Amana Mutual Funds Trust Income Fund (AMANX) N-CSR/A Certified annual shareholder report (management investment company) (amended)

Codeof

Ethics

Tableof

Contents

Preamble

.........................................................................................................................................

2

Section1-

Definitions

....................................................................................................................

2

Section2-Prohibited

Transactions

............................................................................................

4

Section3-Reportingand

Approvals

..........................................................................................

5

Section4-ExemptionsfromProhibitedTransactionandReporting

Requirements

...........

7

Section5-Periodic

Certification

..................................................................................................

8

Section6-ServiceasaDirectorofaPubliclyTraded

Company

............................................

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,

andtheboardoftrusteesofbothSaturnaInvestmentTrustandAmanaMutualFundsTrust

independently

adopted

this

Code

of

Ethics

to

assist

in

maintaining

the

highest

standards

of

conduct.SaturnaCapitalanditsaffiliatesencourageprivateinvestmentactivities,butsuch activitiesmustbecarriedoutwithintheletterandspiritofthisCode.Eachoftheseboards mustapproveanymaterialchangetothisCodeofEthics.Questionsshouldbebroughtto

the

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 Officeris

employed

•

"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.

Section

2

-

Prohibited

Transactions

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.

Insider

Trading.

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.

Section

3

-

Reporting

and

Approvals

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,aFund

purchased

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

permittedtomaintainsecuritiesaccountsatacustodianacceptabletothe

subsidiaries’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.

Transaction

reporting.

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 Reporting

Requirements

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’ssubsequent

consideration

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-

Periodic

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-

Serviceasa

Directorofa

PubliclyTraded

Company

1.

NoAccessPersonshallserveasdirectorofanypubliclytradedcompanywithout firstobtainingapprovalofthePresident.Anysuchapprovalshallbebasedona determinationbythePresidentthatsuchboardservicewillbeconsistentwiththe

interestsoftheclientsoftheAdviser,andthatsuchpersonservingasadirectorwill beisolatedfromthosemakinginvestmentdecisionswithrespecttosuchcompany byappropriateprocedures.AtthedirectionofthePresident,inhisorhersole discretion,suchpersonmayberequiredtoresignfromsuchdirectorship.

Section7

-

Giftsand

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

FundsandinvestmentadvisoryclientsofSaturnaareexemptedfromthis

requirement.

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.Questionsare

directed

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.

Section

9

-Administrationand

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.

Section

11

-

Appendix

A

Appendix

A

Sarbanes-Oxley SOX Code of Ethicsfor the PrincipalExecutiveOfficerandPrincipalFinancialOfficerof

AMANAMUTUALFUNDSTRUSTSATURNAINVESTMENT

TRUST

I.

COVEREDOFFICERS/PURPOSEOFTHESOX

CODE

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.Thecomplianceprogramsandproceduresofthe

FundsandSaturnaCapitalCorporation(“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 SOX

Code.

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.

REPORTING

AND

ACCOUNTABILITY

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.

OTHER

POLICIES

AND

PROCEDURES

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.

INTERNAL

USE

The SOX Code is intended solelyfor the internal use by each of the Funds and does not constituteanadmission,byoronbehalfofanyFund,asto anyfact,circumstance,orlegal

conclusion.

SCHEDULE

A

Persons

Covered

by

this

SOX

Code

of

Ethics

                  Positionwith

Trusts

NicholasF.

Kaiser

                                                                   PrincipalExecutive

Officer

Jane

K.

Carten

                                                                         PrincipalExecutive

Officer

ChristopherR.

Fankhauser

                                                     PrincipalFinancial

Officer