SECURITIES AND EXCHANGE COMMISSIONWASHINGTON, DC  20549

# FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTEREDMANAGEMENT INVESTMENT COMPANIES

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

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

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

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

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

Date of fiscal year end:  November 30, 2014Date of reporting period:  May 31, 2015

Item 1. Report To Shareowners

----

# Sextant Mutual Funds

## Semi-Annual Report

May 31, 2015

----

### Performance Summary as of June 30, 2015:

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

| Average Annual Returns vs. Category Average Returns      | 1 Year    | 3 Year    | 5 Year    | 10 Year  | Expense Ratio1 |
|----------------------------------------------------------|-----------|-----------|-----------|----------|----------------|
| Sextant Short-Term Bond vs. Short-Term Bond Category     |
| Fund Return                                              | 0.67%     | 0.91%     | 1.19%     | 2.64%    | 1.19%          |
| Morningstar Category                                     | 0.47%     | 1.27%     | 1.87%     | 2.91%    | n/a            |
| % Rank (category size)                                   | 42 (544)  | 65 (468)  | 75 (393)  | 67 (276) | n/a            |
|                                                     |
| Sextant Bond Income vs. Long-Term Bond Category          |
| Fund Return                                              | 1.71%     | 2.15%     | 3.88%     | 4.10%    | 1.17%          |
| Morningstar Category                                     | 2.53%     | 3.37%     | 6.63%     | 5.88%    | n/a            |
| % Rank (category size)                                   | 71 (43)   | 79 (20)   | 100 (16)  | 100 (5)  | n/a            |
|                                                     |
| Sextant Core vs. Moderate Allocation Category            |
| Fund Return                                              | -1.64%    | 5.97%     | 7.07%     | n/a      | 1.10%          |
| Morningstar Category                                     | 2.06%     | 10.08%    | 10.38%    | 5.98%    | n/a            |
| % Rank (category size)                                   | 93 (917)  | 97 (815)  | 98 (703)  | n/a      | n/a            |
|                                                     |
| Sextant Global High Income vs. World Allocation Category |
| Fund Return                                              | -7.23%    | 4.37%     | n/a       | n/a      | 1.31%          |
| Morningstar Category                                     | -2.34%    | 7.05%     | 8.00%     | 5.53%    | n/a            |
| % Rank (category size)                                   | 94 (554)  | 81 (465)  | n/a       | n/a      | n/a            |
|                                                     |
| Sextant Growth vs. Large Growth Category                 |
| Fund Return                                              | 6.95%     | 15.37%    | 14.37%    | 8.16%    | 0.96%          |
| Morningstar Category                                     | 9.39%     | 17.48%    | 16.96%    | 8.26%    | n/a            |
| % Rank (category size)                                   | 75 (1697) | 84 (1533) | 90 (1317) | 51 (918) | n/a            |
|                                                     |
| Sextant International vs. Foreign Large Blend Category   |
| Fund Return                                              | -4.66%    | 5.14%     | 5.05%     | 5.78%    | 0.78%          |
| Morningstar Category                                     | -3.28%    | 10.83%    | 8.91%     | 5.15%    | n/a            |
| % Rank (category size)                                   | 72 (781)  | 97 (668)  | 95 (584)  | 31 (331) | n/a            |
|                                                     |

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

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

1 By regulation, expense ratios shown in this table are as of the Funds' most recent prospectus, which is dated March 27, 2015, and incorporate results for the fiscal year ended November 30, 2014. Expense ratios above have been restated to reflect a reduction in the Advisory and Administrative Services base fee and a reduction in the maximum rate of the performance adjustment, as approved by the Board of Trustees on March 17, 2015. Please see the Statement of Additional Information for the actual amount of fees paid to the adviser for the most recent fiscal year. 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). Average annual total returns include changes in principal value, reinvested dividends, and capital gain distributions, if any.

**† Morningstar 06/30/2015.** 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 ReturnTM, 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 226th of 544 Short-Term Bond funds in the last year, 305th of 468 funds in the last 3 years, 297th of 393 funds in the last 5 years, and 186th of 276 funds in the last 10 years. Sextant Bond Income was 31st of 43 Long-Term Bond funds in the last year, 16th of 20 funds in the last 3 years, 16th of 16 funds in the last 5 years, and 5th of 5 funds in the last 10 years. Sextant Core was 859th of 917 Moderate Allocation funds in the last year, 798th of 815 funds in the last 3 years, and 695th of 703 funds in the last 5 years. Sextant Global High Income was 522nd of 554 World Allocation funds in the last year, and 378th of 465 funds in the last 3 years. Sextant Growth was 1282nd of 1697 Large Growth funds in the last year, 1291st of 1533 funds in the last 3 years, 1187th of 1317 funds in the last 5 years, and 468th of 918 funds in the last 10 years. Sextant International was 564th of 781 Foreign Large Blend funds in the last year, 650th of 668 funds in the last 3 years, 556th of 584 funds in the last 5 years, and 104th of 331 funds in the last 10 years.

| 2 | May 31, 2015        Semi-Annual Report |
|---|------------------------------------------------------------|

### Fellow Shareowners:

For the semi-annual period ended May 31, 2015, the S&P 500 Index provided a total return of 2.97% and the MSCI EAFE Index returned 5.19%. For this period our equity funds had the best performances, with Sextant International returning 3.94% followed by Sextant Growth at 1.25%. Slowly increasing interest rates left many bonds trending down, but Sextant Bond Income still returned 0.78%, and the less rate-sensitive Sextant Short-Term Bond returned 0.51%. The balanced funds reported slight losses, with Sextant Core down (-0.32%) and Sextant Global High Yield down (-0.76%).

| 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. |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

The assets of five of the six Sextant Funds increased over the past six months, and overall assets of the Funds grew by 4.38% to $196 million. The Funds' annualized expense ratios during the period ranged from 0.76% to 1.20% (see page 51).

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 through June 30, 2015, on page 2, and through May 31, 2015, on page 4) provide comparative returns and Morningstar category rankings so you may review Fund performance for periods of up to 10 years.

Going Forward

In certain countries (US, UK, China) the economy continues to grow. But in many parts of the world, economic growth has flatlined and concerns grow about excessive debt. While core inflation is minimal (think lower commodity and oil prices), too many governments are hoping for its eventual return as a means of reducing the burdens of debt. We do expect interest rates to return over the next few years to more normal levels, increasing income return to patient debt investors.

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 more trying times. We aim to avoid companies dependent on government spending and the regions and countries that will be hurt the most in austerity. Turbulent times also create opportunity, and we seek entrepreneurial companies that can grow profits. Indeed, equity investors are optimistic that better-than-expected corporate earnings mean they will be rewarded.

The transition to higher interest rates continues, and holders of long-term bonds are at short-term risk of price declines. Investors around the world — not just Americans — generally have confidence that the 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 seeks to serve our investors in both bull and bear markets by continuing to provide a spectrum of investment objectives. Please review the following pages for more in-depth information about each Fund.

Expanded Portfolio Management Team

Saturna Capital has significantly expanded its portfolio management team over the last few years as its business has expanded. The following experienced persons are now managing the Sextant funds:

| Sextant Bond Income        | Phelps McIlvaine          |
|----------------------------|---------------------------|
|                       | Patrick Drum, CFA, deputy |
| Sextant Short-Term Bond    | Phelps McIlvaine          |
|                       | Patrick Drum, CFA, deputy |
| Sextant Growth             | Paul Meeks, CFA           |
|                       | Scott Klimo, CFA, deputy  |
| Sextant International      | Nicholas Kaiser, CFA      |
|                       | Scott Klimo, CFA, deputy  |
| Sextant Core               | J. Peter Nielsen, CFA     |
|                       | Bryce Fegley, CFA, deputy |
| Sextant Global High Income | Bryce Fegley, CFA         |
|                       | Patrick Drum, CFA, deputy |

Respectfully,

(photo omitted)

**Nicholas Kaiser,**President & Portfolio Manager

(photo omitted)

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

| May 31, 2015         Semi-Annual Report | 3 |
|-------------------------------------------------------------|---|

### Performance Summary *as of May 31, 2015:*

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

| Average Annual Returns vs. Category Average Returns      | 1 Year    | 3 Year    | 5 Year    | 10 Year  | Expense Ratio1 |
|----------------------------------------------------------|-----------|-----------|-----------|----------|----------------|
| Sextant Short-Term Bond vs. Short-Term Bond Category     |
| Fund Return                                              | 0.66%     | 0.92%     | 1.33%     | 2.68%    | 1.19%          |
| Morningstar Category                                     | 0.79%     | 1.45%     | 2.06%     | 2.95%    | n/a            |
| % Rank (category size)                                   | 56 (548)  | 71 (472)  | 75 (393)  | 67 (279) | n/a            |
|                                                     |
| Sextant Bond Income vs. Long-Term Bond Category          |
| Fund Return                                              | 3.07%     | 2.41%     | 4.50%     | 4.27%    | 1.17%          |
| Morningstar Category                                     | 5.79%     | 4.23%     | 7.73%     | 6.34%    | n/a            |
| % Rank (category size)                                   | 81 (43)   | 79 (20)   | 100 (16)  | 100 (5)  | n/a            |
|                                                     |
| Sextant Core vs. Moderate Allocation Category            |
| Fund Return                                              | 2.09%     | 7.28%     | 7.19%     | n/a      | 1.10%          |
| Morningstar Category                                     | 5.27%     | 11.66%    | 10.16%    | 6.25%    | n/a            |
| % Rank (category size)                                   | 91 (934)  | 97 (816)  | 98 (706)  | n/a      | n/a            |
|                                                     |
| Sextant Global High Income vs. World Allocation Category |
| Fund Return                                              | -3.61%    | 6.44%     | n/a       | n/a      | 1.31%          |
| Morningstar Category                                     | 1.22%     | 8.87%     | 8.10%     | 5.90%    | n/a            |
| % Rank (category size)                                   | 93 (557)  | 77 (468)  | n/a       | n/a      | n/a            |
|                                                     |
| Sextant Growth vs. Large Growth Category                 |
| Fund Return                                              | 10.28%    | 16.91%    | 13.19%    | 8.26%    | 0.96%          |
| Morningstar Category                                     | 13.38%    | 18.95%    | 15.89%    | 8.46%    | n/a            |
| % Rank (category size)                                   | 81 (1711) | 81 (1543) | 91 (1326) | 53 (920) | n/a            |
|                                                     |
| Sextant International vs. Foreign Large Blend Category   |
| Fund Return                                              | 2.21%     | 7.63%     | 5.26%     | 6.23%    | 0.78%          |
| Morningstar Category                                     | 0.60%     | 14.01%    | 9.25%     | 5.64%    | n/a            |
| % Rank (category size)                                   | 24 (765)  | 98 (652)  | 94 (573)  | 32 (325) | 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, 2015 ("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. The Adviser has absorbed, currently or in the past, certain Fund expenses, without which total returns would have been lower.

1 By regulation, the expense ratios shown in this table are as of the Funds' most recent prospectus, which is dated March 27, 2015, and incorporates results for the fiscal year ended November 30, 2014. Expense ratios above have been restated to reflect a reduction in the Advisory and Administrative Services base fee and a reduction in the maximum rate of the performance adjustment, as approved by the Board of Trustees on March 17, 2015. Please see the Statement of Additional Information for the actual amount of fees paid to the adviser for the most recent fiscal year. Ratios presented in this table differ from the expense ratios shown elsewhere in this report as they represent different periods.

**† Morningstar 05/31/2015.** 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 ReturnTM, Morningstar Risk-Adjusted RatingsTM, 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 305th of 548 Short-Term Bond funds in the last year, 336th of 472 funds in the last 3 years, 295th of 393 funds in the last 5 years, and 188th of 279 funds in the last 10 years. Sextant Bond Income was 35th of 43 Long-Term Bond funds in the last year, 16th of 20 funds in the last 3 years, 16th of 16 funds in the last 5 years, and 5th of 5 funds in the last 10 years. Sextant Core was 856th of 934 Moderate Allocation funds in the last year, 797th of 816 funds in the last 3 years, and 693rd of 706 funds in the last 5 years. Sextant Global High Income was 518th of 557 World Allocation funds in the last year, and 364th of 468 funds in the last 3 years. Sextant Growth was 1400th of 1711 Large Growth funds in the last year, 1262nd of 1543 funds in the last 3 years, 1209th of 1326 funds in the last 5 years, and 488th of 920 funds in the last 10 years. Sextant International was 186th of 765 Foreign Large Blend funds in the last year, 641st of 652 funds in the last 3 years, 543rd of 573 funds in the last 5 years, and 103rd of 325 funds in the last 10 years.

| 4 | May 31, 2015        Semi-Annual Report |
|---|------------------------------------------------------------|

### Sextant Short-Term Bond Fund

Performance Summary

| Average Annual Returns as of May 31, 2015       |
|-------------------------------------------------|
|                                            | 1 Year | 5 Year | 10 Year | Expense Ratio1 |
| Sextant Short-Term Bond Fund                    | 0.66% | 1.33% | 2.68% | 1.19% |
| Citigroup Gov./Corp. Inv. Grade Index 1-3 Years | 0.86% | 1.23% | 2.84% | 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 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, 2005, to an identical amount invested in the Citigroup Gov.Corp. Investment Grade Bond Index, a broad-based index of shorter-term investment grade US government and corporate bond prices. The graph shows that an investment in the Fund would have risen to $13,023 versus $13,235 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 27, 2015, and incorporates results for the fiscal year ended November 30, 2014, before fee waivers. The expense ratio shown in the most recent prospectus after fee waivers was 0.75%. Restated to reflect a reduction in the Advisory and Administrative Services base fee and a reduction in the maximum rate of the performance adjustment, as approved by the Board of Trustees on March 17, 2015. Please see the Statement of Additional Information for the actual amount of fees paid to the adviser for the most recent fiscal year. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods. |

Fund Objective

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

| Top Ten Holdings                                                  |                  | Portfolio Diversification    |
|-------------------------------------------------------------------|-----------------------|------------------------------|
| % of Total Net Assets                                             | % of Total Net Assets |                         |
| Jeffries Group LLC 8.50% due 07/15/2019                           | 4.0%                  | Financials                   | 20.9% |     |  |
| Murray Street Trust 1 — Goldman Sachs 4.647% due 03/09/2017 | 3.9%                  | Consumer Discretionary       | 13.0% |     |
| Lexmark 6.65% due 06/01/2018                                      | 3.8%                  | Materials                    | 9.5% |     |
| LaClede Gas 2.00% due 08/15/2018                                  | 3.8%                  | Energy                       | 8.4% |     |
| Cintas No. 2 6.125% due 12/01/2017                                | 3.7%                  | United States Treasury Notes | 8.1% |     |
| Broadridge Financial 6.125% due 06/01/2017                        | 3.7%                  | Industrials                  | 7.7% |     |
| Oracle 5.75% due 04/15/2018                                       | 3.5%                  | Technology                   | 7.3% |     |
| General Electric Capital 5.625% due 09/15/2017                    | 3.4%                  | Utilities                    | 7.2% |     |
| Georgia Power 5.70% due 06/01/2017                                | 3.4%                  | Consumer Staples             | 5.3% |     |
| International Game Technology 7.50% due 06/15/2019                | 3.3%                  | Communications               | 3.2% |     |
|                                                              | Health Care           | 2.1%                         |     |
| Municipal Revenue                                                 | 1.4%                  |                    |
| Cash and equivalents                                              | 5.9%                  |                    |

*Weightings are shown as a percentage of total net assets.*

| May 31, 2015         Semi-Annual Report | 5 |
|-------------------------------------------------------------|---|

### Sextant Short-Term Bond Fund

| Schedule of Investments                                   |
|-----------------------------------------------------------|
| Corporate Bonds — 84.6%                             | Coupon/Maturity | Face Amount | Market Value | Percentage of Assets |
|                                                      |
| Communications                                            |   |
|                                                      |
|     America Movil                               | 2.375% due 09/08/2016 | $250,000 | $253,752 | 3.2% |
|                                                      |
|                                                      | 250,000 | 253,752 | 3.2% |
|                                                      |
| Consumer Discretionary                                    |   |
|                                                      |
|     American Honda                              | 1.50% due 09/11/2017 | 250,000 | 252,191 | 3.2% |
|     Cintas No. 2                                | 6.125% due 12/01/2017 | 270,000 | 299,455 | 3.7% |
|     International Game Technology               | 7.50% due 06/15/2019 | 250,000 | 266,250 | 3.3% |
|     Toyota Motor Credit                         | 1.25% due 10/05/2017 | 226,000 | 227,208 | 2.8% |
|                                                      |
|                                                      | 996,000 | 1,045,104 | 13.0% |
|                                                      |
| Consumer Staples                                          |   |
|                                                      |
|     Coca Cola Hellenic                          | 5.50% due 09/17/2015 | 175,000 | 177,305 | 2.2% |
|     Sara Lee                                    | 2.75% due 09/15/2015 | 245,000 | 246,319 | 3.1% |
|                                                      |
|                                                      | 420,000 | 423,624 | 5.3% |
|                                                      |
| Energy                                                    |   |
|                                                      |
|     Enbridge (Pipeline)                         | 5.60% due 04/01/2017 | 200,000 | 212,563 | 2.6% |
|     Petrobras International Finance             | 6.125% due 10/06/2016 | 250,000 | 258,212 | 3.2% |
|     Ultramar Diamond Shamrock                   | 7.20% due 10/15/2017 | 189,000 | 209,802 | 2.6% |
|                                                      |
|                                                      | 639,000 | 680,577 | 8.4% |
|                                                      |
| Financials                                                |   |
|                                                      |
|     BNP Paribas                                 | 2.375% due 09/14/2017 | 250,000 | 254,838 | 3.2% |
|     Broadridge Financial                        | 6.125% due 06/01/2017 | 275,000 | 295,972 | 3.7% |
|     General Electric Capital                    | 5.625% due 09/15/2017 | 250,000 | 274,611 | 3.4% |
|     Jeffries Group                              | 8.50% due 07/15/2019 | 265,000 | 317,971 | 4.0% |
|     Murray Street Trust 1 — Goldman Sachs | 4.647% due 03/09/2017 | 300,000 | 316,631 | 3.9% |
|     Simon Property Group                        | 5.10% due 06/15/2015 | 220,000 | 220,341 | 2.7% |
|                                                      |
|                                                      | 1,560,000 | 1,680,364 | 20.9% |
|                                                      |
| Health Care                                               |   |
|                                                      |
|     Danaher Corp                                | 5.40% due 03/01/2019 | 150,000 | 168,764 | 2.1% |
|                                                      |
|                                                      | 150,000 | 168,764 | 2.1% |
|                                                      |
| Industrials                                               |   |
|                                                      |
|     ABB Finance                                 | 1.625% due 05/08/2017 | 250,000 | 252,533 | 3.1% |
|     Burlington Northern Santa Fe                | 5.65% due 05/01/2017 | 200,000 | 217,367 | 2.7% |
|     Union Pacific Corp                          | 7.875% due 01/15/2019 | 127,000 | 152,603 | 1.9% |
|                                                      |
|                                                      | 577,000 | 622,503 | 7.7% |
| Materials                                                 |   |
|                                                      |
|     Air Products & Chemicals                | 1.20% due 10/15/2017 | 250,000 | 249,140 | 3.1% |
|     Potash                                      | 3.25% due 12/01/2017 | 250,000 | 261,350 | 3.3% |
|     Sherwin Williams                            | 1.35% due 12/15/2017 | 250,000 | 250,011 | 3.1% |
|                                                      |
|                                                      | 750,000 | 760,501 | 9.5% |
|                                                      |
| Continued on next page.                                   |

| 6 | May 31, 2015         Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|---|-------------------------------------------------------------|----------------------------------------------------------------------------|

### Sextant Short-Term Bond Fund

| Schedule of Investments                            |
|----------------------------------------------------|
| Corporate Bonds — 84.6%                      | Coupon/Maturity | Face Amount | Market Value | Percentage of Assets |
|                                               |
| Technology                                         |   |
|                                               |
|     Lexmark                              | 6.65% due 06/01/2018 | $275,000 | $304,607 | 3.8% |
|     Oracle                               | 5.75% due 04/15/2018 | 250,000 | 280,208 | 3.5% |
|                                               |
|                                               | 525,000 | 584,815 | 7.3% |
| Utilities                                          |   |
|                                               |
|     Georgia Power                        | 5.70% due 06/01/2017 | 250,000 | 272,634 | 3.4% |
|     LaClede Gas                          | 2.00% due 08/15/2018 | 300,000 | 304,186 | 3.8% |
|                                               |
|                                               | 550,000 | 576,820 | 7.2% |
|                                               |
| Total Corporate Bonds                              | 6,417,000 | 6,796,824 | 84.6% |
|                                               |
| Government Bonds — 8.1%                      | Coupon/Maturity | Face Amount | Market Value | Percentage of Assets |
|                                               |
| United StatesTreasury Notes                        |   |
|                                               |
|     United States Treasury Note          | 2.75% due 02/15/2019 | 200,000 | 211,422 | 2.6% |
|     United States Treasury Note          | 2.50% due 06/30/2017 | 143,000 | 148,485 | 1.8% |
|     United States Treasury Note          | 2.75% due 12/31/2017 | 142,000 | 149,011 | 1.9% |
|     United States Treasury Note          | 2.625% due 01/31/2018 | 141,000 | 147,642 | 1.8% |
|                                               |
|                                               | 626,000 | 656,560 | 8.1% |
|                                               |
| Municipal Bonds — 1.4%                       | Coupon/Maturity | Face Amount | Market Value | Percentage of Assets |
|                                               |
| Revenue                                            |   |
|                                               |
|     Kansas City Special Facility Revenue | 4.25% due 09/01/2016 | 110,000 | 111,058 | 1.4% |
|                                               |
|                                               | 110,000 | 111,058 | 1.4% |
|                                               |
| Total investments                                  | (Cost = $7,548,466) | $7,153,000 | 7,564,442 | 94.1% |
| Other assets (net of liabilities)                  | 473,818 | 5.9% |
| Total net assets                                   | $8,038,260 | 100.0% |

| Bond Quality Diversification |
|------------------------------|
|                         |
| Rated "Aa3"        | 2.8% |     |  |
| Rated "A1"         | 18.5% |     |
| Rated "A2"         | 15.8% |     |
| Rated "A3"         | 20.4% |     |
| Rated "Baa1"       | 8.5% |     |
| Rated "Baa2"       | 2.6% |     |
| Rated "Baa3"       | 7.8% |     |
| Rated "Ba2"        | 6.5% |     |
| Not rated                    | 11.2% |     |
| Cash and equivalents         | 5.9% |     |

Based on total net assets as of May 31, 2015.Unrated bonds include 8.1% of US Government issued securities.

Source: Moody's Investors Services.

| The accompanying notes are an integral part of these financial statements. | May 31, 2015         Semi-Annual Report | 7 |
|----------------------------------------------------------------------------|-------------------------------------------------------------|---|

### Sextant Short-Term Bond Fund

| Statement of Assets and Liabilities                              |
|------------------------------------------------------------------|
| As of May 31, 2015                                               |
|                                                             |
| Assets                                                           |
| Investments in securities, at value(Cost $7,548,466)             | $7,564,442 |
| Cash                                                             | 699,230 |
| Interest receivable                                              | 102,356 |
| Prepaid expenses                                                 | 2,209 |
| Receivable for Fund shares sold                                  | 699 |
| Total assets                                                     | 8,368,936 |
| Liabilities                                                      |
| Payable for security purchases                                   | 328,022 |
| Payable to affiliates                                            | 2,022 |
| Accrued distribution fee                                         | 605 |
| Distributions payable                                            | 27 |
| Total liabilities                                                | 330,676 |
| Net Assets                                                       | $8,038,260 |
|                                                             |
| Analysis of net assets                                           |
| Paid-in capital (unlimited shares authorized, without par value) | $8,030,981 |
| Undistributed net investment income                              | 1,713 |
| Accumulated net realized loss                                    | (10,410) |
| Unrealized net appreciation on investments                       | 15,976 |
| Net assets applicable to Fund shares outstanding                 | $8,038,260 |
|                                                             |
| Fund shares outstanding                                          | 1,594,489 |
|                                                             |
| Net asset value, offering, and redemption price per share        | $5.04 |

| Statement of Operations                                |
|--------------------------------------------------------|
| Period ended May 31, 2015                              |
|                                                   |
| Investment income                                      |
| Interest income                                        | $68,881 |
| Gross investment income                                | 68,881 |
| Expenses                                               |
| Investment adviser fees                                | 21,722 |
| Distribution fees                                      | 9,643 |
| Filing and registration fees                           | 9,258 |
| Audit fees                                             | 2,554 |
| Retirement plan custodial fees                         | 1,491 |
| Printing and postage                                   | 1,064 |
| Chief Compliance Officer expenses                      | 970 |
| Trustee fees                                           | 705 |
| Other expenses                                         | 426 |
| Custodian fees                                         | 178 |
| Legal fees                                             | 133 |
| Total gross expenses                                   | 48,144 |
| Less adviser fees waived                               | (18,871) |
| Less custodian fee credits                             | (178) |
| Net expenses                                           | 29,095 |
| Net investment income                                  | $39,786 |
|                                                   |
|                                                   |
| Net decrease in unrealized appreciation on investments | $(4,218) |
| Net loss on investments                                | $(4,218) |
|                                                   |
| Net increase in net assets resulting from operations   | $35,568 |

| 8 | May 31, 2015         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, 2015 | Year ended Nov. 30, 2014 |
|------------------------------------------------------|---------------------------|--------------------------|
| Increase (decrease) in net assets from operations    |
| From operations                                      |
| Net investment income                                | $39,786                   | $85,429                  |
| Net realized gain on investments                     | -                         | 3,938                    |
| Net decrease in unrealized appreciation              | (4,218)                   | (6,886)                  |
| Net increase in net assets                           | 35,568                    | 82,481                   |
| Distributions to shareowners from                    |
| Net investment income                                | (39,381)                  | (85,429)                 |
| Capital share transactions                           |
| Proceeds from sales of shares                        | 783,869                   | 1,678,931                |
| Value of shares issued in reinvestment of dividends  | 39,195                    | 84,582                   |
| Cost of shares redeemed                              | (454,656)                 | (1,393,992)              |
| Net increase in net assets                           | 368,408                   | 369,521                  |
| Total increase in net assets                         | 364,595                   | 366,573                  |
|                                                 |
| Net assets                                           |
| Beginning of period                                  | 7,673,665                 | 7,307,092                |
| End of period                                        | 8,038,260                 | 7,673,665                |
|                                                 |
| Undistributed net investment income                  | $1,713                    | $1,308                   |
|                                                 |
| Shares of the Fund sold and redeemed                 |
| Number of shares sold                                | 155,902                   | 332,775                  |
| Number of shares issued in reinvestment of dividends | 7,790                     | 16,767                   |
| Number of shares redeemed                            | (90,394)                  | (276,221)                |
| Net increase in number of shares outstanding         | 73,298                    | 73,321                   |

| Financial Highlights                                                                            | Period ended | For year ended November 30, |
|-------------------------------------------------------------------------------------------------|--------------|-----------------------------|
| Selected data per share of outstanding capital stock throughout each period:                    | May 31, 2015 | 2014                        | 2013 | 2012 | 2011 | 2010 |
| Net asset value at beginning of period                                                          | $5.04        | $5.05                       | $5.07 | $5.10 | $5.12 | $5.10 |
| Income from investment operations                                                               |
| Net investment income                                                                           | 0.03         | 0.06                        | 0.06 | 0.07 | 0.09 | 0.12 |
| Net gain (loss) on securities (both realized and unrealized)                                    | 0.001        | (0.01)                      | (0.02) | (0.03) | (0.02) | 0.02 |
| Total from investment operations                                                                | 0.03         | 0.05                        | 0.04 | 0.04 | 0.07 | 0.14 |
| Less distributions                                                                              |
| Dividends (from net investment income)                                                          | (0.03)       | (0.06)                      | (0.06) | (0.07) | (0.09) | (0.12) |
| Total distributions                                                                             | (0.03)       | (0.06)                      | (0.06) | (0.07) | (0.09) | (0.12) |
| Paid-in capital from early redemption fees                                                      | n/a          | n/a                         | - | 0.001 | 0.001 | 0.001 |
|                                                                                            |
| Net asset value at end of period                                                                | $5.04        | $5.04                       | $5.05 | $5.07 | $5.10 | $5.12 |
|                                                                                            |
| Total return                                                                                    | 0.51%2  | 0.94%                       | 0.82% | 0.89% | 1.42% | 2.87% |
|                                                                                            |
| Ratios / supplemental data                                                                      |
| Net assets ($000), end of period                                                                | $8,038       | $7,674                      | $7,307 | $6,689 | $6,086 | $5,136 |
| Ratio of expenses to average net assets                                                         |
| Before fee waivers and custodian fee credits                                                    | 1.25%3       | 1.29%                       | 1.14% | 1.26% | 1.33% | 1.34% |
| After fee waivers                                                                               | 0.76%3       | 0.76%                       | 0.76% | 0.76% | 0.75% | 0.76% |
| After fee waivers and custodian fee credits                                                     | 0.75%3       | 0.75%                       | 0.75% | 0.75% | 0.75% | 0.75% |
| Ratio of net investment income after fee waivers and custodian fee credits toaverage net assets | 1.03%3       | 1.14%                       | 1.20% | 1.47% | 1.79% | 2.42% |
| Portfolio turnover rate                                                                         | 6%           | 14%                         | 50% | 26% | 14% | 27% |
| 1Amount is less than $0.012Not annualized3Annualized                                            |

| The accompanying notes are an integral part of these financial statements. | May 31, 2015         Semi-Annual Report | 9 |
|----------------------------------------------------------------------------|-------------------------------------------------------------|---|

### Sextant Bond Income Fund

Performance Summary *(unaudited)*

| Average Annual Returns as of May 31, 2015   |
|---------------------------------------------|
|                                        | 1 Year | 5 Year | 10 Year | Expense Ratio1 |
| Sextant Bond Income Fund                    | 3.07% | 4.50% | 4.27% | 1.17% |
| Citigroup Broad Investment Grade Bond Index | 3.03% | 3.87% | 4.70% | n/a |

Growth of $10,000

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Comparison of any mutual fund to a market index must be made bearing in mind that the index is expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on May 31, 2005, to an identical amount invested in the Citigroup Broad Investment Grade Bond Index, a broad-based index of medium and long-term investment grade bond prices. The graph shows that an investment in the Fund would have risen to $15,189 versus $15,835 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 27, 2015, and incorporates results for the fiscal year ended November 30, 2014, before fee waivers. The expense ratio shown in the most recent prospectus after fee waivers was 0.90%. Restated to reflect a reduction in the Advisory and Administrative Services base fee and a reduction in the maximum rate of the performance adjustment, as approved by the Board of Trustees on March 17, 2015. Please see the Statement of Additional Information for the actual amount of fees paid to the adviser for the most recent fiscal year. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods. |

