# EDGAR Filing Document

**Accession Number:** 0000766285
**File Stem:** 0000898432-26-000403
**Filing Date:** 2026-6
**Character Count:** 1005864
**Document Hash:** 25a6ff01122f00daa3649a3c0ca4ad34
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000898432-26-000403.hdr.sgml**: 20260605

**ACCESSION NUMBER**: 0000898432-26-000403

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 58

**FILED AS OF DATE**: 20260605

**DATE AS OF CHANGE**: 20260605

**EFFECTIVENESS DATE**: 20260605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMANA MUTUAL FUNDS TRUST
- **CENTRAL INDEX KEY:** 0000766285

**ORGANIZATION NAME:**
- **EIN:** 356447892
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04276
- **FILM NUMBER:** 261069951

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

**MAIL ADDRESS:**
- **STREET 1:** 1300 N STATE STREET
- **CITY:** BELLINGHAM
- **STATE:** WA
- **ZIP:** 98225
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMANA MUTUAL FUNDS TRUST
- **CENTRAL INDEX KEY:** 0000766285

**ORGANIZATION NAME:**
- **EIN:** 356447892
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-96924
- **FILM NUMBER:** 261069950

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

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

## Series and Classes Contracts Data

### Amana Equity Income ETF (Series ID: S000105089)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000275823 | Amana Equity Income ETF | AMEI            |

### Amana Growth ETF (Series ID: S000105090)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000275824 | Amana Growth ETF | AMGR            |

### Amana Developing World ETF (Series ID: S000105091)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000275825 | Amana Developing World ETF | AMEM            |

?xml version='1.0' encoding='ASCII'?

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

**FORM N-1A**

REGISTRATION STATEMENT UNDER THE

SECURITIES ACT OF 1933

POST-EFFECTIVE AMENDMENT NO. 68

REGISTRATION STATEMENT UNDER THE

INVESTMENT COMPANY ACT OF 1940

POST-EFFECTIVE AMENDMENT NO. 71

**AMANA MUTUAL FUNDS TRUST**

(Exact Name of Registrant as Specified in Charter)

**1300 N. State Street**

**Bellingham, Washington 98225-4730**

(Address of Principal Executive Offices, including ZIP Code)

Registrant's Telephone Number – (360) 734-9900

**Elliot S. Cohen, Esq.**

**1300 N. State Street**

**Bellingham, Washington 98225-4730**

(Name and Address of Agent for Service)

It is proposed that this filing will become effective:

[X] Immediately upon filing pursuant to paragraph (b) of Rule 485, or

[ ] on ___________ pursuant to paragraph (b) of Rule 485

[ ] 60 days after filing pursuant to paragraph (a)(1) of Rule 485, or

[ ] on ___________ pursuant to paragraph (a)(1) of Rule 485

[ ] 75 days after filing pursuant to paragraph (a)(2) of Rule 485, or

[ ] on ___________ pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

[ ] this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

EXPLANATORY NOTE

Post-Effective Amendment No. 68 to the Registration Statement on Form N-1A for Amana Mutual Funds Trust (the "Trust") relates to the Amana Equity Income ETF, Amana Growth ETF, and Amana Developing World ETF, each a series of the Trust. As stated in CORRESP filed on EDGAR on June 1, 2026, the Registrant intends to abandon the registration of Amana Sukuk ETF. Amana Sukuk ETF is not included in Post-Effective Amendment No. 68.

------

### amana etf s
Prospectus

June 10, 2026

Amana Equity Income ETF (AMEI)<br> Amana Growth ETF (AMGR)<br> Amana Developing World ETF (AMEM)<br>

Investments are consistent with Islamic principles.

Please read this Prospectus and keep it for future reference. It is designed to provide important information and to help investors decide if a Fund's goals match their own.

Neither the Securities and Exchange Commission nor any state securities authority has approved or disapproved these securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

Shares of the Funds will be listed and traded on the Nasdaq Global Market ("Exchange"). Fund shares are not individually redeemable.

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [FUND SUMMARY](#pFUNDSUMMARY) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Amana Equity Income ETF](#pAmanaEquityIncomeETF) | 1<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Amana Growth ETF](#pAmanaGrowthETF) | 9<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Amana Developing World ETF](#pAmanaDevelopingWorldETF) | 16<br>|
| [ADDITIONAL INFORMATION ABOUT THE FUNDS](#pADDITIONALINFORMATIONABOU) | 22 |
| [INVESTMENT ADVISER](#pINVESTMENTADVISER) | 32 |
| [SUB-ADVISER](#pSUB-ADVISER) | 33 |
| [PORTFOLIO MANAGERS](#pPORTFOLIOMANAGERS) | 34  |
| [OTHER SERVICE PROVIDERS](#pOTHERSERVICEPROVIDERS) | 34 |
| [BUYING AND SELLING FUND SHARES](#pBUYINGANDSELLINGFUNDSHARE) | 34 |
| [VALUATION OF FUND SHARES](#pVALUATIONOFFUNDSHARES) | 35 |
| [PREMIUM/DISCOUNT INFORMATION](#pPREMIUMDISCOUNTINFORMATIO) | 36 |
| [FUND WEBSITE AND DISCLOSURE OF PORTFOLIO HOLDINGS](#pFUNDWEBSITEANDDISCLOSUREO) | 36 |
| [ACTIVE INVESTORS AND MARKET TIMING](#pACTIVEINVESTORSANDMARKETT) | 36 |
| [INVESTMENTS BY REGISTERED INVESTMENT COMPANIES](#pINVESTMENTSBYREGISTEREDIN) | 37 |
| [CONTINUOUS OFFERING](#pCONTINUOUSOFFERING) | 37 |
| [PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES](#pPAYMENTSTOBROKER-DEALERSA) | 38 |
| [DISTRIBUTION AND SERVICE PLAN](#pDISTRIBUTIONANDSERVICEPLA) | 38 |
| [DIVIDENDS, OTHER DISTRIBUTIONS AND TAXES](#pDIVIDENDSOTHERDISTRIBUTIO) | 38 |
| [HOUSEHOLDING POLICY](#pHOUSEHOLDINGPOLICY) | 41 |
| [ADDITIONAL INFORMATION](#pADDITIONALINFORMATION) | 42  |
| [FINANCIAL HIGHLIGHTS](#pFINANCIALHIGHLIGHTS) | 42 |
| [Appendix – Related Performance Information of Similar Accounts](#pAppendixRelatedPerformanc) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Amana Equity Income ETF](#ppAmanaEquityIncomeETF) | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Amana Growth ETF](#ppAmanaGrowthETF) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Amana Developing World ETF](#ppAmanaDevelopingWorldETF) | 45<br>|

---

No person has been authorized to give any information or to make any representations other than those contained in this Prospectus and the Fund's Statement of Additional Information ("SAI") dated June 10, 2026 (which is incorporated by reference into this Prospectus and is legally a part of this Prospectus) and, if given or made, such information or representations may not be relied upon as having been authorized by us.

------

#### FUND SUMMARY

#### Amana Equity Income ETF

#### Investment Objective
Current income and preservation of capital, consistent with Islamic principles. Current income is its primary objective.

#### Fees and Expenses
This section describes the fees and expenses that you may pay if you buy and hold shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.**

Shareowner Fees

None.

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment):

---

| | |
|:---|:---|
| Management Fees | 0.76% |
| Distribution and/or Service (12b-1) Fees<sup>(1)</sup> | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| **Total Annual Fund Operating Expenses** | 0.76% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant to a Rule 12b-1 Distribution and Service Plan (the "Plan"), the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund's average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on estimated amounts for the current fiscal year.

#### Example
This example is intended to help investors compare the cost of investing in shares of the Fund with the cost of investing in other funds. The example assumes an investor invests $10,000 in shares of the Fund for the time periods indicated. The example also assumes that the investment has a 5% return each year and that the Fund's operating expenses remain the same. The example does not reflect any brokerage commissions that an investor may pay on purchases and sales of Fund shares. Although actual costs may be higher or lower, based on these assumptions, whether an investor does or does not redeem the shares, an investor's expenses would be:

---

| | |
|:---|:---|
|  One Year | Three Years |
| $78 | $243 |

---

#### Portfolio Turnover
The Fund may have transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the

------

annual fund operating expenses or in the example, affect the Fund's performance. Because the Fund had not yet commenced operations prior to the date of this Prospectus, it does not have a portfolio turnover rate to provide.

#### Principal Investment Strategies
The Fund invests primarily in dividend-paying common stocks, including foreign stocks. Investment decisions are made in accordance with Islamic principles. Generally, Islamic principles require that investors share in profit and loss, that they receive no usury or interest, and that they do not invest in a business that is prohibited by Islamic principles. To the extent prohibited by Islamic investment principles the Fund does not invest in companies primarily engaged in businesses such as alcohol, tobacco, pork products, pornography, interest-based banks, finance associations and insurers, weapons, and gambling.

The Fund does not make any investments not permitted under Islamic principles, including those that pay interest. Islamic principles discourage speculation. The Fund tends to hold investments for several years. The Fund may invest its uninvested cash in short-term Islamic income-producing investments called murabaha and wakala, as described below.

The Fund principally follows a large-cap value investment style. Common stock purchases are restricted to dividend-paying companies. The Fund seeks companies demonstrating both Islamic and sustainable characteristics.

The Fund's adviser (Saturna Capital Corporation) considers issuers with sustainable characteristics to be those issuers that are more established, consistently profitable, and financially strong, with robust policies in the areas of the environment, social responsibility, and corporate governance (collectively referred to as "sustainability").

Except for murabaha and wakala investments, the adviser employs a sustainable rating system based on its own, as well as third-party, data to identify issuers believed to have lower sustainability risks. The use of third-party data does not include third-party environmental, social, or governance ("ESG") ratings or criteria established by third parties for third-party ratings. The adviser's proprietary scoring system assesses how well a company performs relative to a blend of its industry, sector, and country peers. In addition to the financial considerations discussed above, the adviser considers sustainability practices such as carbon emissions, water usage, renewable energy, and fair labor and supply chain practices. The Fund's sustainability evaluation process considers risks and opportunities holistically, meaning an issuer will not necessarily be excluded from investment due to any one particular factor if the overall analysis results in a favorable evaluation by the adviser. The adviser also uses negative screening to exclude companies primarily engaged in higher sustainability risk businesses, such as companies in the business of fossil fuel exploration, production, or refining, and, to the extent prohibited by Islamic investment principles, companies primarily engaged in businesses such as alcohol, tobacco, pork products, pornography, interest-based banks, finance associations and insurers, weapons, and gambling.

The Fund is "non-diversified," which means that it may invest a larger percentage of its assets in a relatively small number of issuers.

------

It is the policy of the Fund, under normal circumstances, to invest at least 80% of its total net assets in income-producing equity securities, primarily dividend-paying common stocks.

Because Islamic principles preclude the use of interest-paying instruments, the Fund's cash positions do not earn interest income. The Fund may invest its cash positions in murabaha and wakala, which are notes and certificates issued for payment by foreign governments, their agencies, and financial institutions in transactions structured to be in accordance with Islamic principles. Murabaha involves a purchase and sale contract, and wakala involves the operation of an account under the Islamic finance principle of wakala (an agency agreement). These investments typically involve the purchase of financial certificates representing investments in tangible assets, project financing, sale and leaseback arrangements, and the distribution of profits (as opposed to the payment of interest) related to the underlying asset or project. Unlike an investment in a bond that represents a promise to pay interest, these investments involve the sharing of profits and losses in the assets or projects financed by the Fund's investment in the notes and certificates. In addition, the Fund may invest cash positions in time deposits with banks that involve underlying purchase and sale agreements to generate the return on the deposit.

For cash management purposes, Fund will seek to gain exposure to murabaha and wakala investments by investing up to 20% of the Fund's total net assets in a wholly-owned and controlled subsidiary, which is organized under the laws of the Cayman Islands (the "Subsidiary"). The Subsidiary invests in murabaha and wakala investments and may invest in other short-term Islamic income-producing investments. The Fund invests in the Subsidiary in order to gain exposure to murabaha and wakala investments within the limitations of the federal tax law, rules and regulations that apply to "regulated investment companies."

#### Principal Risks of Investing
As with all funds, investing in the Fund entails risks that could cause the Fund and the Fund's investors to lose money. The principal risks of investing in the Fund are as follows:

**Market risk:** The value of the Fund's shares rises and falls as the market value of the securities in which the Fund invests goes up and down. Consider investing in the Fund only if you are willing to accept the risk that you may lose money. Fund share prices, yields, and total returns will change with the fluctuations in the securities markets as well as the fortunes of the industries and companies in which the Fund invests.

**Investment strategy risk:** Islamic principles restrict the Fund's ability to invest in certain market sectors, such as financial companies and conventional fixed-income securities. The adviser believes that Islamic and sustainable investing may mitigate security-specific risks, but the screens used in connection with these strategies reduce the investable universe, which may limit investment opportunities and adversely affect the Fund's performance. Because Islamic principles preclude the use of interest-paying instruments, cash positions do not earn interest income but, to the extent the Fund invests cash in murabaha or wakala, the Fund will share in the distribution of profits (as opposed to the payment of interest) related to any murabaha or wakala investments.

**Equity securities risk:** Equity securities may experience significant volatility in response to economic or market conditions or adverse events that affect a particular industry, sector, or company. Larger companies may have slower rates of growth as compared to smaller, faster-growing companies. Smaller

------

companies may have more limited financial resources, products, or services, and tend to be more sensitive to changing economic or market conditions.

**Foreign investing risk:** The Fund may invest in securities that are not traded in the United States when market conditions or investment opportunities arise that, in the judgment of the adviser, warrant such investment. Investments in the securities of foreign issuers may involve risks in addition to those normally associated with investments in the securities of US issuers. All foreign investments are subject to risks of: (1) foreign political and economic instability; (2) adverse movements in foreign exchange rates; (3) currency devaluation; (4) the imposition or tightening of exchange controls or other limitations on repatriation of foreign capital; (5) changes in foreign governmental attitudes toward private investment, including potential nationalization, increased taxation, or confiscation of assets; and (6) differing reporting, accounting, and auditing standards of foreign countries.

**Murabaha risk:** A murabaha transaction involves a purchase and deferred-payment resale of an asset. The asset is typically purchased by an Islamic bank as agent for the Fund. The bank, acting as the Fund's agent, immediately resells the asset to a previously identified third party who agrees to repay the Fund's cost for the asset plus a profit. Murabaha investments are subject to market risk (fluctuating prices and exchange rates), credit risk, and operational risk (errors in processes).

**Wakala risk:** When the Fund invests in wakala, it will be subject to the credit risk of the bank acting as agent, and the risk that the bank will not manage the investment in a profitable manner.

**Interest rate risk:** The Fund does not invest in interest bearing investments However, since murabaha and wakala are Islamic fixed-income investments, the financial and economic data associated with interest bearing investments similarly affect the yields and returns on murabaha and wakala. Changes in interest rates impact prices of fixed-income and related investments. When interest rates rise, the value of fixed-income investments (paying a lower rate of interest) generally will fall. Investments with shorter terms may have less interest rate risk, but generally have lower returns and, because of the more frequent maturity dates, may involve higher re-investment costs.

**Credit risk:** Corporate and sovereign issuers of the notes and certificates in which the Fund invests may not be able or willing to make payments when due, which may lead to default or restructuring of the investment. In addition, if the market perceives deterioration in the creditworthiness of an issuer, the value and liquidity of the issuer's securities may decline.

**Subsidiary investment risk:** By investing in the Subsidiary, the Fund is subject to the risks associated with the Subsidiary's investments. Those investments are similar to the investments that are permitted to be held by the Fund and are subject to the same risks that would apply to similar investments if held directly by the Fund. The Subsidiary is organized under the laws of the Cayman Islands and is not registered with the SEC under the Investment Company Act of 1940. Accordingly, the Fund will not receive all of the protections offered to shareowners of registered investment companies. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as intended, which may negatively affect the Fund and its shareowners.

------

**Tax risk:** To qualify as a regulated investment company ("RIC"), the Fund must meet certain requirements concerning the source of its income. The Fund's investment in the Subsidiary is intended to provide exposure to murabaha and wakala in a manner that is consistent with the "qualifying income" requirement applicable to RICs. Failure to qualify as a RIC could subject the Fund to adverse tax consequences, including a federal income tax on its net income at regular corporate rates, as well as a tax to shareowners on such income when distributed as an ordinary dividend.

The tax treatment of the Equity Income ETF's investment in its Subsidiary may be adversely affected by future legislation, court decisions, Treasury Regulations, and/or guidance issued by the Internal Revenue Service that could affect the character, timing, and/ or amount of the Fund's taxable income or any gains or distributions made by the Fund.

**ETF Risk:** As an exchange-traded fund ("ETF"), the Fund is subject to the following risks:

*Authorized Participants Concentration Risk:* The Fund has a limited number of financial institutions that may act as authorized participants (APs"). Only APs may transact in creation and redemption transactions directly with the Fund, and APs are not obligated to engage in such transactions. To the extent they exit the business or are otherwise unable or unwilling to proceed in creation and redemption transactions with the Fund, such as in times of market stress, and no other authorized participant is able to step forward to create or redeem, trading in Fund shares may be significantly diminished, bid-ask spreads may widen and shares of the Fund may be more likely to trade at a premium or discount to net asset value ("NAV") and possibly face trading halts or delisting. To the extent the Fund invests in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes, this risk is heightened.

*International Closed Market Trading Risk:* Because certain of the Fund's investments trade in markets that are closed when the Fund and the Nasdaq Global Market ("Exchange") are open, there are likely to be deviations between the current prices of such investments and the prices at which such investments are marked for purposes of the Fund's NAV (*i.e.*, the Fund's quote from the closed foreign market). As a result, premiums or discounts to NAV may develop in share prices, and bid-ask spreads may be greater than those experienced by other funds. In addition, shareowners may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.

*Premium-Discount Risk:* There may be times when the market price of the Fund's shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareowners of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.

*Secondary Market Trading Risk:* Investors buying or selling shares in the secondary market will normally pay brokerage commissions, which are often a fixed amount and may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary

------

market trading is subject to bid-ask spreads, which is the difference between the highest price a buyer is willing to pay to purchase shares of a fund (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling shares in the secondary market, and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. If a trading halt occurs, a shareowner may temporarily be unable to purchase or sell shares of the Fund. The bid-ask spread, which varies over time, is generally narrower if the Fund has more trading volume and market liquidity and wider if the Fund has less trading volume and market liquidity. In addition, the bid-ask spread can be affected by the liquidity of the Fund's underlying investments and can widen if the Fund's underlying investments become less liquid or illiquid. In addition, although the Fund's shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained, that bid-ask spreads will be narrow, or that the Fund's shares will continue to be listed.

*Cash Transactions Risk:* The Fund may effect redemptions partly or wholly for cash, rather than through in-kind distributions of securities. Accordingly, the Fund may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds and it may recognize gains on sales of portfolio holdings. As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that primarily or wholly effects redemptions in-kind. Moreover, cash transactions may have to be carried out over several days if the securities markets are relatively illiquid at the time the Fund must sell securities and may involve considerable brokerage fees and taxes. These brokerage fees and taxes, which will be higher than if the Fund redeemed its shares principally in-kind, may be passed on to APs in the form of transaction fees. As a result, the spreads between the bid and the offered prices of the Fund's shares may be wider than those of shares of ETFs that primarily or wholly transact in-kind.

*Large Shareowner Risk:* Certain shareowners may own a substantial amount of the Fund's shares. Redemptions by large shareowners could have a significant negative impact on the Fund and transactions on the Exchange by large shareowners may have a material upward or downward effect on the market price of the shares.

**Non-Diversified Fund Risk:** The Fund may invest a relatively high percentage of its assets in a single issuer or a limited number of issuers. As a result, the Fund's performance will be more vulnerable to changes in market value of a single issuer or group of issuers and more susceptible to risks associated with a single adverse economic, political, regulatory or other occurrence affecting one or more of these issuers. The Fund may experience greater performance volatility than a fund that is more broadly invested.

**New Fund Risk:** The Fund is new and does not have shares outstanding as of the date of this Prospectus. The Fund may not be successful in implementing its investment strategy, and its investment strategy may not be successful under all future market conditions, either of which could result in the Fund being liquidated at some future time without shareowner approval and/or at a time that may not be favorable for certain shareowners. New funds may not attract sufficient assets to achieve investment, trading or other efficiencies and, if the Fund does not grow in size, it will be at greater risk than larger funds of wider bid-ask spreads for its shares, trading at a greater premium or discount to NAV and/or a stop to trading.

------

#### Performance
The Fund had not commenced operations as of the date of this Prospectus. Performance information will be available in the Prospectus after the Fund has been in operation for one full calendar year. When provided, the information will provide some indication of the risks of investing in the Fund by showing how the Fund's average annual returns compare with a broad measure of market performance. Past performance does not necessarily indicate how the Fund will perform in the future. Updated performance information will be available at https://www.saturna.com/products/etf-performance.

#### Investment Adviser
Saturna Capital Corporation is the Fund's investment adviser ("adviser").

#### Portfolio Managers
Mr. Monem A. Salam MBA, executive vice president and portfolio manager at Saturna Capital Corporation, has been primarily responsible for the day-to-day management of the Fund since its inception. Mr. Bryce R. Fegley MS, CFA<sup>®</sup>, CIPM<sup>®</sup>, and Mr. Levi Stewart Zurbrugg MBA, CFA<sup>®</sup>, CPA<sup>®</sup>, each of whom is a senior investment analyst and portfolio manager of Saturna Capital Corporation, have been deputy portfolio managers for the Fund since its inception.

#### Sub-Adviser
Vident Asset Management is the Fund's sub-adviser. The sub-adviser is responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions and monitoring of Fund trading activity, subject to the oversight of the adviser and the Fund's board of trustees.

#### Portfolio Managers
Mr. Austin Wen, CFA<sup>®</sup>and Ms. Devin Ryder CFA<sup>®</sup>, both Senior Portfolio Managers of the sub-adviser, have sub-advised the Fund since its inception.

#### Purchase and Sale of Fund Shares
Individual shares of the Fund may only be bought and sold in secondary market transactions through a broker or dealer at a market price. Because the shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling shares in the secondary market (i.e., the bid-ask spread). Investors can find information on the Fund's NAV, market price, premiums and discounts, and bid-ask spread at https://www.saturna.com/products/etf-performance.

#### Tax Information
Any distributions you receive from the Fund may be taxed as ordinary income, qualified dividend income, or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an

------

IRA. Investment in the Fund through such an arrangement may be taxed later upon withdrawal of monies from the arrangement.

#### Purchases Through Broker-Dealers and Other Financial Intermediaries
If you purchase shares through a broker-dealer or other financial intermediary (such as a bank), the adviser or other related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

#### Amana Growth ETF

#### Investment Objective
Long-term capital growth, consistent with Islamic principles.

#### Fees and Expenses
This section describes the fees and expenses that you may pay if you buy and hold shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.**

#### Shareowner Fees
None.

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment):

---

| | |
|:---|:---|
| Management Fees | 0.61% |
| Distribution and/or Service (12b-1) Fees<sup>(1)</sup> | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| **Total Annual Fund Operating Expenses** | 0.61% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant to a Rule 12b-1 Distribution and Service Plan (the "Plan"), the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund's average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on estimated amounts for the current fiscal year.

#### Example
This example is intended to help investors compare the cost of investing in shares of the Fund with the cost of investing in other funds. The example assumes an investor invests $10,000 in shares of the Fund for the time periods indicated. The example also assumes that the investment has a 5% return each year and that the Fund's operating expenses remain the same. The example does not reflect any brokerage commissions that an investor may pay on purchases and sales of Fund shares. Although actual costs may be higher or lower, based on these assumptions, whether an investor does or does not redeem the shares, an investor's expenses would be:

---

| | |
|:---|:---|
|  One Year | Three Years |
| $62 | $195 |

---

#### Portfolio Turnover
The Fund may have transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. Because the Fund had not yet commenced operations prior to the date of this Prospectus, it does not have a portfolio turnover rate to provide.

------

#### Principal Investment Strategies
The Fund invests in common stocks, including foreign stocks. Investment decisions are made in accordance with Islamic principles. Generally, Islamic principles require that investors share in profit and loss, that they receive no usury or interest, and that they do not invest in a business that is prohibited by Islamic principles. To the extent prohibited by Islamic investment principles the Fund does not invest in companies primarily engaged in businesses such as alcohol, tobacco, pork products, pornography, interest-based banks, finance associations and insurers, weapons, and gambling.

The Fund does not make any investments not permitted under Islamic principles, including those that pay interest. Islamic principles discourage speculation. The Fund tends to hold investments for several years.

It is the policy of the Fund, under normal circumstances, to invest at least 80% of total net assets in common stocks that the adviser believes exhibit growth characteristics. The adviser considers a stock to exhibit growth characteristics if, at the time of investment, the stock's anticipated revenue, earnings, or cash flow growth rate exceeds the nominal growth rate of the U.S. economy over a horizon of at least three years. The Fund principally follows a large-cap growth investment style. The Fund may also invest in smaller and less seasoned companies. The Fund seeks companies demonstrating both Islamic and sustainable characteristics.

The Fund's adviser considers issuers with sustainable characteristics to be those issuers that are more established, consistently profitable, and financially strong, with robust policies in the areas of the environment, social responsibility, and corporate governance (collectively referred to as "sustainability").

The adviser employs a sustainable rating system based on its own, as well as third-party, data to identify issuers believed to have lower sustainability risks. The use of third-party data does not include third-party environmental, social, or governance ("ESG") ratings or criteria established by third parties for third-party ratings. The adviser's proprietary scoring system assesses how well a company performs relative to a blend of its industry, sector, and country peers. In addition to the financial considerations discussed above, the adviser considers sustainability practices such as carbon emissions, water usage, renewable energy, and fair labor and supply chain practices. The Fund's sustainability evaluation process considers risks and opportunities holistically, meaning an issuer will not necessarily be excluded from investment due to any one particular factor if the overall analysis results in a favorable evaluation by the adviser. The adviser also uses negative screening to exclude companies primarily engaged in higher sustainability risk businesses, such as companies in the business of fossil fuel exploration, production, or refining, and, to the extent prohibited by Islamic investment principles, companies primarily engaged in businesses such as alcohol, tobacco, pork products, pornography, interest-based banks, finance associations and insurers, weapons, and gambling.

The Fund is "non-diversified," which means that it may invest a larger percentage of its assets in a relatively small number of issuers.

------

#### Principal Risks of Investing
As with all funds, investing in the Fund entails risks that could cause the Fund and the Fund's investors to lose money. The principal risks of investing in the Fund are as follows:

**Market risk:** The value of the Fund's shares rises and falls as the market value of the securities in which the Fund invests goes up and down. Consider investing in the Fund only if you are willing to accept the risk that you may lose money. Fund share prices, yields, and total returns will change with the fluctuations in the securities markets as well as the fortunes of the industries and companies in which the Fund invests.

**Investment strategy risk:** Islamic principles restrict the Fund's ability to invest in certain market sectors, such as financial companies and conventional fixed-income securities. The adviser believes that Islamic and sustainable investing may mitigate security-specific risks, but the screens used in connection with these strategies reduce the investable universe, which may limit investment opportunities and adversely affect the Fund's performance. Because Islamic principles preclude the use of interest-paying instruments, cash positions do not earn income.

**Equity securities risk:** Equity securities may experience significant volatility in response to economic or market conditions or adverse events that affect a particular industry, sector, or company. Larger companies may have slower rates of growth as compared to smaller, faster-growing companies, and at times may be out of favor with investors. Smaller companies may have more limited financial resources, products, or services, and tend to be more sensitive to changing economic or market conditions. The Fund also tends to favor growth stocks, which tend to trade based on future earnings expectations, and may be more volatile, especially when market expectations are not met.

**Small-cap risk:** The smaller and less seasoned companies that may be in the Fund have a greater risk of price volatility. Growth stocks, which can be priced on future expectations rather than current results, may decline substantially when expectations are not met or general market conditions weaken.

**Foreign investing risk:** The Fund may invest in securities that are not traded in the United States when market conditions or investment opportunities arise that, in the judgment of the investment adviser, warrant such investment. Investments in the securities of foreign issuers may involve risks in addition to those normally associated with investments in the securities of US issuers. All foreign investments are subject to risks of: (1) foreign political and economic instability; (2) adverse movements in foreign exchange rates; (3) currency devaluation; (4) the imposition or tightening of exchange controls or other limitations on repatriation of foreign capital; (5) changes in foreign governmental attitudes toward private investment, including potential nationalization, increased taxation, or confiscation of assets; and (6) differing reporting, accounting, and auditing standards of foreign countries.

**Sector risk:** From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political, or regulatory events which may cause the Fund's returns to suffer.

------

**Technology sector risk:** The Fund's investments in technology companies exposes the Fund to risks. For example, rapid advances in science and technology might cause existing products to become obsolete, and the Fund's returns could suffer to the extent it holds an affected company's shares. A number of technology companies engaged in consumer-facing activities are potentially subject to more aggressive government regulation and intervention in their traditional business activities. This fact may affect a company's overall profitability and cause its stock price to be more volatile. Additionally, technology companies are dependent upon consumer and business acceptance as new technologies evolve.

**ETF Risk:** As an exchange-traded fund ("ETF"), the Fund is subject to the following risks:

*Authorized Participants Concentration Risk:* The Fund has a limited number of financial institutions that may act as authorized participants ("APs"). Only APs may transact in creation and redemption transactions directly with the Fund, and APs are not obligated to engage in such transactions. To the extent they exit the business or are otherwise unable or unwilling to proceed in creation and redemption transactions with the Fund, such as in times of market stress, and no other authorized participant is able to step forward to create or redeem, trading in Fund shares may be significantly diminished, bid-ask spreads may widen and shares of the Fund may be more likely to trade at a premium or discount to net asset value ("NAV") and possibly face trading halts or delisting. To the extent the Fund invests in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes, this risk is heightened.

*International Closed Market Trading Risk:* Because certain of the Fund's investments trade in markets that are closed when the Fund and the Nasdaq Global Market ("Exchange") are open, there are likely to be deviations between the current prices of such investments and the prices at which such investments are marked for purposes of the Fund's NAV (*i.e.*, the Fund's quote from the closed foreign market). As a result, premiums or discounts to NAV may develop in share prices, and bid-ask spreads may be greater than those experienced by other funds. In addition, shareowners may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.

*Premium-Discount Risk:* There may be times when the market price of the Fund's shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareowners of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.

*Secondary Market Trading Risk:* Investors buying or selling shares in the secondary market will normally pay brokerage commissions, which are often a fixed amount and may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads, which is the difference between the highest price a buyer is willing to pay to purchase shares of a fund (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling shares in the secondary market, and trading in Fund

------

shares may be halted by the Exchange because of market conditions or other reasons. If a trading halt occurs, a shareowner may temporarily be unable to purchase or sell shares of the Fund. The bid-ask spread, which varies over time, is generally narrower if the Fund has more trading volume and market liquidity and wider if the Fund has less trading volume and market liquidity. In addition, the bid-ask spread can be affected by the liquidity of the Fund's underlying investments and can widen if the Fund's underlying investments become less liquid or illiquid. In addition, although the Fund's shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained, that bid-ask spreads will be narrow, or that the Fund's shares will continue to be listed.

*Cash Transactions Risk:* The Fund may effect redemptions partly or wholly for cash, rather than through in-kind distributions of securities. Accordingly, the Fund may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds and it may recognize gains on sales of portfolio holdings. As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that primarily or wholly effects redemptions in-kind. Moreover, cash transactions may have to be carried out over several days if the securities markets are relatively illiquid at the time the Fund must sell securities and may involve considerable brokerage fees and taxes. These brokerage fees and taxes, which will be higher than if the Fund redeemed its shares principally in-kind, may be passed on to APs in the form of transaction fees. As a result, the spreads between the bid and the offered prices of the Fund's shares may be wider than those of shares of ETFs that primarily or wholly transact in-kind.

*Large Shareowner Risk:* Certain shareowners may own a substantial amount of the Fund's shares. Redemptions by large shareowners could have a significant negative impact on the Fund and transactions on the Exchange by large shareowners may have a material upward or downward effect on the market price of the shares.

**Non-Diversified Fund Risk:** The Fund may invest a relatively high percentage of its assets in a single issuer or a limited number of issuers. As a result, the Fund's performance will be more vulnerable to changes in market value of a single issuer or group of issuers and more susceptible to risks associated with a single adverse economic, political, regulatory or other occurrence affecting one or more of these issuers. The Fund may experience greater performance volatility than a fund that is more broadly invested.

**New Fund Risk:** The Fund is new and does not have shares outstanding as of the date of this Prospectus. The Fund may not be successful in implementing its investment strategy, and its investment strategy may not be successful under all future market conditions, either of which could result in the Fund being liquidated at some future time without shareowner approval and/or at a time that may not be favorable for certain shareowners. New funds may not attract sufficient assets to achieve investment, trading or other efficiencies and, if the Fund does not grow in size, it will be at greater risk than larger funds of wider bid-ask spreads for its shares, trading at a greater premium or discount to NAV and/or a stop to trading.

#### Performance
The Fund had not commenced operations as of the date of this Prospectus. Performance information will be available in the Prospectus after the Fund has been in operation for one full calendar year. When

------

provided, the information will provide some indication of the risks of investing in the Fund by showing how the Fund's average annual returns compare with a broad measure of market performance. Past performance does not necessarily indicate how the Fund will perform in the future. Updated performance information will be available at https://www.saturna.com/products/etf-performance.

#### Investment Adviser
Saturna Capital Corporation is the Fund's investment adviser ("adviser").

#### Portfolio Managers
Mr. Scott F. Klimo CFA<sup>®</sup>, chief investment officer at Saturna Capital Corporation, has been primarily responsible for the day-to-day management of the Fund since its inception. Mr. Monem A. Salam MBA, executive vice president and portfolio manager at Saturna Capital Corporation, and Mr. Jason S. Mitchell MBA, a senior investment analyst of Saturna Capital Corporation, have been deputy portfolio managers of the Fund since its inception.

#### Sub-Adviser
Vident Asset Management is the Fund's sub-adviser. The sub-adviser is responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions and monitoring of Fund trading activity, subject to the oversight of the adviser and the Fund's board of trustees.

#### Portfolio Managers
Mr. Austin Wen, CFA<sup>®</sup>and Ms. Devin Ryder CFA<sup>®</sup>, both Senior Portfolio Managers of the sub-adviser, have sub-advised the Fund since its inception.

#### Purchase and Sale of Fund Shares
Individual shares of the Fund may only be bought and sold in secondary market transactions through a broker or dealer at a market price. Because the shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling shares in the secondary market (i.e., the bid-ask spread). Investors can find information on the Fund's NAV, market price, premiums and discounts, and bid-ask spread at https://www.saturna.com/products/etf-performance.

#### Tax Information
Any distributions you receive from the Fund may be taxed as ordinary income, qualified dividend income, or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an IRA. Investment in the Fund through such an arrangement may be taxed later upon withdrawal of monies from the arrangement.

------

#### Purchases Through Broker-Dealers and Other Financial Intermediaries
If you purchase shares through a broker-dealer or other financial intermediary (such as a bank), the adviser or other related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

#### Amana Developing World ETF

#### Investment Objective
Long-term capital growth, consistent with Islamic principles.

#### Fees and Expenses
This section describes the fees and expenses that you may pay if you buy and hold shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.**

#### Shareowner Fees
None.

**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment):

---

| | |
|:---|:---|
| Management Fees | 0.91% |
| Distribution and/or Service (12b-1) Fees<sup>(1)</sup> | 0.00% |
| Other Expenses<sup>(2)</sup> | 0.00% |
| **Total Annual Fund Operating Expenses** | 0.91% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant to a Rule 12b-1 Distribution and Service Plan (the "Plan"), the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund's average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Based on estimated amounts for the current fiscal year.

#### Example
This example is intended to help investors compare the cost of investing in shares of the Fund with the cost of investing in other funds. The example assumes an investor invests $10,000 in shares of the Fund for the time periods indicated. The example also assumes that the investment has a 5% return each year and that the Fund's operating expenses remain the same. The example does not reflect any brokerage commissions that an investor may pay on purchases and sales of Fund shares. Although actual costs may be higher or lower, based on these assumptions, whether an investor does or does not redeem the shares, an investor's expenses would be:

---

| | |
|:---|:---|
|  One Year | Three Years |
| $93 | $290 |

---

#### Portfolio Turnover
The Fund may have transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the annual fund operating expenses or in the example, affect the Fund's performance. Because the Fund had not yet commenced operations prior to the date of this Prospectus, it does not have a portfolio turnover rate to provide.

------

#### Principal Investment Strategies
Under normal circumstances, the Fund invests at least 80% of total net assets in common stocks of companies with significant exposure to countries with developing economies and/or markets. A company has significant exposure to countries with developing economies if: (i) 50% or more of the company's production assets are located outside the United States; (ii) 50% or more of the company's revenues are generated outside the United States; or (iii) the company is organized or maintains its principal place of business in countries with developing economies and/or markets. Production assets are the property or equipment used by a company. Investment decisions are made in accordance with Islamic principles. Generally, Islamic principles require that investors share in profit and loss, that they receive no usury or interest, and that they do not invest in a business that is prohibited by Islamic principles. To the extent prohibited by Islamic investment principles the Fund does not invest in companies primarily engaged in businesses such as alcohol, tobacco, pork products, pornography, interest-based banks, finance associations and insurers, weapons, and gambling.

The Fund does not make any investments not permitted under Islamic principles, including those that pay interest. Islamic principles discourage speculation. The Fund tends to hold investments for several years.

By allowing investments in companies headquartered in more advanced economies yet having the majority of production assets or revenues in the developing world, the Fund seeks to reduce its foreign investing risk.

The Fund principally follows a large-cap value investment style. The Fund seeks companies demonstrating both Islamic and sustainable characteristics.

The Fund's adviser (Saturna Capital Corporation) considers issuers with sustainable characteristics to be those issuers that are more established, consistently profitable, and financially strong, with robust policies in the areas of the environment, social responsibility, and corporate governance (collectively referred to as "sustainability").

The adviser employs a sustainable rating system based on its own, as well as third-party, data to identify issuers believed to have lower sustainability risks. The use of third-party data does not include third-party environmental, social, or governance ("ESG") ratings or criteria established by third parties for third-party ratings. The adviser's proprietary scoring system assesses how well a company performs relative to a blend of its industry, sector, and country peers. In addition to the financial considerations discussed above, the adviser considers sustainability practices such as carbon emissions, water usage, renewable energy, and fair labor and supply chain practices. The Fund's sustainability evaluation process considers risks and opportunities holistically, meaning an issuer will not necessarily be excluded from investment due to any one particular factor if the overall analysis results in a favorable evaluation by the adviser. The adviser also uses negative screening to exclude companies primarily engaged in higher sustainability risk businesses, such as companies in the business of fossil fuel exploration, production, or refining, and, to the extent prohibited by Islamic investment principles, companies primarily engaged in businesses such as alcohol, tobacco, pork products, pornography, interest-based banks, finance associations and insurers, weapons, and gambling.

------

The Fund is "non-diversified," which means that it may invest a larger percentage of its assets in a relatively small number of issuers.

In determining whether a country is part of the developing world, the Fund's adviser will consider such factors as the country's per capita gross domestic product, the percentage of the country's economy that is industrialized, market capitalization as a percentage of gross domestic product, the overall regulatory environment, and limits on foreign ownership and restrictions on repatriation of initial capital or income.

Through reference to data provided by various globally recognized organizations such as the International Monetary Fund, The World Bank, and the Organization for Economic Cooperation and Development, the adviser maintains a list of countries it considers to have developing economies and/or markets. The list, which changes over time, currently includes: Argentina, Bahrain, Brazil, Chile, China, Colombia, Croatia, Czech Republic, Egypt, Ecuador, Greece, Hungary, India, Indonesia, Jordan, Kuwait, Malaysia, Malta, Mexico, Oman, Panama, Peru, Philippines, Poland, Qatar, Saudi Arabia, Slovenia, South Africa, South Korea, Taiwan, Thailand, Turkey, Vietnam, and United Arab Emirates.

#### Principal Risks of Investing
As with all funds, investing in the Fund entails risks that could cause the Fund and the Fund's investors to lose money. The principal risks of investing in the Fund are as follows:

**Market risk:** The value of the Fund's shares rises and falls as the market value of the securities in which the Fund invests goes up and down. Consider investing in the Fund only if you are willing to accept the risk that you may lose money. Fund share prices, yields, and total returns will change with the fluctuations in the securities markets as well as the fortunes of the industries and companies in which the Fund invests.

**Investment strategy risk:** Islamic principles restrict the Fund's ability to invest in certain market sectors, such as financial companies and conventional fixed-income securities. The adviser believes that Islamic and sustainable investing may mitigate security-specific risks, but the screens used in connection with these strategies reduce the investable universe, which may limit investment opportunities and adversely affect the Fund's performance. Because Islamic principles preclude the use of interest-paying instruments, cash positions do not earn income.

**Equity securities risk:** Equity securities may experience significant volatility in response to economic or market conditions or adverse events that affect a particular industry, sector, or company. Larger companies may have slower rates of growth as compared to smaller, faster-growing companies. Smaller companies may have more limited financial resources, products, or services, and tend to be more sensitive to changing economic or market conditions.

**Developing world and foreign investing risk:** Investments in the securities of foreign issuers may involve risks in addition to those normally associated with investments in the securities of US issuers. All foreign investments are subject to risks of: (1) foreign political and economic instability; (2) adverse movements in foreign exchange rates; (3) currency devaluation; (4) the imposition or tightening of exchange controls or other limitations on repatriation of foreign capital; (5) changes in foreign governmental attitudes toward private investment, including potential nationalization, increased taxation,

------

or confiscation of assets; and (6) differing reporting, accounting, and auditing standards of foreign countries. In developing markets, these risks are magnified by less mature political systems and weaker corporate governance standards than typically found in the developed world.

**ETF Risk:** As an exchange-traded fund ("ETF"), the Fund is subject to the following risks:

*Authorized Participants Concentration Risk:* The Fund has a limited number of financial institutions that may act as authorized participants ("APs"). Only APs may transact in creation and redemption transactions directly with the Fund, and APs are not obligated to engage in such transactions. To the extent they exit the business or are otherwise unable or unwilling to proceed in creation and redemption transactions with the Fund, such as in times of market stress, and no other authorized participant is able to step forward to create or redeem, trading in Fund shares may be significantly diminished, bid-ask spreads may widen and shares of the Fund may be more likely to trade at a premium or discount to net asset value ("NAV") and possibly face trading halts or delisting. To the extent the Fund invests in securities issued by non-U.S. issuers or other securities or instruments that have lower trading volumes, this risk is heightened.

*International Closed Market Trading Risk:* Because certain of the Fund's investments trade in markets that are closed when the Fund and the Nasdaq Global Market ("Exchange") are open, there are likely to be deviations between the current prices of such investments and the prices at which such investments are marked for purposes of the Fund's NAV (*i.e.*, the Fund's quote from the closed foreign market). As a result, premiums or discounts to NAV may develop in share prices, and bid-ask spreads may be greater than those experienced by other funds. In addition, shareowners may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.

*Premium-Discount Risk:* There may be times when the market price of the Fund's shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareowners of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.

*Secondary Market Trading Risk:* Investors buying or selling shares in the secondary market will normally pay brokerage commissions, which are often a fixed amount and may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads, which is the difference between the highest price a buyer is willing to pay to purchase shares of a fund (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling shares in the secondary market, and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. If a trading halt occurs, a shareowner may temporarily be unable to purchase or sell shares of the Fund. The bid-ask spread, which varies over time, is generally narrower if the Fund has more trading volume and market liquidity and wider if the Fund has less trading volume and market liquidity. In

------

addition, the bid-ask spread can be affected by the liquidity of the Fund's underlying investments and can widen if the Fund's underlying investments become less liquid or illiquid. In addition, although the Fund's shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained, that bid-ask spreads will be narrow, or that the Fund's shares will continue to be listed.

*Cash Transactions Risk:* The Fund may effect redemptions partly or wholly for cash, rather than through in-kind distributions of securities. Accordingly, the Fund may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds and it may recognize gains on sales of portfolio holdings. As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that primarily or wholly effects redemptions in-kind. Moreover, cash transactions may have to be carried out over several days if the securities markets are relatively illiquid at the time the Fund must sell securities and may involve considerable brokerage fees and taxes. These brokerage fees and taxes, which will be higher than if the Fund redeemed its shares principally in-kind, may be passed on to APs in the form of transaction fees. As a result, the spreads between the bid and the offered prices of the Fund's shares may be wider than those of shares of ETFs that primarily or wholly transact in-kind.

*Large Shareowner Risk:* Certain shareowners may own a substantial amount of the Fund's shares. Redemptions by large shareowners could have a significant negative impact on the Fund and transactions on the Exchange by large shareowners may have a material upward or downward effect on the market price of the shares.

**Non-Diversified Fund Risk:** The Fund may invest a relatively high percentage of its assets in a single issuer or a limited number of issuers. As a result, the Fund's performance will be more vulnerable to changes in market value of a single issuer or group of issuers and more susceptible to risks associated with a single adverse economic, political, regulatory or other occurrence affecting one or more of these issuers. The Fund may experience greater performance volatility than a fund that is more broadly invested.

**New Fund Risk:** The Fund is new and does not have shares outstanding as of the date of this Prospectus. The Fund may not be successful in implementing its investment strategy, and its investment strategy may not be successful under all future market conditions, either of which could result in the Fund being liquidated at some future time without shareowner approval and/or at a time that may not be favorable for certain shareowners. New funds may not attract sufficient assets to achieve investment, trading or other efficiencies and, if the Fund does not grow in size, it will be at greater risk than larger funds of wider bid-ask spreads for its shares, trading at a greater premium or discount to NAV and/or a stop to trading.

#### Performance
The Fund had not commenced operations as of the date of this Prospectus. Performance information will be available in the Prospectus after the Fund has been in operation for one full calendar year. When provided, the information will provide some indication of the risks of investing in the Fund by showing how the Fund's average annual returns compare with a broad measure of market performance. Past performance does not necessarily indicate how the Fund will perform in the future. Updated performance information will be available at https://www.saturna.com/products/etf-performance.

------

#### Investment Adviser
Saturna Capital Corporation is the Fund's investment adviser ("adviser").

#### Portfolio Managers
Mr. Monem A. Salam MBA, executive vice president and portfolio manager at Saturna Capital Corporation, has been primarily responsible for the day-to-day management of the Fund since its inception. Mr. Levi Stewart Zurbrugg MBA, CFA<sup>®</sup>, CPA<sup>®</sup>, a senior investment analyst and portfolio manager at Saturna Capital Corporation, has been deputy portfolio manager for the Fund since its inception.

#### Sub-Adviser
Vident Asset Management is the Fund's sub-adviser. The sub-adviser is responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions and monitoring of Fund trading activity, subject to the oversight of the adviser and the Fund's board of trustees.

#### Portfolio Managers
Mr. Austin Wen, CFA<sup>®</sup> and Ms. Devin Ryder CFA<sup>®</sup>, both Senior Portfolio Managers of the sub-adviser, have sub-advised the Fund since its inception.

#### Purchase and Sale of Fund Shares
Individual shares of the Fund may only be bought and sold in secondary market transactions through a broker or dealer at a market price. Because the shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling shares in the secondary market (i.e., the bid-ask spread). Investors can find information on the Fund's NAV, market price, premiums and discounts, and bid-ask spread at https://www.saturna.com/products/etf-performance.

#### Tax Information
Any distributions you receive from the Fund may be taxed as ordinary income, qualified dividend income, or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an IRA. Investment in the Fund through such an arrangement may be taxed later upon withdrawal of monies from the arrangement.

#### Purchases Through Broker-Dealers and Other Financial Intermediaries
If you purchase shares through a broker-dealer or other financial intermediary (such as a bank), the adviser or other related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

------

#### ADDITIONAL INFORMATION ABOUT THE FUNDS

#### Investment Objective
The objectives of the Equity Income ETF are current income and preservation of capital, consistent with Islamic principles; current income is its primary objective.

The primary objective of the Growth ETF is long-term capital growth, consistent with Islamic principles.

The primary objective of the Developing World ETF is long-term capital growth, consistent with Islamic principles.

There can be no guarantee that the particular investment objectives of a Fund will be realized. These investment objectives may only be changed with approval by vote of a majority of the outstanding shares of a Fund.

#### Additional Information About the Funds' Principal Investment Strategies
The Amana ETFs are designed to provide investment alternatives that are consistent with Islamic principles. Generally, Islamic principles require that investors share in profit and loss, that they receive no usury or interest, and that they do not invest in a business that is prohibited by Islamic principles. To the extent prohibited by Islamic investment principles the Funds do not invest in companies primarily engaged in businesses such as tobacco, alcoholic beverages, pornography, insurance, gambling, pork products, and interest-based insurers, banks or finance associations.

The Funds do not make any investments that pay interest. Islamic principles discourage speculation, and the Funds tend to hold investments for several years.The Equity Income ETF may invest its uninvested cash in short-term Islamic income-producing investments called murabaha and wakala.

These criteria limit investment selection and income-earning opportunities more than is customary for mutual funds.

The Funds' investment adviser, Saturna Capital Corporation, selects investments based on its own security selection policies and compliance policies and procedures. The adviser engages Amanie Advisors Sdn Bhd, a leading consultant specializing in Islamic finance, who reviews, and consults on, the investment adviser's compliance policies and procedures so that the investment adviser can ensure that the Funds' investments meet the requirements of the Islamic faith.

The Amana ETFs favor investing in companies trading for less than the adviser's assessment of intrinsic value, which typically means companies with relatively low price/earning multiples, strong balance sheets, and proven businesses. Once a Fund holds a position in a company, the Fund actively monitors market conditions, industry developments, and other factors that may affect the company or the Fund's rationale for holding the investment. Although the Funds consider valuation whenmonitoring their investments, a Fund may not necessarily liquidate a position solely because of relatively high valuation. The Funds actively monitor their investment portfolios but do not engage in high turnover or speculative trading. The Equity Income, Growth, and Developing World ETFs seek companies demonstrating both Islamic and sustainable characteristics. To the extent prohibited by Islamic principles or the adviser's

------

sustainability criteria, the adviser uses negative screening to exclude issuers primarily engaged in the following activities:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Alcohol | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tobacco |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pork products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pornography |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest-based banks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial associations and insurers |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Weapons | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gambling |

---

In selecting equity securities, the adviser employs a sustainable rating system based on its own, as well as third-party, data to identify issuers believed to have robust policies in the areas of the environment, social responsibility, and corporate governance (collectively referred to as "sustainability") to identify issuers believed to have lower sustainability risks.

The use of third-party data does not include third-party environmental, social, or governance ("ESG") ratings or criteria established by third parties for third-party ratings. The adviser's proprietary scoring system assesses how well a company performs relative to a blend of its industry, sector, and country peers. In addition to financial and non-financial sustainability considerations (such as carbon emissions, water usage, renewable energy, and fair labor and supply chain practices), the adviser's sustainability evaluation process considers risks and opportunities holistically, meaning an issuer will not necessarily be excluded from investment due to any one particular factor if the overall analysis results in a favorable evaluation by the adviser. The adviser positively screens for issuers that show management stability, capability, and diversity, low debt, strong balance sheets, high-quality operations, cash flow, and a long-term focus. With respect to Islamic fixed income securities, the adviser's securities analysts utilize the foregoing process as inputs into the adviser's fundamental analysis of the sustainability risks of Islamic fixed income securities in choosing securities that comply with the Funds' sustainability screening. The exclusion of fossil fuel exploration, production or refining does not apply to the Funds' Islamic fixed income investments.

During uncertain or adverse market, economic, political, or other conditions, or the unavailability of attractive investment opportunities, a Fund may adopt a temporary defensive position. The Funds cannot invest in interest-paying instruments frequently used by other funds for this purpose. When markets are unattractive or attractive investments are unavailable, the adviser chooses between continuing to follow the Funds' investment policies or converting securities to cash or cash equivalents for temporary, defensive purposes. This choice is based on the adviser's evaluation of market conditions and a Fund's portfolio holdings. Temporary defensive holdings will be non-interest bearing and may, in whole or in part, not be insured by the Federal Deposit Insurance Corporation (FDIC). In the event a Fund takes such a position, it may not be able to achieve its investment objective.

#### Equity Income ETF
It is the policy of the Equity Income ETF, under normal circumstances, to invest at least 80% of its total net assets in income-producing equity securities, primarily dividend-paying common stocks. The Equity

------

Income ETF may invest in foreign securities. Typically, foreign securities are equity or debt securities issued by entities organized, domiciled, or with a principal executive office outside the United States, such as foreign corporations and governments. Foreign securities may trade in U.S. or foreign securities markets. A fund may make foreign investments either directly by purchasing foreign securities or indirectly by purchasing depositary receipts or depositary shares of similar instruments (depositary receipts) for foreign securities. Direct investments in foreign securities may be made either on foreign securities exchanges or in the over-the-counter (OTC) markets.

The Fund is non-diversified and may invest a larger percentage of its assets in fewer issuers, which may cause the Fund to experience more volatility than diversified funds.

While cash assets do not contribute to the Equity Income ETF's primary objective of current income, they do assist its secondary objective of preservation of capital. The Fund intends to manage its cash positions by investing in short-term Islamic income-producing investments.

#### Growth ETF
It is the policy of the Growth ETF, under normal circumstances, to invest at least 80% of total net assets in common stocks that the adviser believes exhibit growth characteristics. The adviser considers a stock to exhibit growth characteristics if, at the time of investment, the stock's anticipated revenue, earnings, or cash flow growth rate exceeds the nominal growth rate of the U.S. economy over a horizon of at least three years. The Growth ETF may invest in foreign securities. Typically, foreign securities are equity or debt securities issued by entities organized, domiciled, or with a principal executive office outside the United States, such as foreign corporations and governments. Foreign securities may trade in U.S. or foreign securities markets. A fund may make foreign investments either directly by purchasing foreign securities or indirectly by purchasing depositary receipts or depositary shares of similar instruments (depositary receipts) for foreign securities. Direct investments in foreign securities may be made either on foreign securities exchanges or in the over-the-counter (OTC) markets.

The Fund is non-diversified and may invest a larger percentage of its assets in fewer issuers, which may cause the Fund to experience more volatility than diversified funds.

Cash assets may contribute to the Growth ETF's objective of long-term capital growth by reducing capital losses that might have occurred had the Growth ETF been fully invested during periods of market decline.

#### Developing World ETF
It is the policy of the Developing World ETF, under normal circumstances, to invest at least 80% of total net assets in common stocks of companies with significant exposure to countries with developing economies and/or markets.

The Developing World ETF may invest in equity securities of any company, regardless of where it is based, if the adviser determines that the company has significant exposure (50% or more of production assets or revenues) to countries with developing economies and/or markets.

------

Through reference to data provided by various globally recognized organizations such as the International Monetary Fund, The World Bank, and the Organization for Economic Cooperation and Development, the adviser maintains a list of countries it considers to have developing economies and/or markets. The list, which changes over time, currently includes Argentina, Bahrain, Brazil, Chile, China, Colombia, Croatia, Czech Republic, Egypt, Ecuador, Greece, Hungary, India, Indonesia, Jordan, Kuwait, Malaysia, Malta, Mexico, Oman, Panama, Peru, Philippines, Poland, Qatar, Saudi Arabia, Slovenia, South Africa, South Korea, Taiwan, Thailand, Turkey, Vietnam, and United Arab Emirates.

The Fund is non-diversified and may invest a larger percentage of its assets in fewer issuers, which may cause the Fund to experience more volatility than diversified funds.

Cash assets may contribute to the Developing World ETF's objective of long-term capital growth by reducing capital losses that might have occurred had the Developing World ETF been fully invested during periods of market decline.

#### Equity Income ETF - Investments in Wholly-Owned Subsidiary
The Equity Income ETF may invest up to 20% of its total net assets in its Subsidiary for the purpose of gaining exposure to Islamic income-producing investments (murabaha and wakala) for its cash positions. Under normal conditions, the Fund's Subsidiary, whose principal investment strategy and risks are identical to those of the Equity Income ETF, invests in murabaha, and wakala. The Subsidiary complies with provisions of the Investment Company Act of 1940 relating to affiliated transactions and custody (Section 17). The Internal Revenue Code of 1986, as amended, limits the investments of the Equity Income ETF, in its Subsidiary to no more than 25% of the Fund's total net assets, as measured at the end of each quarter of the Fund's taxable year. The Subsidiary is organized under the laws of the Cayman Islands and is wholly-owned and controlled by the Fund. The Equity Income ETF invests in its Subsidiary in order to gain exposure to the investment returns of murabaha, and wakala within the limitations of the federal tax law requirements applicable to regulated investment companies. The Subsidiary is accounted for on a consolidated basis with the Fund. The Equity Income ETF complies with the provisions of the Investment Company Act of 1940 governing investment policies (Section 8) on an aggregate basis with its Subsidiary and, in particular, with the same requirements relating to liquidity, and the timing and method of valuation of portfolio investments and shares described elsewhere in this Prospectus and in the Statement of Additional Information (SAI). The Equity Income ETF complies with the provisions of the Investment Company Act of 1940 governing capital structure and leverage (Section 18) on an aggregate basis with its Subsidiary so that the Fund treats the Subsidiary's debt as its own for purposes of Section 18.

The Equity Income ETF does not intend to create or to acquire primary control of any entity which primarily engages in investment activities in securities or other assets, other than entities wholly-owned by the Fund ("primarily controlled" means (1) the registered fund controls the unregistered entity within the meaning of Section 2(a)(9) of the Investment Company Act of 1940, and (2) the registered fund's control of the unregistered entity is greater than that of any other person).

The Equity Income ETF is the sole shareowner of its Subsidiary and does not expect shares of its Subsidiary to be offered or sold to other investors.

------

#### Additional Information about the Funds' Principal Risks
All investments, including those in ETFs, entail risks that could cause a Fund and the Fund's investors to lose money. The risks identified below are the principal risks of investing in the Funds. The summary section for each Fund lists the principal risks applicable to the Fund.

Investing in securities entails both market risks and risk of price variation in individual securities. Islamic principles restrict the Funds' ability to invest in certain stocks and market sectors, such as financial companies and conventional fixed-income securities. This may limit investment opportunities and may adversely affect the Funds' performance.

#### Equity Income ETF, Growth ETF, and Developing World ETF

#### Sustainable investing:
Applying sustainability criteria ("Sustainability Criteria") to the investment process may exclude or reduce exposure to securities of certain issuers, which could limit the Funds' opportunity set compared to funds that do not use Sustainability Criteria, and the Funds' performance may at times be better or worse than the performance of funds that do not use Sustainability Criteria. Sustainability Criteria data, including data obtained from third-party providers, may be incomplete, inaccurate, inconsistent, or unavailable, which could adversely affect the analysis of a particular investment. It is possible that the investments identified by the Funds' adviser (Saturna Capital Corporation) as being aligned with its Sustainability Criteria will not perform as expected. The adviser could sell such positions at a disadvantageous time if an issuer no longer meets the Sustainability Criteria. While the adviser's views on Sustainability Criteria comport with Islamic investment principles, investors may differ in their view of Sustainability Criteria. Thus, the Funds may invest in issuers that do not reflect the views of any particular investor. The regulatory landscape with respect to Sustainability Criteria is still under development. Future regulations and/or rules adopted by applicable regulators could require the Funds to change or adjust their investment process with respect to the Sustainability Criteria. The adviser does not apply Sustainability Criteria to the Islamic income-producing investments (murabaha and wakala).

**Non-Diversified Fund Risk:** A non-diversified Fund may invest a relatively high percentage of its assets in a single issuer or a limited number of issuers. As a result, the Fund's performance will be more vulnerable to changes in market value of a single issuer or group of issuers and more susceptible to risks associated with a single adverse economic, political, regulatory or other occurrence affecting one or more of these issuers. The Fund may experience greater performance volatility than a fund that is more broadly invested.

#### Growth ETF, Developing World ETF
**Growth investing:** The Funds may invest primarily in growth stocks, which may be more volatile than slower-growing value stocks. Growth stocks typically trade at higher multiples of current earnings than other stocks, which may lead to inflated prices. Growth stocks often are more sensitive to market fluctuations than other securities because their market prices are highly sensitive to future earnings expectations. At times when it appears that these expectations may not be met, growth stocks' prices

------

typically fall, and declines may be significant when a stock had been supported by significant investor speculation. During market cycles when growth investing is out of favor, selling growth stocks at desired prices may be more difficult.

#### Developing World ETF
**Developing market risk:** Investing in countries of the developing world may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, developing countries may have less developed legal and accounting systems. The governments of these countries may be more unstable and more likely to impose capital controls, nationalize a company or industry, place restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or impose punitive taxes that could adversely affect security prices. In addition, the economies of these countries may be dependent on relatively few industries that are more susceptible to local and global changes. Securities markets in these countries are also relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid than securities issued in countries with more developed economies or markets.

#### All Funds
**Market risk:** The market value of securities will fluctuate, sometimes significantly and unpredictably. The securities markets are also susceptible to data imprecision, technology malfunctions, operational errors, and similar factors that may adversely affect a single issuer, a group of issuers, an industry, or the market as a whole. Changes in value may be temporary or may last for extended periods. A slow-growing economy, or an inflationary or a recessionary environment, may adversely impact securities markets and prices of securities in which the Funds invest. Economies and financial markets throughout the world are becoming increasingly interconnected. Local, regional, or global events such as civil disobedience, insurrection, war, acts of terrorism, the spread of infectious disease or other public health issues, or other events could have a significant impact on the Funds and their investments. As a result, events or conditions that impact the economies or securities markets may adversely impact the Funds even if they are not invested primarily in those economies or markets.

**Active management risk:** Despite strategies designed to achieve the Funds' investment objectives, the value of investments will change with market conditions. Securities selected for the Funds may not perform as Saturna Capital Corporation, the Funds' adviser, expects. Additionally, securities selected may cause the Funds to underperform relative to other funds with similar investment objectives and strategies. There is no guarantee that the adviser will effectively assess the Funds' portfolio characteristics and it is possible that its judgments regarding the Funds' exposures may prove incorrect. In addition, actions taken to manage the Funds' exposures, including risk, may be ineffective and/or cause the Funds to underperform.

**Fundamental investing risk:** A fundamental investment approach uses research and analysis of a variety of factors to select securities. That research and analysis may be incorrect or, if correct, may not be reflected by the market. Fundamental analysis is inherently subject to the risk of nobody being able to identify all the relevant factors. In addition, the macro-economic factors considered by the Funds' adviser may be difficult to evaluate or implement. Fundamental investing is also inherently subject to differences

------

between the prices of securities and their value as determined by a fundamental investment approach. A fundamental investment approach may cause the Funds to underperform other funds with similar investment objectives and investment strategies even in a rising market.

**Significant positions risk:** The Funds invest according to varying investment objectives, and no Fund attempts to replicate a broad index. Seeking to outperform both broad indices and other funds, the Funds generally overweight positions in various sectors, industries, and issuers. In pursuing its respective investment objectives, for example, the Growth ETF may overweight the technology sector. Significant positions in sectors, industries, and issuers will wax and wane over time. Adverse developments in a Fund's holdings may have a greater impact on a Fund that has an overweight position than a fund or index that is not similarly overweight a sector, industry, or issuer.

The types of investments favored by the markets also change over time, and a Fund's investment style may hinder its comparative returns. Inflationary periods tend to favor newer, more volatile issuers than those that weather recessions and deflation. The Amana ETFs' investment style allows significant positions in established issuers, industries, and sectors and they may underperform during periods of loose fiscal and monetary policies.

**Foreign investing risk:** Investments in the securities of foreign issuers may involve risks in addition to those normally associated with investments in the securities of US issuers. All foreign investments are subject to risks of: (1) foreign political and economic instability; (2) adverse movements in foreign exchange rates; (3) currency devaluation; (4) the imposition or tightening of exchange controls or other limitations on repatriation of foreign capital; (5) changes in foreign governmental attitudes toward private investment, including potential nationalization, increased taxation, or confiscation of assets; and (6) differing reporting, accounting, and auditing standards of foreign countries. In developing markets, these risks are magnified by less mature political systems and weaker corporate governance standards than typically found in the developed world.

**Credit risk:** Investing in certificates, notes, and similar securities subjects the Funds to credit risk, which is the risk that a security issuer may not be able pay its obligations when due, thus reducing the value of a Fund's portfolio holdings.

**Interest rate risk:** The Funds do not invest in interest bearing investments. However, since murabaha and wakala are Islamic fixed-income investments, the financial and economic data associated with interest bearing investments similarly affect the yields and returns on murabaha and wakala. Investing in securities related to the fixed-income markets subjects the Funds to interest rate risk, which is the risk that a rise in prevailing interest rates generally causes the price of such securities to fall.

**Subsidiary risk (Equity Income ETF only):** By investing in a Subsidiary, the Fund is subject to the risks associated with the Subsidiary's investments. The Subsidiary is not registered with the SEC as an investment company under the 1940 Act, and is not subject to the investor protections of the 1940 Act. As an investor in its respective Subsidiary, the Fund does not have the same protections offered to shareowners of registered investment companies.

------

The Fund and its Subsidiary may not be able to operate as described in this Prospectus in the event of changes to the laws of the United States or the Cayman Islands. If the laws of the Cayman Islands required the Subsidiary to pay taxes to a governmental authority, the Fund would be likely to suffer decreased returns. The tax treatment of the Fund's investments in the Subsidiary may be adversely affected by future legislation, court decisions, Treasury Regulations and/or guidance issued by the IRS that could affect whether income derived from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing, and/or amount of the Funds' taxable income or any gains or distributions made by the Fund.

**Tax risk (Equity Income ETF only):** To qualify as a regulated investment company ("RIC"), a Fund must meet certain requirements concerning the source of its income. The Fund's investment in its Subsidiary is intended to provide exposure to investments in a manner that is consistent with the "qualifying income" requirement applicable to RICs. Failure to qualify as a RIC could subject a Fund to adverse tax consequences, including a federal income tax on its net income at regular corporate rates, as well as a tax to shareowners on such income when distributed as an ordinary dividend.

The Internal Revenue Service ("IRS") has issued regulations providing that income inclusions from a RIC subsidiary such as each Subsidiary will constitute qualifying income for the RIC whether or not the income is distributed to the RIC. These regulations are consistent with the conclusions in private letter rulings the IRS had previously issued, and they remove the uncertainty that existed as a result of earlier proposed regulations providing that only distributions a subsidiary makes to the RIC out of its earnings and profits for the applicable tax year would so qualify. The tax treatment of a Fund's investment in its respective Subsidiary may be adversely affected by future legislation, court decisions, Treasury Regulations, and/ or guidance issued by the IRS that could affect whether income derived from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code or otherwise affect the character, timing, and/ or amount of a Fund's taxable income or any gains or distributions made by a Fund.

**Murabaha risk (Equity Income ETF only):** The Fund may invest in murabaha. A murabaha transaction involves a purchase and deferred-payment resale of an asset. The asset is typically purchased by an Islamic bank as agent for the Fund. The bank, acting as the Fund's agent, immediately resells the asset to a previously identified third party who agrees to repay the Fund's cost for the asset plus a profit. Murabaha investments are subject to market risk (fluctuating prices and exchange rates), credit risk, and operational risk (errors in processes).

**Wakala risk (Equity Income ETF only):** The Fund may invest in wakala. Wakala, which means "agency agreement" are Islamic finance instruments. Typically, a bank, as agent, raises funds for investment in various activities. As agent, the bank monitors these investment activities. The bank and investors, like the Fund, share in the profit and risk of loss with respect to these investment activities.

**ETF Risk:** As ETFs, the Funds are subject to the following risks:

*Authorized Participants Concentration Risk:* The Funds may have a limited number of financial institutions that may act as APs. Only APs who have entered into agreements with the Funds' distributor may engage in creation or redemption transactions directly with the Funds. To the

------

extent that those APs exit the business or are unable to process creation and/or redemption orders, and no other AP is able to step forward to create and redeem in either of those cases, Fund shares may trade like closed-end fund shares at a discount to NAV and possibly face delisting from the Exchange.

*Cash Transactions Risk:* The Funds may effect creations and redemptions partly or wholly for cash, rather than through in-kind distributions of securities. To the extent a Fund effects creations and redemptions partly or wholly in cash, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects creations and redemptions primarily or wholly in-kind. ETFs generally are able to make in-kind redemptions and thereby avoid being taxed on gains on the distributed portfolio securities at the Fund level. Because a Fund may effect redemptions partly or wholly for cash, rather than in-kind, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds, which involves transaction costs. If the Fund realizes a gain on these sales, the Fund generally will be required to recognize a gain it might not otherwise have recognized, or to recognize such gain sooner than would otherwise be required if it were to distribute portfolio securities in-kind. The Fund generally distributes these gains to shareowners to avoid capital gains taxes at the Fund level and the need to otherwise comply with the special tax rules that apply to such gains. This strategy may cause shareowners to be subject to tax on gains to which they would not otherwise be subject, or at an earlier date than if they had made an investment in a different ETF. Moreover, cash transactions may have to be carried out over several days if the securities markets are relatively illiquid at the time the Fund must sell securities and may involve considerable brokerage fees and taxes. These brokerage fees and taxes, which will be higher than if the Fund sold and redeemed its shares principally in-kind, will be passed on to purchasers and redeemers of Creation Units in the form of creation and redemption transaction fees. As a result of these factors, the spreads between the bid and the offered prices of a Fund's shares may be wider than those of shares of ETFs that primarily or wholly transact in-kind.

*International Closed Market Trading Risk:* Because certain of the Funds' investments trade in markets that are closed when the Funds and Exchange are open, there are likely to be deviations between the current prices of such investments and the prices at which such investments are marked for purposes of a Fund's NAV. As a result, shares may appear to trade at a significant discount or premium to NAV.

*Large Shareowner Risk:* Certain shareowners may own a substantial amount of a Fund's shares. In addition, a third party investor, an authorized participant, a lead market maker, or another entity may invest in a Fund and hold its investment for a limited period of time solely to facilitate commencement of the Fund or to facilitate the Fund's achieving a specified size or scale. There can be no assurance that any large shareowner would not redeem its investment. Dispositions of a large number of shares by these shareowners may adversely affect a Fund's liquidity and net assets to the extent such transactions are executed directly with the Fund in the form of redemptions through an authorized participant, rather than executed in the secondary market. These redemptions may also force a Fund to sell portfolio securities when it might not otherwise do so,

------

which may negatively impact the Fund's NAV and increase the Fund's brokerage costs. To the extent these large shareowners transact in Fund shares on the secondary market, such transactions may account for a large percentage of the trading volume on the Exchange and may, therefore, have a material upward or downward effect on the market price of the shares.

*Premium-Discount Risk:* The Funds' shares may trade above or below their NAV. Accordingly, investors may pay more than NAV when purchasing shares or receive less than NAV when selling shares. The NAV of a Fund will generally fluctuate with changes in the market value of the Fund's holdings. The market prices of shares, however, will generally fluctuate in accordance with changes in NAV as well as the relative supply of, and demand for, shares on the Exchange. The trading price of shares may deviate significantly from NAV during periods of market volatility. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related to, but not identical to, the same forces influencing the prices of the securities held by a Fund. The market price of shares may also fluctuate in accordance with changes in the liquidity, or the perceived liquidity, of a Fund's holdings, and a decrease, or a perceived decrease, in such liquidity may lead to increased divergence between the shares' market price and NAV. Such divergence is more likely under stressed market conditions.

*Secondary Market Trading Risk:* Investors buying or selling Fund shares in the secondary market will generally pay brokerage commissions or other charges imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of shares. In addition, secondary market investors will also incur the cost of the difference between the price that an investor is willing to pay for shares (the "bid" price) and the price at which an investor is willing to sell shares (the "ask" price). This difference in bid and ask prices is often referred to as the "spread" or "bid/ask spread." The bid/ask spread varies over time for shares based on trading volume and market liquidity, and is generally lower if shares have more trading volume and market liquidity and higher if shares have little trading volume and market liquidity. Further, increased market volatility may cause increased bid/ask spreads. Although shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained or that the shares will continue to be listed. Market makers are not obligated to make a market, nor are APs obligated to purchase shares. In times of market stress, market makers and APs can refrain from these activities and any such absences can lead to greater premiums and discounts. In addition, trading in Fund shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable. Further, trading in shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange "circuit breaker" rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of a Fund will continue to be met or will remain unchanged.

------

#### Operational Risk (All Funds)
An investment in an Amana ETF, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failure in systems and technology, changes in personnel, and errors caused by third-party service providers. A Fund may be affected by international, US, state, or local political events, including the action or inaction of governments, their instrumentalities, or quasi-governmental organizations, which may negatively impact economic conditions and businesses' operating environments. Future government regulation and/or intervention could also change the way in which a Fund is regulated or affect the expenses incurred directly by a Fund. Regulatory uncertainty and political or governmental action or inaction may affect the value of a Fund's investments, and limit and/or preclude a Fund's ability to achieve its investment objective. Other disruptive events may include, but are not limited to, natural disasters, public health events, labor shortages, supply chain interruptions, and other destabilizing events that adversely affect a Fund's, or their service providers' ability to conduct business. The Funds seek to minimize such events through controls and oversight, but there may still be events or failures that could cause losses to the Funds. In addition, as the use of technology increases, the Funds may be more susceptible to operational risks through intentional and unintentional breaches in cyber security. A breach in cyber security may cause the Funds or their service providers to lose proprietary information or operational capacity or suffer data corruption. As a result, the Funds may incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures, and/or financial loss. The Funds and their service providers may also maintain sensitive information (including relating to personally identifiable information of investors) and a cyber security breach may cause such information to be lost, improperly accessed, used, or disclosed.

Please refer to the Funds' Statement of Additional Information for further details about the risks of investing in the Funds.

#### INVESTMENT ADVISER
Saturna Capital Corporation, 1300 N. State Street, Bellingham, Washington 98225, is each Fund's investment adviser and administrator ("adviser"). Founded in 1989, Saturna Capital Corporation has approximately $10.5 billion in assets under management. It is also the adviser to four other mutual funds that are series of Amana Mutual Funds Trust, to another investment company, Saturna Investment Trust, and to separately managed accounts.

The adviser is responsible for overseeing the management and business affairs of the Funds, and has discretion to purchase and sell securities in accordance with the Funds' respective objectives, policies, and restrictions, subject to the authority of and supervision by the Board of Trustees. The adviser continuously reviews, supervises, and administers the Funds' investment programs. The adviser has entered into an investment advisory agreement ("Advisory Agreement") with respect to each Fund. Pursuant to that Advisory Agreement, each Fund pays the adviser an annual advisory fee based on its average daily net assets for the services and facilities it provides payable at the annual rates set forth below:

------

---

| | |
|:---|:---|
| **Fund** | **Advisory Fee** |
| Amana Equity Income ETF | 0.76% |
| Amana Growth ETF | 0.61% |
| Amana Developing World ETF | 0.91% |

---

The adviser agrees to pay all expenses of the Funds, except for the (i) the compensation payable to the adviser under the Advisory Agreement, (ii) payments under a Fund's Rule 12b-1 plan, if applicable, (iii) brokerage and similar portfolio management expenses, (iv) acquired fund fees and expenses, (v) liquidation or termination expenses, (vi) taxes (including, but not limited to, income, excise, transaction, transfer and withholding taxes), and (vii) litigation expenses and other extraordinary expenses (including litigation to which the Trust or a Fund may be a party and indemnification of the Trustees and officers with respect thereto).

A discussion regarding the basis for the Board of Trustees' approval of the Advisory Agreement with respect to each will be available in the Funds' Form N-CSR for the period ending November 30, 2026.

#### SUB-ADVISER
Vident Advisory, LLC, 1125 Sanctuary Parkway, Suite 515, Alpharetta, Georgia 30009, serves as the sub-adviser to each Fund. As of April 30, 2026, the sub-adviser had approximately $25.6 billion under management. The sub-adviser is responsible for trading portfolio securities for each Fund, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitution of the portfolio, pre- and post-trade compliance, and monitoring of Fund trading activity, subject to the oversight of the adviser and the Fund's board of trustees.

The adviser has entered into an investment sub-advisory agreement ("Sub-Advisory Agreement") with respect to each Fund. Pursuant to that Sub-Advisory Agreement, the adviser will pay the sub-adviser an annual minimum fee of $40,000 (waived for the first six months) and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) .04% for Fund assets up to $250 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) .03% for Fund assets between $250 and $500 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) .02% for Fund assets above $500 million

A discussion regarding the basis for the Board of Trustees' approval of the Sub-Advisory Agreement with respect to each will be available in the Funds' Form N-CSR for the period ending November 30, 2026.

Neither this Prospectus nor the Statement of Additional Information is intended to give rise to any contract rights or other rights in any shareholder, other than any rights conferred explicitly by federal or state securities laws that have not been waived. The Funds enter into contractual arrangements with various parties, including, among others, the adviser, who provide services to the Funds. Shareowners are not parties to, or intended to be third party beneficiaries of, those contractual arrangements. Where shareowners are not third party beneficiaries of contractual arrangements, those contractual arrangements cannot be enforced by shareowners acting on their own behalf.

------

#### PORTFOLIO MANAGERS
Mr. Scott Klimo CFA<sup>®</sup>, chief investment officer at Saturna Capital Corporation, joined the firm in 2012 and has been a portfolio manager primarily responsible for the day-to-day management of the Growth ETF since its inception. He has served as deputy portfolio manager of the Equity Income and Developing World ETFs since the Funds' inception. From 2001 to 2011, he served as a senior investment analyst, research director, and portfolio manager at Avera Global Partners/Security Global Investors.

Mr. Monem A. Salam MBA is executive vice president, a director, and a global portfolio manager for Saturna Capital Corporation. He joined the firm in 2003 and has been a portfolio manager of the Equity Income ETF since its inception, a portfolio manager of the Developing World ETF since its inception, and a deputy portfolio manager of the Growth ETF since its inception.

Mr. Bryce R. Fegley MS, CFA<sup>®</sup>, CIPM<sup>®</sup>, is a senior investment analyst and portfolio manager for Saturna Capital Corporation. Mr. Fegley joined the firm in 2001 has been a deputy portfolio for the Equity Income ETF since its inception.

Mr. Levi Stewart Zurbrugg MBA, CFA<sup>®</sup>, CPA<sup>®</sup>, is a senior investment analyst and portfolio manager for the adviser. He joined the firm in 2019 and has been a deputy portfolio manager of the Developing World ETF since its inception.

Mr. Austin Wen, CFA<sup>®</sup> and Ms. Devin Ryder CFA<sup>®</sup>, both senior portfolio managers of the sub-adviser, have sub-advised each Fund since its inception. Mr. Wen has over a decade of investment experience, specializing in portfolio management and trading of equity, derivative, and commodities-based portfolios, as well as risk monitoring and investment analysis. Ms. Ryder has over five years of industry experience.

See the Statement of Additional Information for a discussion of their compensation, other accounts managed, and ownership of Amana ETFs and other funds they manage.

#### OTHER SERVICE PROVIDERS
Brown Brothers Harriman & Co. serves as the transfer agent and custodian to the Funds. The transfer agent and custodian maintains in separate accounts cash, securities and other assets of the Funds, keeps all necessary accounts and records, and provides other services.

Paralel Distributors LLC ("Distributor") serves as the Fund's distributor. Shares in less than Creation Units are not distributed by the Distributor, and the Distributor does not maintain a secondary market in the shares of the Fund.

#### BUYING AND SELLING FUND SHARES
Shares of the Funds may be purchased or redeemed directly from a Fund only in Creation Units or multiples thereof. Only a broker-dealer (an "Authorized Participant" or "AP") that enters into an Authorized Participant Agreement with the Funds' Distributor may engage in creation and redemption transactions directly with the Funds. Purchases and redemptions directly with the Funds must follow the Funds' procedures, and are subject to transaction fees, which are described in the SAI. Orders for such

------

transactions may be rejected or delayed if they are not submitted in good order and subject to the other conditions set forth in this Prospectus and the SAI. Please see the SAI for more information about purchases and redemptions of Creation Units.

Once purchased (*i.e.*, created) by an AP, Fund shares are listed on the Exchange and trade in the secondary market. When you buy or sell a Fund's shares in the secondary market, you will pay or receive the market price. The price at which you buy or sell shares (*i.e.*, the market price) may be more or less than the NAV of the shares. Unless imposed by your broker, there is no minimum dollar amount you must invest in a Fund and no minimum number of shares you must buy. Shares can be bought and sold throughout the trading day like other publicly traded securities. Most investors will buy and sell shares through a broker and, thus, will incur customary brokerage commissions and charges when buying or selling shares. **Except when aggregated in Creation Units, shares are not redeemable by the Funds.**

The secondary markets are closed on weekends and also are generally closed on the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day (observed), Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

When the Exchange is open, shares will be listed and traded on the Exchange under the following symbols:

---

| | |
|:---|:---|
| **Fund** | **Ticker Symbol** |
| Amana Equity Income ETF | AMEI |
| Amana Growth ETF | AMGR |
| Amana Developing World ETF | AMEM |

---

For more information on how to buy and sell shares of the Funds, please contact your broker or dealer, or call (800) 728-8762 or visit www.Amanafunds.com.

#### VALUATION OF FUND SHARES
The net asset value per share of each Fund is the total value of Fund assets attributable to shares of the Fund minus the liabilities attributable to the Fund, divided by the total number of shares outstanding for the Fund. Because the value of a Fund's portfolio securities changes every business day, its share price usually changes as well.

Each Fund computes its daily share price (net asset value) using market prices as of the close of trading on the New York Stock Exchange (generally 4 p.m. Eastern time). Fund shares are not priced on the days when New York Stock Exchange trading is closed (typically weekends and US national holidays). Securities traded on a national securities exchange and over-the-counter securities are valued at the last reported sale price on the valuation day. Securities for which there are no sales are valued at the latest bid price. Occasionally there may be days without a readily available market price for a security. When this occurs, a fair value for such security is determined in good faith under the direction of the Board of Trustees. The Board of Trustees has designated the adviser (Saturna Capital Corporation) as each Fund's valuation designee to perform fair value functions in accordance with valuation policies and procedures adopted by the adviser, subject to the Board of Trustee's oversight. Using fair value to price a security

------

may result in a value different from the security's most recent closing price and from the prices used by other mutual funds to calculate their share prices.

Foreign markets may close before the time as of which the share price is computed. Because of this, events occurring after the close of a foreign market and before the share price computation may have a material effect on foreign security prices. Foreign securities may trade on weekends or other days when the Funds do not price their shares. As a result, the share price may change on days when you will not be able to purchase or redeem shares.

The Equity Income ETF may invest up to 20% of its total assets in its Subsidiary for the purpose of investing its cash positions. The Subsidiary offers to redeem all or a portion of its shares every Business Day. The value of the Subsidiary's shares will fluctuate with the value of its portfolio investments. The Subsidiary uses the same pricing and valuation methodologies described above to price its shares.

Additional information about portfolio security valuation, including foreign securities, is contained in the Fund's Statement of Additional Information (SAI).

#### PREMIUM/DISCOUNT INFORMATION
Information showing the number of days the market price of a Fund's shares was greater than the Fund's NAV per share (*i.e.*, at a premium) and the number of days it was less than the Fund's NAV per share (*i.e.*, at a discount) for various time periods will be available by visiting the Funds' website at https://www.saturna.com/products/etf-performance. The premium and discount information contained on the website will represent past performance and cannot be used to predict future results.

#### FUND WEBSITE AND DISCLOSURE OF PORTFOLIO HOLDINGS
The Funds maintain a website at https://www.saturna.com/products/etf-performance. Among other things, this website includes this Prospectus and the SAI, and will include the Fund's annual and semi-annual reports (when available), certain market price information about shares, daily NAV and a historical comparison of the shares' market prices to NAV.

In addition, each day the Funds are open for business, each Fund's full portfolio holdings as of the close of the previous day are disseminated through the website. A description of the Funds' policies and procedures with respect to the disclosure of the Funds' portfolio holdings is available in the Funds' Statement of Additional Information (SAI).

#### ACTIVE INVESTORS AND MARKET TIMING
The Trust's Board of Trustees has determined not to adopt policies and procedures designed to prevent or monitor for frequent purchases and redemptions of the Funds' shares because each Fund sells and redeems its shares at NAV only in Creation Units pursuant to the terms of an Authorized Participant Agreement between the Authorized Participant ("AP") and the Distributor, and such direct trading

------

between a Fund and APs is critical to ensuring that the Fund's shares trade at or close to NAV. Further, the vast majority of trading in Fund shares occurs on the secondary market, which does not involve the Funds directly and therefore does not cause the Funds to experience many of the harmful effects of market timing, such as dilution and disruption of portfolio management. In addition, each Fund imposes a transaction fee on Creation Unit transactions, which is designed to offset transfer and other transaction costs incurred by the Fund in connection with the issuance and redemption of Creation Units and may employ fair valuation pricing to minimize potential dilution from market timing. The Funds reserve the right to reject any purchase order at any time and reserves the right to impose restrictions on disruptive, excessive, or short-term trading.

#### INVESTMENTS BY REGISTERED INVESTMENT COMPANIES
Section 12(d)(1) of the Investment Company Act of 1940 ("1940 Act") restricts investments by investment companies in the securities of other investment companies, including shares of the Funds. Registered investment companies are permitted to invest in the Funds beyond the limits set forth in Section 12(d)(1) in reliance on rules adopted by the Securities and Exchange Commission, particularly Rule 12d1-4 under the 1940 Act, or any other applicable exemptive relief.

#### CONTINUOUS OFFERING
The method by which Creation Units of Fund shares are created and traded may raise certain issues under applicable securities laws. Because new Creation Units of shares are issued and sold by the Funds on an ongoing basis, a "distribution," as such term is used in the Securities Act, may occur at any point. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters and subject them to the prospectus delivery requirement and liability provisions of the Securities Act.

For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the Distributor, breaks them down into constituent shares and sells the shares directly to customers or if it chooses to couple the creation of a supply of new shares with an active selling effort involving solicitation of secondary market demand for shares. A determination of whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker-dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to a characterization as an underwriter.

Broker-dealer firms should also note that dealers who are not "underwriters" but are effecting transactions in shares, whether or not participating in the distribution of shares, are generally required to deliver a Prospectus. This is in addition to any obligation of dealers to deliver a Prospectus when acting as underwriters. This is because the prospectus delivery exemption in Section 4(3) of the Securities Act is not available in respect of such transactions as a result of Section 24(d) of the 1940 Act. As a result, broker-dealer firms should note that dealers who are not "underwriters" but are participating in a distribution (as contrasted with engaging in ordinary secondary market transactions) and thus dealing with

------

the shares that are part of an overallotment within the meaning of Section 4(3)(C) of the Securities Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(3) of the Securities Act. For delivery of prospectuses to exchange members, the prospectus delivery mechanism of Rule 153 under the Securities Act is only available with respect to transactions on a national exchange.

#### PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
If you purchase shares of a Fund through a broker-dealer or other financial intermediary (such as a bank), the adviser or an affiliate may pay the intermediary for marketing activities or other services related to the sale or promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

#### DISTRIBUTION AND SERVICE PLAN
Each Fund has adopted a distribution and service plan ("Plan") pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, each Fund is authorized to pay distribution fees to the Distributor and other firms that provide distribution and shareowner services ("Service Providers"). If a Service Provider provides such services, the Fund may pay fees at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 under the 1940 Act.

No distribution or service fees are currently paid by the Funds, however, and there are no current plans to impose these fees. In the event Rule 12b-1 fees are charged, over time they would increase the cost of an investment in the Fund because they would be paid on an ongoing basis.

#### DIVIDENDS, OTHER DISTRIBUTIONS AND TAXES

#### Fund Distributions
Each Fund generally pays out dividends from its net investment income, if any, and distributes its net capital gains, if any, to shareowners at least annually. A Fund typically earns dividends from stocks in which it invests and may generate net gains from certain foreign currency transactions. These amounts, net of expenses, are distributed to Fund shareowners as "income dividends." A Fund realizes capital gains or losses whenever it sells securities. Net long-term capital gains are distributed to shareowners as "capital gain dividends."

Brokers may make available to their customers who own shares the DTC book-entry dividend reinvestment service. To determine whether this service is available and whether there is a commission or other charge for using this service, consult your broker. Brokers may require a Fund's shareowners to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both net income and net realized gains will be automatically reinvested in additional whole shares purchased in the secondary market. Without this service, investors would receive all their distributions in cash.

------

#### Taxes
The following is a summary of the material federal income tax considerations applicable to an investment in shares. This summary is based on the Code and the regulations thereunder as in effect on the date of this Prospectus and judicial and administrative interpretations thereof publicly available at that date, all of which are subject to change, possibly with retroactive effect. In addition, this summary assumes that a shareowner holds shares as "capital assets" (within the meaning of the Code) and does not hold shares in connection with a trade or business. This summary does not address all potential federal income tax considerations possibly applicable to shareowners who hold shares through a partnership (or other pass-through entity) or to shareowners subject to special tax rules. Prospective shareowners are urged to consult their own tax advisors with respect to the specific federal, state, local, and foreign tax consequences of investing in shares based on their particular circumstances.

As with any investment, you should consider how your investment in shares will be taxed. Unless your investment in shares is made through a tax-exempt entity or tax-deferred arrangement, such as an IRA or 401(k) plan, you need to be aware of the possible tax consequences when the Fund makes distributions and when you sell your shares.

#### Federal Income Tax Status of the Funds
Each Fund intends to qualify for its first and each subsequent taxable year, to be treated as a "regulated investment company" under Subchapter M of Chapter 1 of Subtitle A of the Code. As such, a Fund (but not its shareowners) generally pays no federal income tax on the net income and net realized gains it distributes to its shareowners.

#### Taxes on Distributions
Distributions from a Fund's net investment income (other than "qualified dividend income" ("QDI")), including distributions of the Fund's net realized short-term capital gains and certain foreign currency gains, if any, are taxable to you as ordinary income. Distributions by a Fund of net long-term capital gains in excess of net short-term capital loss ("net capital gain") are taxable to you as long-term capital gains, regardless of how long you have held the Fund's shares. Distributions by a Fund that qualify as QDI are taxable to you at long-term capital gain rates (which are lower than the rates for ordinary income). In order for a distribution to you by a Fund to be treated as QDI, (1) the Fund itself must receive QDI from domestic corporations and certain qualified foreign corporations, (2) the Fund must meet holding period and other requirements with respect to the stocks on which the QDI was paid, and (3) you must meet similar requirements with respect to the Fund's shares. In general, your distributions are subject to federal income tax for the calendar year when they are paid; certain distributions paid in January, however, may be treated as paid on December 31 of the prior year. Income dividends and capital gain distributions paid to an individual, estate, or trust from the Fund will be subject to a 3.8% tax on the lesser of the shareowner's (a) "net investment income" or (b) "modified adjusted gross income" exceeding $200,000 (or $250,000 if married and filing jointly) ("Investment Income Tax").

If you buy shares of a Fund just before a distribution, you will be subject to tax on the entire amount of the taxable distribution you receive. Distributions are taxable to you even if they are paid from income or

------

gain earned by the Fund before your investment (and thus were included in the price you paid for your shares). Any gain resulting from the sale or exchange of shares generally will be taxable as long-term or short-term gain, depending upon how long you have held the shares.

