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, 2026

Date of reporting period:  May 31, 2026

Item 1. Report To Shareowners

SCORX

| SATURNA CORE

Saturna Core Fund 

Semi-Annual Shareholder Report - May 31, 2026

Fund Overview 

The objective of the Saturna Core Fund is long-term appreciation and capital preservation. This Semi-Annual Shareholder Report contains important information about the Saturna Core Fund for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://www.saturna.com/products/saturna-core . 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 6 months?  

  (Based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Saturna Core	$38	0.74%

Annual Average Total Return

Table Summary

	1 Year	5 Year	10 Year
Saturna Core	19.81%	7.21%	8.17%
Bloomberg Developed Markets Large & Mid Cap Total Return	27.81%	12.35%	13.57%
Bloomberg Global Equity/Fixed Income 60/40 Index	17.52%	6.73%	8.49%
Bloomberg US Aggregate Bond Index	5.13%	0.17%	1.70%

Key Fund Statistics

Table Summary

Total Net Assets	$43,585,641
# of Portfolio Holdings	91
Advisory Fees Paid	$93,354
Portfolio Turnover Rate	15%

Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit https://www.saturna.com/products/saturna-core  for more recent performance information. 

What did the Fund invest in?

Sector Weightings

% of Total Net Assets 

Table Summary

Technology	17.4%
Materials	11.1%
Industrials	11.1%
Financials	8.2%
Communications	7.7%
Consumer Discretionary	7.0%
Government	6.2%
Health Care	5.5%
Consumer Staples	4.4%
Utilities	3.7%
Other Sectors	9.9%
Other Assets (net of liabilities)	7.8%

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/resources/literature.

How has the Fund changed? 

Effective March 20, 2026, the Saturna Global High-Income Fund was merged into Saturna Core Fund. This change did not result in any change to the Fund’s investment objective, principal investment strategies, or principal risks. 

1300 N. State Street 

Bellingham, WA 98225 

1-800-728-8762 

SSGFX

| INVESTOR SHARES

Saturna Growth Fund 

Semi-Annual Shareholder Report - May 31, 2026

Fund Overview 

The objective of the Saturna Growth Fund is long-term capital growth. This Semi-Annual Shareholder Report contains important information about the Saturna Growth Fund for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at www.saturna.com/products/saturna-growth . 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 6 months?  

  (Based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Investor Shares	$52	0.99%

Annual Average Total Return

Table Summary

	1 Year	5 Year	10 Year
Investor Shares	29.04%	12.26%	15.63%
Bloomberg 1000 Growth Total Return Index	29.89%	14.24%	17.57%
Bloomberg US Large Cap Total Return Index	29.61%	13.89%	15.78%

Key Fund Statistics

Table Summary

Total Net Assets	$84,754,285
# of Portfolio Holdings	27
Advisory Fees Paid	$195,967
Portfolio Turnover Rate	3%

Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/products/saturna-growth  for more recent performance information. 

What did the Fund invest in?

Industry Weightings

% of Total Net Assets 

Table Summary

Semiconductor Devices	21.7%
Internet Media & Services	13.2%
Infrastructure Software	12.7%
Communications Equipment	10.5%
Online Marketplace	8.2%
Mass Merchants	3.7%
Infrastructure Construction	3.1%
Specialty Apparel Stores	3.1%
Non-Alcoholic Beverages	2.9%
Electrical Components	2.4%
Other Industries	15.5%
Other Assets (net of liabilities)	3.0%

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/resources/literature.

How has the Fund Changed?

There were no material changes to the Fund during this reporting period. 

1300 N. State Street 

Bellingham, WA 98225 

1-800-728-8762 

SGZFX

| Z SHARES

Saturna Growth Fund 

Semi-Annual Shareholder Report - May 31, 2026

Fund Overview 

The objective of the Saturna Growth Fund is long-term capital growth. This Semi-Annual Shareholder Report contains important information about the Saturna Growth Fund for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at www.saturna.com/products/saturna-growth . 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 6 months?  

  (Based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Z Shares	$40	0.76%

Annual Average Total Return

Table Summary

	1 Year	5 Year
Z Shares	29.34%	12.53%
Bloomberg 1000 Growth Total Return Index	29.89%	14.24%
Bloomberg US Large Cap Total Return Index	29.61%	13.89%

Key Fund Statistics

Table Summary

Total Net Assets	$84,754,285
# of Portfolio Holdings	27
Advisory Fees Paid	$195,967
Portfolio Turnover Rate	3%

Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/products/saturna-growth  for more recent performance information. 

What did the Fund invest in?

Industry Weightings

% of Total Net Assets 

Table Summary

Semiconductor Devices	21.7%
Internet Media & Services	13.2%
Infrastructure Software	12.7%
Communications Equipment	10.5%
Online Marketplace	8.2%
Mass Merchants	3.7%
Infrastructure Construction	3.1%
Specialty Apparel Stores	3.1%
Non-Alcoholic Beverages	2.9%
Electrical Components	2.4%
Other Industries	15.5%
Other Assets (net of liabilities)	3.0%

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/resources/literature.

How has the Fund Changed?

There were no material changes to the Fund during this reporting period. 

1300 N. State Street 

Bellingham, WA 98225 

1-800-728-8762 

SSIFX

| INVESTOR SHARES

Saturna International Fund 

Semi-Annual Shareholder Report - May 31, 2026

Fund Overview 

The objective of the Saturna International Fund is long-term capital growth. This Semi-Annual Shareholder Report contains important information about the Saturna International Fund for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at www.saturna.com/products/saturna-international . 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 6 months?  

  (Based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Investor Shares	$51	0.94%

Annual Average Total Return

Table Summary

	1 Year	5 Year	10 Year
Investor Shares	33.36%	9.93%	11.79%
Bloomberg Developed Markets ex US Large & Mid Cap Total Return Index	24.29%	9.75%	10.08%

Key Fund Statistics

Table Summary

Total Net Assets	$118,840,751
# of Portfolio Holdings	38
Advisory Fees Paid	$241,242
Portfolio Turnover Rate	31%

Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/products/saturna-international  for more recent performance information. 

What did the Fund invest in?

Industry Weightings

% of Total Net Assets 

Table Summary

Semiconductor Manufacturing	11.3%
Communications Equipment	9.4%
Electrical Power Equipment	9.4%
Large Pharma	5.2%
Basic & Diversified Chemicals	5.1%
Base Metals	4.6%
Construction & Mining Machinery	4.2%
Fabricated Metal & Hardware	4.0%
Banks	3.5%
Industrial Wholesale & Rental	3.5%
Other Industries	34.1%
Other Assets (net of liabilities)	5.7%

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/resources/literature.

How has the Fund changed? 

Effective March 20, 2026, the Saturna Sustainable Equity Fund was merged into Saturna International Fund. This change did not result in any change to the Fund’s investment objective, principal investment strategies, or principal risks. 

1300 N. State Street 

Bellingham, WA 98225 

1-800-728-8762 

SIFZX

| Z SHARES

Saturna International Fund 

Semi-Annual Shareholder Report - May 31, 2026

Fund Overview 

The objective of the Saturna International Fund is long-term capital growth. This Semi-Annual Shareholder Report contains important information about the Saturna International Fund for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at www.saturna.com/products/saturna-international . 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 6 months?  

  (Based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Z Shares	$37	0.69%

Annual Average Total Return

Table Summary

	1 Year	5 Year
Z Shares	33.64%	10.17%
Bloomberg Developed Markets ex US Large & Mid Cap Total Return Index	24.29%	9.75%

Key Fund Statistics

Table Summary

Total Net Assets	$118,840,751
# of Portfolio Holdings	38
Advisory Fees Paid	$241,242
Portfolio Turnover Rate	31%

Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/products/saturna-international  for more recent performance information. 

What did the Fund invest in?

Industry Weightings

% of Total Net Assets 

Table Summary

Semiconductor Manufacturing	11.3%
Communications Equipment	9.4%
Electrical Power Equipment	9.4%
Large Pharma	5.2%
Basic & Diversified Chemicals	5.1%
Base Metals	4.6%
Construction & Mining Machinery	4.2%
Fabricated Metal & Hardware	4.0%
Banks	3.5%
Industrial Wholesale & Rental	3.5%
Other Industries	34.1%
Other Assets (net of liabilities)	5.7%

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/resources/literature.

How has the Fund changed? 

Effective March 20, 2026, the Saturna Sustainable Equity Fund was merged into Saturna International Fund. This change did not result in any change to the Fund’s investment objective, principal investment strategies, or principal risks. 

1300 N. State Street 

Bellingham, WA 98225 

1-800-728-8762 

SEBFX

| SATURNA GLOBAL SUSTAINABLE BOND

Saturna Global Sustainable Bond Fund 

Semi-Annual Shareholder Report - May 31, 2026

Fund Overview 

The objective of the Saturna Global Sustainable Bond Fund is current income and capital preservation. This Semi-Annual Shareholder Report contains important information about the Saturna Global Sustainable Bond Fund for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at www.saturna.com/products/saturna-global-sustainable-bond . 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 6 months?  

  (Based on a hypothetical $10,000 investment) 

Table Summary

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Saturna Global Sustainable Bond	$30	0.60%

Annual Average Total Return

Table Summary

	1 Year	5 Year	10 Year
Saturna Global Sustainable Bond	7.14%	1.25%	2.27%
Bloomberg Global Aggregate Bond Index	3.26%	-1.58%	0.74%

Key Fund Statistics

Table Summary

Total Net Assets	$99,807,576
# of Portfolio Holdings	97
Advisory Fees Paid	$193,207
Portfolio Turnover Rate	14%

Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/products/saturna-global-sustainable-bond  for more recent performance information. 

What did the Fund invest in?

Sector Weightings

% of Total Net Assets 

Table Summary

Government	28.9%
Financials	18.8%
Communications	7.9%
Real Estate	7.4%
Utilities	7.2%
Industrials	3.7%
Materials	3.6%
Technology	3.5%
Consumer Discretionary	3.1%
Information Technology	3.0%
Other Sectors	9.7%
Other Assets (net of liabilities)	3.2%

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/resources/literature.

How has the Fund changed? 

Effective March 20, 2026, the Saturna Short‑Term Bond Fund and Saturna Bond Income Fund were merged into Saturna Sustainable Bond Fund, which was subsequently renamed Saturna Global Sustainable Bond Fund. This change did not result in any change to the Fund’s investment objective, principal investment strategies, or principal risks. 

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

Morningstar

Ratings

3

Saturna

Core

Fund

4

Schedule

of

Investments

4

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations

9

Statements

of

Changes

in

Net

Assets

10

Financial

Highlights

11

Global

Sustainable

Bond

Fund

12

Schedule

of

Investments

12

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations

16

Statement

of

Changes

in

Net

Assets

17

Financial

Highlights

18

Saturna

Growth

Fund

19

Schedule

of

Investments

19

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations

21

Statements

of

Changes

in

Net

Assets

22

Financial

Highlights

23

Saturna

International

Fund

25

Schedule

of

Investments

25

Statement

of

Assets

and

Liabilities

and

Statement

of

Operations

27

Statements

of

Changes

in

Net

Assets

28

Financial

Highlights

29

Notes

To

Financial

Statements

31

Note

1

-

Organization

31

Note

2

-

Unaudited

Information

32

Note

3

-

Significant

Accounting

Policies

(Unaudited)

32

Note

4

-

Transactions

with

Affiliated

Persons

(Unaudited)

35

Note

5

-

Distributions

to

Shareowners

(Unaudited)

36

Note

6

-

Federal

Income

Taxes

(Unaudited)

36

Note

7

-

Investments

(Unaudited)

37

Note

8

-

Custodian

(Unaudited)

37

Note

9

-

Reorganization

(Unaudited)

37

Note

10

-

Subsequent

Events

39

Form

N-CSR

Items

8-11

40

Summary

Information

41

May

31,

2026

Semi-Annual

3

Morningstar

Ratings

(as

of

June

30,

2026)

Unaudited

©

2026

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,

2026

.

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.

%

Rank

in

Category

is

the

fund’s

percentile

rank

for

the

specified

time

period

relative

to

all

funds

that

have

the

same

Morningstar

category.

The

highest

(or

most

favorable)

percentile

rank

is

1

and

the

lowest

(or

least

favorable)

percentile

rank

is

100.

The

top-

performing

fund

in

a

category

will

always

receive

a

rank

of

1.

Percentile

ranks

within

categories

are

most

useful

in

those

categories

that

have

a

large

number

of

funds.

Morningstar™

Ratings

A

1

Year

3

Year

5

Year

10

Year

Overall

Saturna

Global

Sustainable

Bond

Fund

–

“Global

Bond”

Category

SEBFX

n/a









%

Rank

in

Category

15

41

27

16

41

Number

of

Funds

in

Category

143

143

142

120

143

Schedule

of

Investments

(Unaudited)

As

of

May

31,

2026

Saturna

Core

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

4

May

31,

2026

Semi-Annual

Continued

on

next

page.

