**ICI MUTUAL INSURANCE COMPANY**  P.O. Box 730  Burlington, Vermont 05402-0730**INVESTMENT COMPANY BLANKET BOND**

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**ICI MUTUAL INSURANCE COMPANY**P.O. Box 730  Burlington, Vermont 05402-0730**DECLARATIONS**

  Bond Number **89265106B**

**Item 1.** Name of Insured (the "Insured") **Saturna Capital Corporation**  (Continued on Rider No. 1)  Principal Address: 1300 N. State Street  Bellingham, WA 98227**Item 2.** Bond Period: from 12:01 a.m. on December 15, 2007,  to 12:01 a.m. on December 15, 2008, or  the earlier effective date of the termination of this Bond, standard time at  the Principal Address as to each of said dates.**Item 3.** Limit of Liability—  Subject to Sections 9, 10 and 12 hereof:

|                                                                                                                                                                                       | LIMIT OF LIABILITY | DEDUCTIBLE AMOUNT |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|-------------------|
| Insuring Agreement A- FIDELITY                                                                                                                                                             | $1,960,000         | $50,000           |
| Insuring Agreement B- AUDIT EXPENSE                                                                                                                                                        | $50,000            | $10,000           |
| Insuring Agreement C- ON PREMISES                                                                                                                                                          | $1,960,000         | $50,000           |
| Insuring Agreement D- IN TRANSIT                                                                                                                                                           | $1,960,000         | $50,000           |
| Insuring Agreement E- FORGERY OR ALTERATION                                                                                                                                                | $1,960,000         | $50,000           |
| Insuring Agreement F- SECURITIES                                                                                                                                                           | $1,960,000         | $50,000           |
| Insuring Agreement G- COUNTERFEIT CURRENCY                                                                                                                                                 | $1,960,000         | $50,000           |
| Insuring Agreement H- UNCOLLECTIBLE ITEMS OF DEPOSIT                                                                                                                                       | $25,000            | $5,000            |
| Insuring Agreement I- PHONE/ELECTRONIC TRANSACATIONS                                                                                                                                       | $1,960,000         | $50,000           |
|                                                                                                                                                                                       |               |              |
| If “Not Covered” is inserted opposite any Insuring      Agreement above, such Insuring Agreement       and any reference thereto shall be deemed to be deleted from this Bond. |
|                                                                                                                                                                                       |               |              |
| OPTIONAL INSURING AGREEMENTS ADDED BY THIS RIDER:                                                                                                                                          |
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| Insuring Agreement J- COMPUTER SECURITY                                                                                                                                                    | $1,960,000         | $50,000           |

**Item 4**. Offices or Premises Covered--All the Insured's offices  or other premises in existence at the time this Bond becomes effective are covered  under this Bond, except the offices or other premises excluded by Rider. Offices  or other premises acquired or established after the effective date of this Bond  are covered subject to the terms of General Agreement A.

**Item 5**. The liability of ICI Mutual Insurance Company (the  "Underwriter") is subject to the terms of the following Riders attached  hereto:  Riders: 1-2-3-4-5-6-7-8-9-10-11-12  and of all Riders applicable to this Bond issued during the Bond Period.

  By: /S/ Maggie Sullivan  Authorized Representative

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**INVESTMENT COMPANY BLANKET BOND**

  ICI Mutual Insurance Company (the "Underwriter"), in consideration  of an agreed premium, and in reliance upon the Application and all other information  furnished to the Underwriter by the Insured, and subject to and in accordance  with the Declarations, General Agreements, Provisions, Conditions and Limitations  and other terms of this bond (including all riders hereto) ("Bond"),  to the extent of the Limit of Liability and subject to the Deductible Amount,  agrees to indemnify the Insured for the loss, as described in the Insuring Agreements,  sustained by the Insured at any time but discovered during the Bond Period.

 

**INSURING AGREEMENTS**

**A. FIDELITY**  Loss (including loss of Property) caused by any Dishonest or Fraudulent Act  or Theft committed by an Employee anywhere, alone or in collusion with other  persons (whether or not Employees), during the time such Employee has the status  of an Employee as defined herein, and even if such loss is not discovered until  after he or she ceases to be an Employee, EXCLUDING loss covered under Insuring  Agreement B.**B. AUDIT EXPENSE**  Expense incurred by the Insured for that part of audits or examinations required  by any governmental regulatory authority or Self Regulatory Organization to  be conducted by such authority or Organization or by an independent accountant  or other person, by reason of the discovery of loss sustained by the Insured  and covered by this Bond.**C. ON PREMISES**  Loss of Property (including damage thereto or destruction thereof) located or  reasonably believed by the Insured to be located within the Insured's offices  or premises, caused by Theft or by any Dishonest or Fraudulent Act or through  Mysterious Disappearance, EXCLUDING loss covered under Insuring Agreement A.**D. IN TRANSIT**  Loss of Property (including damage thereto or destruction thereof) while the  Property is in transit in the custody of any person authorized by an Insured  to act as a messenger, except while in the mail or with a carrier for hire (other  than a Security Company), EXCLUDING loss covered under Insuring Agreement A.  Property is "in transit" beginning immediately upon receipt of such  Property by the transporting person and ending immediately upon delivery at  the specified destination.**E. FORGERY OR ALTERATION**  Loss caused by the Forgery or Alteration of or on (1) any bills of exchange,  checks, drafts, or other written orders or directions to pay certain sums in  money, acceptances, certificates of deposit, due bills, money orders, or letters  of credit; or (2) other written instructions, requests or applications to the  Insured, authorizing or acknowledging the transfer, payment, redemption, delivery  or receipt of Property, or giving notice of any bank account, which instructions  or requests or applications purport to have been signed or endorsed by (a) any  customer of the Insured, or (b) any shareholder of or subscriber to shares issued  by any Investment Company, or (c) any financial or banking institution or stockbroker;  or (3) withdrawal orders or receipts for the withdrawal of Property, or receipts  or certificates of deposit for Property and bearing the name of the Insured  as issuer or of another Investment Company for which the Insured acts as agent.  This Insuring Agreement E does not cover loss caused by Forgery or Alteration  of Securities or loss covered under Insuring Agreement A.**F. SECURITIES**  Loss resulting from the Insured, in good faith, in the ordinary course of business,  and in any capacity whatsoever, whether for its own account or for the account  of others, having acquired, accepted or received, or sold or delivered, or given  any value, extended any credit or assumed any liability on the faith of any  Securities, where such loss results from the fact that such Securities (1) were  Counterfeit, or (2) were lost or stolen, or (3) contain a Forgery or Alteration,  and notwithstanding whether or not the act of the Insured causing such loss  violated the constitution, by-laws, rules or regulations of any Self Regulatory  Organization, whether or not the Insured was a member thereof, EXCLUDING loss  covered under Insuring Agreement A.**G. COUNTERFEIT CURRENCY**  Loss caused by the Insured in good faith having received or accepted (1) any  money orders which prove to be Counterfeit or to contain an Alteration or (2)  paper currencies or coin of the United States of America or Canada which prove  to be Counterfeit.  This Insuring Agreement G does not cover loss covered under Insuring Agreement  A.**H. UNCOLLECTIBLE ITEMS OF DEPOSIT**  Loss resulting from the payment of dividends, issuance of Fund shares or redemptions  or exchanges permitted from an account with the Fund as a consequence of   (1) uncollectible Items of Deposit of a Fund's customer, shareholder or subscriber  credited by the Insured or its agent to such person's Fund account, or  (2) any Item of Deposit processed through an automated clearing house which  is reversed by a Fund's customer, shareholder or subscriber and is deemed uncollectible  by the Insured;  PROVIDED, that (a) Items of Deposit shall not be deemed uncollectible until  the Insured's collection procedures have failed, (b) exchanges of shares between  Funds with exchange privileges shall be covered hereunder only if all such Funds  are insured by the Underwriter for uncollectible Items of Deposit, and (c) the  Insured Fund shall have implemented and maintained a policy to hold Items of  Deposit for the minimum number of days stated in its Application (as amended  from time to time) before paying any dividend or permitting any withdrawal with  respect to such Items of Deposit (other than exchanges between Funds). Regardless  of the number of transactions between Funds in an exchange program, the minimum  number of days an Item of Deposit must be held shall begin from the date the  Item of Deposit was first credited to any Insured Fund.  This Insuring Agreement H does not cover loss covered under Insuring Agreement  A.**I. PHONE/ELECTRONIC TRANSACTIONS**  Loss caused by a Phone/Electronic Transaction, where the request for such Phone/Electronic  Transaction:  (1) is transmitted to the Insured or its agents by voice over the telephone  or by Electronic Transmission; and  (2) is made by an individual purporting to be a Fund shareholder or subscriber  or an authorized agent of a Fund shareholder or subscriber; and  (3) is unauthorized or fraudulent and is made with the manifest intent to deceive;  PROVIDED, that the entity receiving such request generally maintains and follows  during the Bond Period all Phone/Electronic Transaction Security Procedures  with respect to all Phone/Electronic Transactions; and  EXCLUDING loss resulting from:  (1) the failure to pay for shares attempted to be purchased; or  (2) any redemption of Investment Company shares which had been improperly credited  to a shareholder’s account where such shareholder (a) did not cause, directly  or indirectly, such shares to be credited to such account, and (b) directly  or indirectly received any proceeds or other benefit from such redemption; or  (3) any redemption of shares issued by an Investment Company where the proceeds  of such redemption were requested to be paid or made payable to other than (a)  the Shareholder of Record, or (b) any other person or bank account designated  to receive redemption proceeds (i) in the initial account application, or (ii)  in writing (not to include Electronic Transmission) accompanied by a signature  guarantee; or  (4) any redemption of shares issued by an Investment Company where the proceeds  of such redemption were requested to be sent to other than any address for such  account which was designated (a) in the initial account application, or (b)  in writing (not to include Electronic Transmission), where such writing is received  at least one (1) day prior to such redemption request, or (c) by voice over  the telephone or by Electronic Transmission at least fifteen (15) days prior  to such redemption; or  (5) the intentional failure to adhere to one or more Phone/Electronic Transaction  Security Procedures; or  (6) a Phone/Electronic Transaction request transmitted by electronic mail or  transmitted by any method not subject to the Phone/Electronic Transaction Security  Procedures; or  (7) the failure or circumvention of any physical or electronic protection device,  including any firewall, that imposes restrictions on the flow of electronic  traffic in or out of any Computer System.  This Insuring Agreement I does not cover loss covered under Insuring Agreement  A, “Fidelity” or Insuring Agreement J, “Computer Security”.

