SEXTANT
MUTUAl  FUNDS
(GRAPHIC  OMITTED)
JUNE  23,  1997

FELLOW  SHAREHOLDERS
A  20-year  bull market has convinced every investor that the way to riches is
The Market.  Because our experience goes back even longer, we want to warn you
that it's just not that easy.  There have been few comparable periods in world
history,  and  the  conditions  that  produced  the  current  success  will be
difficult  to  duplicate  in the future.  Sharp increases in corporate profits
combined  with  historic  drops  in  inflation  and  interest  rates cannot be
repeated  indefinitely.    Present  trends now suggest an era of mild economic
growth  with  low inflation.  The result is 5 to 10 percent forecasted returns
for  both  stocks  and  bonds.
Your  no-load  Sextant Funds address a spectrum of investment needs.  In light
of  our  forecast,  for  example,  you  may  wish to favor quality bonds.  All
Sextant  Funds  stress  low operating expenses and employ a "fulcrum" advisory
fee  structure  that  rewards  or  penalizes  Saturna  Capital  for investment
results.    The  four  Funds  pay increased or decreased monthly advisory fees
depending  on  relative  performance over the prior 12 months.  For the twelve
months  ended  May  31,  1997,  comparative  total  returns  are:
<TABLE>

<CAPTION>




Sextant Fund     Total Return   vs. Morningstar   Total Return
---------------  -------------  ----------------  -------------
<S>              <C>            <C>               <C>


Short-Term Bond          5.91%  Short-Term Bonds          6.33%
Bond Income              8.54%  Long-Term Bonds           8.47%
Growth                  17.03%  Domestic Growth          15.38%
International           22.76%  Foreign Stock            11.86%
</TABLE>



For  the  year,  the high-quality Sextant bond funds essentially matched their
Morningstar peer categories.  No bonus or penalty was due the advisor.  With a
6.3%  current  yield,  Short-Term  Bond  Fund  is  a  great  alternative  to
money-market  funds  for  the  risk-adverse  investor.
The  Growth Fund's excellent results in 1997 means it is now outperforming the
Morningstar  Domestic  Growth  category.  As long-term investors, our faith in
value  investing  is  providing above-average results.  Saturna Capital, which
had  its  advisory  fee slashed when the Growth Fund trailed, is now earning a
bonus  for  the  good  results.
We  believe  investors  should look outside the U.S. for a material portion of
their  portfolio,  being  unwise  to  insulate oneself from foreign events and
opportunities.    We  are pleased that the 22.76% return earned by the Sextant
International  Fund  for the last 12 months far outdistanced the Foreign Stock
category  and  is  earning Saturna Capital the maximum bonus for above-average
performance.
Information  on  each  Fund's operation is found on the following pages.  With
the  good  results,  incentive advisory fee, and low operating expenses of the
Sextant Funds, you might conclude that these Funds can provide real investment
value.  You won't be wrong: if you read the footnotes carefully, you will find
that  the  "insiders"  own  an  average  32%  of  each  Sextant  Fund.
                              RESPECTFULLY,

     NICHOLAS  KAISER,  PRESIDENT          PHELPS  MCILVAINE,  VICE  PRESIDENT
     (Manager,  Sextant  Growth;          (Manager,  Sextant  Bond  Income;
     Sextant  International  )          Sextant  Short-Term  Bond)
<PAGE>
(GRAPHIC  OMITTED)
SEXTANT  SHORT-TERM  BOND  FUND          1997  SEMI-ANNUAL  REPORT
-----------------------------------------------------------------
MAY  31,  1997
INVESTMENTS
<TABLE>

<CAPTION>





Rating*                  Issuer                    Coupon/Maturity   Face Amount   Market Value
-------  ---------------------------------------  -----------------  ------------  -------------
<S>      <C>                                      <C>                <C>           <C>


-        Appliances (5.7)
 A-      Whirlpool                                   9.5% 6/15/2000  $    100,000  $     107,323

-        Banking (15.9%)
 A-      Bankers Trust-NY                            9.5% 6/14/2000        75,000         80,274
 A-      Chase Manhattan                             9.05% 2/1/2002        40,000         39,726
 BBB+    First Interstate Bank                      8.625% 4/1/1999        75,000         77,449
 AA-     Norwest Financial                           6.23% 9/1/1998       100,000         99,625
                                                                     ------------  -------------
-                                              -                  -       290,000        297,074
-        Consumer Finance (7.6%)
  AA-    Associates Corp NA                        8.35% 12/22/1998       100,000        102,590
 A-      GMAC                                      5.95% 12/28/1998        40,000         39,448
                                                                     ------------  -------------
-                                              -                  -       140,000        142,038
-        Electric Utilities (14.0%)
 A+      Mississippi Power                         6.625% 8/01/2000        60,000         59,451
 A       Pacific Gas & Electric                    6.75% 12/01/2000       100,000         99,153
 A-      Public Service Enterprise Group             8.75% 7/1/1999       100,000        102,610
                                                                     ------------  -------------
-                                              -                  -       260,000        261,214
-        Food (7.8%)
 A+      H.J. Heinz Co.                            6.75% 10/15/1999        65,000         65,121
 BBB+    Supervalue                                 7.25% 7/15/1999        80,000         80,328
                                                                     ------------  -------------
-                                              -                  -       145,000        145,449
-        Gas Distribution (6.4)
 A+      Consolidated Natural Gas                  5.875% 10/1/1998       120,000        118,640

-        Investment Finance (17.2%)
 BBB+    Finovia Capital                            5.98% 2/27/2001        75,000         72,303
 AA-     Merrill Lynch                              6.00% 1/15/2001       100,000         97,156
 BBB     Salomon Inc.                               6.70% 12/1/1998       100,000         99,955
 A-      Smith Barney Holding                        7.98% 3/1/2000        50,000         51,133
                                                                     ------------  -------------
-                                              -                  -       325,000        320,547
-        Retailing (9.6%)
 BBB     Limited                                   8.875% 8/15/1999        75,000         77,818
 BBB+    Dayton Hudson                               7.50% 3/1/1999       100,000        101,340
                                                                     ------------  -------------
                                     -                                175,000            179,158
-        Tobacco (4.2%)
 A       Phillip Morris                              9.75% 02/15/00        75,000         79,168

-        U.S. Government Obligations (8.1%)
 AAA     U.S. Treasury Note                           7.00% 4/15/99       150,000        152,133


-        Total Investments (96.5%)                Cost = $1,818,200     1,780,000      1,802,744
                                                                     ============  =============
-        Other Assets (net of liabilities) 3.5%)                  -             -         66,143
                                                                                   -------------
-        Total Net Assets (100%)                                  -             -  $   1,868,887
                                                                                   =============
<FN>

*Ratings  are  the  lesser  of  S&P  or  Moody's
</FN>
</TABLE>


<PAGE>

(GRAPHIC  OMITTED)
SEXTANT  SHORT-TERM  BOND  FUND          1997  SEMI-ANNUAL  REPORT
-----------------------------------------------------------------
FINANCIAL  HIGHLIGHTS
<TABLE>

<CAPTION>


Selected  data  per  share  of  capital  stock  outstanding  throughout  the  period:



                                                        For the Six Months       For the year       Sept. 28. '95 (incep-
                                                        ended May 31, 1997    ended Nov. 30, '96    tion) to Nov. 30 '95*
                                                       --------------------  --------------------  -----------------------
<S>                                                    <C>                   <C>                   <C>


