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, 2021
Date of reporting period: May 31, 2021

Item 1. Report To Shareowners

LOGO


Performance Summary (as of June 30, 2021)


						Expense Ratio¹

Average Annual Total Returns	1 Year	3 Year	5 Year	10 Year	15 Year	Gross	Net

Sextant Short-Term Bond Fund (STBFX)	0.15%	2.79%	1.69%	1.37%	2.38%	0.90%	0.60%

FTSE USBIG Govt/Corp 1-3 Year Index	0.48%	2.94%	1.87%	1.46%	2.47%		n/a

Sextant Bond Income Fund (SBIFX)	-0.80%	5.76%	3.25%	3.83%	4.43%	0.63%	0.48%

FTSE US Broad Investment-Grade Bond Index	-0.21%	5.46%	3.10%	3.43%	4.51%		n/a

Sextant Core Fund (SCORX)	18.70%	10.88%	8.99%	6.34%	n/a		0.88%

Dow Jones Moderate US Portfolio Index	24.96%	10.42%	9.89%	7.88%	7.03%		n/a

Sextant Global High Income Fund (SGHIX)	16.07%	4.85%	7.42%	n/a	n/a	0.70%	0.55%

S&P Global 1200 Index	39.13%	15.33%	15.39%	11.10%	8.41%		n/a

Sextant Growth Fund Investor Shares (SSGFX)	35.17%	22.58%	20.42%	14.00%	10.34%		1.05%

Sextant Growth Fund Z Shares (SGZFX)	35.43%	22.90%	n/a	n/a	n/a		0.82%

S&P 500 Index	40.79%	18.64%	17.64%	14.83%	10.72%		n/a

Sextant International Fund Investor Shares (SSIFX)	31.12%	14.90%	14.35%	6.68%	6.75%		0.83%

Sextant International Fund Z Shares (SIFZX)	31.41%	15.16%	n/a	n/a	n/a		0.63%

MSCI EAFE Index	32.92%	8.75%	10.79%	6.38%	4.88%		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 47 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.

By regulation, expense ratios shown in this table are as stated in the Funds’ most recent prospectus, which is dated March 30, 2021, and incorporate results for the fiscal year ended November 30, 2020. 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 adviser, 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, 2021	Semi-Annual Report


Fellow Shareowners:			July 19, 2021

Equity securities markets appreciated well during the six-months ended May 31, 2021. The S&P 500 Index, which experienced dramatic COVID-19 pandemic-induced volatility in 2020, finished out the Funds’ fiscal period with a six-month return of 16.95% as of May 31, 2021. The Dow Jones Moderate Portfolio Index rose 9.93% during the same period. Foreign markets posted similar positive returns during the period, with the MSCI EAFE Index rising 15.90% and the S&P Global 1200 Index rising 16.97%. Fixed-income markets faced challenges, with some indices falling into negative territory; the FTSE USBIG Bond Index lost -2.26% and the shorter-term FTSE USBIG Government/Corporate 1-3 Year Index climbed a modest 0.24%.

The Sextant Funds trailed modestly compared to these indices. For the fiscal period ended May 31, 2021, Sextant Growth Fund Investor Shares gained 10.20%, Sextant International Fund Investor Shares rose 11.46%, Sextant Core Fund gained 8.55%, Sextant Global High Income Fund gained 11.09%, Sextant Bond Income Fund fell -4.57%, and Sextant Short-Term Bond Fund fell -0.15%.

The Sextant Funds provide essential

building blocks for diversified portfolios.

The Sextant Funds 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 providing basic elements to build a low-expense, balanced investment program emphasizing a value approach to investing.

The annualized expense ratios of the six no-12b-1 fee Sextant Fund share classes range from 0.48% to 1.05%. Saturna Capital helped by capping expenses for the Sextant Short-Term, Sextant Bond Income, and Sextant Global High Income Funds. Overall assets of the Funds were $193.0 million as of May 31, 2021.

While much of the world continues to struggle with the more contagious Delta variant of the coronavirus, higher vaccination rates in the US appear to have blunted the threat, at least in those regions with greater vaccination acceptance. This will likely lead to increased economic activity, higher inflation, and stronger corporate earnings. Despite the rising rate environment at the time of writing, we note that market weakness during a time of economic ebullience would be unusual.



Semi-Annual Report	May 31, 2021	3

Political uncertainties remain, with the US administration’s proposed infrastructure bills and changes to the tax code. It now appears that a slimmed-down bipartisan infrastructure bill may pass in some form. As for taxes, little has moved forward on the domestic front, but the administration has won international backing for a global minimum tax of 15% with 130 countries, including every member of the Group of 20, agreeing to the plan. The OECD estimates that governments lose $100-240 billion every year to tax avoidance, so the revenue will not make a huge difference to national budgets, but it could certainly affect individual corporate earnings for multi-nationals that have employed foreign domicile, royalty schemes, and other dodges. Of course, congressional approval is dubious.

Broad recovery and a return to more normal conditions seem on track, at least in places with broad vaccine acceptance. We undoubtedly face more economic turmoil, but we retain faith in the power of human resilience and creativity. We will continue to hold the wheel, actively charting a course through turbulent waters. We thank you for your continued investment with us.

Respectfully,

(photo omitted)

Jane Carten,

President

(photo omitted)

Gary Goldfogel,

Independent Board Chairman



Sextant Funds Portfolio Management

(photo omitted)	Scott Klimo CFA^® Sextant Growth Fund Portfolio Manager	(photo omitted)	Elizabeth Alm CFA^® Sextant Bond Income Fund Portfolio Manager Sextant Short-Term Bond Fund Deputy Portfolio Manager

(photo omitted)	Christopher Paul MBA, CFA^® Sextant Core Fund Sextant International Fund Portfolio Manager Sextant Growth Fund Deputy Portfolio Manager	(photo omitted)	Levi Stewart Zurbrugg MBA, CPA^® Sextant Short-Term Bond Fund Portfolio Manager

(photo omitted)	Bryce Fegley MS, CFA^®, CIPM^® Sextant Global High Income Fund Sextant Core Fund Portfolio Manager Sextant Bond Income Fund Deputy Portfolio Manager	(photo omitted)	Chris Lang CFA^® Sextant International Fund Deputy Portfolio Manager

(photo omitted)	Patrick Drum MBA, CFA^®, CFP^® Sextant Global High Income Fund Deputy Portfolio Manager



4	May 31, 2021	Semi-Annual Report

Performance Summary (as of May 31, 2021)


						Expense Ratio¹

Average Annual Total Returns	1 Year	3 Year	5 Year	10 Year	15 Year	Gross	Net

Sextant Short-Term Bond Fund (STBFX)	0.62%	2.82%	1.82%	1.40%	2.39%	0.90%	0.60%

FTSE USBIG Govt/Corp 1-3 Year Index	0.84%	3.00%	2.01%	1.48%	2.49%		n/a

Sextant Bond Income Fund (SBIFX)	-1.73%	4.91%	3.46%	3.56%	4.29%	0.63%	0.48%

FTSE US Broad Investment-Grade Bond Index	-0.38%	5.13%	3.30%	3.32%	4.47%		n/a

Sextant Core Fund (SCORX)	20.06%	10.80%	9.13%	6.27%	n/a		0.88%

Dow Jones Moderate US Portfolio Index	26.53%	10.11%	9.95%	7.70%	6.98%		n/a

Sextant Global High Income Fund (SGHIX)	17.70%	4.92%	8.12%	n/a	n/a	0.70%	0.55%

S&P Global 1200 Index	41.58%	14.90%	14.99%	10.81%	8.35%		n/a

Sextant Growth Fund Investor Shares (SSGFX)	35.83%	21.46%	19.10%	13.32%	9.99%		1.05%

Sextant Growth Fund Z Shares (SGZFX)	36.13%	21.77%	n/a	n/a	n/a		0.82%

S&P 500 Index	40.32%	18.04%	17.18%	14.38%	10.57%		n/a

Sextant International Fund Investor Shares (SSIFX)	31.19%	13.41%	13.69%	6.35%	6.51%	0.83%	0.82%

Sextant International Fund Z Shares (SIFZX)	31.42%	13.67%	n/a	n/a	n/a		0.63%

MSCI EAFE Index	39.46%	8.86%	10.37%	6.40%	4.99%		n/a



Semi-Annual Report	May 31, 2021	5

Sextant Short-Term Bond Fund


*Performance Summary*


Average Annual Total Returns as of May 31, 2021

	1 Year		5 Year		10 Year		Expense Ratio¹

Sextant Short-Term Bond Fund		0.62%		1.82%		1.40%		0.90%

FTSE USBIG Govt/Corp 1-3 Year Index		0.84%		2.01%		1.48%		n/a

Growth of $10,000


		Comparison of any mutual fund to a market index must be made bearing in mind that the index is expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on May 31, 2011, 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 $11,490 versus $11,584 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.

By regulation, the expense ratio shown in this table is as stated in the Fund’s most recent prospectus which is dated March 30, 2021, and incorporates results for the fiscal year ended November 30, 2020, 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 (2.50% due 08/15/2023)			5.9%

United States Treasury Note (2.625% due 12/31/2025)			5.7%

United States Treasury Note (2.875% due 04/30/2025)			4.8%

McCormick & Co. (2.70% due 08/15/2022)			4.1%

Exelon Generation (3.25% due 06/01/2025)			3.5%

Gilead Sciences (2.50% due 09/01/2023)			3.4%

Qualcomm (2.60% due 01/30/2023)			3.4%

Burlington Northern Santa Fe (3.05% due 09/01/2022)			3.3%

Costco Wholesale (2.75% due 05/18/2024)			3.3%

Microsoft (2.375% due 05/01/2023)			3.3%

Portfolio Diversification

% of Total Net Assets

Consumer Staples

18.6%

∎

LOGO

Government Bonds

18.2%

∎

Health Care

11.3%

∎

Utilities

9.3%

∎

Technology

8.8%

∎

Industrials

8.0%

∎

Financials

6.7%

∎

Materials

6.5%

∎

Consumer Discretionary

5.2%

∎

Other assets (net of liabilities)

7.4%

∎



6	May 31, 2021	Semi-Annual Report

Sextant Short-Term Bond Fund


Schedule of Investments						As of May 31, 2021

Corporate Bonds – 74.4%	Coupon / Maturity	Face Amount		Market Value		Percentage of Net Assets

Consumer Discretionary

Autozone	3.25% due 04/15/2025		$300,000		$323,596		2.6%

VF	2.40% due 04/23/2025		300,000		315,342		2.6%

					638,938		5.2%

Consumer Staples

Church & Dwight	2.875% due 10/01/2022		350,000		361,905		2.9%

Costco Wholesale	2.75% due 05/18/2024		385,000		410,572		3.3%

Dollar General	4.15% due 11/01/2025		300,000		336,784		2.8%

Estee Lauder	2.35% due 08/15/2022		350,000		359,049		2.9%

McCormick & Co.	2.70% due 08/15/2022		500,000		513,390		4.1%

Walmart	2.85% due 07/08/2024		300,000		321,772		2.6%

					2,303,472		18.6%

Financials

Paypal Holdings	2.65% due 10/01/2026		300,000		321,117		2.6%

Swiss Re America Holding	7.00% due 02/15/2026		100,000		125,077		1.0%

VISA	3.15% due 12/14/2025		350,000		383,908		3.1%

					830,102		6.7%

Health Care

Bristol-Myers Squibb	3.875% due 08/15/2025		300,000		336,541		2.7%

Celgene	2.25% due 08/15/2021		300,000		301,287		2.4%

Gilead Sciences	2.50% due 09/01/2023		400,000		417,112		3.4%

Teva Pharmaceutical	3.65% due 11/10/2021		350,000		351,750		2.8%

					1,406,690		11.3%

Industrials

Burlington Northern Santa Fe	3.05% due 09/01/2022		400,000		411,169		3.3%

Cintas Corp # 2	3.25% due 06/01/2022		400,000		408,687		3.3%

General Electric	4.65% due 10/17/2021		168,000		170,656		1.4%

					990,512		8.0%

Materials

3M	2.00% due 06/26/2022		400,000		407,771		3.3%

DuPont De Nemours	4.493% due 11/15/2025		350,000		399,346		3.2%

					807,117		6.5%

Technology

Apple	1.80% due 09/11/2024		250,000		260,802		2.1%

Microsoft	2.375% due 05/01/2023		395,000		409,214		3.3%

Qualcomm	2.60% due 01/30/2023		400,000		415,316		3.4%

					1,085,332		8.8%

Continued on next page.

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report

May 31, 2021

Sextant Short-Term Bond Fund

Schedule of Investments

As of May 31, 2021

Corporate Bonds – 74.4%

Coupon / Maturity

Face Amount

Market Value

Percentage of Net Assets

Utilities

Edison International

3.55% due 11/15/2024

$100,000

$107,455

0.9%

Exelon Generation

3.25% due 06/01/2025

400,000

431,431

3.5%

Florida Power & Light

2.85% due 04/01/2025

320,000

344,062

2.8%

PacifiCorp

2.95% due 06/01/2023

250,000

260,957

2.1%

1,143,905

9.3%

Total Corporate Bonds

(Cost $9,036,228)

$9,206,068

74.4%

Government Bonds – 18.2%

Coupon / Maturity

Face Amount

Market Value

Percentage of Net Assets

United States Treasury Notes

United States Treasury Note

2.50% due 08/15/2023

$700,000

$735,711

5.9%

United States Treasury Note

2.25% due 10/31/2024

200,000

212,461

1.8%

United States Treasury Note

2.875% due 04/30/2025

550,000

600,123

4.8%

United States Treasury Note

2.625% due 12/31/2025

650,000

706,418

5.7%

$2,254,713

18.2%

Total Government Bonds

(Cost $2,227,359)

$2,254,713

18.2%

Total investments

(Cost $11,263,587)

$11,460,781

92.6%

Other assets (net of liabilities)

921,927

7.4%

Total net assets

$12,382,708

100.0%

Bond Quality Diversification

% of Total Net Assets

Rated “AAA”

21.5%

∎

Rated “AA+”

2.1%

∎

Rated “AA”

2.6%

∎

Rated “AA-”

3.1%

∎

Rated “A+”

23.8%

∎

Rated “A-”

9.3%

∎

Rated “BBB+”

14.4%

∎

Rated “BBB”

9.5%

∎

Rated “BBB-”

3.5%

∎

Rated “BB-”

2.8%

∎

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 creditworthiness of the issuers of the underlying securities and not the Fund or its shares. Ratings may be subject to change.

May 31, 2021

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, 2021



Assets

Investments in securities, at value (Cost $11,263,587)			$11,460,781

Cash			845,320

Dividends and interest receivable			78,375

Prepaid expenses			11,296

Receivable for Fund shares sold			515


Total assets			12,396,287


Liabilities

Accrued advisory fees			5,253

Accrued retirement plan custody fee			2,529

Accrued printing fees			1,776

Accrued audit expenses			1,230

Accrued legal expenses			926

Accrued other expenses			735

Accrued trustee expenses			475

Accrued Chief Compliance Officer expenses			393

Accrued postage			230

Distributions payable			32


Total liabilities			13,579


Net Assets			$12,382,708



Analysis of net assets

Paid-in capital (unlimited shares authorized, without par value)			$12,199,581

Total distributable earnings			183,127


Net assets applicable to Fund shares outstanding			$12,382,708


Fund shares outstanding			2,414,764

Net asset value, offering, and redemption price per share			$5.13

Statement of Operations


Period ended May 31, 2021



Investment income

Interest income	$113,379

Miscellaneous income	25


Total investment income	113,404


Expenses

Investment advisory fees	26,062

Filing and registration fees	7,138

Audit fees	3,035

Retirement plan custodial fees	2,791

Printing and posting fees	1,365

Chief Compliance Officer expenses	1,117

Legal fees	999

Other expenses	629

Trustee fees	562

Custodian fees	259


Total gross expenses	43,957


Less adviser fees waived	(7,701	)

Less custodian fee credits	(259	)


Net expenses	35,997


Net investment income	$77,407





Net realized gain from investments	$6,233

Net decrease in unrealized appreciation on investments	$(106,578	)


Net loss on investments	$(100,345	)



Net decrease in net assets resulting from operations	$(22,938	)

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report

May 31, 2021

Sextant Short-Term Bond Fund


Statements of Changes in Net Assets	Period ended May 31, 2021		Year ended November 30, 2020

Increase in net assets from operations

From operations

Net investment income	$77,407		$185,663

Net realized gain (loss) on investment	6,233		(13,445	)

Net increase (decrease) in unrealized appreciation	(106,578	)	203,718


Net increase (decrease) in net assets	(22,938	)	375,936




Distributions to shareowners	(77,405	)	(185,659	)



Capital share transactions

Proceeds from sales of shares	1,892,209		1,277,945

Value of shares issued in reinvestment of dividends	77,098		184,987

Cost of shares redeemed	(912,711	)	(1,315,643	)


Total capital share transactions	1,056,596		147,289


Total increase in net assets	956,253		337,566



Net assets

Beginning of period	11,426,455		11,088,889

End of period	$12,382,708		$11,426,455



Shares of the Fund sold and redeemed

Number of shares sold	366,554		249,434

Number of shares issued in reinvestment of dividends	15,006		35,964

Number of shares redeemed	(177,284	)	(256,821	)


Net increase in number of shares outstanding	204,276		28,577


Financial Highlights	For period ended				For year ended November 30,

Selected data per share of outstanding capital stock throughout each period:	May 31, 2021		2020		2019		2018		2017		2016

Net asset value at beginning of period	$5.17		$5.08		$4.94		$5.00		$5.02		$5.02

Income from investment operations

Net investment income	0.03		0.08		0.09		0.07		0.06		0.05

Net gains (losses) on securities (both realized and unrealized)	(0.04	)	0.09		0.14		(0.06	)	(0.02	)	0.00	^A


Total from investment operations	(0.01	)	0.17		0.23		0.01		0.04		0.05


Less distributions

Dividends (from net investment income)	(0.03	)	(0.08	)	(0.09	)	(0.07	)	(0.06	)	(0.05	)

Distributions from capital gains	-		-		-		(0.00	)^A	-		-


Total distributions	(0.03	)	(0.08	)	(0.09	)	(0.07	)	(0.06	)	(0.05	)




Net asset value at end of period	$5.13		$5.17		$5.08		$4.94		$5.00		$5.02


Total return^B	(0.15	)%	3.46%		4.64%		0.26%		0.87%		1.06%

Ratios / supplemental data

Net assets ($000), end of period	$12,383		$11,426		$11,089		$10,276		$10,705		$10,326

Ratio of expenses to average net assets

Before fee waivers and custodian fee credits^C	0.71%		0.90%		0.87%		0.91%		1.01%		1.15%

After fee waivers^C	0.59%		0.60%		0.61%		0.61%		0.68%		0.76%

After transfer agent fee waiver and custodian fee credits^C	0.58%		0.60%		0.60%		0.60%		0.68%		0.75%

Ratio of net investment income after fee waivers and custodian fee credits to average net assets^C	1.25%		1.64%		1.75%		1.44%		1.26%		1.05%

Portfolio turnover rate^B	20%		36%		32%		36%		31%		11%

^A	Amount is less than $0.01.

^B	Not annualized for periods less than one year.

^C	Annualized for periods less than one year.

May 31, 2021

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, 2021

	1 Year		5 Year		10 Year		Expense Ratio¹

Sextant Bond Income Fund		-1.73%		3.46%		3.56%		0.63%

FTSE US Broad Investment-Grade Bond Index		-0.38%		3.30%		3.32%		n/a

Growth of $10,000


		Comparison of any mutual fund to a market index must be made bearing in mind that the index is expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on May 31, 2011, 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 $14,190 versus $13,861 in the Index.

