SECURITIES AND EXCHANGE COMMISSIONWASHINGTON, DC 20549

## FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTEREDMANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05071 / 33-13247

**SATURNA INVESTMENT TRUST**(Exact Name of Registrant as Specified in Charter)

**1300 N. State StreetBellingham, Washington 98225-4730**(Address of Principal Executive Offices, including ZIP Code)

**Thomas R. Phillips, Esq.1300 N. State StreetBellingham, Washington 98225-4730**(Name and Address of Agent for Service)

Registrant's Telephone Number — (360) 734-9900

Date of fiscal year end:  November 30, 2016Date of reporting period:  May 31, 2016

### Item 1. Report To Shareowners

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# Sextant Mutual Funds

### Semi-Annual Report May 31, 2016

| Short-Term Bond    | STBFX |
|--------------------|-------|
|               |
| Bond Income        | SBIFX |
|               |
| Core               | SCORX |
|               |
| Global High Income | SGHIX |
|               |
| Growth             | SSGFX |
|               |
| International      | SSIFX |

----

| Average Annual Total Returns as of June 30, 2016 | 1 Year | 3 Year | 5 Year | 10 Year | Expense Ratio¹ |
|--------------------------------------------------|--------|--------|--------|---------|---------------------|
|                                             |
| Sextant Short-Term Bond Fund                     | 1.69%  | 1.46%  | 1.05%  | 2.72%   | 1.21%               |
| Citi USBIG Govt/Corp 1-3 Year Index              | 1.52%  | 1.16%  | 1.06%  | 2.77%   | n/a                 |
|                                             |
|                                             |
| Sextant Bond Income Fund                         | 6.79%  | 4.84%  | 4.40%  | 5.02%   | 1.03%               |
| Citi US Broad Investment-Grade Bond Index        | 5.98%  | 4.04%  | 3.76%  | 5.22%   | n/a                 |
|                                             |
|                                             |
| Sextant Core Fund                                | 0.59%  | 4.18%  | 3.76%  | n/a     | 1.02%               |
| Dow Jones Moderate US Portfolio Index            | 1.73%  | 6.16%  | 5.90%  | 5.63%   | n/a                 |
|                                             |
|                                             |
| Sextant Global High Income Fund                  | -1.55% | 2.80%  | n/a    | n/a     | 1.06%               |
| S&P Global 1200 Index                        | -2.08% | 7.38%  | 7.05%  | 5.14%   | n/a                 |
|                                             |
|                                             |
| Sextant Growth Fund                              | -7.68% | 7.94%  | 7.92%  | 5.62%   | 0.90%               |
| S&P 500 Index                                | 3.99%  | 11.62% | 12.09% | 7.42%   | n/a                 |
|                                             |
|                                             |
| Sextant International Fund                       | -7.59% | 1.66%  | -0.47% | 3.14%   | 1.05%               |
| MSCI EAFE Index                                  | -9.72% | 2.51%  | 2.14%  | 2.05%   | n/a                 |
|                                             |

**Performance data quoted above represents past performance, is before any taxes payable by shareowners, and is no guarantee of future results.**Current performance may be higher or lower than that stated herein. Performance current to the most recent month-end is available by calling toll-free 1-800-728-8762 or visiting www.sextantfunds.com. Average annual total returns are historical and include change in share value as well as reinvestment of dividends and capital gains, if any. The 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. Funds that invest in foreign securities may involve greater risk, including political and economic uncertainties of foreign countries as well as the risk of currency fluctuations.

**A note about risk:** Please see Notes to Financial Statements beginning on page 45 for a discussion of investment risks. For a more detailed discussion of the risks associated with each Fund, please see the Funds' prospectus or each Fund's summary prospectus.

¹ By regulation, expense ratios shown in this table are as stated in the Funds' most recent prospectus, which is dated March 29, 2016, and incorporate results for the fiscal year ended November 30, 2015. Ratios presented in this table differ from the expense ratios shown elsewhere in this report as they represent different periods. Also by regulation, the performance in this table represents the most recent quarter-end performance rather than performance through the Funds' most recent fiscal period. Average annual total returns include changes in principal value, reinvested dividends, and capital gain distributions, if any.

The S&P 500 Index is an index comprised of 500 widely held common stocks considered to be representative of the US stock market in general. The MSCI EAFE Index is an international index focused on Europe, Australasia, and the Far East. The S&P Global 1200 Index is a global stock market index covering nearly 70% of the world's equity markets. The Bloomberg Global High Yield Corporate Bond Index is a rules-based, market-value weighted index engineered to measure the non-investment grade, fixed-rate, taxable, global corporate bond market. The Dow Jones Moderate Portfolio Index is a broad-based index of stock and bond prices. The Citi USBIG Govt/Corp Index 1-3 Year Index is a broad-based index of shorter-term investment grade US government and corporate bond prices. The Citi US Broad Investment-Grade Bond Index is a broad-based index of medium and long-term investment grade bond prices. Investors cannot invest directly in the indices.

Please consider an investment's objectives, risks, charges, and expenses carefully before investing. To obtain this and other important information about the Sextant Funds in a prospectus or summary prospectus, ask your financial advisor, visit  www.sextantfunds.com, or call toll-free 1-800-728-8762. Please read the prospectus or summary prospectus carefully before investing.

| 2 | May 31, 2016 | Semi-Annual Report |
|---|--------------|--------------------|

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### Fellow Shareowners:

For the semi-annual period ended May 31, 2016, the S&P 500 provided a total return of 1.93%. while the more global MSCI EAFE Index declined -2.07%.  with bonds generally outperforming equities, our best-performing funds for the six months were Sextant Global High Income and Sextant Bond Income with total returns of 3.94% and 3.72%, respectively. Sextant Short-Term Bond returned 0.96% and Sextant Core returned 2.13%.  Sextant International returned -0.84% and Sextant Growth returned -5.33%.

Sextant Funds stress low operating expenses and employ a "fulcrum" advisory fee structure that rewards or penalizes Saturna Capital for investment results. This "profit sharing" structure appeals to many informed investors.

Consistent with industry trends, assets in our four bond/income funds grew over the past 6 months, while equity fund assets declined. Total assets of the six Funds are now $143 million.

Each Sextant Fund pays a base investment advisory and administrative services fee of 0.50% of average net assets per annum, which is then adjusted up or down depending upon on performance relative to its Morningstar peer group. The Funds' annualized expense ratios during the period ranged from 0.73% to 1.02% (see page 52). Our continuing effort to lower operating expenses is reflected in this improvement over last fiscal year's first-half expense ratio range of 0.75% to 1.20%.

Helicopter Money?

The Great Financial Crisis of 2008-2009 taught monetary authorities around the world that wanton pumping of cash into their economies could boost economic activity. Extremely easy monetary policies are now known as helicopter money, and many central banks are actively spreading cash far and wide. Sadly, the historic tool of fiscal reforms is stymied in many countries (such as the United States) by politicized voters who seek to advance personal wants and succumb to populist movements on the far left and far right of the spectrum.

The foolishness of the uninformed was just confirmed in Great Britain, where a slim majority voted to leave the European Union — only to find afterwards that the shallow politicians advocating Leave had no idea whatsoever how to implement their election slogans. Now that governments in all parts of Europe are reviewing the nasty consequences, we think compromises in both the UK and the remaining EU countries will be found so that this sorry mistake in the UK gets reversed next year. If it doesn't, the European Union and the euro are probably doomed.

Stock and bond market valuations are at high, historically risky, levels. Many players, apparently expecting even larger helicopters to be utilized, are exuberantly trading stocks and bonds upwards.

Pumping all this money into the markets has generously rewarded stock, bond, and real estate investors. The one thing that hasn't happened is higher inflation, which the authorities tell us is the main object of their largesse. Structural reasons, such as the lack of productivity growth, are much of the explanation. Rarely however do the authorities admit that they want to create inflation as the way to eventually reduce the real value of all the new debt. Low interest rates, by taking the reward out of saving versus current spending, are distorting reality.

Morningstar Awards Sextant Top Sustainability Ratings

The Morningstar Sustainability Rating™ for funds premiered in March, giving investors around the world a way to compare fund portfolios based on a standardized measure of sustainability. These ratings are calculated using fund holdings data underpinned with company-level environmental, social, and governance (ESG) information from Sustainalytics,  a leading provider of ESG research. Investors are cautioned however, that more than 100 vendors offer "sustainable" investments data, and that no accepted global measurement yet exists.

While the Sextant Funds do not have a specific sustainability mandate, a few of our Funds fared well. Sextant International Fund ranked in the second percentile of 712 funds in its category, and Sextant

| Semi-Annual Report | May 31, 2016 | 3 |
|--------------------|--------------|---|

----

Core Fund ranked in the fourth percentile of 818 funds in its category. Sextant Short-Term Bond Fund ranked in the 14th percentile of 497 funds in its category. Sextant Growth Fund ranked in the 48th percentile of 1,467 funds in its category. Sextant Global High Income Fund ranked 100th percentile of 470 funds in its category. See page 5 for more details.

Going Forward

The Sextant Funds continue to offer investors a broad mix of investment vehicles: growth equities, international exposure, and a blended portfolio, plus global high income, short-term, and long-term fixed income options. This array of portfolios serves our investors in both bull and bear markets by seeking to provide steady, long-term growth with a focus on preservation of capital. Please review the following pages for more in-depth information about each Fund.

Respectfully,

(photo omitted)

**Nicholas Kaiser**, President & Portfolio Manager

(photo omitted)

**John E. Love**, Independent Board Chairman

 

| Sextant Funds Portfolio Management |
|------------------------------------|
| (photo omitted)                    | **Nicholas Kaiser** MBA, CFA®

**Sextant International Fund**Portfolio Manager |   | (photo omitted) | **Phelps McIlvaine**

**Sextant Short-Term Bond FundSextant Bond Income Fund**Portfolio Manager |
| (photo omitted)                    | **Scott Klimo** CFA®

**Sextant Growth Fund**Portfolio Manager

**Sextant International Fund**Deputy Portfolio Manager | (photo omitted) | **Bryce Fegley** CFA®, CIPM®

**Sextant Global High Income Fund**Portfolio Manager

**Sextant Core Fund**Deputy Portfolio Manager |
| (photo omitted)                    | **J. Peter Nielsen** MBA, CFA®

**Sextant Core Fund**Portfolio Manager | (photo omitted) | **Patrick Drum**MBA, CFA®, CFP®

**Sextant Short-Term Bond FundSextant Bond Income FundSextant Global High Income Fund**Deputy Portfolio Manager |
|                               | (photo omitted) | **Tyler Howard** MBA

**Sextant Growth Fund**Deputy Portfolio Manager |

| 4 | May 31, 2016 | Semi-Annual Report |
|---|--------------|--------------------|

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## Morningstar Sustainability Ratings™ 

As of May 31, 2016

At Saturna Capital, we describe ourselves as value and values-based investors. We believe our approach improves the likelihood of achieving superior investment results over the long term. Our approach also leads to investment portfolios we can be proud of from the perspective of Environmental, Social, and Governance (ESG) issues.  Morningstar recently partnered with leading ESG research firm Sustainalytics to develop the Morningstar Sustainability Rating™ — here are  Sextant Fund's recent results:

| Sextant International Fund          |                                                                                   | Sextant Core Fund |
|-------------------------------------|----------------------------------------------------------------------------------------|-------------------|
| SSIFX                               |                                                                                        | SCORX             |  |
| Among 712 Foreign Large Blend Funds | Among 818 Allocation 50%-70% Equity Funds                                              |
|                                |                                                                                   |
| Sextant Short-Term Bond Fund        | Sextant Growth Fund                                                                    |
| STBFX                               |                                                                                        | SSGFX             |  |
| Among 497 Short-Term Bond Funds     | Among 1,467 Large Growth Funds                                                         |
|                                |                                                                                   |
| Sextant Global High Income Fund     | The Sextant Bond Income Fund has not yet received a Morningstar Sustainability Rating. |
| SGHIX                               |                                                                                        |
| Among 470 World Allocation Funds    |

The Morningstar Sustainability Rating™ gives investors across the globe a way to compare fund portfolios based on a standard measure of sustainability. The rating is a holdings-based calculation using company-level environmental, social, and governance (ESG) analytics from Sustainalytics.

The Morningstar Sustainability Rating and the Morningstar Portfolio Sustainability Score are not based on fund performance and are not equivalent to the Morningstar Rating ("Star Rating").

**© 2016 Morningstar®**.  All rights reserved. Morningstar, Inc. is an independent fund performance monitor. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Morningstar Sustainability Ratings and Portfolio Sustainability Scores are as of May 31, 2016. The Morningstar Sustainability Rating™ is intended to measure how well the issuing companies of the securities within a fund's portfolio are managing their environmental, social, and governance ("ESG") risks and opportunities relative to the fund's Morningstar category peers. The Morningstar Sustainability Rating calculation is a two-step process. First, each fund with at least 50% of assets covered by a company-level ESG score from Sustainalytics receives a Morningstar Portfolio Sustainability Score™. The Morningstar Portfolio Sustainability Score is an asset-weighted average of normalized company-level ESG scores with deductions made for controversial incidents by the issuing companies, such as environmental accidents, fraud, or discriminatory behavior. The Morningstar Sustainability Rating is then assigned to all scored funds within Morningstar Categories in which at least ten (10) funds receive a Portfolio Sustainability Score and is determined by each fund's rank within the following distribution: High (highest 10%), Above Average (next 22.5%), Average (next 35%), Below Average (next 22.5%), and Low (lowest 10%). The Morningstar Sustainability Rating is depicted by globe icons where High equals 5 globes and Low equals 1 globe. A Sustainability Rating is assigned to any fund that has more than half of its underlying assets rated by Sustainalytics and is within a Morningstar Category with at least 10 scored funds; therefore, the rating it is not limited to funds with explicit sustainable or responsible investment mandates. Morningstar updates its Sustainability Ratings monthly. Portfolios receive a Morningstar Portfolio Sustainability Score and Sustainability Rating one month and six business days after their reported as-of date based on the most recent portfolio. As part of the evaluation process, Morningstar uses Sustainalytics' ESG scores from the same month as the portfolio as-of date.

The Funds were rated on the following percentages of Assets Under Management:

| Sextant International Fund      | 79% |
|---------------------------------|-----|
| Sextant Core Fund               | 64% |
| Sextant Short-Term Bond Fund    | 56% |
| Sextant Growth Fund             | 92% |
| Sextant Global High Income Fund | 57% |

The Morningstar Portfolio Sustainability Scores and Morningstar Sustainability Ratings are new. The Fund's portfolio is actively managed and is subject to change, which may result in a different Morningstar Sustainability Score and Rating.

% Rank in Category is the fund's 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.

| Semi-Annual Report | May 31, 2016 | 5 |
|--------------------|--------------|---|

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| Average Annual Total Returns as of May 31, 2016 | 1 Year | 3 Year | 5 Year | 10 Year | Expense Ratio¹ |
|-------------------------------------------------|--------|--------|--------|---------|---------------------|
|                                            |
| Sextant Short-Term Bond Fund                    | 1.12%  | 1.13%  | 0.98%  | 2.68%   | 1.21%               |
| Citi USBIG Govt/Corp  1-3 Year Index            | 0.92%  | 0.93%  | 0.95%  | 2.73%   | n/a                 |
|                                            |
|                                            |
| Sextant Bond Income Fund                        | 2.43%  | 2.79%  | 3.66%  | 4.71%   | 1.03%               |
| Citi US Broad Investment-Grade Bond Index       | 2.98%  | 2.92%  | 3.34%  | 5.06%   | n/a                 |
|                                            |
|                                            |
| Sextant Core Fund                               | -2.03% | 3.57%  | 3.50%  | n/a     | 1.02%               |
| Dow Jones Moderate US Portfolio Index           | -0.53% | 5.21%  | 5.51%  | 5.53%   | n/a                 |
|                                            |
|                                            |
| Sextant Global High Income Fund                 | -6.62% | 0.96%  | n/a    | n/a     | 1.06%               |
| S&P Global 1200 Index                       | -3.66% | 6.70%  | 6.88%  | 5.25%   | n/a                 |
|                                            |
|                                            |
| Sextant Growth Fund                             | -7.31% | 8.10%  | 7.83%  | 5.71%   | 0.90%               |
| S&P 500 Index                               | 1.72%  | 11.05% | 11.65% | 7.40%   | n/a                 |
|                                            |
|                                            |
| Sextant International Fund                      | -9.92% | 0.18%  | -0.51% | 3.09%   | 1.05%               |
| MSCI EAFE Index                                 | -9.24% | 2.44%  | 2.58%  | 2.40%   | n/a                 |
|                                            |

**Performance data quoted above represents past performance, is before any taxes payable by shareowners, and is no guarantee of future results.** Current performance may be higher or lower than that stated herein. Performance current to the most recent month-end is available by calling toll-free 1-800-728-8762 or visiting www.sextantfunds.com. Average annual total returns are historical and include change in share value as well as reinvestment of dividends and capital gains, if any. The 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. Funds that invest in foreign securities may involve greater risk, including political and economic uncertainties of foreign countries as well as the risk of currency fluctuations.

¹ By regulation, expense ratios shown in this table are as stated in the Funds' most recent prospectus, which is dated March 29, 2016, and incorporate results for the fiscal year ended November 30, 2015. Ratios presented in this table differ from the expense ratios shown elsewhere in this report as they represent different periods. Also by regulation, the performance in this table represents the most recent quarter-end performance rather than performance through the Funds' most recent fiscal period. Average annual total returns include changes in principal value, reinvested dividends, and capital gain distributions, if any.

 

| 6 | May 31, 2016 | Semi-Annual Report |
|---|--------------|--------------------|

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## Sextant Short-Term Bond Fund

Performance Summary

| Average Annual Total Returns as of May 31, 2016 |
|-------------------------------------------------|
|                                            | 1 Year | 5 Year | 10 Year | Expense Ratio¹ |
| Sextant Short-Term Bond Fund                    | 1.12% | 0.98% | 2.68% | 1.21% |
| Citi USBIG Govt/Corp  1-3 Year Index            | 0.92% | 0.95% | 2.73% | n/a |

Growth of $10,000

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Comparison of any mutual fund to a market index must be made bearing in mind that the index is expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on May 31, 2006, to an identical amount invested in the Citi USBIG Govt/Corp  1-3 Year Index, a broad-based index of shorter-term investment grade US government and corporate bond prices. The graph shows that an investment in the Fund would have risen to $13,028 versus $13,092 in the index. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Past performance does not guarantee future results.** The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.

¹ By regulation, the expense ratio shown in this table is as stated in the Fund's most recent prospectus which is dated March 29, 2016, and incorporates results for the fiscal year ended November 30, 2015, before fee waivers. The actual expense ratio, shown in the most recent prospectus after fee waivers, was 0.75%. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods. |

Fund Objective

The objectives of the Short-Term Bond Fund are capital preservation and current income.

| Top Ten Holdings                                                      |                              | Portfolio Diversification    |
|-----------------------------------------------------------------------|-----------------------------------|------------------------------|
| % of Total Net Assets                                                 | % of Total Net Assets             |                         |
| United States Treasury Note *(2.25% due 07/31/2018)*                  | 3.9%                              | Financials                   | 17.8% | █ |  |
| Murray Street Trust 1 — Goldman Sachs *(4.647% due 03/09/2017)* | 3.9%                              | Consumer Discretionary       | 13.1% | █ |
| Jeffries Group *(8.50% due 07/15/2019)*                               | 3.8%                              | United States Treasury Notes | 12.0% | █ |
| LaClede Gas *(2.00% due 08/15/2018)*                                  | 3.8%                              | Technology                   | 9.5% | █ |
| Cintas No. 2 *(6.125% due 12/01/2017)*                                | 3.6%                              | Materials                    | 9.5% | █ |
| Lexmark *(6.65% due 06/01/2018)*                                      | 3.6%                              | Energy                       | 8.3% | █ |
| Broadridge Financial *(6.125% due 06/01/2017)*                        | 3.6%                              | Industrials                  | 7.6% | █ |
| International Game Technology *(7.50% due 06/15/2019)*                | 3.5%                              | Utilities                    | 7.1% | █ |
| Oracle *(5.75% due 04/15/2018)*                                       | 3.4%                              | Health Care                  | 5.3% | █ |
| General Electric Capital *(5.625% due 09/15/2017)*                    | 3.3%                              | Communications               | 3.2% | █ |
|                                                                  | Other assets (net of liabilities) | 6.6%                         | █ |

 

| Semi-Annual Report | May 31, 2016 | 7 |
|--------------------|--------------|---|

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## Sextant Short-Term Bond Fund

| Schedule of Investments                                   | As of May 31, 2016    |
|-----------------------------------------------------------|-----------------------|
| Corporate Bonds — 81.4%                             | Coupon / Maturity     | Face Amount | Market Value | Percentage of Assets |
|                                                      |
| Communications                                            |                  |
|                                                      |
|     America Movil                               | 2.375% due 09/08/2016 | $250,000 | $250,834 | 3.2% |
|                                                      |
|                                                      | 250,000               | 250,834 | 3.2% |
|                                                      |
| Consumer Discretionary                                    |                  |
|                                                      |
|     American Honda                              | 1.50% due 09/11/2017  | 250,000 | 250,966 | 3.2% |
|     Cintas No. 2                                | 6.125% due 12/01/2017 | 270,000 | 289,232 | 3.6% |
|     International Game Technology               | 7.50% due 06/15/2019  | 250,000 | 274,375 | 3.5% |
|     Toyota Motor Credit                         | 1.25% due 10/05/2017  | 226,000 | 226,416 | 2.8% |
|                                                      |
|                                                      | 996,000               | 1,040,989 | 13.1% |
|                                                      |
| Energy                                                    |                  |
|                                                      |
|     Enbridge                                    | 5.60% due 04/01/2017  | 200,000 | 206,113 | 2.6% |
|     Petrobras International Finance             | 6.125% due 10/06/2016 | 250,000 | 251,562 | 3.2% |
|     Ultramar Diamond Shamrock                   | 7.20% due 10/15/2017  | 189,000 | 199,182 | 2.5% |
|                                                      |
|                                                      | 639,000               | 656,857 | 8.3% |
|                                                      |
| Financials                                                |                  |
|                                                      |
|     BNP Paribas                                 | 2.375% due 09/14/2017 | 250,000 | 252,675 | 3.2% |
|     Broadridge Financial                        | 6.125% due 06/01/2017 | 275,000 | 286,072 | 3.6% |
|     General Electric Capital                    | 5.625% due 09/15/2017 | 250,000 | 264,289 | 3.3% |
|     Jeffries Group                              | 8.50% due 07/15/2019  | 265,000 | 302,306 | 3.8% |
|     Murray Street Trust 1 – Goldman Sachs | 4.647% due 03/09/2017 | 300,000 | 307,810 | 3.9% |
|                                                      |
|                                                      | 1,340,000             | 1,413,152 | 17.8% |
|                                                      |
| Health Care                                               |                  |
|                                                      |
|     AbbVie                                      | 2.50% due 05/14/2020  | 250,000 | 252,365 | 3.2% |
|     Danaher                                     | 5.40% due 03/01/2019  | 150,000 | 165,900 | 2.1% |
|                                                      |
|                                                      | 400,000               | 418,265 | 5.3% |
|                                                      |
| Industrials                                               |                  |
|                                                      |
|     ABB Finance                                 | 1.625% due 05/08/2017 | 250,000 | 251,179 | 3.2% |
|     Burlington Northern Santa Fe                | 5.65% due 05/01/2017  | 200,000 | 208,442 | 2.6% |
|     Union Pacific                               | 7.875% due 01/15/2019 | 127,000 | 145,940 | 1.8% |
|                                                      |
|                                                      | 577,000               | 605,561 | 7.6% |
|                                                      |
| Materials                                                 |                  |
|                                                      |
|     Air Products & Chemicals                | 1.20% due 10/15/2017  | 250,000 | 250,050 | 3.1% |
|     Potash                                      | 3.25% due 12/01/2017  | 250,000 | 256,138 | 3.2% |
|     Sherwin Williams                            | 1.35% due 12/15/2017  | 250,000 | 250,069 | 3.2% |
|                                                      |
|                                                      | 750,000               | 756,257 | 9.5% |
|                                                      |
| Continued on next page.                                   |

 

| 8 | May 31, 2016 | Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|---|--------------|--------------------|----------------------------------------------------------------------------|

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## Sextant Short-Term Bond Fund

| Schedule of Investments                   | As of May 31, 2016    |
|-------------------------------------------|-----------------------|
| Corporate Bonds — 81.4%             | Coupon / Maturity     | Face Amount | Market Value | Percentage of Assets |
|                                      |
| Technology                                |                  |
|                                      |
|     Lexmark                     | 6.65% due 06/01/2018  | $275,000 | $287,362 | 3.6% |
|     Oracle                      | 5.75% due 04/15/2018  | 250,000 | 270,781 | 3.4% |
|     Xilinx                      | 2.125% due 03/15/2019 | 200,000 | 201,383 | 2.5% |
|                                      |
|                                      | 725,000               | 759,526 | 9.5% |
|                                      |
| Utilities                                 |                  |
|                                      |
|     Georgia Power               | 5.70% due 06/01/2017  | 250,000 | 260,947 | 3.3% |
|     LaClede Gas                 | 2.00% due 08/15/2018  | 300,000 | 301,180 | 3.8% |
|                                      |
|                                      | 550,000               | 562,127 | 7.1% |
|                                      |
| Total Corporate Bonds                     |                  | 6,227,000 | 6,463,568 | 81.4% |
|                                      |
| Government Bonds — 12.0%            | Coupon / Maturity     | Face Amount | Market Value | Percentage of Assets |
|                                      |
| United States Treasury Notes              |                  |
|                                      |
|     United States Treasury Note | 2.50% due 06/30/2017  | 143,000 | 145,637 | 1.8% |
|     United States Treasury Note | 2.75% due 12/31/2017  | 142,000 | 146,232 | 1.9% |
|     United States Treasury Note | 2.625% due 01/31/2018 | 141,000 | 145,120 | 1.8% |
|     United States Treasury Note | 2.25% due 07/31/2018  | 300,000 | 308,707 | 3.9% |
|     United States Treasury Note | 2.75% due 02/15/2019  | 200,000 | 209,523 | 2.6% |
|                                      |
|                                      | 926,000               | 955,219 | 12.0% |
|                                      |
| Total investments                         | (Cost = $7,404,331)   | $7,153,000 | 7,418,787 | 93.4% |
| Other assets (net of liabilities)         |                  | 523,678 | 6.6% |
| Total net assets                          |                  | $7,942,465 | 100.0% |

 

| Bond Quality Diversification      |   |
|-----------------------------------|--------|
| % of Total Net Assets             |   |
| Rated "Aaa"             | 12.0%  | █ |  |
| Rated "Aa3"             | 2.8%   | █ |
| Rated "A1"              | 16.9%  | █ |
| Rated "A2"              | 15.2%  | █ |
| Rated "A3"              | 20.5%  | █ |
| Rated "Baa1"            | 6.8%   | █ |
| Rated "Baa2"            | 5.1%   | █ |
| Rated "Baa3"            | 7.4%   | █ |
| Rated "Ba2"             | 3.5%   | █ |
| Rated "B3"              | 3.2%   | █ |
| Other assets (net of liabilities) | 6.6%   | █ |

Credit ratings are determined by Moody's Investors Service, a Nationally Recognized Statistical Rating Organization.  If Moody's does not rate a particular security, that security is categorized as not rated. 

| The accompanying notes are an integral part of these financial statements. | Semi-Annual Report | May 31, 2016 | 9 |
|----------------------------------------------------------------------------|--------------------|--------------|---|

----

## Sextant Short-Term Bond Fund

| Statement of Assets and Liabilities                                               | As of May 31, 2016 |
|-----------------------------------------------------------------------------------|--------------------|
|                                                                              |
| Assets                                                                            |
|     Investments in securities, at value     (Cost $7,404,331) | $7,418,787         |
|     Cash                                                                | 423,579            |
|     Interest receivable                                                 | 96,014             |
|     Receivable for Fund shares sold                                     | 4,848              |
|     Prepaid expenses                                                    | 2,540              |
|         Total assets                                          | 7,945,768          |
| Liabilities                                                                       |
|     Payable to affiliates                                               | 2,761              |
|     Accrued distribution fee                                            | 325                |
|     Payable for Fund shares redeemed                                    | 186                |
|     Distributions payable                                               | 31                 |
|         Total liabilities                                     | 3,303              |
| Net assets                                                                        | $7,942,465         |
|                                                                              |
| Analysis of net assets                                                            |
|     Paid-in capital (unlimited shares authorized, without par value)    | $7,936,818         |
|     Unrealized net appreciation on investments                          | 14,456             |
|     Undistributed net investment income                                 | 1,117              |
|     Accumulated net realized loss                                       | (9,926)            |
| Net assets applicable to Fund shares outstanding                                  | $7,942,465         |
|                                                                              |
| Fund shares outstanding                                                           | 1,575,755          |
|                                                                              |
| Net asset value, offering, and redemption price per share                         | $5.04              |

 

| Statement of Operations                                | Period ended May 31, 2016 |
|--------------------------------------------------------|---------------------------|
|                                                   |
| Investment income                                      |
|     Interest income                          | $71,703                   |
|         Total investment income    | 71,703                    |
| Expenses                                               |
|     Investment adviser fees                  | 19,148                    |
|     Distribution fees                        | 9,574                     |
|     Filing and registration fees             | 7,690                     |
|     Audit fees                               | 2,600                     |
|     Retirement plan custodial fees           | 2,051                     |
|     Chief Compliance Officer expenses        | 1,466                     |
|     Printing and postage                     | 827                       |
|     Trustee fees                             | 822                       |
|     Other expenses                           | 444                       |
|     Custodian fees                           | 192                       |
|     Legal fees                               | 178                       |
|         Total gross expenses       | 44,992                    |
|     Less adviser fees waived                 | (15,915)                  |
|     Less custodian fee credits               | (192)                     |
|         Net expenses               | 28,885                    |
| Net investment income                                  | $42,818                   |
|                                                   |
|                                                   |
| Net increase in unrealized appreciation on investments | $33,461                   |
| Net gain on investments                                | $33,461                   |
|                                                   |
| Net increase in net assets resulting from operations   | $76,279                   |

 

| 10 | May 31, 2016 | Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|--------------|--------------------|----------------------------------------------------------------------------|

----

## Sextant Short-Term Bond Fund

| Statements of Changes in Net Assets                                | Period ended May 31, 2016 | Year ended Nov. 30, 2015 |
|--------------------------------------------------------------------|---------------------------|--------------------------|
| Increase (decrease) in net assets from operations                  |
| From operations                                                    |
|     Net investment income                                | $42,818                   | $82,216                  |
|     Net realized gain on investments                     | -                         | 484                      |
|     Net increase (decrease) in unrealized appreciation   | 33,461                    | (39,199)                 |
|         Net increase in net assets             | 76,279                    | 43,501                   |
| Distributions to shareowners from                                  |
|     Net investment income                                | (42,899)                  | (82,326)                 |
| Capital share transactions                                         |
|     Proceeds from sales of shares                        | 1,147,720                 | 1,049,046                |
|     Value of shares issued in reinvestment of dividends  | 42,597                    | 81,924                   |
|     Cost of shares redeemed                              | (769,543)                 | (1,277,499)              |
|         Net increase (decrease) in net assets  | 420,774                   | (146,529)                |
| Total increase (decrease) in net assets                            | 454,154                   | (185,354)                |
|                                                               |
| Net assets                                                         |
| Beginning of period                                                | 7,488,311                 | 7,673,665                |
| End of period                                                      | 7,942,465                 | 7,488,311                |
|                                                               |
| Undistributed net investment income                                | $1,117                    | $1,198                   |
|                                                               |
| Shares of the Fund sold and redeemed                               |
|     Number of shares sold                                | 228,186                   | 208,638                  |
|     Number of shares issued in reinvestment of dividends | 8,471                     | 16,293                   |
|     Number of shares redeemed                            | (152,870)                 | (254,154)                |
| Net increase (decrease) in number of shares outstanding            | 83,787                    | (29,223)                 |

 

| Financial Highlights                                                                             | Period ended | For year ended November 30, |
|--------------------------------------------------------------------------------------------------|--------------|-----------------------------|
| Selected data per share of outstanding capital stock throughout each period:                     | May 31, 2016 | 2015                        | 2014 | 2013 | 2012 | 2011 |
| Net asset value at beginning of period                                                           | $5.02        | $5.04                       | $5.05 | $5.07 | $5.10 | $5.12 |
| Income from investment operations                                                                |
|     Net investment income                                                              | 0.03         | 0.05                        | 0.06 | 0.06 | 0.07 | 0.09 |
|     Net gain (loss) on securities (both realized and unrealized)                       | 0.02         | (0.02)                      | (0.01) | (0.02) | (0.03) | (0.02) |
| Total from investment operations                                                                 | 0.05         | 0.03                        | 0.05 | 0.04 | 0.04 | 0.07 |
| Less distributions                                                                               |
|     Dividends (from net investment income)                                             | (0.03)       | (0.05)                      | (0.06) | (0.06) | (0.07) | (0.09) |
| Total distributions                                                                              | (0.03)       | (0.05)                      | (0.06) | (0.06) | (0.07) | (0.09) |
|     Paid-in capital from early redemption fees                                         | n/a          | n/a                         | n/a | - | 0.00¹ | 0.00¹ |
|                                                                                             |
| Net asset value at end of period                                                                 | $5.04        | $5.02                       | $5.04 | $5.05 | $5.07 | $5.10 |
|                                                                                             |
| Total return                                                                                     | 0.96%²  | 0.67%                       | 0.94% | 0.82% | 0.89% | 1.42% |
|                                                                                             |
| Ratios / supplemental data                                                                       |
| Net assets ($000), end of period                                                                 | $7,942       | $7,488                      | $7,674 | $7,307 | $6,689 | $6,086 |
| Ratio of expenses to average net assets                                                          |
|     Before fee waivers and custodian fee credits                                       | 1.17%³  | 1.21%                       | 1.29% | 1.14% | 1.26% | 1.33% |
|     After fee waivers                                                                  | 0.76%³  | 0.76%                       | 0.76% | 0.76% | 0.76% | 0.75% |
|     After fee waivers and custodian fee credits                                        | 0.75%³  | 0.75%                       | 0.75% | 0.75% | 0.75% | 0.75% |
| Ratio of net investment income after fee waivers and custodian fee credits to average net assets | 1.12%³  | 1.06%                       | 1.14% | 1.20% | 1.47% | 1.79% |
| Portfolio turnover rate                                                                          | 0%           | 13%                         | 14% | 50% | 26% | 14% |
| ¹ Amount is less than $0.01² Not annualized³ Annualized                           |

 

| The accompanying notes are an integral part of these financial statements. | Semi-Annual Report | May 31, 2016 | 11 |
|----------------------------------------------------------------------------|--------------------|--------------|----|

----

## Sextant Bond Income Fund

Performance Summary

| Average Annual Total Returns as of May 31, 2016 |
|-------------------------------------------------|
|                                            | 1 Year | 5 Year | 10 Year | Expense Ratio¹ |
| Sextant Bond Income Fund                        | 2.43% | 3.66% | 4.71% | 1.03% |
| Citi US Broad Investment-Grade Bond Index       | 2.98% | 3.34% | 5.06% | n/a |

Growth of $10,000

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Comparison of any mutual fund to a market index must be made bearing in mind that the index is expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on May 31, 2006, to an identical amount invested in the Citi US Broad Investment-Grade Bond Index, a broad-based index of medium and long-term investment grade bond prices. The graph shows that an investment in the Fund would have risen to $15,845 versus $16,383 in the index. |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Past performance does not guarantee future results.** The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.

