UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington,
WASHINGTON, D.C. 20549

SCHEDULE 14A
(Rule 14a-101)

Proxy Statement Pursuant to Section 14(a) of the
Securities
Exchange Act of 1934

[ X ] Filed by the Registrant
[ x ] Filed by a Party other than the Registrant [ ]

Check the appropriate box:

[ X ] Preliminary Proxy Statement
[     ] Definitive Proxy Statement
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[     ] Soliciting Material Pursuant to Rule 14a-12

[ ] Confidential, for the Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
[ ] Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to §240.14A-12

AMANA MUTUAL FUNDS TRUST

SATURNA INVESTMENT TRUST

(Name of Registrant as Specified in its Charter)
________________________________




(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of FilingsFiling Fee (Check the appropriate box)
:

[X] x ] No fee required.


[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1)(4) and 0-11.
(1)

1) Title of each class of securities to which transaction applies:
(2) __________________________

2) Aggregate number of securities to which transaction applies:
(3) __________________________

3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set(set forth the amount on which the filing fee is calculated and state how it was determined):
(4)

4) Proposed maximum aggregate value of transaction:
(5)

5) Total fee paid: ______________

[ ] Fee paid previously with preliminary materials:
materials.

[ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Formform or Scheduleschedule and the date of its filing.
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1) Amount Previously Paid:
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3) Filing Party:
(4) ________________________________________________________________

4) Date Filed: _______________________________

PRELIMINARY MATERIALS:

SATURNA INVESTMENT TRUSTPROXY STATEMENT

AUGUST XX, 2018

_________________________

Sustainable Bond FundImportant Voting Information Inside

Amana Mutual Funds Trust
Saturna Investment Trust

_________________________

Please vote immediately!

You can vote online or by mail.
Details on voting can be found on your Proxy Card.

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Saturna Capital Corporation
1300 NorthN. State Street
Bellingham, WashingtonWA 98225

February [ ], 2016

Dear SPECIAL MEETING OF Shareowners

Saturna Investment Trust & Amana Mutual Funds Trust

TABLE OF CONTENTS

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August XX, 2018

Fellow Shareowner:Shareowners:

You are cordially invited to participate inattend a special meetingSpecial Meeting of shareholdersShareowners of both the Sustainable Bond Fund (the "Fund"), a series ofAmana Mutual Funds Trust and the Saturna Investment Trust (the "Trust"). The meeting will take placeto vote on February 26, 2016the proposals below. Formal notice of the Meeting appears after this letter, followed by the Proxy Statement.

Please review the Proxy Statement and vote your shares at 10:00 a.m.your earliest convenience by completing and returning the enclosed proxy card in the officesenvelope provided or voting online.

The purpose of the Meeting is to:

PROPOSAL 1 – Approve a proposed New Advisory Agreement for each Fund; and

PROPOSAL 2 – Transact any other business, not currently contemplated, that may properly come before the Meeting and any adjournments or postponements thereof.

As part of Saturna Capital's succession planning, Mr. Nicholas F. Kaiser, co-founder and Chairman of Saturna Capital Corporation, ("Saturna"), 1300 North State Street, Bellingham, WA 98225.the investment adviser to the Funds, has granted an option to purchase the voting rights of his shares in Saturna Capital to his daughter, Mrs. Jane Carten, its President and Chief Executive Officer. Mrs. Carten's expected exercise of her option to purchase the controlling voting rights in Saturna Capital may be deemed to be a change in control of Saturna Capital and by regulation an automatic termination of each Fund's Current Advisory Agreement with Saturna Capital. The main purposeCurrent Advisory Agreements require that the shareowners of each Fund approve New Advisory Agreements as a result of the meeting ispresumed change in control when Mrs. Carten exercises her option to consider a proposalpurchase the controlling voting rights of Saturna Capital.

Your approval of the New Advisory Agreements will not change the advisory fees the Funds pay to remove an investment restriction that prohibitsSaturna Capital or the Fund from purchasing securities that are subjectstrategies and processes being used to legal or contractual restrictions on resale, known as "restricted securities." If approved by shareholders,manage the change will permit the Fund to invest in bonds that Saturna believes demonstrate sustainable characteristics without regard to whether such bonds are subject to legal or contractual restrictions because the bonds have not been registered under the Securities Act of 1933. Saturna believes removing the restriction will increase the investment opportunities for the Fund.

The proposal is more fully described in the enclosed Proxy Statement. We encourage you to read the enclosed Proxy Statement before voting.

This change requires your approval and your vote is important. TheFunds. Each Trust's Board of Trustees ofhas approved the TrustNew Advisory Agreements and recommends that you vote "FOR" approval.

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If the proposal.

You can vote in anyNew Advisory Agreements are approved, it is anticipated that they will take effect on September 24, 2018. The costs of the following ways:

• By phone, with a toll-free call to 800-728-8762;
• By mail, returning yourMeeting and related proxy cardsolicitations are being paid by Saturna Capital.

  Detailed information is contained in the enclosed postage-paid envelope;materials. Whether or
  

• In person, at the meeting.

Even if not you plan to attend the meeting, we encourageMeeting in person, your vote is needed. Please promptly complete, sign, date and return the enclosed proxy card. You may also vote over the telephone or online. You may receive more than one set of proxy materials if you hold shares in more than one account or in more than one Fund. Please be sure to vote each proxy card you receive. You may be contacted by phone or mail as soon as possible. We must receiveour independent proxy solicitation firm to encourage your vote by 5:00 p.m. (Pacific Time) on February 25, 2016, in order to count your vote.timely voting.

It is a privilege to manage the Fund on your behalf. If you have any questions or need assistance voting, please contact your financial advisor or call us at 800-728-8762.

SATURNA INVESTMENT TRUST

Sustainable Bond Fund

1300 North State Street
Bellingham, Washington 98225

NOTICE OF MEETING OF SHAREOWNERS
To be Held on February 26, 2016

NOTICE IS HEREBY GIVEN of a meeting of the shareowners of Sustainable Bond Fund (the "Fund"). The meeting will be held at 1300 North State Street, Bellingham, Washington, 98225, on February 26, 2016, at 10:00 a.m., for the purpose of approving a proposal to remove the Fund's fundamental investment restriction regarding investing in restricted securities (securities that are subject to legal or contractual restrictions on resale or are otherwise not readily marketable).

In addition, the Fund's shareowners will be asked to transact such other business as may properly come before the meeting or any adjournments, postponements, or delays of the meeting.

Shareowners of record of the Fund as of the close of business on December 31, 2015, are entitled to notice of and to vote at the meeting and any adjournments, postponements, or delays of the meeting. Shareowners are entitled to one vote for each full share owned and a proportionate vote for each fractional share owned.

Your vote is important regardless of the number of shares you own. Your promptVoting is quick and easy. It is important that your vote be received no later than 1:00 PM, Pacific Time, on September 24, 2018.

If you have any questions about the Proposal or the voting instructions, please call Okapi Partners, our proxy solicitation firm, toll-free at 1-877-285-5990.

By order of the Board of Trustees of the Amana Mutual Funds Trust and Saturna Investment Trust,

Nicole Trudeau
Secretary
Amana Mutual Funds Trust and Saturna Investment Trust

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Important Information to Help You Understand the Proposals

QUESTION & ANSWER

Q: What is happening? Why did I get this package?

A: Amana Mutual Funds Trust and Saturna Investment Trust, on behalf of each of their mutual funds, are conducting a Special Meeting of Shareowners scheduled for Monday, September 24, 2018. The meeting is scheduled to be held at 1:00 p.m. Pacific Time at Saturna Capital's offices at 1300 N. State Street, Bellingham WA, 98225. We show that you are a Fund shareowner as of the Record Date for this Meeting, July 27, 2018.

Q: Why am I being asked to vote on proposed New Advisory Agreements?

A: As part of Saturna Capital's succession planning, Mr. Kaiser, age 72, co-founder and Chairman, has granted an option to purchase the voting rights of his shares in Saturna Capital to his daughter, Jane Carten, age 43, President and Chief Executive Officer. Mrs. Carten's exercise of her option to acquire a controlling voting interest may be deemed to be a change in control of Saturna Capital and by regulation an automatic termination of each Fund's Current Advisory Agreement. The Investment Company Act of 1940 (the "1940 Act"), and the Current Advisory Agreements, require that shareowners of each Fund approve a New Advisory Agreement as a result of the presumed change in control of Saturna Capital and termination of the Current Advisory Agreements when Mrs. Carten exercises her option to purchase a controlling voting interest in Saturna Capital on September 24, 2018.

The 1940 Act provides that an owner of more than 25% of the outstanding voting securities of an entity is presumed to have a controlling interest in that entity. Mr. Kaiser and his children are the only owners of the voting rights of Saturna Capital, and that is not being changed. However, shareowners of each Fund are being asked to approve the New Advisory Agreements with Saturna Capital to permit Saturna Capital to continue as each Fund's investment adviser when Mrs. Carten exercises her option to purchase the controlling voting interest in Saturna Capital on September 24, 2018.

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Q: How do the proposed New Advisory Agreements differ from the Current Advisory Agreements?

A: Except for the effective dates, the terms of the New Advisory Agreements are substantially the same in all material respects to the terms of the Current Advisory Agreements.

Q: How will help save resourcesMrs. Carten's Option Purchase affect the shareowners of my Funds?

A: Saturna Capital will continue to provide advisory and administration services to each Fund on the same terms, and at the same fee rate, as Saturna Capital provides those services under the Current Advisory Agreements. Other than the change in the ownership structure of Saturna Capital, its operations are expected to stay the same. For example, Mr. Kaiser is staying with Saturna Capital as the manager of the same portfolios and Funds that would otherwisehe supervises now.

Q: Will the total fees payable under the New Advisory Agreements change?

A: No. The advisory fee rate payable to Saturna Capital for each Fund under the New Advisory Agreements will be required if further solicitationthe same as the rate paid under the Current Advisory Agreements.

Q: Who is necessarybearing the expenses related to obtain the necessary approval. Pleaseshareowner Meeting and the Option Purchase?

A: Saturna Capital will bear the expenses associated with the shareowner Meeting, including the costs of printing, mailing, tabulating and soliciting proxies. Mrs. Carten is paying a fee to her father, Mr. Kaiser, for the transfer of his voting rights to non-voting shares she currently owns.

Q: How do I vote my shares?

A: You can vote your Fund shares at the Meeting or you can authorize proxies to vote your shares by mail, telephone, or online. Your vote is important regardless of the number of shares you have. A shareholder may revoke a proxy at any time prior to use by filing with the Secretary of the Trust an instrument revoking the proxy, by submitting a proxy bearing a later date, or by attending and voting at the meetingMeeting in person, as describedperson.

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Q. How does the Board of Trustees recommend that I vote?

A: After careful consideration, the Boards of Trustees of each of Amana Mutual Funds Trust and Saturna Investment Trust unanimously recommend that you vote "FOR" the Proposal.

Q: What will happen if there are not enough votes to hold the Meeting?

A: It is important that shareowners vote online or complete and return signed proxy cards promptly, but no later than September 24, 2018, to ensure there is a quorum for the Meeting. You may be contacted by a representative of the Trust or a proxy solicitor if we do not hear from you. If we have not received sufficient votes to have a quorum at the Meeting or have not received enough votes to approve the Proposal, we may adjourn the Meeting so we can seek more fullyvotes.

Q: Whom should I call for additional information about this Proxy Statement?

A: If you need any assistance or have any questions regarding the Proposal or how to vote your shares, please call Okapi Partners, LLC, our proxy solicitation firm, toll free at 1-877-285-5990.

Important Notice Regarding the Availability of Proxy Materials for the Meeting to Be Held on September 24, 2018.

The Proxy Statement is available at www.saturna.com/proxy

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Except for this legend, this page has been left blank intentionally.

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AMANA MUTUAL FUNDS TRUST

On behalf of

Amana Income Fund
Amana Growth Fund
Amana Developing World Fund
Amana Participation Fund

SATURNA INVESTMENT TRUST

On behalf of

Sextant Growth Fund
Sextant Bond Income Fund
Sextant Short-Term Bond Fund
Sextant International Fund
Sextant Core Fund
Sextant Global High Income Fund
Saturna Sustainable Equity Fund
Saturna Sustainable Bond Fund
Idaho Tax-Exempt Fund

1300 N. State Street
Bellingham, WA 98225

NOTICE OF SPECIAL MEETING OF SHAREOWNERS
TO BE HELD ON SEPTEMBER 24, 2018

Fellow Shareowners:

Notice is hereby given that Amana Mutual Funds Trust ("Amana") and Saturna Investment Trust ("SIT") (each a "Trust" and collectively, the "Trusts"), on behalf of each of its portfolios named above (each, a "Fund" and, collectively, "Funds"), will hold a Special Meeting ("Meeting") of its shareowners at 1300 N State St, Bellingham, WA 98225, on Monday, September 24, 2018, at 1:00 PM, Pacific Time, for the following purposes:

(1) To approve a proposed New Advisory Agreement between Saturna Capital Corporation and each Trust, on behalf of each Fund;

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(2) Transact any other business, not currently contemplated, that may properly come before the Meeting and any adjournments or postponements thereof.

