Saturna Investment Trust (SSGFX) N-CSR Certified annual shareholder report (management investment company)

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05071 or 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)

Jane K. Carten
1300 N. State Street
Bellingham, Washington 98225-4730
(Name and Address of Agent for Service)

Registrant's Telephone Number – (360) 734-9900

Date of fiscal year end: November 30, 2021
Date of reporting period: November 30, 2021

Item 1. Annual Report.

Performance Summary (as of December 31, 2021) (unaudited)

						Expense Ratio1
Average Annual Total Returns	1 Year	3 Year	5 Year	10 Year	15 Year	Gross	Net
Sextant Short-Term Bond Fund (STBFX)	-1.10%	2.08%	1.56%	1.24%	2.11%	0.90%	0.60%
FTSE USBIG Govt/Corp 1-3 Year Index	-0.45%	2.28%	1.84%	1.36%	2.23%		n/a
Sextant Bond Income Fund (SBIFX)	-2.39%	5.41%	4.01%	3.26%	4.14%	0.63%	0.48%
FTSE US Broad Investment-Grade Bond Index	-1.60%	4.89%	3.63%	2.92%	4.16%		n/a
Sextant Core Fund (SCORX)	12.11%	14.08%	10.16%	7.25%	n/a		0.88%
Dow Jones Moderate US Portfolio Index	9.40%	13.34%	9.70%	8.52%	6.59%		n/a
Sextant Global High Income Fund (SGHIX)	10.60%	6.24%	6.46%	n/a	n/a	0.70%	0.55%
S&P Global 1200 Index	21.55%	21.65%	15.40%	13.09%	7.98%		n/a
Sextant Growth Fund Investor Shares (SSGFX)	22.99%	29.83%	21.88%	16.00%	10.44%		1.05%
Sextant Growth Fund Z Shares (SGZFX)	23.31%	30.17%	n/a	n/a	n/a		0.82%
S&P 500 Index	28.71%	26.04%	18.45%	16.53%	10.65%		n/a
Sextant International Fund Investor Shares (SSIFX)	17.51%	19.71%	15.64%	8.88%	6.32%		0.83%
Sextant International Fund Z Shares (SIFZX)	17.64%	19.94%	n/a	n/a	n/a		0.63%
MSCI EAFE Index	11.78%	14.06%	10.06%	8.53%	4.08%		n/a

Performance data quoted above represents past performance, is before any taxes payable by shareowners, and is no guarantee of future results. Current performance may be higher or lower than that stated herein. Performance current to the most recent month-end is available by calling toll-free 1-800-728-8762 or visiting www.sextantfunds.com. Average annual total returns are historical and include change in share value as well as reinvestment of dividends and capital gains, if any. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Funds that invest in foreign securities may involve greater risk, including political and economic uncertainties of foreign countries as well as the risk of currency fluctuations.

Z Shares of Sextant Growth and International Funds began operations June 2, 2017.

A note about risk: Please see Notes to Financial Statements beginning on page 47 for a discussion of investment risks. For a more detailed discussion of the risks associated with each Fund, please see the Funds’ prospectus or each Fund’s summary prospectus.

A Fund’s 30-Day Yield, sometimes referred to as “standardized yield” or “SEC yield,” is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). The 30-Day Yield provides an estimate of a Fund’s investment income rate, but may not equal the actual income distribution rate.

¹ By regulation, expense ratios shown in this table are as stated in the Funds’ most recent prospectus, which is dated March 30, 2021, and incorporate results for the fiscal year ended November 30, 2020. Ratios presented in this table differ from the expense ratios shown elsewhere in this report as they represent different periods. Also by regulation, the performance in this table represents the most recent quarter-end performance rather than performance through the Funds’ most recent fiscal period.

The S&P 500 Index is an index comprised of 500 widely held common stocks considered to be representative of the US stock market in general. The MSCI EAFE Index is an international index focused on Europe, Australasia, and the Far East. The S&P Global 1200 Index is a global stock market index covering nearly 70% of the world’s equity markets. The Dow Jones Moderate Portfolio Index is a broad-based index of stock and bond prices. The FTSE USBIG Govt/Corp Index 1-3 Year is a broad-based index of shorter-term investment-grade US government and corporate bond prices. The FTSE US Broad Investment-Grade Bond Index is a broad-based index of medium and long-term investment grade bond prices. Investors cannot invest directly in the indices.

Please consider an investment’s objectives, risks, charges, and expenses carefully before investing. To obtain this and other important information about the Sextant Funds in a prospectus or summary prospectus, ask your financial adviser, visit www.sextantfunds.com, or call toll-free 1-800-728-8762. Please read the prospectus or summary prospectus carefully before investing.

2 November 30, 2021 Annual Report

	(unaudited)
Fellow Shareowners:	January 12, 2021

Equity securities markets appreciated sharply during the fiscal year ended November 30, 2021, with the S&P 500 Index returning 27.92% and the Dow Jones Moderate Portfolio Index rising 10.56%. Foreign markets posted similar positive returns during the period, with the MSCI EAFE Index rising 11.28% and the S&P Global 1200 Index rising 21.59%. Fixed-income markets faced challenges, with some indices falling into negative territory; the FTSE USBIG Bond Index lost -1.14% and the shorter-term FTSE USBIG Government/Corporate 1-3 Year Index fell -0.17%.

The Sextant Funds performed respectably compared to these indices. For the fiscal year ended November 30, 2021, Sextant Growth Fund Investor Shares gained 23.48%, trailing the S&P 500. Both Sextant Core Fund and Sextant International Fund Investor Shares outperformed their benchmarks for the period, gaining 10.95% and 20.16% respectively. Sextant Global High Income Fund gained 9.87%, while Sextant Bond Income Fund fell -2.19%, and Sextant Short-Term Bond Fund fell -0.88%.

  The Sextant Funds provide essential building blocks for diversified portfolios.

The Sextant Funds offer investors a broad mix of investment vehicles: growth equities, international exposure, and a blended portfolio, plus global high income, short-term and long-term fixed-income options. This array of portfolios serves our investors in both bull and bear markets by providing basic elements to build a low-expense, balanced investment program emphasizing a value approach to investing.

The annualized expense ratios of the six no-12b-1 fee Sextant Fund share classes range from 0.50% to 0.92%. Saturna Capital helped by capping expenses for the Sextant Short-Term, Sextant Bond Income, and Sextant Global High Income Funds. Overall assets of the Funds were $197 million as of November 30, 2021.

Rose-Tinted Glasses in Developed Markets

Developed equity markets seemed to defy logic this year. Supply chain disruptions, a new variant of the coronavirus, inflation spiking, and significant environmental catastrophes seem at odds with such an ebullient result. We caution that such outsized returns are not likely to repeat, especially as the Federal Reserve pulls the various levers at its command including ending stimulus programs and signaling rate increases.

Annual Report November 30, 2021 3

(unaudited)

At year end market observers offer their expectations for the coming year. We have little insight into inflation and interest rates in 2022. The removal of fiscal and monetary stimulus implies tightening conditions in 2022. Regardless, we feel confident about growth, with one caveat. While the Delta and Omicron variants have pushed US COVID infections to record highs, the milder illness from Omicron, as well as its transmissibility, imply a short spike. Infections are soaring, but experience elsewhere indicates the surge could quickly fade. The bigger risk is a disruption of Chinese economic activity. China has employed a zero-tolerance COVID strategy. The transmissibility of Omicron, travel during Chinese New Year, hosting the Winter Olympics, and weak protection from domestic vaccines mean that China may lock down wide swaths of its territory. That would affect global economic activity, inflation expectations, and the interest rate outlook in the short term. Longer term we may see an acceleration in de-globalization, affecting investment, margins, and profitability.

We undoubtedly face more economic turmoil, but we retain faith in the power of human resilience and creativity. We will continue to hold the wheel, actively charting a course through turbulent waters. We thank you for your continued investment with us.

Respectfully,

(photo omitted)

Jane Carten,

President

(photo omitted)

Gary Goldfogel,

Independent Board Chairman

Sextant Funds Portfolio Management
(photo omitted)	Scott Klimo CFA® Sextant Growth Fund Portfolio Manager	(photo omitted)	Elizabeth Alm CFA® Sextant Bond Income Fund Portfolio Manager Sextant Short-Term Bond Fund Deputy Portfolio Manager
(photo omitted)	Christopher Paul MBA, CFA® Sextant Core Fund Sextant International Fund Portfolio Manager Sextant Growth Fund Deputy Portfolio Manager	(photo omitted)	Levi Stewart Zurbrugg MBA, CPA® Sextant Short-Term Bond Fund Portfolio Manager
(photo omitted)	Bryce Fegley MS, CFA®, CIPM® Sextant Global High Income Fund Sextant Core Fund Portfolio Manager Sextant Bond Income Fund Deputy Portfolio Manager	(photo omitted)	Chris Lang CFA® Sextant International Fund Deputy Portfolio Manager
(photo omitted)	Patrick Drum MBA, CFA®, CFP® Sextant Global High Income Fund Deputy Portfolio Manager

4 November 30, 2021 Annual Report

Performance Summary (as of November 30, 2021) (unaudited)

						Expense Ratio1
Average Annual Total Returns	1 Year	3 Year	5 Year	10 Year	15 Year	Gross	Net
Sextant Short-Term Bond Fund (STBFX)	-0.88%	2.38%	1.65%	1.26%	2.11%	0.90%	0.60%
FTSE USBIG Govt/Corp 1-3 Year Index	-0.17%	2.60%	1.89%	1.39%	2.24%		n/a
Sextant Bond Income Fund (SBIFX)	-2.19%	6.06%	4.14%	3.41%	4.09%	0.63%	0.48%
FTSE US Broad Investment-Grade Bond Index	-1.14%	5.64%	3.72%	3.07%	4.14%		n/a
Sextant Core Fund (SCORX)	10.95%	11.26%	9.68%	6.99%	n/a	0.88%
Dow Jones Moderate US Portfolio Index	10.56%	11.03%	9.43%	8.33%	6.47%		n/a
Sextant Global High Income Fund (SGHIX)	9.87%	4.31%	5.95%	n/a	n/a	0.70%	0.55%
S&P Global 1200 Index	21.59%	16.92%	14.96%	12.61%	7.82%		n/a
Sextant Growth Fund Investor Shares (SSGFX)	23.48%	24.89%	21.30%	15.62%	10.21%	1.05%
Sextant Growth Fund Z Shares (SGZFX)	23.76%	25.21%	n/a	n/a	n/a	0.82%
S&P 500 Index	27.92%	20.36%	17.89%	16.15%	10.43%		n/a
Sextant International Fund Investor Shares (SSIFX)	20.16%	16.19%	15.11%	8.25%	6.21%	0.83%	0.82%
Sextant International Fund Z Shares (SIFZX)	20.42%	16.46%	n/a	n/a	n/a	0.63%
MSCI EAFE Index	11.28%	10.34%	9.71%	7.89%	3.95%		n/a

Performance data quoted above represents past performance, is before any taxes payable by shareowners, and is no guarantee of future results. Current performance may be higher or lower than that stated herein. Performance current to the most recent month-end is available by calling toll-free 1-800-728-8762 or visiting www.sextantfunds.com. Average annual total returns are historical and include change in share value as well as reinvestment of dividends and capital gains, if any. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Funds that invest in foreign securities may involve greater risk, including political and economic uncertainties of foreign countries, as well as the risk of currency fluctuations.

¹ By regulation, expense ratios shown in this table are as stated in the Funds’ most recent prospectus, which is dated March 30, 2021, and incorporate results for the fiscal year ended November 30, 2020. Ratios presented in this table differ from the expense ratios shown elsewhere in this report as they represent different periods.

Annual Report November 30, 2021 5

Sextant Short-Term Bond Fund

Performance Summary (unaudited)

Average Annual Total Returns as of November 30, 2021
	1 Year		5 Year		10 Year		Expense  Ratio1
Sextant Short-Term Bond Fund		-0.88%		1.65%		1.26%		0.90%
FTSE USBIG Govt/Corp 1-3 Year Index		-0.17%		1.89%		1.39%		n/a

Growth of $10,000

  Comparison of any mutual fund to a market index must be made bearing in mind that the index is expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on November 30, 2011, to an identical amount invested in the FTSE USBIG Govt/Corp 1-3 Year Index, a broad-based index of shorter-term investment grade US government and corporate bond prices. The graph shows that an investment in the Fund would have risen to $11,334 versus $11,484 in the Index.

Past performance does not guarantee future results. The “Growth of $10,000” graph and “Average Annual Returns” performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.

¹ By regulation, the expense ratio shown in this table is as stated in the Fund’s most recent prospectus which is dated March 30, 2021, and incorporates results for the fiscal year ended November 30, 2020, before fee waivers. The actual expense ratio, shown in the most recent prospectus after fee waivers, was 0.60%. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods.

Fund Objective

The objectives of the Short-Term Bond Fund are capital preservation and current income.

Top 10 Holdings
% of Total Net Assets
United States Treasury Note (2.50% due 08/15/2023)	6.5%
United States Treasury Note (2.625% due 12/31/2025)	5.8%
McCormick & Co. (2.70% due 08/15/2022)	4.2%
United States Treasury Note (2.875% due 04/30/2025)	3.6%
Exelon Generation (3.25% due 06/01/2025)	3.5%
Gilead Sciences (2.50% due 09/01/2023)	3.4%
Qualcomm (2.60% due 01/30/2023)	3.4%
Burlington Northern Santa Fe (3.05% due 09/01/2022)	3.4%
3M (2.00% due 06/26/2022)	3.4%
Microsoft (2.375% due 05/01/2023)	3.4%

Portfolio Diversification
% of Total Net Assets
Consumer Staples	19.2%	∎
Government Bonds	18.1%	∎
Utilities	11.1%	∎
Technology	10.3%	∎
Financials	8.5%	∎
Materials	7.5%	∎
Industrials	6.8%	∎
Health Care	6.2%	∎
Consumer Discretionary	5.8%	∎
Other Assets (net of liabilities)	6.5%	∎

6 November 30, 2021 Annual Report

Sextant Short-Term Bond Fund

Discussion of Fund Performance (unaudited)

(photo omitted)

Fiscal Year 2021

For the fiscal year ended November 30, 2021, the Sextant Short-Term Bond Fund returned -0.88%. The Fund’s return trailed the FTSE US BIG Government/Corporate 1-3 Year Bond benchmark of -0.17%. The Fund also trailed the average return of its Morningstar Short-Term Bond category peer group at 0.43%. For the five-year period ended November 30, 2021, the Fund provided an annualized total return of 1.65% versus 1.89% for the benchmark. Over the last fiscal year, the Fund’s share price fell from $5.17 to $5.07. The Fund’s 30-day yield for November was 0.437%, and its unsubsidized 30-day yield was 0.437% as well. Reflecting Saturna Capital’s subsidies to cap operating expenses, the Fund’s effective expense ratio was reduced from 0.90% to 0.60%.

Factors Affecting Past Performance

2021 began with a shock to bond markets. Yields steadily increased through the second half of 2020, then jumped in the first quarter of 2021, leading to the worst quarter for US Treasurys in 40 years. After closing at 0.36% on December 31, 2020, the five-year US Treasury yield jumped to 0.94% by March 31, 2021. This rapid move in Treasurys came at an inopportune time, as the Short-Term Bond Fund had received its largest monthly investment inflow in a decade in December 2020. Deploying these new funds largely prior to the rate shock in February meant the bulk of the Fund’s weak performance for the year was concentrated in the first quarter. Between December 31, 2020, and March 31, 2021, the Short-Term Bond Fund returned -0.85% compared to the benchmark’s -0.03% return.

With increased inflation expectations signaling the potential for further shocks, we lowered the Fund’s duration. On March 31, the Fund’s duration was 2.41; by November 30, it was 2.21. During this same period, rates on the two-year US Treasury rose 41 basis points (bps) while rates on the three-year US Treasury rose 50 bps, leading the Fund’s position in the 2.50% 08/15/2023 Treasury to outperform the 2.25% 10/31/2024 Treasury position.

In addition to timing and duration, the Fund’s performance was driven by its position in high-quality credit. As of November 30, 2021, the Fund’s holdings averaged an A credit rating, whereas its Morningstar peer group had a BBB average. During the fiscal year, the ICE BofA US Corporate Index for A-rated credits returned -0.80%, while the ICE BofA US Corporate Index for BBB-rated credits returned 1.00%.

Looking Forward

In the 2020 annual report we highlighted the risk of heightened inflation and the rise of so-called zombie companies. While the risk of inflation came to bear with the US Consumer Price Index growing at its fastest pace in over 30 years during the month of November, low interest rates have kept zombie companies afloat. With the Fed signaling an end to its bond-buying programs and subsequent increases in the interest rates expected, the risk zombie company defaults pose to the wider economy remains.

As the Short-Term Bond Fund focuses on investment-grade credits, it’s important to understand the implications of rising interest rates on high-quality companies as well as the low-grade zombies. Dating back to 1989, the spread in yields between BBB-rated bonds and A-rated bonds has a -0.44 correlation with the effective federal funds rate. Importantly, we see that the spread tends to fall in rising rate environments, suggesting lower-grade credits outperform. Countering this trend, the spread between BBB-rated bonds and A-rated ones is close to the tightest it’s been since the Great Recession, suggesting further outperformance from BBB-rated debt may be harder to come by in 2022.

With countering forces at play regarding credit quality performance, duration is especially important to consider. Undertaking similar analysis, dating back to 1989, we see the spread in yields between five-year and two-year US Treasurys has a -0.56 correlation with the federal funds rate, tending to fall during rising rate environments. This suggests longer-dated holdings could outperform as the Fed hikes rates.

Last year we suggested a regime change could be at hand, with inflation coming back to life. Indeed, inflation has come roaring back and now we stand to witness the Fed’s ability to combat it. We are at another precipice this year; this time it’s one of policy and the potential for errors therein. If the Fed hikes rates too fast, it risks strangling the economic recovery. Too slow, and runaway inflation could overheat the economy with deleterious effects. As the Fed navigates this narrow ridge, we remain keen at the wheel, plotting a path through increasingly unsettled waters, expecting bonds will remain a valuable tool for absorbing volatility.

Management Fee Calculations

The Sextant Short-Term Bond Fund calculates the performance part of its management fee by comparing the Fund’s return to the average return of Morningstar’s^™ Short-Term Bond category. The Fund’s 12-month return of -0.88% was more than 1% percent but less than 2% below the Morningstar^™ category average of 0.43% on November 30, 2021. Therefore, the basic annual management fee of 0.50% was lowered -0.1% to 0.40% for the month of December 2021. Note that the management fee is partially waived due to the adviser’s cap on total Fund expenses.

Annual Report November 30, 2021 7

Sextant Short-Term Bond Fund

Schedule of Investments						As of November 30, 2021
Corporate Bonds – 75.4%	Coupon / Maturity	Face Amount		Market Value		Percentage of Net Assets
Consumer Discretionary
Autozone	3.25% due 04/15/2025		$300,000		$317,006		2.6%
VF	2.40% due 04/23/2025		367,000		378,772		3.2%
					695,778		5.8%
Consumer Staples
Church & Dwight	2.875% due 10/01/2022		350,000		356,863		3.0%
Costco Wholesale	2.75% due 05/18/2024		385,000		401,213		3.4%
Dollar General	4.15% due 11/01/2025		300,000		328,214		2.7%
Estee Lauder	2.35% due 08/15/2022		350,000		354,621		3.0%
McCormick & Co.	2.70% due 08/15/2022		500,000		506,476		4.2%
Walmart	2.85% due 07/08/2024		325,000		341,233		2.9%
					2,288,620		19.2%
Financials
Bank of America Corp	3.50% due 04/19/2026		100,000		107,737		0.9%
Paypal Holdings	2.65% due 10/01/2026		300,000		315,397		2.6%
Swiss Re America Holding	7.00% due 02/15/2026		178,000		217,225		1.9%
Visa	3.15% due 12/14/2025		350,000		374,643		3.1%
					1,015,002		8.5%
Health Care
Bristol-Myers Squibb	3.875% due 08/15/2025		300,000		325,524		2.8%
Gilead Sciences	2.50% due 09/01/2023		400,000		411,050		3.4%
					736,574		6.2%
Industrials
Burlington Northern Santa Fe	3.05% due 09/01/2022		400,000		405,655		3.4%
Cintas Corp # 2	3.25% due 06/01/2022		400,000		402,639		3.4%
					808,294		6.8%
Materials
3M	2.00% due 06/26/2022		400,000		403,789		3.4%
DuPont De Nemours	4.493% due 11/15/2025		350,000		387,289		3.2%
Newmont Corp	3.70% due 03/15/2023		100,000		102,847		0.9%
					893,925		7.5%
Technology
Apple	1.80% due 09/11/2024		300,000		307,152		2.6%
Dell Int LLC / EMC Corp	5.45% due 06/15/2023		100,000		106,116		0.9%
Microsoft	2.375% due 05/01/2023		395,000		403,560		3.4%
Qualcomm	2.60% due 01/30/2023		400,000		408,681		3.4%
					1,225,509		10.3%

Continued on next page.

8 November 30, 2021 Annual Report The accompanying notes are an integral part of these financial statements.

Sextant Short-Term Bond Fund

Schedule of Investments						As of November 30, 2021
Corporate Bonds – 75.4%	Coupon / Maturity	Face Amount		Market Value		Percentage of Net Assets
Utilities
Edison International	3.55% due 11/15/2024		$300,000		$316,213		2.7%
Exelon Generation	3.25% due 06/01/2025		400,000		420,527		3.5%
Florida Power & Light	2.85% due 04/01/2025		320,000		335,034		2.8%
PacifiCorp	2.95% due 06/01/2023		250,000		256,957		2.1%
					1,328,731		11.1%
Total Corporate Bonds	(Cost $8,942,262)				$8,992,433		75.4%
Government Bonds – 18.1%	Coupon / Maturity	Face Amount		Market Value		Percentage of Net Assets
United States Treasury Notes
United States Treasury Note	2.50% due 08/15/2023		$750,000		$776,133		6.5%
United States Treasury Note	2.25% due 10/31/2024		250,000		260,459		2.2%
United States Treasury Note	2.875% due 04/30/2025		400,000		426,187		3.6%
United States Treasury Note	2.625% due 12/31/2025		650,000		691,133		5.8%
					$2,153,912		18.1%
Total Government Bonds	(Cost $2,157,335)				$2,153,912		18.1%
Total investments	(Cost $11,099,597)				$11,146,345		93.5%
Other assets (net of liabilities)					773,384		6.5%
Total net assets					$11,919,729		100.0%

Bond Quality Diversification			(unaudited)
% of Total Net Assets
Rated “AAA”	21.5%	∎
Rated “AA+”	2.6%	∎
Rated “AA”	2.9%	∎
Rated “AA-”	6.5%	∎
Rated “A+”	17.5%	∎
Rated “A”	1.9%	∎
Rated “A-”	13.5%	∎
Rated “BBB+”	9.6%	∎
Rated “BBB”	11.3%	∎
Rated “BBB-”	6.2%	∎
Other assets (net of liabilities)	6.5%	∎
Credit ratings are the lesser of S&P Global Ratings or Moody’s Investors Service. If neither S&P nor Moody’s rate a particular security, that security is categorized as not rated (except for US Treasury securities and securities issued or backed by US agencies which inherit the credit rating for the US government). Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). Ratings apply to the creditworthiness of the issuers of the underlying securities and not the Fund or its shares. Ratings may be subject to change.

The accompanying notes are an integral part of these financial statements. Annual Report November 30, 2021 9

Sextant Short-Term Bond Fund

Statement of Assets and Liabilities

As of November 30, 2021
Assets
Investments in securities, at value (Cost $11,099,597)	$11,146,345
Cash	694,303
Dividends and interest receivable	80,636
Prepaid expenses	14,231
Receivable for Fund shares sold	2,923
Total assets	11,938,438
Liabilities
Accrued advisory fees	4,907
Accrued audit expenses	4,483
Accrued retirement plan custody fee	3,330
Accrued printing fees	2,257
Accrued legal expenses	1,063
Accrued trustee expenses	1,020
Accrued other expenses	783
Accrued Chief Compliance Officer expenses	437
Payable for Fund shares redeemed	404
Distributions payable	25
Total liabilities	18,709
Net Assets	$11,919,729
Analysis of net assets
Paid-in capital (unlimited shares authorized, without par value)	$11,878,205
Total distributable earnings	41,524
Net assets applicable to Fund shares outstanding	$11,919,729
Fund shares outstanding	2,352,126
Net asset value, offering, and redemption price per share	$5.07

Statement of Operations

Year ended November 30, 2021
Investment income
Interest income	$204,830
Total investment income	204,830
Expenses
Investment advisory fees	46,539
Filing and registration fees	14,199
Audit fees	6,288
Retirement plan custodial fees	3,591
Chief Compliance Officer expenses	2,367
Trustee fees	2,154
Printing and posting fees	2,065
Legal fees	2,060
Other expenses	1,081
Custodian fees	502
Total gross expenses	80,846
Less adviser fees waived	(7,701	)
Less custodian fee credits	(502	)
Net expenses	72,643
Net investment income	$132,187
Net realized gain from investments	$15,076
Net decrease in unrealized appreciation on investments	$(257,024	)
Net loss on investments	$(241,948	)
Net decrease in net assets resulting from operations	$(109,761	)

10 November 30, 2021 Annual Report The accompanying notes are an integral part of these financial statements.

Sextant Short-Term Bond Fund

Statements of Changes in Net Assets	Year ended November 30, 2021		Year ended November 30, 2020
Increase in net assets from operations
From operations
Net investment income	$132,187		$185,663
Net realized gain (loss) on investment	15,076		(13,445	)
Net increase (decrease) in unrealized appreciation	(257,024	)	203,718
Net increase (decrease) in net assets	(109,761	)	375,936
Distributions to shareowners	(132,185	)	(185,659	)
Capital share transactions
Proceeds from sales of shares	2,465,536		1,277,945
Value of shares issued in reinvestment of dividends	131,473		184,987
Cost of shares redeemed	(1,861,789	)	(1,315,643	)
Total capital share transactions	735,220		147,289
Total increase in net assets	493,274		337,566
Net assets
Beginning of year	11,426,455		11,088,889
End of year	$11,919,729		$11,426,455
Shares of the Fund sold and redeemed
Number of shares sold	478,913		249,434
Number of shares issued in reinvestment of dividends	25,661		35,964
Number of shares redeemed	(362,936	)	(256,821	)
Net increase in number of shares outstanding	141,638		28,577

Financial Highlights	For year ended November 30,
Selected data per share of outstanding capital stock throughout each year:	2021		2020		2019		2018		2017
Net asset value at beginning of year	$5.17		$5.08		$4.94		$5.00		$5.02
Income from investment operations
Net investment income	0.06		0.08		0.09		0.07		0.06
Net gains (losses) on securities (both realized and unrealized)	(0.10	)	0.09		0.14		(0.06	)	(0.02	)
Total from investment operations	(0.04	)	0.17		0.23		0.01		0.04
Less distributions
Dividends (from net investment income)	(0.06	)	(0.08	)	(0.09	)	(0.07	)	(0.06	)
Distributions from capital gains	-		-		-		(0.00	)A	-
Total distributions	(0.06	)	(0.08	)	(0.09	)	(0.07	)	(0.06	)
Net asset value at end of year	$5.07		$5.17		$5.08		$4.94		$5.00
Total return	(0.88	)%	3.46%		4.64%		0.26%		0.87%
Ratios / supplemental data
Net assets ($000), end of year	$11,920		$11,426		$11,089		$10,276		$10,705
Ratio of expenses to average net assets
Before adviser fees waiver and custodian fee credits	0.66%		0.90%		0.87%		0.91%		1.01%
After adviser fees waiver	0.59%		0.60%		0.61%		0.61%		0.68%
After adviser fees waiver and custodian fee credits	0.59%		0.60%		0.60%		0.60%		0.68%
Ratio of net investment income after adviser fee waivers and custodian fee credits to average net assets	1.07%		1.64%		1.75%		1.44%		1.26%
Portfolio turnover rate	29%		36%		32%		36%		31%

^A Amount is less than $0.01.

The accompanying notes are an integral part of these financial statements. Annual Report November 30, 2021 11

Sextant Bond Income Fund

Performance Summary (unaudited)

Average Annual Total Returns as of November 30, 2021
	1 Year		5 Year		10 Year		Expense  Ratio1
Sextant Bond Income Fund		-2.19%		4.14%		3.41%		0.63%
FTSE US Broad Investment-Grade Bond Index		-1.14%		3.72%		3.07%		n/a

Growth of $10,000

Comparison of any mutual fund to a market index must be made bearing in mind that the index is expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on November 30, 2011, to an identical amount invested in the FTSE US Broad Investment-Grade Bond Index, a broad-based index of medium and long-term investment grade bond prices. The graph shows that an investment in the Fund would have risen to $13,980 versus $13,529 in the Index.

Past performance does not guarantee future results. The “Growth of $10,000” graph and “Average Annual Returns” performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.

¹ By regulation, the expense ratio shown in this table is as stated in the Fund’s most recent prospectus which is dated March 30, 2021, and incorporates results for the fiscal year ended November 30, 2020, before fee waivers. The expense ratio shown in the most recent prospectus after fee waivers was 0.65%. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods.

Fund Objective

The objective of the Bond Income Fund is current income.

Top 10 Holdings
% of Total Net Assets
United States Treasury Bond (4.25% due 05/15/2039)	8.5%
United States Treasury Bond (3.375% due 11/15/2048)	6.0%
United States Treasury Bond (5.375% due 02/15/2031)	4.3%
Apple (4.50% due 02/23/2036)	3.5%
Microsoft (4.20% due 11/03/2035)	3.4%
Home Depot (5.875% due 12/16/2036)	3.4%
Intel (4.00% due 12/15/2032)	3.4%
Burlington Northern Santa Fe (5.05% due 03/01/2041)	3.2%
Praxair (3.55% due 11/07/2042)	3.2%
Puget Sound Energy (4.434% due 11/15/2041)	2.8%

Portfolio Diversification
% of Total Net Assets
Government Bonds	26.8%	∎
Technology	10.9%	∎
Health Care	10.3%	∎
Financials	8.0%	∎
Utilities	7.6%	∎
Industrials	7.1%	∎
Consumer Discretionary	6.0%	∎
Energy	5.7%	∎
Consumer Staples	5.4%	∎
Materials	3.2%	∎
Municipal Bonds	1.4%	∎
Other assets (net of liabilities)	7.6%	∎

12 November 30, 2021 Annual Report

Sextant Bond Income Fund

Discussion of Fund Performance (unaudited)

(photo omitted)

Fiscal Year 2021

For the 12 months ended November 30, 2021, the Sextant Bond Income returned -2.19%, lower than its benchmark, the FTSE US BIG Bond Index, which returned -1.14%. For the five years ended November 30, 2021, the Fund outperformed its benchmark with an annualized total return of 4.14%, compared to the 3.72% annualized return for the Index. Over the past year, the Fund’s net assets fell -10.95%, from $14.05 million to $12.51 million. The Fund’s net asset value per share (NAV) fell from $5.65 to $5.40. The primary reason for the Fund’s performance is its longer maturity profile during a year that experienced rising rates.

Factors Affecting Past Performance

2021 has been a year of reclamation and began a process of repair toward normalization following the onset of the coronavirus nearly 18 months ago. The pandemic has exacted an enormous adverse impact on human health and the world’s economies. As a result of reopening, supply chain disruptions, and accommodative Fed policies, inflation took center stage over the last year. The byproduct of central bank accommodative measures, aggressive fiscal policies, and ongoing supply distributions have sown inflationary pressures not seen in years–in some cases, decades. As of November 2021, annualized inflation in the US rose to 6.8%, the highest point since 1982.¹ Changes in inflation expectations have been a driving force in the adjusting shape of the yield curve and the Fund’s performance.

The shape of the Treasury curve shifted dramatically; the five- and seven-year part of the curve shifted up over 75 basis points (bps). Additionally, longer securities generally saw more volatility, with shorter duration bonds generally outperforming. The Fund’s mandate to maintain an average maturity outside of 10 years contributed to lower relative performance. The Bond Income Fund has over 65% of assets in bonds maturing in 10+ years, while the Index only has around 21%. The Fund’s effective duration of 9.44 years is significantly longer than the Index, which had an effective duration of 6.44 years. More exposure to movements in interest rates resulted in additional downward movement in NAV.

The Fund maintained an average maturity of 12.7 years, defensively positioned relative to the Morningstar Long Bond category’s average effective maturity of 19.1 years. The Fund also targets holdings with a bigger coupon, allowing income to contribute to price stability. Cash was deployed throughout the year, including adding positions like Chubb Holdings 4.35% of 2045, which experienced a one-year return of 7.5%. Sextant Bond Income Fund was underweight Treasury bonds relative to the Index; the Fund had an allocation to Treasurys of 25.28% at fiscal year-end, relative to the 39.59% allocation of the Index. This underweight benefited the Fund, as the Bloomberg Barclays Long Treasury Index fell -4.41% during the fiscal year.

Looking Forward

At the end of 2021, governments around the world began the process of reversing accommodative measures to curb inflationary pressures. For example, the Fed announced its intentions to reverse its balance sheet expansion and to raise interest rates over the upcoming year.

The reversal of these accommodative measures has caused a tightening of financial conditions, introducing headwinds not seen in years. It’s likely that investment assets will experience volatility, as interest rates have been rising in response to the various central bank announcements. There could be continued upward pressure on yields and the Treasury curve throughout the year. Additionally, inflation will likely continue. We are defensively positioning the portfolio to withstand anticipated yield curve changes, currency movements, and inflationary pressures. Our goal has always been to choose good companies and invest through cycles. Our robust security selection process, which emphasizes governance, resiliency, and sustainability, is constantly evolving with the unfolding events. We continue to be well positioned to evaluate both the risks and opportunities that remain obscured below the surface.

Management Fee Calculations

The Sextant Bond Income Fund calculates the performance part of its management fee by comparing the Fund’s return to the return of Morningstar’s^™ Long-Term Bond category. The Fund’s 12-month return of -2.19% was more than 1% but less than 2% below the Morningstar^™ category average of -0.20% at month-end November 30, 2021. Therefore, the basic annual management fee of 0.50% was decreased by 0.10% to 0.40% for the month of December 2021. Note that the management fee is partially waived due to the adviser’s cap on total Fund expenses.

¹ Aratani, Lauren. US inflation rate rose to 6.8% in 2021, its highest since 1982. The Guardian, December 10, 2021. https://www.theguardian.com/business/2021/dec/10/us-inflation-rate-rise-2021-highest-increase-since-1982

Annual Report November 30, 2021 13

Sextant Bond Income Fund

Schedule of Investments						As of November 30, 2021
Corporate Bonds – 64.2%	Coupon / Maturity	Face Amount		Market Value		Percentage of Net Assets
Consumer Discretionary
Home Depot	5.875% due 12/16/2036		$300,000		$425,665		3.4%
Lowe’s	5.80% due 10/15/2036		250,000		324,880		2.6%
					750,545		6.0%
Consumer Staples
Kimberly Clark	5.30% due 03/01/2041		100,000		139,258		1.1%
Procter & Gamble	5.50% due 02/01/2034		200,000		270,009		2.2%
Unilever Capital	5.90% due 11/15/2032		200,000		268,877		2.1%
					678,144		5.4%
Energy
Baker Hughes	6.875% due 01/15/2029		100,000		127,536		1.1%
Canadian Natural Resources	6.45% due 06/30/2033		225,000		294,136		2.3%
Statoil	7.15% due 01/15/2029		224,000		293,386		2.3%
					715,058		5.7%
Financials
Affiliated Managers Group	3.50% due 08/01/2025		250,000		267,141		2.1%
Bank Of New York Mellon MTN	3.30% due 08/23/2029		250,000		271,546		2.2%
Chubb Ina Holdings	4.35% due 11/03/2045		100,000		127,879		1.0%
State Street(Quarterly US LIBOR plus 100)1	1.202750% due 06/15/2047		100,000		88,404		0.7%
UBS AG Stamford CT	7.75% due 09/01/2026		200,000		250,985		2.0%
					1,005,955		8.0%
Health Care
Becton Dickinson	6.70% due 08/01/2028		240,000		297,416		2.4%
Johnson & Johnson	4.95% due 05/15/2033		226,000		288,648		2.3%
Johnson & Johnson	5.85% due 07/15/2038		50,000		72,355		0.6%
Medtronic	4.375% due 03/15/2035		260,000		319,814		2.5%
Merck & Co.	6.50% due 12/01/2033		215,000		315,755		2.5%
					1,293,988		10.3%
Industrials
Burlington Northern Santa Fe	5.05% due 03/01/2041		310,000		405,436		3.2%
Deere & Co.	8.10% due 05/15/2030		95,000		137,231		1.1%
United Technologies	6.05% due 06/01/2036		250,000		349,103		2.8%
					891,770		7.1%

Continued on next page.

