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

Patrick Drum MBA, CFA®, CFP®
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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Bryce Fegley MS, CFA®, CIPM®
Deputy Portfolio Manager since 2015

Bryce Fegley, MS, CFA, CIPM, Senior Investment Analyst & Sextant Global High Income Fund Portfolio Manager, joined Saturna Capital in 2001 and worked in brokerage/trading and later as an investment analyst. Beginning in 2010, he spent two years as President of our Malaysian subsidiary, Saturna Sdn Bhd, directing its research and fund management operations. In 2012 he returned to Saturna Capital headquarters. Prior to joining Saturna, Mr. Fegley worked in brokerage operations in Seattle from 1997-2000. Originally from upstate New York, he studied at the University of Colorado at Boulder earning his BA in English Literature. Mr. Fegley earned an MS in Computational Finance and Risk Management from the University of Washington in December 2017. His volunteer activities include a board role with the Whatcom Family YMCA. His hobbies include reading and playing piano, traveling with his family, bicycling, and cooking.

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Investment Style

Targeted to investors seeking capital preservation and current income

Globally diversified across industries, companies, and countries

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

Overview

Investment Objective

Current income and capital preservation.

Principal Investment Strategies

Under normal conditions, the Fund invests at least 80% of its net assets in bonds of issuers located throughout the world (including emerging markets) that the Fund's adviser believes demonstrate sustainable characteristics. For purposes of this investment policy, the Fund's adviser considers issuers with sustainable characteristics to be those issuers that are generally larger, more established, consistently profitable, and financially strong, and with robust policies in the areas of the environment, social responsibility, and corporate governance ("ESG").

The Fund's adviser employs a sustainable rating system based on its own, as well as third-party, data to identify issuers believed to present low risks in ESG. The Fund's adviser also uses negative screening to exclude security issuers primarily engaged in higher ESG risk businesses such as alcohol, tobacco, pornography, weapons, gambling, and carbon-based fuels.

Under normal conditions, the Fund maintains a dollar-weighted average maturity of three years or more, invests at least 65% of its assets in bonds within the four highest grades (Aaa, Aa, A, or Baa) at the time of purchase, and may invest up to 35% in unrated and high-yield bonds ("junk bonds").

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: The adviser believes that sustainable investing may mitigate security-specific risk, but the screens used in connection with sustainable investing reduces the investable universe, which limits opportunities and may increase the risk of loss during market declines. In addition, the Fund has a relatively limited operating history, having commenced investment operations in March 2015, and its limited performance history does not provide extensive information on how the Funds may perform in different market conditions.

Investment strategy risk: The adviser believes that sustainable investing may mitigate security-specific risk, but the screens used in connection with sustainable investing reduce the investable universe, which limits opportunities and may increase the risk of loss during market declines. In addition, the Fund has a relatively limited operating history, having commenced investment operations in March 2015, and its limited performance history does not provide extensive information on how the Fund may perform in different market conditions. 

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.

High yield risk: Investing in bonds that are unrated or rated below investment grade, which are known as "junk bonds," typically offer higher yields to compensate investors for increased credit risk. Issuers of high-yield securities generally are not as strong financially and are more vulnerable to changes that could affect their ability to make interest and principal payments. High-yield securities generally are more volatile and less liquid (harder to sell), which may make such securities more difficult to value.

Foreign investing risk: Foreign investing involves risks not normally associated with US securities. These risks include fluctuations in currency exchange rates, less public information about securities, less governmental market supervision, and lack of uniform financial, social, and political standards. Foreign investing heightens the risk of confiscatory taxation, seizure or nationalization of assets, currency controls, or adverse political or social developments that affect investments.

Emerging markets risk: The risks of investing in foreign securities typically are greater in less developed or emerging countries.

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

Saturna Sustainable Bond 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 June 30, 2018

Saturna Sustainable Bond Fund Annual Total Returns Volatility Chart

The Citi World BIG Bond Index is a multi-asset, multi-currency benchmark, which provides a broad-based measure of the global fixed income markets.

