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)

Elliot S. Cohen

1300 N. State Street

Bellingham, Washington 98225-4730

(Name and Address of Agent for Service)

Registrant’s Telephone Number – (360) 734-9900  Ext. 1804

Date of fiscal year end:  November 30, 2024

Date of reporting period:  May 31, 2024

Explanatory Note:

The Registrant is filing this Form N-CSRS/A to amend the Form N-CSRS for the period ended May 31, 2024 originally filed with the Securities and Exchange Commission on July 31, 2024, and amended on September 6, 2024 to correct the phone number at the bottom of page 2 of the Tailored Shareholder Reports for all series of the Registrant.

Other than the aforementioned revisions, this amendment does not amend, update or change any other items or disclosures found the original Form N-CSRS filing for the Registrant submitted on July 31, 2024.

Item 1. Report To Shareowners

SBIFX

| SEXTANT BOND INCOME

Sextant Bond Income Fund 

Semi-Annual Shareholder Report - May 31, 2024

Fund Overview 

The objective of the Bond Income Fund is current income. This Semiannual Shareholder Report contains important information about the Sextant Bond Income Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.saturna.com/sextant/bond-income-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last 6 months?  

  (Based on a hypothetical $10,000 investment) 

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Sextant Bond Income	$32.78	0.65%

How did the Fund perform over the last six months? 

For the six-month period ended May 31, 2024, the Sextant Bond Income Fund returned 1.71% and the Bloomberg US Aggregate Bond Index returned 2.12%. For the five-year period ended May 31, 2024, the Fund reported an annualized total return of -1.04%, compared to -0.17% for the Index. The primary reason for the Fund’s underperformance was its longer effective duration.

Factors Affecting Past Performance

Persistent high inflation, economic growth uncertainty, and widening deficits among most world economies brought considerable market volatility in fiscal 2024. The Treasury curve was highly volatile throughout the year, with swings of over 100 basis points (bps) across the curve. Ultimately, the curve shifted up over the year, especially in the long end, marking a pronounced bear steepener. 

As of May 31, 2024, the Sextant Bond Income Fund had nearly 47% of assets in bonds maturing in 10+ years. In comparison, the Bloomberg US Aggregate Bond Index only held about 20% of such bonds. The Fund’s effective duration was 7.25 years, longer than that of the Index, with an effective duration of 6.06 years. More exposure to movements in interest rates resulted in additional downward movement in net asset value (NAV). However, the Fund was positioned as conservatively as possible within its objectives and mandate. 

The Sextant Bond Income Fund maintained an average effective maturity of 10.43 years in fiscal 2024, up from 9.81 years for fiscal 2023. The Fund is defensively positioned relative to the effective maturity of the Morningstar Long-Term Bond category average at 18.7 years. The Fund also targets holdings with a bigger coupon, allowing income to contribute to price stability. As a result, the Fund was in the 22nd percentile of its Morningstar category for the three-year period ended May 31, 2024. 

Looking Forward

Federal Reserve policy changes, economic uncertainty, persistent high inflation, and elevated geopolitical risks may lead to continued volatility for yields and the Treasury curve in fiscal 2025. The Sextant Bond Income Fund portfolio remains defensively positioned to better withstand anticipated yield curve changes, currency movements, and inflationary pressures. Our goal has always been to choose good companies and invest through cycles rather than engage in market timing with outsized active bets.

How did the Fund perform over the past 10 years? 

The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Cumulative Performance

May 31, 2014 through May 31, 2024 with initial investment of $10,000.

	Sextant Bond Income Fund $10,931	Bloomberg US Aggregate Bond Index $11,329
May - 14	10,000	10,000
June - 14	10,005	10,005
July - 14	10,012	9,980
August - 14	10,151	10,090
September - 14	10,041	10,022
October - 14	10,145	10,120
November - 14	10,227	10,192
December - 14	10,255	10,202
January - 15	10,514	10,415
February - 15	10,361	10,318
March - 15	10,411	10,365
April - 15	10,320	10,328
May - 15	10,307	10,303
June - 15	10,176	10,191
July - 15	10,244	10,262
August - 15	10,193	10,247
September - 15	10,260	10,316
October - 15	10,169	10,318
November - 15	10,178	10,291
December - 15	10,105	10,258
January - 16	10,229	10,399
February - 16	10,335	10,473
March - 16	10,485	10,569
April - 16	10,529	10,609
May - 16	10,557	10,612
June - 16	10,867	10,803
July - 16	10,973	10,871
August - 16	10,978	10,859
September - 16	10,940	10,852
October - 16	10,821	10,769
November - 16	10,474	10,514
December - 16	10,499	10,529
January - 17	10,528	10,550
February - 17	10,637	10,621
March - 17	10,624	10,615
April - 17	10,687	10,697
May - 17	10,821	10,779
June - 17	10,828	10,769
July - 17	10,900	10,815
August - 17	11,014	10,912
September - 17	10,956	10,860
October - 17	10,985	10,866
November - 17	10,947	10,852
December - 17	11,039	10,902
January - 18	10,876	10,777
February - 18	10,774	10,674
March - 18	10,846	10,743
April - 18	10,725	10,663
May - 18	10,840	10,739
June - 18	10,780	10,726
July - 18	10,789	10,728
August - 18	10,884	10,797
September - 18	10,802	10,728
October - 18	10,703	10,643
November - 18	10,752	10,707
December - 18	10,914	10,903
January - 19	11,052	11,019
February - 19	11,055	11,013
March - 19	11,304	11,224
April - 19	11,311	11,227
May - 19	11,518	11,426
June - 19	11,722	11,570
July - 19	11,776	11,595
August - 19	12,141	11,896
September - 19	12,034	11,833
October - 19	12,085	11,868
November - 19	12,091	11,862
December - 19	12,030	11,854
January - 20	12,399	12,082
February - 20	12,631	12,299
March - 20	12,203	12,227
April - 20	12,641	12,444
May - 20	12,738	12,502
June - 20	12,856	12,581
July - 20	13,227	12,769
August - 20	13,022	12,666
September - 20	13,021	12,659
October - 20	12,906	12,602
November - 20	13,116	12,726
December - 20	13,094	12,744
January - 21	12,887	12,652
February - 21	12,536	12,470
March - 21	12,257	12,314
April - 21	12,421	12,411
May - 21	12,517	12,452
June - 21	12,753	12,539
July - 21	12,967	12,679
August - 21	12,921	12,655
September - 21	12,709	12,546
October - 21	12,733	12,542
November - 21	12,829	12,579
December - 21	12,782	12,547
January - 22	12,401	12,277
February - 22	12,184	12,140
March - 22	11,826	11,803
April - 22	11,227	11,355
May - 22	11,253	11,428
June - 22	11,061	11,249
July - 22	11,425	11,523
August - 22	10,991	11,198
September - 22	10,362	10,714
October - 22	10,193	10,575
November - 22	10,656	10,964
December - 22	10,610	10,915
January - 23	10,954	11,251
February - 23	10,610	10,960
March - 23	10,980	11,238
April - 23	11,055	11,306
May - 23	10,884	11,183
June - 23	10,860	11,143
July - 23	10,837	11,135
August - 23	10,765	11,064
September - 23	10,418	10,783
October - 23	10,221	10,613
November - 23	10,747	11,094
December - 23	11,199	11,518
January - 24	11,125	11,487
February - 24	10,950	11,324
March - 24	11,078	11,429
April - 24	10,749	11,140
May - 24	10,931	11,329

Annual Average Total Return

	1 Year	5 Year	10 Year
Sextant Bond Income	0.43%	-1.04%	0.89%
Bloomberg US Aggregate Bond Index	1.31%	-0.17%	1.25%

Please visit www.saturna.com/sextant/bond-income-fund for more recent performance information.

SBIFX

| SEXTANT BOND INCOME

Sextant Bond Income Fund 

Semi-Annual Shareholder Report - May 31, 2024

Key Fund Statistics

Total Net Assets	$9,974,054
# of Portfolio Holdings	40
Advisory Fees Paid	$25,468
Portfolio Turnover Rate	4%

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762

What did the Fund invest in?

Top 10 Holdings 

% of Total Net Assets 

United States Treasury Bond (4.250% due 05/15/2039)	7.4%
United States Treasury Bond (3.375% due 11/15/2048)	4.5%
United States Treasury Bond (5.375% due 02/15/2031)	4.2%
Apple (4.500% due 02/23/2036)	3.4%
Microsoft (4.200% due 11/3/2035)	3.4%
Intel (4.000% due 12/15/2032)	3.3%
Home Depot (5.875% due 12/16/2036)	3.1%
Burlington Northern Santa Fe (5.050% due 03/1/2041)	2.9%
United States Treasury Note (2.875% due 05/15/2052)	2.9%
Praxair (3.550% due 11/7/2042)	2.8%

Sector Weightings

% of Total Net Assets 

Government	27.2%
Technology	10.6%
Health Care	10.1%
Financials	8.9%
Industrials	6.6%
Energy	5.9%
Consumer Discretionary	5.7%
Utilities	5.2%
Consumer Staples	5.2%
Communications	4.4%
Other Sectors	2.8%
Other Assets (net of liabilities)	7.4%

Geographic Weightings

% of Total Net Assets 

United States	85.5%
Canada	2.4%
Norway	2.4%
Netherlands	2.3%

QR Code

Additional Information

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library  .

1300 N. State Street 

Bellingham, WA 98225 

1-800-728-8762 

SCORX

| SEXTANT CORE

Sextant Core Fund 

Semi-Annual Shareholder Report - May 31, 2024

Fund Overview 

The objective of the Core Fund is long-term appreciation and capital preservation. This Semiannual Shareholder Report contains important information about the Sextant Core Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.saturna.com/sextant/core-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last 6 months?  

  (Based on a hypothetical $10,000 investment) 

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Sextant Core	$39.86	0.76%

How did the Fund perform over the last six months? 

The Sextant Core Fund returned 9.77% for the six-month period as of May 31, 2024. The Dow Jones Moderate Portfolio Index returned 8.05% for the same period. On May 31, 2024, the Fund recorded a 30-day yield of 2.22%.

What Factors influenced Performance?

Equities

The Sextant Core Fund's mandate allocates a 60% weight in equity securities, with two-thirds being US-domiciled companies and one-third foreign-domiciled companies. The Fund generally holds equity positions in larger companies with strong balance sheets. As of May 31, 2024, equity holdings represented 59.19% of the Fund's portfolio. Companies in the Technology sector comprised the largest share of equities in the Fund (17.4%), followed by Industrials (15.1%) and Health Care (7.9%).

Optimism about advances in artificial intelligence (AI) drove global equities performance for the six-month period. The Sextant Core Fund owns several companies that stand to benefit from these advances, including chipmakers Nvidia, Broadcom, and Taiwan Semiconductor, as well as software infrastructure companies Microsoft and Oracle.

Fixed Income

The Sextant Core Fund targets an allocation of 40% cash and investment-grade fixed-income securities. The US Federal Reserve, after an aggressive string of rate hikes in 2022 and 2023, has been on "pause" for almost a year. Higher interest rates on bonds improve their ability to cushion equity declines and reduce portfolio volatility. The Fed's next move is likely to be interest rate cuts, but it is not certain when these cuts will happen.

Looking Forward

The second half of the fiscal year may feature increased political uncertainty. The UK holds its national elections in July, and the US holds it presidential elections in November. While optimism about AI drove recent equity returns, the increasingly adversarial relationship between the US and China escalates geopolitical risk, which is compounded by uncertainty around election outcomes. In the US, large budget deficits are beginning to bite with higher interest rates, which may constrain politicians from enacting growth-oriented fiscal policies such as tax cuts or spending increases. This may make it increasingly difficult to reign in higher than desired inflation rates.

How did the Fund perform over the past 10 years? 

The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Cumulative Performance

May 31, 2014 through May 31, 2024 with initial investment of $10,000.

	Sextant Core Fund $17,078	S&P Global 1200 Index $25,155	Dow Jones Moderate US Portfolio Index $16,934	Bloomberg US Aggregate Bond Index $11,329	60%|40% S&P Global 1200|Bloomberg US Agg. Index $18,704
May - 14	10,000	10,000	10,000	10,000	10,000
June - 14	10,144	10,180	10,193	10,005	10,110
July - 14	9,968	10,040	10,047	9,980	10,016
August - 14	10,168	10,264	10,279	10,090	10,195
September - 14	10,056	9,977	9,976	10,022	9,996
October - 14	10,136	10,049	10,128	10,120	10,079
November - 14	10,242	10,241	10,210	10,192	10,223
December - 14	10,110	10,073	10,153	10,202	10,126
January - 15	10,011	9,891	10,132	10,415	10,101
February - 15	10,258	10,454	10,412	10,318	10,408
March - 15	10,200	10,293	10,383	10,365	10,331
April - 15	10,274	10,580	10,468	10,328	10,489
May - 15	10,209	10,605	10,462	10,303	10,494
June - 15	9,978	10,354	10,320	10,191	10,299
July - 15	9,986	10,494	10,340	10,262	10,412
August - 15	9,607	9,809	9,982	10,247	9,998
September - 15	9,467	9,462	9,793	10,316	9,813
October - 15	9,813	10,216	10,204	10,318	10,282
November - 15	9,793	10,163	10,159	10,291	10,240
December - 15	9,680	9,987	10,030	10,258	10,120
January - 16	9,358	9,413	9,683	10,399	9,827
February - 16	9,323	9,348	9,744	10,473	9,814
March - 16	9,741	10,004	10,273	10,569	10,263
April - 16	9,880	10,170	10,388	10,609	10,381
May - 16	10,002	10,217	10,407	10,612	10,411
June - 16	10,037	10,140	10,498	10,803	10,438
July - 16	10,280	10,574	10,813	10,871	10,733
August - 16	10,237	10,610	10,817	10,859	10,750
September - 16	10,219	10,654	10,869	10,852	10,774
October - 16	9,976	10,484	10,666	10,769	10,638
November - 16	9,967	10,622	10,707	10,514	10,621
December - 16	10,088	10,875	10,799	10,529	10,779
January - 17	10,203	11,153	11,010	10,550	10,953
February - 17	10,468	11,456	11,227	10,621	11,161
March - 17	10,538	11,614	11,278	10,615	11,251
April - 17	10,591	11,790	11,406	10,697	11,388
May - 17	10,750	12,048	11,540	10,779	11,573
June - 17	10,803	12,114	11,584	10,769	11,606
July - 17	10,883	12,437	11,792	10,815	11,812
August - 17	10,989	12,476	11,846	10,912	11,876
September - 17	11,183	12,747	11,965	10,860	12,008
October - 17	11,360	13,012	12,113	10,866	12,161
November - 17	11,477	13,272	12,310	10,852	12,301
December - 17	11,559	13,468	12,434	10,902	12,432
January - 18	11,827	14,209	12,818	10,777	12,785
February - 18	11,451	13,618	12,486	10,674	12,418
March - 18	11,317	13,344	12,437	10,743	12,300
April - 18	11,237	13,488	12,425	10,663	12,343
May - 18	11,380	13,539	12,525	10,739	12,406
June - 18	11,326	13,515	12,491	10,726	12,387
July - 18	11,756	13,956	12,671	10,728	12,630
August - 18	11,890	14,096	12,816	10,797	12,739
September - 18	11,899	14,200	12,770	10,728	12,763
October - 18	11,344	13,170	12,124	10,643	12,167
November - 18	11,487	13,341	12,276	10,707	12,291
December - 18	11,025	12,368	11,787	10,903	11,843
January - 19	11,543	13,313	12,472	11,019	12,436
February - 19	11,852	13,691	12,686	11,013	12,645
March - 19	11,961	13,886	12,823	11,224	12,850
April - 19	12,315	14,394	13,061	11,227	13,134
May - 19	11,861	13,565	12,646	11,426	12,773
June - 19	12,433	14,456	13,205	11,570	13,341
July - 19	12,487	14,491	13,252	11,595	13,372
August - 19	12,569	14,221	13,125	11,896	13,361
September - 19	12,669	14,560	13,262	11,833	13,524
October - 19	12,841	14,946	13,475	11,868	13,755
November - 19	12,996	15,338	13,691	11,862	13,969
December - 19	13,229	15,858	13,979	11,854	14,249
January - 20	13,209	15,720	13,918	12,082	14,284
February - 20	12,612	14,433	13,263	12,299	13,685
March - 20	11,650	12,573	11,875	12,227	12,595
April - 20	12,535	13,872	12,795	12,444	13,466
May - 20	12,892	14,496	13,206	12,502	13,854
June - 20	13,007	14,915	13,467	12,581	14,129
July - 20	13,489	15,617	13,985	12,769	14,613
August - 20	13,835	16,603	14,366	12,666	15,119
September - 20	13,652	16,049	14,121	12,659	14,813
October - 20	13,412	15,608	14,052	12,602	14,542
November - 20	14,259	17,545	15,201	12,726	15,682
December - 20	14,599	18,329	15,690	12,744	16,111
January - 21	14,482	18,186	15,657	12,652	15,989
February - 21	14,550	18,652	15,940	12,470	16,143
March - 21	14,951	19,299	16,087	12,314	16,398
April - 21	15,253	20,174	16,563	12,411	16,896
May - 21	15,478	20,516	16,721	12,452	17,090
June - 21	15,439	20,751	16,828	12,539	17,256
July - 21	15,615	20,997	16,914	12,679	17,456
August - 21	15,722	21,513	17,143	12,655	17,700
September - 21	15,244	20,617	16,689	12,546	17,196
October - 21	15,791	21,746	17,134	12,542	17,759
November - 21	15,820	21,333	16,806	12,579	17,578
December - 21	16,368	22,278	17,165	12,547	18,027
January - 22	15,854	21,248	16,503	12,277	17,371
February - 22	15,542	20,681	16,292	12,140	17,016
March - 22	15,723	21,229	16,290	11,803	17,097
April - 22	14,948	19,549	15,294	11,355	16,026
May - 22	14,998	19,663	15,337	11,428	16,123
June - 22	14,212	17,980	14,460	11,249	15,194
July - 22	14,766	19,306	15,171	11,523	16,015
August - 22	14,333	18,500	14,735	11,198	15,433
September - 22	13,578	16,756	13,667	10,714	14,293
October - 22	14,212	17,895	14,111	10,575	14,802
November - 22	14,978	19,331	14,936	10,964	15,733
December - 22	14,669	18,529	14,596	10,915	15,313
January - 23	15,048	19,858	15,392	11,251	16,160
February - 23	14,649	19,294	14,963	10,960	15,718
March - 23	15,078	19,955	15,242	11,238	16,200
April - 23	15,272	20,298	15,311	11,306	16,407
May - 23	14,996	20,125	15,072	11,183	16,252
June - 23	15,487	21,323	15,617	11,143	16,809
July - 23	15,692	22,011	15,990	11,135	17,129
August - 23	15,518	21,474	15,585	11,064	16,835
September - 23	15,007	20,543	15,067	10,783	16,226
October - 23	14,772	19,992	14,652	10,613	15,862
November - 23	15,559	21,821	15,673	11,094	17,020
December - 23	16,112	22,861	16,450	11,518	17,768
January - 24	16,039	23,073	16,351	11,487	17,847
February - 24	16,434	24,095	16,664	11,324	18,221
March - 24	16,922	24,936	17,066	11,429	18,669
April - 24	16,538	24,054	16,529	11,140	18,084
May - 24	17,078	25,155	16,934	11,329	18,704

Effective May 31, 2024, the performance benchmark against which the Fund compares its performance was changed from the Dow Jones Moderate U.S. Portfolio Index to the S&P Global 1200 Index, the Bloomberg US Aggregate Bond Index, and a 60%|40% S&P Global 1200 Index and Bloomberg US Aggregate Bond Index composite, which the investment adviser believes better reflects the Fund’s investment approach.

Annual Average Total Return

	1 Year	5 Year	10 Year
Sextant Core	13.88%	7.56%	5.50%
S&P Global 1200 Index	24.99%	13.13%	9.65%
Dow Jones Moderate US Portfolio Index	12.35%	6.01%	5.40%
Bloomberg US Aggregate Bond Index	1.31%	-0.17%	1.25%
60%|40% S&P Global 1200|Bloomberg US Agg. Index	15.45%	7.93%	6.46%

Please visit www.saturna.com/sextant/core-fund for more recent performance information.

SCORX

| SEXTANT CORE

Sextant Core Fund 

Semi-Annual Shareholder Report - May 31, 2024

Key Fund Statistics

Total Net Assets	$25,273,737
# of Portfolio Holdings	81
Advisory Fees Paid	$59,319
Portfolio Turnover Rate	12%

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762

What did the Fund invest in?

Top 10 Holdings 

% of Total Net Assets 

United States Cash Management Bill (-% due 08/8/2024)	12.7%
Novo Nordisk ADR	2.7%
Eaton	2.6%
Microsoft	2.1%
Comcast (5.650% due 06/15/2035)	2.0%
Pacificorp (6.000% due 01/15/2039)	2.0%
NextEra Energy	1.9%
Oracle (2.950% due 04/1/2030)	1.8%
Alphabet, Class A	1.7%
Agnico-Eagle Mines	1.6%

Sector Weightings

% of Total Net Assets 

Technology	17.4%
Government	15.4%
Industrials	15.1%
Health Care	7.9%
Utilities	6.5%
Consumer Discretionary	6.3%
Communications	5.3%
Consumer Staples	5.3%
Materials	4.9%
Financials	4.9%
Other Sectors	4.2%
Other Assets (net of liabilities)	6.8%

Geographic Weightings

% of Total Net Assets 

United States	70.9%
Canada	3.4%
Ireland	3.1%
Denmark	2.7%
United Kingdom	2.4%
Netherlands	2.3%
France	2.2%
Germany	2.0%
Switzerland	1.3%
Australia	1.2%

QR Code

Additional Information

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library  .

1300 N. State Street 

Bellingham, WA 98225 

1-800-728-8762 

SGHIX

| SEXTANT GLOBAL HIGH INCOME FUND

Sextant Global High Income Fund 

Semi-Annual Shareholder Report - May 31, 2024

Fund Overview 

The objective of the Global High Income Fund is high income, with a secondary objective of capital preservation. This Semiannual Shareholder Report contains important information about the Sextant Global High Income Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.saturna.com/sextant/global-high-income-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last 6 months?  

  (Based on a hypothetical $10,000 investment) 

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Sextant Global High Income Fund	$39.35	0.75%

How did the Fund perform over the last six months? 

The Sextant Global High Income Fund returned 9.87% for the six-month period ended May 31, 2024. The Fund's equity benchmark, the S&P Global 1200 Index, returned 15.28%. The Fund's debt securities benchmark, the Bloomberg Global High Yield Corporate Bond Index, returned 5.70%. The Fund's 30-day SEC yield on May 31, 2024, was 3.79%

What Factors influenced Performance?

The Federal Reserve's last interest rate increase was in July 2023. It is likely that the Fed's next move will be cutting interest rates. However, as inflation remains above target and economic growth remains resilient, the prospective cuts continue to be pushed further into the future. Since the release of ChatGPT 18 months ago, optimism about artificial intelligence (AI) drove much of the equity returns.

Materials companies Southern Copper and South32 drove semi-annual performance for the Sextant Global High Income Fund. Detractors for the same period included Woodside Energy Group and SK Telecom.

Looking Forward

The second half of the fiscal year may feature increased political uncertainty. The UK holds its national elections in July, and the US holds its presidential elections in November. While optimism about AI drove recent equity returns, the increasingly adversarial relationship between the US and China escalates geopolitical risk, which is compounded by uncertainty around election outcomes. In the US, large budget deficits are beginning to bite with higher interest rates, which may constrain politicians from enacting growth-oriented fiscal policies such as tax cuts or spending increases. This may make it increasingly difficult to reign in higher than desired inflation rates.

How did the Fund perform over the past 10 years? 

The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Cumulative Performance

May 31, 2014 through May 31, 2024 with initial investment of $10,000.

	Sextant Global High Income Fund $14,444	S&P Global 1200 Index $25,155	Bloomberg Global High Yield Corp. Index $13,982
May - 14	10,000	10,000	10,000
June - 14	10,132	10,180	10,096
July - 14	9,903	10,040	9,942
August - 14	10,097	10,264	10,031
September - 14	9,745	9,977	9,773
October - 14	9,639	10,049	9,838
November - 14	9,713	10,241	9,779
December - 14	9,574	10,073	9,589
January - 15	9,519	9,891	9,515
February - 15	9,722	10,454	9,739
March - 15	9,455	10,293	9,622
April - 15	9,869	10,580	9,824
May - 15	9,639	10,605	9,819
June - 15	9,400	10,354	9,708
July - 15	9,160	10,494	9,667
August - 15	8,875	9,809	9,526
September - 15	8,424	9,462	9,271
October - 15	8,801	10,216	9,528
November - 15	8,660	10,163	9,304
December - 15	8,328	9,987	9,116
January - 16	8,095	9,413	8,968
February - 16	8,221	9,348	8,994
March - 16	8,728	10,004	9,467
April - 16	9,244	10,170	9,800
May - 16	9,000	10,217	9,800
June - 16	9,254	10,140	9,831
July - 16	9,517	10,574	10,094
August - 16	9,741	10,610	10,282
September - 16	9,965	10,654	10,336
October - 16	9,975	10,484	10,327
November - 16	9,848	10,622	10,219
December - 16	9,956	10,875	10,391
January - 17	10,231	11,153	10,579
February - 17	10,414	11,456	10,694
March - 17	10,536	11,614	10,694
April - 17	10,597	11,790	10,861
May - 17	10,699	12,048	11,010
June - 17	10,699	12,114	11,053
July - 17	11,045	12,437	11,243
August - 17	11,157	12,476	11,267
September - 17	11,340	12,747	11,357
October - 17	11,361	13,012	11,392
November - 17	11,326	13,272	11,418
December - 17	11,493	13,468	11,460
January - 18	11,922	14,209	11,617
February - 18	11,493	13,618	11,469
March - 18	11,577	13,344	11,432
April - 18	11,640	13,488	11,440
May - 18	11,514	13,539	11,310
June - 18	11,482	13,515	11,320
July - 18	11,870	13,956	11,466
August - 18	11,639	14,096	11,478
September - 18	11,849	14,200	11,552
October - 18	11,482	13,170	11,324
November - 18	11,587	13,341	11,206
December - 18	11,351	12,368	11,063
January - 19	11,970	13,313	11,516
February - 19	12,209	13,691	11,694
March - 19	12,177	13,886	11,774
April - 19	12,253	14,394	11,928
May - 19	11,927	13,565	11,770
June - 19	12,470	14,456	12,089
July - 19	12,492	14,491	12,107
August - 19	12,101	14,221	12,107
September - 19	12,350	14,560	12,136
October - 19	12,470	14,946	12,249
November - 19	12,405	15,338	12,288
December - 19	12,653	15,858	12,548
January - 20	12,441	15,720	12,544
February - 20	11,946	14,433	12,340
March - 20	10,519	12,573	10,843
April - 20	11,003	13,872	11,387
May - 20	11,297	14,496	11,878
June - 20	11,403	14,915	12,074
July - 20	11,592	15,617	12,665
August - 20	11,745	16,603	12,842
September - 20	11,333	16,049	12,662
October - 20	11,097	15,608	12,701
November - 20	11,970	17,545	13,282
December - 20	12,308	18,329	13,573
January - 21	12,443	18,186	13,598
February - 21	12,614	18,652	13,664
March - 21	12,846	19,299	13,589
April - 21	13,029	20,174	13,794
May - 21	13,297	20,516	13,894
June - 21	13,236	20,751	13,930
July - 21	13,163	20,997	13,934
August - 21	13,236	21,513	14,001
September - 21	13,248	20,617	13,898
October - 21	13,371	21,746	13,823
November - 21	13,151	21,333	13,607
December - 21	13,613	22,278	13,839
January - 22	13,662	21,248	13,466
February - 22	13,712	20,681	13,229
March - 22	13,787	21,229	13,075
April - 22	12,953	19,549	12,499
May - 22	13,164	19,663	12,503
June - 22	12,218	17,980	11,604
July - 22	12,454	19,306	12,135
August - 22	12,230	18,500	11,887
September - 22	11,508	16,756	11,320
October - 22	11,832	17,895	11,569
November - 22	12,604	19,331	12,025
December - 22	12,554	18,529	12,089
January - 23	13,185	19,858	12,583
February - 23	12,850	19,294	12,376
March - 23	13,069	19,955	12,525
April - 23	13,198	20,298	12,673
May - 23	12,709	20,125	12,500
June - 23	12,992	21,323	12,742
July - 23	13,301	22,011	12,937
August - 23	13,031	21,474	12,917
September - 23	12,928	20,543	12,744
October - 23	12,696	19,992	12,612
November - 23	13,147	21,821	13,228
December - 23	13,812	22,861	13,721
January - 24	13,772	23,073	13,721
February - 24	13,665	24,095	13,767
March - 24	14,068	24,936	13,907
April - 24	13,947	24,054	13,777
May - 24	14,444	25,155	13,982

Annual Average Total Return

	1 Year	5 Year	10 Year
Sextant Global High Income Fund	13.65%	3.90%	3.75%
S&P Global 1200 Index	24.99%	13.13%	9.65%
Bloomberg Global High Yield Corp. Index	11.86%	3.50%	3.41%

Please visit www.saturna.com/sextant/global-high-income-fund for more recent performance information.