You are entitled to vote at the Meeting if you owned shares of any Fund at the close of business on July 27, 2018. WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING IN PERSON, PLEASE VOTE YOUR SHARES. WE ASK THAT YOU VOTE PROMPTLY TO AVOID EXPENSE OF FURTHER SOLICITATION.

If you have any questions about the Proposal or the voting instructions, please call Okapi Partners, our proxy solicitation firm, toll-free at 1-877-285-5990.

PROXY VOTING OPTIONS

To vote by any of the following methods, please READ the Proxy Statement and follow the instructions below.

1 To vote ONLINE please have your Proxy Card at hand, go to the website that appears on your Proxy Card, enter the control number that appears on your Proxy Card, and follow the simple instructions.

2 To vote by TELEPHONE please have your Proxy Card at hand, call the telephone number that appears on your Proxy Card, enter the control number that appears on the Proxy Card, and follow the simple instructions.

3 To vote by MAIL enclose your VOTED and SIGNED (in ink) Proxy Card in the accompanying proxy statement. We encourage youpostage paid envelope provided and send to read the proxy statement before voting and select the method of voting that is most convenient for you. Even if you plan to attend the meeting in person, weaddress on envelope.

We encourage you to vote by mailtelephone or online using the control number that appears on the enclosed Proxy Card. Use of telephone as soon as possible.or online voting will reduce the time and costs associated with this proxy solicitation.

Whichever method you choose, please read the enclosed Proxy Statement carefully before you vote.

AMANA MUTUAL FUNDS TRUST

On behalf of

Amana Income Fund
Amana Growth Fund
Amana Developing World Fund
Amana Participation Fund

SATURNA INVESTMENT TRUST

On behalf of

Sextant Growth Fund
Sextant Bond Income Fund
Sextant Short-Term Bond Fund
Sextant International Fund
Sextant Core Fund
Sextant Global High Income Fund
Saturna Sustainable Equity Fund
Saturna Sustainable Bond Fund

Idaho Tax-Exempt Fund

1300 NorthN. State Street
Bellingham, WashingtonWA 98225

PROXY STATEMENT

FOR
SPECIAL MEETING OF SHAREOWNERS
To be Held on February 26, 2016TO BE HELD ON SEPTEMBER 24, 2018

TABLE OF CONTENTS

INTRODUCTIONAugust XX, 2018

This document is a proxy statement ("Proxy Statement is furnishedStatement") with respect to the above-named portfolios (each, a "Fund" and, collectively, the "Funds") of Amana Mutual Funds Trust ("Amana") and Saturna Investment Trust ("SIT") (each a "Trust" and collectively, the "Trusts"), in connection with the solicitation of proxies by and on behalf of theeach Trust's Board of Trustees (the(each, a "Board" and collectively, the "Boards") of Saturna Investment Trust (the "Trust"), to be voted at a meetingSpecial Meeting of the shareowners of Sustainable Bond Fund (the "Fund"), a series of the Trust,Shareowners to be held on February 26, 2016, at 10:00 a.m.,September 24, 2018, at 1300 NorthN. State Street, Bellingham, Washington,WA 98225, at 1:00 PM, Pacific Time, for the purposes set forth below and

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described in greater detail in this Proxy Statement. (The Special Meeting and at any adjournments thereof (the "Meeting"). For ease and clarity of presentation, shares of beneficial interestadjournment(s) or postponement(s) of the FundSpecial Meeting are referred to hereinin this Proxy Statement as "Shares,the "Meeting." and owners of Shares are referred to as "Shareowners.") This Proxy Statement, along with a Notice of Meeting and the enclosed proxy ballot area Proxy Card, is first being mailed to Shareownersthe shareowners of each Trust on or about February [ ], 2016.August XX, 2018.

The following Proposals will be considered and acted upon at the Meeting:

VOTING INFORMATION

Shareowners of record of a Fund is a diversified, open-end management investment company and is a seriesas of the Trust, which is organized as a business trust under the laws of the State of Washington. The Board has fixed the close of business on December 31, 2015 (the "RecordJuly 27, 2018 ("Record Date") as the record date for determining the Shareowners of the Fund who are entitled to notice of,be present and to vote at the Meeting. AsThe number of shares that you may vote is the total of the Record Date, there were issued and outstanding 723,262 shares of the Fund. A list of the shareholders of record will be available for inspection at the offices of Saturna Capital Corporation ("Saturna"), 1300 North State Street, Bellingham, Washington, 98225, until the date of the Meeting. Only Shareowners of record at the close of businessnumber shown on the Record Date are entitled to notice of, and to vote at, the Meeting.

At the Meeting, Shareowners will be asked to approve a proposal to delete the fundamental investment restriction regarding investing in "restricted securities" (those which are subject to legal or contractual restrictions on resale or are otherwise not readily marketable) (the "Proposal"). If Shareowners approve the Proposal, the Fund would be permitted to invest in "restricted securities" that are consistent with the Fund's investment objective and strategies, and in accordance with the Fund's other fundamental restrictions and in compliance with the Fund's liquidity policies and procedures. The Proposal is described more fully inproxy card accompanying this Proxy Statement.

Only Shareowners of record at the close of business on the Record Date are entitled to notice of, and to vote at, the Meeting. Shareowners are entitled to one vote for each full share and a proportionate fractional vote for each fractional share of the Fund that they own. On the Record Date, each Fund had the number of shares heldissued and outstanding as set forth in Exhibit C. Exhibit D sets forth, as of the Record Date. Each properly executedDate, certain information regarding persons who own beneficially or of record more than 5% of any class of shares of each Fund. Shareowners vote by Fund, and not by share class.

Revocation of Proxies

Any shareowner providing a proxy ballot received beforehas the power to revoke it by mail (addressed to the Secretary of Amana and/or SIT at the address shown at the beginning of this Proxy Statement) or in person at the Meeting, unless revoked, willby executing a superseding proxy or by submitting a notice of revocation to Amana and/or SIT. A superseding proxy may also be executed by voting via telephone or online. The superseding proxy need not be voted using the same method (mail, telephone, or online) as the original proxy vote.

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Quorum and Adjournment

A Fund must have a quorum of shares represented at the Meeting, in accordance withperson or by proxy, to take action on any matter relating to the Shareowner's instructions. IfFunds. Under the Trust Instrument of Amana, a proxy ballotquorum is properly executed and timely returned, but the Shareowner did not provide any voting instructions, the Shares representedconstituted by the proxy ballot will be voted "FOR" the Proposal. Any Shareowner giving a proxy may revoke it at any time before it is exercised by submitting to the Fund a written notice of revocation or subsequently executed proxy,presence in person or by attendingproxy of at least one-third of the Meeting and voting in person.

If your Shares are held for your benefit byoutstanding shares of a financial intermediary, such as a broker, the financial intermediary is likely the Shareowner of record. Please consult with your financial intermediary regarding your abilityFund entitled to vote at the Meeting. Under the Trust Instrument of SIT, a quorum is constituted by the presence in person or by proxy of at least a majority of the outstanding shares of a Fund entitled to vote at the Meeting. In the event that a quorum is not present at the Meeting, or howif there are insufficient votes to provide or revoke your voting instructions.

The Fund will furnish, without charge, a copyapprove the Proposal by the time of the Fund's most recent annual report and most recent semiannual report succeedingMeeting, the annual report, if any,proxies, or their substitutes, or the chairman of the Meeting may propose that such Meeting be adjourned one or more times to any Shareowner upon request. A Shareowner may obtain such report(s)permit further solicitation. Any adjournment by writing to the Fund, by calling 800-728-8762shareowners requires the affirmative vote of a majority of the total number of shares that are present in person or by downloadingproxy when the reportadjournment is being voted upon. If a quorum is present, the proxies will vote in favor of any such adjournment all shares that they are entitled to vote in favor of the Proposal and the proxies will vote against any such adjournment any shares for which they are directed to vote against the Proposal. The proxies will not vote any shares for which they are directed to abstain from voting on the Proposal.

For purposes of determining the presence of a quorum for transacting business at www.saturna.com.

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PROPOSAL 1
TO DELETE THE FUND'S FUNDAMENTAL INVESTMENT RESTRICTION REGARDING RESTRICTED SECURITIES

Background
Mutual fundsthe Meeting, abstentions and broker "non-votes" (i.e., shares held by brokers or nominees, typically in "street name," as to which (i) instructions have not been received from the beneficial owners or persons entitled to vote and (ii) the broker or nominee does not have discretionary voting power on a particular matter) will be treated as shares that are requiredpresent for purposes of determining a quorum. For purposes of determining the approval of the Proposal, abstentions and broker "non-votes" will be treated as shares voted "Against" the Proposal. Accordingly, shareowners are urged to vote or forward their voting instructions promptly.

Required Vote

The New Advisory Agreement must be approved by the vote of a "majority of the outstanding voting securities" (as defined in the Investment Company Act of 1940 ("1940 Act")) of each Fund, voting separately, when a quorum is present. Under the 1940 Act, the vote of a "majority of the outstanding voting securities" of a Fund means the affirmative vote of the lesser of: (a) 67% or more of the shares present or represented by proxy at the Meeting if the holders of more than 50% of the outstanding shares are present or

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represented by proxy at the Meeting, or (b) more than 50% of the outstanding shares. If the New Advisory Agreement is approved by a Fund's shareowners, the New Advisory Agreement is expected to become effective on the date of the Meeting.

Solicitation of Proxies

The initial solicitation of proxies will be made by mail and email. Additional solicitations may be made by telephone, email, mail, or other personal contact by Amana and SIT's officers or employees or agents of Saturna Capital, the investment manager for each Fund, or one of its affiliates. Amana and SIT's officers, and those employees and agents of Saturna Capital or its affiliates who assist in the proxy solicitation, will not receive any additional or special compensation for any such efforts. Okapi Partners, LLC, a proxy solicitation firm, has been engaged to assist in the solicitation of proxies. The cost of the solicitation, which is estimated to be $1 million, will be borne by Saturna Capital. In addition, the Funds will request broker-dealer firms, custodians, nominees, and fiduciaries to forward proxy materials to the beneficial owners of their shares held of record by such persons. Saturna Capital may reimburse such broker-dealer firms, custodians, nominees and fiduciaries for their reasonable expenses incurred in connection with such proxy solicitation.

Shareowner Reports

The most recent Annual and Semi-Annual Report for each Fund, including financial statements, have been mailed previously to all shareowners. This Proxy Statement should be read in conjunction with the Annual Report and Semi-Annual Report for each Fund you own. You can obtain copies of the Annual Report or Semi-Annual Report, without charge, by writing to Saturna Capital, 1300 N. State Street, Bellingham, WA 98225, by calling 1-800-SATURNA, or online at www.saturna.com.

Householding

To avoid sending duplicate copies of materials to households, the Funds may mail only one copy of this Proxy Statement to shareowners having the same last name and address on the Funds' records, unless the Funds have received contrary instructions from a shareowner. The consolidation of these mailings benefits the Funds through reduced mailing expenses. If a shareowner wants to receive multiple copies of these materials or to receive only one copy in the future, the shareowner should make a request by writing to Saturna Capital, 1300 N. State Street, Bellingham, WA 98225 or by calling 1-800-SATURNA.

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As part of Saturna Capital's succession planning, Mr. Nicholas F. Kaiser, age 72, cofounder and Chairman and of Saturna Capital Corporation ("Saturna Capital" or "the Adviser"), the investment adviser for the Funds, has granted an option to purchase the controlling voting rights of his shares in Saturna Capital to his daughter, Mrs. Jane Carten, age 43, its President and Chief Executive Officer. Mrs. Carten's expected exercise of her option to purchase the controlling voting interest in Saturna Capital (the "Option Purchase") may be deemed to be a change in control of the Adviser and thus an automatic termination of each Fund's Advisory Agreement with the Adviser (the "Current Advisory Agreements"). The Investment Company Act of 1940, as amended (the "1940 Act"), and the Current Advisory Agreements require that shareowners of each Fund approve a New Advisory Agreement (the "New Advisory Agreement" and collectively, "New Advisory Agreements") as a result of the presumed change in control and termination of the Current Advisory Agreements when Mrs. Carten exercises her option to adopt fundamentalpurchase share voting rights, and therefore controlling interest, in the Adviser on September 24, 2018.

Under the New Advisory Agreement, the Adviser will continue to provide advisory and administration services to each Fund on the same terms, and at the same fee rate, as it provides under the Current Advisory Agreements.

The Option Purchase will not result in a change in the operations of the Adviser, other than a change in its controlling shareowner. Each Fund's current portfolio managers will continue to be primarily responsible for the day-to-day management of the Fund's portfolio which he or she manages. Because the Option Purchase results in a technical assignment and automatic termination of the Current Advisory Agreements, each Trust's Board of Trustees has approved a New Advisory Agreement between such Trust, on behalf of each Fund, and the Adviser, in order for the Adviser to continue as the Fund's investment adviser. The Adviser is seeking shareowner approval of the New Advisory Agreements.

