SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

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

SATURNA INVESTMENT TRUST

(Exact Name of Registrant as Specified in Charter)

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

Nicole Trudeau, Esq.
1300 N. State Street
Bellingham, Washington 98225-4730
(Name and Address of Agent for Service)

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

Date of fiscal year end: November 30, 2019
Date of reporting period: May 31, 2019

Item 1. Report To Shareowners

							Expense Ratio1
Average Annual Total Returns as of June 30, 2019	YTD	1 Year	3 Year	5 Year	10 Year	15 Year	Gross	Net
Sextant Short-Term Bond Fund (STBFX)	2.89%	4.33%	1.46%	1.35%	1.68%	2.30%	0.91%	0.60%
FTSE USBIG Govt/Corp 1-3 Year Index	2.69%	4.20%	1.57%	1.42%	1.55%	2.44%		n/a
Morningstar Short-Term Bond Category	3.20%	4.19%	1.97%	1.60%	2.48%	2.60%		n/a
Sextant Bond Income Fund (SBIFX)	7.41%	8.74%	2.56%	3.22%	4.40%	4.14%	0.84%	0.65%
FTSE US Broad Investment-Grade Bond Index	6.14%	7.91%	2.33%	2.95%	3.83%	4.34%		n/a
Morningstar Long-Term Bond Category	13.18%	13.09%	4.42%	5.38%	7.77%	6.56%		n/a
Sextant Core Fund (SCORX)	12.77%	9.77%	7.40%	4.15%	6.87%	n/a	0.88%
Dow Jones Moderate US Portfolio Index	12.03%	5.71%	7.96%	5.32%	8.71%	6.69%		n/a
Morningstar Allocation – 50% to 70% Equity Category	12.21%	5.73%	7.79%	5.04%	8.93%	6.20%		n/a
Sextant Global High Income Fund (SGHIX)	9.86%	8.60%	10.45%	4.24%	n/a	n/a	0.97%	0.75%
S&P Global 1200 Index	16.88%	6.96%	12.57%	7.27%	11.29%	7.71%		n/a
Morningstar World Allocation Category	10.40%	3.05%	6.23%	2.72%	7.13%	5.98%		n/a
Sextant Growth Fund Investor Shares (SSGFX)	22.30%	14.77%	16.43%	9.28%	12.29%	9.15%	0.92%
Sextant Growth Fund Z Shares (SGZFX)	22.50%	15.13%	n/a	n/a	n/a	n/a	0.70%
S&P 500 Index	18.54%	10.42%	14.22%	10.72%	14.70%	8.75%		n/a
Morningstar Large Growth Category	21.11%	10.02%	16.97%	11.33%	14.71%	9.07%		n/a
Sextant International Fund Investor Shares (SSIFX)	21.18%	17.88%	14.96%	6.00%	6.94%	7.67%	1.05%
Sextant International Fund Z Shares (SIFZX)	21.30%	18.14%	n/a	n/a	n/a	n/a	0.84%
MSCI EAFE Index	14.49%	1.60%	9.66%	2.74%	7.40%	5.84%		n/a
Morningstar Foreign Large Growth Category	18.29%	2.25%	9.63%	4.09%	8.20%	6.18%		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.

Z Shares of Sextant Growth and International Funds began operations June 2, 2017.

A note about risk: Please see Notes to Financial Statements beginning on page 50 for a discussion of investment risks. For a more detailed discussion of the risks associated with each Fund, please see the Funds’ prospectus or each Fund’s summary prospectus.

A Fund’s 30-Day Yield, sometimes referred to as “standardized yield” or “SEC yield,” is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). The 30-Day Yield provides an estimate of a Fund’s investment income rate, but may not equal the actual income distribution rate.

¹  By regulation, expense ratios shown in this table are as stated in the Funds’ most recent prospectus, which is dated March 27, 2019, and incorporate results for the fiscal year ended November 30, 2018. 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.

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

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

2     May 31, 2019 Semi-Annual Report

Fellow Shareowners:

For the six-month period ended May 31, 2019, overall assets of the Sextant Funds were up 15.81% to $167.3 million. For the one-year period ended May 31, 2019, all of our equity and hybrid funds outperformed their respective Morningstar categories (see page 7 for more details).

Securities markets provided positive returns over the six months ended May 31, 2019, and the Sextant Funds performed respectably compared to their indices. For the period, Sextant Growth Fund Investor Shares gained 3.97%, outperforming the S&P 500 Index’s return of 0.74%. The Sextant International Fund Investor Shares gained 11.57%, well outperforming the MSCI EAFE Index’s return of 2.83%. Sextant Core Fund gained 3.25%, outperforming the Dow Jones Moderate US Portfolio Index’s return of 3.02%. The Sextant Global High Income Fund gained 2.93%, outperforming the S&P Global 1200 Index which returned 1.68%, but underperforming the Bloomberg Barclays Global High Yield Corporate Index which returned 5.03%. The Sextant Bond Income Fund was up 7.12%, outperforming the FTSE USBIG Bond Index’s gain of 6.79%. The Sextant Short-Term Bond Fund gained 2.91%, modestly outperforming the FTSE USBIG Government/Corporate 1-3 Year Index which gained 2.89%.

The annualized expense ratios of the six no-12b-1 fee Sextant Fund share classes range from 0.60% to 0.87%. Saturna Capital helped by paying to cap expenses for the Sextant Global High Income, Sextant Short-Term, and Sextant Bond Income Funds.

Strong 2019 Following Mixed 2018

Markets swung with abandon during the year, as euphoria melting to caution brought volatility and doubt. Emerging markets, led by China, suffered as the dollar surged and trade battles commenced. Wars were mostly fought with money, not arms. Global prices for carbon fuels (coal, oil, gas) are weak, as US shale production surges and demand softens. Lower taxes and interest rates are stimulating high employment, especially in technology, while the global supply chain is being rattled by trade revamps.

While it’s impossible to predict the future, we believe our portfolios are well-positioned for positive or negative economic developments given our focus on low debt, cash generative, high quality companies led by excellent management teams. Such characteristics can be defensive in the event of a downturn.

Morningstar Awards Sextant Top Sustainability Ratings

The Morningstar Sustainability Rating^™ for funds gives investors around the world a way to compare fund portfolios based on a standardized measure of sustainability. These ratings are calculated using fund holdings data underpinned with company-level environmental, social, and governance (ESG) information from Sustainalytics, a leading provider of ESG research. Of the four Sextant funds Morningstar rated, Sextant International received the top “5 Globe” Sustainability Rating, while Sextant Growth, Sextant Core, and Sextant Short-Term Bond each received a “4 Globe” above average rating, reflecting Saturna Capital’s emphasis on sustainability when making portfolio investment decisions. Investors are cautioned, however, that more than 200 vendors offer “sustainable” investments data, and that no single global measurement prevails. See page 5 for the details.

At Saturna, we’ve developed a proprietary algorithm based on similar criteria. We believe this internal research further separates the companies we invest in from the fray. It seems to us (and is evidenced by the performance) that companies with long-view game plans serve all stakeholders, and especially long-term investors, better than their short-term, quarterly-return-obsessed competitors.

Going Forward

The 1960s and the 1990s were decades of nearly uninterrupted economic growth and the 2010s are now looking to stake their longevity claim. The last time the economy contracted for two consecutive quarters (the standard definition of a recession) was in the first two quarters of 2009, and current conditions appear

May 31, 2019      Semi-Annual Report 3

buoyant. Despite record low unemployment rates, inflation remains subdued, while corporate profitability and consumer confidence are robust.

At this point, the greatest risk to continued economic buoyancy appears to be trade friction, a development that could spin out of control or be contained rather easily with greater flexibility. Economic policies can and do change frequently.

An extraordinary era of low interest rates fueled upward moves in economies and markets. The US economy is in a “goldilocks” phase, with employment for those who want it, and little need for more government stimulus. We must be vigilant in the coming months for signs of a recession – we believe a riskier period looms ahead.

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

Respectfully,

(photo omitted)

Jane Carten,

President

(photo omitted)

Gary Goldfogel,

Independent Board Chairman

Sextant Funds Portfolio Management
(photo omitted)	Nicholas Kaiser MBA, CFA® Sextant International Fund Portfolio Manager	(photo omitted)	Phelps McIlvaine Sextant Short-Term Bond Fund Sextant Bond Income Fund Sextant Core Fund Portfolio Manager
(photo omitted)	Scott Klimo CFA® Sextant Growth Fund Portfolio Manager Sextant International Fund Deputy Portfolio Manager	(photo omitted)	Bryce Fegley CFA®, CIPM® Sextant Global High Income Fund Portfolio Manager
(photo omitted)	Patrick Drum MBA, CFA®, CFP® Sextant Short-Term Bond Fund Sextant Bond Income Fund Sextant Global High Income Fund Deputy Portfolio Manager	(photo omitted)	Christopher Paul MBA, CFA® Sextant Core Fund Portfolio Manager

4     May 31, 2019 Semi-Annual Report

Morningstar Sustainability Ratings^™ As of May 31, 2019

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

Sextant International Fund		Sextant Short-Term Bond Fund
Investor Shares (SSIFX)	ؠؠؠ Ø Ø	STBFX	ؠؠؠ Ø Ø
Z Shares (SIFZX)	ؠؠؠ Ø Ø
4th percentile among 398 Foreign Large Blend Funds		20th percentile among 481 Short-Term Bond Funds
Sextant Growth Fund		Sextant Core Fund
Investor Shares (SSGFX)	ؠؠؠ Ø Ø	SCORX	ؠؠؠ Ø Ø
Z Shares (SGZFX)	ؠؠؠ Ø Ø
20th percentile among 1,229 Large Growth Funds		19th percentile among 688 Allocation 50%-70% Equity Funds
		The Sextant Bond Income and Sextant Global High Income Funds were not rated by Morningstar for the period.
The Morningstar Sustainability Rating™ gives investors across the globe a way to compare fund portfolios based on a standard measure of sustainability. The rating is a holdings-based calculation using company-level environmental, social, and governance (ESG) analytics from Sustainalytics.

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

^© 2019 Morningstar^®. All rights reserved. Morningstar, Inc. is an independent fund performance monitor. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Morningstar Sustainability Ratings and Portfolio Sustainability Scores are as of May 31, 2019. The Morningstar Sustainability Rating^™ is intended to measure how well the issuing companies of the securities within a fund’s portfolio are managing their environmental, social, and governance (“ESG”) risks and opportunities relative to the fund’s Morningstar category peers. The Morningstar Sustainability Rating calculation is a two-step process. First, each fund with at least 50% of assets covered by a company-level ESG score from Sustainalytics receives a Morningstar Portfolio Sustainability Score^™. The Morningstar Portfolio Sustainability Score is an asset-weighted average of normalized company-level ESG scores with deductions made for controversial incidents by the issuing companies, such as environmental accidents, fraud, or discriminatory behavior. The Morningstar Sustainability Rating is then assigned to all scored funds within Morningstar Categories in which at least ten (10) funds receive a Portfolio Sustainability Score and is determined by each fund’s rank within the following distribution: High (highest 10%), Above Average (next 22.5%), Average (next 35%), Below Average (next 22.5%), and Low (lowest 10%). The Morningstar Sustainability Rating is depicted by globe icons where High equals 5 globes and Low equals 1 globe. A Sustainability Rating is assigned to any fund that has more than half of its underlying assets rated by Sustainalytics and is within a Morningstar Category with at least 10 scored funds; therefore, the rating it is not limited to funds with explicit sustainable or responsible investment mandates. Morningstar updates its Sustainability Ratings monthly. Portfolios receive a Morningstar Portfolio Sustainability Score and Sustainability Rating one month and six business days after their reported as-of date based on the most recent portfolio. As part of the evaluation process, Morningstar uses Sustainalytics’ ESG scores from the same month as the portfolio as-of date.

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

Sextant International Fund	76%
Sextant Core Fund	76%
Sextant Short-Term Bond Fund	68%
Sextant Growth Fund	99%

The Funds’ portfolios are actively managed and are subject to change, which may result in different Morningstar Sustainability Scores and Ratings.

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

May 31, 2019      Semi-Annual Report 5

Morningstar Carbon Metrics As of March 31, 2019

Sextant Growth Fund	Sextant International Fund

Morningstar carbon metrics are asset-weighted portfolio calculations based on their Sustainalytics subsidiary’s carbon-risk research. Based on two of these metrics – Carbon Risk Score and Fossil Fund Involvement % – funds may receive the Low Carbon designation, which allows investors to easily identify low-carbon funds within the global universe.

The portfolio Carbon Risk Score is a number between 0 and 100 (a lower score is better). A portfolio’s Carbon Risk Score is the asset-weighted sum of the carbon risk scores of its holdings, averaged over the trailing 12 months. The carbon risk of a company is Sustainalytics’ evaluation of the degree to which a firm’s activities and products are aligned with the transition to a low-carbon economy. The assessment includes carbon intensity, fossil fuel involvement, stranded assets exposure, mitigation strategies, and green product solutions.

Fossil Fuel Involvement % is the portfolio’s asset-weighted percentage exposure to fossil fuels, averaged over the trailing 12 months. Companies with fossil fuel involvement are defined as these in the following subindustries: Thermal Coal Extraction, Thermal Coal Power Generation, Oil & Gas Production, Oil & Gas Power Generation, and Oil and Gas Products and Services.

To receive the Low Carbon designation a fund must have Carbon Risk Score below 10 and a Fossil Fuel Involvement % of less than 7% of assets. For these metrics to be calculated, at least 67% of a portfolio’s assets must be covered by Sustainalytics company carbon-risk research. All Morningstar carbon metrics are calculated quarterly.

Sextant Growth Fund was rated on 94% and Sextant International Fund was rated on 88% of assets under management.

 (photo omitted)

On the cover: Mo’orea, French Polynesia.

Photo by Elizabeth Alm.

6     May 31, 2019 Semi-Annual Report

							Expense Ratio1
Average Annual Total Returns as of May 31, 2019	YTD	1 Year	3 Year	5 Year	10 Year	15 Year	Gross	Net
Sextant Short-Term Bond Fund (STBFX)	2.14%	3.48%	1.37%	1.18%	1.62%	2.26%	0.91%	0.60%
FTSE USBIG Govt/Corp 1-3 Year Index	2.14%	3.65%	1.58%	1.30%	1.51%	2.40%		n/a
Morningstar Short-Term Bond Category	2.58%	3.58%	1.99%	1.49%	2.50%	2.57%		n/a
Sextant Bond Income Fund (SBIFX)	5.54%	6.25%	2.95%	2.87%	4.43%	4.06%	0.84%	0.65%
FTSE US Broad Investment-Grade Bond Index	4.84%	6.41%	2.51%	2.71%	3.77%	4.30%		n/a
Morningstar Long-Term Bond Category	9.93%	9.11%	4.78%	4.88%	7.85%	6.43%		n/a
Sextant Core Fund (SCORX)	7.58%	4.23%	5.85%	3.47%	6.37%	n/a	0.88%
Dow Jones Moderate US Portfolio Index	7.29%	0.97%	6.71%	4.80%	8.27%	6.50%		n/a
Morningstar Allocation – 50% to 70% Equity Category	7.61%	1.37%	6.40%	4.46%	8.51%	6.00%		n/a
Sextant Global High Income Fund (SGHIX)	5.07%	3.59%	9.84%	3.59%	n/a	n/a	0.97%	0.75%
S&P Global 1200 Index	9.68%	0.19%	9.91%	6.28%	10.50%	7.39%		n/a
Morningstar World Allocation Category	6.06%	-1.72%	5.02%	2.15%	6.79%	5.87%		n/a
Sextant Growth Fund Investor Shares (SSGFX)	13.20%	7.18%	12.75%	7.94%	11.46%	8.62%		0.92%
Sextant Growth Fund Z Shares (SGZFX)	13.36%	7.50%	n/a	n/a	n/a	n/a		0.70%
S&P 500 Index	10.74%	3.78%	11.72%	9.65%	13.93%	8.39%		n/a
Morningstar Large Growth Category	13.46%	3.77%	13.86%	10.38%	13.97%	8.72%		n/a
Sextant International Fund Investor Shares (SSIFX)	16.42%	11.83%	13.35%	6.04%	6.46%	7.58%		1.05%
Sextant International Fund Z Shares (SIFZX)	16.54%	12.16%	n/a	n/a	n/a	n/a		0.84%
MSCI EAFE Index	8.05%	-5.26%	6.35%	1.75%	6.71%	5.59%		n/a
Morningstar Foreign Large Growth Category	11.33%	-5.13%	6.76%	3.07%	7.35%	5.83%		n/a

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

¹  By regulation, expense ratios shown in this table are as stated in the Funds’ most recent prospectus, which is dated March 27, 2019, and incorporate results for the fiscal year ended November 30, 2018. Ratios presented in this table differ from the expense ratios shown elsewhere in this report as they represent different periods.

May 31, 2019      Semi-Annual Report 7

Sextant Short-Term Bond Fund

Performance Summary

Average Annual Total Returns as of May 31, 2019
	1 Year		5 Year		10 Year		Expense Ratio1
Sextant Short-Term Bond Fund		3.48%		1.18%		1.62%		0.91%
FTSE USBIG Govt/Corp 1-3 Year Index		3.65%		1.30%		1.51%		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 November 30, 2008, to an identical amount invested in the FTSE USBIG Govt/Corp 1-3 Year Index, a broad-based index of shorter-term investment grade US government and corporate bond prices. The graph shows that an investment in the Fund would have risen to $11,744 versus $11,658 in the index.

Past performance does not guarantee future results. The “Growth of $10,000” graph and “Average Annual Returns” performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.

¹  By regulation, the expense ratio shown in this table is as stated in the Fund’s most recent prospectus which is dated March 27, 2019, and incorporates results for the fiscal year ended November 30, 2018, before fee waivers. The actual expense ratio, shown in the most recent prospectus after fee waivers was 0.60%. 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 10 Holdings
% of Total Net Assets
United States Treasury Note (3.625% due 02/15/2021)	8.6%
United States Treasury Note (2.50% due 08/15/2023)	4.8%
United States Treasury Note (2.875% due 10/31/2020)	4.7%
McCormick & Co. (2.70% due 08/15/2022)	4.7%
Honeywell International (4.25% due 03/01/2021)	4.3%
Burlington Northern Santa Fe (3.05% due 09/01/2022)	3.8%
AvalonBay Communities (2.85% due 03/15/2023)	3.8%
Gilead Sciences (2.55% due 09/01/2020)	3.7%
3M (2.00% due 06/26/2022)	3.7%
Qualcomm (2.60% due 01/30/2023)	3.7%

Portfolio Diversification

% of Total Net Assets
US Treasury Notes	24.3%	∎
Technology	15.2%	∎
Health Care	13.3%	∎
Financials	12.1%	∎
Consumer Staples	10.4%	∎
Industrials	10.1%	∎
Consumer Discretionary	5.6%	∎
Materials	3.7%	∎
Other Assets (net of liabilities)	5.3%	∎

8     May 31, 2019 Semi-Annual Report

Sextant Short-Term Bond Fund

Schedule of Investments						As of May 31, 2019
Corporate Bonds – 70.4%	Coupon / Maturity	Face Amount		Market Value		Percentage of Assets
Consumer Discretionary
Alibaba Holding Group	3.125% due 11/28/2021		$350,000		$353,369		3.3%
Ford Motor Credit	3.157% due 08/04/2020		250,000		249,701		2.3%
					603,070		5.6%
Consumer Staples
Church & Dwight	2.875% due 10/01/2022		260,000		262,175		2.4%
Estee Lauder	2.35% due 08/15/2022		350,000		349,484		3.3%
McCormick & Co.	2.70% due 08/15/2022		500,000		499,502		4.7%
					1,111,161		10.4%
Financials
AvalonBay Communities	2.85% due 03/15/2023		400,000		402,818		3.8%
Camden Property Trust	4.625% due 06/15/2021		275,000		284,274		2.6%
Jefferies Group	8.50% due 07/15/2019		265,000		266,626		2.5%
Paccar Financial	2.05% due 11/13/2020		350,000		348,810		3.2%
					1,302,528		12.1%
Health Care
AbbVie	2.50% due 05/14/2020		250,000		249,366		2.3%
Astrazeneca	2.375% due 01/16/2020		155,000		154,693		1.4%
Celgene	2.25% due 08/15/2021		300,000		298,078		2.8%
Gilead Sciences	2.55% due 09/01/2020		400,000		400,403		3.7%
Teva Pharmaceutical	3.65% due 11/10/2021		350,000		327,250		3.1%
					1,429,790		13.3%
Industrials
Burlington Northern Santa Fe	3.05% due 09/01/2022		400,000		406,433		3.8%
CSX Corporation	4.25% due 06/01/2021		350,000		360,057		3.4%
Emerson Electric	4.875% due 10/15/2019		310,000		312,394		2.9%
					1,078,884		10.1%
Materials
3M	2.00% due 06/26/2022		400,000		397,334		3.7%
					397,334		3.7%

Continued on next page.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report May 31, 2019     9

Sextant Short-Term Bond Fund

Schedule of Investments						As of May 31, 2019
Corporate Bonds – 70.4%	Coupon / Maturity	Face Amount		Market Value		Percentage of Assets
Technology
Adobe Systems	4.75% due 02/01/2020		$379,000		$384,323		3.6%
Honeywell International	4.25% due 03/01/2021		450,000		464,547		4.3%
Juniper Networks	4.60% due 03/15/2021		375,000		387,781		3.6%
Qualcomm	2.60% due 01/30/2023		400,000		396,315		3.7%
					1,632,966		15.2%
Total Corporate Bonds			7,519,000		7,555,733		70.4%
Government Bonds – 24.3%	Coupon / Maturity	Face Amount		Market Value		Percentage of Assets
United States Treasury Notes
United States Treasury Note	2.875% due 10/31/2020		$500,000		$505,410		4.7%
United States Treasury Note	2.625% due 05/15/2021		355,000		359,424		3.4%
United States Treasury Note	3.625% due 02/15/2021		900,000		924,047		8.6%
United States Treasury Note	2.50% due 08/15/2023		500,000		511,426		4.8%
United States Treasury Note	2.00% due 09/30/2020		300,000		299,543		2.8%
					2,599,850		24.3%
Total investments	(Cost = 10,133,267)				10,155,583		94.7%
Other assets (net of liabilities)					571,352		5.3%
Total net assets					$10,726,935		100.0%

Bond Quality Diversification
% of Total Net Assets
Rated “AAA”	24.3%	∎
Rated “AA-”	3.7%	∎
Rated “A+”	13.6%	∎
Rated “A”	14.5%	∎
Rated “A-”	9.8%	∎
Rated “BBB+”	9.8%	∎
Rated “BBB”	13.4%	∎
Rated “BBB-”	2.5%	∎
Rated “BB”	3.1%	∎
Other assets (net of liabilities)	5.3%	∎

Credit ratings are the lesser of S&P Global Ratings or Moody’s Investors Service. If neither S&P nor Moody’s rate a particular security, that security is categorized as not rated (except for US Treasury securities and securities issued or backed by US agencies which inherit the credit rating for the US government). Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). Ratings apply to the creditworthiness of the issuers of the underlying securities and not the Fund or its shares. Ratings may be subject to change.

