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 / 33-13247

SATURNA INVESTMENT TRUST

(Exact Name of Registrant as Specified in Charter)

1300 N. State Street

Bellingham, Washington 98225-4730

(Address of Principal Executive Offices, including ZIP Code)

Elliot S. Cohen

1300 N. State Street

Bellingham, Washington 98225-4730

(Name and Address of Agent for Service)

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

Date of fiscal year end: November 30, 2024

Date of reporting period: November 30, 2024

Item 1. Report To Shareowners

0000811860sit:C000153268Member2021-10-31

SBIFX

| SEXTANT BOND INCOME

Sextant Bond Income Fund

Annual Shareholder Report - November 30, 2024

Fund Overview

The objective of the Sextant Bond Income Fund is current income. This Annual Shareholder Report contains important information about the Sextant Bond Income Fund for the period of December 1, 2023 to November 30, 2024. You can find additional information about the Fund at www.saturna.com/sextant/bond-income-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Sextant Bond Income	$67	0.65%

How did the Fund perform over the last year?

For the fiscal year ended November 30, 2024, the Sextant Bond Income Fund returned 6.73% and the Bloomberg US Aggregate Index returned 6.88%. For the five-year period ended November 30, 2024, the Fund reported an annualized total return of -1.05%, compared to -0.01% for the Bloomberg US Aggregate Index. The primary reason for the Fund’s underperformance was a higher allocation to longer-duration securities relative to the Bloomberg US Aggregate Index.

Factors Affecting Past Performance

Elevated inflation, an uncertain growth outlook, and a global election cycle made 2024 another volatile year across fixed income markets. Although the Federal Funds Rate was reduced by 100 basis points, the yield curve experienced a pronounced steepening, demonstrating the opposing forces of a weakening labor market, strong output growth, and high inflation expectations. Last December, a steep drop in long-end yields was a large contributor to one-year performance. However, since the beginning of 2024, longer duration was generally a detractor. Together, the portfolio's performance kept pace with the Bloomberg US Aggregate Index, only underperforming by 15 basis points despite the longer duration.

Even amid macroeconomic and political uncertainty, corporate debt was well-bid, leading to extensive spread compression across both investment-grade and high-yield debt. Credit-risky debt rallied as investors welcomed the newfound yield, with participants aiming to lock in the higher yield no matter the cost. The Fund maintained a lower weighting to credit-risky debt, instead opting for yield enhancement in other areas of the market. This positioning should help reduce volatility in case the market experiences a risk-off move during 2025.

Looking Forward

To end the year, politics was top of mind as the United States headed to the polls in November. Along with a new regime comes a new set of opportunities and risks in 2025. As policy becomes clearer, the Sextant Bond Income Fund will remain defensively positioned, ready to take advantage of any new developments. While adaptability is crucial, our goal has always been to choose good companies and invest through cycles rather than engaging in market timing with outsized active bets.

How did the Fund perform over the past 10 years?

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

Cumulative Performance

November 30, 2014 through November 30, 2024 with initial investment of $10,000.

	Sextant Bond Income Fund $11,216	Bloomberg US Aggregate Bond Index $11,633
November - 14	10,000	10,000
December - 14	10,027	10,009
January - 15	10,280	10,219
February - 15	10,131	10,123
March - 15	10,180	10,170
April - 15	10,091	10,134
May - 15	10,078	10,109
June - 15	9,951	9,999
July - 15	10,017	10,069
August - 15	9,967	10,054
September - 15	10,033	10,122
October - 15	9,944	10,124
November - 15	9,953	10,097
December - 15	9,881	10,064
January - 16	10,002	10,203
February - 16	10,106	10,275
March - 16	10,252	10,370
April - 16	10,296	10,409
May - 16	10,323	10,412
June - 16	10,626	10,599
July - 16	10,730	10,666
August - 16	10,734	10,654
September - 16	10,697	10,648
October - 16	10,581	10,566
November - 16	10,242	10,316
December - 16	10,267	10,331
January - 17	10,295	10,351
February - 17	10,401	10,421
March - 17	10,389	10,415
April - 17	10,450	10,496
May - 17	10,581	10,576
June - 17	10,588	10,566
July - 17	10,658	10,611
August - 17	10,770	10,706
September - 17	10,713	10,655
October - 17	10,741	10,662
November - 17	10,704	10,648
December - 17	10,794	10,697
January - 18	10,635	10,574
February - 18	10,535	10,473
March - 18	10,605	10,540
April - 18	10,487	10,462
May - 18	10,600	10,537
June - 18	10,541	10,524
July - 18	10,550	10,526
August - 18	10,643	10,594
September - 18	10,563	10,526
October - 18	10,466	10,443
November - 18	10,514	10,505
December - 18	10,672	10,698
January - 19	10,807	10,812
February - 19	10,810	10,805
March - 19	11,054	11,013
April - 19	11,060	11,016
May - 19	11,263	11,211
June - 19	11,462	11,352
July - 19	11,515	11,377
August - 19	11,872	11,672
September - 19	11,767	11,610
October - 19	11,817	11,645
November - 19	11,823	11,639
December - 19	11,763	11,630
January - 20	12,124	11,854
February - 20	12,351	12,068
March - 20	11,933	11,997
April - 20	12,361	12,210
May - 20	12,455	12,267
June - 20	12,571	12,344
July - 20	12,933	12,528
August - 20	12,733	12,427
September - 20	12,732	12,420
October - 20	12,620	12,365
November - 20	12,825	12,486
December - 20	12,804	12,504
January - 21	12,601	12,414
February - 21	12,258	12,235
March - 21	11,985	12,082
April - 21	12,146	12,177
May - 21	12,239	12,217
June - 21	12,470	12,303
July - 21	12,679	12,440
August - 21	12,634	12,417
September - 21	12,427	12,309
October - 21	12,451	12,306
November - 21	12,544	12,342
December - 21	12,498	12,311
January - 22	12,126	12,045
February - 22	11,914	11,911
March - 22	11,564	11,580
April - 22	10,978	11,141
May - 22	11,003	11,213
June - 22	10,816	11,037
July - 22	11,171	11,306
August - 22	10,748	10,987
September - 22	10,132	10,512
October - 22	9,967	10,376
November - 22	10,420	10,758
December - 22	10,375	10,709
January - 23	10,711	11,039
February - 23	10,375	10,753
March - 23	10,737	11,026
April - 23	10,810	11,093
May - 23	10,643	10,972
June - 23	10,619	10,933
July - 23	10,597	10,926
August - 23	10,526	10,856
September - 23	10,187	10,580
October - 23	9,995	10,413
November - 23	10,509	10,884
December - 23	10,951	11,301
January - 24	10,879	11,270
February - 24	10,707	11,111
March - 24	10,832	11,213
April - 24	10,511	10,930
May - 24	10,688	11,116
June - 24	10,815	11,221
July - 24	11,019	11,483
August - 24	11,225	11,648
September - 24	11,380	11,804
October - 24	11,084	11,511
November - 24	11,216	11,633