Common

Stock

-

67.2%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Internet

Media

&

Services

Alphabet,

Class

A

3,150

$

295,342

$

1,198,071

United

States

2.7%

Wireless

Telecommunications

Orange

ADR

20,000

270,393

419,400

France

1.0%

SK

Telecom

ADR

16,500

472,623

616,110

Korea

Republic

Of

1.4%

743,016

1,035,510

2.4%

1,038,358

2,233,581

5.1%

Consumer

Discretionary

Automotive

Retailers

AutoZone

90

279,342

264,167

United

States

0.6%

Automotive

Wholesalers

Copart

4,500

194,037

147,465

United

States

0.3%

Home

Products

Stores

Lowe's

1,100

75,376

235,796

United

States

0.6%

Online

Marketplace

Amazon.com

1,500

340,140

405,960

United

States

0.9%

Specialty

Apparel

Stores

Ross

Stores

3,750

608,373

868,988

United

States

2.0%

TJX

Companies

2,700

139,837

417,825

United

States

1.0%

748,210

1,286,813

3.0%

1,637,105

2,340,201

5.4%

Consumer

Staples

Household

Products

Procter

&

Gamble

1,450

138,928

208,162

United

States

0.5%

Mass

Merchants

Dollarama

Inc

900

117,480

115,091

Canada

0.3%

Packaged

Food

Danone

ADR

25,000

305,091

355,000

France

0.8%

Nestle

ADR

1,000

73,990

101,440

Switzerland

0.3%

379,081

456,440

1.1%

Personal

Care

Products

Kimberly-Clark

de

Mexico,

Class

A

225,000

464,220

498,356

Mexico

1.1%

Unilever

Plc

3,999

261,455

225,744

United

Kingdom

0.5%

725,675

724,100

1.6%

1,361,164

1,503,793

3.5%

Energy

Renewable

Energy

Equipment

First

Solar,

Inc

2,500

461,669

766,975

United

States

1.7%

Financials

Banks

ANZ

Group

Holdings

ADR

22,000

417,692

557,260

Austrailia

1.3%

Consumer

Finance

Visa

2,400

607,345

783,264

United

States

1.8%

Diversified

Banks

Banco

Santander

SA

20,000

171,481

249,600

Spain

0.5%

Other

Financial

Services

Mastercard,

Class

A

1,750

777,081

864,465

United

States

2.0%

Schedule

of

Investments

(Unaudited)

As

of

May

31,

2026

Saturna

Core

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2026

Semi-Annual

5

Continued

on

next

page.

Common

Stock

-

67.2%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Financials

(continued)

P&C

Insurance

Chubb

810

$

102,989

$

252,501

Switzerland

0.6%

2,076,588

2,707,090

6.2%

Health

Care

Large

Pharma

AbbVie

1,350

310,920

293,922

United

States

0.7%

AstraZeneca

PLC

2,000

245,744

371,340

United

Kingdom

0.8%

GlaxoSmithKline

ADR

18,000

794,679

909,720

United

Kingdom

2.1%

Novartis

ADR

2,500

134,038

375,425

Switzerland

0.9%

Novo

Nordisk

ADR

6,250

267,496

284,875

Denmark

0.6%

1,752,877

2,235,282

5.1%

Specialty

&

Generic

Pharma

Sandoz

Group

AG-ADR

2,000

138,848

168,240

Switzerland

0.4%

1,891,725

2,403,522

5.5%

Industrials

Building

Construction

EMCOR

Group

Inc.

700

255,510

578,774

United

States

1.3%

Commercial

&

Residential

Building

Equipment

&

Systems

Trane

400

131,521

180,520

Ireland

0.4%

Electrical

Components

Prysmian

S.P.A

4,000

249,724

689,397

Italy

1.6%

Electrical

Power

Equipment

Eaton

1,565

233,529

626,939

Ireland

1.5%

Fuji

Electric

Co.

Ltd.

5,500

271,891

534,019

Japan

1.2%

505,420

1,160,958

2.7%

Flow

Control

Equipment

Parker

Hannifin

170

25,342

143,587

United

States

0.3%

Industrial

Wholesale

&

Rental

Fastenal

3,490

40,514

154,258

United

States

0.4%

Waste

Management

Republic

Services

950

116,161

190,418

United

States

0.4%

1,324,192

3,097,912

7.1%

Information

Technology

IT

Services

Amdocs

Ltd

12,400

803,824

780,828

United

States

1.8%

Materials

Agricultural

Chemicals

Corteva

1,200

75,072

93,936

United

States

0.2%

Quimica

y

Minera

Chile

ADR

9,400

800,183

807,178

Chile

1.9%

875,255

901,114

2.1%

Base

Metals

Altius

Minerals

Corp

16,000

610,170

672,194

Canada

1.6%

Antofagasta

8,000

199,536

441,107

United

Kingdom

1.0%

South32

ADR

19,000

134,773

329,745

Australia

0.7%

Southern

Copper

5,075

537,699

970,847

Peru

2.2%

1,482,178

2,413,893

5.5%

Cement

&

Aggregates

CRH

PLC

3,000

334,077

326,370

United

States

0.7%

Schedule

of

Investments

(Unaudited)

As

of

May

31,

2026

Saturna

Core

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

May

31,

2026

Semi-Annual

Continued

on

next

page.

Common

Stock

-

67.2%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Materials

(continued)

Iron

BHP

Biliton

ADR

8,250

$

345,605

$

733,508

Australia

1.7%

Precious

Metals

Agnico-Eagle

Mines

2,530

126,967

463,370

Canada

1.1%

3,164,082

4,838,255

11.1%

Real

Estate

Retail

REIT

Simon

Property

Group

3,250

655,419

665,958

United

States

1.5%

Technology

Communications

Equipment

Apple

2,250

123,699

702,135

United

States

1.6%

Cisco

Systems

5,000

179,892

602,100

United

States

1.4%

Fujikura

Ltd

13,000

319,931

387,589

Japan

0.9%

623,522

1,691,824

3.9%

Infrastructure

Software

Microsoft

2,000

621,598

900,480

United

States

2.1%

Oracle

1,000

88,983

225,780

United

States

0.5%

710,581

1,126,260

2.6%

Semiconductor

Devices

Broadcom

1,270

162,816

567,398

United

States

1.3%

Micron

Technology

1,300

617,160

1,262,300

United

States

2.9%

Nvidia

3,750

371,923

791,775

United

States

1.8%

1,151,899

2,621,473

6.0%

Semiconductor

Manufacturing

ASML

Holding

NY

225

183,871

362,871

Netherlands

0.8%

Taiwan

Semiconductor

ADR

2,550

383,136

1,067,047

Taiwan

2.5%

567,007

1,429,918

3.3%

3,053,009

6,869,475

15.8%

Utilities

Integrated

Electric

Utilities

Dominion

Energy

8,693

418,096

581,909

United

States

1.3%

NextEra

Energy

6,005

192,243

522,495

United

States

1.2%

610,339

1,104,404

2.5%

Total

Common

Stock

$18,077,474

$29,311,994

67.2%

Corporate

Bonds

-

13.2%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Bellsouth

Capital

Funding

7.875%

due

02/15/2030

150,000

163,495

United

States

0.4%

Comcast

5.650%

due

06/15/2035

500,000

516,513

United

States

1.2%

Comcast

4.650%

due

07/15/2042

250,000

217,270

United

States

0.5%

Netflix

4.375%

due

11/15/2026

250,000

250,470

United

States

0.5%

1,147,748

2.6%

Consumer

Discretionary

Ford

Motor

6.375%

due

02/01/2029

220,000

226,299

United

States

0.5%

Lowe's

4.250%

due

09/15/2044

250,000

200,570

United

States

0.5%

MDC

Holdings

3.850%

due

01/15/2030

200,000

190,670

United

States

0.4%

Stanford

University

4.013%

due

05/01/2042

100,000

83,923

United

States

0.2%

701,462

1.6%

Schedule

of

Investments

(Unaudited)

As

of

May

31,

2026

Saturna

Core

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2026

Semi-Annual

7

Continued

on

next

page.

Corporate

Bonds

-

13.2%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Consumer

Staples

Coca

Cola

1.000%

due

03/15/2028

$

250,000

$

236,920

United

States

0.5%

Grupo

Bimbo

4.875%

due

06/27/2044

200,000

179,883

Mexico

0.4%

416,803

0.9%

Financials

Lincoln

National(Quarterly

SOFR

+0.2616%)

2

6.186%

due

04/20/2067

250,000

200,625

United

States

0.5%

Industrials

Burlington

Northern

Santa

Fe

Bond

6.200%

due

08/15/2036

150,000

164,059

United

States

0.4%

Burlington

Northern

Santa

Fe

5.050%

due

03/01/2041

200,000

195,122

United

States

0.5%

CSX

Corp

4.650%

due

03/01/2068

550,000

450,034

United

States

1.0%

Delta

Air

Lines

3.750%

due

10/28/2029

250,000

241,602

United

States

0.6%

Fedex

Corp

3.900%

due

02/01/2035

250,000

229,820

United

States

0.5%

Norfolk

Southern

5.100%

due

08/01/2118

275,000

235,725

United

States

0.5%

Union

Pacific

3.375%

due

02/01/2035

250,000

223,141

United

States

0.5%

1,739,503

4.0%

Real

Estate

Welltower

4.250%

due

04/15/2028

350,000

349,391

United

States

0.8%

Technology

Oracle

2.950%

due

04/01/2030

500,000

461,432

United

States

1.1%

Qualcomm

3.250%

due

05/20/2027

220,000

218,492

United

States

0.5%

679,924

1.6%

Utilities

Pacificorp

6.000%

due

01/15/2039

500,000

508,921

United

States

1.2%

Total

Corporate

Bonds

(Cost

$6,351,609)

$5,744,377

13.2%

Government

Bonds

-

7.1%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Financials

Federal

Home

Loan

Bank

4.500%

due

12/04/2029

400,000

399,743

United

States

0.9%

Government

United

States

Treasury

Bond

4.500%

due

02/15/2036

137,000

138,407

United

States

0.3%

United

States

Treasury

Bond

3.625%

due

02/15/2044

155,000

130,491

United

States

0.3%

United

States

Treasury

Bond

6.250%

due

05/15/2030

900,000

969,469

United

States

2.2%

United

States

Treasury

Bond

3.375%

due

11/15/2048

1,150,000

891,744

United

States

2.1%

2,130,111

4.9%

Treasury

Inflation

Protected

Securities

United

States

Treasury

Inflation

Index

Bond

2.125%

due

02/15/2054

644,921

567,719

United

States

1.3%

Total

Government

Bonds

(Cost

$3,184,038

)

$3,097,573

7.1%

Municipals

Bonds

-

4.7%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Financials

Connecticut

State

Housing

Fin

Auth

5.918%

due

11/15/2055

250,000

249,331

United

States

0.6%

Government

Connecticut

State

Housing

Fin

Auth

Mtge

5.798%

due

11/15/2045

550,000

555,556

United

States

1.3%

Schedule

of

Investments

(Unaudited)

As

of

May

31,

2026

Saturna

Core

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

8

May

31,

2026

Semi-Annual

Municipals

Bonds

-

4.7%

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

$

49,991

United

States

0.1%

Maryland

Community

Development

Administration

6.362%

due

09/01/2053

675,000

682,777

United

States

1.6%

Virginia

State

Housing

Development

Authority

5.950%

due

10/01/2066

500,000

500,365

United

States

1.1%

1,233,133

2.8%

Total

Municipals

Bonds

(Cost

$2,041,202)

$2,038,020

4.7%

Total

investments

(Cost

$29,654,323)

$40,191,964

92.2%

Other

assets

(net

of

liabilities)

3,393,677

7.8%

Total

net

assets

$43,585,641

100.0%

1

Country

of

domicile

2

Variable

rate

security.

The

interest

rate

represents

the

rate

in

effect

at

May

31,

2026

and

resets

periodically

based

on

the

parenthetically

disclosed

reference

rate

and

spread.

