SECURITIES AND EXCHANGE COMMISSION			    WASHINGTON, DC 20549

# FORM N-CSRS

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED    MANAGEMENT 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 Street  Bellingham, Washington 98225-4730**  (Address of Principal Executive Offices, including ZIP Code)

**Nicholas F. Kaiser  1300 N. State Street  Bellingham, Washington 98225-4730**  (Name and Address of Agent for Service)

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

Date of fiscal year end: November 30, 2012

Date of reporting period: May 31, 2012

 

 

### Item 1. Report To Shareowners

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# Sextant Mutual Funds

| **Short-Term Bond** | **Bond Income** | **Core** | **Global High Income** | **Growth** | **International** |
|---------------------|-----------------|----------|------------------------|------------|-------------------|

## Semi-Annual Report

### May 31, 2012

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### *Performance Summary as of June 30, 2012:*

Comparative returns and percentile Morningstar™ category rankings (1 is best)†

| **Average Annual Returns vs. Category Average Returns**     | **10 Years** | **5 Years** | **3 Years** | **1 Year** | **Expense Ratio¹** |
|-------------------------------------------------------------|--------------|-------------|-------------|------------|-------------------------|
| **Sextant Short-Term Bond vs. Short-Term Bond Category**    |
| Fund Return                                                 | 3.26%        | 3.56%       | 2.66%       | 0.83%      | 1.33%                   |
| Morningstar Category                                        | 3.36%        | 3.50%       | 4.11%       | 2.05%      | N/A                     |
| % Rank (category size)                                      | 54 (190)     | 47 (324)    | 79 (352)    | 86 (404)   | N/A                     |
|                                                        |
| **Sextant Bond Income vs. Intermediate-Term Bond Category** |
| Fund Return                                                 | 5.29%        | 6.44%       | 7.79%       | 8.98%      | 1.26%                   |
| Morningstar Category                                        | 5.29%        | 6.20%       | 8.31%       | 6.57%      | N/A                     |
| % Rank (category size)                                      | 52 (606)     | 50 (880)    | 59 (1015)   | 7 (1184)   | N/A                     |
|                                                        |
| **Sextant Core² vs. Moderate Allocation Category**     |
| Fund Return                                                 | N/A          | 2.43%       | 9.45%       | 0.46%      | 1.14%                   |
| Morningstar Category                                        | 5.24%        | 1.38%       | 11.31%      | 0.92%      | N/A                     |
| % Rank (category size)                                      | N/A          | 23 (673)    | 86 (766)    | 58 (885)   | N/A                     |
|                                                        |
| **Sextant Growth vs. Large Growth Category**                |
| Fund Return                                                 | 6.80%        | 0.75%       | 12.52%      | 3.26%      | 0.84%                   |
| Morningstar Category                                        | 5.19%        | 0.96%       | 14.83%      | 0.81%      | N/A                     |
| % Rank (category size)                                      | 16 (855)     | 53 (1297)   | 77 (1510)   | 26 (1694)  | N/A                     |
|                                                        |
| **Sextant International vs. Foreign Large Blend Category**  |
| Fund Return                                                 | 8.42%        | -0.89%      | 6.24%       | -9.04%     | 0.88%                   |
| Morningstar Category                                        | 4.73%        | -5.67%      | 6.38%       | -13.86%    | N/A                     |
| % Rank (category size)                                      | 4 (325)      | 2 (582)     | 52 (733)    | 8 (815)    | 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 (800) SATURNA 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. Share price, yield, and return will vary and you may have a gain or loss when you sell your shares. 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.*

***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 (800) SATURNA. Please read the prospectus or summary prospectus carefully before investing.***

*¹ By regulation, expense ratios shown in this table are as of the Funds' most recent prospectus which is dated March 30, 2012, and incorporate results for the fiscal year ended November 30, 2011. 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 (shown on page 4).*

*² Sextant Core began operations March 30, 2007.*

*The Sextant Global High Income Fund began operations March 30, 2012 and does not yet have annualized returns to report. The Sextant Global High Income Fund is not yet rated or ranked by Morningstar.*

***† Morningstar 06/30/2012.** Morningstar, Inc. is an independent fund performance monitor. Rankings and category returns are determined monthly from total returns by Morningstar, by category as determined by Morningstar. Morningstar calculates total return by taking the change in a fund's NAV, assuming the reinvestment of all income and capital gains distributions (on the actual reinvestment date used by the fund) during the period, and then dividing by the initial NAV. Unless marked as load-adjusted total returns, Morningstar does not adjust total return for sales charges or for redemption fees. (Morningstar Return™, Morningstar Risk-Adjusted Ratings™, and the load-adjusted returns do incorporate those fees.) Total returns account for management, administrative, 12b-1 fees, and other costs automatically deducted from fund assets.*

*% Rank in Category: This is the fund's total-return percentile rank for the specified time period relative to all funds that have the same Morningstar category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Percentile ranks within categories are most useful in those categories that have a large number of funds.*

*Sextant Short-Term Bond was 349th of 404 Short-Term Bond funds in the last year, 281st of 352 funds in the last 3 years, 153rd of 324 funds in the last 5 years, and 104th of 190 funds in the last 10 years. Sextant Bond Income was 81st of 1184 Intermediate-Term Bond funds in the last year, 599th of 1015 funds in the last 3 years, 439th of 880 funds in the last 5 years, and 318th of 606 funds in the last 10 years. Sextant Core was 511th of 885 Moderate Allocation funds in the last year, 661st of 766 funds in the last 3 years, and 153rd of 673 funds in the last 5 years. Sextant Growth was 433rd of 1694 Large Growth funds in the last year, 1170th of 1510 funds in the last 3 years, 682nd of 1297 funds in the last 5 years, and 131st of 855 funds in the last 10 years. Sextant International was 64th of 815 Foreign Large Blend funds in the last year, 379th of 733 funds in the last 3 years, 10th of 582 funds in the last 5 years, and 12th of 325 funds in the last 10 years.*

| *2* | *May 31, 2012 Semi-Annual Report* |
|-----|-----------------------------------|

 

### *Fellow Shareowners:*

As the world worries about recession, European crises, and spending addictions, the Sextant Funds have performed relatively well. For the semi-annual period ended May 31, 2012, Sextant Growth did the best, returning 7.39%, Sextant Bond Income gained 4.57%, Sextant Core Fund was up 2.71%, and stable Sextant Short-Term Bond returned 0.40%. Only Sextant International declined, returning -3.96%. During the same period, the S&P 500 provided a total return of 6.23% while the MSCI EAFE Index returned -4.39%.

| ***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.*** |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Global interest rates remain abnormally low, as central banks seek to counter political deadlock by printing money. Investors, seeking income, have been running from long-term equities into bonds. Responding to the need for current income, the Sextant Global High Income Fund commenced operations on March 30, 2012.

Assets in each of the Sextant Funds increased in the past six months, and now total $215 million. The combination of spreading fixed expenses over higher assets and the effects of Sextant's performance fee structure (based on one-year results relative to Morningstar categories) means that the Funds' annualized expense ratios during the period ranged from 0.32% to 1.36% (see page 45).

**Long-term Results**

As long-term investors, we stress the importance of measuring performance over multiple years. This reveals how a fund performs during both good times and bad. The Performance Summary tables (for the calendar year period June 30, 2012, on page 2, and for May 31, 2012, on the page 4) provide comparative returns and Morningstar category rankings so you may review Fund performance for periods of up to ten years. 

**Going Forward**

Slowing economies are forcing governments everywhere to attempt spending cuts. Economic growth has flatlined as worried consumers also hold back on spending. Although core inflation is non-existent, we fear that it must eventually return. Interest rates are low, but shy lenders mean any monetary stimulus can only be meager — making fiscal restraint the only avenue to recovery.

This creates a mixed climate for the world's equity markets. We will continue to invest in innovative companies with strong business advantages and balance sheets sturdy enough to navigate these trying times. We aim to avoid companies dependent on government spending and the regions and countries that will be hurt the most in the new austerity. Turbulent times also create opportunity, and we seek entrepreneurial companies that can grow profits. Indeed, equity investors are optimistic that better-than-expected earnings at companies from Apple to UPS mean they will be rewarded.

We expect a long, slow transition to higher interest rates. Bondholders are being rewarded with real returns. Low interest rates today reflect high confidence — not just among Americans but among investors around the world — that approaching economic storms will be survived.

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 continuing 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,

(graphic omitted)**Nicholas Kaiser, President**(Manager — Sextant Growth, Sextant International)

(graphic omitted)**Phelps McIlvaine, Vice President**(Manager — Sextant Short-Term Bond, Sextant Bond Income)

(graphic omitted)**Peter Nielsen, Senior Analyst**(Manager — Sextant Core)

(graphic omitted)**Bryce Fegley, Investment Analyst**(Manager — Sextant Global High Income)

(graphic omitted)**John Scott, Investment Analyst**(Manager — Sextant Global High Income)

July 10, 2012

| *May 31, 2012 Semi-Annual Report* | *3* |
|-----------------------------------|-----|

 

### *Performance Summary as of May 31, 2012:*

Comparative returns and percentile Morningstar™ category rankings (1 is best)†

| **Average Annual Returns vs. Category Average Returns**     | **10 Years** | **5 Years** | **3 Years** | **1 Year** | **Expense Ratio¹** |
|-------------------------------------------------------------|--------------|-------------|-------------|------------|-------------------------|
| **Sextant Short-Term Bond vs. Short-Term Bond Category**    |
| Fund Return                                                 | 3.37%        | 3.63%       | 2.75%       | 1.05%      | 1.33%                   |
| Morningstar Category                                        | 3.38%        | 3.50%       | 4.29%       | 1.68%      | N/A                     |
| % Rank (category size)                                      | 50 (188)     | 46 (324)    | 78 (351)    | 73 (403)   | N/A                     |
|                                                        |
| **Sextant Bond Income vs. Intermediate-Term Bond Category** |
| Fund Return                                                 | 5.49%        | 6.50%       | 8.71%       | 8.79%      | 1.26%                   |
| Morningstar Category                                        | 5.29%        | 6.04%       | 8.66%       | 5.64%      | N/A                     |
| % Rank (category size)                                      | 43 (599)     | 44 (868)    | 46 (1006)   | 4 (1182)   | N/A                     |
|                                                        |
| **Sextant Core² vs. Moderate Allocation Category**     |
| Fund Return                                                 | N/A          | 2.01%       | 8.94%       | -1.83%     | 1.14%                   |
| Morningstar Category                                        | 4.49%        | 0.68%       | 10.53%      | -2.86%     | N/A                     |
| % Rank (category size)                                      | N/A          | 18 (675)    | 82 (767)    | 38 (878)   | N/A                     |
|                                                        |
| **Sextant Growth vs. Large Growth Category**                |
| Fund Return                                                 | 5.72%        | -0.20%      | 11.70%      | -1.60%     | 0.84%                   |
| Morningstar Category                                        | 4.03%        | 0.25%       | 13.95%      | -3.18%     | N/A                     |
| % Rank (category size)                                      | 13 (854)     | 57 (1311)   | 77 (1520)   | 39 (1699)  | N/A                     |
|                                                        |
| **Sextant International vs. Foreign Large Blend Category**  |
| Fund Return                                                 | 7.42%        | -1.62%      | 4.58%       | -13.20%    | 0.88%                   |
| Morningstar Category                                        | 3.70%        | -6.64%      | 3.96%       | -19.79%    | N/A                     |
| % Rank (category size)                                      | 4 (323)      | 1 (578)     | 38 (734)    | 4 (813)    | N/A                     |
|                                                        |

***Performance data quoted above represents past performance and is no guarantee of future results.** Results are shown for 12 months ending May 31, 2012 (“1 Year” column above) because the Sextant Funds' performance fees are based on the same period. Results are shown for other fiscal periods by regulation.*

*¹ By regulation, expense ratios shown in this table are as of the Funds' most recent prospectus which is dated March 30, 2012, and incorporate results for the fiscal year ended November 30, 2011. Ratios presented in this table differ from the expense ratios shown elsewhere in this report as they represent different periods.*

*² Sextant Core began operations on March 30, 2007.*

*The Sextant Global High Income Fund began operations March 30, 2012 and does not yet have annualized returns to report. The Sextant Global High Income Fund is not yet rated or ranked by Morningstar.*

***† Morningstar 05/31/2012.** Morningstar, Inc. is an independent fund performance monitor. Rankings and category returns are determined monthly from total returns by Morningstar, by category as determined by Morningstar. Morningstar calculates total return by taking the change in a fund's NAV, assuming the reinvestment of all income and capital gains distributions (on the actual reinvestment date used by the fund) during the period, and then dividing by the initial NAV. Unless marked as load-adjusted total returns, Morningstar does not adjust total return for sales charges or for redemption fees. (Morningstar Return™, Morningstar Risk-Adjusted Ratings™, and the load-adjusted returns do incorporate those fees.) Total returns account for management, administrative, 12b-1 fees, and other costs automatically deducted from fund assets.*

*% Rank in Category: This is the fund's total-return percentile rank for the specified time period relative to all funds that have the same Morningstar category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Percentile ranks within categories are most useful in those categories that have a large number of funds.*

*Sextant Short-Term Bond was 296th of 403 Short-Term Bond funds in the last year, 274th of 351 funds in the last 3 years, 151st of 324 funds in the last 5 years, and 95th of 188 funds in the last 10 years. Sextant Bond Income was 39th of 1182 Intermediate-Term Bond funds in the last year, 464th of 1006 funds in the last 3 years, 381st of 868 funds in the last 5 years, and 258th of 599 funds in the last 10 years. Sextant Core was 336th of 878 Moderate Allocation funds in the last year, 633rd of 767 funds in the last 3 years, and 120th of 675 funds in the last 5 years. Sextant Growth was 666th of 1699 Large Growth funds in the last year, 1172nd of 1520 funds in the last 3 years, 743rd of 1311 funds in the last 5 years, and 111th of 854 funds in the last 10 years. Sextant International was 27th of 813 Foreign Large Blend funds in the last year, 275th of 734 funds in the last 3 years, 4th of 578 funds in the last 5 years, and 12th of 323 funds in the last 10 years.*

| *4* | *May 31, 2012 Semi-Annual Report* |
|-----|-----------------------------------|

 

### *Sextant Short-Term Bond Fund*

***Performance Summary***

| **Average Annual Returns as of May 31, 2012**   |
|-------------------------------------------------|
|                                            | **10 Years** | **5 Years** | **1 Year** | **Expense Ratio¹** |
| Sextant Short-Term Bond Fund                    | 3.37% | 3.63% | 1.05% | 1.33% |
| Citigroup Gov./Corp. Inv. Grade Index 1-3 Years | 3.51% | 3.73% | 1.09% | N/A |

**Growth of $10,000**

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | *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, 2002, to an identical amount invested in the Citigroup Gov.Corp. Investment Grade Bond Index, a broad-based bond market index. The graph shows that an investment in the Fund would have risen to $13,931 versus $14,124 in the index*. |
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| ***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 of the Fund's most recent prospectus which is dated March 30, 2012, and incorporates results for the fiscal year ended November 30, 2011. 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.
**Industry Allocation** **Top Ten Holdings** **% of Fund Assets**
*Industry weightings are shown as a percentage of net assets.*
U.S. Treasury Note 1.50% due 12/31/20135.4%Abbott Laboratories 5.60% due 11/30/20174.4%Oracle 3.75% due 07/08/20144.1%Blackrock 3.50% due 12/10/20144.1%Deutsche Telecom Int. Fin. 5.25% due 07/22/20134.0%Sara Lee 2.75% due 09/15/20153.8%Simon Property Group 5.10% due 06/15/20153.7%Canada Government 2.375% due 09/10/20143.7%Ontario Prov. Canada 4.10% due 06/16/20143.6%American Express Bank Med. Term CD 4.75% due 12/24/20133.6%
 
