Mutual Fund Expenses | Saturna Capital

The following tables describe the fees and expenses Saturna mutual fund shareowners may pay. There are no shareowner fees (fees paid directly from an investment). Our Funds impose 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)
All Saturna Mutual Funds
Sales Charge (Load) Imposed on Purchases (as a percentage of offering price): 0%
Deferred Sales Charge (Load): 0%
Sales Charge (Load) Imposed on Reinvested Dividends/Distributions: 0%
Redemption Fee: 0%
Exchange Fee (between Saturna's affiliated funds): 0%
Account Fee: 0%

Annual Fund Operating Expenses (expenses deducted from Fund Assets)

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Amana Mutual Funds Amana Developing World1 Amana Growth1 Amana Income1 Amana Participation1
Investor (AMDWX) Institutional (AMIDX) Investor (AMAGX) Institutional (AMIGX) Investor (AMANX) Institutional (AMINX) Investor (AMAPX) Institutional (AMIPX)
Management Fees2 0.85% 0.85% 0.81% 0.81% 0.82% 0.82% 0.50% 0.50%
Distribution (12b-1) Fees3 0.25% 0.00% 0.25% 0.00% 0.25% 0.00% 0.25% 0.00%
Other Expenses 0.21% 0.28% 0.02% 0.04% 0.03% 0.05% 0.12% 0.12%
Total Annual Fund Operating Expenses 1.31% 1.13% 1.08% 0.85% 1.10% 0.87% 0.87% 0.62%

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Sextant Mutual Funds Growth4 International4
Investor (SSGFX) Z Shares (SGZFX) Investor (SSIFX) Z Shares (SIFZX)
Management Fees2 0.42% 0.42% 0.58% 0.58%
Distribution (12b-1) Fees3 0.25% 0.00% 0.25% 0.00%
Other Expenses 0.25% 0.28% 0.22% 0.26%
Total Annual Fund Operating Expenses 0.92% 0.70% 1.05% 0.84%
Sextant Mutual Funds Bond Income4 Core4 Global High Income4 Short-Term Bond4
Management Fees2 0.41% 0.51% 0.58% 0.47%
Other Expenses 0.43% 0.37% 0.39% 0.44%
Total Annual Fund Operating Expenses 0.84% 0.88%  0.97% 0.91%
Less Fee Waiver/Expense Reimbursement (0.19)% n/a (0.22)% (0.31)%
Net Annual Operating Expenses 0.65%5 0.87% 0.75%5 0.60%5

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Idaho Tax-Exempt Fund4   Saturna Sustainable Funds Sustainable Equity4 Sustainable Bond4
Management Fees2 0.50% Management Fees2 0.65% 0.55%
Other Expenses 0.18% Other Expenses 0.62% 0.22%
Total Annual Fund Operating Expenses 0.68% Total Annual Fund Operating Expenses 1.27% 0.77%
Less Fee Waiver/Expense Reimbursement n/a Less Fee Waiver/Expense Reimbursement (0.52)% (0.12)%
Net Annual Operating Expenses 0.67% Net Annual Operating Expenses 0.75%5 0.65%5

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1 As stated in the Funds' most recent prospectus dated 09/28/2018.

2 Paid to Saturna Capital Corporation.

Paid to Saturna Brokerage Services, Inc.

4 As stated in the Funds' most recent prospectus dated 03/27/2019.

5 Saturna Capital, the Funds' adviser, has voluntarily capped expenses of the Sextant Short-Term Bond Fund at 0.60%, the Sextant Bond Income at 0.65%, the Global High Income Funds at 0.75%, the Saturna Sustainable Equity Fund at 0.75%, and the Saturna Sustainable Bond Fund at 0.65% through March 31, 2020.

Saturna no-load mutual funds are distributed by Saturna Brokerage Services, Inc., a wholly-owned subsidiary of Saturna Capital.

A Few Words About Risk

By diversifying its investments, each Fund seeks to reduce the risk of owning only a few securities. Diversification does not assure a profit or protect against a loss in a declining market.

The Funds (except Sextant Growth and Idaho Tax-Exempt Funds) may invest in non-US companies and in foreign markets. Investing in foreign securities involves risks not typically associated directly with investing in US securities. These risks include fluctuations in exchange rates of foreign currencies; less public information with respect to issuers of securities; less governmental supervision of exchanges, issuers, and brokers; and lack of uniform accounting, auditing, and financial reporting standards. There is also a risk of adverse political, social, or diplomatic developments that affect investment in foreign countries.

The Amana Growth and Sextant Growth Funds typically invest in smaller and less seasoned companies than the Income Fund, which may lead to greater variability in the Growth Funds' returns. Growth stocks, which can be priced on future expectations rather than current results, may decline substantially when expectations are not met or general market conditions weaken.

The Sextant Core Fund involves the risks of both equity and debt investing, although it seeks to mitigate these risks by maintaining a widely diversified portfolio that includes domestic stocks, foreign stocks, short and long-term bonds, and money market instruments.

Investment in the Sextant Global High Income Fund entails the risks of both equity and debt securities, although it seeks to mitigate these risks through a widely diversified portfolio that includes foreign and domestic stocks and bonds. Issuers of high-yield securities are generally not as strong financially as those issuing higher quality securities. Investments in high-yield securities can be speculative in nature. High-yield bonds may have low or no ratings, and may be considered "junk bonds."

The risks inherent in the Sextant Short-Term BondSextant Bond IncomeSaturna Sustainable Bond, and Idaho Tax-Exempt Funds depend primarily on the terms and quality of the obligations in their portfolios, as well as on bond market conditions. When interest rates rise, bond prices fall. When interest rates fall, bond prices go up. Bonds with longer maturities (such as those held by the Bond Income Fund) usually are more sensitive to interest rate changes than bonds with shorter maturities (such as those held by the Short-Term Bond Fund). The Funds entail 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.

In addition to the fixed-income market risks above, the Amana Participation Fund entails risks specific to investing in sukuk. Sukuk structures may be significantly more complicated than conventional bonds and often include a series of entities created specifically to support the sukuk structure. In addition, sukuk are largely created in or otherwise subject to the risks of developing economies, many of which have weak or inconsistent accounting, legal, and financial infrastructure. The structural complexity of sukuk, along with the weak infrastructure of the sukuk market, increases risks of investing in sukuk, including operational, legal, and investment risks.

The Idaho Tax-Exempt Fund's 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 that the Fund's investments are more concentrated 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.

Islamic principles restrict the Amana Funds' ability to invest in certain stocks and market sectors, such as financial companies and fixed-income securities. This limits opportunities and may affect performance.

The Saturna Sustainable Funds limit the securities they purchase to those consistent with sustainable principles. This limits opportunities and may affect performance.