SGHIX

| SEXTANT GLOBAL HIGH INCOME FUND

Sextant Global High Income Fund 

Semi-Annual Shareholder Report - May 31, 2024

Key Fund Statistics

Total Net Assets	$9,648,312
# of Portfolio Holdings	37
Advisory Fees Paid	$23,902
Portfolio Turnover Rate	2%

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762

What did the Fund invest in?

Top 10 Holdings 

% of Total Net Assets 

Southern Copper	6.2%
Skandinaviska Enskilda Banken, Cl A	3.7%
BHP Biliton ADR	3.4%
GlaxoSmithKline ADR	3.0%
ANZ Group Holdings ADR	2.9%
Shell ADR	2.9%
Nintendo	2.8%
Novartis ADR	2.7%
YUM! Brands (3.625% due 03/15/2031)	2.7%
South32 ADR	2.6%

Sector Weightings

% of Total Net Assets 

Communications	14.7%
Materials	14.7%
Financials	10.3%
Industrials	8.9%
Consumer Discretionary	8.8%
Health Care	5.9%
Energy	5.8%
Technology	5.2%
Utilities	2.6%
Government	2.5%
Other Sectors	2.3%
Other Assets (net of liabilities)	18.3%

Geographic Weightings

% of Total Net Assets 

United States	32.5%
Australia	10.5%
Peru	6.2%
Norway	4.9%
Sweden	3.7%
United Kingdom	3.0%
Switzerland	2.9%
Netherlands	2.9%
Japan	2.8%
France	2.4%

QR Code

Additional Information

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library  .

1300 N. State Street 

Bellingham, WA 98225 

1-800-728-8762 

SSGFX

| INVESTOR SHARES

Sextant Growth Fund 

Semi-Annual Shareholder Report - May 31, 2024

Fund Overview 

The objective of the Growth Fund is long-term capital growth. This Semiannual Shareholder Report contains important information about the Sextant Growth Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.saturna.com/sextant/growth-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last 6 months?  

  (Based on a hypothetical $10,000 investment) 

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Investor Shares	$52.60	0.98%

How did the Fund perform over the last six months? 

For the six-month period ended May 31, 2024, Sextant Growth Fund Investor Shares returned 14.70%, trailing the 16.35% return for the S&P 500 Index. As was the case in the previous fiscal year, the Fund returns suffered in comparison to the S&P 500 due to a handful of mega-cap Technology and artificial intelligence (AI) related stocks driving Index returns.

What Factors Influenced Performance?

After Nvidia's May 2023 earnings announcement, the AI frenzy took off, defining market performance ever since. Indications of declining inflation and imminent rate cuts that buoyed a wider cross-section of the market in late 2023 gave way to inflation resilience and delayed interest rate reductions, which could last into next year. As a result, several of the mega-cap Technology stocks that accounted for much of the S&P 500 gains continued to drive Index performance through the first half of the fiscal year. Nvidia remains the leader of the pack, having appreciated over 130% over the trailing six-month period. The result, while not as dramatic a gap as last year, was the continued outperformance of the market cap-weighted S&P 500 versus the equal-weighted S&P 500.

The Sextant Growth Fund holds several of the mega-cap stocks that led returns over the past six months, including Nvidia, Amazon, Microsoft, and Alphabet. Earlier this year we added Meta (Facebook) to the portfolio. The Fund has investments in AI-adjacent companies such as Broadcom, Oracle, and Quanta, which have performed well. Holdings that detracted from Fund performance were Consumer stocks Lululemon and Monster Beverage, animal health care company Zoetis, and digital media company Adobe.

Looking Forward

With a presidential election approaching, either bravery or foolishness would be required to opine on next year’s outlook. The two candidates have widely divergent opinions on a host of issues including taxation, tariffs, immigration, fossil fuels, alternative energy, and many others. Economic resilience (in terms of jobs and wages) adds to the uncertainty, defying the inverted yield curve prognostications, and consumers are still scarred from the pandemic-engendered period of high inflation. 

How did the Fund perform over the past 10 years? 

The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Cumulative Performance

May 31, 2014 through May 31, 2024 with initial investment of $10,000.

	Sextant Growth Fund Investor Shares $29,850	S&P 500 Index $33,028
May - 14	10,000	10,000
June - 14	10,157	10,207
July - 14	10,063	10,066
August - 14	10,556	10,468
September - 14	10,348	10,322
October - 14	10,536	10,574
November - 14	10,892	10,858
December - 14	10,813	10,831
January - 15	10,470	10,506
February - 15	11,148	11,109
March - 15	11,020	10,934
April - 15	10,933	11,039
May - 15	11,028	11,181
June - 15	10,863	10,964
July - 15	11,012	11,194
August - 15	10,313	10,519
September - 15	10,094	10,258
October - 15	10,755	11,124
November - 15	10,797	11,157
December - 15	10,581	10,981
January - 16	9,772	10,436
February - 16	9,507	10,422
March - 16	10,258	11,129
April - 16	10,132	11,172
May - 16	10,222	11,372
June - 16	10,029	11,402
July - 16	10,599	11,822
August - 16	10,550	11,839
September - 16	10,496	11,841
October - 16	10,208	11,625
November - 16	10,450	12,056
December - 16	10,533	12,294
January - 17	10,775	12,527
February - 17	11,245	13,025
March - 17	11,352	13,040
April - 17	11,581	13,174
May - 17	11,725	13,359
June - 17	11,762	13,442
July - 17	11,883	13,719
August - 17	11,972	13,761
September - 17	12,102	14,045
October - 17	12,354	14,372
November - 17	12,815	14,813
December - 17	12,887	14,978
January - 18	13,707	15,836
February - 18	13,467	15,252
March - 18	13,069	14,864
April - 18	13,202	14,921
May - 18	13,668	15,281
June - 18	13,791	15,375
July - 18	14,375	15,947
August - 18	15,185	16,466
September - 18	15,406	16,560
October - 18	13,992	15,428
November - 18	14,090	15,743
December - 18	12,941	14,321
January - 19	13,917	15,469
February - 19	14,412	15,966
March - 19	14,944	16,276
April - 19	15,713	16,935
May - 19	14,650	15,859
June - 19	15,827	16,976
July - 19	16,379	17,220
August - 19	16,291	16,948
September - 19	16,348	17,265
October - 19	16,642	17,639
November - 19	17,164	18,279
December - 19	17,649	18,831
January - 20	17,845	18,823
February - 20	16,555	17,274
March - 20	14,978	15,140
April - 20	16,916	17,081
May - 20	18,031	17,895
June - 20	18,790	18,250
July - 20	20,213	19,279
August - 20	22,082	20,665
September - 20	21,254	19,880
October - 20	20,351	19,351
November - 20	22,225	21,470
December - 20	23,028	22,295
January - 21	22,510	22,070
February - 21	22,622	22,679
March - 21	23,252	23,672
April - 21	24,668	24,935
May - 21	24,491	25,109
June - 21	25,399	25,696
July - 21	26,243	26,306
August - 21	27,007	27,106
September - 21	25,314	25,845
October - 21	27,060	27,656
November - 21	27,445	27,464
December - 21	28,323	28,695
January - 22	26,419	27,210
February - 22	25,453	26,395
March - 22	25,872	27,375
April - 22	23,451	24,988
May - 22	23,136	25,034
June - 22	21,286	22,968
July - 22	23,387	25,085
August - 22	22,147	24,062
September - 22	20,046	21,846
October - 22	21,303	23,615
November - 22	22,537	24,935
December - 22	21,172	23,498
January - 23	22,503	24,975
February - 23	21,786	24,365
March - 23	23,135	25,260
April - 23	23,583	25,654
May - 23	24,078	25,766
June - 23	25,714	27,468
July - 23	26,174	28,350
August - 23	25,756	27,899
September - 23	24,281	26,569
October - 23	23,828	26,010
November - 23	26,024	28,386
December - 23	27,152	29,675
January - 24	27,678	30,174
February - 24	29,206	31,785
March - 24	29,641	32,808
April - 24	28,328	31,468
May - 24	29,850	33,028

Annual Average Total Return

	1 Year	5 Year	10 Year
Investor Shares	23.97%	15.30%	11.56%
S&P 500 Index	28.19%	15.79%	12.68%

Please visit www.saturna.com/sextant/growth-fund for more recent performance information.

SSGFX

| INVESTOR SHARES

Sextant Growth Fund 

Semi-Annual Shareholder Report - May 31, 2024

Key Fund Statistics

Total Net Assets	$67,857,920
# of Portfolio Holdings	31
Advisory Fees Paid	$164,039
Portfolio Turnover Rate	6%

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762

What did the Fund invest in?

Top 10 Holdings 

% of Total Net Assets 

Microsoft	11.1%
Apple	8.3%
Alphabet, Class A	8.1%
Amazon.com	7.0%
NVIDIA	5.6%
Costco Wholesale	4.2%
Mastercard, Class A	3.9%
Motorola Solutions	3.2%
Oracle	3.0%
Adobe	2.9%

Geographic Weightings

% of Total Net Assets 

United States 98.2%

Industry Weightings

% of Total Net Assets 

Infrastructure Software	16.0%
Semiconductor Devices	15.5%
Communications Equipment	11.5%
Internet Media & Services	10.0%
Online Marketplace	7.0%
Medical Devices	5.3%
Specialty Apparel Stores	4.3%
Mass Merchants	4.2%
Other Financial Services	3.9%
Application Software	2.9%
Other Industries	17.6%
Other Assets (net of liabilities)	1.8%

QR Code

Additional Information

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library  .

1300 N. State Street 

Bellingham, WA 98225 

1-800-728-8762 

SGZFX

| Z SHARES

Sextant Growth Fund 

Semi-Annual Shareholder Report - May 31, 2024

Fund Overview 

The objective of the Growth Fund is long-term capital growth. This Semiannual Shareholder Report contains important information about the Sextant Growth Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.saturna.com/sextant/growth-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last 6 months?  

  (Based on a hypothetical $10,000 investment) 

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Z Shares	$39.75	0.74%

How did the Fund perform over the last six months? 

For the six-month period ended May 31, 2024, Sextant Growth Fund Z Shares returned 14.84%, trailing the 16.35% return for the S&P 500 Index. As was the case in the previous fiscal year, the Fund returns suffered in comparison to the S&P 500 due to a handful of mega-cap Technology and artificial intelligence (AI) related stocks driving Index returns.

What Factors Influenced Performance?

After Nvidia's May 2023 earnings announcement, the AI frenzy took off, defining market performance ever since. Indications of declining inflation and imminent rate cuts that buoyed a wider cross-section of the market in late 2023 gave way to inflation resilience and delayed interest rate reductions, which could last into next year. As a result, several of the mega-cap Technology stocks that accounted for much of the S&P 500 gains continued to drive Index performance through the first half of the fiscal year. Nvidia remains the leader of the pack, having appreciated over 130% over the trailing six-month period. The result, while not as dramatic a gap as last year, was the continued outperformance of the market cap-weighted S&P 500 versus the equal-weighted S&P 500.

The Sextant Growth Fund holds several of the mega-cap stocks that led returns over the past six months, including Nvidia, Amazon, Microsoft, and Alphabet. Earlier this year we added Meta (Facebook) to the portfolio. The Fund has investments in AI-adjacent companies such as Broadcom, Oracle, and Quanta, which have performed well. Holdings that detracted from Fund performance were Consumer stocks Lululemon and Monster Beverage, animal health care company Zoetis, and digital media company Adobe.

Looking Forward

With a presidential election approaching, either bravery or foolishness would be required to opine on next year’s outlook. The two candidates have widely divergent opinions on a host of issues including taxation, tariffs, immigration, fossil fuels, alternative energy, and many others. Economic resilience (in terms of jobs and wages) adds to the uncertainty, defying the inverted yield curve prognostications, and consumers are still scarred from the pandemic-engendered period of high inflation. 

How did the Fund perform since inception? 

The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Cumulative Performance

June 30, 2017 through May 31, 2024 with initial investment of $10,000.

	Sextant Growth Fund Z Shares $25,792	S&P 500 Index $24,570
June - 17	10,000	10,000
July - 17	10,107	10,206
August - 17	10,178	10,237
September - 17	10,285	10,448
October - 17	10,499	10,692
November - 17	10,893	11,020
December - 17	10,957	11,142
January - 18	11,661	11,780
February - 18	11,455	11,346
March - 18	11,120	11,058
April - 18	11,233	11,100
May - 18	11,631	11,367
June - 18	11,736	11,437
July - 18	12,239	11,863
August - 18	12,930	12,250
September - 18	13,123	12,319
October - 18	11,921	11,477
November - 18	12,004	11,711
December - 18	11,030	10,654
January - 19	11,862	11,508
February - 19	12,291	11,877
March - 19	12,751	12,108
April - 19	13,406	12,598
May - 19	12,503	11,797
June - 19	13,512	12,629
July - 19	13,986	12,810
August - 19	13,915	12,607
September - 19	13,968	12,843
October - 19	14,224	13,122
November - 19	14,671	13,598
December - 19	15,086	14,008
January - 20	15,259	14,003
February - 20	14,161	12,850
March - 20	12,812	11,263
April - 20	14,471	12,707
May - 20	15,428	13,312
June - 20	16,084	13,577
July - 20	17,306	14,342
August - 20	18,906	15,373
September - 20	18,204	14,789
October - 20	17,433	14,396
November - 20	19,042	15,972
December - 20	19,730	16,586
January - 21	19,294	16,418
February - 21	19,386	16,871
March - 21	19,937	17,610
April - 21	21,150	18,550
May - 21	21,003	18,679
June - 21	21,784	19,115
July - 21	22,514	19,569
August - 21	23,176	20,164
September - 21	21,729	19,226
October - 21	23,231	20,573
November - 21	23,566	20,431
December - 21	24,329	21,347
January - 22	22,693	20,242
February - 22	21,870	19,636
March - 22	22,231	20,365
April - 22	20,159	18,589
May - 22	19,888	18,623
June - 22	18,303	17,086
July - 22	20,114	18,661
August - 22	19,050	17,900
September - 22	17,249	16,252
October - 22	18,333	17,567
November - 22	19,397	18,549
December - 22	18,230	17,481
January - 23	19,372	18,579
February - 23	18,765	18,126
March - 23	19,928	18,791
April - 23	20,324	19,084
May - 23	20,756	19,167
June - 23	22,166	20,434
July - 23	22,568	21,090
August - 23	22,213	20,754
September - 23	20,947	19,765
October - 23	20,556	19,349
November - 23	22,459	21,116
December - 23	23,434	22,076
January - 24	23,898	22,447
February - 24	25,221	23,645
March - 24	25,602	24,406
April - 24	24,474	23,409
May - 24	25,792	24,570

Annual Average Total Return

	1 Year	5 Year	Since Inception
Z Shares	24.26%	15.58%	14.31%
S&P 500 Index	28.19%	15.79%	13.62%

Please visit www.saturna.com/sextant/growth-fund for more recent performance information.

SGZFX

| Z SHARES

Sextant Growth Fund 

Semi-Annual Shareholder Report - May 31, 2024

Key Fund Statistics

Total Net Assets	$67,857,920
# of Portfolio Holdings	31
Advisory Fees Paid	$164,039
Portfolio Turnover Rate	6%

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762

What did the Fund invest in?

Top 10 Holdings 

% of Total Net Assets 

Microsoft	11.1%
Apple	8.3%
Alphabet, Class A	8.1%
Amazon.com	7.0%
NVIDIA	5.6%
Costco Wholesale	4.2%
Mastercard, Class A	3.9%
Motorola Solutions	3.2%
Oracle	3.0%
Adobe	2.9%

Geographic Weightings

% of Total Net Assets 

United States 98.2%

Industry Weightings

% of Total Net Assets 

Infrastructure Software	16.0%
Semiconductor Devices	15.5%
Communications Equipment	11.5%
Internet Media & Services	10.0%
Online Marketplace	7.0%
Medical Devices	5.3%
Specialty Apparel Stores	4.3%
Mass Merchants	4.2%
Other Financial Services	3.9%
Application Software	2.9%
Other Industries	17.6%
Other Assets (net of liabilities)	1.8%

QR Code

Additional Information

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library  .

1300 N. State Street 

Bellingham, WA 98225 

1-800-728-8762 

SSIFX

| INVESTOR SHARES

Sextant International Fund 

Semi-Annual Shareholder Report - May 31, 2024

Fund Overview 

The objective of the International Fund is long-term capital growth. This Semiannual Shareholder Report contains important information about the Sextant International Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.saturna.com/sextant/international-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last 6 months?  

  (Based on a hypothetical $10,000 investment) 

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Investor Shares	$50.89	0.96%

How did the Fund perform over the last six months? 

For the six-month period ended May 31, 2024, the Sextant International Fund Investor Shares returned 12.03%. The MSCI EAFE Index and MSCI ACWI ex US Index returned 13.19% and 11.46% for the same period, respectively. 

What Factors Influenced Performance?

The Sextant International Fund mandates that 65% of net assets be held in companies with their headquarters and at least half of their assets and earnings outside the US, and with market capitalizations greater than $1 billion. The Fund generally holds equity positions in larger companies with strong balance sheets. As of May 31, 2024, Technology was the largest sector weighting at 39.2% followed by Health Care at 18.1%, then Industrials at 16.4%. Consumer Discretionary and Materials were the next largest sector weightings in the portfolio, at 8.6% each. In terms of performance contributions, Health Care, Industrials, Communications, and Technology were the largest contributors. Top performers were Taiwan Semiconductor, Eaton, and ASML. The bottom performers included Lululemon, OpenText, and Accenture.   

Looking Forward

We are entering an economic regime where global growth may remain sluggish, and the costs of capital elevated. While inflation and interest rates are important, their impact is expected to diminish over the next several quarters, as the significant tail risks associated with them have largely been mitigated. Last year, the Federal Reserve's policy actions could be described as a defusing a bomb; even a minor error could have had catastrophic consequences. This year, the challenge is more akin to parking a boat in a narrow slip on a rainy day — there may be bumps and collisions (i.e. economic weakness, sticky inflation), but probably nothing that will sink the ship. Fed Chair Jerome Powell will likely continue to bounce between hawkish and dovish tones based on the prevailing risks at any given time until the US economy achieves some form of "landing."

In this environment (slow growth + elevated cost of capital=margin pressure), the Sextant International Fund prioritizes companies that offer products and services which help enterprises improve operating profitability through productivity gains. Fortunately, surges in innovation (including AI, digital transformation, and accelerated computing) are likely to drive economic upside relative to market expectations over the next several years. Given this backdrop, the Fund maintains a constructive outlook for the remainder of 2024 and beyond.

How did the Fund perform over the past 10 years? 

The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Cumulative Performance

May 31, 2014 through May 31, 2024 with initial investment of $10,000.

	Sextant International Fund Investor Shares $20,370	MSCI EAFE Index $16,461
May - 14	10,000	10,000
June - 14	10,428	10,099
July - 14	10,159	9,901
August - 14	10,159	9,887
September - 14	9,859	9,511
October - 14	9,682	9,373
November - 14	9,834	9,501
December - 14	9,497	9,175
January - 15	9,459	9,221
February - 15	10,088	9,773
March - 15	9,961	9,633
April - 15	10,387	10,034
May - 15	10,221	9,994
June - 15	9,942	9,714
July - 15	10,018	9,916
August - 15	9,281	9,188
September - 15	8,874	8,725
October - 15	9,389	9,407
November - 15	9,285	9,262
December - 15	8,922	9,139
January - 16	8,599	8,479
February - 16	8,554	8,326
March - 16	9,129	8,875
April - 16	9,188	9,142
May - 16	9,207	9,070
June - 16	9,188	8,770
July - 16	9,673	9,215
August - 16	9,686	9,223
September - 16	9,854	9,340
October - 16	9,563	9,150
November - 16	9,330	8,969
December - 16	9,557	9,277
January - 17	9,865	9,547
February - 17	10,068	9,685
March - 17	10,245	9,962
April - 17	10,389	10,223
May - 17	10,711	10,612
June - 17	10,698	10,597
July - 17	11,150	10,903
August - 17	11,183	10,900
September - 17	11,530	11,176
October - 17	11,615	11,347
November - 17	11,827	11,467
December - 17	11,991	11,653
January - 18	12,569	12,239
February - 18	12,119	11,688
March - 18	12,098	11,489
April - 18	11,941	11,763
May - 18	11,991	11,515
June - 18	11,841	11,378
July - 18	12,491	11,659
August - 18	12,726	11,435
September - 18	12,612	11,539
October - 18	11,612	10,621
November - 18	12,019	10,610
December - 18	11,518	10,097
January - 19	12,321	10,762
February - 19	12,931	11,037
March - 19	13,131	11,119
April - 19	13,541	11,443
May - 19	13,409	10,909
June - 19	13,957	11,560
July - 19	13,996	11,415
August - 19	13,888	11,120
September - 19	13,896	11,445
October - 19	14,104	11,857
November - 19	14,274	11,993
December - 19	14,611	12,384
January - 20	14,595	12,127
February - 20	13,547	11,032
March - 20	11,564	9,571
April - 20	12,251	10,197
May - 20	13,331	10,647
June - 20	13,699	11,014
July - 20	14,339	11,273
August - 20	14,874	11,854
September - 20	14,658	11,551
October - 20	14,147	11,091
November - 20	15,690	12,812
December - 20	16,815	13,410
January - 21	16,702	13,268
February - 21	16,301	13,567
March - 21	16,542	13,892
April - 21	17,368	14,322
May - 21	17,489	14,802
June - 21	17,962	14,640
July - 21	19,174	14,752
August - 21	20,017	15,013
September - 21	18,733	14,589
October - 21	19,263	14,951
November - 21	18,853	14,257
December - 21	19,759	14,989
January - 22	17,634	14,265
February - 22	17,268	14,015
March - 22	17,625	14,121
April - 22	16,187	13,219
May - 22	15,970	13,337
June - 22	14,637	12,103
July - 22	15,891	12,707
August - 22	14,819	12,105
September - 22	13,661	10,978
October - 22	14,366	11,569
November - 22	15,787	12,874
December - 22	15,290	12,888
January - 23	16,492	13,933
February - 23	15,996	13,644
March - 23	17,059	14,000
April - 23	17,128	14,409
May - 23	16,693	13,818
June - 23	17,285	14,451
July - 23	17,494	14,920
August - 23	17,076	14,350
September - 23	16,240	13,866
October - 23	16,222	13,306
November - 23	18,182	14,543
December - 23	19,085	15,318
January - 24	19,574	15,407
February - 24	20,273	15,692
March - 24	20,440	16,226
April - 24	19,469	15,827
May - 24	20,370	16,461

Annual Average Total Return

	1 Year	5 Year	10 Year
Investor Shares	22.03%	8.72%	7.37%
MSCI EAFE Index	19.12%	8.57%	5.10%

Please visit www.saturna.com/sextant/international-fund for more recent performance information.

SSIFX

| INVESTOR SHARES

Sextant International Fund 

Semi-Annual Shareholder Report - May 31, 2024

Key Fund Statistics

Total Net Assets	$76,980,121
# of Portfolio Holdings	34
Advisory Fees Paid	$181,027
Portfolio Turnover Rate	6%

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762

What did the Fund invest in?

Top 10 Holdings 

% of Total Net Assets 

Novo Nordisk ADR	9.9%
ASML Holding NY	6.8%
MercadoLibre	6.7%
Wolters Kluwer	6.4%
Dassault Systemes ADR	4.7%
Taiwan Semiconductor ADR	4.6%
Ferguson	3.6%
NICE Systems ADR	3.6%
SAP ADR	3.4%
Linde	3.1%

Geographic Weightings

% of Total Net Assets 

Netherlands	13.2%
France	12.6%
Denmark	9.9%
Switzerland	9.0%
Germany	7.7%
United States	7.2%
Argentina	6.7%
Ireland	6.1%
United Kingdom	6.1%
Taiwan	4.6%

Industry Weightings

% of Total Net Assets 

Application Software	13.1%
Large Pharma	12.8%
Semiconductor Manufacturing	11.4%
IT Services	9.5%
Online Marketplace	6.7%
Electrical Power Equipment	5.6%
Iron	4.3%
Semiconductor Devices	4.0%
Commercial & Residential Building Equipment & Systems	3.9%
Industrial Wholesale & Rental	3.6%
Other Industries	21.5%
Other Assets (net of liabilities)	3.6%

QR Code

Additional Information

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library  .

1300 N. State Street 

Bellingham, WA 98225 

1-800-728-8762 

SIFZX

| Z SHARES

Sextant International Fund 

Semi-Annual Shareholder Report - May 31, 2024

Fund Overview 

The objective of the International Fund is long-term capital growth. This Semiannual Shareholder Report contains important information about the Sextant International Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.saturna.com/sextant/international-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last 6 months?  

  (Based on a hypothetical $10,000 investment) 

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Z Shares	$38.19	0.72%

How did the Fund perform over the last six months? 

For the six-month period ended May 31, 2024, the Sextant International Fund Z Shares returned 12.15%. The MSCI EAFE Index and MSCI ACWI ex US Index returned 13.19% and 11.46% for the same period, respectively. 

What Factors Influenced Performance?

The Sextant International Fund mandates that 65% of net assets be held in companies with their headquarters and at least half of their assets and earnings outside the US, and with market capitalizations greater than $1 billion. The Fund generally holds equity positions in larger companies with strong balance sheets. As of May 31, 2024, Technology was the largest sector weighting at 39.2% followed by Health Care at 18.1%, then Industrials at 16.4%. Consumer Discretionary and Materials were the next largest sector weightings in the portfolio, at 8.6% each. In terms of performance contributions, Health Care, Industrials, Communications, and Technology were the largest contributors. Top performers were Taiwan Semiconductor, Eaton, and ASML. The bottom performers included Lululemon, OpenText, and Accenture.   

Looking Forward

We are entering an economic regime where global growth may remain sluggish, and the costs of capital elevated. While inflation and interest rates are important, their impact is expected to diminish over the next several quarters, as the significant tail risks associated with them have largely been mitigated. Last year, the Federal Reserve's policy actions could be described as a defusing a bomb; even a minor error could have had catastrophic consequences. This year, the challenge is more akin to parking a boat in a narrow slip on a rainy day — there may be bumps and collisions (i.e. economic weakness, sticky inflation), but probably nothing that will sink the ship. Fed Chair Jerome Powell will likely continue to bounce between hawkish and dovish tones based on the prevailing risks at any given time until the US economy achieves some form of "landing."

In this environment (slow growth + elevated cost of capital=margin pressure), the Sextant International Fund prioritizes companies that offer products and services which help enterprises improve operating profitability through productivity gains. Fortunately, surges in innovation (including AI, digital transformation, and accelerated computing) are likely to drive economic upside relative to market expectations over the next several years. Given this backdrop, the Fund maintains a constructive outlook for the remainder of 2024 and beyond.

How did the Fund perform since inception? 

The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Cumulative Performance

June 30, 2017 through May 31, 2024 with initial investment of $10,000.

