# EDGAR Filing Document

**Accession Number:** 0000811860
**File Stem:** 0000811860-26-000007
**Filing Date:** 2026-2
**Character Count:** 114629
**Document Hash:** 405fd80a06fcd06bf72bca62612e1a70
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000811860-26-000007.hdr.sgml**: 20260211

**ACCESSION NUMBER**: 0000811860-26-000007

**CONFORMED SUBMISSION TYPE**: 40-17G

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260211

**DATE AS OF CHANGE**: 20260211

**EFFECTIVENESS DATE**: 20260211

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SATURNA INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000811860

**ORGANIZATION NAME:**
- **EIN:** 356447892
- **STATE OF INCORPORATION:** WA
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** 40-17G
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05071
- **FILM NUMBER:** 26621635

**BUSINESS ADDRESS:**
- **STREET 1:** 1300 NORTH STATE STREET
- **CITY:** BELLINGHAM
- **STATE:** WA
- **ZIP:** 98225-4730
- **BUSINESS PHONE:** 360-734-9900

**MAIL ADDRESS:**
- **STREET 1:** 1300 NORTH STATE STREET
- **CITY:** BELLINGHAM
- **STATE:** WA
- **ZIP:** 98225-4730

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NORTHWEST INVESTORS TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NORTHWEST INVESTORS TAX EXEMPT BUSINESS TRUST
- **DATE OF NAME CHANGE:** 19901024

```

SATURNA CAPITAL CORPORATION 1300 North State Street Bellingham, Washington
98225

February 19, 2025

VIA EDGAR U.S. Securities and Exchange Commission 100 F. Street, NE Washington,
DC 20549

Re:	Joint Fidelity Bond (No. 89265124B) for: Amana Mutual Funds Trust, File
Nos. 002-96924; 811-04276 Saturna Investment Trust, File Nos. 33-13247;
811-05071

Dear Ladies and Gentlemen:

Pursuant to Rule 17g-1(g)(1) under the Investment Company Act, hereby enclosed
for filing with the U.S. Securities and Exchange Commission on behalf of Amana
Mutual Funds Trust and Saturna Investment Trust and their respective series
(the "Funds") are the following:

(1) A copy of the Joint Fidelity Bond, including Riders 1-15, renewed from
December 15, 2024, through December 15, 2025; (2) A copy of the Secretary
Certificate executed by the Secretary of the Funds certifying the resolutions
of the members of each Fund's Board of Trustees who are not "interested
persons" of the Funds, approving the amount, type, form, and coverage of the
Joint Fidelity Bond and the portion of the premium to be allocated to and paid
by each Fund ("Exhibit A");

(3) A memorandum showing the amount of the single insured bond which each
investment company would have provided and maintained had it not been named as
an insured under the Joint Fidelity Bond ("Exhibit B"); and (4) copies of the
form of agreements among the Funds and all of the other named insureds under
the Joint Fidelity Bond, as required by Rule 17g-1(f) ("Exhibit C" and "Exhibit
D").

The premium for the Joint Fidelity Bond has been paid for the above-referenced
period. Please contact me at (360) 734-9900, ext. 1804, if you need any further
information.

Sincerely,
/s/ Elliot S. Cohen Elliot S. Cohen
Secretary

ICI MUTUAL INSURANCE COMPANY, a Risk Retention Group 1401 H St. NW Washington,
DC 20005

INVESTMENT COMPANY BLANKET BOND

ICI MUTUAL INSURANCE COMPANY a Risk Retention Group 1401 H St. NW Washington,
DC 20005 DECLARATIONS NOTICE This policy is issued by your risk retention
group. Your risk retention group may not be subject to all of the insurance
laws and regulations of your state. State insurance insolvency guaranty funds
are not available for your risk retention group. Item 1.	Name of Insured
(the "Insured") Saturna Capital Corporation

Bond Number 89265125B Principal Office: 1300 N. State Street Bellingham, WA
98225 Mailing Address: 1300 N. State Street Bellingham, WA 98225

Item 2. Bond Period: from 12:01 a.m. on December 15, 2025 , to 12:01 a.m. on
December 15, 2026 , 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 $3,700,000 $50,000

Insuring Agreement B- AUDIT EXPENSE $50,000 $10,000

Insuring Agreement C- ON PREMISES $3,700,000 $50,000

Insuring Agreement D- IN TRANSIT $3,700,000 $50,000

Insuring Agreement E- FORGERY OR ALTERATION $3,700,000 $50,000

Insuring Agreement F- SECURITIES $3,700,000 $50,000

Insuring Agreement G- COUNTERFEIT CURRENCY $3,700,000 $50,000

Insuring Agreement H- UNCOLLECTIBLE ITEMS OF DEPOSIT $25,000 $5,000

Insuring Agreement I- PHONE/ELECTRONIC TRANSACTIONS $3,700,000 $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 RIDER:

Insuring Agreement J- COMPUTER SECURITY $3,700,000 $50,000

Insuring Agreement M- SOCIAL ENGINEERING FRAUD $1,000,000 $50,000

Insuring Agreement N- PHONE/ELECTONIC TRANSACTIONS - INVESTMENT ADVISORY
CLIENTS $3,000,000 $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:	1-2-3-4-5-6-7-8-9-10-11-12-13-14-15-16 and of all Riders applicable
to this Bond issued during the Bond Period. By: 		By: Authorized
Representative	Authorized Representative

NOTICE

This policy is issued by your risk retention group. Your risk retention group
may not be subject to all of the insurance laws and regulations of your state.
State insurance insolvency guaranty funds are not available for your risk
retention group. ICI Mutual Insurance Company, a Risk Retention Group (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 resulting directly from any Dishonest or Fraudulent Act committed by an
Employee, committed anywhere and whether committed 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; and EXCLUDING loss
covered under Insuring Agreement B.