10     May 31, 2019 Semi-Annual Report The accompanying notes are an integral part of these financial statements.

Sextant Short-Term Bond Fund

Statement of Assets and Liabilities

As of May 31, 2019
Assets
Investments in securities, at value (Cost $10,133,267)	$10,155,583
Cash	491,082
Interest receivable	83,353
Prepaid expenses	4,844
Receivable for Fund shares sold	1,115
Total assets	10,735,977
Liabilities
Payable for Fund shares redeemed	5,000
Accrued advisory fees	2,241
Accrued retirement plan custodial fees	1,430
Accrued Chief Compliance Officer expenses	322
Distributions payable	49
Total liabilities	9,042
Net Assets	$10,726,935
Analysis of net assets
Paid-in capital (unlimited shares authorized, without par value)	$10,722,664
Total distributable earnings	4,271
Net assets applicable to Fund shares outstanding	$10,726,935
Fund shares outstanding	2,128,039
Net asset value, offering, and redemption price per share	$5.04

Statement of Operations

Period ended May 31, 2019
Investment income
Interest income	$123,347
Total investment income	123,347
Expenses
Investment adviser fees	26,244
Filing and registration fees	9,662
Audit fees	3,412
Retirement plan custodial fees	1,768
Chief Compliance Officer expenses	1,310
Trustee fees	1,236
Printing and postage	1,040
Other expenses	660
Legal fees	338
Custodian fees	224
Total gross expenses	45,894
Less adviser fees waived	(14,070	)
Less custodian fee credits	(185	)
Net expenses	31,639
Net investment income	$91,708
Net realized loss from investments	$(4,122	)
Net increase in unrealized appreciation on investments	221,591
Net gain on investments	$217,469
Net increase in net assets resulting from operations	$309,177

The accompanying notes are an integral part of these financial statements. Semi-Annual Report May 31, 2019     11

Sextant Short-Term Bond Fund

Statements of Changes in Net Assets	Period ended May 31, 2019		Year ended Nov. 30, 2018
Increase (decrease) in net assets from operations
From operations
Net investment income	$91,708		$147,275
Net realized loss on investment	(4,122	)	(16,794	)
Net increase (decrease) in unrealized appreciation	221,591		(110,471	)
Net increase in net assets	309,177		20,010
Distributions to shareowners	(91,708	)	(150,192	)
Capital share transactions
Proceeds from sales of shares	722,666		974,206
Value of shares issued in reinvestment of dividends	91,239		150,567
Cost of shares redeemed	(580,035	)	(1,423,649	)
Total capital share transactions	233,870		(298,876	)
Total increase (decrease) in net assets	451,339		(429,058	)
Net assets
Beginning of period	10,275,596		10,704,654
End of period	$10,726,935		$10,275,596
Shares of the Fund sold and redeemed
Number of shares sold	145,008		196,541
Number of shares issued in reinvestment of dividends	18,213		30,411
Number of shares redeemed	(116,347	)	(286,428	)
Net increase (decrease) in number of shares outstanding	46,874		(59,476	)

Financial Highlights	For period ended		For year ended November 30,
Selected data per share of outstanding capital stock throughout each period:	May 31, 2019		2018		2017		2016		2015		2014
Net asset value at beginning of period	$4.94		$5.00		$5.02		$5.02		$5.04		$5.05
Income from investment operations
Net investment income	0.04		0.07		0.06		0.05		0.05		0.06
Net gains (losses) on securities (both realized and unrealized)	0.10		(0.06	)	(0.02	)	0.00	A	(0.02	)	(0.01	)
Total from investment operations	0.14		0.01		0.04		0.05		0.03		0.05
Less distributions
Dividends (from net investment income)	(0.04	)	(0.07	)	(0.06	)	(0.05	)	(0.05	)	(0.06	)
Capital gains distribution	-		(0.00	)A	-		-		-		-
Total distributions	(0.04	)	(0.07	)	(0.06	)	(0.05	)	(0.05	)	(0.06	)
Net asset value at end of period	$5.04		$4.94		$5.00		$5.02		$5.02		$5.04
Total returnB	2.91%		0.26%		0.87%		1.06%		0.67%		0.94%
Ratios / supplemental data
Net assets ($000), end of period	$10,727		$10,276		$10,705		$10,326		$7,488		$7,674
Ratio of expenses to average net assets
Before fee waivers and custodian fee creditsC	0.87%		0.91%		1.01%		1.15%		1.21%		1.29%
After fee waiversC	0.61%		0.61%		0.68%		0.76%		0.76%		0.76%
After fee waivers and custodian fee creditsC	0.60%		0.60%		0.68%		0.75%		0.75%		0.75%
Ratio of net investment income after fee waivers and custodian fee credits to average net assetsC	1.75%		1.44%		1.26%		1.05%		1.06%		1.14%
Portfolio turnover rateB	11%		36%		31%		11%		13%		14%

^A Amount is less than $0.01

^B Not Annualized for periods less than one year.

^C Annualized for periods less than one year.

12     May 31, 2019 Semi-Annual Report The accompanying notes are an integral part of these financial statements.

Sextant Bond Income Fund

Performance Summary

Average Annual Total Returns as of May 31, 2019
	1 Year		5 Year		10 Year		Expense Ratio1
Sextant Bond Income Fund		6.25%		2.87%		4.43%		0.84%
FTSE US Broad Investment-Grade Bond Index		6.41%		2.71%		3.77%		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 November 30, 2008, to an identical amount invested in the FTSE US Broad Investment-Grade Bond Index, a broad-based index of medium and long-term investment grade bond prices. The graph shows that an investment in the Fund would have risen to $15,420 versus $14,482 in the index.

Past performance does not guarantee future results. The “Growth of $10,000” graph and “Average Annual Returns” performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.

¹  By regulation, the expense ratio shown in this table is as stated in the Fund’s most recent prospectus which is dated March 27, 2019, and incorporates results for the fiscal year ended November 30, 2018, before fee waivers. The expense ratio shown in the most recent prospectus after fee waivers was 0.65%. 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 10 Holdings
% of Total Net Assets
United States Treasury Note (3.625% due 02/15/2021)	9.4%
United States Treasury Bond (5.375% due 02/15/2031)	4.7%
Apple (4.50% due 02/23/2036)	3.4%
Microsoft (4.20% due 11/03/2035)	3.4%
Intel (4.00% due 12/15/2032)	3.4%
Burlington Northern Santa Fe (5.05% due 03/01/2041)	3.2%
United States Treasury Note (2.125% due 06/30/2021)	2.9%
United Technologies Corp (6.05% due 06/01/2036)	2.7%
United States Treasury Bond (6.125% due 08/15/2029)	2.7%
Puget Sound Energy (7.02% due 12/01/2027)	2.7%

Portfolio Diversification
% of Total Net Assets
Government Bonds	26.3%	∎
Health Care	12.1%	∎
Municipal Bonds	11.7%	∎
Technology	10.2%	∎
Industrials	9.5%	∎
Financials	6.6%	∎
Energy	6.1%	∎
Utilities	5.8%	∎
Consumer Discretionary	4.7%	∎
Consumer Staples	2.2%	∎
Other assets (net of liabilities)	4.8%	∎

Semi-Annual Report May 31, 2019     13

Sextant Bond Income Fund

Schedule of Investments						As of May 31, 2019
Corporate Bonds – 57.2%	Coupon / Maturity	Face Amount		Market Value		Percentage of Assets
Consumer Discretionary
Lowe’s	5.80% due 10/15/2036		$250,000		$291,120		2.5%
VF	6.00% due 10/15/2033		200,000		249,269		2.2%
					540,389		4.7%
Consumer Staples
Unilever Capital	5.90% due 11/15/2032		200,000		256,513		2.2%
					256,513		2.2%
Energy
Baker Hughes	6.875% due 01/15/2029		100,000		124,441		1.1%
Canadian Natural Resources	6.45% due 06/30/2033		225,000		277,187		2.4%
Statoil	7.15% due 01/15/2029		224,000		297,314		2.6%
					698,942		6.1%
Financials
Affiliated Managers Group	3.50% due 08/01/2025		250,000		255,974		2.2%
Bank Of New York Mellon MTN	3.30% due 08/23/2029		250,000		251,190		2.2%
UBS AG Stamford CT	7.75% due 09/01/2026		200,000		248,103		2.2%
					755,267		6.6%
Health Care
Becton Dickinson	6.70% due 08/01/2028		240,000		287,754		2.5%
Johnson & Johnson	4.95% due 05/15/2033		226,000		274,211		2.4%
Medtronic Inc	4.375% due 03/15/2035		260,000		288,968		2.5%
Merck & Co.	6.50% due 12/01/2033		215,000		295,137		2.6%
Teva Pharmaceutical	3.65% due 11/10/2021		250,000		233,750		2.1%
					1,379,820		12.1%
Industrials
Boeing	6.125% due 02/15/2033		215,000		275,614		2.4%
Burlington Northern Santa Fe	5.05% due 03/01/2041		310,000		361,012		3.2%
Deere & Co.	8.10% due 05/15/2030		95,000		133,059		1.2%
United Technologies	6.05% due 06/01/2036		250,000		309,911		2.7%
					1,079,596		9.5%

Continued on next page.

14     May 31, 2019 Semi-Annual Report The accompanying notes are an integral part of these financial statements.

Sextant Bond Income Fund

Schedule of Investments						As of May 31, 2019
Corporate Bonds – 57.2%	Coupon / Maturity	Face Amount		Market Value		Percentage of Assets
Technology
Apple	4.50% due 02/23/2036		$350,000		$392,635		3.4%
Intel	4.00% due 12/15/2032		360,000		382,639		3.4%
Microsoft	4.20% due 11/03/2035		350,000		390,344		3.4%
					1,165,618		10.2%
Utilities
Entergy Louisiana	5.40% due 11/01/2024		200,000		226,674		2.0%
Florida Power & Light	5.95% due 10/01/2033		100,000		129,280		1.1%
Puget Sound Energy	7.02% due 12/01/2027		237,000		301,838		2.7%
					657,792		5.8%
Total Corporate Bonds					$6,533,937		57.2%
Government Bonds – 26.3%	Coupon / Maturity	Face Amount		Market Value		Percentage of Assets
Foreign Government Bonds
Quebec Canada Yankee	7.125% due 02/09/2024		$175,000		$211,775		1.8%
					211,775		1.8%
United States Treasury Bonds
United States Treasury Bond	5.25% due 02/15/2029		170,000		216,046		1.9%
United States Treasury Bond	6.125% due 08/15/2029		225,000		306,642		2.7%
United States Treasury Bond	6.25% due 05/15/2030		75,000		104,748		0.9%
United States Treasury Bond	5.375% due 02/15/2031		400,000		531,344		4.7%
United States Treasury Bond	3.125% due 11/15/2041		145,000		160,451		1.4%
United States Treasury Bond	3.375% due 11/15/2048		60,000		69,867		0.6%
					1,389,098		12.2%
United States Treasury Notes
United States Treasury Note	3.625% due 02/15/2021		1,040,000		1,067,787		9.4%
United States Treasury Note	2.125% due 06/30/2021		330,000		331,212		2.9%
					1,398,999		12.3%
Total Government Bonds					$2,999,872		26.3%

Continued on next page.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report May 31, 2019     15

Sextant Bond Income Fund

Schedule of Investments						As of May 31, 2019
Municipal Bonds – 11.7%	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		$258,310		2.3%
Idaho Hsg & Fin GARVEE BAB A-2	5.379% due 07/15/2020		180,000		185,137		1.6%
San Marcos Texas ULTD GO BAB	6.028% due 08/15/2030		200,000		208,298		1.8%
Springville UT GO BAB	5.30% due 05/01/2031		240,000		246,262		2.2%
					898,007		7.9%
Municipal Leases
Johnson Co KS Bldg Ls/Pr RevBAB	4.60% due 09/01/2026		250,000		255,042		2.2%
Oklahoma City Fin Auth Ed Lease Rev	6.60% due 09/01/2022		160,000		179,946		1.6%
					434,988		3.8%
Total Municipal Bonds					$1,332,995		11.7%
Total investments	(Cost = $10,482,444)				$10,866,804		95.2%
Other assets (net of liabilities)					547,186		4.8%
Total net assets					$11,413,990		100.0%

Bond Quality Diversification
% of Total Net Assets
Rated “AAA”	32.5%	∎
Rated “AA+”	3.4%	∎
Rated “AA”	8.9%	∎
Rated “AA-”	4.4%	∎
Rated “A+”	8.8%	∎
Rated “A”	14.6%	∎
Rated “A-”	8.2%	∎
Rated “BBB+”	9.8%	∎
Rated “BBB”	2.5%	∎
Rated “BB”	2.1%	∎
Other assets (net of liabilities)	4.8%	∎
Credit ratings are the lesser of S&P Global Ratings or Moody’s Investors Service. If neither S&P nor Moody’s rate a particular security, that security is categorized as not rated (except for US Treasury securities and securities issued or backed by US agencies which inherit the credit rating for the US government). Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). Ratings apply to the creditworthiness of the issuers of the underlying securities and not the Fund or its shares. Ratings may be subject to change.

16     May 31, 2019 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, 2019
Assets
Investments in securities, at value (Cost $10,482,444)	$10,866,804
Cash	822,057
Interest receivable	126,640
Prepaid expenses	4,872
Receivable for Fund shares sold	1,581
Insurance reserve premium	401
Total assets	11,822,355
Liabilities
Payable for security purchases	402,848
Accrued advisory fees	3,769
Accrued retirement plan custodial fees	1,207
Accrued Chief Compliance Officer expenses	274
Distributions Payable	262
Payable for Fund shares redeemed	5
Total liabilities	408,365
Net assets	$11,413,990
Analysis of net assets
Paid-in capital (unlimited shares authorized, without par value)	$11,068,221
Total distributable earnings	345,769
Net assets applicable to Fund shares outstanding	$11,413,990
Fund shares outstanding	2,213,616
Net asset value, offering, and redemption price per share	$5.16

Statement of Operations

Period ended May 31, 2019
Investment income
Interest income	$196,105
Total investment income	196,105
Expenses
Investment adviser fees	29,853
Filing and registration fees	6,333
Audit fees	3,187
Retirement plan custodial fees	1,444
Chief Compliance Officer expenses	1,251
Trustee fees	1,222
Printing and postage	1,055
Other expenses	798
Legal fees	309
Custodian fees	229
Total gross expenses	45,681
Less adviser fees waived	(11,351	)
Less custodian fee credits	(188	)
Net expenses	34,142
Net investment income	$161,963
Net realized gain from investments	$7,550
Net increase in unrealized appreciation on investments	566,126
Net gain on investments	$573,676
Net increase in net assets resulting from operations	$735,639

The accompanying notes are an integral part of these financial statements. Semi-Annual Report May 31, 2019     17

Sextant Bond Income Fund

Statements of Changes in Net Assets	Period ended May 31, 2019		Year ended November 30, 2018
Increase in net assets from operations
From operations
Net investment income	$161,963		$309,853
Net realized loss on Investments	7,550		-
Net increase (decrease) in unrealized appreciation	566,126		(480,051	)
Net increase (decrease) in net assets	735,639		(170,198	)
Distributions to shareowners	(161,963	)	(309,851	)
Capital share transactions
Proceeds from sales of shares	1,004,887		3,232,820
Value of shares issued in reinvestment of dividends	160,372		306,251
Cost of shares redeemed	(1,257,984	)	(1,621,814	)
Total capital share transactions	(92,725	)	1,917,257
Total increase in net assets	480,951		1,437,208
Net assets
Beginning of period	10,933,039		9,495,831
End of period	$11,413,990		$10,933,039
Shares of the Fund sold and redeemed
Number of shares sold	198,954		650,577
Number of shares issued in reinvestment of dividends	31,793		61,384
Number of shares redeemed	(253,001	)	(322,372	)
Net increase (decrease) in number of shares outstanding	(22,254	)	389,589

Financial Highlights	For period ended				For year ended November 30,
Selected data per share of outstanding capital stock throughout each period:	May 31, 2019		2018		2017		2016		2015		2014
Net asset value at beginning of period	$4.89		$5.14		$5.07		$5.07		$5.26		$5.05
Income from investment operations
Net investment income	0.08		0.16		0.16		0.15		0.17		0.16
Net gains (losses) on securities (both realized and unrealized)	0.27		(0.25	)	0.07		0.00	A	(0.19	)	0.21
Total from investment operations	0.35		(0.09	)	0.23		0.15		(0.02	)	0.37
Less distributions
Dividends (from net investment income)	(0.08	)	(0.16	)	(0.16	)	(0.15	)	(0.17	)	(0.16	)
Total distributions	(0.08	)	(0.16	)	(0.16	)	(0.15	)	(0.17	)	(0.16	)
Net asset value at end of period	$5.16		$4.89		$5.14		$5.07		$5.07		$5.26
Total returnB	7.12%		(1.78	)%	4.51%		2.91%		(0.47	)%	7.40%
Ratios / supplemental data
Net assets ($000), end of period	$11,414		$10,933		$9,496		$9,703		$7,998		$7,967
Ratio of expenses to average net assets
Before fee waivers and custodian fee creditsC	0.86%		0.84%		0.98%		1.01%		1.03%		1.27%
After fee waiversC	0.64%		0.66%		0.78%		0.89%		0.90%		0.91%
After fee waivers and custodian fee creditsC	0.64%		0.65%		0.78%		0.88%		0.90%		0.90%
Ratio of net investment income after fee waivers and custodian fee credits to average net assetsC	3.04%		3.20%		3.05%		2.85%		3.21%		3.07%
Portfolio turnover rateB	7%		0%		4%		11%		4%		13%

^A  Amount is less than $0.01

^B Not Annualized

^C  Annualized

18     May 31, 2019 Semi-Annual Report The accompanying notes are an integral part of these financial statements.

Sextant Core Fund

Performance Summary

Average Annual Total Returns as of May 31, 2019
	1 Year		5 Year		10 Year		Expense Ratio1
Sextant Core Fund		4.23%		3.47%		6.37%		0.88%
Dow Jones Moderate US Portfolio Index		0.97%		4.80%		8.27%		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 November 30, 2008, 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 $18,544 versus $22,145 in the index.

Past performance does not guarantee future results. The “Growth of $10,000” graph and “Average Annual Returns” performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.

¹  By regulation, the expense ratio shown in this table is as stated in the Fund’s most recent prospectus, which is dated March 27, 2019, and incorporates results for the fiscal year ended November 30, 2018. 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
% of Total Net Assets
Sectors	Equity	Fixed Income
Technology	13.7%	2.2%
Government Bonds	n/a	14.1%
Health Care	10.5%	3.5%
Financials	7.9%	5.1%
Industrials	5.8%	5.0%
Consumer Discretionary	7.0%	2.5%
Consumer Staples	4.6%	n/a
Materials	3.7%	0.7%
Communications	1.8%	1.3%
Municipal Bonds	n/a	3.1%
Energy	2.4%	n/a
Utilities	1.4%	n/a
Total	58.8%	37.5%

Top 10 Holdings
% of Total Net Assets
US Treasury Bond (6.25% due 08/15/2023)	3.6%
Welltower (4.25% due 04/15/2028)	2.6%
United States Treasury Note (2.75% due 11/15/2023)	2.5%
Gilead Sciences (3.70% due 04/01/2024)	1.8%
Boeing (5.875% due 02/15/2040)	1.8%
United States Treasury Note (2.00% due 11/30/2022)	1.8%
Lowe’s (4.25% due 09/15/2044)	1.7%
Union Pacific Corp (3.375% due 02/01/2035)	1.7%
Toronto-Dominion Bank	1.6%
Qualcomm (3.25% due 05/20/2027)	1.5%

Asset Allocation
% of Total Net Assets
Equity Securities	58.8%	∎
Fixed Income Securities	37.5%	∎
Other assets (net of liabilities)	3.7%	∎

Semi-Annual Report May 31, 2019     19

Sextant Core Fund

Schedule of Investments							As of May 31, 2019
Common Stocks – 58.8%	Number of Shares		Cost		Market Value		Country1	Percentage of Assets
Communications
Internet Media
Alphabet, Class A2		100		$77,588		$110,650	United States		0.8%
Telecom Carriers
BCE		3,300		140,233		148,599	Canada		1.0%
			217,821		259,249			1.8%
Consumer Discretionary
Apparel, Footwear & Accessory Design
VF		1,600		86,484		131,008	United States		0.9%
Auto Parts
Garrett Motion2		4,100		47,582		63,058	United States		0.4%
Automobiles
Subaru ADR		11,700		130,741		134,901	Japan		1.0%
Home Products Stores
Home Depot		600		114,158		113,910	United States		0.8%
Lowe’s		1,400		86,638		130,592	United States		0.9%
				200,796		244,502			1.7%
Specialty Apparel Stores
Industria de Diseno Textil		12,000		152,848		159,480	Spain		1.1%
Ross Stores		1,750		125,298		162,733	United States		1.1%
TJX Companies		2,200		109,838		110,638	United States		0.8%
				387,984		432,851			3.0%
				853,587		1,006,320			7.0%
Consumer Staples
Beverages
PepsiCo		1,350		139,207		172,800	United States		1.2%
Household Products
Procter & Gamble		1,150		93,040		118,347	United States		0.8%
Unilever ADR		2,900		132,633		176,639	United Kingdom		1.3%
				225,673		294,986			2.1%
Packaged Food
Nestle ADR		1,900		147,925		188,404	Switzerland		1.3%
				512,805		656,190			4.6%

Continued on next page.

20     May 31, 2019 Semi-Annual Report The accompanying notes are an integral part of these financial statements.

Sextant Core Fund

Schedule of Investments							As of May 31, 2019
Common Stocks – 58.8%	Number of Shares		Cost		Market Value		Country1	Percentage of Assets
Energy
Exploration & Production
ConocoPhillips		1,490		$71,757		$87,850	United States		0.6%
Integrated Oils
Equinor ADR		6,500		$113,335		$124,475	Norway		0.9%
Total ADR		2,582		138,694		132,973	France		0.9%
				252,029		257,448			1.8%
				323,786		345,298			2.4%
Financials
Banks
PNC Financial Services Group		1,690		129,314		215,070	United States		1.5%
Toronto-Dominion Bank		4,165		175,741		227,617	Canada		1.6%
				305,055		442,687			3.1%
Consumer Finance
Ally Financial		7,100		147,875		204,977	United States		1.4%
Diversified Banks
Citigroup		1,900		138,144		118,085	United States		0.8%
JP Morgan Chase		1,850		164,687		196,026	United States		1.4%
				302,831		314,111			2.2%
P&C Insurance
Chubb		1,130		151,600		165,059	Switzerland		1.2%
				907,361		1,126,834			7.9%
Health Care
Biotech
Amgen		1,100		179,932		183,370	United States		1.3%
Large Pharma
Bristol-Myers Squibb		3,300		168,719		149,721	United States		1.0%
GlaxoSmithKline ADR		3,400		139,166		131,376	United Kingdom		0.9%
Johnson & Johnson		1,600		142,381		209,840	United States		1.5%
Novo Nordisk ADR		1,850		48,138		87,320	Denmark		0.6%
Pfizer		4,700		157,335		195,144	United States		1.4%
				655,739		773,401			5.4%
Managed Care
UnitedHealth Group		800		189,963		193,440	United States		1.4%
Medical Devices
Abbott Laboratories		2,700		97,630		205,551	United States		1.4%
Medical Equipment
Koninklijke Philips ADR		3,800		137,793		150,556	Netherlands		1.0%
				1,261,057		1,506,318			10.5%

Continued on next page.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report May 31, 2019     21

Sextant Core Fund

Schedule of Investments							As of May 31, 2019
Common Stocks – 58.8%	Number of Shares		Cost		Market Value		Country1	Percentage of Assets
Industrials
Commercial & Residential Building Equipment & Systems
Honeywell International		1,000		$49,532		$164,310	United States		1.2%
Johnson Controls International		3,450		125,504		132,894	United States		0.9%
				175,036		297,204			2.1%
Electrical Components
Sensata Technologies Holding2		2,870		120,959		122,520	United States		0.8%
Flow Control Equipment
Parker Hannifin		850		81,847		129,472	United States		0.9%
Industrial Distribution & Rental
Fastenal		4,500		108,145		137,655	United States		1.0%
Rail Freight
Canadian National Railway		1,600		49,410		141,744	Canada		1.0%
				535,397		828,595			5.8%
Materials
Basic & Diversified Chemicals
Linde		1,000		79,815		180,550	Ireland		1.3%
Non Wood Building Materials
Carlisle		550		56,954		73,320	United States		0.5%
Specialty Chemicals
PPG Industries		1,300		138,435		136,045	United States		1.0%
RPM International		2,400		67,251		128,448	United States		0.9%
				205,686		264,493			1.9%
				342,455		518,363			3.7%

Continued on next page.