ADR:

American

Depositary

Receipt

SA:

Special

Assessment

Saturna

Core

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2026

Semi-Annual

9

Statement

of

Assets

and

Liabilities

(Unaudited)

Statement

of

Operations

(Unaudited)

As

of

May

31,

2026

Assets

Investments

in

securities,

at

value

(Cost

$29,654,323)

$

40,191,964

Cash

3,183,565

Interest

receivable

131,403

Dividends

receivable

88,629

Receivable

for

Fund

shares

sold

18,245

Prepaid

expenses

9,406

Total

assets

43,623,212

Liabilities

Accrued

advisory

fees

16,206

Accrued

audit

expenses

9,882

Accrued

retirement

plan

custody

fee

4,849

Accrued

trustee

expenses

2,915

ReFlow

fees

payable

1,975

Accrued

Chief

Compliance

Officer

expenses

769

Payable

for

Fund

shares

redeemed

347

Accrued

other

operating

expenses

628

Total

liabilities

37,571

Net

assets

$43,585,641

Analysis

of

net

assets

Paid-in

capital

(unlimited

shares

authorized,

without

par

value)

$31,072,464

Total

distributable

earnings

12,513,177

Net

assets

applicable

to

Fund

shares

outstanding

$43,585,641

Fund

shares

outstanding

2,168,876

Net

asset

value,

offering,

and

redemption

price

per

share

$20.10

Period

ended

May

31,

2026

Investment

income

Interest

income

$

313,521

Dividend

Income

(Net

of

foreign

tax

of

$19,822)

209,762

Miscellaneous

income

25

Total

investment

income

523,308

Expenses

Investment

advisory

fees

93,354

Filing

and

registration

fees

14,329

Audit

fees

10,092

Trustee

fees

6,854

Retirement

plan

custodial

fees

5,074

Legal

fees

4,247

Chief

Compliance

Officer

expenses

4,054

ReFlow

fees

3,267

Custodian

fees

1,025

Other

operating

expenses

4,098

Total

gross

expenses

146,394

Less

adviser

fees

waived

(6,733)

Less

custodian

fee

credits

(1,025)

Net

expenses

138,636

Net

investment

income

$384,672

Net

realized

gain

from

investments

and

foreign

currency

$1,602,329

A

Net

Increase

in

unrealized

appreciation

on

investments

and

foreign

currency

1,557,897

Net

gain

on

investments

3,160,226

Net

increase

in

net

assets

resulting

from

operations

$3,544,898

A

Includes

$722,535

in

net

realized

gains

from

redemptions

in-kind

Saturna

Core

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

May

31,

2026

Semi-Annual

Statements

of

Changes

in

Net

Assets

A

On

March

20,

2026,

the

Saturna

Global

High

Income

Fund

was

merged

into

Saturna

Core

Fund.

Period

ended

May

31,

2026

(Unaudited)

Year

ended

November

30,

2025

Increase

in

net

assets

from

operations

From

operations

Net

investment

income

$384,672

$479,520

Net

realized

gain

on

investments

and

foreign

currency

1,602,329

1,157,568

Net

increase

in

unrealized

appreciation

on

investments

and

foreign

currency

1,557,897

1,565,839

Net

increase

in

net

assets

3,544,898

3,202,927

Distributions

to

shareowners

from

Net

dividend

and

distribution

to

shareholders

(656,555)

(707,388)

Capital

share

transactions

Proceeds

from

the

sale

of

shares

6,666,169

7,560,695

Proceeds

from

merger

10,326,267

-

Value

of

shares

issued

in

reinvestment

of

dividends

and

distributions

656,410

707,219

Cost

of

shares

redeemed

(8,242,059)

(6,267,074)

Total

capital

shares

transactions

9,406,787

2,000,840

Total

increase

in

net

assets

12,295,130

4,496,379

Net

assets

Beginning

of

period

31,290,511

26,794,132

End

of

period

$43,585,641

$31,290,511

Shares

of

the

Fund

sold

and

redeemed

Saturna

Core

(SCORX)

Number

of

shares

sold

344,885

418,668

Number

of

shares

received

through

reorganization

A

562,249

-

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

35,752

42,706

Number

of

shares

redeemed

(421,877)

(344,821)

Net

increase

in

number

of

shares

outstanding

521,009

116,553

–

–

Saturna

Core

Fund:

Financial

Highlights

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2026

Semi-Annual

11

tin

Saturna

Core

(SCORX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

period:

Period

ended

May

31,

2026

A

Year

ended

November

30,

2025

2024

2023

2022

2021

A

A

A

A

A

A

A

Net

asset

value

at

beginning

of

period

$18.99

$17.50

$15.22

$14.87

$16.20

$14.81

Income

from

investment

operations

Net

investment

income

0.20

0.30

0.32

0.26

0.21

0.24

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

1.31

1.65

2.21

0.30

(1.03)

1.36

Total

from

investment

operations

1.51

1.95

2.53

0.56

(0.82)

1.60

Less

distributions

Dividends

(from

net

investment

income)

(0.29)

(0.31)

(0.25)

(0.19)

(0.25)

(0.21)

Distributions

(from

capital

gains)

(0.11)

(0.15)

–

(0.02)

(0.26)

–

Total

distributions

(0.40)

(0.46)

(0.25)

(0.21)

(0.51)

(0.21)

Net

asset

value

at

end

of

period

$20.10

$18.99

$17.50

$15.22

$14.87

$16.20

Total

Return

B

8.13%

11.54%

16.84%

3.88%

(5.32)%

10.95%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

period

$43,586

$31,291

$26,794

$21,195

$19,282

$18,932

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

C

0.78%

0.84%

0.74%

0.86%

0.90%

0.57%

After

advisory

fees

waiver

C

0.74%

–%

–%

–%

–%

–%

After advisory

fee

waiver

and

 custodian

fee

credits

C

0.74%

0.83%

0.74%

0.85%

0.90%

0.56%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

C

2.05%

1.71%

1.93%

1.72%

1.44%

1.52%

Portfolio

turnover

rate

B

15%

16%

17%

13%

10%

14%

A

Unaudited

B

Not

annualized

for

period

of

less

than

one

year

C

Annualized

for

periods

of

less

than

one

year

Schedule

of

Investments

(Unaudited)

As

of

May

31,

2026

Global

Sustainable

Bond

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

May

31,

2026

Semi-Annual

Continued

on

next

page.

Corporate

Bonds

-

58.3%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Koninklijke

KPN

8.375%

due

10/01/2030

$

3,550,000

$

4,057,260

Netherlands

4.1%

Telecom

Italia

Capital

6.000%

due

09/30/2034

1,450,000

1,475,798

Italy

1.5%

Telecom

Italia

SPA

1.625%

due

01/18/2029

EUR

2,100,000

2,337,625

Italy

2.3%

7,870,683

7.9%

Consumer

Discretionary

Coty/HFC

Prestige

2

6.625%

due

07/15/2030

750,000

752,361

United

States

0.8%

Lowe's

5.800%

due

10/15/2036

250,000

262,313

United

States

0.3%

O'Reilly

Automotive

Inc.

4.700%

due

06/15/2032

1,250,000

1,240,878

United

States

1.2%

O'Reilly

Automotive

3.600%

due

09/01/2027

150,000

148,563

United

States

0.1%

Starbucks

2.450%

due

06/15/2026

700,000

699,570

United

States

0.7%

3,103,685

3.1%

Consumer

Staples

Natura

Cosmeticos

SA

4.125%

due

05/03/2028

2,000,000

1,887,477

Brazil

1.9%

Unilever

Capital

5.900%

due

11/15/2032

200,000

214,571

United

States

0.2%

2,102,048

2.1%

Energy

Masdar

Abu

Dhabi

4.875%

due

07/25/2029

2,750,000

2,764,945

United

Arab

Emirates

2.8%

Financials

AXA

5.125%

due

01/17/2047

3,000,000

3,001,066

France

3.0%

Bank

Of

New

York

Mellon

MTN

3.300%

due

08/23/2029

250,000

240,638

United

States

0.2%

Chubb

Ina

Holdings

4.350%

due

11/03/2045

100,000

85,853

United

States

0.1%

Commonwealth

Bank

Australia

3

4.527%

due

12/23/2026

AUD

1,450,000

1,042,597

Australia

1.1%

Munich

RE

1.000%

due

05/26/2042

EUR

3,200,000

3,210,708

Germany

3.2%

PayPal

Holdings

2.650%

due

10/01/2026

300,000

298,611

United

States

0.3%

State

Street

Float

2047

4.936%

due

06/15/2047

4,200,000

3,807,624

United

States

3.8%

UBS

AG

Stamford

CT

7.750%

due

09/01/2026

200,000

201,401

United

States

0.2%

11,888,498

11.9%

Government

New

S

Wales

Treasury

CRP

3.000%

due

04/20/2029

AUD

2,600,000

1,783,541

Australia

1.8%

Health

Care

Becton

Dickinson

6.700%

due

08/01/2028

240,000

250,179

United

States

0.2%

Medtronic

4.375%

due

03/15/2035

260,000

250,301

United

States

0.3%

500,480

0.5%

Industrials

Burlington

Northern

Santa

Fe

5.050%

due

03/01/2041

310,000

302,438

United

States

0.3%

Deere

8.100%

due

05/15/2030

95,000

107,846

United

States

0.1%

FS

Luxembourg

SARL

8.875%

due

02/12/2031

2,500,000

2,577,625

Luxembourg

2.6%

RELX

4.000%

due

03/18/2029

400,000

394,623

United

Kingdom

0.4%

United

Rentals

of

North

America

5.250%

due

01/15/2030

350,000

350,095

United

States

0.3%

3,732,627

3.7%

Information

Technology

NXP

BV/NXP

FDG/NXP

USA

5.000%

due

01/15/2033

1,750,000

1,748,820

Netherlands

1.8%

NXP

BV/NXP

FDG/NXP

USA

3.250%

due

05/11/2041

300,000

228,013

Netherlands

0.2%

RELX

Finance

BV

0.875%

due

03/10/2032

EUR

1,000,000

1,007,941

Netherlands

1.0%

2,984,774

3.0%

Materials

Antofogasta

PLC

5.625%

due

09/09/2035

1,850,000

1,864,624

United

Kingdom

1.9%

Praxair

3.550%

due

11/07/2042

1,100,000

878,947

United

States

0.9%

Schedule

of

Investments

(Unaudited)

As

of

May

31,

2026

Global

Sustainable

Bond

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2026

Semi-Annual

13

Continued

on

next

page.

Corporate

Bonds

-

58.3%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Materials

(continued)

Stora

Enso

OYJ

144A

2

7.250%

due

04/15/2036

$

500,000

$

535,562

Finland

0.5%

Stora

Enso

OYJ

7.250%

due

04/15/2036

300,000

321,337

Finland

0.3%

3,600,470

3.6%

Real

Estate

MAF

Global

Securities

7.875%

due

PERP

4,497,000

4,531,538

United

Arab

Emirates

4.6%

Prologis

1.250%

due

10/15/2030

500,000

435,593

United

States

0.4%

Republic

of

Turkiye

9.125%

due

07/13/2030

2,000,000

2,201,677

Turkey

2.2%

7,168,808

7.2%

Technology

Apple

4.500%

due

02/23/2036

350,000

347,392

United

States

0.4%

Nokia

OYJ

4.375%

due

08/21/2031

EUR

2,500,000

3,037,180

Finland

3.0%

Qualcomm

3.250%

due

05/20/2027

100,000

99,315

United

States

0.1%

3,483,887

3.5%

Utilities

Brookfield

Renewable

Partners

ULC

4.542%

due

10/12/2035

CAD

3,000,000

2,180,572

Canada

2.2%

Florida

Power

&

Light

5.950%

due

10/01/2033

100,000

106,312

United

States

0.1%

National

Central

Cooling

5.279%

due

03/05/2030

3,000,000

3,031,083

United

Arab

Emirates

3.0%

Puget

Sound

Energy

4.434%

due

11/15/2041

300,000

258,862

United

States

0.2%

United

Utilities

6.875%

due

08/15/2028

1,600,000

1,671,505

United

Kingdom

1.7%

7,248,334

7.2%

Total

Corporate

Bonds

(Cost

$58,239,105)

$58,232,780

58.3%

Government

Bonds

-

31.7%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Financial

Services

INTL

FINANCE

CORP

7.000%

due

07/20/2027

MXN

26,000,000

1,488,405

Mexico

1.5%

Financials

African

Development

Bank

5.750%

due

08/07/2050

3,500,000

3,418,232

Cote

D'ivoire

3.4%

Federal

Home

Loan

Bank

5.000%

due

10/14/2044

250,000

245,022

United

States

0.2%

Federal

Home

Loan

Bank

4.500%

due

12/04/2029

250,000

249,839

United

States

0.3%

First

Abu

Dhabi

Bank

PJSC

5.125%

due

10/13/2027

1,750,000

1,758,104

United

Arab

Emirates

1.8%

Int'l

Bk

Recon

&

Develop

9.500%

due

02/09/2029

BRL

2,500,000

465,849

United

States

0.5%

6,137,046

6.2%

Government

European

Bk

Recon

&

Dev

4

–%

due

12/03/2030

MXN

25,000,000

936,423

United

Kingdom

0.9%

European

Investment

Bank

4.500%

due

02/16/2028

MXN

55,000,000

3,006,267

Luxembourg

3.0%

Export-Import

Bank

Korea

5.125%

due

01/11/2033

500,000

517,490

Korea

0.5%

First

Nations

Finance

Authority

4.050%

due

06/01/2035

CAD

2,500,000

1,845,641

Canada

1.9%

International

Finance

7.020%

due

04/06/2028

MXN

23,000,000

1,295,121

United

States

1.3%

International

Finance

12.000%

due

11/03/2027

COP

1,000,000,000

264,122

United

States

0.3%

Int'l

Bk

Recon

&

Develop

5.750%

due

01/14/2028

BRL

5,500,000

982,075

United

States

1.0%

Int'l

Bk

Recon

&

Develop

5.000%

due

10/07/2026

COP

7,000,000,000

1,845,908

Germany

1.9%

Int'l

Bk

Recon

&

Develop

10.000%

due

11/08/2027

BRL

12,500,000

2,391,442

United

States

2.4%

Intl

Finance

Corp

10.750%

due

02/15/2028

BRL

2,000,000

384,930

United

States

0.4%

Perusahaan

Penerbit

SBSN

3.550%

due

06/09/2051

500,000

344,885

Indonesia

0.4%

Queensland

Treasury

2.500%

due

03/06/2029

AUD

2,350,000

1,596,541

Australia

1.6%

Republic

of

Chile

4.340%

due

03/07/2042

500,000

441,000

Chile

0.4%

United

States

Treasury

Bond

5.250%

due

02/15/2029

300,000

309,937

United

States

0.3%

United

States

Treasury

Bond

5.375%

due

02/15/2031

400,000

421,156

United

States

0.4%

United

States

Treasury

Bond

6.250%

due

05/15/2030

575,000

619,383

United

States

0.6%

Schedule

of

Investments

(Unaudited)

As

of

May

31,

2026

Global

Sustainable

Bond

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

May

31,

2026

Semi-Annual

Continued

on

next

page.