14 November 30, 2021 Annual Report The accompanying notes are an integral part of these financial statements.

Sextant Bond Income Fund

Schedule of Investments						As of November 30, 2021
Corporate Bonds – 64.2%	Coupon / Maturity	Face Amount		Market Value		Percentage of Net Assets
Materials
Praxair	3.55% due 11/07/2042		$350,000		$402,312		3.2%
					402,312		3.2%
Technology
Apple	4.50% due 02/23/2036		350,000		439,918		3.5%
Intel	4.00% due 12/15/2032		360,000		421,601		3.4%
Microsoft	4.20% due 11/03/2035		350,000		430,936		3.4%
Microsoft	5.30% due 02/08/2041		50,000		70,267		0.6%
					1,362,722		10.9%
Utilities
Alabama Power	4.15% due 08/15/2044		200,000		237,160		1.9%
Entergy Louisiana	5.40% due 11/01/2024		200,000		223,564		1.8%
Florida Power & Light	5.95% due 10/01/2033		100,000		134,415		1.1%
Puget Sound Energy	4.434% due 11/15/2041		300,000		352,654		2.8%
					947,793		7.6%
Total Corporate Bonds	(Cost $8,294,300)				$8,048,287		64.2%
Government Bonds – 26.8%	Coupon / Maturity	Face Amount		Market Value		Percentage of Net Assets
Foreign Government Bonds
Quebec Canada Yankee	7.125% due 02/09/2024		$175,000		$198,432		1.6%
					198,432		1.6%
United States Treasury Bonds
United States Treasury Bond	5.25% due 02/15/2029		170,000		215,720		1.7%
United States Treasury Bond	6.25% due 05/15/2030		75,000		104,367		0.9%
United States Treasury Bond	3.125% due 11/15/2041		145,000		176,645		1.4%
United States Treasury Bond	3.375% due 11/15/2048		560,000		751,406		6.0%
United States Treasury Bond	6.125% due 08/15/2029		225,000		304,102		2.4%
United States Treasury Bond	5.375% due 02/15/2031		400,000		539,094		4.3%
United States Treasury Bond	4.25% due 05/15/2039		770,000		1,070,902		8.5%
					3,162,236		25.2%
Total Government Bonds	(Cost $2,228,647)				$3,360,668		26.8%

Continued on next page.

The accompanying notes are an integral part of these financial statements. Annual Report November 30, 2021 15

Sextant Bond Income Fund

Schedule of Investments						As of November 30, 2021
Municipal Bonds – 1.4%	Coupon / Maturity	Face Amount		Market Value		Percentage of Net Assets
Municipal Leases
Oklahoma City Fin Auth Ed Lease Rev	6.60% due 09/01/2022		$160,000		$166,188		1.4%
					166,188		1.4%
Total Municipal Bonds	(Cost $159,863)				$166,188		1.4%
Total investments	(Cost $10,682,810)				$11,575,143		92.4%
Other assets (net of liabilities)					957,595		7.6%
Total net assets					$12,532,738		100.0%

¹ Variable rate security. The interest rate represents the rate in effect at November 30, 2021 and resets periodically based on the parenthetically disclosed reference rate and spread.

Bond Quality Diversification			(unaudited)
% of Total Net Assets
Rated “AAA”	32.1%	∎
Rated “AA+”	3.5%	∎
Rated “AA-”	9.3%	∎
Rated “A+”	9.1%	∎
Rated “A”	17.4%	∎
Rated “A-”	8.9%	∎
Rated “BBB+”	6.7%	∎
Rated “BBB”	3.1%	∎
Rated “BBB-”	2.3%	∎
Other assets (net of liabilities)	7.6%	∎
Credit ratings are the lesser of S&P Global Ratings or Moody’s Investors Service. If neither S&P nor Moody’s rate a particular security, that security is categorized as not rated (except for US Treasury securities and securities issued or backed by US agencies which inherit the credit rating for the US government). Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). Ratings apply to the creditworthiness of the issuers of the underlying securities and not the Fund or its shares. Ratings may be subject to change.

16 November 30, 2021 Annual Report The accompanying notes are an integral part of these financial statements.

Sextant Bond Income Fund

Statement of Assets and Liabilities

As of November 30, 2021
Assets
Investments in securities, at value (Cost $10,682,810)	$11,575,143
Cash	850,264
Interest receivable	108,838
Prepaid expenses	17,260
Other assets	400
Receivable for Fund shares sold	362
Total assets	12,552,267
Liabilities
Accrued advisory fees	5,110
Accrued audit expenses	3,521
Accrued retirement plan custody fee	2,843
Accrued postage fees	1,744
Accrued legal expenses	1,459
Accrued printing fees	1,420
Accrued miscellaneous operating expenses	1,213
Distributions payable	950
Accrued Chief Compliance Officer expenses	740
Accrued trustee expenses	529
Total liabilities	19,529
Net assets	$12,532,738
Analysis of net assets
Paid-in capital (unlimited shares authorized, without par value)	$11,654,688
Total distributable earnings	878,050
Net assets applicable to Fund shares outstanding	$12,532,738
Fund shares outstanding	2,319,948
Net asset value, offering, and redemption price per share	$5.40

Statement of Operations

Year ended November 30, 2021
Investment income
Interest income	$367,505
Total investment income	367,505
Expenses
Investment advisory fees	38,903
Filing and registration fees	11,946
Audit fees	7,354
Chief Compliance Officer expenses	3,755
Retirement plan custodial fees	3,086
Trustee fees	2,764
Printing and postage fees	2,598
Other expenses	2,373
Legal fees	1,999
Custodian fees	528
Total gross expenses	75,306
Less adviser fees waived	(6,710	)
Less custodian fee credits	(528	)
Net expenses	68,068
Net investment income	$299,437
Net decrease in unrealized appreciation on investments	$(616,441	)
Net loss on investments	$(616,441	)
Net decrease in net assets resulting from operations	$(317,004	)

The accompanying notes are an integral part of these financial statements. Annual Report November 30, 2021 17

Sextant Bond Income Fund

Statements of Changes in Net Assets	Year ended November 30, 2021		Year ended November 30, 2020
Increase (decrease) in net assets from operations
From operations
Net investment income	$299,437		$336,193
Net realized gain (loss) on investments	-		(11,587	)
Net increase (decrease) in unrealized appreciation	(616,441	)	757,205
Net increase (decrease) in net assets	(317,004	)	1,081,811
Distributions to shareowners	(299,448	)	(335,345	)
Capital share transactions
Proceeds from sales of shares	687,194		1,259,745
Value of shares issued in reinvestment of dividends	284,490		316,302
Cost of shares redeemed	(1,864,640	)	(733,920	)
Total capital share transactions	(892,956	)	842,127
Total increase (decrease) in net assets	(1,509,408	)	1,588,593
Net assets
Beginning of year	14,042,146		12,453,553
End of year	$12,532,738		$14,042,146
Shares of the Fund sold and redeemed
Number of shares sold	126,340		230,919
Number of shares issued in reinvestment of dividends	52,576		57,146
Number of shares redeemed	(345,387	)	(135,160	)
Net increase (decrease) in number of shares outstanding	(166,471	)	152,905

Financial Highlights			For year ended November 30,
Selected data per share of outstanding capital stock throughout each year:	2021		2020		2019		2018		2017
Net asset value at beginning of year	$5.65		$5.34		$4.89		$5.14		$5.07
Income from investment operations
Net investment income	0.13		0.14		0.15		0.16		0.16
Net gains (losses) on securities (both realized and unrealized)	(0.25	)	0.31		0.45		(0.25	)	0.07
Total from investment operations	(0.12	)	0.45		0.60		(0.09	)	0.23
Less distributions
Dividends (from net investment income)	(0.13	)	(0.14	)	(0.15	)	(0.16	)	(0.16	)
Total distributions	(0.13	)	(0.14	)	(0.15	)	(0.16	)	(0.16	)
Net asset value at end of year	$5.40		$5.65		$5.34		$4.89		$5.14
Total return	(2.19	)%	8.48%		12.45%		(1.78	)%	4.51%
Ratios / supplemental data
Net assets ($000), end of year	$12,533		$14,042		$12,454		$10,933		$9,496
Ratio of expenses to average net assets
Before adviser fees waiver and custodian fee credits	0.58%		0.63%		0.71%		0.86%		0.98%
After adviser fees waiver	0.53%		0.48%		0.55%		0.66%		0.78%
After adviser fees waiver and custodian fee credits	0.53%		0.48%		0.55%		0.65%		0.78%
Ratio of net investment income after adviser fee waiver and custodian credits to average net assets	2.31%		2.50%		2.96%		3.20%		3.05%
Portfolio turnover rate	3%		13%		21%		0%		4%

18 November 30, 2021 Annual Report The accompanying notes are an integral part of these financial statements.

Sextant Core Fund

Performance Summary (unaudited)

Average Annual Total Returns as of November 30, 2021
	1 Year		5 Year		10 Year		Expense  Ratio1
Sextant Core Fund		10.95%		9.68%		6.99%		0.88%
Dow Jones Moderate US Portfolio Index		10.56%		9.43%		8.33%		n/a

Growth of $10,000

Comparison of any mutual fund to a market index must be made bearing in mind that the index is expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on November 30, 2011, to an identical amount invested in the Dow Jones Moderate US Portfolio Index, a broad-based index of stock and bond prices. The graph shows that an investment in the Fund would have risen to $19,650 versus $22,282 in the Index.

Past performance does not guarantee future results. The “Growth of $10,000” graph and “Average Annual Returns” performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.

¹ By regulation, the expense ratio shown in this table is as stated in the Fund’s most recent prospectus, which is dated March 30, 2021, and incorporates results for the fiscal year ended November 30, 2020. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods.

Fund Objective

The objectives of the Core Fund are long-term appreciation and capital preservation.

Top 10 Holdings
% of Total Net Assets
United States Treasury Bond (6.25% due 08/15/2023)	2.5%
Johnson Controls International	2.2%
Apple	2.1%
Welltower (4.25% due 04/15/2028)	2.1%
United States Treasury Note (2.75% due 11/15/2023)	1.9%
Walt Disney (6.40% due 12/15/2035)	1.9%
Pacificorp (6.00% due 01/15/2039)	1.8%
NextEra Energy	1.8%
Lowe’s	1.8%
Abbott Laboratories	1.8%

Asset Allocation
% of Total Net Assets
Equity Securities	59.0%	∎
Fixed Income Securities	29.7%	∎
Other assets (net of liabilities)	11.3%	∎

Portfolio Diversification
	% of Total Net Assets
Sectors		Equity	Bonds
Technology		12.0%	1.3%
Industrials		7.8%	4.9%
Health Care		9.6%	2.3%
Consumer Discretionary		7.2%	3.6%
Financials		4.2%	2.6%
Communications		3.5%	3.0%
Government Bonds		0.0%	8.9%
Consumer Staples		4.5%	0.0%
Materials		4.5%	0.0%
Utilities		2.7%	1.8%
Energy		3.0%	0.0%
Municipal Bonds		0.0%	1.3%
Total		59.0%	29.7%

Annual Report November 30, 2021 19

Sextant Core Fund

Discussion of Fund Performance (unaudited)

(photo omitted)

Fiscal Year 2021

For the fiscal year ended November 30, 2021, the Sextant Core Fund produced a 12-month return of 10.95%. The Fund’s benchmark, the Dow Jones Moderate Portfolio Index, returned 10.56% for the same period. The Fund generally trailed the benchmark during the fiscal year until the fourth quarter, when the equity positions came into favor. For the month of November 2021, the Fund recorded a 30-day yield of 1.27%. For the fiscal year, the Fund reported turnover of 14.4%.

(photo omitted)

Factors Affecting Past Performance

Equities

The Sextant Core Fund’s mandate allocates a 60% weight in equity securities, with two-thirds being US-domiciled companies and one-third foreign-domiciled companies. The Fund generally holds equity positions in larger companies with strong balance sheets. During the year, the Fund reduced the number of equity positions and increased the average position size. The Fund’s 58.9% equity allocation at year-end was comprised of 53 positions across 10 countries.

Technology began the year as the largest sector weighting of the equity portion of the portfolio, representing 21.4%, followed by Health Care (17.6%), and Consumer Discretionary (12.3%). Positive contributors from the Technology and Industrials sectors were offset by Health Care and Consumer Discretionary positions. The Technology sector contributed three of the top 10 performers for the year and ended as the largest sector exposure at 21.9%, followed by Health Care (16.8%), and Industrials (12.8%).

Fixed Income

The Sextant Core Fund targets an allocation of 40% of its weight in investment-grade, fixed-income securities, including government and convertible bonds, money-market instruments, and cash. The 10-Year Treasury Note began the fiscal year with a near-historic low yield of 0.84% and ended the period with a yield of 1.43%, after reaching as high as 1.74% in March.¹ The prices of bonds fall as interest rates increase, and this increase in yields detracted slightly from Fund performance. However, the increase in interest rates also gave the Fund the opportunity to invest lower-yielding cash into bonds with higher yields, which the Fund did, raising its allocation to bonds from 26.6% at the beginning of the fiscal year to 29.8% at the end. Investments in cash and equivalents, meanwhile, decreased from 12.1% to 11.3% during the fiscal year. The allocation to cash remains relatively high, due to the portfolio managers’ view that the opportunity cost to holding cash remains low, given the still-low levels of interest rates compared to historical levels. With markets beginning to anticipate that the Federal Reserve may tighten monetary policy by decreasing its purchases of bonds and raising short-term interest rates, the Fund may have the opportunity to further reduce cash holdings in 2022.

Looking Forward

Much like the end of 2020, the US equity market ended the fiscal year of 2021 on a positive note, and again, investors look to the next year with expectations of improving pandemic and economic conditions. Year-over-year economic and corporate earnings comparisons may normalize in 2022. The US capital markets are just beginning to discount tighter monetary policy combined with moderating fiscal policy; we expect this to be the dominant theme in the first half of 2022. Existing risks to growth such as deglobalization, supply chain interruption, and workforce issues are now joined by potentially persistent inflation. At present, tailwinds appear stronger than headwinds.

Management Fee Calculations

The Sextant Core Fund calculates the performance part of its management fee by comparing the Fund’s return to the return of Morningstar’s^™ Allocation – 50% to 70% Equity category. The Fund’s 12-month return of 10.95% was more than 2% below the Morningstar^™ category average of 14.22% as of November 30, 2021. Therefore, the basic annual management fee of 0.50% was decreased by 0.20% to 0.30% for the month of December 2021.

¹ Market Yield on US Treasury Securities at 10-Year Constant Maturity. FRED: Federal Reserve Economic Data, November 30, 2021. https://fred.stlouisfed.org/series/DGS10

20 November 30, 2021 Annual Report

Sextant Core Fund

Schedule of Investments									As of November 30, 2021
Common Stocks – 59.0%		Number of Shares		Cost		Market Value		Country1	Percentage of Net Assets
Communications
Internet Media
Alphabet, Class A2			100		$77,588		$283,795	United States		1.5%
Telecom Carriers
BCE			4,000		168,153		201,480	Canada		1.0%
Telus			8,000		143,751		182,880	Canada		1.0%
					311,904		384,360			2.0%
					389,492		668,155			3.5%
Consumer Discretionary
Apparel, Footwear & Accessory Design
VF			2,800		158,186		200,844	United States		1.0%
Home Improvement
Stanley Black & Decker			1,000		96,913		174,760	United States		0.9%
Home Products Stores
Home Depot			600		114,158		240,366	United States		1.3%
Lowe’s			1,400		86,638		342,426	United States		1.8%
					200,796		582,792			3.1%
Specialty Apparel Stores
Industria de Diseno Textil ADR			4,500		57,536		71,145	Spain		0.4%
Ross Stores			1,750		125,298		190,907	United States		1.0%
TJX Companies			2,200		109,838		152,680	United States		0.8%
					292,672		414,732			2.2%
					748,567		1,373,128			7.2%
Consumer Staples
Beverages
PepsiCo			1,250		126,934		199,725	United States		1.1%
Household Products
Procter & Gamble			1,150		93,040		166,267	United States		0.9%
Unilever ADR			2,900		132,633		147,465	United Kingdom		0.8%
	��				225,673		313,732			1.7%
Packaged Food
McCormick & Co			1,000		66,544		85,820	United States		0.4%
Nestle ADR			1,900		147,925		244,150	Switzerland		1.3%
					214,469		329,970			1.7%
					567,076		843,427			4.5%

Continued on next page.

The accompanying notes are an integral part of these financial statements. Annual Report November 30, 2021 21

Sextant Core Fund

Schedule of Investments							As of November 30, 2021
Common Stocks – 59.0%	Number of Shares		Cost		Market Value		Country1	Percentage of Net Assets
Energy
Exploration & Production
ConocoPhillips		4,000		$159,112		$280,520	United States		1.5%
Integrated Oils
Royal Dutch Shell ADR, Class A		5,100		191,607		214,404	Netherlands		1.1%
Refining & Marketing
Phillips 66		1,100		73,403		76,087	United States		0.4%
				424,122		571,011			3.0%
Financials
Banks
PNC Financial Services Group		350		55,605		68,950	United States		0.4%
Consumer Finance
Mastercard, Class A		500		137,490		157,460	United States		0.8%
Visa		900		138,794		174,393	United States		0.9%
				276,284		331,853			1.7%
Institutional Brokerage
Virtu Financial		9,000		149,940		253,620	United States		1.3%
P&C Insurance
Chubb		810		102,989		145,371	Switzerland		0.8%
				584,818		799,794			4.2%
Health Care
Large Pharma
Bristol-Myers Squibb		4,000		209,514		214,520	United States		1.1%
Johnson & Johnson		1,515		131,720		236,234	United States		1.2%
Novo Nordisk ADR		2,450		81,372		261,733	Denmark		1.4%
Pfizer		5,500		178,211		295,515	United States		1.6%
Roche Holding AG - Genusschein		500		185,211		193,655	Switzerland		1.0%
				786,028		1,201,657			6.3%
Managed Care
UnitedHealth Group		300		103,583		133,266	United States		0.7%
Medical Devices
Abbott Laboratories		2,700		97,630		339,579	United States		1.8%
Medical Equipment
Koninklijke Philips		3,877		137,793		136,393	Netherlands		0.8%
				1,125,034		1,810,895			9.6%

Continued on next page.

22 November 30, 2021 Annual Report The accompanying notes are an integral part of these financial statements.

Sextant Core Fund

Schedule of Investments							As of November 30, 2021
Common Stocks – 59.0%	Number of Shares		Cost		Market Value		Country1	Percentage of Net Assets
Industrials
Commercial & Residential Building Equipment & Systems
Honeywell International		1,000		$49,532		$202,240	United States		1.0%
Johnson Controls International		5,550		210,386		414,918	United States		2.2%
				259,918		617,158			3.2%
Flow Control Equipment
Parker Hannifin		800		78,065		241,648	United States		1.3%
Industrial Distribution & Rental
Fastenal		2,800		64,603		165,676	United States		0.9%
Rail Freight
Canadian National Railway		2,000		86,366		253,140	Canada		1.3%
Kansas City Southern Industries		700		85,050		203,595	United States		1.1%
				171,416		456,735			2.4%
				574,002		1,481,217			7.8%
Materials
Basic & Diversified Chemicals
Linde		1,000		102,982		318,140	Ireland		1.7%
Precious Metal Mining
Barrick Gold		10,000		177,244		189,900	Canada		1.0%
Newmont		4,000		162,593		219,680	United States		1.2%
				339,837		409,580			2.2%
Specialty Chemicals
RPM International		1,400		44,141		127,456	United States		0.6%
				486,960		855,176			4.5%
Technology
Application Software
Open Text US		3,900		146,122		184,899	Canada		1.0%
Communications Equipment
Apple		2,400		56,454		396,720	United States		2.1%
Motorola Solutions		600		150,499		151,908	United States		0.8%
				206,953		548,628			2.9%
Consumer Electronics
Sony ADR		1,900		146,607		231,515	Japan		1.2%
Infrastructure Software
Microsoft		800		99,998		264,472	United States		1.4%
Oracle		3,100		124,402		281,294	United States		1.5%
				224,400		545,766			2.9%

Continued on next page.

The accompanying notes are an integral part of these financial statements. Annual Report November 30, 2021 23

Sextant Core Fund

Schedule of Investments							As of November 30, 2021
Common Stocks – 59.0%	Number of Shares		Cost		Market Value		Country1	Percentage of Net Assets
Technology (continued)
Semiconductor Devices
Infineon Technologies ADR		4,775		$105,273		$216,881	Germany		1.2%
Micron Technology2		1,400		50,458		117,600	United States		0.6%
NXP Semiconductors		950		90,827		212,192	Netherlands		1.1%
Qualcomm		1,200		65,413		216,672	United States		1.1%
				311,971		763,345			4.0%
				1,036,053		2,274,153			12.0%
Utilities
Integrated Utilities
Duke Energy		1,600		141,145		155,216	United States		0.9%
NextEra Energy		4,000		72,152		347,120	United States		1.8%
				213,297		502,336			2.7%
				213,297		502,336			2.7%
Total Common Stocks				$6,149,421		$11,179,292			59.0%

Corporate Bonds – 19.5%	Coupon / Maturity	Face Amount		Market Value		Percentage of Net Assets
Communications
Bellsouth Capital Funding	7.875% due 02/15/2030		$150,000		$200,709		1.1%
Walt Disney	6.40% due 12/15/2035		250,000		360,062		1.9%
					560,771		3.0%
Consumer Discretionary
Expedia Group	5.00% due 02/15/2026		250,000		279,869		1.5%
Lowe’s	4.25% due 09/15/2044		250,000		287,354		1.5%
Stanford University	4.013% due 05/01/2042		100,000		122,295		0.6%
					689,518		3.6%
Financials
General Electric Capital	5.35% due 04/15/2022		101,000		102,365		0.5%
Welltower	4.25% due 04/15/2028		350,000		393,007		2.1%
					495,372		2.6%
Health Care
Cardinal Health	3.50% due 11/15/2024		155,000		164,330		0.9%
Gilead Sciences	3.70% due 04/01/2024		250,000		263,308		1.4%
					427,638		2.3%

Continued on next page.

24 November 30, 2021 Annual Report The accompanying notes are an integral part of these financial statements.

Sextant Core Fund

Schedule of Investments				As of November 30, 2021
Corporate Bonds – 19.5%	Coupon / Maturity	Face Amount		Market Value		Percentage of Net Assets
Industrials
Burlington Nothern Santa Fe	6.20% due 08/15/2036		$120,000		$171,582		0.9%
Fedex	3.90% due 02/01/2035		250,000		279,905		1.5%
Legrand France Yankee	8.50% due 02/15/2025		170,000		206,706		1.0%
Union Pacific	3.375% due 02/01/2035		250,000		274,747		1.5%
					932,940		4.9%
Technology
Qualcomm	3.25% due 05/20/2027		220,000		237,311		1.3%
					237,311		1.3%
Utilities
Pacificorp	6.00% due 01/15/2039		250,000		347,911		1.8%
					347,911		1.8%
Total Corporate Bonds	(Cost $3,879,588)				$3,691,461		19.5%
Government Bonds – 8.9%	Coupon / Maturity	Face Amount		Market Value		Percentage of Net Assets
United States Treasury Bonds
United States Treasury Bond	6.25% due 08/15/2023		$438,000		$481,526		2.5%
United States Treasury Bond	4.50% due 02/15/2036		137,000		191,340		1.0%
United States Treasury Bond	3.625% due 02/15/2044		155,000		204,939		1.1%
					877,805		4.6%
United States Treasury Notes
United States Treasury Note	2.75% due 11/15/2023		350,000		365,189		1.9%
United States Treasury Note	2.00% due 05/31/2024		80,000		82,588		0.5%
United States Treasury Note	2.00% due 11/30/2022		250,000		254,375		1.3%
United States Treasury Note	1.625% due 04/30/2023		106,000		107,909		0.6%
					810,061		4.3%
Total Government Bonds	(Cost $1,151,895)				$1,687,866		8.9%

Continued on next page.

The accompanying notes are an integral part of these financial statements. Annual Report November 30, 2021 25

Sextant Core Fund

Schedule of Investments							As of November 30, 2021
Municipal Bonds – 1.3%	Coupon / Maturity	Face Amount		Market Value		Percentage of Net Assets
General Obligation
Skagit SD #1	4.613% due 12/01/2022		$100,000		$100,167		0.5%
					$100,167		0.5%
Utility Networks
Tacoma WA Elec Sys Revenue	5.966% due 01/01/2035		100,000		140,985		0.8%
					140,985		0.8%
Total Municipal Bonds	(Cost $ 220,291)				$241,152		1.3%
Total investments	(Cost $ 11,401,195)				$16,799,771		88.7%
Other assets (net of liabilities)					2,132,114		11.3%
Total net assets					$18,931,885		100.0%

¹ Country of domicile unless otherwise indicated

² Non-income producing security

ADR: American Depositary Receipt

Bond Quality Diversification			(unaudited)
% of Total Net Assets
AAA	10.0%	∎
AA	0.8%	∎
AA-	0.9%	∎
A+	1.8%	∎
A-	3.8%	∎
BBB+	7.4%	∎
BBB	3.5%	∎
BBB-	1.5%	∎
Equity	59.0%	∎
Other assets (net of liabilities)	11.3%	∎
Credit ratings are the lesser of S&P Global Ratings or Moody’s Investors Service. If neither S&P nor Moody’s rate a particular security, that security is categorized as not rated (except for US Treasury securities and securities issued or backed by US agencies which inherit the credit rating for the US government). Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). Ratings apply to the creditworthiness of the issuers of the underlying securities and not the Fund or its shares. Ratings may be subject to change.

26 November 30, 2021 Annual Report The accompanying notes are an integral part of these financial statements.

Sextant Core Fund

Statement of Assets and Liabilities
As of November 30, 2021
Assets
Investments in securities, at value (Cost $11,401,195)	$16,799,771
Cash	2,048,814
Dividends and interest receivable	84,330
Prepaid expenses	16,287
Receivable for Fund shares sold	10,091
Receivable for security sales	1,400
Total assets	18,960,693
Liabilities
Payable for Fund shares redeemed	8,334
Accrued advisory fees	7,975
Accrued audit expenses	4,851
Accrued retirement plan custody fee	3,387
Accrued printing fees	1,611
Accrued other liabilities	1,243
Accrued trustee expenses	841
Accrued Chief Compliance Officer expenses	566
Total liabilities	28,808
Net assets	$18,931,885
Analysis of net assets
Paid-in capital (unlimited shares authorized, without par value)	$12,955,256
Total distributable earnings	5,976,629
Net assets applicable to Fund shares outstanding	$18,931,885
Fund shares outstanding	1,168,915
Net asset value, offering, and redemption price per share	$16.20

Statement of Operations
Year ended November 30, 2021
Investment income
Dividend Income (net of foreign tax of $11,795)	$245,926
Interest income	162,924
Total investment income	408,850
Expenses
Investment adviser fees	65,578
Filing and registration fees	15,681
Audit fees	9,833
Chief Compliance Officer expenses	3,907
Legal fees	3,699
Retirement plan custodial fees	3,627
Trustee fees	3,372
Other operating expenses	3,202
Printing and postage fees	1,868
Custodian fees	813
Total gross expenses	111,580
Less custodian fee credits	(813	)
Net expenses	110,767
Net investment income	$298,083
Net realized gain from investments and foreign currencyA	$787,546
Net increase in unrealized appreciation on investments and foreign currency	937,969
Net gain on investments	$1,725,515
Net increase in net assets resulting from operations	$2,023,598

^A Includes $124,126 in net realized gains from redemptions in-kind.

The accompanying notes are an integral part of these financial statements. Annual Report November 30, 2021 27

Sextant Core Fund

Statements of Changes in Net Assets	Year ended November 30, 2021		Year ended November 30, 2020
Increase (decrease) in net assets from operations
From operations
Net investment income	$298,083		$242,931
Net realized gain (loss) on investment	787,546		(355,444	)
Net increase in unrealized appreciation	937,969		1,778,825
Net increase in net assets	2,023,598		1,666,312
Distributions to shareowners	(265,566	)	(973,278	)
Capital share transactions
Proceeds from sales of shares	3,977,089		3,542,735
Value of shares issued in reinvestment of dividends	265,047		971,268
Cost of shares redeemed	(6,030,588	)	(3,119,396	)
Total capital share transactions	(1,788,452	)	1,394,607
Total increase (decrease) in net assets	(30,420	)	2,087,641
Net assets
Beginning of year	18,962,305		16,874,664
End of year	$18,931,885		$18,962,305
Shares of the Fund sold and redeemed
Number of shares sold	254,960		260,075
Number of shares issued in reinvestment of dividends	17,812		71,051
Number of shares redeemed	(384,653	)	(229,175	)
Net increase (decrease) in number of shares outstanding	(111,881	)	101,951

Financial Highlights	For year ended November 30,
Selected data per share of outstanding capital stock throughout each year:	2021		2020		2019		2018		2017
Net asset value at beginning of year	$14.81		$14.31		$12.84		$12.99		$11.45
Income from investment operations
Net investment income	0.24		0.19		0.19		0.18		0.16
Net gains (losses) on securities (both realized and unrealized)	1.36		1.13		1.45		(0.16	)	1.55
Total from investment operations	1.60		1.32		1.64		0.02		1.71
Less distributions
Dividends (from net investment income)	(0.21	)	(0.20	)	(0.17	)	(0.17	)	(0.17	)
Distributions (from capital gains)	-		(0.62	)	-		-		-
Total distributions	(0.21	)	(0.82	)	(0.17	)	(0.17	)	(0.17	)
Net asset value at end of year	$16.20		$14.81		$14.31		$12.84		$12.99
Total return	10.95%		9.72%		13.04%		0.16%		15.15%
Ratios / supplemental data
Net assets ($000), end of year	$18,932		$18,962		$16,875		$12,851		$12,980
Ratio of expenses to average net assets
Before custodian fee credits	0.57%		0.88%		0.90%		0.88%		0.84%
After custodian fee credits	0.56%		0.88%		0.90%		0.87%		0.83%
Ratio of net investment income after custodian fee credits to average net assets	1.52%		1.40%		1.63%		1.41%		1.52%
Portfolio turnover rate	14%		19%		28%		30%		34%

28 November 30, 2021 Annual Report The accompanying notes are an integral part of these financial statements.

Sextant Global High Income Fund

Performance Summary (unaudited)

Average Annual Total Returns as of November 30, 2021
	1 Year		5 Year		10 Year		Expense  Ratio1
Sextant Global High Income Fund2		9.87%		5.95%		n/a		0.70%
S&P Global 1200 Index		21.59%		14.96%		12.61%		n/a

Growth of $10,000

Comparison of any mutual fund to a market index must be made bearing in mind that the index is expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on March 30, 2012 (the Fund’s inception), to an identical amount invested in the S&P Global 1200 Index, a global stock market index covering nearly 70% of the world’s equity markets. The graph shows that an investment in the Fund would have risen to $15,777 versus $29,365 in the S&P Global 1200 Index and $17,087 in the Bloomberg Barclays Global High Yield Corporate Index.

Past performance does not guarantee future results. The “Growth of $10,000” graph and “Average Annual Returns” performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.

¹ By regulation, the expense ratio shown in this table is as stated in the Fund’s most recent prospectus, which is dated March 30, 2021, and incorporates results for the fiscal year ended November 30, 2020, before fee waivers.

² The Sextant Global High Income Fund began operations on March 30, 2012.

Fund Objective

The objective of the Global High Income Fund is high income, with a secondary objective of capital preservation.

Top 10 Holdings
% of Total Net Assets
South32 ADR	4.8%
Skandinaviska Enskilda Banken, Class A	3.9%
Virtu Financial	3.8%
BHP Biliton ADR	3.4%
Nissan Motor (4.81% due 09/17/2030)	3.0%
SK Telecom ADR	3.1%
Netflix (4.375% due 11/15/2026)	3.0%
Cisco Systems	3.0%
Volkswagen AG	3.0%
Burlington Northern Santa Fe (5.05% due 03/01/2041)	2.9%

Asset Allocation
% of Total Net Assets
Equity Securities	48.8%	∎
Fixed Income Securities	34.7%	∎
Other assets (net of liabilities)	16.5%	∎

Portfolio Diversification
% of Total Net Assets
Sectors	Equity	Fixed Income
Consumer Discretionary	3.0%	14.6%
Communications	11.9%	3.0%
Financials	9.4%	4.7%
Materials	8.2%	0.0%
Technology	7.0%	0.0%
Energy	3.6%	1.5%
Government Bonds	0.0%	4.8%
Health Care	4.4%	0.0%
Industrials	1.3%	2.9%
Consumer Staples	0.0%	2.6%
Municipal Bonds	0.0%	0.6%
Total	48.8%	34.7%

Annual Report November 30, 2021 29

Sextant Global High Income Fund

Discussion of Fund Performance (unaudited)

(photo omitted)

Fiscal Year 2021

For the 2021 fiscal year, the Sextant Global High Income Fund returned 9.87%. The Fund’s equity benchmark, the S&P Global 1200, returned 21.59%. The Fund’s fixed income benchmark, the Bloomberg-Barclays Global High Yield Corporate Bond Index, returned 2.44%. The Global High Income Fund’s 30-day SEC yield as of November 30, 2021 was 3.18%.

Factors Affecting Past Performance

Global equity markets posted another solid year of gains with performance strongest in the United States, the Technology sector in particular, a trend that has merited mentioning in this discussion for the past three fiscal years. Few of the largest Technology companies pay dividends, much less with yields that meet the “high income” criteria. The Global High Income Fund’s equity holdings continued to lag the returns of broader equity benchmarks as a result.

Interest rates rose from historically low levels at the start of the fiscal year; meanwhile, inflation also increased, and investors began to anticipate tightening of monetary policy in 2022. The yield on the US 10-Year Treasury Note rose from 0.84% to 1.43% over the year.¹ Interest rates on higher-yielding bonds rose less than Treasury bonds as spreads tightened; the yield of the ICE BofA US High Yield Index rose by just 0.03%.² Bond prices fall as interest rates increase, but part of their return comes from the yield on interest payments. Higher-yielding bonds outperformed investment-grade bonds during the fiscal year, both due to their higher starting yields and to their narrowing spreads.

Positive contributors to the Fund’s performance during the fiscal year included Energy companies such as Equinor and raw materials companies such as South32. The Fund has maintained a relatively high weight in these higher-yielding sectors of the equity market despite their having fallen out of favor in recent years. Oil and other commodities prices rose as pandemic restrictions eased, brightening the outlook for the companies that produce and sell them.

Detractors from performance included emerging market bonds in Argentina and Brazil as their currencies weakened against the dollar. Telecom companies – another equity sector with high dividend yields – also detracted from Fund performance, as large investments in 5G networks and fierce competition for customers drove down profitability.

Looking Forward

Equities

Broad equity market valuations remain quite high by historical standards. With rising inflation and the Federal Reserve setting a course for tighter monetary policy, the viability of elevated valuations appears at risk. High valuations are frequently justified with the reasonable argument that falling interest rates and low inflation increase the present value of company earnings far into the future, but then the argument must reverse when interest rates and inflation both rise.

Besides valuation, another risk to broad equity markets is their increased concentration of US Technology companies. A number of these companies have benefited from globalized data, supply chains, and technology standards and practices. With the trend of globalization beginning to ebb, these benefits could become headwinds.

We believe that out-of-favor corners of the equity market, like dividend-paying companies operating in foreign markets, could provide an avenue of diversification from these risks.

Fixed-Income

Despite the pickup in interest rates, narrower spreads on higher-yielding bonds continues to make them relatively unattractive from a risk perspective. The Fund maintains a relatively high cash position, ready to deploy if the situation in high-yield bonds improves.

Foreign Currencies

We expect the US dollar to strengthen as the Federal Reserve leads much of the world in beginning to tighten policy, with the potential increase in interest rates supporting investments in dollars from abroad. As emerging markets currencies weaken, their local currency-denominated bonds may become more attractive due to their higher interest rates and their potential undervaluation, compared to their relative levels of inflation.

Management Fee Calculations

The Sextant Global High Income Fund calculates the performance part of its management fee by comparing the Fund’s return to the return of Morningstar’s^™ “World Allocation” category. The Fund’s 12-month return of 9.87% was more than two percent below the Morningstar^™ category average of 11.90% at month-end November 30, 2021. Therefore, the basic annual management fee of 0.50% was decreased by 0.20% to 0.30% for the month of December 2021. Note that significant portions of the Fund’s expenses are waived due to the adviser’s cap on total Fund expenses.

¹ Market Yield on US Treasury Securities at 10-Year Constant Maturity. FRED: Federal Reserve Economic Data, November 30, 2021. https://fred.stlouisfed.org/series/DGS10

² ICE BofA High Yield Index Effective Yield. FRED: Federal Reserve Economic Data, November 30, 2021. https://fred.stlouisfed.org/series/BAMLH0A0HYM2EY

30 November 30, 2021 Annual Report

Sextant Global High Income Fund

Schedule of Investments									As of November 30, 2021
Common Stocks – 48.8%	Number of Shares		Cost		Market Value		Country1		Percentage of Net Assets
Communications
Telecom Carriers
AT&T		7,500		$229,195		$171,225		United States		1.9%
Orange ADR		20,000		270,393		214,400		France		2.3%
SK Telecom ADR		6,073		167,681		279,358		Korea		3.1%
Telenor ASA		12,000		180,803		176,015		Norway		1.9%
Verizon Communications		5,000		256,300		251,350		United States		2.7%
				1,104,372		1,092,348				11.9%
Consumer Discretionary
Automobiles
Volkswagen AG		1,500		274,363		271,987		Germany		3.0%
				274,363		271,987				3.0%
Energy
Integrated Oils
Royal Dutch Shell ADR, Class A		3,800		241,426		159,752		Netherlands		1.7%
Total ADR		3,800		202,607		174,762		France		1.9%
				444,033		334,514				3.6%
Financials
Banks
Skandinaviska Enskilda Banken, Class A		25,000		233,632		361,177		Sweden		3.9%
Institutional Brokerage
Virtu Financial		12,500		199,625		352,250		United States		3.8%
Investment Companies
ICAHN Enterprises Depositary Unit		3,000		159,646		151,650		United States		1.7%
				592,903		865,077				9.4%
Health Care
Large Pharma
GlaxoSmithKline ADR		5,000		216,373		205,600		United Kingdom		2.2%
Novartis ADR		2,500		141,271		199,250		Switzerland		2.2%
				357,644		404,850				4.4%
Industrials
Infrastructure Construction
Shenzhen Investment		325,000		168,010		116,772		Hong Kong		1.3%
				168,010		116,772				1.3%

Continued on next page.