¹ By regulation, the expense ratio shown in this table is as stated in the Fund's most recent prospectus which is dated March 29, 2016, and incorporates results for the fiscal year ended November 30, 2015, before fee waivers. The expense ratio shown in the most recent prospectus after fee waivers was 0.90%. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods. |

Fund Objective

The objective of the Bond Income Fund is current income.

| Top Ten Holdings                                      |                   | Portfolio Diversification    |
|-------------------------------------------------------|------------------------|------------------------------|
| % of Total Net Assets                                 | % of Total Net Assets  |                         |
| United States Treasury Bond *(5.375% due 02/15/2031)* | 6.7%                   | Municipal General Obligation | 17.7% | █ |  |
| United States Treasury Bond *(6.25% due 05/15/2030)*  | 4.0%                   | Health Care                  | 14.7% | █ |
| Cincinnati Financial Corp *(6.92% due 05/15/2028)*    | 3.7%                   | United States Treasury Bonds | 13.4% | █ |
| Becton Dickinson *(6.70% due 08/01/2028)*             | 3.7%                   | Financials                   | 9.7% | █ |
| Puget Sound Energy *(7.02% due 12/01/2027)*           | 3.7%                   | Utilities                    | 8.0% | █ |
| Merck & Co. (Schering) *(6.50% due 12/01/2033)*   | 3.4%                   | Energy                       | 6.0% | █ |
| Boeing *(6.125% due 02/15/2033)*                      | 3.3%                   | Municipal Revenue            | 5.3% | █ |
| EMC *(3.375% due 06/01/2023)*                         | 3.3%                   | Industrials                  | 5.0% | █ |
| Blaine Co. ID SCD #61 Hailey *(5.25% due 08/01/2020)* | 3.3%                   | Technology                   | 3.3% | █ |
| Johnson and Johnson *(4.95% due 05/15/2033)*          | 3.3%                   | Consumer Staples             | 3.2% | █ |
|                                                  | Consumer Discretionary | 2.9%                         | █ |
| Foreign Government Bonds                              | 2.7%                   | █                      |
| Materials                                             | 0.7%                   | █                      |
| Other assets (net of liabilities)                     | 7.4%                   | █                      |

 

| 12 | May 31, 2016 | Semi-Annual Report |
|----|--------------|--------------------|

----

## Sextant Bond Income Fund

| Schedule of Investments                   | As of May 31, 2016    |
|-------------------------------------------|-----------------------|
| Corporate Bonds — 53.5%             | Coupon / Maturity     | Face Amount | Market Value | Percentage of Assets |
|                                      |
| Consumer Discretionary                    |                  |
|                                      |
|    VF                           | 6.00% due 10/15/2033  | $200,000 | $248,018 | 2.9% |
|                                      |
|                                      | 200,000               | 248,018 | 2.9% |
|                                      |
| Consumer Staples                          |                  |
|                                      |
|    Unilever Capital             | 5.90% due 11/15/2032  | 200,000 | 269,601 | 3.2% |
|                                      |
|                                      | 200,000               | 269,601 | 3.2% |
|                                      |
| Energy                                    |                  |
|                                      |
|    Baker Hughes                 | 6.875% due 01/15/2029 | 100,000 | 124,661 | 1.4% |
|    Canadian Natural Resources   | 6.45% due 06/30/2033  | 225,000 | 220,763 | 2.6% |
|    ConocoPhillips               | 6.00% due 01/15/2020  | 150,000 | 168,429 | 2.0% |
|                                      |
|                                      | 475,000               | 513,853 | 6.0% |
|                                      |
| Financials                                |                  |
|                                      |
|    Affiliated Managers Group    | 3.50% due 08/01/2025  | 250,000 | 243,537 | 2.9% |
|    Cincinnati Financial Corp    | 6.92% due 05/15/2028  | 250,000 | 319,229 | 3.7% |
|    UBS AG Stamford CT           | 7.75% due 09/01/2026  | 200,000 | 261,860 | 3.1% |
|                                      |
|                                      | 700,000               | 824,626 | 9.7% |
|                                      |
| Health Care                               |                  |
|                                      |
|    Becton Dickinson             | 6.70% due 08/01/2028  | 240,000 | 314,262 | 3.7% |
|    Johnson and Johnson          | 4.95% due 05/15/2033  | 226,000 | 277,270 | 3.3% |
|    Merck & Co.              | 6.50% due 12/01/2033  | 215,000 | 291,558 | 3.4% |
|    Pharmacia                    | 6.50% due 12/01/2018  | 100,000 | 112,019 | 1.3% |
|    Teva Pharmaceutical          | 3.65% due 11/10/2021  | 250,000 | 259,644 | 3.0% |
|                                      |
|                                      | 1,031,000             | 1,254,753 | 14.7% |
|                                      |
| Industrials                               |                  |
|                                      |
|    Boeing                       | 6.125% due 02/15/2033 | 215,000 | 284,717 | 3.3% |
|    Deere & Co.              | 8.10% due 05/15/2030  | 95,000 | 141,230 | 1.7% |
|                                      |
|                                      | 310,000               | 425,947 | 5.0% |
|                                      |
| Materials                                 |                  |
|                                      |
|    Air Products & Chemicals | 8.75% due 04/15/2021  | 50,000 | 60,976 | 0.7% |
|                                      |
|                                      | 50,000                | 60,976 | 0.7% |
|                                      |
| Continued on next page.                   |

 

| The accompanying notes are an integral part of these financial statements. | Semi-Annual Report | May 31, 2016 | 13 |
|----------------------------------------------------------------------------|--------------------|--------------|----|

----

## Sextant Bond Income Fund

| Schedule of Investments                           | As of May 31, 2016    |
|---------------------------------------------------|-----------------------|
| Corporate Bonds — 53.5%                     | Coupon / Maturity     | Face Amount | Market Value | Percentage of Assets |
|                                              |
| Technology                                        |                  |
|                                              |
|    EMC                                  | 3.375% due 06/01/2023 | $330,000 | $282,343 | 3.3% |
|                                              |
|                                              | 330,000               | 282,343 | 3.3% |
|                                              |
| Utilities                                         |                  |
|                                              |
|    Entergy Louisiana                    | 5.40% due 11/01/2024  | 200,000 | 239,054 | 2.8% |
|    Florida Power & Light            | 5.95% due 10/01/2033  | 100,000 | 129,403 | 1.5% |
|    Puget Sound Energy                   | 7.02% due 12/01/2027  | 237,000 | 309,225 | 3.7% |
|                                              |
|                                              | 537,000               | 677,682 | 8.0% |
|                                              |
| Total Corporate Bonds                             |                  | 3,833,000 | 4,557,799 | 53.5% |
|                                              |
| Government Bonds — 16.1%                    | Coupon / Maturity     | Face Amount | Market Value | Percentage of Assets |
|                                              |
| Foreign Government Bonds                          |                  |
|                                              |
|    Quebec Canada Yankee                 | 7.125% due 02/09/2024 | 175,000 | 228,052 | 2.7% |
|                                              |
|                                              | 175,000               | 228,052 | 2.7% |
|                                              |
| United States Treasury Bonds                      |                  |
|                                              |
|    United States Treasury Bond          | 6.25% due 05/15/2030  | 225,000 | 340,822 | 4.0% |
|    United States Treasury Bond          | 5.375% due 02/15/2031 | 400,000 | 569,516 | 6.7% |
|    United States Treasury Bond          | 5.25% due 02/15/2029  | 170,000 | 232,004 | 2.7% |
|                                              |
|                                              | 795,000               | 1,142,342 | 13.4% |
|                                              |
| Total Government Bonds                            |                  | 970,000 | 1,370,394 | 16.1% |
|                                              |
| Municipal Bonds — 23.0%                     | Coupon / Maturity     | Face Amount | Market Value | Percentage of Assets |
|                                              |
| General Obligation                                |                  |
|                                              |
|    Blaine Co. ID SCD #61 Hailey         | 5.25% due 08/01/2020  | 250,000 | 278,833 | 3.3% |
|    Dell Rapids SCD 49-3                 | 6.257% due 01/15/2030 | 200,000 | 219,868 | 2.6% |
|    Dupage Co. IL SCD #502               | 5.50% due 01/01/2026  | 150,000 | 163,599 | 1.9% |
|    Idaho Hsg. & Fin. GARVEE BAB A-2 | 5.379% due 07/15/2020 | 180,000 | 199,064 | 2.3% |
|    Milan Co. MI Area Schools            | 6.45% due 05/01/2024  | 150,000 | 168,664 | 2.0% |
|    San Marcos Texas ULTD GO BAB         | 6.028% due 08/15/2030 | 200,000 | 226,350 | 2.6% |
|    Springville UT GO BAB                | 5.30% due 05/01/2031  | 240,000 | 255,024 | 3.0% |
|                                              |
|                                              | 1,370,000             | 1,511,402 | 17.7% |
|                                              |
| Continued on next page.                           |

 

| 14 | May 31, 2016 | Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|--------------|--------------------|----------------------------------------------------------------------------|

----

## Sextant Bond Income Fund

| Schedule of Investments                              | As of May 31, 2016   |
|------------------------------------------------------|----------------------|
| Municipal Bonds — 23.0%                        | Coupon / Maturity    | Face Amount | Market Value | Percentage of Assets |
|                                                 |                 |
| Revenue                                              |                 |
|                                                 |
|    Johnson Co. KS Bldg. Ls./Pr. REV. BAB   | 4.60% due 09/01/2026 | $250,000 | $258,675 | 3.0% |
|    Oklahoma City Fin. Auth. Ed. Lease Rev. | 6.60% due 09/01/2022 | 160,000 | 193,238 | 2.3% |
|                                                 |
|                                                 | 410,000              | 451,913 | 5.3% |
|                                                 |
| Total municipal bonds                                |                 | 1,780,000 | 1,963,315 | 23.0% |
|                                                 |
| Total investments                                    | (Cost = $7,487,960)  | $6,583,000 | 7,891,508 | 92.6% |
| Other assets (net of liabilities)                    |                 | 629,259 | 7.4% |
| Total net assets                                     |                 | $8,520,767 | 100.0% |

 

| Bond Quality Diversification      |
|-----------------------------------|
| % of Total Net Assets             |   |
| Rated "Aaa"             | 19.7% | █ |  |
| Rated "Aa1"             | 3.9% | █ |
| Rated "Aa2"             | 4.2% | █ |
| Rated "Aa3"             | 3.3% | █ |
| Rated "A1"              | 11.2% | █ |
| Rated "A2"              | 15.9% | █ |
| Rated "A3"              | 9.5% | █ |
| Rated "Baa1"            | 3.0% | █ |
| Rated "Baa2"            | 8.8% | █ |
| Rated "Baa3"            | 2.6% | █ |
| Not rated                         | 10.5% | █ |
| Other assets (net of liabilities) | 7.4% | █ |

Credit ratings are determined by Moody's Investors Service, a Nationally Recognized Statistical Rating Organization.  If Moody's does not rate a particular security, that security is categorized as not rated. 

| The accompanying notes are an integral part of these financial statements. | Semi-Annual Report | May 31, 2016 | 15 |
|----------------------------------------------------------------------------|--------------------|--------------|----|

----

## Sextant Bond Income Fund

| Statement of Assets and Liabilities                                                | As of May 31, 2016 |
|------------------------------------------------------------------------------------|--------------------|
|                                                                               |
| Assets                                                                             |
|     Investments in securities, at value      (Cost $7,487,960) | $7,891,508         |
|     Cash                                                                 | 533,823            |
|     Interest receivable                                                  | 94,936             |
|     Prepaid expenses                                                     | 3,688              |
|     Receivable for Fund shares sold                                      | 1,538              |
|     Insurance reserve premium                                            | 400                |
|         Total assets                                           | 8,525,893          |
| Liabilities                                                                        |
|     Payable to affilliates                                               | 4,764              |
|     Accrued distribution fee                                             | 348                |
|     Distributions payable                                                | 14                 |
|         Total liabilities                                      | 5,126              |
| Net assets                                                                         | $8,520,767         |
|                                                                               |
| Analysis of net assets                                                             |
|     Paid-in capital (unlimited shares authorized, without par value)     | $8,178,313         |
|     Undistributed net investment loss                                    | (174)              |
|     Accumulated net realized loss                                        | (60,920)           |
|     Unrealized net appreciation on investments                           | 403,548            |
| Net assets applicable to Fund shares outstanding                                   | $8,520,767         |
|                                                                               |
| Fund shares outstanding                                                            | 1,644,134          |
|                                                                               |
| Net asset value, offering, and redemption price per share                          | $5.18              |

 

| Statement of Operations                                | Period ended May 31, 2016 |
|--------------------------------------------------------|---------------------------|
|                                                   |
| Investment income                                      |
|     Interest income                          | $159,288                  |
|     Miscellaneous income                     | 1                         |
|         Total investment income    | 159,289                   |
| Expenses                                               |
|     Investment adviser fees                  | 21,783                    |
|     Distribution fees                        | 10,205                    |
|     Filing and registration fees             | 7,214                     |
|     Audit fees                               | 2,619                     |
|     Retirement plan custodial fees           | 1,635                     |
|     Chief Compliance Officer expenses        | 1,552                     |
|     Printing and postage                     | 875                       |
|     Trustee fees                             | 865                       |
|     Other expenses                           | 468                       |
|     Custodian fees                           | 204                       |
|     Legal fees                               | 142                       |
|         Total gross expenses       | 47,562                    |
|     Less adviser fees waived                 | (11,200)                  |
|     Less custodian fee credits               | (204)                     |
|         Net expenses               | 36,158                    |
| Net investment income                                  | $123,131                  |
|                                                   |
|                                                   |
| Net realized loss on securities sold                   | ($27,730)                 |
| Net increase in unrealized appreciation on investments | 208,330                   |
| Net gain on investments                                | $180,600                  |
|                                                   |
| Net increase in net assets resulting from operations   | $303,731                  |

 

| 16 | May 31, 2016 | Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|--------------|--------------------|----------------------------------------------------------------------------|

----

## Sextant Bond Income Fund

| Statements of Changes in Net Assets                                | Period ended May 31, 2016 | Year ended Nov. 30, 2015 |
|--------------------------------------------------------------------|---------------------------|--------------------------|
| Increase (decrease) in net assets from operations                  |
| From operations                                                    |
|     Net investment income                                | $123,131                  | $263,978                 |
|     Net realized gain (loss) on investments              | (27,730)                  | 1,250                    |
|     Net increase (decrease) in unrealized appreciation   | 208,330                   | (311,261)                |
|         Net increase (decrease) in net assets  | 303,731                   | (46,033)                 |
| Distributions to shareowners from                                  |
|     Net investment income                                | (123,305)                 | (264,141)                |
| Capital share transactions                                         |
|     Proceeds from sales of shares                        | 731,843                   | 740,349                  |
|     Value of shares issued in reinvestment of dividends  | 122,830                   | 262,643                  |
|     Cost of shares redeemed                              | (512,371)                 | (661,368)                |
|         Net increase in net assets             | 342,302                   | 341,624                  |
| Total increase in net assets                                       | 522,728                   | 31,450                   |
|                                                               |
| Net assets                                                         |
| Beginning of period                                                | 7,998,039                 | 7,966,589                |
| End of period                                                      | 8,520,767                 | 7,998,039                |
|                                                               |
| Undistributed net investment income (loss)                         | $(174)                    | $-                       |
|                                                               |
| Shares of the Fund sold and redeemed                               |
|     Number of shares sold                                | 141,595                   | 141,527                  |
|     Number of shares issued in reinvestment of dividends | 23,981                    | 50,545                   |
|     Number of shares redeemed                            | (99,005)                  | (127,717)                |
| Net increase in number of shares outstanding                       | 66,571                    | 64,355                   |

 

| Financial Highlights                                                                             | Period ended | For year ended November 30, |
|--------------------------------------------------------------------------------------------------|--------------|-----------------------------|
| Selected data per share of outstanding capital stock throughout each period:                     | May 31, 2016 | 2015                        | 2014 | 2013 | 2012 | 2011 |
| Net asset value at beginning of period                                                           | $5.07        | $5.26                       | $5.05 | $5.41 | $5.19 | $5.03 |
| Income from investment operations                                                                |
|     Net investment income                                                              | 0.08         | 0.17                        | 0.16 | 0.17 | 0.17 | 0.18 |
|     Net gain (loss) on securities (both realized and unrealized)                       | 0.11         | (0.19)                      | 0.21 | (0.36) | 0.22 | 0.16 |
| Total from investment operations                                                                 | 0.19         | (0.02)                      | 0.37 | (0.19) | 0.39 | 0.34 |
| Less distributions                                                                               |
|     Dividends (from net investment income)                                             | (0.08)       | (0.17)                      | (0.16) | (0.17) | (0.17) | (0.18) |
| Total distributions                                                                              | (0.08)       | (0.17)                      | (0.16) | (0.17) | (0.17) | (0.18) |
|     Paid-in capital from early redemption fees                                         | n/a          | n/a                         | n/a | - | - | 0.00¹ |
|                                                                                             |
| Net asset value at end of period                                                                 | $5.18        | $5.07                       | $5.26 | $5.05 | $5.41 | $5.19 |
|                                                                                             |
| Total return                                                                                     | 3.72%²  | (0.47)%                     | 7.40% | (3.59)% | 7.64% | 6.95% |
|                                                                                             |
| Ratios / supplemental data                                                                       |
| Net assets ($000), end of period                                                                 | $8,521       | $7,998                      | $7,967 | $7,117 | $7,922 | $6,786 |
| Ratio of expenses to average net assets                                                          |
|     Before fee waivers and custodian fee credits                                       | 1.16%³  | 1.03%                       | 1.27% | 1.12% | 1.36% | 1.26% |
|     After fee waivers                                                                  | 0.89%³  | 0.90%                       | 0.91% | 0.90% | 0.91% | 0.91% |
|     After fee waivers and custodian fee credits                                        | 0.89%³  | 0.90%                       | 0.90% | 0.89% | 0.90% | 0.90% |
| Ratio of net investment income after fee waivers and custodian fee credits to average net assets | 3.02%³  | 3.21%                       | 3.07% | 3.23% | 3.23% | 3.56% |
| Portfolio turnover rate                                                                          | 12%          | 4%                          | 13% | 8% | 6% | 14% |
| ¹ Amount is less than $0.01² Not annualized³ Annualized                           |

 

| The accompanying notes are an integral part of these financial statements. | Semi-Annual Report | May 31, 2016 | 17 |
|----------------------------------------------------------------------------|--------------------|--------------|----|

## Sextant Core Fund

Performance Summary (unaudited)

| Average Annual Total Returns as of May 31, 2016 |
|-------------------------------------------------|
|                                            | 1 Year | 5 Year | 10 Year | Expense Ratio¹ |
| Sextant Core Fund²                         | -2.03% | 3.50% | n/a | 1.02% |
| Dow Jones Moderate US Portfolio Index           | -0.53% | 5.51% | 5.53% | n/a |

Growth of $10,000

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | Comparison of any mutual fund to a market index must be made bearing in mind that the index is expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on March 30, 2007 (the Fund's inception), to an identical amount invested in the Dow Jones Moderate US Portfolio Index, a broad-based index of stock and bond prices. The graph shows that an investment in the Fund would have risen to $13,936 versus $15,458 in the index. |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Past performance does not guarantee future results.** The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.

¹ By regulation, the expense ratio shown in this table is as stated in the Fund's most recent prospectus, which is dated March 29, 2016, and incorporates results for the fiscal year ended November 30, 2015. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods.

² The Sextant Core Fund began operations on March 30, 2007. |

Fund Objective

The objectives of the Core Fund are long-term appreciation and capital preservation.

| Portfolio Diversification    |
|------------------------------|
|                         | % of Total Net Assets |
| Sectors                      | Equity | Fixed Income |
| Communications               | 2.0% | 3.2% |
| Consumer Discretionary       | 4.8% | 2.7% |
| Consumer Staples             | 8.2% | n/a |
| Energy                       | 7.4% | 1.1% |
| Financials                   | 7.4% | 6.3% |
| Foreign Government Bonds     | n/a | 4.4% |
| Health Care                  | 12.4% | 1.1% |
| Industrials                  | 3.2% | 2.2% |
| Materials                    | 4.5% | 1.2% |
| Municipal General Obligation | n/a | 2.4% |
| Municipal Revenue Bonds      | n/a | 2.5% |
| Technology                   | 6.0% | 1.2% |
| Utilities                    | 3.7% | n/a |
| Total                        | 59.6% | 28.3% |

 

| Top Ten Holdings                                    |
|-----------------------------------------------------|
| % of Total Net Assets                               |
| Lowe's                                              | 2.6% |
| Nestle ADS                                          | 2.4% |
| Republic of Chile *(3.875% due 08/05/2020)*         | 2.4% |
| Apple                                               | 2.2% |
| Express Scripts                                     | 2.1% |
| Williams Companies                                  | 2.1% |
| Bellsouth Capital Funding *(7.875% due 02/15/2030)* | 2.0% |
| Medivation                                          | 2.0% |
| PepsiCo                                             | 1.9% |
| RPM International                                   | 1.9% |

 

| Asset Allocation                  |
|-----------------------------------|
| % of Total Net Assets             |   |
| Equity Securities                 | 59.6% | █ |  |
| Fixed Income Securities           | 28.3% | █ |
| Other assets (net of liabilities) | 12.1% | █ |
|                              |   |

 

| 18 | May 31, 2016 | Semi-Annual Report |
|----|--------------|--------------------|

----

## Sextant Core Fund

| Schedule of Investments                | As of May 31, 2016 |
|----------------------------------------|--------------------|
| Common Stocks — 59.6%            | Number of Shares   | Cost | Market Value | Country¹ | Percentage of Assets |
|                                   |
| Communications                         |               |
|                                   |
|  Telecom Carriers                 |
|     SK Telecom ADR           | 6,000              | $166,800 | $124,980 | South Korea | 1.4% |
|     Telenor                  | 3,500              | 81,385 | 58,185 | Norway | 0.6% |
|                                   |
|                                   | 248,185            | 183,165 |   | 2.0% |
|                                   |
| Consumer Discretionary                 |               |
|                                   |
|  Airlines                         |
|     Delta Air Lines          | 1,500              | 66,562 | 65,190 | United States | 0.7% |
|                                   |
|  Automobiles                      |
|     Bayerische Motoren Werke | 500                | 55,812 | 42,274 | Germany | 0.5% |
|                                   |
|  Home Products Stores             |
|     Lowe's                   | 3,000              | 140,347 | 240,390 | United States | 2.6% |
|                                   |
|  Jewelry & Watch Stores       |
|     Pandora                  | 600                | 77,958 | 89,216 | Denmark | 1.0% |
|                                   |
|                                   | 340,679            | 437,070 |   | 4.8% |
|                                   |
| Consumer Staples                       |               |
|                                   |
|  Beverages                        |
|     Ambev ADR                | 15,000             | 85,110 | 78,900 | Brazil | 0.9% |
|     PepsiCo                  | 1,750              | 138,823 | 177,047 | United States | 1.9% |
|                                   | 223,933            | 255,947 |   | 2.8% |
|                                   |
|  Household Products               |
|     Procter & Gamble     | 2,000              | 151,282 | 162,080 | United States | 1.8% |
|     Unilever ADS             | 2,500              | 86,545 | 113,900 | United Kingdom | 1.2% |
|                                   | 237,827            | 275,980 |   | 3.0% |
|                                   |
|  Packaged Food                    |
|     Nestle ADS               | 3,000              | 222,189 | 221,700 | Switzerland | 2.4% |
|                                   |
|                                   | 683,949            | 753,627 |   | 8.2% |
|                                   |
| Energy                                 |               |
|                                   |
|  Exploration & Production     |
|     ConocoPhillips           | 2,000              | 103,522 | 87,580 | United States | 1.0% |
|     Devon Energy             | 2,300              | 146,397 | 83,007 | United States | 0.9% |
|                                   | 249,919            | 170,587 |   | 1.9% |
|                                   |
|  Integrated Oils                  |
|     Statoil ADS              | 6,003              | 137,465 | 94,607 | Norway | 1.0% |
|     Total ADS                | 2,100              | 113,290 | 101,892 | France | 1.1% |
|                                   | 250,755            | 196,499 |   | 2.1% |
|                                   |
| Continued on next page.                |

 

| The accompanying notes are an integral part of these financial statements. | Semi-Annual Report | May 31, 2016 | 19 |
|----------------------------------------------------------------------------|--------------------|--------------|----|

----

## Sextant Core Fund

| Schedule of Investments                               | As of May 31, 2016 |
|-------------------------------------------------------|--------------------|
| Common Stocks — 59.6%                           | Number of Shares   | Cost | Market Value | Country¹ | Percentage of Assets |
|                                                  |
| Energy (continued)                                    |               |
|                                                  |
|  Midstream — Oil & Gas                 |
|     Williams Companies                      | 8,500              | $156,712 | $188,360 | United States | 2.1% |
|                                                  |
|  Refining & Marketing                        |
|     Phillips 66                             | 1,500              | 116,217 | 120,540 | United States | 1.3% |
|                                                  |
|                                                  | 773,603            | 675,986 |   | 7.4% |
|                                                  |
| Financials                                            |               |
|                                                  |
|  Banks                                           |
|     Australia & New Zealand Banking ADS | 6,000              | 108,034 | 109,650 | Australia | 1.2% |
|     PNC Bank                                | 1,500              | 105,037 | 134,610 | United States | 1.5% |
|     Skandinaviska Enskilda Banken, Class A  | 15,000             | 153,003 | 143,607 | Sweden | 1.6% |
|     Toronto-Dominion Bank                   | 3,500              | 140,270 | 152,600 | Canada | 1.6% |
|                                                  | 506,344            | 540,467 |   | 5.9% |
|                                                  |
|  REITS                                           |
|     Welltower                               | 2,000              | 146,876 | 137,820 | United States | 1.5% |
|                                                  |
|                                                  | 653,220            | 678,287 |   | 7.4% |
|                                                  |
| Health Care                                           |               |
|                                                  |
|  Biotech                                         |
|     Biogen²                            | 600                | 197,094 | 173,838 | United States | 1.9% |
|     Medivation²                        | 3,000              | 114,326 | 181,380 | United States | 2.0% |
|                                                  | 311,420            | 355,218 |   | 3.9% |
|                                                  |
|  Health Care Supply Chain                        |
|     Express Scripts²                   | 2,500              | 114,215 | 188,825 | United States | 2.1% |
|                                                  |
|  Large Pharma                                    |
|     Johnson & Johnson                   | 900                | 54,761 | 101,421 | United States | 1.1% |
|     Novo Nordisk ADS                        | 2,750              | 51,711 | 154,110 | Denmark | 1.7% |
|                                                  | 106,472            | 255,531 |   | 2.8% |
|                                                  |
|  Life Science Equipment                          |
|     Abbott Laboratories                     | 2,000              | 66,354 | 79,260 | United States | 0.8% |
|                                                  |
|  Specialty Pharma                                |
|     Akorn²                             | 4,000              | 150,841 | 119,560 | United States | 1.3% |
|     Allergan²                          | 600                | 180,645 | 141,450 | Ireland | 1.5% |
|                                                  | 331,486            | 261,010 |   | 2.8% |
|                                                  |
|                                                  | 929,947            | 1,139,844 |   | 12.4% |
|                                                  |
| Continued on next page.                               |

 

| 20 | May 31, 2016 | Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|--------------|--------------------|----------------------------------------------------------------------------|

----

## Sextant Core Fund

| Schedule of Investments                                             | As of May 31, 2016 |
|---------------------------------------------------------------------|--------------------|
| Common Stocks — 59.6%                                         | Number of Shares   | Cost | Market Value | Country¹ | Percentage of Assets |
|                                                                |
| Industrials                                                         |               |
|                                                                |
|  Commercial & Residential Building Equipment & Systems |
|     Honeywell International                               | 1,250              | $67,321 | $142,287 | United States | 1.6% |
|                                                                |
|  Flow Control Equipment                                        |
|     Parker Hannifin                                       | 500                | 29,672 | 57,420 | United States | 0.6% |
|                                                                |
|  Rail Freight                                                  |
|     Canadian National Railway                             | 1,600              | 40,237 | 94,864 | Canada | 1.0% |
|                                                                |
|                                                                | 137,230            | 294,571 |   | 3.2% |
|                                                                |
| Materials                                                           |               |
|                                                                |
|  Basic & Diversified Chemicals                             |
|     Praxair                                               | 700                | 44,349 | 76,902 | United States | 0.8% |
|                                                                |
|  Containers & Packaging                                    |
|     3M                                                    | 975                | 83,159 | 164,112 | United States | 1.8% |
|                                                                |
|  Specialty Chemicals                                           |
|     RPM International                                     | 3,500              | 110,094 | 175,665 | United States | 1.9% |
|                                                                |
|                                                                | 237,602            | 416,679 |   | 4.5% |
|                                                                |
| Technology                                                          |               |
|                                                                |
|  Communications Equipment                                      |
|     Apple                                                 | 2,000              | 190,830 | 199,640 | United States | 2.2% |
|                                                                |
|  Infrastructure Software                                       |
|     Oracle                                                | 4,000              | 156,417 | 160,800 | United States | 1.7% |
|                                                                |
|  Semiconductor Devices                                         |
|     Xilinx                                                | 2,500              | 101,993 | 118,475 | United States | 1.3% |
|                                                                |
|  Semiconductor Manufacturing                                   |
|     Taiwan Semiconductor ADS                              | 3,034              | 23,594 | 75,000 | Taiwan | 0.8% |
|                                                                |
|                                                                | 472,834            | 553,915 |   | 6.0% |
|                                                                |
| Utilities                                                           |               |
|                                                                |
|  Integrated Utilities                                          |
|     NextEra Energy                                        | 1,250              | 90,644 | 150,150 | United States | 1.6% |
|                                                                |
|  Power Generation                                              |
|     NRG Energy                                            | 5,000              | 130,306 | 81,900 | United States | 0.9% |
|                                                                |
|  Utility Networks                                              |
|     Sempra Energy                                         | 1,000              | 67,669 | 107,120 | United States | 1.2% |
|                                                                |
|                                                                | 288,619            | 339,170 |   | 3.7% |
|                                                                |
| Total Common Stocks                                                 |               | $4,765,868 | $5,472,314 |   | 59.6% |
|                                                                |
| Continued on next page.                                             |

 

| The accompanying notes are an integral part of these financial statements. | Semi-Annual Report | May 31, 2016 | 21 |
|----------------------------------------------------------------------------|--------------------|--------------|----|

----

## Sextant Core Fund

| Schedule of Investments                    | As of May 31, 2016      |
|--------------------------------------------|-------------------------|
| Corporate Bonds — 19.0%              | Coupon / Maturity       | Face Amount | Market Value | Percentage of Assets |
|                                       |
| Communications                             |                    |
|                                       |
|     America Movil                | 5.00% due on 03/30/2020 | $100,000 | $109,952 | 1.2% |
|     Bellsouth Capital Funding    | 7.875% due 02/15/2030   | 150,000 | 187,689 | 2.0% |
|                                       |
|                                       | 250,000                 | 297,641 | 3.2% |
|                                       |
| Consumer Discretionary                     |                    |
|                                       |
|     ADT                          | 4.125% due 06/15/2023   | 150,000 | 139,500 | 1.5% |
|     Stanford University          | 4.013% due 05/01/2042   | 100,000 | 112,079 | 1.2% |
|                                       |
|                                       | 250,000                 | 251,579 | 2.7% |
|                                       |
| Energy                                     |                    |
|                                       |
|     Boardwalk Pipelines          | 5.50% due 02/01/2017    | 100,000 | 101,018 | 1.1% |
|                                       |
|                                       | 100,000                 | 101,018 | 1.1% |
|                                       |
| Financials                                 |                    |
|                                       |
|     American Express             | 5.50% due 09/12/2016    | 100,000 | 101,274 | 1.1% |
|     Blackstone Holdings          | 5.875% due 03/15/2021   | 100,000 | 115,800 | 1.3% |
|     Branch Banking & Trust   | 5.625% due 09/15/2016   | 100,000 | 101,344 | 1.1% |
|     General Electric Capital     | 5.35% due 04/15/2022    | 101,000 | 115,743 | 1.3% |
|     PartnerRe Finance            | 5.50% due 06/01/2020    | 100,000 | 110,474 | 1.2% |
|     Western Union                | 5.93% due 10/01/2016    | 30,000 | 30,491 | 0.3% |
|                                       |
|                                       | 531,000                 | 575,126 | 6.3% |
|                                       |
| Health Care                                |                    |
|                                       |
|     Becton Dickinson             | 3.125% due 11/08/2021   | 100,000 | 103,399 | 1.1% |
|                                       |
|                                       | 100,000                 | 103,399 | 1.1% |
|                                       |
| Industrials                                |                    |
|                                       |
|     John Deere Capital           | 2.25% due 06/07/2016    | 100,000 | 100,018 | 1.1% |
|     Ryder System                 | 5.85% due 11/01/2016    | 100,000 | 102,020 | 1.1% |
|                                       |
|                                       | 200,000                 | 202,038 | 2.2% |
|                                       |
| Materials                                  |                    |
|                                       |
|     Air Products & Chemicals | 4.375% due 08/21/2019   | 100,000 | 108,127 | 1.2% |
|                                       |
|                                       | 100,000                 | 108,127 | 1.2% |
|                                       |
| Technology                                 |                    |
|                                       |
|     Cisco Systems                | 2.90% due 03/04/2021    | 100,000 | 104,636 | 1.2% |
|                                       |
|                                       | 100,000                 | 104,636 | 1.2% |
|                                       |
| Total Corporate Bonds                      |                    | $1,631,000 | $1,743,564 | 19.0% |
|                                       |
| Continued on next page.                    |

 

| 22 | May 31, 2016 | Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|--------------|--------------------|----------------------------------------------------------------------------|

----

## Sextant Core Fund

| Schedule of Investments                                                                                                        | As of May 31, 2016    |
|--------------------------------------------------------------------------------------------------------------------------------|-----------------------|
| Government Bonds — 4.4%                                                                                                  | Coupon / Maturity     | Face Amount | Market Value | Percentage of Assets |
|                                                                                                                           |
| Foreign Government Bonds                                                                                                       |                  |
|                                                                                                                           |
|     Government of Mexico                                                                                             | 4.00% due 10/02/2023  | $100,000 | $104,250 | 1.1% |
|     New Zealand Government                                                                                           | 5.50% due 04/15/2023  | 100,000 | 81,581 | 0.9% |
|     Republic of Chile                                                                                                | 3.875% due 08/05/2020 | 200,000 | 215,200 | 2.4% |
|                                                                                                                           |
|                                                                                                                           | 400,000               | 401,031 | 4.4% |
|                                                                                                                           |
| Municipal Bonds — 4.9%                                                                                                   | Coupon / Maturity     | Face Amount | Market Value | Percentage of Assets |
|                                                                                                                           |
| General Obligation                                                                                                             |                  |
|                                                                                                                           |
|     Lake Washington SCD #414 WA BAB                                                                                  | 4.906% due 12/01/2027 | 100,000 | 111,637 | 1.2% |
|     Skagit SCD #1                                                                                                    | 4.613% due 12/01/2022 | 100,000 | 112,575 | 1.2% |
|                                                                                                                           |
|                                                                                                                           | 200,000               | 224,212 | 2.4% |
|                                                                                                                           |
| Revenue Bonds                                                                                                                  |                  |
|                                                                                                                           |
|     New York City Housing Dev. Corp                                                                                  | 2.65% due 05/01/2021  | 100,000 | 102,783 | 1.1% |
|     Tacoma WA Elec. Sys. Revenue                                                                                     | 5.966% due 01/01/2035 | 100,000 | 128,156 | 1.4% |
|                                                                                                                           |
|                                                                                                                           | 200,000               | 230,939 | 2.5% |
|                                                                                                                           |
| Total Municipal Bonds                                                                                                          |                  | $400,000 | 455,151 | 4.9% |
|                                                                                                                           |
| Total investments                                                                                                              | (Cost = $7,329,044)   | 8,072,060 | 87.9% |
| Other assets (net of liabilities)                                                                                              |                  | 1,106,601 | 12.1% |
| Total net assets                                                                                                               |                  | $9,178,661 | 100.0% |
| ¹ Country of domicile² Non-income producing security

ADS: American Depositary ShareADR: American Depositary Receipt |

 

| Bond Quality Diversification      |
|-----------------------------------|
| % of Total Net Assets             |   |
| Rated "Aaa"             | 2.1% | █ |  |
| Rated "Aa1"             | 1.2% | █ |
| Rated "Aa2"             | 1.1% | █ |
| Rated "Aa3"             | 3.8% | █ |
| Rated "A1"              | 2.5% | █ |
| Rated "A2"              | 4.6% | █ |
| Rated "A3"              | 3.4% | █ |
| Rated "Baa1"            | 1.1% | █ |
| Rated "Baa2"            | 1.4% | █ |
| Rated "Baa3"            | 1.1% | █ |
| Rated "Ba2"             | 1.5% | █ |
| Not rated                         | 4.5% | █ |
| Equity                            | 59.6% | █ |
| Other assets (net of liabilities) | 12.1% | █ |

