Codeof
Ethics
Tableof
Contents
Preamble
.........................................................................................................................................
2
Section1-
Definitions
....................................................................................................................2
Section2-Prohibited
Transactions
............................................................................................4
Section3-Reportingand
Approvals
..........................................................................................5
Section5-Periodic
Certification
..................................................................................................8
Section7-Giftsand
Entertainment
.............................................................................................8
Section8-
Disclosures
...................................................................................................................9
Section9-Administrationand
Enforcement
..........................................................................
10
Section10-
Certification
.............................................................................................................
10
Section11-Appendix
A
.............................................................................................................
11
I.
COVERED
OFFICERS/PURPOSE
OF
THE
SOX
CODE
.............................................................
11
II.
COVERED OFFICERS SHOULD HANDLE ETHICALLY ANY ACTUAL AND APPARENT
CONFLICTS
OF
INTEREST
....................................................................................................................................
11
III.
DISCLOSURE
&
COMPLIANCE
...............................................................................................
13
IV.
REPORTING
AND
ACCOUNTABILITY
.................................................................................
13
V.
OTHERPOLICIESAND
PROCEDURES
..................................................................................
14
VI.
AMENDMENTS
.................................................................................................................
14
VII.
CONFIDENTIALITY
.......................................................................................................
14
VIII.
INTERNAL
USE
................................................................................................................
14
SCHEDULE
A
..............................................................................................................................
15
Preamble
At all times, our clients' interests must come first. We must maintain the integrity of our business bypromoting ethical conduct, creating aculture of compliance and avoiding even the appearance of impropriety. We must not take inappropriate advantage of our positions and access toinformation. We are all expected toprotect and preserve the confidentialityof information entrusted to us by our clients.
Allpersonsmustcomplywithallapplicablesecuritieslaws,rulesandregulations,aswell astherulesofapplicableself-regulatoryorganizationssuchastheFinancialIndustry Regulatory Authority.
The
board
of
directors
of
Saturna
Capital
Corporation,
acting
for
itself
and
its
subsidiaries,
andtheboardoftrusteesofbothSaturnaInvestmentTrustandAmanaMutualFundsTrustindependently
adopted
this
Code
of
Ethics
to
assist
in
maintaining
the
highest
standards
of
conduct.SaturnaCapitalanditsaffiliatesencourageprivateinvestmentactivities,butsuch activitiesmustbecarriedoutwithintheletterandspiritofthisCode.Eachoftheseboards mustapproveanymaterialchangetothisCodeofEthics.Questionsshouldbebroughttothe
attention
of
the
Chief
Compliance
Officer.
ByacceptingemploymentwiththeAdviserand/oritssubsidiaries,orassociationwitha Fund, youhaveagreedtobeboundbythisCode. ThisCodeis apart oftheSaturnaManual, whichgovernsthe operationsofSaturnaCapitalanditsaffiliates.Eachemployeeannually certifiesinwritinghisunderstandingofandintentiontocomplywiththisCode.
ThisCodedoesnotattempttoidentifyallpossibleconflictsofinterest,andliteral compliancewitheachofitsspecificprovisionswillnot shieldyoufromliabilityforfront runningclientorderswith personaltradingorotherunethicalconductorconductthat violates a fiduciary duty.
Section1-Definitions
•
"Adviser"
means Saturna Capital Corporation, including any of its subsidiaries. Adviser does not include any consultant or sub-advisor whoseonly role is to advise on general principles
•
"Access
Person"
means
a
trustee,
director,
officer,
or
employee
of
a
Fund
or
the
Adviser.ItdoesnotincludeanIndependentTrusteeorIndependentDirectorunless inconnectionwithhisorherregularfunctionsordutiestheTrusteeorDirector makes,participatesin,orobtainsinformationregarding,thepurchaseorsaleof ReportableSecuritiesbyaFund,orwhosefunctionsrelatetothemakingofany recommendation with respect to such purchasesor sale
•
"BeneficialOwnership"
hasthesamemeaningasusedinRule16a-1(a)(2)under