   Net asset value at beginning of period              $              5.00   $              5.03   $                 5.00 
                                                       --------------------  --------------------  -----------------------
  Income From Investment Operations
  Net Investment Income                                               0.14                  0.25                     0.03 
  Net gains or losses on securities
     (both realized and unrealized)                                  (0.05)                (0.03)                    0.03 
                                                       --------------------  --------------------  -----------------------
Total From Investment Operations                                      0.09                  0.22                     0.06 
                                                       --------------------  --------------------  -----------------------
  Less Distributions
  Dividends (from net investment income)                             (0.14)               ($0.25)                  ($0.03)
  Distributions (from capital gains)                                  0.00                  0.00                     0.00 
                                                       --------------------  --------------------  -----------------------
Total Distributions                                                  (0.14)                (0.25)                   (0.03)
                                                       --------------------  --------------------  -----------------------
Net asset value at end of period                       $              4.95   $              5.00   $                 5.03 
                                                                      0.01                  0.01 
Total Return                                                          1.84%                 4.85%                    1.05%

Ratios / Supplemental Data
Net assets ($000), end of period                       $             1,869   $             2,016   $                  878 
Ratio of expenses to average net assets                               0.26%                 0.85%                    0.23%
Ratio of net investment income to average net assets                  2.83%                 6.30%                    0.68%
Portfolio turnover rate                                                 15%                  100%                       0%
<FN>

  For  the  above  periods,  all  or  a  portion  of the operating expenses were waived. If costs had not been waived, the
resulting  increase  to expenses per share in each period would have been $ .01, $.02 and $.007. The increase to the ratio
of  expenses  to  average  monthly  net  assets  would  be  .25%,  .52%  and  .16%,  respectively.
*  not  annualized
</FN>
</TABLE>



STATEMENT  OF  ASSETS  AND  LIABILITIES
<TABLE>

<CAPTION>





As of May 31, 1997
<S>                                                           <C>          <C>


Assets
  Bond investments (cost $1,818,199)                          $1,802,744 
  Cash                                                            27,520 
  Interest receivable                                             39,282 
                                                              -----------            
    Total Assets                                                       -   $1,869,546
                                                                           ----------

Liabilities
  Payable to affiliate                                               659 
                                                              -----------            
    Total Liabilities                                                  -          659
                                                                           ----------

Net Assets                                                             -    1,868,887
                                                                           ----------
Fund shares outstanding                                                -      377,722
Analysis of Net Assets
  Paid in capital (unlimited shares authorized, without par)   1,907,096 
  Undistributed net investment income                                 22 
  Accumulated net realized gain (loss) on investments            (22,775)
                                                              -----------            
  Unrealized net appreciation on investments                     (15,456)
                                                              -----------            
  Net Assets applicable to Fund shares outstanding                     -   $1,868,887
                                                                           ==========

Net Asset Value per share                                              -   $     4.95
                                                                           ==========

</TABLE>



<PAGE>
SEXTANT  SHORT-TERM  BOND  FUND          1997  SEMI-ANNUAL  REPORT
-----------------------------------------------------------------
(GRAPHIC  OMITTED)
STATEMENT  OF  OPERATIONS
<TABLE>

<CAPTION>




For the six months ended May 31, 1997
<S>                                                          <C>        <C>


Investment income
  Interest income                                            $ 69,765 
  Amortization of bond premiums                                (9,002)
  Accretion                                                        23 
                                                             ---------          
    Gross investment income                                         -   $60,786 


Expenses
  Investment adviser and administration fee                     5,887 
  Professional fees                                             2,267 
  Custodian Fees                                                1,034 
  Filing and registration fees                                    790 
  Printing and postage                                            743 
  Other expenses                                                  311 
                                                             ---------          
  Total gross expenses                                         11,032 
    Less earnings credits                                      (1,034)
    Less advisory fee waived                                   (4,883)
                                                             ---------          
  Net expenses                                                      -     5,115 
                                                                        --------
    Net investment income                                           -    55,671 
                                                                        --------


Net realized gain (loss) on investments
  Proceeds from sales                                         394,520 
  Less cost of securities sold based on identified cost       396,170 
                                                             ---------          
    Realized net gain (loss)                                        -    (1,650)


Unrealized gain (loss) on investments
  End of period                                               (15,456)
  Beginning of period                                           4,435 
                                                             ---------          
  Decrease in unrealized gain for the period                  (19,891)
                                                             ---------          
    Net realized and unrealized gain (loss) on investments    (21,541)
                                                             ---------          


Net increase in net assets resulting from operations         $ 34,130 
                                                             ---------          
</TABLE>


<PAGE>
SEXTANT  SHORT-TERM  BOND  FUND          1997  SEMI-ANNUAL  REPORT
-----------------------------------------------------------------
STATEMENT  OF  CHANGES  IN  NET  ASSETS
(GRAPHIC  OMITTED)
<TABLE>

<CAPTION>






                                                         Six Months ended     Year ended
                                                           May 31, 1997      Nov. 30, 1996
                                                        ------------------  ---------------
<S>                                                     <C>                 <C>


INCREASE IN NET ASSETS
Operations:
  Net investment Income                                 $          55,671   $      133,032 
  Net realized gain (loss) on investments                          (1,650)         (21,126)
  Net increase in unrealized appreciation                         (19,891)             698 
                                                        ------------------  ---------------
  Net increase  in net assets from operations                      34,130          112,604 
                                                        ------------------  ---------------

Dividends to Shareowners from:
  Net investment income                                           (55,671)        (133,010)
                                                        ------------------  ---------------
  Capital gains distributions                                           -                - 
                                                        ------------------  ---------------

Fund Share Transactions:
  Proceeds from sales of shares                                   178,680        3,700,165 
  Value of shares issued in reinvestment of dividends              54,812          129,365 
                                                        ------------------  ---------------
                                                                  233,492        3,829,530 
  Cost of shares redeemed                                        (359,862)      (2,670,058)
                                                        ------------------  ---------------
  Net Increase in net assets from share transactions             (126,370)       1,159,472 
                                                        ------------------  ---------------
Total increase (decrease) in net assets                          (147,911)       1,139,066 

NET ASSETS
  Beginning of period                                           2,016,798          877,732 
                                                        ------------------  ---------------
  End of period                                         $       1,868,887   $    2,016,798 
                                                        ==================  ===============

Shares of the Fund Sold and Redeemed
  Number of shares sold                                            41,091          740,752 
  Number of shares issued in reinvestment of dividends             11,065           26,037 
  Number of shares redeemed                                       (77,775)        (538,054)
                                                        ------------------  ---------------

Net Increase (decrease) in
  Number of Shares Outstanding                                    (25,619)         228,735 
                                                        ==================  ===============

</TABLE>


<PAGE>

SEXTANT  BOND  INCOME  FUND          1997  SEMI-ANNUAL  REPORT
-----------------------------------------------------------------
(GRAPHIC  OMITTED)
MAY  31,  1997
INVESTMENTS
<TABLE>

<CAPTION>





Rating*                   Issuer                    Coupon/Maturity   Face Amount   Market Value
-------  ----------------------------------------  -----------------  ------------  -------------
<S>      <C>                                       <C>                <C>           <C>


-        Aerospace (5.2%)
A        United Technology Corp.                   8.875% 11/15/2019  $     50,000  $      56,828

-        Automotive (4.6%)
A-       General Motors                             8.125% 4/15/2016        50,000         49,825