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The New Advisory Agreements

Each New Advisory Agreement with respect to Amana Mutual Funds Trust and Saturna Investment Trust on behalf of each of their respective Funds is substantially the same in all respects to the Current Advisory Agreements for those Funds, except that the New Advisory Agreements have different effective dates. The New Advisory Agreements, if approved by shareowners, will replace the Current Advisory Agreements. Under the New Advisory Agreements, the Adviser will continue to be responsible for managing the investment and reinvestment of each Fund's portfolio assets in securities, including buying, selling and trading in all stock, bonds and other assets of the Fund, and establishing, maintaining and trading in brokerage accounts for and in the name of the Fund, all in accordance with the 1940 Act and any rules thereunder, under the supervision and control of the Board of Trustees, and the investment objectives, policies and restrictions governingof the fund's classificationFund. The Adviser will continue to pay all of the expenses incurred by it in connection with its investment advisory services provided to each Fund. Each Fund will continue to pay its expenses not assumed by Saturna Capital, which expenses shall include, without limitation, taxes, interest, brokerage commissions, compensation and expenses of the Independent Trustees, legal, auditing and accounting expenses, insurance premiums, custodian, the expense of issuing shares of a Fund under the federal securities laws and the regulatory authorities of the various states in which the Fund is authorized to offer shares, association membership and meeting expenses, and the expense of preparing, mailing, emailing, printing or publishing online financial reports, investment newsletters, notices and prospectuses. Fees paid to the Adviser by each Fund under its New Advisory Agreement will be calculated at the same rate as the fees paid by that Fund under its Current Advisory Agreement.

The New Advisory Agreements, if approved by shareowners, will remain in force for an initial term of two years, and from year to year thereafter, subject to annual approval by (a) the Board of Trustees or (b) a vote of a majority (as defined in the 1940 Act) of the outstanding shares of each Fund. In either event, continuance of the New Advisory Agreements beyond the initial two-year period must also be approved by a majority of the Independent Trustees, by a vote cast in person at a meeting called for the purpose of voting on the continuance. Each New Advisory Agreement may be terminated at any time, on not less than 60 days' written notice, without the payment of any penalty, by the Board of Trustees, by a vote of a majority of the outstanding

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voting shares of the Fund, or by the Adviser. Each New Advisory Agreement automatically terminates in the event of its assignment, as defined by the 1940 Act and the rules thereunder.

The New Advisory Agreements for Amana Mutual Funds Trust is provided in Exhibit A.1 and for Saturna Investment Trust in Exhibits A.2 and A.3.

Fees

For its services to each Fund under both the New Advisory Agreements and the Current Advisory Agreements, the Adviser receives an annual fee based on each Fund's average daily net assets at the annual rate set forth in the table below. The fee is calculated and paid monthly by each Fund. The aggregate amount of advisory fees paid to the Adviser by each Fund for the Fund's most recently ended fiscal year (May 31, 2018, with respect to Amana and November 30, 2017, with respect to SIT) is set forth below:

Expense Limitation Agreement – Saturna Investment Trust

The Adviser and the Saturna Investment Trust have entered into an Expense Limitation Agreement (the "Expense Limitation Agreement") under which the

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Adviser has agreed, until at least March 31, 2019, to reduce its management fees and to pay other operating expenses of certain of the Funds, if necessary, in an amount that limits annual operating expenses (excluding acquired fund fees and expenses and certain other expenses) to not more than limited of a Fund's average daily net assets. Under the terms of the Expense Limitation Agreement, the Adviser may not recover from a Fund any management fee reductions and expense reimbursements for a period of three years after such fee reductions or expenses were incurred, provided that the repayments do not cause the Fund's total annual fund operating expenses (excluding acquired fund fees and certain other expenses) to exceed the agreed upon limit. The Expense Limitation Agreement will remain in place through March 31, 2019 regardless of the outcome of the shareowner vote. There is no assurance that any fee reduction or expense reimbursement will continue beyond March 31, 2019. During the fiscal year ended November 30, 2017, the Adviser waived its advisory fee and reimbursed Fund operating expenses as follows:

Current Advisory Agreements

Amana Mutual Funds Trust

The Adviser has served as investment activities.adviser to the Amana Income Fund since December 28, 1989 and the other Amana Funds since their inception. The Current Advisory Agreements of Amana Income Fund, Growth Fund, and Developing World Fund are dated July 19, 2013. The Current Advisory Agreement of Amana Participation Fund is dated September 25, 2013. The Current Advisory Agreements were last approved by the Board of Trustees, including a majority of the Independent Trustees, on September 11, 2017.

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Saturna Investment Trust

The Adviser has served as investment adviser to the Idaho Tax-Exempt Fund and the Sextant Growth Fund since October 10, 1990, and the other Funds since their inception. The Current Advisory Agreements are dated September 28, 1995, for Sextant Growth, Sextant International, Sextant Bond Income, and Sextant Short-Term Bond; December 21, 2006, for Sextant Core; December 20, 2011, for Sextant Global High Income; October 10, 1990, for Idaho Tax-Exempt Fund; and December 19, 2014, for Saturna Sustainable Bond and Saturna Sustainable Equity; and were last approved by the Board of Trustees, including a majority of the Independent Trustees, on September 16, 2017.

Information About the Adviser

The Adviser is a Washington State Corporation having its main office located at 1300 N State St, Bellingham, Washington 98225. The Adviser is a registered investment adviser under the Investment Advisers Act of 1940, as amended, and acts as an investment adviser to mutual funds, individuals, trusts charities, corporations and retirement plans.

As of the date of this Proxy Statement, the control person of the Adviser is Nicholas F. Kaiser, owning in the aggregate approximately 88% of the outstanding voting shares of the corporation.

The Adviser does not advise any other funds that pursue investment objectives similar to those of the Funds.

Current Officers and Directors of the Adviser

The chart below indicates the current officers and directors of the Adviser as of the close of business on July 27, 2018. The address of each officer is 1300 N. State St, Bellingham, Washington 98225.

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Evaluation by the Board of Trustees

At their in-person meetings held on June 18, 2018 and June 19, 2018, the Boards of Trustees of Amana Mutual Funds Trust ("Amana") and Saturna Investment Trust ("SIT"), respectively, including the Independent Trustees of each Trust, met to discuss, among other things, the Adviser's change of control, including its impact on the Funds, and to consider, and vote on, the approval of the New Advisory Agreements with respect to the Funds of each respective Trust. During its deliberations, each Board received an oral presentation from the Adviser and was assisted by the advice of independent legal counsel.

Amana Mutual Funds Trust

The Board, in considering the New Advisory Agreement in the context of the Option Purchase and the presumed change of control of the Adviser, relied upon representations from the Adviser that (i) the change of control was not expected to result in any material changes to the nature, quality and extent of services provided to the Funds by the Adviser, including the continuity of the Funds' portfolio managers and other personnel responsible for the management operations of the Funds; (ii) the compensation payable to the Adviser under the New Advisory Agreement is the same as that under the Current Advisory Agreements; (iii) the Adviser did not anticipate any material changes to its compliance program or code of ethics in connection with the change of control; and (iv) the Adviser expects Mr. Kaiser will continue to serve as portfolio manager for each Fund for which he currently serves as portfolio manager. The decisions by the Board, including the Independent Trustees, to approve the New Advisory Agreement and to recommend approval of the New Advisory Agreement by shareowners of the Funds, were based on a determination by the Board that it would be in the best

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interests of the shareowners of each Fund for Saturna Capital to continue providing investment advisory and related services for the Funds after the consummation of the Option Purchase.

In evaluating the New Advisory Agreement, the Board considered substantially the same factors as it considered in approving the continuation of the Current Advisory Agreements, which was last completed at the Board's meeting on September 11, 2017, in addition to information provided at the June 18, 2018 meeting. In addition, mutual funds may adopt fundamental investment restrictions governingthe Board considered that the evaluation process with respect to the Adviser is an ongoing one and, in this regard, the Board considers information at each regularly scheduled meeting, including, among other investment operations.things, information concerning performance and services provided by the Adviser. This information formed the primary basis for the Board's determination. A fundamental investment restrictiondescription of the process followed by the Board in approving the continuation of the Current Advisory Agreements on September 11, 2017, including the information reviewed, certain material factors considered, and certain related conclusions reached, is oneset forth in Exhibit B.1 to this Proxy Statement.

In connection with its approval of the New Advisory Agreement on June 18, 2018, the Board considered its conclusions in connection with its September 11, 2017 approval of the Current Advisory Agreements in effect on that can only be changeddate, including the Board's general satisfaction with the nature and quality of services being provided. Also, in connection with its June 18, 2018 approval of the New Advisory Agreement, the Board considered a representation made to it on that date by the Adviser that there were no additional developments not already disclosed to the Board since September 11, 2017 that would be a material consideration to the Board in connection with its consideration of the New Advisory Agreement.

In addition to the information identified in Exhibit B.1, in considering the New Advisory Agreement, the Board focused its review on the potential impact of the Option Purchase on the operations, personnel, organizational structure, and financial and other resources of the Adviser in its rendering of advisory, administrative, compliance, and other services to the Funds. In this regard, the Board considered, among other things, the Adviser's representation that it does not anticipate any changes to the levels of overall staffing, ongoing resources, and service quality received by the Funds. The Board considered that such services include, but are not limited to, portfolio management services, administrative services, and regulatory

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compliance services. The Board considered representations by the Adviser that the change of control resulting from the Option Purchase will not lead to a reduction in the quality or scope of these and other services provided by the Adviser to the Funds. The Board considered representations by the Adviser that approval of the New Advisory Agreement would be necessary for the Funds to continue receiving investment management services from the Adviser following the change of control resulting from the Option Purchase. The Board considered representations by the Adviser, as well as related supporting documentation, indicating that the compensation payable to the Adviser under the New Advisory Agreement is the same as that under the Current Advisory Agreements and that the terms of the New Advisory Agreement are substantially similar in all material respects to and, in any event, are no less favorable to the Funds than, the terms of the Current Advisory Agreements. The Board further considered that the Adviser has agreed to bear the expenses associated with obtaining shareowner approval of the New Advisory Agreement.

The Board considered peer group and benchmark investment performance comparison data relating to each Fund that was more current than related comparison data considered by it in connection with the September 11, 2017 approval of the Current Advisory Agreements. The Board noted that the potential benefits to be realized by the Adviser and its affiliates as a result of the New Advisory Agreement did not differ from those considered by the Board in connection with its September 11, 2017 approval of the Current Advisory Agreements.

The Board considered that, if shareowners approve the New Advisory Agreement, the Board currently expects to continue to conduct an annual contracts review process consistent with the process it would have conducted had the Current Advisory Agreements continued in effect and not been replaced by the New Advisory Agreement, notwithstanding the two-year initial term set forth in the New Advisory Agreement. For example, if the New Advisory Agreement is approved by shareowners in 2018, the Board would not legally be required to review or renew the contract until 2020. However, the Board currently intends to conduct annual reviews of the contract during the fourth quarter of 2018, and the Adviser has consented to this process. Thus, the Board recognized that it would be able to, and intends to, monitor on an ongoing basis the quality of services to, and expenses of, the Funds. In addition, the Board considered that, under the New Advisory Agreement,

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it will continue to have the authority, should the need arise in its view, to terminate the New Advisory Agreement without penalty upon 60 days' notice.

Based on the foregoing and other relevant considerations, the Board, including a majority of the Independent Trustees, voted to approve the New Advisory Agreement and to recommend approval of the New Advisory Agreement by shareowners of the Funds. The Board concluded that, in light of all factors considered, the terms of the New Advisory Agreement, including fee rates, were fair and reasonable, and that it would be in the best interests of shareowners of each Fund to approve the New Advisory Agreement to enable the Adviser to continue providing investment advisory and related services for the Funds after the exercise of the Option Purchase. The Board noted that no one factor was determinative of its decisions which, instead, were premised upon the totality of factors considered. The Board also noted that different Board members likely placed emphasis on different factors in reaching their individual conclusions to vote in favor of the New Advisory Agreement and to recommend approval of the New Advisory Agreement to shareowners.

Saturna Investment Trust

The Board, in considering the New Advisory Agreements in the context of the Option Purchase and the presumed change of control of the Adviser, relied upon representations from the Adviser that (i) the change of control was not expected to result in any material changes to the nature, quality and extent of services provided to the Funds by the Adviser, including the continuity of the Funds' portfolio managers and other personnel responsible for the management operations of the Funds; (ii) the compensation payable to the Adviser under the New Advisory Agreements is the same as that under the Current Advisory Agreements; (iii) the Adviser did not anticipate any material changes to its compliance program or code of ethics in connection with the change of control; and (iv) the Adviser expects Mr. Kaiser will continue to serve as portfolio manager for each Fund for which he currently serves as portfolio manager. The decisions by the Board, including the Independent Trustees, to approve the New Advisory Agreements and to recommend approval of the New Advisory Agreements by shareowners of the Funds, were based on a determination by the Board that it would be in the best interests of the shareowners of each Fund for Saturna Capital to continue providing investment advisory and related services for the Funds after the consummation of the Option Purchase.