A Fund may be subject to foreign withholding or other foreign taxes, which in some cases can be significant, on any income or gain from investments in foreign stocks or securities. In that case, the Fund's total return on those securities would be decreased. The Fund may generally deduct these taxes in computing its taxable income. Rather than deducting these foreign taxes, if a Fund invests more than 50% of its assets in the stock or securities of foreign corporations at the end of its taxable year it may make an election to treat a proportionate amount of eligible foreign taxes as constituting a taxable distribution to each shareowner, which would, subject to certain limitations, generally allow the shareowners to either (i) credit that proportionate amount of taxes against U.S. federal income tax liability as a foreign tax credit or (ii) take that amount as an itemized deduction.

Although in some cases a Fund may be able to apply for a refund of a portion of such taxes, the ability to successfully obtain such a refund may be uncertain.

If you are a resident or a citizen of the United States, back-up withholding will apply to your distributions and proceeds of sales of shares if you have not provided a correct social security or other taxpayer identification number and made other required certifications or if otherwise required by the Internal Revenue Service ("IRS").

#### Taxes on Exchange-Listed Shares Sales
Any capital gain or loss realized upon a sale of shares is generally treated as long-term capital gain or loss if the shares have been held for more than one year and as short-term capital gain or loss if the shares have been held for one year or less. Gains recognized from the sale or exchange of shares will be subject to the Investment Income Tax. Capital loss realized on the sale or exchange of shares held for six months or less will be treated as long-term capital loss to the extent of any capital gain dividends received by the shareowner. The ability to deduct capital losses may be limited.

#### Taxes on Purchase and Redemption of Creation Units
An Authorized Participant who exchanges equity securities for one or more Creation Unit(s) generally will recognize a gain or a loss. The gain or loss will be equal to the difference between the market value of the Creation Unit(s) at the time and the exchanger's aggregate basis in the securities surrendered and any cash paid. An Authorized Participant who exchanges one or more Creation Unit(s) for equity securities will generally recognize a gain or loss equal to the difference between the exchanger's basis in the Creation Unit(s) and the aggregate market value of the securities received and any cash received on the redemption. The IRS, however, may assert that a loss realized upon an exchange of securities for Creation Units cannot be deducted, on the grounds that under such a transaction there has been no significant change in economic position. Persons exchanging securities should consult their own tax advisors with respect to whether and when such a loss might be deductible.

------

Any capital gain or loss realized upon redemption of a Creation Unit is generally treated as long-term capital gain or loss if the shares in the Creation Unit have been held for more than one year and as a short-term capital gain or loss if those shares have been held for one year or less.

If you purchase or redeem Creation Units, you will be sent a confirmation statement showing the number of shares and at what price you purchased or redeemed them.

#### Additional Information
Shareowners that are non-resident aliens or foreign entities will generally be subject to withholding of U.S. federal income tax at the rate of 30% of all ordinary dividends if there is no applicable tax treaty or if they are claiming reduced withholding under a tax treaty and have not properly completed and signed the appropriate IRS Form W-8. Provided that the appropriate IRS Form W-8 is properly completed and provided to the applicable withholding agent, long-term capital gains distributions and proceeds of sales are not subject to withholding for foreign shareowners. An exception from withholding also applies to properly reported "interest-related dividends" and "short-term capital gain dividends."

Withholding of U.S. tax (at a 30% rate) is required on payments of taxable dividends made to certain non-U.S. entities that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. Shareowners may be requested to provide additional information to enable the applicable withholding agent to determine whether withholding is required.

Distributions from a Fund may also be subject to state, local, and foreign taxes. You should consult your own tax advisor regarding the particular tax consequences of an investment in a Fund.

This section summarizes some of the consequences under current federal tax law of an investment in the Fund. It is not a substitute for personal tax advice. Consult your personal tax advisor about the potential tax consequences of an investment in the Fund under all applicable tax laws.

#### HOUSEHOLDING POLICY
It is the policy of the Funds to mail only one copy of the prospectus, annual report, semi-annual report and proxy statements to all shareowners who share the same mailing address and share the same last name. You are deemed to consent to this policy unless you specifically revoke this policy and request that separate copies of such documents be mailed to you. In such case, you will begin to receive your own copies within 30 days after our receipt of the revocation. You may request that separate copies of these disclosure documents be mailed to you by writing to us at: Saturna Capital Corporation, 1300 N. State Street, Bellingham, Washington 98225. or calling us at: (800) 728-8762.

#### Investors who hold their shares through an intermediary are subject to the intermediary's policies. Contact your financial intermediary for any questions you may have.

------

#### ADDITIONAL INFORMATION
Neither this Prospectus nor the Statement of Additional Information is intended to give rise to any contract rights or other rights in any shareowner, other than any rights conferred explicitly by federal or state securities laws that have not been waived. The Funds enter into contractual arrangements with various parties, including, among others, the adviser, who provide services to the Funds. Shareowners are not parties to, or intended to be third party beneficiaries of, those contractual arrangements. Where shareowners are not third party beneficiaries of contractual arrangements, those contractual arrangements cannot be enforced by shareowners acting on their own behalf.

#### FINANCIAL HIGHLIGHTS
The financial highlights tables, when available, are intended to help you understand the Fund's financial performance for the period of the Fund's operation. The Fund is newly organized and therefore had not yet had any operations as of the date of this Prospectus and does not have financial highlights to present at this time.

------

#### Appendix – Related Performance Information of Similar Accounts

#### Amana Equity Income ETF
The Amana Equity Income ETF (the "Fund") has recently commenced operations and has no performance history. Saturna Capital Corporation ("Saturna Capital") manages other advisory accounts that have substantially similar investment objectives, policies and investment strategies as the Fund, and the table below provides supplemental performance information for the Halal Equity Income Composite which is a composite of all such accounts (the "Composite"). The Composite performance information does not represent the performance of the Fund. It is provided to illustrate the past performance of Saturna Capital in managing the Composite. In addition, the performance is shown against the Bloomberg 500 Total Return Index (the "Index"). The Fund's portfolio management team is the same team that is responsible for managing the account that constitutes the Composite.

The historical performance data for the Composite should not be considered a substitute for the Fund's performance, and should not be considered an indication of the Fund's future performance. The Composite started in 2006 and at all times has been comprised of one account. The market value of the single account which comprises the Composite has ranged from $53,000,000 as of December 31, 2005 to $2,127,000,000 as of December 31, 2025. Since fees, commissions, and taxes may differ for the Composite and the Fund, performance data for identical periods may differ. The Composite has been constructed in compliance with the Global Investment Performance Standards (GIPS<sup>®</sup>) standards. **You should not assume that the Fund will have the same performance as the Composite. An investment in the Fund can lose value.**

Although the Fund and the Composite have substantially similar investment objectives, policies and investment strategies, differences in asset size and cash flows may result in differences in security selection, relative weightings or differences in the price paid for certain securities. As such, the investments held by the Fund may not be identical to the investments held by the Composite and the future performance of the Fund will differ from the performance of the Composite.

The Composite's net performance information is calculated in accordance with GIPS<sup>®</sup>, created and administered by the CFA Institute. This method of calculating performance differs from the SEC's standardized methodology that will be used to calculate the Fund's performance and may result in an average annual total return that may be higher than that derived from the SEC's standardized methodology.

#### AVERAGE ANNUAL TOTAL % RETURNS AS OF 12/31/2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Inception Date**<br> **of Composite** | **Year to<br> Date<br> 12/31/2025** | **1 Year** | **3 Years** | **5 Years** | <br>**10 Years** |
| Composite (net of account fees)<sup>1</sup> | 1/1/2006 | 16.65 | &nbsp;&nbsp;&nbsp;&nbsp;16.65 | &nbsp;&nbsp;&nbsp;&nbsp;14.54 | &nbsp;&nbsp;&nbsp;&nbsp;11.05 | <br> 11.94 |
| Bloomberg 500 Total Return Index |  | 15.40 | &nbsp;&nbsp;&nbsp;&nbsp;15.40 | &nbsp;&nbsp;&nbsp;&nbsp;23.83 | &nbsp;&nbsp;&nbsp;&nbsp;14.17 | <br> 15.02 |

---

<sup>1</sup> Net of fee numbers are presented net of an annual model fee of 0.75%.

------

Composite returns are presented in U.S. dollars and include the reinvestment of dividends and interest. The Fund's return will be reduced by the estimated total expenses of the Fund for its initial fiscal period as presented in the fee table included in this Prospectus, including management fees. The total annual fund operating expenses for the Fund in the fee table are higher than the annual model fee of the Composite, and therefore the Fund's return would have been lower. Composite (net of account fees) returns are calculated using an annual model fee of 0.75%, which is equal to the actual fee, excluding custody fees, incurred by an account in the Halal Equity Income Composite or the highest tier of a fee schedule for an account in the Halal Equity Income Composite, whichever is higher. Periods greater than one year are annualized. Actual expenses may vary among clients with the same investment strategy.

The Index is a float market-cap weighted benchmark of the 500 most highly capitalized US companies.

It is not possible to invest directly in the Index. Unlike the accounts in the Composite (and the Fund), the Index does not incur fees or expenses.

#### Amana Growth ETF
The Amana Growth ETF (the "Fund") has recently commenced operations and has no performance history. Saturna Capital Corporation ("Saturna Capital") manages other advisory accounts that have substantially similar investment objectives, policies and investment strategies as the Fund, and the table below provides supplemental performance information for the Halal Growth Equity Composite which is a composite of all such accounts (the "Composite"). The Composite performance information does not represent the performance of the Fund. It is provided to illustrate the past performance of Saturna Capital in managing the Composite. In addition, the performance is shown against the Bloomberg 500 Total Return Index (the "Index"). The Fund's portfolio management team is the same team that is responsible for managing the accounts that constitute the Composite.

The historical performance data for the Composite should not be considered a substitute for the Fund's performance, and should not be considered an indication of the Fund's future performance. The Composite started in 2006 and was comprised of one account with $137,000,000 in market value as of December 31, 2005. Since that time, the number of accounts in the Composite has ranged from one to three accounts and the market value of the Composite has ranged from $137,000,000 to, as of December 31, 2025, $5,955,000,000. Since fees, commissions, and taxes may differ for the Composite and the Fund, performance data for identical periods may differ. The Composite has been constructed in compliance with the Global Investment Performance Standards (GIPS<sup>®</sup>) standards. **You should not assume that the Fund will have the same performance as the Composite. An investment in the Fund can lose value.**

The Composite includes accounts that are not registered under the Investment Company Act of 1940 (the "1940 Act"), and therefore are not subject to certain investment restrictions, diversification requirements, and other regulatory requirements imposed by the 1940 Act or by the Internal Revenue Code of 1986. If those accounts had been registered under the 1940 Act, the performance results might have been lower. Although the Fund and the Composite have substantially similar investment objectives, policies and investment strategies, differences in asset size and cash flows may result in differences in security selection, relative weightings or differences in the price paid for certain securities. As such, the investments held by the Fund may not be identical to the investments held by the Composite and the future performance of the Fund will differ from the performance of the Composite.

The Composite's net performance information is calculated in accordance with GIPS<sup>®</sup>, created and administered by the CFA Institute. This method of calculating performance differs from the SEC's standardized methodology that will be used to calculate the Fund's performance and may result in an

------

average annual total return that may be higher than that derived from the SEC's standardized methodology.

#### AVERAGE ANNUAL TOTAL % RETURNS AS OF 12/31/2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Inception Date**<br> **of**<br> **Composite** | **Year to<br> Date<br> 12/31/2025** | **1 Year** | **3 Years** | **5 Years** | <br>**10 Years** |
| Composite (net of account fees) <sup>1</sup> | 1/1/2006 | 17.74 | &nbsp;&nbsp;&nbsp;&nbsp;17.74 | &nbsp;&nbsp;&nbsp;&nbsp;19.74 | &nbsp;&nbsp;&nbsp;&nbsp;12.79 | <br> 16.62 |
| Bloomberg 500 Total Return Index |  | 15.40 | &nbsp;&nbsp;&nbsp;&nbsp;15.40 | &nbsp;&nbsp;&nbsp;&nbsp;23.83 | &nbsp;&nbsp;&nbsp;&nbsp;14.17 | <br> 15.02 |

---

<sup>1</sup> Net of fee numbers are presented net of an annual model fee of 0.75%.

Composite returns are presented in U.S. dollars and include the reinvestment of dividends and interest. The Fund's return will be reduced by the estimated total expenses of the Fund for its initial fiscal period as presented in the fee table included in this Prospectus, including management fees. Composite (net of account fees) returns are calculated using an annual model fee of 0.75%, which is equal to the actual fee, excluding custody fees, incurred by an account in the Halal Growth Equity Composite or the highest tier of a fee schedule for an account in the Halal Growth Equity Composite, whichever is higher. Periods greater than one year are annualized. Actual expenses may vary among clients with the same investment strategy.

The Index is a float market-cap weighted benchmark of the 500 most highly capitalized US companies.

It is not possible to invest directly in the Index. Unlike the accounts in the Composite (and the Fund), the Index does not incur fees or expenses.

#### Amana Developing World ETF
The Amana Developing World ETF (the "Fund") has recently commenced operations and has no performance history. Saturna Capital Corporation ("Saturna Capital") manages other advisory accounts that have substantially similar investment objectives, policies and investment strategies as the Fund and the table below provides supplemental performance information for the Halal Emerging Market Equity Composite which is a composite of all such accounts (the "Composite"). The Composite performance information does not represent the performance of the Fund. It is provided to illustrate the past performance of Saturna Capital in managing the Composite. In addition, the performance is shown against the Bloomberg Emerging Markets Large, Mid & Small Cap Total Return Index (the "Index"). The Fund's portfolio management team is the same team that is responsible for managing the account that constitutes the Composite.

The historical performance data for the Composite should not be considered a substitute for the Fund's performance, and should not be considered an indication of the Fund's future performance. The Composite started in 2009 and at all times has been comprised of one account. The market value of the single account which comprises the Composite has ranged from $1,400,000, as of December 31, 2009, to

------

$158,000,000, as of December 31, 2025. Since fees, commissions, and taxes may differ for the Composite and the Fund, performance data for identical periods may differ. The Composite has been constructed in compliance with the Global Investment Performance Standards (GIPS<sup>®</sup>) standards. **You should not assume that the Fund will have the same performance as the Composite. An investment in the Fund can lose value.**

Although the Fund and the Composite have substantially similar investment objectives, policies and investment strategies, differences in asset size and cash flows may result in differences in security selection, relative weightings or differences in the price paid for certain securities. As such, the investments held by the Fund may not be identical to the investments held by the Composite and the future performance of the Fund will differ from the performance of the Composite.

The Composite's net performance information is calculated in accordance with GIPS<sup>®</sup>, created and administered by the CFA Institute. This method of calculating performance differs from the SEC's standardized methodology that will be used to calculate the Fund's performance and may result in an average annual total return that may be higher than that derived from the SEC's standardized methodology.

#### AVERAGE ANNUAL TOTAL % RETURNS AS OF 12/31/2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Inception Date**<br> **of**<br> **Composite** | **Year to<br> Date<br> 12/31/2025** | **1 Year** | **3 Years** | **5 Years** | <br>**10 Years** |
| Composite (net of account fees)<sup>1</sup> | 10/1/2009 | 20.25 | &nbsp;&nbsp;&nbsp;&nbsp;20.25 | &nbsp;&nbsp;&nbsp;&nbsp;13.54 | &nbsp;&nbsp;&nbsp;&nbsp;9.13 | 7.11 |
| Bloomberg Emerging Markets Large, Mid & Small Cap Total Return Index |  | 28.39 | &nbsp;&nbsp;&nbsp;&nbsp;28.39 | &nbsp;&nbsp;&nbsp;&nbsp;15.10 | &nbsp;&nbsp;&nbsp;&nbsp;4.51 | <br>8.92 |

---

<sup>1</sup> Net of fee numbers are presented net of an annual model fee of 0.75%.

Composite returns are presented in U.S. dollars and include the reinvestment of dividends and interest. The Fund's return will be reduced by the estimated total expenses of the Fund for its initial fiscal period as presented in the fee table included in this Prospectus, including management fees. The total annual fund operating expenses for the Fund in the fee table are higher than the annual model fee of the Composite, and therefore the Fund's return would have been lower. Composite (net of account fees) returns are calculated using an annual model fee of 0.75%, which is equal to the actual fee, excluding custody fees, incurred by an account in the Halal Emerging Market Equity Composite or the highest tier of a fee schedule for an account in the Halal Emerging Market Equity Composite, whichever is higher. Periods greater than one year are annualized. Actual expenses may vary among clients with the same investment strategy.

------

The Index is a float market-cap-weighted equity benchmark that covers the top 99% of market cap of the measured market*.* It is not possible to invest directly in the Index. Unlike the accounts in the Composite (and the Fund), the Index does not incur fees or expenses.

Additional information about each Fund's investments and operations is available in the Funds' annual and semi-annual shareowner reports and in Form N-CSR. Each Fund's annual report includes a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. In Form N-CSR, you will find each Fund's annual and semi-annual financial statements. The Statement of Additional Information (SAI) contains more details, and is incorporated in this Prospectus by reference.

To obtain free copies of these documents and other information, such as the Funds' financial statements, and to make shareowner inquiries, please contact us at:

#### Saturna Capital Corporation
1300 N. State St., Bellingham, WA 98225

**1-800-728-8762** 1-800-SATURNA

#### Amana Mutual Funds Trust

#### 1-888-732-6262&nbsp;&nbsp;&nbsp;&nbsp; www.amanafunds.com
Copies of the Statement of Additional Information and the annual and semi-annual reports, and other information such as the Funds' financial statements, are also available on our website, www.amanafunds.com.

Information about the Fund's NAV, market price, premiums and discounts, and bid-ask spreads are available on the Fund's website, https://www.saturna.com/products/etf-performance.

Reports and other information about the Trust are also available on the SEC's EDGAR database (www.sec.gov) and copies may be obtained, upon payment of a duplicating fee, by e-mail request to publicinfo@sec.gov.

*Investment Company Act File # 811-04276.*

------

![](logo.jpg)

### Amana Mutual Funds Trust

### Amana ETFs

---

| | | |
|:---|:---|:---|
| **Equity Income ETF** | Growth ETF | Developing World ETF |
| (AMEI) | (AMGR) | (AMEM) |

---

### Statement of Additional Information
June 10, 2026

1300 N. State Street

Bellingham, Washington 98225

360-734-9900

888-732-6262

www.Amanafunds.com

Shares are listed on the Nasdaq Global Market ("Exchange").

This SAI describes the Amana Equity Income ETF, Amana Growth ETF, and Amana Developing World ETF (each a "Fund" and together, the "Funds"), each a series of Amana Mutual Funds Trust ("Trust"). The Trust is an open-end registered management investment company under the Investment Company Act of 1940, as amended.

Saturna Capital Corporation ("Adviser") serves as the investment adviser to the Funds. Vident Advisory, LLC ("Sub-Adviser") serves as the sub-adviser to the Funds. Paralel Distributors LLC ("Distributor") serves as the distributor for the Funds. Brown Brothers Harriman & Co. serves as the Funds' custodian and transfer agent. UMB Fund Services, Inc. serves as the Funds' administrator.

#### Shares are neither guaranteed nor insured by the U.S. Government.
This SAI, dated June 10, 2026, is not a prospectus. It should be read in conjunction with the Funds' prospectus, dated June 10, 2026, which incorporates this SAI by reference. Capitalized terms used herein that are not defined have the same meaning as in the prospectus, unless otherwise noted. A copy of the prospectus and the Funds' shareholder reports, when they are available, may be obtained without charge by writing to the Distributor, calling (800)728-8762, or visiting www.Amanafunds.com.

------

---

| | |
|:---|:---|
| **Table of Contents**  | Page |

---

---

| | |
|:---|:---|
| [Trust History](#sTrustHistory) | 1 |
| [Fund Descriptions, Investments, and Risks](#sFundDescriptionsInvestmen) | 1 <br>|
| [Fund Policies](#sFundPolicies) | 2 <br>|
| [Temporary Defensive Position](#sTemporaryDefensivePositio) | 2 <br>|
| [Cayman Island Subsidiary](#sCaymanIslandSubsidiary) | 2 <br>|
| [Portfolio Turnover](#sPortfolioTurnover) | 3 <br>|
| [Disclosure of Portfolio Holdings](#sDisclosureofPortfolioHold) | 3 <br>|
| [Proxy Voting Policies](#sProxyVotingPolicies) | 4 <br>|
| [Management of the Trust](#sManagementoftheTrust) | 6 <br>|
| [Code of Ethics](#sCodeofEthics) | 9 <br>|
| [Control Persons and Principal Holders of Securities](#sControlPersonsandPrincipa) | 10 <br>|
| [Investment Advisory and Other Services](#sInvestmentAdvisoryandOthe) | 10 <br>|
| [Advisory Fee](#sAdvisoryFee) | 10 <br>|
| [Administrator](#sAdministrator) | 11 <br>|
| [Distribution Arrangements](#sDistributionArrangements) | 11 <br>|
| [Subsidiaries' Service Providers](#sSubsidiariesServiceProvid) | 12 <br>|
| [Rule 12b-1 Plan](#sRule12b-1Plan) | 12 <br>|
| [Portfolio Managers](#sPortfolioManagers) | 12 <br>|
| [Brokerage Allocation](#sBrokerageAllocation) | 14 <br>|
| [Capital Stock](#sCapitalStock) | 14 <br>|
| [Purchase, Redemption, and Pricing of Shares](#sPurchaseRedemptionandPric) | 14  |
| [Exchange Listing and Trading](#sExchangeListingandTrading) | 15  |
| [Book Entry Only System](#sBookEntryOnlySystem) | 15  |
| [Creation and Redemption of Creation Units](#sCreationandRedemptionofCr) | 16  |
| [Taxation of the Trust](#sTaxationoftheTrust) | 20  |
| [Investment in the Subsidiary](#sInvestmentintheSubsidiary) | 21  |

---

i

------

#### Trust History
This SAI describes the **Amana Equity Income ETF, Amana Growth ETF, and Amana Developing World ETF** (each, a "Fund" and together, the "Funds"), each of which is a separate ongoing series of Amana Mutual Funds Trust (the "Trust"). The Funds are newly organized as of, and had no operations prior to, the date of this SAI.

The Trust was organized as a Delaware Statutory Trust on March 11, 2013, and is the successor to Amana Mutual Funds Trust, an Indiana Business Trust organized on July 26, 1984, pursuant to a reorganization on July 19, 2013. The Trust has four additional series that operate as mutual funds and are described in a separate prospectus and statement of additional information: the Amana Income Fund, Amana Growth Fund, Amana Developing World Fund and Amana Participation Fund.

The Board of Trustees of the Trust may establish additional series or classes of shares without the approval of shareholders. The assets of each series belong only to that series, and the liabilities of each series are borne solely by that series and no other.

The offering of shares of the Funds ("Shares") is registered under the Securities Act of 1933.

Each Fund operates as an exchange-traded fund ("ETF") and offers and issues Shares at net asset value ("NAV") only in aggregations of a specified number of Shares (each, a "Creation Unit). Similarly, Shares are redeemable by a Fund only in Creation Units. Only Authorized Participants (as defined in the "Creation and Redemption of Creation Units" section of this SAI) who have entered into contractual arrangements with the Funds' Distributor may enter into Creation Unit transactions with a Fund on behalf of themselves or their customers. Creation Units of the Funds are issued and redeemed generally in exchange for a basket of securities ("Basket"), that may include a specified cash payment, or, in certain circumstances, for an all cash payment. Unlike shares of mutual funds, Fund Shares are not individually redeemable securities.

Shares are or will be listed and traded on the Exchange identified on the cover of this SAI. Once created, Shares generally trade in the secondary market, where most investors will buy and sell them at market prices that change throughout the day, in amounts less than a Creation Unit. Such market prices may be lower, higher or equal to a Fund's NAV. Accordingly, when transacting in the secondary market, investors may pay more than a Fund's NAV when purchasing Shares and may receive less than the Fund's NAV when selling Shares. They may also be subject to brokerage commissions and charges.

In the instance of creations and redemptions, Transaction Fees may be imposed. Such fees are limited in the case of redemptions in accordance with requirements of the US Securities and Exchange Commission ("SEC") applicable to management investment companies offering redeemable securities. See the "Creation and Redemption of Creation Units" section of this SAI for more information. Some of the information contained in this SAI and the Prospectus — such as information about purchasing and redeeming Shares and Transaction Fees — is not relevant to most retail investors because it applies only to transactions for Creation Units and most retail investors do not transact for Creation Units.

#### Fund Descriptions, Investments, and Risks

#### Classification
Amana Mutual Funds Trust is designed to meet the needs of various investors, and the particular needs of Muslims, by investing in accordance with Islamic principles. The Funds are open to any investor.

The Trust is technically known as an "open-end management investment company." The Trust is a "series trust" that presently offers seven separate funds for investors: the three ETFs described in this SAI, Amana Equity Income ETF, Amana Growth ETF, and Amana Developing World ETF, as well as four mutual funds which are described in a separate prospectus and statement of additional information; Amana Income Fund, Amana Growth Fund, Amana Developing World Fund, and Amana Participation Fund. Each of the mutual funds other than the Amana Participation Fund operate as diversified funds, while the Funds and the Amana Participation Fund, operate as non-diversified funds.

#### Investment Strategies and Risks
The Prospectus and Summary Prospectuses describe the principal investment strategies of each Fund and principal risks of those strategies.

The Funds pursue these investment strategies by purchasing equity securities, and other Islamic finance instruments. The Funds may not purchase preferred stocks.

In accordance with Islamic principles, the Funds shall not purchase conventional bonds, debentures, or other interest-paying obligations of indebtedness.

The Funds may use income-producing investments to the extent the Board of Trustees and Islamic consultants engaged by Saturna Capital Corporation, the Funds' investment adviser ("Adviser") agree that those investments are consistent with Islamic principles. Short-term investments are securities that mature or have a remaining maturity of 12 months or less from the date of purchase. Most ordinary mutual funds use a variety of interest-paying investments for short-term needs. Because the Funds may not receive interest from their investments, the Funds cannot use them. A limited amount of Islamic income-producing investments that do not pay interest are available. The Funds may invest in them when such opportunities are suitable for the Funds.

The Adviser selects investments that to its knowledge do not violate the requirements of the Islamic faith at the time of investment, based on its own security selection policies and compliance procedures. The Adviser engages Amanie Advisors Sdn Bhd, a leading consultant specializing in Islamic finance, who reviews, and consults on, the investment adviser's compliance policies and procedures so that the investment adviser can ensure that the Funds' investments meet the requirements of the Islamic faith.

------

#### Fund Policies
The objectives of the **Equity Income ETF** are current income and preservation of capital, consistent with Islamic principles; current income is its primary objective. The objective of the **Growth ETF** is long-term capital growth, consistent with Islamic principles. The objective of the **Developing World ETF** is long-term capital growth, consistent with Islamic principles.

In addition to the following fundamental policies, the Board of Trustees has instructed that investments not be made in preferred stocks and that the Funds should favor no-debt and low-debt companies. In accordance with Islamic principles, the Funds shall not make any investments that pay interest. These investment objectives, and the policies that follow, are fundamental policies and cannot be changed without approval by vote of a majority of the outstanding shares of the Fund. Other restrictions in the form of operating policies are subject to change by the Trust's Board without shareowner approval.

#### Senior Securities
Each Fund shall not issue senior securities.

#### Borrowing
Each Fund shall not borrow money, except for emergency purposes, including facilitation of heavy redemption requests, and then only in amounts not exceeding 10% of the then net liquidating value of the Fund's assets. The Trust is authorized to mortgage or pledge assets of a Fund to the extent necessary to secure such temporary borrowings.

#### Underwriting
Each Fund shall not act as an underwriter of another issuer's securities, except to the extent that the Fund may be deemed to be an underwriter within the meaning of the Securities Act of 1933, in connection with the purchase and sale of portfolio securities.

#### Industry Concentration
Each Fund shall not concentrate its investments in any particular industry, and no investment shall be made if such investment at the time made would cause more than 25% of the total assets of the Fund, taken at market value or fair value as determined by the Trustees, to be invested in securities of issuers in any one industry.

#### Real Estate and Commodities
Each Fund shall not engage in the purchase or sale of real estate, commodities, or commodity contracts except as may be acquired by the Fund in connection with a merger, consolidation, reorganization, or in satisfaction of a debt.

#### Loans
Each Fund shall not make loans, except that a Fund may, subject to applicable restrictions imposed by law, make loans of portfolio securities to brokers or dealers in corporate or governmental securities, banks, or other recognized institutional borrowers of securities against no less than 100% cash or equivalent collateral if immediately thereafter the aggregate market value of securities loaned shall not exceed 33% of the market value of its total assets.

#### Diversification
Under the Investment Company act of 1940, as amended and the regulations promulgated thereunder, a diversified fund, with respect to 75% of its total assets, shall not: (1) purchase more than 10% of the outstanding securities of any one issuer; or (2) purchase securities of any issuer if, as a result, more than 5% of the Fund's total assets would be invested in that issuer's securities. This limitation does not apply to obligations of the US government or its agencies or instrumentalities. This restriction does not apply to the Funds. Each Fund operates as a non-diversified Fund.

#### Short Sales
Each Fund shall not make short sales of securities or maintain a short position, unless at all times when a short position is open, the Fund owns an equal amount of such securities or owns securities which, without the payment of any further consideration, are convertible into or exchangeable for securities of the same issue as, and equal in amount to, the securities sold short.

#### Temporary Defensive Position
The Funds may use short-term income-producing investments to the extent the Board of Trustees and Saturna's Islamic consultants agree that those investments are consistent with Islamic principles. Short-term investments that meet Islamic and mutual fund requirements are currently limited in the United States.

During uncertain or adverse market, economic, political, or other conditions, or the unavailability of attractive investment opportunities, a Fund may adopt a temporary defensive position. The Funds cannot invest in interest-paying instruments frequently used by other mutual funds for this purpose. When markets are unattractive, the Adviser chooses between continuing to follow the Funds' investment policies or converting securities to cash or cash equivalents for temporary, defensive purposes. These holdings will be non-interest bearing and may, in whole or in part, not be insured by the Federal Deposit Insurance Corporation (FDIC). Taking a temporary defensive position may adversely impact achievement of the Funds' investment objectives. This choice is based on the Adviser's evaluation of market conditions and a Fund's portfolio holdings. In the event a Fund takes such a position, it may not be able to achieve its investment objective.

#### Cayman Island Subsidiary
The Equity Income ETF may invest up to 20% of its total net assets in its own wholly-owned Subsidiary (a "Subsidiary") for the purpose of gaining exposure to Islamic income-producing investments (murabaha and wakala) for its cash positions. The Subsidiary is organized under the laws of the Cayman Islands, the registered offices of which is located at Solomon Harris, 53 Market Street, Unit 3211, Camana Bay, PO Box 1990, Grand Cayman KY1-1104, Cayman Islands. The Equity Income ETF will be the sole shareholder of its Subsidiary, and does not expect shares of its Subsidiary to be offered or sold to other investors. The Internal Revenue Code of 1986, as amended (the "Internal Revenue Code") limits the amount that the Fund can invest in its Subsidiary up to 25% of the value of its total assets (ignoring any subsequent market appreciation in the Subsidiary's value), as measured at the end of each quarter of its taxable year.

------

The Equity Income ETF further limits its investment in its subsidiary to 20% of the value of its total net assets.

To the extent applicable, the Subsidiary is otherwise subject to the same fundamental and non-fundamental investment restrictions as the Fund and, in particular, to the same requirements relating to liquidity, and the timing and method of valuation of portfolio investments and Fund Shares. (Accordingly, references in this SAI to the Fund may also include its Subsidiary.) By investing in its Subsidiary, the Fund may be considered to be investing indirectly in the same investments as its Subsidiary and is indirectly exposed to the risks associated with those investments.

The Fund's Subsidiary is not registered with the SEC as an investment company under the Investment Company Act and is not subject to the investor protections of the Investment Company Act. As an investor in its Subsidiary, the Fund will not have the same protections offered to shareholders of registered investment companies. However, because the Subsidiary is wholly-owned and controlled by the Fund and the Fund is managed by the Adviser, it is unlikely that the Subsidiary will take action in any manner contrary to the interest of the Fund or its shareholders.

Because the Subsidiary has the same investment objective and, to the extent applicable, will comply with the same investment policies as the Fund, the Adviser manages the Subsidiary's portfolio in a manner similar to that of the Fund.

The Subsidiary has a board of directors that oversees its activities. The Subsidiary has entered into a separate investment advisory agreement with the Adviser, and the Fund pays Saturna a fee for its services. The Subsidiary has entered into a separate investment sub-advisory agreement with the Sub-Adviser, and the Adviser pays the Sub-Adviser for its services. The Subsidiary also has entered into agreements with the Fund's service providers for the provision of administrative, accounting, transfer agency, and custody services.

The Fund and its wholly-owned Subsidiary may not be able to operate as described in the Prospectus and this SAI in the event of changes to the laws of the United States or the Cayman Islands. If the laws of the Cayman Islands required a Subsidiary to pay taxes to a governmental authority, the Fund would be likely to suffer decreased returns.

#### Portfolio Turnover
The Trust places no formal restrictions on portfolio turnover and will buy or sell investments accounting to the Adviser's appraisal of the factors affecting the market and the economy. Portfolio turnover may vary from year to year due to a variety of factors, including fluctuating volume of shareholder purchase and redemption orders, market conditions, investment strategy changes, or changes in the Adviser's investment outlook. Excessive portfolio turnover may be considered gambling by Islamic investors. Because the Funds have not yet commenced operations prior to the date of this SAI, the Funds do not have a portfolio turnover rate to provide.

The Adviser seeks to minimize potential current income taxes paid by shareowners, with includes: (1) infrequent trading, (2) offsetting capital gains with losses, and (3) selling highest cost tax lots first.

#### Disclosure of Portfolio Holdings
The Amana Mutual Funds Trust has adopted a portfolio holdings disclosure policy governing the disclosure of the Funds' portfolio holdings. In accordance with this policy, the Funds may provide portfolio holdings information to third parties no earlier than the time a report is filed with the SEC that is required to contain such information, or the information is posted on the Funds' publicly accessible website, www.amanafunds.com.

Each Fund discloses its full portfolio holdings, as of the close of business the prior day, each day before the opening of trading on the Exchange at www.amanafunds.com.

The Funds may disclose portfolio holdings information that has not been included in a filing with the SEC or posted on the Funds' website (i.e., non-public portfolio holdings information) only if there is a legitimate business purpose for doing so and if the recipient is required, either by explicit agreement or by virtue of the recipient's duties to the Funds as an agent or service provider, to maintain the confidentiality of the information and to not use the information in an improper manner (e.g., personal trading). The Funds may disclose on an ongoing basis such non-public portfolio holdings information in the normal course of their investment and administrative operations to various service providers, including the Adviser, independent registered public accounting firm, custodian, financial printer, and to the legal counsel for the Funds' trustees. The Adviser may disclose daily non-public portfolio holdings information on a next-day basis to service providers to enable the Adviser to perform statistical analysis using those service providers' systems and software programs. The Adviser may also provide certain non-public portfolio holdings information to broker-dealers from time to time in connection with the purchase or sale of securities. In providing this information, reasonable precautions are taken in an effort to avoid potential misuse of the disclosed information, including limitations on the scope of the portfolio holdings information disclosed, when appropriate.

Certain employees of the Adviser are responsible for interacting with Authorized Participants and liquidity providers with respect to discussing custom basket proposals as described in the Custom Baskets section of this SAI. As part of these discussions, these employees may discuss with an Authorized Participant or liquidity provider the securities a Fund is willing to accept for a creation, and securities that a Fund will provide on a redemption. The Adviser's employees may also discuss portfolio holdings-related information with broker/dealers, in connection with settling a Fund's transactions, as may be necessary to conduct business in the ordinary course.

Non-public portfolio holdings information may be provided to other persons if approved by the Adviser's president or designee upon a determination that there is a legitimate business purpose for doing so, the disclosure is consistent with the interests of the Funds, and the recipient is obligated to maintain the confidentiality of the information and not misuse it.

------

Neither the Adviser, the Funds, nor any affiliated or non-affiliated party shall receive any compensation or other consideration in connection with the disclosure of portfolio holdings.

In view of these Fund policies, it is unlikely that a conflict of interest between the interests of the Funds, the Adviser, or any affiliated person of the Funds may arise. However, should the Adviser's president become aware that a potential conflict of interest may exist in connection with authorized portfolio disclosures, she will promptly consult with the chairman of the Trust's Board of Trustees with regard to action to be taken. For further information about conflicts of interest, see Portfolio Managers.

#### Proxy Voting Policies
The proxy voting guidelines summarize the Adviser's positions and give a general indication of how portfolio securities held in advisory accounts, such as the Funds, will be voted.

The guidelines are not exhaustive and do not include all potential voting issues. Because proxy issues and the circumstances of individual companies are varied, there may be instances when the Adviser may not vote in strict adherence to these guidelines. We will evaluate the merits and intentions of all proposals, and will typically vote in favor of those proposals we determine to be constructive to the company, to the environment in which it operates, and to the best interest of its shareowners. We will typically oppose proposals we deem to be immaterial, nuisance proposals, or proposals that would entail significant costs in compliance with little associated benefit.

Regardless of the circumstances, the Adviser will always attempt to vote in accordance with the Funds' specific investment objectives and policies, which includes careful examination of environmental, social, and governance issues.

The Adviser's investment professionals, as part of their ongoing review and analysis of all portfolio holdings, are responsible for monitoring significant corporate developments, including proxy proposals submitted to shareowners. The research analyst assigned to the sector in which an issue falls is responsible for voting the associated proxies.

These guidelines are reviewed and approved annually by the Trustees. The research analyst will refer all issues where there could be a conflict of interest (e.g., a familial or business relationship with a company or management) or uncertainty regarding the merits of any management or shareowner proposal to Saturna Capital's Proxy Committee for discussion and adjudication. The Proxy Committee consists of the Chief Investment Officer, President, and Chief Legal Officer of the Adviser, as well as other relevant investment professionals who may participate from time to time.

Disclosure of the proxy voting record is a responsibility of the Trust's secretary. The Funds' voting record is filed on Form N-PX for each month period ending June 30 and is available (1) without charge, upon request, by calling the Adviser toll-free at 1-800-728-8762; (2) on the Saturna Capital website; and (3) on the SEC's website at www.sec.gov.

#### Corporate Governance
We will generally vote **FOR**:

&nbsp;&nbsp;&nbsp;&nbsp;• Proposals requesting disclosure of the company's political contributions and policies governing political contributions.

&nbsp;&nbsp;&nbsp;&nbsp;• Proposals requesting disclosure of the company's lobbying expenditures and policies governing lobbying expenditures.

&nbsp;&nbsp;&nbsp;&nbsp;• Proposals requesting disclosure of the company's participation in drafting and/or supporting legislation (including the names of partnering organizations, if
 applicable).

&nbsp;&nbsp;&nbsp;&nbsp;• Management's recommendation for ratification of the auditor, except in the case where non-audit fees represent more than 30% of the total fees paid in the
 previous year.

#### Corporate Transactions
We will generally vote **AGAINST**:

&nbsp;&nbsp;&nbsp;&nbsp;• Authorization to transact other, unidentified, substantive business at the meeting.

We will vote **CASE BY CASE** on:

&nbsp;&nbsp;&nbsp;&nbsp;• Mergers and acquisitions, leveraged buyouts, spin-offs, re-incorporations, tax inversions, liquidations, and asset sales with regard to the impact on existing
 shareowners' and community stakeholders' interests.

&nbsp;&nbsp;&nbsp;&nbsp;• Proposals to amend a company's charter or by-laws.

#### Director Elections
We will generally vote **FOR**:

&nbsp;&nbsp;&nbsp;&nbsp;• Proposals that require a majority of independent Directors.

&nbsp;&nbsp;&nbsp;&nbsp;• Proposals to separate the Chief Executive Officer and Chairman of the Board positions.

&nbsp;&nbsp;&nbsp;&nbsp;• Proposals seeking to increase the independence and diversity of board nominating, audit, and compensation committees.

&nbsp;&nbsp;&nbsp;&nbsp;• Establishment of reasonable retirement age for Directors.

&nbsp;&nbsp;&nbsp;&nbsp;• Proposals that require Directors to own a minimum number of shares in the company.

We will generally vote **AGAINST**:

&nbsp;&nbsp;&nbsp;&nbsp;• Directors who have attended less than 75% of Board meetings.

&nbsp;&nbsp;&nbsp;&nbsp;• Management proposals that give management the ability to alter the size of the Board without shareowner approval.

&nbsp;&nbsp;&nbsp;&nbsp;• Efforts to classify the Board or eliminate cumulative voting.

&nbsp;&nbsp;&nbsp;&nbsp;• The election of Directors who serve on the compensation committee who also serve as CEO of any public company.

&nbsp;&nbsp;&nbsp;&nbsp;• Proposals to elect Directors on a staggered schedule.

We will vote **CASE BY CASE** on:

&nbsp;&nbsp;&nbsp;&nbsp;• Individual Directors, committee members, or on the entire board.

&nbsp;&nbsp;&nbsp;&nbsp;• Directors who are incumbent members of the nominating committee if the Board, in our judgment, lacks diversity.

------

#### Takeover Defenses
We will generally vote **FOR**:

&nbsp;&nbsp;&nbsp;&nbsp;• The elimination of dual class stock with unequal voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;• Proposals to put poison pills to a shareowner vote.

We will generally vote **AGAINST**:

&nbsp;&nbsp;&nbsp;&nbsp;• Proposals to introduce dual-class shareholding structures or non-voting share classes.

&nbsp;&nbsp;&nbsp;&nbsp;• Proposals to adopt anti-takeover defenses.

#### Capital Structure
We will generally vote **FOR**:

&nbsp;&nbsp;&nbsp;&nbsp;• Proposals to effect stock splits.

&nbsp;&nbsp;&nbsp;&nbsp;• Proposals authorizing share repurchase programs.

We will vote **CASE BY CASE** on:

&nbsp;&nbsp;&nbsp;&nbsp;• Proposals to increase common stock.

#### Compensation
We will generally vote **FOR**:

&nbsp;&nbsp;&nbsp;&nbsp;• Proposals to allow shareowners to vote on executive compensation.

&nbsp;&nbsp;&nbsp;&nbsp;• Compensation programs that relate executive compensation to a company's long-term performance.

&nbsp;&nbsp;&nbsp;&nbsp;• Stock option plans unless they could result in significant dilution or have other provisions clearly not in the interest of existing shareholders.

We will vote **CASE BY CASE** on:

&nbsp;&nbsp;&nbsp;&nbsp;• Executive and director compensation. We generally favor capital-related Key Performance Indicators (KPIs): return on capital expenditure (ROCE); return on
 investment capital (ROIC); economic value added (EVA) rather than accounting-related indicators (sales; earnings per share or EPS); and earnings before interest, taxes, depreciation and amortization (EBITDA).

#### Environment
We expect companies to be mindful of their environmental record and impact. We will vote in favor of proposals requesting that companies adopt the Ceres principles, and in favor of requests for corporate social responsibility or sustainability reports detailing a company's environmental practices.

We will also generally vote in favor of any proposal that requests disclosure and/or improvement relating to the company's approach to:

&nbsp;&nbsp;&nbsp;&nbsp;• Addressing climate change.

&nbsp;&nbsp;&nbsp;&nbsp;• Reducing waste.

&nbsp;&nbsp;&nbsp;&nbsp;• Reducing greenhouse gas emissions.

&nbsp;&nbsp;&nbsp;&nbsp;• Reducing other toxic emissions.

&nbsp;&nbsp;&nbsp;&nbsp;• Taking responsibility for toxic cleanup.

&nbsp;&nbsp;&nbsp;&nbsp;• Mitigating water-related risks.

&nbsp;&nbsp;&nbsp;&nbsp;• Mitigating negative impact on biodiversity in the communities in which the company operates.

&nbsp;&nbsp;&nbsp;&nbsp;• The use of harmful pesticides, antibiotics, genetically- engineered organisms, and other chemicals in food production.

&nbsp;&nbsp;&nbsp;&nbsp;• Health and environmental hazards the company's operations present to the communities in which it operates.

&nbsp;&nbsp;&nbsp;&nbsp;• Sustainable business operations.

#### Social Responsibility
We will generally vote for any proposals that request disclosure and/or improvement relating to the company's approach to:

&nbsp;&nbsp;&nbsp;&nbsp;• The representation of women and minorities in the workplace.

&nbsp;&nbsp;&nbsp;&nbsp;• Equal employment opportunities and/or nondiscrimination policies.

&nbsp;&nbsp;&nbsp;&nbsp;• Workplace codes of conduct, particularly practices related to employee health and safety.

&nbsp;&nbsp;&nbsp;&nbsp;• Product-related safety issues, including product quality and recalls.

&nbsp;&nbsp;&nbsp;&nbsp;• Animal welfare.

------

#### Management of the Trust

#### Board of Trustees
A Board of five Trustees oversees the Trust: Firas J. Al-Barzinji, Miles K. Davis, Ronald H. Fielding, Asma Y. Mirza, and Jane K. Carten. The Trustees establish policies as well as review and approve contracts and their continuance. The Trustees also elect the officers, authorize the payment of any dividend or capital gain distribution, and serve on committees of the Trust. Trustees serve for the lifetime of the Trust or until their retirement, death, resignation, removal, or non re-election by the shareowners. The Trustees annually appoint officers for one-year terms.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Management Information** | **Management Information** | **Management Information** | **Management Information** | **Management Information** | **Management Information** |
| Name, Address, and Age | Name, Address, and Age | Position(s) held with Trust; term of office and length of time served | Principal occupation(s) during past 5 years | Number of portfolios in Saturna fund complex overseen by Trustee | Other directorships held by Trustee during past 5 years |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| ![](image2.jpg) | **Firas J. Al-Barzinji, JD, MBA**<sup>1</sup> 1300 N. State Street Bellingham, WA 98225<br> **Age: 42** | Independent Chairman (since 2025); Independent Trustee (since 2022); Audit and Compliance Committee | General Counsel, Sterling Management Group, Inc. (management services); Director and Chief Compliance Officer of Sterling Advisory Services, Inc. | Seven |  |
| ![](image3.jpg) | **Miles K. Davis, PhD**<sup>2</sup> 1300 N. State Street<br> Bellingham, WA 98225<br> **Age: 66** | Independent Trustee (since 2008); Audit and Compliance Committee; Governance, Nomination and Compensation Committee (Chairman) | Professor of Management at Shenandoah University School of Business; Former Chief Executive Officer and Vice Chancellor of Wigwe University; Former President, Linfield University. | Seven |  |
| ![](image4.jpg) | **Ronald H. Fielding, MA, MBA, CFA<sup>®</sup>**<br> 1300 N. State Street<br> Bellingham, WA 98225<br> **Age: 77** | Independent Trustee (since 2012); Audit and Compliance Committee (Chairman, Financial Expert) | Director, ICI Mutual Insurance Company. | Eleven | Saturna<br> Investment Trust |
| ![](mirza.jpg) | **Asma Y. Mirza, MBA**<br> 1300 N. State Street<br> Bellingham, WA 98225<br> **Age: 42** | Independent Trustee (since 2025); Audit and Compliance Committee; Governance, Nominations and Compensation Committee | Chief Performance Officer, State of Maryland; Former Chief of Staff, White House COVID-19 Response Team; Former Deputy, White House Infrastructure Implementation Team; Former Special Assistant, President of the United States; Former Engagement Manager, McKinsey & Company. | Seven |  |
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
| ![](carten.jpg) | **Jane K. Carten, MBA**<sup>3</sup> 1300 N. State Street<br> Bellingham, WA 98225<br> **Age: 51** | President and Interested Trustee (Since 2025); Governance, Nominations and Compensation Committee | Chairman, Director, CEO, and President, Saturna Capital Corporation; Chairman, Director and Vice President, Saturna Trust Company; Chairman, Director, and President, Saturna Brokerage Services; Chairman, Saturna Sendirian Berhad. | Eleven | Saturna<br> Investment Trust |

---

------

---

| | | |
|:---|:---|:---|
| **Officers Who Are Not Trustees** | **Officers Who Are Not Trustees** | **Officers Who Are Not Trustees** |
| Name, Address, and Age | Position(s) held with Trust (length of time served); and term of office | Principal occupation(s) during past 5 years |
| **Officers Who Are Not Trustees** | **Officers Who Are Not Trustees** | **Officers Who Are Not Trustees** |
| ![](image7.jpg)<br> **Monem A. Salam, MBA**<sup>4</sup> 1300 N. State Street<br> Bellingham, WA 98225<br> **Age: 54** | Vice President<br> (Since 2025) | Director, Executive Vice President, and Portfolio Manager, Saturna Capital Corporation; Director, Saturna Sendirian Berhad. |
| ![](image8.jpg)<br> **Christopher R. Fankhauser**<sup>4</sup> 1300 N. State Street<br> Bellingham, WA 98225<br> **Age: 54** | Treasurer<br> (since 2002) | Chief Operations Officer and Director, Saturna Capital Corporation; Vice President and Chief Operations Officer, Saturna Brokerage Services; Vice President, Director, and Chief Operations Officer, Saturna Trust Company |
| ![](image9.jpg)<br> **Michael E. Lewis**<sup>4, 5</sup><br> 1300 N. State Street<br> Bellingham, WA 98225<br> **Age: 64** | Chief Compliance Officer (since 2012) | Chief Compliance Officer, Saturna Capital Corporation, Saturna Trust Company, and Affiliated Funds |
| ![](image10.jpg)<br> **Jacob A. Stewart**<sup>4</sup> 1300 N. State Street<br> Bellingham, WA 98225<br> **Age: 45** | Anti-Money Laundering Officer<br> (since 2015) | Anti-Money Laundering Officer, Saturna Capital Corporation, Saturna Brokerage Services Chief Compliance Officer, Saturna Brokerage Services Bank Secrecy Act Officer, Saturna Trust Company |
| ![](image11.jpg)<br> Elliot S. Cohen<sup>4</sup> 1300 N. State Street<br> Bellingham, WA 98225<br> **Age: 62** | Secretary<br> (since 2022) | Chief Legal Officer, Saturna Capital Corporation; Former Associate General Counsel for Russell Investments |

---

*As of December 31, 2025, no Independent Trustee (or any of his immediate family members) owned beneficially or of record securities of the Adviser or the Trust's principal underwriter, or any person (other than a registered investment company) directly or indirectly, controlling, controlled by, or under common control with the Adviser or principal underwriter.*

*<sup>1</sup> Mr. Al-Barzinji is Director and Chief Compliance Office of Sterling Advisory Services, Inc., the investment adviser to two private investment funds that are sub-advised by Saturna Capital Corporation, and which pay an investment sub-advisory fee to Saturna Capital Corporation.*

*<sup>2</sup> Saturna Capital Corporation has committed to make a charitable donation to the School of Business at Linfield University to support education programming in sustainable investing. Saturna Capital has committed to make a donation of $125,000 over five years, in the amount of $25,000 a year, beginning on September 30, 2021. Dr. Miles Davis formerly served as President of Linfield University.*

*<sup>3</sup> Ms. Carten is an "interested person" of the Trust as an officer of the Adviser. Ms. Carten was elected trustee on February 14, 2025 and seated on May 31, 2025.*

*<sup>4</sup> Mr. Salam, Mr. Fankhauser, Mr. Lewis, Mr. Stewart, and Mr. Cohen are "interested persons" of the Trust as officers and employees of the Adviser. Mr. Fankhauser, Mr. Lewis, Mr. Stewart, and Mr. Cohen hold the same positions with Saturna Investment Trust, which has nine fund portfolios and is also managed by Saturna Capital Corporation.*

<sup>5</sup> *During the fiscal year ended May 31, 2026, the Chief Compliance Officer of the Trust received, from the two registered investment companies in the fund complex for which he served in that capacity, compensation in the amount of $200,000, of which the Trust paid $125,000.*

------

#### Management Ownership Information
As of the date of this SAI, the Funds were new and had not yet issued any Shares.

The following table sets forth the aggregate dollar range of securities owned by each Trustee in all the funds in the fund family overseen by the Trustee, valued as of December 31, 2025. The fund family includes four other series of the Trust which operate as mutual funds, and another registered investment company, Saturna Investment Trust, which has four series.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; Trustee/Officer | &nbsp;&nbsp;&nbsp; Aggregate dollar range of equity securities in all registered investment companies overseen by the Trustee in the Saturna fund family<br>|
| &nbsp;&nbsp;&nbsp; **Firas J. Al-Barzinji** | &nbsp;&nbsp;&nbsp; Over $100,000 |
| &nbsp;&nbsp;&nbsp; **Miles K. Davis** | &nbsp;&nbsp;&nbsp; Over $100,000 |
| &nbsp;&nbsp;&nbsp; **Ronald H. Fielding** | &nbsp;&nbsp;&nbsp; Over $100,000 |
| &nbsp;&nbsp;&nbsp; **Asma Y. Mirza** | &nbsp;&nbsp;&nbsp; Over $100,000 |
| &nbsp;&nbsp;&nbsp; **Jane K. Carten** | &nbsp;&nbsp;&nbsp; Over $100,000 |

---

No Independent Trustee (including his/her immediate family members) owns any securities (not including shares of registered investment companies) in the Adviser, Saturna Brokerage Services Inc., or any Saturna entity.

#### Leadership Structure and Board of Trustees
As part of its annual governance assessment, the Board reviews the collective and individual experience, qualifications, attributes, and skills of the Trustees. Attributes common to all Trustees are strong educational backgrounds, lifetimes of experience in business and finance, and the ability to effectively request, evaluate, and discuss information about the Trust with the Adviser and other service providers to the Trust. The chairman of the Board and all other Trustees (except Ms. Carten) are independent of the Adviser or other service providers, and fulfill the legal definition of Independent Trustee. They reside in diverse communities across the continent, and all have lived outside the United States.

The Board has concluded that its current leadership structure, in which the chairman of the Board is an Independent Trustee and not affiliated with the Adviser, is appropriate and in the best interest of shareowners. In light of the services provided to the Trust daily by the Adviser and the responsibilities of the Adviser to the Trust, the Board believes it appropriate and in the best interest of shareowners to have a separate President who is an active adviser employee. In making the determination that each Trustee is qualified to serve, the Board considers a variety of criteria, including actual service, commitment, and participation of each Trustee during their tenure with the Trust. In addition to the information set forth in the Trustees table above and other relevant qualifications, the following are additional important qualifications of each Trustee:

**Firas J. Al-Barzinji,** JD, MBA, was added to the Board of Trustees in 2022. He is a Virginia-licensed attorney and serves as General Counsel to Sterling Management Group, Inc. (Herndon, VA), a consulting, venture capital, business management, and real estate investment firm. Mr. Al-Barzinji serves on the boards of several private companies and has worked in private equity since 2012. His main focus has been in agro-industrial and technology investments. Mr. Al-Barzinji also serves multiple charitable institutions through board or committee membership. Mr. Al-Barzinji's degrees include a bachelor's degree in English from Virginia Tech, a juris doctor from the George Mason University School of Law, and a master's degree in business administration from the University of Virginia Darden School of Business. The Board feels Mr. Al-Barzinji's legal experience, financial business background, volunteer service and board leadership make him an excellent board member.

**Miles K. Davis**, PhD, is a Professor of Management at Shenandoah University School of Business. Prior to his position with Shenandoah University, he was the former Founding CEO and Vice Chancellor of Wigwe University (Isiokpo, Rivers State, Nigeria). Before assuming the role at Wigwe University Dr. Davis was President of Linfield University (McMinnville, OR). Dr. Davis is active in the microfinance movement, and lectures regularly in the US, Africa, and Europe. An authority on entrepreneurship, his work focuses on the areas of integrity, values, and principles within the business world. He is a former Dean and George Edward Durell Chair of Management, Harry F. Byrd, Jr. School of Business at Shenandoah University (Winchester, VA). Dr. Davis earned a bachelor's degree in communications from Duquesne University, a master's degree in human resource development from Bowie State University, and a doctorate in organizational behavior and management from The George Washington University. The Board feels Dr. Davis' proven academic leadership skills, financial background, and experience make him an excellent board member.

**Ronald H. Fielding,** MA, MBA, CFA<sup>®</sup>, has worked in the mutual fund industry as a portfolio manager, owner, and senior officer of mutual fund advisers for over 35 years. He has served on the board of Investment Company Institute Mutual Insurance for over 20 years. He has taught courses in finance and economics, and serves on philanthropic and educational institution boards. Mr. Fielding has a bachelor's degree in liberal arts from St. John's College, plus master's degrees in economics and business from the University of Rochester. The Board feels Mr. Fielding's demonstrated mutual fund industry experience and background, and his volunteer service and leadership on many boards, including ICI Mutual Insurance and St. John's College, make him an excellent board member.

**Asma Y. Mirza,** MBA, has spent her career solving big problems facing businesses and governments. Ms. Mirza is currently the Chief Performance Officer for the State of Maryland, where she focuses on the Governor's priorities including co-lead for the economic response to protect workers and businesses related to the Francis Scott Key Bridge collapse in Baltimore. Ms. Mirza served as the Chief of Staff to the White House COVID-19 Response Team and as a Deputy at the White House Infrastructure Implementation Team & Special Assistant to the President. Prior to Ms. Mirza's distinguished public service career, she was an Engagement Manager at McKinsey & Company. The Board believes Ms. Mirza's demonstrated leadership and managerial experience, both in the private and the public sector, make her an excellent board member.

------

**Jane K. Carten,** MBA, graduated from Western Washington University with an MBA and undergraduate degree in Computer Science and Business. As Chairperson, Director, Chief Executive Officer, and President of the Adviser, Ms. Carten oversees Saturna's daily operations and holds officer positions and directorships with certain Saturna Capital affiliates as noted previously. Ms. Carten is also the Chairman, Director, and Vice President of Saturna Trust Company and the Chairman, Director and President of Saturna Brokerage Services, Inc. Ms. Carten is active in the Bellingham Bay Rotary and is a member of the Young Presidents' Organization. She is a founder of the nonprofit OpenAccess Internet Services and is a Bellingham Sister Cities member and contributor. The Board believes Ms. Carten's demonstrated mutual fund industry experience and background, and her volunteer service and leadership on community boards, make her an excellent board member.

#### Board Role in Risk Oversight
The Board's role in management of the Trust is oversight. Day- to-day management of the Trust, selection of Fund investments, administration services, and management of operational and portfolio risk are responsibilities of the Adviser. Distribution services for the Funds are the responsibility of Paralel Distributors LLC. The Board provides general supervision and risk oversight with respect to the operation of the Trust and the Funds, including through the following activities: receipt of reports from the Adviser, the Sub-Adviser, distributor, and third parties; meetings of the whole board as well as its committees; independent experiences including shareowner contacts; and communications with board advisors such as auditors, legal counsel, compliance officers, and regulators. The chairman's duties include developing the agenda for each Board meeting in consultation with management, presiding at each Board meeting, discussing Trust matters with management between Board meetings, and facilitating communication and coordination between the Trustees and management.

#### Committees
The Board has established two standing committees: the Audit and Compliance Committee and the Governance, Compensation, and Nominations Committee. The respective duties and current memberships of the standing committees are:

**Audit and Compliance Committee.** The Audit and Compliance Committee selects the independent registered public accounting firm, reviews all audit reports, and monitors compliance programs. Ronald H. Fielding (the Committee's Chair and Audit Committee Financial Expert), Miles K. Davis, Firas J. Al-Barzinji, and Asma Y. Mirza are the members of the Audit and Compliance Committee. During the fiscal year ended May 31, 2026, the Audit and Compliance Committee met once.

**Governance, Compensation, and Nominations Committee.** The Governance, Compensation, and Nominations Committee oversees the Board's annual review of operations and structure, and recommends trustee compensation. Shareowners wishing to recommend nominees may do so by sending written information to Dr. Davis (Committee Chairman) at his address as given above. Miles K. Davis, Asma Y. Mirza and Jane K. Carten (an Interested Trustee) are the members of the Governance, Compensation, and Nominations Committee. With respect to the selection of nominees for Independent Trustees, Ms. Carten acts solely in an advisory capacity and does not vote. During the fiscal year ended May 31, 2026, the Governance, Compensation, and Nominations Committee met once.

#### Compensation
The Adviser, not the Trust, pays the salaries of officers of the Trust, except the Trust's Chief Compliance Officer's salary, for which the Trust may partially reimburse the Adviser. Fund Trustees who are interested persons of the Trust, as defined in the Investment Company Act, receive no salary or fees from the Trust. The Trust pays the Independent Trustees $3,500 per quarter in arrears, $1,000 per board meeting attended (in person or by phone), $250 for each portfolio of the Trust, and reimbursement of travel expenses. The Trustees are also paid $250 for committee meetings attended. The Trust pays the Board chairman and each committee chairman an additional $500 per quarter in arrears. For the fiscal year ended May 31, 2026, the Trust paid $69,000 of compensation expenses. No pension or retirement benefits were incurred.

#### Code of Ethics
The Trust, the Adviser, and its affiliate brokerage firm, Saturna Brokerage Services, have adopted a common Code of Ethics under Rule 17j-1 of the Investment Company Act of 1940, as amended (Investment Company Act) and Rule 204A-1 of the Investment Advisers Act. The Code permits personnel subject to the Code (as defined in the Code) to invest in securities, including common stocks and mutual funds. To prevent conflicts of interest, the Code includes restrictions on investing in securities that may be purchased by the Funds. A copy of the Code is available without charge by contacting the Trust or the Adviser, and is available on the Trust's website.

The Funds' Sub-Adviser has adopted a Code of Ethics under Rule 17j-1 of the Investment Company Act, which applies to the personal investing activities of directors, officers and certain employees ("access persons"). The Code of Ethics is designed to prevent unlawful practices in connection with the purchase or sale of securities by access persons. A copy of the Codes of Ethics is on file with the SEC, and is available to the public.

The Funds' Distributor has also adopted a Code of Ethics under Rule 17j-1 of the Investment Company Act, which applies to the personal investing activities of directors, officers and certain employees ("access persons"). The Code of Ethics is designed to prevent unlawful practices in connection with the purchase or sale of securities by access persons. A copy of the Codes of Ethics is on file with the SEC, and is available to the public.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Trustee Compensation for Fiscal Year ended May 31, 2026** | **Trustee Compensation for Fiscal Year ended May 31, 2026** | **Trustee Compensation for Fiscal Year ended May 31, 2026** | **Trustee Compensation for Fiscal Year ended May 31, 2026** | **Trustee Compensation for Fiscal Year ended May 31, 2026** |
|  Name of Person; Position | Aggregate Compensation from Trust | Pension or Retirement Benefits Accrued as Part of Trust Expenses | Estimated Annual Benefits Upon Retirement | Total Compensation from Trust and Fund Complex Paid to Trustees |
| M. Yaqub Mirza; Trustee, Independent Chairman<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5500 | $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp; $5500 |
|  Miles K Davis; Trustee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21500 | $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp; $21500 |
|  Ronald H. Fielding; Trustee<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21250 | $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp; $29500 |
|  Firas J. Al-Barzinji, Trustee, Independent Chairman | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20750 | $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp; $20750 |
|  Asma Y. Mirza; Trustee<sup>3</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
|  Nicholas F. Kaiser; Trustee<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
|  Jane K. Carten; Trustee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |

---

*<sup>1</sup> Dr. M. Yaqub Mirza and Mr. Nicholas F. Kaiser retired from the Board effective June 2025.*

*<sup>2</sup> Ronald H. Fielding serves as Trustee to the Saturna Investment Trust, to which Saturna Capital Corporation is adviser.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *<sup>3</sup> Asma Y. Mirza has elected to waive her trustee fee from the Trust.*

#### Control Persons and Principal Holders of Securities
A principal shareholder is any person who owns of record or beneficially 5% or more of the outstanding shares of a Fund. A control person is one who owns beneficially or through controlled companies more than 25% of the voting securities of a company or acknowledges the existence of control. Shareholders with a controlling interest could affect the outcome of voting or the direction of management of a Fund.

As of June 10, 2026, the Adviser owned all of the initial Shares issued by each Fund. No other person owned of record or was known by any Fund to own beneficially 5% or more of the Fund's outstanding equity securities at that time.

#### Investment Advisory and Other Services

#### Investment Adviser
Saturna Capital Corporation, 1300 N. State Street, Bellingham, Washington 98225 ("Adviser") is the Investment Adviser for the Trust. Ms. Jane K. Carten, Director, CEO, and President of the Adviser, through her ownership of 52% of its voting stock, is a control person of the Adviser. The Nicholas Ferguson Kaiser Revocable Trust, though its ownership of 41% of the Adviser's voting stock, is a control person of the Adviser. Ms. Carten is also a Trustee and the President of the Amana Mutual Funds Trust. A discussion regarding the basis for the Board of Trustees' approval of each Fund's investment advisory agreement will be available in the Funds' Form N-CSR for the period ending November 30, 2026.

Ms. Jane Carten, a Trustee of the Trust, is Chairman, Director, CEO, President, and controlling shareowner of Saturna Capital; she is also Chairman, President, and a Director of Saturna Brokerage Services, Inc., which is the Adviser's wholly-owned subsidiary, and Chairman, Director, and a Vice President of Saturna Trust Company. The Nicholas Ferguson Kasier Revocable Trust is a controlling shareowner of Saturna Capital. Mr. Fankhauser, an officer of the Trust, is Chief Operations Officer and a Director of Saturna Capital; he is also Chief Operations Officer and a Vice President of Saturna Brokerage Services, Inc. and a Director, Chief Operations Officer, and Vice President of Saturna Trust Company. All employees of Saturna Brokerage Services, Inc. are also employees of the Adviser.

#### Sub-Adviser
Vident Advisory, LLC, 1125 Sanctuary Parkway, Suite 515, Alpharetta, Georgia 30009, is each Fund's investment sub-adviser (the "Sub-Adviser"). The sub-adviser is responsible for trading portfolio securities for the Fund, including selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitution of the portfolio, pre- and post-trade compliance, and monitoring of Fund trading activity, subject to the oversight of the adviser and the Fund's board of trustees.

The Adviser pays fees to a Fund's Sub-Adviser from the advisory fees that it earns from the Fund.

The Adviser has entered into an investment sub-advisory agreement ("Sub-Advisory Agreement") with respect to each Fund. Pursuant to that Sub-Advisory Agreement, the Adviser will pay the Sub-adviser an annual minimum fee of $40,000 (waived for the first six months) and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) .04% for Fund assets up to $250 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) .03% for Fund assets between $250 and $500 million; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) .02% for Fund assets above $500 million

#### Advisory Fee
The Adviser has entered into an investment advisory agreement ("Advisory Agreement") with respect to each Fund effective June 10, 2026. Pursuant to that Advisory Agreement, each Fund pays the Adviser an annual advisory fee based on its average daily net assets for the services and facilities it provides payable at the annual rates set forth below:

------

---

| | |
|:---|:---|
| **Fund** | **Advisory Fee** |
| Amana Equity Income ETF | 0.76% |
| Amana Growth ETF | 0.61% |
| Amana Developing World ETF | 0.91% |

---

The Adviser agrees to pay all expenses of each Fund, except for the (i) the compensation payable to the Adviser under the Advisory Agreement, (ii) payments under each Fund's Rule 12b-1 plan, if applicable, (iii) brokerage and similar portfolio management expenses, (iv) acquired fund fees and expenses, (v) liquidation or termination expenses, (vi) taxes (including, but not limited to, income, excise, transaction, transfer and withholding taxes), and (vii) litigation expenses and other extraordinary expenses (including litigation to which a Fund may be a party and indemnification of the Trustees and officers with respect thereto).

The Advisory Agreement is renewable from year to year with respect to each Fund, so long as its continuance is approved at least annually (1) by the vote of a majority of the Independent Trustees, cast in person at a meeting called for the purpose of voting on such approval, and (2) by the vote of a majority of the Trustees or by a majority vote of the outstanding shares of the Fund (as defined by the Investment Company Act). The Advisory Agreement provides that it may be terminated at any time, without the payment of any penalty by the Board of Trustees or by a majority of the outstanding Shares on 60 days' written notice to the Adviser, and by the Adviser upon 60 days' written notice to the Fund. The Advisory Agreement automatically terminates if it is assigned.

#### Administrator
UMB Fund Services, Inc. serves as the Funds' administrator. UMB Fund Services' principal address is 235 West Galena Street, Milwaukee, Wisconsin 53212. Pursuant to the Administration Agreement with the Trust on behalf of the Funds, UMB Fund Services provides necessary administrative, legal, tax and accounting, and financial reporting services for the maintenance and operations of the Funds. In addition, UMB Fund Services makes available the office space, equipment, personnel, and facilities required to provide such services. As compensation for these services, UMB Fund Services receives certain out-of-pocket costs, transaction fees, and asset-based fees which are accrued daily and paid monthly by the Adviser from its management fee.

#### Distribution Arrangements
Paralel Distributors LLC ("Paralel" or the "Distributor") serves as the distributor in connection with the continuous offering of each Fund's Shares.

Shares are continuously offered for sale by the Trust through the Distributor or its agent only in Creation Units, as described in the Prospectus and below in the "Creation and Redemption of Creation Units" section of this SAI. Fund Shares in amounts less than Creation Units are generally not distributed by the Distributor or its agent. The Distributor or its agent will arrange for the delivery of the Prospectus and, upon request, this SAI to persons purchasing Creation Units and will maintain records of both orders placed with it or its agents and confirmations of acceptance furnished by it or its agents.

The Distributor may enter into agreements with securities dealers ("Soliciting Dealers") who will solicit purchases of Creation Units of Fund Shares. Such Soliciting Dealers may also be Authorized Participants, Depository Trust Company ("DTC") participants and/or investor services organizations.

In connection with the sale of its Shares, each Fund has authorized the Distributor to give only the information, and to make only the statements and representations, contained in the Prospectus and this SAI or that properly may be included in sales literature and advertisements in accordance with the Securities Act of 1933, the Investment Company Act, and applicable rules of self-regulatory organizations. Sales may be made only by the Prospectus, which may be delivered personally, through the mails, or by electronic means. The Distributor is the Fund's "principal underwriter" within the meaning of the Investment Company Act.

#### Additional Payments to Financial Intermediaries
Saturna Capital and/or its affiliates may pay additional compensation or provide incentives (out of their own resources and not as an expense of the Funds) to certain brokers, dealers, or other financial intermediaries ("Financial Intermediaries") for certain activities related to the Funds, including marketing and education support and the sale of the Funds' Shares.

Such payments (often referred to as revenue sharing payments) are intended to provide additional compensation to Financial Intermediaries for various services, which may include without limitation, participating in joint advertising with a Financial Intermediary, granting Saturna Capital and/or its affiliates' personnel reasonable access to a Financial Intermediary's financial advisers and consultants, allowing Saturna Capital and/or its affiliates' personnel to attend conferences, placing the Funds on the Financial Intermediary's sales system, preferred or recommended fund list, providing periodic and ongoing education and training of Financial Intermediary personnel regarding the Funds; disseminating to Financial Intermediary personnel information and product marketing materials regarding the Fund; explaining to clients the features and characteristics of the Funds; conducting due diligence regarding the Funds; providing reasonable access to sales meetings, sales representatives and management representatives of a Financial Intermediary; training, due diligence, sales reporting data or information and other promotional incentives, and furnishing marketing support and other services. Saturna Capital and/or its affiliates may make other payments or allow other promotional incentives to Financial Intermediaries to the extent permitted by SEC and FINRA rules and by other applicable laws and regulations.

The level of such payments made to Financial Intermediaries may be a fixed fee or based upon one or more of the following factors: reputation in the industry, ability to attract and retain assets, target markets, customer relationships, quality of service, actual or expected sales, current assets and/or number of accounts of the Funds attributable to the Financial Intermediary, the particular Funds or fund type or other measures as agreed to by the Adviser and/or its affiliates and the Financial Intermediaries or any combination thereof. The amount of these payments is determined at the discretion of the Adviser and/or its affiliates from time to time, may be substantial, and may be different for different Financial Intermediaries based on, for example, the nature of the services provided by the Financial Intermediary.

------

Receipt of, or the prospect of receiving, this additional compensation, may influence a Financial Intermediary's recommendation of the Funds. These payment arrangements, however, will not change the price that an investor pays for Fund Shares and will not increase Fund expenses. You should review your Financial Intermediary's compensation disclosure and/or talk to your Financial Intermediary to obtain more information on how this compensation may have influenced your Financial Intermediary's recommendation of the Funds.

Saturna Capital and/or its affiliates are motivated to make the payments described above since they promote the sale of Fund Shares and the retention of those investments by clients of Financial Intermediaries. To the extent Financial Intermediaries sell more shares of the Funds or retain Shares of the Funds in their clients' accounts, Saturna Capital and/or its affiliates benefit from the incremental management and other fees paid to Saturna Capital and/or its affiliates by the Funds with respect to those assets.

#### Subsidiaries' Service Providers
The Amana Equity Income ETF may invest a portion of its assets in a wholly-owned and controlled subsidiary, which is organized under the laws of the Cayman Islands (the "Subsidiary"). The Fund's Subsidiary has entered into an agreement with the Fund's service providers for the provision of administrative, accounting, transfer agency, and custody services. The Subsidiary will bear the expenses associated with these services, which are not expected to be material in relation to the value of the respective Fund's assets. It is also anticipated that the Fund's own expenses will be reduced to some extent as a result of the payment of such expenses at the Subsidiary level. Therefore, it is expected that the Fund's investment in the Subsidiary will not result in the Fund's paying duplicative fees for similar services provided to the Funds and the Subsidiaries.

#### Rule 12b-1 Plan
Each Fund has adopted a distribution and service plan (the "Plan") in accordance with the provisions of Rule 12b-1 under the Investment Company Act, which regulates circumstances under which an investment company may directly or indirectly bear expenses relating to the distribution of its shares. No distribution fees are currently charged to the Funds and there are currently no plans to impose these fees.

Under the Distribution Plan, the Distributor, or designated service providers, may receive up to 0.25% of a Fund's assets attributable to Shares as compensation for any activity primarily intended to result in the sale of Shares or for providing or arranging for others to provide shareholder services. Such activities may include, but are not limited to: (i) delivering copies of the Fund's then-current reports, prospectuses, notices, and similar materials, to prospective purchasers of Creation Units; (ii) marketing and promotional services, including advertising; (iii) paying the costs of and compensating others, including Authorized Participants with whom the Distributor has entered into written Authorized Participant Agreements, for performing shareholder servicing on behalf of the Fund; (iv) compensating certain Authorized Participants for providing assistance in distributing the Creation Units of the Fund, including the travel and communication expenses and salaries and/or commissions of sales personnel in connection with the distribution of the Creation Units of the Fund; (v) payments to financial institutions and intermediaries such as banks, savings and loan associations, insurance companies

and investment counselors, broker-dealers and the affiliates and subsidiaries of the Trust's service providers as compensation for services or reimbursement of expenses incurred in connection with distribution assistance; (vi) facilitating communications with beneficial owners of Shares, including the cost of providing (or paying others to provide) services to beneficial owners of shares, including, but not limited to, assistance in answering inquiries related to shareholder accounts, and (vi) such other services and obligations as are set forth in the Distribution Agreement.

The Plan was adopted in order to permit the implementation of the Funds' method of distribution. The Trustees, in approving the Plan, expected that it could potentially help the Adviser and Distributor have the flexibility to direct their distribution activities in a manner consistent with prevailing market conditions by using, subject to regular Trustee approval, a portion of Fund assets to make payments to the Distributor or third parties for marketing, distribution, and other services. In the event that 12b-1 fees are charged in the future, because each Fund pays these fees out of assets on an ongoing basis, over time these fees may cost you more than other types of sales charges and will increase the cost of your investment in the Fund.

Continuance of the Plan must be approved annually by a majority of the Trustees of the Trust and by a majority of the independent Trustees who have no direct or indirect financial interest in the Plan or in any agreements related to the Plan ("Qualified Trustees"). The Plan requires that quarterly written reports of amounts spent under the Plan and the purposes of such expenditures be furnished to and reviewed by the Trustees. The Plan may not be amended to increase materially the amount that may be spent by a Fund under the Plan without approval by a majority of the outstanding shares of any class of the Fund. All material amendments of the Plan will require approval by a majority of the Trustees of the Trust and of the Qualified Trustees.

#### Custodian and Transfer Agent
The Funds' custodian and transfer agent is Brown Brothers Harriman & Co., 140 Broadway New York, New York 10005.

The custodian holds all securities and cash, settles all Fund portfolio securities transactions, receives (on behalf of the Funds) the money from sale of Fund Shares, and on order of the Funds pays the authorized expenses of the Funds. When investors redeem Fund Shares, the proceeds are paid to the shareowner from a Fund's account at the custodian bank.

Brown Brothers Harriman & Co. also serves as the Fund's transfer and servicing agent, administering purchases, redemptions, and transfers of Fund shares and the payment of dividends and other distributions.

#### Independent Registered Public Accounting Firm
Tait, Weller and Baker LLP, 50 South 16th Street, Suite 2900, Philadelphia, PA 19102, is the independent registered public accounting firm for the Trust and the Funds. The accountants conduct an annual audit of the Funds as of May 31 each year. With pre-approval of the Trustees, they may provide related services such as preparing Fund tax returns.

------

#### Portfolio Managers
All Saturna Capital employees, including Bryce R. Fegley, Scott F. Klimo, Jason S. Mitchell, Monem A. Salam, Levi Stewart Zurbrugg, and other portfolio managers, are paid an annual salary, as set by the board of Saturna Capital. The board also pays bonuses that are partly dependent on the profits of Saturna Capital and may also reflect the results of specific managed accounts or specific businesses of Saturna Capital. As owners of shares and/or stock options of Saturna Capital, Messrs. Fegley, Klimo, Mitchell, Salam, and Stewart Zurbrugg may benefit from any increase in its value per share that might result from its operations or profits. They may also receive dividends on shares of Saturna Capital. All Saturna Capital employees are eligible for a retirement plan, health care and other benefits, and a stock option plan. Stock options are annually awarded on the basis of years of service, and not individual performance. Mutual fund portfolio managers are paid a monthly bonus (which may be shared with other employees) when a Fund achieves an overall rating of 4 or 5 stars from Morningstar. The bonus is 1% of the Adviser's net monthly fee (which is based on both assets and performance) for a 4-star rating and 2% of the monthly fee for a 5-star rating.

Saturna Capital's portfolio managers may manage multiple accounts, including mutual funds, exchange-traded funds, and separate accounts for individuals, investment partnerships, pension funds, and charities. Portfolio managers make investment decisions for each account based on the investment objectives, policies, practices, and other relevant investment considerations that the managers believe are applicable to that account. The management of multiple accounts may give rise to potential conflicts of interest when the accounts have similar or different objectives, benchmarks, time horizons, and fees because the portfolio manager must allocate his time and investment ideas across multiple accounts. Consequently, a manager may purchase (or sell) a security for one account and not for another. The Adviser has adopted policies designed to fairly allocate securities purchased or sold on an aggregated basis.

Transactions executed for one account may adversely affect the value of securities held by other accounts. Securities selected for some accounts may outperform the securities selected for others.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Portfolio Managers** (as of May 31, 2026) | &nbsp;&nbsp; **Portfolio Managers** (as of May 31, 2026) | &nbsp;&nbsp; **Portfolio Managers** (as of May 31, 2026) | &nbsp;&nbsp; **Portfolio Managers** (as of May 31, 2026) | &nbsp;&nbsp; **Portfolio Managers** (as of May 31, 2026) |
| &nbsp;&nbsp; <br> **Portfolio Manager:** | <br>Trust portfolios served as primary manager (assets): | <br> Other investment company portfolios served as primary manager (assets): | <br> Other pooled investment vehicles served as primary manager (assets): | <br>Other accounts (assets): |
| &nbsp;&nbsp; **Bryce R. Fegley** |  | Saturna Core Fund <br> ($84754285) |  | Two ($20452470) |
| &nbsp;&nbsp; **Scott F. Klimo** | Amana Growth Fund <br> ($6768596317) | Saturna Growth Fund <br> ($84754285) |  |  |
| &nbsp;&nbsp; **Monem A. Salam** | Amana Income Fund <br> ($2318369605)<br> Amana Developing World Fund <br> ($210616957) |  |  | Sixty-Five <br> ($221599400) |
| &nbsp;&nbsp; **Levi Stewart Zurbrugg** |  | Saturna Core Fund <br> ($43585641) | Four ($77789404) <sup>1</sup> | Sixteen ($66139470) |
| &nbsp;&nbsp; **Jason S. Mitchell** |  |  |  |  |

---

<sup>1</sup> *Asset managed with a performance fee.*

A Fund's net monthly advisory fee is solely dependent on Fund assets. The net monthly advisory fee from each series of Saturna Investment Trust is 0.50% of average daily net assets.

Since all fund assets vary over time with performance and investors favor funds with superior investment records, the portfolio manager's bonus is a function of both performance and assets.

Three of the private pooled investment portfolios managed by Mr. Zurbrugg pay Saturna Capital as adviser a performance fee of 10% of the year's increase in net asset value achieved from the previous highest year-end net asset value. There is no base fee and no performance fee in years when the net asset value is below the highest previous value. As portfolio manager, Mr. Zurbrugg normally receives a significant portion of any fee earned as a bonus.

------

A portfolio manager's compensation plan may give rise to potential conflicts of interest. To reduce this risk, a mutual fund portfolio manager's account performance bonus depends upon the Fund's overall Morningstar<sup>™</sup> rating, which derives from investment results over the last three, five, and 10 years. A portfolio manager's compensation tends to increase with assets under management, which in turn may increase the value of Saturna Capital.

#### Portfolio Manager Ownership
As of the date of this SAI, the Funds were new and had not yet issued any Shares.

#### Brokerage Allocation
The placing of purchase and sale orders as well as the negotiation of commissions is performed by the Sub-Adviser, subject to the general oversight of the Board of Trustees. Although it is permitted to do so, the Adviser does not allocate brokerage to any broker in return for research or services.

The primary consideration in effecting securities transactions for the Trust is to obtain the best price and execution which in the judgment of the Sub-Adviser is attainable at the time and which would bring the best net overall economic result to a Fund. Factors taken into account in the selection of brokers include the price of the security, commissions paid on the transaction, the efficiency and cooperation with which the transaction is effected, the expediency of making settlement, and the financial strength and stability of the broker. The Sub-Adviser may negotiate commissions at a rate in excess of the amount another broker would have charged if it determines in good faith that the overall net economic result is favorable to the Fund and is not required to execute trades in "over-the-counter" securities with primary market-makers if similar terms are available elsewhere. The Sub-Adviser evaluates whether brokerage commissions are reasonable based upon available information about the general level of commissions paid by similar mutual funds for comparable services.

When consistent with best execution, brokerage may be directed to Saturna Brokerage Services, Inc., a wholly-owned subsidiary of the Adviser, a general securities brokerage firm which engages in a discount brokerage business. Saturna Brokerage Services currently executes portfolio transactions for the Trust for free (no commissions). Transactions effected through other brokers are subject to commissions payable to that broker.

The Trustees receive reports on each Fund's brokerage activity at each regular meeting. Meetings are held on a quarterly schedule.

#### Capital Stock
The Amana Mutual Funds Trust is a Delaware statutory trust and is organized as a "series" investment company. The Trust has authorized capital of unlimited Shares of beneficial interest of no par value that may be issued in more than one class or series. The assets of each series belong only to that series, and the liabilities of each series are borne solely by that series and no other. The Trust currently consists of seven series. The three Funds described in this SAI, Amana Equity Income ETF, Amana Growth ETF, and Amana Developing World ETF, are ongoing series of the Trust. The Trust has four additional series that operate as mutual funds and are described in a separate prospectus and statement of additional information: the Amana Income Fund, Amana Growth Fund, Amana Developing World Fund and Amana Participation Fund. Each of these mutual funds is divided into two classes, Investor Class and Institutional Class.

All Shares are freely transferable. There are no material obligations or potential liabilities associated with owning a Fund's Shares except the investment risks described in the Funds' prospectus and summary prospectuses, and in this statement of additional information in the section *Fund Descriptions, Investments, and Risks* on page one. Under Delaware law, the shareholders of a Fund will not be personally liable for the obligations of the Fund; a shareholder is entitled to the same limitation of personal liability extended to shareholders of a Delaware corporation. To guard against the risk that Delaware law might not be applied in other states, the Trust Instrument provides for indemnification out of Trust or Fund property of any shareowner nevertheless held personally liable for Trust or Fund obligations, respectively, merely on the basis of being a shareowner. The shareowners of each separate Fund may look only to that Fund for dividends, income, capital gains or losses, redemption, liquidation, or termination.

Shares will not have preemptive rights or cumulative voting rights, and none of the Shares will have any preference to conversion, exchange, dividends, retirements, liquidation, redemption, or any other feature. Shares have equal voting rights. The Amended and Restated Trust Instrument confers upon the Board the power, by resolution, to alter the number of Shares constituting a Creation Unit or to specify that Shares may be individually redeemable. The Trust reserves the right to adjust the stock prices of Shares to maintain convenient trading ranges for investors. Any such adjustments would be accomplished through stock splits or reverse stock splits that would have no effect on the value of an investor's investment in a Fund.

If a Fund does not grow to a size to permit it to be economically viable, the Fund may cease operations. In such an event, shareowners may be required to liquidate or transfer their Shares at an inopportune time, and shareowners may lose money on their investment.

#### Purchase, Redemption, and Pricing of Shares
See Purchase and Sale of Fund Shares in each Fund's Summary Prospectus and Fund Share Pricing in the Trust's Prospectus for an explanation about the ways to purchase or redeem Shares. Both purchases and redemptions are made at net asset value per Share.

Each Fund reserves the right, under certain conditions, to honor any request for redemption by making payment in whole or in part in securities valued as described in "Fund Share Pricing" in the Prospectus. If payment is made in securities, a shareowner or Institution generally will incur brokerage expenses or other transaction costs in converting those securities into cash and will be subject to fluctuation in the market prices of those securities until they are sold. The Funds would do so when the Adviser or the Fund Trustees determine that it is in the best interests of a Fund's shareowners as a whole.

------

#### Net Asset Value
Each Fund computes its net asset value (NAV) per Share on each Business Day by dividing the value of all securities and other assets, less liabilities, by the number of Shares outstanding of that Fund. A Business Day is any day on which the New York Stock Exchange (NYSE) is open for business. The daily net asset value is determined for each Fund as of the close of trading on the NYSE (generally 4 p.m. Eastern time) on each day the NYSE is open for trading. The NYSE is generally closed on New Year's Day, Martin Luther King Day, President's Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving, and Christmas.

#### Pricing of Foreign Equity Securities
Foreign markets may close before the time at which the Funds' prices are determined. Because of this, events occurring after the close of a foreign market and before the determination of the Funds' net asset values may have a material effect on the Funds' foreign security prices.

#### Exchange Listing and Trading
A discussion of exchange listing and trading matters associated with an investment in the Funds is contained in the Prospectus. The discussion below supplements, and should be read in conjunction with, such sections of the Prospectus.

The Shares of the Funds are listed and traded on the Exchange identified on the cover of this SAI at trading prices that may differ from the Fund's NAV. There can be no assurance that the Exchange requirements necessary to maintain the listing of the Shares will continue to be met. The Exchange may, but is not required to, remove the Shares of a Fund from listing if, among other matters: (i) the Exchange becomes aware that the Fund is no longer eligible to operate in reliance on Rule 6c-11 of the Investment Company Act; (ii) if the Fund no longer complies with the requirements set forth by the Exchange; (iii) following the initial 12-month period after commencement of trading of the Fund, there are fewer than fifty (50) Beneficial Owners (as that term is defined below) of the Shares of the Fund; or (iv) such other event shall occur or condition exist that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. The Exchange will remove a Fund's Shares from listing and trading upon termination of the Fund.

Trading prices of Shares on the Exchange may differ from a Fund's daily NAV. Market forces of supply and demand, economic conditions and other factors may affect the trading prices of Shares. As in the case of other stocks traded on the Exchange, broker's commissions on purchases or sales of shares in market transactions will be based on investors' negotiated commission rates.

The Trust reserves the right to adjust the price levels of Shares in the future to help maintain convenient trading ranges for investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect on the net assets of a Fund or the total value of an investor's investment in the Fund.

#### Book Entry Only System
The information below supplements and should be read in conjunction with the Prospectus.

The Depository Trust Company ("DTC") acts as securities depository for the Funds' Shares. Shares are represented by securities registered in the name of the DTC or its nominee, Cede & Co., and deposited with, or on behalf of, the DTC.

The DTC, a limited-purpose trust company, was created to hold securities of its participants ("DTC Participants") and to facilitate the clearance and settlement of securities transactions among the DTC Participants in such securities through electronic book-entry changes in accounts of the DTC Participants, thereby eliminating the need for physical movement of securities' certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of whom (and/or their representatives) own the DTC. More specifically, the DTC is owned by a number of its DTC Participants, by the Exchange, and FINRA. Access to the DTC system is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly (the "Indirect Participants").

Beneficial ownership of Shares is limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect Participants. Ownership of beneficial interests in Shares (owners of such beneficial interests are referred to herein as "Beneficial Owners") is shown on, and the transfer of ownership is effected only through, records maintained by the DTC (with respect to DTC Participants) and on the records of DTC Participants (with respect to Indirect Participants and Beneficial Owners that are not DTC Participants). Beneficial Owners will receive from or through the DTC Participant a written confirmation relating to their purchase of Shares. The laws of some jurisdictions may require that certain purchasers of securities take physical delivery of such securities in definitive form. Such laws may impair the ability of certain investors to acquire beneficial interests in Fund Shares.

Conveyance of all notices, statements and other communications to Beneficial Owners is effected as follows. Pursuant to the Depositary Agreement between the Trust and the DTC, the DTC is required to make available to the Trust upon request and for a fee to be charged to the Trust a listing of the shares of the Funds held by each DTC Participant. The Trust shall inquire of each such DTC Participant as to the number of Beneficial Owners holding Shares, directly or indirectly, through such DTC Participant. The Trust shall provide each such DTC Participant with copies of such notice, statement or other communication, in such form, number and at such place as such DTC Participant may reasonably request, in order that such notice, statement or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial Owners. In addition, the Trust shall pay to each such DTC Participant a fair and reasonable amount as reimbursement for the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements.

------

Share distributions shall be made to the DTC or its nominee, Cede & Co., as the registered holder of all shares. The DTC or its nominee, upon receipt of any such distributions, shall credit immediately DTC Participants' accounts with payments in amounts proportionate to their respective beneficial interests in Shares of the Funds as shown on the records of the DTC or its nominee. Payments by DTC Participants to Indirect Participants and Beneficial Owners of Shares held through such DTC Participants will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in a "street name," and will be the responsibility of such DTC Participants.

The Trust has no responsibility or liability for any aspect of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interests in such Shares, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests, or for any other aspect of the relationship between the DTC and DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants.

The DTC may decide to discontinue providing its service with respect to Shares at any time by giving reasonable notice to the Trust and discharging its responsibilities with respect thereto under applicable law. Under such circumstances, the Trust shall take action to find a replacement for the DTC to perform its functions at a comparable cost.

