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Sextant  Mutual Funds Navigating Today's Volatile Markets

Sextant Growth Fund

Overview

Fund Facts

As of September 30, 2014
Net Assets: $43.52 Million
Ticker Symbol: SSGFX
CUSIP: 804096105
Inception Date: April 1, 1987†
Minimum Initial Investment: $1,000
30-Day Yield¹: 0.00%

† The Sextant Growth Fund began operation under its current objective Sept. 28, 1995. Previously, it was the Northwest Growth Fund.

Portfolio Manager

Paul Meeks Paul Meeks MBA, CFA

Portfolio manager since 2013

Investment Style

Targeted to investors seeking long-term capital growth

Generally large-cap, but can invest in any capitalization domestic stocks

Diversified across industries and companies

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

Investment Objective

Long-term capital growth.

Principal Investment Strategies

The Growth Fund seeks capital growth by investing in common stocks of US companies. The Fund diversifies its investments across industries and companies and generally follows a value investment style. The Fund looks for companies with growing revenues and earnings, favoring companies trading for less than the adviser's assessment of intrinsic value, which typically means companies with low price/earning multiples, low price to cash flow, and higher dividend yields. The Fund may invest in securities of smaller or newer companies as well as those of well-seasoned companies of any size.

Principal Risks of Investing in the Fund

The value of Growth Fund shares rises and falls as the value of the stocks 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 fluctuations in the securities markets as well as the fortunes of the industries and companies in which the Fund invests.

The Fund may invest in smaller companies, which involve higher investment risks in that they often have limited product lines, markets, and resources, or their securities may trade less frequently and have greater price fluctuation than those of larger companies. 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.

Performance

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 Growth SSGFX $27.81 $0.11 14.12% 0.00% 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
Ratio²
30-Day
Yield¹
Sextant Growth SSGFX 16.31% 17.88% 14.52% 8.86% 0.94% 0.00%
S&P 500 Index 17.27% 19.75% 16.67% 8.19% n/a n/a
Russell 1000 Growth Index 17.11% 19.28% 17.41% 9.04% n/a n/a
Quarter-end, as of September 30, 2014 Ticker 1 Year 3 Year 5 Year 10 Year Expense
Ratio²
30-Day
Yield¹
Sextant Growth SSGFX 19.49% 20.58% 13.78% 9.16% 0.94% 0.00%
S&P 500 Index 19.73% 22.97% 15.69% 8.10% n/a n/a
Russell 1000 Growth Index 19.15% 22.42% 16.49% 8.93% 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 S&P 500 is an index comprised of 500 widely held common stocks considered to be representative of the US stock market in general. The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the US equity universe. It includes those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.

Holdings

As of September 30, 2014

Top Ten Holdings

Apple 4.0%
Delta Air Lines 3.3%
F5 Networks 3.3%
Facebook, Class A 2.9%
Apache 2.6%
Johnson & Johnson 2.5%
Salix Pharmaceuticals 2.4%
Union Pacific 2.3%
Adobe Systems 2.2%
Honeywell International 2.1%
Total 27.6%

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

Sector Allocation

Technology 21.6% 19.9% Sextant Growth Fund Sector Allocation
Industrials 20.5% color box key
Consumer Discretionary 15.7% color box key
Health Care 13.1% color box key
Financials 5.5% color box key
Communications 5.0% color box key
Energy 4.1% color box key
Consumer Staples 2.8% color box key
Materials 1.2% color box key
Cash and equivalents 10.5% color box key

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

Ratings

Morningstar Ratings™

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Month-end Ratings

As of October 31, 2014 Overall 1 Year 3 Year 5 Year 10 Year
Sextant Growth — "Large Growth" Category
(SSGFX) ★ ★ ★ n/a ★ ★ ★ ★ ★ ★ ★ ★ ★ ★
% Rank in Category n/a 31 54 73 34
Funds in Category 1,509 1,710 1,509 1,332 913

Quarter-end Ratings

As of September 30, 2014 Overall 1 Year 3 Year 5 Year 10 Year
Sextant Growth — "Large Growth" Category
(SSGFX) ★ ★ ★ n/a ★ ★ ★ ★ ★ ★ ★ ★ ★ ★
% Rank in Category n/a 16 65 68 24
Funds in Category 1,504 1,712 1,504 1,334 912

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Lipper Quintile Rankings

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Month-end Quintile Ratings

As of October 31, 2014 1 Year 3 Year 5 Year 10 Year
Sextant Growth — "Multi-Cap Core Funds" Category
(SSGFX)
Quintile Rank 1st 3rd 4th 2nd
Absolute Rank (Number of Funds) in Category 151 (766) 398 (681) 394 (582) 90 (378)

Quarter-end Quintile Rankings

As of September 30, 2014 1 Year 3 Year 5 Year 10 Year
Sextant Growth — "Multi-Cap Core Funds" Category
(SSGFX)
Quintile Rank 1st 4th 4th 1st
Absolute Rank (Number of Funds) in Category 84 (755) 465 (679) 361 (581) 62 (375)

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.

Source: Lipper Inc., A Thomson Reuters Company. Lipper Inc. is a nationally recognized organization that ranks performance of mutual funds within a universe of funds that have similar investment objectives. 20% of the funds in each Lipper category are in the 1st quintile. Rankings are historical and are based on total return with capital gains and dividends reinvested. Rankings do not consider any sales charges. Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Users acknowledge that they have not relied upon any warranty, condition, guarantee, or representation made by Lipper. Any use of the data for analyzing, managing, or trading financial instruments is at the user’s own risk. Funds are chosen as the best fund in their category for demonstrating consistently strong risk-adjusted returns compared with peers.

Distributions

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Record Date Ex, Pay and
Reinvest Date
Qualified
Income
Short-Term
Capital Gains
Long-Term
Capital Gains
Taxable
Income
Total Distributions
(per share)
Sextant Growth (SSGFX)
11/27/2013 11/29/2013 $0.12800 $0.00 $2.28364 $0.00 $2.41164
11/29/2012 11/30/2012 $0.08255 $0.00 $0.00 $0.00 $0.08255
11/29/2011 11/30/2011 $0.09170 $0.00 $0.01205 $0.00 $0.10375
11/29/2010 11/30/2010 $0.04830 $0.00 $0.00 $0.00 $0.04830
11/27/2009 11/30/2009 $0.00 $0.00 $0.00 $0.00363 $0.00363

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The Sextant Growth Fund intends to distribute its net investment income and net realized capital gains, if any, to its shareowners. Distributions from net capital gains are paid at the end of November; income dividends are paid at the end of November — as a result of its investment strategy, the Growth Fund may not pay income dividends.

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 Growth SSGFX
Management Fees 0.50%
Distribution (12b-1) Fees 0.25%
Other Expenses 0.19%
Total Annual Fund Operating Expenses 0.94%

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.