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In evaluating the New Advisory Agreements, the Board considered substantially the same factors as it considered in approving the continuation of the Current Advisory Agreements, which was last completed at the Board's meeting on September 16, 2017, in addition to information provided at the June 19, 2018 meeting. In addition, the Board considered that the evaluation process with respect to the Adviser is an ongoing one and, in this regard, the Board considers information at each regularly scheduled meeting, including, among other things, information concerning performance and services provided by the Adviser. This information formed the primary basis for the Board's determination. A description of the process followed by the Board in approving the continuation of the Current Advisory Agreements on September 16, 2017, including the information reviewed, certain material factors considered, and certain related conclusions reached, is set forth in Exhibit B.2 to this Proxy Statement.

In connection with its approval of the New Advisory Agreements on June 19, 2018, the Board considered its conclusions in connection with its September 16, 2017 approval of the Current Advisory Agreements in effect on that date, including the Board's general satisfaction with the nature and quality of services being provided. Also, in connection with its June 19, 2018 approval of the New Advisory Agreements, the Board considered a representation made to it on that date by the Adviser that there were no additional developments not already disclosed to the Board since September 16, 2017 that would be a material consideration to the Board in connection with its consideration of the New Advisory Agreement.

In addition to the information identified in Exhibit B.2, in considering the New Advisory Agreements, the Board focused its review on the potential impact of the Option Purchase on the operations, personnel, organizational structure, and financial and other resources of the Adviser in its rendering of advisory, administrative, compliance, and other services to the Funds.

In this regard, the Board considered, among other things, the Adviser's representation that it does not anticipate any changes to the levels of overall staffing, ongoing resources, and service quality received by the Funds. The Board considered that such services include, but are not limited to, portfolio management services, administrative services, and regulatory compliance services. The Board considered representations by the Adviser that the change of control resulting from the Option Purchase will not lead

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to a reduction in the quality or scope of these services provided by the Adviser to the Funds. The Board considered representations by the Adviser that approval of the New Advisory Agreements would be necessary for the Funds to continue receiving investment management services from the Adviser following the change of control resulting from the Option Purchase. The Board considered representations by the Adviser, as well as related supporting documentation, indicating that the compensation payable to the Adviser under the New Advisory Agreements is the same as that under the Current Advisory Agreements and that the terms of the New Advisory Agreements are substantially similar in all material respects to and, in any event, are no less favorable to the Funds than, the terms of the Current Advisory Agreements. The Board further considered that the Adviser has agreed to bear the expenses associated with obtaining shareowner approval of the New Advisory Agreements.

The Board considered peer group and benchmark investment performance comparison data relating to each Fund that was more current than related comparison data considered by it in connection with the September 16, 2017 approval of the Current Advisory Agreements. The Board noted that the potential benefits to be realized by the Adviser and its affiliates as a result of the New Advisory Agreements did not differ from those considered by the Board in connection with its September 16, 2017 approval of the Current Advisory Agreements.

TThe Board considered that, if shareowners approve the New Advisory Agreements, the Board currently expects to continue to conduct an annual contracts review process consistent with the process it would have conducted had the Current Advisory Agreements continued in effect and not been replaced by the New Advisory Agreements, notwithstanding the two-year initial term set forth in the New Advisory Agreements. For example, if the New Advisory Agreements are approved by shareowners in 2018, the Board would not legally be required to review or renew the contracts until 2020. However, the Board currently intends to conduct annual reviews of the contract during the fourth quarter of 2018, and the Adviser has consented to this process. Thus, the Board recognized that it would be able to, and intends to, monitor on an ongoing basis the quality of services to, and expenses of, the Funds. In addition, the Board considered that, under the New Advisory Agreements, it will continue to have the authority, should the need arise in its view, to terminate either New Advisory Agreement without penalty upon 60 days' notice.

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Based on the foregoing and other relevant considerations, the Board, including a majority of the Independent Trustees, voted to approve the New Advisory Agreements and to recommend approval of the New Advisory Agreements by shareowners of the Funds. The Board concluded that, in light of all factors considered, the terms of the New Advisory Agreements, including fee rates, were fair and reasonable, and that it would be in the best interests of shareowners of each Fund to approve the New Advisory Agreements to enable the Adviser to continue providing investment advisory and related services for the Funds after the exercise of the Option Purchase. The Board noted that no one factor was determinative of its decisions which, instead, were premised upon the totality of factors considered. The Board also noted that different Board members likely placed emphasis on different factors in reaching their individual conclusions to vote in favor of the New Advisory Agreements and to recommend approval of the New Advisory Agreements to shareowners.

REQUIRED VOTE

Proposal 1 requires approval by the vote of a "majority of the outstanding voting securities" (as defined in the 1940 Act) of each Fund when a quorum is present. Under the 1940 Act, the vote of a "majority of the outstanding voting securities" of a Fund means the affirmative vote of the lesser of: (a) 67% or more of the shares present or represented by proxy at the Meeting if the holders of more than 50% of the outstanding shares are present or represented by proxy at the Meeting, or (b) more than 50% of the outstanding shares.

THE BOARD OF TRUSTEES UNANIMOUSLY RECOMMENDS A VOTE "FOR" THE APPROVAL OF THE NEW ADVISORY AGREEMENT.

Other Matters

Shareowner Proposals

Each Trust does not intend to, and is not required to, hold annual Meetings of shareowners, except under certain limited circumstances. Each Board of Trustees does not believe a formal process for shareowners to send communications to the Board of Trustees is appropriate due to the infrequency of shareowner communications to the Board of Trustees. Neither Trust has received any shareowner proposals to be considered

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for presentation at the Meeting. Under the proxy rules of the Securities andExchange Commission, shareowner proposals may, under certain conditions, be included in the Trust's proxy statement and proxy for a particular Meeting. Under these rules, proposals submitted for inclusion in a Trust's proxy materials must be received by the Trust within a reasonable time before the solicitation is made. The fact that the Trust receives a shareowner proposal in a timely manner does not insure its inclusion in its proxy materials, because there are other requirements in the proxy rules relating to such inclusion. Annual Meetings of shareowners of each Fund are not required as long as there is no particular requirement under the 1940 Act, which must be met by convening such a shareowner Meeting. Any shareowner proposal should be sent to Nicole Trudeau, Secretary, 1300 S. State Street, Bellingham, Washington 98225.

Shareowners' Communications with Trustees

Shareowners who wish to communicate with a Board or individual Trustee should write to the Board or the particular Trustee in care of the Fund, at the offices of the Trusts. All communications will be forwarded directly to the Board or the individual Trustee.

Shareowners also have an opportunity to communicate with the Board at shareowner Meetings. However, neither Trust has a policy requiring Trustees to attend shareowner Meetings.

By order of the Trustees,

Nicole Trudeau
Secretary

Date: July 27, 2018

Please complete, date and sign the enclosed Proxy and return it promptly in the enclosed reply envelope. NO POSTAGE IS REQUIRED IF MAILED IN THE UNITED STATES. You may also vote online by following the instructions on your proxy card.

THANK YOU FOR VOTING

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Exhibit A.1

New Amana Funds Advisory Agreement

AMANA MUTUAL FUNDS TRUST

INVESTMENT ADVISORY
and ADMINISTRATIVE SERVICES AGREEMENT

THIS AGREEMENT, executed this _____ day of September 2018, between Saturna Capital Corporation, a Washington State corporation (the "Adviser") and Amana Mutual Funds Trust, a Delaware statutory trust (the "Trust"), for and on behalf of the portfolios listed on Schedule A hereto (each, a "Fund"), to be and become effective as provided in Section 1, Article V, between the parties hereto,

WITNESSETH, THAT:

The parties hereto pursuant to the terms hereof enter into the following Articles of Agreement:

ARTICLE 1: INVESTMENT ADVISORY SERVICES

Section 1. Investment Adviser. During the continuance of this Agreement, the Adviser shall supervise the investment management of the cash and securities of the Fund, and in that connection, to the extent reasonably required, shall furnish to the Fund advice and recommendations as to the securities to be purchased, held or sold and the portion of the assets to remain uninvested, all in accordance with the investment objectives, powers and restrictions imposed by law or other governing document or writing binding upon the Fund or the Amana Mutual Funds Trust.

Section 2. Religious Consultant. The Adviser shall have authority to enter into an agreement with a religious consultant to provide consulting and advisory services regarding the application and interpretation of Islamic principles to the investments of the Fund in accordance with the investment objectives, powers and restrictions imposed by law or other governing document or writing upon the Fund or the Trust.

ARTICLE II: ADMINISTRATIVE SERVICES

Section 1. Duties of Adviser. During the continuance of this Agreement, the

Adviser shall furnish the Fund office space, office facilities and equipment, related utilities, telephone service, stationery and supplies, typesetting, personnel (including executive officers) and clerical and bookkeeping services as are required to fulfill its obligation as Adviser for the Fund. The Adviser shall pay the compensation of all its executives and employees, whether or not an officer or employee of the Trust, for all services rendered by them on behalf of the Fund as are required to fulfill its obligation as Adviser, and shall furnish such office space, facilities, supplies and services as agreed above.

Section 2. Fund Accounting. The Adviser shall act as fund accountant and prepare daily reports of net asset value as well as all other financial statements and reports. With the consent of the trustees, the Adviser at its expense may delegate fund accounting duties to another qualified party. The fund accountant shall furnish the trustees, at any regularly scheduled meeting or at such times as the trustees may request, a report on all matters pertaining to the services of the Adviser, including but not limited to, a list of the securities in the Fund and a record of brokerage commissions paid.

Section 3. Transfer Agency Services. The Adviser shall act as transfer agent, registrar, and dividend disbursing agent for the Fund, pursuant to the Transfer Agent Agreement between the Trust and the Adviser dated July 19, 2013, as may be amended or superseded from time to time (the "Transfer Agency Agreement"). Notwithstanding anything to the contrary under the Transfer Agency Agreement, the Adviser shall provide such transfer agency and related services to the Fund for no additional fee. The fee payable by the Fund to the Adviser under Section 1 of Article III of this Agreement shall constitute the compensation payable by the Fund to the Adviser for providing such transfer agency and related services.

Section 4. Affiliated Broker. Subject to review by the Trustees of the Trust, the Adviser shall place all orders for the purchase and sale of securities of the Fund. The Adviser or a subsidiary of the Adviser is permitted to act as a broker (but not a dealer or underwriter) in securities traded by the Fund, subject to review by the Trustees and all pertinent regulations and limitations. It is understood and agreed, however, that no such orders shall be placed in contravention of the Investment Company Act of 1940.

Section 5. Fund Expenses. The Fund shall pay or provide for the payment of all its expenses not assumed by the Adviser as above provided, which expenses shall include, without limitation, taxes, interest, brokerage

commissions, compensation and expenses of trustees, legal, auditing and accounting expenses, insurance premiums, custodian, the expense of issuing shares of the Fund ("Shares") under the Federal Securities laws and the regulatory authorities of the various states in which the Fund is authorized to offer Shares, association membership and meeting expenses, and the expense of preparing, mailing, emailing, printing or publishing online financial reports, investment newsletters, notices and prospectuses for its existing Shareowners.

ARTICLE III: FEES FOR SERVICES OF THE ADVISER

Section 1. Annual Fee. As full compensation for all services rendered and to be rendered and expenses assumed by the Adviser hereunder, the Fund shall pay to the Adviser an annual fee set forth on Schedule B of the average daily net asset value of the Fund. Such average daily net asset value shall be determined by dividing the aggregate of the daily net asset values, actually computed for each day on which the New York Stock Exchange is open, by the number of such days. The amount thus determined for each calendar month shall be paid to the Adviser as soon as practicable after the last day of such month.

Section 2. Termination. In the event of the termination of this Agreement the fee for the month in which terminated shall be that proportion of the rate for the whole month as the number of calendar days during which this Agreement is in effect during the month bears to the number of days in the whole month computed on the average daily net asset value of the Fund during such period.

ARTICLE IV: DISTRIBUTION

Section 1. The Fund. The Fund shall offer Shares without commission ("load") or other sales expense. The Fund shall act as its own distributor, and register where and when appropriate as an "issuer distributor." The Fund shall bear the expense of qualifying itself and any necessary personnel to sell the Fund. As the expense to the Fund is deemed warranted by the trustees, the Adviser shall cause the Fund to be registered under the various state "blue-sky" requirements.

Section 2. The Adviser. The Adviser may engage in any and all lawful activities designed to assist Fund distribution, and pay for such activities out of any part of its resources, including those fees described under Article III. The Adviser

shall pay any and all expenses for printing and distributing extra prospectuses used in connection with sales and for preparing, printing and distributing sales literature. The Adviser shall pay the salaries of all persons used in the distribution of the Fund, furnish office space and facilities for such distribution activity, and pay for all collect and "800" telephone calls to the Fund.

ARTICLE V: TERM AND TERMINATION OF AGREEMENT

Section 1. Term of Agreement. This Agreement shall become effective when approved by the holders of a majority of the outstanding Shares of the Fund, and shall continue in effect for a two-year period unless sooner terminated as hereinafter provided, and thereafter shall continue from year to year so long as the terms of the Agreement and the renewal and continuance thereof have been approved at least annually by action of the trustees or a majority vote of the outstanding Shares of the Fund, but in either event it must be approved by a majority of the trustees, who are not interested persons of the Adviser, the Trust or the Fund, casting their vote in person at a meeting called for the purpose of voting on such approval.