	Sextant International Fund Z Shares $19,355	MSCI EAFE Index $15,534
June - 17	10,000	10,000
July - 17	10,435	10,289
August - 17	10,459	10,287
September - 17	10,783	10,547
October - 17	10,869	10,708
November - 17	11,073	10,821
December - 17	11,229	10,997
January - 18	11,777	11,549
February - 18	11,349	11,030
March - 18	11,329	10,842
April - 18	11,189	11,101
May - 18	11,236	10,867
June - 18	11,102	10,737
July - 18	11,717	11,002
August - 18	11,937	10,791
September - 18	11,831	10,889
October - 18	10,895	10,023
November - 18	11,276	10,012
December - 18	10,813	9,528
January - 19	11,566	10,156
February - 19	12,138	10,416
March - 19	12,333	10,493
April - 19	12,717	10,798
May - 19	12,601	10,295
June - 19	13,116	10,909
July - 19	13,152	10,772
August - 19	13,058	10,494
September - 19	13,065	10,800
October - 19	13,268	11,189
November - 19	13,434	11,317
December - 19	13,752	11,687
January - 20	13,737	11,444
February - 20	12,752	10,411
March - 20	10,888	9,032
April - 20	11,534	9,623
May - 20	12,557	10,048
June - 20	12,903	10,394
July - 20	13,504	10,638
August - 20	14,016	11,187
September - 20	13,820	10,901
October - 20	13,339	10,467
November - 20	14,790	12,090
December - 20	15,859	12,655
January - 21	15,753	12,521
February - 21	15,368	12,803
March - 21	15,602	13,110
April - 21	16,381	13,515
May - 21	16,502	13,969
June - 21	16,956	13,816
July - 21	18,098	13,921
August - 21	18,900	14,168
September - 21	17,690	13,767
October - 21	18,196	14,109
November - 21	17,811	13,454
December - 21	18,657	14,145
January - 22	16,658	13,462
February - 22	16,321	13,225
March - 22	16,658	13,326
April - 22	15,301	12,475
May - 22	15,104	12,586
June - 22	13,845	11,421
July - 22	15,030	11,991
August - 22	14,018	11,423
September - 22	12,932	10,360
October - 22	13,598	10,918
November - 22	14,939	12,149
December - 22	14,478	12,163
January - 23	15,613	13,149
February - 23	15,153	12,876
March - 23	16,156	13,211
April - 23	16,230	13,598
May - 23	15,819	13,040
June - 23	16,387	13,637
July - 23	16,584	14,080
August - 23	16,197	13,542
September - 23	15,400	13,086
October - 23	15,391	12,557
November - 23	17,259	13,724
December - 23	18,115	14,455
January - 24	18,578	14,540
February - 24	19,248	14,808
March - 24	19,413	15,312
April - 24	18,487	14,936
May - 24	19,355	15,534

Annual Average Total Return

	1 Year	5 Year	Since Inception
Z Shares	22.35%	8.96%	0.00
MSCI EAFE Index	19.12%	8.57%	6.26%

Please visit www.saturna.com/sextant/international-fund for more recent performance information.

SIFZX

| Z SHARES

Sextant International Fund 

Semi-Annual Shareholder Report - May 31, 2024

Key Fund Statistics

Total Net Assets	$76,980,121
# of Portfolio Holdings	34
Advisory Fees Paid	$181,027
Portfolio Turnover Rate	6%

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762

What did the Fund invest in?

Top 10 Holdings 

% of Total Net Assets 

Novo Nordisk ADR	9.9%
ASML Holding NY	6.8%
MercadoLibre	6.7%
Wolters Kluwer	6.4%
Dassault Systemes ADR	4.7%
Taiwan Semiconductor ADR	4.6%
Ferguson	3.6%
NICE Systems ADR	3.6%
SAP ADR	3.4%
Linde	3.1%

Geographic Weightings

% of Total Net Assets 

Netherlands	13.2%
France	12.6%
Denmark	9.9%
Switzerland	9.0%
Germany	7.7%
United States	7.2%
Argentina	6.7%
Ireland	6.1%
United Kingdom	6.1%
Taiwan	4.6%

Industry Weightings

% of Total Net Assets 

Application Software	13.1%
Large Pharma	12.8%
Semiconductor Manufacturing	11.4%
IT Services	9.5%
Online Marketplace	6.7%
Electrical Power Equipment	5.6%
Iron	4.3%
Semiconductor Devices	4.0%
Commercial & Residential Building Equipment & Systems	3.9%
Industrial Wholesale & Rental	3.6%
Other Industries	21.5%
Other Assets (net of liabilities)	3.6%

QR Code

Additional Information

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library  .

1300 N. State Street 

Bellingham, WA 98225 

1-800-728-8762 

STBFX

| SEXTANT SHORT-TERM BOND

Sextant Short-Term Bond Fund 

Semi-Annual Shareholder Report - May 31, 2024

Fund Overview 

The objective of the Short-Term Bond Fund is capital preservation and current income. This Semiannual Shareholder Report contains important information about the Sextant Short-Term Bond Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.saturna.com/sextant/short-term-bond-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last 6 months?  

  (Based on a hypothetical $10,000 investment) 

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Sextant Short-Term Bond	$30.29	0.60%

How did the Fund perform over the last six months? 

For the six-month period ended May 31, 2024, the Sextant Short-Term Bond Fund returned 1.96%. The Bloomberg US Aggregate 1-3 Year Index returned 2.06%. For the five-year period ended May 31, 2024, the Fund reported an annualized total return of 1.03%, compared to 1.20% for the Index. The primary reason for the Fund’s underperformance was lack of exposure to securitized debt, and cash positions.

Factors Affecting Past Performance

Persistent high inflation, economic growth uncertainty, and widening deficits among most world economies brought considerable market volatility in fiscal 2024. The Treasury curve was highly volatile throughout the year, with swings of over 100 basis points (bps) across the curve. Ultimately, the curve shifted up over the year, especially in the long end, marking a pronounced bear steepener.

As of May 31, 2024, the Sextant Short-Term Bond Fund had 49.2% of assets in bonds maturing inside of one year. In comparison, the Bloomberg US Aggregate 1-3 Year Index had 5.5% of such bonds. The Index held nearly 95% of its assets in bonds with maturities between one and three years, while the Fund held around 41.5% of its assets in such bonds. Bonds with maturities between zero and one years were the primary drivers of fiscal year 2024 performance, and the portfolio’s overweight to this maturity bucket aided performance. Overall, the Fund was positioned defensively during the six-month period, with an allocation to the very front end of the curve and only an 8% allocation to bonds outside of three years. This is reflected in the Fund’s effective duration of 1.43, shorter than the Index, which had an effective duration of 1.76 years.

Looking Forward

Federal Reserve policy changes, economic uncertainty, persistent high inflation, and elevated geopolitical risks may lead to continued volatility for yields and the Treasury curve in fiscal 2025. The Sextant Short-Term Bond Fund portfolio remains defensively positioned to better withstand anticipated yield curve changes, currency movements, and inflationary pressures. Our goal has always been to choose good companies and invest through cycles rather than engage in market timing with outsized active bets. 

How did the Fund perform over the past 10 years? 

The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Cumulative Performance

May 31, 2014 through May 31, 2024 with initial investment of $10,000.

	Sextant Short-Term Bond Fund $11,159	Bloomberg US Aggregate 1-3 Year Index $11,352	Bloomberg US Aggregate Bond Index $11,329
May - 14	10,000	10,000	10,000
June - 14	9,989	9,996	10,005
July - 14	9,978	9,990	9,980
August - 14	10,006	10,007	10,090
September - 14	9,996	10,000	10,022
October - 14	10,026	10,029	10,120
November - 14	10,015	10,043	10,192
December - 14	9,965	10,018	10,202
January - 15	10,033	10,069	10,415
February - 15	10,020	10,054	10,318
March - 15	10,030	10,077	10,365
April - 15	10,058	10,086	10,328
May - 15	10,066	10,094	10,303
June - 15	10,055	10,091	10,191
July - 15	10,065	10,097	10,262
August - 15	10,054	10,091	10,247
September - 15	10,063	10,121	10,316
October - 15	10,092	10,117	10,318
November - 15	10,082	10,098	10,291
December - 15	10,072	10,084	10,258
January - 16	10,101	10,137	10,399
February - 16	10,090	10,147	10,473
March - 16	10,160	10,183	10,569
April - 16	10,189	10,197	10,609
May - 16	10,179	10,191	10,612
June - 16	10,226	10,252	10,803
July - 16	10,235	10,254	10,871
August - 16	10,245	10,243	10,859
September - 16	10,253	10,255	10,852
October - 16	10,261	10,252	10,769
November - 16	10,188	10,210	10,514
December - 16	10,219	10,216	10,529
January - 17	10,230	10,235	10,550
February - 17	10,241	10,252	10,621
March - 17	10,254	10,258	10,615
April - 17	10,264	10,277	10,697
May - 17	10,297	10,295	10,779
June - 17	10,289	10,290	10,769
July - 17	10,320	10,317	10,815
August - 17	10,330	10,338	10,912
September - 17	10,319	10,326	10,860
October - 17	10,308	10,323	10,866
November - 17	10,276	10,301	10,852
December - 17	10,270	10,305	10,902
January - 18	10,241	10,277	10,777
February - 18	10,210	10,267	10,674
March - 18	10,221	10,284	10,743
April - 18	10,213	10,273	10,663
May - 18	10,247	10,312	10,739
June - 18	10,238	10,313	10,726
July - 18	10,251	10,319	10,728
August - 18	10,285	10,355	10,797
September - 18	10,297	10,348	10,728
October - 18	10,291	10,359	10,643
November - 18	10,303	10,389	10,707
December - 18	10,381	10,470	10,903
January - 19	10,437	10,511	11,019
February - 19	10,450	10,528	11,013
March - 19	10,550	10,597	11,224
April - 19	10,566	10,621	11,227
May - 19	10,603	10,696	11,426
June - 19	10,681	10,755	11,570
July - 19	10,677	10,751	11,595
August - 19	10,756	10,836	11,896
September - 19	10,729	10,831	11,833
October - 19	10,787	10,867	11,868
November - 19	10,781	10,868	11,862
December - 19	10,798	10,893	11,854
January - 20	10,878	10,954	12,082
February - 20	10,957	11,043	12,299
March - 20	10,782	11,088	12,227
April - 20	10,968	11,148	12,444
May - 20	11,068	11,169	12,502
June - 20	11,104	11,185	12,581
July - 20	11,162	11,202	12,769
August - 20	11,154	11,204	12,666
September - 20	11,147	11,203	12,659
October - 20	11,118	11,202	12,602
November - 20	11,154	11,213	12,726
December - 20	11,166	11,228	12,744
January - 21	11,157	11,232	12,652
February - 21	11,104	11,225	12,470
March - 21	11,072	11,220	12,314
April - 21	11,104	11,229	12,411
May - 21	11,137	11,242	12,452
June - 21	11,120	11,225	12,539
July - 21	11,152	11,245	12,679
August - 21	11,139	11,245	12,655
September - 21	11,104	11,236	12,546
October - 21	11,069	11,199	12,542
November - 21	11,056	11,190	12,579
December - 21	11,043	11,173	12,547
January - 22	10,943	11,093	12,277
February - 22	10,885	11,043	12,140
March - 22	10,764	10,893	11,803
April - 22	10,665	10,832	11,355
May - 22	10,720	10,899	11,428
June - 22	10,644	10,823	11,249
July - 22	10,743	10,881	11,523
August - 22	10,645	10,794	11,198
September - 22	10,504	10,661	10,714
October - 22	10,495	10,647	10,575
November - 22	10,597	10,735	10,964
December - 22	10,616	10,757	10,915
January - 23	10,697	10,844	11,251
February - 23	10,623	10,763	10,960
March - 23	10,753	10,919	11,238
April - 23	10,790	10,957	11,306
May - 23	10,765	10,924	11,183
June - 23	10,760	10,880	11,143
July - 23	10,801	10,926	11,135
August - 23	10,818	10,967	11,064
September - 23	10,814	10,960	10,783
October - 23	10,834	10,995	10,613
November - 23	10,945	11,123	11,094
December - 23	11,036	11,257	11,518
January - 24	11,083	11,301	11,487
February - 24	11,062	11,262	11,324
March - 24	11,108	11,308	11,429
April - 24	11,087	11,270	11,140
May - 24	11,159	11,352	11,329

Effective May 31, 2024, the Fund is adding a new performance benchmark, the Bloomberg US Aggregate Bond Index, which the investment adviser believes better reflects the Fund’s investment approach.

Annual Average Total Return

	1 Year	5 Year	10 Year
Sextant Short-Term Bond	3.66%	1.03%	1.10%
Bloomberg US Aggregate 1-3 Year Index	3.92%	1.20%	1.27%
Bloomberg US Aggregate Bond Index	1.31%	-0.17%	1.25%

Please visit www.saturna.com/sextant/short-term-bond-fund for more recent performance information.

STBFX

| SEXTANT SHORT-TERM BOND

Sextant Short-Term Bond Fund 

Semi-Annual Shareholder Report - May 31, 2024

Key Fund Statistics

Total Net Assets	$10,827,122
# of Portfolio Holdings	37
Advisory Fees Paid	$27,275
Portfolio Turnover Rate	11%

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762

What did the Fund invest in?

Top 10 Holdings 

% of Total Net Assets 

United States Treasury Note (2.375% due 05/15/2027)	5.6%
United States Cash Management Bill (-% due 08/8/2024)	5.5%
United States Treasury Note (2.250% due 10/31/2024)	5.5%
United States Treasury Bond (1.500% due 02/15/2025)	5.4%
United States Treasury Note (2.625% due 12/31/2025)	5.3%
Florida Power & Light (2.850% due 04/1/2025)	3.8%
United States Treasury Note (2.875% due 04/30/2025)	3.6%
Bank of America (3.500% due 04/19/2026)	3.6%
United States Cash Management Bill (-% due 06/27/2024)	3.2%
Edison International (3.550% due 11/15/2024)	3.2%

Sector Weightings

% of Total Net Assets 

Government	35.0%
Financials	16.2%
Utilities	11.2%
Consumer Staples	8.9%
Communications	7.1%
Technology	5.6%
Consumer Discretionary	5.5%
Materials	2.8%
Industrials	1.8%
Health Care	1.4%
Other Assets (net of liabilities)	4.5%

Geographic Weightings

% of Total Net Assets 

United States	87.7%
United Kingdom	3.7%
Netherlands	3.2%
China	0.9%

QR Code

Additional Information

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library  .

1300 N. State Street 

Bellingham, WA 98225 

1-800-728-8762 

SEBFX

| SUSTAINABLE BOND

Sustainable Bond Fund 

Semi-Annual Shareholder Report - May 31, 2024

Fund Overview 

The objective of the Bond Fund is current income and capital preservation. This Semiannual Shareholder Report contains important information about the Sustainable Bond Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.saturna.com/sustainable/bond-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last 6 months?  

  (Based on a hypothetical $10,000 investment) 

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Sustainable Bond	$33.01	0.65%

How did the Fund perform over the last six months? 

The Saturna Sustainable Bond Fund returned 3.14% for the first six months of the fiscal year as of May 31, 2024. The FTSE World Broad Investment-Grade Bond Index returned 1.10% for the same period. The Fund’s outperformance relative the Index can be attributed to differences in duration and currency exposures. The Fund reported a 30-day yield of 4.76%.

The Sustainable Bond Fund portfolio held 42 securities as of May 31, 2024. The Fund’s effective duration decreased from 5.03 years as of May 31, 2023, to 2.80 years as of May 31, 2024. The FTSE WorldBIG Index reported an effective duration of 6.54 years. In an interest rate environment marked by higher volatility on securities with longer maturities, the Fund’s duration profile was decreased to emphasize ownership of high-quality issuers and reduce duration risk.

As of May 31, 2024, Saturna Sustainable Bond Fund held 57.44% of its assets in US dollar-denominated securities, followed by 9.25% in Mexican peso-denominated securities, and 9.16% in euro-denominated securities. The Fund retained a currency weighting of 6.84% to the Colombian peso, 6.58% to the Canadian dollar, 5.22% to the Brazilian real, 3.05% to the Australian dollar, and 0.71% to the British pound. In contrast, the FTSE WorldBIG Index had 53.29% of its portfolio in the US dollar, 28.50% in the euro, and 5.87% in Japanese yen. Relative to the US dollar, the Mexican peso appreciated 2.19% over the trailing six-month period.

How did the Fund perform since inception? 

The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Cumulative Performance

March 31, 2015 through May 31, 2024 with initial investment of $10,000.

	Sustainable Bond Fund $11,232	FTSE WorldBIG Bond Index $10,128
March - 15	10,000	10,000
April - 15	9,945	10,103
May - 15	9,960	9,926
June - 15	9,856	9,878
July - 15	9,893	9,924
August - 15	9,839	9,953
September - 15	9,856	10,001
October - 15	9,894	10,009
November - 15	9,871	9,838
December - 15	9,809	9,896
January - 16	9,837	10,002
February - 16	9,744	10,199
March - 16	9,938	10,468
April - 16	9,996	10,574
May - 16	9,988	10,453
June - 16	10,099	10,724
July - 16	10,191	10,807
August - 16	10,224	10,757
September - 16	10,244	10,806
October - 16	10,257	10,521
November - 16	10,006	10,122
December - 16	9,990	10,088
January - 17	10,140	10,173
February - 17	10,214	10,212
March - 17	10,271	10,223
April - 17	10,291	10,355
May - 17	10,400	10,527
June - 17	10,496	10,524
July - 17	10,628	10,704
August - 17	10,628	10,816
September - 17	10,621	10,727
October - 17	10,519	10,688
November - 17	10,534	10,804
December - 17	10,579	10,838
January - 18	10,696	10,952
February - 18	10,600	10,842
March - 18	10,614	10,971
April - 18	10,565	10,804
May - 18	10,484	10,699
June - 18	10,442	10,674
July - 18	10,547	10,662
August - 18	10,531	10,663
September - 18	10,566	10,578
October - 18	10,425	10,449
November - 18	10,293	10,485
December - 18	10,244	10,695
January - 19	10,503	10,847
February - 19	10,517	10,788
March - 19	10,621	10,928
April - 19	10,680	10,907
May - 19	10,673	11,053
June - 19	10,816	11,298
July - 19	10,856	11,268
August - 19	10,946	11,508
September - 19	10,912	11,390
October - 19	10,978	11,470
November - 19	10,920	11,381
December - 19	10,969	11,431
January - 20	11,047	11,594
February - 20	11,079	11,676
March - 20	10,760	11,468
April - 20	10,927	11,662
May - 20	11,097	11,737
June - 20	11,191	11,844
July - 20	11,452	12,250
August - 20	11,455	12,210
September - 20	11,363	12,161
October - 20	11,319	12,145
November - 20	11,637	12,361
December - 20	11,717	12,514
January - 21	11,672	12,388
February - 21	11,570	12,157
March - 21	11,513	11,926
April - 21	11,650	12,069
May - 21	11,741	12,163
June - 21	11,707	12,075
July - 21	11,752	12,236
August - 21	11,741	12,179
September - 21	11,627	11,954
October - 21	11,570	11,916
November - 21	11,411	11,871
December - 21	11,496	11,836
January - 22	11,309	11,570
February - 22	11,204	11,405
March - 22	11,088	11,059
April - 22	10,820	10,434
May - 22	10,855	10,465
June - 22	10,598	10,138
July - 22	10,726	10,356
August - 22	10,610	9,932
September - 22	10,295	9,412
October - 22	10,295	9,367
November - 22	10,517	9,815
December - 22	10,514	9,808
January - 23	10,760	10,137
February - 23	10,584	9,813
March - 23	10,784	10,134
April - 23	10,854	10,205
May - 23	10,760	10,002
June - 23	10,913	10,025
July - 23	11,007	10,075
August - 23	10,854	9,954
September - 23	10,643	9,641
October - 23	10,514	9,526
November - 23	10,889	10,018
December - 23	11,244	10,439
January - 24	11,195	10,316
February - 24	11,159	10,174
March - 24	11,256	10,245
April - 24	11,061	9,986
May - 24	11,232	10,128

Annual Average Total Return

	1 Year	5 Year	Since Inception
Sustainable Bond	4.38%	1.03%	1.27%
FTSE WorldBIG Bond Index	1.26%	-1.73%	0.10%

Please visit www.saturna.com/sustainable/bond-fund for more recent performance information.

SEBFX

| SUSTAINABLE BOND

Sustainable Bond Fund 

Semi-Annual Shareholder Report - May 31, 2024

Key Fund Statistics

Total Net Assets	$33,343,240
# of Portfolio Holdings	42
Advisory Fees Paid	$86,593
Portfolio Turnover Rate	7%

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762

What did the Fund invest in?

Top 10 Holdings 

% of Total Net Assets 

Int'l Bk Recon & Develop (4.250% due 01/22/2026)	4.8%
Canadian Imperial Bank (4.375% due 10/28/2080)	4.5%
United Utilities (6.875% due 08/15/2028)	4.4%
Inter-American Devel BK (7.500% due 12/5/2024)	4.3%
Int'l Bk Recon & Develop (5.000% due 10/7/2026)	4.2%
Asian Development Bank (6.000% due 02/5/2026)	4.0%
New York City NY Hsg Dev Corp (3.300% due 05/1/2062)	3.7%
First Abu Dhabi Bank PJSC (5.125% due 10/13/2027)	3.7%
MAF Global Securities (7.875% due PERP)	3.7%
AXA (5.125% due 01/17/2027)	3.7%

Geographic Weightings

% of Total Net Assets 

United States	25.0%
Germany	12.6%
United Arab Emirates	9.7%
United Kingdom	7.3%
Canada	6.6%
Netherlands	5.6%
Finland	4.8%
Philippines	4.0%
France	3.7%
Australia	3.1%

Sector Weightings

% of Total Net Assets 

Government	29.7%
Financials	26.6%
Real Estate	9.4%
Technology	5.9%
Utilities	4.4%
Health Care	4.3%
Consumer Discretionary	3.4%
Consumer Staples	2.8%
Communications	2.6%
Industrials	1.8%
Other Sectors	1.6%
Other Assets (net of liabilities)	7.5%

QR Code

Additional Information

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library  .

1300 N. State Street 

Bellingham, WA 98225 

1-800-728-8762 

SEEFX

| SUSTAINABLE EQUITY

Sustainable Equity Fund 

Semi-Annual Shareholder Report - May 31, 2024

Fund Overview 

The objective of the Equity Fund is capital appreciation. This Semiannual Shareholder Report contains important information about the Sustainable Equity Fund for the period of December 1, 2023 to May 31, 2024. You can find additional information about the Fund at www.saturna.com/sustainable/equity-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last 6 months?  

  (Based on a hypothetical $10,000 investment) 

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Sustainable Equity	$40.01	0.75%

How did the Fund perform over the last six months? 

For the six-month period ended May 31, 2024, the Saturna Sustainable Equity Fund rose 13.37%. The S&P Global 1200 Index gained 15.28% over the period, while the Morningstar Global Large-Stock Blend category trailed at 13.20%. Relative to these two non-ESG benchmarks, the absence of oil and gas investments, and cash drag accounted for most of the performance gap.

The artificial intelligence (AI) frenzy launched by Nvidia’s May 2023 results has continued. Indications of declining inflation and imminent rate cuts that buoyed a wider cross-section of the market in late 2023, gave way to persistent inflation and the delaying of interest rate reductions. Several of the mega-cap Technology stocks that accounted for most of the index gains continued to drive index performance through the first half of the fiscal year. Nvidia remains the leader, having appreciated over 130% over the trailing six-month period. The result has been continued outperformance of the market-cap weight S&P 500 Index versus the equal-weighted S&P 500 Index.

Nvidia was the best performing stock and a top contributor to the Saturna Sustainable Equity Fund for the past six months, followed by Taiwan Semiconductor, Eli Lilly, and Novo Nordisk. The latter three have all been significant contributors over the past few years, which we believe will continue. As the world’s premier semiconductor foundry, Taiwan Semiconductor makes the chips that Nvidia sells to power the AI revolution. Lilly and Novo Nordisk continue to struggle to meet demand for their weight loss drugs Wegovy and Mounjaro. Wegovy may have added cardiovascular benefits, while Mounjaro may help with sleep apnea. We may see additional indications in future. Lululemon, a strong performer in the previous financial year, declined the most among our holdings in the first six months as new competitors and cautious consumers weighed on growth.

With a presidential election approaching, we refrain from opining on the outlook over the coming year. The two candidates have widely divergent opinions on a host of issues including taxation, tariffs, immigration, fossil fuels, alternative energy and others. Adding to the uncertainty has been economic resilience in terms of jobs and wages defying the inverted yield curve prognostications of recession, while consumers remain scarred from the pandemic-engendered period of high inflation.

How did the Fund perform since inception? 

The Cumulative Performance chart reflects a hypothetical $10,000 investment in the class of shares noted. Past performance does not guarantee future results. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Cumulative Performance

March 31, 2015 through May 31, 2024 with initial investment of $10,000.

	Sustainable Equity Fund $20,139	S&P Global 1200 Index $24,440
March - 15	10,000	10,000
April - 15	9,960	10,279
May - 15	10,000	10,304
June - 15	9,790	10,060
July - 15	9,800	10,196
August - 15	9,118	9,531
September - 15	9,018	9,193
October - 15	9,579	9,925
November - 15	9,759	9,874
December - 15	9,599	9,703
January - 16	9,047	9,146
February - 16	9,017	9,082
March - 16	9,408	9,720
April - 16	9,328	9,881
May - 16	9,378	9,927
June - 16	9,208	9,852
July - 16	9,609	10,273
August - 16	9,749	10,308
September - 16	9,810	10,351
October - 16	9,629	10,186
November - 16	9,459	10,320
December - 16	9,462	10,566
January - 17	9,654	10,836
February - 17	9,987	11,130
March - 17	10,219	11,284
April - 17	10,410	11,455
May - 17	10,673	11,706
June - 17	10,703	11,770
July - 17	10,905	12,084
August - 17	10,975	12,121
September - 17	11,106	12,384
October - 17	11,449	12,643
November - 17	11,540	12,895
December - 17	11,711	13,085
January - 18	12,310	13,805
February - 18	11,955	13,231
March - 18	11,843	12,964
April - 18	11,782	13,104
May - 18	11,975	13,154
June - 18	11,955	13,131
July - 18	12,300	13,559
August - 18	12,564	13,696
September - 18	12,514	13,797
October - 18	11,487	12,795
November - 18	11,700	12,962
December - 18	11,036	12,016
January - 19	11,775	12,935
February - 19	12,185	13,301
March - 19	12,472	13,491
April - 19	13,149	13,985
May - 19	12,452	13,179
June - 19	13,241	14,045
July - 19	13,323	14,079
August - 19	13,241	13,817
September - 19	13,334	14,146
October - 19	13,580	14,521
November - 19	13,929	14,902
December - 19	14,452	15,407
January - 20	14,369	15,273
February - 20	13,596	14,022
March - 20	12,329	12,215
April - 20	13,287	13,478
May - 20	14,153	14,084
June - 20	14,741	14,491
July - 20	15,854	15,173
August - 20	16,617	16,131
September - 20	16,390	15,593
October - 20	15,813	15,165
November - 20	17,235	17,046
December - 20	17,977	17,808
January - 21	17,729	17,669
February - 21	17,553	18,122
March - 21	18,142	18,750
April - 21	18,691	19,600
May - 21	18,887	19,932
June - 21	18,980	20,161
July - 21	19,353	20,400
August - 21	19,839	20,902
September - 21	18,804	20,031
October - 21	19,570	21,128
November - 21	19,187	20,726
December - 21	20,007	21,645
January - 22	18,560	20,643
February - 22	17,706	20,093
March - 22	17,769	20,625
April - 22	16,645	18,993
May - 22	16,645	19,104
June - 22	15,354	17,468
July - 22	16,384	18,757
August - 22	15,260	17,974
September - 22	14,084	16,280
October - 22	14,885	17,386
November - 22	16,124	18,782
December - 22	15,727	18,002
January - 23	16,557	19,293
February - 23	16,147	18,746
March - 23	16,840	19,387
April - 23	17,198	19,721
May - 23	16,630	19,553
June - 23	17,418	20,717
July - 23	17,649	21,385
August - 23	17,229	20,863
September - 23	16,494	19,959
October - 23	16,252	19,423
November - 23	17,765	21,201
December - 23	18,686	22,212
January - 24	19,025	22,417
February - 24	19,853	23,410
March - 24	19,991	24,227
April - 24	19,227	23,370
May - 24	20,139	24,440

Annual Average Total Return

	1 Year	5 Year	Since Inception
Sustainable Equity	21.10%	10.09%	7.90%
S&P Global 1200 Index	24.99%	13.13%	10.20%

Please visit www.saturna.com/sustainable/equity-fund for more recent performance information.

SEEFX

| SUSTAINABLE EQUITY

Sustainable Equity Fund 

Semi-Annual Shareholder Report - May 31, 2024

Key Fund Statistics

Total Net Assets	$24,587,651
# of Portfolio Holdings	48
Advisory Fees Paid	$75,568
Portfolio Turnover Rate	6%

Householding

You may have consented to receive one shareholder report at your address if you and one or more individuals in your home have an account with the Fund (householding). If you wish to receive a copy of this document at a new address, contact 1-800-728-8762

What did the Fund invest in?

