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Sextant  Mutual Funds Navigating Today's Volatile Markets

Sextant Core Fund


Fund Facts

As of September 30, 2014
Net Assets: $8.39 Million
Ticker Symbol: SCORX
CUSIP: 804096600
Inception Date: March 30, 2007
Minimum Initial Investment: $1,000
30-Day Yield¹: 1.03%

Portfolio Manager

Peter Nielsen Peter Nielsen MBA, CFA, CIPM

Portfolio manager since 2008

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 including, money market instruments and cash. The Fund follows a value investment style, favoring income-producing securities of more seasoned companies.

Principal Risks of Investing in the Fund

The value of Core Fund shares rises and falls as the value of the securities in which the Fund invests goes up and down. Only consider investing in the Fund if you are willing to accept the risk that you may lose money. Fund share prices, yields, and total returns will change with market fluctuations as well as the fortunes of the countries, industries, and companies in which the Fund invests.

The Fund involves the risks of both equity and debt investing, although it seeks to mitigate these risks through a widely diversified portfolio that includes domestic stocks, foreign stocks, short and long-term bonds, and money market instruments. Security prices are subject to market risk, and common stocks in particular may be subject to price declines that are steep, sudden, and/or prolonged.

Foreign investing involves risks not normally associated with US securities. These 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.

Bonds have interest rate risk, generally falling in price when rates increase. The longer a bond's maturity, the more sensitive the bond is to interest rate changes. Bonds also entail credit risk, which is the possibility that a bond will not pay interest or principal when due. If a bond's credit quality is perceived to decline, investors will demand a higher yield, which means a lower price.


Daily Price and Stats

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As of November 26, 2014 Ticker Price Change YTD 30-Day Yield¹ Dividend
October 31, 2014
Sextant Core SCORX $12.82 $0.03 7.64% 0.88% n/a

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Average Annual Total Returns

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Month-end, as of October 31, 2014 Ticker 1 Year 3 Year 5 Year 10 Year Expense
Sextant Core SCORX 7.70% 7.96% 7.80% n/a 1.01% 0.89%
Dow Jones Moderate Portfolio Index 6.82% 9.76% 9.79% 7.03% n/a n/a
Quarter-end, as of September 30, 2014 Ticker 1 Year 3 Year 5 Year 10 Year Expense
Sextant Core SCORX 10.16% 9.62% 7.56% n/a 1.01% 1.03%
Dow Jones Moderate Portfolio Index 7.93% 11.61% 9.11% 7.08% 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 September 30, 2014

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 September 30, 2014

Top Ten Holdings

 Republic of Chile  Bond 2.5%
 Fannie Mae  Bond 2.4%
 Bellsouth Capital Funding  Bond 2.4%
 Sanofi ADS  Equity 2.0%
 3M  Equity 2.0%
 Nike, Class B  Equity 1.9%
 ConocoPhillips  Equity 1.8%
 Medivation  Equity 1.8%
 Express Scripts Holding  Equity 1.7%
 Chubb  Equity 1.6%
Total 20.1%

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

Sector Allocation

Financials 13.2% 19.9% Sextant Core Fund Sector Allocation
Industrials 11.4% color box key
Health Care 10.0% color box key
Consumer Discretionary 8.4% color box key
Energy 7.9% color box key
Materials 6.9% color box key
Communications 6.3% color box key
Consumer Staples 6.1% color box key
Foreign Government 4.8% color box key
Technology 4.7% color box key
Utilities 4.1% color box key
Municipal Bonds 3.8% color box key
Government Bonds 2.4% color box key
Cash and equivalents 10.0% color box key

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


Morningstar Ratings™

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Month-end Ratings

As of October 31, 2014 Overall 1 Year 3 Year 5 Year 10 Year
Sextant Core — "Moderate Allocation" Category
(SCORX) ★ ★ n/a ★★ ★ ★ n/a
% Rank in Category n/a 61 93 94 n/a
Funds in Category 742 862 742 653 n/a

Quarter-end Ratings

As of September 30, 2014 Overall 1 Year 3 Year 5 Year 10 Year
Sextant Core — "Moderate Allocation" Category
(SCORX) ★ ★ n/a ★ ★ n/a
% Rank in Category n/a 46 94 93 n/a
Funds in Category 737 852 737 652 n/a

Source: Morningstar, Inc. Morningstar, Inc. is an independent fund performance monitor. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return™ measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% in each category receive 5 stars, the next 22.5% 4 stars, the next 35% 3 stars, the next 22.5% 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating™ for a fund is derived from a weighted average of performance figures associated with its 3, 5, and 10 year (if applicable) Morningstar Rating™ metrics.

A fund's % Rank in Category is the total-return percentile rank for the specified time period relative to all funds that have the same Morningstar category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Percentile ranks within categories are most useful in those categories that have a large number of funds.


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Record Date Ex, Pay and
Reinvest Date
Capital Gains
Capital Gains
Total Distributions
(per share)
Sextant Core (SCORX)
11/27/2013 11/29/2013 $0.11139 $0.00 $0.00 $0.10282 $0.21421
11/29/2012 11/30/2012 $0.06760 $0.00 $0.00 $0.06760 $0.13520
11/29/2011 11/30/2011 $0.15420 $0.00 $0.00 $0.00 $0.15420
11/29/2010 11/30/2010 $0.07300 $0.00 $0.00 $0.08600 $0.15900
11/27/2009 11/30/2009 $0.05700 $0.00 $0.00 $0.07100 $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 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 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 Fees 0.32%
Distribution (12b-1) Fees 0.25%
Other Expenses 0.44%
Total Annual Fund Operating Expenses 1.01%

¹ A Fund's 30-Day Yield is calculated by dividing the net investment income per share during the preceding 30 days by the net asset value per share on the last day of the period. 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 of the Fund's most recent prospectus or summary prospectus dated March 27, 2014.

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.