*May 31, 2012 Semi-Annual Report**5*
 
*Sextant Short-Term Bond Fund****Schedule of Investments*****Issuer****Coupon / Maturity****Face Amount****Market Value****Percentage of Assets** **Certificate of Deposit — 3.6%****Finance**American Express Bank Med. Term CD4.75% due 12/24/2013$220,000 $233,214 3.6% **Corporate Bonds — 64.0%****Chemicals**Clorox5.00% due 01/15/2015 200,000 218,929 3.3% **Computers**IBM 5.05% due 10/22/2012 135,000 137,544 2.1%Oracle3.75% due 07/08/2014 250,000 266,365 4.1%  385,000 403,909 6.2% **Diversified Operations**General Electric Capital5.25% due 10/19/2012 100,000 101,781 1.5% **Energy**Encana4.75% due 10/15/2013 100,000 104,630 1.6%Kinder Morgan Energy Partners5.00% due 12/15/2013 100,000 105,226 1.6%Noble5.875% due 06/01/2013 190,000 198,213 3.0%  390,000 408,069 6.2% **Finance**Blackrock 3.50% due 12/10/2014 250,000 265,118 4.1%PNC Funding 5.40% due 06/10/2014 200,000 217,141 3.3%Protective Life Secured Trust5.00% due 05/15/2013 200,000 205,551 3.1%  650,000 687,810 10.5% **Food & Food Products**Coca Cola Hellenic 5.125% due 09/17/2013 100,000 104,306 1.6%Sara Lee2.75% due 09/15/2015 245,000 251,497 3.8%  345,000 355,803 5.4% **Machinery**Stanley Works4.90% due 11/01/2012180,000182,589 2.8% **Medical**Abbott Laboratories5.60% due 11/30/2017 240,000 291,636 4.4%Express Scripts6.25% due 06/15/2014 100,000 109,460 1.7%  340,000 401,096 6.1% **Metal Ores**Rio Tinto Finance8.95% due 05/01/2014 150,000 171,815 2.6%Xstrata Canada7.35% due 06/05/2012 200,000 200,000 3.1%  350,000 371,815 5.7% **Real Estate**Simon Property Group5.10% due 06/15/2015 220,000 240,951 3.7% *Continued on next page.*
 
*6**May 31, 2012 Semi-Annual Report**The accompanying notes are an integral part of these financial statements.*
 
*Sextant Short-Term Bond Fund****Schedule of Investments*****Issuer****Coupon / Maturity****Face Amount****Market Value****Percentage of Assets** **Corporate Bonds — 64.0%****Telecommunications**Deutsche Telecom Int. Fin.5.25% due 07/22/2013 $250,000 $261,720 4.0%Verizon New England4.75% due 10/01/2013 129,000 135,134 2.0%  379,000 396,854 6.0% **Transportation**SeaRiver Maritime0.00% due 09/01/2012202,000201,197 3.1% **Utilities**Telefonica Emisiones3.992% due 02/16/2016 250,000 230,669 3.5% **Total corporate bonds****3,991,000****4,201,472****64.0%** **Foreign Government Bonds — 7.3%****Canadian Government**Canada Government2.375% due 09/10/2014 230,000  240,325 3.7%Ontario Prov. Canada4.10% due 06/16/2014 220,000 234,978 3.6%  450,000 475,303 7.3% **Municipal Bonds — 12.6%****General Obligation**Commerce Charter TWP Michigan5.50% due 12/01/2013 125,000 132,239 2.0%Manhattan KS3.276% due 12/01/2013 180,000 185,227 2.8%Passaic NJ Taxable Pension GO5.00% due 02/01/2013 100,000 100,250 1.5%Southwestern MI Comm. College4.875% due 05/01/2015 125,000 136,129 2.1%  530,000 553,845 8.4% **Revenue**Dawson Springs KY ISD Bldg.13.60% due 08/01/2013 95,000 97,849 1.5%Rhode Island Econ. Dev.4.52% due 05/15/2013 175,000 180,037 2.7%  270,000 277,886 4.2% **Total municipal bonds****800,000****831,731****12.6%** **U.S. Government Bonds — 5.4%****Treasury Notes**U.S. Treasury Note1.50% due 12/31/2013350,000356,808 5.4% Total investments(cost = $6,016,701) $5,811,000 6,098,528 92.9%Other assets (net of liabilities)466,659 7.1%**Total net assets****$6,565,187****100.0%***¹ See “Odd Lots” on page 41*
 
*The accompanying notes are an integral part of these financial statements.**May 31, 2012 Semi-Annual Report**7*
 
*Sextant Short-Term Bond Fund****Statement of Assets and Liabilities****As of May 31, 2012* **Assets**  Investments in securities, at value 						      (Cost $6,016,701) $6,098,528   Cash 388,182   Interest receivable 77,415   Prepaid expenses 3,549     Total assets 6,567,674 **Liabilities**  Payable to affiliates 2,034   Accrued distribution fee 403   Distributions payable 50     Total liabilities 2,487 **Net Assets****$6,565,187** **Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value) $6,488,271   Undistributed net investment income 1,381   Accumulated net realized loss (6,292)  Unrealized net appreciation on investments81,827**Net assets applicable to Fund shares outstanding****$6,565,187****Fund shares outstanding****1,291,461** **Net asset value, offering, and redemption price per share****$5.08**
 
***Statement of Operations****Period ended May 31, 2012* **Investment income**  Interest income$74,170    Gross investment income 74,170 **Expenses**  Investment adviser fees18,989   Distribution fees7,912   Filing and registration fees7,622   Audit fees2,500   Retirement plan custodial fees1,884   Printing and postage 888   Trustee fees660   Chief Compliance Officer expenses644   Legal fees160   Other expenses147   Custodian fees143     Total gross expenses 41,549   Less adviser fees waived (17,529)  Less custodian fee credits (143)    Net expenses 23,877 **Net investment income****$50,293**  Net realized gain from investments$6,935 Net decrease in unrealized appreciation on investments(28,900)**Net loss on investments****$(21,965)** **Net increase in net assets resulting from operations****$28,328****Bond Quality Diversification** 
*Based on net assets as of May 31, 2012.*

*Source: Moody's Investors Services.*

 
*8**May 31, 2012 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, 2012**Year ended Nov. 30, 2011***Increase (decrease) in net assets from operations****From operations**  Net investment income$50,293 $103,732   Net realized gain on investments 6,935  11,001   Net decrease in unrealized appreciation (28,900) (25,583)    Net increase in net assets 28,328  89,150 **Distributions to shareholders from**  Net investment income (50,293) (103,724)**Capital share transactions**  Proceeds from sales of shares933,196 2,045,149   Value of shares issued in reinvestment of dividends49,792 102,228   Early redemption fees retained2 41   Cost of shares redeemed (482,249) (1,182,063)    Net increase in net assets  500,741  965,355 **Total increase in net assets****478,776****950,781** **Net assets**Beginning of period6,086,411 5,135,630 End of period6,565,187 6,086,411  Undistributed net investment income$1,381$1,381 **Shares of the Fund sold and redeemed**Number of shares sold182,901 401,308 Number of shares issued in reinvestment of dividends9,764 20,041 Number of shares redeemed (94,532) (231,990)**Net increase in number of shares outstanding****98,133****189,359**
 
***Financial Highlights****Period ended**For year ended November 30,**Selected data per share of outstanding capital stock throughout each period:***May 31, 2012****2011****2010****2009****2008****2007****Net asset value at beginning of period****$5.10****$5.12****$5.10****$4.84****$4.99****$4.90****Income from investment operations**   Net investment income0.04 0.09 0.12 0.16 0.18 0.17    Net gain (loss) on securities (both realized and unrealized) (0.02) (0.02) 0.02  0.26  (0.15) 0.09 **Total from investment operations****0.02****0.07****0.14****0.42****0.03****0.26****Less distributions**  Dividends (from net investment income)(0.04)(0.09)(0.12)(0.16)(0.18)(0.17)**Total distributions****(0.04)****(0.09)****(0.12)****(0.16)****(0.18)****(0.17)**  Paid-in capital from early redemption fees0.00¹ 0.00¹ 0.00¹ 0.00¹ 0.00¹ 0.00¹  **Net asset value at end of period****$5.08****$5.10****$5.12****$5.10****$4.84****$4.99** **Total return****0.40%****1.42%****2.87%****8.87%****0.66%****5.51%** **Ratios / supplemental data**Net assets ($000), end of period$6,565 $6,086 $5,136 $4,070 $3,024 $2,995 Ratio of expenses to average net assets  Before fee waivers and custodian fee credits0.66%1.33%1.34%1.49%1.60%1.58%  After fee waivers0.38%0.75%0.76%0.76%0.77%0.82%  After fee waivers and custodian fee credits0.38%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 assets0.80%1.79%2.42%3.26%3.70%3.54%**Portfolio turnover rate****8%****14%****27%****28%****22%****28%***¹Amount is less than $0.01*
 
*The accompanying notes are an integral part of these financial statements.**May 31, 2012 Semi-Annual Report**9*
 
*Sextant Bond Income Fund*
***Performance Summary***
**Average Annual Returns as of May 31, 2012****10 Years****5 Years****1 Year****Expense Ratio¹**Sextant Bond Income Fund5.49%6.50%8.79%1.26%Citigroup Broad Investment Grade Bond Index5.83%6.89%7.16%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, 2002, to an identical amount invested in the Citigroup Broad Investment Grade Bond Index, a broad-based bond market index. The graph shows that an investment in the Fund would have risen to $17,070 versus $17,631 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 of the Fund's most recent prospectus which is dated March 30, 2012, and incorporates results for the fiscal year ended November 30, 2011. 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.
**Industry Allocation** **Top Ten Holdings** **% of Fund Assets**
*Industry weightings are shown as a percentage of net assets.*
American Municipal Power Ohio Rev. 7.20% due 02/15/2029 4.4%Merck & Co. (Schering) 6.50% due 12/01/20334.1%Canadian Natural Resources 6.45% due 06/30/20333.8%Boeing 6.125% due 02/15/20333.8%Johnson Co. KS Bldg. Ls./Pr. REV. BAB 4.60% due 09/01/20263.6%Teva Pharmaceutical 3.65% due 11/10/20213.5%Springville UT GO BAB 5.30% due 05/01/20313.5%Bank of Nova Scotia Yankee 3.00% due 11/16/20263.4%CVS Caremark 6.25% due 06/01/20273.4%Quebec Canada Yankee 7.125% due 02/09/20243.3%
 
*10**May 31, 2012 Semi-Annual Report*
 
*Sextant Bond Income Fund****Schedule of Investments*****Issuer****Coupon / Maturity****Face Amount****Market Value****Percentage of Assets** **Corporate Bonds — 56.5%****Aerospace**Boeing6.125% due 02/15/2033 $215,000  $286,653 3.8% **Automotive**AutoZone5.50% due 11/15/2015 95,000  107,125 1.4% **Banking**Bank of Nova Scotia Yankee3.00% due 11/16/2026 250,000  250,925 3.4% **Building**Masco7.125% due 08/15/2013 60,000  63,245 0.9% **Chemicals**Air Products & Chemicals8.75% due 04/15/2021 50,000  72,271 1.0% **Electronics**Philips Electronics7.25% due 08/15/2013 75,000  80,535 1.1% **Energy**Baker Hughes 6.875% due 01/15/2029 100,000  135,421 1.8%Canadian Natural Resources6.45% due 06/30/2033 225,000  287,301 3.8%ConocoPhillips6.00% due 01/15/2020 150,000  190,705 2.6%StatoilHydro2.90% due 10/15/2014 200,000  210,207 2.8%  675,000  823,634 11.0% **Finance**Morgan Stanley Dean Witter6.75% due 10/15/2013 50,000  52,952 0.7%Paine Webber Group7.625% due 02/15/2014 50,000  53,322 0.7%UBS AG Stanford7.75% due 09/01/2026 200,000  225,355 3.0%  300,000  331,629 4.4% **Insurance**Allstate 7.50% due 06/15/2013 50,000  53,281 0.7%Progressive7.00% due 10/01/2013 75,000  80,743 1.1%St. Pauls Travelers Insurance5.50% due 12/01/2015 125,000  141,337 1.9%  250,000  275,361 3.7% **Machinery**Deere & Co.8.10% due 05/15/2030 95,000  142,669 1.9% **Medical**Merck & Co. (Schering)6.50% due 12/01/2033 215,000  307,453 4.1%Pharmacia6.50% due 12/01/2018 100,000  127,467 1.7%Teva Pharmaceutical3.65% due 11/10/2021 250,000  262,000 3.5%  565,000  696,920 9.3% **Metal Ores**BHP Finance U.S.A.5.25% due 12/15/2015 125,000  142,570 1.9% *Continued on next page.*
 
*The accompanying notes are an integral part of these financial statements.**May 31, 2012 Semi-Annual Report**11*
 
*Sextant Bond Income Fund****Schedule of Investments*****Issuer****Coupon / Maturity****Face Amount****Market Value****Percentage of Assets** **Corporate Bonds — 56.5%****Retail**CVS Caremark6.25% due 06/01/2027 $200,000  $250,105 3.4%Wal-Mart Stores7.25% due 06/01/2013 45,000  47,957 0.6%  245,000  298,062 4.0% **Transportation**SeaRiver Maritime0.00% due 09/01/2012 225,000  224,105 3.0% **Utilities**Commonwealth Edison 7.50% due 07/01/2013  50,000  53,504 0.7%Entergy Louisiana 5.40% due 11/01/2024 200,000  241,785 3.2%Florida Power & Light5.95% due 10/01/2033 100,000  130,921 1.8%  350,000  426,210 5.7% **Total corporate bonds****3,575,000****4,221,914****56.5%** **Foreign Government Bonds — 3.3%****Canadian Government**Quebec Canada Yankee7.125% due 02/09/2024 175,000  249,051 3.3% **Municipal Bonds — 32.2%****General Obligation**City of Burlington Taxable GO 2009 Series B5.75% due 11/01/2028 160,000  177,714 2.4%Dell Rapids SCD 49-36.257% due 01/15/2030 200,000  223,728 3.0%Dupage Co. Il CCD #5025.50% due 01/01/2026 150,000  168,260 2.3%Idaho Hsg. & Fin. GARVEE BAB A-25.379% due 07/15/2020 180,000  211,149 2.8%Milan Co. MI Area Schools6.45% due 05/01/2024 150,000  170,373 2.3%San Marcos Texas ULTD GO BAB6.028% due 8/15/2030 200,000  227,290 3.0%Springville UT GO BAB5.30% due 05/01/2031 240,000  260,887 3.5%  1,280,000  1,439,401 19.3% **Revenue**American Municipal Power Ohio Rev.7.20% due 02/15/2029 250,000  326,280 4.4%Graves Co. KY SCD Bldg. Lease Rev.5.95% due 06/01/2024 150,000  167,918 2.2%Johnson Co. KS Bldg. Ls./Pr. Rev. BAB4.60% due 09/01/2026 250,000  270,390 3.6%Oklahoma City Fin. Auth. Ed. Lease Rev.6.60% due 09/01/2022 160,000  200,008 2.7%  810,000  964,596 12.9% **Total municipal bonds****2,090,000****2,403,997****32.2%** Total investments (Cost = $6,262,956) $5,840,000 6,874,962 92.0%Other assets (net of liabilities)  600,286 8.0%**Total net assets****$7,475,248****100.0%**
 
*12**May 31, 2012 Semi-Annual Report**The accompanying notes are an integral part of these financial statements.*
 
*Sextant Bond Income Fund****Statement of Assets and Liabilities****As of May 31, 2012* **Assets**  Investments in securities, at value 						      (Cost $6,262,956)$6,874,962   Cash505,731   Interest receivable94,732   Prepaid expenses2,817   Insurance reserve premium401     Total assets 7,478,643 **Liabilities**  Payable to affilliates2,089   Payable for Fund shares redeemed600   Accrued distribution fee456   Distributions payable250     Total liabilities 3,395 **Net assets****$7,475,248** **Analysis of net assets**Paid-in capital (unlimited shares authorized, without par value)$6,901,893 Undistributed net investment income8 Accumulated net realized loss(38,659)Unrealized net appreciation on investments612,006**Net assets applicable to Fund shares outstanding****$7,475,248** **Fund shares outstanding****1,400,047** **Net asset value, offering, and redemption price per share****$5.34**
 