22     May 31, 2019 Semi-Annual Report The accompanying notes are an integral part of these financial statements.

Sextant Core Fund

Schedule of Investments							As of May 31, 2019
Common Stocks – 58.8%	Number of Shares		Cost		Market Value		Country1	Percentage of Assets
Technology
Application Software
Open Text Corp ADR		3,900		$146,122		$154,908	Canada		1.1%
Communications Equipment
Apple		900		85,044		157,563	United States		1.1%
Computer Hardware & Storage
HP		3,300		49,083		61,644	United States		0.4%
Infrastructure Software
Micro Focus International		6,304		96,708		151,107	United Kingdom		1.0%
Microsoft		900		112,498		111,312	United States		0.8%
Oracle		3,100		124,402		156,860	United States		1.1%
				333,608		419,279			2.9%
IT Services
Amdocs Limited		3,000		196,205		178,260	United States		1.3%
Semiconductor Devices
Infineon Technologies ADR		3,275		59,576		58,197	Germany		0.4%
Intel		3,200		117,841		140,928	United States		1.0%
Microchip Technology		1,200		90,091		96,036	United States		0.7%
Micron Technology2		2,100		82,354		68,481	United States		0.5%
NXP Semiconductors		1,200		87,444		105,792	Netherlands		0.7%
Qualcomm		1,900		106,927		126,958	United States		0.9%
Xilinx		1,700		68,621		173,927	United States		1.2%
				612,854		770,319			5.4%
Semiconductor Manufacturing
Applied Materials		2,200		81,912		85,118	United States		0.6%
Taiwan Semiconductor ADR		3,500		37,159		134,225	Taiwan		0.9%
				119,071		219,343			1.5%
				1,541,987		1,961,316			13.7%
Utilities
Integrated Utilities
NextEra Energy		1,000		72,153		198,210	United States		1.4%
			72,153		198,210			1.4%
Total Common Stocks			$6,568,409		$8,406,693			58.8%

Continued on next page.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report May 31, 2019     23

Sextant Core Fund

Schedule of Investments						As of May 31, 2019
Corporate Bonds – 20.3%	Coupon / Maturity	Face Amount		Market Value		Percentage of Assets
Communications
Bellsouth Capital Funding	7.875% due 02/15/2030		$150,000		$187,157		1.3%
					187,157		1.3%
Consumer Discretionary
Lowe’s	4.25% due 09/15/2044		250,000		244,181		1.7%
Stanford University	4.013% due 05/01/2042		100,000		110,341		0.8%
					354,522		2.5%
Financials
General Electric Capital	5.35% due 04/15/2022		101,000		106,403		0.7%
HSBC Holdings	4.25% due 03/14/2024		150,000		154,969		1.1%
PartnerRe Finance B	5.50% due 06/01/2020		100,000		102,672		0.7%
Welltower	4.25% due 04/15/2028		350,000		368,569		2.6%
					732,613		5.1%
Health Care
Becton Dickinson	3.125% due 11/08/2021		100,000		100,840		0.7%
Celgene	2.875% due 08/15/2020		140,000		140,702		1.0%
Gilead Sciences	3.70% due 04/01/2024		250,000		260,411		1.8%
					501,953		3.5%
Industrials
Boeing	5.875% due 02/15/2040		200,000		255,682		1.8%
Legrand France Yankee	8.50% due 02/15/2025		170,000		213,353		1.5%
Union Pacific	3.375% due 02/01/2035		250,000		239,520		1.7%
					708,555		5.0%
Materials
Air Products & Chemicals	4.375% due 08/21/2019		100,000		100,357		0.7%
					100,357		0.7%
Technology
Cisco Systems	2.90% due 03/04/2021		100,000		100,747		0.7%
Qualcomm	3.25% due 05/20/2027		220,000		219,625		1.5%
					320,372		2.2%
Total Corporate Bonds					$2,905,529		20.3%

Continued on next page.

24     May 31, 2019 Semi-Annual Report The accompanying notes are an integral part of these financial statements.

Sextant Core Fund

Schedule of Investments				As of May 31, 2019
Government Bonds – 14.1%	Coupon / Maturity	Face Amount		Market Value		Percentage of Assets
United States Treasury Bonds
United States Treasury Bond	6.25% due 08/15/2023		$438,000		$513,949		3.6%
United States Treasury Bond	4.50% due 02/15/2036		137,000		178,619		1.2%
United States Treasury Bond	3.625% due 02/15/2044		155,000		185,401		1.3%
					877,969		6.1%
United States Treasury Notes
United States Treasury Note	1.50% due 06/15/2020		150,000		148,887		1.0%
United States Treasury Note	2.125% due 08/31/2020		204,000		203,984		1.4%
United States Treasury Note	2.00% due 11/30/2022		250,000		250,703		1.8%
United States Treasury Note	1.625% due 04/30/2023		106,000		104,803		0.7%
United States Treasury Note	2.75% due 11/15/2023		350,000		361,990		2.5%
United States Treasury Note	2.00% due 05/31/2024		80,000		80,266		0.6%
					1,150,633		8.0%
Total Government Bonds					$2,028,602		14.1%
Municipal Bonds – 3.1%	Coupon / Maturity	Face Amount		Market Value		Percentage of Assets
General Obligation
Lake Washington SD 414 WA BAB	4.906% due 12/01/2027		$100,000		$102,834		0.7%
Skagit SD #1	4.613% due 12/01/2022		100,000		104,084		0.8%
					206,918		1.5%
State Education
New York City Housing Dev	2.65% due 05/01/2021		100,000		100,545		0.7%
					100,545		0.7%
Utility Networks
Tacoma WA Elec Sys Revenue	5.966% due 01/01/2035		100,000		130,575		0.9%
					130,575		0.9%
Total Municipal Bonds					$438,038		3.1%
Total investments	(Cost = $11,823,509)				13,778,862		96.3%
Other assets (net of liabilities)					522,072		3.7%
Total net assets					$14,300,934		100.0%

¹  Country of domicile

²  Non-income producing security

ADR: American Depositary Receipt

The accompanying notes are an integral part of these financial statements. Semi-Annual Report May 31, 2019     25

Sextant Core Fund

Statement of Assets and Liabilities
As of May 31, 2019
Assets
Investments in securities, at value (Cost $11,823,509)	$13,778,862
Cash	435,057
Dividends and interest receivable	80,555
Receivable for Fund shares sold	11,221
Prepaid expenses	5,058
Total assets	14,310,753
Liabilities
Accrued advisory fees	6,160
Accrued retirement plan custodial fees	1,127
Accrued audit expenses	754
Accrued trustee expenses	566
Accrued Chief Compliance Officer expenses	470
Accrued printing expenses	390
Accrued other expenses	352
Total liabilities	9,819
Net assets	$14,300,934
Analysis of net assets
Paid-in capital (unlimited shares authorized, without par value)	$12,059,617
Total distributable earnings	2,241,317
Net assets applicable to Fund shares outstanding	$14,300,934
Fund shares outstanding	1,094,852
Net asset value, offering, and redemption price per share	$13.06

Statement of Operations

Period ended May 31, 2019
Investment income
Dividends (net of foreign tax of $8,081)	$104,060
Interest income	77,146
Total investment income	181,206
Expenses
Investment adviser fees	39,802
Filing and registration fees	9,258
Audit fees	3,688
Chief Compliance Officer expenses	1,672
Retirement plan custodial fees	1,479
Trustee fees	1,332
Printing and postage	1,079
Other expenses	690
Legal fees	382
Custodian fees	292
Total gross expenses	59,674
Less custodian fee credits	(244	)
Net expenses	59,430
Net investment income	$121,776
Net realized gain from investments and foreign currency	$192,138
Net increase in unrealized appreciation on investments and foreign currency	132,495
Net gain on investments	$324,633
Net increase in net assets resulting from operations	$446,409

26     May 31, 2019 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, 2019		Year ended Nov. 30, 2018
Increase (decrease) in net assets from operations
From operations
Net investment income	$121,776		$175,436
Net realized gain on investment	192,138		145,000
Net increase (decrease) in unrealized appreciation	132,495		(280,915	)
Net increase in net assets	446,409		39,521
Distributions to shareowners	(179,879	)	(166,943	)
Capital share transactions
Proceeds from sales of shares	1,759,866		2,728,274
Value of shares issued in reinvestment of dividends	179,879		166,943
Cost of shares redeemed	(756,636	)	(2,896,024	)
Total capital share transactions	1,183,109		(807	)
Total increase (decrease) in net assets	1,449,639		(128,229	)
Net assets
Beginning of period	12,851,295		12,979,524
End of period	$14,300,934		$12,851,295
Shares of the Fund sold and redeemed
Number of shares sold	137,620		211,487
Number of shares issued in reinvestment of dividends	14,891		12,931
Number of shares redeemed	(58,924	)	(222,368	)
Net increase in number of shares outstanding	93,587		2,050

Financial Highlights	For period ended		For year ended November 30,
Selected data per share of outstanding capital stock throughout each period:	May 31, 2019		2018		2017		2016	2015		2014
Net asset value at beginning of period	$12.84		$12.99		$11.45		$11.25	$12.43		$11.78
Income from investment operations
Net investment income	0.11		0.18		0.16		0.18	0.18		0.21
Net gains (losses) on securities (both realized and unrealized)	0.25		(0.16	)	1.55		0.02	(0.72	)	0.78
Total from investment operations	0.36		0.02		1.71		0.20	(0.54	)	0.99
Less distributions
Dividends (from net investment income)	(0.14	)	(0.17	)	(0.17	)	-	(0.18	)	(0.21	)
Distributions (from capital gains)	-		-		-		-	(0.46	)	(0.13	)
Total distributions	(0.14	)	(0.17	)	(0.17	)	-	(0.64	)	(0.34	)
Net asset value at end of period	$13.06		$12.84		$12.99		$11.45	$11.25		$12.43
Total returnA	3.25%		0.16%		15.15%		1.78%	(4.38	)%	8.41%
Ratios / supplemental data
Net assets ($000), end of period	$14,301		$12,851		$12,980		$8,563	$8,435		$8,656
Ratio of expenses to average net assets
Before custodian fee creditsB	0.87%		0.88%		0.84%		1.05%	1.02%		1.17%
After custodian fee creditsB	0.86%		0.87%		0.83%		1.04%	1.01%		1.16%
Ratio of net investment income after custodian fee credits to average net assetsB	1.77%		1.41%		1.52%		1.52%	1.44%		1.88%
Portfolio turnover rateA	11%		30%		34%		39%	24%		14%

^A  Not Annualized

^B  Annualized

The accompanying notes are an integral part of these financial statements. Semi-Annual Report May 31, 2019     27

Sextant Global High Income Fund

Performance Summary

Average Annual Total Returns as of May 31, 2019
	1 Year		5 Year		10 Year		Expense Ratio1
Sextant Global High Income Fund2		3.59%		3.59%		n/a		0.97%
S&P Global 1200 Index		0.19%		6.28%		10.50%		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 $14,309 versus $18,672 in the index.

Past performance does not guarantee future results. The “Growth of $10,000” graph and “Average Annual Returns” performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.

¹  By regulation, the expense ratio shown in this table is as stated in the Fund’s most recent prospectus, which is dated March 27, 2019, and incorporates results for the fiscal year ended November 30, 2018, before fee waivers. The expense ratio shown in the most recent prospectus after fee waivers was 0.75%. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods.

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

Fund Objective

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

Portfolio Diversification
% of Total Net Assets
Sectors	Equity	Fixed Income
Government Bonds	n/a	26.3%
Financials	4.0%	8.7%
Energy	8.5%	1.3%
Technology	8.5%	1.1%
Communications	6.3%	2.7%
Materials	4.3%	2.6%
Consumer Discretionary	1.6%	4.5%
Industrials	3.1%	2.3%
Health Care	3.8%	n/a
Municipal Bonds	n/a	2.9%
Consumer Staples	n/a	2.1%
Total	40.1%	54.5%

Top 10 Holdings
% of Total Net Assets
United States Treasury Bill (0.00% due 06/25/2019)	10.0%
United States Treasury Bond (6.125% due 11/15/2027)	5.3%
Mexico Bonos Desarrollo (6.50% due 06/10/2021)	4.3%
Microchip Technology	2.9%
Jefferies Group (5.125% due 01/20/2023)	2.7%
T-Mobile (6.50% due 01/15/2026)	2.7%
Royal Dutch Shell ADR, Class A	2.4%
Burlington Northern Santa Fe (5.05% due 03/01/2041)	2.3%
Applied Materials	2.3%
Equinor ADR	2.3%

Asset Allocation
% of Total Net Assets
Equity Securities	40.1%	∎
Fixed Income Securities	54.5%	∎
Other assets (net of liabilities)	5.4%	∎

28     May 31, 2019 Semi-Annual Report

Sextant Global High Income Fund

Schedule of Investments								As of May 31, 2019
Common Stocks – 40.1%	Number of Shares		Cost		Market Value		Country1	Percentage of Assets
Communications
Telecom Carriers
AT&T		7,500		$229,195		$229,350	United States		2.3%
Orange ADR		12,500		188,424		187,875	France		1.9%
SK Telecom ADR		9,000		149,321		209,070	Korea		2.1%
				566,940		626,295			6.3%
Consumer Discretionary
Automobiles
Subaru ADR		13,601		157,273		156,820	Japan		1.6%
				157,273		156,820			1.6%
Consumer Discretionary
Exploration & Production
CNOOC Limited ADR		1,100		155,570		178,607	China		1.8%
Goodrich Petroleum2		200				2,314	United States		0.0%	3
				155,570		180,921			1.8%
Integrated Oils
Equinor ADR		12,000		218,810		229,800	Norway		2.3%
Royal Dutch Shell ADR, Class A		3,800		241,426		234,878	Netherlands		2.4%
Total ADR		3,800		202,606		195,700	France		2.0%
				662,842		660,378			6.7%
				818,412		841,299			8.5%
Financials
Banks
Skandinaviska Enskilda Banken, Class A		20,000		198,047		176,856	Sweden		1.8%
Diversified Banks
Itau Unibanco Holding ADR, Class A		25,000		144,759		222,500	Brazil		2.2%
				342,806		399,356			4.0%
Health Care
Health Care Supplies
Alcon Inc2		380		13,238		22,108	Switzerland		0.2%
Large Pharma
GlaxoSmithKline ADR		5,000		216,373		193,200	United Kingdom		2.0%
Novartis ADR		1,900		96,814		162,716	Switzerland		1.6%
				313,187		355,916			3.6%
				326,425		378,024			3.8%

Continued on next page.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report May 31, 2019     29

Sextant Global High Income Fund

Schedule of Investments								As of May 31, 2019
Common Stocks – 40.1%	Number of Shares		Cost		Market Value		Country1	Percentage of Assets
Industrials
Infrastructure Construction
CCR		45,000		$130,047		$153,442	Brazil		1.5%
Hopewell Highway Infrastructure		325,000		168,010		155,440	Hong Kong		1.6%
				298,057		308,882			3.1%
Materials
Base Metals
South32 ADR		19,000		134,773		220,210	Australia		2.2%
Steel Raw Material Suppliers
BHP Biliton ADR		4,000		155,038		207,640	Australia		2.1%
				289,811		427,850			4.3%
Technology
Computer Hardware & Storage
Western Digital		5,000		212,770		186,100	Singapore		1.9%
Infrastructure Software
Micro Focus International plc Spons		5,807		99,433		139,194	United Kingdom		1.4%
Semiconductor Devices
Microchip Technology		3,500		111,383		280,105	United States		2.9%
Semiconductor Manufacturing
Applied Materials		6,000		210,256		232,140	United States		2.3%
				633,842		837,539			8.5%
Total Common Stock				$3,433,566		$3,976,065			40.1%
Corporate Bonds – 25.3%	Coupon / Maturity		Face Amount		Market Value		Country1	Percentage of Assets
Communications
T-Mobile		6.50% due 01/15/2026		$250,000		$263,750	United States		2.7%
						263,750			2.7%
Consumer Discretionary
ADT		4.125% due 06/15/2023		150,000		145,312	United States		1.5%
GAP		5.95% due 04/12/2021		100,000		103,647	United States		1.0%
Rent-A-Center		6.625% due 11/15/2020		200,000		199,000	United States		2.0%
						447,959			4.5%
Consumer Staples
Grupo Bimbo		4.875% due 06/27/2044		200,000		204,879	Mexico		2.1%
						204,879			2.1%

Continued on next page

30     May 31, 2019 Semi-Annual Report The accompanying notes are an integral part of these financial statements.

Sextant Global High Income Fund

Schedule of Investments							As of May 31, 2019
Corporate Bonds – 25.3%	Coupon / Maturity	Face Amount		Market Value		Country1	Percentage of Assets
Energy
Petrobras International Finance	6.875% due 01/20/2040		$50,000		$51,410	Brazil		0.5%
Petrobras International Finance	6.75% due 01/27/2041		80,000		81,641	Brazil		0.8%
					133,051			1.3%
Financials
Canadian Imperial Bank	3.42% due 01/26/2026		CAD 250,000		188,269	Canada		1.9%
Jefferies Group	5.125% due 01/20/2023		250,000		265,708	United States		2.7%
Lincoln National (3 month LIBOR plus 2.04%) 4	6.05% due 04/20/2067		250,000		195,000	United States		2.0%
Royal Bank of Scotland	6.125% due 12/15/2022		200,000		213,267	United Kingdom		2.1%
					862,244			8.7%
Industrials
Burlington Northern Santa Fe	5.05% due 03/01/2041		200,000		232,911	United States		2.3%
					232,911			2.3%
Materials
Allegheny Technologies	7.875% due 08/15/2023		150,000		157,457	United States		1.6%
AngloGold Ashanti Holdings	5.375% due 04/15/2020		100,000		101,582	South Africa		1.0%
					259,039			2.6%
Technology
Hewlett Packard	4.65% due 12/09/2021		100,000		104,699	United States		1.1%
					104,699			1.1%
Total Corporate Bonds					$2,508,532			25.3%

Continued on next page.

Bond Quality Diversification
% of Total Net Assets
Rated “AAA”	15.3%	∎
Rated “A+”	2.3%	∎
Rated “A-”	4.3%	∎
Rated “BBB”	7.1%	∎
Rated “BBB-”	4.1%	∎
Rated “BB+”	2.0%	∎
Rated “BB”	6.8%	∎
Rated “BB-”	4.2%	∎
Rated “B”	3.5%	∎
Rated “B-”	2.0%	∎
Rated “C”	0.8%	∎
Not Rated	2.1%	∎
Equity	40.1%	∎
Other assets (net of liabilities)	5.4%	∎
Credit ratings are the lesser of S&P Global Ratings or Moody’s Investors Service. If neither S&P nor Moody’s rate a particular security, that security is categorized as not rated (except for US Treasury securities and securities issued or backed by US agencies which inherit the credit rating for the US government). Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). Ratings apply to the creditworthiness of the issuers of the underlying securities and not the Fund or its shares. Ratings may be subject to change.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report May 31, 2019     31

Sextant Global High Income Fund

Schedule of Investments								As of May 31, 2019
Government Bonds - 26.3%	Coupon / Maturity	Face Amount		Market Value		Country1	Percentage of Assets
Foreign Government Bonds
Colombia Republic	8.375% due 02/15/2027		$125,000		$141,057	Colombia		1.4%
Federal Republic of Brazil	12.50% due 01/05/2022		BRL 500,000		143,396	Brazil		1.4%
Federal Republic of Brazil	8.50% due 01/05/2024		BRL 750,000		195,989	Brazil		2.0%
Mexico Bonos Desarrollo	6.50% due 06/10/2021		MXN 85,000		422,087	Mexico		4.3%
Republic of Argentina - Global Bond	7.50% due 04/22/2026		250,000		187,125	Argentina		1.9%
					1,089,654			11.0%
United States Treasury Bonds
United States Treasury Bond	6.125% due 11/15/2027		400,000		523,734	United States		5.3%
					523,734			5.3%
United States Treasury Bills
U.S. Treasury Bill2	0.00% due 06/25/2019		1,000,000		998,601	United States		10.0%
					998,601			10.0%
Total Government Bonds					$2,611,989			26.3%
Municipal Bonds – 2.9%	Coupon / Maturity	Face Amount		Market Value		Country1	Percentage of Assets
Revenue
Colony TX NFM Sales Tax Revenue	7.00% due 10/01/2027		$100,000		$102,222	United States		1.0%
Colony TX NFM Sales Tax Revenue	7.25% due 10/01/2033		50,000		51,112	United States		0.5%
Colony TX NFM Sales Tax Revenue	7.625% due 10/01/2042		50,000		54,302	United States		0.6%
					207,636			2.1%
Water Supply
Puerto Rico Aqueduct & Sewer	5.00% due 07/01/2019		85,000		84,894	United States		0.8%
					84,894			0.8%
Total Municipal Bonds					$292,530			2.9%
Warrants – 0.0%	Number of Shares	Cost		Market Value		Country1	Percentage of Assets
Energy
Exploration & Production
Goodrich Petroleum Warrants 2	1,707		$-		$-	United States		0.0%
			$-		$-			0.0%
Total investments	(Cost = $8,962,855)				9,389,116			94.6%
Other assets (net of liabilities)					532,577			5.4%
Total net assets					$9,921,693			100.0%

¹ Country of domicile

²  Non-income producing

³  Amount is less than 0.05%

⁴  Variable rate security. The interest rate represents the rate in effect at November 30, 2018 and resets periodically based on the parenthetically disclosed reference rate and spread.