Top 10 Holdings 

% of Total Net Assets 

Novo Nordisk ADR	5.6%
NVIDIA	4.4%
United States Cash Management Bill (-% due 06/27/2024)	3.7%
Schneider Electric ADR	3.5%
Taiwan Semiconductor ADR	3.3%
Wolters Kluwer	3.3%
Nintendo ADR	3.1%
Eli Lilly	3.0%
Tractor Supply	2.9%
Legrand	2.7%

Geographic Weightings

% of Total Net Assets 

United States	39.3%
France	11.4%
Switzerland	8.8%
United Kingdom	6.7%
Japan	6.5%
Denmark	5.6%
Netherlands	5.5%
Taiwan	3.3%
Sweden	2.6%
Canada	2.4%

Industry Weightings

% of Total Net Assets 

Large Pharma	13.4%
Semiconductor Devices	8.1%
IT Services	7.5%
Home Products Stores	7.1%
U S Government	6.3%
Personal Care Products	6.2%
Electrical Power Equipment	5.6%
Commercial & Residential Building Equipment & Systems	5.3%
Consumer Electronics	4.5%
Infrastructure Software	4.2%
Other Industries	28.1%
Other Assets (net of liabilities)	3.7%

QR Code

Additional Information

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/forms#mutual-fund-library  .

1300 N. State Street 

Bellingham, WA 98225 

1-800-728-8762 

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 Registrant’s website at https://www.saturna.com/code-ethics.  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. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Table

of

Contents:

2

Sextant

Short-Term

Bond

Fund

4

Schedule

of

Investments

4

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations

6

Statements

of

Changes

in

Net

Assets

7

Financial

Highlights

8

Sextant

Bond

Income

Fund

9

Schedule

of

Investments

9

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations

11

Statements

of

Changes

in

Net

Assets

12

Financial

Highlights

13

Sextant

Core

Fund

14

Schedule

of

Investments

14

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations

18

Statements

of

Changes

in

Net

Assets

19

Financial

Highlights

20

Sextant

Global

High

Income

Fund

21

Schedule

of

Investments

21

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations

23

Statements

of

Changes

in

Net

Assets

24

Financial

Highlights

25

Sextant

Growth

Fund

26

Schedule

of

Investments

26

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations

28

Statements

of

Changes

in

Net

Assets

29

Financial

Highlights

30

Sextant

International

Fund

31

Schedule

of

Investments

31

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations

33

Statements

of

Changes

in

Net

Assets

34

Financial

Highlights

35

Notes

To

Financial

Statements

36

Note

1

–

Organization

36

Note

2

–

Unaudited

Information

37

Note

4

–

Transactions

with

Affiliated

Persons

40

Note

5

–

Distributions

to

Shareowners

41

Note

6

–

Federal

Income

Taxes

41

Note

7

–

Investments

42

Note

8

–

Custodian

42

Table

of

Contents:

3

Note

9

–

Subsequent

Events

42

Summary

Information

43

Schedule

of

Investments

As

of

May

31,

2024

Sextant

Short-Term

Bond

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

4

May

31,

2024

N-CSRS

Continued

on

next

page.

Corporate

Bonds

-

56

.8

%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

Communications

Koninklijke

KPN

8.375%

due

10/01/2030

$

300,000

$

343,938

3.2%

Take-Two

Interactive

Software

3.700%

due

04/14/2027

350,000

335,308

3.1%

Verizon

Communication

4.016%

due

12/03/2029

100,000

94,256

0.8%

773,502

7.1%

Consumer

Discretionary

AutoZone

3.250%

due

04/15/2025

300,000

293,976

2.7%

Lowe's

3.125%

due

09/15/2024

100,000

99,266

0.9%

O'Reilly

Automotive

3.600%

due

09/01/2027

150,000

142,512

1.3%

VF

2.400%

due

04/23/2025

67,000

64,869

0.6%

600,623

5.5%

Consumer

Staples

Dollar

General

4.150%

due

11/01/2025

250,000

244,945

2.3%

Kroger

7.700%

due

06/01/2029

100,000

109,866

1.0%

Procter

&

Gamble

2.800%

due

03/25/2027

300,000

284,230

2.6%

Walmart

2.850%

due

07/08/2024

325,000

324,150

3.0%

963,191

8.9%

Financials

Bank

of

America

3.500%

due

04/19/2026

400,000

387,446

3.6%

JPMorgan

Chase

3.300%

due

04/01/2026

350,000

338,233

3.1%

PayPal

Holdings

2.650%

due

10/01/2026

300,000

283,095

2.6%

Visa

3.150%

due

12/14/2025

350,000

339,729

3.2%

1,348,503

12.5%

Health

Care

Biogen

4.050%

due

09/15/2025

100,000

98,136

0.9%

Johnson

&

Johnson

2.450%

due

03/01/2026

50,000

47,860

0.5%

145,996

1.4%

Industrials

Ferguson

Finance

4.250%

due

04/20/2027

200,000

193,401

1.8%

Materials

DuPont

De

Nemours

4.493%

due

11/15/2025

308,000

303,944

2.8%

Technology

Microsoft

3.300%

due

02/06/2027

100,000

96,167

0.9%

NXP

BV/NXP

Funding

5.350%

due

03/01/2026

100,000

99,636

0.9%

Oracle

2.950%

due

05/15/2025

325,000

316,801

2.9%

Qualcomm

3.250%

due

05/20/2027

100,000

95,657

0.9%

608,261

5.6%

Utilities

Edison

International

3.550%

due

11/15/2024

350,000

346,394

3.2%

Exelon

Generation

3.250%

due

06/01/2025

250,000

244,254

2.3%

Florida

Power

&

Light

2.850%

due

04/01/2025

420,000

411,495

3.8%

United

Utilities

6.875%

due

08/15/2028

200,000

210,358

1.9%

1,212,501

11.2%

Total

Corporate

Bonds

(Cost

$6,324,417)

$

6,149,922

56.8%

Government

Bonds

-

38

.7

%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

Financials

Federal

Home

Loan

Bank

5.450%

due

01/08/2025

250,000

249,586

2.3%

Schedule

of

Investments

As

of

May

31,

2024

Sextant

Short-Term

Bond

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSRS

5

Government

Bonds

-

38.7%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

Financials

(continued)

Federal

Home

Loan

Bank

5.650%

due

12/28/2026

$

150,000

$

149,587

1.4%

399,173

3.7%

Government

United

States

Cash

Management

Bill

–%

due

06/27/2024

350,000

348,773

3.2%

United

States

Cash

Management

Bill

–%

due

08/08/2024

600,000

594,221

5.5%

United

States

Treasury

Bond

1.500%

due

02/15/2025

600,000

584,349

5.4%

United

States

Treasury

Note

2.875%

due

04/30/2025

400,000

391,723

3.6%

United

States

Treasury

Note

2.375%

due

05/15/2027

650,000

608,715

5.6%

United

States

Treasury

Note

2.250%

due

08/15/2027

100,000

92,848

0.9%

United

States

Treasury

Note

2.250%

due

10/31/2024

600,000

592,430

5.5%

United

States

Treasury

Note

2.625%

due

12/31/2025

600,000

578,320

5.3%

3,791,379

35.0%

Total

Government

Bonds

(Cost

$4,268,814)

$

4,190,552

38.7%

Total

investments

(Cost

$10,593,231)

$

10,340,474

95.5%

Other

assets

(net

of

liabilities)

486,648

4.5%

Total

net

assets

$

10,827,122

100.0%

Sextant

Short-Term

Bond

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

May

31,

2024

N-CSRS

Statement

of

Assets

and

Liabilities

Statement

of

Operations

As

of

May

31,

2024

Assets

Investments

in

securities,

at

value

(Cost

$10,593,231)

$

10,340,474

Cash

416,257

Interest

receivable

70,577

Prepaid

expenses

7,393

Receivable

for

Fund

shares

sold

228

Total

assets

10,834,929

Liabilities

Accrued

audit

expenses

2,333

Accrued

retirement

plan

custody

fee

1,184

Accrued

trustee

expenses

1,167

Accrued

legal

expenses

384

Accrued

Chief

Compliance

Officer

expenses

369

Accrued

advisory

fees

319

Distributions

payable

73

Payable

for

Fund

shares

redeemed

42

Accrued

other

operating

expenses

354

Accrued

printing

fees

1,582

Total

liabilities

7,807

Net

assets

$10,827,122

Analysis

of

net

assets

Paid-in

capital

(unlimited

shares

authorized,

without

par

value)

$11,220,421

Total

distributable

earnings

(393,299)

Net

assets

applicable

to

Fund

shares

outstanding

$10,827,122

Fund

shares

outstanding

2,216,124

Net

asset

value,

offering,

and

redemption

price

per

share

$4.89

Period

ended

May

31,

2024

Investment

income

Interest

income

$

177,067

Total

investment

income

177,067

Expenses

Investment

advisory

fees

27,275

Filing

and

registration

fees

10,167

Audit

fees

3,537

Chief

Compliance

Officer

expenses

2,000

Trustee

fees

1,930

Legal

fees

1,675

Retirement

plan

custodial

fees

1,306

Custodian

fees

221

Other

operating

expenses

1,065

Total

gross

expenses

49,176

Less

adviser

fees

waived

(16,225)

Less

custodian

fee

credits

(221)

Net

expenses

32,730

Net

investment

income

$144,337

Net

de

crease

in

unrealized

depreciation

on

investments

60,020

Net

gain

on

investments

60,020

Net

increase

in

net

assets

resulting

from

operations

$204,357

Sextant

Short-Term

Bond

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSRS

7

Statements

of

Changes

in

Net

Assets

Period

ended

May

31,

2024

Year

ended

November

30,

2023

Decrease

in

net

assets

from

operations

From

operations

Net

investment

income

$144,337

$218,039

Net

realized

loss

on

investments

–

(48,629)

Net

decrease

in

unrealized

de

preciation

on

investments

60,020

205,877

Net

increase

in

net

assets

204,357

375,287

Distributions

to

shareowners

from

Net

dividend

and

distribution

to

shareholders

(144,338)

(221,971)

Capital

share

transactions

Proceeds

from

the

sale

of

shares

411,478

1,538,887

Value

of

shares

issued

in

reinvestment

of

dividends

and

distributions

143,593

220,156

Cost

of

shares

redeemed

(621,451)

(3,388,310)

Total

capital

shares

transactions

(66,380)

(1,629,267)

Total

decrease

in

net

assets

(6,361)

(1,475,951)

Net

assets

Beginning

of

period

10,833,483

12,309,434

End

of

period

$10,827,122

$10,833,483

Shares

of

the

Fund

sold

and

redeemed

Sextant

Short-Term

Bond

(STBFX)

Number

of

shares

sold

84,227

319,707

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

29,384

45,613

Number

of

shares

redeemed

(127,338)

(701,000)

Net

decrease

in

number

of

shares

outstanding

(13,727)

(335,680)

–

–

Sextant

Short-Term

Bond

Fund:

Financial

Highlights

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

8

May

31,

2024

N-CSRS

tin

Sextant

Short-Term

Bond

(STBFX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

period:

Period

ended

May

31,

2024

Year

ended

November

30,

2023

2022

2021

2020

2019

A

A

A

A

A

A

A

Net

asset

value

at

beginning

of

period

$4.86

$4.80

$5.07

$5.17

$5.08

$4.94

Income

from

investment

operations

Net

investment

income

0.06

0.09

0.06

0.06

0.08

0.09

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

0.03

0.07

(0.27)

(0.10)

0.09

0.14

Total

from

investment

operations

0.09

0.16

(0.21)

(0.04)

0.17

0.23

Less

distributions

Dividends

(from

net

investment

income)

(0.06)

(0.10)

(0.06)

(0.06)

(0.08)

(0.09)

Total

distributions

(0.06)

(0.10)

(0.06)

(0.06)

(0.08)

(0.09)

Net

asset

value

at

end

of

period

$4.89

$4.86

$4.80

$5.07

$5.17

$5.08

Total

Return

A

1.96%

3.28%

(4.15)%

(0.88)%

3.46%

4.64%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

period

$10,827

$10,833

$12,309

$11,920

$11,426

$11,089

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

B

0.90%

0.90%

0.88%

0.66%

0.90%

0.87%

After

advisory

fees

waiver

B

0.61%

0.60%

0.60%

0.59%

0.60%

0.61%

After  custodian

fee

credits

B

0.60%

0.60%

0.60%

0.59%

0.60%

0.60%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

B

2.65%

1.95%

1.23%

1.07%

1.64%

1.75%

Portfolio

turnover

rate

A

11%

24%

41%

29%

36%

32%

A

Not

annualized

for

period

of

less

than

one

year

B

Annualized

for

periods

of

less

than

one

year

Schedule

of

Investments

As

of

May

31,

2024

Sextant

Bond

Income

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSRS

9

Continued

on

next

page.

Corporate

Bonds

-

65

.4

%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

Communications

Bellsouth

6.875%

due

10/15/2031

$

200,000

$

209,243

2.1%

Koninklijke

KPN

8.375%

due

10/01/2030

200,000

229,292

2.3%

438,535

4.4%

Consumer

Discretionary

Home

Depot

5.875%

due

12/16/2036

300,000

314,637

3.1%

Lowe's

5.800%

due

10/15/2036

250,000

256,105

2.6%

570,742

5.7%

Consumer

Staples

Kimberly

Clark

5.300%

due

03/01/2041

100,000

98,318

1.0%

Procter

&

Gamble

5.500%

due

02/01/2034

200,000

208,148

2.1%

Unilever

Capital

5.900%

due

11/15/2032

200,000

211,545

2.1%

518,011

5.2%

Energy

Baker

Hughes

6.875%

due

01/15/2029

100,000

105,676

1.1%

Canadian

Natural

Resources

6.450%

due

06/30/2033

225,000

237,213

2.4%

Statoil

7.150%

due

01/15/2029

224,000

241,973

2.4%

584,862

5.9%

Financials

Affiliated

Managers

Group

3.500%

due

08/01/2025

250,000

243,771

2.4%

Bank

Of

New

York

Mellon

MTN

3.300%

due

08/23/2029

250,000

227,705

2.3%

Chubb

Ina

Holdings

4.350%

due

11/03/2045

100,000

85,941

0.8%

State

Street

(Quarterly

US

LIBOR

plus

100)

1

6.552%

due

06/15/2047

150,000

129,029

1.3%

UBS

AG

Stamford

CT

7.750%

due

09/01/2026

200,000

207,195

2.1%

893,641

8.9%

Health

Care

Becton

Dickinson

6.700%

due

08/01/2028

240,000

245,074

2.5%

Johnson

&

Johnson

4.950%

due

05/15/2033

226,000

229,348

2.3%

Johnson

&

Johnson

5.850%

due

07/15/2038

50,000

53,735

0.5%

Medtronic

4.375%

due

03/15/2035

260,000

242,401

2.4%

Merck

6.500%

due

12/01/2033

215,000

237,113

2.4%

1,007,671

10.1%

Industrials

Burlington

Northern

Santa

Fe

5.050%

due

03/01/2041

310,000

293,232

2.9%

Deere

8.100%

due

05/15/2030

95,000

109,782

1.1%

United

Technologies

6.050%

due

06/01/2036

250,000

258,114

2.6%

661,128

6.6%

Materials

Praxair

3.550%

due

11/07/2042

350,000

276,787

2.8%

Technology

Apple

4.500%

due

02/23/2036

350,000

339,540

3.4%

Intel

4.000%

due

12/15/2032

360,000

328,608

3.3%

Microsoft

5.300%

due

02/08/2041

50,000

52,677

0.5%

Microsoft

4.200%

due

11/03/2035

350,000

332,473

3.4%

1,053,298

10.6%

Utilities

Alabama

Power

4.150%

due

08/15/2044

200,000

163,698

1.6%

Florida

Power

&

Light

5.950%

due

10/01/2033

100,000

104,701

1.1%

Schedule

of

Investments

As

of

May

31,

2024

Sextant

Bond

Income

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

May

31,

2024

N-CSRS

Corporate

Bonds

-

65.4%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

Utilities

(continued)

Puget

Sound

Energy

4.434%

due

11/15/2041

$

300,000

$

250,049

2.5%

518,448

5.2%

Total

Corporate

Bonds

(Cost

$7,455,755)

$

6,523,123

65.4%

Government

Bonds

-

27

.2

%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

Government

United

States

Treasury

Bond

5.250%

due

02/15/2029

170,000

175,233

1.8%

United

States

Treasury

Bond

5.375%

due

02/15/2031

400,000

421,781

4.2%

United

States

Treasury

Bond

6.250%

due

05/15/2030

75,000

81,647

0.8%

United

States

Treasury

Bond

4.250%

due

05/15/2039

770,000

741,907

7.4%

United

States

Treasury

Bond

6.125%

due

08/15/2029

225,000

241,374

2.4%

United

States

Treasury

Bond

3.125%

due

11/15/2041

145,000

117,620

1.2%

United

States

Treasury

Bond

3.375%

due

11/15/2048

560,000

447,803

4.5%

United

States

Treasury

Note

2.875%

due

05/15/2052

400,000

287,656

2.9%

United

States

Treasury

Note

2.250%

due

10/31/2024

200,000

197,477

2.0%

Total

Government

Bonds

(Cost

$3,402,147)

$

2,712,498

27.2%

Total

investments

(Cost

$10,857,902)

$

9,235,621

92.6%

Other

assets

(net

of

liabilities)

738,433

7.4%

Total

net

assets

$

9,974,054

100.0%

1

Variable

rate

security.

The

interest

rate

represents

the

rate

in

effect

at

May

31,

2024

and

resets

periodically

based

on

the

parenthetically

disclosed

reference

rate

and

spread.

LIBOR:

London

Interbank

Offered

Rates

MTN:

Medium

Term

Note

Sextant

Bond

Income

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSRS

11

Statement

of

Assets

and

Liabilities

Statement

of

Operations

As

of

May

31,

2024

Assets

Investments

in

securities,

at

value

(Cost

$10,857,902)

$

9,235,621

Cash

630,205

Interest

receivable

109,075

Prepaid

expenses

8,455

Receivable

for

Fund

shares

sold

1,642

Total

assets

9,984,998

Liabilities

Accrued

advisory

fees

2,160

Accrued

audit

expenses

1,689

Distributions

payable

1,485

Accrued

trustee

expenses

1,176

Accrued

retirement

plan

custody

fee

987

Payable

for

Fund

shares

redeemed

393

Accrued

legal

expenses

387

Accrued

Chief

Compliance

Officer

expenses

342

Accrued

other

operating

expenses

534

Accrued

printing

fees

795

Accrued

postage

996

Total

liabilities

10,944

Net

assets

$9,974,054

Analysis

of

net

assets

Paid-in

capital

(unlimited

shares

authorized,

without

par

value)

$11,613,449

Total

distributable

earnings

(1,639,395)

Net

assets

applicable

to

Fund

shares

outstanding

$9,974,054

Fund

shares

outstanding

2,327,467

Net

asset

value,

offering,

and

redemption

price

per

share

$4.29

Period

ended

May

31,

2024

Investment

income

Interest

income

$

181,861

Total

investment

income

181,861

Expenses

Investment

advisory

fees

25,468

Filing

and

registration

fees

7,448

Audit

fees

2,967

Trustee

fees

1,865

Chief

Compliance

Officer

expenses

1,795

Legal

fees

1,452

Retirement

plan

custodial

fees

1,087

Custodian

fees

207

Other

operating

expenses

809

Total

gross

expenses

43,098

Less

adviser

fees

waived

(9,783)

Less

custodian

fee

credits

(207)

Net

expenses

33,108

Net

investment

income

$148,753

Net

realized

loss

from

investments

$(783)

Net

decrease

in

unrealized

depreciation

on

investments

15,789

Net

gain

on

investments

15,006

Net

increase

in

net

assets

resulting

from

operations

$163,759

Sextant

Bond

Income

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

May

31,

2024

N-CSRS

Statements

of

Changes

in

Net

Assets

Period

ended

May

31,

2024

Year

ended

November

30,

2023

Increase

(Decrease)

in

net

assets

from

operations

From

operations

Net

investment

income

$148,753

$278,280

Net

realized

loss

on

investments

(783)

(400)

Net

increase

(decrease)

in

unrealized

de

preciation

on

investments

15,789

(162,297)

Net

increase

in

net

assets

163,759

115,583

Distributions

to

shareowners

from

Net

dividend

and

distribution

to

shareholders

(148,758)

(279,913)

Capital

share

transactions

Proceeds

from

the

sale

of

shares

289,743

1,281,464

Value

of

shares

issued

in

reinvestment

of

dividends

and

distributions

140,190

273,882

Cost

of

shares

redeemed

(544,677)

(1,131,452)

Total

capital

shares

transactions

(114,744)

423,894

Total

increase

(decrease)

in

net

assets

(99,743)

259,564

Net

assets

Beginning

of

period

10,073,797

9,814,233

End

of

period

$9,974,054

$10,073,797

Shares

of

the

Fund

sold

and

redeemed

Sextant

Bond

Income

(SBIFX)

Number

of

shares

sold

66,589

302,431

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

32,267

63,138

Number

of

shares

redeemed

(126,268)

(258,610)

Net

increase

(decrease)

in

number

of

shares

outstanding

(27,412)

106,959

–

–

Sextant

Bond

Income

Fund:

Financial

Highlights

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSRS

13

tin

Sextant

Bond

Income

(SBIFX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

period:

Period

ended

May

31,

2024

Year

ended

November

30,

2023

2022

2021

2020

2019

A

A

A

A

A

A

A

Net

asset

value

at

beginning

of

period

$4.28

$4.37

$5.40

$5.65

$5.34

$4.89

Income

from

investment

operations

Net

investment

income

0.06

0.13

0.12

0.13

0.14

0.15

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

0.01

(0.09)

(1.03)

(0.25)

0.31

0.45

Total

from

investment

operations

0.07

0.04

(0.91)

(0.12)

0.45

0.60

Less

distributions

Dividends

(from

net

investment

income)

(0.06)

(0.13)

(0.12)

(0.13)

(0.14)

(0.15)

Total

distributions

(0.06)

(0.13)

(0.12)

(0.13)

(0.14)

(0.15)

Net

asset

value

at

end

of

period

$4.29

$4.28

$4.37

$5.40

$5.65

$5.34

Total

Return

A

1.71%

0.86%

(16.94)%

(2.19)%

8.48%

12.45%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

period

$9,974

$10,074

$9,814

$12,533

$14,042

$12,454

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

B

0.85%

0.96%

1.03%

0.58%

0.63%

0.71%

After

advisory

fees

waiver

B

0.66%

0.65%

0.65%

0.53%

0.48%

0.55%

After  custodian

fee

credits

B

0.65%

0.65%

0.65%

0.53%

0.48%

0.55%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

B

2.93%

2.91%

2.58%

2.31%

2.50%

2.96%

Portfolio

turnover

rate

A

4%

0%

0%

3%

13%

21%

A

Not

annualized

for

period

of

less

than

one

year

B

Annualized

for

periods

of

less

than

one

year

Schedule

of

Investments

As

of

May

31,

2024

Sextant

Core

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

May

31,

2024

N-CSRS

Continued

on

next

page.

Common

Stock

-

59.1%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Internet

Media

&

Services

Alphabet,

Class

A

2,500

$

147,623

$

431,250

United

States

1.7%

Consumer

Discretionary

Apparel,

Footwear

&

Accessory

Design

Hermes

International

25

62,200

59,371

France

0.2%

Automotive

Retailers

AutoZone

2

60

158,534

166,196

United

States

0.7%

O'Reilly

Automotive

2

160

135,486

154,122

United

States

0.6%

294,020

320,318

1.3%

Home

Products

Stores

Floor

&

Decor

Holdings

2

1,900

138,164

222,034

United

States

0.9%

Lowe's

1,100

75,376

243,419

United

States

0.9%

213,540

465,453

1.8%

Specialty

Apparel

Stores

Ross

Stores

1,390

108,387

194,266

United

States

0.8%

TJX

Companies

2,700

139,837

278,370

United

States

1.1%

248,224

472,636

1.9%

817,984

1,317,778

5.2%

Consumer

Staples

Agricultural

Producers

Darling

Ingredients

2

2,500

149,495

101,000

United

States

0.4%

Household

Products

Procter

&

Gamble

1,450

138,928

238,583

United

States

0.9%

Non-Alcoholic

Beverages

PepsiCo

385

42,104

66,566

United

States

0.3%

Packaged

Food

Danone

ADR

25,000

305,091

322,750

France

1.3%

General

Mills

4,200

277,293

288,750

United

States

1.1%

Nestle

ADR

1,000

73,990

106,300

Switzerland

0.4%

656,374

717,800

2.8%

986,901

1,123,949

4.4%

Energy

Exploration

&

Production

ConocoPhillips

2,000

79,556

232,960

United

States

1.0%

Refining

&

Marketing

Phillips

66

1,100

73,403

156,321

United

States

0.6%

Renewable

Energy

Equipment

Enphase

Energy

1,800

236,258

230,220

United

States

0.9%

389,217

619,501

2.5%

Financials

Consumer

Finance

Visa

900

138,794

245,214

United

States

1.0%

Institutional

Brokerage

Virtu

Financial

11,000

185,000

242,000

United

States

0.9%

Other

Financial

Services

Mastercard,

Class

A

500

137,490

223,535

United

States

0.9%

Schedule

of

Investments

As

of

May

31,

2024

Sextant

Core

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSRS

15

Continued

on

next

page.

Common

Stock

-

59.1%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Financials

(continued)

P&C

Insurance

Chubb

810

$

102,989

$

219,364

Switzerland

0.9%

564,273

930,113

3.7%

Health

Care

Large

Pharma

AstraZeneca

ADR

4,500

284,252

351,090

United

States

1.4%

GlaxoSmithKline

ADR

8,250

306,076

369,352

United

Kingdom

1.4%

Novo

Nordisk

ADR

5,000

155,393

676,400

Denmark

2.7%

745,721

1,396,842

5.5%

Managed

Care

UnitedHealth

Group

300

123,022

148,611

United

States

0.6%

Medical

Devices

Abbott

Laboratories

85

3,104

8,686

United

States

0.0%

3

Boston

Scientific

2

2,500

167,239

188,925

United

States

0.8%

170,343

197,611

0.8%

Medical

Equipment

GE

Healthcare

Technologies

1,400

112,985

109,200

United

States

0.4%

1,152,071

1,852,264

7.3%

Industrials

Building

Construction

EMCOR

Group

Inc

575

209,254

223,479

United

States

0.9%

Commercial

&

Residential

Building

Equipment

&

Systems

Honeywell

International

1,000

49,532

202,190

United

States

0.8%

Johnson

Controls

International

5,350

205,042

384,719

United

States

1.5%

NIBE

Industrier

AB

Class

B

30,000

193,873

153,908

Sweden

0.6%

Trane

400

131,522

130,984

Ireland

0.5%

579,969

871,801

3.4%

Electrical

Power

Equipment

Eaton

2,000

298,440

665,700

Ireland

2.6%

Flow

Control

Equipment

Parker

Hannifin

500

60,804

265,760

United

States

1.1%

Industrial

Wholesale

&

Rental

Fastenal

2,245

51,931

148,125

United

States

0.6%

Rail

Freight

Canadian

National

Railway

2,000

86,366

254,660

Canada

1.0%

Canadian

Pacific

Kansas

City

2,568

182,009

203,796

Canada

0.8%

268,375

458,456

1.8%

Waste

Management

Republic

Services

950

116,161

175,931

United

States

0.7%

1,584,934

2,809,252

11.1%

Materials

Agricultural

Chemicals

Corteva

5,000

264,981

279,700

United

States

1.1%

Base

Metals

Mineral

Resources

4,012

181,000

192,684

Australia

0.8%

Basic

&

Diversified

Chemicals

Linde

560

75,239

243,891

United

Kingdom

1.0%

Iron

BHP

Biliton

ADR

1,750

103,319

104,178

Australia

0.4%

Schedule

of

Investments

As

of

May

31,

2024

Sextant

Core

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

May

31,

2024

N-CSRS

Continued

on

next

page.