Credit ratings are determined by Moody's Investors Service, a Nationally Recognized Statistical Rating Organization.  If Moody's does not rate a particular security, that security is categorized as not rated. 

| The accompanying notes are an integral part of these financial statements. | Semi-Annual Report | May 31, 2016 | 23 |
|----------------------------------------------------------------------------|--------------------|--------------|----|

----

## Sextant Core Fund

| Statement of Assets and Liabilities                                                | As of May 31, 2016 |
|------------------------------------------------------------------------------------|--------------------|
|                                                                               |
| Assets                                                                             |
|     Investments in securities, at value      (Cost $7,329,044) | $8,072,060         |
|     Cash                                                                 | 1,069,861          |
|     Dividends and interest receivable                                    | 44,236             |
|     Receivable for Fund shares sold                                      | 3,736              |
|         Total assets                                           | 9,189,893          |
| Liabilities                                                                        |
|     Payable to affiliates                                                | 5,969              |
|     Accrued expenses                                                     | 2,864              |
|     Payable for Fund shares redeemed                                     | 2,023              |
|     Accrued distribution fee                                             | 376                |
|         Total liabilities                                      | 11,232             |
| Net assets                                                                         | $9,178,661         |
|                                                                               |
| Analysis of net assets                                                             |
|     Paid-in capital (unlimited shares authorized, without par value)     | $8,469,308         |
|     Undistributed net investment income                                  | 73,131             |
|     Accumulated net realized loss                                        | (106,770)          |
|     Unrealized net appreciation on investments                           | 742,992            |
| Net assets applicable to Fund shares outstanding                                   | $9,178,661         |
|                                                                               |
| Fund shares outstanding                                                            | 798,627            |
|                                                                               |
| Net asset value, offering, and redemption price per share                          | $11.49             |

 

| Statement of Operations                                                     | Period ended May 31, 2016 |
|-----------------------------------------------------------------------------|---------------------------|
|                                                                        |
| Investment income                                                           |
|     Dividends (net of foreign tax of $9,182)                      | $72,287                   |
|     Interest income                                               | 43,818                    |
|         Total investment income                         | 116,105                   |
| Expenses                                                                    |
|     Investment adviser fees                                       | 15,305                    |
|     Distribution fees                                             | 10,520                    |
|     Filing and registration fees                                  | 8,543                     |
|     Audit fees                                                    | 2,718                     |
|     Retirement plan custodial fees                                | 1,889                     |
|     Chief Compliance Officer expenses                             | 1,618                     |
|     Printing and postage                                          | 905                       |
|     Trustee fees                                                  | 806                       |
|     Other expenses                                                | 499                       |
|     Custodian fees                                                | 224                       |
|     Legal fees                                                    | 171                       |
|         Total gross expenses                            | 43,198                    |
|     Less custodian fee credits                                    | (224)                     |
|         Net expenses                                    | 42,974                    |
| Net investment income                                                       | $73,131                   |
|                                                                        |
|                                                                        |
| Net realized loss from investments and foreign currency                     | ($106,770)                |
| Net increase in unrealized appreciation on investments and foreign currency | 234,007                   |
| Net gain on investments                                                     | $127,237                  |
|                                                                        |
| Net increase in net assets resulting from operations                        | $200,368                  |

 

| 24 | May 31, 2016 | Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|--------------|--------------------|----------------------------------------------------------------------------|

----

## Sextant Core Fund

| Statements of Changes in Net Assets                                | Period ended May 31, 2016 | Year ended Nov. 30, 2015 |
|--------------------------------------------------------------------|---------------------------|--------------------------|
| Increase (decrease) in net assets from operations                  |
| From operations                                                    |
|     Net investment income                                | $73,131                   | $125,212                 |
|     Net realized gain (loss) on investments              | (106,770)                 | 326,144                  |
|     Net increase (decrease) in unrealized appreciation   | 234,007                   | (844,488)                |
|         Net increase (decrease) in net assets  | 200,368                   | (393,132)                |
| Distributions to shareowners from                                  |
|     Net investment income                                | -                         | (126,362)                |
|     Capital gains                                        | -                         | (325,045)                |
|         Total distributions                    | -                         | (451,407)                |
| Capital share transactions                                         |
|     Proceeds from sales of shares                        | 780,834                   | 1,411,567                |
|     Value of shares issued in reinvestment of dividends  | -                         | 451,407                  |
|     Cost of shares redeemed                              | (238,031)                 | (1,238,902)              |
|         Net increase in net assets             | 542,803                   | 624,072                  |
| Total increase (decrease) in net assets                            | 743,171                   | (220,467)                |
|                                                               |
| Net assets                                                         |
| Beginning of period                                                | 8,435,490                 | 8,655,957                |
| End of period                                                      | 9,178,661                 | 8,435,490                |
|                                                               |
| Undistributed net investment income                                | $73,131                   | $-                       |
|                                                               |
| Shares of the Fund sold and redeemed                               |
|     Number of shares sold                                | 70,272                    | 115,898                  |
|     Number of shares issued in reinvestment of dividends | -                         | 40,125                   |
|     Number of shares redeemed                            | (21,373)                  | (102,604)                |
| Net increase in number of shares outstanding                       | 48,899                    | 53,419                   |

 

| Financial Highlights                                                                                                             | Period ended | For year ended Nov. 30, |
|----------------------------------------------------------------------------------------------------------------------------------|--------------|-------------------------|
| Selected data per share of outstanding capital stock throughout each period:                                                     | May 31, 2016 | 2015                    | 2014 | 2013 | 2012 | 2011 |
| Net asset value at beginning of period                                                                                           | $11.25       | $12.43                  | $11.78 | $10.81 | $10.35 | $10.06 |
| Income from investment operations                                                                                                |
|     Net investment income                                                                                              | 0.09         | 0.18                    | 0.21 | 0.20 | 0.14 | 0.15 |
|     Net gain (loss) on securities (both realized and unrealized)                                                       | 0.15         | (0.72)                  | 0.78 | 0.98 | 0.46 | 0.29 |
| Total from investment operations                                                                                                 | 0.24         | (0.54)                  | 0.99 | 1.18 | 0.60 | 0.44 |
| Less distributions                                                                                                               |
|     Dividends (from net investment income)                                                                             | -            | (0.18)                  | (0.21) | (0.21) | (0.14) | (0.15) |
|     Distributions (from capital gains)                                                                                 | -            | (0.46)                  | (0.13) | - | - | - |
| Total distributions                                                                                                              | -            | (0.64)                  | (0.34) | (0.21) | (0.14) | (0.15) |
|     Paid-in capital from early redemption fees                                                                         | n/a          | n/a                     | n/a | - | - | 0.00¹ |
|                                                                                                                             |
| Net asset value at end of period                                                                                                 | $11.49       | $11.25                  | $12.43 | $11.78 | $10.81 | $10.35 |
|                                                                                                                             |
| Total return                                                                                                                     | 2.13%²  | (4.38)%                 | 8.41% | 10.96% | 5.75% | 4.42% |
|                                                                                                                             |
| Ratios / supplemental data                                                                                                       |
| Net assets ($000), end of period                                                                                                 | $9,179       | $8,435                  | $8,656 | $6,960 | $7,119 | $5,802 |
| Ratio of expenses to average net assets                                                                                          |
|     Before custodian fee credits                                                                                       | 1.03%³  | 1.02%                   | 1.17% | 1.01% | 1.32% | 1.14% |
|     After custodian fee credits                                                                                        | 1.02%³  | 1.01%                   | 1.16% | 1.01% | 1.32% | 1.13% |
| Ratio of net investment income after custodian fee credits to average net assets                                                 | 1.74%³  | 1.44%                   | 1.88% | 1.68% | 1.29% | 1.56% |
| Portfolio turnover rate                                                                                                          | 8%           | 24%                     | 14% | 29% | 19% | 13% |
| ¹ Amount is less than $0.01         ² Not annualized         ³ Annualized |

| The accompanying notes are an integral part of these financial statements. | Semi-Annual Report | May 31, 2016 | 25 |
|----------------------------------------------------------------------------|--------------------|--------------|----|

----

## Sextant Global High Income Fund

Performance Summary

| Average Annual Total Returns as of May 31, 2016 |
|-------------------------------------------------|
|                                            | 1 Year | 5 Year | 10 Year | Expense Ratio¹ |
| Sextant Global High Income Fund²           | -6.62% | n/a | n/a | 1.06% |
| S&P Global 1200 Index                       | -3.66% | 6.88% | 5.25% | n/a |

Growth of $10,000

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | Comparison of any mutual fund to a market index must be made bearing in mind that the index is expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on March 30, 2012 (the Fund's inception), to an identical amount invested in the S&P Global 1200 Index, a global stock market index covering nearly 70% of the world's equity markets. The graph shows that an investment in the Fund would have risen to $10,798 versus $12,642 in the index. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Past performance does not guarantee future results.** The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.

¹ By regulation, the expense ratio shown in this table is as stated in the Fund's most recent prospectus, which is dated March 29, 2016, and incorporates results for the fiscal year ended November 30, 2015, before fee waivers. The expense ratio shown in the most recent prospectus after fee waivers was 0.89%. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods.

² The Sextant Global High Income Fund began operations on March 30, 2012. |

Fund Objective

The objective of the Global High Income Fund is high income, with a secondary objective of capital preservation.

| Portfolio Diversification |
|---------------------------|
|                      | % of Total Net Assets |
| Sectors                   | Equity | Fixed Income |
| Communications            | 4.2% | n/a |
| Consumer Discretionary    | 1.9% | 13.3% |
| Consumer Staples          | n/a | 6.0% |
| Energy                    | 11.1% | 3.0% |
| Financials                | 7.9% | 3.6% |
| Foreign Government Bonds  | n/a | 8.3% |
| Health Care               | 3.9% | n/a |
| Industrials               | 4.0% | 3.2% |
| Materials                 | 7.9% | 3.1% |
| Municipal Revenue Bonds   | n/a | 3.7% |
| Technology                | 2.9% | 1.5% |
| Utilities                 | 1.8% | 1.7% |
| Total                     | 45.6% | 47.4% |

 

| Top Ten Holdings                                      |
|-------------------------------------------------------|
| % of Total Net Assets                                 |
| Jefferies Group *(5.125% due 01/20/2023)*             | 3.6% |
| Burlington Northern Santa Fe *(5.05% due 03/01/2041)* | 3.2% |
| Outerwall  *(6.00% due 03/15/2019)*                   | 3.2% |
| Microchip Technology                                  | 2.9% |
| San Miguel *(4.875% due 04/26/2023)*                  | 2.8% |
| Mexico Bonos Desarrollo *(6.50% due 06/10/2021)*      | 2.7% |
| Grupo Bimbo *(4.875% due 06/27/2044)*                 | 2.7% |
| Federal Republic of Brazil *(8.50% due 01/05/2024)*   | 2.6% |
| Total ADS                                             | 2.6% |
| Rent-A-Center *(6.625% due 11/15/2020)*               | 2.6% |

 

| Asset Allocation                  |
|-----------------------------------|
| % of Total Net Assets             |   |
| Equity Securities                 | 45.6% | █ |  |
| Fixed Income Securities           | 47.4% | █ |
| Other assets (net of liabilities) | 7.0% | █ |
|                              |

 

| 26 | May 31, 2016 | Semi-Annual Report |
|----|--------------|--------------------|

----

## Sextant Global High Income Fund

| Schedule of Investments                     | As of May 31, 2016 |
|---------------------------------------------|--------------------|
| Common Stocks — 45.6%                 | Number of Shares   | Cost | Market Value | Country¹ | Percentage of Assets |
|                                        |
| Communications                              |               |
|                                        |
|  Telecom Carriers                      |
|     Orange ADS                    | 10,000             | $147,658 | $173,700 | France | 2.4% |
|     SK Telecom ADS                | 6,200              | 82,085 | 129,146 | South Korea | 1.8% |
|                                        |
|                                        | 229,743            | 302,846 |   | 4.2% |
|                                        |
| Consumer Discretionary                      |               |
|                                        |
|  Lodging                               |
|     Whistler Blackcomb Holdings   | 7,000              | 75,630 | 135,692 | Canada | 1.9% |
|                                        |
|                                        | 75,630             | 135,692 |   | 1.9% |
|                                        |
| Energy                                      |               |
|                                        |
|  Exploration & Production          |
|     CNOOC ADR                     | 1,400              | 226,082 | 167,216 | China | 2.3% |
|                                        |
|  Integrated Oils                       |
|     Royal Dutch Shell ADS         | 3,000              | 200,418 | 145,470 | United Kingdom | 2.0% |
|     Statoil ADS                   | 10,000             | 186,050 | 157,600 | Norway | 2.2% |
|     Total ADS                     | 3,800              | 202,606 | 184,376 | France | 2.6% |
|                                        | 589,074            | 487,446 |   | 6.8% |
|                                        |
|  Oil & Gas Services & Equip    |
|     National Oilwell Varco        | 4,200              | 139,818 | 138,390 | United States | 2.0% |
|                                        |
|                                        | 954,974            | 793,052 |   | 11.1% |
|                                        |
| Financials                                  |               |
|                                        |
|  Banks                                 |
|     Skandinaviska Enskilda Banken | 13,000             | 136,631 | 124,459 | Sweden | 1.7% |
|                                        |
|  Diversified Banks                     |
|     Banco Santander ADS           | 28,000             | 233,129 | 133,000 | Spain | 1.9% |
|     Itau Unibanco Holding ADS     | 20,000             | 207,301 | 160,200 | Brazil | 2.2% |
|                                        | 440,430            | 293,200 |   | 4.1% |
|                                        |
|  Private Equity                        |
|     Apollo Global Management      | 9,000              | 146,272 | 147,780 | United States | 2.1% |
|                                        |
|                                        | 723,333            | 565,439 |   | 7.9% |
|                                        |
| Health Care                                 |               |
|                                        |
|  Large Pharma                          |
|     GlaxoSmithKline ADS           | 3,100              | 143,250 | 131,347 | United Kingdom | 1.8% |
|     Novartis ADS                  | 1,900              | 110,053 | 151,069 | Switzerland | 2.1% |
|                                        |
|                                        | 253,303            | 282,416 |   | 3.9% |
|                                        |
| Continued on next page.                     |

| The accompanying notes are an integral part of these financial statements. | Semi-Annual Report | May 31, 2016 | 27 |
|----------------------------------------------------------------------------|--------------------|--------------|----|

----

## Sextant Global High Income Fund

| Schedule of Investments                       | As of May 31, 2016 |
|-----------------------------------------------|--------------------|
| Common Stocks — 45.6%                   | Number of Shares   | Cost | Market Value | Country¹ | Percentage of Assets |
|                                          |
| Industrials                                   |               |
|                                          |
|  Infrastructure Construction             |
|     CCR                             | 30,000             | $174,956 | $127,020 | Brazil | 1.8% |
|     Hopewell Highway Infrastructure | 325,000            | 168,010 | 160,700 | China | 2.2% |
|                                          |
|                                          | 342,966            | 287,720 |   | 4.0% |
|                                          |
| Materials                                     |               |
|                                          |
|  Agricultural Chemicals                  |
|     Potash Corp of Saskatchewan     | 8,000              | 221,690 | 130,640 | Canada | 1.8% |
|                                          |
|  Base Metals                             |
|     South 32²                  | 29,000             | 188,164 | 160,080 | Australia | 2.2% |
|                                          |
|  Steel Raw Material Suppliers            |
|     Anglo American ADR              | 26,000             | 191,962 | 113,100 | United Kingdom | 1.6% |
|     BHP Billiton                    | 6,000              | 207,424 | 161,820 | Australia | 2.3% |
|                                          | 399,386            | 274,920 |   | 3.9% |
|                                          |
|                                          | 809,240            | 565,640 |   | 7.9% |
|                                          |
| Technology                                    |               |
|                                          |
|  Semiconductor Devices                   |
|     Microchip Technology            | 4,000              | 136,113 | 206,720 | United States | 2.9% |
|                                          |
|                                          | 136,113            | 206,720 |   | 2.9% |
|                                          |
| Utilities                                     |               |
|                                          |
|  Power Generation                        |
|     Engie ADR                       | 8,500              | 207,215 | 130,815 | France | 1.8% |
|                                          |
|                                          | 207,215            | 130,815 |   | 1.8% |
|                                          |
| Total Common Stock                            |               | $3,732,517 | $3,270,340 |   | 45.6% |

 

| Corporate Bonds — 35.4%       | Coupon / Maturity     | Face Amount | Market Value | Country¹ | Percentage of Assets |
|-------------------------------------|-----------------------|-------------|--------------|---------------|----------------------|
|                                |
| Consumer Discretionary              |                  |
|                                |
|     ADT                   | 4.125% due 06/15/2023 | $150,000    | $139,500     | United States | 1.9%                 |
|     GAP                   | 5.95% due 04/12/2021  | 100,000     | 101,885      | United States | 1.4%                 |
|     Hanesbrands           | 6.375% due 12/15/2020 | 150,000     | 154,782      | United States | 2.2%                 |
|     Outerwall             | 6.00% due 03/15/2019  | 250,000     | 231,250      | United States | 3.2%                 |
|     Rent-A-Center         | 6.625% due 11/15/2020 | 200,000     | 184,000      | United States | 2.6%                 |
|     Toys R Us Property II | 8.50% due 12/01/2017  | 150,000     | 145,500      | United States | 2.0%                 |
|                                |
|                                | 1,000,000             | 956,917     |         | 13.3%         |
|                                |
| Consumer Staples                    |                  |
|                                |
|     Elizabeth Arden       | 7.375% due 03/15/2021 | 47,000      | 35,250       | United States | 0.5%                 |
|                                |
| Continued on next page.             |

 

| 28 | May 31, 2016 | Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|--------------|--------------------|----------------------------------------------------------------------------|

----

## Sextant Global High Income Fund

| Schedule of Investments                       | As of May 31, 2016    |
|-----------------------------------------------|-----------------------|
| Common Stocks — 45.6%                   | Number of Shares      | Cost | Market Value | Country¹ | Percentage of Assets |
|                                          |
| Consumer Staples (continued)                  |                  |
|                                          |
|     Grupo Bimbo                     | 4.875% due 06/27/2044 | $200,000 | $192,960 | Mexico | 2.7% |
|     San Miguel                      | 4.875% due 04/26/2023 | 200,000 | 199,000 | Philippines | 2.8% |
|                                          |
|                                          | 447,000               | 427,210 |   | 6.0% |
|                                          |
| Energy                                        |                  |
|                                          |
|     Chesapeake Midstream Partners   | 6.125% due 07/15/2020 | 125,000 | 122,516 | United States | 1.7% |
|     Goodrich Petroleum²,³ | 8.875% due 03/15/2019 | 400,000 | 4 | United States | 0.0%4 |
|     Petrobras International Finance | 6.875% due 01/20/2040 | 50,000 | 37,000 | Brazil | 0.5% |
|     Petrobras International Finance | 6.75% due 07/27/2041  | 80,000 | 57,576 | Brazil | 0.8% |
|                                          |
|                                          | 655,000               | 217,096 |   | 3.0% |
|                                          |
| Financials                                    |                  |
|                                          |
|     Jefferies Group                 | 5.125% due 01/20/2023 | 250,000 | 259,110 | United States | 3.6% |
|                                          |
|                                          | 250,000               | 259,110 |   | 3.6% |
|                                          |
| Industrials                                   |                  |
|                                          |
|     Burlington Northern Santa Fe    | 5.05% due 03/01/2041  | 200,000 | 231,255 | United States | 3.2% |
|                                          |
|                                          | 200,000               | 231,255 |   | 3.2% |
|                                          |
| Materials                                     |                  |
|                                          |
|     Allegheny Technologies          | 5.875% due 05/15/2023 | 150,000 | 121,875 | United States | 1.7% |
|     AngloGold Ashanti Holdings      | 5.375% due 04/15/2020 | 100,000 | 101,050 | South Africa | 1.4% |
|                                          |
|                                          | 250,000               | 222,925 |   | 3.1% |
|                                          |
| Technology                                    |                  |
|                                          |
|     Hewlett Packard                 | 4.65% due 12/09/2021  | 100,000 | 105,964 | United States | 1.5% |
|                                          |
|                                          | 100,000               | 105,964 |   | 1.5% |
|                                          |
| Utilities                                     |                  |
|                                          |
|     Iberdrola International         | 5.75% due 02/27/2049  | 100,000 | 119,455 | Spain | 1.7% |
|                                          |
|                                          | 100,000               | 119,455 |   | 1.7% |
|                                          |
| Total Corporate Bonds                         |                  | $3,002,000 | $2,539,932 |   | 35.4% |

 

| Government Bonds — 8.3%            | Coupon / Maturity     | Face Amount | Market Value | Country¹ | Percentage of Assets |
|------------------------------------------|-----------------------|-------------|--------------|---------------|----------------------|
|                                     |
| Foreign Government Bonds                 |                  |
|                                     |
|     Colombia Republic          | 8.375% due 02/15/2027 | $125,000    | $156,250     | Colombia      | 2.2%                 |
|     Federal Republic of Brazil | 8.50% due 01/05/2024  | $750,000    | 185,757      | Brazil        | 2.6%                 |
|     Mexico Bonos Desarrollo    | 6.50% due 06/10/2021  | MXN 35,000  | 197,015      | Mexico        | 2.7%                 |
|     Republic of South Africa   | 8.25% due 09/15/2017  | ZAR 900,000 | 57,359       | South Africa  | 0.8%                 |
|                                     |
|                                     | 596,381               |        | 8.3%         |
|                                     |
| Continued on next page.                  |

 

| The accompanying notes are an integral part of these financial statements. | Semi-Annual Report | May 31, 2016 | 29 |
|----------------------------------------------------------------------------|--------------------|--------------|----|

----

## Sextant Global High Income Fund

| Schedule of Investments                                                                                                                                                                            | As of May 31, 2016                                             |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------|
| Municipal Bonds — 3.7%                                                                                                                                                                       | Coupon / Maturity                                              | Face Amount | Market Value | Country¹ | Percentage of Assets |
|                                                                                                                                                                                               |
| Revenue                                                                                                                                                                                            |                                                           |
|                                                                                                                                                                                               |
|     Colony TX Local Development                                                                                                                                                          | 7.00% due 10/01/2027                                           | $100,000 | $104,429 | United States | 1.5% |
|     Colony TX Local Development5                                                                                                                                                         | 7.625% due 10/01/2042                                          | 50,000 | 50,295 | United States | 0.7% |
|     Colony TX NFM Sales Tax Revenue5                                                                                                                                                     | 7.25% due 10/01/2033                                           | 50,000 | 49,624 | United States | 0.7% |
|     Puerto Rico Aqueduct & Sewer5                                                                                                                                                    | 5.00% due 07/01/2019                                           | 85,000 | 58,337 | Puerto Rico | 0.8% |
|                                                                                                                                                                                               |
|                                                                                                                                                                                               | $285,000                                                       | 262,685 |   | 3.7% |
|                                                                                                                                                                                               |
| Total investments                                                                                                                                                                                  | (Cost = $7,594,085)                                            |   | 6,669,338 |   | 93.0% |
| Other assets (net of liabilities)                                                                                                                                                                  |                                                           | 505,427 |   | 7.0% |
| Total net assets                                                                                                                                                                                   |                                                           | $7,174,765 |   | 100.0% |
| ¹ Country of domicile² Non-income producing³ Security in default4 Amount is less than 0.05%5 Indicates an odd lot. Please refer to page 48 for more information regarding odd lots. | ADS: American Depositary ShareADR: American Depositary Receipt |

 

| Countries                                              |
|--------------------------------------------------------|
|                                                   |
| Weightings shown are a percentage of total net assets. |

 

| Bond Quality Diversification      |
|-----------------------------------|
| % of Total Net Assets             |   |
| Rated "A3"              | 5.9% | █ |  |
| Rated "Baa2"            | 5.9% | █ |
| Rated "Baa3"            | 8.4% | █ |
| Rated "Ba2"             | 4.5% | █ |
| Rated "Ba3"             | 2.0% | █ |
| Rated "B1"              | 5.8% | █ |
| Rated "B3"              | 3.0% | █ |
| Rated "Caa2"            | 0.5% | █ |
| Rated "Caa3"            | 0.8% | █ |
| Not rated                         | 10.6% | █ |
| Equity                            | 45.6% | █ |
| Other assets (net of liabilities) | 7.0% | █ |

Credit ratings are determined by Moody's Investors Service, a Nationally Recognized Statistical Rating Organization.  If Moody's does not rate a particular security, that security is categorized as not rated. 

 

| 30 | May 31, 2016 | Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|--------------|--------------------|----------------------------------------------------------------------------|

----

## Sextant Global High Income Fund

| Statement of Assets and Liabilities                                                | As of May 31, 2016 |
|------------------------------------------------------------------------------------|--------------------|
|                                                                               |
| Assets                                                                             |
|     Investments in securities, at value      (Cost $7,594,085) | $6,669,338         |
|     Cash                                                                 | 421,313            |
|     Dividends and interest receivable                                    | 80,667             |
|     Prepaid expenses                                                     | 5,262              |
|     Receivable for Fund shares sold                                      | 1,731              |
|         Total assets                                           | 7,178,311          |
| Liabilities                                                                        |
|     Payable to affiliates                                                | 3,249              |
|     Accrued distribution fee                                             | 297                |
|         Total liabilities                                      | 3,546              |
| Net assets                                                                         | $7,174,765         |
|                                                                               |
| Analysis of net assets                                                             |
| Paid-in capital (unlimited shares authorized, without par value)                   | $7,967,483         |
| Undistributed net investment income                                                | 164,114            |
| Accumulated net realized loss                                                      | (31,758)           |
| Unrealized net depreciation on investments                                         | (925,074)          |
| Net assets applicable to Fund shares outstanding                                   | $7,174,765         |
|                                                                               |
| Fund shares outstanding                                                            | 776,587            |
|                                                                               |
| Net asset value, offering, and redemption price per share                          | $9.24              |

 

| Statement of Operations                                                     | Period ended May 31, 2016 |
|-----------------------------------------------------------------------------|---------------------------|
|                                                                        |
| Investment income                                                           |
|     Interest income                                               | $119,605                  |
|     Dividends (net of foreign tax of $11,845)                     | 75,311                    |
|         Total investment income                         | 194,916                   |
| Expenses                                                                    |
|     Investment adviser fees                                       | 10,119                    |
|     Distribution fees                                             | 8,515                     |
|     Filing and registration fees                                  | 8,117                     |
|     Audit fees                                                    | 2,597                     |
|     Chief Compliance Officer expenses                             | 1,393                     |
|     Trustee fees                                                  | 1,044                     |
|     Printing and postage                                          | 790                       |
|     Retirement plan custodial fees                                | 672                       |
|     Other expenses                                                | 452                       |
|     Custodian fees                                                | 264                       |
|     Legal fees                                                    | 165                       |
|         Total gross expenses                            | 34,128                    |
|     Less adviser fees waived                                      | (3,062)                   |
|     Less custodian fee credits                                    | (264)                     |
|         Net expenses                                    | 30,802                    |
| Net investment income                                                       | $164,114                  |
|                                                                        |
|                                                                        |
| Net realized gain from investments and foreign currency                     | $74,725                   |
| Net increase in unrealized appreciation on investments and foreign currency | 31,109                    |
| Net gain on investments                                                     | $105,834                  |
|                                                                        |
| Net increase in net assets resulting from operations                        | $269,948                  |

| The accompanying notes are an integral part of these financial statements. | Semi-Annual Report | May 31, 2016 | 31 |
|----------------------------------------------------------------------------|--------------------|--------------|----|

----

## Sextant Global High Income Fund

| Statements of Changes in Net Assets                                | Period ended May 31, 2016 | Year ended Nov. 30, 2015 |
|--------------------------------------------------------------------|---------------------------|--------------------------|
| Increase (decrease) in net assets from operations                  |
| From operations                                                    |
|     Net investment income                                | $164,114                  | $379,693                 |
|     Net realized gain (loss) on investments              | 74,725                    | (43,833)                 |
|     Net increase (decrease) in unrealized appreciation   | 31,109                    | (1,242,969)              |
|         Net increase (decrease) in net assets  | 269,948                   | (907,109)                |
| Distributions to shareowners from                                  |
|     Net investment income                                | -                         | (382,139)                |
| Capital share transactions                                         |
|     Proceeds from sales of shares                        | 686,164                   | 1,492,429                |
|     Value of shares issued in reinvestment of dividends  | -                         | 373,666                  |
|     Cost of shares redeemed                              | (733,006)                 | (1,332,329)              |
|         Net increase (decrease) in net assets  | (46,842)                  | 533,766                  |
| Total increase (decrease) in net assets                            | 223,106                   | (755,482)                |
|                                                               |
| Net assets                                                         |
| Beginning of period                                                | 6,951,659                 | 7,707,141                |
| End of period                                                      | 7,174,765                 | 6,951,659                |
|                                                               |
| Undistributed net investment income                                | $164,114                  | $ -                      |
|                                                               |
| Shares of the Fund sold and redeemed                               |
|     Number of shares sold                                | 78,211                    | 144,244                  |
|     Number of shares issued in reinvestment of dividends | -                         | 42,032                   |
|     Number of shares redeemed                            | (83,731)                  | (133,404)                |
| Net increase (decrease) in number of shares outstanding            | (5,520)                   | 52,872                   |

 

| Financial Highlights                                                                             | Period ended | For Year ended November 30, | Period ended¹ |
|--------------------------------------------------------------------------------------------------|--------------|-----------------------------|--------------------|
| Selected data per share of outstanding capital stock throughout each period:                     | May 31, 2016 | 2015                        | 2014               | 2013 | Nov. 30, 2012 |
| Net asset value at beginning of period                                                           | $8.89        | $10.57                      | $10.51             | $9.90 | $10.00 |
| Income from investment operations                                                                |
|     Net investment income                                                              | 0.21         | 0.52                        | 0.48               | 0.37 | 0.18 |
|     Net gain (loss) on securities (both realized and unrealized)                       | 0.14         | (1.68)                      | 0.07               | 0.63 | (0.10) |
| Total from investment operations                                                                 | 0.35         | (1.16)                      | 0.55               | 1.00 | 0.08 |
| Less distributions                                                                               |
|     Dividends (from net investment income)                                             | -            | (0.52)                      | (0.49)             | (0.39) | (0.18) |
| Total distributions                                                                              | -            | (0.52)                      | (0.49)             | (0.39) | (0.18) |
|                                                                                             |
| Net asset value at end of period                                                                 | $9.24        | $8.89                       | $10.57             | $10.51 | $9.90 |
|                                                                                             |
| Total return                                                                                     | 3.94%²  | (11.01)%                    | 5.27%              | 10.06% | 0.76%² |
|                                                                                             |
| Ratios / supplemental data                                                                       |
| Net assets ($000), end of period                                                                 | $7,175       | $6,952                      | $7,707             | $6,388 | $4,730 |
| Ratio of expenses to average net assets                                                          |
|     Before fee waivers                                                                 | 1.01%³  | 1.06%                       | 1.41%              | 1.25% | 1.22%³ |
|     After fee waivers                                                                  | 0.92%³  | 0.90%                       | 0.91%              | 0.91% | 0.90%³ |
|     After fee waivers and custodian fee credits                                        | 0.91%³  | 0.89%                       | 0.90%              | 0.90% | 0.90%³ |
| Ratio of net investment income after fee waivers and custodian fee credits to average net assets | 4.85%³  | 4.87%                       | 4.75%              | 3.87% | 3.03%³ |
| Portfolio turnover rate                                                                          | 3%           | 40%                         | 11%                | 23% | 32%² |
| ¹ Operations commenced March 30, 2012² Not annualized³ Annualized                 |

 

| 32 | May 31, 2016 | Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|--------------|--------------------|----------------------------------------------------------------------------|

----

## Sextant Growth Fund

Performance Summary

| Average Annual Total Returns as of May 31, 2016 |
|-------------------------------------------------|
|                                            | 1 Year | 5 Year | 10 Year | Expense Ratio¹ |
| Sextant Growth Fund                             | -7.31% | 7.83% | 5.71% | 0.90% |
| S&P 500 Index                               | 1.72% | 11.65% | 7.40% | n/a |

Growth of $10,000

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Comparison of any mutual fund to a market index must be made bearing in mind that the index is expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on May 31, 2006, to an identical amount invested in the S&P 500 Index, an index comprised of 500 widely held common stocks considered to be representative of the US stock market in general. The graph shows that an investment in the Fund would have risen to $17,420 versus $20,440 in the index. |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Past performance does not guarantee future results.** The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.