***Statement of Operations****Period ended May 31, 2012* **Investment income**  Interest income$147,251    Gross investment income 147,251 **Expenses**  Investment adviser fees27,161   Distribution fees8,831   Filing and registration fees8,032   Audit fees2,245   Retirement plan custodial fees970   Printing and postage871   Chief Compliance Officer expenses645   Trustee fees629   Other expenses 427   Custodian fees156     Total gross expenses 49,967   Less adviser fees waived(17,863)  Less custodian fee credits (156)    Net expenses 31,948 **Net investment income****$115,303**  Net realized gain on securities sold$1,393 Net increase in unrealized appreciation on investments200,973 **Net gain on investments****$202,366****Net increase in net assets resulting from operations****$317,669**
 
**Bond Quality Diversification** *Based on net assets as of May 31, 2012.

Source: Moody's Investors Services.*
 
*The accompanying notes are an integral part of these financial statements.**May 31, 2012 Semi-Annual Report**13*
 
*Sextant Bond Income Fund****Statements of Changes in Net Assets****Period ended May 31, 2012**Year ended Nov. 30, 2011***Increase (decrease) in net assets from operations****From operations**  Net investment income$115,303 $200,540   Net realized gain on investments 1,393  27,579   Net increase in unrealized appreciation 200,973  156,904     Net increase in net assets 317,669  385,023 **Distributions to shareholders from**  Net investment income (115,303) (200,532)**Capital share transactions**  Proceeds from sales of shares630,250 1,932,882   Value of shares issued in reinvestment of dividends113,824 196,118   Early redemption fees retained 412  293   Cost of shares redeemed (258,049) (945,687)    Net increase in net assets  486,437  1,183,606 **Total increase in net assets****688,803****1,368,097** **Net assets**Beginning of period6,786,445 5,418,348 End of period 7,475,248  6,786,445  Undistributed net investment income $8  $8  **Shares of the Fund sold and redeemed**  Number of shares sold120,397 376,910   Number of shares issued in reinvestment of dividends21,60038,887  Number of shares redeemed(49,282)(186,715)**Net increase in number of shares outstanding****92,715****229,082**
 
***Financial Highlights****Period ended**For year ended November 30,**Selected data per share of outstanding capital stock throughout each period:***May 31, 2012****2011****2010****2009****2008****2007****Net asset value at beginning of period****$5.19****$5.03****$4.96****$4.46****$4.91****$4.92****Income from investment operations**  Net investment income 0.090.180.190.210.220.22  Net gain (loss) on securities (both realized and unrealized)  0.15  0.16  0.07  0.50  (0.45) (0.01)**Total from investment operations****0.24****0.34****0.26****0.71****(0.23)****0.21****Less distributions**  Dividends (from net investment income) (0.09) (0.18) (0.19) (0.21) (0.22) (0.22)**Total distributions****(0.09)****(0.18)****(0.19)****(0.21)****(0.22)****(0.22)**  Paid-in capital from early redemption fees - 0.00¹ 0.00¹  -  0.00¹ 0.00¹  **Net asset value at end of period****$5.34****$5.19****$5.03****$4.96****$4.46****$4.91****Total return****4.57%****6.95%****5.43%****16.33%****(4.80)%****4.53%** **Ratios / supplemental data**Net assets ($000), end of period $7,475  $6,786  $5,418  $3,951  $3,306  $3,412 Ratio of expenses to average net assets  Before fee waivers and custodian fee credits0.71%1.26%1.24%1.70%1.45%1.38%  After fee waivers0.45%0.91%0.91%0.90%0.91%0.94%  After fee waivers and custodian fee credits0.45%0.90%0.90%0.89%0.91%0.90%Ratio of net investment income after fee waivers and custodian fee credits to average net assets1.63%3.56%3.89%4.46%4.68%4.64%**Portfolio turnover rate****2%****14%****10%****38%****9%****22%***¹Amount is less than $0.01*
 
*14**May 31, 2012 Semi-Annual Report**The accompanying notes are an integral part of these financial statements.*
 
*Sextant Core Fund*
***Performance Summary***
**Average Annual Returns as of May 31, 2012** **10 Years****5 Years****1 Year****Expense Ratio¹**Sextant Core FundN/A2.01%-1.83%1.14%Dow Jones Moderate U.S. Portfolio Index6.49%2.01%-2.72%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 March 30, 2007 (the Fund's inception), to an identical amount invested in the Dow Jones Moderate U.S. Portfolio Index, a broad-based index of stock and bond prices. The graph shows that an investment in the Fund would have risen to $11,521 versus $11,499 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 of the Fund's most recent prospectus which is dated March 30, 2012, and incorporates results for the fiscal year ended November 30, 2011. 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 Core Fund are long-term appreciation and capital preservation.
**Industry Allocation** **Top Ten Holdings** **% of Fund Assets**
*Industry weightings are shown as a percentage of net assets.*
Telecom Italia Capital 4.95% due 09/30/20142.2%Apple2.2%Tyco International 8.50% due 01/15/20192.0%Wilmington Trust 8.50% due 04/02/20181.9%Emerson Electric 5.375% due 10/15/20171.8%EI du Pont de Nemours 5.25% due 12/15/20161.8%Oracle 5.25% due 01/15/20161.8%Home Depot 5.40% due 03/01/20161.7%Branch Banking & Trust 5.625% due 09/15/20161.7%Skagit SD#1 4.613% due 12/01/20221.7%
 
*May 31, 2012 Semi-Annual Report**15*
 
*Sextant Core Fund****Schedule of Investments*****Common Stocks — 46.6%****Symbol****Number of Shares****Cost****Market Value****Country¹****Percentage of Assets****Automotive**AutolivALV 1,000  $66,376  $57,810 0.9% **Banking**PNC BankPNC 800 55,049  49,136 0.7%Toronto-Dominion BankTD 750 51,382  57,278 Canada0.9% 106,431 106,414 1.6% **Building**CRH ADSCRH 600 26,439  10,272 Ireland0.1%Lowe'sLOW 1,400 39,433  37,408 0.6% 65,872 47,680 0.7% **Chemicals**BASF ADSBASFY 400 22,550  27,939 Germany0.5%PraxairPX 700 44,349  74,368 1.1%RPM InternationalRPM 1,000 23,110  26,360 0.4% 90,009 128,667 2.0% **Computers**Apple²AAPL 250 28,478  144,433 2.2%Hewlett-PackardHPQ 1,200 46,561  27,216 0.4%IntelINTC 3,000 60,480  77,520 1.2%Taiwan Semiconductor ADSTSM 4,534 39,575  62,252 Taiwan0.9% 175,094 311,421 4.7% **Cosmetics & Toiletries**Procter & GamblePG 900 58,842  56,061 0.9% **Diversified Operations**3MMMM 600 50,092  50,646 0.8%Honeywell InternationalHON 850 42,855  47,311 0.7% 92,947 97,957 1.5% **Energy**CenovusCVE 1,000 28,598  31,430 Canada0.5%ConocoPhillipsCOP 1,250 60,875  65,200 1.0%Devon EnergyDVN 1,200 81,888  71,424 1.1%Statoil ADSSTO 2,003 49,259  45,468 Norway0.7%Total ADRTOT 1,100 60,836  47,377 France0.7%Williams CompaniesWMB 3,000 39,537  91,590 1.4%WPX Energy²WPX 1,000 8,792  14,670 0.2% 329,785 367,159 5.6% **Food Production**Companhia de Bebidas ADRABV 2,000 60,360  76,700 Brazil1.2%General MillsGIS 2,000 57,763  76,560 1.2%H.J. HeinzHNZ 1,500 57,732  79,620 1.2%PepsiCoPEP 1,000 66,423 67,850 1.0% *Continued on next page.*
 
*16**May 31, 2012 Semi-Annual Report**The accompanying notes are an integral part of these financial statements.*
 
*Sextant Core Fund****Schedule of Investments*****Common Stocks — 46.6%****Symbol****Number of Shares****Cost****Market Value****Country¹****Percentage of Assets****Food Production (continued)**Unilever ADSUL 1,850 $58,335 $58,423 United Kingdom0.9% 300,613 359,153 5.5% **Instruments — Control**Parker HannifinPH 500 29,672  40,870 0.6%  **Insurance**ChubbCB 750 39,270  54,053 0.8% **Medical**Abbott LaboratoriesABT 300 16,890  18,537 0.3%Eli LillyLLY 1,000 54,703  40,950 0.6%Express Scripts²ESRX 1,200 37,116  62,628 1.0%GlaxoSmithKline ADRGSK 500 26,859  22,055 United Kingdom0.3%HumanaHUM 1,000 37,627  76,390 1.2%Johnson & JohnsonJNJ 900 54,761  56,187 0.9%Novartis ADRNVS 950 44,016  49,428 Switzerland0.7%Novo Nordisk ADSNVO 400 18,098  53,516 Denmark0.8%Sanofi-Aventis ADRSNY 1,037 31,427  35,289 0.5%UnitedHealth GroupUNH 2,000 83,055  111,540 1.7% 404,552 526,520 8.0% **Metal Ores**Anglo American ADRAAUKY 1,119 33,771  16,986 South Africa0.3%Barrick GoldABX 1,000 49,000  39,060 Canada0.6%BHP Billiton ADSBHP 650 31,866  39,994 Australia0.6%Freeport-McMoRan Copper & GoldFCX 1,000 42,343  32,040 Indonesia³0.5% 156,980 128,080 2.0% **Paper & Paper Products**Kimberly-ClarkKMB 925 61,586  73,399 1.1% **Publishing**Pearson ADSPSO 3,100 46,698  54,901 United Kingdom0.8% **Shoes & Related Apparel**NikeNKE 900 51,646  97,362 1.5% **Steel**NucorNUE 800 48,085  28,608 0.4% **Telecommunications**AT&TT 2,600 78,553  88,842 1.3%China Mobile ADSCHL 500 23,058  25,365 China0.4%HarrisHRS 800 37,077  31,824 0.5%Telefonica ADRTEF 2,463 59,584  27,265 Spain0.4% 198,272 173,296 2.6% *Continued on next page.*
 
*The accompanying notes are an integral part of these financial statements.**May 31, 2012 Semi-Annual Report**17*
 
*Sextant Core Fund****Schedule of Investments*****Common Stocks — 46.6%****Symbol****Number of Shares****Cost****Market Value****Country¹****Percentage of Assets****Tools**Stanley Black & DeckerSWK 446 $29,654  $29,548 0.5% **Transportation**Canadian National RailwayCNI 800 40,237  65,552 Canada1.0%LAN Airlines ADSLFL 3,500 48,996  87,780 Chile1.3%Norfolk SouthernNSC 800 58,051  52,416 0.8% 147,284 205,748 3.1% **Utilities**E.ON ADREONGY 2,500 54,375  45,656 Germany0.7%IdacorpIDA 1,400 48,938  55,006 0.8%NRG Energy²NRG 1,200 29,348  18,384 0.3% 132,661 119,046 1.8% **Total equities****$2,632,329****$3,063,753****46.6%**
 
**Issuer****Coupon / Maturity****Face Amount****Market Value****Percentage of Assets** **Corporate Bonds — 35.1%****Automotive**Cooper US5.25% due 11/15/2012 $100,000  $102,053 1.5% **Banking**Branch Banking & Trust5.625% due 09/15/2016 100,000  113,556 1.7%Key6.50% due 05/14/2013 100,000  105,008 1.6%Wilmington Trust8.50% due 04/02/2018 100,000  121,085 1.9%  300,000  339,649 5.2% **Building**Home Depot5.40% due 03/01/2016 100,000  115,230 1.7% **Chemicals**E.I. du Pont de Nemours5.25% due 12/15/2016 100,000  118,426 1.8% **Computers**Computer Science6.50% due 03/15/2018 100,000  107,750 1.6%Oracle5.25% due 01/15/2016 100,000  115,343 1.8% 200,000 223,093 3.4% **Diversified Operations**General Electric Capital5.35% due 04/15/2022 101,000  110,979 1.7%Tyco International8.50% due 01/15/2019 100,000  132,191 2.0%  201,000  243,170 3.7% **Electronics**Emerson Electric5.375% due 10/15/2017 100,000  119,092 1.8% *Continued on next page.*
 
*18**May 31, 2012 Semi-Annual Report**The accompanying notes are an integral part of these financial statements.*
 
*Sextant Core Fund****Schedule of Investments*****Issuer****Coupon / Maturity****Face Amount****Market Value****Percentage of Assets****Energy**Boardwalk Pipelines 5.50% due 02/01/2017 $100,000  $110,463 1.7% **Finance Services**Countrywide Home Loan6.73% due 04/17/2013 100,000  100,618 1.5%NASDAQ OMX Group5.55% due 01/15/2020 50,000  52,756 0.8%Western Union5.93% due 10/01/2016 30,000  34,629 0.5%  180,000  188,003 2.8% **Insurance**Berkley WR5.875% due 02/15/2013 100,000  101,809 1.5%Genworth Financial5.75% due 06/15/2014 100,000  101,995 1.6% 200,000 203,804 3.1% **Office Equipment**Staples7.375% due 10/01/2012 90,000  91,864 1.4% **Retail**Best Buy3.75% due 03/15/2016 100,000  96,005 1.5% **Telecommunications**Bellsouth4.75% due 11/15/2012 100,000  101,845 1.6%Telecom Italia Capital4.95% due 09/30/2014 150,000  146,250 2.2%  250,000  248,095 3.8% **Transportation**SeaRiver Maritime0.00% due 09/01/2012 112,000  111,555 1.7% **Total corporate bonds****2,133,000****2,310,502****35.1%** **Municipal Bonds — 3.3%****General Obligation**Lake Washington SD 414, WA BAB4.906% due 12/01/2027 100,000  106,748 1.6%Skagit SD#14.613% due 12/01/2022 100,000  112,778 1.7%**Total municipal bonds** $200,000  219,526 3.3%  Total investments (Cost = $5,075,571) 5,593,781 85.0%Other assets (net of liabilities)  986,980 15.0%**Total net assets****$6,580,761****100.0%***¹ Country of domicile unless otherwise indicated; equities are issued by U.S. domiciled companies where no Country is listed.**² Non-income producing security**³ Denotes country of primary exposure*
*ADS: American Depositary Share**ADR: American Depositary Receipt*

 
*The accompanying notes are an integral part of these financial statements.**May 31, 2012 Semi-Annual Report**19*
 
*Sextant Core Fund****Statement of Assets and Liabilities****As of May 31, 2012* **Assets**  Investments in securities, at value 						      (Cost $5,075,571)$5,593,781  Cash945,393   Dividends and interest receivable43,616   Prepaid expenses2,728     Total assets 6,585,518 **Liabilities**  Payable to affiliates4,352   Accrued distribution fee405     Total liabilities 4,757 **Net assets****$6,580,761** **Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value)$6,332,178  Undistributed net investment income 49,373   Accumulated net realized loss(319,000)  Unrealized net appreciation on investments518,210 **Net assets applicable to Fund shares outstanding****$6,580,761** **Fund shares outstanding****619,257** **Net asset value, offering, and redemption price per share****$10.63**
 
***Statement of Operations****Period ended May 31, 2012* **Investment income**  Dividends						      (net of foreign tax of $3,806)$48,270  Interest income 41,436     Gross investment income 89,706 **Expenses**  Investment adviser fees19,753   Filing and registration fees8,857   Distribution fees7,838   Audit fees2,415   Printing and postage1,356   Retirement plan custodial fees810   Trustee fees704   Chief Compliance Officer expenses617   Other expenses299   Legal fees219   Custodian fees 130     Total gross expenses 42,998   Less custodian fee credits (130)    Net expenses 42,868 **Net investment income****$46,838**  Net realized loss from investments and foreign currency$(95,605)Net increase in unrealized appreciation on investments foreign currency 188,647 **Net gain on investments****$93,042** **Net increase in net assets resulting from operations****$139,880**
 