Common

Stock

-

59.1%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Materials

(continued)

Precious

Metals

Agnico-Eagle

Mines

6,150

$

299,837

$

419,492

Canada

1.6%

924,376

1,239,945

4.9%

Technology

Application

Software

SAP

ADR

2,100

321,112

383,124

Germany

1.5%

Communications

Equipment

Apple

1,900

44,723

365,275

United

States

1.4%

Motorola

Solutions

1,025

264,513

374,033

United

States

1.5%

309,236

739,308

2.9%

Infrastructure

Software

Microsoft

1,275

282,306

529,291

United

States

2.1%

Oracle

3,100

124,402

363,289

United

States

1.5%

406,708

892,580

3.6%

IT

Services

Wolters

Kluwer

NV

2,000

277,883

320,300

Netherlands

1.3%

Semiconductor

Devices

Broadcom

200

241,180

265,710

United

States

1.1%

Infineon

Technologies

ADR

3,275

91,171

131,819

Germany

0.5%

Micron

Technology

1,550

59,028

193,750

United

States

0.8%

NVIDIA

240

182,797

263,119

United

States

1.0%

NXP

Semiconductors

950

90,828

258,495

Netherlands

1.0%

665,004

1,112,893

4.4%

Semiconductor

Manufacturing

Taiwan

Semiconductor

ADR

1,900

253,546

286,976

Taiwan

1.1%

2,233,489

3,735,181

14.8%

Utilities

Integrated

Electric

Utilities

Dominion

Energy

7,750

368,362

417,880

United

States

1.6%

NextEra

Energy

5,925

185,168

474,119

United

States

1.9%

553,530

891,999

3.5%

Total

Common

Stock

$9,354,398

$14,951,232

59.1%

Corporate

Bonds

-

18.3%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Bellsouth

Capital

Funding

7.875%

due

02/15/2030

150,000

160,075

United

States

0.6%

Comcast

5.650%

due

06/15/2035

500,000

508,855

United

States

2.0%

Expedia

Group

5.000%

due

02/15/2026

250,000

247,385

United

States

1.0%

916,315

3.6%

Consumer

Discretionary

Lowe's

4.250%

due

09/15/2044

250,000

195,487

United

States

0.8%

Stanford

University

4.013%

due

05/01/2042

100,000

85,038

United

States

0.3%

280,525

1.1%

Consumer

Staples

Coca

Cola

1.000%

due

03/15/2028

250,000

217,586

United

States

0.9%

Financials

Charles

Schwab

3.000%

due

03/10/2025

300,000

294,034

United

States

1.2%

Schedule

of

Investments

As

of

May

31,

2024

Sextant

Core

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSRS

17

Corporate

Bonds

-

18.3%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Health

Care

Cardinal

Health

3.500%

due

11/15/2024

$

155,000

$

153,281

United

States

0.6%

Industrials

Burlington

Northern

Santa

Fe

Bond

6.200%

due

08/15/2036

150,000

161,003

United

States

0.6%

CSX

Corp

4.650%

due

03/01/2068

300,000

250,885

United

States

1.0%

FedEx

3.900%

due

02/01/2035

250,000

219,546

United

States

0.9%

Legrand

France

Yankee

8.500%

due

02/15/2025

170,000

173,404

France

0.7%

Union

Pacific

3.375%

due

02/01/2035

250,000

212,848

United

States

0.8%

1,017,686

4.0%

Real

Estate

Welltower

4.250%

due

04/15/2028

350,000

336,467

United

States

1.3%

Technology

Oracle

2.950%

due

04/01/2030

500,000

440,829

United

States

1.8%

Qualcomm

3.250%

due

05/20/2027

220,000

210,445

United

States

0.8%

651,274

2.6%

Utilities

Edison

International

3.550%

due

11/15/2024

250,000

247,424

United

States

1.0%

Pacificorp

6.000%

due

01/15/2039

500,000

505,703

United

States

2.0%

753,127

3.0%

Total

Corporate

Bonds

(Cost

$5,061,050)

$4,620,295

18.3%

Government

Bonds

-

15.4%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Government

United

States

Cash

Management

Bill

–%

due

08/08/2024

3,250,000

3,218,696

United

States

12.7%

United

States

Treasury

Bond

4.500%

due

02/15/2036

137,000

137,942

United

States

0.6%

United

States

Treasury

Bond

3.625%

due

02/15/2044

155,000

132,374

United

States

0.5%

United

States

Treasury

Note

1.125%

due

01/15/2025

400,000

389,965

United

States

1.6%

Total

Government

Bonds

(Cost

$3,942,909)

$3,878,977

15.4%

Municipals

Bonds

-

0.4%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Utility

Networks

Tacoma

WA

Elec

Sys

Revenue

5.966%

due

01/01/2035

100,000

103,390

United

States

0.4%

Total

Municipals

Bonds

(Cost

$117,172)

$103,390

0.4%

Total

investments

(Cost

$18,475,529)

$23,553,894

93.2%

Other

assets

(net

of

liabilities)

1,719,843

6.8%

Total

net

assets

$25,273,737

100.0%

1

Country

of

domicile

2

Non-income

producing

3

Less

than

0.05%

ADR:

American

Depositary

Receipt

Yankee:

Dollar-denominated

bonds

issued

in

the

U.S.

by

foreign

banks

or

corporations

Sextant

Core

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

May

31,

2024

N-CSRS

Statement

of

Assets

and

Liabilities

Statement

of

Operations

As

of

May

31,

2024

Assets

Investments

in

securities,

at

value

(Cost

$18,475,529)

$

23,553,894

Cash

1,622,639

Interest

receivable

66,212

Dividends

receivable

29,727

Receivable

for

Fund

shares

sold

12,575

Prepaid

expenses

7,403

Total

assets

25,292,450

Liabilities

Accrued

advisory

fees

10,628

Accrued

trustee

expenses

2,278

Accrued

retirement

plan

custody

fee

1,185

Accrued

audit

expenses

1,104

Accrued

legal

expenses

807

Accrued

Chief

Compliance

Officer

expenses

630

Payable

for

Fund

shares

redeemed

175

Accrued

other

operating

expenses

1,906

Total

liabilities

18,713

Net

assets

$25,273,737

Analysis

of

net

assets

Paid-in

capital

(unlimited

shares

authorized,

without

par

value)

$19,485,422

Total

distributable

earnings

5,788,315

Net

assets

applicable

to

Fund

shares

outstanding

$25,273,737

Fund

shares

outstanding

1,537,664

Net

asset

value,

offering,

and

redemption

price

per

share

$16.44

Period

ended

May

31,

2024

Investment

income

Interest

income

$

213,856

Dividend

Income

(Net

of

foreign

tax

of

$7,293)

116,383

Total

investment

income

330,239

Expenses

Investment

advisory

fees

59,319

Filing

and

registration

fees

9,882

Audit

fees

6,239

Chief

Compliance

Officer

expenses

3,809

Trustee

fees

3,749

Legal

fees

3,228

Retirement

plan

custodial

fees

1,279

ReFlow

fees

613

Custodian

fees

510

Other

operating

expenses

1,860

Total

gross

expenses

90,488

Less

custodian

fee

credits

(510)

Net

expenses

89,978

Net

investment

income

$240,261

Net

realized

gain

from

investments

and

foreign

currency

$498,091

A

Net

Increase

in

unrealized

appreciation

on

investments

and

foreign

currency

1,455,772

Net

gain

on

investments

1,953,863

Net

increase

in

net

assets

resulting

from

operations

$2,194,124

A

Includes

$184,362

in

net

realized

gains

from

redemptions

in-kind

Sextant

Core

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSRS

19

Statements

of

Changes

in

Net

Assets

Period

ended

May

31,

2024

Year

ended

November

30,

2023

Increase

in

net

assets

from

operations

From

operations

Net

investment

income

$240,261

$343,070

Net

realized

gain

on

investments

and

foreign

currency

498,091

722,143

Net

increase

(decrease)

in

unrealized

appreciation

on

investments

and

foreign

currency

1,455,772

(258,801)

Net

increase

in

net

assets

2,194,124

806,412

Distributions

to

shareowners

from

Net

dividend

and

distribution

to

shareholders

(351,859)

(282,074)

Capital

share

transactions

Proceeds

from

the

sale

of

shares

3,617,191

5,941,201

Value

of

shares

issued

in

reinvestment

of

dividends

and

distributions

351,248

281,446

Cost

of

shares

redeemed

(1,731,703)

(4,834,213)

Total

capital

shares

transactions

2,236,736

1,388,434

Total

increase

in

net

assets

4,079,001

1,912,772

Net

assets

Beginning

of

period

21,194,736

19,281,964

End

of

period

$25,273,737

$21,194,736

Shares

of

the

Fund

sold

and

redeemed

Sextant

Core

(SCORX)

Number

of

shares

sold

230,398

400,225

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

22,748

19,424

Number

of

shares

redeemed

(108,406)

(323,202)

Net

increase

in

number

of

shares

outstanding

144,740

96,447

–

–

Sextant

Core

Fund:

Financial

Highlights

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

20

May

31,

2024

N-CSRS

tin

Sextant

Core

(SCORX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

period:

Period

ended

May

31,

2024

Year

ended

November

30,

2023

2022

2021

2020

2019

A

A

A

A

A

A

A

Net

asset

value

at

beginning

of

period

$15.22

$14.87

$16.20

$14.81

$14.31

$12.84

Income

from

investment

operations

Net

investment

income

0.16

0.26

0.21

0.24

0.19

0.19

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

1.31

0.30

(1.03)

1.36

1.13

1.45

Total

from

investment

operations

1.47

0.56

(0.82)

1.60

1.32

1.64

Less

distributions

Dividends

(from

net

investment

income)

(0.25)

(0.19)

(0.25)

(0.21)

(0.20)

(0.17)

Distributions

(from

capital

gains)

–

(0.02)

(0.26)

–

(0.62)

–

Total

distributions

(0.25)

(0.21)

(0.51)

(0.21)

(0.82)

(0.17)

Net

asset

value

at

end

of

period

$16.44

$15.22

$14.87

$16.20

$14.81

$14.31

Total

Return

A

9.77%

3.88%

(5.32)%

10.95%

9.72%

13.04%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

period

$25,274

$21,195

$19,282

$18,932

$18,962

$16,875

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

B

0.76%

0.86%

0.90%

0.57%

0.88%

0.90%

After  custodian

fee

credits

B

0.76%

0.85%

0.90%

0.56%

0.88%

0.90%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

B

2.03%

1.72%

1.44%

1.52%

1.40%

1.63%

Portfolio

turnover

rate

A

12%

13%

10%

14%

19%

28%

A

Not

annualized

for

period

of

less

than

one

year

B

Annualized

for

periods

of

less

than

one

year

Schedule

of

Investments

As

of

May

31,

2024

Sextant

Global

High

Income

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSRS

21

Continued

on

next

page.

Common

Stock

-

50.3%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Wireless

Telecommunications

Orange

ADR

20,000

$

270,393

$

235,000

France

2.4%

SK

Telecom

ADR

11,000

265,273

227,480

South

Korea

2.4%

Telenor

ASA

20,000

265,603

232,903

Norway

2.4%

Verizon

Communications

6,000

294,820

246,900

United

States

2.6%

1,096,089

942,283

9.8%

Consumer

Discretionary

Automobiles

Volkswagen

AG

1,500

274,363

188,587

Germany

1.9%

Energy

Exploration

&

Production

Woodside

Energy

Group

ADR

8,500

174,552

157,250

Australia

1.6%

Integrated

Oils

Shell

ADR

3,800

241,426

276,564

Netherlands

2.9%

415,978

433,814

4.5%

Financials

Banks

ANZ

Group

Holdings

ADR

15,000

244,950

282,900

Australia

2.9%

Skandinaviska

Enskilda

Banken,

Cl

A

25,000

233,632

356,398

Sweden

3.7%

478,582

639,298

6.6%

Institutional

Brokerage

Virtu

Financial

7,500

119,775

165,000

United

States

1.7%

598,357

804,298

8.3%

Health

Care

Large

Pharma

GlaxoSmithKline

ADR

6,500

267,211

291,005

United

Kingdom

3.0%

Novartis

ADR

2,500

134,038

257,825

Switzerland

2.7%

Sandoz

Group

AG-ADR

500

7,234

17,745

Switzerland

0.2%

408,483

566,575

5.9%

Materials

Base

Metals

Norsk

Hydro

ASA

35,000

314,618

236,889

Norway

2.5%

South32

ADR

19,000

134,773

251,180

Australia

2.6%

Southern

Copper

5,052

335,962

599,319

Peru

6.2%

785,353

1,087,388

11.3%

Iron

BHP

Biliton

ADR

5,500

186,488

327,415

Australia

3.4%

971,841

1,414,803

14.7%

Technology

Communications

Equipment

Cisco

Systems

5,000

179,892

232,500

United

States

2.4%

Consumer

Electronics

Nintendo

5,000

223,480

272,110

Japan

2.8%

403,372

504,610

5.2%

Total

Common

Stock

$4,168,483

$4,854,970

50.3%

Corporate

Bonds

-

28.4%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Comcast

4.650%

due

07/15/2042

250,000

222,263

United

States

2.3%

Schedule

of

Investments

As

of

May

31,

2024

Sextant

Global

High

Income

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

22

May

31,

2024

N-CSRS

Corporate

Bonds

-

28.4%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

(continued)

Netflix

4.375%

due

11/15/2026

$

250,000

$

245,186

United

States

2.6%

467,449

4.9%

Consumer

Discretionary

Ford

Motor

6.375%

due

02/01/2029

220,000

224,814

United

States

2.3%

MDC

Holdings

3.850%

due

01/15/2030

200,000

186,107

United

States

1.9%

YUM!

Brands

3.625%

due

03/15/2031

295,000

256,916

United

States

2.7%

667,837

6.9%

Consumer

Staples

Grupo

Bimbo

4.875%

due

06/27/2044

200,000

175,487

Mexico

1.8%

Energy

Petrobras

International

Finance

6.875%

due

01/20/2040

50,000

48,743

Brazil

0.5%

Petrobras

International

Finance

6.750%

due

01/27/2041

80,000

76,755

Brazil

0.8%

125,498

1.3%

Financials

Lincoln

National(3

month

LIBOR

plus

2.04%)

2

7.628%

due

04/20/2067

250,000

193,750

United

States

2.0%

Industrials

Burlington

Northern

Santa

Fe

5.050%

due

03/01/2041

200,000

189,182

United

States

1.9%

CSX

Corp

4.650%

due

03/01/2068

250,000

209,071

United

States

2.2%

Delta

Air

Lines

3.750%

due

10/28/2029

250,000

228,991

United

States

2.4%

Norfolk

Southern

5.100%

due

08/01/2118

275,000

230,178

United

States

2.4%

857,422

8.9%

Utilities

Edison

International

3.550%

due

11/15/2024

250,000

247,424

United

States

2.6%

Total

Corporate

Bonds

(Cost

$3,097,485)

$2,734,867

28.4%

Government

Bonds

-

2.5%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Government

Colombia

Republic

8.375%

due

02/15/2027

125,000

127,625

Colombia

1.3%

Republic

of

Argentina

1.000%

due

07/09/2029

9,276

5,397

Argentina

0.1%

Republic

of

Argentina

1.500%

due

07/09/2046

242,500

110,009

Argentina

1.1%

Total

Government

Bonds

(Cost

$361,824)

$243,031

2.5%

Municipals

Bonds

-

0.5%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Municipal

Bonds

Colony

TX

NFM

Sales

Tax

Revenue

7.625%

due

10/01/2042

50,000

49,007

United

States

0.5%

Total

Municipals

Bonds

(Cost

$50,000)

$49,007

0.5%

Total

investments

(Cost

$7,677,792)

$7,881,875

81.7%

Other

assets

(net

of

liabilities)

1,766,437

18.3%

Total

net

assets

$

9,648,312

100.0%

1

Denotes

a

country

or

region

of

primary

exposure

2

Variable

rate

security.

The

interest

rate

represents

the

rate

in

effect

at

May

31,

2024

and

resets

periodically

based

on

the

parenthetically

disclosed

reference

rate

and

spread.

ADR:

American

Depositary

Receipt

LIBOR:

London

Interbank

Offered

Rates

Sextant

Global

High

Income

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSRS

23

Statement

of

Assets

and

Liabilities

Statement

of

Operations

As

of

May

31,

2024

Assets

Investments

in

securities,

at

value

(Cost

$7,677,792)

$

7,881,875

Cash

1,682,072

Interest

receivable

42,842

Dividends

receivable

38,803

Prepaid

expenses

10,157

Receivable

for

Fund

shares

sold

472

Total

assets

9,656,221

Liabilities

Accrued

audit

expenses

2,483

Accrued

advisory

fees

1,203

Accrued

trustee

expenses

1,044

Accrued

retirement

plan

custody

fee

741

Accrued

legal

expenses

474

Accrued

Chief

Compliance

Officer

expenses

313

Accrued

other

operating

expenses

184

Accrued

printing

fees

1,012

Accrued

postage

455

Total

liabilities

7,909

Net

assets

$9,648,312

Analysis

of

net

assets

Paid-in

capital

(unlimited

shares

authorized,

without

par

value)

$9,341,836

Total

distributable

earnings

306,476

Net

assets

applicable

to

Fund

shares

outstanding

$9,648,312

Fund

shares

outstanding

897,347

Net

asset

value,

offering,

and

redemption

price

per

share

$10.75

Period

ended

May

31,

2024

Investment

income

Interest

income

$

120,497

Dividend

Income

(Net

of

foreign

tax

of

$15,863)

115,981

Miscellaneous

income

198

Total

investment

income

236,676

Expenses

Investment

advisory

fees

23,902

Filing

and

registration

fees

11,582

Audit

fees

2,897

Chief

Compliance

Officer

expen

ses

1,766

Trustee

fees

1,747

Legal

fees

1,567

Retirement

plan

custodial

fees

889

Custodian

fees

337

Other

operating

expenses

1,116

Total

gross

expenses

45,803

Less

adviser

fees

waived

(9,676)

Less

custodian

fee

credits

(337)

Net

expenses

35,790

Net

investment

income

$200,886

Net

realized

loss

from

investments

and

foreign

currency

$(83,425)

Net

increase

in

unrealized

appreciation

on

investments

and

foreign

currency

788,600

Net

gain

on

investments

705,175

Net

increase

in

net

assets

resulting

from

operations

$906,061

Sextant

Global

High

Income

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

24

May

31,

2024

N-CSRS

Statements

of

Changes

in

Net

Assets

Period

ended

May

31,

2024

Year

ended

November

30,

2023

Increase

in

net

assets

from

operations

From

operations

Net

investment

income

$200,886

$413,582

Net

realized

loss

on

investments

and

foreign

currency

(83,425)

(11,956)

Net

increase

(decrease)

in

unrealized

appreciation

on

investments

and

foreign

currency

788,600

(13,885)

Net

increase

in

net

assets

906,061

387,741

Distributions

to

shareowners

from

Net

dividend

and

distribution

to

shareholders

(401,403)

(305,551)

Capital

share

transactions

Proceeds

from

the

sale

of

shares

350,408

511,784

Value

of

shares

issued

in

reinvestment

of

dividends

and

distributions

392,421

298,310

Cost

of

shares

redeemed

(1,037,931)

(507,318)

Total

capital

shares

transactions

(295,102)

302,776

Total

increase

in

net

assets

209,556

384,966

Net

assets

Beginning

of

period

9,438,756

9,053,790

End

of

period

$9,648,312

$9,438,756

Shares

of

the

Fund

sold

and

redeemed

Sextant

Global

High

Income

Fund

(SGHIX)

Number

of

shares

sold

33,850

50,804

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

38,472

30,440

Number

of

shares

redeemed

(100,450)

(50,276)

Net

increase

(decrease)

in

number

of

shares

outstanding

(28,128)

30,968

–

–

Sextant

Global

High

Income

Fund:

Financial

Highlights

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSRS

25

tin

Sextant

Global

High

Income

Fund

(SGHIX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

period:

Period

ended

May

31,

2024

Year

ended

November

30,

2023

2022

2021

2020

2019

A

A

A

A

A

A

A

Net

asset

value

at

beginning

of

period

$10.20

$10.12

$10.77

$10.15

$11.42

$11.07

Income

from

investment

operations

Net

investment

income

0.22

0.45

0.40

0.33

0.31

0.42

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

0.76

(0.03)

(0.83)

0.65

(0.66)

0.32

Total

from

investment

operations

0.98

0.42

(0.43)

0.98

(0.35)

0.74

Less

distributions

Dividends

(from

net

investment

income)

(0.43)

(0.34)

(0.22)

(0.36)

(0.40)

(0.39)

Distributions

(from

capital

gains)

–

–

–

–

(0.52)

–

Total

distributions

(0.43)

(0.34)

(0.22)

(0.36)

(0.92)

(0.39)

Net

asset

value

at

end

of

period

$10.75

$10.20

$10.12

$10.77

$10.15

$11.42

Total

Return

A

9.87%

4.31%

(4.16)%

9.87%

(3.51)%

7.06%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

period

$9,648

$9,439

$9,054

$9,150

$8,615

$9,893

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

B

0.96%

0.96%

0.98%

0.78%

0.70%

1.11%

After

advisory

fees

waiver

B

0.76%

0.75%

0.75%

0.70%

0.56%

0.76%

After  custodian

fee

credits

B

0.75%

0.74%

0.74%

0.69%

0.55%

0.75%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

B

4.21%

4.45%

3.87%

3.11%

3.12%

3.72%

Portfolio

turnover

rate

A

2%

8%

20%

27%

27%

33%

A

Not

annualized

for

period

of

less

than

one

year

B

Annualized

for

periods

of

less

than

one

year

Schedule

of

Investments

As

of

May

31,

2024

Sextant

Growth

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

26

May

31,

2024

N-CSRS

Continued

on

next

page.

Common

Stock

-

98.2%

Number

of

Shares

Cost

Market

Value

Percentage

of

Net

Assets

Communications

Internet

Media

&

Services

Alphabet,

Class

A

31,680

$

898,428

$

5,464,800

8.1%

Facebook

Inc

2,800

1,335,391

1,307,124

1.9%

2,233,819

6,771,924

10.0%

Consumer

Discretionary

Automotive

Retailers

O'Reilly

Automotive

1

1,300

1,094,232

1,252,238

1.8%

Home

Products

Stores

Lowe's

5,600

198,283

1,239,224

1.8%

Online

Marketplace

Amazon.com

1

26,980

162,991

4,760,351

7.0%

Specialty

Apparel

Stores

Lululemon

Athletica

1

3,000

965,595

935,970

1.4%

TJX

Companies

19,000

824,767

1,958,900

2.9%

1,790,362

2,894,870

4.3%

3,245,868

10,146,683

14.9%

Consumer

Staples

Mass

Merchants

Costco

Wholesale

3,509

410,438

2,841,904

4.2%

Non-Alcoholic

Beverages

Monster

Beverage

32,200

1,489,661

1,671,824

2.4%

1,900,099

4,513,728

6.6%

Financials

Other

Financial

Services

Mastercard,

Class

A

5,896

536,038

2,635,925

3.9%

Health

Care

Managed

Care

Elevance

Health

2,250

1,076,105

1,211,580

1.8%

Medical

Devices

Boston

Scientific

1

22,000

981,996

1,662,540

2.5%

Edwards

Lifesciences

1

10,500

346,070

912,345

1.3%

Stryker

3,000

374,100

1,023,270

1.5%

1,702,166

3,598,155

5.3%

Specialty

&

Generic

Pharma

Zoetis

6,000

998,110

1,017,360

1.5%

3,776,381

5,827,095

8.6%

Industrials

Commercial

&

Residential

Building

Equipment

&

Systems

Johnson

Controls

International

22,500

1,043,161

1,617,975

2.4%

Industrial

Wholesale

&

Rental

Ferguson

6,250

1,141,985

1,285,875

1.9%

Infrastructure

Construction

Quanta

Services

5,000

1,347,130

1,379,700

2.0%

3,532,276

4,283,550

6.3%

Schedule

of

Investments

As

of

May

31,

2024

Sextant

Growth

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSRS

27

Common

Stock

-

98.2%

Number

of

Shares

Cost

Market

Value

Percentage

of

Net

Assets

Materials

Agricultural

Chemicals

Corteva

23,850

$

1,016,058

$

1,334,169

2.0%

Technology

Application

Software

Adobe

1

4,450

23,404

1,979,182

2.9%

Communications

Equipment

Apple

29,100

8,575

5,594,475

8.3%

Motorola

Solutions

6,000

1,346,592

2,189,460

3.2%

1,355,167

7,783,935

11.5%

Infrastructure

Software

Microsoft

18,170

838,685

7,542,912

11.1%

Oracle

17,500

901,024

2,050,825

3.0%

ServiceNow

1

1,900

1,225,009

1,248,167

1.9%

2,964,718

10,841,904

16.0%

Semiconductor

Devices

Advanced

Micro

Devices

1

9,500

758,357

1,585,550

2.3%

Broadcom

1,275

1,200,407

1,693,901

2.5%

Monolithic

Power

Systems

1,100

521,986

809,193

1.2%

NVIDIA

3,500

493,219

3,837,155

5.6%

Qualcomm

7,900

1,066,689

1,611,995

2.4%

Texas

Instruments

5,100

648,430

994,551

1.5%

4,689,088

10,532,345

15.5%

9,032,377

31,137,366

45.9%

Total

investments

$25,272,916

$66,650,440

98.2%

Other

assets

(net

of

liabilities)

1,207,480

1.8%

Total

net

assets

$67,857,920

100.0%

1

Non-income

producing

Sextant

Growth

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

28

May

31,

2024

N-CSRS

Statement

of

Assets

and

Liabilities

Statement

of

Operations

As

of

May

31,

2024

Assets

Investments

in

securities,

at

value

(Cost

$25,272,916)

$

66,650,440

Cash

1,228,340

Dividends

receivable

30,060

Prepaid

expenses

16,592

Receivable

for

Fund

shares

sold

3,514

Total

assets

67,928,946

Liabilities

Accrued

advisory

fees

28,676

Accrued

audit

expenses

11,454

Payable

for

Fund

shares

redeemed

7,675

Accrued

trustee

expenses

6,354

Accrued

retirement

plan

custody

fee

2,929

Accrued

Chief

Compliance

Officer

expenses

1,715

Accrued

legal

expenses

1,692

Accrued

12b-1

distribution

fees

899

Accrued

other

operating

expenses

2,393

Accrued

printing

fees

7,239

Total

liabilities

71,026

Net

assets

$67,857,920

Analysis

of

net

assets

Paid-in

capital

(unlimited

shares

authorized,

without

par

value)

$22,854,229

Total

distributable

earnings

45,003,691

Net

assets

applicable

to

Fund

shares

outstanding

$67,857,920

Net

asset

value

per

Investor

Shares

SSGFX

Net

assets,

at

value

$4,249,552

Shares

outstanding

84,972

Net

asset

value,

offering

and

redemption

price

per

share

$50.01

Net

asset

value

per

Z

Shares

SGZFX

Net

assets,

at

value

$63,608,368

Shares

outstanding

1,269,656

Net

asset

value,

offering

and

redemption

price

per

share

$50.10

Period

ended

May

31,

2024

Investment

income

Dividend

Income

$

289,270

Total

investment

income

289,270

Expenses

Investment

advisory

fees

164,039

Audit

fees

18,812

Filing

and

registration

fees

16,995

Trustee

fees

10,944

Chief

Compliance

Officer

expenses

10,943

Legal

fees

8,706

12b-1

distribution

fees

5,095

ReFlow

fees

3,908

Retirement

plan

custodial

fees

3,224

1,025

Investor

Shares

–

1,050

Z

Shares

3,224

Custodian

fees

1,328

Other

operating

expenses

5,113

Total

gross

expenses

249,107

Less

custodian

fee

credits

(1,328)

Net

expenses

247,779

Net

investment

income

$41,491

Net

realized

gain

from

investments

$3,869,178

A

Net

Increase

in

unrealized

appreciation

on

investments

5,005,093

Net

gain

on

investments

8,874,271

Net

increase

in

net

assets

resulting

from

operations

$8,915,762

A

Includes

$1,814,564

in

net

realized

gains

from

redemptions

in-kind

Sextant

Growth

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSRS

29

Statements

of

Changes

in

Net

Assets

Period

ended

May

31,

2024

Year

ended

November

30,

2023

Increase

in

net

assets

from

operations

From

operations

Net

investment

income

(loss)

$41,491

$(2,487)

Net

realized

gain

on

investments

3,869,178

865,127

Net

increase

in

unrealized

appreciation

on

investments

5,005,093

7,620,469

Net

increase

in

net

assets

8,915,762

8,483,109

Distributions

to

shareowners

from

1,025

Net

dividend

and

distribution

to

shareholders

-

Investor

Shares

–

(116,456)

1,050

Net

dividend

and

distribution

to

shareholders

-

Z

Shares

(32,415)

(1,184,886)

Total

distributions

(32,415)

(1,301,342)