 

**GENERAL AGREEMENTS**

**A. ADDITIONAL OFFICES OR EMPLOYEES--CONSOLIDATION OR MERGER--NOTICE**  1. Except as provided in paragraph 2 below, this Bond shall apply to any additional  office(s) established by the Insured during the Bond Period and to all Employees  during the Bond Period, without the need to give notice thereof or pay additional  premiums to the Underwriter for the Bond Period.  2. If during the Bond Period an Insured Investment Company shall merge or consolidate  with an institution in which such Insured is the surviving entity, or purchase  substantially all the assets or capital stock of another institution, or acquire  or create a separate investment portfolio, and shall within sixty (60) days  notify the Underwriter thereof, then this Bond shall automatically apply to  the Property and Employees resulting from such merger, consolidation, acquisition  or creation from the date thereof; provided, that the Underwriter may make such  coverage contingent upon the payment of an additional premium.**B. WARRANTY**  No statement made by or on behalf of the Insured, whether contained in the Application  or otherwise, shall be deemed to be an absolute warranty, but only a warranty  that such statement is true to the best of the knowledge of the person responsible  for such statement.**C. COURT COSTS AND ATTORNEYS' FEES**  The Underwriter will indemnify the Insured against court costs and reasonable  attorneys' fees incurred and paid by the Insured in defense of any legal proceeding  brought against the Insured claiming that the Insured is liable for any loss,  claim or damage which, if established against the Insured, would constitute  a loss sustained by the Insured covered under the terms of this Bond; provided,  however, that with respect to Insuring Agreement A this indemnity shall apply  only in the event that  1. an Employee admits to having committed or is adjudicated to have committed  a Dishonest or Fraudulent Act or Theft which caused the loss; or  2. in the absence of such an admission or adjudication, an arbitrator or arbitrators  acceptable to the Insured and the Underwriter concludes, after a review of an  agreed statement of facts, that an Employee has committed a Dishonest or Fraudulent  Act or Theft which caused the loss.  The Insured shall promptly give notice to the Underwriter of any such legal  proceeding and upon request shall furnish the Underwriter with copies of all  pleadings and other papers therein. At the Underwriter's election the Insured  shall permit the Underwriter to conduct the defense of such legal proceeding  in the Insured's name, through attorneys of the Underwriter's selection. In  such event, the Insured shall give all reasonable information and assistance  which the Underwriter shall deem necessary to the proper defense of such legal  proceeding.  If the amount of the Insured's liability or alleged liability in any such legal  proceeding is greater than the amount which the Insured would be entitled to  recover under this Bond (other than pursuant to this General Agreement C), or  if a Deductible Amount is applicable, or both, the indemnity liability of the  Underwriter under this General Agreement C is limited to the proportion of court  costs and attorneys' fees incurred and paid by the Insured or by the Underwriter  that the amount which the Insured would be entitled to recover under this Bond  (other than pursuant to this General Agreement C) bears to the sum of such amount  plus the amount which the Insured is not entitled to recover. Such indemnity  shall be in addition to the Limit of Liability for the applicable Insuring Agreement.

**THIS BOND, INCLUDING THE FOREGOING INSURING AGREEMENTS  AND GENERAL AGREEMENTS, IS SUBJECT TO THE FOLLOWING  PROVISIONS, CONDITIONS AND LIMITATIONS:**

