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Pooled Investment Funds
Saturna manages a variety of pooled investment funds, including privately managed portfolios and nine affiliated mutual funds.
Saturna provides both management and administration to the nine no-load mutual funds which it sponsors. Saturna also distributes Fidelity money market funds through Saturna Brokerage Services.
Saturna Capital is the investment adviser and administrator for two no-load fund trusts: Amana Mutual Funds Trust and Saturna Investment Trust. The trustees of these funds review all contracts with Saturna Capital annually, and must vote for the contracts to be renewed annually. The contracts may be canceled by either party without penalty. Amana has three portfolios: Income Fund, Growth Fund, and Developing World Fund. Saturna Investment Trust has six portfolios: Sextant Growth Fund, Sextant International Fund, Sextant Core Fund, Sextant Bond Income Fund, Sextant Short-Term Bond Fund, and Idaho Tax-Exempt Fund. Saturna Capital is the transfer agent for these nine funds, for which it may charge an additional fee.
Saturna Brokerage Services is the primary broker for securities trades of these funds and currently does not charge the Funds brokerage commissions on trades it executes.
These affiliated Saturna funds pay Saturna Capital for management fees as described on the next page. Investment Management Account assets in these funds are automatically excluded when computing advisory fees. Saturna also may use other brokers for transactions in securities held by the funds. Generally these other brokers would be used for trades in securities that do not trade or settle in the U.S., and the funds expect to incur brokerage commissions on those trades.
Saturna’s largest operating expense is paying distribution and servicing fees on mutual fund assets maintained at brokers (such as Fidelity and Schwab) and other independent administrators. Part of these payments is made from the additional 0.25% distribution fee the Funds (other than Idaho Tax-Exempt Fund), and part is revenue sharing of our management fees.
Performance Fee Accounts
Wth the Sextant family of mutual funds and certain Investment Management Accounts, Saturna may be compensated on the basis of investment performance, a share of capital gains or capital appreciation.
Saturna Capital manages two portfolios of an unaffiliated private pooled investment fund (Sterling Stock Investments, LLC) with Islamic investment objectives and a performance fee. Following Islamic principles, there is no base fee for this account, but the general partner receives 20% of the gain (from the highest year-end net asset value) each year. The general partner is an unaffiliated firm that retains Saturna as the investment adviser to the two portfolios, and pays Saturna half of the 20% performance fee (see Potential Conflicts of Interest). The general partner may terminate Saturna as investment adviser at any time without penalty. This account has a minimum investment and minimum net worth requirements, and is not offered to the public.
Our Malaysian subsidiary, Saturna Sdn. Bhd., manages foreign private accounts, details of which are available upon request. Currently, it manages 9 million Malaysian ringgit (3 million USD) in 17 private accounts.
Affiliated Mutual Funds
Amana Mutual Funds Trust
Amana Income Fund, Amana Growth Fund, and Amana Developing World Fund are appropriate for investors, primarily Muslims, interested in avoiding investment in companies engaged in activities such as banking, pornography, gambling, and alcohol. The Income Fund follows an equity-income investment strategy while the Growth Fund invests for long-term capital growth. The minimum to open an Amana Mutual Fund account is $250 ($100 for retirement accounts).
Each Amana fund pays an annual advisory and administration fee of 0.95% on the first $500 million of average daily net assets in a fund, 0.85% on the next $500 million, 0.75% on assets over $1 billion, and 0.65% on assets over $1.5 billion.
Saturna Investment Trust
Sextant Growth Fund and Sextant International Fund seek long-term capital appreciation by investing primarily in common stocks. The Sextant Growth Fund invests in U.S. common stocks, while the Sextant International invests in a portfolio of carefully chosen foreign equities and ADRs. The International Fund reflects our belief that investors should utilize the large number of investment opportunities beyond our shores. Although income is a factor in choosing investments for these Funds, they are not designed for investors seeking income.
Sextant Core Fund seeks long-term capital appreciation and capital preservation by investing in a mix of common stocks and other equity securities, plus bonds and other debt securities. The Core Fund follows a value investment style, favoring income-producing securities and those of larger, more seasoned companies.
Sextant Short-Term Bond Fund and Sextant Bond Income Fund both seek a high level of current income. Sextant Short-Term Bond Fund also attempts to preserve capital and invests only in short-term debt securities. Sextant Bond Income Fund focuses on long-term debt securities, which have the potential for greater income but the risk of greater price fluctuation.
The Sextant funds of the Saturna Investment Trust pay a base advisory fee of 0.60%, which is increased or decreased by up to 0.30% depending on the last 12 months performance relative to the fund's Morningstar™ category average.
Idaho Tax-Exempt Fund seeks income exempt from both federal and Idaho state income tax. Because of its emphasis on quality and tax-exempt yield, this portfolio may also be appropriate for investors residing elsewhere as well. The Idaho Tax-Exempt Fund of the Saturna Investment Trust pays an annual advisory fee of 0.50%.
The minimum to open a Saturna Investment Trust Mutual Fund account (the Sextant Funds and Idaho Tax-Exempt Fund) is $1,000 ($100 for retirement accounts).
Please consider an investment’s objectives, risks, charges and expenses
carefully before investing in a pooled investment fund. To obtain a free
prospectus that contains this and other important information about
Saturna’s no-load mutual funds, please call toll-free 800-SATURNA or visit Documents & Forms. Please read the prospectus carefully.
Fund distributor: Saturna Brokerage Services, member FINRA / SIPC and a wholly-owned subsidiary of Saturna Capital Corporation.
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