B. AUDIT EXPENSE

Expense incurred by the Insured for that part of the costs 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 resulting directly from any Mysterious Disappearance, or any
Dishonest or Fraudulent Act committed by a person physically present in an
office or on the premises of the Insured at the time the Property is
surrendered, while the Property is (or reasonably supposed or believed by the
Insured to be) lodged or deposited within the Insured's offices or premises
located anywhere, except those offices excluded by Rider; and EXCLUDING loss
covered under Insuring Agreement A. D. IN TRANSIT

Loss of Property resulting directly from any Mysterious Disappearance or
Dishonest or Fraudulent Act while the Property is physically (not
electronically) in transit anywhere 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); and 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 to the designated recipient or its agent, but only while the Property
is being conveyed. E. FORGERY OR ALTERATION

Loss resulting directly from the Insured having, in good faith, paid or
transferred any Property in reliance upon any Written, Original:

(1) 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, warrants, orders upon public treasuries, or letters of credit; or
(2) instructions, requests or applications directed to the Insured, authorizing
or acknowledging the transfer, payment, redemption, delivery or receipt of
money or Property, or giving notice of any bank account (provided such
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, and further provided such instructions,
requests, or applications either bear the forged signature or endorsement or
have been altered without the knowledge and consent of such customer, such
shareholder or subscriber to shares issued by an Investment Company, or such
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;

which bear (a) a Forgery, or (b) an Alteration, but only to the extent that the
Forgery or Alteration directly causes the loss. Actual physical possession by
the Insured or its authorized representative of the items listed in (1) through
(3) above is a condition precedent to the Insured having relied upon the items.
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 directly 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 in reliance on any Written, Original Securities, where
such loss results from the fact that such Securities prove to: (1) be
Counterfeit, but only to the extent that the Counterfeit directly causes the
loss, or

(2) be lost or stolen, or

(3) contain a Forgery or Alteration, but only to the extent the Forgery or
Alteration directly causes the loss, 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.

This Insuring Agreement F does not cover loss covered under Insuring Agreement
A.

Actual physical possession by the Insured or its authorized representative of
the Securities is a condition precedent to the Insured having relied upon the
Securities. G. COUNTERFEIT CURRENCY

Loss resulting directly from the receipt by the Insured, in good faith of any
Counterfeit Currency. This Insuring Agreement G does not cover loss covered
under Insuring Agreement A. H. UNCOLLECTIBLE ITEMS OF DEPOSIT

Loss resulting directly 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 resulting directly from 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

EXLUDING 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 (i) to be paid or made
payable to other than an Authorized Recipient or an Authorized Bank Account or
(ii) to be sent to other than an Authorized Address; (4) the intentional
failure to adhere to one or more Phone/Electronic Transaction Security
Procedures; or

(5) a Phone/Electronic Transaction request transmitted by electronic mail or
transmitted by any method not subject to the Phone/Electronic Transaction
Security Procedures; or (6) 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 seeking recovery for any loss which, if
established against the Insured, would constitute a loss 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 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 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. D. INTERPRETATION

This Bond shall be interpreted with due regard to the purpose of fidelity
bonding under Rule 17g-1 under the Investment Company Act of 1940 (i.e., to
protect innocent third parties from harm) and to the structure of the
investment management industry (in which a loss of Property resulting from a
cause described in any Insuring Agreement ordinarily gives rise to a potential
legal liability on the part of the Insured), such that the term "loss" as used
herein shall include an Insured's legal liability for direct compensatory
damages resulting directly from a misappropriation, or measurable diminution in
value, of Property.

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. "Authorized Address" means (1) any Officially Designated address
to which redemption proceeds may be sent, (2) any address designated in writing
(not to include Electronic Transmission) by the Shareholder of Record and
received by the Insured at least one (1) day prior to the effective date of
such designation, or (3) any address designated by voice over the telephone or
by Electronic Transmission by the Shareholder of Record at least 15 days prior
to the effective date of such designation.

D. "Authorized Bank Account" means any Officially Designated bank account to
which redemption proceeds may be sent. E. "Authorized Recipient" means (1) the
Shareholder of Record, or (2) any other Officially Designated person to whom
redemption proceeds may be sent. F. "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. G. "Convertible Virtual Currency"
means Digital Assets that have an equivalent value in real currency, or that
act as a substitute for real currency, including, without limitation,
stablecoins and other cryptocurrency.

H. "Counterfeit" means a Written imitation of an actual valid Original which is
intended to deceive and to be taken as the Original. I. "Currency" means a
medium of exchange in current use authorized or adopted by a domestic or
foreign government as part of its official currency. J. "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.

K. "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.\

L.  "Digital Assets" mean any digital representations of value which are
recorded on cryptographically secured distributed ledgers or any similar
technology, including, without limitation, Convertible Virtual Currency and
Non-Fungible Tokens. M. "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 an improper
financial benefit for the perpetrator or any other person or entity. A
Dishonest or Fraudulent Act does not mean or include a reckless act, a
negligent act, or a grossly negligent act. As used in this definition,
"improper financial benefit" does not include any employee benefits received in
the course of employment, including salaries, commissions, fees, bonuses,
promotions, awards, profit sharing or pensions. N. "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.

O. "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 an 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). P. "Exchange" means any national securities
exchange registered under the Securities Exchange Act of 1934. Q. "Forgery"
means the physical signing on a document of the name of another person 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.

R. "Items of Deposit" means one or more checks or drafts. S. "Investment
Company" or "Fund" means an investment company registered under the Investment
Company Act of 1940.

T. "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.

U.  "Mysterious Disappearance" means any disappearance of Property which, after
a reasonable investigation has been conducted, cannot be explained. V.