¹ By regulation, the expense ratio shown in this table is as stated in the Fund's most recent prospectus, which is dated March 29, 2016, and incorporates results for the fiscal year ended November 30, 2015. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods. |

Fund Objective

The objective of the Growth Fund is long-term capital growth.

| Top Ten Holdings                  |                   | Portfolio Diversification                |
|-----------------------------------|------------------------|------------------------------------------|
| % of Total Net Assets             | % of Total Net Assets  |                                     |
| Facebook, Class A                 | 6.1%                   | Internet Media                           | 9.8% | █ |  |
| Apple                             | 5.3%                   | Consumer Finance                         | 7.8% | █ |
| FLEETCOR Technologies             | 4.9%                   | Biotech                                  | 6.8% | █ |
| TJX Companies                     | 4.4%                   | Specialty Chemicals                      | 6.2% | █ |
| Starbucks                         | 3.7%                   | Communications Equipment                 | 5.3% | █ |
| Alphabet, Class A                 | 3.7%                   | Apparel, Footwear & Accessory Design | 4.5% | █ |
| CVS Health                        | 3.5%                   | Specialty Apparel Stores                 | 4.4% | █ |
| BlackRock                         | 3.4%                   | Home Products Stores                     | 4.2% | █ |
| Ashland                           | 3.3%                   | Auto Parts                               | 4.1% | █ |
| Nike, Class B                     | 3.3%                   | Restaurants                              | 3.7% | █ |
|                              | Food & Drug Stores | 3.5%                                     | █ |
| Investment Management             | 3.4%                   | █                                  |
| Diversified Banks                 | 3.1%                   | █                                  |
| Infrastructure Software           | 2.9%                   | █                                  |
| Home Improvement                  | 2.8%                   | █                                  |
| E-Commerce Discretionary          | 2.7%                   | █                                  |
| Application Software              | 2.7%                   | █                                  |
| Other Commercial Services         | 2.6%                   | █                                  |
| Industries < 2.5%              | 14.1%                  | █                                  |
| Other assets (net of liabilities) | 5.4%                   | █                                  |

| Semi-Annual Report | May 31, 2016 | 33 |
|--------------------|--------------|----|

----

## Sextant Growth Fund

| Schedule of Investments                        | As of May 31, 2016 |
|------------------------------------------------|--------------------|
| Common Stock — 94.6%                     | Number of Shares   | Cost | Market Value | Percentage of Assets |
|                                           |
| Communications                                 |               |
|                                           |
|  Internet Media                           |
|     Alphabet, Class A¹          | 1,998              | $1,175,995 | $1,496,202 | 3.7% |
|     Facebook, Class A¹          | 21,104             | 1,273,437 | 2,507,366 | 6.1% |
|                                           |
|                                           | 2,449,432          | 4,003,568 | 9.8% |
|                                           |
| Consumer Discretionary                         |               |
|                                           |
|  Airlines                                 |
|     Alaska Air                       | 11,222             | 195,954 | 745,141 | 1.8% |
|                                           |
|  Apparel, Footwear & Accessory Design |
|     Nike                             | 24,510             | 1,330,830 | 1,353,442 | 3.3% |
|     Under Armour¹               | 13,390             | 575,823 | 505,205 | 1.2% |
|                                           | 1,906,653          | 1,858,647 | 4.5% |
|                                           |
|  Auto Parts                               |
|     Harman International Industries  | 10,000             | 806,850 | 782,400 | 1.9% |
|     Johnson Controls                 | 20,000             | 838,680 | 883,000 | 2.2% |
|                                           | 1,645,530          | 1,665,400 | 4.1% |
|                                           |
|  E-Commerce Discretionary                 |
|     Amazon.com¹                 | 1,529              | 278,191 | 1,105,146 | 2.7% |
|                                           |
|  Home Improvement                         |
|     Stanley Black & Decker       | 9,984              | 917,587 | 1,129,989 | 2.8% |
|                                           |
|  Home Products Stores                     |
|     Home Depot                       | 5,464              | 611,366 | 721,904 | 1.8% |
|     Lowe's                           | 12,500             | 241,788 | 1,001,625 | 2.4% |
|                                           | 853,154            | 1,723,529 | 4.2% |
|                                           |
|  Jewelry & Watch Stores               |
|     Signet Group                     | 10,000             | 1,164,872 | 989,700 | 2.4% |
|                                           |
|  Other Commercial Services                |
|     Ecolab                           | 9,230              | 1,049,561 | 1,082,125 | 2.6% |
|                                           |
|  Restaurants                              |
|     Starbucks                        | 27,758             | 1,298,606 | 1,523,637 | 3.7% |
|                                           |
|  Specialty Apparel Stores                 |
|     TJX Companies                    | 23,847             | 1,548,222 | 1,815,234 | 4.4% |
|                                           |
|                                           | 10,858,330         | 13,638,548 | 33.2% |
|                                           |
| Continued on next page.                        |

 

| 34 | May 31, 2016 | Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|--------------|--------------------|----------------------------------------------------------------------------|

----

## Sextant Growth Fund

| Schedule of Investments                   | As of May 31, 2016 |
|-------------------------------------------|--------------------|
| Common Stock — 94.6%                | Number of Shares   | Cost | Market Value | Percentage of Assets |
|                                      |
| Consumer Staples                          |               |
|                                      |
|  Food & Drug Stores              |
|     CVS Health                  | 15,067             | $791,143 | $1,453,212 | 3.5% |
|                                      |
|  Mass Merchants                      |
|     Costco Wholesale            | 6,243              | 784,598 | 928,771 | 2.3% |
|                                      |
|                                      | 1,575,741          | 2,381,983 | 5.8% |
|                                      |
| Financials                                |               |
|                                      |
|  Banks                               |
|     Signature Bank¹        | 7,052              | 999,222 | 952,020 | 2.3% |
|                                      |
|  Consumer Finance                    |
|     FLEETCOR Technologies¹ | 13,379             | 1,933,099 | 1,991,999 | 4.8% |
|     Mastercard, Class A         | 12,722             | 1,160,778 | 1,220,040 | 3.0% |
|                                      | 3,093,877          | 3,212,039 | 7.8% |
|                                      |
|  Diversified Banks                   |
|     JP Morgan Chase             | 19,205             | 1,156,926 | 1,253,510 | 3.1% |
|                                      |
|  Investment Management               |
|     BlackRock                   | 3,885              | 1,258,307 | 1,413,557 | 3.4% |
|                                      |
|                                      | 6,508,332          | 6,831,126 | 16.6% |
|                                      |
| Health Care                               |               |
|                                      |
|  Biotech                             |
|     Amgen                       | 5,267              | 555,197 | 831,922 | 2.0% |
|     Biogen¹                | 1,500              | 422,379 | 434,595 | 1.1% |
|     Gilead Sciences             | 7,064              | 698,595 | 614,992 | 1.5% |
|     Medivation¹            | 14,632             | 731,509 | 884,651 | 2.2% |
|                                      | 2,407,680          | 2,766,160 | 6.8% |
|                                      |
|  Life Science Equipment              |
|     Abbott Laboratories         | 20,799             | 646,854 | 824,264 | 2.0% |
|                                      |
|  Specialty Pharma                    |
|     Allergan¹              | 3,333              | 1,002,734 | 785,755 | 1.9% |
|                                      |
|                                      | 4,057,268          | 4,376,179 | 10.7% |
|                                      |
| Industrials                               |               |
|                                      |
|  Building Sub Contractors            |
|     EMCOR                       | 11,693             | 456,380 | 556,002 | 1.4% |
|                                      |
|                                      | 456,380            | 556,002 | 1.4% |
|                                      |
| Continued on next page.                   |

 

| The accompanying notes are an integral part of these financial statements. | Semi-Annual Report | May 31, 2016 | 35 |
|----------------------------------------------------------------------------|--------------------|--------------|----|

----

## Sextant Growth Fund

| Schedule of Investments              | As of May 31, 2016 |
|--------------------------------------|--------------------|
| Common Stock — 94.6%           | Number of Shares   | Cost | Market Value | Percentage of Assets |
|                                 |
| Materials                            |               |
|                                 |
|  Specialty Chemicals            |
|     Ashland                | 11,960             | $1,296,037 | $1,355,786 | 3.3% |
|     RPM International      | 23,400             | 967,927 | 1,174,446 | 2.9% |
|                                 |
|                                 | 2,263,964          | 2,530,232 | 6.2% |
|                                 |
| Technology                           |               |
|                                 |
|  Application Software           |
|     Adobe Systems¹    | 11,000             | 144,216 | 1,094,170 | 2.7% |
|                                 |
|  Communications Equipment       |
|     Apple                  | 21,767             | 579,502 | 2,172,782 | 5.3% |
|                                 |
|  Infrastructure Software        |
|     Microsoft              | 22,757             | 1,052,448 | 1,206,121 | 2.9% |
|                                 |
|                                 | 1,776,166          | 4,473,073 | 10.9% |
|                                 |
| Total investments                    | $29,945,613        | 38,790,711 | 94.6% |
| Other assets (net of liabilities)    |               | 2,218,910 | 5.4% |
| Total net assets                     |               | $41,009,621 | 100.0% |
| ¹ Non income producing security |

 

| 36 | May 31, 2016 | Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|--------------|--------------------|----------------------------------------------------------------------------|

----

## Sextant Growth Fund

| Statement of Assets and Liabilities                                                 | As of May 31, 2016 |
|-------------------------------------------------------------------------------------|--------------------|
|                                                                                |
| Assets                                                                              |
|     Investments in securities, at value      (Cost $29,945,613) | $38,790,711        |
|     Cash                                                                  | 2,377,119          |
|     Dividends receivable                                                  | 32,007             |
|     Receivable for Fund shares sold                                       | 7,144              |
|     Insurance reserve premium                                             | 1,215              |
|         Total assets                                            | 41,208,196         |
| Liabilities                                                                         |
|     Payable for Fund shares redeemed                                      | 161,954            |
|     Payable to affiliates                                                 | 26,110             |
|     Accrued expenses                                                      | 8,820              |
|     Accrued distribution fee                                              | 1,691              |
|         Total liabilities                                       | 198,575            |
| Net assets                                                                          | $41,009,621        |
|                                                                                |
| Analysis of net assets                                                              |
|     Paid-in capital (unlimited shares authorized, without par value)      | $31,453,599        |
|     Undistributed net investment income                                   | 101,959            |
|     Accumulated net realized gain                                         | 608,965            |
|     Unrealized net appreciation on investments                            | 8,845,098          |
| Net assets applicable to Fund shares outstanding                                    | $41,009,621        |
|                                                                                |
| Fund shares outstanding                                                             | 1,802,520          |
|                                                                                |
| Net asset value, offering, and redemption price per share                           | $22.75             |

 

| Statement of Operations                                | Period ended May 31, 2016 |
|--------------------------------------------------------|---------------------------|
|                                                   |
| Investment income                                      |
|     Dividends                                | $232,532                  |
|         Total investment income    | $232,532                  |
| Expenses                                               |
|     Distribution fees                        | 54,416                    |
|     Investment adviser fees                  | 51,676                    |
|     Audit fees                               | 13,399                    |
|     Filing and registration fees             | 9,826                     |
|     Chief Compliance Officer expenses        | 9,764                     |
|     Trustee fees                             | 5,567                     |
|     Retirement plan custodial fees           | 5,434                     |
|     Printing and postage                     | 4,632                     |
|     Other expenses                           | 2,819                     |
|     Custodian fees                           | 1,087                     |
|     Legal fees                               | 1,084                     |
|         Total gross expenses       | 159,704                   |
|     Less custodian fee credits               | (1,087)                   |
|         Net expenses               | 158,617                   |
| Net investment income                                  | $73,915                   |
|                                                   |
|                                                   |
| Net realized gain from investments                     | $608,901                  |
| Net decrease in unrealized appreciation on investments | (3,565,649)               |
| Net loss on investments                                | $(2,956,748)              |
|                                                   |
| Net decrease in net assets resulting from operations   | $(2,882,833)              |

 

| The accompanying notes are an integral part of these financial statements. | Semi-Annual Report | May 31, 2016 | 37 |
|----------------------------------------------------------------------------|--------------------|--------------|----|

----

## Sextant Growth Fund

| Statements of Changes in Net Assets                                | Period ended May 31, 2016 | Year ended Nov. 30, 2015 |
|--------------------------------------------------------------------|---------------------------|--------------------------|
| Increase (decrease) in net assets from operations                  |
| From operations                                                    |
|     Net investment income                                | $73,915                   | $75,927                  |
|     Net realized gain on investments                     | 608,901                   | 4,478,668                |
|     Net decrease in unrealized appreciation              | (3,565,649)               | (5,218,051)              |
|         Net decrease in net assets             | (2,882,833)               | (663,456)                |
| Distributions to shareowners from                                  |
|     Net investment income                                | -                         | (76,776)                 |
|     Capital gains                                        | -                         | (4,478,604)              |
|         Total distributions                    | -                         | (4,555,380)              |
| Capital share transactions                                         |
|     Proceeds from sales of shares                        | 2,067,328                 | 29,831,228               |
|     Value of shares issued in reinvestment of dividends  | -                         | 4,491,982                |
|     Cost of shares redeemed                              | (14,042,012)              | (19,100,240)             |
|         Net increase (decrease) in net assets  | (11,974,684)              | 15,222,970               |
| Total increase (decrease) in net assets                            | (14,857,517)              | 10,004,134               |
|                                                               |
| Net assets                                                         |
| Beginning of period                                                | 55,867,138                | 45,863,004               |
| End of period                                                      | 41,009,621                | 55,867,138               |
|                                                               |
| Undistributed net investment income                                | $101,959                  | $28,044                  |
|                                                               |
| Shares of the Fund sold and redeemed                               |
|     Number of shares sold                                | 92,146                    | 1,128,605                |
|     Number of shares issued in reinvestment of dividends | -                         | 186,932                  |
|     Number of shares redeemed                            | (614,424)                 | (730,832)                |
| Net increase (decrease) in number of shares outstanding            | (522,278)                 | 584,705                  |

 

| Financial Highlights                                                             | Period ended  | For year ended November 30, |
|----------------------------------------------------------------------------------|---------------|-----------------------------|
| Selected data per share of outstanding capital stock throughout each period:     | May 31, 2016  | 2015                        | 2014 | 2013 | 2012 | 2011 |
| Net asset value at beginning of period                                           | $24.03        | $26.36                      | $23.92 | $20.35 | $18.14 | $17.70 |
| Income from investment operations                                                |
|     Net investment income                                              | 0.05          | 0.03                        | 0.02 | 0.12 | 0.08 | 0.11 |
|     Net gains (loss) on securities (both realized and unrealized)      | (1.33)        | (0.25)                      | 3.88 | 5.86 | 2.21 | 0.43 |
| Total from investment operations                                                 | (1.28)        | (0.22)                      | 3.90 | 5.98 | 2.29 | 0.54 |
| Less distributions                                                               |
|     Dividends (from net investment income)                             | -             | (0.04)                      | (0.01) | (0.13) | (0.08) | (0.09) |
|     Distributions (from capital gains)                                 | -             | (2.07)                      | (1.45) | (2.28) | - | (0.01) |
| Total distributions                                                              | -             | (2.11)                      | (1.46) | (2.41) | (0.08) | (0.10) |
|     Paid-in capital from early redemption fees                         | n/a           | -                           | n/a | - | 0.00¹ | 0.00¹ |
|                                                                             |
| Net asset value at end of period                                                 | $22.75        | $24.03                      | $26.36 | $23.92 | $20.35 | $18.14 |
|                                                                             |
| Total return                                                                     | (5.33%)² | (0.87%)                     | 16.29% | 29.39% | 12.64% | 3.07% |
|                                                                             |
| Ratios / supplemental data                                                       |
| Net assets ($000), end of period                                                 | $41,010       | $55,867                     | $45,863 | $36,574 | $25,250 | $22,868 |
| Ratio of expenses to average net assets                                          |
|     Before custodian fee credits                                       | 0.74%³   | 0.90%                       | 1.05% | 0.94% | 1.10% | 0.84% |
|     After custodian fee credits                                        | 0.73%³   | 0.90%                       | 1.05% | 0.94% | 1.10% | 0.84% |
| Ratio of net investment income after custodian fee credits to average net assets | 0.34%³   | 0.13%                       | 0.07% | 0.59% | 0.42% | 0.57% |
| Portfolio turnover rate                                                          | 14%           | 68%                         | 23% | 29% | 10% | 15% |
| ¹ Amount is less than $0.01² Not annualized³ Annualized           |

 

| 38 | May 31, 2016 | Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|--------------|--------------------|----------------------------------------------------------------------------|

----

## Sextant International Fund

Performance Summary

| Average Annual Total Returns as of May 31, 2016 |
|-------------------------------------------------|
|                                            | 1 Year | 5 Year | 10 Year | Expense Ratio¹ |
| Sextant International Fund                      | -9.92% | -0.51% | 3.09% | 1.05% |
| MSCI EAFE Index                                 | -9.24% | 2.58% | 2.40% | n/a |

Growth of $10,000

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Comparison of any mutual fund to a market index must be made bearing in mind that the index is unmanaged, and expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on May 31, 2006, to an identical amount invested in the  MSCI EAFE Index, an international index focused on Europe, Australasia, and the Far East. The graph shows that an investment in the Fund would have risen to $13,560 versus $12,677 in the Index. |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Past performance does not guarantee future results.** The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.

¹ By regulation, the expense ratio shown in this table is as stated in the Fund's most recent prospectus, which is dated March 29, 2016, and incorporates results for the fiscal year ended November 30, 2015. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods. |

Fund Objective

The objective of the International Fund is long-term capital growth.

| Top Ten Holdings                  |                  | Portfolio Diversification   |
|-----------------------------------|-----------------------|-----------------------------|
| % of Total Net Assets             | % of Total Net Assets |                        |
| Wolters Kluwer                    | 7.4%                  | Application Software        | 12.3% | █ |  |
| Dassault Systemes ADR             | 6.8%                  | Telecom Carriers            | 9.4% | █ |
| ASML                              | 6.1%                  | Large Pharma                | 8.6% | █ |
| NICE Systems ADS                  | 5.5%                  | Information Services        | 7.4% | █ |
| Toronto-Dominion Bank             | 5.0%                  | Banks                       | 7.1% | █ |
| Unilever ADS                      | 4.9%                  | Semiconductor Manufacturing | 6.1% | █ |
| Toyota Motor ADS                  | 4.8%                  | Household Products          | 4.9% | █ |
| Novartis ADR                      | 4.6%                  | Automobiles                 | 4.8% | █ |
| BASF ADR                          | 4.4%                  | Integrated Oils             | 4.5% | █ |
| Novo Nordisk ADS                  | 4.0%                  | Specialty Chemicals         | 4.4% | █ |
|                              | Lodging               | 3.9%                        | █ |
| Beverages                         | 3.9%                  | █                     |
| Diversified Banks                 | 2.9%                  | █                     |
| Specialty Pharma                  | 2.7%                  | █                     |
| Airlines                          | 2.2%                  | █                     |
| E-Commerce Discretionary          | 2.0%                  | █                     |
| Industries < 2%                | 7.1%                  | █                     |
| Other assets (net of liabilities) | 5.8%                  | █                     |

 

| Semi-Annual Report | May 31, 2016 | 39 |
|--------------------|--------------|----|

----

## Sextant International Fund

| Schedule of Investments                                     | As of May 31, 2016 |
|-------------------------------------------------------------|--------------------|
| Common Stocks — 94.2%                                 | Number of Shares   | Cost | Market Value | Country¹ | Percentage of Assets |
|                                                        |
| Communications                                              |               |
|                                                        |
|  Telecom Carriers                                      |
|     BCE                                           | 50,000             | $1,164,294 | $2,302,000 | Canada | 3.3% |
|     SK Telecom ADR                                | 30,000             | 511,437 | 624,900 | South Korea | 0.9% |
|     Telefonica ADS                                | 129,570            | 1,906,069 | 1,351,415 | Spain | 1.9% |
|     Telus                                         | 50,000             | 710,475 | 1,584,000 | Canada | 2.3% |
|     Turkcell Iletisim Hizmetleri ADS²        | 75,000             | 1,028,401 | 690,000 | Turkey | 1.0% |
|                                                        |
|                                                        | 5,320,676          | 6,552,315 |   | 9.4% |
|                                                        |
| Consumer Discretionary                                      |               |
|                                                        |
|  Airlines                                              |
|     Copa Holdings, Class A                        | 30,000             | 1,766,222 | 1,547,100 | Panama | 2.2% |
|                                                        |
|  Automobiles                                           |
|     Toyota Motor ADS                              | 32,000             | 2,425,043 | 3,309,120 | Japan | 4.8% |
|                                                        |
|  E-Commerce Discretionary                              |
|     MercadoLibre                                  | 10,000             | 829,340 | 1,365,000 | Argentina³ | 2.0% |
|                                                        |
|  Lodging                                               |
|     Belmond, Class A²                        | 288,500            | 2,720,067 | 2,743,635 | Bermuda | 3.9% |
|                                                        |
|                                                        | 7,740,672          | 8,964,855 |   | 12.9% |
|                                                        |
| Consumer Staples                                            |               |
|                                                        |
|  Beverages                                             |
|     Fomento Economico Mexico ADS                  | 30,000             | 1,614,722 | 2,720,400 | Mexico | 3.9% |
|                                                        |
|  Food & Drug Stores                                |
|     Carrefour ADS                                 | 170,000            | 761,908 | 923,100 | France | 1.3% |
|                                                        |
|  Household Products                                    |
|     Unilever ADS                                  | 75,000             | 2,284,504 | 3,417,000 | United Kingdom | 4.9% |
|                                                        |
|                                                        | 4,661,134          | 7,060,500 |   | 10.1% |
|                                                        |
| Energy                                                      |               |
|                                                        |
|  Integrated Oils                                       |
|     Statoil ADS                                   | 60,000             | 1,551,895 | 945,600 | Norway | 1.4% |
|     Total ADS                                     | 45,000             | 2,528,346 | 2,183,400 | France | 3.1% |
|                                                        |
|                                                        | 4,080,241          | 3,129,000 |   | 4.5% |
|                                                        |
| Financials                                                  |               |
|                                                        |
|  Banks                                                 |
|     Australia & New Zealand Banking Group ADS | 80,000             | 1,581,457 | 1,462,000 | Australia | 2.1% |
|     Toronto-Dominion Bank                         | 80,000             | 2,302,163 | 3,488,000 | Canada | 5.0% |
|                                                        | 3,883,620          | 4,950,000 |   | 7.1% |
|                                                        |
| Continued on next page.                                     |

 

| 40 | May 31, 2016 | Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|--------------|--------------------|----------------------------------------------------------------------------|

----

## Sextant International Fund

| Schedule of Investments                          | As of May 31, 2016 |
|--------------------------------------------------|--------------------|
| Common Stocks — 94.2%                      | Number of Shares   | Cost | Market Value | Country¹ | Percentage of Assets |
|                                             |
| Financials (continued)                           |               |
|                                             |
|  Diversified Banks                          |
|     Banco Santander ADS                | 114,955            | $962,132 | $546,036 | Spain | 0.8% |
|     Mitsubishi UFJ Financial Group ADR | 300,000            | 1,472,770 | 1,473,000 | Japan | 2.1% |
|                                             | 2,434,902          | 2,019,036 |   | 2.9% |
|                                             |
|                                             | 6,318,522          | 6,969,036 |   | 10.0% |
|                                             |
| Health Care                                      |               |
|                                             |
|  Health Care Supply Chain                   |
|     Sinopharm Group                    | 250,000            | 798,792 | 1,160,787 | China | 1.7% |
|                                             |
|  Large Pharma                               |
|     Novartis ADR                       | 40,000             | 1,987,297 | 3,180,400 | Switzerland | 4.6% |
|     Novo Nordisk ADS                   | 50,000             | 612,798 | 2,802,000 | Denmark | 4.0% |
|                                             | 2,600,095          | 5,982,400 |   | 8.6% |
|                                             |
|  Medical Equipment                          |
|     Koninklijke Philips                | 20,655             | 776,683 | 556,446 | Netherlands | 0.8% |
|                                             |
|  Specialty Pharma                           |
|     Shire ADS                          | 10,000             | 359,660 | 1,861,600 | Ireland | 2.7% |
|                                             |
|                                             | 4,535,230          | 9,561,233 |   | 13.8% |
|                                             |
| Materials                                        |               |
|                                             |
|  Agricultural Chemicals                     |
|     Potash Corp of Saskatchewan        | 39,000             | 914,639 | 636,870 | Canada | 1.0% |
|                                             |
|  Specialty Chemicals                        |
|     BASF ADR                           | 40,000             | 2,888,666 | 3,092,800 | Germany | 4.4% |
|                                             |
|                                             | 3,803,305          | 3,729,670 |   | 5.4% |
|                                             |
| Technology                                       |               |
|                                             |
|  Application Software                       |
|     Dassault Systemes ADR              | 60,000             | 2,222,944 | 4,735,500 | France | 6.8% |
|     NICE Systems ADS                   | 60,000             | 2,122,719 | 3,839,400 | Israel | 5.5% |
|                                             | 4,345,663          | 8,574,900 |   | 12.3% |
|                                             |
|  Electronics Components                     |
|     Nidec ADS                          | 53,406             | 514,164 | 1,020,055 | Japan | 1.5% |
|                                             |
|  Information Services                       |
|     Wolters Kluwer                     | 130,000            | 2,423,616 | 5,186,659 | Netherlands | 7.4% |
|                                             |
|  Semiconductor Manufacturing                |
|     ASML                               | 42,350             | 1,505,799 | 4,234,153 | Netherlands | 6.1% |
|                                             |
|                                             | 8,789,242          | 19,015,767 |   | 27.3% |
|                                             |
| Continued on next page.                          |

 

| The accompanying notes are an integral part of these financial statements. | Semi-Annual Report | May 31, 2016 | 41 |
|----------------------------------------------------------------------------|--------------------|--------------|----|

----

## Sextant International Fund

| Schedule of Investments                                                                                                                                                                                         | As of May 31, 2016 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------|
| Common Stocks — 94.2%                                                                                                                                                                                     | Number of Shares   | Cost | Market Value | Country¹ | Percentage of Assets |
|                                                                                                                                                                                                            |
| Utilities                                                                                                                                                                                                       |               |
|                                                                                                                                                                                                            |
|  Utility Networks                                                                                                                                                                                          |
|     Korea Electric Power ADS                                                                                                                                                                          | 20,000             | $304,261 | $528,200 | South Korea | 0.8% |
|                                                                                                                                                                                                            |
|                                                                                                                                                                                                            | 304,261            | 528,200 |   | 0.8% |
|                                                                                                                                                                                                            |
| Total investments                                                                                                                                                                                               |               | $45,553,283 | 65,510,576 |   | 94.2% |
| Other assets (net of liabilities)                                                                                                                                                                               |               | 4,004,166 |   | 5.8% |
| Total net assets                                                                                                                                                                                                |               | $69,514,742 |   | 100.0% |
| ¹ Country of domicile unless otherwise indicated² Non-income producing security³ Denotes a country or region of primary exposure

ADR: American Depositary ShareADR: American Depositary Receipt |

 

| Countries                                              |
|--------------------------------------------------------|
|                                                   |
| Weightings shown are a percentage of total net assets. |

 

| 42 | May 31, 2016 | Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|--------------|--------------------|----------------------------------------------------------------------------|

----

## Sextant International Fund

| Statement of Assets and Liabilities                                                 | As of May 31, 2016 |
|-------------------------------------------------------------------------------------|--------------------|
|                                                                                |
| Assets                                                                              |
|     Investments in securities, at value      (Cost $45,553,283) | $65,510,576        |
|     Cash                                                                  | 3,661,627          |
|     Dividends receivable                                                  | 434,327            |
|     Receivable for Fund shares sold                                       | 14,788             |
|     Other Receivable                                                      | 15                 |
|         Total assets                                            | 69,621,333         |
| Liabilities                                                                         |
|     Accrued expenses                                                      | 43,412             |
|     Payable to affiliates                                                 | 39,193             |
|     Payable for Fund shares redeemed                                      | 21,130             |
|     Accrued distribution fee                                              | 2,856              |
|         Total liabilities                                       | 106,591            |
| Net assets                                                                          | $69,514,742        |
|                                                                                |
| Analysis of net assets                                                              |
|     Paid-in capital (unlimited shares authorized, without par value)      | $48,755,425        |
|     Undistributed net investment gain                                     | 662,649            |
|     Accumulated net realized gain on investments                          | 139,373            |
|     Unrealized net appreciation on investments                            | 19,957,295         |
| Net assets applicable to Fund shares outstanding                                    | $69,514,742        |
|                                                                                |
| Fund shares outstanding                                                             | 4,884,423          |
|                                                                                |
| Net asset value, offering, and redemption price per share                           | $14.23             |

 

| Statement of Operations                                                     | Period ended May 31, 2016 |
|-----------------------------------------------------------------------------|---------------------------|
|                                                                        |
| Investment income                                                           |
|     Dividends (net foreign tax of $182,067)                       | $961,243                  |
|     Miscellaneous income                                          | 29                        |
|         Total investment income                         | 961,272                   |
| Expenses                                                                    |
|     Investment adviser fees                                       | 131,959                   |
|     Distribution fees                                             | 87,959                    |
|     Audit fees                                                    | 26,132                    |
|     Chief Compliance Officer expenses                             | 15,737                    |
|     Trustee fees                                                  | 9,066                     |
|     Filing and registration fees                                  | 8,325                     |
|     Printing and postage                                          | 8,073                     |
|     Other expenses                                                | 5,420                     |
|     Retirement plan custodial fees                                | 3,893                     |
|     Custodian fees                                                | 2,520                     |
|     Legal fees                                                    | 2,059                     |
|         Total gross expenses                            | 301,143                   |
|     Less custodian fee credits                                    | (2,520)                   |
|         Net expenses                                    | 298,623                   |
| Net investment income                                                       | $662,649                  |
|                                                                        |
|                                                                        |
| Net realized gain from investments and foreign currency                     | $2,019,008                |
| Net decrease in unrealized appreciation on investments and foreign currency | (3,631,313)               |
| Net loss on investments                                                     | $(1,612,305)              |
|                                                                        |
| Net decrease in net assets resulting from operations                        | $(949,656)                |

 

| The accompanying notes are an integral part of these financial statements. | Semi-Annual Report | May 31, 2016 | 43 |
|----------------------------------------------------------------------------|--------------------|--------------|----|

----

## Sextant International Fund

| Statements of Changes in Net Assets                                | Period ended May 31, 2016 | Year ended Nov. 30, 2015 |
|--------------------------------------------------------------------|---------------------------|--------------------------|
| Increase (decrease) in net assets from operations                  |
| From operations                                                    |
|     Net investment income                                | $662,649                  | $1,363,362               |
|     Net realized gain (loss) on investments              | 2,019,008                 | (355,981)                |
|     Net decrease in unrealized appreciation              | (3,631,313)               | (5,976,716)              |
|         Net decrease in net assets             | (949,656)                 | (4,969,335)              |
| Distributions to shareowners from                                  |
|     Net investment income                                | -                         | (1,345,099)              |
|     Return of capital                                    | -                         | (31,767)                 |
|         Total distributions                    | -                         | (1,376,866)              |
| Capital share transactions                                         |
|     Proceeds from sales of shares                        | 2,810,546                 | 7,651,821                |
|     Value of shares issued in reinvestment of dividends  | -                         | 1,357,046                |
|     Cost of shares redeemed                              | (10,641,652)              | (27,817,215)             |
|         Net decrease in net assets             | (7,831,106)               | (18,808,348)             |
| Total decrease in net assets                                       | (8,780,762)               | (25,154,549)             |
|                                                               |
| Net assets                                                         |
| Beginning of period                                                | 78,295,504                | 103,450,053              |
| End of period                                                      | 69,514,742                | 78,295,504               |
|                                                               |
| Undistributed net investment income                                | $662,649                  | $-                       |
|                                                               |
| Shares of the Fund sold and redeemed                               |
|     Number of shares sold                                | 206,152                   | 497,102                  |
|     Number of shares issued in reinvestment of dividends | -                         | 94,568                   |
|     Number of shares redeemed                            | (776,499)                 | (1,822,951)              |
| Net decrease in number of shares outstanding                       | (570,347)                 | (1,231,281)              |

 

| Financial Highlights                                                             | Period ended  | For year ended November 30, |
|----------------------------------------------------------------------------------|---------------|-----------------------------|
| Selected data per share of outstanding capital stock throughout each period:     | May 31, 2016  | 2015                        | 2014 | 2013 | 2012 | 2011 |
| Net asset value at beginning of period                                           | $14.35        | $15.47                      | $15.80 | $14.85 | $14.41 | $15.03 |
| Income from investment operations                                                |
|     Net investment income                                              | 0.14          | 0.25                        | 0.65 | 0.32 | 0.14 | 0.12 |
|     Net gains (losses) on securities (both realized and unrealized)    | (0.26)        | (1.11)                      | (0.35) | 0.97 | 0.44 | (0.63) |
| Total from investment operations                                                 | (0.12)        | (0.86)                      | 0.30 | 1.29 | 0.58 | (0.51) |
| Less distributions                                                               |
|     Dividends (from net investment income)                             | -             | (0.25)                      | (0.63) | (0.34) | (0.14) | (0.12) |
|     Distributions (from return of capital)                             | -             | (0.01)                      | - | - | - | - |
| Total distributions                                                              | -             | (0.26)                      | (0.63) | (0.34) | (0.14) | (0.12) |
|     Paid-in capital from early redemption fees                         | n/a           | n/a                         | n/a | 0.00¹ | 0.00¹ | 0.01 |
|                                                                             |
| Net asset value at end of period                                                 | $14.23        | $14.35                      | $15.47 | $15.80 | $14.85 | $14.41 |
|                                                                             |
| Total return                                                                     | (0.84%)² | (5.58)%                     | 1.88% | 8.67% | 4.05% | (3.31)% |
|                                                                             |
| Ratios / supplemental data                                                       |
| Net assets ($000), end of period                                                 | $69,515       | $78,296                     | $103,450 | $148,016 | $183,732 | $165,126 |
| Ratio of expenses to average net assets                                          |
|     Before custodian fee credits                                       | 0.86%³   | 1.05%                       | 0.80% | 0.66% | 1.10% | 0.88% |
|     After custodian fee credits                                        | 0.85%³   | 1.04%                       | 0.79% | 0.66% | 1.10% | 0.88% |
| Ratio of net investment income after custodian fee credits to average net assets | 1.89%³   | 1.49%                       | 3.58% | 1.69% | 0.98% | 0.81% |
| Portfolio turnover rate                                                          | 0%            | 0%                          | 3% | 7% | 10% | 7% |
| ¹ Amount is less than $0.01² Not annualized³ Annualized           |

 

| 44 | May 31, 2016 | Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|--------------|--------------------|----------------------------------------------------------------------------|

----

## Notes To Financial Statements

### NOTE 1 — Organization

Saturna Investment Trust (the "Trust") was established under Washington State Law as a business trust on February 20, 1987. The Trust is registered as an open-end, diversified management company under the Investment Company Act of 1940, as amended. Nine portfolio series have been created to date: Sextant Short-Term Bond Fund, Sextant Bond Income Fund, Sextant Core Fund, Sextant Global High Income Fund, Sextant Growth Fund, Sextant International Fund (each, a "Fund", and collectively, the "Funds"), Idaho Tax-Exempt Fund, Saturna Sustainable Equity Fund, and Saturna Sustainable Bond Fund. Idaho Tax-Exempt Fund, Saturna Sustainable Equity Fund, and Saturna Sustainable Bond Fund are offered through separate prospectuses, the results of which are contained in separate reports.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services — Investment Companies".

Sextant Growth (previously known as Idaho Limited Maturity Tax-Exempt Fund until October 12, 1990, then Northwest Growth Fund until September 28, 1995, when the investment objective of only Northwest stocks was changed) commenced operations as an equity fund on December 30, 1990. Sextant International and Sextant Short-Term Bond began operations September 28, 1995. Sextant Bond Income Fund (previously known as Washington Tax-Exempt Fund until September 28, 1995, when the investment objective of only Washington State Municipal Bonds was changed) began operations on March 1, 1993. Sextant Core Fund commenced operations March 30, 2007. Sextant Global High Income Fund commenced operations March 30, 2012.

**Investment risks:****Growth, International, Core, Short-Term Bond, Bond Income,** and **Global High Income Funds:** The value of each Fund's shares rises and falls as the value of the securities in which the Fund invests goes up and down. 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 Funds do not use derivatives to hedge currency, interest rate, or credit risk.

Liquidity risk exists when particular investments are difficult to sell. If a Fund holds illiquid investments, its portfolio may be more difficult to value, especially in changing markets. Investments by a Fund in foreign securities and those that are thinly traded, such as lower quality issuers and smaller companies, tend to involve greater liquidity risk. If a Fund is forced to sell or unwind these investments to meet redemptions or for other cash needs, the Fund may suffer a penalty. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. In such cases, the Fund, due to limitations on investments in illiquid securities and the difficulty in purchasing and selling such securities, may be unable to achieve its investment objective.

**Growth** and **Core Funds**: Smaller companies 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.

**International, Core, Short-Term Bond, Bond Income,** and **Global High Income Funds**: Foreign investing involves risks not normally associated with investing in US securities. These include fluctuations in currency exchange rates, less public information about securities, less governmental market supervision, and the 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. The risks of investing in foreign securities are typically greater in less developed or emerging countries.

**Core Fund**: The Core Fund has the risks of growth stocks, foreign securities, credit, and interest rates — but these risks are mitigated by spreading its investments in both stocks and bonds, and by favoring income-producing securities and those of larger, more seasoned companies.

**Short-Term Bond, Bond Income, Global High Income,** and **Core Funds**: Bonds entail 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.

Interest rate fluctuations affect bond prices and a Fund's net asset value, but not the income received by the Fund from its portfolio securities. Because prices and yields on debt securities vary over time, a Fund's yield also varies. Bonds with embedded callable options also contain an element of prepayment risk. When interest rates decline, issuers can retire their debt and reissue bonds at a lower interest rate. This hurts investors because yields available for reinvestment will have declined and upward price mobility on callable bonds is generally limited by the call price.

**Global High Income Fund**: Issuers of high-yield securities are generally not as strong financially as those issuing higher quality securities. These issuers are more likely to encounter financial difficulties and are more vulnerable to changes in the relevant economy, such as a recession or a sustained period of rising interest rates, that could affect their ability to make interest, principal, and dividend payments as expected. The prices of high-yield securities generally fluctuate more than those of higher quality. High-yield securities are generally more illiquid (harder to sell) and harder to value.

### NOTE 2 — Unaudited Information

The information in this interim report has not been subjected to independent audit.

### NOTE 3 — Significant Accounting Policies

The following is a summary of the significant accounting policies, in conformity with accounting principles generally accepted in the United States of America, which are consistently followed by the Funds in preparation of their financial statements.

**Security valuation:**Investments in securities traded on a national securities exchange and over-the-counter securities for which sale prices are available are valued at that price. Securities for which there are no sales are valued at the latest bid price.

Debt securities are valued using bid-side valuations provided by an independent service. The service determines valuations using factors such as yields or prices of bonds of comparable quality, type of issue, coupon maturity, ratings, trading activity, and general market conditions.

Fixed-income debt instruments, such as commercial paper, bankers' acceptances and US Treasury Bills, with a maturity of 60 days or less are valued at amortized cost, which approximates market value. Any discount or premium is accreted or amortized on a straight-line basis until maturity.

Foreign markets may close before the time as of which the Funds' share prices are determined. Because of this, events occurring after the close and before the determination of the Funds' share prices may have a material effect on the values of some or all of the Funds' foreign securities. To account for this, the Funds may use outside pricing services for valuation of their non-US securities.

In cases in which there is not a readily available market price, a fair value for such security is determined in good faith by or under the direction of the Board of Trustees.

Security transactions are recorded on the trade date. Realized gains and losses on sales of securities are recorded on the identified cost basis.