Annual Average Total Return

	1 Year	5 Year	10 Year
Sextant Bond Income	6.73%	-1.05%	1.15%
Bloomberg US Aggregate Bond Index	6.88%	-0.01%	1.52%

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

SBIFX

| SEXTANT BOND INCOME

Sextant Bond Income Fund

Annual Shareholder Report - November 30, 2024

Key Fund Statistics

Total Net Assets	$11,104,589
# of Portfolio Holdings	45
Advisory Fees Paid	$31,231
Portfolio Turnover Rate	4%

Householding

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

What did the Fund invest in?

Top 10 Holdings

% of Total Net Assets

United States Treasury Bond (4.250% due 05/15/2039)	6.9%
United States Treasury Bond (3.375% due 11/15/2048)	4.2%
United States Treasury Bond (5.375% due 02/15/2031)	3.9%
Apple (4.500% due 02/23/2036)	3.2%
Microsoft (4.200% due 11/3/2035)	3.1%
Intel (4.000% due 12/15/2032)	3.0%
Home Depot (5.875% due 12/16/2036)	2.9%
Minnesota Housing Finance Agency (5.925% due 07/1/2049)	2.8%
Maryland Community Development Administration (5.991% due 09/1/2044)	2.7%
Burlington Northern Santa Fe (5.050% due 03/1/2041)	2.7%

Sector Weightings

% of Total Net Assets

Government	28.8%
Financials	10.4%
Technology	9.8%
Health Care	9.3%
Industrials	6.2%
Energy	5.3%
Consumer Discretionary	5.3%
Utilities	4.9%
Consumer Staples	4.8%
Materials	4.6%
Other Sectors	8.2%
Other Assets (net of liabilities)	2.4%

QR Code

Additional Information

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

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

SCORX

| SEXTANT CORE

Sextant Core Fund

Annual Shareholder Report - November 30, 2024

Fund Overview

The objective of the Sextant Core Fund is long-term appreciation and capital preservation. This Annual Shareholder Report contains important information about the Sextant Core Fund for the period of December 1, 2023 to November 30, 2024. You can find additional information about the Fund at www.saturna.com/sextant/core-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Sextant Core	$80	0.74%

How did the Fund perform over the last year?

The Sextant Core Fund returned 16.84% for the fiscal year ended November 30, 2024. The Fund’s benchmark, a 60/40 blend of the S&P Global 1200 Equity Index and the Bloomberg US Aggregate Bond Index returned 18.97% for the same period. At fiscal year-end, the Fund recorded a 30-day yield of 1.08% and reported turnover of 17% for 2024.

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. The average market capitalization of positions held by the Fund was $404.2 billion with 20% total debt-to-market capitalization at year-end. The Fund’s 61.75% equity allocation was comprised of 59 positions across 15 countries.

Fixed Income

The Sextant Core Fund targets an allocation of 40% cash and investment-grade fixed-income securities. During the fiscal year, the Federal Reserve cut interest rate by 75 basis points (bps) from 5.375% at the mid-point to 4.625%. Despite cuts, longer-term treasuries were largely flat on the year, with the 10-year rising 48 bps from the start of easing through the end of fiscal year 2024.

Looking Forward

The US equity and bond markets ended fiscal 2024 with a buoyant November, driven by expectations that further rate cuts were likely and economic growth remained sturdy. In 2023, we noted that cuts may be in store for 2024, and the reason for those cuts is just as important as the amount. We maintain this view, acknowledging slow and steady cuts driven by cooling inflation should be supportive, whereas rapid cuts due to deteriorating real economic growth would be troubling. Such uncertainty bolsters the value of a 60/40 portfolio, where bonds can provide a ballast and equities a sail.

How did the Fund perform over the past 10 years?

Cumulative Performance

November 30, 2014 through November 30, 2024 with initial investment of $10,000.

