{AMENDMENT TO DECLARATION OF TRUST. EXHIBIT 1-4]

State of Washington      Secretary of State

1, Ralph Munro,  Secretary of State of the State of Washington  and custodian of
its seal, hereby certify that AMENDMENT TO DECLARATION OF TRUST

of SATURNA INVESTMENT TRUST a Washington  Massachusetts Trust was/were filed for
record in this office on the date indicated below.

U B I Number: 601 009 092

Date:  October  2,  1995  Given  under  my hand  and the  seal of the  State  of
Washington,  at Olympia, the State Capitol. /s/ Ralph Munro,  Secretary of State
2-384477-2


<PAGE>


FILED
STATE OF WASHINGTON
OCT 0 2 1b5
RALPH MUNRO
SECRETARY OF STATE

ARTICLES OF AMENDMENT

Pursuant  to  RCW  23.90.040,   the  following  Articles  of  Amendment  to  the
Declaration of Trust are herewith submitted for filing.

ARTICLE 1. The name of record of the Business Trust is:

SATURNA INVESTMENT TRUST

ARTICLE 2 The  amendment(s)  to the  Declaration of Trust as adopted is (are) as
follows:

The investment  policies and  restrictions of the series of the Trust WASHINGTON
TAX-EXEMPT  FUND are  revised  as set  forth in  Exhibit  I and the name of such
series is changed to SEXTANT BOND INCOME FUND.

ARTICLE 3: The date of adoption of the amendment(s) was:

September 28, 1995

ARTICLE  4:  The  amendment(s)  was  (were)  adopted  by  initial  proposal  and
resolution  of the Board of Trustees  followed with approval by majority vote of
the shareholders of the series entitled to vote thereon.

The  outstanding  shares of  Washington  Tax-Exempt  Fund as of  August  29,1995
(record date) were 190,004.237.  The shares voting in favor were 115,009.485 and
the shares voting against were 5,143.805.

The resolution was passed by the required majority vote.

ARTICLE 5 The  amendment(s)  to the  Declaration of Trust as adopted is (are) as
follows:

The investment  policies and  restrictions  of the series of the Trust NORTHWEST
GROWTH  FUND are  revised as set forth in Exhibit II and the name of such series
is changed to SEXTANT GROWTH FUND.

ARTICLE 6: The date of adoption of the amendment(s) was:

September 28, 1995 ARTICLE 7:

The  amendment(s)  was (were) adopted by initial  proposal and resolution of the
Board of Trustees followed with approval by majority vote of the shareholders of
the series entitled to vote thereon.

The  outstanding  shares of Northwest  Growth Fund as of August 29, 1995 (record
date) were  131,055.262.  The shares  voting in favor  were  84,989.275  and the
shares voting against were 1,805.566.

The resolution was passed by the required majority vote.

I certify  that I am an officer of the above  named Trust and am  authorized  to
execute these Articles of Amendment on behalf of the Trust.

DAMSEL) this 28th day of September,1995.

/s/ James D. Winship
Saturna Investment Trust


EXHIBIT 1
To Articles of Amendment of
Saturna Investment Trust

The  objective  of Sextant  Bond  Income  Fund is "high  current  income." As an
operating  policy  that may be changed by the Board of  Trustees,  under  normal
market  conditions  the Fund  expects  to  maintain  a  dollar-weighted  average
effective  maturity  in excess of ten  years.  Similarly,  also as an  operating
policy,  the Fund  expects that under normal  market  conditions,  the Fund will
invest at least 65% of the value of its total  assets  (taken at market value at
the time of investment) in:

(1)  Marketable  straight-debt  securities of domestic  issuers,  and of foreign
issuers payable in U.S. dollars,  rated at the time of purchase within the three
highest grades assigned by Moody's Investors Service,  Inc. ("Moody's") (Aaa, Aa
or A) or by Standard & Poor's Corporation ("S&P") (AAA, AA or A);

(2) U.S. Government Securities;

(3) Commercial paper rated Prime-1 by Moody's or A-1 by S&P at time of purchase,
or, if unrated,  issued or guaranteed by a corporation with any outstanding debt
rated Aa or better by Moody's or AA or better by S&P; and

(4) Bank obligations,  including  repurchase  agreements of banks,  having total
assets in excess of $1 billion.

The Fund may also invest in other debt securities  (including those  convertible
into, or carrying warrants to purchase, common stocks or other equity interests,
and privately  placed debt  securities).  However,  the Fund may not invest in a
security  rated at time of purchase  below the fourth  highest grade assigned by
Moody's (Baa) or S&P (BBB).
U.S.  Government  Securities  include:  (i) bills,  notes,  bonds and other debt
securities,  differing as to maturity and rates of interest,  that are issued by
and are direct obligations of the U.S. Treasury;  and (ii) other securities that
are issued or guaranteed as to principal and interest by the U.S.  Government or
by its agencies or instrumentalities.
The Fund may also invest in floating rate instruments which provide for periodic
adjustments  in coupon  interest  rates that are  automatically  reset  based on
changes in amount and direction of specified market interest rates. The Fund may
invest in unrated  securities  that in the adviser's  opinion are  comparable to
securities having at least a medium grade rating and are suitable for investment
by the Fund.

EXHIBIT II
To Articles of Amendment of
Saturna Investment Trust

The objective of Sextant  Growl Fund is "long-term  growth." The Fund invests in
common  stocks  and  other  equity-type  securities.  The Fund will  pursue  its
objective by investing  primarily in common  stocks and  securities  convertible
into common stocks,  but may also invest in other  securities that are suited to
the  Fund's  investment   objectives,   including   preferred  stocks  and  debt
securities.

The Fund may invest in securities of smaller or newer companies as well as those
of  well-seasoned   companies  of  any  size.  Although  the  Fund  will  invest
principally in securities of U.S.  issuers,  it may invest up to 5% of its total
assets  (valued  at the time of  investment)  in foreign  securities,  including
foreign  government  obligations and foreign equity and debt securities that are
traded in the U.S.

Under  normal  market  conditions,  the Fund expects to be  substantially  fully
invested  in the types of  securities  described  in the  preceding  paragraphs.
However,  to the  extent  that  investments  meeting  the  Fund's  criteria  for
investment are not available or when the Adviser considers a temporary defensive
investment  position  advisable,  the  Fund may  invest  without  limitation  in
high-quality  corporate debt obligations or U.S. government  obligations or hold
cash or cash equivalents.