"Non-Fund" means any corporation, business trust, partnership, trust or other
entity which is not an Investment Company. W. "Non-Fungible Tokens" mean
Digital Assets that are unique digital identifiers that are recorded on
cryptographically secured distributed ledgers or any similar technology, and
that are used to certify authenticity and/or ownership of unique assets that
cannot be traded, divided, or exchanged at equivalency. X. "Officially
Designated" means designated by the Shareholder of Record:

(1) in the initial account application,

(2) in writing accompanied by a signature guarantee, or

(3) in writing or by Electronic Transmission, where such designation is
verified via a callback to the Shareholder of Record by the Insured at a
predetermined telephone number provided by the Shareholder of Record to the
Insured in writing at least 30 days prior to such callback.

Y. "Original" means the first rendering or archetype and does not include
photocopies or electronic transmissions even if received and printed. Z.
"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.

AA. "Phone/Electronic Transaction Security Procedures" means security
procedures for Phone/ Electronic Transactions as set forth in the Application
and/or as otherwise provided in writing to the Underwriter. BB. "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), (1) in which the
Insured has a legally cognizable interest, (2) in which the Insured acquired or
should have acquired such 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 (3) which are held
by the Insured for any purpose or in any capacity. CC. "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 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. DD. "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. EE.
"Self-Regulatory Organization" means any association of investment advisers or
securities dealers registered under the federal securities laws, or any
Exchange.

FF. "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 and/or as otherwise provided in writing to the
Underwriter. GG. "Single Loss" means:

(1) all loss caused by any one act (other than a Dishonest or Fraudulent Act)
committed by one person, or (2) all loss caused by Dishonest or Fraudulent Acts
committed by one person, or

(3) all expenses incurred with respect to any one audit or examination, or (4)
all loss caused by any one occurrence or event other than those specified in
subsections (1) through (3) 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) and (2) 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.

HH. "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. II. "Written" means expressed
through letters or marks placed upon paper and visible to the eye.

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 while
the Property is 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. B.
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 resulting from Property that is the object of a Dishonest or
Fraudulent Act or Mysterious Disappearance 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 kidnap, ransom, or extortion, or a threat (1) to do
bodily harm to any person, except where the Property is 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
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 committed by an
Employee as defined in Section 1.O(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.

R. Loss resulting from the theft, disappearance, destruction, disclosure, or
unauthorized use of confidential or personal information (including, but not
limited to, trade secrets, personal shareholder or client information,
shareholder or client lists, personally identifiable financial or medical
information, intellectual property, or any other type of non-public
information), whether such information is owned by the Insured or held by the
Insured in any capacity (including concurrently with another person); provided,
however, this exclusion shall not apply to loss arising out of the use of such
information to support or facilitate the commission of an act otherwise covered
by this Bond. S. All costs, fees, and other expenses arising from a data
security breach or incident, including, but not limited to, forensic audit
expenses, fines, penalties, expenses to comply with federal and state laws and
expenses related to notifying affected individuals.

T. Loss resulting from vandalism or malicious mischief.

U. Loss resulting from the theft, disappearance, or destruction of Digital
Assets or from the change in value of Digital Assets, unless such loss (1) is
sustained by any investment company registered under the Investment Company Act
of 1940 that is named as an Insured and (2) 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 to anyone other than the Insured. 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.

The Insured shall provide the Underwriter with such information, assistance,
and cooperation as the Underwriter may reasonably request. 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
Property is Securities and the loss 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, RRG, 1401 H St. NW, Washington, DC 20005, with an
electronic copy to LegalSupport@icimutual.com.

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 a loss of a type covered
by this Bond has been or is likely to be incurred, regardless of when the act
or acts causing or contributing to such loss occurred, even though the exact
amount or details of the 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), 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). 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). 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).

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. SECTION 19.
COMPLIANCE WITH APPLICABLE TRADE AND ECONOMIC SANCTIONS

This Bond shall not be deemed to provide any coverage, and the Underwriter
shall not be required to pay any loss or provide any benefit hereunder, to the
extent that the provision of such coverage, payment of such loss or provision
of such benefit would cause the Underwriter to be in violation of any
applicable trade or economic sanctions, laws or regulations, including, but not
limited to, any sanctions, laws or regulations administered and enforced by the
U.S. Department of Treasury Office of Foreign Assets Control (OFAC).

SECTION 20. ANTI-BUNDLING

If any Insuring Agreement requires that an enumerated type of document be
Counterfeit, or contain a Forgery or Alteration, the Counterfeit, Forgery, or
Alteration must be on or of the enumerated document itself, not on or of some
other document submitted with, accompanying or incorporated by reference into
the enumerated document. IN WITNESS WHEREOF, the Underwriter has caused this
Bond to be executed on the Declarations Page.