	Sextant Core Fund $17,750	S&P Global 1200 Index $27,196	Dow Jones Moderate US Portfolio Index $17,991	Bloomberg US Aggregate Bond Index $11,633	60%\|40% S&P Global 1200\|Bloomberg US Agg. Index $19,809
November - 14	10,000	10,000	10,000	10,000	10,000
December - 14	9,871	9,836	9,944	10,009	9,906
January - 15	9,775	9,659	9,923	10,219	9,881
February - 15	10,016	10,209	10,198	10,123	10,182
March - 15	9,960	10,051	10,169	10,170	10,106
April - 15	10,032	10,331	10,252	10,134	10,261
May - 15	9,968	10,356	10,247	10,109	10,266
June - 15	9,743	10,111	10,108	9,999	10,075
July - 15	9,751	10,247	10,128	10,069	10,185
August - 15	9,381	9,579	9,776	10,054	9,780
September - 15	9,244	9,240	9,592	10,122	9,599
October - 15	9,582	9,975	9,995	10,124	10,058
November - 15	9,562	9,924	9,950	10,097	10,017
December - 15	9,451	9,752	9,824	10,064	9,899
January - 16	9,137	9,192	9,484	10,203	9,613
February - 16	9,103	9,129	9,544	10,275	9,600
March - 16	9,511	9,769	10,062	10,370	10,040
April - 16	9,647	9,931	10,175	10,409	10,155
May - 16	9,766	9,977	10,193	10,412	10,184
June - 16	9,800	9,902	10,282	10,599	10,211
July - 16	10,038	10,325	10,591	10,666	10,499
August - 16	9,995	10,361	10,594	10,654	10,516
September - 16	9,978	10,403	10,645	10,648	10,539
October - 16	9,740	10,237	10,447	10,566	10,406
November - 16	9,732	10,372	10,487	10,316	10,390
December - 16	9,850	10,619	10,577	10,331	10,544
January - 17	9,962	10,891	10,784	10,351	10,715
February - 17	10,221	11,186	10,996	10,421	10,918
March - 17	10,290	11,341	11,046	10,415	11,006
April - 17	10,341	11,513	11,171	10,496	11,140
May - 17	10,497	11,765	11,303	10,576	11,321
June - 17	10,549	11,830	11,346	10,566	11,353
July - 17	10,626	12,145	11,550	10,611	11,555
August - 17	10,730	12,183	11,603	10,706	11,618
September - 17	10,919	12,447	11,719	10,655	11,747
October - 17	11,092	12,707	11,864	10,662	11,897
November - 17	11,207	12,960	12,057	10,648	12,033
December - 17	11,286	13,151	12,178	10,697	12,161
January - 18	11,549	13,875	12,554	10,574	12,507
February - 18	11,181	13,298	12,229	10,473	12,148
March - 18	11,050	13,030	12,181	10,540	12,032
April - 18	10,972	13,171	12,170	10,462	12,074
May - 18	11,111	13,221	12,267	10,537	12,136
June - 18	11,059	13,198	12,235	10,524	12,117
July - 18	11,479	13,628	12,411	10,526	12,355
August - 18	11,610	13,765	12,552	10,594	12,462
September - 18	11,618	13,867	12,507	10,526	12,485
October - 18	11,076	12,860	11,875	10,443	11,902
November - 18	11,216	13,027	12,024	10,505	12,023
December - 18	10,765	12,077	11,545	10,698	11,585
January - 19	11,271	13,000	12,216	10,812	12,166
February - 19	11,572	13,369	12,425	10,805	12,370
March - 19	11,678	13,559	12,559	11,013	12,570
April - 19	12,024	14,056	12,793	11,016	12,848
May - 19	11,581	13,246	12,386	11,211	12,495
June - 19	12,140	14,116	12,933	11,352	13,050
July - 19	12,193	14,151	12,980	11,377	13,081
August - 19	12,273	13,887	12,855	11,672	13,070
September - 19	12,370	14,218	12,989	11,610	13,229
October - 19	12,539	14,595	13,198	11,645	13,455
November - 19	12,689	14,977	13,410	11,639	13,664
December - 19	12,917	15,486	13,692	11,630	13,939
January - 20	12,898	15,350	13,632	11,854	13,973
February - 20	12,315	14,093	12,990	12,068	13,387
March - 20	11,375	12,277	11,630	11,997	12,321
April - 20	12,240	13,546	12,532	12,210	13,172
May - 20	12,588	14,155	12,935	12,267	13,552
June - 20	12,700	14,564	13,190	12,344	13,821
July - 20	13,170	15,250	13,697	12,528	14,294
August - 20	13,509	16,213	14,071	12,427	14,790
September - 20	13,330	15,672	13,831	12,420	14,490
October - 20	13,095	15,242	13,763	12,365	14,226
November - 20	13,923	17,133	14,888	12,486	15,341
December - 20	14,255	17,898	15,367	12,504	15,760
January - 21	14,140	17,758	15,335	12,414	15,641
February - 21	14,207	18,214	15,612	12,235	15,792
March - 21	14,598	18,845	15,756	12,082	16,041
April - 21	14,894	19,700	16,222	12,177	16,528
May - 21	15,113	20,033	16,378	12,217	16,718
June - 21	15,075	20,263	16,483	12,303	16,880
July - 21	15,247	20,504	16,566	12,440	17,076
August - 21	15,351	21,008	16,791	12,417	17,314
September - 21	14,884	20,133	16,346	12,309	16,822
October - 21	15,418	21,235	16,782	12,306	17,373
November - 21	15,447	20,831	16,460	12,342	17,195
December - 21	15,982	21,754	16,813	12,311	17,634
January - 22	15,480	20,748	16,164	12,045	16,993
February - 22	15,175	20,195	15,957	11,911	16,645
March - 22	15,352	20,730	15,955	11,580	16,725
April - 22	14,595	19,090	14,980	11,141	15,677
May - 22	14,644	19,201	15,021	11,213	15,772
June - 22	13,877	17,557	14,163	11,037	14,863
July - 22	14,418	18,852	14,859	11,306	15,666
August - 22	13,995	18,065	14,432	10,987	15,097
September - 22	13,257	16,362	13,386	10,512	13,982
October - 22	13,877	17,475	13,821	10,376	14,480
November - 22	14,624	18,877	14,629	10,758	15,390
December - 22	14,323	18,093	14,296	10,709	14,979
January - 23	14,693	19,391	15,075	11,039	15,808
February - 23	14,303	18,841	14,656	10,753	15,375
March - 23	14,723	19,486	14,928	11,026	15,847
April - 23	14,912	19,821	14,996	11,093	16,049
May - 23	14,643	19,653	14,762	10,972	15,898
June - 23	15,122	20,822	15,296	10,933	16,443
July - 23	15,321	21,494	15,661	10,926	16,756
August - 23	15,152	20,969	15,265	10,856	16,468
September - 23	14,653	20,060	14,757	10,580	15,872
October - 23	14,423	19,522	14,351	10,413	15,517
November - 23	15,192	21,308	15,350	10,884	16,650
December - 23	15,732	22,324	16,112	11,301	17,381
January - 24	15,661	22,530	16,015	11,270	17,458
February - 24	16,046	23,529	16,322	11,111	17,824
March - 24	16,523	24,350	16,715	11,213	18,263
April - 24	16,148	23,488	16,189	10,930	17,690
May - 24	16,675	24,564	16,585	11,116	18,296
June - 24	16,696	25,113	16,692	11,221	18,611
July - 24	16,959	25,537	17,126	11,483	18,974
August - 24	17,406	26,179	17,440	11,648	19,369
September - 24	17,669	26,709	17,801	11,804	19,708
October - 24	17,345	26,192	17,450	11,511	19,283
November - 24	17,750	27,196	17,991	11,633	19,809

