|   | (ii) "Fund" means any registered investment company            adopting this Code of Ethics.                |
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|   | (iii) "Compliance Officer" means the person sodesignated            by the Adviser to act in that capacity. |
|   | Adviser does not include any consultant or sub-advisor          whose only role is to advise on general principles.   |

|   | ( i ) any employee of the Adviser or Fund who, in connection with            his regular functions or duties, makes, participates in, or obtains            information regarding the purchase or sale of a security by theclients            of the Adviser or the Fund, or whose functions relate to the making            of any recommendations with respect to such purchases or sales;and |
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|   | (ii) any natural person in a control relationship to anyclient              of the Adviser or Fund who obtains information concerningrecommendations              made to the client concerning the purchase or sale of asecurity.                                                                                                                                                              |

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(g) "Disinterested Trustee" means a trustee of a Fund who is      not an "interested person" of the Fund. Only for purposes ofthis      Code, it shall include a trustee of a Fund who, though an interestedperson      of the Adviser by virtue being solely a consultant to a Fund, is not an      employee, officer or director of the Adviser.

|   | (i) any affiliated person of such company,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
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|   | (ii) any member of the immediate family of any natural person              who is an affiliated person of such company,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   | (iii) any interested person of any investment adviser orprincipal            underwriter for such company,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   | (iv) any person or partner or employee of any person who at any            time since the beginning of the last two fiscal years of suchcompany            has acted as legal counsel for such company,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   | (v) any broker or dealer registered under the SecuritiesExchange            Act of 1934 or any affiliated person of such a broker or dealer,and                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | (vi) any natural person whom the Securities and ExchangeCommission              by order shall have determined to be an interested person byreason              of having had, at any time since the beginning of the last twofiscal              years of such company, a material business or professionalrelationship              with such company or with the principal executive officer of such              company or with any other Investment Company having the sameInvestment              Adviser or principal underwriter or with the principal executive              officer of such other Investment Company.
 	Provided, That no person shall be deemed to be aninterested              person of an Investment Company solely because of (a) his being              a member of its Board of Trustees or advisory board or an owner              of its securities, or (b) his membership in the immediate family              of any person specified in clause (a) of this proviso. |
|   | For the purposes of this paragraph (h), "member of theimmediate            family" means any parent, spouse of a parent, child, spouse of            a child, spouse, brother, or sister, and includes step and adoptive            relationships.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |

|   | (i) is or has been held by such client, or |
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|   | (ii) is being or has been considered by such client or the                  Adviser for purchase by such client. |
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|   | (1) Purchases or sales that result in an open (long orshort)                  security position (or options thereon) no larger than 1% of                  the average daily trading volume for the last month.                                                                                                                                                |
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|   | (2) Purchases or sales that result in an open security position            no larger than 2,000 shares (or options thereon) for any stock in            the Standard & Poor's 500 Index, or 500 shares (or optionsthereon)            for any stock in the Standard & Poor's 400 Mid-Cap Index orStandard            & Poor's 600 Small-Cap Index. |

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|   | (1) is being considered, or within five days preceding                    the proposed transaction has been considered, for purchase                    or sale by any client; or |
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|   | (2) is being purchased or sold by any client, or was purchased              or sold by a client within the five days preceding the accessperson's              transactions; or   |
|   | (3) is designated by the Adviser as a "RecommendedSecurity"            for consideration of any client for purchase or sale.                                            |

|   | acquires, any direct or indirect beneficial ownership                      and which to his actual knowledge at the time of suchpurchase                      or sale, is the subject of an initial publicoffering.                                                                                                                                                                                                                                                                                                                                                                   |
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|   | (2) Private Placements; Exempt Transactions. No advisoryperson                may purchase, directly or indirectly, any security in which he                has or because of such transaction acquires, any direct orindirect                beneficial ownership, if such transaction is not in the openmarket,                or if such transaction is made pursuant to any exemption from                the registration provisions of the federal securities lawsunless                such transaction has been approved in advance by the Compliance                Officer. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   | 	Provided, that in determining whether to grant permission            for such private placement, the Compliance Officer (or directors,            as applicable) shall consider, among other things, whether suchoffering            should be reserved for an investment company or other client of the            Adviser, and whether such transaction is being offered to the person            because of his or her position with the Adviser.                                                                                                                              |
|   | Provided further, that any such person who          has received such permission shall be required to disclose such aninvestment          when participating in any subsequent consideration of such security          for purchase or sale by clients of the Adviser, and that the decision          to purchase or sell such security should be made by persons with no          personal direct or indirect interest in the security.                                                                                                                                              |

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|   | (1) Employees and access persons desiring to trade securities              for their own accounts are strongly encouraged, but not required,              to open and maintain accounts with Saturna Brokerage Services              and to place all securities trades through Saturna Brokerage. No              employee or access person may open or maintain a securitiestrading              account, of any type, in which he or she has any direct orindirect              interest unless such account has been reported to and approved in              advance by the Compliance Officer. Any person maintaining any such              account shall instruct the broker with which such account ismaintained              to send copies of confirmations of all personal securitiestransactions              and copies of periodic statements with respect to such accountdirectly              to the Compliance Officer. |
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|   | (2) All access persons not maintaining a securities tradingaccount            with Saturna Brokerage shall be responsible for maintaining on the            NEPTUNE recordkeeping system of Investors National an accurateinventory            of all securities held by such person that are required to bereported            under this Code of Ethics. The name of the broker, dealer or bank            with which any account is established, and the date the account is            established, must be reported to the Compliance Officer.                                                                                                                                                                                                                                                                                                                                                                                      |

|   | (1) Employees obtaining material non-public informationshould                refrain from disclosing that information to anyone.Additionally,                employees should not trade in the securities to which theinformation                relates. |
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|   | (2) Employees who are aware of the misuse of materialnon-public                information should report such to the Compliance Officer.                                                                                                                  |

|   | (1) The date of the transaction, the title and the number                    of shares, and the principal amount of each securityinvolved; |
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|   | (2) The nature of the transaction (i.e., purchase, sale or any              other type of acquisition or disposition);                     |
|   | (3) The price at which the transaction was effected;and,                                                                                   |
|   | (4) The name of the broker, dealer or bank with or through whom            the transaction was effected.                                   |

|   | (1)The Compliance Officer shall be responsible for aquarterly                    review, as prepared by the Adviser's NEPTUNE system, that                    compares the reported personal securities transactions of                    employees with completed portfolio transactions of clients                    to determine whether a violation of this Code of Ethics may                    have occurred. The Compliance Officer shall review initial                    and annual holdings reports. The Adviser will maintain the                    names of the persons reviewing these reports.                                                                                                                                     |
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|   | (2) At their first regular meeting in each calendar year,                the Fund boards must be provided and review an annual reportfrom                the Adviser on compliance for the previous year. The Boards must                receive a certification that the Fund and the Adviser "have                adopted procedures reasonably necessary to prevent AccessPersons                from violating" their codes (a) before approving this Code                of Ethics and (b) "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. |

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|   | (a) letter of censure;                                                                                                        |
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|   | (b) suspension or termination of the employment;                                                                              |
|   | (c) reversal of a securities trade at the violator's expense              and risk, including disgorgement of any profit; and |
|   | (d) in serious cases, referral to law enforcement or regulatory            authorities.                                       |