ICI MUTUAL INSURANCE COMPANY, a Risk Retention Group INVESTMENT COMPANY BLANKET
BOND RIDER NO. 1

INSURED	BOND NUMBER Saturna Capital Corporation	89265125B EFFECTIVE
DATE	BOND PERIOD	AUTHORIZED REPRESENTATIVE

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 Capital Corporation Saturna Brokerage Services, Inc. Amana
Mutual Funds Trust, a series trust consisting of: o Amana Developing World Fund
o Amana Growth Fund o Amana Income Fund o Amana Participation Fund Saturna
Investment Trust, a series trust consisting of: o Saturna Sustainable Bond Fund
o Saturna Sustainable Equity Fund o Saturna Bond Income Fund o Saturna Core
Fund o Saturna Global High Income Fund o Saturna Growth Fund o Saturna
International Fund o Saturna Short-Term Bond Fund

Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond. ICI MUTUAL INSURANCE COMPANY, a Risk Retention
Group INVESTMENT COMPANY BLANKET BOND RIDER NO. 2

INSURED	BOND NUMBER Saturna Capital Corporation	89265125B EFFECTIVE
DATE	BOND PERIOD	AUTHORIZED REPRESENTATIVE

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 Insured") or any Employee of a Non-Fund Insured,
except loss, otherwise covered by the terms of this Bond, resulting from or in
connection with: (1) services rendered by a Non-Fund Insured to an Insured
Fund, or to shareholders of such Insured Fund in connection with the issuance,
transfer, or redemption of their Fund shares; or

(2) Investment Advisory Services rendered by a Non-Fund Insured to an
investment advisory client of such Non-Fund Insured; or

(3) Discount Brokerage Services rendered by Saturna Brokerage Services, Inc.;
or

(4) Personal Financial Planning Services by Saturna Capital Corporation to its
personal financial planning services clients who are individuals; or

(5) Donor Account Services rendered by Saturna Capital Corporation to any Donor
Advised Fund; or

(6) in the case of a Non-Fund Insured substantially all of whose business is
rendering the services described in (1) through (5) above, the general
business, activities or operations of such Non-Fund Insured, excluding (a) the
rendering of services (other than those described in (1) through (5) 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 Insured,
Insuring Agreements C and D only cover loss of Property which a Non-Fund
Insured uses or holds, or in which a Non-Fund Insured has an interest, in each
case wholly or partially in connection with the rendering of services described
in items (1) through (5) above. As used herein:

1. "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.

2. "Discount Brokerage Services" means brokerage services to shareholders of an
Insured Fund, or to investment advisory clients of a Non-Fund Insured, in
connection with the purchase or sale by such shareholders or investment
advisory clients of securities issued by an entity that is not an Insured Fund.

3. "Donor Account Services" means those services described in Schedule A of the
form of "Account Servicing Agreement" provided to the Underwriter on October 9,
2020. 4. "Donor Advised Fund" means any fund or account organized and sponsored
by the American Muslim Community Foundation for the purposes of making
charitable contributions. 5. "Personal Financial Planning Services" shall mean
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. For purposes of this Rider, Investment Advisory
Services shall not include Personal Financial Planning Services.

Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond. ICI MUTUAL INSURANCE COMPANY, a Risk Retention
Group INVESTMENT COMPANY BLANKET BOND RIDER NO. 3

INSURED	BOND NUMBER Saturna Capital Corporation	89265125B EFFECTIVE
DATE	BOND PERIOD	AUTHORIZED REPRESENTATIVE

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. ICI MUTUAL INSURANCE COMPANY, a Risk Retention
Group INVESTMENT COMPANY BLANKET BOND RIDER NO. 4

INSURED	BOND NUMBER Saturna Capital Corporation	89265125B EFFECTIVE
DATE	BOND PERIOD	AUTHORIZED REPRESENTATIVE

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 from the intentional failure to adhere to one or more
Computer Security Procedures; and

c. 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

d. 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 e. Any loss not directly and proximately caused by
Computer Fraud (including, without limitation, disruption of business and extra
expense); and

f. 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. GG 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.O of this Bond.

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. ICI MUTUAL INSURANCE COMPANY, a Risk Retention
Group INVESTMENT COMPANY BLANKET BOND RIDER NO. 5

INSURED

BOND NUMBER Saturna Capital Corporation

89265125B EFFECTIVE DATE BOND PERIOD AUTHORIZED REPRESENTATIVE

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"; and 3. The last
sentence of Section 1.O (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 Financial Industry Regulatory
Authority, 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. 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; and

7. The Underwriter will use its best efforts to notify the Financial Industry
Regulatory Authority, Inc., within 30 days in the event the Bond is
substantially modified, terminated or canceled.

It is further understood and agreed that notwithstanding anything to the
contrary in this rider or elsewhere in this Bond, for any Discount Brokerage
Loss; (a) no coverage shall be available under Insuring Agreements I or J; and
(b) the Limit of Liability for each of Insuring Agreements A, C, D, E, F and G
shall be $200,000, and the Deductible Amount for each such Insuring Agreement
shall be $20,000.

For purposes of this Rider, "Discount Brokerage Loss" shall mean any loss
sustained by Saturna Brokerage Services, Inc. resulting from or in connection
with its provision of Discount Brokerage Services (as defined in Rider No. 2).

It is further understood and agreed that the title in this Rider is included
solely for convenience and shall not itself be deemed to be a term or condition
of coverage, or a description or interpretation thereof.

Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond. ICI MUTUAL INSURANCE COMPANY, a Risk Retention
Group INVESTMENT COMPANY BLANKET BOND RIDER NO. 6

INSURED	BOND NUMBER Saturna Capital Corporation	89265125B EFFECTIVE
DATE	BOND PERIOD	AUTHORIZED REPRESENTATIVE

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 sent to an Authorized Address; or

(2) letter requesting redemption of $50,000 or less by wire transfer to the
Shareholder of Record of an Authorized Bank Account; 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. ICI MUTUAL INSURANCE
COMPANY, a Risk Retention Group INVESTMENT COMPANY BLANKET BOND RIDER NO. 7

INSURED	BOND NUMBER Saturna Capital Corporation	89265125B EFFECTIVE
DATE	BOND PERIOD	AUTHORIZED REPRESENTATIVE

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. ICI MUTUAL INSURANCE COMPANY, a
Risk Retention Group INVESTMENT COMPANY BLANKET BOND RIDER NO. 8

INSURED	BOND NUMBER Saturna Capital Corporation	89265125B EFFECTIVE
DATE	BOND PERIOD	AUTHORIZED REPRESENTATIVE

In consideration for 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 any loss resulting
from any Online Redemption(s) or Online Purchase(s) involving an aggregate
amount in excess of Five Hundred Thousand Dollars ($500,000) per shareholder
account per day, unless before such redemption(s) or purchase(s), in a
procedure initiated by the Insured or by the entity receiving the request for
such Online Redemption(s) or Online Purchase(s): (a) the Shareholder of Record
verifies, by some method other than an Electronic Transmission effected over
the Internet, that each such redemption or purchase has been authorized, and

(b) if such redemption or purchase is to be effected by wire to or from a
particular bank account, a duly authorized employee of the bank verifies the
account number to or from which funds are being transferred, and that the name
on the account is the same as the name of the intended recipient of the
proceeds.

