42,977,500 | 2.2% |
| Intuit1 | 900,000 | 44,397,000 | 2.3% |
| Oracle | 1,200,000 | 33,684,000 | 1.8% |
| SanDisk1 | 370,000 | 13,560,500 | 0.7% |
| SAP ADS | 400,000 | 21,804,000 | 1.1% |
| Taiwan Semiconductor ADS | 1,243,297 | 14,882,265 | 0.8% |
| Xilinx | 600,000 | 18,684,000 | 1.0% |
| 455,139,765 | 23.8% | ||
| Cosmetics & Toiletries | |||
| Estee Lauder | 229,297 | 22,393,145 | 1.2% |
| Diversified Operations | |||
| Corning | 300,000 | 4,509,000 | 0.2% |
| Electronics | |||
| Agilent Technologies1 | 900,000 | 33,183,000 | 1.7% |
| ASML Holding NV | 400,000 | 14,108,000 | 0.7% |
| EMCOR1 | 700,000 | 16,037,000 | 0.8% |
| Qualcomm | 800,000 | 41,168,000 | 2.2% |
| Trimble Navigation1 | 800,000 | 29,712,000 | 1.6% |
| 134,208,000 | 7.0% | ||
| Energy | |||
| Cenovus Energy | 600,000 | 21,648,000 | 1.1% |
| EnCana | 400,000 | 10,164,000 | 0.5% |
| Suncor Energy | 700,000 | 22,330,000 | 1.2% |
| 54,142,000 | 2.8% | ||
| Food Production | |||
| DANONE ADS | 410,674 | 5,650,874 | 0.3% |
| Hansen Natural1 | 500,000 | 42,660,000 | 2.2% |
| PepsiCo | 600,000 | 38,658,000 | 2.0% |
| 86,968,874 | 4.5% | ||
| Medical | |||
| Amgen | 600,000 | 33,243,000 | 1.7% |
| Dentsply International | 600,000 | 21,120,000 | 1.1% |
| Eli Lilly | 650,000 | 24,381,500 | 1.3% |
| Express Scripts1 | 500,000 | 23,470,000 | 1.2% |
| Humana | 650,000 | 50,466,000 | 2.6% |
| Johnson & Johnson | 600,000 | 39,480,000 | 2.1% |
| Novartis ADR | 650,000 | 37,999,000 | 2.0% |
| Novo Nordisk ADS | 200,439 | 21,378,824 | 1.1% |
| Stryker | 300,000 | 14,652,000 | 0.8% |
| VCA Antech1 | 550,000 | 10,180,500 | 0.5% |
| Zimmer1 | 225,000 | 12,800,250 | 0.7% |
| 289,171,074 | 15.1% | ||
| Metal Ores | |||
| Anglo American ADR | 1,300,000 | 26,975,000 | 1.4% |
| Office Equipment | |||
| Canon ADS | 600,000 | 28,344,000 | 1.5% |
| Staples | 400,000 | 5,896,000 | 0.3% |
| 34,240,000 | 1.8% | ||
| Publishing | |||
| John Wiley & Sons | 100,000 | 4,879,000 | 0.3% |
| Retail | |||
| Amazon.com1 | 200,000 | 43,046,000 | 2.2% |
| Bed Bath & Beyond1 | 250,000 | 14,215,000 | 0.7% |
| Best Buy | 800,000 | 20,472,000 | 1.1% |
| Google1 | 70,000 | 37,867,200 | 2.0% |
| PetSmart | 600,000 | 25,308,000 | 1.3% |
| TJX Companies | 600,000 | 32,772,000 | 1.7% |
| Urban Outfitters1 | 337,747 | 8,840,528 | 0.5% |
| 182,520,728 | 9.5% | ||
| Soap & Cleaning Preparants | |||
| Church & Dwight | 600,000 | 26,124,000 | 1.4% |
| Clorox | 375,000 | 26,137,500 | 1.4% |
| 52,261,500 | 2.8% | ||
| Telecommunications | |||
| America Movil ADS | 1,100,000 | 28,116,000 | 1.5% |
| Harris | 700,000 | 28,245,000 | 1.5% |
| Rogers Communications | 200,000 | 7,778,000 | 0.4% |
| Turkcell Iletisim Hizmetleri ADR1 | 100,000 | 1,126,000 | 0.1% |
| 65,265,000 | 3.5% | ||
| Tools | |||
| Lincoln Electric Holdings | 500,000 | 17,015,000 | 0.9% |
| Regal-Beloit | 200,000 | 11,758,000 | 0.6% |
| 28,773,000 | 1.5% | ||
| Toys/Games | |||
| JAKKS Pacific1 | 200,000 | 3,400,000 | 0.2% |
| Mattel | 200,000 | 5,374,000 | 0.3% |
| 8,774,000 | 0.5% | ||
| Transportation | |||
| Canadian Pacific Railway | 175,000 | 10,048,500 | 0.5% |
| LAN Airlines ADS | 600,000 | 16,890,000 | 0.9% |
| Norfolk Southern | 500,000 | 33,840,000 | 1.8% |
| United Parcel Service | 400,000 | 26,956,000 | 1.4% |
| 87,734,500 | 4.6% | ||
| Total investments | (cost = $1,333,661,407) | 1,674,846,336 | 87.7% |
| Other assets (net of liabilities) | 234,889,897 | 12.3% | |
| Total net assets | $1,909,736,233 | 100.0% | |
| (1)Non-income producing security | |||
| ADS: American Depositary Share | |||
| ADR: American Depositary Receipt | |||
| Amana Mutual Funds Trust, Developing World Fund | ||||
| Common Stocks | Number of Shares | Market Value | Country1 | Percentage of Assets |