#### Creation and Redemption of Creation Units
<u>General</u>

The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without a sales load but subject to the transaction fees described below, at the NAV next determined after receipt, on any Business Day (as defined below), of an order in proper form. A "Business Day," as used herein, is any day on which the NYSE is open for business. As of the date of this SAI, the NYSE observes the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

Currently, the number of Shares that constitutes a Creation Unit is 10,000 Shares. In its discretion, the Trust reserves the right to increase or decrease the number of a Fund's Shares that constitute a Creation Unit. In the event of the liquidation of a Fund, the Trust may lower the number of Shares in a Creation Unit. The Board reserves the right to declare a split or a consolidation in the number

of shares outstanding of a Fund, and to make changes in the number of Shares constituting a Creation Unit, including in the event that the per share price in the secondary market rises (or declines) to an amount that falls outside the range deemed desirable by the Board.

Creation Units may be purchased and redeemed only by or through a DTC Participant that has entered into an Authorized Participant Agreement with the Distributor (an "Authorized Participant"). Such Authorized Participant will agree, pursuant to the terms of such Authorized Participant Agreement and on behalf of itself or any investor on whose behalf it will act, to certain conditions, including those set forth below, the Authorized Participant Agreement and any handbook or similar document governing the Authorized Participants (collectively, the "AP Agreement"). Investors who are not Authorized Participants must make appropriate arrangements with an Authorized Participant to purchase or redeem Creation Units. Investors should be aware that their particular broker may not be a DTC Participant or may not have executed an Authorized Participant Agreement with the Distributor and that Creation Unit orders may have to be placed by the investor's broker through an Authorized Participant. As a result, orders placed through an Authorized Participant may result in additional charges to such investor. A list of current Authorized Participants may be obtained from the Distributor.

Investors who are not Authorized Participants may purchase and sell shares of the Funds through an Authorized Participant or on the secondary market.

Because the portfolio securities of the Funds may trade on days that the New York Stock Exchange is closed or are otherwise not Business Days for the Funds, shareowners may not be able to purchase or redeem their Fund Shares, or purchase or sell Fund Shares on the Exchange, on days when the NAV of a Fund could be significantly affected by events in the relevant non-U.S. markets.

<u>Custom Baskets</u>

The Basket of securities comprising a Fund Deposit and a Fund Redemption (each, as defined below) may be representative of a Fund's portfolio holdings; or the Fund may utilize "Custom Baskets" provided that certain conditions are met. A Custom Basket is (i) a Basket that is composed of a non-representative selection of a Fund's portfolio holdings, or (ii) a representative Basket that is different from the initial Basket used in transactions on the same business day. The Trust has adopted policies and procedures that govern the construction and acceptance of Baskets, including heightened requirements for Custom Baskets. Such policies and procedures provide detailed parameters for the construction and acceptance of Custom Baskets, establish processes for revisions to, or deviations from, such parameters, and specify

------

the titles and roles of the employees of the Adviser who are required to review each Custom Basket for compliance with those parameters. In connection with the construction and acceptance of Custom Baskets, the Adviser may consider various factors, including, but not limited to: (1) whether the securities, assets and other positions comprising a Basket are consistent with the Fund's investment objective, policies and disclosure; (2) whether the securities, assets and other positions can legally and readily be acquired, transferred and held by the Fund and/or Authorized Participant(s), as applicable; (3) whether the Custom Basket increases the liquidity of the Fund's portfolio, noting that a Custom Basket may not be accepted which adversely affects the liquidity position of the Fund's portfolio when other Basket options exist; (4) whether and to what extent to include cash in the Basket; (5) whether the use of Custom Baskets may reduce costs, increase (tax) efficiency and improve trading in Fund Shares; and (6) with respect to index-based strategies, whether the securities, assets and other positions aid the Fund to track its underlying index. The policies and procedures apply different criteria to different types of Custom Baskets in order to mitigate against potential overreaching by an Authorized Participant, although there is no guarantee that such policies and procedures will be effective.

<u>Purchases of Creation Units</u>

The consideration for the purchase of Creation Units of a Fund consists of an in-kind deposit of a designated portfolio of securities ("Deposit Securities") or cash for all or any portion of such securities ("Deposit Cash") (collectively, the "Deposit Basket") and the Cash Component, which is an amount equal to the difference between the aggregate NAV of a Creation Unit and the Deposit Basket. Together, the Deposit Basket and the Cash Component constitute the "Fund Deposit."

The Custodian or the Adviser normally makes available through the National Securities Clearing Corporation ("NSCC") on each Business Day, prior to the opening of regular trading on the Exchange, the estimated amount of the Cash Component to be included in the Fund Deposit for the day along with the list of names and number of shares of each security in a pro rata slice of the portfolio, which normally represents the Deposit Securities and Deposit Cash in the day's Fund Deposit. Such Fund Deposit will normally be applicable, subject to any adjustments as described below, in order to effect purchases of Creation Units of a Fund until such time as the next-announced Fund Deposit is made available. The means by which the Deposit Basket and Cash Component are to be delivered by the Authorized Participant to a Fund are set forth in the AP Agreement, except to the extent the Distributor and the Authorized Participant otherwise agree. Fund shares will be settled through the DTC system.

The identity and number of shares of the Deposit Securities change pursuant to, among other matters, changes in the composition of a Fund's portfolio and as rebalancing adjustments and corporate action events are reflected from time to time. Cash purchases of Creation Units will be effected in essentially the same manner as in-kind purchases. The Authorized Participant will pay the cash equivalent of the Deposit Securities as Deposit Cash plus or minus the same Cash Component.

The Adviser, on behalf of the Funds, will convert subscriptions that are made in whole or in part in cash, including Deposit Cash, into the relevant foreign currency prior to investment at the applicable exchange rate and subject to the applicable spread. Those purchasing Creation Units of a Fund bear the risk associated with changes in the currency exchange rate between the time they place their order and the time that the Fund converts any cash received into foreign investments.

<u>Placement of Purchase Orders</u>

For a purchase order to be processed based on the NAV calculated on a particular Business Day, the purchase order must be received in proper form and accepted by the Trust prior to the time as of which the NAV is calculated ("Cutoff Time"). Investors who are not Authorized Participants and seek to place a purchase order for a Creation Unit through an Authorized Participant should allow sufficient time to permit proper submission of the purchase order to the Distributor by the Cutoff Time on such Business Day. Custom Orders must normally be received in proper form and accepted by the Trust at least two hours prior to Cutoff Time.

The AP Agreement sets forth the different methods whereby Authorized Participants can submit purchase orders. A purchase order is considered to be in "proper form" if a request in a form satisfactory to a Fund is (1) received by the Distributor from an Authorized Participant on behalf of itself or another person within the time period set above, and (2) all the procedures and other requirements applicable to the method used by the Authorized Participant to submit the purchase order, such as, in the case of purchase orders submitted through the Transfer Agent's online order taking portal, the completion of all required fields, including as set forth in the AP Agreement are properly followed.

Creation Unit orders must be transmitted by an Authorized Participant by telephone or other transmission method acceptable to the Distributor. Economic or market disruptions or changes, or telephone or other communication failure, may impede transmissions between the Distributor and an Authorized Participant. Orders to create shares of a Fund that are submitted on the Business Day immediately preceding a holiday or a day (other than a weekend) when the securities markets in a foreign market in which the Fund may invest are closed may not be accepted or may be charged the maximum transaction fee. A Purchase order, if accepted by the Trust, will be processed based on the NAV as of the next Cutoff Time.

<u>Acceptance of Orders for, and Issuance of, Creation Units</u>

All questions as to whether an order has been submitted in proper form and the number of shares of each security in the Deposit Securities and the validity, form, eligibility and acceptance for deposit of any securities to be delivered shall be determined by a Fund and the Fund's determination shall be final and binding.

Each Fund reserves the right to reject or revoke acceptance of a creation order, for any reason, provided that such action is not in contravention of Rule 6c-11. For example, a Fund may reject or revoke acceptance of a creation order including, but not limited to, when (i) the order is not in proper form; (ii) the investor(s), upon obtaining the shares ordered, would own 80% or more of the currently outstanding shares of the Fund; (iii) the Deposit Securities delivered do not conform to the identity and number of shares specified; (iv) acceptance of the Fund Deposit is not legally required or would, in the opinion of counsel, be unlawful; or (v) circumstances outside the control of the Fund, the Distributor and the Adviser make it impracticable to process purchase orders. The Distributor shall notify a prospective purchaser of a Creation Unit and/or the Authorized Participant acting on behalf of such purchaser of the rejection or revocation of acceptance of such order. The Funds, the Custodian, the sub-custodian and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of Fund Deposits nor shall any of them incur any liability for failure to give such notification.

------

Except as provided in the following paragraph, a Creation Unit will not be issued until the transfer of good title to a Fund of the Deposit Securities and the payment of the Cash Component, Deposit Cash and creation transaction fees have been completed. In this regard, the Custodian will require, prior to the issuance of a Creation Unit, that the sub-custodian confirm to the Custodian that the Deposit Securities have been delivered to the account of the Fund at the sub-custodian(s). If the Fund does not receive the foregoing by the time specified herein the Creation Unit may not be delivered or the purchase order may be rejected.

A Fund may issue Creation Units to an Authorized Participant, notwithstanding the fact that all Deposit Securities have not been received, in reliance on the undertaking of the Authorized Participant to deliver the missing Deposit Securities as soon as possible, which undertaking shall be secured by such Authorized Participant's delivery and maintenance of collateral having a value of up to 115% of the value of the missing Deposit Securities. The only collateral that is acceptable is cash in U.S. dollars. Such cash collateral must be delivered no later than 2:00 p.m., Eastern Time on the contractual settlement date of the Creation Unit(s). A Fund may buy the missing Deposit Securities at any time, and the Authorized Participant will be liable for any shortfall between the cost to the Fund of purchasing such securities and the cash collateral. In addition, the cash collateral may be invested at the risk of the Authorized Participant, and any income on invested cash collateral will be paid to that Authorized Participant. Information concerning the Funds' current procedures for collateralization of missing Deposit Securities is available from the Distributor.

In certain cases, an Authorized Participant may create and redeem Creation Units on the same trade date. In these instances, each Fund reserves the right to settle these transactions on a net basis or require a representation from the Authorized Participant that the creation and redemption transactions are for separate Beneficial Owners.

Once a Fund has accepted a purchase order, upon the next determination of the NAV of the shares, the Fund may confirm the issuance of a Creation Unit, against receipt of payment, at such NAV. The Distributor will then transmit a confirmation of acceptance to the Authorized Participant that placed the order. Creation Units typically are settled on a "T+1" basis (i.e., one Business Day after trade date), unless the Fund and Authorized Participant agree to a different Settlement Date. However, each Fund reserves the right to settle Creation Unit transactions on a basis other than T+1, including in order to accommodate non-U.S. market holiday schedules, closures and settlement cycles, and to account for different treatment among non-U.S. and U.S. markets of dividend record dates and ex-dividend dates.

<u>Creation Transaction Fees</u>

A standard creation transaction fee is imposed to offset transfer and other costs associated with the issuance of Creation Units. The standard creation transaction fee is charged to the Authorized Participant on the day such Authorized Participant creates a Creation Unit, and is the same, regardless of the number of Creation Units purchased by the Authorized Participant on the applicable Business Day.

The Authorized Participant may also be required to pay a variable transaction fee (up to the maximum amount shown in the table below) to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses. Authorized Participants will also bear the costs of transferring the Deposit Securities, including any stamp duty or other similar fees and expenses.

The standard creation transaction fee and maximum variable transaction fee for a Creation Unit are set forth below:

---

| | | |
|:---|:---|:---|
| Fund | Standard Transaction Fee | Maximum Variable Transaction Fee\* |
| Equity Income ETF | $300 (in-kind and cash transaction) | 0.05% |
| Growth ETF | $300 (in-kind and cash transaction) | 0.05% |
| Developing World ETF | $2,000 (in-kind and cash transaction) | 0.50% |

---

\*as a percentage of the Creation Unit(s) purchased

The Adviser may adjust the transactions fees from time to time based on actual experience and may waive some or all of the transaction fees from time to time.

Redemptions of Creation Units

The consideration paid by a Fund for the redemption of Creation Units consists of an in-kind basket of designated securities ("Redemption Securities") or cash for all or any portion of such securities ("Redemption Cash") (collectively, the "Fund Securities") and the Cash Component, which is an amount equal to the difference between the aggregate NAV of a Creation Unit and the Fund Securities. Together, the Fund Securities and the Cash Component constitute the "Fund Redemption."

The Custodian or the Adviser normally makes available through NSCC on each Business Day, prior to the opening of regular trading on the Exchange, the estimated amount of the Cash Component to be included in a Fund Redemption for the day along with the list of names and the number of shares of in a pro rata slice of the portfolio, which normally represents the Redemption Securities and Redemption Cash in the day's Fund Redemption. Such Fund Redemption is applicable, subject to any adjustments as described below, for redemptions of Creation Units of a Fund until such time as the next-announced Fund Redemption is made available. The delivery of Fund Shares will be settled through the DTC system. The means by which the Fund Securities and Cash Component are to be delivered to the Authorized Participant by a Fund are set forth in the AP Agreement, except to the extent the Distributor and the Authorized Participant otherwise agree.

The identity and number of shares of the Redemption Securities change pursuant to, among other matters, changes in the composition of a Fund's portfolio and as rebalancing adjustments and corporate action events are reflected from time to time. The composition of the Redemption Securities may also change in response to adjustments to the weighting or composition of the component securities constituting a Fund's Underlying Index and may not be the same as the Deposit Securities.

------

Cash redemptions of Creation Units will be effected in essentially the same manner as in-kind redemptions. The Authorized Participant will receive the cash equivalent of the Fund Securities as Redemption Cash plus or minus the same Cash Component.

The Adviser, on behalf of a Fund, may sell investments denominated in foreign currencies and convert such proceeds into U.S. Dollars at the applicable exchange rate and subject to the applicable spread for redemptions that are made in whole or in part for cash, including Redemption Cash. Those redeeming Creation Units of a Fund bear the risk associated with changes in the currency exchange rate between the time they place their order and the time that the Fund converts any investments into U.S. Dollars.

<u>Placement of Redemption Orders</u>

For a redemption order to be processed based on the NAV calculated on a particular Business Day, the order must be received in proper form and accepted by the Trust prior to the time as of which the NAV is calculated ("Cutoff Time"). Investors who are not Authorized Participants and seek to place a redemption order for a Creation Unit through an Authorized Participant should allow sufficient time to permit proper submission of the redemption order to the Distributor by the Cutoff Time on such Business Day. Custom Orders must be received in proper form and accepted by the Trust at least two hours prior to Cutoff Time.

The AP Agreement sets forth the different methods whereby Authorized Participants can submit purchase or redemption requests. A purchase or redemption request is considered to be in "proper form" if a request in a form satisfactory to a Fund is (1) received by the Distributor from an Authorized Participant on behalf of itself or another person within the time period set above, and (2) all the procedures and other requirements applicable to the method used by the Authorized Participant to submit the purchase or redemption order, such as, in the case of purchase or redemption orders submitted through the Transfer Agent's website, the completion of all required fields, and including as set forth in the AP Agreement are properly followed.

Creation Unit orders must be transmitted by an Authorized Participant by telephone or other transmission method acceptable to the Distributor. Economic or market disruptions or changes, or telephone or other communication failure, may impede transmissions between the Distributor and an Authorized Participant. Orders to redeem shares of a Fund that are submitted on the Business Day immediately preceding a holiday or a day (other than a weekend) when the securities markets in a foreign market in which the Fund may invest are closed may be charged the maximum transaction fee. A purchase or redemption request, if accepted by the Trust, will be processed based on the NAV as of the next Cutoff Time.

<u>Acceptance of Orders for, and Redemption of, Creation Units</u>

All questions as to whether an order has been submitted in proper form and the requisite number of Fund shares and transaction fees have been delivered shall be determined by a Fund, and the Fund's determination shall be final and binding.

Each Fund reserves the right to reject a redemption order if the order is not in proper form. In addition, the right of redemption may be suspended or the date of payment postponed with respect to a Fund (i) for any period during which the NYSE is closed (other than

customary weekend and holiday closings), (ii) for any period during which trading on the NYSE is suspended or restricted, (iii) for any period during which an emergency exists as a result of which disposal of the shares of a Fund's portfolio securities or determination of its NAV is not reasonably practicable; or (iv) in such other circumstance as is permitted by the SEC. A Fund or Distributor will notify the Authorized Participant of such rejection, but the Funds, Custodian, sub-custodian and Distributor shall not be liable for any failure to give such notification.

The payment by a Fund of the Fund Securities, including Redemption Securities, Redemption Cash, and Cash Component will not be issued until the transfer of the Creation Unit(s) and the applicable redemption transaction fees has been completed. If the Transfer Agent does not receive the investor's shares through DTC's facilities and the applicable redemption transaction fees by the required time, the redemption request may be rejected.

To the extent contemplated by the AP Agreement, in the event the Authorized Participant has submitted a redemption request in proper form but is unable to transfer all or part of the Creation Unit to be redeemed to a Fund's Transfer Agent, the Transfer Agent may nonetheless accept the redemption request in reliance on the undertaking by the Authorized Participant to deliver the missing shares as soon as possible. Such undertaking may be secured by the Authorized Participant's delivery and maintenance of collateral consisting of cash having a value (marked to market daily) of up to 115% of the value of the missing shares, which the Trust may change from time to time. The current procedures for collateralization of missing shares require, among other things, that any cash collateral shall be in the form of U.S. dollars in immediately available funds and shall be held by the Custodian and marked to market daily, and that the fees of the Custodian and any sub-custodians in respect of the delivery, maintenance and redelivery of the cash collateral shall be payable by the Authorized Participant. The AP Agreement will permit the Trust, on behalf of a Fund, to purchase the missing shares at any time and will subject the Authorized Participant to liability for any shortfall between the cost to the Trust of purchasing such shares and the value of the collateral.

A redeeming Beneficial Owner or Authorized Participant acting on behalf of such Beneficial Owner must maintain appropriate security arrangements with a qualified broker-dealer, bank or other custody providers in each jurisdiction where Redemption Securities are customarily traded and will be delivered. If neither the redeeming Beneficial Owner nor the Authorized Participant acting on behalf of such redeeming Beneficial Owner has appropriate arrangements to take delivery of Redemption Securities in the applicable non-U.S. jurisdiction and it is not possible to make other such arrangements, or if it is not possible to effect deliveries of Redemption Securities in such jurisdiction, the Trust may redeem shares in Redemption Cash, and the redeeming Beneficial Owner will be required to receive its redemption proceeds as Redemption Cash. In addition, because redemptions of shares for Redemption Securities will be subject to compliance with applicable U.S. federal and state securities laws, each Fund (whether or not it otherwise permits cash redemptions) reserves the right to redeem Creation Units for cash to the extent that the Fund cannot lawfully deliver specific Redemption Securities or cannot do so without first registering a Fund Security under such laws. All such redemptions will involve Custom Baskets, subject to the Trust's policies and procedures governing Custom Baskets.

------

Once a Fund has accepted a redemption order, upon the next determination of the NAV of the shares, the Fund may confirm the redemption of a Creation Unit, against receipt of payment, at such NAV. The Distributor will then transmit a confirmation of acceptance to the Authorized Participant that placed the order. Deliveries of redemption proceeds by a Fund typically are settled on a "T+1" basis (i.e., one Business Day after trade date), but may be made up to seven days later, particularly in stressed market conditions, unless the Fund and Authorized Participant agree to a different Settlement Date. Each Fund reserves the right to settle in-kind redemption transactions involving foreign securities up to 15 days later to accommodate non-U.S. market holiday schedules (see below for further information), closures and settlement cycles, to account for different treatment among non-U.S. and U.S. markets of dividend record dates and dividend ex-dates (i.e., the last date the holder of a security can sell the security and still receive dividends payable on the security sold), and in certain other circumstances.

In certain cases, an Authorized Participant may create and redeem Creation Units on the same trade date. In these instances, each Fund reserves the right to settle these transactions on a net basis or require a representation from the Authorized Participant that the creation and redemption transactions are for separate Beneficial Owners.

<u>Redemption Transaction Fees</u>

A standard redemption transaction fee is imposed to offset transfer and other costs associated with the redemption of Creation Units. The standard redemption transaction fee is charged to the Authorized Participant on the day such Authorized Participant redeems a Creation Unit, and is the same regardless of the number of Creation Units redeemed by an Authorized Participant on the applicable Business Day.

The Authorized Participant may also be required to pay a variable transaction fee (up to the maximum amount shown in the table below) to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses. Authorized Participants will also bear the costs of transferring the Redemption Securities, including any stamp duty or other similar fees and expenses. Investors who use the services of a broker or other financial intermediary may be charged a fee for such services.

The standard redemption transaction fee and maximum variable transaction fee for a Creation Unit are set forth below:

---

| | | |
|:---|:---|:---|
| Fund | Standard Transaction Fee | Maximum Variable Transaction Fee\* |
| Equity Income ETF | $300 (in-kind and cash transaction) | 0.05% |
| Growth ETF | $300 (in-kind and cash transaction) | 0.05% |
| Developing World ETF | $2,000 (in-kind and cash transaction) | 0.50% |

---

\*as a percentage of the Creation Unit(s) purchased.

The Adviser may adjust the transactions fees from time to time based on actual experience and may waive some or all of the transaction fees from time to time.

<u>Taxation on Creations and Redemptions of Creation Units</u>

An Authorized Participant generally will recognize either gain or loss upon the exchange of Deposit Securities for Creation Units. This gain or loss will generally equal the difference between (i) the sum of the market value of the Creation Units at the time of the exchange and any net amount of cash received by the Authorized Participant in the exchange and (ii) the sum of the Authorized Participant's aggregate basis in the Deposit Securities exchanged therefor and any net amount of cash paid for the Creation Units. However, the U.S. Internal Revenue Service (the "Service") may apply the wash sales rules to determine that any loss realized upon the exchange of Deposit Securities for Creation Units is not currently deductible. Authorized Participants should consult their own tax advisers.

Current U.S. federal tax laws dictate that capital gain or loss realized from the redemption of Creation Units will generally create long-term capital gain or loss if the Authorized Participant holds the Creation Units for more than one year, or short-term capital gain or loss if the Creation Units were held for one year or less, if the Creation Units are held as capital assets.

<u>Postponement of Redemptions</u>

For every occurrence of one or more intervening holidays in the applicable non-U.S. market that are not holidays observed in the U.S. equity market, the redemption settlement cycle will be extended by the number of such intervening holidays. In addition to holidays, other unforeseeable closings in a non-U.S. market due to emergencies may also prevent the Trust from delivering securities within normal settlement period. The securities delivery cycles currently practicable for transferring portfolio securities to redeeming investors, coupled with non-U.S. market holiday schedules, will require a delivery process longer than seven calendar days, in certain circumstances, but in no event longer than 15 calendar days.

The right of redemption may also be suspended or the date of payment postponed (1) for any period during which the relevant Exchange is closed (other than customary weekend and holiday closings); (2) for any period during which trading on the relevant Exchange is suspended or restricted; (3) for any period during which an emergency exists as a result of which disposal of the Shares of a Fund or determination of its NAV is not reasonably practicable; or (4) in such other circumstance as is permitted by the SEC.

#### Taxation of the Trust
Each Fund is a separate economic entity and as such, the tax status and tax consequences to shareowners of each Fund may differ, depending upon the investment objectives, operations, income, gain or loss, and distributions from each Fund.

Each Fund intends to qualify as a regulated investment company for US federal income tax purposes. In order to so qualify, a Fund must satisfy certain requirements with respect to the types of income that it earns each year (the "Income Requirement") and satisfy other requirements with respect to diversifying its investment holdings, measured at the end of each quarter of its taxable year (the "Diversification Requirement").

------

Each Fund intends to distribute to shareowners substantially all of its net investment income and net realized capital gains, if any, and to comply, as each has since inception, with the provisions of the Internal Revenue Code applicable to regulated investment companies (Subchapter M), which relieve mutual funds of federal income tax on the amounts so distributed.

If a Fund failed to qualify for treatment as a regulated investment company for any taxable year, (a) it would be taxed as an ordinary corporation on the full amount of its taxable income for that year without being able to deduct the distributions it makes to its shareowners and (b) the shareowners would treat all those distributions, including distributions of net capital gain, as dividends to the extent of that Fund's earnings and profits, taxable as ordinary income (except that, for individual shareowners, the part thereof that is "qualified dividend income" would be subject to federal income tax at the rate for net capital gains – a maximum rate of 20%) and eligible for the dividends-received deduction available to corporations under certain circumstances. In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before requalifying for regulated investment company treatment.

The Trust's custodian may use foreign sub-custodians to hold securities of a Fund outside the US, which can subject the Fund to foreign withholding or other taxes. Working with its custodian, the Fund can normally reclaim such foreign taxes.

Dividends (including capital gain dividends) and redemption proceeds paid to shareholders may be subject to withholding tax ("backup withholding"). Backup withholding will apply if (1) a shareholder fails to furnish its broker with the shareholder's correct Social Security number or other taxpayer identification number, (2) the IRS notifies a shareholder or the broker that the shareholder has failed to properly report to the IRS certain interest and dividend income and to respond to notices to that effect, or (3) when required to do so, a shareholder fails to certify that he or she is not subject to backup withholding. The backup withholding rate is 24%. Any amounts backup withheld may be credited against a shareholder's federal income tax liability.

In order for a foreign investor to qualify for exemption from backup withholding and for reduced withholding tax rates under income tax treaties, the investor must comply with special certification and filing requirements. Foreign investors in the Funds should consult their tax advisors in this regard.

Dividends a Fund pays to a foreign shareowner, other than (1) dividends paid to a foreign shareowner whose ownership of shares is effectively connected with a US trade or business the shareowner carries on and (2) capital gains distributions paid to a non-resident alien individual who is physically present in the United States for no more than 182 days during the taxable year, generally will be subject to a federal withholding tax of 30% (or lower treaty rate). Two categories of dividends, however, "interest-related dividends" and "short-term capital gain dividends," if properly designated by a Fund, will be exempt from that tax.

#### Investment in the Subsidiary
The Equity Income ETF may invest up to 20% of its total assets (by value) in its Subsidiary for the purpose of gaining exposure to Islamic income-producing investments (murabaha and wakala) for its cash positions within the limitations of the Income Requirement and the Diversification Requirement. The Subsidiary will be classified as a corporation for federal tax purposes and, as a foreign corporation, generally will not be subject to federal income taxation unless it is engaged in a US trade or business. A foreign corporation that is not a dealer in stocks, securities, or commodities may engage in the following activities without being deemed to be so engaged: (1) trading in stocks or securities (including contracts or options to buy or sell securities) for its own account; and (2) trading in commodities that are "of a kind customarily dealt in on an organized commodity exchange . . . if the transaction is of a kind customarily consummated at such place" for its own account. It is expected that the Subsidiary will conduct its securities trading activities to comply with the foregoing.

In general, a foreign corporation that does not conduct a US trade or business is nonetheless subject to federal income tax at a flat rate of 30% (or lower treaty rate) on the gross amount of certain US-source income, including dividends and certain interest income, which is not effectively connected with a US trade or business. There is no tax treaty in force between the United States and the Cayman Islands that would reduce the 30% rate. The 30% tax does not apply to US- source capital gains (whether long-term or short-term), interest paid to a foreign corporation on its deposits with US banks, or "portfolio interest" (which includes interest, including OID, on certain obligations in registered form and, under certain circumstances, interest on bearer obligations).

The Subsidiary will be a "controlled foreign corporation" ("CFC") if, on any day of its taxable year, more than 50% of the voting power or value of its stock is directly, indirectly, or constructively owned by "United States shareholders." A United States shareholder is defined as a "United States person" (as defined in Internal Revenue Code section 957(c)) who directly, indirectly, or constructively owns 10% or more of the total combined voting power or 10% or more of the total value of all classes of a foreign corporation's voting stock. Because the Fund is a United States shareholder of its Subsidiary – it is a United States person that owns and will continue to own at least 10% of the voting power or 10% or more of the total value of the Subsidiary's stock – that owns all of the Subsidiary's stock, the Subsidiary thus is a CFC. As a United States shareholder, the Fund annually is required to include in its gross income all of its Subsidiary's "subpart F income" – which includes interest, OID, dividends, net gains from the disposition of stocks or securities, receipts with respect to securities loans, net payments received with respect to equity swaps and similar derivatives, and net gains from transactions (including futures and forwards) in commodities and is expected to constitute all of the Subsidiary's income – regardless of whether the Subsidiary distributes that income to the Fund. The Fund's recognition of its Subsidiary's subpart F income increases its tax basis in its stock in the Subsidiary. Distributions by the Subsidiary to the Fund, if any, will be tax-free, to the extent of its previously undistributed subpart F income, and will correspondingly reduce the Fund's tax basis in the Subsidiary's stock. Subpart F income is generally treated as ordinary income, regardless of the character of the Subsidiary's underlying income.

------

#### Financial Statements
The Funds will provide annual and semi-annual reports, and Financial Statements and Additional Information, without charge upon written request or request by telephone at 888-732-6262. The Annual and Semi-Annual Reports to Shareowners and the Financial Statements and Additional Information are also available on the Funds' website at www.amanafunds.com.

------

**PART C**

**OTHER INFORMATION**

**Exhibits**

Exhibits included with this filing:

Items marked with an asterisk (\*) are incorporated by reference to exhibits previously filed with the Registration Statement for Amana Mutual Funds Trust and amendments thereto.

---

| | |
|:---|:---|
| &nbsp;&nbsp; *(a)*  | &nbsp;&nbsp; *Articles of Incorporation* <br>|
|  | &nbsp;&nbsp; \*(1) [Trust Instrument for Amana Mutual Funds Trust](http://www.sec.gov/Archives/edgar/data/766285/000076628513000015/amana-trustinstrumentex99a.htm)[,](http://www.sec.gov/Archives/edgar/data/766285/000076628513000015/amana-trustinstrumentex99a.htm)[filed as Exhibit EX-99.a to Post-Effective Amendment No. 33 on March 29, 2013.](http://www.sec.gov/Archives/edgar/data/766285/000076628513000015/amana-trustinstrumentex99a.htm) <br>|
|  | &nbsp;&nbsp; \*(2) [Amendment to the Trust Instrument for Amana Mutual Funds Trust](http://www.sec.gov/Archives/edgar/data/766285/000076628515000011/ex99a-trustinstrument.htm)[,](http://www.sec.gov/Archives/edgar/data/766285/000076628515000011/ex99a-trustinstrument.htm)[filed as Exhibit EX-99.a to Post-Effective Amendment No. 43 on July 14, 2015.](http://www.sec.gov/Archives/edgar/data/766285/000076628515000011/ex99a-trustinstrument.htm) <br>|
|  | &nbsp;&nbsp; (3) [Amended and Restated Trust Instrument for Amana Mutual Funds Trust, filed as Exhibit EX-99.a.](exh99-a3.htm#EXHIBITa3) <br>|
| &nbsp;&nbsp; *(b)*  | &nbsp;&nbsp; *Bylaws* <br>|
|  | &nbsp;&nbsp; \*(1) [Bylaws](http://www.sec.gov/Archives/edgar/data/766285/000076628513000015/amana-bylawsex99b.htm)[for](http://www.sec.gov/Archives/edgar/data/766285/000076628513000015/amana-bylawsex99b.htm)[Amana Mutual Funds Trust filed as Exhibit EX-99.b to Post-Effective Amendment No. 33 on March 29, 2013.](http://www.sec.gov/Archives/edgar/data/766285/000076628513000015/amana-bylawsex99b.htm) <br>|
|  | &nbsp;&nbsp; (2) [Amendment to the Bylaws for Amana Mutual Funds Trust, filed as Exhibit EX-99.b.](exh99-b2.htm#EXHIBITb2) <br>|
| &nbsp;&nbsp; *(c)*  | &nbsp;&nbsp; *Instruments Defining Rights of Security Holders. Included in (a) and (b).* <br>|
| &nbsp;&nbsp; *(d)*  | &nbsp;&nbsp; *Investment Advisory Contracts* <br>|
|  | &nbsp;&nbsp; \*(1) [Investment Advisory and Administrative Services](http://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99d1-advisoryagree.htm)[Agreement](http://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99d1-advisoryagree.htm)[between](http://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99d1-advisoryagree.htm)[Amana Mutual Funds Trust](http://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99d1-advisoryagree.htm)[on behalf of](http://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99d1-advisoryagree.htm)[its](http://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99d1-advisoryagree.htm)[Income Fund, Growth Fund, Developing World Fund, and Participation Fund](http://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99d1-advisoryagree.htm)[and Saturna Capital Corporation](http://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99d1-advisoryagree.htm)[, effective September 24, 2018, filed as Exhibit EX-99.d-1 to Post Effective Amendment No. 53 on September 27, 2019.](http://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99d1-advisoryagree.htm) <br>|
|  | &nbsp;&nbsp; \*(2) [Investment Advisory and Administrative Services Fee Schedule](http://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99d2-feeschedule.htm)[between](http://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99d2-feeschedule.htm)[Amana Mutual Funds Trust](http://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99d2-feeschedule.htm)[on behalf of](http://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99d2-feeschedule.htm)[its](http://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99d2-feeschedule.htm)[Income Fund, Growth Fund, Developing World Fund, and Participation Fund](http://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99d2-feeschedule.htm)[and Saturna Capital Corporation](http://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99d2-feeschedule.htm)[, effective June 1, 2019, filed as Exhibit EX-99.d-2 to Post Effective Amendment No. 53 on September 27, 2019.](http://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99d2-feeschedule.htm) <br>|
|  | &nbsp;&nbsp; \*(3) [Investment Advisory and Administrative Services Agreement](https://www.sec.gov/Archives/edgar/data/0000766285/000139834425018616/fp0095461-1_ex9928d3.htm)[between](https://www.sec.gov/Archives/edgar/data/0000766285/000139834425018616/fp0095461-1_ex9928d3.htm)[the](https://www.sec.gov/Archives/edgar/data/0000766285/000139834425018616/fp0095461-1_ex9928d3.htm)[Special Purpose Vehicle (the](https://www.sec.gov/Archives/edgar/data/0000766285/000139834425018616/fp0095461-1_ex9928d3.htm)["](https://www.sec.gov/Archives/edgar/data/0000766285/000139834425018616/fp0095461-1_ex9928d3.htm)[SPV](https://www.sec.gov/Archives/edgar/data/0000766285/000139834425018616/fp0095461-1_ex9928d3.htm)["](https://www.sec.gov/Archives/edgar/data/0000766285/000139834425018616/fp0095461-1_ex9928d3.htm)[) for](https://www.sec.gov/Archives/edgar/data/0000766285/000139834425018616/fp0095461-1_ex9928d3.htm)[each respective Fund: Income Fund, Growth Fund, Developing World Fund, and Participation Fund of the](https://www.sec.gov/Archives/edgar/data/0000766285/000139834425018616/fp0095461-1_ex9928d3.htm)[Amana Mutual Funds Trust](https://www.sec.gov/Archives/edgar/data/0000766285/000139834425018616/fp0095461-1_ex9928d3.htm)[and Saturna Cap](https://www.sec.gov/Archives/edgar/data/0000766285/000139834425018616/fp0095461-1_ex9928d3.htm)[ital Corporation](https://www.sec.gov/Archives/edgar/data/0000766285/000139834425018616/fp0095461-1_ex9928d3.htm)[,](https://www.sec.gov/Archives/edgar/data/0000766285/000139834425018616/fp0095461-1_ex9928d3.htm)[effective September 8, 2025, filed as Exhibit EX-99.d-3 to Post Effective Amendment No. 65 on September 29, 2025.](https://www.sec.gov/Archives/edgar/data/0000766285/000139834425018616/fp0095461-1_ex9928d3.htm) <br>|
|  | &nbsp;&nbsp; (4) [Form of Investment Advisory Agreement between the Amana Mutual Funds Trust on behalf of its Equity Income ETF, Growth ETF, and Developing World ETF and Saturna Capital Corporation, filed as Exhibit EX-99.d.](exh99-d4.htm#EXHIBITd4) <br>|
|  | &nbsp;&nbsp; (5) [Investment Sub-advisory Agreement between Saturna Capital Corporation, Amana Mutual Funds Trust on behalf of its Equity Income ETF, Growth ETF, and Developing World ETF, and Vident Advisory, LLC, filed as Exhibit EX-99.d.](exh99-d5.htm#EXHIBITd5) <br>|

---

------

---

| | |
|:---|:---|
|  | (6) [Form of Investment Advisory Agreement between the Special Purpose Vehicle (the "SPV") for Equity Income ETF of the Amana Mutual Funds Trust, and Saturna Capital Corporation, filed as Exhibit EX-99.d.](exh99-d6.htm#EXHIBITd6)<br>|
|  | (7) [Form of Investment Sub-Advisory Agreement with respect to the Special Purpose Vehicle (the "SPV") for Equity Income ETF of the Amana Mutual Funds Trust, between Saturna Capital Corporation and Vident Advisory, LLC, filed as Exhibit EX-99.d](exh99-d7.htm#EXHIBITd7)  |
| *(e)*  | *Underwriting Contracts*  |
|  | \*(1) [Distribution Agreement](http://www.sec.gov/Archives/edgar/data/766285/000076628513000030/ex99e-distributionagreement.htm)[between](http://www.sec.gov/Archives/edgar/data/766285/000076628513000030/ex99e-distributionagreement.htm)[the](http://www.sec.gov/Archives/edgar/data/766285/000076628513000030/ex99e-distributionagreement.htm)[Amana Mutual Funds Trust](http://www.sec.gov/Archives/edgar/data/766285/000076628513000030/ex99e-distributionagreement.htm)[on behalf of its](http://www.sec.gov/Archives/edgar/data/766285/000076628513000030/ex99e-distributionagreement.htm)[Income Fund, Growth Fund, Developing World Fund, and Participation Fund](http://www.sec.gov/Archives/edgar/data/766285/000076628513000030/ex99e-distributionagreement.htm)[and Saturna Capital Corporation](http://www.sec.gov/Archives/edgar/data/766285/000076628513000030/ex99e-distributionagreement.htm)[dated July 19, 2013, filed as Exhibit EX-99.e to Post-Effective Amendment No. 36 on July 19, 2013.](http://www.sec.gov/Archives/edgar/data/766285/000076628513000030/ex99e-distributionagreement.htm)  |
|  | (2) [Distribution Agreement between Amana Mutual Funds Trust and Paralel Distributors LLC on behalf of Equity Income ETF, Growth ETF, and Developing World ETF, filed as Exhibit EX-99.e.](exh99-e2.htm#EXHIBITe2)  |
|  | (3) [Form of Authorized Participant Agreement, filed as Exhibit EX-99.e.](exh99-e3.htm#EXHIBITe3)<br>|
| *(f)*  | *Bonus or Profit Sharing Contracts.* Not applicable.  |
| *(g)*  | *Custodian Agreements*  |
|  | \*(1) [Custodian Agreement](http://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99g-custodyagree.htm)[between Amana Mutual Funds Trust](http://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99g-custodyagree.htm)[on behalf of its](http://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99g-custodyagree.htm)[Income Fund, Growth Fund, Developing World Fund, and Participation Fund](http://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99g-custodyagree.htm)[and UMB Bank, N.A., effective November 9, 2018, filed as Exhibit EX-99.g to Post Effective Amendment No. 53 on September 27, 2019.](http://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99g-custodyagree.htm)  |
|  | (2) [Custodian Agreement between Amana Mutual Funds Trust on behalf of its Equity Income ETF, Growth ETF, and Developing World ETF, and each wholly owned subsidiary of a respective portfolio, and Brown Brothers Harriman & Co., filed as Exhibit EX-99.g.](exh99-g2.htm#EXHIBITg2)  |
| *(h)*  | *Other Material Contracts*  |
|  | \*(1) [Agreement for Transfer Agent](https://www.sec.gov/Archives/edgar/data/766285/000076628513000030/ex99h-transferagentagreement.htm)[between Amana Mutual Funds Trust](https://www.sec.gov/Archives/edgar/data/766285/000076628513000030/ex99h-transferagentagreement.htm)[on behalf of its](https://www.sec.gov/Archives/edgar/data/766285/000076628513000030/ex99h-transferagentagreement.htm)[Income Fund, Growth Fund, Developing World Fund, and Participation Fund](https://www.sec.gov/Archives/edgar/data/766285/000076628513000030/ex99h-transferagentagreement.htm)[an](https://www.sec.gov/Archives/edgar/data/766285/000076628513000030/ex99h-transferagentagreement.htm)[d Saturna Capital Corporation](https://www.sec.gov/Archives/edgar/data/766285/000076628513000030/ex99h-transferagentagreement.htm)[dated July 19, 2013, filed as Exhibit EX-99.h to Post-Effective Amendment No. 36 on July 19, 2013.](https://www.sec.gov/Archives/edgar/data/766285/000076628513000030/ex99h-transferagentagreement.htm)  |
|  | \*(2) [Agreement for a liquidity program](https://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99h-reflowagree.htm)[between](https://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99h-reflowagree.htm)[Amana Mutual Funds](https://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99h-reflowagree.htm)[on behalf of its](https://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99h-reflowagree.htm)[Income Fund, Growth Fund, Developing World Fund, and Participation Fund](https://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99h-reflowagree.htm)[and](https://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99h-reflowagree.htm)[ReFlow](https://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99h-reflowagree.htm)[Fund, LLC dated September 27, 2019](https://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99h-reflowagree.htm)[,](https://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99h-reflowagree.htm)[filed as Exhibit EX-99.h to Post Effective Amendment No. 53 on September 27, 2019](https://www.sec.gov/Archives/edgar/data/766285/000076628519000021/ex99h-reflowagree.htm)  |
|  | (3) [Transfer Agency and Fund Accounting Agreement between Amana Mutual Funds Trust on behalf of its Equity Income ETF, Growth ETF, and Developing World ETF, and each wholly owned subsidiary of a respective portfolio, and Brown Brothers Harriman & Co., filed as Exhibit EX-99.h.](exh99-h3.htm#EXHIBITh3) |
| *(i)*  | *Legal Opinions*  |
|  | [Opinion and Consent of K&L Gates LLP with Respect to Securities Matters of Registrant, filed as Exhibit EX-99.i.](exh99-i.htm#EXHIBITi)  |

---

------

---

| | |
|:---|:---|
| *(j)*  | *Other Opinions.* Not applicable.  |
| *(k)*  | *Omitted Financial Statements.* Not applicable.  |
| *(l)*  | *Initial Capital Agreements.*  |
|  | \*(1) Form of Subscription Agreement and Investment Letter. Incorporated by Reference, filed as Exhibit 13-1 to Post-Effective Amendment No. 10 to Registration Statement on Form N-1A, filed December 3, 1993.  |
|  | \*(2) [Form of Subscription Agreement between Amana Mutual Funds Trust on behalf of its Developing World Fund and Saturna Capital Corporation dated July 2, 2009, filed as Exhibit EX-99.l to Post- Effective Amendment No. 26 on July 10, 2009.](http://www.sec.gov/Archives/edgar/data/766285/000076628509000015/amana_restrictedshares.htm)  |
|  | \*(3) [Form of Restricted Shar](http://www.sec.gov/Archives/edgar/data/766285/000076628515000011/ex99l-restrictedshare.htm)[e](http://www.sec.gov/Archives/edgar/data/766285/000076628515000011/ex99l-restrictedshare.htm)[Purchase Agreement between Amana Mutual Funds Trust on behalf of its Participation Fund and Saturna Capital Corporation](http://www.sec.gov/Archives/edgar/data/766285/000076628515000011/ex99l-restrictedshare.htm)[,](http://www.sec.gov/Archives/edgar/data/766285/000076628515000011/ex99l-restrictedshare.htm)[filed as Exhibit EX-99.l to Post-Effective Amendment No. 43 on July 14, 2015.](http://www.sec.gov/Archives/edgar/data/766285/000076628515000011/ex99l-restrictedshare.htm)<br>|
|  | (4) [Form of Restricted Share Purchase Agreement between Amana Mutual Funds Trust on behalf of its Equity Income ETF, Growth ETF, and Developing World ETF and Saturna Capital Corporation, filed as Exhibit EX-99.l.](exh99-l4.htm#EXHIBITl4)  |
| *(m)*  | *Rule 12b-1 Plan.*  |
|  | \*(1) [Distribution Plan of](http://www.sec.gov/Archives/edgar/data/766285/000076628513000030/ex99m-distributionplan.htm)[Amana Mutual Funds Trust](http://www.sec.gov/Archives/edgar/data/766285/000076628513000030/ex99m-distributionplan.htm)[on behalf of its](http://www.sec.gov/Archives/edgar/data/766285/000076628513000030/ex99m-distributionplan.htm)[Income](http://www.sec.gov/Archives/edgar/data/766285/000076628513000030/ex99m-distributionplan.htm)[Fund](http://www.sec.gov/Archives/edgar/data/766285/000076628513000030/ex99m-distributionplan.htm)[, Growth](http://www.sec.gov/Archives/edgar/data/766285/000076628513000030/ex99m-distributionplan.htm)[Fund](http://www.sec.gov/Archives/edgar/data/766285/000076628513000030/ex99m-distributionplan.htm)[, Developing World](http://www.sec.gov/Archives/edgar/data/766285/000076628513000030/ex99m-distributionplan.htm)[Fund](http://www.sec.gov/Archives/edgar/data/766285/000076628513000030/ex99m-distributionplan.htm)[, and Participation Fund](http://www.sec.gov/Archives/edgar/data/766285/000076628513000030/ex99m-distributionplan.htm)[pursuant to Rule 12b-1](http://www.sec.gov/Archives/edgar/data/766285/000076628513000030/ex99m-distributionplan.htm)[(effective July 19, 2013), filed as Exhibit EX-99.m to Post-Effective Amendment No. 36 on July 19, 2013.](http://www.sec.gov/Archives/edgar/data/766285/000076628513000030/ex99m-distributionplan.htm)  |
|  | \*(2) [Amendment to the Distribution Plan of](http://www.sec.gov/Archives/edgar/data/766285/000076628515000025/ex99n-rule12b1plan.htm)[Amana Mutual Funds Trust](http://www.sec.gov/Archives/edgar/data/766285/000076628515000025/ex99n-rule12b1plan.htm)[on behalf of its](http://www.sec.gov/Archives/edgar/data/766285/000076628515000025/ex99n-rule12b1plan.htm)[Income](http://www.sec.gov/Archives/edgar/data/766285/000076628515000025/ex99n-rule12b1plan.htm)[Fund](http://www.sec.gov/Archives/edgar/data/766285/000076628515000025/ex99n-rule12b1plan.htm)[, Growth](http://www.sec.gov/Archives/edgar/data/766285/000076628515000025/ex99n-rule12b1plan.htm)[Fund](http://www.sec.gov/Archives/edgar/data/766285/000076628515000025/ex99n-rule12b1plan.htm)[, Developing World](http://www.sec.gov/Archives/edgar/data/766285/000076628515000025/ex99n-rule12b1plan.htm)[Fund](http://www.sec.gov/Archives/edgar/data/766285/000076628515000025/ex99n-rule12b1plan.htm)[, and Participation Fund](http://www.sec.gov/Archives/edgar/data/766285/000076628515000025/ex99n-rule12b1plan.htm)[pursuant to Rule 12b-1, filed as Exhibit EX-99.](http://www.sec.gov/Archives/edgar/data/766285/000076628515000025/ex99n-rule12b1plan.htm)[m](http://www.sec.gov/Archives/edgar/data/766285/000076628515000025/ex99n-rule12b1plan.htm)[to Post-Effective Amendment No. 44 on September 25, 2015](http://www.sec.gov/Archives/edgar/data/766285/000076628515000025/ex99n-rule12b1plan.htm)  |
|  | (3) [Distribution Plan pursuant to Rule 12b-1 of Amana Mutual Funds Trust on behalf of its Equity Income ETF, Growth ETF, and Developing World ETF, filed as Exhibit EX-99.m.](exh99-m3.htm#EXHIBITm3)<br>|
| *(n)*  | *Rule 18f-3 Plan.*  |
|  | \*(1) [Rule 18f-3 Plan of](http://www.sec.gov/Archives/edgar/data/766285/000076628513000055/ex99n-rule18f3plan.htm)[Amana Mutual Funds Trust](http://www.sec.gov/Archives/edgar/data/766285/000076628513000055/ex99n-rule18f3plan.htm)[on behalf of its](http://www.sec.gov/Archives/edgar/data/766285/000076628513000055/ex99n-rule18f3plan.htm)[I](http://www.sec.gov/Archives/edgar/data/766285/000076628513000055/ex99n-rule18f3plan.htm)[ncome Fund, Growth Fund, Developing World Fund, and Participation Fund](http://www.sec.gov/Archives/edgar/data/766285/000076628513000055/ex99n-rule18f3plan.htm)[pursuant to Rule 18f-3, filed as Exhibit EX-99.n to Post-Effective Amendment No. 39 on September 25, 2013.](http://www.sec.gov/Archives/edgar/data/766285/000076628513000055/ex99n-rule18f3plan.htm)  |
|  | \*(2) [Rule 18f-3 Plan](http://www.sec.gov/Archives/edgar/data/766285/000076628515000025/ex99n-rule18f3plan.htm)[of](http://www.sec.gov/Archives/edgar/data/766285/000076628515000025/ex99n-rule18f3plan.htm)[Amana Mutual Funds Trust](http://www.sec.gov/Archives/edgar/data/766285/000076628515000025/ex99n-rule18f3plan.htm)[on behalf of its](http://www.sec.gov/Archives/edgar/data/766285/000076628515000025/ex99n-rule18f3plan.htm)[Income Fund, Growth Fund, Developing World Fund, and](http://www.sec.gov/Archives/edgar/data/766285/000076628515000025/ex99n-rule18f3plan.htm)[Participation](http://www.sec.gov/Archives/edgar/data/766285/000076628515000025/ex99n-rule18f3plan.htm)[Fund](http://www.sec.gov/Archives/edgar/data/766285/000076628515000025/ex99n-rule18f3plan.htm)[pursuant to Rule 18f-3, filed as Exhibit EX-99.n to Post-Effective Amendment No. 44 on September 25, 2015.](http://www.sec.gov/Archives/edgar/data/766285/000076628515000025/ex99n-rule18f3plan.htm)  |
| *(o)*  | *Reserved.*  |
| *(p)*  | *Code of Ethics.*  |
|  | \*(1) [Code of Ethics dated March 11, 2025, adopted by Saturna Capital Corporation and Amana Mutual Funds Trust](https://www.sec.gov/Archives/edgar/data/0000766285/000139834425018616/fp0095461-1_ex9928p1.htm)[,](https://www.sec.gov/Archives/edgar/data/0000766285/000139834425018616/fp0095461-1_ex9928p1.htm)[filed as Exhibit EX-99.p](https://www.sec.gov/Archives/edgar/data/0000766285/000139834425018616/fp0095461-1_ex9928p1.htm)[on March 12, 2026](https://www.sec.gov/Archives/edgar/data/0000766285/000139834425018616/fp0095461-1_ex9928p1.htm)[.](https://www.sec.gov/Archives/edgar/data/0000766285/000139834425018616/fp0095461-1_ex9928p1.htm)  |
|  | (2) [Code of Ethics adopted by Paralel Distributors LLC, filed as Exhibit EX-99.p.](exh99-p2.htm#EXHIBITp2)  |
|  | (3) [Code of Ethics adopted by Vident Advisory, LLC, filed as Exhibit EX-99.p.](exh99-p3.htm#EXHIBITp3)  |

---

**Persons Controlled by or Under Common Control with Registrant**

No person or persons are directly or indirectly controlled by or under common control with the Registrant.

**Indemnification**

The Registrant is organized as a Delaware statutory trust and is operated pursuant to an Amended and Restated Trust Instrument dated March 9, 2026 (the "Trust Instrument"), that permits the Registrant to indemnify its trustees and officers under certain circumstances. Such indemnification, however, is subject to the limitations imposed by the Securities Act of 1933, as amended ("1933 Act"), and the Investment Company Act of 1940, as amended. The Registrant's Trust Instrument provides that officers and trustees of the Trust shall be indemnified by the Trust against liabilities and expenses of defense in proceedings against them by reason of the fact that they each serve as an officer or trustee of the Trust or as an officer or trustee of another entity at the request of the entity.

***Article IX of the Registrant's Trust Instrument provides as follows:***

**ARTICLE IX**

<u>LIMITATION OF LIABILITY AND INDEMNIFICATION</u>

Section 1. LIMITATION OF LIABILITY.

All persons contracting with or having any claim against the Trust or a particular Series shall look only to the assets of the Trust or Assets belonging to such Series, respectively, for payment under such contract or claim; and neither the Trustees nor any of the Trust's officers or employees, whether past, present or future, shall be personally liable therefor. Every written instrument or obligation on behalf of the Trust or any Series may contain a statement to the foregoing effect, but the absence of such statement shall not operate to make any Trustee or officer of the Trust liable thereunder. Provided they have exercised reasonable care and have acted under the reasonable belief that their actions are in the best interest of the Trust, the Trustees and officers of the Trust shall not be responsible or liable for any act or omission or for neglect or wrongdoing of them or any officer, agent, employee, investment adviser, principal underwriter or independent contractor of the Trust, but nothing contained in this Trust Instrument or in the Delaware Act shall protect any Trustee or officer of the Trust against liability to the Trust or to Shareholders to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

Section 2. INDEMNIFICATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Subject to the exceptions and limitations contained in subsection (b) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) every person who is, or has been, a Trustee or an officer or employee of the Trust ("Covered Person") shall be indemnified by the Trust or the appropriate Series to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him or her in connection with any claim, action, suit or proceeding in which he or she becomes involved as a party or otherwise by virtue of his or her being or having been a Covered Person and against amounts paid or incurred by him or her in the settlement thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) as used herein, the words "claim," "action," "suit" or "proceeding" shall apply to all claims, actions, suits or proceedings (civil, criminal or other, including appeals), actual or threatened, and the words "liability" and "expenses" shall include, without limitation, attorney's fees, costs, judgments, amounts paid in settlement, fines, penalties and other liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) No indemnification shall be provided hereunder to a Covered Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) who shall have been adjudicated by a court or body before which the proceeding was brought (A) to be liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office or (B) not to have acted in good faith in the reasonable belief that his or her action was in the best interest of the Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) in the event of a settlement, if there has been a determination that such Covered Person engaged in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office: (A) by the court or other body approving the settlement; (B) by at least a majority of those Trustees who are neither Interested Persons of the Trust nor are parties to the matter based upon a review of readily available facts (as opposed to a full trial-type inquiry); or (C) by written opinion of independent legal counsel based upon a review of readily available facts (as opposed to a full trial-type inquiry).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) The rights of indemnification herein provided may be insured against by policies maintained by the Trust, shall be severable, shall not be exclusive of or affect any other rights to which any Covered Person may now or hereafter be entitled and shall inure to the benefit of the heirs, executors and administrators of a Covered Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) To the maximum extent permitted by applicable law, expenses in connection with the preparation and presentation of a defense to any claim, action, suit or proceeding of the character described in subsection (a) of this Section shall be paid by the Trust or applicable Series from time to time prior to final disposition thereof upon receipt of an undertaking by or on behalf of such Covered Person that such amount will be paid over by him or her to the Trust or applicable Series if it is ultimately determined that he or she is not entitled to indemnification under this Section; provided, however, that any such advancement will be made in accordance with any conditions required by the Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) Any repeal or modification of this Article IX by the Shareholders, or adoption or modification of any other provision of this Trust Instrument or the By-laws inconsistent with this Article, shall be prospective only, to the extent that such repeal or modification would, if applied retrospectively, adversely affect any limitation on the liability of any Covered Person or indemnification available to any Covered Person with respect to any act or omission which occurred prior to such repeal, modification or adoption.

Section 3. INDEMNIFICATION OF SHAREHOLDERS

If any Shareholder or former Shareholder of any Series is held personally liable solely by reason of his or her being or having been a Shareholder and not because of his or her acts or omissions or for some other reason, the Shareholder or former Shareholder (or his or her heirs, executors, administrators or other legal representatives or, in the case of any entity, its general successor) shall be entitled out of the Assets belonging to the applicable Series to be held harmless from and indemnified against all loss and expense arising from such liability. The Trust, on behalf of the affected Series, shall, upon request by such Shareholder or former Shareholder, assume the defense of any claim made against him or her for any act or obligation of the Series and satisfy any judgment thereon from the Assets belonging to the Series.

***The Form of Distribution Agreement between the Registrant and Paralel Distributors LLC provides:***

**6.** 

**Indemnification.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) The Distributor will not be liable for and the Trust agrees to indemnify and hold harmless the Distributor, its affiliates and each of their respective directors, officers and employees and agents and any person who controls the Distributor within the meaning of Section 15 of the 1933 Act (any of the Distributor, its officers, employees, agents and directors or such control persons, for purposes of this paragraph, a "Distributor Indemnitee") against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages or expense and reasonable counsel fees incurred in connection therewith) ("Losses") that a Distributor Indemnitee may incur arising out of or based upon: (i) Distributor serving as distributor for the Trust pursuant to this Agreement, (ii) any liability or other Losses of the Distributor arising from or related to its role of entering into agreements with APs (defined hereafter) on behalf of the Trust unless such liability or Loss is due to the Distributor's willful misfeasance, bad faith or gross negligence; (iii) the allegation of any wrongful act of the Trust or any of its directors, officers, employees or affiliates in connection with its duties and responsibilities in this Agreement; (iv) any claim that the Registration Statement, Prospectus, Statement of Additional Information, product description, shareholder reports, Marketing Materials and advertisements specifically approved by the Trust and/or Investment Adviser or other information filed or made public by the Trust (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein (and in the case of the Prospectus, Statement of Additional Information and product description, in light of the circumstances under which they were made) not misleading under the 1933 Act, or any other statute or the common law; (v) the breach by the Trust of any obligation, representation or warranty contained in this Agreement; or (vi) the Trust's failure to comply in any material respect with applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) The Distributor agrees to indemnify and hold harmless the Trust and each of its Trustees and officers and any person who controls the Trust within the meaning of Section 15 of the 1933 Act (for purposes of this paragraph, the Trust and each of its Trustees and officers and its controlling persons are collectively referred to as the "Trust Indemnitees") against any Losses arising out of or based upon (i) any willful misfeasance, bad faith or gross negligence, or reckless disregard of duties by the Distributor or any of its directors, officers, employees or affiliates, taken in connection with its activities as Distributor pursuant to this Agreement; (ii) the breach of any material obligation, representation or warranty contained in this Agreement by the Distributor; (iii) the Distributor's failure to comply in any material respect with applicable securities laws, including applicable FINRA regulations; or (iv) any allegation that the Registration Statement, Prospectus, Statement of Additional Information, product description, shareholder reports, any information or materials relating to the Funds (as described in section 3(h)) or other information filed or made public by the Trust (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements not misleading, insofar as such statement or omission was made in reliance upon, and in conformity with information furnished to the Trust, in writing, by the Distributor.

In no case (i) is the indemnification provided by an indemnifying party to be deemed to protect against any liability the indemnified party would otherwise be subject to by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties, violation of applicable law or regulation, or by reason of its reckless disregard of its obligations and duties under this Agreement, or (ii) is the indemnifying party to be liable under this Section with respect to any claim made against any indemnified party unless the indemnified party notifies the indemnifying

party in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the indemnified party (or after the indemnified party shall have received notice of service on any designated agent).

Failure to notify the indemnifying party of any claim shall not relieve the indemnifying party from any liability that it may have to the indemnified party against whom such action is brought on account of this Section, unless failure or delay to so notify the indemnifying party prejudices the indemnifying party's ability to defend against such claim. The indemnifying party shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce the claim, but if the indemnifying party elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the indemnified party. In the event that indemnifying party elects to assume the defense of any suit and retain counsel, the indemnified party shall bear the fees and expenses of any additional counsel retained by them. If the indemnifying party does not elect to assume the defense of any suit, it will reimburse the indemnified party for the reasonable fees and expenses of any counsel retained by them. The indemnifying party agrees to notify the indemnified party promptly of the commencement of any litigation or proceedings against it or any of its officers or directors in connection with the purchase or redemption of any of the Creation Units or the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) No indemnified party shall settle any claim against it for which it intends to seek indemnification from the indemnifying party, under the terms of section 6(a) or 6(b) above, without prior written notice to and consent from the indemnifying party, which consent shall not be unreasonably withheld. No indemnified or indemnifying party shall settle any claim unless the settlement contains a full release of liability with respect to the other party in respect of such action. This section 6 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(d) The Trust acknowledges and agrees that as part of its duties, Distributor will enter into agreements with certain authorized participants (each an "AP" and collectively the "APs") for the purchase and redemption of Creation Units (each such agreement an "AP Agreement"). The APs may insert and require that Distributor agree to certain provisions in the AP Agreements that contain certain clauses or terms (including, among others, representations, undertakings and indemnification) that are not included in the form-of AP Agreement (each such modified AP Agreement, a "Non-Standard AP Agreement").

To the extent that Distributor is requested or required to make any such change as mentioned above, the Trust shall indemnify, defend and hold the Distributor Indemnitees free and harmless from and against any and all Losses that any Distributor Indemnitee may incur arising out of or relating to (a) the Distributor's actions or failures to act pursuant to any Non-Standard AP Agreement; (b) any representations made by the Distributor in any Non-Standard AP Agreement to the extent that the Distributor is not required to make such representations in the form-of AP Agreement; or (c) any liability assumed or indemnification provided by the Distributor under a Non-Standard AP Agreement. In no event shall anything contained herein be so construed as to protect the Distributor Indemnitees against any liability to the Trust or its shareholders to which the Distributor Indemnitees would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of Distributor's obligations or duties under the Non-Standard AP Agreement.

**Business and Other Connections of Investment Adviser**

The answer to this item is fully disclosed in Part A and Part B of the Form N-1A. Please see: "Investment Adviser" on page 32 of Part A; "Management of the Trust" on pages 6 through 9 of Part B; "Investment Advisory and Other Services" on page 10 of Part B; and, "Portfolio Managers" on pages 13 through 14 of Part B.

**Principal Underwriters**

Effective September 25, 2018, the Trust entered into a distribution agreement with Saturna Brokerage Services, Inc., a broker-dealer registered under the Securities Exchange Act of 1934, pursuant to which Saturna Brokerage Services, Inc. acts as principal underwriter of shares of the Income, Growth, Developing World, and Participation Funds of the Trust for sale to the public. The distributor is a member of the Financial Industry Regulatory Authority and a wholly-owned subsidiary of Saturna Capital Corporation. All employees of Saturna Brokerage Services, Inc. are also employees of the adviser. The distribution plan with respect to the Income, Growth, Developing World, and Participation Funds provides that the distributor is reimbursed by the Trust on a monthly basis at a rate of up to 0.25% annually of the Fund's average daily net assets applicable to Investor shares to finance the distribution of the Fund's Investor shares and to furnish services to owners of Investor shares.

Saturna Brokerage Services, Inc. also acts as underwriter for the four portfolios of the Saturna Investment Trust.

---

| | | |
|:---|:---|:---|
|  **Officers of Saturna Brokerage Services**  | **Officers of Saturna Brokerage Services**  | **Officers of Saturna Brokerage Services**  |
|  Name and Principal Business Address  | &nbsp;&nbsp;&nbsp; Positions and Offices with Underwriter  | Positions and Offices with Trust  |
|  Jane K. Carten <br> 1300 N. State Street, Bellingham, WA 98225  | &nbsp;&nbsp;&nbsp; Director, President, Chair  | Vice President  |
|  Matthew J. Ward <br> 1300 N. State Street, Bellingham, WA 98225  | &nbsp;&nbsp;&nbsp; Vice President  | n/a  |
|  Rochelle L. Wolber <br> 1300 N. State Street, Bellingham, WA 98225  | &nbsp;&nbsp;&nbsp; Vice President  | n/a  |
|  Kalen M. Hanna <br> 1300 N. State Street, Bellingham, WA 98225  | &nbsp;&nbsp;&nbsp; Chief Financial Officer, Treasurer  | n/a  |
|  Christopher R. Fankhauser <br> 1300 N. State Street, Bellingham, WA 98225  | &nbsp;&nbsp;&nbsp; Director, Vice President, Chief Operations Officer  | Treasurer  |
|  Jacob A. Stewart <br> 1300 N. State Street, Bellingham, WA 98225  | &nbsp;&nbsp;&nbsp; Chief Compliance Officer, AML Officer  | AML Officer  |
|  Elliot S. Cohen <br> 1300 N. State Street, Bellingham, WA 98225  | &nbsp;&nbsp;&nbsp; Chief Legal Officer  | Secretary  |

---

The Trust has entered a distribution agreement with Paralel Distributors LLC, a broker-dealer registered under the Securities Exchange Act of 1934, pursuant to which Paralel Distributors LLC acts as principal underwriter of the Equity Income ETF, Growth ETF, and Developing World ETF with respect to the creation and redemption of Creation Units of each ETF. The distributor is a member of the Financial Industry Regulatory Authority.

Paralel Distributors LLC also acts as underwriter for Collaborative Investment Series Trust (7 series); Reaves Utility Income Fund (ATM Offering), Cullen Funds (6 series), Elevation Series Trust (38 series); Coller Secondaries Private Equity Opportunities Fund, Coller Private Credit Secondaries Fund; HarbourVest Private Investments Fund; Shelton Funds (1 series), PFS Funds (5 series), Azzad Funds Trust (2 series), Pre-IPO and Growth Fund, Corgi ETF Trust I (2 series), Corgi ETF Trust II (37 series), Spend Life Wisely Funds Investment Trust (2 series), Octagon XAI CLO Income Fund, and XAI Octagon Floating Rate & Alternative Income Trust (ATM Offering).

To the best of Registrant's knowledge, the directors and executive officers of Paralel Distributors LLC are as follows:

---

| | | |
|:---|:---|:---|
|  **Paralel Distributors LLC**  | **Paralel Distributors LLC**  | **Paralel Distributors LLC**  |
|  Name and Principal Business Address\*  | &nbsp;&nbsp;&nbsp; Positions and Offices with Underwriter  | Positions and Offices with Trust  |
|  Brad Swenson  | &nbsp;&nbsp;&nbsp; President, Chief Compliance Officer  | None  |
|  Jeremy May  | &nbsp;&nbsp;&nbsp; Chief Executive Officer  | None  |
|  Christopher Moore  | &nbsp;&nbsp;&nbsp; General Counsel  | None  |

---

\*&nbsp;&nbsp;&nbsp;&nbsp; Except as otherwise noted, the principal business address for each of the above directors and executive officers is 1700 Broadway, Suite 2100, Denver, CO 80290.

**Location of Accounts and Records**

The accounts, books, and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules promulgated thereunder are maintained at the addresses below.

Saturna Capital Corporation, 1300 N. State Street, Bellingham, Washington 98225

UMB Bank, N.A., 928 Grand Blvd, 5th Floor, Kansas City, Missouri 64155

Brown Brothers Harriman & Co., 140 Broadway New York, New York 10005

Vident Advisory, LLC, 1125 Sanctuary Parkway, Suite 515, Alpharetta, Georgia 30009

**Management Services**

There are no management-related contracts in which service is provided to the Trust other than those discussed in Parts A and B of this Form N-1A.

**Undertakings**

Not Applicable.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Trust certifies that it meets all the requirements under Rule 485(b) under the Securities Act and has duly caused this amendment to registration statement to be duly signed on its behalf by the undersigned, duly authorized, in the City of Bellingham, State of Washington, on the 5th day of June, 2026.

AMANA MUTUAL FUNDS TRUST

By

/s/ Jane K. Carten

Jane K. Carten, President

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, this amendment has been signed below by the following persons in the capacities and on the date indicated.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Signature**  | &nbsp;&nbsp; **Title**  | &nbsp;&nbsp; **Date**  |
| &nbsp;&nbsp; <br> <u>/s/ Jane K. Carten</u> <br> Jane K. Carten <br>| &nbsp;&nbsp; <br> President; Trustee <br> (Principal Executive Officer) <br>| &nbsp;&nbsp; <br> June 5, 2026  |
| &nbsp;&nbsp; <br> <u>/s/ Christopher R. Fankhauser</u> <br> Christopher R. Fankhauser  | &nbsp;&nbsp; <br> Treasurer <br> (Principal Financial Officer) <br>| &nbsp;&nbsp; <br> June 5, 2026  |
| &nbsp;&nbsp; <br> \*\* Firas J. Al-Barzinji <br> \*\* Ronald H. Fielding <br> \*\* Miles K. Davis <br> \*\* Asma Y. Mirza <br>\*\* By <br><u>/s/ Jane K. Carten</u> <br> Jane K. Carten, Attorney-In-Fact <br>|  |  |

---

## Ex-99.(A)(3)

**EXHIBIT (a)(3)**<br>

AMANA MUTUAL FUNDS TRUST

1300 N. State Street

Bellingham WA 98225

TRUST INSTRUMENT

#### **Table of Contents**
ARTICLE I DEFINITIONS

ARTICLE II THE TRUSTEES

&nbsp;&nbsp;&nbsp;&nbsp;Section 1. MANAGEMENT OF THE TRUST.

&nbsp;&nbsp;&nbsp;&nbsp;Section 2. INITIAL TRUSTEES; ELECTION AND NUMBER OF TRUSTEES.

&nbsp;&nbsp;&nbsp;&nbsp;Section 3. TERM OF OFFICE OF TRUSTEES.

&nbsp;&nbsp;&nbsp;&nbsp;Section 4. VACANCIES; APPOINTMENT OF TRUSTEES.

&nbsp;&nbsp;&nbsp;&nbsp;Section 5. TEMPORARY VACANCY OR ABSENCE.

&nbsp;&nbsp;&nbsp;&nbsp;Section 6. CHAIRMAN.

&nbsp;&nbsp;&nbsp;&nbsp;Section 7. ACTION BY THE TRUSTEES.

&nbsp;&nbsp;&nbsp;&nbsp;Section 8. OWNERSHIP OF TRUST PROPERTY.

&nbsp;&nbsp;&nbsp;&nbsp;Section 9. EFFECT OF TRUSTEES NOT SERVING.

&nbsp;&nbsp;&nbsp;&nbsp;Section 10. TRUSTEES AND OTHERS AS SHAREHOLDERS.

ARTICLE III POWERS OF THE TRUSTEES

&nbsp;&nbsp;&nbsp;&nbsp;Section 1. POWERS.

&nbsp;&nbsp;&nbsp;&nbsp;Section 2. CERTAIN TRANSACTIONS.

ARTICLE IV SERIES; CLASSES; SHARES

&nbsp;&nbsp;&nbsp;&nbsp;Section 1. ESTABLISHMENT OF SERIES AND CLASSES.

&nbsp;&nbsp;&nbsp;&nbsp;Section 2. SHARES.

&nbsp;&nbsp;&nbsp;&nbsp;Section 3. INVESTMENTS IN THE TRUST.

&nbsp;&nbsp;&nbsp;&nbsp;Section 4. ASSETS AND LIABILITIES OF SERIES AND CLASSES.

&nbsp;&nbsp;&nbsp;&nbsp;Section 5. OWNERSHIP AND TRANSFER OF SHARES.

&nbsp;&nbsp;&nbsp;&nbsp;Section 6. STATUS OF SHARES; LIMITATION OF SHAREHOLDER LIABILITY.

ARTICLE V DISTRIBUTIONS, REDEMPTIONS AND NET ASSET VALUE

&nbsp;&nbsp;&nbsp;&nbsp;Section 1. DISTRIBUTIONS.

&nbsp;&nbsp;&nbsp;&nbsp;Section 2. REDEMPTIONS.

&nbsp;&nbsp;&nbsp;&nbsp;Section 3. REDEMPTION BY TRUST.

&nbsp;&nbsp;&nbsp;&nbsp;Section 4. PREVENTION OF PERSONAL HOLDING COMPANY STATUS.

&nbsp;&nbsp;&nbsp;&nbsp;Section 5. DETERMINATION OF NET ASSET VALUE PER SHARE.

&nbsp;&nbsp;&nbsp;&nbsp;Section 6. SUSPENSION OF RIGHT OF REDEMPTION.

------

ARTICLE VI SHAREHOLDERS' VOTING POWERS AND MEETINGS

&nbsp;&nbsp;&nbsp;&nbsp;Section 1. VOTING POWERS.

&nbsp;&nbsp;&nbsp;&nbsp;Section 2. MEETINGS OF SHAREHOLDERS.

&nbsp;&nbsp;&nbsp;&nbsp;Section 3. QUORUM; REQUIRED VOTE.

ARTICLE VII CONTRACTS WITH SERVICE PROVIDERS

&nbsp;&nbsp;&nbsp;&nbsp;Section 1. INVESTMENT ADVISER.

&nbsp;&nbsp;&nbsp;&nbsp;Section 2. PRINCIPAL UNDERWRITER.

&nbsp;&nbsp;&nbsp;&nbsp;Section 3. CUSTODIAN.

&nbsp;&nbsp;&nbsp;&nbsp;Section 4. TRANSFER AGENCY, SHAREHOLDER SERVICES AND ADMINISTRATION AGREEMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;Section 5. PARTIES TO CONTRACTS WITH SERVICE PROVIDERS.

ARTICLE VIII EXPENSES OF THE TRUST, SERIES AND CLASSES

ARTICLE IX LIMITATION OF LIABILITY AND INDEMNIFICATION

&nbsp;&nbsp;&nbsp;&nbsp;Section 1. LIMITATION OF LIABILITY.

&nbsp;&nbsp;&nbsp;&nbsp;Section 2. INDEMNIFICATION.

&nbsp;&nbsp;&nbsp;&nbsp;Section 3. INDEMNIFICATION OF SHAREHOLDERS.

ARTICLE X MISCELLANEOUS

&nbsp;&nbsp;&nbsp;&nbsp;Section 1. TRUST NOT A PARTNERSHIP.

&nbsp;&nbsp;&nbsp;&nbsp;Section 2. TRUSTEE ACTION; EXPERT ADVICE; NO BOND OR SURETY.

&nbsp;&nbsp;&nbsp;&nbsp;Section 3. TERMINATION OR REORGANIZATION OF THE TRUST OR SERIES.

&nbsp;&nbsp;&nbsp;&nbsp;Section 4. TRUST INSTRUMENT.

&nbsp;&nbsp;&nbsp;&nbsp;Section 5. APPLICABLE LAW.

&nbsp;&nbsp;&nbsp;&nbsp;Section 6. AMENDMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;Section 7. FISCAL YEAR.

&nbsp;&nbsp;&nbsp;&nbsp;Section 8. SEVERABILITY.

&nbsp;&nbsp;&nbsp;&nbsp;Section 9. INTERPRETATION.

------

#### AMANA MUTUAL FUNDS TRUST

#### AMENDED AND RESTATED TRUST INSTRUMENT

#### ARTICLE I

#### Definitions

Unless otherwise provided or required by the context:

<br> • "Assets belonging to" a Series has the meaning set forth in Article IV, Section 4;

<br> • "By-laws" means the By-laws of the Trust adopted by the Trustees, as amended or restated from time to time;

<br> • "Class" means a class of Shares of a Series established pursuant to Article IV;

<br> • "Commission," "Interested Person" and "Principal Underwriter" have the meanings provided in the 1940 Act;

<br> • "Covered Person" means a person so defined in Article IX, Section 2;

<br> • "Delaware Act" means Chapter 38 of Title 12 of the Delaware Code, entitled "Treatment of Delaware Statutory Trusts," as amended from time to time;

<br> • "Disinterested Trustee" means a Trustee who is not an "interested" person of the Trust as defined in the 1940 Act;

<br> • "Liabilities" means liabilities, debts, obligations, expenses, costs, charges and reserves;

• "Majority Shareholder Vote" means the affirmative vote of the lesser of (a) 67% or more of the Votes of the Trust or Series (or Class thereof), as applicable, present at a meeting of Shareholders if more than 50% of the Outstanding Votes of the Trust or Series (or Class thereof), as applicable, are present or represented by proxy or (b) more than 50% of the Outstanding Votes of the Trust or Series (or Class thereof), as applicable;

<br> • "Net Asset Value per Share" means the net asset value of each Series or Class, determined as provided in Article V, Section 3;

<br> • "Outstanding Shares" means Shares shown in the books of the Trust or its transfer agent as then issued and outstanding but does not include Shares that have been repurchased or redeemed by the Trust and that are held in the treasury of the Trust;

• "Outstanding Votes" means the aggregate number of Votes to which the Shareholders are entitled, determined as provided in Article VI, Section 1;

<br> • "Series" means a series of Shares established pursuant to Article IV; "Shareholder" means a record owner of Outstanding Shares;

• "Shares" means the equal proportionate transferable units of interest into which the beneficial interest of each Series or Class is divided from time to time (including whole Shares and fractions of Shares); "Trust" means "Amana Mutual Funds Trust," the Delaware statutory trust established under the Delaware Act by this Trust Instrument and the filing of the certificate of trust in the Office of the Secretary of State of Delaware;

<br> • "Amana Mutual Funds Trust," the Delaware statutory trust established under the Delaware Act by this Trust Instrument and the filing of the certificate of trust in the Office of the Secretary of State of Delaware;

------

<br> • "Trust Property" means any and all property, real or personal, tangible or intangible, that is from time to time owned or held by or for the account of the Trust or any Series or the Trustees on behalf of the Trust or any Series;

• "Trustees" means the persons who have signed this Trust Instrument and all other persons who may from time to time be duly qualified, elected or appointed, and serving as Trustees in accordance with Article II, in each case so long as such persons continue in office in accordance with the terms hereof, and reference herein to a Trustee or the Trustees refers to such person or persons in his or her capacity as Trustees hereunder;

• "Votes" means the number of votes to which a Shareholder is entitled, determined as provided in Article VI, Section 1; and

<br> • "1940 Act" means the Investment Company Act of 1940 and the rules and regulations thereunder and any applicable exemptive and/or no-action relief, all as amended from time to time.

#### ARTICLE II

#### THE TRUSTEES

Section 1. MANAGEMENT OF THE TRUST.

The business and affairs of the Trust shall be managed by or under the direction of the Trustees. The purpose of the Trust is to conduct, operate and carry on the business of a management investment company registered under the 1940 Act through one or more Series and to carry on such other business as the Trustees may from time to time determine pursuant to their authority under this Trust Instrument. In furtherance of the foregoing, it shall be the purpose of the Trust to do everything necessary, suitable, convenient or proper for the conduct, promotion and attainment of any businesses and purposes which at any time may be incidental or may appear conducive or expedient for the accomplishment of the business of an investment company registered under the 1940 Act and which may be engaged in or carried on by a trust organized under the Delaware Act, and in connection therewith the Trust shall have and may exercise all of the powers conferred by the laws of the State of Delaware upon a Delaware statutory trust. The Trustees may execute all instruments and take all action they deem necessary, proper or desirable to promote the interests of the Trust. Any determination made by the Trustees in good faith as to what is in the interests of the Trust shall be conclusive.

Section 2. INITIAL TRUSTEES; ELECTION AND NUMBER OF TRUSTEES.

The initial Trustees shall be the persons initially signing this Trust Instrument. The number of Trustees (other than the initial Trustees) shall be fixed from time to time by a majority of the Trustees; provided, however, that there shall be at least two Trustees. Shareholders shall not be entitled to elect Trustees except as required by the 1940 Act or under this Trust Instrument.

Section 3. TERM OF OFFICE OF TRUSTEES.

Subject to any limitations on the term of service imposed by the By-laws and any retirement policy adopted by the Trustees, each Trustee shall hold office until his or her successor is elected, his or her death, or the Trust terminates, whichever is sooner; except that (a) any Trustee may resign by delivering to the other Trustees or to any Trust officer a written resignation effective upon such delivery or a later date specified therein, (b) any Trustee may be removed at any time by a written instrument signed by at least two-thirds of the other Trustees, specifying the effective date of removal, (c) any Trustee who has become physically or mentally incapacitated or is otherwise unable to serve, may be retired by a written instrument signed by a majority of the other Trustees, specifying the effective date of retirement, and (d) any Trustee may be removed at any meeting of the Shareholders by a vote of at least two-thirds of the Outstanding Votes.

Section 4. VACANCIES; APPOINTMENT OF TRUSTEES.

Whenever a vacancy exists in the Board of Trustees, regardless of the reason for such vacancy, the remaining Trustees may appoint any person as they determine in their sole discretion to fill that vacancy, consistent with the limitations under the 1940 Act. Any such appointment shall be made by a written instrument signed by a majority of the Trustees or by a resolution of the Trustees, duly adopted and recorded in the records of the Trust, specifying the effective date of the appointment. The Trustees may appoint a new Trustee as provided above in anticipation of a vacancy expected to occur

------

because of the retirement, resignation or removal of a Trustee, or an increase in number of Trustees, provided that such appointment shall become effective only at or after the expected vacancy occurs. As soon as any such Trustee has accepted his or her appointment in writing, the trust estate shall vest in the new Trustee, together with the continuing Trustees, without any further act or conveyance, and he or she shall be deemed a Trustee hereunder. The Trustees' power of appointment is subject to Section 16(a) of the 1940 Act.

Section 5. TEMPORARY VACANCY OR ABSENCE.

Whenever a vacancy in the Board of Trustees occurs, until such vacancy is filled or otherwise eliminated, or while any Trustee is absent from his or her domicile (unless that Trustee has made arrangements to be informed about, and to participate in, the affairs of the Trust during such absence), or is physically or mentally incapacitated, the remaining Trustees shall have all the powers hereunder and their determination as to such vacancy, absence or incapacity shall be conclusive.

Section 6. CHAIRMAN.

The Trustees may appoint one of their members to be chairman of the Board of Trustees. The chairman shall preside at all meetings of the Trustees and shall assume such other duties as the Board of Trustees may assign to the chairman from time to time. If the Trustees appoint a chairman of the Board, the chairman shall be a Disinterested Trustee. The chairman shall have no greater liability, nor be held to any higher standard, by reason of being chairman rather than being a Trustee who is not chairman. The Trustees may appoint a vice chairman to serve in the absence of the chairman, under these same provisions.

Section 7. ACTION BY THE TRUSTEES.

Unless otherwise specified herein or in the By-laws or required by law, any action by the Trustees shall be deemed effective if approved or taken by a majority of the Trustees present at a duly called meeting of Trustees (including a meeting by telephonic or other electronic means, unless the 1940 Act requires that a particular action be taken only at a meeting of the Trustees in person) at which a quorum is present or by written consent of a majority of Trustees (or such greater number as may be required by applicable law) and 70% of the Disinterested Trustees without a meeting. A majority of the Trustees shall constitute a quorum at any meeting. Subject to the requirements of the 1940 Act, the Trustees by majority vote may delegate to any Trustee or Trustees authority to approve particular matters or take particular actions on behalf of the Trust. A Trustee may vote as such by proxy only to the extent that such voting by proxy has been authorized by the Board of Trustees.

Section 8. OWNERSHIP OF TRUST PROPERTY.

Title to the Trust Property shall at all times be considered as vested in the Trust, except that the Trustees shall have power to cause legal title to any Trust Property to be held by or in the name of one or more of the Trustees, or in the name of the Trust, or in the name of any other person as nominee, on such terms as the Trustees may determine. The right, title and interest of the Trustees in the Trust Property shall vest automatically in each Person who may hereafter become a Trustee. Upon the resignation, removal or death of a Trustee, he or she shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees, except that this provision shall not operate to eliminate any rights that the Trustee or the Trustee's beneficiary may have under any deferred fee agreement with the Trust. Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

Section 9. EFFECT OF TRUSTEES NOT SERVING.

The death, resignation, retirement, removal, incapacity or inability or refusal to serve of the Trustees, or any one of them, shall not operate to annul the Trust or to revoke any existing agency created pursuant to the terms of this Trust Instrument.

------

Section 10. TRUSTEES AND OTHERS AS SHAREHOLDERS.

Subject to any restrictions in the By-laws, any Trustee, officer, agent or independent contractor of the Trust may acquire, own and dispose of Shares to the same extent as any other Shareholder; the Trustees may issue and sell Shares to and redeem Shares from any such person or any firm or company in which such person is interested, subject only to any general limitations herein or in the By-laws relating to the sale and redemption of such Shares.

#### ARTICLE III

#### PPOWERS OF THE TRUSTEES

Section 1. POWERS.

The Trustees in all instances shall act as principals, free of the control of the Shareholders. The Trustees shall have full power and authority to take or refrain from taking any action and to execute any contracts and instruments that they may consider necessary, proper or desirable in the management of the Trust. The Trustees shall not in any way be bound or limited by current or future laws or customs applicable to trust investments, but shall have full power and authority to make any investments which they, in their sole discretion, deem proper to accomplish the purposes of the Trust. The Trustees may exercise all of their powers without recourse to any court or other authority. No one dealing with the Trustees shall be under any obligation to make any inquiry concerning the authority of the Trustees or to see to the application of any payments made or property transferred to the Trust or the Trustees or upon their order. Subject to any applicable express limitation herein or in the By-laws or resolutions of the Trust, the Trustees shall have power and authority, without limitation:

(a) To operate as and carry on the business of an investment company registered under the 1940 Act, and exercise all the powers necessary and proper to conduct such a business, including, without limitation, to take any action or actions necessary or appropriate to conduct the affairs of the Trust, or any Series, in accordance with any order or interpretation issued by the Commission relating to the operation of the Trust, or any Series, as an exchange-traded fund;<br>

(b) Subject to the limits of applicable law (including the provisions of the 1940 Act) to subscribe for, invest in, reinvest in, purchase, or otherwise acquire, hold, lend, pledge, mortgage, hypothecate, write options on, lease, sell, assign, transfer, exchange, distribute, or otherwise deal in or dispose of any form of property, including, but not limited to, cash (U.S. currency), foreign currencies and related instruments, and securities of any kind that are permissible investments for registered investment companies under applicable law (including, but not limited to, common and preferred stocks, warrants, bonds, debentures, time notes, and all other evidences of indebtedness, negotiable or non-negotiable instruments, obligations, certificates of deposit or indebtedness, commercial paper, repurchase agreements, reverse repurchase agreements, dollar rolls, convertible securities, forward contracts, options, futures contracts, swaps, and other financial contracts or derivative instruments and securities issued by an investment company registered under the 1940 Act or any series thereof), without regard to whether any such instruments or securities mature before or after the possible termination of the Trust or one or more of its Series; to exercise any and all rights, powers, and privileges of ownership or interest in respect of any and all such investments of every kind and description; and to hold cash or property uninvested, without in any event being bound or limited by any current or future law or custom concerning investments by trustees;<br>

<br> (c) To adopt By-laws not inconsistent with this Trust Instrument providing for the conduct of the business of the Trust and to amend and repeal them to the extent such right is not reserved to the Shareholders;

<br> (d) To elect and remove such officers, and appoint and terminate such agents, as the Trustees deem appropriate;

<br> (e) To employ as custodian of any assets of the Trust, subject to any provisions herein or in the By-laws, one or more banks, trust companies or companies that are members of a national securities exchange or other entities permitted by the Commission to serve as such;

<br> (f) To retain one or more transfer or similar agents and Shareholder servicing agents, or both;

<br> (g) To provide for the distribution of Shares either through a Principal Underwriter as provided herein or by the Trust itself, or both, or pursuant to a distribution plan of any kind;

<br> (h) To set record dates in the manner provided for herein or in the By-laws;

<br> (i) To establish a registered office and have a registered agent in the State of Delaware;

<br> (j) To delegate such authority as the Trustees consider desirable to any officers of the Trust and to any agent, independent contractor, manager, investment adviser, sub-advisers, custodian, administrator, underwriter or other service provider;

<br> (k) To sell, exchange or otherwise dispose of any or all of the assets of the Trust or any Series;

(l) To vote or give assent, or exercise any rights of ownership, with respect to securities or other property, and to execute and deliver proxies or powers of attorney delegating such power to such persons as the Trustees deem proper;<br>

------

<br> (m) To exercise powers and rights of subscription or otherwise which in any manner arise out of ownership of securities;

(n) To hold any security or other property (i) in a form not indicating any trust, whether in bearer, book entry, unregistered or other negotiable form or (ii) either in the Trust's or Trustee's own name or in the name of a custodian or a nominee or nominees, subject to safeguards according to the usual practice of statutory trusts or investment companies;<br>

(o) To establish separate and distinct Series with separately defined investment objectives and policies, distinct investment purposes and separate Shares representing beneficial interests in such Series, and to establish separate Classes, all in accordance with the provisions of Article IV;<br>

<br> (p) To interpret the investment policies, practices, or limitations of any Series or Class;

(q) To the full extent permitted by Section 3804 of the Delaware Act, to allocate assets and Liabilities of the Trust to a particular Series, and Liabilities to a particular Class, or to apportion the same between or among two or more Series or Classes, provided that any Liabilities incurred by a particular Series or Class shall be payable solely out of the Assets belonging to that Series or Class, respectively, as provided for in Article IV, Section 4;<br>

(r) To consent to or participate in any plan for the reorganization, consolidation or merger of any corporation or issuer whose securities are held by the Trust; to consent to any contract, lease, mortgage, purchase or sale of property by such corporation or issuer; and to pay calls or subscriptions with respect to any security held in the Trust;<br>

<br> (s) To compromise, arbitrate or otherwise adjust claims in favor of or against the Trust or any matter in controversy including, but not limited to, claims for taxes;

<br> (t) To declare and make distributions of income and of capital gains to Shareholders;

(u) In accordance with Islamic Principals, to borrow money or otherwise obtain credit and to secure the same by mortgaging, pledging, or otherwise subjecting as security any assets of the Trust, including the lending of portfolio securities, and to endorse, guarantee or undertake the performance of any obligation, contract, or engagement of any other person, firm, association, or corporation;<br>

(v) To establish, from time to time, a minimum total investment for Shareholders in the Trust or in one or more Series or Classes, and to require the redemption of the Shares of any Shareholders whose investment is less than such minimum or take such other action as the Trustees in their discretion shall determine;<br>

(w) To establish committees for such purposes, with such membership, and with such responsibilities as the Trustees may consider proper, including a committee consisting of fewer than all of the Trustees then in office, which may act for and bind the Trustees and the Trust with respect to the institution, prosecution, dismissal, settlement, review or investigation of any legal action, suit or proceeding, pending or threatened to be brought before any court, administrative agency, or other adjudicatory body;<br>

(x) To issue, sell, repurchase, redeem, cancel, retire, acquire, hold, resell, reissue, dispose of and otherwise deal in Shares; to establish terms and conditions including any fees or expenses regarding the issuance, sale, repurchase, redemption, cancellation, retirement, acquisition, holding, resale, reissuance, disposition of or dealing in Shares; and, subject to Articles IV and V, to apply to any such repurchase, redemption, retirement, cancellation or acquisition of Shares any funds or property of the Trust or of the particular Series with respect to which such Shares are issued;<br>

(y) To adopt, establish and carry out pension, profit-sharing, share bonus, share purchase, savings, thrift and other retirement, incentive and benefit plans and trusts, including the purchasing of life insurance and annuity contracts as a means of providing such retirement and other benefits, for any or all of the Trustees, officers, employees and agents of the Trust;<br>

(z) To purchase, and pay for, out of Trust Property or the assets belonging to any appropriate Series, insurance policies insuring the Shareholders, Trustees, officers, employees, agents, and/or independent contractors of the Trust (including the investment adviser of any Series) against all claims arising by reason of holding any such position or by reason of any action taken or omitted by any such person in such capacity, whether or not the Trust would have the power to indemnify such person against such claim, or to otherwise indemnify such persons, out of Trust Property or the assets belonging to any appropriate Series, to the fullest extent permitted by this Trust Instrument;<br>

------

(aa) To enter into contracts or carry on any other business in connection with or incidental to any of the foregoing powers, to do everything necessary or desirable to accomplish any purpose or to further any of the foregoing powers, and to take every other action incidental to the foregoing business or purposes, objects or powers; and<br>

<br> (bb) Subject to the 1940 Act, to engage in any other lawful act or activity in which a statutory trust organized under the Delaware Act may engage.