Fund Objective

The objective of the Bond Income Fund is current income.

| Top Ten Holdings                                        |                     | Portfolio Diversification    |
|---------------------------------------------------------|--------------------------|------------------------------|
| % of Total Net Assets                                   | % of Total Net Assets    |                         |
| United States Treasury Bond 5.375% due 02/15/2031       | 6.6%                     | Municipal General Obligation | 20.0% |     |  |
| EMC 3.375% due 06/01/2023                               | 4.0%                     | Health Care                  | 11.4% |     |
| American Municipal Power Ohio Rev. 7.20% due 02/15/2029 | 3.9%                     | Municipal Revenue            | 9.3% |     |
| Puget Sound Energy 7.02% due 12/01/2027                 | 3.7%                     | Utilities                    | 8.0% |     |
| Becton Dickinson 6.70% due 08/01/2028                   | 3.5%                     | Financials                   | 7.6% |     |
| Merck & Co. (Schering) 6.50% due 12/01/2033         | 3.4%                     | Energy                       | 6.8% |     |
| Vale Canada (Inco) 7.20% due 09/15/2032                 | 3.3%                     | United States Treasury Bonds | 6.6% |     |
| Blaine Co. ID SCD #61 Hailey 5.25% due 08/01/2020       | 3.3%                     | Materials                    | 5.6% |     |
| Boeing 6.125% due 02/15/2033                            | 3.3%                     | Industrials                  | 5.0% |     |
| Canadian Natural Resources 6.45% due 06/30/2033         | 3.2%                     | Technology                   | 4.0% |     |
|                                                    | Foreign Government Bonds | 2.7%                         |     |
| United States Treasury Notes                            | 2.7%                     |                    |
| Consumer Discretionary                                  | 1.2%                     |                    |
| Cash and equivalents                                    | 9.1%                     |                    |

Weightings are shown as a percentage of total net assets.

| 10 | May 31, 2015        Semi-Annual Report |
|----|------------------------------------------------------------|

### Sextant Bond Income Fund

| Schedule of Investments                     |
|---------------------------------------------|
| Corporate Bonds — 49.6%               | Coupon/Maturity | Face Amount | Market Value | Percentage of Assets |
|                                        |
| Consumer Discretionary                      |   |
|                                        |
|     AutoZone                      | 5.50% due 11/15/2015 | $95,000 | $97,056 | 1.2% |
|                                        |
|                                        | 95,000 | 97,056 | 1.2% |
|                                        |
| Energy                                      |   |
|                                        |
|     Baker Hughes                  | 6.875% due 01/15/2029 | 100,000 | 127,807 | 1.5% |
|     Canadian Natural Resources    | 6.45% due 06/30/2033 | 225,000 | 267,805 | 3.2% |
|     ConocoPhillips                | 6.00% due 01/15/2020 | 150,000 | 175,397 | 2.1% |
|                                        |
|                                        | 475,000 | 571,009 | 6.8% |
|                                        |
| Financials                                  |   |
|                                        |
|     Affiliated Managers Group     | 3.50% due 08/01/2025 | 250,000 | 247,006 | 2.9% |
|     St. Pauls Travelers Insurance | 5.50% due 12/01/2015 | 125,000 | 128,082 | 1.5% |
|     UBS AG Stamford CT            | 7.75% due 09/01/2026 | 200,000 | 266,039 | 3.2% |
|                                        |
|                                        | 575,000 | 641,127 | 7.6% |
|                                        |
| Health Care                                 |   |
|     Becton Dickinson              | 6.70% due 08/01/2028 | 240,000 | 298,741 | 3.5% |
|     Merck & Co. (Schering)    | 6.50% due 12/01/2033 | 215,000 | 285,155 | 3.4% |
|     Pharmacia                     | 6.50% due 12/01/2018 | 100,000 | 116,167 | 1.4% |
|     Teva Pharmaceutical           | 3.65% due 11/10/2021 | 250,000 | 259,455 | 3.1% |
|                                        |
|                                        | 805,000 | 959,518 | 11.4% |
|                                        |
| Industrials                                 |   |
|                                        |
|     Boeing                        | 6.125% due 02/15/2033 | 215,000 | 278,433 | 3.3% |
|     Deere & Co.               | 8.10% due 05/15/2030 | 95,000 | 142,077 | 1.7% |
|                                        |
|                                        | 310,000 | 420,510 | 5.0% |
|                                        |
| Materials                                   |   |
|                                        |
|     Air Products & Chemicals  | 8.75% due 04/15/2021 | 50,000 | 64,984 | 0.8% |
|     BHP Finance USA               | 5.25% due 12/15/2015 | 125,000 | 128,248 | 1.5% |
|     Vale Canada (Inco)            | 7.20% due 09/15/2032 | 275,000 | 281,356 | 3.3% |
|                                        |
|                                        | 450,000 | 474,588 | 5.6% |
|                                        |
| Technology                                  |   |
|                                        |
|     EMC                           | 3.375% due 06/01/2023 | 330,000 | 334,582 | 4.0% |
|                                        |
|                                        | 330,000 | 334,582 | 4.0% |
|                                        |
| Utilities                                   |   |
|                                        |
|     Entergy Louisiana             | 5.40% due 11/01/2024 | 200,000 | 234,764 | 2.8% |
|     Florida Power & Light     | 5.95% due 10/01/2033 | 100,000 | 128,056 | 1.5% |
|     Puget Sound Energy            | 7.02% due 12/01/2027 | 237,000 | 306,400 | 3.7% |
|                                        |
|                                        | 537,000 | 669,220 | 8.0% |
|                                        |
| Total Corporate Bonds                       | 3,577,000 | 4,167,610 | 49.6% |
|                                        |
| Government Bonds — 12.0%              | Coupon/Maturity | Face Amount | Market Value | Percentage of Assets |
|                                        |
| Foreign Government Bonds                    |   |
|                                        |
|     Quebec Canada Yankee          | 7.125% due 02/09/2024 | 175,000 | 232,449 | 2.7% |
|                                        |
|                                        | 175,000 | 232,449 | 2.7% |
|                                        |
| Continued on next page.                     |

| The accompanying notes are an integral part of these financial statements. | May 31, 2015         Semi-Annual Report | 11 |
|----------------------------------------------------------------------------|-------------------------------------------------------------|----|

### Sextant Bond Income Fund

| Schedule of Investments                                   |
|-----------------------------------------------------------|
| Government Bonds — 12.0%                            | Coupon/Maturity | Face Amount | Market Value | Percentage of Assets |
|                                                      |
| United States Treasury Bonds                              |   |
|                                                      |
|     United States Treasury Bond                 | 5.375% due 02/15/2031 | $400,000 | $551,594 | 6.6% |
|                                                      |
|                                                      | 400,000 | 551,594 | 6.6% |
|                                                      |
| United States Treasury Notes                              |   |
|                                                      |
|     United States Treasury Note                 | 5.25% due 02/15/2029 | 170,000 | 227,189 | 2.7% |
|                                                      |
|                                                      | 170,000 | 227,189 | 2.7% |
|                                                      |
| Total Government Bonds                                    | 745,000 | 1,011,232 | 12.0% |
|                                                      |
| Municipal Bonds — 23.9%                             | Coupon/Maturity | Face Amount | Market Value | Percentage of Assets |
|                                                      |
| General Obligation                                        |   |
|                                                      |
|     Blaine Co. ID SCD #61 Hailey                | 5.25% due 08/01/2020 | 250,000 | 279,972 | 3.3% |
|     City of Burlington Taxable GO 2009 Series B | 5.75% due 11/01/2028 | 160,000 | 155,107 | 1.9% |
|     Dell Rapids SCD 49-3                        | 6.257% due 01/15/2030 | 200,000 | 222,766 | 2.7% |
|     Dupage Co. IL SCD #502                      | 5.50% due 01/01/2026 | 150,000 | 165,171 | 2.0% |
|     Idaho Hsg. & Fin. GARVEE BAB A-2        | 5.379% due 07/15/2020 | 180,000 | 199,602 | 2.4% |
|     Milan Co. MI Area Schools                   | 6.45% due 05/01/2024 | 150,000 | 171,460 | 2.0% |
|     San Marcos Texas ULTD GO BAB                | 6.028% due 08/15/2030 | 200,000 | 228,902 | 2.7% |
|     Springville UT GO BAB                       | 5.30% due 05/01/2031 | 240,000 | 254,033 | 3.0% |
|                                                      |
|                                                      | 1,530,000 | 1,677,013 | 20.0% |
|                                                      |
| Revenue                                                   |   |
|                                                      |
|     American Municipal Power Ohio Rev.          | 7.20% due 02/15/2029 | 250,000 | 327,162 | 3.9% |
|     Johnson Co. KS Bldg. Ls./Pr. REV. BAB       | 4.60% due 09/01/2026 | 250,000 | 258,637 | 3.1% |
|     Oklahoma City Fin. Auth. Ed. Lease Rev.     | 6.60% due 09/01/2022 | 160,000 | 193,123 | 2.3% |
|                                                      |
|                                                      | 660,000 | 778,922 | 9.3% |
|                                                      |
| Total Municipal Bonds                                     | 2,190,000 | 2,455,935 | 29.3% |
|                                                      |
| Total investments                                         | (Cost = $7,194,652) | $6,512,000 | 7,634,777 | 90.9% |
| Other assets (net of liabilities)                         | 760,410 | 9.1% |
| Total net assets                                          | $8,395,187 | 100.0% |

| Bond Quality Diversification |
|------------------------------|
|                         |
| Rated "Aaa"        | 5.1% |     |  |
| Rated "Aa2"        | 6.2% |     |
| Rated "Aa3"        | 3.3% |     |
| Rated "A1"         | 12.4% |     |
| Rated "A2"         | 17.7% |     |
| Rated "A3"         | 9.9% |     |
| Rated "Baa1"       | 4.4% |     |
| Rated "Baa2"       | 8.7% |     |
| Rated "Baa3"       | 3.2% |     |
| Not rated                    | 20.0% |     |
| Cash and equivalents         | 9.1% |     |

Based on total net assets as of May 31, 2015.Not rated bonds include 9.3% of US Government issued securities

Source: Moody's Investors Services.

| 12 | May 31, 2015         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, 2015                                                 |
|                                                               |
| Assets                                                             |
| Investments in securities, at value(Cost $7,194,652)               | $7,634,777 |
| Cash                                                               | 652,988 |
| Interest receivable                                                | 107,242 |
| Prepaid expenses                                                   | 3,817 |
| Receivable for Fund shares sold                                    | 925 |
| Insurance reserve premium                                          | 400 |
| Total assets                                                       | 8,400,149 |
| Liabilities                                                        |
| Payable to affiliates                                              | 4,269 |
| Accrued distribution fee                                           | 629 |
| Distributions payable                                              | 64 |
| Total liabilities                                                  | 4,962 |
| Net assets                                                         | $8,395,187 |
|                                                               |
| Analysis of net assets                                             |
| Paid-in capital (unlimited shares authorized,   without par value) | $7,986,938 |
| Undistributed net investment income                                | 1,314 |
| Accumulated net realized loss                                      | (33,190) |
| Unrealized net appreciation on investments                         | 440,125 |
| Net assets applicable to Fund shares outstanding                   | $8,395,187 |
|                                                               |
| Fund shares outstanding                                            | 1,607,021 |
|                                                               |
| Net asset value, offering, and redemption price per share          | $5.22 |

| Statement of Operations                                |
|--------------------------------------------------------|
| Period ended May 31, 2015                              |
|                                                   |
| Investment income                                      |
| Interest income                                        | $167,512 |
| Gross investment income                                | 167,512 |
| Expenses                                               |
| Investment adviser fees                                | 15,777 |
| Distribution fees                                      | 10,405 |
| Filing and registration fees                           | 8,848 |
| Audit fees                                             | 2,532 |
| Retirement plan custodial fees                         | 1,049 |
| Printing and postage                                   | 1,003 |
| Chief Compliance Officer expenses                      | 974 |
| Trustee fees                                           | 692 |
| Other expenses                                         | 411 |
| Custodian fees                                         | 190 |
| Legal fees                                             | 129 |
| Total gross expenses                                   | 42,010 |
| Less adviser fees waived                               | (4,588) |
| Less custodian fee credits                             | (190) |
| Net expenses                                           | 37,232 |
| Net investment income                                  | $130,280 |
|                                                   |
|                                                   |
| Net realized gain on securities sold                   | $1,250 |
| Net decrease in unrealized appreciation on investments | (66,354) |
| Net loss on investments                                | $(65,104) |
|                                                   |
| Net increase in net assets resulting from operations   | $65,176 |

| The accompanying notes are an integral part of these financial statements. | May 31, 2015         Semi-Annual Report | 13 |
|----------------------------------------------------------------------------|-------------------------------------------------------------|----|

### Sextant Bond Income Fund

| Statements of Changes in Net Assets                  | Period ended May 31, 2015 | Year ended Nov. 30, 2014 |
|------------------------------------------------------|---------------------------|--------------------------|
| Increase (decrease) in net assets from operations    |
| From operations                                      |
| Net investment income                                | $130,280                  | $228,301                 |
| Net realized gain on investments                     | 1,250                     | 3,415                    |
| Net increase (decrease) in unrealized appreciation   | (66,354)                  | 312,644                  |
| Net increase in net assets                           | 65,176                    | 544,360                  |
| Distributions to shareowners from                    |
| Net investment income                                | (129,059)                 | (228,208)                |
| Capital share transactions                           |
| Proceeds from sales of shares                        | 631,517                   | 746,755                  |
| Value of shares issued in reinvestment of dividends  | 128,513                   | 226,784                  |
| Cost of shares redeemed                              | (267,549)                 | (440,533)                |
| Net increase in net assets                           | 492,481                   | 533,006                  |
| Total increase in net assets                         | 428,598                   | 849,158                  |
|                                                 |
| Net assets                                           |
| Beginning of period                                  | 7,966,589                 | 7,117,431                |
| End of period                                        | 8,395,187                 | 7,966,589                |
|                                                 |
| Undistributed net investment income                  | $1,314                    | $93                      |
|                                                 |
| Shares of the Fund sold and redeemed                 |
| Number of shares sold                                | 120,196                   | 144,870                  |
| Number of shares issued in reinvestment of dividends | 24,337                    | 43,873                   |
| Number of shares redeemed                            | (50,720)                  | (86,173)                 |
| Net increase in number of shares outstanding         | 93,813                    | 102,570                  |

| Financial Highlights                                                                             | Period ended | For year ended November 30, |
|--------------------------------------------------------------------------------------------------|--------------|-----------------------------|
| Selected data per share of outstanding capital stock throughout each period:                     | May 31, 2015 | 2014                        | 2013 | 2012 | 2011 | 2010 |
| Net asset value at beginning of period                                                           | $5.26        | $5.05                       | $5.41 | $5.19 | $5.03 | $4.96 |
| Income from investment operations                                                                |
| Net investment income                                                                            | 0.08         | 0.16                        | 0.17 | 0.17 | 0.18 | 0.19 |
| Net gain (loss) on securities (both realized and unrealized)                                     | (0.04)       | 0.21                        | (0.36) | 0.22 | 0.16 | 0.07 |
| Total from investment operations                                                                 | 0.04         | 0.37                        | (0.19) | 0.39 | 0.34 | 0.26 |
| Less distributions                                                                               |
| Dividends (from net investment income)                                                           | (0.08)       | (0.16)                      | (0.17) | (0.17) | (0.18) | (0.19) |
| Total distributions                                                                              | (0.08)       | (0.16)                      | (0.17) | (0.17) | (0.18) | (0.19) |
| Paid-in capital from early redemption fees                                                       | n/a          | n/a                         | - | - | 0.001 | 0.001 |
|                                                                                             |
| Net asset value at end of period                                                                 | $5.22        | $5.26                       | $5.05 | $5.41 | $5.19 | $5.03 |
|                                                                                             |
| Total return                                                                                     | 0.78%2       | 7.40%                       | (3.59)% | 7.64% | 6.95% | 5.43% |
|                                                                                             |
| Ratios / supplemental data                                                                       |
| Net assets ($000), end of period                                                                 | $8,395       | $7,967                      | $7,117 | $7,922 | $6,786 | $5,418 |
| Ratio of expenses to average net assets                                                          |
| Before fee waivers and custodian fee credits                                                     | 1.01%3       | 1.27%                       | 1.12% | 1.36% | 1.26% | 1.24% |
| After fee waivers                                                                                | 0.90%3       | 0.91%                       | 0.90% | 0.91% | 0.91% | 0.91% |
| After fee waivers and custodian fee credits                                                      | 0.89%3       | 0.90%                       | 0.89% | 0.90% | 0.90% | 0.90% |
| Ratio of net investment income after fee waivers and custodian fee credits to average net assets | 3.13%3       | 3.07%                       | 3.23% | 3.23% | 3.56% | 3.89% |
| Portfolio turnover rate                                                                          | 3%           | 13%                         | 8% | 6% | 14% | 10% |
| 1Amount is less than $0.012Not annualized3Annualized                                             |

| 14 | May 31, 2015         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, 2015 |
|-------------------------------------------|
|                                      | 1 Year | 5 Year | 10 Year | Expense Ratio1 |
| Sextant Core Fund                         | 2.09% | 7.19% | n/a | 1.10% |
| Dow Jones Moderate US Portfolio Index     | 4.62% | 9.50% | 6.73% | n/a |

Growth of $10,000

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Comparison of any mutual fund to a market index must be made bearing in mind that the index is expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on March 30, 2007 (the Fund's inception), to an identical amount invested in the Dow Jones Moderate US Portfolio Index, a broad-based index of stock and bond prices. The graph shows that an investment in the Fund would have risen to $14,224 versus $15,540 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 27, 2015, and incorporates results for the fiscal year ended November 30, 2014. Restated to reflect a reduction in the Advisory and Administrative Services base fee and a reduction in the maximum rate of the performance adjustment, as approved by the Board of Trustees on March 17, 2015. Please see the Statement of Additional Information for the actual amount of fees paid to the adviser for the most recent fiscal year. 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.

| Portfolio Diversification    |                  | Top Ten Holdings |
|------------------------------|-----------------------|------------------|
| % of Total Net Assets        | % of Total Net Assets |
| Sectors                      | Equity                | Fixed Income     | Republic of Chile 3.875% due 08/05/2020 | 2.5% |
| Communications               | 2.5%                  | 3.4%             | Fannie Mae 2.00% due 05/16/2017 | 2.3% |
| Consumer Discretionary       | 3.6%                  | 2.7%             | Medivation | 2.2% |
| Consumer Staples             | 7.6%                  | 1.1%             | Bellsouth Capital Funding 7.875% due 02/15/2030 | 2.1% |
| Energy                       | 8.0%                  | 1.2%             | Express Scripts | 2.0% |
| Financials                   | 5.8%                  | 8.5%             | PepsiCo | 1.9% |
| Foreign Government           | n/a                   | 4.5%             | Procter & Gamble | 1.8% |
| Health Care                  | 10.2%                 | 1.1%             | Novo Nordisk ADS | 1.8% |
| Industrials                  | 4.3%                  | 6.1%             | 3M | 1.7% |
| Materials                    | 5.0%                  | 1.2%             | Devon Energy | 1.7% |
| Mortgage Finance             | n/a                   | 2.3%             |   |
| Municipal General Obligation | n/a                   | 2.5%             |
| Municipal Revenue            | n/a                   | 2.5%             |
| Technology                   | 4.0%                  | 1.2%             |
| Utilities                    | 4.1%                  | n/a              |
| Total                        | 55.1%                 | 38.3%            |

| Asset Allocation     |
|----------------------|
|                 |
| Equity Securities    | 55.1% |     |  |
| Fixed Income         | 38.3% |     |
| Cash and Equivalents | 6.6% |     |
|                 |   |   |

| The accompanying notes are an integral part of these financial statements. | May 31, 2015         Semi-Annual Report | 15 |
|----------------------------------------------------------------------------|-------------------------------------------------------------|----|

### Sextant Core Fund

Schedule of Investments

| Common Stocks — 55.1%            | Number of Shares | Cost     | Market Value | Country1       | Percentage of Assets |
|----------------------------------------|------------------|----------|--------------|----------------|----------------------|
|                                   |
| Communications                         |             |
|                                   |
| Telecom Carriers                       |
|     SK Telecom ADR           | 6,000            | $166,800 | $146,640     | Korea          | 1.6%                 |
|     Telenor                  | 3,500            | 81,385   | 78,973       | Norway         | 0.9%                 |
|                                   |
|                                   | 248,185          | 225,613  |         | 2.5%           |
|                                   |
| Consumer Discretionary                 |             |
|                                   |
| Airlines                               |
|     Delta Air Lines          | 1,000            | 45,096   | 42,920       | United States  | 0.5%                 |
|     LATAM Airlines ADS2      | 10,048           | 134,376  | 84,604       | Chile          | 0.9%                 |
|                                   | 179,472          | 127,524  |         | 1.4%           |
|                                   |
| Automobiles                            |             |
|     Bayerische Motoren Werke | 500              | 55,812   | 55,296       | Germany        | 0.6%                 |
|                                   |
| Home Products Stores                   |
|     Lowe's              | 2,000            | 68,593   | 139,960      | United States  | 1.6%                 |
|                                   |
|                                   | 303,877          | 322,780  |         | 3.6%           |
|                                   |
| Consumer Staples                       |             |
|                                   |
| Beverages                              |
|     Ambev ADR                | 10,000           | 60,610   | 57,500       | Brazil         | 0.6%                 |
|     PepsiCo                  | 1,750            | 138,823  | 168,753      | United States  | 1.9%                 |
|                                   | 199,433          | 226,253  |         | 2.5%           |
|                                   |
| Household Products                     |
|     Kimberly-Clark           | 925              | 59,026   | 100,696      | United States  | 1.1%                 |
|     Procter & Gamble     | 2,000            | 151,282  | 156,780      | United States  | 1.8%                 |
|     Unilever ADS             | 1,850            | 58,335   | 81,677       | United Kingdom | 0.9%                 |
|                                   | 268,643          | 339,153  |         | 3.8%           |
|                                   |
| Packaged Food                          |
|     Nestlé ADS        | 1,500            | 113,314  | 116,160      | Switzerland    | 1.3%                 |
|                                   |
|                                   | 581,390          | 681,566  |         | 7.6%           |
|                                   |
| Energy                                 |             |
|                                   |
| Exploration & Production           |
|     ConocoPhillips           | 2,000            | 103,522  | 127,360      | United States  | 1.4%                 |
|     Devon Energy             | 2,300            | 146,397  | 150,006      | United States  | 1.7%                 |
|                                   | 249,919          | 277,366  |         | 3.1%           |
|                                   |
| Integrated Oils                        |
|     Statoil ADS              | 6,003            | 137,465  | 111,536      | Norway         | 1.2%                 |
|     Total ADS                | 2,100            | 113,290  | 106,029      | France         | 1.2%                 |
|                                   | 250,755          | 217,565  |         | 2.4%           |
|                                   |
| Midstream — Oil & Gas        |
|     Williams Companies       | 2,000            | 36,220   | 102,200      | United States  | 1.2%                 |
|                                   |
| Refining & Marketing               |
|     Phillips 66              | 1,500            | 116,217  | 118,680      | United States  | 1.3%                 |
|                                   |
|                                   | 653,111          | 715,811  |         | 8.0%           |
| Continued on next page.                |

| 16 | May 31, 2015         Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|-------------------------------------------------------------|----------------------------------------------------------------------------|

### Sextant Core Fund

Schedule of Investments

| Common Stocks — 55.1%                                   | Number of Shares | Cost    | Market Value | Country1      | Percentage of Assets |
|---------------------------------------------------------------|------------------|---------|--------------|---------------|----------------------|
|                                                          |
| Financials                                                    |             |
|                                                          |
| Banks                                                         |
|     PNC Bank                                        | 1,250            | $83,780 | $119,613     | United States | 1.4%                 |
|     Toronto-Dominion Bank                           | 2,500            | 97,400  | 108,925      | Canada        | 1.2%                 |
|                                                          | 181,180          | 228,538 |         | 2.6%          |
|                                                          |
| Property & Casualty Insurance                             |
|     Chubb                                           | 1,500            | 95,336  | 146,250      | United States | 1.6%                 |
|                                                          |
| REITS                                                         |
|     Health Care Property                            | 2,000            | 146,876 | 140,520      | United States | 1.6%                 |
|                                                          |
|                                                          | 423,392          | 515,308 |         | 5.8%          |
|                                                          |
| Health Care                                                   |             |
| Biotech                                                       |
|     Biogen2                                         | 250              | 99,719  | 99,248       | United States | 1.1%                 |
|     Medivation2                                     | 1,500            | 114,326 | 198,075      | United States | 2.2%                 |
|                                                          | 214,045          | 297,323 |         | 3.3%          |
|                                                          |
| Health Care Supply Chain                                      |
|     Express Scripts2                                | 2,000            | 78,650  | 174,280      | United States | 2.0%                 |
|                                                          |
| Large Pharma                                                  |
|     Johnson & Johnson                           | 900              | 54,761  | 90,126       | United States | 1.0%                 |
|     Novo Nordisk ADS                                | 2,750            | 51,711  | 155,320      | Denmark       | 1.8%                 |
|                                                          | 106,472          | 245,446 |         | 2.8%          |
|                                                          |
| Life Science Equipment                                        |
|     Abbott Laboratories                             | 2,000            | 66,354  | 97,200       | United States | 1.1%                 |
|                                                          |
| Specialty Pharma                                              |
|     Akorn2                                          | 2,000            | 93,400  | 91,800       | United States | 1.0%                 |
|                                                          |
|                                                          | 558,921          | 906,049 |         | 10.2%         |
|                                                          |
| Industrials                                                   |             |
|                                                          |
| Commercial & Residential Building Equipment & Systems |
|     Honeywell International                         | 1,250            | 67,321  | 130,250      | United States | 1.4%                 |
|                                                          |
| Fabricating Metal & Hardware                              |
|     Valmont Industries                              | 750              | 100,937 | 93,338       | United States | 1.0%                 |
|                                                          |
| Flow Control Equipment                                        |
|     Parker Hannifin                                 | 500              | 29,672  | 60,215       | United States | 0.7%                 |
|                                                          |
| Infrastructure Construction                                   |
|     CCR                                             | 1,500            | 11,839  | 7,391        | Brazil        | 0.1%                 |
|                                                          |
| Rail Freight                                                  |
|     Canadian National Railway                       | 1,600            | 40,237  | 94,976       | Canada        | 1.1%                 |
|                                                          |
|                                                          | 250,006          | 386,170 |         | 4.3%          |
|                                                          |
| Materials                                                     |             |
|                                                          |
| Base Metals                                                   |
|     South 322                                       | 260              | 2,116   | 2,150        | Australia     | 0.1%                 |
|                                                          |
| Continued on next page.                                       |

| The accompanying notes are an integral part of these financial statements. | May 31, 2015         Semi-Annual Report | 17 |
|----------------------------------------------------------------------------|-------------------------------------------------------------|----|

### Sextant Core Fund

Schedule of Investments

| Common Stocks — 55.1%            | Number of Shares | Cost       | Market Value | Country1      | Percentage of Assets |
|----------------------------------------|------------------|------------|--------------|---------------|----------------------|
|                                   |
| **Materials***(continued)*             |
|                                   |
| Basic & Diversified Chemicals      |
|     BASF ADR                 | 400              | $22,550    | $37,116      | Germany       | 0.4%                 |
|     Praxair                  | 700              | 44,349     | 86,002       | United States | 1.0%                 |
|                                   | 66,899           | 123,118    |         | 1.4%          |
|                                   |
| Containers & Packaging             |
|     3M                       | 975              | 83,159     | 155,103      | United States | 1.7%                 |
|                                   |
| Specialty Chemicals                    |
|     RPM International        | 2,000            | 51,772     | 100,060      | United States | 1.1%                 |
|                                   |
| Steel Producers                        |
|     Nucor                    | 800              | 48,085     | 37,840       | United States | 0.4%                 |
|                                   |
| Steel Raw Materials Suppliers          |
|     BHP Billiton ADS         | 650              | 29,750     | 29,010       | Australia     | 0.3%                 |
|                                   |
|                                   | 281,781          | 447,281    |         | 5.0%          |
|                                   |
| Technology                             |             |
|                                   |
| Infrastructure Software                |
|     Oracle                   | 1,000            | 43,300     | 43,490       | United States | 0.5%                 |
|                                   |
| Semiconductor Devices                  |
|     Qualcomm                 | 1,750            | 109,359    | 121,940      | United States | 1.4%                 |
|     Xilinx                   | 2,500            | 101,993    | 118,550      | United States | 1.3%                 |
|                                   | 211,352          | 240,490    |         | 2.7%          |
|                                   |
| Semiconductor Manufacturing            |
|     Taiwan Semiconductor ADS | 3,034            | 23,594     | 73,666       | Taiwan        | 0.8%                 |
|                                   |
|                                   | 278,246          | 357,646    |         | 4.0%          |
|                                   |
| Utilities                              |             |
|                                   |
| Integrated Utilities                   |
|     NextEra Energy           | 1,250            | 90,644     | 127,925      | United States | 1.5%                 |
|                                   |
| Power Generation                       |
|     NRG Energy               | 5,000            | 130,306    | 126,000      | United States | 1.4%                 |
|                                   |
| Utility Networks                       |
|     Sempra Energy            | 1,000            | 67,669     | 107,470      | United States | 1.2%                 |
|                                   |
|                                   | 288,619          | 361,395    |         | 4.1%          |
|                                   |
| Total Common Stocks                    | 102,545          | $3,867,528 | $4,919,619   |          | 55.1%                |
|                                   |
| Continued on next page.                |

| 18 | May 31, 2015         Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|-------------------------------------------------------------|----------------------------------------------------------------------------|