**Bond Quality Diversification** 
*Based on net assets as of May 31, 2012.*

*Source: Moody's Investors Services.*

 
*20**May 31, 2012 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, 2012**Year ended Nov. 30, 2011***Increase (decrease) in net assets from operations****From operations**  Net investment income$46,838 $87,392   Net realized loss on investments (95,605) (73,727)  Net increase in unrealized appreciation 188,647  220,690     Net increase in net assets 139,880  234,355 **Distributions to shareholders from**  Net investment income -  (85,118)**Capital share transactions**  Proceeds from sales of shares806,752 771,533   Value of shares issued in reinvestment of dividends -  85,118   Early redemption fees retained -  211   Cost of shares redeemed (168,115) (431,527)    Net increase in net assets  638,637  425,335 **Total increase in net assets****778,517****574,572** **Net assets**Beginning of period5,802,244 5,227,672 End of period6,580,761 5,802,244 Undistributed net investment income $49,373  $2,535  **Shares of the Fund sold and redeemed**  Number of shares sold74,396 73,071   Number of shares issued in reinvestment of dividends -  8,224   Number of shares redeemed (15,542) (40,421)**Net increase in number of shares outstanding****58,854****40,874**
 
***Financial Highlights****Selected data per share of outstanding capital stock throughouteach period:**Period ended**Year ended Nov. 30,**Period ended***May 31, 2012****2011****2010****2009****2008****Nov. 30, 2007¹****Net asset value at beginning of period****$10.35****$10.06****$9.58****$7.97****$10.67****$10.00****Income from investment operations**  Net investment income0.080.150.160.130.190.12  Net gain (loss) on securities (both realized and unrealized)0.200.290.481.61(2.70)0.69**Total from investment operations****0.28****0.44****0.64****1.74****(2.51)****0.81****Less distributions**  Dividends (from net investment income) -  (0.15) (0.16) (0.13) (0.19) (0.12)  Distribution in excess (from net investment income) -  -  -  -  -  (0.02)  Return of capital -  -  -  - 0.00² - **Total distributions****-****(0.15)****(0.16)****(0.13)****(0.19)****(0.14)**  Paid-in capital from early redemption fees0.00² 0.00²0.00² -  - 0.00² **Net asset value at end of period****$10.63****$10.35****$10.06****$9.58****$7.97****$10.67** **Total return****2.71%****4.42%****6.67%****21.81%****(23.52)%****8.12%³** **Ratios / supplemental data**Net assets ($000), end of period $6,581  $5,802  $5,228  $4,171  $3,082  $3,907 Ratio of expenses to average net assets  Before custodian fee credits0.69%1.14%1.21%1.78%1.54%1.35%4  After custodian fee credits0.68%1.13%1.21%1.78%1.53%1.21%4Ratio of net investment income after custodian fee credits to							  average net assets0.75%1.56%1.74%1.57%1.89%2.08%4**Portfolio turnover rate****4%****13%****13%****40%****16%****7%³***¹Fund commenced operations March 30, 2007      ²Amount is less than $0.01     ³Since inception March 30, 2007; not annualized      4Annualized*
 
*The accompanying notes are an integral part of these financial statements.**May 31, 2012 Semi-Annual Report**21*
 
*Sextant Global High Income Fund*
***Performance Summary***

***The Sextant Global High Income Fund began operations March 30, 2012 and consequently does not have returns to report. Future reports will show how the Fund's performance compares to the S&P Global 1200 Index.***

**Fund Objective**

The objectives of the Global High Income Fund are high income and capital preservation.
**Industry Allocation****Top Ten Holdings****% of Fund Assets**
*Industry weightings are shown as a percentage of net assets.*
AT&T 6.50% due 03/15/20134.5%Hanesbrands 6.375% due 12/15/20204.3%SLM 5.125% due 08/27/20124.3%Atlas Pipeline 8.75% due 06/15/20183.7%Whistler Blackcomb Holdings3.6%Chesapeake Midstream Partners 6.125% due 07/15/20223.4%Revlon 9.75% due 11/15/20153.0%Tesoro 6.25% due 11/01/20122.9%Ford Motor Credit 7.50% due 08/01/20122.8%Sprint Nextel 8.375% due 08/15/20172.7%
 
*22**May 31, 2012 Semi-Annual Report*
 
*Sextant Global High Income Fund****Schedule of Investments*****Common Stocks — 44.5%****Symbol****Number of Shares****Cost****Market Value****Country¹****Percentage of Assets****Banking**City of London Investment GroupCLIG LN 7,500 $44,875 $40,354 United Kingdom1.1%HSBC Holdings ADRHBC 1,800  78,384  71,100 Hong Kong2.0%Itau Unibanco Holding ADRITUB 5,400 73,386 78,138 Brazil2.2%Malayan BankingMAY MK 28,000 81,519 77,141 Malaysia2.2% 278,164 266,733 7.5% **Energy**EnCanaECA 3,500 69,195 69,615 Canada2.0%Royal Dutch ShellRDSA 1,000 63,000 62,180 United Kingdom1.7%Total ADRTOT 1,800 91,047 77,526 France2.2% 223,242 209,321 5.9% **Food Production**H.J. HeinzHNZ 1,200 64,044 63,696 United States1.8%Unilever N.V. UN 2,300 77,700 72,128 Netherlands 2.0% 141,744 135,824 3.8% **Leisure & Recreation**Whistler Blackcomb HoldingsWB CN 12,000 129,651 125,594 Canada3.6% **Medical**GlaxoSmithKline ADRGSK 1,500 67,800 66,165 United Kingdom1.9%Novartis ADRNVS 1,400 72,281 72,842 Switzerland2.0% 140,081 139,007 3.9% **Metal Ores**Gold Fields ADRGFI 5,500 70,280 72,875 South Africa2.1% **Transportation**DaimlerDAI GY 1,500 72,215 69,796 Germany2.0%FirstgroupFGP LN 21,000 68,753 68,244 United Kingdom1.9%Hopewell Highway Infrastructure737 HK 125,000 65,386 58,339 China1.7% 206,354 196,379 5.6% **Utilities**Centrais Eletricas Brasileiras ADREBR 7,300 74,823 65,554 Brazil1.9%E.ON ADREONGY 3,600 82,320 65,745 Germany1.9%France Telecom ADRFTE 4,700 69,231 59,361 France1.7%GDF Suez ADRGDFZY 2,600 68,156 51,688 France1.5%Portugal Telecom ADRPT 17,000 80,599 64,770 Portugal1.8%SK Telecom ADRSKM 6,200 82,085 69,068 Korea1.9%Telefonica ADRTEF 4,500 66,229 49,815 Spain1.4% 523,443 426,001 12.1% **Total Common Stock****1,712,959****1,571,734****44.5%** **Preferred Stock — 6.7%****Finance**JPM Chase Capital Pfd C 6.70%JPM C3,30084,150 85,437United States 2.4%Morgan Stanley Cap Tr Cum Pfd 6.60%MSZ3,30081,11478,507United States2.2%Standard Charter Pfd C 8.25%STAC LN40,000 74,964 71,995 United Kingdom 2.1%**Total Preferred Stock****240,228****235,939****6.7%** *Continued on next page.*
 
*The accompanying notes are an integral part of these financial statements.**May 31, 2012 Semi-Annual Report**23*
 
*Sextant Global High Income Fund****Schedule of Investments*****Issuer****Coupon / Maturity****Face Amount****Market Value****Country¹****Percentage of Assets****Corporate Bonds — 39.2%****Apparel Manufacturing**Hanesbrands6.375% due 12/15/2020 $150,000  $153,188 United States4.3% **Computers**Hewlett Packard8.625% due 11/01/201255,000 56,249 United States 1.6% **Cosmetics & Toiletries**Revlon9.75% due 11/15/2015100,000 107,250 United States 3.0% **Energy**Atlas Pipeline8.75% due 06/15/2018125,000 132,500 United States 3.7%Chesapeake Midstream Partners6.125% due 07/15/2022125,000 118,750 United States 3.4%Tesoro6.25% due 11/01/2012100,000 101,000 United States 2.9%Valero Energy6.70% due 01/15/201350,000 51,695 United States 1.5% 400,000 403,945 11.5% **Finance**Ford Motor Credit7.50% due 08/01/2012100,000 100,834 United States 2.8%SLM5.125% due 08/27/2012150,000 150,890 United States 4.3%Zions Bancorporation5.00% due 11/07/201254,000 54,312 United States 1.5% 304,000 306,036 8.6% **Real Estate**Toys R Us Property Co I10.75% due 07/15/201760,000 65,250 United States 1.8%Toys R Us Property Co II8.50% due 12/01/201740,000 41,150 United States 1.2% 100,000 106,400 3.0% **Telecommunications**AT&T6.50% due 03/15/2013150,000 156,628 United States 4.5%Sprint Nextel8.375% due 08/15/2017100,000 96,000 United States 2.7% 250,000 252,628 7.2% **Total Corporate Bonds****$1,359,000****1,385,696****39.2%**  Total investments (Cost = $3,356,717)  3,193,369 90.4%Other assets (net of liabilities)   340,519 9.6%**Total net assets****$3,533,888****100.0%***¹ Country of domicile unless otherwise indicated*
*ADS: American Depositary Share						      ADR: American Depositary Receipt*

 
*24**May 31, 2012 Semi-Annual Report**The accompanying notes are an integral part of these financial statements.*
 
*Sextant Global High Income Fund*
**Countries**
**Bond Quality Diversification** 
*Based on net assets as of May 31, 2012.*

*Source: Moody's Investors Services.*

 
*The accompanying notes are an integral part of these financial statements.**May 31, 2012 Semi-Annual Report**25*
 
*Sextant Global High Income Fund****Statement of Assets and Liabilities****As of May 31, 2012* **Assets**  Investments in securities, at value (Cost $3,356,717)$3,193,369  Cash1,277,822   Dividends and interest receivable42,865     Total assets 4,514,056 **Liabilities**  Payable for securities purchased977,121   Accrued expenses1,531   Payable to affiliates1,297   Accrued distribution fee219     Total liabilities 980,168 **Net assets****$3,533,888** **Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value)$3,675,912  Undistributed net investment income 20,460   Accumulated net realized gain677   Unrealized net depreciation on investments(163,161)**Net assets applicable to Fund shares outstanding****$3,533,888** **Fund shares outstanding****368,691** **Net asset value, offering, and redemption price per share****$9.58**
 
***Statement of Operations****Period ended May 31, 2012* **Investment income**  Dividends 						      (net of foreign tax of $7,126)$21,729  Interest income 3,768     Gross investment income 25,497 **Expenses**  Investment adviser fees3,304   Distribution fees1,376   Audit fees1,286   Printing and postage 389   Trustee fees285   Chief Compliance Officer expenses247   Retirement plan custodial fees232   Legal fees39   Insurance expense16     Total gross expenses 7,174   Less adviser fees waived (2,137)    Net expenses 5,037 **Net investment income****$20,460**  Net realized gain from investments and foreign currency$677 Net decrease in unrealized appreciation on investments and foreign currency(163,161) **Net loss on investments****$(162,484)** **Net decrease in net assets resulting from operations****$(142,024)**
 
*26**May 31, 2012 Semi-Annual Report**The accompanying notes are an integral part of these financial statements.*
 
*Sextant Global High Income Fund****Statement of Changes in Net Assets****Period ended May 31, 2012***Increase (decrease) in net assets from operations****From operations**  Net investment income$20,460   Net realized gain on investments 677   Net decrease in unrealized appreciation (163,161)    Net decrease in net assets (142,024)**Capital share transactions**  Proceeds from sales of shares3,675,912   Value of shares issued in reinvestment of dividends -   Cost of shares redeemed -     Net increase in net assets  3,675,912 **Total increase in net assets****3,533,888** **Net assets**Beginning of period-End of period3,533,888  Undistributed net investment income $20,460  **Shares of the Fund sold and redeemed**  Number of shares sold368,691   Number of shares issued in reinvestment of dividends -   Number of shares redeemed-**Net increase in number of shares outstanding****368,691**
 
***Financial Highlights****Period ended**Selected data per share of outstanding capital stock throughout the period:***May 31, 2012****Net asset value at beginning of period****$10.00****Income from investment operations**  Net investment income0.06  Net loss on securities (both realized and unrealized)(0.48)**Total from investment operations****(0.42)** **Net asset value at end of period****$9.58** **Total return****(4.00)%¹** **Ratios / supplemental data**Net assets ($000), end of period $3,534 Ratio of expenses to average net assets  Before fee waivers and custodian fee credits0.23%¹  After fee waivers0.16%¹  After fee waivers and custodian fee credits0.16%¹Ratio of net investment income after custodian fee credits to average net assets0.64%¹**Portfolio turnover rate****0%***¹Since inception March 30, 2012; not annualized*
 
*The accompanying notes are an integral part of these financial statements.**May 31, 2012 Semi-Annual Report**27*
 
*Sextant Growth Fund*
***Performance Summary***
**Average Annual Returns as of May 31, 2012** **10 Years****5 Years****1 Year****Expense Ratio¹**Sextant Growth Fund5.72%-0.20%-1.60%0.84%S&P 500 Index4.13%-0.92%-0.41%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, 2002, to an identical amount invested in the S&P 500 Index, a broad-based stock market index. The graph shows that an investment in the Fund would have risen to $17,449 versus $14,997 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 of the Fund's most recent prospectus which is dated March 30, 2012, and incorporates results for the fiscal year ended November 30, 2011. 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.
**Industry Allocation** **Top Ten Holdings** **% of Fund Assets**
*Industry weightings are shown as a percentage of net assets.*Apple11.6%Amazon.com5.4%Intuit2.8%Trimble Navigation2.8%Dr. Pepper Snapple2.7%Bed Bath & Beyond2.7%Johnson & Johnson2.6%Lincoln Electric Holdings2.4%Honeywell International2.3%PepsiCo2.3%
 
*28**May 31, 2012 Semi-Annual Report*
 
*Sextant Growth Fund****Schedule of Investments*****Common Stocks****Symbol****Number of Shares****Cost****Market Value****Percentage of Assets****Automotive**FordF 35,000  $435,042 $369,600 1.6% **Building**Lowe'sLOW 15,000  295,388  400,800 1.7% **Computers**3D Systems¹DDD 10,000  240,848  304,000 1.3%Adobe Systems¹ADBE 11,000  144,216  341,550 1.5%Apple¹AAPL 4,800  39,606  2,773,104 11.6%Cisco SystemsCSCO 10,000  201,800  163,300 0.7%Hewlett-PackardHPQ 18,000  525,367  408,240 1.7%Intuit¹INTU 12,000  302,027  674,760 2.8%OracleORCL 19,000  241,810  502,930 2.1%  1,695,674  5,167,884 21.7% **Diversified Operations**Honeywell InternationalHON 10,000  330,476  556,600 2.3% **Electronics**Advanced Micro Devices¹AMD 20,000  139,886  121,600 0.5%Agilent Technologies¹A 13,000  312,921  528,580 2.2%Astronics¹ATRO 10,000  340,000  255,200 1.1%Trimble Navigation¹TRMB 14,000  202,081  660,310 2.8%  994,888  1,565,690 6.6% **Energy**Devon EnergyDVN 6,000  381,365  357,120 1.5%Spectra EnergySE 13,000  236,250  373,230 1.6%  617,615  730,350 3.1% **Finance**Charles SchwabSCHW 25,000  79,726  311,500 1.3%Invesco LimitedIVZ 10,000  243,690  217,500 0.9%  323,416  529,000 2.2% **Food Production**Dr. Pepper SnappleDPS 16,000  383,381  660,160 2.7%PepsiCoPEP 8,000  459,066  542,800 2.3%  842,447  1,202,960 5.0% **Hotels & Motels**Red Lion Hotels¹RLH 41,000  150,409  347,270 1.5% **Insurance**ChubbCB 7,000  308,505  504,490 2.1% *Continued on next page.*
 