the U.S. Securities Exchange Act of 1934. "Direct or indirect beneficial ownership"meansdirectorindirectinfluenceorcontrolorownershipofanybeneficialinterest. ThetermsofRule16aareincorporatedhereinbyreferenceandshallcontrolany determinationhereunder.Ingeneral,andwithoutlimitingtheforegoing,aperson
has
Beneficial
Ownership
in
any
securities
held
(i)
by
members
of
a
person's
immediatefamilysharingthesamehousehold;provided,however,thatthe presumptionofsuchBeneficialOwnershipmayberebutted;or(ii)byrelated partnerships, trusts, corporations or other arrangements•
"BusinessEntertainment"
meansordinaryandusualbusinessentertainmentsuchasanoccasionalmeal,tickettoasportingeventortheater,orcomparable entertainment,solongasitisneithersofrequentnorsoextensiveastoraiseany questionofproprietyandthepersonprovidingtheBusinessEntertainmentmust accompanytherecipientto anysuch function
•
"Chief ComplianceOfficer"
meansthe person designatedbythe Adviserand the Fund toact in that capacity under Rule 38a1 of the U.S. Investment Company Act of1940orsimilarauthority.Anyaction,duty,orresponsibilitydelegatedtotheChief Compliance Officer under this Code of Ethics may, in his absence, (and shall, with
respect
to
actions
involving
the
personal
transactions
of
the
Chief
Compliance
Officer)be performedbyanotherCompliance Officerorthe President. Anyaction, dutyorresponsibilityofSaturnaCapital'sChiefComplianceOfficerunderthisCode isthe responsibility ofthe Compliance Officerofa subsidiarywhere such Officerisemployed
•
"Fund"
meansanyregisteredinvestmentcompanyadoptingthisCodeof
Ethics
•
"Gift"
includesanythingofvalue,butdoesnotincludeordinaryandusual"Business
Entertainment"
•
"Independent Trustee or Director"
means an independent Trustee of a Fund or an independent Director of the Adviser. An independent Trustee is a trustee who is not an “interested person” of a Fund within the meaning of Section 2(a)(19) of the 1940 Act. An independent Director is a director
–
who is not an “interested person” of the Adviser within the meaning of Section 2(a)(19)(B) of the 1940 Actforany reason otherthan as adirector of the Adviser and as an owner of direct or beneficial interests in SaturnaCapital (but owner of no more than 5% of Saturna Capital’s outstanding voting securities), and (ii) who has no involvement with the day-to-day operations of the Funds or the Adviser•
“Initial
Public
Offering”
means
an
offering
of
securities
registered
under
the
SecuritiesActof1933,theissuerofwhich,immediatelybeforetheregistration,was notsubjecttothereportingrequirementsofSections13or15(d)oftheSecurities ExchangeActof1934
•
“Limited
Offering”
means
an
offering
that
is
exempt
from
registration
under
the
SecuritiesActof1933pursuanttoSection4(2)orSection4(6)orpursuanttoRule 504,505,or506undertheSecuritiesActof1933
•
"President"
means the presidentofSaturna Capital, the president of asubsidiary of Saturna Capital relating to employees of that subsidiary, or the president of a Fund
•
“PortfolioManager"
meanstheperson(oroneofthepersons)responsibleforthe day-to-daymanagementofaFund,otherpooledvehicles,ortheportfolioofan individually managed account
•
"Reporting Account"
means the account(s) maintained by Access Persons for reporting transactions covered by this Code on Saturna's own portfolio system (NEPTUNE),oronanyotherportfoliosystemhavingthemonitoringfunctionality required by the Chief Compliance Officer
•
"ReportableSecurity"
meansanynote,stock,treasurystock,securityfuture,bond, debenture,evidenceofindebtedness,mutualfundsadvisedbySaturnaCapital, hedgefunds,unittrusts,andexchange-tradedfunds,interestsinlimited partnerships,sharesoflimitedofferings,certificateofinterestorparticipationin anyprofit-sharingagreement,collateral-trustcertificate,pre-organization certificateorsubscription,transferableshare,investmentcontract,voting-trust
certificate,
certificate
of
deposit
for
a
security,
fractional
undivided interest
in
oil,
gas,orothermineralrights,anyput,call,straddle,optionorprivilegeonany security(includingacertificateofdeposit)oronanygrouporindexofsecurities (includinganyinterestthereinorbasedonthevaluethereof)oranyput,call, straddle,option,orprivilegeenteredintoonanationalsecuritiesexchangerelating toforeigncurrency,oringeneral,anyinterestcommonlyknownasa“security”,or anycertificateofinterestorparticipationin,temporaryorinterimcertificatefor, receiptfor,guaranteeof,orwarrantorrighttosubscribetoorpurchase,anyofthe foregoing.ReportableSecuritydoesnotincludedirectobligationsofthe GovernmentoftheUnitedStates(foranyforeignsubsidiarythiswouldbedirect obligationsoftheirgovernment)includingshort-termdebtsecuritiesthatare governmentsecuritieswithinthemeaningoflaw,bankers'acceptances,bank certificatesofdeposit,commercialpaper,repurchaseagreements,otherhigh-quality short-term debt instruments,shares of registered open-end investment companies whereSaturnaCapitaldoesnotactanadviser,sharesissuedbyunitinvestment truststhatareinvestedexclusivelyinoneormoreopen-endfunds,529plans, variablecontracts,andsharesissuedbymoney-marketfunds.Section2-ProhibitedTransactions
1.