### Sextant Core Fund

Schedule of Investments

| Corporate Bonds — 26.5%            | Coupon/Maturity         | Face Amount | Market Value | Percentage of Assets |
|------------------------------------------|-------------------------|-------------|--------------|----------------------|
|                                     |
| Communications                           |                    |
|                                     |
|     America Movil              | 5.00% due on 03/30/2020 | $100,000    | $112,331     | 1.3%                 |
|     Bellsouth Capital Funding  | 7.875% due 02/15/2030   | 150,000     | 191,192      | 2.1%                 |
|                                     |
|                                     | 250,000                 | 303,523     | 3.4%         |
|                                     |
| Consumer Discretionary                   |                    |
|                                     |
|     ADT                        | 4.125% due 06/15/2023   | 150,000     | 140,625      | 1.6%                 |
|     Stanford University        | 4.013% due 05/01/2042   | 100,000     | 103,200      | 1.1%                 |
|                                     |
|                                     | 250,000                 | 243,825     | 2.7%         |
|                                     |
| Consumer Staples                         |                    |
|                                     |
|     Coca Cola Hellenic         | 5.50% due 09/17/2015    | 100,000     | 101,317      | 1.1%                 |
|                                     |
|                                     | 100,000                 | 101,317     | 1.1%         |
|                                     |
| Energy                                   |                    |
|                                     |
|     Boardwalk Pipelines        | 5.50% due 02/01/2017    | 100,000     | 104,176      | 1.2%                 |
|                                     |
|                                     | 100,000                 | 104,176     | 1.2%         |
|                                     |
| Financials                               |                    |
|                                     |
|     American Express           | 5.50% due 09/12/2016    | 100,000     | 105,813      | 1.2%                 |
|     Blackstone Holdings        | 5.875% due 03/15/2021   | 100,000     | 115,908      | 1.3%                 |
|     Branch Banking & Trust | 5.625% due 09/15/2016   | 100,000     | 105,735      | 1.2%                 |
|     General Electric Capital   | 5.35% due 04/15/2022    | 101,000     | 113,226      | 1.3%                 |
|     NASDAQ OMX Group           | 5.55% due 01/15/2020    | 50,000      | 55,893       | 0.6%                 |
|     Partnerre Finance          | 5.50% due 06/01/2020    | 100,000     | 112,557      | 1.3%                 |
|     Western Union              | 5.93% due 10/01/2016    | 30,000      | 31,720       | 0.3%                 |
|     Wilmington Trust           | 8.50% due 04/02/2018    | 100,000     | 116,581      | 1.3%                 |
|                                     |
|                                     | 681,000                 | 757,433     | 8.5%         |
|                                     |
| Health Care                              |                    |
|                                     |
|     Becton Dickinson           | 3.125% due 11/08/2021   | 100,000     | 101,727      | 1.1%                 |
|                                     |
|                                     | 100,000                 | 101,727     | 1.1%         |
|                                     |
| Industrials                              |                    |
|                                     |
|     Emerson Electric           | 5.375% due 10/15/2017   | 100,000     | 109,790      | 1.2%                 |
|     John Deere Capital         | 2.25% due 06/07/2016    | 100,000     | 101,797      | 1.1%                 |
|     Joy Global                 | 6.00% due 11/15/2016    | 100,000     | 106,447      | 1.2%                 |
|     Ryder System               | 5.85% due 11/01/2016    | 100,000     | 106,430      | 1.2%                 |
|     Tyco International         | 8.50% due 01/15/2019    | 100,000     | 120,546      | 1.4%                 |
|                                     |
|                                     | 500,000                 | 545,010     | 6.1%         |
|                                     |
| Continued on next page.                  |

| The accompanying notes are an integral part of these financial statements. | May 31, 2015         Semi-Annual Report | 19 |
|----------------------------------------------------------------------------|-------------------------------------------------------------|----|

### Sextant Core Fund

Schedule of Investments

| Corporate Bonds — 26.5%                 | Coupon/Maturity       | Face Amount | Market Value | Percentage of Assets |
|-----------------------------------------------|-----------------------|-------------|--------------|----------------------|
|                                          |
| Materials                                     |                  |
|                                          |
|     Air Products & Chemicals    | 4.375% due 08/21/2019 | $100,000    | $109,012     | 1.2%                 |
|                                          |
|                                          | 100,000               | 109,012     | 1.2%         |
|                                          |
| Technology                                    |                  |
|                                          |
|     Cisco Systems                   | 2.90% due 03/04/2021  | 100,000     | 104,261      | 1.2%                 |
|                                          |
|                                          | 100,000               | 104,261     | 1.2%         |
|                                          |
| Total Corporate Bonds                         | 2,181,000             | 2,370,284   | 26.5%        |
|                                          |
| Government Agency Bonds — 2.3%          | Coupon/Maturity       | Face Amount | Market Value | Percentage of Assets |
|                                          |
| Mortgage Finance                              |                  |
|                                          |
|     Fannie Mae                      | 2.00% due 05/16/2017  | 200,000     | 203,103      | 2.3%                 |
|                                          |
|                                          | 200,000               | 203,103     | 2.3%         |
|                                          |
| Government Bonds — 4.5%                 | Coupon/Maturity       | Face Amount | Market Value | Percentage of Assets |
|                                          |
| Foreign Government Bonds                      |                  |
|                                          |
|     Government of Mexico            | 4.00% due 10/02/2023  | 100,000     | 104,250      | 1.2%                 |
|     New Zealand Government          | 5.50% due 04/15/2023  | 100,000     | 81,165       | 0.9%                 |
|     Republic of Chile               | 3.875% due 08/05/2020 | 200,000     | 218,000      | 2.4%                 |
|                                          |
|                                          | 400,000               | 403,415     | 4.5%         |
|                                          |
| Municipal Bonds — 5.0%                  | Coupon/Maturity       | Face Amount | Market Value | Percentage of Assets |
|                                          |
| General Obligation                            |                  |
|                                          |
|     Lake Washington SCD #414 WA BAB | 4.906% due 12/01/2027 | 100,000     | 110,315      | 1.2%                 |
|     Skagit SCD #1                   | 4.613% due 12/01/2022 | 100,000     | 112,413      | 1.3%                 |
|                                          |
|                                          | 200,000               | 222,728     | 2.5%         |
|                                          |
|                                          |
| Continued on next page.                       |

| 20 | May 31, 2015         Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|-------------------------------------------------------------|----------------------------------------------------------------------------|

### Sextant Core Fund

Schedule of Investments

| Municipal Bonds — 5.0%                                                                                           | Coupon/Maturity       | Face Amount | Market Value | Percentage of Assets |
|------------------------------------------------------------------------------------------------------------------------|-----------------------|-------------|--------------|----------------------|
|                                                                                                                   |
| Revenue Bonds                                                                                                          |                  |
|                                                                                                                   |
|     New York City Housing Dev. Corp                                                                          | 2.65% due 05/01/2021  | $100,000    | $102,576     | 1.1%                 |
|     Tacoma WA Elec Sys Revenue                                                                               | 5.966% due 01/01/2035 | 100,000     | 124,191      | 1.4%                 |
|                                                                                                                   |
|                                                                                                                   | 200,000               | 226,767     | 2.5%         |
|                                                                                                                   |
| Total Municipal Bonds                                                                                                  | $400,000              | 449,495     | 5.0%         |
|                                                                                                                   |
| Total investments                                                                                                      | (Cost = $7,251,367)   | 8,345,916   | 93.4%        |
| Other assets (net of liabilities)                                                                                      | 592,160               | 6.6%        |
| Total net assets                                                                                                       | $8,938,076            | 100.0%      |
| 1 Country of domicile2 Non-income producing security

ADS: American Depositary Share  ADR: American Depositary Receipt |

| Bond Quality Diversification |
|------------------------------|
| % of Total Net Assets        |   |
| Rated "Aaa"        | 5.5% |     |  |
| Rated "Aa1"        | 1.3% |     |
| Rated "Aa2"        | 1.1% |     |
| Rated "Aa3"        | 3.8% |     |
| Rated "A1"         | 2.5% |     |
| Rated "A2"         | 6.0% |     |
| Rated "A3"         | 6.4% |     |
| Rated "Baa1"       | 2.3% |     |
| Rated "Baa2"       | 2.6% |     |
| Rated "Baa3"       | 1.8% |     |
| Rated "Ba2"        | 1.6% |     |
| Not rated                    | 3.4% |     |
| Cash and equivalents         | 6.6% |     |

Based on total net assets as of May 31, 2015.

Source: Moody's Investors Services.

| The accompanying notes are an integral part of these financial statements. | May 31, 2015         Semi-Annual Report | 21 |
|----------------------------------------------------------------------------|-------------------------------------------------------------|----|

### Sextant Core Fund

| Statement of Assets and Liabilities                              |
|------------------------------------------------------------------|
| As of May 31, 2015                                               |
|                                                             |
| Assets                                                           |
| Investments in securities, at value(Cost $7,251,367)             | $8,345,916 |
| Cash                                                             | 547,263 |
| Dividends and interest receivable                                | 50,843 |
| Receivable for Fund shares sold                                  | 3,856 |
| Total assets                                                     | 8,947,878 |
| Liabilities                                                      |
| Payable to affiliates                                            | 4,886 |
| Accrued expenses                                                 | 4,239 |
| Accrued distribution fee                                         | 677 |
| Total liabilities                                                | 9,802 |
| Net assets                                                       | $8,938,076 |
|                                                             |
| Analysis of net assets                                           |
| Paid-in capital (unlimited shares authorized, without par value) | $7,603,228 |
| Undistributed net investment income                              | 55,312 |
| Accumulated net realized gain                                    | 185,066 |
| Unrealized net appreciation on investments                       | 1,094,470 |
| Net assets applicable to Fund shares outstanding                 | $8,938,076 |
|                                                             |
| Fund shares outstanding                                          | 721,372 |
|                                                             |
| Net asset value, offering, and redemption price per share        | $12.39 |

| Statement of Operations                                                     |
|-----------------------------------------------------------------------------|
| Period ended May 31, 2015                                                   |
|                                                                        |
| Investment income                                                           |
| Dividends (net of foreign tax of $3,611)                                    | $54,149 |
| Interest income                                                             | 50,684 |
| Gross investment income                                                     | 104,833 |
| Expenses                                                                    |
| Investment adviser fees                                                     | 22,133 |
| Distribution fees                                                           | 11,059 |
| Filing and registration fees                                                | 9,509 |
| Audit fees                                                                  | 2,548 |
| Chief Compliance Officer expenses                                           | 1,045 |
| Printing and postage                                                        | 1,004 |
| Retirement plan custodial fees                                              | 1,003 |
| Trustee fees                                                                | 687 |
| Other expenses                                                              | 401 |
| Custodian fees                                                              | 228 |
| Legal fees                                                                  | 132 |
| Total gross expenses                                                        | 49,749 |
| Less custodian fee credits                                                  | (228) |
| Net expenses                                                                | 49,521 |
| Net investment income                                                       | $55,312 |
|                                                                        |
|                                                                        |
| Net realized gain from investments and foreign currency                     | $185,066 |
| Net decrease in unrealized appreciation on investments and foreign currency | (259,003) |
| Net loss on investments                                                     | $(73,937) |
|                                                                        |
| Net decrease in net assets resulting from operations                        | $(18,625) |

| 22 | May 31, 2015         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, 2015 | Year ended Nov. 30, 2014 |
|------------------------------------------------------|---------------------------|--------------------------|
| Increase (decrease) in net assets from operations    |
| From operations                                      |
| Net investment income                                | $55,312                   | $144,649                 |
| Net realized gain on investments                     | 185,066                   | 262,043                  |
| Net increase (decrease) in unrealized appreciation   | (259,003)                 | 191,151                  |
| Net increase (decrease) in net assets                | (18,625)                  | 597,843                  |
| Distributions to shareowners from                    |
| Net investment income                                | -                         | (144,495)                |
| Capital gains                                        | -                         | (86,744)                 |
| Total distributions                                  | -                         | (231,239)                |
| Capital share transactions                           |
| Proceeds from sales of shares                        | 902,526                   | 1,821,837                |
| Value of shares issued in reinvestment of dividends  | -                         | 231,239                  |
| Cost of shares redeemed                              | (601,782)                 | (723,651)                |
| Net increase in net assets                           | 300,744                   | 1,329,425                |
| Total increase in net assets                         | 282,119                   | 1,696,029                |
|                                                 |
| Net assets                                           |
| Beginning of period                                  | 8,655,957                 | 6,959,928                |
| End of period                                        | 8,938,076                 | 8,655,957                |
|                                                 |
| Undistributed net investment income                  | $55,312                   | $-                       |
|                                                 |
| Shares of the Fund sold and redeemed                 |
| Number of shares sold                                | 74,403                    | 146,027                  |
| Number of shares issued in reinvestment of dividends | -                         | 18,603                   |
| Number of shares redeemed                            | (48,340)                  | (58,902)                 |
| Net increase in number of shares outstanding         | 25,063                    | 105,728                  |

| Financial Highlights                                                            |
|---------------------------------------------------------------------------------|
| Selected data per share of outstanding capital stock throughouteach period:     | Period ended | For year ended Nov. 30, |
| May 31, 2015                                                                    | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net asset value at beginning of period                                          | $12.43 | $11.78 | $10.81 | $10.35 | $10.06 | $9.58 |
| Income from investment operations                                               |
| Net investment income                                                           | 0.08 | 0.21 | 0.20 | 0.14 | 0.15 | 0.16 |
| Net gain (loss) on securities (both realized and unrealized)                    | (0.12) | 0.78 | 0.98 | 0.46 | 0.29 | 0.48 |
| Total from investment operations                                                | (0.04) | 0.99 | 1.18 | 0.60 | 0.44 | 0.64 |
| Less distributions                                                              |
| Dividends (from net investment income)                                          | - | (0.21) | (0.21) | (0.14) | (0.15) | (0.16) |
| Distributions (from capital gains)                                              | - | (0.13) | - | - | - | - |
| Total distributions                                                             | - | (0.34) | (0.21) | (0.14) | (0.15) | (0.16) |
| Paid-in capital from early redemption fees                                      | n/a | n/a | - | - | 0.001 | 0.001 |
|                                                                            |
| Net asset value at end of period                                                | $12.39 | $12.43 | $11.78 | $10.81 | $10.35 | $10.06 |
|                                                                            |
| Total return                                                                    | (0.32%)2 | 8.41% | 10.96% | 5.75% | 4.42% | 6.67% |
|                                                                            |
| Ratios / supplemental data                                                      |
| Net assets ($000), end of period                                                | $8,938 | $8,656 | $6,960 | $7,119 | $5,802 | $5,228 |
| Ratio of expenses to average net assets                                         |
| Before custodian fee credits                                                    | 1.12%3 | 1.17% | 1.01% | 1.32% | 1.14% | 1.21% |
| After custodian fee credits                                                     | 1.12%3 | 1.16% | 1.01% | 1.32% | 1.13% | 1.21% |
| Ratio of net investment income after custodian fee credits toaverage net assets | 1.25%3 | 1.88% | 1.68% | 1.29% | 1.56% | 1.74% |
| Portfolio turnover rate                                                         | 13% | 14% | 29% | 19% | 13% | 13% |
| 1Amount is less than $0.01 2Not annualized3Annualized                           |

| The accompanying notes are an integral part of these financial statements. | May 31, 2015         Semi-Annual Report | 23 |
|----------------------------------------------------------------------------|-------------------------------------------------------------|----|

### Sextant Global High Income Fund

Performance Summary

| Average Annual Returns as of May 31, 2015 |
|-------------------------------------------|
|                                      | 1 Year | 5 Year | 10 Year | Expense Ratio1 |
| Sextant Global High Income Fund           | -3.61% | n/a | n/a | 1.31% |
| S&P Global 1200 Index                 | 6.12% | 13.32% | 7.52% | n/a |

Growth of $10,000

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | Comparison of any mutual fund to a market index must be made bearing in mind that the index is expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services.  The graph compares $10,000 invested in the Fund on March 30, 2012 (the Fund's inception), to an identical amount invested in the S&P Global 1200 Index, a global stock market index covering nearly 70% of the world's equity markets. The graph shows that an investment in the Fund would have risen to $11,564 versus $13,473 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 27, 2015, and incorporates results for the fiscal year ended November 30, 2014, before fee waivers. The expense ratio shown in the most recent prospectus after fee waivers was 0.90%. Restated to reflect a reduction in the Advisory and Administrative Services base fee and a reduction in the maximum rate of the performance adjustment, as approved by the Board of Trustees on March 17, 2015. Please see the Statement of Additional Information for the actual amount of fees paid to the adviser for the most recent fiscal year. 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 Global High Income Fund are high income and capital preservation.

| Portfolio Diversification    |                  | Top Ten Holdings |
|------------------------------|-----------------------|------------------|
| % of Total Net Assets        | % of Total Net Assets |
| Sectors                      | Equity                | Fixed Income     | CNOOC ADR | 2.7% |
| Communications               | 5.7%                  | n/a              | BASF ADR | 2.6% |
| Consumer Discretionary       | 2.4%                  | 10.0%            | Goodrich Petroleum 8.875% due 03/15/2019 | 2.4% |
| Consumer Staples             | n/a                   | 6.9%             | Rent-A-Center 6.625% due 11/15/2020 | 2.4% |
| Energy                       | 8.3%                  | 6.7%             | Microchip Technology | 2.4% |
| Financials                   | 8.0%                  | n/a              | Novartis ADS | 2.4% |
| Foreign Government           | n/a                   | 6.2%             | San Miguel 4.875% due 04/26/2023 | 2.4% |
| Health Care                  | 4.0%                  | n/a              | Grupo Bimbo 4.875% due 06/27/2044 | 2.3% |
| Industrials                  | 3.8%                  | n/a              | Total ADS | 2.3% |
| Materials                    | 10.1%                 | 3.1%             | Royal Dutch Shell ADS | 2.2% |
| Municipal General Obligation | n/a                   | 2.1%             |   |
| Municipal Revenue            | n/a                   | 2.7%             |
| Technology                   | 2.4%                  | 3.2%             |
| Utilities                    | 3.5%                  | 1.5%             |
| Total                        | 48.2%                 | 42.4%            |

| Asset Allocation     |
|----------------------|
|                 |
| Equity Securities    | 48.2% |     |  |
| Fixed Income         | 42.4% |     |
| Cash and Equivalents | 9.4% |     |
|                 |   |   |

Weightings are shown as a percentage of total net assets.

| 24 | May 31, 2015         Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|-------------------------------------------------------------|----------------------------------------------------------------------------|

### Sextant Global High Income Fund

Schedule of Investments

| Common Stocks — 48.2%                   | Number of Shares | Cost     | Market Value | Country1       | Percentage of Assets |
|-----------------------------------------------|------------------|----------|--------------|----------------|----------------------|
|                                          |
| Communications                                |             |
|                                          |
| Telecom Carriers                              |
|     Orange ADS                      | 10,000           | $147,658 | $157,500     | France         | 1.9%                 |
|     SK Telecom ADS                  | 6,200            | 82,085   | 151,528      | South Korea    | 1.9%                 |
|     Telenor                         | 7,000            | 148,285  | 157,945      | Norway         | 1.9%                 |
|                                          |
|                                          | 378,028          | 466,973  |         | 5.7%           |
|                                          |
| Consumer Discretionary                        |             |
|                                          |
| Lodging                                       |
|     Whistler Blackcomb Holdings     | 7,000            | 75,630   | 109,762      | Canada         | 1.3%                 |
|                                          |
| Specialty Apparel Stores                      |
|     Reitmans (Canada) A             | 17,400           | 101,656  | 88,987       | Canada         | 1.1%                 |
|                                          |
|                                          | 177,286          | 198,749  |         | 2.4%           |
|                                          |
| Energy                                        |             |
|                                          |
| Exploration & Production                  |
|     CNOOC ADR                       | 1,400            | 226,082  | 218,400      | China          | 2.7%                 |
|                                          |
| Integrated Oils                               |
|     Royal Dutch Shell ADS           | 3,000            | 200,418  | 179,160      | United Kingdom | 2.2%                 |
|     Statoil ADS                     | 5,000            | 94,050   | 92,900       | Norway         | 1.1%                 |
|     Total ADS                       | 3,800            | 202,606  | 191,862      | France         | 2.3%                 |
|                                          | 497,074          | 463,922  |         | 5.6%           |
|                                          |
|                                          | 723,156          | 682,322  |         | 8.3%           |
|                                          |
| Financials                                    |             |
|                                          |
| Banks                                         |
|     NY Community Bancorp            | 10,000           | 140,504  | 177,400      | United States  | 2.2%                 |
|                                          |
| Diversified Banks                             |
|     Banco Santander ADS             | 24,000           | 213,569  | 170,400      | Spain          | 2.1%                 |
|     Itau Unibanco Holding ADS       | 15,000           | 183,221  | 160,500      | Brazil         | 1.9%                 |
|                                          | 396,790          | 330,900  |         | 4.0%           |
|                                          |
| Investment Companies                          |
|     Groupe Bruxelles Lambert        | 1,800            | 145,287  | 149,366      | Belgium        | 1.8%                 |
|                                          |
|                                          | 682,581          | 657,666  |         | 8.0%           |
|                                          |
| Health Care                                   |             |
|                                          |
| Large Pharma                                  |
|     GlaxoSmithKline ADS             | 3,100            | 143,250  | 137,547      | United Kingdom | 1.6%                 |
|     Novartis ADS                    | 1,900            | 110,053  | 195,187      | Switzerland    | 2.4%                 |
|                                          |
|                                          | 253,303          | 332,734  |         | 4.0%           |
|                                          |
| Industrials                                   |             |
|                                          |
| Infrastructure Construction                   |
|     Hopewell Highway Infrastructure | 325,000          | 168,010  | 161,276      | China          | 2.0%                 |
|     CCR                             | 30,000           | 174,956  | 147,820      | Brazil         | 1.8%                 |
|                                          |
|                                          | 342,966          | 309,096  |         | 3.8%           |
|                                          |
| Continued on next page.                       |

| The accompanying notes are an integral part of these financial statements. | May 31, 2015         Semi-Annual Report | 25 |
|----------------------------------------------------------------------------|-------------------------------------------------------------|----|

### Sextant Global High Income Fund

Schedule of Investments

| Common Stocks — 48.2%                | Number of Shares | Cost       | Market Value | Country1       | Percentage of Assets |
|--------------------------------------------|------------------|------------|--------------|----------------|----------------------|
|                                       |
| Materials                                  |             |
|                                       |
| Agricultural Chemicals                     |
|     Potash Corp of Saskatchewan  | 5,000            | $161,973   | $157,400     | Canada         | 1.9%                 |
|                                       |
| Base Metals                                |
|     South 322               | 1,000            | 7,597      | 8,270        | Australia      | 0.1%                 |
|                                       |
| Basic & Diversified Chemicals          |
|     BASF ADR                     | 2,300            | 211,704    | 213,417      | Germany        | 2.6%                 |
|     Braskem ADS                  | 22,000           | 182,241    | 178,640      | Brazil         | 2.2%                 |
|                                       | 393,945          | 392,057    |         | 4.8%           |
|                                       |
| Steel Raw Material Suppliers               |
|     Anglo American ADR           | 21,000           | 166,008    | 164,220      | United Kingdom | 2.0%                 |
|     BHP Billiton                 | 2,500            | 106,828    | 111,575      | Australia      | 1.3%                 |
|                                       | 272,836          | 275,795    |         | 3.3%           |
|                                       |
|                                       | 836,351          | 833,522    |         | 10.1%          |
|                                       |
| Technology                                 |             |
|                                       |
| Semiconductor Devices                      |
|     Microchip Technology         | 4,000            | 136,113    | 196,520      | United States  | 2.4%                 |
|                                       |
|                                       | 136,113          | 196,520    |         | 2.4%           |
|                                       |
| Utilities                                  |             |
|                                       |
| Electric & Gas Marketing & Trading |
|     E.ON ADR                     | 8,000            | 166,128    | 117,520      | Germany        | 1.4%                 |
|                                       |
| Power Generation                           |
|     GDF Suez ADR                 | 8,500            | 207,215    | 172,635      | France         | 2.1%                 |
|                                       |
|                                       | 373,343          | 290,155    |         | 3.5%           |
|                                       |
| Total Common Stocks                        | $3,903,127       | $3,967,737 |         | 48.2%          |

| Corporate Bonds — 31.4%       | Coupon / Maturity     | Face Amount | Market Value | Country1      | Percentage of Assets |
|-------------------------------------|-----------------------|-------------|--------------|---------------|----------------------|
|                                |
| Consumer Discretionary              |                  |
|                                |
|     ADT                   | 4.125% due 06/15/2023 | $150,000    | $140,625     | United States | 1.7%                 |
|     Best Buy              | 3.75% due 03/15/2016  | 62,000      | 63,085       | United States | 0.8%                 |
|     GAP                   | 5.95% due 04/12/2021  | 100,000     | 115,045      | United States | 1.4%                 |
|     Hanesbrands           | 6.375% due 12/15/2020 | 150,000     | 158,813      | United States | 1.9%                 |
|     Rent-A-Center         | 6.625% due 11/15/2020 | 200,000     | 198,000      | United States | 2.4%                 |
|     Toys R Us Property II | 8.50% due 12/01/2017  | 150,000     | 151,125      | United States | 1.8%                 |
|                                |
|                                | 812,000               | 826,693     |         | 10.0%         |
|                                |
| Consumer Staples                    |                  |
|                                |
|     Elizabeth Arden       | 7.375% due 03/15/2021 | 47,000      | 39,656       | United States | 0.5%                 |
|     Grupo Bimbo           | 4.875% due 06/27/2044 | 200,000     | 193,546      | Mexico        | 2.3%                 |
|     Refresco Group        | 7.375% due 05/15/2018 | 125,000     | 141,921      | Netherlands   | 1.7%                 |
|     San Miguel            | 4.875% due 04/26/2023 | 200,000     | 194,000      | Philippines   | 2.4%                 |
|                                |
|                                | 572,000               | 569,123     |         | 6.9%          |
|                                |
| Continued on next page.             |

| 26 | May 31, 2015         Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|-------------------------------------------------------------|----------------------------------------------------------------------------|

### Sextant Global High Income Fund

Schedule of Investments

| Corporate Bonds — 31.4%                 | Coupon / Maturity     | Face Amount   | Market Value | Country1      | Percentage of Assets |
|-----------------------------------------------|-----------------------|---------------|--------------|---------------|----------------------|
|                                          |
| Energy                                        |                  |
|                                          |
|     Chesapeake Midstream Partners   | 6.125% due 07/15/2020 | $125,000      | $134,531     | United States | 1.6%                 |
|     Goodrich Petroleum              | 8.875% due 03/15/2019 | 400,000       | 200,000      | United States | 2.4%                 |
|     Petrobras International Finance | 6.875% due 01/20/2040 | 50,000        | 47,000       | Brazil        | 0.6%                 |
|     Petrobras International Finance | 6.75% due 07/27/2041  | 80,000        | 74,843       | Brazil        | 0.9%                 |
|     Star Gas Partners               | 8.875% due 12/01/2017 | 93,000        | 97,359       | United States | 1.2%                 |
|                                          |
|                                          | 748,000               | 553,733       |         | 6.7%          |
|                                          |
| Materials                                     |                  |
|                                          |
|     Allegheny Technologies          | 5.875% due 05/15/2023 | 150,000       | 156,746      | United States | 1.9%                 |
|     AngloGold Ashanti Holdings      | 5.375% due 04/15/2020 | 100,000       | 101,642      | South Africa  | 1.2%                 |
|                                          |
|                                          | 250,000               | 258,388       |         | 3.1%          |
|                                          |
| Technology                                    |                  |
|                                          |
|     Amkor Technology                | 7.375% due 05/01/2018 | 150,000       | 153,000      | United States | 1.9%                 |
|     Hewlett Packard                 | 4.65% due 12/09/2021  | 100,000       | 107,862      | United States | 1.3%                 |
|                                          |
|                                          | 250,000               | 260,862       |         | 3.2%          |
|                                          |
| Utilities                                     |                  |
|                                          |
|     Iberdrola International         | 5.75% due 02/27/2049  | 100,000       | 120,264      | Spain         | 1.5%                 |
|                                          |
|                                          | 100,000               | 120,264       |         | 1.5%          |
|                                          |
| Total Corporate Bonds                         | 2,732,000             | 2,589,063     |         | 31.4%         |
|                                          |
| Government Bonds — 6.2%                 | Coupon / Maturity     | Face Amount   | Market Value | Country1      | Percentage of Assets |
|                                          |
| Foreign Government Bonds                      |                  |
|                                          |
|     Colombia Republic               | 8.375% due 02/15/2027 | $125,000      | 157,500      | Colombia      | 1.9%                 |
|     Mexico Bonos Desarrollo         | 6.50% due 06/10/2021  | MXN 2,000,000 | 135,374      | Mexico        | 1.6%                 |
|     Republic of South Africa        | 8.25% due 09/15/2017  | ZAR 900,000   | 75,777       | South Africa  | 0.9%                 |
|     Ukraine Government              | 9.25% due 07/24/2017  | $300,000      | 142,950      | Ukraine       | 1.8%                 |
|                                          |
|                                          | 511,601               |          | 6.2%         |
|                                          |
| Municipal Bonds — 4.8%                  | Coupon / Maturity     | Face Amount   | Market Value | Country1      | Percentage of Assets |
|                                          |
| General Obligation                            |                  |
|                                          |
|     Puerto Rico Commonwealth        | 4.00% due 07/01/2021  | 130,000       | 95,248       | Puerto Rico   | 1.2%                 |
|     Puerto Rico Commonwealth        | 4.125% due 07/01/2022 | 110,000       | 80,729       | Puerto Rico   | 0.9%                 |
|                                          |
|                                          | 240,000               | 175,977       |         | 2.1%          |
|                                          |
| Continued on next page.                       |

| The accompanying notes are an integral part of these financial statements. | May 31, 2015         Semi-Annual Report | 27 |
|----------------------------------------------------------------------------|-------------------------------------------------------------|----|

### Sextant Global High Income Fund

Schedule of Investments

| Municipal Bonds — 4.8%                                                                                                                                                  | Coupon / Maturity     | Face Amount | Market Value | Country1      | Percentage of Assets |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------|-------------|--------------|---------------|----------------------|
|                                                                                                                                                                          |
| Revenue                                                                                                                                                                       |                  |
|                                                                                                                                                                          |
|     Colony TX Local Development                                                                                                                                     | 7.00% due 10/01/2027  | $100,000    | $104,049     | United States | 1.3%                 |
|     Colony TX Local Development3                                                                                                                               | 7.625% due 10/01/2042 | 50,000      | 49,114       | United States | 0.6%                 |
|     Puerto Rico Aqueduct & Sewer3                                                                                                                          | 5.00% due 07/01/2019  | 85,000      | 65,259       | Puerto Rico   | 0.8%                 |
|                                                                                                                                                                          |
|                                                                                                                                                                          | 235,000               | 218,422     |         | 2.7%          |
|                                                                                                                                                                          |
| Total Municipal Bonds                                                                                                                                                         | 475,000               | 394,399     |         | 4.8%          |
| Total investments                                                                                                                                                             | (Cost = $7,522,941)   | 7,462,800   | 90.6%        |
| Other assets (net of liabilities)                                                                                                                                             | 778,028               | 9.4%        |
| Total net assets                                                                                                                                                              | $8,240,828            | 100.0%      |
| 1Country of domicile2Non-income producing3Indicates an odd lot. Please refer to page 47 for more information.

ADS: American Depositary ShareADR: American Depositary Receipt |

| Bond Quality Diversification |
|------------------------------|
|                         |
| Rated "A3"         | 1.6% |     |  |
| Rated "Baa1"       | 1.3% |     |
| Rated "Baa2"       | 5.2% |     |
| Rated "Baa3"       | 4.1% |     |
| Rated "Ba1"        | 1.9% |     |
| Rated "Ba2"        | 5.1% |     |
| Rated "Ba3"        | 1.8% |     |
| Rated "B1"         | 4.1% |     |
| Rated "B2"         | 3.1% |     |
| Rated "B3"         | 0.5% |     |
| Rated "Caa2"       | 5.3% |     |
| Rated "Ca"         | 1.8% |     |
| Unrated                      | 6.6% |     |
| Cash and equivalents         | 9.4% |     |

Based on total net assets as of May 31, 2015.