**Foreign currency:**Investment securities and other assets and liabilities denominated in

| Semi-Annual Report | May 31, 2016 | 45 |
|--------------------|--------------|----|

----

## Notes To Financial Statements (continued)

| Funds                                | **Level 1**Quoted Price | **Level 2**Significant Observable Input | **Level 3**Significant Unobservable Input | Total      |
|--------------------------------------|-------------------------|-----------------------------------------|-------------------------------------------|------------|
| Short-Term Bond                      |
| Corporate Bonds¹                | $-                      | $6,463,568                              | $-                                        | $6,463,568 |
| Government Bonds¹               | $-                      | $955,219                                | $-                                        | $955,219   |
| Total assets                         | $-                      | $7,418,787                              | $-                                        | $7,418,787 |
|                                 |
| Bond Income                          |
| Corporate Bonds¹                | $-                      | $4,557,799                              | $-                                        | $4,557,799 |
| Government Bonds¹               | $-                      | $1,370,394                              | $-                                        | $1,370,394 |
| Municipal Bonds¹                | $-                      | $1,963,315                              | $-                                        | $1,963,315 |
| Total assets                         | $-                      | $7,891,508                              | $-                                        | $7,891,508 |
|                                 |
| Core                                 |
| Common Stocks                        |
|     Communications         | $124,980                | $58,185                                 | $-                                        | $183,165   |
|     Consumer Discretionary | 305,580                 | 131,490                                 | -                                         | 437,070    |
|     Consumer Staples       | 753,627                 | -                                       | -                                         | 753,627    |
|     Energy                 | 675,986                 | -                                       | -                                         | 675,986    |
|     Financials             | 534,680                 | 143,607                                 | -                                         | 678,287    |
|     Health Care            | 1,139,844               | -                                       | -                                         | 1,139,844  |
|     Industrials            | 294,571                 | -                                       | -                                         | 294,571    |
|     Materials              | 416,679                 | -                                       | -                                         | 416,679    |
|     Technology             | 553,915                 | -                                       | -                                         | 553,915    |
|     Utilities              | 339,170                 | -                                       | -                                         | 339,170    |
| Total Common Stocks                  | $5,139,032              | $333,282                                | $-                                        | $5,472,314 |
| Corporate Bonds¹                | $-                      | $1,743,564                              | $-                                        | $1,743,564 |
| Government Bonds¹               | $-                      | $401,031                                | $-                                        | $401,031   |
| Municipal Bonds¹                | $-                      | $455,151                                | $-                                        | $455,151   |
| Total assets                         | $5,139,032              | $2,933,028                              | $-                                        | $8,072,060 |
|                                 |
| Global High Income                   |
| Common Stocks                        |
|     Communications         | $302,846                | $-                                      | $-                                        | $302,846   |
|     Consumer Discretionary | -                       | 135,692                                 | -                                         | 135,692    |
|     Energy                 | 793,052                 | -                                       | -                                         | 793,052    |
|     Financials             | 440,980                 | 124,459                                 | -                                         | 565,439    |
|     Health Care            | 282,416                 | -                                       | -                                         | 282,416    |
|     Industrials            | -                       | 287,720                                 | -                                         | 287,720    |
|     Materials              | 565,640                 | -                                       | -                                         | 565,640    |
|     Technology             | 206,720                 | -                                       | -                                         | 206,720    |
|     Utilities              | 130,815                 | -                                       | -                                         | 130,815    |
| Total Common Stocks                  | $2,722,469              | $547,871                                | $-                                        | $3,270,340 |
| Corporate Bonds¹                | $-                      | $2,539,932                              | $-                                        | $2,539,932 |
| Government Bonds¹               | $-                      | $596,381                                | $-                                        | $596,381   |
| Municipal Bonds                      |
| Revenue                              | -                       | 104,429                                 | 158,256                                   | 262,685    |
| Total Municipal Bonds                | $-                      | $104,429                                | $158,256                                  | $262,685   |
| Total assets                         | $2,722,469              | $3,788,613                              | $158,256                                  | $6,669,338 |

 

| 46 | May 31, 2016 | Semi-Annual Report |
|----|--------------|--------------------|

----

## Notes To Financial Statements (continued)

| Funds                                | **Level 1**Quoted Price | **Level 2**Significant Observable Input | **Level 3**Significant Unobservable Input | Total       |
|--------------------------------------|-------------------------|-----------------------------------------|-------------------------------------------|-------------|
| Growth                               |
| Common Stocks¹                  | $38,790,711             | $-                                      | $-                                        | $38,790,711 |
| Total assets                         | $38,790,711             | $-                                      | $-                                        | $38,790,711 |
|                                 |
| International                        |
| Common Stocks                        |
|     Communications         | $6,552,315              | $-                                      | $-                                        | $6,552,315  |
|     Consumer Discretionary | 8,964,855               | -                                       | -                                         | 8,964,855   |
|     Consumer Staples       | 7,060,500               | -                                       | -                                         | 7,060,500   |
|     Energy                 | 3,129,000               | -                                       | -                                         | 3,129,000   |
|     Financials             | 6,969,036               | -                                       | -                                         | 6,969,036   |
|     Health Care            | 8,400,446               | 1,160,787                               | -                                         | 9,561,233   |
|     Materials              | 3,729,670               | -                                       | -                                         | 3,729,670   |
|     Technology             | 13,829,108              | 5,186,659                               | -                                         | 19,015,767  |
|     Utilities              | 528,200                 | -                                       | -                                         | 528,200     |
| Total assets                         | $59,163,130             | $6,347,446                              | $-                                        | $65,510,576 |

¹ See Schedule of Investments for industry breakout.During the period ended May 31, 2016, no Fund had transfers between Level 1 and Level 2.

 

foreign currencies are translated into US dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into US dollar amounts on the respective dates of such transactions.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the US dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at the fiscal period end, resulting from changes in exchange rates.

**Share valuation:**The net asset value ("NAV") per share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for each Fund, rounded to the nearest cent. The Funds' shares are not priced or traded on days the New York Stock Exchange is closed. The NAV is the offering and redemption price per share.

**Fair value measurements:**Accounting Standards Codification (ASC) 820 establishes a three-tier framework for measuring fair value based on a hierarchy of inputs. The hierarchy distinguishes between market data obtained from independent sources (observable inputs) and the Funds' own market assumptions (unobservable inputs). These inputs are used in determining  the value of the Funds' investments and are summarized below.

> 
Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

Level 2 — Observable inputs other than quoted prices in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Trust's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of May 31, 2016 in valuing the Funds' investments carried at value:

| Global High Income Level 3 Roll-Forward Municipal Securities |
|--------------------------------------------------------------|
| Beginning balance                                            | $160,055 |
| Total unrealized losses                                      | (1,799) |
| Ending Balance                                               | 158,256 |

| Semi-Annual Report | May 31, 2016 | 47 |
|--------------------|--------------|----|

----

## Notes To Financial Statements (continued)

**Odd Lots:**The bid-side valuations provided by the independent pricing service are for institutional "round-lot" holdings ("Round Lots"). Round Lots consist of 100 bonds (approximately $100,000 each). Some of a Fund's holdings may consist of less than a Round Lot and are considered "Odd Lots."  Odd Lot municipal bonds trade at a discount to Round Lot municipal bonds to compensate for the effect of the fixed costs associated with any trade. To reflect this discount, the Funds apply a discount to the valuation of Odd Lot municipal bond holdings as shown in the following chart.

| Total Face Value | Adjustment to Price |
|------------------|---------------------|
| Under 10,000     | $ -0.750            |
| 10,000-24,999    | -0.625              |
| 25,000-49,999    | -0.500              |
| 50,000-74,999    | -0.375              |
| 75,000-99,999    | $ -0.250            |
| 100,000 and up   | none                |

An increase in the adjustment will decrease the market value of the investment.

**Investment concentration:**The Funds may have deposits of cash with the custodian from time to time for one or more reasons.  "Other assets (net of liabilities)" in the Funds' Schedules of Investments primarily represents cash on deposit with the custodian. Cash on deposit will vary widely over time. Accounting Standards Codification ("ASC") 825, "*Financial Instruments*," identifies these items as a concentration of credit risk. The risk is managed by careful financial analysis and review of the custodian's operations, resources, and protections available to the Trust. This process includes evaluation of other financial institutions providing investment company custody services.

**Federal income taxes:**The Funds intend to comply with the requirements of the Internal Revenue Code necessary to qualify as a regulated investment company and to make the requisite distributions of income and capital gains to its shareowners sufficient to relieve it from all or substantially all federal income taxes. Therefore, no federal income tax provision is required.

The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2013 — 2015) or expected to be taken in the Funds' 2016 tax returns. The Funds identify their major tax jurisdictions as US federal and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

**Reclassification of capital accounts:**Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. As of November 30, 2015, the reclassification of capital accounts were as follows:

|                                 | Short-Term Bond | Bond Income |
|--------------------------------------|-----------------|-------------|
| Undistributed net investment  income | $-              | $70         |
| Accumulated gains (losses)           | -               | -           |
| Paid-in capital                      | -               | (70)        |

 

|                                | Core    | Global High Income |
|-------------------------------------|---------|--------------------|
| Undistributed net investment income | $1,150  | $2,446             |
| Accumulated gains (losses)          | (1,099) | 5,779              |
| Paid-in capital                     | (51)    | (8,225)            |

 

|                                | Growth | International |
|-------------------------------------|--------|---------------|
| Undistributed net investment income | $-     | $(18,263)     |
| Accumulated gains (losses)          | -      | 18,263        |
| Paid-in capital                     | -      | -             |

These reclassifications were due to the treatment of foreign currencies, the tax treatment of distributions, and expiring capital loss carryforwards.

**Distributions to shareowners:**For the Sextant Short-Term Bond Fund and Sextant Bond Income Fund, dividends to shareowners from net investment income are paid daily and distributed on the last business day of each month. For the Sextant Core Fund, Sextant Global High Income Fund, Sextant Growth Fund, and Sextant International Fund, dividends to shareowners from net investment income are payable at the end of each November. Distributions of capital gains, if any, are made at least annually, and as required to comply with federal excise tax requirements. Distributions to shareowners are determined in accordance with income tax regulations and are recorded on the ex-dividend date. Dividends are paid in shares of the Funds, at the net asset value on the payable date. Shareowners may elect to take distributions if they total $10 or more in cash.

**Use of estimates:**The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Foreign taxes:**Withholding taxes on foreign dividends are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statement of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention.

**Other:**Interest income is recognized on an accrual basis. Premiums on securities purchased are amortized, and discounts are accreted over the lives of the respective securities. Dividends from equity securities are recorded as income on the ex-dividend date.

**Recent accounting pronouncement:**In May 2015, the FASB issued ASU No. 2015-07 "Disclosure for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent)." The amendments in ASU No. 2015-07 remove the requirement to categorize within the fair value hierarchy investments measured using the NAV practical expedient. The ASU also removes certain disclosure requirements for investments that qualify, but do not utilize, the NAV practical expedient. The amendments in the ASU are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Management is currently evaluating the impact these changes will have on the Fund's financial statements and related disclosures.

| 48 | May 31, 2016 | Semi-Annual Report |
|----|--------------|--------------------|

----

## Notes To Financial Statements (continued)

### NOTE 4 — Transactions with Affiliated Persons

Under contracts approved annually by the Trust's independent trustees, Saturna Capital Corporation provides investment advisory services and certain other administrative services required to conduct Trust business. Expenses incurred by the Trust on behalf of the Funds (e.g., legal fees) are allocated to the Funds on the basis of relative daily average net assets. For such services, each of the Funds pays the adviser a base Investment Advisory and Administrative Services Fee of 0.50% of average net assets per annum, payable monthly for each of the Funds. In addition, the adviser has agreed to certain limits on other expenses, as described below. 

The base Advisory Fee is subject to adjustment up or down depending on the investment performance of the Fund relative to a specified index.

- For each month in which the Fund's total investment return (change in net asset value plus all distributions reinvested) for the one year period through that month outperforms or underperforms the total return of a specified index for that period by 1% or more but less than 2%, the Base Fee is increased or decreased by the annual rate of .10% of the Fund's average daily net assets for the preceding year.
- If the outperformance or underperformance is 2% or more, then the adjustment is at the annual rate of .20%.

The Adviser has voluntarily undertaken to limit expenses of Sextant Global High Income and Sextant Bond Income Fund to 0.90%, and Sextant Short-Term Bond Fund to 0.75%, through March 31, 2017. It waives its investment advisory and administrative fee to Sextant Short-Term Bond Fund and Sextant Bond Income Fund completely should assets of such Fund be less than $2 million. For the period ended May 31, 2016, the advisory fees incurred were as follows:

|               | Adviser Fees | Adviser Fees Waived | Expense Reimbursement |
|--------------------|--------------|---------------------|-----------------------|
| Short-Term Bond    | $19,148      | $(15,915)           | $-                    |
| Bond Income        | 21,783       | (11,200)            | -                     |
| Core               | 15,305       | n/a                 | -                     |
| Global High Income | 10,119       | (3,062)             | -                     |
| Growth             | 51,676       | n/a                 | -                     |
| International      | $131,959     | n/a                 | $-                    |

In accordance with the expense limitation noted above, for the period ended May 31, 2016, Saturna Capital waived a portion of the advisory fees of the Sextant Short-Term Bond Fund, Sextant Bond Income Fund, and Sextant Global High Income Fund. The adviser cannot recoup previously waived fees.

Saturna Brokerage Services, Inc. ("SBS"), a discount brokerage and subsidiary of Saturna Capital Corporation, is registered as a broker-dealer and acts as distributor. On October 3, 2006, The Funds adopted a Distribution Plan in accordance with Rule 12b-1 under the 1940 Act. The plan provides that the Funds will pay a fee to SBS at an annual rate of .25% of the average net assets of the Funds. During the period ended May 31, 2016, the Trust paid SBS the following amounts:

| 12b-1 Fees         |
|--------------------|
| Short-Term Bond    | $9,574 |
| Bond Income        | 10,205 |
| Core               | 10,520 |
| Global High Income | 8,515 |
| Growth             | 54,416 |
| International      | $87,959 |

To the extent that these resources are derived from advisory fees paid by the Funds, these payments could be considered "revenue sharing."  Any such payments will not change the net asset value or the price of a Fund's shares.

SBS is used to effect portfolio transactions for the Trust. SBS currently executes portfolio transactions without commission. Transactions effected through other brokers are subject to commissions payable to that broker.

Saturna Trust Company ("STC"), a subsidiary of Saturna Capital, acts as retirement plan custodian for Fund shareowners. Each Fund pays an annual fee of $10 per account for retirement plan services to Saturna Trust Company. For the period ended May 31, 2016, the Funds incurred the following amounts:

| Retirement plan custodial fees |
|--------------------------------|
| Short-Term Bond                | $2,051 |
| Bond Income                    | 1,635 |
| Core                           | 1,889 |
| Global High Income             | 672 |
| Growth                         | 5,434 |
| International                  | $3,893 |

Mr. Nicholas Kaiser serves as a trustee and president of the Trust. He is also a director and the chairman of Saturna Capital and Saturna Trust Company. Mr. Kaiser is not compensated by the Trust. For the period ended May 31, 2016, the Trust incurred compensation expenses of $15,000 which is included in $20,569 of total expenses for the independent Trustees. The Sextant Funds paid $18,170 of these total expenses.

The officers of the Trust are paid by Saturna Capital, not the Trust, except the Chief Compliance Officer, who may be partially compensated by the Trust. For the period ended May 31, 2016, the Funds paid the following compensation expenses for the Chief Compliance Officer:

| Chief Compliance Officer |
|--------------------------|
| Short-Term Bond          | $1,466 |
| Bond Income              | 1,552 |
| Core                     | 1,618 |
| Global High Income       | 1,393 |
| Growth                   | 9,764 |
| International            | $15,737 |

On May 31, 2016, the trustees, officers, and their affiliates as a group owned 29.13%, 32.86%, 42.67%, 50.05%, 11.63% and 6.01% of the outstanding shares of Short-Term Bond, Bond Income, Core, Global High Income, Growth, and International Funds, respectively.

 

| Semi-Annual Report | May 31, 2016 | 49 |
|--------------------|--------------|----|

----

## Notes To Financial Statements (continued)

### NOTE 5 — Distributions to Shareowners

The tax characteristics of distributions paid during the fiscal year ended November 30, 2015, and period ended May 31, 2015, were as follows:

|                                       | Period endedMay 31, 2016 | Year endedNov. 30, 2015 |
|--------------------------------------------|--------------------------|-------------------------|
| Short-Term Bond Fund                       |
|     Ordinary income              | $42,899                  | $82,326                 |
| Bond Income Fund                           |
|     Ordinary income              | 123,305                  | 264,141                 |
| Core Fund                                  |
|     Ordinary income              | -                        | 193,556                 |
|     Long-term capital gain¹ | -                        | 257,851                 |
| Global High Income Fund                    |
|     Ordinary income              | -                        | 382,139                 |
| Growth Fund                                |
|     Ordinary income              | -                        | 76,776                  |
|     Long-term capital gain¹ | -                        | 4,478,604               |
| International Fund                         |
|     Ordinary income              | -                        | 1,345,099               |
|     Return of capital            | -                        | 31,767                  |

¹ Long-Term Capital Gain dividend designated pursuant to Section 852(b)(3) of the Internal Revenue Code.

### NOTE 6 — Federal Income Taxes

The cost basis of investments for federal income tax purposes at May 31, 2016 was as follows:

|                                           | Short-Term Bond | Bond Income |
|------------------------------------------------|-----------------|-------------|
| Cost of investments                            | $7,404,331      | $7,487,960  |
| Gross tax unrealized appreciation              | 38,251          | 523,304     |
| Gross tax unrealized depreciation              | (23,795)        | (119,756)   |
| Net tax unrealized appreciation (depreciation) | 14,456          | 403,548     |

 

|                                           | Core       | GlobalHigh Income |
|------------------------------------------------|------------|-------------------|
| Cost of investments                            | $7,329,044 | $7,594,085        |
| Gross tax unrealized appreciation              | 1,199,933  | 333,077           |
| Gross tax unrealized depreciation              | (456,917)  | (1,257,824)       |
| Net tax unrealized appreciation (depreciation) | 743,016    | (924,747)         |

 

|                                           | Growth      | International |
|------------------------------------------------|-------------|---------------|
| Cost of investments                            | $29,945,613 | $45,553,283   |
| Gross tax unrealized appreciation              | 9,741,904   | 23,652,300    |
| Gross tax unrealized depreciation              | (896,806)   | (3,695,007)   |
| Net tax unrealized appreciation (depreciation) | 8,845,098   | 19,957,293    |

As of November 30, 2015, components of distributable earnings on a tax basis were as follows:

| Short-Term Bond               |
|-------------------------------|
| Undistributed ordinary income | $1,198 |
| Tax accumulated earnings      | 1,198 |
| Accumulated capital losses    | (9,926) |
| Unrealized depreciation       | (19,005) |
| Total accumulated losses      | (27,733) |

 

| Bond Income                |
|----------------------------|
| Accumulated capital losses | $(33,190) |
| Unrealized appreciation    | 195,218 |
| Total accumulated earnings | 162,028 |

 

| Core                       |
|----------------------------|
| Unrealized appreciation    | $509,007 |
| Other unrealized losses    | (22) |
| Total accumulated earnings | 508,985 |

 

| Global High Income         |
|----------------------------|
| Accumulated capital losses | $(106,483) |
| Unrealized depreciation    | (955,786) |
| Other unrealized losses    | (397) |
| Total accumulated losses   | (1,062,666) |

 

| Growth                        |
|-------------------------------|
| Undistributed ordinary income | $28,044 |
| Tax accumulated earnings      | 28,044 |
| Accumulated capital gains     | 64 |
| Unrealized appreciation       | 12,410,747 |
| Total accumulated earnings    | 12,438,855 |

 

| International              |
|----------------------------|
| Accumulated capital losses | $(1,879,635) |
| Unrealized appreciation    | 23,588,617 |
| Other unrealized losses    | (9) |
| Total accumulated earnings | 21,708,973 |

 

| 50 | May 31, 2016 | Semi-Annual Report |
|----|--------------|--------------------|

----

## Notes To Financial Statements (continued)

As of November 30, 2015, the Funds had capital loss carryforwards as follows, subject to regulation. The Registered Investment Company Modernization Act requires that the Funds use long-term and short-term loss carryforwards with unlimited expiration prior to those with an expiration. Prior to their expiration, such loss carryforwards may be used to offset future new capital gains realized for federal income tax purposes.

|                         | Carryforward | Expiration |
|------------------------------|--------------|------------|
| Short-Term Bond              |
|                         | $9,926       | 2016       |
|                         | 9,926        |       |
|                         |
| Bond Income                  |
|                         | $12,723      | 2016       |
|                         | 20,467       | 2017       |
|                         | 33,190       |       |
|                         |
| Global High Income           |
| Long-term loss carryforward  | $106,483     | Unlimited  |
|                         | 106,483      |       |
|                         |
| International                |
|                         | $1,528,334   | 2019       |
| Short-term loss carryforward | 75,537       | Unlimited  |
| Long-term loss carryforward  | 275,764      | Unlimited  |
|                         | 1,879,635    |       |

### NOTE 7 — Investments

Investment transactions other than short-term investments For the period ended May 31, 2016, were as follows:

|               | Purchases | Sales      |
|--------------------|-----------|------------|
| Short-Term Bond    | $200,150  | $-         |
| Bond Income        | 1,086,671 | 938,013    |
| Core               | 767,575   | 648,979    |
| Global High Income | 519,859   | 231,381    |
| Growth             | 6,122,083 | 15,950,880 |
| International      | $-        | $7,636,118 |

### NOTE 8 — Custodian

Under agreements in place with the Trust's custodian, Bank of New York Mellon,  custody fees are reduced by credits for cash balances. Such reductions For the period ended May 31, 2016, were as follows:

| Custodian Fee Credits |
|-----------------------|
| Short-Term Bond       | $192 |
| Bond Income           | 204 |
| Core                  | 224 |
| Global High Income    | 264 |
| Growth                | 1,087 |
| International         | 2,520 |

### NOTE 9 — Subsequent Events

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no events or transactions during the period that materially impacted the amounts or disclosures in the Funds' financial statements.

 

| Semi-Annual Report | May 31, 2016 | 51 |
|--------------------|--------------|----|

----

## Expenses (unaudited)

All mutual funds have operating expenses. As a Sextant Fund shareowner, you incur ongoing costs, including management fees, distribution (or service) 12b-1 fees, and other fund expenses such as shareowner reports (such as this one). Operating expenses, which are deducted from a fund's gross earnings, directly reduce the investment return of a fund. Mutual funds (unlike other financial investments) only report their results after deduction of operating expenses.

With the Sextant Funds, unlike many other mutual funds, you do not incur sales charges (loads) on purchases, reinvested dividends, or other distributions. You do not incur redemption fees or exchange fees. You may incur fees related to extra services requested by you for your account, such as bank wires. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

Examples

The following example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2015, to May 31, 2016).

Actual Expenses

The first line for each Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you have invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. The Funds may charge for extra services (such as domestic bank wires, international bank wires, or overnight courier delivery of redemption checks) rendered on request, which you may need to estimate to determine your total expenses.

Hypothetical Example For Comparison Purposes

The second line provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio (based on the last six months) and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending balance or expenses you paid for the period. You may use this information to compare ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareowner reports of other mutual funds. You may wish to add other fees that are not included in the expenses shown in the table, such as charges for extra services like bank wires.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees (note that the Sextant Funds do not charge any such transactional costs). Therefore, the "Hypothetical" line of each fund is useful in comparing ongoing costs only, and may not help you determine the relative total costs of owning different funds.

|                                                   | Beginning Account Value(December 1, 2015) | Ending Account Value(May 31, 2016) | Expenses PaidDuring Period¹ | Annualized Expense Ratio |
|--------------------------------------------------------|-------------------------------------------|------------------------------------|----------------------------------|--------------------------|
| Short-Term Bond Fund                                   |
|     Actual                                   | $1,000                                    | $1,009.60                          | $3.79                            | 0.75%                    |
|     Hypothetical (5% return before expenses) | $1,000                                    | $1,021.23                          | $3.81                            | 0.75%                    |
|                                                   |
| Bond Income Fund                                       |
|     Actual                                   | $1,000                                    | $1,037.20                          | $4.51                            | 0.89%                    |
|     Hypothetical (5% return before expenses) | $1,000                                    | $1,020.57                          | $4.47                            | 0.89%                    |
|                                                   |
| Core Fund                                              |
|     Actual                                   | $1,000                                    | $1,021.30                          | $5.16                            | 1.02%                    |
|     Hypothetical (5% return before expenses) | $1,000                                    | $1,019.89                          | $5.16                            | 1.02%                    |
|                                                   |
| Global High Income Fund                                |
|     Actual                                   | $1,000                                    | $1,039.40                          | $4.61                            | 0.90%                    |
|     Hypothetical (5% return before expenses) | $1,000                                    | $1,020.48                          | $4.57                            | 0.90%                    |
|                                                   |
| Growth Fund                                            |
|     Actual                                   | $1,000                                    | $946.70                            | $3.55                            | 0.73%                    |
|     Hypothetical (5% return before expenses) | $1,000                                    | $1,021.36                          | $3.68                            | 0.73%                    |
|                                                   |
| International Fund                                     |
|     Actual                                   | $1,000                                    | $991.60                            | $4.23                            | 0.85%                    |
|     Hypothetical (5% return before expenses) | $1,000                                    | $1,020.76                          | $4.29                            | 0.85%                    |

¹ Expenses are equal to the annualized expense ratio indicated above (based on the most recent semi-annual period of December 1, 2015, through May 31, 2016), multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

 

| 52 | May 31, 2016 | Semi-Annual Report |
|----|--------------|--------------------|

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Except for this legend, this page has been left blank intentionally.

 

 

| Semi-Annual Report | May 31, 2016 | 53 |
|--------------------|--------------|----|

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### Availability of Portfolio Information

- The Sextant Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q.
- The Funds' Forms N-Q are available on the SEC's website at www.sec.gov and at www.sextantfunds.com.
- The Funds' Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
- The Funds make a complete schedule of portfolio holdings after the end of each month available to investors at www.sextantfunds.com.

### Availability of Proxy Voting Information

- A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (a) without charge, upon request, by calling Saturna Capital at 1-800-728-8762; (b) on the Funds' website at www. sextantfunds.com; and (c) on the SEC's website at www.sec.gov.
- Information regarding how each Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (a) without charge, upon request, by calling Saturna Capital at 1-800-728-8762; (b) on the Funds' website at www.sextantfunds.com; and (c) on the SEC's website at www.sec.gov.

 

| 54 | May 31, 2016 | Semi-Annual Report |
|----|--------------|--------------------|

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### Householding Policy

To reduce expenses, we may mail only one copy of the Funds' prospectus, each annual and semi-annual report, and proxy statements when necessary, to those addresses shared by two or more accounts. If you wish to receive individual and/or more copies of these documents, please call us at 1-800-728-8762 or write to us at Saturna Capital/Sextant Mutual Funds, P.O. Box N, Bellingham, WA 98227. We will begin sending you individual copies 30 days after receiving your request.

If you are currently receiving multiple copies and wish to receive only one copy, please call us at 1-800-728-8762 or write to us at Saturna Capital/Sextant Mutual Funds, P.O. Box N, Bellingham, WA 98227. We will begin sending you a single copy with subsequent report mailings.

### Privacy Statement

At Saturna Capital and Saturna Investment Trust, we understand the importance of maintaining the privacy of your financial information. We want to assure you that we protect the confidentiality of any personal information that you share with us. In addition, we do not sell information about our current or former customers.

In the course of our relationship, we gather certain nonpublic information about you, including your name, address, investment choices, and account information. We do not disclose your information to unaffiliated third parties unless it is necessary to process a transaction; service your account; deliver your account statements, shareowner reports and other information; or as required by law. When we disclose information to unaffiliated third parties, we require a contract to restrict the companies' use of customer information and from sharing or using it for any purposes other than performing the services for which they were required.

We may share information within the Saturna Capital family of companies in the course of informing you about products or services that may address your investing needs.

We maintain our own technology resources to minimize the need for any third party services, and restrict access to information within Saturna. We maintain physical, electronic, and procedural safeguards to guard your personal information. If you have any questions or concerns about the security or privacy of your information, please call us at 1-800-728-8762.

| Semi-Annual Report | May 31, 2016 | 55 |
|--------------------|--------------|----|

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|                                                                                                                   |
|------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                   |
| (logo omitted)

Saturna Capital1300 North State StreetBellingham, WA 98225www.saturna.com1-800-728-8762                | This report is issued for the information of the shareowners of the Funds. It is not authorized for distribution to prospective investors unless it is accompanied or preceded by an effective prospectus relating to the securities of the Funds. The Sextant Funds are series of Saturna Investment Trust.

Saturna Brokerage Services, Distributor |
| This report is printed on paper with a minimum of 30% post-consumer fiber using soy-based inks. It is 100% recyclable. |

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| SustainableEquity | SEEFX |   | SustainableBond | SEBFX |
|-------------------|-------|--------|-----------------|-------|

# Saturna Sustainable Funds

## Semi-Annual Report     May 31, 2016

----

## Performance Summary

| **Average Annual Returns***(before any taxes paid by shareowners)* | As of June 30, 2016 |
|--------------------------------------------------------------------|---------------------|
|                                                               | 1 Year              | 3 Year | 5 Year | 10 Year | Expense Ratio¹ |
| **Sustainable Equity Fund** (SEEFX)                                | -5.94%              | n/a | n/a | n/a | 1.23% |
| S&P Global 1200 Index                                          | -2.08%              | 7.38% | 7.05% | 5.14% | n/a |
|                                                               |
| **Sustainable Bond Fund** (SEBFX)                                  | 2.47%               | n/a | n/a | n/a | 1.02% |
| Citi WorldBIG Index                                                | 8.56%               | 2.70% | 1.77% | 4.42% | n/a |

 

| **Average Annual Returns***(before any taxes paid by shareowners)* | As of May 31, 2016 |
|--------------------------------------------------------------------|--------------------|
|                                                               | 1 Year             | 3 Year | 5 Year | 10 Year | Expense Ratio¹ |
| **Sustainable Equity Fund** (SEEFX)                                | -6.22%             | n/a | n/a | n/a | 1.23% |
| S&P Global 1200 Index                                          | -3.66%             | 6.70% | 6.88% | 5.25% | n/a |
|                                                               |
| **Sustainable Bond Fund** (SEBFX)                                  | 0.28%              | n/a | n/a | n/a | 1.02% |
| Citi WorldBIG Index                                                | 5.31%              | 1.49% | 1.27% | 4.08% | n/a |

**Performance data quoted in this report represents past performance, is before any taxes payable by shareowners, and is no guarantee of future results.** Current performance may be higher or lower than that stated herein. Performance current to the most recent month-end is available by calling toll-free 1-800-728-8762 or visiting www.saturnasustainable.com. Average annual total returns are historical and include change in share value as well as reinvestment of dividends and capital gains, if any. The 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. Funds that invest in foreign securities may involve greater risk, including political and economic uncertainties of foreign countries as well as the risk of currency fluctuations.

**A note about risk:** Please see Notes to Financial Statements beginning on page 17 for a discussion of investment risks. For a more detailed discussion of the risks associated with each Fund, please see the Funds' prospectus or each Fund's summary prospectus.

¹ By regulation, expense ratios shown in these tables are as stated in the Funds' most recent Prospectus, dated March 29, 2016. Saturna Capital, the Fund's adviser, has voluntarily capped actual expenses of the Sustainable Equity Fund at 0.99% and actual expenses of the Sustainable Bond Fund at 0.89% through March 31, 2017.

The S&P Global 1200 Index is a global stock market index covering nearly 70% of the world's equity markets. Investors cannot invest directly in the index. The Citi WorldBIG Index is a multi-asset, multi-currency benchmark, which provides a broad-based measure of the global fixed income markets. Investors cannot invest directly in the indices.

The Saturna Sustainable Funds limit the securities they purchase to those consistent with sustainable principles. This limits opportunities and may affect performance.

(photo omitted)On the cover: Hydroelectric research project site, Camp Saturna

Please consider an investment's objectives, risks, charges, and expenses carefully before investing. To obtain this and other important information about the Saturna Sustainable Funds in a prospectus or summary prospectus, ask your financial advisor, visit www.saturnasustainable.com, or call toll-free 1-800-728-8762. Please read the prospectus or summary prospectus carefully before investing.

 

| 2 | May 31, 2016 | Semi-Annual Report |
|---|--------------|--------------------|

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## Fellow Shareowners:

Welcome to the Saturna Sustainable Funds and thank you for joining us as we bring Saturna's values-based approach to sustainable investing.

The Saturna Sustainable Funds seek sustainable investments with low risks in areas of the environment, social responsibility, and governance ("ESG").

In addition to the ESG factors, Saturna Sustainable Funds seek investments in issuers with:

- Sustainable profits
- Management strength
- Risk consciousness
- Low debt
- Strong balance sheet
- High quality operations 
- Long-term focus
- Established businesses

Sustainable investing goes beyond avoiding the next potential environmental or governance crisis. It includes identifying how a company forms a competitive business advantage relative to its peers and focuses on key sustainability factors that materially impact its industry. Each industry and issuer is unique, and our portfolio managers and research analysts leverage Saturna's more than 25 years of investment screening expertise in selecting portfolio securities.

Saturna Sustainable Funds began operations on March 27, 2015. By May 31, 2016, assets of the two Funds reached $10.46 million. The following pages provide details of the assets and operations of the two Funds.

Total Returns

For the semi-annual period ended May 31, 2016, the S&P Global 1200 Index returned  0.52%. The Citi WorldBIG Index returned 6.25% for the same period. For this period, the Sustainable Equity Fund's total return was -3.90%. The Sustainable Bond Fund also underperformed its benchmark, with a total return of 1.19%.

 Expenses

With years of experience managing values-based mutual fund portfolios, Saturna Capital is able to control the costs to investors of operating these new Saturna Sustainable Funds. The Funds are still relatively small, and Saturna Capital is voluntarily waiving a portion of its advisory fees so that the annual expense ratio of Sustainable Equity Fund is capped at 0.99% and Sustainable Bond Fund is capped at 0.89%.

Going Forward

The Saturna Sustainable Funds broadly diversify their investments around the globe. In certain countries (India, China, the US) the economy continues to grow. But in many parts of the world, economic growth and trade have flatlined (Europe) or faltered (most of the developing world). Numerous countries have taken large currency devaluations as a result of years of poor 

### Saturna Sustainable  Funds seek sustainable investments with low risks in areas of the environment, social responsibility, and governance (ESG).

governance. While core inflation is minimal (think lower oil prices), too many governments are hoping for its eventual return as a means of reducing the burdens of debt. Hampered by low productivity and political pressures, interest rates may only modestly increase over the next five years. Low financing costs make this an excellent time for infrastructure investments, such as those needed to tackle climate change.

With a mixed climate for the world's equity markets, the Funds will continue to invest in sustainable companies with strong business advantages and balance sheets sturdy enough to navigate such trying times. We aim to avoid companies dependent on government spending and the regions that will be hurt the most in the current commodity depression. Turbulent times also create opportunity, and we seek entrepreneurial companies that can grow profits while solving problems and improving our environment.

While increasingly unlikely, a transition to higher interest rates means holders of long-term bonds are at risk of price declines.

Morningstar Awards Saturna Sustainable Funds Top Sustainability Ratings

The Morningstar Sustainability Rating™ for funds premiered in March (see page 5), giving investors across the globe a way to compare fund portfolios based on a standard measure of sustainability. These ratings are calculated using fund holdings data underpinned with 

| Semi-Annual Report | May 31, 2016 | 3 |
|--------------------|--------------|---|

----

company-level environmental, social, and governance (ESG) information from Sustainalytics, a leading provider of ESG research. Investors are cautioned however, that more than 100 vendors offer "sustainable" investments data, and that no accepted global measurement yet exists.

We are pleased to note that Saturna Sustainable Equity Fund ranked in the 10th percentile of 940 funds in the World Stock category, earning the Fund the top "Five Globe" Sustainability Rating. Saturna Sustainable Bond Fund ranked in the 28th percentile of 329 funds in the World Bond category, earning the Fund the next-tier "Four Globe" Sustainability Rating.

Going forward, Saturna's values-based approach to investing seeks to provide firsthand insight into the risk mitigation dimensions of sustainable investing. We stand ready to serve you in both bull and bear markets by seeking to provide steady, long-term growth with a focus on preservation of capital.

