Investment Objective
Long-term appreciation and capital preservation.
Investment Approach
The Saturna Core Fund actively invests in a diversified portfolio of debt and equity securities. It normally invests 60–70% of its assets in equity securities and 30–40% in investment‑grade fixed-income securities (those rated BBB/Baa or higher, including government and convertible bonds), as well as money market instruments and cash.
- Targeted to investors seeking long-term capital appreciation
- Diversified across industries, companies, and countries
- Tactical allocation of stocks and bonds
- Value investment style, favoring income‑producing securities of more seasoned companies with market capitalizations greater than $5 billion
- Balanced approach moderated by a secondary objective of capital preservation
- Incorporates a sustainable investing focus and generally avoids companies primarily engaged in alcohol, tobacco, pornography, weapons, gambling, and fossil fuel extraction, production, or refining
Deputy Portfolio Manager
|
Ticker | 3 Month | 6 Month | YTD |
|---|---|---|---|---|
| Saturna Core | SCORX | 6.81% | 7.61% | 7.61% |
| Bloomberg US Aggregate Index Index | LBUSTRUU | 0.67% | 0.62% | 0.62% |
| Bloomberg Global Equity/Fixed Income 60/40 Index | BMADM64 | 8.74% | 5.88% | 5.88% |
| Bloomberg Developed Markets Large & Mid Cap Index | DMTR | 14.14% | 9.93% | 9.93% |
|
The Bloomberg Global Aggregate Index is a flagship measure of global investment grade debt from a multitude of local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging market issuers. Bloomberg Developed Markets Large & Mid Cap Total Return Index is a flot market-cap-weighted equity benchmark that covers the top 85% of market cap of the measured market. Bloomberg Global EQ:FI 60:40 Index is designed to measure cross-asset market performance globally. The index rebalances monthly to 60% equities and 40% fixed income. The equities and fixed income are represented by Bloomberg Developed Markets Large & Mid Cap Total Return. Investors cannot invest directly in the Indices. | ||||
|
Ticker | 1 Year | 3 Year | 5 Year | 10 Year | Expense Ratio2 | 30-Day Yield1 |
|---|---|---|---|---|---|---|---|
| Saturna Core | SCORX | 15.36% | 11.97% | 7.08% | 8.04% | 0.84% | 1.78% |
| Bloomberg US Aggregate Index Index | LBUSTRUU | 3.79% | 4.16% | 0.08% | 1.54% | n/a | n/a |
| Bloomberg Global Equity/Fixed Income 60/40 Index | BMADM64 | 12.95% | 13.06% | 6.48% | 8.36% | n/a | n/a |
| Bloomberg Developed Markets Large & Mid Cap Index | DMTR | 21.74% | 19.73% | 11.88% | 13.62% | n/a | n/a |
|
Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance data quoted. Standardized returns current to the most recent month-end can be obtained by visiting our Month-end Returns Page or by calling toll free 1-800-728-8762. The Fund cannot guarantee that its investment objective will be met. Securities of the Fund are offered and sold only through the prospectus or summary prospectus. ¹ A Fund's 30-Day Yield, sometimes referred to as "standardized yield" or "SEC yield,” is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). The 30-Day Yield provides an estimate of a Fund's investment income rate, but may not equal the actual income distribution rate. ² Expense ratios shown are as stated in the Fund's most recent prospectus or summary prospectus dated March 30, 2026. | |||||||
|
Ticker | 1 Year | 3 Year | 5 Year | 10 Year | Expense Ratio2 | 30-Day Yield1 |
|---|---|---|---|---|---|---|---|
| Saturna Core | SCORX | 15.36% | 11.97% | 7.08% | 8.04% | 0.84% | 1.78% |
| Bloomberg US Aggregate Index Index | LBUSTRUU | 3.79% | 4.16% | 0.08% | 1.54% | n/a | n/a |
| Bloomberg Global Equity/Fixed Income 60/40 Index | BMADM64 | 12.95% | 13.06% | 6.48% | 8.36% | n/a | n/a |
| Bloomberg Developed Markets Large & Mid Cap Index | DMTR | 21.74% | 19.73% | 11.88% | 13.62% | n/a | n/a |
|
Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than performance data quoted. Standardized returns current to the most recent month-end can be obtained by visiting our Month-end Returns Page or by calling toll free 1-800-728-8762. The Fund cannot guarantee that its investment objective will be met. Securities of the Fund are offered and sold only through the prospectus or summary prospectus. ¹ A Fund's 30-Day Yield, sometimes referred to as "standardized yield" or "SEC yield,” is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). The 30-Day Yield provides an estimate of a Fund's investment income rate, but may not equal the actual income distribution rate. ² Expense ratios shown are as stated in the Fund's most recent prospectus or summary prospectus dated March 30, 2026. | |||||||
Growth of $10,000
This chart illustrates the performance of a hypothetical $10,000 invested at the beginning of the period and redeemed at the end of the period, and assumes reinvestment of all dividends and capital gains.