**SECTION 1. DEFINITIONS**  The following terms used in this Bond shall have the meanings stated in this  Section:  A. "Alteration" means the marking, changing or altering in a material  way of the terms, meaning or legal effect of a document with the intent to deceive.  B. "Application" means the Insured's application (and any attachments  and materials submitted in connection therewith) furnished to the Underwriter  for this Bond.  C. "Computer System" means (1) computers with related peripheral components,  including storage components, (2) systems and applications software, (3) terminal  devices, (4) related communications networks or customer communication systems,  and (5) related electronic funds transfer systems; by which data or monies are  electronically collected, transmitted, processed, stored or retrieved.  D. "Counterfeit" means, with respect to any item, one which is false  but is intended to deceive and to be taken for the original authentic item.  E. "Deductible Amount" means, with respect to any Insuring Agreement,  the amount set forth under the heading "Deductible Amount" in Item  3 of the Declarations or in any Rider for such Insuring Agreement, applicable  to each Single Loss covered by such Insuring Agreement.  F. "Depository" means any "securities depository" (other  than any foreign securities depository) in which an Investment Company may deposit  its Securities in accordance with Rule 17f-4 under the Investment Company Act  of 1940.  G. "Dishonest or Fraudulent Act" means any dishonest or fraudulent  act, including "larceny and embezzlement" as defined in Section 37  of the Investment Company Act of 1940, committed with the conscious manifest  intent (1) to cause the Insured to sustain a loss and (2) to obtain financial  benefit for the perpetrator or any other person (other than salaries, commissions,  fees, bonuses, awards, profit sharing, pensions or other employee benefits).  A Dishonest or Fraudulent Act does not mean or include a reckless act, a negligent  act, or a grossly negligent act.  H. “Electronic Transmission” means any transmission effected by  electronic means, including but not limited to a transmission effected by telephone  tones, Telefacsimile, wireless device, or over the Internet.  I . "Employee" means:  (1) each officer, director, trustee, partner or employee of the Insured, and  (2) each officer, director, trustee, partner or employee of any predecessor  of the Insured whose principal assets are acquired by the Insured by consolidation  or merger with, or purchase of assets or capital stock of, such predecessor,  and  (3) each attorney performing legal services for the Insured and each employee  of such attorney or of the law firm of such attorney while performing services  for the Insured, and  (4) each student who is an authorized intern of the Insured, while in any of  the Insured's offices, and  (5) each officer, director, trustee, partner or employee of  (a) an investment adviser,  (b) an underwriter (distributor),  (c) a transfer agent or shareholder accounting recordkeeper, or  (d) an administrator authorized by written agreement to keep financial and/or  other required records,  for an Investment Company named as an Insured, but only while (i) such officer,  partner or employee is performing acts coming within the scope of the usual  duties of an officer or employee of an Insured, or (ii) such officer, director,  trustee, partner or employee is acting as a member of any committee duly elected  or appointed to examine or audit or have custody of or access to the Property  of the Insured, or (iii) such director or trustee (or anyone acting in a similar  capacity) is acting outside the scope of the usual duties of a director or trustee;  provided, that the term "Employee" shall not include any officer,  director, trustee, partner or employee of a transfer agent, shareholder accounting  recordkeeper or administrator (x) which is not an "affiliated person"  (as defined in Section 2(a) of the Investment Company Act of 1940) of an Investment  Company named as Insured or of the adviser or underwriter of such Investment  Company, or (y) which is a "Bank" (as defined in Section 2(a) of the  Investment Company Act of 1940), and  (6) each individual assigned, by contract or by any agency furnishing temporary  personnel, in either case on a contingent or part-time basis, to perform the  usual duties of an employee in any office of the Insured, and  (7) each individual assigned to perform the usual duties of an employee or officer  of any entity authorized by written agreement with the Insured to perform services  as electronic data processor of checks or other accounting records of the Insured,  but excluding a processor which acts as transfer agent or in any other agency  capacity for the Insured in issuing checks, drafts or securities, unless included  under subsection (5) hereof, and  (8) each officer, partner or employee of  (a) any Depository or Exchange,  (b) any nominee in whose name is registered any Security included in the systems  for the central handling of securities established and maintained by any Depository,  and  (c) any recognized service company which provides clerks or other personnel  to any Depository or Exchange on a contract basis,  while such officer, partner or employee is performing services for any Depository  in the operation of systems for the central handling of securities, and  (9) in the case of an Insured which is an "employee benefit plan"  (as defined in Section 3 of the Employee Retirement Income Security Act of 1974  ("ERISA")) for officers, directors or employees of another Insured  ("In-House Plan"), any "fiduciary" or other "plan official"  (within the meaning of Section 412 of ERISA) of such In-House Plan, provided  that such fiduciary or other plan official is a director, partner, officer,  trustee or employee of an Insured (other than an In-House Plan).  Each employer of temporary personnel and each entity referred to in subsections  (6) and (7) and their respective partners, officers and employees shall collectively  be deemed to be one person for all the purposes of this Bond.  Brokers, agents, independent contractors, or representatives of the same general  character shall not be considered Employees, except as provided in subsections  (3), (6), and (7).  J. "Exchange" means any national securities exchange registered under  the Securities Exchange Act of 1934.  K. "Forgery" means the physical signing on a document of the name  of another person (whether real or fictitious) with the intent to deceive. A  Forgery may be by means of mechanically reproduced facsimile signatures as well  as handwritten signatures. Forgery does not include the signing of an individual's  own name, regardless of such individual's authority, capacity or purpose.  L. "Items of Deposit" means one or more checks or drafts.  M. "Investment Company" or "Fund" means an investment company  registered under the Investment Company Act of 1940.  N. "Limit of Liability" means, with respect to any Insuring Agreement,  the limit of liability of the Underwriter for any Single Loss covered by such  Insuring Agreement as set forth under the heading "Limit of Liability"  in Item 3 of the Declarations or in any Rider for such Insuring Agreement.  O. "Mysterious Disappearance" means any disappearance of Property  which, after a reasonable investigation has been conducted, cannot be explained.  P. "Non-Fund" means any corporation, business trust, partnership,  trust or other entity which is not an Investment Company.  Q. “Phone/Electronic Transaction Security Procedures” means security  procedures for Phone/Electronic Transactions as provided in writing to the Underwriter.  R. “Phone/Electronic Transaction” means any (1) redemption of shares  issued by an Investment Company, (2) election concerning dividend options available  to Fund shareholders, (3) exchange of shares in a registered account of one  Fund into shares in an identically registered account of another Fund in the  same complex pursuant to exchange privileges of the two Funds, or (4) purchase  of shares issued by an Investment Company, which redemption, election, exchange  or purchase is requested by voice over the telephone or through an Electronic  Transmission.  S. "Property" means the following tangible items: money, postage and  revenue stamps, precious metals, Securities, bills of exchange, acceptances,  checks, drafts, or other written orders or directions to pay sums certain in  money, certificates of deposit, due bills, money orders, letters of credit,  financial futures contracts, conditional sales contracts, abstracts of title,  insurance policies, deeds, mortgages, and assignments of any of the foregoing,  and other valuable papers, including books of account and other records used  by the Insured in the conduct of its business, and all other instruments similar  to or in the nature of the foregoing (but excluding all data processing records),  in which the Insured has an interest or in which the Insured acquired or should  have acquired an interest by reason of a predecessor's declared financial condition  at the time of the Insured's consolidation or merger with, or purchase of the  principal assets of, such predecessor or which are held by the Insured for any  purpose or in any capacity.  T. "Securities" means original negotiable or non-negotiable agreements  or instruments which represent an equitable or legal interest, ownership or  debt (including stock certificates, bonds, promissory notes, and assignments  thereof), which are in the ordinary course of business and transferable by physical  delivery with appropriate endorsement or assignment. "Securities"  does not include bills of exchange, acceptances, certificates of deposit, checks,  drafts, or other written orders or directions to pay sums certain in money,  due bills, money orders, or letters of credit.  U. "Security Company" means an entity which provides or purports to  provide the transport of Property by secure means, including, without limitation,  by use of armored vehicles or guards.  V. "Self Regulatory Organization" means any association of investment  advisers or securities dealers registered under the federal securities laws,  or any Exchange.  W. "Shareholder of Record" means the record owner of shares issued  by an Investment Company or, in the case of joint ownership of such shares,  all record owners, as designated (1) in the initial account application, or  (2) in writing accompanied by a signature guarantee, or (3) pursuant to procedures  as set forth in the Application.  X. "Single Loss" means:  (1) all loss resulting from any one actual or attempted Theft committed by one  person, or  (2) all loss caused by any one act (other than a Theft or a Dishonest or Fraudulent  Act) committed by one person, or  (3) all loss caused by Dishonest or Fraudulent Acts committed by one person,  or  (4) all expenses incurred with respect to any one audit or examination, or  (5) all loss caused by any one occurrence or event other than those specified  in subsections (1) through (4) above.  All acts or omissions of one or more persons which directly or indirectly aid  or, by failure to report or otherwise, permit the continuation of an act referred  to in subsections (1) through (3) above of any other person shall be deemed  to be the acts of such other person for purposes of this subsection.  All acts or occurrences or events which have as a common nexus any fact, circumstance,  situation, transaction or series of facts, circumstances, situations, or transactions  shall be deemed to be one act, one occurrence, or one event.  Y. “Telefacsimile” means a system of transmitting and reproducing  fixed graphic material (as, for example, printing) by means of signals transmitted  over telephone lines or over the Internet.  Z. "Theft" means robbery, burglary or hold-up, occurring with or without  violence or the threat of violence.**SECTION 2. EXCLUSIONS**