-        Banking (4.3%)
A-       Comerica Bank                              7.125% 12/1/2013        50,000         46,725

-        Beverages (4.8%)
A-       Seagram Co. Ltd                             8.35% 1/15/2022        50,000         52,589

-        Building (4.1%)
A+       Lowes Corp                                 7.00% 10/15/2023        50,000         44,581

-        Electric Utilities (21.5%)
A+       Alabama Power                                7.75% 2/1/2023        50,000         47,756
BBB      Commonwealth Edison                          7.50% 7/1/2013        50,000         47,980
BBB      New Orleans Public Service                   8.00% 3/1/2023        50,000         48,080
A        Southern California Edison                  6.90% 10/1/2018        50,000         44,782
BBB      Texas Utilities                              8.50% 8/1/2024        45,000         45,864
                                                                      ------------  -------------
-                                               -                  -       245,000        234,462
-        Electronics (4.4%)
BBB+     Phillips Electronics                        7.25% 8/15/2013        50,000         47,540

-        Food (4.4%)
BBB      Nabisco Holdings                            7.55% 6/15/2015        50,000         48,512

-        Investment Finance (12.9%)
A        Dean Witter Discover                       6.75% 10/15/2013        50,000         45,354
A+       Morgan Stanley Group                         7.50% 2/1/2024        50,000         46,513
BBB+     Paine Webber Group                         7.625% 2/15/2014        50,000         48,672
                                                                      ------------  -------------
-                                               -                  -       150,000        140,539
-        Paper Products (4.5%)
 BBB-    Georgia Pacific                             7.70% 6/15/2015        50,000         48,691

-        Retailing (4.2%)
BBB+     Rite Aid Corporation                       6.875% 8/15/2013        50,000         45,819

-        U.S. Government Obligations (20.0%)
AAA      U.S. Treasury Bond                         7.50% 11/15/2016       100,000        105,375
AAA      U.S. Treasury Bond                         8.125% 8/15/2019       100,000        112,422
                                                                      ------------  -------------
-                                               -                  -       200,000        217,797
-------                                                                                          

-        Total Investments (94.9%)                 Cost = $1,106,358     1,045,000      1,033,908
                                                                      ------------  -------------
-        Other Assets (net of liabilities) (5.1%)                  -             -         56,021
                                                                                    -------------
-        Total Net Assets (100%)                                   -             -  $   1,089,929
                                                                                    =============
<FN>

*RATINGS  ARE  THE  LESSER  OF  S&P  OR  MOODY'S
</FN>
</TABLE>


<PAGE>
SEXTANT  BOND  INCOME  FUND          1997  SEMI-ANNUAL  REPORT
-----------------------------------------------------------------
(GRAPHIC  OMITTED)
FINANCIAL  HIGHLIGHTS
<TABLE>

<CAPTION>


Selected  data  per  share  of  capital  stock  outstanding  throughout  the  period:



                                                              Period
3/1/93 (In-
Six Months Ended                                        Year ended Nov. 30,    ception) to
                                                       ---------------------                                            
        May 31 1997                                            1996               1995         1994     11/30/93*
-----------------------------------------------------  ---------------------  -------------  --------  -----------      
<S>                                                    <C>                    <C>            <C>       <C>          <C>


Net asset value at beginning of period                 $               4.76   $       4.91   $  4.39   $     5.03   $  5.00 
                                                       ---------------------  -------------  --------  -----------  --------
  Income from investment operations
  Net investment income                                                0.15           0.30      0.24         0.25      0.16 
  Net gains or losses on securities
    (both realized and unrealized)                                    (0.21)         (0.12)     0.52        (0.64)     0.04 
                                                       ---------------------  -------------  --------  -----------  --------
Total From Investment Operations                                      (0.06)          0.18      0.76        (0.39)     0.20 
                                                       ---------------------  -------------  --------  -----------  --------
  Less distributions
  Dividends (from net investment income)
    Non-taxable                                                           -              -    (0.236)       (0.25)   (0.167)
    Taxable                                                           (0.15)         (0.30)   (0.004)
  Distributions (from capital gains)                                      -          (0.03)     0.00         0.00    (0.003)
                                                       ---------------------  -------------  --------  -----------  --------
Total Distributions                                                   (0.15)         (0.33)    (0.24)       (0.25)    (0.17)
                                                       ---------------------  -------------  --------  -----------  --------
Net asset value at end of period                       $               4.55   $       4.76   $  4.91   $     4.39   $  5.03 
Total return                                                         (1.20)%          4.04%    17.69%      (8.24)%     4.86%

Ratios/supplemental data
Net assets ($000), end of period                       $              1,090   $      1,201   $ 1,096   $    1,456   $ 1,662 
Ratio of expenses to average net assets                                0.27%          0.63%     0.54%        0.41%     0.35%
Ratio of net investment income to average net assets                   3.41%          5.96%     5.15%        5.48%     3.28%
Portfolio turnover rate                                                   9%            75%       77%          74%       36%

<FN>

  For each of the above periods, all or a portion of the operating expenses were waived. If these costs had not been waived,
the  resulting  increases    to  expenses  per share in each of the above periods would be $.01, $.03, $0.22, $0.13,and $.03
respectively. The increase to the ratio of expenses to  average monthly net assets would be .33%, .70%, .60%, .51%, and 26%,
respectively.
*  not  annualized
</FN>
</TABLE>


STATEMENT  OF  ASSETS  ANE  LIABILITIES
<TABLE>

<CAPTION>



For  the  Six  Months  Ended  May  31,  1997



<S>                                                           <C>          <C>


Assets
  Bond investments (cost $1,106,358)                          $1,033,908 
  Cash                                                            33,575 
  Interest receivable                                             21,087 
  Insurance deposit                                                  400 
                                                              -----------             
    Total Assets                                                       -    1,088,970 
                                                                           -----------
Liabilities
  Payable to affiliate                                              (959)
                                                              -----------             
    Total Liabilities                                                  -         (959)
                                                                           -----------
Net Assets                                                             -   $1,089,929 
                                                                           ===========

Fund shares outstanding                                                -      239,779 
Analysis of Net Assets
  Paid in capital (unlimited shares authorized, without par)   1,235,693 
  Undistributed net investment loss                               (1,222)
  Accumulated net realized gain (loss) on investments            (74,167)
  Unrealized net depreciation on investments                     (70,375)
                                                              -----------             
  Net Assets applicable to Fund shares outstanding                     -   $1,089,929 
                                                                           ===========

Net Asset Value per share                                              -   $     4.55 
</TABLE>


<PAGE>
SEXTANT  BOND  INCOME  FUND          1997  SEMI-ANNUAL  REPORT
-----------------------------------------------------------------
(GRAPHIC  OMITTED)

