Our Clearing Broker:
Pershing LLC

We employ Pershing LLC, member FINRA / NYSE / SIPC, as our clearing agent on a fully disclosed basis. We introduce your account to them and they carry your account and hold your securities.

Pershing LLC is is a subsidiary of The Bank of New York Mellon Corporation.

Best Execution Statement

Saturna Capital takes seriously our commitment to seeking best execution for trades in our advisory accounts.

Trading Techniques

The primary consideration in effecting securities transactions is to obtain the best price and execution which in the judgment of Saturna is attainable at the time and which would bring the best net overall economic result to a client. 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. Saturna 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 client, and is not required to execute trades in "over-the-counter" securities with primary market-makers if similar terms are available elsewhere. Saturna evaluates whether brokerage commissions are reasonable based upon available information about the general level of commissions paid by similar clients for comparable services.

Venues and Agents

When consistent with best execution, brokerage is primarily directed to Saturna Brokerage Services (SBS), a wholly owned subsidiary of Saturna Capital Corporation, which engages in a discount brokerage business.

SBS routes all its order flow to its clearing firm, Pershing, LLC. Pershing is one of the largest clearing corporations in the world. Pershing directs a staggering volume of orders to executing brokers on all major exchanges. Pershing publishes quarterly order routing reports as required by regulation; these reports are available to you on Pershing's website: www.pershing.com

SBS's Pricing Committee periodically reviews the costs and services available from other clearing or execution firms in an effort to secure lower trading costs and more efficient and accurate clearing services.

Conflicts of Interest

Although permitted to do so, the Saturna Capital does not allocate brokerage to any broker in return for research or services. Nor does Saturna use client brokerage commissions to pay for such research, a practice known by the euphemism "soft dollars." Saturna Brokerage Services is entitled to receive compensation for directing order flow to Pershing. However, SBS has not and will not make a claim for this compensation to avoid the obvious conflict of interest.

Saturna Capital Corporation does pay mutual fund supermarkets to distribute Saturna's affiliated mutual funds, an arrangement which could be characterized as "revenue sharing." Revenue sharing payments are in addition to any distribution or service fees payable under the Funds' Rule 12b-1 plan that are generally payable to intermediaries. Revenue sharing payments made to an intermediary generally are a percentage of the value of Fund shares associated with the intermediary's, but may include one or more lump sums or other form of payment. The amount of these revenue sharing payments is determined at the discretion of Saturna Capital and its affiliates. Revenue sharing payments may be substantial, and may be different for different intermediaries based on the nature of the services provided. Receipt of, or the prospect of receiving, this additional compensation may influence an intermediary's recommendation of the Funds. Investors should review their intermediary's compensation disclosure and/or contact the intermediary to obtain more information on how this compensation may have influenced the intermediary's recommendation of the Funds.

All Saturna employees are subject to a strict Code of Ethics, common to Saturna Capital, Saturna Brokerage Services, its affiliated mutual funds and other entities. Transactions for clients have priority over employee transactions and personal transactions cannot operate adversely to clients' interests. Pre-clearance of employee trading in securities may be required to give clients adequate opportunity to act on recommendations before employees may act. All transactions by Saturna employees are reported under the Code of Ethics and monitored by its Chief Compliance Officer. Violations of the Code of Ethics may result in censure, fines and/or dismissal of any employee.

For more information on Best Execution, please call toll-free at (800)SATURNA.