ADR: American Depositary Receipt

32     May 31, 2019 Semi-Annual Report The accompanying notes are an integral part of these financial statements.

Sextant Global High Income Fund

Schedule of Investments As of May 31, 2019

Countries

Weightings shown are a percentage of total net assets.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report May 31, 2019     33

Sextant Global High Income Fund

Statement of Assets and Liabilities
As of May 31, 2019
Assets
Investments in securities, at value (Cost $8,962,855)	$9,389,116
Cash	1,408,579
Dividends and interest receivable	105,189
Receivable for Fund shares sold	10,237
Prepaid expenses	9,026
Total assets	10,922,147
Liabilities
Payable for securities purchased	998,613
Accrued advisory fees	893
Accrued retirement plan custodial fees	630
Accrued Chief Compliance Officer expenses	318
Total liabilities	1,000,454
Net assets	$9,921,693
Analysis of net assets
Paid-in capital (unlimited shares authorized, without par value)	$9,299,754
Total distributable earnings	621,939
Net assets applicable to Fund shares outstanding	$9,921,693
Fund shares outstanding	903,783
Net asset value, offering and redemption price per share	$10.98

Statement of Operations

Period ended May 31, 2019
Investment income
Interest income	$125,015
Dividend Income (net of foreign tax of $15,272)	104,577
Total investment income	229,592
Expenses
Investment adviser fees	33,053
Filing and registration fees	9,636
Audit fees	3,647
Chief Compliance Officer expenses	1,420
Trustee fees	1,180
Printing and postage	1,033
Retirement plan custodial fees	803
Other expenses	570
Custodian fees	413
Legal fees	310
Total gross expenses	52,065
Less adviser fees waived	(15,856	)
Less custodian fee credits	(381	)
Net expenses	35,828
Net investment income	$193,764
Net realized gain from investments and foreign currency	$34,623
Net increase in unrealized appreciation on investments and foreign currency	26,608
Net gain on investments	$61,231
Net increase in net assets resulting from operations	$254,995

34     May 31, 2019 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, 2019		Year ended Nov. 30, 2018
Increase (decrease) in net assets from operations
From operations
Net investment income	$193,764		$318,693
Net realized gain on investment	34,623		151,626
Net increase (decrease) in unrealized appreciation	26,608		(267,907	)
Net increase in net assets	254,995		202,412
Distributions to shareowners	(311,447	)	(253,597	)
Capital share transactions
Proceeds from sales of shares	1,579,441		564,016
Value of shares issued in reinvestment of dividends	305,589		249,322
Cost of shares redeemed	(734,297	)	(1,307,655	)
Total capital share transactions	1,150,733		(494,317	)
Total increase (decrease) in net assets	1,094,281		(545,502	)
Net assets
Beginning of period	8,827,412		9,372,914
End of period	$9,921,693		$8,827,412
Shares of the Fund sold and redeemed
Number of shares sold	142,703		50,613
Number of shares issued in reinvestment of dividends	29,440		22,707
Number of shares redeemed	(66,085	)	(118,123	)
Net increase (decrease) in number of shares outstanding	106,058		(44,803	)

Financial Highlights	For period ended		For Year ended November 30,
Selected data per share of outstanding capital stock throughout each period:	May 31, 2019		2018		2017		2016	2015		2014
Net asset value at beginning of period	$11.07		$11.12		$10.11		$8.89	$10.57		$10.51
Income from investment operations
Net investment income	0.21		0.40		0.35		0.45	0.52		0.48
Net gains (losses) on securities (both realized and unrealized)	0.09		(0.15	)	1.11		0.77	(1.68	)	0.07
Total from investment operations	0.30		0.25		1.46		1.22	(1.16	)	0.55
Less distributions
Dividends (from net investment income)	(0.39	)	(0.30	)	(0.45	)	-	(0.52	)	(0.49	)
Total distributions	(0.39	)	(0.30	)	(0.45	)	-	(0.52	)	(0.49	)
Net asset value at end of period	$10.98		$11.07		$11.12		$10.11	$8.89		$10.57
Total returnA	2.93%		2.31%		15.01%		13.72%	(11.01	)%	5.27%
Ratios / supplemental data
Net assets ($000), end of period	$9,922		$8,827		$9,373		$7,570	$6,952		$7,707
Ratio of expenses to average net assets
Before fee waiversB	1.09%		0.97%		1.18%		1.17%	1.06%		1.41%
After fee waiversB	0.76%		0.75%		0.83%		0.91%	0.90%		0.91%
After fee waivers and custodian fee creditsB	0.75%		0.75%		0.82%		0.90%	0.89%		0.90%
Ratio of net investment income after fee waivers and custodian fee credits to average net assetsB	4.07%		3.43%		3.34%		4.78%	4.87%		4.75%
Portfolio turnover rateA	11%		10%		8%		26%	40%		11%

^A  Not Annualized

^B  Annualized

The accompanying notes are an integral part of these financial statements. Semi-Annual Report May 31, 2019     35

Sextant Growth Fund

Performance Summary
Average Annual Total Returns as of May 31, 2019
	1 Year		5 Year		10 Year		Expense Ratio1
Sextant Growth Fund Investor Shares (SSGFX)		7.18%		7.94%		11.46%		0.92%
Sextant Growth Fund Z Shares (SGZFX)2		7.50%		n/a		n/a		0.70%
S&P 500 Index		3.78%		9.65%		13.93%		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 Investor Shares of the Fund on November 30, 2008, 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 Investor Shares of the Fund would have risen to $29,585 versus $36,894 in the index.

Past performance does not guarantee future results. The “Growth of $10,000” graph and “Average Annual Returns” performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.

¹  By regulation, the expense ratio shown in this table is as stated in the Fund’s most recent prospectus, which is dated March 27, 2019, and incorporates results for the fiscal year ended November 30, 2018. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods.

²  Sextant Growth Fund Z Shares (SGZFX) began operations June 2, 2017.

Fund Objective

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

Top 10 Holdings
% of Total Net Assets
Amazon.com	7.0%
Adobe Inc.	6.5%
Apple	6.2%
Microsoft	6.0%
Mastercard, Class A	5.8%
Alphabet, Class A	5.7%
Abbott Laboratories	4.1%
Worldpay, Class A	3.8%
Costco Wholesale	3.0%
Ecolab	3.0%

Portfolio Diversification
% of Total Net Assets
Consumer Finance	12.1%	∎
Medical Devices	8.0%	∎
Application Software	7.6%	∎
Infrastructure Software	7.5%	∎
E-Commerce Discretionary	7.0%	∎
Communications Equipment	6.2%	∎
Internet Media	5.7%	∎
Home Products Stores	5.0%	∎
Semiconductor Devices	4.5%	∎
Specialty Apparel Stores	4.2%	∎
Other Commercial Services	3.0%	∎
Mass Merchants	3.0%	∎
Industries < 3%	24.9%	∎
Other Assets (net of liabilities)	1.3%	∎

36     May 31, 2019 Semi-Annual Report

Sextant Growth Fund

Schedule of Investments							As of May 31, 2019
Common Stock – 98.7%	Number of Shares		Cost		Market Value		Percentage of Assets
Communications
Internet Based Services
Booking Holdings1		400		$761,890		$662,488	1.7%
Internet Media
Alphabet, Class A1		1,998		1,175,995		2,210,787	5.7%
				1,937,885		2,873,275	7.4%
Consumer Discretionary
Airlines
Alaska Air		7,422		129,600		431,960	1.1%
Apparel, Footwear & Accessory Design
Nike, Class B		10,276		528,776		792,691	2.0%
E-Commerce Discretionary
Amazon.com1		1,529		278,191		2,714,082	7.0%
Home Improvement
Stanley Black & Decker		8,684		795,475		1,104,778	2.9%
Home Products Stores
Home Depot		4,800		564,733		911,280	2.3%
Lowe’s		11,200		794,834		1,044,736	2.7%
				1,359,567		1,956,016	5.0%
Other Commercial Services
Ecolab		6,243		704,507		1,149,274	3.0%
Restaurants
Starbucks		14,674		610,056		1,116,105	2.9%
Specialty Apparel Stores
Ross Stores		11,600		742,559		1,078,684	2.8%
TJX Companies		11,078		330,472		557,113	1.4%
				1,073,031		1,635,797	4.2%
				5,479,203		10,900,703	28.1%
Consumer Staples
Mass Merchants
Costco Wholesale		4,883		599,638		1,169,869	3.0%
				599,638		1,169,869	3.0%

Continued on next page.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report May 31, 2019     37

Sextant Growth Fund

Schedule of Investments							As of May 31, 2019
Common Stock – 98.7%	Number of Shares		Cost		Market Value		Percentage of Assets
Financials
Consumer Finance
Ally Financial		34,000		$777,141		$981,580	2.5%
Mastercard, Class A		8,914		806,925		2,241,782	5.8%
Worldpay, Class A1		12,000		1,004,896		1,459,680	3.8%
				2,588,962		4,683,042	12.1%
Diversified Banks
JP Morgan Chase		8,367		501,267		886,567	2.3%
				3,090,229		5,569,609	14.4%
Health Care
Biotech
Amgen		1,980		25,949		330,066	0.9%
Large Pharma
Bristol-Myers Squibb		15,600		722,502		707,772	1.8%
Medical Devices
Abbott Laboratories		20,799		646,854		1,583,428	4.1%
Edwards Lifesciences1		5,700		546,521		972,990	2.5%
Stryker		3,000		374,100		549,720	1.4%
				1,567,475		3,106,138	8.0%
				2,315,926		4,143,976	10.7%
Industrials
Commercial & Residential Building Equipment & Systems
Honeywell International		5,000		753,256		821,550	2.1%
Electrical Components
Sensata Technologies Holding1		8,500		453,176		362,865	0.9%
TE Connectivity		6,000		549,196		505,380	1.3%
				1,002,372		868,245	2.2%
Measurement Instruments
Trimble1		24,000		833,189		957,600	2.5%
				2,588,817		2,647,395	6.8%
Materials
Specialty Chemicals
RPM International		18,000		737,644		963,360	2.5%
				737,644		963,360	2.5%

Continued on next page.

38     May 31, 2019 Semi-Annual Report The accompanying notes are an integral part of these financial statements.

Sextant Growth Fund

Schedule of Investments							As of May 31, 2019
Common Stock – 98.7%	Number of Shares		Cost		Market Value		Percentage of Assets
Technology
Application Software
Adobe Systems1		9,300		$92,094		$2,519,370	6.5%
Take-Two Interactive Software1		4,000		405,004		432,600	1.1%
				497,098		2,951,970	7.6%
Communications Equipment
Apple		13,720		16,172		2,401,960	6.2%
Infrastructure Software
Microsoft		18,920		872,435		2,340,026	6.0%
Oracle		11,300		550,082		571,780	1.5%
				1,422,517		2,911,806	7.5%
Semiconductor Devices
Qualcomm		6,000		405,540		400,920	1.1%
Texas Instruments		3,600		386,981		375,516	1.0%
Xilinx		9,200		853,942		941,252	2.4%
				1,646,463		1,717,688	4.5%
				3,582,250		9,983,424	25.8%
Total investments				$20,331,592		38,251,611	98.7%
Other assets (net of liabilities)						501,878	1.3%
Total net assets						$38,753,489	100.0%

¹ Non-income producing security

The accompanying notes are an integral part of these financial statements. Semi-Annual Report May 31, 2019     39

Sextant Growth Fund

Statement of Assets and Liabilities

As of May 31, 2019
Assets
Investments in securities, at value (Cost $20,331,592)	$38,251,611
Cash	472,859
Dividends receivable	29,245
Prepaid expenses	13,692
Receivable for Fund shares sold	7,399
Insurance reserve premium	1,214
Total assets	38,776,020
Liabilities
Accrued advisory fees	17,176
Accrued trustee expenses	3,267
Accrued Chief Compliance Officer expenses	1,265
Accrued distribution fee	823
Total liabilities	22,531
Net assets	$38,753,489
Analysis of net assets
Paid-in capital (unlimited shares authorized, without par value)	$20,787,864
Total distributable earnings	17,965,625
Net assets applicable to Fund shares outstanding	$38,753,489
Net asset value per Investor Share	SSGFX
Net assets, at value	$3,604,474
Shares outstanding	127,003
Net asset value, offering and redemption price per share	$28.38
Net asset value per Z Share	SGZFX
Net assets, at value	$35,149,015
Shares outstanding	1,243,711
Net asset value, offering and redemption price per share	$28.26

Statement of Operations

Period ended May 31, 2019
Investment income
Dividend income	$216,153
Total investment income	216,153
Expenses
Investment adviser fees	132,254
Filing and registration fees	10,775
Audit fees	7,857
Chief Compliance Officer expenses	5,385
Distribution fees - Investor Shares	4,791
Retirement plan custodial fees
Investor Shares	7
Z Shares	3,481
Trustee fees	3,089
Printing and postage	1,693
Other expenses	1,347
Legal fees	1,221
Custodian fees	820
Total gross expenses	172,720
Less custodian fee credits	(690	)
Net expenses	172,030
Net investment income	$44,123
Net realized gain from investments	$8,061
Net increase in unrealized appreciation on investments	1,469,089
Net gain on investments	$1,477,150
Net increase in net assets resulting from operations	$1,521,273

40     May 31, 2019 Semi-Annual Report The accompanying notes are an integral part of these financial statements.

Sextant Growth Fund

Statements of Changes in Net Assets	Period ended May 31, 2019		Year ended Nov. 30, 2018
Increase (decrease) in net assets from operations
From operations
Net investment income	$44,123		$175,267
Net realized gain on investment	8,061		1,640,036
Net increase in unrealized appreciation	1,469,089		1,967,640
Net increase in net assets	1,521,273		3,782,943
Distributions to shareowners
Net distribution to shareholders – Investor Shares	(169,456	)	(294,960	)
Net distribution to shareholders – Z Shares	(1,652,425	)	(1,773,166	)
Total distributions	(1,821,881	)	(2,068,126	)
Capital share transactions
Proceeds from sales of shares
Investor Shares	129,016		328,352
Z Shares	755,289		2,305,904
Value of shares issued in reinvestment of dividends
Investor Shares	128,694		294,403
Z Shares	1,612,686		1,721,116
Cost of shares redeemed
Investor Shares	(1,625,847	)	(1,820,640	)
Z Shares	(1,173,614	)	(3,295,790	)
Total capital share transactions	(173,776	)	(466,655	)
Total increase (decrease) in net assets	(474,384	)	1,248,162
Net assets
Beginning of period	39,227,873		37,979,711
End of period	$38,753,489		$39,227,873
Shares of the Fund sold and redeemed
Investor Shares (SSGFX)
Number of shares sold	4,584		11,092
Number of shares issued in reinvestment of dividends and distributions	5,181		11,215
Number of shares redeemed	(58,295	)	(63,545	)
Net decrease in number of shares outstanding	(48,530	)	(41,238	)
Z Shares (SGZFX)
Number of shares sold	27,628		82,395
Number of shares issued in reinvestment of dividends and distributions	65,291		65,817
Number of shares redeemed	(42,562	)	(119,008	)
Net increase in number of shares outstanding	50,357		29,204

The accompanying notes are an integral part of these financial statements. Semi-Annual Report May 31, 2019     41

Sextant Growth Fund: Financial Highlights

Investor Shares (SSGFX)	For period ended		For year ended November 30,
Selected data per share of outstanding capital stock throughout each period:	May 31, 2019		2018		2017		2016		2015		2014
Net asset value at beginning of period	$28.70		$27.51		$22.52		$24.03		$26.36		$23.92
Income from investment operations
Net investment income	(0.01	)A	0.07	A	0.15	A	0.11		0.03		0.02
Net gains (losses) on securities (both realized and unrealized)	0.97		2.53		4.93		(0.88	)	(0.25	)	3.88
Total from investment operations	0.96		2.60		5.08		(0.77	)	(0.22	)	3.90
Less distributions
Dividends (from net investment income)	(0.04	)	(0.07	)	(0.09	)	(0.02	)	(0.04	)	(0.01	)
Distributions (from capital gains)	(1.24	)	(1.34	)	-		(0.72	)	(2.07	)	(1.45	)
Total distributions	(1.28	)	(1.41	)	(0.09	)	(0.74	)	(2.11	)	(1.46	)
Net asset value at end of period	$28.38		$28.70		$27.51		$22.52		$24.03		$26.36
Total returnB	3.97%		9.95%		22.64%		(3.22	)%	(0.87	)%	16.29%
Ratios / supplemental data
Net assets ($000), end of period	$3,604		$5,037		$5,962		$34,561		$55,867		$45,863
Ratio of expenses to average net assets
Before custodian fee creditsC	1.19%		0.92%		0.76%		0.76%		0.90%		1.05%
After custodian fee creditsC	1.18%		0.92%		0.76%		0.76%		0.90%		1.05%
Ratio of net investment income after custodian fee credits to average net assetsC	(0.07	)%	0.25%		0.60%		0.39%		0.13%		0.07%
Portfolio turnover rateB	7%		17%		18%		25%		68%		23%

Z Shares (SGZFX)	For period ended		Year ended		Period ended
Selected data per share of outstanding capital stock throughout each period:	May 31, 2019		November 30, 2018		November 30, 2017	B
Net asset value at beginning of period	$28.65		$27.50		$25.54
Income from investment operations
Net investment income	0.04	A	0.13	A	0.16	A
Net gains on securities (both realized & unrealized)	0.96		2.53		1.82
Total from investment operations	1.00		2.66		1.98
Less distributions
Dividends (from net investment income)	(0.15	)	(0.17	)	(0.02	)
Distributions (from capital gains)	(1.24	)	(1.34	)	-
Total distributions	(1.39	)	(1.51	)	(0.02	)
Net asset value at end of period	$28.26		$28.65		$27.50
Total returnB	4.16%		10.20%		7.73%	C
Ratios / supplemental data
Net assets ($000), end of period	$35,149		$34,191		$32,017
Ratio of expenses to average net assets
Before custodian fee creditsC	0.87%		0.70%		0.51%	D
After custodian fee creditsC	0.87%		0.70%		0.51%	D
Ratio of net investment income after custodian fee credits to average net assetsC	0.26%		0.47%		0.89%	D
Portfolio turnover rateB	7%		17%		18%	C

^A  Calculated using average shares outstanding

^B  Not annualized for periods of less than one year

^C  Annualized for periods of less than one year

^D  Operations commenced on June 2, 2017

42     May 31, 2019 Semi-Annual Report The accompanying notes are an integral part of these financial statements.

Sextant International Fund

Performance Summary

Average Annual Total Returns as of May 31, 2019
	1 Year		5 Year		10 Year		Expense Ratio1
Sextant International Fund Investor Shares (SSIFX)		11.83%		6.04%		6.46%		1.05%
Sextant International Fund Z Shares (SIFZX)2		12.16%		n/a		n/a		0.84%
MSCI EAFE Index		-5.26%		1.75%		6.71%		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 Investor Shares of the Fund on November 30, 2008, 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 Investor Shares of the Fund would have risen to $18,705 versus $19,161 in the Index.

Past performance does not guarantee future results. The “Growth of $10,000” graph and “Average Annual Returns” performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.

¹  By regulation, the expense ratio shown in this table is as stated in the Fund’s most recent prospectus, which is dated March 27, 2019, and incorporates results for the fiscal year ended November 30, 2018. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods.

²  Sextant International Fund Z Shares (SIFZX) began operations June 2, 2017.

Fund Objective

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

Top 10 Holdings
% of Total Net Assets
Wolters Kluwer	8.4%
MercadoLibre	6.9%
NICE Systems ADR	6.8%
Dassault Systemes ADR	6.2%
ASML	4.6%
Unilever ADR	3.7%
Novartis ADR	3.4%
Fomento Economico Mexico ADR	3.4%
Toronto-Dominion Bank	3.3%
Copa Holdings, Class A	3.3%

Portfolio Diversification
% of Total Net Assets
Application Software	13.0%	∎
Information Services	8.4%	∎
E-Commerce Discretionary	6.9%	∎
Large Pharma	6.3%	∎
Banks	5.2%	∎
Telecom Carriers	5.0%	∎
Semiconductor Manufacturing	4.6%	∎
Airlines	4.4%	∎
Household Products	3.7%	∎
Beverages	3.4%	∎
Basic & Diversified Chemicals	3.2%	∎
Industries < 3.0%	10.3%	∎
Other Assets (net of liabilities)	25.6%	∎

Semi-Annual Report May 31, 2019     43

Sextant International Fund

Schedule of Investments							As of May 31, 2019
Common Stocks –74.4%	Number of Shares		Cost		Market Value		Country1	Percentage of Assets
Communications
Telecom Carriers
BCE		50,000		$1,164,294		$2,251,500	Canada		2.7%
Telus		50,000		710,476		1,844,500	Canada		2.3%
				1,874,770		4,096,000			5.0%
Consumer Discretionary
Airlines
Air Canada2		32,000		573,924		945,920	Canada		1.1%
Copa Holdings, Class A		30,000		1,766,222		2,688,300	Panama		3.3%
				2,340,146		3,634,220			4.4%
Automobiles
Subaru ADR		25,000		362,500		288,250	Japan		0.4%
Toyota Motor ADR		10,000		748,148		1,175,800	Japan		1.4%
				1,110,648		1,464,050			1.8%
E-Commerce Discretionary
MercadoLibre		10,000		829,340		5,705,200	Argentina		6.9%
Specialty Apparel Stores
Industria de Diseno Textil		30,000		1,139,258		799,141	Spain		1.0%
				5,419,392		11,602,611			14.1%
Consumer Staples
Beverages
Fomento Economico Mexico ADR		30,000		1,614,722		2,791,800	Mexico		3.4%
Household Products
Unilever ADR		50,000		1,315,509		3,045,500	United Kingdom		3.7%
				2,930,231		5,837,300			7.1%
Energy
Integrated Oils
Total ADR		34,096		1,833,763		1,755,944	France		2.1%
				1,833,763		1,755,944			2.1%
Financials
Banks
Australia & New Zealand Banking Group ADR		80,000		1,581,456		1,545,600	Australia		1.9%
Toronto-Dominion Bank		50,000		1,250,872		2,732,500	Canada		3.3%
				2,832,328		4,278,100			5.2%
Diversified Banks
Mitsubishi UFJ Financial Group ADR		200,000		960,000		918,000	Japan		1.1%
				3,792,328		5,196,100			6.3%

Continue on next page.

44     May 31, 2019 Semi-Annual Report The accompanying notes are an integral part of these financial statements.

Sextant International Fund

Schedule of Investments							As of May 31, 2019
Common Stocks – 74.4%	Number of Shares		Cost		Market Value		Country1	Percentage of Assets
Health Care
Health Care Supplies
Alcon2		6,600		$203,580		$383,988	Switzerland		0.5%
Health Care Supply Chain
Sinopharm Group		250,000		798,792		936,940	China		1.1%
Large Pharma
Novartis ADR		33,000		1,488,814		2,826,120	Switzerland		3.4%
Novo Nordisk ADR		50,000		612,798		2,360,000	Denmark		2.9%
				2,101,612		5,186,120			6.3%
Medical Equipment
Koninklijke Philips ADR		21,905		814,100		867,876	Netherlands		1.1%
				3,918,084		7,374,924			9.0%
Materials
Agricultural Chemicals
Nutrien		15,600		914,639		760,344	Canada		0.9%
Basic & Diversified Chemicals
BASF ADR		160,000		2,888,666		2,630,400	Germany		3.2%
Steel Raw Material Suppliers
Rio Tinto ADR		10,000		532,838		579,300	United Kingdom		0.7%
				4,336,143		3,970,044			4.8%
Technology
Application Software
Dassault Systemes ADR		34,153		1,224,632		5,065,573	France		6.2%
NICE Systems ADR		40,000		1,468,919		5,594,000	Israel		6.8%
				2,693,551		10,659,573			13.0%
Information Services
Wolters Kluwer		100,000		1,869,506		6,958,858	Netherlands		8.4%
Semiconductor Manufacturing
ASML		20,000		697,516		3,761,000	Netherlands		4.6%
				5,260,573		21,379,431			26.0%
Total investments				$29,365,284		61,212,354			74.4%
Other assets (net of liabilities)						21,009,983			25.6%
Total net assets						$82,222,337			100.0%

¹  Country of domicile

²  Non-income producing security

ADR: American Depository Receipt

The accompanying notes are an integral part of these financial statements. Semi-Annual Report May 31, 2019     45

Sextant International Fund

Schedule of Investments As of May 31, 2019 

Countries

Weightings shown are a percentage of total net assets.