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

Annual Average Total Return

	1 Year	5 Year	10 Year
Sextant Core	16.84%	6.94%	5.91%
S&P Global 1200 Index	27.63%	12.66%	10.51%
Dow Jones Moderate US Portfolio Index	17.20%	6.05%	6.04%
Bloomberg US Aggregate Bond Index	6.88%	-0.01%	1.52%
60%\|40% S&P Global 1200\|Bloomberg US Agg. Index	18.97%	7.71%	7.07%

SCORX

| SEXTANT CORE

Sextant Core Fund

Annual Shareholder Report - November 30, 2024

Key Fund Statistics

Total Net Assets	$26,794,132
# of Portfolio Holdings	79
Advisory Fees Paid	$124,345
Portfolio Turnover Rate	17%

Householding

What did the Fund invest in?

Top 10 Holdings

% of Total Net Assets

Eaton	2.8%
Oracle	2.2%
Microsoft	2.1%
Apple	2.0%
Pacificorp (6.000% due 01/15/2039)	2.0%
Comcast (5.650% due 06/15/2035)	2.0%
Agnico-Eagle Mines	1.9%
Motorola Solutions	1.9%
Dominion Energy	1.9%
SAP ADR	1.9%

Sector Weightings

% of Total Net Assets

Technology	20.3%
Industrials	14.9%
Consumer Discretionary	6.2%
Health Care	6.0%
Communications	5.9%
Financials	5.9%
Utilities	5.6%
Consumer Staples	5.2%
Materials	4.7%
Government	2.5%
Other Sectors	3.6%
Other Assets (net of liabilities)	19.2%

QR Code

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

SGHIX

| SEXTANT GLOBAL HIGH INCOME FUND

Sextant Global High Income Fund

Annual Shareholder Report - November 30, 2024

Fund Overview

The objective of the Sextant Global High Income Fund is high income, with a secondary objective of capital preservation. This Annual Shareholder Report contains important information about the Sextant Global High Income Fund for the period of December 1, 2023 to November 30, 2024. You can find additional information about the Fund at www.saturna.com/sextant/global-high-income-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Sextant Global High Income Fund	$80	0.75%

How did the Fund perform over the last year?

The Sextant Global High Income Fund completed fiscal year ended November 30, 2024 with a total return of 12.42%. The Fund distributed net income amounting to 3.79% of average net assets during the fiscal year.

The Fund’s equity benchmark, the S&P Global 1200 Index, returned 27.63%, and the Fund’s fixed income benchmark, the Bloomberg Global High Yield Corporate Bond Index returned 11.88% at fiscal year ended November 30, 2024.

Global equity market performance was led by strong returns from large capitalization US stocks, particularly those of technology companies such as semiconductor manufacturers and cloud infrastructure providers that stand to benefit from soaring investment in artificial intelligence. Gradually cooling inflation allowed the Federal Reserve to begin cutting interest rates. As a result of the Fund’s global income objective, it tends to underperform during periods when returns are driven by lower-dividend US stocks — which have led market performance for much of the past decade.

With a generally flat yield curve during the fiscal year along with tight credit spreads, the Fund recycled proceeds from maturing bonds and other sources of cash into shorter-term money market securities, reducing sensitivity to longer-term interest rates.

Equities

Incumbent political parties are being swept out of office throughout the developed world, and the resulting political upheaval creates uncertainty, power vacuums, and opportunities for change — both positive and negative. Trump’s incoming administration will likely be more confrontational than Biden’s, adding uncertainty and risk for investments in non-US companies.

Fixed Income

With Republicans controlling the three branches of US government, they must balance conservatives’ desires to curb federal spending and narrow the budget deficit with determination to extend past tax cuts and possibly cut other taxes further. Trump’s pledge to impose tariffs adds further uncertainty to their impact on inflation and economic growth. Adding these up, the Fund’s bias will be to limit investment in longer-term bonds until their rates rise further or we develop conviction that an economic slowdown is more likely.

How did the Fund perform over the past 10 years?

Cumulative Performance

November 30, 2014 through November 30, 2024 with initial investment of $10,000.