*The accompanying notes are an integral part of these financial statements.**May 31, 2012 Semi-Annual Report**29*
 
*Sextant Growth Fund****Schedule of Investments*****Common Stocks****Symbol****Number of Shares****Cost****Market Value****Percentage of Assets****Medical**Abbott LaboratoriesABT 7,000  $305,488 $432,530 1.8%AmgenAMGN 3,700 111,703 257,224 1.1%AmSurg¹AMSG 15,000  324,804  409,800 1.7%Johnson & JohnsonJNJ 10,000  642,017  624,300 2.6%VCA Antech¹WOOF 8,000  209,048  172,320 0.8%  1,593,060  1,896,174 8.0% **Metal Ores**AlcoaAA 30,000  394,483  256,500 1.1% **Publishing**John Wiley & Sons, Class AJW/A 10,000  335,172  455,000 1.9% **Real Estate**CoStar GroupCSGP 740  53,924  54,679 0.2% **Retail**Amazon.com¹AMZN 6,000  260,090  1,277,460 5.4%Bed Bath & Beyond¹BBBY 9,000  331,221  650,250 2.7%Best BuyBBY 10,000  454,356  187,200 0.8%Costco WholesaleCOST 3,000  248,150  259,170 1.1%CVS CaremarkCVS 10,000  339,270  449,400 1.9%Guess?GES 8,000  363,777  213,120 0.9%Middleby¹MIDD 2,000  205,540  204,540 0.8%StaplesSPLS 15,000  322,143  197,100 0.8%  2,524,547  3,438,240 14.4% **Steel**NucorNUE 4,000  189,851  143,040 0.6% **Technology**QualcommQCOM 7,000  387,599  401,170 1.7% **Telecommunications**AT&TT 10,000  232,700  341,700 1.4% **Tools**Lincoln Electric HoldingsLECO 12,000  325,653  570,960 2.4%Regal-Beloit RBC 5,500  173,846  331,595 1.4%Stanley Black & DeckerSWK 3,000  190,295  198,750 0.8%  689,794  1,101,305 4.6% **Transportation**BoeingBA 5,000  361,516  348,050 1.4%Delta Air Lines¹DAL 25,000  261,298  302,500 1.3% *Continued on next page.*
 
*30**May 31, 2012 Semi-Annual Report**The accompanying notes are an integral part of these financial statements.*
 
*Sextant Growth Fund****Schedule of Investments*****Common Stocks****Symbol****Number of Shares****Cost****Market Value****Percentage of Assets****Transportation (continued)**Norfolk SouthernNSC 7,000  $318,942  $458,640 1.9%Union PacificUNP 4,000  392,969  445,600 1.9%United Parcel ServiceUPS 6,000  395,746  449,640 1.9%  1,730,471  2,004,430 8.4% **Utilities**Duke EnergyDUK 10,000  172,211  219,800 0.9%Piedmont Natural GasPNY 8,000  220,875  242,560 1.0%Sempra EnergySRE 6,000  276,535  390,060 1.7%  669,621  852,420 3.6% Total investments  $14,795,082  22,319,302 93.7%Other assets (net of liabilities)  1,498,858 6.3%
**Total net assets****$23,818,160****100%***¹Non-income producing security*
 
*The accompanying notes are an integral part of these financial statements.**May 31, 2012 Semi-Annual Report**31*
 
*Sextant Growth Fund****Statement of Assets and Liabilities****As of May 31, 2012* **Assets**  Investments in securities, at value					        (Cost $14,795,082)$22,319,302   Cash1,494,305   Dividends receivable35,566   Insurance reserve premium1,215     Total assets 23,850,388 **Liabilities**  Payable to affiliates16,307   Accrued expenses10,445   Payable for Fund shares redeemed4,010   Accrued distribution fee1,466     Total liabilities 32,228 **Net assets****$23,818,160** **Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value)$15,382,531   Undistributed net investment income74,233   Accumulated net realized gain837,176   Unrealized net appreciation on investments7,524,220**Net assets applicable to Fund shares outstanding****$23,818,160****Fund shares outstanding****1,222,648** **Net asset value, offering, and redemption price per share****$19.48**
 
***Statement of Operations****Period ended May 31, 2012* **Investment income**  Dividends$169,924     Gross investment income 169,924 **Expenses**  Investment adviser fees63,823   Distribution fees29,935   Filing and registration fees9,708   Printing and postage5,906   Audit fees4,210   Retirement plan custodial fees3,314   Trustee fees2,665   Chief Compliance Officer expenses2,643   Other expenses 1,032   Custodian fees558   Legal fees483     Total gross expenses 124,277   Less custodian fee credits (558)    Net expenses 123,719 **Net investment income****$46,205**  Net realized gain from investments$1,132,401 Net increase in unrealized appreciation on investments 495,663 **Net gain on investments****$1,628,064** **Net increase in net assets resulting from operations****$1,674,269**
 
*32**May 31, 2012 Semi-Annual Report**The accompanying notes are an integral part of these financial statements.*
 
*Sextant Growth Fund****Statements of Changes in Net Assets****Period ended May 31, 2012**Year ended Nov. 30, 2011***Increase (decrease) in net assets from operations****From operations**  Net investment income$46,205 $140,935   Net realized gain (loss) on investments 1,132,401  (263,343)  Net increase in unrealized appreciation 495,663  874,209     Net increase in net assets 1,674,269  751,801 **Distributions to shareholders from**  Net investment income -  (114,994)  Capital gains distribution -  (15,111)    Total distributions -  (130,105)**Capital share transactions**  Proceeds from sales of shares1,125,706 2,455,862   Value of shares issued in reinvestment of dividends -  125,504   Early redemption fees retained373 377   Cost of shares redeemed (1,849,996) (4,541,043)    Net decrease in net assets  (723,917) (1,959,300)**Total increase (decrease) in net assets****950,352****(1,337,604)** **Net assets**Beginning of period22,867,808 24,205,412 End of period23,818,160 22,867,808  							Undistributed net investment income $74,233  $28,028  **Shares of the Fund sold and redeemed**  Number of shares sold58,146 130,620   Number of shares issued in reinvestment of dividends -  6,919   Number of shares redeemed (96,202) (244,436)**Net decrease in number of shares outstanding****(38,056)****(106,897)**
 
***Financial Highlights***
*Selected data per share of outstanding capital stock throughout each period:**Period ended**For year ended November 30,***May 31, 2012****2011****2010****2009****2008****2007****Net asset value at beginning of period****$18.14****$17.70****$16.00****$13.45****$19.99****$18.66****Income from investment operations**  Net investment income (loss)0.04 0.11 0.05 (0.04)0.04 0.01   Net gains (losses) on securities (both realized and unrealized) 1.30  0.43  1.70  2.59  (6.55) 1.80 **Total from investment operations****1.34****0.54****1.75****2.55****(6.51)****1.81****Less distributions**  Dividends (from net investment income) -  (0.09) (0.05)(0.00)¹(0.03)(0.01)  Distributions (from capital gains) -  (0.01) -  - (0.00)¹ (0.47)**Total distributions****-****(0.10)****(0.05)****(0.00)¹****(0.03)****(0.48)**  Paid-in capital from early redemption fees0.00¹ 0.00¹0.00¹0.00¹ 0.00¹ 0.00¹ **Net asset value at end of period****$19.48****$18.14****$17.70****$16.00****$13.45****$19.99** **Total return****7.39%****3.07%****10.93%****18.98%****(32.58)%****9.74%** **Ratios / supplemental data**Net assets ($000), end of period$23,818 $22,868$24,205 $21,534 $12,157 $15,996 Ratio of expenses to average net assets  Before custodian fee credits0.52%0.84%1.01%1.34%1.25%1.32%  After custodian fee credits0.52%0.84%1.00%1.34%1.24%1.30%Ratio of net investment income (loss) after custodian fee credits to average net assets0.19%0.57%0.30%(0.25)%0.20%0.09%**Portfolio turnover rate****8%****15%****16%****7%****2%****3%***¹Amount is less than $0.01*
 
*The accompanying notes are an integral part of these financial statements.**May 31, 2012 Semi-Annual Report**33*
 
*Sextant International Fund*
***Performance Summary***
**Average Annual Returns as of May 31, 2012****10 Years****5 Years****1 Year****Expense Ratio¹**Sextant International Fund7.42%-1.62%-13.20%0.88%NYSE Arca International Market Index4.68%-4.88%-16.56%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, 2002, to an identical amount invested in the NYSE Arca Internaitonal Index, a broad-based stock market index. The graph shows that an investment in the Fund would have risen to $20,452 versus $11,771 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 of the Fund's most recent prospectus which is dated March 30, 2012, and incorporates results for the fiscal year ended November 30, 2011. 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.
**Industry Allocation** **Top Ten Holdings****% of Fund Assets**
*Industry weightings are shown as a percentage of net assets.*Copa Holdings3.0%ASML Holdings NV2.0%Novo Nordisk ADS2.0%LAN Airlines ADS1.9%Coca-Cola Femsa ADS1.9%Potash Corp. of Saskatchewan1.9%Novartis ADR1.9%Toronto-Dominion Bank1.8%Teck Resources 1.8%Nice Systems ADS1.8%
 
*34**May 31, 2012 Semi-Annual Report*
 
*Sextant International Fund****Schedule of Investments*****Common Stocks****Symbol****Number of Shares****Cost****Market Value****Country¹****Percentage of Assets****Automotive**Nissan Motor ADSNSANY 120,000  $1,712,551  $2,294,400 Japan1.4%Tata Motors ADSTTM 50,000 1,135,7701,039,500India0.6%Toyota Motor ADSTM 30,000 2,320,5122,306,700Japan1.4%  5,168,833  5,640,600 3.4% **Banking**Australia & New Zealand Banking Group ADSANZBY 80,000 1,581,4571,628,000Australia1.0%Banco Santander ADSBSBR 200,000 2,053,6201,590,000Japan0.9%HSBC Holdings ADRHBC 70,000 3,073,7592,765,000Brazil1.7%ICICI BankIBN 60,000 1,941,7681,689,000India1.0%Mitsubishi UFJ Financial Group ADRMTU 500,000 2,697,9482,145,000Japan1.3%Nomura Holdings ADRNMR 30,000 351,95897,500Japan0.1%Toronto-Dominion BankTD 40,000 2,302,1633,054,800Canada1.8% 14,002,67312,969,3007.8% **Chemicals**BASF ADSBASFY 25,000 1,649,8161,746,200Germany1.0%Potash Corp. of SaskatchewanPOT 80,000 2,699,9023,162,400Canada1.9% 4,349,7184,908,6002.9% **Computers**ASML Holdings NVASML 75,000 3,034,1573,435,750Netherlands2.0%Dassault Systems ADRDASTY 25,000 1,727,8272,283,750France1.4%Infosys ADRINFY 50,000 2,271,5192,105,000India1.3%Nice Systems ADS²NICE 80,000 2,901,0332,966,400Israel1.8%SAP ADSSAP 50,000 2,794,7382,866,000Germany1.7% 12,729,27413,656,9008.2% **Electronics**Sony ADSSNE 100,000 2,021,2901,324,000Japan0.8% **Energy**BP ADSBP 50,000 2,180,6751,823,000United Kingdom1.1%Cenovus EnergyCVE 60,000 1,516,2981,885,800Canada1.1%EnCanaECA 40,000 1,097,866795,600Canada0.5%Ente Nazionale IdrocarburiE 50,000 2,212,0411,927,000Italy1.1%Petroleo Brasileiro ADRPBR 70,000 2,615,5001,369,200Brazil0.8%Statoil ADSSTO 60,000 1,551,8951,362,000Norway0.8%Total ADRTOT 45,000 2,528,3461,938,150France1.2% 13,702,62111,100,7506.6% **Food Production**Coca-Cola Femsa ADSKOF 27,557 1,357,6133,170,157Mexico1.9%Fomento Economico Mex ADSFMX 30,000 1,614,7222,364,900Mexico1.4%Unilever ADSUL 50,000 1,315,5091,579,000United Kingdom1.0% 4,287,8447,114,0574.3% *Continued on next page.*
 
*The accompanying notes are an integral part of these financial statements.**May 31, 2012 Semi-Annual Report**35*
 
*Sextant International Fund****Schedule of Investments*****Common Stocks****Symbol****Number of Shares****Cost****Market Value****Country¹****Percentage of Assets****Hotels & Motels**Orient-Express Hotels Class A²OEH 277,000 $2,637,173$2,337,880Global³1.4% **Machinery**Komatsu ADSKMTUY 50,000 1,775,0001,177,000Japan0.7%Nidec ADRNJ 26,703 514,164543,406China40.3%  2,289,164  1,720,406 1.0% **Medical**GlaxoSmithKline ADRGSK 50,000 1,935,0202,205,500United Kingdom1.3%Novartis ADRNVS 60,000 3,076,5913,121,800Switzerland1.9%Novo Nordisk ADSNVO 25,000 1,631,8673,344,750Denmark2.0%Shire ADRSHPGY 32,000 1,738,7652,701,120United Kingdom1.6%Teva Pharmaceutical Industries ADSTEVA 50,000 2,472,9471,959,500Israel1.2% 10,855,19013,332,6708.0% **Metal Ores**Anglo American ADRAAUKY 150,000 2,300,5352,277,000South Africa1.4%Barrick GoldABX 60,000 2,580,6032,343,600Canada1.4%BHP Billiton ADSBHP 30,000 1,816,0591,845,900Australia1.1%Newcrest Mining ADSNCMGY 67,301 2,618,6821,614,551Australia0.9%Teck ResourcesTCK 100,000 458,2252,981,000Canada1.8%Tenaris ADRTS 15,000 583,169467,700Argentina40.3%Vale ADRVALE 110,000 2,177,2912,014,100Brazil1.2% 12,534,56413,543,8518.1% **Office Equipment**Canon ADS CAJ 50,000 2,268,3401,996,500Japan1.2% **Paper & Paper Products**Fibria CeluloseFBR 150,000 2,152,042978,000Brazil0.6%Metso ADSMXCYY 12,100 130,802396,759Finland0.2% 2,282,8441,374,7590.8% **Publishing**Pearson ADSPSO 90,000 1,021,9141,593,900United Kingdom1.0%Wolters Kluwer NVWKL NA 120,000 2,238,5831,742,780Netherlands1.0%3,260,4973,336,6802.0% **Telecommunications**America Movil ADSAMX 60,000 918,9711,413,600Mexico0.8%BCEBCE 60,000 1,414,0182,393,400Canada1.4%China Mobile ADSCHL 25,000 1,172,2291,268,250China0.8%Chorus²CHRYY 30,800 379,569375,452New Zealand0.2%Millicom International CellularMIC SS 10,000 905,668856,751Global³0.5%PT Indosat ADRIIT 23,000 622,786475,180Indonesia0.3%SK Telecom ADRSKM 30,000 511,437334,200South Korea0.2%Telecom New Zealand ADSNZT 50,000 470,096488,000New Zealand0.3% *Continued on next page.*
 
*36**May 31, 2012 Semi-Annual Report**The accompanying notes are an integral part of these financial statements.*
 