By regulation, the expense ratio shown in this table is as stated in the Fund’s most recent prospectus which is dated March 30, 2021, and incorporates results for the fiscal year ended November 30, 2020, 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 Bond (4.25% due 05/15/2039)			8.1%

United States Treasury Bond (3.375% due 11/15/2048)			5.4%

United States Treasury Bond (5.375% due 02/15/2031)			4.3%

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)			3.3%

Home Depot (5.875% due 12/16/2036)			3.3%

Burlington Northern Santa Fe (5.05% due 03/01/2041)			3.2%

Praxair (3.55% due 11/07/2042)			3.1%

Puget Sound Energy (4.434% due 11/15/2041)			2.8%


Portfolio Diversification

% of Total Net Assets

Government Bonds	25.8%	∎
Health Care	12.2%	∎
Technology	10.6%	∎
Financials	8.0%	∎
Utilities	7.6%	∎
Industrials	7.0%	∎
Consumer Discretionary	5.9%	∎
Energy	5.7%	∎
Consumer Staples	5.3%	∎
Materials	3.1%	∎
Municipal Bonds	1.3%	∎
Other assets (net of liabilities)	7.5%	∎



Semi-Annual Report	May 31, 2021	11

Sextant Bond Income Fund


Schedule of Investments						As of May 31, 2021

Corporate Bonds – 65.4%	Coupon / Maturity	Face Amount		Market Value		Percentage of Net Assets

Consumer Discretionary

Home Depot	5.875% due 12/16/2036		$300,000		$416,882		3.3%

Lowe’s	5.80% due 10/15/2036		250,000		322,582		2.6%

					739,464		5.9%

Consumer Staples

Kimberly Clark	5.30% due 03/01/2041		100,000		134,094		1.0%

Procter & Gamble	5.50% due 02/01/2034		200,000		267,547		2.1%

Unilever Capital	5.90% due 11/15/2032		200,000		271,870		2.2%

					673,511		5.3%

Energy

Baker Hughes	6.875% due 01/15/2029		100,000		128,169		1.0%

Canadian Natural Resources	6.45% due 06/30/2033		225,000		292,085		2.3%

Statoil	7.15% due 01/15/2029		224,000		296,846		2.3%

					717,100		5.6%

Financials

Affiliated Managers Group	3.50% due 08/01/2025		250,000		272,423		2.2%

Bank Of New York Mellon MTN	3.30% due 08/23/2029		250,000		272,787		2.2%

Chubb Ina Holdings	4.35% due 11/03/2045		100,000		122,030		1.0%

UBS AG Stamford CT	7.75% due 09/01/2026		200,000		257,519		2.0%

					924,759		7.4%

Health Care

Becton Dickinson	6.70% due 08/01/2028		240,000		299,906		2.4%

Johnson & Johnson	4.95% due 05/15/2033		226,000		293,768		2.3%

Johnson & Johnson	5.85% due 07/15/2038		50,000		71,239		0.5%

Medtronic	4.375% due 03/15/2035		260,000		317,814		2.5%

Merck & Co.	6.50% due 12/01/2033		215,000		310,472		2.5%

Merck & Co.	1.2165% due 06/15/2047		100,000		85,864		0.7%

Teva Pharmaceutical	3.65% due 11/10/2021		250,000		251,250		2.0%

					1,630,313		12.9%

Industrials

Burlington Northern Santa Fe	5.05% due 03/01/2041		310,000		399,223		3.2%

Deere & Co.	8.10% due 05/15/2030		95,000		139,540		1.1%

United Technologies	6.05% due 06/01/2036		250,000		342,107		2.7%

					880,870		7.0%

Continued on next page.

May 31, 2021

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, 2021

Corporate Bonds – 65.4%	Coupon / Maturity	Face Amount		Market Value		Percentage of Net Assets

Materials

Praxair	3.55% due 11/07/2042		$350,000		$389,299		3.1%

					389,299		3.1%

Technology

Apple	4.50% due 02/23/2036		$350,000		$434,347		3.4%

Intel	4.00% due 12/15/2032		360,000		422,742		3.3%

Microsoft	4.20% due 11/03/2035		350,000		423,470		3.4%

Microsoft	5.30% due 02/08/2041		50,000		69,228		0.5%

					1,349,787		10.6%

Utilities

Alabama Power	4.15% due 08/15/2044		200,000		233,724		1.9%

Entergy Louisiana	5.40% due 11/01/2024		200,000		231,011		1.8%

Florida Power & Light	5.95% due 10/01/2033		100,000		136,791		1.1%

Puget Sound Energy	4.434% due 11/15/2041		300,000		355,086		2.8%

					956,612		7.6%



Total Corporate Bonds	(Cost $8,391,349)				$8,261,715		65.4%



Government Bonds – 25.8%	Coupon / Maturity	Face Amount		Market Value		Percentage of Net Assets

Foreign Government Bonds

Quebec Canada Yankee	7.125% due 02/09/2024		$175,000		$205,514		1.6%

					205,514		1.6%

United States Treasury Bonds

United States Treasury Bond	5.25% due 02/15/2029		170,000		218,636		1.7%

United States Treasury Bond	6.125% due 08/15/2029		225,000		308,276		2.4%

United States Treasury Bond	6.25% due 05/15/2030		75,000		105,313		0.9%

United States Treasury Bond	5.375% due 02/15/2031		400,000		539,188		4.3%

United States Treasury Bond	4.25% due 05/15/2039		770,000		1,026,897		8.1%

United States Treasury Bond	3.125% due 11/15/2041		145,000		167,951		1.4%

United States Treasury Bond	3.375% due 11/15/2048		560,000		688,297		5.4%

					3,054,558		24.2%



Total Government Bonds	(Cost $349,204)				$3,260,072		25.8%

Continued on next page.

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report

May 31, 2021

Sextant Bond Income Fund

Schedule of Investments

As of May 31, 2021

Municipal Bonds – 1.3%

Coupon / Maturity

Face Amount

Market Value

Percentage of Net Assets

Municipal Leases

Oklahoma City Fin Auth Ed Lease Rev

6.60% due 09/01/2022

$160,000

$170,515

1.3%

170,515

1.3%

Total Municipal Bonds

(Cost $2,243,050)

$170,515

1.3%

Total investments

(Cost $10,983,603)

$11,692,302

92.5%

Other assets (net of liabilities)

941,948

7.5%

Total net assets

$12,634,250

100.0%

Bond Quality Diversification

% of Total Net Assets

Rated “AAA”

30.9%

∎

LOGO

Rated “AA+”

3.4%

∎

Rated “AA-”

6.0%

∎

Rated “A+”

13.0%

∎

Rated “A”

17.0%

∎

Rated “A-”

8.7%

∎

Rated “BBB+”

6.8%

∎

Rated “BBB”

2.4%

∎

Rated “BBB-”

2.3%

∎

Rated “BB-”

2.0%

∎

Other assets (net of liabilities)

7.5%

∎

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.

May 31, 2021

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, 2021



Assets

Investments in securities, at value (Cost $10,983,603)			$11,692,302

Cash			831,790

Interest receivable			109,914

Prepaid expenses			13,701

Receivable for Fund shares sold			732

Other assets			400


Total assets			12,648,839


Liabilities

Accrued advisory fees			5,397

Accrued retirement plan custody fee			2,183

Accrued printing fees			1,294

Accrued miscellaneous operating expenses			1,251

Distributions payable			1,181

Accrued legal expenses			1,026

Accrued postage			969

Accrued Chief Compliance Officer expenses			962

Accrued trustee expenses			279

Payable for Fund shares redeemed			36

Accrued audit expenses			11


Total liabilities			14,589


Net assets			$12,634,250



Analysis of net assets

Paid-in capital (unlimited shares authorized, without par value)			$11,939,830

Total distributable earnings			694,420


Net assets applicable to Fund shares outstanding			$12,634,250


Fund shares outstanding			2,372,601

Net asset value, offering, and redemption price per share			$5.33

Statement of Operations


Period ended May 31, 2021



Investment income

Interest income	$186,773

Miscellaneous income	25


Total investment income	186,798


Expenses

Investment advisory fees	20,641

Filing and registration fees	5,850

Audit fees	3,844

Chief Compliance Officer expenses	2,645

Retirement plan custodial fees	2,426

Other expenses	1,623

Printing and postage fees	1,480

Trustee fees	1,360

Legal fees	542

Custodian fees	277


Total gross expenses	40,688


Less adviser fees waived	(6,710	)

Less custodian fee credits	(277	)


Net expenses	33,701


Net investment income	$153,097





Net decrease in unrealized appreciation on investments	$(800,075	)


Net loss on investments	$(800,075	)



Net decrease in net assets resulting from operations	$(646,978	)

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report

May 31, 2021

Sextant Bond Income Fund


Statements of Changes in Net Assets	Period ended May 31, 2021		Year ended November 30, 2020

Increase (decrease) in net assets from operations

From operations

Net investment income	$153,097		$336,193

Net realized loss on investments	-		(11,587	)

Net increase (decrease) in unrealized appreciation	(800,075	)	757,205


Net increase (decrease) in net assets	(646,978	)	1,081,811




Distributions to shareowners	(153,103	)	(335,345	)



Capital share transactions

Proceeds from sales of shares	426,054		1,259,745

Value of shares issued in reinvestment of dividends	144,659		316,302

Cost of shares redeemed	(1,178,528	)	(733,920	)


Total capital share transactions	(607,815	)	842,127


Total increase (decrease) in net assets	(1,407,896	)	1,588,593



Net assets

Beginning of period	14,042,146		12,453,553

End of period	$12,634,250		$14,042,146



Shares of the Fund sold and redeemed

Number of shares sold	78,044		230,919

Number of shares issued in reinvestment of dividends	26,787		57,146

Number of shares redeemed	(218,649	)	(135,160	)


Net increase (decrease) in number of shares outstanding	(113,818	)	152,905


Financial Highlights	For period ended				For year ended November 30,

Selected data per share of outstanding capital stock throughout each period:	May 31, 2021		2020		2019		2018		2017		2016

Net asset value at beginning of period	$5.65		$5.34		$4.89		$5.14		$5.07		$5.07

Income from investment operations

Net investment income	0.06		0.14		0.15		0.16		0.16		0.15

Net gains (losses) on securities (both realized and unrealized)	(0.32	)	0.31		0.45		(0.25	)	0.07		0.00	^A


Total from investment operations	(0.26	)	0.45		0.60		(0.09	)	0.23		0.15


Less distributions

Dividends (from net investment income)	(0.06	)	(0.14	)	(0.15	)	(0.16	)	(0.16	)	(0.15	)


Total distributions	(0.06	)	(0.14	)	(0.15	)	(0.16	)	(0.16	)	(0.15	)




Net asset value at end of period	$5.33		$5.65		$5.34		$4.89		$5.14		$5.07


Total return^B	(4.57	)%	8.48%		12.45%		(1.78	)%	4.51%		2.91%

Ratios / supplemental data

Net assets ($000), end of period	$12,634		$14,042		$12,454		$10,933		$9,496		$9,703

Ratio of expenses to average net assets

Before transfer agent fee waiver and custodian fee credits^C	0.61%		0.63%		0.71%		0.86%		0.98%		1.01%

After fee waivers^C	0.51%		0.48%		0.55%		0.66%		0.78%		0.89%

After transfer agent fee waiver and custodian fee credits^C	0.51%		0.48%		0.55%		0.65%		0.78%		0.88%

Ratio of net investment income after fee waiver and custodian credits to average net assets^C	2.31%		2.50%		2.96%		3.20%		3.05%		2.85%

Portfolio turnover rate^B	3%		8%		21%		0%		4%		11%

^A	Amount is less than $0.01.

^B	Not annualized for periods less than one year.

^C	Annualized for periods less than one year.

May 31, 2021

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, 2021



	1 Year		5 Year		10 Year		Expense Ratio¹

Sextant Core Fund		20.06%		9.13%		6.27%		0.88%

Dow Jones Moderate US Portfolio Index		26.53%		9.95%		7.70%		n/a

Growth of $10,000


		Comparison of any mutual fund to a market index must be made bearing in mind that the index is expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on May 31, 2011, 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 $18,375 versus $21,012 in the Index.

By regulation, the expense ratio shown in this table is as stated in the Fund’s most recent prospectus, which is dated March 30, 2021, and incorporates results for the fiscal year ended November 30, 2020. 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.


Top 10 Holdings

% of Total Net Assets

United States Treasury Bond (6.25% due 08/15/2023)			2.4%

Virtu Financial			2.2%

Welltower (4.25% due 04/15/2028)			1.9%

United States Treasury Note (2.75% due 11/15/2023)			1.8%

Johnson Controls International			1.8%

Walt Disney (6.40% due 12/15/2035)			1.8%

PacifiCorp (6.00% due 01/15/2039)			1.7%

Abbott Laboratories			1.6%

PNC Financial Services Group			1.5%

JP Morgan Chase			1.5%

Asset Allocation

% of Total Net Assets

Equity Securities

61.5%

∎

Fixed Income Securities

27.7%

∎

Other assets (net of liabilities)

10.8%

∎


Portfolio Diversification

	% of Total Net Assets

Sectors	Equity	Bonds

Health Care	10.3%	2.2%

Technology	11.2%	1.2%

Industrials	7.0%	4.6%

Financials	9.1%	2.4%

Consumer Discretionary	7.0%	3.3%

Government Bonds	0.0%	8.3%

Communications	3.4%	2.8%

Materials	4.7%	0.0%

Consumer Staples	4.1%	0.0%

Utilities	2.2%	1.7%

Energy	2.5%	0.0%

Municipal Bonds	0.0%	1.2%

Total	61.5%	27.7%



Semi-Annual Report	May 31, 2021	17

Sextant Core Fund


Schedule of Investments								As of May 31, 2021

Common Stocks – 61.5%	Number of Shares		Cost		Market Value		Country¹	Percentage of Net Assets

Communications

Internet Media

Alphabet, Class A²		100		$77,588		$235,685	United States		1.1%

Telecom Carriers

BCE		4,000		168,153		198,880	Canada		1.0%

Telus		8,000		143,751		180,480	Canada		0.9%

Verizon Communications		1,500		85,062		84,735	United States		0.4%



				396,966		464,095			2.3%

				474,554		699,780			3.4%

Consumer Discretionary

Apparel, Footwear & Accessory Design

VF		2,800		158,186		223,216	United States		1.1%

Home Improvement

Stanley Black & Decker		1,000		96,914		216,800	United States		1.1%

Home Products Stores

Home Depot		600		114,158		191,346	United States		1.0%

Lowe’s		1,400		86,638		272,762	United States		1.3%



				200,796		464,108			2.3%

Specialty Apparel Stores

Industria de Diseno Textil ADR		7,000		89,500		135,940	Spain		0.7%

Ross Stores		1,750		125,298		221,183	United States		1.1%

TJX Companies		2,200		109,838		148,588	United States		0.7%



				324,636		505,711			2.5%

				780,532		1,409,835			7.0%

Consumer Staples

Beverages

PepsiCo		1,250		126,934		184,925	United States		0.9%

Household Products

Procter & Gamble		1,150		93,040		155,078	United States		0.8%

Unilever ADR		2,900		132,633		173,913	United Kingdom		0.8%



			225,673		328,991			1.6%

Packaged Food

McCormick & Co		1,000		66,544		89,060	United States		0.4%

Nestle ADR		1,900		147,925		234,973	Switzerland		1.2%



				214,469		324,033			1.6%

				567,076		837,949			4.1%

Continued on next page.

May 31, 2021

Semi-Annual Report

The accompanying notes are an integral part of these financial statements.

Sextant Core Fund


Schedule of Investments								As of May 31, 2021

Common Stocks – 61.5%	Number of Shares		Cost		Market Value		Country¹	Percentage of Net Assets

Energy

Exploration & Production

ConocoPhillips		4,000		$159,112		$222,960	United States		1.1%

Integrated Oils

Royal Dutch Shell ADR, Class A		5,100		191,607		196,911	Netherlands		1.0%

Refining & Marketing

Phillips 66		1,100		73,403		92,642	United States		0.4%

				424,122		512,513			2.5%

Financials

Banks

PNC Financial Services Group		1,600		231,045		311,488	United States		1.5%

Consumer Finance

Mastercard, Class A		500		137,490		180,290	United States		0.9%

Visa		900		138,794		204,570	United States		1.0%



				276,284		384,860			1.9%

Diversified Banks

JP Morgan Chase		1,850		227,968		303,844	United States		1.5%

Institutional Brokerage

Virtu Financial		15,000		282,564		456,750	United States		2.2%

Investment Management

BlackRock		300		134,600		263,112	United States		1.3%

P&C Insurance

Chubb		810		102,989		137,692	Switzerland		0.7%

				1,255,450		1,857,746			9.1%

Health Care

Biotech

Amgen		880		141,189		209,387	United States		1.0%

Large Pharma

Bristol-Myers Squibb		4,000		209,514		262,880	United States		1.3%

Johnson & Johnson		1,515		131,720		256,414	United States		1.3%

Novartis ADR		2,300		199,722		203,274	Switzerland		1.0%

Novo Nordisk ADR		2,450		81,372		193,305	Denmark		0.9%

Pfizer		5,500		178,211		213,015	United States		1.0%



				800,539		1,128,888			5.5%

Managed Care

Humana		250		104,748		109,425	United States		0.5%

UnitedHealth Group		300		103,583		123,576	United States		0.6%



				208,331		233,001			1.1%

Medical Devices

Abbott Laboratories		2,700		97,630		314,955	United States		1.6%

Continued on next page.

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report

May 31, 2021

Sextant Core Fund


Schedule of Investments								As of May 31, 2021

Common Stocks – 61.5%	Number of Shares		Cost		Market Value		Country¹	Percentage of Net Assets

Health Care (continued)

Medical Equipment

Koninklijke Philips		3,877		$137,793		$218,973	Netherlands		1.1%

				1,385,482		2,105,204			10.3%

Industrials

Commercial & Residential Building Equipment & Systems

Honeywell International		1,000		49,532		230,910	United States		1.1%

Johnson Controls International		5,550		210,386		369,297	United States		1.8%



				259,918		600,207			2.9%

Flow Control Equipment

Parker Hannifin		800		78,065		246,520	United States		1.2%

Industrial Distribution & Rental

Fastenal		2,800		64,603		148,512	United States		0.8%

Rail Freight

Canadian National Railway		2,000		86,366		225,140	Canada		1.1%

Kansas City Southern Industries		700		85,050		208,376	United States		1.0%



				171,416		433,516			2.1%

				574,002		1,428,755			7.0%

Materials

Basic & Diversified Chemicals

Linde		1,000		102,982		300,600	Ireland		1.5%

Precious Metal Mining

Barrick Gold		10,000		180,053		240,800	Canada		1.2%

Newmont Corporation		4,000		162,593		293,920	United States		1.4%



				342,646		534,720			2.6%

Specialty Chemicals

RPM International		1,400		44,141		130,942	United States		0.6%

				489,769		966,262			4.7%

Technology

Application Software

Open Text US		3,900		146,122		183,222	Canada		0.9%

Communications Equipment

Apple		2,400		56,454		299,064	United States		1.5%

Consumer Electronics

Nintendo ADR		2,600		135,995		201,032	United States		1.0%

Sony ADR		1,900		146,607		189,259	Japan		0.9%



				282,602		390,291			1.9%

Infrastructure Software

Microsoft		800		99,998		199,744	United States		1.0%

Oracle		3,100		124,402		244,094	United States		1.2%



				224,400		443,838			2.2%

Continued on next page.

May 31, 2021

Semi-Annual Report

The accompanying notes are an integral part of these financial statements.

Sextant Core Fund


Schedule of Investments								As of May 31, 2021

Common Stocks – 61.5%	Number of Shares		Cost		Market Value		Country¹	Percentage of Net Assets

Technology (continued)

IT Services

Amdocs		1,000		$58,919		$78,100	United States		0.4%

Semiconductor Devices

Infineon Technologies ADR		4,775		105,273		193,340	Germany		0.9%

Intel		3,500		143,397		199,920	United States		1.0%

Micron Technology²		1,400		50,458		117,796	United States		0.6%

NXP Semiconductors		950		90,827		200,849	Netherlands		1.0%

Qualcomm		1,200		65,413		161,448	United States		0.8%



				455,368		873,353			4.3%

				1,223,865		2,267,868			11.2%

Utilities

Integrated Utilities

Duke Energy		1,600		141,145		160,352	United States		0.8%

NextEra Energy		4,000		72,152		292,880	United States		1.4%



				213,297		453,232			2.2%

				213,297		453,232			2.2%



Total Common Stocks				$7,388,149		$12,539,144			61.5%



Corporate Bonds – 18.2%	Coupon / Maturity	Face Amount		Market Value		Percentage of Net Assets

Communications

Bellsouth Capital Funding	7.875% due 02/15/2030		$150,000		$202,925		1.0%

Walt Disney	6.40% due 12/15/2035		250,000		357,422		1.8%

					560,347		2.8%

Consumer Discretionary

Expedia Group	5.00% due 02/15/2026		250,000		284,831		1.4%

Lowe’s	4.25% due 09/15/2044		250,000		273,600		1.3%

Stanford University	4.013% due 05/01/2042		100,000		117,225		0.6%

					675,656		3.3%

Financials

General Electric Capital	5.35% due 04/15/2022		101,000		104,938		0.5%

Welltower	4.25% due 04/15/2028		350,000		396,373		1.9%

					501,311		2.4%

Health Care

Cardinal Health	3.50% due 11/15/2024		155,000		168,058		0.9%

Gilead Sciences	3.70% due 04/01/2024		250,000		270,205		1.3%

					438,263		2.2%

Continued on next page.

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report

May 31, 2021

Sextant Core Fund

Schedule of Investments

As of May 31, 2021

Corporate Bonds – 18.2%

Coupon / Maturity

Face Amount

Market Value

Percentage of Net Assets

Industrials

Burlington Nothern Santa Fe

6.20% due 08/15/2036

$120,000

$168,782

0.8%

Fedex

3.90% due 02/01/2035

250,000

280,525

1.4%

Legrand France Yankee

8.50% due 02/15/2025

170,000

217,063

1.1%

Union Pacific

3.375% due 02/01/2035

250,000

268,870

1.3%

935,240

4.6%

Technology

Qualcomm

3.25% due 05/20/2027

220,000

243,341

1.2%

243,341

1.2%

Utilities

PacifiCorp

6.00% due 01/15/2039

250,000

346,743

1.7%

346,743

1.7%

Total Corporate Bonds

$3,700,901

18.2%



Government Bonds – 8.3%	Coupon / Maturity	Face Amount		Market Value		Percentage of Net Assets

United States Treasury Bonds

United States Treasury Bond	6.25% due 08/15/2023		$438,000		$496,429		2.4%

United States Treasury Bond	4.50% due 02/15/2036		137,000		183,869		0.9%

United States Treasury Bond	3.625% due 02/15/2044		155,000		194,313		1.0%

					874,611		4.3%

United States Treasury Notes

United States Treasury Note	2.00% due 11/30/2022		250,000		257,051		1.3%

United States Treasury Note	1.625% due 04/30/2023		106,000		108,989		0.5%

United States Treasury Note	2.75% due 11/15/2023		350,000		371,738		1.8%

United States Treasury Note	2.00% due 05/31/2024		80,000		84,025		0.4%

					821,803		4.0%



Total Government Bonds					$1,696,414		8.3%

Continued on next page.