The accompanying notes are an integral part of these financial statements. Annual Report November 30, 2021 31

Sextant Global High Income Fund

Schedule of Investments							As of November 30, 2021
Common Stocks – 48.8%	Number of Shares		Cost		Market Value		Country1	Percentage of Net Assets
Materials
Base Metals
South32 ADR		35,000		$217,441		$438,900	Australia		4.8%
Steel Raw Material Suppliers
BHP Biliton ADR		5,500		209,119		309,045	Australia		3.4%
				426,560		747,945			8.2%
Technology
Communications Equipment
Cisco Systems		5,000		179,893		274,200	United States		3.0%
Consumer Electronics
Nintendo		500		223,480		219,518	Japan		2.4%
Infrastructure Software
Micro Focus International		30,000		223,048		142,800	United Kingdom		1.6%
				626,421		636,518			7.0%
Total Common Stock		(Cost $3,994,306)				$4,470,011			48.8%

Corporate Bonds – 29.3%	Coupon / Maturity	Face Amount		Market Value		Country1	Percentage of Net Assets
Communications
Netflix	4.375% due 11/15/2026		$250,000		$275,625	United States		3.0%
					275,625			3.0%
Consumer Discretionary
ADT	4.125% due 06/15/2023		150,000		154,800	United States		1.7%
Delta Air Lines	3.75% due 10/28/2029		250,000		244,837	United States		2.7%
Ford Motor	6.375% due 02/01/2029		220,000		255,750	United States		2.8%
MDC Holdings	3.85% due 01/15/2030		200,000		210,500	United States		2.3%
Nissan Motor2	4.81% due 09/17/2030		250,000		279,445	Japan		3.0%
YUM! Brands	3.625% due 03/15/2031		195,000		189,085	United States		2.1%
					1,334,417			14.6%
Consumer Staples
Grupo Bimbo3	4.875% due 06/27/2044		200,000		241,803	Mexico		2.6%
					241,803			2.6%
Energy
Petrobras International Finance	6.875% due 01/20/2040		50,000		53,873	Brazil		0.6%
Petrobras International Finance	6.75% due 01/27/2041		80,000		84,960	Brazil		0.9%
					138,833			1.5%

Continued on next page.

32 November 30, 2021 Annual Report The accompanying notes are an integral part of these financial statements.

Sextant Global High Income Fund

Schedule of Investments							As of November 30, 2021
Corporate Bonds – 29.3%	Coupon / Maturity	Face Amount		Market Value		Country1	Percentage of Net Assets
Financials
Lincoln National (3 month LIBOR plus 2.04%)4	2.17425% due 04/20/2067		$250,000		$219,700	United States		2.4%
Royal Bank of Scotland	6.125% due 12/15/2022		200,000		210,476	United Kingdom		2.3%
					430,176			4.7%
Industrials
Burlington Northern Santa Fe	5.05% due 03/01/2041		200,000		261,572	United States		2.9%
					261,572			2.9%
Total Corporate Bonds	(Cost $2,531,768)				$2,682,426			29.3%
Government Bonds – 4.8%	Coupon / Maturity	Face Amount		Market Value		Country1	Percentage of Net Assets
Foreign Government Bonds
Colombia Republic	8.375% due 02/15/2027		$125,000		$145,508	Colombia		1.6%
Federal Republic of Brazil	12.50% due 01/05/2022		BRL 500,000		88,659	Brazil		1.0%
Federal Republic of Brazil	8.50% due 01/05/2024		BRL 750,000		127,978	Brazil		1.4%
Republic of Argentina	1.00% due 07/09/2029		9,276		3,084	Argentina		0.0%	5
Republic of Argentina	0.125% due 07/09/2046		242,500		69,246	Argentina		0.8%
					434,475			4.8%
Total Government Bonds	(Cost $739,908)				$434,475			4.8%
Municipal Bonds – 0.6%	Coupon / Maturity	Face Amount		Market Value		Country1	Percentage of Net Assets
Real Estate
Colony TX NFM Sales Tax Revenue	7.625% due 10/01/2042		$50,000		$54,149	United States		0.6%
					54,149			0.6%
Total Municipal Bonds	(Cost $50,286)				$54,149			0.6%
Total investments	(Cost $7,316,268)				$7,641,061			83.5%
Other assets (net of liabilities)					1,508,637			16.5%
Total net assets					$9,149,698			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 November 30, 2021, the net value of these securities was $279,445 representing 3.0% of net assets.

³ Security was purchased pursuant to Regulation S under the Securities Act of 1933 which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. These securities have been deemed liquid under guidelines approved by the Trust’s Board of Trustees. At November 30, 2021, the aggregate value of these securities was $241,803 representing 2.6% of net assets.

⁴ Variable rate security. The interest rate represents the rate in effect at November 30, 2021 and resets periodically based on the parenthetically disclosed reference rate and spread.

⁵ Less than 0.05%

ADR: American Depositary Receipt

BRL: Brazilian Real

The accompanying notes are an integral part of these financial statements. Annual Report November 30, 2021 33

Sextant Global High Income Fund

Schedule of Investments As of November 30, 2021

Countries

Weightings shown are a percentage of total net assets.

Bond Quality Diversification			(unaudited)
% of Total Net Assets
Rated “AA-”	2.9%	∎
Rated “BBB”	5.0%	∎
Rated “BBB-”	5.3%	∎
Rated “BB+”	9.7%	∎
Rated “BB”	1.4%	∎
Rated “BB-”	6.3%	∎
Rated “B+”	2.7%	∎
Rated “CCC+”	0.8%	∎
Not rated	0.6%	∎
Equity	48.8%	∎
Other assets (net of liabilities)	16.5%	∎
Credit ratings are the lesser of S&P Global Ratings or Moody’s Investors Service. If neither S&P nor Moody’s rate a particular security, that security is categorized as not rated (except for US Treasury securities and securities issued or backed by US agencies which inherit the credit rating for the US government). Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). Ratings apply to the creditworthiness of the issuers of the underlying securities and not the Fund or its shares. Ratings may be subject to change.

34 November 30, 2021 Annual Report The accompanying notes are an integral part of these financial statements.

Sextant Global High Income Fund

Statement of Assets and Liabilities

As of November 30, 2021
Assets
Investments in securities, at value (Cost $7,316,268)	$7,641,061
Cash	1,976,764
Receivable for security sales	421,622
Dividends and interest receivable	63,500
Prepaid expenses	824
Receivable for Fund shares sold	218
Total assets	10,103,989
Liabilities
Payable for securities purchased	939,362
Accrued audit expenses	4,685
Accrued advisory fees	3,831
Accrued retirement plan custody fee	1,884
Accrued other operating expenses	1,724
Accrued trustee expenses	1,279
Accrued legal expenses	834
Accrued Chief Compliance Officer expenses	692
Total liabilities	954,291
Net assets	$9,149,698
Analysis of net assets
Paid-in capital (unlimited shares authorized, without par value)	$8,824,875
Total distributable earnings	324,823
Net assets applicable to Fund shares outstanding	$9,149,698
Fund shares outstanding	849,628
Net asset value, offering and redemption price per share	$10.77

Statement of Operations

Year ended November 30, 2021
Investment income
Dividend Income (net of foreign tax of ($22,326)	$211,134
Interest income	130,746
Total investment income	341,880
Expenses
Investment advisory fees	28,396
Filing and registration fees	24,991
Audit fees	5,162
Chief Compliance Officer expenses	2,070
Printing and postage fees	2,051
Trustee fees	2,047
Retirement plan custodial fees	1,997
Legal fees	1,343
Other expenses	1,176
Custodian fees	558
Total gross expenses	69,791
Less adviser fees waived	(7,118	)
Less custodian fee credits	(558	)
Net expenses	62,115
Net investment income	$279,765
Net realized gain from investments and foreign currency	$186,963
Net increase in unrealized appreciation on investments and foreign currency	344,554
Net gain on investments	$531,517
Net increase in net assets resulting from operations	$811,282

The accompanying notes are an integral part of these financial statements. Annual Report November 30, 2021 35

Sextant Global High Income Fund

Statements of Changes in Net Assets	Year ended November 30, 2021		Year ended November 30, 2020
Increase (decrease) in net assets from operations
From operations
Net investment income	$279,765		$272,571
Net realized gain (loss) on investment	186,963		(448,924	)
Net increase (decrease) in unrealized appreciation	344,554		(239,731	)
Net increase (decrease) in net assets	811,282		(416,084	)
Distributions to shareowners	(289,162	)	(795,251	)
Capital share transactions
Proceeds from sales of shares	1,477,957		601,211
Value of shares issued in reinvestment of dividends	282,380		778,163
Cost of shares redeemed	(1,747,724	)	(1,446,472	)
Total capital shares transactions	12,613		(67,098	)
Total increase (decrease) in net assets	534,733		(1,278,433	)
Net assets
Beginning of year	8,614,965		9,893,398
End of year	$9,149,698		$8,614,965
Shares of the Fund sold and redeemed
Number of shares sold	139,723		60,877
Number of shares issued in reinvestment of dividends	27,875		72,726
Number of shares redeemed	(166,437	)	(151,136	)
Net increase (decrease) in number of shares outstanding	1,161		(17,533	)

Financial Highlights	For year ended November 30,
Selected data per share of outstanding capital stock throughout each year:	2021		2020		2019		2018		2017
Net asset value at beginning of year	$10.15		$11.42		$11.07		$11.12		$10.11
Income from investment operations
Net investment income	0.33		0.31		0.42		0.40		0.35
Net gains (losses) on securities (both realized & unrealized)	0.65		(0.66	)	0.32		(0.15	)	1.11
Total from investment operations	0.98		(0.35	)	0.74		0.25		1.46
Less distributions
Dividends from net investment income	(0.36	)	(0.40	)	(0.39	)	(0.30	)	(0.45	)
Distribution from capital gains	-		(0.52	)	-		-		-
Total distributions	(0.36	)	(0.92	)	(0.39	)	(0.30	)	(0.45	)
Net asset value at end of year	$10.77		$10.15		$11.42		$11.07		$11.12
Total return	9.87%		(3.51	)%	7.06%		2.31%		15.01%
Ratios / supplemental data
Net assets ($000), end of year	$9,150		$8,615		$9,893		$8,827		$9,373
Ratio of expenses to average net assets
Before adviser fee waivers and custodian fee credits	0.78%		0.70%		1.11%		0.97%		1.18%
After adviser fee waivers	0.70%		0.56%		0.76%		0.75%		0.83%
After adviser fees waiver and custodian fee credits	0.69%		0.55%		0.75%		0.75%		0.82%
Ratio of net investment income after adviser fee waivers and custodian fee credits to average net assets	3.11%		3.12%		3.72%		3.43%		3.34%
Portfolio turnover rate	27%		27%		33%		10%		8%

36 November 30, 2021 Annual Report The accompanying notes are an integral part of these financial statements.

Sextant Growth Fund

Performance Summary								(unaudited)
Average Annual Total Returns as of November 30, 2021
	1 Year		5 Year		10 Year		Expense Ratio1
Sextant Growth Fund Investor Shares (SSGFX)		23.48%		21.30%		15.62%		1.05%
Sextant Growth Fund Z Shares (SGZFX)2		23.76%		n/a		n/a		0.82%
S&P 500 Index		27.92%		17.89%		16.15%		n/a

Growth of $10,000

Comparison of any mutual fund to a market index must be made bearing in mind that the index is expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in Investor Shares of the Fund on November 30, 2011, to an identical amount invested in the S&P 500 Index, an index comprised of 500 widely held common stocks considered to be representative of the US stock market in general. The graph shows that an investment in the Investor Shares of the Fund would have risen to $42,709 versus $44,726 in the Index.

Past performance does not guarantee future results. The “Growth of $10,000” graph and “Average Annual Returns” performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.

¹ By regulation, the expense ratio shown in this table is as stated in the Fund’s most recent prospectus, which is dated March 30, 2021, and incorporates results for the fiscal year ended November 30, 2020. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods.

² Sextant Growth Fund Z Shares (SGZFX) began operations June 2, 2017.

Fund Objective

The objective of the Growth Fund is long-term capital growth.

Top 10 Holdings
% of Total Net Assets
Apple	9.6%
Microsoft	9.1%
Adobe	7.4%
Amazon.com	6.9%
Alphabet, Class A	6.5%
Mastercard, Class A	4.1%
Lowe’s	4.0%
Abbott Laboratories	3.8%
Qualcomm	3.2%
Costco Wholesale	2.7%

Portfolio Diversification
% of Total Net Assets
Communications Equipment	11.8%	∎
Infrastructure Software	11.4%	∎
Application Software	9.4%	∎
Medical Devices	8.2%	∎
Semiconductor Devices	7.7%	∎
E-Commerce Discretionary	6.9%	∎
Internet Media	6.5%	∎
Consumer Finance	6.0%	∎
Home Products Stores	4.0%	∎
Industry < 4.0%	26.5%	∎
Other Assets (net of liabilities)	1.6%	∎

Annual Report November 30, 2021 37

Sextant Growth Fund

Discussion of Fund Performance (unaudited)

(photo omitted)

Fiscal Year 2021

For the fiscal year ended November 30, 2021, the Sextant Growth Fund Investor Shares returned 23.48%, trailing the 27.92% gain for the S&P 500 Index. In 2017, the Fund introduced its Z Shares, which had no 12b-1 fee expense, and now 90.67% of the Fund benefits from this lower expense option. The Fund slightly trailed other large capitalization growth-oriented funds over the financial year; its Morningstar Large Growth category peer group returned an average of 24.13% over the same period.

Factors Affecting Past Performance

The Sextant Growth Fund’s performance in 2021 was hindered by a handful of large positions that have provided outstanding long-term returns but trailed the markets in 2021 – Amazon, Adobe, and Mastercard. While Amazon and Adobe were stellar performers in 2020, Mastercard has suffered since the beginning of the pandemic, given the slowdown in travel spending. In fact, in November, Mastercard’s price was below its pre-pandemic level. We continue to have confidence in the long-term outlook but recognize that the spread of the Omicron variant may delay the recovery. After a year of pedestrian performance, we continue to favor Amazon and Adobe. The other factor contributing to performance was the absence of Energy exposure. We view Energy as a sector featuring a long-term outlook of secular decline. It will enjoy periods of outperformance, but the risk of future stranded assets prevents multi-year investment. On a more positive note, our Technology investments in Microsoft, Alphabet, Apple, and Nvidia all performed well, especially Nvidia, which appreciated over 100% during the financial year. Health Care, Industrial, and Consumer stocks also registered strong performance. While our pharmaceutical investments were lackluster, our medical specialties investments in Abbott Labs and Edwards Lifesciences did well. Hoarding may have declined in 2021, compared to the initial months of the pandemic, but Costco continued to register strong results and stock performance. Lowe’s was another stellar performer as Americans invested in their homes, reflecting the greater amount of time spent there. Finally, in the Industrials sector, we initiated a position in Johnson Controls at the start of the financial year and the stock went on to appreciate over 60%.

Looking Forward

At this time last year, inflation wasn’t even a part of the discussion, but now it dominates. While the Federal Reserve has abandoned the word “transitory,” an argument still exists regarding the risks of inflation expectations becoming embedded on one hand, and the resumption of supply chain normalcy dampening inflationary pressures on the other. The Omicron variant brings its owns challenges to the argument, but the risks of higher inflation leading to rising interest rates must be seriously considered. One of the risks involves the question of an appropriate Technology weighting since low rates have boosted Tech stock valuations. We have a more optimistic view on Health Care and Industrial companies, given relatively low valuations for the former and economic growth supporting demand for the latter.

Management Fee Calculations

The Sextant Growth Fund calculates the performance part of its management fee by comparing the Fund’s return to Morningstar’s Large Growth category’s average return. As of November 30, 2021, Sextant Growth Fund Investor Shares’ 12-month return of 23.48% trailed the Morningstar^™ category average of 24.13% by -0.65%. Therefore, the base annual management fee of 0.50% for the Fund was not adjusted for the month of December 2021.

38 November 30, 2021 Annual Report

Sextant Growth Fund

Schedule of Investments						As of November 30, 2021
Common Stock – 98.4%	Number of Shares	Cost		Market Value		Percentage of Net Assets
Communications
Internet Media
Alphabet, Class A1	1,584		$898,428		$4,495,313		6.5%
			898,428		4,495,313		6.5%
Consumer Discretionary
Apparel, Footwear & Accessory Design
Nike, Class B	10,276		528,776		1,739,110		2.5%
E-Commerce Discretionary
Amazon.com1	1,349		162,991		4,731,037		6.9%
Home Improvement
Stanley Black & Decker	8,684		795,475		1,517,616		2.2%
Home Products Stores
Lowe’s	11,200		794,834		2,739,408		4.0%
Other Commercial Services
Ecolab	3,227		358,391		714,684		1.1%
Restaurants
Starbucks	14,674		610,056		1,608,857		2.3%
Specialty Apparel Stores
TJX Companies	11,078		330,472		768,814		1.1%
			3,580,995		13,819,526		20.1%
Consumer Staples
Beverages
Monster Beverage	16,100		1,489,661		1,348,858		2.0%
Mass Merchants
Costco Wholesale	3,509		410,437		1,892,684		2.7%
			1,900,098		3,241,542		4.7%
Financials
Banks
PNC Financial Services Group	6,800		1,167,118		1,339,600		2.0%
Consumer Finance
Mastercard, Class A	8,914		806,925		2,807,197		4.1%
Paypal1	6,900		1,710,623		1,275,741		1.9%
			2,517,548		4,082,938		6.0%
Diversified Banks
JP Morgan Chase	4,500		594,992		714,735		1.0%
			4,279,658		6,137,273		9.0%

Continued on next page.

The accompanying notes are an integral part of these financial statements. Annual Report November 30, 2021 39

Sextant Growth Fund

Schedule of Investments					As of November 30, 2021
Common Stock – 98.4%	Number of Shares		Cost		Market Value		Percentage of Net Assets
Health Care
Medical Devices
Abbott Laboratories		20,799		$646,854		$2,615,890		3.8%
Edwards Lifesciences1		17,100		546,521		1,835,001		2.7%
Stryker		5,000		909,791		1,183,150		1.7%
				2,103,166		5,634,041		8.2%
Industrials
Commercial & Residential Building Equipment & Systems
Johnson Controls International		22,500		1,043,161		1,682,100		2.5%
Measurement Instruments
Trimble1		12,000		415,876		1,030,440		1.5%
				1,459,037		2,712,540		4.0%
Materials
Agricultural Chemicals
Corteva		27,500		1,174,068		1,237,500		1.8%
Precious Metal Mining
Newmont		18,000		1,012,076		988,560		1.4%
Specialty Chemicals
RPM International		18,000		737,644		1,638,720		2.4%
				2,923,788		3,864,780		5.6%
Technology
Application Software
Adobe1		7,600		39,971		5,090,860		7.4%
Take-Two Interactive Software1		8,250		915,397		1,368,510		2.0%
				955,368		6,459,370		9.4%
Communications Equipment
Apple		40,000		11,788		6,612,000		9.6%
Motorola Solutions		6,000		1,346,591		1,519,080		2.2%
				1,358,379		8,131,080		11.8%
Infrastructure Software
Microsoft		18,920		872,435		6,254,763		9.1%
Oracle		17,500		901,024		1,587,950		2.3%
				1,773,459		7,842,713		11.4%

Continued on next page.

40 November 30, 2021 Annual Report The accompanying notes are an integral part of these financial statements.

Sextant Growth Fund

Schedule of Investments							As of November 30, 2021
Common Stock – 98.4%	Number of Shares		Cost		Market Value		Percentage of Net Assets
Technology (continued)
Semiconductor Devices
NVIDIA		5,600		$670,410		$1,829,856	2.7%
Qualcomm		12,000		805,753		2,166,720	3.2%
Texas Instruments		6,600		939,244		1,269,642	1.8%
				2,415,407		5,266,218	7.7%
				6,502,613		27,699,381	40.3%
Total investments				$23,647,783		$67,604,396	98.4%
Other assets (net of liabilities)						1,083,604	1.6%
Total net assets						$68,688,000	100.0%

¹ Non-income producing

The accompanying notes are an integral part of these financial statements. Annual Report November 30, 2021 41

Sextant Growth Fund

Statement of Assets and Liabilities

As of November 30, 2021
Assets
Investments in securities, at value (Cost $23,647,783)	$67,604,396
Cash	1,125,024
Dividends receivable	25,321
Prepaid expenses	21,050
Other assets	1,214
Receivable for Fund shares sold	634
Total assets	68,777,639
Liabilities
Accrued advisory fees	28,659
Payable for Fund shares redeemed	20,855
Accrued audit expenses	15,181
Accrued printing fees	8,717
Accrued retirement plan custody fee	8,179
Accrued other liabilities	2,195
Accrued Chief Compliance Officer expenses	1,866
Accrued legal expenses	1,419
Accrued 12b-1 distribution fees	1,327
Accrued trustee expenses	1,241
Total liabilities	89,639
Net assets	$68,688,000
Analysis of net assets
Paid-in capital (unlimited shares authorized, without par value)	$18,850,985
Total distributable earnings	49,837,015
Net assets applicable to Fund shares outstanding	$68,688,000
Net asset value per Investor Share	SSGFX
Net assets, at value	$6,411,418
Shares outstanding	124,760
Net asset value, offering and redemption price per share	$51.39
Net asset value per Z Share	SGZFX
Net assets, at value	$62,276,582
Shares outstanding	1,213,979
Net asset value, offering and redemption price per share	$51.30

Statement of Operations

Year ended November 30, 2021
Investment income
Dividend income	$596,285
Miscellaneous income	6
Total investment income	596,291
Expenses
Investment adviser fees	205,174
Filing and registration fees	31,530
Audit fees	30,857
Distribution fees - Investor Shares	14,306
Chief Compliance Officer expenses	12,225
Retirement plan custodial fees
Investor Shares	79
Z Shares	8,786
Legal fees	8,764
Trustee fees	8,628
Printing and postage fees	8,145
Other expenses	4,871
Custodian fees	2,610
Total gross expenses	335,975
Less custodian fee credits	(2,610	)
Net expenses	333,365
Net investment income	$262,926
Net realized gain from investments	$5,700,455
Net increase in unrealized appreciation on investments	7,556,816
Net gain on investments	$13,257,271
Net increase in net assets resulting from operations	$13,520,197

42 November 30, 2021 Annual Report The accompanying notes are an integral part of these financial statements.

Sextant Growth Fund

Statements of Changes in Net Assets	Year ended November 30, 2021		Year ended November 30, 2020
Increase in net assets from operations
From operations
Net investment income	$262,926		$61,224
Net realized gain on investment	5,700,455		314,003
Net increase in unrealized appreciation	7,556,816		13,070,176
Net increase in net assets	13,520,197		13,445,403
Distributions to shareowners
Net distribution to shareholders – Investor Shares	(30,963	)	(130,452	)
Net distribution to shareholders – Z Shares	(427,260	)	(1,224,681	)
Total distributions	(458,223	)	(1,355,133	)
Capital share transactions
Proceeds from sales of shares
Investor Shares	553,150		742,865
Z Shares	2,308,439		2,863,064
Value of shares issued in reinvestment of dividends
Investor Shares	22,980		100,384
Z Shares	419,115		1,198,196
Cost of shares redeemed
Investor Shares	(526,990	)	(1,218,150	)
Z Shares	(6,123,451	)	(2,314,321	)
Total capital share transactions	(3,346,757	)	1,372,038
Total increase in net assets	9,715,217		13,462,308
Net assets
Beginning of year	58,972,783		45,510,475
End of year	$68,688,000		$58,972,783
Shares of the Fund sold and redeemed
Investor Shares (SSGFX)
Number of shares sold	11,715		21,466
Number of shares issued in reinvestment of dividends and distributions	536		3,043
Number of shares redeemed	(11,644	)	(36,681	)
Net increase (decrease) in number of shares outstanding	607		(12,172	)
Z Shares (SGZFX)
Number of shares sold	50,253		81,492
Number of shares issued in reinvestment of dividends and distributions	9,829		36,474
Number of shares redeemed	(133,335	)	(66,588	)
Net increase (decrease) in number of shares outstanding	(73,253	)	51,378

The accompanying notes are an integral part of these financial statements. Annual Report November 30, 2021 43

Sextant Growth Fund: Financial Highlights

Investor Shares (SSGFX)	For year ended November 30,
Selected data per share of outstanding capital stock throughout each year:	2021		2020		2019		2018		2017
Net asset value at beginning of year	$41.86		$33.25		$28.70		$27.51		$22.52
Income from investment operations
Net investment income	0.09	A	(0.03	)A	(0.03	)A	0.07	A	0.15	A
Net gains on securities (both realized & unrealized)	9.70		9.58		5.86		2.53		4.93
Total from investment operations	9.79		9.55		5.83		2.60		5.08
Less distributions
Dividends (from net investment income)	(0.03	)	(0.01	)	(0.04	)	(0.07	)	(0.09	)
Distributions (from capital gains)	(0.23	)	(0.93	)	(1.24	)	(1.34	)	-
Total distributions	(0.26	)	(0.94	)	(1.28	)	(1.41	)	(0.09	)
Net asset value at end of year	$51.39		$41.86		$33.25		$28.70		$27.51
Total return	23.48%		29.49%		21.81%		9.95%		22.64%
Ratios / supplemental data
Net assets ($000), end of year	$6,411		$5,197		$4,533		$5,037		$5,962
Ratio of expenses to average net assets
Before custodian fee credits	0.74%		1.05%		1.20%		0.92%		0.76%
After custodian fee credits	0.74%		1.05%		1.20%		0.92%		0.76%
Ratio of net investment income after custodian fee credits to average net assets	0.20%		(0.08	)%	(0.07	)%	0.25%		0.60%
Portfolio turnover rate	18%		17%		10%		17%		18%

Z Shares (SGZFX)	For year ended November 30,								For period endedB
Selected data per share of outstanding capital stock throughout each year:	2021		2020		2019		2018		November 30, 2017
Net asset value at beginning of year	$41.78		$33.16		$28.65		$27.50		$25.54
Income from investment operations
Net investment income	0.20	A	0.05	A	0.08	A	0.13	A	0.16	A
Net gains on securities (both realized & unrealized)	9.66		9.56		5.82		2.53		1.82
Total from investment operations	9.86		9.61		5.90		2.66		1.98
Less distributions
Dividends (from net investment income)	(0.11	)	(0.06	)	(0.15	)	(0.17	)	(0.02	)
Distributions (from capital gains)	(0.23	)	(0.93	)	(1.24	)	(1.34	)	-
Total distributions	(0.34	)	(0.99	)	(1.39	)	(1.51	)	(0.02	)
Net asset value at end of year	$51.30		$41.78		$33.16		$28.65		$27.50
Total return	23.76%		29.79%		22.22%		10.20%		7.73%	C
Ratios / supplemental data
Net assets ($000), end of year	$62,277		$53,776		$40,978		$34,191		$32,017
Ratio of expenses to average net assets
Before custodian fee credits	0.51%		0.82%		0.90%		0.70%		0.51%	D
After custodian fee credits	0.50%		0.82%		0.90%		0.70%		0.51%	D
Ratio of net investment income after custodian fee credits to average net assets	0.43%		0.14%		0.23%		0.47%		0.89%	D
Portfolio turnover rate	18%		17%		10%		17%		18%	C

^A Calculated using average shares outstanding

^B Operations commenced on June 2, 2017

^C Not annualized for periods of less than one year

^D Annualized for periods of less than one year

44 November 30, 2021 Annual Report The accompanying notes are an integral part of these financial statements.

Sextant International Fund

Performance Summary (unaudited)

Average Annual Total Returns as of November 30, 2021
	1 Year		5 Year		10 Year		Expense  Ratio1
Sextant International Fund Investor Shares (SSIFX)		20.16%		15.11%		8.25%		0.83%
Sextant International Fund Z Shares (SIFZX)2		20.42%		n/a		n/a		0.63%
MSCI EAFE Index		11.28%		9.71%		7.89%		n/a

Growth of $10,000

Comparison of any mutual fund to a market index must be made bearing in mind that the index is unmanaged, and expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in Investor Shares of the Fund on November 30, 2011, to an identical amount invested in the MSCI EAFE Index, an international index focused on Europe, Australasia, and the Far East. The graph shows that an investment in Investor Shares of the Fund would have risen to $22,085 versus $21,374 in the Index.

Past performance does not guarantee future results. The “Growth of $10,000” graph and “Average Annual Returns” performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.

¹ By regulation, the expense ratio shown in this table is as stated in the Fund’s most recent prospectus, which is dated March 30, 2021, and incorporates results for the fiscal year ended November 30, 2020. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods.

² Sextant International Fund Z Shares (SIFZX) began operations June 2, 2017.

Fund Objective

The objective of the International Fund is long-term capital growth.

Top 10 Holdings
% of Total Net Assets
ASML	11.4%
NICE Systems ADR	8.2%
Wolters Kluwer	7.4%
Dassault Systemes ADR	7.1%
MercadoLibre	6.1%
Novo Nordisk ADR	5.7%
Accenture, Class A	4.4%
Sony ADR	4.0%
OpenText	3.1%
Rio Tinto ADR	2.7%

Portfolio Diversification
% of Total Net Assets
Application Software	21.3%	∎
Semiconductor Manufacturing	11.4%	∎
Large Pharma	9.2%	∎
Information Services	7.4%	∎
E-Commerce Discretionary	6.1%	∎
Consumer Electronics	6.0%	∎
Medical Equipment	4.6%	∎
IT Services	4.4%	∎
Household Products	4.1%	∎
Power Generation	2.8%	∎
Steel Raw Material Suppliers	2.7%	∎
Industries < 2.5%	16.0%	∎
Other Assets (net of liabilities)	4.0%	∎

Annual Report November 30, 2021 45

Sextant International Fund

Discussion of Fund Performance (unaudited)

(photo omitted)

Fiscal Year 2021

For the fiscal year ended November 30, 2021, the Sextant International Fund Z Shares gained 20.42%. The benchmark MSCI EAFE Index returned 11.28% for the same period. The Fund generally trailed the benchmark during the first half of the fiscal year, and then outperformed during the second half. At fiscal year-end, the Z Shares of the Fund recorded a 30-day yield of 0.262% and reported a turnover of 21.9%.

Factors Affecting Past Performance

The Sextant International Fund mandates that 65% of net assets be held in companies with their headquarters and at least half of their assets and earnings outside the US, and with market capitalizations greater than $1 billion. The Fund generally holds equity positions in larger companies with strong balance sheets. Being overweight to the Technology sector produced the largest contribution to return, representing six of the top 10 performers for the year. Consumer Discretionary, Health Care, and Communications positions rounded out the top 10 contributors. Detractors included the Industrial and Financial sectors during the first half of the year, followed by Materials in the second half.

The Fund increased its number of equity positions from 26 to 32 over the fiscal year and increased the average position size to 3.0%, exclusive of the cash balance. For the same period, the Fund’s top three sectors represented 76.6% of assets: Technology at 47.3%, followed by Industrials at 15.6%, and Health Care at 13.8%. The top three positions represented 26.9% of assets. Positions spanned 12 countries, led by the Netherlands at 20.8%, France at 13.1%, and Japan at 10.0%. A global shortage of semiconductors propelled semiconductor equipment supplier ASML to contribute the most to performance, while competitive concerns led online commerce platform MercadoLibre to detract the most.

Looking Forward

Global established equity markets generally ended 2021 on a positive note, and investors look to 2022 with expectations of improved pandemic and economic conditions. We anticipate that year-over-year economic and corporate earnings comparisons will normalize in 2022. Existing risks to growth such as deglobalization, supply chain interruption, and workforce issues are now joined by potentially persistent inflation across regions. Global Purchasing Manager Index activity steadily rebounded from the April 2020 lows to peak and then plateau in July 2021. Global capital markets are just beginning to discount coordinated tighter monetary policy combined with moderating fiscal policy, and we expect this to be the dominant theme in the first half of next year. At present, tailwinds appear stronger than headwinds, but the expected tightening may add volatility.

Management Fee Calculations

The Sextant International Fund calculates the performance part of its management fee by comparing the Fund’s return to the average return of Morningstar’s^™ Foreign Large Blend category. Sextant International Fund Investor Shares’ 12-month return of 20.16% was more than 2% above the Morningstar^™ category average of 10.29% at month-end November 30, 2021. Therefore, the Fund’s basic annual management fee of 0.50% was increased by 0.20% to 0.70% for the month of December 2021.

46 November 30, 2021 Annual Report

Sextant International Fund

Schedule of Investments									As of November 30, 2021
Common Stocks – 96.0%	Number of Shares		Cost		Market Value		Country1		Percentage of Net Assets
Communications
Telecom Carriers
Telus		78,000		$560,986		$1,783,080		Canada		2.4%
				560,986		1,783,080				2.4%
Consumer Discretionary
Apparel, Footwear & Accessory Design
Hermes International		500		434,490		931,265		France		1.2%
E-Commerce Discretionary
MercadoLibre2		3,883		322,033		4,614,596		Argentina		6.1%
				756,523		5,545,861				7.3%
Consumer Staples
Household Products
L’Oreal		2,000		658,700		896,301		France		1.2%
Unicharm		36,000		1,534,755		1,552,379		Japan		2.0%
Unilever ADR		13,300		420,683		676,305		United Kingdom		0.9%
				2,614,138		3,124,985				4.1%
Packaged Food
Danone SA		16,000		1,098,583		933,958		France		1.2%
				3,712,721		4,058,943				5.3%
Health Care
Large Pharma
Novartis ADR		15,600		768,885		1,243,320		Switzerland		1.7%
Novo Nordisk ADR		40,000		490,238		4,273,200		Denmark		5.7%
Roche Holding AG - Genusschein		3,600		1,334,323		1,394,314		Switzerland		1.8%
				2,593,446		6,910,834				9.2%
Medical Equipment
Alcon		25,000		1,294,019		1,960,000		Switzerland		2.6%
Koninklijke Philips		42,649		1,687,332		1,500,392		Netherlands		2.0%
				2,981,351		3,460,392				4.6%
				5,574,797		10,371,226				13.8%
Industrials
Electrical Components
TE Connectivity		11,000		1,662,693		1,693,230		Switzerland		2.3%
Electrical Power Equipment
Schneider Electric		10,000		1,801,618		1,761,428		France		2.3%
Rail Freight
Canadian National Railway		10,000		1,164,265		1,265,700		Canada		1.7%
				4,628,576		4,720,358				6.3%

Continued on next page.

The accompanying notes are an integral part of these financial statements. Annual Report November 30, 2021 47

Sextant International Fund

Schedule of Investments							As of November 30, 2021
Common Stocks – 96.0%	Number of Shares	Cost		Market Value		Country1	Percentage of Net Assets
Materials
Basic & Diversified Chemicals
Linde	5,500		$1,397,250		$1,749,770	Ireland		2.3%
Precious Metal Mining
Barrick Gold	25,000		447,250		474,750	Canada		0.7%
Steel Raw Material Suppliers
Rio Tinto ADR	32,800		1,773,219		2,056,232	United Kingdom		2.7%
			3,617,719		4,280,752			5.7%
Technology
Application Software
AVEVA Group	21,000		1,130,897		891,658	United Kingdom		1.1%
Dassault Systemes ADR	88,215		671,801		5,322,893	France		7.1%
Nemetschek SE	11,000		1,193,782		1,379,781	Germany		1.8%
NICE Systems ADR	21,100		798,367		6,160,778	Israel		8.2%
OpenText	50,000		2,072,526		2,370,500	Canada		3.1%
			5,867,373		16,125,610			21.3%
Consumer Electronics
Nintendo	3,400		1,490,299		1,492,726	Japan		2.0%
Sony ADR	25,000		1,506,327		3,046,250	Japan		4.0%
			2,996,626		4,538,976			6.0%
Electronics Components
Murata Manufacturing	20,000		1,656,127		1,460,690	Japan		1.9%
Information Services
Wolters Kluwer	50,000		936,626		5,580,865	Netherlands		7.4%
IT Services
Accenture, Class A	9,250		1,709,475		3,305,950	Ireland		4.4%
Semiconductor Manufacturing
ASML	10,840		378,054		8,579,968	Netherlands		11.4%
			13,544,281		39,592,059			52.4%
Utilities
Power Generation
Iberdrola	89,851		906,167		1,000,749	Spain		1.3%
Northland Power	38,000		1,225,865		1,130,120	Canada		1.5%
			2,132,032		2,130,869			2.8%
Total investments			$34,527,635		$72,483,148			96.0%
Other assets (net of liabilities)					3,006,312			4.0%
Total net assets					$75,489,460			100.0%

¹ Country of domicile unless otherwise indicated

² Non-income producing security

ADR: American Depositary Receipt

48 November 30, 2021 Annual Report The accompanying notes are an integral part of these financial statements.

Sextant International Fund

Schedule of Investments As of November 30, 2021

Countries

Weightings shown are a percentage of total net assets.