STATEMENT  OF  OPERATIONS
<TABLE>

<CAPTION>



For  the  six  months    ended  May  31,  1997



<S>                                                          <C>       <C>


Investment income
  Interest income                                             40,538 
  Amortization of bond premiums                                 (776)
  Accretion                                                      418 
                                                             --------           
    Gross investment income                                        -   $ 40,180 
Expenses
  Investment adviser and administration fee                    3,373 
  Professional fees                                            1,332 
  Printing and postage                                           698 
  Other expenses                                                 511 
  Filing and registration fees                                   430 
  Custodial fees                                                 175 
                                                             --------           
  Total gross expenses                                         6,519 
    Less earnings credits                                       (175)
    Less advisory fee waived                                  (3,373)
                                                             --------           
  Net expenses                                                     -      2,971 
                                                             --------           
    Net investment income                                          -     37,209 
                                                             --------  ---------
Net realized gain on investments
  Proceeds from sales                                        133,706 
  Less cost of securities sold based on identified cost      137,774 
                                                             --------           
    Realized net gain (loss)                                       -     (4,068)
                                                             --------           
Unrealized gain (loss) on investments
  End of period                                              (70,375)
  Beginning of period                                        (22,635)
                                                             --------           
  Decrease in unrealized gain for the period                       -    (47,740)
                                                             --------  ---------
    Net realized and unrealized gain (loss) on investments         -    (51,808)
                                                             --------  ---------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS               -   $(14,599)
                                                                       =========
</TABLE>


STATEMENT  OF  CHANGES  IN  NET  ASSETS
<TABLE>

<CAPTION>





                                                                   Six Months ended      Year ended
        31-May-97                                                    Nov. 30, 1996
---------------------------------------------------------------  ---------------------        
<S>                                                              <C>                    <C>


INCREASE (DECREASE) IN NET ASSETS
Operations:
  Net investment income                                          $             37,209   $    71,541 
  Net realized gain (loss) on investments                                      (4,068)        7,358 
  Net increase (decrease) in unrealized appreciation                          (47,740)      (35,266)
                                                                 ---------------------  ------------
  Net increase (decrease) in net assets from operations                       (14,599)       43,633 

Dividends to Shareowners From:
  Net investment income                                                       (37,209)      (72,347)
  Capital gains distributions                                     -                 -        (7,240)
                                                                 ---------------------  ------------

Fund Share Transactions:
  Proceeds from sales of shares                                                11,125       303,624 
  Value of shares issued in reinvestment of dividends                          36,512        77,813 
                                                                 ---------------------  ------------
                                                                               47,637       381,437 
  Cost of shares redeemed                                                    (106,823)     (240,384)
                                                                 ---------------------  ------------
  Net increase (decrease) in net assets from share transactions               (59,186)      141,053 
                                                                 ---------------------  ------------
Total increase (decrease) in net assets                                      (110,994)      105,099 

NET ASSETS
  Beginning of period                                                       1,200,923     1,095,824 
                                                                 ---------------------  ------------
  End of period                                                  $          1,089,929   $ 1,200,923 
                                                                 =====================  ============
  (Including undistributed net investment income of
  (1222) for May 31, 1997

Shares of the Fund Sold and Redeemed
  Number of shares sold                                                         2,479        65,268 
  Number of shares issued in reinvestment of dividends                          7,995        16,726 
  Number of shares redeemed                                                   (23,079)      (52,815)

Net Increase (decrease) in Number of Shares Outstanding                       (12,605)       29,179 
                                                                 =====================  ============
</TABLE>


<PAGE>
SEXTANT  GROWTH  FUND          1997  SEMI-ANNUAL  REPORT
-----------------------------------------------------------------
(GRAPHIC  OMITTED)
INVESTMENTS
<TABLE>

<CAPTION>




Issue                            Number of Shares    Cost    Market Value
-------------------------------  ----------------  --------  -------------
<S>                              <C>               <C>       <C>


Common Stocks

Banking (8.9%)
Washington Mutual Savings Bank              3,000  $ 44,124  $     166,875

Construction (5.1%)
BMC West*                                   4,500    54,533         59,625
Butler Manufacturing                        1,000    31,071         35,875
                                                   --------  -------------
-                                               -    85,604         95,500

Computers  (15.1%)
Adobe Systems                               1,200    50,490         53,550
Award Software International                2,500    29,148         33,750
Hewlett-Packard                               800    42,650         41,200
Microsoft*                                    800    14,897         99,200
Oracle                                      1,200    37,879         55,950
                                                   --------  -------------
-                                               -   175,064        283,650

Electronics (12.7%)
FLIR Systems                                2,500    27,611         40,000
Gasonix International                       3,000    31,631         35,625
Merix                                       1,000    31,822         16,250
Micron Technology                           1,000    32,312         42,500
Motorola                                      700    40,511         46,462
US Robotics                                   700    29,726         58,800
                                                   --------  -------------
-                                               -   193,613        239,637

Investments (14.7%)
Franklin Resources                          1,200    13,562         77,700
McDonald & Co.                              2,000    34,347         76,750
Schwab, Charles                             3,025     9,117        122,891
                                                   --------  -------------
-                                               -    57,026        277,341
Medical (7.8%)
Genentech*                                  1,000    37,225         58,625
Ligand Pharmaceuticals                      4,000    49,132         47,500
Rotech Medical                              2,400    33,976         40,500
                                                   --------  -------------
-                                               -   120,333        146,625

Metal Ores (2.8%)
Cyprus Amax Minerals                        2,200    54,541         53,625


Oil & Gas Production (6.9%)
Atlantic Richfield                            450    51,620         65,475
Noble Drilling                              3,000    21,322         65,250
                                                   --------  -------------
-                                               -     3,000         21,322

Paper & Products (1.2%)
Boise Cascade                                 600    15,409         22,800

Pollution Control (2.3%)
Ionics                                        900    36,864         42,975

Retail (2.1%)
Albertson's                                 1,200    26,255         40,200

</TABLE>


<PAGE>

SEXTANT  GROWTH  FUND          1997  SEMI-ANNUAL  REPORT
-----------------------------------------------------------------
(GRAPHIC  OMITTED)
INVESTMENTS,  CONT.
<TABLE>

<CAPTION>





Issue                                     Number of Shares     Cost     Market Value
----------------------------------------  ----------------  ----------  -------------
<S>                                       <C>               <C>         <C>


Transportation (11.6%)
Airborne Freight                                     3,000      69,116        114,750
Fritz Companies*                                     4,000      51,640         43,500
Halter Marine Group                                    556       9,967         13,066
Trinity Industries                                   1,600      45,315         48,000
                                                            ----------  -------------
-                                                        -     176,038        219,316

Utilities (1.9%)
Washington Water Power                               2,000      37,079         36,000

Total Investments (93.1%)                           57,031  $1,024,950  $   1,645,866
                                                            ==========  =============
Other Assets (net of liabilities) (6.9%)                                 -     129,716
                                                                            ----------
Total Net Assets (100%)                                                  -  $1,775,582
                                                                            ==========
<FN>

*non-income  producing
</FN>
</TABLE>


FINANCIAL  HIGHLIGHTS
<TABLE>

<CAPTION>

Selected  data  per  share  of  capital  stock  outstanding  throughout  the  period:



                                           Six Months Ended    For Year Ended November 30,
                                                              -----------------------------                                 
      May 31, 1997                               1996                     1995                 1994     1993     1992     1991
----------------------------------------  ------------------  -----------------------------  --------  -------  -------  -------
<S>                                       <C>                 <C>                            <C>       <C>      <C>      <C>