| Agricultural Operations | ||||
| IOI | 160,000 | $244,244 | Malaysia | 1.5% |
| Automotive | ||||
| Ford Otomotiv Sanayi | 30,000 | 202,092 | Turkey | 1.2% |
| Banks - Islamic | ||||
| Asya Katilim Bankasi AS2 | 100,000 | 113,141 | Turkey | 0.7% |
| Building | ||||
| PT Semen Gresik | 200,000 | 218,108 | Indonesia | 1.3% |
| Computers | ||||
| Infosys ADS | 4,000 | 206,480 | India | 1.3% |
| Western Digital2 | 3,000 | 88,470 | Thailand3 | 0.5% |
| 294,950 | 1.8% | |||
| Energy | ||||
| China Petroleum and Chemical ADR | 800 | 78,816 | China | 0.5% |
| Pacific Rubiales | 8,000 | 196,794 | Colombia3 | 1.2% |
| Petroleo Brasileiro ADR | 4,000 | 116,200 | Brazil | 0.7% |
| Sasol ADS | 5,000 | 240,600 | South Africa | 1.4% |
| 632,410 | 3.8% | |||
| Fertlizers | ||||
| Quimica y Minera Chile ADS | 4,000 | 257,120 | Chile | 1.6% |
| Food Items Wholesale | ||||
| Mead Johnson Nutrition - A | 4,500 | 320,625 | Global4 | 1.9% |
| Food Production | ||||
| Danone ADS | 18,000 | 247,680 | France | 1.5% |
| Housing | ||||
| MRV Engenharia e Participacoes | 30,000 | 250,644 | Brazil | 1.5% |
| Internet Content | ||||
| Baidu.com ADR2 | 2,000 | 291,560 | China3 | 1.8% |
| Machinery | ||||
| Nidec ADR | 4,692 | 103,083 | China3 | 0.6% |
| Medical | ||||
| Dr. Reddy's Laboratories ADR | 8,000 | 262,800 | India | 1.6% |
| Kalbe Farma PT | 500,000 | 210,692 | Indonesia | 1.3% |
| KPJ Healthcare | 220,000 | 323,077 | Malaysia | 1.9% |
| Mindray Medical International ADR | 4,000 | 104,200 | China3 | 0.6% |
| Richter Gedeon | 1,000 | 185,068 | Hungary | 1.1% |
| 1,085,837 | 6.5% | |||
| Metal Ores | ||||
| Alamos Gold | 17,500 | 334,882 | Mexico3 | 2.0% |
| Anglo American ADR | 10,500 | 217,875 | South Africa3 | 1.3% |
| Freeport-McMoRan Copper & Gold | 4,000 | 188,440 | Indonesia3 | 1.1% |
| Impala Platinum ADS | 4,000 | 103,240 | South Africa | 0.6% |
| Southern Copper | 4,000 | 135,080 | Peru3 | 0.8% |
| Sterlite Industries ADR | 2,000 | 23,180 | India | 0.2% |
| Tenaris ADR | 4,500 | 149,400 | Argentina3 | 0.9% |
| Vale ADR | 7,500 | 211,800 | Brazil | 1.3% |
| 1,363,897 | 8.2% | |||
| Retail | ||||
| MercadoLibre | 3,200 | 215,616 | Brazil3 | 1.3% |
| Soap & Cleaning Preparants | ||||
| Colgate-Palmolive | 3,200 | 287,904 | Global4 | 1.7% |
| Telecommunications | ||||
| America Movil ADS | 8,000 | 204,480 | Mexico | 1.2% |
| Millicom International Cellular | 2,500 | 281,385 | Global4 | 1.7% |
| MTN Group | 10,000 | 205,557 | South Africa | 1.3% |
| Telecomunicacoes de Sao Paulo ADR | 8,000 | 254,160 | Brazil | 1.5% |
| Telekomunikasi Indonesia ADS | 7,000 | 239,540 | Indonesia | 1.5% |
| Turk Telekomunikasyon | 30,000 | 138,157 | Turkey | 0.8% |
| 1,323,279 | 8.0% | |||
| Textiles | ||||
| VF Corp2 | 3,000 | 351,180 | Global4 | 2.1% |
| Transportation | ||||
| Companhia de Concessoes Rodoviarias | 8,000 | 238,708 | Brazil | 1.4% |
| LAN Airlines ADS | 14,000 | 394,100 | Chile | 2.4% |
| 632,808 | 3.8% | |||
| Travel & Tourism | ||||
| Ctrip.com International2 | 2,200 | 91,784 | China3 | 0.6% |
| Utilities | ||||
| Companhia Paranaense de Energia-Copel | 5,000 | 110,100 | Brazil | 0.7% |
| Enersis ADS | 10,000 | 201,200 | Chile | 1.2% |
| Total Access Communication | 100,000 | 232,873 | Thailand | 1.4% |
| 544,173 | 3.3% | |||
| Total investments | (cost = $8,668,136) | 9,072,135 | 54.7% | |
| Other assets (net of liabilities) | 7,507,001 | 45.3% | ||
| Total assets | $16,579,136 | 100.0% | ||
| (1) Country of domicile unless otherwise indicated | ||||
| (2) Non-income producing security | ||||
| (3) Denotes country or region of primary exposure | ||||
| (4) Denotes a worldwide presence, comprising an entity with exposure to many regions and countries | ||||