The accompanying notes are an integral part of these financial statements. Annual Report November 30, 2021 49

Sextant International Fund

Statement of Assets and Liabilities
As of November 30, 2021
Assets
Investments in securities, at value (Cost $34,527,635)	$72,483,148
Cash	2,878,215
Recoverable tax receivable	144,408
Dividends receivable	47,059
Prepaid expenses	30,947
Receivable for Fund shares sold	9,200
Receivable for security sales	3,500
Total assets	75,596,477
Liabilities
Accrued advisory fees	32,621
Accrued audit expenses	14,174
Accrued postage	10,065
Accrued 12b-1 distribution fees	10,021
Payable for Fund shares redeemed	6,960
Accrued trustee expenses	6,738
Accrued printing fees	6,405
Accrued retirement plan custody fee	5,653
Accrued legal expenses	4,656
Accrued Chief Compliance Officer expenses	4,002
Accrued Reflow fees	2,961
Accrued other operating expenses	2,761
Total liabilities	107,017
Net assets	$75,489,460
Analysis of net assets
Paid-in capital (unlimited shares authorized, without par value)	$31,440,807
Total distributable earnings	44,048,653
Net assets applicable to Fund shares outstanding	$75,489,460
Net asset value per Investor Share	SSIFX
Net assets, at value	$46,560,361
Shares outstanding	1,981,843
Net asset value, offering and redemption price per share	$23.49
Net asset value per Z Share	SIFZX
Net assets, at value	$28,929,099
Shares outstanding	1,228,619
Net asset value, offering and redemption price per share	$23.55

Statement of Operations

Year ended November 30, 2021
Investment income
Dividend income (net of foreign tax ($128,513)	$1,096,966
Total investment income	1,096,966
Expenses
Investment advisory fees	344,285
Distribution fees - Investor Shares	122,984
Audit fees	43,087
Filing and registration fees	34,115
Reflow fees	32,583
Chief Compliance Officer expenses	20,264
Trustee fees	19,243
Legal fees	16,935
Printing and postage fees	16,635
Other operating expenses	8,564
Custodian fees	6,867
Retirement plan custodial fees
Investor Shares	282
Z Shares	5,750
Total gross expenses	671,594
Less custodian fee credits	(6,867	)
Net expenses	664,727
Net investment income	$432,239
Net realized gain from investments and foreign currencyA	$22,095,159
Net decrease in unrealized appreciation on investments and foreign currency	(7,848,741	)
Net gain on investments	$14,246,418
Net increase in net assets resulting from operations	$14,678,657

^A Includes $11,781,441 in net realized gains from redemptions in-kind.

50 November 30, 2021 Annual Report The accompanying notes are an integral part of these financial statements.

Sextant International Fund

Statements of Changes in Net Assets	Year ended November 30, 2021		Year ended November 30, 2020
Decrease in net assets from operations
From operations
Net investment income	$432,239		$599,131
Net realized gain (loss) on investment	22,095,159		(3,075,450	)
Net increase (decrease) in unrealized appreciation	(7,848,741	)	8,007,812
Net increase in net assets	14,678,657		5,531,493
Distributions to shareowners
Net distribution to shareholders - Investor Shares	(193,665	)	(2,232,061	)
Net distribution to shareholders - Z Shares	(162,812	)	(1,161,988	)
Total distributions	(356,477	)	(3,394,049	)
Capital share transactions
Proceeds from sales of shares
Investor Shares	4,951,355		9,415,447
Z Shares	17,392,993		5,636,588
Value of shares issued in reinvestment of dividends
Investor Shares	190,430		2,197,723
Z Shares	156,810		1,125,526
Cost of shares redeemed
Investor Shares	(18,619,163	)	(29,149,795	)
Z Shares	(20,966,859	)	(11,654,205	)
Total capital share transactions	(16,894,434	)	(22,428,716	)
Total decrease in net assets	(2,572,254	)	(20,291,272	)
Net assets
Beginning of year	78,061,714		98,352,986
End of year	$75,489,460		$78,061,714
Shares of the Fund sold and redeemed
Investor Shares (SSIFX)
Number of shares sold	210,865		547,412
Number of shares issued in reinvestment of dividends and distributions	9,231		120,887
Number of shares redeemed	(845,292	)	(1,704,832	)
Net decrease in number of shares outstanding	(625,196	)	(1,036,533	)
Z Shares (SIFZX)
Number of shares sold	775,296		317,420
Number of shares issued in reinvestment of dividends and distributions	7,594		61,876
Number of shares redeemed	(922,890	)	(680,270	)
Net decrease in number of shares outstanding	(140,000	)	(300,974	)

The accompanying notes are an integral part of these financial statements. Annual Report November 30, 2021 51

Sextant International Fund: Financial Highlights

Investor Shares (SSIFX)			For year ended November 30,
Selected data per share of outstanding capital stock throughout each year:	2021		2020		2019		2018		2017
Net asset value at beginning of year	$19.62		$18.50		$16.83		$17.98		$14.37
Income from investment operations
Net investment income	0.10	A	0.12	A	0.12	A	0.15	A	0.16	A
Net gains on securities (both realized and unrealized)	3.85		1.66		2.74		0.14		3.65
Total from investment operations	3.95		1.78		2.86		0.29		3.81
Less distributions
Dividends (from net investment income)	(0.08	)	(0.11	)	(0.15	)	(0.17	)	(0.20	)
Distributions (from capital gains)	-		(0.55	)	(1.04	)	(1.27	)	-
Total distributions	(0.08	)	(0.66	)	(1.19	)	(1.44	)	(0.20	)
Net asset value at end of year	$23.49		$19.62		$18.50		$16.83		$17.98
Total return	20.16%		9.86%		18.82%		1.63%		26.76%
Ratios / supplemental data
Net assets ($000), end of year	$46,560		$51,141		$67,390		$41,688		$46,321
Ratio of expenses to average net assets
Before custodian fee credits	0.93%		0.83%		1.07%		1.05%		1.04%
After custodian fee credits	0.92%		0.82%		1.06%		1.04%		1.04%
Ratio of net investment income after custodian fee credits to average net assets	0.46%		0.70%		0.62%		0.89%		1.00%
Portfolio turnover rate	22%		16%		6%		2%		2%
Z Shares (SIFZX)			For year ended November 30,						Period ended
Selected data per share of outstanding capital stock throughout each year:	2021		2020		2019		2018		Nov. 30, 2017	B
Net asset value at beginning of year	$19.67		$18.55		$16.87		$18.00		$16.55
Income from investment operations
Net investment income	0.15	A	0.15	A	0.19	A	0.19	A	0.13	A
Net gains on securities (both realized and unrealized)	3.85		1.67		2.72		0.14		1.41
Total from investment operations	4.00		1.82		2.91		0.33		1.54
Less distributions
Dividends (from net investment income)	(0.12	)	(0.15	)	(0.19	)	(0.19	)	(0.09	)
Distributions (from capital gains)	-		(0.55	)	(1.04	)	(1.27	)	-
Total distributions	(0.12	)	(0.70	)	(1.23	)	(1.46	)	(0.09	)
Net asset value at end of year	$23.55		$19.67		$18.55		$16.87		$18.00
Total return	20.42%		10.09%		19.14%		1.83%		9.32%	C
Ratios / supplemental data
Net assets ($000), end of year	$28,929		$26,921		$30,963		$20,692		$21,031
Ratio of expenses to average net assets
Before custodian fee credits	0.72%		0.63%		0.85%		0.84%		0.79%	D
After custodian fee credits	0.71%		0.63%		0.84%		0.82%		0.78%	D
Ratio of net investment income after custodian fee credits to average net assets	0.68%		0.87%		0.91%		1.13%		0.53%	D
Portfolio turnover rate	22%		16%		6%		2%		2%	C

^A Calculated using average shares outstanding

^B Operations commenced on June 2, 2017

^C Not annualized for periods of less than one year

^D Annualized for periods of less than one year

52 November 30, 2021 Annual Report The accompanying notes are an integral part of these financial statements.

Notes To Financial Statements

NOTE 1 – Organization

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

Sextant Growth Investor Shares (previously known as Idaho Limited Maturity Tax-Exempt Fund until October 12, 1990, then Northwest Growth Fund until September 28, 1995, when the investment objective of only Northwest stocks was changed) commenced operations as an equity fund on December 30, 1990. Sextant Growth Fund Z Shares began operations June 2, 2017. Sextant International Investor Shares began operations September 28, 1995 and Sextant International Fund Z Shares began operations on June 2, 2017. Sextant Short-Term Bond began operations September 28, 1995. Sextant Bond Income Fund (previously known as Washington Tax-Exempt Fund until September 28, 1995, when the investment objective of only Washington State Municipal Bonds was changed) began operations on March 1, 1993. Sextant Core Fund commenced operations March 30, 2007. Sextant Global High Income Fund commenced operations March 30, 2012.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies”.

Each class of shares of a Fund represents an interest in the same portfolio of investments of the Fund and has in all respects the same rights and obligations as each other class of the Fund, except that each class bears its own class expenses, and each class has exclusive voting rights. Each class of shares may be subject to different investment minimums and other conditions of eligibility as may be described in the prospectus for the particular class of shares, as from time to time in effect.

Income, realized and unrealized capital gains and losses, and expenses to be paid by a Fund and not allocated to a particular class as provided below, shall be allocated to each class on the basis of relative net assets. Expenses allocable to a specific class are expenses specifically incurred by or for such class including the following:

• Distribution fees;

• Retirement plan custodial fees; and

• Any applicable service fees.

Net investment income dividends and capital gain distributions paid by the Fund on each class of its shares will be calculated in the same manner on the same day and at the same time.

Investment risks:

Growth, International, Core, Short-Term Bond, Bond Income, and Global High Income Funds: The value of each Fund’s shares rises and falls as the value of the securities in which the Fund invests goes up and down. Fund share prices, yields, and total returns will change with market fluctuations as well as the fortunes of the countries, industries, and companies in which the Fund invests. The Funds do not use derivatives to hedge currency, interest rate, or credit risk.

Liquidity risk exists when particular investments are difficult to sell. If a Fund holds illiquid investments, its portfolio may be more difficult to value, especially in changing markets. Investments by a Fund in foreign securities and those that are thinly traded, such as lower quality issuers and smaller companies, tend to involve greater liquidity risk. If a Fund is forced to sell or unwind these investments to meet redemptions or for other cash needs, the Fund may suffer a penalty. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. In such cases, the Fund, due to limitations on investments in illiquid securities and the difficulty in purchasing and selling such securities, may be unable to achieve its investment objective.

Growth and Core Funds: Smaller companies involve higher investment risks in that they often have limited product lines, markets, and resources, or their securities may trade less frequently and have greater price fluctuation than those of larger companies.

Growth stocks, which can be priced on future expectations rather than current results, may decline substantially when expectations are not met.

International, Core, Short-Term Bond, Bond Income, and Global High Income Funds: Foreign investing involves risks not normally associated with investing in US securities. These include fluctuations in currency exchange rates, less public information about securities, less governmental market supervision, and the lack of uniform financial, social, and political standards. Foreign investing heightens the risk of confiscatory taxation, seizure or nationalization of assets, currency controls, or adverse political or social developments that affect investments. The risks of investing in foreign securities are typically greater in less developed or emerging countries.

Core Fund: The Core Fund has the risks of growth stocks, foreign securities, credit, and interest rates – but these risks are mitigated by spreading its investments in both stocks and bonds, and by favoring income-producing securities and those of larger, more seasoned companies.

Short-Term Bond, Bond Income, Global High Income, and Core Funds: Bonds entail credit risk, which is the possibility that a bond will not be able to pay interest or principal when due. If the credit quality of a bond is perceived to decline, investors will demand a higher yield, which means a lower price on that bond to compensate for the higher level of risk.

Interest rate fluctuations affect bond prices and a Fund’s net asset value, but not the income received by the Fund from its portfolio securities. Because prices and yields on debt securities vary over time, a Fund’s yield also varies. Bonds with embedded callable options also contain an element of prepayment risk. When interest rates decline, issuers can retire their debt and reissue bonds at a lower interest rate. This hurts investors because yields available for reinvestment will have declined and upward price mobility on callable bonds is generally limited by the call price.

Global High Income Fund: Issuers of high-yield securities are generally not as strong financially as those issuing higher quality securities. These issuers are more likely to encounter financial difficulties and are more vulnerable to changes in the relevant economy, such as a recession or a sustained period of rising interest rates, that could affect their ability to make interest, principal, and dividend payments as expected. The prices of high-yield securities generally fluctuate more than those of higher quality. High-yield securities are generally more illiquid (harder to sell) and harder to value.

The Funds may invest substantially in one or more sectors, which can increase volatility and exposure to issues specific to a particular sector or industry.

Annual Report November 30, 2021 53

Notes To Financial Statements (continued)

NOTE 2 – Significant Accounting Policies

The following is a summary of the significant accounting policies, in conformity with accounting principles generally accepted in the United States of America, which are consistently followed by the Funds in preparation of their financial statements.

Security valuation:

Investments in securities traded on a national securities exchange and over-the-counter securities for which sale prices are available are valued at that price. Securities for which there are no sales are valued at the latest bid price.

Debt securities are valued using bid-side valuations provided by an independent service. The service determines valuations using factors such as yields or prices of bonds of comparable quality, type of issue, coupon maturity, ratings, trading activity, and general market conditions.

Fixed-income debt instruments, such as commercial paper, bankers’ acceptances and US Treasury Bills, with a maturity of 60 days or less are valued at amortized cost, which approximates market value. Any discount or premium is accreted or amortized on a straight-line basis until maturity.

Foreign markets may close before the time as of which the Funds’ share prices are determined. Because of this, events occurring after the close and before the determination of the Funds’ share prices may have a material effect on the values of some or all of the Funds’ foreign securities. To account for this, the Funds may use outside pricing services for valuation of their non-US securities.

In cases in which there is not a readily available market price, a fair value for such security is determined in good faith by or under the direction of the Board of Trustees.

Security transactions are recorded on the trade date. Realized gains and losses on sales of securities are recorded on the identified cost basis.

Foreign currency:

Investment securities and other assets and liabilities denominated in foreign currencies are translated into US dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into US dollar amounts on the respective dates of such transactions.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the US dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at the fiscal period end, resulting from changes in exchange rates.

Share valuation:

The net asset value (“NAV”) per share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for each Fund, rounded to the nearest cent. The Funds’ shares are not priced or traded on days the New York Stock Exchange is closed. The NAV is the offering and redemption price per share.

Fair value measurements:

Accounting Standards Codification (ASC) 820 establishes a three-tier framework for measuring fair value based on a hierarchy of inputs. The hierarchy distinguishes between market data obtained from independent sources (observable inputs) and the Funds’ own market assumptions (unobservable inputs). These inputs are used in determining the value of the Funds’ investments and are summarized below.

Level 1 —  Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

Level 2 —  Observable inputs other than quoted prices in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3 —  Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of November 30, 2021, in valuing the Funds’ investments carried at value:

Funds	Level 1		Level 2		Level 3		Total
Short-Term Bond
Corporate Bonds1		$-		$8,992,433		$-		$8,992,433
Government Bonds1		$-		$2,153,912		$-		$2,153,912
Total Assets		$-		$11,146,345		$-		$11,146,345
Bond Income
Corporate Bonds1		$-		$8,048,287		$-		$8,048,287
Government Bonds1		$-		$3,360,668		$-		$3,360,668
Municipal Bonds1		$-		$166,188		$-		$166,188
Total Assets		$-		$11,575,143		$-		$11,575,143

Continued on next page.

54 November 30, 2021 Annual Report

Notes To Financial Statements (continued)

The following is a summary of the inputs used as of November 30, 2021, in valuing the Funds’ investments carried at value (continued):

Funds	Level 1		Level 2		Level 3		Total
Core
Common Stocks
Communications		$668,155		$-		$-		$668,155
Consumer Discretionary		1,373,128		-		-		1,373,128
Consumer Staples		843,427		-		-		843,427
Energy		571,011		-		-		571,011
Financials		799,794		-		-		799,794
Health Care		1,617,240		193,655		-		1,810,895
Industrials		1,481,217		-		-		1,481,217
Materials		855,176		-		-		855,176
Technology		2,274,153		-		-		2,274,153
Utilities		502,336		-		-		502,336
Total Common Stocks1		$10,985,637		$193,655		$-		$11,179,292
Corporate Bonds1		$-		$3,691,461		$-		$3,691,461
Government Bonds1		$-		$1,687,866		$-		$1,687,866
Municipal Bonds1		$-		$241,152		$-		$241,152
Total Assets		$10,985,637		$5,814,134		$-		$16,799,771
Global High Income
Common Stocks
Communications		$916,333		$176,015		$-		$1,092,348
Consumer Discretionary		-		271,987		--		271,987
Energy		334,514		-		-		334,514
Financials		503,900		361,177		-		865,077
Health Care		404,850		-		-		404,850
Industrials		-		116,772		-		116,772
Materials		747,945		-		-		747,945
Technology		417,000		219,518		-		636,518
Total Common Stocks		$3,324,542		$1,145,469		$-		$4,470,011
Corporate Bonds1		$-		$2,682,426		$-		$2,682,426
Government Bonds1		$-		$434,475		$-		$434,475
Municipal Bonds1		$-		$54,149		$-		$54,149
Total		$3,324,542		$4,316,519		$-		$7,641,061
Growth
Common Stocks1		$67,604,396		$-		$-		$67,604,396
Total Assets		$67,604,396		$-		$-		$67,604,396
International
Common Stocks
Communications		$1,783,080		$-		$-		$1,783,080
Consumer Discretionary		4,614,596		931,265		-		5,545,861
Consumer Staples		676,305		3,382,638		-		4,058,943
Health Care		8,976,912		1,394,314		-		10,371,226
Industrial		2,958,930		1,761,428		-		4,720,358
Materials		4,280,752		-		-		4,280,752
Technology		28,786,339		10,805,720		-		39,592,059
Utilities		1,130,120		1,000,749		-		2,130,869
Total Assets		$53,207,034		$19,276,114		$-		$72,483,148

¹ See Schedule of Investments for industry breakout.

Annual Report November 30, 2021 55

Notes To Financial Statements (continued)

Investment concentration:

The Funds may have deposits of cash with the custodian from time to time for one or more reasons. “Other assets (net of liabilities)” in the Funds’ Schedules of Investments primarily represents cash on deposit with the custodian. Cash on deposit will vary widely over time. Accounting Standards Codification (“ASC”) 825, “Financial Instruments,” identifies these items as a concentration of credit risk. The risk is managed by careful financial analysis and review of the custodian’s operations, resources, and protections available to the Trust. This process includes evaluation of other financial institutions providing investment company custody services.

Federal income taxes:

The Funds intend to comply with the requirements of the Internal Revenue Code necessary to qualify as a regulated investment company and to make the requisite distributions of income and capital gains to its shareowners sufficient to relieve it from all or substantially all federal income taxes. Therefore, no federal income tax provision is required.

The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Funds’ tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2018 - 2020) or expected to be taken in the Funds’ 2021 tax returns. The Funds identify their major tax jurisdictions as US federal and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Reclassification of capital accounts:

Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share.

As of November 30, 2021, the reclassification of capital accounts were as follows:

	Core			International
Distributable earnings		$(124,126	)		$(11,781,441	)
Paid-in capital		$124,126			$11,781,441

These reclassifications were due to redemptions in kind.

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

Distributions to shareowners:

For the Sextant Short-Term Bond Fund and Sextant Bond Income Fund, dividends to shareowners from net investment income are paid daily and distributed on the last business day of each month. For the Sextant Core Fund, Sextant Global High Income Fund, Sextant Growth Fund, and Sextant International Fund, dividends to shareowners from net investment income are payable annually, typically by the end of the year. Distributions of capital gains, if any, are made at least annually, and as required to comply with federal excise tax requirements. Distributions to shareowners are determined in accordance with income tax regulations and are recorded on the ex-dividend date. Dividends are paid in shares of the Funds, at the net asset value on the payable date. Shareowners may elect to take distributions if they total $10 or more in cash.

Use of estimates:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Foreign taxes:

Withholding taxes on foreign dividends are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax rules and rates and are disclosed in the Statement of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdiction’s legal obligation to pay reclaims as well as payment history and market convention.

LIBOR Transition Risk:

The United Kingdom’s Financial Conduct Authority (FCA) announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021. However, subsequent announcements by the FCA, the LIBOR administrators, and other regulators indicate that it is possible that the most widely used LIBOR rates may continue until mid-2023. It is anticipated that LIBOR ultimately will be discontinued. Although financial regulators and industry working groups have suggested alternative reference rates, global consensus is lacking and the transition from LIBOR remains unclear. As a result, the Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging activities, or investment value. The transition process away from LIBOR might lead to increase volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose term currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

Other:

Interest income is recognized on an accrual basis. Premiums on securities purchased are amortized, and discounts are accreted using the yield to maturity method over the lives of the respective securities or where applicable, to the first call date of the securities 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.

Recent Accounting Pronouncement:

In March 2017, the FASB issued ASU 2017-08 (“ASU 2017-08”), Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, which amends the amortization period for certain purchased callable debt securities. Under ASU 2017-08, the premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices are amortized to the earliest call date and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management has adopted the requirements, and the impact, if any, is reflected within the Funds’ financial statements. In October 2020, ASU 2017-08 was amended by Accounting Standards Update 2020-08, Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs (“ASU 2020-08”). ASU 2020-08 requires entities to reevaluate whether callable debt securities fall within the scope of ASU 2017-08 at each reporting period. ASU 2020-08 also amends the relevant guidance to require premiums to be amortized to the “next call date” rather than the “earliest call date,” and further clarifies the definition of “next call date.” ASU 2020-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of ASU 2020-08 is not permitted. Management is currently evaluating the impact of applying ASU 2020-08.

56 November 30, 2021 Annual Report

Notes To Financial Statements (continued)

In December 2020, the Securities and Exchange Commission (“SEC”) adopted Rule 2a-5 under the 1940 Act, which establishes requirements for determining fair value in good faith for purposes of the 1940 Act, including related oversight and reporting requirements. The rule also defines when market quotations are “readily available” for purposes of the 1940 Act, the threshold for determining whether a fund must fair value a security. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating this guidance.

NOTE 3 – Transactions with Affiliated Persons

Under contracts approved annually by the Trust’s Board of Trustees, including those Trustees who are not parties to the contract or “interested persons” (as defined in the Investment Company Act of 1940) of such parties or the Trust (the “Independent Trustees”), Saturna Capital Corporation (“Saturna Capital”) provides investment advisory services and certain other administrative services required to conduct Trust business. Expenses incurred by the Trust on behalf of the Funds (e.g., legal fees) are allocated to the Funds on the basis of relative daily average net assets. For such services, each of the Funds pays the adviser a base Investment Advisory and Administrative Services Fee of 0.50% of average net assets per annum, payable monthly for each of the Funds. In addition, the adviser has agreed to certain limits on other expenses, as described below.

The base Advisory Fee is subject to adjustment up or down depending on the investment performance of the Fund relative to a specified index.

• For each month in which the Fund’s total investment return (change in net asset value plus all distributions reinvested) for the one year period through that month outperforms or underperforms the total return of a specified index for that period by 1% or more but less than 2%, the Base Fee is increased or decreased by the annual rate of 0.10% of the Fund’s average daily net assets for the preceding year.

• If the outperformance or underperformance is 2% or more, then the adjustment is at the annual rate of 0.20%.

For the fiscal year ended November 30, 2021, due to the performance adjustment the Advisory Fee amounts charged or reduced in addition to the Base Fee were as follows:

	Base Fees		Performance Fee			Adviser Fee
Short-Term Bond		$61,497		$(14,958	)		$46,539
Bond Income		$64,728		$(25,825	)		$38,903
Core		$98,267		$(32,689	)		$65,578
Global High Income		$44,988		$(16,592	)		$28,396
Growth		$317,934		$(112,760	)		$205,174
International		$395,541		$(51,256	)		$344,285

The adviser has voluntarily undertaken to limit expenses through March 31, 2022 of Sextant Short-Term Bond Fund to 0.60%, Sextant Bond Income Fund to 0.65%, and Sextant Global High Income to 0.75%. For the year ended November 30, 2021, the advisory fees incurred were as follows:

	Adviser Fees		Adviser Fees Waived			Expense Reimbursement
Short-Term Bond		$46,539		$(7,701	)		$-
Bond Income		$38,903		$(6,710	)		$-
Core		$65,578		$-			$-
Global High Income		$28,396		$(7,118	)		$-
Growth		$205,174		$-			$-
International		$344,285		$-			$-

In accordance with the expense limitation noted above, for the year ended November 30, 2021, Saturna Capital waived a portion of the advisory fees of the Sextant Short-Term Bond Fund, Sextant Bond Income Fund, and Sextant Global High Income Fund. The adviser cannot recoup previously waived fees.

Saturna Brokerage Services, Inc. (“SBS”), a discount brokerage and subsidiary of Saturna Capital Corporation, is registered as a broker-dealer and acts as distributor. On October 3, 2006, The Funds adopted a Distribution Plan in accordance with Rule 12b-1 under the 1940 Act. The plan provides that the Funds will pay a fee to SBS at an annual rate of 0.25% of the average net assets of the Funds. On June 2, 2017, 12b-1 fees were terminated for all Funds except Sextant Growth Investor Shares and Sextant International Investor Shares.

During the year ended November 30, 2021, the Trust paid SBS the following amounts:

	Distribution (12b-1) Fees
Short-Term Bond		n/a
Bond Income		n/a
Core		n/a
Global High Income		n/a
Growth Investor Shares (SSGFX)		$14,306
Growth Z Shares (SGZFX)		n/a
International Investor Shares (SSIFX)		$122,984
International Z Shares (SIFZX)		n/a

SBS is used to effect portfolio transactions for the Trust. SBS currently executes portfolio transactions without commission. Transactions effected through other brokers are subject to commissions payable to that broker.

Annual Report November 30, 2021 57

Notes To Financial Statements (continued)

Saturna Trust Company (“STC”), a subsidiary of Saturna Capital, acts as retirement plan custodian for Fund shareowners. Each Fund pays an annual fee of $10 per account for retirement plan services to Saturna Trust Company. For the year ended November 30, 2021, the Funds incurred the following amounts:

	Retirement plan custodial fees
Short-Term Bond		$3,591
Bond Income		$3,086
Core		$3,627
Global High Income		$1,997
Growth Investor Shares (SSGFX)		$79
Growth Z Shares (SGZFX)		$8,786
International Investor Shares (SSIFX)		$282
International Z Shares (SIFZX)		$5,750

Mrs. Jane Carten serves as a trustee and president of the Trust. She is also a director and president of Saturna Capital and vice president of Saturna Trust Company. Mrs. Carten is not compensated by the Trust. For the year ended November 30, 2021, the Trust incurred compensation expenses of $38,000 which is included in $55,586 of total expenses for the independent Trustees. The Sextant Funds incurred $38,208 of these total expenses.

The officers of the Trust are paid by Saturna Capital, not the Trust, except the Chief Compliance Officer, who may be partially compensated by the Trust. For the year ended November 30, 2021, the Funds paid the following compensation expenses for the Chief Compliance Officer:

	Chief Compliance Officer
Short-Term Bond		$2,367
Bond Income		$3,755
Core		$3,907
Global High Income		$2,070
Growth		$12,225
International		$20,264

On November 30, 2021, the trustees, officers, and their affiliates as a group owned 42.35%, 28.43%, 34.80%, 57.32%, 0.38%, 18.92%, 0.00%, and 30.11% of the outstanding shares of Short-Term Bond Fund, Bond Income Fund, Core Fund, Global High Income Fund, Growth Fund Investor Shares, Growth Fund Z Shares, International Fund Investor Shares, and International Fund Z Shares, respectively.

NOTE 4 – Distributions to Shareowners

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

	Year ended November 30, 2021		Year ended November 30, 2020
Short-Term Bond Fund
Ordinary income		$ 132,185		$187,268
Bond Income Fund
Ordinary income		$299,448		$334,236
Core Fund
Ordinary income		$265,566		$179,880
Global High Income Fund
Ordinary income		$289,162		$311,447
Growth Fund
Ordinary income		$144,220		$181,466
Long-term capital gain1		$314,003		$1,640,414
International Fund
Ordinary income		$356,477		$627,004

¹ Long-Term Capital Gain dividend designated at 20% rate pursuant to Section 852(b)(3) of the Internal Revenue Code.

NOTE 5 – Federal Income Taxes

The cost basis of investments for federal income tax purposes as of November 30, 2021 was as follows:

	Short-Term Bond			Bond Income
Cost of investments		$11,099,597			$10,682,810
Gross tax unrealized appreciation		$99,864			$965,371
Gross tax unrealized depreciation		$(53,116	)		$(73,038	)
Net tax unrealized appreciation (depreciation)		$46,748			$892,333
	Core			Global High Income
Cost of investments		$11,401,195			$7,316,268
Gross tax unrealized appreciation		$5,409,114			$1,042,843
Gross tax unrealized depreciation		$(10,538	)		$(718,050	)
Net tax unrealized appreciation (depreciation)		$5,398,576			$324,793
	Growth			International
Cost of investments		$23,647,783			$34,527,635
Gross tax unrealized appreciation		$44,627,339			$38,902,239
Gross tax unrealized depreciation		$(670,726	)		$(946,726	)
Net tax unrealized appreciation (depreciation)		$43,956,613			$37,955,513

58 November 30, 2021 Annual Report

Notes To Financial Statements (continued)

As of November 30, 2021, components of distributable earnings on a tax basis were as follows:

Short-Term Bond
Undistributed ordinary income	$3,411
Tax accumulated earnings	3,411
Accumulated capital losses	(8,635	)
Unrealized appreciation	46,748
Total accumulated earnings	$41,524
Bond Income
Undistributed ordinary income	$1,641
Tax accumulated earnings	1,641
Accumulated capital losses	(15,924	)
Unrealized appreciation	892,333
Total accumulated earnings	$878,050
Core
Undistributed ordinary income	$270,298
Accumulated capital gains	307,946
Tax accumulated earnings	578,244
Unrealized appreciation	5,398,576
Other unrealized losses	(191	)
Total accumulated earnings	$5,976,629
Global High Income
Undistributed ordinary income	$177,283
Tax accumulated earnings	177,283
Accumulated capital losses	(173,225	)
Unrealized appreciation	324,793
Other unrealized losses	(4,028	)
Total accumulated earnings	$324,823
Growth
Undistributed ordinary income	$179,947
Accumulated capital gains	5,700,455
Tax accumulated earnings	5,880,402
Unrealized appreciation	43,956,613
Total accumulated earnings	$49,837,015
International
Undistributed ordinary income	$502,085
Accumulated capital gains	5,601,388
Tax accumulated earnings	6,103,473
Unrealized appreciation	37,955,513
Other unrealized losses	(10,333	)
Total accumulated earnings	$44,048,653

As of November 30, 2021, the Funds had capital loss carryforwards as follows, subject to regulation.

	Carryforward	Expiration
Short-Term Bond Fund
Short-term loss carryforward	$8,635	Unlimited
	$8,635
Bond Income Fund
Long-term loss carryforward	$15,924	Unlimitied
	$15,924
Global High Income Fund
Short-term loss carryforward	$173,225	Unlimited
	$173,225

NOTE 6 – Investments

Investment transactions other than short-term investments for the fiscal year ended November 30, 2021, were as follows:

	Purchases		Sales
Short-Term Bond		$4,136,260		$3,354,402
Bond Income		$359,128		$620,000
Core		$2,510,933		$4,043,603
Global High Income		$2,108,193		$2,048,501
Growth		$11,105,497		$14,611,126
International		$16,503,386		$34,525,199

NOTE 7 – Custodian

Under agreements in place with the Trust’s custodian, UMB Bank, custody fees are reduced by credits for cash balances. Such reductions for the fiscal year ended November 30, 2021, were as follows:

	Custodian Fee Credits
Short-Term Bond		$502
Bond Income		$528
Core		$813
Global High Income		$558
Growth		$2,610
International		$6,867

NOTE 8 – COVID-19 Pandemic

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

Annual Report November 30, 2021 59

Notes To Financial Statements (continued) (unaudited)

NOTE 9 – Subsequent Events

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

The Funds declared the payment of a distribution to be paid on December 16, 2021, to all shareowners of record on December 15, 2021, as follows:

	Income		Long-Term Capital Gain		Short-Term Capital Gain
Core		$0.246		$0.262		$-
Global High Income		0.215		-		-
Growth (Investor Shares)		0.050		3.044		1.210
Growth (Z Shares)		0.143		3.044		1.210
International (Investor Shares)		0.130		1.756		-
International (Z Shares)		0.180		1.756		-

There were no other events or transactions during the period that materially impacted the amounts or disclosures in the Funds’ financial statements.

60 November 30, 2021 Annual Report

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

Saturna Investment Trust

and the Shareholders of Sextant Mutual Funds

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of the Sextant Short Term Bond Fund, Sextant Bond Income Fund, Sextant Core Fund, Sextant Global High Income Fund, Sextant Growth Fund and Sextant International Fund (the “Funds”), each a series of Saturna Investment Trust, including the schedules of investments, as of November 30, 2021, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of November 30, 2021, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 1997.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2021 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

Philadelphia, Pennsylvania

January 28, 2022

/s/ Tait, Weller & Baker LLP

Tait, Weller & Baker LLP

Annual Report November 30, 2021 61

Expenses (unaudited)

All mutual funds have operating expenses. As a Sextant Fund shareowner, you incur ongoing costs, including management fees, distribution (or service) 12b-1 fees, and other fund expenses such as shareowner reports (such as this one). Operating expenses, which are deducted from a fund’s gross earnings, directly reduce the investment return of a fund. Mutual funds (unlike other financial investments) only report their results after deduction of operating expenses.

With the Sextant Funds, unlike many other mutual funds, you do not incur sales charges (loads) on purchases, reinvested dividends, or other distributions. You do not incur redemption fees or exchange fees. You may incur fees related to extra services requested by you for your account, such as bank wires. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

Examples

The following example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2021, to November 30, 2021).

Actual Expenses

The first line for each Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you have invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The Funds may charge for extra services (such as domestic bank wires, international bank wires, or overnight courier delivery of redemption checks) rendered on request, which you may need to estimate to determine your total expenses.

Hypothetical Example For Comparison Purposes

The second line provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio (based on the last six months) and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending balance or expenses you paid for the period. You may use this information to compare ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareowner reports of other mutual funds. You may wish to add other fees that are not included in the expenses shown in the table, such as charges for extra services like bank wires.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees (note that the Sextant Funds do not charge any such transactional costs). Therefore, the “Hypothetical” line of each fund is useful in comparing ongoing costs only, and may not help you determine the relative total costs of owning different funds.

	Beginning Account Value (June 1, 2021)		Ending Account Value (November 30, 2021)		Expenses Paid During  Period1		Annualized Expense Ratio
Short-Term Bond Fund		$1,000		$992.80		$3.00		0.60%
Hypothetical (5% return before expenses)		$1,000		$1,022.06		$3.04		0.60%
Bond Income Fund		$1,000		$1,024.90		$2.76		0.54%
Hypothetical (5% return before expenses)		$1,000		$1,022.34		$2.76		0.54%
Core Fund		$1,000		$1,022.10		$2.69		0.53%
Hypothetical (5% return before expenses)		$1,000		$1,022.41		$2.69		0.53%
Global High Income Fund		$1,000		$989.00		$3.60		0.72%
Hypothetical (5% return before expenses)		$1,000		$1,021.45		$3.66		0.72%
Growth Fund Investor Shares		$1,000		$1,120.60		$3.89		0.73%
Hypothetical (5% return before expenses)		$1,000		$1,021.40		$3.71		0.73%
Growth Fund Z Shares		$1,000		$1,122.00		$2.58		0.48%
Hypothetical (5% return before expenses)		$1,000		$1,022.64		$2.46		0.48%
International Fund Investor Shares		$1,000		$1,078.00		$5.40		1.04%
Hypothetical (5% return before expenses)		$1,000		$1,019.87		$5.25		1.04%
International Fund Z Shares		$1,000		$1,079.30		$4.16		0.80%
Hypothetical (5% return before expenses)		$1,000		$1,021.07		$4.05		0.80%

¹ Expenses are equal to the annualized expense ratio indicated above (based on the most recent semi-annual period of June 1, 2021, through November 30, 2021), multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

62 November 30, 2021 Annual Report

Trustees and Officers (unaudited)

Name, Address, and Age		Position(s) Held with Trust and Number of Saturna Fund Portfolios Overseen	Principal occupation(s) during past 5 years, including Directorships	Other Directorships held by Trustee
Independent Trustees
(photo omitted)	Marina E. Adshade (54) 1300 N. State Street Bellingham WA 98225	Independent Trustee (since 2017); Nine	Professor of Economics, University of British Columbia, Vancouver; Author	None
(photo omitted)	Ronald H. Fielding, MA, MBA, CFA (72) 1300 N. State Street Bellingham WA 98225	Independent Trustee (since 2009); Thirteen	Director, ICI Mutual Insurance Company	Amana Mutual Funds Trust
(photo omitted)	Gary A. Goldfogel, MD (63) 1300 N. State Street Bellingham WA 98225	Chairman (since 2017); Independent Trustee (since 1995); Nine	Medical Examiner (pathologist)	None
(photo omitted)	Jim V. McKinney (60) 1300 N. State Street Bellingham WA 98225	Independent Trustee (since 2017); Nine	President/CEO, Apple Mountain LLC, consulting and development; Former US Army Foreign Area Officer - Political/Military Advisor to US Army Central; Senior Defense Official, Defense Attaché, US Embassy Slovenia	None
(photo omitted)	Sarah E.D. Rothenbuhler (53) 1300 N. State Street Bellingham WA 98225	Independent Trustee (since 2017); Nine	CEO, Birch Equipment (industrial rentals and sales)	None
Interested Trustee
(photo omitted)	Jane K. Carten, MBA (46) 1300 N. State Street Bellingham WA 98225	President, Trustee (since 2017); Nine	President and Director, Saturna Capital Corporation Vice President and Director, Saturna Trust Company President, Saturna Brokerage Services	None

Annual Report November 30, 2021 63

Trustees and Officers (continued) (unaudited)

Name (Age) and Address		Position(s) held with Trust and Number of Saturna Fund Portfolios Overseen	Principal occupation(s) during past 5 years, including Directorships	Other Directorships held by Trustee
Officers Who Are Not Trustees
(photo omitted)	Bryce R. Fegley (46) 1300 N. State Street Bellingham, WA 98225	Vice President (since 2020); N/A	Portfolio Manager and Senior Investment Analyst, Saturna Capital	N/A
(photo omitted)	Christopher R. Fankhauser (49) 1300 N. State Street Bellingham, WA 98225	Treasurer1(since 2002); N/A	Chief Operations Officer, Saturna Capital Corporation Vice President and Chief Operations Officer, Saturna Brokerage Services Director, Vice President, and Chief Operations Officer, Saturna Trust Company	N/A
(photo omitted)	Michael E. Lewis (60) 1300 N. State Street Bellingham, WA 98225	Chief Compliance Officer1 (since 2012); N/A	Chief Compliance Officer, Saturna Capital, Saturna Trust Company, and Affiliated Funds	N/A
(photo omitted)	Jacob A. Stewart (41) 1300 N. State Street Bellingham, WA 98225	Anti-Money Laundering Officer1 (since 2015); N/A	Anti-Money Laundering Officer, Saturna Capital Corporation, Saturna Brokerage Services Chief Compliance Officer, Saturna Brokerage Services Bank Secrecy Act Officer, Saturna Trust Company	N/A

Term of Office: each Trustee serves for the lifetime of the Trust or until they die, resign, are removed, or not re-elected by the shareowners. Each officer serves a one-year term subject to annual reappointment by the Trustees.