Net asset value at beginning of period    $            7.92   $                       7.42   $  5.82   $ 6.38   $ 5.93   $ 5.55 
                                          ------------------  -----------------------------  --------  -------  -------  -------
  Income From Investment Operations
  Net Investment Income                                0.01                           0.00     (0.03)   (0.03)    0.01     0.01 
  Net gains or losses on securities
    (both realized and unrealized)                     1.28                           0.50      1.82    (0.53)    0.45     0.38 
                                          ------------------  -----------------------------  --------  -------  -------  -------
Total From Investment Operations                       1.29                           0.50      1.79    (0.56)    0.46     0.39 
  Less Distributions
  Dividends (from net investment income)               0.00                           0.00      0.00     0.00    (0.01)   (0.01)
  Distributions (from capital gains)                   0.00                           0.00     (0.19)    0.00     0.00     0.00 
                                          ------------------  -----------------------------  --------  -------  -------  -------
Total Distributions                                    0.00                           0.00     (0.19)    0.00    (0.01)   (0.01)
                                          ------------------  -----------------------------  --------  -------  -------  -------
Net asset value at end of period          $            9.21   $                       7.92   $  7.42   $ 5.82   $ 6.38   $ 5.93 

Total Return                                          16.29%                          6.74%    30.76%    8.78%    7.76%    7.01%

Ratios / Supplemental Data
----------------------------------------                                                                                        
Net assets ($000), end of period          $           1,885   $                      1,616   $ 1,137   $1,010   $1,425   $1,321 
Ratio of expenses to average net assets                0.34%                          0.95%     1.63%    1.50%    1.40%    1.60%
Ratio of net investment income to
  average net assets                                   0.13%                          0.01%     0.45%    0.43%    0.15%    0.17%
Portfolio turnover rate                                   5%                            32%       40%      12%      25%      46%
Average commission rate paid              $          0.0488   $                     0.0458   $0.0572 







      May 31, 1997                         1990     1989     1988
----------------------------------------  -------  -------  -------     
<S>                                       <C>      <C>      <C>      <C>


Net asset value at beginning of period    $ 4.93   $ 4.88   $ 4.88   $ 4.96 
                                          -------  -------  -------  -------
  Income From Investment Operations
  Net Investment Income                     0.04     0.27     0.28     0.30 
  Net gains or losses on securities
    (both realized and unrealized)          0.60     0.01     0.00    (0.08)
                                          -------  -------  -------  -------
Total From Investment Operations            0.64     0.28     0.28     0.22 
  Less Distributions
  Dividends (from net investment income)   (0.02)   (0.23)   (0.28)   (0.30)
  Distributions (from capital gains)        0.00     0.00     0.00     0.00 
                                          -------  -------  -------  -------
Total Distributions                        (0.02)   (0.23)   (0.28)   (0.30)
                                          -------  -------  -------  -------
Net asset value at end of period          $ 5.55   $ 4.93   $ 4.88   $ 4.88 

Total Return                               11.79%    7.37%    5.22%    5.12%

Ratios / Supplemental Data
----------------------------------------                                    
Net assets ($000), end of period          $  947   $   53   $1,356   $1,365 
Ratio of expenses to average net assets     1.93%    1.06%    0.89%    0.25%
Ratio of net investment income to
  average net assets                        0.60%    5.25%    5.60%    5.86%
Portfolio turnover rate                       16%      29%      19%      20%
Average commission rate paid


<FN>

  For  1996,  1995  and  for  each of the above years prior to 1992, all or a portion of the operating expenses were waived.  If
these costs had and $.02, respectively.  The increase to the ratio of expenses to average net assets would have been 0.18, 0.21,
0.76,  1.02,  1.28,  2.02,  and  0.17,  respectively.
*not  annualized
</FN>
</TABLE>


<PAGE>
SEXTANT  GROWTH  FUND          1997  SEMI-ANNUAL  REPORT
-----------------------------------------------------------------
(GRAPHIC  OMITTED)
STATEMENT  OF  ASSETS  AND  LIABILITIES
<TABLE>

<CAPTION>


For  the  six  months  ended  May  31,  1997



<S>                                                             <C>         <C>


Assets
  Common stock investments (cost $1,094,892)                    $1,755,269
  Cash                                                             129,528
  Dividends receivable                                               1,261
  Insurance deposit                                                  1,214
                                                                ----------             
    Total Assets                                                         -  $1,887,272 
                                                                            -----------

Liabilities
  Payable to affiliate                                               2,287
                                                                ----------             
    Total Liabilities                                                    -       2,287 
                                                                            -----------

Net Assets                                                               -   1,884,985 
                                                                            ===========

Fund shares outstanding                                                  -     204,694 

Analysis of Net Assets
  Paid in capital (unlimited shares authorized, without par)-    1,244,827
  Undistributed net investment income (loss)                             -      (6,872)
  Accumulated net realized gain on investments                           -     (13,346)
  Unrealized net appreciation on investments                             -     660,376 
                                                                            -----------
  Net Assets applicable to Fund shares outstanding              $1,884,985
                                                                ==========            

Net Asset Value per share                                                -  $     9.21 
                                                                            ===========
</TABLE>


STATEMENT  OF  OPERATIONS
<TABLE>

<CAPTION>


For  the  six  months    ended  May  31,  1997



<S>                                                       <C>       <C>


Investment income
  Dividends                                                 8,236 
                                                          --------          
    Gross investment income                                     -     8,236 
Expenses
  Investment adviser and administration fee                 2,571 
  Custodial fees                                            1,191 
  Professional fees                                         1,632 
  Printing and postage                                        639 
  Filing and registration fees                                623 
  Other expenses                                              337 
                                                          --------          
  Total gross expenses                                      6,993 
    Less earnings credits                                  (1,191)
  Net expenses                                                  -     5,802 
                                                          --------  --------
    Net investment income                                       -     2,434 
                                                          --------  --------
Net realized gain (loss) on investments
  Proceeds from sales                                      63,386 
  Less cost of securities sold based on identified cost    67,202 
                                                          --------          
    Realized net gain (loss)                                    -    (3,816)
                                                          --------          
Unrealized gain on investments
  End of period                                           660,376 
  Beginning of period                                     398,808 
                                                          --------          
  Increase in unrealized gain for the period                    -   261,568 
                                                          --------  --------
    Net realized and unrealized gain on investments             -   257,752 
                                                          --------  --------
Net increase in net assets resulting from operations            -   260,186 
                                                                    ========

</TABLE>


<PAGE>
SEXTANT  GROWTH  FUND          1997  SEMI-ANNUAL  REPORT
-----------------------------------------------------------------
(GRAPHIC  OMITTED)
STATEMENT  OF  CHANGES  IN  NET  ASSETS
<TABLE>

<CAPTION>





                                                         Six Months ended     Year ended
                                                          May. 31, 1997      Nov. 30, 1996
                                                        ------------------  ---------------
<S>                                                     <C>                 <C>


INCREASE IN NET ASSETS
Operations:
  Net investment Income                                 $           2,434   $          115 
  Net realized gain (loss) on investments                          (3,816)          (5,688)
  Net increase in unrealized appreciation                         261,568          109,794 
                                                        ------------------  ---------------
  Net increase  in net assets from operations                     260,186          104,221 
                                                        ------------------  ---------------

Dividends to Shareowners From:
  Net investment income                                                 -                - 
                                                        ------------------  ---------------
  Capital gains distributions                                           -                - 
                                                        ------------------  ---------------

Fund Share Transactions:
  Proceeds from sales of shares                                   162,589          676,224 
  Value of shares issued in reinvestment of dividends                   -                - 
                                                        ------------------  ---------------
                                                                  162,589          676,224 
  Cost of shares redeemed                                        (153,346)        (301,892)
                                                        ------------------  ---------------
  Net Increase in net assets from share transactions                9,243          374,332 
                                                        ------------------  ---------------
Total increase in net assets                                      269,429          478,553 