It is further understood and agreed that, notwithstanding the Limit of
Liability set forth herein or any other provision of this Bond, the Limit of
Liability with respect to any Single Loss caused by an Online Transaction shall
be Three Million Seven Hundred Thousand Dollars ($3,700,000) and the Deductible
Amount applicable to any such Single Loss is Fifty Thousand Dollars ($50,000).

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 caused
by Online Transactions shall be an aggregate of Three Million Seven Hundred
Thousand Dollars ($3,700,000) for the Bond Period, irrespective of the total
amount of such loss or losses.

For purposes of this Rider, the following terms shall have the following
meanings: "Online Purchase" means any purchase of shares issued by an
Investment Company, which purchase is requested through an Electronic
Transmission over the Internet. "Online Redemption" means any redemption of
shares issued by an Investment Company, which redemption is requested through
an Electronic Transmission over the Internet. "Online Transaction" means any
Phone/Electronic Transaction requested through an Electronic Transmission over
the Internet.

Except as above stated, nothing herein shall be held to alter, waive, or extend
any of the terms of this Bond. ICI MUTUAL INSURANCE COMPANY, a Risk Retention
Group INVESTMENT COMPANY BLANKET BOND RIDER NO. 9

INSURED	BOND NUMBER Saturna Capital Corporation	89265125B EFFECTIVE
DATE	BOND PERIOD	AUTHORIZED REPRESENTATIVE

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: (a) a Phone/Electronic Redemption requested to be paid
or made payable by check to the Shareholder of Record and sent to an Authorized
Address; or

(b) a Phone/Electronic Redemption requested to be paid or made payable by wire
transfer to the Shareholder of Record at an Authorized Bank Account,

provided, that the Limit of Liability for a Single Loss as described in (a) or
(b) above shall be the lesser of 80% of such loss or $40,000 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; in such case the Phone/Electronic
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, (b) by Telefacsimile, or (c) by transmission over the
Internet.

Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond. ICI MUTUAL INSURANCE COMPANY, a Risk Retention
Group INVESTMENT COMPANY BLANKET BOND RIDER NO. 10

INSURED	BOND NUMBER Saturna Capital Corporation	89265125B EFFECTIVE
DATE	BOND PERIOD	AUTHORIZED REPRESENTATIVE

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,

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. ICI MUTUAL INSURANCE COMPANY, a Risk Retention
Group INVESTMENT COMPANY BLANKET BOND RIDER NO. 11

INSURED	BOND NUMBER Saturna Capital Corporation	89265125B EFFECTIVE
DATE	BOND PERIOD	AUTHORIZED REPRESENTATIVE

Most property and casualty insurers, including ICI Mutual Insurance Company, a
Risk Retention Group ("ICI Mutual"), are subject to the requirements of the
Terrorism Risk Insurance Act of 2002, as amended (the "Act"). The Act
establishes a federal insurance backstop under which ICI Mutual and these other
insurers may be partially reimbursed by the United States Government 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" may be
partially reimbursed by the United Sates government under a formula established
by the Act. Under this formula, the United States government would generally
reimburse ICI Mutual for the Federal Share of Compensation of ICI Mutual's
"insured losses" in excess of ICI Mutual's "insurer deductible" until total
"insured losses" of all participating insurers reach $100 billion (the "Cap on
Annual Liability"). If total "insured losses" of all property and casualty
insurers reach the Cap on Annual Liability in any one calendar year, the Act
limits U.S. Government reimbursement and 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%) and does
not include any charges for the portion of loss that may be covered by the U.S.
Government under the Act

As used herein, "Federal Share of Compensation" shall mean 80% beginning on
January 1, 2020. Except as above stated, nothing herein shall be held to alter,
waive or extend any of the terms of this Bond. ICI MUTUAL INSURANCE COMPANY, a
Risk Retention Group INVESTMENT COMPANY BLANKET BOND RIDER NO. 12

INSURED	BOND NUMBER Saturna Capital Corporation	89265125B EFFECTIVE
DATE	BOND PERIOD	AUTHORIZED REPRESENTATIVE

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 resulting directly from the Insured having, in good faith, paid or
transferred any Property in reliance upon any Written, Original:

(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, warrants, orders upon public treasuries, or letters of
credit; or

(2) instructions, requests or applications (collectively, "Directions")
directed to the Insured, authorizing or acknowledging the transfer, payment,
redemption, delivery or receipt of money or Property, or giving notice of any
bank account (provided such 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, and further provided such Directions either bear
the forged signature or endorsement or have been altered without the knowledge
and consent of such customer, such shareholder or subscriber to shares issued
by an Investment Company, or such 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;

which bear (a) a Forgery, or (b) an Alteration, but only to the extent that the
Forgery or Alteration directly causes the loss; 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) an
Authorized Recipient at an Authorized Address, or (z) an Authorized Bank
Account; or

iv) to effect a Designated Transfer of Ownership.

Actual physical possession by the Insured or its authorized representative of
the items listed in (1) through (3) above is a condition precedent to the
Insured having relied upon the items.

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.

This Insuring Agreement E does not cover loss caused by Forgery or Alteration
of Securities or loss covered under Insuring Agreement A.

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.

Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond.

