485BPOS

Securities Act Registration No. 333-21860

Investment Company Act Registration No. 811-132055

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

¨

Pre-Effective Amendment No.

Post-Effective Amendment No.  8 

ý

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY                   ¨

ACT OF 1940

Amendment No.  9 

ý

 (Check appropriate box or boxes.)

Wegener Investment Trust

(Exact Name of Registrant as Specified in Charter)

3350 Monarch Lane

Annandale, VA 22003

(Address of Principal Executive Offices)(Zip Code)

Registrant’s Telephone Number, including Area Code:  (703) 282-9380

Steven M. Wegener

3350 Monarch Lane

Annandale, VA 22003 (Name and Address of Agent for Service)

With copy to:

JoAnn M. Strasser

Thompson Hine LLP

41 South High Street

Columbus, Ohio 43215

Approximate date of proposed public offering:

It is proposed that this filing will become effective:

o Immediately upon filing pursuant to paragraph (b)

ý On November 1, 2012 pursuant to paragraph (b)

o 60 days after filing pursuant to paragraph (a)(1)

o On (date) pursuant to paragraph (a)(1)

o 75 days after filing pursuant to paragraph (a)(2)

o On (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

o  This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that that it meets all of the requirements for effectiveness of this Post-Effective Amendment to the Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and it has duly caused this Post-Effective Amendment to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Columbus, State of Ohio, on the 6th day of November, 2012.

Wegener Investment Trust

By:

           JoAnn M. Strasser

           Attorney-in-Fact

     Pursuant to the requirements of the Securities Act of 1933, this Amendment to Registration Statement has been signed below by the following persons in the capacities and on the 6th day of November, 2012.

Steven M. Wegener, President (Principal Executive Officer), Treasurer (Principal Financial Officer/Principal Accounting Officer), Trustee*

Mark D. Pankin, Trustee*

Michael E. Kitces, Trustee*

*By:

           JoAnn M. Strasser

           Attorney-in-Fact

Exhibit Index

Index NoDescription of Exhibit

1.

EX-101.INS

XBRL Instance Document

2.

EX-101.SCH

XBRL Taxonomy Extension Schema Document

3.

EX-101.CAL

XBRL Taxonomy Extension Calculation Linkbase

4.

EX-101.DEF

XBRL Taxonomy Extension Definition Linkbase

5.

EX-101.LAB

XBRL Taxonomy Extension Labels Linkbase

6.    EX-101.PRE ………………………………………….XBRL Taxonomy Extension Presentation Linkbase

571199.7

XML

Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

Document Type

dei_DocumentType

485BPOS

Document Period End Date

dei_DocumentPeriodEndDate

Jun. 30, 2012

Registrant Name

dei_EntityRegistrantName

Wegener Investment Trust

Central Index Key

dei_EntityCentralIndexKey

0001353288

Amendment Flag

dei_AmendmentFlag

false

Prospectus Date

rr_ProspectusDate

Nov. 01, 2012

Wegener Investment Trust

Risk/Return:

rr_RiskReturnAbstract

Objective [Heading]

rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

The Wegener Adaptive Growth Fund seeks long-term capital appreciation, while attempting to protect capital during negative market conditions using hedging strategies.

Expense [Heading]

rr_ExpenseHeading

Fees and Expenses of the Fund

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees Caption [Text]

rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Portfolio Turnover [Heading]

rr_PortfolioTurnoverHeading

Portfolio Turnover

Portfolio Turnover [Text Block]

rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 108.5% of the average value of its portfolio.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

108.50%

Expense Example [Heading]

rr_ExpenseExampleHeading

Example:

Expense Example Narrative [Text Block]

rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except for the fee waiver and/or expense reimbursement reflected in the first year).  Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading]

rr_StrategyHeading

Principal Investment Strategies

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

The Fund seeks to achieve its objective by investing in a portfolio of common stocks that the Fund’s investment manager, Wegener, LLC, believes have superior prospects for appreciation. The Fund may invest in options to increase the Fund’s market exposure, or use hedging strategies to reduce the Fund’s market exposure, based on the investment manager’s assessment of market conditions.