Section 2. Termination of Agreement. This Agreement may be terminated at any time without liability to either party by notice in writing given by the party desiring to terminate to the other not less than sixty (60) days in advance of the date specified, for termination. The Fund may take such action either by the trustees or by the affirmative vote of the holders of a majority of the outstanding Shares of the Fund.

The Fund is organized as a series ofSection 3. No Assignment. This Agreement may not be assigned by either party and shall terminate automatically upon assignment (as defined in the Trust. When the Fund was initially organized, it adopted the fundamental investment restrictions of the Trust that applied to all of the Trust's other series existing at the time. Among those fundamental investment restrictions is a restriction that states the Fund:

...shall not purchase "restricted securities" (those which are subject to legal or contractual restrictions on resale or are otherwise not readily marketable)... .

This fundamental investment restriction regarding restricted securities (the "Investment Restriction") is not among those investment restrictions that the Fund must adopt under the 1940 Act. In general, restricted securities are those securities that are subject to restrictions on resale because they have not been registered under the U.S. Securitiesfederal Investment Company Act of 1933, as amended (the "Securities Act")1940).

The Fund was recently organized in December 2014. At that time, it adopted the Trust's investment restrictions, many of which had been in place for over 20 years. The Trust first adopted the Investment Restriction as a risk-limiting measure at a time when the Investment Restriction did not unduly limit the funds' universe of potential investments. Since that time, industry and regulatory developments, especially in the bond markets, have resulted in many bond-oriented mutual funds electing to invest (sometimes substantially) in restricted securities.

Regulatory and Industry Developments Regarding Restricted SecuritiesSection 4. Amendment.
A defining feature of mutual funds is the ability of fund shareholders to redeem their shares on any day the fund is open and receive the net asset value of such shares within a prescribed time following redemption. Accordingly, the 1940 Act requires that a mutual fund must maintain the ability to buy back its shares at current net asset value within 7 days after the shareowner tenders the shares to the fund for redemption. To ensure that funds maintain their ability to meet their redemption obligations, the staff of the U.S. Securities and Exchange Commission ("SEC") has a long-standing position that generally limits an open-end fund's aggregate holdings of illiquid assets to no more than 15% of the fund's net assets. Under this SEC staff position, a security is considered illiquid if the fund cannot be sold in the ordinary course of business within 7 days at approximately the price at which the fund has valued the security.

In addition to the 15% limit on illiquid securities referenced above, the SEC staff has a long-standing interpretative position that a restricted security generally would be regarded as an illiquid security. The SEC staff first articulated this position in guidance published in 1969.

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In connection with more recent developments in the capital markets, the SEC adopted Rule 144A under the Securities Act in April 1990 to facilitate trading in the secondary market of restricted securities among qualified institutional buyers. When adopting Rule 144A, the SEC modified its position with respect to the liquidity determination of restricted securities (including foreign securities) held by mutual funds and concluded that the determination of the liquidity of Rule 144A securities held in a fund's portfolio is a question of fact for the board of directors to determine based upon the trading markets for the specific security.

In addition to Rule 144A, the SEC adopted Regulation S in 1990 ("Reg S") in response to the growth of global capital markets and to provide a safe harbor exemption from registration under the Securities Act for offshore securities offerings. Although Reg S imposes various restrictions on the resale of securities within the U.S., such securities are often freely traded in foreign markets and may eventually be resold to U.S. persons (including mutual funds) in the secondary market under certain circumstances.

Since these regulatory developments, the markets for trading many securities, the resale of which is restricted under Rule 144A and Reg S, has become very deep and liquid. As a result, many mutual fund boards have adopted policies and procedures for determining when certain types of restricted securities, including Rule 144A and Reg S securities, This Agreement may be deemed liquid notwithstanding the restriction on the resale of such securities.

Reasons for the Proposal
The Fund's investment objective is current income and capital preservation. In seeking to achieve its investment objective, the Fund invests primarily in bonds of issuers located throughout the world that Saturna believes demonstrate sustainable characteristics. Saturna seeks to identify issuers that have such sustainable characteristics, including an established operating history, consistent profitability, financial strength, and low risk in the areas of environment, social responsibility, and corporate governance ("ESG"). The Fund may invest up to 35% of its assets in such bonds that are rated below investment grade or are unrated.

As a result of the Investment Restriction, the Fund is prohibited from purchasing restricted securities that would otherwise be consistentamended only with the Fund's investment objective and strategies, even though someapproving vote of these restricted securities may be liquid and present attractive investment opportunities for the Fund. Saturna's analysis indicates that approximately 40% of investment grade bonds and nearly 80% of below investment grade (or unrated) bonds in which the Fund may otherwise invest are restricted securities. Excluding these restricted securities from the Fund's investable universe significantly and unduly limits the investment opportunities for the Fund.

The Investment Restriction was originally intended as a risk-limiting measure to ensure that a fund's portfolio held securities that were freely tradable on exchanges or other securities markets. As a result of the regulatory and industry developments described above, many restricted securities are traded among qualified institutional buyers in volumes sufficient to provide liquidity for holders of such securities. For these types of restricted securities, the lack of registration under the Securities Act does not materially reduce the liquidity of the securities.

The Proposal is not intended to permit the Fund to materially increase its investments in illiquid securities. Saturna will continue to manage the Fund in a manner that is consistent with SEC staff guidance and will continue to limit the Fund's holdings of securities that it deems to be illiquid.

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Saturna believes that if shareholders approve the Proposal to delete the Investment Restriction, such approval would would permit the Fund to expand its investable universe without materially changing the liquidity of the Fund's holdings and without materially changing the investment risk profile of the Fund. Saturna would continue to manage the Fund in substantially the same manner and would continue to monitor the liquidity of the Fund's investments.

As discussed in greater detail below, the Board considered the recommendations of Saturna and voted to approve the Proposal.  The Board also directed the officers of the Fund to submit the Proposal to Shareowners of the Fund for approval. If Shareowners do not approve the Proposal, the Board may consider other options to enhance the Fund's ability to invest in a broader universe of securities.

Board Considerations
The Board approved the Proposal at a meeting held on December 22, 2015. At the meeting, Saturna informed the Board that it believes that if the Proposal were approved and implemented, the Fund would continue to be managed in the same manner, but would have the opportunity to selectively invest in restricted securities that met the Fund's investment criteria.

The Board carefully considered the purpose of the Investment Restriction and the investment limitations imposed on the Fund as a result of the Investment Restriction. The Board also considered the potential benefits to the Fund and its shareholders and weighed those benefits against the risks associated with permitting the Fund to invest in restricted securities. The Board concluded that eliminating the Investment Restriction and permitting the Fund to invest in restricted securities would better position the Fund to capitalize on investment opportunities and potentially make the Fund more competitive with its peers.

After carefully reviewing the information provided by Saturna, the Board unanimously approved the Proposal and recommended that Shareowners approve the change. The Board's decision was based on a number of factors, including the following:

• The fact that the Fund would continue to be managed in accordance with its investment objective, strategies, and its other fundamental investment restrictions, and that the Fund's investment criteria would otherwise remain unchanged;
• The fact that the Fund's investments in illiquid securities would not be materially increased, or increased at all, and the Fund's overall risk profile generally would remain unchanged;
• Saturna's experience and knowledge in evaluating the investment risks associated with the Fund's investments;
• Saturna's implementation of the Fund's policies and procedures regarding liquidity and the liquidity requirements imposed under the policies and procedures;
• The industry and regulatory developments regarding restricted securities, and the fact that the Fund would operate within established parameters regarding restricted securities;
• The competitive disadvantage the Fund would continue to face in light of continuing to operate the Fund with the Investment Restriction; and
• The benefit to the Fund and its shareholders resulting from permitting the Fund to invest its assets in accordance with its investment objective and strategies without any undue limitations regarding whether a particular security was registered under the Securities Act.

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The Board members unanimously recommend that Shareowners of the Fund vote FOR the Proposal.

VOTING AND MEETING INFORMATION

Ownership of Fund Shares
Beneficial owners of more than 5% of any class of the Fund as of the Record Date are listed on Exhibit A. Except as shown in that Exhibit, to the knowledge of the Fund, as of the Record Date, no person is a beneficial owner of more than 5% of the outstanding Shares of any class of the Fund.

Solicitation Method and Costs
The solicitation of proxies will be primarily by mail. Officers of the Trust and other employees of Saturna may solicit proxies by telephone, facsimile, or in-person. Authorizations for another person to execute proxies may be obtained by telephonic or electronically transmitted instructions in accordance with procedures designed to authenticate the Shareowner's identity. In all cases where a telephonic proxy is solicited, the Shareowner will be asked to verify his or her identity, and to confirm that the Shareowner has received the Proxy Statement and proxy card. Shareowners requiring further information as to telephonic or facsimile transmitted voting instructions or the proxy generally should contact the Fund toll-free at 800-728-8762.

The Fund may request brokerage houses, custodians, nominees, and fiduciaries that are Shareowners of record to forward proxy materials to beneficial owners. Saturna will reimburse these persons for their reasonable expenses in forwarding proxy solicitation material to the beneficial owners of the Shares of the Fund. The cost of the solicitation is expected to be approximately $[2,500] and will be borne by Saturna.

Quorum and Required Vote
A quorum for the Meeting consists of holders of a majority of the outstanding Shares of the applicable Fund present in person or by proxy. Approval of the Proposal will require the affirmative "voteFund. The vote of a majority of the outstanding Shares"Shares of the Fund. The 1940 Act definesFund means the term "vote of a majorityvote, at any meeting of the outstanding voting securities" as the lesserShareowners, of: (1) approval by 67% or more of the Shares present and entitled to voteor represented by proxy, at the Meeting,such meeting, if the holders of more than 50% of the outstanding Shares of the Fund entitled to vote at the Meeting are present at the Meeting or represented by proxy;proxy, or (2) more than 50% of the outstanding votingShares, whichever is less.

ARTICLE VI. GENERAL

This instrument is executed by the trustees and officers of Amana Mutual Funds Trust in such capacities on behalf of the Funds. By the execution hereof

all parties agree that, except to the extent limited by the provisions of the federal Investment Company Act of 1940, for the payment of any claim or the performance of any obligations hereunder, resort shall be had solely to the assets and property of the Fund and no Shareholder, trustee, officer, employee or agent of the Trust or the Fund shall be personally liable therefore. Reference is made to Articles of Trust which have been filed with the Delaware Secretary of State, Dover, Delaware.

IN WITNESS WHEREOF,

The parties hereto have caused this Agreement to be executed on behalf of each of them by their duly authorized officers the date and year first above written.

SCHEDULE A

SERIES OF AMANA MUTUAL FUND TRUST

The Series of the Amana Mutual Fund Trust currently subject to this Agreement are as follows:

Amana Income Fund
Amana Growth Fund
Amana Developing World Fund
Amana Participation Fund

SCHEDULE B

RATE OF COMPENSATION

SCHEDULE C

EXPENSE REIMBURSEMENT

The Amana Participation Fund shall also be subject to the following provision:

Notwithstanding the provisions in Article III, in the event that the total expenses (excluding taxes, interest and extraordinary items) of the Fund for any fiscal year exceeds the lesser of 2.00% of average daily net asset value or the expense limitation provisions established for the most restrictive state in which the Fund is registered to offer and sell Shares, the Adviser shall reimburse the Fund for such excess. Such calculation shall be made at the end of each month based on the average daily net assets in such month, on a basis consistently applied, and any reimbursement or adjustment required shall be made promptly thereafter. Any such reimbursement by the Adviser to the Fund shall not exceed the amount of the advisory fee paid or payable to the Adviser for such fiscal year.

Exhibit A.2

New Saturna Investment Trust Advisory Agreement

SATURNA INVESTMENT TRUST

INVESTMENT ADVISORY
and ADMINISTRATIVE SERVICES AGREEMENT

THIS AGREEMENT, executed this __ day of September, 2018, between Saturna Capital Corporation, a Washington State corporation (the "Adviser") and the Saturna Investment Trust, a series open-end management investment company organized as a business trust under the laws of the State of Washington for and on behalf of the portfolios listed on Schedule A hereto (each, a "Fund") to be and become effective as provided in Section 1, Article V, between the parties hereto,

WITNESSETH, THAT:

The parties hereto enter into the following Articles of Agreement:

ARTICLE I: INVESTMENT ADVISORY AND ADMINISTRATIVE SERVICES

Section 1. Investment Advisory Services. During the continuance of this Agreement, the Adviser shall supervise the investment management of the cash and securities of the Fund, entitledand in that connection, to vote on the Proposal.

If Shareowners do not approve the Proposal, Saturna will continueextent required, shall furnish to manage the Fund in accordance withadvice and recommendations on securities to be purchased, held or sold and the Investment Restriction and may recommend other optionsportion of the assets to remain uninvested, all according to the Board for its consideration.