| ADS: American Depositary Share | ||||
| ADR: American Depositary Receipt | ||||
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 the case 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.
Foreign currency:
Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.
The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.
Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.
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 August 31, 2011 in valuing the Funds' investments carried at value:
| Funds | Total | Level 1 Quoted Price | Level 2 Significant Observable Input | Level 3 Significant Unobservable Input |
| Income Fund | ||||
| Common Stocks | $1,119,863,430 | $1,119,863,430 | $ - | $ - |
| Sukuk | $5,271,345 | $ - | $5,271,345 | $ - | Total Assets | $1,125,134,775 | $1,119,863,430 | $5,271,345 | $ - |
| Growth Fund | ||||
| Common Stocks | $1,674,846,336 | $1,674,846,336 | $ - | $ - |
| Total Assets | $1,674,846,336 | $1,674,846,336 | $ - | $ - |
| Developing World Fund | ||||
| Common Stocks | $9,072,135 | $5,696,713 | $3,375,422 | $ - |
| Total Assets | $9,072,135 | $5,696,713 | $3,375,422 | $ - |
(1) During the period ended August 31, 2011, no Fund had transfers between Level 1 and Level 2.
New accounting pronouncement:
In January 2010, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2010-06 "Improving Disclosures about Fair Value Measurements." ASU No. 2010-06 amends FASB Acounting Standards Codification ("ASC") Topic 820, Fair Value Measurements and Disclosures, to improve disclosure about fair value measurements, which requires additional disclosures regarding fair value measurements about transfers into and out of Levels 1 and 2 and separate disclosures about purchases, sales, issuances, and settlements in the reconciliation for fair value measurements using significant unobservable inputs (Level 3). Effective for fiscal years beginning after December 15, 2010 and for interim periods within those fiscal years, entities will need to disclose information about purchases, sales issuances and settlements of Level 3 securities on a gross basis rather than a net basis as currently required. Management is currently evaluating the impact ASU No. 2010-06 will have on the Funds' financial statement disclosures.
In May 2011, FASB issued ASU No. 2011-04 "Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements" in GAAP and the International Financial Reporting Standards ("IFRSs"). ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP and IFRSs. ASU No. 2011- 04 is effective for fiscal years beginning after December 15, 2011 and for interim periods within those fiscal years. Management is currently evaluating the impact these amendments may have on the Funds' financial statements.
Item 2. Controls and Procedures
(a) Internal control over financial reporting is under the supervision of the principal executive and financial officers. On October 19, 2011, Mr. Nicholas Kaiser (President) and Mr. Christopher Fankhauser (Treasurer), reviewed the internal control procedures for Saturna Investment Trust and found them reasonable and adequate.
(b) The registrant's principal executive officer and principal financial officer are aware of no change in the registrant's internal control over financial reporting that occurred during the registrant's most recent 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 99CERT.
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: October 25, 2011
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment 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: October 25, 2011
By:
/s/ Christopher Fankhauser
Christopher Fankhauser, Treasurer
Date: October 25, 2011