PersonalProfitfromKnowledgeofClientTransactions.
Nopersoncoveredby thiscodemayuseactualknowledgeofclienttransactionstoprofitfromsuch
transactions.
2.
Conflicting Trades
.
No Access Person shall purchase or sell any ReportableSecurity (other than registered open-end investment companies) or derivativethereon in which hehas, or because of such order will acquire, any direct or indirect Beneficial Ownership, when to their knowledge, any Fund or other client of the Adviser had a transaction in the Reportable Security within the last three trading days, has a pending order or intends to enter an order within the next three trading days. However, an Access Person may participate as part of a "bunch" order with simultaneous client transactions. The Adviser must determine that the “bunching” is consistent with best execution and no client is disadvantaged.
3.
PortfolioManagerandTradeDeskPersonnelRestrictions.
Portfolio ManagersandTradeDeskPersonnelhandlingFundandoradvisoryclient
ordersandanyaccountinwhichtheyhaveaBeneficialOwnershiparelimitedto
transactionsinregisteredopen-endinvestmentcompanies,exchange-tradedfunds,securitiesexcludedfromthedefinitionofReportableSecurity,andtransactionsin SaturnaCapitalstock.TransactionsinReportableSecuritiesacquiredpriorto appointmentasaPortfolioManagerortotheTradeDeskareexemptedfromthis restrictiontotheextentthatthetransactionsreduceanexistingposition.Likewise, transactionsinReportableSecuritiesacquiredthroughinheritanceorgiftafter appointmentareexempted fromthis restrictionto theextentthatthetransactions reduce an existing position.
4.
InitialPublicOffering.
NoAccessPersonmaydirectlyorindirectlyacquire beneficial ownership in any security in an initial public offering.
5.
LimitedOffering(commonlyreferredtoasaPrivatePlacement).
NoAccess
Personmaydirectlyorindirectlyacquirebeneficialownershipinanysecurityina limited offering.
6.
PrincipalTransactions.
NoAccessPersonnortheAdvisermayeffectatransaction as principal with a client.
7. InsiderTrading.
a.
All directors, trustees, officers or employees of a Fund, or the Adviser are prohibited from trading in any security, either personally or on behalf of others, including clients, on the basis of material non-public information or communicating material non-public information to others in violation of the
law.
b.
Persons who are aware of the misuse of material nonpublic information should report such misuse to the Chief Compliance Officer.
8.
Investmentrecommendationdisclosures.
NoAccessPersonmayrecommendor attempttocauseanysecuritiestransactionsbyaclientorparticipateinany investmentdecisionwithoutdisclosinghisinterestinthesecurities.
9.
Unlawful
Actions.
No
Access
Person
in
connection
with
the
purchase
or
sale,
directlyorindirectly,ofasecurityheldortobeacquiredbyaFundasdefinedin Rule 17j-1 may:
a.
Employanydevice,schemeorartificetodefraudany
client;
b.
Make
any
untrue
statement
of
a
material
fact
to,
or
omit
to
state
a
material
fact to, any client;
c.
Engageinanyact,practiceorcourse ofbusinessthatoperatesorwould operateas afraudordeceit on any client;or
d.
Engageinanymanipulativepracticewithregardtoany
client.
Section3-ReportingandApprovals
1.
Independent TrusteesandIndependent Directors.
AnIndependentTrusteeor IndependentDirectorneed notmakeatransaction reportpursuantto thissection
unlesshe,atthetimeheexecutesatransactioninaReportableSecurity,kneworin
the
ordinary
course
of
fulfilling
his
official
duties,
should
have
known
that
during
thefifteen(15)calendardayperiodimmediatelybeforehistransaction,aFundpurchased
or
sold
the
security,
or
the
Fund
or
its
Adviser
considered
purchasing
or
selling
the
security.
In
the
event
that
this
provision
is
triggered,
the
Trustee
or
Directormayrelyonparagraph(6)(c)ofthisSectiontomeettheirquarterly reportingobligation.2.
Reporting Accounts.
NoAccess Persons may have a Beneficial Ownershipinany securitiesaccountheldawayfromSaturnaBrokerageServicesorSaturnaCapital.
Officers,
directors,
and
employees
of
a
foreign
subsidiary
of
the
Advisor
are
permittedtomaintainsecuritiesaccountsatacustodianacceptabletothesubsidiaries’ChiefComplianceOfficer,providedthattheycomplywiththefollowing provisions of this section. Reporting Accounts registrations in NEPTUNE are to be marked as "employee" to facilitate monitoring.
a.