Capital

share

transactions

Proceeds

from

the

sale

of

shares

1,025

Investor

Shares

221,223

491,401

1,050

Z

Shares

3,944,414

4,454,320

Value

of

shares

issued

in

reinvestment

of

dividends

and

distributions

1,025

Investor

Shares

–

86,817

1,050

Z

Shares

31,514

1,154,557

Cost

of

shares

redeemed

1,025

Investor

Shares

(1,570,686)

(1,032,724)

1,050

Z

Shares

(5,253,900)

(5,613,472)

Total

capital

shares

transactions

(2,627,435)

(459,101)

Total

increase

in

net

assets

6,255,912

6,722,666

Net

assets

Beginning

of

period

61,602,008

54,879,342

End

of

period

$67,857,920

$61,602,008

Shares

of

the

Fund

sold

and

redeemed

Investor

Shares

(SSGFX)

Number

of

shares

sold

4,538

11,981

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

–

2,413

Number

of

shares

redeemed

(35,733)

(25,330)

Net

decrease

in

number

of

shares

outstanding

(31,195)

(10,936)

Z

Shares

(SGZFX)

Number

of

shares

sold

83,996

111,231

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

696

32,134

Number

of

shares

redeemed

(110,370)

(140,223)

Net

increase

(decrease)

in

number

of

shares

outstanding

(25,678)

3,142

–

–

Sextant

Growth

Fund:

Financial

Highlights

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

30

May

31,

2024

N-CSRS

tin

Investor

Shares

(SSGFX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

period:

Period

ended

May

31,

2024

Year

ended

November

30,

2023

2022

2021

2020

2019

A

A

A

A

A

A

A

Net

asset

value

at

beginning

of

period

$43.60

$38.72

$51.39

$41.86

$33.25

$28.70

Income

from

investment

operations

Net

investment

income

A

(0.02)

(0.09)

(0.13)

0.09

(0.03)

(0.03)

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

6.43

5.89

(8.24)

9.70

9.58

5.86

Total

from

investment

operations

6.41

5.80

(8.37)

9.79

9.55

5.83

Less

distributions

Dividends

(from

net

investment

income)

–

–

(0.05)

(0.03)

(0.01)

(0.04)

Distributions

(from

capital

gains)

–

(0.92)

(4.25)

(0.23)

(0.93)

(1.24)

Total

distributions

–

(0.92)

(4.30)

(0.26)

(0.94)

(1.28)

Net

asset

value

at

end

of

period

$50.01

$43.60

$38.72

$51.39

$41.86

$33.25

Total

Return

B

14.70%

15.47%

(17.88)%

23.48%

29.49%

21.81%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

period

$4,250

$5,065

$4,921

$6,411

$5,197

$4,533

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

C

0.99%

1.04%

1.21%

0.74%

1.05%

1.20%

After  custodian

fee

credits

C

0.98%

1.04%

1.20%

0.74%

1.05%

1.20%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

C

(0.10)%

(0.22)%

(0.32)%

0.20%

(0.08)%

(0.07)%

Portfolio

turnover

rate

B

6%

10%

23%

18%

17%

10%

Z

Shares

(SGZFX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

period:

Period

ended

May

31,

2024

Year

ended

November

30,

2023

2022

2021

2020

2019

A

A

A

A

A

A

A

Net

asset

value

at

beginning

of

period

$43.65

$38.66

$51.30

$41.78

$33.16

$28.65

Income

from

investment

operations

Net

investment

income

A

0.03

0.01

(0.03)

0.20

0.05

0.08

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

6.45

5.90

(8.22)

9.66

9.56

5.82

Total

from

investment

operations

6.48

5.91

(8.25)

9.86

9.61

5.90

Less

distributions

Dividends

(from

net

investment

income)

(0.03)

–

(0.14)

(0.11)

(0.06)

(0.15)

Distributions

(from

capital

gains)

–

(0.92)

(4.25)

(0.23)

(0.93)

(1.24)

Total

distributions

(0.03)

(0.92)

(4.39)

(0.34)

(0.99)

(1.39)

Net

asset

value

at

end

of

period

$50.10

$43.65

$38.66

$51.30

$41.78

$33.16

Total

Return

B

14.84%

15.79%

(17.69)%

23.76%

29.79%

22.22%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

period

$63,608

$56,537

$49,958

$62,277

$53,776

$40,978

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

C

0.75%

0.80%

0.97%

0.51%

0.82%

0.90%

After  custodian

fee

credits

C

0.74%

0.80%

0.97%

0.50%

0.82%

0.90%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

C

0.14%

0.02%

(0.08)%

0.43%

0.14%

0.23%

Portfolio

turnover

rate

B

6%

10%

23%

18%

17%

10%

A

Calculated

using

average

shares

outstanding

B

Not

annualized

for

period

of

less

than

one

year

C

Annualized

for

periods

of

less

than

one

year

Schedule

of

Investments

As

of

May

31,

2024

Sextant

International

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSRS

31

Continued

on

next

page.

Common

Stock

-

96

.4

%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Wireless

Telecommunications

Telus

12,650

$

92,488

$

208,093

Canada

0.3%

Consumer

Discretionary

Apparel,

Footwear

&

Accessory

Design

Hermes

International

600

569,151

1,424,894

France

1.9%

Online

Marketplace

MercadoLibre

2

2,990

247,973

5,159,484

Argentina

6.7%

817,124

6,584,378

8.6%

Consumer

Staples

Packaged

Food

Danone

15,000

948,276

967,838

France

1.2%

Personal

Care

Products

L'Oreal

3,400

1,099,801

1,679,092

France

2.2%

2,048,077

2,646,930

3.4%

Health

Care

Health

Care

Supplies

Alcon

24,550

1,281,620

2,188,141

Switzerland

2.9%

Large

Pharma

AstraZeneca

ADR

17,000

1,023,786

1,326,340

United

States

1.7%

Novartis

ADR

8,925

420,260

920,435

Switzerland

1.2%

Novo

Nordisk

ADR

56,350

345,311

7,623,028

Denmark

9.9%

1,789,357

9,869,803

12.8%

Medical

Equipment

Siemens

Healthineers

AG

31,850

1,816,966

1,859,525

Germany

2.4%

4,887,943

13,917,469

18.1%

Industrials

Commercial

&

Residential

Building

Equipment

&

Systems

Assa

Abloy

AB

-

B

51,400

1,222,737

1,511,464

Sweden

2.0%

Johnson

Controls

International

20,700

1,347,733

1,488,537

United

States

1.9%

2,570,470

3,000,001

3.9%

Electrical

Power

Equipment

Eaton

6,875

1,130,243

2,288,344

Ireland

3.0%

Schneider

Electric

SE

8,200

1,559,393

2,046,775

France

2.6%

2,689,636

4,335,119

5.6%

Industrial

Automation

Controls

ABB

Ltd

22,500

1,141,025

1,240,823

Switzerland

1.6%

Industrial

Wholesale

&

Rental

Ferguson

13,635

2,387,112

2,805,265

United

States

3.6%

Rail

Freight

Canadian

National

Railway

10,000

1,164,265

1,273,300

Canada

1.7%

9,952,508

12,654,508

16.4%

Materials

Basic

&

Diversified

Chemicals

Linde

5,500

1,397,250

2,395,360

United

Kingdom

3.1%

Iron

BHP

Biliton

ADR

17,000

990,319

1,012,010

Australia

1.3%

Schedule

of

Investments

As

of

May

31,

2024

Sextant

International

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

32

May

31,

2024

N-CSRS

Common

Stock

-

96.4%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Materials

(continued)

Iron

(continued)

Rio

Tinto

ADR

32,800

$

1,773,219

$

2,299,280

United

Kingdom

3.0%

2,763,538

3,311,290

4.3%

Specialty

Chemicals

Givaudan

(reg)

200

682,611

943,069

Switzerland

1.2%

4,843,399

6,649,719

8.6%

Technology

Application

Software

Dassault

Systemes

ADR

88,115

998,519

3,572,182

France

4.7%

NICE

Systems

ADR

15,250

577,019

2,799,443

Israel

3.6%

OpenText

37,050

1,492,246

1,083,713

Canada

1.4%

SAP

ADR

14,500

2,088,316

2,645,380

Germany

3.4%

5,156,100

10,100,718

13.1%

Consumer

Electronics

Nintendo

17,000

724,213

925,174

Japan

1.2%

IT

Services

Accenture,

Class

A

3,000

554,430

846,870

Ireland

1.1%

Experian

33,000

1,053,313

1,527,904

Ireland

2.0%

Wolters

Kluwer

31,000

578,573

4,946,679

Netherlands

6.4%

2,186,316

7,321,453

9.5%

Semiconductor

Devices

Infineon

Technologies

AG

34,850

1,302,845

1,410,692

Germany

1.9%

STMicroelectronics

ADR

38,200

1,489,346

1,603,254

Switzerland

2.1%

2,792,191

3,013,946

4.0%

Semiconductor

Manufacturing

ASML

Holding

NY

5,475

190,945

5,257,916

Netherlands

6.8%

Taiwan

Semiconductor

ADR

23,320

2,419,020

3,522,253

Taiwan

4.6%

2,609,965

8,780,169

11.4%

13,468,785

30,141,460

39.2%

Utilities

Power

Generation

Iberdrola

104,317

1,064,673

1,377,553

Spain

1.8%

Total

investments

$37,174,997

$

74,180,110

96.4%

Other

assets

(net

of

liabilities)

2,800,011

3.6%

Total

net

assets

$

76,980,121

100.0%

1

Country

of

domicile

2

Non-income

producing

ADR:

American

Depositary

Receipt

Sextant

International

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSRS

33

Statement

of

Assets

and

Liabilities

Statement

of

Operations

As

of

May

31,

2024

Assets

Investments

in

securities,

at

value

(Cost

$37,174,997)

$

74,180,110

Cash

2,630,886

Dividends

receivable

221,635

Prepaid

expenses

16,831

Receivable

for

Fund

shares

sold

6,462

Total

assets

77,055,924

Liabilities

Accrued

advisory

fees

32,486

Payable

for

Fund

shares

redeemed

12,538

Accrued

12b-1

distribution

fees

9,613

Accrued

trustee

expenses

6,649

Accrued

audit

expenses

2,472

Accrued

retirement

plan

custody

fee

1,931

Accrued

Chief

Compliance

Officer

expenses

1,815

Accrued

legal

expenses

1,461

Accrued

other

operating

expenses

2,344

Accrued

printing

fees

4,494

Total

liabilities

75,803

Net

assets

$76,980,121

Analysis

of

net

assets

Paid-in

capital

(unlimited

shares

authorized,

without

par

value)

$39,180,193

Total

distributable

earnings

37,799,928

Net

assets

applicable

to

Fund

shares

outstanding

$76,980,121

Net

asset

value

per

Investor

Shares

SSIFX

Net

assets,

at

value

$45,561,865

Shares

outstanding

1,955,249

Net

asset

value,

offering

and

redemption

price

per

share

$23.30

Net

asset

value

per

Z

Shares

SIFZX

Net

assets,

at

value

$31,418,256

Shares

outstanding

1,342,865

Net

asset

value,

offering

and

redemption

price

per

share

$23.40

Period

ended

May

31,

2024

Investment

income

Dividend

Income

(Net

of

foreign

tax

of

$76,228)

$

629,874

Total

investment

income

629,874

Expenses

Investment

advisory

fees

181,027

12b-1

distribution

fees

53,221

Audit

fees

20,000

Filing

and

registration

fees

17,049

Trustee

fees

11,483

Chief

Compliance

Officer

expenses

11,461

Legal

fees

8,849

Custodian

fees

3,554

Retirement

plan

custodial

fees

2,150

1,125

Investor

Shares

136

1,150

Z

Shares

2,014

ReFlow

fees

1,799

Other

operating

expenses

5,523

Total

gross

expenses

316,116

Less

custodian

fee

credits

(3,554)

Net

expenses

312,562

Net

investment

income

$317,312

Net

realized

gain

from

investments

and

foreign

currency

$1,113,756

A

Net

Increase

in

unrealized

appreciation

on

investments

and

foreign

currency

6,456,201

Net

gain

on

investments

7,569,957

Net

increase

in

net

assets

resulting

from

operations

$7,887,269

A

Includes

$321,261

in

net

realized

gains

from

redemptions

in-kind

Sextant

International

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

34

May

31,

2024

N-CSRS

Statements

of

Changes

in

Net

Assets

Period

ended

May

31,

2024

Year

ended

November

30,

2023

Increase

in

net

assets

from

operations

From

operations

Net

investment

income

$317,312

$318,734

Net

realized

gain

on

investments

and

foreign

currency

1,113,756

693,030

Net

increase

in

unrealized

appreciation

on

investments

and

foreign

currency

6,456,201

7,566,421

Net

increase

in

net

assets

7,887,269

8,578,185

Distributions

to

shareowners

from

1,125

Net

dividend

and

distribution

to

shareholders

-

Investor

Shares

(132,998)

–

1,150

Net

dividend

and

distribution

to

shareholders

-

Z

Shares

(155,645)

–

Total

distributions

(288,643)

–

Capital

share

transactions

Proceeds

from

the

sale

of

shares

1,125

Investor

Shares

6,625,179

3,809,054

1,150

Z

Shares

3,632,792

4,771,807

Value

of

shares

issued

in

reinvestment

of

dividends

and

distributions

1,125

Investor

Shares

130,108

–

1,150

Z

Shares

148,724

–

Cost

of

shares

redeemed

1,125

Investor

Shares

(2,748,562)

(4,606,292)

1,150

Z

Shares

(2,705,273)

(5,094,933)

Total

capital

shares

transactions

5,082,968

(1,120,364)

Total

increase

in

net

assets

12,681,594

7,457,821

Net

assets

Beginning

of

period

64,298,527

56,840,706

End

of

period

$76,980,121

$64,298,527

Shares

of

the

Fund

sold

and

redeemed

Investor

Shares

(SSIFX)

Number

of

shares

sold

291,720

196,993

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

5,990

–

Number

of

shares

redeemed

(121,849)

(241,734)

Net

increase

(decrease)

in

number

of

shares

outstanding

175,861

(44,741)

Z

Shares

(SIFZX)

Number

of

shares

sold

159,550

248,209

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

6,825

–

Number

of

shares

redeemed

(118,211)

(265,131)

Net

increase

(decrease)

in

number

of

shares

outstanding

48,164

(16,922)

–

–

Sextant

International

Fund:

Financial

Highlights

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSRS

35

tin

Investor

Shares

(SSIFX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

period:

Period

ended

May

31,

2024

Year

ended

November

30,

2023

2022

2021

2020

2019

A

A

A

A

A

A

A

Net

asset

value

at

beginning

of

period

$20.87

$18.11

$23.49

$19.62

$18.50

$16.83

Income

from

investment

operations

Net

investment

income

A

0.09

0.08

0.09

0.10

0.12

0.12

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

2.42

2.68

(3.58)

3.85

1.66

2.74

Total

from

investment

operations

2.51

2.76

(3.49)

3.95

1.78

2.86

Less

distributions

Dividends

(from

net

investment

income)

(0.08)

–

(0.13)

(0.08)

(0.11)

(0.15)

Distributions

(from

capital

gains)

–

–

(1.76)

–

(0.55)

(1.04)

Total

distributions

(0.08)

–

(1.89)

(0.08)

(0.66)

(1.19)

Net

asset

value

at

end

of

period

$23.30

$20.87

$18.11

$23.49

$19.62

$18.50

Total

Return

B

12.03%

15.24%

(16.31)%

20.16%

9.86%

18.82%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

period

$45,562

$37,141

$33,029

$46,560

$51,141

$67,390

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

C

0.97%

1.06%

1.28%

0.93%

0.83%

1.07%

After  custodian

fee

credits

C

0.96%

1.05%

1.27%

0.92%

0.82%

1.06%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

C

0.79%

0.43%

0.48%

0.46%

0.70%

0.62%

Portfolio

turnover

rate

B

6%

16%

33%

22%

16%

6%

Z

Shares

(SIFZX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

period:

Period

ended

May

31,

2024

Year

ended

November

30,

2023

2022

2021

2020

2019

A

A

A

A

A

A

A

Net

asset

value

at

beginning

of

period

$20.98

$18.15

$23.55

$19.67

$18.55

$16.87

Income

from

investment

operations

Net

investment

income

A

0.12

0.13

0.13

0.15

0.15

0.19

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

2.42

2.70

(3.59)

3.85

1.67

2.72

Total

from

investment

operations

2.54

2.83

(3.46)

4.00

1.82

2.91

Less

distributions

Dividends

(from

net

investment

income)

(0.12)

–

(0.18)

(0.12)

(0.15)

(0.19)

Distributions

(from

capital

gains)

–

–

(1.76)

–

(0.55)

(1.04)

Total

distributions

(0.12)

–

(1.94)

(0.12)

(0.70)

(1.23)

Net

asset

value

at

end

of

period

$23.40

$20.98

$18.15

$23.55

$19.67

$18.55

Total

Return

B

12.15%

15.59%

(16.17)%

20.42%

10.09%

19.14%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

period

$31,418

$27,157

$23,812

$28,929

$26,921

$30,963

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

C

0.73%

0.83%

1.04%

0.72%

0.63%

0.85%

After  custodian

fee

credits

C

0.72%

0.82%

1.03%

0.71%

0.63%

0.84%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

C

1.00%

0.66%

0.72%

0.68%

0.87%

0.91%

Portfolio

turnover

rate

B

6%

16%

33%

22%

16%

6%

A

Calculated

using

average

shares

outstanding

B

Not

annualized

for

period

of

less

than

one

year

C

Annualized

for

periods

of

less

than

one

year

Notes

To

Financial

Statements

36

May

31,

2024

N-CSRS

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.

The

Trust

currently

offers

shares

of

eight

portfolio

series:

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”),

Saturna

Sustainable

Equity

Fund,

and

Saturna

Sustainable

Bond

Fund.

Saturna

Sustainable

Equity

Fund

and

Saturna

Sustainable

Bond

Fund

are

offered

through

separate

prospectuses

and

have

a

separate

shareholder

report.

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

on

matters

affecting

that

class.

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.

Notes

To

Financial

Statements

(continued)

May

31,

2024

N-CSRS

37

Global

High

Income

Fund

:

Issuers

of

high-yield

securities

are

generally

not

as

financially

strong

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

issuers

specific

to

a

particular

sector

or

industry.

Note

2

–

Unaudited

Information

The

information

in

this

interim

report

has

not

been

subject

to

independent

audit.

Note

3

–

Significant

Accounting

Policies

The

following

is

a

summary

of

the

significant

accounting

policies,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America,

which

are

consistently

followed

by

the

Funds

in

preparation

of

their

financial

statements.

Security

valuation:

Investments

in

securities

traded

on

a

national

securities

exchange

and

over-the-counter

securities

for

which

sale

prices

are

available

are

valued

at

that

price.

Securities

for

which

there

are

no

sales

are

valued

at

the

latest

bid

price.

Debt

securities

are

valued

using

bid-side

valuations

provided

by

an

independent

service.

The

service

determines

valuations

using

factors

such

as

yields

or

prices

of

bonds

of

comparable

quality,

type

of

issue,

coupon

maturity,

ratings,

trading

activity,

and

general

market

conditions.

Fixed-income

debt

instruments,

such

as

commercial

paper,

bankers’

acceptances,

and

US

Treasury

Bills,

with

a

maturity

of

60

days

or

less

are

valued

at

amortized

cost,

which

approximates

market

value.

Any

discount

or

premium

is

accreted

or

amortized

on

a

straight-line

basis

until

maturity.

Foreign

markets

may

close

before

the

time

as

of

which

the

Funds’

share

prices

are

determined.

Because

of

this,

events

occurring

after

the

close

and

before

the

determination

of

the

Funds’

share

prices

may

have

a

material

effect

on

the

values

of

some

or

all

of

the

Funds’

foreign

securities.

To

account

for

this,

the

Funds

may

use

outside

pricing

services

for

valuation

of

their

non-US

securities.

In

cases

in

which

there

is

not

a

readily

available

market

price,

a

fair

value

for

such

security

is

determined

in

good

faith

by

the

Funds'

investment

adviser

(Saturna

Capital),

whom

the

Board

of

Trustees

has

designated

as

the

Funds’

valuation

designee

to

perform

fair

value

determinations

relating

to

all

Fund

investments.

Security

transactions

are

recorded

on

the

trade

date.

Realized

gains

and

losses

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

Foreign

currency:

Investment

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

US

dollar

amounts

at

the

date

of

valuation.

Purchases

and

sales

of

investment

securities

and

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

US

dollar

amounts

on

the

respective

dates

of

such

transactions.

The

Funds

do

not

isolate

that

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

market

prices

of

securities

held.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

or

loss

from

investments.

Reported

net

realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions,

and

the

difference

between

the

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

recorded

on

the

Funds’

books

and

the

US

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

the

fair

values

of

assets

and

liabilities,

other

than

investments

in

securities

at

fiscal

period

end,

resulting

from

changes

in

exchange

rates.

Share

valuation:

Each

Fund

computes

the

share

price

of

each

share

class

by

dividing

the

net

assets

attributable

to

each

share

class

by

the

outstanding

shares

of

that

class.

Each

share

class

represents

an

interest

in

the

same

investment

portfolio.

Each

share

class

is

identical

in

all

respects

except

that

each

class

bears

its

own

class

expenses,

and

each

class

has

exclusive

voting

rights

on

matters

affecting

that

class.

As

a

result

of

the

differences

in

the

expenses

borne

by

each

share

class,

the

share

price

and

distributions

will

vary

among

a

Fund’s

share

classes.

The

Funds’

shares

are

not

priced

or

traded

on

days

the

New

York

Stock

Exchange

is

closed.

The

NAV

is

both

the

offering

and

redemption

price

per

share. 

Share

Valuation

Inputs

as

of

May

31,

2024

Level

1

Level

2

Level

3

Funds

Quoted

Price

Significant

Observable

Input

Significant

Unobservable

Input

Total

Short-Term

Bond

Fund

Corporate

Bonds

1

$–

$6,149,922

$–

$6,149,922

Government

Bonds

1

$–

$4,190,552

$–

$4,190,552

Total

Assets

$–

$10,340,474

$–

$10,340,474

Bond

Income

Fund

Corporate

Bonds

1

$–

$6,523,123

$–

$6,523,123

Government

Bonds

1

$–

$2,712,498

$–

$2,712,498

Total

Assets

$–

$9,235,621

$–

$9,235,621

Note

1

–

Organization

(continued)

Notes

To

Financial

Statements

(continued)

38

May

31,

2024

N-CSRS

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.

Core

Fund

Common

Stock

Communications

$431,250

$–

$–

$431,250

Consumer

Discretionary

$1,258,407

$59,371

$–

$1,317,778

Consumer

Staples

$1,123,949

$–

$–

$1,123,949

Energy

$619,501

$–

$–

$619,501

Financials

$930,113

$–

$–

$930,113

Health

Care

$1,852,264

$–

$–

$1,852,264

Industrials

$2,655,344

$153,908

$–

$2,809,252

Materials

$1,047,261

$192,684

$–

$1,239,945

Technology

$3,735,181

$–

$–

$3,735,181

Utilities

$891,999

$–

$–

$891,999

Total

Common

Stock

$14,545,269

$405,963

$–

$14,951,232

Corporate

Bonds

1

$–

$4,620,295

$–

$4,620,295

Government

Bonds

1

$–

$3,878,977

$–

$3,878,977

Municipals

Bonds

1

$–

$103,390

$–

$103,390

Total

Assets

$14,545,269

$9,008,625

$–

$23,553,894

Global

High

Income

Fund

Common

Stock

Communications

$709,380

$232,903

$–

$942,283

Consumer

Discretionary

$–

$188,587

$–

$188,587

Energy

$433,814

$–

$–

$433,814

Financials

$447,900

$356,398

$–

$804,298

Health

Care

$566,575

$–

$–

$566,575

Materials

$1,177,914

$236,889

$–

$1,414,803

Technology

$232,500

$272,110

$–

$504,610

Total

Common

Stock

$3,568,083

$1,286,887

$–

$4,854,970

Corporate

Bonds

1

$–

$2,734,867

$–

$2,734,867

Government

Bonds

1

$–

$243,031

$–

$243,031

Municipals

Bonds

1

$–

$49,007

$–

$49,007

Total

Assets

$3,568,083

$4,313,792

$–

$7,881,875

Growth

Fund

Common

Stock

1

$66,650,440

$–

$–

$66,650,440

Total

Assets

$66,650,440

$–

$–

$66,650,440

International

Fund

Common

Stock

Communications

$208,093

$–

$–

$208,093

Consumer

Discretionary

$5,159,484

$1,424,894

$–

$6,584,378

Consumer

Staples

$–

$2,646,930

$–

$2,646,930

Health

Care

$12,057,944

$1,859,525

$–

$13,917,469

Industrials

$7,855,446

$4,799,062

$–

$12,654,508

Materials

$5,706,650

$943,069

$–

$6,649,719

Technology

$21,331,011

$8,810,449

$–

$30,141,460

Utilities

$–

$1,377,553

$–

$1,377,553

Total

Common

Stock

$52,318,628

$21,861,482

$–

$74,180,110

Total

Assets

$52,318,628

$21,861,482

$–

$74,180,110

1

See

the

Schedule

of

Investments

for

additional

details.

Note

3

–

Significant

Accounting

Policies

(continued)

Notes

To

Financial

Statements

(continued)

May

31,

2024

N-CSRS

39

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.

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.

ReFlow

Liquidity

Program:

The

Funds

may

participate

in

the

ReFlow

Fund,

LLC

("ReFlow")

liquidity

program,

which

is

designed

to

provide

an

alternative

liquidity

source

on

days

when

redemptions

of

Fund

shares

exceed

purchases.

Under

the

program,

ReFlow

is

available

to

provide

cash

to

the

Funds

to

meet

all,

or

a

portion,

of

daily

net

shareowner

redemptions.

Following

purchases

of

Fund

shares,

ReFlow

then

generally

redeems

those

shares

when

the

Fund

experiences

net

sales,

at

the

end

of

a

maximum

holding

period

determined

by

ReFlow

(currently

8

days)

or

at

other

times

at

ReFlow's

discretion.

For

use

of

the

ReFlow

service,

a

participating

Fund

pays

a

fee

to

ReFlow

each

time

it

purchases

Fund

shares,

calculated

by

applying

to

the

purchase

amount

a

fee

rate

determined

through

an

automated

daily

"Dutch

auction"

among

other

participating

mutual

funds

seeking

liquidity

that

day.

The

current

minimum

fee

rate

is

0.14%

of

the

value

of

the

Fund

shares

purchased

by

ReFlow,

although

the

Fund

may

submit

a

bid

at

a

higher

fee

rate

if

it

determines

that

doing

so

is

in

the

best

interest

of

Fund

shareowners.

In

accordance

with

federal

securities

laws,

ReFlow

is

prohibited

from

acquiring

more

than

3%

of

the

outstanding

voting

securities

of

a

Fund.

ReFlow

will

periodically

redeem

its

entire

share

position

in

the

Fund

and

request

that

such

redemption

be

met

in

kind

in

accordance

with

the

Funds'

in-kind

redemption

policies.

There

is

no

assurance

that

ReFlow

will

have

sufficient

funds

available

to

meet

the

Funds’

liquidity

needs

on

a

particular

day.

During

the

fiscal

year

ended

May

31,

2024

,

only

the

Growth,

International,

and

Core

Funds

participated

in

ReFlow.

Fees

associated

with

ReFlow

are

disclosed

in

the

Statements

of

Operations.

Federal

income

taxes:

Each

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.

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

(2020

−

2022)

or

expected

to

be

taken

in

the

Funds’

2023

tax

returns.

The

Funds

identify

their

major

tax

jurisdiction

as

US

federal

and

foreign

jurisdictions

where

the

Funds

make

significant

investments;

however,

the

Funds

are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

change

materially

in

the

next

12

months.

Reclassification

of

capital

accounts:

Accounting

principles

generally

accepted

in

the

United

States

of

America

require

that

certain

components

of

net

assets

relating

to

permanent

differences

be

reclassified

between

financial

and

tax

reporting.

These

reclassifications

are

as

of

the

fiscal

year

ended

November

30,

2023

,

and

have

no

effect

on

net

assets

or

NAV

per

share.