ICI MUTUAL INSURANCE COMPANY, a Risk Retention Group INVESTMENT COMPANY BLANKET
BOND RIDER NO. 13

INSURED	BOND NUMBER Saturna Capital Corporation	89265125B EFFECTIVE
DATE	BOND PERIOD	AUTHORIZED REPRESENTATIVE

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, acts
or omissions of any Insured or any Employee of any Insured where such loss is
based upon, arises out of or in any way involves the provision of services to
any Plan, EXCEPT loss, otherwise covered by the terms of this Bond, resulting
from, or in connection with the business of: (a) the provision of Investment
Advisory Services by an Insured ("Adviser") to any Third Party Plan that is a
client of the Adviser; or

(b) the provision of Administrative Services by an Insured to any Third Party
Plan that is a client of the Insured.

It is further understood and agreed that Insuring Agreements C and D only cover
loss of Property which an Insured uses or holds, or in which the Insured has an
interest, in each case in connection with (a) above.

It is further understood and agreed that notwithstanding the foregoing, this
Bond (other than Insuring Agreements C and D) does not cover loss resulting
from or in connection with, and Insuring Agreements C and D do not cover loss
of Property which an Insured uses or holds, or in which it has an interest, in
each case in connection with:

(1) the discretionary voting by or on behalf of any Plan of Designated
Securities owned or held by such Plan, unless, in the case of a vote by or on
behalf of the Plan, such vote was pursuant to the direction of a majority of
trustees of such Plan who were not then Interested Trustees;

(2) custodial services for the safekeeping and custody of securities or other
property;

(3) liability of an Insured arising from its status as the employer of
employees covered by a Plan (including liability arising from the Insured's
failure to collect contributions or to pay benefits); or (4) in the case of an
Insured acting or purporting to act as a trustee or "directed trustee" for any
Third Party Plan, any liability of the Insured arising from its actual or
alleged status as a

fiduciary (within the meaning of the Employee Retirement Income Security Act of
1974, as amended ("ERISA")) to any such Third Party Plan or its actual or
alleged violation of Section 502(a)(3) of ERISA, except that this subpart (4)
shall not preclude indemnification for associated court costs and attorneys'
fees for which coverage is otherwise available under General Agreement C of
this Bond.

It is further understood and agreed that for purposes of this rider:

(1) "Administrative Services" shall mean administrative services, including,
without limitation, voting securities which are Plan assets, causing Plan
assets to be invested as directed in accordance with the Plan, and maintaining
records and preparing reports with respect to Plan contributions, participant
accounts and investments.

(2) "Affiliated Entity" means any entity controlling, controlled by, or under
common control with an Insured.

(3) "Designated Securities" means securities issued by an Insured, or by any
Affiliated Entity, or by any Fund to which such Insured or any Affiliated
Entity provides any services.

(4) "Interested Trustee" means any trustee of a Plan who is also (a) an
officer, director, trustee, partner or employee of, or who owns, controls, or
holds power to vote 5% or more of the outstanding voting securities of, (i) any
Insured (other than such Plan), or (ii) any Affiliated Entity, or (iii) any
Fund to which such Insured or any Affiliated Entity provides any services, or
(b) an Insured or an Affiliated Entity.

(5) "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.

(6) "Plan" means any retirement or other employee benefit plan, including any
trust relating thereto. (7) "Third Party Plan" means any Plan for employees of
an entity that is neither an Insured nor an Affiliated Entity.

Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond.

ICI MUTUAL INSURANCE COMPANY, a Risk Retention Group INVESTMENT COMPANY BLANKET
BOND RIDER NO. 14

INSURED

BOND NUMBER Saturna Capital Corporation

89265125B EFFECTIVE DATE BOND PERIOD AUTHORIZED REPRESENTATIVE

SOCIAL ENGINEERING FRAUD In consideration of the premium charged for this Bond,
it is hereby understood and agreed that this Bond is amended by adding an
additional Insuring Agreement M, as follows:

M. Social Engineering Fraud

Loss resulting directly from the Insured, in good faith, transferring, paying,
or delivering money from its own account as a direct result of a Social
Engineering Fraud;

PROVIDED, that the entity receiving such request generally maintains and
follows during the Bond Period all Social Engineering Security Procedures.

The Limit of Liability for a Single Loss under this Insuring Agreement M shall
be the lesser of (a) 50% of the amount by which such Single Loss exceeds the
Deductible Amount or (b) $1,000,000 (One Million Dollars), and the Insured
shall bear the remainder of any such Single Loss. The Deductible Amount for
this Insuring Agreement M is $50,000 (Fifty Thousand Dollars). Notwithstanding
any other provision of this Bond, the aggregate Limit of Liability under this
Bond with respect to any and all loss or losses under this Insuring Agreement M
shall be $1,000,000 (One Million Dollars) for the Bond Period, irrespective of
the total amount of such loss or losses.

This Insuring Agreement M does not cover loss covered under any other Insuring
Agreement of this Bond.

It is further understood and agreed that for purposes of this rider:

1. "Communication" means an instruction that (a) directs an Employee to
transfer, pay, or deliver money from the Insured's own account, (b) contains a
material misrepresentation of fact, and (c) is relied upon by the Employee,
believing it to be true. 2.  "Social Engineering Fraud" means the intentional
misleading of an Employee through the use of a Communication, where such
Communication:

(a) is transmitted to the Employee in writing, by voice over the telephone, or
by Electronic Transmission;

(b) is made by an individual who purports to be (i) an Employee who is duly
authorized by the Insured to instruct another Employee to transfer, pay, or
deliver money, or (ii) an officer or employee of a Vendor who is duly
authorized by the Insured to instruct an Employee to transfer, pay, or deliver
money; and

(c) is unauthorized, dishonest or fraudulent and is made with the manifest
intent to deceive.

3. "Social Engineering Security Procedures" means security procedures intended
to prevent Social Engineering Fraud as set forth in the Application and/or as
otherwise provided in writing to the Underwriter.