The powers and authorities enumerated in the preceding clauses shall be construed as objects and powers, and the enumeration of specific powers shall not limit in any way the general powers of the Trustees. Any action by one or more of the Trustees in their capacity as such hereunder shall be deemed an action on behalf of the Trust or the applicable Series and not an action in an individual capacity. In construing this Trust Instrument, the presumption shall be in favor of a grant of power to the Trustees.

Section 2. CERTAIN TRANSACTIONS.

Except as prohibited by applicable law, the Trustees may, on behalf of the Trust, buy any securities from or sell any securities to, or lend any assets of the Trust to, any Trustee or officer of the Trust or any firm of which any such Trustee or officer is a member acting as principal, or have any such dealings with any investment adviser, administrator, distributor or transfer agent for the Trust or with any Interested Person of such person. The Trust may employ any such person or entity in which such person is an Interested Person, as broker, legal counsel, registrar, investment adviser, administrator, distributor, transfer or similar agent, dividend disbursing agent, custodian or in any other capacity upon customary terms.

#### ARTICLE IV

#### SERIES; CLASSES; SHARES

Section 1. ESTABLISHMENT OF SERIES AND CLASSES.

The Trust shall consist of one or more separate and distinct Series created and maintained in accordance with Article III, Section 1(o), and this Article IV. The Trustees hereby establish the Series listed in Schedule A attached hereto and made a part hereof. The Trustees may designate the rights and preferences of the Shares of each Series relative to the Shares of any other Series. The Trustees may divide the Shares of any Series into any number of Classes representing interests in the Assets belonging to that Series, each Share of each such Class having an equal beneficial interest in such assets and identical voting, dividend, liquidation and other rights and subject to the same terms and conditions, except that (a) expenses allocated to a Class may be borne solely by that Class as determined by the Trustees and (b) a Class may have exclusive voting rights with respect to matters affecting only that Class. The establishment and designation of each additional Series or Class of Shares of the Trust shall be effective upon the adoption by a majority of the then Trustees of a resolution that sets forth such establishment and designation and the relative rights and preferences of such Series or Class of the Trust, whether directly in such resolution or by reference to another document including, without limitation, any registration statement of the Trust, or as otherwise provided in such resolution. The Trust shall maintain or cause or otherwise provide for a third party to maintain separate and distinct records for each Series and shall hold and account for the Assets belonging thereto separately from the other assets of the Trust or Assets belonging to any other Series. A Series may issue any number of Shares and need not issue Shares. Each holder of Shares of a Series shall be entitled to receive his or her pro rata share of all distributions made with respect to such Series. Upon redemption of Shares of a Series, the redeeming Shareholder shall be paid solely out of the Assets belonging to that Series. The Trustees may change the name of any Series or Class in their sole discretion.

Section 2. SHARES.

The beneficial interest in each Series shall be divided into Shares of one or more Classes. The number of Shares of each Series and Class shall be unlimited, and each Share shall have no par value. All Shares issued hereunder, including Shares

------

issued in connection with a dividend or other distribution of Shares or a split or reverse split of Shares, shall be fully paid and nonassessable. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust. The Trustees shall have full power and authority, in their sole discretion and without obtaining Shareholder approval, (1) to issue original or additional Shares at such times and on such terms and conditions as they deem appropriate, (2) to issue fractional Shares and Shares held in the Trust's treasury, (3) to establish and to change in any manner Shares of any Series or Classes with such preferences, terms of conversion, voting powers, rights and privileges as the Trustees may determine (but the Trustees may not change Outstanding Shares in a manner materially adverse to the Shareholders of such Shares), (4) to divide or combine the Shares of any Series or Classes into a greater or lesser number, (5) to classify or reclassify any unissued Shares of any Series or Classes into one or more Series or Classes, (6) to abolish any one or more Series or Classes, (7) to issue Shares to acquire other assets (including assets subject to, and in connection with, the assumption of liabilities) and businesses and (8) to take such other action with respect to the Shares as the Trustees may deem desirable. Shares held in the Trust's treasury shall not confer any voting rights on the Trustees and shall not be entitled to any dividends or other distributions declared with respect to the Shares.

Section 3. INVESTMENTS IN THE TRUST.

The Trustees shall accept investments in any Series from such persons, on such terms, and for such consideration, which may consist of tangible or intangible property or a combination thereof, as they may from time to time authorize. At the Trustees' sole discretion, such investments in a Series, subject to applicable law, may be in the form of cash or securities in which that Series is authorized to invest, valued as provided in Article V, Section 3. Investment in a Series shall be credited to the investing Shareholder's account in the form of full Shares at the Net Asset Value per Share next determined after the investment is received or accepted as may be determined by the Trustees; provided, however, that the Trustees may, in their sole discretion, (a) impose a sales charge upon investments in any Series or Class, (b) issue fractional Shares or (c) determine the Net Asset Value per Share of the initial capital contribution for any Series. The Trustees shall have the right to refuse to accept investments in any Series or by any person at any time without any cause or reason therefor whatsoever.

Section 4. ASSETS AND LIABILITIES OF SERIES AND CLASSES.

All consideration received by the Trust for the issue or sale of Shares of a particular Series, together with all assets in which such consideration is invested or reinvested and all income, earnings, profits and proceeds thereof (including any proceeds derived from the sale, exchange or liquidation of such assets and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be) (collectively "Assets belonging to" that Series), shall be recorded, held and accounted for separately from the other assets of the Trust and Assets belonging to every other Series. The Assets belonging to a Series shall belong only to that Series for all purposes and to no other Series, subject only to the rights of creditors of that Series. Any assets, income, earnings, profits and proceeds thereof, funds and/or payments that are not readily identifiable as belonging to any particular Series shall be allocated by the Trustees between or among one or more Series as the Trustees, in their sole discretion, deem fair and equitable. Each such allocation shall be conclusive and binding upon the Shareholders of all Series for all purposes, and the assets, income, earnings, profits, proceeds, funds and payments so allocated to a Series shall be treated for all purposes as Assets belonging to that Series. The Assets belonging to a Series shall be charged with all Liabilities of the Trust with respect to that Series and/or attributable to that Series, except that Liabilities allocated solely to a particular Class shall be borne by that Class. Any Liabilities of the Trust that are not readily identifiable as chargeable to any particular Series or Class shall be allocated and charged by the Trustees between or among any one or more Series or Classes in such manner as the Trustees, in their sole discretion, deem fair and equitable. Each such allocation shall be conclusive and binding upon the Shareholders of all Series and Classes for all purposes.

Without limiting the foregoing, but subject to the right of the Trustees to allocate Liabilities as herein provided, the Liabilities incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable only against the Assets belonging to that Series and not against the assets of the Trust generally or the Assets belonging to any other Series. Notice of this contractual limitation on Liabilities among Series may, in the Trustees' sole discretion, be set forth in the Trust's certificate of trust (whether originally or by amendment) as filed or to be filed in the Office of the Secretary of State of the State of Delaware pursuant to the Delaware Act, and upon the giving of such notice in the certificate of trust, the provisions of Section 3804(a) of the Delaware Act relating to limitations on Liabilities among Series (and the statutory effect under Section 3804 of setting forth such notice in the certificate of trust) shall become applicable to the Trust and each Series. Any person extending credit to, contracting with or having any claim against any Series may look only to the Assets belonging to that Series to satisfy or enforce any Liability with respect to that Series. No Shareholder or former Shareholder of any Series shall have a claim on or any right to any Assets belonging to any other Series.

------

Section 5. OWNERSHIP AND TRANSFER OF SHARES.

The ownership of Shares shall be recorded on the books of the Trust or those of a transfer or similar agent for the Trust, which books shall be maintained separately for the Shares of each Series or Class of the Trust. No certificates certifying the ownership of Shares shall be issued except as the Trustees may otherwise determine from time to time. The Trustees may make such rules as they consider appropriate for the issuance of Share certificates of each Series or Class of the Trust and any other similar matters. The record books of the Trust as kept by the Trust or any transfer or similar agent, as the case may be, shall be conclusive as to the identity of the Shareholders of each Series or Class of the Trust and as to the number of Shares of each Series or Class of the Trust held from time to time by each Shareholder.

Shares shall be transferable only on, and as evidenced by, the records of the Trust in accordance with such rules as the Trust may establish from time to time. Except as provided in the following paragraph of this Section 5, Shares are transferable only by the record holder thereof or by its agent thereto. Upon receipt by the Trust or its transfer or similar agent of a request from a Shareholder of record to transfer Shares held by such Shareholder to another person, accompanied by such information as may be required by the Trust or its transfer or similar agent, the transfer shall be recorded on the applicable register of the Trust. Until such transfer is recorded, the Shareholder of record shall be deemed to be the holder of such Shares for all purposes hereof, and neither the Trustees, any transfer or similar agent for the Trust nor any officer, employee or agent of the Trust shall be affected by any notice of the proposed transfer.

Any person entitled to any Shares as a consequence of the death, bankruptcy, or incompetence of any Shareholder, or otherwise by operation of law, shall be recorded on the applicable register of Shares as the holder of such Shares upon production of such evidence thereof as the Trust or its transfer or similar agent may require, but until such transfer is recorded, the Shareholder of record shall be deemed to be the holder of such Shares for all purposes hereof, and neither the Trustees, any transfer or similar agent nor any officer or agent of the Trust shall be affected by any notice of such death, bankruptcy or incompetence, or other operation of law. The Trustees may make such additional rules as they consider appropriate for the transfer of shares of each Series or Class of the Trust and any other similar matters.

Section 6. STATUS OF SHARES; LIMITATION OF SHAREHOLDER LIABILITY.

Shares shall be deemed to be personal property giving Shareholders only the rights provided in this Trust Instrument. Every Shareholder, by virtue of having acquired a Share, shall be held expressly to have assented to and agreed to be bound by the terms of this Trust Instrument and to have become a party hereto. The death, incapacity, dissolution, termination, or bankruptcy of a Shareholder during the existence of the Trust shall not operate to terminate the Trust, nor entitle the representative of any such Shareholder to an accounting or to take any action in court or elsewhere against the Trust or the Trustees, but entitles such representative only to the rights of such Shareholder under this Trust. Ownership of Shares shall not entitle the Shareholder to any title in or to the whole or any part of the Trust Property or right to call for a participation or division of the same or for an accounting, nor shall the ownership of Shares constitute the Shareholders as partners. No Shareholder shall be personally liable for the Liabilities incurred by, contracted for or otherwise existing with respect to the Trust or any Series or Class thereof. Neither the Trust nor the Trustees, nor any officer, employee, or agent of the Trust shall have any power to bind any Shareholder personally or to demand payment from any Shareholder for anything, other than as agreed by the Shareholder. Shareholders shall have the same limitation of personal liability as is extended to shareholders of a private corporation for profit incorporated in the State of Delaware. Any note, bond, contract or other written obligation of the Trust or any Series may contain a statement to the effect that such obligation may be enforced only against the assets of the Trust or Assets belonging to one or more Series; however, the omission of such statement shall not operate to bind, or create personal liability for, any Shareholder or Trustee.

#### ARTICLE V

#### DISTRIBUTIONS, REDEMPTIONS AND NET ASSET VALUE

Section 1. DISTRIBUTIONS.

The Trustees may declare and pay dividends and other distributions, including dividends on Shares of a particular Series and other distributions from the Assets belonging to that Series. The amount and payment of dividends or distributions and

------

their form, whether they are in cash, Shares or other Trust Property, shall be determined by the Trustees. Dividends and other distributions may be paid pursuant to a standing resolution adopted once or more often as the Trustees determine. All dividends and other distributions on Shares of a particular Series shall be distributed pro rata to the Shareholders of that Series in proportion to the number of Shares of that Series they held on the record date established for such payment, except that such dividends and distributions shall appropriately reflect expenses allocated to a particular Class of such Series. The Trustees may adopt and offer to Shareholders such dividend reinvestment plans, cash dividend payout plans or similar plans as the Trustees deem appropriate.

Section 2. REDEMPTIONS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Shareholder of a Series or Class thereof shall have the right, on any business day to require the Trust to redeem all or any part of the Shareholder's Shares of a Series or Class, upon and subject to the terms and conditions provided in this Article V, Section 2, in accordance with and pursuant to procedures or methods prescribed or approved by the Trustees; provided, however, if so determined by the Trustees, any Series or Class now or hereafter authorized shall be redeemable only in aggregations of such number of Shares ("Creation Units") and at such times as may be determined by or pursuant to procedures or methods prescribed or approved by the Trustees. The Trustees shall have the unrestricted power to determine from time to time the number of Shares constituting a Creation Unit for each Series or Class by written consent or by resolutions adopted at any regular or special meeting of the Trustees and may delegate such power to committees and officers as it deems appropriate. Each Shareholder of a Series or Class, upon request to the Trust in accordance with such procedures as may from time to time be in effect, accompanied by surrender of any certificated Shares in proper form, shall be entitled to require the Trust to redeem all or any number of such Shareholder's Shares standing in the name of such holder on the books of the Trust; provided, however, in the case of Shares of any Series or Class as to which the Trustees have determined that such Shares shall be redeemable only in Creation Units, in such Creation Units. The Trust shall, upon application of any Shareholder or pursuant to authorization from any Shareholder, redeem from such Shareholder his Outstanding Shares or Creation Units, as applicable, for an amount per share determined by the Trustees in accordance with any applicable laws and regulations; provided that (i) such amount per Share shall not exceed the cash equivalent of the proportionate interest of each Share in the assets of the Trust at the time of the redemption; and (ii) if so authorized by the Trustees, the Trust may, at any time and from time to time, charge fees for effecting such redemption at such rates as the Trustees may establish, as and to the extent permitted under the 1940 Act and any rules, regulations or exemptive relief thereunder. The procedures for effecting and suspending redemption shall be as set forth in the Trust's registration statement on Form N-1A. Payment may be in any form permitted by Article IV, Section 3, including in cash, securities or a combination thereof, as determined by or pursuant to the direction of the Trustees from time to time, less any applicable sales charges and/or fees. Notwithstanding the foregoing, the Trustees may postpone payment of the redemption price and may suspend the right of the Shareholders to require any Class or Series to redeem Shares during any period of time when and to the extent permissible under the 1940 Act or any exemptive relief therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Shareholders shall upon demand disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares as the Trustees deem necessary, including to comply with the provisions of the Internal Revenue Code of 1986, as amended ("Tax Code") (or successor statute thereto), and to comply with the requirements of any other taxing authority or other applicable laws or regulations.

Section 3. REDEMPTION BY TRUST.

The Trustees may cause the Trust to redeem the Shares of any Series or Class held by a Shareholder at the redemption price that would be applicable if such Shares were then being redeemed by the Shareholder pursuant to Article V, Section 2, upon such conditions as may from time to time be determined by the Trustees. Among other times, the Trustees may, but are under no obligation to, require any Shareholder or group of Shareholders (including some or all of the shareholders of any Series or Class) to redeem Shares for any reason as may be determined by the Trustees in their sole discretion, including when: (i) the direct or indirect ownership of Shares of the Trust or any Series has or may become concentrated in such Shareholder or group of Shareholders to an extent that would disqualify any Series or the Trust as a regulated investment company under Tax Code (or successor statute thereto); (ii) the failure to supply a tax identification number or other identifying information to facilitate the Trust or a Series or Class compliance with applicable law or regulation; (iii) if the Share activity of the account or ownership of Shares is deemed either to affect adversely the Trust or any Series or Class or not to be in the best interests of the remaining Shareholders of the Trust, any Series or Class; (iv) the failure of any Shareholder to pay when due the consideration, including sales charges and/or fees, for any purchase of Shares, including

------

any purchase of any Creation Unit of Shares; (vi) the failure of any Shareholder to tender Shares to the Trust or Series in connection with any redemption of Shares, including any redemption of a Creation Unit of Shares; or (v) if a Shareholder fails to meet or maintain any qualifications applicable to holding, purchasing or redeeming Shares of the Trust, any Series or Class. Upon redemption of Shares pursuant to this Article V, Section 3, the Trust shall promptly cause payment of the full redemption price to be made to such Shareholder for Shares so redeemed.

Section 4. PREVENTION OF PERSONAL HOLDING COMPANY STATUS.

The Trust may reject any purchase order, refuse to transfer any Shares, and postpone (to the extent permitted by the 1940 Act) or compel the redemption of Shares if, (a) at the time thereof the Shareholder affected owns Shares equal to or in excess of a maximum percentage of the Shares of such Series or Trust determined from time to time by the Trustees, or (b) in the Trustees' opinion, any such action would prevent the Trust from becoming a personal holding company as defined by the Tax Code.

Section 5. DETERMINATION OF NET ASSET VALUE PER SHARE.

The term "Net Asset Value per Share" of any Series or Class shall mean that amount by which the assets belonging to that Series or Class exceed its liabilities divided by the number of Outstanding Shares, all as determined by or under the direction of the Trustees. The Trustees shall make such determination with respect to securities for which market quotations are readily available, at the market value of such securities, and with respect to other securities and assets, at the fair value as determined in good faith by or under the direction of the Trustees; provided, however, that the Trustees, without Shareholder approval, may alter the method of appraising portfolio securities insofar as permitted under the 1940 Act and the rules, regulations and interpretations thereof promulgated or issued by the Commission or insofar as permitted by any order of the Commission applicable to the Series or to the Class. The Trustees may delegate the power and duty to determine the Net Asset Value per Share to one or more Trustees or officers of the Trust or to a manager, investment adviser, administrator, custodian, depository or other agent appointed for such purpose. The Net Asset Value per Share shall be determined separately for each Series and Class at times prescribed by the Trustees or, in the absence of action by the Trustees, as of the close of regular trading on the New York Stock Exchange on each day for all or part of which such exchange is open for regular trading. At any time the Trustees may cause the Net Asset Value per Share last determined to be determined again in a similar manner and may fix the time when such redetermined values shall become effective.

Section 6. SUSPENSION OF RIGHT OF REDEMPTION.

The Trustees may declare a suspension of the right of redemption or postpone the date of payment as permitted under the 1940 Act or any order of the Commission. Such suspension shall take effect at the time the Trustees shall specify, but not later than the close of business on the business day next following the declaration of suspension. Thereafter Shareholders shall have no right of redemption or payment until the Trustees declare the end of the suspension. If the right of redemption is suspended, a Shareholder may either withdraw his or her request for redemption or receive payment based on the Net Asset Value per Share next determined after the suspension terminates.

#### ARTICLE VI

#### SSHAREHOLDERS' VOTING POWERS AND MEETINGS

Section 1. VOTING POWERS.

The Shareholders shall have power to vote only with respect to (a) the election of Trustees as provided in Article II, Section 2, (b) the removal of Trustees as provided in Article II, Section 3(d), (c) any investment advisory or management contract as provided in Article VII, Section 1, (d) the amendment of this Trust Instrument to the extent and as provided in Article X, Section 6, and (e) such additional matters relating to the Trust to the extent required by law, this Trust Instrument or the By-laws or any registration of the Trust with the Commission or any state, or as the Trustees may consider desirable.

------

Notwithstanding any other provision of this Trust Instrument, on any matters submitted to a vote of the Shareholders, all Shares of the Trust then entitled to vote shall be voted in aggregate, except: (a) when required by the 1940 Act, Shares shall be voted by individual Series or Class; (b) when the matter involves any action that the Trustees have determined will affect only the interests of one or more Series, then only Shareholders of such Series shall be entitled to vote thereon; and (c) when the matter involves any action that the Trustees have determined will affect only the interests of one or more Classes, then only the Shareholders of such Class or Classes shall be entitled to vote thereon. A Shareholder of each Series or Class thereof shall be entitled to one vote for each dollar of net asset value (number of Shares owned times Net Asset Value per Share) of such Series or Class thereof on any matter on which such Shareholder is entitled to vote, and each fractional dollar amount shall be entitled to a proportionate fractional vote. There shall be no cumulative voting in the election of Trustees. Shares may be voted in person or by proxy or in any manner provided for in the By-laws, which may provide that proxies may be given in writing or by any electronic or telecommunications device or in any other manner described in the By-laws, or in a resolution of the Trustees. Until Shares of a Series are issued, as to that Series the Trustees may exercise all rights of Shareholders and may take any action required or permitted to be taken by Shareholders by law, this Trust Instrument or the By-laws.

Section 2. MEETINGS OF SHAREHOLDERS.

The Trust shall not be required to hold annual meetings, unless required by law. Special meetings of the Shareholders of any Series or Class may be called by the Secretary whenever ordered by the Trustees, the Chairman or the President and shall be called by the Secretary upon the written request of Shareholders owning at least twenty-five percent (25%) (or 10% to the extent required by Section 16(a) of the 1940 Act) of the Outstanding Votes of such Series or Class entitled to vote. Meetings of the Shareholders shall be called and notice thereof and record dates therefor shall be given and set as provided in the By-laws.

Section 3. QUORUM; REQUIRED VOTE.

Except when a larger quorum is required by law, this Trust Instrument or the By-laws, one-third of the Outstanding Votes of each Series or Class, or one-third of the Outstanding Votes of the Trust, as applicable, entitled to vote in person or by proxy shall be a quorum for the transaction of business at a Shareholders' meeting with respect to such Series or Class, or with respect to the entire Trust, respectively. Any lesser number shall be sufficient for adjournments. Any adjourned session of a Shareholders' meeting may be held within a reasonable time without further notice. Except when a larger vote is required by law, this Trust Instrument or the By-laws, a majority of the Outstanding Votes voted in person or by proxy shall decide any matters to be voted upon with respect to the entire Trust and a plurality of such Outstanding Votes shall elect a Trustee; provided, that if this Trust Instrument or applicable law permits or requires that Shares be voted on any matter by individual Series or Classes, then a majority of the Outstanding Votes of that Series or Class (or, if required by law, a Majority Shareholder Vote of that Series or Class) voted in person or by proxy on the matter shall decide that matter insofar as that Series or Class is concerned. Shareholders may act as to the Trust or any Series or Class by written consent as provided in the By-laws.

#### ARTICLE VII

#### CONTRACTS WITH SERVICE PROVIDERS

Section 1. INVESTMENT ADVISER.

Subject to a Majority Shareholder Vote when required by law, the Trustees may enter into one or more investment advisory contracts on behalf of the Trust or any Series, providing for investment advisory services, statistical and research facilities and services, and other facilities and services to be furnished to the Trust or Series on terms and conditions acceptable to the Trustees. Any such contract may provide for the investment adviser to effect purchases, sales or exchanges of portfolio securities or other Trust Property on behalf of the Trustees or may authorize any officer or agent of the Trust to effect such purchases, sales or exchanges pursuant to recommendations of the investment adviser. The Trustees may authorize the investment adviser to employ one or more sub-advisers or servicing agents.

------

Section 2. PRINCIPAL UNDERWRITER.

The Trustees may enter into contracts on behalf of the Trust or any Series or Class, providing for the distribution and sale of Shares by the other party, either directly or as sales agent, on terms and conditions acceptable to the Trustees. The Trustees may adopt a plan or plans of distribution with respect to Shares of any Series or Class and enter into any related agreements, whereby the Series or Class finances directly or indirectly any activity that is primarily intended to result in sales of its Shares, subject to applicable rules and regulations.

Section 3. CUSTODIAN.

The Trustees shall at all times place and maintain the securities and similar investments of the Trust and of each Series with a custodian meeting the requirements of Section 17(f) of the 1940 Act and the rules thereunder or as otherwise permitted by the Commission or its staff. The Trustees, on behalf of the Trust or any Series, may enter into an agreement with a custodian on terms and conditions acceptable to the Trustees, providing for the custodian, among other things, (a) to hold the securities owned by the Trust or any Series and deliver the same upon written order or oral order confirmed in writing, (b) to receive and give a receipt for money paid for any moneys due to the Trust or any Series and on behalf of the Trust or any Series, and deposit the same in its own banking department or elsewhere, (c) to disburse such funds upon orders or vouchers and (d) to employ one or more sub-custodians. Subject to such rules, regulations, and orders as the Commission may adopt, the Trustees may direct the custodian to deposit all or any part of the securities owned by the Trust or any Series in a system for the central handling of securities established by a national securities exchange or a national securities association registered with the Commission under the Securities Exchange Act of 1934, as amended, or such other person as may be permitted by the Commission , or otherwise in accordance with the 1940 Act or any order issued by the Commission.

Section 4. TRANSFER AGENCY, SHAREHOLDER SERVICES AND ADMINISTRATION AGREEMENTS.

The Trustees, on behalf of the Trust or any Series or Class, may enter into transfer agency and/or similar agreements, shareholder service agreements and administration agreements with any party or parties on terms and conditions acceptable to the Trustees.

Section 5. PARTIES TO CONTRACTS WITH SERVICE PROVIDERS.

The Trustees may enter into any contract referred to in this Article with any entity, although one or more of the Trustees or officers of the Trust may be an officer, director, trustee, partner, shareholder, or member of such entity, and no such contract shall be invalidated or rendered void or voidable because of such relationship. No person having such a relationship shall be disqualified from voting on or executing a contract in his or her capacity as Trustee and/or Shareholder, or be liable merely by reason of such relationship for any loss or expense to the Trust with respect to such a contract or accountable for any profit realized directly or indirectly therefrom; provided, that the contract was reasonable and fair and not inconsistent with this Trust Instrument or the By-laws.

------

#### ARTICLE VIII

#### EXPENSES OF THE TRUST, SERIES AND CLASSES

The Trustees are authorized to pay or cause to be paid out of the principal or income of the Trust or a particular Series or Class, or partly out of the principal and partly out of income, as they deem fair, all expenses, fees, charges, taxes and liabilities incurred or arising in connection with the Trust or a particular Series or Class, or in connection with the management thereof, including, but not limited to, the Trustees' compensation and such expenses and charges for the services of the Trust's officers, employees, investment adviser(s), principal underwriter, auditors, counsel, custodian, transfer agent, shareholder servicing agent, accounting services agent and such other agents or independent contractors and such other expenses and charges as the Trustees may deem necessary or proper to incur. For avoidance of doubt, notwithstanding any other provision herein, all expenses and disbursements described in this Article VIII and any other expense or disbursement of the Trust, a Series or Class, may be paid by a service provider to the Trust, Series or Class, including any investment adviser of the type described in Article VII, Section 1, pursuant to a contract or voluntarily, subject to compliance with applicable law.

#### ARTICLE IX

#### LIMITATION OF LIABILITY AND INDEMNIFICATION

Section 1. LIMITATION OF LIABILITY.

All persons contracting with or having any claim against the Trust or a particular Series shall look only to the assets of the Trust or Assets belonging to such Series, respectively, for payment under such contract or claim; and neither the Trustees nor any of the Trust's officers or employees, whether past, present or future, shall be personally liable therefor. Every written instrument or obligation on behalf of the Trust or any Series may contain a statement to the foregoing effect, but the absence of such statement shall not operate to make any Trustee or officer of the Trust liable thereunder. Provided they have exercised reasonable care and have acted under the reasonable belief that their actions are in the best interest of the Trust, the Trustees and officers of the Trust shall not be responsible or liable for any act or omission or for neglect or wrongdoing of them or any officer, agent, employee, investment adviser, principal underwriter or independent contractor of the Trust, but nothing contained in this Trust Instrument or in the Delaware Act shall protect any Trustee or officer of the Trust against liability to the Trust or to Shareholders to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

Section 2. INDEMNIFICATION.

<br> (a) Subject to the exceptions and limitations contained in subsection (b) below:

(i) every person who is, or has been, a Trustee or an officer or employee of the Trust ("Covered Person") shall be indemnified by the Trust or the appropriate Series to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him or her in connection with any claim, action, suit or proceeding in which he or she becomes involved as a party or otherwise by virtue of his or her being or having been a Covered Person and against amounts paid or incurred by him or her in the settlement thereof.<br>

------

(ii) as used herein, the words "claim," "action," "suit" or "proceeding" shall apply to all claims, actions, suits or proceedings (civil, criminal or other, including appeals), actual or threatened, and the words "liability" and "expenses" shall include, without limitation, attorney's fees, costs, judgments, amounts paid in settlement, fines, penalties and other liabilities.<br>

<br> (b) No indemnification shall be provided hereunder to a Covered Person:

(i) who shall have been adjudicated by a court or body before which the proceeding was brought (A) to be liable to the Trust or its Shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office or (B) not to have acted in good faith in the reasonable belief that his or her action was in the best interest of the Trust; or<br>

(ii) in the event of a settlement, if there has been a determination that such Covered Person engaged in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office: (A) by the court or other body approving the settlement; (B) by at least a majority of those Trustees who are neither Interested Persons of the Trust nor are parties to the matter based upon a review of readily available facts (as opposed to a full trial-type inquiry); or (C) by written opinion of independent legal counsel based upon a review of readily available facts (as opposed to a full trial-type inquiry).<br>

(c) The rights of indemnification herein provided may be insured against by policies maintained by the Trust, shall be severable, shall not be exclusive of or affect any other rights to which any Covered Person may now or hereafter be entitled and shall inure to the benefit of the heirs, executors and administrators of a Covered Person.<br>

(d) To the maximum extent permitted by applicable law, expenses in connection with the preparation and presentation of a defense to any claim, action, suit or proceeding of the character described in subsection (a) of this Section shall be paid by the Trust or applicable Series from time to time prior to final disposition thereof upon receipt of an undertaking by or on behalf of such Covered Person that such amount will be paid over by him or her to the Trust or applicable Series if it is ultimately determined that he or she is not entitled to indemnification under this Section; provided, however, that any such advancement will be made in accordance with any conditions required by the Commission.<br>

(e) Any repeal or modification of this Article IX by the Shareholders, or adoption or modification of any other provision of this Trust Instrument or the By-laws inconsistent with this Article, shall be prospective only, to the extent that such repeal or modification would, if applied retrospectively, adversely affect any limitation on the liability of any Covered Person or indemnification available to any Covered Person with respect to any act or omission which occurred prior to such repeal, modification or adoption.<br>

Section 3. INDEMNIFICATION OF SHAREHOLDERS.

If any Shareholder or former Shareholder of any Series is held personally liable solely by reason of his or her being or having been a Shareholder and not because of his or her acts or omissions or for some other reason, the Shareholder or former Shareholder (or his or her heirs, executors, administrators or other legal representatives or, in the case of any entity, its general successor) shall be entitled out of the Assets belonging to the applicable Series to be held harmless from and indemnified against all loss and expense arising from such liability. The Trust, on behalf of the affected Series, shall, upon request by such Shareholder or former Shareholder, assume the defense of any claim made against him or her for any act or obligation of the Series and satisfy any judgment thereon from the Assets belonging to the Series.

------

#### ARTICLE X

#### MISCELLANEOUS

Section 1. TRUST NOT A PARTNERSHIP.

This Trust Instrument creates a statutory trust pursuant to the Delaware Act and not a general partnership, limited partnership, joint stock association, corporation, bailment, or any form of legal relationship. No Trustee shall have any power to bind personally either the Trust's officers, other Trustees or any Shareholder. Nothing in this Trust Instrument shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.

Section 2. TRUSTEE ACTION; EXPERT ADVICE; NO BOND OR SURETY.

The exercise by the Trustees of their powers and discretion hereunder in good faith and with reasonable care under the circumstances then prevailing shall be binding upon everyone interested. Subject to the provisions of Article IX, the Trustees shall not be liable for errors of judgment or mistakes of fact or law. The Trustees may take advice of counsel or other experts with respect to the meaning and operation of this Trust Instrument, and subject to the provisions of Article IX, shall not be liable for any act or omission in accordance with such advice or for failing to follow such advice. The Trustees shall not be required to give any bond as such, nor any surety if a bond is obtained.

Section 3. TERMINATION OR REORGANIZATION OF THE TRUST OR SERIES.

(a) This Trust shall have perpetual existence. Notwithstanding anything else contained herein but subject to applicable federal and state law, the Trustees may, without any Shareholder vote or approval:<br>

(i) sell and convey all or substantially all of the assets of the Trust or Assets belonging to any affected Series to another Series or to another entity that is an open-end investment company as defined in the 1940 Act, or is a series thereof, for adequate consideration, which may include the assumption of all outstanding taxes and other Liabilities, accrued or contingent, of the Trust or any affected Series, and which may include shares of or interests in such Series, entity or series thereof;<br>

<br> (ii) at any time sell and convert into money all or substantially all of the assets of the Trust or Assets belonging to any affected Series;

(iii) cause the Trust to merge or consolidate with or into, or be reorganized as, another trust, or a corporation, partnership, limited liability company, association or other organization, organized under the laws of Delaware or any other jurisdiction or a segregated portfolio of assets ("series") of any of the foregoing (each, an "Entity"), if the surviving or resulting Entity is the Trust or another open-end management investment company, within the meaning of the 1940 Act, that will succeed to or assume the Trust's registration under the 1940 Act;<br>

------

(iv) cause any Series to merge or consolidate with or into, or be reorganized as, another existing Series of the Trust, or another Entity or series of another Entity in a transaction or series of transactions intended to qualify as a reorganization under Section 368(a)(1) of the Tax Code, or a successor provision;<br>

<br> (v) cause the Trust to incorporate under the laws of Delaware or any other jurisdiction; and/or

(vi) cause to be organized, or assist in organizing, an Entity to acquire all or part of the Trust Property or of the Assets belonging to a Series or to carry on any business in which the Trust directly or indirectly has any interest and to sell, convey and transfer all or part of the Trust Property or of the Assets belonging to a Series to any such Entity in exchange for shares or other equity securities thereof or otherwise and to lend money to, subscribe for the shares or other equity securities of and enter into any contracts with any such Entity.<br>

The Trustees shall provide written notice to affected Shareholders of any transaction described in this Section 3. The transactions described in this Section 3 may be effected through share-for-share exchanges, transfers or sale of assets, shareholder in-kind redemptions and purchases, exchange offers or any other method the Trustees approve.<br>(b) Upon making reasonable provision for the payment of all known Liabilities of the Trust or any affected Series, by such assumption or otherwise, the Trustees shall distribute the remaining proceeds or assets (as the case may be) ratably among the Shareholders of the Trust or any affected Series; however, the payment to any particular Class of such Series may be reduced by any fees, expenses or charges allocated to that Class. Upon completion of the distribution of the remaining proceeds or assets, the Trust or affected Series shall terminate and the Trustees and the Trust shall be discharged of any and all further liabilities and duties hereunder with respect thereto and the right, title and interest of all parties therein shall be canceled and discharged. Upon termination of the Trust, following completion of winding up of its business, the Trustees shall cause a certificate of cancellation of the Trust's certificate of trust to be filed in accordance with the Delaware Act, which certificate of cancellation may be signed by any one Trustee.<br>

(c) Any agreement of merger or consolidation or certificate of merger may be signed by a majority of Trustees, and facsimile signatures conveyed by electronic or telecommunication means shall be valid. Pursuant to and in accordance with the provisions of Section 3815(f) of the Delaware Act, an agreement of merger or consolidation approved by the Trustees in accordance with this Section 3 may effect any amendment to the Trust Instrument or effect the adoption of a new trust instrument of the Trust if it is the surviving or resulting trust in the merger or consolidation.<br>

Section 4. TRUST INSTRUMENT.

The original or a copy of this Trust Instrument and of each amendment and/or restatement hereto or Trust Instrument supplemental shall be kept at the office of the Trust where it may be inspected by any Shareholder. Anyone dealing with the Trust may rely on a certificate by a Trustee or an officer of the Trust as to the authenticity of the Trust Instrument or any such amendments, restatements or supplements and as to any matters in connection with the Trust. This Trust Instrument may be executed in any number of counterparts, each of which shall be deemed an original.

------

Section 5. APPLICABLE LAW.

This Trust Instrument and the Trust created hereunder are governed by and construed and administered according to the Delaware Act and the applicable laws of the State of Delaware; provided, however, that there shall not be applicable to the Trust, the Trustees or this Trust Instrument (a) the provisions of Section 3540 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Act) pertaining to trusts that relate to or regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets or (vii) the establishment of fiduciary or other standards of responsibilities or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Trust Instrument. The Trust shall be of the type commonly called a Delaware statutory trust, and, without limiting the provisions hereof, the Trust may exercise all powers that are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Section 6. AMENDMENTS.

The Trustees may, without any Shareholder vote, amend or otherwise supplement this Trust Instrument by making an amendment, a Trust Instrument supplemental hereto or an amended and restated trust instrument; provided, that Shareholders shall have the right to vote on any amendment (a) that would affect the voting rights of Shareholders granted in Article VI, Section 1, (b) to this Section 6, (c) required to be approved by Shareholders by law or by the Trust's registration statement(s) filed with the Commission or (d) that is submitted to them by the Trustees in their sole discretion. Any amendment requires the approval of a majority of the Trustees and 70% of the Disinterested Trustees present at a duly called meeting of Trustees (including a meeting by telephonic or other electronic means) at which a quorum is present or by written consent of a majority of Trustees and 70% of the Disinterested Trustees without a meeting. Any amendment submitted to Shareholders that the Trustees determine would affect the Shareholders of any Series shall be authorized by vote of the Shareholders of such Series, and no vote shall be required of Shareholders of Series not affected. Notwithstanding anything else herein, any amendment to Article IX that would have the effect of reducing the indemnification and other rights provided thereby to Covered Persons of the Trust or to Shareholders or former Shareholders, and any repeal or amendment of` this sentence, shall each require the affirmative vote of the holders of two-thirds of the Outstanding Votes of the Trust entitled to vote thereon.

Section 7. FISCAL YEAR.

The fiscal year of each Series of the Trust shall end on a specified date as set forth in the By-laws or by resolution. The Trustees may change the fiscal year of the Trust or any Series without Shareholder approval. Different Series may have different fiscal years.

Section 8. SEVERABILITY.

The provisions of this Trust Instrument are severable. If the Trustees determine, with the advice of counsel, that any provision hereof conflicts with the 1940 Act, the regulated investment company provisions of the Tax Code or other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this Trust Instrument; provided, however, that such determination shall not affect any of the remaining provisions of this Trust Instrument or render invalid or improper any action taken or omitted prior to such determination. If any provision hereof is held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision only in such jurisdiction and shall not affect any other provision of this Trust Instrument.

Section 9. INTERPRETATION.

As used herein, the singular includes the plural and vice versa. Headings herein are for convenience only and shall not affect the construction of this Trust Instrument.

------

<u>Schedule A</u>

Amana Income Fund Amana Growth Fund

Amana Developing World Fund

Amana Participation Fund

Amana Equity Income ETF

Amana Growth ETF

Amana Developing World ETF

------

This Amended and Restated Trust Instrument shall constitute an amended and restated Trust Instrument and, following execution by a majority of the Trustees, shall be effective on March 9, 2026. This amended and restated Trust Instrument may be executed in several parts.

IN WITNESS WHEREOF, the undersigned Trustees have executed this amended and restated Trust Instrument this 9th day of March, 2026.

---

| | | |
|:---|:---|:---|
| <u>Signature</u><br>| <u>Title</u> | <u>Date</u> |
| /s/ Jane K. Carten <br> Jane K. Carten<br>| President; Trustee<br>| March 9, 2026 |
| /s/ Firas J. Al-Barzinji <br> Firas J. Al-Barzinji<br>| Trustee | March 9, 2026 |
| /s/ Ronald H. Fielding <br> Ronald H. Fielding<br>| Trustee<br>| March 9, 2026 |
| /s/ Miles K. Davis <br> Miles K. Davis<br>| Trustee<br>| March 9, 2026 |
| /s/ Asma Y. Mirza <br> Asma Y. Mirza | Trustee<br>| March 9, 2026 |

---

## Ex-99.(B)(2)

**EXHIBIT (b)(2)**<br>

#### AMANA MUTUAL FUNDS TRUST

#### Amendment to

#### BYLAWS

At a meeting duly called and held on March 9, 2026, all of the Trustees of Amana Mutual Funds Trust (the "Trust"), acting pursuant to Article IX of the Trust's Bylaws approved amendments to the Bylaws revising the below sections to include "similar agents" in addition to "transfer agents" as follows:

#### ARTICLE II
<u>Section 2.03</u>. <u>Notice of Meetings</u>. The secretary or an assistant secretary shall call a meeting of Shareholders by order pursuant to Section 2.02 by giving written notice of the place, date and hour, and general nature of the business to be transacted at that meeting not less than ten (10) days before the date of the meeting, to each Shareholder entitled to vote at such meeting. Notice of any meeting of Shareholders shall be (i) given either by hand delivery, telephone, overnight courier, facsimile, telex, telecopier, electronic mail or other electronic means or by mail, postage prepaid, and (ii) addressed to the Shareholder at the address of that Shareholder appearing on the books of the Trust or its transfer or similar agent. Notice shall be deemed to have been given at the time when delivered personally, deposited in the mail or sent by telegram or other means of written communication or electronic submission. Notice of any Shareholders' meeting need not be given to any Shareholder who shall sign a written waiver of such notice whether before or after the time of such meeting, which waiver shall be filed with the record of such meeting, or to any Shareholder who shall attend such meeting in person or by proxy. Irregularity in the notice of any meetings to, or the non-receipt of notice by, any of the Shareholders shall not invalidate any action otherwise by or at any such meeting.

#### ARTICLE VII
<u>Section 7.03</u>. <u>Transfer of Shares</u>. The Trustees shall make such rules as they consider appropriate for the transfer of shares and similar matters. To the extent certificates are issued in accordance with Section 7.01 hereof, upon surrender to the Trust or the transfer or similar agent of the Trust of such certificate for shares duly endorsed or accompanied by proper evidence of succession, assignment or authority to transfer, it shall be the duty of the Trust to issue a new certificate to the person entitled thereto, cancel the old certificate and record the transaction upon its books.

#### ARTICLE VIII
<u>Section 8.01</u>. <u>Inspection of Records and Reports.</u>

The transfer or similar agent shall make, at least five days before any election of *a* Trustee by the Shareholders, a complete list of the Shareholders for each Fund of the Trust entitled by the Agreement to vote at such election, arranged in alphabetical order, with the address and number of Shares so entitled to vote held by each, which list shall be on file at the principal office of the Trust and subject to inspection by any Shareholder. Such list shall be produced and kept open at the time and place of election and subject to the inspection of any Shareholder during the holding of such election.

------

This Amendment shall constitute an amendment to the Trust Bylaws and, following execution by a majority of the Trustees, shall be effective on March 9, 2026. This amendment may be executed in several parts.

IN WITNESS WHEREOF, the undersigned Trustees have executed this amendment this 9th day of March, 2026.

---

| | | |
|:---|:---|:---|
| <u>Signature</u> | <u>Title</u> | <u>Date</u> |
| /s/ Jane K. Carten <br> Jane K. Carten<br>| President; Trustee<br>| March 9, 2026 |
| <u>/s/ Firas J. Al-Barzinji</u> <br> Firas J. Al-Barzinji<br>| Trustee | March 9, 2026 |
| <u>/s/ Ronald H. Fielding</u> <br> Ronald H. Fielding<br>| Trustee<br>| March 9, 2026 |
| /s/ Miles K. Davis <br> Miles K. Davis<br>| Trustee<br>| March 9, 2026 |
| /s/ Asma Y. Mirza <br> Asma Y. Mirza | Trustee<br>| March 9, 2026 |

---

## Ex-99.(D)(4)

**EXHIBIT (d)(4)**<br>

#### AMANA MUTUAL FUNDS TRUST

#### INVESTMENT ADVISORY AGREEMENT
This Agreement is made as of [ ], between AMANA MUTUAL FUNDS TRUST, a Delaware statutory trust ("<u>Trust</u>"), and SATURNA CAPITAL CORPORATION ("<u>Adviser</u>"), a Washington State corporation and a registered investment adviser under the Investment Advisers Act of 1940, as amended ("<u>Advisers Act</u>").

WHEREAS, the Trust is registered under the Investment Company Act of 1940, as amended ("<u>1940 Act</u>"), as an open-end management investment company; and

WHEREAS, the Trust is authorized to issue shares in separate series, with each such series representing interests in a separate portfolio of securities and other assets; and

WHEREAS, the Trust intends to offer shares of the series listed on Schedule A hereto (each a "<u>Fund</u>" and referred to in this Agreement as "the Fund"), and may issue shares in any other series as to which this Agreement may hereafter be made applicable, including by amending Schedule A hereto from time to time (included in the defined term Fund); and

WHEREAS, the Trust desires to retain Adviser as investment adviser, to furnish certain investment advisory and portfolio management services to the Trust with respect to the Fund, and Adviser is willing to furnish such services.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, it is agreed between the parties hereto as follows:

1. APPOINTMENT. The Trust hereby appoints Adviser as investment adviser of the Trust and the Fund for the period and on the terms set forth in this Agreement. Adviser accepts such appointment and agrees to render the services herein set forth, for the compensation herein provided.

2. REPRESENTATIONS AND DUTIES OF ADVISER.

(a) During the continuance of this Agreement, the Adviser shall supervise the investment management of the cash and securities of the Fund, and in that connection, to the extent reasonably required, shall furnish to the Fund advice and recommendations as to the securities to be purchased, held or sold and the portion of the assets to remain uninvested, all in accordance with the investment objectives, powers and restrictions imposed by law or other governing document or writing binding upon the Fund or the Trust. In making purchases and sales of securities and other investment assets for the Fund, the Adviser shall comply with the directions set from time to time by the Trust's Board of Trustees (each, a "<u>Trustee</u>," and collectively, the "<u>Board</u>"), as well as the limitations imposed by the Trust's Trust Instrument and Bylaws (collectively, as amended from time to time, "<u>Organizational Documents</u>") and the Fund's currently effective registration statement under the Securities Act of 1933, as amended ("<u>1933 Act</u>"), and the 1940 Act, and any amendments or supplements thereto ("<u>Registration Statement</u>"), the limitations in the 1940 Act, the 1933 Act, the Internal Revenue Code of 1986, as amended, and all other applicable laws and the rules promulgated by the Fund's listing exchange.

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

------

(c) Adviser agrees that, in placing orders with brokers, it will attempt to obtain the best net result in terms of price and execution; provided that, consistent with Section 28(e) of the Securities and Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), the Adviser may allocate brokerage on behalf of the Fund to broker-dealers who provide research, analysis, advice and similar services. Subject to compliance with Section 28(e), the Adviser may cause a Fund to pay to any broker-dealer who provides such services a commission that exceeds the commission the Fund might have paid to a different broker-dealer for the same transaction. The Adviser may, but is under no obligation to, aggregate sales and purchase orders of the assets of the Fund with similar orders being made simultaneously for other accounts advised by the Adviser or its affiliates. Whenever the Adviser simultaneously places orders to purchase or sell the same asset on behalf of a Fund and one or more other accounts advised by the Adviser, the orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable over time to each Fund and account. The Adviser shall not allocate any Fund's portfolio securities transactions to a broker or dealer in consideration of such broker or dealer's promotion or sales of shares of the Fund, any other series of the Trust, or any other registered investment company.

(d) Adviser will maintain records relating to portfolio transactions on behalf of the Fund and placing and allocation of brokerage orders as are required to be maintained by the Trust under the 1940 Act. The Adviser shall prepare and maintain, or cause to be prepared and maintained, in such form, for such periods and in such locations as may be required by applicable law, all documents and records relating to the services provided by the Adviser pursuant to this Agreement required to be prepared and maintained by the Adviser or the Trust pursuant to applicable law. To the extent required by law, the books and records pertaining to the Trust which are in possession of the Adviser shall be the property of the Trust. The Trust, or its representatives, shall have access to such books and records at all times during the Adviser's normal business hours. Upon the reasonable request of the Trust, copies of any such books and records shall be provided promptly by the Adviser to the Trust or its representatives.

(e) Adviser will oversee the computation of the net asset value and the net income of the Fund as described in the currently effective Registration Statement or as more frequently requested by the Board. In addition, Adviser will provide the Fund's custodian and fund accountant on each business day with such information relating to all transactions concerning the Fund's assets as the custodian and fund accountant may reasonably require to provide contracted for services to the Trust and Fund. Adviser will also assist in any fair valuation of Fund assets.

(e) An affiliate of the Adviser or a delegate pursuant to Section 6 hereof may act as broker or agent in connection with the purchase or sale of securities or other investments for the Fund, subject to: (i) the requirement that the Adviser or delegate, as applicable, seek to obtain best execution; and (ii) the provisions of the 1940 Act, the Advisers Act, and any other applicable federal securities laws or regulations. The Trust hereby authorizes Adviser and any delegate pursuant to Section 6 hereof and any entity or person associated with them that is a member of a national securities exchange to effect any transaction on such exchange for the account of any Fund, which transaction is permitted by Section 11(a) of the Exchange Act and/or the rules thereunder, and the Trust hereby consents to the retention of compensation by Adviser or any person or entity associated with them for such transaction.

(f) Adviser on its own initiative will furnish the Board with such information as the Adviser may believe appropriate for keeping the Board informed of important developments affecting the Trust, the Fund and the Adviser. The Adviser will notify the Trust of any actual or known anticipated change of control of the Adviser. In addition, whenever requested by the Board, Adviser will report to the Board on developments related to the Trust, any Fund or the Adviser.

(g) Adviser represents and warrants that: (i) it is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited

------

by the 1940 Act or the Advisers Act from performing the services contemplated by this Agreement; (iii) has met, and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any self-regulatory agency, necessary to be met in order to perform the services contemplated by this Agreement; (iv) will promptly notify the Trust of the occurrence of any event that would disqualify the Adviser from serving as an investment adviser of an investment company pursuant to Section 9 of the 1940 Act or otherwise; and (v) it has the rights to use "Saturna Capital Corporation," and any applicable variation thereof and has the right to permit the Trust to use such terms.

(h) The Adviser has adopted and implemented and will maintain in accordance with Rule 206(4)-7 under the Advisers Act, policies and procedures reasonably designed to (a) prevent violation by the Adviser and its supervised persons (as such term is defined by the Advisers Act) of the Advisers Act and the rules thereunder; and (b) to the extent that the Adviser's activities or services could affect the Fund(s), policies and procedures to prevent violation of the federal securities laws (as such term is defined in Rule 38a-1 under the 1940 Act) by the Fund and the Adviser.

3. SERVICES NOT EXCLUSIVE. The services furnished by Adviser hereunder are not to be deemed exclusive and Adviser shall be free to furnish similar services to others so long as its services under this Agreement are not impaired thereby or unless otherwise agreed to by the parties hereunder in writing. Nothing in this Agreement shall limit or restrict the right of any director, officer or employee of Adviser, who may also be a Trustee, officer or employee of the Trust, to engage in any other business or to devote his or her time and attention in part to the management or other aspects of any other business, whether of a similar nature or a dissimilar nature.

4. EXPENSES. During the term of this Agreement, except for (i) the compensation payable to the Adviser under this Agreement, (ii) payments under the Fund's 12b-1 plan, (iii) brokerage and similar portfolio management expenses, (iv) acquired fund fees and expenses, (v) liquidation or termination expenses, (vi) taxes, (including, but not limited to, income, excise, transaction, transfer and withholding taxes), (vii) any interest (including any borrowing costs and dividend interest expenses on securities sold short), (viii) any securities lending-related fees and expenses, and (ix) litigation expenses and other extraordinary expenses (including litigation to which the Trust or a Fund may be a party and indemnification of the Trustees and officers with respect thereto), the Adviser shall pay all of the expenses of the Fund, including but not limited to:

(a) <u>Salaries, Expenses and Fees of Certain Persons</u>. Adviser (or its affiliates) shall pay all salaries, expenses, and fees of the Trustees and officers of the Trust who are officers, directors/trustees, partners, or employees of Adviser or its affiliates;

(b) <u>Preparing, Printing and Mailing of Certain Documents</u>. The costs of preparing, setting in type, printing and mailing of prospectuses, prospectus supplements, SAIs, annual, semiannual and periodic reports, and notices and proxy solicitation materials (unless related to a Fund liquidation or termination) required to be furnished to shareholders of the Trust or regulatory authorities, and all tax returns;

(c) <u>Registration Fees and Expenses</u>. All legal and other fees and expenses incurred in connection with the affairs of the Fund, including those incurred with respect to registering its shares with regulatory authorities and all fees and expenses incurred in connection with the preparation, setting in type, printing, and filing with necessary regulatory authorities of any Registration Statement or prospectus, and any amendments or supplements thereto that may be made from time to time, including registration, filing and other fees in connection with requirements of regulatory authorities;

------

(d) <u>Custodian and Fund Accounting Services</u>. All expenses related to the transfer, receipt, safekeeping, servicing and accounting for the Fund's cash, securities, and other property, including all charges of depositories, custodians, and other agents, if any, excluding such fees and expenses as are offset by transaction fees paid on creation unit transactions in Fund shares;

(e) <u>Independent Accountant and Fund Counsel Fees and Expenses</u>. The fees and expenses of any independent public accountant and legal counsel for the Fund;

(f) <u>Transfer Agent</u>. The charges and expenses related to the transfer of Fund shares into shareholder accounts, including all charges of transfer, bookkeeping, index receipt and dividend disbursing agents appointed by the Fund;

(g) <u>Trade Association Fees</u>. Any membership fees, dues or expenses incurred in connection with the Trust's (but not the Trustees') membership in any trade association or similar organizations, as approved by the Trustees;

(h) <u>Bonding and Insurance</u>. All insurance premiums for fidelity and other coverage, as approved by the Board for the Fund and/or Trustees;

(i) <u>Shareholder and Board of Trustees Meetings</u>. All expenses incidental to holding shareholder and Board meetings for the Fund, including the printing of notices and (proxy) materials and proxy solicitation fees and expenses (unless related to a Fund liquidation or termination); and

(j) <u>Pricing</u>. All expenses of calculating the net asset value per share of the Fund, including the cost of any equipment or services to obtain price quotations.

The payment or assumption by Adviser of any expense of the Fund that Adviser is not required by this Agreement to pay or assume shall not obligate Adviser to pay or assume the same or any similar expense of the Trust on any subsequent occasion.

5. COMPENSATION.

(a) For the services provided by Adviser hereunder with respect to each Fund listed on Schedule A hereto, the Trust shall pay Adviser a fee in the amount set forth in Schedule A, so long as the Adviser has not waived all or a portion of such compensation. The Adviser's fees shall be accrued by the Fund daily and shall be payable monthly in arrears on the first business day of each calendar month for services performed hereunder during the prior calendar month. If fees begin to accrue in the middle of a month or if this Agreement terminates before the end of any month, all fees for the period from that date to the end of that month or from the beginning of that month to the date of termination, as the case may be, shall be pro rated according to the proportion that the period bears to the full month in which the effectiveness or termination occurs.

(b) Adviser may waive fees or reimburse expenses of a Fund to the extent necessary to maintain a Fund's expense ratio at an agreed-upon amount for a period of time specified in a separate letter of agreement. The Adviser's reimbursement of a Fund's expenses shall be estimated and paid to the Fund monthly in arrears, at the same time as the Fund's payment to the Adviser for such month as provided in Section 5(a). The Trust may withhold the payment of fees by a Fund under Section 5(a) to the extent the Adviser has any amount due and owing to the Fund under this Section 5(b).

6. DELEGATION. Subject to the prior approval of a majority of the Trustees, including a majority of the Board members who are not interested persons of the Trust within the meaning of the 1940 Act

------

("<u>Independent Board Members</u>"), in each case to the extent required by the 1940 Act, the Adviser may, through a sub-advisory agreement or other arrangement, delegate to any other person all or certain of the duties enumerated in Section 2 hereof, to the extent permitted by applicable law; provided, that Adviser shall continue to supervise and oversee the services provided by such person and any such delegation shall not relieve Adviser of any of its obligations hereunder.

7. STANDARD OF CARE; LIMITATIONS OF LIABILITY.

(a) Adviser will give the Trust the benefit of the Adviser's best judgment and efforts in rendering its services to the Trust. Adviser will not be liable for any error of judgment or mistake of law or for any loss suffered by any Fund, the Trust or any of its shareholders, in connection with the matters to which this Agreement relates, except to the extent that such a loss results from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement. Any person who is an officer, director, employee, or agent of Adviser, and an officer, Trustee, employee or agent of the Trust shall be deemed, when rendering services to any Fund other than pursuant to this Agreement, to be rendering such service as an agent of the Fund or Trust and not as an officer, director, employee, or agent of Adviser, even if paid by Adviser.

(b) Adviser is expressly put on notice of, and hereby acknowledges and agrees to, the limitation of shareholder liability as set forth in the Trust Instrument of the Trust and agrees that the obligations assumed by the Trust under this contract shall be limited in all cases to the applicable series of the Trust and its assets. Adviser shall not seek satisfaction of any such obligation from the shareholders or any shareholder of the Trust, nor shall Adviser seek satisfaction of any such obligation from the Trustees or any individual Trustee of the Trust. Adviser understands that the rights and obligations of each series of shares of the Trust under the Trust Instrument are separate and distinct from those of any and all other series.

(c) Neither party shall be responsible or liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control including, without limitation, acts of civil or military authority, national emergencies, labor difficulties (other than those related to the Adviser's employees), fire, mechanical breakdowns, flood or catastrophe, acts of God, insurrection, war, riots or failure of the mails, transportation, communication or power supply.

(d) Neither party to this Agreement shall be liable to the other party for consequential damages under any provision of this Agreement.

8. DURATION AND TERMINATION.

(a) This Agreement, unless sooner terminated as provided herein, shall become effective with respect to a Fund on the later of the date Schedule A is amended to reflect the Fund or the date upon which the shareholder(s) of the Fund approve this Agreement, and continue for two years after its initial effectiveness as to such Fund and thereafter for periods of one year for so long as such continuance is specifically approved, to the extent required by applicable law, at least annually (a) by the vote of a majority of the Independent Board Members, cast in person at a meeting called for the purpose of voting on such approval and (b) by the Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Fund; provided, however, that if the shareholders of any Fund fail to approve the Agreement as provided herein, the Adviser may continue to serve hereunder in the manner and to the extent permitted by the 1940 Act and rules thereunder. The foregoing requirement that continuance of this Agreement be "specifically approved at least annually" shall be construed in a manner consistent with the 1940 Act and the rules and regulations thereunder.

------

(b) Notwithstanding the foregoing, with respect to any Fund, this Agreement may be terminated at any time, without the payment of any penalty, (i) by vote of the Board, (ii) by a vote of a majority of the outstanding voting securities of such Fund or (iii) by the Adviser, on 60 days' written notice to the other party. The notice provided for herein may be waived by either party. Termination of this Agreement with respect to any given Fund shall in no way affect the continued validity of this Agreement or the performance thereunder with respect to any other Fund. This Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act and the rules, regulations and interpretations thereunder.

9. AMENDMENTS. No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought, and no amendment of this Agreement as to any given Fund shall be effective until approved by vote of a majority of such Fund's outstanding voting securities, if such approval is required by the 1940 Act or other applicable law. No amendment to this Agreement or the termination of this Agreement with respect to a Fund shall affect this Agreement as it pertains to any other Fund, nor shall any such amendment require the vote of the shareholders of any other Fund.

10. MISCELLANEOUS.

(a) <u>Headings</u>. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

(b) <u>Severability</u>. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

(c) <u>Successors</u>. Other than in the event of an assignment, this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors.

(d) <u>Entire Agreement</u>. This Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement between those parties with respect to the subject matter hereof, whether oral or written.

(e) <u>Counterparts</u>. This Agreement may be executed by the parties hereto on any number of counterparts, and all of the counterparts taken together shall be deemed to constitute one and the same instrument.

(f) <u>Notices</u>. Notices, requests, instructions and communications sent to the parties at their respective principal places of business, or at such other address as a party may have designated in writing, shall be deemed to have been properly given, provided such notice was provided by a reputable overnight courier, facsimile, or return receipt email.

(g) <u>Meaning of Terms</u>. As used in this Agreement, the terms "majority of the outstanding voting securities," "affiliated person," "interested person," "assignment," "broker," "investment adviser," "national securities exchange," "net assets," "prospectus," "sale," "sell" and "security" shall have the same meaning as such terms have in the 1940 Act, subject to such exemption as may be granted by the Securities and Exchange Commission by any rule, regulation or order. Where the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is relaxed by a rule, regulation or order of the Securities and Exchange Commission, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

------

(h) <u>Authorization</u>. Each of the undersigned warrants and represents that they have full power and authority to sign this Agreement on behalf of the party indicated and that their signature will bind the party indicated to the terms hereof and each party hereto warrants and represents that this Agreement, when executed and delivered, will constitute a legal, valid and binding obligation of the party, enforceable against the party in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties.

(j) <u>Third-Party Rights</u>. For the avoidance of doubt, shareholders of a Fund are not parties to, or intended (or "third-party") beneficiaries of, this Agreement. To the maximum extent permitted by law, this Agreement is not intended to create in any individual shareholder or group of shareholders of the Fund any right to enforce this Agreement or to seek any remedy under this Agreement, either directly or on behalf of the Trust or the Fund.

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their officers designated as of the day and year first above written.

---

| | |
|:---|:---|
| **AMANA MUTUAL FUNDS TRUST** | **SATURNA CAPITAL CORPORATION** |
| <u>____________________</u><br> Jane Carten<br> Date: <br>President | ____________________<br> Jane Carten <br> Date: <br>CEO and President |

---

------

#### SCHEDULE A

---

| | | |
|:---|:---|:---|
| **Fund** | **Fee Rate** | **Effective Date** |
| Amana Equity Income ETF | 0.76% | March 9, 2026 |
| Amana Growth ETF | 0.61% | March 9, 2026 |
| Amana Developing World ETF | 0.91% | March 9, 2026 |

---

## Ex-99.(D)(5)

**EXHIBIT (d)(5)**<br>

#### INVESTMENT SUB-ADVISORY AGREEMENT

This Investment Sub-Advisory Agreement (the "Agreement") is made as of this 24 day of April, 2026 by and among Saturna Capital Corporation, a Washington corporation with its principal place of business at 1300 N. State St., Bellingham, WA 98225 (the "Adviser"), Amana Mutual Funds Trust (the "Trust"), and Vident Advisory, LLC (doing business as Vident Asset Management), a Delaware limited liability company with its principal place of business located at 1125 Sanctuary Parkway, Suite 515, Alpharetta, Georgia 30009 (the "Sub-Adviser").

#### W I T N E S S E T H
WHEREAS, the Trust is an open-end management investment company, registered as such under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940 (the "Advisers Act"); and

WHEREAS, the Adviser has entered into an Investment Advisory Agreement dated March 9, 2026 with the Trust, on behalf of each Fund listed in <u>Schedule A to this Agreement (each a "Fund" and</u> <u>collectively, the "Funds")</u>; and

WHEREAS, the Sub-Adviser is registered as an investment adviser under the Investment Advisers Act of 1940 (the "Advisers Act") and is engaged in the business of supplying investment advice as an independent contractor; and

WHEREAS, the Investment Advisory Agreement contemplates that the Adviser may appoint a sub-adviser to perform some or all of the services for which the Adviser is responsible; and

WHEREAS, the Sub-Adviser is willing to furnish such services to the Adviser and each Fund listed in <u>Schedule A</u> to this Agreement (each a "Fund" and, collectively, the "Funds"), as such schedule may be amended from time to time upon mutual agreement of the parties.

#### A G R E E M E N T

NOW, THEREFORE, in consideration of the mutual covenants and benefits set forth herein, the parties do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. **Duties of the Sub-Adviser.** Subject to supervision and oversight of the Adviser and the Board of Trustees (the "Board"), and in accordance with the terms and conditions of the Agreement, the Sub-Adviser shall manage all of the securities and other assets of the Funds entrusted to it hereunder (the "Assets"), including the purchase, retention and disposition of the Assets, in accordance with the Funds' respective investment objectives, guidelines, policies and restrictions as stated in each Fund's prospectus and statement of additional

------

information, as currently in effect and as amended or supplemented from time to time (referred to collectively as the "Prospectus"), and subject to the following:

<br> (a) The Sub-Adviser shall, subject to subparagraph (b), determine from time to time what Assets will be purchased, retained or sold by the Funds, and what portion of the Assets will be invested or held uninvested in cash as is permissible.

(b) In the performance of its duties and obligations under this Agreement, the Sub-Adviser shall act in conformity with the Prospectus, the Statement of Additional Information, the written instructions and directions of the Adviser and of the Board, the terms and conditions of exemptive and no-action relief granted to the Trust as amended from time to time and provided to the Sub-Adviser and the Trust's policies and procedures provided to the Sub-Adviser and will conform to and comply with the requirements of the 1940 Act, the Advisers Act, the Commodity Exchange Act, the Internal Revenue Code of 1986, as amended (the "Code"), and all other applicable federal and state laws and regulations, as each is amended from time to time.<br>

(c) The Sub-Adviser shall determine the Assets to be purchased or sold by the Funds as provided in subparagraph (a) and will place orders with or through such persons, brokers or dealers to carry out the policy with respect to brokerage set forth in the Funds' Prospectus or as the Board or the Adviser may direct in writing from time to time, in conformity with all federal securities laws. In executing Fund transactions and selecting brokers or dealers, the Sub-Adviser will use its best efforts to seek on behalf of each Fund the best execution and overall terms available. In assessing the best overall terms available for any transaction, the Sub-Adviser shall consider all factors that it deems relevant, including the breadth of the market in the security, the price of the security, the financial condition and execution capability of the broker or dealer, and the reasonableness of the commission, if any, both for the specific transaction and on a continuing basis. In addition, the Sub-Adviser is authorized to allocate purchase and sale orders for securities to brokers or dealers (including brokers and dealers that are affiliated with the Adviser, Sub-Adviser or the Trust's principal underwriter) if the Sub-Adviser believes that the quality of the transaction and the commission are comparable to what they would be with other qualified firms. Notwithstanding the foregoing provisions, Sub-Adviser may allocate purchase and sale orders for securities to brokers or dealers recommended by the Adviser, provided that the Adviser, and not the Sub-Adviser, shall be responsible for best execution with respect to such purchase and sale orders. . In no instance, however, will the Assets be purchased from or sold to the Adviser, Sub-Adviser, the Trust's principal underwriter, or any affiliated person of the Trust, Adviser, the Sub-Adviser or the principal underwriter, acting as principal in the transaction, except to the extent permitted by the U.S. Securities and Exchange Commission ("SEC") and the 1940 Act.<br>

<br> (d) The Sub-Adviser shall maintain all books and records with respect to transactions involving the Assets required by subparagraphs (b)(1), (5), (6), (7),

------

(8), (9) and (10) and paragraph (f) of Rule 31a-1 under the 1940 Act. The Sub-Adviser shall keep the books and records relating to the Assets required to be maintained by the Sub-Adviser under this Agreement and shall timely furnish to the Adviser all information relating to the Sub-Adviser's services under this Agreement needed by the Adviser to keep the other books and records of the Fund required by Rule 31a-1 under the 1940 Act, as requested by the Adviser. The Sub-Adviser agrees that all records that it maintains on behalf of a Fund are property of the Fund and the Sub-Adviser will surrender promptly to the Fund any of such records upon the Fund's request; provided, however, that the Sub-Adviser may retain a copy of such records. In addition, for the duration of this Agreement, the Sub-Adviser shall preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any such records as are required to be maintained by it pursuant to this Agreement, and shall transfer said records to any successor sub-adviser upon the termination of this Agreement (or, if there is no successor sub-adviser, to the Adviser).<br>

(e) The Sub-Adviser shall provide the Fund's custodian on each business day with information relating to all transactions concerning the Assets and shall provide the Adviser with such information upon request of the Adviser and shall otherwise cooperate with and provide reasonable assistance to the Adviser, the Trust's administrator, the Trust's custodian and foreign custodians, the Trust's transfer agent and pricing agents and all other agents and representatives of the Trust.<br>

(f) The Adviser acknowledges that the Sub-Adviser performs investment advisory services for various other clients in addition to the Funds and, to the extent it is consistent with applicable law and the Sub-Adviser's fiduciary obligations, the Sub-Adviser may give advice and take action with respect to any of those other clients that may differ from the advice given or the timing or nature of action taken for a particular Fund.<br>

<br> (g) The Sub-Adviser shall promptly notify the Adviser of any financial condition that is reasonably and foreseeably likely to impair the Sub-Adviser's ability to fulfill its commitment under this Agreement.

(h) The Sub-Adviser shall not be responsible for reviewing proxy solicitation materials and voting and handling proxies. The Sub-Adviser will have no obligation to advise, initiate or take any other action on behalf of the Adviser, the Funds or the Assets in any legal proceedings (including, without limitation, class actions and bankruptcies) relating to the securities comprising the Assets or any other matter. Sub-Adviser will not file proofs of claims relating to the securities comprising the Assets or any other matter and will not notify the Adviser, the Funds or the Trust's custodian of class action settlements or bankruptcies relating to the Assets.<br>

(i) In performance of its duties and obligations under this Agreement, the Sub-Adviser shall not consult with any other sub-adviser to the Funds or a sub-adviser to a portfolio that is under common control with the Funds concerning the Assets, except as permitted by the policies and procedures of the Funds. The Sub-Adviser shall not provide investment advice to any assets of the Funds other than the Assets which it sub-advises.<br>

------

(j) On occasions when the Sub-Adviser deems the purchase or sale of a security to be in the best interest of the Funds as well as other clients of the Sub-Adviser, the Sub-Adviser may, to the extent permitted by applicable law and regulations, aggregate the order for securities to be sold or purchased. In such event, the Sub-Adviser will allocate securities so purchased or sold, as well as the expenses incurred in the transaction, in a manner the Sub-Adviser reasonably considers to be equitable and consistent with its fiduciary obligations to the Fund and to such other clients under the circumstances.<br>

(k) The Sub-Adviser shall maintain books and records with respect to the Funds' securities transactions and keep the Board and the Adviser fully informed on an ongoing basis as agreed by the Adviser and the Sub-Adviser of all material facts concerning the Sub-Adviser and its key investment personnel providing services with respect to the Funds and the investment and the reinvestment of the Assets of the Funds. The Sub-Adviser shall furnish to the Adviser or the Board such reasonably requested regular, periodic and special reports, balance sheets or financial information, and such other information with regard to its affairs as the Adviser or Board may reasonably request and the Sub-Adviser will attend meetings with the Adviser and/or the Trustees, as reasonably requested, to discuss the foregoing. Upon the request of the Adviser, the Sub-Adviser shall also furnish to the Adviser any other information relating to the Assets that is required to be filed by the Adviser or the Trust with the SEC or sent to shareholders under the 1940 Act (including the rules adopted thereunder) or any exemptive or other relief that the Adviser or the Trust obtains from the SEC.<br>

(l) The fair valuation of securities in a Fund may be required when the Adviser becomes aware of significant events that may affect the pricing of all or a portion of a Fund's portfolio. The Sub-Adviser will provide assistance in determining the fair value of the Assets, as necessary and reasonably requested by the Adviser or its agent, and use reasonable efforts to arrange for the provision of valuation information or a price(s) from a party(ies) independent of the Sub-Adviser if market prices are not readily available, it being understood that the Sub-Adviser will not be responsible for determining the value of any such security.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Duties of the Adviser.** The Adviser shall continue to have responsibility for all services
 to be provided to the Funds pursuant to the Advisory Agreement and shall oversee and review the Sub-Adviser's performance of its duties under this Agreement; provided, however, that in connection with its management of the Assets, nothing
 herein shall be construed to relieve the Sub-Adviser of responsibility for compliance with the Prospectus, the Statement of Additional Information, the written instructions and directions of the Board, the requirements of the 1940 Act, the
 Code, and all other applicable federal laws and regulations, as each is amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Delivery of Documents.** The Adviser has furnished the Sub-Adviser with copies of each of the
 following documents:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust's Amended and Restated Trust Instrument (such Amended and Restated Trust Instrument, as in effect on the date of this Agreement and as amended from time to time, herein called the "Trust Instrument");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amended and Restated By-Laws of the Trust (such By-Laws, as in effect on the date of this Agreement and as amended from time to time, are herein called the "By-Laws");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prospectus and Statement of Additional Information of the Funds, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Resolutions of the Board approving the engagement of the Sub-Adviser as a sub-adviser to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Resolutions, policies and procedures adopted by the Board with respect to the Assets to the extent such resolutions, policies and procedures may affect the duties of the Sub-Adviser hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A list of the Trust's principal underwriter and each affiliated person of the Adviser, the Trust or the principal underwriter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The terms and conditions of exemptive and no-action relief granted to the Trust, as amended from time to time.

The Adviser shall promptly furnish the Sub-Adviser from time to time with copies of all amendments of or supplements to the foregoing. Until so provided, the Sub-Adviser may continue to rely on those documents previously provided. The Adviser shall not, and shall not permit any of the Funds to use the Sub-Adviser's name or make representations regarding Sub-Adviser or its affiliates without prior written consent of Sub-Adviser, such consent not to be unreasonably withheld. Notwithstanding the foregoing, the Sub-Adviser's approval is not required when the information regarding the Sub-Adviser used by the Adviser or the Fund is limited to information disclosed in materials provided by the Sub-Adviser to the Adviser in writing specifically for use in the Fund's registration statement, as amended or supplemented from time to time, or in Fund shareholder reports or proxy statements and the information is used (a) as required by applicable law, rule or regulation, in the Prospectus of the Fund or in Fund shareholder reports or proxy statements; or (b) as may be otherwise specifically approved in writing by the Sub-Adviser prior to use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Compensation to the Sub-Adviser.** For the services to be provided by the Sub-Adviser
 pursuant to this Agreement, the Adviser will pay the Sub-Adviser, and the Sub-Adviser agrees to accept as full compensation therefore, a sub-advisory fee at the rate specified in <u>Schedule A</u> which is attached hereto and made part of
 this Agreement. The fee will be calculated based on the daily value of the Assets under the Sub-Adviser's management (as calculated as described in the Fund's registration statement), shall be computed daily, and will be paid to the
 Sub-Adviser not less than monthly in arrears. Except as may otherwise be prohibited by law or regulation (including any then current SEC staff interpretations), the Sub-Adviser may, in its sole discretion and from time to time, waive a
 portion of its fee.

------

In the event of termination of this Agreement, the fee provided in this Section shall be computed on the basis of the period ending on the last business day on which this Agreement is in effect provided, however that any minimum annual fee for any Fund (as noted on Schedule A) will not be prorated if this Agreement is terminated with respect to such Fund within twelve (12) months of its inception under this Agreement, but, rather, such minimum annual fee shall be paid by the Adviser in full (minus any investment management fees already paid during such period) at the time of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Expenses.** The Sub-Adviser will furnish, at its expense, all necessary facilities and personnel, including
 personnel compensation, expenses and fees required for the Sub-Adviser to perform its duties under this Agreement; administrative facilities, including operations and bookkeeping, and all equipment necessary for the efficient conduct of the
 Sub-Adviser's duties under this Agreement. The Sub-Adviser may enter into an agreement with the Funds to limit the operating expenses of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Indemnification.** The Sub-Adviser shall indemnify and hold harmless the Adviser, the Trust, all affiliated
 persons thereof (within the meaning of Section 2(a)(3) of the Investment Company Act) and all controlling persons (as described in Section 15 of the Securities Act of 1933, as amended) from and against any and all claims, losses,
 liabilities or damages (including reasonable attorney's fees and other related expenses) however arising from or in connection with the performance of the Sub-Adviser's obligations under this Agreement to the extent resulting from or
 relating to Sub-Adviser's material breach of this Agreement, violation of applicable law or regulation, own willful misfeasance, fraud, bad faith or gross negligence, or to the reckless disregard of its duties under this Agreement;provided,
 however, that the Sub-Adviser's obligation under this <u>Section 5</u> shall be reduced to the extent that the claim against, or the loss, liability or damage experienced by the Adviser, the Trust, all affiliated persons thereof and all
 controlling persons thereof, is due to the Adviser's own willful misfeasance, fraud, bad faith or gross negligence, or to the reckless disregard of its duties under this Agreement.

The Adviser shall indemnify and hold harmless the Sub-Adviser and all affiliated persons thereof (within the meaning of Section 2(a)(3) of the Investment Company Act) and all controlling persons (as described in Section 15 of the Securities Act of 1933, as amended) from and against any and all claims, losses, liabilities or damages (including reasonable attorney's fees and other related expenses) to the extent resulting from or relating to Adviser's material breach of this Agreement, violation of applicable law or regulation, own willful misfeasance, fraud, bad faith or gross negligence, or to the reckless disregard of its duties under this Agreement (including, without limitation, any claims of infringement or misappropriation of the intellectual property rights of a third party against the Sub-Adviser or any affiliated person relating to any index or index data provided to Sub-Adviser by the Adviser or Adviser's agent and used by the Sub-Adviser in connection with performing its duties under this Agreement); provided, however, that the Adviser's obligation under this <u>Section 6</u> shall be reduced to the extent that the claim against, or the loss, liability or damage experienced by the Sub-Adviser, is due to the Sub-Adviser's own willful misfeasance, fraud, bad faith or gross negligence, or to the reckless disregard of its duties under this Agreement.

------

Notwithstanding anything to the contrary contained herein and subject to a party's maintaining and following a reasonably prudent business continuity plan or similar program, no party to this Agreement shall be responsible or liable for its failure to perform under this Agreement or for any losses to the Assets resulting from any event beyond the reasonable control of such party or its agents, including, by way of example, nationalization, expropriation, devaluation, seizure or similar action by any governmental authority, de facto or de jure; or enactment, promulgation, imposition or enforcement by any such governmental authority of currency restrictions, exchange controls, levies or other charges affecting the Assets; or the breakdown, failure or malfunction of any utilities or telecommunications systems; or any order or regulation of any banking or securities industry including changes in market rules and market conditions affecting the execution or settlement of transactions; or acts or war, terrorism, insurrection or revolution; or acts of God, or any other similar event. In no event, shall any party be responsible for incidental, consequential or punitive damages hereunder.

The provisions of this Section shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Representations and Warranties of Sub-Adviser.** The Sub-Adviser represents and warrants to
 the Adviser and the Trust as follows:

<br> a. The Sub-Adviser is registered with the U.S. Securities and Exchange Commission as an investment adviser under the Advisers Act and will continue to be so registered so long as this Agreement remains in effect;

b. The Sub-Adviser will promptly notify the Adviser of the occurrence of any event that would substantially impair the Sub-Adviser's ability to fulfill its commitment under this Agreement or disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act. The Sub-Adviser will also promptly notify the Trust and the Adviser if it, a member of its executive management or portfolio manager for the Assets is served or otherwise receives notice of any action, suit, proceeding or investigation, at law or in equity, before or by any court, government agency, self-regulatory organization, public board or body, involving the affairs of the Funds or relating to the investment advisory services of the Sub-Adviser (other than any routine regulatory examinations);<br>

c. The Sub-Adviser will notify the Adviser promptly upon detection of (a) any material failure to manage the Fund(s) in accordance with the Fund(s)' stated investment objectives, guidelines and policies or any applicable law or regulation; or (b) any material breach of any of the Fund(s)' or the Sub-Adviser's policies, guidelines or procedures relating to the Funds.<br>

<br> d. The Sub-Adviser is fully authorized under all applicable law and regulation to enter into this Agreement and serve as Sub-Adviser to the Funds and to perform the services described under this Agreement;

<br> e. The Sub-Adviser is a limited liability company duly organized and validly existing under the laws of the state of Delaware with the power to own and possess its assets and carry on its business as it is now being conducted;

<br> f. The execution, delivery and performance by the Sub-Adviser of this Agreement are within the Sub-Adviser's powers and have been duly authorized by all

------

necessary action on the part of its corporate members or board, and no action by or in respect of, or filing with, any governmental body, agency or official is required on the part of the Sub-Adviser for the execution, delivery and performance by the Sub-Adviser of this Agreement, and the execution, delivery and performance by the Sub-Adviser of this Agreement do not contravene or constitute a default under (i) any provision of applicable law, rule or regulation, (ii) the Sub-Adviser's governing instruments, or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Sub-Adviser;

<br> g. This Agreement is a valid and binding agreement of the Sub-Adviser;

h. The Form ADV of the Sub-Adviser previously provided to the Adviser is a true and complete copy of the form filed with the SEC and the information contained therein is accurate, current and complete in all material respects as of its filing date, and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading;<br>

<br> i. The Sub-Adviser shall not divert any Fund's portfolio securities transactions to a broker or dealer in consideration of such broker or dealer's promotion or sales of shares of the Fund, any other series of the Trust, or any other registered investment company.

<br> j. The Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage as determined by the Sub-Adviser.

<br> k. The Sub-Adviser will provide information , as necessary and reasonably requested by the Adviser or its agent, with respect to any component of the liquidity risk management program adopted by the Fund(s) in accordance with SEC Rule 22e-4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Duration and Termination.** The effectiveness and termination dates of this Agreement shall
 be determined separately for each Fund as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Duration</u>. This Agreement shall become effective with respect to a Fund upon the latest of (i) the approval by a vote of a majority of those
 Trustees of the Trust who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval; (ii) the approval of a majority of the Fund's outstanding
 voting securities, if required by the 1940 Act; and (iii) the commencement of the Sub-Adviser's management of the Fund. With respect to the Fund, this Agreement shall continue in effect for a period of two years from the effective date
 described in this sub-paragraph, subject thereafter to being continued in force and effect from year to year if specifically approved each year by the Board or by the vote of a majority of the Fund's outstanding voting securities. In
 addition to the foregoing, each renewal of this Agreement must be approved by the vote of a majority of the Board who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the
 purpose of voting on such approval. Prior to voting on the renewal of this Agreement, the Board may request and evaluate, and the Sub-Adviser shall furnish, such information as may reasonably be necessary to enable the Board to evaluate the
 terms of this Agreement.

------

<br> a. <u>Termination</u>. Notwithstanding whatever may be provided herein to the contrary, this Agreement may be terminated at any time with respect to a Fund, without payment of any penalty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. By vote of a majority of the Board, or by vote of a majority of the outstanding voting securities of the Funds, or by the Adviser, in each case, upon sixty (60) days' written notice to the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. By the Adviser upon breach by the Sub-Adviser of any representation or warranty contained in Section 7 and Section 9 hereof, which shall not have been cured within twenty (20) days of the Sub-Adviser's receipt of written (including notice delivered electronically) notice of such breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. By the Adviser immediately upon written (including notice delivered electronically) notice to the Sub-Adviser if the Sub-Adviser becomes unable to discharge its duties and obligations under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. By the Sub-Adviser upon ninety (90) days' written (including notice delivered electronically) notice to the Adviser and the Board.

This Agreement shall terminate automatically and immediately in the event of its assignment, or in the event of a termination of the Advisory Agreement with the Trust upon notice to the Sub-Adviser. As used in this <u>Section 8</u>, the terms "assignment" and "vote of a majority of the outstanding voting securities" shall have the respective meanings set forth in the 1940 Act and the rules and regulations thereunder, subject to such exceptions as may be granted by the SEC under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Regulatory Compliance Program of the Sub-Adviser.** The Sub-Adviser hereby represents and
 warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. in accordance with Rule 206(4)-7 under the Advisers Act, the Sub-Adviser has adopted and implemented and will maintain written policies and procedures reasonably designed to prevent violation by the Sub-Adviser and its supervised persons (as such term is defined in the Advisers Act) of the Advisers Act and the rules the SEC has adopted under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the Sub-Adviser has adopted and implemented and will maintain written policies and procedures that are reasonably designed to prevent violation of the "federal securities laws" (as such term is defined in Rule 38a-1 under the 1940 Act) by the Funds and the Sub-Adviser (the policies and procedures referred to in this <u>Section 9(b)</u>, along with the policies and procedures referred to in <u>Section 9(a)</u>, are referred to herein as the Sub-Adviser's "Compliance Program").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Confidentiality**. Subject to the duty of the Adviser or Sub-Adviser to comply with applicable
 law and regulation, including any demand or request of any regulatory, governmental or tax authority having jurisdiction, the parties hereto shall treat as confidential all non-public information pertaining to the Funds and the actions of
 the Sub-Adviser and the Funds in respect thereof. It is understood that any information or recommendation supplied by the Sub-Adviser in connection with the performance of its obligations hereunder is to be regarded as confidential and for
 use only by the Adviser, the Funds, the Board, or such persons as the

------

Adviser may reasonably designate in connection with the Funds. It is also understood that any information supplied to the Sub-Adviser in connection with the performance of its obligations hereunder is to be regarded as confidential and for use only by the Sub-Adviser, its affiliates and agents in connection with its obligation to provide investment advice and other services to the Funds and to assist or enable the effective management of the Adviser's and the Funds' overall relationship with the Sub-Adviser and its affiliates. The parties acknowledge and agree that all nonpublic personal information with regard to shareholders in the Funds shall be deemed proprietary and confidential information of the Adviser, and that the Sub-Adviser shall use that information solely in the performance of its duties and obligations under this Agreement and shall take reasonable steps to safeguard the confidentiality of that information. Further, the Sub-Adviser shall maintain and enforce adequate security and oversight procedures with respect to all materials, records, documents and data relating to any of its responsibilities pursuant to this Agreement including all means for the effecting of investment transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Reporting of Compliance Matters.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Sub-Adviser shall promptly provide to the Trust's Chief Compliance Officer ("CCO") the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a report of any material violations of the Sub-Adviser's Compliance Program or any "material compliance matters" (as such term is defined in Rule 38a-1 under the 1940 Act) that have occurred with respect to the Sub-Adviser's Compliance Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on a quarterly basis, a report of any material changes to the policies and procedures that compose the Sub-Adviser's Compliance Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a copy of the summary of the Sub-Adviser's chief compliance officer's report (or similar document(s) which serve the same purpose) regarding his or her annual review of the Sub-Adviser's Compliance Program, as required by Rule 206(4)-7 under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an annual (or more frequently as the Trust's CCO may reasonably request) representation regarding the Sub-Adviser's compliance with <u>Section 7</u> and Section <u>9</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Sub-Adviser shall also provide the Trust's CCO with reasonable access, during normal business hours, to the Sub-Adviser's facilities for the purpose of conducting pre-arranged on-site compliance related due diligence meetings with personnel of the Sub-Adviser.

**12. The Name "**Saturna Capital Corporation**."** The Adviser grants to the Sub-Adviser a sub-license to use the name "Saturna Capital Corporation " (the "Name"). The foregoing authorization by the Adviser to the Sub-Adviser to use the Name is not exclusive of the right of the Adviser itself to use, or to authorize others to use, the Name; the Sub-Adviser acknowledges and agrees that, as between the Sub-Adviser and the Adviser, the Adviser has the right to use, or authorize others to use, the Name. The Sub-Adviser shall only use the Name in a manner consistent with uses approved by the Adviser. The Sub-Adviser hereby agrees to make all reasonable efforts to cause any affiliate or agent of the Sub-Adviser to satisfy the foregoing obligation in connection with any services such affiliates or agents provide to the Sub-Adviser or the Funds under this Agreement.

------

**13. Index Data.** The Adviser has obtained all licenses and permissions necessary for the Sub-Adviser to use any index data provided to it by the Adviser or Adviser's agent under this Agreement and the Sub-Adviser is not required to obtain any such licenses or permissions itself. <br>

**14. Governing Law.** This Agreement shall be governed by the laws of the State of Delaware, without regard to conflict of law principles; provided, however, that nothing herein shall be construed as being inconsistent with the 1940 Act.

**15. Severability.** Should any part of this Agreement be held invalid by a court decision, statute, regulation, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors.

**16. Notice.** Any notice, advice, document, report or other client communication to be given pursuant to this Agreement shall be deemed sufficient if delivered or mailed by registered, certified or overnight mail, postage prepaid or electronically addressed by the party giving notice to the other party at the last address furnished by the other party. By consenting to the electronic delivery of any notice, advice, document, report or other client communication in respect of this Agreement or as required pursuant to applicable law, the Adviser authorizes the Sub-Adviser to deliver all communications by email or other electronic means.

---

| | |
|:---|:---|
| To the Adviser at: | Saturna Capital Corporation<br> 1300 North State Street<br> Bellingham, Washington 98225-4730 <br> Attention: Chris Fankhauser<br> Email: crf@saturna.com  |
| To the Trust at: | Amana Mutual Funds Trust<br> 1300 North State Street<br> Bellingham, Washington 98225-4730 <br> Attention: Chris Fankhauser<br> Email: crf@saturna.com |
| To the Sub-Adviser at: | Vident Advisory, LLC 1125 Sanctuary Parkway, Suite 515<br> Alpharetta, Georgia, 30009 Attention:<br> Email: ____________<br>|

---

<br> **17. Non-Hire/Non-Solicitation.** The parties hereby agree that, during the term of this Agreement, neither party shall, for any reason, directly or indirectly, on its own behalf or on behalf of others, knowingly hire any person employed by the other party (a "Restricted Person"), whether or not such Restricted Person is a full-time employee or whether or not any Restricted Person's employment is pursuant to a written agreement or is at-will. The foregoing provision shall not apply to any Restricted Person who seeks employment in response to a general solicitation for<br>

------

candidates whether such solicitation is by a party or a third party on a party's behalf. The parties further agree that, to the extent that a party breaches the covenant described in this paragraph, the other party shall be entitled to pursue all appropriate remedies in law or equity.

**18. Amendment of Agreement.** This Agreement may be amended only by written agreement of the Adviser, the Sub-Adviser and the Trust, and only in accordance with the provisions of the 1940 Act and the rules and regulations promulgated thereunder.

**19. Representations and Warranties of the Adviser.**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each Fund is an "eligible contract participant" as defined in Section 1a(18) of the U.S. Commodity Exchange Act (the "CEA") and U.S. Commodity Futures Trading Commission ("CFTC") Rule 1.3(m) thereunder and a "qualified eligible person" as defined in Rule 4.7 of the CFTC. The Adviser consents to each Fund being treated as an exempt account under Rule 4.7 of the CFTC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Adviser is not registered with the National Futures Association as a commodity pool operator or commodity trading adviser because it does not engage in any activities requiring such registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The execution, delivery and performance by the Adviser and the Funds of this Agreement have been duly authorized by all necessary action on the part of the Adviser and the Board (including full authority to bind the Funds to the terms of this Agreement); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Adviser will promptly notify the Sub-Adviser if any of the above representations in this Section are no longer true and accurate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **Entire Agreement.** This Agreement embodies the entire agreement and understanding between the parties hereto,
 and supersedes all prior agreements and understandings relating to this Agreement's subject matter. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall,
 together, constitute only one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. **Interpretation.** Any question of interpretation of any term or provision of this Agreement having a counterpart
 in or otherwise derived from a term or provision of the 1940 Act will be resolved by reference to such term or provision of the 1940 Act and to interpretations thereof, if any, by the United States courts or, in the absence of any
 controlling decision of any such court, by rules, regulations or orders of the SEC validly issued pursuant to the 1940 Act. Specifically, the terms "vote of a majority of the outstanding voting securities," "interested persons,"
 "assignment," and "affiliated persons," as used herein will have the meanings assigned to them by Section 2(a) of the 1940 Act. In addition, where the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is
 relaxed by a rule, regulation or order of the SEC, whether of special or of general application, such provision will be deemed to incorporate the effect of such rule, regulation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. **Headings.** The headings in the sections of this Agreement are inserted for convenience of reference only and
 will not constitute a part hereof.

