North Country Funds N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number

811-10123

The North Country Funds

(Exact name of Registrant as specified in charter)

250 Glen Street, Glens Falls, NY         12801

(Address of principal executive offices)

(Zip code)

James Ash

          c/o Gemini Fund Services, LLC., 450 Wireless Boulevard, Hauppauge, NY 11788

          (Name and address of agent for service)

Registrant's telephone number, including area code:

631-470-2619

Date of fiscal year end:

11/30

Date of reporting period:  5/31/12

Item 1.  Reports to Stockholders.  

Investment Adviser North Country Investment Advisers, Inc. 250 Glen Street Glens Falls, NY 12801
Legal Counsel Ropes & Gray Prudential Tower 800 Boylston Street Boston, MA 02199-3600
Independent Registered Public Accounting Firm Cohen Fund Audit Services, Ltd. 800 Westpoint Parkway, Suite 1100 Westlake, OH 44145
Administrator and Fund Accountant Gemini Fund Services, LLC 450 Wireless Boulevard Hauppauge, NY 11788
Transfer Agent Gemini Fund Services, LLC 4020 South 147^th Street Omaha, NE 68137
Distributor Northern Lights Distributors, LLC 4020 South 147^th Street Omaha, NE 68137
Custodian The Bank of New York Mellon 1 Wall Street, 25^th Floor New York, NY 10286



Investor Information: (888) 350-2990  
          The North Country Funds
Equity Growth Fund Intermediate Bond Fund















Semi-Annual Report May 31, 2012






This report and the financial statements contained herein are submitted for the general information of shareholders and are not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus. Nothing herein contained is to be considered an offer of sale or solicitation of an offer to buy shares of the North Country Funds. Such offering is made only by prospectus, which includes details as to offering price and other material information.