*Sextant International Fund****Schedule of Investments*****Common Stocks****Symbol****Number of Shares****Cost****Market Value****Country¹****Percentage of Assets****Telecommunications (continued)**Telecommunicacoes de Sao Paulo ADRVIV 50,000 $1,322,495$1,181,000Brazil0.7%Telefonica ADRTEF 184,736 3,334,0382,045,028Spain1.2%TelusTU 45,000 1,334,1872,551,050Canada1.5%Turkcell Iletisim Hizmetleri ADR²TKC 70,000 970,618758,100Turkey0.5%Vodaphone Group ADSVOD 100,000 2,362,4352,679,000United Kingdom1.6%15,718,54716,819,01110.0% **Transportation**Copa Holdings CPA 60,000 3,268,2004,981,200Panama3.0%LAN Airlines ADSLFL 130,000 1,191,5803,260,400Chile1.9%Ryanair Holdings ADS²RYAAY 20,000 623,100614,000Ireland0.4% 5,082,8808,855,6005.3% **Utilities**BG Group ADSBRGYY 70,000 1,253,7841,348,900United Kingdom0.8%CPFL Energia ADRCPL 90,000 2,111,6252,187,000Brazil1.3%Enersis ADSENI 65,000 1,024,8631,118,000Chile0.7%Korea Electric Power ADS²KEP 20,000 304,261188,000South Korea0.1% 4,694,5334,841,9002.9% Total investments $117,885,985124,873,46474.7%
Other assets (net of liabilities) 42,316,23025.3%
**Total net assets****$167,189,694****100.0%***¹ Country of domicile unless otherwise indicated						    ² Non-income producing security						    ³ Denotes a worldwide presence, comprising an entity with exposure to many regions and countries.4 Denotes country of primary exposure*
*ADS: American Depositary Share						      ADR: American Depositary Receipt*

 

**Countries**
*The accompanying notes are an integral part of these financial statements.**May 31, 2012 Semi-Annual Report**37*
 
*Sextant International Fund*
 
***Statement of Assets and Liabilities****As of May 31, 2012* **Assets**  Investments in securities, at value 					        (Cost $117,885,985) $124,873,464   Cash 45,105,180   Dividends receivable 821,850   Receivable for securities sold 243,741   Receivable for Fund shares sold 188,099     Total assets 171,232,334 **Liabilities**  Payable for securities purchased 3,664,721   Payable for Fund shares redeemed 244,548   Payable to affiliates 97,509   Accrued expenses 25,460   Accrued distribution fee 10,402     Total liabilities 4,042,640 **Net assets****$167,189,694** **Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value) $160,302,244   Undistributed net investment income 1,183,911   Accumulated net realized loss on investments (1,283,797)  Unrealized net appreciation on investments6,987,336 **Net assets applicable to Fund shares outstanding****$167,189,694****Fund shares outstanding****12,080,885** **Net asset value, offering and redemption price per share****$13.84**
 
***Statement of Operations****Period ended May 31, 2012* **Investment income**  Dividends						      (net foreign tax of $300,453)$2,243,703  Miscellaneous income25    Gross investment income 2,243,728 **Expenses**  Investment adviser fees744,939   Distribution fees220,468   Audit fees30,010   Printing and postage21,191   Trustee fees20,889   Chief Compliance Officer expenses19,039   Filing and registration fees10,354   Other expenses6,152   Retirement plan custodial fees3,674   Legal fees3,569   Custodian fees 3,393     Total gross expenses 1,083,678   Less custodian fee credits (3,393)    Net expenses 1,080,285 **Net investment income****$1,163,443**  Net realized gain from investments and foreign currency$244,537 Net decrease in unrealized appreciation on investments  and foreign currency(9,055,399)**Net loss on investments****$(8,810,862)****Net decrease in net assets resulting from operations****$(7,647,419)**
 
*38**May 31, 2012 Semi-Annual Report**The accompanying notes are an integral part of these financial statements.*
 
*Sextant International Fund****Statements of Changes in Net Assets****Period ended May 31, 2012**Year ended Nov. 30, 2011***Increase (decrease) in net assets from operations****From operations**  Net investment income$1,163,443 $1,389,735   Net realized gain (loss) on investments 244,537  (1,526,071)  Net decrease in unrealized appreciation (9,055,399) (6,737,002)    Net decrease in net assets (7,647,419) (6,873,338)**Distributions to shareholders from**  Net investment income -  (1,389,585)    Total distributions -  (1,389,585)**Capital share transactions**  Proceeds from sales of shares43,305,884 85,223,505   Value of shares issued in reinvestment of dividends -  1,372,301   Early redemption fees retained10,463 63,508   Cost of shares redeemed (33,605,517) (64,057,958)    Net increase in net assets  9,710,830  22,601,356 **Total increase in net assets****2,063,411****14,338,433** **Net assets**Beginning of period165,126,283 150,787,850 End of period 167,189,694  165,126,283  Undistributed net investment income $1,183,911  $20,468  **Shares of the Fund sold and redeemed**  Number of shares sold2,915,477 5,526,541   Number of shares issued in reinvestment of dividends -  95,232   Number of shares redeemed (2,292,109) (4,199,243)**Net increase in number of shares outstanding****623,368****1,422,530**
 
***Financial Highlights****Selected data per share of outstanding capital stock throughout each period:**Period ended**For year ended November 30,***May 31, 2012****2011****2010****2009****2008****2007****Net asset value at beginning of period****$14.41****$15.03****$14.03****$11.32****$16.11****$13.56****Income from investment operations**  Net investment income0.10 0.12 0.06 0.02 0.03 0.04   Net gains (losses) on securities (both realized and unrealized) (0.67) (0.63) 1.12  2.72  (4.79) 2.93 **Total from investment operations****(0.57)****(0.51)****1.18****2.74****(4.76)****2.97****Less distributions**  Dividends (from net investment income) -  (0.12) (0.06)(0.03)(0.03)(0.03)  Distributions (from capital gains) -  -  (0.12) -  -  (0.39)**Total distributions****-****(0.12)****(0.18)****(0.03)****(0.03)****(0.42)**  Paid-in capital from early redemption fees 0.00¹ 0.00¹ 0.00¹0.00¹0.00¹0.00¹ **Net asset value at end of period****$13.84****$14.41****$15.03****$14.03****$11.32****$16.11** **Total return****(3.96)%****(3.31)%****8.43%****24.22%****(29.56)%****21.90%** **Ratios / supplemental data**Net assets ($000), end of period$167,190 $165,126 $150,788 $95,885 $21,497 $13,854 Ratio of expenses to average net assets  Before custodian fee credits0.61%0.88%1.03%1.14%1.43%1.50%  After custodian fee credits0.61%0.88%1.03%1.13%1.42%1.47%Ratio of net investment income after custodian fee credits to average net assets0.66%0.81%0.51%0.27%0.40%0.30%**Portfolio turnover rate****4%****7%****2%****2%****10%****8%***¹Amount is less than $0.01*
 
*The accompanying notes are an integral part of these financial statements.**May 31, 2012 Semi-Annual Report**39*
 
*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 a no-load, open-end, diversified series management investment company under the Investment Company Act of 1940, as amended. Seven 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 (the “Funds”), and Idaho Tax-Exempt Fund, which is offered through a separate prospectus and the results of which are contained in a separate report. 

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 2, 1993. Sextant Core Fund commenced operations March 30, 2007. Sextant Global High Income Fund commenced operations March 30, 2012.

The investment objective of the Growth and International Funds is long-term capital growth. The investment objectives of the Core Fund are long-term capital appreciation and preservation. The investment objective of the Bond Income and Short-Term Bond Funds is current income, with Short-Term Bond having the additional objective of capital preservation. The investment objectives of the Global High Income Fund are high income and capital preservation. 

**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 equity securities for which sale prices are available are valued at that price. Securities for which there are no sales are valued at latest bid price.

Debt securities are valued using bid-side valuations provided by an independent service. The service determines valuations using a matrix. This technique considers such 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 U.S. 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-U.S. 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 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 U.S. 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 U.S. 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 U.S. 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 or 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 NYSE 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 Funds are intended for long-term investment and do not permit rapid trading of their shares. The Funds cannot always identify all intermediaries, or detect or prevent trading that violates the Frequent Trading Policy through intermediaries or omnibus accounts.

**Fair value measurements:**

The Funds have adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed 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 market place, 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.

 
*40**May 31, 2012 Semi-Annual Report*
 
*Notes To Financial Statements (continued)*
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, 2012 in valuing the Funds' investments carried at value:
**Funds****Total****Level 1					      Quoted Price****Level 2 					      Significant Observable Input****Level 3 						    Significant Unobservable Input****Short-Term Bond**Certificate of Deposit $233,214  $-  $233,214  $- Corporate Bonds $4,201,472  $-  $4,201,472  $- U.S. Government  $356,808 $- $356,808 $-Foreign Government Bonds $475,303 $- $475,303 $-Municipal Bonds $831,731  $-  $733,882  $97,849 **Total Assets****$6,098,528****$-****$6,000,679****$97,849** **Short-Term Bond Level 3 Roll-Forward Municipal Securities**Beginning balance $98,951 Total unrealized gains or losses $(1,102)Purchases $- Maturity $- Transfers in and/or out of level 3 $- **Ending Balance****$97,849** **Bond Income**Corporate Bonds $4,221,914  $-  $4,221,914  $- Foreign Government Bonds $249,051  $-  $249,051  $- Municipal Bonds $2,403,997  $-  $2,403,997  $- **Total Assets****$6,874,962****$-****$6,874,962****$-** **Core Fund**Common Stocks $3,063,753  $3,063,753  $-  $- Corporate Bonds $2,310,502  $-  $2,310,502  $- Municipal Bonds $219,526  $-  $219,526  $- **Total Assets****$5,593,781****$3,063,753****$2,530,028****$-** **Global High Income**Common Stocks $1,571,734  $1,132,266  $439,468  $- Corporate Bonds $1,385,696  $-  $1,385,696  $- Preferred Stocks $235,939  $163,944  $71,995  $- **Total Assets****$3,193,369****$1,296,210****$1,897,159****$-** **Growth Fund**Common Stocks $22,319,302  $22,319,302  $-  $- Total Assets $22,319,302  $22,319,302  $-  $- **International Fund**Common Stocks $124,873,464  $122,273,933  $2,599,531  $- **Total Assets****$124,873,464****$122,273,933****$2,599,531****$-**
*During the period ended May 31, 2012, no Fund had transfers between Level 1 and Level 2.*

**New accounting pronouncement:**

In May 2011, FASB issued ASU No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements” in GAAP and the International Financial Reporting Standards (“IFRSs”). ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP and IFRSs. ASU No. 2011-04 is effective for fiscal years beginning after December 15, 2011 and for interim periods within those fiscal years. 

**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 Lots 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 bonds 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 upnone
**Derivative instruments and hedging activities:**

The Funds have adopted the financial accounting reporting rules regulations that require enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity's results of operations and financial position.

During the period ended May 31, 2012, the Funds did not hold any derivative instruments.

**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 identify these items as a concentration of credit risk, requiring disclosure regardless of the degree of risk. The risk is managed by financial analysis and review of the custodian's operations, resources, and protections available to the Trust. This periodic 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 

 
*May 31, 2012 Semi-Annual Report**41*
 
*Notes To Financial Statements (continued)*
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 (2009 — 2011), or expected to be taken in the Funds' 2012 tax returns. The Funds identify their major tax jurisdiction as U.S. 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:
**Short-Term Bond****Bond Income**Undistributed net investment income $ -  $ - Accumulated gains (losses) - - Paid-in capital $ -  $ - 
 
**Core****Global High Income**Undistributed net investment income  $ 11  N/A Accumulated gains (losses) (11) N/APaid-in capital $ - N/A
 
**Growth****International**Undistributed net investment income $ -  $2,371 Accumulated gains (losses) - (2,371)Paid-in capital $ -  $ - 
These reclassifications were due to the treatment of foreign currencies.

**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 shareholders 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 dividends 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.

**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. Cash dividends from equity securities are recorded as income on the ex-dividend date. 

**NOTE 4 — Transactions with Affiliated Persons**

Under a contract approved by shareowners on September 28, 1995 (March 30, 2007, for Sextant Core Fund and March 30, 2012 for Sextant Global High Income Fund), 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 .60% of average net assets per annum, payable monthly. 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.

Performance Adjustment for Sextant Global High Income Fund, Sextant Short-Term Bond Fund, and Sextant Bond Income Fund: 
- For each month in which either of these Funds' 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%.

Performance adjustment for Sextant Core Fund, Sextant Growth Fund, and Sextant International Fund: 
- For each month in which these Funds' total investment returns (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 but less than 4%, then the adjustment is at the annual rate of .20%. 
- If the outperformance or underperformance is 4% or more, the adjustment is at an annual rate of .30%.

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, 2013. 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, 2012, the advisory fees incurred were as follows:
**Adviser Fees****Adviser Fees Waived****Expense Reimbursement****Short-Term Bond** $18,989  $(17,529) $- **Bond Income** 27,161 (17,863) -**Core** 19,753 N/AN/A**Global High Income** 3,304 (2,137)- **Growth**63,823 N/AN/A**International** $744,939 N/AN/A
In accordance with the expense limitation noted above, for the period ended May 31, 2012, 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 

 
*42**May 31, 2012 Semi-Annual Report*
 
*Notes To Financial Statements (continued)*
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, 2012, the Trust paid SBS the following amounts:
**12b-1 Fees****Short-Term Bond** $7,912 **Bond Income** 8,831 **Core**7,838 **Global High Income¹** 1,376**Growth**29,935 **International** $220,468 
*¹ For the period March 30, 2012 through May 31, 2012*

SBS is the primary broker used to effect portfolio transactions for the Trust. SBS currently executes portfolio transactions for the Trust for free (no commissions). Should any change occur in this policy, shareowners would be notified. Transactions effected through other brokers may be subject to a commission payable to that broker.

Saturna Trust Company (“STC”), a subsidiary of Saturna Capital, acts as retirement plan custodian for Fund shareowners. For the period ended May 31, 2012, the Funds paid STC the following amounts:
**Retirement plan custodial fees****Short-Term Bond** $1,884 **Bond Income**970 **Core**810 **Global High Income¹** 232**Growth**3,314 **International** $3,674 
*¹ For the period March 30, 2012 through May 31, 2012*

Nicholas Kaiser serves as a trustee and president of the Trust. Also a director and the chairman of Saturna Capital, he is not compensated by the Trust. For the period ended May 31, 2012, the Trust incurred $15,000 in Independent Trustee compensation.

The officers of the Trust are paid by Saturna Capital, not the Trust, except the Chief Compliance Officer, who can be partially compensated by the Trust. For the period ended May 31, 2012, the Short-Term Bond, Bond Income, Core, Global High Income, Growth, and International Funds incurred $644; $645; $617; $247; $2,643; and $19,039 of compensation expenses, respectively, for the Chief Compliance Officer. 

On May 31, 2012, the trustees, officers, and their affiliates as a group owned 29.30%, 30.95%, 36.38%, 47.31%, 9.65% and 1.56% of the outstanding shares of Short-Term Bond, Bond Income, Core, Global High Income, Growth, and International Funds, respectively.