Source: Moody's Investors Services.

| 28 | May 31, 2015         Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|-------------------------------------------------------------|----------------------------------------------------------------------------|

### Sextant Global High Income Fund

| Countries |
|-----------|
|      |
|           |

| The accompanying notes are an integral part of these financial statements. | May 31, 2015         Semi-Annual Report | 29 |
|----------------------------------------------------------------------------|-------------------------------------------------------------|----|

### Sextant Global High Income Fund

| Statement of Assets and Liabilities                              |
|------------------------------------------------------------------|
| As of May 31, 2015                                               |
|                                                             |
| Assets                                                           |
| Investments in securities, at value (Cost $7,522,941)            | $7,462,800 |
| Cash                                                             | 690,266 |
| Dividends and interest receivable                                | 88,104 |
| Receivable for Fund shares sold                                  | 2,108 |
| Prepaid expenses                                                 | 2,070 |
| Total assets                                                     | 8,245,348 |
| Liabilities                                                      |
| Payable to affiliates                                            | 3,890 |
| Accrued distribution fee                                         | 630 |
| Total liabilities                                                | 4,520 |
| Net assets                                                       | $8,240,828 |
|                                                             |
| Analysis of net assets                                           |
| Paid-in capital (unlimited shares authorized, without par value) | $8,095,115 |
| Undistributed net investment income                              | 190,087 |
| Accumulated net realized gain                                    | 16,043 |
| Unrealized net depreciation on investments                       | (60,417) |
| Net assets applicable to Fund shares outstanding                 | $8,240,828 |
|                                                             |
| Fund shares outstanding                                          | 787,394 |
|                                                             |
| Net asset value, offering, and redemption price per share        | $10.47 |

| Statement of Operations                                                     |
|-----------------------------------------------------------------------------|
| Year ended May 31, 2015                                                     |
|                                                                        |
| Investment income                                                           |
| Interest income                                                             | $141,063 |
| Dividends (net of foreign tax of $14,168)                                   | 85,237 |
| Gross investment income                                                     | 226,300 |
| Expenses                                                                    |
| Investment adviser fees                                                     | 21,447 |
| Distribution fees                                                           | 10,133 |
| Filing and registration fees                                                | 9,753 |
| Audit fees                                                                  | 2,558 |
| Chief Compliance Officer expenses                                           | 961 |
| Printing and postage                                                        | 730 |
| Trustee fees                                                                | 453 |
| Retirement plan custodial fees                                              | 404 |
| Custodian fees                                                              | 364 |
| Other expenses                                                              | 303 |
| Legal fees                                                                  | 62 |
| Total gross expenses                                                        | 47,168 |
| Less adviser fees waived                                                    | (10,591) |
| Less custodian fee credits                                                  | (364) |
| Net expenses                                                                | 36,213 |
| Net investment income                                                       | $190,087 |
|                                                                        |
|                                                                        |
| Net realized gain from investments and foreign currency                     | $84,472 |
| Net decrease in unrealized appreciation on investments and foreign currency | (347,203) |
| Net loss on investments                                                     | $(262,731) |
|                                                                        |
| Net decrease in net assets resulting from operations                        | $(72,644) |

| 30 | May 31, 2015         Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|-------------------------------------------------------------|----------------------------------------------------------------------------|

### Sextant Global High Income Fund

| Statements of Changes in Net Assets                  | Period ended May 31, 2015 | Year ended Nov. 30, 2014 |
|------------------------------------------------------|---------------------------|--------------------------|
| Increase (decrease) in net assets from operations    |
| From operations                                      |
| Net investment income                                | $190,087                  | $336,435                 |
| Net realized gain on investments                     | 84,472                    | 977                      |
| Net decrease in unrealized appreciation              | (347,203)                 | (68,514)                 |
| Net increase (decrease) in net assets                | (72,644)                  | 268,898                  |
| Distributions to shareowners from                    |
| Net investment income                                | -                         | (343,597)                |
| Capital share transactions                           |
| Proceeds from sales of shares                        | 1,218,621                 | 1,935,966                |
| Value of shares issued in reinvestment of dividends  | -                         | 340,179                  |
| Cost of shares redeemed                              | (612,290)                 | (882,337)                |
| Net increase in net assets                           | 606,331                   | 1,393,808                |
| Total increase in net assets                         | 533,687                   | 1,319,109                |
|                                                 |
| Net assets                                           |
| Beginning of period                                  | 7,707,141                 | 6,388,032                |
| End of period                                        | 8,240,828                 | 7,707,141                |
|                                                 |
| Undistributed net investment income                  | $190,087                  | $-                       |
|                                                 |
| Shares of the Fund sold and redeemed                 |
| Number of shares sold                                | 116,754                   | 171,355                  |
| Number of shares issued in reinvestment of dividends | -                         | 32,244                   |
| Number of shares redeemed                            | (58,595)                  | (82,125)                 |
| Net increase in number of shares outstanding         | 58,159                    | 121,474                  |

| Financial Highlights                                                             | Period ended | Year ended Nov. 30 | Period ended1 |
|----------------------------------------------------------------------------------|--------------|--------------------|---------------|
| Selected data per share of outstanding capital stock throughout the period:      | May 31, 2015 | 2014               | 2013          | Nov. 30, 2012 |
| Net asset value at beginning of year                                             | $10.57       | $10.51             | $9.90         | $10.00 |
| Income from investment operations                                                |
| Net investment income                                                            | 0.24         | 0.48               | 0.37          | 0.18 |
| Net gain (loss) on securities (both realized and unrealized)                     | (0.34)       | 0.07               | 0.63          | (0.10) |
| Total from investment operations                                                 | (0.10)       | 0.55               | 1.00          | 0.08 |
| Less distributions                                                               |
| Dividends (from net investment income)                                           | -            | (0.49)             | (0.39)        | (0.18) |
| Total distributions                                                              | -            | (0.49)             | (0.39)        | (0.18) |
|                                                                             |
| Net asset value at end of period                                                 | $10.47       | $10.57             | $10.51        | $9.90 |
|                                                                             |
| Total return                                                                     | (0.76%)2     | 5.27%              | 10.06%        | 0.76%2 |
|                                                                             |
| Ratios / supplemental data                                                       |
| Net assets ($000), end of period                                                 | $8,241       | $7,707             | $6,388        | $4,730 |
| Ratio of expenses to average net assets                                          |
| Before fee waivers                                                               | 1.16%3       | 1.41%              | 1.25%         | 1.22%3 |
| After fee waivers                                                                | 0.90%3       | 0.91%              | 0.91%         | 0.90%3 |
| After fee waivers and custodian fee credits                                      | 0.89%3       | 0.90%              | 0.90%         | 0.90%3 |
| Ratio of net investment income after custodian fee credits to average net assets | 4.69%3       | 4.75%              | 3.87%         | 3.03%3 |
| Portfolio turnover rate                                                          | 16%          | 11%                | 23%           | 32%2 |
| 1 Operations commenced March 30, 20122 Not annualized3 Annualized                |

| The accompanying notes are an integral part of these financial statements. | May 31, 2015         Semi-Annual Report | 31 |
|----------------------------------------------------------------------------|-------------------------------------------------------------|----|

### Sextant Growth Fund

Performance Summary

Average Annual Returns as of May 31, 2015

|                | 1 Year | 5 Year | 10 Year | Expense Ratio1 |
|---------------------|--------|--------|---------|----------------|
| Sextant Growth Fund | 10.28% | 13.19% | 8.26%   | 0.96%          |
| S&P 500 Index   | 11.81% | 16.52% | 8.12%   | n/a            |

Growth of $10,000

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | Comparison of any mutual fund to a market index must be made bearing in mind that the index is expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on May 31, 2005, to an identical amount invested in the S&P 500 Index, an index comprised of 500 widely held common stocks considered to be representative of the US stock market in general. The graph shows that an investment in the Fund would have risen to $22,107 versus $21,830 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 27, 2015, and incorporates results for the fiscal year ended November 30, 2014. Restated to reflect a reduction in the Advisory and Administrative Services base fee and a reduction in the maximum rate of the performance adjustment, as approved by the Board of Trustees on March 17, 2015. Please see the Statement of Additional Information for the actual amount of fees paid to the adviser for the most recent fiscal year. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods. |

Fund Objective

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

| Top Ten Holdings          |                  | Portfolio Diversification |
|---------------------------|-----------------------|---------------------------|
| % of Total Net Assets     | % of Total Net Assets |                      |
| Apple                     | 3.8%                  | Biotech                   | 6.8% |     |  |
| Facebook                  | 3.3%                  | Communications Equipment  | 6.4% |     |
| Ashland                   | 3.0%                  | Auto Parts                | 5.8% |     |
| BlackRock                 | 3.0%                  | Investment Management     | 5.0% |     |
| FLEETCOR Technologies     | 3.0%                  | Internet Media            | 4.7% |     |
| Delta Air Lines           | 2.6%                  | Consumer Finance          | 4.5% |     |
| Johnson Controls          | 2.3%                  | Airlines                  | 4.0% |     |
| TJX Companies             | 2.3%                  | Life Science Equipment    | 3.5% |     |
| F5 Networks               | 2.2%                  | Specialty Chemicals       | 3.0% |     |
| Fastenal                  | 2.2%                  | Application Software      | 3.0% |     |
|                      | Semiconductor Devices | 2.8%                      |     |
| Infrastructure Software   | 2.7%                  |                 |
| Other industries <2.5% | 40.1%                 |                 |
| Cash and equivalents      | 7.7%                  |                 |

Weightings are shown as a percentage of total net assets.

| 32 | May 31, 2015        Semi-Annual Report |
|----|------------------------------------------------------------|

### Sextant Growth Fund

| Schedule of Investments                  |
|------------------------------------------|
| Common Stocks — 92.3%              | Number of Shares | Cost | Market Value | Percentage of Assets |
|                                     |
| Communications                           |   |
|                                     |
| Entertainment Content                    |
|     Walt Disney                | 3,116 | $344,540 | $343,913 | 0.5% |
|                                     |
| Internet Media                           |
|     Facebook1                  | 27,879 | 1,822,751 | 2,207,738 | 3.3% |
|     Google A1                  | 1,240 | 636,727 | 676,197 | 1.0% |
|     Google C1                  | 586 | 281,859 | 311,816 | 0.4% |
|                                     | 2,741,337 | 3,195,751 | 4.7% |
|                                     |
|                                     | 3,085,877 | 3,539,664 | 5.2% |
|                                     |
| Consumer Discretionary                   |   |
|                                     |
| Airlines                                 |
|     Alaska Air                 | 15,250 | 266,289 | 985,760 | 1.4% |
|     Delta Air Lines            | 41,203 | 471,573 | 1,768,433 | 2.6% |
|                                     | 737,862 | 2,754,193 | 4.0% |
|                                     |
| Apparel, Footwear & Accessory Design |
|     Nike                       | 3,300 | 344,976 | 335,511 | 0.5% |
|     Under Armour1              | 13,243 | 1,027,593 | 1,038,384 | 1.5% |
|                                     | 1,372,569 | 1,373,895 | 2.0% |
|                                     |
| Auto Parts                               |
|     BorgWarner Automotive      | 22,390 | 1,220,701 | 1,346,759 | 2.0% |
|     Harman International       | 8,280 | 1,023,755 | 997,906 | 1.5% |
|     Johnson Controls           | 30,284 | 1,511,970 | 1,575,374 | 2.3% |
|                                     | 3,756,426 | 3,920,039 | 5.8% |
|                                     |
| Automobiles                              |
|     Ford Motor                 | 43,010 | 570,891 | 652,462 | 1.0% |
|                                     |
| E-Commerce Discretionary                 |
|     Amazon.com1                | 1,125 | 36,349 | 482,884 | 0.7% |
|     eBay1                      | 8,188 | 422,560 | 502,416 | 0.7% |
|                                     | 458,909 | 985,300 | 1.4% |
|                                     |
| Home & Office Product Wholesalers    |
|     Fastenal                   | 35,846 | 1,514,361 | 1,487,967 | 2.2% |
|                                     |
| Home Improvement                         |
|     Stanley Black & Decker | 4,984 | 380,802 | 510,561 | 0.7% |
|                                     |
| Home Products Stores                     |
|     Lowe's                | 17,581 | 475,334 | 1,230,318 | 1.8% |
|                                     |
| Other Commercial Services                |
|     Ecolab                     | 2,987 | 345,054 | 342,460 | 0.5% |
|                                     |
| Recreational Vehicles                    |
|     Polaris Industries         | 4,716 | 679,161 | 674,624 | 1.0% |
|                                     |
| Restaurants                              |
|     Starbucks                  | 20,376 | 889,152 | 1,058,737 | 1.6% |
|                                     |
| Specialty Apparel Stores                 |
|     TJX Companies              | 23,847 | 1,548,222 | 1,535,270 | 2.3% |
|                                     |
| Sporting Goods Stores                    |
|     Cabela's1             | 6,642 | 345,562 | 338,742 | 0.5% |
|                                     |
|                                     | 13,074,305 | 16,864,568 | 24.8% |
|                                     |
| Continued on next page.                  |

| The accompanying notes are an integral part of these financial statements. | May 31, 2015         Semi-Annual Report | 33 |
|----------------------------------------------------------------------------|-------------------------------------------------------------|----|

### Sextant Growth Fund

| Schedule of Investments              |
|--------------------------------------|
| Common Stocks — 92.3%          | Number of Shares | Cost | Market Value | Percentage of Assets |
|                                 |
| Consumer Staples                     |   |
|                                 |
| Food & Drug Stores               |
|     CVS Health             | 11,186 | $418,376 | $1,145,223 | 1.7% |
|                                 |
| Household Products                   |
|     Church & Dwight    | 4,088 | 345,230 | 343,269 | 0.5% |
|                                 |
| Mass Merchants                       |
|     Costco Wholesale       | 4,796 | 595,788 | 683,862 | 1.0% |
|                                 |
| Packaged Food                        |
|     Hain Celestial Group1  | 15,384 | 716,973 | 973,346 | 1.4% |
|     Mead Johnson Nutrition | 1,211 | 93,247 | 117,830 | 0.2% |
|                                 | 810,220 | 1,091,176 | 1.6% |
|                                 |
|                                 | 2,169,614 | 3,263,530 | 4.8% |
|                                 |
| Energy                               |   |
|                                 |
| Oil & Gas Services & Equip   |
|     National Oilwell Varco | 27,509 | 1,439,789 | 1,353,168 | 2.0% |
|                                 |
|                                 | 1,439,789 | 1,353,168 | 2.0% |
|                                 |
| Financials                           |   |
|                                 |
| Banks                                |
|     Signature Bank1        | 4,859 | 680,664 | 678,559 | 1.0% |
|     SVB Financial Group1   | 5,138 | 680,578 | 693,168 | 1.0% |
|                                 | 1,361,242 | 1,371,727 | 2.0% |
|                                 |
| Consumer Finance                     |
|     FLEETCOR Technologies1 | 13,379 | 1,933,099 | 2,035,481 | 3.0% |
|     Mastercard, A          | 11,147 | 1,018,603 | 1,028,422 | 1.5% |
|                                 | 2,951,702 | 3,063,903 | 4.5% |
|                                 |
| Investment Management                |
|     BlackRock              | 5,625 | 1,895,115 | 2,057,513 | 3.0% |
|     Invesco                | 33,992 | 1,141,555 | 1,353,901 | 2.0% |
|                                 | 3,036,670 | 3,411,414 | 5.0% |
|                                 |
| REIT                                 |
|     Health Care Property   | 12,114 | 866,751 | 851,130 | 1.3% |
|                                 |
|                                 | 8,216,365 | 8,698,174 | 12.8% |
|                                 |
| Health Care                          |   |
|                                 |
| Biotech                              |
|     Amgen                  | 5,267 | 555,197 | 823,021 | 1.2% |
|     Biogen1                | 2,599 | 1,085,993 | 1,031,777 | 1.5% |
|     Gilead Sciences1       | 12,998 | 1,309,347 | 1,459,285 | 2.1% |
|     Medivation1            | 10,326 | 871,072 | 1,363,548 | 2.0% |
|                                 | 3,821,609 | 4,677,631 | 6.8% |
|                                 |
| Health Care Supply Chain             |
|     Express Scripts1       | 11,858 | 851,657 | 1,033,306 | 1.5% |
|                                 |
| Large Pharma                         |
|     Johnson & Johnson  | 10,000 | 642,017 | 1,001,400 | 1.5% |
|                                 |
| Continued on next page.              |

| 34 | May 31, 2015         Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|-------------------------------------------------------------|----------------------------------------------------------------------------|

### Sextant Growth Fund

| Schedule of Investments                                       |
|---------------------------------------------------------------|
| Common Stocks — 92.3%                                   | Number of Shares | Cost | Market Value | Percentage of Assets |
|                                                          |
| **Health Care***(continued)*                                  |   |
|                                                          |
| Life Science Equipment                                        |
|     Abbott Laboratories                             | 20,799 | $646,854 | $1,010,831 | 1.5% |
|     Agilent Technologies                            | 16,313 | 376,948 | 671,932 | 1.0% |
|     Keysight Technologies1                          | 20,902 | 582,617 | 686,840 | 1.0% |
|                                                          | 1,606,419 | 2,369,603 | 3.5% |
|                                                          |
| Specialty Pharma                                              |
|     Akorn1                                          | 8,454 | 347,434 | 388,039 | 0.6% |
|                                                          |
|                                                          | 7,269,136 | 9,469,979 | 13.9% |
|                                                          |
| Industrials                                                   |   |
|                                                          |
| Aircraft & Parts                                          |
|     Boeing                                          | 7,028 | 644,566 | 987,575 | 1.4% |
|                                                          |
| Building Sub Contractors                                      |
|     EMCOR                                           | 29,758 | 1,280,634 | 1,350,120 | 2.0% |
|                                                          |
| Commercial & Residential Building Equipment & Systems |
|     Honeywell International                         | 14,090 | 747,294 | 1,468,178 | 2.2% |
|                                                          |
| Courier Services                                              |
|     United Parcel Service                           | 2,500 | 144,459 | 248,050 | 0.4% |
|                                                          |
| Engine & Transmission                                     |
|     Power Solutions International1                  | 17,041 | 966,045 | 937,255 | 1.4% |
|                                                          |
| Industrial Machinery                                          |
|     Middleby1                                       | 6,202 | 516,257 | 674,157 | 1.0% |
|                                                          |
| Pollution Control Equipment                                   |
|     Hudson Technologies1                            | 24,853 | 66,535 | 99,163 | 0.1% |
|                                                          |
| Rail Freight                                                  |
|     Union Pacific                                   | 9,180 | 485,782 | 926,354 | 1.4% |
|                                                          |
|                                                          | 4,851,572 | 6,690,852 | 9.9% |
|                                                          |
| Materials                                                     |   |
|                                                          |
| Specialty Chemicals                                           |
|     Ashland                                         | 16,123 | 1,784,087 | 2,054,070 | 3.0% |
|                                                          |
|                                                          | 1,784,087 | 2,054,070 | 3.0% |
|                                                          |
| Technology                                                    |   |
|                                                          |
| Application Software                                          |
|     Adobe Systems1                                  | 13,541 | 295,634 | 1,070,958 | 1.6% |
|     Intuit                                          | 9,000 | 197,624 | 937,350 | 1.4% |
|                                                          | 493,258 | 2,008,308 | 3.0% |
|                                                          |
| Communications Equipment                                      |
|     Apple                                           | 19,704 | 318,326 | 2,567,037 | 3.8% |
|     Cisco Systems                                   | 10,000 | 201,800 | 293,100 | 0.4% |
|     F5 Networks1                                    | 12,112 | 985,239 | 1,522,357 | 2.2% |
|                                                          | 1,505,365 | 4,382,494 | 6.4% |
|                                                          |
| Computer Hardware & Storage                               |
|     Western Digital                                 | 7,059 | 265,552 | 687,264 | 1.0% |
|                                                          |
| Continued on next page.                                       |

| The accompanying notes are an integral part of these financial statements. | May 31, 2015         Semi-Annual Report | 35 |
|----------------------------------------------------------------------------|-------------------------------------------------------------|----|

### Sextant Growth Fund

| Schedule of Investments            |
|------------------------------------|
| Common Stocks — 92.3%        | Number of Shares | Cost | Market Value | Percentage of Assets |
|                               |
| **Technology***(continued)*        |   |
|                               |
| Infrastructure Software            |
|     Microsoft            | 18,199 | $847,338 | $852,805 | 1.3% |
|     Oracle               | 21,921 | 417,248 | 953,344 | 1.4% |
|                               | 1,264,586 | 1,806,149 | 2.7% |
|                               |
| Semiconductor Devices              |
|     Microchip Technology | 17,834 | 751,851 | 876,184 | 1.3% |
|     Micron Technology1   | 19,248 | 530,103 | 537,597 | 0.8% |
|     Qualcomm             | 7,000 | 387,599 | 487,760 | 0.7% |
|                               | 1,669,553 | 1,901,541 | 2.8% |
|                               |
|                               | 5,198,314 | 10,785,756 | 15.9% |
|                               |
| Total investments                  | $47,089,059 | 62,719,761 | 92.3% |
| Other assets (net of liabilities)  | 5,208,883 | 7.7% |
| Total net assets                   | $67,928,644 | 100.0% |
| 1 Non-income producing security    |

| 36 | May 31, 2015         Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|-------------------------------------------------------------|----------------------------------------------------------------------------|

### Sextant Growth Fund

| Statement of Assets and Liabilities                              |
|------------------------------------------------------------------|
| As of May 31, 2015                                               |
|                                                             |
| Assets                                                           |
| Investments in securities, at value(Cost $47,089,059)            | $62,719,761 |
| Cash                                                             | 5,366,019 |
| Receivable for security sales                                    | 228,178 |
| Dividends receivable                                             | 74,524 |
| Receivable for Fund shares sold                                  | 9,730 |
| Insurance reserve premium                                        | 1,214 |
| Total assets                                                     | 68,399,426 |
| Liabilities                                                      |
| Payable for security purchases                                   | 415,309 |
| Payable to affiliates                                            | 31,092 |
| Payable for Fund shares redeemed                                 | 16,284 |
| Accrued distribution fee                                         | 5,129 |
| Accrued expenses                                                 | 2,968 |
| Total liabilities                                                | 470,782 |
| Net assets                                                       | $67,928,644 |
|                                                             |
| Analysis of net assets                                           |
| Paid-in capital (unlimited shares authorized, without par value) | $49,595,067 |
| Undistributed net investment income                              | 63,819 |
| Accumulated net realized gain                                    | 2,639,056 |
| Unrealized net appreciation on investments                       | 15,630,702 |
| Net assets applicable to Fund shares outstanding                 | $67,928,644 |
|                                                             |
| Fund shares outstanding                                          | 2,544,627 |
|                                                             |
| Net asset value, offering, and redemption price per share        | $26.69 |

| Statement of Operations                                |
|--------------------------------------------------------|
| Period ended May 31, 2015                              |
|                                                   |
| Investment income                                      |
| Dividends                                              | $285,935 |
| Miscellaneous income                                   | 35 |
| Gross investment income                                | 285,970 |
| Expenses                                               |
| Investment adviser fees                                | 153,735 |
| Distribution fees                                      | 61,102 |
| Filing and registration fees                           | 9,383 |
| Audit fees                                             | 8,675 |
| Chief Compliance Officer expenses                      | 5,374 |
| Printing and postage                                   | 3,409 |
| Trustee fees                                           | 3,359 |
| Retirement plan custodial fees                         | 3,231 |
| Other expenses                                         | 2,136 |
| Custodian fees                                         | 1,062 |
| Legal fees                                             | 640 |
| Total gross expenses                                   | 252,106 |
| Less custodian fee credits                             | (1,062) |
| Net expenses                                           | 251,044 |
| Net investment income                                  | $34,926 |
|                                                   |
|                                                   |
| Net realized gain from investments                     | $2,639,056 |
| Net decrease in unrealized appreciation on investments | (1,998,096) |
| Net gain on investments                                | $640,960 |
|                                                   |
| Net increase in net assets resulting from operations   | $675,886 |

| The accompanying notes are an integral part of these financial statements. | May 31, 2015         Semi-Annual Report | 37 |
|----------------------------------------------------------------------------|-------------------------------------------------------------|----|

### Sextant Growth Fund

| Statements of Changes in Net Assets                  | Period ended May 31, 2015 | Year ended Nov. 30, 2014 |
|------------------------------------------------------|---------------------------|--------------------------|
| Increase (decrease) in net assets from operations    |
| From operations                                      |
| Net investment income                                | $34,926                   | $28,931                  |
| Net realized gain on investments                     | 2,639,056                 | 2,386,445                |
| Net increase (decrease) in unrealized appreciation   | (1,998,096)               | 3,879,903                |
| Net increase in net assets                           | 675,886                   | 6,295,279                |
| Distributions to shareowners from                    |
| Net investment income                                | -                         | (21,000)                 |
| Capital gains                                        | -                         | (2,386,512)              |
| Total distributions                                  | -                         | (2,407,512)              |
| Capital share transactions                           |
| Proceeds from sales of shares                        | 24,172,965                | 6,390,837                |
| Value of shares issued in reinvestment of dividends  | -                         | 2,396,630                |
| Cost of shares redeemed                              | (2,783,211)               | (3,386,542)              |
| Net increase in net assets                           | 21,389,754                | 5,400,925                |
| Total increase in net assets                         | 22,065,640                | 9,288,692                |
|                                                 |
| Net assets                                           |
| Beginning of period                                  | 45,863,004                | 36,574,312               |
| End of period                                        | 67,928,644                | 45,863,004               |
|                                                 |
| Undistributed net investment income                  | $63,819                   | $28,893                  |
|                                                 |
| Shares of the Fund sold and redeemed                 |
| Number of shares sold                                | 909,828                   | 253,008                  |
| Number of shares issued in reinvestment of dividends | -                         | 90,919                   |
| Number of shares redeemed                            | (105,294)                 | (133,067)                |
| Net increase in number of shares outstanding         | 804,534                   | 210,860                  |

| Financial Highlights                                                             |
|----------------------------------------------------------------------------------|
|                                                                             | Period ended | For year ended November 30, |
| Selected data per share of outstanding capital stock throughout each period:     | May 31, 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net asset value at beginning of period                                           | $26.36 | $23.92 | $20.35 | $18.14 | $17.70 | $16.00 |
| Income from investment operations                                                |
| Net investment income                                                            | 0.01 | 0.02 | 0.12 | 0.08 | 0.11 | 0.05 |
| Net gains on securities (both realized and unrealized)                           | 0.32 | 3.88 | 5.86 | 2.21 | 0.43 | 1.70 |
| Total from investment operations                                                 | 0.33 | 3.90 | 5.98 | 2.29 | 0.54 | 1.75 |
| Less distributions                                                               |
| Dividends (from net investment income)                                           | - | (0.01) | (0.13) | (0.08) | (0.09) | (0.05) |
| Distributions (from capital gains)                                               | - | (1.45) | (2.28) | - | (0.01) | - |
| Total distributions                                                              | - | (1.46) | (2.41) | (0.08) | (0.10) | (0.05) |
| Paid-in capital from early redemption fees                                       | n/a | n/a | - | 0.001 | 0.001 | 0.001 |
|                                                                             |
| Net asset value at end of period                                                 | $26.69 | $26.36 | $23.92 | $20.35 | $18.14 | $17.70 |
|                                                                             |
| Total return                                                                     | 1.25%2 | 16.29% | 29.39% | 12.64% | 3.07% | 10.93% |
|                                                                             |
| Ratios / supplemental data                                                       |
| Net assets ($000), end of period                                                 | $67,929 | $45,863 | $36,574 | $25,250 | $22,868 | $24,205 |
| Ratio of expenses to average net assets                                          |
| Before custodian fee credits                                                     | 1.03%3 | 1.05% | 0.94% | 1.10% | 0.84% | 1.01% |
| After custodian fee credits                                                      | 1.03%3 | 1.05% | 0.94% | 1.10% | 0.84% | 1.00% |
| Ratio of net investment income after custodian fee credits to average net assets | 0.14%3 | 0.07% | 0.59% | 0.42% | 0.57% | 0.30% |
| Portfolio turnover rate                                                          | 18% | 23% | 29% | 10% | 15% | 16% |
| 1 Amount is less than $0.012 Not Annualized3 Annualized                          |

| 38 | May 31, 2015         Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|-------------------------------------------------------------|----------------------------------------------------------------------------|

### Sextant International Fund

Performance Summary

| Average Annual Returns as of May 31, 2015 |
|-------------------------------------------|
|                                      | 1 Year | 5 Year | 10 Year | Expense Ratio1 |
| Sextant International Fund                | 2.21% | 5.26% | 6.23% | 0.78% |
| MSCI EAFE Index                           | -0.06% | 10.38% | 6.05% | 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, 2005, to an identical amount invested in the MSCI EAFE Index, an international index focused on Europe, Australasia, and the Far East. The graph shows that an investment in the Fund would have risen to $18,304 versus $17,985 in the MSCI EAFE 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 27, 2015, and incorporates results for the fiscal year ended November 30, 2014. Restated to reflect a reduction in the Advisory and Administrative Services base fee and a reduction in the maximum rate of the performance adjustment, as approved by the Board of Trustees on March 17, 2015. Please see the Statement of Additional Information for the actual amount of fees paid to the adviser for the most recent fiscal year. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods. |

Fund Objective

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

| Top Ten Holdings         |                  | Portfolio Diversification   |
|--------------------------|-----------------------|-----------------------------|
| % of Total Net Assets    | % of Total Net Assets |                        |
| ASML Holding             | 6.8%                  | Large Pharma                | 12.5% |     |  |
| Novartis ADR             | 6.5%                  | Application Software        | 10.2% |     |
| Wolters Kluwer           | 5.9%                  | Telecom Carriers            | 10.0% |     |
| Nice Systems ADS         | 5.3%                  | Semiconductor Manufacturing | 6.8% |     |
| Novo Nordisk ADS         | 5.0%                  | Information Services        | 5.9% |     |
| Dassault Systems ADR     | 4.9%                  | Banks                       | 5.8% |     |
| Toyota Motor ADS         | 4.6%                  | Automobiles                 | 4.6% |     |
| Belmond, A               | 4.0%                  | Integrated Oils             | 4.6% |     |
| BASF ADR                 | 3.9%                  | Lodging                     | 4.0% |     |
| Toronto-Dominion Bank    | 3.7%                  | Specialty Chemicals         | 3.9% |     |
|                     | Household Products    | 3.5%                        |     |
| Diversified Banks        | 3.2%                  |                   |
| Beverages                | 2.8%                  |                   |
| Specialty Pharma         | 2.7%                  |                   |
| Airlines                 | 2.7%                  |                   |
| Other industries < 2% | 10.5%                 |                   |
| Cash and equivalents     | 6.3%                  |                   |