NET ASSETS
  Beginning of period                                           1,615,556        1,137,003 
                                                        ------------------  ---------------
  End of period                                         $       1,884,985   $    1,615,556 
                                                        ==================  ===============

Shares of the Fund Sold and Redeemed
  Number of shares sold                                            21,947           90,055 
  Number of shares issued in reinvestment of dividends                  -                - 
  Number of shares redeemed                                       (21,127)         (39,396)
                                                        ------------------  ---------------

Net Increase (decrease) in
    Number of Shares Outstanding                                      820           50,659 
                                                        ==================  ===============
</TABLE>


<PAGE>
SEXTANT  INTERNATIONAL  FUND          1997  SEMI-ANNUAL  REPORT
-----------------------------------------------------------------
(GRAPHIC  OMITTED)
INVESTMENTS
<TABLE>

<CAPTION>





Issue                                Number of Shares   Cost   Market Value     Country
-----------------------------------  ----------------  ------  ------------  --------------
<S>                                  <C>               <C>     <C>           <C>


Common Stocks
Banking and Financial (14.3%)
Australia & New Zealand Bank ADR                  500  10,875        17,125  Australia
Aegon NV ADR                                      303  11,513        22,384  Netherlands
Banco Bilbao Vizcaya ADS                          400  15,505        28,150  Spain
Banco Latinoamericano de Export SA                200   9,325         9,425  Panama
Hutchison Whampoa ADR                             500  17,826        20,313  Hong Kong
Toronto Dominion Bank                             700  18,159        21,175  Canada
                                     ----------------  ------  ------------                
-                                               2,603  83,203       118,572

Building Materials (3.4%)
C R H plc ADR                                     300  15,661        15,562  Ireland
Hanson plc ADR                                    500  12,090        12,813  United Kingdom
                                     ----------------  ------  ------------                
-                                                 800  27,751        28,375

Chemicals (1.9%)
Phone Poulenc SA ADR                              500  15,859        16,125  France

Computers  (3.4%)
Dassault Systems SA ADR                           200  13,875        12,700  France
Olicom A/S                                        900  16,246        15,863  Denmark
                                     ----------------  ------  ------------                
-                                               1,100  30,121        28,563

Consumer Products (4.1%)
Gucci Group NV                                    200  10,925        13,950  Italy
Coca Cola FEMSA S.A. ADR                          500   9,750        20,187  Mexico
                                     ----------------  ------  ------------                
-                                                 700  20,675        34,137

Closed End Country Funds (7.2%)
Austria Fund                                    1,000   7,923         9,500  Austria
New Germany Fund                                1,000  12,417        15,500  Germany
Irish Investment Fund                             900  10,238        14,400  Ireland
Malaysia Fund                                     600   9,750         8,775  Malaysia
Singapore Fund                                  1,000  13,777        11,500  Singapore
                                     ----------------  ------  ------------                
-                                               4,500  54,105        59,675

Electrical Equipment  (1.6%)
ABB AB ADR                                        100  10,000        13,619  Sweden

Medical-Drugs (4.9%)
Glaxo Wellcome plc ADR                            400   9,800        16,100  United Kingdom
Novo-Nordisk A/S ADR                              450  14,702        24,694  Denmark
                                     ----------------  ------  ------------                
-                                                 850  24,502        40,794

Metals & Mining (5.1%)
Broken Hill Proprietary ADR                       400  11,700        11,550  Australia
Potash Corp of Saskatchewan                       200  14,675        16,425  Canada
RTZ Corp PLC ADS                                  200  11,375        13,950  United Kingdom
                                     ----------------  ------  ------------                
-                                                 800  37,750        41,925


</TABLE>


<PAGE>
SEXTANT  INTERNATIONAL  FUND          1997  SEMI-ANNUAL  REPORT
-----------------------------------------------------------------
(GRAPHIC  OMITTED)
INVESTMENTS
<TABLE>

<CAPTION>





Issue                                      Number of Shares   Cost    Market Value      Country
-----------------------------------------  ----------------  -------  ------------  ---------------
<S>                                        <C>               <C>      <C>           <C>


Oil & Gas Production (7.4%)
Numac Energy                                          2,000    8,853         8,375  Canada
Petroleum Geo-Services A/S                              500   10,979        21,375  Norway
Total S.A. ADR                                          307    8,812        14,007  France
YPF SA ADS                                              600   12,344        17,925  Argentina
                                           ----------------  -------  ------------                 
-                                                     3,407   40,988        61,682

Paper Products (3.4%)
Abitibi-Price                                           800   11,847        14,400  Canada
Fletcher Challenge Paper ADR                            600   12,939        13,800  New Zealand
                                           ----------------  -------  ------------                 
-                                                     1,400   24,786        28,200

Photographic Equipment (3.4%)
Canon  ADR                                              100    8,687        12,688  Japan
Fuji Photo Film ADR                                     400   10,050        15,450  Japan
                                           ----------------  -------  ------------                 
-                                                       500   18,737        28,138

Telecommunications (16.8%)
BCE Inc                                                 900   15,830        23,850  Canada
British Sky Broadcasting ADS                            300   11,063        17,100  United Kingdom
Cable & Wireless plc ADS                                600   13,021        15,075  Hong Kong
PT Indosat ADR                                          300   10,584         8,962  Indonesia
Telebras ADS                                            300   15,051        41,212  Brazil
Telecom Corp New Zealand ADS                            300   10,050        11,512  New Zealand
                                                             -------                               
Telefonica de Espana ADS                                250   10,250        21,844  Spain
                                           ----------------  -------  ------------                 
-                                                     2,950   85,849       139,555

Transportation (6.1%)
British Airways                                         150   10,931        17,644  United Kingdom
Canadian Pacific Ltd.                                   500    8,164        13,250  Canada
Daimler-Benz ADS                                        250   16,406        19,812  Germany
                                           ----------------  -------  ------------                 
-                                                       900   35,501        50,706

Utilities-Electric (3.4%)
Enersis S.A. ADR                                        400   10,100        13,900  Chile
Energy Group plc ADR                                    400   14,390        14,300  United Kingdom
                                           ----------------  -------  ------------                 
-                                                       800   24,490        28,200

Utilities-Gas (2.3%)
Transport de Gas del Sur SA ADR                       1,500   18,808        18,938  Argentina


Total Investments (88.7%)                            23,410  553,125       737,204
Other Assets (net of liabilities) (11.3%)                       -           93,600
                                                                   ---------------
Total Net Assets (100%)                                         -  $       830,804
                                                                   ===============
</TABLE>


<PAGE>
SEXTANT  INTERNATIONAL  FUND          1997  SEMI-ANNUAL  REPORT
-----------------------------------------------------------------
(GRAPHIC  OMITTED)
FINANCIAL  HIGHLIGHTS
<TABLE>

<CAPTION>


Selected  data  per  share  of  capital  stock  outstanding  throughout  the  period:



                                                                       Sept. 28, '95
                                                                     For the Six Months     Year ended     (Inception) to
                                                                     ended May 31, 1997    Nov. 30, '96    Nov. 30, '95*
                                                                    --------------------  --------------  ----------------
<S>                                                                 <C>                   <C>             <C>