The investment manager believes that individual stocks, and the stock market as a whole, are influenced by three primary groups of factors:  Long Term Reversal Factors, Intermediate Term Trend Factors, and Short Term Reversal Factors.  Long Term Reversal Factors are primarily an estimate of stock price to present value of future cash flows, which help determine current investor sentiment regarding the security, and combined with an assumption that shareholder sentiment will return to a normal level, helps estimate the future return of the security.  Intermediate Term Trend Factors include consideration of changes in analyst estimates of future earnings of a company, and trends involving particular sectors or market indexes.  These Intermediate Term Trend Factors are watched as a signal of whether investor sentiment is currently moving in a positive or negative direction.  Short Term Reversal Factors include analysis of an individual stock's price movements compared to the markets generally.  These Short Term Reversal Factors are typically monitored to identify individual securities which are likely to perform well relative to the market over a short period of time.  The investment manager selects individual stocks for the Fund’s portfolio that it believes gives the portfolio the best combination of Factors, and sells those that have become less attractive based on the Factors.  As a hedging strategy, the Fund will typically simultaneously purchase put options on market indexes and write call options on market indexes.  To achieve leverage, the Fund will typically buy call options on individual stocks or market indexes.

Stocks are selected from among all stocks sold on the New York Stock Exchange, Nasdaq System, and American Stock Exchange, and may include foreign companies sold as American Depositary Receipts (ADRs).  These companies will be selected from any capitalization range (small, mid and large capitalization).

Risk [Heading]

rr_RiskHeading

Principal Risks of Investing in the Fund

Risk Narrative [Text Block]

rr_RiskNarrativeTextBlock

All mutual funds carry a certain amount of risk.  The Fund’s returns will vary and you could lose money on your investment in the Fund.  An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.  Also, an investment in the Fund is not a complete investment program.  Below are some specific risks of investing in the Fund.

·      Management Risk.  The investment manager’s judgments about the attractiveness, value and potential appreciation of particular stocks or other securities in which the Fund invests may prove to be incorrect and there is no guarantee that the investment manager’s judgment will produce the desired results.

·      Option Risks.  If an option the Fund has purchased is allowed to expire, the Fund will lose the entire premium it paid (plus related transaction costs).  When the Fund sells call options, it receives cash but limits its opportunity to profit from an increase in the market value of the underlying security or index beyond the exercise price (plus the premium received).  When the Fund sells put options, the Fund will lose money if a decrease in the value of the underlying security or index causes the Fund’s costs to cover its obligations upon exercise to increase to a level higher than the option premium the Fund received.  When the Fund terminates a position in an option it has sold by buying it back in the open market prior to expiration, the Fund will lose money if the cost to buy back the option position is higher than the premiums originally received.  Increases in the volatility of the underlying security can also cause the price of the options to increase, thus increasing the Fund’s cost to cover its obligation.

·      Leverage Risk.  The leverage offered by trading in options may magnify the gains and losses experienced by the Fund and could cause the Fund’s net asset value to be subject to wider fluctuations than would be the case if the Fund did not use the leverage feature in options.

·      Smaller Company Risk.  To the extent the Fund invests in smaller capitalization companies, the Fund will be subject to additional risks such as increases volatility of earnings and prospects; higher failure rates; disproportionate impact on market price caused by low trading volume; limited markets, product lines and financial resources and lack of management experience.

·      Foreign Investing Risk.  Foreign investing involves risks not typically associated with U.S. investments, including, among others, adverse fluctuations in foreign currency values as well as adverse political, social and economic developments affecting a foreign country, less publicly available information, more volatile or less liquid securities markets, restrictions on receiving the investment proceeds from a foreign country, foreign tax laws, potential difficulties in enforcing contractual obligations, less revealing accounting practices, inadequate or irregular regulation and more volatile performance.