May 31, 2021

Semi-Annual Report

The accompanying notes are an integral part of these financial statements.

Sextant Core Fund

Schedule of Investments

As of May 31, 2021

Municipal Bonds – 1.2%

Coupon /Maturity

Face Amount

Market Value

Percentage of Net Assets

General Obligation

Skagit SD #1

4.613% due 12/01/2022

$100,000

$100,148

0.5%

$100,148

0.5%

Utility Networks

Tacoma WA Elec Sys Revenue

5.966% due 01/01/2035

100,000

136,832

0.7%

136,832

0.7%

Total Municipal Bonds

$236,980

1.2%

Total investments

(Cost $12,665,060)

$18,173,439

89.2%

Other assets (net of liabilities)

2,189,448

10.8%

Total net assets

$20,362,887

100.0%

¹	Country of domicile

²	Non-income producing security

ADR: American Depositary Receipt

Bond Quality Diversification

% of Total Net Assets

AAA

9.4%

∎

LOGO

0.7%

∎

A+

2.5%

∎

A-

3.6%

∎

BBB+

6.8%

∎

BBB

3.3%

∎

BBB-

1.4%

∎

Equity

61.5%

∎

Other assets (net of liabilities)

10.8%

∎

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report

May 31, 2021

Sextant Core Fund

Statement of Assets and Liabilities


As of May 31, 2021



Assets

Investments in securities, at value (Cost $12,665,060)			$18,173,439

Cash			2,123,011

Dividends and interest receivable			91,229

Receivable for Fund shares sold			17,988

Prepaid expenses			12,229

Receivable for security sales			1,400


Total assets			20,413,810


Liabilities

Payable for Fund shares redeemed			36,383

Accrued advisory fees			8,599

Accrued retirement plan custody fee			2,374

Accrued other expenses			2,153

Accrued trustee expenses			934

Accrued Chief Compliance Officer expenses			480


Total liabilities			50,923


Net assets			$20,362,887



Analysis of net assets

Paid-in capital (unlimited shares authorized, without par value)			$14,683,599

Total distributable earnings			5,679,288


Net assets applicable to Fund shares outstanding			$20,362,887


Fund shares outstanding			1,284,666

Net asset value, offering, and redemption price per share			$15.85

Statement of Operations


Period ended May 31, 2021



Investment income

Dividend Income (net of foreign tax of $7,185)	$130,470

Interest income	78,242

Miscellaneous income	25


Total investment income	208,737


Expenses

Investment adviser fees	34,852

Filing and registration fees	7,863

Audit fees	4,900

Retirement plan custodial fees	2,614

Chief Compliance Officer expenses	1,902

Trustee fees	1,795

Legal fees	1,734

Printing and postage fees	1,108

Other operating expenses	1,016

Custodian fees	405


Total gross expenses	58,189


Less custodian fee credits	(405	)


Net expenses	57,784


Net investment income	$150,953





Net realized gain from investments and foreign currency	$403,177

Net increase in unrealized appreciation on investments and foreign currency	1,048,002


Net gain on investments	$1,451,179



Net increase in net assets resulting from operations	$1,602,132

May 31, 2021

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, 2021		Year ended November 30, 2020

Increase in net assets from operations

From operations

Net investment income	$150,953		$242,931

Net realized gain (loss) on investment	403,177		(355,444	)

Net increase in unrealized appreciation	1,048,002		1,778,825


Net increase in net assets	1,602,132		1,666,312




Distributions to shareowners	(265,566	)	(973,278	)



Capital share transactions

Proceeds from sales of shares	1,973,853		3,542,735

Value of shares issued in reinvestment of dividends	265,046		971,268

Cost of shares redeemed	(2,174,883	)	(3,119,396	)


Total capital share transactions	64,016		1,394,607


Total increase in net assets	1,400,582		2,087,641



Net assets

Beginning of period	18,962,305		16,874,664

End of period	$20,362,887		$18,962,305



Shares of the Fund sold and redeemed

Number of shares sold	129,712		260,075

Number of shares issued in reinvestment of dividends	17,812		71,051

Number of shares redeemed	(143,654	)	(229,175	)


Net increase in number of shares outstanding	3,870		101,951


Financial Highlights	For period ended				For year ended November 30,

Selected data per share of outstanding capital stock throughout each period:	May 31, 2021		2020		2019		2018		2017		2016

Net asset value at beginning of period	$14.81		$14.31		$12.84		$12.99		$11.45		$11.25

Income from investment operations

Net investment income	0.21		0.19		0.15		0.18		0.16		0.18

Net gains (losses) on securities (both realized and unrealized)	1.04		1.13		1.49		(0.16	)	1.55		0.02


Total from investment operations	1.25		1.32		1.64		0.02		1.71		0.20


Less distributions

Dividends (from net investment income)	(0.21	)	(0.20	)	(0.17	)	(0.17	)	(0.17	)	-

Distributions (from capital gains)	-		(0.62	)	-		-		-		-


Total distributions	(0.21	)	(0.82	)	(0.17	)	(0.17	)	(0.17	)	-




Net asset value at end of period	$15.85		$14.81		$14.31		$12.84		$12.99		$11.45


Total return^A	8.55%		9.72%		13.04%		0.16%		15.15%		1.78%

Ratios / supplemental data

Net assets ($000), end of period	$20,363		$18,962		$16,875		$12,851		$12,980		$8,563

Ratio of expenses to average net assets

Before custodian fee credits^B	0.60%		0.88%		0.90%		0.88%		0.84%		1.05%

After custodian fee credits^B	0.60%		0.88%		0.90%		0.87%		0.83%		1.04%

Ratio of net investment income after custodian fee credits to average net assets^B	1.56%		1.40%		1.63%		1.41%		1.52%		1.52%

Portfolio turnover rate^A	12%		15%		28%		30%		34%		39%

^A	Not annualized.

^B	Annualized.

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report

May 31, 2021

Sextant Global High Income Fund


*Performance Summary*


Average Annual Total Returns as of May 31, 2021

	1 Year		5 Year		10 Year		Expense Ratio¹

Sextant Global High Income Fund²		17.70%		8.12%		n/a		0.70%

S&P Global 1200 Index		41.58%		14.99%		10.81%		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 $15,953 versus $28,240 in the S&P Global 1200 Index and $17,447 in the Bloomberg Barclays Global High Yield Corporate 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 30, 2021, and incorporates results for the fiscal year ended November 30, 2020, before fee waivers.

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.


Top 10 Holdings

% of Total Net Assets

Mexico Bonos Desarrollo (6.50% due 06/10/2021)			4.7%

BHP Biliton ADR			4.5%

South32 ADR			4.5%

Virtu Financial			4.2%

Equinor ADR			4.1%

Skandinaviska Enskilda Banken, Class A			3.6%

SK Telecom ADR			3.5%

Netflix (4.375% due 11/15/2026)			3.1%

Nissan Motor (4.81% due 09/17/2030)			3.0%

Jefferies Group (5.125% due 01/20/2023)			3.0%

Asset Allocation

% of Total Net Assets

Equity Securities

46.3%

∎

LOGO

Fixed Income Securities

46.1%

∎

Other assets (net of liabilities)

7.6%

∎


Portfolio Diversification

	% of Total Net Assets

Sectors		Equity	Fixed Income

Financials		9.6%	7.7%

Consumer Discretionary		0.0%	14.8%

Communications		8.8%	3.1%

Materials		9.0%	1.8%

Government Bonds		0.0%	10.0%

Energy		7.7%	1.7%

Technology		5.3%	1.1%

Health Care		4.5%	0.0%

Industrials		1.4%	2.8%

Consumer Staples		0.0%	2.5%

Municipal Bonds		0.0%	0.6%

Total		46.3%	46.1%



26	May 31, 2021	Semi-Annual Report

Sextant Global High Income Fund


Schedule of Investments								As of May 31, 2021

Common Stocks – 46.3%	Number of Shares	Cost		Market Value		Country¹		Percentage of Net Assets

Communications

Telecom Carriers

AT&T	7,500		$229,195		$220,725		United States		2.5%

Orange ADR	20,000		270,393		256,000		France		2.8%

SK Telecom ADR	10,000		167,681		320,400		Korea		3.5%

			667,269		797,125				8.8%

Energy

Integrated Oils

Equinor ADR	17,000		267,535		372,470		Norway		4.1%

Royal Dutch Shell ADR, Class A	3,800		241,427		146,718		Netherlands		1.6%

Total ADR	3,800		202,606		177,422		France		2.0%

			711,568		696,610				7.7%

Financials

Banks

Skandinaviska Enskilda Banken, Class A	25,000		233,632		322,356		Sweden		3.6%

Institutional Brokerage

Virtu Financial	12,500		199,625		380,625		United States		4.2%

Investment Companies

ICAHN Enterprises Depositary Unit	3,000		159,646		169,110		United States		1.8%

			592,903		872,091				9.6%

Health Care

Large Pharma

GlaxoSmithKline ADR	5,000		216,373		193,850		United Kingdom		2.1%

Novartis ADR	2,500		141,271		220,950		Switzerland		2.4%

			357,644		414,800				4.5%

Industrials

Infrastructure Construction

Shenzhen Investment Holdings	325,000		168,010		125,684		Hong Kong		1.4%

			168,010		125,684				1.4%

Materials

Base Metals

South32 ADR	35,000		217,442		406,000		Australia		4.5%

Steel Raw Material Suppliers

BHP Biliton ADR	5,500		209,118		407,605		Australia		4.5%

			426,560		813,605				9.0%

Technology

Communications Equipment

Cisco Systems	5,000		$179,893		$264,500		United States		2.9%

Continued on next page.

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report

May 31, 2021

Sextant Global High Income Fund

Schedule of Investments

As of May 31, 2021

Common Stocks – 46.3%

Number of Shares

Cost

Market Value

Country¹

Percentage of Net Assets

Technology (continued)

Infrastructure Software

Micro Focus International

30,000

$223,048

$219,600

United Kingdom

2.4%

402,941

484,100

5.3%

Total Common Stock

$3,326,895

$4,204,015

46.3%

Corporate Bonds – 35.5%

Coupon / Maturity

Face Amount

Market Value

Country¹

Percentage of Net Assets

Communications

Netflix

4.375% due 11/15/2026

$250,000

$281,948

United States

3.1%

281,948

3.1%

Consumer Discretionary

ADT

4.125% due 06/15/2023

150,000

155,865

United States

1.7%

Delta Air Lines

3.75% due 10/28/2029

250,000

249,563

United States

2.8%

Ford Motor

6.375% due 02/01/2029

220,000

250,800

Norway

2.8%

MDC Holdings

3.85% due 01/15/2030

200,000

214,400

United States

2.4%

Nissan Motor²

4.81% due 09/17/2030

250,000

276,750

United States

3.0%

YUM! Brands

3.625% due 03/15/2031

195,000

192,563

United States

2.1%

1,339,941

14.8%

Consumer Staples

Grupo Bimbo³

4.875% due 06/27/2044

200,000

231,060

Mexico

2.5%

231,060

2.5%

Energy

Petrobras International Finance

6.875% due 01/20/2040

50,000

59,000

Brazil

0.7%

Petrobras International Finance

6.75% due 01/27/2041

80,000

93,088

Brazil

1.0%

152,088

1.7%

Financials

Jefferies Group

5.125% due 01/20/2023

250,000

268,340

United States

3.0%

Lincoln National (3 month LIBOR plus 2.04%)⁴

2.22825% due 4/20/2067

250,000

207,500

United States

2.3%

Royal Bank of Scotland

6.125% due 12/15/2022

200,000

216,251

United Kingdom

2.4%

692,091

7.7%

Industrials

Burlington Northern Santa Fe

5.05% due 03/01/2041

200,000

257,563

United States

2.8%

257,563

2.8%

Materials

Allegheny Technologies

7.875% due 08/15/2023

150,000

165,440

United States

1.8%

165,440

1.8%

Continued on next page.

May 31, 2021

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, 2021

Corporate Bonds – 35.5%

Coupon / Maturity

Face Amount

Market Value

Country¹

Percentage of Net Assets

Technology

Hewlett Packard

4.65% due 12/09/2021

$100,000

$102,233

United States

1.1%

102,233

1.1%

Total Corporate Bonds

$3,222,364

35.5%

Government Bonds – 10.0%

Coupon / Maturity

Face Amount

Market Value

Country¹

Percentage of Net Assets

Foreign Government Bonds

Colombia Republic

8.375% due 02/15/2027

125,000

150,494

Colombia

1.7%

Federal Republic of Brazil

12.50% due 01/05/2022

BRL 500,000

99,692

Brazil

1.1%

Federal Republic of Brazil

8.50% due 01/05/2024

BRL 750,000

147,784

Brazil

1.6%

Mexico Bonos Desarrollo

6.50% due 06/10/2021

MXN 8,500,000

426,626

Mexico

4.7%

Republic of Argentina

1.00% due 07/09/2029

9,276

3,599

Argentina

0.0%

⁵

Republic of Argentina

0.125% due 07/09/2046

242,500

80,885

Argentina

0.9%

909,080

10.0%

Total Government Bonds

$909,080

10.0%

Municipal Bonds – 0.6%

Coupon / Maturity

Face Amount

Market Value

Country¹

Percentage of Net Assets

Real Estate

Colony TX NFM Sales Tax Revenue

7.625% due 10/01/2042

50,000

54,418

United States

0.6%

54,418

0.6%

Total Municipal Bonds

$54,418

0.6%

Warrants – 0.0%

Number of Shares

Cost

Market Value

Country¹

Percentage of Net Assets

Energy

Exploration & Production

Goodrich Petroleum Warrants⁶

1,707

United States

0.0%

Total Warrants

0.0%

Total investments

(Cost $7,661,154)

$8,389,877

92.4%

Other assets (net of liabilities)

687,130

7.6%

Total net assets

$9,077,007

100.0%

¹	Denotes a country of primary exposure

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. As of May 31, 2021, the net value of these securities was $276,750 representing 3.0% of net assets.

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. As of May 31, 2021, the aggregate value of these securities was $231,060 representing 2.5% of net assets.

⁴	Variable rate security. The interest rate represents the rate in effect as of May 31, 2021 and resets periodically based on the parenthetically disclosed reference rate and spread.

⁵	Less than 0.05%

⁶	Non-income producing

ADR: American Depositary Receipt

BRL: Brazilian Real

MXN: Mexican Peso

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report

May 31, 2021

Sextant Global High Income Fund

Schedule of Investments

As of May 31, 2021

Countries

Weightings shown are a percentage of total net assets.

Bond Quality Diversification

% of Total Net Assets

Rated “A+”

2.8%

∎

LOGO

Rated “BBB+”

4.7%

∎

Rated “BBB”

8.9%

∎

Rated “BBB-”

7.1%

∎

Rated “BB+”

8.3%

∎

Rated “BB”

1.6%

∎

Rated “BB-”

6.6%

∎

Rated “B+”

2.8%

∎

Rated “B”

1.8%

∎

Rated “CCC+”

0.9%

∎

Not rated

0.6%

∎

Equity

46.3%

∎

Other assets (net of liabilities)

7.6%

∎

May 31, 2021

Semi-Annual Report

The accompanying notes are an integral part of these financial statements.

Sextant Global High Income Fund

Statement of Assets and Liabilities


As of May 31, 2021





Assets

Investments in securities, at value (Cost $7,661,154)			$8,389,877

Cash			597,616

Dividends and interest receivable			90,496

Prepaid expenses			9,082

Receivable for Fund shares sold			818


Total assets			9,087,889


Liabilities

Accrued advisory fees			3,818

Accrued audit expenses			2,131

Accrued retirement plan custody fee			1,183

Accrued printing fees			1,174

Accrued trustee expenses			820

Accrued legal expenses			774

Accrued Chief Compliance Officer expenses			744

Accrued other operating expenses			142

Accrued postage			96


Total liabilities			10,882


Net assets			$9,077,007



Analysis of net assets

Paid-in capital (unlimited shares authorized, without par value)			$8,649,502

Total distributable earnings			427,505


Net assets applicable to Fund shares outstanding			$9,077,007


Fund shares outstanding			833,521

Net asset value, offering and redemption price per share			$10.89

Statement of Operations


Period ended May 31, 2021



Investment income

Dividend Income (net of foreign tax of ($12,922))	$103,957

Interest income	80,829


Total investment income	184,786


Expenses

Filing and registration fees	13,748

Investment advisory fees	13,392

Audit fees	2,608

Printing and postage fees	1,419

Retirement plan custodial fees	1,297

Chief Compliance Officer expenses	1,247

Trustee fees	828

Other expenses	818

Legal fees	614

Custodian fees	296


Total gross expenses	36,267


Less adviser fees waived	(7,118	)

Less custodian fee credits	(296	)


Net expenses	28,853


Net investment income	$155,933





Net realized gain from investments and foreign currency	$4,869

Net increase in unrealized appreciation on investments and foreign currency	753,162


Net gain on investments	$758,031



Net increase in net assets resulting from operations	$913,964

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report

May 31, 2021

Sextant Global High Income Fund


Statements of Changes in Net Assets	Period ended May 31, 2021		Year ended November 30, 2020

Increase (decrease) in net assets from operations

From operations

Net investment income	$155,933		$272,571

Net realized gain (loss) on investment	4,869		(449,534	)

Net increase (decrease) in unrealized appreciation	753,132		(239,121	)


Net increase (decrease) in net assets	913,964		(416,084	)




Distributions to shareowners	(289,162	)	(795,251	)



Capital share transactions

Proceeds from sales of shares	1,138,832		601,211

Value of shares issued in reinvestment of dividends	282,380		778,163

Cost of shares redeemed	(1,583,972	)	(1,446,472	)


Total capital shares transactions	(162,760	)	(67,098	)


Total increase (decrease) in net assets	462,042		(1,278,433	)



Net assets

Beginning of period	8,614,965		9,893,398

End of period	$9,077,007		$8,614,965



Shares of the Fund sold and redeemed

Number of shares sold	108,528		60,877

Number of shares issued in reinvestment of dividends	27,876		72,726

Number of shares redeemed	(151,350	)	(151,136	)


Net decrease in number of shares outstanding	(14,946	)	(17,533	)


Financial Highlights	For period ended		For year ended November 30,

Selected data per share of outstanding capital stock throughout each period:	May 31, 2021		2020		2019		2018		2017		2016

Net asset value at beginning of period	$10.15		$11.42		$11.07		$11.12		$10.11		$8.89

Income from investment operations

Net investment income	0.21		0.31		0.42		0.40		0.35		0.45

Net gains (losses) on securities (both realized & unrealized)	0.89		(0.66	)	0.32		(0.15	)	1.11		0.77


Total from investment operations	1.10		(0.35	)	0.74		0.25		1.46		1.22


Less distributions

Dividends from net investment income	(0.36	)	(0.40	)	(0.39	)	(0.30	)	(0.45	)	-

Distribution from capital gains	-		(0.52	)	-		-		-		-


Total distributions	(0.36	)	(0.92	)	(0.39	)	(0.30	)	(0.45	)	-




Net asset value at end of period	$10.89		$10.15		$11.42		$11.07		$11.12		$10.11


Total return^A	11.09%		(3.51	)%	7.06%		2.31%		15.01%		13.72%

Ratios / supplemental data

Net assets ($000), end of period	$9,077		$8,615		$9,893		$8,827		$9,373		$7,570

Ratio of expenses to average net assets

Before custodian fee credits^B	0.83%		0.70%		1.11%		0.97%		1.18%		1.17%

After custodian fee credits^B	0.66%		0.56%		0.76%		0.75%		0.83%		0.91%

After fee waivers and custodian fee credits^B	0.66%		0.55%		0.75%		0.75%		0.82%		0.90%

Ratio of net investment income after custodian fee credits to average net assets^B	3.55%		3.12%		3.72%		3.43%		3.34%		4.78%

Portfolio turnover rate^A	8%		20%		33%		10%		8%		26%

^A	Not annualized

^B	Annualized

May 31, 2021

Semi-Annual Report

The accompanying notes are an integral part of these financial statements.

Sextant Growth Fund


*Performance Summary*


Average Annual Total Returns as of May 31, 2021

	1 Year		5 Year		10 Year		Expense Ratio¹

Sextant Growth Fund Investor Shares (SSGFX)		35.83%		19.10%		13.32%		1.05%

Sextant Growth Fund Z Shares (SGZFX)²		36.13%		n/a		n/a		0.82%

S&P 500 Index		40.32%		17.18%		14.38%		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 May 31, 2011, 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 $34,923 versus $38,334 in the Index.

