Fund Facts

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† The Sextant Growth Fund began operation under its current objective Sept. 28, 1995. Previously, it was the Northwest Growth Fund. † The Sextant Bond Income Fund began operation under its current objective Sept. 28, 1995. Previously, it was the Washington Tax-Exempt Fund.

Portfolio Managers

Phelps McIlvaine
Portfolio Manager since 1995

Phelps McIlvaine, Vice President, joined Saturna Capital in 1993. He serves Saturna as Portfolio Manager and a Research Analyst for Idaho Tax-Exempt Fund, Sextant Short-Term Bond Fund, Sextant Bond Income Fund, and Sextant Core Fund. He also acts as Director for Saturna's wholly-owned brokerage subsidiary, Saturna Brokerage Services. Mr. McIlvaine was born in Illinois in 1953, and has a BA in economics (University of Denver, 1975 Phi Beta Kappa).

Mr. McIlvaine entered the investment business in 1976 and traded US bond and derivative markets from 1977 to 1986 for commercial banks in Boston and Chicago. From 1987 to 1993 he managed fixed income derivative hedge funds in Chicago and London. He serves on the Endowment Committees of the Nooksack Salmon Enhancement Association and the Bellingham Interfaith Coalition.

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Patrick Drum MBA, CFA®, CFP®
Deputy Portfolio Manager since 2015

Patrick T. Drum, Senior Investment Analyst and Saturna Sustainable Bond and Amana Participation Funds Portfolio Manager joined Saturna Capital in October 2014. He is a former adjunct professor of finance for the Sustainable MBA Program at the Bainbridge Graduate Institute (BGI) currently known as Presidio Graduate School. Mr. Drum holds a BA in economics from Western Washington University and an MBA from Seattle University Albers School of Business. He is a Chartered Financial Analyst Charterholder and a Certified Financial Planner®.

Prior to joining Saturna Capital, Mr. Drum led environmental, social, and governance (ESG) research and was director of fixed income portfolio management since 2007 with a private account group at UBS Institutional Consulting Services specializing in investment management for global conservation and national wildlife park endowments as well as sustainable-social screened client portfolios. He is a former Chair of the United Nation’s Principles for Investment (UNPRI) Fixed Income Outreach Subcommittee and a current member of the  UNPRI's Bondholder Engagement Working Group (BEWG), an advisory committee working to elevate important ESG considerations and best practices among issuers and investors.

Mr. Drum's past experience also includes business valuation at Moss Adams and portfolio management at Washington Mutual Bank. He lives in Bellingham and is a proud father of two. He enjoys sea kayaking, hiking, and being part of the Pacific Northwest community. Mr. Drum is a member of the board of trustees to the Museum of Glass in Tacoma and a member of Rotary.

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Investment Style

Targeted to investors seeking income free from federal income, federal alternative minimum, and Idaho state income taxes

Dollar-weighted average maturity between 6 and 15 years

Investment grade municipal bonds, Idaho focused

Diversified across industries and companies

Actively managed by the award-winning, values-based, global expertise of Saturna Capital

Overview

Investment Objective

Idaho Tax-Exempt Fund seeks to provide income free from federal income, federal alternative minimum, and Idaho state income taxes. Preservation of capital is a secondary objective.

Principal Investment Strategies

Idaho Tax-Exempt Fund invests in debt securities issued by the State of Idaho and its political subdivisions. These municipal bonds, notes, and commercial paper may be in various forms, including general obligation bonds, revenue bonds, mortgage bonds, certificates of participation, local improvement district bonds, and refunding bonds.

The Fund buys investment grade bonds, meaning those rated "Baa" or higher by a national bond rating agency (e.g., Moody's Investor's Services), or, if unrated, of equivalent quality in the opinion of the adviser, considered at the time of purchase. At least 40% of bonds that the Fund buys must be rated "A" or higher or, if unrated, of equivalent quality, on a similar basis. Factors used 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. In accordance with the fundamental investment policies of the Fund, under normal circumstances, at least 80% of net assets are invested in debt securities generating income exempt from both federal and Idaho income tax.

Principal Risks of Investing in the Fund

Market risk: The value of the Fund's shares rises and falls as the market value of the securities in which the Fund invests goes up and down. The market value of securities will fluctuate, sometimes significantly and unpredictably, with stocks generally being more volatile than bonds. When you redeem your shares, they may be worth more or less than what you paid for them. Only consider investing in the Fund if you are willing to accept the risk that you may lose money.

Investment strategy risk: Because the Fund concentrates its investments primarily in Idaho municipal securities, its investments are susceptible to factors adversely affecting Idaho. These factors include economic and financial trends as well as political conditions in Idaho and its political subdivisions. Investing primarily in Idaho bonds means the Fund is less diversified than some other types of mutual funds. Concentrating investments in a single state or a small number of security issues may lead to underperformance compared to investments selected in greater number and/or from a wider universe.

Tax risk: The Fund is vulnerable to 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. Should this exclusion be reduced, the market for municipal securities, and consequently the Fund's share value, may be adversely affected.

Interest rate risk: Investing in bonds includes the risk that as interest rates rise, bond prices will fall. Conversely, during periods of declining interest rates bond prices generally rise, but bond issuers may call or prepay the bond and reissue debt at lower interest rates. The longer a bond's maturity, the more sensitive the bond is to interest rate changes.