  THIS BOND DOES NOT COVER:  A. Loss resulting from (1) riot or civil commotion outside the United States  of America and Canada, or (2) war, revolution, insurrection, action by armed  forces, or usurped power, wherever occurring; except if such loss occurs in  transit, is otherwise covered under Insuring Agreement D, and when such transit  was initiated, the Insured or any person initiating such transit on the Insured's  behalf had no knowledge of such riot, civil commotion, war, revolution, insurrection,  action by armed forces, or usurped power.  Loss in time of peace or war resulting from nuclear fission or fusion or radioactivity,  or biological or chemical agents or hazards, or fire, smoke, or explosion, or  the effects of any of the foregoing.  C. Loss resulting from any Dishonest or Fraudulent Act committed by any person  while acting in the capacity of a member of the Board of Directors or any equivalent  body of the Insured or of any other entity.  D. Loss resulting from any nonpayment or other default of any loan or similar  transaction made by the Insured or any of its partners, directors, officers  or employees, whether or not authorized and whether procured in good faith or  through a Dishonest or Fraudulent Act, unless such loss is otherwise covered  under Insuring Agreement A, E or F.  E. Loss resulting from any violation by the Insured or by any Employee of any  law, or any rule or regulation pursuant thereto or adopted by a Self Regulatory  Organization, regulating the issuance, purchase or sale of securities, securities  transactions upon security exchanges or over the counter markets, Investment  Companies, or investment advisers, unless such loss, in the absence of such  law, rule or regulation, would be covered under Insuring Agreement A, E or F.  F. Loss of Property while in the custody of any Security Company, unless such  loss is covered under this Bond and is in excess of the amount recovered or  received by the Insured under (1) the Insured's contract with such Security  Company, and (2) insurance or indemnity of any kind carried by such Security  Company for the benefit of, or otherwise available to, users of its service,  in which case this Bond shall cover only such excess, subject to the applicable  Limit of Liability and Deductible Amount.  G. Potential income, including but not limited to interest and dividends, not  realized by the Insured because of a loss covered under this Bond, except when  covered under Insuring Agreement H.  H. Loss in the form of (1) damages of any type for which the Insured is legally  liable, except direct compensatory damages, or (2) taxes, fines, or penalties,  including without limitation two-thirds of treble damage awards pursuant to  judgments under any statute or regulation.  I. Loss resulting from the surrender of Property away from an office of the  Insured as a result of a threat  (1) to do bodily harm to any person, except loss of Property in transit in the  custody of any person acting as messenger as a result of a threat to do bodily  harm to such person, if the Insured had no knowledge of such threat at the time  such transit was initiated, or  (2) to do damage to the premises or Property of the Insured, unless such loss  is otherwise covered under Insuring Agreement A.  J. All costs, fees and other expenses incurred by the Insured in establishing  the existence of or amount of loss covered under this Bond, except to the extent  certain audit expenses are covered under Insuring Agreement B.  K. Loss resulting from payments made to or withdrawals from any account, involving  funds erroneously credited to such account, unless such loss is otherwise covered  under Insuring Agreement A.  L. Loss resulting from uncollectible Items of Deposit which are drawn upon a  financial institution outside the United States of America, its territories  and possessions, or Canada.   M. Loss resulting from the Dishonest or Fraudulent Acts, Theft, or other acts  or omissions of an Employee primarily engaged in the sale of shares issued by  an Investment Company to persons other than (1) a person registered as a broker  under the Securities Exchange Act of 1934 or (2) an "accredited investor"  as defined in Rule 501(a) of Regulation D under the Securities Act of 1933,  which is not an individual.  N. Loss resulting from the use of credit, debit, charge, access, convenience,  identification, cash management or other cards, whether such cards were issued  or purport to have been issued by the Insured or by anyone else, unless such  loss is otherwise covered under Insuring Agreement A.  O. Loss resulting from any purchase, redemption or exchange of securities issued  by an Investment Company or other Insured, or any other instruction, request,  acknowledgement, notice or transaction involving securities issued by an Investment  Company or other Insured or the dividends in respect thereof, when any of the  foregoing is requested, authorized or directed or purported to be requested,  authorized or directed by voice over the telephone or by Electronic Transmission,  unless such loss is otherwise covered under Insuring Agreement A or Insuring  Agreement I.  P. Loss resulting from any Dishonest or Fraudulent Act or Theft committed by  an Employee as defined in Section 1.I(2), unless such loss (1) could not have  been reasonably discovered by the due diligence of the Insured at or prior to  the time of acquisition by the Insured of the assets acquired from a predecessor,  and (2) arose out of a lawsuit or valid claim brought against the Insured by  a person unaffiliated with the Insured or with any person affiliated with the  Insured.  Q. Loss resulting from the unauthorized entry of data into, or the deletion  or destruction of data in, or the change of data elements or programs within,  any Computer System, unless such loss is otherwise covered under Insuring Agreement  A.**SECTION 3. ASSIGNMENT OF RIGHTS**  Upon payment to the Insured hereunder for any loss, the Underwriter shall be  subrogated to the extent of such payment to all of the Insured's rights and  claims in connection with such loss; provided, however, that the Underwriter  shall not be subrogated to any such rights or claims one named Insured under  this Bond may have against another named Insured under this Bond. At the request  of the Underwriter, the Insured shall execute all assignments or other documents  and take such action as the Underwriter may deem necessary or desirable to secure  and perfect such rights and claims, including the execution of documents necessary  to enable the Underwriter to bring suit in the name of the Insured.  Assignment of any rights or claims under this Bond shall not bind the Underwriter  without the Underwriter's written consent.**SECTION 4. LOSS--NOTICE--PROOF--LEGAL PROCEEDINGS**  This Bond is for the use and benefit only of the Insured and the Underwriter  shall not be liable hereunder for loss sustained by anyone other than the Insured,  except that if the Insured includes such other loss in the Insured's proof of  loss, the Underwriter shall consider its liability therefor. As soon as practicable  and not more than sixty (60) days after discovery of any loss covered hereunder,  the Insured shall give the Underwriter written notice thereof and, as soon as  practicable and within one year after such discovery, shall also furnish to  the Underwriter affirmative proof of loss with full particulars. The Underwriter  may extend the sixty day notice period or the one year proof of loss period  if the Insured requests an extension and shows good cause therefor.   See also General Agreement C (Court Costs and Attorneys' Fees).  The Underwriter shall not be liable hereunder for loss of Securities unless  each of the Securities is identified in such proof of loss by a certificate  or bond number or by such identification means as the Underwriter may require.  The Underwriter shall have a reasonable period after receipt of a proper affirmative  proof of loss within which to investigate the claim, but where the loss is of  Securities and is clear and undisputed, settlement shall be made within forty-eight  (48) hours even if the loss involves Securities of which duplicates may be obtained.    The Insured shall not bring legal proceedings against the Underwriter to recover  any loss hereunder prior to sixty (60) days after filing such proof of loss  or subsequent to twenty-four (24) months after the discovery of such loss or,  in the case of a legal proceeding to recover hereunder on account of any judgment  against the Insured in or settlement of any suit mentioned in General Agreement  C or to recover court costs or attorneys' fees paid in any such suit, twenty-four  (24) months after the date of the final judgment in or settlement of such suit.  If any limitation in this Bond is prohibited by any applicable law, such limitation  shall be deemed to be amended to be equal to the minimum period of limitation  permitted by such law.  Notice hereunder shall be given to Manager, Professional Liability Claims, ICI  Mutual Insurance Company, P.O. Box 730, Burlington, Vermont 05402-0730.**SECTION 5. DISCOVERY**  For all purposes under this Bond, a loss is discovered, and discovery of a loss  occurs, when the Insured  (1) becomes aware of facts, or  (2) receives notice of an actual or potential claim by a third party which alleges  that the Insured is liable under circumstances,  which would cause a reasonable person to assume that loss covered by this Bond  has been or is likely to be incurred even though the exact amount or details  of loss may not be known.**SECTION 6. VALUATION OF PROPERTY**  For the purpose of determining the amount of any loss hereunder, the value of  any Property shall be the market value of such Property at the close of business  on the first business day before the discovery of such loss; except that  (1) the value of any Property replaced by the Insured prior to the payment of  a claim therefor shall be the actual market value of such Property at the time  of replacement, but not in excess of the market value of such Property on the  first business day before the discovery of the loss of such Property;  (2) the value of Securities which must be produced to exercise subscription,  conversion, redemption or deposit privileges shall be the market value of such  privileges immediately preceding the expiration thereof if the loss of such  Securities is not discovered until after such expiration, but if there is no  quoted or other ascertainable market price for such Property or privileges referred  to in clauses (1) and (2), their value shall be fixed by agreement between the  parties or by arbitration before an arbitrator or arbitrators acceptable to  the parties; and  (3) the value of books of accounts or other records used by the Insured in the  conduct of its business shall be limited to the actual cost of blank books,  blank pages or other materials if the books or records are reproduced plus the  cost of labor for the transcription or copying of data furnished by the Insured  for reproduction.**SECTION 7. LOST SECURITIES**  The maximum liability of the Underwriter hereunder for lost Securities shall  be the payment for, or replacement of, such Securities having an aggregate value  not to exceed the applicable Limit of Liability. If the Underwriter shall make  payment to the Insured for any loss of securities, the Insured shall assign  to the Underwriter all of the Insured's right, title and interest in and to  such Securities. In lieu of such payment, the Underwriter may, at its option,  replace such lost Securities, and in such case the Insured shall cooperate to  effect such replacement. To effect the replacement of lost Securities, the Underwriter  may issue or arrange for the issuance of a lost instrument bond. If the value  of such Securities does not exceed the applicable Deductible Amount (at the  time of the discovery of the loss), the Insured will pay the usual premium charged  for the lost instrument bond and will indemnify the issuer of such bond against  all loss and expense that it may sustain because of the issuance of such bond.  