Holdings
as of 06/30/2026
Top Ten Holdings
| Holding | % of Net Assets |
|---|---|
| Cash & Equivalents | 8.7% |
| Micron Technology | 3.5% |
| Taiwan Semiconductor ADS | 2.8% |
| Alphabet, Class A | 2.6% |
| United States Treasury Bond | 2.2% |
| Holding | % of Net Assets |
|---|---|
| GlaxoSmithKline ADS | 2.2% |
| United States Treasury Bond | 2.1% |
| Mastercard, Class A | 2.1% |
| Southern Copper | 2.1% |
| Visa | 1.9% |
*Current portfolio holdings may not be indicative of future portfolio holdings.
1 Percentage of total investments includes all stocks, plus cash minus all short positions.
2 Total represents the difference between the long exposure and the short exposure, which produces the net exposure.
| Holding | Market Value | Quantity |
|---|---|---|
| Cash & Equivalents | $3,751,885 | 0 |
| Micron Technology | $1,500,577 | 1,300 |
| Taiwan Semiconductor ADS | $1,217,804 | 2,550 |
| Alphabet, Class A | $1,125,716 | 3,150 |
| United States Treasury Bond | $966,445 | 900,000 |
| GlaxoSmithKline ADS | $943,560 | 18,000 |
| United States Treasury Bond | $903,109 | 1,150,000 |
| Mastercard, Class A | $898,800 | 1,750 |
| Southern Copper | $884,370 | 5,075 |
| Visa | $823,416 | 2,400 |
| Ross Stores | $798,188 | 3,750 |
| NVIDIA | $750,338 | 3,750 |
| Microsoft | $746,040 | 2,000 |
| Simon Property Group | $726,863 | 3,250 |
| ALTIUS MINERALS CORP COM ISIN | $716,601 | 16,000 |
| Quimica y Minera Chile ADS | $695,976 | 9,400 |
| BHP Biliton ADR | $687,308 | 8,250 |
| Maryland St Cmnty Dev Admin Dept | $687,148 | 675,000 |
| Prysmian S.p.A. | $673,786 | 4,000 |
| Eaton Corp PLC | $666,878 | 1,565 |
| Apple | $651,060 | 2,250 |
| Amdocs | $626,696 | 12,400 |
| Dominion Energy | $593,645 | 8,693 |
| First Solar | $589,900 | 2,500 |
| Cisco Systems | $587,300 | 5,000 |
| EMCOR Group | $580,916 | 700 |
| Connecticut St Hsg Fin Auth Mtge | $555,477 | 550,000 |
| ANZ Group Holdings ADR | $537,460 | 22,000 |
| SK Telecom Co LTD - Spon ADR | $530,640 | 16,500 |
| TSY INFL IX N/B 2054 | $527,856 | 600,000 |
| NextEra Energy | $527,059 | 6,005 |
| Fujikura Ltd | $515,566 | 13,000 |
| BRKHEC (Pacificorp) | $511,127 | 500,000 |
| Comcast Corp | $508,346 | 500,000 |
| Virginia St Hsg Dev Auth | $502,630 | 500,000 |
| Kimberly-Clark de Mexico, Class A | $496,898 | 225,000 |
| Fuji Electric Co., Ltd. | $466,076 | 5,500 |
| Oracle Corp | $460,462 | 500,000 |
| CSX Corp | $454,784 | 550,000 |
| ASML Holding NY | $447,624 | 225 |
| TJX Companies | $409,050 | 2,700 |
| Danone ADS | $408,500 | 25,000 |
| Antofagasta plc | $406,269 | 8,000 |
| Federal Home Loan Bank 4.50% | $399,256 | 400,000 |
| Novartis ADS | $391,800 | 2,500 |
| Astrazeneca PLC | $379,240 | 2,000 |
| Holding | Market Value | Quantity |
|---|---|---|
| Orange ADR | $376,400 | 20,000 |
| Amazon.com | $357,510 | 1,500 |
| Welltower | $348,421 | 350,000 |
| AbbVie | $339,714 | 1,350 |
| CRH PLC | $321,000 | 3,000 |
| Broadcom Ltd | $300,311 | 795 |
| Novo Nordisk ADS | $299,625 | 6,250 |
| AutoZone | $287,635 | 90 |
| Banco Santander ADS | $276,000 | 20,000 |
| Chubb | $275,999 | 810 |
| Agnico-Eagle Mines | $259,067 | 1,670 |
| South32 ADR | $256,880 | 19,000 |
| Connecticut St Hsg Fin Auth | $252,517 | 250,000 |
| Netflix | $250,190 | 250,000 |
| Norfolk Southern Corp | $241,413 | 275,000 |
| Delta Air Lines | $241,390 | 250,000 |
| Unilever ADS | $240,420 | 3,999 |
| Coca Cola Co | $236,896 | 250,000 |
| Fedex Corp | $230,734 | 250,000 |
| Ford Motor | $225,623 | 220,000 |
| Union Pacific | $222,782 | 250,000 |
| Qualcomm | $218,082 | 220,000 |
| Procter & Gamble | $212,628 | 1,450 |
| Comcast Corp | $211,990 | 250,000 |
| Lowe's | $203,679 | 250,000 |
| Lincoln National Corp | $203,314 | 250,000 |
| Republic Services | $202,426 | 950 |
| O'Reilly Automotive Inc | $199,350 | 200,000 |
| Trane | $196,464 | 400 |
| Burlington Northern Santa Fe | $193,952 | 200,000 |
| Grupo Bimbo | $181,471 | 200,000 |
| Sandoz Group AG | $180,980 | 2,000 |
| Fastenal | $167,625 | 3,490 |
| Parker Hannifin | $166,280 | 170 |
| Burlington Northern Santa Fe Bond | $163,712 | 150,000 |
| Bellsouth Capital Funding | $163,046 | 150,000 |
| Oracle | $146,550 | 1,000 |
| United States Treasury Bond | $138,900 | 137,000 |
