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Understanding Your Brokerage Account

Before you begin your investment activities, please take a moment to review some basic information about how your brokerage account works.

A separate account. Brokerage assets are held in an account with Saturna Brokerage Services, through our clearing agent, Pershing LLC (New York & Jersey City). Saturna Capital affiliated mutual fund asset records are maintained directly by the transfer agent (Saturna Capital) in Bellingham. Accounts holding both brokerage assets and affiliated mutual funds are linked through a common registration (name & address information). For more information, see How Your Saturna Accounts Work Together.

Cash managment options. You may designate a money market settlement (sweep) account, which allows a convenient way to hold assets until you are ready to reinvest. Cash held in your brokerage account does not earn interest. Accounts seeking the protection of insured deposits may opt to enroll in the Dreyfus Insured Deposits Program. For a list of available Money Market options, please review the Dreyfus Cash Management Funds prospectus, available in Documents and Forms. If you do not specify a cash management option, the default sweep will be to cash.

Option and Margin accounts require additional paperwork, and are subject to approval by Saturna Brokerage Services and Pershing LLC. Please contact a representative for additional details.

Option accounts. Option trading offers experienced investors additional possibilities to earn extra income or capture the movement of the entire market. Options are versatile, and can be as conservative or speculative as your investing strategy dictates. Please ask for the free booklet, "Characteristics and Risks of Standardized Options," which outlines the purposes and risks of option transactions. You may request a copy of this booklet from any Saturna representative by calling 1-800-728-1266. Option trading is not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses. Certain types of accounts administered by Saturna Trust Company — such as IRAs, ESAs, and HSAs — are eligible for covered call writing only.

Options trading is not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses.

Margin accounts. Margin accounts provide experienced investors who wish to borrow against the value of their securities, sell short, or hedge, the opportunity to earn extra income or capture the movement of the market. Margin accounts are subject to interest on outstanding balances. Please see the Margin Account Agreement for details. Certain types of accounts administered by Saturna Trust Company — such as IRAs, ESAs, and HSAs — are not eligible for margin privileges.

Margin accounts should be considered higher risk than non-leveraged accounts. The use of leverage may accelerate the velocity of potential losses.

Investment pricing. Market orders are executed promptly at the best available market price. Limit orders allow you to set conditions for the execution of your orders. Mutual fund orders are priced at the next available net asset value.

Sweep of funds for purchases. The amount required for settlement, plus any commission or purchase fee, is redeemed from your designated cash or cash equivalent option on the settlement date. Money market funds or Dreyfus Insured Deposits continue to earn interest up to the last business day before settlement.

Payment for purchases. You must have sufficient assets available in your designated cash or cash equivalent option to cover a trade, or plans to add sufficient funds by settlement date. If you place an order online and your account's available funds are not sufficient for settlement, the order could be rejected. If for some reason sufficient funds are not available in your account on the trade settlement date you may incur interest charges, the trade may be canceled (which could incur a loss for your account) and we may place restrictions on your account.

If you plan to pay for a purchase in your brokerage account using assets in a Saturna Capital mutual fund, you must initiate the redemption and movement to your brokerage account by 4 p.m. Eastern time /1 p.m. Pacific time, on the business day before the security settles. Saturna Brokerage is not authorized to initiate a transaction on your behalf.

Make checks payable to "Pershing LLC" and mail to:

Saturna Brokerage Services, Inc.
P.O. Box N
Bellingham WA 98227

Please note: We may reject contributions for any reason, such as anti-money laundering regulations which limit acceptance of third-party checks and money orders.

Trade Settlement and Availability of Proceeds

Security Type Settlement Availability of Proceeds to Trade² Availability of Proceeds to Withdraw
Domestic stocks, ETFs, ETNs, and corporate and municipal bonds Trade date + 3 business days Same day Third business day after settlement
Listed options Trade date + 1 business day Same day First business day
Treasurys on the secondary market Trade date + 1 business day Same day First business day
Non-Saturna mutual funds¹ Trade date + 1 business day Same day First business day after settlement
Saturna Capital mutual funds Trade date Same day First business day

¹ Settlement times may vary.

² If using funds from a sale to purchase a different security in the same day, ensure the security from the sale settles at the same time or earlier than the security purchased. For example, if selling a stock with trade + three days settlement and purchasing a mutual fund with trade + one day settlement, interest charges may apply until the stock trade is settled (2 days) and/or the trade could be rejected.

Settlement and availability of proceeds for trades in foreign securities varies across markets. Please contact a Saturna representative with questions.

Please read the Dreyfus Cash Management Funds prospectus for more information. Yields, expenses, services, and charges (including possible 12b-1 fees) will vary. Money market funds pay daily dividends based upon the fund's portfolio of money market securities. An investment in a money fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in money market funds.

Dreyfus money market mutual funds are distributed by MBSC Securities Corporation. Investing involves risk, including the loss of capital. Please consider an investment's objectives, risks, charges, and expenses carefully before investing. To obtain a prospectus that contains this and other important information about the Dreyfus Cash Management Funds, please call 1-800-728-8762 or visit Document & Forms. Please read the prospectus carefully before investing.

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