Abstentionsinvestment objectives, powers and Broker Non-Votes
Shares for which there is an abstention or broker non-vote (i.e., proxy ballots from brokersrestrictions imposed by law or other nominees indicating that they have not received voting instructions fromgoverning document or writing binding upon the beneficial owner onFund.

Section 2. Administrative Services. During the Proposal for which brokers or nominees do not have discretionary voting authority), if any, will be counted for quorum purposes, but will havecontinuance of this Agreement:

(a) The Adviser shall furnish the same effectFund office space, office facilities and equipment, related utilities, telephone service, stationery and supplies, typesetting, personnel (including executive officers) and clerical and bookkeeping services as a vote against the Proposal for purposes of determining whether the Proposal has passed.

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Recording and Tabulation of Votes
Votes cast by proxy or in person at the Meeting will be tabulated by the Inspector of Election appointed for the Meeting. The Inspectors of Election will determine whether a quorum is present at the Meetingrequired to fulfill its obligation as Adviser for the Fund. IfThe Adviser shall pay the enclosed proxy ballot is properly executedcompensation of its executives and returned in time to be voted at the Meeting, the proxies named therein will vote the Shares represented by the proxy in accordance with the instructions marked thereon.

If you hold your shares directly with the Fund (i.e., not through a brokeremployees, whether an officer or other financial intermediary) and you properly execute and timely return the proxy ballot, but you do not provide any voting instructions, the Shares represented by the proxy ballot will be voted "FOR" the Proposal. If you hold your shares through a broker or other financial intermediary and you properly execute and timely return the proxy ballot to your broker or financial intermediary, or provide other authorization to vote your Shares, but you do not provide any voting instructions, the broker or financial intermediary will follow its own policies and procedures for voting such Shares. In such circumstances, the broker or financial intermediary may vote such uninstructed Shares "FOR" the Proposal or vote the uninstructed Shares in proportion to the votes cast by other Shares held by the same broker or financial intermediary that did provide voting instructions.

Shareowners are entitled to one vote for each full Share, and a proportionate vote for each fractional Share,employee of the Fund, heldfor all services rendered by them for the Fund as required to fulfill its obligation as Adviser, and shall furnish such office space, facilities, supplies,

and services as agreed above. The Adviser shall also pay on behalf of the Record Date. Under Washington law, Shares ownedFund trade association membership and meeting expenses, and the preparation, printing, qualification and offering (but not administration on behalf of a participant or participating entity) of any prototype retirement plan offered by twothe Fund to Shareowners on the recommendation of the Adviser.

(b) The Adviser shall act as fund accountant and prepare daily reports of Fund net asset values as well as all other financial statements and reports. With the consent of the Trustees, the Adviser at its expense may delegate fund accounting duties to another qualified party. The Fund accountant shall furnish the Trustees, at any regularly scheduled meeting or more persons (whetherat such times as joint tenants, co-fiduciaries,the Trustees may request, a report on all matters pertaining to the services of the Adviser, including but not limited to, a list of the securities in the Fund and a record of brokerage commissions paid.

(c) The Adviser shall act as transfer agent, registrar, and dividend disbursing agent for the Fund, pursuant to the applicable Transfer Agent Agreement between the Trust and the Adviser, as may be amended or otherwise) will be voted as follows, unless a written instrument or court order providingsuperseded from time to time (the "Transfer Agency Agreement"). Notwithstanding anything to the contrary has been filed withunder the SecretaryTransfer Agency Agreement, the Adviser shall provide such transfer agency and related services to the Fund for no additional fee. The fee payable by the Fund to the Adviser under Section 1 of Article II of this Agreement shall constitute the compensation payable by the Fund to the Adviser for providing such transfer agency and related services.

Section 3. Affiliated Broker. Subject to review by the Trustees, the Adviser shall place all orders for the purchase and sale of securities of the Fund: (1)Fund. The Adviser or a subsidiary of the Adviser is permitted to act as a broker (but not a dealer or underwriter) in securities traded by the Fund, subject to review by the Trustees and all pertinent regulations and limitations. No such orders shall be placed in contravention of the Investment Company Act of 1940.

Section 4. Fund Expenses. The Fund shall pay or provide for the payment of its expenses not assumed by the Adviser as above provided, which expenses shall include, without limitation, taxes, interest, brokerage commissions, compensation and expenses of Trustees, legal, accounting and auditing expenses, compliance officers, insurance premiums, custodian fees, the

expense of issuing shares of the Fund ("Shares") under the federal securities laws and the regulatory authorities of the various states in which the Fund is authorized to offer its shares, and the expense of preparing, printing and mailing financial reports, investment newsletters, notices and prospectuses for its existing Shareowners.

ARTICLE II: FEES FOR SERVICES OF THE ADVISER

Section 1. Investment Advisory and Administrative Services Fee. As full compensation for all services rendered and to be rendered and expenses assumed by the Adviser as set forth in Article I "Investment Advisory and Administrative Services" hereof, the Fund shall pay to the Adviser a monthly Investment Advisory and Administrative Services Fee (the "Fee") at the annual rate of average daily net assets of the Fund as set forth on Schedule B. Average daily net asset value in a period shall be determined by dividing the aggregate of the Fund's net assets on each calendar day by the number of calendar days in the period.

The Fee due to the Adviser shall be accrued daily and paid monthly.

Section 2. Performance Adjustment. See Schedule C as applicable.

Section 3. Reimbursement and Waiver. The Adviser may, from time to time, voluntarily waive its fees or reimburse the Fund for expenses above a specified percentage of average daily net assets. The Adviser retains the ability to be repaid by the Fund for voluntary expense reimbursements if only one votes,Fund expenses fall below the limit before the end of the Fund's fiscal year. If any fee waiver or reimbursement is to be made, it shall be paid monthly and may vary by Fund of the Trust.

Section 4. Termination. In the event of the termination of this Agreement the fee for the month in which terminated shall be that vote binds all; (2) if more than one votes,proportion of the rate for the whole month as the number of calendar days during which this Agreement is in effect during the month bears to the number of days in the whole month computed on the average daily net asset value of the portfolio during such period.

ARTICLE III: DISTRIBUTION

Section 1. The Fund. The Fund shall offer shares without commission ("load") or other sales expense. The Adviser's subsidiary, Saturna Brokerage Services, Inc., shall act as the Fund's distributor without compensation, and register

where and when appropriate. The Fund shall bear the expense of qualifying itself and any necessary personnel to sell the Fund. As the expense to the Fund is deemed warranted by the Trustees, the Adviser shall cause the Fund to be registered under the various state "blue-sky" requirements.

Section 2. The Adviser. The Adviser or any subsidiary of the Adviser may engage in any lawful activities designed to help Fund distribution, and pay for such activities out of any part of its resources, including those fees described under Article II. The Adviser shall pay any expenses for printing and distributing extra prospectuses used in connection with sales and for preparing, printing and distributing sales literature. The Adviser shall pay the salaries of persons used in the distribution of the Fund, furnish office space and facilities for such distribution activity, and pay for all other expenses associated with distribution of the Fund.

ARTICLE IV: TERM AND TERMINATION OF AGREEMENT

Section 1. Term of Agreement. This Agreement shall become effective when approved by the holders of a majority of the outstanding shares of the Fund, and shall continue in effect for a two year period unless sooner terminated as hereinafter provided, and thereafter shall continue from year to year so long as the terms of this Agreement and the renewal and continuance thereof are approved at least annually by action of the Trustees or a majority vote of the majority binds all; and (3) if more than one votes andoutstanding shares the vote is evenly divided, the vote willFund, but in either event it must be cast proportionately.

Revocation
Any Shareowner givingapproved by a proxy may revoke it at any time before it is exercised by submitting to the applicable Fund the written notice of revocation or subsequently executed proxy, or by attending the Meeting and voting in person. If you hold your Shares through a broker or other financial intermediary, please consult your broker or financial intermediary regarding your ability to revoke your voting instructions.

Attendance at Meeting
Attendance at the Meeting will be limited to each Fund's shareholders asmajority of the Record Date. If you plan to attendTrustees, who are not "interested persons" as defined in the Meeting in person, to gain admission you must show valid photographic identification, such as your driver's license or passport. If you hold Fund shares through a financial intermediary, to gain admission you also must show satisfactory proofInvestment Company Act of ownership of shares in a Fund, such as your voting instruction form or a statement indicating ownership as of the Record Date. If you hold Fund shares through a financial intermediary, you will not be able to1940, casting their vote in person at the Meeting unless you previously have obtained a ''legal proxy'' from your financial intermediary and present itmeeting called for voting on such approval.

Section 2. Termination of Agreement. This Agreement may be terminated at the Meeting. Even if you planany time without liability to attend the Meeting, please promptly follow the enclosed instructions to submit voting instructionseither party by telephone or via the Internet. Alternatively, you may submit voting instructions by signing, dating, and returning your proxy card.

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Adjournment
If sufficient votes to approve a Proposal are not receivednotice in writing given by the Fundparty desiring to terminate to the other not less than sixty (60) days before the meeting,date specified, for termination. The Fund may take such action either by the persons named as proxies may propose oneTrustees or more adjournmentsby the affirmative vote of the Meeting with respect to that Proposal to allow further solicitationholders of proxies. In determining whether to adjourna majority of the Meeting,outstanding shares of the following factorsFund.

Section 3. No Assignment. This Agreement may not be assigned by either party and shall terminate automatically upon assignment (as defined in the federal Investment Company Act of 1940).

Section 4. Amendment. This Agreement may be considered:amended only with the percentageapproving vote of votes actually cast; the percentageholders of negative votes actually cast; anda majority of the natureoutstanding shares of any further solicitation and any information to be provided to Shareowners with respect to such solicitation. Any such adjournment will require an affirmativethe

Fund. The vote of a majority of the Sharesoutstanding shares of the Fund means the vote, at any meeting of the Fund's Shareowners, of (1) 67% or more of the shares present in person or represented by proxy, at such meeting, if the holders of more than 50% of the outstanding shares are present or represented by proxy, or (2) more than 50% of the outstanding shares, whichever is less.

Section 5. Use of Adviser's Name. The Adviser grants the Fund a non-exclusive, terminable license and entitledpermission to voteuse the name "Saturna" in its name during the term of this Agreement.

ARTICLE V. GENERAL

This instrument is executed by the Trustees and officers of Saturna Investment Trust in such capacities for the Fund, a series of the Trust. By the execution hereof all parties agree that, except to the extent limited by the provisions of the federal Investment Company Act of 1940, for the payment of any claim or the performance of any obligations hereunder, resort shall be had solely to the assets and property of the Fund and no shareholder, Trustee, officer, employee or agent of the Fund or the Trust shall be personally liable therefore. Reference is made to Articles of Trust dated February 20, 1987, which have been filed with the Washington Secretary of State, Olympia, Washington.

IN WITNESS WHEREOF,

The parties hereto have caused this Agreement to be executed on behalf of each of them by their duly authorized officers the date and year first above written.

SCHEDULE A

SERIES OF SATURNA INVESTMENT TRUST

The Series of the Saturna Investment Trust currently subject to this Agreement are as follows:

Saturna Sustainable Bond Fund
Saturna Sustainable Equity Fund

Sextant Bond Income Fund
Sextant Core Fund
Sextant Global High Income Fund
Sextant Growth Fund
Sextant International Fund
Sextant Short-Term Bond Fund

SCHEDULE B

RATE OF COMPENSATION

SCHEDULE C

PERFORMANCE FEE ADJUSTMENT

Sextant Bond Income Fund
Sextant Core Fund
Sextant Global High Income Fund
Sextant Growth Fund
Sextant International Fund
Sextant Short Term Bond Fund

The Performance Fee Adjustment outlined below shall apply to each Fund listed above:

The Base Fee shall be subject to a maximum increase or decrease at the Meeting.annual rate of 0.20% of the Fund's average daily net assets, according to the relative total return investment performance of the Fund (the "Performance Adjustment"). The persons namedPerformance Adjustment shall be computed as proxies will vote on an adjournment after consideringfollows:

(a) Following the best interestsend of all Shareowners.

ADDITIONAL INFORMATION

Managementeach month the net investment return realized by shareowners in the Fund for the entire just-ended twelve month period (that is, not awarethe change in Net Asset Value per share adjusted for dividends and other distributions, or "Total Return") of any mattersthe Fund for the twelve month period ending that month ("Calculation Year") shall be calculated to come before the Meeting other than thosenearest one hundredth of one percent as set forth in the Notice.Fund's Registration Statement on Form N-1A.

(b) The Fund's Total Return for the Calculation Year shall be compared to the average total return of all Growth Objective mutual funds, as selected, calculated and reported by Morningstar Inc. (or, if this index is unavailable or becomes inappropriate for this measurement for any reason in the opinion of the Fund's Board, then another index as shall be chosen by the Fund's Board) (the "Benchmark").

(c) If any such other matters do come before the Meeting,Fund's Total Return outperforms or underperforms the individuals named as proxies will vote, act,Benchmark's Total Return (rounded to the nearest tenth of one percent [0.1%]) for the Calculation Year by 1% or more but less than 2%, then the Base Fee for the month just completed shall be increased or decreased by 0.10% (annual rate) of average Calculation Year daily net assets, and consent with respect thereto in accordance with their best judgment.the performance-adjusted total Fee for the month shall be at the annual rate of either 0.70% or 0.50% of average net assets.