·      Security Risk.  The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund’s portfolio.

·      Market Risk.  Overall stock market risks may also affect the value of the Fund.  Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets and may affect certain sectors in which the Fund is more heavily weighted.

·      Portfolio Turnover Risk:  To the extent the Fund has high portfolio turnover, it will generally incur additional costs due to greater brokerage commission expenses (and dealer spreads built into the cost of the securities) than those incurred by a Fund with a lower portfolio turnover rate.  The higher portfolio turnover rate may result in the realization for federal income tax purposes of additional net capital gains, which also may result in substantial ordinary income to shareholders.  These factors may negatively affect the Fund’s performance.

Risk Lose Money [Text]

rr_RiskLoseMoney

The Fund’s returns will vary and you could lose money on your investment in the Fund.

Bar Chart and Performance Table [Heading]

rr_BarChartAndPerformanceTableHeading

PERFORMANCE

Performance Availability Phone [Text]

rr_PerformanceAvailabilityPhone

800-595-4077

Performance Availability Website Address [Text]

rr_PerformanceAvailabilityWebSiteAddress

www.wegenerfunds.com

Performance Past Does Not Indicate Future [Text]

rr_PerformancePastDoesNotIndicateFuture

This past performance (before and after taxes), however, does not necessarily indicate how the Fund will perform in the future.

Bar Chart Narrative [Text Block]

rr_BarChartNarrativeTextBlock

The bar chart shows the Fund’s total return for each full calendar year since inception. The performance table below shows how the Fund’s average annual total returns compare over time to those of a broad-based securities market index and the Russell 2000 Index, which is included because the Fund’s portfolio generally includes a significant number of smaller capitalization companies.  The variability of performance over time provides an indication of the risks of investing in the Fund.  This past performance (before and after taxes), however, does not necessarily indicate how the Fund will perform in the future.  Updated performance information is available at www.wegenerfunds.com or by calling 1-800-595-4077.

Annual Return 2007

rr_AnnualReturn2007

11.97%

Annual Return 2008

rr_AnnualReturn2008

(10.96%)

Annual Return 2009

rr_AnnualReturn2009

41.22%

Annual Return 2010

rr_AnnualReturn2010

0.71%

Annual Return 2011

rr_AnnualReturn2011

(32.39%)

Bar Chart Closing [Text Block]

rr_BarChartClosingTextBlock

The Fund’s return for the year-to-date period ended September 30, 2012 was (2.27%).  During the years displayed in the bar charts, the highest and lowest return for an individual calendar quarter was as follows:

Highest Quarterly Return: 6/30/2009: 21.40%

Lowest Quarterly Return: 9/30/2011: (22.17%)

Highest Quarterly Return, Label

rr_HighestQuarterlyReturnLabel

Highest Quarterly Return

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Jun. 30, 2009

Highest Quarterly Return

rr_BarChartHighestQuarterlyReturn

21.40%

Lowest Quarterly Return, Label

rr_LowestQuarterlyReturnLabel

Lowest Quarterly Return

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Sep. 30, 2011

Lowest Quarterly Return

rr_BarChartLowestQuarterlyReturn

(22.17%)

Performance Table Heading

rr_PerformanceTableHeading

Average Annual Total Returns (For PERIODS ended December 31, 2011)

Performance Table Uses Highest Federal Rate

rr_PerformanceTableUsesHighestFederalRate

After-tax returns are calculated using the historical highest individual federal marginal income tax rates

Performance Table Not Relevant to Tax Deferred

rr_PerformanceTableNotRelevantToTaxDeferred

After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

Performance Table Narrative

rr_PerformanceTableNarrativeTextBlock

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on an investor's tax situation and may differ from those shown.  After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

Wegener Investment Trust | - Comparison Index - S&P 500 Index (reflects no deductions for fees, expenses or taxes)