Government

Bonds

-

31.7%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Government

(continued)

United

States

Treasury

Bond

4.250%

due

05/15/2039

$

770,000

$

740,193

United

States

0.7%

United

States

Treasury

Bond

6.125%

due

08/15/2029

950,000

1,007,482

United

States

1.0%

United

States

Treasury

Bond

3.125%

due

11/15/2041

145,000

117,648

United

States

0.1%

United

States

Treasury

Bond

3.375%

due

11/15/2048

560,000

434,241

United

States

0.4%

United

States

Treasury

Note

2.375%

due

05/15/2027

650,000

640,751

United

States

0.6%

United

States

Treasury

Note

2.875%

due

05/15/2052

400,000

273,812

United

States

0.3%

United

States

Treasury

Note

2.250%

due

08/15/2027

750,000

735,117

United

States

0.7%

US

Treasury

Bond

4.875%

due

05/31/2026

400,000

400,000

United

States

0.4%

US

Treasury

Bond

4.500%

due

05/31/2029

350,000

354,129

United

States

0.4%

US

Treasury

Bond

5.500%

due

08/15/2028

300,000

309,281

United

States

0.3%

US

Treasury

Strips

4

–%

due

02/15/2045

1,550,000

586,498

United

States

0.6%

22,801,473

22.8%

Treasury

Inflation

Protected

Securities

United

States

Treasury

Inflation

Index

Bond

2.125%

due

02/15/2054

268,717

236,550

United

States

0.2%

United

States

Treasury

Inflation

Index

Bond

3.875%

due

04/15/2029

601,997

642,582

United

States

0.7%

879,132

0.9%

US

Government

Agency

Freddie

Mac

4.750%

due

12/18/2029

300,000

299,703

United

States

0.3%

Total

Government

Bonds

(Cost

$31,864,029)

$31,605,759

31.7%

Municipals

Bonds

-

6.6%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Financials

Connecticut

State

Housing

Fin

Auth

5.918%

due

11/15/2055

500,000

498,663

United

States

0.5%

Massachusetts

St

Hsg

Fin

Revenue

5.781%

due

12/01/2040

215,000

217,652

United

States

0.2%

716,315

0.7%

Government

Connecticut

State

Housing

Fin

Auth

Mtge

5.798%

due

11/15/2045

450,000

454,546

United

States

0.4%

Illinois

St

Hsg

Dev

Auth

Revnue

5.929%

due

10/01/2050

500,000

497,991

United

States

0.5%

Illinois

St

Hsg

Dev

Auth

Revnue

5.758%

due

10/01/2053

500,000

500,269

United

States

0.5%

Maryland

Cmnty

Dev

Admin

Hsg

5.991%

due

09/01/2044

300,000

301,543

United

States

0.3%

Minnesota

Housing

Finance

Agency

5.925%

due

07/01/2049

295,000

295,623

United

States

0.3%

Minnesota

St

Hsg

Fin

Agy

5.794%

due

07/01/2044

750,000

756,443

United

States

0.8%

New

York

NY

5.846%

due

06/01/2040

200,000

206,659

United

States

0.2%

Ohio

St

Hsg

Fin

Agy

RSDL

6.225%

due

09/01/2055

495,000

502,505

United

States

0.5%

San

Francisco

City

&

Cnty

CA

Cmnty

Facs

4.000%

due

09/01/2048

965,000

769,807

United

States

0.8%

4,285,386

4.3%

Municipal

Bonds

Massachusetts

Housing

Finance

Agency

5.989%

due

12/01/2044

300,000

302,667

United

States

0.3%

San

Diego

Unified

School

District

3.965%

due

07/01/2029

300,000

297,726

United

States

0.3%

Virginia

St

Hsg

Dev

Auth

5.889%

due

07/01/2051

750,000

753,219

United

States

0.8%

Virginia

State

Housing

Development

Authority

5.950%

due

10/01/2066

240,000

240,175

United

States

0.2%

1,593,787

1.6%

Total

Municipals

Bonds

(Cost

$6,592,899)

$6,595,488

6.6%

Schedule

of

Investments

(Unaudited)

As

of

May

31,

2026

Global

Sustainable

Bond

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2026

Semi-Annual

15

BBSW:

Bank

Bill

Swap

Rate

Mortgage

Backed

-

0.2%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Real

Estate

Federal

National

Mortgage

Association

4.500%

due

11/01/2044

$

193,392

$

190,961

United

States

0.2%

Total

Mortgage

Backed

(Cost

$192,371)

$190,961

0.2%

Total

investments

(Cost

$96,888,404)

$96,624,988

96.8%

Other

assets

(net

of

liabilities)

3,182,588

3.2%

Total

net

assets

$99,807,576

100.0%

1

Denotes

a

country

or

region

of

primary

exposure

2

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,

2026,

the

aggregate

value

of

these

securities

was

$1,287,923

representing

1.3%

of

total

net

assets.

3

Variable

rate

security.

The

interest

rate

represents

the

rate

in

effect

at

May

31,

2026

and

resets

periodically

based

on

the

parenthetically

disclosed

reference

rate

and

spread.

4

Non-income

producing

HFC:

Housing

Finance

Corporation

MTN:

Medium

Term

Note

SA:

Special

Assessment

AUD

:

Australian

dollar

BRL

:

Brazilian

real

CAD

:

Canadian

dollar

COP

:

Colombian

peso

EUR

:

Euro

MXN

:

Mexican

peso

USD

:

United

States

dollar

Global

Sustainable

Bond

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

May

31,

2026

Semi-Annual

Statement

of

Assets

and

Liabilities

(Unaudited)

Statement

of

Operations

(Unaudited)

As

of

May

31,

2026

Assets

Investments

in

securities,

at

value

(Cost

$96,888,404)

$

96,624,988

Interest

receivable

1,623,085

Cash

1,618,766

Receivable

for

Fund

shares

sold

84,704

Prepaid

expenses

33,210

Total

assets

99,984,753

Liabilities

Payable

for

Fund

shares

redeemed

122,101

Accrued

advisory

fees

33,450

Accrued

audit

expenses

11,845

Accrued

trustee

expenses

4,526

Accrued

retirement

plan

custody

fee

2,945

Accrued

Chief

Compliance

Officer

expenses

931

Accrued

other

operating

expenses

1,379

Total

liabilities

177,177

Net

assets

$99,807,576

Analysis

of

net

assets

Paid-in

capital

(unlimited

shares

authorized,

without

par

value)

$100,631,226

Total

distributable

earnings

(823,650

)

Net

assets

applicable

to

Fund

shares

outstanding

$99,807,576

Fund

shares

outstanding

10,432,196

Net

asset

value,

offering,

and

redemption

price

per

share

$9.57

Period

ended

May

31,

2026

Investment

income

Interest

income

(Net

of

foreign

tax

of

$10,288)

$

2,108,330

Total

investment

income

2,108,330

Expenses

Investment

advisory

fees

193,207

Filing

and

registration

fees

15,726

Audit

fees

11,951

Trustee

fees

11,460

Legal

fees

7,390

Chief

Compliance

Officer

expenses

7,181

Custodian

fees

6,375

Retirement

plan

custodial

fees

2,061

Other

operating

expenses

10,012

Total

gross

expenses

265,363

Less

adviser

fees

waived

(27,139)

Less

custodian

fee

credits

(6,375)

Net

expenses

231,849

Net

investment

income

$1,876,481

Net

realized

gain

from

investments

and

foreign

currency

$200,664

Net

decrease

in

unrealized

appreciation

on

investments

and

foreign

currency

(236,771)

Net

loss

on

investments

(36,107)

Net

increase

in

net

assets

resulting

from

operations

$1,840,374

Global

Sustainable

Bond

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2026

Semi-Annual

17

Statements

of

Changes

in

Net

Assets

Period

ended

May

31,

2026

(Unaudited)

Year

ended

November

30,

2025

Increase

in

net

assets

from

operations

From

operations

Net

investment

income

$1,876,481

$2,204,018

Net

realized

gain

(loss)

on

investments

and

foreign

currency

200,664

(229,266)

Net

increase

(decrease)

in

unrealized

appreciation

on

investments

and

foreign

currency

(236,771)

1,995,654

Net

increase

in

net

assets

1,840,374

3,970,406

Distributions

to

shareowners

from

Net

dividend

and

distribution

to

shareholders

(2,274,485)

(1,156,915)

Capital

share

transactions

Proceeds

from

the

sale

of

shares

18,391,983

27,596,203

Proceeds

from

merger

24,285,241

-

Value

of

shares

issued

in

reinvestment

of

dividends

and

distributions

2,181,381

1,153,954

Cost

of

shares

redeemed

(4,764,046)

(7,707,987)

Total

capital

shares

transactions

40,094,559

21,042,170

Total

increase

in

net

assets

39,660,448

23,855,661

Net

assets

Beginning

of

period

60,147,128

36,291,467

End

of

period

$99,807,576

$60,147,128

Shares

of

the

Fund

sold

and

redeemed

Saturna

Global

Sustainable

Bond

(SEBFX)

Number

of

shares

sold

1,931,707

2,959,562

Number

of

shares

received

through

reorganization

2,593,192

-

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

232,309

130,097

Number

of

shares

redeemed

(501,667)

(836,695)

Net

increase

in

number

of

shares

outstanding

4,255,541

2,252,964

–

–

Sustainable

Bond

Fund:

Financial

Highlights

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

May

31,

2026

Semi-Annual

tin

Global

Sustainable

Bond

(SEBFX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

period:

Period

ended

May

31,

2026

A

Year

ended

November

30,

2025

2024

2023

2022

2021

A

A

A

A

A

A

A

Net

asset

value

at

beginning

of

period

$9.74

$9.25

$9.28

$9.02

$10.02

$10.25

Income

from

investment

operations

Net

investment

income

0.23

0.44

0.41

0.36

0.22

0.20

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

(0.03)

0.34

(0.10)

(0.04)

(0.98)

(0.42)

Total

from

investment

operations

0.20

0.78

0.31

0.32

(0.76)

(0.22)

Less

distributions

Dividends

(from

net

investment

income)

(0..37)

(0.29)

(0.34)

(0.06)

(0.05)

(0.01)

Distributions

(from

capital

gains)

–

–

–

–

(0.19)

–

Total

distributions

(0.37)

(0.29)

(0.34)

(0.06)

(0.24)

(0.01)

Net

asset

value

at

end

of

period

$9.57

$9.74

$9.25

$9.28

$9.02

$10.02

Total

Return

B

2.08%

8.75%

3.36%

3.55%

(7.83)%

(2.14)%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

period

$99,808

$60,147

$36,291

$29,455

$28,705

$26,048

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

C

0.68%

0.79%

0.81%

0.83%

0.74%

0.86%

After

advisory

fees

waiver

C

0.61%

0.66%

0.67%

0.67%

0.66%

0.66%

After advisory

fee

waiver

and

 custodian

fee

credits

C

0.60%

0.65%

0.65%

0.65%

0.65%

0.65%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

C

4.83%

4.72%

4.48%

3.89%

2.35%

1.99%

Portfolio

turnover

rate

B

14%

37%

25%

54%

80%

65%

A

Unaudited

B

Not

annualized

for

period

of

less

than

one

year

C

Annualized

for

periods

of

less

than

one

year

Schedule

of

Investments

(Unaudited)

As

of

May

31,

2026

Saturna

Growth

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2026

Semi-Annual

19

Continued

on

next

page.