If the value of such Securities exceeds the applicable Deductible Amount (at  the time of discovery of the loss), the Insured will pay a proportion of the  usual premium charged for the lost instrument bond, equal to the percentage  that the applicable Deductible Amount bears to the value of such Securities  upon discovery of the loss, and will indemnify the issuer of such bond against  all loss and expense that  is not recovered from the Underwriter under the terms and conditions of this  Bond, subject to the applicable Limit of Liability. **SECTION 8. SALVAGE**  If any recovery is made, whether by the Insured or the Underwriter, on account  of any loss within the applicable Limit of Liability hereunder, the Underwriter  shall be entitled to the full amount of such recovery to reimburse the Underwriter  for all amounts paid hereunder with respect to such loss. If any recovery is  made, whether by the Insured or the Underwriter, on account of any loss in excess  of the applicable Limit of Liability hereunder plus the Deductible Amount applicable  to such loss from any source other than suretyship, insurance, reinsurance,  security or indemnity taken by or for the benefit of the Underwriter, the amount  of such recovery, net of the actual costs and expenses of recovery, shall be  applied to reimburse the Insured in full for the portion of such loss in excess  of such Limit of Liability, and the remainder, if any, shall be paid first to  reimburse the Underwriter for all amounts paid hereunder with respect to such  loss and then to the Insured to the extent of the portion of such loss within  the Deductible Amount. The Insured shall execute all documents which the Underwriter  deems necessary or desirable to secure to the Underwriter the rights provided  for herein.**SECTION 9. NON-REDUCTION AND NON-ACCUMULATION OF LIABILITY AND TOTAL  LIABILITY**  Prior to its termination, this Bond shall continue in force up to the Limit  of Liability for each Insuring Agreement for each Single Loss, notwithstanding  any previous loss (other than such Single Loss) for which the Underwriter may  have paid or be liable to pay hereunder; PROVIDED, however, that regardless  of the number of years this Bond shall continue in force and the number of premiums  which shall be payable or paid, the liability of the Underwriter under this  Bond with respect to any Single Loss shall be limited to the applicable Limit  of Liability irrespective of the total amount of such Single Loss and shall  not be cumulative in amounts from year to year or from period to period.**SECTION 10. MAXIMUM LIABILITY OF UNDERWRITER; OTHER BONDS OR POLICIES**  The maximum liability of the Underwriter for any Single Loss covered by any  Insuring Agreement under this Bond shall be the Limit of Liability applicable  to such Insuring Agreement, subject to the applicable Deductible Amount and  the other provisions of this Bond. Recovery for any Single Loss may not be made  under more than one Insuring Agreement. If any Single Loss covered under this  Bond is recoverable or recovered in whole or in part because of an unexpired  discovery period under any other bonds or policies issued by the Underwriter  to the Insured or to any predecessor in interest of the Insured, the maximum  liability of the Underwriter shall be the greater of either (1) the applicable  Limit of Liability under this Bond, or (2) the maximum liability of the Underwriter  under such other bonds or policies.**SECTION 11. OTHER INSURANCE**  Notwithstanding anything to the contrary herein, if any loss covered by this  Bond shall also be covered by other insurance or suretyship for the benefit  of the Insured, the Underwriter shall be liable hereunder only for the portion  of such loss in excess of the amount recoverable under such other insurance  or suretyship, but not exceeding the applicable Limit of Liability of this Bond.**SECTION 12. DEDUCTIBLE AMOUNT**  The Underwriter shall not be liable under any Insuring Agreement unless the  amount of the loss covered thereunder, after deducting the net amount of all  reimbursement and/or recovery received by the Insured with respect to such loss  (other than from any other bond, suretyship or insurance policy or as an advance  by the Underwriter hereunder) shall exceed the applicable Deductible Amount;  in such case the Underwriter shall be liable only for such excess, subject to  the applicable Limit of Liability and the other terms of this Bond.  No Deductible Amount shall apply to any loss covered under Insuring Agreement  A sustained by any Investment Company named as an Insured.**SECTION 13. TERMINATION**  The Underwriter may terminate this Bond as to any Insured or all Insureds only  by written notice to such Insured or Insureds and, if this Bond is terminated  as to any Investment Company, to each such Investment Company terminated thereby  and to the Securities and Exchange Commission, Washington, D.C., in all cases  not less than sixty (60) days prior to the effective date of termination specified  in such notice.   The Insured may terminate this Bond only by written notice to the Underwriter  not less than sixty (60) days prior to the effective date of the termination  specified in such notice. Notwithstanding the foregoing, when the Insured terminates  this Bond as to any Investment Company, the effective date of termination shall  be not less than sixty (60) days from the date the Underwriter provides written  notice of the termination to each such Investment Company terminated thereby  and to the Securities and Exchange Commission, Washington, D.C.  This Bond will terminate as to any Insured that is a Non-Fund immediately and  without notice upon (1) the takeover of such Insured's business by any State  or Federal official or agency, or by any receiver or liquidator, or (2) the  filing of a petition under any State or Federal statute relative to bankruptcy  or reorganization of the Insured, or assignment for the benefit of creditors  of the Insured.  Premiums are earned until the effective date of termination. The Underwriter  shall refund the unearned premium computed at short rates in accordance with  the Underwriter's standard short rate cancellation tables if this Bond is terminated  by the Insured or pro rata if this Bond is terminated by the Underwriter.  Upon the detection by any Insured that an Employee has committed any Dishonest  or Fraudulent Act(s) or Theft, the Insured shall immediately remove such Employee  from a position that may enable such Employee to cause the Insured to suffer  a loss by any subsequent Dishonest or Fraudulent Act(s) or Theft. The Insured,  within two (2) business days of such detection, shall notify the Underwriter  with full and complete particulars of the detected Dishonest or Fraudulent Act(s)  or Theft.  For purposes of this section, detection occurs when any partner, officer, or  supervisory employee of any Insured, who is not in collusion with such Employee,  becomes aware that the Employee has committed any Dishonest or Fraudulent Act(s)  or Theft.  This Bond shall terminate as to any Employee by written notice from the Underwriter  to each Insured and, if such Employee is an Employee of an Insured Investment  Company, to the Securities and Exchange Commission, in all cases not less than  sixty (60) days prior to the effective date of termination specified in such  notice.**SECTION 14. RIGHTS AFTER TERMINATION**  At any time prior to the effective date of termination of this Bond as to any  Insured, such Insured may, by written notice to the Underwriter, elect to purchase  the right under this Bond to an additional period of twelve (12) months within  which to discover loss sustained by such Insured prior to the effective date  of such termination and shall pay an additional premium therefor as the Underwriter  may require.  Such additional discovery period shall terminate immediately and without notice  upon the takeover of such Insured's business by any State or Federal official  or agency, or by any receiver or liquidator. Promptly after such termination  the Underwriter shall refund to the Insured any unearned premium.  The right to purchase such additional discovery period may not be exercised  by any State or Federal official or agency, or by any receiver or liquidator,  acting or appointed to take over the Insured's business.**SECTION 15. CENTRAL HANDLING OF SECURITIES**  The Underwriter shall not be liable for loss in connection with the central  handling of securities within the systems established and maintained by any  Depository ("Systems"), unless the amount of such loss exceeds the  amount recoverable or recovered under any bond or policy or participants' fund  insuring the Depository against such loss (the "Depository's Recovery");  in such case the Underwriter shall be liable hereunder only for the Insured's  share of such excess loss, subject to the applicable Limit of Liability, the  Deductible Amount and the other terms of this Bond.  For determining the Insured's share of such excess loss, (1) the Insured shall  be deemed to have an interest in any certificate representing any security included  within the Systems equivalent to the interest the Insured then has in all certificates  representing the same security included within the Systems; (2) the Depository  shall have reasonably and fairly apportioned the Depository's Recovery among  all those having an interest as recorded by appropriate entries in the books  and records of the Depository in Property involved in such loss, so that each  such interest shall share in the Depository's Recovery in the ratio that the  value of each such interest bears to the total value of all such interests;  and (3) the Insured's share of such excess loss shall be the amount of the Insured's  interest in such Property in excess of the amount(s) so apportioned to the Insured  by the Depository.  This Bond does not afford coverage in favor of any Depository or Exchange or  any nominee in whose name is registered any security included within the Systems.**SECTION 16. ADDITIONAL COMPANIES INCLUDED AS INSURED**  If more than one entity is named as the Insured:  A. the total liability of the Underwriter hereunder for each Single Loss shall  not exceed the Limit of Liability which would be applicable if there were only  one named Insured, regardless of the number of Insured entities which sustain  loss as a result of such Single Loss,  B. the Insured first named in Item 1 of the Declarations shall be deemed authorized  to make, adjust, and settle, and receive and enforce payment of, all claims  hereunder as the agent of each other Insured for such purposes and for the giving  or receiving of any notice required or permitted to be given hereunder; provided,  that the Underwriter shall promptly furnish each named Insured Investment Company  with (1) a copy of this Bond and any amendments thereto, (2) a copy of each  formal filing of a claim hereunder by any other Insured, and (3) notification  of the terms of the settlement of each such claim prior to the execution of  such settlement,  C. the Underwriter shall not be responsible or have any liability for the proper  application by the Insured first named in Item 1 of the Declarations of any  payment made hereunder to the first named Insured,  D. for the purposes of Sections 4 and 13, knowledge possessed or discovery made  by any partner, officer or supervisory Employee of any Insured shall constitute  knowledge or discovery by every named Insured,  E. if the first named Insured ceases for any reason to be covered under this  Bond, then the Insured next named shall thereafter be considered as the first  named Insured for the purposes of this Bond, and  F. each named Insured shall constitute "the Insured" for all purposes  of this Bond.**SECTION 17. NOTICE AND CHANGE OF CONTROL**  Within thirty (30) days after learning that there has been a change in control  of an Insured by transfer of its outstanding voting securities the Insured shall  give written notice to the Underwriter of:  A. the names of the transferors and transferees (or the names of the beneficial  owners if the voting securities are registered in another name), and  B. the total number of voting securities owned by the transferors and the transferees  (or the beneficial owners), both immediately before and after the transfer,  and  C. the total number of outstanding voting securities.  As used in this Section, "control" means the power to exercise a controlling  influence over the management or policies of the Insured.**SECTION 18. CHANGE OR MODIFICATION**  This Bond may only be modified by written Rider forming a part hereof over the  signature of the Underwriter's authorized representative. Any Rider which modifies  the coverage provided by Insuring Agreement A, Fidelity, in a manner which adversely  affects the rights of an Insured Investment Company shall not become effective  until at least sixty (60) days after the Underwriter has given written notice  thereof to the Securities and Exchange Commission, Washington, D.C., and to  each Insured Investment Company affected thereby.  IN WITNESS WHEREOF, the Underwriter has caused this Bond to be executed on the  Declarations Page.