The Trust’s Statement of Additional Information, available without charge upon request by calling Saturna Capital at 1-800-728-8762 and on the Funds’ website, www.sextantfunds.com, includes additional information about the Trustees.

On November 30, 2021, the trustees, officers, and their affiliates as a group owned 42.35%, 28.43%, 34.80%, 57.32%, 0.38%, 18.92%, 0.00%, and 30.11% of the outstanding shares of Short-Term Bond Fund, Bond Income Fund, Core Fund, Global High Income Fund, Growth Fund Investor Shares, Growth Fund Z Shares, International Fund Investor Shares, and International Fund Z Shares, respectively. Saturna Capital Corporation is the Trust’s adviser and Saturna Brokerage Services, Inc. is the Trust’s distributor.

During the year ended November 30, 2021, the Independent Trustess were each paid by the Trust: (1) $2,000 annual retainer plus $1,000 per board meeting attended (in person or by phone), plus reimbursement of travel expenses; (2) $250 for committee meetings; and (3) $250 per quarter for serving as chariman of the board or any committee.

Mrs. Carten is an Interested Trustee by reason of her positions with the Trust’s adviser (Saturna Capital Corporation) and underwriter (Saturna Brokerage Services), and is the primary manager of the Saturna Sustainable Equity Fund portfolio. She is paid by Saturna Capital a salary, plus a bonus for each month the Saturna Sustainable Equity Fund portfolio earns a 4 or 5 star rating from Morningstar (see www.saturna.com). The officers are paid by Saturna Capital and not the Trust. As of November 30, 2021, all Saturna Capital employees listed above as officers owned shares in one or more of the Saturna Investment Trust funds, with Mrs. Carten owning (directly or indirectly) over $1.68 million.

¹ Holds the same postion with Amana Mututal Funds Trust

64 November 30, 2021 Annual Report

Renewal of Investment Advisory Contract (unaudited)

During their meeting of September 14, 2021, the Trustees of Saturna Investment Trust, including the Independent Trustees, discussed the continuance of the Investment Advisory and Administrative Services Agreement (“Agreement”) with the Trust, on behalf of each of the Sextant Funds (Short-Term Bond Fund, Bond Income Fund, Core Fund, Global High Income Fund, Growth Fund, and International Fund) (the “Funds”), and Saturna Capital. In considering the renewal of the Agreement, the Board, including the Independent Trustees, considered the factors it deemed relevant, including the nature, quality and extent of services provided, the performance of each Fund, expenses and fees, the profitability of Saturna, the potential for economies of scale that may be shared with each Fund and its shareholders as each Fund’s assets grow, and any other benefits derived by Saturna from its relationship with the Funds. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the decision to approve the agreements, and each Trustee may have given different weights to different factors, and, thus, each Trustee may have had a different basis for his or her decision.

The Trustees considered Saturna Capital’s specific responsibilities in all aspects of day-to-day management of the Funds as well as the qualifications, experience and responsibilities of the Funds’ portfolio managers and other key personnel at Saturna Capital. The Trustees discussed Saturna Capital’s experience, ability, and commitment to quality service through performing internally such functions as shareowner servicing, administration, accounting, marketing, and distribution – all in addition to investment management. The Trustees took into consideration Saturna Capital’s continued avoidance of significant operational and compliance problems, plus its continued investments in infrastructure, information management systems, personnel, training, compliance, and investor education materials, all designed to provide high quality investor services and meet investor needs. They recognized Saturna Capital’s efforts to recruit and retain qualified and experienced staff and improve the capital base on which Saturna Capital operates, which the Trustees believe is important to the long-term success of the Funds. They considered Saturna Capital’s focus on investors and its efforts to avoid potential conflicts of interest.

The Trustees considered the investment performance of each Fund over time, including each Fund’s average annual total returns relative to its benchmark for the one-, three-, five-, ten-, and fifteen-year periods, as applicable, all as of July 31, 2021. The Trustees also considered comparative information from Morningstar and Lipper, which provide independent analysis of mutual fund data and, among other things, rank mutual fund performance within categories comprised of similarly managed funds. The Trustees considered and discussed each Fund’s performance relative to the Fund’s Morningstar category for the one-, three-, five-, ten-, and fifteen-year periods, as applicable, ended July 31, 2021. The Trustees also considered each Fund’s Morningstar performance rankings (one through five stars) and noted the sustainability ratings assigned to some of the Funds by Morningstar. In addition, the Trustees considered each Fund’s performance ranking relative to the Fund’s category selected by Lipper.

With respect to long-term (10- and 15-year) performance, the Trustees noted that Sextant Short-Term Bond Fund underperformed its Morningstar category average and its benchmark for the ten- and fifteen-year periods. The Trustees noted that Sextant Bond Income Fund underperformed the Morningstar category average for the ten- and fifteen-year periods, and outperformed and performed in line with its benchmark for those ten- and fifteen-year periods, respectively. The Trustees noted that Sextant Core Fund underperformed its Morningstar category average and benchmark for the ten-year period ended July 31, 2021. The Trustees noted that the Sextant Growth Fund underperformed its Morningstar category average for the ten- and fifteen-year periods and underperformed its benchmark for the ten-year period, and performed in line with its benchmark for the fifteen-year period. The Trustees noted that the Sextant International Fund’s average annual total return for the ten-year period ended on July 31, 2021 was below the Morningstar category average and was above the Morningstar category average for the fifteen-year period, and that the Fund outperformed its benchmark during the same periods.

The Trustees considered the short- and medium-term performance of the Funds, noting that Sextant International Fund outperformed its Morningstar category average for the three- and five-year periods ended July 31, 2021, while each of the other Funds trailed its Morningstar category average during the same periods. The Trustees noted that Sextant Bond Income Fund, Sextant Growth Fund and Sextant International Fund each outperformed its benchmark for the three- and five-year periods, while the other Funds trailed their respective benchmarks for those periods. The Trustees also considered the Funds’ short-term performance, noting that for the one-year period ended on July 31, 2021, Sextant International Fund outperformed its Morningstar category average and benchmark, while each other Fund underperformed its Morningstar category average and benchmark.

The Trustees noted the generally risk-averse investment style of the Funds and other factors which can affect each Fund’s performance relative to its broader Morningstar category. The Trustees also noted certain differences between each Fund and the peer funds within its Morningstar category, including differences in investment strategies and asset size. The Trustees found that Saturna Capital continued to manage each Fund in a manner that is designed to be risk-averse and attractive to long-term investors. The Trustees discussed and considered the efforts of Saturna Capital to make additional resources available to assist in managing the Funds. The Trustees also considered Saturna Capital’s focus on improving investment performance without incurring materially higher levels of risk.

Annual Report November 30, 2021 65

Renewal of Investment Advisory Contract (continued) (unaudited)

The Trustees also considered the performance and expenses of each Fund as compared to a smaller group of funds with similar investment objectives and strategies. The Trustees considered these comparative performance and expense data, along with the comparative data published by Morningstar and each Fund’s performance relative to its benchmark, to evaluate the Fund’s performance over near-term and long-term time periods, as applicable. The Trustees continued to recognize the fulcrum structure of the advisory fee, where the manager’s compensation is directly related to the relative performance of each Fund.

The Trustees also reviewed the fees and expenses of each Fund, including comparative data on fees and expenses published by Morningstar, and considered the components of the Fund’s operating expenses. The Trustees noted the steps that Saturna Capital has undertaken to maintain competitive levels of Fund operating expenses. They noted the significant sponsorship of the Funds by Saturna Capital evidenced, in part, by certain fees and expenses paid by Saturna Capital out of its own resources. The Trustees recognized Saturna Capital’s efforts help make the Funds more widely available and less expensive than would otherwise be the case without Saturna Capital’s efforts. The Trustees recognized that each Fund remains relatively small and there have not been opportunities to consider economies of scale. The Trustees noted Saturna Capital’s commitment to continue operating the Funds and the costs undertaken by Saturna Capital.

The Trustees reviewed Saturna Capital’s financial information and discussed the issue of Saturna Capital’s profitability, or lack thereof, as related to management and administration of the Trust. They discussed the reasonableness of Saturna Capital’s profitability as part of their evaluation of whether each Fund’s advisory fees bear a reasonable relationship to the mix of services provided by Saturna Capital, including the nature, extent, and quality of such services.

The Trustees considered and compared the fees charged by Saturna Capital to other types of accounts, including non-mutual fund advisory clients. The Trustees noted the differences between the full range of services Saturna Capital provides to the Funds, including investment advisory and administrative services, transfer agency services, and other services, as compared to the investment advisory services provided to the other advisory accounts.

The Trustees considered potential benefits to Saturna Capital’s other business lines from acting as investment adviser to the Funds, but also recognized that Saturna Capital’s other business lines also potentially benefit the Funds. The Trustees also noted that there were no soft dollar arrangements with respect to trading in the Funds’ portfolios. The Trustees considered whether there are other potential benefits to Saturna Capital in continuing to manage the Funds and the Trustees found that there were no material benefits other than Saturna Capital’s receipt of advisory fees and the fact that Saturna Brokerage Services, a wholly owned subsidiary of Saturna Capital, receives distribution and shareholder services fees under Rule 12b-1, which it would not otherwise receive if Saturna Capital did not serve as the investment manager for the Funds. The Trustees also noted that Saturna Brokerage Services voluntarily waives brokerage commissions for executing Fund portfolio transactions, resulting in lower transaction costs.

The Trustees concluded based on their business judgement that the fees paid by each Fund to Saturna Capital were, from an arm’s - length bargaining perspective, reasonable and in the best interest of the Fund and its shareowners in light of the services provided, comparative performance, expense and advisory fee information, costs of services provided, profits to be realized, and benefits derived or to be derived by Saturna Capital from its relationship with the Fund. Following this discussion, the Trustees, including the Independent Trustees, unanimously agreed to renew each Fund’s Agreement with Saturna Capital.

66 November 30, 2021 Annual Report

Availability of Portfolio Information

(1) The Sextant Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Previously, this information was filed on Form N-Q.

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

(3) The Funds make a complete schedule of portfolio holdings after the end of each month available to investors at www.sextantfunds. com.

Householding Policy

To reduce expenses, we may mail only one copy of the Funds’ prospectus, each annual and semi-annual report, and proxy statements when necessary, to those addresses shared by two or more accounts. If you wish to receive individual and/or more copies of these documents, please call us at 1-800-728-8762 or write to us at Saturna Capital/Sextant Mutual Funds, P.O. Box N, Bellingham, WA 98227. We will begin sending you individual copies 30 days after receiving your request.

If you are currently receiving multiple copies and wish to receive only one copy, please call us at 1-800-728-8762 or write to us at Saturna Capital/Sextant Mutual Funds, P.O. Box N, Bellingham, WA 98227. We will begin sending you a single copy with subsequent report mailings.

Availability of Proxy Voting Information

(1) A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (a) without charge, upon request, by calling Saturna Capital at 1-800-728-8762; (b) on the Funds’ website at www. sextantfunds.com; and (c) on the SEC’s website at www.sec.gov.

(2) Information regarding how each Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (a) without charge, upon request, by calling Saturna Capital at 1-800-728-8762; (b) on the Funds’ website at www.sextantfunds.com; and (c) on the SEC’s website at www.sec. gov.

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.

Annual Report November 30, 2021 67

Performance Summary (as of December 31, 2021) (unaudited)

Average Annual Returns (before any taxes paid by shareowners)

					Expense Ratio1
	1 Year	3 Year	5 Year	10 Year	Gross	Net
Sustainable Equity Fund (SEEFX)	11.29%	21.93%	16.16%	n/a	0.78%	0.75%
S&P Global 1200 Index	21.55%	21.65%	15.40%	13.09%	n/a	n/a
Sustainable Bond Fund (SEBFX)	-1.88%	3.92%	2.85%	n/a	0.85%	0.65%
FTSE WorldBIG Index	-5.42%	3.43%	3.24%	1.76%	n/a	n/a

Performance data quoted in this report represents past performance, is before any taxes payable by shareowners, and is no guarantee of future results. Current performance may be higher or lower than that stated herein. Performance current to the most recent month-end is available by calling toll-free 1-800-7288762 or visiting www.saturnasustainable.com. Average annual total returns are historical and include change in share value as well as reinvestment of dividends and capital gains, if any. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Funds that invest in foreign securities may involve greater risk, including political and economic uncertainties of foreign countries as well as the risk of currency fluctuations.

A note about risk: Please see Notes to Financial Statements beginning on page 20 for a discussion of investment risks. For a more detailed discussion of the risks associated with each Fund, please see the Funds’ prospectus or each Fund’s summary prospectus.

A Fund’s 30-Day Yield, sometimes referred to as “standardized yield” or “SEC yield,” is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). The 30-Day Yield provides an estimate of a Fund’s investment income rate, but may not equal the actual income distribution rate.

¹ By regulation, expense ratios shown in these tables are as stated in the Funds’ most recent Prospectus, dated March 30, 2021, and incorporate results for the fiscal year ended November 30, 2021. Ratios presented in this table differ from the expense ratios shown elsewhere in this report as they represent different periods. Also by regulation, the performance in this table represents the most recent quarter-end performance rather than performance through the Funds’ most recent fiscal period. Saturna Capital, the Fund’s adviser, has voluntarily capped actual expenses of the Sustainable Equity Fund at 0.75% and actual expenses of the Sustainable Bond Fund at 0.65% through March 31, 2022.

The S&P Global 1200 Index is a global stock market index covering nearly 70% of the world’s equity markets. The FTSE WorldBIG Index is a multi-asset, multi-currency benchmark, which provides a broad-based measure of the global fixed-income markets. Investors cannot invest directly in the indices.

The Saturna Sustainable Funds limit the securities they purchase to those consistent with sustainable principles. This limits opportunities and may affect performance.

Please consider an investment’s objectives, risks, charges, and expenses carefully before investing. To obtain this and other important information about the Saturna Sustainable Funds in a prospectus or summary prospectus, ask your financial adviser, visit www.saturnasustainable.com, or call toll-free 1-800-728-8762. Please read the prospectus or summary prospectus carefully before investing.

2 November 30, 2021 Annual Report

Fellow Shareowners: January 12, 2022

Equity securities markets appreciated sharply during the fiscal year ended November 30, 2021. Total return for the S&P 500 Index was 27.92% and the broader MSCI All Country World Index returned 19.78%. Saturna Sustainable Equity Fund trailed, posting a 11.32% increase for the same period. Bond markets were roiled by the “reflation trade” with the FTSE WorldBIG losing -3.96% and the FTSE USBIG falling -1.14%. Saturna Sustainable Bond Fund rose modestly, gaining 0.51%. Year-over-year, assets of the Funds have grown 33% to more than $51 million, supporting investors with an innovative approach to sustainable investing and a collection of thought-provoking white papers, practice management tools, and impact reports.

We’re pleased to report outstanding ratings for both performance and sustainability from independent performance monitor Morningstar. As of December 31, 2021, the Saturna Sustainable Equity Fund was rated 5 Stars Overall and for the 3-year period (among 283 funds in the World Large-Stock Blend category). The Saturna Sustainable Bond Fund was rated 4 Stars for the 3-year period (among 190 funds in the World Bond category). As of November 30, 2021, Saturna Sustainable Equity ranked in the 3rd percentile (among 7,206 in the Global Equity Large Cap category) for sustainability, and Saturna Sustainable Bond ranked in the 9th percentile (among 1,746 funds in the Global Fixed-Income category), with both Funds earning “High” 5 Globe ratings. See page 5 for further details.

Rose-Tinted Glasses in Developed Markets

Developed equity markets seemed to defy logic this year. Supply chain disruptions, a new variant of the coronavirus, inflation spiking, and significant environmental catastrophes seem at odds with such an ebullient result. We caution that such outsized returns are not likely to repeat, especially as the Federal Reserve pulls the various levers at its command including ending stimulus programs and signaling rate increases.

(photo omitted)

Saturna Sustainable Equity (SEEFX)
Overall Rating™	Sustainability Rating™
★ ★ ★ ★ ★	ؠؠؠؠØ
Among 283 World Large-Stock Blend Funds, based on risk- adjusted performance

Saturna Sustainable Bond (SEBFX)
Overall Rating™	Sustainability Rating™
★ ★ ★	ؠؠؠؠØ
Among 192 World Bond Funds, based on risk-adjusted performance

Annual Report November 30, 2021 3

At year end market observers offer their expectations for the coming year. We have little insight into inflation and interest rates in 2022. The removal of fiscal and monetary stimulus implies tightening conditions in 2022. Regardless, we feel confident about growth, with one caveat. While the Delta and Omicron variants have pushed US COVID infections to record highs, the milder illness from Omicron, as well as its transmissibility, imply a short spike. Infections are soaring, but experience elsewhere indicates the surge could quickly fade. The bigger risk is a disruption of Chinese economic activity. China has employed a zero-tolerance COVID strategy. The transmissibility of Omicron, travel during Chinese New Year, hosting the Winter Olympics, and weak protection from domestic vaccines mean that China may lock down wide swaths of its territory. That would affect global economic activity, inflation expectations, and the interest rate outlook in the short term. Longer term we may see an acceleration in de-globalization, affecting investment, margins, and profitability.

We undoubtedly face more economic turmoil, but we retain faith in the power of human resilience and creativity. Thank you for investing with us. Please read this report and let us know how we can be of assistance to you in your quest for responsible investment choices.

Respectfully,

(photo omitted)

Jane Carten,

President

(photo omitted)

Gary Goldfogel,

Independent Board Chairman

Saturna Sustainable Funds Portfolio Management
(photo omitted)	Jane Carten MBA Saturna Sustainable Equity Fund Portfolio Manager	(photo omitted)	Patrick Drum MBA, CFA®, CFP® Saturna Sustainable Bond Fund Portfolio Manager
(photo omitted)	Scott Klimo CFA® Saturna Sustainable Equity Fund Deputy Portfolio Manager	(photo omitted)	Elizabeth Alm CFA® Saturna Sustainable Bond Fund Deputy Portfolio Manager

4 November 30, 2021 Annual Report

Morningstar Ratings^TM & Carbon Metrics^TM As of December 31, 2021 (unaudited)

Morningstar™ RatingsA	1 Year	3 Year	5 Year	Overall	Sustainability Rating™  B
Saturna Sustainable Equity Fund –“Large Blend” Category
SEEFX	n/a	★ ★ ★ ★ ★	★ ★ ★ ★ ★	★ ★ ★ ★ ★	ؠؠؠؠØ
% Rank in Category	93	14	11	n/a	3
Number of Funds in Category	327	283	236	283	7,206
Saturna Sustainable Bond Fund –“Large Growth” Category
SEBFX	n/a	★ ★ ★	★ ★ ★	★ ★ ★	ؠؠؠؠØ
% Rank in Category	31	42	54	n/a	9
Number of Funds in Category	203	190	164	190	1,746

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

^© 2021 Morningstar^®. All rights reserved. Morningstar, Inc. is an independent fund performance monitor. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

^A Morningstar Ratings^™ (“Star Ratings”) are as of December 31, 2021. The Morningstar Rating^™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance (not including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

^B Morningstar Sustainability Ratings are as of November 30, 2021. The Morningstar Sustainability Rating^™ is intended to measure how well the issuing companies of the securities within a fund’s portfolio are managing their environmental, social, and governance (“ESG”) risks and opportunities relative to the fund’s Morningstar category peers. The Morningstar Sustainability Rating calculation is a two-step process. First, each fund with at least 50% of assets covered by a company-level ESG score from Sustainalytics receives a Morningstar Portfolio Sustainability Score^™. The Morningstar Portfolio Sustainability Score is an asset-weighted average of normalized company-level ESG scores with deductions made for controversial incidents by the issuing companies, such as environmental accidents, fraud, or discriminatory behavior. The Morningstar Sustainability Rating is then assigned to all scored funds within Morningstar Categories in which at least ten (10) funds receive a Portfolio Sustainability Score and is determined by each fund’s rank within the following distribution: High (highest 10%), Above Average (next 22.5%), Average (next 35%), Below Average (next 22.5%), and Low (lowest 10%). The Morningstar Sustainability Rating is depicted by globe icons where High equals 5 globes and Low equals 1 globe.

A Sustainability Rating is assigned to any fund that has more than half of its underlying assets rated by Sustainalytics and is within a Morningstar Category with at least 10 scored funds; therefore, the rating it is not limited to funds with explicit sustainable or responsible investment mandates. Morningstar updates its Sustainability Ratings monthly. Portfolios receive a Morningstar Portfolio Sustainability Score and Sustainability Rating one month and six business days after their reported as-of date based on the most recent portfolio. As part of the evaluation process, Morningstar uses Sustainalytics’ ESG scores from the same month as the portfolio as-of date.

Saturna Sustainable Equity Fund was rated on 100% of Assets Under Management. Saturna Sustainable Bond Fund was rated on 87% of Assets Under Management.

% Rank in Category is the fund’s percentile rank for the specified time period relative to all funds that have the same Morningstar category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Percentile ranks within categories are most useful in those categories that have a large number of funds.

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

November 30, 2021 Annual Report 5

Saturna Sustainable Equity Fund: Performance Summary (unaudited)

Average Annual Returns as of November 30, 2021
	1 Year		5 Year		10 Year		Expense  Ratio1
Sustainable Equity Fund (SEEFX)2		11.32%		15.20%		n/a		0.78%
S&P Global 1200 Index		21.59%		14.96%		12.61%		n/a

Growth of $10,000

Comparison of any mutual fund to a market index must be made bearing in mind that the index is expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on March 27, 2015, to an identical amount invested in the Standard & Poor’s Global 1200 Index, a global stock market index covering nearly 70% of the world’s equity markets. The graph shows that an investment in the Fund would have risen to $19,187 versus $20,726 in the Index.

Past performance does not guarantee future results. The “Growth of $10,000” graph and “Average Annual Returns” performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.

¹ By regulation, the expense ratio shown in this table is as stated in the Fund’s most recent prospectus which is dated March 30, 2021, and incorporates results for the fiscal year ended November 30, 2021, before fee waivers. The expense ratio shown in the most recent prospectus after fee waivers was 0.75%. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods. For the fiscal year ended November 30, 2020, the adviser reimbursed additional expenses of the Saturna Sustainable Equity Fund such that its net operating expense ratio was 0.73%.

² Operations commenced on March 27, 2015.

Fund Objective

The objective of the Sustainable Equity Fund is capital appreciation.

Top 10 Holdings
% of Total Net Assets
Legrand	2.7%
Adobe	2.6%
Apple	2.6%
Home Depot	2.4%
Lowe’s	2.3%
Johnson Matthey	2.3%
Accenture, Class A	2.3%
Tractor Supply	2.2%
Atlassian	2.2%
Wolters Kluwer	2.2%

Portfolio Diversification
% of Total Net Assets
Large Pharma	10.2%	∎
Application Software	8.3%	∎
Household Products	7.9%	∎
Home Products Stores	6.9%	∎
Specialty Chemicals	5.9%	∎
Commercial & Residential Building Equipment & Systems	4.2%	∎
IT Services	4.2%	∎
Electrical Power Equipment	3.6%	∎
Consumer Electronics	3.3%	∎
Semiconductor Devices	3.1%	∎
Apparel, Footwear & Accessory Design	2.7%	∎
Life Insurance	2.6%	∎
Communications Equipment	2.6%	∎
Renewable Energy Equipment	2.6%	∎
Industries < 2.5%	23.9%	∎
Other Assets (net of liabilities)	8.0%	∎

6 November 30, 2021 Annual Report

Saturna Sustainable Equity Fund: Discussion of Fund Performance (unaudited)

(photo omitted)

Fiscal Year 2021

After three consecutive years of outperforming its benchmark, the Saturna Sustainable Equity Fund took a breather. For the fiscal year ended November 30, 2021, the Fund returned 28.76% while the S&P Global 1200 Index returned 39.13%.

(photo omitted)

The Saturna Sustainable Equity Fund has a global mandate with assets allocated among 16 nations. As of November 30, 2021, Western Europe accounts for the largest weighting (48%) followed by North America (32.7%) and Asia-Pacific (11.3%). Top contributors to Fund performance in 2021 skewed toward holdings with headquarters in the US, and toward technology and software companies. Fund detractors, meanwhile, were spread more broadly among industries and regions.

Factors Affecting Past Performance

During the last fiscal year, the Saturna Sustainable Equity Fund continued to benefit from the unique economy nurtured by the COVID-19 pandemic, with many of the top contributors from the previous fiscal year emerging as leaders again this past year. Strong returns from both Lowe’s and Home Depot illustrate consumers’ ongoing focus on the home, and tech-focused stocks continued to soar.

Indeed, software companies claimed four of the 10 largest contributor spots this year with an even split between US-based companies (Microsoft, Adobe) and international holdings (Atlassian, Wolters Kluwer). Beyond their phenomenally popular products, these companies exemplify the well-managed, high-quality operations we seek for investment. Adobe and Atlassian consistently rank among the best companies to work for – this year coming in at #21 and #23, respectively, of the World’s Best Workplaces – and all four companies substantially outpace industry scores in the areas of compensation and benefits, diversity and labor rights, and training, health, and safety.

We believe that measures such as these provide meaningful clues to management’s strength; having an established, verified reputation as being a great place to work can speak volumes about the nature and quality of a company’s operations and ability to innovate, and upholds our firm belief in the ability of ESG criteria to identify risks within an investment.

Unfortunately, being a top performer from 2020 turned out to be a double-edged sword during 2021: many of the holdings that helped drive outperformance during the 2020 fiscal year hurt the Fund in this year. Four of this year’s largest detractors were the previous year’s largest contributors when three of them – Hartalega Holdings, Vestas Wind Systems, and Siemens Gamesa – brought in astounding triple digit returns.

Despite disappointing short-term performance from companies like Hartalega and those directly engaged in renewable wind energy, we are confident in the growth opportunities for these industries well into the future; in fact, we will be evaluating what opportunities may exist for additional investment in these industries within the upcoming year. Research from the NYC Stern Center for Sustainable Business found that improved financial performance attributable to ESG factors becomes more noticeable over longer time horizons.¹ The dramatic swings that can occur in a near-term basis speak to the inherent risks involved in being a short-term investor.

Looking Forward

While 2021 was another record setting year for US equity markets there are reasons to believe 2022 won’t be as high flying, with the big-name tech stocks especially positioned to be tested. Similarly, the incredible growth of investment strategies marketed as ESG and sustainable has spurred increased scrutiny, and such products may be headed for a correction as well. New regulations from Europe that require asset manager to substantiate their ESG claims will likely catch on in the US as investors seek greater transparency amid greenwashing claims.

As for funds that truly integrate sustainability characteristics into their investment decisions, we know that ESG investing can provide downside protection, particularly during times of social and economic crisis.² Saturna’s investors can be assured that our team of investment professionals is fully committed to identifying the companies that proactively manage their ESG risks. We plan to move forward in 2022 with a focus on building upon our success and refining our holdings to include companies that meet a high bar for sustainable practices. With uncertain conditions ahead, we have absolute faith that in the long run, companies that demonstrate top ESG performance will better serve shareholders over the long term.

Annual Report November 30, 2021 7

Saturna Sustainable Equity Fund: Schedule of Investments As of November 30, 2021

Common Stocks – 92.0%	Number of Shares		Cost		Market Value		Country1	Percentage of Net Assets
Communications
Entertainment Content
Walt Disney Company2		2,600		$460,792		$376,740	United States		1.5%
				460,792		376,740			1.5%
Consumer Discretionary
Apparel, Footwear & Accessory Design
adidas ADR		2,600		386,903		375,960	Germany		1.5%
Kering ADR		4,000		354,353		309,400	France		1.2%
				741,256		685,360			2.7%
E-Commerce Discretionary
Amazon.com2		96		201,118		336,679	United States		1.3%
Home Products Stores
Home Depot		1,500		279,738		600,915	United States		2.4%
Lowe’s		2,400		326,722		587,016	United States		2.3%
Tractor Supply		2,500		453,570		563,325	United States		2.2%
				1,060,030		1,751,256			6.9%
Other Commercial Services
Ecolab		1,500		237,915		332,205	United States		1.3%
Restaurants
Starbucks		3,213		237,202		352,273	United States		1.4%
Specialty Apparel Stores
TJX Companies		5,000		238,192		347,000	United States		1.4%
				2,715,713		3,804,773			15.0%
Consumer Staples
Household Products
Church & Dwight		3,400		195,721		303,892	United States		1.2%
L’Oreal ADR		5,400		297,824		487,458	France		1.9%
Reckitt Benckiser Group ADR		33,400		535,845		541,414	United Kingdom		2.1%
Unicharm ADR		40,500		326,015		351,135	Japan		1.4%
Unilever ADR		6,600		340,612		335,610	United Kingdom		1.3%
				1,696,017		2,019,509			7.9%
Packaged Food
Danone ADR		31,200		422,528		367,224	France		1.5%
Nestle ADR		1,000		86,610		128,500	Switzerland		0.5%
				509,138		495,724			2.0%
				2,205,155		2,515,233			9.9%
Energy
Renewable Energy Equipment
Siemens Gamesa Renewable Energy		11,000		174,378		291,446	Spain		1.2%
Vestas Wind Systems		11,000		199,477		366,586	Denmark		1.4%
				373,855		658,032			2.6%

Continued on next page.

8 November 30, 2021 Annual Report The accompanying notes are an integral part of these financial statements.

Saturna Sustainable Equity Fund: Schedule of Investments As of November 30, 2021

Common Stocks – 92.0%	Number of Shares		Cost		Market Value		Country1	Percentage of Net Assets
Financials
Consumer Finance
Mastercard, Class A		860		$171,375		$270,831	United States		1.1%
Paypal		1,600		435,599		295,824	United States		1.2%
				606,974		566,655			2.3%
Life Insurance
AIA Group		25,000		198,003		263,259	Hong Kong		1.0%
Aviva ADR		40,000		355,595		407,600	United States		1.6%
				553,598		670,859			2.6%
P&C Insurance
Chubb		2,000		287,788		358,940	Switzerland		1.4%
				1,448,360		1,596,454			6.3%
Health Care
Large Pharma
GlaxoSmithKline ADR		11,500		454,117		472,880	United Kingdom		1.9%
Johnson & Johnson		2,300		365,640		358,639	United States		1.4%
Novartis ADR		4,300		394,692		342,710	Switzerland		1.4%
Novo Nordisk ADR		5,100		324,489		544,833	Denmark		2.1%
Pfizer		8,000		290,709		429,840	United States		1.7%
Roche Holding ADR		9,000		406,004		439,020	Switzerland		1.7%
				2,235,651		2,587,922			10.2%
Medical Equipment
Koninklijke Philips		13,627		573,272		479,398	Netherlands		1.9%
				2,808,923		3,067,320			12.1%
Industrials
Commercial & Residential Building Equipment & Systems
Assa Abloy ADR		27,500		272,303		385,137	Sweden		1.5%
Legrand		6,200		520,793		675,992	France		2.7%
				793,096		1,061,129			4.2%
Electrical Components
TE Connectivity		3,200		356,052		492,576	Switzerland		1.9%
Electrical Power Equipment
Schneider Electric ADR		13,600		287,302		483,344	France		1.9%
Siemens ADR		5,300		361,108		424,212	Germany		1.7%
				648,410		907,556			3.6%
Rubber & Plastic
Hartalega Holdings		80,000		63,885		123,253	Malaysia		0.5%
				1,861,443		2,584,514			10.2%

Continued on next page.

The accompanying notes are an integral part of these financial statements. Annual Report November 30, 2021 9

Saturna Sustainable Equity Fund: Schedule of Investments As of November 30, 2021

Common Stocks – 92.0%	Number of Shares		Cost		Market Value		Country1	Percentage of Net Assets
Materials
Specialty Chemicals
DSM Koninklijke		1,928		$255,228		$411,863	Netherlands		1.6%
Johnson Matthey		21,031		690,073		581,229	United Kingdom		2.3%
Novozymes A/S ADR		6,550		329,753		495,966	Denmark		2.0%
				1,275,054		1,489,058			5.9%
Technology
Application Software
Adobe2		1,000		108,410		669,850	United States		2.6%
Atlassian2		1,490		257,788		560,717	Australia		2.2%
Dassault Systemes ADR		7,530		119,029		454,360	France		1.8%
OpenText		9,250		409,846		438,543	Canada		1.7%
				895,073		2,123,470			8.3%
Communications Equipment
Apple		4,000		113,474		661,200	United States		2.6%
Consumer Electronics
Nintendo ADR		6,575		354,538		362,151	Japan		1.4%
Sony ADR		4,000		261,557		487,400	Japan		1.9%
				616,095		849,551			3.3%
Electronics Components
Murata Manufacturing		4,000		203,199		292,138	Japan		1.2%
Information Services
Wolters Kluwer		5,000		371,604		558,087	Netherlands		2.2%
Infrastructure Software
Microsoft		1,438		62,724		475,388	United States		1.9%
IT Services
Accenture, Class A		1,600		275,166		571,840	Ireland		2.3%
CGI Group Class A2		6,000		421,997		500,880	Canada		1.9%
				697,163		1,072,720			4.2%
Semiconductor Devices
NXP Semiconductors		1,800		179,525		402,048	Netherlands		1.6%
STMicroelectronics		7,800		224,246		378,612	Switzerland		1.5%
				403,771		780,660			3.1%
Semiconductor Manufacturing
Taiwan Semiconductor ADR		3,650		114,007		427,597	Taiwan		1.7%
				3,477,110		7,240,811			28.5%
Total investments				$16,626,405		$23,332,935			92.0%
Other assets (net of liabilities)						2,042,060			8.0%
Total net assets						$25,374,995			100.0%

¹ Country of domicile

² Non-income producing security

ADR: American Depository Receipt

10 November 30, 2021 Annual Report The accompanying notes are an integral part of these financial statements.

Saturna Sustainable Equity Fund: Schedule of Investments As of November 30, 2021

Countries

Other assets (net of liabilities) 8.0%

Weightings shown are a percentage of total net assets.