4. "Vendor" means any entity or individual that provides goods or services to
the Insured under a pre-existing, written agreement.

Except as above stated, nothing herein shall be held to alter, waive, or extend
any of the terms of this Bond. ICI MUTUAL INSURANCE COMPANY, a Risk Retention
Group INVESTMENT COMPANY BLANKET BOND RIDER NO. 15

INSURED	BOND NUMBER Saturna Capital Corporation	89265125B EFFECTIVE
DATE	BOND PERIOD	AUTHORIZED REPRESENTATIVE

PHONE/ELECTRONIC TRANSACTIONS - INVESTMENT ADVISORY CLIENTS In consideration of
the premium charged for this Bond, it is hereby understood and agreed that this
Bond is amended by adding Insuring Agreement N, as follows:

N. Phone/Electronic Transactions - Investment Advisory Clients

Loss resulting directly from an IAC Phone/Electronic Transaction, where the
request for such IAC Phone/Electronic Transaction:

1. is transmitted to the Insured by voice over the telephone or by Electronic
Transmission; and

2. is made by an individual or entity purporting to be a Designated Client or
an authorized agent of a Designated Client; and

3. is unauthorized or fraudulent and is made with the manifest intent to
deceive;

PROVIDED, that the entity receiving such request maintains and follows during
the Bond Period all IAC Phone/Electronic Transaction Security Procedures with
respect to all IAC Phone/Electronic Transactions; and

EXCLUDING loss resulting from:

1. the failure to pay for securities attempted to be purchased; or

2. any transaction involving IAC Account Holdings which had been improperly
credited to a Designated Client's account where such Designated Client (a) did
not cause, directly or indirectly, such holdings to be credited to such
account, and (b) directly or indirectly received any proceeds or other benefit
from such transaction; or 3. any transaction involving IAC Account Holdings
where the transaction proceeds were requested (i) to be paid or made payable to
other than an Authorized IAC Recipient or an Authorized IAC Bank Account or
(ii) to be sent to other than an Authorized IAC Address; 4. the failure to
adhere to one or more IAC Phone/Electronic Transaction Security Procedures; or

5. any IAC Phone/Electronic Transaction request transmitted by electronic mail
or transmitted by any method not subject to the IAC Phone/Electronic
Transaction Security Procedures; or

6. 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 N does not cover loss covered under Insuring Agreement
A, "Fidelity", Insuring Agreement I, "Phone/Electronic Transactions", or
Insuring Agreement J, "Computer Security".

The Limit of Liability for a Single Loss under this Insuring Agreement N is
$3,000,000 (Three Million Dollars) and the Deductible Amount is $50,000 (Fifty
Thousand Dollars).

Notwithstanding any other provision of this Bond, the aggregate Limit of
Liability with respect to any and all loss or losses under this Insuring
Agreement N shall be $3,000,000 (Three Million Dollars) for the Bond Period,
irrespective of the total amount of all such losses.

It is further understood and agreed that for purposes of this rider:

1. "Authorized IAC Bank Account" means any IAC Officially Designated bank
account to which transaction proceeds may be sent.

2. "Authorized IAC Address" means (1) any IAC Officially Designated address to
which transaction proceeds may be sent, (2) any address designated in writing
(not to include Electronic Transmission) by the Designated Client received by
the Insured at least one (1) day prior to the effective date of such
designation, or (3) any address designated by voice over the telephone or by
Electronic Transmission by the Designated Client at least fifteen (15) days
prior to the effective date of such designation. 3. "Authorized IAC Recipient"
means (1) the Designated Client, or (2) any other IAC Officially Designated
person to whom transaction proceeds may be sent. 4. "Designated Client" means
any client, other than an Investment Company, (a) to which an Insured provides
Investment Advisory Services and (b) which has a written agreement with such
Insured authorizing IAC Phone/Electronic Transactions.

5. "IAC Account Holdings" shall mean (a) money on deposit in a Designated
Client's account or (b) a Designated Client's securities.

6. "IAC Officially Designated" means designated by the Designated Client:

(1) in the initial account application,

(2) in writing accompanied by a signature guarantee, or (3) in writing or by
Electronic Transmission, where such designation is verified via a call back to
the Designated Client at a predetermined telephone number provided by the
Designated Client in writing to the Insured at least 30 days prior to such call
back.

7. "IAC Phone/Electronic Transaction" shall mean any transfer, payment, or
delivery of IAC Account Holdings, which transfer, payment, or delivery is
requested by voice over the telephone or through an Electronic Transaction.

8. "IAC Phone/Electronic Transaction Security Procedures" means security
procedures for IAC Phone/Electronic Transactions as set forth in the
Application and/or as otherwise provided in writing to the Underwriter.

Except as above stated, nothing herein shall be held to alter, waive, or extend
any of the terms of this Bond. ICI MUTUAL INSURANCE COMPANY, a Risk Retention
Group INVESTMENT COMPANY BLANKET BOND RIDER NO. 16

INSURED	BOND NUMBER Saturna Capital Corporation	89265125B EFFECTIVE
DATE	BOND PERIOD	AUTHORIZED REPRESENTATIVE

NEWLY CREATED INVESTMENT COMPANIES In consideration of the premium charged for
this Bond, it is hereby understood and agreed that, notwithstanding anything to
the contrary in General Agreement A of this Bond, Item 1 of the Declarations
shall include any Newly Created Investment Company, provided that the
Underwriter receives, at least annually, a report that lists (1) all Newly
Created Investment Companies created over the preceding twelve months, and (2)
the estimated net assets of each Newly Created Investment Company as of the
date of the report.