Weightings are shown as a percentage of total net assets.

| 39 | May 31, 2015        Semi-Annual Report |
|----|------------------------------------------------------------|

### Sextant International Fund

| Schedule of Investments                                     |
|-------------------------------------------------------------|
| Common Stocks — 93.7%                                 | Number of Shares | Cost | Market Value | Country1 | Percentage of Assets |
|                                                        |
| Communications                                              |   |
|                                                        |
| Publishing & Broadcasting                               |
|     Pearson ADS                                   | 90,000 | $1,021,914 | $1,811,700 | United Kingdom | 1.9% |
|                                                        |
| Telecom Carriers                                            |
|     BCE                                           | 50,000 | 1,164,294 | 2,189,500 | Canada | 2.3% |
|     SK Telecom ADR                                | 30,000 | 511,436 | 733,200 | South Korea | 0.8% |
|     Telefonica ADS                                | 125,868 | 1,855,551 | 1,782,291 | Spain | 1.9% |
|     Telenor ASA                                   | 100,000 | 2,131,351 | 2,256,362 | Norway | 2.4% |
|     Telus                                         | 50,000 | 710,475 | 1,702,500 | Canada | 1.8% |
|     Turkcell Iletisim Hizmetleri ADS              | 75,000 | 1,028,400 | 826,500 | Turkey | 0.8% |
|                                                        | 7,401,507 | 9,490,353 |   | 10.0% |
|                                                        |
|                                                        | 8,423,421 | 11,302,053 |   | 11.9% |
|                                                        |
| Consumer Discretionary                                      |   |
|                                                        |
| Airlines                                                    |
|     Copa Holdings Class A                         | 30,000 | 1,766,222 | 2,558,700 | Panama | 2.7% |
|                                                        |
| Automobiles                                                 |
|     Toyota Motor ADS                              | 32,000 | 2,425,043 | 4,412,480 | Japan | 4.6% |
|                                                        |
| E-Commerce Discretionary                                    |
|     MercadoLibre                                  | 10,000 | 829,340 | 1,451,300 | Argentina3 | 1.5% |
|                                                        |
| Lodging                                                     |
|     Belmond, A2                                   | 310,000 | 2,994,487 | 3,782,000 | Bermuda | 4.0% |
|                                                        |
|                                                        | 8,015,092 | 12,204,480 |   | 12.8% |
|                                                        |
| Consumer Staples                                            |   |
|                                                        |
| Beverages                                                   |
|     Fomento Economico Mexico ADS                  | 30,000 | 1,614,722 | 2,667,000 | Mexico | 2.8% |
|                                                        |
| Food & Drug Stores                                      |
|     Carrefour ADS                                 | 170,000 | 761,908 | 1,152,600 | France | 1.2% |
|                                                        |
| Household Products                                          |
|     Unilever ADS                                  | 75,000 | 2,284,504 | 3,311,250 | United Kingdom | 3.5% |
|                                                        |
|                                                        | 4,661,134 | 7,130,850 |   | 7.5% |
|                                                        |
| Energy                                                      |   |
|                                                        |
| Integrated Oils                                             |
|     Cenovus Energy                                | 60,000 | 1,516,298 | 989,400 | Canada | 1.0% |
|     Statoil ADS                                   | 60,000 | 1,551,895 | 1,114,800 | Norway | 1.2% |
|     Total ADS                                     | 45,000 | 2,528,346 | 2,272,050 | France | 2.4% |
|                                                        |
|                                                        | 5,596,539 | 4,376,250 |   | 4.6% |
|                                                        |
| Financials                                                  |   |
|                                                        |
| Banks                                                       |
|     Australia & New Zealand Banking Group ADS | 80,000 | 1,581,457 | 2,028,800 | Australia | 2.1% |
|     Toronto-Dominion Bank                         | 80,000 | 2,302,163 | 3,485,600 | Canada | 3.7% |
|                                                        | 3,883,620 | 5,514,400 |   | 5.8% |
|                                                        |
| Continued on next page.                                     |

| 40 | May 31, 2015         Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|-------------------------------------------------------------|----------------------------------------------------------------------------|

### Sextant International Fund

| Schedule of Investments                          |
|--------------------------------------------------|
| Common Stocks — 93.7%                      | Number of Shares | Cost | Market Value | Country1 | Percentage of Assets |
|                                             |
| **Financials***(continued)*                      |   |
|                                             |
| Diversified Banks                                |
|     Banco Santander ADS                | 113,850 | $955,992 | $808,335 | Spain | 0.9% |
|     Mitsubishi UFJ Financial Group ADR | 300,000 | 1,472,770 | 2,211,000 | Japan | 2.3% |
|                                             | 2,428,762 | 3,019,335 |   | 3.2% |
|                                             |
|                                             | 6,312,382 | 8,533,735 |   | 9.0% |
|                                             |
| Health Care                                      |   |
|                                             |
| Health Care Supply Chain                         |
|     Sinopharm Group — H          | 250,000 | 798,792 | 1,190,602 | China | 1.3% |
|                                             |
| Large Pharma                                     |
|     Novartis ADR                       | 60,000 | 3,076,591 | 6,163,800 | Switzerland | 6.5% |
|     Novo Nordisk ADS                   | 85,000 | 983,881 | 4,800,800 | Denmark | 5.0% |
|     Sanofi ADS                         | 20,000 | 958,455 | 988,200 | Denmark | 1.0% |
|                                             | 5,018,927 | 11,952,800 |   | 12.5% |
|                                             |
| Medical Equipment                                |
|     Koninklijke Philips                | 20,000 | 758,824 | 545,800 | Netherlands | 0.6% |
|                                             |
| Specialty Pharma                                 |
|     Shire ADS                          | 10,000 | 359,660 | 2,601,500 | Ireland | 2.7% |
|                                             |
|                                             | 6,936,203 | 16,290,702 |   | 17.1% |
|                                             |
| Materials                                        |   |
|                                             |
| Agricultural Chemicals                           |
|     Potash Corp of Saskatchewan        | 39,000 | 914,639 | 1,227,720 | Canada | 1.3% |
|                                             |
| Basic & Diversified Chemicals                |
|     Methanex                           | 20,000 | 690,000 | 1,109,800 | Canada | 1.2% |
|                                             |
| Specialty Chemicals                              |
|     BASF ADR                           | 40,000 | 2,888,666 | 3,711,600 | Germany | 3.9% |
|                                             |
|                                             | 4,493,305 | 6,049,120 |   | 6.4% |
|                                             |
| Technology                                       |   |
|                                             |
| Application Software                             |
|     Dassault Systems ADR               | 60,000 | 2,222,944 | 4,696,800 | France | 4.9% |
|     Nice Systems ADS                   | 80,000 | 2,901,033 | 5,016,000 | Israel | 5.3% |
|                                             | 5,123,977 | 9,712,800 |   | 10.2% |
|                                             |
| Electronics Components                           |
|     Nidec ADS                          | 53,406 | 514,164 | 970,921 | Japan | 1.0% |
|                                             |
| Information Services                             |
|     Wolters Kluwer                     | 180,000 | 3,369,275 | 5,585,169 | Netherlands | 5.9% |
|                                             |
| Semiconductor Manufacturing                      |
|     ASML Holding                       | 57,750 | 2,144,504 | 6,485,325 | Netherlands | 6.8% |
|                                             |
|                                             | 11,151,920 | 22,754,215 |   | 23.9% |
|                                             |
| Continued on next page.                          |

| The accompanying notes are an integral part of these financial statements. | May 31, 2015         Semi-Annual Report | 41 |
|----------------------------------------------------------------------------|-------------------------------------------------------------|----|

### Sextant International Fund

| Schedule of Investments                                                                                                                                                                          |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Common Stocks — 93.7%                                                                                                                                                                      | Number of Shares | Cost | Market Value | Country1 | Percentage of Assets |
|                                                                                                                                                                                             |
| Utilities                                                                                                                                                                                        |   |
|                                                                                                                                                                                             |
| Utility Networks                                                                                                                                                                                 |
|     Korea Electric Power ADS                                                                                                                                                           | 20,000 | $304,261 | $413,400 | South Korea | 0.5% |
|                                                                                                                                                                                             |
|                                                                                                                                                                                             | 304,261 | 413,400 |   | 0.5% |
|                                                                                                                                                                                             |
| Total investments                                                                                                                                                                                | $55,894,257 | 89,054,805 |   | 93.7% |
| Other assets (net of liabilities)                                                                                                                                                                | 6,028,786 |   | 6.3% |
| Total net assets                                                                                                                                                                                 | $95,083,591 |   | 100.0% |
| 1 Country of domicile unless otherwise indicated2 Non-income producing security3 Denotes a country or region of primary exposure

ADS: American Depositary ShareADR: American Depositary Receipt |

| Countries |
|-----------|
|      |
|           |

| 42 | May 31, 2015         Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|-------------------------------------------------------------|----------------------------------------------------------------------------|

### Sextant International Fund

| Statement of Assets and Liabilities                              |
|------------------------------------------------------------------|
| As of May 31, 2015                                               |
|                                                             |
| Assets                                                           |
| Investments in securities, at value(Cost $55,894,258)            | $89,054,805 |
| Cash                                                             | 5,715,799 |
| Dividends receivable                                             | 350,989 |
| Receivable for Fund shares sold                                  | 80,313 |
| Total assets                                                     | 95,201,906 |
| Liabilities                                                      |
| Accrued expenses                                                 | 56,960 |
| Payable to affiliates                                            | 46,741 |
| Payable for Fund shares redeemed                                 | 7,379 |
| Accrued distribution fee                                         | 7,235 |
| Total liabilities                                                | 118,315 |
| Net assets                                                       | $95,083,591 |
|                                                             |
| Analysis of net assets                                           |
| Paid-in capital (unlimited shares authorized, without par value) | $63,514,956 |
| Undistributed net investment income                              | 898,366 |
| Accumulated net realized loss on investments                     | (2,489,133) |
| Unrealized net appreciation on investments                       | 33,159,402 |
| Net assets applicable to Fund shares outstanding                 | $95,083,591 |
|                                                             |
| Fund shares outstanding                                          | 5,913,243 |
|                                                             |
| Net asset value, offering and redemption price per share         | $16.08 |

| Statement of Operations                                                     |
|-----------------------------------------------------------------------------|
| Period ended May 31, 2015                                                   |
|                                                                        |
| Investment income                                                           |
| Dividends (net of foreign tax of $265,118)                                  | $1,478,152 |
| Gross investment income                                                     | 1,478,152 |
| Expenses                                                                    |
| Investment adviser fees                                                     | 363,458 |
| Distribution fees                                                           | 120,453 |
| Audit fees                                                                  | 32,020 |
| Chief Compliance Officer expenses                                           | 14,098 |
| Trustee fees                                                                | 13,434 |
| Printing and postage                                                        | 13,093 |
| Filing and registration fees                                                | 9,961 |
| Other expenses                                                              | 7,656 |
| Custodian fees                                                              | 3,379 |
| Retirement plan custodial fees                                              | 3,121 |
| Legal fees                                                                  | 2,492 |
| Total gross expenses                                                        | 583,165 |
| Less custodian fee credits                                                  | (3,379) |
| Net expenses                                                                | 579,786 |
| Net investment income                                                       | $898,366 |
|                                                                        |
|                                                                        |
| Net realized loss from investments and foreign currency                     | $(947,216) |
| Net increase in unrealized appreciation on investments and foreign currency | 3,594,078 |
| Net gain on investments                                                     | $2,646,862 |
|                                                                        |
| **Net increase in net assets resulting from operations**                    | $3,545,228 |

| The accompanying notes are an integral part of these financial statements. | May 31, 2015         Semi-Annual Report | 43 |
|----------------------------------------------------------------------------|-------------------------------------------------------------|----|

### Sextant International Fund

| Statements of Changes in Net Assets                  | Period ended May 31, 2015 | Year ended Nov. 30, 2014 |
|------------------------------------------------------|---------------------------|--------------------------|
| Increase (decrease) in net assets from operations    |
| From operations                                      |
| Net investment income                                | $898,366                  | $4,254,685               |
| Net realized gain (loss) on investments              | (947,216)                 | 4,357,838                |
| Net increase (decrease) in unrealized appreciation   | 3,594,078                 | (6,367,484)              |
| Net increase in net assets                           | 3,545,228                 | 2,245,039                |
| Distributions to shareowners from                    |
| Net investment income                                | -                         | 4,051,997                |
| Capital share transactions                           |
| Proceeds from sales of shares                        | 4,931,802                 | 12,359,533               |
| Value of shares issued in reinvestment of dividends  | -                         | 4,017,129                |
| Cost of shares redeemed                              | (16,843,492)              | (59,135,899)             |
| Net decrease in net assets                           | (11,911,690)              | (42,759,237)             |
| Total decrease in net assets                         | (8,366,462)               | (44,566,195)             |
|                                                 |
| Net assets                                           |
| Beginning of period                                  | 103,450,053               | 148,016,248              |
| End of period                                        | 95,083,591                | 103,450,053              |
|                                                 |
| Undistributed net investment income                  | $898,366                  | $-                       |
|                                                 |
| Shares of the Fund sold and redeemed                 |
| Number of shares sold                                | 318,363                   | 773,671                  |
| Number of shares issued in reinvestment of dividends | -                         | 259,672                  |
| Number of shares redeemed                            | (1,091,171)               | (3,713,040)              |
| Net decrease in number of shares outstanding         | (772,808)                 | (2,679,697)              |

| Financial Highlights                                                             |
|----------------------------------------------------------------------------------|
|                                                                             | Period ended | For year ended November 30, |
| Selected data per share of outstanding capital stock throughout each period:     | May 31, 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
| Net asset value at beginning of period                                           | $15.47 | $15.80 | $14.85 | $14.41 | $15.03 | $14.03 |
| Income from investment operations                                                |
| Net investment income                                                            | 0.15 | 0.65 | 0.32 | 0.14 | 0.12 | 0.06 |
| Net gains (losses) on securities (both realized and unrealized)                  | 0.46 | (0.35) | 0.97 | 0.44 | (0.63) | 1.12 |
| Total from investment operations                                                 | 0.61 | 0.30 | 1.29 | 0.58 | (0.51) | 1.18 |
| Less distributions                                                               |
| Dividends (from net investment income)                                           | - | (0.63) | (0.34) | (0.14) | (0.12) | (0.06) |
| Distributions (from capital gains)                                               | - | - | - | - | - | (0.12) |
| Total distributions                                                              | - | (0.63) | (0.34) | (0.14) | (0.12) | (0.18) |
| Paid-in capital from early redemption fees                                       | n/a | n/a | 0.001 | 0.001 | 0.01 | 0.001 |
|                                                                             |
| Net asset value at end of period                                                 | $16.08 | $15.47 | $15.80 | $14.85 | $14.41 | $15.03 |
|                                                                             |
| Total return                                                                     | 3.94%2 | 1.88% | 8.67% | 4.05% | (3.31)% | 8.43% |
|                                                                             |
| Ratios / supplemental data                                                       |
| Net assets ($000), end of period                                                 | $95,084 | $103,450 | $148,016 | $183,732 | $165,126 | $150,788 |
| Ratio of expenses to average net assets                                          |
| Before custodian fee credits                                                     | 1.21%3 | 0.80% | 0.66% | 1.10% | 0.88% | 1.03% |
| After custodian fee credits                                                      | 1.20%3 | 0.79% | 0.66% | 1.10% | 0.88% | 1.03% |
| Ratio of net investment income after custodian fee credits to average net assets | 1.86%3 | 3.58% | 1.69% | 0.98% | 0.81% | 0.51% |
| Portfolio turnover rate                                                          | 0% | 3% | 7% | 10% | 7% | 2% |
| 1 Amount is less than $0.012 Not annualized3 Annualized                          |

| 44 | May 31, 2015         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 management investment company under the Investment Company Act of 1940, as amended. Nine portfolio series have been created to date: Sextant Short-Term Bond Fund, Sextant Bond Income Fund, Sextant Core Fund, Sextant Global High Income Fund, Sextant Growth Fund, Sextant International Fund (each, a "Fund", and collectively, the "Funds"), Idaho Tax-Exempt Fund, Saturna Sustainable Equity Fund, and Saturna Sustainable Bond Fund.  Idaho Tax-Exempt Fund, Saturna Sustainable Equity Fund, and Saturna Sustainable Bond Fund are offered through separate prospectuses, the results of which are contained in separate reports.

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

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

NOTE 2 — Unaudited Information

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

NOTE 3 — Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

| May 31, 2015         Semi-Annual Report | 45 |
|-------------------------------------------------------------|----|

### Note 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. The following is a summary of the inputs used as of May 31, 2015 in valuing the Funds' investments carried at value:

| **Funds**               | **Level 1**Quoted Price | **Level 2**Significant Observable Input | **Level 3**Significant Unobservable Input | **Total**  |
|-------------------------|-------------------------|-----------------------------------------|-------------------------------------------|------------|
| Short-Term Bond         |
| Corporate Bonds         | $-                      | $6,796,8241                             | $-                                        | $6,796,824 |
| Government Bonds        | -                       | 656,5601                                | -                                         | 656,560    |
| Municipal Bonds         | -                       | 111,0581                                | -                                         | 111,058    |
| Total Assets            | $-                      | $7,564,442                              | $-                                        | $7,564,442 |
|                    |
| Bond Income             |
| Corporate Bonds         | $-                      | $4,167,6101                             | $-                                        | $4,167,610 |
| Government Bonds        | -                       | 1,011,2321                              | -                                         | 1,011,232  |
| Municipal Bonds         | -                       | 2,455,9351                              | -                                         | 2,455,935  |
| Total Assets            | $-                      | $7,634,777                              | $-                                        | $7,634,777 |
|                    |
| Core                    |
| Common Stocks           |
| Communications          | $146,640                | $78,973                                 | $-                                        | $225,613   |
| Consumer Discretionary  | 267,484                 | 55,296                                  | -                                         | 322,780    |
| Consumer Staples        | 681,566                 | -                                       | -                                         | 681,566    |
| Energy                  | 715,811                 | -                                       | -                                         | 715,811    |
| Financials              | 515,308                 | -                                       | -                                         | 515,308    |
| Health Care             | 906,049                 | -                                       | -                                         | 906,049    |
| Industrials             | 378,779                 | 7,391                                   | -                                         | 386,170    |
| Materials               | 447,281                 | -                                       | -                                         | 447,281    |
| Technology              | 357,646                 | -                                       | -                                         | 357,646    |
| Utilities               | 361,395                 | -                                       | -                                         | 361,395    |
| Total Common Stocks     | $4,777,959              | $141,660                                | $-                                        | $4,919,619 |
|                    |
| Corporate Bonds         | $-                      | $2,370,2841                             | $-                                        | $2,370,284 |
|                    |
| Government Agency Bonds | $-                      | $203,1031                               | $-                                        | $203,103   |
|                    |
| Government Bonds        | $-                      | $403,4151                               | $-                                        | $403,415   |
|                    |
| Municipal Bonds         | $-                      | $449,4951                               | $-                                        | $449,495   |
|                    |
| Total Assets            | $4,777,959              | $3,567,957                              | $-                                        | $8,345,916 |
|                    |
| Global High Income      |
| Common Stocks           |
| Communications          | $309,028                | $157,945                                | $-                                        | $466,973   |
| Consumer Discretionary  | -                       | 198,749                                 | -                                         | 198,749    |
| Energy                  | 682,322                 | -                                       | -                                         | 682,322    |
| Financials              | 508,300                 | 149,366                                 | -                                         | 657,666    |
| Health Care             | 332,734                 | -                                       | -                                         | 332,734    |
| Industrials             | -                       | 309,096                                 | -                                         | 309,096    |
| Materials               | 833,522                 | -                                       | -                                         | 833,522    |
| Technology              | 196,520                 | -                                       | -                                         | 196,520    |
| Utilities               | 290,155                 | -                                       | -                                         | 290,155    |
| Total Common Stocks     | $3,152,581              | $815,156                                | $-                                        | $3,967,737 |
|                    |
| Corporate Bonds         | $-                      | $2,589,0631                             | $-                                        | $2,589,063 |
|                    |
| Government Bonds        | $-                      | $511,6011                               | $-                                        | $511,601   |
|                    |
| Municipal Bonds         |
| General Obligation      | $-                      | $175,9771                               | $-                                        | $175,977   |
| Revenue                 | -                       | 104,0491                                | 114,373                                   | 218,422    |
| Total Municipal Bonds   | $-                      | $280,026                                | $114,373                                  | $394,399   |
|                    |
| Total Assets            | $3,152,581              | $4,195,846                              | $114,373                                  | $7,462,800 |

| 46 | May 31, 2015        Semi-Annual Report |
|----|------------------------------------------------------------|

### Note To Financial Statements (continued)

| **Funds**              | **Level 1**Quoted Price | **Level 2**Significant Observable Input | **Level 3**Significant Unobservable Input | **Total**   |
|------------------------|-------------------------|-----------------------------------------|-------------------------------------------|-------------|
| Growth                 |
| Common Stocks          | $62,719,7611            | $-                                      | $-                                        | $62,719,761 |
| Total Assets           | $62,719,761             | $-                                      | $-                                        | $62,719,761 |
|                   |
| International          |
| Common Stocks          |
| Communications         | $9,045,691              | $2,256,362                              | $-                                        | $11,302,053 |
| Consumer Discretionary | 12,204,480              | -                                       | -                                         | 12,204,480  |
| Consumer Staples       | 7,130,850               | -                                       | -                                         | 7,130,850   |
| Energy                 | 4,376,250               | -                                       | -                                         | 4,376,250   |
| Financials             | 8,533,735               | -                                       | -                                         | 8,533,735   |
| Health Care            | 15,100,100              | 1,190,602                               | -                                         | 16,290,702  |
| Materials              | 6,049,120               | -                                       | -                                         | 6,049,120   |
| Technology             | 17,169,046              | 5,585,169                               | -                                         | 22,754,215  |
| Utilities              | 413,400                 | -                                       | -                                         | 413,400     |
| Total Assets           | $80,022,672             | $9,032,133                              | $-                                        | $89,054,805 |

1 See Schedule of Investments for additional information. During the period ended May 31, 2015, no Fund had transfers between Level 1 and Level 2.

| Global High Income Level 3 Roll-Forward Municipal Securities |
|--------------------------------------------------------------|
| Beginning balance                                            | $89,857 |
| Total unrealized losses                                      | (2,427) |
| Purchases                                                    | 63,638 |
| Maturity                                                     | - |
| Transfers in and/or out of level 3                           | (36,695) |
| Ending Balance                                               | $114,373 |

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

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

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

**Derivative instruments and hedging activities:**The Funds have adopted the financial accounting reporting rules required by the Derivatives and Hedging Topic of the FASB Accounting Standards Codification. The Funds are required to include enhanced disclosure which 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.

Derivative instruments had no effect on the Funds' financial position and financial performance.

**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 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 (2012 — 2014) or expected to be taken in the Funds' 2015 tax returns. The Funds identify their major tax jurisdictions as US federal and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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

| May 31, 2015         Semi-Annual Report | 47 |
|-------------------------------------------------------------|----|

### Note To Financial Statements (continued)

As of November 30, 2014, the reclassification of capital accounts were as follows:

|                                | Short-Term Bond | Bond Income       |
|-------------------------------------|-----------------|-------------------|
| Undistributed net investment income | $-              | $-                |
| Accumulated gains                   | 2,972           | -                 |
| Paid-in capital                     | (2,972)         | -                 |
|                                | Core            | GlobalHigh Income |
| Undistributed net investment income | $3,123          | $21,988           |
| Accumulated gains                   | 845             | 807               |
| Paid-in capital                     | (3,968)         | (22,795)          |

|                                | Growth | International |
|-------------------------------------|--------|---------------|
| Undistributed net investment income | $-     | $15,620       |
| Accumulated gains                   | 63     | 19,184        |
| Paid-in capital                     | (63)   | (34,804)      |

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

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

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

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

NOTE 4 — Transactions with Affiliated Persons

Under contracts approved annually by the Trust's independent trustees, Saturna Capital Corporation provides investment advisory services and certain other administrative services required to conduct Trust business. Expenses incurred by the Trust on behalf of the Funds (e.g., legal fees) are allocated to the Funds on the basis of relative daily average net assets. For such services, each of the Funds pays the adviser a base Investment Advisory and Administrative Services Fee. Effective March 27, 2015, Saturna Capital Corporation and the Board of Trustees agreed to lower the base Advisory Fee from 0.60% to 0.50% of average net assets per annum, payable monthly for each of the Funds and to lower the performance adjustment from 0.30% to 0.20% for the Sextant Growth Fund, Sextant International Fund, and the Sextant Core Fund. In addition, the adviser has agreed to certain limits on other expenses, as described below.

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

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

The Adviser has voluntarily undertaken to limit expenses of Sextant Global High Income and Sextant Bond Income Fund to 0.90%, and Sextant Short-Term Bond Fund to 0.75%, through March 31, 2016. 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, 2015, the advisory fees incurred were as follows:

|               | Adviser Fees | Adviser Fees Waived | Expense Reimbursement |
|--------------------|--------------|---------------------|-----------------------|
| Short-Term Bond    | $21,722      | $(18,871)           | $-                    |
| Bond Income        | 15,777       | (4,588)             | -                     |
| Core               | 22,133       | n/a                 | -                     |
| Global High Income | 21,447       | (10,591)            | -                     |
| Growth             | 153,735      | n/a                 | -                     |
| International      | 363,458      | n/a                 | -                     |

In accordance with the expense limitation noted above, for the period ended May 31, 2015, Saturna Capital waived a portion of the advisory fees of the Sextant Short-Term Bond Fund, Sextant Bond Income Fund, and Sextant Global High Income Fund. The adviser cannot recoup previously waived fees.

Saturna Brokerage Services, Inc. ("SBS"), a discount brokerage and subsidiary of Saturna Capital Corporation, is registered as a broker-dealer and acts as distributor. On October 3, 2006, The Funds adopted a Distribution Plan in accordance with Rule 12b-1 under the 1940 Act. The plan provides that the Funds will pay a fee to SBS at an annual rate of .25% of the average net assets of the Funds. During the period ended May 31, 2015, the Trust paid SBS the following amounts:

| 12b-1 Fees         |
|--------------------|
| Short-Term Bond    | $9,643 |
| Bond Income        | 10,405 |
| Core               | 11,059 |
| Global High Income | 10,133 |
| Growth             | 61,102 |
| International      | 120,453 |

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

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

| 48 | May 31, 2015        Semi-Annual Report |
|----|------------------------------------------------------------|

### Note To Financial Statements (continued)

Saturna Trust Company ("STC"), a subsidiary of Saturna Capital, acts as retirement plan custodian for Fund shareowners.  Each Fund pays an annual fee of $10 per account for retirement plan services to Saturna Trust Company. For the period ended May 31, 2015, the Funds incurred the following amounts:

| Retirement plan custodial fees |
|--------------------------------|
| Short-Term Bond                | $1,491 |
| Bond Income                    | 1,049 |
| Core                           | 1,003 |
| Global High Income             | 404 |
| Growth                         | 3,231 |
| International                  | 3,121 |

Mr. Nicholas Kaiser serves as a trustee and president of the Trust. He is also a director and the chairman of Saturna Capital and Saturna Trust Company. Mr. Kaiser is not compensated by the Trust. For the period ended May 31, 2015 the Trust incurred compensation expenses of $15,000 which is included in $21,530 of total expenses for the independent Trustees. The Funds paid $19,330 of these total expenses.

The officers of the Trust are paid by Saturna Capital, not the Trust, except the Chief Compliance Officer, who may be partially compensated by the Trust. For the period ended May 31, 2015, the Funds paid the following compensation expenses for the Chief Compliance Officer:

| Chief Compliance Officer |
|--------------------------|
| Short-Term Bond          | $970 |
| Bond Income              | 974 |
| Core                     | 1,045 |
| Global High Income       | 961 |
| Growth                   | 5,374 |
| International            | 14,098 |

On May 31, 2015, the trustees, officers, and their affiliates as a group owned 31.62%, 32.62%, 42.85%, 46.45%, 7.26% and 4.85% 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, 2015, and the fiscal year ended November 30, 2014, were as follows:

|                    | Period ended  May 31, 2015 | Year ended  Nov. 30, 2014 |
|-------------------------|----------------------------|---------------------------|
| Short-Term Bond Fund    |
| Ordinary income         | $39,381                    | $85,429                   |
| Bond Income Fund        |
| Ordinary income         | 129,059                    | 228,208                   |
| Core Fund               |
| Ordinary income         | -                          | 144,495                   |
| Long-Term Capital Gain1 | -                          | 86,744                    |
| Global High Income Fund |
| Ordinary income         | -                          | 343,597                   |
| Growth Fund             |
| Ordinary income         | -                          | 21,000                    |
| Long-Term Capital Gain1 | -                          | 2,386,512                 |
| International Fund      |
| Ordinary income         | -                          | 4,051,997                 |

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

NOTE 6 — Federal Income Taxes

The cost basis of investments for federal income tax purposes at May 31, 2015 was as follows:

|                                           | Short-Term Bond | Bond Income       |
|------------------------------------------------|-----------------|-------------------|
| Cost of investments                            | $7,548,466      | $7,194,652        |
| Gross tax unrealized appreciation              | 50,651          | 498,905           |
| Gross tax unrealized depreciation              | (34,675)        | (58,780)          |
| Net tax unrealized appreciation                | 15,976          | 440,125           |
|                                           |
|                                           | Core            | GlobalHigh Income |
| Cost of investments                            | $7,251,367      | $7,522,941        |
| Gross tax unrealized appreciation              | 1,310,440       | 422,955           |
| Gross tax unrealized depreciation              | (215,891)       | (483,096)         |
| Net tax unrealized appreciation (depreciation) | 1,094,549       | (60,141)          |
|                                           |
|                                           | Growth          | International     |
| Cost of investments                            | $47,089,059     | $55,894,258       |
| Gross tax unrealized appreciation              | 16,215,189      | 35,237,888        |
| Gross tax unrealized depreciation              | (584,487)       | (2,077,341)       |
| Net tax unrealized appreciation                | 15,630,702      | 33,160,547        |

As of November 30, 2014, components of distributable earnings on a tax basis were as follows:

| Short-Term Bond               |
|-------------------------------|
| Undistributed ordinary income | $1,308 |
| Tax accumulated earnings      | 1,308 |
| Accumulated capital losses    | (10,410) |
| Unrealized appreciation       | 20,194 |
| Total accumulated earnings    | 11,092 |

| Bond Income                   |
|-------------------------------|
| Undistributed ordinary income | $93 |
| Tax accumulated earnings      | 93 |
| Accumulated capital losses    | (34,440) |
| Unrealized appreciation       | 506,479 |
| Total accumulated earnings    | 472,132 |

| Core                       |
|----------------------------|
| Unrealized appreciation    | $1,353,483 |
| Other unrealized losses    | (10) |
| Total accumulated earnings | 1,353,473 |

| Global High Income         |
|----------------------------|
| Accumulated capital losses | $(68,429) |
| Unrealized appreciation    | 287,389 |
| Other unrealized losses    | (603) |
| Total accumulated earnings | 218,357 |

| Growth                        |
|-------------------------------|
| Undistributed ordinary income | $28,893 |
| Tax accumulated earnings      | 28,893 |
| Unrealized appreciation       | 17,628,798 |
| Total accumulated earnings    | 17,657,691 |

| May 31, 2015         Semi-Annual Report | 49 |
|-------------------------------------------------------------|----|

### Notes To Financial Statements (continued)

| International              |
|----------------------------|
| Accumulated capital losses | $(1,541,917) |
| Unrealized appreciation    | 29,565,324 |
| Total accumulated earnings | 28,023,407 |

At November 30, 2014, the Funds had capital loss carryforwards as follows, subject to regulation. The Registered Investment Company Modernization Act requires that the Funds use long-term and short-term loss carryforwards with unlimited expiration prior to those with an expiration. Prior to their expiration, such loss carryforwards may be used to offset future new capital gains realized for federal income tax purposes.

|                         | Carryforward | Expiration |
|------------------------------|--------------|------------|
| Short-Term Bond              |
|                              | $10,255      | 2016       |
| Short-term loss carryforward | 155          | Unlimited  |
|                         | 10,410       |       |
| Bond Income                  |
|                         | $13,973      | 2016       |
|                         | 20,467       | 2017       |
|                         | 34,440       |       |
| Global High Income           |
| Short-term loss carryforward | $27,538      | Unlimited  |
| Long-term loss carryforward  | 40,891       | Unlimited  |
|                         | 68,429       |       |
| International                |
|                         | $1,528,334   | 2019       |
| Short-term loss carryforward | 13,583       | Unlimited  |
|                         | 1,541,917    |       |

NOTE 7 — Investments

Investment transactions other than short-term investments for the period ended May 31, 2015, were as follows:

|               | Purchases  | Sales      |
|--------------------|------------|------------|
| Short-Term Bond    | $630,231   | $450,000   |
| Bond Income        | 590,905    | 250,000    |
| Core               | 1,310,050  | 1,074,269  |
| Global High Income | 1,769,170  | 1,171,655  |
| Growth             | 28,706,203 | 8,043,480  |
| International      | -          | 15,566,167 |

NOTE 8 — Custodian

Under agreements in place with the Trust's custodian, Bank of New York Mellon, custody fees are reduced by credits for cash balances. Such reductions for the period ended May 31, 2015, were as follows:

| Custodian Fee Credits |
|-----------------------|
| Short-Term Bond       | $178 |
| Bond Income           | 190 |
| Core                  | 228 |
| Global High Income    | 364 |
| Growth                | 1,062 |
| International         | 3,379 |

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.

| 50 | May 31, 2015        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 (such as this one). Operating expenses, which are deducted from a fund's gross earnings, directly reduce the investment return of a fund. Mutual funds (unlike other financial investments) only report their results after deduction of operating expenses.