**NOTE 5 — Distributions to Shareowners**

The tax characteristics of distributions paid during the period ended May 31, 2012, and the fiscal year ended November 30, 2011, were as follows:
**Period ended						    May 31, 2012****Year ended						    Nov. 30, 2011****Short-Term Bond Fund**Ordinary income $50,293  $103,724 **Bond Income Fund**Ordinary income 115,303  200,532 **Core Fund**Ordinary income- 85,118 **Global High Income Fund**Ordinary income-n/a**Growth Fund**Ordinary income -  114,994 Long-Term Capital Gain¹- 15,111 **International Fund**Ordinary income $ - $1,389,585 
*¹Long-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, 2012 was as follows:
**Short-Term Bond****Bond Income**Cost of investments $6,016,701  $6,262,956 Gross tax unrealized appreciation 107,076  625,523 Gross tax unrealized depreciation (25,249) (13,517) Net tax unrealized appreciation $81,827  $612,006 
 
**Core****GlobalHigh Income**Cost of investments $5,075,571  $3,356,717 Gross tax unrealized appreciation 771,316  9,775 Gross tax unrealized depreciation (253,106)  (173,123 )Net tax unrealized appreciation (depreciation) $518,210  $(163,348)
 
**Growth****International**Cost of investments $14,795,082  $117,885,985 Gross tax unrealized appreciation8,786,864  22,779,893 Gross tax unrealized depreciation (1,262,644 )(15,792,414 )Net tax unrealized appreciation $7,524,220  $6,987,479 
 
*May 31, 2012 Semi-Annual Report**43*
 
*Notes To Financial Statements (continued)*
As of November 30, 2011, components of distributable earnings on a tax basis were as follows:
**Short-Term Bond****Bond Income**Net tax unrealized appreciation $110,727  $411,033 Undistributed ordinary income1,381  8 Accumulated net realized loss (13,227)(40,052)Total distributable loss(11,846)(40,044)Total accumulated earnings $98,881  $370,989 **Core****Global High Income**Net tax unrealized appreciation $329,563 N/AUndistributed ordinary income 2,535 N/AAccumulated net realized loss(223,395)N/ATotal distributable loss(220,860)N/ATotal accumulated loss $108,703 N/A**Growth****International**Net tax unrealized appreciation $7,028,557  $16,042,735 Undistributed ordinary income28,028  20,468 Accumulated net realized gain(295,225)(1,528,334)Total distributable earnings(267,197)(1,507,866)Total accumulated earnings $6,761,360  $14,534,869 
At November 30, 2011, the Funds had capital loss carryforwards as follows, subject to regulation: 
**Carryforward****Expiration****Short-Term Bond** $2,972 201410,255 2016**$13,227** **Bond Income** $19,585 2016 20,467 2017**$40,052** **Core** $74,883 2016 62,995 201711,779 201873,738 2019**$223,395****** **Growth** $295,225 2019**$295,225****** **International** $1,528,334.00 2019**$1,528,334.00******
Prior to their expiration, such loss carryforwards may be used to offset future net capital gains realized for federal income tax purposes.

**NOTE 7 — Investments**

Investment transactions other than short-term investments for the period ended May 31, 2012, were as follows:
**Purchases****Sales****Short-Term Bond** $1,040,343  $474,313 **Bond Income** 1,337,213  150,000 **Core** 1,074,113  217,066 **Global High Income** 3,357,134  - **Growth** 1,687,369  2,485,904 **International** $19,799,560  $4,897,939 
**NOTE 8 — Custodian**

Under agreements in place with the Trust's custodian, BNY Mellon, custody fees are reduced by credits for cash balances. Such reductions for the period ended May 31, 2012, were as follows:
**Custodian Fee Credits****Short-Term Bond** $143 **Bond Income** 156 **Core** 130 **Global High Income** - **Growth** 558 **International** $3,393 
**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.

 
*44**May 31, 2012 Semi-Annual Report*
 
*Expenses*
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 (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 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, exchange fees, or fees related to Saturna Individual Retirement Accounts. 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 semi-annual period and held for six months (December 1, 2011, to May 31, 2012).

**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 also charge for extra services rendered on request, which you may need to add to determine your total expenses, for example $25 per domestic bank wire, $35 per international bank wire, or overnight courier delivery charges.

**Hypothetical Example For Comparison Purposes**

The second line for each Fund 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 IRA fees (there are no fees on Saturna Capital IRAs, ESAs or HSAs with the Sextant 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), redemption fees or exchange fees (note that the Sextant Funds do not have 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, 2011]****Ending Account Value****[May 31, 2012]****Expenses Paid****During Period¹****Annualized Expense Ratio****Short-Term Bond Fund**Actual$1,000$1,004.00 $3.820.76%Hypothetical (5% return before expenses)$1,000$1,021.26$3.850.76% **Bond Income Fund**Actual$1,000$1,045.70 $4.620.90%Hypothetical (5% return before expenses)$1,000$1,020.56$4.560.90% **Core Fund**Actual$1,000$1,027.10 $6.911.36%Hypothetical (5% return before expenses)$1,000$1,018.25 $6.881.36% **Global High Income Fund²**Actual$1,000$959.00 $1.570.32%Hypothetical (5% return before expenses)$1,000$1,023.46$1.620.32% **Growth Fund**Actual$1,000$1,073.90 $5.411.04%Hypothetical (5% return before expenses)$1,000$1,019.85 $5.27 1.04% **International Fund**Actual$1,000$960.40 $6.001.22%Hypothetical (5% return before expenses)$1,000$1,018.95 $6.17 1.22%
*¹ Expenses are equal to the annualized expense ratio indicated above (based on the most recent semi-annual period of December 1, 2011, through May 31, 2012), multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).*

*² Expenses of the Sextant Global High Income Fund are based on the period March 30, 2012 through May 31, 2012.*

 
*May 31, 2012 Semi-Annual Report**45*
 

 

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

 

 
*46**May 31, 2012 Semi-Annual Report*
 

***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.

***Privacy Statement***

At Saturna Capital, 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/SATURNA (1-800-728-8762) 

***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/SATURNA 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/SATURNA 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. 

 

 
*May 31, 2012 Semi-Annual Report**47*
 
www.sextantfunds.com
 
(logo omitted)**Saturna Capital1300 North State StreetBellingham, WA 98225www.saturna.com800/SATURNA**
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 or summary prospectus relating to the securities of the Funds. The Sextant Funds are series of Saturna Investment Trust. 

**Saturna Brokerage Services, Distributor**

 

Idaho Tax-Exempt FundSemi-Annual Report
**May 31, 2012**
*Performance Summary:***Average Annual Returns as of June 30, 2012:** **10 Years****5 Years****3 Years****1 Year****Expense Ratio**¹Idaho Tax-Exempt Fund4.02%4.96%5.00%6.37%0.62%S&P Idaho Municipal Bond Index5.81%5.91%8.49%10.44%N/AMorningstar “Muni Single State Long” Category4.51%4.57%7.74%10.50%N/A% Rank in category85469997N/AFunds in category251284298318N/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 (800) SATURNA 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. Share price, yield, and return will vary and you may have a gain or loss when you sell your shares.*

*¹ By regulation, the expense ratio shown in this table is as of the Fund's most recent prospectus which is dated March 30, 2012, and incorporates results for the fiscal year ended November 30, 2011. The ratio presented in this table differs from 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 (shown on page 4).*

*² **Source: Morningstar June 30, 2012.** Morningstar, Inc. is an independent fund performance monitor. Rankings and category returns are determined monthly from total returns by Morningstar, by category as determined by Morningstar. Morningstar calculates total return by taking the change in a fund's NAV, assuming the reinvestment of all income and capital gains distributions (on the actual reinvestment date used by the fund) during the period, and then dividing by the initial NAV. Unless marked as load-adjusted total returns, Morningstar does not adjust total return for sales charges or for redemption fees. (Morningstar Return™, Morningstar Risk-Adjusted Ratings™, and the load-adjusted returns do incorporate those fees.) Total returns account for management, administrative, 12b-1 fees, and other costs automatically deducted from fund assets.*

*"% Rank in Category": This is the fund's total-return percentile rank for the specified time period relative to all funds that have the same Morningstar category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Percentile ranks within categories are most useful in those categories that have a large number of funds.*

***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/SATURNA. Please read the prospectus or summary prospectus carefully before investing.*******
*2**May 31, 2012**Semi-Annual Report*
 

(logo omitted)
*Fellow Shareowners:*
For the six months ended May 31, 2012, Idaho Tax-Exempt Fund returned 3.50%. For the twelve months ended May 31, 2012, the Fund returned 6.39%. At May 31, 2012, the net asset value per share was $5.62 up $0.11 per share for the semi-annual period.

Muncipal bond prices climbed strongly in the last year as interest rates for government issues dropped to historic lows for federal, state, and local issues. As one advantage of municipal fund investing is easy availability when other uses for money are available, we note that since November 30, 2011, the Fund's outstanding shares decreased 3.5% to 2.82 million. Net assets declined 1.5% to $15.88 million.

The weak national economy has highlighted the quality of Idaho's credit. Last month, Standard & Poor's, Moody's and Fitch all gave a new state tax anticipation note their top ratings. “The state follows conservative budget practices and has demonstrated a willingness to use broad balancing actions in response to economic and revenue weakness and the state is rebuilding reserves that were depleted during the recession,” complimented the Fitch Ratings report.

Looking ahead, deleveraging will continue to limit economic growth. U.S. growth and inflation will remain modest. Federal monetary policy will remain accommodative. We expect Idaho's conservative fiscal credentials to persist. Idaho is fostering economic growth in many ways, including reducing the corporate and top personal income tax rates to 7.4% from 7.6% and 7.8%, respectively.

We expect Idaho's credit quality to remain solid at the state and local levels. Low debt levels, excellent pension fund management, steady economic recovery and improving employment all help. For more than 10 years, Idaho's seasonally adjusted unemployment rate has consistently been below the U.S. unemployment rate. Today, Idaho's 7.9% rate is below the national average and the neighboring states of Oregon and Washington. 

For those seeking a conservative investment vehicle, the Idaho Tax-Exempt Fund offers a diversified portfolio of high-grade, 100% Idaho issues that provide income exempt from federal income and alternative minimum taxes as well as Idaho state income tax. Idaho municipal bonds should continue to offer real returns for risk-averse, income-oriented 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,

(graphic omitted)**Nicholas Kaiser,**    President

(graphic omitted)**Phelps McIlvaine,**Vice President, Portfolio Manager 

July 10, 2012
*Semi-Annual Report**May 31, 2012**3**Performance Summary***Average Annual Returns as of May 31, 2012****10 Years****5 Years****1 Year****Expense Ratio**¹Idaho Tax-Exempt Fund4.19%4.80%6.39%0.62%S&P Idaho Municipal Bond Index5.87%5.79%10.84%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, 2002 to an identical amount invested in the Standard & Poor's Idaho Municipal Bond Index, which reflects the types of securities in which the Fund invests. The graph shows that an investment in the Fund would have risen to $15,069 versus $17,701 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 shown in this table is as of the Fund's most recent prospectus which is dated March 30, 2012, and incorporates results for the fiscal year ended November 30, 2011. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods.*
**Fund Objective**

Idaho Tax-Exempt Fund seeks to provide income free from federal income, federal alternative minimum, and Idaho state income taxes, with a secondary objective of capital preservation.
**Bond Revenue Sources****Top Ten Holdings****% of Fund Assets**
*Bond revenue sources weightings are shown as a percentage of net assets.*
Ada & Canyon Cos. ID JSD #3 Kuna 4.00% due 08/15/20223.0%Madison Co. ID SCD #321 Rexburg 4.50% due 08/15/20242.8%Boise State University Revenue 5.00% due 04/01/20342.7%Owyhee & Elmore Cos. ID JSD #365 Grand View 4.00% due 08/15/20272.5%Payette Co. ID SCD #373 5.00% due 09/15/20242.4%Pocatello ID Water Revenue 4.75% due 02/01/20262.4%Canyon Co. ID SCD #139 Vallivue 4.35% due 09/15/20252.4%Canyon Co. ID SCD #131 Nampa 4.75% due 08/15/20192.2%Canyon Co. ID SCD #139 Vallivue 5.00% due 09/15/20242.0%Valley & Adams Cos. ID JSD #421 McCall 4.50% due 08/01/20242.0%*4**May 31, 2012**Semi-Annual Report*
 
Schedule of Investments**Tax-Exempt Municipal Bonds****Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets****Electric Power**Idaho Falls ID Electric Revenue6.75% due 04/01/2020 $110,000  $120,815 0.8% **Financial Services**Idaho Bond Bank Authority¹4.00% due 09/15/2019 90,000  102,799 0.7% **General Obligation**Ada & Canyon Cos. ID JSD #3 Kuna5.00% due 09/15/2019 240,000  275,983 1.7%Ada & Canyon Cos. ID JSD #3 Kuna4.00% due 08/15/2022 400,000  477,916 3.0%Ada & Canyon Cos. JSD #2 Meridian5.00% due 08/15/2020 165,000  184,645 1.2%Ada & Canyon Cos. JSD #2 Meridian5.00% due 08/15/2021 155,000  172,885 1.1%Ada & Canyon Cos. JSD #2 Meridian¹5.50% due 07/30/2015 50,000  57,1640.4%Adams & Washington Cos. JSD #4324.00% due 08/15/2019 100,000  109,341 0.7%Bingham Co. ID SCD #52 Snake HS4.00% due 09/01/2020 250,000  285,0071.8%Bingham Co. ID SCD #52 Snake HS4.00% due 09/01/2027 200,000  217,948 1.4%Bingham Co. ID SCD #55 Blackfoot4.65% due 08/01/2017 285,000  286,984 1.8%Blaine County ID Series A4.05% due 08/01/2023 150,000  164,989 1.0%Bonneville & Bingham Cos. JSD #93 4.50% due 09/15/2016 150,000  169,377 1.1%Boundary County ID SCD #1014.00%due 08/15/2021 240,000  265,565 1.7%Canyon Co. ID SCD #131 Nampa5.00% due 08/15/2023 105,000  119,883 0.7%Canyon Co. ID SCD #131 Nampa4.75% due 08/15/2019 325,000  342,391 2.2%Canyon Co. ID SCD #134 Middleton4.65% due 07/31/2016 170,000  178,605 1.1%Canyon Co. ID SCD #139 Vallivue4.35% due 09/15/2025 350,000  376,691 2.4%Canyon Co. ID SCD #139 Vallivue5.00% due 09/15/2024 260,000  321,506 2.0%Clark Co. ID SCD2.50% due 08/01/2016 280,000  298,704 1.9%Fremont & Madison Cos. ID JSD #215 4.125% due 08/15/2024 130,000  143,762 0.9%Fremont & Madison Cos. ID JSD #2154.00% due 08/15/2019 200,000  228,716 1.4%Jefferson & Madison Cos. ID SCD #251 Rigby4.25% due 09/01/2024 100,000  111,335 0.7%Jerome, Lincoln, & Gooding Cos. ID JSD #2613.75% due 09/15/2018 125,000  137,369 0.9%Jerome, Lincoln, & Gooding Cos. ID JSD #2615.00% due 09/15/2022 250,000  281,623 1.8%Kootenai-Shoshone ID Area Libraries4.25% due 08/01/2021 220,000  235,409 1.5%Latah, Nez Perce, & Clearwater ID JSD #2834.50% due 08/15/2027 190,000  213,5311.3%Lemhi Co. ID4.20% due 08/01/2015 100,000  101,641 0.6%Madison Co. ID SCD #321 Rexburg4.50% due 08/15/2024 410,000  441,570 2.8%Madison Co. ID SCD #321 Rexburg 4.50% due 08/15/2026 250,000  266,975 1.7%Meridian ID Free Library District5.00% due 08/01/2015 100,000  100,703 0.6%Minidoka & Jerome Cos. ID JSD #3314.375% due 08/15/2024 225,000  237,191 1.5%Minidoka & Jerome Cos. ID JSD #3314.50% due 08/15/2025 160,000  168,675 1.1%Minidoka & Jerome Cos. ID JSD #331¹4.50% due 08/15/2018 75,000  82,732 0.5%Minidoka & Jerome Cos. ID JSD #331¹4.50% due 08/15/2020 75,000  81,309 0.5%Nampa ID Series B5.00% due 08/01/2020 200,000  220,644 1.4%Owyhee & Canyon Cos. ID JSD #370 Homedale4.55% due 08/15/2016 160,000  184,627 1.2%Owyhee & Elmore Cos. ID JSD #365 Grand View4.00% due 08/15/2027 350,000  392,095 2.5%Payette Co. ID SCD #3735.00% due 09/15/2024 350,000  388,430 2.4%Twin Falls & Gooding Cos. ID JSD #4124.125% due 09/01/2023 100,000  117,381 0.7%Twin Falls Co. ID SCD #4114.30% due 09/15/2025 120,000  128,910 0.8%Valley & Adams Cos. ID JSD #421 McCall4.50% due 08/01/2022 135,000  146,983 0.9%Valley & Adams Cos. ID JSD #421 McCall4.50% due 08/01/2024 290,000  311,680 2.0% 8,190,000  9,028,875 56.9% **Medical/Hospitals**Idaho Health Facility Authority Revenue6.00% due 02/01/2023  200,000  246,540 1.5%Idaho Health Facility Authority Revenue6.25% due 12/01/2033 115,000  137,788 0.9% 315,000  384,328 2.4%*Continued on next page.**The accompanying notes are an integral part of these financial statements.**Semi-Annual Report**May 31, 2012**5*Schedule of Investments**Tax-Exempt Municipal Bonds****Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets****Municipal Leases**Nez Perce County ID COPS4.50% due 02/01/2021 $150,000 $158,433 1.0% **Pollution Control**Caldwell ID Sewer Revenue4.50% due 09/01/2019 100,000  118,097 0.7%Idaho Bond Bank Authority4.30% due 09/01/2022 135,000  141,458 0.9%Idaho Bond Bank Authority¹4.125% due 09/15/2023 75,000  81,768 0.5%Moscow ID Sewer Revenue4.45% due 05/01/2028 200,000  218,526 1.4% 510,000  559,849 3.5% **Real Estate**Idaho Housing & Finance Association4.80% due 06/01/2017 100,000  100,000 0.7%Idaho Housing & Finance Association¹5.65% due 07/01/2028  45,000  47,219 0.3%Idaho State Building Authority Revenue4.50% due 09/01/2023  110,000  115,765 0.7%Post Falls ID LID SPA5.00% due 05/01/2021 240,000  240,005 1.5% 495,000  502,989 3.2% **State Education**Boise State University Revenue4.50% due 04/01/2027 250,000  269,975 1.7%Boise State University Revenue5.00% due 04/01/2034 385,000  425,910 2.7%Idaho State University Revenue4.90% due 04/01/2017 150,000  152,147 0.9%Idaho State University Revenue4.625% due 04/01/2024 220,000  230,274 1.4%University of Idaho Revenue5.00% due 04/01/2028 225,000  252,821 1.6%University of Idaho Revenue5.00% due 04/01/2019 200,000  217,414 1.4%University of Idaho Revenue5.00% due 04/01/2020 260,000  280,251 1.8% 1,690,000  1,828,792 11.5% **Transportation**Idaho Housing & Finance Association4.60% due 07/15/2023 250,000  278,825 1.8%Idaho Housing & Finance Association5.00% due 07/15/2024  200,000  223,646 1.4%Idaho Housing & Finance Association¹5.00% due 07/15/2027 50,000  55,427 0.3% 500,000  557,898 3.5% **Urban Renewal**Boise City ID Urban Renewal Agency Lease Revenue5.00% due 08/15/2020 160,000  179,586 1.1%Boise City ID Urban Renewal Agency Lease Revenue¹5.00% due 08/15/2021 90,000  100,310 0.6%Jerome Urban Renewal District5.40% due 09/01/2013 200,000  201,764 1.3% 450,000  481,660 3.0% **Water Supply**Blackfoot ID COPS5.80% due 09/01/2018 135,000  135,404 0.8%Chubbuck ID Water Revenue4.00% due 09/01/2025 155,000  171,241 1.1%Idaho Bond Bank Authority4.00% due 09/15/2024 100,000  108,194 0.7%Idaho Bond Bank Authority5.00% due 09/15/2026 250,000  275,840 1.7%Pocatello ID Water Revenue4.50% due 02/01/2024 100,000  107,530 0.7%Pocatello ID Water Revenue4.75% due 02/01/2026 350,000  379,922 2.4% 1,090,000  1,178,131 7.4% Total investments (Cost = $13,952,320) $13,590,000  14,904,569 93.9%Other assets (net of liabilities)  973,315 6.1%**Total net assets (100%)****$15,877,884****100.0%***¹ See “Odd Lots” on page 10**6**May 31, 2012**Semi-Annual Report**The accompanying notes are an integral part of these financial statements.*
 