------

In the event the terms of this Agreement are applicable to more than one Fund of the Trust as specified in <u>Schedule A</u> attached hereto, the Adviser is entering into this Agreement with the Sub-Adviser on behalf of the respective Funds severally and not jointly, with the express intention that the provisions contained in each numbered paragraph hereof shall be understood as applying separately with respect to each Fund as if contained in separate agreements between the Adviser and Sub-Adviser for each such Fund. In the event that this Agreement is made applicable to any additional Funds by way of a Schedule executed subsequent to the date first indicated above, provisions of such Schedule shall be deemed to be incorporated into this Agreement as it relates to such Fund so that, for example, the execution date for purposes of <u>Section 8</u> of this Agreement with respect to such Fund shall be the execution date of the relevant Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. **Miscellaneous.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. A copy of the Certificate of Trust is on file with the Secretary of State of Delaware, and notice is hereby given that the obligations of this instrument are not binding upon any of the Trustees, officers or shareholders of the Fund or the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Where the effect of a requirement of the 1940 Act or Advisers Act reflected in any provision of this Agreement is altered by a rule, regulation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

**PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.**

[*Signature page follows*]

------

**IN WITNESS WHEREOF,** the parties hereto have caused this Agreement to be executed as of the day first set forth above.

---

| | |
|:---|:---|
| SATURNA CAPITAL CORPORATION | SATURNA CAPITAL CORPORATION |
| By: | /s/ Jane K. Carten |
| Name: | Jane K. Carten |
| Title: | CEO and President |
| VIDENT ADVISORY, LLC | VIDENT ADVISORY, LLC |
| By: | /s/ Amrita Nandakumar |
| Name: | Amrita Nandakumar |
| Title: | President |

---

------

#### SCHEDULE A

#### to the

#### INVESTMENT SUB-ADVISORY AGREEMENT

#### Dated April 24, 2026 by and among and

#### VIDENT ADVISORY, LLC

#### and

#### SATURNA CAPITAL CORPORATION.

The Adviser will pay to the Sub-Adviser as compensation for the Sub-Adviser's services rendered, a fee, computed daily at an annual rate based on the greater of (1) the minimum fee or (2) the average daily net assets of all Funds in accordance with the following fee schedule:

---

| | | |
|:---|:---|:---|
| **<u>Fund</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Minimum Fee</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Rate</u>** |
| Amana Equity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per Annum |
| Amana Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per Annum |
| Amana Developing World ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per Annum |

---

Average Daily Net Asset Fees Based on a Per Fund basis:

---

| | |
|:---|:---|
| Assets up to $250 million  | 0.04% |
| Assets between $250-500 million | 0.03% |
| Assets over $500 million | 0.02% |

---

If a Fund does not go effective pursuant to the Trust's registration statement on Form N-1A, it will be excluded from the provisions above.

The fee of the Sub-Adviser will accrue and be payable monthly in arrears. The Adviser will pay the Sub-Adviser the amount payable pursuant to any invoice not later than: (i) ten (10) days after the last day of the month during which the services for the payment of which the fee is payable were rendered; or (ii) ten (10) days after receipt by the Adviser of the Sub-Adviser's invoice with respect to that month. <br>

## Ex-99.(D)(6)

**EXHIBIT (d)(6)**<br>

#### INVESTMENT ADVISORY AGREEMENT

#### CAYMAN SUBSIDIARY

This Agreement is made as of [ ], 2026, between SATURNA CAPITAL CORPORATION ("<u>Adviser</u>"), a Washington State corporation and a registered investment adviser under the Investment Advisers Act of 1940, as amended ("<u>Advisers Act</u>") and each Special Purpose Vehicle (the "<u>SPV</u>") set forth in Schedule A to this Agreement, each organized under the laws of the Cayman Islands and each a wholly owned subsidiary of a series (the "<u>Fund</u>") of Amana Mutual Funds Trust (the "<u>Trust</u>"), a Delaware statutory trust and an open-end management investment company registered under the Investment Company Act of 1940, as amended ("<u>1940 Act</u>").

WHEREAS, the SPV desires to retain Adviser as investment adviser, to furnish certain investment advisory and portfolio management services to the SPV, and Adviser is willing to furnish such services.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, it is agreed between the parties hereto as follows:

1. APPOINTMENT. The SPV hereby appoints Adviser as investment adviser of the SPV for the period and on the terms set forth in this Agreement. The Adviser accepts such appointment and in recognition of the Adviser serving in the same capacity for the Fund and being compensated by the Fund for such role, agrees to render the services herein set forth at no additional compensation.

2. REPRESENTATIONS AND DUTIES OF ADVISER.

(a) During the continuance of this Agreement, the Adviser shall supervise the investment management of the cash and securities or other assets of the SPV, and in that connection, to the extent reasonably required, shall furnish to the SPV advice and recommendations as to the securities or other assets to be purchased, held or sold and the portion of the assets to remain uninvested, all in accordance with the investment objectives, powers and restrictions imposed by law or other governing document or writing binding upon SPV. In making purchases and sales of securities and other investment assets for the SPV, the Adviser shall comply with the directions set from time to time by the SPV's board of director(s) (the "<u>Sole Director(s)</u>") as well as the limitations imposed by the SPV's governing documents, as amended from time to time, and the investment objectives, policies and restrictions of the Fund, as stated in the Fund's currently effective registration statement under the Securities Act of 1933, as amended, and the 1940 Act, and any amendments or supplements thereto ("<u>Registration Statement</u>"), all applicable provisions of the 1940 Act, and all other applicable provisions of state or federal law.

(b) Adviser shall have authority to enter into an agreement with a religious consultant to provide consulting and advisory services regarding the application and interpretation of Islamic principles to the investments of the SPV in accordance with the investment objectives, powers and restrictions imposed by law or other governing document or writing upon the SPV.

------

(c) Adviser agrees that, in placing orders with brokers, it will attempt to obtain the best net result in terms of price and execution; provided that, consistent with Section 28(e) of the Securities and Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), the Adviser may allocate brokerage on behalf of the SPV to broker-dealers who provide research, analysis, advice and similar services. Subject to compliance with Section 28(e), the Adviser may cause the SPV to pay to any broker-dealer who provides such services a commission that exceeds the commission the SPV might have paid to a different broker-dealer for the same transaction. The Adviser may, but is under no obligation to, aggregate sales and purchase orders of the assets of the SPV with similar orders being made simultaneously for other accounts advised by the Adviser or its affiliates. Whenever the Adviser simultaneously places orders to purchase or sell the same asset on behalf of an SPV and one or more other accounts advised by the Adviser, the orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable over time to the SPV and account. The Adviser shall not allocate any SPV's portfolio securities transactions to a broker or dealer in consideration of such broker or dealer's promotion or sales of shares of the Fund, any other series of the Trust, or any other registered investment company.

(d) Adviser will maintain records relating to portfolio transactions on behalf of the SPV and placing and allocation of brokerage orders as are required to be maintained by the SPV under the applicable law or regulation. The Adviser shall prepare and maintain, or cause to be prepared and maintained, in such form, for such periods and in such locations as may be required by applicable law, all documents and records relating to the services provided by the Adviser pursuant to this Agreement required to be prepared and maintained by the Adviser or the Trust pursuant to applicable law. To the extent required by law, the books and records pertaining to the SPV which are in possession of the Adviser shall be the property of the SPV. The SPV, or its representatives, shall have access to such books and records at all times during the Adviser's normal business hours. Upon the reasonable request of the SPV, copies of any such books and records shall be provided promptly by the Adviser to the SPV or its representatives.

(e) Adviser will oversee the computation of the net asset value and the net income of the SPV as described in the currently effective Registration Statement or as more frequently requested by the Board. In addition, Adviser provide the SPV's custodian and fund accountant on each business day with such information relating to all transactions concerning the SPV's assets as the custodian and fund accountant may reasonably require to provide contracted for services to the SPV. Adviser will also assist in any fair valuation of SPV assets.

(f) An affiliate of the Adviser or a delegate pursuant to Section 6 hereof may act as broker or agent in connection with the purchase or sale of securities or other investments for the SPV, subject to: (i) the requirement that the Adviser or delegate, as applicable, seek to obtain best execution; and (ii) the provisions of the 1940 Act, the Advisers Act, and any other applicable federal securities laws or regulations. The SPV hereby authorizes Adviser and any delegate pursuant to Section 6 hereof and any entity or person associated with them that is a member of a national securities exchange to effect any transaction on such exchange for the account of the SPV, which transaction is permitted by Section 11(a) of the Exchange Act and/or the rules thereunder, and the SPV hereby consents to the retention of compensation by Adviser or any person or entity associated with them for such transaction.

------

(g) Adviser will furnish or cause to be furnished, at such times as may be reasonably requested by the Sole Director(s), such information, reports and certifications as they may reasonably request, including as appropriate for keeping the Sole Director(s) informed of important developments affecting the SPV and the Adviser.

(h) Adviser represents and warrants that: (i) it is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act or the Advisers Act from performing the services contemplated by this Agreement; (iii) has met, and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any self-regulatory agency, necessary to be met in order to perform the services contemplated by this Agreement; (iv) will promptly notify the Sole Director(s) of the occurrence of any event that would disqualify the Adviser from serving as an investment adviser of an investment company pursuant to Section 9 of the 1940 Act or otherwise; and (v) it has the rights to use "Saturna Capital Corporation," and any applicable variation thereof and has the right to permit the Trust to use such terms.

(i) The Adviser has adopted and implemented and will maintain in accordance with Rule 206(4)-7 under the Advisers Act, (a) policies and procedures reasonably designed to prevent violation by the Adviser and its supervised persons (as such term is defined by the Advisers Act) of the Advisers Act and the rules thereunder; and (b) to the extent that the Adviser's activities or services could affect the SPV(s), policies and procedures to prevent violation of the federal securities laws (as such term is defined in Rule 38a-1 under the 1940 Act) by the SPV, Fund and the Adviser.

3. SERVICES NOT EXCLUSIVE. The services furnished by Adviser hereunder are not to be deemed exclusive and Adviser shall be free to furnish similar services to others so long as its services under this Agreement are not impaired thereby or unless otherwise agreed to by the parties hereunder in writing. Nothing in this Agreement shall limit or restrict the right of any director, officer or employee of Adviser, who may also be a trustee, officer or employee of the Trust, to engage in any other business or to devote his or her time and attention in part to the management or other aspects of any other business, whether of a similar nature or a dissimilar nature.

4. EXPENSES. During the term of this Agreement, except for (i) payments under any 12b-1 plan adopted by the SPV, (ii) brokerage and similar portfolio management expenses, (iii) acquired fund fees and expenses, (iv) liquidation or termination expenses, (v) taxes, (including, but not limited to, income, excise, transaction, transfer and withholding taxes), (vi) any interest (including any borrowing costs and dividend interest expenses on securities sold short), (vii) any securities lending-related fees and expenses, and (viii) litigation expenses and other extraordinary expenses, the Adviser shall pay all of the expenses of the SPV, including but not limited to:

(a) <u>Salaries, Expenses and Fees of Certain Persons</u>. Adviser (or its affiliates) shall pay all salaries, expenses, and fees of the Sole Director(s) and officers of the SPV who are officers, directors/trustees, partners, or employees of Adviser or its affiliates;

------

(b) <u>Preparing, Printing and Mailing of Certain Documents</u>. The costs of preparing, setting in type, printing and mailing of any reports or notices to shareholders (unless related to a Fund liquidation or termination) or regulatory authorities, and all tax returns;

(c) <u>Registration Fees and Expenses</u>. All legal and other fees and expenses incurred in connection with the affairs of the SPV, including those incurred with respect to registering its shares with regulatory authorities and all fees and expenses incurred in connection with the preparation, setting in type, printing, and filing with necessary regulatory authorities of any reports or notices, including registration, filing and other fees in connection with requirements of regulatory authorities;

(d) <u>Custodian and Fund Accounting Services</u>. All expenses related to the transfer, receipt, safekeeping, servicing and accounting for the SPV's cash, securities, and other property, including all charges of depositories, custodians, and other agents, if any, excluding such fees and expenses as are offset by transaction fees paid on creation unit transactions in Fund shares;

(e) <u>Independent Accountant and Fund Counsel Fees and Expenses</u>. The fees and expenses of any independent public accountant and legal counsel for the SPV;

(f) <u>Transfer Agent</u>. The charges and expenses related to the transfer of SPV shares, including all charges of transfer, bookkeeping, index receipt and dividend disbursing agents appointed by the SPV;

(g) <u>Bonding and Insurance</u>. All insurance premiums for fidelity and other coverage, as approved by the Sole Director(s) for the SPV;

(h) <u>Shareholder and Sole Director(s) Meetings</u>. All expenses incidental to holding shareholder meetings and meetings of Sole Director(s) for the SPV, including the printing of any notices and (proxy) materials and proxy solicitation fees and expenses (unless related to a Fund liquidation or termination); and

(i) <u>Pricing</u>. All expenses of calculating the net asset value of the SPV, including the cost of any equipment or services to obtain price quotations.

The payment or assumption by Adviser of any expense of the SPV that Adviser is not required by this Agreement to pay or assume shall not obligate Adviser to pay or assume the same or any similar expense on any subsequent occasion.

5. COMPENSATION.

(a) The Adviser, in recognition of the value of the compensation paid to it for the services provided to the Fund, will receive no compensation from the SPV for services provided and the expense assumed pursuant to this Agreement.

6. DELEGATION. Subject to the approval of the Sole Director(s) of the SPV and the oversight of Adviser, Adviser may, at its expense, through a sub-advisory agreement or other arrangement, delegate to one or more investment advisers registered under the Advisers Act or other person all or certain of the duties enumerated in Section 2 hereof, to the extent permitted by

------

applicable law; provided, that Adviser shall continue to supervise and oversee the services provided by such person and any such delegation shall not relieve Adviser of any of its obligations hereunder.

7. STANDARD OF CARE; LIMITATIONS OF LIABILITY.

(a) Adviser will give the SPV the benefit of the Adviser's best judgment and efforts in rendering its services to the SPV. Adviser will not be liable for any error of judgment or mistake of law or for any loss suffered by any SPV or its shareholders in connection with the matters to which this Agreement relates, except to the extent that such a loss results from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement.

(b) Neither party shall be responsible or liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control including, without limitation, acts of civil or military authority, national emergencies, labor difficulties (other than those related to the Adviser's employees), fire, mechanical breakdowns, flood or catastrophe, acts of God, insurrection, war, riots or failure of the mails, transportation, communication or power supply.

(c) Neither party to this Agreement shall be liable to the other party for consequential damages under any provision of this Agreement.

8. DURATION AND TERMINATION.

(a) This Agreement, unless sooner terminated as provided herein, shall become effective with respect to the SPV on the later of the date Schedule A is amended to reflect the SPV or the date upon which the Sole Director(s) of the SPV and the trustees of the Trust approve or ratify this Agreement, and continue for two years after its initial effectiveness as to such SPV and thereafter for periods of one year for so long as such continuance is approved at least annually (a) by the vote of a majority of the trustees of the Trust who are not parties to this Agreement or interested persons of the Fund or Adviser, on behalf of the Fund as sole shareholder of the SPV, and (b) by the Sole Director(s) of the SPV.

(b) Notwithstanding the foregoing, with respect to any SPV, this Agreement may be terminated at any time, without the payment of any penalty, by either party by notice in writing given not less than sixty (60) days in advance of the date specified for termination, provided, that such action shall have been authorized (i) by resolution of the Sole Director(s) of the SPV, (ii) by resolution of the trustees of the Trust, including the vote or written consent of a majority of the trustees of the Trust who are not parties to this Agreement or interested persons of the Trust or the Adviser, or (iii) by a vote of a majority of the outstanding voting securities of the SPV. The notice provided for herein may be waived by either party. Termination of this Agreement with respect to any given SPV shall in no way affect the continued validity of this Agreement or the performance thereunder with respect to any other SPV. This Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act and the rules, regulations and interpretations thereunder.

------

9. AMENDMENTS. No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought, and no amendment of this Agreement as to any given SPV shall be effective until approved (i) by resolution of the Sole Director(s) of the SPV, (ii) by resolution of the trustees of the Trust, including the vote or written consent of a majority of the trustees of the Trust who are not parties to this Agreement or interested persons of the Trust or the Adviser, and (iii) by vote a majority of the outstanding voting securities of the SPV, if such approval is required by the 1940 Act or other applicable law. No amendment to this Agreement or the termination of this Agreement with respect to an SPV shall affect this Agreement as it pertains to any other SPV, nor shall any such amendment require the vote of the shareholders of any other SPV.

10. MISCELLANEOUS.

(a) <u>Headings</u>. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

(b) <u>Severability</u>. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

(c) <u>Successors</u>. Other than in the event of an assignment, this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors.

(d) <u>Entire Agreement</u>. This Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement between those parties with respect to the subject matter hereof, whether oral or written.

(e) <u>Counterparts</u>. This Agreement may be executed by the parties hereto on any number of counterparts, and all of the counterparts taken together shall be deemed to constitute one and the same instrument.

(f) <u>Notices</u>. Notices, requests, instructions and communications sent to the parties at their respective principal places of business, or at such other address as a party may have designated in writing, shall be deemed to have been properly given, provided such notice was provided by a reputable overnight courier, facsimile, or return receipt email.

(g) <u>Meaning of Terms</u>. As used in this Agreement, the terms "majority of the outstanding voting securities," "affiliated person," "interested person," "assignment," "broker," "investment adviser," "national securities exchange," "net assets," "prospectus," "sale," "sell" and "security" shall have the same meaning as such terms have in the 1940 Act, subject to such exemption as may be granted by the Securities and Exchange Commission by any rule, regulation or order. Where the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is relaxed by a rule, regulation or order of the Securities and Exchange Commission, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

------

(h) <u>Authorization</u>. Each of the undersigned warrants and represents that they have full power and authority to sign this Agreement on behalf of the party indicated and that their signature will bind the party indicated to the terms hereof and each party hereto warrants and represents that this Agreement, when executed and delivered, will constitute a legal, valid and binding obligation of the party, enforceable against the party in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties.

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their officers designated as of the day and year first above written.

------

---

| | |
|:---|:---|
| **AMANA EQUITY INCOME ETF SPV** | **SATURNA CAPITAL CORPORATION** |
| <u>_______________________________</u><br> By: Amana Mutual Funds Trust, on behalf of its series, Amana Equity Income ETF, in its capacity as sole managing member of Amana Equity Income ETF SPV<br> Jane Carten<br> Date<br> President | <u>_________________________________</u><br> Jane Carten <br> Date<br> CEO and President |

---

------

#### SCHEDULE A

---

| | | |
|:---|:---|:---|
| **SPV** | **A Wholly-Owned Subsidiary of:** | **Effective Date** |
| Amana Equity Income ETF SPV | Amana Equity Income ETF |  |

---

## Ex-99.(D)(7)

**EXHIBIT (d)(7)**<br>

#### INVESTMENT SUB-ADVISORY AGREEMENT

#### CAYMAN SUBSIDIARY

This Cayman Subsidiary Investment Sub-Advisory Agreement (the "Agreement") is made as of this [ ] day of [ ], 2026 by and among Saturna Capital Corporation, a Washington corporation with its principal place of business at 1300 N. State St., Bellingham, WA 98225 (the "Adviser"), Vident Advisory, LLC (doing business as Vident Asset Management), a Delaware limited liability company with its principal place of business located at 1125 Sanctuary Parkway, Suite 515, Alpharetta, Georgia 30009 (the "Sub-Adviser"), each Special Purpose Vehicle (the "SPV") set forth in Schedule A to this Agreement, organized under the laws of the Cayman Islands and a wholly owned subsidiary of a series (the "Fund") of Amana Mutual Funds Trust (the "Trust"), a Delaware statutory trust and open-end management investment company registered as such under the Investment Company Act of 1940, as amended (the "1940 Act").

W I T N E S S E T H

WHEREAS, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940 (the "Advisers Act"); and

WHEREAS, the Adviser has entered into an Investment Advisory Agreement dated ____________, 2026 with the SPV, on behalf of the Fund listed in <u>Schedule A to this Agreement (the "Fund")</u>; and

WHEREAS, the Sub-Adviser is registered as an investment adviser under the Investment Advisers Act of 1940 (the "Advisers Act") and is engaged in the business of supplying investment advice as an independent contractor; and

WHEREAS, the Investment Advisory Agreement contemplates that the Adviser may appoint a sub-adviser to perform some or all of the services for which the Adviser is responsible; and

WHEREAS, the Sub-Adviser is willing to furnish such services to the Adviser and the SPV listed in <u>Schedule A</u> to this Agreement, as such schedule may be amended from time to time upon mutual agreement of the parties.

#### A G R E E M E N T

NOW, THEREFORE, in consideration of the mutual covenants and benefits set forth herein, the parties do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Duties of the Sub-Adviser.** Subject to supervision and oversight of the Adviser and the SPV's board of
 director(s) (the "Sole Director(s)"), and in accordance with the terms and conditions of the Agreement, the Sub-Adviser shall manage all of the securities and other assets of the SPVs entrusted to it hereunder (the "Assets"), including the
 purchase, retention and disposition of the Assets, in accordance with the Funds' respective investment objectives, guidelines, policies and restrictions as stated in the Fund's

------

---

| | |
|:---|:---|
| ****<br>| prospectus and statement of additional information, as currently in effect and as amended or supplemented from time to time (referred to collectively as the "Prospectus"), and subject to the following: |

---

<br> (a) The Sub-Adviser shall, subject to subparagraph (b), determine from time to time what Assets will be purchased, retained or sold by the SPVs, and what portion of the Assets will be invested or held uninvested in cash as is permissible.

(b) In the performance of its duties and obligations under this Agreement, the Sub-Adviser shall act in conformity with the Prospectus, the Statement of Additional Information, the written instructions and directions of the Adviser and of the Sole Director(s), the terms and conditions of exemptive and no-action relief granted to the Trust as amended from time to time and provided to the Sub-Adviser and the SPV's policies and procedures provided to the Sub-Adviser and will conform to and comply with the requirements of the 1940 Act, the Advisers Act, the Commodity Exchange Act, the Internal Revenue Code of 1986, as amended (the "Code"), and all other applicable federal and state laws and regulations, as each is amended from time to time.<br>

(c) The Sub-Adviser shall determine the Assets to be purchased or sold by the SPVs as provided in subparagraph (a) and will place orders with or through such persons, brokers or dealers to carry out the policy with respect to brokerage set forth in the Funds' Prospectus or as the Sole Director(s) or the Adviser may direct in writing from time to time, in conformity with all federal securities laws. In executing SPV transactions and selecting brokers or dealers, the Sub-Adviser will use its best efforts to seek on behalf of the SPV the best execution and overall terms available. In assessing the best overall terms available for any transaction, the Sub-Adviser shall consider all factors that it deems relevant, including the breadth of the market in the security, the price of the security, the financial condition and execution capability of the broker or dealer, and the reasonableness of the commission, if any, both for the specific transaction and on a continuing basis. In addition, the Sub-Adviser is authorized to allocate purchase and sale orders for securities to brokers or dealers (including brokers and dealers that are affiliated with the Adviser, Sub-Adviser or the SPV's principal underwriter) if the Sub-Adviser believes that the quality of the transaction and the commission are comparable to what they would be with other qualified firms. Notwithstanding the foregoing provisions, Sub-Adviser may allocate purchase and sale orders for securities to brokers or dealers recommended by the Adviser, provided that the Adviser, and not the Sub-Adviser, shall be responsible for best execution with respect to such purchase and sale orders. In no instance, however, will the Assets be purchased from or sold to the Adviser, Sub-Adviser, the SPV's principal underwriter, or any affiliated person of the SPV, Adviser, the Sub-Adviser or the principal underwriter, acting as principal in the transaction, except to the extent permitted by the U.S. Securities and Exchange Commission ("SEC") and the 1940 Act.<br>

------

(d) The Sub-Adviser shall maintain all books and records with respect to transactions involving the Assets required under the applicable law or regulation. The Sub-Adviser shall keep the books and records relating to the Assets required to be maintained by the Sub-Adviser under this Agreement and shall timely furnish to the Adviser all information relating to the Sub-Adviser's services under this Agreement needed by the Adviser to keep the other books and records of the SPV required by Rule 31a-1 under the 1940 Act, as requested by the Adviser. The Sub-Adviser agrees that all records that it maintains on behalf of a SPV are property of the SPV and the Sub-Adviser will surrender promptly to the SPV any of such records upon the SPV's request; provided, however, that the Sub-Adviser may retain a copy of such records. In addition, for the duration of this Agreement, the Sub-Adviser shall preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any such records as are required to be maintained by it pursuant to this Agreement, and shall transfer said records to any successor sub-adviser upon the termination of this Agreement (or, if there is no successor sub-adviser, to the Adviser).<br>

(e) The Sub-Adviser shall provide the SPV's custodian on each business day with information relating to all transactions concerning the Assets and shall provide the Adviser with such information upon request of the Adviser and shall otherwise cooperate with and provide reasonable assistance to the Adviser, the SPV's administrator, the SPV's custodian and foreign custodians, the SPV's transfer agent and pricing agents and all other agents and representatives of the SPV.<br>

(f) The Adviser acknowledges that the Sub-Adviser performs investment advisory services for various other clients in addition to the SPVs and, to the extent it is consistent with applicable law and the Sub-Adviser's fiduciary obligations, the Sub-Adviser may give advice and take action with respect to any of those other clients that may differ from the advice given or the timing or nature of action taken for a particular SPV.<br>

<br> (g) The Sub-Adviser shall promptly notify the Adviser of any financial condition that is reasonably and foreseeably likely to impair the Sub-Adviser's ability to fulfill its commitment under this Agreement.

(h) The Sub-Adviser shall not be responsible for reviewing proxy solicitation materials and voting and handling proxies. The Sub-Adviser will have no obligation to advise, initiate or take any other action on behalf of the Adviser, the SPVs or the Assets in any legal proceedings (including, without limitation, class actions and bankruptcies) relating to the securities comprising the Assets or any other matter. Sub-Adviser will not file proofs of claims relating to the securities comprising the Assets or any other matter and will not notify the Adviser, the SPVs or the SPV's custodian of class action settlements or bankruptcies relating to the Assets.<br>

<br> (i) In performance of its duties and obligations under this Agreement, the Sub-Adviser shall not consult with any other sub-adviser to the SPVs or a sub-adviser to a portfolio that is under common control with the SPVs concerning the

------

<br> Assets, except as permitted by the policies and procedures of the SPVs. The Sub-Adviser shall not provide investment advice to any assets of the SPVs other than the Assets which it sub-advises.

(j) On occasions when the Sub-Adviser deems the purchase or sale of a security to be in the best interest of the SPVs as well as other clients of the Sub-Adviser, the Sub-Adviser may, to the extent permitted by applicable law and regulations, aggregate the order for securities to be sold or purchased. In such event, the Sub-Adviser will allocate securities so purchased or sold, as well as the expenses incurred in the transaction, in a manner the Sub-Adviser reasonably considers to be equitable and consistent with its fiduciary obligations to the SPV and to such other clients under the circumstances.<br>

(k) The Sub-Adviser shall maintain books and records with respect to the SPVs' securities transactions and keep the Sole Director(s) and the Adviser fully informed on an ongoing basis as agreed by the Adviser and the Sub-Adviser of all material facts concerning the Sub-Adviser and its key investment personnel providing services with respect to the SPVs and the investment and the reinvestment of the Assets of the SPVs. The Sub-Adviser shall furnish to the Adviser or cause to be furnished, at such times as may be reasonably requested by the Sole Director(s), such reasonably requested regular, periodic and special reports, balance sheets or financial information, and such other information with regard to its affairs as the Adviser or Sole Director(s) may reasonably request and the Sub-Adviser will attend meetings with the Adviser and/or the Sole Director(s), as reasonably requested, to discuss the foregoing. Upon the request of the Adviser, the Sub-Adviser shall also furnish to the Adviser any other information relating to the Assets that is required to be filed by the Adviser or the SPV with the SEC or sent to shareholders under the 1940 Act (including the rules adopted thereunder) or any exemptive or other relief that the Adviser or the SPV obtains from the SEC.<br>

(l) The fair valuation of securities in a SPV may be required when the Adviser becomes aware of significant events that may affect the pricing of all or a portion of a SPV's portfolio. The Sub-Adviser will provide assistance in determining the fair value of the Assets, as necessary and reasonably requested by the Adviser or its agent, and use reasonable efforts to arrange for the provision of valuation information or a price(s) from a party(ies) independent of the Sub-Adviser if market prices are not readily available, it being understood that the Sub-Adviser will not be responsible for determining the value of any such security.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Duties of the Adviser.** The Adviser shall continue to have responsibility for all services to be provided to
 the SPVs pursuant to the Advisory Agreement and shall oversee and review the Sub-Adviser's performance of its duties under this Agreement; provided, however, that in connection with its management of the Assets, nothing herein shall be
 construed to relieve the Sub-Adviser of responsibility for compliance with the Prospectus, the Statement of Additional Information, the written instructions and directions of the Sole Director(s), the
 requirements of the 1940 Act, the Code, and all other applicable federal laws and regulations, as each is amended from time to time.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Deliv ery of Documents.** The Adviser has furnished the Sub-Adviser with copies of each of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The SPV's governing documents, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prospectus and Statement of Additional Information of the Funds, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Resolutions of the Sole Director(s) approving the engagement of the Sub-Adviser as a sub-adviser to the SPVs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Resolutions, policies and procedures adopted by the Sole Director(s) with respect to the Assets to the extent such resolutions, policies and procedures may affect the duties of the Sub-Adviser hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A list of the SPV's principal underwriter and each affiliated person of the Adviser, the SPV or the principal underwriter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The terms and conditions of exemptive and no-action relief granted to the SPV, as amended from time to time.

The Adviser shall promptly furnish the Sub-Adviser from time to time with copies of all amendments of or supplements to the foregoing. Until so provided, the Sub-Adviser may continue to rely on those documents previously provided. The Adviser shall not, and shall not permit any of the SPVs to use the Sub-Adviser's name or make representations regarding Sub-Adviser or its affiliates without prior written consent of Sub-Adviser, such consent not to be unreasonably withheld. Notwithstanding the foregoing, the Sub-Adviser's approval is not required when the information regarding the Sub-Adviser used by the Adviser or the SPV is limited to information disclosed in materials provided by the Sub-Adviser to the Adviser in writing specifically for use in the Fund's registration statement, as amended or supplemented from time to time, or in Fund shareholder reports or proxy statements and the information is used (a) as required by applicable law, rule or regulation, in the Prospectus of the Fund or in Fund shareholder reports or proxy statements; or (b) as may be otherwise specifically approved in writing by the Sub-Adviser prior to use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Compensation to the Sub-Adviser.** The Sub-Adviser, in recognition of the value of the
 compensation paid to it for the services provided to the Fund, will receive no compensation from the SPV for services provided and the expense assumed pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Expenses.** The Sub-Adviser will furnish, at its expense, all necessary facilities and personnel,
 including personnel compensation, expenses and fees required for the Sub-Adviser to perform its duties under this Agreement; administrative facilities, including operations and bookkeeping, and all equipment necessary for the efficient
 conduct of the Sub-Adviser's duties under this Agreement. The Sub-Adviser may enter into an agreement with the SPVs to limit the operating expenses of the SPV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Indemnification.** The Sub-Adviser shall indemnify and hold harmless the Adviser, the SPV, all
 affiliated persons thereof (within the meaning of Section 2(a)(3) of the Investment Company Act) and all controlling persons (as described in Section 15 of the Securities Act of 1933, as amended) from and against any and all claims, losses,
 liabilities or damages

------

(including reasonable attorney's fees and other related expenses) however arising from or in connection with the performance of the Sub-Adviser's obligations under this Agreement to the extent resulting from or relating to Sub-Adviser's material breach of this Agreement, violation of applicable law or regulation, own willful misfeasance, fraud, bad faith or gross negligence, or to the reckless disregard of its duties under this Agreement; provided, however, that the Sub-Adviser's obligation under this <u>Section 6</u> shall be reduced to the extent that the claim against, or the loss, liability or damage experienced by the Adviser, the SPV, all affiliated persons thereof and all controlling persons thereof, is due to the Adviser's own willful misfeasance, fraud, bad faith or gross negligence, or to the reckless disregard of its duties under this Agreement.<br>

The Adviser shall indemnify and hold harmless the Sub-Adviser and all affiliated persons thereof (within the meaning of Section 2(a)(3) of the Investment Company Act) and all controlling persons (as described in Section 15 of the Securities Act of 1933, as amended) from and against any and all claims, losses, liabilities or damages (including reasonable attorney's fees and other related expenses) to the extent resulting from or relating to Adviser's material breach of this Agreement, violation of applicable law or regulation, own willful misfeasance, fraud, bad faith or gross negligence, or to the reckless disregard of its duties under this Agreement (including, without limitation, any claims of infringement or misappropriation of the intellectual property rights of a third party against the Sub-Adviser or any affiliated person relating to any index or index data provided to Sub-Adviser by the Adviser or Adviser's agent and used by the Sub-Adviser in connection with performing its duties under this Agreement); provided, however, that the Adviser's obligation under this <u>Section 6</u> shall be reduced to the extent that the claim against, or the loss, liability or damage experienced by the Sub-Adviser, is due to the Sub-Adviser's own willful misfeasance, fraud, bad faith or gross negligence, or to the reckless disregard of its duties under this Agreement.

Notwithstanding anything to the contrary contained herein and subject to a party's maintaining and following a reasonably prudent business continuity plan or similar program, no party to this Agreement shall be responsible or liable for its failure to perform under this Agreement or for any losses to the Assets resulting from any event beyond the reasonable control of such party or its agents, including, by way of example, nationalization, expropriation, devaluation, seizure or similar action by any governmental authority, de facto or de jure; or enactment, promulgation, imposition or enforcement by any such governmental authority of currency restrictions, exchange controls, levies or other charges affecting the Assets; or the breakdown, failure or malfunction of any utilities or telecommunications systems; or any order or regulation of any banking or securities industry including changes in market rules and market conditions affecting the execution or settlement of transactions; or acts or war, terrorism, insurrection or revolution; or acts of God, or any other similar event. In no event, shall any party be responsible for incidental, consequential or punitive damages hereunder.

The provisions of this Section shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;7. **Representations and Warranties of Sub-Adviser.** The Sub-Adviser represents and warrants to the
 Adviser and the SPV as follows:

------

<br> a. The Sub-Adviser is registered with the U.S. Securities and Exchange Commission as an investment adviser under the Advisers Act and will continue to be so registered so long as this Agreement remains in effect;

b. The Sub-Adviser will promptly notify the Adviser of the occurrence of any event that would substantially impair the Sub-Adviser's ability to fulfill its commitment under this Agreement or disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act. The Sub-Adviser will also promptly notify the SPV and the Adviser if it, a member of its executive management or portfolio manager for the Assets is served or otherwise receives notice of any action, suit, proceeding or investigation, at law or in equity, before or by any court, government agency, self-regulatory organization, public board or body, involving the affairs of the SPVs or relating to the investment advisory services of the Sub-Adviser (other than any routine regulatory examinations);<br>

c. The Sub-Adviser will notify the Adviser promptly upon detection of (a) any material failure to manage the SPV(s) in accordance with the SPV(s)' stated investment objectives, guidelines and policies or any applicable law or regulation; or (b) any material breach of any of the SPV(s)' or the Sub-Adviser's policies, guidelines or procedures relating to the SPVs.<br>

<br> d. The Sub-Adviser is fully authorized under all applicable law and regulation to enter into this Agreement and serve as Sub-Adviser to the SPVs and to perform the services described under this Agreement;

<br> e. The Sub-Adviser is a limited liability company duly organized and validly existing under the laws of the state of Delaware with the power to own and possess its assets and carry on its business as it is now being conducted;

f. The execution, delivery and performance by the Sub-Adviser of this Agreement are within the Sub-Adviser's powers and have been duly authorized by all necessary action on the part of its corporate members or board, and no action by or in respect of, or filing with, any governmental body, agency or official is required on the part of the Sub-Adviser for the execution, delivery and performance by the Sub-Adviser of this Agreement, and the execution, delivery and performance by the Sub-Adviser of this Agreement do not contravene or constitute a default under (i) any provision of applicable law, rule or regulation, (ii) the Sub-Adviser's governing instruments, or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Sub-Adviser;<br>

<br> g. This Agreement is a valid and binding agreement of the Sub-Adviser;

h. The Form ADV of the Sub-Adviser previously provided to the Adviser is a true and complete copy of the form filed with the SEC and the information contained therein is accurate, current and complete in all material respects as of its filing date, and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading;<br>

<br> i. The Sub-Adviser shall not divert any SPV's portfolio securities transactions to a broker or dealer in consideration of such broker or dealer's promotion

------

<br> or sales of shares of the Fund, any other series of the Trust, or any other registered investment company.

<br> j. The Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage as determined by the Sub-Adviser.

<br> k. The Sub-Adviser will provide information, as necessary and reasonably requested by the Adviser or its agent, with respect to any component of the liquidity risk management program adopted by the SPV(s) in accordance with SEC Rule 22e-4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Duration and Termination.** The effectiveness and termination dates of this Agreement shall be
 determined separately for the SPV as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Duration</u>. This Agreement shall become effective with respect to the SPV upon the latest of (i) the approval by a vote of a majority of those trustees of the Trust who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval; (ii) the approval of a majority of the SPV's outstanding voting securities, if required by the 1940 Act; and (iii) the commencement of the Sub-Adviser's management of the SPV. With respect to the SPV, this Agreement shall continue in effect for a period of two years from the effective date described in this sub-paragraph, subject thereafter to being continued in force and effect from year to year if specifically approved each year by the vote of a majority of the trustees of the Trust who are not parties to this Agreement or interested persons of the Fund or Sub-Adviser, on behalf of the Fund as sole shareholder of the SPV, and (ii) by the Sole Director(s) of the SPV. In addition to the foregoing, each renewal of this Agreement must be approved by the vote of a majority of the trustees of the Trust who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval. Prior to voting on the renewal of this Agreement, the Sole Director(s) may request and evaluate, and the Sub-Adviser shall furnish, such information as may reasonably be necessary to enable the Sole Director(s) to evaluate the terms of this Agreement.

<br> a. <u>Termination</u>. Notwithstanding whatever may be provided herein to the contrary, this Agreement may be terminated at any time with respect to the SPV, without payment of any penalty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. By any of the parties by notice in writing given not less than sixty (60) days in advance of the date specified for termination, provided, that such action shall have been authorized (i) by resolution of the Sole Director(s) of the SPV, (ii) by resolution of the trustees of the Trust, including the vote or written consent of a majority of the trustees of the Trust who are not parties to this Agreement or interested persons of the Trust or the Adviser, or (iii) by vote of a majority of the Sole Director(s), or by vote of a majority of the outstanding voting securities of the SPV, or by the Adviser, in each case, upon sixty (60) days' written notice to the Sub-Adviser;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. By the Adviser upon breach by the Sub-Adviser of any representation or warranty contained in Section 7 and Section 9 hereof, which shall not have been cured within twenty (20) days of the Sub-Adviser's receipt of written (including notice delivered electronically) notice of such breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. By the Adviser immediately upon written (including notice delivered electronically) notice to the Sub-Adviser if the Sub-Adviser becomes unable to discharge its duties and obligations under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. By the Sub-Adviser upon ninety (90) days' written (including notice delivered electronically) notice to the Adviser and the Sole Director(s).

This Agreement shall terminate automatically and immediately in the event of its assignment, or in the event of a termination of the Advisory Agreement with the SPV upon notice to the Sub-Adviser. As used in this <u>Section 8</u>, the terms "assignment" and "vote of a majority of the outstanding voting securities" shall have the respective meanings set forth in the 1940 Act and the rules and regulations thereunder, subject to such exceptions as may be granted by the SEC under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Regulatory Compliance Program of the Sub-Adviser.** The Sub-Adviser hereby represents and
 warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. in accordance with Rule 206(4)-7 under the Advisers Act, the Sub-Adviser has adopted and implemented and will maintain written policies and procedures reasonably designed to prevent violation by the Sub-Adviser and its supervised persons (as such term is defined in the Advisers Act) of the Advisers Act and the rules the SEC has adopted under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the Sub-Adviser has adopted and implemented and will maintain written policies and procedures that are reasonably designed to prevent violation of the "federal securities laws" (as such term is defined in Rule 38a-1 under the 1940 Act) by the SPV, Funds and the Sub-Adviser (the policies and procedures referred to in this <u>Section 9(b)</u>, along with the policies and procedures referred to in <u>Section 9(a)</u>, are referred to herein as the Sub-Adviser's "Compliance Program").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Confidentiality**. Subject to the duty of the Adviser or Sub-Adviser to comply with applicable
 law and regulation, including any demand or request of any regulatory, governmental or tax authority having jurisdiction, the parties hereto shall treat as confidential all non-public information pertaining to the SPVs and the actions of
 the Sub-Adviser and the SPVs in respect thereof. It is understood that any information or recommendation supplied by the Sub-Adviser in connection with the performance of its obligations hereunder is to be regarded as confidential and for
 use only by the Adviser, the SPVs, the Sole Director(s), or such persons as the Adviser may reasonably designate in connection with the SPVs. It is also understood that any information supplied to the Sub-Adviser in connection with the
 performance of its obligations hereunder is to be regarded as confidential and for use only by the Sub-Adviser, its affiliates and agents in connection with its obligation to provide investment advice and other services to the SPVs and to
 assist or enable the effective management of the Adviser's and the

------

---

| | |
|:---|:---|
| ****<br>| SPVs' overall relationship with the Sub-Adviser and its affiliates. The parties acknowledge and agree that all nonpublic personal information with regard to shareholders in the SPVs shall be deemed proprietary and confidential information of the Adviser, and that the Sub-Adviser shall use that information solely in the performance of its duties and obligations under this Agreement and shall take reasonable steps to safeguard the confidentiality of that information. Further, the Sub-Adviser shall maintain and enforce adequate security and oversight procedures with respect to all materials, records, documents and data relating to any of its responsibilities pursuant to this Agreement including all means for the effecting of investment transactions. |

---

11. **Reporting of Compliance Matters.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Sub-Adviser shall promptly provide to the Trust's Chief Compliance Officer ("CCO") the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a report of any material violations of the Sub-Adviser's Compliance Program or any "material compliance matters" (as such term is defined in Rule 38a-1 under the 1940 Act) that have occurred with respect to the Sub-Adviser's Compliance Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on a quarterly basis, a report of any material changes to the policies and procedures that compose the Sub-Adviser's Compliance Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a copy of the summary of the Sub-Adviser's chief compliance officer's report (or similar document(s) which serve the same purpose) regarding his or her annual review of the Sub-Adviser's Compliance Program, as required by Rule 206(4)-7 under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) an annual (or more frequently as the Trust's CCO may reasonably request) representation regarding the Sub-Adviser's compliance with <u>Section 7</u> and Section <u>9</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Sub-Adviser shall also provide the Trust's CCO with reasonable access, during normal business hours, to the Sub-Adviser's facilities for the purpose of conducting pre-arranged on-site compliance related due diligence meetings with personnel of the Sub-Adviser.

**12.** **The Name "Saturna Capital Corporation."** The Adviser grants to the Sub-Adviser a sub-license to use the name "Saturna Capital Corporation" (the "Name"). The foregoing authorization by the Adviser to the Sub-Adviser to use the Name is not exclusive of the right of the Adviser itself to use, or to authorize others to use, the Name; the Sub-Adviser acknowledges and agrees that, as between the Sub-Adviser and the Adviser, the Adviser has the right to use, or authorize others to use, the Name. The Sub-Adviser shall only use the Name in a manner consistent with uses approved by the Adviser. The Sub-Adviser hereby agrees to make all reasonable efforts to cause any affiliate or agent of the Sub-Adviser to satisfy the foregoing obligation in connection with any services such affiliates or agents provide to the Sub-Adviser or the SPVs under this Agreement.

------

**13.** **Index Data.** The Adviser has obtained all licenses and permissions necessary for the Sub-Adviser to use any index data provided to it by the Adviser or Adviser's agent under this Agreement and the Sub-Adviser is not required to obtain any such licenses or permissions itself.

**14.** **Governing Law.** This Agreement shall be governed by the laws of the State of Delaware, without regard to conflict of law principles; provided, however, that nothing herein shall be construed as being inconsistent with the 1940 Act.

**15.** **Severability.** Should any part of this Agreement be held invalid by a court decision, statute, regulation, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors.

**16.** **Notice.** Any notice, advice, document, report or other client communication to be given pursuant to this Agreement shall be deemed sufficient if delivered or mailed by registered, certified or overnight mail, postage prepaid or electronically addressed by the party giving notice to the other party at the last address furnished by the other party. By consenting to the electronic delivery of any notice, advice, document, report or other client communication in respect of this Agreement or as required pursuant to applicable law, the Adviser authorizes the Sub-Adviser to deliver all communications by email or other electronic means.

To the Adviser at: Saturna Capital Corporation 1300 North State Street Bellingham, Washington 98225-4730 Attention: Email: ________ <br> To the Sub-Adviser at: Vident Advisory, LLC 1125 Sanctuary Parkway, Suite 515 Alpharetta, Georgia, 30009 Attention: Email: ________ <br> To the SPV at: [ ]

**17.** **Non-Hire/Non-Solicitation.** The parties hereby agree that, during the term of this Agreement, neither party shall, for any reason, directly or indirectly, on its own behalf or on behalf of others, knowingly hire any person employed by the other party (a "Restricted Person"), whether or not such Restricted Person is a full-time employee or whether or not any Restricted Person's employment is pursuant to a written agreement or is at-will. The foregoing provision shall not apply to any Restricted Person who seeks employment in response to a general solicitation for candidates whether such solicitation is by a party or a third party on a party's behalf. The parties further agree that, to the extent that a party breaches the covenant described in this paragraph, the other party shall be entitled to pursue all appropriate remedies in law or equity.

------

**18.** **Amendment of Agreement.** This Agreement may be amended only by written agreement of the Adviser, the Sub-Adviser and the SPV, and only in accordance with the provisions of the 1940 Act and the rules and regulations promulgated thereunder.

**19. Representations and Warranties of the Adviser.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Adviser is not registered with the National Futures Association as a commodity pool operator or commodity trading adviser because it does not engage in any activities requiring such registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The execution, delivery and performance by the Adviser and the SPVs of this Agreement have been duly authorized by all necessary action on the part of the Adviser and the Sole Director(s) (including full authority to bind the SPVs to the terms of this Agreement); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Adviser will promptly notify the Sub-Adviser if any of the above representations in this Section are no longer true and accurate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **Entire Agreement.** This Agreement embodies the entire agreement and understanding between the
 parties hereto, and supersedes all prior agreements and understandings relating to this Agreement's subject matter. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such
 counterparts shall, together, constitute only one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. **Interpretation.** Any question of interpretation of any term or provision of this Agreement
 having a counterpart in or otherwise derived from a term or provision of the 1940 Act will be resolved by reference to such term or provision of the 1940 Act and to interpretations thereof, if any, by the United States courts or, in the
 absence of any controlling decision of any such court, by rules, regulations or orders of the SEC validly issued pursuant to the 1940 Act. Specifically, the terms "vote of a majority of the outstanding voting securities," "interested
 persons," "assignment," and "affiliated persons," as used herein will have the meanings assigned to them by Section 2(a) of the 1940 Act. In addition, where the effect of a requirement of the 1940 Act reflected in any provision of this
 Agreement is relaxed by a rule, regulation or order of the SEC, whether of special or of general application, such provision will be deemed to incorporate the effect of such rule, regulation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. **Headings.** The headings in the sections of this Agreement are inserted for convenience of reference only and
 will not constitute a part hereof.

In the event the terms of this Agreement are applicable to more than one SPV as specified in <u>Schedule A</u> attached hereto, the Adviser is entering into this Agreement with the Sub-Adviser on behalf of the respective SPVs severally and not jointly, with the express intention that the provisions contained in each numbered paragraph hereof shall be understood as applying separately with respect to the SPV as if contained in separate agreements between the Adviser and Sub-Adviser for the such SPV. In the event that this Agreement is made applicable to any additional SPVs by way of a Schedule executed subsequent to the date first indicated above, provisions of such Schedule shall be deemed to be incorporated into this Agreement as it relates

------

to such SPV so that, for example, the execution date for purposes of <u>Section 8</u> of this Agreement with respect to such SPV shall be the execution date of the relevant Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. **Miscellaneous.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. A copy of the Certificate of Trust is on file with the Secretary of State of Delaware, and notice is hereby given that the obligations of this instrument are not binding upon any of the Sole Director(s), officers or shareholders of the SPV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Where the effect of a requirement of the 1940 Act or Advisers Act reflected in any provision of this Agreement is altered by a rule, regulation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

**PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.**

[*Signature page follows*]

------

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed as of the day first set forth above.

---

| |
|:---|
| <u>SATURNA CAPITAL CORPORATION</u><br>________________________________________<br>Jane Carten<br>President |
| <br> <u>VIDENT ADVISORY, LLC</u><br>________________________________________<br>Amrita Nandakumar<br>President<br>|
|  <br> <br> <br><u>AMANA EQUITY INCOME ETF SPV</u><br>________________________________________<br>By: Amana Mutual Funds Trust, on behalf of its series, <br> Amana Equity Income ETF, in its capacity as sole <br> managing member of Amana Income ETF SPV<br>Jane Carten<br>President |

---

------

#### SCHEDULE A

#### to the

#### INVESTMENT SUB-ADVISORY AGREEMENT

#### Dated _______________ by and among

#### SATURNA CAPITAL CORPORATION

#### and

#### VIDENT ADVISORY, LLC

#### and

#### THE SPECIAL PURPOSE VEHICLE ("SPV").

The Adviser will receive no compensation from the SPV for services provided and the expense assumed pursuant to this Agreement:

---

| | |
|:---|:---|
| **<u>SPV</u>** | **<u>A Wholly-Owned Subsidiary of:</u>** |
| Amana Equity Income ETF SPV | Amana Equity Income ETF |

---

## Ex-99.(E)(2)

**EXHIBIT (e)(2)**<br>

#### DISTRIBUTION AGREEMENT

This Distribution Agreement (the "Agreement") is made effective this 11th day of May 2026, by and between the Amana Mutual Funds Trust, a Delaware statutory trust (the "Trust") and Paralel Distributors LLC, a Delaware limited liability company (the "Distributor").

WHEREAS, the Trust is a registered open-end management investment company organized under the Investment Company Act of 1940, as amended (the "1940 Act") with certain separate and distinct series operating as exchange traded funds and listed on Exhibit A (each series a "Fund" and collectively the "Funds") registered with the United States Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended (the "1933 Act").

WHEREAS, the Trust intends to create and redeem shares of beneficial interest (the "Shares") of each Fund on a continuous basis and list the Shares on one or more national securities exchanges (together, the "Listing Exchanges").

WHEREAS, the Distributor is registered with the SEC as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "1934 Act"), and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA").

WHEREAS, the Trust desires to retain the Distributor to (i) act as the principal underwriter of the Funds with respect to the creation and redemption of Shares at net asset value ("NAV") in aggregations of a specified number of Shares (each, a "Creation Unit), and (ii) hold itself available to review and approve orders for such Creation Units in the manner set forth in the Trust's Prospectus.

WHEREAS, the Distributor desires to provide the services described herein to the Trust subject to the terms and conditions set forth below.

NOW THEREFORE, in consideration of the mutual promises and undertakings herein contained, the parties agree as follows:

1. **Appointment.** The Trust hereby appoints the Distributor to serve as the principal underwriter of the Funds with respect to the creation and redemption of Creation Units of each Fund listed in Exhibit A hereto (as may be amended by the Trust from time to time on written notice to the Distributor) on the terms and for the period set forth in this Agreement and subject to the registration requirements of the federal securities laws and of the laws governing the sale of securities in the various states, and the Distributor hereby accepts such appointment and agrees to act in such capacity hereunder.

2. **Definitions.** Wherever they are used herein, the following terms have the following respective meanings:

(a) "Prospectus" means the Prospectus and Statement of Additional Information constituting parts of the Registration Statement of the Trust under the 1933 Act and the 1940 Act as such Prospectus and Statement of Additional Information may be amended or supplemented and filed with the SEC from time to time;

(b) "Registration Statement" means the registration statement most recently filed from time to time by the Trust with the SEC and effective under the 1933 Act and the 1940 Act, as such registration statement is amended by any amendments thereto at the time in effect;

------

(c) All other capitalized terms used but not defined in this Agreement shall have the meanings ascribed to such terms in the Registration Statement and the Prospectus.

3. Duties of the Distributor

(a) The Distributor agrees to serve as the principal underwriter of the Funds in connection with the review and approval of all Purchase and Redemption Orders of Creation Units of each Fund by Authorized Participants that have executed an Authorized Participant Agreement with the Distributor. Nothing herein shall affect or limit the right and ability of the Fund(s)' Transfer Agent to accept fund securities, deposit securities, and related cash components through or outside the clearing process, and as provided in and in accordance with the Registration Statement and Prospectus. The Trust acknowledges that the Distributor shall not be obligated to approve any certain number of orders for Creation Units.

(b) The Distributor agrees to use commercially reasonable efforts to provide the following services to the Trust with respect to the continuous distribution of Creation Units of each Fund: (i) at the request of the Trust, the Distributor shall enter into Authorized Participant Agreements between and among Authorized Participants, the Distributor and the Transfer Agent, for the purchase and redemption of Creation Units of the Funds, (ii) the Distributor shall approve and maintain copies of confirmations of Creation Unit purchase and redemption order acceptances; (iii) upon request, the Distributor will make available copies of the Prospectus to purchasers of such Creation Units and, upon request, the Statement of Additional Information; and (iv) the Distributor shall maintain telephonic, facsimile and/or access to direct computer communications links with the Transfer Agent.

(c) The Distributor shall ensure that all direct requests to Distributor for Prospectuses, Statements of Additional Information, product descriptions and periodic fund reports, as applicable, are fulfilled. • (d) The Distributor agrees to make available, at the Trust's request, one or more members of its staff to attend, either via telephone or in person, Board meetings of the Trust in order to provide information with regard to the Distributor's services hereunder and for such other purposes as may be requested by the Board of Trustees of the Trust.

(e) Distributor shall review and approve, prior to use, all Trust marketing materials related to the Funds ("Marketing Materials") for compliance with SEC and FINRA advertising rules and will file all Marketing Materials required to filed with FINRA. The Distributor agrees to furnish to a Fund's investment adviser any comments provided by FINRA with respect to such materials.

(f) The Distributor shall not offer any Shares and shall not approve any creation or redemption order hereunder if and so long as the effectiveness of the Registration Statement then in effect or any necessary amendments thereto shall be suspended under any of the provisions of the 1933 Act or if and so long as a current prospectus as required by Section 10 of the 1933 Act is not on file with the SEC; provided, however, that nothing contained in this paragraph shall in any way restrict or have any application to or bearing upon the Trust's obligation to redeem or repurchase any Shares from any shareholder in accordance with provisions of the Prospectus or Registration Statement.

(g) The Distributor shall work with the Transfer Agent to review and approve orders placed by Authorized Participants and transmitted to the Transfer Agent.

(h) The Distributor agrees to maintain and preserve for the periods prescribed by Rule 31a-2 under the 1940 Act, such records as are required to be maintained by Rule 31a-1(d) under the 1940 Act. The Distributor agrees

------

<br> that all records which it maintains pursuant to the 1940 Act for the Trust shall at all times remain the property of the Trust, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request; provided, however, that Distributor may retain all such records required to be maintained by Distributor pursuant to applicable FINRA or SEC rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U) The Distributor agrees to maintain compliance policies and procedures (a "Compliance Program") that are reasonably designed to prevent violations of the Federal Securities Laws (as defined in Rule 38a-1 of the 1940 Act) with respect to the Distributor's services under this Agreement, and to provide any and all information with respect to the Compliance Program, including without limitation, information and certifications with respect to material violations of the Compliance Program and any material deficiencies or changes therein, as may be reasonably requested by the Trust's Chief Compliance Officer or Board of Trustees.

4. Duties of the Trust.

(a) The Trust agrees to create, issue, and redeem Creation Units of each Fund in accordance with the procedures described in the Prospectus. Upon reasonable notice to the Distributor and in accordance with the procedures described in the Prospectus, the Trust reserves the right to reject any order for Creation Units or to stop all receipts of such orders at any time.

(b) The Trust agrees that it will take all actions necessary to register an indefinite number of Shares under the 1933 Act.

(c) The Trust will make available to the Distributor such number of copies as Distributor may reasonably request of (i) its then currently effective Prospectus and Statement of Additional Information and product description, (ii) copies of semi-annual reports and annual audited reports of the Trust's books and accounts made by independent public accountants regularly retained by the Trust, and (iii) such other publicly available information for use in connection with the distribution of Creation Units.

(d) The Trust shall inform Distributor of any such jurisdictions in which the Trust has filed notice filings for Shares for sale under the securities laws thereof and shall promptly notify the Distributor of any change in this information. The Distributor shall not be liable for damages resulting from the sale of Shares in authorized jurisdictions where the Distributor had no information from the Trust that such sale or sales were unauthorized at the time of such sale or sales.

The Distributor acknowledges and agrees that the Trust reserves the right to suspend sales and Distributor's authority to review and approve orders for Creation Units on behalf of the Trust. Upon due notice to the Distributor, the Trust shall suspend the Distributor's authority to review and approve Creation Units if, in the judgment of the Trust, it is in the best interests of the Trust to do so. Suspension will continue for such period as may be determined by the Trust.

(e) The Trust shall arrange to provide the Listing Exchanges with copies of Prospectuses, Statements of Additional Information, and product descriptions to be provided to purchasers in the secondary market.

(f) The Trust will make it known that Prospectuses and Statements of Additional Information and product descriptions are available by making sure such disclosures are in all marketing and advertising materials prepared by the Trust.

------

 **5. Fees and Expenses.**

(a) The Distributor shall be entitled to no compensation or reimbursement of expenses from the Trust for the services provided by the Distributor pursuant to this Agreement. The Distributor may receive compensation from the Trust's Investment Adviser (the "Investment Adviser") related to its services hereunder or for additional services as may be agreed to between the Investment Adviser and Distributor.

(b) The Trust shall bear the cost and expenses of: (i) the registration of the Shares for sale under the 1933 Act; and (ii) the registration or qualification of the Shares for sale under the securities laws of the various States.

(c) The Distributor shall pay (i) all expenses relating to Distributor's broker-dealer qualification and registration under the 1934 Act; and (ii) the expenses incurred by the Distributor in connection with routine FINRA filing fees.

(d) Notwithstanding anything in this Agreement to the contrary, the Distributor and its affiliates may receive compensation or reimbursement from the Trust's Investment Adviser with respect to any services performed under this Agreement, as may be agreed upon by the parties from time to time.

The Trust shall bear any costs associated with printing Prospectuses, Statements of Additional Information and all other such materials.

**6.** Indemnification.

(a) The Distributor will not be liable for and the Trust agrees to indemnify and hold harmless the Distributor, its affiliates and each of their respective directors, officers and employees and agents and any person who controls the Distributor within the meaning of Section 15 of the 1933 Act (any of the Distributor, its officers, employees, agents and directors or such control persons, for purposes of this paragraph, a "Distributor lndemnitee") against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages or expense and reasonable counsel fees incurred in connection therewith) ("Losses") that a Distributor lndemnitee may incur arising out of or based upon:(i) Distributor serving as distributor for the Trust pursuant to this Agreement, (ii) any liability or other Losses of the Distributor arising from or related to its role of entering into agreements with APs (defined hereafter) on behalf of the Trust unless such liability or Loss is due to the Distributor's willful misfeasance, bad faith or gross negligence; (iii) the allegation of any wrongful act of the Trust or any of its directors, officers, employees or affiliates in connection with its duties and responsibilities in this Agreement; (iv) any claim that the Registration Statement, Prospectus, Statement of Additional Information, product description, shareholder reports, Marketing Materials and advertisements specifically approved by the Trust and/or Investment Adviser or other information filed or made public by the Trust (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein (and in the case of the Prospectus, Statement of Additional Information and product description, in light of the circumstances under which they were made) not misleading under the 1933 Act, or any other statute or the common law; (v) the breach by the Trust of any obligation, representation or warranty contained in this Agreement; or (vi) the Trust's failure to comply in any material respect with applicable securities laws.

(b) The Distributor agrees to indemnify and hold harmless the Trust and each of its Trustees and officers and any person who controls the Trust within the meaning of Section 15 of the 1933 Act (for purposes of this paragraph, the Trust and each of its Trustees and officers and its controlling persons are collectively referred to as the "Trust lndemnitees") against any Losses arising out of or based upon (i) any willful misfeasance, bad faith or

------

gross negligence, or reckless disregard of duties by the Distributor or any of its directors, officers, employees or affiliates, taken in connection with its activities as Distributor pursuant to this Agreement; (ii) the breach of any material obligation, representation or warranty contained in this Agreement by the Distributor; (iii) the Distributor's failure to comply in any material respect with applicable securities laws, including applicable FINRA regulations; or (iv) any allegation that the Registration Statement, Prospectus, Statement of Additional Information, product description, shareholder reports, any information or materials relating to the Funds (as described in section 3{h)) or other information filed or made public by the Trust (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements not misleading, insofar as such statement or omission was made in reliance upon, and in conformity with information furnished to the Trust, in writing, by the Distributor.

In no case (i) is the indemnification provided by an indemnifying party to be deemed to protect against any liability the indemnified party would otherwise be subject to by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties, violation of applicable law or regulation, or by reason of its reckless disregard of its obligations and duties under this Agreement, or (ii) is the indemnifying party to be liable under this Section with respect to any claim made against any indemnified party unless the indemnified party notifies the indemnifying party in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the indemnified party (or after the indemnified party shall have received notice of service on any designated agent).

Failure to notify the indemnifying party of any claim shall not relieve the indemnifying party from any liability that it may have to the indemnified party against whom such action is brought on account of this Section, unless failure or delay to so notify the indemnifying party prejudices the indemnifying party's ability to defend against such claim. The indemnifying party shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce the claim, but if the indemnifying party elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the indemnified party. In the event that indemnifying party elects to assume the defense of any suit and retain counsel, the indemnified party shall bear the fees and expenses of any additional counsel retained by them. If the indemnifying party does not elect to assume the defense of any suit, it will reimburse the indemnified party for the reasonable fees and expenses of any counsel retained by them. The indemnifying party agrees to notify the indemnified party promptly of the commencement of any litigation or proceedings against it or any of its officers or directors in connection with the purchase or redemption of any of the Creation Units or the Shares.

(c) No indemnified party shall settle any claim against it for which it intends to seek indemnification from the indemnifying party, under the terms of section 6(a) or 6(b) above, without prior written notice to and consent from the indemnifying party, which consent shall not be unreasonably withheld. No indemnified or indemnifying party shall settle any claim unless the settlement contains a full release of liability with respect to the other party in respect of such action. This section 6 shall survive the termination of this Agreement.

(d) The Trust acknowledges and agrees that as part of its duties, Distributor will enter into agreements with certain authorized participants (each an "AP" and collectively the "APs") for the purchase and redemption of Creation Units (each such agreement an "AP Agreement"). The APs may insert and require that Distributor agree to certain provisions in the AP Agreements that contain certain clauses or terms (including, among others, representations, undertakings and indemnification) that are not included in the form-of AP Agreement (each such modified AP Agreement, a "Non-Standard AP Agreement"), provided that Distributor shall inform the Trust about such clauses or terms prior to the Trust'sexecution of a Non-Standard AP Agreement (which shall be deemed to be satisfied if the Trust is a party to the Non-Standard AP Agreement).

------

To the extent that Distributor is requested or required to make any such change as mentioned above, the Trust shall indemnify, defend and hold the Distributor lndemnitees free and harmless from and against any and all Losses that any Distributor lndemnitee may incur arising out of or relating to (a) the Distributor's actions or failures to act pursuant to any Non-Standard AP Agreement; (b) any representations made by the Distributor in any Non-Standard AP Agreement to the extent that the Distributor is not required to make such representations in the form-of AP Agreement; or (c) any liability assumed or indemnification provided by the Distributor under a Non-Standard AP Agreement. In no event shall anything contained herein be so construed as to protect the Distributor lndemnitees against any liability to the Trust or its shareholders to which the Distributor lndemnitees would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of Distributor's obligations or duties under the Non-Standard AP Agreement.

7. Representations.

(a) The Distributor represents and warrants that:

1. (i) it is duly organized as a Delaware limited liability company and is and at all times will remain duly authorized and licensed under applicable law to carry out its services as contemplated herein; (ii) the execution, delivery and performance of this Agreement are within its power and have been duly authorized by all necessary action; (iii) its entering into this Agreement or providing the services contemplated hereby does not conflict with or constitute a default or require a consent under or breach of any provision of any agreement or document to which the Distributor is a party or by which it is bound; (iv) it is registered as a broker-dealer under the 1934 Act and is a member of FINRA; and (v) it has in place compliance policies and procedures reasonably designed to prevent violations of the Federal Securities Laws as that term is defined in Rule 38a-1 under the 1940 Act.

2. All activities by the Distributor and its agents and employees in connection with the services provided in this Agreement shall comply with the Registration Statement and Prospectus, the instructions of the Trust, and all applicable laws, rules and regulations including, without limitation, all rules and regulations made or adopted pursuant to the 1940 Act by the SEC or any securities association registered under the 1934 Act, including FINRA and the Listing Exchanges.

(b) The Trust represents and warrants that:

1. (i) it is duly organized as a Delaware statutory trust and is and at all times will remain duly authorized to carry out its obligations as contemplated herein; (ii) it is registered as an investment company under the 1940 Act; (iii) the execution, delivery and performance of this Agreement are within its power and have been duly authorized by all necessary action; (iv) its entering into this Agreement does not conflict with or constitute a default or require a consent under or breach of any provision of any agreement or document to which the Trust is a party or by which it is bound; (v) the Registration Statement and each Fund's Prospectus have been prepared, and all Marketing Materials shall be prepared, in all materials respects, in conformity with the 1933 Act, the 1940 Act and the rules and regulations of the SEC (the "Rules and Regulations"); and (vi) the Registration Statement and each Fund's Prospectus contain, and all Marketing Materials shall contain, all statements required to be stated therein in accordance with the 1933 Act, the 1940 Act and the Rules and Regulations; (vii) all statements of fact contained therein, or to be contained in all Marketing Materials, are or will be true and correct

------

inall material respects at the time indicated or the effective date, as the case may be, and none of the Registration Statement, any Fund's Prospectus, nor any Marketing Materials shall include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the case of each Fund's Prospectus in light of the circumstances in which made, not misleading; and (viii) except as otherwise noted in the Registration Statement and Prospectus, the offering price for all Creation Units will be the aggregate net asset value of the Shares per Creation Unit of the relevant Fund, as determined in the manner described in the Registration Statement and Prospectus;<br>

2. it shall file such amendment or amendments to the Registration Statement and each Fund's Prospectus as, in the light of future developments, shall, in the opinion of the Trust'scounsel, be necessary in order to have the Registration Statement and each Fund's Prospectus at all times contain all material facts required to be stated therein or necessary to make the statements therein, in light of the circumstances in which made, not misleading. The Trust shall not file any amendment to the Registration Statement or each Fund's Prospectus without giving the Distributor reasonable notice thereof in advance, provided that nothing in this Agreement shall in any way limit the Trust's right to file at any time such amendments to the Registration Statement or any Fund's Prospectus as the Trust may deem advisable. The Trust will also notify the Distributor in the event of any stop order suspending the effectiveness of the Registration Statement. Notwithstanding the foregoing, the Trust shall not be deemed to make any representation or warranty as to any information or statement provided by the Distributor for inclusion in the Registration Statement or any Fund's Prospectus; and

3. upon delivery of Deposit or Fund Securities to an Authorized Participant in connection with a purchase or redemption of Creation Units, the Authorized Participant will acquire good and unencumbered title to such securities, free and clear of all liens, restrictions, charges and encumbrances, and not subject to any adverse claims and that such Fund and Deposit Securities will not be "restricted securities" as such term is used in Rule 144(a)(3)(i) under the 1933 Act.

(c) The Distributor and the Trust each individually represent that its anti-money laundering program ("AML Program"), at a minimum, (i) designates a compliance officer to administer and oversee the AML Program, (ii) provides ongoing employee training, (iii) includes an independent audit function to test the effectiveness of the AML Program, (iv) establishes internal policies, procedures, and controls that are tailored to its particular business, (v) provides for the filing of all necessary anti-money laundering reports including, but not limited to, currency transaction reports and suspicious activity reports, and (vi) allows for appropriate regulators to examine its anti-money laundering books and records. Notwithstanding the foregoing, the Trust acknowledges that the Authorized Participants are not "customers" for the purposes of 31 CFR 103.

(d) The Distributor and the Trust each individually represent and warrant that: (i) it has procedures in place reasonably designed to protect the privacy of non-public personal consumer/customer financial information to the extent required by applicable law, rule and regulation; and (ii) it will comply with all of the applicable terms and provisions of the 1934 Act.

8. Duration, Termination and Amendment.

(a) This Agreement shall be effective on the date set forth above, and unless terminated as provided herein, shall continue for two years from its effective date, and thereafter from year to year, provided such continuance is approved annually (i) by vote of a majority of the Trustees or by the vote of a majority of the

------

outstanding voting securities of the Fund and (ii) by the vote of a majority of those Trustees who are not parties to this Agreement or interested persons of any such party cast in person at a meeting called for the purpose of voting on such approval. This Agreement may be terminated at any time, without the payment of any penalty, as to each Fund (i) by vote of a majority of those Trustees who are not parties to this Agreement or interested persons of any such party or (ii) by vote of a majority of the outstanding voting securities of the Fund, or by the Distributor, on at least sixty (60) days prior written notice. This Agreement shall automatically terminate without the payment of any penalty in the event of its assignment. As used in this paragraph, the terms "vote of a majority of the outstanding voting securities," "assignment," "affiliated person" and "interested person" shall have the respective meanings specified in the 1940 Act.

(b) No provision of this Agreement may be changed, waived, discharged or terminated except by an instrument in writing signed by both parties.

 **9. Notice.** Any notice or other communication authorized or required by this Agreement to be given to either party shall be in writing and deemed to have been given when delivered in person or by confirmed, email, or posted by certified mail, return receipt requested, to the following address (or such other address as a party may specify by written notice to the other):

---

| | |
|:---|:---|
| (i) **To Paralel:** | (ii) **If to the Trust:** |
| Paralel Distributors LLC | Amana Mutual Funds Trust |
| 1700 Broadway Suite 2100 | 1300 N. State Street |
| Denver, Colorado 80290 | Bellingham, Washington 98225 |
| Attn: General Counsel | Attn: Elliot Cohen |
| Email:legalnotice@paralel.com; chris@paralel.com | e.cohen@Saturna.com |

---

 **10. Choice of Law.** This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to the choice of laws provisions thereof. Each party to this Agreement, by its execution hereof (i) irrevocably submits to the nonexclusive jurisdiction of the United States District Courts for the State of Colorado for the purpose of any action between the parties arising in whole or in part under or in connection with this Agreement, and (ii) waives to the extent not prohibited by applicable law, and agrees not to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that any such action brought in one of the above-named courts should be dismissed on grounds of forum non conveniens, should be transferred or removed to any court other than one of the above-named courts, or should. be stayed by reason of the pendency of some other proceeding in any other court other than one of the above-named courts, or that this Agreement or the subject matter hereof may not be enforced in or by such court.

 **11. Counterparts.** This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 **12. Severability.** If any provisions of this Agreement shall be held or made invalid, in whole or in part, then the other provisions of this Agreement shall remain in force. Invalid provisions shall, in accordance with this Agreement's intent and purpose, be amended, to the extent legally possible, in order to effectuate the intended results of such invalid provisions.

------

**13. Insurance.** The Distributor will maintain at its expense an errors and omissions insurance policy adequate to cover services provided by the Distributor hereunder.

 **14. Confidentiality.** During the term of this Agreement, the Distributor and the Trust may have access to confidential information relating to such matters as either party's business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and clients. As used in this Agreement, "Confidential Information" means information belonging to one of the parties that is of value to such party and the disclosure of which could result in a competitive or other disadvantage to such party. Confidential Information includes, without limitation, financial information, proposal and presentations, reports, forecasts, inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities). Confidential Information includes information developed by either party in the course of engaging in the activities provided for in this Agreement, unless: (i) the information is or becomes publicly known through lawful means; (ii) the information is disclosed to the other party without a confidential restriction by a third party who rightfully possesses the information and did not obtain it, either directly or indirectly, from one of the parties, as the case may be, or any of their respective principals, employees, affiliated persons, or affiliated entities. The parties understand and agree that all Confidential Information shall be kept confidential by the other both during and after the term of this Agreement. Each party shall maintain commercially reasonable information security policies and procedures for protecting Confidential Information. The parties further agree that they will not, without the prior written approval by the other party, disclose such Confidential Information, or use such Confidential Information in any way, either during the term of this Agreement or at any time thereafter, except as required in the course of this Agreement and as provided by the other party or as required by law. Upon termination of this Agreement for any reason, or as otherwise requested by the Trust, all Confidential Information held by or on behalf of Trust shall be promptly returned to the Trust, or an authorized officer of the Distributor will certify to the Trust in writing that all such Confidential Information has been destroyed. This section 14 shall survive the termination of this Agreement. Notwithstanding the foregoing, a party may disclose the other's Confidential Information if (i) required by law, regulation or legal process or if requested by the SEC or other governmental regulatory agency with jurisdiction over the parties hereto or (ii) requested to do so by the other party.

 **15. Liability of Officers, Directors, and Funds.** This Agreement is executed by or on behalf of the Trust with respect to each of the Funds and the obligations hereunder are not binding upon any of the trustees, officers or shareholders of the Trust individually but are binding only upon the Fund to which such obligations pertain and the assets and property of such Fund. Separate and distinct records are maintained for each Fund and the assets associated with any such Fund are held and accounted for separately from the other assets of the Trust, or any other Fund of the Trust. The debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to a particular Fund of the Trust shall be enforceable against the assets of that Fund only, and not against the assets of the Trust generally or any other Fund, and none of the debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to the Trust generally or any other Fund shall be enforceable against the assets of that Fund.

 **16. Use of Names; Publicity.** The Trust shall not use the Distributor's name in any offering material, shareholder report, advertisement or other material relating to the Trust, in a manner not approved by the Distributor in writing prior to such use, such approval not to be unreasonably withheld. The Distributor hereby consents to all uses of its name required by the SEC, any state securities commission, or any federal or state regulatory authority.

The Distributor shall not use the Trust's name in any offering material, shareholder report, advertisement or other material relating to the Distributor, other than for the purpose of merely identifying the Trust as a client of

------

Distributor hereunder, in a manner not approved by the Trust in writing prior to such use; provided, however, that the Trust shall consent to all uses of its name required by the SEC, any state securities commission, or any federal or state regulatory authority; and provided, further, that in no case shall such approval be unreasonably withheld.

 **17. Exclusivity.** Nothing herein contained shall prevent the Distributor from entering into similar distribution arrangements or from providing the services contemplated hereunder to other investment companies or investment vehicles.

[execution page follows]

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below as of the date first set forth above.

---

| | |
|:---|:---|
| **AMANA MUTUAL FUNDS TRUST**<br> A Delaware statutory trust | **AMANA MUTUAL FUNDS TRUST**<br> A Delaware statutory trust |
| By: | /s/ Jane Carten |
| Name: | Jane Carten |
| Title: | President |
| **PARALEL DISTRIBUTORS LLC**<br> A Delaware limited liability company | **PARALEL DISTRIBUTORS LLC**<br> A Delaware limited liability company |
| By: | /s/ Bradley Swenson |
| Name: | Bradley Swenson |
| Title: | President |

---

------

#### EXHIBIT A

#### Funds

Amana Growth ETF

Amana Equity Income ETF

Amana Developing World ETF

## Ex-99.(E)(3)

**EXHIBIT (e)(3)**<br>

#### AUTHORIZED PARTICIPANT AGREEMENT

#### Amana Mutual Funds Trust
This Authorized Participant Agreement (the "Agreement") is entered into by and between Paralel Distributors LLC (the "Distributor"), Amana Mutual Funds Trust (the "Trust"), a series trust offering a number of portfolios of securities, the portfolios of which are listed on Attachment B attached herein (each a "Fund" and collectively the "Funds") and __________ (the "Participant"), and is subject to acceptance by Brown Brothers Harriman & Co. (the "Transfer Agent"), as transfer agent for the Funds. For clarity, the Funds as defined herein will not include any portfolios of the Trust that are not exchange-traded funds operating under Rule 6c-11 of the Investment Company Act of 1940, as amended (the "1940 Act"). Capitalized terms used but not defined herein are defined in the current prospectus for each Fund as it may be supplemented or amended from time to time, and included in the Trust's registration statement on Form N-1A, as it may be amended from time to time, or otherwise filed with the U.S. Securities and Exchange Commission ("SEC") (together with such Fund's Statement of Additional Information incorporated therein, the "Prospectus").

The Distributor provides services as principal underwriter of the Funds acting on an agency basis in connection with the distribution of shares of beneficial interest of each Fund (the "Shares"). The Transfer Agent has been retained to provide certain transfer agency services and to be the order taker with respect to the purchase and redemption of Shares at net asset value ("NAV") in aggregations of a specified number of Shares (each, a "Creation Unit").

This Agreement is intended to set forth certain procedures by which the Participant may purchase and/or redeem Creation Units through the Federal Reserve/Treasury Automated Debt Entry System maintained at the Federal Reserve Bank of New York (the "Federal Reserve Book-Entry System") and the Continuous Net Settlement ("CNS") clearing processes of National Securities Clearing Corporation ("NSCC") (as such processes have been enhanced to effect purchases and redemptions of Creation Units, the "CNS Clearing Process") or, outside of the CNS Clearing Process, the manual process of The Depository Trust Company ("DTC").

Nothing in this Agreement shall obligate the Participant to create or redeem one or more Creation Units of Shares, to facilitate a creation or redemption through it by a Participant client, or to sell or offer to sell the Shares.

The parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **STATUS, REPRESENTATIONS AND WARRANTIES OF PARTICIPANT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Participant represents and warrants that it has the ability to transact through the Federal Reserve Book-Entry System and, with respect to orders
 for the purchase of Creation Units ("Purchase Orders") or orders for redemption of Creation Units ("Redemption Orders" and, together with Purchase Orders, the "Orders"), (i) through the CNS Clearing Process, because it is a member of NSCC
 and a participant in the CNS System of NSCC, and/or (ii) outside the CNS Clearing Process, because it is a DTC participant (a "DTC Participant"). Any change in the foregoing status of the Participant shall automatically and immediately
 terminate this Agreement. The Participant shall give prompt written notice of any such change to the Distributor and the Transfer Agent. The Participant may place Orders either through the CNS Clearing Process or outside the CNS Clearing
 Process, subject to the procedures for purchase and redemption set forth in the Prospectus and Section 2 of this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Participant represents and warrants that it is and throughout the term of this Agreement will be: (i) a broker-dealer registered with the SEC, and
 a member of the Financial Industry Regulatory Authority ("FINRA"), or exempt from registration, or otherwise not required to be registered as, a broker-dealer or a member of FINRA; (ii) registered and/or licensed to act as a broker or
 dealer, as required under all applicable laws, rules and regulations in the states or other jurisdictions in which the Participant conducts its activities, or otherwise exempt; and (iii) a Qualified Institutional Buyer, as defined in Rule
 144A under the U.S. Securities Act of 1933, as amended (the "1933 Act"). The Participant agrees that it will: (i) maintain such registrations, licenses, qualifications, and memberships in good standing and in full force and effect
 throughout the term of this Agreement; (ii) comply with applicable FINRA rules and the securities laws of any jurisdiction in which it sells Shares, directly or indirectly, to the extent such laws, rules and regulations relate to the
 Participant's transactions in, and activities with respect to, the Shares; and (iii) not offer or sell Shares of any Fund in any state or jurisdiction where such Shares may not lawfully be offered and/or sold. Any change in the foregoing
 status of the Participant shall terminate this Agreement. The Participant shall give prompt written notice of any such change to the Distributor and the Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event Shares are authorized for sale in jurisdictions outside the several states, territories and possessions of the United States and the
 Participant offers and sells Shares in such jurisdictions and is not otherwise required to be registered or qualified as a broker or dealer, or to be a member of FINRA as set forth above, the Participant nevertheless agrees to observe the
 applicable laws, rules and regulations of the jurisdiction in which such offer and/or sale is made, to comply with the full disclosure requirements of the 1933 Act and the regulations promulgated thereunder, and to conduct its business in
 accordance with the FINRA rules, to the extent the foregoing relates to the Participant's transactions in, and activities with respect to, the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Participant understands and acknowledges that the method by which Creation Units will be created and traded may raise certain issues under certain
 interpretations of applicable U.S. federal securities laws. For example, because new Creation Units of Shares may be issued and sold by a Fund on an ongoing basis, a "distribution", as such term is used in the 1933 Act, may occur at any
 point. The Participant understands and acknowledges that some activities on its part, depending on the circumstances, may result in it being deemed a participant in a distribution in a manner which could, under certain interpretations of
 applicable law, render it a statutory underwriter and subject it to the prospectus delivery and liability provisions of the 1933 Act. The Participant also understands and acknowledges that dealers who are not "underwriters," but who
 effect transactions in Shares, whether or not participating in the distribution of Shares, are generally required to deliver a prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **EXECUTION OF PURCHASE AND REDEMPTION ORDERS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Orders shall be made in accordance with the terms of the Prospectus and Annex A hereto. The Participant agrees that any use by it of the Transfer
 Agent's electronic interface or portal for order entry shall be subject in all respects to the terms and conditions set forth in Annex A hereto. Each party hereto agrees to comply with the provisions of such laws, rules, regulations and
 documents that are applicable to it, including the terms of the then current Prospectus. The Funds reserve the right to issue additional or other procedures relating to the manner of purchasing or redeeming Creation Units, and the
 Participant agrees to comply with such procedures as may be issued from time to time. The Participant acknowledges and agrees on behalf of itself and any party for which it may be acting that an Order shall be irrevocable, though
 Distributor agrees to undertake commercially reasonable efforts to accommodate requests by Participant to cancel an Order prior to the designated cut-off time for placing such Order. The Funds (or the Distributor on behalf of

------

the Funds), and the Transfer Agent shall retain the right, without notice, to reject any Order, or suspend transactions in Shares, in accordance with the terms of the Prospectus; provided, however, in any case, the Fund (or the Distributor on behalf of the Funds) will use reasonable efforts to notify the Participant prior to such rejections of its intention to reject such Order. Neither the Distributor nor the Fund shall be liable to any person by reason of the rejection of any Order. Except as provided herein or in the Prospectus, following rejection of an Order, if the Fund has received any consideration for such Order, the Fund will promptly return to the Participant such consideration received in connection with the Order. If there is a conflict between the terms of the Prospectus and terms of this Agreement, including Annex A hereto, the terms of the Prospectus control.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Phone lines used in connection with Orders will be recorded. The Participant hereby consents to the recording of all calls in connection with the
 Orders, provided that the Participant may reasonably request that the recording party promptly provide to the Participant copies of recordings of any such calls, which have been retained in accordance with the recording party's usual
 document retention policy. If a recording party becomes legally compelled to disclose to any third party any recording involving communications with the Participant, to the extent legally permitted to do so, such recording party shall
 provide the Participant with reasonable advance written notice identifying the recordings to be disclosed, together with copies of such recordings, so that the Participant may seek a protective order or other appropriate remedy with
 respect to the recordings or waive its right to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Participant understands that a Creation Unit generally will not be issued until the requisite cash and/or the designated basket of securities (the
 "Deposit Securities"), as well as applicable Transaction Fee and Taxes (as defined below), are transferred to the Trust on or before the settlement date in accordance with the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With respect to any Redemption Order, the Participant acknowledges and agrees on behalf of itself and any party for which it is acting to return to a
 Fund any dividend, distribution, or other corporate action paid to it or to the party for which it is acting in respect of any Deposit Security that is transferred to the Participant or any party for which it is acting that, based on the
 valuation of such Deposit Security at the time of transfer, should have been paid to the Fund. With respect to any Redemption Order, the Participant also acknowledges and agrees on behalf of itself and any party for which it is acting
 that a Fund is entitled to reduce the amount of money or other proceeds due to the Participant or any party for which it is acting by an amount equal to any dividend, distribution, or other corporate action to be paid to it or to the
 party for which it is acting in respect of any Deposit Security that is transferred to the Participant or any party for which it is acting that, based on the valuation of such Deposit Security at the time of transfer, should be paid to
 the Fund. With respect to any Purchase Order, each Fund acknowledges and agrees to return to the Participant or any party for which it is acting any dividend, distribution, or other corporate action paid to the Fund in respect of any
 Deposit Security that is transferred to the Fund that, based on the valuation of such Deposit Security at the time of transfer, should have been paid to the Participant or any party for which it is acting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **AUTHORIZATION OF TRANSFER AGENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Solely with respect to Orders submitted through the CNS Clearing Process, the Participant hereby authorizes the Transfer Agent, or its designee, to
 transmit to the NSCC on behalf of the Participant such instructions, including share and cash amounts as are necessary with respect to the purchase and redemption of Creation Units, and Orders consistent with the instructions and Orders
 issued by the Participant to the Transfer Agent. The Participant agrees to be bound by the terms of such

------

instructions and Orders as reported by the Transfer Agent or its designee to the NSCC as though such instructions were issued by the Participant directly to the NSCC.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **MARKETING MATERIALS AND REPRESENTATIONS.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Participant represents and warrants that it will not make any representations concerning a Fund, the Trust, Creation Units or Shares, other than
 those consistent with the Prospectus or any Marketing Materials (as defined below) furnished to the Participant by the Distributor (or by the Trust or a Fund's investment adviser on behalf of the Distributor, provided such Marketing
 Materials are approved by the Distributor for distribution). The Participant agrees not to furnish, or cause to be furnished by it or its employees, to any person, or to display or publish, any information or materials relating to a Fund,
 the Trust or the Shares, including, without limitation, promotional materials and sales literature, advertisements, press releases, announcements, statements, posters, signs or other similar materials ("Marketing Materials"), unless (i)
 such Marketing Materials: (a) are either furnished to the Participant by the Distributor, or furnished to the Participant by the Trust or a Fund's investment adviser on behalf of the Distributor and approved by the Distributor for
 distribution, or (b) if prepared by the Participant, are consistent in all material respects with the Prospectus, are approved by the Distributor in writing, and clearly indicate that such Marketing Materials are prepared and distributed
 solely by the Participant, and (ii) Participant and such Marketing Materials prepared by the Participant comply with applicable FINRA rules and regulations. The Participant shall file all such Marketing Materials that it prepares with
 FINRA, if required by applicable laws, rules or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust represents and warrants that (i) the Prospectus is effective, no stop order of the SEC has been issued, no proceedings for such purpose have
 been instituted or, to its knowledge, are being contemplated; (ii) the Prospectus conforms in all material respects to the requirements of all applicable law, and the rules and regulations of the SEC thereunder and does not and will not
 contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; (iii) the
 Shares, when issued and delivered against payment of consideration thereof, as provided in this Agreement, will be duly and validly authorized, issued, fully paid and non-assessable and free of statutory and contractual preemptive rights,
 rights of first refusal and similar rights; (iv) no consent, approval, authorization, order, registration or qualification of or with any court or governmental agency or body is required for the issuance and sale of the Shares, except the
 registration of the Shares under the 1933 Act; (v) Shares will be approved for listing on a national exchange; (vi) any and all Marketing Materials prepared by the Distributor (or furnished by the Trust or a Fund's adviser on behalf of
 the Distributor and approved by the Distributor for distribution) and provided to the Participant in connection with the offer and sale of Shares shall comply with applicable law, including without limitation, the provisions of the 1933
 Act and the rules and regulations thereunder and applicable requirements of FINRA, and will not contain any untrue statement of a material fact related to a Fund or the Shares or omit to state therein a material fact required to be stated
 therein or necessary to make the statements therein not misleading; and (vii) it will not name the Participant in the Prospectus, Marketing Materials, or on the Fund's website without the prior written consent of Participant, unless such
 naming is required by law, rule, or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary in this Agreement, the term Marketing Materials shall not include (i) written materials prepared by the
 Participant that generally mention a Fund without recommending the Fund (including in connection with a list of products sold through Participant or in the context of asset allocations), (ii) materials prepared by and used for the
 Participant's

------

internal use only, (iii) brokerage communications, including correspondence and institutional communications, as defined under FINRA rules, prepared by the Participant in the normal course of its business, and (iv) research reports prepared by the Participant; provided, however, that any such materials prepared by Participant comply with applicable FINRA rules and regulations and other applicable laws, rules and regulations.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **TITLE TO SECURITIES; RESTRICTED SHARES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Participant represents and warrants on behalf of itself and any party for which it acts that Deposit Securities delivered by it to the custodian
 and/or any relevant sub-custodian in connection with a Purchase Order will not be "restricted securities" as such term is used in Rule 144(a)(3)(i) of the 1933 Act at or prior to the time of delivery, and, at the time of delivery, the
 Fund will acquire good and unencumbered title to such Deposit Securities, free and clear of all liens, restrictions, charges and encumbrances, and not be subject to any adverse claims or restrictions on the sale or transfer of such
 securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **CASH COMPONENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Participant hereby agrees that, in connection with a Purchase Order, whether for itself or any party for which it acts, it will make available on
 or before the contractual settlement date (the "Contractual Settlement Date"), by means satisfactory to the Trust, and in accordance with the provisions of the Prospectuses, immediately available or same day funds estimated by the Trust
 to be sufficient to pay the Cash Component as next determined after acceptance of the Purchase Order, together with the applicable Transaction Fee. Any excess funds will be returned following settlement of the Purchase Order. The
 Participant agrees to ensure that the Cash Component will be received by the issuing Fund in accordance with the terms of the Prospectuses, but in any event on or before the Contractual Settlement Date, and in the event payment of such
 Cash Component has not been made in accordance with the provisions of the Prospectuses or by such Contractual Settlement Date, the Participant agrees in connection with a Purchase Order to pay the amount of the Cash Component, plus
 interest, computed at such reasonable rate as may be specified by the Fund from time to time. The Participant shall be liable to the custodian, any sub-custodian, or the Trust for any amounts advanced by the custodian or any sub-custodian
 in its sole discretion to the Participant for payment of the amounts due and owing for the Cash Component. Computation of the Cash Component shall exclude any Taxes or other fees and expenses payable upon the transfer of beneficial
 ownership of the Deposit Securities, which shall be the sole responsibility of the Participant and not the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **PAYMENT OF CERTAIN FEES AND TAXES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with the purchase or redemption of Creation Units, the Participant agrees to pay the Transaction Fee prescribed in the Prospectus as
 applicable to the Participant's transaction. The Trust reserves the right to adjust any Transaction Fee subject to the terms of the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the purchase or redemption of Creation Units, the Participant acknowledges and agrees that the computation of any cash amount to be
 paid by or to the Participant shall exclude any taxes or other fees and expenses payable upon the transfer of beneficial ownership of Fund shares of the Fund or securities of the Fund. The Participant shall be responsible for any transfer
 tax, sales or use tax, stamp tax, recording tax, value added tax or any other similar tax, fee or government charge (collectively, "Taxes") applicable to and imposed upon the purchase or redemption of any Creation Units made pursuant to
 this Agreement. To the extent the Trust or its agents pay any such Taxes or they are otherwise imposed in connection with transactions effected by the Participant, the Participant agrees to promptly reimburse and pay such party for any
 such

------

<br> payment, together with any applicable penalties, additions to tax or interest thereon, unless such penalties, additions or interest were the result of the applicable party's fraud or willful misconduct. This section shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **ROLE OF PARTICIPANT; IRREVOCABLE PROXY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party acknowledges and agrees that, for all purposes of this Agreement, the Participant will be deemed to be an independent contractor, and will
 have no authority to act as agent for the Trust, Funds or the Distributor in any matter or in any respect under this Agreement. The Participant agrees to make itself and its employees available, upon reasonable request, during normal
 business hours to consult with the Funds or the Distributor or their designees concerning the performance of the Participant's responsibilities under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Participant agrees as a DTC Participant and in connection with any purchase or redemption transactions in which it acts on behalf of a third party,
 that it shall extend to such party all of the rights, and shall be bound by all of the obligations, of a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Prospectuses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Participant represents that from time to time, it may be a beneficial or legal owner of Shares (as defined in Rule 16a-1(a)(2) of the 1934 Act)
 ("Beneficial Owner"). To the extent that it is a Beneficial Owner, the Participant agrees to irrevocably appoint the Distributor as its attorney and proxy with full authorization and power to vote (or abstain from voting) the
 Participant's beneficially or legally owned Shares with no input from the Participant. The Distributor will vote (or abstain from voting) the Participant's beneficially owned Shares in the same proportion (or abstentions) as the other
 beneficial owners of Shares of the applicable Fund or the Trust. The Distributor, as attorney and proxy for the Participant hereunder: (i) is hereby given full power of substitution and revocation; (ii) may act through such agents,
 nominees, or attorneys as it may appoint from time to time; and (iii) may provide voting instructions to such agents, nominees, or substitute attorneys. The Distributor may terminate this irrevocable proxy within sixty (60) days' written
 notice to the Participant. This irrevocable proxy terminates upon termination of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Participant represents and warrants that it has implemented, and agrees to maintain and implement on an on-going basis, an anti-money laundering
 program reasonably designed to comply with all applicable anti-money laundering laws and regulations, including but not limited to the Bank Secrecy Act of 1970 and the USA PATRIOT Act of 2001, each as amended from time to time, and any
 rules adopted thereunder and/or any applicable anti-money laundering laws and regulations of other jurisdictions where Participant conducts business, and any rules adopted thereunder or guidelines issued, administered or enforced by any
 governmental agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **AUTHORIZED PERSONS OF THE PARTICIPANT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Concurrently with the execution of this Agreement, and from time to time thereafter as may be requested by the Funds, the Transfer Agent, or the
 Distributor, the Participant shall deliver to the Funds and the Transfer Agent, with copies to the Distributor, a certificate in the format of Attachment A to this Agreement, duly certified by the Participant's Secretary or other duly
 authorized officer of Participant, setting forth the names and signatures of all persons authorized by the Participant (each an "Authorized Person") to give Orders and instructions relating to any activity contemplated by this Agreement
 on behalf of the Participant. Such certificate may be relied upon by the Distributor, the Transfer Agent and the Funds as conclusive evidence of the facts set forth therein and shall be considered to be in full force and effect until
 receipt by the Funds, the Distributor, and the Transfer Agent of a superseding certificate or of written notice from the Participant that an individual should be added to, or removed from, the certificate. Whenever the

------

Participant wants to add an Authorized Person, revoke the authority of an Authorized Person, or change or cancel a PIN Number (as defined below), the Participant shall give prompt written notice of such fact to the Funds and the Transfer Agent, with a copy to the Distributor, and such notice shall be effective upon receipt by the Funds, the Transfer Agent, and the Distributor.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Transfer Agent shall issue to each Authorized Person a unique personal identification number ("PIN Number") by which the Participant and such
 Authorized Person shall be identified and instructions to the Funds, Transfer Agent, and Distributor issued by Participant through the Authorized Person shall be authenticated. The Participant and each Authorized Person shall keep his/her
 PIN Number confidential and only those Authorized Persons who were issued a PIN Number shall use such PIN Number to identify himself/herself and to submit instructions for Participant, to the Funds, Transfer Agent, and Distributor. If an
 Authorized Person's PIN Number is changed, the new PIN Number will become effective on a date mutually agreed upon in writing by the Participant and the Transfer Agent. If an Authorized Person's PIN Number is compromised, the Participant
 shall contact the Transfer Agent promptly in writing in order for a new one to be issued. Upon receipt of written notice as set forth in paragraph (a) of this section, the Transfer Agent agrees to promptly issue a PIN Number when the
 Participant adds an Authorized Person and shall promptly cancel a PIN Number when the Participant revokes a person's authority to act for it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Transfer Agent and Distributor shall not have any obligation to verify instructions and Orders given using a PIN Number and shall assume that all
 instructions and Orders issued to it using an Authorized Person's PIN Number have been properly placed, unless the Transfer Agent and Distributor have actual knowledge to the contrary because they received from the Participant written
 notice as set forth in paragraph (a) of this section that such person is no longer authorized to act on behalf of Participant. The Participant agrees that none of the Distributor, the Transfer Agent, or the Funds shall be liable, absent
 bad faith or willful misconduct, for Losses (as defined below) incurred by the Participant as a result of the unauthorized use of an Authorized Person's PIN Number, unless the Transfer Agent, Distributor, and the Funds previously received
 from Participant written notice to revoke such Authorized Person's PIN Number as set forth in paragraph (a) of this section. This paragraph (c) shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **REDEMPTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Participant understands and agrees that Redemption Orders may be submitted only on days that the Trust is open for business, as required by Section
 22(e) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Participant represents and warrants that, as of the close of the Business Day on which the Redemption Order was submitted, it will not attempt to
 place a Redemption Order for the purpose of redeeming any Creation Units unless it first ascertains that it or its client, as the case may be, will own outright or have full legal authority and legal and beneficial right (within the
 meaning of the federal securities laws or regulations) to tender for redemption the requisite number of Shares to be redeemed and receive the entire proceeds of the redemption as of the Contractual Settlement Date, and that such Shares
 have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement, or any other agreement that would preclude the delivery of such Shares to the Fund on the Contractual
 Settlement Date in accordance with the terms of the Prospectus or as otherwise required by the Trust. The Trust reserves the right to verify these representations at its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Participant understands that Shares of any Fund may be redeemed only when one or more Creation Units are held in its account.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that the Distributor, Transfer Agent and/or the Trust reasonably believes in good faith that a Participant does not own or would not be
 able to deliver the requisite number of Shares to be redeemed as a Creation Unit on the Contractual Settlement Date, the Distributor, Transfer Agent and/or Trust may, without liability, reject the Participant's Redemption Order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event that the Participant receives securities of the Fund in connection with an Redemption Order the value of which exceeds the value of the
 applicable Creation Unit at the time of redemption, the Participant agrees to pay, on the same business day it is notified, or cause the Participant client to pay, on such day, to the applicable Fund an amount in cash equal to the
 difference or return such securities of the Fund to the Fund, unless the parties otherwise agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **BENEFICIAL OWNERSHIP** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Participant represents and warrants that, based upon the number of outstanding Shares of any particular Fund, either (i) it does not, and will not
 in the future as the result of one or more Purchase Orders, hold for the account of any single Beneficial Owner, or group of related Beneficial Owners, 80 percent or more of the currently outstanding Shares of such Fund, so as to cause
 the Fund to have a basis in the portfolio securities deposited with the Fund different from the market value of such portfolio securities on the date of such deposit, pursuant to sections 351 and 362 of the Internal Revenue Code of 1986,
 as amended, or (ii) it is carrying some or all of the Deposit Securities as a dealer and as inventory in connection with its market making activities, and the Deposit Securities will be marked to market under section 475 of the Internal
 Revenue Code of 1986, as amended, and the Treasury Regulations thereunder, prior to being deposited with the Fund and the Participant will adjust the basis of the Deposit Securities to their fair market value immediately prior to their
 being deposited with the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Fund, the Distributor, and the Transfer Agent have the right to require, as a condition to the acceptance of a deposit of Deposit Securities,
 information from the Participant regarding ownership of the Shares by such Participant and its customers, and to rely thereon to the extent necessary to make a determination regarding ownership of 80 percent or more of the Fund's
 currently outstanding Shares by a Beneficial Owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **OBLIGATIONS OF PARTICIPANT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Pursuant to its obligations under the federal securities laws, the Participant agrees to maintain all books and records of all sales of Shares made by
 or through it and to furnish copies of such records to the Trust, Transfer Agent and/or the Distributor upon their reasonable request. This paragraph (a) shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Participant affirms that it has procedures in place reasonably designed to protect the privacy of non-public personal consumer/customer financial
 information to the extent required by applicable law, rule and regulation and that it will maintain such procedures throughout the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Participant represents, covenants, and warrants that it has taken affirmative steps so that it will not be an affiliated person of a Fund, a
 promoter or principal underwriter of a Fund or an affiliated person of such persons due to ownership of Shares, including through its grant of an irrevocable proxy relating to the Shares to the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **INDEMNIFICATION** 

This Section 13 shall survive the termination of this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Participant hereby agrees to indemnify and hold harmless the Distributor, the Trust, the Funds, the Transfer Agent, their respective subsidiaries,
 affiliates, directors, trustees, partners, officers, employees, and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each a "Participant Indemnified Party"), from and against any
 claim, loss, liability, cost, or expense (including reasonable attorneys' fees) ("Loss") incurred by such Participant Indemnified Party as a result of (i) any breach by the Participant of any provision of this Agreement that relates to
 the Participant or any representation provided by it herein that is false or misleading in any material respect or omits material information necessary to make the statements contained herein complete; (ii) any failure on the part of the
 Participant to perform any of its obligations set forth in this Agreement; (iii) any failure by the Participant to comply with applicable laws rules, and regulations, including rules and regulations of self-regulatory organizations in
 relation to its role as an authorized participant under this Agreement; (iv) actions of a Participant Indemnified Party taken in reasonable reliance upon any instructions reasonably believed by the Distributor, the Trust, and/or the
 Transfer Agent to be genuine and to have been given by the Participant; or (v) the Participant's failure to complete an Order that has been accepted; . or (vi)(1) any representation by the
 Participant, its employees or its agents or other representatives that is not consistent with the Trust's then-current Prospectus made in connection with the offer or sale of Shares and (2) any untrue statement of a material fact
 contained in any materials prepared by Participant or its affiliates as described in Section 4 hereof or any omission to state therein a material fact required to be stated therein or necessary to make the statements therein not
 misleading to the extent that such statement or omission relates to the Shares or any Participant Indemnified Party unless, in either case, such representation, statement or omission was made or included by the Participant at the written
 direction of the Trust or is based upon any omission by the Trust to state a material fact in connection with such representation, statement or omission necessary to make such representation, statement or omission not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust (but not the Trust's Trustees) hereby agrees to indemnify and hold harmless the Participant, its respective affiliates, directors, partners,
 members, officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each a "Trust Indemnified Party") from and against any Loss, as may be limited by Section 13
 hereof, incurred by such Trust Indemnified Party as a result of any breach or alleged breach by the Trust of its representations in Section 4(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor hereby agrees to indemnify and hold harmless the Participant, its affiliates, directors, partners, members, officers, employees and
 agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each a "Distributor Indemnified Party") from and against any Loss incurred by such Distributor Indemnified Party as a result of:
 (i) any breach by the Distributor of any provision of this Agreement that relates to the Distributor; (ii) any failure on the part of the Distributor to perform any of its obligations set forth in this Agreement; or (iii) any failure by
 the Distributor to comply with applicable laws, rules and regulations, including rules and regulations of self-regulatory organizations, in relation to its role as distributor under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **LIMITATION OF LIABILITY** 

This Section 14 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without prejudice to the indemnity obligations specified in Section 13(a) of this Agreement, in no event shall any party or the Transfer Agent be
 liable for any special, indirect, incidental, exemplary, punitive or consequential loss or damage of any kind whatsoever (including but not limited to loss of revenue, loss of actual or anticipated profit, loss of contracts, loss of the
 use of money, loss of

------

anticipated savings, loss of business, loss of opportunity, loss of market share, loss of goodwill or loss of reputation), even if such parties have been advised of the likelihood of such loss or damage and regardless of the form of action. In no event shall any party be liable for the acts or omissions of DTC, NSCC or any other securities depository or clearing corporation.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the Distributor, the Trust, the Transfer Agent, nor the Participant shall be responsible or liable for any failure or delay in the performance
 of its obligations under this Agreement arising out of or caused, directly or indirectly, by an event of Force Majeure, which shall mean: (a) circumstances beyond its reasonable control, including without limitation: acts of God;
 earthquakes; fires; floods; wind; explosions; wars; civil or military disturbances; terrorism; sabotage; epidemics, pandemics, public health emergencies or outbreaks (including but not limited to COVID-19), or any corporate or
 governmental order or requirement relating thereto; riots; interruptions; loss or malfunction of utilities, computer (hardware or software) or communications service, including but not limited to as a result of computer viruses;
 accidents; labor disputes; acts of civil or military authority or governmental actions; or (b) any other circumstance or event which is unforeseeable or beyond the reasonable control of the Distributor, the Trust, the Transfer Agent, or
 the Participant, regardless of whether such circumstance or event is of a nature or type described in (a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor, the Trust and the Transfer Agent may conclusively rely upon and shall be fully protected in acting or refraining from acting upon, any
 communication authorized under this Agreement and upon any written or oral instruction, notice, request, direction, or consent reasonably believed by them to be genuine, and in no event shall any of the Trust, the Distributor or the
 Transfer Agent be liable for any losses incurred as a result of the unauthorized use of a PIN Number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the absence of bad faith, gross negligence, or willful misconduct on its part, neither the Trust nor the Transfer Agent, whether acting directly or
 through its agents, affiliates or attorneys, shall be liable for any action taken, suffered or omitted or for any error of judgment made by it in the performance of its duties hereunder. Neither the Trust nor the Transfer Agent shall be
 liable for any error of judgment made in good faith unless in exercising such it shall have been grossly negligent in ascertaining the pertinent facts necessary to make such judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Transfer Agent shall not be required to advance, expend or risk its own funds or otherwise incur or become exposed to financial liability in the
 performance of its duties hereunder, except as may be required as a result of its own gross negligence, willful misconduct or bad faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Neither the Trust, the Distributor nor the Transfer Agent shall be liable to the Participant or to any other person for any damages arising out of
 mistakes or errors in data provided to the Trust, the Distributor or the Transfer Agent by the Participant or a third party, or out of interruptions or delays of electronic means of communications with the Trust, the Distributor or the
 Transfer Agent. The Distributor shall not be liable for any action or failure to take any action with respect to the voting matters set forth in Section 8(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **INFORMATION ABOUT DEPOSIT SECURITIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On each day that the Trust is open for business, through the facilities of the NSCC, the names and amounts of Deposit Securities to be included in the
 current Fund Deposit for each Fund will be published.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **RECEIPT OF PROSPECTUSES BY PARTICIPANT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Participant acknowledges receipt of the Prospectuses and represents that it has reviewed and understands the terms thereof.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. **CONSENT TO ELECTRONIC DELIVERY OF PROSPECTUSES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor, or the Trust, may electronically deliver the Prospectus, annual or semi-annual report, or other shareholder information (each, a " <u>Shareholder Document</u> ") to persons who have effectively consented to such electronic delivery. The Distributor, or the Trust, will deliver Shareholder Documents electronically by sending consenting persons an e-mail message informing them that
 the applicable Shareholder Document has been posted and is available on the Fund's website and providing a hypertext link to the document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor, or the Trust, shall electronically deliver all Shareholder Documents to the Participant at the e-mail address set forth on the
 signature page attached to this Agreement, unless and until the Participant provides written notice to the Distributor requesting otherwise. Until such notice is provided, the Participant can only obtain access to the Shareholder
 Documents electronically.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. **NOTICES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise specifically provided in this Agreement, all notices required or permitted to be given pursuant to this Agreement shall be given in
 writing and delivered by personal delivery; by Federal Express or other similar delivery service; by registered or certified United States first class mail, return receipt requested; or by facsimile, electronic mail or similar means of
 same day delivery. Unless otherwise notified in writing, all notices to the Fund shall be at the address or telephone number or electronic mail address indicated below the signature of the Distributor. All notices to the Participant, the
 Distributor, the Trust, and the Transfer Agent shall be directed to the address or telephone number, facsimile number, or electronic mail address indicated below the signature line of such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. **EFFECTIVENESS, TERMINATION, AND AMENDMENT OF AGREEMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective on the date set forth above and may be terminated at any time by any party upon sixty (60) days' prior written
 notice to the other parties, and may be terminated earlier by the Trust, the Participant or the Distributor at any time in the event of a material breach by another party of any provision of this Agreement, in either case, with a copy to
 the Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No party may assign its rights or obligations under this Agreement (in whole or in part) without the prior written consent of the other party, which
 shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may not be amended except by a writing signed by all the parties hereto, with a copy to the Transfer Agent. This Agreement is intended
 to, and shall apply to, each of the current and future Funds of the Trust, such that no amendment shall be required in the event that the Trust creates new Funds or terminates existing Funds, provided, however, that notice shall be
 provided to the Participant and the Transfer Agent of such creation or termination of Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. **GOVERNING LAW** 

This Section 20 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed by and interpreted in accordance with the laws of the State of New York without regard to the conflicts of laws
 provisions thereof. The parties irrevocably submit to the personal jurisdiction and service and venue of any New York State or United States Federal court sitting in New York, New York having subject matter jurisdiction, for the purposes
 of any suit, action or proceeding arising out of or relating to this Agreement. EACH PARTY HERETO IRREVACABLY WAIVES ANY AND ALL RIGHTS TO A TRIAL BY JURY IN ANY LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. **COUNTERPARTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement may be executed in several counterparts, each of which shall be an original and all of which shall constitute one and the same
 instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. **SEVERANCE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any provision of this Agreement is held by any court or any act, regulation, rule or decision of any other governmental or supra-national body or
 authority or regulatory or self-regulatory organization to be invalid, illegal or unenforceable for any reason, it shall be invalid, illegal or unenforceable only to the extent so held and shall not affect the validity, legality or
 enforceability of the other provisions of this Agreement and this Agreement shall be construed as if such invalid, illegal, or unenforceable provision had never been contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. **HEADINGS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Headings and sub-headings are included solely for convenient reference and shall not affect the meaning, construction, operation, or effect of the
 terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. **ENTIRE AGREEMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement, which includes the attachments, supersedes any prior agreement between the parties with respect to the subject matter contained herein
 and constitutes the entire agreement between the parties regarding the matters contained herein.

*[Signature page follows]*

------

The duly authorized representatives of the below parties have executed this Agreement, the effective date of which shall be the date of the most recent signature below.

---

| | |
|:---|:---|
| **PARALEL DISTRIBUTORS LLC** | **PARALEL DISTRIBUTORS LLC** |
| By: | ______________________ <br>|
| Name: | Bradley Swenson |
| Title: | President |
| Address: | 1700 Broadway Suite 2100 Denver CO 80290 Attn: Legal |
| E-mail: | legalnotice@paralel.com; chris@paralel.com; brad@paralel.com |
| Amana Mutual Funds Trust | Amana Mutual Funds Trust |
| By: | ______________________ |
| Name: |  |
| Title: |  |
| Address: |  |
| E-mail: |  |
| **[Name of Participant]**<br> DTC/NSCC Clearing Participant Code: _________________________ | **[Name of Participant]**<br> DTC/NSCC Clearing Participant Code: _________________________ |
| By: | ______________________ |
| Name: | ______________________  |
| Title: | ______________________ |
| Address: | ______________________ |
| E-mail: | ______________________ |
| **ACCEPTED BY:** | **ACCEPTED BY:** |
| **Brown Brothers Harriman & Co. as Transfer Agent** | **Brown Brothers Harriman & Co. as Transfer Agent** |
| By: | ______________________ |
| Name: | ______________________  |
| Title: | ______________________ |
| Address: | ______________________ |
| E-mail: | ______________________ |

---

------

#### ATTACHMENT A

#### AUTHORIZED PERSONS
The following individuals are Authorized Persons (each, an "Authorized Person"), authorized to give instructions relating to any activity contemplated by the Agreement (as defined below) or any other notice, request or instruction on behalf of the Participant pursuant to the Authorized Participant Agreement (the "Agreement") by and between Paralel Distributors LLC (the "Distributor"), [Participant Name] (the "Participant"), and Amana Mutual Funds Trust (the "Trust"), and subject to acceptance by Brown Brothers Harriman & Co. (the "Transfer Agent"), as such Agreement may be amended from time to time.

This list of Authorized Persons supersedes any prior list of Authorized Persons of the Participant that the Transfer Agent may have on file with respect to the Agreement, and shall remain in full force and effect until such time as Transfer Agent is otherwise notified by the Participant in writing.

---

| |
|:---|
| Authorized By: |
| Name: |
| Contact #: |
| E-mail: |
| Date: |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br> **Name**<sup><u>(1)</u></sup> | <br> **Title**<sup><u>(1)</u></sup> | <br> **Signature**<sup><u>(1)</u></sup> | **Telephone Number**<sup><u>(1)</u></sup> | **E-mail Address**<sup><u>(1)</u></sup> | **<u>User Location (Country)</u>** | **Permission**<sup><u>(2)</u></sup>**\*** |

---

\*Permissions:

RO- Read-Only (Allows users to see account information and run reports, but not place trades)

ET – Execute Trades (Allows user to place trades directly))

____________________<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Required information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Required information to use the Web Order Site.

Attachment A<br>

------

#### ATTACHMENT B

#### FUNDS

- Amana Growth ETF

- Amana Equity Income ETF

- Amana Developing World ETF

The Funds above are the initial Funds covered under this Agreement. This Agreement and shall apply to, each of the current and future Funds of the Trust, such that no amendment shall be required in the event that the Trust creates new Funds or terminates existing Funds upon the notice of the revision as set forth in the Agreement, provided that, Funds included herein shall not include any portfolios of the Trust that are not exchange-traded funds operating under Rule 6c-11 of the Investment Company Act of 1940.

Attachment B<br>

------

#### ANNEX A

#### ORDER ENTRY SYSTEM/ ELECTRONIC TERMS AND CONDITIONS

This Annex shall govern use by the Participant of the electronic order entry system for placing Purchase Orders and Redemption Orders (collectively, "Orders") made available to the Participant by the Transfer Agent (the "System"). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Authorized Participant Agreement to which this Annex is attached (the "Agreement"). In the event of any conflict between the terms of this Annex and the main body of the Agreement with respect to the placing of Orders, the terms of this Annex shall control. However, if there is a conflict between the terms of the Prospectus and terms of this Annex , the terms of the Prospectus control.

**Item 1.**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Participant shall provide to the Transfer Agent the AP Authorized Representative Documentation Package certifying the names and signatures of all
 Authorized Representatives as required by Section 9(a) of the Agreement. The Participant shall be responsible in all respects for each Authorized Representative's use of the System.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is understood and agreed that each Authorized Representative shall be designated as an authorized user of the Participant for the purpose of the
 Agreement. Upon termination of the Agreement, the Participant's and each Authorized Representative's access rights with respect to the System shall be immediately revoked.

**Item 2.**<br>

---

| | |
|:---|:---|
| ****<br>| The Transfer Agent grants to the Participant a limited, nontransferable and nonexclusive license to use the System solely for the purpose of transmitting Orders and otherwise communicating with the Transfer Agent in connection with the same. The Participant shall use the System solely for its own internal and proper business purposes. Except as expressly set forth herein, no license or right of any kind is granted to the Participant with respect to the System. The Participant acknowledges that the Transfer Agent and its suppliers retain and have ownership, title and exclusive proprietary rights to the System. The Participant further acknowledges that all or a part of the System may be copyrighted or trademarked (or a registration or claim made therefor) by the Transfer Agent or its suppliers. The Participant shall not take any action with respect to the System inconsistent with the foregoing acknowledgments. The Participant may not copy, distribute, sell, lease or provide, directly or indirectly, the System or any portion thereof to any other person or entity without the Transfer Agent's prior written consent. The Participant may not remove any statutory copyright notice or other notice included in the System. The Participant shall reproduce any such notice on any reproduction of any portion of the System and shall add any statutory copyright notice or other notice upon the Transfer Agent's request. |

---

**Item 3.**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Participant acknowledges that any user manuals or other documentation (whether in hard copy or electronic format) (collectively, the "Material"),
 which is delivered or made available to the Participant regarding the System is the exclusive and confidential property of the Transfer Agent. The Participant shall keep the Material confidential by using the same care and discretion that
 the Participant uses with respect to its own confidential property and trade secrets, but in no event less than reasonable care. The Participant may make such copies of the Material as is reasonably necessary for the Participant to use
 the System for purposes of the Agreement and shall reproduce the Transfer Agent's proprietary markings on any such copy. The foregoing shall not in any way be deemed to affect the copyright status of any of the Material which may be
 copyrighted and shall apply to all Material whether or not copyrighted. THE TRANSFER AGENT AND ITS SUPPLIERS MAKE NO WARRANTIES, EXPRESS OR IMPLIED, CONCERNING THE MATERIAL OR ANY

Annex A - 1

------

<br> PRODUCT OR SERVICE, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon termination of the Agreement for any reason, the Participant shall return to the Transfer Agent all copies of the Material which are in the
 Participant's possession or under its control.

**Item 4.**<br>

The Participant agrees that it shall have sole responsibility for maintaining the security and control of the user IDs, passwords and codes for access to the System provided to the Participant, which shall not be disclosed to any third party without the prior written consent of the Transfer Agent. The Transfer Agent shall be entitled to rely on the information received by it from the Participant and the Transfer Agent may assume that all such information was transmitted by or on behalf of an Authorized Representative regardless of by whom it was actually transmitted.<br>

**Item 5.**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Transfer Agent shall have no liability in connection with the use of the System, the access granted to the Participant and its Authorized
 Representatives hereunder, or any transaction effected or attempted to be effected by the Participant hereunder, except for damages incurred by the Participant as a direct result of the Transfer Agent's gross negligence or willful
 misconduct. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, IT IS HEREBY AGREED THAT IN NO EVENT SHALL THE TRANSFER AGENT OR ANY MANUFACTURER OR SUPPLIER OF EQUIPMENT, SOFTWARE OR SERVICES TO THE TRANSFER AGENT BE RESPONSIBLE OR LIABLE
 FOR ANY SPECIAL, INDIRECT, OR CONSEQUENTIAL DAMAGES WHICH THE PARTICIPANT MAY INCUR OR EXPERIENCE BY REASON OF ITS HAVING ENTERED INTO OR RELIED ON THE AGREEMENT, OR IN CONNECTION WITH THE ACCESS GRANTED TO THE PARTICIPANT HEREUNDER, OR
 ANY TRANSACTION EFFECTED OR ATTEMPTED TO BE EFFECTED BY THE PARTICIPANT HEREUNDER, EVEN IF THE TRANSFER AGENT OR SUCH MANUFACTURER OR SUPPLIER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, NOR SHALL THE TRANSFER AGENT OR ANY SUCH
 MANUFACTURER OR SUPPLIER BE LIABLE FOR ACTS OF GOD, MACHINE OR COMPUTER BREAKDOWN OR MALFUNCTION, INTERRUPTION OR MALFUNCTION OF COMMUNICATION FACILITIES, LABOR DIFFICULTIES OR ANY OTHER SIMILAR OR DISSIMILAR CAUSE BEYOND SUCH PERSON'S
 REASONABLE CONTROL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Participant shall not make any deliberate misuse of any element of the System, including, without limitation, hacking, introduction of viruses or
 any device, method, or token whose knowing or intended purpose is to permit any person to circumvent the normal security and/or operation of the System or any portion thereof, disruption or excessive use or any use in contravention of
 applicable law, and making any modifications to the System, including without limitation the software, information, formats, and interfaces that comprise the System. The Participant will be held strictly liable for decreased effectiveness
 or efficiency of, or for any errors and omissions arising out of the use of, the System provided to the Transfer Agent's other clients as a result of modifications the Participant makes to the System and/or their component parts. The
 Participant will indemnify, defend and hold the Transfer Agent and its suppliers harmless against any losses, expenses, costs, or damages incurred as a result of the Participant's breach of the terms and conditions of this Annex, or its
 unauthorized use of the System.

**Item 6.**<br>

<br> The Transfer Agent reserves the right to revoke the Participant's access to the System immediately and without notice upon any breach by the Participant of the terms and conditions of this Annex.

**Item 7.**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Transfer Agent shall acknowledge through the System its receipt of each Order communicated through the System, and in the absence of such
 acknowledgment, the Transfer Agent shall not be liable for any

Annex A - 2

------

failure to act in accordance with such Orders and the Participant may not claim that such Order was received by the Transfer Agent. The Transfer Agent may in its discretion decline to act upon any instructions or communications that are insufficient or incomplete or are not received by the Transfer Agent in sufficient time for the Transfer Agent to act upon, or in accordance with such instructions or communications.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Participant acknowledges and agrees that encryption may not be available for every communication through the System, or for all data. The
 Participant agrees that the Transfer Agent may deactivate any applicable encryption features at any time, without notice or liability to the Participant, for the purpose of maintaining, repairing or troubleshooting its systems.

---

| | |
|:---|:---|
| **[Name of Participant]** | **[Name of Participant]** |
| By: | ______________________ |
| Name: | ______________________  |
| Title: | ______________________ |
| **Brown Brothers Harriman & Co.<br> in its capacity as Transfer Agent of the Funds**  | **Brown Brothers Harriman & Co.<br> in its capacity as Transfer Agent of the Funds**  |
| By: | ______________________ |
| Name: | ______________________  |
| Title: | ______________________ |

---

Annex A - 3

## Ex-99.(G)(2)

**EXHIBIT (g)(2)**<br>

#### CUSTODIAN AGREEMENT

#### <br>
***THIS AGREEMENT*** (this **"Agreement")** is dated as of May 13, 2026, between AMANA MUTUAL FUNDS TRUST, a management investment company organized as Delaware trust and registered with the U.S. Securities and Exchange Commission under the Investment Company Act of 1940 (the **"1940 Act")** (the **"Trust"** on behalf of itself and each of its series listed on <u>Appendix</u> <u>A</u> attached hereto, each a **"Portfolio"),** each wholly owned subsidiary of a respective Portfolio organized as a limited company under the laws of the Cayman Islands identified on <u>Appendix A</u> attached hereto (each, a **"CFC"),** and **BROWN BROTHERS HARRIMAN** & **CO.,** a limited partnership formed under the laws of the State of New York **("BBH&Co."** or the **"Custodian").** References herein to the **"Fund"** shall be read to mean each of (i) the Trust on behalf of itself and/or each of the respective Portfolios, and (ii) each CFC, severally and not jointly, as the context requires. This Agreement constitutes a separate agreement between BBH&Co. and each of(i) the Trust on behalf of itself and each of the respective Portfolios, and (ii) each CFC. References herein to the **"Agreement"** include any attachments and schedules thereto.

#### WI TNESSETH:
***WHEREAS,*** the Fund wishes to employ BBH&Co. to act as custodian for the fund and to provide related services, all as provided herein, and BBH&Co. is willing to accept such employment, subject to the terms and conditions herein set forth;

***NOW, THEREFORE,*** in consideration of the mutual covenants and agreements herein contained, the Fund and BBH&Co. hereby agree, as follows:

I. ***Appointment of Custodian.*** The Fund hereby appoints BBH&Co. as the Fund's custodian, and BBH&Co. hereby accepts such appointment. All Investments of the Fund delivered to the Custodian or its agents or Subcustodians shall be dealt with as provided in this Agreement. The duties of the Custodian with respect to the Fund's Investments shall be only as set forth expressly in this Agreement, which duties are generally comprised of safekeeping of assets and various administrative duties that will be performed in accordance with Instructions (as defined in Section 4) and as reasonably required to effect Instructions. The terms of this Agreement shall apply separately and respectively to each Portfolio and each CFC for which a separate account is maintained on the books of the Custodian.

2. ***Representations, Warranties and Covenants of the Fund.*** The Fund hereby represents, warrants and covenants each of the following:

2.1 This Agreement has been, and at the time of delivery of each Instruction, such Instruction will have been, *duly* authorized, executed and delivered by the Fund. Neither this Agreement, nor any Instruction issued hereunder violates any Applicable Law or conflicts with or constitutes a default under the applicable Portfolio's prospectus, the Fund's organizational documents or any agreement, judgment, order or decree to which the Fund is a party or by which the Fund or its Investments is bound.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 Each CFC further represents and warrants that it is a wholly owned subsidiary of a respective Portfolio identified on Appendix A hereto and each CFC is responsible for its compliance with the custody or other requirements of the 1940 Act, to the extent applicable to the respective CFC.

2.2 By providing an Instruction with respect to the first acquisition of an Investment by a Fund in a jurisdiction other than the United States of America, the fund shall be deemed to have confirmed to the Custodian that the Fund has (a) assessed all material Country, Sanctions or Sovereign Risks and accepted responsibility for their occurrence, (b) made all determinations required to be made by the Fund under the 1940 Act, and (iii) if deemed appropriate by the Fund, disclosed to the respective Portfolio's shareholders, and prospective investors, all material investment risks, including those relating to the custody and settlement infrastructure or the servicing of securities in such jurisdiction.<br>

2.3 The Fund shall safeguard and shall solely be responsible for the safekeeping of any testkeys, identification codes, passwords, other security devices or statements of account with which the Custodian provides it. If the Fund uses any on-line or similar communications service made available by the Custodian, the Fund shall be solely responsible for ensuring the security of its access to the service and for the use of the service, and shall only attempt to access the service and the Custodian's computer systems as directed by the Custodian. If the Custodian provides any computer software to the Fund relating to the services described in this Agreement, the<br>

------

<br> Fund will only use the software for the purposes for which the Custodian provided the software to the Fund, and will abide by the license agreement accompanying the software and any other security policies which the Custodian provides to the Fund.

<br> 2.4 Notwithstanding anything in this Agreement to contrary effect, the Fund specifically represents and warrants to the Custodian that it shall at all times be principally liable for the repayment of any Advance made by the Custodian under this Agreement.

2.5 By providing an Instruction in respect of an Investment (which Instruction may relate to among other things, the processing of orders and/or settlement of transactions in funds), the Fund hereby (i) authorizes BBH&Co. to complete such documentation as may be required or appropriate to carry out the Instruction, and agrees to be contractually bound to the terms of such documentation "as is" without recourse against BBH&Co.; (ii) represents, warrants and covenants that it has accepted and agreed to comply with all Applicable Law, terms and conditions to which it and/or its Investment may be bound, including without limitation, requirements imposed by the Investment prospectus or offering circular, subscription agreement, any application or other documentation relating to an Investment (e.g., compliance with suitability requirements and eligibility restrictions and requirements that all such documentation relating to the investment has been received, read and understood by the Fund (for itself and its Portfolio)); (iii) acknowledges and agrees that BBH&Co. will not be responsible for the accuracy of any information provided to it by or on behalf of the Fund, or for any underlying commitment or obligation inherent to an Investment; (iv) represents, warrants and covenants that it will not effect any sale, transfer or disposition of Investment(s) held in BBH&Co.'s name by any means other than the issuance of an Instruction by the Fund to BBH&Co.; (v) acknowledges that collective investment schemes (and/or their agent(s)) in which the Fund invests may pay to BBH&Co. certain fees (including without limitation, shareholder servicing and/or trailer fees) in respect of the Fund's investments in such schemes; (vi) agrees that BBH&Co. shall have no obligation or responsibility whatsoever to respond to, or provide capital in connection with any capital calls, letters of intent or other requirements as set out in the prospectus or offering circular of an Investment; (vii) represents, warrants and covenants that it will provide BBH&Co. with such information as is necessary or appropriate to enable BBH&Co.'s performance pursuant to an Instruction or *under* this Agreement; (viii) undertakes to inform BBH&Co. and to keep the same updated as to any tax withholding or benefit to which an Investment may be subject; (ix) authorizes BBH&Co. to furnish the customer due diligence records maintained by BBH&Co. on the Fund and its beneficial owners upon request of the transfer agent or other agent of an issuer of an Investment to satisfy fund requirements and/or regulatory obligations; (x) represents and warrants that to the extent the Fund provides BBH&Co. with any personal data or personally identifiable information in connection with an Investment, the Fund will have obtained the consent of the applicable individuals to provide such data and information to BBH&Co. and the fund and to the use of such data and information as described in the applicable account opening, subscription and related documentation; (xi) acknowledges that BBH&Co. shall have no obligation to fund any order placed by the Fund for which the Fund does not have sufficient cash on deposit with BBH&Co.; and (xii) agrees that, without prejudice to the rights and obligations of the Fund and BBH&Co. under any other agreement or as otherwise set forth in this Agreement, BBH&Co. shall be held harmless for the acts, omissions or any unlawful activity of any agent of the Fund, or any transfer agent or other agent of an Investment in which the Fund may invest.<br>

2.6 The Fund represents and warrants that it is not resident in or organized under the laws of any country with which transactions or dealings are prohibited under a Sanctions Regime. The Fund further warrants that it is not owned or controlled by: (i) the government of any country with which transactions or dealings by any person are prohibited under a Sanctions Regime; (ii) a person or entity resident in or organized under the laws of any country with which transactions or dealings by any person are prohibited under a Sanctions Regime; or (iii) any person or entity on the List of Specially Designated Nationals and Blocked Persons published by OFAC or any comparable Sanctions Regime lists.<br>

2.6.l The Fund represents and warrants that it conducts ongoing screening of its holdings, relevant transactional activity, and service providers engaged by the Fund, including but not limited to Authorized Participants and distributors, against lists promulgated by a Sanctions Regime, as such lists are amended from time to time.

2.6.2 The Fund represents and warrants that it has implemented adequate risk management, control and compliance procedures and systems to ensure that it will not instruct or otherwise cause Custodian

------

to hold any assets in custody that would violate a Sanctions Regime. The Fund further represents it will not instruct Custodian to invest in any asset, nor engage in or facilitate any transaction that would cause Custodian to violate any Sanctions Regime, including any transaction or dealing involving: (i) any country with which transactions or dealings by any person are prohibited under a Sanctions Regime; (ii) any person or entity subject to any Sanctions Regime; or (iii) any assets owned or controlled by a person or entity that is subject to any Sanctions Regime (collectively, "Sanctioned Property"). The Fund further represents and warrants that it has confirmed that relevant service providers engaged by the Fund, including but not limited to Authorized Participants and distributors, have implemented equivalent controls as stated above. The Fund further represents and warrants that it will promptly notify the Custodian in writing if either it or any of the above relevant service providers becomes subject to a Sanctions Regime or if any of the assets custodied by BBH subsequently becomes Sanctioned Property.

2.7 The Fund represents and warrants that it has developed and implemented an anti-money laundering ("AML") program ("AML Program") that is designed to comply with all applicable A.ML and terrorist financing laws and regulations, including but not limited to: the United States Bank Secrecy Act, as amended by the USA PATRIOT Act of 2001, and the regulations promulgated thereunder; the 4<sup>t</sup><sup>h</sup> European Union Anti-Money Laundering Directive; or Financial Action Task Force ("FATF") standards against money laundering and terrorist financing (collectively, "applicable AML laws"). The Fund represents and warrants that its A.ML Program includes proper due diligence on relevant service providers, including but not limited to Authorized Participants and distributors, and confirmation that such service providers have implemented their own policies and procedures designed to comply with applicable AML Laws. The Fund further represents and warrants that it creates and maintains all records and documentation required by applicable AML laws, including identification and verification records of the Fund's customers.<br>

2.7.1 The Fund acknowledges that the Custodian is obligated under applicable US AML Laws to obtain, verify and record identifying information about its customers prior to opening an account.

2.7.2 The Fund represents and warrants that upon request, it will provide the Custodian with information that the Custodian requires to comply with applicable AML Laws and Sanctions Regimes, including but not limited to, verification regarding the AML and Sanctions Regime controls implemented by the above relevant service providers.

2.7.3 The Fund further represents and warrants that it will not instruct or otherwise cause Custodian to hold any assets in custody or engage in or facilitate any transaction that would cause Custodian to violate any applicable AML laws.

2.8 The Fund represents and warrants that neither it nor any Portfolio is (a) a "Plan" (which term includes (1) employee benefit plans that are subject to the United States ("US'') Employee Retirement Income Security Act of 1974, as amended (''ERISA"), or plans, individual retirement accounts and other arrangements that are subject to Section 4975 of the US Internal Revenue Code of 1986, as amended (the "Code"), (2) plans, individual retirement accounts and other arrangements that are subject to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code, and (3) entities the underlying assets of which are considered to include "plan assets'' of such plans, accounts and arrangements), (b) an entity purchasing shares on behalf of, or with the "plan assets" of, a Plan, and further undertakes to inform BBH&Co. and to keep the same updated as to the status under ERISA or Section 4975 of the Code, each as amended, of the Fund, including its Portfolios, or (c) the assets of any plan or other retirement arrangement or account that is not subject to Section 4975 of the Code or Title I of ERSA but is subject to any U.S. federal, state or local law or regulation or any non-U.S. or other law or regulation that contains one or more provisions that are similar to any of the fiduciary responsibility or prohibited transaction provisions under Title I of ERISA or Section 4975 of the Code.

------

2.9 The Fund represents and warrants that it will promptly notify the Custodian in writing if any of the above representations cease to be true.

3. ***Representation and Warranty of BBH&Co.*** BBH&Co. hereby represents and warrants that this Agreement has been duly authorized, executed and delivered by BBH&Co. and does not and will not violate any Applicable Law or conflict with or constitute a default under BBH&Co.'s limited partnership agreement or any agreements, instrument, judgment, order or decree to which BBH&Co. is a party or by which it is bound. BBH&Co. further represents and warrants that it possesses in full force and effect all licenses, permits and other governmental authorizations necessary to enter into and perform its obligations under this Agreement. BBH&Co. further represents and warrants that qualifies as a bank under Section I7(f)(l)(A) of the 1940 Act.

4. ***Instructions.*** Unless otherwise explicitly indicated herein, the Custodian shall perform its duties pursuant to Instructions. As used herein, the term Instruction shall mean a directive initiated by the Fund, acting through its board of directors or trustees, officers or other Authorized Persons (as defined in Section 4.l), which directive shall conform to the requirements of this Section 4.

4.1 ***Authorized Persons.*** For purposes hereof, an **Authorized Person** shall be a person or entity authorized by the Fund to give Instructions to the Custodian by written notices or otherwise for or on behalf of the Fund or Portfolio, as applicable, in accordance with procedures delivered to and acknowledged by the Custodian. The Custodian may treat any Authorized Person as having the full authority of the Fund to issue Instructions hereunder un1ess the notice of authorization contains explicit limitations as to said authority. The Custodian shall be entitled to rely upon the authority of designated Authorized Persons to give Instructions with respect to the Fund or a Portfolio until it receives appropriate written notice from the Fund to the contrary.

4.2 ***Form of Instruction.*** Each Instruction shall be transmitted by such secured or authenticated electro-mechanical means as the Custodian shall make available to the Fund from time to time unless the Fund shall elect to transmit such Instruction in accordance with Subsections 4.2.1 through 4.2.3 of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1 ***Fund Designated Secured-Transmission Method.*** Instructions may be transmitted through a secured or tested electro-mechanical means identified by the Fund or by an Authorized Person entitled to give Instruction and acknowledged and accepted by the Custodian, it being understood that such acknowledgment shall authorize the Custodian to accept such means of delivery but shall not represent a judgment by the Custodian as to the reasonableness or security of the means utilized by the Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 Written Instructions. Instructions may be transmitted in a writing that bears the manual signature of Authorized Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3 ***Other Forms of Instruction.*** Instructions may also be transmitted by another means determined by the Fund or Authorized Persons and acknowledged and accepted by the Custodian (subject to the same limits as to acknowledgements as are contained in Subsection 4.2.l, above) including Instructions given orally or by SWIFT or telefax (whether tested or untested).

When an Instruction is given by means established under Subsections 4.2.l through 4.2.3, it shall be the responsibility of the Custodian to use reasonable care to adhere to any security or other procedures established in writing between the Custodian and the Authorized Person with respect to such means of Instruction, but the Authorized Person shall be solely responsible for determining that the particular means chosen is reasonable under the circumstances. Oral Instructions shall be binding upon the Custodian only if and when the Custodian takes action with respect thereto. With respect to telefax Instructions, the parties agree and acknowledge that receipt of legible instructions cannot be assured, that the Custodian cannot verify that authorized signatures on telefax instructions are original or properly affixed, and that the Custodian shall not be liable for losses or expenses incurred through actions taken in reasonable reliance on inaccurately stated, illegible or unauthorized telefax instructions. Each of the Custodian and the Fund shall promptly contact the other party if it determines that it has received/delivered an illegible or unauthorized Instruction. The provisions of Section 4A of the Uniform Commercial Code shall apply to Funds Transfers performed in accordance with Instructions. The Funds Transfer Services Agreement and the BBH Online Terms and Conditions shall each comprise a designation of a means of delivering Instructions for purposes of this Section 4.2.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.3 ***Completeness and Contents of Instructions.*** The Authorized Person shall be responsible for assuring the adequacy and accuracy of Instructions. Particularly, upon any acquisition or disposition or other dealing in the Fund's Investments and upon any delivery and transfer of any Investment or moneys, the Authorized Person initiating the Instruction shall give the Custodian an Instruction with appropriate detail, including, without limitation:

4.3.1 The transaction date and the date and location of settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.3.2 The specification of the type of transaction;

4.3.3 A description of the Investments or moneys in question, including, as appropriate, quantity, price per unit, amount of money to be received or delivered and currency information. Where an Instruction is communicated by electronic means, or otherwise where an Instruction contains an identifying number such as a CUSIP, SEDOL or ISIN number, the Custodian shall be entitled to rely on such number as controlling notwithstanding any inconsistency contained in the Instruction, particularly with respect to Investment description; and

4.3.4 The name of the broker or similar entity concerned with execution of the transaction.

If the Custodian determines that an Instruction is either unclear or incomplete, the Custodian will give prompt notice of such determination to the Fund, and the Fund shall thereupon amend or otherwise reform the Instruction. In such event, the Custodian shall have no obligation to take any action in response to the Instruction initially delivered until the redelivery of an amended or reformed Instruction.

4.4 ***Timeliness of Instructions.*** In giving an Instruction, the Fund shall take into consideration delays which may occur due to the involvement of a Subcustodian or agent, differences in time zones, and other factors particular to a given market, exchange or issuer. When the Custodian has established specific timing requirements or deadlines in writing (which may be by electronic means, including via email and/or access to the BBH Portal) with respect to particular classes of Instruction, or when an Instruction is received by the Custodian at such a time that it could not reasonably be expected to have acted on such Instruction due to time zone differences or other factors beyond its reasonable control, the execution of any Instruction received by the Custodian after such deadline or at such time (including any modification or revocation of a previous Instruction) shall be at the risk of the Fund.

5. ***Safekeeping of Fund Assets.*** The Custodian shall hold Investments delivered to it or Subcustodians for the Fund in accordance with the provisions of this Section. The Custodian shall not be responsible for (a) the safekeeping of Investments not delivered or that are not caused to be issued to it or its Subcustodians; or, (b) pre-existing faults or defects in Investments that are delivered to the Custodian or its Subcustodians. The Custodian is hereby authorized to hold with itself or a Subcustodian, and to record in one or more accounts, all Investments delivered to and accepted by the Custodian, any Subcustodian or their respective agents pursuant to an Instruction or in consequence of any corporate action or income event. The Custodian shall hold Investments for the account of the Fund and shall segregate Investments from assets belonging to the Custodian and shall cause its Subcustodians to segregate Investments from assets belonging to the Subcustodian in an account held for the Fund or in an account maintained by the Subcustodian generally for non-proprietary assets of the Custodian.

5.1 ***Use of Securities Depositories.*** The Custodian may deposit and maintain Investments in any Securities Depository, either directly or through one or more Subcustodians appointed by the Custodian. Investments held in a Securities Depository shall be held (a) subject to the agreement, rules, statement of terms and conditions or other document or conditions effective between the Securities Depository and the Custodian or the Subcustodian, as the case may be, and (b) in an account for the Fund or in bulk segregation in an account maintained for the non-proprietary assets of the entity holding such Investments in the Depository with appropriate identification of the Fund's Investments on the Custodian's books. If market practice or the rules and regulations of the Securities Depository prevent the Custodian, the Subcustodian or any agent of either from holding its client assets in such a separate account, the Custodian, the Subcustodian or any agent of either shall as appropriate segregate such Investments for benefit of the Fund or for benefit of clients of the Custodian generally on its own books with appropriate identification of the Fund's Investments on the Custodian's books.

------

5.2 ***Certificated Assets.*** Investments which are certificated may be held in registered or bearer form: (a) in the Custodian's vault; (b) in the vault of a Subcustodian or agent of the Custodian or a Subcustodian; or (c) in an account maintained by the Custodian, Subcustodian or agent at a Securities Depository; all in accordance with customary market practice in the jurisdiction in which any Investments are held.

5.3 **Registered Assets.** Investments which are registered may be registered in the name of the Custodian, a Subcustodian, or in the name of the Fund, a Portfolio or a nominee for any of the foregoing, and may be held in any manner set forth in Section 5.2 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.4 **Book Entry Assets.** Investments which are represented by book-entry may be so held in an account maintained by the Book-Entry Agent on behalf of the Custodian, a Subcustodian, an Agent of the Custodian, or a Securities Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.5 **Replacement of Lost Investments.** In the event of a loss of Investments for which loss the Custodian is responsible under the terms of this Agreement, the Custodian shall replace such Investment, or in the event that such replacement cannot be effected, the Custodian shall pay to the Fund the fair market value of such Investment based on the last available price as of the close of business in the relevant market on the date that a claim was first made to the Custodian with respect to such loss, or such other lesser amount as shall be agreed by the parties.

6. ***Administrative Duties of the Custodian.*** The Custodian shall perform the following administrative duties with respect to Investments of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.1 ***Purchase of Investments.*** Pursuant to Instruction, Investments purchased for the account of the Fund shall be paid for (a) against delivery thereof to the Custodian or a Subcustodian, as the case may be, either directly or through a Clearing Corporation or a Securities Depository (in accordance with the rules of such Securities Depository or such Clearing Corporation), or (b) otherwise in accordance with an Instruction, Applicable Law, generally accepted trade practices, or the terms of the instrument representing such Investment.

6.2 ***Sale of Investment.*** Pursuant to Instruction, Investments sold for the account of the Fund shall be delivered (a) against payment therefor in cash, by check or by bank wire transfer, (b) by credit to the account of the Custodian or the applicable Subcustodian, as the case may be, with a Clearing Corporation or a Securities Depository (in accordance with the rules of such Securities Depository or such Clearing Corporation), or (c) otherwise in accordance with an Instruction, Applicable Law, generally accepted trade practices, or the terms of the instrument representing such Investment.

6.3 ***Delivery and Receipt in Connection with Borrowings of the Fund or other Collateral and Margin Requirements.*** Pursuant to Instruction, the Custodian may deliver or receive Investments or cash of the Fund in connection with borrowings or loans by the Fund and other collateral and margin requirements.

6.4 ***Futures and Options.*** If, pursuant to an Instruction, the Custodian shall become a party to an agreement with the Fund and a futures commission merchant regarding margin (Tri-Party Agreement), the Custodian shall (a) receive and retain, to the extent the same are provided to the Custodian, confirmations or other documents evidencing the purchase or sale by the Fund of exchange-traded futures contracts and commodity options, (b) when required by such Tri-Party Agreement, deposit and maintain in an account opened pursuant to such Agreement (Margin Account), segregated either physically or by book-entry in a Securities Depository for the benefit of any futures commission merchant, such Investments as the Fund shall have designated as initial, maintenance or variation "margin" deposits or other collateral intended to secure the Fund's performance of its obligations under the terms of any exchange-traded futures contracts and commodity options; and (c) thereafter pay, release or transfer Investments into or out of the margin account in accordance with the provisions of such Agreement. Alternatively, the Custodian may deliver Investments, in accordance with an Instruction, to a futures commission merchant for purposes of margin requirements in accordance with Rule 17f-6 under the 1940 Act. The Custodian shall in no event be responsible for the acts and omissions of any futures commission merchant to whom Investments are delivered pursuant to this Section; for the sufficiency of Investments held in any Margin Account; or, for the performance of any terms of any exchange-traded futures contracts and commodity options.

------

6.5 ***Contractual Obligations and Similar Investments.*** From time to time, the Fund's Investments may include Investments that are not ownership interests as may be represented by certificate (whether registered or bearer), by entry in a Securities Depository or by Book-Entry Agent, registrar or similar agent for recording ownership interests in the relevant Investment. If the Fund shall at any time acquire such Investments, including without limitation deposit obligations, loan participations, repurchase agreements and derivative arrangements, the Custodian shall (a) receive and retain, to the extent the same are provided to the Custodian, confirmations or other documents evidencing the arrangement; and (b) perform (e.g., deposit or transfer cash) in respect of the relevant Fund account in accordance with the terms of the applicable arrangement, but only to the extent directed to do so by Instruction. The Custodian shall have no responsibility for agreements running to the Fund as to which it is not a party other than to retain, to the extent the same are provided to the Custodian, documents or copies of documents evidencing the arrangement and, in accordance with Instruction. to include such arrangements in reports made to the Fund.

6.6 ***Exchange of Securities.*** Unless otherwise directed by Instruction. the Custodian shall: (a) exchange securities held for the account of the Fund for other securities in connection with any reorganization, recapitalization, conversion, stock split, change of par value of shares or similar event, and (b) deposit any such securities in accordance with the terms of any reorganization or protective plan.

6.7 ***Surrender of Securities.*** Unless otherwise directed by Instruction, the Custodian may surrender securities: (a) in temporary form for definitive securities; (b) for transfer into the name of an entity allowable under Section 5.3; and (c) for a different number of certificates or instruments representing the same number of shares or the same principal amount of indebtedness.

6.8 ***Rights, Warrants, Etc.*** Pursuant to Instruction, the Custodian shall (a) deliver warrants, puts, calls, rights or similar securities to the issuer or trustee thereof, or to any agent of the issuer or trustee, for purposes of exercising such rights or selling such securities, and (b) deliver securities in response to any tender offer.

6.9 ***Mandatory Corporate Actions.*** Unless otherwise directed by Instruction, the Custodian shall: (a) comply with the terms of all mandatory or compulsory exchanges, calls, tenders, redemptions or similar rights of securities ownership affecting securities held on the Fund's account and promptly notify the Fund of such action; and (b) collect all stock dividends, rights and other items of like nature with respect to such securities and credit the same to the appropriate Fund account.

6.10 ***Income Collection.*** Unless otherwise directed by Instruction, the Custodian shall collect any amount due and payable to the Fund with respect to Investments and promptly credit the amount collected to a Principal or Agency Account; provided, however, that the Custodian shall not be responsible for: (a) the collection of amounts due and payable with respect to Investments that are in default or (b) the collection of cash or share entitlements with respect to Investments that are not registered in the name of the Custodian or its Subcustodians. The Custodian is hereby authorized to endorse and deliver any instrument required to be so endorsed and delivered to effect collection of any amount due and payable to the Fund with respect to Investments.

6.11 ***Corporate Action Information.*** In fulfilling the duties set forth in Sections 6.6 through 6.10 above, the Custodian shall provide to the Fund such material information pertaining to a corporate action which the Custodian actually receives; provided that the Custodian shall not be responsible for the completeness or accuracy of such information. Information relative to any pending corporate action made available to the Fund via any of the services described in the BBH Online Terms and Conditions shall constitute the delivery of such information by the Custodian. Any advance credit of cash or shares expected to be received as a result of any corporate action shall be subject to actual collection and may be reversed by the Custodian.

6.12 ***Proxy Materials.*** The Custodian shall without undue delay deliver, or cause to be delivered without undue delay, to the Fund proxy forms, notices of meeting, and any other notices or announcements materially affecting or relating to Investments received by the Custodian. Notifications and ballots made available to clients

------

via access to BBH's Online portal, BBH Infuse, or delivered electronically to an address or identification furnished by the Client (e.g., ProxyEdge ID) shall constitute the delivery of such information by the Custodian.

6.13 ***Ownership Certificates and Disclosure of the Fund's Interest.*** The Custodian is hereby authorized to execute on behalf of the Fund ownership certificates, affidavits or other disclosure required under Applicable Law or established market practice in connection with the receipt of income, capital gains or other payments by the Fund with respect to Investments, or in connection with the sale, purchase or ownership of Investments.

With respect to securities issued in the United States of America, the Custodian [ ] may [ ] may not release the identity of the Fund to an issuer which requests such information pursuant to the Shareholder Communications Act of 1985 for the specific purpose of direct communications between such issuer and the Fund. IF NO BOX IS CHECKED, THE CUSTODIAN SHALL RELEASE SUCH INFORMATION UNTIL IT RECEIVES CONTRARY INSTRUCTIONS FROM THE FUND. With respect to securities issued outside of the United States of America, information shall be released in accordance with law or custom of the particular country in which such security is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14. ***Taxes.*** The Custodian shall, where applicable, assist the Fund in the reclamation of taxes withheld on dividends and interest payments received by the Fund. In the performance of its duties with respect to tax withholding and reclamation, the Custodian shall be entitled to rely on the advice of counsel and upon information and advice regarding the Fund's tax status that is received from or on behalf of the Fund without duty of separate inquiry.

6.15 ***Other Dealings.*** The Custodian shall otherwise act as directed by Instruction, including without limitation effecting the free payments of moneys or the free delivery of securities.

6.16 ***Nondiscretionary Details and Minor Expenses.*** The Custodian shall attend to all nondiscretionary details in connection with the sale or purchase or other administration of Investments, except as otherwise directed by Instruction, and may make payments to itself or others for minor expenses of administering Investments under this Agreement, provided that the Fund shall have the right to request an accounting with respect to such expenses.

6.17 ***Use of Agents.*** The Custodian may at any time or times in its discretion appoint (and may at any time remove) any other affiliate, bank, trust company or subcontractor as its agent (each an "Agent" and collectively, the "Agents"), in addition to Subcustodians, to carry out such provisions of this Agreement as it may from time to time direct, including in connection with use of any Securities System. The Custodian shall exercise reasonable care in the selection and monitoring of such Agents and Subcustodians. The appointment of an Agent shall not relieve the Custodian of its obligations under this Agreement, and accordingly, the Custodian shall be. liable for the acts and omissions of its Agents to the extent that the Custodian would itself be liable for such acts or omissions under th.is Agreement had it performed or not performed the relevant act or omission itself.

6.18 ***Registration Document Completion Service.*** The Fund may appoint the Custodian to further provide registration document completion services for account openings, name changes, conversions, mergers, market-specific licensing renewals, account closings and other events, and for such markets, as may be agreed between each Fund and the Custodian from time to time (the "Registration Services"). The Fund shall pay Custodian such fees as may be agreed between the parties in writing (including via the Fee Schedule (defined in Section 15)) from time to time with respect to the Registration Services in accordance with Section 14 hereof. The Fund further acknowledges and agrees that: (i) as part of the Registration Services, the Custodian will complete registration documentation for the agreed markets on behalf of the Fund and then forward such documentation to the Fund or an Authorized Person for final review and signature on behalf of the Fund; (ii) by the Fund or an Authorized Person signing and submitting the aforementioned documentation to the Custodian on behalf of the Fund (the "Submitted Documents"), the Fund shall be deemed to have confirmed to the Custodian that the Fund has reviewed the Submitted Documents and has determined that all of the information contained therein is accurate and complete; (iii) the submission of the Submitted Documents to the Custodian, shall be deemed an Instruction under Section 4 hereof to open one or more accounts in the referenced market (in accordance with the information provided in the Submitted Documents) and to provide the Submitted Documents and/or the information contained therein to the Subcustodian in the referenced market (and where applicable, for further submission to the relevant Securities Depository, exchanges, regulatory and tax authorities, tax agents and/or brokers in the referenced market).

------

7. ***Cash Accounts, Deposits and Money Movements.*** Subject to the terms and conditions set forth in this Section 7, the Fund hereby authorizes the Custodian to open and maintain, with itself, Subcustodians or other banking institutions, cash accounts in such currencies as are the currencies of the countries in which the Fund maintains Investments or in such other currencies as the Fund shall from time to time request by Instruction (including, as applicable, in connection with a standing Instruction for the Fund's participation BBH&Co.'s cash management sweep program). Notwithstanding anything in this Agreement to the contrary, the Fund shall be liable as principal for any overdrafts occurring in any cash accounts.

7.1 ***Types of Cash Accounts.*** Cash accounts opened on the books of the Custodian (Principal Accounts) shall be opened in the name of the Fund. Such accounts collectively shall be a deposit obligation of the Custodian and shall be subject to the terms of this Section 7 and the general liability provisions contained in Section 9. Cash accounts opened on the books of a Subcustodian may be opened in the name of the Fund or in the name of the Custodian for the Fund or in the name of the Custodian for its customers generally but reflected in the records of the Custodian as being held on deposit by the Subcustodian for the Fund (Agency Accounts). Such deposits shall be obligations of the Subcustodian and shall be treated as an Investment of the Fund. Accordingly, the Custodian shall be responsible for exercising reasonable care in the administration of such accounts, but shall not be liable for their repayment in the event the Subcustodian, by reason of its bankruptcy, insolvency or otherwise, fails to make repayment. Nothing in this Section 7.1 shall relieve the Custodian of any responsibility it would otherwise have for selecting and monitoring Subcustodians.

7.1.1 **Administrative Accounts.** In connection with the services provided hereunder, the Custodian is hereby directed to open cash accounts on its books and records from time to time for the purposes of receiving subscriptions and/or processing redemptions on behalf of the Fund and/or for the purposes of aggregating, netting and/or clearing transactions (including, without limitation foreign exchange, repurchase agreements, capital stock activity, expense payment) or other administrative purposes, each on behalf of the Fund (each an "Account"). Each such Account shall be subject to the terms and conditions of this Agreement and the Fund shall be liable for the satisfaction of its obligations in connection with each Account.

7.2 ***Payments and Credits with Respect to the Cash Accounts.*** The Custodian shall make payments from or deposits to any of the cash accounts in the course of carrying out its administrative duties, including but not Limited to income collection with respect to the Fund's Investments, and otherwise in accordance with Instructions. The Custodian and its Subcustodians shall be required to credit amounts to the cash accounts only when moneys are actually received in cleared funds in accordance with banking practice in the country and currency of deposit. Any credit made to any Principal or Agency Account before actual receipt of cleared funds shall be provisional and may be reversed by the Custodian in the event such payment is not actually collected. The Custodian shall give the Fund prompt notice following any such reversal (which may be by updates to reports relating to the respective Account accessible via the BBH Portal). Unless otherwise specifically agreed in writing by the Custodian or any Subcustodian, all deposits shall be payable only at the branch of the Custodian or Subcustodian where the deposit is made or carried.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 ***Currency and Related Risks.*** The Fund bears the risks of holding or transacting in any currency, including any mark to market exposure associated with a foreign exchange transaction undertaken with the Custodian. The Custodian shall not be liable for any loss or damage arising from the applicability of any law or regulation now or hereafter in effect, or from the occurrence of any event not directly caused by the negligence, bad faith, or willful misconduct in the performance of the Custodian's obligations and duties hereunder, which may delay or affect the transferability, convertibility or availability of any currency in the country (a) in which such Principal or Agency Accounts are maintained or (b) in which such currency is issued, and in no event shall the Custodian be obligated to make payment of a deposit denominated in a currency during the period during which its transferability, convertibility or availability bas been affected by any such law, regulation or event. Without limiting the generality of the foregoing, neither the Custodian nor any Subcustodian shall be required to repay any deposit made at a foreign branch of either the Custodian or Subcustodian if such branch cannot repay the deposit due to a cause for which the Custodian would not be responsible in accordance with the terms of Section 9 of this Agreement unless the Custodian or such Subcustodian expressly agrees in writing to repay the deposit under such circumstances. All currency transactions in any account opened pursuant to this

------

Agreement are subject to exchange control regulations of the United States and of the country where such currency is the lawful currency or where the account is maintained. Any taxes, costs, charges or fees imposed on the convertibility of a currency held by the Fund shall be for the account of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.4 ***Foreign Exchange Transactions.*** The Custodian shall, subject to the terms of this Section, settle foreign exchange transactions (including contracts, futures, options and options on futures) on behalf and for the account of the Fund with such currency brokers or banking institutions, including Subcustodians, as the Fund may direct pursuant to Instructions. The Custodian may act as principal in any foreign exchange transaction with the Fund in accordance with Section 7.4.2 of this Agreement. The obligations of the Custodian in respect of all foreign exchange transactions (whether or not the Custodian shall act as principal in such transaction) shall be contingent on the free, unencumbered transferability of the currency transacted on the actual settlement date of the transaction.

7.4.l ***Third Party Foreign Exchange Transactions.*** The Custodian shall process foreign exchange transactions (including without limitation contracts, futures, options, and options on futures), where any third party acts as principal counterparty to the Fund on the same basis it performs duties as agent for the Fund with respect to any other of the Fund's Investments. Accordingly the Custodian shall only be responsible for delivering or receiving currency on behalf of the Fund in respect of such contracts pursuant to Instructions. The Custodian shall not be responsible for the failure of any counterparty (including any Subcustodian) in such agency transaction to perform its obligations thereunder. The Custodian (a) shall transmit cash and Instructions to and from the currency broker or banking institution with which the Fund has executed a foreign exchange contract or option, (b) may make free outgoing payments of cash in the form of Dollars or foreign currency without receiving confirmation of a foreign exchange contract or option or confirmation that the countervalue currency completing the foreign exchange contract has been delivered or received or that the option has been delivered or received, (c) may, in connection with cash payments made to third party currency brokers/dealers for settlement of the Fund's foreign exchange spot or forward transactions, foreign currency swap transactions and similar foreign exchange transactions, process settlements using the facilities of the CLS Bank according to the CLS Bank and the CLS Bank Settlement Member terms and conditions, and (d) shall hold in safekeeping all confirmations, certificates and other documents and agreements received by the Custodian and evidencing or relating to such foreign exchange transactions. The Fund accepts full responsibility for its use of third-party foreign exchange dealers and for execution of the foreign exchange contracts and options and understands that the Fund shall be responsible for any and all costs and interest charges which may be incurred by the Fund or the Custodian as a result of the failure or delay of third parties to deliver foreign exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.2 ***Foreign Exchange with the Custodian as Principal.*** The Custodian may enter into foreign exchange transactions with the Fund. If a foreign exchange transaction with the Custodian as principal is initiated by Instruction and the parties have not otherwise entered into an agreement specific to such transaction(s), the transaction will be performed and subject to the FX Terms and Conditions (available at: <u>http://www.bbh.com/fxtermsandconditions</u>) incorporated into the BBH Online Terms and Conditions (the "FX Terms and Conditions"), which terms may be updated from time to time in accordance with the procedures set forth in the BBH Online Terms and Conditions. Foreign exchange transactions that occur or are placed on or after the effective date of such updates, as stated in the applicable notice, shall be governed by the FX Terms and Conditions, as so modified. The Fund represents and warrants, each and every time an Instruction to execute a foreign exchange transaction with the Custodian as principal is initiated, that it is an eligible contract participant, as that term is used under the Commodity Exchange Act and the regulations thereunder, as amended from time to time.

7.5 **Delays.** Info event of Force Majeure shall have occurred and be continuing and in the event that a delay shall have been caused by the negligence, bad faith or willful misconduct of the Custodian in carrying out an Instruction to credit or transfer cash, the Custodian shall be liable to the Fund for damages, which, unless prohibited by applicable law, (a) with respect to Principal Accounts, shall be interest charges calculated at the rate customarily paid on such deposit and currency by the Custodian on overnight deposits at the time the delay occurs for the period from the day when the transfer should have been effected until the day it is in fact effected; and, (b) with respect to Agency Accounts, shall be interest charges calculated at the rate customarily paid on such deposit and currency by the Subcustodian on overnight deposits at the time the delay occurs for the period from the day when the transfer should have been effected until the day it is in fact effected. The Custodian shall

------

not be liable for delays in carrying out Instructions to transfer cash which are not due to the Custodian's own negligence, bad faith or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.6 ***Advances.*** If, for any reason in connection with this Agreement the Custodian or any Subcustodian makes an Advance to facilitate settlement or otherwise for the benefit of the Fund (whether or not any Principal or Agency Account shall be overdrawn either during, or at the end of, any Business Day), the Fund hereby does:7.6.l acknowledge that the Fund shall have no right, title or interest in or to any Investments purchased with such Advance or proceeds of such Investments, and that any credit of Investments to an account of Fund shall be provisional, until: (a) the debit of the Principal or Agency Account by Custodian for an amount equal to Advance Costs; and/or (b) if such debit produces an overdraft in such account, reimbursement to the Custodian or Subcustodian for the amount of such overdraft;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6.2 acknowledge that the Custodian has an automatically perfected statutory security interest in Investments purchased with any such Advance pursuant to Section 9-206 of the Uniform Commercial Code as in effect in the State of New York from time to time;

In addition, in order to secure the obligations of the Fund to pay or perform any and all obligations of the Fund pursuant to this Agreement, including without limitation to repay any Advance made pursuant to this Agreement, the Fund grants to the Custodian a security interest in all Investments and proceeds thereof (as defined in the Uniform Commercial Code as currently in effect in the State of New York); and agrees to take, and agrees that the Custodian may take, in respect of the security interest referenced above, any further actions that the Custodian may reasonably require.

7.7 ***Custodian's Rights*** Neither the Custodian nor any Subcustodian shall be obligated to make any Advance or to allow an Advance to occur to the Fund, and in the event that the Custodian or any Subcustodian does make or allow an Advance, any such Advance and any transaction giving rise to such Advance shall be for the account and risk of the Fund and shall not be deemed to be a transaction undertaken by the Custodian for its own account and risk. If such Advance shall have been made or allowed by a Subcustodian or any other person, the Custodian may assign all or part of its security interest referenced above and any other rights granted to the Custodian hereunder to such Subcustodian or other person. If the Fund shall fail to repay the Advance Costs when due, the Custodian or its assignee, as the case may be, shall be entitled to a portion of the available cash balance in any Agency or Principal Account equal to such Advance Costs, and the Fund authorizes the Custodian, on behalf of the Fund or Portfolio, to pay an amount equal to such Advance Costs irrevocably to such Subcustodian or other person, and to dispose of any property in such Account to the extent necessary to make such payment. Any Investments credited to accounts subject to this Agreement created pursuant hereto shall be treated as financial assets credited to securities accounts under Articles 8 and 9 of the Uniform Commercial Code as in effect in the State of New York from time to time. Accordingly, the Custodian and any Subcustodian shall have the rights and benefits of a secured creditor that is a securities intermediary under such Articles 8 and 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.8 ***Integrated Account.*** For purposes hereof, deposits maintained in all Principal Accounts (whether or not denominated in Dollars) shall collectively constitute a single and indivisible current account with respect to the Fund's obligations to the Custodian or its assignee, and balances in the Principal Accounts shall be available for satisfaction of the Fund's obligations under this Section 7. The Custodian shall further have a right of offset against the balances in any Agency Account maintained hereunder to the extent that the aggregate of all Principal Accounts is overdrawn.

8. ***Subcustodians and Securities Depositories.*** Subject to the provisions hereinafter set forth in this Section 8, the Fund hereby authorizes the Custodian to utilize Securities Depositories to act on behalf of the Fund and to appoint from time to time and to utilize Subcustodians. With respect to Investments held by a Subcustodian, either directly or indirectly (including by a Securities Depository or Clearing Corporation), notwithstanding any provisions of this Agreement to the contrary, payment for securities purchased and delivery of securities sold may be made prior to receipt of securities or payment, respectively, and securities or payment may be received in a form in accordance with (a) governmental regulations, (b) rules of Securities Depositories and Clearing Corporations, (c) generally accepted trade practice in the applicable local market, (d) the terms and characteristics of the particular Investment, or (e) the terms of Instructions.

8.1 ***Domestic Subcustodians and Securities Depositories.*** The Custodian may deposit and/or maintain,

------

either directly or through one or more Agents appointed by the Custodian, Investments of the Fund in any Securities Depository in the United States, including The Depository Trust Company, provided such Depository meets applicable requirements of the Federal Reserve Bank or of the Securities and Exchange Commission. The Custodian may, from time to time, appoint any bank as defined in Section 2(a)(5) of the 1940 Act meeting the requirements of a custodian under Section I7(f) of the 1940 Act and the rules and regulations thereunder to act on behalf of the Fund as a Subcustodian for purposes of holding Investments of the Fund in the United States.

8.2 ***Foreign Subcustodians and Securities Depositories.*** Unless instructed otherwise by the Fund, the Custodian may deposit and/or maintain non-U.S. Investments of the Fund in any non-U.S. Securities Depository provided such Securities Depository meets the requirements of an ''eligible securities depository" under Rule 17f-7 promulgated under the 1940 Act, or any successor rule or regulation ("Rule 17f-7") or which by order of the Securities and Exchange Commission is exempted therefrom. Prior to the time that investments are placed with such depository, but subject to the provisions of Section 8.5 below, the Custodian shall have prepared and provided and/or made accessible to the Fund an assessment of the custody risks associated with maintaining assets with the Securities Depository and shall have established a system to monitor such risks on a continuing basis in accordance with Section 8.5. Additionally, the Custodian may, from time to time, appoint (a) any bank, trust company or other entity meeting the requirements of an "eligible foreign custodian" under Rule 17f-5 or which by order of the Securities and Exchange Commission is exempted therefrom, or (b) any bank as defined in Section 2(a)(5) of the 1940 Act meeting the requirements of a custodian under Section 17(f) of the 1940 Act and the rules and regulations thereunder, to act on behalf of the Fund as a Subcustodian for purposes of holding Investments of the Fund outside the United Stares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 ***Delegation of Board Review of Subcustodians.*** From time to time, the Custodian may agree to perform certain reviews of Subcustodians and of Subcustodian Contracts as the delegate of the Trust Board. In such event, the Custodian's duties and obligations with respect to this delegated review will be performed in accordance with the terms of the attached 17f-5 Delegation Schedule to this Agreement.

8.4 ***Board Approval of Foreign Subcustodian.*** Unless and except to the extent that the Trust Board has delegated to the Custodian and the Custodian has accepted delegation of review of certain matters concerning the appointment of Subcustodians pursuant to Subsection 8.3, the Custodian shall, prior to the appointment of any Subcustodian for purposes of holding Investments of the Trust outside the United States, obtain written confirmation of the approval of the Trust Board with respect to (a) the identity of a Subcustodian, and (b) the Subcustodian agreement which shall govern such appointment, such approval to be signed by an Authorized Person. An Instruction to open an account in a given country shall comprise authorization of the Custodian to hold assets in such country in accordance with the terms of this Agreement. The Custodian shall not be required to make independent inquiry as to the authorization of the Fund to invest in such country.

8.5 ***Monitoring and Risk Assessment of Securities Depositories.*** Prior to the placement of any assets of any Portfolio of the Trust with a non-U,S, Securities Depository, the Custodian: (a) shall provide (which may be by electronic means, inducting via email and/or access to the BBH Portal) to the Portfolio or its authorized representative a written assessment of the custody risks associated with maintaining assets within such Securities Depository; and (b) shall have established a system to monitor the custody risks associated with maintaining assets with such Securities Depository on a continuing basis and to promptly notify the Portfolio or its Investment Adviser of any material changes in such risk. In performing its duties under this subsection, the Custodian shall use reasonable care and may rely on such reasonable sources of information as may be available including but not limited to: (i) published ratings; (ii) information supplied by a Subcustodian that is a participant in such Securities Depository; (iii) industry surveys or publications; (iv) information supplied by the .depository itself, by its auditors (internal or external) or by the relevant Foreign Financial Regulatory Authority. It is acknowledged that information procured through some or all of these sources may not be independently verifiable by the Custodian and that direct access to Securities Depositories is limited under roost circumstances. Accordingly, the Custodian shall not be responsible for errors or omissions in its duties hereunder provided that it has performed its monitoring and assessment duties with reasonable care. The risk assessment shall be provided to the Portfolio or its Investment Advisor by such means as the Custodian shall reasonably establish. Advices of material change in such assessment may be provided by the Custodian in the manner established as customary between the Fund and the Custodian for transmission of material market information.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 ***Responsibility for Subcustodians.*** Except as provided in the last sentence of this Section 8.6, the Custodian shall be liable to the fund for any loss or damage to the Fund caused by or resulting from the acts or omissions of any Subcustodian to the extent that such acts or omissions would be deemed to be negligence, gross negligence or willful misconduct in accordance With the terms of the relevant subcustodian agreement under the laws, circumstances and practices prevailing in the place where the act or omission occurred. The liability of the Custodian in respect of the countries and Subcustodians designated by the Custodian, from. time to time on the Global Custody NetWork Listing shall be subject to the additional condition that the Custodian actually recovers such loss or damage from the Subcustodian,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 ***New Countries.*** The Fund shall be responsible for informing the Custodian sufficiently in advance of a proposed investment which is to be held in a country in which no Subcustodian is authorized to act in order that the Custodian shall, if it deems appropriate to do so, have sufficient time to establish a subcustodial arrangement in accordance herewith. In the event, the Custodian is unable to establish such arrangements prior to the time the investment is to be acquired, the Custodian is authorized to designate at its discretion a local safekeeping agent, and the use of the local safekeeping agent shall be at the sole risk of the Fund, and accordingly the Custodian shall be responsible to the Fund for the actions of such agent if and only to the extent the Custodian shall have recovered from such agent for any damages caused the Fund by such agent.

9. ***Responsibility of the Custodian.*** In performing its duties and obligations hereunder, the Custodian shall use reasonable care under the facts and circumstances prevailing in the market where performance is effected, but shall not be required to take any action which, in the Custodian's reasonable judgment, is in contravention of any Applicable Law, rule or regulation or any order or judgment of any court of competent jurisdiction. Subject to the specific provisions of this Section, the Custodian shall be liable to the Fund for any direct damage incurred by the Fund caused by the Custodian's (or its employees', officers' or other Agents') negligence, bad faith or willful misconduct. In no event shall the Custodian be liable hereunder for any special, indirect, punitive or consequential damages arising out of, pursuant to or in connection with this Agreement even if the Custodian has been advised of the possibility of such damages. It is agreed that the Custodian shall have no duty to assess the risks inherent in the Fund's Investments or to provide investment advice with

respect to such Investments and that the Fund including its Portfolios as principal shall bear any risks attendant to particular Investments such as failure of counterparty or issuer.

9.1 ***Limitations of Performance.***

9.1.1 ***Force Majeure.*** Notwithstanding anything to the contrary, BBH&Co. shall not be responsible or liable for any failure, hindrance or delay in the performance of its obligations under this Agreement arising out of, or for any loss or damages arising out of, a Force Majeure event. BBH&Co. will use reasonable efforts to perform its obligations under this Agreement notwithstanding such Force Majeure event.

9.1.2 ***Country Risk; Sovereign Risk; AML and Sanctions Risk.*** The Custodian shall not be responsible under this Agreement for any failure to perform its duties and shall not be liable hereunder for any loss or damages in association, with such failure to perform, for or in consequence of the following: Country Risk, Sovereign Risk or AML and Sanctions Risk.

**Country Risk** shall mean, with respect to the acquisition, ownership, settlement or custody of Investments in a jurisdiction, all risks relating to, or arising in consequence of, systemic and markets factors affecting the acquisition, payment for or ownership of Investments including (a) the prevalence of crime and corruption, (b) the inaccuracy or unreliability of business and financial information, (c) the instability or volatility of banking and financial systems, or the absence or inadequacy of an infrastructure to support such systems, (d) custody and settlement infrastructure of the market in which such Investments are transacted and held, (e) the acts, omissions and operation of any Securities Depository, (t) the risk of the bankruptcy or insolvency of banking agents, counterparties to cash and securities transactions, registrars or transfer agents, and (g) the existence of market conditions which prevent the orderly execution or settlement of transactions or which affect the value of assets.

------

**Sovereign Risk** shall mean, in respect of any jurisdiction, including the United States of America, where an Investment is acquired or held hereunder or under a subcustody agreement, (a) any act of war, terrorism, riot, insurrection or civil commotion, (b) the imposition of any investment, repatriation or exchange control restrictions by any Governmental Authority, (c) the confiscation, expropriation or nationalization of any Investments or cash deposits by any Governmental Authority, whether de facto or de jure, (d) any devaluation or revaluation of the currency, (e) the imposition of taxes, levies or other charges affecting Investments or cash deposits, (f) any change in the Applicable Law, or (g) any other economic or political risk incurred or experienced.

**AML and Sanctions Risk** shall mean, with respect to the acquisition, ownership, settlement or custody of Investments, all risks relating to, or arising in consequence of the Custodian complying with one or more Sanctions Regimes or applicable AML Laws, including, but not limited to, the risk that if Custodian reasonably believes it has come in contact with a sanctioned party, or has come into possession or control of any Sanctioned Property as a result of its performance of this Agreement, Custodian may be required by one or more Sanctions Regime to block (i.e. prevent further movement of) such Sanctioned Property and report any related activity to relevant government authorities. The Fund acknowledges that if multiple Sanctions Regimes apply (including OFAC), the Custodian will comply with the most restrictive of the applicable regimes. The Fund also acknowledges that the Custodian shall not be liable hereunder for any loss or damage caused by any delays or refusals to process a transaction that result from Custodian's obligation to ensure compliance with applicable AML Laws and Sanctions Regimes.

9.2. ***Limitations on Liability.***

9.2.1 ***Failure of Third Parties.*** The Custodian shall not be liable for any loss, claim, damage or other liability arising from the failure of any third party including: (a) any issuer of Investments or Book-Entry Agent or other agent of an issuer; (b) any counterparty with respect to any Investment, including any issuer of exchange-traded or other futures, option, derivative or commodities contract; (c) any Investment Advisor or other agent of the Fund; (d) any Digital Asset Custodian or other service provider responsible for safekeeping, holding in custody or providing asset services in respect of Digital Assets; or (e) any other third parties similarly beyond the control or choice of the Custodian.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.2.2 ***Information Sources.*** The Custodian may rely upon information received from issuers of investments or agents of such issuers, information received from Subcustodians and from other commercially reasonable sources such as commercial data bases and the like, but shall not be responsible for specific inaccuracies in such information, provided that the Custodian has relied upon such information in good faith, or for the failure of any commercially reasonable information provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.2.3 **Reliance on Instruction; Restricted Securities.** The Custodian shall not be liable for any loss, claim, damage or other liability arising from the (a) action by the Custodian or the Subcustodian in accordance with an Instruction, even when such action conflicts with, or is contrary to any provision of, the Fund's trust instrument, certificate of trust or by-laws or other organizational documents, Applicable Law, or actions by the trustees, directors or shareholders of the Fund, or (b) limitations inherent in the rights, transferability or similar investment characteristics of a given Investment of the Fund.

10. ***Indemnification.*** The Fund hereby indemnifies the Custodian and each Subcustodian, and their respective Agents, nominees and the partners, employees, officers and directors, and agrees to hold each of them harmless from and against all claims and liabilities, including counsel fees and taxes, incurred or assessed against any of them in connection with the performance of this Agreement and any Instruction to the extent not caused by the willful misconduct, bad faith or negligence of Custodian in the performance of its obligations under this Agreement. If a Subcustodian or any other person indemnified under the preceding sentence, gives written notice of claim to the Custodian, the Custodian shall promptly give written notice to the Fund. The provisions of this paragraph shall survive the termination of this Agreement. <br>

------

11. ***Reports and Records.***

11. l The Custodian shall:

11. l. l create and maintain records relating to the performance of its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.1.2 make available to the Fund, its auditors, agents and employees, upon reasonable request and during normal business hours of the Fund and the Custodian, all records maintained by the Custodian pursuant to Section 11.1.l above, subject, however, to all reasonable security requirements of the Custodian then applicable to the records of its custody customers generally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.1.3 make available to the Fund all Electronic Reports; it being understood that the Custodian shall not be liable hereunder for the inaccuracy or incompleteness thereof or for errors in any information included therein.

11.2 The Fund shall examine all records, howsoever produced or transmitted, promptly upon receipt and notify the Custodian promptly of any discrepancy or error. Unless the Fund delivers written notice of any such discrepancy or error within a reasonable time after its receipt of the records, the records shall be deemed to be true and accurate.

11.3 The Fund acknowledges that the Custodian obtains information on the value of assets from outside sources which may be utilized in certain reports made available to the Fund. The Custodian deems such sources to be reliable but the Fund acknowledges and agrees that the Custodian does not verify such information nor make any representations or warrantees as to its accuracy or completeness and accordingly shall be without liability in selecting and using such sources and furnishing such information.

12. ***Miscellaneous.***

12. l  ***Powers of Attorney, etc.*** The Fund will promptly execute and deliver, upon request, such proxies, powers of attorney or other instruments as may be reasonably necessary or desirable for the Custodian to provide, or to cause any Subcustodian to provide, custody services.

12.2 ***Entire Agreement; Amendment.*** This Agreement constitutes the entire understanding and agreement of the parties hereto and supersedes any other oral or written agreements heretofore in effect between the Fund and the Custodian with respect to the subject matter hereof. No provision of this Agreement may be amended or terminated except by a statement in writing signed by the party against which enforcement of the amendment or termination is sought, provided, however, that an Instruction shall, whether or not such Instruction shall constitute a waiver, amendment or modification for purposes hereof, be deemed to have been accepted by the Custodian when it commences actions pursuant thereto or in accordance therewith. In the event of a conflict between the terms of this Agreement and the terms of a service level agreement or other operating agreement in place between the parties from time to time, the terms of this Agreement shall control.

12.3 ***Binding Effect; Assignment.*** This Agreement shall be binding upon and shall inure to the benefit of the Custodian and the Fund and their successors and assignees, provided that the Fund may not assign this Agreement without the prior written consent of the Custodian. Each party agrees that only the parties to this Agreement and/or their successors in interest shall have a right to enforce the terms of this Agreement. Accordingly, no client of the Fund or other third party shall have any rights under this Agreement and such rights are explicitly disclaimed by the parties.

12.4 ***GOVERNING LAW, JURISDICTION AND VENUE.*** THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAW PRINCIPLES OF SUCH STATE. THE PARTIES HERETO IRREVOCABLY CONSENT TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE FEDERAL COURTS LOCATED IN NEW YORK CITY IN THE BOROUGH OF MANHATTAN. THE FUND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING IN ANY OF THE AFORESAID COURTS AND ANY CLAIM THAT ANY SUCH ACTION OR PROCEEDING HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. FURTHERMORE, EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY RIGHT THAT IT MAY HAVE TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 ***Notices.*** Notices and other writings contemplated by this Agreement, other than Instructions, shall be delivered (a) by hand, (b) by first class registered or certified mail, postage prepaid, return receipt requested, (c) by a nationally recognized overnight courier, or (d) by facsimile transmission, provided that any notice or other writing sent by facsimile transmission shall also be mailed, postage prepaid, to the party to whom such notice is addressed. All such notices shall be addressed, as follows:

If to the Fund (including any Portfolio or CFC):

Amana Mutual Funds Trust

1300 N. State Street

Bellingham, WA 98225

Attention: Mr. Christopher Fankhauser

Telephone: 800-728-8762 xl201

Email: crf@satuma.com

If to the Custodian:

Brown Brothers Harriman & Co.

50 Post Office Square

Boston, Massachusetts 02110-1548

Attn: Office of the General Counsel

Telephone: (617) 772-1818

Facsimile: (617) 772-2235,

or such other address as the Fund or the Custodian may have designated in writing to the other. Notices given by the Custodian pursuant to Section 12.13 may also be given by electronic mail to the email address of any Authorized Person. The Fund agrees that such notices given by electronic mail shall be conclusively presumed to have been delivered and received by the Fund as of the date such electronic mail was sent by the Custodian, as recorded by the Custodian's systems.

12.6 ***Headings.*** Paragraph headings included herein are for convenience of reference only and shall not modify, define, expand or limit any of the terms or provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 ***Severability.*** In the event any provision of this Agreement is determined to be void or unenforceable, such determination shall not affect the remainder of this Agreement, which shall continue to be in force.

12.8 ***Counterparts.*** This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and which collectively shall be deemed to constitute only one instrument. Delivery of an executed counterpart of this Agreement by facsimile transmission or other electronic mail transmission (e.g. ".pdf" or ".tif") shall be effective as delivery of a manually executed counterpart of this Agreement.

12.9 ***Confidentiality.*** The parties hereto agree that each shall treat confidentially the terms and conditions of this Agreement and all information provided by each party to the other regarding its business and operations. All confidential information provided by a party hereto shall be used by any other party hereto solely for the purpose of rendering or obtaining services pursuant to this Agreement (and offering, rendering or obtaining related BBH&Co. services) and, except as may be required in

------

carrying out this Agreement (including, without limitation, disclosure to Subcustodians or Agents appointed by the Custodian), shall not be disclosed to any third party without the prior consent of such providing party. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to be disclosed by or to any regulator of the Custodian or any Agent or Subcustodian, any Regulatory Authority, any auditor or attorney of the parties hereto, or by judicial or administrative process or otherwise by Applicable Law.

12.10 ***Tape-recording.*** The Fund on behalf of itself and its Customers authorizes the Custodian to tape record any and all telephonic or other oral instructions given to the Custodian by or on behalf of the Fund, including from any Authorized Person. This authorization will remain in effect until and unless revoked by the Fund in writing. The Fund further agrees to solicit valid written or other consent from any of its employees with respect to telephone communications to the extent such consent is required by applicable law.

12.11 ***Counsel/Certified Public Accountant.*** In fulfilling its duties hereunder, the Custodian shall be entitled to receive and act upon the advice of (i) counsel and/or a certified public accountant regularly retained by the Custodian in respect of such matters, (ii) counsel and/or a certified public accountant for the Fund or (iii) such counsel or certified public accountant as the Fund and the Custodian may agree upon, with respect to all matters.

12.12 ***Conflict.*** Nothing contained in this Agreement shall prevent the Custodian and its affiliates from (i) dealing as a principal or an intermediary in the sale, purchase or loan of the Fund's Investments to, or from the Custodian or its associates; (ii) acting as a custodian, a subcustodian, a trustee, an agent, securities dealer, an investment manager or in any other capacity for any other client whose interests may be adverse to the interest of the Fund; or (iii) buying, holding, lending, and dealing in any way in any assets for the benefit of its own account, or for the account of any other client whose interests may be adverse to the Fund notwithstanding that the same or similar assets may be held or dealt in by, or for the account of the Fund by the Custodian. The Fund hereby voluntarily consents to, and waives any potential conflict of interest between the Custodian and/or its associates and the Fund, and agrees that:

(a) the Custodian's and/or its associates' engagement in any such transaction shall not disqualify the Custodian from continuing to perform as the custodian of the Fund, including its Portfolios, under this Agreement;

(b) the Custodian and/or its associates shall not be under any duty to disclose any information in connection with any such transaction to the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) the Custodian and/or its associates shall not be liable to account to the Fund, including its. Portfolios, for any profits or benefits made or derived by or in connection with any such transaction.