| United States Treasury Bond | $131,835 | 155,000 |
| Copart | $126,855 | 4,500 |
| Dollarama Inc. | $119,061 | 900 |
| Lowe's | $110,245 | 500 |
| Nestle ADR | $102,690 | 1,000 |
| Corteva | $101,628 | 1,200 |
| Stanford University | $84,722 | 100,000 |
| Colony TX NFM Sales Tax Revenue | $49,994 | 50,000 |
Sector Allocation
| Sector | % of Net Assets |
|---|---|
| Technology | 19% |
| Industrials | 11.3% |
| Materials | 10.1% |
| Other | 8.7% |
| Government | 8.1% |
| Communications | 7.4% |
| Financials | 7% |
| Consumer Discretionary | 6.5% |
| Sector | % of Net Assets |
|---|---|
| Health Care | 5.9% |
| Consumer Staples | 4.6% |
| Utilities | 3.8% |
| Municipal Bonds | 2.9% |
| Real Estate | 2.5% |
| Energy | 1.4% |
| US Government Agency | 0.9% |
*Current portfolio holdings may not be indicative of future portfolio holdings.
1 Percentage of total investments includes all stocks, plus cash minus all short positions.
2 Total represents the difference between the long exposure and the short exposure, which produces the net exposure.
Distributions
| Record Date | Ex, Pay and Reinvest Date | Ordinary Income | Qualified Income | Short-Term Capital Gains | Long-Term Capital Gains | Total Distributions (per share) |
|---|---|---|---|---|---|---|
| 12/17/2025 | 12/18/2025 | $0.157 | $0.13 | $0.00 | $0.11 | $0.397 |
| 12/18/2024 | 12/19/2024 | $0.22 | $0.09 | $0.00 | $0.151 | $0.461 |
| 12/20/2023 | 12/21/2023 | $0.11 | $0.14 | $0.00 | $0.00 | $0.25 |
| 12/14/2022 | 12/15/2022 | $0.192 | $0.00 | $0.00 | $0.0239 | $0.2159 |
The Saturna Core Fund intends to distribute its net investment income and net realized capital gains, if any, to its shareowners. Distributions from income dividends and net capital gains are paid at the end of the year.
Distributions for the last five years are listed in the table above. For prior distributions, please contact a Saturna representative.
Regulations regarding distributions can be complex, and there are several methods for managing your tax liability. Please consult a tax advisor about your particular circumstances. You also may obtain helpful information by calling the Internal Revenue Service at 1-800-829-1040 or visiting www.irs.gov.
If applicable, distribution information will appear on Form 1099-DIV, typically sent in late January. For more information on tax documentation, please visit our Tax Documentation page.
The Fund pays per-share distributions to shareowners invested on the Record Date. On the Payable Date, the fund's share price is reduced by the amount of its distribution.
The following tables describe the fees and expenses mutual fund shareowners may pay. There are no shareowner fees (fees paid directly from an investment). The Fund imposes no sales charge (load) on purchases or reinvested dividends, or any deferred sales charge (load) upon redemption. There are no exchange fees or account fees. Investments in mutual funds are subject to ongoing expenses. Saturna endeavors to keep these fees low. We encourage you to compare the following fees with similar fees of other no-load mutual funds:
Shareowner Fees
(fees paid directly from your investment)
| None |
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
| Management Fees | 0.50% |
| Other Expenses | 0.34% |
| Total Annual Fund Operating Expenses | 0.84% |
| Less Fee Waiver/Expense Reimbursement1 | (0.09)% |
| Total Annual Fund Operating Expenses | 0.75% |
1 The adviser has contractually agreed through March 31, 2027, to waive fees and/or reimburse expenses of the Fund to the extent necessary to ensure that the net operating expenses, excluding brokerage commissions, taxes, and extraordinary expenses, do not exceed the net operating expense ratio of 0.75%. This expense limitation agreement may be changed or terminated only with approval of the Board of Trustees.
When you buy shares through a financial intermediary, that intermediary may charge a transaction fee or commission which is not reflected in the expenses table. Purchases and redemptions of Fund shares will be made at the daily net asset value established by the Fund (before imposition of a commission).
Investment Minimum
| The minimum initial investment is $1,000 (for tax-sheltered accounts, there is no minimum). |