The accompanying notes are an integral part of these financial statements. Annual Report November 30, 2021 11

Saturna Sustainable Equity Fund

Statement of Assets and Liabilities

As of November 30, 2021
Assets
Investments in securities, at value (Cost $16,626,405)	$23,332,935
Cash	1,992,187
Dividends and tax reclaim receivable	46,910
Receivable for Fund shares sold	26,765
Prepaid expenses	122
Total assets	25,398,919
Liabilities
Accrued advisory fees	10,243
Accrued audit expenses	8,678
Accrued retirement plan custody fee	1,615
Accrued printing fees	1,152
Accrued registration/filling fees	858
Accrued Chief Compliance Officer expenses	514
Accrued other expenses	488
Accrued trustee expenses	376
Total liabilities	23,924
Net assets	$25,374,995
Analysis of net assets
Paid-in capital (unlimited shares authorized, without par value)	$18,835,677
Total distributable earnings	6,539,318
Net assets applicable to Fund shares outstanding	$25,374,955
Fund shares outstanding	1,367,918
Net asset value, offering, and redemption price per share	$18.55

Statement of Operations

Year ended November 30, 2021
Investment income
Dividend income (net of foreign tax of ($28,089))	$328,986
Miscellaneous income	10
Total investment income	328,996
Expenses
Advisory fees	146,133
Filing and registration fees	23,236
Audit fees	9,806
Trustee fees	2,708
Chief Compliance Officer expenses	2,279
Custodian fees	2,209
Legal fees	2,195
Printing and Postage fees	1,348
Other operating expenses	1,229
Retirement plan custodial fees	493
Total gross expenses	191,636
Less adviser fees waived	(20,812	)
Less custodian fee credits	(2,209	)
Net expenses	168,615
Net investment income	$160,381
Net realized loss from investments and foreign currency	$(35,745	)
Net increase in unrealized appreciation on investments and foreign currency	2,048,413
Net gain on investments and foreign currency	$2,012,668
Net increase in net assets resulting from operations	$2,173,049

12 November 30, 2021 Annual Report The accompanying notes are an integral part of these financial statements.

Saturna Sustainable Equity Fund

Statements of Changes of Net Assets	Year ended November 30, 2021		Year ended November 30, 2020
Increase in net assets from operations
From operations
Net investment income	$160,381		$68,558
Net realized loss on investment and foreign currency	(35,745	)	(29,089	)
Net increase in unrealized appreciation on investments and foreign currencies	2,048,413		2,760,173
Net increase in net assets resulting from operations	2,173,049		2,799,642
Distributions to shareowners	(62,912	)	(42,386	)
Capital share transactions
Proceeds from sales of shares	7,491,624		7,996,955
Value of shares issued in reinvestment of dividends	62,910		42,319
Cost of shares redeemed	(1,123,380	)	(2,147,693	)
Total capital shares transactions	6,431,154		5,891,581
Total increase in net assets	$8,541,291		$ 8,648,837
Net assets
Beginning of year	16,833,704		8,184,867
End of year	$25,374,995		$16,833,704
Shares of the Fund sold and redeemed
Number of shares sold	418,656		546,666
Number of shares issued in reinvestment of dividends	3,664		3,047
Number of shares redeemed	(61,059	)	(145,697	)
Net increase in number of shares outstanding	361,261		404,016

Financial Highlights			For year ended November 30,
Selected data per share of outstanding capital stock throughout each year:	2021		2020		2019		2018		2017
Net asset value at beginning of year	$16.72		$13.58		$11.51		$11.44		$9.43
Income from investment operations
Net investment income	0.13		0.10		0.09		0.09		0.09
Net gains on securities (both realized & unrealized)	1.76		3.11		2.08		0.07		1.97
Total from investment operations	1.89		3.21		2.17		0.16		2.06
Less distributions
Dividends (from net investment income)	(0.06	)	(0.07	)	(0.10	)	(0.09	)	(0.05	)
Total distributions	(0.06	)	(0.07	)	(0.10	)	(0.09	)	(0.05	)
Net asset value at end of year	$18.55		$16.72		$13.58		$11.51		$11.44
Total return	11.32%		23.74%		19.04%		1.39%		22.01%
Ratios / supplemental data
Net assets ($000), end of year	$25,375		$16,834		$8,185		$5,658		$4,984
Ratio of expenses to average net assets
Before adviser fees waiver and custodian fee credits	0.85%		0.78%		1.81%		1.27%		1.48%
After adviser fee waivers	0.76%		0.75%		0.78%		0.76%		0.88%
After adviser fees waiver and custodian fee credits	0.75%		0.73%		0.75%		0.75%		0.86%
Ratio of net investment income after adviser fee waivers and custodian fee credits to average net assets	0.71%		0.61%		0.80%		0.82%		0.95%
Portfolio turnover rate	8%		13%		13%		8%		12%

The accompanying notes are an integral part of these financial statements. Annual Report November 30, 2021 13

Saturna Sustainable Bond Fund: Performance Summary

Average Annual Returns as of November 30, 2021
	1 Year		5 Year		10 Year		Expense Ratio1
Sustainable Bond Fund (SEBFX)2		-2.14%		2.66%		n/a		0.85%
FTSE WorldBIG Index		-3.96%		3.24%		1.85%		n/a

Growth of $10,000

Comparison of any mutual fund to a market index must be made bearing in mind that the index is expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on March 27, 2015, to an identical amount invested in the FTSE WorldBIG Index, a multi-asset, multi-currency benchmark, which provides a broad-based measure of the global fixed income markets. The graph shows that an investment in the Fund would have risen to $11,411 versus rising to $11,871 in the Index.

Past performance does not guarantee future results. The “Growth of $10,000” graph and “Average Annual Returns” performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.

¹ By regulation, the expense ratio shown in this table is as stated in the Fund’s most recent prospectus which is dated March 30, 2021, and incorporates results for the fiscal year ended November 30, 2021, before fee waivers. The expense ratio shown in the most recent prospectus after fee waivers was 0.65%. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods.

² Operations commenced March 27, 2015.

Fund Objective

The objectives of the Sustainable Bond Fund are current income and capital preservation.

Top 10 Holdings
% of Total Net Assets
Canadian Imperial Bank (4.375% due 10/28/2080)	4.5%
European Investment Bank (3.30% due 02/03/2028)	3.7%
Telfon Celular del Paraguay (5.875% due 04/15/2027)	3.6%
MAF Sukuk (4.638% due 05/14/2029)	3.4%
Tabreed Sukuk (5.50% due 10/31/2025)	3.3%
INTL BK RECON & DEVELOP (4.25% due 01/22/2026)	3.2%
Bank of Nova Scotia (4.90% due PERP)	3.0%
Koninklijke KPN NV (5.00% due 11/18/2026)	2.9%
NextEra Energy Capital (2.241% due 06/15/2067)	2.7%
Lincoln National Corp (2.51338% due 05/17/2066)	2.6%

Portfolio Diversification
% of Total Net Assets
Financials	24.8%	∎
Government Bonds	14.5%	∎
Technology	12.6%	∎
Communications	7.9%	∎
Consumer Staples	7.2%	∎
Utilities	3.9%	∎
Materials	3.8%	∎
Consumer Discretionary	3.0%	∎
Energy	2.7%	∎
Health Care	1.8%	∎
Industrials	1.7%	∎
Other Assets (net of liabilities)	16.1%	∎

14 November 30, 2021 Annual Report

Saturna Sustainable Bond Fund: Discussion of Fund Performance (unaudited)

(photo omitted)

Fiscal Year 2021

For the fiscal year ended November 30, 2021, Saturna Sustainable Bond Fund produced a total return of -2.14% versus the FTSE WorldBIG Index, which returned -3.96%. The Fund had an effective duration (price sensitivity to changes in interest rates) of 2.73 years relative to 7.57 years for the Index. The outperformance of the Fund was primarily due to the underweight of the euro, positions in BB-rated bonds, and a shorter effective duration relative to the Index.

(photo omitted)

Factors Affecting Past Performance

2021 was a year of reclamation and began a process of repair toward normalization following the onset of the coronavirus nearly 18 months ago. The pandemic has exacted an enormous adverse impact on human health and the world’s economies. As a result of reopening, supply chain disruptions, and accommodative Fed policies, inflation took center stage over the last fiscal year. The byproduct of central bank accommodative measures, aggressive fiscal policies, and ongoing supply distributions have sown inflationary pressures not seen in years – in some cases, decades. As of November 2021, annualized inflation in the US had risen to 6.8%, the highest point since 1982, with the European Union posting 4.9%, the highest since 2008. Changes in inflation expectations have been a driving force in the adjusting shape of the yield curve and the Fund’s performance.

The shape of the Treasury curve shifted dramatically; the five- and seven-year part of the curve shifted up over 75 basis points (bps). Additionally, longer securities generally saw more volatility, with shorter duration bonds generally outperforming. The Fund lowered its effective duration last year from 5.38 years to 2.73 years in an effort to minimize interest rate risk. This shorter duration relative to the benchmark contributed to overall outperformance. The Fund moved out of long Treasury positions in the 10+ year maturity bucket, and redeployed cash to shorter corporate names in the BB and BBB category along with unique social impact bonds.

High-yield bonds performed well last year relative to higher-grade securities as economic recovery and demand for yield compressed spreads. Investment-grade corporate yields have widened across the curve in the past year, especially in the belly of the curve. Demonstrated in the chart below, BB-rated bonds outside of three years saw much better performance than their higher-grade counterparts, with positive returns outside of 15 years. At fiscal year-end, the Fund held 26.59% of the portfolio in BB-rated securities relative to the WorldBIG Index, which does not hold securities rated lower than investment grade. This is one factor that contributed to the performance differential, as these lower-rated bonds drove performance.

Currency movement also played an important role in performance. In total, the Fund held 28.73% of its portfolio in foreign currencies as of fiscal year-end. The Fund had

Continued on page 34.

Annual Report November 30, 2021 15

Saturna Sustainable Bond Fund: Schedule of Investments As of November 30, 2021

Corporate Bonds – 69.4%	Coupon / Maturity	Face Amount		Market Value		Country1	Percentage of Net Assets
Communications
Telecom Italia2	5.303% due 05/30/2024		$500,000		$518,620	Italy		2.0%
Telfon Celular del Paraguay3	5.875% due 04/15/2027		900,000		925,200	Paraguay		3.6%
Vodafone Group4	7.00% due 04/04/2079		500,000		601,880	United Kingdom		2.3%
					2,045,700			7.9%
Consumer Discretionary
Barry Callebaut2	5.50% due 06/15/2023		500,000		532,617	Belgium		2.0%
Starbucks	2.45% due 06/15/2026		250,000		260,442	United States		1.0%
					793,059			3.0%
Consumer Staples
Amaggi Lux Intl Sarl2	5.25% due 01/28/2028		500,000		496,255	Brazil		1.9%
Amaggi Lux Intl Sarl3	5.25% due 01/28/2028		500,000		496,255	Brazil		1.9%
Coty2	5.00% due 04/15/2026		350,000		356,605	United States		1.4%
Danone2	2.589% due 11/02/2023		500,000		514,533	France		2.0%
					1,863,648			7.2%
Energy
NextEra Energy Capital (3 month LIBOR plus 2.125%)5	2.241% due 06/15/2067		750,000		693,750	United States		2.7%
					693,750			2.7%
Financials
Admiral Group3	5.50% due 07/25/2024		GBP 400,000		581,358	United Kingdom		2.2%
AXA3,6	5.125% due 01/17/2047		250,000		278,750	France		1.1%
Bank of Nova Scotia	4.90% due PERP		750,000		794,063	Canada		3.0%
Canadian Imperial Bank7	4.375% due 10/28/2080		CAD 1,450,000		1,171,834	Canada		4.5%
First Abu Dhabi Bank3	3.00% due 03/30/2022		250,000		251,819	United Arab Emirates		0.9%
Iron Mountain Inc2	5.25% due 07/15/2030		500,000		508,970	United States		2.0%
Lincoln National Corp (3 month LIBOR plus 2.04%)5	2.51538% due 05/17/2066		750,000		681,128	United States		2.6%
MAF Sukuk3	4.638% due 05/14/2029		800,000		886,267	United Arab Emirates		3.4%
State Street (Quarterly US LIBOR plus 100)5	1.116% due 06/15/2047		400,000		353,618	United States		1.4%
Toronto-Dominion Bank3	1.128% due 12/09/2025		CAD 500,000		377,752	Canada		1.5%
Women’s Livelihood Bond Asset II B2	3.95% due 12/10/2024		600,000		576,391	Singapore		2.2%
					6,461,950			24.8%
Health Care
Novartis Capital Corp	3.00% due 11/20/2025		250,000		265,248	Switzerland		1.0%
Roche2	2.625% due 05/15/2026		200,000		210,145	Switzerland		0.8%
					475,393			1.8%
Industrials
Odfjell SE3,5	6.49% due 01/21/2025		NOK 4,000,000		451,100	Norway		1.7%
					451,100			1.7%

Continued on next page.

16 November 30, 2021 Annual Report The accompanying notes are an integral part of these financial statements.

Saturna Sustainable Bond Fund: Schedule of Investments As of November 30, 2021

Corporate Bonds – 69.4%	Coupon / Maturity	Face Amount		Market Value		Country1	Percentage of Net Assets
Materials
BALL	5.25% due 07/01/2025		$400,000		$438,876	United States		1.7%
Koninklijke DSM3	1.00% due 04/09/2025		EUR 250,000		293,170	Netherlands		1.1%
Stora Enso2	7.25% due 04/15/2036		200,000		266,447	Finland		1.0%
					998,493			3.8%
Technology
Koninklijke KPN	8.375% due 10/01/2030		250,000		357,367	Netherlands		1.4%
Koninklijke KPN3	5.00% due 11/18/2026		GBP 500,000		756,486	Netherlands		2.9%
Microsoft Corp	3.625% due 12/15/2023		250,000		263,295	United States		1.0%
Nokia	3.375% due 06/12/2022		550,000		556,952	Finland		2.1%
Nokia3	2.375% due 05/15/2025		EUR 250,000		296,661	Finland		1.2%
RELX	4.00% due 03/18/2029		400,000		444,687	United Kingdom		1.7%
Telecom Italia3	3.00% due 09/30/2025		EUR 520,000		600,886	Italy		2.3%
					3,276,334			12.6%
Utilities
Tabreed Sukuk3	5.50% due 10/31/2025		750,000		848,796	United Arab Emirates		3.3%
United Utilities	6.875% due 08/15/2028		135,000		173,273	United Kingdom		0.6%
					1,022,069			3.9%
Total Corporate Bonds	(Cost $19,624,732)				$18,081,496			69.4%

Continued on next page.

The accompanying notes are an integral part of these financial statements. Annual Report November 30, 2021 17

Saturna Sustainable Bond Fund: Schedule of Investments As of November 30, 2021

Government Bonds – 14.5%	Coupon / Maturity	Face Amount		Market Value		Country1		Percentage of Net Assets
Financial Services
Federal Home Loan Bank	1.65% due 10/06/2031		$500,000		$497,586		United States		1.9%
					497,586				1.9%
Government Bonds
European Investment Bank	3.30% due 02/03/2028		AUD 1,250,000		959,655		Luxembourg		3.7%
Federal Republic of Brazil	12.50% due 01/05/2022		BRL 2,000,000		354,634		Brazil		1.4%
INTL BK RECON & DEVELOP	4.25% due 01/22/2026		MXN 20,000,000		840,527		Germany		3.2%
Ontario	2.65% due 02/05/2025		CAD 500,000		405,890		Canada		1.6%
Perusahaan Penerbit SBSN3	3.75% due 03/01/2023		250,000		258,980		Indonesia		1.0%
Queensland Treasury3	2.50% due 03/06/2029		AUD 600,000		447,959		Australia		1.7%
					3,267,645				12.6%
Total Government Bonds	(Cost $ 2,584,038)				$3,765,231				14.5%
Total investments	(Cost $ 22,208,770)				$21,846,727				83.9%
Other assets (net of liabilities)					4,201,081				16.1%
Total net assets					$26,047,808				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 November 30, 2021, the net value of these securities was $3,980,583 representing 15.3% of net assets.

3 Security was purchased pursuant to Regulation S under the Securities Act of 1933 which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. These securities have been deemed liquid under guidelines approved by the Trust’s Board of Trustees. At November 30, 2021, the aggregate value of these securities was $7,751,439 representing 29.8% of net assets.

4 Vodafone Group is a fixed to float bond. The bond has a fixed rate until 04/04/2029 The interest rate represents the rate in effect at November 30, 2021.

5 Variable rate security. The interest rate represents the rate in effect at November 30, 2021 and resets periodically based on the parenthetically disclosed reference rate and spread.

6 AXA is a fixed to float bond. The bond has a fixed rate until 01/17/2027 The interest rate represents the rate in effect at November 30, 2021.

7 Canadian Imperial Bank is a fixed to float bond. The bond has a fixed rate until 10/28/2025 The interest rate represents the rate in effect at November 30, 2021. PERP: Security is perpetual in nature and has no stated maturity

AUD: Australian Dollar

BRL: Brazilian Real

CAD: Canadian Dollar

EUR: Euro

GBP: Great British Pound

MXN: Mexican Peso

NOK: Norwegian Krone

18 November 30, 2021 Annual Report The accompanying notes are an integral part of these financial statements.

Saturna Sustainable Bond Fund: Schedule of Investments As of November 30, 2021

Countries

Other assets (net of liabilities) 16.1%

Weightings shown are a percentage of total net assets.

Bond Quality Diversification	(unaudited)
% of Total Net Assets
Rated “AAA”	7.9%	∎
Rated “AA+”	3.6%	∎
Rated “AA”	0.8%	∎
Rated “AA-”	1.9%	∎
Rated “A+”	1.6%	∎
Rated “A”	1.5%	∎
Rated “A-”	1.1%	∎
Rated “BBB+”	5.8%	∎
Rated “BBB”	15.4%	∎
Rated “BBB-”	9.9%	∎
Rated “BB+”	17.4%	∎
Rated “BB”	2.3%	∎
Rated “BB-”	7.2%	∎
Rated “B”	1.4%	∎
Not Rated	6.1%	∎
Other Assets (net of liabilities)	16.1%	∎
Credit ratings are the lesser of S&P Global Ratings or Moody’s Investors Service. If neither S&P nor Moody’s rate a particular security, that security is categorized as not rated (except for US Treasury securities and securities issued or backed by US agencies which inherit the credit rating for the US government). Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). Ratings apply to the creditworthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.

The accompanying notes are an integral part of these financial statements. Annual Report November 30, 2021 19

Saturna Sustainable Bond Fund

Statement of Assets and Liabilities

As of November 30, 2021
Assets
Investments in securities, at value (Cost $22,208,770)	$21,846,727
Cash	4,000,512
Dividends and interest receivable	239,970
Receivable for Fund shares sold	5,091
Prepaid expenses	1,085
Total assets	26,093,385
Liabilities
Accrued advisory fees	10,232
Accrued trustee expenses	9,218
Payable for Fund shares redeemed	5,907
Accrued audit expenses	4,783
Accrued printing fees	3,777
Accrued Chief Compliance Officer expenses	3,579
Accrued postage fees	3,571
Accrued legal expenses	2,134
Accrued retirement plan custody fee	1,280
Accrued other expenses	1,096
Total liabilities	45,577
Net assets	$26,047,808
Analysis of net assets
Paid-in capital (unlimited shares authorized, without par value)	$25,820,671
Total distributable earnings	227,137
Net assets applicable to Fund shares outstanding	$26,047,808
Fund shares outstanding	2,599,839
Net asset value, offering, and redemption price per share	$10.02

Statement of Operations

Year ended November 30, 2021
Investment income
Interest income	$658,280
Total investment income	658,280
Expenses
Advisory fees	137,267
Filing and registration fees	25,220
Audit fees	13,639
Trustee fees	12,351
Chief Compliance Officer expenses	6,962
Printing and Postage fee expense	6,827
Legal fees	3,770
Custodian fees	3,531
Other operating expenses	3,434
Retirement plan custodial fees	1,422
Total gross expenses	214,423
Less adviser fees waived	(48,667	)
Less custodian fee credits	(3,531	)
Net expenses	162,225
Net investment income	$496,055
Net realized gain from investments and foreign currency	$232,318
Net decrease in unrealized appreciation on investments and foreign currency	(1,319,157	)
Net loss on investments	$(1,086,839	)
Net decrease in net assets resulting from operations	$(590,784	)

20 November 30, 2021 Annual Report The accompanying notes are an integral part of these financial statements.

Saturna Sustainable Bond Fund

Statements of Changes in Net Assets	Year ended November 30, 2021		Year ended November 30, 2020
Increase (decrease) in net assets from operations
From operations
Net investment income	$496,055		$626,658
Net realized gains on investments and foreign currency	232,318		21,779
Net increase (decrease) in unrealized appreciation	(1,319,157	)	996,180
Net increase (decrease) in net assets	(590,784	)	1,644,617
Distributions to shareowners	(24,312	)	(293,065	)
Capital share transactions
Proceeds from sales of shares	9,497,512		7,552,324
Value of shares issued in reinvestment of dividends	21,141		255,413
Cost of shares redeemed	(4,828,279	)	(14,962,191	)
Total capital share transactions	4,690,374		(7,154,454	)
Total increase (decrease) in net assets	$4,075,278		$(5,802,902	)
Net assets
Beginning of year	21,972,530		27,775,432
End of year	$26,047,808		$21,972,530
Shares of the Fund sold and redeemed
Number of shares sold	926,301		764,964
Number of shares issued in reinvestment of dividends	2,063		26,166
Number of shares redeemed	(471,445	)	(1,510,755	)
Net increase (decrease) in number of shares outstanding	456,919		(719,625	)

Financial Highlights	For year ended November 30,
Selected data per share of outstanding capital stock throughout each year:	2021		2020		2019		2018		2017
Net asset value at beginning of year	$10.25		$9.70		$9.39		$9.87		$9.65
Income from investment operations
Net investment income	0.20		0.23		0.28		0.26		0.27
Net gains (losses) on securities (both realized and unrealized)	(0.42	)	0.42		0.29		(0.48	)	0.23
Total from investment operations	(0.22	)	0.65		0.57		(0.22	)	0.50
Less distributions
Dividends (from net investment income)	(0.01	)	(0.10	)	(0.26	)	(0.26	)	(0.27	)
Capital gains distribution	-		-		-		-		(0.01	)
Total distributions	(0.01	)	(0.10	)	(0.26	)	(0.26	)	(0.28	)
Net asset value at end of year	$10.02		$10.25		$9.70		$9.39		$9.87
Total return	(2.14	)%	6.78%		6.09%		(2.29	)%	5.28%
Ratios / supplemental data
Net assets ($000), end of year	$26,048		$21,973		$27,775		$31,647		$21,980
Ratio of expenses to average net assets
Before fee waivers	0.86%		0.85%		0.83%		0.77%		0.92%
After fee waivers	0.66%		0.67%		0.66%		0.66%		0.75%
After fee waivers and custodian fee credits	0.65%		0.65%		0.65%		0.65%		0.74%
Ratio of net investment income after fee waivers and custodian fee credits to average net assets	1.99%		2.33%		2.87%		2.99%		2.82%
Portfolio turnover rate	65%		63%		38%		25%		14%

The accompanying notes are an integral part of these financial statements. Annual Report November 30, 2021 21

Notes To Financial Statements

NOTE 1 – Organization

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

Saturna Sustainable Equity Fund and Saturna Sustainable Bond Fund commenced operations on March 27, 2015.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies”.

Investment risks:

Saturna Sustainable Equity and Saturna Sustainable Bond Funds: The value of each Fund’s shares rises and falls as the value of the securities in which the Fund invests goes up and down. Fund share prices, yields, and total returns will change with market fluctuations as well as the fortunes of the countries, industries, and companies in which the Fund invests. The Funds do not use derivatives to hedge currency, interest rate, or credit risk.

Ratings are dependent upon the associated ESG risks that are most pertinent to the sector in which an issuer operates. The ratings process associated with sustainable and responsible investing reduces the investable universe for each Fund, which limits opportunities and may increase the risk of loss during market declines. The adviser believes that sustainable investing may mitigate security-specific risk, but there is no guarantee that the securities favored by our investment process will perform better and may perform worse than those that are not favored.

The Funds may invest substantially in one or more sectors, which can increase volatility and exposure to issues specific to a particular sector or industry.

Foreign investing involves risks not normally associated with investing in US securities. These include fluctuations in currency exchange rates, less public information about securities, less governmental market supervision, and the lack of uniform financial, social, and political standards. Foreign investing heightens the risk of confiscatory taxation, seizure or nationalization of assets, establishment of currency controls, or adverse political or social developments that affect investments. The risks of investing in foreign securities are typically greater in less developed or emerging countries.

Liquidity risk exists when particular investments are difficult to sell. If a Fund holds illiquid investments, its portfolio may be more difficult to value, especially in changing markets. Investments by a Fund in foreign securities and those that are thinly traded, such as lower quality issuers, and smaller companies tend to involve greater liquidity risk. If a Fund is forced to sell or unwind these investments to meet redemptions or for other cash needs, the Fund may suffer a penalty. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. In such cases, the Fund, due to limitations on investments in illiquid securities and the difficulty in purchasing and selling such securities, may be unable to achieve its investment objective.

Saturna Sustainable Bond Fund: The risks inherent in the Saturna Sustainable Bond Fund depend primarily on the terms and quality of the obligations in its portfolio, as well as on bond market conditions. When interest rates rise, bond prices fall. When interest rates fall, bond prices go up. Bonds with longer maturities usually are more sensitive to interest rate changes than bonds with shorter maturities. The Fund entails credit risk, which is the possibility that a bond will not be able to pay interest or principal when due. If the credit quality of a bond is perceived to decline, investors will demand a higher yield, which means a lower price on that bond to compensate for the higher level of risk.

The Fund may invest a portion of its assets in securities issued by government sponsored entities such as Fannie Mae, Freddie Mac, and the Federal Home Loan Banks in the US. Foreign governments also sponsor similar entities, which may promote activities such as low-cost housing or alternative energy. The Fund may also invest in the issues of regional, state, and local governments. The terms of such issues can be complex, and there can be no assurance that a government entity will support such enterprises that encounter financial difficulty.

Issuers of high-yield securities are generally not as strong financially as those issuing higher quality securities. These issuers are more likely to encounter financial difficulties and are more vulnerable to changes in the relevant economy that could affect their ability to make interest and principal payments as expected. High-yield bonds may have low or no ratings, and may be considered “junk bonds.”

Bond investments, especially mortgage-backed and asset-backed securities, are subject to the risk that borrowers will prepay the principal more quickly than expected (prepayment risk) or more slowly than expected (extension risk), which will affect the yield, average life, and price of the securities.

NOTE 2 – Significant Accounting Policies

The following is a summary of the significant accounting policies, in conformity with accounting principles generally accepted in the United States of America, which are consistently followed by the Funds in preparation of their financial statements.

Security valuation:

Investments in securities traded on a national securities exchange and over-the-counter securities for which sale prices are available are valued at that price. Securities for which there are no sales are valued at the latest bid price.

Debt securities are valued using bid-side valuations provided by an independent service. The service determines valuations using factors such as yields or prices of bonds of comparable quality, type of issue, coupon maturity, ratings, trading activity, and general market conditions.

22 November 30, 2021 Annual Report

Notes To Financial Statements (continued)

Fixed-income debt instruments, such as commercial paper, bankers’ acceptances, and US Treasury Bills, with a maturity of 60 days or less are valued at amortized cost, which approximates market value.

Foreign markets may close before the time as of which the Funds’ share prices are determined. Because of this, events occurring after the close and before the determination of the Funds’ share prices may have a material effect on the values of some or all of the Funds’ foreign securities. To account for this, the Funds may use outside pricing services for valuation of their non-US securities. In cases in which there is not a readily available market price, a fair value for such security is determined in good faith by or under the direction of the Board of Trustees.

Security transactions are recorded on the trade date. Realized gains and losses on sales of securities are recorded on the identified cost basis.

Foreign currency:

Investment securities and other assets and liabilities denominated in foreign currencies are translated into US dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into US dollar amounts on the respective dates of such transactions.

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the US dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

Share valuation:

The net asset value (“NAV”) per share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for each Fund, rounded to the nearest cent. The Funds’ shares are not priced or traded on days the New York Stock Exchange is closed. The NAV is the offering and redemption price per share.

Fair value measurements:

Accounting Standards Codification (ASC) 820 establishes a three-tier framework for measuring fair value based on a hierarchy of inputs. The hierarchy distinguishes between market data obtained from independent sources (observable inputs) and the Funds’ own market assumptions (unobservable inputs). These inputs are used in determining the value of the Funds’ investments and are summarized below.

Level 1 —  Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

Level 2 —  Observable inputs other than quoted prices in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3 —  Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The table on page 24 is a summary of the inputs used as of November 30, 2021, in valuing the Funds’ investments carried at fair value.

Annual Report November 30, 2021 23

Notes To Financial Statements (continued)

The following is a summary of the inputs used as of November 30, 2021, in valuing the Funds’ investments carried at value:

Funds	Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input		Total
Sustainable Equity Fund
Common Stocks
Communications		$376,740		$-		$-		$376,740
Consumer Discretionary		3,804,773		-		-		$3,804,773
Consumer Staples		2,515,233		-		-		$2,515,233
Energy		-		658,032		-		$658,032
Financials		1,333,195		263,259		-		$1,596,454
Health Care		3,067,320		-		-		$3,067,320
Industrials		1,785,269		799,245		-		$2,584,514
Materials		495,966		993,092		-		$1,489,058
Technology		6,390,586		850,225		-		$7,240,811
Total Assets		$19,769,082		$3,563,853		$-		$23,332,935
Sustainable Bond Fund
Corporate Bonds1		$-		$18,081,496		$-		$18,081,496
Government Bonds1		-		$3,765,231		-		$3,765,231
Total Assets		$-		$21,846,727		$-		$21,846,727

¹ See Schedule of Investments for industry breakout.

The following is a reconciliation of assets and liabilities for which Level 3 inputs were used in determining value.

Corporate Bonds
Beginning balance	$-
Total realized gain (loss)	$-
Change in unrealized appreciation (depreciation)	$(23,609	)
Net purchases	$600,000
Net Sales	$-
Accrued Interest	$-
Transfers into Level 3	$-
Transfers out of Level 3	$576,391
Ending Balance	$-

24 November 30, 2021 Annual Report

Notes To Financial Statements (continued)

Investment concentration:

The Funds may have deposits of cash with the custodian from time to time for one or more reasons. “Other assets (net of liabilities)” in the Funds’ Schedules of Investments primarily represents cash on deposit with the custodian. Cash on deposit will vary widely over time. Accounting Standards Codification (“ASC”) 825, “Financial Instruments,” identifies these items as a concentration of credit risk. The risk is managed by careful financial analysis and review of the custodian’s operations, resources, and protections available to the Trust. This process includes evaluation of other financial institutions providing investment company custody services.

Federal income taxes:

The Funds intend to comply with the requirements of the Internal Revenue Code necessary to qualify as a regulated investment company and to make the requisite distributions of income and capital gains to its shareowners sufficient to relieve them from all or substantially all federal income taxes. Therefore, no federal income tax provision is required.

The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Funds’ tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2017-2019) or expected to be taken in the Funds’ 2020 tax returns. The Funds identify their major tax jurisdictions as US federal and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Reclassification of capital accounts:

Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting.

As of November 30, 2021, there were no reclassifications to the capital accounts.

Distributions to shareowners:

Sustainable Bond Fund and Sustainable Equity Fund pays income dividends annually, typically by the end of the year. As a result of its investment strategy, the Saturna Sustainable Equity Fund may not pay income dividends. For both Funds, distributions of capital gains, if any, are made at least annually, and as required to comply with federal excise tax requirements. Distributions to shareowners are determined in accordance with income tax regulations and are recorded on the ex-dividend date. Dividends are paid in shares of the Funds, at the net asset value on the payable date. Shareowners may elect to take distributions if they total $10 or more in cash.

Use of estimates:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Foreign taxes:

Withholding taxes on foreign dividends are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax rules and rates and are disclosed in the Statement of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Funds record a reclaim receivable based on a number of factors, including a jurisdiction’s legal obligation to pay reclaims as well as payment history and market convention.

LIBOR Transition Risk:

The United Kingdom’s Financial Conduct Authority (FCA) announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021. However, subsequent announcements by the FCA, the LIBOR administrators, and other regulators indicate that it is possible that the most widely used LIBOR rates may continue until mid-2023. It is anticipated that LIBOR ultimately will be discontinued. Although financial regulators and industry working groups have suggested alternative reference rates, global consensus is lacking and the transition from LIBOR remains unclear. As a result, the Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging activities, or investment value. The transition process away from LIBOR might lead to increase volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose term currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

Other

Interest income is recognized on an accrual basis. Premiums on securities purchased are amortized, and discounts are accreted using the yield to maturity method over the lives of the respective securities or where applicable, to the first call date of the securities 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.

Annual Report November 30, 2021 25

Notes To Financial Statements (continued)

Recent Accounting Pronouncement:

In March 2017, the FASB issued ASU 2017-08 (“ASU 2017-08”), Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, which amends the amortization period for certain purchased callable debt securities. Under ASU 2017-08, the premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices are amortized to the earliest call date and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management has adopted the requirements, and the impact, if any, is reflected within the Funds’ financial statements. In October 2020, ASU 2017-08 was amended by Accounting Standards Update 2020-08, Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs (“ASU 2020-08”). ASU 2020-08 requires entities to reevaluate whether callable debt securities fall within the scope of ASU 2017-08 at each reporting period. ASU 2020-08 also amends the relevant guidance to require premiums to be amortized to the “next call date” rather than the “earliest call date,” and further clarifies the definition of “next call date.” ASU 2020-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of ASU 2020-08 is not permitted. Management is currently evaluating the impact of applying ASU 2020-08.

In December 2020, the Securities and Exchange Commission (“SEC”) adopted Rule 2a-5 under the 1940 Act, which establishes requirements for determining fair value in good faith for purposes of the 1940 Act, including related oversight and reporting requirements. The rule also defines when market quotations are “readily available” for purposes of the 1940 Act, the threshold for determining whether a fund must fair value a security. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating this guidance.

NOTE 3 – Transactions with Affiliated Persons

Under contracts approved annually by the Board of Trustees, including those who are not parties to the contract or “interested persons” (as defined in the Investment Company Act of 1940) of such parties or the Trust (the “Independent Trustees”), Saturna Capital Corporation (“Saturna Capital”) provides investment advisory services and certain other administrative services required to conduct Trust business. Expenses incurred by the Trust on behalf of the Funds (e.g., legal fees) are allocated to the Funds on the basis of relative daily average net assets. For such services, each of the Funds pays the adviser an Investment Advisory and Administrative Services Fee of 0.65% for the Sustainable Equity Fund and 0.55% for the Sustainable Bond Fund of average net assets per annum, payable monthly. In addition, the adviser has agreed to certain limits on other expenses, as described below.

The Adviser has voluntarily undertaken to limit expenses of the Sustainable Equity Fund to 0.75% and the Sustainable Bond Fund to 0.65% through March 31, 2022. For the fiscal year ended November 30, 2021, the advisory fees incurred were as follows:

	Adviser Fees		Adviser Fees Waived
Sustainable Equity		$146,133		$(20,812	)
Sustainable Bond		$137,267		$(48,667	)

In accordance with the expense limitation noted above, for the fiscal year ended November 30, 2021, Saturna Capital waived a portion of the advisory fees of the Sustainable Equity Fund and Sustainable Bond Fund. The adviser cannot recoup previously waived fees.

Saturna Brokerage Services, Inc. (“SBS”), a discount brokerage and subsidiary of Saturna Capital Corporation, is registered as a broker-dealer and acts as distributor. On December 19, 2014, the Funds adopted a Distribution Plan in accordance with Rule 12b-1 under the 1940 Act. On June 2, 2017, 12b-1 fees were terminated for both Saturna Sustainable Funds.

SBS is used to effect portfolio transactions for the Trust. SBS currently executes portfolio transactions without commission. Transactions effected through other brokers are subject to commissions payable to that broker.

Saturna Trust Company (“STC”), a subsidiary of Saturna Capital, acts as retirement plan custodian for Fund shareowners. Each Fund pays an annual fee of $10 per account for retirement plan services to Saturna Trust Company. For the fiscal year ended November 30, 2021, the Funds incurred the following amounts:

	Retirement plan custodial fees
Sustainable Equity		$493
Sustainable Bond		$1,422

Mrs. Jane Carten serves as a trustee and president of the Trust. She is also a director and president of Saturna Capital and vice president of Saturna Trust Company. Mrs. Carten is not compensated by the Trust. For the fiscal year ended November 30, 2021, the Trust incurred compensation expenses of $38,000 which is included in $55,586 of total expenses for the independent Trustees. The Saturna Sustainable Funds incurred $15,059 of these total expenses.

The officers of the Trust are paid by Saturna Capital, not the Trust, except the Chief Compliance Officer, who may be partially compensated by the Trust. For the fiscal year ended November 30, 2021, the Funds paid the following compensation expenses for the Chief Compliance Officer:

	Chief Compliance Officer
Sustainable Equity		$2,279
Sustainable Bond		$6,962

On November 30, 2021, the trustees, officers, and their affiliates as a group owned 33.21% and 15.32% of the outstanding shares of Sustainable Equity Fund and Sustainable Bond Fund, respectively.

26 November 30, 2021 Annual Report

Notes To Financial Statements (continued)

NOTE 4 – Distributions to Shareowners

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

	Year ended November 30, 2021		Year ended November 30, 2020
Sustainable Equity Fund
Ordinary income		$62,912		$46,186
Sustainable Bond Fund
Ordinary income		$24,312		$787,144

NOTE 5 – Federal Income Taxes

The cost basis of investments for federal income tax purposes on November 30, 2021, was as follows:

	Sustainable Equity			Sustainable Bond
Cost of investments		$16,626,405			$22,208,770
Gross tax unrealized appreciation		$7,456,055			$424,300
Gross tax unrealized depreciation		$(749,525	)		$(786,343	)
Net tax unrealized appreciation (depreciation)		$6,706,530			$(362,043	)

As of November 30, 2021, components of distributable earnings on a tax basis were as follows:

Sustainable Equity
Undistributed ordinary income	$164,526
Tax accumulated earnings	164,526
Accumulated capital losses	(332,692	)
Unrealized appreciation	6,706,530
Other unrealized gains	954
Total accumulated earnings	$6,539,318
Sustainable Bond
Undistributed net investment income	$112,879
Accumulated capital gains	486,632
Unrealized depreciation	(362,043	)
Other unrealized losses	(10,331	)
Total accumulated earnings	$227,137

On November 30, 2021, the Funds had capital loss carryforwards as follows, subject to regulation.    

	Carryforward	Expiration
Sustainable Equity Fund
Short-term loss carryforward	$332,663	Unlimited
	$332,663
	Carryforward	Expiration
Sustainable Bond Fund
Long-term loss carryforward	$-	Unlimited
	$-

NOTE 6 – Investments

Investment transactions other than short-term investments for the fiscal year ended November 30, 2021, were as follows:

	Purchases		Sales
Sustainable Equity		$7,179,991		$1,553,572
Sustainable Bond		$17,760,137		$14,714,979

NOTE 7 – Custodian

Under agreements in place with the Trust’s custodian, UMB Bank, custody fees are reduced by credits for cash balances. Such reductions for the year ended November 30, 2021, were as follows:

Custodian Fee Credits
Sustainable Equity	$2,209
Sustainable Bond	$3,531

NOTE 8 – COVID-19 Pandemic

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

NOTE 9 – Subsequent Events

The Sustainable Equity Fund and the Sustainable Bond Fund each declared a distribution to be paid on December 16, 2021, to all share owners of record on December 15, 2021, as follows:

	Dividend Income		Short-Term Capital Gain		Long-Term Capital Gain
Sustainable Equity		$0.120		$-		$-
Sustainable Bond		0.048		0.004		0.128

There were no other events or transactions during the period that materially impacted the amounts or disclosures in the Funds’ financial statements.