	Sextant Global High Income Fund $15,217	S&P Global 1200 Index $27,196	Bloomberg Global High Yield Corp. Index $15,134
November - 14	10,000	10,000	10,000
December - 14	9,858	9,836	9,806
January - 15	9,801	9,659	9,730
February - 15	10,009	10,209	9,960
March - 15	9,735	10,051	9,839
April - 15	10,161	10,331	10,046
May - 15	9,924	10,356	10,041
June - 15	9,678	10,111	9,927
July - 15	9,431	10,247	9,886
August - 15	9,137	9,579	9,742
September - 15	8,673	9,240	9,481
October - 15	9,062	9,975	9,743
November - 15	8,916	9,924	9,514
December - 15	8,575	9,752	9,322
January - 16	8,334	9,192	9,170
February - 16	8,465	9,129	9,197
March - 16	8,986	9,769	9,681
April - 16	9,518	9,931	10,022
May - 16	9,267	9,977	10,021
June - 16	9,528	9,902	10,054
July - 16	9,798	10,325	10,322
August - 16	10,029	10,361	10,514
September - 16	10,260	10,403	10,569
October - 16	10,270	10,237	10,560
November - 16	10,139	10,372	10,450
December - 16	10,250	10,619	10,626
January - 17	10,533	10,891	10,819
February - 17	10,722	11,186	10,936
March - 17	10,848	11,341	10,936
April - 17	10,911	11,513	11,106
May - 17	11,016	11,765	11,259
June - 17	11,016	11,830	11,303
July - 17	11,372	12,145	11,497
August - 17	11,487	12,183	11,522
September - 17	11,676	12,447	11,613
October - 17	11,697	12,707	11,650
November - 17	11,661	12,960	11,676
December - 17	11,833	13,151	11,719
January - 18	12,275	13,875	11,880
February - 18	11,833	13,298	11,728
March - 18	11,919	13,030	11,690
April - 18	11,984	13,171	11,699
May - 18	11,855	13,221	11,566
June - 18	11,822	13,198	11,576
July - 18	12,221	13,628	11,726
August - 18	11,984	13,765	11,737
September - 18	12,199	13,867	11,813
October - 18	11,822	12,860	11,580
November - 18	11,930	13,027	11,460
December - 18	11,687	12,077	11,313
January - 19	12,325	13,000	11,777
February - 19	12,571	13,369	11,958
March - 19	12,537	13,559	12,040
April - 19	12,615	14,056	12,198
May - 19	12,280	13,246	12,036
June - 19	12,839	14,116	12,362
July - 19	12,861	14,151	12,381
August - 19	12,459	13,887	12,381
September - 19	12,716	14,218	12,410
October - 19	12,839	14,595	12,526
November - 19	12,772	14,977	12,565
December - 19	13,028	15,486	12,832
January - 20	12,809	15,350	12,827
February - 20	12,299	14,093	12,619
March - 20	10,830	12,277	11,088
April - 20	11,328	13,546	11,644
May - 20	11,632	14,155	12,147
June - 20	11,741	14,564	12,347
July - 20	11,935	15,250	12,951
August - 20	12,093	16,213	13,132
September - 20	11,668	15,672	12,949
October - 20	11,425	15,242	12,988
November - 20	12,324	17,133	13,582
December - 20	12,673	17,898	13,879
January - 21	12,811	17,758	13,906
February - 21	12,987	18,214	13,973
March - 21	13,226	18,845	13,896
April - 21	13,414	19,700	14,106
May - 21	13,691	20,033	14,208
June - 21	13,628	20,263	14,245
July - 21	13,552	20,504	14,249
August - 21	13,628	21,008	14,317
September - 21	13,641	20,133	14,212
October - 21	13,766	21,235	14,135
November - 21	13,540	20,831	13,914
December - 21	14,015	21,754	14,152
January - 22	14,067	20,748	13,770
February - 22	14,118	20,195	13,528
March - 22	14,195	20,730	13,370
April - 22	13,336	19,090	12,781
May - 22	13,554	19,201	12,785
June - 22	12,579	17,557	11,866
July - 22	12,823	18,852	12,409
August - 22	12,592	18,065	12,156
September - 22	11,848	16,362	11,576
October - 22	12,182	17,475	11,830
November - 22	12,977	18,877	12,297
December - 22	12,925	18,093	12,362
January - 23	13,576	19,391	12,868
February - 23	13,231	18,841	12,656
March - 23	13,456	19,486	12,808
April - 23	13,589	19,821	12,959
May - 23	13,085	19,653	12,783
June - 23	13,377	20,822	13,029
July - 23	13,695	21,494	13,229
August - 23	13,416	20,969	13,208
September - 23	13,310	20,060	13,032
October - 23	13,071	19,522	12,897
November - 23	13,536	21,308	13,527
December - 23	14,221	22,324	14,031
January - 24	14,180	22,530	14,031
February - 24	14,069	23,529	14,078
March - 24	14,484	24,350	14,221
April - 24	14,359	23,488	14,088
May - 24	14,871	24,564	14,298
June - 24	14,664	25,113	14,375
July - 24	14,830	25,537	14,659
August - 24	15,134	26,179	14,962
September - 24	15,521	26,709	15,211
October - 24	15,093	26,192	15,074
November - 24	15,217	27,196	15,134

Annual Average Total Return

	1 Year	5 Year	10 Year
Sextant Global High Income Fund	12.42%	3.57%	4.29%
S&P Global 1200 Index	27.63%	12.66%	10.51%
Bloomberg Global High Yield Corp. Index	11.88%	3.79%	4.23%

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

SGHIX

| SEXTANT GLOBAL HIGH INCOME FUND

Sextant Global High Income Fund

Annual Shareholder Report - November 30, 2024

Key Fund Statistics

Total Net Assets	$9,543,532
# of Portfolio Holdings	36
Advisory Fees Paid	$32,336
Portfolio Turnover Rate	-%

Householding

What did the Fund invest in?

Top 10 Holdings

% of Total Net Assets

Southern Copper	5.3%
Skandinaviska Enskilda Banken, Cl A	3.6%
ANZ Group Holdings ADR	3.2%
Cisco Systems	3.1%
Nintendo	3.1%
BHP Biliton ADR	3.1%
Virtu Financial	3.0%
YUM! Brands (3.625% due 03/15/2031)	2.8%
SK Telecom ADR	2.8%
Verizon Communications	2.8%

Sector Weightings

% of Total Net Assets

Communications	15.3%
Materials	13.1%
Financials	11.9%
Industrials	9.4%
Consumer Discretionary	8.5%
Technology	6.2%
Health Care	5.3%
Energy	5.3%
Government	3.1%
Consumer Staples	1.9%
Other Sectors	0.5%
Other Assets (net of liabilities)	19.5%

Geographic Weightings

% of Total Net Assets

United States	33.1%
Australia	10.1%
Peru	5.3%
Norway	4.8%
Sweden	3.6%
Japan	3.1%
Switzerland	3.0%
South Korea	2.8%
Netherlands	2.6%
United Kingdom	2.3%
Other Countries	29.3%

QR Code

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

SSGFX

| INVESTOR SHARES

Sextant Growth Fund

Annual Shareholder Report - November 30, 2024

Fund Overview

The objective of the Sextant Growth Fund is long-term capital growth. This Annual Shareholder Report contains important information about the Sextant Growth Fund for the period of December 1, 2023 to November 30, 2024. You can find additional information about the Fund at www.saturna.com/sextant/growth-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Investor Shares	$111	0.96%

How did the Fund perform over the last year?