These

reclassifications

were

primarily

due

to

redemptions

in

kind

and

operating

losses

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,

if

any,

are

paid

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

Short-Term

Bond

Fund

Bond

Income

Fund

Distributable

earnings

$458

$3

Paid-in

Capital

$(458)

$(3)

Core

Fund

Global

High

Income

Fund

Distributable

earnings

$(728,625)

$(896)

Paid-in

Capital

$728,625

$896

Growth

Fund

International

Fund

Distributable

earnings

$(1,113,438)

$(1,216,988)

Paid-in

Capital

$1,113,438

$1,216,988

Note

3

–

Significant

Accounting

Policies

(continued)

Notes

To

Financial

Statements

(continued)

40

May

31,

2024

N-CSRS

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

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

Risks

A

Fund

may

invest

in

certain

debt

securities

or

other

financial

instruments

that

utilize

the

London

Interbank

Offered

Rate

(“LIBOR”)

as

a

benchmark

or

reference

rate

for

various

interest

rate

calculations.

A

benchmark

or

reference

rate

may

be

a

significant

factor

in

determining

the

cost

of

financing

to

a

Fund

or

an

investment’s

value

or

return

to

a

Fund,

and

may

be

used

in

other

ways

that

affect

a

Fund’s

investment

performance.

LIBOR

was

discontinued

as

a

floating

rate

benchmark

after

June

30,

2023.

It

is

anticipated

that

financial

instruments,

such

as

certain

floating

rate

bonds,

that

previously

utilized

LIBOR

have

transitioned

to

using

the

Secured

Overnight

Financing

Rate

(“SOFR”),

which

is

a

broad

measure

of

the

cost

of

overnight

borrowings

secured

by

US

Treasury

securities.

The

transition

from

LIBOR

to

SOFR

(or

any

other

replacement

rate)

may

lead

to

a

reduction

in

the

value

of

some

LIBOR-based

investments,

as

well

as

significant

market

uncertainty,

increased

volatility,

and

illiquidity

in

markets

for

various

instruments,

which

may

result

in

prolonged

adverse

market

conditions

and

impact

a

Fund’s

performance

or

NAV.

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

with

premiums.

Dividends

from

equity

securities

are

recorded

as

income

on

the

ex-dividend

date

or

as

soon

as

information

is

available

to

the

Fund.

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

adviser

has

undertaken

to

limit

expenses

through

March

31,

2024

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,

2024

,

the

advisory

fees

incurred

were

as

follows:

1

In

accordance

with

the

expense

limitation

noted

above,

for

the

period

ended

May

31,

2024

,

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.

SBS

is

used

to

effect

equity

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.

Advisory

Fees

Advisory

Fees

Waived

600

Short-Term

Bond

Fund

$27,275

$(16,225)

650

Bond

Income

Fund

$25,468

$(9,783)

700

Core

Fund

$59,319

n/a

750

Global

High

Income

Fund

$23,902

$(9,676)

800

Growth

Fund

$164,039

n/a

850

International

Fund

$181,027

n/a

Distribution

(12b-1)

fees

600

Short-Term

Bond

Fund

n/a

650

Bond

Income

Fund

n/a

700

Core

Fund

n/a

750

Global

High

Income

Fund

n/a

800

Growth

Fund

Z

Shares

(

SGZFX

)

n/a

800

Growth

Fund

Investor

Shares

(

SSGFX

)

$5,095

850

International

Fund

Z

Shares

(

SIFZX

)

n/a

850

International

Fund

Investor

Shares

(

SSIFX

)

$53,221

Note

3

–

Significant

Accounting

Policies

(continued)

Notes

To

Financial

Statements

(continued)

May

31,

2024

N-CSRS

41

Saturna

Trust

Company

(“STC”),

a

subsidiary

of

Saturna

Capital,

acts

as

retirement

plan

custodian

for

the

Funds.

Each

class

of

shares

of

a

Fund

pays

an

annual

fee

of

$10

per

account

for

retirement

plan

services

to

Saturna

Trust

Company.

For

the

fiscal

period

ended

May

31,

2024

,

the

Funds

incurred

the

following

retirement

plan

custodial

fees

to

STC:

Ms.

Jane

Carten

serves

as

a

trustee

and

president

of

the

Trust.

She

is

also

a

director

and

president

of

Saturna

Capital,

vice

president

of

Saturna

Trust

Company,

and

chairman

of

Saturna

Sendirian

Berhad

.

Ms.

Carten

is

not

compensated

by

the

Trust.

For

the

fiscal

period

ended

May

31,

2024

,

the

Saturna

Investment

Trust

incurred

$40,899

of

total

expenses

for

the

independent

Trustee’s

compensation

and

Trust

board

meetings.

The

Sextant

Funds

incurred

$31,718

of

these

total

expenses.

On

May

31,

2024

,

the

trustees,

officers,

and

their

affiliates

(including

Saturna

Capital

Corporation)

as

a

group,

owned

the

following

percentages

of

outstanding

shares:

The

officers

of

the

Trust

are

paid

by

Saturna

Capital

Corporation,

not

the

Trust,

except

the

Chief

Compliance

Officer,

who

is

partially

compensated

by

the

Trust.

For

the

fiscal

period

ended

May

31,

2024

,

the

Funds

paid

the

following

compensation

expenses

for

the

Chief

Compliance

Officer:

Note

5

–

Distributions

to

Shareowners

The

tax

characteristics

of

distributions

paid

for

the

fiscal

period

ended

May

31,

2024

,

and

the

year

ended

November

30,

2023

,

were

as

follows:

Note

6

–

Federal

Income

Taxes

The

cost

basis

of

investments

for

federal

income

tax

purposes

at

May

31,

2024

,

were

as

follows:

Retirement

plan

custodial

fees

600

Short-Term

Bond

Fund

(STBFX)

$1,306

650

Bond

Income

Fund

(SBIFX)

$1,087

700

Core

Fund

(SCORX)

$1,279

750

Global

High

Income

Fund

(SGHIX)

$889

1,025

Growth

Fund

Investor

Shares

(SSGFX)

n/a

1,050

Growth

Fund

Z

Shares

(SGZFX)

$3,224

1,125

International

Fund

Investor

Shares

(SSIFX)

$136

1,150

International

Fund

Z

Shares

(SIFZX)

$2,014

Trustees',

officers',

and

affiliates'

ownership

600

Short-Term

Bond

Fund(STBFX)

48.70%

650

Bond

Income

Fund(SBIFX)

40.44%

700

Core

Fund(SCORX)

35.46%

750

Global

High

Income

Fund(SGHIX)

62.51%

800

Growth

Fund(SGZFX

and

SSGFX)

20.22%

850

International

Fund(SIFZX

and

SSIFX)

29.29%

Chief

Compliance

Officer

600

Short-Term

Bond

Fund

$2,000

650

Bond

Income

Fund

$1,795

700

Core

Fund

$3,809

750

Global

High

Income

Fund

$1,766

800

Growth

Fund

$10,943

850

International

Fund

$11,461

Short-Term

Bond

Fund

May

31,

2024

November

30,

2023

Ordinary

Income

$144,338

$221,971

Bond

Income

Fund

May

31,

2024

November

30,

2023

Ordinary

Income

$148,758

$279,913

Core

Fund

May

31,

2024

November

30,

2023

Ordinary

Income

$351,859

$250,849

Long-term

capital

gain

1

$–

$31,225

Global

High

Income

Fund

May

31,

2024

November

30,

2023

Ordinary

Income

$401,403

$305,551

Growth

Fund

May

31,

2024

November

30,

2023

Ordinary

Income

$32,415

$–

Long-term

capital

gain

1

$–

$1,301,342

International

Fund

May

31,

2024

November

30,

2023

Ordinary

Income

$288,643

$–

1

Long-Term

Capital

Gain

dividend

designated

at

20%

rate

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code.

Short-Term

Bond

Fund

Bond

Income

Fund

Cost

of

investments

$10,593,231

$10,857,902

Gross

tax

unrealized

appreciation

$1,157

$8,290

Gross

tax

unrealized

depreciation

$(253,914)

$(1,630,571)

Net

tax

unrealized

depreciation

$(252,757)

$(1,622,281)

Core

Fund

Global

High

Income

Fund

Cost

of

investments

$18,475,529

$7,677,792

Gross

tax

unrealized

appreciation

$5,736,933

$1,072,686

Gross

tax

unrealized

depreciation

$(658,569)

$(868,603)

Net

tax

unrealized

appreciation

$5,078,364

$204,083

Growth

Fund

International

Fund

Cost

of

investments

$25,272,916

$37,174,997

Gross

tax

unrealized

appreciation

$41,499,078

$37,577,098

Gross

tax

unrealized

depreciation

$(121,554)

$(571,985)

Net

tax

unrealized

appreciation

$41,377,524

$37,005,113

Note

4

–

Transactions

with

Affiliated

Persons

(continued)

Notes

To

Financial

Statements

(continued)

42

May

31,

2024

N-CSRS

As

of

November

30,

2023

,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

At

November

30,

2023

,

the

Funds

had

the

following

capital

loss

carryforwards

and

loss

deferrals,

subject

to

regulation.

Loss

carryforwards

may

be

used

to

offset

future

net

capital

gains

realized

for

federal

income

tax

purposes.

Note

7

–

Investments

Investment

transactions

other

than

short-term

investments

and

redemptions

in-kind

for

the

fiscal

year

ended

May

31,

2024

,

were

as

follows:

Redemptions

in-kind

for

the

fiscal

period

ended

May

31,

2024

,

were

as

follows:

Note

8

–

Custodian

Under

agreements

in

place

with

the

Trust’s

custodian,

UMB

Bank,

custody

fees

are

reduced

by

credits

for

cash

balances.

For

the

fiscal

period

ended

May

31,

2024

,

such

reductions

were

as

follows:

Note

9

–

Subsequent

Events

There

were

no

other

events

or

transactions

during

the

period

that

materially

impacted

the

amounts

or

disclosures

in

the

Fund’s

financial

statements.

Short-Term

Bond

Fund

Accumulated

capital

and

other

losses

$(140,543)

Tax

accumulated

earnings

$(140,543)

Unrealized

Depreciation

$(312,777)

Total

accumulated

earnings

$(453,320)

Bond

Income

Fund

Accumulated

capital

and

other

losses

$(16,324)

Tax

accumulated

earnings

$(16,324)

Unrealized

Depreciation

$(1,638,070)

Total

accumulated

earnings

$(1,654,394)

Core

Fund

Undistributed

ordinary

income

$331,689

Accumulated

capital

gains

$

(8,009)

Tax

accumulated

earnings

$323,680

Unrealized

Appreciation

$3,622,380

Other

unrealized

accumulated

losses

$(9)

Total

accumulated

earnings

$3,946,051

Global

High

Income

Fund

Undistributed

ordinary

income

$401,917

Accumulated

capital

and

other

losses

$(15,483)

Tax

accumulated

earnings

$386,434

Unrealized

Depreciation

$(584,593)

Other

unrealized

accumulated

losses

$(23)

Total

accumulated

earnings

$(198,182)

Growth

Fund

Accumulated

capital

gains

$(252,087)

Tax

accumulated

earnings

$(252,087)

Unrealized

Appreciation

$36,372,431

Total

accumulated

earnings

$36,120,344

International

Fund

Undistributed

ordinary

income

$194,146

Accumulated

capital

and

other

losses

$(544,256)

Tax

accumulated

earnings

$(350,110)

Unrealized

Appreciation

$30,551,624

Other

unrealized

accumulated

losses

$1,985

Total

accumulated

earnings

$30,203,499

Short-Term

Bond

Fund

Bond

Income

Fund

Short

term

loss

carryforward

$47,267

$–

Long

term

loss

carryforward

$93,276

$16,324

Total

Capital

loss

carryforward

$140,543

$16,324

Core

Fund

Global

High

Income

Fund

Short

term

loss

carryforward

$8,009

$–

Long

term

loss

carryforward

$–

$15,483

Total

Capital

loss

carryforward

$8,009

$15,483

Growth

Fund

International

Fund

Short

term

loss

carryforward

$252,087

$544,256

Total

Capital

loss

carryforward

$252,087

$544,256

Purchases

Sales

600

Short-Term

Bond

Fund

$2,143,506

$1,135,000

650

Bond

Income

Fund

$787,687

$375,000

700

Core

Fund

$3,341,096

$2,781,769

750

Global

High

Income

Fund

$172,558

$402,402

800

Growth

Fund

$3,870,205

$5,096,815

850

International

Fund

$9,102,797

$4,366,133

Purchases

Sales

700

Core

Fund

$–

$292,024

800

Growth

Fund

$–

$2,230,362

850

International

Fund

$–

$526,557

Custodian

Fee

Credits

600

Short-Term

Bond

Fund

$221

650

Bond

Income

Fund

$207

700

Core

Fund

$510

750

Global

High

Income

Fund

$337

800

Growth

Fund

$1,328

850

International

Fund

$3,554

Note

6

–

Federal

Income

Taxes

(continued)

May

31,

2024

N-CSRS

43

Availability

of

Quarterly

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

their

reports

on

Form

N-PORT.

(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

posts

a

complete

schedule

of

portfolio

holdings

after

the

end

of

each

month,

available

to

investors

at

www.

sextantfunds.com.

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.

Table

of

Contents:

2

Morningstar

Ratings

3

Sustainable

Equity

Fund

4

Schedule

of

Investments

4

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations

7

Statement

of

Changes

in

Net

Assets

8

Financial

Highlights

9

Sustainable

Bond

Fund

10

Schedule

of

Investments

10

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations

13

Statement

of

Changes

in

Net

Assets

14

Financial

Highlights

15

Notes

To

Financial

Statements

16

Note

1

–

Organization

16

Note

2

–

Unaudited

Information

16

Note

3

–

Significant

Accounting

Policies

16

Note

4

–

Transactions

with

Affiliated

Persons

19

Note

5

–

Distributions

to

Shareowners

20

Note

6

–

Federal

Income

Taxes

20

Note

7

–

Investments

20

Note

8

–

Custodian

20

Note

9

–

Subsequent

Events

20

Summary

Information

21

May

31,

2024

N-CSRS

3

Morningstar

Rating

(as

of

June

30,

2024)

The

Morningstar

Sustainability

Rating

and

the

Morningstar

Portfolio

Sustainability

Score

are

not

based

on

fund

performance

and

are

not

equivalent

to

the

Morningstar

Rating

("Star

Rating").

©

2024

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.

A

Morningstar

Ratings™

("Star

Ratings")

are

as

of

June

30,

2024

.

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.

B

Morningstar

Sustainability

Ratings

are

as

of

May

31,

2024

.

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

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

92%

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.

Morningstar™

Ratings

A

1

Year

3

Year

5

Year

Overall

Sustainability

Rating™

B

Saturna

Sustainable

Equity

Fund

–

“Global

Large-Stock

Blend”

Category

SEEFX

n/a







%

Rank

in

Category

45

74

55

74

3

Number

of

Funds

in

Category

349

329

299

329

8,247

Saturna

Sustainable

Bond

Fund

–

“Global

Bond”

Category

SEBFX

n/a







%

Rank

in

Category

52

25

17

25

7

Number

of

Funds

in

Category

164

163

142

163

2,454

Schedule

of

Investments

As

of

May

31,

2024

Sustainable

Equity

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

4

May

31,

2024

N-CSRS

Continued

on

next

page.

Common

Stock

-

90

.0

%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Consumer

Discretionary

Home

Products

Stores

Home

Depot

1,500

$

279,738

$

502,305

United

States

2.0%

Lowe's

2,400

326,722

531,096

United

States

2.2%

Tractor

Supply

2,500

453,570

713,225

United

States

2.9%

1,060,030

1,746,626

7.1%

Specialty

Apparel

Stores

Lululemon

Athletica

2

900

302,269

280,791

United

States

1.2%

TJX

Companies

5,000

238,192

515,500

United

States

2.1%

540,461

796,291

3.3%

1,600,491

2,542,917

10.4%

Consumer

Staples

Packaged

Food

Danone

ADR

31,200

422,528

402,792

France

1.6%

Personal

Care

Products

Haleon

ADR

11,500

84,284

97,060

United

Kingdom

0.4%

Kenvue

4,289

84,901

82,778

United

States

0.3%

L'Oreal

ADR

5,400

297,824

532,062

France

2.1%

Reckitt

Benckiser

Group

ADR

16,700

280,226

191,883

United

Kingdom

0.8%

Unicharm

ADR

40,500

326,015

262,440

Japan

1.1%

Unilever

ADR

6,600

340,612

361,350

United

Kingdom

1.5%

1,413,862

1,527,573

6.2%

1,836,390

1,930,365

7.8%

Financials

Consumer

Finance

Paypal

2

2,900

674,351

182,671

United

States

0.7%

Life

Insurance

Aviva

ADR

45,600

416,983

568,176

United

Kingdom

2.3%

Other

Financial

Services

Mastercard,

Class

A

860

171,375

384,480

United

States

1.6%

P&C

Insurance

Chubb

2,000

287,787

541,640

Switzerland

2.2%

1,550,496

1,676,967

6.8%

Health

Care

Biotech

BioNTech

SE

2

800

125,059

80,480

Germany

0.3%

Large

Pharma

Eli

Lilly

900

514,269

738,306

United

States

3.0%

GlaxoSmithKline

ADR

9,200

369,834

411,884

United

Kingdom

1.7%

Novartis

ADR

4,300

374,482

443,459

Switzerland

1.8%

Novo

Nordisk

ADR

10,200

324,489

1,379,856

Denmark

5.6%

Roche

Holding

ADR

9,000

406,003

288,090

Switzerland

1.2%

Sandoz

Group

AG-ADR

860

20,210

30,521

Switzerland

0.1%

2,009,287

3,292,116

13.4%

2,134,346

3,372,596

13.7%

Industrials

Commercial

&

Residential

Building

Equipment

&

Systems

Assa

Abloy

ADR

44,500

515,234

650,590

Sweden

2.6%

Legrand

6,200

520,793

673,555

France

2.7%

1,036,027

1,324,145

5.3%

Schedule

of

Investments

As

of

May

31,

2024

Sustainable

Equity

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSRS

5

Continued

on

next

page.

Common

Stock

-

90.0%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Industrials

(continued)

Electrical

Components

TE

Connectivity

3,200

$

356,052

$

479,040

Switzerland

2.0%

Electrical

Power

Equipment

Schneider

Electric

ADR

17,100

424,554

852,606

France

3.5%

Siemens

ADR

5,300

361,107

511,609

Germany

2.1%

785,661

1,364,215

5.6%

Industrial

Wholesale

&

Rental

Ferguson

2,500

413,249

514,350

United

States

2.1%

2,590,989

3,681,750

15.0%

Materials

Agricultural

Chemicals

Corteva

3,000

180,769

167,820

United

States

0.7%

Specialty

Chemicals

Ecolab

1,500

237,915

348,300

United

States

1.4%

418,684

516,120

2.1%

Technology

Application

Software

Adobe

2

1,000

108,410

444,760

United

States

1.8%

Dassault

Systemes

ADR

9,100

194,033

368,914

France

1.5%

302,443

813,674

3.3%

Communications

Equipment

Apple

3,028

83,313

582,133

United

States

2.4%

Consumer

Electronics

Nintendo

ADR

56,625

633,295

768,968

Japan

3.1%

Sony

ADR

4,000

261,557

329,360

Japan

1.4%

894,852

1,098,328

4.5%

Electronics

Components

Murata

Manufacturing

12,000

203,199

227,158

Japan

0.9%

Infrastructure

Software

Microsoft

1,438

62,724

596,957

United

States

2.4%

ServiceNow

2

650

392,951

427,004

United

States

1.8%

455,675

1,023,961

4.2%

IT

Services

Accenture,

Class

A

1,600

275,166

451,664

Ireland

1.8%

CGI

Group

Class

A

2

6,000

421,997

592,494

Canada

2.4%

Wolters

Kluwer

5,000

371,604

797,852

Netherlands

3.3%

1,068,767

1,842,010

7.5%

Semiconductor

Devices

NVIDIA

1,000

479,045

1,096,330

United

States

4.4%

NXP

Semiconductors

1,960

215,841

533,316

Netherlands

2.2%

STMicroelectronics

ADR

9,000

381,679

377,730

Switzerland

1.5%

1,076,565

2,007,376

8.1%

Semiconductor

Manufacturing

Taiwan

Semiconductor

ADR

5,325

406,030

804,288

Taiwan

3.3%

4,490,844

8,398,928

34.2%

Total

Common

Stock

$14,622,240

$

22,119,643

90.0%

Government

Bonds

-

6

.3

%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Government

United

States

Cash

Management

Bill

–%

due

06/27/2024

900,000

896,844

United

States

3.7%

Schedule

of

Investments

As

of

May

31,

2024

Sustainable

Equity

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

May

31,

2024

N-CSRS

Government

Bonds

-

6.3%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Government

(continued)

United

States

Cash

Management

Bill

–%

due

06/06/2024

$

650,000

$

649,717

United

States

3

2.6%

Total

Government

Bonds

(Cost

$1,546,114)

$

1,546,561

6.3%

Total

investments

(Cost

$16,168,354)

$

23,666,204

96.3%

Other

assets

(net

of

liabilities)

921,447

3.7%

Total

net

assets

$

24,587,651

100.0%

1

Country

of

domicile

unless

otherwise

indicated

2

Non-income

producing

3

Country

of

domicile

ADR:

American

Depositary

Receipt

Sustainable

Equity

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSRS

7

Statement

of

Assets

and

Liabilities

Statement

of

Operations

As

of

May

31,

2024

Assets

Investments

in

securities,

at

value

(Cost

$16,168,354)

$

23,666,204

Cash

850,429

Dividends

receivable

80,920

Prepaid

expenses

9,514

Receivable

for

Fund

shares

sold

1,687

Total

assets

24,608,754

Liabilities

Accrued

advisory

fees

8,462

Accrued

audit

expenses

6,881

Accrued

trustee

expenses

2,205

Accrued

retirement

plan

custody

fee

847

Accrued

Chief

Compliance

Officer

expenses

638

Accrued

legal

expenses

632

Payable

for

Fund

shares

redeemed

101

Accrued

other

operating

expenses

1,337

Total

liabilities

21,103

Net

assets

$24,587,651

Analysis

of

net

assets

Paid-in

capital

(unlimited

shares

authorized,

without

par

value)

$17,827,144

Total

distributable

earnings

6,760,507

Net

assets

applicable

to

Fund

shares

outstanding

$24,587,651

Fund

shares

outstanding

1,295,691

Net

asset

value,

offering,

and

redemption

price

per

share

$18.98

Period

ended

May

31,

2024

Investment

income

Dividend

Income

(Net

of

foreign

tax

of

$26,367)

$

210,243

Interest

income

2,378

Miscellaneous

income

14

Total

investment

income

212,635

Expenses

Investment

advisory

fees

75,568

Filing

and

registration

fees

13,899

Audit

fees

6,222

Trustee

fees

3,737

Chief

Compliance

Officer

expenses

3,720

Legal

fees

3,055

Retirement

plan

custodial

fees

917

Custodian

fees

717

Other

operating

expenses

2,187

Total

gross

expenses

110,022

Less

adviser

fees

waived

(22,111)

Less

custodian

fee

credits

(717)

Net

expenses

87,194

Net

investment

income

$125,441

Net

realized

loss

from

investments

and

foreign

currency

$(228,462)

Net

i

ncrease

in

unrealized

appreciation

on

investments

and

foreign

currency

2,948,981

Net

gain

on

investments

2,720,519

Net

increase

in

net

assets

resulting

from

operations

$2,845,960

Sustainable

Equity

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

8

May

31,

2024

N-CSRS

Statements

of

Changes

in

Net

Assets

Period

ended

May

31,

2024

Year

ended

November

30,

2023

Increase

in

net

assets

from

operations

From

operations

Net

investment

income

$125,441

$220,519

Net

realized

loss

on

investments

and

foreign

currency

(228,462)

(449,805)

Net

increase

in

unrealized

appreciation

on

investments

and

foreign

currency

2,948,981

2,164,681

Net

increase

in

net

assets

2,845,960

1,935,395

Distributions

to

shareowners

from

Net

dividend

and

distribution

to

shareholders

(219,353)

(177,042)

Capital

share

transactions

Proceeds

from

the

sale

of

shares

1,289,994

2,443,907

Value

of

shares

issued

in

reinvestment

of

dividends

and

distributions

219,353

176,949

Cost

of

shares

redeemed

(865,584)

(2,844,207)

Total

capital

shares

transactions

643,763

(223,351)

Total

increase

in

net

assets

3,270,370

1,535,002

Net

assets

Beginning

of

period

21,317,281

19,782,279

End

of

period

$24,587,651

$21,317,281

Shares

of

the

Fund

sold

and

redeemed

Sustainable

Equity

(SEEFX)

Number

of

shares

sold

70,924

151,731

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

12,563

11,688

Number

of

shares

redeemed

(48,120)

(180,213)

Net

increase

(decrease)

in

number

of

shares

outstanding

35,367

(16,794)

–

–

Sustainable

Equity

Fund:

Financial

Highlights

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSRS

9

tin

Sustainable

Equity

(SEEFX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

period:

Period

ended

May

31,

2024

Year

ended

November

30,

2023

2022

2021

2020

2019

A

A

A

A

A

A

A

Net

asset

value

at

beginning

of

period

$16.91

$15.49

$18.55

$16.72

$13.58

$11.51

Income

from

investment

operations

Net

investment

income

0.10

0.17

0.14

0.13

0.10

0.09

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

2.15

1.39

(3.08)

1.76

3.11

2.08

Total

from

investment

operations

2.25

1.56

(2.94)

1.89

3.21

2.17

Less

distributions

Dividends

(from

net

investment

income)

(0.18)

(0.14)

(0.12)

(0.06)

(0.07)

(0.10)

Total

distributions

(0.18)

(0.14)

(0.12)

(0.06)

(0.07)

(0.10)

Net

asset

value

at

end

of

period

$18.98

$16.91

$15.49

$18.55

$16.72

$13.58

Total

Return

A

13.37%

10.18%

(15.96)%

11.32%

23.74%

19.04%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

period

$24,588

$21,317

$19,782

$25,375

$16,834

$8,185

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

B

0.95%

0.97%

0.93%

0.85%

0.78%

1.81%

After

advisory

fees

waiver

B

0.76%

0.76%

0.76%

0.76%

0.75%

0.78%

After  custodian

fee

credits

B

0.75%

0.75%

0.75%

0.75%

0.73%

0.75%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

B

1.08%

1.10%

0.84%

0.71%

0.61%

0.80%

Portfolio

turnover

rate

A

6%

3%

9%

8%

13%

13%

A

Not

annualized

for

period

of

less

than

one

year

B

Annualized

for

periods

of

less

than

one

year

Schedule

of

Investments

As

of

May

31,

2024

Sustainable

Bond

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

May

31,

2024

N-CSRS

Continued

on

next

page.

Corporate

Bonds

-

57

.1

%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Koninklijke

KPN

8.375%

due

10/01/2030

$

750,000

$

859,846

Netherlands

2.6%

Consumer

Discretionary

Starbucks

2.450%

due

06/15/2026

1,200,000

1,135,888

United

States

3.4%

Consumer

Staples

Coty

2

4.750%

due

04/15/2026

EUR

750,000

810,814

United

States

2.4%

Coty

3

5.000%

due

04/15/2026

131,000

129,039

United

States

0.4%

939,853

2.8%

Financials

AXA

2,4

5.125%

due

01/17/2027

1,250,000

1,223,563

France

3.7%

Canadian

Imperial

Bank

5

4.375%

due

10/28/2080

CAD

2,100,000

1,494,884

Canada

4.5%

Commonwealth

Bank

Australia

(Quarterly

BBSW

plus

0.41%)

6

4.731%

due

12/23/2026

AUD

850,000

562,224

Australia

1.7%

First

Abu

Dhabi

Bank

PJSC

2

5.125%

due

10/13/2027

1,250,000

1,243,428

United

Arab

Emirates

3.7%

MAF

Sukuk

2

4.638%

due

05/14/2029

800,000

769,000

United

Arab

Emirates

2.3%

Munich

RE

2,7

1.000%

due

05/26/2042

EUR

1,400,000

1,192,778

Germany

3.6%

State

Street

(Quarterly

US

LIBOR

plus

100)

6

6.552%

due

06/15/2047

700,000

602,138

United

States

1.8%

Toronto-Dominion

Bank

2

1.128%

due

12/09/2025

CAD

500,000

347,856

Canada

1.0%

Women's

Livelihood

Bond

Asset

II

B

3

3.950%

due

12/10/2024

600,000

568,697

Singapore

1.7%

Women's

Livelihood

Bond

Asset

II

C

3

3.900%

due

12/23/2025

500,000

470,933

Singapore

1.4%

8,475,501

25.4%

Health

Care

Koninklijke

Philips

7.125%

due

05/15/2025

1,000,000

1,010,266

Netherlands

3.0%

Novartis

Capital

3.000%

due

11/20/2025

250,000

242,872

Switzerland

0.7%

Roche

3

2.625%

due

05/15/2026

200,000

190,928

Switzerland

0.6%

1,444,066

4.3%

Industrials

Odfjell

SE

(Quarterly

NIBOR

plus

5.75%)

2,6

10.260%

due

01/21/2025

NOK

6,000,000

590,208

Norway

1.8%

Materials

Stora

Enso

OYJ

2

7.250%

due

04/15/2036

300,000

312,517

Finland

1.0%

Stora

Enso

OYJ

3

7.250%

due

04/15/2036

200,000

208,345

Finland

0.6%

520,862

1.6%

Real

Estate

MAF

Global

Securities

2,8,9

7.875%

due

PERP

1,200,000

1,225,459

United

Arab

Emirates

3.7%

Prologis

1.250%

due

10/15/2030

500,000

395,577

United

States

1.2%

1,621,036

4.9%

Technology

Microsoft

5.300%

due

02/08/2041

500,000

526,767

United

States

1.6%

Nokia

OYJ

2

2.375%

due

05/15/2025

EUR

1,000,000

1,067,417

Finland

3.2%

RELX

4.000%

due

03/18/2029

400,000

381,516

United

Kingdom

1.1%

1,975,700

5.9%

Utilities

United

Utilities

6.875%

due

08/15/2028

1,400,000

1,472,505

United

Kingdom

4.4%

Total

Corporate

Bonds

(Cost

$19,714,907)

$

19,035,465

57.1%

Schedule

of

Investments

As

of

May

31,

2024

Sustainable

Bond

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSRS

11

Continued

on

next

page.