46     May 31, 2019 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, 2019
Assets
Investments in securities, at value (Cost $29,365,284)	$61,212,354
Cash	18,619,421
Prepaid insurance expenses	2,179,511
Dividends receivable	357,497
Prepaid expenses	12,835
Total assets	82,381,618
Liabilities
Payable for Fund shares redeemed	108,433
Accrued advisory fees	30,969
Accrued distribution fee	10,218
Accrued audit expenses	3,906
Accrued retirement plan custodial fees	3,453
Accrued Chief Compliance Officer expenses	1,494
Accrued other expenses	808
Total liabilities	159,281
Net assets	$82,222,337
Analysis of net assets
Paid-in capital (unlimited shares authorized, without par value)	$47,145,705
Total distributable earnings	35,076,632
Net assets applicable to Fund shares outstanding	$82,222,337
Net asset value per Investor Share	SSIFX
Net assets, at value	57,660,364
Shares outstanding	3,319,472
Net asset value, offering and redemption price per share	$17.37
Net asset value per Z Share	SIFZX
Net assets, at value	$24,561,973
Shares outstanding	1,411,794
Net asset value, offering and redemption price per share	$17.40

Statement of Operations

Period ended May 31, 2019
Investment income
Dividend income (net of foreign tax $158,065)	$794,508
Total investment income	794,508
Expenses
Investment adviser fees	229,896
Distribution fees - Investor Shares	54,582
Audit fees	17,716
Filing and registration fees	14,575
Chief Compliance Officer expenses	7,987
Trustee fees	7,394
Printing and postage	5,160
Other expenses	3,079
Custodian fees	2,256
Retirement plan custodial fees
Investor Shares	7
Z Shares	2,097
Legal fees	1,451
Total gross expenses	346,200
Less custodian fee credits	(2,033	)
Net expenses	344,167
Net investment income	$450,341
Net realized gain from investments and foreign currency	$2,785,777
Net increase in unrealized appreciation on investments and foreign currency	3,976,180
Net gain on investments	$6,761,957
Net increase in net assets resulting from operations	$7,212,298

The accompanying notes are an integral part of these financial statements. Semi-Annual Report May 31, 2019     47

Sextant International Fund

Statements of Changes in Net Assets	Period ended May 31, 2019		Year ended Nov. 30, 2018
Increase (decrease) in net assets from operations
From operations
Net investment income	$450,341		$623,611
Net realized gain on investment	2,785,777		3,896,894
Net increase (decrease) in unrealized appreciation	3,976,180		(3,361,106	)
Net increase in net assets	7,212,298		1,159,399
Distributions to shareowners
Net distribution to shareholders - Investor Shares	(2,929,551	)	(3,595,584	)
Net distribution to shareholders - Z Shares	(1,596,893	)	(1,678,906	)
Total distributions	(4,526,444	)	(5,274,490	)
Capital share transactions
Proceeds from sales of shares
Investor Shares	16,613,289		4,219,098
Z Shares	3,379,974		1,332,045
Value of shares issued in reinvestment of dividends
Investor Shares	2,886,627		3,545,645
Z Shares	1,555,608		1,619,175
Cost of shares redeemed
Investor Shares	(5,288,759	)	(9,575,271	)
Z Shares	(1,990,024	)	(1,998,163	)
Total capital share transactions	17,156,715		(857,471	)
Total increase (decrease) in net assets	19,842,569		(4,972,562	)
Net assets
Beginning of period	62,379,768		67,352,330
End of period	$82,222,337		$62,379,768
Shares of the Fund sold and redeemed
Investor Shares (SSIFX)
Number of shares sold	975,730		247,089
Number of shares issued in reinvestment of dividends and distributions	195,174		211,176
Number of shares redeemed	(329,025	)	(556,311	)
Net increase (decrease) in number of shares outstanding	841,879		(98,046	)
Z Shares (SIFZX)
Number of shares sold	204,357		77,828
Number of shares issued in reinvestment of dividends and distributions	105,108		96,380
Number of shares redeemed	(124,107	)	(115,999	)
Net increase in number of shares outstanding	185,358		58,209

48     May 31, 2019 Semi-Annual Report The accompanying notes are an integral part of these financial statements.

Sextant International Fund: Financial Highlights

Investor Shares (SSIFX)	For period ended		For year ended November 30,
Selected data per share of outstanding capital stock throughout each period:	May 31, 2019		2018		2017		2016		2015		2014
Net asset value at beginning of period	$16.83		$17.98		$14.37		$14.35		$15.47		$15.80
Income from investment operations
Net investment income	0.09	A	0.15	A	0.16	A	0.22		0.25		0.65
Net gains (losses) on securities (both realized & unrealized)	1.64		0.14		3.65		(0.15	)	(1.11	)	(0.35	)
Total from investment operations	1.73		0.29		3.81		0.07		(0.86	)	0.30
Less distributions
Dividends (from net investment income)	(0.15	)	(0.17	)	(0.20	)	(0.05	)	(0.25	)	(0.63	)
Distributions (from capital gains)	(1.04	)	(1.27	)
Distributions (from return of capital)	-		-		-		-		(0.01	)	-
Total distributions	(1.19	)	(1.44	)	(0.20	)	(0.05	)	(0.26	)	(0.63	)
Net asset value at end of period	$17.37		$16.83		$17.98		$14.37		$14.35		$15.47
Total returnB	11.57%		1.63%		26.76%		0.49%		(5.58	)%	1.88%
Ratios / supplemental data
Net assets ($000), end of period	$57,660		$41,688		$46,321		$62,412		$78,296		$103,450
Ratio of expenses to average net assets
Before custodian fee creditsC	1.13%		1.05%		1.04%		1.00%		1.05%		0.80%
After custodian fee creditsC	1.12%		1.04%		1.04%		1.00%		1.04%		0.79%
Ratio of net investment income after custodian fee credits to average net assetsC	1.27%		0.89%		1.00%		1.36%		1.49%		3.58%
Portfolio turnover rateB	0%		2%		2%		0%		0%		3%

Z Shares (SIFZX)	For period ended		Year ended		Period ended
Selected data per share of outstanding capital stock throughout each period:	May 31, 2019		November 30, 2018		November 30, 2017	D
Net asset value at beginning of period	$16.87		$18.00		$16.55
Income from investment operations
Net investment income	0.12	A	0.19	A	0.13	A
Net gains on securities (both realized & unrealized)	1.64		0.14		1.41
Total from investment operations	1.76		0.33		1.54
Less distributions
Dividends (from net investment income)	(0.19	)	(0.19	)	(0.09	)
Distributions (from capital gains)	(1.04	)	(1.27	)	-
Total distributions	(1.23	)	(1.46	)	(0.09	)
Net asset value at end of period	$17.40		$16.87		$18.00
Total returnB	11.76%		1.83%		9.32%	C
Ratios / supplemental data
Net assets ($000), end of period	$24,562		$20,692		$21,031
Ratio of expenses to average net assets
Before custodian fee creditsC	0.88%		0.84%		0.79%	D
After custodian fee creditsC	0.88%		0.82%		0.78%	D
Ratio of net investment income after custodian fee credits to average net assetsC 1.53%			1.13%		0.53%	D
Portfolio turnover rateB	0%		2%		2%	C

^A  Calculated using average shares outstanding

^B  Not annualized for periods of less than one year

^C  Annualized for periods of less than one year

^D  Operations commenced on June 2, 2017

The accompanying notes are an integral part of these financial statements. Semi-Annual Report May 31, 2019     49

Notes to Financial Statements

NOTE 1 – Organization

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

Sextant Growth Investor Shares (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 Growth Fund Z Shares began operations June 2, 2017. Sextant International Investor Shares began operations September 28, 1995 and Sextant International Fund Z Shares began operations on June 2, 2017. 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.

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”.

Each class of shares of a Fund represents an interest in the same portfolio of investments of the Fund and has in all respects the same rights and obligations as each other class of the Fund, except that each class bears its own class expenses, and each class has exclusive voting rights. Each class of shares may be subject to different investment minimums and other conditions of eligibility as may be described in the prospectus for the particular class of shares, as from time to time in effect.

Income, realized and unrealized capital gains and losses, and expenses to be paid by a Fund and not allocated to a particular class as provided below, shall be allocated to each class on the basis of relative net assets. Expenses allocable to a specific class are expenses specifically incurred by or for such class including the following:

• Distribution fees;

• Retirement plan custodial fees; and

• Any applicable service fees.

Net investment income dividends and capital gain distributions paid by the Fund on each class of its shares will be calculated in the same manner on the same day and at the same time.

Investment risks:

Growth, International, Core, Short-Term Bond, Bond Income, and Global High Income Funds: The value of each Fund’s shares rises and falls as the value of the securities in which the Fund invests goes up and down. Fund share prices, yields, and total returns will change with market fluctuations as well as the fortunes of the countries, industries, and companies in which the Fund invests. The Funds do not use derivatives to hedge currency, interest rate, or credit risk.

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

Growth and Core Funds: Smaller companies involve higher investment risks in that they often have limited product lines, markets, and resources, or their securities may trade less frequently and have greater price fluctuation than those of larger companies.

Growth stocks, which can be priced on future expectations rather than current results, may decline substantially when expectations are not met.

International, Core, Short-Term Bond, Bond Income, and Global High Income Funds: Foreign investing involves risks not normally associated with investing in US securities. These include fluctuations in currency exchange rates, less public information about securities, less governmental market supervision, and the lack of uniform financial, social, and political standards. Foreign investing heightens the risk of confiscatory taxation, seizure or nationalization of assets, currency controls, or adverse political or social developments that affect investments. The risks of investing in foreign securities are typically greater in less developed or emerging countries.

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

Short-Term Bond, Bond Income, Global High Income, and Core Funds: Bonds entail credit risk, which is the possibility that a bond will not be able to pay interest or principal when due. If the credit quality of a bond is perceived to decline, investors will demand a higher yield, which means a lower price on that bond to compensate for the higher level of risk.

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

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

The Funds may invest substantially in one or more sectors, which can increase volatility and exposure to issues specific to a particular sector or industry.

50     May 31, 2019 Semi-Annual Report

Notes to Financial Statements (continued)

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 the fiscal period end, resulting from changes in exchange rates.

Share valuation:

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

Fair value measurements:

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

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

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

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

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

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

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

Semi-Annual Report May 31, 2019     51

Notes to Financial Statements (continued)

The following is a summary of the inputs used as of May 31, 2019, in valuing the Funds’ investments carried at value:

Funds	Level 1		Level 2		Level 3		Total
Short-Term Bond
Corporate Bonds1		$-		$7,555,733		$-		$7,555,733
Government Bonds1		$-		$2,599,850		$-		$2,599,850
Total		$-		$10,155,583		$-		$10,155,583
Bond Income
Corporate Bonds1		$-		$6,533,937		$-		$6,533,937
Government Bonds1		$-		$2,999,872		$-		$2,999,872
Municipal Bonds1		$-		$1,332,995		$-		$1,332,995
Total		$-		$10,866,804		$-		$10,866,804
Core
Common Stocks1		$8,406,693		$-		$-		$8,406,693
Corporate Bonds1		$-		$2,905,529		$-		$2,905,529
Government Bonds1		$-		$2,028,602		$-		$2,028,602
Municipal Bonds1		$-		$438,038		$-		$438,038
Total		$8,406,693		$5,372,169		$-		$13,778,862
Global High Income
Common Stocks
Communications		$626,295		$-		$-		$626,295
Consumer Discretionary		156,820		-		-		156,820
Energy		841,299		-		-		841,299
Financials		222,500		176,856		-		399,356
Health Care		378,024		-		-		378,024
Industrials		-		308,882		-		308,882
Materials		427,850		-		-		427,850
Technology		837,539		-		-		837,539
Total Common Stocks		$3,490,327		$485,738		$-		$3,976,065
Corporate Bonds1		$-		$2,508,532		$-		$2,508,532
Government Bonds1		$-		$2,611,989		$-		$2,611,989
Municipal Bonds1		$-		$292,530		$-		$292,530
Warrants1		$-		$-		$-		$-
Total		$3,490,327		$5,898,789		$-		$9,389,116
Growth
Common Stocks1		$38,251,611		$-		$-		$38,251,611
Total		$38,251,611		$-		$-		$38,251,611
International
Common Stocks
Communications		$4,096,000		$-		$-		$4,096,000
Consumer Discretionary		$10,803,470		$799,141		$-		$11,602,611
Consumer Staples		$5,837,300		$-		$-		$5,837,300
Energy		$1,755,944		$-		$-		$1,755,944
Financials		$5,196,100		$-		$-		$5,196,100
Health Care		$6,437,984		$936,940		$-		$7,374,924
Materials		$3,970,044		$-		$-		$3,970,044
Technology		$14,420,573		$6,958,858		$-		$21,379,431
Total		$52,517,415		$8,694,939		$-		$61,212,354

During the period ended May 31, 2019, no Fund had transfers between Level 1, Level 2, or Level 3.

¹  See Schedule of Investments for industry breakout.

52     May 31, 2019 Semi-Annual Report

Notes to Financial Statements (continued)

Investment concentration:

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

Federal income taxes:

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

The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Funds’ tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2015 – 2017) or expected to be taken in the Funds’ 2018 tax returns. The Funds identify their major tax jurisdictions as US federal and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Reclassification of capital accounts:

Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. As of November 30, 2018, the reclassification of capital accounts were as follows:

	Growth			International
Distributable earnings		$(6,464	)		$(5,482	)
Paid-in capital		$6,464			$5,482

These reclassifications were due to the treatment of foreign currencies, expiring capital loss carryforwards, and investments in real estate investment trusts (REITs) and partnerships.

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

Use of estimates:

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

Foreign taxes:

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

Other:

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

Recent accounting pronouncements:

As of November 5, 2018, pursuant to the SEC Release #33-10532 “Disclosure Update and Simplification”, funds are no longer required to disclose whether the distributions from earnings are either from net investment income or net realized capital gains. The presentation for the year ended November 30, 2017, has been adjusted for this change in the Statement of Changes in Net Assets.

In March 2017, FASB issued Accounting Standards Update No. 2017-08, “Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities” (“ASU 2017-08”). ASU 2017-08 shortens the amortization period to the earliest call date for certain purchased callable debt securities held at a premium. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the impact of applying this guidance.

In August 2018, FASB issued Accounting Standards Update No. 2018-13, “Fair Value Measurement (Topic 820: Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels of the fair value hierarchy and the valuation processes for Level 3 fair value measurements. ASU 2018-13 will require the need to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements and the changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 will also require that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, and allows for early adoption of either the entire standard or only the provisions that eliminate or modify the requirements. Management has elected to adopt early the provisions that eliminate the disclosure requirements. Management is still currently evaluating the impact of applying the rest of the guidance.

Semi-Annual Report May 31, 2019     53

Notes to Financial Statements (continued)

NOTE 4 – Transactions with Affiliated Persons

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

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

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

• If the outperformance or underperformance is 2% or more, then the adjustment is at the annual rate of .20%.

For the period ended May 31, 2019, due to the performance adjustment the Advisory Fee amounts charged or reduced in addition to the Base Fee were as follows:

	Base Fees		Performance Fee			Adviser Fee
Short-Term Bond		$26,244		$-			$26,244
Bond Income		29,961		(108	)		29,853
Core		32,267		7,535			39,802
Global High Income		23,782		9,271			33,053
Growth		95,833		36,421			132,254
International		$165,825		$64,071			$229,896

The adviser has undertaken to limit expenses through March 31, 2020 of Sextant Short-Term Bond Fund to 0.60%, Sextant Bond Income Fund to 0.65%, and Sextant Global High Income to 0.75%. For the period ended May 31, 2019, the advisory fees incurred were as follows:

	Adviser Fees		Adviser Fees Waived			Expense Reimbursement
Short-Term Bond		$26,244		$(14,070	)		$-
Bond Income		29,853		(11,351	)		-
Core		39,802		-			-
Global High Income		33,053		(15,856	)		-
Growth		132,254		-			-
International		$229,896		$-			$-

In accordance with the expense limitation noted above, for the period ended May 31, 2019, 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 0.25% of the average net assets of the Funds. On June 2, 2017, 12b-1 fees were terminated for all Funds except Sextant Growth Investor Shares and Sextant International Investor Shares.

During the fiscal year ended May 31, 2019, the Trust paid SBS the following amounts:

	Distribution (12b-1) Fees
Short-Term Bond		n/a
Bond Income		n/a
Core		n/a
Global High Income		n/a
Growth Investor Shares (SSGFX)		$4,791
Growth Z Shares (SGZFX)		n/a
International Investor Shares (SSIFX)		$54,582
International Z Shares (SIFZX)		n/a

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, 2019, the Funds incurred the following amounts:

Retirement plan custodial fees
Short-Term Bond	$1,768
Bond Income	1,444
Core	1,479
Global High Income	803
Growth Investor Shares (SSGFX)	7
Growth Z Shares (SGZFX)	3,481
International Investor Shares (SSIFX)	7
International Z Shares (SIFZX)	$2,097

Mrs. Jane Carten serves as a trustee and president of the Trust. She is also a director and president of Saturna Capital and vice president of Saturna Trust Company. Mrs. Carten is not compensated by the Trust. For the period ended May 31, 2019, the Trust incurred compensation expenses of $17,000 which is included in $35,206 of total expenses for the independent Trustees. The Sextant Funds paid $26,199 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, 2019, the Funds paid the following compensation expenses for the Chief Compliance Officer:

Chief Compliance Officer
Short-Term Bond	$1,310
Bond Income	1,251
Core	1,672
Global High Income	1,420
Growth	5,385
International	$7,987

On May 31, 2019, the trustees, officers, and their affiliates as a group owned 35.08%, 27.72%, 44.88%, 53.57%, 0.10%, 19.01%, 0.00%, and 29.86% of the outstanding shares of Short-Term Bond Fund, Bond Income Fund, Core Fund, Global High Income Fund, Growth Fund Investor Shares, Growth Fund Z Shares, International Fund Investor Shares, and International Fund Z Shares, respectively.

54     May 31, 2019 Semi-Annual Report

Notes to Financial Statements (continued)

NOTE 5 – Distributions to Shareowners

The tax characteristics of distributions paid during the period ended May 31, 2019, and and the fiscal year ended November 30, 2018, were as follows:

	Period ended May 31, 2019		Year ended Nov. 30, 2018
Short-Term Bond Fund
Ordinary income		$91,708		$145,570
Long-term capital gain1		-		4,622
Bond Income Fund
Ordinary income		161,963		309,851
Core Fund
Ordinary income		179,879		166,943
Global High Income Fund
Ordinary income		311,447		253,597
Growth Fund
Ordinary income		181,466		290,653
Long-term capital gain1		1,640,415		1,777,473
International Fund
Ordinary income		627,004		643,299
Long-term capital gain1		$3,899,440		$4,631,191

¹  Long-Term Capital Gain dividend designated at 20% rate 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, 2019 was as follows:

	Short-Term Bond			Bond Income
Cost of investments		$10,133,267			$10,482,444
Gross tax unrealized appreciation		72,882			418,240
Gross tax unrealized depreciation		(50,566	)		(33,880	)
Net tax unrealized appreciation (depreciation)		$22,316			$384,360
	Core			Global High Income
Cost of investments		$11,823,509			$8,962,855
Gross tax unrealized appreciation		2,064,409			767,115
Gross tax unrealized depreciation		(109,056	)		(340,854	)
Net tax unrealized appreciation (depreciation)		$1,955,353			$426,261
	Growth			International
Cost of investments		$20,331,592			$29,365,284
Gross tax unrealized appreciation		18,313,747			33,304,493
Gross tax unrealized depreciation		(393,728	)		(1,457,423	)
Net tax unrealized appreciation (depreciation)		$17,920,019			$31,847,070

As of November 30, 2018, components of distributable earnings on a tax basis were as follows:

Short-Term Bond
Undistributed ordinary income	$2,871
Tax accumulated earnings	2,871
Accumulated capital losses	(16,794	)
Unrealized depreciation	(199,275	)
Total accumulated earnings	$(213,198	)
Bond Income
Undistributed ordinary income	$26
Tax accumulated earnings	26
Accumulated capital losses	(46,167	)
Unrealized depreciation	(181,766	)
Total accumulated earnings	$(227,907	)
Core
Undistributed ordinary income	$175,481
Tax accumulated earnings	175,481
Accumulated capital losses	(23,538	)
Unrealized appreciation	1,822,846
Other unrealized losses	(2	)
Total accumulated earnings	$1,974,787
Global High Income
Undistributed ordinary income	$311,375
Tax accumulated earnings	311,375
Accumulated capital losses	(32,326	)
Unrealized appreciation	400,022
Other unrealized losses	(680	)
Total accumulated earnings	$678,391
Growth
Undistributed ordinary income	$175,267
Accumulated capital gains	1,640,036
Tax accumulated earnings	1,815,303
Unrealized appreciation	16,450,930
Total accumulated earnings	$18,266,233
International
Undistributed ordinary income	$621,093
Accumulated capital gains	3,899,325
Tax accumulated earnings	4,520,418
Unrealized appreciation	27,870,753
Other unrealized losses	(393	)
Total accumulated earnings	$32,390,778

Semi-Annual Report May 31, 2019     55

Notes to Financial Statements (continued)

As of November 30, 2018, the Funds had capital loss carryforwards as follows, subject to regulation.

	Carryforward	Expiration
Short-Term Bond
Long-term loss carryforward	$16,794	Unlimited
	$16,794
Bond Income
Long-term loss carryforward	$46,167	Unlimited
	$46,167
Core
Short-term loss carryforward	$23,538	Unlimited
	$23,538
Global High Income
Short-term loss carryforward	$3	Unlimited
Long-term loss carryforward	$32,323	Unlimited
	$32,326

NOTE 7 – Investments

Investment transactions other than short-term investments for the period ended May 31, 2019, were as follows:

	Purchases		Sales
Short-Term Bond		$1,254,172		$1,193,668
Bond Income		748,680		962,961
Core		2,452,217		1,434,851
Global High Income		3,169,717		2,045,767
Growth		2,632,021		4,074,071
International		$-		$4,245,000

NOTE 8 – Custodian

Under agreements in place with the Trust’s custodian, UMB Bank, custody fees are reduced by credits for cash balances. Such reductions for the period year ended May 31, 2019, were as follows:

Custodian Fee Credits
Short-Term Bond	$185
Bond Income	188
Core	244
Global High Income	381
Growth	690
International	$2,033

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 other events or transactions during the period that materially impacted the amounts or disclosures in the Funds’ financial statements.

56     May 31, 2019 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 period and held for the entire period (December 1, 2018, to May 31, 2019).

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, 2018)	Ending Account Value (May 31, 2019)	Expenses Paid During Period1	Annualized Expense Ratio
Short-Term Bond Fund	$1,000	$1,029.10	$3.05	0.60%
Hypothetical (5% return before expenses)	1,000	1,021.93	3.04	0.60%
Bond Income Fund	1,000	1,071.20	3.31	0.64%
Hypothetical (5% return before expenses)	1,000	1,021.73	3.23	0.64%
Core Fund	1,000	1,032.50	4.37	0.86%
Hypothetical (5% return before expenses)	1,000	1,020.63	4.34	0.86%
Global High Income Fund	1,000	1,029.30	3.81	0.75%
Hypothetical (5% return before expenses)	1,000	1,021.18	3.79	0.75%
Growth Fund Investor Shares	1,000	1,039.70	6.00	1.18%
Hypothetical (5% return before expenses)	1,000	1,019.05	5.94	1.18%
Growth Fund Z Shares	1,000	1,041.60	4.41	0.87%
Hypothetical (5% return before expenses)	1,000	1,020.61	4.36	0.87%
International Fund Investor Shares	1,000	1,115.70	5.91	1.12%
Hypothetical (5% return before expenses)	1,000	1,019.35	5.64	1.12%
International Fund Z Shares	1,000	1,117.60	4.64	0.88%
Hypothetical (5% return before expenses)	$1,000	$1,020.55	$4.42	0.88%

¹  Expenses are equal to the annualized expense ratio indicated above (based on the most recent semi-annual period of December 1, 2018, through May 31, 2019), multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

May 31, 2019      Semi-Annual Report 57

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 at www. 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.

58     May 31, 2019 Semi-Annual Report

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.

May 31, 2019      Semi-Annual Report 59

Performance Summary (as of June 30, 2019)

Average Annual Returns (before any taxes paid by shareowners)
					Expense Ratio1
	1 Year	3 Year	5 Year	10 Year	Gross	Net
Sustainable Equity Fund (SEEFX)	10.76%	12.87%	n/a	n/a	1.27%	0.75%
S&P Global 1200 Index	6.96%	12.57%	7.27%	11.29%	n/a	n/a
Sustainable Bond Fund (SEBFX)	3.58%	2.31%	n/a	n/a	0.77%	0.65%
FTSE WorldBIG Index	5.85%	1.76%	1.24%	2.75%	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.saturnasustainable.com. Average annual total returns are historical and include change in share value as well as reinvestment of dividends and capital gains, if any. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Funds that invest in foreign securities may involve greater risk, including political and economic uncertainties of foreign countries as well as the risk of currency fluctuations.

A note about risk: Please see Notes to Financial Statements beginning on page 19 for a discussion of investment risks. For a more detailed discussion of the risks associated with each Fund, please see the Funds’ prospectus or each Fund’s summary prospectus.

