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Sextant  Mutual Funds Navigating Today's Volatile Markets

Sextant International Fund

Overview

Fund Facts

As of September 30, 2014
Net Assets: $106.83 Million
Ticker Symbol: SSIFX
CUSIP: 804096501
Inception Date: September 28, 1995
Minimum Initial Investment: $1,000
30-Day Yield¹: 1.45%

Portfolio Managers

Nick Kaiser Nick Kaiser MBA, CFA

Portfolio manager since 1995

Scott Klimo Scott Klimo CFA

Deputy Portfolio manager since 2014

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, favoring 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 favors larger and more established firms.

Principal Risks of Investing in the Fund

The value of International 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 market fluctuations as well as the fortunes of the countries, industries, and companies in which the Fund invests.

Foreign investing involves risks not typically associated with investing in 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, establishment of currency controls, or adverse political or social developments that affect investments.

Performance

Daily Price and Stats

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As of November 28, 2014 Ticker Price Change YTD 30-Day Yield¹ Dividend
November 28, 2014
Sextant International SSIFX $15.47 $-0.72 0.23% 1.46% $0.62776 QID

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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 International SSIFX 0.05% 3.42% 4.48% 6.91% 0.66% 1.29%
MSCI EAFE Index -0.17% 10.16% 6.99% 6.28% n/a n/a
NYSE Arca International Market Index 2.62% 11.39% 7.58% 7.13% 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 International SSIFX 4.80% 6.90% 4.60% 7.63% 0.66% 1.45%
MSCI EAFE Index 4.70% 14.15% 7.04% 6.80% n/a n/a
NYSE Arca International Market Index 8.00% 15.33% 7.68% 7.63% 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 NYSE Arca International Market Index is a capitalization-weighted index of 50 ADRs from Europe and the Pacific Rim that reflects no deductions for fees, expenses, or taxes. 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 September 30, 2014

Top Ten Holdings

Novo Nordisk ADS 5.6%
ASML Holding 5.3%
Novartis ADR 5.3%
Toyota Motor ADS 4.6%
Wolters Kluwer 4.5%
Toronto-Dominion Bank 3.7%
Dassault Systems ADR 3.6%
BASF ADS 3.4%
Belmond, Class A 3.4%
Nice Systems  ADS 3.1%
Total 42.5%

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

Sector Allocation

Health Care 18.2% 19.9% Sextant International Fund Sector Allocation
Technology 17.9% color box key
Consumer Discretionary 13.4% color box key
Communications 12.4% color box key
Materials 10.9% color box key
Financials 9.3% color box key
Energy 8.3% color box key
Consumer Staples 7.1% color box key
Utilities 0.4% color box key
Cash and equivalents 2.1% 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 International — "Foreign Large Blend" Category
(SSIFX) ★ ★★ n/a ★★ ★ ★ ★ ★ ★
% Rank in Category n/a 47 97 92 25
Funds in Category 681 775 681 612 338

Quarter-end Ratings

As of September 30, 2014 Overall 1 Year 3 Year 5 Year 10 Year
Sextant International — "Foreign Large Blend" Category
(SSIFX) ★ ★ ★ ★ n/a ★ ★ ★ ★ ★ ★ ★ ★
% Rank in Category n/a 34 98 87 21
Funds in Category 682 776 682 612 333

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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 International — "International Large-Cap Growth" Category
(SSIFX)
Quintile Rank 4th 5th 5th 3rd
Absolute Rank (Number of Funds) in Category 82 (131) 112 (112) 99 (104) 45 (75)

Quarter-end Quintile Rankings

As of September 30, 2014 1 Year 3 Year 5 Year 10 Year
Sextant International — "International Large-Cap Growth" Category
(SSIFX)
Quintile Rank 3rd 5th 5th 3rd
Absolute Rank (Number of Funds) in Category 68 (144) 114 (114) 100 (106) 32 (77)

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 International (SSIFX)
11/27/2013 11/29/2013 $0.33720 $0.00 $0.00 $0.00 $0.33720
11/29/2012 11/30/2012 $0.14300 $0.00 $0.00 $0.00 $0.14300
11/29/2011 11/30/2011 $0.12200 $0.00 $0.00 $0.00 $0.12200
11/29/2010 11/30/2010 $0.05900 $0.00 $0.12372 $0.00 $0.18272
11/27/2009 11/30/2009 $0.03200 $0.00 $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.

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 Fees 0.28%
Distribution (12b-1) Fees 0.25%
Other Expenses 0.13%
Total Annual Fund Operating Expenses 0.66%

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.