For the fiscal year ended November 30, 2024, Sextant Growth Fund Investor Shares returned 30.23%, trailing the 33.89% return for the S&P 500 Index for the same period. As was the case in the previous fiscal year, the Fund returns suffered in comparison to the S&P 500 Index due to a handful of mega-cap Technology and artificial intelligence (AI) related stocks driving Index returns.

What Factors Influenced Performance?

Similarly to 2023, Nvidia was the dominant contributor to Index returns as other mega-cap stocks jumped on the AI/data center/large language model bandwagon. The Fund holds a position in Nvidia, but the benchmark weight is more than double the Fund’s exposure.

We hold positions in Alphabet, Amazon, Apple, Meta Platforms, and Microsoft as well — all the Magnificent Seven stocks except Tesla — but typically at lower exposures than represented in the benchmarks. That said, Fund performance was boosted by several holdings not included among the mega-caps. These include Broadcom, Oracle, and ServiceNow in Technology, Boston Scientific in Health Care, and Motorola Solutions in Communications. The aforementioned stocks all appreciated by at least 50% over the course of the year.

Other strong performers included Costco, Johnson Controls, and TJX. Portfolio returns were diminished by declines in the value of Adobe, Lululemon, Advanced Micro Devices, and Zoetis. As long-term investors, our interpretation of the long-term operational thesis behind an investment matters more than any short-term period of weakness.

Looking Forward

The US economy currently enjoys solid positive momentum, which is likely to continue well into the new year. While the new administration appears determined to implement a wide range of policy initiatives that will depart significantly from the past, executing on the changes will take time — as it will for the effects to be felt.

Stock markets discount expectations well before the realities resonate in the economy or corporate earnings so we are reliant on the market’s interpretation of the mix of policy prescriptions. Following the pre-Christmas fiscal gymnastics, it appears that adopting a long-term government funding solution will be the first challenge, one likely to feature a plethora of political pyrotechnics.

How did the Fund perform over the past 10 years?

Cumulative Performance

May 31, 2014 through November 30, 2024 with initial investment of $10,000.

	Sextant Growth Fund Investor Shares $31,116	S&P 500 Index $35,002
November - 14	10,000	10,000
December - 14	9,928	9,975
January - 15	9,613	9,675
February - 15	10,235	10,231
March - 15	10,118	10,070
April - 15	10,038	10,166
May - 15	10,125	10,297
June - 15	9,973	10,098
July - 15	10,110	10,309
August - 15	9,469	9,687
September - 15	9,268	9,447
October - 15	9,875	10,244
November - 15	9,913	10,275
December - 15	9,715	10,113
January - 16	8,972	9,611
February - 16	8,729	9,598
March - 16	9,418	10,249
April - 16	9,302	10,289
May - 16	9,385	10,474
June - 16	9,207	10,501
July - 16	9,731	10,888
August - 16	9,686	10,903
September - 16	9,636	10,905
October - 16	9,372	10,706
November - 16	9,594	11,103
December - 16	9,670	11,322
January - 17	9,893	11,537
February - 17	10,325	11,995
March - 17	10,423	12,009
April - 17	10,632	12,132
May - 17	10,765	12,303
June - 17	10,799	12,380
July - 17	10,910	12,635
August - 17	10,992	12,673
September - 17	11,111	12,935
October - 17	11,342	13,237
November - 17	11,766	13,642
December - 17	11,832	13,794
January - 18	12,585	14,584
February - 18	12,364	14,046
March - 18	11,999	13,689
April - 18	12,121	13,742
May - 18	12,549	14,073
June - 18	12,661	14,160
July - 18	13,198	14,686
August - 18	13,942	15,165
September - 18	14,144	15,251
October - 18	12,846	14,209
November - 18	12,936	14,498
December - 18	11,882	13,189
January - 19	12,777	14,246
February - 19	13,232	14,704
March - 19	13,720	14,989
April - 19	14,427	15,596
May - 19	13,450	14,605
June - 19	14,531	15,635
July - 19	15,038	15,859
August - 19	14,957	15,608
September - 19	15,010	15,900
October - 19	15,280	16,245
November - 19	15,758	16,834
December - 19	16,204	17,342
January - 20	16,384	17,335
February - 20	15,199	15,908
March - 20	13,752	13,944
April - 20	15,531	15,731
May - 20	16,554	16,480
June - 20	17,252	16,808
July - 20	18,558	17,756
August - 20	20,274	19,032
September - 20	19,513	18,309
October - 20	18,685	17,822
November - 20	20,406	19,773
December - 20	21,142	20,533
January - 21	20,667	20,326
February - 21	20,770	20,886
March - 21	21,348	21,801
April - 21	22,648	22,964
May - 21	22,486	23,125
June - 21	23,319	23,665
July - 21	24,094	24,227
August - 21	24,795	24,963
September - 21	23,241	23,802
October - 21	24,844	25,470
November - 21	25,197	25,294
December - 21	26,003	26,427
January - 22	24,256	25,060
February - 22	23,369	24,309
March - 22	23,754	25,212
April - 22	21,531	23,013
May - 22	21,242	23,056
June - 22	19,543	21,152
July - 22	21,472	23,103
August - 22	20,334	22,161
September - 22	18,404	20,120
October - 22	19,559	21,749
November - 22	20,692	22,964
December - 22	19,438	21,641
January - 23	20,660	23,001
February - 23	20,003	22,440
March - 23	21,241	23,263
April - 23	21,652	23,626
May - 23	22,107	23,729
June - 23	23,608	25,297
July - 23	24,030	26,110
August - 23	23,647	25,694
September - 23	22,293	24,469
October - 23	21,877	23,955
November - 23	23,893	26,142
December - 23	24,929	27,330
January - 24	25,411	27,789
February - 24	26,814	29,273
March - 24	27,214	30,215
April - 24	26,009	28,981
May - 24	27,406	30,418
June - 24	29,067	31,509
July - 24	28,705	31,893
August - 24	29,209	32,666
September - 24	30,031	33,364
October - 24	29,554	33,061
November - 24	31,116	35,002

Annual Average Total Return

	1 Year	5 Year	10 Year
Investor Shares	30.23%	14.58%	12.02%
S&P 500 Index	33.89%	15.75%	13.33%

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

SSGFX

| INVESTOR SHARES

Sextant Growth Fund

Annual Shareholder Report - November 30, 2024

Key Fund Statistics

Total Net Assets	$75,697,326
# of Portfolio Holdings	30
Advisory Fees Paid	$344,509
Portfolio Turnover Rate	6%

Householding

What did the Fund invest in?