Risk/Return:

rr_RiskReturnAbstract

1 Year

rr_AverageAnnualReturnYear01

2.11%

5 Years

rr_AverageAnnualReturnYear05

(0.25%)

Since Inception

rr_AverageAnnualReturnSinceInception

1.26%

^[3]

Wegener Investment Trust | - Comparison Index - Russell 2000 Index (reflects no deductions for fees, expenses or taxes)

Risk/Return:

rr_RiskReturnAbstract

1 Year

rr_AverageAnnualReturnYear01

(4.18%)

5 Years

rr_AverageAnnualReturnYear05

0.15%

Since Inception

rr_AverageAnnualReturnSinceInception

1.65%

^[3]

Wegener Investment Trust | Wegener Adaptive Growth Fund

Risk/Return:

rr_RiskReturnAbstract

Redemption Fee (as a percentage of amounts redeemed within 180 days of purchase){neg}

rr_RedemptionFeeOverRedemption

(1.50%)

Wire Transfer Fee

rr_ShareholderFeeOther

15

Management Fees

rr_ManagementFeesOverAssets

1.25%

Distribution (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

Other Expenses

rr_OtherExpensesOverAssets

3.89%

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.01%

^[1],[2]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

3.89%

Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(3.15%)

Total Annual Fund Operating Expenses after Expense Reimbursement

rr_NetExpensesOverAssets

2.00%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

203

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

1,262

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

2,318

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

4,945

1 Year

rr_AverageAnnualReturnYear01

(32.39%)

5 Years

rr_AverageAnnualReturnYear05

(0.80%)

Since Inception

rr_AverageAnnualReturnSinceInception

(0.56%)

^[3]

Wegener Investment Trust | Wegener Adaptive Growth Fund | Returns After Taxes on Distributions

Risk/Return:

rr_RiskReturnAbstract

1 Year

rr_AverageAnnualReturnYear01

(32.39%)

5 Years

rr_AverageAnnualReturnYear05

(2.67%)

Since Inception

rr_AverageAnnualReturnSinceInception

(2.34%)

^[3]

Wegener Investment Trust | Wegener Adaptive Growth Fund | Returns After Taxes on Distributions and Sale of Fund Shares

Risk/Return:

rr_RiskReturnAbstract

1 Year

rr_AverageAnnualReturnYear01

(21.05%)

5 Years

rr_AverageAnnualReturnYear05

(1.32%)

Since Inception

rr_AverageAnnualReturnSinceInception

(1.09%)

^[3]

[1] The Total Annual Fund Operating Expenses in this table will not correlate to the expense ratio in the Fund's Financial Highlights because the financial highlights include only the direct operating expenses incurred by the Fund.

[2] The investment manager has contractually agreed to waive fees and/or reimburse expenses but only to the extent necessary to maintain the Fund's total annual operating expenses (excluding brokerage costs; borrowing costs, such as (a) interest and (b) dividends on securities sold short; indirect costs of investing in other funds; taxes; and extraordinary expenses) at 1.99% of its average daily net assets through October 31, 2013. The agreement may be terminated only by the Trust's Board of Trustees on 60 days'; written notice to the investment manager.

[3] The Wegener Adaptive Growth Fund Inception Date was 9/13/2006.

XML

Wegener Investment Trust

Investment Objective

The Wegener Adaptive Growth Fund seeks long-term capital appreciation, while attempting to protect capital during negative market conditions using hedging strategies.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees (USD $)	Wegener Investment Trust Wegener Adaptive Growth Fund
Redemption Fee (as a percentage of amounts redeemed within 180 days of purchase)	1.50%
Wire Transfer Fee	15

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses		Wegener Investment Trust Wegener Adaptive Growth Fund
Management Fees		1.25%
Distribution (12b-1) Fees		none
Other Expenses		3.89%
Acquired Fund Fees and Expenses	[1][2]	0.01%
Total Annual Fund Operating Expenses		3.89%
Expense Reimbursement		(3.15%)
Total Annual Fund Operating Expenses after Expense Reimbursement		2.00%

Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same (except for the fee waiver and/or expense reimbursement reflected in the first year).  Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example (USD $)	Expense Example, with Redemption, 1 Year	Expense Example, with Redemption, 3 Years	Expense Example, with Redemption, 5 Years	Expense Example, with Redemption, 10 Years
Wegener Investment Trust Wegener Adaptive Growth Fund	203	1,262	2,318	4,945

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 108.5% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to achieve its objective by investing in a portfolio of common stocks that the Fund’s investment manager, Wegener, LLC, believes have superior prospects for appreciation. The Fund may invest in options to increase the Fund’s market exposure, or use hedging strategies to reduce the Fund’s market exposure, based on the investment manager’s assessment of market conditions.

The investment manager believes that individual stocks, and the stock market as a whole, are influenced by three primary groups of factors:  Long Term Reversal Factors, Intermediate Term Trend Factors, and Short Term Reversal Factors.  Long Term Reversal Factors are primarily an estimate of stock price to present value of future cash flows, which help determine current investor sentiment regarding the security, and combined with an assumption that shareholder sentiment will return to a normal level, helps estimate the future return of the security.  Intermediate Term Trend Factors include consideration of changes in analyst estimates of future earnings of a company, and trends involving particular sectors or market indexes.  These Intermediate Term Trend Factors are watched as a signal of whether investor sentiment is currently moving in a positive or negative direction.  Short Term Reversal Factors include analysis of an individual stock's price movements compared to the markets generally.  These Short Term Reversal Factors are typically monitored to identify individual securities which are likely to perform well relative to the market over a short period of time.  The investment manager selects individual stocks for the Fund’s portfolio that it believes gives the portfolio the best combination of Factors, and sells those that have become less attractive based on the Factors.  As a hedging strategy, the Fund will typically simultaneously purchase put options on market indexes and write call options on market indexes.  To achieve leverage, the Fund will typically buy call options on individual stocks or market indexes.

Stocks are selected from among all stocks sold on the New York Stock Exchange, Nasdaq System, and American Stock Exchange, and may include foreign companies sold as American Depositary Receipts (ADRs).  These companies will be selected from any capitalization range (small, mid and large capitalization).

Principal Risks of Investing in the Fund

All mutual funds carry a certain amount of risk.  The Fund’s returns will vary and you could lose money on your investment in the Fund.  An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.  Also, an investment in the Fund is not a complete investment program.  Below are some specific risks of investing in the Fund.

·      Management Risk.  The investment manager’s judgments about the attractiveness, value and potential appreciation of particular stocks or other securities in which the Fund invests may prove to be incorrect and there is no guarantee that the investment manager’s judgment will produce the desired results.

·      Option Risks.  If an option the Fund has purchased is allowed to expire, the Fund will lose the entire premium it paid (plus related transaction costs).  When the Fund sells call options, it receives cash but limits its opportunity to profit from an increase in the market value of the underlying security or index beyond the exercise price (plus the premium received).  When the Fund sells put options, the Fund will lose money if a decrease in the value of the underlying security or index causes the Fund’s costs to cover its obligations upon exercise to increase to a level higher than the option premium the Fund received.  When the Fund terminates a position in an option it has sold by buying it back in the open market prior to expiration, the Fund will lose money if the cost to buy back the option position is higher than the premiums originally received.  Increases in the volatility of the underlying security can also cause the price of the options to increase, thus increasing the Fund’s cost to cover its obligation.

·      Leverage Risk.  The leverage offered by trading in options may magnify the gains and losses experienced by the Fund and could cause the Fund’s net asset value to be subject to wider fluctuations than would be the case if the Fund did not use the leverage feature in options.

·      Smaller Company Risk.  To the extent the Fund invests in smaller capitalization companies, the Fund will be subject to additional risks such as increases volatility of earnings and prospects; higher failure rates; disproportionate impact on market price caused by low trading volume; limited markets, product lines and financial resources and lack of management experience.

