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Sextant  Mutual Funds Navigating Today's Volatile Markets

Sextant International Fund

Overview

Fund Facts

As of June 30, 2016
Net Assets: $66.93 Million
Ticker Symbol: SSIFX
CUSIP: 804096501
Inception Date: September 28, 1995
Minimum Initial Investment: $1,000
30-Day Yield¹: 1.42%

Portfolio Managers

Nick Kaiser MBA, CFA®

Portfolio Manager since 1995

Nicholas Kaiser, Chairman, was born in Bellingham in 1946. Mr. Kaiser graduated from Yale College, with a degree in economics and obtained his MBA from the University of Chicago in 1968, with dual majors in International Economics and Finance. Mr. Kaiser purchased control of Unified Management Corporation (Indianapolis) in 1976, and built it into a mid-sized investment management and brokerage firm. After selling Unified to a major insurance company, he returned to Bellingham and founded Saturna Capital in 1989.

Mr. Kaiser and his children control Saturna Capital through its voting stock. A Chartered Financial Analyst®, he is Saturna's global investment strategist. He serves Saturna's mutual funds as trustee, president, and equity portfolio manager.

Mr. Kaiser's industry activities include service with the Investment Company Institute (past Governor), CFA Institute (past chapter president), Financial Planning Association (past chapter president), and No-Load Mutual Fund Association (past national president). He currently serves on the volunteer boards of St. Paul's Academy, Mt. Baker Council of the Boy Scouts of America, the Mt. Baker Foundation, and Shawnigan Lake School. He supports a range of non-profit activities, such as the Kaiser Professorship in International Business at Western Washington University. A commercial pilot (retired), ocean sailor, and avid skier, he reads and travels extensively.

Mr. Kaiser has been named to Morningstar's Ultimate Stockpicker's list three years running (2010, 2011, and 2012); he has twice been nominated for Morningstar's Domestic Stock Portfolio Manager of the Year (2006 & 2008) and twice been named to Barron's Top 100 Portfolio Managers (2001 & 2002). Mr. Kaiser was Northwest Business Monthly's Business Person of the Year in 2006, and received Whatcom Business Alliance's Lifetime Achievement Award in 2013.

SCC: Director, Chairman
STC: Director, Chairman
SSB: Director, Chairman

Scott Klimo CFA®

Deputy Portfolio Manager since 2014

Scott Klimo, Chief Investment Officer, joined Saturna Capital in May 2012. He received his BA in Asian Studies from Hamilton College in Clinton, NY and also attended the Chinese University of Hong Kong and the Mandarin Training Center in Taipei, Taiwan. Scott has over 25 years experience in the financial industry with the first several years of his career spent living and working in a variety of Asian countries and the past 10 years working as a senior analyst, research director and portfolio manager covering global equities. Mr. Klimo is a chartered financial analyst (CFA) charterholder and a private pilot. He is a supporter of various environmental organizations and served for several years on the Board of Directors of the Marin County Bicycle Coalition. Outside of work Mr. Klimo is an avid cyclist and scuba diver; pursuits he shares with his wife and two teenage children.

Investment Style

Targeted to investors seeking long-term capital growth

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

Diversified across industries, companies, and countries

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

Investment Objective

Long-term capital growth.

Principal Investment Strategies

The International Fund diversifies its investments among many countries, predominantly those with mature markets (such as Europe and Canada). The Fund invests at least 65% of its assets in companies with their headquarters and major assets and earnings outside the US. The Fund diversifies its investments across industries, companies, and countries. 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. There is no restriction on the size of companies in which the Fund invests, but it principally invests in larger and more established firms.

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.

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.