Nolaterthan 10 daysafterbecomingan AccessPerson,eachAccess Person shallmeet withthe ChiefCompliance Officerto discuss the requirementsof thisCode.TheAccessPersonshalldeliveracurrentrecord(asofadateno morethan45dayspriortothedatetheybecameanAccessPerson)ofall Securities(includingnameandquantity)inwhichtheAccessPersonhasa
direct
or
indirect
Beneficial
Ownership,
including
the
name
of
any
broker,
dealerorbankwithwhomtheAccessPersonmaintainedanaccount.The AccessPersonshallprovideevidencethattheAccessPersonhasmade provisiontoopenanaccountwithSaturnaBrokerageServicesoranother approvedbrokeragefirm,andassoonaspracticable,arrangetotransferall Securitiesholdingstothataccountandcloseanypreviousoutsideaccounts.b.
At the end of the first month of employment, the Access Person shall demonstrate that he has completed the process of closing all outside accounts andmovingallholdingstotheapproved brokeragefirm. TheChief Compliance Officer will provide appropriate guidance and assistance to the Access Person if needed to complete the process.
c.
AnAccessPerson'swillfulnon-compliancewithcompletionofthisprocess shall be considered a violation of this Code of Ethics.
3.
ThePresidentmay
permit,inunusualcircumstancesandforgoodcause,anAccess
Person
to
maintain
a
Reporting
Account
away
from
Saturna
Brokerage
Services
or
SaturnaCapital.IfanAccessPersonispermittedtomaintainsuchanaccount,the Access Person:a.
musthavenoadvanceknowledge orcontrolofanytransactioninsuch account, and
b.
shallberesponsibleformaintainingonamirroringReportingAccountan accuratehistoryofallsecuritytransactionsthatarerequiredtobereported under this Code, and
c.
shall instruct the manager or custodian with which such account is maintained to send periodic statements and copies of security transaction confirmations (if available) directly to the Chief Compliance Officer.
4.
Access Persons
may keep records of securities in which they have indirect Beneficial Ownership in separateReporting Account(s) from thoseinwhichthey have direct Beneficial Ownership, or may combine those holdings in a single Reporting Account.
5.
Not
considered
admission.
Any
Reporting
Account
submission
may
contain
a
statement that thereport shall not beconstruedas an admission by theperson
makingsuchreportthathehasanydirectorindirectBeneficialOwnershipinthe security to which the report relates.
6. Transactionreporting.
a.
IfnotdonethroughaReportingAccount,AccessPersonsshallreport
transactionsinanysecurityinwhichsuchpersonhas,orbecauseofsuch transactionacquires,anydirectorindirectBeneficialOwnership.
b.
Everyreportshallbemadenotlaterthanten(10)daysaftertheendofthe executionofthetransaction,andshallcontainthefollowinginformation:
•
Thedateofthetransaction,thetitleandthenumberofshares,andthe principalamountofeachsecurityinvolved;
•
The nature of the transaction (i.e., purchase, sale or anyother type of acquisition or disposition);
•
Thepriceatwhichthetransactionwas
effected;
•
The
name
of
the
broker,
dealer,
fund
distributor,
or
bank
with
or
through whom the transaction waseffected; and
•
Thedatethatthereportwas
submitted.
c.
IfexpresslypermittedbytheChiefComplianceOfficer,andifreceivedbythe Adviserno laterthan30 daysafterthe end of the applicable calendar quarter, periodic statements or copies of security transaction confirmations containing the information required by paragraph 17j-1(d)(1)(ii) of the Investment Company Act of 1940 will meet this requirement.
Section 4 - Exemptions from Prohibited Transaction and ReportingRequirements
1.
“FundDirect” Accounts.
Accountslimitedsolelytotransactionsin registeredopen- endinvestmentcompanieswheretheAdviserdoesnotactasadviser,unit investment trusts, 529plans,and variable contracts.
2.
ExceptionsandExemptions
.
TheChiefComplianceOfficermaygrantanexception
to
or
exemption
from
this
Code
to
any
person,
transaction or
series
of
transactions,
provided thattheexceptionorexemptionisnotcontraryto themandatory requirementsofapplicableLaws,RulesandRegulations.Exceptionsorexemptions mustbeinwritingandspecifythereason(s)andanyconditionsimposed.In determiningwhethertograntpermissionforaninitialpublicofferingorlimited offering,the ChiefCompliance Officershall consider,among otherthings, whether suchofferingshouldbereservedforaFundorotherclientoftheAdviser,and whethersuchtransactionisbeingofferedtothepersonbecauseofhisorher positionwiththeAdviser.IfanAccessPersonreceivesapproval,theymust disclose suchinvestmentswhenevertheyareinvolvedintheAdviser’ssubsequentconsideration
of
these
investments
for
any
client.