Common

Stock

-

97.0%

Number

of

Shares

Cost

Market

Value

Percentage

of

Net

Assets

Communications

Internet

Media

&

Services

Alphabet,

Class

A

24,150

$

738,845

$

9,185,211

10.8%

Meta

Platforms

Inc

,

Class

A

3,200

1,630,348

2,024,032

2.4%

2,369,193

11,209,243

13.2%

Consumer

Discretionary

Automotive

Retailers

O'Reilly

Automotive

1

19,500

1,094,232

1,694,160

2.0%

Online

Marketplace

Amazon.com

1

25,775

161,044

6,975,746

8.2%

Specialty

Apparel

Stores

TJX

Companies

16,900

763,951

2,615,275

3.1%

2,019,227

11,285,181

13.3%

Consumer

Staples

Mass

Merchants

Costco

Wholesale

3,264

390,172

3,121,429

3.7%

Non-Alcoholic

Beverages

Monster

Beverage

27,900

1,299,603

2,457,432

2.9%

1,689,775

5,578,861

6.6%

Financials

Other

Financial

Services

Mastercard

,

Class

A

3,791

345,686

1,872,678

2.2%

Health

Care

Medical

Devices

Stryker

4,000

760,543

1,220,360

1.4%

Medical

Equipment

Intuitive

Surgical

Inc

1

1,000

469,760

424,640

0.5%

1,230,303

1,645,000

1.9%

Industrials

Building

Construction

EMCOR

Group

Inc.

2,200

1,759,255

1,819,004

2.1%

Commercial

&

Residential

Building

Equipment

&

Systems

Johnson

Controls

International

12,160

554,314

1,630,170

1.9%

Industrial

Wholesale

&

Rental

Ferguson

Enterprises

6,250

1,141,985

1,412,312

1.7%

Infrastructure

Construction

Quanta

Services

3,700

995,737

2,633,401

3.1%

Waste

Management

Republic

Services

3,250

792,077

651,430

0.8%

5,243,368

8,146,317

9.6%

Information

Technology

Electrical

Components

Amphenol

Corp-

Cl

A

13,400

1,774,493

1,993,384

2.4%

Materials

Agricultural

Chemicals

Corteva

5,260

240,947

411,753

0.5%

Schedule

of

Investments

(Unaudited)

As

of

May

31,

2026

Saturna

Growth

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

20

May

31,

2026

Semi-Annual

Common

Stock

-

97.0%

Number

of

Shares

Cost

Market

Value

Percentage

of

Net

Assets

Materials

(continued)

Cement

&

Aggregates

CRH

PLC

7,000

$

679,195

$

761,530

0.9%

920,142

1,173,283

1.4%

Technology

Communications

Equipment

Apple

20,930

6,168

6,531,416

7.7%

Motorola

Solutions

6,000

1,346,591

2,419,680

2.8%

1,352,759

8,951,096

10.5%

Infrastructure

Software

Microsoft

15,775

730,910

7,102,536

8.4%

Oracle

16,125

833,580

3,640,702

4.3%

1,564,490

10,743,238

12.7%

Semiconductor

Devices

Advanced

Micro

Devices

1

8,000

882,947

4,128,800

4.9%

Broadcom

12,725

1,198,146

5,685,148

6.7%

Monolithic

Power

Systems

770

365,390

1,205,982

1.4%

Nvidia

35,000

493,220

7,389,900

8.7%

2,939,703

18,409,830

21.7%

5,856,952

38,104,164

44.9%

Utilities

Integrated

Electric

Utilities

NextEra

Energy

14,270

1,301,23

6

1,241,633

1.5%

Total

investments

$22,750,375

$82,249,744

97.0%

Other

assets

(net

of

liabilities)

2,504,541

3.0%

Total

net

assets

$84,754,285

100.0%

1

Non-income

producing

Saturna

Growth

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2026

Semi-Annual

21

Statement

of

Assets

and

Liabilities

(Unaudited)

Statement

of

Operations

(Unaudited)

As

of

May

31,

2026

Assets

Investments

in

securities,

at

value

(Cost

$22,750,375)

$

82,249,744

Cash

2,490,353

Dividends

receivable

30,828

Prepaid

expenses

24,446

Receivable

for

Fund

shares

sold

11,336

Interest

receivable

6,873

Total

assets

84,813,580

Liabilities

Accrued

advisory

fees

35,507

Accrued

audit

expenses

5,855

Accrued

trustee

expenses

4,961

Accrued

retirement

plan

custody

fee

4,406

Accrued

Chief

Compliance

Officer

expenses

2,163

Accrued

12b-1

distribution

fees

1,012

Accrued

other

operating

expenses

1,217

Accrued

printing

fees

4,174

Total

liabilities

59,295

Net

assets

$84,754,285

Analysis

of

net

assets

Paid-in

capital

(unlimited

shares

authorized,

without

par

value)

$15,612,614

Total

distributable

earnings

69,141,671

Net

assets

applicable

to

Fund

shares

outstanding

$84,754,285

Net

asset

value

per

Investor

Shares

SSGFX

Net

assets,

at

value

$4,844,574

Shares

outstanding

68,819

Net

asset

value,

offering

and

redemption

price

per

share

$70.40

Net

asset

value

per

Z

Shares

SGZFX

Net

assets,

at

value

$79,909,711

Shares

outstanding

1,127,809

Net

asset

value,

offering

and

redemption

price

per

share

$70.85

Period

ended

May

31,

2026

Investment

income

Dividend

Income

$

195,219

Interest

income

37,997

Miscellaneous

income

50

Total

investment

income

233,266

Expenses

Investment

advisory

fees

195,967

Trustee

fees

18,878

Filing

and

registration

fees

18,849

ReFlow

fees

12,727

Audit

fees

12,612

Legal

fees

12,114

Chief

Compliance

Officer

expenses

10,996

12b-1

distribution

fees

5,843

Retirement

plan

custodial

fees

5,186

1,025

Investor

Shares

–

1,050

Z

Shares

5,186

Custodian

fees

1,578

Other

operating

expenses

8,577

Total

gross

expenses

303,327

Less

custodian

fee

credits

(1,578)

Net

expenses

301,749

Net

investment

loss

$(68,483)

Net

realized

gain

from

investments

$7,551,931

A

Net

decrease

in

unrealized

appreciation

on

investments

(627,686)

Net

gain

on

investments

6,924,245

Net

increase

in

net

assets

resulting

from

operations

$6,855,762

A

Includes

$7,203,683

in

net

realized

gains

from

redemptions

in-kind

Saturna

Growth

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

22

May

31,

2026

Semi-Annual

Statements

of

Changes

in

Net

Assets

Peri

od

ended

May

31,

2026

(Unaudited)

Year

ended

November

30,

2025

Increase

(Decrease)

in

net

assets

from

operations

From

operations

Net

investment

loss

$(68,483)

$(39,521)

Net

realized

gain

on

investments

7,551,931

3,530,334

Net

increase

(decrease)

in

unrealized

appreciation

on

investments

(627,686)

10,207,091

Net

increase

in

net

assets

6,855,762

13,697,904

Distributions

to

shareowners

from

1,025

Net

dividend

and

distribution

to

shareholders

-

Investor

Shares

(79,515)

(93,216)

1,050

Net

dividend

and

distribution

to

shareholders

-

Z

Shares

(1,239,728)

(1,533,929)

Total

distributions

(1,319,243)

(1,627,145)

Capital

share

transactions

Proceeds

from

the

sale

of

shares

1,025

Investor

Shares

171,898

610,918

1,050

Z

Shares

15,328,397

7,516,363

Value

of

shares

issued

in

reinvestment

of

dividends

and

distributions

1,025

Investor

Shares

77,632

91,643

1,050

Z

Shares

1,175,623

1,490,186

Cost

of

shares

redeemed

1,025

Investor

Shares

(726,663)

(696,709)

1,050

Z

Shares

(23,398,376)

(10,191,231)

Total

capital

shares

transactions

(7,371,489)

(1,178,830)

Total

increase

(decrease)

in

net

assets

(1,834,970)

10,891,929

Net

assets

Beginning

of

period

86,589,255

75,697,326

End

of

period

$84,754,285

$86,589,255

Shares

of

the

Fund

sold

and

redeemed

Investor

Shares

(SSGFX)

Number

of

shares

sold

2,725

9,688

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

1,251

1,652

Number

of

shares

redeemed

(11,726)

(11,816)

Net

decrease

in

number

of

shares

outstanding

(7,750)

(476)

Z

Shares

(SGZFX)

Number

of

shares

sold

235,859

130,610

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

18,840

26,773

Number

of

shares

redeemed

(360,987)

(175,839)

Net

decrease

in

number

of

shares

outstanding

(106,288)

(18,456)

–

–

Saturna

Growth

Fund:

Financial

Highlights

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2026

Semi-Annual

23

tin

Investor

Shares

(SSGFX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

period:

Period

ended

May

31,

2026

A

Year

ended

November

30,

2025

2024

2023

2022

2021

A

A

A

A

A

A

A

Net

asset

value

at

beginning

of

period

$65.74

$56.78

$43.60

$38.72

$51.39

$41.86

Income

from

investment

operations

Net

investment

income

B

(0.13)

(0.16)

(0.10)

(0.09)

(0.13)

0.09

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

5.83

10.34

13.28

5.89

(8.24)

9.70

Total

from

investment

operations

5.70

10.18

13.18

5.80

(8.37)

9.79

Less

distributions

Dividends

(from

net

investment

income)

–

–

–

–

(0.05)

(0.03)

Distributions

(from

capital

gains)

B

(1.04)

(1.22)

–

(0.92)

(4.25)

(0.23)

Total

distributions

(1.04)

(1.22)

–

(0.92)

(4.30)

(0.26)

Net

asset

value

at

end

of

period

$70.40

$65.74

$56.78

$43.60

$38.72

$51.39

Total

Return

C

8.88%

18.32%

30.23%

15.47%

(17.88)%

23.48%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

period

$4,845

$5,034

$4,374

$5,065

$4,921

$6,411

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

D

0.99%

0.98%

0.96%

1.04%

1.21%

0.74%

After  custodian

fee

credits

D

0.99%

0.98%

0.96%

1.04%

1.20%

0.74%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

D

(0.39)%

(0.27)%

(0.19)%

(0.22)%

(0.32)%

0.20%

Portfolio

turnover

rate

C

3%

8%

6%

10%

23%

18%

Z

Shares

(SGZFX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

period:

Period

ended

May

31,

2026

A

Year

ended

November

30,

2025

2024

2023

2022

2021

A

A

A

A

A

A

A

Net

asset

value

at

beginning

of

period

$66.09

$56.94

$43.65

$38.66

$51.30

$41.78

Income

from

investment

operations

Net

investment

income

B

(0.05)

(0.02)

0.02

0.01

(0.03)

0.20

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

5.85

10.39

13.30

5.90

(8.22)

9.66

Total

from

investment

operations

5.80

10.37

13.32

5.91

(8.25)

9.86

Less

distributions

Dividends

(from

net

investment

income)

–

–

(0.03)

–

(0.14)

(0.11)

Distributions

(from

capital

gains)

B

(1.04)

(1.22)

–

(0.92)

(4.25)

(0.23)

Total

distributions

(1.04)

(1.22)

(0.03)

(0.92)

(4.39)

(0.34)

Net

asset

value

at

end

of

period

$70.85

$66.09

$56.94

$43.65

$38.66

$51.30

Total

Return

C

9.00%

18.60%

30.52%

15.79%

(17.69)%

23.76%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

period

$79,910

$81,556

$71,323

$56,537

$49,958

$62,277

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

D

0.76%

0.75%

0.72%

0.80%

0.97%

0.51%

After  custodian

fee

credits

D

0.76%

0.75%

0.72%

0.80%

0.97%

0.50%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

D

(0.16)%

(0.04)%

0.04%

0.02%

(0.08)%

0.43%

Portfolio

turnover

rate

C

3%

8%

6%

10%

23%

18%

A

Unaudited

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

24

May

31,

2026

Semi-Annual

Saturna

Growth

Fund:

Financial

Highlights

B

Calculated

using

average

shares

outstanding

C

Not

annualized

for

period

of

less

than

one

year

D

Annualized

for

periods

of

less

than

one

year

Schedule

of

Investments

(Unaudited)

As

of

May

31,

2026

Saturna

International

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2026

Semi-Annual

25

Continued

on

next

page.