A Fund’s 30-Day Yield, sometimes referred to as “standardized yield” or “SEC yield,” is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). The 30-Day Yield provides an estimate of a Fund’s investment income rate, but may not equal the actual income distribution rate.

¹  By regulation, expense ratios shown in these tables are as stated in the Funds’ most recent Prospectus, dated March 27, 2019, and incorporate results for the fiscal year ended November 30, 2018. 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. Saturna Capital, the Fund’s adviser, has voluntarily capped actual expenses of the Sustainable Equity Fund at 0.75% and actual expenses of the Sustainable Bond Fund at 0.65% through March 31, 2020.

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

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

(photo omitted)

On the cover: Vogelsang Peak in

Yosemite National Park, Photo by

Elizabeth Alm.

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

2     May 31, 2019 Semi-Annual Report

Fellow Shareowners:

At May 31, 2018, assets of the two Funds reached $36.14 million up from $32.53 million the previous May. The following pages provide details of the assets and operations of the two Funds.

Markets swung with abandon during the year, as euphoria melting to caution brought volatility and doubt. Emerging markets, led by China, suffered as the dollar surged and trade battles commenced. Wars were mostly fought with money, not arms. Global prices for carbon fuels (coal, oil, gas) are weak, as US shale production surges and demand softens. Lower taxes and interest rates are stimulating high employment, especially in technology, while the global supply chain is being rattled by trade revamps. While it’s impossible to predict the future, we believe our portfolios are well-positioned for positive or negative economic developments given our focus on low debt, cash generative, high quality companies led by excellent management teams. We believe such characteristics are defensive in the event of a downturn, while the low debt focus should also be an advantage in the event economies gain momentum.

Saturna Sustainable Funds seek sustainable investments with low risks in areas of the

environment, social responsibility, and governance (ESG).

The 1960s and the 1990s were decades of nearly uninterrupted economic growth and the 2010s are now looking to stake their longevity claim. The last time the economy contracted for two consecutive quarters (the standard definition of a recession) was in the first two quarters of 2009, and current conditions appear buoyant. Despite record low unemployment rates, inflation remains subdued, while corporate profitability and consumer confidence are robust.

The trend toward adoption of ESG and sustainable investing strategies continued as more firms added products labeled to appeal to thoughtful investors. Upon closer inspection, however, a high profile blow-up revealed that not all products labeled as ESG or “fossil-fuel free” actually were (one fund claimed “fossil-fuel free” but owned refineries while any S&P 500 Index fund or ETF likely owns both oil producers and refiners, along with weapons manufacturers).

At this point, the greatest risk to continued economic buoyancy appears to be trade friction, a development that could spin out of control or be contained rather easily with greater flexibility. Economic policies can and do change frequently.

An extraordinary era of low interest rates fueled upward moves in economies and markets. The US economy is in a “goldilocks” phase, with employment for those who want it, and little need for more government stimulus. We must be vigilant in the coming months for signs of a recession – we believe a riskier period looms ahead.

May 31, 2019      Semi-Annual Report 3

Morningstar Awards Saturna Sustainable Funds Top Sustainability Ratings

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

We are pleased to note that as of May 31, 2019, Saturna Sustainable Equity Fund ranked in the fifth percentile of 718 funds in the World Large Stock category, earning the top “Five Globe” Sustainability Rating. Morningstar did not issue a Sustainability Rating for the Saturna Sustainable Bond Fund for the period.

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

Respectfully,

(photo omitted)

Jane Carten,

President

(photo omitted)

Gary Goldfogel,

Independent Board Chairman

Saturna Sustainable Funds Portfolio Management
(photo omitted)	Jane Carten MBA Saturna Sustainable Equity Fund Portfolio Manager	(photo omitted)	Patrick Drum MBA, CFA®, CFP® Saturna Sustainable Bond Fund Portfolio Manager
(photo omitted)	Nicholas Kaiser MBA, CFA® Saturna Sustainable Equity Fund Deputy Portfolio Manager	(photo omitted)	Elizabeth Alm CFA® Saturna Sustainable Bond Fund Deputy Portfolio Manager

4     May 31, 2019 Semi-Annual Report

Morningstar Sustainability Rating^™ & Carbon Metrics^™

At Saturna Capital, we have long described ourselves as value and values-based investors. We believe our approach improves the likelihood of achieving superior investment results over the long term. Our approach also leads to investment portfolios we can be proud of from the perspective of Environmental, Social, and Governance (ESG) issues. Morningstar partners with leading ESG research firm Sustainalytics to publish the Morningstar Sustainability Rating^™ and Carbon Metrics^™. Here are Saturna Sustainable Equity Fund’s fiscal period-end results (Saturna Sustainable Bond Fund was not rated for the period).

Saturna Sustainable Equity Fund
As of May 31, 2019
	ؠؠؠ Ø Ø
Ranked in 5th percentile among 718 World Large Stock Funds
As of March 31, 2019

The Morningstar Sustainability Rating, Low Carbon designation, Carbon Risk Score, and Fossil Fuel Involvement % are not based on fund performance and are not equivalent to the Morningstar Rating (“Star Rating”).

^© 2019 Morningstar^®. All rights reserved. Morningstar, Inc. is an independent fund performance monitor. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Morningstar Sustainability Rating is as of May 31, 2019. The Morningstar Sustainability Rating^™ is intended to measure how well the issuing companies of the securities within a fund’s portfolio are managing their environmental, social, and governance (“ESG”) risks and opportunities relative to the fund’s Morningstar category peers. The Morningstar Sustainability Rating calculation is a two-step process. First, each fund with at least 50% of assets covered by a company-level ESG score from Sustainalytics receives a Morningstar Portfolio Sustainability Score^™. The Morningstar Portfolio Sustainability Score is an asset-weighted average of normalized company-level ESG scores with deductions made for controversial incidents by the issuing companies, such as environmental accidents, fraud, or discriminatory behavior. The Morningstar Sustainability Rating is then assigned to all scored funds within Morningstar Categories in which at least ten (10) funds receive a Portfolio Sustainability Score and is determined by each fund’s rank within the following distribution: High (highest 10%), Above Average (next 22.5%), Average (next 35%), Below Average (next 22.5%), and Low (lowest 10%). The Morningstar Sustainability Rating is depicted by globe icons where High equals 5 globes and Low equals 1 globe.

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

Saturna Sustainable Equity Fund was rated on 91% of Assets Under Management.

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

Morningstar Carbon Metrics are as of March 31, 2019. Morningstar carbon metrics are asset-weighted portfolio calculations based on their Sustainalytics subsidiary’s carbon-risk research. Based on two of these metrics – Carbon Risk Score and Fossil Fund Involvement % – funds may receive the Low Carbon designation, which allows investors to easily identify low-carbon funds within the global universe.

The portfolio Carbon Risk Score is a number between 0 and 100 (a lower score is better). A portfolio’s Carbon Risk Score is the asset-weighted sum of the carbon risk scores of its holdings, averaged over the trailing 12 months. The carbon risk of a company is Sustainalytics’ evaluation of the degree to which a firm’s activities and products are aligned with the transition to a low-carbon economy. The assessmemt includes carbon intensity, fossil fuel involvement, stranded assets exposure, mitigation strategies, and green product solutions.

Fossil Fuel Involvement % is the portfolio’s asset-weighted percentage exposure to fossil fuels, averaged over the trailing 12 months. Companies with fossil fuel involment are defined as these in the following subindustries: Thermal Coal Extraction, Thermal Coal Power Generation, Oil & Gas Production, Oil & Gas Power Generation, and Oil and Gas Products and Services.

To receive the Low Carbon designation a fund must have Carbon Risk Score below 10 and a Fossil Fuel Involvement % of less than 7% of assets. For these metrics to be calculated, at least 67% of a portfolio’s assets must be covered by Sustainalytics company carbon-risk research. All Morningstar carbon metrices are calculated quarterly.

Saturna Sustainable Equity Fund was rated on 90% of Assets Under Management.

The Funds’ portfolios are actively managed and are subject to change, which may result in different Morningstar Sustainability Ratings and Carbon Metrics over time.

May 31, 2019      Semi-Annual Report 5

Saturna Sustainable Equity Fund: Performance Summary

Average Annual Returns as of May 31, 2019
	1 Year		5 Year		10 Year		Expense Ratio1
Sustainable Equity Fund (SEEFX)2		3.98%		n/a		n/a		1.27%
S&P Global 1200 Index		0.19%		6.28%		10.50%		n/a

Growth of $10,000

Comparison of any mutual fund to a market index must be made bearing in mind that the index is expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on March 27, 2015, to an identical amount invested in the Standard & Poor’s Global 1200 Index, a global stock market index covering nearly 70% of the world’s equity markets. The graph shows that an investment in the Fund would have risen to $12,452 versus $13,179 in the index.

Past performance does not guarantee future results. The “Growth of $10,000” graph and “Average Annual Returns” performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.

¹  By regulation, the expense ratio shown in this table is as stated in the Fund’s most recent prospectus which is dated March 27, 2019, and incorporates results for the fiscal year ended November 30, 2018, before fee waivers. The expense ratio shown in the most recent prospectus after fee waivers was 0.75%. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods.

²  Operations commenced on March 27, 2015.

Fund Objective

The objective of the Sustainable Equity Fund is capital appreciation.

Top 10 Holdings
% of Total Net Assets
Adobe Inc.	4.7%
Dassault Systemes ADR	3.8%
Mastercard, Class A	3.6%
Church & Dwight	3.1%
Microsoft	3.1%
Apple	3.0%
Unilever	2.8%
Home Depot	2.8%
Accenture, Class A	2.8%
Toronto-Dominion Bank	2.6%

Portfolio Diversification
% of Total Net Assets
Household Products	10.0%	∎
Application Software	8.5%	∎
Home Products Stores	4.0%	∎
Specialty Apparel Stores	4.0%	∎
IT Services	3.7%	∎
Consumer Finance	3.6%	∎
Infrastructure Software	3.1%	∎
Life Insurance	3.1%	∎
Automobiles	3.0%	∎
Communications Equipment	3.0%	∎
Semiconductor Devices	3.0%	∎
Banks	2.6%	∎
Specialty Chemicals	2.6%	∎
Medical Equipment	2.5%	∎
Industries < 2.5%	34.6%	∎
Other assets (net of liabilities)	8.7%	∎

6     May 31, 2019 Semi-Annual Report

Saturna Sustainable Equity Fund: Schedule of Investments As of May 31, 2019

Common Stocks – 91.3%	Number of Shares		Cost		Market Value		Country1	Percentage of Assets
Communications
Cable & Satellite
MultiChoice Group2		200		$1,106		$1,665	South Africa		0.0%	3
Entertainment Content
Walt Disney Company		500		53,704		66,020	United States		1.2%
Internet Media
Naspers ADR		1,000		57,214		44,970	South Africa		0.8%
Telecom Carriers
Telekomunikasi Indonesia ADR		2,000		65,178		53,940	Indonesia		0.9%
				177,202		166,595			2.9%
Consumer Discretionary
Apparel, Footwear & Accessory Design
adidas ADR		800		93,431		114,292	Germany4		2.0%
Automobiles
Subaru ADR		5,000		69,810		57,650	Japan		1.0%
Toyota Motor ADR		1,000		107,633		117,580	Japan		2.0%
				177,443		175,230			3.0%
E-Commerce Discretionary
Amazon.com2		60		103,132		106,504	United States		1.8%
Home Products Stores
Home Depot		850		100,842		161,373	United States		2.8%
Lowe’s		750		80,222		69,960	United States		1.2%
				181,064		231,333			4.0%
Other Commercial Services
Ecolab		723		82,096		133,097	United States		2.3%
Restaurants
Starbucks		1,713		102,502		130,291	United States		2.2%
Specialty Apparel Stores
Industria de Diseno Textil		3,000		92,121		79,914	Spain		1.4%
TJX Companies		3,000		103,932		150,870	United States		2.6%
				196,053		230,784			4.0%
Toys & Games
Hasbro		600		56,958		57,084	United States		1.0%
				992,679		1,178,615			20.3%
Consumer Staples
Food & Drug Stores
Clicks Group ADR		1,500		38,630		38,752	South Africa		0.7%

Continued on next page.

The accompanying notes are an integral part of these financial statements. May 31, 2019 Semi-Annual Report     7

Saturna Sustainable Equity Fund: Schedule of Investments As of May 31, 2019

Common Stocks – 91.3%	Number of Shares		Cost		Market Value		Country1	Percentage of Assets
Consumer Staples (continued)
Household Products
Church & Dwight		2,400		$104,866		$178,584	United States		3.1%
Kimberly-Clark de Mexico, Class A		13,000		22,070		23,448	Mexico		0.4%
L’Oreal ADR		2,200		98,743		117,722	United States4		2.0%
Reckitt Benckiser Group ADR		6,250		100,292		100,875	United Kingdom		1.7%
Unilever		2,700		116,609		162,324	Netherlands		2.8%
				442,580		582,953			10.0%
Packaged Food
Nestle ADR		1,000		86,610		99,160	Switzerland		1.7%
				567,820		720,865			12.4%
Energy
Renewable Energy Equipment
Siemens Gamesa Renewable Energy		3,500		51,922		54,147	Spain		0.9%
Vestas Wind Systems		900		65,551		73,089	Denmark		1.3%
				117,473		127,236			2.2%
Financials
Banks
Toronto-Dominion Bank		2,800		131,011		153,020	Canada		2.6%
Consumer Finance
Mastercard, Class A		824		74,155		207,228	United States		3.6%
Diversified Banks
Banco Santander ADR		10,081		50,683		43,651	Spain		0.7%
Islamic Banking
BIMB Holdings		104,800		107,265		115,399	Malaysia		2.0%
Life Insurance
AIA Group		11,600		67,861		108,959	Hong Kong		1.9%
Aviva PLC ADR		7,000		93,166		72,170	United States		1.2%
				161,027		181,129			3.1%
P&C Insurance
Chubb		700		77,224		102,249	Switzerland		1.8%
				601,365		802,676			13.8%
Health Care
Health Care Facilities
Ramsay Health Care		2,308		103,089		111,375	Australia		1.9%
Large Pharma
Novo Nordisk ADR		1,569		86,408		74,057	Denmark		1.3%
Medical Equipment
Koninklijke Philips ADR		3,588		101,701		142,157	Netherlands		2.5%
				291,198		327,589			5.7%

Continued on next page.

8     May 31, 2019 Semi-Annual Report The accompanying notes are an integral part of these financial statements.

Saturna Sustainable Equity Fund: Schedule of Investments As of May 31, 2019

Common Stocks – 91.3%	Number of Shares		Cost		Market Value		Country1	Percentage of Assets
Industrials
Commercial and Residential Building Equipment
Legrand		700		$39,602		$46,939	France		0.8%
Electrical Components
TE Connectivity		351		22,755		29,565	Switzerland		0.5%
Electrical Power Equipment
Siemens ADR		1,000		66,086		56,760	Germany		1.0%
Rubber & Plastic
Hartalega Holdings		80,000		63,885		99,335	Malaysia		1.7%
				192,328		232,599			4.0%
Materials
Precious Metal Mining
Barrick Gold		3,064		48,731		38,055	Canada		0.6%
Specialty Chemicals
Johnson Matthey		2,031		86,775		79,109	United Kingdom		1.4%
Koninklijke DSM		600		62,437		67,142	Netherlands		1.2%
				149,212		146,251			2.6%
				197,943		184,306			3.2%
Technology
Application Software
Adobe Systems2		1,000		108,410		270,900	United States		4.7%
Dassault Systemes ADR		1,506		119,029		223,370	France		3.8%
				227,439		494,270			8.5%
Communications Equipment
Apple		1,000		113,474		175,070	United States		3.0%
Electronics Components
Murata Manufacturing		3,000		133,698		127,917	Japan		2.2%
Information Services
Wolters Kluwer		1,000		46,595		69,589	Netherlands		1.2%
Infrastructure Software
Microsoft		1,438		62,724		177,852	United States		3.1%
IT Services
Accenture, Class A		900		89,878		160,263	Ireland		2.8%
CGI Group, Class A2		750		48,570		54,645	Canada		0.9%
				138,448		214,908			3.7%
Semiconductor Devices
NXP Semiconductors		1,300		127,836		114,608	Netherlands		2.0%
STMicroelectronics		3,800		84,537		57,152	Switzerland		1.0%
				212,373		171,760			3.0%

Continued on next page.

The accompanying notes are an integral part of these financial statements. May 31, 2019 Semi-Annual Report     9

Saturna Sustainable Equity Fund: Schedule of Investments As of May 31, 2019

Common Stocks – 91.3%	Number of Shares		Cost		Market Value		Country1	Percentage of Assets
Technology (continued)
Semiconductor Manufacturing
Taiwan Semiconductor ADR		3,250		$78,323		$124,637	Taiwan		2.1%
				1,013,074		1,556,003			26.8%
Total investments				$4,151,082		5,296,484			91.3%
Other assets (net of liabilities)						505,695			8.7%
Total net assets						$5,802,179			100.0%

¹  Country of domicile unless otherwise indication

²  Non-income producing security

³  Less than 0.05%

⁴  Denotes a country of primary exposure

ADR: American Depositary Receipt

Countries

Weightings shown are a percentage of total net assets.

10     May 31, 2019 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, 2019
Assets
Investments in securities, at value (Cost $4,151,082)	$5,296,484
Cash	482,402
Dividends receivable	19,488
Receivable from adviser	3,457
Prepaid expenses	845
Receivable for security sales	129
Total assets	5,802,805
Liabilities
Accrued retirement plan custodial fees	424
Accrued Chief Compliance Officer expenses	202
Total liabilities	626
Net assets	$5,802,179
Analysis of net assets
Paid-in capital (unlimited shares authorized, without par value)	$4,880,414
Total distributable earnings	921,765
Net assets applicable to Fund shares outstanding	$5,802,179
Fund shares outstanding	477,792
Net asset value, offering, and redemption price per share	$12.14

Statement of Operations

Period ended May 31, 2019
Investment income
Dividend income (net of foreign tax of $6,966)	$54,428
Total investment income	54,428
Expenses
Investment adviser fees	18,293
Filing and registration fees	18,278
Audit fees	3,666
Printing and postage	1,296
Chief Compliance Officer expenses	892
Trustee fees	873
Retirement plan custodial fees	596
Other expenses	446
Custodian fees	347
Legal fees	314
Total gross expenses	45,001
Less adviser fees waived	(23,462	)
Less custodian fee credits	(327	)
Net expenses	21,212
Net investment income	$33,216
Net realized gain from investments and foreign currency	$33,209
Net increase in unrealized appreciation on investments and foreign currency	279,437
Net gain on investments and foreign currency	$312,646
Net increase in net assets resulting from operations	$345,862

The accompanying notes are an integral part of these financial statements. May 31, 2019 Semi-Annual Report     11

Saturna Sustainable Equity Fund

Statements of Changes of Net Assets	Period ended May 31, 2019		Year ended November 30, 2018
Increase in net assets from operations
From operations
Net investment income	$33,216		$45,439
Net realized gain (loss) on investment and foreign currency	33,209		(24,490	)
Net increase in unrealized appreciation on investments and foreign currencies	279,437		23,969
Net increase in net assets resulting from operations	345,862		44,918
Distributions to shareowners	(46,186	)	(40,318	)
Capital share transactions
Proceeds from sales of shares	332,493		1,036,069
Value of shares issued in reinvestment of dividends	46,187		40,318
Cost of shares redeemed	(534,331	)	(407,062	)
Total capital share transactions	(155,651	)	669,325
Total increase in net assets	144,025		673,925
Net assets
Beginning of year	5,658,154		4,984,229
End of year	$5,802,179		$5,658,154
Shares of the Fund sold and redeemed
Number of shares sold	27,881		87,399
Number of shares issued in reinvestment of dividends	4,325		3,500
Number of shares redeemed	(46,073	)	(34,886	)
Net increase (decrease) in number of shares outstanding	(13,867	)	56,013

Financial Highlights	Period endedA		For year ended November 30,						Period endedA
Selected data per share of outstanding capital stock throughout each period:	May 31, 2019		2018		2017		2016		Nov. 30, 2015
Net asset value at beginning of period	$11.51		$11.44		$9.43		$9.73		$10.00
Income from investment operations
Net investment income	0.06		0.09		0.09		0.06		0.02
Net gains (losses) on securities (both realized & unrealized)	0.67		0.07		1.97		(0.36	)	(0.28	)
Total from investment operations	0.73		0.16		2.06		(0.30	)	(0.26	)
Less distributions
Dividends (from net investment income)	(0.10	)	(0.09	)	(0.05	)	-		(0.01	)
Total distributions	(0.10	)	(0.09	)	(0.05	)	-		(0.01	)
Net asset value at end of period	$12.14		$11.51		$11.44		$9.43		$9.73
Total returnB	6.42%		1.39%		22.01%		(3.08	)%	(2.60	)%
Ratios / supplemental data
Net assets ($000), end of period	$5,802		$5,658		$4,984		$3,343		$3,423
Ratio of expenses to average net assets
Before fee waiversC	1.60%		1.27%		1.48%		1.65%		1.23%
After fee waiversC	0.77%		0.76%		0.88%		1.00%		1.00%
After fee waivers and custodian fee creditsC	0.75%		0.75%		0.86%		0.99%		0.99%
Ratio of net investment income after fee waivers and custodian fee credits to average net assetsC	1.18%		0.82%		0.95%		0.67%		0.29%
Portfolio turnover rateB	5%		8%		12%		48%		53%

^A  Operations commenced on March 27, 2015

^B  Not annualized for periods of less than one year

^C  Annualized for periods of less than on year

12     May 31, 2019 Semi-Annual Report The accompanying notes are an integral part of these financial statements.

Saturna Sustainable Bond Fund: Performance Summary

Average Annual Returns as of May 31, 2019

	1 Year		5 Year		10 Year		Expense Ratio1
Sustainable Bond Fund (SEBFX)2		1.80%		n/a		n/a		0.77%
FTSE WorldBIG Index		3.30%		0.93%		2.56%		n/a

Growth of $10,000

Comparison of any mutual fund to a market index must be made bearing in mind that the index is expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on March 27, 2015, to an identical amount invested in the FTSE WorldBIG^® Bond Index, a multi-asset, multi-currency benchmark, which provides a broad-based measure of the global fixed income markets. The graph shows that an investment in the Fund would have risen to $10,673 versus rising to $11,053 in the index.

Past performance does not guarantee future results. The “Growth of $10,000” graph and “Average Annual Returns” performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.

¹ By regulation, the expense ratio shown in this table is as stated in the Fund’s most recent prospectus which is dated March 27, 2019, and incorporates results for the fiscal year ended November 30, 2018, before fee waivers. The expense ratio shown in the most recent prospectus after fee waivers was 0.65%. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods.

² Operations commenced March 27, 2015.

