**JOINT INSURED BOND RECOVERY AGREEMENT**

 

  THIS AGREEMENT, executed as of this 12th day of December, 2007 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.

                  By         */s/ Nicholas F. Kaiser*,  President,                                  Saturna Investment Trust                                               By       *  /s/ Nicholas F. Kaiser*,  President,                                 Amana Mutual Funds Trust                  By        */s/ Nicholas F. Kaiser*,  President,                                 Saturna Capital Corporation                  By       *  /s/ Nicholas F. Kaiser*,  President,                                 Saturna Brokerage Services, Inc.