Expense Limitation and Fee Waiver Agreement
Expense Limitation and Fee Waiver Agreement
| To: | Board of Trustees of Saturna Investment Trust |
| From: | Saturna Capital Corporation |
| Date: | June 1, 2017 |
By memo dated March 15, 2017, Saturna Capital Corporation notified the Board that it would continue subsidizing certain Sextant Funds and Sustainable Funds by waiving its management fee and, to the extent necessary, reimburse expenses, to limit the total net annual operating expenses (excluding taxes, commissions, and extraordinary expenses) of each of those funds, effective on the ending of the Rule 12b-1 annual fees charged to the funds (expected June 2, 2017, the "End 12b-1 Date") through March 31, 2018 (the "End Waiver Date"). Xxxxxxx hereby agrees to extend the End Waiver Date for the Funds listed below from March 31, 2018 to June 2, 2018.
The fee and expense limitations approved by the Board in December 2016 for those Funds are continued until the "End 12b-1 Date", then reduced as shown below through June 2, 2018.
| Fund | Annual Total Net Operating Expenses |
| Short Term Bond Fund | 0.60% |
| Bond Income Fund | 0.65% |
| Global High Income Fund | 0.75% |
| Saturna Sustainable Equity Fund | 0.75% |
| Saturna Sustainable Bond Fund | 0.65% |
The undertakings described above may be canceled with respect to any of these Funds only with the consent of the Board of Trustees or the termination of the management contract of any such Fund with the Adviser.
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By: /s/ Xxxxxxxx X. Xxxxxx |
SATURNA CAPITAL CORPORATION By: /s/ Xxxx X. Xxxxxx |