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**ICI MUTUAL INSURANCE COMPANY  INVESTMENT COMPANY BLANKET BOND  RIDER NO. 1**

| **INSURED**                     |                                       | **BOND NUMBER**               |
|---------------------------------|--------------------------------------------|-------------------------------|
| **Saturna Capital Corporation** |                                       | **89265106B**                 |
| **EFFECTIVE DATE**              | **BOND PERIOD**                            | **AUTHORIZED REPRESENTATIVE** |
| **December 15, 2007**           | **December 15, 2007 to December 15, 2008** | **/s/ Maggie Sullivan**       |

  In consideration of the premium charged for this Bond, it is hereby understood  and agreed that Item 1 of the Declarations, Name of Insured, shall include the  following:  Saturna Brokerage Services, Inc.  Amana Mutual Funds Trust, a series trust consisting of:  * Income Fund  *Growth Fund  Saturna Investment Trust, a series trust consisting of:  *Sextant Growth Fund  *Sextant Bond Income Fund  *Sextant International Fund  *Sextant Short-Term Bond Fund  *Idaho Tax-Exempt Fund  Except as above stated, nothing herein shall be held to alter, waive or extend  any of the terms of this Bond.

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**ICI MUTUAL INSURANCE COMPANY  INVESTMENT COMPANY BLANKET BOND  RIDER NO. 2**

| **INSURED**                     |                                       | **BOND NUMBER**               |
|---------------------------------|--------------------------------------------|-------------------------------|
| **Saturna Capital Corporation** |                                       | **89265106B**                 |
| **EFFECTIVE DATE**              | **BOND PERIOD**                            | **AUTHORIZED REPRESENTATIVE** |
| **December 15, 2007**           | **December 15, 2007 to December 15, 2008** | **/s/ Maggie Sullivan**       |

  In consideration of the premium charged for this Bond, it is hereby understood  and agreed that this Bond (other than Insuring Agreements C and D) does not  cover loss resulting from or in connection with any business, activities, or  acts or omissions of (including services rendered by) any Insured which is not  an Insured Fund ("Non-Fund") or any Employee of a Non-Fund, except  loss, otherwise covered by the terms of this Bond, resulting from or in connection  with  (1) services rendered by a Non-Fund to an Insured Fund, or to shareholders of  such Fund in connection with the issuance, transfer, or redemption of their  Fund shares; or  (2) Investment Advisory Services rendered by a Non-Fund to an investment advisory  client of such Non-Fund; or  (3) in the case of a Non-Fund substantially all of whose business is rendering  the services described in (1) or (2) above, the general business, activities  or operations of such Non-Fund, excluding (a) the rendering of services (other  than those described in (1) or (2) above) to any person, or (b) the sale of  goods or property of any kind.  It is further understood and agreed that with respect to any Non-Fund, Insuring  Agreements C and D only cover loss of Property which a Non-Fund uses or holds,  or in which a Non-Fund has an interest, in each case wholly or partially in  connection with the rendering of services described in (1) or (2) above.  As used herein, "Investment Advisory Services" means (a) advice with  respect to the desirability of investing in, purchasing or selling securities  or other property, including the power to determine what securities or other  property shall be purchased or sold, but not including furnishing only statistical  and other factual information (such as economic factors and trends); and (b)  the provision of financial, economic or investment management services, but  only if ancillary and related to the advice referred to in clause (a) above.  For purposes of this Rider, Investment Advisory Services shall not include Personal  Financial Planning Services.  It is further understood and agreed that as used herein, "Personal Financial  Planning Services" means the provision of financial plans to individuals  for compensation and the provision of services related thereto, and may include  specific recommendations for the implementation of such plans and advice with  respect to tax planning, retirement planning, estate planning, insurance planning,  budgeting and cash management, or similar types of financial advice, but not  including solely Investment Advisory Services.  Except as above stated, nothing herein shall be held to alter, waive or extend  any of the terms of this Bond.

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**ICI MUTUAL INSURANCE COMPANY  INVESTMENT COMPANY BLANKET BOND  RIDER NO. 3**

 

| **INSURED**                     |                                       | **BOND NUMBER**               |
|---------------------------------|--------------------------------------------|-------------------------------|
| **Saturna Capital Corporation** |                                       | **89265106B**                 |
| **EFFECTIVE DATE**              | **BOND PERIOD**                            | **AUTHORIZED REPRESENTATIVE** |
| **December 15, 2007**           | **December 15, 2007 to December 15, 2008** | **/s/ Maggie Sullivan**       |

  In consideration of the premium charged for this Bond, it is hereby understood  and agreed that notwithstanding anything to the contrary in this Bond, this  Bond shall not cover loss resulting from or in connection with the discretionary  voting by any Insured of securities owned or held by any client of such Insured,  where such securities are issued by (1) such Insured, or (2) any entity controlling,  controlled by, or under common control with such Insured, ("Affiliated  Entity"), or (3) any Fund to which such Insured or any Affiliated Entity  provides any services.  Except as above stated, nothing herein shall be held to alter, waive or extend  any of the terms of this Bond.

 

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**ICI MUTUAL INSURANCE COMPANY  INVESTMENT COMPANY BLANKET BOND  RIDER NO. 4**

| **INSURED**                     |                                       | **BOND NUMBER**               |
|---------------------------------|--------------------------------------------|-------------------------------|
| **Saturna Capital Corporation** |                                       | **89265106B**                 |
| **EFFECTIVE DATE**              | **BOND PERIOD**                            | **AUTHORIZED REPRESENTATIVE** |
| **December 15, 2007**           | **December 15, 2007 to December 15, 2008** | **/s/ Maggie Sullivan**       |

  In consideration of the premium charged for this Bond, it is hereby understood  and agreed that notwithstanding Section 2.Q of this Bond, this Bond is amended  by adding an additional Insuring Agreement J as follows:  J. COMPUTER SECURITY  Loss (including loss of Property) resulting directly from Computer Fraud; provided,  that the Insured has adopted in writing and generally maintains and follows  during the Bond Period all Computer Security Procedures. The isolated failure  of the Insured to maintain and follow a particular Computer Security Procedure  in a particular instance will not preclude coverage under this Insuring Agreement,  subject to the specific exclusions herein and in the Bond.  1. Definitions. The following terms used in this Insuring Agreement shall have  the following meanings:  a. "Authorized User" means any person or entity designated by the  Insured (through contract, assignment of User Identification, or otherwise)  as authorized to use a Covered Computer System, or any part thereof. An individual  who invests in an Insured Fund shall not be considered to be an Authorized User  solely by virtue of being an investor.  b. "Computer Fraud" means the unauthorized entry of data into, or  the deletion or destruction of data in, or change of data elements or programs  within, a Covered Computer System which:  (1) is committed by any Unauthorized Third Party anywhere, alone or in collusion  with other Unauthorized Third Parties; and  (2) is committed with the conscious manifest intent (a) to cause the Insured  to sustain a loss, and (b) to obtain financial benefit for the perpetrator or  any other person; and  (3) causes (x) Property to be transferred, paid or delivered; or (y) an account  of the Insured, or of its customer, to be added, deleted, debited or credited;  or (z) an unauthorized or fictitious account to be debited or credited.  c. "Computer Security Procedures" means procedures for prevention  of unauthorized computer access and use and administration of computer access  and use as provided in writing to the Underwriter.  d. "Covered Computer System" means any Computer System as to which  the Insured has possession, custody and control.  e. "Unauthorized Third Party" means any person or entity that, at  the time of the Computer Fraud, is not an Authorized User.  f. "User Identification" means any unique user name (i.e., a series  of characters) that is assigned to a person or entity by the Insured.  2. Exclusions. It is further understood and agreed that this Insuring Agreement  J shall not cover:  a. Any loss covered under Insuring Agreement A, "Fidelity," of this  Bond; and  b. Any loss resulting directly or indirectly from Theft or misappropriation  of confidential or proprietary information, material or data (including but  not limited to trade secrets, computer programs or customer information); and  c. Any loss resulting from the intentional failure to adhere to one or more  Computer Security Procedures; and  d. Any loss resulting from a Computer Fraud committed by or in collusion with:  (1) any Authorized User (whether a natural person or an entity); or  (2) in the case of any Authorized User which is an entity, (a) any director,  officer, partner, employee or agent of such Authorized User, or (b) any entity  which controls, is controlled by, or is under common control with such Authorized  User ("Related Entity"), or (c) any director, officer, partner, employee  or agent of such Related Entity; or  (3) in the case of any Authorized User who is a natural person, (a) any entity  for which such Authorized User is a director, officer, partner, employee or  agent ("Employer Entity"), or (b) any director, officer, partner,  employee or agent of such Employer Entity, or (c) any entity which controls,  is controlled by, or is under common control with such Employer Entity ("Employer-Related  Entity"), or (d) any director, officer, partner, employee or agent of such  Employer-Related Entity;  and  e. Any loss resulting from physical damage to or destruction of any Covered  Computer System, or any part thereof, or any data, data elements or media associated  therewith; and  f. Any loss resulting from Computer Fraud committed by means of wireless access  to any Covered Computer System, or any part thereof, or any data, data elements  or media associated therewith; and  g. Any loss not directly and proximately caused by Computer Fraud (including,  without limitation, disruption of business and extra expense); and  h. Payments made to any person(s) who has threatened to deny or has denied authorized  access to a Covered Computer System or otherwise has threatened to disrupt the  business of the Insured.   For purposes of this Insuring Agreement, "Single Loss," as defined  in Section 1.X of this Bond, shall also include all loss caused by Computer  Fraud(s) committed by one person, or in which one person is implicated, whether  or not that person is specifically identified. A series of losses involving  unidentified individuals, but arising from the same method of operation, may  be deemed by the Underwriter to involve the same individual and in that event  shall be treated as a Single Loss.  It is further understood and agreed that nothing in this Rider shall affect  the exclusion set forth in Section 2.0 of this Bond.  It is further understood and agreed that notwithstanding Section 9, Non-Reduction  and Non-Accumulation of Liability and Total Liability, or any other provision  of this Bond, the Aggregate Limit of Liability of the Underwriter under this  Bond with respect to any and all loss or losses under this Insuring Agreement  shall be an aggregate of $1,435,000 for the Bond Period, irrespective of the  total amount of any such loss or losses.  Coverage under this Insuring Agreement shall terminate upon termination of this  Bond. Coverage under this Insuring Agreement may also be terminated without  terminating this Bond as an entirety:  (a) by written notice from the Underwriter not less than sixty (60) days prior  to the effective date of termination specified in such notice; or  (b) immediately by written notice from the Insured to the Underwriter.  Except as above stated, nothing herein shall be held to alter, waive or extend  any of the terms of this Bond.