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

Apple			8.0%

Microsoft			7.5%

Amazon.com			6.9%

Adobe			6.1%

Alphabet, Class A			6.0%

Mastercard, Class A			5.1%

Abbott Laboratories			3.9%

Lowe’s			3.5%

Stanley Black & Decker			3.0%

RPM International			2.7%

Portfolio Diversification

% of Total Net Assets

Infrastructure Software

9.7%

∎

LOGO

Application Software

9.2%

∎

Communications Equipment

8.0%

∎

Medical Devices

7.7%

∎

Internet Media

7.6%

∎

Consumer Finance

7.2%

∎

E-Commerce Discretionary

6.9%

∎

Semiconductor Devices

6.0%

∎

Home Products Stores

3.5%

∎

Home Improvement

3.0%

∎

Other Industries < 3.0%

29.0%

∎

Other Assets (net of liabilities)

2.2%

∎



Semi-Annual Report	May 31, 2021	33

Sextant Growth Fund


Schedule of Investments							As of May 31, 2021

Common Stock – 97.8%	Number of Shares		Cost		Market Value		Percentage of Net Assets

Communications

Internet Media

Alphabet, Class A¹		1,584		$898,428		$3,733,250		6.0%

Facebook, Class A		3,000		910,026		986,190		1.6%

				1,808,454		4,719,440		7.6%

Consumer Discretionary

Apparel, Footwear & Accessory Design

Nike, Class B		10,276		528,776		1,402,263		2.2%

E-Commerce Discretionary

Amazon.com¹		1,349		162,991		4,347,921		6.9%

Home Improvement

Stanley Black & Decker		8,684		795,475		1,882,691		3.0%

Home Products Stores

Lowe’s		11,200		794,834		2,182,096		3.5%

Other Commercial Services

Ecolab		6,243		704,507		1,342,744		2.2%

Restaurants

Starbucks		14,674		610,056		1,671,075		2.7%

Specialty Apparel Stores

TJX Companies		11,078		330,472		748,209		1.2%

				3,927,111		13,576,999		21.7%

Consumer Staples

Beverages

Monster Beverage		14,500		1,349,310		1,366,915		2.2%

Mass Merchants

Costco Wholesale		3,509		410,438		1,327,350		2.1%

				1,759,748		2,694,265		4.3%

Financials

Banks

PNC Financial Services Group		6,800		1,167,117		1,323,824		2.1%

Consumer Finance

Mastercard, Class A		8,914		806,925		3,214,210		5.1%

Paypal¹		5,000		1,295,050		1,300,100		2.1%


				2,101,975		4,514,310		7.2%

Diversified Banks

JP Morgan Chase		9,000		1,262,273		1,478,160		2.4%

				4,531,365		7,316,294		11.7%

Continued on next page.

May 31, 2021

Semi-Annual Report

The accompanying notes are an integral part of these financial statements.

Sextant Growth Fund


Schedule of Investments							As of May 31, 2021

Common Stock – 97.8%	Number of Shares		Cost		Market Value		Percentage of Net Assets

Health Care

Large Pharma

Merck & Co		10,000		$690,578		$758,900	1.2%

Medical Devices

Abbott Laboratories		20,799		646,854		2,426,203	3.9%

Edwards Lifesciences¹		17,100		546,521		1,639,890	2.6%

Stryker		3,000		374,100		765,810	1.2%



				1,567,475		4,831,903	7.7%

				2,258,053		5,590,803	8.9%

Industrials

Commercial & Residential Building Equipment & Systems

Johnson Controls International		22,500		1,043,161		1,497,150	2.4%

Measurement Instruments

Trimble¹		12,000		415,876		933,480	1.5%

				1,459,037		2,430,630	3.9%

Materials

Agricultural Chemicals

Corteva		27,500		1,174,068		1,251,250	2.0%

Precious Metal Mining

Newmont		18,000		1,012,076		1,322,640	2.1%

Specialty Chemicals

RPM International		18,000		737,644		1,683,540	2.7%

				2,923,788		4,257,430	6.8%

Technology

Application Software

Adobe¹		7,600		39,971		3,834,808	6.1%

Electronic Arts		4,000		468,794		571,720	0.9%

Take-Two Interactive Software¹		7,500		797,765		1,391,700	2.2%



				1,306,530		5,798,228	9.2%

Communications Equipment

Apple		40,000		11,787		4,984,400	8.0%

Infrastructure Software

Microsoft		18,920		872,435		4,723,946	7.5%

Oracle		17,500		901,024		1,377,950	2.2%



				1,773,459		6,101,896	9.7%

Continued on next page.

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report

May 31, 2021

Sextant Growth Fund


Schedule of Investments							As of May 31, 2021

Common Stock – 97.8%	Number of Shares		Cost		Market Value		Percentage of Net Assets

Technology (continued)

Semiconductor Devices

NVIDIA		1,400		$670,410		$909,692	1.4%

Qualcomm		12,000		805,753		1,614,480	2.6%

Texas Instruments		6,600		939,244		1,252,812	2.0%



				2,415,407		3,776,984	6.0%

				5,507,183		20,661,508	32.9%



Total investments				$24,174,739		$61,247,369	97.8%

Other assets (net of liabilities)						1,380,995	2.2%

Total net assets						$62,628,364	100.0%

¹	Non-income producing

May 31, 2021

Semi-Annual Report

The accompanying notes are an integral part of these financial statements.

Sextant Growth Fund

Statement of Assets and Liabilities


As of May 31, 2021



Assets

Investments in securities, at value (Cost $24,174,739)			$61,247,369

Cash			1,392,863

Prepaid expenses			24,491

Dividends receivable			19,876

Receivable for Fund shares sold			7,363

Other assets			1,214


Total assets			62,693,176


Liabilities

Accrued advisory fees			26,415

Payable for Fund shares redeemed			16,000

Accrued printing fees			7,042

Accrued retirement plan custody fee			6,323

Accrued other liabilities			2,763

Accrued trustee expenses			1,986

Accrued Chief Compliance Officer expenses			1,861

Accrued 12b-1 distribution fees			1,183

Accrued legal expenses			1,138


Total liabilities			64,711


Net assets			$62,628,364



Analysis of net assets

Paid-in capital (unlimited shares authorized, without par value)			$20,394,376

Total distributable earnings			42,233,988


Net assets applicable to Fund shares outstanding			$62,628,364



Net asset value per Investor Share			SSGFX

Net assets, at value			$5,632,482

Shares outstanding			122,826

Net asset value, offering and redemption price per share			$45.86



Net asset value per Z Share			SGZFX

Net assets, at value			$56,995,882

Shares outstanding			1,246,599

Net asset value, offering and redemption price per share			$45.72

Statement of Operations


Period ended May 31, 2021



Investment income

Dividend income	$317,547


Total investment income	317,547


Expenses

Investment adviser fees	97,816

Filing and registration fees	15,349

Audit fees	13,959

Retirement plan custodial fees

Investor Shares	79

Z Shares	6,932

Distribution fees - Investor Shares	6,687

Chief Compliance Officer expenses	6,214

Printing and postage fees	5,455

Trustee fees	4,143

Legal fees	3,906

Other expenses	2,768

Custodian fees	1,269


Total gross expenses	164,577


Less custodian fee credits	(1,269	)


Net expenses	163,308


Net investment income	$154,239





Net realized gain from investments	$5,090,097

Net increase in unrealized appreciation on investments	672,833


Net gain on investments	$5,762,930



Net increase in net assets resulting from operations	$5,917,169

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report

May 31, 2021

Sextant Growth Fund


Statements of Changes in Net Assets	Period ended May 31, 2021		Year ended November 30, 2020

Increase in net assets from operations

From operations

Net investment income	$154,239		$61,224

Net realized gain on investment	5,090,097		314,003

Net increase in unrealized appreciation	672,833		13,070,176


Net increase in net assets	5,917,169		13,445,403




Distributions to shareowners



Net distribution to shareholders - Investor Shares	(30,962	)	(130,452	)

Net distribution to shareholders - Z Shares	(427,260	)	(1,224,681	)


Total distributions	(458,222	)	(1,355,133	)




Capital share transactions

Proceeds from sales of shares

Investor Shares	264,923		742,865

Z Shares	1,185,866		2,863,064

Value of shares issued in reinvestment of dividends

Investor Shares	22,980		100,384

Z Shares	419,115		1,198,196

Cost of shares redeemed

Investor Shares	(341,880	)	(1,218,150	)

Z Shares	(3,354,370	)	(2,314,321	)


Total capital share transactions	(1,803,366	)	1,372,038


Total increase in net assets	3,655,581		13,462,308



Net assets

Beginning of period	58,972,783		45,510,475

End of period	$62,628,364		$58,972,783



Shares of the Fund sold and redeemed

Investor Shares (SSGFX)

Number of shares sold	5,990		21,466

Number of shares issued in reinvestment of dividends and distributions	537		3,043

Number of shares redeemed	(7,854	)	(36,681	)


Net decrease in number of shares outstanding	(1,327	)	(12,172	)


Z Shares (SGZFX)

Number of shares sold	27,222		81,492

Number of shares issued in reinvestment of dividends and distributions	9,829		36,474

Number of shares redeemed	(77,684	)	(66,588	)


Net increase (decrease) in number of shares outstanding	(40,633	)	51,378

May 31, 2021

Semi-Annual Report

The accompanying notes are an integral part of these financial statements.

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, 2021		2020		2019		2018		2017		2016

Net asset value at beginning of year	$41.86		$33.25		$28.70		$27.51		$22.52		$24.03

Income from investment operations

Net investment income	0.07	^A	(0.03	)^A	(0.03	)^A	0.07	^A	0.15	^A	0.11

Net gains (losses) on securities (both realized & unrealized)	4.18		9.58		5.84		2.53		4.93		(0.88	)


Total from investment operations	4.25		9.55		5.83		2.60		5.08		(0.77	)


Less distributions

Dividends (from net investment income)	(0.02	)	(0.01	)	(0.04	)	(0.07	)	(0.09	)	(0.02	)

Distributions (from capital gains)	(0.23	)	(0.93	)	(1.24	)	(1.34	)	-		(0.72	)


Total distributions	(0.25	)	(0.94	)	(1.28	)	(1.41	)	(0.09	)	(0.74	)




Net asset value at end of period	$45.86		$41.86		$33.25		$28.70		$27.51		$22.52


Total return^B	10.20%		29.49%		21.81%		9.95%		22.64%		(3.22%	)

Ratios / supplemental data

Net assets ($000), end of period	$5,632		$5,197		$4,533		$5,037		$5,962		$34,561

Ratio of expenses to average net assets

Before custodian fee credits^C	0.75%		1.05%		1.20%		0.92%		0.76%		0.76%

After custodian fee credits^C	0.75%		1.05%		1.20%		0.92%		0.76%		0.76%

Ratio of net investment income after custodian fee credits to average net assets^C	0.31%		(0.08	)%	(0.07	)%	0.25%		0.60%		0.39%

Portfolio turnover rate^B	14%		17%		10%		17%		18%		25%


Z Shares (SGZFX)	For period ended		For year ended November 30,						For period ended^D

Selected data per share of outstanding capital stock throughout each period:	May 31, 2021		2020		2019		2018		November 30, 2017

Net asset value at beginning of period	$41.78		$33.16		$28.65		$27.50		$25.54

Income from investment operations

Net investment income	0.12	^A	0.05	^A	0.08	^A	0.13	^A	0.16	^A

Net gains (losses) on securities (both realized & unrealized)	4.16		9.56		5.82		2.53		1.82


Total from investment operations	4.28		9.61		5.90		2.66		1.98


Less distributions

Dividends (from net investment income)	(0.11	)	(0.06	)	(0.15	)	(0.17	)	(0.02	)

Distributions (from capital gains)	(0.23	)	(0.93	)	(1.24	)	(1.34	)	-


Total distributions	(0.34	)	(0.99	)	(1.39	)	(1.51	)	(0.02	)




Net asset value at end of period	$45.72		$41.78		$33.16		$28.65		$27.50


Total return^B	10.30%		29.79%		22.22%		10.20%		7.73%

Ratios / supplemental data

Net assets ($000), end of period	$56,996		$53,776		$40,978		$34,191		$32,017

Ratio of expenses to average net assets

Before custodian fee credits^C	0.53%		0.82%		0.90%		0.70%		0.51%

After custodian fee credits^C	0.52%		0.82%		0.90%		0.70%		0.51%

Ratio of net investment income after custodian fee credits to average net assets^C	0.53%		0.14%		0.23%		0.47%		0.89%

Portfolio turnover rate^B	14%		17%		10%		17%		18%

^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, 2021

Sextant International Fund

Performance Summary


Average Annual Total Returns as of May 31, 2021

	1 Year		5 Year		10 Year		Expense Ratio¹

Sextant International Fund Investor Shares (SSIFX)		31.19%		13.69%		6.35%		0.83%

Sextant International Fund Z Shares (SIFZX)²		31.42%		n/a		n/a		0.63%

MSCI EAFE Index		39.46%		10.37%		6.40%		n/a

Growth of $10,000


		Comparison of any mutual fund to a market index must be made bearing in mind that the index is unmanaged, and expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in Investor Shares of the Fund on May 31, 2011, 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 $18,515 versus $18,539 in the Index.

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

ASML			14.1%

Wolters Kluwer			11.4%

Dassault Systemes ADR			9.7%

MercadoLibre			8.4%

NICE Systems ADR			7.6%

Novo Nordisk ADR			5.0%

Rio Tinto ADR			3.8%

Accenture, Class A			3.4%

Sony ADR			3.3%

Iberdrola			3.3%

Portfolio Diversification

% of Total Net Assets

Application Software

20.3%

∎

LOGO

Semiconductor Manufacturing

14.1%

∎

Information Services

11.4%

∎

E-Commerce Discretionary

8.4%

∎

Large Pharma

6.8%

∎

Consumer Electronics

6.0%

∎

Medical Equipment

4.7%

∎

Telecom Carriers

4.1%

∎

Steel Raw Material Suppliers

3.8%

∎

Other industries < 3.5%

15.4%

∎

Other Assets (net of liabilities)

5.0%

∎

May 31, 2021

Semi-Annual Report

Sextant International Fund


Schedule of Investments									As of May 31, 2021

Common Stocks – 95.0%	Number of Shares		Cost		Market Value		Country¹		Percentage of Net Assets

Communications

Telecom Carriers

BCE		24,200		$647,715		$1,203,224		Canada		1.6%

Telus		84,000		601,756		1,895,040		Canada		2.5%

				1,249,471		3,098,264				4.1%

Consumer Discretionary

Apparel, Footwear & Accessory Design

Hermes International		600		521,388		835,052		France		1.1%

E-Commerce Discretionary

MercadoLibre		4,700		389,790		6,385,749		Argentina		8.4%

				911,178		7,220,801				9.5%

Consumer Staples

Household Products

L’Oreal		2,000		658,700		904,471		France		1.2%

Unicharm		16,000		667,496		634,457		Japan		0.8%

Unilever ADR		13,300		420,683		797,601		United Kingdom		1.1%

				1,746,879		2,336,529				3.1%

Health Care

Large Pharma

Novartis ADR		15,600		768,885		1,378,728		Switzerland		1.8%

Novo Nordisk ADR		48,000		588,286		3,787,200		Denmark		5.0%



				1,357,171		5,165,928				6.8%

Medical Equipment

Alcon²		25,000		1,294,019		1,742,000		Switzerland		2.3%

Koninklijke Philips		32,649		1,234,087		1,844,015		Netherlands		2.4%



				2,528,106		3,586,015				4.7%

				3,885,277		8,751,943				11.5%

Materials

Basic & Diversified Chemicals

Linde		3,500		771,050		1,052,100		Ireland		1.3%

Precious Metal Mining

Agnico-Eagle Mines		20,000		1,129,664		1,435,000		Canada		1.9%

Barrick Gold		40,000		993,775		963,200		Canada		1.3%



				2,123,439		2,398,200				3.2%

Steel Raw Material Suppliers

Rio Tinto ADR		32,800		1,773,218		2,867,704		United Kingdom		3.8%

				4,667,707		6,318,004				8.3%

Continued on next page.

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report

May 31, 2021

Sextant International Fund


Schedule of Investments							As of May 31, 2021

Common Stocks – 95.0%	Number of Shares		Cost		Market Value		Country¹	Percentage of Net Assets

Technology

Application Software

Dassault Systemes ADR		31,853		$1,126,200		$7,334,790	France		9.7%

NICE Systems ADR		25,900		979,986		5,759,124	Israel		7.6%

Open Text		50,000		2,072,526		2,349,000	Canada		3.0%



				4,178,712		15,442,914			20.3%

Consumer Electronics

Nintendo		3,400		1,490,299		2,102,654	Japan		2.7%

Sony ADR		25,000		1,506,327		2,490,250	Japan		3.3%



				2,996,626		4,592,904			6.0%

Information Services

Wolters Kluwer		90,000		1,684,803		8,634,081	Netherlands		11.4%

IT Services

Accenture, Class A		9,250		1,709,475		2,609,980	Ireland		3.4%

Semiconductor Manufacturing

ASML		15,800		551,038		10,672,426	Netherlands		14.1%

				11,120,654		41,952,305			55.2%

Utilities

Power Generation

Iberdrola		179,705		1,812,520		2,474,404	Spain		3.3%

				1,812,520		2,474,404			3.3%



Total investments				$25,393,686		$72,152,250			95.0%

Other assets (net of liabilities)						3,786,220			5.0%

Total net assets						$75,938,470			100.0%

¹	Country of domicile

²	Non-income producing security

ADR: American Depositary Receipt

May 31, 2021

Semi-Annual Report

The accompanying notes are an integral part of these financial statements.

Sextant International Fund

Schedule of Investments

As of May 31, 2021


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, 2021

Sextant International Fund

Statement of Assets and Liabilities


As of May 31, 2021



Assets

Investments in securities, at value (Cost $25,393,686)			$72,152,250

Cash			3,690,781

Recoverable tax receivable			171,098

Dividends and interest receivable			106,650

Prepaid expenses			39,514

Receivable for security sales			5,600

Receivable for Fund shares sold			1,872


Total assets			76,167,765


Liabilities

Payable for Fund shares redeemed			153,310

Accrued advisory fees			32,462

Accrued other operating expenses			20,871

Accrued 12b-1 distribution fees			10,044

Accrued trustee expenses			4,340

Accrued Chief Compliance Officer expenses			4,205

Accrued retirement plan custody fee			4,063


Total liabilities			229,295


Net assets			$75,938,470



Analysis of net assets

Paid-in capital (unlimited shares authorized, without par value)			$24,281,317

Total distributable earnings			51,657,153


Net assets applicable to Fund shares outstanding			$75,938,470



Net asset value per Investor Share			SSIFX

Net assets, at value			$46,781,544

Shares outstanding			2,146,670


Net asset value, offering and redemption price per share			$21.79



Net asset value per Z Share			SIFZX

Net assets, at value			$29,156,926

Shares outstanding			1,336,054


Net asset value, offering and redemption price per share			$21.82

Statement of Operations


Period ended May 31, 2021



Investment income

Dividend income (net of foreign tax ($78,792))	$658,754


Total investment income	658,754


Expenses

Investment advisory fees	119,519

Distribution fees - Investor Shares	62,737

Audit fees	21,190

Other operating expenses	21,145

Filing and registration fees	19,581

Chief Compliance Officer expenses	12,637

Trustee fees	10,049

Printing and postage fees	10,027

Legal fees	8,255

Retirement plan custodial fees

Investor Shares	272

Z Shares	4,169

Custodian fees	3,293


Total gross expenses	292,874


Less custodian fee credits	(3,293	)


Net expenses	289,581


Net investment income	$369,173





Net realized gain from investments and foreign currency	$7,349,367	^A

Net increase in unrealized appreciation on investments and foreign currency	978,886


Net gain on investments	$8,328,253



Net increase in net assets resulting from operations	$8,697,426

^A	Includes $5,287,471 in net realized gains from redemptions in-kind.

May 31, 2021

Semi-Annual Report

The accompanying notes are an integral part of these financial statements.