Respectfully,

(photo omitted)

**Nicholas Kaiser**,President

(photo omitted)

**John E. Love**, Independent Board Chairman

 

| Saturna Sustainable Funds Portfolio Management |
|------------------------------------------------|
| (photo omitted)                                | **Nicholas Kaiser** MBA, CFA®

**Saturna Sustainable Equity Fund**Portfolio Manager |   | (photo omitted) | **Patrick Drum** MBA, CFA®, CFP®

**Saturna Sustainable Bond Fund**Portfolio Manager |
| (photo omitted)                                | **J. Peter Nielsen**MBA, CFA®

**Saturna Sustainable Equity Fund**Deputy Portfolio Manager |   | (photo omitted) | **Bryce Fegley** CFA®, CIPM®

**Saturna Sustainable Bond Fund**Deputy Portfolio Manager |

 

| 4 | May 31, 2016 | Semi-Annual Report |
|---|--------------|--------------------|

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## Morningstar Sustainability Ratings™

As of May 31, 2016

At Saturna Capital, we have long described ourselves as value and values-based investors. We believe our approach improves the likelihood of achieving superior investment results over the long term. Our approach also leads to investment portfolios we can be proud of from the perspective of Environmental, Social, and Governance (ESG) issues. Morningstar recently partnered with leading ESG research firm Sustainalytics to develop the Morningstar Sustainability Rating™ — here are Saturna Sustainable Fund's fiscal year-end results:

| Saturna Sustainable Equity Fund |
|---------------------------------|
| SEEFX                           |  |
| Among 940 World Stock Funds     |
|                            |
| Saturna Sustainable Bond Fund   |
| SEBFX                           |  |
| Among 329 World Bond Funds      |

The Morningstar Sustainability Rating™ gives investors across the globe a way to compare fund portfolios based on a standard measure of sustainability. The rating is a holdings-based calculation using company-level environmental, social, and governance (ESG) analytics from Sustainalytics.

 

The Morningstar Sustainability Rating and the Morningstar Portfolio Sustainability Score are not based on fund performance and are not equivalent to the Morningstar Rating ("Star Rating").

**© 2016 Morningstar®.** All rights reserved. Morningstar, Inc. is an independent fund performance monitor. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Morningstar Sustainability Ratings and Portfolio Sustainability Scores are as of May 31, 2016. The Morningstar Sustainability Rating™ is intended to measure how well the issuing companies of the securities within a fund's portfolio are managing their environmental, social, and governance ("ESG") risks and opportunities relative to the fund's Morningstar category peers. The Morningstar Sustainability Rating calculation is a two-step process. First, each fund with at least 50% of assets covered by a company-level ESG score from Sustainalytics receives a Morningstar Portfolio Sustainability Score™.  The Morningstar Portfolio Sustainability Score is an asset-weighted average of normalized company-level ESG scores with deductions made for controversial incidents by the issuing companies, such as environmental accidents, fraud, or discriminatory behavior. The Morningstar Sustainability Rating is then assigned to all scored funds within Morningstar Categories in which at least ten (10) funds receive a Portfolio Sustainability Score and is determined by each fund's rank within the following distribution: High (highest 10%), Above Average (next 22.5%), Average (next 35%), Below Average (next 22.5%), and Low (lowest 10%). The Morningstar Sustainability Rating is depicted by globe icons where High equals 5 globes and Low equals 1 globe.

A Sustainability Rating is assigned to any fund that has more than half of its underlying assets rated by Sustainalytics and is within a Morningstar Category with at least 10 scored funds; therefore, the rating it is not limited to funds with explicit sustainable or responsible investment mandates. Morningstar updates its Sustainability Ratings monthly. Portfolios receive a Morningstar Portfolio Sustainability Score and Sustainability Rating one month and six business days after their reported as-of date based on the most recent portfolio. As part of the evaluation process, Morningstar uses Sustainalytics' ESG scores from the same month as the portfolio as-of date.

The Funds were rated on the following percentages of Assets Under Management:

> 
Saturna Sustainable Equity Fund 73%Saturna Sustainable Bond Fund 68%

The Morningstar Portfolio Sustainability Scores and Morningstar Sustainability Ratings are new and it is anticipated that Morningstar will issue the scores and ratings monthly. The Fund's portfolio is actively managed and is subject to change, which may result in a different Morningstar Sustainability Score and Rating.

% Rank in Category is the fund's 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.

The Saturna Sustainable Funds limit the securities they purchase to those consistent with Sustainable principles. This limits opportunities and may affect performance.

The Saturna Sustainable Equity Fund and Saturna Sustainable Bond Fund began operations March 27, 2015, and have not yet received Morningstar Star Ratings.

| Semi-Annual Report | May 31, 2016 | 5 |
|--------------------|--------------|---|

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## Saturna Sustainable Equity Fund: Performance Summary

Average Annual Returns as of May 31, 2016

|                                  | 1 Year | 5 Year | 10 Year | Expense Ratio¹ |
|---------------------------------------|--------|--------|---------|---------------------|
| Sustainable Equity Fund (SEEFX)² | -6.22% | n/a    | n/a     | 1.23%               |
| S&P Global 1200 Index             | -3.66% | 6.88%  | 5.25%   | n/a                 |

Growth of $10,000

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | Comparison of any mutual fund to a market index must be made bearing in mind that the index is expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on March 27, 2015, to an identical amount invested in the Standard & Poor's Global 1200 Index, a global stock market index covering nearly 70% of the world's equity markets. The graph shows that an investment in the Fund would have fallen to $9,360 versus $9,631 in the index. |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Past performance does not guarantee future results.**The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.

¹ By regulation, the expense ratio shown in this table is as stated in the Fund's most recent prospectus which is dated March 29, 2016, and incorporates results for the fiscal year ended November 30, 2015, before fee waivers. The expense ratio shown in the most recent prospectus after fee waivers was 0.99%. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods.

² Operations commenced on March 27, 2015. |

Fund Objective

The objective of the Sustainable Equity Fund is capital appreciation.

| Top Ten Holdings                  |                  | Portfolio Diversification                |
|-----------------------------------|-----------------------|------------------------------------------|
| % of Total Net Assets             | % of Total Net Assets |                                     |
| Taiwan Semiconductor ADS          | 4.9%                  | Semiconductor Manufacturing              | 4.9% | █ |  |
| NXP Semiconductors                | 3.7%                  | Apparel, Footwear & Accessory Design | 4.9% | █ |
| Ramsay Health Care                | 3.7%                  | Household Products                       | 4.6% | █ |
| Murata Manufacturing              | 3.5%                  | Electrical Components                    | 4.1% | █ |
| Home Depot                        | 3.4%                  | Semiconductor Devices                    | 3.7% | █ |
| Accenture, Class A                | 3.3%                  | Health Care Facilities                   | 3.7% | █ |
| Toyota Motor ADS                  | 3.1%                  | Home Products Stores                     | 3.4% | █ |
| Apple                             | 3.0%                  | IT Services                              | 3.3% | █ |
| GLP-J REIT                        | 2.9%                  | Automobiles                              | 3.1% | █ |
| Starbucks                         | 2.9%                  | Communications Equipment                 | 3.0% | █ |
|                              | Industries < 3.0%  | 43.8%                                    | █ |
| Other assets (net of liabilities) | 17.5%                 | █                                  |

 

| 6 | May 31, 2016 | Semi-Annual Report |
|---|--------------|--------------------|

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## Saturna Sustainable Equity Fund: Schedule of Investments

As of May 31, 2016

| Common Stocks — 82.5%                     | Number of Shares | Cost    | Market Value | Country¹ | Percentage of Assets |
|-------------------------------------------------|------------------|---------|--------------|---------------|----------------------|
|                                            |
| Communications                                  |
|                                            |             |
|   Internet Media                           |
|     Alphabet, Class A²           | 122              | $67,177 | $91,360      | United States | 2.8%                 |
|                                            |
|   Telecom Carriers                         |
|     China Mobile Limited              | 3,000            | 33,640  | 34,171       | Hong Kong     | 1.0%                 |
|                                            |
|                                            | 100,817          | 125,531 |         | 3.8%          |
|                                            |
| Consumer Discretionary                          |
|                                            |             |
|   Apparel, Footwear & Accessory Design |
|     Nike, Class B                     | 1,558            | 90,564  | 86,033       | United States | 2.6%                 |
|     Samsonite International           | 24,900           | 84,742  | 74,536       | Luxembourg    | 2.3%                 |
|                                            | 175,306          | 160,569 |         | 4.9%          |
|                                            |
|   Auto Parts                               |
|     Valeo                             | 533              | 81,392  | 80,546       | France        | 2.4%                 |
|                                            |
|   Automobiles                              |
|     Toyota Motor ADS                  | 1,000            | 107,633 | 103,410      | Japan         | 3.1%                 |
|                                            |
|   Home Products Stores                     |
|     Home Depot                        | 850              | 100,842 | 112,302      | United States | 3.4%                 |
|                                            |
|   Jewelry & Watch Stores               |
|     Pandora                           | 581              | 67,551  | 86,391       | Denmark       | 2.6%                 |
|                                            |
|   Other Commercial Services                |
|     Ecolab                            | 723              | 82,096  | 84,764       | United States | 2.6%                 |
|                                            |
|   Restaurants                              |
|     Starbucks                         | 1,713            | 102,502 | 94,027       | United States | 2.9%                 |
|                                            |
|   Specialty Apparel Stores                 |
|     TJX Companies                     | 996              | 66,642  | 75,815       | United States | 2.3%                 |
|                                            |
|                                            | 783,964          | 797,824 |         | 24.2%         |
|                                            |
| Consumer Staples                                |
|                                            |             |
|   Household Products                       |
|     Church & Dwight               | 700              | 59,616  | 68,936       | United States | 2.1%                 |
|     Unilever                          | 1,830            | 79,842  | 81,911       | Netherlands   | 2.5%                 |
|                                            |
|                                            | 139,458          | 150,847 |         | 4.6%          |
|                                            |
| Continued on next page.                         |

 

| The accompanying notes are an integral part of these financial statements. | Semi-Annual Report | May 31, 2016 | 7 |
|----------------------------------------------------------------------------|--------------------|--------------|---|

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## Saturna Sustainable Equity Fund: Schedule of Investments

As of May 31, 2016

| Common Stocks — 82.5%        | Number of Shares | Cost    | Market Value | Country¹  | Percentage of Assets |
|------------------------------------|------------------|---------|--------------|----------------|----------------------|
|                               |
| Financials                         |
|                               |             |
|   Consumer Finance            |
|     Mastercard, Class A  | 824              | $74,154 | $79,022      | United States  | 2.4%                 |
|                               |
|   Diversified Banks           |
|     Wells Fargo          | 1,200            | 55,909  | 60,864       | United States  | 1.8%                 |
|                               |
|   Life Insurance              |
|     AIA Group            | 11,600           | 67,862  | 68,139       | Hong Kong      | 2.1%                 |
|                               |
|   P&C Insurance           |
|     Chubb                | 700              | 77,224  | 88,627       | Switzerland    | 2.7%                 |
|                               |
|   REIT                        |
|     GLP-J REIT           | 83               | 84,395  | 95,127       | Japan          | 2.9%                 |
|                               |
|   Wealth Management           |
|     Ashmore Group        | 18,000           | 71,761  | 76,068       | United Kingdom | 2.3%                 |
|                               |
|                               | 431,305          | 467,847 |         | 14.2%          |
|                               |
| Health Care                        |
|                               |             |
|   Biotech                     |
|     Gilead Sciences      | 627              | 63,946  | 54,586       | United States  | 1.7%                 |
|                               |
|   Health Care Facilities      |
|     Ramsay Health Care   | 2,308            | 103,088 | 121,452      | Australia      | 3.7%                 |
|                               |
|   Large Pharma                |
|     Novo Nordisk ADS     | 1,569            | 86,409  | 87,927       | Denmark        | 2.7%                 |
|                               |
|   Medical Equipment           |
|     Koninklijke Philips  | 2,000            | 53,980  | 53,880       | Netherlands    | 1.6%                 |
|                               |
|                               | 307,423          | 317,845 |         | 9.7%           |
|                               |
| Industrials                        |
|                               |             |
|   Electrical Components       |
|     Murata Manufacturing | 1,000            | 133,698 | 115,289      | Japan          | 3.5%                 |
|     TE Connectivity      | 351              | 22,756  | 21,060       | Switzerland    | 0.6%                 |
|                               |
|                               | 156,454          | 136,349 |         | 4.1%           |
|                               |
| Materials                          |
|                               |             |
|   Containers & Packaging  |
|     3M                   | 400              | 65,264  | 67,328       | United States  | 2.1%                 |
|                               |
|                               | 65,264           | 67,328  |         | 2.1%           |
|                               |
| Continued on next page.            |

 

| 8 | May 31, 2016 | Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|---|--------------|--------------------|----------------------------------------------------------------------------|

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## Saturna Sustainable Equity Fund: Schedule of Investments

As of May 31, 2016

| Common Stocks — 82.5%                                                                                                    | Number of Shares | Cost       | Market Value | Country¹ | Percentage of Assets |
|--------------------------------------------------------------------------------------------------------------------------------|------------------|------------|--------------|---------------|----------------------|
|                                                                                                                           |
| Technology                                                                                                                     |
|                                                                                                                           |             |
|   Application Software                                                                                                    |
|     Dassault Systemes ADR                                                                                            | 1,080            | $83,755    | $85,239      | France        | 2.6%                 |
|                                                                                                                           |
|   Communications Equipment                                                                                                |
|     Apple                                                                                                            | 1,000            | 113,474    | 99,820       | United States | 3.0%                 |
|                                                                                                                           |
|   Infrastructure Software                                                                                                 |
|     Microsoft                                                                                                        | 1,438            | 62,724     | 76,214       | United States | 2.3%                 |
|                                                                                                                           |
|   IT Services                                                                                                             |
|     Accenture, Class A                                                                                               | 900              | 89,878     | 107,073      | Ireland       | 3.3%                 |
|                                                                                                                           |
|   Semiconductor Devices                                                                                                   |
|     NXP Semiconductors²                                                                                         | 1,300            | 127,836    | 122,382      | Netherlands   | 3.7%                 |
|                                                                                                                           |
|   Semiconductor Manufacturing                                                                                             |
|     Taiwan Semiconductor ADS                                                                                         | 6,500            | 158,370    | 160,680      | Taiwan        | 4.9%                 |
|                                                                                                                           |
|                                                                                                                           | 636,037          | 651,408    |         | 19.8%         |
|                                                                                                                           |
|                                                                                                                           |
| Total investments                                                                                                              |             | $2,620,722 | 2,714,979    |          | 82.5%                |
| Other assets (net of liabilities)                                                                                              |             |       | 577,660      |          | 17.5%                |
| Total net assets                                                                                                               |             |       | $3,292,639   |          | 100.0%               |
| ¹ Country of domicile² Non-income producing security

ADS: American Depositary ShareADR: American Depositary Receipt |

 

| Countries                                              | As of May 31, 2016 |
|--------------------------------------------------------|--------------------|
| Weightings shown are a percentage of total net assets. |

 

| The accompanying notes are an integral part of these financial statements. | Semi-Annual Report | May 31, 2016 | 9 |
|----------------------------------------------------------------------------|--------------------|--------------|---|

----

## Saturna Sustainable Equity Fund

| Statement of Assets and Liabilities                                                |
|------------------------------------------------------------------------------------|
| As of May 31, 2016                                                                 |
|                                                                               |
| Assets                                                                             |
|     Investments in securities, at value      (Cost $2,620,722) | $2,714,979 |
|     Cash                                                                 | 715,402 |
|     Receivable for security sales                                        | 66,298 |
|     Prepaid expenses                                                     | 11,280 |
|     Dividends receivable                                                 | 7,417 |
|     Receivable for Fund shares sold                                      | 1,109 |
|     Reimbursement due from adviser                                       | 98 |
|         Total assets                                           | 3,516,583 |
| Liabilities                                                                        |
|     Payable for Security Purchases                                       | 223,479 |
|     Payable to affiliates                                                | 330 |
|     Accrued distribution fee                                             | 135 |
|         Total liabilities                                      | 223,944 |
| Net assets                                                                         | $3,292,639 |
|                                                                               |
| Analysis of net assets                                                             |
|     Paid-in capital (unlimited shares authorized, without par value)     | $3,523,675 |
|     Undistributed net investment income                                  | 6,480 |
|     Accumulated net realized loss                                        | (331,791) |
|     Unrealized net appreciation on investments                           | 94,275 |
| Net assets applicable to Fund shares outstanding                                   | $3,292,639 |
|                                                                               |
| Fund shares outstanding                                                            | 351,978 |
|                                                                               |
| Net asset value, offering, and redemption price per share                          | $9.35 |

 

| Statement of Operations                                                     |
|-----------------------------------------------------------------------------|
| Period ended May 31, 2016                                                   |
|                                                                        |
| Investment income                                                           |
|     Dividends (net of foreign tax of $3,075)                      | $22,554 |
|     Total investment income                                       | 22,554 |
| Expenses                                                                    |
|     Investment adviser fees                                       | 10,501 |
|     Filing and registration fees                                  | 5,233 |
|     Distribution fees                                             | 4,039 |
|     Audit fees                                                    | 1,322 |
|     Chief Compliance Officer expenses                             | 697 |
|     Printing and postage                                          | 335 |
|     Trustee fees                                                  | 197 |
|     Retirement plan custodial fees                                | 180 |
|     Custodian fees                                                | 141 |
|     Other expenses                                                | 49 |
|     Legal fees                                                    | 51 |
|         Total gross expenses                            | 22,745 |
|     Less adviser fees waived or reimbursed                        | (6,530) |
|     Less custodian fee credits                                    | (141) |
|         Net expenses                                    | 16,074 |
| Net investment income                                                       | $6,480 |
|                                                                        |
|                                                                        |
| Net realized loss from investments and foreign currency                     | $(114,532) |
| Net decrease in unrealized appreciation on investments and foreign currency | (27,590) |
| Net loss on investments                                                     | $(142,122) |
|                                                                        |
| Net decrease in net assets resulting from operations                        | $(135,642) |

 

| 10 | May 31, 2016 | Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|--------------|--------------------|----------------------------------------------------------------------------|

----

## Saturna Sustainable Equity Fund

| Statements of Changes of Net Assets                               | Period ended May 31, 2016 | Period ended November 30, 2015¹ |
|-------------------------------------------------------------------|---------------------------|--------------------------------------|
| Increase (decrease) in net assets from operations                 |
| From operations                                                   |
|     Net investment income                               | $6,480                    | $6,405                               |
|     Net realized loss on investments                    | (114,532)                 | (220,688)                            |
|     Net increase (decrease) in unrealized appreciation  | (27,590)                  | 121,865                              |
|         Net decrease in net assets            | (135,642)                 | (92,418)                             |
| Distributions to shareowners from                                 |                      |
|     Net investment income                               | -                         | (3,510)                              |
| Capital share transactions                                        |
|     Proceeds from sales of shares                       | 389,319                   | 3,648,078                            |
|     Value of shares issued in reinvestment of dividends | -                         | 3,510                                |
|     Cost of shares redeemed                             | (384,203)                 | (132,495)                            |
|         Net increase in net assets            | 5,116                     | 3,519,093                            |
| Total increase (decrease) in net assets                           | (130,526)                 | 3,423,165                            |
|                                                              |
| Net assets                                                        |
| Beginning of period                                               | 3,423,165                 | -                                    |
| End of period                                                     | 3,292,639                 | 3,423,165                            |
|                                                              |
| Undistributed net investment income                               | $6,480                    | $-                                   |
|                                                              |                      |
| Shares of the Fund sold and redeemed                              |
| Number of shares sold                                             | 42,053                    | 365,290                              |
| Number of shares issued in reinvestment of dividends              | -                         | 361                                  |
| Number of shares redeemed                                         | (42,060)                  | (13,666)                             |
| Net increase (decrease) in number of shares outstanding           | (7)                       | 351,985                              |

¹ Operations commenced on March 27, 2015

| Financial Highlights                                                                         | Period ended  | Period ended            |
|----------------------------------------------------------------------------------------------|---------------|-------------------------|
| Selected data per share of outstanding capital stock throughout the period:                  | May 31, 2016  | November 30, 2015¹ |
| Net asset value at beginning of period                                                       | $9.73         | $10.00                  |
| Income from investment operations                                                            |
|     Net investment income                                                          | 0.02          | 0.02                    |
|     Net loss on securities (both realized and unrealized)                          | (0.40)        | (0.28)                  |
| Total from investment operations                                                             | (0.38)        | (0.26)                  |
| Less distributions                                                                           |
|     Dividends (from net investment income)                                         | -             | (0.01)                  |
| Total distributions                                                                          | -             | (0.01)                  |
|                                                                                         |
| Net asset value at end of period                                                             | $9.35         | $9.73                   |
|                                                                                         |
| Total return                                                                                 | (3.90)%² | (2.60)%²           |
|                                                                                         |
| Ratios / supplemental data                                                                   |
| Net assets ($000), end of period                                                             | $3,293        | $3,423                  |
| Ratio of expenses to average net assets                                                      |          |                    |
|     Before fee waivers                                                             | 1.40%³   | 1.23%³             |
|     After fee waivers                                                              | 1.00%³   | 1.00%³             |
|     After fee waivers and custodian fee credits                                    | 0.99%³   | 0.99%³             |
| Ratio of net investment income after fee waivers and custodian credits to average net assets | 0.40%³   | 0.29%³             |
| Portfolio turnover rate                                                                      | 42%           | 53%²               |
| ¹ Operations commenced on March 27, 2015² Not annualized³ Annualized          |

 

| The accompanying notes are an integral part of these financial statements. | Semi-Annual Report | May 31, 2016 | 11 |
|----------------------------------------------------------------------------|--------------------|--------------|----|

----

## Saturna Sustainable Bond Fund: Performance Summary

Average Annual Returns as of May 31, 2016

|                                | 1 Year | 5 Year | 10 Year | Expense Ratio¹ |
|-------------------------------------|--------|--------|---------|---------------------|
| Sustainable Bond Fund (SEBFX)² | 0.28%  | n/a    | n/a     | 1.02%               |
| Citi WorldBIG Index                 | 5.31%  | 1.27%  | 4.08%   | n/a                 |

Growth of $10,000

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Comparison of any mutual fund to a market index must be made bearing in mind that the index is expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on March 27, 2015, to an identical amount invested in the Citi WorldBIG Index, a multi-asset, multi-currency benchmark, which provides a broad-based measure of the global fixed income markets. The graph shows that an investment in the Fund would have fallen to $9,988 versus rising to $10,411 in the index. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Past performance does not guarantee future results.** The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.

¹ By regulation, the expense ratio shown in this table is as stated in the Fund's most recent prospectus which is dated March 29, 2016, and incorporates results for the fiscal year ended November 30, 2015, before fee waivers. The expense ratio shown in the most recent prospectus after fee waivers was 0.89%. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods.

² Operations commenced March 27, 2015. |

Fund Objective

The objectives of the Sustainable Bond Fund are current income and capital preservation.

| Portfolio Diversification         |
|-----------------------------------|
| % of Total Net Assets             |   |
| Financials                        | 36.2% | █ |  |
| Technology                        | 12.0% | █ |
| Consumer Discretionary            | 10.8% | █ |
| Industrials                       | 8.9% | █ |
| Health Care                       | 8.6% | █ |
| Foreign Government Bonds          | 8.5% | █ |
| Communications                    | 8.5% | █ |
| Utilities                         | 2.0% | █ |
| Asset-Backed Securities           | 1.3% | █ |
| Mortgage-Backed Securities        | 0.7% | █ |
| Other assets (net of liabilities) | 2.5% | █ |

 

| Top Ten Holdings                                    |
|-----------------------------------------------------|
| % of Total Net Assets                               |
| Koninklijke Philips *(3.75% due 03/15/2022)*        | 4.8% |
| Flextronics International *(4.625% due 02/15/2020)* | 4.7% |
| Telecom Italia *(7.175% due 06/18/2019)*            | 4.7% |
| Pitney Bowes *(5.25% due 01/15/2037)*               | 4.7% |
| Chubb *(6.375% due 04/15/2037)*                     | 4.6% |
| Republic of Turkey *(7.00% due 03/11/2019)*         | 4.6% |
| Outerwall *(6.00% due 03/15/2019)*                  | 4.5% |
| Bancolombia *(5.95% due 06/03/2021)*                | 4.5% |
| Nokia *(5.375% due 05/15/2019)*                     | 4.5% |
| Ingersoll-Rand *(2.625% due 05/01/2020)*            | 4.2% |

 

| Bond Quality Diversification      |
|-----------------------------------|
| % of Total Net Assets             |   |
| Rated "Aa1"             | 1.3% | █ |  |
| Rated "Aa3"             | 4.2% | █ |
| Rated "A1"              | 3.8% | █ |
| Rated "A2"              | 1.6% | █ |
| Rated "A3"              | 3.9% | █ |
| Rated "Baa1"            | 21.1% | █ |
| Rated "Baa2"            | 17.4% | █ |
| Rated "Baa3"            | 10.4% | █ |
| Rated  Ba1"                  | 13.0% | █ |
| Rated "Ba2"             | 4.5% | █ |
| Rated "Ba3"             | 4.5% | █ |
| Rated "B1"              | 4.5% | █ |
| Not Rated                         | 7.3% | █ |
| Other assets (net of liabilities) | 2.5% | █ |

Credit ratings are determined by Moody's Investors Service, a Nationally Recognized Statistical Rating Organization. If Moody's does not rate a particular security, that security is categorized as not rated.

 

| 12 | May 31, 2016 | Semi-Annual Report |
|----|--------------|--------------------|

----

## Saturna Sustainable Bond Fund: Schedule of Investments

As of May 31, 2016

| Asset-Backed Securities — 1.3% | Coupon / Maturity     | Face Amount | Market Value | Country¹  | Percentage of Assets |
|--------------------------------------|-----------------------|-------------|--------------|----------------|----------------------|
|                                 |
|   Asset-Backed Securities       |
|                                 |                  |
|     CRART 2014-3 C         | 3.61% due 06/17/2021  | $100,000    | $98,510      | United States  | 1.3%                 |
|                                 |
|                                 | 100,000               | 98,510      |         | 1.3%           |
|                                 |
| Corporate Bonds — 87.0%        | Coupon / Maturity     | Face Amount | Market Value | Country¹  | Percentage of Assets |
|                                 |
| Communications                       |
|                                 |                  |
|     Telecom Italia         | 7.175% due 06/18/2019 | 300,000     | 337,125      | Luxembourg     | 4.7%                 |
|     Vodafone Group         | 4.375% due 03/16/2021 | 250,000     | 269,952      | United Kingdom | 3.8%                 |
|                                 |
|                                 | 550,000               | 607,077     |         | 8.5%           |
|                                 |
| Consumer Discretionary               |
|                                 |                  |
|     Outerwall              | 6.00% due 03/15/2019  | 350,000     | 323,750      | United States  | 4.5%                 |
|     Southwest Airlines     | 2.75% due 11/06/2019  | 150,000     | 153,658      | United States  | 2.1%                 |
|     Toyota Motor Credit    | 2.75% due 02/05/2028  | 100,000     | 97,483       | United States  | 1.4%                 |
|     Toyota Motor Credit    | 3.00% due 03/20/2030  | 200,000     | 197,958      | United States  | 2.8%                 |
|                                 |
|                                 | 800,000               | 772,849     |         | 10.8%          |
|                                 |
| Financials                           |
|                                 |                  |
|     Aircastle              | 4.625% due 12/15/2018 | 250,000     | 258,750      | Bermuda        | 3.6%                 |
|     Ally Financial         | 3.50% due 04/15/2018  | 50,000      | 49,694       | United States  | 0.7%                 |
|     Ally Financial         | 3.70% due 12/15/2018  | 65,000      | 64,758       | United States  | 0.9%                 |
|     Ally Financial         | 3.95% due 04/15/2020  | 50,000      | 50,008       | United States  | 0.7%                 |
|     Bancolombia            | 5.95% due 06/03/2021  | 300,000     | 320,220      | Colombia       | 4.5%                 |
|     Canadian Imperial Bank | 3.42% due 01/26/2026  | CAD 350,000 | 270,223      | Canada         | 3.8%                 |
|     Chubb                  | 6.375% due 04/15/2037 | 375,000     | 330,000      | United States  | 4.6%                 |
|     Credit Suisse          | 5.40% due 01/14/2020  | 200,000     | 216,963      | Switzerland    | 3.0%                 |
|     HCP                    | 3.15% due 08/01/2022  | 160,000     | 156,196      | United States  | 2.2%                 |
|     Royal Bank of Scotland | 4.70% due 07/03/2018  | 250,000     | 257,886      | United Kingdom | 3.6%                 |
|     Sun Life Financial     | 5.59% due 01/30/2023  | CAD 350,000 | 282,760      | Canada         | 3.9%                 |
|     Toronto Dominion Bank  | 2.00% due 02/26/2022  | 25,000      | 24,385       | Canada         | 0.3%                 |
|     Toronto Dominion Bank  | 2.15% due 03/31/2022  | 75,000      | 74,974       | Canada         | 1.0%                 |
|     Vornado Realty         | 2.50% due 06/30/2019  | 125,000     | 126,283      | United States  | 1.8%                 |
|     Westpac Banking        | 4.625% due 06/01/2018 | 110,000     | 115,647      | Australia      | 1.6%                 |
|                                 |
|                                 |                  | 2,598,747   |         | 36.2%          |
|                                 |
| Health Care                          |
|                                 |                  |
|     Koninklijke Philips    | 3.75% due 03/15/2022  | 327,000     | 346,449      | Netherlands    | 4.8%                 |
|     Sanofi                 | 4.00% due 03/29/2021  | 250,000     | 273,421      | France         | 3.8%                 |
|                                 |
|                                 | 577,000               | 619,870     |         | 8.6%           |
|                                 |
| Industrials                          |
|                                 |                  |
|     Ingersoll-Rand         | 2.625% due 05/01/2020 | 300,000     | 301,247      | United States  | 4.2%                 |
|     Pitney Bowes           | 5.25% due 01/15/2037  | 332,000     | 336,772      | United States  | 4.7%                 |
|                                 |
|                                 | 632,000               | 638,019     |         | 8.9%           |
|                                 |
| Continued on next page.              |

 

| The accompanying notes are an integral part of these financial statements. | Semi-Annual Report | May 31, 2016 | 13 |
|----------------------------------------------------------------------------|--------------------|--------------|----|

----

## Saturna Sustainable Bond Fund: Schedule of Investments

As of May 31, 2016

| Corporate Bonds — 87.0%           | Coupon / Maturity     | Face Amount | Market Value | Country¹  | Percentage of Assets |
|-----------------------------------------|-----------------------|-------------|--------------|----------------|----------------------|
|                                    |
| Technology                              |
|                                    |                  |
|     Flextronics International | 4.625% due 02/15/2020 | $325,000    | $338,812     | Singapore      | 4.7%                 |
|     Lexmark                   | 6.65% due 06/01/2018  | 100,000     | 104,495      | United States  | 1.4%                 |
|     Nokia                     | 5.375% due 05/15/2019 | 300,000     | 319,800      | Finland        | 4.5%                 |
|     Seagate Technology        | 3.75% due 11/15/2018  | 100,000     | 99,250       | Cayman Islands | 1.4%                 |
|                                    |
|                                    | 825,000               | 862,357     |         | 12.0%          |
|                                    |
| Utilities                               |
|                                    |                  |
|     United Utilities          | 4.55% due 06/19/2018  | 59,000      | 61,559       | United Kingdom | 0.9%                 |
|     United Utilities          | 5.375% due 02/01/2019 | 75,000      | 80,064       | United Kingdom | 1.1%                 |
|                                    |
|                                    | 134,000               | 141,623     |         | 2.0%           |
|                                    |
| Total Corporate Bonds                   |                  | 6,240,542   |         | 87.0%          |
|                                    |
| Government Bonds — 8.5%           | Coupon / Maturity     | Face Amount | Market Value | Country¹  | Percentage of Assets |
|                                    |
| Foreign Government Bonds                |
|                                    |                  |
|     Mexico Bonos Desarollo    | 6.50% due 06/10/2021  | MXN 50,000  | 281,450      | Mexico         | 3.9%                 |
|     Republic of Turkey        | 7.00% due 03/11/2019  | 300,000     | 329,700      | Turkey         | 4.6%                 |
|                                    |
|                                    |                       | 611,150     |         | 8.5%           |
|                                    |
| Mortgage-Backed Securities — 0.7% | Coupon / Maturity     | Face Amount | Market Value | Country¹  | Percentage of Assets |
|                                    |
| Mortgage-Backed Securities              |
|                                    |                  |
|     BOAMS 2004-03 4A1         | 4.75% due 04/25/2034  | 40,201      | 40,460       | United States  | 0.7%                 |
|                                    |
|                                    | 40,201                | 40,460      |         | 0.7%           |
|                                    |
| Total investments                       | (Cost = $7,096,429)   |             | 6,990,662    |           | 97.5%                |
| Other assets (net of liabilities)       |                  |        | 177,269      |           | 2.5%                 |
| Total net assets                        |                  |        | $7,167,931   |           | 100.0%               |
| ¹ Country of domicile              |

 

| Countries                                              | As of May 31, 2016 |
|--------------------------------------------------------|--------------------|
| Weightings shown are a percentage of total net assets. |

 

| 14 | May 31, 2016 | Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|--------------|--------------------|----------------------------------------------------------------------------|

----

## Saturna Sustainable Bond Fund

| Statement of Assets and Liabilities                                                |
|------------------------------------------------------------------------------------|
| As of May 31, 2016                                                                 |
|                                                                               |
| Assets                                                                             |
|     Investments in securities, at value      (Cost $7,096,429) | $6,990,662 |
|     Interest receivable                                                  | 96,714 |
|     Cash                                                                 | 73,298 |
|     Prepaid expenses                                                     | 14,612 |
|     Receivable for Fund shares sold                                      | 3,406 |
|         Total assets                                           | 7,178,692 |
| Liabilities                                                                        |
|     Distributions payable                                                | 6,623 |
|     Payable for Fund shares redeemed                                     | 2,023 |
|     Payable to affiliates                                                | 1,822 |
|     Accrued distribution fee                                             | 293 |
|         Total liabilities                                      | 10,761 |
| Net assets                                                                         | $7,167,931 |
|                                                                               |
| Analysis of net assets                                                             |
|     Paid-in capital (unlimited shares authorized, without par value)     | $7,271,575 |
|     Undistributed net investment loss                                    | (85) |
|     Accumulated net realized gain                                        | 2,720 |
|     Unrealized net depreciation on investments                           | (106,279) |
| Net assets applicable to Fund shares outstanding                                   | $7,167,931 |
|                                                                               |
| Fund shares outstanding                                                            | 735,407 |
|                                                                               |
| Net asset value, offering, and redemption price per share                          | $9.75 |

 

| Statement of Operations                                                     |
|-----------------------------------------------------------------------------|
| Period ended May 31, 2016                                                   |
|                                                                        |
| Investment income                                                           |
|     Interest income                                               | $114,799 |
|         Total investment income                         | 114,799 |
| Expenses                                                                    |
|     Investment adviser fees                                       | 19,381 |
|     Distribution fees                                             | 8,810 |
|     Filing and registration fees                                  | 4,154 |
|     Audit fees                                                    | 1,466 |
|     Chief Compliance Officer expenses                             | 946 |
|     Printing and postage                                          | 298 |
|     Trustee fees                                                  | 274 |
|     Custodian fees                                                | 176 |
|     Legal fees                                                    | 70 |
|     Other expenses                                                | 37 |
|     Retirement plan custodial fees                                | 8 |
|         Total gross expenses                            | 35,620 |
|     Less adviser fees waived                                      | (3,925) |
|     Less custodian fee credits                                    | (176) |
|         Net expenses                                    | 31,519 |
| Net investment income                                                       | $83,280 |
|                                                                        |
|                                                                        |
| Net realized gain from investments and foreign currency                     | $2,720 |
| Net decrease in unrealized appreciation on investments and foreign currency | (4,023) |
| Net loss on investments                                                     | $(1,303) |
|                                                                        |
| Net increase in net assets resulting from operations                        | $81,977 |

 

| The accompanying notes are an integral part of these financial statements. | Semi-Annual Report | May 31, 2016 | 15 |
|----------------------------------------------------------------------------|--------------------|--------------|----|

----

## Saturna Sustainable Bond Fund

| Statements of Changes of Net Assets                                | Period ended May 31, 2016 | Period ended November 31, 2015¹ |
|--------------------------------------------------------------------|---------------------------|--------------------------------------|
| Increase (decrease) in net assets from operations                  |
| From operations                                                    |
|     Net investment income                                | $83,280                   | $63,522                              |
|     Net realized gain on investments                     | 2,720                     | 45                                   |
|     Net decrease in unrealized appreciation              | (4,023)                   | (102,256)                            |
|         Net increase (decrease) in net assets  | 81,977                    | (38,689)                             |
| Distributions to shareowners from                                  |
|     Net investment income                                | (83,365)                  | (63,659)                             |
| Capital share transactions                                         |
|     Proceeds from sales of shares                        | 890,858                   | 7,102,313                            |
|     Value of shares issued in reinvestment of dividends  | 48,489                    | 40,667                               |
|     Cost of shares redeemed                              | (655,286)                 | (155,374)                            |
|         Net increase in net assets             | 284,061                   | 6,987,606                            |
| Total increase in net assets                                       | 282,673                   | 6,885,258                            |
|                                                               |
| Net assets                                                         |
| Beginning of period                                                | 6,885,258                 | -                                    |
| End of period                                                      | 7,167,931                 | 6,885,258                            |
|                                                               |
| Undistributed net investment loss                                  | $(85)                     | -                                    |
|                                                               |
| Shares of the Fund sold and redeemed                               |
|     Number of shares sold                                | 91,776                    | 717,798                              |
|     Number of shares issued in reinvestment of dividends | 4,999                     | 4,145                                |
|     Number of shares redeemed                            | (67,460)                  | (15,851)                             |
| Net increase in number of shares outstanding                       | 29,315                    | 706,092                              |

¹ Operations commenced on March 27, 2015

| Financial Highlights                                                                                           | Period ended | Period ended            |
|----------------------------------------------------------------------------------------------------------------|--------------|-------------------------|
| Selected data per share of outstanding capital stock throughout each period:                                   | May 31, 2016 | November 30, 2015¹ |
| Net asset value at beginning of period                                                                         | $9.75        | $10.00                  |
| Income from investment operations                                                                              |
|     Net investment income                                                                            | 0.11         | 0.12                    |
|     Net gains (loss) on securities (both realized and unrealized)                                    | 0.00²   | (0.25)                  |
| Total from investment operations                                                                               | 0.11         | (0.13)                  |
| Less distributions                                                                                             |         |                    |
|     Dividends (from net investment income)                                                           | (0.11)       | (0.12)                  |
| Total distributions                                                                                            | (0.11)       | (0.12)                  |
|                                                                                                           |
| Net asset value at end of period                                                                               | $9.75        | $9.75                   |
|                                                                                                           |
| Total return                                                                                                   | 1.19%³  | (1.29)%³           |
|                                                                                                           |
| Ratios / supplemental data                                                                                     |
| Net assets ($000), end of period                                                                               | $7,168       | $6,885                  |
| Ratio of expenses to average net assets                                                                        |         |                    |
|     Before fee waivers                                                                               | 1.01%4       | 1.02%4                  |
|     After fee waivers                                                                                | 0.90%4       | 0.90%4                  |
|     After fee waivers and custodian fee credits                                                      | 0.89%4       | 0.89%4                  |
| Ratio of net investment income after fee waivers custodian credits to average net assets                       | 2.36%4       | 1.92%4                  |
| Portfolio turnover rate                                                                                        | 10%          | 4%³                |
| ¹ Operations commenced on March 27, 2015² Amount is less than $0.01³ Not annualized4 Annualized |

 

| 16 | May 31, 2016 | Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|--------------|--------------------|----------------------------------------------------------------------------|

----

## Notes To Financial Statements

### NOTE 1 — Organization

Saturna Investment Trust (the "Trust") was established under Washington State Law as a business trust on February 20, 1987. The Trust is registered as an open-end, diversified management company under the Investment Company Act of 1940, as amended. Nine portfolio series have been created to date, two of which are covered by this semi-annual report: Saturna Sustainable Equity Fund and Saturna Sustainable Bond Fund (the "Funds"). The Sextant Short-Term Bond Fund, Sextant Bond Income Fund, Sextant Core Fund, Sextant Global High Income Fund, Sextant Growth Fund, Sextant International Fund, and the Idaho Tax-Exempt Fund are offered through separate prospectuses, the results of which are contained in separate reports.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services — Investment Companies".