Annual Report November 30, 2021 27

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

Saturna Investment Trust

and the Shareholders of Saturna Sustainable Funds

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Saturna Sustainable Equity Fund and Saturna Sustainable Bond Fund, (the “Funds”), each a series of Saturna Investment Trust, including the schedules of investments, as of November 30, 2021, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of November 30, 2021, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights each of the five years then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 1997.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2021 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

Philadelphia, Pennsylvania

January 28, 2022

/s/ Tait, Weller & Baker LLP

Tait, Weller & Baker LLP

28 November 30, 2021 Annual Report

Expenses

All mutual funds have operating expenses. As a Saturna Sustainable Fund shareowner, you incur ongoing costs, including management fees and other Fund expenses such as shareowner reports (like this one). Operating expenses, which are deducted from a fund’s gross earnings, directly reduce the investment return of a fund. Mutual funds (unlike other financial investments) only report their results after deduction of operating expenses. With the Saturna Sustainable Funds, unlike many mutual funds, you do not incur sales charges (loads) on purchases, reinvested dividends, or other distributions. You do not incur redemption fees or exchange fees. You may incur fees related to extra services requested by you for your account, such as bank wires. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

Examples

The following examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2020 to November 30, 2021).

Actual Expenses

The first line for each Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you have invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid

During Period” to estimate the expenses you paid on your account during this period. The Funds may charge for extra services (such as domestic bank wires, international bank wires, or overnight courier delivery of redemption checks) rendered on request, which you may need to estimate to determine your total expenses.

Hypothetical Example For Comparison Purposes

The second line for each Fund provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio (based on the last six months) and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareowner reports of other mutual funds. You may wish to add other fees that are not included in the expenses shown in the table, such as IRA fees charged by custodians other than Saturna Trust Company (note that Saturna does not charge such fees to shareowners directly on Saturna IRAs, ESAs, or HSAs with the Saturna Sustainable Funds), and charges for extra services such as bank wires.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or exchange fees (note that the Saturna Sustainable Funds do not assess any such transactional costs). Therefore, the “Hypothetical” line of each fund is useful in comparing ongoing costs only, and may not help you determine the relative total costs of owning different funds.

	Beginning Account Value [June 1, 2021]		Ending Account Value [November 30, 2021]		Expenses Paid During Period		Annualized Expense Ratio
Sustainable Equity Fund (SEEFX), Actual		$1,000.00		$1,015.90		$3.79		0.75%
Hypothetical (5% return before expenses)		$1,000.00		$1,021.31		$3.80		0.75%
Sustainable Bond Fund (SEBFX), Actual		$1,000.00		$971.90		$3.21		0.65%
Hypothetical (5% return before expenses)		$1,000.00		$1,021.81		$3.29		0.65%

Expenses are equal to annualized expense ratios indicated above (based on the most recent fiscal period of June 1, 2021, through November 30, 2021) multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

Annual Report November 30, 2021 29

Trustees and Officers (unaudited)

Name, Address, and Age		Position(s) Held with Trust and Number of Saturna Fund Portfolios Overseen	Principal occupation(s) during past 5 years, including Directorships	Other Directorships held by Trustee
Independent Trustees
(photo omitted)	Marina E. Adshade (54) 1300 N. State Street Bellingham WA 98225	Independent Trustee (since 2017); Nine	Professor of Economics, University of British Columbia, Vancouver Author	None
(photo omitted)	Ronald H. Fielding, MA, MBA, CFA (72) 1300 N. State Street Bellingham WA 98225	Independent Trustee (since 2009); Thirteen	Director, ICI Mutual Insurance Company	Amana Mutual Funds Trust
(photo omitted)	Gary A. Goldfogel, MD (63) 1300 N. State Street Bellingham WA 98225	Chairman (since 2017); Independent Trustee (since 1995); Nine	Medical Examiner (pathologist)	None
(photo omitted)	Jim V. McKinney (60) 1300 N. State Street Bellingham WA 98225	Independent Trustee (since 2017); Nine	President/CEO, Apple Mountain LLC, consulting and development Former – US Army Foreign Area Officer - Political/Military Advisor to US Army Central; Senior Defense Official, Defense Attaché, US Embassy Slovenia	None
(photo omitted)	Sarah E.D. Rothenbuhler (53) 1300 N. State Street Bellingham WA 98225	Independent Trustee (since 2017); Nine	CEO, Birch Equipment (industrial rentals and sales)	None
Interested Trustee
(photo omitted)	Jane K. Carten, MBA (46) 1300 N. State Street Bellingham WA 98225	President, Trustee (since 2017); Nine	President and Director, Saturna Capital Corporation Vice President and Director, Saturna Trust Company President, Saturna Brokerage Services	None

30 November 30, 2021 Annual Report

Trustees and Officers (continued) (unaudited)

Name (Age) and Address		Position(s) held with Trust and Number of Saturna Fund Portfolios Overseen	Principal occupation(s) during past 5 years, including Directorships	Other Directorships held by Trustee
Officers Who Are Not Trustees
(photo omitted)	Bryce R. Fegley (46) 1300 N. State Street Bellingham, WA 98225	Vice President (since 2020); N/A	Portfolio Manager and Senior Investment Analyst, Saturna Capital	N/A
(photo omitted)	Christopher R. Fankhauser (49) 1300 N. State Street Bellingham, WA 98225	Treasurer1 (since 2002); N/A	Chief Operations Officer, Saturna Capital Corporation Vice President and Chief Operations Officer, Saturna Brokerage Services Director, Vice President, and Chief Operations Officer, Saturna Trust Company	N/A
(photo omitted)	Michael E. Lewis (60) 1300 N. State Street Bellingham, WA 98225	Chief Compliance Officer1 (since 2012); N/A	Chief Compliance Officer, Saturna Capital, Saturna Trust Company, and Affiliated Funds	N/A
(photo omitted)	Jacob A. Stewart (41) 1300 N. State Street Bellingham, WA 98225	Anti-Money Laundering Officer1 (since 2015); N/A	Anti-Money Laundering Officer, Saturna Capital Corporation, Saturna Brokerage Services Chief Compliance Officer, Saturna Brokerage Services Bank Secrecy Act Officer, Saturna Trust Company	N/A

Term of Office: each Trustee serves for the lifetime of the Trust or until they die, resign, are removed, or not re-elected by the shareowners. Each officer serves a one-year term subject to annual reappointment by the Trustees.

The Trust’s Statement of Additional Information, available without charge upon request by calling Saturna Capital at 1-800-728-8762 and on the Funds’ website, www.saturnasustainable.com, includes additional information about the Trustees.

On November 30, 2021, the trustees, officers, and their affiliates as a group owned 33.21% and 15.32% of the outstanding shares of Sustainable Equity and Sustainable Bond Funds, respectively.

During the year ended November 30, 2021, the Independent Trustees were each paid by the Trust: (1) $2,000 annual retainer plus $1,000 per board meeting attended (in person or by phone), plus reimbursement of travel expenses; (2) $250 for committee meetings; and (3) $250 per quarter for serving as chairman of the board or any committee.

Mrs. Carten is an Interested Trustee by reason of her positions with the Trust’s adviser (Saturna Capital Corporation) and underwriter (Saturna Brokerage Services), and is the primary manager of the Saturna Sustainable Equity Fund portfolio. She is paid by Saturna Capital a salary, plus a bonus for each month the Saturna Sustainable Equity Fund portfolio earns a 4 or 5 star rating from Morningstar (see www.saturna.com). The officers are paid by Saturna Capital and not the Trust. As of November 30, 2021, all Saturna Capital employees listed above as officers owned shares in one or more of the Saturna Investment Trust funds, with Mrs. Carten owning (directly or indirectly) over $1.68 million.

¹ Holds the same position with Amana Mutual Funds Trust

Annual Report November 30, 2021 31

Renewal of Investment Advisory Contract (unaudited)

During their meeting of September 14, 2021, the Trustees of Saturna Investment Trust, including the Independent Trustees, discussed the continuance of the Investment Advisory and Administrative Services Agreement (“Agreement”) between the Trust, on behalf of each Fund, and Saturna Capital. In considering the renewal of the Agreement, the Board, including the Independent Trustees, considered the factors it deemed relevant, including the nature, quality and extent of services provided, the performance of each Fund, expenses and fees, the profitability of Saturna, the potential for economies of scale that may be shared with each Fund and its shareholders as each Fund’s assets grow, and any other benefits derived by Saturna from its relationship with the Funds. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the decision to approve the agreements, and each Trustee may have given different weights to different factors, and, thus, each Trustee may have had a different basis for his or her decision.

The Trustees considered Saturna Capital’s specific responsibilities in all aspects of day-to-day management of the Funds as well as the qualifications, experience and responsibilities of the Funds’ portfolio managers and other key personnel at Saturna Capital. The Trustees discussed Saturna Capital’s experience, ability, and commitment to quality service through performing internally such functions as shareowner servicing, administration, accounting, marketing, and distribution — all in addition to investment management. The Trustees took into consideration Saturna Capital’s continued avoidance of significant operational and compliance problems, plus its continued investments in infrastructure, information management systems, personnel, training, compliance, and investor education materials, all designed to provide high quality investor services and meet investor needs. They recognized Saturna Capital’s efforts to recruit and retain qualified and experienced staff and improve the capital base on which Saturna Capital operates, which the Trustees believe is important to the long-term success of the Funds. They considered Saturna Capital’s focus on investors and its efforts to avoid potential conflicts of interest.

The Trustees considered the investment performance of each Fund. The Trustees considered each Fund’s average annual total returns relative to its benchmark for the one-, three- and five-year periods ended July 31, 2021, noting that the Sustainable Equity Fund outperformed its benchmark for the three- and five-year periods and underperformed its benchmark for the one-year period. The Trustees noted that the Sustainable Bond Fund outperformed its benchmark for the one- and five-year periods and underperformed its benchmark for the three-year period. The Trustees considered comparative performance information from Morningstar and Lipper, which provide independent analysis of mutual fund data and, among other things, rank mutual fund performance within categories comprised of similarly managed funds. The Trustees considered and discussed each Fund’s performance relative to the Fund’s Morningstar category for the one-, three-and five-year periods ended July 31, 2021, noting that the Sustainable Equity Fund had outperformed its Morningstar category average for the three- and five-year periods, and underperformed the category average for the one-year period, while the Sustainable Bond Fund had outperformed its Morningstar category average for the one- and five-year periods and underperformed the category average for the three-year period. The Trustees also considered each Fund’s Morningstar performance ranking (one through five stars), and the Fund’s performance ranking relative to the Fund’s category selected by Lipper the one-, three- and five-year periods ended July 31, 2021. The Trustees also noted the high sustainability ratings assigned to the Funds by Morningstar.

The Trustees noted the generally risk-averse investment style of the Funds and other factors which can affect each Fund’s performance relative to its broader Morningstar category. The Trustees also noted certain differences between each Fund and the peer funds within its Morningstar category, including differences in investment strategies and asset size. The Trustees found that Saturna Capital continued to manage each Fund in a manner that is designed to be risk-averse and attractive to long-term investors. The Trustees discussed and considered the efforts of Saturna Capital to make additional resources available to assist in managing the Funds. The Trustees also considered Saturna Capital’s focus on improving investment performance without incurring materially higher levels of risk.

The Trustees also considered the performance and expenses of each Fund as compared to a smaller group of funds with similar investment objectives and strategies, including socially responsible funds, and a range of asset sizes. The Trustees considered these comparative performance and expense data, along with the comparative data published by Morningstar and each Fund’s performance relative to its benchmark, to evaluate the Fund’s performance over near-term and medium-term time periods.

The Trustees also reviewed the fees and expenses of each Fund, including comparative data on fees and expenses published by Morningstar, and considered the components of the Fund’s operating expenses. The Trustees noted the steps that Saturna Capital has undertaken to maintain competitive levels of Fund operating expenses. They noted the significant sponsorship of the Funds by Saturna Capital evidenced, in part, by certain fees and expenses paid by Saturna Capital out of its own resources. The Trustees recognized Saturna Capital’s efforts help make the Funds more widely available and less expensive than would otherwise be the case without Saturna Capital’s efforts.

The Trustees recognized that each Fund remains relatively small and there have not been opportunities to consider economies of scale. The Trustees noted Saturna Capital’s commitment to continue operating the Funds and the costs undertaken by Saturna Capital.

32 November 30, 2021 Annual Report

Renewal of Investment Advisory Contract (continued) (unaudited)

The Trustees reviewed Saturna Capital’s financial information and discussed the issue of Saturna Capital’s profitability, or lack thereof, as related to management and administration of the Trust. They discussed the reasonableness of Saturna Capital’s profitability as part of their evaluation of whether each Fund’s advisory fees bear a reasonable relationship to the mix of services provided by Saturna Capital, including the nature, extent, and quality of such services.

The Trustees considered and compared the fees charged by Saturna Capital to other types of accounts, including non-mutual fund advisory clients. The Trustees noted the differences between the full range of services Saturna Capital provides to the Funds, including investment advisory and administrative services, transfer agency services, and other services, as compared to the investment advisory services provided to the other advisory accounts.

The Trustees considered potential benefits to Saturna Capital’s other business lines from acting as investment adviser to the Funds, but also recognized that Saturna Capital’s other business lines also potentially benefit the Funds. The Trustees also noted that there were not soft dollar arrangements with respect to trading in the Funds’ portfolios. The Trustees considered whether there are other potential benefits to Saturna Capital in continuing to manage the Funds and the Trustees found that there were no material benefits other than Saturna Capital’s receipt of advisory fees. The Trustees also noted with respect to the Sustainable Equity Fund that Saturna Brokerage Services voluntarily waives brokerage commissions for executing Fund portfolio transactions, resulting in lower transaction costs.

The Trustees concluded based on their business judgment that the fees paid by each Fund to Saturna Capital were, from an arm’slength bargaining perspective, reasonable and in the best interest of the Fund and its shareowners in light of the services provided, comparative performance, expense and advisory fee information, costs of services provided, profits to be realized, and benefits derived or to be derived by Saturna Capital from its relationship with the Fund. Following this discussion, the Trustees, including the Independent Trustees, unanimously agreed to renew each Fund’s Agreement with Saturna Capital.

Annual Report November 30, 2021 33

Saturna Sustainable Bond Fund:

Discussion of Fund Performance (unaudited)

(continued from page 15)

a 4.50% exposure to the euro, underweight the 30.42% exposure in the Index. The Fund had an overweight to the Canadian dollar, with an exposure of 7.42% relative to the 0.86% position held in the Index. The euro depreciated 4.94% relative to the US dollar over the year, allowing the underweight to contribute to positive relative performance. On the other hand, the overweight to the Canadian dollar benefited the fund, with the currency appreciating 1.80% relative to the US dollar.

Looking Forward

At the end of 2021, governments around the world began the process of reversing accommodative measures to curb inflationary pressures. For example, the Fed announced its intentions to reverse its balance sheet expansion and to raise interest rates over the upcoming year. The Bank of Canada announced similar measures to wind down its quantitative easing program, while the Bank of England (BoE) raised their benchmark interest rates by 15-bps to 0.25% on December 16, 2021. This marked the first rise in its benchmark rates by the Bank’s Monetary Policy Committee (MPC) in three years and the first upward policy rate change among its G7 members.

The reversal of these accommodative measures has caused a tightening of financial conditions, introducing headwinds not seen in years. It’s likely that investment assets will experience volatility, as interest rates have been rising in response to the various central bank announcements. There could be continued upward pressure on yields and the Treasury curve throughout the year. Additionally, inflation will likely continue. We are defensively positioning the portfolio to withstand anticipated yield curve changes, currency movements, and inflationary pressures. Our goal has always been to choose good companies and invest through cycles. Our robust security selection process, which emphasizes governance, resiliency, and sustainability, is constantly evolving with the unfolding events. We continue to be well positioned to evaluate both the risks and opportunities that remain obscured below the surface.

Footnotes to Discussion of Fund Performance

Saturna Sustainable Equity Fund:

¹ Atz, Ulrich. ESG and Financial Performance. NYU Stern Center for Sustainable Business, February 10, 2021. https://www.stern.nyu.edu/experience-stern/about/departments-centers-initiatives/centers-of-research/center-sustain-able-business/research/research-initiatives/esg-and-financial-performance

² Ibid.

Saturna Sustainable Bond Fund:

¹ Aratani, Lauren. US inflation rate rose to 6.8% in 2021, its highest since 1982. The Guardian, December 10, 2021. https://www.theguardian.com/business/2021/dec/10/us-inflation-rate-rise-2021-highest-increase-since-1982

² Press Release: Annual inflation up to 4.9% in the euro area. Eurostat, December 17, 2021. https://ec.europa.eu/eurostat/documents/2995521/0/2-17122021-AP-EN.pdf/ebf0659e-db3c-fc20-9faa-e74964b1827d

³ Clinch, Matt. Euro zone inflation rises to 4.1% for October, hitting a new 13-year high. CNBC, October 29, 2021. https://www.cnbc.com/2021/10/29/euro-zone-inflation-rises-to-4point1percent-for-october-hitting-a-new-13-year-high.html

34 November 30, 2021 Annual Report

Availability of Portfolio Information

(1) The Saturna Sustainable Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Previously, this information was filed on Form N-Q.

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

(3) The Funds make a complete schedule of portfolio holdings after the end of each month available to investors at www.saturnasustainable.com.

Availability of Proxy Voting Information

(1) A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (a) without charge, upon request, by calling Saturna Capital at 1-800-728-8762; (b) on the Funds’ website at www.saturnasustainable.com; and (c) on the SEC’s website at www.sec.gov.

(2) Information regarding how each Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (a) without charge, upon request, by calling Saturna Capital at 1-800-728-8762; (b) on the Funds’ website at www.saturnasustainable.com; and (c) on the SEC’s website at www.sec.gov.

Householding Policy

To reduce expenses, we may mail only one copy of the Funds’ prospectus, each annual and semi-annual report, and proxy statements when necessary, to those addresses shared by two or more accounts. If you wish to receive individual and/or more copies of these documents, please call us at 1-800-728-8762 or write to us at Saturna Capital/Saturna Sustainable Funds, P.O. Box N, Bellingham, WA 98227. We will begin sending you individual copies 30 days after receiving your request.

If you are currently receiving multiple copies and wish to receive only one copy, please call us at 1-800-728-8762 or write to us at Saturna Capital/Saturna Sustainable Funds, P.O. Box N, Bellingham, WA 98227. We will begin sending you a single copy with subsequent report mailings.

Privacy Statement

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.

Annual Report November 30, 2021 35

Performance Summary (as of December 31, 2021) (unaudited)

Average Annual Returns (before any taxes paid by shareowners)
	1 Year	3 Year	5 Year	10 Year	15 Year	Expense Ratio
Idaho Tax-Exempt Fund	0.31%	3.32%	2.94%	2.47%	3.13%	0.72%1
S&P Idaho Municipal Bond Index	2.22%	4.64%	4.03%	4.13%	4.45%	n/a
“Muni Single State Intermediate” Category Average2	0.63%	3.44%	2.92%	2.69%	3.14%	0.93%

Performance data quoted in this report represents past performance, is before any taxes payable by shareowners, and is no guarantee of future results. Current performance may be higher or lower than that stated herein. Performance current to the most recent month-end is available by calling toll-free 1-800-728-8762 or visiting www.idahotaxexemptfund.com. Average annual total returns are historical and include change in share value as well as reinvestment of dividends and capital gains, if any. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Please consider an investment’s objectives, risks, charges, and expenses carefully before investing. To obtain this and other important information about the Idaho Tax-Exempt Fund in a prospectus or summary prospectus, ask your financial adviser, visit www.idahotaxexemptfund.com, or call toll-free 1-800-728-8762. Please read the prospectus or summary prospectus carefully before investing.

A note about risk: See Notes to Financial Statements for a discussion of investment risks. For a more detailed discussion of the risks associated with the Fund, please see the Fund’s prospectus or summary prospectus.

¹ By regulation, the expense ratio shown in this table is as stated in the Fund’s most recent prospectus, which is dated March 30, 2021, and incorporates results for the fiscal year ended November 30, 2020. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different fiscal periods.

² Source: Morningstar December 31, 2021. Morningstar, Inc. is an independent fund performance monitor. Category returns are determined monthly from total returns by Morningstar, by category as determined by Morningstar. Category average expense ratios are determined by Morningstar from prospectus level data reported by funds in the category.

On the cover: Winter corral and cabin, Sawtooth Mountains.

2 November 30, 2021 Annual Report

(unaudited)

Fellow Shareowners: January 18, 2022

The state of Idaho expects to end the current fiscal year with another record surplus of $1.6 billion.¹ The carryover of last year’s $800 million surplus combined with higher revenues contributed to the increase, demonstrating the state’s strong fiscal discipline. Over the past year individual income taxes, sales taxes, and corporate income taxes have all come in ahead of forecasts. Sales tax collections are up over $100 million compared to a year ago.

The exact allocation of the surplus funds hasn’t been determined and will likely be decided in the forthcoming legislative session. However, the latest plan put forth by Governor Brad Little focuses on investing in education, tax relief, and transportation. Idaho’s willingness to maintain a balanced budget and take swift action to keep that balance will likely be a driver of good performance into the future.

Idaho continues to benefit from favorable demographic trends. The latest Census data show that Idaho’s population grew by 16.5% with the largest net migration of any state in the country from 2010-2020.² More recently it was also the number one place to move in 2020 based on the United Vans Lines National Mover Study with the number of people moving from California to Idaho last year up 27%.³ Idaho also had the third-fastest growth in personal income since the pandemic began, with a growth rate of 5.6% from Q4 2019 to Q2 2021, well above the US average of 4.1%.⁴ Jobs have been added at rate largely outpacing most other states, rising over 120% since pre-pandemic levels. As of the last data in July 2021, the state was one of only two that had employment that exceeded pre-pandemic levels.

Municipal bonds performed well over the past year relative to other fixed-income asset classes, due in part to strong flows into municipal funds driving a supply/demand imbalance. The Bloomberg US Aggregate Bond Index fell -1.15%, while the Bloomberg Municipal Bond Index rose 1.97%. The Idaho Tax-Exempt Fund specifically saw a positive return for the fiscal year ending November 30, 2021, of 0.51%. The Fund is positioned defensively with a shorter average maturity of 10.19 years relative to the benchmark S&P Municipal Idaho Index at 13.33 years. We have also focused on higher grade securities holding 97.6% of the Fund (excluding cash) in bonds rated “A” or higher. While the defensive positioning resulted in a lower return vs the Index, we anticipate additional volatility over the next year and are well-positioned to take advantage of market opportunities.

As of November 2021, annualized inflation in the US had risen to 6.8%, the highest it’s been since 1982.⁵ The shape of the Treasury curve shifted dramatically over the course of the year, with the 5-year and 7-year parts of the curve shifting up over 75 basis points. The end of 2021 marked an important period as governments around the world began separately to embark upon the process of reversing accommodative measures to curb inflationary pressures. For example, the US Federal Reserve announced its intention to reverse its balance sheet expansion and raise interest rates over the upcoming year.

Continued on next page.

Annual Report November 30, 2021 3

(unaudited)

The reversal of accommodative measures and subsequent inflationary pressures are likely to increase volatility. We expect continued upward pressure on yields and the Treasury curve throughout the year. Inflation will likely continue as well. We are defensively positioning the portfolio to withstand these anticipated economic trends. We have been focusing on credit research and surveillance, paying special attention to financial liquidity and flexibility. Our goal has always been to choose good investments and invest through cycles. Our robust security selection process which emphasizes governance, resiliency, and revenue diversity is constantly evolving.

Historically, municipal bonds tend to do well during recessions. Even with two negative episodes in 1981 and 2008, each of those times poor performance was followed by a solid rebound in tax-exempt securities. Municipal securities also tend to do well during Fed tightening cycles, with muni ratios declining as a percent of Treasurys during the past several tightening cycles. However, we continue to be vigilant for potential challenges spurred by inflationary pressures. Our security review and surveillance process emphasizes selecting issues with strong balance sheets and financial flexibility. The challenges faced from Covid-19 crisis highlight the merits of conservative fiscal management. Idaho continues to offer discriminating investors the opportunity to invest in high quality tax-exempt securities in an exceptionally creditworthy state.

Respectfully,

(photo omitted)

Jane Carten MBA,

President

(photo omitted)

Elizabeth Alm CFA^®,

Portfolio Manager

¹ Corbin, Clark. Idaho projecting another record budget surplus. Idaho Capital Sun, January 5, 2022. https://www.mtexpress.com/news/state_regional/idaho-projecting-another-record-budget-surplus/article_ca62e8d6-6d17-11ec-808e-337d53ad7e46.html

² 2020 Evaluation Estimates. United States Census Bureau, October 8, 2021. https://www.census.gov/programs-surveys/popest/technical-documentation/research/evaluation-estimates.html

³ Webster, Keeley. Idaho, Utah top other states in post-pandemic job growth, Fitch says. The Bond Buyer, September 13, 2021. https://www.bondbuyer.com/news/idaho-utah-top-other-states-in-post-pandemic-job-growth-fitch-says

⁴ Rosewicz, Barb; Maciag, Mike; Fleming, Joe. State Personal Income Up From Pre-Pandemic Levels, Despite Less Aid. The Pew Charitable Trusts, December 22, 2021. https:// www.pewtrusts.org/en/research-and-analysis/data-visualizations/2014/fiscal-50#ind8

⁵ Aratani, Lauren. US inflation rose to 6.8% in 2021, its highest since 1982. The Guardian, December 10, 2021. https://www.theguardian.com/business/2021/dec/10/us-inflation-rate-rise-2021-highest-increase-since-1982

4 November 30, 2021 Annual Report

Performance Summary (unaudited)

Average Annual Returns (as of November 30, 2021)
	1 Year		5 Year		10 Year		Expense  Ratio1
Idaho Tax-Exempt Fund		0.51%		3.15%		2.61%		0.72%
S&P Idaho Municipal Bond Index		2.61%		4.18%		4.28%		n/a

Growth of $10,000

Comparison of any mutual fund to a market index must be made bearing in mind that the Index is unmanaged and expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on November 30, 2011, to an identical amount invested in the Standard & Poor’s Idaho Municipal Bond Index, a broad-based index of Idaho municipal bond prices. The graph shows that an investment in the Fund would have risen to $12,944 versus $15,210 in the S&P Idaho Municipal Bond Index.

Past performance does not guarantee future results. The “Growth of $10,000” graph and “Average Annual Returns” performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares.

¹ By regulation, the expense ratio for the Fund shown in this table is as stated in the Fund’s most recent prospectus, which is dated March 30, 2021, and incorporates results for the fiscal year ended November 30, 2020. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different fiscal periods.

Fund Objective

Idaho Tax-Exempt Fund seeks to provide income free from federal income, federal alternative minimum, and Idaho state income taxes. Preservation of capital is a secondary objective.

Portfolio Diversification
% of Total Net Assets
General Obligations	41.1%	∎
State Education	16.3%	∎
Real Estate	9.7%	∎
Municipal Leases	8.5%	∎
Financial Services	3.6%	∎
Water Supply	3.4%	∎
Government Bonds	3.1%	∎
Pollution Control	2.2%	∎
Medical/Hospitals	2.2%	∎
Health Care Facilities	2.1%	∎
Educational Services	0.6%	∎
Other assets (net of liabilites)	7.2%	∎

Top 10 Holdings
% of Total Net Assets
Teton Co, ID SCD #401 Driggs (4.00% due 09/15/2035)	3.9%
Canyon Co ID SCD #134 Middleton (4.00% due 09/15/2028)	3.0%
University of Idaho Revenue (5.00% due 04/01/2032)	2.9%
Idaho State Building Authority (5.00% due 09/01/2032)	2.8%
Nez Perce CO ISD #1 Lewiston (5.00% due 09/15/2029)	2.7%
Idaho Fish & Wildlife Foundation Rev (5.00% due 12/01/2033)	2.6%
Ada & Canyon Cos ID JSD #2 Meridian (5.00% due 08/15/2032)	2.5%
Fremont Cnty ID Annual Approp COPS (4.00% due 09/01/2031)	2.3%
Idaho St Bond Bank Auth Rev (4.00% due 09/15/2032)	2.2%
Twin Falls Co ID SCD #411 Series A (4.25% due 09/15/2030)	2.2%

Annual Report November 30, 2021 5

Discussion of Fund Performance (unaudited)

For the 12 months ended November 30, 2021, Idaho Tax-Exempt Fund returned 0.51%, versus the S&P Idaho Municipal Index which returned 2.61%. For the five years ended November 30, 2021, the Fund provided an annualized total return of 3.15%, compared to the 4.18% annualized return for the Index. The Fund’s net operating expense ratio was reduced to 0.67%. For the year, the Fund’s net assets fell 0.61% to $14.89 million. The Fund’s net asset value per share fell from $5.65 to $5.58.

Factors Affecting Past Performance

2021 was a year of reclamation and began a process of repair toward normalization following the onset of the coronavirus nearly 18-months ago. The pandemic has exacted an enormous adverse impact on human health and the world’s economies, and the effects are still rippling across the globe. Inflationary pressures not seen in years took center stage during the last fiscal year, sown by accommodative measures from the Federal Reserve, aggressive fiscal policies, and on-going supply disruptions. As of November 2021, annualized inflation in the US has risen to 6.8%, the highest it’s been since 1982.¹ The shape of the Treasury curve shifted dramatically over the course of the year, with the 5-year and 7-year parts of the curve shifting up over 75 basis points.

Despite this upward shift, municipal bonds generally performed well relative to other fixed income securities. The Bloomberg US Aggregate Bond Index fell -1.15%, while the Bloomberg Municipal Bond Index rose 1.97%. While investment-grade municipals saw positive returns, high-yield municipal bonds saw even better returns last year, with the Bloomberg Municipal High Yield Index returning 9.50%. One of reasons for outperformance were record flows into municipals driving a supply/demand imbalance. As of the end of November, muni mutual funds saw their 38th consecutive week of positive cash flow.²

Longer dated maturities saw better returns versus shorter maturities, and lower rated municipal bonds outperformed higher quality bonds. The Fund has been defensively positioned to minimize volatility and had a modified duration of 5.85 years with a weighted average maturity of 10.19 years. As of November 30, 2021, the S&P Idaho Municipal Bond Index had a modified duration of 5.06 years and a weighted average maturity of 13.33 years. The longer maturities in the Index contributed to the better performance relative to the Fund.

The Fund focused on strong, higher-grade credits expected to perform well through cycles. Excluding cash, 97.6% of the Fund is invested in securities rated “A” or better. The Fund ended the year with 7.2% in cash. This cash holding contributed to the performance differential relative to the benchmark but will also allow the Fund to exploit forthcoming opportunities.

Looking Forward

The end of 2021 marked an important period as governments around the world began to separately embark upon the process of reversing accommodative measures to curb inflationary pressures. For example, the US Federal Reserve announced its intention to reverse its balance sheet expansion and raise interest rates over the upcoming year.

The reversal of accommodative measures and subsequent inflationary pressures are likely to increase volatility. We expect continued upward pressure on yields and the Treasury curve throughout the year. Inflation will likely continue as well. We are defensively positioning the portfolio to withstand these anticipated economic trends. We have been focusing on credit research and surveillance, paying special attention to financial liquidity and flexibility. Our goal has always been to choose good investments and invest through cycles. Our robust security selection process which emphasizes governance, resiliency, and revenue diversity is constantly evolving.

For those seeking a conservative investment vehicle, the Idaho Tax-Exempt Fund offers a portfolio of high-grade issues intended to provide income exempt from federal income, federal alternative minimum, and Idaho state income taxes. The Fund may purchase carefully vetted, nonrated Idaho bonds. Idaho Tax-Exempt Fund chooses not to invest in US territories such as Puerto Rico, Guam, and the US Virgin Islands to boost income at the expense of creditworthiness. The Fund does not employ derivatives or other financial engineering tools to modify risk and return.

¹ Aratani, Lauren. US inflation rose to 6.8% in 2021, its highest since 1982. The Guardian, December 10, 2021. https://www.theguardian.com/business/2021/dec/10/us-inflation-rate-rise-2021-highest-increase-since-1982

² Funke, Lynn; Siegel, Larry. Munis Steady while Omicron roils other markets. The Bond Buyer, December 1, 2021. https://www.bondbuyer.com/news/munis-steady-while-omicron-roils-other-markets

6 November 30, 2021 Annual Report

Schedule of Investments						As of November 30, 2021
Tax-Exempt Municipal Bonds – 92.8%	Coupon / Maturity	Face Amount		Market Value		Percentage of Net Assets
Educational Services
Boise City ID Indep Sch Dist	5.00% due 08/01/2032		$65,000		$82,547		0.6%
					82,547		0.6%
Financial Services
Idaho Housing & Finance Rev	3.00% due 07/01/2036		100,000		100,210		0.7%
Idaho St Bond Bank Auth Rev	4.00% due 09/15/2032		95,000		102,713		0.7%
Idaho St Bond Bank Auth Rev	4.00% due 09/15/2032		310,000		332,728		2.2%
					535,651		3.6%
General Obligation
Ada & Canyon Cos ID JSD #2 Meridian	5.00% due 08/15/2032		325,000		379,081		2.5%
Ada & Canyon Cos ID JSD #3 Kuna	4.00% due 09/15/2027		100,000		117,757		0.8%
Boise City ID Independent SD	3.00% due 08/01/2038		100,000		104,096		0.7%
Bonneville & Bingham Cos JSD #93	5.00% due 09/15/2031		200,000		207,582		1.4%
Bonneville & Bingham Cos JSD #93	5.00% due 09/15/2029		250,000		259,478		1.7%
Bonneville Co ID SCD #91	4.00% due 09/15/2026		15,000		15,442		0.1%
Bonneville Co ID SCD #91	4.00% due 09/15/2026		35,000		35,983		0.3%
Bonneville Co ID SCD #91	3.75% due 09/15/2032		285,000		292,962		2.0%
Canyon Co ID SCD #134 Middleton	4.00% due 09/15/2028		400,000		449,907		3.0%
Canyon Co ID SCD #135 Notus	3.25% due 09/15/2031		290,000		313,086		2.1%
Canyon Co ID SCD #135 Notus	3.25% due 09/15/2032		170,000		183,004		1.2%
Canyon Co ID SCD #139 Vallivue	5.00% due 09/15/2024		260,000		269,663		1.8%
Caribou Franklin Bannock JSD #148	3.25% due 09/15/2035		300,000		330,765		2.2%
Cassia Oneida Twin Falls JSD #151	3.375% due 09/15/2034		160,000		168,698		1.1%
College of Western ID Annual Approp	4.00% due 10/01/2027		125,000		146,003		1.0%
Kootenai Co ID SCD # 271 UNREF	4.00% due 09/15/2025		125,000		128,651		0.9%
Kootenai Co ID SCD #271 PREREF	4.00% due 09/15/2025		40,000		41,164		0.3%
Kootenai Co ID SCD #273	4.00% due 08/15/2031		265,000		296,730		2.0%
Latah Co ID SCD #281 Moscow Ser B	4.00% due 08/15/2027		100,000		106,128		0.7%
Latah Co ID SCD #281 Moscow Ser B	4.00% due 08/15/2028		200,000		212,221		1.4%
Madison Co ID Sch Dist #321 Rexburg	5.00% due 09/15/2034		25,000		30,847		0.2%
Madison Co. Id. SDC #321	5.00% due 09/15/2035		250,000		308,160		2.1%
Owyhee & Canyon Co. # 363 Marsing	4.00% due 09/15/2035		150,000		172,515		1.2%
Teton Co, ID SCD #401 Driggs	4.00% due 09/15/2035		500,000		582,918		3.9%
Twin Falls Co ID SCD #411 Series A	4.00% due 09/15/2027		170,000		187,008		1.3%
Twin Falls Co ID SCD #411 Series A	4.25% due 09/15/2030		300,000		332,090		2.2%
Twin Falls Co ID SCD #411 Series B	4.75% due 09/15/2039		200,000		224,162		1.5%
Valley & Adams Cos ID JSD #421	3.00% due 08/01/2026		220,000		224,105		1.5%
					6,120,206		41.1%
Government Bonds
Idaho St Bldg Auth Health & Welfare	5.00% due 09/01/2043		25,000		30,835		0.2%
Idaho St Health Facs Auth	4.00% due 09/01/2045		265,000		311,308		2.1%
Idaho St Hsg & Fin Assn	5.00% due 07/15/2037		100,000		125,909		0.8%
					468,052		3.1%
Health Care Facilities
Idaho Health Faci Auth Hos Rev	5.00% due 12/01/2047		260,000		316,140		2.1%
					316,140		2.1%

Continued on next page.

