Fund Literature:

• Fact Sheet
• Summary Prospectus
• Statutory Prospectus
• Annual Report
• Semi-Annual Report
• Statement of Additional Information

Important Information About Sextant International Fund:

• Disclosure of Portfolio Holdings
• Form N-Q
• Month-end Portfolio Schedule
• Proxy Voting Guidelines
• Form N-PX
• Renewal of Investment Advisory Contract
• Board Governance Policies
• Business Continuity Plan Summary

Sextant International Fund (SSIFX): Objectives, Strategies & Risks

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 U.S. The International 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

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.

The International Fund involves risks not typically associated with investing in U.S. 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. Investing in smaller companies may 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.

Portfolio Managers

Portfolio Manager since 1995: Nicholas Kaiser