 

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**ICI MUTUAL INSURANCE COMPANY  INVESTMENT COMPANY BLANKET BOND  RIDER NO. 5**

| **INSURED**                     |                                       | **BOND NUMBER**               |
|---------------------------------|--------------------------------------------|-------------------------------|
| **Saturna Capital Corporation** |                                       | **89265106B**                 |
| **EFFECTIVE DATE**              | **BOND PERIOD**                            | **AUTHORIZED REPRESENTATIVE** |
| **December 15, 2007**           | **December 15, 2007 to December 15, 2008** | **/s/ Maggie Sullivan**       |

  In consideration of the premium charged for this Bond, it is hereby understood  and agreed that the Underwriter will use its best efforts to notify the National  Association of Securities Dealers, Inc. within 30 days in the event the Bond  is substantially modified, terminated or canceled.   Except as above stated, nothing herein shall be held to alter, waive or extend  any of the terms of this Bond.

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**ICI MUTUAL INSURANCE COMPANY  INVESTMENT COMPANY BLANKET BOND  RIDER NO. 6**

 

| **INSURED**                     |                                       | **BOND NUMBER**               |
|---------------------------------|--------------------------------------------|-------------------------------|
| **Saturna Capital Corporation** |                                       | **89265106B**                 |
| **EFFECTIVE DATE**              | **BOND PERIOD**                            | **AUTHORIZED REPRESENTATIVE** |
| **December 15, 2007**           | **December 15, 2007 to December 15, 2008** | **/s/ Maggie Sullivan**       |

**FINRA BOND RIDER - DISCOUNT BROKER**

In consideration of the premium charged for this Bond, it is hereby understood  and agreed that with respect to Saturna Brokerage Services, Inc. (“Discount  Broker”) only, this Bond is amended as follows:   1. For purposes of Insuring Agreement C (“On Premises”), Section  2 (“Exclusions”), and Section 6 (“Valuation of Property”),  “Property” shall be deemed to include furnishings, fixtures, supplies  and equipment located within the office of and owned by the Insured; and  2. For Purposes of Insuring Agreement C (“On Premises”), “Mysterious  Disappearance” shall be deemed to include “misplacement”.  3. The last sentence of Section 1.I (“Definitions – ‘Employee”)  and Section 2.M are deleted; and  4. The following statement is added to the Bond: “The Underwriter will  use its best efforts to promptly notify the National Association of Securities  Dealers, Inc. in the event the Bond is cancelled, terminated or substantially  modified. Failure to make such notification shall not impair or delay the effectiveness  of any such cancellation, termination or substantial modification.”; and    5. The first sentence of the second paragraph of Section 13 (“Termination”)  is amended to read as follows: “The Insured may terminate this Bond only  by written notice to the Underwriter prior to the effective date of the termination,  with such effective date specified in the notice;" and  6. With respect to the following Insuring Agreements, Item 3 of the Declarations  is modified to read as follows:

|                                               | Limit of         Liability | Deductible Amount |
|----------------------------------------------------|----------------------------|-------------------|
| Insuring Agreement A – Fidelity              | $120,000                   | $10,000           |
| Insuring Agreement C – On Premises           | $120,000                   | $10,000           |
| Insuring Agreement D – In Transit            | $120,000                   | $10,000           |
| Insuring Agreement E – Forgery or Alteration | $120,000                   | $10,000           |
| Insuring Agreement F – Securities            | $120,000                   | $10,000           |
| Insuring Agreement G – Counterfeit Currency  | $120,000                   | $10,000           |

  7. For purposes of Insuring Agreement H, Uncollectible Items of Deposit:  (a) the term "shareholder" shall be deemed to refer to a "client  of the Discount Broker;" and  (b) the term "Fund shares" shall be deemed to refer to "securities;"  and  (c) the term "redemptions or exchanges permitted from an account with the  Fund" shall be deemed to refer to "sales of securities permitted from  an account with the Discount Broker;" and  (d) the term "Insured Fund" shall be deemed to refer to the Discount  Broker; and  (e) the final section of the first paragraph (which reads, "Regardless  of the number of transactions between Funds in an exchange program, the minimum  number of days an Item of Deposit must be held shall begin from the date the  Item of Deposit was first credited to any Insured Fund") shall be deleted.  Except as above stated, nothing herein shall be held to alter, waive or extend  any of the terms of this Bond.

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**ICI MUTUAL INSURANCE COMPANY  INVESTMENT COMPANY BLANKET BOND  RIDER NO. 7**

 

| **INSURED**                     |                                       | **BOND NUMBER**               |
|---------------------------------|--------------------------------------------|-------------------------------|
| **Saturna Capital Corporation** |                                       | **89265106B**                 |
| **EFFECTIVE DATE**              | **BOND PERIOD**                            | **AUTHORIZED REPRESENTATIVE** |
| **December 15, 2007**           | **December 15, 2007 to December 15, 2008** | **/s/ Maggie Sullivan**       |

  In consideration of the premium charged for this Bond, it is hereby understood  and agreed that the Deductible Amount for Insuring Agreement E, Forgery or Alteration,  and Insuring Agreement F, Securities, shall not apply with respect to loss through  Forgery of a signature on the following documents:  (1) letter requesting redemption of $50,000 or less payable by check to the  shareholder of record and addressed to the address of record; or,  (2) letter requesting redemption of $50,000 or less by wire transfer to the  record shareholder's bank account of record; or  (3) written request to a trustee or custodian for a Designated Retirement Account  ("DRA") which holds shares of an Insured Fund, where such request  (a) purports to be from or at the instruction of the Owner of such DRA, and  (b) directs such trustee or custodian to transfer $50,000 or less from such  DRA to a trustee or custodian for another DRA established for the benefit of  such Owner;provided, that the Limit of Liability for a Single Loss as described  above shall be $50,000 and that the Insured shall bear 20% of each such loss.  This Rider shall not apply in the case of any such Single Loss which exceeds  $50,000; in such case the Deductible Amounts and Limits of Liability set forth  in Item 3 of the Declarations shall control.  For purposes of this Rider:  (A) "Designated Retirement Account" means any retirement plan or account  described or qualified under the Internal Revenue Code of 1986, as amended,  or a subaccount thereof.  (B) "Owner" means the individual for whose benefit the DRA, or a subaccount  thereof, is established.  Except as above stated, nothing herein shall be held to alter, waive or extend  any of the terms of this Bond.

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**ICI MUTUAL INSURANCE COMPANY  INVESTMENT COMPANY BLANKET BOND  RIDER NO. 8**

| **INSURED**                     |                                       | **BOND NUMBER**               |
|---------------------------------|--------------------------------------------|-------------------------------|
| **Saturna Capital Corporation** |                                       | **89265106B**                 |
| **EFFECTIVE DATE**              | **BOND PERIOD**                            | **AUTHORIZED REPRESENTATIVE** |
| **December 15, 2007**           | **December 15, 2007 to December 15, 2008** | **/s/ Maggie Sullivan**       |

  In consideration of the premium charged for this Bond, it is hereby understood  and agreed that this Bond does not cover any loss resulting from or in connection  with the acceptance of any Third Party Check, unless  (1) such Third Party Check is used to open or increase an account which is registered  in the name of one or more of the payees on such Third Party Check, and  (2) reasonable efforts are made by the Insured, or by the entity receiving Third  Party Checks on behalf of the Insured, to verify all endorsements on all Third  Party Checks made payable in amounts greater than $100,000 (provided, however,  that the isolated failure to make such efforts in a particular instance will  not preclude coverage, subject to the exclusions herein and in the Bond),  and then only to the extent such loss is otherwise covered under this Bond.  For purposes of this Rider, "Third Party Check" means a check made  payable to one or more parties and offered as payment to one or more other parties.  It is further understood and agreed that notwithstanding anything to the contrary  above or elsewhere in the Bond, this Bond does not cover any loss resulting  from or in connection with the acceptance of a Third Party Check where:  (1) any payee on such Third Party Check reasonably appears to be a corporation  or other entity; or  (2) such Third Party Check is made payable in an amount greater than $100,000  and does not include the purported endorsements of all payees on such Third  Party Check.  It is further understood and agreed that this Rider shall not apply with respect  to any coverage that may be available under Insuring Agreement A, "Fidelity."  Except as above stated, nothing herein shall be held to alter, waive or extend  any of the terms of this Bond.

 

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**ICI MUTUAL INSURANCE COMPANY  INVESTMENT COMPANY BLANKET BOND  RIDER NO. 9**

| **INSURED**                     |                                       | **BOND NUMBER**               |
|---------------------------------|--------------------------------------------|-------------------------------|
| **Saturna Capital Corporation** |                                       | **89265106B**                 |
| **EFFECTIVE DATE**              | **BOND PERIOD**                            | **AUTHORIZED REPRESENTATIVE** |
| **December 15, 2007**           | **December 15, 2007 to December 15, 2008** | **/s/ Maggie Sullivan**       |

  In consideration for the premium charged for this Bond, it is hereby understood  and agreed that, with respect to Insuring Agreement I only, the Deductible Amount  set forth in Item 3 of the Declarations (“Phone/Electronic Deductible”)  shall not apply with respect to a Single Loss, otherwise covered by Insuring  Agreement I, caused by:  (1) a Phone/Electronic Redemption requested to be paid or made payable by check  to the Shareholder of Record at the address of record; or  (2) a Phone/Electronic Redemption requested to be paid or made payable by wire  transfer to the Shareholder of Record’s bank account of record,provided, that the Limit of Liability for a Single Loss as described  in (1) or (2) above shall be the lesser of 80% of such loss or $40,000 or 80%  of deductible, whichever is less and that the Insured shall bear the remainder  of each such Loss. This Rider shall not apply if the application of the Phone/Electronic  Deductible to the Single Loss would result in coverage of greater than $40,000  or 80% of deductible, whichever is less or more; in such case the Phone-initiated  Deductible and Limit of Liability set forth in Item 3 of the Declarations shall  control.  For purposes of this Rider, “Phone/Electronic Redemption” means  any redemption of shares issued by an Investment Company, which redemption is  requested (a) by voice over the telephone, or (b) by Telefacsimile.  Except as above stated, nothing herein shall be held to alter, waive or extend  any of the terms of this Bond.