Further,
the
decision
to
purchase
orsellsuchsecurityforanyclientshouldbemadebypersonswithnopersonal direct or indirect interest in the security.3.
InvoluntaryTransactions.
Transactionsthatarenon-volitionalbyeithertheAccess Personoranyclient(includingtransactionswithrespecttowhichsuchAccess Personhasnoactualadvanceknowledgeofagiventrade).
4.
AutomaticInvestmentPlans.
Transactionsmadeautomaticallyinaccordancewithapredeterminedscheduleandallocation,suchasdividendreinvestmentplans.
5.
Rights Offerings.
Purchases effected uponthe exercise of rights issued by an issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of rights so acquired.
Section5-PeriodicCertification
Certification
1.
Onaquarterlybasis,AccessPersons(otherthanthosewhosetradingissubjectto PortfolioManagerRestrictionsandhavenotbeenpermittedtoholdaReporting Accountaway)shallcertifythattheyhavereviewedtheirquarter-endholdings reportsandthatsecuritiesholdingsinwhichtheyhaveabeneficialinterestare accuratelyreflected.
2.
On
an
annual
basis,
Access
Persons
whose
trading
is
subject
to
Portfolio
Manager
RestrictionsandhavenotbeenpermittedtomaintainaReportingAccountaway, shallcertifythattheyhavereviewedtheiryear-endholdingsreportsandthat
securitiesholdingsinwhichtheyhaveabeneficialinterestareaccuratelyreflected.
3.
Onanannualbasis,allAccessPersonsshallcertifythattheyhaveread,understand, andintendtocomplywiththisCode.
Section6-ServiceasaDirectorofaPubliclyTradedCompany
Company
1.
NoAccessPersonshallserveasdirectorofanypubliclytradedcompanywithout firstobtainingapprovalofthePresident.Anysuchapprovalshallbebasedona determinationbythePresidentthatsuchboardservicewillbeconsistentwiththe
interestsoftheclientsoftheAdviser,andthatsuchpersonservingasadirectorwill beisolatedfromthosemakinginvestmentdecisionswithrespecttosuchcompany byappropriateprocedures.AtthedirectionofthePresident,inhisorhersole discretion,suchpersonmayberequiredtoresignfromsuchdirectorship.
Section7-GiftsandEntertainment
Entertainment
1.
Thegivingorreceivingofgiftsorbusinessentertainmentcouldgiverisetoa
potential
or
actual
conflict
of
interest,
such
that
the
gift
or
entertainment
is
provided
asakickbackorquidproquo.2.
Gifts:
No Access Person, whether directly or indirectly, shall give or receive a Gift inexcessof$100peryeartoorfromanypersonassociatedwithafinancialservices firmorvendordoingbusinesswith,orhopingtodobusinesswith,theFundsandor Saturna.GiftsandentertainmentconnectedtothepurchaseorsaleofaFund’s portfoliosecuritiesarenotpermitted.AllGiftsmustbereportedtotheChief ComplianceOfficerwithin30daysofreceipt.Forpurposesofthisprovision,
promotionalitemsofnominalvaluethatarewidelydistributedanddisplayagift
giver’s
logo,
such
as
golf
balls,
shirts,
towels
and
pens,
do
not
fall
within
the
definitionof“Gift.”3.
Businessentertainment:
NoAccessPersonmayprovideBusinessEntertainmentto anypersonfromwhomSaturnaissolicitingbusinessorwithwhomSaturnais conductingbusiness,inexcessofthedollarlimitapplicabletosuchpersonas
established
by
the
President
or
Chief
Financial
Officer
of
Saturna.
Trustees
of
the
FundsandinvestmentadvisoryclientsofSaturnaareexemptedfromthisrequirement.
4.
PaymentorReimbursementofExpenses:
PaymentsofanAccessPerson'sor
Trustee's("Attendee")expensesinconnectionwithmeetingsheldbyanofferoror byasecuritiesbrokeragefirm,forthepurposeoftrainingoreducationofthe Attendeemaybereceived, provided that:
a.
The Attendee keeps, including all compensation received, the name of the offeroror brokerage firm, the amountof cash received, and the nature and, if known, value of any non-cash compensation;
b.
The
Attendee
obtains
the
President's
prior
approval
to
attend
the
meeting;
c.
Thelocationisappropriatetothepurposeofthemeeting,whichshallmean anofficeoftheofferororthebrokeragefirm,orafacilitylocatedinthe vicinityofsuchoffice,oraregionallocationwithrespecttoregional
meetings;
d.