Net asset value at beginning of period                              $              5.87   $        4.99   $          5.00 
                                                                    --------------------  --------------  ----------------
  Income from investment operations
  Net investment income                                                            0.05            0.03             (0.02)
  Net gains or losses on securities (both realized and unrealized)                 0.68            0.88              0.01 
                                                                    --------------------  --------------  ----------------
Total from investment operations                                                   0.73            0.91             (0.01)
                                                                    --------------------  --------------  ----------------
  Less distributions
  Dividends (from net investment income)                                           0.00           (0.03)             0.00 
  Distributions (from capital gains)                                               0.00            0.00              0.00 
                                                                    --------------------  --------------  ----------------
Total distributions                                                                0.00           (0.03)             0.00 
                                                                    --------------------  --------------  ----------------
Net asset value at end of period                                    $              6.60   $        5.87   $          4.99 
Total return                                                                      12.44%          18.16%           (0.20)%
Ratios/supplemental data
------------------------------------------------------------------                                                        
Net assets ($000), end of period                                    $               831   $         695   $           328 
Ratio of expenses to average net assets                                            0.88%           1.80%             0.49%
Ratio of net investment income to average net assets                               0.84%           0.60%             0.38%
Portfolio turnover rate                                                              10%             11%               12%
Average commission rate paid                                        $            0.1293   $      0.0827   $        0.0192 
<FN>

   For  the  year  ended Nov. '96 and the period ended Nov. '95, all or a portion of the operating expenses were waived. n
these  periods would have been $.03 and $.01, respectively.   The increase to the ratio of expenses to average monthly net
assets  would  be  .50%  and  .21  %,  respectively.
*  not  annualized
</FN>
</TABLE>


<PAGE>

SEXTANT  INTERNATIONAL  FUND          1997  SEMI-ANNUAL  REPORT
-----------------------------------------------------------------
(GRAPHIC  OMITTED)
STATEMENT  OF  ASSETS  AND  LIABILITIES
<TABLE>

<CAPTION>


For  the  Six  Months  Ended  May  31,  1997



<S>                                                             <C>           <C>


 Assets
   Common stock investments (cost $553,125)                     $737,203.00 
   Cash                                                              93,427 
   Dividends receivable                                               2,067 
                                                                ------------          
     Total Assets                                                         -   $832,697
                                                                              --------

 Liabilities
   Payable to affiliate                                               1,893 
--------------------------------------------------------------  ------------          
     Total Liabilities                                                    -      1,893
                                                                              --------

 Net assets                                                               -   $830,804
                                                                              ========

 Fund Shares Outstanding                                                  -    125,825
 Analysis of Net Assets
   Paid in capital  (unlimited shares authorized, without par)      652,423 
   Undistributed net investment income (loss)                         5,004 
   Accumulated net realized gain (loss) on investments              (10,701)
   Unrealized net appreciation on investments                       184,078 
                                                                ------------          
   Net Assets applicable to Fund shares outstanding                       -    830,804
                                                                              ========

 Net Asset Value per Share                                                -   $   6.60
                                                                              ========
</TABLE>


STATEMENT  OF  OPERATIONS
<TABLE>

<CAPTION>



For  the  Six  Months  Ended,  May  31,  1997


<S>                                                       <C>        <C>


Investment income
  Dividends (net of $1,080 in foreign taxes)              $ 11,457 
                                                          ---------          
    Gross investment income                                      -   $11,457 
Expenses
  Investment adviser and administration fee                  3,284 
  Custodian fees                                             1,262 
  Professional fees                                            861 
  Filing and registration fees                                 508 
  Printing and postage                                         347 
  Other expenses                                               314 
                                                          ---------          
  Total gross expenses                                       6,576 
    Less earnings credits                                   (1,262)
                                                          ---------          
  Net expenses                                                   -     5,314 
                                                          ---------  --------
    Net investment income                                        -     6,143 
                                                          ---------  --------
Net realized gain (loss) on investments
  Proceeds from sales                                       60,297 
  Less cost of securities sold based on identified cost     64,645 
                                                          ---------          
    Realized net loss                                            -    (4,348)
                                                          ---------          
Unrealized gain on investments
  End of period                                            184,078 
  Beginning of period                                       96,586 
                                                          ---------          
  Increase in unrealized gain for the period                     -    87,492 
                                                          ---------  --------
    Net realized and unrealized gain on investments              -    83,144 
                                                          ---------  --------
Net increase in net assets resulting from operations      $ 89,287 
                                                          =========         
</TABLE>


<PAGE>
SEXTANT  INTERNATIONAL  FUND          1997  SEMI-ANNUAL  REPORT
-----------------------------------------------------------------
(GRAPHIC  OMITTED)
STATEMENT  OF  CHANGES  IN  NET  ASSETS
<TABLE>

<CAPTION>





                                                           Six Months ended     Year ended
                                                             May 31, 1997      Nov 30, 1996
                                                          ------------------  --------------
<S>                                                       <C>                 <C>


INCREASE IN NET ASSETS
Operations:
  Net investment Income                                   $           6,143   $       3,070 
  Net realized gain (loss) on investments                            (4,348)         (5,169)
  Net increase  in unrealized appreciation                           87,492          94,408 
                                                          ------------------  --------------
  Net increase (decrease) in net assets from operations              89,287          92,309 
                                                          ------------------  --------------

Dividends to Shareowners From:
  Net investment income                                                   -          (3,068)
  Capital gains distributions                                             -               - 
                                                          ------------------  --------------

Fund Share Transactions:
  Proceeds from sales of shares                                     105,181         440,062 
  Value of shares issued in reinvestment of dividends                     -           3,068 
                                                          ------------------  --------------
                                                                    105,181         443,130 
  Cost of shares redeemed                                           (59,158)       (165,015)
                                                          ------------------  --------------
  Net increase in net assets from share transactions                 46,023         278,115 
                                                          ------------------  --------------
Total increase in net assets                                        135,310         367,356 

NET ASSETS
  Beginning of period                                               695,494         328,138 
                                                          ------------------  --------------
  End of period                                           $         830,804   $     695,494 
                                                          ==================  ==============
  (Including undistributed net investment income of
  ($1,138) for  Nov. 30,1996)

Shares of the Fund sold and redeemed
  Number of shares sold                                              21,405          83,056 
  Number of shares issued in reinvestment of dividends                    -             523 
  Number of shares redeemed                                         (14,116)        (30,837)
                                                          ------------------  --------------

Net Increase in
   Number of Shares Outstanding                                       7,289          52,742 
                                                          ==================  ==============
</TABLE>


<PAGE>
NOTES  TO  FINANCIAL  STATEMENTS          1997  SEMI-ANNUAL  REPORT
-----------------------------------------------------------------
(GRAPHIC  OMITTED)

NOTE  1  -  ORGANIZATION
Saturna  Investment Trust (the "Trust") was established under Washington State
Law  as  a  Business  Trust on February 20, 1987. The Trust's name was changed
from  Northwest Investors Trust on July 11, 1995. The Trust is registered as a
no-load, open-end  series invest-ment company under the Investment Company Act
of 1940, as amended.  Five portfolio series have been created to date: Sextant
Short-Term  Bond  Fund,  Sextant  Bond  Income  Fund, Sextant Growth Fund, and
Sextant  International  Fund  (the  "Funds"),  and  Idaho  Tax-Exempt  Fund,
distributed  through  a  separate  prospectus  and  the  results  of which are
contained  in  a  separate  report.

NOTE  2-SIGNIFICANT  ACCOUNTING  POLICIES
The following is a summary of the sig-nificant accounting policies followed by
the  Funds.