For purposes of this Rider, "Newly Created Investment Company" shall mean any
Investment Company or series thereof (notwithstanding that such Investment
Company's or series' registration under the Investment Company Act of 1940 may
not yet be effective), which Investment Company or series (1) was not yet
created as of the inception of the Bond Period, and (2) has (or upon
registration will have) directors who are identical to the directors of another
Insured Fund (other than another Newly Created Investment Company).

It is further understood and agreed that the title in this Rider is included
solely for convenience and shall not itself be deemed to be a term or condition
of coverage, or a description or interpretation thereof.

Except as above stated, nothing herein shall be held to alter, waive or extend
any of the terms of this Bond. FORM OF JOINT INSURED BOND RECOVERY AGREEMENT
THIS AGREEMENT, executed as of this 8th day of December 2025 between Saturna
Capital Corporation, Saturna Brokerage Services, Inc., and Amana Mutual Funds
Trust ("Amana"), and Saturna Investment Trust ("SIT"), (all of such entities
herein referred to as the "Parties") this Agreement to become effective as of
the date hereof;

WHEREAS, pursuant to the resolutions of the Boards of Trustees of Amana and
SIT, the Trustees of each Trust determined and resolved that a fidelity
insurance bond as required by Rule 17g-1, under the Investment Company Act of
1940, shall be obtained for each Trust as an insured party issued by the ICI
Mutual Insurance Company for the protection of each of the Parties (the
"Bond"). The Boards and disinterested Trustees determined that the Bond is
reasonable as to amount as such amount is in excess of the coverage required by
Rule 17g-1, giving due consideration to the value of the aggregate assets of
the Trusts to which any covered person may have access, the type and terms of
the arrangements made for the custody and safekeeping of such assets and the
nature of the securities in the portfolio of the Trusts; and WHEREAS, the
Trustees further authorized and approved payment by each Trust of its portion
of the premium of such Bond giving due consideration to the other parties named
as insureds, the nature of the business activities of the other parties, the
amount of the joint insured bond, the total amount of the premium for such
Bond, the ratable allocation of the premium among the parties named as
insureds, and the extent to which the share of the premium allocated to each
Trust is less than the premium that Trust would have to pay to provide and
obtain a single insured bond; and

WHEREAS, the Trustees authorized and directed the Trusts to enter into an
agreement with the other insured parties providing for equitable and
proportionate sharing of recovery under the Bond as a result of a loss
sustained by a Trust and other named insured or insureds, in the form required
by Rule 17g-1;

NOW THEREFORE, IT IS HEREBY AGREED between the Parties that in the event
recovery is received under the Bond as a result of a loss sustained by one or
more of the Parties as named insureds, each party sustaining such loss shall
receive an equitable and proportionate share of the recovery, which amount of
share of recovery shall at least be equal to the amount which each party would
have received had it provided and maintained a single insured bond with the
minimum coverage as required by Rule 17g-1, paragraph (d), subparagraph (1) as
amended of the Investment Company Act of 1940.

AMANA MUTUAL FUNDS TRUST By: Name: Jane K. Carten Title:	President

SATURNA CAPITAL CORPORATION By: Name: Jane K. Carten Title:	President

SATURNA INVESTMENT TRUST By: Name: Jane K. Carten Title:	President

SATURNA BROKERAGE SERVICES By: Name: Jane K. Carten Title:	President

FORM OF JOINT INSURED BOND RECOVERY AGREEMENT THIS AGREEMENT, executed as of
this 16th day of December 2025 between Saturna Capital Corporation, Saturna
Brokerage Services, Inc., and Amana Mutual Funds Trust ("Amana"), and Saturna
Investment Trust ("SIT"), (all of such entities herein referred to as the
"Parties") this Agreement to become effective as of the date hereof;

WHEREAS, pursuant to the resolutions of the Boards of Trustees of Amana and
SIT, the Trustees of each Trust determined and resolved that a fidelity
insurance bond as required by Rule 17g-1, under the Investment Company Act of
1940, shall be obtained for each Trust as an insured party issued by the ICI
Mutual Insurance Company for the protection of each of the Parties (the
"Bond"). The Boards and disinterested Trustees determined that the Bond is
reasonable as to amount as such amount is in excess of the coverage required by
Rule 17g-1, giving due consideration to the value of the aggregate assets of
the Trusts to which any covered person may have access, the type and terms of
the arrangements made for the custody and safekeeping of such assets and the
nature of the securities in the portfolio of the Trusts; and WHEREAS, the
Trustees further authorized and approved payment by each Trust of its portion
of the premium of such Bond giving due consideration to the other parties named
as insureds, the nature of the business activities of the other parties, the
amount of the joint insured bond, the total amount of the premium for such
Bond, the ratable allocation of the premium among the parties named as
insureds, and the extent to which the share of the premium allocated to each
Trust is less than the premium that Trust would have to pay to provide and
obtain a single insured bond; and

WHEREAS, the Trustees authorized and directed the Trusts to enter into an
agreement with the other insured parties providing for equitable and
proportionate sharing of recovery under the Bond as a result of a loss
sustained by a Trust and other named insured or insureds, in the form required
by Rule 17g-1;

NOW THEREFORE, IT IS HEREBY AGREED between the Parties that in the event
recovery is received under the Bond as a result of a loss sustained by one or
more of the Parties as named insureds, each party sustaining such loss shall
receive an equitable and proportionate share of the recovery, which amount of
share of recovery shall at least be equal to the amount which each party would
have received had it provided and maintained a single insured bond with the
minimum coverage as required by Rule 17g-1, paragraph (d), subparagraph (1) as
amended of the Investment Company Act of 1940.

AMANA MUTUAL FUNDS TRUST By: Name: Jane K. Carten Title:	President

SATURNA CAPITAL CORPORATION By: Name: Jane K. Carten Title:	President

SATURNA INVESTMENT TRUST By: Name: Jane K. Carten Title:	President

SATURNA BROKERAGE SERVICES By: Name: Jane K. Carten Title:	President

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