The
payment
or
reimbursement
is
not
applied
to
the
expenses
of
guests
of
the Attendee; and
e.
Thepaymentorreimbursementbytheofferororbrokeragefirmisnot
subjecttoanyconditions.Thelimitsofthisparagraphshallnot applytoany expensesincurredbyanyFundortrusteewhicharepaidbytheAdviserin connectionwithanymeeting,conference,educationorotheractivityofany kind related to businessof a Fund.
Section8-Disclosures
1.
Fund
trustee
disclosures.
Fund
trustees
must
disclose
ownership
interests
in
Fund
securities,qualificationsfortheirFundpositions,compensation,meeting
attendance,
potential
conflicts
of
interest,
and
other
details
specified
in
SEC
regulationswhicharereceivedthroughanannualquestionnaire.Questionsaredirected
to
Fund
legal
counsel
and/or
the
Chief
Compliance
Officer.
2.
CodeofEthicsdisclosure.
TheFunds discloseintheirregistrationstatements
that:
a.
TheFundsandtheAdviserhaveadoptedthisCodeof
Ethics;
b.
ThisCodepermitspersonneltoinvestinsecuritiesfortheirownaccounts,
and
c.
This
Code
is
on
public
file,
and
available
from,
the
SEC.
This
Code
of
Ethics
is
filed as an exhibit to the Funds' registration statements and is available online at Saturna websites.
Section9-AdministrationandEnforcement
Enforcement
1.
The ChiefCompliance Officerwill administerthe Code and shall be responsible for a quarterlyreview,aspreparedbytheReportingAccountsystem,whichcompares
Reporting
Account
securities
transactions
of
Access
Persons
with
completed
portfoliotransactionsofclientstodetermine,amongotherthings,whethera violationofthisCodeofEthics,front-running,orinsidertradingmayhaveoccurred.2.
Possible violationsofthisCode of Ethicsmustbe reportedto the Chief Compliance Officer immediately, or in the absence of the Chief Compliance Officer, to any Compliance Officer,the President,orto any Director.Possible violations shall be promptlyinvestigated,andviolationsreportedthroughtheChiefComplianceOfficer tothePresidentandboardofdirectorsoftheAdviser,withcopiestoFundboards. Suchreportshallincludethecorrectiveactiontakenandanyrecommendationfor disciplinary action deemedappropriate by the ChiefCompliance Officer. Such recommendationshallbebasedon,amongotherthings,theseverityofthe infraction,whetheritisafirstorrepeatoffense,andwhetheritispartofapatternof disregardfortheletterandintentofthisCodeofEthics.ThePresidentorboardof
directors
of
the
Adviser
may
impose
such
sanctions
for
violation
of
this
Code
of
Ethicsasdeemedappropriate,including,butnotlimitedto:a.
Oral
reprimand;
b.
Letterof
censure;
c.
Suspensionorterminationofthe
employment;
d.
Reversalofasecuritiestradeattheviolator'sexpenseandrisk,including disgorgement of any profit; and
e.
Inseriouscases,referraltolawenforcementorregulatory
authorities.
3.
At their first regular meeting in each calendar year, the Fund boards must be provided and review an annual report from the Adviser on compliance for the previous year. The Boards must receive a certification that the Fund and theAdviser "have adopted procedures reasonably necessary to prevent Access Persons from violating" their codes before approving this Code of Ethics and "not less frequently than annually" thereafter. The annual report to the Fund boards must describe any issues and material violations arising under this Code since the last report.
Section10-Certification
Bysigning,youarecertifyingthatyouhaveread,understand,andintendtocomply with this Code.
Section11-AppendixA
AppendixA
Sarbanes-Oxley SOX Code of Ethicsfor the PrincipalExecutiveOfficerandPrincipalFinancialOfficerof
AMANAMUTUALFUNDSTRUSTSATURNAINVESTMENTTRUST
I. COVEREDOFFICERS/PURPOSEOFTHESOXCODE
ThisSarbanes-OxleySOXCodeofEthics(the “SOXCode”)fortheseriesof funds (each,
a
“Fund”andcollectively,the“Funds”)ofAmanaMutualFundsTrustandSaturnaInvestment Trust (each, a “Trust” and collectively, the “Trusts”) applies to each Trust’s Principal ExecutiveOfficerandPrincipalFinancialOfficer(the“CoveredOfficers,”identifiedon ScheduleA). Thepurposeof thisSOXCodeis topromote:
•
Honestandethicalconduct,includingtheethicalhandlingofactualorapparent conflictsofinterestbetweenpersonalandprofessionalrelationships;
•
Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by the Funds;
•
Compliancewithapplicablelawsandgovernmentalrulesand
regulations;
•
Thepromptinternal reportingofviolationsoftheSOXCodetoan appropriate person or persons identified in the SOX Code; and
•
AccountabilityforadherencetotheSOX
Code.