The accompanying notes are an integral part of these financial statements. Annual Report November 30, 2021 7

Schedule of Investments						As of November 30, 2021
Tax-Exempt Municipal Bonds – 92.8%	Coupon / Maturity	Face Amount		Market Value		Percentage of Net Assets
Medical/Hospitals
Idaho Health Rev Trinity Health Grp	3.25% due 12/01/2028		$300,000		$321,879		2.2%
					321,879		2.2%
Municipal Leases
Fremont Cnty ID Annual Approp COPS	4.00% due 09/01/2031		280,000		341,960		2.3%
Fremont Cnty ID Annual Approp COPS	4.00% due 09/01/2036		210,000		250,668		1.7%
Idaho Falls ID COPs	4.00% due 09/15/2028		260,000		307,187		2.1%
Idaho Falls ID COPS	4.00% due 09/15/2038		150,000		178,355		1.2%
Idaho St HLTH FACS ADA CNTY	4.00% due 09/01/2040		155,000		184,180		1.2%
					1,262,350		8.5%
Pollution Control
Idaho Bond Bank Authority	4.30% due 09/01/2022		20,000		20,067		0.1%
Idaho Bond Bank Authority	4.00% due 09/15/2032		130,000		151,307		1.0%
Idaho Bond Bank Authority	4.00% due 09/15/2033		135,000		156,921		1.1%
					328,295		2.2%
Real Estate
Idaho Fish & Wildlife Foundation Rev	5.00% due 12/01/2033		320,000		392,292		2.6%
Idaho Fish & Wildlife Foundation Rev	4.00% due 12/01/2036		200,000		235,532		1.6%
Idaho St HSG & FIN	2.25% due 07/01/2031		200,000		201,108		1.3%
Idaho State Building Authority	5.00% due 09/01/2031		200,000		207,208		1.4%
Idaho State Building Authority	5.00% due 09/01/2032		400,000		414,415		2.8%
					1,450,555		9.7%
State Education
Ada & Canyon ID SCH #3 Kuna	5.00% due 09/15/2030		25,000		30,355		0.2%
Boise State University ID Revenue	5.00% due 04/01/2028		125,000		142,178		0.9%
Boise State University ID Revenue	5.00% due 04/01/2032		160,000		187,758		1.3%
Idaho State University Revenue	4.00% due 04/01/2027		170,000		192,333		1.3%
Idaho State University Revenue	4.00% due 04/01/2030		245,000		274,711		1.8%
Idaho State University Revenue	3.00% due 04/01/2031		250,000		260,981		1.8%
Jefferson & Madison Cos. ID SCD#251	5.00% due 09/15/2028		100,000		126,882		0.9%
Jefferson & Madison ID SCD #251	5.00% due 09/15/2032		25,000		31,493		0.2%
Nez Perce CO ISD #1 Lewiston	5.00% due 09/15/2029		330,000		401,305		2.7%
North Idaho College Dormitory Rev	4.00% due 11/01/2030		285,000		315,344		2.1%
University of Idaho Revenue	5.00% due 04/01/2032		30,000		30,471		0.2%
University of Idaho Revenue	5.00% due 04/01/2032		425,000		431,036		2.9%
					2,424,847		16.3%
Water Supply
Payette Lakes Rec Wtr & Swr Rev	4.00% due 08/01/2032		195,000		221,476		1.5%
Payette Lakes Rec Wtr & Swr Rev	4.00% due 08/01/2034		255,000		288,932		1.9%
					510,408		3.4%
Total investments	(Cost $13,164,540)				$13,820,930		92.8%
Other assets (net of liabilities)					1,066,946		7.2%
Total net assets					$14,887,876		100.0%

8 November 30, 2021 Annual Report The accompanying notes are an integral part of these financial statements.

Bond Quality Diversification			(unaudited)
% of Total Net Assets
AAA	31.1%	∎
AA+	17.0%	∎
AA	12.4%	∎
AA-	11.8%	∎
A+	13.4%	∎
A	5.8%	∎
Not Rated	1.3%	∎
Other Assets (net of liabilities)	7.2%	∎
Credit ratings are the lesser of S&P Global Ratings or Moody’s Investors Service. If neither S&P nor Moody’s rate a particular security, that security is categorized as not rated (except for US Treasury securities and securities issued or backed by US agencies which inherit the credit rating for the US government). Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). Ratings apply to the creditworthiness of the issuers of the underlying securities and not the Fund or its shares. Ratings may be subject to change.

The accompanying notes are an integral part of these financial statements. Annual Report November 30, 2021 9

Statement of Assets and Liabilities

As of November 30, 2021
Assets
Investments in securities, at value (Cost $13,164,540)	$13,820,930
Cash	958,604
Interest receivable	129,172
Prepaid expenses	1,359
Other assets	800
Total assets	14,910,865
Liabilities
Accrued advisory fees	6,088
Accrued audit expenses	5,186
Distributions payable	2,770
Payable for Fund shares redeemed	2,446
Accrued legal expenses	1,775
Accrued trustee expenses	1,295
Accrued Chief Compliance Officer expenses	1,284
Accrued printing fees	943
Accrued other operating expenses	617
Accrued postage fee	479
Accrued retirement plan custody fee	106
Total liabilities	22,989
Net assets	$14,887,876
Analysis of net assets
Paid-in capital (unlimited shares authorized, without par value)	$14,287,899
Total distributable earnings	599,977
Net assets applicable to Fund shares outstanding	$14,887,876
Fund shares outstanding	2,668,086
Net asset value, offering and redemption price per share	$5.58

Statement of Operations

Year ended November 30, 2021
Investment income
Interest income	$352,410
Total investment income	352,410
Expenses
Investment advisory fees	73,153
Audit fees	7,787
Legal fees	3,768
Chief Compliance Officer expenses	3,098
Filing and registration fees	2,533
Trustee fees	2,319
Transfer agent fees	1,789
Other expenses	1,743
Printing and postage expenses	1,662
Custodian fees	595
Retirement plan custodial fees	110
Total gross expenses	98,557
Less transfer agent fees waived	(1,789	)
Less custodian fee credits	(595	)
Net expenses	96,173
Net investment income	$256,237
Net realized gain from investments	$27,674
Net decrease in unrealized appreciation on investments	(211,219	)
Net loss on investments	$(183,545	)
Net increase in net assets resulting from operations	$72,692

10 November 30, 2021 Annual Report The accompanying notes are an integral part of these financial statements.

Statement of Changes of Net Assets	Year ended November 30, 2021		Year ended November 30, 2020
Increase (decrease) in net assets from operations
From operations
Net investment income	$256,237		$260,829
Net realized gain on investment	27,674		3,912
Net increase (decrease) in unrealized appreciation	(211,219	)	253,795
Net increase in net assets	72,692		518,536
Distributions to shareholders	(256,226	)	(260,790	)
Capital share transactions
Proceeds from sales of shares	1,605,737		1,747,848
Value of shares issued in reinvestment of dividends	221,011		219,377
Cost of shares redeemed	(1,735,159	)	(731,875	)
Total capital share transactions	91,589		1,235,350
Total increase (decrease) in net assets	(91,945	)	1,493,096
Net assets
Beginning of year	14,979,821		13,486,725
End of year	$14,887,876		$14,979,821
Shares of the Fund sold and redeemed
Number of shares sold	286,094		311,367
Number of shares issued in reinvestment of dividends	39,403		39,076
Number of shares redeemed	(308,540	)	(130,816	)
Net increase in number of shares outstanding	16,957		219,627

Financial Highlights	For the year ended November 30,
Selected data per share of outstanding capital stock throughout each year:	2021		2020		2019		2018		2017
Net asset value at beginning of year	$5.65		$5.55		$5.28		$5.37		$5.29
Income from investment operations
Net investment income	0.10		0.10		0.11		0.12		0.13
Net gains (losses) on securities (both realized & unrealized)	(0.07	)	0.10		0.27		(0.09	)	0.08
Total from investment operations	0.03		0.20		0.38		0.03		0.21
Less distributions
Dividends (from net investment income)	(0.10	)	(0.10	)	(0.11	)	(0.12	)	(0.13	)
Total distributions	(0.10	)	(0.10	)	(0.11	)	(0.12	)	(0.13	)
Net asset value at end of year	$5.58		$5.65		$5.55		$5.28		$5.37
Total return	0.51%		3.67%		7.30%		0.51%		3.90%
Ratios / supplemental data
Net assets ($000), end of year	$14,888		$14,980		$13,487		$13,554		$17,474
Ratio of expenses to average net assets
Before transfer agent fee waiver and custodian fee credits	0.67%		0.72%		0.69%		0.68%		0.67%
After transfer agent fee waiver	0.66%		0.71%		0.67%		0.67%		0.66%
After transfer agent fee waiver and custodian fee credits	0.66%		0.71%		0.67%		0.67%		0.65%
Ratio of net investment income after fee waiver and custodian credits to average net assets	1.75%		1.82%		2.07%		2.20%		2.33%
Portfolio turnover rate	9%		5%		4%		13%		20%

The accompanying notes are an integral part of these financial statements. Annual Report November 30, 2021 11

Notes To Financial Statements

Note 1 – Organization

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

The Idaho Tax-Exempt Fund was first authorized to sell shares of beneficial interest on September 4, 1987.

The Fund is an investment company and accordingly follows the investment accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies.”

Investment risks:

The value of Fund shares rises and falls as the value of the bonds in which the Fund invests goes up and down. The risks inherent in the Fund depend primarily on the terms and quality of the obligations in the Fund’s portfolio, as well as on market conditions. When interest rates rise, bond prices fall. When interest rates fall, bond prices go up. Bonds with longer maturities, such as those held by the Fund, usually are more sensitive to interest rate changes than bonds with shorter maturities. Only consider investing in the Fund if you are willing to accept the risk that you may lose money.

The Fund entails credit risk, which is the possibility that a bond will not be able to pay interest or principal when due. If the credit quality of a bond is perceived to decline, investors will demand a higher yield, which means a lower price on that bond to compensate for the higher level of risk. If a security held by the Fund defaults on payment of interest or principal, the Fund’s income, ability to preserve capital, and liquidity would all be adversely affected.

Fund investments are susceptible to factors adversely affecting Idaho, such as political, economic, and financial trends unique to this relatively small state. Investing only in Idaho bonds means that the Fund’s investments are more concentrated than other mutual funds, and relatively few bond price changes may lead to underperformance compared to investments selected in greater number and/or from a wider universe.

The Fund is vulnerable to income tax rate changes, either at the Idaho or federal level, since part of municipal securities’ value is derived from the recipient’s ability to exclude interest payments from taxation.

Note 2 – Significant Accounting Policies

The following is a summary of the significant accounting policies, in conformity with accounting principles generally accepted in the United States of America, which are consistently followed by the Fund in the preparation of its financial statements.

Security valuation:

Debt securities are valued using bid-side valuations provided by an independent service. The service determines valuations using factors such as yields or prices of bonds of comparable quality, type of issue, coupon maturity, ratings, trading activity, and general market conditions. In the absence of a valuation from an independent service for a security, a fair value for such security is determined in good faith by or under the direction of the Board of Trustees.

Security transactions are recorded on trade date. Realized gains and losses on sales of securities are recorded on the identified cost basis.

Share valuation:

The net asset value (“NAV”) per share of the Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Fund’s shares are not priced or traded on days the New York Stock Exchange is closed. The NAV is the offering and redemption price per share.

The Trustees have adopted certain policies and procedures with respect to frequent trading of Fund shares. The Fund is intended for long-term investment and does not permit rapid trading of its shares. The Fund cannot always identify all intermediaries, or detect or prevent trading that violates the Frequent Trading Policy through intermediaries or omnibus accounts.

Fair value measurements:

Accounting Standards Codification (ASC) 820 establishes a three-tier framework for measuring fair value based on a hierarchy of inputs. The hierarchy distinguishes between market data obtained from independent sources (observable inputs) and the Fund’s own market assumptions (unobservable inputs). These inputs are used in determining the value of the Fund’s investments and are summarized below.

Level 1 —  Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

Level 2 —  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.

12 November 30, 2021 Annual Report

Notes To Financial Statements (continued)

The following table is a summary of the inputs used as of November 30, 2021, in valuing the Fund’s investments carried at value.

Fair Value Inputs	Level 1 Quoted Price		Level 2 Significant Observable Input		Level 3 Significant Unobservable Input		Total
Municipal Bonds1		$-		$13,820,930		$-		$13,820,930
Total Assets		$-		$13,820,930		$-		$13,820,930

¹ See Schedule of Investments for industry breakout.

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 risks associated with investing in those securities.

Income taxes:

The Fund intends to comply with the requirements of the Internal Revenue Code necessary to qualify as a regulated investment company and to make the requisite distributions of income and capital gains to its shareowners sufficient to relieve it from all or substantially all federal income taxes. As the Fund intends to meet requirements for tax-exempt income dividends, and the requirements of the Idaho Department of Revenue for income dividends exempt from Idaho state income tax, no income tax provisions are required.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2017 – 2019), or expected to be taken in the Fund’s 2020 tax return. The Fund identifies its major tax jurisdiction as US federal and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Reclassification of capital accounts:

Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting.

As of November 30, 2021, there were no reclassifications to the capital accounts.

Distributions to shareowners:

The Fund’s dividends to shareowners from net investment income are paid daily and distributed on the last business day of each month.

Distributions of capital gains, if any, are made at least annually and as required to comply with federal excise tax requirements. Distributions to shareowners are determined in accordance with income tax regulations and are recorded on the ex-dividend date. Dividends are paid in shares of the Fund, at the net asset value on the payable date. Shareowners may elect to take distributions in cash if they total $10 or more.

Use of estimates:

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

LIBOR Transition Risk:

The United Kingdom’s Financial Conduct Authority (FCA) announced a phase out of the London Interbank Offered Rate (“LIBOR”) by the end of 2021. However, subsequent announcements by the FCA, the LIBOR administrators, and other regulators indicate that it is possible that the most widely used LIBOR rates my continue until mid-2023. It is anticipated that LIBOR ultimately will be discontinued. Although financial regulators and industry working groups have suggested alternative reference rates, global consensus is lacking and the transition from LIBOR remains unclear. As a result, the Fund may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging activities, or investment value. The transition process away from LIBOR might lead to increase volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose term currently include LIBOR. The ultimate effect of the LIBOR transition process on the Fund is uncertain.

Annual Report November 30, 2021 13

Notes To Financial Statements (continued)

Other:

Interest income is recognized on an accrual basis. Premiums on securities purchased are amortized and discounts are accreted using the yield to maturity method over the lives of the respective securities or where applicable, to the first call date of the securities with premiums.

Recent Accounting Pronouncement:

In March 2017, the FASB issued ASU 2017-08 (“ASU 2017-08”), Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities, which amends the amortization period for certain purchased callable debt securities. Under ASU 2017-08, the premium amortization of purchased callable debt securities that have explicit, non-contingent call features and are callable at fixed prices are amortized to the earliest call date and is effective for fiscal years, and their interim periods, beginning after December 15, 2018. Management has adopted the requirements, and the impact, if any, is reflected within the Funds’ financial statements. In October 2020, ASU 2017-08 was amended by Accounting Standards Update 2020-08, Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs (“ASU 2020-08”). ASU 2020-08 requires entities to reevaluate whether callable debt securities fall within the scope of ASU 2017-08 at each reporting period. ASU 2020-08 also amends the relevant guidance to require premiums to be amortized to the “next call date” rather than the “earliest call date,” and further clarifies the definition of “next call date.” ASU 2020-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of ASU 2020-08 is not permitted. Management is currently evaluating the impact of applying ASU 2020-08.

In December 2020, the Securities and Exchange Commission (“SEC”) adopted Rule 2a-5 under the 1940 Act, which establishes requirements for determining fair value in good faith for purposes of the 1940 Act, including related oversight and reporting requirements. The rule also defines when market quotations are “readily available” for purposes of the 1940 Act, the threshold for determining whether a fund must fair value a security. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating this guidance.

Note 3 – Transactions with Affiliated Persons

Under a contract approved by shareowners on September 28, 1995 and reviewed and approved annually by the Trust’s Board of Trustees, including those Trustees who are not parties to the contract or “interested persons” (as defined in the Investment Company Act of 1940) of such parties or the Trust (the “Independent Trustees”), Saturna Capital Corporation (“Saturna Capital”) provides investment advisory services and certain other administrative and distribution services to conduct the Fund’s business. For such services, the Fund pays an annual fee equal to 0.50% of its average daily net assets. For the fiscal year ended November 30, 2021, the Fund incurred advisory fee expenses of $73,153.

Expenses incurred by the Trust on behalf of the Fund (e.g., legal fees) are allocated to the Fund and the other Funds of the Trust on the basis of relative daily average net assets.

Saturna Capital also acts as transfer agent for the Fund, for which it did not receive any compensation during the fiscal year ended November 30, 2021. Saturna Capital has voluntarily elected to waive the transfer agent fee through November 30, 2021, to reduce the Fund’s operating expenses. Such fees, had they been charged, would have totaled $1,789.

Saturna Brokerage Services, Inc. (“SBS”), a discount brokerage and subsidiary of Saturna Capital, is registered as a broker-dealer and acts as distributor for the Fund.

Saturna Trust Company (“STC”), a subsidiary of Saturna Capital, acts as a retirement plan custodian for Fund shareowners. For the fiscal year ended November 30, 2021, the Fund incurred retirement plan custodial fees of $110.

Mrs. Jane Carten serves as a trustee and president of the Trust. She is also a director and the president of Saturna Capital and Saturna Trust Company. She is not compensated by the Trust. For the fiscal year ended November 30, 2021, the Trust paid trustee compensation expenses of $38,000 which is included in the $55,586 of total expenses incurred for the independent Trustees. The Fund’s allocation of these expenses was $2,319.

The officers of the Trust are paid by Saturna Capital, not the Trust, except the Chief Compliance Officer, who is partially compensated by the Trust. For the fiscal year ended November 30, 2021, the Fund’s allocation of these expenses was $3,098.

On November 30, 2021, the trustees, officers, and their immediate families as a group directly or indirectly owned 16.98% of the outstanding shares of the Fund.

14 November 30, 2021 Annual Report

Notes To Financial Statements (continued)

Note 4 – Distributions to Shareowners

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

	Year ended November 30, 2021		Year ended November 30, 2020
Tax-exempt income		$256,226		$260,597
Taxable income		$-		$193

Note 5 – Federal Income Taxes

The cost basis of investments for federal income tax purposes as of November 30, 2021 were as follows:

Cost of investments	$13,164,540
Gross unrealized appreciation	$674,011
Gross unrealized depreciation	$(17,621	)
Net unrealized appreciation	$656,390

As of November 30, 2021, the components of distributable earnings on a tax basis were as follows:

Undistributed tax exempt income	$3,870
Accumulated capital loss	$(60,283	)
Unrealized appreciation	$656,390
Total accumulated earnings	$599,977

As of November 30, 2021, the Fund had capital loss carryforwards as follows, subject to regulation.

	Carryforward	Expiration
Short-term loss carryforward	$55,441	Unlimited
Long-term loss carryforward	$4,842	Unlimited
	$60,283

Note 6 – Investments

During the year ended November 30, 2021, the Fund purchased $1,663,361 of securities and sold/matured $1,177,091 of securities.

Note 7 – Custodian

Under the agreement in place with UMB Bank, custody fees are reduced by credits for cash balances. Such reduction for the year ended November 30, 2021, amounted to $595.

Note 8 – COVID-19 Pandemic

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

Note 9 – Subsequent Events

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

There were no other events or transactions during the period that materially impacted the amounts or disclosures in the Funds’ financial statements.

Annual Report November 30, 2021 15

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

Saturna Investment Trust

and the Shareholders of Idaho Tax-Exempt Fund,

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Idaho Tax-Exempt Fund, (the “Fund”), a series of Saturna Investment Trust, including the schedule of investments, as of November 30, 2021, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 1997.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2021 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

Philadelphia, Pennsylvania

January 28, 2022

/s/ Tait, Weller & Baker LLP

Tait, Weller & Baker LLP

16 November 30, 2021 Annual Report

Expenses (unaudited)

All mutual funds have operating expenses. As an Idaho Tax-Exempt Fund shareowner, you incur ongoing costs, including management fees and other fund expenses such as shareowner reports (like this one). Operating expenses, which are deducted from a fund’s gross earnings, directly reduce the investment return of a fund. Mutual funds (unlike other financial investments) only report their results after deduction of operating expenses.

With the Idaho Tax-Exempt Fund, unlike many mutual funds, you do not incur sales charges (loads) on purchases, reinvested dividends, or other distributions. You do not incur redemption fees or exchange fees. You may incur fees related to extra services requested by you for your account, such as bank wires. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Example

The following example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2021, to November 30, 2021).

Actual Expenses

The first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you have invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. The Fund may charge for extra services (such as domestic bank wires, international bank wires, or overnight courier delivery of redemption checks) rendered on request, which you may need to estimate to determine your total expenses.

Hypothetical Example for Comparison Purposes

The second line provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio (based on the last six months) and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareowner reports of other mutual funds. You may wish to add other fees that are not included in the expenses shown in the table, such as charges for extra services like bank wires.

Please note that the expenses shown are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees (note that the Idaho Tax-Exempt Fund does not charge any such transactional costs). Therefore, the “Hypothetical” line is useful in comparing ongoing costs only, and may not help you determine the relative total costs of owning different funds.

	Beginning Account Value [June 1, 2021]		Ending Account Value [November 30, 2021]		Expenses Paid During  Period1		Annualized Expense Ratio
Actual		$1,000.00		$1,001.10		$3.38		0.67%
Hypothetical (5% return before expenses)		$1,000.00		$1,021.69		$3.42		0.67%

¹ Expenses are equal to Idaho Tax-Exempt Bond Fund’s annualized expense ratio of 0.65% (based on the most recent semi-annual period of June 1, 2021 through November 30, 2021) multiplied by the average account value over the period multiplied by 183/365 (to reflect the one-half year period).

Annual Report November 30, 2021 17

Trustees and Officers (unaudited)

Name, Address, and Age		Position(s) Held with Trust and Number of Saturna Fund Portfolios Overseen	Principal occupation(s) during past 5 years, including Directorships	Other Directorships held by Trustee
Independent Trustees
(photo omitted)	Marina E. Adshade (54) 1300 N. State Street Bellingham WA 98225	Independent Trustee (since 2017); Nine	Professor of Economics, University of British Columbia, Vancouver; Author	None
(photo omitted)	Ronald H. Fielding, MA, MBA, CFA (72) 1300 N. State Street Bellingham WA 98225	Independent Trustee (since 2009); Thirteen	Director, ICI Mutual Insurance Company	Amana Mutual Funds Trust
(photo omitted)	Gary A. Goldfogel, MD (63) 1300 N. State Street Bellingham WA 98225	Chairman (since 2017); Independent Trustee (since 1995); Nine	Medical Examiner (pathologist)	None
(photo omitted)	Jim V. McKinney (60) 1300 N. State Street Bellingham WA 98225	Independent Trustee (since 2017); Nine	President/CEO, Apple Mountain LLC, consulting and development; Former US Army Foreign Area Officer - Political/Military Advisor to US Army Central; Senior Defense Official, Defense Attaché, US Embassy Slovenia	None
(photo omitted)	Sarah E.D. Rothenbuhler (53) 1300 N. State Street Bellingham WA 98225	Independent Trustee (since 2017); Nine	CEO, Birch Equipment (industrial rentals and sales)	None
Interested Trustee
(photo omitted)	Jane K. Carten, MBA (46) 1300 N. State Street Bellingham WA 98225	President, Trustee (since 2017); Nine	President and Director, Saturna Capital Corporation Vice President and Director, Saturna Trust Company President, Saturna Brokerage Services	None

18 November 30, 2021 Annual Report

Trustees and Officers (continued) (unaudited)

Name (Age) and Address		Position(s) held with Trust and Number of Saturna Fund Portfolios Overseen	Principal occupation(s) during past 5 years, including Directorships	Other Directorships held by Trustee
Officers Who Are Not Trustees
(photo omitted)	Bryce R. Fegley (46) 1300 N. State Street Bellingham, WA 98225	Vice President (since 2020); N/A	Portfolio Manager and Senior Investment Analyst, Saturna Capital	N/A
(photo omitted)	Christopher R. Fankhauser (49) 1300 N. State Street Bellingham, WA 98225	Treasurer1 (since 2002); N/A	Chief Operations Officer, Saturna Capital Corporation Vice President and Chief Operations Officer, Saturna Brokerage Services Director, Vice President, and Chief Operations Officer, Saturna Trust Company	N/A
(photo omitted)	Michael E. Lewis (60) 1300 N. State Street Bellingham, WA 98225	Chief Compliance Officer1 (since 2012); N/A	Chief Compliance Officer, Saturna Capital, Saturna Trust Company, and Affiliated Funds	N/A
(photo omitted)	Jacob A. Stewart (41) 1300 N. State Street Bellingham, WA 98225	Anti-Money Laundering Officer1 (since 2015); N/A	Anti-Money Laundering Officer, Saturna Capital Corporation, Saturna Brokerage Services Chief Compliance Officer, Saturna Brokerage Services Bank Secrecy Act Officer, Saturna Trust Company	N/A

Term of Office: each Trustee serves for the lifetime of the Trust or until they die, resign, are removed, or not re-elected by the shareowners. Each officer serves a one-year term subject to annual reappointment by the Trustees.

The Trust’s Statement of Additional Information, available without charge upon request by calling Saturna Capital at 1-800-728-8762 and on the Funds’ website, www.idahotaxexemptfund.com, includes additional information about the Trustees.

On November 30, 2021 the Trustees, officers, and their related accounts as a group owned 16.98% of the outstanding shares of the Fund.

During the year ended November 30, 2021, the Independent Trustees were each paid by the Trust: (1) $2,000 annual retainer plus $1,000 per board meeting attended (in person or by phone), plus reimbursement of travel expenses; (2) $250 for committee meetings; and (3) $250 per quarter for serving as chariman of the board or any committee.

Mrs. Carten is an Interested Trustee by reason of her positions with the Trust’s adviser (Saturna Capital Corporation) and underwriter (Saturna Brokerage Services), and is the primary manager of the Saturna Sustainable Equity Fund portfolio. She is paid by Saturna Capital a salary, plus a bonus for each month the Saturna Sustainable Equity Fund portfolio earns a 4 or 5 star rating from Morningstar (see www.saturna.com). The officers are paid by Saturna Capital and not the Trust. As of November 30, 2021, all Saturna Capital employees listed above as officers owned shares in one or more of the Saturna Investment Trust funds, with Mrs. Carten owning (directly or indirectly) over $1.68 million.

¹ Holds the same postion with Amana Mututal Funds Trust

Annual Report November 30, 2021 19

Renewal of Investment Advisory Contract (unaudited)

During their meeting of September 14, 2021, the Trustees of Saturna Investment Trust, including the Independent Trustees, discussed the continuance of the Investment Advisory and Administrative Services Agreement (“Agreement”) between the Trust, on behalf of the Fund, and Saturna Capital. In considering the renewal of the Agreement, the Board, including the Independent Trustees, considered the factors it deemed relevant, including the nature, quality and extent of services provided, the performance of each Fund, expenses and fees, the profitability of Saturna, the potential for economies of scale that may be shared with each Fund and its shareholders as each Fund’s assets grow, and any other benefits derived by Saturna from its relationship with the Funds. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the decision to approve the agreements, and each Trustee may have given different weights to different factors, and, thus, each Trustee may have had a different basis for his or her decision.

The Trustees considered Saturna Capital’s specific responsibilities in all aspects of day-to-day management of the Fund as well as the qualifications, experience and responsibilities of the Fund’s portfolio manager and other key personnel at Saturna Capital. The Trustees discussed Saturna Capital’s experience, ability, and commitment to quality service through performing internally such functions as shareowner servicing, administration, accounting, marketing, and distribution — all in addition to investment management. The Trustees took into consideration Saturna Capital’s continued avoidance of significant operational and compliance problems, plus its continued investments in infrastructure, information management systems, personnel, training, compliance, and investor education materials, all designed to provide high quality investor services and meet investor needs. They recognized Saturna Capital’s efforts to recruit and retain qualified and experienced staff and improve the capital base on which Saturna Capital operates, which the Trustees believe is important to the long- term success of the Fund. They considered Saturna Capital’s focus on investors and its efforts to avoid potential conflicts of interest.

The Trustees considered the investment performance of the Fund over time, including the Fund’s average annual total returns relative to its benchmark for the one-, three-, five-, ten-, and fifteen- year periods, all as of July 31, 2021. The Trustees also considered comparative performance information from Morningstar and Lipper, which provide independent analysis of mutual fund data and, among other things, rank mutual fund performance within categories comprised of similarly managed funds. The Trustees considered and discussed the Fund’s performance relative to its Morningstar category for the one-, three-, five-, ten-, and fifteen-year periods ended July 31, 2021. The Trustees also considered the Fund’s Morningstar performance ranking (three stars), and the Fund’s performance ranking relative to the Fund’s category selected by Lipper, Inc. for the one-, three-, five- and ten-year periods ended as of July 31, 2021.

With respect to long-term (10- and 15-year) performance, the Trustees found that the average annual total return of the Fund for the 10- and 15-year periods ended on July 31, 2021, was below the Morningstar category average for the same periods. The Trustees also considered the short- and medium-term performance of the Fund, noting that the Fund’s average annual total return for the five-year period ended on July 31, 2021 outperformed its Morningstar category average, while its return for the one- and three-year periods was below the category average.

The Trustees noted the risk-averse investment style of the Fund and other factors which can affect the Fund’s performance relative to its broader Morningstar category. The Trustees also noted certain differences between the Fund and the peer funds within its Morningstar category, including differences in investment strategies and asset size. The Trustees found that Saturna Capital continued to manage the Fund in a manner that is designed to be risk-averse and attractive to long- term investors. The Trustees discussed and considered the efforts of Saturna Capital to make additional resources available to assist in managing the Fund. The Trustees also considered Saturna Capital’s focus on improving investment performance without incurring materially higher levels of risk.

The Trustees also considered the performance and expenses of the Fund as compared to another Idaho municipal bond fund. The Trustees considered these comparative performance and expense data, along with the comparative data published by Morningstar and the Fund’s performance relative to its benchmark, to evaluate the Fund’s performance over near-term and long-term time periods.

The Trustees also reviewed the fees and expenses of the Fund, including comparative data on fees and expenses published by Morningstar, and considered the components of the Fund’s operating expenses. The Trustees noted the steps that Saturna Capital has undertaken to maintain competitive levels of Fund operating expenses. They noted the significant sponsorship of the Fund by Saturna Capital evidenced, in part, by certain fees and expenses paid by Saturna Capital out of its own resources. The Trustees recognized Saturna Capital’s efforts help make the Fund more widely available and less expensive than would otherwise be the case without Saturna Capital’s efforts.

The Trustees recognized that the Fund remains relatively small and there have not been opportunities to consider economies of scale. The Trustees noted Saturna Capital’s commitment to continue operating the Fund and the costs undertaken by Saturna Capital.

The Trustees reviewed Saturna Capital’s financial information and discussed the issue of Saturna Capital’s profitability, or lack thereof, as related to management and administration of the Trust. They discussed the reasonableness of Saturna Capital’s profitability as part of their evaluation of whether the advisory fees bear a reasonable relationship to the mix of services provided by Saturna Capital, including the nature, extent, and quality of such services.

20 November 30, 2021 Annual Report

Renewal of Investment Advisory Contract (continued) (unaudited)

The Trustees considered and compared the fees charged by Saturna Capital to other types of accounts, including non-mutual fund advisory clients. The Trustees noted the differences between the full range of services Saturna Capital provides to the Fund, including investment advisory services, transfer agency services, administrative and other services, as compared to the investment advisory services provided to the other advisory accounts.

The Trustees considered potential benefits to Saturna Capital’s other business lines from acting as investment adviser to the Fund, but also recognized that Saturna Capital’s other business lines also potentially benefit the Fund. The Trustees considered whether there are other potential benefits to Saturna Capital in continuing to manage the Fund and the Trustees found that there were no material benefits other than Saturna Capital’s receipt of advisory fees.

The Trustees concluded based on their business judgement that the fees paid by the Fund to Saturna Capital were, from an arm’s-length bargaining perspective, reasonable and in the best interest of the Fund and its shareowners in light of the services provided, comparative performance, expense and advisory fee information, costs of services provided, profits to be realized, and benefits derived or to be derived by Saturna Capital from its relationship with the Fund. Following this discussion, the Trustees, including the Independent Trustees, unanimously agreed to renew the Agreement of Idaho Tax-Exempt Fund with Saturna Capital.

Annual Report November 30, 2021 21

Availability of Quarterly Portfolio Information

(1) The Idaho Tax-Exempt Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Previously, this information was filed on Form N-Q.

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

(3) The Fund makes a complete schedule of portfolio holdings after the end of each month available at www.idahotaxexemptfund.com.

Availability of Proxy Voting Information

(1) A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available (a) without charge, upon request, by calling Saturna Capital at 1-800-728-8762; (b) on the Fund’s website at www.idahotaxexemptfund.com; and (c) on the SEC’s website at www.sec.gov.

(2) Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (a) without charge, upon request, by calling Saturna Capital at 1-800-728-8762; (b) on the Fund’s website at www.idahotaxexemptfund.com; and (c) on the SEC’s website at www.sec.gov.

Householding Policy

To reduce expenses, we may mail only one copy of the Fund’s prospectus, each annual and semi-annual report, and proxy statement when necessary, to those addresses shared by two or more accounts. If you wish to receive individual and/or more copies of these documents, please call us at 1-800-728-8762 or write to us at Saturna Capital/Idaho Tax-Exempt Fund, P.O. Box N, Bellingham, WA 98227. We will begin sending you individual copies 30 days after receiving your request.

If you are currently receiving multiple copies and wish to receive only one copy, please call us at 1-800-728-8762 or write to us at Saturna Capital/Idaho Tax-Exempt Fund, P.O. Box N, Bellingham, WA 98227. We will begin sending you a single copy with subsequent report mailings.

22 November 30, 2021 Annual Report

Privacy Statement

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

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.

Annual Report November 30, 2021 23

Item 2. Code of Ethics.

Registrant has adopted a code of ethics and is included with this submission as Exhibit (a). It may also be found on Registrant's website at http://www.saturna.com/code_of_ethics.shtml

Item 3. Audit Committee Financial Expert.

(a)(1)(i) The Trust has an audit committee financial expert serving on its audit committee.

(a)(2)(ii) As of November 30, 2014, Mr. Ronald H. Fielding, an independent Trustee (as defined for investment companies), was deemed qualified and agreed to serve.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees

For the fiscal years ending November 30, 2021, and 2020, the aggregate audit fees billed for professional services rendered by the principal accountant were $102,150 and $113,500, respectively.

(b) Audit-Related Fees

There were no fees billed by the principal accountant for assurance and related services that were not included under paragraph (a) for the fiscal years ending November 30, 2021, and 2020.

(c) Tax Fees

For the fiscal years ending November 30, 2021, and 2020, the aggregate tax fees billed for professional services rendered by the principal accountant were $23,130 and $25,700, respectively. Service includes preparation of the Funds' federal and state income tax returns.

(d) All Other Fees

There were no other fees billed by the principal accountant for the fiscal years ending November 30, 2021, and 2020.

(e)(1) Audit & Compliance Committee Pre-Approval Policies and Procedures

The following is an excerpt from the Saturna Investment Trust Audit & Compliance Committee Charter:

C. Oversight of Independent Auditors

3. Pre-approval of Audit and Non-Audit Services. Except as provided below, the Committee's prior approval is necessary for the engagement of the independent auditors to provide any audit or non-audit services for the Trust and any non-audit services for any entity controlling, controlled by or under common control with Saturna that provides ongoing services to the Trust (Saturna and each such entity, an "Adviser Affiliate") where the engagement relates directly to the operations or financial reporting of the Trust. Non-audit services that qualify under the de minimis exception described in the Securities Exchange Act of 1934, as amended, and applicable rules thereunder, that were not pre-approved by the Committee, must be approved by the Committee prior to the completion of the audit. Pre-approval by the Committee is not required for engagements entered into pursuant to (a) pre-approval policies and procedures established by the Committee, or (b) pre-approval granted by one or more members of the Committee to whom, or by a subcommittee to which, the Committee has delegated pre-approval authority, provided in either case, that the Committee is informed of each such service at its next regular meeting.

(e) (2) Percentages of Services

One hundred percent of the services described in each of paragraphs (b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) Aggregate Non-Audit Fees

The aggregate non-audit fees billed by the principal accountant for services rendered to the Registrant are shown above in the response to Item 4(b), (c) and (d) above.

(1) The aggregate non-audit fees billed by the principal accountant for services rendered to the Registrant's investment adviser, Saturna Capital Corporation ("Saturna"), for the fiscal years ended November 30, 2021, and 2020 were:

	Fiscal Year Ended
	November 2021	November 2020
All other fees:	$23,130	$25,700

The fees listed above consist of fees paid by Saturna to the Registrant's principal accountant for its review and report on Saturna's internal transfer agency control procedures and Saturna's custody control procedures.

(2) The aggregate non-audit fees billed by the principal accountant for services rendered to entities controlling, controlled by, or under common control with Saturna, for the fiscal years ended November 30, 2021, and 2020 were:

	Fiscal Year Ended
	November 2021	November 2020
All other fees:	None	None

(h) Registrant's Audit Committee

The Registrant's Audit Committee has considered the provision of non-audit services that were rendered to Saturna, and any entity controlling, controlled by or under common control with Saturna that provides ongoing services to the Registrant, that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X and has determined that the provision of such services is compatible with maintaining the independence of the Registrant's principal accountant.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a) Internal control over financial reporting is under the supervision of the principal executive and financial officers. On December 9, 2021, Mrs. Jane Carten (President) and Mr. Christopher Fankhauser (Treasurer), reviewed the internal control procedures for Saturna Investment Trust and found them reasonable and adequate.

(b) No change.

Item 12. Exhibits

Exhibits included with this filing:

(a)(1) Code of Ethics.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.

(c) Registrant's Rule 30e-3 Notices pursuant to Item 1(b) of Form N-CSR. Attached hereto as EX-99.30e-3Notice.

SIGNATURES

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

SATURNA INVESTMENT TRUST

By:

/s/ Jane Carten, President
Signature and Title

Jane Carten, President
Printed name and Title

January 31, 2022
Date

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/ Jane Carten, President
Signature and Title

Jane Carten, President
Printed name and Title

January 31, 2022
Date

By:

/s/ Christopher Fankhauser, Treasurer
Signature and Title

Christopher Fankhauser, Treasurer
Printed name and Title

January 31, 2022
Date

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