Top 10 Holdings

% of Total Net Assets

Microsoft	10.2%
Apple	8.6%
Amazon.com	7.4%
Alphabet, Class A	7.1%
Nvidia	6.4%
Costco Wholesale	4.5%
Oracle	4.3%
Motorola Solutions	3.9%
Mastercard, Class A	3.6%
TJX Companies	3.1%

Industry Weightings

% of Total Net Assets

Infrastructure Software	17.1%
Semiconductor Devices	14.7%
Communications Equipment	12.5%
Internet Media & Services	9.2%
Online Marketplace	7.4%
Medical Devices	5.2%
Mass Merchants	4.5%
Specialty Apparel Stores	4.4%
Other Financial Services	3.6%
Application Software	3.0%
Other Industries	15.8%
Other Assets (net of liabilities)	2.6%

QR Code

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

SGZFX

| Z SHARES

Sextant Growth Fund

Annual Shareholder Report - November 30, 2024

Fund Overview

What were the Fund’s costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Z Shares	$83	0.72%

How did the Fund perform over the last year?

For the fiscal year ended November 30, 2024, Sextant Growth Fund Z Shares returned 30.23%, trailing the 33.89% return for the S&P 500 Index for the same period. As was the case in the previous fiscal year, the Fund returns suffered in comparison to the S&P 500 Index due to a handful of mega-cap Technology and artificial intelligence (AI) related stocks driving Index returns.

What Factors Influenced Performance?

Looking Forward

How did the Fund perform since inception?

Cumulative Performance

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

	Sextant Growth Fund Z Shares $29,314	S&P 500 Index $28,273
June - 17	10,000	10,000
July - 17	10,107	10,206
August - 17	10,178	10,237
September - 17	10,285	10,448
October - 17	10,499	10,692
November - 17	10,893	11,020
December - 17	10,957	11,142
January - 18	11,661	11,780
February - 18	11,455	11,346
March - 18	11,120	11,058
April - 18	11,233	11,100
May - 18	11,631	11,367
June - 18	11,736	11,437
July - 18	12,239	11,863
August - 18	12,930	12,250
September - 18	13,123	12,319
October - 18	11,921	11,477
November - 18	12,004	11,711
December - 18	11,030	10,654
January - 19	11,862	11,508
February - 19	12,291	11,877
March - 19	12,751	12,108
April - 19	13,406	12,598
May - 19	12,503	11,797
June - 19	13,512	12,629
July - 19	13,986	12,810
August - 19	13,915	12,607
September - 19	13,968	12,843
October - 19	14,224	13,122
November - 19	14,671	13,598
December - 19	15,086	14,008
January - 20	15,259	14,003
February - 20	14,161	12,850
March - 20	12,812	11,263
April - 20	14,471	12,707
May - 20	15,428	13,312
June - 20	16,084	13,577
July - 20	17,306	14,342
August - 20	18,906	15,373
September - 20	18,204	14,789
October - 20	17,433	14,396
November - 20	19,042	15,972
December - 20	19,730	16,586
January - 21	19,294	16,418
February - 21	19,386	16,871
March - 21	19,937	17,610
April - 21	21,150	18,550
May - 21	21,003	18,679
June - 21	21,784	19,115
July - 21	22,514	19,569
August - 21	23,176	20,164
September - 21	21,729	19,226
October - 21	23,231	20,573
November - 21	23,566	20,431
December - 21	24,329	21,347
January - 22	22,693	20,242
February - 22	21,870	19,636
March - 22	22,231	20,365
April - 22	20,159	18,589
May - 22	19,888	18,623
June - 22	18,303	17,086
July - 22	20,114	18,661
August - 22	19,050	17,900
September - 22	17,249	16,252
October - 22	18,333	17,567
November - 22	19,397	18,549
December - 22	18,230	17,481
January - 23	19,372	18,579
February - 23	18,765	18,126
March - 23	19,928	18,791
April - 23	20,324	19,084
May - 23	20,756	19,167
June - 23	22,166	20,434
July - 23	22,568	21,090
August - 23	22,213	20,754
September - 23	20,947	19,765
October - 23	20,556	19,349
November - 23	22,459	21,116
December - 23	23,434	22,076
January - 24	23,898	22,447
February - 24	25,221	23,645
March - 24	25,602	24,406
April - 24	24,474	23,409
May - 24	25,792	24,570
June - 24	27,362	25,452
July - 24	27,023	25,761
August - 24	27,501	26,386
September - 24	28,284	26,950
October - 24	27,841	26,705
November - 24	29,314	28,273

Annual Average Total Return

	1 Year	5 Year	Since Inception
Z Shares	30.52%	14.85%	15.25%
S&P 500 Index	33.89%	15.75%	14.77%

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

SGZFX

| Z SHARES

Sextant Growth Fund

Annual Shareholder Report - November 30, 2024

Key Fund Statistics

Total Net Assets	$75,697,326
# of Portfolio Holdings	30
Advisory Fees Paid	$344,509
Portfolio Turnover Rate	6%

Householding

What did the Fund invest in?