Statement of Assets and Liabilities*As of May 31, 2012* **Assets**  Investments in securities, at value						      (Cost $13,952,320)$14,904,569   Cash841,973   Interest receivable167,830   Insurance reserve premium801     Total assets 15,915,173 **Liabilities**  Accrued expenses12,261   Payable for Fund shares redeemed9,712   Distributions payable8,062   Payable to affiliates7,254     Total liabilities 37,289 **Net assets****$15,877,884** **Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value)$14,884,989   Undistributed tax free income3,842   Accumulated net realized gain36,804   Unrealized net appreciation on investments952,249**Net assets applicable to Fund shares outstanding****$15,877,884** **Fund shares outstanding****2,824,894** **Net asset value, offering, and redemption price per share****$5.62**
 
Statement of Operations*Period ended May 31, 2012* **Investment income**  Interest income$283,877     Gross investment income 283,877 **Expenses**  Investment adviser fees39,879   Audit fees3,005   Trustee expenses2,259   Chief Compliance Officer expenses1,662   Printing and postage1,435   Filing and registration fees949   Other expenses540   Legal fees409   Custodian fees365  Retirement plan custodial fees77     Total gross expenses 50,580   Less custodian fee credits (365)    Net expenses 50,215 **Net investment income****$233,662**  Net realized gain from investments $36,804 Net increase in unrealized appreciation on investments294,111**Net gain on investments****$330,915** Net increase in net assets resulting from operations $564,577 
 
**Bond Quality Diversification** 
*Based on net assets as of May 31, 2012.*

*Source: Moody's Investors Services.*

 
*The accompanying notes are an integral part of these financial statements.**Semi-Annual Report**May 31, 2012**7*
 
Statements of Changes of Net Assets*Period ended May 31, 2012**Year ended Nov. 30, 2011***Increase (decrease) in net assets from operations****From operations**  Net investment income $233,662  $494,074   Net realized gain on investments 36,804  11,379   Net increase in unrealized appreciation 294,111  199,602     Net increase in net assets 564,577  705,055 **Distributions to shareholders from**  Net investment income(233,662)(494,074)  Capital gains distributions -  (11,396)    Total distributions(233,662) (505,470)**Capital share transactions**  Proceeds from sales of shares425,913 2,156,201   Value of shares issued in reinvestment of dividends183,887 396,674   Early redemption fees retained -  -   Cost of shares redeemed (1,180,253) (1,864,860)    Net increase (decrease) in net assets (570,453) 688,015 **Total increase (decrease) in net assets****(239,538)****887,600** **Net assets**Beginning of period 16,117,422  15,229,822 End of period 15,877,884  16,117,422  Undistributed tax free income $3,842  $3,842  **Shares of the Fund sold and redeemed**Number of shares sold75,969 399,005 Number of shares issued in reinvestment of dividends32,811 73,111 Number of shares redeemed(210,690)(350,738)**Net increase (decrease) in number of shares outstanding****(101,910)****121,378**
 
Financial Highlights*Period ended**For Year Ended November 30,**Selected data per share of outstanding capital stock throughout each period:***May 31, 2012****2011****2010****2009****2008****2007****Net asset value at beginning of period****$5.51****$5.43****$5.43****$4.94****$5.30****$5.32****Income from investment operations**  Net investment income0.080.180.170.170.180.18  Net gains (losses) on securities (both realized & unrealized) 0.11  0.08  -  0.49  (0.36) (0.02)**Total from investment operations****0.19****0.26****0.17****0.66****(0.18)****0.16****Less distributions**  Dividends (from net investment income) (0.08) (0.18) (0.17) (0.17) (0.18) (0.18)  Distributions (from capital gains)-0.00¹0.00¹ -  -  - **Total distributions****(0.08)****(0.18)****(0.17)****(0.17)****(0.18)****(0.18)**  Paid-in capital from early redemption fees0.00¹0.00¹0.00¹0.00¹0.00¹0.00¹ **Net asset value at end of period****$5.62****$5.51****$5.43****$5.43****$4.94****$5.30** **Total return****3.50%****4.91%****3.26%****13.46%****(3.36)%****3.02%** **Ratios / supplemental data**Net assets ($000), end of period$15,878 $16,117 $15,230 $14,610 $11,774 $10,016 Ratio of expenses to average net assets   Before custodian fee credits0.32%0.62%0.74%0.85%0.77%0.89%  After custodian fee credits0.31%0.61%0.73%0.84%0.76%0.87%Ratio of net investment income after custodian fee credits to average net assets 1.47%3.27%3.23%3.19%3.51%3.35%**Portfolio turnover rate****5%****4%****2%****3%****7%****6%***¹Amount is less than $0.01*
 
*8**May 31, 2012**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 a no-load, open-end, diversified series managment investment company under the Investment Company Act of 1940, as amended. Six portfolios have been created to date in addition to Idaho Tax-Exempt Fund (the “Fund”). The other six portfolios are offered through a separate prospectus and the results of those funds are contained in a separate report.

The Idaho Tax-Exempt Fund was first authorized to sell shares of beneficial interest on September 4, 1987. The investment objective of the Fund is to provide income free from federal income, federal alternative minimum and Idaho state income taxes. Preservation of capital is a secondary objective.

**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 Fund in 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.

**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 or 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:**

The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed 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 market place, 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 following table is a summary of the inputs used as of May 31, 2012 in valuing the Fund's investments carried at value:
**Fair Value Inputs****Total****Level 1                     Quoted Price****Level 2                     Significant Observable Input****Level 3                     Significant Unobservable Input**Municipal Bonds $14,904,569  $-  $14,295,841  $608,728 **Total Assets****$14,904,569****$-****$14,295,841****$608,728**
*During the period ended May 31, 2012, the Fund had no transfers between Level 1 and Level 2.*

 
*Semi-Annual Report**May 31, 2012**9*
 
*Notes To Financial Statements (continued)*
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. 
**Level 3 Roll-Forward Municipal Securities**Beginning balance $653,142 Total unrealized gains or losses 10,586 Purchases - Maturity/call (55,000)Transfers in to and/or out of level 3 - **Ending balance****$608,728**
**New accounting pronouncement:**

In May 2011, FASB issued ASU No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements” in GAAP and the International Financial Reporting Standards (“IFRSs”). ASU No. 2011-04 amends FASB ASC Topic 820, Fair Value Measurements and Disclosures, to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP and IFRSs. ASU No. 2011-04 is effective for fiscal years beginning after December 15, 2011, and for interim periods within those fiscal years. 

**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 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 upnone
**Income taxes:**

As a qualified investment company under Subchapter M of the Internal Revenue Code, the Fund is not subject to income taxes to the extent that it distributes all of its investment income. It is the Fund's policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all its taxable and tax-exempt income to its shareowners. As the Fund intends to meet requirements for tax-free income dividends, and the requirements of the Idaho Department of Revenue for income dividends free of Idaho state income tax, no income tax provisions are required.

There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year-end November 30, 2011, or for any other tax years which are open for exam. As of May 31, 2012, open tax years include the tax years ended November 30, 2009, through 2011. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Fund did not incur any interest or penalties.

**Derivative instruments and hedging activities:**

The Funds have adopted the financial reporting rules and regulations that require enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity's results of operations and financial position.

During the period ended May 31, 2012, the Fund did not hold any derivative instruments.

**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 payable date. Shareowners may elect to take dividends 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.

**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:
Accumulated gain (loss)$17Paid-in capital$(17)
**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.

 
*10**May 31, 2012**Semi-Annual Report*
 
*Notes To Financial Statements (continued)*
Interest income is recognized on an accrual basis. Discounts on securities purchased are accreted and premiums are amortized over the lives of the respective securities. 

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

**Note 4 — Transactions with Affiliated Persons**

Under a contract approved annually by the Fund's independent trustees, Saturna Capital 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 period ended May 31, 2012, the Fund incurred advisory fee expenses of $39,879. 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 period ended May 31, 2012. Recently, Saturna Capital voluntarily elected to waive the transfer agent fee for an indefinite period, which may cease at Saturna Capital's election, to reduce the Fund's operating expenses.

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 six months ended May 31, 2012, the Fund incurred retirement plan custodial fees of $77.

Nicholas Kaiser serves as a trustee and president of the Trust. Also a director and the chairman of Saturna Capital, he is not compensated by the Trust. For the period ended May 31, 2012, the Trust incurred compensation expenses of $15,000 which is included in $28,122 of total expenses for the independent Trustees. Idaho Tax-Exempt Fund paid $1,227 of these total expenses.

The officers of the Trust are paid by Saturna Capital, not the Trust, except the Chief Compliance Officer, who can be partially compensated by the Trust. For the period ended May 31, 2012, the Fund paid $1,662 in compensation for such services. 

On May 31, 2012, the trustees, officers, and their immediate families as a group directly or indirectly owned 9.57% of the outstanding shares of the Fund.  

**Note 5 — Investments**

During the period ended May 31, 2012, the Fund purchased $806,807 of securities and sold/matured $858,100 of securities.

**Note 6 — Distributions to Shareowners**

The tax characteristics of distributions paid during the period ended May 31, 2012, and the fiscal year ended November 30, 2011 were as follows:
**Period ended May 31, 2012****Year endedNov. 30, 2011**Tax-exempt income $233,662  $493,850 Taxable income -  224 Capital gain¹ $-  $11,396 
*¹ Long-Term Capital Gain dividend designated pursuant to Section 852(b)(3) of the Internal Revenue Code.*

The cost basis of investments for federal income tax purposes at May 31, 2012, were as follows:
Cost of investments$13,952,320 Gross unrealized appreciation 956,621 Gross unrealized depreciation(4,372) Net unrealized appreciation $952,249 
As of November 30, 2011, the components of distributable earnings on a tax basis were as follows:
Net unrealized appreciation $658,138 Undistributed tax free income 3,842 Total distributable earnings 3,842 Total accumulated earnings $661,980 
**Note 7 — Custodian**

Under the agreement in place with BNY Mellon, custody fees are reduced by credits for cash balances. Such reduction for the period ended May 31, 2012, amounted to $365.

**Note 8 — 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.

 
*Semi-Annual Report**May 31, 2012**11*
 

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

 
*12**May 31, 2012**Semi-Annual Report*
 
*Expenses*
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 investments, reinvested dividends, or other distributions. You do not incur redemption fees, exchange fees, or fees related to Saturna Individual Retirement Accounts. 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 semi-annual period and held for six months (December 1, 2011, to May 31, 2012).

**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 also charges the following fees for extra services rendered on request, which you may need to add to determine your total expenses: $25 per domestic bank wire, $35 per international bank wire, or overnight courier delivery charges.

**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 second 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, 2011]****Ending Account Value [May 31, 2012]****Expenses Paid During Period¹**Actual $1,000.00$1,035.00 $3.16 Hypothetical (5% annual return before expenses)$1,000.00$1,021.96 $3.14 
*¹ Expenses are equal to Idaho Tax-Exempt Bond Fund's annualized expense ratio of 0.62% (based on the most recent semi-annual period of December 1, 2011, through May 31, 2012), 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, 2012**13*
 

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

 
*14**May 31, 2012**Semi-Annual Report**Availability of Fund 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 Funds' 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 Funds' website at www.idahotaxexemptfund.com; and (c) on the SEC's website at www.sec.gov.
*Privacy Statement*
At Saturna Capital, 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/SATURNA (1-800-728-8762). 
*Householding Policy*
To reduce expenses, we may mail only one copy of the Fund's prospectus, and 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 800/SATURNA 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 800/SATURNA 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.

 
*Semi-Annual Report**May 31, 2012**15*
 
www.idahotaxexemptfund.com
 

***Saturna Capital (logo omitted)                    1300 N. State Street                    Bellingham, WA 98225                    www.saturna.com                    (800) SATURNA***

**Saturna Brokerage Services, Distributor**
Item 2. Code of Ethics
Registrant has adopted a code of ethics, which is included with this submission as Exhibit (a)(1) and posted on the Funds' Internet websites at www.sextantfunds.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 11, 2012, 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 Kaiser*			    President			    July 30, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

*/s/ Nicholas Kaiser*			    President			    July 30, 2012

By:

*/s/ Christopher Fankhauser*			    Treasurer, Chief Compliance Officer			    July 30, 2012 |