Common

Stock

-

94.3%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Consumer

Discretionary

Apparel,

Footwear

&

Accessory

Design

Hermes

International

1,267

$

1,966,417

$

2,368,809

France

2.0%

Consumer

Staples

Packaged

Food

Danone

ADR

43,470

614,127

617,274

France

0.5%

Danone

15,000

948,276

1,067,009

France

0.9%

1,562,403

1,684,283

1.4%

Financials

Banks

ANZ

Group

Holdings

Ltd

165,185

4,237,544

4,186,738

Austraila

3.5%

Islamic

Banking

Alinma

Bank

581,971

3,778,524

3,747,478

Saudi

Arabia

3.2%

Measurement

Instruments

Hexagon

AB-

B

shares

143,717

1,488,183

1,318,511

Sweden

1.1%

9,504,251

9,252,727

7.8%

Health

Care

Biotech

Samsung

Biologics

Co

Ltd

2

2,670

3,107,569

2,415,993

South

Korea

2.0%

Health

Care

Supplies

EssilorLuxottica

2,700

543,527

545,983

France

0.5%

Large

Pharma

AstraZeneca

PLC

5,006

641,335

929,464

United

Kingdom

0.8%

GlaxoSmithKline

ADR

10,234

427,926

517,226

United

Kingdom

0.4%

Novo

Nordisk

ADR

60,481

2,450,988

2,756,724

Denmark

2.3%

Sandoz

Group

AG

24,472

1,108,863

2,055,709

Switzerland

1.7%

4,629,112

6,259,123

5.2%

Medical

Devices

Smith

&

Nephew

184,180

2,870,071

2,747,827

United

Kingdom

2.3%

11,150,279

11,968,926

10.0%

Industrials

Commercial

&

Residential

Building

Equipment

&

Systems

Assa

Abloy

AB

-

B

40,800

967,105

1,465,048

Sweden

1.2%

Assa

Abloy

ADR

58,282

794,337

1,042,082

Sweden

0.9%

Johnson

Controls

International

7,400

480,759

992,044

United

States

0.9%

2,242,201

3,499,174

3.0%

Construction

&

Mining

Machinery

Komatsu

Ltd

122,360

4,506,499

4,999,256

Japan

4.2%

Diversified

Industrials

Siemens

ADR

5,896

445,104

924,670

Germany

0.8%

Electrical

Power

Equipment

Eaton

4,690

783,777

1,878,814

Ireland

1.6%

Fuji

Electric

Co.

Ltd.

56,842

3,456,110

5,519,039

Japan

4.6%

Schneider

Electric

ADR

17,100

420,097

1,075,590

France

0.9%

Schneider

Electric

SE

8,615

1,651,092

2,707,119

France

2.3%

6,311,076

11,180,562

9.4%

Fabricated

Metal

&

Hardware

Prysmian

S.P.A

27,142

2,023,784

4,677,903

Italy

4.0%

Schedule

of

Investments

(Unaudited)

As

of

May

31,

2026

Saturna

International

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

26

May

31,

2026

Semi-Annual

Common

Stock

-

94.3%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Industrials

(continued)

Industrial

Automation

Controls

ABB

Ltd

32,500

$

1,855,806

$

3,471,583

Switzerland

2.9%

Industrial

Wholesale

&

Rental

Ferguson

Enterprises

18,510

3,321,401

4,182,705

United

States

3.5%

20,705,871

32,935,853

27.8%

Materials

Base

Metals

Altius

Minerals

Corp

129,305

4,083,248

5,432,376

Canada

4.6%

Basic

&

Diversified

Chemicals

Air

Products

&

Chemicals

12,010

3,436,442

3,346,226

United

States

2.8%

Linde

5,423

1,688,992

2,698,973

United

Kingdom

2.3%

5,125,434

6,045,199

5.1%

Cement

&

Aggregates

CRH

PLC

35,000

3,706,378

3,807,650

United

States

3.2%

Iron

Rio

Tinto

ADR

38,118

2,598,449

4,055,374

United

Kingdom

3.4%

Specialty

Chemicals

Givaudan

(reg)

275

973,770

1,019,227

Switzerland

0.9%

Kansai

Paint

Co.

Ltd.

158,000

2,359,878

2,431,774

Japan

2.0%

3,333,648

3,451,001

2.9%

18,847,157

22,791,600

19.2%

Technology

Application

Software

SAP

ADR

13,805

2,587,798

2,509,611

Germany

2.1%

Communications

Equipment

Fujikura

Ltd

188,321

1,304,613

5,614,708

Japan

4.7%

Samsung

Electronics

26,697

2,808,560

5,600,861

South

Korea

4.7%

4,113,173

11,215,569

9.4%

Semiconductor

Devices

Broadcom

8,849

1,464,025

3,953,468

United

States

3.3%

Semiconductor

Manufacturing

ASML

Holding

NY

3,564

364,255

5,747,877

Netherlands

4.9%

Taiwan

Semiconductor

ADR

18,172

1,798,719

7,604,073

Taiwan

6.4%

2,162,974

13,351,950

11.3%

10,327,970

31,030,598

26.1%

Total

investments

$74,064,348

$112,032,796

94.3%

Other

assets

(net

of

liabilities)

6,807,955

5.7%

Total

net

assets

$118,840,751

100.0%

1

Country

of

domicile

2

Non-income

producing

ADR:

American

Depositary

Receipt

Saturna

International

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2026

Semi-Annual

27

Statement

of

Assets

and

Liabilities

(Unaudited)

Statement

of

Operations

(Unaudited)

As

of

May

31,

2026

Assets

Investments

in

securities,

at

value

(Cost

$74,064,348)

$

112,032,796

Cash

6,340,677

Dividends

receivable

518,038

Receivable

for

Fund

shares

sold

87,771

Prepaid

expenses

29,985

Interest

receivable

18,034

Total

assets

119,027,301

Liabilities

Payable

for

Fund

shares

redeemed

104,729

Accrued

advisory

fees

46,134

Accrued

12b-1

distribution

fees

11,358

ReFlow

fees

payable

11,290

Accrued

trustee

expenses

5,071

Accrued

retirement

plan

custody

fee

4,068

Accrued

Chief

Compliance

Officer

expenses

2,298

Accrued

other

operating

expenses

1,602

Total

liabilities

186,550

Net

assets

$118,840,751

Analysis

of

net

assets

Paid-in

capital

(unlimited

shares

authorized,

without

par

value)

$61,299,871

Total

distributable

earnings

57,540,880

Net

assets

applicable

to

Fund

shares

outstanding

$118,840,751

Net

asset

value

per

Investor

Shares

SSIFX

Net

assets,

at

value

$54,000,422

Shares

outstanding

1,969,634

Net

asset

value,

offering

and

redemption

price

per

share

$27.42

Net

asset

value

per

Z

Shares

SIFZX

Net

assets,

at

value

$64,840,329

Shares

outstanding

2,351,698

Net

asset

value,

offering

and

redemption

price

per

share

$27.57

Period

ended

May

31,

2026

Investment

income

Dividend

Income

(Net

of

foreign

tax

of

$130,801)

$

868,917

Interest

income

56,177

Total

investment

income

925,094

Expenses

Investment

advisory

fees

241,242

12b-1

distribution

fees

60,597

Filing

and

registration

fees

18,836

Trustee

fees

17,220

ReFlow

fees

13,581

Audit

fees

12,280

Custodian

fees

11,687

Legal

fees

11,071

Chief

Compliance

Officer

expenses

10,398

Retirement

plan

custodial

fees

4,178

1,125

Investor

Shares

–

1,150

Z

Shares

4,178

Other

operating

expenses

13,204

Total

gross

expenses

414,294

Less

adviser

fees

waived

(8,766)

Less

custodian

fee

credits

(11,687)

Net

expenses

393,841

Net

investment

income

$531,253

Net

realized

gain

from

investments

and

foreign

currency

$16,802,011

A

Net

Increase

in

unrealized

appreciation

on

investments

and

foreign

currency

344,216

Net

gain

on

investments

17,146,227

Net

increase

in

net

assets

resulting

from

operations

$17,677,480

A

Includes

$5,534,667

in

net

realized

gains

from

redemptions

in-kind

Saturna

International

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

28

May

31,

2026

Semi-Annual

Statements

of

Changes

in

Net

Assets

A)

On

March

20,

2026,

the

Saturna

Sustainable

Equity

Fund

was

merged

into

Saturna

International

Fund

Z

Shares.

Period

ended

May

31,

2026

(

Unaudited

)

Year

ended

November

30,

2025

Increase

in

net

assets

from

operations

From

operations

Net

investment

income

$531,253

$293,502

Net

realized

gain

on

investments

and

foreign

currency

16,802,011

13,218,913

Net

increase

(decrease)

in

unrealized

appreciation

on

investments

and

foreign

currency

344,216

(132,408)

Net

increase

in

net

assets

17,677,480

13,380,007

Distributions

to

shareowners

from

1,125

Net

dividend

and

distribution

to

shareholders

-

Investor

Shares

(6,341,595)

(218,334)

1,150

Net

dividend

and

distribution

to

shareholders

-

Z

Shares

(4,892,039)

(177,256)

Total

distributions

(11,233,634)

(395,590)

Capital

share

transactions

Proceeds

from

the

sale

of

shares

1,125

Investor

Shares

5,294,373

3,646,558

1,150

Z

Shares

21,127,434

8,203,979

Proceeds

from

merger

1,150

Z

Shares

19,625,388

-

Value

of

shares

issued

in

reinvestment

of

dividends

and

distributions

1,125

Investor

Shares

6,147,695

213,052

1,150

Z

Shares

4,747,261

169,692

Cost

of

shares

redeemed

1,125

Investor

Shares

(5,224,133)

(7,345,868)

1,150

Z

Shares

(20,265,323)

(9,148,020)

Total

capital

shares

transactions

31,452,695

(4,260,607)

Total

increase

in

net

assets

37,896,541

8,723,810

Net

assets

Beginning

of

period

80,944,210

72,220,400

End

of

period

$118,840,751

$80,944,210

Shares

of

the

Fund

sold

and

redeemed

Investor

Shares

(SSIFX)

Number

of

shares

sold

208,663

147,512

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

271,404

9,584

Number

of

shares

redeemed

(212,407)

(310,058)

Net

increase

(decrease)

in

number

of

shares

outstanding

267,660

(152,962)

Z

Shares

(SIFZX)

Number

of

shares

sold

1,632,010

336,633

Number

of

shares

received

through

reorganization

838,943

-

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

208,393

7,599

Number

of

shares

redeemed

(755,959)

(377,358)

Net

increase

(decrease)

in

number

of

shares

outstanding

1,084,444

(33,126)

–

–

Saturna

International

Fund:

Financial

Highlights

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

May

31,

2026

Semi-Annual

29

tin

Investor

Shares

(SSIFX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

period:

Period

ended

May

31,

2026

A

Year

ended

November

30,

2025

2024

2023

2022

2021

A

A

A

A

A

A

A

Net

asset

value

at

beginning

of

period

$27.18

$22.84

$20.87

$18.11

$23.49

$19.62

Income

from

investment

operations

Net

investment

income

B

0.11

0.07

0.09

0.08

0.09

0.10

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

3.86

4.39

1.96

2.68

(3.58)

3.85

Total

from

investment

operations

3.97

4.46

2.05

2.76

(3.49)

3.95

Less

distributions

Dividends

(from

net

investment

income)

(0.13)

–

(0.08)

–

(0.13)

(0.08)

Distributions

(from

capital

gains)

(3.60)

(0.12)

–

–

(1.76)

–

Total

distributions

(3.73)

(0.12)

(0.08)

–

(1.89)

(0.08)

Net

asset

value

at

end

of

period

$27.42

$27.18

$22.84

$20.87

$18.11

$23.49

Total

Return

C

17.51%

19.63%

9.82%

15.24%

(16.31)%

20.16%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

period

$54,000

$46,267

$42,366

$37,141

$33,029

$46,560

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

D

0.97%

1.01%

0.96%

1.06%

1.28%

0.93%

After

advisory

fees

waiver

D

0.96%

n/a

n/a

n/a

n/a

n/a

After

advisory

fees

waiver

and

custodian

fee

credits

D

0.94%

1.00%

0.95%

1.05%

1.27%

0.92%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

D

0.89%

0.31%

0.40%

0.43%

0.48%

0.46%

Portfolio

turnover

rate

C

31%

26%

19%

16%

33%

22%

Z

Shares

(SIFZX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

period:

Period

ended

May

31,

2026

A

Year

ended

November

30,

2025

2024

2023

2022

2021

A

A

A

A

A

A

A

Net

asset

value

at

beginning

of

period

$27.36

$22.96

$20.98

$18.15

$23.55

$19.67

Income

from

investment

operations

Net

investment

income

B

0.17

0.13

0.14

0.13

0.13

0.15

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

3.84

4.41

1.96

2.70

(3.59)

3.85

Total

from

investment

operations

4.01

4.54

2.10

2.83

(3.46)

4.00

Less

distributions

Dividends

(from

net

investment

income)

(0.20)

(0.02)

(0.12)

–

(0.18)

(0.12)

Distributions

(from

capital

gains)

(3.60)

(0.12)

–

–

(1.76)

–

Total

distributions

(3.80)

(0.14)

(0.12)

–

(1.94)

(0.12)

Net

asset

value

at

end

of

period

$27.57

$27.36

$22.96

$20.98

$18.15

$23.55

Total

Return

C

17.62%

19.90%

10.04%

15.59%

(16.17)%

20.42%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

period

$64,840

$34,677

$29,855

$27,157

$23,812

$28,929

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

D

0.74%

0.80%

0.73%

0.83%

1.04%

0.72%

After

advisory

fees

waiver

D

0.71%

n/a

n/a

n/a

n/a

n/a

After

advisory

fees

waiver

and

custodian

fee

credits

D

0.69%

0.78%

0.72%

0.82%

1.03%

0.71%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

D

1.35%

0.53%

0.62%

0.66%

0.72%

0.68%

Portfolio

turnover

rate

C

31%

26%

19%

16%

33%

22%

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

30

May

31,

2026

Semi-Annual

Saturna

International

Fund:

Financial

Highlights

Z

Shares

(SIFZX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

period:

Period

ended

May

31,

2026

A

Year

ended

November

30,

2025

2024

2023

2022

2021

A

A

A

A

A

A

A

A

Unaudited

B

Calculated

using

average

shares

outstanding

C

Not

annualized

for

period

of

less

than

one

year

D

Annualized

for

periods

of

less

than

one

year

Notes

To

Financial

Statements

May

31,

2026

Semi-Annual

31

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

four

portfolio

series:

Saturna

Core

Fund,

Saturna

Global

Sustainable

Bond

Fund,

Saturna

Growth

Fund,

andSaturna

International

Fund

(each,

a

“Fund”,

and

collectively,

the

“Funds”.