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**ICI MUTUAL INSURANCE COMPANY  INVESTMENT COMPANY BLANKET BOND  RIDER NO. 10**

 

| **INSURED**                     |                                       | **BOND NUMBER**               |
|---------------------------------|--------------------------------------------|-------------------------------|
| **Saturna Capital Corporation** |                                       | **89265106B**                 |
| **EFFECTIVE DATE**              | **BOND PERIOD**                            | **AUTHORIZED REPRESENTATIVE** |
| **December 15, 2007**           | **December 15, 2007 to December 15, 2008** | **/s/ Maggie Sullivan**       |

  In consideration of the premium charged for this Bond, it is hereby understood  and agreed that notwithstanding anything to the contrary in this Bond (including  Insuring Agreement I), this Bond does not cover loss caused by a Phone/Electronic  Transaction requested:  · by use of an automated telephone tone or voice response system ; or  · by transmissions over the Internet (including any connected or associated  intranet or extranet) or utilizing modem or similar connections; or  · by wireless device transmissions over the Internet (including any connected  or associated intranet or extranet),  except insofar as such loss is covered under Insuring Agreement A “Fidelity”  of this Bond.  Except as above stated, nothing herein shall be held to alter, waive or extend  any of the terms of this Bond.

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**ICI MUTUAL INSURANCE COMPANY  INVESTMENT COMPANY BLANKET BOND  RIDER NO. 11**

| **INSURED**                     |                                       | **BOND NUMBER**               |
|---------------------------------|--------------------------------------------|-------------------------------|
| **Saturna Capital Corporation** |                                       | **89265106B**                 |
| **EFFECTIVE DATE**              | **BOND PERIOD**                            | **AUTHORIZED REPRESENTATIVE** |
| **December 15, 2007**           | **December 15, 2007 to December 15, 2008** | **/s/ Maggie Sullivan**       |

  Most property and casualty insurers, including ICI Mutual Insurance Company  (“ICI Mutual”), are subject to the requirements of the Terrorism  Risk Insurance Act of 2002 (the “Act”). The Act establishes a Federal  insurance backstop under which ICI Mutual and these other insurers will be partially  reimbursed for future**“insured losses”** resulting  from certified **“acts of terrorism**.**”**  (Each of these **bolded terms** is defined by the Act.) The Act  also places certain disclosure and other obligations on ICI Mutual and these  other insurers.  Pursuant to the Act, any future losses to ICI Mutual caused by certified **“acts  of terrorism”** will be partially reimbursed by the United States  government under a formula established by the Act. Under this formula, the United  States government will reimburse ICI Mutual for 90% of ICI Mutual’s **“insured  losses”** in excess of a statutorily established deductible until  total insured losses of all participating insurers reach $100 billion. If total  “insured losses” of all property and casualty insurers reach $100  billion during any applicable period, the Act provides that the insurers will  not be liable under their policies for their portions of such losses that exceed  such amount. Amounts otherwise payable under this bond may be reduced as a result.    This bond has no express exclusion for **“acts of terrorism.”**  However, coverage under this bond remains subject to all applicable terms, conditions  and limitations of the bond (including exclusions) that are permissible under  the Act. The portion of the premium that is attributable to any coverage potentially  available under the bond for **“acts of terrorism”**is  one percent (1%).

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**ICI MUTUAL INSURANCE COMPANY  INVESTMENT COMPANY BLANKET BOND  RIDER NO. 12**

 

| **INSURED**                     |                                       | **BOND NUMBER**               |
|---------------------------------|--------------------------------------------|-------------------------------|
| **Saturna Capital Corporation** |                                       | **89265106B**                 |
| **EFFECTIVE DATE**              | **BOND PERIOD**                            | **AUTHORIZED REPRESENTATIVE** |
| **December 15, 2007**           | **December 15, 2007 to December 15, 2008** | **/s/ Maggie Sullivan**       |

  In consideration of the premium charged for this Bond, it is hereby understood  and agreed that Insuring Agreement E, Forgery or Alteration, is hereby amended  to read as follows:  E. FORGERY OR ALTERATION  Loss caused by the Forgery or Alteration of or on (1) any bills of exchange,  checks, drafts, or other written orders or directions to pay sums certain in  money, acceptances, certificates of deposit, due bills, money orders, or letters  of credit; or (2) other written instructions, requests or applications (collectively,  "Directions") to the Insured, authorizing or acknowledging the transfer,  payment, redemption, delivery or receipt of Property, or giving notice of any  bank account, which Directions purport to have been signed or endorsed by (a)  any customer of the insured, or (b) any shareholder of or subscriber to shares  issued by any Investment Company, or (c) any financial or banking institution  or stockbroker; or (3) withdrawal orders or receipts for the withdrawal of Property,  or receipts or certificates of deposit for Property and bearing the name of  the Insured as issuer or of another Investment Company for which the Insured  acts as agent;  PROVIDED, that the signature (except that of a financial or banking institution  or a stockbroker) on any Direction shall have a Signature Guarantee, unless  such Direction was  i) to effect any exchange of shares in a registered account of one Fund into  shares in an identically registered account of another Fund in the same complex  pursuant to exchange privileges of the two Funds, or  ii) to elect any dividend option available to Fund shareholders, or  iii) to redeem Fund shares, where the proceeds of such redemption are to be  payable to (x) the Shareholder of Record at the record address, or (y) a person  Officially Designated to receive redemption proceeds at the address stated in  the Official Designation, or (z) a bank account Officially Designated to receive  redemption proceeds by mail or wire transfer; or  iv) to effect a Designated Transfer of Ownership.  Any document referred to in clauses (1) or (3) above which authorizes, requests,  acknowledges, or gives notice to any matter described in clause (2) above shall  be deemed to be a Direction.  For purposes of this Rider, the following terms have the following meanings:  "Designated Transfer of Ownership" means a change in the record ownership  of a registered account of a Fund:  (1) from the custodian of an account established pursuant to the Uniform Gift  to Minors Act ("UGMA") to the beneficiary of such account who has  attained majority, provided that  (a) the Direction ordering the change is received from such custodian, and  (b) proof of the majority of the beneficiary in the form of a copy of a birth  certificate or other official document establishing majority accompanies the  Direction; or  (2) from an individual to a trustee, or from joint tenants to joint trustees  provided that the name(s) of the Shareholder(s) of Record on the new registration  are identical to and include only the name(s) of the Shareholder(s) of Record  on the previous registration; or  (3) from an individual to a sole proprietor, provided that the name of the sole  proprietor Shareholder of Record is identical to that of the individual who  was Shareholder of Record on the previous registration; or  (4) from joint tenants with rights of survivorship to the surviving joint tenant(s)  upon the death of one of the joint tenants, provided that  (a) a copy of the death certificate of the non-surviving joint tenant accompanies  the Direction, and  (b) the name(s) of the Shareholder(s) of Record on the new registration are  identical to and include only the name(s) of the Shareholder(s) of Record who  are the surviving joint tenant owner(s) on the previous registration; or  (5) which is mandated by a court order, provided that a copy of the court order  accompanies the Direction; or  (6) which results from a legal change in the name(s) of the Shareholder(s) of  Record as a result of marriage or otherwise, provided that  (a) a copy of the marriage license or other legal document effecting the name  change(s) accompanies the Direction, and  (b) the new registration contains the name(s) of only the individual(s) who  were the Shareholder(s) of Record on the previous registration.  "Signature Guarantee" means a written guarantee of a signature, which  guarantee is made by an Eligible Guarantor Institution as defined in Rule 17Ad-15(a)(2)  under the Securities Exchange Act of 1934 ("Rule") and not otherwise  excluded under the Rule, provided that with respect to a Signature Guarantee  on any request to redeem Fund shares where the proceeds of such redemption exceed  $100,000 such redemption request shall be verified in advance by, or an attempt  to verify shall be made to, the Shareholder of Record that such redemption has  been authorized, unless such Signature Guarantee has been made by (i) a financial  or banking institution whose deposits are insured by the Federal Deposit Insurance  Corporation, or (ii) a broker which is a member of any Exchange.  "Official Designation" or "Officially Designated" means  or refers to a written designation signed by a Shareholder of Record of a Fund,  either in such shareholder’s initial application for the purchase of Fund  shares, with or without a Signature Guarantee, or in another document with a  Signature Guarantee.  This Insuring Agreement E does not cover loss caused by Forgery or Alteration  of Securities or loss covered under Insuring Agreement A.  Except as above stated, nothing herein shall be held to alter, waive or extend  any of the terms of this Bond.