Sextant International Fund


Statements of Changes in Net Assets	Period ended May 31, 2021		Year ended November 30, 2020

Decrease in net assets from operations

From operations

Net investment income	$369,173		$599,131

Net realized gain (loss) on investment and foreign currency	7,349,367		(3,075,450	)

Net increase in unrealized appreciation	978,886		8,007,812


Net increase in net assets	8,697,426		5,531,493


Distributions to shareowners

Net distribution to shareholders - Investor Shares	(193,665	)	(2,232,061	)

Net distribution to shareholders - Z Shares	(162,812	)	(1,161,988	)


Total distributions	(356,477	)	(3,394,049	)


Capital share transactions

Proceeds from sales of shares

Investor Shares	1,094,876		9,415,447

Z Shares	8,623,712		5,636,588

Value of shares issued in reinvestment of dividends

Investor Shares	190,431		2,197,723

Z Shares	156,810		1,125,526

Cost of shares redeemed

Investor Shares	(11,007,786	)	(29,149,795	)

Z Shares	(9,522,236	)	(11,654,205	)


Total capital share transactions	(10,464,193	)	(22,428,716	)


Total decrease in net assets	(2,123,244	)	(20,291,272	)



Net assets

Beginning of period	78,061,714		98,352,986

End of period	$75,938,470		$78,061,714



Shares of the Fund sold and redeemed

Investor Shares (SSIFX)

Number of shares sold	52,118		547,412

Number of shares issued in reinvestment of dividends and distributions	9,231		120,887

Number of shares redeemed	(521,718	)	(1,704,832	)


Net decrease in number of shares outstanding	(460,369	)	(1,036,533	)


Z Shares (SIFZX)

Number of shares sold	408,962		317,420

Number of shares issued in reinvestment of dividends and distributions	7,594		61,876

Number of shares redeemed	(449,121	)	(680,270	)


Net decrease in number of shares outstanding	(32,565	)	(300,974	)

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report

May 31, 2021

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, 2021		2020		2019		2018		2017		2016

Net asset value at beginning of period	$19.62		$18.50		$16.83		$17.98		$14.37		$14.35

Income from investment operations

Net investment income	0.09	^A	0.12	^A	0.12	^A	0.15	^A	0.16	^A	0.22

Net gains (losses) on securities (both realized and unrealized)	2.15		1.66		2.74		0.14		3.65		(0.15	)


Total from investment operations	2.24		1.78		2.86		0.29		3.81		0.07


Less distributions

Dividends (from net investment income)	(0.08	)	(0.11	)	(0.15	)	(0.17	)	(0.20	)��	(0.05	)

Distributions (from capital gains)	-		(0.55	)	(1.04	)	(1.27	)	-		-


Total distributions	(0.08	)	(0.66	)	(1.19	)	(1.44	)	(0.20	)	(0.05	)




Net asset value at end of period	$21.79		$19.62		$18.50		$16.83		$17.98		$14.37


Total return^B	11.46%		9.86%		18.82%		1.63%		26.76%		0.49%

Ratios / supplemental data

Net assets ($000), end of year	$46,782		$51,141		$67,390		$41,688		$46,321		$62,412

Ratio of expenses to average net assets

Before custodian fee credits^C	0.81%		0.83%		1.07%		1.05%		1.04%		1.00%

After custodian fee credits^C	0.80%		0.82%		1.06%		1.04%		1.04%		1.00%

Ratio of net investment income after custodian fee credits to average net assets^C	0.85%		0.70%		0.62%		0.89%		1.00%		1.36%

Portfolio turnover rate^B	0%		16%		6%		2%		2%		0%


Z Shares (SIFZX)	For period ended		For year ended November 30,						Period ended

Selected data per share of outstanding capital stock throughout each period:	May 31, 2021		2020		2019		2018		November 30, 2017	^D

Net asset value at beginning of period	$19.67		$18.55		$16.87		$18.00		$16.55

Income from investment operations

Net investment income	0.11	^A	0.15	^A	0.19	^A	0.19	^A	0.13	^A

Net gains (losses) on securities (both realized and unrealized)	2.16		1.67		2.72		0.14		1.41


Total from investment operations	2.27		1.82		2.91		0.33		1.54


Less distributions

Dividends (from net investment income)	(0.12	)	(0.15	)	(0.19	)	(0.19	)	(0.09	)

Distributions (from capital gains)	-		(0.55	)	(1.04	)	(1.27	)	-


Total distributions	(0.12	)	(0.70	)	(1.23	)	(1.46	)	(0.09	)




Net asset value at end of period	$21.82		$19.67		$18.55		$16.87		$18.00


Total return^B	11.58%		10.09%		19.14%		1.83%		9.32%

Ratios / supplemental data

Net assets ($000), end of year	$29,157		$26,921		$30,963		$20,692		$21,031

Ratio of expenses to average net assets

Before custodian fee credits^C	0.62%		0.63%		0.85%		0.84%		0.79%

After custodian fee credits^C	0.61%		0.63%		0.84%		0.82%		0.78%

Ratio of net investment income after custodian fee credits to average net assets^C	1.07%		0.87%		0.91%		1.13%		0.53%

Portfolio turnover rate^B	0%		16%		6%		2%		2%

^A	Calculated using average shares outstanding

^B	Annualized for periods of less than one year

^C	Operations commenced on June 2, 2017

^D	Not annualized for periods of less than one year

May 31, 2021

Semi-Annual Report

The accompanying notes are an integral part of these financial statements.


Notes To Financial Statements

NOTE 1 – Organization

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

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.



Semi-Annual Report	May 31, 2021	47


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.

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.



48	May 31, 2021	Semi-Annual Report


Notes To Financial Statements (continued)

The following is a summary of the inputs used as of May 31, 2021, in valuing the Funds’ investments carried at value:



Funds	Level 1		Level 2		Level 3		Total

Short-Term Bond

Corporate Bonds¹		$-		$9,206,068		$-		$9,206,068

Government Bonds¹		-		$2,254,713		-		$2,254,713

Total		$-		$11,460,781		$-		$11,460,781



Bond Income

Corporate Bonds¹		$-		$8,261,715		$-		$8,261,715

Government Bonds¹		-		$3,260,072		-		$3,260,072

Municipal Bonds¹		-		$170,515		-		$170,515

Total		$-		$11,692,302		$-		$11,692,302



Core

Common Stocks¹		$12,539,144		$-		$-		$12,539,144

Corporate Bonds¹		-		3,700,901		-		3,700,901

Government Bonds¹		-		1,696,414		-		1,696,414

Municipal Bonds¹		-		236,980		-		236,980

Total		$12,539,144		$5,634,295		$-		$18,173,439



Global High Income

Common Stocks

Communications		$797,125		$-		$-		$797,125

Energy		696,610		-		-		696,610

Financials		549,735		322,356		-		872,091

Health Care		414,800		-		-		414,800

Industrials		-		125,684		-		125,684

Materials		813,605		-		-		813,605

Technology		484,100		-		-		484,100

Total Common Stocks		3,755,975		448,040		-		4,204,015

Corporate Bonds¹		-		3,222,364		-		$3,222,364

Government Bonds¹		-		909,080		-		$909,080

Municipal Bonds¹		-		54,418		-		$54,418

Warrants¹		-		-		-		-

Total		$3,755,975		$4,633,902		$-		$8,389,877



Growth

Common Stocks¹		$61,247,369		$-		$-		$61,247,369

Total		$61,247,369		$-		$-		$61,247,369



International

Common Stocks

Communications		$3,098,264		$-		$-		$3,098,264

Consumer Discretionary		6,385,749		835,052		-		7,220,801

Consumer Staples		797,601		1,538,928		-		2,336,529

Health Care		8,751,943		-		-		8,751,943

Materials		6,318,004		-		-		6,318,004

Technology		31,215,570		10,736,735		-		41,952,305

Utilities		-		2,474,404		-		2,474,404

Total		$56,567,131		$15,585,119		$-		$72,152,250

During the period ended May 31, 2021, no Fund had transfers between Level 1, Level 2 or Level 3.

¹	See Schedule of Investments for industry breakout.



Semi-Annual Report	May 31, 2021	49


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 (2017 - 2019) or expected to be taken in the Funds’ 2020 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, 2020, the reclassification of capital accounts were as follows:



	International

Distributable earnings		$(1,808,290	)

Paid-in capital		$1,808,290

These reclassifications were due to redemptions in kind.

The Short-Term Bond, Bond Income, Core, Global High Income, Growth Funds had no reclassification of capital accounts.

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.

LIBOR Transition Risk:

The United Kingdom’s Financial Conduct Authority announce a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021 and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging activities, or investment value. The transition process away from LIBOR might lead to increase volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose term currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain

Other:

Interest income is recognized on an accrual basis. Premiums on securities purchased are amortized, and discounts are accreted using the yield to maturity method over the lives of the respective securities or where applicable, to the first call date of the securities. Dividends from equity securities are recorded as income on the ex-dividend date or as soon as information is available to the fund.

Recent Accounting Pronouncement:

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.



50	May 31, 2021	Semi-Annual Report


Notes To Financial Statements (continued)

NOTE 4 – Transactions with Affiliated Persons

Under contracts approved annually by the Trust’s Board of Trustees, including those Trustees who are not parties to the contract or “interested persons” (as defined in the Investment Company Act of 1940) of such parties or the Trust (the “Independent Trustees”), Saturna Capital Corporation (“Saturna Capital”) 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 0.10% 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 0.20%.

For the fiscal period ended May 31, 2021, 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		$32,944		$(6,882	)		$26,062

Bond Income		$35,382		$(14,741	)		$20,641

Core		$51,416		$(16,564	)		$34,852

Global High Income		$23,393		$(10,001	)		$13,392

Growth		$159,915		$(62,099	)		$97,816

International		$210,200		$(90,681	)		$119,519

The adviser has voluntarily undertaken to limit expenses through March 31, 2022 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, 2021, the advisory fees incurred were as follows:



	Adviser Fees		Adviser Fees Waived			Expense Reimbursement

Short-Term Bond		$26,062		$(7,701	)		$-

Bond Income		$20,641		$(6,710	)		$-

Core		$34,852		$-			$-

Global High Income		$13,392		$(7,118	)		$-

Growth		$97,816		$-			$-

International		$119,519		$-			$-

In accordance with the expense limitation noted above, for the period ended May 31, 2021, 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 period ended May 31, 2021, 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)			$6,687

Growth Z Shares (SGZFX)			n/a

International Investor Shares (SSIFX)			$62,737

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, 2021, the Funds incurred the following amounts:



Retirement plan custodial fees

Short-Term Bond			$2,791

Bond Income			$2,426

Core			$2,614

Global High Income			$1,297

Growth Investor Shares (SSGFX)			$79

Growth Z Shares (SGZFX)			$6,932

International Investor Shares (SSIFX)			$272

International Z Shares (SIFZX)			$4,169

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, 2021, the Trust incurred compensation expenses of $22,750 which is included in $25,805 of total expenses for the independent Trustees. The Sextant Funds incurred $18,737 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, 2021, the Funds paid the following compensation expenses for the Chief Compliance Officer:



Chief Compliance Officer

Short-Term Bond			$1,117

Bond Income			$2,645

Core			$1,902

Global High Income			$1,247

Growth			$6,214

International			$12,637

On May 31, 2021, the trustees, officers, and their affiliates as a group owned 41.09%, 27.27%, 32.41%, 58.06%, 0.04%, 18.71%, 0.00%, and 27.63% 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.



Semi-Annual Report	May 31, 2021	51


Notes To Financial Statements (continued)

NOTE 5 – Distributions to Shareowners

The tax characteristics of distributions paid during the fiscal period ended May 31, 2021, and the fiscal year ended November 30, 2020, were as follows:



	Period ended May 31, 2021		Year ended November 30, 2020

Short-Term Bond Fund

Ordinary income		$77,405		$187,268

Bond Income Fund

Ordinary income		$153,103		$334,236

Core Fund

Ordinary income		$265,566		$179,880

Global High Income Fund

Ordinary income		$289,162		$311,447

Growth Fund

Ordinary income		$145,093		$181,466

Long-term capital gain¹		$313,129		$1,640,414

International Fund

Ordinary income		$356,477		$627,004

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 as of May 31, 2021 was as follows:



	Short-Term Bond			Bond Income

Cost of investments		$11,263,587			$10,983,603


Gross tax unrealized appreciation		$206,684			$871,807

Gross tax unrealized depreciation		$(9,490	)		$(163,108	)


Net tax unrealized appreciation		$197,194			$708,699



	Core			Global High Income

Cost of investments		$12,665,060			$7,661,154


Gross tax unrealized appreciation		$5,516,706			$1,304,508

Gross tax unrealized depreciation		$(8,327	)		$(575,785	)


Net tax unrealized appreciation		$5,508,379			$728,723



	Growth			International

Cost of investments		$24,174,739			$25,393,686


Gross tax unrealized appreciation		$37,138,645			$46,822,178

Gross tax unrealized depreciation		$(66,015	)		$(63,614	)


Net tax unrealized appreciation		$37,072,630			$46,758,564

As of November 30, 2020, components of distributable earnings on a tax basis were as follows:



Short-Term Bond

Undistributed ordinary income	$3,409


Tax accumulated earnings	$3,409

Accumulated capital losses	$(23,711	)

Unrealized appreciation	$303,772


Total accumulated earnings	$283,470



Bond Income

Undistributed ordinary income	$1,651


Tax accumulated earnings	$1,651

Accumulated capital losses	$(15,924	)

Unrealized appreciation	$1,508,774


Total accumulated earnings	$1,494,501



Core

Undistributed ordinary income	$236,803


Tax accumulated earnings	$236,803

Accumulated capital losses	$(354,496	)

Unrealized appreciation	$4,460,471

Other unrealized losses	(55	)


Total accumulated earnings	4,342,723



Global High Income

Undistributed ordinary income	$274,295


Tax accumulated earnings	274,295

Accumulated capital losses	(447,803	)

Unrealized appreciation	(24,686	)

Other unrealized gain	897


Total accumulated earnings	(197,297	)



Growth

Undistributed ordinary income	$61,293

Accumulated capital gains	313,951


Tax accumulated earnings	375,244

Unrealized appreciation	36,399,797


Total accumulated earnings	36,775,041



International

Undistributed ordinary income	$330,194


Tax accumulated earnings	330,194

Accumulated capital losses	(2,807,911	)

Unrealized appreciation	45,778,884

Other unrealized losses	15,037


Total accumulated earnings	43,316,204



52	May 31, 2021	Semi-Annual Report


Notes To Financial Statements (continued)

As of November 30, 2020, the Funds had capital loss carryforwards as follows, subject to regulation.



	Carryforward	Expiration

Short-Term Bond Fund

Short-term loss carryforward	$23,711	Unlimited

	$23,711



Bond Income Fund

Long-term loss carryforward	$15,924	Unlimitied

	$15,924



Core Fund

Short-term loss carryforward	$249,554	Unlimited

Long-term loss carryforward	$105,894	Unlimitied

	$355,448



Global High Income Fund

Short-term loss carryforward	$299,575	Unlimited

Long-term loss carryforward	$148,225	Unlimitied

	$447,800



International Fund

Short-term loss carryforward	$2,603,538	Unlimited

Long-term loss carryforward	$2,012,915	Unlimited

	$4,616,453

NOTE 7 – Investments

Investment transactions other than short-term investments for the period ended May 31, 2021, were as follows:



	Purchases		Sales

Short-Term Bond		$3,900,477		$2,373,078

Bond Income		$359,128		$370,000

Core		$2,175,223		$2,087,690

Global High Income		$1,173,247		$609,838

Growth		$8,286,060		$10,662,920

International		$-		$12,450,333

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 fiscal year ended May 31, 2021, were as follows:



	Custodian Fee Credits

Short-Term Bond		$259

Bond Income		$277

Core		$405

Global High Income		$296

Growth		$1,269

International		$3,293

NOTE 9 – COVID-19 Pandemic

The COVID-19 pandemic has adversely impacted global commercial activity and contributed to significant volatility in global equity and debt markets. The pandemic has resulted in quarantines, stay at home orders, travel prohibitions and closures, disrupting supply chains and economic activity. The duration of the pandemic’s effects remain uncertain and difficult to assess. The effects of the pandemic may adversely impact a Fund’s performance and its ability to achieve its investment objective.

NOTE 10 – 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, 2021	53

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, 2020, to May 31, 2021).

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, 2020)		Ending Account Value (May 31, 2021)		Expenses Paid During Period¹		Annualized Expense Ratio

Short-Term Bond Fund		$1,000		$998.50		$2.90		0.58%

Hypothetical (5% return before expenses)		$1,000		$1,022.03		$2.93		0.58%

Bond Income Fund		$1,000		$954.30		$2.48		0.51%

Hypothetical (5% return before expenses)		$1,000		$1,022.39		$2.57		0.51%

Core Fund		$1,000		$1,085.50		$3.11		0.60%

Hypothetical (5% return before expenses)		$1,000		$1,021.95		$3.01		0.60%

Global High Income Fund		$1,000		$1,110.90		$3.46		0.66%

Hypothetical (5% return before expenses)		$1,000		$1,021.66		$3.31		0.66%

Growth Fund Investor Shares		$1,000		$1,102.00		$3.91		0.75%

Hypothetical (5% return before expenses)		$1,000		$1,021.21		$3.76		0.75%

Growth Fund Z Shares		$1,000		$1,103.00		$2.74		0.52%

Hypothetical (5% return before expenses)		$1,000		$1,022.33		$2.63		0.52%

International Fund Investor Shares		$1,000		$1,114.60		$4.23		0.80%

Hypothetical (5% return before expenses)		$1,000		$1,020.93		$4.05		0.80%

International Fund Z Shares		$1,000		$1,115.80		$3.22		0.61%

Hypothetical (5% return before expenses)		$1,000		$1,021.89		$3.07		0.61%

¹	Expenses are equal to the annualized expense ratio indicated above (based on the most recent semi-annual period of December 1, 2020, through May 31, 2021), multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).



54	May 31, 2021	Semi-Annual Report

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 as an exhibit to its reports on Form N-PORT. Previously, this information was filed on Form N-Q.

(2)	The Funds’ Form N-PORT reports are available on the SEC’s website at www.sec.gov and at www.sextantfunds.com.

(3)	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.

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.

Statement Regarding Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

Pursuant to the Liquidity Rule, the Trust, on behalf of the Funds, has adopted a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk. The Program is overseen by Saturna Capital’s Liquidity Risk Committee, and the Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund.

At a meeting of the Board held on December 17, 2019, the Trustees received a report addressing the operation of the Program and assessing its adequacy and effectiveness of implementation. It was reported to the Board that the assessment found that the Program was adequately designed and effective in achieving its objectives. Further, that review of the Program’s implementation evidenced substantial compliance with relevant policies and procedures.

Privacy Statement

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

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

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

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



Semi-Annual Report	May 31, 2021	55

LOGO

Performance Summary (as of June 30, 2021)


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)	28.76%	16.66%	15.57%	n/a	0.78%	0.75%

S&P Global 1200 Index	39.13%	15.33%	15.39%	11.10%	n/a	n/a


Sustainable Bond Fund (SEBFX)	4.60%	3.88%	3.00%	n/a	0.85%	0.65%

FTSE WorldBIG Index	1.95%	4.19%	2.40%	2.08%	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 20 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.

By regulation, expense ratios shown in these tables are as stated in the Funds’ most recent Prospectus, dated March 30, 2021, and incorporate results for the fiscal year ended November 30, 2020. 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, 2022. For the fiscal year ended November 30, 2020, the adviser reimbursed additional expenses of the Saturna Sustainable Equity Fund such that its net operating expense ratio was 0.73%.

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.

On the cover: Mount Rainier National Park, Pierce County, Washington.

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 adviser, 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, 2021	Semi-Annual Report


Fellow Shareowners:		July 15, 2021

Equity securities markets appreciated sharply during the six-months ended May 31, 2021. Total return for the S&P 500 Index was 16.95% and the broader MSCI All Country World Index returned 16.20%. Saturna Sustainable Equity Fund trailed, posting a 9.58% increase for the same period. Bond markets were roiled by the “reflation trade” with the FTSE WorldBIG losing -1.80% and the FTSE USBIG falling -2.26%. Saturna Sustainable Bond Fund rose modestly, gaining 0.89%. The Saturna Sustainable Funds launched March 30, 2015, more than six years ago. Since then, assets of the Funds have grown 650% to nearly $50 million, supporting investors with an innovative approach to sustainable investing and a collection of thought-provoking white papers, practice management tools, and impact reports.

We’re pleased to report outstanding ratings for both performance and sustainability from independent performance monitor Morningstar. As of June 30, 2021, the Saturna Sustainable Equity Fund was rated 5 Stars Overall (among 282 funds in the World Large-Stock Blend category). Similary, the Saturna Sustainable Bond Fund was rated 4 Stars Overall (among 185 funds in the World Bond category). As of May 31, 2021, Saturna Sustainable Equity ranked in the 2nd percentile (among 6,932 in the Global Equity Large Cap category) for sustainability, and Saturna Sustainable Bond ranked in the 3rd percentile (among 522 funds in the Global Fixed-Income category), with both Funds earning “High” 5 Globe ratings. See page 5 for further details.

Morningstar^® (logo omitted)


Saturna Sustainable Equity (SEEFX)

Overall Rating™		Sustainability Rating™
ê ê ê ê ê		Ø Ø Ø Ø Ø

Among 282 World Large-Stock Blend Funds, based on risk-

adjusted performance


Saturna Sustainable Bond (SEBFX)

Overall Rating™		Sustainability Rating™
ê ê ê ê		Ø Ø Ø Ø Ø

Among 185 World Bond Funds, based on risk-adjusted

performance



May 31, 2021	Semi-Annual Report	3

Political uncertainties remain, with the US administration proposing infrastructure bills and changes to the tax code. It now appears that a slimmed-down bipartisan infrastructure bill may pass. As for taxes, little has moved forward on the domestic front, but the administration has won international backing for a global minimum tax of 15% with 130 countries, including every member of the Group of 20, agreeing to the plan. The OECD estimates that governments lose $100-240 billion every year to tax avoidance, so the revenue will not make a huge difference to national budgets, but it could certainly affect individual corporate earnings for multinationals that have employed foreign domicile, royalty schemes, and other dodges. Of course, congressional approval is dubious.

Broad recovery and a return to more normal conditions seem on track, at least in places with broad vaccine acceptance. We undoubtedly face more economic turmoil, but we retain faith in the power of human resilience and creativity. Thank you for investing with us. Please read this report and let us know how we can be of assistance to you in your quest for responsible investment choices.