Saturna

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.

Saturna

Growth

Fund

Z

Shares

began

operations

June

2,

2017.

Saturna

International

Investor

Shares

began

operations

September

28,

1995

and

Saturna

International

Fund

Z

Shares

began

operations

on

June

2,

2017.

Saturna

Core

Fund

commenced

operations

March

30,

2007.

Saturna

Global

Sustainable

Bond

Fund

commenced

operations

on

March

27,

2015.

Saturna

Bond

Income

Fund

and

Saturna

Short-Term

Bond

Fund

were

reorganized

into

Saturna

Sustainable

Bond

Fund

on

March

20,

2026,

which

was

renamed

Saturna

Global

Sustainable

Bond

Fund

effective

March

30,

2026.

Saturna

Global

High

Income

Fund

was

reorganized

into

Saturna

Core

Fund

and

Saturna

Sustainable

Equity

Fund

was

reorganized

into

Saturna

International

Fund,

Z

Class

on

March

20,

2026.

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:

Core,

Global

Sustainable

Bond,

Growth

,

and

International

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.

Global

Sustainable

Fund:

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.

Core

and

Growth

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.

Core

,

Global

Sustainable

Bond,

and

International

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

Notes

To

Financial

Statements

(continued)

32

May

31,

2026

Semi-Annual

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.

Core

and

Global

Sustainable

Bond

Funds

:

Bonds

entail

credit

risk,

which

is

the

possibility

that

a

bond

will

not

be

able

to

pay

interest

or

principal

when

due.

If

the

credit

quality

of

a

bond

is

perceived

to

decline,

investors

will

demand

a

higher

yield,

which

means

a

lower

price

on

that

bond

to

compensate

for

the

higher

level

of

risk.

Interest

rate

fluctuations

affect

bond

prices

and

a

Fund’s

net

asset

value,

but

not

the

income

received

by

the

Fund

from

its

portfolio

securities.

Because

prices

and

yields

on

debt

securities

vary

over

time,

a

Fund’s

yield

also

varies.

Bonds

with

embedded

callable

options

also

contain

an

element

of

prepayment

risk.

When

interest

rates

decline,

issuers

can

retire

their

debt

and

reissue

bonds

at

a

lower

interest

rate.

This

hurts

investors

because

yields

available

for

reinvestment

will

have

declined

and

upward

price

mobility

on

callable

bonds

is

generally

limited

by

the

call

price.

Global

Sustainable

Bond

Fund:

The

risks

inherent

in

the

Saturna

Sustainable

Bond

Fund

depend

primarily

on

the

terms

and

quality

of

the

obligations

in

its

portfolio,

as

well

as

on

bond

market

conditions.

When

interest

rates

rise,

bond

prices

fall.

When

interest

rates

fall,

bond

prices

go

up.

Bonds

with

longer

maturities

usually

are

more

sensitive

to

interest

rate

changes

than

bonds

with

shorter

maturities.

The

Fund

entails

credit

risk,

which

is

the

possibility

that

a

bond

will

not

be

able

to

pay

interest

or

principal

when

due.

If

the

credit

quality

of

a

bond

is

perceived

to

decline,

investors

will

demand

a

higher

yield,

which

means

a

lower

price

on

that

bond

to

compensate

for

the

higher

level

of

risk.

The

Fund

may

invest

a

portion

of

its

assets

in

securities

issued

by

government

sponsored

entities

such

as

Fannie

Mae,

Freddie

Mac,

and

the

Federal

Home

Loan

Banks

in

the

US.

Foreign

governments

also

sponsor

similar

entities,

which

may

promote

activities

such

as

low-cost

housing

or

alternative

energy.

The

Fund

may

also

invest

in

the

issues

of

regional,

state,

and

local

governments.

The

terms

of

such

issues

can

be

complex,

and

there

can

be

no

assurance

that

a

government

entity

will

support

such

enterprises

that

encounter

financial

difficulty.

Issuers

of

high-yield

securities

are

generally

not

as

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

(Unaudited)

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

Note

1

-

Organization

(continued)

Notes

To

Financial

Statements

(continued)

May

31,

2026

Semi-Annual

33

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 net

asset

value

(NAV)

is

both

the

offering

and

redemption

price

per

share. 

Share

Valuation

Inputs

as

of

May

31,

2026

Level

1

Level

2

Level

3

Funds

Quoted

Price

Significant

Observable

Input

Significant

Unobservable

Input

Total

Core

Fund

Common

Stock

Communications

$2,233,581

$–

$–

$2,233,581

Consumer

Discretionary

$2,340,201

$–

$–

$2,340,201

Consumer

Staples

$1,005,437

$498,356

$–

$1,503,793

Energy

$766,975

$–

$–

$766,975

Financials

$2,707,090

$–

$–

$2,707,090

Health

Care

$2,403,522

$–

$–

$2,403,522

Industrials

$1,874,496

$1,223,416

$–

$3,097,912

Information

Technology

$780,828

$–

$–

$780,828

Materials

$4,397,148

$441,107

$–

$4,838,255

Real

Estate

$665,958

$–

$–

$665,958

Technology

$6,481,886

$387,589

$–

$6,869,475

Utilities

$1,104,404

$–

$–

$1,104,404

Total

Common

Stock

$26,761,526

$2,550,468

$–

$29,311,994

Corporate

Bonds

1

$–

$5,744,377

$–

$5,744,377

Government

Bonds

1

$–

$3,097,573

$–

$3,097,573

Municipals

Bonds

1

$–

$2,038,020

$–

$2,038,020

Total

Assets

$26,761,526

$13,430,438

$–

$40,191,964

Global

Sustainable

Bond

Fund

Corporate

Bonds

1

$–

$58,232,780

$–

$58,232,780

Government

Bonds

1

$–

$31,605,759

$–

$31,605,759

Municipals

Bonds

1

$–

$6,595,488

$–

$6,595,488

Mortgage

Backed

1

$–

$190,961

$–

$190,961

Total

Assets

$–

$96,624,988

$–

$96,624,988

Growth

Fund

Common

Stock

1

$82,249,744

$–

$–

$82,249,744

Total

Assets

$82,249,744

$–

$–

$82,249,744

International

Fund

Common

Stock

Consumer

Discretionary

$–

$2,368,809

$–

$2,368,809

Consumer

Staples

$617,274

$1,067,009

$–

$1,684,283

Financials

$–

$9,252,727

$–

$9,252,727

Health

Care

$4,203,414

$7,765,512

$–

$11,968,926

Industrials

$10,095,905

$22,839,948

$–

$32,935,853

Materials

$19,340,599

$3,451,001

$–

$22,791,600

Technology

$19,815,029

$11,215,569

$–

$31,030,598

Total

Common

Stock

$54,072,221

$57,960,575

$–

$112,032,796

Total

Assets

$54,072,221

$57,960,575

$–

$112,032,796

1

See

the

Schedule

of

Investments

for

additional

details.

Note

3

-

Significant

Accounting

Policies

(Unaudited)

(continued)

Notes

To

Financial

Statements

(continued)

34

May

31,

2026

Semi-Annual

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.

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,

2026

,

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

(2022−2024)

or

expected

to

be

taken

in

the

Funds’

2025

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.

Note

3

-

Significant

Accounting

Policies

(Unaudited)

(continued)

Notes

To

Financial

Statements

(continued)

May

31,

2026

Semi-Annual

35

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,

2026

,

and

have

no

effect

on

net

assets

or

NAV

per

share.

These

reclassifications

were

primarily

due

to

redemptions

in

kind

and

operating

losses.

Saturna

Global

Sustainable

Bond

Fund

did

not

have

any

reclassification

of

capital

accounts.

Distributions

to

shareowners:

For

the

Saturna

Core

Fund

,

Saturna

Global

Sustainable

Bond

Fund

,

Saturna

Growth

Fund

,

and

Saturna

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

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.

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

(Unaudited)

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,

2026

of

Saturna

Core

Fund

to

0.75%,

Saturna

Global

Sustainable

Fund

to

0.60%,

and

Saturna

International

Fund

Z

Shares

to

0.75%.

For

the

period

ended

May

31,

2026

,

the

advisory

fees

incurred

were

as

follows:

1

In

accordance

with

the

expense

limitation

noted

above,

for

the

period

ended

May

31,

2026

,

Saturna

Capital

waived

a

portion

of

the

advisory

fees

of

the

Saturna

Core

Fund,

Saturna

Global

Sustainable

Fund

,

and

Saturna

International

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

Saturna

Growth

Investor

Shares

and

Saturna

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.

Core

Fund

Distributable

earnings

$(980,635)

Paid-in

Capital

$980,635

Growth

Fund

International

Fund

Distributable

earnings

$(2,170,424)

$(2,499,794)

Paid-in

Capital

$2,170,424

$2,499,794

Advisory

Fees

Advisory

Fees

Waived

700

Core

Fund

$93,354

$(6,733)

950

Global

Sustainable

Bond

Fund

$193,207

$(27,139)

800

Growth

Fund

$195,967

n/a

850

International

Fund

$241,242

$(8,766)

Distribution

(12b-1)

fees

700

Core

Fund

n/a

950

Global

Sustainable

Bond

Fund

n/a

800

Growth

Fund

Z

Shares

(

SGZFX

)

n/a

800

Growth

Fund

Investor

Shares

(

SSGFX

)

$5,843

850

International

Fund

Z

Shares

(

SIFZX

)

n/a

850

International

Fund

Investor

Shares

(

SSIFX

)

$60,597

Note

3

-

Significant

Accounting

Policies

(Unaudited)

(continued)

Notes

To

Financial

Statements

(continued)

36

May

31,

2026

Semi-Annual

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,

2026

,

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,

2026

,

the

Saturna

Investment

Trust

incurred

$54,412

of

total

expenses

for

the

independent

Trustee’s

compensation

and

Trust

board

meetings.

On

May

31,

2026

,

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,

2026

,

the

Funds

paid

the

following

compensation

expenses

for

the

Chief

Compliance

Officer:

Note

5

-

Distributions

to

Shareowners

(Unaudited)

The

tax

characteristics

of

distributions

paid

for

the

fiscal

period

ended

May

31,

2026

,

and

the

year

ended

November

30,

2025

,

were

as

follows:

Note

6

-

Federal

Income

Taxes

(Unaudited)

The

unaudited

cost

basis

of

investments

for

federal

income

tax

purposes

at

May

31,

2026

,

were

as

follows:

Retirement

plan

custodial

fees

700

Core

Fund

(SCORX)

$5,074

950

Global

Sustainable

Bond

Fund

(SEBFX)

$2,061

1,025

Growth

Fund

Investor

Shares

(SSGFX)

n/a

1,050

Growth

Fund

Z

Shares

(SGZFX)

$5,186

1,125

International

Fund

Investor

Shares

(SSIFX)

n/a

1,150

International

Fund

Z

Shares

(SIFZX)

$4,178

Trustees',

officers',

and

affiliates'

ownership

700

Core

Fund(SCORX)

22.20%

950

Global

Sustainable

Bond

Fund(SEBFX)

23.38%

800

Growth

Fund(SGZFX

and

SSGFX)

8.56%

850

International

Fund(SIFZX

and

SSIFX)

20.37%

Chief

Compliance

Officer

700

Core

Fund

$4,054

950

Global

Sustainable

Bond

Fund

$7,181

800

Growth

Fund

$10,996

850

International

Fund

$10,398

Core

Fund

May

31,

2026

November

30,

2025

Ordinary

Income

$474,638

$475,684

Long-term

capital

gain

1

$181,917

$231,704

Global

Sustainable

Bond

Fund

May

31,

2026

November

30,

2025

Ordinary

Income

$2,274,485

$1,156,915

Growth

Fund

May

31,

2026

November

30,

2025

Long-term

capital

gain

1

$1,319,243

$1,627,145

International

Fund

May

31,

2026

November

30,

2025

Ordinary

Income

$781,669

$25,689

Long-term

capital

gain

1

$10,451,965

$369,901

1

Long-Term

Capital

Gain

dividend

designated

at

20%

rate

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code.