Credit risk: Investing in bonds includes the risk that an issuer will not pay interest or principal when due, or the issuer may default altogether. If an issuer's credit quality is perceived to decline, the value and liquidity of the issuer's bonds may also decline.

Liquidity risk: Liquidity risk exists when particular investments are difficult to sell and may be more difficult to value. If the Fund is forced to sell these investments during unfavorable conditions to meet redemptions or for other cash needs, the Fund may lose money on its investments. As a result, the Fund may be unable to achieve its objective.

Performance

Daily Price and Stats

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As of {{pricing_date | date:'MMMM dd, yyyy'}} Ticker Price Change YTD 30-Day Yield¹
{{price.name}} {{price.type}} Shares {{price.ticker}} {{price.nav | currency}} {{price.nav_change | currency}} {{price.returns_YTD | number:2}}% {{(price.yield_30day) | number:2}}% n/a

Average Annual Total Returns

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Month-end, as of {{month_end_pricing_date | date:'longDate'}} Ticker 1 Year 3 Year 5 Year 10 Year Expense Ratio² 30-Day Yield¹

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Quarter-end, as of {{quarter_end_pricing_date | date:'longDate'}} Ticker 1 Year 3 Year 5 Year 10 Year Expense Ratio² 30-Day Yield¹

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Growth of $10,000

Idaho Tax-Exempt Fund 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.

Annual Total Returns

As of September 30, 2018

Idaho Tax-Exempt Fund Annual Total Return Volatility Chart

The Standard and Poor's Idaho Municipal Bond Index is a broad-based index of Idaho municipal bond prices. Investors cannot invest directly in the index.

Holdings

As of {{holdingsDate | date:'MMMM dd, yyyy'}}

AllTop Ten Holdings

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Name Market Value Face Amount
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Sector Allocation

Security and sector weightings are shown as a percentage of total net assets.

Distributions

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Record Date Ex, Pay and Reinvest Date Tax-Free Income Qualified / Taxable Income Short-Term Capital Gains Long-Term Capital Gains Total Distributions (per share)
09/27/2018 09/28/2018 $0.00840 $0.00 $0.00 $0.00 $0.00840
08/30/2018 08/31/2018 $0.00956 $0.00 $0.00 $0.00 $0.00956
07/30/2018 07/31/2018 $0.01017 $0.00 $0.00 $0.00 $0.01017
06/28/2018 06/29/2018 $0.00926 $0.00 $0.00 $0.00 $0.00926
05/30/2018 05/31/2018 $0.01016 $0.00 $0.00 $0.00 $0.01016
04/27/2018 04/30/2018 $0.01013 $0.00 $0.00 $0.00 $0.01013
03/28/2018 03/29/2018 $0.00975 $0.00 $0.00 $0.00 $0.00975
02/27/2018 02/28/2018 $0.00838 $0.00 $0.00 $0.00 $0.00838
01/30/2018 01/31/2018 $0.01086 $0.00 $0.00 $0.00 $0.01086
12/28/2017 12/29/2017 $0.00997 $0.00 $0.00 $0.00 $0.00997
11/29/2017 11/30/2017 $0.01059 $0.00 $0.00 $0.00 $0.01059
10/30/2017 10/31/2017 $0.01042 $0.00 $0.00 $0.00 $0.01042
09/28/2017 09/29/2017 $0.00938 $0.00 $0.00 $0.00 $0.00938
08/30/2017 08/31/2017 $0.01010 $0.00 $0.00 $0.00 $0.01010
07/28/2017 07/31/2017 $0.01077 $0.00 $0.00 $0.00 $0.01077
06/29/2017 06/30/2017 $0.01018 $0.00 $0.00 $0.00 $0.01018
05/30/2017 05/31/2017 $0.01137 $0.00 $0.00 $0.00 $0.01137
04/27/2017 04/28/2017 $0.00925 $0.00 $0.00 $0.00 $0.00925
03/30/2017 03/31/2017 $0.01221 $0.00 $0.00 $0.00 $0.01221
02/27/2017 02/28/2017 $0.00966 $0.00 $0.00 $0.00 $0.00966
01/30/2017 01/31/2017 $0.01067 $0.00 $0.00 $0.00 $0.01067
12/29/2016 12/30/2016 $0.01073 $0.00 $0.00 $0.00 $0.01073
11/29/2016 11/30/2016 $0.01036 $0.00 $0.00 $0.00143 $0.01179
10/28/2016 10/31/2016 $0.01091 $0.00 $0.00 $0.00 $0.01091
09/29/2016 09/30/2016 $0.01041 $0.00 $0.00 $0.00 $0.01041
08/30/2016 08/31/2016 $0.01212 $0.00 $0.00 $0.00 $0.01212

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The Idaho Tax-Exempt Fund intends to distribute its net investment income and net realized capital gains, if any, to its shareowners. The Fund accounts for its distributions as taxable capital gains (originating from net realized gains on portfolio transactions), taxable ordinary income (originating from dividends, taxable interest, and certain other types of gains), or tax-exempt income (originating from interest on municipal bonds). Income dividends are paid daily and reinvested or distributed monthly. Distributions from capital gains (which may be taxable at different rates depending on the length of time the Fund holds its assets) are paid at the end of November.

Distributions for the last two 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.

Fees & Expenses

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)²
Management Fees 0.50%
Other Expenses 0.17%
Total Annual Fund Operating Expenses 0.67%

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).

Literature

 

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 28, 2018.

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.