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)	Scott Klimo MBA, CFA^® Saturna Sustainable Equity Fund Deputy Portfolio Manager	(photo omitted)	Elizabeth Alm CFA^® Saturna Sustainable Bond Fund Deputy Portfolio Manager



4	May 31, 2021	Semi-Annual Report


Morningstar Ratings™		As of June 30, 2021



Morningstar™ Ratings^A	1 Year	3 Year	5 Year	Overall	Sustainability Rating™^B

Saturna Sustainable Equity Fund – “Large Blend” Category

SEEFX	n/a	êêêêê	êêêêê	êêêêê	Ø Ø Ø Ø Ø

% Rank in Category	87	7	11	n/a	2

Number of Funds in Category	332	282	239	282	6,932

Saturna Sustainable Bond Fund – “Large Growth” Category
SEBFX	n/a	ê êê	ê êêê	ê êêê	Ø Ø Ø Ø Ø

% Rank in Category	53	49	34	n/a	3

Number of Funds in Category	206	185	170	185	522

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

© 2021 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 Ratings™ (“Star Ratings”) are as of June 30, 2021. The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance (not including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Morningstar Sustainability Ratings are as of May 31, 2021. 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 100% of Assets Under Management. Saturna Sustainable Bond Fund was rated on 81% 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.

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



May 31, 2021	Semi-Annual Report	5

Saturna Sustainable Equity Fund: Performance Summary


Average Annual Returns as of May 31, 2021

	1 Year		5 Year		10 Year		Expense Ratio¹

Sustainable Equity Fund (SEEFX)²		33.45%		15.03%		n/a		0.78%

S&P Global 1200 Index		41.58%		14.99%		10.81%		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 $18,887 versus $19,932 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.

By regulation, the expense ratio shown in this table is as stated in the Fund’s most recent prospectus which is dated March 30, 2021, and incorporates results for the fiscal year ended November 30, 2020, 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. For the fiscal year ended November 30, 2020, the adviser reimbursed additional expenses of the Saturna Sustainable Equity Fund such that its net operating expense ratio was 0.73%.

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

CGI Group, Class A			2.4%

Adobe			2.2%

Apple			2.2%

L’Oreal ADR			2.2%

Wolters Kluwer			2.1%

Novozymes ADR			2.1%

Home Depot			2.1%

Legrand			2.1%

Aviva ADR			2.1%

Accenture, Class A			2.0%

Portfolio Diversification

% of Total Net Assets

Large Pharma

9.6%

∎

Application Software

9.6%

∎

Household Products

7.9%

∎

Specialty Chemicals

4.4%

∎

IT Services

4.4%

∎

Commercial & Residential Building Equipment & Systems

4.0%

∎

Electrical Power Equipment

3.8%

∎

Life Insurance

3.5%

∎

Home Products Stores

3.4%

∎

Consumer Electronics

3.3%

∎

Semiconductor Devices

3.0%

∎

Health Care Facilities

2.7%

∎

Semiconductor Manufacturing

2.7%

∎

Renewable Energy Equipment

2.5%

∎

Packaged Food

2.5%

∎

Industries < 2.5%

25.3%

∎

Other Assets (net of liabilities)

7.4%

∎



6	May 31, 2021	Semi-Annual Report


Saturna Sustainable Equity Fund: Schedule of Investments		As of May 31, 2021



Common Stocks – 92.6%	Number of Shares		Cost		Market Value		Country¹	Percentage of Net Assets

Consumer Discretionary

Apparel, Footwear & Accessory Design

adidas ADR		2,150		$306,862		$394,245	Germany²		1.7%

Consumer Electronic & Appliance Stores

Best Buy		1,000		80,900		116,240	United States		0.5%

E-Commerce Discretionary

Amazon.com³		96		201,118		309,415	United States		1.4%

Home Products Stores

Home Depot		1,500		279,738		478,365	United States		2.1%

Lowe’s		1,500		150,451		292,245	United States		1.3%



				430,189		770,610			3.4%

Other Commercial Services

Ecolab		1,500		237,915		322,620	United States		1.4%

Restaurants

Starbucks		3,213		237,202		365,896	United States		1.6%

Specialty Apparel Stores

TJX Companies		5,000		238,192		337,700	United States		1.5%

Toys & Games

Hasbro		1,800		146,315		172,746	United States		0.8%

				1,878,693		2,789,472			12.3%

Consumer Staples

Household Products

Church & Dwight		3,400		195,721		291,482	United States		1.3%

L’Oreal ADR		5,400		297,824		489,240	France		2.2%

Reckitt Benckiser Group ADR		16,700		280,226		306,512	United Kingdom		1.3%

Unicharm ADR		40,500		326,015		321,570	Japan²		1.4%

Unilever ADR		6,600		340,612		395,802	United Kingdom		1.7%



				1,440,398		1,804,606			7.9%

Packaged Food

Danone ADR		31,200		422,529		446,160	France		2.0%

Nestle ADR		1,000		86,610		123,670	Switzerland		0.5%



				509,139		569,830			2.5%

				1,949,537		2,374,436			10.4%

Energy

Renewable Energy Equipment

Siemens Gamesa Renewable Energy		11,000		174,378		363,180	Spain		1.6%

TPI Composites		4,500		189,621		217,350	United States		0.9%

				363,999		580,530			2.5%

Continued on next page.

The accompanying notes are an integral part of these financial statements.

May 31, 2021

Semi-Annual Report


Saturna Sustainable Equity Fund: Schedule of Investments		As of May 31, 2021



Common Stocks – 92.6%	Number of Shares		Cost		Market Value		Country¹	Percentage of Net Assets

Financials

Consumer Finance

Mastercard, Class A		860		$171,375		$310,099	United States		1.4%

Life Insurance

AIA Group		25,000		198,003		333,632	Hong Kong		1.4%

Aviva ADR		40,000		355,595		468,000	United Kingdom		2.1%



				553,598		801,632			3.5%

P&C Insurance

Chubb		2,000		287,788		339,980	Switzerland		1.5%

				1,012,761		1,451,711			6.4%

Health Care

Health Care Facilities

IHH Healthcare		141,000		190,767		182,053	Malaysia		0.8%

Vestas Wind Systems		11,000		199,477		429,552	Malaysia		1.9%



				390,244		611,605			2.7%

Large Pharma

GlaxoSmithKline ADR		11,500		454,117		445,855	United Kingdom		2.0%

Johnson & Johnson		2,300		365,640		389,275	United States		1.7%

Kering ADR		2,000		172,279		183,420	France		0.8%

Novartis ADR		2,150		191,420		190,017	Switzerland		0.8%

Novo Nordisk ADR		5,100		324,489		402,390	Denmark		1.8%

Pfizer		8,000		290,709		309,840	United States		1.4%

Roche Holding ADR		5,800		251,412		253,808	Switzerland		1.1%



				2,050,066		2,174,605			9.6%

Medical Equipment

Koninklijke Philips		6,900		268,076		389,712	Netherlands		1.7%

				2,708,386		3,175,922			14.0%

Industrials

Commercial & Residential Building Equipment & Systems

Assa Abloy ADR		27,500		272,303		423,225	Sweden²		1.9%

Legrand		4,550		342,001		476,768	France		2.1%



				614,304		899,993			4.0%

Electrical Components

TE Connectivity		3,200		356,052		434,176	Switzerland		1.9%

Electrical Power Equipment

Schneider Electric ADR		13,600		287,302		431,664	France²		1.9%

Siemens ADR		5,300		361,108		434,918	Germany		1.9%



				648,410		866,582			3.8%

Rubber & Plastic

Hartalega Holdings		80,000		63,885		177,865	Malaysia		0.8%

				1,682,651		2,378,616			10.5%

Continued on next page.

May 31, 2021

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, 2021



Common Stocks – 92.6%	Number of Shares		Cost		Market Value		Country¹	Percentage of Net Assets

Materials

Specialty Chemicals

DSM Koninklijke		1,900		$249,713		$349,737	Netherlands		1.5%

Johnson Matthey		4,031		163,844		173,729	United Kingdom		0.8%

Novozymes ADR		6,550		329,753		479,657	Denmark		2.1%



				743,310		1,003,123			4.4%

				743,310		1,003,123			4.4%

Technology

Application Software

Adobe³		1,000		108,410		504,580	United States		2.2%

Atlassian³		1,490		257,788		347,587	Australia		1.5%

Dassault Systemes ADR		1,506		119,029		346,787	France		1.5%

Electronic Arts		2,400		303,422		343,032	United States		1.5%

OpenText		9,250		409,846		434,565	Canada		1.9%

Paypal		800		197,815		208,016	United States		1.0%



				1,396,310		2,184,567			9.6%

Communications Equipment

Apple		4,000		113,474		498,440	United States		2.2%

Consumer Electronics

Nintendo ADR		4,575		224,198		353,739	Japan²		1.5%

Sony ADR		4,000		261,557		398,440	Japan		1.8%



				485,755		752,179			3.3%

Electronics Components

Murata Manufacturing		4,000		203,199		302,604	Japan		1.3%

Information Services

Wolters Kluwer		5,000		371,604		479,671	Netherlands		2.1%

Infrastructure Software

Microsoft		1,438		62,724		359,040	United States		1.6%

IT Services

Accenture, Class A		1,600		275,166		451,456	Ireland		2.0%

CGI Group, Class A³		6,000		421,997		536,400	Canada		2.4%



				697,163		987,856			4.4%

Semiconductor Devices

NXP Semiconductors		1,800		179,525		380,556	Netherlands		1.7%

STMicroelectronics		7,800		224,246		291,252	Switzerland		1.3%



				403,771		671,808			3.0%

Semiconductor Manufacturing

Taiwan Semiconductor ADR		3,650		114,007		428,364	Taiwan		1.9%

Tractor Supply		1,000		172,020		181,700	United States		0.8%



				286,027		610,064			2.7%

				4,020,027		6,846,229			30.2%

Continued on next page.

The accompanying notes are an integral part of these financial statements.

May 31, 2021

Semi-Annual Report


Saturna Sustainable Equity Fund: Schedule of Investments		As of May 31, 2021

Common Stocks – 92.6%

Number of Shares

Cost

Market Value

Country¹

Percentage of Net Assets

Utilities

Power Generation

Iberdrola

31,752

$363,182

$437,201

Spain

1.9%

363,182

437,201

1.9%

Total investments

$14,722,546

$21,037,240

92.6%

Other assets (net of liabilities)

1,688,565

7.4%

Total net assets

$22,725,805

100.0%

¹	Country of domicile unless otherwise indicated

²	Denotes a country or region of primary exposure

³	Non-income producing security

ADR: American Depository Receipt


Countries


Weightings shown are a percentage of total net assets.

May 31, 2021

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, 2021



Assets

Investments in securities, at value (Cost $14,722,546)			$21,037,240

Cash			1,574,075

Dividends and interest receivable			76,490

Receivable for Fund shares sold			45,249

Prepaid expenses			8,877

Other receivables			132


Total assets			22,742,063


Liabilities

Accrued advisory fees			10,654

Accrued audit expenses			2,358

Accrued retirement plan custody fee			1,368

Accrued printing fees			1,033

Accrued Chief Compliance Officer expenses			492

Accrued other expenses			353


Total liabilities			16,258


Net assets			$22,725,805



Analysis of net assets

Paid-in capital (unlimited shares authorized, without par value)			$16,540,411

Total distributable earnings			6,185,394


Net assets applicable to Fund shares outstanding			$22,725,805


Fund shares outstanding			1,244,868

Net asset value, offering, and redemption price per share			$18.26

Statement of Operations


Period ended May 31, 2021



Investment income

Dividend income (net of foreign tax of ($23,967)	$199,129


Total investment income	199,129


Expenses

Advisory fees	66,252

Filing and registration fees	10,513

Audit fees	3,485

Custodian fees	1,149

Printing and Postage fees	740

Trustee fees	615

Other operating expenses	507

Legal fees	505

Chief Compliance Officer expenses	330

Retirement plan custodial fees	246


Total gross expenses	84,342


Less adviser fees waived	(6,748	)

Less custodian fee credits	(1,149	)


Net expenses	76,445


Net investment income	$122,684





Net realized gain from investments and foreign currency	$40,277

Net increase in unrealized appreciation on investments and foreign currency	1,656,165


Net gain on investments and foreign currency	$1,696,442



Net increase in net assets resulting from operations	$1,819,126

The accompanying notes are an integral part of these financial statements.

May 31, 2021

Semi-Annual Report

Saturna Sustainable Equity Fund


Statements of Changes of Net Assets	Period ended May 31, 2021		Year ended November 30, 2020

Increase in net assets from operations

From operations

Net investment income	$122,684		$68,558

Net realized gain (loss) on investment and foreign currency	40,277		(29,089	)

Net increase in unrealized appreciation on investments and foreign currencies	1,656,165		2,760,173


Net increase in net assets resulting from operations	1,819,126		2,799,642




Distributions to shareowners	(62,912	)	(42,386	)



Capital share transactions

Proceeds from sales of shares	4,375,703		7,996,955

Value of shares issued in reinvestment of dividends	62,910		42,319

Cost of shares redeemed	(302,726	)	(2,147,693	)


Total capital share transactions	4,135,887		5,891,581


Total increase in net assets	5,892,101		8,648,837



Net assets

Beginning of period	16,833,704		8,184,867

End of period	$22,725,805		$16,833,704



Shares of the Fund sold and redeemed

Number of shares sold	251,725		546,666

Number of shares issued in reinvestment of dividends	3,664		3,047

Number of shares redeemed	(17,178	)	(145,697	)


Net increase in number of shares outstanding	238,211		404,016


Financial Highlights	For Period ended		For year ended November 30,

Selected data per share of outstanding capital stock throughout each period:	May 31, 2021		2020		2019		2018		2017		2016

Net asset value at beginning of period	$16.72		$13.58		$11.51		$11.44		$9.43		$9.73

Income from investment operations

Net investment income	0.11		0.10		0.09		0.09		0.09		0.06

Net gains (losses) on securities (both realized & unrealized)	1.49		3.11		2.08		0.07		1.97		(0.36	)


Total from investment operations	1.60		3.21		2.17		0.16		2.06		(0.30	)


Less distributions

Dividends from net investment income	(0.06	)	(0.07	)	(0.10	)	(0.09	)	(0.05	)	-


Total distributions	(0.06	)	(0.07	)	(0.10	)	(0.09	)	(0.05	)	-




Net asset value at end of period	$18.26		$16.72		$13.58		$11.51		$11.44		$9.43


Total return^A	9.58%		23.74%		19.04%		1.39%		22.01%		(3.08	)%

Ratios / supplemental data

Net assets ($000), end of period	$22,726		$16,834		$8,185		$5,658		$4,984		$3,343

Ratio of expenses to average net assets

Before fee waivers^B	0.83%		0.78%		1.81%		1.27%		1.48%		1.65%

After fee waivers^B	0.76%		0.75%		0.78%		0.76%		0.88%		1.00%

After fee waivers and custodian fee credits^B	0.75%		0.73%		0.75%		0.75%		0.86%		0.99%

Ratio of net investment income after fee waivers and custodian fee credits to average net assets^B	1.20%		0.61%		0.80%		0.82%		0.95%		0.67%

Portfolio turnover rate^A	1%		13%		13%		8%		12%		48%

^A	Not annualized for periods of less than one year

^B	Annualized for periods of less than one year

May 31, 2021

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, 2021

	1 Year		5 Year		10 Year		Expense Ratio¹

Sustainable Bond Fund (SEBFX)²		5.80%		3.29%		n/a		0.85%

FTSE WorldBIG Index		3.42%		3.04%		2.15%		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 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 $11,741 versus rising to $12,163 in the Index.

By regulation, the expense ratio shown in this table is as stated in the Fund’s most recent prospectus which is dated March 30, 2021, and incorporates results for the fiscal year ended November 30, 2020, 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

Lincoln National (2.51338% due 05/17/2066)			5.6%

Canadian Imperial Bank (4.375% due 10/28/2080)			4.2%

European Investment Bank (3.30% due 02/03/2028)			4.2%

Iron Mountain Inc (5.25% due 07/15/2030)			4.1%

Mexico Bonos Desarrollo (6.50% due 06/10/2021)			3.9%

Telfon Celular del Paraguay (5.875% due 04/15/2027)			3.7%

NextEra Energy Capital (2.30888% due 06/15/2067)			3.6%

Bank of Nova Scotia (4.90% due PERP)			3.1%

Koninklijke KPN NV (5.00% due 11/18/2026)			3.1%

Telecom Italia (3.00% due 09/30/2025)			2.6%

Portfolio Diversification

% of Total Net Assets

Financials

26.1%

∎

LOGO

Government Bonds

25.2%

∎

Technology

13.3%

∎

Consumer Staples

6.4%

∎

Materials

5.3%

∎

Consumer Discretionary

5.2%

∎

Communications

4.8%

∎

Energy

3.6%

∎

Health Care

1.9%

∎

Utilities

1.6%

∎

Other Assets (net of liabilities)

6.6%

∎



May 31, 2021	Semi-Annual Report	13


Saturna Sustainable Bond Fund: Schedule of Investments		As of May 31, 2021



Corporate Bonds – 68.2%	Coupon / Maturity	Face Amount		Market Value		Country¹	Percentage of Net Assets

Communications

Telecom Italia²	5.303% due 05/30/2024		$250,000		$271,875	Italy		1.1%

Telfon Celular del Paraguay⁵	5.875% due 04/15/2027		900,000		948,375	Paraguay		3.7%

					1,220,250			4.8%

Consumer Discretionary

Barry Callebaut²	5.50% due 06/15/2023		500,000		545,654	Belgium		2.1%

Macy’s Inc²	8.375% due 06/15/2025		500,000		552,500	United States		2.1%

Starbucks	2.45% due 06/15/2026		250,000		264,022	United States		1.0%

					1,362,176			5.2%

Consumer Staples

Amaggi Lux Intl Sarl²	5.25% due 01/28/2028		500,000		523,450	Brazil		2.0%

Danone²	2.589% due 11/02/2023		500,000		523,282	France		2.0%

Danone^4,5	1.75% due PERP		EUR 500,000		623,445	France		2.4%

					1,670,177			6.4%

Energy

NextEra Energy Capital (3 month LIBOR plus 2.125%)³	2.30888% due 06/15/2067		1,000,000		921,210	France		3.6%

					921,210			3.6%

Financials

Admiral Group⁵	5.50% due 07/25/2024		GBP 200,000		319,996	United Kingdom		1.2%

AXA^5,6	5.125% due 01/17/2047		250,000		284,334	France		1.1%

Bank of Nova Scotia	4.90% due PERP		750,000		807,188	Canada		3.1%

First Abu Dhabi Bank⁵	3.00% due 03/30/2022		250,000		255,250	United Arab Emirates		1.0%

Hartford Financial Services Group²	3.164% due 02/12/2047		200,000		191,235	France		0.8%

Iron Mountain²	5.25% due 07/15/2030		1,000,000		1,044,150	United States		4.1%

Lincoln National (3 month LIBOR plus 2.04%)³	2.51338% due 05/17/2066		1,650,000		1,430,550	United States		5.6%

MAF Sukuk⁵	4.638% due 05/14/2029		600,000		674,343	United Arab Emirates		2.6%

MunichRe⁷	1.25% due 05/26/2041		EUR 200,000		245,175	Germany		1.0%

State Street (Quarterly US LIBOR plus 100)³	1.18388% due 06/15/2047		500,000		429,322	United States		1.7%

Toronto-Dominion Bank	1.128% due 12/09/2025		CAD 500,000		407,601	Canada		1.6%

Women’s Livelihood Bond Asset²	3.95% due 12/10/2024		600,000		594,106	Singapore		2.3%

					6,683,250			26.1%

Health Care

Novartis Capital	3.00% due 11/20/2025		250,000		272,374	United States		1.1%

Roche²	2.625% due 05/15/2026		200,000		214,693	Switzerland		0.8%

					487,067			1.9%

Continued on next page.

May 31, 2021

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, 2021

Corporate Bonds – 68.2%

Coupon / Maturity

Face Amount

Market Value

Country¹

Percentage of Net Assets

Materials

Ball

5.25% due 07/01/2025

400,000

452,500

United States

1.8%

Koninklijke DSM⁵

1.00% due 04/09/2025

EUR 500,000

634,621

Netherlands

2.5%

Stora Enso²

7.25% due 04/15/2036

200,000

264,669

Finland

1.0%

1,351,790

5.3%

Technology

Adobe

2.30% due 02/01/2030

$200,000

$205,148

United States

0.8%

Koninklijke KPN

8.375% due 10/01/2030

250,000

348,638

Netherlands

1.4%

Microsoft

3.625% due 12/15/2023

250,000

269,220

United States

1.1%

Nokia

3.375% due 06/12/2022

550,000

564,097

Finland

2.2%

Nokia⁵

2.375% due 05/15/2025

EUR 500,000

645,393

Finland

2.5%

NXP BV/NXP Funding²

3.40% due 05/01/2030

250,000

269,374

Netherlands

1.1%

RELX

4.00% due 03/18/2029

400,000

448,769

United Kingdom

1.6%

Telecom Italia⁵

3.00% due 09/30/2025

EUR 520,000

676,805

Italy

2.6%

3,427,444

13.3%

Utilities

United Utilities

6.875% due 08/15/2028

135,000

172,188

United Kingdom

0.7%

Tabreed Sukuk⁵

5.50% due 10/31/2025

200,000

230,339

France

0.9%

402,527

1.6%

Total Corporate Bonds

$17,525,891

68.2%

Continued on next page.

The accompanying notes are an integral part of these financial statements.