Performance

Daily Price and Stats

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As of August 25, 2016 Ticker Price Change YTD 30-Day Yield¹ Dividend
July 29, 2016
Sextant International SSIFX $15.08 $-0.04 9.35% 0.78% n/a

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Average Annual Total Returns

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Month-end, as of July 31, 2016 Ticker 1 Year 3 Year 5 Year 10 Year Expense
Ratio²
30-Day
Yield¹
Sextant International SSIFX -3.45% 2.40% 0.75% 3.66% 1.05%³ 0.96%
MSCI EAFE Index -7.07% 2.46% 3.49% 2.46% n/a n/a
Quarter-end, as of June 30, 2016 Ticker 1 Year 3 Year 5 Year 10 Year Expense
Ratio²
30-Day
Yield¹
Sextant International SSIFX -7.59% 1.66% -0.47% 3.14% 1.05%³ 1.42%
MSCI EAFE Index -9.72% 2.51% 2.14% 2.05% 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 June 30, 2016

Annual Total ReturnsAnnual Total Returns

The MSCI EAFE Index is an international index focused on Europe, Australasia, and the Far East. Investors cannot invest directly in the indices.

Holdings

As of June 30, 2016

Top Ten Holdings

Wolters Kluwer 7.9%
ASML Holding 6.3%
Nice Systems ADS 5.7%
Dassault Systemes ADR 5.7%
Unilever ADS 5.4%
Toronto-Dominion Bank 5.1%
Novartis ADR 4.9%
BASF ADS 4.6%
Belmond, Class A 4.3%
Fomento Economico Mexicano ADR 4.1%
Total 54.0%

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

Sector Allocation

Technology 27.0% 19.9% Sextant International Fund Sector Allocation
Health Care 14.3% color box key
Consumer Discretionary 11.7% color box key
Consumer Staples 10.8% color box key
Communications 8.7% color box key
Financials 8.6% color box key
Materials 5.5% color box key
Energy 4.8% color box key
Utilities 0.8% color box key
Cash and equivalents 7.8% color box key

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)
Sextant International (SSIFX)
11/27/2015 11/30/2015 $0.00 $0.25637¹ $0.00 $0.00 $0.25637¹
11/26/2014 11/28/2014 $0.00 $0.62776 $0.00 $0.00 $0.62776
11/27/2013 11/29/2013 $0.00 $0.33720 $0.00 $0.00 $0.33720
11/29/2012 11/30/2012 $0.00 $0.14300 $0.00 $0.00 $0.14300
11/29/2011 11/30/2011 $0.00 $0.12200 $0.00 $0.00 $0.12200
11/29/2010 11/30/2010 $0.00 $0.05900 $0.00 $0.12372 $0.18272
11/27/2009 11/30/2009 $0.00 $0.03200 $0.00 $0.00 $0.03200

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The Sextant International 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.

¹ Statement Pursuant to Section 19(a) of the Investment Company Act of 1940

On November 30, 2015, the Sextant International Fund paid a distribution of $0.256372 per share to shareholders of record at the close of business on November 27, 2015.

The following table shows the estimated amount of distributions from net investment income and return of capital:

Fiscal year-to-date distributions
Source Per Share Percent
Net investment income $0.25045699 97.69%
Return of capital $0.00591501 2.31%
Total $0.25637200 100.00%

This table is presented according to Section 19 of the Investment Company Act of 1940. Generally accepted accounting principles ("GAAP") govern how the fund estimates the above percentages and to which tax year they apply.

All or a portion of this distribution may be reportable as taxable income on your 2015 federal income tax return. The final tax character of any distribution declared in 2015 will be determined in January 2016 and reported to you on IRS Form 1099-DIV.

The amounts and sources of distributions reported in this 19(a) Notice are only estimates and not for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions on your federal income tax return. The Fund estimates that it has distributed more than its income and this means a portion of this distribution may be a return of capital. A return of capital may occur when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with yield or income.

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 International SSIFX
Management Fees3 0.61%
Distribution (12b-1) Fees 0.25%
Other Expenses 0.19%
Total Annual Fund Operating Expenses3 1.05%

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.

Check out the background of Saturna Brokerage Services, Inc. or any firm or investment professional on FINRA's BrokerCheck.