Core

Fund

Global

Sustainable

Bond

Fund

Cost

of

investments

$29,654,323

$96,888,404

Gross

tax

unrealized

appreciation

$11,629,093

$1,459,499

Gross

tax

unrealized

depreciation

$(1,091,452)

$(1,722,915)

Net

tax

unrealized

appreciation

(depreciation)

$10,537,641

$(263,416)

Growth

Fund

International

Fund

Cost

of

investments

$22,750,375

$74,064,348

Gross

tax

unrealized

appreciation

$59,953,507

$40,036,731

Gross

tax

unrealized

depreciation

$(454,138)

$(2,068,283)

Net

tax

unrealized

appreciation

$59,499,369

$37,968,448

Note

4

-

Transactions

with

Affiliated

Persons

(Unaudited)

(continued)

Notes

To

Financial

Statements

(continued)

May

31,

2026

Semi-Annual

37

As

of

November

30,

2025

,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

At

November

30,

2025

,

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.

For

the

year

ended

November

30,

2025,

Core

Fund

utilized

$8,009,

Global

High

Income

utilized

$87,

Growth

utilized

$252,087,

and

International

utilized

$544,256

of

short-term

capital

loss

carry

forward.

Note

7

-

Investments

(Unaudited)

Investment

transactions

other

than

short-term

investments

and

redemptions

in-kind

for

the

fiscal

period

ended

May

31,

2026

,

were

as

follows:

Redemptions

in-kind

for

the

fiscal

period

ended

May

31,

2026

,

were

as

follows:

During

the

fiscal

period

ended

May

31,

2026,

the

Funds

had

the

following

in-kind

redemption

transactions

related

to

the

Reflow

program

as

outlined

in

Note

3:

Note

8

-

Custodian

(Unaudited)

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,

2026

,

such

reductions

were

as

follows:

Note

9

-

Reorganization

(Unaudited)

Mergers

of

the

Saturna

Short

Term

Bond

Fund

and

Saturna

Bond

Income

fund

into

Saturna

Global

Sustainable

Bond

Fund;

Saturna

Global

High

Income

Fund

into

Saturna

Core

Fund;

Saturna

Sustainable

Equity

Fund

into

Saturna

International

Fund.

On

March

20,

2026,the

Saturna

Short-Term

Bond

Fund

and

Saturna

Bond

Income

Fund,

Saturna

Global

High

Income

Fund,

Saturna

Sustainable

Equity

Fund,

each

a

series

of

the

Saturna

Investment

Trust,

(the

“Targeted

Funds”

or

the

“Acquired

Funds”)

merged

into

the

Saturna

Global

Sustainable

Bond

Fund,

Saturna

Core

Fund,

and

the

Saturna

International

Fund

respectively

(the

“Acquiring

Funds”).

For

financial

reporting

purposes,

each

Acquiring

Fund

is

the

accounting

survivor

of

its

respective

reorganization

and

retains

its

historical

performance

and

financial

history.

As

a

tax-free

reorganization,

any

unrealized

appreciation

or

depreciation

on

the

securities

on

the

date

of

reorganization

was

treated

as

a

non-taxable

event,

thus

the

cost

basis

of

the

securities

held

reflect

their

historical

cost

basis

as

of

the

date

of

the

reorganization.

Immediately

prior

to

the

reorganization,

the

net

assets,

fair

value

of

investments,

net

unrealized

appreciation/

(depreciation)

and

fund

shares

outstanding

of

the

Predecessor

Funds

were

as

follows:

Core

Fund

Undistributed

ordinary

income

$462,818

Accumulated

capital

gains

$181,027

Tax

accumulated

earnings

$643,845

Unrealized

Appreciation

$7,466,289

Other

unrealized

accumulated

losses

$(18)

Total

accumulated

earnings

$8,110,116

Global

Sustainable

Bond

Fund

Undistributed

ordinary

income

$1,862,664

Accumulated

capital

and

other

losses

$(2,220,772)

Tax

accumulated

earnings

$(358,108)

Unrealized

Appreciation

$963,405

Other

unrealized

gains

$8,401

Total

accumulated

earnings

$613,698

Growth

Fund

Accumulated

capital

gains

$1,307,674

Tax

accumulated

earnings

$1,307,674

Unrealized

Appreciation

$60,127,054

Total

accumulated

earnings

$61,434,728

International

Fund

Undistributed

ordinary

income

$781,524

Accumulated

capital

gains

$10,230,995

Tax

accumulated

earnings

$11,012,519

Unrealized

Appreciation

$33,285,698

Other

unrealized

accumulated

losses

$(841)

Total

accumulated

earnings

$44,297,376

Sustainable

Bond

Fund

Short

term

loss

carryforward

$923,340

Long

term

loss

carryforward

$1,297,432

Total

Capital

loss

carryforward

$2,220,772

Purchases

Sales

700

Core

Fund

$7,887,039

$4,923,786

950

Global

Sustainable

Bond

Fund

$38,512,514

$10,389,794

800

Growth

Fund

$2,704,304

$2,982,723

850

International

Fund

$39,781,519

$28,981,641

Purchases

Sales

700

Core

Fund

$–

$1,489,966

800

Growth

Fund

$–

$8,317,387

850

International

Fund

$–

$7,366,134

Core

Fund

Growth

Fund

Shares

139,519

153,420

Value

of

securities

$1,,489,966

$8,317,387

Cash

$1,206,540

$1,582,830

Total

amount

$2,696,506

$9,900,217

Realized

Gains

$722,535

$7,203,683

International

Fund

Shares

330,201

Value

of

securities

$7,366,134

Cash

$1,466,986

Total

amount

$8,833,120

Realized

Gains

$5,534,667

Custodian

Fee

Credits

700

Core

Fund

$1,025

950

Global

Sustainable

Bond

Fund

$6,375

800

Growth

Fund

$1,578

850

International

Fund

$11,687

Note

6

-

Federal

Income

Taxes

(Unaudited)

(continued)

Notes

To

Financial

Statements

(continued)

38

May

31,

2026

Semi-Annual

In

connection

with

the

reorganization,

the

net

assets

of

the

Acquired

Funds

were

acquired

by

the

Acquiring

Funds

on

March

20,

2026.

The

acquisition

was

accomplished

by

a

tax-free

exchange

of

all

shares

of

the

Acquired

Funds

for

shares

of

the

Acquiring

Funds

as

described

in

the

prior

table.

For

financial

reporting

purposes,

the

Acquiring

Funds

are

deemed

to

be

the

accounting.

The

assets

received

and

shares

issued

by

the

Acquiring

Funds

were

recorded

at

fair

value;

and,

the

cost

basis

of

the

investments

received

from

the

Acquired

Funds

were

carried

forward

to

align

ongoing

reporting

of

the

Acquiring

Funds’

realized

and

unrealized

gains

and

losses

with

amounts

distributable

to

shareholders

for

tax

purposes.

Information

with

respect

to

the

net

assets

and

other

relevant

operating

data

for

the

Acquired

Funds

on

the

merger

date

are

included

below:

Short-Term

Bond

Fund

Bond

Income

Fund

Net

Assets

$13,295,242

$10,944,092

Fair

Value

of

Investments

$8,878,125

$8,570.70

Net

Unrealized

Appreciation/

(Depreciation)

$11,472

($1,014,709)

Shares

Outstanding

2,661,704

2,494,118

Capital

loss

carryforward

$(135,638)

$(384,836)

Global

High

Income

Fund

Sustainable

Equity

Fund

Net

Assets

$10,326,564

$19,624,954

Fair

Value

of

Investments

$7,804,540

$12,500,728

Net

Unrealized

Appreciation/

(Depreciation)

$1,514,478

$4,303,612

Shares

Outstanding

879,355

1,261,029

Capital

loss

carryforward

$(62,143)

$-

Before

Reorganization

After

Reorganization

Saturna

Short-Term

Bond

Fund

Saturna

Bond

Income

Fund

Saturna

Sustainable

Bond

Fund

Saturna

Global

Stainable

Bond

Fund

Investor

Class

Shares

2,661,704

2,494,118

7,417,519

10,005,816

Net

Assets

$13,295,242

$10,944,092

$69,462,904

$93,702,238

Net

Asset

Value

$4.995

$4.388

$9.365

$9.365

Fund

Total

Net

Unrealized

Appreciation/(Depreciation)

$11,472

($1,014,709)

($572,468)

($1,575,705)

Saturna

Global

High

Income

Fund

Saturna

Core

Fund

Saturna

Core

Fund

Investor

Class

Shares

879,355

1,809,409

2,371,658

Net

Assets

$10,326,564

$33,230,943

$43,557,507

Net

Asset

Value

$11.743

$18.366

$18.366

Fund

Total

Net

Unrealized

Appreciation/(Depreciation)

$1,514,478

$6,698,675

$8,213,153

Saturna

Sustainable

Equity

Fund

Saturna

International

Fund

Saturna

International

Fund

Investor

Class

Shares

1,261,029.00

1,940,177.00

1,940,177.00

Net

Assets

19,624,954.00

45,162,247.00

45,162,247.00

Net

Asset

Value

15.56

23.28

23.28

Z

Class

Shares

--

1,610,739

2,449,681

Net

Assets

-

$37,680,189

$57,305,143

Net

Asset

Value

-

$23.39

$23.39

Fund

Total

Net

Unrealized

Appreciation/(Depreciation)

$4,303,612

$27,134,292

$31,437,904

Note

9

-

Reorganization

(Unaudited)

(continued)

Notes

To

Financial

Statements

(continued)

May

31,

2026

Semi-Annual

39

Assuming

the

merger

had

been

completed

on

December

1,

2025,

the

beginning

of

the

reporting

period

of

the

Acquiring

Funds,

the

Acquiring

Funds’

pro

forma

results

of

operations

for

the

year

ended

November

30,

2025,

are

as

follows:

Note

10

-

Subsequent

Events

There

were

no

events

or

transactions

during

the

period

that

materially

impacted

the

amounts

or

disclosures

in

the

Fund’s

financial

statements.

Core

Fund

Net

investment

income/loss

$880,070

Net

Realized

and

unrealized

gain/loss

on

investments

$8,870,768

Total

increase/decrease

from

operations

$9,750,838

Global

Sustainable

Bond

Fund

Net

investment

income/loss

$1,862,664

Net

Realized

and

unrealized

gain/loss

on

investments

$(1,303,011)

Total

increase/decrease

from

operations

$559,653

International

Fund

Net

investment

income/loss

$948,511

Net

Realized

and

unrealized

gain/loss

on

investments

$54,589,070

Total

increase/decrease

from

operations

$55,537,581

Note

9

-

Reorganization

(Unaudited)

(continued)

Form

N-CSR

Items

8-11

40

May

31,

2026

Semi-Annual

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.

The

Funds’

Investment

Advisory

Contract

is

included

as

part

of

the

Financial

Statements

filed

under

Item

7

of

this

form.

May

31,

2026

Semi-Annual

41

Availability

of

Quarterly

Portfolio

Information

(1)

The

Satuna

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.

(3)

The

Funds

posts

a

complete

schedule

of

portfolio

holdings

after

the

end

of

each

month,

available

to

investors

at

www.saturna.

com/resources/literature.

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.

On February 27, 2026, a Special Joint Meeting of Shareowners of Saturna Bond Income Fund, Saturna Short‑Term Bond Fund, and Saturna Global High Income Fund (each a series of Saturna Investment Trust and collectively, the “Target Funds”) was held at the offices of Saturna Capital Corporation in Bellingham, Washington, pursuant to a Notice of Special Joint Meeting and Combined Proxy Statement and Prospectus dated January 30, 2026. At the meeting, shareowners of each Target Fund voted separately on proposals to approve a Plan of Reorganization and Termination providing for (i) the reorganization of Saturna Bond Income Fund into Saturna Sustainable Bond Fund, (ii) the reorganization of Saturna Short‑Term Bond Fund into Saturna Sustainable Bond Fund, and (iii) the reorganization of Saturna Global High Income Fund into Saturna Core Fund. Each proposal was approved by the requisite vote of shareowners of the applicable Target Fund, and the reorganizations are expected to be effected on or about March 20, 2026, in accordance with the terms described in the proxy materials and applicable regulatory requirements.

The proxy solicitation for the Special Joint Meeting was conducted primarily by mail, with supplemental solicitation by telephone, internet, and other means as described in the proxy materials. Saturna Capital Corporation, the Trust’s investment adviser and administrator, retained Broadridge Financial Solutions, Inc. to assist with the printing and solicitation of proxies and bore the expenses relating to the meeting and the proxy solicitation, including legal and accounting fees and costs associated with the preparation, printing, mailing, and tabulation of the proxy materials.

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

                July 30, 2026       

Date

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

By:

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

Jane K. Carten, President

Printed name and Title

                July 30, 2026       

Date

By:

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

Christopher R. Fankhauser, Treasurer

Printed name and Title

                July 30, 2026       

Date