EachCoveredOfficershouldadheretoahighstandardofbusinessethicsandshouldbe sensitivetosituationsthatmaygiverisetoactualaswellasapparentconflictsofinterest.
II. COVERED OFFICERS SHOULD HANDLE ETHICALLY ANY ACTUAL AND APPARENT CONFLICTS OF INTEREST
A“conflictofinterest”occurswhenaCoveredOfficer’spersonalinterestinterfereswith the interests of, or his service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or amember of his family, wereto receiveimproper personal benefits as a result of his position with a Fund.
CertainconflictsofinterestariseoutoftherelationshipsbetweenCoveredOfficersanda FundandalreadyaresubjecttoconflictofinterestprovisionsintheInvestmentCompany Actof1940andtheInvestmentAdvisersActof1940.Forexample,CoveredOfficersmay
not
individually
engage
in
certain
transactions
(such
as
the
purchase
or
sale
of
securities
or
otherproperty)withtheFundbecauseoftheirstatusas“affiliatedpersons”ofthe investmentadvisertoeachoftheFunds.ThecomplianceprogramsandproceduresoftheFundsandSaturnaCapitalCorporation(“Saturna”)aredesignedtoprevent,oridentifyand correct,violationsofsuchrequirements.ThisSOXCode doesnot, andisnot intendedto, repealorreplacethoseprogramsandprocedures,andsuchconflictsfalloutsideofthe parametersofthisSOXCode.
Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between each of the Funds and Saturna, for which the Covered Officers may also serve as trustees, officers, or employees. Asaresult,thisSOXCoderecognizesthattheCoveredOfficerswill,inthenormalcourseof their duties (whether formally for a Fund or for Saturna, or for both), be involved in establishing policies and implementing decisionsthat will have different effects on Saturna and each of the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each of the Funds and Saturna and is consistent with theperformanceby theCoveredOfficers of theirduties asofficers ofoneor more Funds and, ifaddressedin conformity withthe provisions ofthe Investment Company Act and the Investment Advisers Act, will be deemed to have been handled ethically. In addition, it is recognized by the Boards of Trustees of each Trust(collectively, the “Board of Trustees”) that the Covered Officers may also be directors, officers, or employees of Saturna and are covered by this SOX Code and by a separate code of ethics.
Otherconflicts of interest are coveredby thisSOX Code,evenif suchconflicts of interest are notsubjecttoprovisionsintheInvestmentCompanyActandtheInvestmentAdvisersAct. In reading the following examples of conflicts of interest under this SOX Code, Covered
Officers
should
keep
in
mind
that
such
a
list
cannot
ever
be
exhaustive
and
cannot
consider
everypossiblescenario.Assuch,theoverarchingprinciplethatthepersonalinterestofa CoveredOfficershouldnotbeplacedimproperlybeforetheinterestofaFundshallgovern andshallbethe standardbywhichaCoveredOfficer’sconductis judged underthis SOXCode.
EachCoveredOfficermust
not:
•
Usehispersonalinfluenceorpersonalrelationshipsimproperlytoinfluence
investmentdecisionsorfinancialreportingbyaFundwherebytheCoveredOfficer wouldbenefitpersonallytothedetrimentof theFund;and
•
CauseaFund totakeaction, orfailto takeaction, for theindividualpersonalbenefit of the Covered Officer rather than the benefit the Fund.
Therearesomepotentialconflictofinterestsituationsthatshouldbediscussed
with
Saturna’sChiefLegalOfficerifmaterial.Examplesofthese
include:
•
Serviceasadirector on theboardofanypublic
company;
•
Anydirectownershipinterestin,oranyconsultingoremploymentrelationship
with,anyoftheFunds’serviceproviders,otherthanSaturnaoranyaffiliatedperson ofSaturna;
•
A direct or indirect financial interest in commissions, transaction charges, or spreads paid by a Fund for effecting portfolio transactions or for selling or
redeemingshares,otherthananinterestarisingfromtheCovered
Officer’s
employment,suchascompensationorasdirector,officer,shareholder,oremployee ofSaturna.