May 31, 2021

Semi-Annual Report


Saturna Sustainable Bond Fund: Schedule of Investments		As of May 31, 2021

Government Bonds –25.2%

Coupon / Maturity

Face Amount

Market Value

Country¹

Percentage of Net Assets

Financial Services

European Investment Bank

3.30% due 02/03/2028

AUD 1,250,000

$1,081,864

Luxembourg

4.2%

KFW

2.00% due 11/30/2021

250,000

252,340

Germany

1.0%

1,334,204

5.2%

Foreign
Government Bonds

Canadian Imperial Bank⁸

4.375% due 10/28/2080

CAD 1,250,000

1,083,839

Brazil

4.2%

Federal Republic of Brazil

12.50% due 01/05/2022

BRL 2,000,000

398,768

Brazil

1.6%

International Finance Corp⁵

4.60% due 01/27/2023

BRL 1,000,000

187,132

Brazil

0.7%

INTL BK RECON & DEVELOP

4.25% due 01/22/2026

MXN 10,000,000

470,278

Germany

1.8%

Koninklijke KPN NV⁵

5.00% due 11/18/2026

GBP 500,000

801,794

Colombia

3.1%

Mexico Bonos Desarrollo

6.50% due 06/10/2021

MXN 20,000,000

1,003,826

Mexico

3.9%

Ontario

2.65% due 02/05/2025

CAD 500,000

440,214

Canada

1.7%

Perusahaan Penerbit SBSN⁵

3.75% due 03/01/2023

250,000

263,350

Indonesia

1.0%

Queensland Treasury⁵

2.50% due 03/06/2029

AUD 600,000

498,904

Australia

2.0%

5,148,105

20.0%

Total Government Bonds

$6,482,309

25.2%

Total investments

(Cost $23,433,542)

$24,008,200

93.4%

Other assets (net of liabilities)

1,695,993

6.6%

Total net assets

$25,704,193

100.0%

¹	Country of risk

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, 2021, the net value of these securities was $4,994,988 representing 19.4% of net assets.

³	Variable rate security. The interest rate represents the rate in effect on May 31, 2021 and resets periodically based on the parenthetically disclosed reference rate and spread.

⁴	Danone is a fixed-to-float bond. The bond has a fixed rate until June 23, 2023. The interest rate represents the rate in effect on May 31, 2021.

⁵

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. On May 31, 2021, the aggregate value of these securities was $7,044,081 representing 27.2% of net assets.

⁶	AXA is a fixed-to-float bond. The bond has a fixed rate until January 17, 2027. The interest rate represents the rate in effect on May 31, 2021.

⁷	MunichRe is a fixed-to-float bond. The bond has a fixed rate until May 26, 2031. The interest rate represents the rate in effect on May 31, 2021.

⁸	Canadian Imperial Bank is a fixed-to-float bond. The bond has a fixed rate until October 28, 2025. The interest rate represents the rate in effect on May 31, 2021.

PERP: Security is perpetual in nature and has no stated maturity

AUD: Australian Dollar

BRL: Brazilian Real

CAD: Canadian Dollar

EUR: Euro

GBP: Great British Pound

MXN: Mexican Peso

May 31, 2021

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, 2021


Countries


Weightings shown are a percentage of total net assets.

Bond Quality Diversification

% of Total Net Assets

Rated “AAA”

7.0%

∎

LOGO

Rated “AA+”

1.9%

∎

Rated “AA”

0.8%

∎

Rated “AA-”

2.1%

∎

Rated “A+”

1.7%

∎

Rated “A”

5.6%

∎

Rated “A-”

2.5%

∎

Rated “BBB+”

9.7%

∎

Rated “BBB”

20.1%

∎

Rated “BBB-”

11.0%

∎

Rated “BB+”

19.7%

∎

Rated “BB-”

7.8%

∎

Not Rated

3.5%

∎

Other Assets (net of liabilities)

6.6%

∎

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.

May 31, 2021

Semi-Annual Report

Saturna Sustainable Bond Fund

Statement of Assets and Liabilities


As of May 31, 2021



Assets

Investments in securities, at value (Cost $23,433,542)			$24,008,200

Cash			1,311,044

Dividends and interest receivable			296,784

Receivable for Fund shares sold			100,186

Other assets			13,243


Total assets			25,729,457

Liabilities

Accrued advisory fees			6,610

Accrued trustee expenses			4,585

Accrued Chief Compliance Officer expenses			3,534

Accrued printing fees			3,320

Accrued postage fees			2,768

Accrued legal expenses			2,056

Accrued other expenses			1,290

Accrued retirement plan custody fee			1,101


Total liabilities			25,264

Net assets			$25,704,193



Analysis of net assets

Paid-in capital (unlimited shares authorized, without par value)			$24,722,465

Total distributable earnings			981,728


Net assets applicable to Fund shares outstanding			$25,704,193


Fund shares outstanding			2,493,006

Net asset value, offering, and redemption price per share			$10.31

Statement of Operations


Period ended May 31, 2021



Investment income

Interest income	$332,811

Miscellaneous income	25


Total investment income	332,836

Expenses

Advisory fees	63,744

Filing and registration fees	11,763

Audit fees	7,121

Trustee fees	5,611

Chief Compliance Officer expenses	4,478

Printing and Postage fee expense	4,257

Other operating expenses	2,135

Legal fees	1,828

Custodian fees	1,581

Retirement plan custodial fees	1,244


Total gross expenses	103,762

Less adviser fees waived	(26,847	)

Less custodian fee credits	(1,581	)


Net expenses	75,334

Net investment income	$257,502





Net realized gain from investments and foreign currency	270,750

Net decrease in unrealized appreciation on investments and foreign currency	(364,444	)


Net loss on investments	$(93,694	)



Net increase in net assets resulting from operations	$163,808

May 31, 2021

Semi-Annual Report

The accompanying notes are an integral part of these financial statements.

Saturna Sustainable Bond Fund


Statements of Changes in Net Assets	Period ended May 31, 2021		Year ended November 30, 2020

Increase (decrease) in net assets from operations

From operations

Net investment income	$257,502		$626,658

Net realized gains on investments and foreign currency	270,750		21,779

Net increase (decrease) in unrealized appreciation	(364,444	)	996,180


Net increase in net assets	163,808		1,644,617




Distributions to shareowners	(24,312	)	(293,065	)




Capital share transactions

Proceeds from sales of shares	5,994,797		7,552,324

Value of shares issued in reinvestment of dividends	21,140		255,413

Cost of shares redeemed	(2,423,770	)	(14,962,191	)


Total capital share transactions	3,592,167		(7,154,454	)


Total increase (decrease) in net assets	3,731,663		(5,802,902	)



Net assets

Beginning of period	21,972,530		27,775,432

End of period	$25,704,193		$21,972,530



Shares of the Fund sold and redeemed

Number of shares sold	584,929		764,964

Number of shares issued in reinvestment of dividends	2,062		26,166

Number of shares redeemed	(236,905	)	(1,510,755	)


Net increase (decrease) in number of shares outstanding	350,086		(719,625	)


Financial Highlights	For period ended				For year ended November 30,

Selected data per share of outstanding capital stock throughout each period:	May 31, 2021		2020		2019		2018		2017		2016

Net asset value at beginning of period	$10.25		$9.70		$9.39		$9.87		$9.65		$9.75

Income from investment operations

Net investment income	0.11		0.23		0.28		0.26		0.27		0.24

Net gains (losses) on securities (both realized and unrealized)	(0.04	)	0.42		0.29		(0.48	)	0.23		(0.10	)


Total from investment operations	0.07		0.65		0.57		(0.22	)	0.50		0.14


Less distributions

Dividends from net investment income	(0.01	)	(0.10	)	(0.26	)	(0.26	)	(0.27	)	(0.24	)

Capital gains distribution	-		-		-		-		(0.01	)	-


Total distributions	(0.01	)	(0.10	)	(0.26	)	(0.26	)	(0.28	)	(0.24	)





Net asset value at end of period	$10.31		$10.25		$9.70		$9.39		$9.87		$9.65


Total return^A	0.89%		6.78%		6.09%		(2.29	)%	5.28%		1.37%

Ratios / supplemental data

Net assets ($000), end of period	$25,704		$21,973		$27,775		$31,647		$21,980		$8,639

Ratio of expenses to average net assets

Before fee waivers^B	0.90%		0.85%		0.83%		0.77%		0.92%		1.17%

After fee waivers^B	0.66%		0.67%		0.66%		0.66%		0.75%		0.89%

After fee waivers and custodian fee credits^B	0.65%		0.65%		0.65%		0.65%		0.74%		0.89%

Ratio of net investment income after fee waivers and custodian fee credits to average net assets^B	2.22%		2.33%		2.87%		2.99%		2.82%		2.46%

Portfolio turnover rate^A	38%		63%		38%		25%		14%		46%

^A	Not annualized on periods less than one year.

^B	Annualized on periods less than one year.

The accompanying notes are an integral part of these financial statements.

May 31, 2021

Semi-Annual Report

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.

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

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,



20	May 31, 2021	Semi-Annual Report

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.

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:

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:

Fair value measurements:

Level 1 —

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

Level 2 —

Level 3 —

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 22 is a summary of the inputs used as of May 31, 2021, in valuing the Funds’ investments carried at fair value.

Investment concentration:



May 31, 2021	Semi-Annual Report	21

Notes To Financial Statements (continued)

The following is a summary of the inputs used as of May 31, 2021, in valuing the Funds’ investments carried at value:



Funds	Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input		Total

Sustainable Equity Fund

Common Stocks

Consumer Discretionary		$2,789,472		$-		$-		$2,789,472

Consumer Staples		2,374,436		-		-		2,374,436

Energy		217,350		363,180		-		580,530

Financials		1,118,079		333,632		-		1,451,711

Health Care		2,564,317		611,605		-		3,175,922

Industrials		1,723,983		654,633		-		2,378,616

Materials		479,657		523,466		-		1,003,123

Technology		6,063,954		782,275		-		6,846,229

Utilities		-		437,201		-		437,201

Total Assets		$17,331,248		$3,705,992		$-		$21,037,240



Sustainable Bond Fund

Corporate Bonds

Communications		$-		$1,220,250		$-		$1,220,250

Consumer Discretionary		-		1,362,176		-		1,362,176

Consumer Staples		-		1,670,177		-		1,670,177

Energy		-		921,210		-		921,210

Financials		-		6,089,144		594,106		6,683,250

Health Care		-		487,067		-		487,067

Materials		-		1,351,790		-		1,351,790

Technology		-		3,427,444		-		3,427,444

Utilities		-		402,527		-		402,527

Total Corporate Bonds		-		16,931,785		594,106		17,525,891

Government Bonds¹		-		$6,482,309		-		6,482,309

Total Assets		$-		$23,414,094		$594,106		$24,008,200

¹	See Schedule of Investments for industry breakout.

During the period ended May 31, 2021, no Fund had transfers between Level 1 or Level 2.

The following is a reconciliation of assets and liabilities for which Level 3 inputs were used in determining value.



	Corporate Bonds

Beginning balance		$-

Total realized gain (loss)		-

Change in unrealized appreciation (depreciation)		(5,894	)

Net purchases		600,000

Net Sales		-

Accrued Interest		-

Transfers into Level 3		-

Transfers out of Level 3		-

Ending Balance		$594,106

The following is quantitative information about significant unobservable inputs (Level 3) for the Company as of May 31, 2021.

Asset Category

Fair

Value

Valuation

Technique

Unobservable

Input

value

Financials

$594,106

Market Comparable

Spread to benchmark

356bp

The following represents the impact on fair value measurements to changes in unobservable inputs:



Unobservable Input	Increase in Inputs Impact on Valuation		Decrease in Inputs Impact on Valuation

Spread to benchmark		Increase		Decrease



22	May 31, 2021	Semi-Annual Report


Notes To Financial Statements (continued)

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 (2017-2019) or expected to be taken in the Funds’ 2020 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:

As of May 31, 2021, there were no reclassifications to the capital accounts.

Distributions to shareowners:

Sustainable Bond Fund and 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:

Foreign taxes:

LIBOR Transition Risk:

The United Kingdom’s Financial Conduct Authority announce a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021 and it is expected that LIBOR will cease to be published after that time. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging activities, or investment value. The transition process away from LIBOR might lead to increase volatility and illiquidity in markets for , and reduce the effectiveness of new hedges placed against, instruments whose term currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

Other

Recent Accounting Pronouncement:

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.



May 31, 2021	Semi-Annual Report	23


Notes To Financial Statements (continued)

NOTE 4 – Transactions with Affiliated Persons

Under contracts approved annually by the Board of Trustees, including those who are not parties to the contract or “interested persons” (as defined in the Investment Company Act of 1940) of such parties or the Trust (the “Independent Trustees”), Saturna Capital Corporation (“Saturna Capital”) 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, 2022. For the fiscal period ended May 31, 2021, the advisory fees incurred were as follows:



	Adviser Fees		Adviser Fees Waived

Sustainable Equity		$66,252		$(6,748	)

Sustainable Bond		$63,744		$(26,847	)

In accordance with the expense limitation noted above, for the fiscal period ended May 31, 2021, 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.

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 fiscal period ended May 31, 2021, the Funds incurred the following amounts:



Retirement plan custodial fees

Sustainable Equity			$246

Sustainable Bond			$1,244

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 fiscal period ended May 31, 2021, the Trust incurred compensation expenses of $22,750 which is included in $25,805 of total expenses for the independent Trustees. The Saturna Sustainable Funds incurred $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 fiscal period ended May 31, 2021, the Funds paid the following compensation expenses for the Chief Compliance Officer:



Chief Compliance Officer

Sustainable Equity			$330

Sustainable Bond			$4,478

On May 31, 2021, the trustees, officers, and their affiliates as a group owned 36.40% and 15.97% of the outstanding shares of Sustainable Equity Fund and Sustainable Bond Fund, respectively.

NOTE 5 – Distributions to Shareowners

The tax characteristics of distributions paid during the fiscal period ended May 31, 2021, and the fiscal year ended November 30, 2020, were as follows:



	Period ended May 31, 2021		Year ended November 30, 2020

Sustainable Equity Fund

Ordinary income		$62,912		$42,386

Sustainable Bond Fund

Ordinary income		$24,312		$293,065

NOTE 6 – Federal Income Taxes

The cost basis of investments for federal income tax purposes on May 31, 2021, was as follows:



	Sustainable Equity		Sustainable Bond

Cost of investments	$14,722,546		$23,433,542

Gross tax unrealized appreciation	$6,337,519		$810,727

Gross tax unrealized depreciation	$(22,825	)	$(236,069	)

Net tax unrealized appreciation (depreciation)	$6,314,694		$574,658

As of November 30, 2020, components of distributable earnings on a tax basis were as follows:



Sustainable Equity

Undistributed ordinary income	$62,316

Accumulated capital losses	(292,206	)

Unrealized appreciation	4,658,746

Other unrealized losses	325


Total accumulated earnings	$4,429,181



Sustainable Bond

Undistributed net investment income (loss)	$(48,793	)^A

Accumulated capital losses	(55,758	)

Unrealized appreciation	938,228

Other unrealized appreciation	8,555


Total accumulated earnings	$842,232

^A Represents late year loss deferrals



24	May 31, 2021	Semi-Annual Report


Notes To Financial Statements (continued)

On November 30, 2020, the Funds had capital loss carryforwards as follows, subject to regulation.



	Carryforward	Expiration

Sustainable Equity Fund

Short-term loss carryforward	$260,269	Unlimited

Long-term loss carryforward	$31,937	Unlimited

	$292,206



	Carryforward	Expiration

Sustainable Bond Fund

Long-term loss carryforward	$55,758	Unlimited

	$55,758

NOTE 7 – Investments

Investment transactions other than short-term investments for the fiscal period ended May 31, 2021, were as follows:



	Purchases		Sales

Sustainable Equity		$3,807,689		$148,522

Sustainable Bond		$12,186,737		$8,072,300

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, 2021, were as follows:



Custodian Fee Credits

Sustainable Equity			$1,149

Sustainable Bond			$1,581

NOTE 9 – COVID-19 Pandemic

NOTE 10 – Subsequent Events

In preparing these financial statements, the Funds have evaluatedevents 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, 2021	Semi-Annual Report	25

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, 2020 to May 31, 2021).

Actual Expenses

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, 2020]		Ending Account Value [May 31, 2021]		Expenses Paid During Period		Annualized Expense Ratio



Sustainable Equity Fund (SEEFX), Actual		$1,000.00		$1,095.80		$3.91		0.75%

Hypothetical (5% return before expenses)		$1,000.00		$1,021.20		$3.77		0.75%



Sustainable Bond Fund (SEBFX), Actual		$1,000.00		$1,008.90		$3.26		0.65%

Hypothetical (5% return before expenses)		$1,000.00		$1,021.69		$3.28		0.65%

Expenses are equal to annualized expense ratios indicated above (based on the most recent fiscal period of December 1, 2020, through May 31, 2021) multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).



26	May 31, 2021	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 as an exhibit to its reports on Form N-PORT. Previously, this information was filed on Form N-Q.

(2)	The Funds’ Form N-PORT reports are available on the SEC’s website at www.sec.gov and at www.saturnasustainable.com.

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

Availability of Proxy Voting Information

(1)

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

(2)

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

Householding Policy

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

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

Privacy Statement

Statement Regarding Liquidity Risk Management Program



May 31, 2021	Semi-Annual Report	27

LOGO

Performance Summary (as of June 30, 2021)

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	1.66%	3.85%	2.20%	2.93%	3.40%	0.72%	¹

S&P Idaho Municipal Bond Index	4.62%	4.85%	3.19%	4.60%	4.68%	n/a

“Muni Single State Intermediate” Category Average²	2.50%	3.78%	2.16%	3.15%	3.45%	0.93%

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 adviser, 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.

Source: Morningstar June 30, 2021. 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.

On the cover: View of Boise Train Depot in Boise, Idaho, USA, with flowers blooming in the foreground and blue sky in the background.



2	May 31, 2021	Semi-Annual Report


Fellow Shareowners:		July 20, 2021

On July 1, 2021, the state of Idaho ended its budget year with a record surplus of over $800 million, with May revenues $580 million ahead of forecast – the largest month for state revenue in Idaho history. Over the past year individual income taxes, sales taxes, and corporate income taxes have all come in ahead of forecasts. Surplus funds enabled Governor Brad Little to sign legislation for a tax cut of almost $400 million, as well as millions of dollars on infrastructure spending.¹ Idaho’s willingness to maintain a balanced budget and take swift action to maintain that balance will drive good performance into the future.

Idaho State continues to benefit from favorable demographics. The latest census data shows that Idaho’s population grew by 16.5%, seeing the largest net migration of any state in the country from 2010-2020.² The economic base of the state has diversified over the past decade by adding jobs in construction, technology, tourism, and health care. Employment has continued its good performance, relative to the rest of the country. Idaho’s official monthly unemployment rate, at 3% as of June 2021, is close to half of that of the national economy.³

In the fixed income markets, 2020 was marked by a great deal of volatility, especially in March. However, after the initial yield surge, corporate spreads tightened significantly, and Treasury yields declined. The first part of 2021 saw that that trend reverse, especially in the long end, spurred by the steepening Treasury curve. Elevated inflation expectations from a reopening economy drove a rise in yields, and the Federal Reserve indicated a tolerance for that inflation, reinforcing market sentiment. However, the June meeting of the Federal Reserve indicated that they would be keen to act on inflation. This comment shifted market expectations for future inflation and reversed some of the rise in yields seen earlier in the year.⁴

During these market movements, the Idaho Tax-Exempt Fund continued to benefit from lack of correlation to other asset classes including US Treasurys and corporate bonds. As of June 30, 2021, the Fund showed a positive return of 0.37%. The Fund has offered important diversification benefits, especially in the first half of 2021 when Treasurys and corporate bonds experienced rising rates. Treasurys saw their worst quarter in 40 years at the start of 2021, with the 30-year rising 77 basis points to 2.41%, in-line with pre-pandemic levels. Bloomberg’s long-duration US Treasury benchmark, an index that only includes US Treasurys with a duration of 10 years or more, experienced a decline of -13.51%. In stark contrast, the Fund returned -0.6% over the same period, showing a correlation with the Treasury index of only 0.46.

We continue to be vigilant for potential challenges spurred by an uneven economic rebound from the coronavirus pandemic, ongoing volatility in the bond market, and even the impacts of unusually extreme heat and drought in the state. Our security review and surveillance process emphasize selecting securities with strong balance sheets and financial flexibility. The COVID-19 crisis presented challenges that highlight the merits of conservative fiscal management. The Fund continues to offer discriminating investors the opportunity to invest in high-quality, tax-exempt securities in an exceptionally creditworthy state.