12.13 ***BBH Online Terms and Conditions.*** Use of the BBH Infuse™ portal (f/k/a BBH WorldView®), any future release thereof or successor thereto (the "Portal"), and the products and services available through the Portal (the "Online Services") are subject to additional terms and conditions, which are available at: bbh.com/onlineterms, as such may be updated from time to time (the "BBH Online Terms and Conditions") and which are incorporated herein by reference. Without limiting any provision of this Agreement or the BBH Online Terms and Conditions, the Fund is responsible for all use of the Online Services by its authorized users (including employees, officers, directors, agents, consultants, contractors and any third parties given access to the Online Services by or on behalf of the Fund), and for ensuring that all such persons comply with the BBH Online Terms and Conditions. BBH&Co. will inform the Fund of any updates to the BBH Online Terms and Conditions in accordance with the procedures set forth therein.

12.14 The execution and delivery of this Agreement have been authorized by the Trust's Board of Trustees and this Agreement has been signed by an authorized officer of the Trust, acting as such, and neither such authorization by such Trustees nor such execution and delivery by such officer shall be deemed to have been made by any of them individually or to impose any liability on any of them

------

personally, and the obligations of this Agreement are not binding upon any of the Trustees or shareholders of the Trust, but bind only the appropriate property of the Fund, as provided in the Trust's Trust Instrument. Further, no Portfolio will be liable or responsible for the acts, omissions or obligations of another Portfolio.

13. ***Definitions.*** The following defined terms will have the respective meanings set forth below.

---

| | |
|:---|:---|
| 13.1. | ***Advance(s)*** shall mean any extension of credit by or through the Custodian or by or through any Subcustodian and shall include, without limitation, amounts due to the Custodian as the principal counterparty to any foreign exchange transaction with the Fund as described in Section 7.4.2 hereof, or paid to third parties for account of the Fund or in discharge of any expense, tax or other item payable by the Fund. |

---

---

| | |
|:---|:---|
| 13.2. | ***Advance Costs*** shall mean any Advance, interest on the Advance and any related expenses, including without limitation any mark to market loss of the Custodian or Subcustodian on any Investment to which Section 7.6.1 applies. |

---

---

| | |
|:---|:---|
| 13.3.<br>| ***Agency Account(s)*** shall mean any deposit account opened on the books of a Subcustodian or other banking institution in accordance with Section 7.1 hereof. |

---

---

| | |
|:---|:---|
| 13.4.<br>| ***Agent(s)*** shall have the meaning set forth in Section 6.17 hereof |

---

---

| | |
|:---|:---|
| 13.5.<br>| ***Applicable Law*** shall mean with respect to each jurisdiction, all (a) laws, statutes, treaties, regulations, guidelines (or their equivalents); (b) orders, interpretations, licenses and permits; and (c) judgments, decrees, injunctions, writs, orders and similar actions by a court of competent jurisdiction; comp1iance with which is required or customarily observed in such jurisdiction. |

---

---

| | |
|:---|:---|
| 13.6.<br>| ***Authorized Person(s)*** shall mean any person or entity authorized to give Instructions on behalf of the Fund in accordance with Section 4.1 hereof. |

---

---

| | |
|:---|:---|
| 13.7.<br>| ***BBH Online Terms and Conditions*** shall have the meaning set forth in Section 12.13 hereof. |

---

---

| | |
|:---|:---|
| 13.8. |  ***Book-Entry Agent(s)*** shall mean an entity acting as agent for the issuer of Investments for purposes of recording ownership or similar entitlement to Investments, including without limitation a transfer agent or registrar. |

---

---

| | |
|:---|:---|
| 13.9.<br>| ***Clearing Corporation*** shall mean any entity or system established for purposes of providing securities settlement and movement and associated functions for a given market(s). |

---

---

| | |
|:---|:---|
| 13.10.<br>| ***Digital Asset*** shall mean any interest in any type of digital or electronic record that is used as a medium of exchange or a form of digitally or electronically stored value that would require the Custodian to use cryptographic techniques, distributed ledger technology, digital wallets and/or other similar computational means in its custody of such asset, including without limitation any electronic money or "virtual currency" under 23 CRR-NY 200.2(p). Appendix B hereto applies to any and all Digital Assets that the Company may own or acquire during the term of this Agreement. |

---

---

| | |
|:---|:---|
| 13.11.<br>| ***Delegation Schedule*** shall mean any separate schedule entered into between the Custodian and the Fund or its authorized representative with respect to certain matters concerning the appointment and administration of Subcustodians delegated to the Custodian pursuant to Rule 17f-5 under the l940 Act. |

---

---

| | |
|:---|:---|
| 13.12.<br>| ***Electronic Reports*** shall mean any reports prepared by the Custodian and remitted to the Fund or its authorized representative via the internet or electronic mail. |

---

---

| | |
|:---|:---|
| 13.13.<br>| **Force Majeure** shall mean (a) acts of God, earthquakes, fires, floods, storms, water or wind damage, or other elements of nature; accidents or explosions; wars or acts of war, enemy actions, insurrections, rebellions, riots, terrorism, sabotage, revolutions, or civil commotions or disorders or other acts attributable to economic or political factors or other civil or military disturbances; outbreaks, epidemics, pandemics (including but |

---

------

not limited to COVID-19), public health emergencies, any governmental order or corporate order or any requirement relating thereto; interruptions, loss or malfunctions of utilities, transportation, computer (hardware or software), or communications service(s); any strikes, lock-outs, work stoppages, or other labor disputes; governmental actions; any provision of any present or future law, regulation or order of a federal, state, municipal, local, territorial, provincial or other governmental department, regulatory authority, self-regulatory organization or legislative, judicial or administrative body, including any political subdivision thereof, or of any securities depository or clearing agency; inability to obtain material, equipment or transportation; any disruption of, or suspension of trading in, the securities, commonalities or foreign exchange markets or transactions; or any encumbrance on the transferability of, convertibility, or ability to hold a currency or a currency position; or any delay or disruption resulting from or reflecting the occurrence of any Country, AML and Sanctions or Sovereign Risk, or (b) any other circumstance or event which is unforeseeable or beyond the reasonable control of the Custodian, regardless of whether such circumstance or event is of a nature or type described in (a) above.<br>

---

| | |
|:---|:---|
| 13.14.<br>| ***Foreign Custody Manager*** shall mean the Fund's foreign custody manager appointed pursuant to Rule l 7f-5 of the 1940 Act. |

---

---

| | |
|:---|:---|
| 13.15.<br>| ***Foreign Financial Regulatory Authority*** shall have the meaning given by Section 2(a)(50) of the 1940 Act. |

---

---

| | |
|:---|:---|
| 13.16.<br>| ***Funds Transfer Services Agreement*** shall mean any separate agreement entered into between the Custodian and the Fund with respect to certain matters concerning the processing of payment orders from Principal Accounts of the Fund. |

---

---

| | |
|:---|:---|
| 13.17.<br>| ***Global Custody Network Listing*** shall mean the Countries and Subcustodians approved for Investments in non-U.S. Markets. |

---

---

| | |
|:---|:---|
| 13.18.<br>| ***Instruction(s)*** shall have the meaning assigned in Section 4 hereof. |

---

---

| | |
|:---|:---|
| 13.19.<br>| ***Investment Advisor*** shall mean any person or entity who is an Authorized Person to give Instructions with respect to the investment and reinvestment of the Fund's Investments. |

---

---

| | |
|:---|:---|
| 13.20.<br>| ***Investment(s)*** shall mean any investment asset of the Fund, including without limitation securities, bonds, notes, and debentures as well as receivables, derivatives, contractual rights or entitlements and other intangible assets, but shall not include any Principal Account |

---

---

| | |
|:---|:---|
| 13.21.<br>| ***Margin Account*** shall have the meaning set forth in Section 6.4 hereof. |

---

---

| | |
|:---|:---|
| 13.22.<br>| ***OFAC*** shall mean the US Treasury Department's Office of Foreign Assets Control. |

---

---

| | |
|:---|:---|
| 13.23.<br>| ***Principal Account(s)*** shall mean deposit accounts of the Fund carried on the books of BBH&Co. as principal in accordance with Section 7 hereof. |

---

---

| | |
|:---|:---|
| 13.24.<br>| Sanctions or Sanctions Regime(s) shall mean any governmental sanctions against countries, persons and entities that are imposed at any time by the US, the European Union and its member states, the United Nations, the UK or any other jurisdiction, which Custodian must comply with. |

---

---

| | |
|:---|:---|
| 13.25.<br>| ***Securities Depository*** shall mean a central or book entry system or agency established under Applicable Law for purposes of recording the ownership and/or entitlement to investment securities for a given market that, if a foreign Securities Depository, meets the definitional requirements of Rule I7f-7 under the 1940 Act. |

---

---

| | |
|:---|:---|
| 13.26.<br>| ***Subcustodian(s)*** shall mean each foreign bank appointed by the Custodian pursuant to Section 8 hereof, but shall not include Securities Depositories. |

---

---

| | |
|:---|:---|
| 13.27.<br>| ***Tri-Party Agreement*** shall have the meaning set forth in Section 6.4 hereof. |

---

---

| | |
|:---|:---|
| 13.28.<br>| ***1940 Act*** shall mean the Investment Company Act of 1940. |

---

------

14. **Compensation.**The Fund agrees to pay to the Custodian (a) a fee in an amount set forth in the fee letter between the Fund and the Custodian in effect on the date hereof or as amended from time to time (the "Fee Schedule"), and (b) all out-of-pocket expenses incurred by the Custodian, including the fees and expenses of all Subcustodians and other amounts and/or charges authorized in the Fee Schedule paid by the Custodian to a third party for account or benefit of the Fund, and payable from time to time.

15. ***Termination.*** This Agreement may be terminated by either party in accordance with the provisions of this Section. The provisions of this Agreement and any other rights or obligations incurred or accrued by any party hereto prior to termination of this Agreement shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.1 ***Term, Notice and Effect.*** This Agreement shall have an initial term of three (3) years from the date hereof. Thereafter, this Agreement shall automatically renew for successive one (1) year periods unless either party terminates this Agreement by written notice effective no sooner than seventy-five (75) days following the date that notice to such effect shall be delivered to the other party at its address set forth in Section 12.5 hereof. Notwithstanding the foregoing provisions, either party may terminate this Agreement at any time (a) for cause, which is a material breach of the Agreement not cured within 60 days, in which case termination shall be effective upon written receipt of notice by the non-terminating party, or (b) upon thirty (30) days written notice to the other party in the event that either party is adjudged bankrupt or insolvent, or there shall be commenced against such party a case under any applicable bankruptcy, insolvency, or other similar law now or hereafter in effect.

15.2 ***Notice and Succession.*** In the event a termination notice is given by a party hereto, all reasonable costs and expenses associated with any required systems, facilities, procedures, personnel, and other resourced modifications as well as the movement of any records or materials and the conversion thereof shall be paid by the Fund for which services shall cease to be performed hereunder. Furthermore, to the extent that it appears impracticable given the circumstances to effect an orderly transfer and conversion of assets from the Custodian to a successor within the time specified in the notice of termination as aforesaid, Custodian and the Fund agree that this Agreement shall remain in full force and effect for such reasonable period as may be required to complete necessary arrangements with a successor and the Custodian shall be entitled to continue to be paid fees hereunder until such transfer and conversion are complete.

15.3 ***Successor Custodian.*** In the event of the appointment of a successor custodian, it is agreed that the Investments of the Fund held by the Custodian or any Subcustodian shall be delivered to the successor custodian in accordance with reasonable Instructions. The Custodian agrees to cooperate with the Fund in the execution of documents and performance of other actions necessary or desirable in order to facilitate the succession of the new custodian. If no successor custodian shall be appointed, the Custodian shall in like manner transfer the Fund's Investments in accordance with Instructions.

15.4 ***Delayed Succession.*** If no Instruction has been given as of the effective date of termination, Custodian may at any time on or after such termination date and upon ten (10) consecutive calendar days written notice to the Fund either (a) deliver the Investments of the Fund, including its Portfolios, held hereunder to the Fund at the address designated for receipt of notices hereunder; or (b) deliver any investments held hereunder to a bank or trust company having a capitalization of $2,000,000 USD equivalent and operating under the Applicable Law of the jurisdiction where such Investments are located, such delivery to be at the risk of the Fund. In the event that Investments or moneys of the Fund remain in the custody of the Custodian or its Subcustodians after the date of termination owing to the failure of the Fund to issue Instructions with respect to their disposition or owing to the fact that such disposition could not be accomplished in accordance with such Instructions despite diligent efforts of the Custodian, the Custodian shall be entitled to compensation for its services hereunder and the provisions of this Agreement shall remain in full force and effect until disposition in accordance with this Section is accomplished.

16. ***Compliance Policies and Procedures.*** To assist the Fund in complying with Rule 38a-l of the 1940 Act, BBH&Co. represents that it has adopted written policies and procedures reasonably designed to prevent it from violating the federal securities laws in fulfilling its obligations under the Agreement and that it has in place a compliance program to monitor its compliance with those policies and procedures. BBH&Co will upon request provide the Fund with information about its compliance program.

------

17. ***Business Continuity.*** Without prejudice to the provisions of Section 9.1.l (Force Majeure) of this Agreement, BBH&Co. will maintain a business continuity plan that is reasonably designed for (but does not guarantee) the resumption of BBH&Co.'s provision of the services hereunder within forty-eight (48) hours following any event which prevents BBH&Co. from providing such services (the "BCP Plan"). BBH&Co. will conduct a test of significant components of its BCP Plan not less frequently than annually. At the Fund's request, BBH&Co. will meet with the Fund on an annual basis to provide details about the BCP Plan and test results and to answer Fund's questions about the same.

------

**IN WITNESS WHEREOF,** each of the parties hereto has caused this Agreement to be duly executed as of the date first above written.

The undersigned acknowledges that (I/we) have received a copy of this document.

---

| | |
|:---|:---|
| **BROWN BROTHERS HARRIMAN & CO.** | **AMANA EQUITY INCOME ETF SPV** |
| By: <u>/s/ Daniel Montoya</u><br> Name: Daniel Montoya<br> Title: Managing Director<br> Date: May 18, 2026 | By: <u>/s/ Jane Carten</u><br> Name: Jane Carten<br> Title: President<br> Date: May 13, 2026 |
| **AMANA MUTUAL FUNDS TRUST** |  |
| By: <u>/s/ Jane Carten</u><br> Name: Jane Carten<br> Title: President<br> Date: May 13, 2026 |  |

---

#### <br>

------

APPENDIX A TO

CUSTODIAN AGREEMENT

Dated as of May 13, 2026

The following is a list of Portfolios and CFCs for which the Custodian shall serve under the Custodian Agreement dated as of May 13, 2026, as amended from time to time:

Portfolios

<u> Amana Equity Income ETF </u> <br> <u> Amana Growth ETF </u> <br> <u> Amana Developing World ETF </u>

CFCs

&nbsp;&nbsp; Amana Equity Income ETF SPV<br>

------

APPENDIX B

TO

CUSTODIAN AGREEMENT

The Fund acknowledges and agrees with the Custodian that, with respect to any Digital Asset the Fund may from time to time own or acquire during the term of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Digital Asset will become subject to this Agreement except as expressly set forth in this Appendix B, and the Fund will not attempt, and will ensure no issuer or agent of the Fund or any third-party attempts, to deliver or provide access to such Digital Asset to the Custodian, any of its Subcustodians or any of the Custodian's agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Custodian will have no responsibility for safekeeping the Digital Asset in any manner, and will not accept any access to, possession of or control over, any private keys or other authentication devices or methods associated with any ownership, custody, possession or control of Digital Asset held by or for the Fund or any other person, account or entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Custodian may, upon the Fund's specific written request, provide the Fund or its Investment Advisor with names of third-party service providers (if any) unaffiliated with the Custodian of whom the Custodian is aware may provide custody or safekeeping services for the Digital Asset (all such service providers, the **"Digital Asset Custodians")** but the Custodian's provision of the name of any Digital Asset Custodian does not constitute the recommendation, referral, endorsement or any other view of the Custodian of said Digital Asset Custodian and the Custodian expressly disclaims any responsibility or liability for products and services offered or provided by any Digital Asset Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without limiting the generality of the foregoing, the Fund acknowledges that any such list of Digital Asset Custodians will be subject to specific disclaimers that the Custodian deems appropriate, including the following:

*"Brown Brothers Harriman & Co. is not in the business of acting as custodian for Digital Assets. The Specialist custodians referenced here ("Digital Asset Custodians") are third parties and not hired by, or affiliated with, Brown Brothers Harriman & Co. or any of its subsidiaries or other affiliates (" BBH" or "us"). BBH's provision of these names is not an endorsement or recommendation that you hire any or all of them. You may receive information from the Digital Asset Custodians, including but not limited to service descriptions, capabilities and fee arrangements. Please note that BBH has not participated in the development of this information, nor has BBH checked/or accuracy or otherwise reviewed that information. You rely on that information at your own risk. We make no representations or warranties as to, and shall have no liability for, the acts and omissions of the Digital Asset Custodian, including but not limited to those acts or omissions related or pertaining to your contract with the Digital Asset Custodian or the third-party's performance, or failure to perform, under any such contract. You may also select a third-party not currently listed here as a Digital Asset Custodian and BBH will work with that Digital Asset Custodian so long as consistent with applicable laws and the third-party establishes responsible technical connectivity (e.g., through API) so that BBH may receive information sufficient to permit BBH to fulfill its reporting obligations to you under your separate contract with BBH.* "

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund may provide the Custodian with an Instruction to receive Digital Asset position statements from a Digital Asset Custodian and to post the relevant positions stated therein to the Custodian's records for record-keeping purposes only (no Digital Asset positions will be in BBH's custody) and to report information contained in said records to the Fund through BBH InfuseTM, or its successor client communication portal for recordkeeping purposes only,

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund acknowledges and agrees that by providing such recordkeeping:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Custodian has no contractual or other relationship with any Digital Asset Custodian allowing the Custodian to carry out transactions or enforce any failure on the Digital Asset Custodian's part to affect, maintain or transfer Digital Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Custodian shall not have any obligation to reconcile the Digital Asset with any third party, or to provide any other services referred to in the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Custodian makes no representations as to, and shall not be responsible for, or required to verify, (A) the validity, legality, enforceability, due authorization, effectiveness, recordability, insurability, sufficiency, value, form, substance, or genuineness of any of the Digital Asset positions reported by the Custodian; (B) the collectability, ownership (including any defect in such ownership), registration, insurability, validity, transferability, value, effectiveness, perfection, priority or suitability of any Digital Assets and further, (C) Custodian shall have no obligation to determine that any of such Digital Asset position statements delivered to the Custodian have been actually recorded or registered in the Fund's name or that they are other than what they purport to be on their face.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Custodian will not act as a financial intermediary with respect to any Digital Assets recorded in such record keeping accounts and that such recordkeeping account shall not be a Securities Account as defined in NY UCC 8-501 and the inclusion of any Digital Assets in such record-keeping account will not create a Securities Entitlement as defined in NY UCC 8-102(17) in favor of the Fund or otherwise. The Fund acknowledges that the Custodian has no ability to control the disposition of the Digital Asset or otherwise control any income distributions due to the Fund in relation to Digital Asset. As a result of the foregoing, the Fund will be treated as not holding the Digital Asset through the Custodian.

------

#### 17f-5 DELEGATION SCHEDULE
By its execution of this Delegation Schedule dated as of May 13, 2026, between **AMANA MUTUAL FUNDS TRUST,** a management investment company registered with the Securities and Exchange Commission (the **Commission)** under the Investment Company Act of 1940, as amended (the **1940 Act),** acting through its Board of Directors/Trustees or its duly appointed representative (the **Fund),** hereby appoints **BROWN BROTHERS HARRIMAN** & **CO.,** a New York limited partnership with an office in Boston, Massachusetts (the **Delegate)** as its delegate to perform certain functions with respect to the custody of Fund's Assets outside the United States.

I. <u>Maintenance of Fund's Assets Abroad.</u> The Fund, acting through its Board or its duly authorized representative, hereby instructs the Delegate pursuant to the terms of the Custodian Agreement dated as of the date hereof executed by and between the Fund and the Delegate (the Custodian Agreement) to place and maintain the Fund's Assets in countries outside the United States in accordance with Instructions received from the Fund's Investment Advisor. Such instruction shall constitute an Instruction under the terms of the Custodian Agreement. The Fund acknowledges that (a) the Delegate shall perform services hereunder only with respect to the countries where it accepts delegation as Foreign Custody Manager as indicated on the Delegate's Global Custody Network Listing; (b) depending on conditions in the particular country, advance notice may be required before the Delegate shall be able to perform its duties hereunder in or with respect to such country (such advance notice to be reasonable in light of the specific facts and circumstances attendant to performance of duties in such country); and (c) nothing in this Delegation Schedule shall require the Delegate to provide delegated or custodial services in any country, and there may from time to time be countries as to which the Delegate determines it will not provide delegation services.

2. <u>Delegation.</u> Pursuant to the provisions of Rule 17f-5 under the 1940 Act as amended, the Board hereby delegates to the Delegate, and the Delegate hereby accepts such delegation and agrees to perform only those duties set forth in this Delegation Schedule concerning the safekeeping of the Fund's Assets in each of the countries as to which it acts as the Board's delegate. The Delegate is hereby authorized to take such actions on behalf of or in the name of the Fund as are reasonably required to discharge its duties under this Delegation Schedule, including, without limitation, to cause the Fund's Assets to be placed with a particular Eligible Foreign Custodian in accordance herewith. The Fund confirms to the Delegate that the Fund or its Investment Adviser has considered the Sovereign Risk and prevailing Country Risk as part of its continuing investment decision process, including such factors as may be reasonably related to the systemic risk of maintaining the Fund's Assets in a particular country, including, but not limited to, financial infrastructure, prevailing custody and settlement systems and practices (including the use of any Securities Depository in the context of information provided by the Custodian in the performance of its duties as required under Rule 17f-7 and the terms of the Custodian Agreement governing such duties), and the laws relating to the safekeeping and recovery of the Fund's Assets held in custody pursuant to the terms of the Custodian Agreement.

3. <u>Selection of Eligible Foreign Custodian and Contract Administration.</u> The Delegate shall perform the following duties with respect to the selection of Eligible Foreign Custodians and administration of certain contracts governing the Fund's foreign custodial arrangements:

(a) <u>Selection of Eligible Foreign Custodian.</u> The Delegate shall place and maintain the Fund's Assets with an Eligible Foreign Custodian, provided that the Delegate shall have determined that the Fund's Assets will be subject to reasonable care based on the standards applicable to custodians in the relevant market after considering factors relevant to the safekeeping of such assets including without limitation:

(i) The Eligible Foreign Custodian's practices, procedures, and internal controls, including, but not limited to, the physical protections available for certificated securities (if applicable), the controls and procedures for dealing with any Securities Depository, the method of keeping custodial records, and the security and data protection practices;

(ii) Whether the Eligible Foreign Custodian has the requisite financial strength to provide reasonable care for the Fund's Assets;

(iii) The Eligible Foreign Custodian's general reputation and standing; and

(iv) Whether the Fund will have jurisdiction over and be able to enforce judgments against the Eligible Foreign Custodian, such as by virtue of the existence of any offices of such Eligible Foreign Custodian in the United States or such Eligible Foreign Custodian's appointment of an agent for service of process in the United States or consent to jurisdiction in the United States.

------

The Delegate shall be required to make the foregoing determination to the best of its knowledge and belief based only on information reasonably available to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) <u>Contract Administration.</u> The Delegate shall cause that the foreign custody arrangements with an Eligible Foreign Custodian shall be governed by a written contract that the Delegate has determined will provide reasonable care for Fund assets based on the standards applicable to custodians in the relevant market. Each such contract shall, except as set forth in the last paragraph of this subsection (b), include provisions that provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For indemnification or insurance arrangements (or any combination of the foregoing) such that the Fund will be adequately protected against the risk of loss of assets held in accordance with such contract;

(ii) That the Fund's Assets will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Eligible Foreign Custodian or its creditors except a claim of payment for their safe custody or administration or, in the case of cash deposits, liens or rights in favor of creditors of such Custodian arising under bankruptcy, insolvency or similar laws;

(iii) That beneficial ownership of the Fund's Assets will be freely transferable without the payment of money or value other than for safe custody or administration;

(iv) That adequate records will be maintained identifying the Fund's Assets as belonging to the Fund or as being held by a third party for the benefit of the Fund;

(v) That the Fund's independent public accountants will be given access to those records described in (iv) above or confirmation of the contents of such records; and

(vi) That the Delegate will receive sufficient and timely periodic reports with respect to the safekeeping of the Fund's Assets, including, but not limited to, notification of any transfer to or from the Fund's account or a third party account containing the Fund's Assets.

Such contract may contain, in lieu of any or all of the provisions specified in this Section 3(b), such other provisions that the Delegate determines will provide, in their entirety, the same or a greater level of care and protection for the Fund's Assets as the specified provisions, in their entirety.

(c) <u>Limitation to Delegated Selection.</u> Notwithstanding anything in this Delegation Schedule to the contrary, the duties under this Section 3 shall apply only to Eligible Foreign Custodians selected by the Delegate and shall not apply to Securities Depositories or to any Eligible Foreign Custodian that the Delegate is directed to use pursuant to Section 7 of this Delegation Schedule.

4. <u>Monitoring.</u> The Delegate shall establish and maintain a system to monitor at reasonable intervals (but at least annually) the appropriateness of maintaining the Fund's Assets with each Eligible Foreign Custodian that has been selected by the Delegate pursuant to Section 3 of this Delegation Schedule. The Delegate shall monitor the continuing appropriateness of placement of the Fund's Assets in accordance with the criteria established under Section 3(a) of this Delegation Schedule. The Delegate shall monitor the continuing appropriateness of the contract governing the Fund's arrangements in accordance with the criteria established under Section 3(b) of this Delegation Schedule.

5. <u>Reporting.</u> At least annually and more frequently as mutually agreed between the parties, the Delegate shall provide to the Board written reports specifying placement of the Fund's Assets with each Eligible Foreign Custodian selected by the Delegate pursuant to Section 3 of this Delegation Schedule and shall promptly report on any material changes to such foreign custody arrangements. Delegate will prepare such a report with respect to any Eligible Foreign Custodian that the Delegate has been instructed to use pursuant to Section 7 of this Delegation Schedule only to the extent specifically agreed with respect to the particular situation.

6. <u>Withdrawal of Fund's Assets.</u> If the Delegate determines that an arrangement with a specific Eligible Foreign Custodian selected by the Delegate under Section 3 of this Delegation Schedule no longer meets the requirements of said Section, Delegate shall withdraw the Fund's Assets from the non-complying arrangement as soon as reasonably practicable; provided, however, that if in the reasonable judgment of the Delegate, such withdrawal would require liquidation of any of the Fund's Assets or would materially impair the liquidity, value or other investment characteristics of the Fund's Assets, it shall be the duty of the Delegate to provide information regarding the particular circumstances and to act only in accordance with Instructions of the Fund or its Investment Advisor with respect to such liquidation or other withdrawal.

------

7. <u>Direction as to Eligible Foreign Custodian.</u> Notwithstanding this Delegation Schedule, the Fund, acting through its Board, its Investment Advisor or its other Authorized Representative, may direct the Delegate to place and maintain the Fund's Assets with a particular Eligible Foreign Custodian, including without limitation with respect to investment in countries as to which the Custodian will not provide delegation services. In such event, the Delegate shall be entitled to rely on any such instruction as an Instruction Under the terms of the Custodian Agreement and shall have no duties under this Delegation Schedule with respect to such arrangement save those that it may undertake specifically in writing with respect to each particular instance.

8. <u>Standard of Care.</u> In carrying out its duties under this Delegation Schedule, the Delegate agrees to exercise reasonable care, prudence and diligence such as a person having responsibility for safekeeping the Fund's Assets would exercise.

9. <u>Representations.</u> The Delegate hereby represents and warrants that it is a U.S. Bank and that this Delegation Schedule has been duly authorized, executed and delivered by the Delegate and is a legal, valid and binding agreement of the Delegate.

The Fund hereby represents and warrants that its Board of Trustees has determined that it is reasonable to rely on the Delegate to perform the delegated responsibilities provided for herein and that this Delegation Schedule has been duly authorized, executed and delivered by the Fund and is a legal, valid and binding agreement of the Fund.

10. <u>Effectiveness: termination.</u> This Delegation Schedule shall be effective as of the date on which this Delegation Schedule shall have been accepted by the Delegate, as indicated by the date set forth below the Delegate's signature. This Delegation Schedule may be terminated at any time, without penalty, by written notice from the terminating party to the non-terminating party. Such termination shall be effective on the 30th calendar day following the date on which the non-terminating party shall receive the foregoing notice. The foregoing to the contrary notwithstanding, this Delegation Schedule shall be deemed to have been terminated concurrently with the termination of the Custodian Agreement.

11. <u>Notices.</u> Notices and other communications under this Delegation Schedule are to be made in accordance with the arrangements designated for such purpose under the Custodian Agreement unless otherwise indicated in a writing referencing this Delegation Schedule and executed by both parties.

12. <u>Definitions.</u> Capitalized terms not otherwise defined in this Delegation Schedule have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a. <u>Country Risk</u> - shall have the meaning set forth in the Custodian Agreement.

b. <u>Eligible Foreign Custodian</u> - shall have the meaning set forth in Rule 17f-5(a)(l) of the 1940 Act and shall also include a U.S. Bank.

c. <u>Fund's Assets</u> - shall mean any of the Fund's investments (including foreign currencies) for which the primary market is outside the United States, and such cash and cash equivalents as are reasonably necessary to effect the Fund's transactions in such investments.

d. <u>Instructions</u> - shall have the meaning set forth in the Custodian Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; e. <u>Securities Depository</u> - shall have the meaning set forth in Rule l 7f-7 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; f. <u>Sovereign Risk</u> - shall have the meaning set forth in the Custodian Agreement.

g . <u>U.S. Bank</u> - shall mean a bank which qualifies to serve as a custodian of assets of investment companies under Section 17(f) of the 1940 Act.

13. <u>Governing Law and Jurisdiction.</u> This Delegation Schedule shall be construed in accordance with the laws of the State of New York. The parties hereby submit to the exclusive jurisdiction of the Federal courts sitting in the State of New York or the Commonwealth of Massachusetts or of the state courts of either such State or such Commonwealth.

------

14. <u>Fees.</u> Delegate shall perform its functions under this Delegation Schedule for the compensation determined under the Custodian Agreement.

15. <u>Integration.</u> This Delegation Schedule sets forth all of the Delegate's duties with respect to the selection and monitoring of Eligible Foreign Custodians, the administration of contracts with Eligible Foreign Custodians, the withdrawal of assets from Eligible Foreign Custodians and the issuance of reports in connection with such duties. The terms of the Custodian Agreement shall apply generally as to matters not expressly covered in this Delegation Schedule, including dealings with the Eligible Foreign Custodians in the course of discharge of the Delegate's obligations under the Custodian Agreement.

**IN WITNESS WHEREOF,** each of the parties hereto has caused this 17f-5 Delegation Schedule to be duly executed as of the date first above written.

The undersigned acknowledges that (I/we) have received a copy of this document.

---

| | |
|:---|:---|
| **BROWN BROTHERS HARRIMAN & CO.** | **AMANA MUTUAL FUNDS TRUST** |
| By: <u>/s/ Daniel Montoya</u> <br> Name: Daniel Montoya <br> Title: Managing Director <br> Date: May 18, 2026 <br>| By: <u>/s/ Jane Carten</u><br> Name: Jane Carten<br> Title: President<br> Date: May 13, 2026<br>|

---

------

#### US MONEY MARKET FUND INVESTMENTS SCHEDULE TO CUSTODIAN

#### AGREEMENT

#### TERMS & CONDITIONS

#### FOR PROCESSING ORDERS IN U.S . MONEY MARKET FUNDS ("US MMF T&C")

This US MMF T&C supplements the Custodial Agreement between (i) AMANA MUTUAL FUNDS TRUST in respect of each of its Portfolios and (ii) each wholly owned subsidiary of the Portfolios, identified on Appendix A to said Agreement (each, severally and not jointly, the ''Client") and Brown Brothers Harriman & Co. ("BBH") dated 5/13/2026 as amended from time to time (the "Custodial Agreement"), and provides terms and conditions related to Instructions to BBH thereunder to process orders in and custody shares of U.S. registered investment companies that hold themselves out as money market funds ("MMFs"), if any. Capitalized terms used herein and not defined shal1 have the meanings ascribed to them in the Custodian Agreement.

US MMFs are subject to various requirements under Rule 2a-7 under the Investment Company Act of 1940 (the "1940 Act"), as adopted by the Securities and Exchange Commission on July 23, 2014 (as further amended from time-to-time, "Rule 2a-7").

The MMFs will disclose in their prospectus and statement of additional information, as amended from time to time, that the MMFs are subject to certain limitations and restrictions. pursuant to amendments to Rule 2a-7, including provisions relating to the calculation of net asset values ("NAVs"), imposition of liquidity fees on redemptions ("liquidity fees") or the temporary suspension of redemptions (a "redemption gate"), and shareholder eligibility requirements.

If Client provides BBH with an Instruction to process orders for Transactions in MMFs and/or requires BBH to service shares of MMFs, Client shall assist and cooperate with BBH, the MMFs and the MMFs' agents to comply with Rule 2a-7. Without limitation on the foregoing, fund order processing and custody of shares of MMFs are subject to the following additional terms and conditions.

**2)** **Orders in MMFs.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Any Instruction by the Client to purchase any MMF shall be based on the gross dollar amount of the value of shares to be purchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any Instruction by the Client for subscriptions, exchanges or redemption orders in any MMF shall be made gross and shall not net any subscription, exchange or, redemption orders in any MMF, including any orders originating from underlying customers of the Client, if any.

**3)** **Liquidity Fees and Gates.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Client (and not BBH) will be responsible for reviewing any disclosure on a MMF website providing notice to shareholders and prospective shareholders of liquidity of the MMF and when liquidity fees or redemption gates are imposed or lifted and Client agrees that BBH is not responsible for notifying the Client of the imposition by an MMF of any such event or re-confirming the Client's intent to transact in a MMF when a liquidity fee or redemption gate is in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) If a liquidity fee is implemented by a MMF, BBH will not be directly responsible for calculating or withholding the liquidity fee, but will apply any liquidity fee calculated and withheld by the MMF from any order as notified by the MMF or Distributor to BBH.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) If a redemption gate is implemented by a MMF, Client acknowledges and agrees that any redemption or exchange orders in the MMF made by Client while the redemption gate is in effect may be rejected by the MMF, and that BBH is responsible for rejecting only those orders that BBH has been notified have been rejected by the MMF or its agents. Client shall endeavor not to instruct BBB to place an order for a redemption in a MMF when a redemption gate is in effect for such MMF.

**4)** **<u>Retail MMFs.</u>**

BBH does not support and is not responsible for the order processing, purchase, exchange, redemption, settlement, custody or other servicing of shares of Retail MMFs (as defined in Rule 2a-7(a)(25)). Client shall

------

establish policies, procedures and internal controls reasonably designed to ensure that it does not, and shall not, submit any request or other instruction to BBH to purchase or exchange shares of a Retail MMF.

**5)** **<u>No Agency.</u>**

With respect to orders in a MMF:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) BBH generally elects not serve as the MMF's dealer, agent, or designee for purposes of Rule 22c-l under the 1940 Act in connection with the receipt of orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Accordingly, the MMF will apply a NAV calculation based on the time that the MMF accepts the order in good form from BBH, and not the time the Client instructs BBH to process the order; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Neither BBH nor the MMF or its distributor is responsible for any losses arising from orders accepted by BBH before, but received and accepted by the MMF after, a NAV calculation time, or imposition of a liquidity fee or redemption gate.

Any order for shares in a MMF placed and held in custody by BBI-1 will be made in reliance upon the terms hereof.

\*\*\* \*\*\* \*\*\*

## Ex-99.(H)(3)

**EXHIBIT (h)(3)**<br>

#### TRANSFER AGENCY AND FUND ACCOUNTING AGREEMENT
**THIS AGREEMENT** is made as of May 20, 2026, by and between **BROWN BROTHERS HARRIMAN & CO**., a limited partnership organized under the laws of the State of New York (the "**Administrator**"), and Amana Mutual Funds Trust, a Delaware statutory trust, (the "**Fund**" on behalf of each series listed on Appendix A to this Agreement each a "**Portfolio**" and collectively, the "**Portfolios**") and registered with the Securities and Exchange Commission under the Investment Company Act of 1940 ("the **1940 Act**").

#### WITNESSETH:
***WHEREAS***, the Fund is registered with the United States Securities and Exchange Commission as a management investment company under the 1940 Act; and

***WHEREAS***, the Fund desires to retain the Administrator to render certain services to the Fund and each Portfolio, and the Administrator is willing to render such services.

#### AGREEMENT:
***NOW, THEREFORE***, in consideration of the premises and mutual covenants herein contained, the parties hereto agree as follows:

1. ***Appointment of Administrator***. The Fund hereby employs and appoints the Administrator to act as its transfer agent and fund accounting agent on the terms set forth in this Agreement, and the Administrator accepts such appointment.

2. ***Delivery of Documents***. The Fund will provide the Administrator, as requested, with:

2.1 properly certified or authenticated copies of resolutions of the Fund's Board of Trustees authorizing the appointment of the Administrator and approving this Agreement;

2.2 a copy of the Fund's most recent registration statement;

2.3 copies of advisory, distribution and administration agreements and distribution and/or shareholder servicing plans relating to the Fund;

2.4 a copy of the Fund's valuation procedures;

2.5 a copy of the Fund's Trust Instrument and By-laws;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 any other documents or resolutions (including but not limited to directions or resolutions of the Fund's Board of Trustees) which relate to or affect the Administrator's performance of its duties hereunder or which the Administrator may at any time reasonably request in order for the Administrator to perform its services under this Agreement; and

2.7 copies of any and all amendments or supplements to the foregoing.

3. ***Duties as Administrator.*** Subject to the supervision and direction of the Fund's Board of Trustees, the Administrator will perform the services described in Appendix B hereto. Additional services may be provided by the Administrator upon the request of the Fund as mutually agreed from time to time. In performing its duties and obligations hereunder, the Administrator will act in accordance with the Fund's instructions as defined in Section 5 ("Instructions"). It is agreed and understood that the Administrator shall not be responsible for the Fund's compliance with any applicable documents, laws or regulations, or for losses, costs or expenses arising out of the Fund's failure to comply with said documents, laws or regulations or the Fund's failure or inability to correct any non-compliance therewith. The Administrator shall in no event be required to take any action, which is in contravention of any applicable law, rule or regulation or any order or judgment of any court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 ***Use of Agents*** The Administrator may at any time or times in its discretion appoint (and may at any time remove) any affiliate, bank, or subcontractor as its agent (each an "**Agent**" and collectively, the "**Agents**"), to carry out the provisions of this Agreement as it may from time to time direct. The Administrator shall exercise reasonable care in the selection and monitoring of such Agents and the appointment of an Agent shall not relieve the Administrator of its obligations under this Agreement and the Administrator will be responsible for the actions or omissions of its Agents in the performance of the Administrator's duties hereunder to the same extent it would be if it were performing the actions or duties itself.

------

4. ***Duties of the Fund***. The Fund shall notify the Administrator promptly of any matter affecting the performance by the Administrator of its services under this Agreement and where the Administrator is providing fund accounting services pursuant to this Agreement shall promptly notify the Administrator as to the accrual of liabilities of the Fund, liabilities of the Fund not appearing on the books of account kept by the Administrator as to the existence, status and proper treatment of reserves, if any, authorized by the Fund. The Fund agrees to provide such information to the Administrator as may be requested under the banking and securities laws of the United States or other jurisdictions relating to "Know Your Customer" and money laundering prevention rules and regulations (collectively, the "KYC Requirements"). For purposes of this subsection, and in connection with all applicable KYC Requirements, the Fund and each Portfolio is the "client" or "customer" of the Administrator. The Fund further represents that it will perform all obligations required under applicable KYC Requirements with respect to its "customers" (as defined in the KYC Requirements) and that, because these customers do not constitute "customers" or "clients" of the Administrator under such applicable rules and regulations, the Administrator is under no such similar obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.  ***Instructions.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.1 The Administrator shall not be liable for, and shall be indemnified by the Fund against, any and all losses, costs, damages or expenses arising from or as a result of, any action taken or omitted in reliance upon Instructions or upon any other written notice, request, direction, instruction, certificate or other instrument reasonably believed by it to be genuine and signed or authorized by the proper party or parties. A list of persons so authorized by the Fund ("Authorized Persons") is attached hereto as Appendix C and upon which the Administrator may rely until its receipt of notification to the contrary by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Telephonic or other oral instructions or instructions given by telefax transmission may be given by any one of the above persons and will also be considered Instructions if the Administrator reasonably believes them to have been given by a person authorized to give such Instructions with respect to the transaction involved.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 With respect to telefax transmissions, the Fund hereby acknowledges that (i) receipt of legible instructions cannot be assured, (ii) the Administrator cannot verify that authorized signatures on telefax instructions are original, and (iii) the Administrator shall not be responsible for losses or expenses incurred through actions reasonably taken in reliance on such telefax instructions. The Fund agrees that such telefax instructions shall be conclusive evidence of the Fund's Instruction to the Administrator to act or to omit to act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 Instructions given orally will not be confirmed in writing and the lack of such confirmation shall in no way affect any action taken by the Administrator in reliance upon such oral Instructions. The Fund authorizes the Administrator to tape record any and all telephonic or other oral Instructions given to the Administrator by or on behalf of the Fund (including any of its officers, directors, trustees, employees or agents or any investment manager or adviser or person or entity with similar responsibilities which is authorized to give Instructions on behalf of the Fund to the Administrator.)

6. ***Expenses and Compensation***. For the services to be rendered and the facilities to be furnished by the Administrator as provided for in this Agreement, the Fund shall pay the Administrator for its services rendered pursuant to this Agreement a fee based on such fee schedule as may from time to time be agreed upon in writing by the Fund and the Administrator. Additional services performed by the Administrator as requested by the Fund shall be subject to additional fees as mutually agreed from time to time. In addition to such fee, the Administrator shall bill the Fund separately for any out-of-pocket disbursements of the Administrator based on an out-of-pocket schedule as may from time to time be agreed upon in writing by the Fund and the Administrator. The foregoing fees and disbursements shall be billed to the Fund by the Administrator and shall be paid promptly by wire transfer or other appropriate means to the Administrator.

7. ***Standard of Care*.** The Administrator shall be held to the exercise of reasonable care and diligence in carrying out the provisions of this Agreement, provided that the Administrator shall not thereby be required to take any action which is in contravention of any applicable law, rule or regulation or any order or judgment of any court of competent jurisdiction.

8. ***General Limitations on Liability***. The Administrator shall incur no liability with respect to any telecommunications, equipment or power failures beyond its reasonable control, or any failures to perform or delays in performance by postal or courier services or third-party information providers (including without limitation those listed on Appendix D).

------

8.1 The Administrator shall also incur no liability under this Agreement if the Administrator or any agent or entity utilized by the Administrator shall be prevented, forbidden or delayed from performing, or omits to perform, any act or thing which this Agreement provides shall be performed or omitted to be performed, by reason of causes or events beyond its control, including but not limited to:

8.1.1 any Sovereign Event. A "Sovereign Event" shall mean any nationalization; expropriation; devaluation; revaluation; confiscation; seizure; cancellation; destruction; strike; act of war, terrorism, insurrection or revolution; or any other act or event beyond the Administrator's reasonable control;

8.1.2 any provision of any present or future law, regulation or order of the United States or any state thereof, or of any foreign country or political subdivision thereof, or of any securities depository or clearing agency;

8.1.3 any provision of any order or judgment of any court of competent jurisdiction.

8.1.4 a fire, flood, earthquake, other elements of nature or acts of God;

8.1.5 any epidemic, pandemic, public health emergency (including but not limited to COVID-19), or any corporate or governmental order or requirement relating thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.6 any other causes or events beyond the Administrator's reasonable control, regardless of whether such causes or events are foreseeable or are of a nature or type described above.

8.2 The Administrator shall not be held accountable or liable for any losses, damages or expenses the Fund or any shareholder or former shareholder of the Fund or any other person may suffer or incur arising from acts, omissions, errors or delays of the Administrator in the performance of its obligations and duties as provided in Section 3 hereof, including without limitation any error of judgment or mistake of law, except a damage, loss or expense resulting from the Administrator's willful malfeasance, bad faith or negligence in the performance of such Administrator's obligations and duties.

8.3 The Administrator shall not be liable for any damages arising out of any misstatement or omission in the Fund's registration statement, prospectus, shareholder report, offering document or other information filed or made public by the Fund or its distributor (the "Distributor").

8.4 In no event and under no circumstances shall the Administrator be held liable for consequential or indirect damages, loss of profits, damage to reputation or business or any other special or punitive damages arising under or by reason of any provision of this Agreement or for any act or omissions hereunder, even if the Administrator has been advised of the possibility of such damages or losses.

9. ***Specific Limitations on Liability.*** In addition to, and without limiting the application of the general limitations on liability contained in Section 8, above, the following specific limitations on the Administrator's liability shall apply to the particular services set forth on Appendix B hereto.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 ***Reserved***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2  ***Liability for Fund Accounting Services.*** Without limiting the provisions in Section 8 hereof, the Administrator's liability for acts, omissions, errors or delays relating to its fund accounting obligations and duties shall be limited to the amount of any expenses associated with a required recalculation of net asset value per share ("NAV") or any direct damages suffered by shareholders in connection with such recalculation. The Administrator's liability or accountability for such acts, omissions, errors or delays shall be further subject to clauses 9.2.1 through 9.2.4 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1. The parties hereto acknowledge that the Administrator's causing an error or delay in the determination of NAV may, but does not in and of itself, constitute negligence or reckless or willful misconduct. The parties further acknowledge that in accordance with industry practice, the Administrator shall be liable and the recalculation of NAV shall be performed only with regard to errors in the calculation of the NAV that are greater than or equal to $.01 per share of a Fund. If a recalculation of NAV occurs, the Fund agrees to reprocess shareholder transactions or take such other action(s) so as to eliminate or minimize to the extent reasonably practicable the liability of the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.2. In no event shall the Administrator be liable or responsible to the Fund, any present or former shareholder of the Fund, or any other person for any error or delay that continued or was undetected after the date of an audit performed by the certified public accountants employed by the Fund if, in the exercise of reasonable care in accordance with generally accepted accounting standards, such accountants should have become aware of such error or delay in the course of performing such audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.3 The Administrator shall not be held accountable or liable to the Fund, any shareholder or former shareholder thereof or any other person for any delays or losses, damages or expenses any of them may suffer or incur resulting from (i) the Administrator's usage of a third party service provider for the purpose of storing records delivered to the Administrator by the Fund and which the Administrator did not create in the performance of its obligations hereunder; (ii) the Administrator's failure to receive timely and suitable notification concerning quotations or corporate actions relating to or affecting portfolio securities of the Fund; or (iii) any errors in the computation of NAV based upon or arising out of quotations or information as to corporate actions if received by the Administrator either (a) from a source which the Administrator was authorized to rely upon (including, but not limited to, the fair value pricing

------

procedures of any investment manager of adviser of the Fund and those sources listed on Appendix D), (b) from a source which in the Administrator's reasonable judgment was as reliable a source for such quotations or information as such authorized sources, or (c) relevant information known to the Fund or its service provider which would impact the calculation of NAV but which is not communicated by the Fund or its service providers to the Administrator. To the extent that Fund assets are not in the custody of the Administrator, the Administrator may conclusively rely on any reporting in connection with such assets provided to the Administrator by a third party on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.4. In the event of any error or delay in the determination of such NAV for which the Administrator may be liable, the Fund and the Administrator will consult and make good faith efforts to reach agreement on what actions should be taken in order to mitigate any loss suffered by the Fund or its present or former shareholders, in order that the Administrator's exposure to liability shall be reduced to the extent possible after taking into account all relevant factors and alternatives. It is understood that in attempting to reach agreement on the actions to be taken or the amount of the loss which should appropriately be borne by the Administrator, the Fund and the Administrator will consider such relevant factors as the amount of the loss involved, the Fund's desire to avoid loss of shareholder good will, the fact that other persons or entities could have been reasonably expected to have detected the error sooner than the time it was actually discovered, the appropriateness of limiting or eliminating the benefit which shareholders or former shareholders might have obtained by reason of the error, and the possibility that other parties providing services to the Fund might be induced to absorb a portion of the loss incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3  ***Liability for ETF Transfer Agency and Related Services.*** Without limiting the provisions in Section 8 hereof, the Administrator shall have no liability for any damages arising out of (i) the failure of any Authorized Participant to perform its obligations under a Participant Agreement ("Participant Agreement" defined for this purpose as any Participant Agreement between the Fund and/or the Distributor and an Authorized Participant acknowledged by the Administrator); (ii) activities or statements of sales or wholesaler personnel who are employed by the Distributor or its affiliates; or (iii) (a) the failure of any Authorized Participant to deposit with the Fund's Custodian sufficient collateral, or to provide additional collateral upon request by the Administrator, in connection with the monitoring services provided for herein on Appendix B; or (b) any errors in the computation of collateral requirements based upon or arising out of quotations or information received by the Administrator from a source which the Administrator was authorized to rely upon (including, but not limited to, those sources listed on Appendix D). Any losses sustained by the Fund as a result of or

------

arising from errors in calculations performed by the Administrator in connection with the monitoring or maintenance of collateral positions relating to creation or redemption unit activity shall not exceed the total fees paid to the Administrator in any calendar year.

10. ***Indemnification.*** The Fund, on behalf of itself and each Portfolio, severally and not jointly, hereby agrees to indemnify the Administrator against and hold it harmless from any and all losses, claims, damages, liabilities or expenses (including reasonable counsel fees and expenses) resulting from any act, omission, error or delay or any third party claim, demand, action or suit, in connection with or arising out of performance of the Administrator's obligations and duties under this Agreement, not resulting from the willful malfeasance, bad faith or negligence of the Administrator in the performance of such obligations and duties. The provisions of this Section 10 shall survive the termination of this Agreement.

11. ***Reliance by the Administrator on Opinions of Counsel and Opinions of Certified Public Accountants*.**

In fulfilling its duties hereunder, the Administrator shall be entitled to receive and act upon the advice of (i) counsel and/or a certified public accountant, regularly retained by the Administrator in respect of such matters, (ii) counsel and/or a certified public accountantfor the Fund, or (iii) such counsel or certified public accountant as the Fund and the Administrator may agree upon, with respect to all matters.

12. ***Termination of Agreement*.** This Agreement may be terminated by either party in accordance with the provisions of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 This Agreement shall have an initial term of three (3) years from the date hereof. Thereafter, this Agreement shall automatically renew for successive one (1) year periods unless either party terminates this Agreement by written notice effective no sooner than seventy-five (75) days following the date that notice to such effect shall be delivered to the other party at its address set forth herein. Notwithstanding the foregoing provisions, either party may terminate this Agreement at any time (a) for cause, which is a material breach of the Agreement not cured within sixty (60) days, in which case termination shall be effective upon written receipt of notice by the non-terminating party, or upon thirty (30) days written notice to the other party in the event that the either party is adjudged bankrupt or insolvent, or there shall be commenced against such party a case under any applicable bankruptcy, insolvency, or other similar law now or hereafter in effect. In the event a termination notice is given by a party hereto, all reasonable costs and expenses associated with any required systems, facilities, procedures, personnel, and other resourced modifications as well as the movement of any records or

------

materials and the conversion thereof shall be paid by the Fund for which services shall cease to be performed hereunder. The Administrator shall be responsible for completing all actions in progress when such termination notice is given unless otherwise agreed.

13. ***Confidentiality.*** The parties hereto agree that each shall treat confidentially the terms and conditions of this Agreement and all information provided by each party to the other regarding its business and operations. All confidential information provided by a party hereto shall be used by any other party hereto solely for the purpose of rendering or obtaining services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party without the prior written consent of such providing party. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to be disclosed by or to any Regulatory Authority, any auditor or attorney of the parties hereto, or by judicial or administrative process or otherwise by Applicable Law.

14. ***Tape-recording*.** The Fund authorizes the Administrator to tape record any and all telephonic or other oral instructions given to the Administrator by or on behalf of the Fund, including from any Authorized Person. This authorization will remain in effect until and unless revoked by the Fund in writing. The Fund further agrees to solicit valid written or other consent from any of its employees with respect to telephone communications to the extent such consent is required by applicable law.

------

15. ***Entire Agreement; Amendment.*** This Agreement constitutes the entire understanding and agreement of the parties hereto and supersedes any other oral or written agreements heretofore in effect between the parties with respect to the subject matter hereof. No provision of this Agreement may be amended or terminated except by a statement in writing signed by the party against which enforcement of the amendment or termination is sought.

16.  ***Severability.*** In the event any provision of this Agreement is determined to be void or unenforceable, such determination shall not affect the remainder of this Agreement, which shall continue to be in force.

17.  ***Headings.*** The section headings in this Agreement are for the convenience of reference only and shall not modify, define, expand or limit any of the terms or provisions thereof.

18.  ***Governing Law*.** THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED ACCORDING TO THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO CONFLICTS OF LAWS PRINCIPLES AND EACH OF THE PARTIES HERETO IRREVOCABLY CONSENTS TO THE EXCLUSIVE JURISDICTION OF THE COURTS IN THE STATE OF NEW YORK AND THE FEDERAL COURTS LOCATED IN NEW YORK CITY IN THE BOROUGH OF MANHATTAN. THE FUND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING IN ANY OF THE AFORESAID COURTS AND ANY CLAIM THAT ANY SUCH ACTION OR PROCEEDING HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. FURTHERMORE, EACH PARTY HERETO IRREVOCABLY WAIVES ANY RIGHT THAT IT MAY HAVE TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE SERVICES CONTEMPLATED HEREBY.

19.  ***Notices.*** Notices and other writings delivered or mailed postage prepaid to the Fund addressed to the Fund at 1300 N. State Street Bellingham, WA 98225, Attention: Christopher R. Fankhauser or to such other address as the Fund may have designated to the Administrator in writing, or to the Administrator at 50 Post Office Square, Boston, MA 02110, Attention: Manager, Fund Administration Department, or to such other address as the Administrator may have designated to the Fund in writing, shall be deemed to have been properly delivered or given hereunder to the respective addressee.

------

20. ***Binding Effect; Assignment.*** This Agreement shall be binding upon and inure to the benefit of the Fund and the Administrator and their respective successors and assigns, provided that no party hereto may assign this Agreement or any of its rights or obligations hereunder without the written consent of the other party. Each party agrees that only the parties to this Agreement and/or their successors in interest shall have a right to enforce the terms of this Agreement. Accordingly, no client of the Fund or other third party shall have any rights under this Agreement and such rights are explicitly disclaimed by the parties.

21. ***Counterparts*.** This Agreement may be executed in any number of counterparts each of which shall be deemed to be an original. This Agreement shall become effective when one or more counterparts have been signed and delivered by each of the parties. A photocopy or telefax of the Agreement shall be acceptable evidence of the existence of the Agreement and the Administrator shall be protected in relying on the photocopy or telefax until the Administrator has received the original of the Agreement.

22. ***Exclusivity*.** The services furnished by the Administrator hereunder are not to be deemed exclusive, and the Administrator shall be free to furnish similar services to others.

23. ***Authorization.*** The Fund hereby represents and warrants that the Fund's Board of Trustees has authorized the execution and delivery of this Agreement and that an authorized officer of the Fund has signed this Agreement, Appendices A, B, C, and D and the fee schedule hereto.

24. ***Representations.*** The Administrator hereby represents and warrants that this Agreement has been duly authorized, executed and delivered by the Administrator. Each party represents and warrants that its execution and performance of this Agreement does not and will not violate any applicable law or conflict with or constitute a default under such party's organizational documents or any material agreement, instrument, judgment, order or decree to which it is a party or by which it is bound., Without prejudice to the provisions of Section 8.1, the Administrator represents that it will maintain a business continuity plan that is reasonably designed for (but does not guarantee) the resumption of the Administrator's provision of the services hereunder within forty-eight (48) hours following any event which prevents the Administrator from providing such services (the "BCP Plan"). The Administrator will conduct a test of significant components of its BCP Plan not less frequently than annually. At the Fund's request, the Administrator will meet with representatives of the Fund on an annual basis to provide details about the BCP Plan and test results and to answer the Fund's questions about the same. The Administrator further represents and warrants that it possesses in full force and effect all licenses, permits and other governmental authorizations necessary to enter into and perform its obligations under this Agreement.

------

The Administrator represents: (a) it is a registered transfer agent under the Securities Exchange Act of 1934; (b) it has established pursuant to the Bank Secrecy Act, and other U.S. laws and regulations applicable to it, Anti-Money Laundering (AML) compliance programs, including but not limited to: (1) the development of internal policies, procedures, and controls; (2) the designation of a compliance officer; (3) the implementation of ongoing employee training programs; and (4) the creation of an independent audit function to test such programs; (c) it has a customer identification program (CIP) consistent with the rules under section 326 of the USA Patriot Act (for the avoidance of doubt, DTC is exempt from CIP requirements); (d) it has in place policies and procedures reasonably designed to ensure compliance with the transfer agent rules of the Securities Exchange Act of 1934, as amended; and (e) it will maintain appropriate records in accordance with the transfer agent rules of the Securities Exchange Act of 1934, as amended.

To assist the Fund in complying with Rule 38a-1 of the 1940 Act, the Administrator represents that it has adopted written policies and procedures reasonably designed to prevent it from violating the federal securities laws in fulfilling its obligations under the Agreement and that it has in place a compliance program to monitor its compliance with those policies and procedures. The Administrator will upon request provide the Fund with information about its compliance program.

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their duly authorized officers as of the date first written above.

The undersigned acknowledges that (I/we) have received a copy of this document .

#### BROWN BROTHERS HARRIMAN & CO.
By: **<u>/s/ Daniel Montoya</u>**

<br> Name: Daniel Montoya<br>

Title: Managing Director<br>

Date: May 21, 2026<br>

#### Amana Mutual Funds Trust
By: <u>/s/ Jane K. Carten</u>

Name: Jane K. Carten

Title: President

Date: May 20, 2026

------

APPENDIX A

TO

TRANSFER AGENCY AND FUND ACCOUNTING AGREEMENT

Dated as of May 20, 2026

The following is a list of Portfolios for which the Administrator shall serve under an Transfer Agency and Fund Accounting Agreement dated as of May 20, 2026:

Amana Equity Income ETF

Amana Growth ETF

Amana Developing World ETF

#### AMANA MUTUAL FUNDS TRUST
By: <u>/s/ Jane K. Carten</u>

Name: Jane K. Carten

Title: President

Date: May 20, 2026

------

APPENDIX B

Services

#### Fund Accounting Services
The Administrator will provide the following fund accounting services to each Portfolio each day that such Portfolio and the New York Stock Exchange ("NYSE") is open (each a "Business Day"): transaction processing and review, custodial reconciliation, securities pricing and investment accounting.

<u>Transaction Processing and Review</u>. The Administrator shall input and reconcile each Portfolio's investment activity including with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment taxlots

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dividends

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Principal paydowns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capital activity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expense accruals

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash activity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate Reorganizations

<u>Custodial Reconciliation</u>. The Administrator shall reconcile the following positions of each Portfolio against the records of the Custodian:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities holdings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash including cash transfers, fees assessed and other investment related cash transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trade settlements

<u>Securities Pricing</u>. The Administrator shall update each security position of each Portfolio as to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Market prices obtained from approved sources including those listed on Appendix D or Fair Valuations obtained from an Authorized Person of the Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mark to market of non-base receivables/payables utilizing approved foreign exchange quotations as quoted in Appendix D

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mark to market of non-base currency positions utilizing the approved sources quoted in Appendix D or Fair Valuations obtained from an Authorized Person of the Fund

<u>Investment Accounting</u>. The Administrator shall provide the following investment accounting services to each Portfolio:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amortization/accretion at the individual tax lot level

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• General ledger entries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Book value calculations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trade Date + 1 accounting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Calculation of Net Asset Value Per Share ("NAV") as of the close of business of the NYSE

<u>Portfolio Composition File (PCF) Calculations and Dissemination</u>. The Administrator shall provide the following PCF services for each Portfolio which would require such:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Calculation of the PCF cash components inclusive of applicable projections

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dissemination of the PCF to the NSCC

------

#### ETF Transfer Agency and Related Services
The Administrator shall perform the following ETF Transfer Agency and Related Services:

I. <u>Creation and Redemption of Creation Units</u>.

It is agreed and understood that the Administrator on the Fund's behalf, shall process the issuance and redemption of Creation Units of the Fund in blocks of Shares as established in the Prospectus for the Fund ("Creation Units") to and from such persons as are identified and approved by the Distributor as Authorized Participants and who have entered into a Participant Agreement.

<br> A. Accept from [the Distributor/Authorized Participants] creation and redemption orders for communication to the appropriate parties, approval (as may be agreed with the Distributor) and processing.

B. Pursuant to creation and redemption orders that the Administrator as transfer agent shall receive from [the Distributor/Authorized Participants (and which shall be confirmed by the Distributor, as required)] and pursuant to the procedures set forth in the Participant Agreement, the Administrator shall communicate such orders to the Trust or Fund as appropriate.

B. Pursuant to such creation orders that the Administrator as the Index Receipt Agent shall receive (and which shall be confirmed by the Distributor) and pursuant to the procedures set forth in the Participant Agreement, the Administrator shall transfer appropriate trade instructions to the Fund's custodian, Brown Brothers Harriman & Co. ("Custodian") and pursuant to such orders register the appropriate number of book entry only Creation Units in the name of The Depository Trust Company ("DTC") or its nominee as a shareholder (each a "Authorized Participant") of the Fund and deliver the Creation Units of the Fund to the appropriate Authorized Participant.

C. Pursuant to such redemption orders that Index Receipt Agent shall receive from the Authorized Participant and pursuant to the procedures set forth in the Participant Agreement, the Administrator shall transfer appropriate trade instructions (which may be irrevocable in certain foreign markets) to the Custodian and, pursuant to such orders, redeem the appropriate number of Creation Units that are delivered to the designated DTC Participant Account of the Custodian for redemption and debit such Creation Units from the account of the Authorized Participant on the register of the Fund.

D. On behalf of the Fund, the Administrator shall issue Creation Units for settlement with purchasers through DTC as the purchaser is authorized to receive. Beneficial ownership of ETF Shares shall be shown on the records of DTC and DTC Participants and not on any records maintained by the Administrator. In issuing Creation Units through DTC to an Authorized Participant, the Administrator shall be entitled to rely upon the latest Instructions that are received from the Distributor by the Administrator as Index Receipt Agent concerning the issuance and delivery of such Creation Units for settlement.

E. The Administrator shall not issue on behalf of the Fund any Creation Units where it has received an Instruction from the Fund or the Distributor or written notification from any federal or state authority that the sale of the ETF Shares has been suspended or discontinued, and the Administrator shall be entitled to rely upon such Instructions or written notification.

<br> F. Upon the issuance of Creation Units as provided herein, the Administrator shall not be responsible for the payment of any original issue or other taxes, if any, required to be paid by the Fund or the Distributor in connection with such issuance.

------

G. The Administrator will act only upon Instruction from the Fund and/or the Distributor in addressing any failure in the delivery of cash, securities and/or shares in connection with the creation and redemption of Creation Units. The Administrator shall not be required to advance, expend or risk its own funds or otherwise incur or become exposed to financial liability in the performance of its duties hereunder.

II. <u>Recordkeeping</u>.

A. The Administrator shall record the creation and redemption of Creation Units and maintain, pursuant to Rule 17Ad-14(e) under the Securities Exchange Act of 1934, as amended, a record of the total number of Creation Units that are authorized, issued and outstanding based upon data provided to the Administrator by the Fund or the Distributor. The Administrator shall also provide the Fund on a regular basis with the total number of Creation Units authorized, issued and outstanding; provided however that the Administrator shall not be responsible for monitoring the issuance of such Creation Units or compliance with any laws relating to the validity of the issuance or the legality of the sale of such Creation Units or shares.

III. Services Related to the Monitoring of Cash Collateral.

The Fund acknowledges that accepting cash collateral or cash in lieu from Authorized Participants in connection with Creation Unit activity entails a variety of risks (including market risk, counterparty risk and settlement risk), which the Fund retains notwithstanding the provision by the Administrator of services related to monitoring of cash collateral. The services provided by the Administrator are administrative and do not change the nature of the relationship between the Fund and any Authorized Participant. The Fund agrees that it bears all investment risk of any cash collateral posted by any Authorized Participant and agrees further to participate in (including entering into required documentation) the Custodian's CMS program with respect to cash collateral. The Administrator shall have no obligation with respect to determining adequacy or sufficiency of collateral required or received other than calling cash collateral in accordance with the terms set forth in the Participant Agreement and Operational Procedures. The Fund agrees to cooperate with the Administrator with respect to resolutions of issues or exceptions as they may arise with respect to collateral posted by Authorized Participants and agrees instruct the Administrator as to any realization by the Fund upon cash collateral posted, including any measures to be taken by the Fund or Investment Advisor, for example, buying in, of securities or ETF shares. The Administrator shall perform the following specific services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Identify creation and redemption Creation Unit activity for which collateral is required, on a daily basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Calculate required collateral for creation and redemption on a daily basis in accordance with the collateral ratios set forth in the Participant Agreements, utilizing a market price from a third-party pricing source as set forth on Appendix D

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Mark to market daily the value of such collateral positions using market prices from a third-party pricing source as set forth on Appendix D

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Communicate collateral requirements as determined in (b) and (c) to Authorized Participants as necessary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Provide reporting as to open collateral positions and notify the Fund in the event of collateral delivered by Authorized Participants

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Establish Operational Procedures with the Fund and Authorized Participants (based upon the form provided by the Administrator) which set forth the detailed requirements in connection with the processing requirements as to cash collateral posted by Authorized Participants.

------

#### BROWN BROTHERS HARRIMAN & CO.
By:**/s/ Daniel Montoya**

Name: Daniel Montoya<br>

Title: Managing Director<br>

Date: May 21, 2026<br>

#### AMANA MUTUAL FUNDS TRUST
By: <u>/s/ Jane K. Carten</u>

Name: Jane K. Carten

Title: President

Date: May 20, 2026

------

APPENDIX C

TRANSFER AGENCY AND FUND ACCOUNTING AGREEMENT

List of Authorized Persons

&nbsp;&nbsp;&nbsp;&nbsp;1. Christopher Fankhasuer

&nbsp;&nbsp;&nbsp;&nbsp;2. Rochelle Wolber

By: <u>Jane K. Carten</u>

Name: Jane K. Carten

Title: President

Date: May 20, 2026

------

APPENDIX D TO

TRANSFER AGENCY AND FUND ACCOUNTING AGREEMENT

AUTHORISED SOURCES

The Investment Manager and Fund hereby acknowledge that the Administrator is authorized to use the following authorized sources and their successors and assigns for financial reporting, compliance monitoring, performance measurement, pricing (including corporate actions, dividends and rights offering), and foreign exchange quotations, to assist it in fulfilling its obligations under the aforementioned Agreement.

BANK OF AMERICA MERRILL LYNCH GLOBAL RESEARCH

BLOOMBERG

RUSSELL/MELLON

FUND MANAGERS / CLIENT DIRECTED

INTERCONTINENTAL EXCHANGE ("ICE")

REPUTABLE BROKERS

REFINITIV

SUBCUSTODIAN BANKS

SIX FINANCIAL

REPUTABLE FINANCIAL PUBLICATIONS

STOCK EXCHANGES

STAT PRO

MORGAN STANLEY CAPITAL INTERNATIONAL

WALL STREET OFFICE\*

PRICING DIRECT

IHS MARKIT

SUPER DERIVATIVES

S&P

DOW JONES

JP MORGAN

SQX (SECURITIES QUOTE EXCHANGE)

BARCLAYS

FITCH SOLUTIONS

MOODYS

FORD EQUITY RESEARCH

FTSE GROUP

INVESTMENT TECHNOLOGY GROUP (ITG)

WM COMPANY

WOLTERS KLUWER FINANCIAL SERVICES

DEPOSITORIES (DTC, EUROCLEAR, ETC)

CLEARING BANKS (JP MORGAN CHASE, BANK OF NEW YORK MELLON, ETC)

OeKB

CITIGROUP INDEX LLC

MORNINGSTAR INC.

\* By using Wall Street Office ("WSO") as an authorized information source, the Investment Manager and Fund are each authorizing the Administrator to share confidential information regarding bank loan transactions with WSO. Investment Manager and Fund each acknowledge and agree that, while WSO must maintain such information confidentially, WSO is permitted to utilize such information on an anonymous basis in furtherance of its products and services.

------

By: <u>Jane K. Carten</u>

Name: Jane K. Carten

Title: President

Date: May 20, 2026

## Ex-99.(I)

**EXHIBIT (i)**<br>

![](image0.jpg)

June 5, 2026

Amana Mutual Funds Trust<br> 1300 N. State Street<br> Bellingham, WA 98225-4730

Ladies and Gentlemen:

We have acted as counsel to Amana Mutual Funds Trust, a Delaware statutory trust (the "<u>Trust</u>"), in connection with Post-Effective Amendment No. 68 (the "<u>Post-Effective Amendment</u>") to the Trust's registration statement on Form N-1A (File Nos. 002-96924; 811-04276) (the "<u>Registration Statement</u>"), to be filed with the U.S. Securities and Exchange Commission (the "<u>Commission</u>") on or about June 5, 2026, registering an indefinite number of shares of beneficial interest in Amana Equity Income ETF, Amana Growth ETF, and Amana Developing World ETF (the "<u>Funds</u>"), each a series of the Trust, (the "<u>Shares</u>") under the Securities Act of 1933, as amended (the "<u>Securities Act</u>").

This opinion letter is being delivered at your request in accordance with the requirements of paragraph 29 of Schedule A of the Securities Act and Item 28(i) of Form N-1A under the Securities Act and the Investment Company Act of 1940, as amended (the "<u>Investment Company Act</u>").

For purposes of this opinion letter, we have examined originals or copies, certified or otherwise identified to our satisfaction, of:

<br> (i) the relevant portions of the prospectus and statement of additional information (collectively, the "<u>Prospectus</u>") filed as part of the Post-Effective Amendment;

<br> (ii) the Trust's certificate of trust, governing instrument, and bylaws in effect on the date of this opinion letter; and

<br> (iii) the resolutions adopted by the trustees of the Trust relating to the Post-Effective Amendment, the establishment and designation of the Funds and the Shares of each series, and the authorization for issuance and sale of the Shares.

We also have examined and relied upon certificates of public officials and, as to certain matters of fact that are material to our opinions, we have relied on a certificate of an officer of the Trust. We have not independently established any of the facts on which we have so relied.

For purposes of this opinion letter, we have assumed the accuracy and completeness of each document submitted to us, the genuineness of all signatures on original documents, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as facsimile, electronic, certified, conformed, or photostatic copies thereof, and the due execution and delivery of all documents where due execution and delivery are prerequisites to the effectiveness thereof. We have further assumed the legal capacity of natural persons, that persons identified to us as officers of the Trust are actually serving in such capacity, and that the representations of officers of the Trust are correct as to matters of fact. We have not independently verified any of these assumptions.

------

---

| | |
|:---|:---|
| ![](image00001.jpg) | Page 2<br>June 5, 2026<br>|

---

The opinions expressed in this opinion letter are based on the facts in existence and the laws in effect on the date hereof and are limited to the Delaware Statutory Trust Act and the provisions of the Investment Company Act that are applicable to equity securities issued by registered open-end investment companies. We are not opining on, and we assume no responsibility for, the applicability to or effect on any of the matters covered herein of any other laws.

Based upon and subject to the foregoing, it is our opinion that (1) the Shares to be issued pursuant to the Post-Effective Amendment, when issued and paid for by the purchasers upon the terms described in the Post-Effective Amendment and the Prospectus, will be validly issued, and (2) such purchasers will have no obligation to make any further payments for the purchase of the Shares or contributions to the Trust solely by reason of their ownership of the Shares.

This opinion is rendered solely in connection with the filing of the Post-Effective Amendment and supersedes any previous opinions of this firm in connection with the issuance of Shares. We hereby consent to the filing of this opinion with the Commission in connection with the Post-Effective Amendment. In giving this consent, we do not thereby admit that we are experts with respect to any part of the Registration Statement or Prospectus within the meaning of the term "expert" as used in Section 11 of the Securities Act or the rules and regulations promulgated thereunder by the Commission, nor do we admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder.<br>

Very truly yours,<br>/s/ K&L Gates LLP<br>

## Ex-99.(L)(4)

**EXHIBIT (l)(4)**<br>

Form of Restricted Share Purchase Agreement

This Restricted Share Purchase Agreement (the "Agreement"), dated as of the [ ]th day of May 2026 is between Saturna Capital Corporation ("Saturna") and Amana Mutual Funds Trust ("Trust") on behalf of its series, Amana Equity Income ETF, Amana Growth ETF, and Amana Developing World ETF (each a "Fund").

Whereas, the Funds are created series of the Trust; and

Whereas, the shares of the Funds ("Shares") are not yet being offered to the public, pending effectiveness of a registration statement with the U.S. Securities and Exchange Commission; and

Whereas, Saturna wishes to purchase and the Trust wishes to sell 10,000 Shares of each Fund to provide initial capital to the Funds, the parties agree as follows:

Simultaneously with the execution of this Agreement the Trust will issue and sell to Saturna 10,000 Shares of each Fund and Saturna will pay to the Trust $300,000 in return therefor.

Saturna acknowledges that the Shares are not being sold pursuant to an effective SEC registration statement and agrees that Saturna will not sell, transfer, or redeem the Shares prior to (i) the public offering of the Shares pursuant to an effective SEC registration statement; (ii) the withdrawal of a filed registration with respect to the Shares prior to its effectiveness; or (iii) the liquidation of a Fund.

In witness whereof, the Trust and Saturna have executed this Agreement as of the date first written above.

---

| | | | |
|:---|:---|:---|:---|
| AMANA MUTUAL FUNDS TRUST | AMANA MUTUAL FUNDS TRUST | SATURNA CAPITAL CORPORATION | SATURNA CAPITAL CORPORATION |
| By: | _________________________ | By: | _________________________ |
| Name: | Jane K. Carten <br>| Name: | Jane K. Carten |
| Title: | President  | Title: | CEO and President |

---

## Ex-99.(M)(3)

**EXHIBIT (m)(3)**<br>

#### AMANA MUTUAL FUNDS TRUST

#### 12b-1 Distribution and Service Plan

WHEREAS, Amana Mutual Funds Trust (the "<u>Trust</u>") is an open-end management investment company registered as such under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), and organized as a series trust;

WHEREAS, the Board of Trustees of the Trust ("<u>Trustees</u>") desires to adopt a plan of distribution pursuant to Rule l2b-1 under the 1940 Act with respect to the shares of beneficial interest ("<u>Shares</u>") of certain of the series of the Trust, which are identified in Schedule A hereof, as may be amended from time to time ("<u>Funds</u>"), and the Trustees have determined that there is a reasonable likelihood that adoption of this Distribution and Service Plan (the "<u>Plan</u>") will benefit each Fund and holders of such Fund's Shares; and

WHEREAS, the Trust has entered into a written Distribution Agreement with Paralel Distributors LLC (the "<u>Distributor</u>"), pursuant to which the Distributor will act as the exclusive distributor with respect to the creation and distribution of aggregations of Shares as described in the Trust's registration statement ("<u>Creation Units</u>");

NOW, THEREFORE, on behalf of each Fund, the Trust hereby adopts this Plan in accordance with Rule 12b-1 under the 1940 Act on the following terms and conditions (capitalized terms not otherwise defined herein have the meanings assigned thereto in the Trust's registration statement under the 1940 Act and under the Securities Act of 1933, as amended, as such registration statement is amended by any amendments thereto at the time in effect).

SECTION 1. The Trust has adopted this Plan to enable the Trust to directly or indirectly bear expenses relating to the distribution of the Shares of the Funds.

SECTION 2. With respect to each Fund, the Trust may pay a monthly fee up to the amount set forth in Schedule A ("<u>Limit</u>") to finance any activity primarily intended to result in the sale of Shares of the Fund or the provision of investor services, including, but not limited to (a) compensation paid to registered representatives of the Distributor and other persons that have entered into agreements with the Distributor, (b) salaries and other expenses of the Distributor or other parties relating to selling or servicing efforts, including travel, communications and the provision of sales personnel, (c) expenses of organizing and conducting sales seminars, printing of prospectuses, statements of additional information and reports for other than existing shareholders, (d) preparation and distribution of advertising materials and sales literature and other marketing and sales promotion expenses, (e) distribution and/or shareholder service assistance through financial institutions and intermediaries such as banks, savings and loan associations, insurance companies and investment counselors, broker-dealers, and the affiliates and subsidiaries of the Trust's service providers, (f) delivering any notices of shareholder meetings and proxy statements accompanying such notices in connection with general and special meetings, and/or (g) ongoing services to shareholders which facilitate the continued retention of investors as shareholders of a Fund.

The Distributor may use all or any portion of the amount received pursuant to this Plan to compensate securities dealers or other persons that are Authorized Participants ("<u>third parties</u>") for providing distribution assistance, including broker-dealer and shareholder support and educational

------

and promotional services, pursuant to agreements with the Distributor, or to pay any of the expenses associated with other activities authorized under this paragraph. All expenses covered by this Plan shall be deemed incurred whether paid directly by the Distributor or by a third party to the extent reimbursed hereunder by the Distributor.

Fees shall be payable by the Trust on behalf of any Fund regardless of whether such fees are greater or less than the actual expenses incurred by the Distributor or third party with respect to such Fund during the relevant period. Although the Fund is not permitted to pay any expenses in excess of the relevant Limit, such excess expenses may be reimbursed during any of the Fund's subsequent three fiscal years, *provided and to the extent that* the current expenses plus the excess expenses do not exceed the Limit for that subsequent year and are approved in the manner provided in Section 3 herein.

SECTION 3. To the extent permitted by Rule 12b-1, nothing in this Plan shall operate or be construed to prohibit or limit additional compensation derived from sales charges or other sources that may be paid to the Distributor pursuant to the aforementioned Distribution Agreement. In addition, nothing in this Plan shall operate or be construed to limit the extent to which the Fund's investment adviser or any other person may incur costs and bear expenses associated with the distribution of Shares of a Fund. It is recognized that each Fund's investment adviser and other persons may use profits (including from advisory revenues) and other resources to make payments with respect to any expenses incurred in connection with the distribution of Shares. Accordingly, the Trust's investment adviser and other persons, directly or indirectly, may from time to time make payments to third parties who engage in the sale of Shares or render shareholder support services. If such payments are deemed to be indirect financing by a Fund of an activity primarily intended to result in the sale of Shares of the Fund within the context of Rule 12b-1 under the 1940 Act, such payments shall be deemed to be authorized by this Plan.

SECTION 4. This Plan shall not take effect with respect to any Fund until it has been approved, together with any related agreements, by votes of the majority of both (a) the Trustees and (b) the Qualified Trustees (as defined in Section 10 herein), cast in person at a meeting of the Trustees called for the purpose of voting on this Plan or such agreement, to the extent required by applicable law.

SECTION 5. This Plan shall continue in effect for a period of more than one year after it takes effect, only for so long as such continuance is specifically approved at least annually in the manner provided in Section 4 herein for the approval of this Plan.

SECTION 6. Any person authorized to direct the disposition of monies paid or payable by the Trust pursuant to this Plan or any related agreement shall provide to the Trustees, at least quarterly, a written report of the amounts so expended and the purposes for which such expenditures were made.

SECTION 7. This Plan may be terminated at any time with respect to any Fund, without payment of any penalty, by the vote of a majority of the Qualified Trustees or by vote of a majority of the outstanding voting securities of the relevant Fund.

------

SECTION 8. All agreements with any person relating to implementation of this Plan with respect to a Fund shall be in writing and shall provide: (a) that such agreement may be terminated at any time, without payment of any penalty, by the vote of a majority of the Qualified Trustees or by the vote of a majority of the outstanding voting securities of the Shares of the Fund, on not more than 60 days' written notice to any other party to the agreement; and (b) that such agreement shall terminate automatically in the event of its assignment.

SECTION 9. This Plan may not be amended to increase materially the Limit with respect to any Fund set forth in Schedule A without the approval of Shareholders holding a majority of the outstanding voting securities of the Fund, and all material amendments to this Plan shall be approved in the manner provided in Section 4 herein for the approval of this Plan.

SECTION 10. As used in this Plan, the term "<u>Qualified Trustees</u>" shall mean those Trustees who are not interested persons of the Trust and have no direct or indirect financial interest in the operation of this Plan or any agreements related to it. The terms "assignment," "interested person," and "majority of the outstanding voting securities" shall have the respective meanings specified in the 1940 Act and the rules and regulations thereunder, subject to such exemptions as may be granted by the Securities and Exchange Commission.

SECTION 11. While this Plan is in effect, the selection and nomination of those Trustees who are not interested persons of the Trust shall be committed to the discretion of the Trustees then in office who are not interested persons of the Trust.

SECTION 12. This Plan shall not obligate the Trust or any other party to enter into an agreement with any particular person.

SECTION 13. If any provision of this Plan shall be held or made invalid, the remainder of the Plan shall not be affected thereby.

SECTION 14. The Trust shall preserve copies of this Plan, each agreement related hereto and each report referred to in Section 6 hereof for a period of at least six years, the first two years in an easily accessible place.

------

#### SCHEDULE A
The following series of the Trust are subject to this Plan, at the annual fee rates specified:

---

| | |
|:---|:---|
| **Fund**  | **Fee (as a Percentage of<br>Average Daily Net Assets <br> of the Fund)\*<br>**  |
| Amana Equity Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25% <br>|
| Amana Growth ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25% <br>|
| Amana Developing World ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25% <br>|

---

\* The determination of daily net assets shall be made at the close of business each day throughout the month and computed in the manner specified in the then current Prospectus for the determination of the net asset value of Shares. Plan payments shall be made within ten (10) days of the end of each calendar month unless otherwise agreed by the parties and approved or ratified by the Trustees.

Approved: March 9, 2026

## Ex-99.(P)(2)

**EXHIBIT (p)(2)**<br>

![](paralel.jpg)

## Combined Code of Ethics
Last updated: April 10, 2024

------

Contents

---

| | |
|:---|:---|
| CODE OF ETHICS | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BACKGROUND | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RISKS | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *POLICIES AND* PROCEDURES | 3 |
| CONFLICTS OF INTEREST | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BACKGROUND | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RISKS | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *POLICIES AND* PROCEDURES | 14 |
| INSIDER TRADING | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BACKGROUND | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RISKS | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *POLICIES AND* PROCEDURES | 18 |
| GIFTS AND ENTERTAINMENT | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BACKGROUND | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RISKS | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *POLICIES AND* PROCEDURES | 20 |
| APPENDIX A - DEFINITIONS | 26 |

---

------

#### CODE OF ETHICS

Most Recently Revised: October 2023

------

#### Background

This Code of Ethics ("Code") has been adopted by various Paralel entities, together and separately referred to as "Paralel" within this Code, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Paralel Technologies LLC ("PTL")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Paralel Advisors LLC ("PAL")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Paralel Distributors, Inc. ("PDL")

The Code is designed to comply with Rule 204A-l under the Investment Advisers Act of 1940 ("Advisers Act") and Rule 17j-l under the Investment Company Act of 1940 (the "1940 Act"). By adopting and adhering to a code that meets the applicable requirements under the Advisers Act and 1940 Act, it is intended that Paralel employees who are deemed to be Access Persons and/or Investment Persons, will not also be subject to duplicative reporting requirements under various other codes for fund companies for which they may serve as an officer or are otherwise deemed to be an Access Person or Supervised Person . However, all such persons should check with each company's Compliance or Legal representatives to confirm their status.

In addition to the policies found directly in this Code, Paralel's Gift and Entertainment, Conflicts of Interest, and Insider Trading policies shall also be deemed to be part of this Code.

*Employees who are also registered with the Financial Industry Regulatory Authority ("FINRA ")* as *a Registered Representative may have additional requirements and/or restrictions in addition to those described herein. Those Registered Representatives should consult their Written Supervisory Procedures for any additional requirements that may apply.*

Paralel and its employees are prohibited from engaging in fraudulent, deceptive or manipulative conduct. The Code is designed to reinforce Paralel's reputation for integrity by avoiding even the appearance of impropriety in the conduct of our business. This Code was developed to promote the highest standards of behavior and ensure compliance with applicable laws.

Employees are required to promptly report any known violations of the Code to the relevant entity's Chief Compliance Officer ("CCO" as defined). This includes violations that come to your attention that may have been inadvertent and/or violations that other employees may have committed. The CCO (or a designee) will promptly investigate the matter and take appropriate action, if needed. There will be no retribution against any employee for making such a report, and every effort will be made to protect the identity of the reporting employee. There may be additional provisions for reporting violations that are covered under applicable policies and employees should make themselves familiar with these policies or consult with the CCO.

------

Employees should be aware that they may be held personally liable for any improper or illegal acts committed during their course of employment, and that "ignorance of the law" is not a defense. Paralel employees are expected to read the Code carefully and observe and adhere to its guidance at all times. Failure to comply with the provisions of the Code may result in serious sanctions including, but not limited to: disgorgement of profits, termination, personal criminal or civil liability and referral to law enforcement agencies or other regulatory agencies.

The provisions of the Code are not all-inclusive. Rather, they are intended as a guide for employees of Paralel in their conduct. In those situations where an employee may be uncertain as to the intent or purpose of the Code, they are advised to consult with the CCO. All questions arising in connection with personal securities trading should be resolved in favor of the Client, even at the expense of the interests of employees.

***The* cco *will periodically report* to *senior management/board of directors of Paralel and the respective Fund boards where Paralel serves in the capacity of investment adviser, administrator and/or distributor* to *document compliance or noncompliance with this Code. Each employee is responsible for knowing their responsibilities under the Code.***

#### Risks

In developing these policies and procedures, Paralel considered the material risks associated with administering the *Code of Ethics.* This analysis includes risks such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supervised Persons do not understand the fiduciary duty that they, and Paralel, owe to Client accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supervised Persons and/or Paralel fail to identify and comply with all applicable Federal Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons do not report personal Securities transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons trade personal accounts ahead of Client accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons allocate profitable trades to personal accounts or unprofitable trades to Client accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Violations of the Federal Securities Laws, the *Code of Ethics,* or the policies and procedures set forth in this Manual, are not reported to the CCO and/or appropriate supervisory personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Paralel does not provide its *Code of Ethics* and any amendments to all Supervised Persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Paralel does not retain Supervised Persons' acknowledgements that they received the *Code of Ethics* and any amendments.

#### Policies and Procedures

#### Who is Covered By the Code?

All permanent employees are covered under the Code. All employees are deemed a "Supervised Person". Certain Supervised Persons will also be deemed an Access Person and subject to additional personal trading and other requirements. Certain Access Persons will also be deemed an Investment Person and

------

subject to additional personal trading, transaction, and pre-clearance restrictions, as well as other requirements.

Specific definitions of Supervised Person, Access Person, and Investment Person are available in the Appendix A, attached. At any time, employees may check their status by contacting Compliance.

Temporary employees may be subject to either all or certain provisions within the Code. The CCO may deem a temporary employee a Supervised Person, Access Person, or Investment Person as determined appropriate. The CCO may exempt a temporary employee (e.g. summer intern, work study) from certain aspects of this Code or require additional or different certifications, prohibitions, or requirements as determined appropriate to ensure the effective operation of this Code.

#### Code of Conduct, Fiduciary Standards, and Compliance with the Federal Securities Laws

At all times, Paralel and its employees, including all Supervised Persons, inclusive of all Access Persons and Investment Persons, must comply with the spirit and the letter of the Federal Securities Laws and the rules governing the capital markets.

The CCO administers the *Code of Ethics* (or the *"Code").* All questions regarding the *Code* should be directed to the CCO. Supervised Persons must cooperate to the fullest extent reasonably requested by the CCO to enable (i) Paralel to comply with all applicable Federal Securities Laws and (ii) the CCO to discharge their duties under the Manual.

All Supervised Persons will act with competence, dignity, integrity, and in an ethical manner, when dealing with Reportable Funds, Clients, the public, prospects, third-party service providers and fellow Supervised Persons. Supervised Persons must use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, trading, promoting Paralel's services, and engaging in other professional activities.

Paralel expects all Supervised Persons to adhere to the highest standards with respect to any potential conflicts of interest with Reportable Funds or Clients. As a fiduciary, Paralel must act in its Clients ' best interests. Notify the CCO promptly about any practice that creates, or gives the appearance of, a material conflict of interest.

Supervised Persons of Paralel that perform functions that give such individuals knowledge of a Reportable Fund's investment activities may not, in connection with the purchase or sale, directly or indirectly, of a security held or to be acquired by any Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• employ any device, scheme, or artifice to defraud a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make any untrue statement of a material fact to a Fund or omit to state a material fact necessary in order to make the statements made to a Fund, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Fund ; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• engage in any manipulative practice with respect to a Fund.

------

Supervised Persons are generally expected to discuss any perceived risks, or concerns about Paralel's business practices, with their direct supervisor. However, if a Supervised Person is uncomfortable discussing an issue with their supervisor, or if they believe that an issue has not been appropriately addressed, they should bring the matter to the CCO's attention.

#### Reporting Violations

Improper actions by Paralel or its Supervised Persons could have severe negative consequences for Paralel, its Reportable Funds, and Paralel's Supervised Persons. Impropriety, or even the appearance of impropriety, could negatively impact all Supervised Persons, including people who had no involvement in the problematic activities.

Supervised Persons must promptly report any improper or suspicious activities , including any suspected violations of the *Code of Ethics* or the Federal Securities Laws to the CCO. Issues can be reported to the CCO through the Confidential Reporting Form (Whistleblower) on MCO. Reports of potential issues may be made anonymously. Any reports of potential problems will be thoroughly investigated by the CCO, who will report directly to the CEO on the matter. Any problems identified during the review will be addressed in ways that reflect Paralel's fiduciary duty to its Clients.

A Supervised Person's identification of a material compliance issue will be viewed favorably by the Company's senior executives. Retaliation against any Supervised Person who reports a violation of the *Code of Ethics* in good faith is strictly prohibited and will be cause for corrective action, up to and including dismissal. If a Supervised Person believes that he or she has been retaliated against, he or she should notify the Chief Compliance Officer directly.

Violations of this *Code of Ethics,* or the other policies and procedures set forth in the Manual, may warrant sanctions including, without limitation, requiring that personal trades be reversed, requiring the disgorgement of profits or gifts, issuing a letter of caution or warning, reporting to the Supervised Person's supervisor , suspending personal trading rights , imposing a fine, suspending employment (with or without compensation), making a civil referral to the SEC, making a criminal referral, terminating employment for cause, and/or a combination of the foregoing . Violations may also subject a Supervised Person to civil, regulatory or criminal sanctions. No Supervised Person will determine whether he or she committed a violation of the *Code of Ethics,* or impose any sanction against himself or herself. All sanctions and other actions taken will be in accordance with applicable employment laws and regulations.