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

Examples

The following example is based on an investment of $1,000 invested at the beginning of the semi-annual period and held for six months (December 1, 2014, to May 31, 2015).

Actual Expenses

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

Hypothetical Example For Comparison Purposes

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

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

|                                     | Beginning Account Value  (December 1, 2014) | Ending Account Value  (May 31, 2015) | Expenses Paid   During Period1 | AnnualizedExpense Ratio |
|------------------------------------------|---------------------------------------------|--------------------------------------|--------------------------------|-------------------------|
| Short-Term Bond Fund                     |
| Actual                                   | $1,000                                      | $1,005.10                            | $3.76                          | 0.75%                   |
| Hypothetical (5% return before expenses) | $1,000                                      | $1,021.18                            | $3.79                          | 0.75%                   |
|                                     |
| Bond Income Fund                         |
| Actual                                   | $1,000                                      | $1,007.80                            | $4.48                          | 0.89%                   |
| Hypothetical (5% return before expenses) | $1,000                                      | $1,020.47                            | $4.51                          | 0.89%                   |
|                                     |
| Core Fund                                |
| Actual                                   | $1,000                                      | $996.80                              | $5.57                          | 1.12%                   |
| Hypothetical (5% return before expenses) | $1,000                                      | $1,019.35                            | $5.64                          | 1.12%                   |
|                                     |
| Global High Income Fund                  |
| Actual                                   | $1,000                                      | $992.40                              | $4.44                          | 0.89%                   |
| Hypothetical (5% return before expenses) | $1,000                                      | $1,020.48                            | $4.50                          | 0.89%                   |
|                                     |
| Growth Fund                              |
| Actual                                   | $1,000                                      | $1,012.50                            | $5.15                          | 1.03%                   |
| Hypothetical (5% return before expenses) | $1,000                                      | $1,019.81                            | $5.17                          | 1.03%                   |
|                                     |
| International Fund                       |
| Actual                                   | $1,000                                      | $1,039.40                            | $6.12                          | 1.20%                   |
| Hypothetical (5% return before expenses) | $1,000                                      | $1,018.93                            | $6.06s                         | 1.20%                   |

1 Expenses are equal to the annualized expense ratio indicated above (based on the most recent semi-annual period of December 1, 2014, through May 31, 2015), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

| May 31, 2015         Semi-Annual Report | 51 |
|-------------------------------------------------------------|----|

### Availability of Portfolio Information

(1) 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.

(2) The Funds' Forms N-Q are available on the SEC's website at www.sec.gov and at www.sextantfunds.com.

(3) 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.

(4) The Funds make a complete schedule of portfolio holdings after the end of each month available to investors atwww.sextantfunds.com.

 

### Householding Policy

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

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

 

### Availability of Proxy Voting Information

(1) 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.

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

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

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

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

| (logo omitted)

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

Saturna Brokerage Services, Distributor |
|---------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

### www.sextantfunds.com

----

# Saturna Sustainable Funds

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

## Semi-Annual Report 

### May 31, 2015

----

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

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

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

----

### Fellow Shareowners:

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

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

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

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

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

Saturna Sustainable Funds began operations on March 27, 2015.  By May 31, 2015, assets of the Funds reached $6.65 million and had reached $7.79 million as of June 30, 2015.

Market Performance

For the semi-annual period ended May 31, 2015, the S&P 500 Index provided a total return of 2.97% while the S&P Global 1200 returned 3.57%.  Slowly increasing interest rates left many bonds trending down and the CitiGroup World BIG Index declined -3.61% for the same period.

Going Forward

In certain countires (US, UK, China) the economy continues to grow.  But in many parts of the world, economic growth has flatlined and concerns grow about excessive debt.  While core inflation is minimal (think lower commodity and oil prices), too many governments are hoping for its eventual return as a means of reducing the burdens of debt.  We do expect interest rates to return over the next few years to more normal levels, increasing income return to patient debt investors.

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 more trying times.  We aim to avoid companies dependent on government spending and the regions and countries that will be hurt the most in austerity.  Turbulent times also create opportunity, and we seek entrepreneurial companies that can grow profits.  Indeed, equity investors are optimistic that better-than-expected corporate earnings mean they will be rewarded.

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

The transition to higher interest rates continues, and holders of long-term bonds are at short-term risk of price declines.  Investors around the world — not  just Americans — generally have confidence that the economic storms will be survived.

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

Portfolio Management Team

Saturna Capital has significantly expanded its portfolio management team over the last few years as its business has expanded.  The following experienced persons manage the Saturna Sustainable Funds:

| Sustainable Equity Fund | Paul Meeks, CFA

Peter Nielsen, CFA, deputy   |
|-------------------------|-----------------------------------------------|
| Sustainable Bond Fund   | Patrick Drum, CFA

Bryce Fegley, CFA , deputy |

Respectfully,

**Nicholas Kaiser**, President

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

| May 31, 2015   Semi-Annual Report | 3 |
|----------------------------------------|---|

### Saturna Sustainable Equity Fund: Performance Summary

Average Annual Returns

The Saturna Sustainable Equity Fund began operations March 27, 2015 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 objective of the Sustainable Equity Fund is capital appreciation.

| Top Ten Holdings          |                       | Portfolio Diversification                |
|---------------------------|-----------------------|------------------------------------------|
| % of Total Net Assets     | % of Total Net Assets |                                     |
| Shire ADS                 | 2.6%                  | Automobiles                              | 6.1% | █ |  |
| Facebook, Class A         | 2.4%                  | Apparel, Footwear & Accessory Design | 5.7% | █ |
| Ecolab                    | 2.4%                  | Large Pharma                             | 5.2% | █ |
| TE Connectivity           | 2.4%                  | Electrical Components                    | 4.8% | █ |
| GLP-J REIT                | 2.4%                  | Internet Media                           | 4.4% | █ |
| Toyota Motor ADS          | 2.4%                  | REIT                                     | 4.2% | █ |
| Murata Manufacturing      | 2.4%                  | Banks                                    | 4.1% | █ |
| Bayer                     | 2.4%                  | Household Products                       | 4.0% | █ |
| Unilever                  | 2.3%                  | Biotech                                  | 4.0% | █ |
| ARM Holdings ADS          | 2.1%                  | Auto Parts                               | 3.7% | █ |
|                           | Semiconductor Devices | 3.1%                                     | █ |
| Telecom Carriers          | 3.0%                  | █                                  |
| Specialty Pharma          | 2.6%                  | █                                  |
| Other Commercial Services | 2.4%                  | █                                  |
| Home Products Stores      | 2.1%                  | █                                  |
| Airlines                  | 2.0%                  | █                                  |
| Infrastructure Software   | 2.0%                  | █                                  |
| Consumer Finance          | 2.0%                  | █                                  |
| Application Software      | 2.0%                  | █                                  |
| Recreational Vehicles     | 2.0%                  | █                                  |
| Industries < 2%        | 21.7%                 | █                                  |
| Cash and equivalents      | 8.9%                  | █                                  |

Weightings are shown as a percentage of total net assets.

| 4 | May 31, 2015   Semi-Annual Report |
|---|----------------------------------------|

### Saturna Sustainable Equity Fund: Schedule of Investments

| Common Stocks — 91.1%                   | Number of Shares | Cost    | Market Value | Country1  | Percentage of Assets |
|-----------------------------------------------|------------------|---------|--------------|----------------|----------------------|
|                                          |
| Communications                                |             |
|                                          |
| Advertising & Marketing                   |
|     WPP ADS                         | 545              | $64,175 | $64,621      | United Kingdom | 1.9%                 |
|                                          |
| Internet Media                                |
|     Facebook, Class A2         | 1,056            | 84,381  | 83,625       | United States  | 2.5%                 |
|     Google, Class A2           | 122              | 67,177  | 66,529       | United States  | 1.9%                 |
|                                          | 151,558          | 150,154 |         | 4.4%           |
|                                          |
| Telecom Carriers                              |
|     Telenor ADR                     | 972              | 62,505  | 66,193       | Norway         | 2.0%                 |
|     Telus                           | 983              | 33,373  | 33,471       | Canada         | 1.0%                 |
|                                          | 95,878           | 99,664  |         | 3.0%           |
|                                          |
|                                          | 311,611          | 314,439 |         | 9.3%           |
|                                          |
| Consumer Discretionary                        |             |
|                                          |
| Airlines                                      |
|     Delta Air Lines                 | 1,589            | 69,949  | 68,200       | United States  | 2.0%                 |
|                                          |
| Apparel, Footwear & Accessory Design      |
|     Adidas                          | 400              | 31,943  | 31,421       | Germany        | 0.9%                 |
|     Gildan Activewear               | 2,109            | 66,124  | 66,771       | Canada         | 2.0%                 |
|     Samsonite International         | 17,400           | 62,404  | 63,154       | Luxembourg     | 1.8%                 |
|     Swatch Group                    | 84               | 33,519  | 33,272       | Switzerland    | 1.0%                 |
|                                          | 193,990          | 194,618 |         | 5.7%           |
|                                          |
| Auto Parts                                    |
|     Harman International Industries | 499              | 65,827  | 60,139       | United States  | 1.8%                 |
|     Valeo                           | 407              | 64,467  | 64,720       | France         | 1.9%                 |
|                                          | 130,294          | 124,859 |         | 3.7%           |
|                                          |
| Automobiles                                   |
|     Bayerishce Motoren Werke        | 520              | 63,623  | 57,508       | Germany        | 1.7%                 |
|     Daimler ADS                     | 725              | 70,581  | 68,252       | Germany        | 2.0%                 |
|     Toyota Motor ADS                | 589              | 82,601  | 81,217       | Japan          | 2.4%                 |
|                                          | 216,805          | 206,977 |         | 6.1%           |
|                                          |
| Home Products Stores                          |
|     Home Depot                      | 633              | 71,805  | 70,529       | United States  | 2.1%                 |
|                                          |
| Other Commercial Services                     |
|     Ecolab                          | 723              | 82,096  | 82,892       | United States  | 2.4%                 |
|                                          |
| Recreational Vehicles                         |
|     Polaris Industries              | 462              | 65,936  | 66,089       | United States  | 2.0%                 |
|                                          |
| Specialty Apparel Stores                      |
|     TJX Companies                   | 996              | 66,642  | 64,122       | United States  | 1.9%                 |
|                                          |
|                                          | 897,517          | 878,286 |         | 25.9%          |
|                                          |
| Continued on next page.                       |

| The accompanying notes are an integral part of these financial statements. | May 31, 2015   Semi-Annual Report | 5 |
|----------------------------------------------------------------------------|----------------------------------------|---|

### Saturna Sustainable Equity Fund: Schedule of Investments

| Common Stocks — 91.1%             | Number of Shares | Cost    | Market Value | Country1 | Percentage of Assets |
|-----------------------------------------|------------------|---------|--------------|---------------|----------------------|
|                                    |
| Consumer Staples                        |             |
|                                    |
| Household Products                      |
|     L'Oreal                   | 160              | $29,911 | $30,123      | France        | 0.9%                 |
|     Procter & Gamble      | 364              | 30,048  | 28,534       | United States | 0.8%                 |
|     Unilever                  | 1,830            | 79,842  | 78,141       | Netherlands   | 2.3%                 |
|                                    |
|                                    | 139,801          | 136,798 |         | 4.0%          |
|                                    |
| Energy                                  |             |
|                                    |
| Midstream — Oil & Gas         |
|     Petronas Gas              | 5,900            | 35,344  | 35,234       | Malaysia      | 1.0%                 |
|                                    |
| Renewable Energy Equipment              |
|     Canadian Solar2      | 1,016            | 33,833  | 33,183       | Canada        | 1.0%                 |
|                                    |
|                                    | 69,177           | 68,417  |         | 2.0%          |
|                                    |
| Financials                              |             |
|                                    |
| Banks                                   |
|     ICICI Bank ADS            | 6,672            | 71,635  | 70,456       | India         | 2.1%                 |
|     Toronto-Dominion Bank     | 1,543            | 71,289  | 67,229       | Canada        | 2.0%                 |
|                                    | 142,924          | 137,685 |         | 4.1%          |
|                                    |
| Consumer Finance                        |
|     Mastercard, Class A       | 724              | 65,127  | 66,796       | United States | 2.0%                 |
|                                    |
| Diversified Banks                       |
|     Itau Unibanco Holding ADS | 2,670            | 33,161  | 28,569       | Brazil        | 0.8%                 |
|                                    |
| Investment Management                   |
|     BlackRock                 | 168              | 61,413  | 61,451       | United States | 1.8%                 |
|                                    |
| Life Insurance                          |
|     AIA Group                 | 5,000            | 33,420  | 32,832       | Hong Kong     | 1.0%                 |
|                                    |
| REIT (Real Estate Investment Trust)     |
|     GLP-J REIT                | 83               | 84,818  | 81,362       | Japan         | 2.4%                 |
|     Health Care Property      | 864              | 65,150  | 60,705       | United States | 1.8%                 |
|                                    | 149,968          | 142,067 |         | 4.2%          |
|                                    |
|                                    | 486,013          | 469,400 |         | 13.9%         |
|                                    |
| Health Care                             |             |
|                                    |
| Biotech                                 |
|     Biogen2              | 163              | 69,551  | 64,709       | United States | 1.9%                 |
|     Gilead Sciences           | 627              | 63,946  | 70,393       | United States | 2.1%                 |
|                                    | 133,497          | 135,102 |         | 4.0%          |
|                                    |
| Large Pharma                            |
|     Bayer                     | 567              | 84,594  | 80,466       | Germany       | 2.4%                 |
|     Novartis ADR              | 303              | 29,997  | 31,127       | Switzerland   | 0.9%                 |
|     Novo Nordisk ADS          | 1,149            | 64,124  | 64,896       | Denmark       | 1.9%                 |
|                                    | 178,715          | 176,489 |         | 5.2%          |
|                                    |
| Continued on next page.                 |

| 6 | May 31, 2015   Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|---|----------------------------------------|----------------------------------------------------------------------------|

### Saturna Sustainable Equity Fund: Schedule of Investments

| Common Stocks — 91.1%                          | Number of Shares | Cost    | Market Value | Country1  | Percentage of Assets |
|------------------------------------------------------|------------------|---------|--------------|----------------|----------------------|
|                                                 |
| Health Care (continued)                              |             |
|                                                 |
| Medical Equipment                                    |
|     Koninklijke Philips                    | 2,316            | $65,202 | $63,204      | Netherlands    | 1.9%                 |
|                                                 |
| Specialty Pharma                                     |
|     Shire ADS                              | 342              | 82,836  | 88,971       | United Kingdom | 2.6%                 |
|                                                 |
|                                                 | 460,250          | 463,766 |         | 13.7%          |
|                                                 |
| Industrials                                          |             |
|                                                 |
| Commercial Vehicles                                  |
|     Cummins Engine                         | 473              | 65,349  | 64,115       | United States  | 1.9%                 |
|                                                 |
| Electrical Components                                |
|     Murata Manufacturing                   | 500              | 70,100  | 81,055       | Japan          | 2.4%                 |
|     TE Connectivity                        | 1,195            | 82,533  | 82,455       | Switzerland    | 2.4%                 |
|                                                 | 152,633          | 163,510 |         | 4.8%           |
|                                                 |
| Electrical Power Equipment                           |
|     Eaton                                  | 448              | 30,016  | 32,072       | United States  | 1.0%                 |
|                                                 |
| Flow Control Equipment                               |
|     Parker Hannifin                        | 254              | 30,249  | 30,589       | United States  | 0.9%                 |
|                                                 |
|                                                 | 278,247          | 290,286 |         | 8.6%           |
|                                                 |
| Materials                                            |             |
|                                                 |
| Specialty Chemicals                                  |
|     International Flavors & Fragrances | 529              | 61,872  | 62,972       | United States  | 1.8%                 |
|                                                 |
|                                                 | 61,872           | 62,972  |         | 1.8%           |
|                                                 |
| Technology                                           |             |
|                                                 |
| Application Software                                 |
|     Dassault Systems ADR                   | 846              | 65,289  | 66,225       | France         | 2.0%                 |
|                                                 |
| Communications Equipment                             |
|     Apple                                  | 492              | 61,421  | 64,098       | United States  | 1.9%                 |
|                                                 |
| Computer Hardware & Storage                      |
|     Lenovo Group                           | 20,000           | 32,287  | 31,637       | Hong Kong      | 0.9%                 |
|                                                 |
| Infrastructure Software                              |
|     Microsoft                              | 1,438            | 62,724  | 67,385       | United States  | 2.0%                 |
|                                                 |
| IT Services                                          |
|     Accenture, Class A                     | 349              | 33,612  | 33,518       | United Kingdom | 1.0%                 |
|                                                 |
| Semiconductor Devices                                |
|     ARM Holdings ADS                       | 1,360            | 70,649  | 72,447       | United Kingdom | 2.1%                 |
|     NXP Semiconductors2               | 313              | 33,529  | 35,134       | Netherlands    | 1.0%                 |
|                                                 | 104,178          | 107,581 |         | 3.1%           |
|                                                 |
|                                                 | 359,511          | 370,444 |         | 10.9%          |
|                                                 |
| Continued on next page.                              |

| The accompanying notes are an integral part of these financial statements. | May 31, 2015   Semi-Annual Report | 7 |
|----------------------------------------------------------------------------|----------------------------------------|---|

### Saturna Sustainable Equity Fund: Schedule of Investments

| Common Stocks — 91.1%                                                                                                    | Number of Shares | Cost       | Market Value | Country1 | Percentage of Assets |
|--------------------------------------------------------------------------------------------------------------------------------|------------------|------------|--------------|---------------|----------------------|
|                                                                                                                           |
| Utilities                                                                                                                      |             |
|                                                                                                                           |
| Utility Networks                                                                                                               |
|     Veolia Environnement                                                                                             | 1,552            | $32,594    | $32,251      | France        | 1.0%                 |
|                                                                                                                           |
|                                                                                                                           | 32,594           | 32,251     |         | 1.0%          |
|                                                                                                                           |
| Total investments                                                                                                              |             | $3,096,593 | 3,087,059    |          | 91.1%                |
| Other assets (net of liabilities)                                                                                              |             |       | 300,099      |          | 8.9%                 |
| Total net assets                                                                                                               |             | $3,387,158 |         | 100.0%        |
| 1 Country of domicile2 Non-income producing security

ADS: American Depositary ShareADR: American Depositary Receipt |

### Countries

| 8 | May 31, 2015   Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|---|----------------------------------------|----------------------------------------------------------------------------|

### Saturna Sustainable Equity Fund

| Statement of Assets and Liabilities                                            |
|--------------------------------------------------------------------------------|
| As of May 31, 2015                                                             |
|                                                                           |
| Assets                                                                         |
|     Investments in securities, at value(Cost $3,096,593)             | $3,087,059 |
|     Cash                                                             | 499,881 |
|     Receivable for Fund shares sold                                  | 46,138 |
|     Dividends receivable                                             | 5,733 |
|     Prepaid expenses                                                 | 108 |
|         Total assets                                       | 3,638,919 |
| Liabilities                                                                    |
|     Payable for Security Purchases                                   | 249,735 |
|     Payable to affiliates                                            | 1,772 |
|     Accrued distribution fee                                         | 254 |
|         Total liabilities                                  | 251,761 |
| Net assets                                                                     | $3,387,158 |
|                                                                           |
| Analysis of net assets                                                         |
|     Paid-in capital (unlimited shares authorized, without par value) | $3,394,876 |
|     Undistributed net investment income                              | 3,414 |
|     Accumulated net realized loss                                    | (1,941) |
|     Unrealized net depreciation on investments                       | (9,191) |
| Net assets applicable to Fund shares outstanding                               | $3,387,158 |
|                                                                           |
| Fund shares outstanding                                                        | 339,436 |
|                                                                           |
| Net asset value, offering, and redemption price per share                      | $9.98 |

| Statement of Operations                                                     |
|-----------------------------------------------------------------------------|
| Period ended May 31, 2015                                                   |
|                                                                        |
| Investment income                                                           |
|     Dividends (net of foreign tax of $2,104)                      | $8,959 |
|         Gross investment income                         | 8,959 |
| Expenses                                                                    |
|     Investment adviser fees                                       | 3,641 |
|     Distribution fees                                             | 1,400 |
|     Audit fees                                                    | 825 |
|     Printing and postage                                          | 422 |
|     Retirement plan custodial fees                                | 379 |
|     Chief Compliance Officer expenses                             | 374 |
|     Trustee fees                                                  | 358 |
|     Legal fees                                                    | 49 |
|     Custodian fees                                                | 29 |
|     Other expenses                                                | 16 |
|         Total gross expenses                            | 7,493 |
|     Less adviser fees waived                                      | (1,919) |
|     Less custodian fee credits                                    | (29) |
|         Net expenses                                    | 5,545 |
| Net investment income                                                       | $3,414 |
|                                                                        |
|                                                                        |
| Net realized loss from investments and foreign currency                     | $(1,941) |
| Net decrease in unrealized appreciation on investments and foreign currency | (9,191) |
| Net loss on investments                                                     | $(11,132) |
|                                                                        |
| Net decrease in net assets resulting from operations                        | $(7,718) |

| The accompanying notes are an integral part of these financial statements. | May 31, 2015   Semi-Annual Report | 9 |
|----------------------------------------------------------------------------|----------------------------------------|---|

### Saturna Sustainable Equity Fund

| Statements of Changes of Net Assets                     | Period ended May 31, 2015 |
|---------------------------------------------------------|---------------------------|
| Increase (decrease) in net assets from operations       |
| From operations                                         |
|     Net investment income                     | $3,414                    |
|     Net realized loss on investments          | (1,941)                   |
|     Net decrease in unrealized appreciation   | (9,191)                   |
|         Net decrease in net assets  | (7,718)                   |
| Capital share transactions                              |
|     Proceeds from sales of shares             | 3,423,398                 |
|     Cost of shares redeemed                   | (28,522)                  |
|          Net increase in net assets | 3,394,876                 |
| Total increase in net assets                            | 3,387,158                 |
|                                                    |
| Net assets                                              |
| Beginning of period                                     | -                         |
| End of period                                           | 3,387,158                 |
|                                                    |
| Undistributed net investment income                     | $3,414                    |
|                                                    |
| Shares of the Fund sold and redeemed                    |
|     Number of shares sold                     | 342,256                   |
|     Number of shares redeemed                 | (2,820)                   |
| Net increase in number of shares outstanding            | 339,436                   |

| Financial Highlights                                                                         | Period ended1 |
|----------------------------------------------------------------------------------------------|--------------------|
| Selected data per share of outstanding capital stock throughout the period:                  | May 31, 2015       |
| Net asset value at beginning of period                                                       | $10.00             |
| Income from investment operations                                                            |
|     Net investment income                                                          | 0.01               |
|     Net loss on securities (both realized and unrealized)                          | (0.03)             |
| Total from investment operations                                                             | (0.02)             |
|                                                                                         |
| Net asset value at end of period                                                             | $9.98              |
|                                                                                         |
| Total return                                                                                 | (0.20)%2      |
|                                                                                         |
| Ratios / supplemental data                                                                   |
| Net assets ($000), end of period                                                             | $3,387             |
| Ratio of expenses to average net assets                                                      |               |
|     Before fee waivers                                                             | 1.34%3        |
|     After fee waivers                                                              | 0.99%3        |
|     After fee waivers and custodian fee credits                                    | 0.99%3        |
| Ratio of net investment income after fee waivers and custodian credits to average net assets | 0.61%3        |
| Portfolio turnover rate                                                                      | 0%                 |
| 1 Operations commenced on March 27, 20152 Not annualized3 Annualized          |

| 10 | May 31, 2015   Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|----------------------------------------|----------------------------------------------------------------------------|

### Saturna Sustainable Bond Fund: Performance Summary

Average Annual Returns

The Saturna Sustainable Bond Fund began operations March 27, 2015 and consequently does not have returns to report.  Future reports will show how the Fund's performance compares to the Citi World Broad Investment-Grade Bond Index.