Fund Objective

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

Top 10 Holdings
% of Total Net Assets
United States Treasury Bond (4.50% due 05/15/2038)	6.6%
First Abu Dhabi Bank (3.00% due 03/30/2022)	4.1%
Lincoln National (4.643% due 02/12/2047)	4.1%
Koninklijke DSM (1.00% due 04/09/2025)	3.9%
Telus (3.20% due 04/05/2021)	3.7%
Telecom Italia (7.175% due 06/18/2019)	3.3%
KFW (2.00% due 11/30/2021)	3.3%
Nokia (3.375% due 06/12/2022)	3.3%
Mexico Bonos Desarrollo (6.50% due 06/10/2021)	3.3%
Iron Mountain (5.75% due 08/15/2024)	3.3%

Portfolio Diversification
% of Total Net Assets
Financials	27.2%	∎
Government Bonds	24.0%	∎
Communications	10.4%	∎
Consumer Discretionary	9.5%	∎
Technology	6.5%	∎
Health Care	6.3%	∎
Materials	3.9%	∎
Energy	2.9%	∎
Consumer Staples	1.1%	∎
Industrials	0.8%	∎
Other assets (net of liabilities)	7.4%	∎

May 31, 2019 Semi-Annual Report     13

Saturna Sustainable Bond Fund: Schedule of Investments As of May 31, 2019

Corporate Bonds – 68.6%	Coupon / Maturity	Face Amount		Market Value		Country1	Percentage of Assets
Communications
America Movil2	6.00% due 06/09/2019		MXN 15,00,000		$764,360	Mexico		2.5%
Telecom Italia	7.175% due 06/18/2019		$1,000,000		1,001,250	Luxembourg		3.3%
Telus	3.20% due 04/05/2021		CAD 1,500,000		1,129,606	Canada		3.7%
Vodafone Group	4.375% due 03/16/2021		250,000		257,249	United Kingdom		0.9%
					3,152,465			10.4%
Consumer Discretionary
Barry Callebaut3	5.50% due 06/15/2023		500,000		535,392	Belgium		1.8%
Barry Callebaut2	5.50% due 06/15/2023		500,000		535,391	Belgium		1.8%
BMW US Capital	2.75% due 12/02/2019		AUD 200,000		139,432	Germany		0.5%
Danone3	2.077% due 11/02/2021		500,000		493,460	France		1.6%
Starbucks	2.45% due 06/15/2026		500,000		483,034	United States		1.6%
Toyota Motor Credit	2.75% due 02/05/2028		202,000		200,466	Japan		0.6%
Toyota Motor Credit	3.00% due 03/20/2030		500,000		491,492	Japan		1.6%
					2,878,667			9.5%
Consumer Staples
Nestle Holdings	2.75% due 04/15/2020		NOK 3,000,000		346,250	Switzerland		1.1%
					346,250			1.1%
Energy
NextEra Energy Capital (3 month LIBOR plus 2.35%)4	4.73588% due 06/15/2067		1,050,000		881,974	United States		2.9%
					881,974			2.9%
Financials
AXA2	5.125% due 01/17/2047		500,000		508,532	France		1.7%
Bank of Nova Scotia5	4.65% due PERP		300,000		279,000	Canada		0.9%
Canadian Imperial Bank	3.42% due 01/26/2026		CAD 1,150,000		866,040	Canada		2.9%
EMIRATES NBD PJSC2	6.00% due 10/08/2019		NZD 750,000		495,481	United Arab Emirates		1.6%
First Abu Dhabi Bank2	3.00% due 03/30/2022		1,250,000		1,252,006	United Arab Emirates		4.1%
Hanmi Financial6	5.45% due 03/30/2027		500,000		512,562	United States		1.7%
Hartford Financial Services Group (3 month LIBOR 2.125%) 3,4	4.643% due 02/12/2047		1,000,000		880,000	United States		2.9%
Iron Mountain	5.75% due 08/15/2024		1,000,000		992,020	United States		3.3%
Lincoln National4	4.63150% due 04/20/2067		1,600,000		1,248,000	United States		4.1%
Townebank Portsmouth VA7	4.50% due 07/30/2027		500,000		501,759	United States		1.6%
XLIT (3 month LIBOR plus 2.46%)4	5.05425% due PERP		750,000		721,875	Bermuda		2.4%
					8,257,275			27.2%
Health Care
NMC Health2	5.95% due 11/21/2023		500,000		520,690	United Arab Emirates		1.7%
Novartis Capital	1.80% due 02/14/2020		250,000		248,976	Switzerland		0.8%
Roche	2.875% due 09/29/2021		500,000		504,771	Switzerland		1.7%
TEVA Pharmaceuticals	2.80% due 07/21/2023		750,000		625,312	Netherlands		2.1%
					1,899,749			6.3%

Continued on next page.

14     May 31, 2019 Semi-Annual Report The accompanying notes are an integral part of these financial statements.

Saturna Sustainable Bond Fund: Schedule of Investments As of May 31, 2019    

Corporate Bonds – 68.6%	Coupon / Maturity	Face Amount		Market Value		Country1	Percentage of Assets
Industrials
Ingersoll-Rand	2.625% due 05/01/2020		$250,000		$249,685	Luxembourg		0.8%
					249,685			0.8%
Materials
Koninklijke DSM2	1.00% due 04/09/2025		EUR 1,000,000		1,166,792	Netherlands		3.9%
					1,166,792			3.9%
Technology
Apple2	2.65% due 06/10/2020		AUD 500,000		349,994	United States		1.1%
MSCI3	5.75% due 08/15/2025		600,000		625,380	United States		2.1%
Nokia	3.375% due 06/12/2022		1,000,000		995,000	Finland		3.3%
					1,970,374			6.5%
Total Corporate Bonds					$20,803,231			68.6%
Government Bonds – 24.0%	Coupon / Maturity	Face Amount		Market Value		Country1	Percentage of Assets
Banks
KFW	2.00% due 11/30/2021		$1,000,000		$1,000,593	Germany		3.3%
					1,000,593			3.3%
Foreign Government Bonds
Federal Republic of Brazil	12.50% due 01/05/2022		BRL 2,500,000		716,982	Brazil		2.3%
Mexico Bonos Desarrollo	6.50% due 06/10/2021		MXN 200,000		993,145	Mexico		3.3%
					1,710,127			5.6%
US Treasury Bond
United States Treasury Bond	5.25% due 11/15/2028		500,000		632,481	United States		2.1%
United States Treasury Bond	4.50% due 05/15/2038		1,500,000		1,991,191	United States		6.6%
United States Treasury Bond	3.375% due 11/15/2048		450,000		524,004	United States		1.7%
					3,147,676			10.4%
US Treasury Notes
United States Treasury Note	2.50% due 05/31/2020		500,000		501,211	United States		1.7%
United States Treasury Note	3.625% due 02/15/2021		900,000		924,047	United States		3.0%
					1,425,258			4.7%
Total Government Bonds					$7,283,654			24.0%
Total investments	(Cost = $28,904,384)				$28,086,885			92.6%
Other assets (net of liabilities)					2,260,281			7.4%
Total net assets					$30,347,166			100.0%

¹  Country of risk

²  Security was purchased pursuant to Regulation S under the Securities Act of 1933 which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. These securities have been deemed liquid under guidelines approved by the Trust’s Board of Trustees. At May 31, 2019, the aggregate value of these securities was $5,593,247 representing 18.4% of net assets.

Continued on next page.

The accompanying notes are an integral part of these financial statements. May 31, 2019 Semi-Annual Report    15

Saturna Sustainable Bond Fund: Schedule of Investments As of May 31, 2019

³  Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in public offering registered under the Securities Act of 1933. These securities have been deemed liquid under guidelines approved by the Trust’s Board of Trustees. At May 31, 2019, the net value of these securities was $2,534,231 representing 8.4% of net assets.

⁴  Variable rate security. The interest rate represents the rate in effect at May 31, 2019 and resets periodically based on the parenthetically disclosed reference rate and spread.

⁵  Bank of Nova Scotia is a fixed to float bond and has a fixed rate until 10/12/2022. The interest rate represents the rate in effect at May 31, 2019.

⁶  Hanmi Financial is a fixed to float bond and has a fixed rate until 03/30/2022. The interest rate represents the rate in effect at May 31, 2019.

⁷  Townebank Portsmouth VA is a fixed to float bond and has a fixed rate until 07/30/2022. The interest rate represents the rate in effect at May 31, 2019.

Countries

Weightings shown are a percentage of total net assets.

Bond Quality Diversification
% of Total Net Assets
Rated “AAA”	18.4%	∎
Rated “AA+”	1.1%	∎
Rated “AA”	1.7%	∎
Rated “AA-”	8.2%	∎
Rated “A+”	0.5%	∎
Rated “A-”	11.3%	∎
Rated “BBB+”	11.9%	∎
Rated “BBB”	10.7%	∎
Rated “BBB-”	7.4%	∎
Rated “BB+”	10.4%	∎
Rated “BB”	2.1%	∎
Rated “BB-”	2.3%	∎
Rated “B”	3.3%	∎
Not rated	3.3%	∎
Other assets (net of liabilities)	7.4%	∎
Credit ratings are the lesser of S&P Global Ratings or Moody’s Investors Service. If neither S&P nor Moody’s rate a particular security, that security is categorized as not rated (except for US Treasury securities and securities issued or backed by US agencies which inherit the credit rating for the US government). Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). Ratings apply to the credit worthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.

16     May 31, 2019 Semi-Annual Report The accompanying notes are an integral part of these financial statements.

Saturna Sustainable Bond Fund

Statement of Assets and Liabilities

As of May 31, 2019
Assets
Investments in securities, at value (Cost $28,904,384)	$28,086,885
Cash	1,949,015
Interest receivable	329,309
Prepaid expenses	19,186
Receivable for Fund shares sold	13,261
Total assets	30,397,656
Liabilities
Payable for Fund shares redeemed	31,220
Accrued advisory fees	9,180
Distributions payable	8,784
Accrued Chief Compliance Officer expenses	1,030
Accrued retirement plan custodial fees	276
Total liabilities	50,490
Net assets	$30,347,166
Analysis of net assets
Paid-in capital (unlimited shares authorized, without par value)	$31,240,819
Total distributable earnings	(893,653	)
Net assets applicable to Fund shares outstanding	$30,347,166
Fund shares outstanding	3,164,173
Net asset value, offering, and redemption price per share	$9.59

Statement of Operations

Period ended May 31, 2019
Investment income
Interest income	$561,746
Total investment income	561,746
Expenses
Investment adviser fees	82,282
Filing and registration fees	12,157
Audit fees	10,731
Chief Compliance Officer expenses	3,836
Trustee fees	2,602
Printing and postage	2,359
Custodian fees	1,607
Other expenses	1,101
Legal fees	915
Retirement plan custodial fees	386
Total gross expenses	117,976
Less adviser fees waived	(18,789	)
Less custodian fee credits	(1,488	)
Net expenses	97,699
Net investment income	$464,047
Net realized loss from investments and foreign currency	$(64,292	)
Net decrease in unrealized depreciation on investments and foreign currency	696,738
Net gain on investments	$632,446
Net increase in net assets resulting from operations	$1,096,493

The accompanying notes are an integral part of these financial statements. May 31, 2019 Semi-Annual Report     17

Saturna Sustainable Bond Fund

Statements of Changes in Net Assets	Period ended May 31, 2019		Year ended November 30, 2018
Increase (decrease) in net assets from operations
From operations
Net investment income	$464,047		$821,787
Net realized loss on investment	(64,292	)	(88,078	)
Net increase (decrease) in unrealized appreciation	696,738		(1,499,785	)
Net increase (decrease) in net assets	1,096,493		(766,076	)
Distributions to shareowners	(454,409	)	(722,566	)
Capital share transactions
Proceeds from sales of shares	5,215,764		14,807,636
Value of shares issued in reinvestment of dividends	402,454		637,199
Cost of shares redeemed	(7,559,696	)	(4,289,584	)
Total capital share transactions	(1,941,478	)	11,155,251
Total increase (decrease) in net assets	(1,299,394	)	9,666,609
Net assets
Beginning of year	31,646,560		21,979,951
End of year	$30,347,166		$31,646,560
Shares of the Fund sold and redeemed
Number of shares sold	548,980		1,517,615
Number of shares issued in reinvestment of dividends	42,266		65,470
Number of shares redeemed	(797,749	)	(438,446	)
Net increase (decrease) in number of shares outstanding	(206,503	)	1,144,639

Financial Highlights	Period endedA		Year ended November 30,						Period endedA
Selected data per share of outstanding capital stock throughout each period:	May 31, 2019		2018		2017		2016		Nov. 30, 2015
Net asset value at beginning of period	$9.39		$9.87		$9.65		$9.75		$10.00
Income from investment operations
Net investment income	0.14		0.26		0.27		0.24		0.12
Net gains (losses) on securities (both realized and unrealized)	0.20		(0.48	)	0.23		(0.10	)	(0.25	)
Total from investment operations	0.34		(0.22	)	0.50		0.14		(0.13	)
Less distributions
Dividends (from net investment income)	(0.14	)	(0.26	)	(0.27	)	(0.24	)	(0.12	)
Capital gains distribution	-		-		(0.01	)	-		-
Total distributions	(0.14	)	(0.26	)	(0.28	)	(0.24	)	(0.12	)
Net asset value at end of period	$9.59		$9.39		$9.87		$9.65		$9.75
Total returnB	3.69%		(2.29	)%	5.28%		1.37%		(1.29	)%B
Ratios / supplemental data
Net assets ($000), end of period	$30,347		$31,647		$21,980		$8,639		$6,885
Ratio of expenses to average net assets
Before fee waiversC	0.79%		0.77%		0.92%		1.17%		1.02%
After fee waiversC	0.66%		0.66%		0.75%		0.89%		0.90%
After fee waivers and custodian fee creditsC	0.65%		0.65%		0.74%		0.89%		0.89%
Ratio of net investment income after fee waivers custodian fee credits to average net assetsC	3.10%		2.99%		2.82%		2.46%		1.92%
Portfolio turnover rateB	25%		25%		14%		46%		4%

^A  Operations commenced on March 27, 2015

^B  Not annualized for periods of less than one year

^C  Annualized for periods of less than on year

18     May 31, 2019 Semi-Annual Report The accompanying notes are an integral part of these financial statements.

Notes to Financial Statements

NOTE 1 – Organization

Saturna Investment Trust (the “Trust”) was established under Washington State Law as a business trust on February 20, 1987. The Trust is registered as an open-end, diversified management company under the Investment Company Act of 1940, as amended. Nine portfolio series have been created to date, two of which are covered by this 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.

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

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”.

Investment risks:

Saturna Sustainable Equity and Saturna Sustainable Bond Funds: The value of each Fund’s shares rises and falls as the value of the securities in which the Fund invests goes up and down. Fund share prices, yields, and total returns will change with market fluctuations as well as the fortunes of the countries, industries, and companies in which the Fund invests. The Funds do not use derivatives to hedge currency, interest rate, or credit risk.

Ratings are dependent upon the associated ESG risks that are most pertinent to the sector in which an issuer operates. The ratings process associated with sustainable and responsible investing reduces the investable universe for each Fund, which limits opportunities and may increase the risk of loss during market declines. The adviser believes that sustainable investing may mitigate security-specific risk, but there is no guarantee that the securities favored by our investment process will perform better and may perform worse than those that are not favored.

The Funds may invest substantially in one or more sectors, which can increase volatility and exposure to issues specific to a particular sector or industry.

Foreign investing involves risks not normally associated with investing in US securities. These include fluctuations in currency exchange rates, less public information about securities, less governmental market supervision, and the lack of uniform financial, social, and political standards. Foreign investing heightens the risk of confiscatory taxation, seizure or nationalization of assets, establishment of currency controls, or adverse political or social developments that affect investments. The risks of investing in foreign securities are typically greater in less developed or emerging countries.

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

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

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

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

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

NOTE 2 – Unaudited Information

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

NOTE 3 – Significant Accounting Policies

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

Security valuation:

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

Debt securities are valued using bid-side valuations provided by an independent service. The service determines valuations using factors such as yields or prices of bonds of comparable quality,

May 31, 2019 Semi-Annual Report     19

Notes to Financial Statements (continued)

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.

Funds	Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input		Total
Sustainable Equity Fund
Common Stocks
Communications		$166,595		$-		$-		$166,595
Consumer Discretionary		1,098,701		79,914		-		$1,178,615
Consumer Staples		697,417		23,448		-		$720,865
Energy		-		127,236		-		$127,236
Financials		578,318		224,358		-		$802,676
Health Care		216,214		111,375		-		$327,589
Industrials		86,325		146,274		-		$232,599
Materials		38,055		146,251		-		$184,306
Technology		1,358,497		197,506		-		$1,556,003
Total Assets		$4,240,122		$1,056,362		$-		$5,296,484
Sustainable Bond Fund
Corporate Bonds1		$-		$20,803,231		$-		$20,803,231
Government Bonds1		$-		$7,283,654		$-		$7,283,654
Total Assets		$-		$28,086,885		$-		$28,086,885

¹  See Schedule of Investments for industry breakout.

During the period ended May 31, 2019, no Fund had transfers between Level 1, Level 2, or Level 3.

20     May 31, 2019 Semi-Annual Report

Notes to Financial Statements (continued)

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 table on page 20 is a summary of the inputs used as of May 31, 2019, in valuing the Funds’ investments carried at fair value.

Investment concentration:

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

Federal income taxes:

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

The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Funds’ tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2016-2018) or expected to be taken in the Funds’ 2019 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 12 months.

Reclassification of capital accounts:

Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. As of November 30, 2018, the reclassification of capital accounts were as follows:

	Equity Fund		Bond Fund
Distributable earnings		$-		$2,041
Paid-in capital		$-		$(2,041	)

These reclassifications were due to treatment of foreign currencies, re-designation of distributions, and investments in real estate investment trusts (REITs).

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. Sustainable Equity Fund pays income dividends annually, typically by the end of the year. As a result of its investment strategy, the Saturna Sustainable Equity Fund may not pay income dividends. For both Funds, distributions of capital gains, if any, are made at least annually, and as required to comply with federal excise tax requirements. Distributions to shareowners are determined in accordance with income tax regulations and are recorded on the ex-dividend date. Dividends are paid in shares of the Funds, at the net asset value on the payable date. Shareowners may elect to take distributions if they total $10 or more in cash.

Use of estimates:

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

Foreign taxes:

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

May 31, 2019 Semi-Annual Report     21

Notes to Financial Statements (continued)

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. In addition, 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 0.75% and the Sustainable Bond Fund to 0.65% through March 31, 2020. For the period ended May 31, 2019, the advisory fees incurred were as follows:

	Adviser Fees		Adviser Fees Waived			Expense Reimbursement
Sustainable Equity		$18,293		$(18,293	)		$(5,169	)
Sustainable Bond		$82,282		$(18,789	)		$-

In accordance with the expense limitation noted above, for the period ended May 31, 2019, 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. On June 2, 2017, 12b-1 fees were terminated for both Saturna Sustainable Funds.

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, 2019, the Funds incurred the following amounts:

Retirement plan custodial fees
Sustainable Equity	$596
Sustainable Bond	$386

Mrs. Jane Carten serves as a trustee and president of the Trust. She is also a director and president of Saturna Capital and vice president of Saturna Trust Company. Mrs. Carten is not compensated by the Trust. For the period ended May 31, 2019, the Trust incurred compensation expenses of $17,000 which is included in $32,456 of total expenses for the independent Trustees. The Saturna Sustainable Funds paid $6,226 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, 2019, the Funds paid the following compensation expenses for the Chief Compliance Officer:

Chief Compliance Officer
Sustainable Equity	$892
Sustainable Bond	$3,836

On May 31, 2019, the trustees, officers, and their affiliates as a group owned 52.05% and 12.04% of the outstanding shares of Sustainable Equity Fund and Sustainable Bond Fund, respectively.

NOTE 5 – Distributions to Shareowners

The tax characteristics of distributions paid for the period ended May 31, 2019, and the fiscal year ended November 30, 2018 were as follows:

	Period ended May 31, 2019		Year ended November 30, 2018
Sustainable Equity Fund
Ordinary income		$46,186		$40,318
Sustainable Bond Fund
Ordinary income		$454,409		$722,566

¹  Long-term capital gain dividend designated at 20% rate pursuant to Section 852(b)(3) of the Internal Revenue Code.

22     May 31, 2019 Semi-Annual Report

Notes to Financial Statements (continued)

NOTE 6 – Federal Income Taxes

The cost basis of investments for federal income tax purposes on May 31, 2019, was as follows:

	Sustainable Equity			Sustainable Bond
Cost of investments		$4,151,082			$28,904,384
Gross tax unrealized appreciation		$1,318,316			$254,470
Gross tax unrealized depreciation		$(172,914	)		$(1,071,969	)
Net tax unrealized appreciation (depreciation)		$1,145,402			$(817,499	)

As of November 30, 2018, components of distributable earnings on a tax basis were as follows:

Sustainable Equity
Undistributed ordinary income	$40,520
Tax accumulated earnings	40,520
Accumulated capital losses	(284,394	)
Unrealized appreciation	866,045
Other unrealized losses	(82	)
Total accumulated earnings	622,089
Sustainable Bond
Accumulated capital losses	(19,458	)
Unrealized depreciation	(1,512,733	)
Other unrealized losses	(3,546	)
Total accumulated earnings	(1,535,737	)

On November 30, 2018, the Funds had capital loss carryforwards as follows, subject to regulation.

	Carryforward	Expiration
Equity Fund
Short-term loss carryforward	$275,790	Unlimited
Long-term loss carryforward	$8,604	Unlimitied
	$284,394
	Carryforward	Expiration
Bond Fund
Short-term loss carryforward	$16,739	Unlimited
Long-term loss carryforward	$2,719	Unlimitied
	$19,458

NOTE 7 – Investments

Investment transactions other than short-term investments for the period ended May 31, 2019, were as follows:

	Purchases		Sales
Sustainable Equity		$241,866		$462,563
Sustainable Bond		$7,261,593		$10,105,319

NOTE 8 – Custodian

Under agreements in place with the Trust’s custodian, UMB Bank, custody fees are reduced by credits for cash balances. Such reductions for the period ended May 31, 2019, were as follows:

Custodian Fee Credits
Sustainable Equity	$327
Sustainable Bond	$1,488

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 other events or transactions during the period that materially impacted the amounts or disclosures in the Funds’ financial statements.

May 31, 2019 Semi-Annual Report     23

Expenses

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

Examples

The following examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (December 1, 2018 to May 31, 2019).

Actual Expenses

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

Hypothetical Example For Comparison Purposes

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

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

	Beginning Account Value [December 1, 2018]	Ending Account Value [May 31, 2019]	Expenses Paid During Period	Annualized Expense Ratio
Sustainable Equity Fund (SEEFX), Actual	$1,000.00	$1,064.20	$3.88	0.75%
Hypothetical (5% return before expenses)	$1,000.00	$1,021.17	$3.80	0.75%
Sustainable Bond Fund (SEBFX), Actual	$1,000.00	$1,036.90	$3.32	0.65%
Hypothetical (5% return before expenses)	$1,000.00	$1,021.68	$3.29	0.65%

Expenses are equal to annualized expense ratios indicated above (based on the most recent fiscal period of December 1, 2018, through May 31, 2019) multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).

24     May 31, 2019 Semi-Annual Report

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.

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.

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.

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, 2019      Semi-Annual Report 25

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

26     May 31, 2019 Semi-Annual Report

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

May 31, 2019      Semi-Annual Report 27

Performance Summary (as of June 30, 2019)

Average Annual Returns (before any taxes paid by shareowners)
	1 Year	3 Year	5 Year	10 Year	15 Year	Expense Ratio
Idaho Tax-Exempt Fund	5.80%	1.74%	2.56%	3.21%	3.36%	0.68%	1
S&P Idaho Municipal Bond Index	6.42%	2.61%	3.99%	5.29%	n/a	n/a
“Muni Single State Intermediate” Category Average2	5.25%	1.56%	2.58%	3.49%	3.46%	0.96%

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

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

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

¹  By regulation, the expense ratio shown in this table is as stated in the Fund’s most recent prospectus, which is dated March 27, 2019, and incorporates results for the fiscal year ended November 30, 2018. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different fiscal periods.

²  Source: Morningstar June 30, 2019. Morningstar, Inc. is an independent fund performance monitor. Category returns are determined monthly from total returns by Morningstar, by category as determined by Morningstar. Category average expense ratios are determined by Morningstar from prospectus level data reported by funds in the category.