III. DISCLOSURE&COMPLIANCE
It is theresponsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules, and regulations. In addition, each Covered Officer:
•
Shouldfamiliarizehimselfwiththedisclosurerequirementsgenerallyapplicableto theFunds;
•
Should
not
knowingly
misrepresent,
or
cause
others
to
misrepresent,
facts
about
a
Fundtoothers,whetherwithinoroutsideSaturnaoraFund,includingtoaTrust’s IndependentTrusteesandauditors,andtogovernmentalregulatorsandself- regulatory organizations; and
•
Should, tothe extent appropriate within hisarea of responsibility, consult withother officersoftheTrustand employees of Saturnawith thegoalofpromotingfull, fair, accurate, timely and understandable disclosure in the reports and documentstheFundsfilewith, or submitto, theSECand inother publiccommunications made by the Funds.
IV. REPORTINGANDACCOUNTABILITY
Saturna’s Chief Legal Officer is responsible for applying this SOX Code to specific situations
in
which
questions
are
presented
under
it
and
has
the
authority
to
interpret
this
SOX
Code
inanyparticularsituation.TheChiefLegalOfficermayconsult,asappropriate,withthe IndependentTrustees,and/orcounseltotheIndependentTrustees,andisencouragedto doso.However,anyapprovalsorwaiverssoughtbytheCoveredPersonswillbe considered and approved by the Independent Trustees.EachCoveredOfficer
must:
•
UponadoptionoftheSOXCode,affirminwritingtotheBoardofTrusteesthathe has received, read, and understands the SOX Code;
•
AnnuallythereafteraffirmtotheBoardofTrusteesthathehascompliedwiththe requirementsoftheSOXCode;
•
Report at least annually such affiliations or otherrelationships related to conflicts of interest as covered by the Annual Directors & Officers Questionnaire;
•
Not retaliate against any employee or member of Saturna for reports of violations or potential violations of law or this SOX Code that are made in good faith; and
•
NotifySaturna’sChiefLegalOfficerpromptlyifheisawareofanyviolationor potentialviolationoflaworthisSOXCode,recognizingthatfailuretodosoisitselfa violation ofthis SOXCode.
EachoftheFundswillfollowtheseproceduresininvestigatingandenforcingthisSOX
Code:
•
Saturna’sChiefLegalOfficerwilltakeallappropriateactiontoinvestigate
any
potential
violations
reported
to
him;
•
If, after such investigation, theChief Legal Officerbelieves that no violationhas occurred, the Chief Legal Officer is not required to take any further action, but he shall discuss with the Trust’s Independent Trustees at its next regularly scheduled meeting his investigation and conclusion;
•
Any matterthat the ChiefLegalOfficerbelievesisa violationwillbe reportedtothe IndependentTrustees;
•
If
the
Independent
Trustees
concur
that
a
violation
has
occurred,
the
Independent
Trusteeswillconsiderappropriateaction,whichmayincludereviewof,and appropriatemodificationsto,applicablepoliciesandprocedures;notificationto appropriatepersonnelofSaturna;orarecommendationtodismisstheCovered
Officer;
•
TheIndependentTrusteeswillberesponsibleforgrantingwaivers,asappropriate;
and
•
AnychangestoorwaiversofthisSOXCodewill,totheextentrequired,bedisclosed as provided by SEC rules.
V. OTHERPOLICIESANDPROCEDURES
ThisSOXCodeshallbethesoleSOXCodeofethicsadoptedbytheTrusts(onbehalfofeach Fund) for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. To the extent that they overlapor conflict, the provisions of this SOX Code supersede the policies and procedures of the Funds and the Funds’ adviser, principal underwriter, and other service providers. The Funds’ and Saturna’s Codeof Ethics under Rule17j-1 under theInvestment Company Act are separate requirements applying to the Covered Officers and others and are not part of this SOX Code.
VI. AMENDMENTS
Except astothe individualslisted on Schedule A,thisSOX Code may not be amendedexcept inwrittenform,whichshallbeexplicitlyapprovedorratifiedbyamajorityvoteofeach Trust’s Independent Trustees.
VII. CONFIDENTIALITY
AllreportsandrecordspreparedormaintainedpursuanttothisSOXCodeshallbe consideredconfidentialandshallbemaintainedandprotectedaccordingly.Exceptas otherwiserequiredbylaworthisSOXCode,such mattersshallnotbe disclosedtoanyone other than theIndependentTrustees andtheir independentlegalcounsel.
VIII. INTERNALUSE
The SOX Code is intended solelyfor the internal use by each of the Funds and does not constituteanadmission,byoronbehalfofanyFund,asto anyfact,circumstance,orlegal
conclusion.
SCHEDULEA
PersonsCoveredbythisSOXCodeofEthics PositionwithTrusts
NicholasF.
Kaiser
PrincipalExecutiveOfficer
Jane
K.
Carten
PrincipalExecutiveOfficer
ChristopherR.
Fankhauser
PrincipalFinancialOfficer