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Sextant  Mutual Funds Navigating Today's Volatile Markets

Sextant Core Fund


Fund Facts

As of December 31, 2016
Net Assets: $9.02 Million
Ticker Symbol: SCORX
CUSIP: 804096600
Inception Date: March 30, 2007
Minimum Initial Investment: $1,000
30-Day Yield¹: 1.24%

Portfolio Manager

Phelps McIlVaine

Portfolio Manager since 2016

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 and Sextant Bond Income 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.

SCC: Director, Vice President
SBS: Director, Vice President

Chris Paul MBA, CFA®

Portfolio Manager since 2016

Chris Paul, Senior Investment Analyst, joined Saturna Capital in August 2016. He earned an MBA Finance from New York University and a BS Computer Science from Syracuse University. Mr. Paul is a Chartered Financial Analyst® (CFA®) charterholder. His experience includes research and management positions at asset management firms and investment banks, as well as finance and operations roles at technology companies. Outside of work, Mr. Paul is either reading or outdoors exploring the Pacific Northwest with his family.

Investment Style

Targeted to investors seeking long-term capital appreciation

Diversified across industries and companies

Tactical allocation of stocks and bonds

Value investment style, favoring income-producing securities of more seasoned companies

Balanced approach moderated by secondary objective of capital preservation

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

Investment Objective

Long-term appreciation and capital preservation.

Principal Investment Strategies

The Core Fund invests in a mix of equity and debt securities. It normally invests 40% of its assets in equity securities of US companies, 20% in foreign equity securities, 25% in investment grade debt securities with maturities of three years or longer, and 15% in short-term debt securities with maturities of less than three years, including money market instruments and cash. The Fund follows a value investment style, principally investing in income producing securities of more seasoned companies.

Principal Risks of Investing

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.

Equity securities risk: Equity securities may experience significant volatility in response to economic or market conditions or adverse events that affect a particular industry, sector, or company. Although the Fund may invest in companies of all sizes, the Fund tends to favor larger companies and, to a lesser extent, midsize companies. Larger companies may have slower rates of growth as compared to smaller, faster-growing companies. Midsize companies may have more limited financial resources, products, or services, and tend to be more sensitive to changing economic or 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.


Daily Price and Stats

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As of January 23, 2017 Ticker Price Change YTD 30-Day Yield¹
Sextant Core SCORX $11.52 $0.01 0.88% 1.24%

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Average Annual Total Returns

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Month-end, as of December 31, 2016 Ticker 1 Year 3 Year 5 Year 10 Year Expense
Sextant Core SCORX 4.22% 1.84% 4.41% n/a 1.02% 1.24%
Dow Jones Moderate Portfolio Index 7.68% 3.88% 7.37% 5.07% n/a n/a
Quarter-end, as of December 31, 2016 Ticker 1 Year 3 Year 5 Year 10 Year Expense
Sextant Core SCORX 4.22% 1.84% 4.41% n/a 1.02% 1.24%
Dow Jones Moderate Portfolio Index 7.68% 3.88% 7.37% 5.07% n/a n/a

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Growth of $10,000

Growth of $10,000Growth 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 December 31, 2016

Annual Total ReturnsAnnual Total Returns

The Dow Jones Moderate Portfolio Index is a broad-based index of stock and bond prices that reflects no deductions for fees, expenses, or taxes. Investors cannot invest directly in the index.


As of December 31, 2016

Top Ten Holdings

Gilead Sciences Bond 2.8%
US T-Note Bond 2.8%
Nestle SA ADS Equity 2.4%
Lowe's Equity 2.4%
Republic of Chile Bond 2.3%
Vodafone Bond 2.3%
Jefferies Group Bond 2.3%
Honeywell International Equity 2.2%
Bellsouth Capital Funding Bond 2.1%
RPM International Equity 2.1%
Total 23.7%

View full month-end portfolio schedule. This link will open a new browser window.

Sector Allocation

Financials 16.6% 19.9% Sextant Core Fund Sector Allocation
Technology 13.3% color box key
Communications 9.1% color box key
Health Care 8.8% color box key
Consumer Discretionary 7.6% color box key
Consumer Staples 7.4% color box key
Materials 6.1% color box key
Municipal Bonds 6.1% color box key
Energy 4.6% color box key
Foreign Government Bonds 4.3% color box key
Industrials 4.2% color box key
Government Bonds 2.8% color box key
Utilities 1.7% color box key
Cash and equivalents 7.4% color box key

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


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Record Date Ex, Pay and
Reinvest Date
Capital Gains
Capital Gains
Total Distributions
(per share)
Sextant Core (SCORX)
11/27/2015 11/30/2015 $0.09235 $0.08555 $0.09460 $0.36302 $0.63552
11/26/2014 11/28/2014 $0.00220 $0.21095 $0.00 $0.12796 $0.34111
11/27/2013 11/29/2013 $0.10282 $0.11139 $0.00 $0.00 $0.21421
11/29/2012 11/30/2012 $0.06760 $0.06760 $0.00 $0.00 $0.13520
11/29/2011 11/30/2011 $0.00 $0.15420 $0.00 $0.00 $0.15420
11/29/2010 11/30/2010 $0.08600 $0.07300 $0.00 $0.00 $0.15900
11/27/2009 11/30/2009 $0.07100 $0.05700 $0.00 $0.00 $0.12800

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The Sextant 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 November.

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

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 and 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)
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price): 0%
Maximum Deferred Sales Charge (Load): 0%
Maximum Sales Charge (Load) Imposed on Reinvested Dividends/Distributions: 0%
Early Redemption Fee: 0%
Exchange Fee (between Saturna's affiliated funds): 0%
Maximum Account Fee: 0%
Annual Fund Operating Expenses (expenses deducted from Fund Assets)²
Sextant Core SCORX
Management Fees3 0.40%
Distribution (12b-1) Fees 0.25%
Other Expenses 0.37%
Total Annual Fund Operating Expenses3 1.02%

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 29, 2016.

³ Please see the Statement of Additional Information for the actual amount of fees paid to the adviser for the most recent fiscal year.

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-SATURNA. 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.

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