Fund Objective

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

| Top Ten Holdings                         |                       | Portfolio Diversification |
|------------------------------------------|----------------------------|---------------------------|
| % of Total Net Assets                    | % of Total Net Assets      |                      |
| Telecom Italia 7.175% due 06/18/2019     | 4.5%                       | Financials                | 29.6% | █ |  |
| Koninklijke Philips 3.75% due 03/15/2022 | 4.5%                       | Industrials               | 11.6% | █ |
| Aircastle 4.625% due 12/15/2018          | 4.3%                       | Technology                | 10.7% | █ |
| Nokia 5.375% due 05/15/2019              | 4.3%                       | Consumer Discretionary    | 9.6% | █ |
| Pitney Bowes 5.25% due 01/15/2037        | 4.3%                       | Health Care               | 7.8% | █ |
| Chubb 6.375% due 03/29/2067              | 4.1%                       | Communications            | 7.8% | █ |
| Republic of Turkey 7.00% due 03/11/2019  | 3.5%                       | Foreign Government Bonds  | 6.6% | █ |
| Credit Suisse 5.40% due 01/14/2020       | 3.4%                       | Utilities                 | 4.5% | █ |
| Lexmark 6.65% due 06/01/2018             | 3.4%                       | Asset-Backed Securities   | 3.1% | █ |
| Bancolombia 5.95% due 06/03/2021         | 3.4%                       | Mortgage Finance          | 2.3% | █ |
|                                          | Mortgage-Backed Securities | 1.8%                      | █ |
| Cash and equivalents                     | 4.6%                       | █                   |

Weightings are shown as a percentage of total net assets.

| May 31, 2015   Semi-Annual Report | 11 |
|----------------------------------------|----|

### Saturna Sustainable Bond Fund: Schedule of Investments

| Asset- and Mortgage-Backed Securities — 4.9% | Coupon / Maturity     | Face Amount | Market Value | Country1  | Percentage of Assets |
|----------------------------------------------------|-----------------------|-------------|--------------|----------------|----------------------|
|                                               |
| Asset-Backed Securities                            |                  |
|                                               |
|     CRART 2014-3 C                       | 3.61% due 05/15/2020  | $100,000    | $100,770     | United States  | 3.1%                 |
|                                               |
|                                               | 100,000               | 100,770     |         | 3.1%           |
|                                               |
| Mortgage-Backed Securities                         |                  |
|                                               |
|     BOAMS 2004-03 4A1                    | 4.75% due 03/25/2019  | 59,804      | 59,210       | United States  | 1.8%                 |
|                                               |
|                                               | 59,804                | 59,210      |         | 1.8%           |
|                                               |
| Total Asset-Backed and Mortgage-Backed Securities  | 159,804               | 159,980     |         | 4.9%           |
|                                               |
| Corporate Bonds — 81.6%                      | Coupon / Maturity     | Face Amount | Market Value | Country1  | Percentage of Assets |
|                                               |
| Communications                                     |                  |
|                                               |
|     Telecom Italia                       | 7.175% due 06/18/2019 | 130,000     | 147,225      | Luxembourg     | 4.5%                 |
|     Vodafone Group                       | 4.375% due 03/16/2021 | 100,000     | 107,309      | United Kingdom | 3.3%                 |
|                                               |
|                                               | 230,000               | 254,534     |         | 7.8%           |
|                                               |
| Consumer Discretionary                             |                  |
|                                               |
|     Lexmark                              | 6.65% due 06/01/2018  | 100,000     | 110,766      | United States  | 3.4%                 |
|     Southwest Airlines                   | 2.75% due 11/06/2019  | 100,000     | 102,394      | United States  | 3.2%                 |
|     Toyota Motor Credit                  | 3.00% due 03/20/2030  | 100,000     | 98,314       | Japan          | 3.0%                 |
|                                               |
|                                               | 300,000               | 311,474     |         | 9.6%           |
|                                               |
| Financials                                         |                  |
|                                               |
|     Ally Financial                       | 3.50% due 04/15/2018  | 50,000      | 49,536       | United States  | 1.5%                 |
|     Ally Financial                       | 3.95% due 04/15/2020  | 50,000      | 49,840       | United States  | 1.5%                 |
|     Bancolombia                          | 5.95% due 06/03/2021  | 100,000     | 110,550      | Colombia       | 3.4%                 |
|     Chubb                                | 6.375% due 03/29/2067 | 125,000     | 132,187      | United States  | 4.1%                 |
|     Credit Suisse                        | 5.40% due 01/14/2020  | 100,000     | 111,433      | Switzerland    | 3.4%                 |
|     HCP                                  | 3.15% due 08/01/2022  | 100,000     | 97,941       | United States  | 3.0%                 |
|     Royal Bank of Scotland               | 4.70% due 07/03/2018  | 100,000     | 104,332      | United Kingdom | 3.2%                 |
|     Toronto Dominion Bank                | 2.00% due 02/26/2022  | 25,000      | 24,820       | Canada         | 0.8%                 |
|     Toronto Dominion Bank                | 2.15% due 03/31/2022  | 75,000      | 74,293       | Canada         | 2.3%                 |
|     Vornado Realty                       | 2.50% due 06/30/2019  | 100,000     | 101,010      | United States  | 3.1%                 |
|     Westpac Banking                      | 4.625% due 06/01/2018 | 100,000     | 107,429      | Australia      | 3.3%                 |
|                                               |
|                                               | 925,000               | 963,371     |         | 29.6%          |
|                                               |
| Health Care                                        |                  |
|                                               |
|     Koninklijke Philips                  | 3.75% due 03/15/2022  | 141,000     | 145,501      | Netherlands    | 4.5%                 |
|     Sanofi                               | 4.00% due 03/29/2021  | 100,000     | 109,096      | France         | 3.3%                 |
|                                               |
|                                               | 241,000               | 254,597     |         | 7.8%           |
|                                               |
| Industrials                                        |                  |
|                                               |
|     Aircastle                            | 4.625% due 12/15/2018 | 135,000     | 140,738      | Bermuda        | 4.3%                 |
|     Ingersoll-Rand                       | 2.625% due 05/01/2020 | 98,000      | 98,513       | United States  | 3.0%                 |
|     Pitney Bowes                         | 5.25% due 01/15/2037  | 130,000     | 138,588      | United States  | 4.3%                 |
|                                               |
|                                               | 363,000               | 377,839     |         | 11.6%          |
|                                               |
| Continued on next page.                            |

| 12 | May 31, 2015   Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|----------------------------------------|----------------------------------------------------------------------------|

### Saturna Sustainable Bond Fund: Schedule of Investments

|                                           |
|------------------------------------------------|
| **Corporate Bonds — 81.6%***(continued)* | Coupon / Maturity | Face Amount | Market Value | Country1 | Percentage of Assets |
|                                           |
| Technology                                     |   |
|                                           |
|     Flextronics International        | 4.625% due 02/15/2020 | 100,000 | 105,000 | Singapore | 3.2% |
|     Nokia                            | 5.375% due 05/15/2019 | 130,000 | 140,400 | Finland | 4.3% |
|     Seagate                          | 3.75% due 11/15/2018 | 100,000 | 104,572 | Cayman Islands | 3.2% |
|                                           |
|                                           | 330,000 | 349,972 |   | 10.7% |
|                                           |
| Utilities                                      |   |
|                                           |
|     United Utilities                 | 4.55% due 06/19/2018 | $35,000 | $37,202 | United Kingdom | 1.2% |
|     United Utilities                 | 5.375% due 02/01/2019 | 100,000 | 108,827 | United Kingdom | 3.3% |
|                                           |
|                                           | 135,000 | 146,029 |   | 4.5% |
|                                           |
| Total Corporate Bonds                          | 2,524,000 | 2,657,816 |   | 81.6% |
|                                           |
| Government Agency Bonds — 2.3%           | Coupon / Maturity | Face Amount | Market Value | Country1 | Percentage of Assets |
|                                           |
| Mortgage Finance                               |   |
|                                           |
|     Freddie Mac                      | 1.15% due 05/27/2020 | 75,000 | 74,993 | United States | 2.3% |
|                                           |
|                                           | 75,000 | 74,993 |   | 2.3% |
|                                           |
| Government Bonds — 6.6%                  | Coupon / Maturity | Face Amount | Market Value | Country1 | Percentage of Assets |
|                                           |
| Foreign Government Bonds                       |   |
|                                           |
|     Republic of Turkey               | 7.00% due 03/11/2019 | 100,000 | 113,250 | Turkey | 3.5% |
|     United Mexican States            | 3.50% due 01/21/2021 | 100,000 | 103,100 | Mexico | 3.1% |
|                                           |
|                                           | 200,000 | 216,350 |   | 6.6% |
|                                           |
| Total investments                              | (Cost = $3,128,472) | $2,958,804 | 3,109,139 |   | 95.4% |
| Other assets (net of liabilities)              |   |   | 150,264 |   | 4.6% |
| Total net assets                               |   | $3,259,403 |   | 100.0% |
| 1 Country of domicile                     |

### Countries

| The accompanying notes are an integral part of these financial statements. | May 31, 2015   Semi-Annual Report | 13 |
|----------------------------------------------------------------------------|----------------------------------------|----|

### Saturna Sustainable Bond Fund

| Statement of Assets and Liabilities                                               |
|-----------------------------------------------------------------------------------|
| As of May 31, 2015                                                                |
|                                                                              |
| Assets                                                                            |
|     Investments in securities, at value     (Cost $3,128,472) | $3,109,139 |
|     Cash                                                                | 193,861 |
|     Receivable for Fund shares sold                                     | 75,166 |
|     Interest  receivable                                                | 37,121 |
|     Reimbursement due from adviser                                      | 1,628 |
|     Prepaid expenses                                                    | 95 |
|         Total assets                                          | 3,417,010 |
| Liabilities                                                                       |
|     Payable for Security Purchases                                      | 155,965 |
|     Payable to affiliates                                               | 1,403 |
|     Accrued distribution fee                                            | 239 |
|         Total liabilities                                     | 157,607 |
| Net assets                                                                        | $3,259,403 |
|                                                                              |
| Analysis of net assets                                                            |
|     Paid-in capital (unlimited shares authorized, without par value)    | $3,278,375 |
|     Undistributed net investment income                                 | 361 |
|     Unrealized net depreciation on investments                          | (19,333) |
| Net assets applicable to Fund shares outstanding                                  | $3,259,403 |
|                                                                              |
| Fund shares outstanding                                                           | 328,009 |
|                                                                              |
| Net asset value, offering, and redemption price per share                         | $9.94 |

| Statement of Operations                                |
|--------------------------------------------------------|
| Period ended May 31, 2015                              |
|                                                   |
| Investment income                                      |
|     Interest income                          | $11,489 |
|         Gross investment income    | 11,489 |
| Expenses                                               |
|     Investment adviser fees                  | 2,905 |
|     Distribution fees                        | 1,320 |
|     Audit fees                               | 826 |
|     Printing and postage                     | 423 |
|     Retirement plan custodial fees           | 379 |
|     Chief Compliance Officer expenses        | 373 |
|     Trustee fees                             | 357 |
|     Legal fees                               | 49 |
|     Custodian fees                           | 25 |
|     Other expenses                           | 16 |
|         Total gross expenses       | 6,673 |
|     Less adviser fees waived                 | (1,947) |
|     Less custodian fee credits               | (25) |
|         Net expenses               | 4,701 |
| Net investment income                                  | $6,788 |
|                                                   |
|                                                   |
| Net realized gain from investments                     | $- |
| Net decrease in unrealized appreciation on investments | (19,333) |
| Net loss on investments                                | $(19,333) |
|                                                   |
| Net decrease in net assets resulting from operations   | $(12,545) |

| 14 | May 31, 2015   Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|----|----------------------------------------|----------------------------------------------------------------------------|

### Saturna Sustainable Bond Fund

| Statements of Changes of Net Assets                                | Period ended May 31, 2015 |
|--------------------------------------------------------------------|---------------------------|
| Increase (decrease) in net assets from operations                  |
| From operations                                                    |
|     Net investment income                                | $6,788                    |
|     Net decrease in unrealized appreciation              | (19,333)                  |
|         Net decrease in net assets             | (12,545)                  |
| Distributions to shareowners from                                  |
|     Net investment income                                | (6,427)                   |
| Capital share transactions                                         |
|     roceeds from sales of shares                         | 3,271,948                 |
|     Value of shares issued in reinvestment of dividends  | 6,427                     |
|     Cost of shares redeemed                              | -                         |
|         Net increase in net assets             | 3,278,375                 |
| Total increase in net assets                                       | 3,259,403                 |
|                                                               |
| Net assets                                                         |
| Beginning of period                                                | -                         |
| End of period                                                      | 3,259,403                 |
|                                                               |
| Undistributed net investment income                                | $361                      |
|                                                               |
| Shares of the Fund sold and redeemed                               |
|     Number of shares sold                                | 327,362                   |
|     Number of shares issued in reinvestment of dividends | 647                       |
|     Number of shares redeemed                            | -                         |
| Net increase in number of shares outstanding                       | 328,009                   |

| Financial Highlights                                                                     | Period ended1 |
|------------------------------------------------------------------------------------------|--------------------|
| Selected data per share of outstanding capital stock throughout the period:              | May 31, 2015       |
| Net asset value at beginning of period                                                   | $10.00             |
| Income from investment operations                                                        |
|     Net investment income                                                      | 0.02               |
|     Net loss on securities (both realized and unrealized)                      | (0.06)             |
| Total from investment operations                                                         | (0.04)             |
| Less distributions                                                                       |               |
|     Dividends (from net investment income)                                     | (0.02)             |
| Total distributions                                                                      | (0.02)             |
|                                                                                     |
| Net asset value at end of period                                                         | $9.94              |
|                                                                                     |
| Total return                                                                             | (0.40)%2      |
|                                                                                     |
| Ratios / supplemental data                                                               |
| Net assets ($000), end of period                                                         | $3,259             |
| Ratio of expenses to average net assets                                                  |               |
|     Before fee waivers                                                         | 1.26%3        |
|     After fee waivers                                                          | 0.89%3        |
|     After fee waivers and custodian fee credits                                | 0.89%3        |
| Ratio of net investment income after fee waivers custodian credits to average net assets | 1.29%3        |
| Portfolio turnover rate                                                                  | 4%                 |
| 1 Operations commenced on March 27, 20152 Not annualized3 Annualized      |

| The accompanying notes are an integral part of these financial statements. | May 31, 2015   Semi-Annual Report | 15 |
|----------------------------------------------------------------------------|----------------------------------------|----|

### 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.  Nine portfolio series have been created to date, two of which are covered by this semi-annual report: Saturna Sustainable Equity Fund and Saturna Sustainable Bond Fund (the "Funds").   The Sextant Short-Term Bond Fund, Sextant Bond Income Fund, Sextant Core Fund, Sextant Global High Income Fund, Sextant Growth Fund, Sextant International Fund, and the Idaho Tax-Exempt Fund are offered through separate prospectuses, the results of which are contained in separate reports.

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

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

NOTE 2 — Unaudited Information

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

NOTE 3 — Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

| 16 | May 31, 2015   Semi-Annual Report |
|----|----------------------------------------|

### Notes To Financial Statements (continued)

| Funds                                       | **Level 1**Quoted Price | **Level 2**Significant Observable Input | **Level 3**Significant Unobservable Input | Total      |
|---------------------------------------------|-------------------------|-----------------------------------------|-------------------------------------------|------------|
| Sustainable Equity Fund                     |
| Common Stocks                               |
|     Communications                | $314,439                | $-                                      | $-                                        | $314,439   |
|     Consumer Discretionary        | 692,931                 | 185,355                                 | -                                         | 878,286    |
|     Consumer Staples              | 106,675                 | 30,123                                  | -                                         | 136,798    |
|     Energy                        | 33,183                  | 35,234                                  | -                                         | 68,417     |
|     Financials                    | 355,206                 | 114,194                                 | -                                         | 469,400    |
|     Health Care                   | 383,300                 | 80,466                                  | -                                         | 463,766    |
|     Industrials                   | 209,231                 | 81,055                                  | -                                         | 290,286    |
|     Materials                     | 62,972                  | -                                       | -                                         | 62,972     |
|     Technology                    | 338,807                 | 31,637                                  | -                                         | 370,444    |
|     Utilities                     | -                       | 32,251                                  | -                                         | 32,251     |
| Total Assets                                | $2,496,744              | $590,315                                | $-                                        | $3,087,059 |
|                                        |
| Sustainable Bond Fund                       |
| Asset-Backed and Mortgage-Backed Securities | $-                      | $159,9801                          | $-                                        | $159,980   |
| Corporate Bonds                             | -                       | 2,657,8161                         | -                                         | 2,657,816  |
| Government Agency Bonds                     | -                       | 74,9931                            | -                                         | 74,993     |
| Government Bonds                            | -                       | 216,3501                           | -                                         | 216,350    |
| Total Assets                                | $-                      | $3,109,139                              | $-                                        | $3,109,139 |

1 See Schedule of Investments for additional detailsDuring the period ended May 31, 2015, no Fund had transfers between Level 1 and Level 2.

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

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

The table above is a summary of the inputs used as of May 31, 2015 in valuing the Funds' investments carried at value.

**Derivative instruments and hedging activities:**The Funds have adopted the financial accounting reporting rules required by the Derivatives and Hedging Topic of the FASB Accounting Standards Codification.  The Funds are required to include enhanced disclosure which 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.

Derivative instruments had no effect on the Funds' financial position and financial performance.

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

**Distributions to shareowners:**For the Sustainable Bond Fund, dividends to shareowners from net investment income are paid daily and distributed on the last business day of each month.  For the Sustainable Equity Fund, dividends to shareowners from net investment income are payable at the end of each November.  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 

| May 31, 2015   Semi-Annual Report | 17 |
|----------------------------------------|----|

### Notes To Financial Statements (continued)

net asset value on the payable date.  Shareowners may elect to take distributions if they total $10 or more in cash.

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

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

NOTE 4 — Transactions with Affiliated Persons

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

The Adviser has voluntarily undertaken to limit expenses of the Sustainable Equity Fund to 0.99%, and of the Sustainable Bond Fund to 0.89% through March 31, 2016.  For the period ended May 31, 2015, the advisory fees incurred were as follows:

|               | Adviser Fees | Adviser Fees Waived | Expense Reimbursement |
|--------------------|--------------|---------------------|-----------------------|
| Sustainable Equity | $3,641       | $(1,919)            | $-                    |
| Sustainable Bond   | 2,905        | (1,947)             | -                     |

In accordance with the expense limitation noted above, for the period ended May 31, 2015, Saturna Capital waived a portion of the advisory fees of the Sustainable Equity Fund and Sustainable Bond Fund.  The adviser cannot recoup previously waived fees.

Saturna Brokerage Services, Inc. ("SBS"), a discount brokerage and subsidiary of Saturna Capital Corporation, is registered as a broker-dealer and acts as distributor.  On December 19, 2014, the Funds adopted a Distribution Plan in accordance with Rule 12b-1 under the 1940 Act.  The plan provides that the Funds will pay a fee to SBS at an annual rate of 0.25% of the average net assets of the Funds.  During the period ended May 31, 2015, the Trust paid SBS the following amounts:

| 12b-1 Fees         |
|--------------------|
| Sustainable Equity | $1,400 |
| Sustainable Bond   | 1,320 |

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

Saturna Trust Company ("STC"), a subsidiary of Saturna Capital, acts as retirement plan custodian for Fund shareowners.  Each Fund pays an annual fee of $10 per account for retirement plan services to Saturna Trust Company.  For the period ended May 31, 2015, the Funds incurred the following amounts:

| Retirement plan custodial fees |
|--------------------------------|
| Sustainable Equity             | $379 |
| Sustainable Bond               | 379 |

Mr. Nicholas Kaiser serves as a trustee and president of the Trust.  He is also a director and the chairman of Saturna Capital and Saturna Trust Company.  Mr. Kaiser is not compensated by the Trust.  For the period ended May 31, 2015, the Trust incurred compensation expenses of $15,000 which is included in $21,530 of total expenses for the independent Trustees.  The Funds paid $715 of these total expenses.

The officers of the Trust are paid by Saturna Capital, not the Trust, except the Chief Compliance Officer, who may be partially compensated by the Trust.  For the period ended May 31, 2015, the Funds paid the following compensation expenses for the Chief Compliance Officer:

| Chief Compliance Officer |
|--------------------------|
| Sustainable Equity       | $374 |
| Sustainable Bond         | 373 |

On May 31, 2015, the trustees, officers, and their affiliates as a group owned 69.36% and 74.42% of the outstanding shares of Sustainable Equity Fund and Sustainable Bond Fund, respectively.

NOTE 5 — Distributions to Shareowners

The tax characteristics of distributions paid during the period ended May 31, 2015, were as follows:

| Period ended May 31, 2015     |
|-------------------------------|
| Sustainable Bond Fund         |
|     Ordinary income | $6,427 |

During the period, Sustainable Equity Fund did not pay any distributions.

NOTE 6 — Federal Income Taxes

The cost basis of investments for federal income tax purposes at May 31, 2015, was as follows:

|                              | Sustainable Equity | Sustainable Bond |
|-----------------------------------|--------------------|------------------|
| Cost of investments               | $3,096,593         | $3,128,472       |
| Gross tax unrealized appreciation | 53,653             | 3,391            |
| Gross tax unrealized depreciation | (63,188)           | (22,724)         |
| Net tax unrealized depreciation   | (9,535)            | (19,333)         |

NOTE 7 — Investments

Investment transactions other than short-term investments for the  period ended May 31, 2015, were as follows:

|               | Purchases  | Sales   |
|--------------------|------------|---------|
| Sustainable Equity | $3,096,593 | $-      |
| Sustainable Bond   | 3,237,890  | 100,563 |

| 18 | May 31, 2015   Semi-Annual Report |
|----|----------------------------------------|

NOTE 8 — Custodian

Under agreements in place with the Trust's custodian, Bank of New York Mellon, custody fees are reduced by credits for cash balances.  Such reductions for the period ended May 31, 2015, were as follows:

| Custodian Fee Credits |
|-----------------------|
| Sustainable Equity    | $29 |
| Sustainable Bond      | 25 |

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.

| May 31, 2015   Semi-Annual Report | 19 |
|----------------------------------------|----|

### Expenses

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

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

Examples

The following examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 27, 2015 to May 31, 2015).

Actual Expenses

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

Hypothetical Example For Comparison Purposes

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

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

|                                     | Beginning Account Value[March 27, 2015] | Ending Account Value[May 31, 2015] | Expenses Paid During Period | Annualized Expense Ratio |
|------------------------------------------|-----------------------------------------|------------------------------------|-----------------------------|--------------------------|
|                                     |
| Sustainable Equity Fund (SEEFX), Actual  | $1,000.00                               | $998.00                            | $1.79                       | 0.99%                    |
| Hypothetical (5% return before expenses) | $1,000.00                               | $1,007.25                          | $1.80                       | 0.99%                    |
|                                     |
| Sustainable Bond Fund (SEBFX), Actual    | $1,000.00                               | $998.00                            | $1.61                       | 0.89%                    |
| Hypothetical (5% return before expenses) | $1,000.00                               | $1,007.43                          | $1.62                       | 0.89%                    |

Expenses are equal to annualized expense ratios indicated above (based on the most recent fiscal period of March 27, 2015, through May 31, 2015) multiplied by the average account value over the period, multiplied by 66/365 (to reflect the period since inception).

| 20 | May 31, 2015   Semi-Annual Report |
|----|----------------------------------------|

### Trustees' Initial Approval of the Advisory Agreement for the Sustainable Funds

At a meeting held on December 16, 2014, the Board of Trustees, including all of the Trustees who are not interested persons of the Trust or of Saturna Capital Corporation ("Saturna"), considered whether to approve the proposed investment advisory and administration agreement between Saturna and the Saturna Sustainable Equity Fund and the Saturna Sustainable Bond Fund (the "Funds").  The Trustees reviewed materials relating specifically to the management agreement before and at the meeting and had the opportunity to ask questions and request further information, taking into account their familiarity with Saturna gained through their meetings and discussions.

The materials received by the Trustees included, but were not limited to: (1) the investment objective and strategies for each of the new Funds; (2) information regarding the expense ratios, contractual and effective management fee rates, and other expense components for the Funds; (3) information regarding the marketing strategy and distribution arrangements for the Funds; and (4) information regarding the personnel and other resources devoted by Saturna to managing the Funds.

The Trustees considered the investment management services to be provided by Saturna to the Funds, including investment research, portfolio management, and trading, and Saturna's commitment to compliance with all relevant legal requirements. The Trustees also observed that Saturna was engaged primarily in the investment management business and accordingly did not experience the conflicts of interest that may result from being engaged in other lines of financial services.

Because the Funds had not yet begun operations, the Trustees were not able to review the Funds' investment performance.

The Trustees considered the qualifications of the personnel who would provide investment management services to the Funds, in light of their investment objectives and disciplines. Among other things, the Trustees considered the size and experience of Saturna's investment management staff and Saturna's investment methodology and philosophy.   The Trustees noted the recent addition of a portfolio manager with substantial experience in managing portfolios with investment strategies emphasizing sustainable investing.   The Trustees determined that Saturna had the expertise and resources to manage the Funds effectively.

The Trustees considered the nature, quality, costs, and extent of compliance, administrative, and other services to be performed by Saturna and Saturna Brokerage Services, Inc. and the nature and extent of Saturna's supervision of third party service providers, including the Funds' custodian.  The Trustees noted Saturna's experience, ability and commitment to quality service through performing internally such functions as shareholder servicing, administration, accounting, marketing, and distribution — in addition to providing investment management services.

The Trustees considered the projected expense levels of the Funds. They also considered the amount and nature of the fees to be paid by shareholders. The Trustees noted that they and Saturna had agreed to a management fee waiver and expense limitation agreement under which Saturna would waive all or a portion of its management fee and, if necessary, reimburse the other expenses to the extent necessary so that the total net annual operating expenses do not exceed an annual rate of 0.99% for the Sustainable Equity Fund and 0.89% for the Sustainable Bond Fund.  The Trustees noted the extent to which Saturna was incurring expenses that would otherwise be borne by each Fund in order to ensure that overall net expenses remained competitive.

Because the Funds had not yet begun operations, the Trustees were not able to consider the level of Saturna's profits in managing the Funds.  The Trustees did consider Saturna's financial information and discussed the issue of profitability related to the management and administration of the Funds, as well as the reasonability of profitability with respect to each of the Funds as part of their evaluation of whether the advisory fees were reasonable in light of the nature, extent, and quality of services to be provided by Saturna. 

The Trustees concluded that the fees paid by the Funds to Saturna were reasonable in light of the services provided, expense and fees, costs of services provided and profits to be realized, and the benefits to be derived by Saturna from its relationship with the Funds.  Following this discussion, the Trustees unanimously agreed to approve the Investment Advisory and Administration Agreements and other operating agreements between Saturna and/or Saturna Brokerage Services and each of the Funds. 

| May 31, 2015   Semi-Annual Report | 21 |
|----------------------------------------|----|

Availability of Portfolio Information

> 
(1) The Saturna Sustainable Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q.

(2) The Funds' Forms N-Q are available on the SEC's website at www.sec.gov and at www.saturnasustainable.com.

(3) 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.

(4) The Funds make a complete schedule of portfolio holdings after the end of each month available to investors at www.saturnasustainable.com.

Availability of Proxy Voting Information

> 
(1) A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (a) without charge, upon request, by calling Saturna Capital at 1-800-728-8762; (b) on the Funds' website at  www.saturnasustainable.com; and (c) on the SEC's website at www.sec.gov.

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

Householding Policy

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

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

| 22 | May 31, 2015   Semi-Annual Report |
|----|----------------------------------------|

Privacy Statement

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

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

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

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

| May 31, 2015   Semi-Annual Report | 23 |
|----------------------------------------|----|

### www.saturnasustainable.com

| (logo omitted)

Saturna Capital 1300 North State StreetBellingham, WA 98225www.saturna.com1-800-728-8762 | This report is issued for the information of the shareowners of the Funds. It is not authorized for distribution to prospective investors unless it is accompanied or preceded by an effective prospectus relating to the securities of the Funds. The Saturna Sustainable  Funds are series of Saturna Investment Trust.

Saturna Brokerage Services, Distributor |
|----------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

# IDAHO TAX-EXEMPT FUND

## SEMI-ANNUAL REPORT

### MAY 31, 2015

----

### Performance Summary:

Average Annual Returns as of June 30, 2015

|                                                 | **1 Year** | **3 Year** | **5 Year** | **10 Year** | **Expense Ratio1** | **30-Day Yield2** |
|------------------------------------------------------|------------|------------|------------|-------------|--------------------|-------------------|
| Idaho Tax-Exempt Fund                                | 2.09%      | 2.17%      | 3.18%      | 3.44%       | 0.65%              | 1.52%             |
| S&P Idaho Municipal Bond Index                   | 4.71%      | 4.11%      | 5.37%      | 4.97%       | n/a                | n/a               |
| "Muni Single State Intermediate" Category3 | 2.15%      | 1.96%      | 3.29%      | 3.40%       | n/a                | n/a               |
| % Rank in category                                   | 47         | 33         | 58         | 55          | n/a                | n/a               |
| Funds in category                                    | 212        | 200        | 188        | 175         | n/a                | n/a               |

**Performance data quoted in this report represents past performance, is before any taxes payable by shareowners, and is no guarantee of future results.** Current performance may be higher or lower than that stated herein.  Performance current to the most recent month-end is available by calling toll-free 1-800-728-8762 or visiting www.idahotaxexemptfund.com.  Average annual total returns are historical and include change in share value as well as reinvestment of dividends and capital gains, if any.  The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.

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

1 By regulation, the expense ratio shown in this table is as of the Fund's most recent prospectus, which is dated March 27, 2015, and incorporates results for the fiscal year ended November 30, 2014. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods.

2 A Fund's 30-Day Yield is calculated by dividing the net investment income per share during the preceding 30 days by the net asset value per share on the last day of the period.  The 30-Day Yield provides an estimate of a Fund's investment income rate, but may not equal the actual income distribution rate.

3**Source: Morningstar June 30, 2015.** 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 ReturnTM, Morningstar Risk-Adjusted RatingsTM, 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 in 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. 

| 2 | May 31, 2015        Semi-Annual Report |
|---|------------------------------------------------------------|

(graphic omitted)

### Fellow Shareowners:

For the six months ended May 31, 2015, Idaho Tax- Exempt Fund returned 0.62%.  For the 12 months ended May 31, 2015, the Fund returned 2.09%.  At May 31, 2015, the net asset value per share was $5.47, down 4¢ per share for the semi-annual period.  Since November 30, 2014, the Fund's net assets increased 5.4% to $17.6 million.  The net expense ratio (annualized) remained steady at 0.62%.

Over the last six months, US Treasury yields and Idaho tax-exempt yields remained relatively stable.  The Detroit bankruptcy, deteriorating credit quality in Puerto Rico, unfunded pension liabilities in many states, and the uneven impact of declining oil prices required investors to reassess issuer credit risk.  As the era of ubiquitous municipal bond insurance continues to fade, issuer credit quality has returned to its rightful place as the primary metric for sound bond investments.

In 2015, Idaho continued extraordinarily sound fiscal decision-making.  General fund revenues are projected to rise 5.3% to record a $144 million surplus.  The year-end budget stabilization fund grew 20% to $166 Million. Local issuer tax revenues improved with rising property values, employment, and wages.  State pension liabilities are 94% funded, a remarkable achievement on behalf of the state's retirees and taxpayers.

The Fund's dollar-weighted average maturity is close to its minimum at 5.18 years.  The Fund holds older, higher yielding positions to maintain current yield rather than realizing taxable capital gains.  The municipal yield curve remains historically steep, offering the Fund an opportunity to extend its dollar-weighted average maturity as rates normalize.

Looking ahead, investors everywhere hope economies and markets will eventually be free of central bank intervention.  At that point, bond yields will reflect the new realities.  Investors understand that the normalization of interest rates will require the insight to recognize when changes in bond prices reflect changes in fundamental forces, such as inflation, or just the dissolution of artificially depressed bond yields.  We believe markets are now beginning the process of yield normalization.  Rising debt burdens, misallocation of capital, bond yield distortions, inconsistent economic and employment growth, as well as falling velocity of money and soft inflation all raise doubts about continuing.

Normalization may include rising short-term rates.  Credit premiums have already started to rise, and we expect them to continue to rise modestly.  This normalization will continue as central bank easing is gradually withdrawn.  However, China and Europe seem intent to continue these extreme monetary policies for the next year, making the normalization process that much more complex.

Improving US economic growth, job creation, and wages may lead to slightly higher yields. We expect the coming year to be like the last, with the Fund's current income augmenting or offsetting modest price declines. Idaho municipal bonds continue to offer real returns for risk-averse, income-oriented investors.