Saturna Sustainable Equity Fund and Saturna Sustainable Bond Fund commenced operations on March 27, 2015.

Investment risks:

**Saturna Sustainable Equity** and **Saturna Sustainable Bond Funds**:  The value of each Fund's shares rises and falls as the value of the securities in which the Fund invests goes up and down. 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 Funds do not use derivatives to hedge currency, interest rate, or credit risk.

ESG principles restrict each Fund's ability to invest in certain stocks, bonds, and market sectors, such as alcohol, tobacco, gaming, guns, and pornography. Securities are evaluated and assigned an ESG rating monthly. Ratings are dependent upon the associated ESG risks that are most pertinent to the sector in which an issuer operates. The ratings process associated with sustainable and responsible investing reduces the investable universe for each Fund, which limits opportunities and may increase the risk of loss during market declines. The adviser believes that sustainable investing may mitigate security-specific risk, but there is no guarantee that the securities favored by our investment process will perform better and may perform worse than those that are not favored.

Foreign investing involves risks not normally associated with investing in US securities. These include fluctuations in currency exchange rates, less public information about securities, less governmental market supervision, and the 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. The risks of investing in foreign securities are typically greater in less developed or emerging countries.

Liquidity risk exists when particular investments are difficult to sell. If a Fund holds illiquid investments, its portfolio may be more difficult to value, especially in changing markets. Investments by a Fund in foreign securities and those that are thinly traded, such as lower quality issuers, and smaller companies tend to involve greater liquidity risk. If a Fund is forced to sell or unwind these investments to meet redemptions or for other cash needs, the Fund may suffer a penalty. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. In such cases, the Fund, due to limitations on investments in illiquid securities and the difficulty in purchasing and selling such securities, may be unable to achieve its investment objective.

**Saturna Sustainable Bond Fund**: The risks inherent in the Saturna Sustainable 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. 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.

The Fund may invest a portion of its assets in securities issued by government sponsored entities such as Fannie Mae, Freddie Mac, and the Federal Home Loan Banks in the US. Foreign governments also sponsor similar entities, which may promote activities such as low-cost housing or alternative energy. The Fund may also invest in the issues of regional, state, and local governments. The terms of such issues can be complex, and there can be no assurance that a government entity will support such enterprises that encounter financial difficulty.

Issuers of high-yield securities are generally not as strong financially as those issuing higher quality securities. These issuers are more likely to encounter financial difficulties and are more vulnerable to changes in the relevant economy that could affect their ability to make interest and principal payments as expected. High-yield bonds may have low or no ratings, and may be considered "junk bonds."

Bond investments, especially mortgage-backed and asset-backed securities, are subject to the risk that borrowers will prepay the principal more quickly than expected (prepayment risk) or more slowly than expected (extension risk), which will affect the yield, average life, and price of the securities.

### NOTE 2 — Unaudited Information

The information in this interim report has not been subjected to independent audit.

### NOTE 3 — Significant Accounting Policies

The following is a summary of the significant accounting policies, in conformity with accounting principles generally accepted in the United States of America, which are consistently followed by the Funds in preparation of their financial statements.

**Security valuation:**Investments in securities traded on a national securities exchange and over-the-counter securities for which sale prices are available are valued at that price. Securities for which there are no sales are valued at the latest bid price.

Debt securities are valued using bid-side valuations provided by an independent service. The service determines valuations using 

 

| Semi-Annual Report | May 31, 2016 | 17 |
|--------------------|--------------|----|

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## Notes To Financial Statements *(continued)*

| Funds                                | **Level 1**Quoted Price | **Level 2**Significant Observable Input | **Level 3**Significant Unobservable Input | Total      |
|--------------------------------------|-------------------------|-----------------------------------------|-------------------------------------------|------------|
| Sustainable Equity Fund              |
| Common Stocks                        |
|     Communications         | $91,360                 | $34,171                                 | $-                                        | $125,531   |
|     Consumer Discretionary | 556,351                 | 241,473                                 | -                                         | 797,824    |
|     Consumer Staples       | 150,847                 | -                                       | -                                         | 150,847    |
|     Financials             | 228,513                 | 239,334                                 | -                                         | 467,847    |
|     Health Care            | 196,393                 | 121,452                                 | -                                         | 317,845    |
|     Industrials            | 21,060                  | 115,289                                 | -                                         | 136,349    |
|     Materials              | 67,328                  | -                                       | -                                         | 67,328     |
|     Technology             | 651,408                 | -                                       | -                                         | 651,408    |
| Total Assets                         | $1,963,260              | $751,719                                | $-                                        | $2,714,979 |
|                                 |
| Sustainable Bond Fund                |
| Asset-Backed Securities¹        | $-                      | $98,510                                 | $-                                        | $98,510    |
| Corporate Bonds¹                | $-                      | $6,240,542                              | $-                                        | $6,240,542 |
| Government Bonds¹               | $-                      | $611,150                                | $-                                        | $611,150   |
| Mortgage-Backed Securities¹     | $-                      | $40,460                                 | $-                                        | $40,460    |
| Total Assets                         | $-                      | $6,990,662                              | $-                                        | $6,990,662 |

¹ See Schedule of Investments for additional detailsDuring the period ended May 31, 2016, no Fund had transfers between Level 1 and Level 2.

 

factors such as yields or prices of bonds of comparable quality, type of issue, coupon maturity, ratings, trading activity, and general market conditions.

Fixed-income debt instruments, such as commercial paper, bankers' acceptances and US Treasury Bills, with a maturity of 60 days or less are valued at amortized cost, which approximates market value. Any discount or premium is accreted or amortized on a straight-line basis until maturity.

Foreign markets may close before the time as of which the Funds' share prices are determined. Because of this, events occurring after the close and before the determination of the Funds' share prices may have a material effect on the values of some or all of the Funds' foreign securities. To account for this, the Funds may use outside pricing services for valuation of their non-US securities.

In cases in which there is not a readily available market price, a fair value for such security is determined in good faith by or under the direction of the Board of Trustees.

Security transactions are recorded on the trade date. Realized gains and losses on sales of securities are recorded on the identified cost basis.

**Foreign currency:**Investment securities and other assets and liabilities denominated in foreign currencies are translated into US dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into US dollar amounts on the respective dates of such transactions.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the US dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

**Share valuation:**The net asset value ("NAV") per share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for each Fund, rounded to the nearest cent. The Funds' shares are not priced or traded on days the New York Stock Exchange is closed. The NAV is the offering and redemption price per share.

**Fair value measurements:**Accounting Standards Codification (ASC) 820 establishes a three-tier framework for measuring fair value based on a hierarchy of inputs. The hierarchy distinguishes between market data obtained from independent sources (observable inputs) and the Funds' own market assumptions (unobservable inputs). These inputs are used in determining the value of the Funds' investments and are summarized below.

> 
Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

Level 2 — Observable inputs other than quoted prices in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

| 18 | May 31, 2016 | Semi-Annual Report |
|----|--------------|--------------------|

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## Notes To Financial Statements *(continued)*

> 
Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Trust's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The table on page 18 is a summary of the inputs used as of May 31, 2016 in valuing the Funds' investments carried at value.

**Investment concentration:**The Funds may have deposits of cash with the custodian from time to time for one or more reasons.  "Other assets (net of liabilities)" in the Funds' Schedules of Investments primarily represents cash on deposit with the custodian. Cash on deposit will vary widely over time. Accounting Standards Codification ("ASC") 825, "Financial Instruments," identifies these items as a concentration of credit risk. The risk is managed by careful financial analysis and review of the custodian's operations, resources, and protections available to the Trust. This process includes evaluation of other financial institutions providing investment company custody services.

**Federal income taxes:**The Funds intend to comply with the requirements of the Internal Revenue Code necessary to qualify as a regulated investment company and to make the requisite distributions of income and capital gains to its shareowners sufficient to relieve them from all or substantially all federal income taxes. Therefore, no federal income tax provision is required.

The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax year (2015) or expected to be taken in the Funds' 2016 tax returns. The Funds identify their major tax jurisdictions as US federal and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

**Reclassification of capital accounts:**Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. As of November 30, 2015, the reclassification of capital accounts were as follows:

|                                        | Equity Fund | Bond Fund |
|---------------------------------------------|-------------|-----------|
| Undistributed net investment  income (loss) | $(2,895)    | $137      |
| Accumulated gains (losses)                  | 3,429       | (45)      |
| Paid-in capital                             | (534)       | (92)      |

**Distributions to shareowners:**For the Sustainable Bond Fund, dividends to shareowners from net investment income are paid daily and distributed on the last business day of each month. For the Sustainable Equity Fund, dividends to shareowners from net investment income are payable at the end of each November. For both Funds, distributions of capital gains, if any, are made at least annually, and as required to comply with federal excise tax requirements. Distributions to shareowners are determined in accordance with income tax regulations and are recorded on the ex-dividend date. Dividends are paid in shares of the Funds, at the net asset value on the payable date. Shareowners may elect to take distributions if they total $10 or more in cash.

**Use of estimates:**The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Foreign taxes:**Withholding taxes on foreign dividends are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country's tax rules and rates and are disclosed in the Statement of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdiction's legal obligation to pay reclaims as well as payment history and market convention.

**Other:**Interest income is recognized on an accrual basis. Premiums on securities purchased are amortized, and discounts are accreted over the lives of the respective securities. Dividends from equity securities are recorded as income on the ex-dividend date.

**Recent accounting pronouncement:**In May 2015, the FASB issued ASU No. 2015-07 "Disclosure for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent)." The amendments in ASU No. 2015-07 remove the requirement to categorize within the fair value hierarchy investments measured using the NAV practical expedient. The ASU also removes certain disclosure requirements for investments that qualify, but do not utilize, the NAV practical 

| Semi-Annual Report | May 31, 2016 | 19 |
|--------------------|--------------|----|

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## Notes To Financial Statements *(continued)*

expedient. The amendments in the ASU are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Management is currently evaluating the impact these changes will have on the Fund's financial statements and related disclosures.

### NOTE 4 — Transactions with Affiliated Persons

Under contracts approved annually by the Trust's independent trustees, Saturna Capital Corporation provides investment advisory services and certain other administrative services required to conduct Trust business. For such services, each of the Funds pays the adviser an Investment Advisory and Administrative Services Fee of 0.65% for the Sustainable Equity Fund and 0.55% for the Sustainable Bond Fund of average net assets per annum, payable monthly. Expenses incurred by the Trust on behalf of the Funds (e.g., legal fees) are allocated to the Funds on the basis of relative daily average net assets. The adviser has agreed to certain limits on other expenses, as described below.

The Adviser has voluntarily undertaken to limit expenses of the Sustainable Equity Fund to 0.99%, and of the Sustainable Bond Fund to 0.89% through March 31, 2017. For the period ended May 31, 2016, the advisory fees incurred were as follows:

|               | Adviser Fees | Adviser Fees Waived | Expense Reimbursement |
|--------------------|--------------|---------------------|-----------------------|
| Sustainable Equity | $10,501      | $(6,432)            | $(98)                 |
| Sustainable Bond   | 19,381       | (3,925)             | -                     |

In accordance with the expense limitation noted above, for the period ended May 31, 2016, Saturna Capital waived a portion of the advisory fees of the Sustainable Equity Fund and Sustainable Bond Fund. The adviser cannot recoup previously waived fees.

Saturna Brokerage Services, Inc. ("SBS"), a discount brokerage and subsidiary of Saturna Capital Corporation, is registered as a broker-dealer and acts as distributor. On December 19, 2014, the Funds adopted a Distribution Plan in accordance with Rule 12b-1 under the 1940 Act. The plan provides that the Funds will pay a fee to SBS at an annual rate of 0.25% of the average net assets of the Funds.

During the period ended May 31, 2016, the Trust paid SBS the following amounts:

| 12b-1 Fees         |
|--------------------|
| Sustainable Equity | $4,039 |
| Sustainable Bond   | 8,810 |

SBS is used to effect portfolio transactions for the Trust. SBS currently executes portfolio transactions without commission. Transactions effected through other brokers are subject to commissions payable to that broker.

Saturna Trust Company ("STC"), a subsidiary of Saturna Capital, acts as retirement plan custodian for Fund shareowners. Each Fund pays an annual fee of $10 per account for retirement plan services to Saturna Trust Company. For the period ended May 31, 2016, the Funds incurred the following amounts:

| Retirement plan custodial fees |
|--------------------------------|
| Sustainable Equity             | $180 |
| Sustainable Bond               | 8 |

Mr. Nicholas Kaiser serves as a trustee and president of the Trust. He is also a director and the chairman of Saturna Capital and Saturna Trust Company. Mr. Kaiser is not compensated by the Trust. For the period ended May 31, 2016, the Trust incurred compensation expenses of $15,000 which is included in $20,569 of total expenses for the independent Trustees. The Funds paid $471 of these total expenses.

The officers of the Trust are paid by Saturna Capital, not the Trust, except the Chief Compliance Officer, who may be partially compensated by the Trust. For the period ended May 31, 2016, the Funds paid the following compensation expenses for the Chief Compliance Officer:

| Chief Compliance Officer |
|--------------------------|
| Sustainable Equity       | $697 |
| Sustainable Bond         | 946 |

On May 31, 2016, the trustees, officers, and their affiliates as a group owned 65.24% and 39.28% of the outstanding shares of Sustainable Equity Fund and Sustainable Bond Fund, respectively.

### NOTE 5 — Distributions to Shareowners

The tax characteristics of distributions paid during the fiscal period ended May 31, 2016, were as follows:

|                          | Period endedMay 31, 2016 | Period endedNovember 30, 2015 |
|-------------------------------|--------------------------|-------------------------------|
| Sustainable Equity Fund       |                     |
|     Ordinary income | $-                       | $3,510                        |
| Sustainable Bond Fund         |                     |
|     Ordinary income | $83,365                  | $63,659                       |

 

| 20 | May 31, 2016 | Semi-Annual Report |
|----|--------------|--------------------|

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## Notes To Financial Statements *(continued)*

### NOTE 6 — Federal Income Taxes

The cost basis of investments for federal income tax purposes at May 31, 2016, was as follows:

|                                           | Sustainable Equity | Sustainable Bond |
|------------------------------------------------|--------------------|------------------|
| Cost of investments                            | $2,620,722         | $7,096,429       |
| Gross tax unrealized appreciation              | 184,885            | 34,527           |
| Gross tax unrealized depreciation              | (90,628)           | (140,294)        |
| Net tax unrealized appreciation (depreciation) | 94,257             | (105,767)        |

As of November 30, 2015, components of distributable earnings on a tax basis were as follows:

| Sustainable Equity         |
|----------------------------|
| Accumulated capital losses | $(217,259) |
| Unrealized appreciation    | 122,186 |
| Other unrealized losses    | (321) |
| Total accumulated losses   | (95,394) |

 

| Sustainable Bond         |
|--------------------------|
| Unrealized depreciation  | $(102,229) |
| Other unrealized losses  | (27) |
| Total accumulated losses | (102,256) |

At November 30, 2015, the Funds had capital loss carryforwards as follows, subject to regulation. The Registered Investment Company Modernization Act requires that the Funds use long-term and short-term loss carryforwards with unlimited expiration prior to those with an expiration. Prior to their expiration, such loss carryforwards may be used to offset future new capital gains realized for federal income tax purposes.

|                         | Carryforward | Expiration |
|------------------------------|--------------|------------|
| Equity Fund                  |
| Short-term loss carryforward | $(217,259)   | Unlimited  |

### NOTE 7 — Investments

Investment transactions other than short-term investments for the  period ended May 31, 2016, were as follows:

|               | Purchases  | Sales      |
|--------------------|------------|------------|
| Sustainable Equity | $1,137,664 | $1,061,230 |
| Sustainable Bond   | 1,086,475  | 669,924    |

### NOTE 8 — Custodian

Under agreements in place with the Trust's custodian, Bank of New York Mellon, custody fees are reduced by credits for cash balances. Such reductions for the period ended May 31, 2016, were as follows:

| Custodian Fee Credits |
|-----------------------|
| Sustainable Equity    | $141 |
| Sustainable Bond      | 176 |

### NOTE 9 — Subsequent Events

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no events or transactions during the period that materially impacted the amounts or disclosures in the Funds' financial statements.

| Semi-Annual Report | May 31, 2016 | 21 |
|--------------------|--------------|----|

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### Expenses

All mutual funds have operating expenses. As a Saturna Sustainable Fund shareowner, you incur ongoing costs, including management fees, distribution (or service) 12b-1 fees, and other Fund expenses such as shareowner reports (like this one). Operating expenses, which are deducted from a fund's gross earnings, directly reduce the investment return of a fund. Mutual funds (unlike other financial investments) only report their results after deduction of operating expenses.

With the Saturna Sustainable Funds, unlike many mutual funds, you do not incur sales charges (loads) on purchases, reinvested dividends, or other distributions. You do not incur redemption fees or exchange fees. You may incur fees related to extra services requested by you for your account, such as bank wires. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

Examples

The following examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2015 to May 31, 2016).

Actual Expenses

The first line for each Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you have invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. The Funds may charge for extra services (such as domestic bank wires, international bank wires, or overnight courier delivery of redemption checks) rendered on request, which you may need to estimate to determine your total expenses.

Hypothetical Example For Comparison Purposes

The second line for each Fund provides information about hypothetical account values and hypothetical expenses based on each Fund's actual expense ratio (based on the last six months) and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareowner reports of other mutual funds. You may wish to add other fees that are not included in the expenses shown in the table, such as IRA fees charged by custodians other than Saturna Trust Company (note that Saturna does not charge such fees to shareowners directly on Saturna IRAs, ESAs, or HSAs with the Saturna Sustainable Funds), and charges for extra services such as bank wires.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or exchange fees (note that the Saturna Sustainable Funds do not assess any such transactional costs). Therefore, the "Hypothetical" line of each fund is useful in comparing ongoing costs only, and may not help you determine the relative total costs of owning different funds.

|                                     | Beginning Account Value[December 1, 2015] | Ending Account Value[May 31, 2016] | Expenses Paid During Period | Annualized Expense Ratio |
|------------------------------------------|-------------------------------------------|------------------------------------|-----------------------------|--------------------------|
|                                     |
| Sustainable Equity Fund (SEEFX), Actual  | $1,000.00                                 | $961.00                            | $4.88                       | 0.99%                    |
| Hypothetical (5% return before expenses) | $1,000.00                                 | $1,020.03                          | $5.02                       | 0.99%                    |
|                                     |
|                                     |
| Sustainable Bond Fund (SEBFX), Actual    | $1,000.00                                 | $1,011.90                          | $4.50                       | 0.89%                    |
| Hypothetical (5% return before expenses) | $1,000.00                                 | $1,020.53                          | $4.52                       | 0.89%                    |
|                                     |

Expenses are equal to annualized expense ratios indicated above (based on the most recent fiscal period of December 1, 2015, through May 31, 2016) multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

 

| 22 | May 31, 2016 | Semi-Annual Report |
|----|--------------|--------------------|

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### Availability of Portfolio Information

- The Saturna Sustainable Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q.
- The Funds' Forms N-Q are available on the SEC's website at www.sec.gov and at www.saturnasustainable.com.
- The Funds' Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
- The Funds make a complete schedule of portfolio holdings after the end of each month available to investors at  www.saturnasustainable.com.

### Availability of Proxy Voting Information

- A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (a) without charge, upon request, by calling Saturna Capital at 1-800-728-8762; (b) on the Funds' website at  www.saturnasustainable.com; and (c) on the SEC's website at www.sec.gov.
- Information regarding how each Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (a) without charge, upon request, by calling Saturna Capital at 1-800-728-8762; (b) on the Funds' website at www.saturnasustainable.com; and (c) on the SEC's website at www.sec.gov.

### Householding Policy

To reduce expenses, we may mail only one copy of the Funds' prospectus, each annual and semi-annual report, and proxy statements when necessary, to those addresses shared by two or more accounts. If you wish to receive individual and/or more copies of these documents, please call us at 1-800-728-8762 or write to us at Saturna Capital/Saturna Sustainable Funds, P.O. Box N, Bellingham, WA 98227. We will begin sending you individual copies 30 days after receiving your request.

If you are currently receiving multiple copies and wish to receive only one copy, please call us at 1-800-728-8762 or write to us at Saturna Capital/Saturna Sustainable Funds, P.O. Box N, Bellingham, WA 98227. We will begin sending you a single copy with subsequent report mailings.

### Privacy Statement

At Saturna Capital and Saturna Investment Trust, we understand the importance of maintaining the privacy of your financial information. We want to assure you that we protect the confidentiality of any personal information that you share with us. In addition, we do not sell information about our current or former customers.

In the course of our relationship, we gather certain nonpublic information about you, including your name, address, investment choices, and account information. We do not disclose your information to unaffiliated third parties unless it is necessary to process a transaction; service your account; deliver your account statements, shareowner reports and other information; or as required by law. When we disclose information to unaffiliated third parties, we require a contract to restrict the companies' use of customer information and from sharing or using it for any purposes other than performing the services for which they were required.

We may share information within the Saturna Capital family of companies in the course of informing you about products or services that may address your investing needs.

We maintain our own technology resources to minimize the need for any third party services, and restrict access to information within Saturna. We maintain physical, electronic, and procedural safeguards to guard your personal information. If you have any questions or concerns about the security or privacy of your information, please call us at 1-800-728-8762.

| Semi-Annual Report | May 31, 2016 | 23 |
|--------------------|--------------|----|

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|                                                                                                                   |
|------------------------------------------------------------------------------------------------------------------------|
| www.saturnasustainable.com                                                                                             |
| (logo omitted)

Saturna Capital1300 North State StreetBellingham, WA 98225www.saturna.com1-800-728-8762                | This report is issued for the information of the shareowners of the Funds. It is not authorized for distribution to prospective investors unless it is accompanied or preceded by an effective prospectus relating to the securities of the Funds. The Saturna Sustainable  Funds are series of Saturna Investment Trust.

Saturna Brokerage Services, Distributor |
| This report is printed on paper with a minimum of 30% post-consumer fiber using soy-based inks. It is 100% recyclable. |

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## Idaho Tax-Exempt Fund

### Semi-Annual Report

May 31, 2016

----

### Performance Summary (as of May 31, 2016) (unaudited)

**Average Annual Returns** (before any taxes paid by shareowners)

|                                                              | 1 Year | 3 Year | 5 Year | 10 Year | Expense Ratio |
|-------------------------------------------------------------------|--------|--------|--------|---------|---------------|
| Idaho Tax-Exempt Fund                                             | 4.08%  | 3.03%  | 3.34%  | 3.82%   | 0.67%¹   |
| S&P Idaho Municipal Bond Index                                | 5.94%  | 4.94%  | 5.83%  | 5.26%   | n/a           |
| "Muni Single State Intermediate" Category Average² | 4.33%  | 2.78%  | 3.65%  | 3.78%   | 0.88%         |

**Performance data quoted in this report represents past performance, is before any taxes payable by shareowners, and is no guarantee of future results.**Current performance may be higher or lower than that stated herein. Performance current to the most recent month-end is available by calling toll-free 1-800-728-8762 or visiting www.idahotaxexemptfund.com. Average annual total returns are historical and include change in share value as well as reinvestment of dividends and capital gains, if any. The 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. 

Please consider an investment's objectives, risks, charges, and expenses carefully before investing. To obtain this and other important information about the Idaho Tax-Exempt Fund in a  prospectus or summary prospectus, ask your financial advisor, visit www.idahotaxexemptfund.com, or call toll free 1-800-728-8762. Please read the prospectus or summary prospectus carefully before investing.

**A note about risk:** See Notes to Financial Statements for a discussion of investment risks. For a more detailed discussion of the risks associated with the Fund, please see the Fund's prospectus or summary prospectus.

¹ By regulation, the expense ratio shown in this table is as stated in the Fund's most recent prospectus, which is dated March 29, 2016, and incorporates results for the fiscal year ended November 30, 2015. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different fiscal periods.

² **Source: Morningstar May 31, 2016.** Morningstar, Inc. is an independent fund performance monitor. Category returns are determined monthly from total returns by Morningstar, by category as determined by Morningstar. Category average expense ratios are determined by Morningstar from prospectus level data reported by funds in the category.

 

| 2 | May 31, 2016 | Semi-Annual Report |
|---|--------------|--------------------|

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(graphic omitted)

### Fellow Shareowners:

On a national basis, state tax revenues have stalled due to flat equity markets and lower energy prices. Education, health care, and infrastructure expenditures are now growing faster than revenue. In general, state credit quality stabilized as states have become more cautious about spending and borrowing. However, the mountain states region and Idaho in particular continued to grow faster than the nation. Idaho Reserve Funds grew 42% to $348 million reaching 9% of the General Fund. Idaho's General Fund balance grew 12% and Pledged Revenue Coverage Ratios supporting various education and capital expenditure bonds improved.

Idaho's net asset position improved by $777 million. General obligation and revenue bond credits continue to improve aided by rising home prices, personal income and job growth. Rising state funding for the K-12 education is a credit positive for local education debt. Constitutional debt caps limit issuance and keep coverage ratios at secure levels.

The state legislature approved a significant 5.1% increase for education and a 6.1% increase in health and human services spending. These large commitments are essentially catch up appropriations made possible by continued revenue recovery since the 2009 recession. State Medicaid enrollment expanded to 289,303 persons or 17.4% of Idaho residents in 2016. Under new more conservative Governmental Accounting Standards Board (GASB) Rules, the Idaho Public Employment Retirement System is 79% funded with an outstanding net pension liability of $187 million.

While Idaho remains a relatively poor state, it retains the highest investment grade credit rating and was rated the second most creditworthy state in the nation by Conning Municipal Credit Research. Idaho continues to offer an exceptional opportunity for discerning tax-exempt bond investors.

We invite you to review the advantages of the Idaho Tax-Exempt Fund, and we welcome your suggestions. Only with your help can we be certain that we are meeting our primary objective — fulfilling your investment needs.

Respectfully,

(photo omitted)

**Phelps McIlvaine,**Vice President, Portfolio Manager 

(photo omitted)

**Nicholas Kaiser,**President

 

| Semi-Annual Report | May 31, 2016 | 3 |
|--------------------|--------------|---|

----

### Performance Summary (unaudited)

| Average Annual Returns (as of May 31, 2016) |
|---------------------------------------------|
|                                        | 1 Year | 5 Year | 10 Year | Expense Ratio¹ |
| Idaho Tax-Exempt Fund                       | 4.08% | 3.34% | 3.82% | 0.67% |
| S&P Idaho Municipal Bond Index          | 5.94% | 5.83% | 5.26% | n/a |

Growth of $10,000

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Comparison of any mutual fund to a market index must be made bearing in mind that the Index is unmanaged and expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on May 31, 2006, to an identical amount invested in the Standard & Poor's Idaho Municipal Bond Index, a broad-based index of Idaho municipal bond prices. The graph shows that an investment in the Fund would have risen to $14,551 versus $16,700 in the S&P Idaho Municipal Bond Index. |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Past performance does not guarantee future results.** The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.

¹ By regulation, the expense ratio for the Fund shown in this table is as stated in the Fund's most recent prospectus, which is dated March 29, 2016, and incorporates results for the fiscal year ended November 30, 2015. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different fiscal periods. |

Fund Objective

Idaho Tax-Exempt Fund seeks to provide income free from federal income, federal alternative minimum, and Idaho state income taxes. Preservation of capital is a secondary objective.

| Portfolio Diversification |
|---------------------------|
| % of Total Net Assets     |   |
| █                   | General Obligation | 59.0% |  |
| █                   | State Education | 12.3% |
| █                   | Real Estate | 4.5% |
| █                   | Water Supply | 4.2% |
| █                   | Transportation | 4.1% |
| █                   | Medical/Hospitals | 3.7% |
| █                   | Municipal Leases | 3.6% |
| █                   | Financial Services | 3.0% |
| █                   | Pollution Control | 3.0% |
| █                   | Power Generation | 0.2% |
| █                   | Other assets (net of liabilities) | 2.4% |

 

| Top Ten Holdings                                                  |
|-------------------------------------------------------------------|
| % of Total Net Assets                                             |
| University of Idaho Revenues *(5.00% due 04/01/2032)*             | 3.0% |
| Twin Falls Co. ID SCD #414 *(4.25% due 09/15/2028)*               | 2.9% |
| Boise City Urban Renewal Lease Revenue *(5.00% due 12/15/2031)*   | 2.7% |
| Idaho State Building Authority Revenue *(5.00% due 09/01/2032)*   | 2.7% |
| Ada & Canyon Cos. ID JSD #3 Kuna *(4.00% due 08/15/2022)*     | 2.6% |
| Canyon Co. ID SCD #134 Middleton *(4.00% due 9/15/2028)*          | 2.5% |
| Idaho State Bond Bank *(4.00% due 09/15/2032)*                    | 2.5% |
| Boise State University ID Revenues *(5.00% due 04/01/2034)*       | 2.4% |
| Madison Co. ID SCD #321 Rexburg *(4.50% due 08/15/2024)*          | 2.3% |
| Ada & Canyon Cos. ID JSD #2 Meridian *(5.00% due 08/15/2032)* | 2.2% |

 

| 4 | May 31, 2016 | Semi-Annual Report |
|---|--------------|--------------------|