(d) If the Fund's Total Return outperforms or underperforms the Benchmark's Total Return (rounded to the nearest tenth of one percent [0.1%]) for the Calculation Year by 2% or more, then the Base Fee for the month just completed shall be increased or decreased by 0.20% (annual rate) of average Calculation Year daily net assets, and the performance-adjusted total Fee for the month shall be at the annual rate of either 0.80% or 0.40% of average net assets.

Timeliness(e) No Performance Adjustment shall be made until the Fund acquires twelve full months of Shareowner Proposals
operating history.

The Fund does not hold anshall accrue daily to pay its Investment Advisory and Administrative Services Fee at the Base Fee annual meeting rate of 0.50%. The net Fee (Base Fee plus or minus the Performance Adjustment) due to the Adviser for a calendar month shall be paid when practicable after these calculations. Due to the relatively small size of monthly-computed Performance Adjustments, no accrual shall be required.

Exhibit A.3

New Idaho Tax-Exempt Fund Advisory Agreement

SATURNA INVESTMENT TRUST

IDAHO TAX-EXEMPT FUND

INVESTMENT ADVISORY
and currently does not intend to hold annual or special meetingADMINISTRATIVE SERVICES AGREEMENT

THIS AGREEMENT, executed this __ day of Shareowners unless required to do so bySeptember 2018, between Saturna Capital Corporation, a Washington State corporation (the "Adviser") and the 1940 Act or bySaturna Investment Trust, a series open-end management investment company organized as a business trust under the laws of the State of Washington law. Any Shareowner proposaland presently having a portfolio named the Idaho Tax-Exempt Fund, (the "Fund") to be presented for action atand become effective as provided in Section 1, Article V, between the Fund's next Shareowner meeting must be received atparties hereto,

WITNESSETH, THAT:

The parties hereto enter into the Fund's principal executive offices within a reasonable time in advancefollowing Articles of Agreement:

ARTICLE I: INVESTMENT ADVISORY SERVICES

Section 1. Investment Adviser. During the continuance of this Agreement, the Adviser shall supervise the investment management of the date solicitation is made for such meeting. A timely submission of a proposal does not guarantee that the Fund will include the proposal in a proxy statement.

Shareowner Communications
Shareowners who want to communicate with the Board or any individual Board member(s) should write to the attention of the Secretarycash and securities of the Fund, 1300 North State Street, Bellingham, WA 98225. Communicationsand in that connection, to the Board mustextent required, shall furnish to the Fund advice and recommendations on securities to be signedpurchased, held or sold and the portion of the assets to remain uninvested, all according to the investment objectives, powers and restrictions imposed by law or other governing document or writing binding upon the Fund.

Subject to review by the ShareownerTrustees, the Adviser shall place all orders for the purchase and must specify: (1)sale of securities of the Shareowner's nameFund. The Adviser or a subsidiary of the Adviser is permitted to act as a broker (but not a dealer or underwriter) in securities traded by the Fund, subject to review by the Trustees and address; (2)all pertinent regulations and limitations. No such orders shall be placed in contravention of the numberInvestment Company Act of 1940.

ARTICLE II: ADMINISTRATIVE SERVICES

Section 1. Duties of Adviser. During the continuance of this Agreement, the Adviser shall furnish the Fund office space, office facilities and equipment, related utilities, telephone service, stationery and supplies, typesetting, personnel (including executive officers) and clerical and bookkeeping services as required to fulfill its obligation as Adviser for the Fund. The Adviser shall pay the compensation of its executives and employees, whether an officer or employee of the Fund, for all services rendered by them for the Fund as required to fulfill its obligation as Adviser, and shall furnish such office space, facilities, supplies and services as agreed above.

Section 2. Fund Accounting. The Adviser shall act as fund accountant, and prepare daily reports of Fund shares owned bynet asset values as well as all other financial statements and reports. With the Shareowner; (3) other fund(s) in which the Shareowner owns shares and the amount of such shares and (4) if applicable, the nameconsent of the broker or other financial intermediary that holds Fund shares inTrustees, the Adviser at its name forexpense may delegate fund accounting duties to another qualified party. The fund accountant shall furnish the Shareowner's benefit. The Secretary will forward such communications to the Board or the applicable Board member(s)Trustees, at the nextany regularly scheduled meeting or sooner ifat such times as the Secretary determines thatTrustees may request, a report on all matters pertaining to the communications require more immediate attention.

Householding
We have adoptedservices of the Adviser, including but not limited to, a policy that allows us to send only one copylist of a prospectus, proxy statement, annual report, or semiannual report to certain shareholders residingthe securities in the same ''household.'' This reduces Fund and a record of brokerage commissions paid.

Section 3. Fund Expenses. The Fund shall pay or provide for the payment of its expenses not assumed by the Adviser as above provided, which benefits youexpenses shall include, without limitation, taxes, interest, brokerage commissions, compensation and other shareholders. If you need additional copies or do not want your mailingsexpenses of Trustees, legal and accounting expenses, insurance premiums, custodian, transfer agent, registrar and dividend disbursing agent fees and expenses, the expense of issuing Fund shares under the federal securities laws and the regulatory authorities of the various states in which a Fund of the Trust is authorized to offer shares, association membership and meeting expenses, and the expense of preparing, mailing and printing financial reports, investment newsletters, notices and prospectuses for its existing Shareowners.

ARTICLE III: FEES FOR SERVICES OF THE ADVISER

Section 1. Idaho Tax-Exempt Fund Annual Fee. As full compensation for all services rendered and to be ''householded,'' please call usrendered and expenses assumed by the Adviser hereunder, the Idaho Tax-Exempt Fund of the Trust shall pay to the Adviser a monthly fee at 800-728-8762the annual rate of 0.50% of the average daily net assets up to $250 million, 0.40% of assets between $250 million and $1 billion, and 0.30% of assets in excess of $1 billion. Such average daily net asset value shall be

determined by dividing the aggregate of the daily net assets, computed for each day on which the Fund is open, by the number of such days. The amount thus determined for each calendar month shall be paid to the Adviser when practicable after the last day of such month.

Section 2. Reimbursement and Waiver. The Adviser may, from time to time, voluntarily waive its fees or sendreimburse the Fund for expenses above a written request with your name,specified percentage of average daily net assets. The Adviser retains the ability to be repaid by the Fund for voluntary expense reimbursements if expenses fall below the limit before the end of the Fund's fiscal year. If any fee waiver or reimbursement is to be made, it shall be paid monthly and your accountmay vary by Fund of the Trust.

Section 3. Termination. In the event of the termination of this Agreement the fee for the month in which terminated shall be that proportion of the rate for the whole month as the number of calendar days during which this Agreement is in effect during the month bears to the number of days in the whole month computed on the average daily net asset value of the portfolio during such period.

ARTICLE IV: DISTRIBUTION

Section 1. The Fund. The Fund shall offer shares without commission ("load") or other sales expense. The Adviser's subsidiary, Saturna Brokerage Services, shall act as the

Fund's distributor without compensation, and register where and when appropriate. The Fund shall bear the expense of qualifying itself and any necessary personnel to sell the Fund. As the expense to the Fund at 1300 North State Street, Bellingham, WA 98225.is deemed warranted by the Trustees, the Adviser shall cause the Fund to be registered under the various state "blue-sky" requirements.

Section 2. The Adviser. The Adviser or any subsidiary of the Adviser may engage in any lawful activities designed to help Fund distribution, and pay for such activities out of any part of its resources, including those fees described under Article III. The Adviser shall pay any expenses for printing and distributing extra prospectuses used in connection with sales and for preparing, printing and distributing sales literature. The Adviser shall pay the salaries of persons used in the distribution of the Fund, furnish office space and facilities for such distribution activity, and pay for all other expenses associated with distribution of the Fund.

ARTICLE V: TERM AND TERMINATION OF AGREEMENT

Section 1. Term of Agreement. This Agreement shall become effective when approved by the holders of a majority of the outstanding shares of the Fund, and shall continue in effect for a two year period unless sooner terminated as hereinafter provided, and thereafter shall continue from year to year so long as the terms of this Agreement and the renewal and continuance thereof are approved at least annually by action of the Trustees or a majority vote of the outstanding shares the Fund, but in either event it must be approved by a majority of the Trustees, who are not "interested persons" as defined in the Investment AdviserCompany Act of 1940, casting their vote in person at a meeting called for voting on such approval.

Section 2. Termination of Agreement. This Agreement may be terminated at any time without liability to either party by notice in writing given by the party desiring to terminate to the other not less than sixty (60) days before the date specified, for termination. The Fund may take such action either by the Trustees or by the affirmative vote of the holders of a majority of the outstanding shares of the Fund.

Section 3. No Assignment. This Agreement may not be assigned by either party and Underwritershall terminate automatically upon assignment (as defined in the federal Investment Company Act of 1940).

Section 4. Amendment. This Agreement may be amended only with the approving vote of the holders of a majority of the outstanding shares of the Fund. The vote of a majority of the outstanding shares of the Fund means the vote, at any meeting of the Fund's Shareowners, of (1) 67% or more of the shares present or represented by proxy, at such meeting, if the holders of more than 50% of the outstanding shares are present or represented by proxy, or (2) more than 50% of the outstanding shares, whichever is less.

ARTICLE VI. GENERAL

This instrument is executed by the Trustees and officers of Saturna Investment Trust in such capacities for the Idaho Tax-Exempt Fund portfolio of the Trust. By the execution hereof all parties agree that, except to the extent limited by the provisions of the federal Investment Company Act of 1940, for the payment of any claim or the performance of any obligations hereunder, resort shall be had solely to the assets and property of the Fund and no shareholder, Trustee, officer, employee or agent of the Fund or the Trust shall be personally

liable therefore. Reference is made to Articles of Trust dated February 20, 1987, which have been filed with the Washington Secretary of State, Olympia, Washington.

IN WITNESS WHEREOF,

The parties hereto have caused this Agreement to be executed on behalf of each of them by their duly authorized officers the date and year first above written.

Exhibit B.2

Board Consideration of Current Advisory Agreements on
September 11, 2017 – Amana Mutual Funds Trust

During their meeting of September 11, 2017, the Trustees of Amana Mutual Funds Trust discussed the continuance of the Investment Advisory and Administration Agreements between the Trust, on behalf of each Fund, and Saturna Capital Corporation 1300 North State Street, Bellingham, Washington, 98225, acts("Saturna"), focusing on the nature, extent, and quality of the services provided by Saturna to the Amana Funds. The Trustees considered that the Funds offer a full range of high-quality investor services, including unique services for Islamic investors. The Trustees discussed Saturna Capital's experience, ability, and commitment to quality service through performing internally such functions as shareowner servicing, administration, retirement plans, accounting, marketing, and distribution – all in addition to investment management.

The Trustees took into consideration Saturna Capital's continued avoidance of significant operational and regulatory compliance problems, plus its continued investments in infrastructure, information management systems, personnel, training, compliance, and investor education materials, all designed to meet investor needs with high quality services. They recognized Saturna Capital's efforts to recruit and retain increasingly qualified, experienced, and specialized staff and improve the capital base on which Saturna Capital operates, which the Trustees believe is important to the long-term success of the Funds. They appreciate Saturna Capital's focus on investors and its efforts to avoid conflicts of interest.

The Trustees considered the investment performance of each Fund over time, including comparative information published by Morningstar Inc. ("Morningstar"), an independent data service provider that, among other things, ranks mutual fund performance within categories comprised of similarly managed funds. The Trustees considered and discussed at length each Fund's performance relative to the Fund's Morningstar category for the one-, three-, five-, ten-, and fifteen-year periods and the related Morningstar rankings (one through five stars) for the one-, three-, five- and ten-year periods, ended as of July 31, 2017. The Trustees also noted the very high ratings for sustainability assigned to the Funds by Morningstar. In addition, the Trustees considered each Fund's performance relative to the Fund's category selected by Lipper, Inc. ("Lipper"), a nationally recognized

organization that ranks mutual fund performance. The Trustees considered each Fund's performance within its Lipper category, as measured in quintile rankings.

The Trustees found that the longer-term investment performance of the Funds, both in absolute numbers and relative to their Morningstar and Lipper categories, remains strong. The Trustees noted the risk-averse investment style used by Saturna Capital to manage the Funds and considered other factors, which can affect a Fund's performance relative to the Fund's broader Morningstar and Lipper peer categories. In evaluating such performance data, the Trustees noted that Islamic investment restrictions to which the Funds adhere increase Saturna Capital's research expenses and obligations and impose major constraints on Saturna Capital's selection of the Funds' portfolio investments that impact performance. The Trustees found that Saturna Capital continued to manage the Funds in a manner that is designed to be acceptable to Islamic investors and that the risk-averse approach also is attractive to non-Islamic long-term investors.