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

Respectfully,

(photo omitted)

**Nicholas Kaiser,**President

(photo omitted)

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

| May 31, 2015         Semi-Annual Report | 3 |
|-------------------------------------------------------------|---|

### Performance Summary

| Average Annual Returns as of May 31, 2015 |
|-------------------------------------------|
|                                      | 1 Year | 5 Year | 10 Year | Expense Ratio1 |
| Idaho Tax-Exempt Fund                     | 2.09% | 3.22% | 3.51% | 0.65% |
| S&P Idaho Municipal Bond Index        | 4.95% | 5.39% | 5.04% | n/a |

Growth of $10,000

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | Comparison of any mutual fund to a market index must be made bearing in mind that the Index is expense-free.  Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs, (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on May 31, 2005 to an identical amount invested in the Standard & Poor's Idaho Municipal Bond Index, which is a broad-based index of Idaho municipal bond prices. The graph shows that an investment in the Fund would have risen to $14,114 versus $16,353 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 27, 2015, and incorporates results for the fiscal year ended November 30, 2014. 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. Preservation of capital is a secondary objective.

| Portfolio Diversification |   | Top Ten Holdings      |
|---------------------------|--------|-----------------------|
| % of Total Net Assets     |   | % of Total Net Assets |
| General Obligation        | 59.3%  |                       |  | University of Idaho Revenues 5.00% due 04/01/2032 | 2.9% |
| State Education           | 9.5%   |                       | Twin Falls Co. ID SCD #414 4.25% due 09/15/2028 | 2.8% |
| Real Estate               | 5.2%   |                       | Idaho State Building Authority Revenue 5.00% due 09/01/2032 | 2.5% |
| Water Supply              | 4.3%   |                       | Ada & Canyon Cos. ID JSD #3 Kuna 4.00% due 08/15/2022 | 2.5% |
| Transportation            | 4.2%   |                       | Madison Co. ID SCD #321 Rexburg 4.50% due 08/15/2024 | 2.5% |
| Medical/Hospitals         | 3.8%   |                       | Canyon Co. ID SCD #134 Middleton 4.00% due 09/15/2028 | 2.5% |
| Pollution Control         | 3.0%   |                       | Idaho Bond Bank Authority 4.00% due 09/15/2032 | 2.4% |
| Financial Services        | 3.0%   |                       | Boise State University ID Revenues 5.00% due 04/01/2034 | 2.4% |
| Other industries < 2%  | 2.6%   |                       | Pocatello ID Water Revenue 4.75% due 02/01/2026 | 2.2% |
| Cash and equivalents      | 5.1%   |                       | Payette Co. ID SCD #373 5.00% due 09/15/2024 | 2.1% |

*Weightings are shown as a percentage of total net assets.*

| 4 | May 31, 2015        Semi-Annual Report |
|---|------------------------------------------------------------|

Schedule of Investments

| Tax-Exempt Municipal Bonds — 94.9%                          | Coupon / Maturity     | Face Amount | Market Value | Percentage of Assets |
|-------------------------------------------------------------------|-----------------------|-------------|--------------|----------------------|
|                                                              |
| Financial Services                                                |                  |
|                                                              |
|     Idaho Bond Bank Authority1                          | 4.00% due 09/15/2019  | $90,000     | $97,681      | 0.6%                 |
|     Idaho State Bond Bank                               | 4.00% due 09/15/2032  | 405,000     | 428,032      | 2.4%                 |
|                                                              |
|                                                              | 495,000               | 525,713     | 3.0%         |
|                                                              |
| General Obligation                                                |                       |
|                                                              |
|     Ada & Canyon Cos. ID JSD #2 Meridian            | 5.00% due 08/15/2020  | 165,000     | 166,612      | 0.9%                 |
|     Ada & Canyon Cos. ID JSD #2 Meridian            | 5.00% due 08/15/2021  | 155,000     | 156,514      | 0.9%                 |
|     Ada & Canyon Cos. ID JSD #3 Kuna                | 5.00% due 09/15/2019  | 240,000     | 263,222      | 1.5%                 |
|     Ada & Canyon Cos. ID JSD #3 Kuna                | 4.00% due 08/15/2022  | 400,000     | 449,108      | 2.5%                 |
|     Adams & Washington Cos. ID JSD #432             | 4.00% due 08/15/2019  | 100,000     | 100,698      | 0.6%                 |
|     Bingham Co. ID SCD #52 Snake HS                     | 4.00% due 09/01/2020  | 250,000     | 271,040      | 1.5%                 |
|     Bingham Co. ID SCD #52 Snake HS                     | 4.00% due 09/01/2027  | 200,000     | 212,566      | 1.2%                 |
|     Blaine Co. ID Series A                              | 4.05% due 08/01/2023  | 150,000     | 160,624      | 0.9%                 |
|     Bonneville & Bingham Cos. ID JSD #93            | 5.00% due 09/15/2029  | 250,000     | 294,285      | 1.7%                 |
|     Bonneville & Bingham Cos. ID JSD #93            | 5.00% due 09/15/2031  | 200,000     | 226,826      | 1.3%                 |
|     Bonneville Co. ID SCD #911                          | 4.00% due 09/15/2026  | 50,000      | 54,186       | 0.3%                 |
|     Bonneville Co. ID SCD #91                           | 3.75% due 09/15/2032  | 285,000     | 296,229      | 1.7%                 |
|     Boundary Co. ID SCD #101                            | 4.00% due 08/15/2021  | 240,000     | 254,868      | 1.4%                 |
|     Canyon Co. ID SCD #131 Nampa                        | 5.00% due 08/15/2023  | 105,000     | 106,026      | 0.6%                 |
|     Canyon Co. ID SCD #134 Middleton                    | 4.00% due 09/15/2028  | 400,000     | 432,944      | 2.5%                 |
|     Canyon Co. ID SCD #139 Vallivue                     | 5.00% due 09/15/2024  | 260,000     | 308,737      | 1.8%                 |
|     Canyon Co. ID SCD #139 Vallivue                     | 4.35% due 09/15/2025  | 350,000     | 365,046      | 2.1%                 |
|     Cassia, Oneida, Twin Falls JSCD #151                | 3.375% due 09/15/2034 | 160,000     | 152,437      | 0.9%                 |
|     Fremont & Madison Cos. ID JSD #215              | 4.00% due 08/15/2019  | 200,000     | 215,164      | 1.2%                 |
|     Fremont & Madison Cos. ID JSD #215              | 4.125% due 08/15/2024 | 130,000     | 138,389      | 0.8%                 |
|     Jefferson & Madison Cos. ID JSD #251 Rigby      | 4.25% due 09/01/2024  | 100,000     | 107,617      | 0.6%                 |
|     Jerome, Lincoln & Gooding Cos. JSD #261         | 3.75% due 09/15/2018  | 125,000     | 128,451      | 0.7%                 |
|     Jerome, Lincoln & Gooding Cos. JSD #261         | 5.00% due 09/15/2022  | 250,000     | 259,348      | 1.5%                 |
|     Kootenai Co. ID SCD #271                            | 4.00% due 09/15/2025  | 165,000     | 182,308      | 1.0%                 |
|     Kootenai Co. ID SCD #273                            | 4.00% due 08/15/2031  | 265,000     | 282,127      | 1.6%                 |
|     Kootenai-Shoshone ID Area Libraries                 | 4.25% due 08/01/2021  | 220,000     | 221,294      | 1.3%                 |
|     Latah Co. ID SCD #281                               | 4.00% due 08/15/2027  | 100,000     | 112,715      | 0.6%                 |
|     Latah Co. ID SCD #281                               | 4.00% due 08/15/2028  | 200,000     | 223,212      | 1.3%                 |
|     Latah, Nez Perce, & Clearwater Cos. ID JSD #283 | 4.50% due 08/15/2027  | 190,000     | 200,171      | 1.1%                 |
|     Madison Co. ID SCD #321 Rexburg                     | 4.50% due 08/15/2024  | 410,000     | 436,785      | 2.5%                 |
|     Madison Co. ID SCD #321 Rexburg                     | 4.50% due 08/15/2026  | 250,000     | 266,332      | 1.5%                 |
|     Minidoka & Jerome Cos. ID JSD #3311             | 4.50% due 08/15/2018  | 75,000      | 78,564       | 0.5%                 |
|     Minidoka & Jerome Cos. ID JSD #3311             | 4.50% due 08/15/2020  | 75,000      | 78,564       | 0.5%                 |
|     Minidoka & Jerome Cos. ID JSD #331              | 4.375% due 08/15/2024 | 225,000     | 235,917      | 1.3%                 |
|     Minidoka & Jerome Cos. ID JSD #331              | 4.50% due 08/15/2025  | 160,000     | 168,003      | 1.0%                 |
|     Nampa ID Series B                                   | 5.00% due 08/01/2020  | 200,000     | 201,574      | 1.1%                 |
|     Owyhee & Elmore Cos. ID JSD #365                | 4.00% due 08/15/2027  | 350,000     | 369,341      | 2.1%                 |
|     Payette Co. ID SCD #373                             | 5.00% due 09/15/2024  | 350,000     | 370,958      | 2.1%                 |
|     Twin Falls & Gooding Cos. JSD #412              | 4.125% due 09/01/2023 | 100,000     | 110,740      | 0.6%                 |
|     Twin Falls Co. ID SCD #411                          | 4.00% due 09/15/2027  | 170,000     | 185,247      | 1.1%                 |
|     Twin Falls Co. ID SCD #411                          | 4.25% due 09/15/2030  | 300,000     | 322,866      | 1.8%                 |
|     Twin Falls Co. ID SCD #411 Series A                 | 4.25% due 09/15/2031  | 100,000     | 107,126      | 0.6%                 |
|     Twin Falls Co. ID SCD #414                          | 4.25% due 09/15/2028  | 445,000     | 501,862      | 2.8%                 |
|     Valley & Adams Cos. ID JSD #421                 | 4.50% due 08/01/2022  | 135,000     | 141,534      | 0.8%                 |
|     Valley & Adams Cos. ID JSD #421                 | 4.50% due 08/01/2024  | 290,000     | 304,036      | 1.7%                 |
|     Valley & Adams Cos. ID JSD #421                 | 3.00% due 08/01/2026  | 220,000     | 220,418      | 1.3%                 |
|                                                              |
|                                                              | 9,760,000             | 10,442,631  | 59.3%        |
|                                                              |
| Continued on next page.                                           |

| The accompanying notes are an integral part of these financial statements. | May 31, 2015         Semi-Annual Report | 5 |
|----------------------------------------------------------------------------|-------------------------------------------------------------|---|

Schedule of Investments

| Tax-Exempt Municipal Bonds — 94.9%                        | Coupon / Maturity     | Face Amount | Market Value | Percentage of Assets |
|-----------------------------------------------------------------|-----------------------|-------------|--------------|----------------------|
|                                                            |
| Medical/Hospitals                                               |                  |
|                                                            |
|     Idaho Health Facility Authority Revenue           | 6.00% due 12/01/2023  | $200,000    | $232,384     | 1.3%                 |
|     Idaho Health Facility Authority Revenue           | 6.25% due 12/01/2033  | 115,000     | 134,601      | 0.8%                 |
|     Idaho Health Facility Trinity Health Group        | 3.25% due 12/01/2028  | 300,000     | 294,843      | 1.7%                 |
|                                                            |
|                                                            | 615,000               | 661,828     | 3.8%         |
|                                                            |
| Municipal Leases                                                |                  |
|                                                            |
|     Nez Perce Co. ID COPS                             | 4.50% due 02/01/2021  | 150,000     | 157,607      | 0.9%                 |
|                                                            |
|                                                            | 150,000               | 157,607     | 0.9%         |
|                                                            |
| Pollution Control                                               |                  |
|                                                            |
|     Caldwell ID Sewer Revenue                         | 4.50% due 09/01/2019  | 100,000     | 108,887      | 0.6%                 |
|     Idaho Bond Bank Authority                         | 4.30% due 09/01/2022  | 135,000     | 135,240      | 0.8%                 |
|     Idaho Bond Bank Authority1                        | 4.125% due 09/15/2023 | 75,000      | 79,633       | 0.4%                 |
|     Moscow ID Sewer Revenue                           | 4.45% due 05/01/2028  | 200,000     | 213,612      | 1.2%                 |
|                                                            |
|                                                            | 510,000               | 537,372     | 3.0%         |
|                                                            |
| Power Generation                                                |                  |
|                                                            |
|     Idaho Falls ID Electric Revenue1                  | 6.75% due 04/01/2019  | 50,000      | 52,325       | 0.3%                 |
|                                                            |
|                                                            | 50,000                | 52,325      | 0.3%         |
|                                                            |
| Real Estate                                                     |                  |
|                                                            |
|     Idaho State Building Authority Revenue            | 5.00% due 09/01/2031  | 200,000     | 226,280      | 1.3%                 |
|     Idaho State Building Authority Revenue            | 5.00% due 09/01/2032  | 400,000     | 450,340      | 2.5%                 |
|     Post Falls ID LID SPA                             | 5.00% due 05/01/2021  | 240,000     | 240,091      | 1.4%                 |
|                                                            |
|                                                            | 840,000               | 916,711     | 5.2%         |
|                                                            |
| State Education                                                 |                  |
|                                                            |
|     Boise State University ID Revenues                | 4.50% due 04/01/2027  | 250,000     | 267,552      | 1.5%                 |
|     Boise State University ID Revenues                | 5.00% due 04/01/2034  | 385,000     | 426,295      | 2.4%                 |
|     Idaho State University Revenues                   | 4.625% due 04/01/2024 | 220,000     | 220,343      | 1.3%                 |
|     University of Idaho Revenues                      | 5.00% due 04/01/2032  | 455,000     | 510,192      | 2.9%                 |
|     University of Idaho Revenues                      | 5.00% due 04/01/2028  | 225,000     | 256,244      | 1.4%                 |
|                                                            |
|                                                            | 1,535,000             | 1,680,626   | 9.5%         |
|                                                            |
| Transportation                                                  |                  |
|                                                            |
|     Boise ID Airport Parking Facility Revenue         | 3.00% due 09/01/2028  | 210,000     | 198,589      | 1.1%                 |
|     Idaho Housing & Finance Association           | 4.60% due 07/15/2023  | 250,000     | 272,153      | 1.6%                 |
|     Idaho Housing & Finance Association           | 5.00% due 07/15/2024  | 200,000     | 209,640      | 1.2%                 |
|     Idaho Housing & Finance Association1          | 5.00% due 07/15/2027  | 50,000      | 56,091       | 0.3%                 |
|                                                            |
|                                                            | 710,000               | 736,473     | 4.2%         |
|                                                            |
| Urban Renewal                                                   |                  |
|                                                            |
|     Boise City ID Urban Renewal Agency Lease Revenue  | 5.00% due 08/15/2020  | 160,000     | 161,456      | 0.9%                 |
|     Boise City ID Urban Renewal Agency Lease Revenue1 | 5.00% due 08/15/2021  | 90,000      | 90,590       | 0.5%                 |
|                                                            |
|                                                            | 250,000               | 252,046     | 1.4%         |
|                                                            |
| Continued on next page.                                         |

| 6 | May 31, 2015         Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|---|-------------------------------------------------------------|----------------------------------------------------------------------------|

Schedule of Investments

| Tax-Exempt Municipal Bonds — 94.9%                       | Coupon / Maturity    | Face Amount | Market Value | Percentage of Assets |
|----------------------------------------------------------------|----------------------|-------------|--------------|----------------------|
|                                                           |
| Water Supply                                                   |                 |
|                                                           |
|     Chubbuck ID Water Revenue                        | 4.00% due 09/01/2025 | $155,000    | $167,243     | 0.9%                 |
|     Idaho Bond Bank Authority                        | 4.00% due 09/15/2024 | 100,000     | 105,914      | 0.6%                 |
|     Pocatello ID Water Revenue                       | 4.50% due 02/01/2024 | 100,000     | 107,796      | 0.6%                 |
|     Pocatello ID Water Revenue                       | 4.75% due 02/01/2026 | 350,000     | 378,987      | 2.2%                 |
|                                                           |
|                                                           | 705,000              | 759,940     | 4.3%         |
|                                                           |
| Total investments                                              | (Cost = $16,220,064) | $15,620,000 | 16,723,272   | 94.9%                |
| Other assets (net of liabilities)                              |                 | 896,733     | 5.1%         |
| Total net assets                                               | $17,620,005          | 100.0%      |
| 1 Indicates an odd lot. See note regarding odd lot securities. |

| Bond Quality Diversification |
|------------------------------|
|                         |
| Rated "Aaa"        | 28.2% | █ |  |
| Rated "Aa1"        | 13.8% | █ |
| Rated "Aa2"        | 7.7% | █ |
| Rated "Aa3"        | 18.0% | █ |
| Rated "A1"         | 11.2% | █ |
| Rated "A2"         | 6.5% | █ |
| Rated "A3"         | 0.6% | █ |
| Not rated                    | 8.9% | █ |
| Cash and equivalents         | 5.1% | █ |
|                         |

Based on total net assets as of May 31, 2015.

Source: Moody's Investors Services.

| The accompanying notes are an integral part of these financial statements. | May 31, 2015         Semi-Annual Report | 7 |
|----------------------------------------------------------------------------|-------------------------------------------------------------|---|

Statement of Assets and Liabilities

| As of May 31, 2015                                               |
|------------------------------------------------------------------|
|                                                             |
| Assets                                                           |
| Investments in securities, at value(Cost $16,220,064)            | $16,723,272 |
| Cash                                                             | 775,834 |
| Interest receivable                                              | 173,118 |
| Receivable for Fund shares sold                                  | 11,601 |
| Insurance reserve premium                                        | 801 |
| Total assets                                                     | 17,684,626 |
| Liabilities                                                      |
| Payable for Fund shares redeemed                                 | 40,177 |
| Accrued expenses                                                 | 10,219 |
| Payable to affiliates                                            | 7,919 |
| Distributions payable                                            | 6,306 |
| Total liabilities                                                | 64,621 |
| Net assets                                                       | $17,620,005 |
|                                                             |
| Analysis of net assets                                           |
| Paid-in capital (unlimited shares authorized, without par value) | $17,094,218 |
| Undistributed tax free income                                    | 6,041 |
| Accumulated net realized gain                                    | 16,538 |
| Unrealized net appreciation on investments                       | 503,208 |
| Net assets applicable to Fund shares outstanding                 | $17,620,005 |
|                                                             |
| Fund shares outstanding                                          | 3,221,475 |
|                                                             |
| Net asset value, offering and redemption price per share         | $5.47 |

Statement of Operations

| Period ended May 31, 2015                              |
|--------------------------------------------------------|
|                                                   |
| Investment income                                      |
| Interest income                                        | $288,203 |
| Gross investment income                                | 288,203 |
| Expenses                                               |
| Investment adviser fees                                | 42,984 |
| Audit fees                                             | 3,818 |
| Chief Compliance Officer expenses                      | 2,049 |
| Trustee fees                                           | 1,485 |
| Filing and registration fees                           | 1,390 |
| Shareowner servicing                                   | 1,168 |
| Other expenses                                         | 900 |
| Printing and postage                                   | 744 |
| Custodian fees                                         | 406 |
| Legal fees                                             | 281 |
| Retirement plan custodial fees                         | 71 |
| Total gross expenses                                   | 55,296 |
| Less shareowner servicing fees waived                  | (1,168) |
| Less custodian fee credits                             | (406) |
| Net expenses                                           | 53,722 |
| Net investment income                                  | $234,481 |
|                                                   |
|                                                   |
| Net realized gain from investments                     | $16,538 |
| Net decrease in unrealized appreciation on investments | (161,537) |
| Net loss on investments                                | $(144,999) |
|                                                   |
| Net increase in net assets resulting from operations   | $89,482 |

| 8 | May 31, 2015         Semi-Annual Report | The accompanying notes are an integral part of these financial statements. |
|---|-------------------------------------------------------------|----------------------------------------------------------------------------|

| Statements of Changes of Net Assets                  | Period ended May 31, 2015 | Year ended November 30, 2014 |
|------------------------------------------------------|---------------------------|------------------------------|
| Increase (decrease) in net assets from operations    |
| From operations                                      |
| Net investment income                                | $234,481                  | $459,080                     |
| Net realized gain on investments                     | 16,538                    | 8,953                        |
| Net increase (decrease) in unrealized appreciation   | (161,537)                 | 465,348                      |
| Net increase in net assets                           | 89,482                    | 933,381                      |
| Distributions to shareowners from                    |
| Net investment income                                | (232,003)                 | (459,139)                    |
| Capital gains distributions                          | -                         | (9,954)                      |
| Total distributions                                  | (232,003)                 | (469,093)                    |
| Capital share transactions                           |
| Proceeds from sales of shares                        | 1,522,467                 | 2,484,759                    |
| Value of shares issued in reinvestment of dividends  | 192,475                   | 383,208                      |
| Cost of shares redeemed                              | (673,040)                 | (2,103,538)                  |
| Net increase in net assets                           | 1,041,902                 | 764,429                      |
| Total increase in net assets                         | 899,381                   | 1,228,717                    |
|                                                 |
| Net assets                                           |
| Beginning of period                                  | 16,720,624                | 15,491,907                   |
| End of period                                        | 17,620,005                | 16,720,624                   |
|                                                 |
| Undistributed tax-free income                        | $6,041                    | $3,563                       |
|                                                 |
| Shares of the Fund sold and redeemed                 |
| Number of shares sold                                | 275,585                   | 454,324                      |
| Number of shares issued in reinvestment of dividends | 34,852                    | 70,175                       |
| Number of shares redeemed                            | (121,587)                 | (384,645)                    |
| Net increase in number of shares outstanding         | 188,850                   | 139,854                      |

| Financial Highlights                                                                        | Period ended | For Year Ended November 30, |
|---------------------------------------------------------------------------------------------|--------------|-----------------------------|
| Selected data per share of outstanding capital stock throughout each period:                | May 31, 2015 | 2014                        | 2013 | 2012 | 2011 | 2010 |
| Net asset value at beginning of period                                                      | $5.51        | $5.36                       | $5.68 | $5.51 | $5.43 | $5.43 |
| Income from investment operations                                                           |
| Net investment income                                                                       | 0.07         | 0.16                        | 0.16 | 0.16 | 0.18 | 0.17 |
| Net gains (losses) on securities (both realized & unrealized)                           | (0.04)       | 0.15                        | (0.31) | 0.18 | 0.08 | - |
| Total from investment operations                                                            | 0.03         | 0.31                        | (0.15) | 0.34 | 0.26 | 0.17 |
| Less distributions                                                                          |
| Dividends (from net investment income)                                                      | (0.07)       | (0.16)                      | (0.16) | (0.16) | (0.18) | (0.17) |
| Distributions (from capital gains)                                                          | -            | 0.001                       | (0.01) | (0.01) | 0.001 | 0.001 |
| Total distributions                                                                         | (0.07)       | (0.16)                      | (0.17) | (0.17) | (0.18) | (0.17) |
| Paid-in capital from early redemption fees                                                  | n/a          | -                           | - | - | 0.001 | 0.001 |
|                                                                                        |
| Net asset value at end of period                                                            | $5.47        | $5.51                       | $5.36 | $5.68 | $5.51 | $5.43 |
|                                                                                        |
| Total return                                                                                | 0.62%2       | 5.83%                       | (2.70)% | 6.33% | 4.91% | 3.26% |
|                                                                                        |
| Ratios / supplemental data                                                                  |
| Net assets ($000), end of period                                                            | $17,620      | $16,721                     | $15,492 | $16,516 | $16,117 | $15,230 |
| Ratio of expenses to average net assets                                                     |
| Before shareowner servicing fee waiver and custodian fee credits                            | 0.64%3       | 0.65%                       | 0.66% | 0.62% | 0.62% | 0.74% |
| After shareowner servicing fee waiver                                                       | 0.63%3       | 0.63%                       | 0.64% | n/a | n/a | n/a |
| After shareowner servicing fee waiver and custodian fee credits                             | 0.62%3       | 0.63%                       | 0.64% | 0.62% | 0.61% | 0.73% |
| Ratio of net investment income after fee waiver and custodian credits to average net assets | 2.73%3       | 2.85%                       | 2.88% | 2.89% | 3.27% | 3.23% |
| Portfolio turnover rate                                                                     | 2%           | 5%                          | 9% | 12% | 4% | 2% |
| 1Amount is less than $0.012 Not Annualized 3 Annualized                                     |

| The accompanying notes are an integral part of these financial statements. | May 31, 2015         Semi-Annual Report | 9 |
|----------------------------------------------------------------------------|-------------------------------------------------------------|---|

### 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 investment company under the Investment Company Act of 1940, as amended. Eight portfolios have been created to date in addition to Idaho Tax-Exempt Fund (the "Fund"). The other eight portfolios are distributed through separate prospectuses and the results of those funds are contained in separate reports.

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

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

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 the preparation of its financial statements.

Security valuation:

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

Share valuation:

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

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

Fair value measurements:

Accounting Standards Codification (ASC) 820-10 establishes a three-tier framework for measuring fair value based on a hierarchy of inputs.  The hierarchy distinguishes between market data obtained from independent sources (observable inputs) and the Fund's own market assumptions (unobservable inputs).  These inputs are used in determining  the value of the Fund's investments and are summarized below.

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

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

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

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

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

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

The following table is a summary of the inputs used as of May 31, 2015, in valuing the Fund's investments carried at value.

| 10 | May 31, 2015        Semi-Annual Report |
|----|------------------------------------------------------------|

| Fair Value Inputs  | **Level 1**Quoted Price | **Level 2**Significant Observable Input | **Level 3**Significant Unobservable Input | Total       |
|--------------------|-------------------------|-----------------------------------------|-------------------------------------------|-------------|
| Municipal Bonds    |
| Financial Services | $-                      | $428,032                                | $97,681                                   | $525,713    |
| General Obligation | -                       | 10,231,317                              | 211,314                                   | 10,442,631  |
| Medical/Hospitals  | -                       | 661,828                                 | -                                         | 661,828     |
| Municipal Leases   | -                       | 157,607                                 | -                                         | 157,607     |
| Pollution Control  | -                       | 457,739                                 | 79,633                                    | 537,372     |
| Power Generation   | -                       | -                                       | 52,325                                    | 52,325      |
| Real Estate        | -                       | 916,711                                 | -                                         | 916,711     |
| State Education    | -                       | 1,680,626                               | -                                         | 1,680,626   |
| Transportation     | -                       | 680,382                                 | 56,091                                    | 736,473     |
| Urban Renewal      | -                       | 161,456                                 | 90,590                                    | 252,046     |
| Water Supply       | -                       | 759,940                                 | -                                         | 759,940     |
| Total Assets       | $-                      | $16,135,638                             | $587,634                                  | $16,723,272 |

| Level 3 Roll-Forward Municipal Securities |
|-------------------------------------------|
| Beginning balance                         | $691,909 |
| Total unrealized losses                   | (16,520) |
| Total realized gain                       | 2,715 |
| Purchases                                 | - |
| Sales                                     | (65,470) |
| Maturity/Call                             | (25,000) |
| Transfers into and/or out of level 3      | - |
| Ending balance                            | 587,634 |

Odd Lots:

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

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

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

Derivative instruments and hedging activities:

The Fund has adopted the financial reporting rules and regulations that require enhanced disclosure which 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 fiscal period ended May 31, 2015, the Fund did not hold any derivative instruments.

Income taxes:

The Fund intends to comply with the requirements of the Internal Revenue Code necessary to qualify as a regulated investment company and to make the requisite distributions of income and capital gains to its shareowners sufficient to relieve it from all or substantially all federal income taxes.  As the Fund intends to meet requirements for tax-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.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities.  Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2012 — 2014), or expected to be taken in the Fund's 2015 tax return.  The Fund identifies its major tax jurisdiction as US federal and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. 

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. 

Distributions to shareowners:

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

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

Use of estimates:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of

| May 31, 2015         Semi-Annual Report | 11 |
|-------------------------------------------------------------|----|

### Notes To Financial Statements (continued)

America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Other:

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

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

Note 4 — Transactions with Affiliated Persons

Under a contract approved by shareowners on September 28, 1995 and reviewed annually by the Board of Trustees, Saturna Capital Corporation provides investment advisory services and certain other administrative and distribution services to conduct the Fund's business.   For such services, the Fund pays an annual fee equal to 0.50% of its average daily net assets.  For the fiscal period ended May 31, 2015, the Fund incurred advisory fee expenses of $42,984.  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 shareowner servicing agent for the Fund, for which it did not receive any compensation during the fiscal period ended May 31, 2015.  Saturna Capital has voluntarily elected to waive the shareowner servicing fee for an indefinite period, which may cease at Saturna Capital's election, to reduce the Fund's operating expenses.  Such fees, had they been charged, would have totaled $1,168.

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

Saturna Trust Company ("STC"), a subsidiary of Saturna Capital, acts as a retirement plan custodian for Fund shareowners.  For the fiscal period ended May 31, 2015, the Fund incurred retirement plan custodial fees of $71.

Mr. Nicholas Kaiser serves as a trustee and president of the Trust.  He is also a director and the chairman of Saturna Capital and Saturna Trust Company.  Mr Kaiser is not compensated by the Trust.  For the fiscal period ended May 31, 2015, the Trust incurred compensation expenses of $15,000 which is included in $21,530 of total expenses for the independent Trustees.  Idaho Tax-Exempt Fund paid $1,485 of these total expenses.

The officers of the Trust are paid by Saturna Capital, not the Trust, except the Chief Compliance Officer, who is partially compensated by the Trust.  For the fiscal period ended May 31, 2015, the Fund paid  $2,049 in compensation for such services.

On May 31, 2015, the trustees, officers, and their immediate families as a group directly or indirectly owned 10.65% of the outstanding shares of the Fund. 

Note 5 — Distributions to Shareowners

The tax characteristics of distributions paid during the fiscal period ended May 31, 2015, and the fiscal year ended November 30, 2014, were as follows:

|              | May 31, 2015 | November 30, 2014 |
|-------------------|--------------|-------------------|
| Tax-exempt income | $232,003     | $459,139          |
| Capital gain1     | -            | 9,954             |

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, 2015 were as follows:

| Cost of investments           | $16,220,064 |
|-------------------------------|-------------|
| Gross unrealized appreciation | 589,769     |
| Gross unrealized depreciation | (86,561)    |
| Net unrealized appreciation   | 503,208     |

As of November 30, 2014, the components of distributable earnings on a tax bases were as follows:

| Undistributed tax exempt income | $3,563  |
|---------------------------------|---------|
| Tax accumulated earnings        | 3,563   |
| Unrealized appreciation         | 664,745 |
| Total accumulated earnings      | 668,308 |

Note 7 — Investments

During the fiscal period ended May 31, 2015, the Fund purchased  $1,179,707 of securities and sold/matured  $290,129 of securities.

Note 8 — Custodian

Under the agreement in place with Bank of  New York Mellon, custody fees are reduced by credits for cash balances.  Such reduction for the fiscal period ended May 31, 2015, amounted to $406.

Note 9 — Subsequent Events

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

| 12 | May 31, 2015        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 purchases, reinvested dividends, or other distributions.  You do not incur redemption fees or exchange fees.  You may incur fees related to extra services requested by you for your account, such as bank wires.  The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Example

The following example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2014, to May 31, 2015).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

|                                     | Beginning Account Value [December 1, 2014] | Ending Account Value [May 31, 2015] | Expenses Paid During Period1 |
|------------------------------------------|--------------------------------------------|-------------------------------------|------------------------------|
| Actual                                   | $1,000.00                                  | $1,006.20                           | $3.13                        |
| Hypothetical (5% return before expenses) | $1,000.00                                  | $1,021.82                           | $3.15                        |

1 Expenses are equal to Idaho Tax-Exempt Bond Fund's annualized expense ratio of 1.38% (based on the most recent semi-annual period of December 1, 2014 through May 31, 2015) multiplied by the average account value over the period multiplied by 182/365 (to reflect the one-half year period).

| May 31, 2015         Semi-Annual Report | 13 |
|-------------------------------------------------------------|----|

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

| 14 | May 31, 2015        Semi-Annual Report |
|----|------------------------------------------------------------|

### Availability of Portfolio Information

(1) 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.

(2) The Fund's Form N-Q is available on the SEC's website at www.sec.gov and at www.idahotaxexemptfund.com.

(3) 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.

(4) 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

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

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

 

### Householding Policy

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

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

 

### Privacy Statement

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

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

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

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

| May 31, 2015         Semi-Annual Report | 15 |
|-------------------------------------------------------------|----|

### www.idahotaxexemptfund.com

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

**Saturna Capital**1300 North State StreetBellingham, WA 98225www.saturna.com1-800-728-8762

Saturna Brokerage Services, Distributor |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Item 2. Code of Ethics

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

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures

(a) Internal control over financial reporting is under the supervision of the principal executive and financial officers.  On June 24, 2015, 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*PresidentAugust 4, 2015

	

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*PresidentAugust 4, 2015

	

By:

*/s/ Christopher Fankhauser*Treasurer; Chief Compliance OfficerAugust 4, 2015