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
Ordinary
Income
Qualified
Income
Short-Term
Capital Gains
Long-Term
Capital Gains
Total Distributions
(per share)
08/30/2018 08/31/2018 $0.02525 $0.00 $0.00 $0.00 $0.02525
07/30/2018 07/31/2018 $0.02632 $0.00 $0.00 $0.00 $0.02632
06/28/2018 06/29/2018 $0.02140 $0.00 $0.00 $0.00 $0.02140
05/30/2018 05/31/2018 $0.02496 $0.00 $0.00 $0.00 $0.02496
04/27/2018 04/30/2018 $0.02478 $0.00 $0.00 $0.00 $0.02478
03/28/2018 03/29/2018 $0.02242 $0.00 $0.00 $0.00 $0.02242
02/27/2018 02/28/2018 $0.02120 $0.00 $0.00 $0.00 $0.02120
01/30/2018 01/31/2018 $0.02870 $0.00 $0.00 $0.00 $0.02870
12/28/2017 12/29/2017 $0.02229 $0.00 $0.00 $0.00 $0.02229
11/29/2017 11/30/2017 $0.02392 $0.00 $0.00 $0.00 $0.02392
10/30/2017 10/31/2017 $0.02472 $0.00 $0.00 $0.00 $0.02472
09/28/2017 09/29/2017 $0.02324 $0.00 $0.00 $0.00 $0.02324
08/30/2017 08/31/2017 $0.01935 $0.00 $0.00 $0.00 $0.01935
07/28/2017 07/31/2017 $0.02522 $0.00 $0.00 $0.00 $0.02522
06/29/2017 06/30/2017 $0.02148 $0.00 $0.00 $0.00 $0.02148
05/30/2017 05/31/2017 $0.02405 $0.00 $0.00 $0.00 $0.02405
04/27/2017 04/28/2017 $0.01924 $0.00 $0.00 $0.00 $0.01924
03/30/2017 03/31/2017 $0.02422 $0.00 $0.00 $0.00 $0.02422
02/27/2017 02/28/2017 $0.02073 $0.00 $0.00 $0.00 $0.02073
01/30/2017 01/31/2017 $0.02392 $0.00 $0.00 $0.00 $0.02392
12/29/2016 12/30/2016 $0.01991 $0.00 $0.00973 $0.00501 $0.03465
11/29/2016 11/30/2016 $0.01743 $0.00 $0.00 $0.00 $0.01743
10/28/2016 10/31/2016 $0.02326 $0.00 $0.00 $0.00 $0.02326
09/29/2016 09/30/2016 $0.01950 $0.00 $0.00 $0.00 $0.01950
08/30/2016 08/31/2016 $0.02162 $0.00 $0.00 $0.00 $0.02162
07/28/2016 07/29/2016 $0.01928 $0.00 $0.00 $0.00 $0.01928
06/29/2016 06/30/2016 $0.01885 $0.00 $0.00 $0.00 $0.01885
05/27/2016 05/31/2016 $0.02179 $0.00 $0.00 $0.00 $0.02179
04/28/2016 04/29/2016 $0.01726 $0.00 $0.00 $0.00 $0.01726
03/30/2016 03/31/2016 $0.02037 $0.00 $0.00 $0.00 $0.02037
02/26/2016 02/29/2016 $0.01896 $0.00 $0.00 $0.00 $0.01896
01/28/2016 01/29/2016 $0.01743 $0.00 $0.00 $0.00 $0.01743

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The Saturna Sustainable Bond Fund intends to distribute its net investment income and net realized capital gains, if any, to its shareowners. The Fund pays income dividends daily, which are reinvested or distributed monthly. Distributions from net capital gains, if any, are paid at the end of November.

Both dividends and capital gain distributions are paid in additional full and fractional shares of the share class owned. At your option, you may receive dividends and/or capital gain distributions in cash. You are notified of each dividend and capital gain distribution when paid. Returned dividend payments will be automatically reinvested into your account and invested in additional shares of the Fund; future dividends in such accounts will continue to be reinvested until the shareowner is located or the account is closed.

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.

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 0.55%
Other Expenses 0.29%
Total Annual Fund Operating Expenses † 0.84%
Fee Waiver and Expense Reimbursement † 0.19%
Total Annual Fund Operating Expenses after Fee Waiver and Expense Reimbursement † 0.65%

† Restated to reflect the ending of the Distribution (12b-1) Fees effective June 2, 2017, as approved by the Board of Trustees on March 14, 2017.

The investment adviser has committed through March 31, 2019, to waive fees and/or reimburse expenses to the extent necessary to ensure that the Fund’s net operating expenses, excluding brokerage commissions, interest, taxes, and extraordinary expenses do not exceed the net operating expense ratio of 0.65%. This expense limitation agreement may be changed or terminated only with approval of the Board of Trustees.

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

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.