**JOINT INSURED BOND RECOVERY AGREEMENT**

 

**THIS AGREEMENT**, executed as of this 20th day of December, 2011  between Saturna Capital Corporation, a Washington Corporation (the "Adviser"),  Saturna Brokerage Services, Inc., a Washington Corporation "SBS"),  and Amana Mutual Funds Trust ("Amana"), and Saturna Investment Trust  ("SIT"), Amana and SIT being open-end management investment companies,  (all of such entities herein referred to as the "Parties") this Agreement  to become effective as of the date hereof;**WHEREAS** pursuant to the resolutions of the Boards of Trustees  of Amana and SIT, the Trustees of each Trust determined and resolved that a  fidelity insurance bond as required by Rule 17g-1, under the Investment Company  Act of 1940, shall be obtained for each Trust as an insured party issued by  the ICI Mutual Insurance Company for the protection of each of the Parties (the  "Bond"). The Boards and disinterested Trustees determined that the  Bond is reasonable as to amount as such amount is in excess of the coverage  required by Rule 17g-1, giving due consideration to the value of the aggregate  assets of the Trusts to which any covered person may have access, the type and  terms of the arrangements made for the custody and safekeeping of such assets  and the nature of the securities in the portfolio of the Trusts;**AND WHEREAS** The Trustees further authorized and approved payment  by each Trust of its portion of the premium of such Bond giving due consideration  to the other parties named as insureds, the nature of the business activities  of the other parties, the amount of the joint insured bond, the total amount  of the premium for such Bond, the ratable allocation of the premium among the  parties named as insureds, and the extent to which the share of the premium  allocated to each Trust is less than the premium that Trust would have to pay  to provide and obtain a single insured bond;**AND WHEREAS** The Trustees authorized and directed the Trusts  to enter into an agreement with the other insured parties providing for equitable  and proportionate sharing of recovery under the Bond as a result of a loss sustained  by a Trust and other named insured or insureds, in the form required by Rule  17g-1;**NOW THEREFORE, IT IS THEREFORE AGREED** between the Parties that  in the event recovery is received under the Bond as a result of a loss sustained  by one or more of the Parties as named insureds, each party sustaining such  loss shall receive an equitable and proportionate share of the recovery, which  amount of share of recovery shall at least be equal to the amount which each  party would have received had it provided and maintained a single insured bond  with the minimum coverage as required by Rule 17g-1, paragraph (d), subparagraph  (1) as amended of the Investment Company Act of 1940.

 

| */s/ Nicholas F. Kaiser*, President      Amana Mutual Fundst Trust | */s/ Christopher W. Lang*, President      Saturna Brokerage Services, Inc. |
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| */s/ Nicholas F. Kaiser*, President      Saturna Investment Trust  | */s/ Jane K. Carten*, President      Saturna Capital Corporation           |