If the CCO determines that a material violation of this *Code of Ethics* has occurred, the CCO will promptly report the violation, and any associated action(s), to Paralel's senior management. If senior management determines that the material violation may involve a fraudulent, deceptive or manipulative act, Paralel will report its findings to a Fund 's Board of Directors or Trustees pursuant to Rule 17j-l.

For the avoidance of doubt , nothing in this Manual prohibits Supervised Persons from reporting potential violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the SEC, or any agency's inspector general, or from making other disclosures that are protected under the whistleblower provisions of federal law or regulation . Supervised Persons do not need prior authorization from their supervisor, other members of management, the CCO, or any other person or entity affiliated with Paralel to make any such reports or disclosures and do not need to notify Paralel that they have made such reports or disclosures. Additionally, nothing in this Manual prohibits

------

Supervised Persons from recovering an award pursuant to a whistleblower program of a government agency or entity.

#### Distribution of the Code and Acknowledgement of Receipt

Paralel will distribute the Company 's *Code of Ethics,* to each Supervised Person upon the commencement of employment, annually, and upon any change to the *Code of Ethics* or any material change to another portion of the Manual.

All Supervised Persons must use MCO to acknowledge that they have received, read, understood, and agree to comply with the Company's policies and procedures described in this Manual, including this *Code of Ethics.*

#### Personal Securities Transactions

*(Applies to All* <u>Access Persons,</u> *Including Investment Persons)*

Access Person trades should be executed in a manner consistent with our fiduciary obligations to our funds and Clients: trades should avoid actual improprieties, as well as the appearance of impropriety. Employee trades must not be timed to precede orders placed for any client, nor should trading activity be so excessive as to conflict with the Access Person's ability to fulfill daily job responsibilities.

In the event of a material change to this *Personal Securities Transactions* section of the *Code of Ethics,*

the CCO shall inform each Reportable Fund's CCO of such change.

#### Accounts Covered by the Policies and Procedures, Beneficial ownership

Paralel's *Personal Securities Transactions* policies and procedures apply to all accounts ("Accounts") holding or that can hold any Securities over which Access Persons have any Beneficial Ownership interest, which typically includes accounts held by immediate family members sharing the same household, or non-funds over which Access Persons exercise investment discretion. Immediate family members include children, step-children, grandchildren, parents, step-parents, grandparents, spouses, domestic partners, siblings, parents- in-law, and children- in- law, as well as adoptive relationships that meet the above criteria.

It may be possible for Access Persons to exclude Accounts held personally or by immediate family members sharing the same household it the Access Persons does not have any direct or indirect influence or control over the Accounts, or it the Access Persons can rebut the presumption of beneficial ownership over family members' accounts. Access Person should consult with the CCO before excluding any Accounts held by immediate family members sharing the same household.

------

#### Reportable Securities 1

Paralel requires Access Persons to provide periodic reports regarding transactions and holdings in all "Reportable Securities," which include any Security, **except:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by open-end investment companies registered under the Investment Company Act of 1940, other than investment companies advised or underwritten by Paralel or an affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interests in 529 college savings plans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares issued by unit investment trusts that are invested exclusively in one or more open- end investment companies registered under the Investment Company Act of 1940, none of which are advised, underwritten by Paralel or an affiliate.

*Crypto and Other Digital* Assets

Any Access Person who wishes to purchase, acquire or sell any asset that is issued and transferred using distributed ledger or blockchain technology, including, but not limited to, virtual currencies, cryptocurrencies, digital "coins" or "tokens" ("Digital Assets"), should consult with the CCO as to whether such Digital Asset would be considered a Security, and specifically a "Digital Security", for purposes of this policy. A Digital Asset is likely to be considered a Digital Security if it is offered and sold as an investment contract. On April 3, 2019, the SEC published a framework for investment contract analysis of Digital Assets.2 The CCO may use this framework, among other relevant SEC guidance, to determine whether a Digital Asset would be considered a Digital Security for the purposes of this policy. If the CCO determines that such Digital Asset should be considered a Digital Security, the Digital Asset will be considered a Reportable Security for purposes of this policy.

#### Reporting

Paralel must collect information regarding the personal trading activities and holdings of all Access Persons. Access Persons must submit, through MCO, quarterly reports regarding Reportable Securities transactions and newly opened Accounts that hold or can hold Securities, as well as initial and annual reports regarding holdings and existing Accounts.

_________________________<br>

&nbsp;&nbsp;&nbsp;&nbsp;Rule 17j-1 limits the Reportable Securities reporting exemptions to "i) Direct obligations of the Government of the United States; (ii) Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and (iii) Shares issued by open-end Funds. " Therefore, Supervised Persons of Paralel that perform functions that give such individuals knowledge of an advised fund 's investment activities are subject to this more restrictive list of reporting exemptions.

2 https:// www.sec.gov/fi les/dlt-framework.pdf

------

*Initial Reporting* - *Securities Holdings and Accounts*

Access Persons must report the existence of any Accounts that holds or can hold any Securities (including Securities excluded from the definition of a Reportable Security), as well as all Reportable Securities holdings. Reports relating to Accounts and Reportable Securities holdings must be submitted via MCO within 10 days of an individual first becoming an Access Person. Initial reports must be current as of a date no more than 45 days prior to the date that the person became an Access Person.

*Account Types and Reporting:* Accounts that can hold Reportable Securities must be linked in MCO to ensure Paralel receives an electronic feed from the broker/dealer. Access Persons should discuss with the compliance team or the CCO if an electronic feed is available with a particular broker and how to establish an electronic feed with a broker. In situations where an electronic feed is not available with a particular broker, an alternative reporting process specified by the CCO may be required (such as providing duplicate statements) or, in certain instances, the compliance team or CCO may require Access Persons to move Accounts from existing brokers to a preferred broker so that an electronic feed may be established. The Access Person is fully responsible for ensuring compliance with this Code if an alternative process is permitted.

For Accounts that are unable to hold or transact in Reportable Securities ("NRS Accounts"), Access Persons will need to report NRS Accounts in MCO initially, providing the brokerage name and account number of the NRS Account in MCO. The Chief Compliance Officer or his/her designee reserves the right to request additional information as they may determine appropriate and monitor such NRS Accounts for any abusive trading practices that would violate this Code.

*Paralel 401k Account Guidance* - Provided that an Access Person has not linked his/her Paralel 401k Account to a brokerage (allowing investments outside of the limited set in the 401k), such account will generally be considered a NRS Account.

If an Access Person does not have any holdings and/or accounts to report, this should be indicated within MCO within 10 days of becoming an Access Person.

*Ongoing Reporting* - *New Accounts*

Upon opening a new Account (other than an NRS Account) and prior to the completion of any transactions in the account, Access Persons must report the Account and ensure it is linked with an electronic feed from the broker/dealer (unless otherwise approved) as described in the initial reporting section above. NRS Accounts may be reported in conjunction with the quarterly reports as described below.

*Quarterly Reporting* - *Accounts and Transactions in Reportable Securities*

Each quarter, Access Persons must report all Reportable Securities transactions in Accounts in which they have a Beneficial Interest - this may be completed by affirming that the transactions reflected in MCO that Paralel received from the broker/dealer are accurate and complete, or for Accounts that are not connected by an electronic feed , by manually entering all transactions in Reportable Securities in MCO.

------

Access Persons must also report any NRS Accounts opened during the quarter that otherwise had not already been reported. Reports regarding Reportable Securities transactions and newly opened Accounts must be submitted via MCO within 30 days of the end of each calendar quarter.

Access Persons must utilize MCO to fulfill quarterly reporting obligations.

If an Access Person did not have any transactions in non- exempt Securities or Account openings to report, this should be indicated in MCO within 30 days after the end of each calendar quarter.

*Annual Holdings and Accounts Reports*

Access Persons must annually confirm the list of Accounts in MCO and report all Reportable Securities holdings. Reports regarding accounts and holdings must be submitted via MCO on or before February 14th of each year. Annual reports must be current as of December 31st.

Annual reports must disclose the existence of all Accounts that hold or can hold any Securities, including NRS Accounts. If an Access Person does not have any holdings and/or accounts to report, this should be indicated within MCO by February 14t h of each year.

*Exceptions from Reporting Requirements*

There are limited exceptions from certain reporting requirements. Specifically, Access Persons are not required to submit reports as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Automatic Investment Plans</u>: Quarterly transaction reports are not required for any transactions in Reportable Securities effected pursuant to an Automatic Investment Plan, including Dividend Reinvestment Plans; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Managed Ac counts:No reports (either holdings/transaction reports) are required with respect to Securities held in Accounts over which the Access Person has no direct or indirect influence or control (known as "Managed Accounts.")

"Managed Account" means an account for which the Access Person has authorized a third-party financial advisor or investment manager, in its sole discretion, to acquire and dispose of assets held in the account. The Access Person may not have any direct or indirect influence or control in the investment decisions of the account, or be made aware of any such investment decisions before transactions are executed by the advisor or manager.

While the reporting requirements do not apply to Managed Accounts, other restrictions and requirements applicable to Access Persons (such as preclearance in IPOs and Private Placements) still apply.

For Accounts that may be eligible for either of these exceptions, approval should be sought through MCO to the attention of the CCO who will, on a case-by-case basis, determine whether the plan or account qualifies for an exception to be deemed a Managed Account. In making this determination, the CCO or a designee may ask for supporting documentation, such as a copy of the discretionary account management agreement and/or a written certification from the unaffiliated investment adviser, and may provide Access Persons with the exact wording and a clear definition of "no direct or indirect influence or

------

control" that the adviser consistently applies to all Access Persons. On a sample basis, the CCO may request reports on holdings and/or transactions made in the Managed Account to identify transactions that would have been prohibited pursuant to Paralel's *Code,* absent reliance on the reporting exception. Access Persons who claim they have no direct or indirect influence or control over an Account are required to indicate as such in MCO upon commencement of their employment or implementation of such Managed Account and on an annual basis thereafter.

#### Trading Restrictions for Access Persons

*<u>Pre-Clearance Required</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Initial Public Offerings and Private Placements* - Access Persons must have written pre-clearance completed in MCO for any investments in IPOs or Private Placements. Paralel may disapprove any proposed transaction for any reason. If clearance is granted for a specified period of time, the Access Person receiving the approval is responsible for ensuring that his or her trading is completed before the clearance's expiration. Access Persons should be cautious when submitting good-until-cancelled orders to avoid inadvertent violations of Paralel's pre-clearance procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Any Registered Representative of Paralel is prohibited from participating in IPOs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Reportable Funds* - Access Persons are prohibited from the purchase or sale of a Reportable Fund without pre-clearance in MCO being obtained. Access Persons are prohibited from the purchase and sale or sale and purchase of the same Reportable Fund within a sixty (60) calendar day holding period.

*<u>Other Restrictions</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Knowledge of Transaction* - Access Persons shall not purchase or sell a Reportable Security in any Account if they had actual knowledge at the time of the transaction that, during the 24 hour period immediately preceding or following the transaction, the Reportable Security was purchased or sold or was considered for purchase or sale by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Blackout Period* - Blackout periods may be determined and established by the CCO. Any such periods will be communicated to all affected persons as necessary.

Access Persons are reminded that all provisions of this Code apply even if not specifically listed in the restrictions above, including the Conflict of Interest and Insider Trading sections set forth below.

#### Additional Requirements for Investment Persons

#### Pre-Clearance Requirements for Investment Persons

Investment Persons must have written pre-clearance for all transactions in Reportable Securities, as well as IPOs or Private Placements. Paralel may disapprove any proposed transaction, particularly if the transaction appears to pose a conflict of interest or otherwise appears improper. If clearance is granted for a specified period of time, the Investment Persons receiving the approval is responsible for ensuring that his or her trading is completed before the clearance's expiration. Investment Persons should be

------

cautious when submitting good-until-cancelled orders to avoid inadvertent violations of Paralel's pre- clearance procedures.

Pre-clearance is valid for two business days. If the Investment Person still desires to execute the trade, but the trade is not executed within this timetrame, the Investment Persons must request a new pre- clearance approval before entering the trade. Limit orders must be pre-approved for each day the order is open .

*Exemptions from Pre-Clearance Requirements:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Managed Accounts.</u> Trades effected by the manager of a Managed Account shall not be subject to the pre-clearance procedures.

o <u>Pre-clearance is always required for trades in Reportable Funds shares</u>, regardless of whether shares are held in a Managed Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ " Managed Account " means an account tor which an Investment Person has authorized a professional financial advisor or investment manager, in its sole discretion, to acquire and dispose of assets held in the account. The Investment Person may not
 make, directly or indirectly , any investment decisions , be made aware of any such investment decisions before transactions are executed by the advisor or manager , or otherwise direct the advisor or manager to effect any transactions in the account. Pre-clearance is not generally required for trades in a Managed Account. However, to the
 extent that an Investment Person becomes aware of a proposed transaction by the manager in these types of accounts or have personally directed or asked another person to direct trades in these accounts , the Investment Person is required to pre-clear the transaction prior to execution of the trade by the manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange Traded Funds ("ETF") and Exchange Traded Notes ("ETN"). Pre-clearance is not required for ETFs or ETNs; however, ETFs and ETNs are subject to the reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases or sales that are non-volitional on the part of the Investment Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases that are part of an automatic dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases effected upon the exercise of rights issues by an issuer pro rata to all holders of a class of its securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions that meet the de minimis exception, which is personal trade that meets the following conditions: (a) less than $5,000; and (b) is made with no knowledge that a Reportable Fund has purchased or sold the Reportable Security, or is considered purchasing or selling the Reportable Security.;

Investment Persons must use MCO to seek pre-clearance. Pre-clearance is valid for two business days.

#### Restrictions for Investment Persons

In addition to those restrictions applicable to Access Persons, Investment Persons:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may not purchase or sell any security that they have knowledge is being considered for purchase or sale by a Reportable Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are prohibited from participating in investment clubs unless such membership is approved in writing by the CCO. An investment club is any group of people who pool their money to make joint or group investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may not make any personal transaction that may be deemed to be a conflict of interest with the interests of the Funds or any Paralel client.

Investment Persons are reminded that all provisions of this Code apply even if not specifically listed in the restrictions above, including the Conflict of Interest and Insider Trading provisions set forth below.

Any Registered Representative of Paralel is prohibited from participating in IPOs.

#### Personal Trading and Holdings Reviews

Paralel's *Personal Securities Transactions* policies and procedures are designed to mitigate any potential material conflicts of interest associated with Access Persons' personal trading activities. Accordingly, the CCO or a designee will closely monitor Access Persons' investment patterns to detect the following potentially abusive behavior:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Frequent and/or short-term trades in any Security, with particular attention paid to potential market-timing of mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Personal trading in Securities also held by a client fund advised, underwritten or administered by Paralel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading opposite of client trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading ahead of clients; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading that appears to be based on Material Nonpublic Information.

The CCO will review all reports submitted pursuant to the *Personal Securities Transactions* policies and procedures for potentially abusive behavior and will compare Access Person trading with Funds' trades as necessary. Any personal trading that appears abusive may result in further inquiry by the CCO and/or sanctions, up to and including dismissal.

The CEO or his delegate (currently the Paralegal Manager) will use MCO to monitor the CCO's personal Securities transactions for compliance with the *Personal Securities Transactions* policies and procedures.

#### Disclosure of the Code of Ethics

Paralel will, upon request, furnish Funds with a copy of the *Code of Ethics.*

------

#### CONFLICTS OF INTEREST

Most Recently Revised: April 2023

------

#### Background

Conflicts of interest may exist between various individuals and entities, including Paralel, Supervised Persons, and current or prospective Reportable Funds or Clients. Any failure to identify or properly address a conflict can have severe negative repercussions for Paralel, its Supervised Persons, and/or Funds or Clients. In some cases, the improper handling of a conflict could result in litigation and/or disciplinary action.

Section 206(2) of the Advisers Act prohibits investment advisers from engaging in any transaction, practice, or course of business which operates as a fraud or deceit upon any client or prospective client whereas Section 206(4) of the Advisers Act prohibits investment advisers from engaging in any act, practice, or course of business which is fraudulent , deceptive, or manipulative. Rule 206(4)-S(a) under the Advisers Act effectively extends this prohibition so as to apply to pooled investment vehicle investors or prospective investors. A failure to identify, disclose and/or manage a conflict of interest could constitute a violation of any of these provisions.

#### Risks

In developing these policies and procedures, Paralel considered the material risks associated with conflicts of interest. This analysis includes risks such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supervised Persons do not understand what could constitute an actual or apparent conflict of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supervised Persons engage in conduct that could entail an actual or apparent conflict of interest without giving Paralel the opportunity to prevent such activity or take sufficient steps to manage and/or disclose the actual or apparent conflict of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Paralel engages in conduct in its capacity as the investment adviser (or in its affiliates' capacity in other servicing roles) that could entail an actual or apparent conflict of interest with its obligations on behalf of the other, without taking sufficient steps to manage and/or disclose the actual or apparent conflict of interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The interests of more than one Client are in conflict with each other and Paralel does not resolve this conflict or resolves it in a way that is not fair and reasonable to all affected parties, or that disproportionately disadvantages one or more parties.

------

#### Policies and Procedures

Paralel's policy is to disclose, mitigate, and/or eliminate all identified conflicts of interest in the best interests of its Funds and Clients. In the event that a conflict of interest arises between client funds, Paralel's policy is to seek to resolve such conflict as fairly as possible in relation to all parties.

#### Understanding and Identifying Conflicts of Interest

Paralel's policies and procedures have been designed to identify and properly disclose, mitigate, and/or eliminate applicable conflicts of interest. Supervised Persons should refer to applicable sections of this Manual when conducting the activities addressed therein. To the extent such activities entail an actual, potential or apparent conflict of interest, the relevant Manual section will typically provide guidance or instructions as to how to proceed. If a Supervised Person has any questions about the contents of this Manual or any particular section thereof, they should contact the CCO to discuss further.

Paralel requires Supervised Persons to complete a *Compliance Questionnaire* included within MCO upon joining the Company and generally quarterly thereafter. Many of these questions are intended to identify actual or potential conduct that could constitute an actual, potential or apparent conflict of interest. If a Supervised Person has any questions about the questions included in the *Compliance Questionnaire,* they should contact the CCO to discuss further.

However, written policies and procedures cannot address and a compliance questionnaire cannot anticipate every potential conflict. With this in mind, Supervised Persons should be cognizant of any and all potential conflicts of interest regardless of whether Paralel has contemplated them or not in its existing policies and procedures and/or the *Compliance Questionnaire.* Upon identifying such a potential conflict of interest, Supervised Persons should bring it to the attention of the CCO as soon as possible so that Paralel can assess the potential conflict and take the necessary steps to properly address it.

While it is not possible to provide a precise or comprehensive definition of a conflict of interest, Paralel is providing the following guidance to better enable Supervised Persons to recognize potential conflicts of interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• One factor that is common to many conflict of interest situations is the possibility that Paralel's or a Supervised Person's actions or decisions will be affected because of actual or potential differences between or among the interests of Paralel, Clients, and/or the Supervised Person's own personal interests. If you suspect that any of these parties' interests may not be aligned and that this could affect your or Paralel's decisions or actions, a potential conflict of interest may exist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A situation may be found to involve a conflict of interest even if it does not result in any financial loss to Paralel or Clients, or any gain to Paralel, certain Clients, and/or the Supervised Person, and irrespective of the motivations of Paralel or the Supervised Persons involved. Such factors should not prevent you from notifying the CCO of a potential conflict of interests.

------

#### Addressing Conflicts of Interest

As stated above, Paralel's policies and procedures have been designed to identify and properly disclose, mitigate, and/or eliminate applicable conflicts of interest. The following procedures apply to potential conflicts of interest that may not currently be anticipated by such existing policies and procedures.

The CCO is responsible for determining how to address a newly identified potential conflict of interest. Supervised Persons should not seek to address a potential conflict of interest without the CCO's involvement unless it is not possible to contact the CCO on a timely basis. In such situations, Supervised Persons should use good judgment in identifying and responding appropriately to actual or apparent conflicts and notify the CCO of the potential conflict and their conduct in response as soon as possible thereafter.

The following principles govern Paralel's approach to addressing conflicts of interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the extent possible, potential conflicts of interest should be resolved in such a way so as to prevent the potential conflict of interest from becoming an actual or apparent conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the extent possible, conflicts of interest that involve Paralel and/or its Supervised Persons on one hand, and Clients on the other hand, will generally be disclosed and resolved in a way that favors the interests of Clients over the interests of Paralel and its Supervised Persons.

------

#### INSIDER TRADING

Most Recently Revised: April 2023

------

#### Background

Section 204A of the Advisers Act requires every investment adviser to establish, maintain, and enforce written policies and procedures reasonably designed, taking into consideration the nature of such investment adviser's business, to prevent the misuse of Material Nonpublic Information by such investment adviser or any associated person. In the past, the Federal Securities Laws have been interpreted to prohibit the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading by an insider while in possession of Material Nonpublic Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading by a non-insider while in possession of Material Nonpublic Information, where the information was disclosed to the non-insider in violation of an insider's duty to keep it confidential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading by a non-insider who obtained Material Nonpublic Information through unlawful means such as computer hacking; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Communicating Material Nonpublic Information to others in breach of a fiduciary duty.

#### What Information is Material?

Many types of information may be considered material, including, without limitation, advance knowledge of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dividend or earnings announcements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Asset write-downs or write-offs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additions to reserves for bad debts or contingent liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expansion or curtailment of company or major division operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Merger, joint venture announcements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New product/service announcements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discovery or research developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Criminal, civil and government investigations and indictments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pending labor disputes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Debt service or liquidity problems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankruptcy or insolvency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tender otters and stock repurchase plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recapitalization plans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Major developments in litigation or events that could lead to litigation (e.g., a cyber breach or a data leak).

Information provided by a company could be material because of its expected effect on a particular class of securities, all of a company's securities, the securities of another company, or the securities of

------

several companies. The prohibition against misusing Material Nonpublic Information applies to a wide range of financial instruments including, but not limited to, equities, bonds, warrants, options, futures, forwards, swaps, commercial paper, government-issued securities, and Digital Securities. Material information need not relate to a company's business. For example, information about the contents of an upcoming newspaper column may affect the price of a security, and therefore be considered material. Advance notice of forthcoming secondary market transactions could also be material.

Supervised Persons should consult with the CCO if there is any question as to whether nonpublic information is material.

#### What Information is Nonpublic?

Once information has been effectively distributed to the investing public, it is no longer nonpublic. However, the distribution of Material Nonpublic Information must occur through commonly recognized channels for the classification to change. In addition, there must be adequate time for the public to receive and digest the information. Non-public information does not change to public information solely by selective dissemination. The confirmation by an insider of unconfirmed rumors, even if the information in question was reported as rumors in a public form, may be nonpublic information. Examples of the ways in which nonpublic information might be transmitted include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• By telephone;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During a presentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• By email, instant messaging, or Bloomberg messaging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• By text message or through Twitter; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On a social networking site such as Facebook or LinkedIn.

Supervised Persons must be aware that even where there is no expectation of confidentiality, a person may become an insider upon receiving Material Nonpublic Information. Supervised Persons should consult with the CCO if there is any question as to whether material information is nonpublic.

#### Penalties for Trading on Material Nonpublic Information

Severe penalties exist for firms and individuals that engage in Insider Trading, including civil injunctions, disgorgement of profits, and jail sentences. Further, fines for Insider Trading may be levied against individuals and companies in amounts up to three times the profit gained or loss avoided (and up to $1,000,000 for companies). Paralel is not obligated to pay legal fees, penalties, or other costs incurred by Supervised Persons found guilty of insider trading.

#### Risks

In developing these policies and procedures, Paralel considered the material risks associated with insider trading. This analysis includes risks such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supervised Persons place trades in personal and/or Client accounts while in possession of Material Nonpublic Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supervised Persons pass Material Nonpublic Information on to others;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supervised Persons are not aware of what constitutes Material Nonpublic Information; Paralel has established the following guidelines to mitigate these risks.

#### Policies and Procedures

Supervised Persons are strictly forbidden from engaging in Insider Trading, either personally or on behalf of Paralel's Funds. Paralel's *Insider Trading* policies and procedures apply to all Supervised Persons, as well as any transactions in any securities by family members, trusts, or corporations, directly or indirectly controlled by such persons. The policy also applies to transactions by corporations in which the Supervised Person is an officer, director, or 10% or greater stockholder, as well as transactions by partnerships of which the Supervised Person is a partner unless the Supervised Person has no direct or indirect control over the partnership.

#### Procedures for Recipients of Material Nonpublic Information

If a Supervised Person has questions as to whether they are in possession of Material Nonpublic Information, they may inquire about whether such information qualifies as Material Public Information. The CCO will conduct research to determine if the information is likely to be considered material, and whether the information has been publicly disseminated.

Given the severe penalties imposed on individuals and firms engaging in Insider Trading, a Supervised Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Must not trade the securities of any company about which they may possess Material Nonpublic Information, or derivatives related to the issuer in question;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Must not discuss any potentially Material Nonpublic Information with colleagues or a fund sub-adviser, except as specifically required by their position, which shall first be approved by the CCO; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Must not conduct research, trading, or other investment activities regarding a security for which they may have Material Nonpublic Information.

If a Supervised Person believes that they have either violated or may be asked to violate any of the above requirements regarding Material Nonpublic information, they must immediately report such fact or belief to the CCO to determine the appropriate course of action. Quarterly, the Supervised Persons will certify that they will follow these requirements in the future, and that they have not violated such requirements across the past quarter

#### Selective Disclosure

Non-public information about Paralel's investment strategies, trading, and Client holdings may not be shared with third parties except as is necessary to implement investment decisions and conduct other legitimate business. Supervised Persons must never disclose proposed or pending trades or other sensitive information to any third-party without the prior approval of the CCO. Federal Securities Laws may prohibit the dissemination of such information, and doing so may be considered a violation of the fiduciary duty that Paralel owes to its Funds.

------

Supervised Persons should not disclose proposed or pending trades to any Client or other individual or entity outside of Paralel other than a trading counterparty with a legitimate need to know the information.

#### Sub-Advisory Relationships

Paralel will delegate management of Client assets to third-party sub-advisors. In doing so, Paralel may receive Material Nonpublic Information about these managers' investment strategies and trading activities. Paralel's Supervised Persons are prohibited from trading on, or improperly utilizing, Material Nonpublic Information obtained from third-party managers. Generally, without prior approval of the CCO, Investment Persons should not open a Managed Account with any sub-adviser with which Paralel has engaged for work on a Reportable Fund.

#### Rumors

Supervised Persons are prohibited from knowingly circulating false rumors or sensational information that might reasonably be expected to affect market conditions for one or more securities, sectors, or markets, or improperly influencing any person or entity. Creating or passing false rumors with the intent to manipulate securities prices or markets may violate the antifraud provisions of Federal Securities Laws.

This policy is not intended to discourage or prohibit appropriate communications between Supervised Persons of Paralel and other market participants and trading counterparties. Supervised Persons should consult with the CCO regarding questions about the appropriateness of any communications.

------

#### GIFTS AND ENTERTAINMENT

Most Recently Revised: April 2024

------

#### Background

Supervised Persons should not engage in any activity, practice, or act which conflicts with the best interest of the Company or its Clients. Accepting gifts of more than a nominal value could have the potential to influence an employee in such a way as to impede his or her best judgment when making decisions on behalf of the Company or its Clients. Supervised Persons may generally give and receive gifts and entertainment, so long as such gifts and entertainment are not lavish or excessive, and do not give the appearance of being designed to improperly influence the recipient.

#### Risks

In developing these policies and procedures, Paralel considered the risk that Supervised Persons would be improperly influenced by excessive gifts or entertainment. Paralel also considered the risk that Supervised Persons would try to use gifts or entertainment to exert improper influence on another individual or entity. Paralel established the following guidelines to mitigate these risks.

#### Policies and Procedures

#### Guiding Principles

Paralel holds its Supervised Persons to high ethical standards and strictly prohibits any giving or receipt of things of value that are designed to improperly influence the recipient. The purpose of business gifts and entertainment is to create goodwill and sound working relationships, not to gain unfair advantage. Anti-bribery and anti-corruption statutes in the U.S. are broadly written, so Supervised Persons should consult with the CCO if there is even an appearance of impropriety associated with the giving or receipt of anything of value.

&nbsp;&nbsp; ***Registered Representatives***- *Employees who are also registered with the Financial Industry Regulatory Authority ("FINRA")* as *a Registered Representative may have additional requirements and/or restrictions in addition to those described herein. Those Registered Representatives should consult their Written Supervisory Procedures ("WSP") for any additional requirements.*<br>

#### Specific Policies and Procedures

Paralel and its Supervised Persons are prohibited from directly or indirectly giving gifts or entertainment that may appear lavish or excessive. Definitions and policies for the giving and receipt of entertainment and gifts for this section are below. While this policy applies to Paralel broadly (i.e., PTL, PAL, PDL), it is important that Supervised Persons consider the capacity in which they are acting when giving or permitting to be given anything of value as certain entities and individuals have regulatory requirements while others do not.

------

<u>Entertainment</u> is a meeting, meal or other activity where both you and a business partner are present and have the opportunity to discuss business or any participant's employer bears the cost. It does not include events that have been organized by Paralel, such as Paralel organized receptions or multi-client entertainment. If the giver is not present tor the event or activity, it will be considered a gift.

Paralel recognizes that participating in entertainment events with Business Partners may help further legitimate business purposes and objectives. Examples of permissible entertainment events include lunches, dinners, golf outings, cocktail parties and regular season sporting events ("entertainment events"). Supervised Persons are encouraged to participate in entertainment events with whom the Company maintains business relationships, so long as they are reasonable and customary types of entertainment events in a business context. Nonetheless, extravagant entertainment from or to a client, prospective client or other person or entity with which Paralel conducts business is strictly prohibited. Supervised Persons are not required to obtain prior approval before participating in or hosting an entertainment event, provided that the entertainment event is not lavish or extravagant in nature.

A <u>Gift</u> is anything of value that is given with the intent to foster a legitimate business relationship. Gifts can include merchandise such as wine, gift baskets, or tickets if the giver does not attend. Cash gifts are not permitted to be given or received.

Gifts such as holiday baskets or lunches delivered to Paralel's offices, which are received on behalf of the Company, do not require reporting. Promotional items valued at less than $100 that clearly display the giver's company logo also need not be reported. Examples of promotional gifts include mugs, hats, jackets, and umbrellas.

The <u>Value</u> of any Gifts or Entertainment given or received must be the greater of cost or market value. If the cost or market value is not easily determined, an employee can estimate the approximate value or request further guidance from the CCO or designee.

<u>Disclosures and Approvals</u>

*Disclosures of Gifts or Entertainment*

All disclosures of applicable gifts or entertainment must be disclosed via the Gifts and Entertainment Form found on MCO (when receiving) or in Ramp expense reporting and quarterly reporting process via corporate (when giving) as set forth below.

MCO disclosures should be completed on at least a quarterly basis along with regular quarterly Code requirements but, unless otherwise indicated, may be done prior or immediately following the act occurring as well.

Information required to be disclosed in expense reports should be provided in the Ramp expense reporting system whenever required following the action.

*Approvals of Gifts or Entertainment (when required)*

All approvals, unless otherwise indicated, must come from the CCO or designee, which can be accomplished by completing a request using MCO's Gifts and Entertainment Form request form.

------

Generally, pre-approval should be obtained to the extent feasible when approval is required. However, due to the nature of gift-giving and the impromptu nature of some Entertainment, approval for employees accepting such items may often be after the fact.

If a gift request is not approved and returning or rejecting the item would negatively affect the business relationship, the gift should be turned over to the CCO and the gift will be donated to charity.

<u>Specific Requirements</u>

The chart that follows sets forth the various requirements related to the receipt and giving of gifts and entertainment for Supervised Persons. Please note that FINRA Registered Representatives may have additional requirements detailed in the applicable WSP related to gifts and entertainment. In addition, there are specific requirements related to Investment Persons which are different than Supervised Persons.

------

![](paralel2.jpg)

------

Exceptions to Entertainment Limits. The limits and reporting requirements set forth above generally do not apply to personal relationships with business partners that are not conducted for the purpose of awarding business.

Exceptions to Gift Giving Limits. The limits set forth above generally do not apply to personal gifts, such as a wedding gift or a congratulatory gift for the birth of a child, provided that these gifts are not in relation to the business of Paralel.

Additionally, certain Supervised Persons have roles which require them to perform functions in various capacities for Paralel entities. By way of exam pl e, the CEO may participate in, or provision, entertainment events for clients and prospective clients of PTL as a natural part of the sales and relationship cycle. While such entertainment may not improperly influence the recipient or have even an appearance of impropriety, the CCO has the authority to grant an exception to the Gifts and Entertainment reporting requirements for these individuals/circumstances.

Gifts and Entertainment Given to Foreign Governments and "Government Instrumentalities"- The Foreign Corrupt Practices Act ("FCPA") prohibits the direct or indirect giving of, or a promise to give, "things of value" in order to corruptly obtain a business benefit from an officer, employee, or other "instrumentality" of a foreign government. Companies that are owned, even partly, by a foreign government may be considered an "instrumentality " of that government. In particular, government investments in foreign financial institutions may make the FCPA applicable to those institutions. Individuals acting in an official capacity on behalf of a foreign government or a foreign political party may also be "instrumentalities" of a foreign government.

The FCPA includes provisions that may permit the giving of gifts and entertainment under certain circumstances, including certain gifts and entertainment that are lawful under the written laws and regulations of the recipient's country, as well as bona-fide travel costs for certain legitimate business purposes. However, these exceptions are limited and is dependent on the relevant facts and circumstances. Paralel and its Supervised Persons must comply with the spirit and the letter of the FCPA at all times. Supervised Persons must obtain pre-clearance from the CCO prior to giving anything of value that might be subject to the FCPA *except* food and beverages (not lavish or excessive) that are provided during a legitimate business meeting.

Supervised Persons must consult with the CCO it there is any question as to whether gifts or entertainment need to be pre-cleared and/or reported in connection with this policy.

#### Internal Controls

<u>Gifts and Entertainment Tracking</u> - As noted in the chart above, a combination of expense reporting, corporate reporting and MCO has been implemented to track Supervised Persons' provision and receipt of gifts and entertainment.

Monitoring Third Parties- Supervised Persons are responsible for assessing whether agreements with third parties should include anti-bribery representations and for ensuring that any necessary representations are included in executed agreements. Supervised Persons should consult with the CCO as needed. The Company will otter anti-bribery training sessions if the CCO or their designee believes that they are necessary given the types of clients the Company has. Supervised Persons may not execute

------

agreements with third parties that are reasonably expected to interact with government officials without the CCO's approval.

If a third-party is reasonably expected to interact with government officials, the Supervised Person will review any expense claims submitted by the third-party and may require explanations and supplemental documentation to ensure that the third-party has not provided improper gifts or entertainment on Paralel's behalf. The Supervised Person will escalate any potential items to the CCO or designee that may require additional review.

------

#### APPENDIX A - DEFINITIONS

------

The following defined terms are used throughout this Code of Ethics. Other capitalized terms are defined within specific sections of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **1940 Act** - The Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Access Person** - Any Supervised Persons of PAL, who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has access to non-public information regarding any clients' transactions, or non-public information regarding the portfolio holdings of any Reportable Fund(s) or subsidiary of a Reportable Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is involved in making securities recommendations to a Reportable Fund, or has access to such recommendations that are non-public; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in connection with his or her regular functions or duties, makes, participates in or obtains information regarding a Reportable Fund 's transactions or whose functions relate to the making of any recommendations with respect to a Reportable Fund 's transactions;

In addition, Access Persons will include the following persons, with notice to such person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any Supervised Person of a Paralel entity who the CCO designates as an Access Person after consideration of applicable law and/or regulations and any other factors deemed appropriate by the CCO; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any consultant, intern, or independent contractor hired or engaged by any Paralel entity, as determined appropriate by the CCO.

All of PAL' s directors, officers, and partners are presumed to be Access Persons (officers of affiliates of PAL will be determined by the cco). All officers of a Reportable Fund will also be an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Advisers Act** - The Investment Advisers Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Automatic Investment Plan** - A program in which regular trades are made automatically in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Beneficial Interest** - An individual has a Beneficial Interest in a security if he or she can directly or indirectly profit from the security. An individual generally has a Beneficial Interest in all securities held directly or indirectly, as well as those owned directly or indirectly by family members sharing the same household.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Business Partner** - Includes all current or potential clients and vendors of Paralel, any registered broker/ dealers, and any firms which Paralel might have a business relationship in in the future.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **CCO** - Paralel's Chief Compliance Officer, as applicable to the relevant entity (PTL, PDL, or PAL). References to the CCO completing activities discussed throughout the Code are assumed to be delegable at the discretion of the CCO, unless otherwise stated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **CEO** - Paralel's Chief Executive Officer. References to the CEO completing activities discussed throughout the Code are assumed to be delegable at the discretion of the CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Employees** - Paralel's officers, directors, principals, and employees and, if designated by the CCO, contractors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Exchange Act** - The Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Federal Securities Laws** - The Federal Securities Laws include the Securities Act, the Exchange Act , the Sarbanes-Oxley Act of 2002, the 1940 Act , the Advisers Act , Title V of the Gramm-Leach-Bliley Act, the Dodd-Frank Act of 2010, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to investment companies and investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **FINRA** - The Financial Industry Regulatory Authority, a self-regulatory organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Front-Running** - Trading a favored account ahead of other accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Insider Trading** - Trading personally or on behalf of others on the basis of Material Nonpublic Information, or improperly communicating Material Nonpublic Information to others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Investment Persons** - "Investment Person" shall mean any Access Person (within Paralel) who makes investment decisions for Paralel or its Reportable Funds, who provides investment related information or advice to portfolio managers, or helps to execute and/or implement a portfolio manager's decisions. This typically includes for example, portfolio managers, portfolio assistants, traders, and securities analysts. This may include any consultant, intern, or independent contractor hired or engaged by a Paralel entity, as determined appropriate by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **IPO** - An initial public offering. An IPO is an offering of securities registered under the Securities Act where the issuer, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Material Nonpublic Information** - Information that (i) has not been made generally available to the public, and that (ii) a reasonable investor would likely consider important in making an investment decision. Supervised Persons should consult with Paralel's CCO about any questions as to whether information constitutes Material Nonpublic Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Outside Counsel** - Counsel retained by Paralel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Registered Representative** - The term "Registered Representative" as used within this Code, refers to an employee who holds a securities license, and is actively registered, with FINRA .

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Reportable Funds** - Registered open-end (mutual fund or ETFs) and closed-end funds for which Paralel provides investment advisory services or serves as the principal underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **RIC** - An investment company registered under the 1940 Act, often referred to as a fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Security** - The SEC defines the term "Security" broadly to include stocks, bonds, certificates of deposit, options, interests in Private Placements, futures contracts on other securities, participations in profit-sharing agreements, and interests in oil, gas, or other mineral royalties or leases, among other things. "Security" is also defined to include any instrument commonly known as a security. "Security" also includes any Digital Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **SEC** - The Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Securities Act** - The Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Supervised Person** - Any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of a Paralel entity, or other person who provides investment advice on behalf of Paralel and is subject to Paralel's supervision and control.

## Ex-99.(P)(3)

**EXHIBIT (p)(3)**<br>

![](vident1.jpg)

## Vident Asset Management

## Code of Ethics

#### July 15, 2025

------

![](vident1.jpg)

<u>Contents</u>

---

| | | | |
|:---|:---|:---|:---|
| 1. |  | OVERVIEW | 3 |
|  | 1.1 | *Code of Ethics* | 3 |
|  | 1.2 | *Standards of Business Conduct* | 3 |
|  | 1.3 | *Applicability of this Code of Ethics* | 3 |
|  | 1.4 | *Employee Duties* | 4 |
|  | 1.5 | *Employees' Obligation to Report Violations* | 5 |
|  | 1.6 | *Vident's Duties and Responsibilities to Employees and Reporting Persons* | 5 |
|  | 1.7 | *Fund Board Reporting* | 6 |
|  | 1.8 | *Recordkeeping* | 6 |
| 2. |  | REPORTABLE PERSONAL SECURITIES TRANSACTIONS | 6 |
|  | 2.1 | *Applicability of this Section to Reporting Persons* | 6 |
|  | 2.2 | *Resolving Conflicts of Interest* | 6  |
|  | 2.3 | *Reportable Securities Accounts and Transactions* | 7 |
|  | 2.4 | *New Accounts* | 8 |
|  | 2.5 | *Trading Restrictions and Prohibitions* | 9 |
|  | 2.6 | *How to Pre-Clear Reportable Securities, Private Placements, and Cryptocurrency Transactions* | 11 |
|  | 2.7 | *Summary of What Employees and their Immediate Family Need to Report Quarterly and Pre-Clear* | 12 |
|  | 2.8 | *Ban on Short-Term Trading* | 13 |
|  | 2.9 | *Reporting Person Compensation-Related Accounts* | 14 |
| 3. |  | CODE VIOLATIONS | 15 |
|  | 3.1 | *Investigating Code Violations* | 15 |
|  | 3.2 | *Penalties*  | 15 |
|  | 3.3 | *Dismissal and/or Referral to Authorities* | 17 |
|  | 3.4 | *Exceptions to the Code* | 17 |
| 4. |  | INSIDER TRADING  | 17 |
|  | 4.1 | *Background* | 17 |
|  | 4.2 | *Policies and Procedures* | 19 |
| APPENDIX – DEFINITIONS | APPENDIX – DEFINITIONS | APPENDIX – DEFINITIONS | 22 |

---

&nbsp;&nbsp;&nbsp;&nbsp;<br>

------

![](vident1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;1. **OVERVIEW**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1.1 | **Code of Ethics** |

---

Vident Asset Management ("Vident") has adopted this Code of Ethics ("Code") pursuant to Rule 204A-1 under the Investment Advisers Act of 1940, as amended (the "Advisers Act") and Rule 17j- 1 under the Investment Company Act of 1940 Act, as amended (the "1940 Act"). This Code establishes standards of business conduct and outlines the policies and procedures that Employees must follow to prevent fraudulent, manipulative, or improper practices or transactions. This Code is maintained and administered by Vident's Chief Compliance Officer ("CCO") and Compliance Designees. The CCO and Compliance Designees are collectively referred to herein as the "Code Team."

Please refer to **Appendix - Definitions** for the definitions of capitalized terms that are not otherwise defined in the Code.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1.2 | **Standards of Business Conduct** |

---

Employees must always observe the highest standards of business conduct and follow all applicable laws and regulations. Employees may never:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Use any device, scheme, or artifice to defraud a client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make any untrue statement of a material fact to a client or mislead a client by omitting to state a material fact;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any act, practice or course of business that would defraud or deceive a client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any manipulative practice with respect to a client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any inappropriate trading practices, including price manipulation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in any transaction or series of transactions that may give the appearance of impropriety.

This Code does not attempt to identify all possible fraudulent, manipulative, or improper practices or transactions, and literal compliance with each of its specific provisions will not shield Employees from liability for personal trading or other conduct that violates a fiduciary duty to clients.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1.3 | **Applicability of this Code of Ethics** |

---

Employees are subject to all provisions of this Code with the exception of Section 2, Reportable Personal Securities Transactions. Section 2 is applicable only to Reporting Persons and their Immediate Family Members.

------

![](vident1.jpg)

<br> For the avoidance of doubt, all employees of Vident are Employees. Non-employee directors or officers of Vident are not deemed Employees or Reporting Persons as they are not involved in the day-to-day management of Vident and are not privy to Material Non-Public Information regarding Vident Client Account transactions or holdings.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1.4 | **Employee Duties** |

---

As an Employee, you are expected to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Be ethical;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Act professionally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise independent judgment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply with applicable Federal Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Avoid, mitigate, or appropriately resolve conflicts of interest, and situations which create the perception of a conflict of intertest. A conflict of interest exists when financial or other incentives motivate an Employee to place their or Vident's interest ahead of a Vident Client Account. For more information on conflicts of interest, see Section 2.2, Resolving Conflicts of Interest, and other applicable conflicts of interest policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Promptly report violations or suspected violations of the Code and/or any Vident compliance policy to the Code Team; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cooperate fully, honestly, and in a timely manner with any Code Team investigation or inquiry.

#### Employees and Reporting Persons are required to submit all requests and reports (unless otherwise noted herein) to the Code Team via ComplianceAlpha.

In addition to ComplianceAlpha, Employees can contact the Code Team for requests, assistance, and ad-hoc issues.

Training for ComplianceAlpha will be provided to Employees upon hire.

All Employees, as a condition of employment, must certify electronically within ComplianceAlpha receipt of this Code and certify, within 10 calendar days of becoming subject to the Code, upon material amendment, and annually thereafter, that they have read, understand, and will comply with the Code. Violations of the Code may result in disciplinary actions, including disgorgement, fines, and even termination, as determined by the Code Team.

The Code and your fiduciary obligations generally require you to put the interests of Vident clients ahead of your own.The Code Team may review and take appropriate action concerning instances

------

![](vident1.jpg) <br>

of conduct that, while not necessarily violating the letter of the Code, gives the appearance of impropriety.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1.5 | **Employees' Obligation to Report Violations** |

---

Employees are expected to report any concerns regarding ethical business conduct, suspected or actual violations of the Code, or any non-compliance with applicable laws, rules, or regulations to the Code Team (please also see Vident's *Whistleblower* policy in the Compliance Policies & Procedures Manual). Reports will be treated confidentially to the extent reasonably possible and will be investigated promptly and appropriately. No retaliation may be taken against an Employee for providing information in good faith about such violations or concerns.

Examples of violations or concerns that Employees are expected to report include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fraud or illegal acts involving any aspect of our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Concerns about accounting, auditing, or internal accounting control matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Material omissions or misstatements in regulatory filings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any activity that is prohibited by the Code.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1.6 | **Vident's Duties and Responsibilities to Employees and Reporting Persons** |

---

To help Employees comply with this Code, the Code Team will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify and maintain current listings of Employees and Reporting Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Notify Reporting Persons in writing of their status as such and the Code requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make a copy of the Code available and require initial, upon material amendment, and annual certifications that Employees have read, understand, and will comply with the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Make available a revised copy of the Code if there are any material amendments to it and require Employees to certify electronically (or in writing) receipt, understanding, and compliance with the revised Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• From time to time, provide training sessions to facilitate compliance with and understanding of the Code and keep records of such sessions and the Employees in attendance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review the Code at least once a year to assess its adequacy and effectiveness.

------

![](vident1.jpg) <br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1.7 | **Fund Board Reporting** |

---

On a quarterly basis, the Code Team shall submit to the respective relevant board of the applicable Reportable Funds (the "Boards") a written report describing violations of the Code, waivers from the Code (as may be relevant to the management of their applicable Reportable Fund), and any sanctions imposed in response to violations.

Vident will provide the Boards a copy of this Code before being retained for its services and within six months of any material changes of this Code.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1.8 | **Recordkeeping** |

---

This Code, a record of each violation of the Code and any action taken as a result of the violation, a copy of each report and certification/acknowledgment made by an Employee and Reporting Person pursuant to the Code, lists of all persons required to make and/or review reports under the Code within the past five years, and a copy of any pre-clearance given or requested pursuant to the Code shall be preserved with Vident's records, as appropriate, for the periods and in the manner required by the Advisers Act and the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;2. **REPORTABLE PERSONAL SECURITIES TRANSACTIONS**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;2.1 | **Applicability of this Section to Reporting Persons** |

---

All references to Reporting Persons in the guidelines, prohibitions, restrictions, and duties set forth in this Section 2 should be interpreted to also refer, as the context requires, to Immediate Family Members of such persons. "You" or "your" should be interpreted to refer, as the context requires, to Reporting Persons and/or the Immediate Family Members of such persons.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;2.2 | **Resolving Conflicts of Interest** |

---

When engaging in Reportable Securities Transactions and transactions in Cryptocurrency, there might be conflicts between the interests of a Vident Client Account and Reporting Person's personal interests. Any conflicts that arise in connection with such Reportable Securities Transactions and transactions in Cryptocurrency must be resolved in a manner that does not inappropriately benefit the Reporting Person or adversely affect Vident Client Accounts. Reporting Persons shall always place the financial interests of the Vident Client Accounts before personal financial and business interests.

Examples of inappropriate resolutions of conflicts are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taking an investment opportunity away from a Vident Client Account to benefit a portfolio or personal account in which a Reporting Person has Beneficial Ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Using your position to take advantage of available investments for yourself;

------

![](vident1.jpg) <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Front running a Vident Client Account by trading in Reportable Securities (or Equivalent Securities) or Cryptocurrency ahead of the Vident Client Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Taking advantage of information or using Vident Client Account portfolio assets to affect the market in a way that personally benefits you or a portfolio or personal account in which you have Beneficial Ownership; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging in any other behavior determined by the Code Team to be, or to have the appearance of, an inappropriate resolution of a conflict.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;2.3 | **Reportable Securities Accounts and Transactions** |

---

Reporting Persons must report all Reportable Securities Accounts and Reportable Securities Transactions to the Code Team via ComplianceAlpha (see Section 1.4, Employee Duties). Reportable Securities Accounts include accounts of Immediate Family Members and accounts in which a Reporting Person is a Beneficial Owner. There are three types of reports: (1) an *initial holdings* report that is filed upon becoming a Reporting Person or establishing any Reportable Securities Account, (2) a *quarterly transaction* report, and (3) an *annual holdings* report.

For each broker-dealer, bank, or fund company, where a Reporting Person has a Reportable Securities Account, the Reporting Person will be required to set up their accounts in ComplianceAlpha so their feeds are received electronically. All accounts that have the ability to hold Reportable Securities must be included even if the account does not have holdings of Reportable Securities at the time of reporting.

&nbsp;&nbsp;&nbsp;&nbsp;1. *Initial Holdings Report.* Within 10 calendar days of becoming a Reporting Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All Reportable Securities Accounts and Managed Accounts, including broker name and account number information, must be reported by each Reporting Person to the Code Team via ComplianceAlpha.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A recent statement (electronic or paper) for each Reportable Securities Account and Managed Account that cannot be linked to ComplianceAlpha must be submitted by each Reporting Person to the Code Team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All holdings of Reportable Securities in Reportable Securities Accounts and Managed Accounts must be inputted by each Reporting Person into an Initial Holdings Report via ComplianceAlpha. The information in the report must be current as of a date no more than 45 calendar days prior to the date of becoming a Reporting Person.

&nbsp;&nbsp;&nbsp;&nbsp;2. *Quarterly Transactions Reports.* Within 30 calendar days of each calendar quarter end:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Reporting Person must submit via ComplianceAlpha to the Code Team a report showing all Reportable Securities Transactions made in his/her Reportable Securities Accounts during the quarter. A request for this report will be generated by

------

![](vident1.jpg)

ComplianceAlpha with notification of due dates and sent to Reporting Persons via email. A report must be submitted by each Reporting Person even if there were no Reportable Securities Transactions during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Reporting Person must certify as to the correctness and completeness of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This report and certification must be submitted to the Code Team within 30 calendar days of the previous quarter end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Members of the Code Team may not review their own Quarterly Transaction Reports. Another member of the Code Team must review and sign off on their certification.

&nbsp;&nbsp;&nbsp;&nbsp;3. *Annual Holdings Reports.* Within 30 calendar days of each calendar year end:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All holdings of Reportable Securities in all Reportable Securities Accounts must be reported by each Reporting Person to the Code Team via ComplianceAlpha. The information in the report must be current as of a date no more than 45 calendar days prior to when you submit the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Reporting Person must certify as to the correctness and completeness of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This report and certification must be submitted to the Code Team within 30 calendar days of the previous year end.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Members of the Code Team may not review their own Annual Holdings Reports. Another member of the Code Team must review and sign off on their certification.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;2.4 | **New Accounts** |

---

Each Reporting Person must report a Reportable Securities Account (including those of Immediate Family Members) to the Code Team within 10 calendar days of receiving the account number or prior to executing a transaction requiring pre-clearance, whichever occurs first. Each Reporting Person wanting to establish a Managed Account (as discussed below) must contact the Code Team **prior to the account's opening and reporting in ComplianceAlpha** and ensure all required documents have been provided to the Code Team.

#### Confidentiality

Vident will make reasonable efforts to ensure that the electronic reports submitted to the Code Team as required by this Code are kept confidential. Reports required to be submitted pursuant to the Code will be selectively reviewed by the Code Team and possibly senior executives or legal counsel on a periodic basis to seek to identify improper trading activity or patterns of trading and to otherwise seek to verify compliance with this Code. Data and information may be provided to Reportable Fund officers and Boards and will be provided to government authorities upon request or others if required to do so by law or court order.

------

![](vident1.jpg)

#### Managed Accounts

As specified in Rule 204A-1, Reporting Persons are not required to submit any report with respect to securities held in accounts over which they have "no direct or indirect influence or control."

For an account to qualify as a Managed Account, it must meet the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reporting Persons have no direct or indirect influence or control over the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Reporting Person's control over the account should change in any way, he or she will immediately notify the Code Team in writing of such a change and will provide any required information regarding holdings and transactions in the account pursuant to the Rule 204A-1 and this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Reporting Person will agree to provide reports of holdings and/or transactions (including, but not limited to, duplicate account statements) made in the account at the request of the Code Team. Where reasonable, such Managed Account should be reported via ComplianceAlpha.

This includes accounts known as "Robo Advisor" accounts where account investments and reallocations are done through an automated platform without human involvement.

In order for an account to be coded in ComplianceAlpha as a Managed Account, documentation from the person or entity managing the account must be submitted to the Code Team (1) **upon hire** for any newly hired, or otherwise **newly designated**, Reporting Persons with managed accounts, or (2) **prior to opening the account** for review and support that any existing Reporting Person will not be able to influence or control Reportable Securities Transactions. Further, both new and existing Reporting Persons must complete an 'Exempt Accounts Certification' initially upon the reporting of the account and annually thereafter, and they must provide a letter from the person or entity managing the account, stating that the Reporting Person does not have investment discretion over the account.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;2.5 | **Trading Restrictions and Prohibitions** |

---

All Reporting Persons **and**their Immediate Family Members must comply with the following trading restrictions and prohibitions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Reportable Securities.** All Reporting Persons must pre-clear transactions of certain Reportable Securities in Reportable Securities Accounts as described in the table that follows in Section 2.6, How to Pre-Clear Reportable Securities, Private Placements, Cryptocurrency Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Same Day Trading.** Reporting Persons who are involved with the management of a Vident Client Account generally are prohibited from trading the same Reportable Security in a Reportable Securities Account on the same day as the Vident Client Account that they manage.

------

![](vident1.jpg) <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Vident Index Rebalances.** Reporting Persons who are members of the Vident Index Policy Committee ("VIPC") are prohibited from transacting in Reportable Securities in Reportable Securities Accounts three business days before, and the day of, a Vident sponsored index rebalance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***De Minimis* Values for Trading.** Notwithstanding the above, a Reporting Person's trade request in ComplianceAlpha will be automatically approved if it meets the following criteria: (i) fewer than 750 shares, (ii) less than $20,000 total, <u>and</u> (iii) an issuer market capitalization of more than $6,000,000,000. If the trade request does not meet *all three of these criteria*, it will be flagged in ComplianceAlpha for further review by the Code Team. The Code Team will notify the Reporting Person via ComplianceAlpha if the trade has been approved or denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **IPOs and Initial Coin Offerings ("ICO").** Reporting Persons are prohibited from purchasing shares in an IPO and from purchasing virtual "coins" or "tokens" in an ICO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Private Placements.** Reporting Persons may, subject to pre-clearance requirements, purchase and sell shares in a Private Placement. Reporting Persons must provide a copy of the Private Placement's private placement memorandum (or confidential offering memorandum) and subscription agreement when requesting permission to make an initial investment in a Private Placement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Exchange-Traded Funds ("ETFs").** All Reporting Persons must disclose and report all holdings in ETFs. Purchases and sales of ETFs require pre-clearance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Short Securities.** Selling securities short (or any derivative, i.e., puts and total return swaps, having the same economic effect as a short sale) are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Investment Clubs.** Reporting Persons may not participate in the activities of an investment club.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Attempts to Manipulate the Market.** Reporting Persons must not execute any transactions intended to raise, lower, or maintain the price of any Reportable Security or to create a false appearance of active trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Currency Accounts (including Cryptocurrencies).** Reporting Persons do not need to report accounts established to hold foreign currency or Cryptocurrencies, provided no Reportable Securities can be held in the account. Purchases and sales of Cryptocurrencies require pre-clearance as addressed in Section 2.6, How to Pre-Clear Reportable Securities, Private Placements, Cryptocurrency Transactions.

------

![](vident1.jpg) <br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;2.6 | **How to Pre-Clear Reportable Securities, Private Placements, and Cryptocurrency Transactions** |

---

Reporting Persons must follow the steps below to pre-clear trades for themselves and their Immediate Family Members:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Reportable Securities Transaction Request Authorization**. A request for authorization of a transaction that requires pre-clearance must be entered using ComplianceAlpha (with the exception of Cryptocurrency, see below). Reporting Persons may only request pre- clearance for market orders or same day limit orders. Verbal pre-clearance requests are not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Private Placement Transaction Request Authorization.** Reporting Persons must request pre-clearance for Private Placement transactions via ComplianceAlpha. Such requests are good for the Private Placement's next transaction window (i.e., monthly, quarterly) as governed by its offering documents. Verbal pre-clearance requests are not permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Have the Request Reviewed and Approved**. After receiving the electronic request, the Code Team via ComplianceAlpha will notify Reporting Persons if the trade has been approved or denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Trading in Cryptocurrency**. Notwithstanding the foregoing, purchases and sales of Cryptocurrency must be pre-approved via email to the Code Team. The email should detail the Cryptocurrency to be traded, intended trade date, purchase or sale, and quantity. Cryptocurrency approval requests may be approved for multiple-day windows on weekends **only**(for example, Reporting Persons may request approval for a transaction with a window of Friday to Sunday). For clarity, this does <u>not</u> include any use of Cryptocurrency as payment for goods or services.

The Code Team will respond via email with its approval or denial of Cryptocurrency transaction requests.

The Code Team reserves the right to request Cryptocurrency transaction history from Reporting Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Trading in Foreign Markets**. A request for pre-clearance of a transaction in a local foreign market that has already closed for the day may be granted with authorization to trade on the following day because of time zone considerations. Approval will only be valid for that following trading day in that local foreign market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Approval of Transactions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *The Request May be Refused.* The Code Team may refuse to authorize a Reporting Person's Reportable Securities Transaction, Private Placement transaction, or Cryptocurrency transaction and need not give an explanation for the refusal.

------

![](vident1.jpg) <br>

Reasons for refusing your Reportable Securities Transactions, Private Placement transactions, or Cryptocurrency transactions may be confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Authorizations Expire.* Any Reportable Securities Transaction authorization is effective until the close of primary market on the same trading day for which the authorization is granted (unless the authorization is revoked earlier). This expiration does not extend to Private Placement or Cryptocurrency transactions as discussed above. If the order for the transaction is not executed within the prescribed period, you must obtain a new pre-clearance authorization before placing a new transaction order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Code Team Pre-Clearance Requests.* A member of the Code Team may not approve their own pre-clearance requests. Another member of the Code Team must review and either approve or deny their request.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;2.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Summary of What Employees and their Immediate Family Need to Report Quarterly and Pre-Clear** |

---

The table below serves as a reference to use in determining what Reporting Persons need to report on *quarterly transaction reports and must pre-clear when executing a trade.* If you have questions about any types of securities not shown below, please contact a member of the Code Team.

**Report? Pre-Clear?**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Banker's Acceptances, bank certificates of deposit (CDs), commercial paper & high-quality short-term debt Instruments, including repurchase<br> agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> No |
| &nbsp;&nbsp; Brokered Certificates of Deposit (CDs) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No |
| &nbsp;&nbsp; Closed-End Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes |
| &nbsp;&nbsp; Corporate Debt Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes |
| &nbsp;&nbsp; Cryptocurrency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes |
| &nbsp;&nbsp; Equity Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes |
| &nbsp;&nbsp; ETFs and Options on ETFs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes |
| &nbsp;&nbsp; European Union ("EU") and United Kingdom ("UK") domiciled and listed ETFs under the Undertakings for Collective investment in Transferrable<br> Securities ("UCITS") regime | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Yes |
| &nbsp;&nbsp; Futures on Commodities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No |
| &nbsp;&nbsp; Futures on Cryptocurrencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes |
| &nbsp;&nbsp; Futures on a Reportable Security and a narrow-based security index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes |
| &nbsp;&nbsp; Gifting Reportable Securities to any account outside your Reportable<br> Securities Account | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes |

---

------

![](vident1.jpg) <br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Receipt of Reportable Securities as a Gift | &nbsp;&nbsp; Yes | &nbsp;&nbsp;&nbsp;&nbsp; No |
| &nbsp;&nbsp; Initial Public Offering | &nbsp;&nbsp; Prohibited | &nbsp;&nbsp;&nbsp;&nbsp; Prohibited |
| &nbsp;&nbsp; Investment Trusts | &nbsp;&nbsp; Yes | &nbsp;&nbsp;&nbsp;&nbsp; Yes |
| &nbsp;&nbsp; Money Market Mutual Funds | &nbsp;&nbsp; No | &nbsp;&nbsp;&nbsp;&nbsp; No |
| &nbsp;&nbsp; Money Market Funds that are a UCITS, UK open-ended investment<br> company ("OEIC"), or UK unit trust | &nbsp;&nbsp; No | &nbsp;&nbsp;&nbsp;&nbsp; No |
| &nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp; Yes | &nbsp;&nbsp;&nbsp;&nbsp; Yes |
| &nbsp;&nbsp; Mutual Funds **not**managed by Vident | &nbsp;&nbsp; No | &nbsp;&nbsp;&nbsp;&nbsp; No |
| &nbsp;&nbsp; Mutual Funds managed by Vident | &nbsp;&nbsp; Yes | &nbsp;&nbsp;&nbsp;&nbsp; Yes |
| &nbsp;&nbsp; UCITS, OEICS, or UK unit trusts **not**managed by Vident | &nbsp;&nbsp; No | &nbsp;&nbsp;&nbsp;&nbsp; No |
| &nbsp;&nbsp; Options on Reportable Securities and on commodity futures contracts | &nbsp;&nbsp; Yes | &nbsp;&nbsp;&nbsp;&nbsp; Yes |
| &nbsp;&nbsp; Private Placements | &nbsp;&nbsp; Yes | &nbsp;&nbsp;&nbsp;&nbsp; Yes |
| &nbsp;&nbsp; <br> Reportable Securities purchased through Automated Investment Plans | &nbsp;&nbsp; <br> Yes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes (initial plan and any adjustments<br> thereto) |
| &nbsp;&nbsp; Short Term Cash Equivalents | &nbsp;&nbsp; No | &nbsp;&nbsp;&nbsp;&nbsp; No |
| &nbsp;&nbsp; Transactions in Managed Accounts (including Robo Advisor accounts) | &nbsp;&nbsp; Yes | &nbsp;&nbsp;&nbsp;&nbsp; No |
| &nbsp;&nbsp; Transactions in 401(k) plans that **do not and cannot** hold Reportable Funds or Reportable Securities | &nbsp;&nbsp; No | &nbsp;&nbsp;&nbsp;&nbsp; No |
| &nbsp;&nbsp; Transactions in UK pension plans including self-invested pension plans that **do not and cannot** hold Reportable Funds or Reportable Securities | &nbsp;&nbsp; No | &nbsp;&nbsp;&nbsp;&nbsp; No |
| &nbsp;&nbsp; Transactions in 529 Plans | &nbsp;&nbsp; No | &nbsp;&nbsp;&nbsp;&nbsp; No |
| &nbsp;&nbsp; U.S. Government Bonds (direct obligations) | &nbsp;&nbsp; No | &nbsp;&nbsp;&nbsp;&nbsp; No |
| &nbsp;&nbsp; U.S. Treasuries/Agencies (direct obligations) | &nbsp;&nbsp; No | &nbsp;&nbsp;&nbsp;&nbsp; No |
| &nbsp;&nbsp; Securities issued by the UK National Savings and Investments | &nbsp;&nbsp; No | &nbsp;&nbsp;&nbsp;&nbsp; No |
| &nbsp;&nbsp; Virtual Coins or Tokens acquired through an ICO or those acquired<br> through a secondary token offering | &nbsp;&nbsp; Prohibited | &nbsp;&nbsp;&nbsp;&nbsp; Prohibited |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;2.8 | **Ban on Short-Term Trading** |

---

There is a ban on short-term trading. Reporting Persons are not permitted to buy and sell, or sell and buy, the same Reportable Security (or Equivalent Security) that has been pre-cleared within 30 calendar days; this will be considered short-term trading.

------

![](vident1.jpg) <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This prohibition is measured on a Last in – First out ("LIFO") basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pre-clearance requests will be automatically denied in ComplianceAlpha if they are within the 30-day holding period.

Reporting Persons may be required to disgorge any profits the Reporting Person makes from any sale before the 30-day period expires.

The ban on short-term trading does not apply to transactions that involve:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reportable Securities not requiring pre-clearance (e.g., mutual funds that are not Reportable Funds, although they typically impose their own restrictions on short-term trading);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commodities, futures (including currency futures), options on futures and options on currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Automated purchases and sales that were done as part of an Automatic Investment Plan. However, any self-directed purchases or sales outside the pre-set schedule or allocation of the Automatic Investment Plan, or other changes to the pre-set schedule or allocation of the Automatic Investment Plan, within a 30-day holding period, are subject to the 30- day ban on short term trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash sweep vehicles, including money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transactions in Managed Accounts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cryptocurrency.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;2.9 | **Reporting Person Compensation-Related Accounts** |

---

Initial Holdings Report (to be submitted in ComplianceAlpha):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reporting Persons who have an established Vident Simple IRA are required to report their balances in Reportable Funds or Reportable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 401(k) Plans and IRAs that are external to Vident are required to be reported if the 401(k) Plan or IRA is capable of holding Reportable Funds or Reportable Securities.

Quarterly Transaction Report (to be submitted in ComplianceAlpha):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reporting Persons are required to report self-directed transactions in Reportable Funds or Reportable Securities in a Vident Simple IRA that occurred outside of the previously reported investment allocations.

------

![](vident1.jpg) <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reporting Persons are required to report transactions in Reportable Funds or Reportable Securities in 401(k) plans or IRAs held outside of Vident.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reporting Persons are not required to report bi-weekly payroll contributions, periodic company matches, or profit-sharing contributions.

Annual Holdings Report (to be submitted in ComplianceAlpha):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reporting Persons are required to update their holdings in a Vident Simple IRA in their Annual Holdings Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If a 401(k) account or IRA holds Reportable Funds or Reportable Securities, Reporting Persons are required to update these holdings in their Annual Holdings Report.

&nbsp;&nbsp;&nbsp;&nbsp;3. **CODE VIOLATIONS**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | **Investigating Code Violations** |

---

The Code Team is responsible for investigating any suspected violation of the Code. This includes not only instances of violations against the letter of the Code, but also any instances that may give the appearance of impropriety. Employees are expected to respond to Code Team inquiries promptly. The Code Team is responsible for reviewing the results of any investigation of any reported or suspected violation of the Code. The Code Team will report the results of each investigation to the CCO. Violations of the Code may also be reported to the Employee's supervisor and the Boards as discussed in Section 1.7, Fund Board Reporting, above.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 | **Penalties** |

---

The Code Team is responsible for deciding whether a violation is minor, substantive, or serious. In determining the materiality of a violation of the Code, the Code Team will consider the following factors, among others, and will escalate as needed to the CCO and potentially senior management:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The degree of willfulness of the violation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The severity of the violation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The extent, if any, to which an Employee profited or benefited from the violation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The adverse effect, if any, of the violation on a Vident or a Vident Client Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Employee's history of prior violation(s) of the Code.

For purposes of imposing sanctions, violations generally will be counted on a rolling 24-month period. However, the Code Team (in consultation with the CCO) reserves the right to impose a

------

![](vident1.jpg) <br>

more severe sanction/penalty depending on the severity of the violation and/or taking into consideration violations dating back more than 24 months.

Any offenses as described below will be reportable to the Boards. Penalties will be imposed as follows:

*Minor Offenses:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *First minor offense* – First written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Second minor offense* – Second written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Third minor offense* – One-month ban on all personal trading, fine, disgorgement and/or other action.

Minor offenses may include, but are not limited to, the following: failure to timely submit quarterly transaction reports, failure to timely complete assigned training, failure to submit signed electronic acknowledgments of Code forms and certifications, and conflicting pre-clearance request dates versus actual trade dates or other pre-clearance request errors.

*Substantive Offenses:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *First substantive offense* – Written notice, fine, disgorgement and/or other action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Second substantive offense* – Three-month ban on all personal trading, fine, disgorgement and/or other action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Third substantive offense* – Six-month ban on all personal trading, fine, disgorgement and/or other action.

Substantive offenses may include, but are not limited to, the following: unauthorized purchase/sale of Reportable Securities as outlined in the Code, violations of short-term trading holding period (30-day rule, excluding Cryptocurrency), failure to request pre-clearance of transactions as required by the Code, and failure to timely report a Reportable Securities Account. Other actions that may be taken in response to a substantive offense may include termination of employment and/or referral to authorities, depending on the seriousness of the offense.

*Serious Offenses:*

Engaging in insider trading or related illegal and prohibited activities such as "front running" and "scalping" is considered a "serious offense." Vident will take appropriate steps, which may include fines, termination of employment and/or referral to governmental authorities for prosecution. The Code Team will immediately inform the CCO of any serious offenses.

*Exceptions:*

The Code Team may deviate from the penalties listed in the Code where the CCO determines that a more or less severe penalty is appropriate based on the specific circumstances of that case. For example, a first substantive offense may warrant a more severe penalty if it follows two minor

------

![](vident1.jpg) <br>

offenses. Any deviations from the penalties listed in the Code, and the reasons for such deviations, will be documented and/or maintained in the Code files.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;3.3 | **Dismissal and/or Referral to Authorities** |

---

Repeated violations or a flagrant violation of the Code may result in immediate dismissal from employment. In addition, the Code Team, the CCO, and/or senior management may determine that a single flagrant violation of the law, such as insider trading, will result in immediate dismissal and referral to authorities.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;3.4 | **Exceptions to the Code** |

---

The Code Team is responsible for enforcing the Code. The Code Team may grant certain exceptions to the Code, provided any requests and any approvals granted must be submitted and obtained, respectively, in advance and in writing. The Code Team may refuse to authorize any request for exception under the Code and is not required to furnish any explanation for the refusal.

&nbsp;&nbsp;&nbsp;&nbsp;4. **INSIDER TRADING**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 | **Background** |

---

Section 204A of the Advisers Act requires every investment adviser to establish, maintain, and enforce written policies and procedures reasonably designed, taking into consideration the nature of such investment adviser's business, to prevent the misuse of Material Non-Public Information by such investment adviser or any associated person. In the past, the Federal Securities Laws have been interpreted to prohibit the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading by an insider while in possession of Material Non-Public Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading by a non-insider while in possession of Material Non-Public Information, where the information was disclosed to the non-insider in violation of an insider's duty to keep it confidential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading by a non-insider who obtained Material Non-Public Information through unlawful means such as computer hacking; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Communicating Material Non-Public Information to others in breach of a fiduciary duty.

#### What Information is Material?

Many types of information may be considered material, including, without limitation, advance knowledge of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dividend or earnings announcements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Asset write-downs or write-offs;

------

![](vident1.jpg) <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additions to reserves for bad debts or contingent liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expansion or curtailment of company or major division operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Merger, joint venture announcements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New product/service announcements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discovery or research developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Criminal, civil and government investigations, and indictments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pending labor disputes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Debt service or liquidity problems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankruptcy or insolvency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tender offers and stock repurchase plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recapitalization plans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Major developments in litigation or events that could lead to litigation (e.g., a cyber breach or a data leak).

Information provided by a company could be material because of its expected effect on a particular class of securities, all of a company's securities, the securities of another company, or the securities of several companies. The prohibition against misusing Material Non-Public Information applies to a wide range of financial instruments including, but not limited to, equities, bonds, warrants, options, futures, forwards, swaps, commercial paper, government-issued securities, and certain types of virtual currency or Cryptocurrency coins or tokens that were created in connection with an ICO. Material information need not relate to a company's business. For example, information about the contents of an upcoming newspaper column may affect the price of a security, and therefore be considered material. Advance notice of forthcoming secondary market transactions could also be material.

Employees should consult with the CCO or a Compliance Designee if there is any question as to whether non-public information is material.

#### What Information is Non-Public?

Once information has been effectively distributed to the investing public, it is no longer non-public. However, the distribution of Material Non-Public Information must occur through commonly recognized channels for the classification to change. In addition, there must be adequate time for the public to receive and digest the information. Non-public information does not change to public information solely by selective dissemination. The confirmation by an insider of unconfirmed rumors, even if the information in question was reported as rumors in a public form, may be non- public information. Examples of the ways in which non-public information might be transmitted include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• By telephone;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During a presentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• By email, instant messaging, or Bloomberg messaging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• By text message or through X (formerly, Twitter); or

------

![](vident1.jpg) <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On a social networking site such as Facebook or LinkedIn.

Employees must be aware that even where there is no expectation of confidentiality, a person may become an insider upon receiving Material Non-Public Information. Employees should consult with the CCO or a Compliance Designee if there is any question as to whether material information is non-public.

#### Penalties for Trading on Material Non-Public Information

Severe penalties exist for firms and individuals that engage in Insider Trading, including civil injunctions, disgorgement of profits, and jail sentences. Further, fines for Insider Trading may be levied against individuals and companies in amounts up to three times the profit gained, or loss avoided (and up to $1,000,000 for companies). Vident is not obligated to pay legal fees, penalties, or other costs incurred by Employees found guilty of insider trading.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;4.2 | **Policies and Procedures** |

---

Employees are strictly forbidden from engaging in Insider Trading, either personally or on behalf of Vident. Vident's *Insider Trading* policies and procedures apply to all Employees, as well as any transactions in any securities by family members, trusts, or corporations, directly or indirectly controlled by such persons. The policy also applies to transactions by corporations in which the Employee is an officer, director, or 10% or greater stockholder, as well as transactions by partnerships of which the Employee is a partner unless the Employee has no direct or indirect control over the partnership.

#### Procedures for Recipients of Material Non-Public Information

If an Employee has questions as to whether they are in possession of Material Non-Public Information, they should inform the CCO or a Compliance Designee as soon as possible. The CCO or a Compliance Designee will conduct research to determine if the information is likely to be considered material, and whether the information has been publicly disseminated.

Given the severe penalties imposed on individuals and firms engaging in Insider Trading, an Employee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Must immediately report the potential receipt of Material Non-Public Information to the CCO or a Compliance Designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Must not trade the securities of any company about which they may possess Material Non- Public Information, derivatives related to the issuer in question, or another company that could be affected by the Material Non-Public Information the Employee may possess;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Must not discuss any potentially Material Non-Public Information with colleagues, except as specifically required by their position; and

------

![](vident1.jpg) <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Must not conduct research, trading, or other investment activities regarding a security for which they may have Material Non-Public Information until the CCO, or a Compliance Designee, dictates an appropriate course of action.

If the CCO or a Compliance Designee determines that the information is material and non-public, the CCO or a Compliance Designee will update a list of these restricted securities (the "Restricted List") and ensure coding in ComplianceAlpha to restrict personal trading and the firm's Order Management Systems (as applicable). Vident and its Employees will not place any trades in securities for which it has Material Non-Public Information.

Depending on the relevant facts and circumstances, the CCO or a Compliance Designee may also take some or all the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review these policies and procedures with the affected Employee(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initially ask the affected Employee(s) to execute written agreements that they will not disclose the potentially Material Non-Public Information to others, including colleagues;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Periodically ask the affected Employee(s) to sign certifications that they have not improperly shared the information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Require the affected Employee(s) to institute enhanced information security practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Implement a shared office space policy or clean desk policy outlining appropriate methods of protecting Material Non-Public Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Change the location of the affected Employee(s)' workspace(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review the emails of the affected Employees more frequently and/or conduct key word searches of all Employees' emails for the information in question;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review these *Insider Trading* policies and procedures with all Employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inform Vident's other Employees that the affected Employee(s) may be in possession of Material Non-Public Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Remind the other Employees that they should take reasonable steps to avoid inadvertent receipt of the information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Forbid other Employees from seeking to obtain the information.

Trading in affected securities may resume, and other responses may be adjusted or eliminated, when the CCO or a Compliance Designee determines that the information has become public and/or immaterial. At such time, the CCO or a Compliance Designee will update the Restricted List in ComplianceAlpha and the Order Management Systems (as applicable) to indicate the date

------

![](vident1.jpg) <br>

that trading was allowed to resume and the reason for the resumption.

See Vident's *Information Barriers/Firewalls* policies in the Compliance Policies & Procedures Manual.

#### Selective Disclosure

Non-public information about Vident's investment strategies, trading, and Vident Client Account holdings may not be shared with third parties except as is necessary to implement investment decisions and conduct other legitimate business. Notwithstanding this, see Vident's *Portfolio Holdings Disclosure Policy* in the Compliance Policies & Procedures Manual.

Employees must never disclose proposed or pending trades or other sensitive information to any third party without the prior approval of the CCO or a Compliance Designee. Federal Securities Laws may prohibit the dissemination of such information and doing so may be considered a violation of the fiduciary duty that Vident owes to its Vident Client Accounts.

#### Relationships with Potential Insiders

Vident's vendors, including affiliated entities, may possess Material Non-Public Information. Individuals with access to Material Non-Public Information may have an incentive to disclose the information to Vident due to the potential for personal gain. Employees should be extremely cautious about investment recommendations, or information about issuers, that it receives from any party including affiliated entities, vendors, and/or consultants. Employees should inquire about the basis for any such recommendations or information and should consult with the CCO or a Compliance Designee if there is any appearance that the recommendations or information are based on Material Non-Public Information. Vident may receive Material Non-Public Information about its client account investment strategies and trading activities.

Employees are prohibited from trading on, or improperly utilizing, Material Non-Public Information obtainedfrom third-party or affiliated investment advisers or sub-advisers.

#### Rumors

Creating or passing false rumors with the intent to manipulate securities prices or markets may violate the antifraud provisions of Federal Securities Laws. Such conduct is contradictory to this Code, as well as Vident's expectations regarding appropriate behavior of its Employees. Employees are prohibited from knowingly circulating false rumors or sensational information that might reasonably be expected to affect market conditions for one or more securities, sectors, or markets, or improperly influencing any person or entity.

This policy is not intended to discourage or prohibit appropriate communications between Employees and other market participants and trading counterparties. Employees should consult with the CCO or a Compliance Designee regarding questions about the appropriateness of any communications.

------

![](vident1.jpg) <br>

#### APPENDIX – DEFINITIONS

#### General Note :

*The definitions and terms used in the Code are intended to mean the same as they do under the Advisers Act and the 1940 Act. If a definition hereunder conflicts with the definitions in the Advisers Act and the 1940 Act, or if a term used in the Code is not defined, you should follow the definitions and meanings in the Advisers Act and the 1940 Act.*

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; ***Automatic Investment Plan*** | &nbsp;&nbsp;&nbsp;&nbsp; A program that allows a person to purchase or sell Reportable Securities, automatically and on a regular basis in accordance with a pre-determined schedule and allocation, without any further action by the person. An Automatic Investment Plan includes a SIP (systematic investment plan), SWP (systematic withdrawal plan), SPP (stock purchase plan), DRIP (dividend reinvestment plan), or employer-sponsored plan subject to such a program.<br>|
| &nbsp;&nbsp;&nbsp; ***Beneficial Owner*** | &nbsp;&nbsp;&nbsp;&nbsp; Reporting Persons are the "beneficial owner" of any Reportable Securities in which the Reporting Persons have a direct or indirect Financial or Pecuniary Interest, whether or not the Reporting Persons have the power to buy and sell, or to vote, the securities.<br>In addition, Reporting Persons are the "beneficial owner" of Reportable Securities in which an Immediate Family Member has a direct or indirect Financial or Pecuniary Interest, whether or not the Reporting Person or the Immediate Family Member has the power to buy and sell, or to vote, the Reportable Securities. For example, Reporting Persons have Beneficial Ownership of securities in trusts of which Immediate Family Members are beneficiaries.<br>Reporting Persons are also the "beneficial owner" of Reportable Securities in any account, including but not limited to those of relatives, friends, and entities in which Reporting Persons have a non-controlling interest or over which Reporting Persons or an Immediate Family Member exercise investment discretion. Such accounts do not include accounts Reporting Persons manage on behalf of Vident.<br>|
| &nbsp;&nbsp;&nbsp; ***ComplianceAlpha*** | ACA ComplianceAlpha<sup>®</sup>, a third-party risk and compliance platform used for the management of personal trading surveillance, employee certifications, gift and entertainment |

---

------

![](vident1.jpg) <br>

---

| | |
|:---|:---|
|  | requests and disclosures, political contributions, and outside business activity reporting.<br>|
| &nbsp;&nbsp;&nbsp; ***Control*** | The power to exercise a controlling influence over the management or policies of a company unless the power is solely the result of an official position with such company. Owning 25% or more of a company's outstanding voting securities is presumed to give Reporting Persons control over the company. (See Section 2(a)(9) of the 1940 Act for a complete definition.) |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;<br>***Cryptocurrency*** | &nbsp;&nbsp;&nbsp; <br> A digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double- spend. Generally based on a network that is distributed across a large number of computers. Includes, but not limited to, Avalanche, Bitcoin, Cardano, Dogecoin, Ethereum, Litecoin, Polkadot, Solana, Tether, and Tron.<br>|
| &nbsp;&nbsp;&nbsp; ***Employee*** | &nbsp;&nbsp;&nbsp; Employees, partners, officers, and directors of Vident that are subject to the supervision and control of Vident. This does not include partners, officers, and/or directors that do not perform day-to-day activities for Vident or those that do not come into the possession of Material Non-Public Information regarding the firm's trading activities.<br>|
| &nbsp;&nbsp;&nbsp; ***Equivalent Security*** | Any Reportable Security issued by the same entity as the issuer of a subject security that is convertible into the equity security of the issuer. Examples include, but are not limited to, options, rights, stock appreciation rights, warrants and convertible bonds.<br>|
| &nbsp;&nbsp;&nbsp; ***Federal Securities Laws*** | &nbsp;&nbsp;&nbsp; The Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, as amended, the Investment Advisers Act of 1940, as amended, Title V of the Gramm- Leach-Bliley Act, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury.<br>|
| &nbsp;&nbsp;&nbsp; ***Financial or Pecuniary Interest*** | The opportunity for Reporting Persons or your Immediate Family Member, directly, or indirectly, to profit or share in any profit derived from a transaction in the subject Reportable Securities whether through any contract, arrangement, understanding, relationship or otherwise. This standard looks |

---

------

![](vident1.jpg)

beyond the record owner of Reportable Securities to reach the substance of a particular arrangement. Reporting Persons not only have a Financial or Pecuniary Interest in Reportable Securities held by Reporting Persons for their own benefit, but also Reportable Securities held (regardless of whether or how they are registered) by others for a Reporting Person's benefit, such as Reportable Securities held for Reporting Persons by custodians, brokers, relatives, executors, administrators, or trustees. The term also includes any interest in any Reportable Security owned by an entity directly or indirectly controlled by Reporting Persons, which may include corporations, partnerships, limited liability companies, trusts, and other types of legal entities. Reporting Persons or their Immediate Family Member likely have a Financial or Pecuniary Interest in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Reporting Person's accounts or the accounts of Immediate Family Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A partnership or limited liability company if the Reporting Person or an Immediate Family Member is a general partner or a managing member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A corporation or similar business entity if the Reporting Person or an Immediate Family Member has or shares investment control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A trust if the Reporting Person or an Immediate Family Member is a beneficiary.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Immediate Family Member*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any of the following persons, including any such relations through adoption, who reside in the same household with you: |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;• spouse | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• brother |
| &nbsp;&nbsp;&nbsp;&nbsp;• domestic partner | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sister |
| &nbsp;&nbsp;&nbsp;&nbsp;• parent | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• mother-in-law |
| &nbsp;&nbsp;&nbsp;&nbsp;• stepparent | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• father-in-law |
| &nbsp;&nbsp;&nbsp;&nbsp;• child | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• daughter-in-law |
| &nbsp;&nbsp;&nbsp;&nbsp;• stepchild | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• son-in-law |
| &nbsp;&nbsp;&nbsp;&nbsp;• grandparent | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sister-in-law |
| &nbsp;&nbsp;&nbsp;&nbsp;• grandchild | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• brother-in-law |

---

Immediate Family Member also includes any other relationship that the Code Team determines could lead to possible conflicts

------

![](vident1.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; ******<br>| &nbsp;&nbsp;&nbsp;<br> of interest, diversions of corporate opportunity, or appearances of impropriety. <br>|

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; ******<br>| &nbsp;&nbsp;&nbsp; All references to "Reporting Persons" in the guidelines, prohibitions, restrictions, and duties set forth in the Code should be interpreted to also refer, as the context requires, to Immediate Family Members of such persons. <br>|

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; ***Investment Club***<br>| &nbsp;&nbsp;&nbsp; An investment club is a group of people who pool their money to make investments. Usually, investment clubs are organized as partnerships and, after the members study different investments, the group decides to buy or sell based on a majority vote of the members. Club meetings may be educational and/or each member may actively participate in investment decisions.<br>|

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; ***IPO*** | &nbsp;&nbsp;&nbsp; An initial public offering, or the first sale of a company's securities to public investors. Specifically, it is an offering of Securities registered under the Securities Act of 1933, as amended, the issuer of which, immediately before registration, was not subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended. <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ***Managed Account*** <br>| Any account for which the holder gives, in writing, his or her broker or someone else (other than another Employee) the authority to buy and sell Reportable Securities, either absolutely or subject to certain restrictions, other than pre-approval by any Reporting Person. In other words, the holder gives up the right to decide what Reportable Securities are bought or sold for the account.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  ***Non-Public Information*** <br>| Any information that is not generally available to the general public in widely disseminated media reports, SEC filings, public reports, or similar publications or sources.<br>|
| &nbsp;&nbsp;&nbsp; ***Private Placement*** | An offering, including an ICO, that is exempt from registration under Section 4(a)(2) or 4(6) of the Securities Act of 1933, as amended, or Rule 504, Rule 505, or Rule 506 thereunder. Shall extend to offerings made and/or domiciled in foreign jurisdictions such as, but not limited to, Bermuda, European Union, British Virgin Islands, Cayman Islands, and Jersey.<br>|
| &nbsp;&nbsp;&nbsp; ***Purchase or Sale of a Security*** | In addition to any acquisition or disposition of a Reportable Security for value, a Purchase or Sale of a Reportable Security |

---

------

![](vident1.jpg) <br>

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp; includes, among other things, the receipt or giving of a gift or writing of an option to purchase or sell a Reportable Security.<br>|
| &nbsp;&nbsp;&nbsp; ***Reportable Fund*** | &nbsp;&nbsp;&nbsp; Any investment company registered under the 1940 Act for which Vident serves as an investment adviser or sub-adviser as defined in Section 2(a)(20) of the 1940 Act. Will also include UCITS, OEICs and UK unit trusts which Vident serves as investment adviser, sub-adviser, manager, investment manager, or sub-investment manager. A list of all Reportable Funds managed by Vident is available upon request.<br>With respect to the applicability of the Code, this includes Employees, directors, and officers (other than non-Employee directors and officers), and any other persons designated by the Code Team that have access to Non-Public Information regarding any Vident Client Accounts' purchase or sale of securities, or Non-Public Information regarding the portfolio holdings of any Reportable Fund; or who is involved in making securities recommendations to Vident Client Accounts, or who has access to such recommendations that are non-public.<br>All references to "Reporting Persons" in the guidelines, prohibitions, restrictions, and duties set forth in this Code should be interpreted to also refer, as the context requires, to Immediate Family Members of the Reporting Person. The Code Team is responsible for maintaining a list of all Reporting Persons and notifying such Reporting Persons of their status. |
| &nbsp;&nbsp;&nbsp; <br>***Reporting Person*** | &nbsp;&nbsp;&nbsp; Any investment company registered under the 1940 Act for which Vident serves as an investment adviser or sub-adviser as defined in Section 2(a)(20) of the 1940 Act. Will also include UCITS, OEICs and UK unit trusts which Vident serves as investment adviser, sub-adviser, manager, investment manager, or sub-investment manager. A list of all Reportable Funds managed by Vident is available upon request.<br>With respect to the applicability of the Code, this includes Employees, directors, and officers (other than non-Employee directors and officers), and any other persons designated by the Code Team that have access to Non-Public Information regarding any Vident Client Accounts' purchase or sale of securities, or Non-Public Information regarding the portfolio holdings of any Reportable Fund; or who is involved in making securities recommendations to Vident Client Accounts, or who has access to such recommendations that are non-public.<br>All references to "Reporting Persons" in the guidelines, prohibitions, restrictions, and duties set forth in this Code should be interpreted to also refer, as the context requires, to Immediate Family Members of the Reporting Person. The Code Team is responsible for maintaining a list of all Reporting Persons and notifying such Reporting Persons of their status. |
| &nbsp;&nbsp;&nbsp; ***Reportable Securities Account*** | &nbsp;&nbsp;&nbsp; Any account that holds Reportable Securities of which Reporting Persons have Beneficial Ownership, other than a Managed Account that holds Reportable Securities and has previously been approved by the Code Team over which Reporting Persons have no direct influence or Control. A Reportable Securities Account is not limited to Reportable Securities accounts maintained at brokerage firms, but also includes holdings of Reportable Securities owned directly by Reporting Persons or an Immediate Family Member or held through a retirement plan of Vident or a former employer.<br>|
| &nbsp;&nbsp;&nbsp; ***Reportable Securities*** <br> ***Transaction*** | &nbsp;&nbsp;&nbsp; A Purchase or Sale of a Reportable Security, of which Reporting Persons acquire or relinquish Beneficial Ownership.<br>|
| &nbsp;&nbsp;&nbsp; ***Reportable Security/Securities*** | Any security as defined under Section 2(a)(36) of the 1940 Act or Section 202(a)(18) of the Advisers Act, except that it does not include direct obligations of the U.S. Government, bankers' |

---

------

![](vident1.jpg)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; acceptances, bank certificates of deposit, brokered certificates of deposit, commercial paper, high quality short-term debt instruments (including repurchase agreements), shares issued by money market mutual funds, shares issued by mutual funds other than the Reportable Funds, shares issued by unit investment trusts that are invested exclusively in one or more mutual fund, none of which are Reportable Funds, or interests in unit-linked life and pension products sold in the UK that are invested exclusively in one or more UK unit trusts or OEICs, none of which are Reportable Funds. **"Reportable Security" includes any security issued by registered closed-end funds and ETFs.**<br> **** <br>|
| &nbsp;&nbsp;&nbsp; ***Vident Client Accounts*** | Accounts of investment advisory clients of Vident, including but not limited to investment companies registered under the 1940 Act, UCITS, and OEICs. |

---

<br>