Fund Literature:

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

Important Information About Sextant Short-Term Bond Fund:

• Disclosure of Portfolio Holdings
• Form N-Q
• Month-end Portfolio Schedule
• Renewal of Investment Advisory Contract
• Board Governance Policy
• Business Continuity Plan Summary

Sextant Short-Term Bond Fund (STBFX): Objectives, Strategies & Risks

Investment Objective

Capital preservation and current income.

Principal Investment Strategies

The Short-Term Bond Fund invests primarily in marketable short-term debt securities. Under normal circumstances the Fund’s dollar-weighted average maturity does not exceed three years. The Short-Term Bond Fund invests at least 65% of assets in bonds rated within the three highest grades (AAA, AA or A); and may not invest in a security rated at time of purchase below the fourth highest grade (BBB).

Principal Risks of Investing

The risks inherent in the Short-Term Bond Fund depend primarily on the terms and quality of the obligations in its portfolio, as well as on bond market conditions. When interest rates rise, bond prices fall. When interest rates fall, bond prices go up. Bonds with longer maturities usually are more sensitive to interest rate changes than bonds with shorter maturities, such as those held by the Short-Term Bond Fund. The Fund entails credit risk, which is the possibility that a bond will not be able to pay interest or principal when due. If the credit quality of a bond is perceived to decline, investors will demand a higher yield, which means a lower price on that bond to compensate for the higher level of risk.

Portfolio Managers

Portfolio Manager since 1995: Phelps McIlvaine