Recognizing the investment mandate of the Funds, the Trustees also considered the performance of the Funds as compared to a group of other faith-based managed funds with similar assets and investment objectives and strategies. The Trustees considered these comparative performance data, along with the comparative data published by Morningstar and Lipper, as well as each Fund's performance relative to its benchmark, to evaluate each Fund's performance over near-term and long-term time periods. When evaluating the Funds' performance record, the Board noted that relative performance comparisons, especially over limited periods of time, is only one of the factors that it deems relevant to its consideration of each Fund's agreement. The Board noted that, after considering all relevant factors, it may be appropriate to approve the continuation of the agreement notwithstanding a Fund's underperformance relative to its Morningstar or Lipper peer groups during certain periods.

The Trustees also reviewed the fees and expenses of the Funds and considered the components of each Fund's operating expenses. The Trustees noted that the expense ratios for both share classes of Amana Growth, Amana Developing World, and Amana Participation, and for the Institutional share class of Amana Income, were below their respective Morningstar Category average expense ratios. In light of the services provided by Saturna Capital, the Trustees found each Fund's advisory fee structure and expense ratios

compared to the peer group presented to be fair given the size of each Fund, the services provided, the volume of transaction orders processed by the adviser, and the expenses incurred by the adviser. They noted the significant sponsorship of the Funds by Saturna Capital evidenced, in part, by the amount of fees and expenses paid by Saturna Capital out of its own resources to brokerage platforms and similar unaffiliated intermediaries. The Trustees noted that the expenses imposed by intermediaries are often borne by funds and the Trustees appreciated that Saturna Capital's efforts help make the Funds more widely available and otherwise less expensive had the Funds borne these operational expenses. The Trustees recognized that the competitive performance record of Amana Income Fund and Amana Growth Fund over the long-term had likely contributed to their asset size, which resulted in lower expense ratios due to rising costs being spread over a larger asset base. The Trustees also took note of the costs borne by Saturna Capital in subsidizing operations of the Amana Developing World Fund and Amana Participation Fund, noting that it had committed significant resources in developing and managing these Funds.

The Trustees reviewed Saturna Capital's financial information and discussed the issue of Saturna Capital's profitability related to its management and administration of the Funds. They discussed the reasonableness of Saturna Capital's profitability with respect to each of the Funds as part of their evaluation of whether the advisory fees bear a reasonable relationship to the mix of services provided by Saturna Capital, including the nature, extent, and quality of such services. The Trustees noted Saturna Capital's decades of dedicated service provided to Amana Mutual Fund Trust and its shareowners.

The Trustees considered the extent to which advisory fees paid to Saturna Capital reflect economies of scale. The Trustees noted that as the Funds have grown, Saturna Capital agreed to include breakpoints within the advisory fee structures and agreed that any changes to the breakpoint schedule would require the approval of the Trustees. The Trustees considered the fact that fee breakpoints lower the operating expenses and expense ratios of the Funds as assets grow and demonstrate the benefits of economies of scale are being shared with shareowners. The Trustees also noted the successful introduction of lower-cost Institutional shares and Saturna Capital's ongoing efforts to make the Institutional shares widely available without increasing operating expenses.

The Trustees considered and compared the fees charged by Saturna Capital to other types of advisory accounts for which Saturna Capital serves as an investment adviser, including non-mutual fund advisory clients and individual advisory clients. The Trustees noted the significant differences between the full range of services Saturna Capital provides to the Funds, including investment advisory services, transfer agency services, administration and other services, as compared to the investment advisory services provided to the other advisory accounts. The Trustees also considered how the various services provided to those other accounts, which include Saturna Capital's investment management, research, and customer service operations performed for those accounts, benefit the Funds.

The Trustees considered potential benefits to Saturna Capital and to its other businesses from acting as investment adviser for the Funds, but also noted that Saturna Capital's other business lines also potentially benefit the Funds. The Trustees also noted that there were no soft dollar arrangements with respect to trading in the Funds' portfolios and that Saturna Capital's affiliated broker, Saturna Brokerage Services, voluntarily waives brokerage commissions for executing Fund portfolio transactions, resulting in lower transaction costs for the Funds.

The Trustees concluded that the fees paid by the Funds to Saturna Capital were, from an arm's-length bargaining perspective, reasonable and in the best interest of the Funds and their shareowners in light of the services provided, comparative performance, expense and advisory fee information, costs of services provided, profits to be realized, and benefits derived or to be derived by Saturna Capital from its relationship with the Funds. Following this discussion, the Trustees unanimously agreed to renew the agreements between Saturna Capital and Amana Growth Fund, Amana Income Fund, Amana Developing World Fund, and Amana Participation Fund.

Exhibit B.2

Board Consideration of Current Advisory Agreements on
September 16, 2017 – Saturna Investment Trust

During their meeting of September 16, 2017, the Trustees of Saturna Investment Trust discussed the continuance of the Investment Advisory and Administration Agreements between the Trust, on behalf of each Fund, and Saturna Capital Corporation ("Saturna"), focusing on the nature, extent, and quality of the services provided by Saturna to each of the Funds. The Trustees considered that the Funds offer a full range of high-quality investor services. The Trustees discussed Saturna Capital's experience, ability, and commitment to quality service through performing internally such functions as shareowner servicing, administration, retirement plan and trust services, accounting, marketing, and distribution – all in addition to investment management.

The Trustees took into consideration Saturna Capital's continued avoidance of significant operational and compliance problems, plus its investments in infrastructure, information management systems, personnel, training, and investor education materials, all designed to provide high quality investor services and meet investor needs. They recognized Saturna Capital's efforts to recruit and retain increasingly qualified, experienced, and specialized staff and improve the capital base on which Saturna Capital operates, which the Trustees believe is important to the long-term success of the Funds. They appreciate Saturna Capital's focus on investors and its efforts to avoid potential conflicts of interest.

The Trustees considered the investment performance of each Fund over time, including each Fund's [average annual total returns relative to its benchmark for the one-, three-, five-, and ten- year periods, all as of July 31, 2017. The Trustees also considered comparative information published by Morningstar Inc. ("Morningstar"), an independent data service provider that, among other things, ranks mutual fund performance within categories comprised of similarly managed funds. The Trustees considered and discussed at length each Fund's performance relative to the Fund's Morningstar category for the [one-, three-, five- and ten-year periods ended July 31, 2017. The Trustees also considered each Fund's Morningstar performance rankings (one through five stars) for the one-, three-, five- and ten-year periods, ended as of July 31, 2017, and also noted the recent sustainability ratings assigned to some of the

Funds by Morningstar. In addition, the Trustees also considered each Fund's performance ranking relative to the Fund's category selected by Lipper, Inc.

With respect to long-term (10-year) performance, the Trustees found that the investment performance of the Sextant International Fund, both in absolute numbers and relative to the Fund's Morningstar category, remained strong. The Trustees noted that the Fund's average annual total return for the ten-year period ended on July 31, 2017 exceeded the Morningstar category average and the Fund outperformed its benchmark during the same period. The Trustees noted that Sextant Growth Fund, Sextant Core Fund, Sextant Short-Term Bond Fund, and Sextant Bond Income Fund each had underperformed its respective Morningstar category average and benchmarks for the same ten-year period – much of which has been the most extended bull market in history.

The Trustees considered the short- and medium-term performance of the Funds, noting that each Fund's average annual total return for the five-year period ended on July 31, 2017 was below the respective Morningstar category average for the same period. The Trustees noted that for the three-year period ended on July 31, 2017, Sextant Core Fund, Sextant Bond Income Fund, Sextant Global High Income Fund, and Sextant Growth Fund, each underperformed their respective Morningstar category average, while Sextant International Fund and Sextant Short-Term Bond Fund each outperformed their respective Morningstar category average. The Trustees also considered the Funds' short-term performance, noting that for the one-year period ended on July 31, 2017, Sextant International Fund, Sextant Growth Fund, and Sextant Core Fund each underperformed their respective Morningstar category average, while Sextant Bond Income, Sextant Global High Income Fund, and Sextant Short-term Bond Fund each outperformed their respective Morningstar category average.

The Trustees noted the risk-averse investment style and other factors, which can affect a Fund's performance relative to the Fund's broader Morningstar categories. The Trustees noted instances where a Fund had underperformed relative to its Morningstar category average during a period, but had outperformed the Fund's benchmark during the same period. The Trustees also noted certain differences between a Fund and the peer funds within the relevant Morningstar category, including differences in investment strategies and asset size. The Trustees found that Saturna Capital continued to manage the Funds in a manner that is designed to be risk-averse and attractive to long-term investors. The Trustees discussed and considered the efforts of

Saturna Capital to make additional resources available to assist in managing the Funds. The Trustees also considered Saturna Capital's focus on improving investment performance without incurring materially higher levels of risk.

The Trustees also considered the performance and expenses of each Fund as compared to a smaller group of funds with similar assets and investment objectives and strategies. The Trustees considered these comparative performance expense data, along with the comparative data published by Morningstar and each Fund's performance relative to its benchmark, to evaluate each Fund's performance over near-term and long-term time periods. The Trustees continued to appreciate the fulcrum structure of the advisory fee, where the manager's compensation is directly related to the relative performance of each Fund.

The Trustees also reviewed the fees and expenses of the Funds and considered the components of each Fund's operating expenses. The Trustees noted the steps that Saturna Capital has undertaken to maintain competitive levels of Fund operating expenses. They noted the significant sponsorship of the Funds by Saturna Capital evidenced, in part, by certain fees and expenses paid by Saturna Capital out of its own resources (known as "revenue sharing") to unaffiliated intermediaries, as well as Saturna Capital's initiatives to reduce its advisory fees. Recognizing that Saturna Capital pays fees and expenses that are often borne by funds, the Trustees appreciated Saturna Capital's efforts to help make the Funds more widely available and less expensive than would otherwise be the case without Saturna Capital's efforts. The Trustees welcomed the substantial reductions in Fund expense ratios resulting from this year's efforts to offer "clean shares" in each Fund, making them especially attractive to retirement plan investors.

The Trustees recognized that the Funds remain relatively small and there have not been opportunities to consider economies of scale. The Trustees noted that Saturna Capital continues to operate the Funds, often times at considerable costs to itself.

The Trustees reviewed Saturna Capital's financial information and discussed the issue of Saturna Capital 's profitability as related to management and administration of the Trust. They discussed the reasonableness of Saturna Capital's profitability, and lack thereof, as part of their evaluation of whether the advisory fees bear a reasonable relationship to the mix of services provided by Saturna Capital, including the nature, extent, and quality of such services. The Trustees understood that Saturna Capital had reduced its

revenues from the Funds in the last year by agreeing to discontinue the 12b-1 expenses entirely for four Sextant Funds, and partially for the other two Funds (Growth and International).

The Trustees considered and compared the fees charged by Saturna Capital to other types of accounts, including non-mutual fund advisory clients. The Trustees noted the differences between the full range of services Saturna Capital provides to the Funds, including investment advisory services, transfer agency services, and other services, as compared to the investment advisory services provided to the other advisory accounts.

The Trustees considered potential benefits to Saturna Capital's other business lines from acting as investment adviser to the Fund.Funds, but also recognized that Saturna Capital's other business lines benefit the Funds. The Trustees also noted that there were no soft dollar arrangements with respect to trading in the Funds' portfolios. The Trustees considered whether there are other potential benefits to Saturna Capital in continuing to manage the Funds and the Trustees found that there were no material benefits other than Saturna Capital's receipt of advisory fees and the fact that Saturna Brokerage Services, Inc., a wholly owned subsidiary of Saturna Capital, Corporation located atreceives distribution and shareowner services fees under Rule 12b-1, which it would not otherwise receive if Saturna Capital did not serve as the same address, acts as principal underwriterinvestment manager for the Funds. The Trustees also noted that Saturna Brokerage Services voluntarily waives brokerage commissions for executing Fund portfolio transactions, resulting in lower transaction costs.

The Trustees concluded that the fees paid by the Funds to Saturna Capital were, from an arm's-length bargaining perspective, reasonable and in the Fund.

7

best interest of the Funds and their shareowners in light of the services provided, comparative performance, expense and advisory fee information, costs of services provided, profits to be realized, and benefits derived or to be derived by Saturna Capital from its relationship with the Funds. Following this discussion, the Trustees unanimously agreed to renew the agreements of Sextant Bond Income Fund, Shares Owned by Board Members and Executive Officers
Information concerning Board members'Sextant Global High Income Fund, Sextant Growth Fund, Sextant International Fund, Sextant Core Fund, Sextant Short-Term Bond Fund, Sustainable Equity Fund, Sustainable Bond Fund and the Fund's executive officer's ownershipIdaho Tax-Exempt Fund with Saturna Capital Corporation.

Exhibit C

Outstanding Shares

The chart below indicates the number of shares of each Fund Shares is provided in Appendix B.

Effective Date
If Shareowners approvethat were outstanding as of the Proposal, it is anticipated that the change will be implemented on or about March 31, 2016.

Other Business Items
Saturna does not intend to present any items other than the Proposal and is not aware that any other itemsclose of business will be presented at the Meeting. If, however, other matters are properly presented for a vote at the Meetings, the persons named as proxies will vote on such matters in their sole discretion after considering the best interests of the Fund and its shareholders.July 27, 2018.