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Fund Literature: Investor Education: No Transaction Fee
Fund Investment Goals Principal Investment
Strategies At time of purchase, a bond must be rated “A” or equivalent by a national bond rating agency. The Fund may also invest in non-rated bonds if they are of equivalent quality in the opinion of the Adviser. Factors included in bond evaluations include such information as the bond district’s financial position, population size, employment trends, economic activity and diversification. The portfolio’s dollar-weighted average effective maturity is expected to range between 6 and 15 years. Under normal circumstances, at least 80% of assets are invested in debt securities generating income exempt from both federal and Idaho income tax. Principal
Risks of Investing in the Fund The Fund entails credit risk, which is the possibility that a bond will not be able to pay interest or principal when due. If the credit quality of a bond is perceived to decline, investors will demand a higher yield, which means a lower price on that bond to compensate for the higher level of risk. If a security held by the Fund defaults on payment of interest or principal, the Fund’s income, ability to preserve capital, and liquidity would all be adversely affected. Fund investments are susceptible to factors adversely affecting Idaho, such as political, economic and financial trends unique to this relatively small state. Investing only in Idaho bonds means the Fund is less diversified than other mutual funds, and relatively few bond price changes may lead to underperformance compared to investments selected in greater number and/or from a wider universe. The Fund is vulnerable to income tax rate changes, either at the Idaho or federal level, since part of municipal securities’ value is derived from the recipient’s ability to exclude interest payments from taxation. Fund Manager - Phelps
McIlvaine |
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Quarter Ending 3/31/2009
Note:
Highest return for a quarter was +4.2%
(quarter ending Sep. 30, 2002). |
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Morningstar Category: Muni Single State Interim || Rankings as of 05/31/2009 For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. These ratings change monthly. The top 10% of funds in an investment category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars, and the bottom 10% receive one star. The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Ratings. Morningstar does not guarantee the accuracy of this information. |
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Quarter-End Average
Annual Total Returns
Read more about after-tax returns. |
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Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value of an investment fluctuate daily and an investor's shares, when redeemed, may be worth more or less than the original cost. The Adviser has absorbed, currently or in the past, certain Fund expenses, without which total returns would have been lower. Returns do not reflect the potential deduction of a 2% redemption fee on shares held less than 90 calendar days. Current performance may be higher or lower than performance data quoted herein. Standardized returns current to the most recent month-end can be obtained by visiting our Average Annual Returns Page or by calling toll free 1-800-SATURNA. Please carefully consider an investment's objectives, risks, charges and expenses before investing. You can find this and other important information on the Idaho Tax-Exempt Fund in the prospectus. Please read it carefully before investing.