INVESTMENTS:
Securities  traded  on  a  national ex-change or the national over-the-counter
market system are valued at the last sale price or, in the absence of any sale
on  that  date,  the  closing  bid  price.    Other  securities  traded in the
over-the-counter  market  are  valued  at  the  last  bid price.  Fixed-income
securities  for  which  there are no publicly available market quo-tations are
valued  using a matrix  based on maturity, quality, yield and similar factors,
which  are  compared periodically to multiple dealer bids and ad-justed by the
adviser  under  policies  established  by  the  Trustees.

The  cost  of  securities  is  the  same for accounting and Federal income tax
purposes.    Securities  trans-actions  are  recorded on trade date.  Realized
gains  and  losses  are  recorded  on  the  identified  cost  basis.

INCOME  AND  EXPENSES:
Interest  income  is  reduced  by  the  amortization  of  bond  premiums, on a
con-stant  yield-to-maturity  basis  from pur-chase date to maturity. Interest
income is increased by accretion only for bonds underwritten as original issue
discounts.  Market dis-counts are recorded as realized gains upon disposition.
Cash  dividends  from  equity  secu-
rities  are  recorded  as  income  on  the  ex-div-idend  date.

Expenses  incurred  by  the  Trust on be-half of the Funds (e.g., professional
fees)  are  allocated  to the Funds on the basis of relative daily average net
assets.    The Adviser has agreed to certain limits on ex-penses, as described
below.

INCOME  TAXES:
The Funds have elected to be taxed as regulated investment companies under the
Internal  Revenue  Code and distribute sub-stantially all of their taxable net
invest-ment  income  and  realized  net gains on in-vest-ments.  Therefore, no
provision  for  Federal  income  taxes  is  required.

DIVIDENDS  AND  DISTRIBUTIONS  TO  SHAREOWNERS:
Dividends  and  distributions  to share-owners are recorded on the ex-dividend
date.  For  the  Sextant  Short-Term  Bond  Fund and Sextant Bond Income Fund,
dividends  are  paid  daily  and  distributed on the last business day of each
month.  For  the Sextant Growth Fund and Sextant International Fund, dividends
are  payable  at  the  end  of each November. Shareowners electing to reinvest
dividends and distributions pur-chase additional shares at the net asset value
on  the  payable  date.

NOTE  3-TRANSACTIONS  WITH  AFFILIATED  PERSONS
Under  a  contract  approved  by  shareowners  on  September  28,  1995,  (the
"Contract"),  Saturna  Capital  Corporation    provides  investment ad-vi-sory
services  and  certain  other  adminis-tra-tive  and  distribution services to
conduct    Trust  busi-ness.  Each of the Funds pays the Adviser an Investment
Advisory  and  Administrative Services Fee (the "Base Fee") of .60% of average
net  assets  per annum, payable monthly. The Base Fee is subject to adjustment
up  or  down depending on the investment performance of the Fund relative to a
specified  index  (the "Performance Adjustment"). No performance adjustment is
applicable  during  the  first year any Agreement is in place. The Adviser has
voluntrily  undertaken  to  limit  expenses  of  Sextant  Bond Income Fund and
Sextant  Short-Term  Bond  Fund to 0.60% through March 31, 1997 and waives its
investment  advisory  and  administrative  fee as to either Fund completely so
long  as  assets  of  that  Fund  are  less  than  $2  million.

<PAGE>
NOTES  TO  FINANCIAL  STATEMENTS          1997  SEMI-ANNUAL  REPORT
-----------------------------------------------------------------

For  the  six  months ended May 31, 1996, Sextant Bond Income Fund and Sextant
Growth  Fund  incurred  advisory  expenses of $3,357 and $3,912, respectively.
Sextant  International  Fund  incurred advisory expenses of $1,466 and Sextant
Short-Term  Bond  Fund  incurred  advisory  expenses  of  $7,609.

In  accordance  with  the expense waiver noted above, for the six months ended
May  31,  1996,  Saturna  Capital waived $3,768 of the Sextant Short-Term Bond
Fund  advisory  fee  and  $3,357  of  that  of  Sextant  Bond  Income  Fund.

In  accordance  with  the Funds' agreement with their custodian bank, National
City  Bank,  for  the six months ended May 31, 1996, custodian fees of Sextant
Short-Term  Bond  Fund,  Sextant  Bond  Income  Fund,  Sextant Growth Fund and
Sextant  International  Fund,  amounted  to  $1,059,  $622,  $950  and  $972,
respectively.    Bank  earnings  credits  eliminated  these  charges.

One  trustee,  who  also serves as the president  of the Trust, is a di-rector
and  president   of the Adviser. Prior to January 1, 1996, all trustees served
without compensa-tion. Since that date, unaffiliated trustees began to receive
$100  per  Board  or  committee  meeting  attended. On May 31, 1996, trustees,
officers and their immediate families as a group owned 14%, 30% 14% and 34% of
the  outstanding  shares  of Sextant Short-Term Bond Fund, Sextant Bond Income
Fund,  Sextant  Growth  Fund  and  Sextant  International  Fund, respectively.

The  Trust  acts as a distributor of its own shares, except in those states in
which  Investors  National  Corporation  (a  sub-si-diary  of  Saturna Capital
Corporation)  is itself registered as a broker-dealer and acts as dis-tributor
without  compensation.

Investors  National  Corporation  is  the  primary  stockbroker used to effect
portfolio transactions for Sextant Growth Fund and Sextant International Fund,
and  was  paid  $1,381  and $962, respectively in commissions at deep discount
rates  during  the  six  months  ended  May  31,  1996.

NOTE  4-INVESTMENTS
At  May  31,  1996, the net unrealized appreciation of investments for Sextant
Bond  Income  Fund  of  ($93,780)  comprised  net  unrealized  gains of $0 and
unrealized  losses of ($93,780). Additionally, the net unrealized appreciation
of  investments  for  Sextant  Growth  Fund,  Sextant Short-Term Bond Fund and
Sextant  International  Fund  were  $356,504,  ($37,205),  and  $43,443, which
consist  of  gains  of $375,244, $9,012, and $52,934, and unrealized losses of
($18,740),  ($46,217)  and  ($9,491),  respectively.

During  the  six  months  ended  May  31,  1996,  Sextant Short-Term Bond Fund
purchased  $2,715,477  of securities and sold $461,020. Comparable figures for
Bond  Income  Fund  are  $853,224  and $802,093; for Growth Fund $412,818, and
$160,404,  and  for  International  Fund $175,247 and $20,563. Included in the
above  amounts  for  Sextant Short-Term Bond Fund and Sextant Bond Income Fund
are  purchases of $619,792 and $197,320, and sales of $311,021 and $104,008 of
U.S.  Government  securities,  respectively.
<PAGE>
(GRAPHIC  OMITTED)
SATURNA  CAPITAL
Mutual  Funds
1300  No.  State  Street
Bellingham,  WA  98225-4730

800/SATURNA
(800/728-8762)
www.saturna.com

This report is issued for the information of the shareowners of the Funds.  It
is  not  authorized  for  distribution  to  prospective investors unless it is
accompanied  or preceded by an effective prospectus relating to the securities
of  the  Trust.  The  Sextant  Funds  are  series  of Saturna Investment Trust

SEXTANT
Mutual  Funds
(GRAPHIC  OMITTED)

SHORT-TERM  BOND
BOND  INCOME
GROWTH
INTERNATIONAL

SEMI-ANNUAL  REPORT
MAY  31,  1997
(GRAPHIC  OMITTED)