BBSW:

Bank

Bill

Swap

Rate

LIBOR:

London

Interbank

Offered

Rates

NIBOR:

Norwegian

Interbank

Offered

Rates

Government

Bonds

-

30

.9

%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Financials

Federal

Home

Loan

Bank

1.650%

due

10/06/2031

$

500,000

$

400,839

United

States

1.2%

Government

Asian

Development

Bank

6.000%

due

02/05/2026

BRL

7,500,000

1,339,413

Philippines

4.0%

European

Bk

Recon

&

Dev

5.000%

due

01/27/2025

BRL

2,000,000

369,251

United

Kingdom

1.1%

Export-Import

Bank

Korea

5.125%

due

01/11/2033

500,000

498,305

Korea

1.5%

Inter-American

Devel

BK

7.500%

due

12/05/2024

MXN

25,000,000

1,443,801

United

States

4.3%

International

Finance

12.000%

due

11/03/2027

COP

3,000,000,000

816,083

United

States

10

2.4%

Int'l

Bk

Recon

&

Develop

4.250%

due

01/22/2026

MXN

30,000,000

1,598,762

Germany

4.8%

Int'l

Bk

Recon

&

Develop

5.000%

due

10/07/2026

COP

6,000,000,000

1,392,792

Germany

4.2%

Ontario

2.650%

due

02/05/2025

CAD

500,000

361,871

Canada

1.1%

Perusahaan

Penerbit

SBSN

2

3.550%

due

06/09/2051

500,000

358,387

Indonesia

1.1%

Queensland

Treasury

2.500%

due

03/06/2029

AUD

750,000

456,391

Australia

1.4%

Republic

of

Chile

4.340%

due

03/07/2042

500,000

426,910

Chile

1.3%

United

Kingdom

Gilt

2

0.875%

due

07/31/2033

GBP

250,000

237,294

United

Kingdom

0.7%

United

States

Treasury

Bond

3.250%

due

05/15/2042

750,000

615,000

United

States

1.8%

9,914,260

29.7%

Total

Government

Bonds

(Cost

$10,404,367)

$

10,315,099

30.9%

Municipals

Bonds

-

4

.5

%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Real

Estate

New

York

City

NY

Hsg

Dev

Corp

6

3.300%

due

05/01/2062

1,250,000

1,250,000

United

States

3.7%

New

York

City

NY

Hsg

Dev

6,11

3.300%

due

05/01/2062

250,000

250,000

United

States

0.8%

Total

Municipals

Bonds

(Cost

$1,500,000)

$

1,500,000

4.5%

Total

investments

(Cost

$31,619,274)

$

30,850,564

92.5%

Other

assets

(net

of

liabilities)

2,492,676

7.5%

Total

net

assets

$

33,343,240

100.0%

1

Denotes

a

country

or

region

of

primary

exposure

2

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

a

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

These

Securities

have

been

deemed

liquid

under

guidelines

approved

by

the

Trust's

Board

of

Trustees.

At

May

31,

2024,

the

aggregate

value

of

these

securities

was

$9,378,721

representing

28.2%

of

total

net

assets.

3

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

public

offering

registered

under

the

Securities

Act

of

1933.

These

securities

have

been

deemed

liquid

under

guidelines

approved

by

the

Trust's

Board

of

Trustees.

At

May

31,

2024,

the

aggregate

value

of

these

securities

was

$1,567,942

representing

4.7%

of

total

net

assets.

4

AXA

is

a

fixed

to

float

bond.

The

bond

has

a

fixed

rate

until

01/17/2027.

The

interest

rate

represents

the

rate

in

effect

at

May

31,

2024.

5

Canadian

Imperial

Bank

is

a

fixed

to

float

bond.

The

bond

has

a

fixed

rate

until

10/28/2025.

The

interest

rate

represents

the

rate

in

effect

at

May

31,

2024.

6

Variable

rate

security.

The

interest

rate

represents

the

rate

in

effect

at

May

31,

2024

and

resets

periodically

based

on

the

parenthetically

disclosed

reference

rate

and

spread.

7

Munich

RE

is

a

fixed

to

float

bond.

The

bond

has

a

fixed

rate

until

05/26/2032.

The

interest

rate

represents

the

rate

in

effect

at

May

31,

2024.

8

Security

is

perpetual

in

nature

with

no

stated

maturity

date.

9

Coupon

rates

for

floating

and

adjustable

rate

securities

reflect

the

rates

in

effect

at

period

end.

10

Country

of

domicile

11

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

LIBOR:

London

Interbank

Offered

Rates

Schedule

of

Investments

As

of

May

31,

2024

Sustainable

Bond

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

May

31,

2024

N-CSRS

AUD

:

Australia

Dollar

BRL

:

Brazil

Real

CAD

:

Canada

Dollar

COP

:

Colombia

Peso

EUR

:

Euro

Dollar

GBP

:

United

Kingdom

Pound

MXN

:

Mexico

Nuevo

Peso

NOK

:

Norway

Krone

USD

:

United

States

Dollar

Sustainable

Bond

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSRS

13

Statement

of

Assets

and

Liabilities

Statement

of

Operations

As

of

May

31,

2024

Assets

Investments

in

securities,

at

value

(Cost

$31,619,274)

$

30,850,564

Cash

1,901,165

Interest

receivable

437,493

Receivable

for

Fund

shares

sold

165,186

Prepaid

expenses

10,842

Total

assets

33,365,250

Liabilities

Accrued

advisory

fees

9,863

Accrued

trustee

expenses

3,198

Accrued

audit

expenses

2,008

Accrued

legal

expenses

995

Accrued

Chief

Compliance

Officer

expenses

921

Accrued

retirement

plan

custody

fee

507

Accrued

other

operating

expenses

1,659

Accrued

printing

fees

2,859

Total

liabilities

22,010

Net

assets

$33,343,240

Analysis

of

net

assets

Paid-in

capital

(unlimited

shares

authorized,

without

par

value)

$35,630,356

Total

distributable

earnings

(2,287,116)

Net

assets

applicable

to

Fund

shares

outstanding

$33,343,240

Fund

shares

outstanding

3,611,407

Net

asset

value,

offering,

and

redemption

price

per

share

$9.23

Period

ended

May

31,

2024

Investment

income

Interest

income

$

777,016

Total

investment

income

777,016

Expenses

Investment

advisory

fees

86,593

Filing

and

registration

fees

14,382

Audit

fees

9,234

Chief

Compliance

Officer

expenses

5,644

Trustee

fees

5,444

Legal

fees

4,530

Custodian

fees

2,797

Retirement

plan

custodial

fees

567

Other

operating

expenses

4,068

Total

gross

expenses

133,259

Less

adviser

fees

waived

(28,126)

Less

custodian

fee

credits

(2,797)

Net

expenses

102,336

Net

investment

income

$674,680

Net

realized

loss

from

investments

and

foreign

currency

$(34,728)

Net

de

crease

in

unrealized

depreciation

on

investments

and

foreign

currency

294,952

Net

gain

on

investments

260,224

Net

increase

in

net

assets

resulting

from

operations

$934,904

Sustainable

Bond

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

May

31,

2024

N-CSRS

Statements

of

Changes

in

Net

Assets

Period

ended

May

31,

2024

Year

ended

November

30,

2023

Increase

in

net

assets

from

operations

From

operations

Net

investment

income

$674,680

$1,148,799

Net

realized

loss

on

investments

and

foreign

currency

(34,728)

(1,123,261)

Net

decrease

in

unrealized

de

preciation

on

investments

and

foreign

currency

294,952

914,606

Net

increase

in

net

assets

934,904

940,144

Distributions

to

shareowners

from

Net

dividend

and

distribution

to

shareholders

(1,086,688)

(183,662)

Capital

share

transactions

Proceeds

from

the

sale

of

shares

5,463,352

7,936,631

Value

of

shares

issued

in

reinvestment

of

dividends

and

distributions

1,083,701

182,968

Cost

of

shares

redeemed

(2,507,354)

(8,125,858)

Total

capital

shares

transactions

4,039,699

(6,259)

Total

increase

in

net

assets

3,887,915

750,223

Net

assets

Beginning

of

period

29,455,325

28,705,102

End

of

period

$33,343,240

$29,455,325

Shares

of

the

Fund

sold

and

redeemed

Sustainable

Bond

(SEBFX)

Number

of

shares

sold

591,778

863,856

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

117,922

20,330

Number

of

shares

redeemed

(271,556)

(894,442)

Net

increase

(decrease)

in

number

of

shares

outstanding

438,144

(10,256)

–

–

Sustainable

Bond

Fund:

Financial

Highlights

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2024

N-CSRS

15

tin

Sustainable

Bond

(SEBFX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

period:

Period

ended

May

31,

2024

Year

ended

November

30,

2023

2022

2021

2020

2019

A

A

A

A

A

A

A

Net

asset

value

at

beginning

of

period

$9.28

$9.02

$10.02

$10.25

$9.70

$9.39

Income

from

investment

operations

Net

investment

income

0.20

0.36

0.22

0.20

0.23

0.28

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

0.09

(0.04)

(0.98)

(0.42)

0.42

0.29

Total

from

investment

operations

0.29

0.32

(0.76)

(0.22)

0.65

0.57

Less

distributions

Dividends

(from

net

investment

income)

(0.34)

(0.06)

(0.05)

(0.01)

(0.10)

(0.26)

Distributions

(from

capital

gains)

–

–

(0.19)

–

–

–

Total

distributions

(0.34)

(0.06)

(0.24)

(0.01)

(0.10)

(0.26)

Net

asset

value

at

end

of

period

$9.23

$9.28

$9.02

$10.02

$10.25

$9.70

Total

Return

A

3.14%

3.55%

(7.83)%

(2.14)%

6.78%

6.09%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

period

$33,343

$29,455

$28,705

$26,048

$21,973

$27,775

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

B

0.85%

0.83%

0.74%

0.86%

0.85%

0.83%

After

advisory

fees

waiver

B

0.67%

0.67%

0.66%

0.66%

0.67%

0.66%

After  custodian

fee

credits

B

0.65%

0.65%

0.65%

0.65%

0.65%

0.65%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

B

4.30%

3.89%

2.35%

1.99%

2.33%

2.87%

Portfolio

turnover

rate

A

7%

54%

80%

65%

63%

38%

A

Not

annualized

for

period

of

less

than

one

year

B

Annualized

for

periods

of

less

than

one

year

Notes

To

Financial

Statements

16

May

31,

2024

N-CSRS

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.

The

Trust

currently

offers

shares

of

eight

portfolio

series,

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,

and

Sextant

International

Fund

are

offered

through

separate

prospectuses

and

have

a

separate

shareholder

report.

Saturna

Sustainable

Equity

Fund

and

Saturna

Sustainable

Bond

Fund

commenced

operations

on

March

27,

2015.

Each

Fund

is

an

investment

company

and

accordingly

follows

the

investment

company

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standard

Codification

Topic

946

“Financial

Services

–

Investment

Companies”.

Investment

risks:

Sustainable

Equity

Fund

and

Sustainable

Bond

Fund

:

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.

The

Fund’s

adviser

employs

a

proprietary

sustainable

rating

system

based

on

its

own,

as

well

as

third-party,

data

to

identify

issuers

believed

to

present

low

environmental,

social,

and

governance

(ESG)

risks.

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.

Sustainable

Bond

Fund

:

The

risks

inherent

in

the

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

financially

strong

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

subject

to

independent

audit.

Note

3

–

Significant

Accounting

Policies

The

following

is

a

summary

of

the

significant

accounting

policies,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America,

which

are

consistently

followed

by

the

Funds

in

preparation

of

their

financial

statements.

Security

valuation:

Investments

in

securities

traded

on

a

national

securities

exchange

and

over-the-counter

securities

for

which

sale

prices

are

available

are

valued

at

that

price.

Securities

for

which

there

are

no

sales

are

valued

at

the

latest

bid

price.

Debt

securities

are

valued

using

bid-side

valuations

provided

by

an

independent

service.

The

service

determines

valuations

using

factors

such

as

yields

or

prices

of

bonds

of

comparable

quality,

type

of

issue,

coupon

maturity,

ratings,

trading

activity,

and

general

market

conditions.

Notes

To

Financial

Statements

(continued)

May

31,

2024

N-CSRS

17

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.

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

the

Funds'

investment

adviser

(Saturna

Capital),

whom

the

Board

of

Trustees

has

designated

as

the

Funds’

valuation

designee

to

perform

fair

value

determinations

relating

to

all

Fund

investments.

Security

transactions

are

recorded

on

the

trade

date.

Realized

gains

and

losses

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

Foreign

currency:

Investment

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

US

dollar

amounts

at

the

date

of

valuation.

Purchases

and

sales

of

investment

securities

and

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

US

dollar

amounts

on

the

respective

dates

of

such

transactions.

The

Funds

do

not

isolate

that

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

market

prices

of

securities

held.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

or

loss

from

investments.

Reported

net

realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions,

and

the

difference

between

the

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

recorded

on

the

Funds’

books

and

the

US

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

the

fair

values

of

assets

and

liabilities,

other

than

investments

in

securities

at

fiscal

period

end,

resulting

from

changes

in

exchange

rates.

Share

valuation:

Each

Fund

computes

the

share

price

of

each

share

class

by

dividing

the

net

assets

attributable

to

each

share

class

by

the

outstanding

shares

of

that

class.

Each

share

class

represents

an

interest

in

the

same

investment

portfolio.

Each

share

class

is

identical

in

all

respects

except

that

each

class

bears

its

own

class

expenses,

and

each

class

has

exclusive

voting

rights

on

matters

affecting

that

class.

As

a

result

of

the

differences

in

the

expenses

borne

by

each

share

class,

the

share

price

and

distributions

will

vary

among

a

Fund’s

share

classes.

The

Funds’

shares

are

not

priced

or

traded

on

days

the

New

York

Stock

Exchange

is

closed.

The

NAV

is

both

the

offering

and

redemption

price

per

share. 

Share

Valuation

Inputs

as

of

May

31,

2024

Level

1

Level

2

Level

3

Funds

Quoted

Price

Significant

Observable

Input

Significant

Unobservable

Input

Total

Sustainable

Equity

Fund

Common

Stock

Consumer

Discretionary

$2,542,917

$–

$–

$2,542,917

Consumer

Staples

$1,930,365

$–

$–

$1,930,365

Financials

$1,676,967

$–

$–

$1,676,967

Health

Care

$3,372,596

$–

$–

$3,372,596

Industrials

$3,008,195

$673,555

$–

$3,681,750

Materials

$516,120

$–

$–

$516,120

Technology

$7,373,918

$1,025,010

$–

$8,398,928

Total

Common

Stock

$20,421,078

$1,698,565

$–

$22,119,643

Government

Bonds

1

$–

$1,546,561

$–

$1,546,561

Total

Assets

$20,421,078

$3,245,126

$–

$23,666,204

Sustainable

Bond

Fund

Corporate

Bonds

1

$–

$19,035,465

$–

$19,035,465

Government

Bonds

Financials

$–

$400,839

$–

$400,839

Government

$–

$9,098,177

$816,083

$9,914,260

Total

Government

Bonds

$–

$9,499,016

$816,083

$10,315,099

Municipals

Bonds

1

$–

$1,500,000

$–

$1,500,000

Total

Assets

$–

$30,034,481

$816,083

$30,850,564

1

See

the

Schedule

of

Investments

for

additional

details.

Note

3

–

Significant

Accounting

Policies

(continued)

Notes

To

Financial

Statements

(continued)

18

May

31,

2024

N-CSRS

The

following

is

a

reconciliation

of

assets

and

liabilities

for

which

Level

3

inputs

were

used

in

determining

value.

The

following

is

quantitative

information

about

significant

unobservable

inputs

(Level

3)

for

the

Company

as

of

May

31,

2024

.

The

Fund

has

adopted

a

policy

of

recording

any

transfers

of

investment

securities

between

the

different

levels

in

the

fair

value

hierarchy

as

of

the

end

of

the

year.

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.

Concentration

of

credit

risk:

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:

Each

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.

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

(2020

−

2022)

or

expected

to

be

taken

in

the

Funds’

2023

tax

returns.

The

Funds

identify

their

major

tax

jurisdiction

as

US

federal

and

foreign

jurisdictions

where

the

Funds

make

significant

investments;

however,

the

Funds

are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

change

materially

in

the

next

12

months.

Reclassification

of

capital

accounts:

Accounting

principles

generally

accepted

in

the

United

States

of

America

require

that

certain

components

of

net

assets

relating

to

permanent

differences

be

reclassified

between

financial

and

tax

reporting.

As

of

November

30,

2023

,

there

were

no

reclassifications

to

the

capital

accounts.

Distributions

to

shareowners:

Sustainable

Equity

Fund

and

Sustainable

Bond

Fund

pay

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

Common

Stocks

Beginning

Balance

$158,467

Total

realized

gain

(loss)

$-

Change

in

unrealized  appreciation

(depreciation)

$26,621

Net

purchases

$-

Net

Sales

$(185,088)

Transfers

into

Level

3

$-

Transfers

out

of

Level

3

$-

Ending

Balance

$0

Corporate

Bonds

Beginning

Balance

$-

Total

realized

gain

(loss)

$-

Change

in

unrealized  appreciation

(depreciation)

$-

Net

purchases

$-

Net

Sales

$-

Transfers

into

Level

3

$816,083-

Transfers

out

of

Level

3

$-

Ending

Balance

$816,083

Asset

Category

Fair

Value

Valuation

Technique

Unobservable

Input

Input

Value

Government

$816,083

Local

close

on

05/31/2024

adjusted

by

FX

None

FX

0.000258845

Note

3

–

Significant

Accounting

Policies

(continued)

Notes

To

Financial

Statements

(continued)

May

31,

2024

N-CSRS

19

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

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:

A

Fund

may

invest

in

certain

debt

securities

or

other

financial

instruments

that

utilize

the

London

Interbank

Offered

Rate

(“LIBOR”)

as

a

benchmark

or

reference

rate

for

various

interest

rate

calculations.

A

benchmark

or

reference

rate

may

be

a

significant

factor

in

determining

the

cost

of

financing

to

a

Fund

or

an

investment’s

value

or

return

to

a

Fund,

and

may

be

used

in

other

ways

that

affect

a

Fund’s

investment

performance.

LIBOR

was

discontinued

as

a

floating

rate

benchmark

after

June

30,

2023.

It

is

anticipated

that

financial

instruments,

such

as

certain

floating

rate

bonds,

that

previously

utilized

LIBOR

have

transitioned

to

using

the

Secured

Overnight

Financing

Rate

(“SOFR”),

which

is

a

broad

measure

of

the

cost

of

overnight

borrowings

secured

by

US

Treasury

securities.

The

transition

from

LIBOR

to

SOFR

(or

any

other

replacement

rate)

may

lead

to

a

reduction

in

the

value

of

some

LIBOR-based

investments,

as

well

as

significant

market

uncertainty,

increased

volatility,

and

illiquidity

in

markets

for

various

instruments,

which

may

result

in

prolonged

adverse

market

conditions

and

impact

a

Fund’s

performance

or

NAV.

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

with

premiums.

Dividends

from

equity

securities

are

recorded

as

income

on

the

ex-dividend

date

or

as

soon

as

information

is

available

to

the

Fund.

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

undertaken

to

limit

expenses

of

the

Sustainable

Equity

Fund

to

0.75%

and

the

Sustainable

Bond

Fund

to

0.65%

through

March

31,

2024.

For

the

fiscal

period

ended

May

31,

2024

,

the

advisory

fees

incurred

were

as

follows:

1

In

accordance

with

the

expense

limitation

noted

above,

for

the

fiscal

period

ended

May

31,

2024

,

Saturna

Capital

waived

a

portion

of

the

advisory

fees

of

the

Sustainable

Equity

Fund

and

Sustainable

Bond

Fund.

The

adviser

cannot

recoup

previously

waived

fees

Saturna

Brokerage

Services,

Inc.

(“SBS”),

a

discount

brokerage

and

subsidiary

of

Saturna

Capital

Corporation,

is

registered

as

a

broker-

dealer

and

acts

as

distributor.

On

December

19,

2014,

the

Funds

adopted

a

Distribution

Plan

in

accordance

with

Rule

12b-1

under

the

1940

Act.

On

June

2,

2017,

12b-1

fees

were

terminated

for

both

Saturna

Sustainable

Funds.

SBS

is

used

to

effect

equity

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

the

Funds.

Each

class

of

shares

of

a

Fund

pays

an

annual

fee

of

$10

per

account

for

retirement

plan

services

to

Saturna

Trust

Company.

For

the

fiscal

period

ended

May

31,

2024

,

the

Funds

incurred

the

following

retirement

plan

custodial

fees

to

STC:

Ms.

Jane

Carten

serves

as

a

trustee

and

president

of

the

Trust.

She

is

also

a

director

and

president

of

Saturna

Capital,

vice

president

of

Saturna

Trust

Company,

and

chairman

of

Saturna

Sendirian

Berhad

.

Ms.

Carten

is

not

compensated

by

the

Trust.

For

the

fiscal

period

ended

May

31,

2024

,

the

Saturna

Investment

Trust

incurred

$40,899

of

total

expenses

for

the

Independent

Trustee's

compensation

and

Trust

board

meetings.

The

Saturna

Sustainable

Funds

incurred

$9,181

of

these

total

expenses.

Advisory

Fees

Advisory

Fees

Waived

900

Sustainable

Equity

Fund

$75,568

$(22,111)

950

Sustainable

Bond

Fund

$86,593

$(28,126)

Retirement

plan

custodial

fees

900

Sustainable

Equity

Fund

(SEEFX)

$917

950

Sustainable

Bond

Fund

(SEBFX)

$567

Note

3

–

Significant

Accounting

Policies

(continued)

Notes

To

Financial

Statements

(continued)

20

May

31,

2024

N-CSRS

On

May

31,

2024

,

the

trustees,

officers,

and

their

affiliates

(including

Saturna

Capital

Corporation)

as

a

group,

owned

the

following

percentages

of

outstanding

shares:

The

officers

of

the

Trust

are

paid

by

Saturna

Capital

Corporation,

not

the

Trust,

except

the

Chief

Compliance

Officer,

who

is

partially

compensated

by

the

Trust.

For

the

fiscal

period

ended

May

31,

2024

,

the

Funds

paid

the

following

compensation

expenses

for

the

Chief

Compliance

Officer:

Note

5

–

Distributions

to

Shareowners

The

tax

characteristics

of

distributions

paid

for

the

fiscal

period

ended

May

31,

2024

,

and

the

fiscal

year

ended

November

30,

2023

,

were

as

follows:

Note

6

–

Federal

Income

Taxes

The

cost

basis

of

investments

for

federal

income

tax

purposes

at

May

31,

2024

,

were

as

follows:

As

of

November

30,

2023

,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

At

November

30,

2023

,

the

Funds

had

the

following

capital

loss

carryforwards

and

loss

deferrals,

subject

to

regulation.

Prior

to

their

expiration,

loss

carryforwards

may

be

used

to

offset

future

net

capital

gains

realized

for

federal

income

tax

purposes.

Note

7

–

Investments

During

the

fiscal

period

ended

May

31,

2024

,

the

Funds

purchased

and

sold

the

following

amounts

of

securities.

Note

8

–

Custodian

Under

agreements

in

place

with

the

Trust’s

custodian,

UMB

Bank,

custody

fees

are

reduced

by

credits

for

cash

balances.

For

the

fiscal

period

ended

May

31,

2024

,

such

reductions

were

as

follows:

Note

9

–

Subsequent

Events

There

were

no

other

events

or

transactions

during

the

period

that

materially

impacted

the

amounts

or

disclosures

in

the

Funds’

financial

statements.

Trustees',

officers',

and

affiliates'

ownership

900

Sustainable

Equity

Fund(SEEFX)

35.67%

950

Sustainable

Bond

Fund(SEBFX)

15.78%

Chief

Compliance

Officer

900

Sustainable

Equity

Fund

$3,720

950

Sustainable

Bond

Fund

$5,644

Sustainable

Equity

Fund

May

31,

2024

November

30,

2023

Ordinary

Income

$219,353

$177,042

Sustainable

Bond

Fund

May

31,

2024

November

30,

2023

Ordinary

Income

$1,086,688

$183,662

1

Long-Term

Capital

Gain

dividend

designated

at

20%

rate

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code.

Sustainable

Equity

Fund

Sustainable

Bond

Fund

Cost

of

investments

$16,168,354

$31,619,274

Gross

tax

unrealized

appreciation

$8,430,565

$471,619

Gross

tax

unrealized

depreciation

$(932,715)

$(1,240,329)

Net

tax

unrealized

appreciation

(depreciation)

$7,497,850

$(768,710)

Sustainable

Equity

Fund

Undistributed

ordinary

income

$221,989

Accumulated

capital

and

other

losses

$(635,498)

Tax

accumulated

earnings

$(413,509)

Unrealized

Appreciation

$4,547,702

Other

unrealized

accumulated

losses

$(292)

Total

accumulated

earnings

$4,133,902

Sustainable

Bond

Fund

Undistributed

ordinary

income

$1,028,700

Accumulated

capital

and

other

losses

$(2,085,630)

Tax

accumulated

earnings

$(1,056,930)

Unrealized

Depreciation

$(1,066,729)

Other

unrealized

accumulated

losses

$(11,671)

Total

accumulated

earnings

$(2,135,330)

Sustainable

Equity

Fund

Sustainable

Bond

Fund

Short

term

loss

carryforward

$166,809

$904,725

Long

term

loss

carryforward

$468,690

$1,180,905

Total

Capital

loss

carryforward

$635,499

$2,085,630

Purchases

Sales

900

Sustainable

Equity

Fund

$1,392,944

$1,809,169

950

Sustainable

Bond

Fund

$6,372,311

$2,224,773

Custodian

Fee

Credits

900

Sustainable

Equity

Fund

$717

950

Sustainable

Bond

Fund

$2,797

Note

4

–

Transactions

with

Affiliated

Persons

(continued)

May

31,

2024

N-CSRS

21

Availability

of

Quarterly

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

their

reports

on

Form

N-PORT.

(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

post

a

complete

schedule

of

portfolio

holdings

after

the

end

of

each

month,

available

to

investors

at

www.

saturnasustainable.com.

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.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The Funds’ disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14.  Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15.  Submission of Matters to a Vote of Security Holders.

No changes to report.

Item 16.  Controls and Procedures.

a. The Registrant’s President and Treasurer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

b. There were no significant changes in the Registrant’s internal control over financial reporting (as defined in Rule 30e-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. 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 furnished and attached hereto as Exhibit 99.906.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SATURNA INVESTMENT TRUST

By:

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

Jane K. Carten, President

Printed name and Title

                October 29, 2024

Date

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

By:

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

Jane K. Carten, President

Printed name and Title

                October 29, 2024

Date

By:

/s/Christopher R. Fankhauser, Treasurer
Signature and Title

Christopher R. Fankhauser, Treasurer

Printed name and Title

                October 29, 2024

Date