2     May 31, 2019 Semi-Annual Report

Fellow Shareowners:

Idaho is thriving. Broad economic opportunities, record low unemployment (2.7%), affordable housing, strong personal income, nation leading home price appreciation, a balanced tax structure, abundant outdoor attractions, and a burgeoning tech sector all contribute to Idaho’s booming population growth. Idaho has the 10th highest percentage of vacation homes in the US and the highest percentage in the Pacific Northwest according to Bloomberg Pursuits. SmartAsset ranked Idaho fourth best in the nation for Best Places for The Middle Class in 2018. Remarkably, state tax payers are as healthy as the state’s finances.

Idaho state total gross domestic product surpassed $77 billion for the first time in 2018, a 6.3% increase. State reserve funds grew 15%. Total revenues for governmental activities exceeded total expenditures for governmental activities by $1 billion. The unassigned general fund balance (for discretionary use) ended the year at $801 million, up 15%. Idaho’s combined net position (a useful indicator of whether the financial position of the state is improving or deteriorating) grew $803 million or 6%. Idaho also improved pension funding (plan fiduciary net position as a % total pension liabilities) to 82.5%.

With improving economic conditions and strong revenue growth, the legislature increased appropriations for education, cut taxes for most individuals and businesses providing nearly $142 million in tax relief, and approved the largest cut in state regulations in history. These actions add to the attractiveness of one of the nation’s most economically competitive states. There is not much the state of Idaho is getting wrong these days. The point of this highlight reel is to emphasize that Idaho learned the lessons of 2008 and is better prepared than most other states to successfully endure whatever the next economic calamity happens to be.

Low US unemployment, a firm US Dollar, and modest US inflation do not normally signal US monetary policy easing. However, the uncertainty of the US China trade dispute and its depressing impact on global economic growth and inflation has now overwhelmed the US Federal Reserve’s drive to normalize US interest rates. In 2018, slowing global growth and falling US inflation expectations tightened US monetary conditions, causing a full percent decline in US yields. With US bond yields already in decline, and with Europe and China readying new rounds of monetary policy easing, the Fed may be unable to resist matching their easing moves.

As global growth softens, a US recession remains at the forefront of the minds of US investors. Despite recent slowdowns in US housing, automobiles, and manufacturing sectors, the US economy continues to grow, albeit slowly. In a stabilizing sign for the US economy, the yield spread between 10-year and 30-year US Treasurys has widened from 0.10% to 0.50% over the last year. With quantitative easing and lower short-term rates on standby in case of a US economic slowdown, market conditions are supportive for fixed-income asset prices. Diminished US municipal yields remain some of the most attractive in a world with $13 trillion of negative yielding sovereign and corporate bonds destroying investors’ capital. US rates appear to have room to fall further in the coming years, boosting municipal bond returns in the process.

Respectfully,

(photo omitted)

Jane Carten,

President

(photo omitted)

Phelps McIlvaine,

Vice President, Portfolio Manager

May 31, 2019      Semi-Annual Report 3

Performance Summary

Average Annual Returns (as of May 31, 2019)
	1 Year		5 Year		10 Year		Expense Ratio1
Idaho Tax-Exempt Fund		5.25%		2.43%		3.07%		0.68%
S&P Idaho Municipal Bond Index		5.97%		3.92%		5.18%		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 November 30, 2008, to an identical amount invested in the Standard & Poor’s Idaho Municipal Bond Index, a broad-based index of Idaho municipal bond prices. The graph shows that an investment in the Fund would have risen to $13,532 versus $16,576 in the S&P Idaho Municipal Bond Index.

Past performance does not guarantee future results. The “Growth of $10,000” graph and “Average Annual Returns” performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.

¹  By regulation, the expense ratio for the Fund shown in this table is as stated in the Fund’s most recent prospectus, which is dated March 27, 2019, and incorporates results for the fiscal year ended November 30, 2018. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different fiscal periods.

Fund Objective

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

Top 10 Holdings
% of Total Net Assets
Teton Co, ID SCD #401 Driggs (4.00% due 09/15/2035)	4.2%
University of Idaho Revenue (5.00% due 04/01/2032)	3.6%
Canyon Co ID SCD #134 Middleton (4.00% due 09/15/2028)	3.3%
Idaho State Building Authority (5.00% due 09/01/2032)	3.2%
Idaho Bond Bank (4.00% due 09/15/2032)	3.2%
Nez Perce CO ISD #1 Lewiston (5.00% due 09/15/2029)	3.0%
Idaho Fish Wildlife Foundation Rev (5.00% due 12/01/2033)	2.9%
Ada & Canyon Cos ID JSD #2 Meridian (5.00% due 08/15/2032)	2.8%
Boise City Urban Renewal Lease Rev (5.00% due 12/15/2032)	2.6%
Twin Falls Co ID SCD #411 (4.25% due 09/15/2030)	2.5%

Portfolio Diversification
% of Total Net Assets
General Obligation	46.9%	∎
State Education	19.6%	∎
Real Estate	10.9%	∎
Financial Services	5.7%	∎
Pollution Control	2.5%	∎
Medical - Hospitals	2.3%	∎
Health Care Facilities	2.2%	∎
Water Supply	2.1%	∎
Transportation	1.6%	∎
Other assets (net of liabilities)	6.2%	∎

4     May 31, 2019 Semi-Annual Report

Schedule of Investments						As of May 31, 2019
Tax-Exempt Municipal Bonds - 93.8%	Coupon / Maturity	Face Amount		Market Value		Percentage of Assets
Financial Services
Idaho Bond Bank	4.00% due 09/15/2032		$405,000		$437,185		3.2%
Idaho Housing & Finance Rev	3.00% due 07/01/2036		335,000		333,704		2.5%
					770,889		5.7%
General Obligation
Ada & Canyon Cos ID JSD #2 Meridian	5.00% due 08/15/2032		325,000		384,384		2.8%
Ada & Canyon Cos ID JSD #3 Kuna	4.00% due 09/15/2027		100,000		117,504		0.9%
Adams & Washington Cos ID JSD #432	4.00% due 08/15/2019		100,000		100,522		0.7%
Bonneville & Bingham Cos JSD #93	5.00% due 09/15/2031		200,000		221,400		1.6%
Bonneville & Bingham Cos JSD #93	5.00% due 09/15/2029		250,000		277,342		2.0%
Bonneville Co ID SCD #91	4.00% due 09/15/2026		15,000		16,191		0.1%
Bonneville Co ID SCD #91	4.00% due 09/15/2026		35,000		37,809		0.3%
Bonneville Co ID SCD #91	3.75% due 09/15/2032		285,000		297,178		2.2%
Boundary County ID SCD #101	4.00% due 08/15/2021		240,000		241,291		1.8%
Canyon Co ID SCD #134 Middleton	4.00% due 09/15/2028		400,000		454,056		3.3%
Canyon Co ID SCD #135 Notus	3.25% due 09/15/2031		290,000		308,430		2.3%
Canyon Co ID SCD #135 Notus	3.25% due 09/15/2032		170,000		180,339		1.3%
Canyon Co ID SCD #139 Vallivue	5.00% due 09/15/2024		260,000		288,964		2.1%
Cariboo Franklin Bannock JSD #148	3.25% due 09/15/2035		300,000		318,894		2.3%
Cassia Oneida Twin Falls JSD #151	3.375% due 09/15/2034		160,000		166,147		1.2%
Kootenai Co ID SCD #271 PREREF	4.00% due 09/15/2025		40,000		43,109		0.3%
Kootenai Co ID SCD #271 UNREF	4.00% due 09/15/2025		125,000		134,916		1.0%
Kootenai Co ID SCD #273	4.00% due 08/15/2031		265,000		295,772		2.2%
Kootenai-Shoshone ID Area Libraries	4.25% due 08/01/2021		220,000		220,990		1.6%
Latah Co ID SCD #281 Moscow Ser B	4.00% due 08/15/2027		100,000		109,102		0.8%
Latah Co ID SCD #281 Moscow Ser B	4.00% due 08/15/2028		200,000		217,358		1.6%
Madison Co. Id. SDC #321	5.00% due 09/15/2035		250,000		302,378		2.2%
Teton Co, ID SCD #401 Driggs	4.00% due 09/15/2035		500,000		566,530		4.2%
Twin Falls Co ID SCD #411	4.00% due 09/15/2027		170,000		190,373		1.4%
Twin Falls Co ID SCD #411	4.25% due 09/15/2030		300,000		335,574		2.5%
Twin Falls Co ID SCD #411	4.75% due 09/15/2039		200,000		232,876		1.7%
Twin Falls Co ID SCD #411 Series A	4.25% due 09/15/2031		100,000		110,997		0.8%
Valley & Adams Cos ID JSD #421	3.00% due 08/01/2026		220,000		229,603		1.7%
					6,400,029		46.9%
Health Care Facilities
Idaho Health Faci Auth Hos Rev	5.00% due 12/01/2047		260,000		304,806		2.2%
					304,806		2.2%
Medical - Hospitals
Idaho Health Rev Trinity Health Grp	3.25% due 12/01/2028		300,000		317,991		2.3%
					317,991		2.3%
Pollution Control
Idaho Bond Bank	4.00% due 09/15/2033		135,000		152,797		1.1%
Idaho Bond Bank Authority	4.30% due 09/01/2022		20,000		20,043		0.2%
Idaho Bond Bank Authority	4.00% due 09/15/2032		130,000		147,619		1.1%
Idaho Bond Bank Authority, Undefeasement	4.125% due 09/15/2023		20,000		20,042		0.1%
					340,501		2.5%

Continued on next page.

The accompanying notes are an integral part of these financial statements. Semi-Annual Report May 31, 2019     5

Schedule of Investments						As of May 31, 2019
Tax-Exempt Municipal Bonds - 93.8%	Coupon / Maturity	Face Amount		Market Value		Percentage of Assets
Real Estate
Boise City Urban Renewal Lease Rev	5.00% due 12/15/2032		$300,000		$349,911		2.6%
Idaho Fish Wildlife Foundation Rev	5.00% due 12/01/2033		320,000		393,277		2.9%
Idaho State Building Authority	5.00% due 09/01/2031		200,000		219,494		1.6%
Idaho State Building Authority	5.00% due 09/01/2032		400,000		438,460		3.2%
Post Falls ID LID SPA	5.00% due 05/01/2021		90,000		90,862		0.6%
					1,492,004		10.9%
State Education
Boise State University ID Revenue	5.00% due 04/01/2028		125,000		146,431		1.1%
Boise State University ID Revenue	5.00% due 04/01/2032		160,000		189,046		1.4%
Idaho State University	4.00% due 04/01/2027		170,000		191,933		1.4%
Idaho State University	4.00% due 04/01/2030		245,000		271,634		2.0%
Idaho State University Revenue	3.00% due 04/01/2031		250,000		259,313		1.9%
Idaho State University Revenue	3.00% due 04/01/2032		160,000		165,112		1.2%
Nez Perce CO ISD #1 Lewiston	5.00% due 09/15/2029		330,000		407,078		3.0%
North Idaho College Dormitory Rev	4.00% due 11/01/2030		285,000		314,421		2.3%
University of Idaho Revenue	5.00% due 04/01/2028		225,000		231,109		1.7%
University of Idaho Revenue	5.00% due 04/01/2032		455,000		492,706		3.6%
					2,668,783		19.6%
Transportation
Boise ID Airport Park Fac Rev	3.00% due 09/01/2028		210,000		214,498		1.6%
					214,498		1.6%
Water Supply
Payette Lakes Rec Wtr & Swr Rev	4.00% due 08/01/2034		255,000		279,908		2.1%
					279,908		2.1%
Total investments	(Cost $12,308,490)				12,789,409		93.8%
Other assets (net of liabilities)					844,249		6.2%
Total net assets					$13,633,658		100.0%

Bond Quality Diversification
% of Total Net Assets
Rated “AAA”	33.8%	∎
Rated “AA+”	22.3%	∎
Rated “AA”	8.5%	∎
Rated “AA-”	7.4%	∎
Rated “A+”	15.9%	∎
Rated “A”	4.9%	∎
Not rated	1.0%	∎
Other Assets (net of liabilities)	6.2%	∎
Credit ratings are the lesser of S&P Global Ratings or Moody’s Investors Service. If neither S&P nor Moody’s rate a particular security, that security is categorized as not rated (except for US Treasury securities and securities issued or backed by US agencies which inherit the credit rating for the US government). Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). Ratings apply to the creditworthiness of the issuers of the underlying securities and not the Fund or its shares. Ratings may be subject to change.

6     May 31, 2019 Semi-Annual Report The accompanying notes are an integral part of these financial statements.

Statement of Assets and Liabilities

As of May 31, 2019
Assets
Investments in securities, at value (Cost $12,308,490)	$12,789,409
Cash	729,586
Interest receivable	124,154
Prepaid expenses	3,319
Insurance reserve premium	801
Total assets	13,647,269
Liabilities
Accrued advisory fees	5,728
Distributions payable	4,551
Payable for fund shares redeemed	2,939
Accrued Chief Compliance Officer expenses	352
Accrued retirement plan custodial fees	41
Total liabilities	13,611
Net assets	$13,633,658
Analysis of net assets
Paid-in capital (unlimited shares authorized, without par value)	$13,241,556
Total distributable earnings	392,102
Net assets applicable to Fund shares outstanding	$13,633,658
Fund shares outstanding	2,481,344
Net asset value, offering and redemption price per share	$5.49

Statement of Operations

Period ended May 31, 2019
Investment income
Interest income	$185,504
Total investment income	185,504
Expenses
Investment adviser fees	33,263
Audit fees	2,587
Chief Compliance Officer expenses	1,980
Trustee fees	1,608
Filing and registration fees	1,478
Transfer agent fees	918
Other expenses	778
Printing and postage	578
Legal fees	426
Custodian fees	286
Retirement plan custodial fees	50
Total gross expenses	43,952
Less transfer agent fees waived	(918	)
Less custodian fee credits	(234	)
Net expenses	42,800
Net investment income	$142,704
Net realized gain from investments	$15,727
Net increase in unrealized appreciation on investments	508,167
Net gain on investments	$523,894
Net increase in net assets resulting from operations	$666,598

The accompanying notes are an integral part of these financial statements. Semi-Annual Report May 31, 2019     7

Statement of Changes of Net Assets	Period ended May 31, 2019		Year ended November 30, 2018
Increase (decrease) in net assets from operations
From operations
Net investment income	$142,704		$361,335
Net realized gain (loss) on investment	15,727		(44,849	)
Net increase (decrease) in unrealized appreciation	508,167		(232,107	)
Net increase in net assets	666,598		84,379
Distributions to shareholders	(142,704	)	(361,335	)
Capital share transactions
Proceeds from sales of shares	501,240		3,147,317
Value of shares issued in reinvestment of dividends	113,999		300,919
Cost of shares redeemed	(1,059,793	)	(7,091,173	)
Total capital share transactions	(444,554	)	(3,642,937	)
Total increase (decrease) in net assets	79,340		(3,919,893	)
Net assets
Beginning of period	13,554,318		17,474,211
End of period	$13,633,658		$13,554,318
Shares of the Fund sold and redeemed
Number of shares sold	92,966		591,416
Number of shares issued in reinvestment of dividends	21,072		56,625
Number of shares redeemed	(197,564	)	(1,337,291	)
Net decrease in number of shares outstanding	(83,526	)	(689,250	)

Financial Highlights	For period ended				For the year ended November 30,
Selected data per share of outstanding capital stock throughout each period:	May 31, 2019		2018		2017		2016		2015		2014
Net asset value at beginning of period	$5.28		$5.37		$5.29		$5.48		$5.51		$5.36
Income from investment operations
Net investment income	0.06		0.12		0.13		0.14		0.15		0.16
Net gains (losses) on securities (both realized & unrealized)	0.21		(0.09	)	0.08		(0.19	)	(0.03	)	0.15
Total from investment operations	0.27		0.03		0.21		(0.05	)	0.12		0.31
Less distributions
Dividends (from net investment income)	(0.06	)	(0.12	)	(0.13	)	(0.14	)	(0.15	)	(0.16	)
Distributions (from capital gains)	-		-		-		0.00	A	0.00	A	0.00	A
Total distributions	(0.06	)	(0.12	)	(0.13	)	(0.14	)	(0.15	)	(0.16	)
Net asset value at end of period	$5.49		$5.28		$5.37		$5.29		$5.48		$5.51
Total returnB	5.09%		0.51%		3.90%		(0.95	)%	2.21%		5.83%
Ratios / supplemental data
Net assets ($000), end of period	$13,634		$13,554		$17,474		$17,997		$17,420		$16,721
Ratio of expenses to average net assets
Before transfer agent fee waiver and custodian fee creditsC	0.66%		0.68%		0.67%		0.67%		0.67%		0.65%
After transfer agent fee waiverC	0.65%		0.67%		0.66%		0.66%		0.66%		0.63%
After transfer agent fee waiver and custodian fee creditsC	0.64%		0.67%		0.65%		0.65%		0.66%		0.63%
Ratio of net investment income after custodian credits to average net assetsC	2.15%		2.20%		2.33%		2.54%		2.66%		2.85%
Portfolio turnover rateB	2%		13%		20%		15%		7%		5%

^A Amount is less than $0.01

^B Not annualized for periods less than one year.

^C Annualized for percids less than one year.

8     May 31, 2019 Semi-Annual Report The accompanying notes are an integral part of these financial statements.

Notes to Financial Statements

Note 1 – Organization

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

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

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.”

Investment risks:

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

The Fund entails credit risk, which is the possibility that a bond will not be able to pay interest or principal when due. If the credit quality of a bond is perceived to decline, investors will demand a higher yield, which means a lower price on that bond to compensate for the higher level of risk. If a security held by the Fund defaults on payment of interest or principal, the Fund’s income, ability to preserve capital, and liquidity would all be adversely affected.

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

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

Note 2 – 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.

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

Share valuation:

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

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

Fair value measurements:

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

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

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

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

Semi-Annual Report May 31, 2019     9

Notes to Financial Statements (continued)

The following table is a summary of the inputs used as of May 31, 2019, in valuing the Fund’s investments carried at value.

Fair Value Inputs	Level 1 Quoted Price	Level 2 Significant Observable Input	Level 3 Significant Unobservable Input	Total
Municipal Bonds1	$-	$12,789,409	$-	$12,789,409
Total Assets	$-	$12,789,409	$-	$12,789,409

¹ See Schedule of Investments for industry breakout.

During the period ended May 31, 2019, the Fund had no transfers among Levels 1, 2, or 3.

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 risks associated with investing in those securities.

Income taxes:

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

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2015 – 2017), or expected to be taken in the Fund’s 2018 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 12 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.

As of May 31, 2019, there were no reclassifications to the capital accounts.

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

Use of estimates:

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

Other:

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

Recent accounting pronouncements:

As of November 5, 2018, pursuant to the SEC Release #33-10532 “Disclosure Update and Simplification”, funds are no longer required to disclose whether the distributions from earnings are either from net investment income or net realized capital gains. The presentation for the year ended November 30, 2017, has been adjusted for this change in the Statement of Changes in Net Assets.

In March 2017, FASB issued Accounting Standards Update No. 2017-08, “Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities” (“ASU 2017-08”). ASU 2017-08 shortens the amortization period to the earliest call date for certain purchased callable debt securities held at a premium. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the impact of applying this guidance.

In August 2018, FASB issued Accounting Standards Update No. 2018-13, “Fair Value Measurement (Topic 820: Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 eliminates the requirement to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the timing of transfers between levels

10     May 31, 2019 Semi-Annual Report

Notes to Financial Statements (continued) (unaudited)

of the fair value hierarchy and the valuation processes for Level 3 fair value measurements. ASU 2018-13 will require the need to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements and the changes in unrealized gains and losses for recurring Level 3 fair value measurements. ASU 2018-13 will also require that information is provided about the measurement uncertainty of Level 3 fair value measurements as of the reporting date. The guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, and allows for early adoption of either the entire standard or only the provisions that eliminate or modify the requirements. Management has elected to adopt early the provisions that eliminate the disclosure requirements. Management is still currently evaluating the impact of applying the rest of the guidance.

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, 2019, the Fund incurred advisory fee expenses of $33,263. Expenses incurred by the Trust on behalf of the Fund (e.g., legal fees) are allocated to the Fund and the other Funds of the Trust on the basis of relative daily average net assets.

Saturna Capital also acts as transfer agent for the Fund, for which it did not receive any compensation during the fiscal period ended May 31, 2019. Saturna Capital has voluntarily elected to waive the transfer agent fee through May 31, 2019, to reduce the Fund’s operating expenses. Such fees, had they been charged, would have totaled $918.

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, 2019, the Fund incurred retirement plan custodial fees of $50.

Mrs. Jane Carten serves as a trustee and president of the Trust. She is also a director and the president of Saturna Capital and Saturna Trust Company. She is not compensated by the Trust. For the fiscal year ended May 31, 2019, the Trust paid trustee compensation expenses of $17,000 which is included in the $32,456 of total expenses paid for the independent Trustees. The Fund’s allocation of these expenses was $2,781.

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 period ended May 31, 2019, the Fund’s allocation of these expenses was $1,980.

On May 31, 2019, the trustees, officers, and their immediate families as a group directly or indirectly owned 17.44% of the outstanding shares of the Fund.

Note 5 – Distributions to Shareowners

The tax characteristics of distributions paid during the fiscal periods ended May 31, 2019, and November 30, 2018, were as follows:

	May 31, 2019		November 30, 2018
Tax-exempt income		$142,704		$360,134
Taxable income		$-		$1,201

Note 6 – Federal Income Taxes

The cost basis of investments for federal income tax purposes at May 31, 2019, were as follows:

Cost of investments	$12,308,490
Gross unrealized appreciation	$482,345
Gross unrealized depreciation	$(1,425	)
Net unrealized appreciation	$480,920

As of November 30, 2018, the components of distributable earnings on a tax basis were as follows:

Undistributed tax exempt income	$3,051
Tax-exempt accumulated earnings	$3,051
Accumulated capital loss	$(107,595	)
Unrealized appreciation	$(27,248	)
Total accumulated earnings	$(131,792	)

As of November 30, 2018, the Fund had capital loss carryforwards as follows, subject to regulation.

	Carryforward		Expiration
Short-term loss carryforward	$(56,781	)	Unlimited
Long-term loss carryforward	$(50,814	)	Unlimited
	$(107,595	)

Note 7 – Investments

During the period ended May 31, 2019, the Fund purchased $298,483 of securities and sold/matured $1,012,441 of securities.

Note 8 – Custodian

Under the agreement in place with UMB Bank, custody fees are reduced by credits for cash balances. Such reduction for the period ended May 31, 2019, amounted to $234.

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 other events or transactions during the period that materially impacted the amounts or disclosures in the Funds’ financial statements.

Semi-Annual Report May 31, 2019     11

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, 2018, to May 31, 2019).

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, 2018]	Ending Account Value [May 31, 2019]	Expenses Paid During Period1	Annualized Expense Ratio
Actual	$1,000.00	$1,050.90	$3.29	0.64%
Hypothetical (5% return before expenses)	$1,000.00	$1,021.72	$3.24	0.64%

¹ Expenses are equal to Idaho Tax-Exempt Bond Fund’s annualized expense ratio of 0.67% (based on the most recent semi-annual period of December 1, 2018 through May 31, 2019) multiplied by the average account value over the period multiplied by 183/365 (to reflect the one-half year period).

12     May 31, 2019 Semi-Annual Report

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

May 31, 2019      Semi-Annual Report 13

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.

14     May 31, 2019 Semi-Annual Report

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, 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, 2019      Semi-Annual Report 15

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 4, 2019, Mrs. Jane Carten (President) and Mr. Christopher Fankhauser (Treasurer) 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/ Jane K. Carten, President
Signature and Title

Jane K. Carten, President
Printed name and Title

July 30, 2019
Date

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

By:

/s/ Jane K. Carten, President
Signature and Title

Jane K. Carten, President
Printed name and Title

July 30, 2019
Date

By:

/s/ Christopher Fankhauser, Treasurer
Signature and Title

Christopher Fankhauser, Treasurer
Printed name and Title

July 30, 2019
Date