Respectfully,

(photo omitted)

Jane Carten MBA,

President

(photo omitted)

Elizabeth Alm CFA^®,

Portfolio Manager

¹	Corbin, Clark. Idaho begins new fiscal year eyeing record $800 million-plus budget surplus. Idaho Capital Sun, July 1, 2021. https://idahocapitalsun.com/2021/07/01/ idaho-begins-new-fiscal-year-eyeing-record-800-million-plus-budget-surplus/

²	Evaluation Estimates: 2020. United States Census Bureau, July 16, 2021. https://www.census.gov/programs-surveys/popest/technical-documentation/research/evaluation-estimates.html

³	Hartgen, Stephen. Idaho economy on a roll due to sound leadership. Idaho State Journal, June 25, 2021. https://www.idahostatejournal.com/opinion/columns/idaho-economy-on-a-roll-due-to-sound-leadership/article_6a751bac-68f6-515d-8ed0-ec5084eb101d.html

⁴	Global markets adapt to a change in the Federal Reserve’s tone. The Economist, June 20, 2021. https://www.economist.com/finance-and-economics/2021/06/20/global-markets-adapt-to-a-change-in-the-federal-reserves-tone



Semi-Annual Report	May 31, 2021	3


Performance Summary
Average Annual Returns (as of May 31, 2021)

	1 Year		5 Year		10 Year		Expense Ratio¹

Idaho Tax-Exempt Fund		1.68%		2.43%		2.88%		0.72%

S&P Idaho Municipal Bond Index		4.90%		3.44%		4.63%		n/a

Growth of $10,000


		Comparison of any mutual fund to a market index must be made bearing in mind that the Index is unmanaged and expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on May 31, 2011, 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 $13,290 versus $15,719 in the S&P Idaho Municipal Bond Index.

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 30, 2021, and incorporates results for the fiscal year ended November 30, 2020. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different fiscal periods.

Fund Objective

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

Portfolio Diversification

% of Total Net Assets

∎

General Obligations

45.9%

LOGO

∎

State Education

16.6%

∎

Real Estate

8.8%

∎

Financial Services

4.2%

∎

Water Supply

3.5%

∎

Municipal Leases

3.4%

∎

Government Bonds

3.2%

∎

Pollution Control

2.3%

∎

Medical/Hospitals

2.2%

∎

Health Care Facilities

2.2%

∎

Transportation

1.5%

∎

Other assets (net of liabilities)

6.2%


Top 10 Holdings

% of Total Net Assets

Teton Co, ID SCD #401 Driggs (4.00% due 09/15/2035)			4.1%

Canyon Co ID SCD #134 Middleton (4.00% due 09/15/2028)			3.2%

Idaho Bond Bank Authority (4.00% due 09/15/2032)			3.1%

University of Idaho Revenue (5.00% due 04/01/2032)			3.0%

Idaho State Building Authority (5.00% due 09/01/2032)			2.9%

Nez Perce CO ISD #1 Lewiston (5.00% due 09/15/2029)			2.8%

Idaho Fish & Wildlife Foundation Rev (5.00% due 12/01/2033)			2.7%

Ada & Canyon Cos ID JSD #2 Meridian (5.00% due 08/15/2032)			2.7%

Twin Falls Co ID SCD #411 Series A (4.25% due 09/15/2030)			2.3%

Caribou Franklin Bannock JSD #148 (3.25% due 09/15/2035)			2.3%



4	May 31, 2021	Semi-Annual Report


Schedule of Investments				As of May 31, 2021

Tax-Exempt Municipal Bonds - 93.8%	Coupon / Maturity	Face Amount		Market Value		Percentage of Net Assets

Financial Services

Idaho Bond Bank Authority	4.00% due 09/15/2032		$405,000		$443,192		3.1%

Idaho Housing & Finance Rev	3.00% due 07/01/2036		165,000		166,154		1.1%

					609,346		4.2%

General Obligation

Ada & Canyon Cos ID JSD #2 Meridian	5.00% due 08/15/2032		325,000		384,679		2.7%

Ada & Canyon Cos ID JSD #3 Kuna	4.00% due 09/15/2027		100,000		119,745		0.8%

Boise City ID Independent SD	3.00% due 08/01/2038		100,000		104,743		0.7%

Bonneville & Bingham Cos JSD #93	5.00% due 09/15/2031		200,000		212,255		1.5%

Bonneville & Bingham Cos JSD #93	5.00% due 09/15/2029		250,000		265,352		1.8%

Bonneville Co ID SCD #91	4.00% due 09/15/2026		15,000		15,732		0.1%

Bonneville Co ID SCD #91	4.00% due 09/15/2026		35,000		36,639		0.2%

Bonneville Co ID SCD #91	3.75% due 09/15/2032		285,000		298,253		2.1%

Boundary County ID SCD #101	4.00% due 08/15/2021		240,000		241,900		1.7%

Canyon Co ID SCD #134 Middleton	4.00% due 09/15/2028		400,000		458,463		3.2%

Canyon Co ID SCD #135 Notus	3.25% due 09/15/2031		290,000		316,507		2.2%

Canyon Co ID SCD #135 Notus	3.25% due 09/15/2032		170,000		184,868		1.2%

Canyon Co ID SCD #139 Vallivue	5.00% due 09/15/2024		260,000		276,001		1.9%

Caribou Franklin Bannock JSD #148	3.25% due 09/15/2035		300,000		333,160		2.3%

Cassia Oneida Twin Falls JSD #151	3.375% due 09/15/2034		160,000		168,897		1.2%

College of Western ID Annual Approp	4.00% due 10/01/2027		125,000		148,364		1.0%

Kootenai Co ID SCD # 271 UNREF	4.00% due 09/15/2025		125,000		131,064		0.9%

Kootenai Co ID SCD #271 PREREF	4.00% due 09/15/2025		40,000		41,925		0.3%

Kootenai Co ID SCD #273	4.00% due 08/15/2031		265,000		302,463		2.1%

Kootenai-Shoshone ID Area Libraries	4.25% due 08/01/2021		220,000		221,502		1.5%

Latah Co ID SCD #281 Moscow Ser B	4.00% due 08/15/2027		100,000		108,123		0.7%

Latah Co ID SCD #281 Moscow Ser B	4.00% due 08/15/2028		200,000		216,200		1.5%

Madison Co. Id. SDC #321	5.00% due 09/15/2035		250,000		312,914		2.2%

Owyhee & Canyon Co. # 363 Marsing	4.00% due 09/15/2035		150,000		174,305		1.2%

Teton Co, ID SCD #401 Driggs	4.00% due 09/15/2035		500,000		590,744		4.1%

Twin Falls Co ID SCD #411 Series A	4.00% due 09/15/2027		170,000		190,493		1.3%

Twin Falls Co ID SCD #411 Series A	4.25% due 09/15/2030		300,000		338,614		2.3%

Twin Falls Co ID SCD #411 Series B	4.75% due 09/15/2039		200,000		229,009		1.6%

Valley & Adams Cos ID JSD #421	3.00% due 08/01/2026		220,000		226,259		1.6%

					6,649,173		45.9%

Government Bonds

Idaho St Bldg Auth Health & Welfare	5.00% due 09/01/2043		25,000		30,667		0.2%

Idaho St Health Facs Auth	4.00% due 09/01/2045		265,000		310,403		2.1%

Idaho St Hsg & Fin Assn	5.00% due 07/15/2037		100,000		126,865		0.9%

					467,935		3.2%

Health Care Facilities

Idaho Health Faci Auth Hos Rev	5.00% due 12/01/2047		260,000		316,232		2.2%

					316,232		2.2%

Medical/Hospitals

Idaho Health Rev Trinity Health Grp	3.25% due 12/01/2028		300,000		325,647		2.2%

					325,647		2.2%

Continued on next page.

Semi-Annual Report

May 31, 2021


Schedule of Investments						As of May 31, 2021

Tax-Exempt Municipal Bonds - 93.8%	Coupon /Maturity	Face Amount		Market Value		Percentage of Net Assets

Municipal Leases

Idaho Falls ID COPs	4.00% due 09/15/2028		$260,000		$311,741		2.2%

Idaho Falls ID COPS	4.00% due 09/15/2038		150,000		179,315		1.2%

					491,056		3.4%

Pollution Control

Idaho Bond Bank Authority	4.30% due 09/01/2022		20,000		20,061		0.1%

Idaho Bond Bank Authority	4.00% due 09/15/2032		130,000		152,703		1.1%

Idaho Bond Bank Authority	4.00% due 09/15/2033		135,000		158,170		1.1%

					330,934		2.3%

Real Estate

Idaho Fish & Wildlife Foundation Rev	5.00% due 12/01/2033		320,000		397,657		2.7%

Idaho Fish & Wildlife Foundation Rev	4.00% due 12/01/2036		200,000		237,075		1.7%

Idaho State Building Authority	5.00% due 09/01/2031		200,000		212,211		1.5%

Idaho State Building Authority	5.00% due 09/01/2032		400,000		424,424		2.9%

					1,271,367		8.8%

State Education

Boise State University ID Revenue	5.00% due 04/01/2028		125,000		145,122		1.0%

Boise State University ID Revenue	5.00% due 04/01/2032		160,000		191,246		1.3%

Idaho State University Revenue	4.00% due 04/01/2027		170,000		195,540		1.4%

Idaho State University Revenue	4.00% due 04/01/2030		245,000		278,678		1.9%

Idaho State University Revenue	3.00% due 04/01/2031		250,000		262,734		1.8%

Jefferson & Madison Cos. ID SCD#251	5.00% due 09/15/2028		100,000		128,890		0.9%

Nez Perce CO ISD #1 Lewiston	5.00% due 09/15/2029		330,000		410,283		2.8%

North Idaho College Dormitory Rev	4.00% due 11/01/2030		285,000		319,650		2.2%

University of Idaho Revenue (Defeased)	5.00% due 04/01/2032		30,000		31,199		0.3%

University of Idaho Revenue	5.00% due 04/01/2032		425,000		440,309		3.0%

					2,403,651		16.6%

Transportation

Boise ID Airport Park Fac Rev	3.00% due 09/01/2028		210,000		211,242		1.5%

					211,242		1.5%

Water Supply

Payette Lakes Rec Wtr & Swr Rev	4.00% due 08/01/2032		195,000		223,116		1.5%

Payette Lakes Rec Wtr & Swr Rev	4.00% due 08/01/2034		255,000		290,575		2.0%

					513,691		3.5%

Total investments	(Cost $12,816,625)				$13,590,274		93.8%

Other assets (net of liabilities)					900,025		6.2%

Total net assets					$14,490,299		100.0%

May 31, 2021

Semi-Annual Report

The accompanying notes are an integral part of these financial statements.

Bond Quality Diversification

% of Total Net Assets

∎

AAA

33.6%

LOGO

∎

AA+

18.9%

∎

12.4%

∎

AA-

12.2%

∎

A+

9.9%

∎

6.1%

∎

Not Rated

0.7%

∎

Other Assets (net of liabilities)

6.2%

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report

May 31, 2021

Statement of Assets and Liabilities


As of May 31, 2021



Assets

Investments in securities, at value (Cost $12,816,625)			$13,590,274

Cash			785,868

Interest receivable			128,715

Prepaid expenses			2,481

Other assets			801


Total assets			14,508,139


Liabilities

Accrued advisory fees			6,112

Distributions payable			2,896

Payable for Fund shares redeemed			2,165

Accrued Chief Compliance Officer expenses			1,200

Accrued audit expenses			1,174

Accrued trustee expenses			1,087

Accrued legal expenses			922

Accrued printing fees			915

Accrued other operating expenses			742

Accrued postage			569

Accrued retirement plan custody fee			58


Total liabilities			17,840


Net assets			$14,490,299



Analysis of net assets

Paid-in capital (unlimited shares authorized, without par value)			$13,777,482

Total distributable earnings			712,817


Net assets applicable to Fund shares outstanding			$14,490,299


Fund shares outstanding			2,576,841

Net asset value, offering and redemption price per share			$5.62

Statement of Operations


Period ended May 31, 2021



Investment income

Interest income	$181,988


Total investment income	181,988


Expenses

Investment advisory fees	36,419

Audit fees	3,776

Legal fees	1,793

Chief Compliance Officer expenses	1,549

Other expenses	1,021

Printing and postage expenses	910

Transfer agent fees	890

Trustee fees	842

Filing and registration fees	691

Custodian fees	304

Retirement plan custodial fees	62


Total gross expenses	48,257


Less transfer agent fees waived	(890	)

Less custodian fee credits	(304	)


Net expenses	47,063


Net investment income	$134,925





Net realized gain from investments	$23,254

Net decrease in unrealized appreciation on investments	(93,960	)


Net loss on investments	$(70,706	)



Net increase in net assets resulting from operations	$64,219

May 31, 2021

Semi-Annual Report

The accompanying notes are an integral part of these financial statements.


Statement of Changes of Net Assets	Period ended May 31, 2021		Year ended November 30, 2020

Increase (decrease) in net assets from operations

From operations

Net investment income	$134,925		$260,829

Net realized gain on investment	23,254		3,912

Net increase (decrease) in unrealized appreciation	(93,960	)	253,795


Net increase in net assets	64,219		518,536




Distributions to shareholders	(134,913	)	(260,790	)



Capital share transactions

Proceeds from sales of shares	883,546		1,747,848

Value of shares issued in reinvestment of dividends	115,940		219,377

Cost of shares redeemed	(1,418,314	)	(731,875	)


Total capital share transactions	(418,828	)	1,235,350


Total increase (decrease) in net assets	(489,522	)	1,493,096



Net assets

Beginning of period	14,979,821		13,486,725

End of period	$14,490,299		$14,979,821



Shares of the Fund sold and redeemed

Number of shares sold	157,183		311,367

Number of shares issued in reinvestment of dividends	20,640		39,076

Number of shares redeemed	(252,111	)	(130,816	)


Net increase (decrease) in number of shares outstanding	(74,288	)	219,627



Financial Highlights	For period ended				For the year ended November 30,

Selected data per share of outstanding capital stock throughout each period:	May 31, 2021		2020		2019		2018		2017		2016

Net asset value at beginning of period	$5.65		$5.55		$5.28		$5.37		$5.29		$5.48

Income from investment operations

Net investment income	0.05		0.10		0.11		0.12		0.13		0.14

Net gains (losses) on securities (both realized and unrealized)	(0.03	)	0.10		0.27		(0.09	)	0.08		(0.19	)


Total from investment operations	0.02		0.20		0.38		0.03		0.21		(0.05	)


Less distributions

Dividends (from net investment income)	(0.05	)	(0.10	)	(0.11	)	(0.12	)	(0.13	)	(0.14	)

Distributions (from capital gains)	-		-		-		-		-		(0.00	)^A


Total distributions	(0.05	)	(0.10	)	(0.11	)	(0.12	)	(0.13	)	(0.14	)




Net asset value at end of period	$5.62		$5.65		$5.55		$5.28		$5.37		$5.29


Total return^B	0.39%		3.67%		7.30%		0.51%		3.90%		(0.95	)%



Ratios / supplemental data

Net assets ($000), end of period	$14,490		$14,490		$13,487		$13,554		$17,474		$17,997

Ratio of expenses to average net assets

Before transfer agent fee waiver and custodian fee credits^C	0.66%		0.72%		0.69%		0.68%		0.67%		0.67%

After transfer agent fee waiver^C	0.65%		0.71%		0.67%		0.67%		0.66%		0.66%

After transfer agent fee waiver and custodian fee credits^C	0.65%		0.71%		0.67%		0.67%		0.65%		0.65%

Ratio of net investment income after fee waiver and custodian credits to average net assets^C	1.85%		1.82%		2.07%		2.20%		2.33%		2.54%

Portfolio turnover rate^B	3%		5%		4%		13%		20%		15%

^A	Amount is less than $0.01.

^B	Not annualized for periods less than one year.

^C	Annualized for periods less than one year.

The accompanying notes are an integral part of these financial statements.

Semi-Annual Report

May 31, 2021


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

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 —

Level 3 —



10	May 31, 2021	Semi-Annual Report


Notes To Financial Statements (continued)

The following table is a summary of the inputs used as of May 31, 2021, 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		$-		$13,590,274		$-		$13,590,274

Total Assets		$-		$13,590,274		$-		$13,590,274

¹	See Schedule of Investments for industry breakout.

During the period ended May 31, 2021, no Fund had transfers between Level 1, Level 2 or Level 3.

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 (2017 – 2019), or expected to be taken in the Fund’s 2020 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:

As of November 30, 2020, 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:

LIBOR Transition Risk:

The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time.

The Fund may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging activities, or investment value. The transition process away from LIBOR might lead to increase volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose term currently include LIBOR. The ultimate effect of the LIBOR transition process on the Fund is uncertain.



Semi-Annual Report	May 31, 2021	11


Notes To Financial Statements (continued)

Other:

Interest income is recognized on an accrual basis. Premiums on securities purchased are amortized and discounts are accreted using the yield to maturity method over the lives of the respective securities or where applicable, to the first call date of the securities.

Recent Accounting Pronouncement:

Note 4 – Transactions with Affiliated Persons

Under a contract approved by shareowners on September 28, 1995 and reviewed and approved annually by the Trust’s Board of Trustees, including those Trustees who are not parties to the contract or “interested persons” (as defined in the Investment Company Act of 1940) of such parties or the Trust (the “Independent Trustees”), Saturna Capital Corporation (“Saturna Capital”) provides investment advisory services and certain other administrative and distribution services to conduct the Fund’s business. For such services, the Fund pays an annual fee equal to 0.50% of its average daily net assets. For the fiscal period ended May 31, 2021, the Fund incurred advisory fee expenses of $36,419.

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 year ended November 30, 2020. Saturna Capital has voluntarily elected to waive the transfer agent fee through November 30, 2021, to reduce the Fund’s operating expenses. Such fees, had they been charged, would have totaled $890.

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, 2021, the Fund incurred retirement plan custodial fees of $62.

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 period ended May 31, 2021, the Trust paid trustee compensation expenses of $22,750 which is included in the $25,805 of total expenses incurred for the independent Trustees. The Fund’s allocation of these expenses was $842.

The officers of the Trust are paid by Saturna Capital, not the Trust, except the Chief Compliance Officer, who is partially compensated by the Trust. For the fiscal period ended May 31, 2021, the Fund’s allocation of these expenses was $1,549.

On May 31, 2021, the trustees, officers, and their immediate families as a group directly or indirectly owned 17.46% 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, 2021, and November 30, 2020, were as follows:



	Period ended May 31, 2021		Year ended November 30, 2020
Tax-exempt income		$134,913		$260,597

Taxable income		$-		$193

Note 6 – Federal Income Taxes

The cost basis of investments for federal income tax purposes as of May 31, 2021 were as follows:



Cost of investments	$12,816,625


Gross unrealized appreciation	$787,408

Gross unrealized depreciation	$(13,759	)


Net unrealized appreciation	$773,649

As of November 30, 2020, the components of distributable earnings on a tax basis were as follows:



Undistributed tax exempt income	$3,859

Accumulated capital loss	$(87,957	)

Unrealized appreciation	$867,609


Total accumulated earnings	$783,511

As of November 30, 2020, the Fund had capital loss carryforwards as follows, subject to regulation.



	Carryforward	Expiration

Short-term loss carryforward	$ 55,441	Unlimited

Long-term loss carryforward	$ 32,516	Unlimited

	$ 87,957

Note 7 – Investments

During the period ended May 31, 2021, the Fund purchased $504,618 of securities and sold/matured $442,091 of securities.



12	May 31, 2021	Semi-Annual Report


Notes To Financial Statements (continued)

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, 2021, amounted to $304.

Note 9 – COVID-19 Pandemic

The COVID-19 pandemic has adversely impacted global commercial activity and contributed to significant volatility in global equity and debt markets. The pandemic has resulted in quarantines, stay at home orders, travel prohibitions and closures, disrupting supply chains and economic activity. The duration of the pandemic’s effects remain uncertain and difficult to assess. The effects of the pandemic may adversely impact the fund’s performance and its ability to achieve its investment objective.

Note 10 – 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, 2021	13

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, 2020, to May 31, 2021).

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, 2020]		Ending Account Value [May 31, 2021]		Expenses Paid During Period¹		Annualized Expense Ratio

Actual		$1,000.00		$1,003.90		$3.23		0.65%

Hypothetical (5% return before expenses)		$1,000.00		$1,021.71		$3.26		0.65%

¹	Expenses are equal to Idaho Tax-Exempt Bond Fund’s annualized expense ratio of 0.65% (based on the most recent semi-annual period of December 1, 2020 through May 31, 2021) multiplied by the average account value over the period multiplied by 182/365 (to reflect the one-half year period).



14	May 31, 2021	Semi-Annual Report

Availability of Quarterly Portfolio Information

(1)	The Idaho Tax-Exempt Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Previously, this information was filed on Form N-Q.

(2)	The Fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov.

(3)	The Fund makes a complete schedule of portfolio holdings after the end of each month available at www.idahotaxexemptfund.com.

Availability of Proxy Voting Information

(1)

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

(2)

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

Householding Policy

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

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

Statement Regarding Liquidity Risk Management Program

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.

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.



Semi-Annual Report	May 31, 2021	15

LOGO

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, 2021, 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 Carten, President
Signature and Title

Jane Carten, President
Printed name and Title

July 30, 2021
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 Carten, President
Signature and Title

Jane Carten, President
Printed name and Title

July 30, 2021
Date

By:

/s/ Christopher Fankhauser, Treasurer
Signature and Title

Christopher Fankhauser, Treasurer
Printed name and Title

July 30, 2021
Date

Saturna Investment Trust (SSGFX) N-CSRSCertified semi-annual shareholder report (management investment company)

FORM N-CSRS

Item 1. Report To Shareowners

Item 2. Code of Ethics

Item 3. Audit Committee Financial Expert

Item 4. Principal Accountant Fees and Services

Item 5. Audit Committee of Listed Registrants

Item 6. Investments

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

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

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

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

Item 11. Controls and Procedures

Item 12. Exhibits

SIGNATURES