·      Foreign Investing Risk.  Foreign investing involves risks not typically associated with U.S. investments, including, among others, adverse fluctuations in foreign currency values as well as adverse political, social and economic developments affecting a foreign country, less publicly available information, more volatile or less liquid securities markets, restrictions on receiving the investment proceeds from a foreign country, foreign tax laws, potential difficulties in enforcing contractual obligations, less revealing accounting practices, inadequate or irregular regulation and more volatile performance.

·      Security Risk.  The value of the Fund may decrease in response to the activities and financial prospects of an individual security in the Fund’s portfolio.

·      Market Risk.  Overall stock market risks may also affect the value of the Fund.  Factors such as domestic economic growth and market conditions, interest rate levels and political events affect the securities markets and may affect certain sectors in which the Fund is more heavily weighted.

·      Portfolio Turnover Risk:  To the extent the Fund has high portfolio turnover, it will generally incur additional costs due to greater brokerage commission expenses (and dealer spreads built into the cost of the securities) than those incurred by a Fund with a lower portfolio turnover rate.  The higher portfolio turnover rate may result in the realization for federal income tax purposes of additional net capital gains, which also may result in substantial ordinary income to shareholders.  These factors may negatively affect the Fund’s performance.

PERFORMANCE

The bar chart shows the Fund’s total return for each full calendar year since inception. The performance table below shows how the Fund’s average annual total returns compare over time to those of a broad-based securities market index and the Russell 2000 Index, which is included because the Fund’s portfolio generally includes a significant number of smaller capitalization companies.  The variability of performance over time provides an indication of the risks of investing in the Fund.  This past performance (before and after taxes), however, does not necessarily indicate how the Fund will perform in the future.  Updated performance information is available at www.wegenerfunds.com or by calling 1-800-595-4077.

The Fund’s return for the year-to-date period ended September 30, 2012 was (2.27%).  During the years displayed in the bar charts, the highest and lowest return for an individual calendar quarter was as follows:

Highest Quarterly Return: 6/30/2009: 21.40%

Lowest Quarterly Return: 9/30/2011: (22.17%)

Average Annual Total Returns (For PERIODS ended December 31, 2011)

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.  Actual after-tax returns depend on an investor's tax situation and may differ from those shown.  After-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

Average Annual Total Returns Wegener Investment Trust	1 Year	5 Years	Since Inception
- Comparison Index - S&P 500 Index (reflects no deductions for fees, expenses or taxes)	2.11%	(0.25%)	1.26%	[1]
- Comparison Index - Russell 2000 Index (reflects no deductions for fees, expenses or taxes)	(4.18%)	0.15%	1.65%	[1]
Wegener Adaptive Growth Fund	(32.39%)	(0.80%)	(0.56%)	[1]
Wegener Adaptive Growth Fund Returns After Taxes on Distributions	(32.39%)	(2.67%)	(2.34%)	[1]
Wegener Adaptive Growth Fund Returns After Taxes on Distributions and Sale of Fund Shares	(21.05%)	(1.32%)	(1.09%)	[1]

[1] The Total Annual Fund Operating Expenses in this table will not correlate to the expense ratio in the Fund's Financial Highlights because the financial highlights include only the direct operating expenses incurred by the Fund.

[2] The investment manager has contractually agreed to waive fees and/or reimburse expenses but only to the extent necessary to maintain the Fund's total annual operating expenses (excluding brokerage costs; borrowing costs, such as (a) interest and (b) dividends on securities sold short; indirect costs of investing in other funds; taxes; and extraordinary expenses) at 1.99% of its average daily net assets through October 31, 2013. The agreement may be terminated only by the Trust's Board of Trustees on 60 days'; written notice to the investment manager.

[1] The Wegener Adaptive Growth Fund Inception Date was 9/13/2006.