----

| Schedule of Investments                                           | As of May 31, 2016    |
|-------------------------------------------------------------------|-----------------------|
| Tax-Exempt Municipal Bonds — 97.6%                          | Coupon / Maturity     | Face Amount | Market Value | Percentage of Assets |
|                                                              |
| Financial Services                                                |                  |
|                                                              |
|     Idaho Bond Bank Authority¹                     | 4.00% due 09/15/2019  | $90,000 | $95,938 | 0.5% |
|     Idaho State Bond Bank                               | 4.00% due 09/15/2032  | 405,000 | 447,412 | 2.5% |
|                                                              |
|                                                              | 495,000               | 543,350 | 3.0% |
|                                                              |
| General Obligation                                                |                  |
|                                                              |
|     Ada & Canyon Cos. ID JSD #2 Meridian            | 5.00% due 08/15/2032  | 325,000 | 394,972 | 2.2% |
|     Ada & Canyon Cos. ID JSD #3 Kuna                | 5.00% due 09/15/2019  | 240,000 | 256,524 | 1.4% |
|     Ada & Canyon Cos. ID JSD #3 Kuna                | 4.00% due 08/15/2022  | 400,000 | 460,008 | 2.6% |
|     Adams & Washington Cos. ID JSD #432             | 4.00% due 08/15/2019  | 100,000 | 100,702 | 0.6% |
|     Bingham Co. ID SCD #52 Snake HS                     | 4.00% due 09/01/2020  | 250,000 | 266,890 | 1.5% |
|     Bingham Co. ID SCD #52 Snake HS                     | 4.00% due 09/01/2027  | 200,000 | 210,992 | 1.2% |
|     Blaine Co. ID Series A                              | 4.05% due 08/01/2023  | 150,000 | 155,889 | 0.9% |
|     Bonneville & Bingham Cos. ID JSD #93            | 5.00% due 09/15/2029  | 250,000 | 300,447 | 1.7% |
|     Bonneville & Bingham Cos. ID JSD #93            | 5.00% due 09/15/2031  | 200,000 | 239,432 | 1.3% |
|     Bonneville Co. ID SCD #91¹                     | 4.00% due 09/15/2026  | 50,000 | 55,908 | 0.3% |
|     Bonneville Co. ID SCD #91                           | 3.75% due 09/15/2032  | 285,000 | 304,049 | 1.7% |
|     Boundary Co. ID SCD #101                            | 4.00% due 08/15/2021  | 240,000 | 248,858 | 1.4% |
|     Canyon Co. ID SCD #134 Middleton                    | 4.00% due 09/15/2028  | 400,000 | 452,964 | 2.5% |
|     Canyon Co. ID SCD #135 Notus                        | 3.25% due 09/15/2031  | 290,000 | 311,147 | 1.7% |
|     Canyon Co. ID SCD #135 Notus                        | 3.25% due 09/15/2032  | 170,000 | 181,665 | 1.0% |
|     Canyon Co. ID SCD #139 Vallivue                     | 5.00% due 09/15/2024  | 260,000 | 313,674 | 1.7% |
|     Canyon Co. ID SCD #139 Vallivue                     | 4.35% due 09/15/2025  | 350,000 | 353,850 | 2.0% |
|     Cassia, Oneida, Twin Falls JSCD #151                | 3.375% due 09/15/2034 | 160,000 | 164,363 | 0.9% |
|     Fremont & Madison Cos. ID JSD #215              | 4.00% due 08/15/2019  | 200,000 | 210,678 | 1.2% |
|     Fremont & Madison Cos. ID JSD #215              | 4.125% due 08/15/2024 | 130,000 | 136,513 | 0.8% |
|     Jefferson & Madison Cos. ID JSD #251 Rigby      | 4.25% due 09/01/2024  | 100,000 | 106,090 | 0.6% |
|     Kootenai Co. ID SCD #271                            | 4.00% due 09/15/2025  | 165,000 | 189,004 | 1.1% |
|     Kootenai Co. ID SCD #273                            | 4.00% due 08/15/2031  | 265,000 | 297,017 | 1.7% |
|     Kootenai-Shoshone ID Area Libraries                 | 4.25% due 08/01/2021  | 220,000 | 221,307 | 1.2% |
|     Latah Co. ID SCD #281                               | 4.00% due 08/15/2027  | 100,000 | 115,816 | 0.6% |
|     Latah Co. ID SCD #281                               | 4.00% due 08/15/2028  | 200,000 | 230,022 | 1.3% |
|     Latah, Nez Perce, & Clearwater Cos. ID JSD #283 | 4.50% due 08/15/2027  | 190,000 | 197,830 | 1.1% |
|     Madison Co. ID SCD #321 Rexburg                     | 4.50% due 08/15/2024  | 410,000 | 421,181 | 2.3% |
|     Madison Co. ID SCD #321 Rexburg                     | 4.50% due 08/15/2026  | 250,000 | 256,818 | 1.4% |
|     Minidoka & Jerome Cos. ID JSD #331¹        | 4.50% due 08/15/2018  | 75,000 | 75,417 | 0.4% |
|     Minidoka & Jerome Cos. ID JSD #331¹        | 4.50% due 08/15/2020  | 75,000 | 75,417 | 0.4% |
|     Minidoka & Jerome Cos. ID JSD #331              | 4.375% due 08/15/2024 | 225,000 | 226,757 | 1.3% |
|     Minidoka & Jerome Cos. ID JSD #331              | 4.50% due 08/15/2025  | 160,000 | 161,290 | 0.9% |
|     Owyhee & Elmore Cos. ID JSD #365                | 4.00% due 08/15/2027  | 350,000 | 364,627 | 2.0% |
|     Payette Co. ID SCD #373                             | 5.00% due 09/15/2024  | 350,000 | 354,491 | 2.0% |
|     Twin Falls & Gooding Cos. JSD #412              | 4.125% due 09/01/2023 | 100,000 | 114,603 | 0.6% |
|     Twin Falls Co. ID SCD #411                          | 4.00% due 09/15/2027  | 170,000 | 195,257 | 1.1% |
|     Twin Falls Co. ID SCD #411                          | 4.25% due 09/15/2030  | 300,000 | 344,127 | 1.9% |
|     Twin Falls Co. ID SCD #411                          | 4.75% due 09/15/2039  | 200,000 | 230,402 | 1.3% |
|     Twin Falls Co. ID SCD #411 Series A                 | 4.25% due 09/15/2031  | 100,000 | 114,304 | 0.6% |
|     Twin Falls Co. ID SCD #414                          | 4.25% due 09/15/2028  | 445,000 | 516,792 | 2.9% |
|     Valley & Adams Cos. ID JSD #421                 | 4.50% due 08/01/2022  | 135,000 | 135,876 | 0.8% |
|     Valley & Adams Cos. ID JSD #421                 | 4.50% due 08/01/2024  | 290,000 | 291,882 | 1.6% |
|     Valley & Adams Cos. ID JSD #421                 | 3.00% due 08/01/2026  | 220,000 | 228,411 | 1.3% |
|                                                              |
|                                                              | 9,745,000             | 10,584,263 | 59.0% |
|                                                              |
| Continued on next page.                                           |

 

| The accompanying notes are an integral part of these financial statements. | Semi-Annual Report | May 31, 2016 | 5 |
|----------------------------------------------------------------------------|--------------------|--------------|---|

----

| Schedule of Investments                                             | As of May 31, 2016    |
|---------------------------------------------------------------------|-----------------------|
| Tax-Exempt Municipal Bonds — 97.6%                            | Coupon / Maturity     | Face Amount | Market Value | Percentage of Assets |
|                                                                |
| Medical/Hospitals                                                   |                  |
|                                                                |
|     Idaho Health Facility Authority Revenue               | 6.00% due 12/01/2023  | $200,000 | $225,368 | 1.3% |
|     Idaho Health Facility Authority Revenue               | 6.25% due 12/01/2033  | 115,000 | 130,295 | 0.7% |
|     Idaho Health Facility Trinity Health Group            | 3.25% due 12/01/2028  | 300,000 | 313,098 | 1.7% |
|                                                                |
|                                                                | 615,000               | 668,761 | 3.7% |
|                                                                |
| Municipal Leases                                                    |                  |
|                                                                |
|     Boise City Urban Renewal Lease Revenue                | 5.00% due 12/15/2031  | 400,000 | 488,368 | 2.7% |
|     Nez Perce Co. ID COPS                                 | 4.50% due 02/01/2021  | 150,000 | 153,258 | 0.9% |
|                                                                |
|                                                                | 550,000               | 641,626 | 3.6% |
|                                                                |
| Pollution Control                                                   |                  |
|                                                                |
|     Caldwell ID Sewer Revenue                             | 4.50% due 09/01/2019  | 100,000 | 110,840 | 0.6% |
|     Idaho Bond Bank Authority                             | 4.30% due 09/01/2022  | 135,000 | 135,294 | 0.8% |
|     Idaho Bond Bank Authority¹                       | 4.125% due 09/15/2023 | 75,000 | 77,724 | 0.4% |
|     Moscow ID Sewer Revenue                               | 4.45% due 05/01/2028  | 200,000 | 210,412 | 1.2% |
|                                                                |
|                                                                | 510,000               | 534,270 | 3.0% |
|                                                                |
| Power Generation                                                    |                  |
|                                                                |
|     Idaho Falls ID Electric Revenue¹                 | 6.75% due 04/01/2019  | 40,000 | 42,704 | 0.2% |
|                                                                |
|                                                                | 40,000                | 42,704 | 0.2% |
|                                                                |
| Real Estate                                                         |                  |
|                                                                |
|     Idaho State Building Authority Revenue                | 5.00% due 09/01/2031  | 200,000 | 238,548 | 1.3% |
|     Idaho State Building Authority Revenue                | 5.00% due 09/01/2032  | 400,000 | 476,572 | 2.7% |
|     Post Falls ID LID SPA¹                           | 5.00% due 05/01/2021  | 90,000 | 89,821 | 0.5% |
|                                                                |
|                                                                | 690,000               | 804,941 | 4.5% |
|                                                                |
| State Education                                                     |                  |
|                                                                |
|     Boise State University ID Revenues                    | 4.50% due 04/01/2027  | 250,000 | 257,995 | 1.4% |
|     Boise State University ID Revenues                    | 5.00% due 04/01/2034  | 385,000 | 428,628 | 2.4% |
|     Idaho State University Revenues                       | 3.00% due 04/01/2031  | 250,000 | 254,912 | 1.4% |
|     Idaho State University Revenues                       | 3.00% due 04/01/2032  | 160,000 | 162,453 | 0.9% |
|     North Idaho College Dormitory Revenues                | 4.00% due 11/01/2030  | 285,000 | 322,435 | 1.8% |
|     University of Idaho Revenues                          | 5.00% due 04/01/2028  | 225,000 | 253,199 | 1.4% |
|     University of Idaho Revenues                          | 5.00% due 04/01/2032  | 455,000 | 529,998 | 3.0% |
|                                                                |
|                                                                | 2,010,000             | 2,209,620 | 12.3% |
|                                                                |
| Transportation                                                      |                  |
|                                                                |
|     Boise ID Airport Parking Facility Revenue             | 3.00% due 09/01/2028  | 210,000 | 212,646 | 1.2% |
|     Idaho Housing & Finance Association               | 4.60% due 07/15/2023  | 250,000 | 267,438 | 1.5% |
|     Idaho Housing & Finance Association               | 5.00% due 07/15/2024  | 200,000 | 201,056 | 1.1% |
|     Idaho Housing & Finance Association¹         | 5.00% due 07/15/2027  | 50,000 | 55,250 | 0.3% |
|                                                                |
|                                                                | 710,000               | 736,390 | 4.1% |
|                                                                |
| Water Supply                                                        |                  |
|                                                                |
|     Chubbuck ID Water Revenue                             | 4.00% due 09/01/2025  | 155,000 | 171,990 | 0.9% |
|     Idaho Bond Bank Authority                             | 4.00% due 09/15/2024  | 100,000 | 103,710 | 0.6% |
|     Pocatello ID Water Revenue                            | 4.50% due 02/01/2024  | 100,000 | 105,563 | 0.6% |
|     Pocatello ID Water Revenue                            | 4.75% due 02/01/2026  | 350,000 | 370,786 | 2.1% |
|                                                                |
|                                                                | 705,000               | 752,049 | 4.2% |
|                                                                |
| Total investments                                                   | (Cost = $16,784,409)  | $16,070,000 | $17,517,974 | 97.6% |
| Other assets (net of liabilities)                                   |                  |   | 422,257 | 2.4% |
| Total net assets                                                    |                  |   | $17,940,231 | 100.0% |
| ¹ Indicates an odd lot. See note regarding odd lot securities. |

 

| 6 | May 31, 2016 | Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|---|--------------|--------------------|----------------------------------------------------------------------------|

----

| Statement of Assets and Liabilities                                                |
|------------------------------------------------------------------------------------|
| As of May 31, 2016                                                                 |
|                                                                               |
| Assets                                                                             |
|     Investments in securities, at value     (Cost $16,784,409) | $17,517,974 |
|     Cash                                                                 | 309,931 |
|     Interest receivable                                                  | 176,543 |
|     Insurance reserve premium                                            | 801 |
|     Receivable for Fund shares sold                                      | 150 |
|         Total assets                                           | 18,005,399 |
| Liabilities                                                                        |
|     Payable for Fund shares redeemed                                     | 36,664 |
|     Accrued expenses                                                     | 12,938 |
|     Payable to affiliates                                                | 9,560 |
|     Distributions payable                                                | 6,006 |
|         Total liabilities                                      | 65,168 |
| Net assets                                                                         | $17,940,231 |
|                                                                               |
| Analysis of net assets                                                             |
|     Paid-in capital (unlimited shares authorized, without par value)     | $17,202,078 |
|     Undistributed tax-exempt income                                      | 3,051 |
|     Accumulated net realized gain                                        | 1,537 |
|     Unrealized net appreciation on investments                           | 733,565 |
| Net assets applicable to Fund shares outstanding                                   | $17,940,231 |
|                                                                               |
| Fund shares outstanding                                                            | 3,240,317 |
|                                                                               |
| Net asset value, offering and redemption price per share                           | $5.54 |

 

| Statement of Operations                                |
|--------------------------------------------------------|
| Period ended May 31, 2016                              |
|                                                   |
| Investment income                                      |
|     Interest income                          | $296,887 |
|         Total investment income    | 296,887 |
| Expenses                                               |
|     Investment adviser fees                  | 44,374 |
|     Audit fees                               | 4,597 |
|     Chief Compliance Officer expenses        | 3,540 |
|     Trustee fees                             | 1,928 |
|     Filing and registration fees             | 1,169 |
|     Printing and postage                     | 1,147 |
|     Transfer agent fees                      | 1,094 |
|     Other expenses                           | 1,019 |
|     Custodian fees                           | 444 |
|     Legal fees                               | 293 |
|     Retirement plan custodial fees           | 28 |
|         Total gross expenses       | 59,633 |
|     Less shareowner servicing fees waived    | (1,094) |
|     Less custodian fee credits               | (444) |
|         Net expenses               | 58,095 |
| Net investment income                                  | $238,792 |
|                                                   |
|                                                   |
| Net realized gain from investments                     | $589 |
| Net increase in unrealized appreciation on investments | 183,259 |
| Net gain on investments                                | $183,848 |
|                                                   |
| Net increase in net assets resulting from operations   | $422,640 |

 

| Bond Quality Diversification |
|------------------------------|
| % of total net assets        |   |
| █                      | Rated "Aaa" | 25.6% |  |
| █                      | Rated "Aa1" | 16.3% |
| █                      | Rated "Aa2" | 6.4% |
| █                      | Rated "Aa3" | 16.3% |
| █                      | Rated "A1" | 11.6% |
| █                      | Rated "A2" | 7.9% |
| █                      | Not rated | 13.5% |
| █                      | Other assets (net of liabilities) | 2.4% |

Credit ratings are determined by Moody's Investors Service, a Nationally Recognized Statistical Rating Organization.  If Moody's does not rate a particular security, that security is categorized as not rated.

| The accompanying notes are an integral part of these financial statements. | Semi-Annual Report | May 31, 2016 | 7 |
|----------------------------------------------------------------------------|--------------------|--------------|---|

----

| Statements of Changes of Net Assets                                | Period ended May 31, 2016 | Year ended Nov. 30, 2015 |
|--------------------------------------------------------------------|---------------------------|--------------------------|
| Increase (decrease) in net assets from operations                  |
| From operations                                                    |
|     Net investment income                                | $238,792                  | $467,096                 |
|     Net realized gain on investments                     | 589                       | 13,648                   |
|     Net increase (decrease) in unrealized appreciation   | 183,259                   | (114,439)                |
|         Net increase in net assets             | 422,640                   | 366,305                  |
| Distributions to shareholders from                                 |
|     Net investment income                                | (239,038)                 | (467,334)                |
|     Capital gains distributions                          | -                         | (12,700)                 |
|         Total distributions                    | (239,038)                 | (480,034)                |
| Capital share transactions                                         |
|     Proceeds from sales of shares                        | 725,428                   | 3,106,181                |
|     Value of shares issued in reinvestment of dividends  | 205,403                   | 403,877                  |
|     Cost of shares redeemed                              | (594,595)                 | (2,696,560)              |
|         Net increase in net assets             | 336,236                   | 813,498                  |
| Total increase in net assets                                       | 519,838                   | 699,769                  |
|                                                               |
| Net assets                                                         |
| Beginning of period                                                | 17,420,393                | 16,720,624               |
| End of period                                                      | 17,940,231                | 17,420,393               |
|                                                               |
| Undistributed tax-exempt income                                    | $3,051                    | $3,297                   |
|                                                               |
| Shares of the Fund sold and redeemed                               |
|     Number of shares sold                                | 131,220                   | 565,440                  |
|     Number of shares issued in reinvestment of dividends | 37,136                    | 73,466                   |
|     Number of shares redeemed                            | (107,378)                 | (492,192)                |
| Net increase in number of shares outstanding                       | 60,978                    | 146,714                  |

 

| Financial Highlights                                                                            | Period ended | For the year ended November 30, 2015 |
|-------------------------------------------------------------------------------------------------|--------------|--------------------------------------|
| Selected data per share of outstanding capital stock throughout each period:                    | May 31, 2016 | 2015                                 | 2014 | 2013 | 2012 | 2011 |
| Net asset value at beginning of period                                                          | $5.48        | $5.51                                | $5.36 | $5.68 | $5.51 | $5.43 |
| Income from investment operations                                                               |
|     Net investment income                                                             | 0.07         | 0.15                                 | 0.16 | 0.16 | 0.16 | 0.18 |
|     Net gain (loss) on securities (both realized and unrealized)                      | 0.06         | (0.03)                               | 0.15 | (0.31) | 0.18 | 0.08 |
| Total from investment operations                                                                | 0.13         | 0.12                                 | 0.31 | (0.15) | 0.34 | 0.26 |
| Less distributions                                                                              |
|     Dividends (from net investment income)                                            | (0.07)       | (0.15)                               | (0.16) | (0.16) | (0.16) | (0.18) |
|     Distributions (from capital gains)                                                | -            | 0.00¹                           | 0.00¹ | (0.01) | (0.01) | 0.00¹ |
| Total distributions                                                                             | (0.07)       | (0.15)                               | (0.16) | (0.17) | (0.17) | (0.18) |
|     Paid-in capital from early redemption fees                                        | n/a          | n/a                                  | n/a | - | - | 0.00¹ |
|                                                                                            |
| Net asset value at end of period                                                                | $5.54        | $5.48                                | $5.51 | $5.36 | $5.68 | $5.51 |
|                                                                                            |         |
| Total return                                                                                    | 2.46%²  | 2.21%                                | 5.83% | (2.70)% | 6.33% | 4.91% |
|                                                                                            |
| Ratios / supplemental data                                                                      |
| Net assets ($000), end of period                                                                | $17,940      | $17,420                              | $16,721 | $15,492 | $16,516 | $16,117 |
| Ratio of expenses to average net assets                                                         |         |
|     Before transfer agent fee waiver and custodian fee credits                        | 0.67%³  | 0.67%                                | 0.65% | 0.66% | 0.62% | 0.62% |
|     After transfer agent fee waiver                                                   | 0.66%³  | 0.66%                                | 0.63% | 0.64% | n/a | n/a |
|     After transfer agent fee waiver and custodian fee credits                         | 0.65%³  | 0.66%                                | 0.63% | 0.64% | 0.62% | 0.61% |
| Ratio of net investment income after fee waiver and custodian fee credits to average net assets | 2.69%³  | 2.66%                                | 2.85% | 2.88% | 2.89% | 3.27% |
| Portfolio turnover rate                                                                         | 4%           | 7%                                   | 5% | 9% | 12% | 4% |
| ¹ Amount is less than $0.01² Not Annualized³ Annualized                          |

 

| 8 | May 31, 2016 | Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|---|--------------|--------------------|----------------------------------------------------------------------------|

----

## Notes To Financial Statements

### Note 1 — Organization

Saturna Investment Trust (the "Trust") was established under Washington State Law as a business trust on February 20, 1987. The Trust is registered as an open-end, diversified management company under the Investment Company Act of 1940, as amended. In addition to Idaho Tax-Exempt Fund (the "Fund"), eight portfolios have been created to date: Sextant Short-Term Bond Fund, Sextant Bond Income Fund, Sextant Core Fund, Sextant Global High Income Fund, Sextant Growth Fund, Sextant International Fund, Saturna Sustainable Equity Fund, and Saturna Sustainable Bond Fund (each, a "Fund", and collectively, the "Funds"). The other eight portfolios are distributed through separate prospectuses and the results of those funds are contained in separate reports. 

The Fund is an investment company and accordingly follows the investment accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 "Financial Services — Investment Companies."

The Idaho Tax-Exempt Fund was first authorized to sell shares of beneficial interest on September 4, 1987. 

Investment risks:

The value of Fund shares rises and falls as the value of the bonds in which the Fund invests goes up and down. The risks inherent in the Fund depend primarily on the terms and quality of the obligations in the Fund's portfolio, as well as on market conditions. When interest rates rise, bond prices fall. When interest rates fall, bond prices go up. Bonds with longer maturities, such as those held by the Fund, usually are more sensitive to interest rate changes than bonds with shorter maturities. Only consider investing in the Fund if you are willing to accept the risk that you may lose money.

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. If a security held by the Fund defaults on payment of interest or principal, the Fund's income, ability to preserve capital, and liquidity would all be adversely affected.

Fund investments are susceptible to factors adversely affecting Idaho, such as political, economic, and financial trends unique to this relatively small state. Investing only in Idaho bonds means that the Fund's investments are more concentrated than other mutual funds, and relatively few bond price changes may lead to underperformance compared to investments selected in greater number and/or from a wider universe.

The Fund is vulnerable to income tax rate changes, either at the Idaho or federal level, since part of municipal securities' value is derived from the recipient's ability to exclude interest payments from taxation. 

### Note 2 — Significant Accounting Policies

The following is a summary of the significant accounting policies, in conformity with accounting principles generally accepted in the United States of America, which are consistently followed by the Fund in the preparation of its financial statements.

Security valuation:

Debt securities are valued using bid-side valuations provided by an independent service. The service determines valuations using factors such as yields or prices of bonds of comparable quality, type of issue, coupon maturity, ratings, trading activity, and general market conditions. In the absence of a valuation from an independent service for a security, a fair value for such security is determined in good faith by or under the direction of the Board of Trustees.

Security transactions are recorded on trade date. Realized gains and losses on sales of securities are recorded on the identified cost basis. 

Share valuation:

The net asset value ("NAV") per share of the Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Fund's shares are not priced or traded on days the New York Stock Exchange is closed. The NAV is the offering and redemption price per share.

The Trustees have adopted certain policies and procedures with respect to frequent trading of Fund shares.  The Fund is intended for long-term investment and does not permit rapid trading of its shares.  The Fund cannot always identify all intermediaries, or detect or prevent trading that violates the Frequent Trading Policy through intermediaries or omnibus accounts. 

Fair value measurements:

Accounting Standards Codification (ASC) 820 establishes a three-tier framework for measuring fair value based on a hierarchy of inputs. The hierarchy distinguishes between market data obtained from independent sources (observable inputs) and the Fund's own market assumptions (unobservable inputs). These inputs are used in determining  the value of the Fund's investments and are summarized below.

> 
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

Level 2 – Observable inputs other than quoted prices in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Trust's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

| Semi-Annual Report | May 31, 2016 | 9 |
|--------------------|--------------|---|

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## Notes To Financial Statements (continued)

| Fair Value Inputs                | **Level 1**Quoted Price | **Level 2**Significant Observable Input | **Level 3**Significant Unobservable Input | Total       |
|----------------------------------|-------------------------|-----------------------------------------|-------------------------------------------|-------------|
| Municipal Bonds                  |
|     Financial Services | $-                      | $447,412                                | $95,938                                   | $543,350    |
|     General Obligation | -                       | 10,377,521                              | 206,742                                   | 10,584,263  |
|     Medical/Hospitals  | -                       | 668,761                                 | -                                         | 668,761     |
|     Municipal Leases   | -                       | 641,626                                 | -                                         | 641,626     |
|     Pollution Control  | -                       | 456,546                                 | 77,724                                    | 534,270     |
|     Power Generation   | -                       | -                                       | 42,704                                    | 42,704      |
|     Real Estate        | -                       | 804,941                                 | -                                         | 804,941     |
|     State Education    | -                       | 2,209,620                               | -                                         | 2,209,620   |
|     Transportation     | -                       | 681,140                                 | 55,250                                    | 736,390     |
|     Water Supply       | -                       | 752,049                                 | -                                         | 752,049     |
| Total Assets                     | $-                      | $17,039,616                             | $478,358                                  | $17,517,974 |

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table is a summary of the inputs used as of May 31, 2016, in valuing the Fund's investments carried at value.

| Level 3 Roll-Forward Municipal Securities |
|-------------------------------------------|
| Beginning balance                         | $492,190 |
| Total unrealized losses                   | (3,832) |
| Maturity/call                             | (10,000) |
| Ending balance                            | $478,358 |

Odd Lots:

The bid-side valuations provided by the independent pricing service are for institutional "round-lot" holdings ("Round Lots"). Round Lots consist of 100 bonds (approximately $100,000 each). Some of the Fund's holdings consist of less than a Round Lot and are considered "Odd Lots." Odd Lots trade at a discount to Round Lots to compensate for the effect of the fixed costs associated with any trade. To reflect this discount, the Fund applies a discount to the valuation of Odd Lot municipal bond holdings as shown in the following chart.

| Total Face Value | Adjustment to Price |
|------------------|---------------------|
| Under 10,000     | $ -0.750            |
| 10,000-24,999    | -0.625              |
| 25,000-49,999    | -0.500              |
| 50,000-74,999    | -0.375              |
| 75,000-99,999    | $ -0.250            |
| 100,000 and up   | none                |

An increase in the adjustment will decrease the market value of the investment.

Income taxes:

The Fund intends to comply with the requirements of the Internal Revenue Code necessary to qualify as a regulated investment company and to make the requisite distributions of income and capital gains to its shareowners sufficient to relieve it from all or substantially all federal income taxes. As the Fund intends to meet requirements for tax-exempt income dividends, and the requirements of the Idaho Department of Revenue for income dividends exempt from Idaho state income tax, no income tax provisions are required.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2013 — 2015), or expected to be taken in the Fund's 2016 tax return. The Fund identifies its major tax jurisdiction as US federal and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. 

 

| 10 | May 31, 2016 | Semi-Annual Report |
|----|--------------|--------------------|

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## Notes To Financial Statements (continued)

Reclassification of capital accounts:

Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

| Undistributed tax-exempt income | $(28) |
|---------------------------------|-------|
| Paid-in capital                 | $28   |

Distributions to shareowners:

The Fund's dividends to shareowners from net investment income are paid daily and distributed on the last business day of each month.

Distributions of capital gains, if any, are made at least annually and as required to comply with federal excise tax requirements. Distributions to shareowners are determined in accordance with income tax regulations and are recorded on the ex-dividend date. Dividends are paid in shares of the Funds, at the net asset value on the payable date. Shareowners may elect to take distributions in cash if they total $10 or more. 

Use of estimates:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Other:

The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by economic and political developments in the state of Idaho.

Interest income is recognized on an accrual basis. Premiums on securities purchased are amortized and discounts are accreted over the lives of the respective securities.

**Recent accounting pronouncement:**

In May 2015, the FASB issued ASU No. 2015-07 "Disclosure for Investments in Certain Entities that Calculate Net Asset Value per Share (or Its Equivalent)."  The amendments in ASU No. 2015-07 remove the requirement to categorize within the fair value hierarchy investments measured using the NAV practical expedient.  The ASU also removes certain disclosure requirements for investments that qualify, but do not utilize, the NAV practical expedient.  The amendments in the ASU are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years.  Management is currently evaluating the impact these changes will have on the Fund's financial statements and related disclosures.

### Note 3 — Unaudited Information

The information in this interim report has not been subjected to independent audit.

### Note 4 — Transactions with Affiliated Persons

Under a contract approved by shareowners on September 28, 1995 and reviewed annually by the Board of Trustees, Saturna Capital Corporation provides investment advisory services and certain other administrative and distribution services to conduct the Fund's business.  For such services, the Fund pays an annual fee equal to 0.50% of its average daily net assets. For the fiscal period ended May 31, 2016, the Fund incurred advisory fee expenses of $44,374. Expenses incurred by the Trust on behalf of the Fund (e.g., legal fees) are allocated to the Fund and the other Funds of the Trust on the basis of relative daily average net assets.

Saturna Capital also acts as transfer agent for the Fund, for which it did not receive any compensation during the fiscal period ended May 31, 2016. Saturna Capital has voluntarily elected to waive the transfer agent fee through November 30, 2016 to reduce the Fund's operating expenses. Such fees, had they been charged, would have totaled $1,094.

Saturna Brokerage Services, Inc. ("SBS"), a discount brokerage and subsidiary of Saturna Capital, is registered as a broker-dealer and acts as distributor for the Fund. 

Saturna Trust Company ("STC"), a subsidiary of Saturna Capital, acts as a retirement plan custodian for Fund shareowners. For the fiscal period ended May 31, 2016, the Fund incurred retirement plan custodial fees of $28.

Mr. Nicholas Kaiser serves as a trustee and president of the Trust. He is also a director and the chairman of Saturna Capital and Saturna Trust Company. Mr Kaiser is not compensated by the Trust. For the fiscal period ended May 31, 2016, the Trust incurred compensation expenses of $15,000 which is included in $20,569 of total expenses for the independent Trustees. Idaho Tax-Exempt Fund paid $1,928 of these total expenses.

The officers of the Trust are paid by Saturna Capital, not the Trust, except the Chief Compliance Officer, who is partially compensated by the Trust. For the fiscal period ended May 31, 2016, the Fund paid $3,540 in compensation for such services.

On May 31, 2016, the trustees, officers, and their immediate families as a group directly or indirectly owned 10.90% of the outstanding shares of the Fund. 

### Note 5 — Distributions to Shareowners

The tax characteristics of distributions paid during the fiscal period ended May 31, 2016, and the fiscal year ended November 30, 2015, were as follows:

|               | May 31, 2016 | November 30, 2015 |
|--------------------|--------------|-------------------|
| Tax-exempt income  | $239,038     | $467,334          |
| Capital gain¹ | -            | $12,700           |

¹ Long-Term Capital Gain dividend designated pursuant to Section 852(b)(3) of the Internal Revenue Code.

| Semi-Annual Report | May 31, 2016 | 11 |
|--------------------|--------------|----|

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## Notes To Financial Statements (continued)

### Note 6 — Federal Income Taxes

The cost basis of investments for federal income tax purposes at May 31, 2016 was as follows:

| Cost of investments           | $16,784,409 |
|-------------------------------|-------------|
| Gross unrealized appreciation | 737,197     |
| Gross unrealized depreciation | (3,632)     |
| Net unrealized appreciation   | $733,565    |

As of November 30, 2015, the components of distributable earnings on a tax basis were as follows:

| Undistributed tax exempt income | $3,297   |
|---------------------------------|----------|
| Tax accumulated earnings        | 3,297    |
| Accumulated capital gains       | 948      |
| Unrealized appreciation         | 550,306  |
| Total accumulated earnings      | $554,551 |

### Note 7 — Investments

During the fiscal period ended May 31, 2016, the Fund purchased  $1,218,635 of securities and sold/matured $755,000 of securities.

### Note 8 — Custodian

Under the agreement in place with Bank of  New York Mellon, custody fees are reduced by credits for cash balances. Such reduction for the fiscal period ended May 31, 2016, amounted to $444.

### Note 9 — Subsequent Events

In preparing these financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no events or transactions during the period that materially impacted the amounts or disclosures in the Fund's financial statements. 

 

| 12 | May 31, 2016 | Semi-Annual Report |
|----|--------------|--------------------|

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## Expenses (unaudited)

All mutual funds have operating expenses. As an Idaho Tax-Exempt Fund shareowner, you incur ongoing costs, including management fees and other fund expenses such as shareowner reports (like this one). Operating expenses, which are deducted from a fund's gross earnings, directly reduce the investment return of a fund. Mutual funds (unlike other financial investments) only report their results after deduction of operating expenses. 

With the Idaho Tax-Exempt Fund, unlike many mutual funds, you do not incur sales charges (loads) on purchases, reinvested dividends, or other distributions. You do not incur redemption fees or exchange fees. You may incur fees related to extra services requested by you for your account, such as bank wires. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Example

The following example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2015, to May 31, 2016).

Actual Expenses

The first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you have invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. The Fund may charge for extra services (such as domestic bank wires, international bank wires, or overnight courier delivery of redemption checks) rendered on request, which you may need to estimate to determine your total expenses.

Hypothetical Example for Comparison Purposes

The second line provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio (based on the last six months) and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareowner reports of other mutual funds. You may wish to add other fees that are not included in the expenses shown in the table, such as charges for extra services like bank wires.

Please note that the expenses shown are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees (note that the Idaho Tax-Exempt Fund does not charge any such transactional costs). Therefore, the "Hypothetical" line is useful in comparing ongoing costs only, and may not help you determine the relative total costs of owning different funds. 

|                                     | Beginning Account Value [December 1, 2015] | Ending Account Value [May 31, 2016] | Expenses Paid During Period¹ |
|------------------------------------------|--------------------------------------------|-------------------------------------|-----------------------------------|
| Actual                                   | $1,000.00                                  | $1,024.60                           | $3.34                             |
| Hypothetical (5% return before expenses) | $1,000.00                                  | $1,021.70                           | $3.34                             |

¹ Expenses are equal to Idaho Tax-Exempt Bond Fund's annualized expense ratio of 0.66% (based on the most recent semi-annual period of December 1, 2015 through May 31, 2016) multiplied by the average account value over the period multiplied by 183/365 (to reflect the one-half year period).

| Semi-Annual Report | May 31, 2016 | 13 |
|--------------------|--------------|----|

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Except for this legend, this page has been intentionally left blank.

 

| 14 | May 31, 2016 | Semi-Annual Report |
|----|--------------|--------------------|

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### Availability of Portfolio Information

- The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q.
- The Fund's Form N-Q is available on the SEC's website at   www.sec.gov and at www.idahotaxexemptfund.com.
- The Fund's Form N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800/SEC-0330.
- The Fund makes a complete schedule of portfolio holdings after the end of each month available to investors at   www.idahotaxexemptfund.com.

 

### Availability of Proxy Voting Information

- A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (a) without charge, upon request, by calling Saturna Capital at 1-800-728-8762; (b) on the Fund's website at www. idahotaxexemptfund.com; and (c) on the SEC's website at www.sec.gov.
- Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (a) without charge, upon request, by calling Saturna Capital at 1-800-728-8762; (b) on the Fund's website at www.idahotaxexemptfund.com; and (c) on the SEC's website at www.sec.gov.

 

### Householding Policy

To reduce expenses, we may mail only one copy of the Fund's prospectus, each annual and semi-annual report, and proxy statement when necessary, to those addresses shared by two or more accounts. If you wish to receive individual and/or more copies of these documents, please call us at 1-800-728-8762 or write to us at Saturna Capital/Idaho Tax-Exempt Fund, P.O. Box N, Bellingham, WA 98227. We will begin sending you individual copies 30 days after receiving your request.

If you are currently receiving multiple copies and wish to receive only one copy, please call us at 1-800-728-8762 or write to us at Saturna Capital/Idaho Tax-Exempt Fund, P.O. Box N, Bellingham, WA 98227. We will begin sending you a single copy with subsequent report mailings.

 

### Privacy Statement

At Saturna Capital and the Idaho Tax-Exempt Fund, we understand the importance of maintaining the privacy of your financial information. We want to assure you that we protect the confidentiality of any personal information that you share with us. In addition, we do not sell information about our current or former customers.

In the course of our relationship, we gather certain nonpublic information about you, including your name, address, investment choices, and account information. We do not disclose your information to unaffiliated third parties unless it is necessary to process a transaction; service your account; deliver your account statements, shareholder reports and other information; or as required by law. When we disclose information to unaffiliated third parties, we require a contract to restrict the companies' use of customer information and from sharing or using it for any purposes other than performing the services for which they were required.

We may share information within the Saturna Capital family of companies in the course of informing you about products or services that may address your investing needs.

We maintain our own technology resources to minimize the need for any third party services, and restrict access to information within Saturna. We maintain physical, electronic, and procedural safeguards to guard your personal information. If you have any questions or concerns about the security or privacy of your information please call us at 1-800-728-8762.

| Semi-Annual Report | May 31, 2016 | 15 |
|--------------------|--------------|----|

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### www.idahotaxexemptfund.com

This report is issued for the information of the shareowners of the Idaho Tax-Exempt Fund. It is not authorized for distribution to prospective investors unless it is accompanied or preceded by an effective prospectus relating to the securities of the Fund, a series of Saturna Investment Trust.

(logo omitted)

**Saturna Capital1300 N. State StreetBellingham, WA 98225www.saturna.com1-800-728-8762**

**Saturna Brokerage Services, Distributor**

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### Item 2. Code of Ethics

Registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer or persons performing similar functions, which is included with this submission as Exhibit (a)(1) and posted on the Funds' Internet websites at www.sextantfunds.com, www.saturnasustainable.com, and www.idahotaxexemptfund.com.  Requests may also be made via telephone at 1-800-728-8762, and will be processed within one business day of receiving such request.

### Item 3. Audit Committee Financial Expert

Not applicable.

### Item 4. Principal Accountant Fees and Services

Not applicable.

### Item 5. Audit Committee of Listed Registrants

Not applicable.

### Item 6. Investments

(a) The Schedule of Investments is fully answered in Item 1.

### Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

### Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

### Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

### Item 10. Submission of Matters to a Vote of Security Holders

Not applicable.

### Item 11. Controls and Procedures

(a) Internal control over financial reporting is under the supervision of the principal executive and financial officers.  On June 21, 2016, Mr. Nicholas Kaiser (President) and Mr. Christopher Fankhauser (Treasurer and Chief Compliance Officer) reviewed the internal control procedures for Saturna Investment Trust and found them reasonable and adequate.

(b) No change.

### Item 12. Exhibits

Exhibits included with this filing:

(a)(1) Code of Ethics.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

## SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

## SATURNA INVESTMENT TRUST

By:

*/s/ Nicholas F. Kaiser, President*Signature and Title

**Nicholas Kaiser, President**Printed name and Title

*July 29, 2016*Date 

Pursuant to the requirements of the Securities Exchange Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated.

By:

*/s/ Nicholas F. Kaiser, President*Signature and Title

**Nicholas Kaiser, President**Printed name and Title

*July 29, 2016*Date 

By:

*/s/ Christopher R. Fankhauser, Treasurer*Signature and Title

**Christopher Fankhauser, Treasurer**Printed name and Title

*July 29, 2016***Date

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