Top 10 Holdings

% of Total Net Assets

Microsoft	10.2%
Apple	8.6%
Amazon.com	7.4%
Alphabet, Class A	7.1%
Nvidia	6.4%
Costco Wholesale	4.5%
Oracle	4.3%
Motorola Solutions	3.9%
Mastercard, Class A	3.6%
TJX Companies	3.1%

Industry Weightings

% of Total Net Assets

Infrastructure Software	17.1%
Semiconductor Devices	14.7%
Communications Equipment	12.5%
Internet Media & Services	9.2%
Online Marketplace	7.4%
Medical Devices	5.2%
Mass Merchants	4.5%
Specialty Apparel Stores	4.4%
Other Financial Services	3.6%
Application Software	3.0%
Other Industries	15.8%
Other Assets (net of liabilities)	2.6%

QR Code

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

SSIFX

| INVESTOR SHARES

Sextant International Fund

Annual Shareholder Report - November 30, 2024

Fund Overview

The objective of the Sextant International Fund is long-term capital growth. This Annual Shareholder Report contains important information about the Sextant International Fund for the period of December 1, 2023 to November 30, 2024. You can find additional information about the Fund at www.saturna.com/sextant/international-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Investor Shares	$100	0.95%

How did the Fund perform over the last year?

For the fiscal year ended November 30, 2024, the Sextant International Fund Investor Shares returned 9.82%. The MSCI EAFE Index returned 12.44% for the same period.

Factors Affecting Past Performance

The Sextant International Fund mandates 65% of net assets be held in companies with market capitalization greater than $1 billion as well as their headquarters and at least half of their assets and earnings outside the US. The Fund generally holds equity positions in larger companies with strong balance sheets. In terms of performance contribution, Financials was the primary detractor since it was the strongest performing sector this year and the Fund had no exposure. Industrials, Consumer Discretionary, Materials, and Technology were moderate contributors.

Looking Forward

In recent months, investor attention shifted from fears of a recession from mismanaged monetary policy, to fears of inflation potentially rearing its head again because of the new administration’s fiscal policy. A reasonable outcome is that global growth continues to bifurcate with relative strength coming from countries such as the US and India, while the eurozone struggles to keep pace. From an investment perspective, two categories of companies are poised to emerge as frontrunners as we approach 2025: productivity enablers, or enterprises offering products and services designed to boost efficiency for other businesses, and AI adopters, or organizations effectively implementing productivity-enhancing technologies internally.

These winners will ride the wave of a dual transformation from the widespread adoption of artificial intelligence and the ongoing digitization of the economy. This technological convergence is set to reshape competitive landscapes across industries, favoring those at the forefront of innovation and adaptation.

Unfortunately, this will likely lead to the disruption of certain legacy business models, services, and conventional jobs. This, in turn, may trigger negative market sentiment in the affected industry verticals. It will be important for investors to stay active in avoiding these pitfalls, while adequately participating in the companies that will define the future economy.

How did the Fund perform over the past 10 years?

Cumulative Performance

May 31, 2014 through November 30, 2024 with initial investment of $10,000.

	Sextant International Fund Investor Shares $20,305	MSCI EAFE Index $17,210
November - 14	10,000	10,000
December - 14	9,657	9,656
January - 15	9,619	9,704
February - 15	10,259	10,285
March - 15	10,129	10,139
April - 15	10,562	10,561
May - 15	10,394	10,519
June - 15	10,110	10,224
July - 15	10,187	10,436
August - 15	9,438	9,670
September - 15	9,024	9,182
October - 15	9,547	9,901
November - 15	9,442	9,748
December - 15	9,073	9,618
January - 16	8,744	8,924
February - 16	8,698	8,763
March - 16	9,284	9,341
April - 16	9,343	9,622
May - 16	9,363	9,546
June - 16	9,343	9,230
July - 16	9,836	9,698
August - 16	9,850	9,707
September - 16	10,021	9,830
October - 16	9,725	9,630
November - 16	9,488	9,439
December - 16	9,719	9,764
January - 17	10,032	10,047
February - 17	10,239	10,193
March - 17	10,419	10,485
April - 17	10,565	10,760
May - 17	10,892	11,169
June - 17	10,879	11,153
July - 17	11,338	11,475
August - 17	11,372	11,472
September - 17	11,725	11,762
October - 17	11,812	11,942
November - 17	12,027	12,069
December - 17	12,193	12,265
January - 18	12,782	12,881
February - 18	12,324	12,301
March - 18	12,302	12,092
April - 18	12,143	12,381
May - 18	12,193	12,119
June - 18	12,041	11,975
July - 18	12,702	12,270
August - 18	12,941	12,035
September - 18	12,825	12,144
October - 18	11,809	11,179
November - 18	12,223	11,166
December - 18	11,713	10,627
January - 19	12,529	11,327
February - 19	13,149	11,617
March - 19	13,354	11,703
April - 19	13,770	12,043
May - 19	13,636	11,482
June - 19	14,194	12,167
July - 19	14,233	12,014
August - 19	14,123	11,704
September - 19	14,131	12,045
October - 19	14,343	12,479
November - 19	14,515	12,622
December - 19	14,858	13,034
January - 20	14,841	12,763
February - 20	13,776	11,611
March - 20	11,759	10,073
April - 20	12,459	10,732
May - 20	13,556	11,206
June - 20	13,930	11,592
July - 20	14,581	11,864
August - 20	15,126	12,476
September - 20	14,906	12,157
October - 20	14,386	11,673
November - 20	15,955	13,484
December - 20	17,099	14,113
January - 21	16,985	13,964
February - 21	16,577	14,279
March - 21	16,821	14,621
April - 21	17,662	15,073
May - 21	17,785	15,579
June - 21	18,266	15,408
July - 21	19,499	15,526
August - 21	20,356	15,801
September - 21	19,050	15,354
October - 21	19,588	15,735
November - 21	19,172	15,005
December - 21	20,094	15,775
January - 22	17,932	15,014
February - 22	17,560	14,750
March - 22	17,923	14,862
April - 22	16,461	13,913
May - 22	16,240	14,037
June - 22	14,884	12,738
July - 22	16,160	13,374
August - 22	15,070	12,740
September - 22	13,892	11,554
October - 22	14,609	12,176
November - 22	16,054	13,550
December - 22	15,549	13,564
January - 23	16,771	14,664
February - 23	16,266	14,360
March - 23	17,347	14,734
April - 23	17,418	15,165
May - 23	16,975	14,543
June - 23	17,577	15,209
July - 23	17,790	15,703
August - 23	17,365	15,103
September - 23	16,514	14,594
October - 23	16,497	14,004
November - 23	18,490	15,306
December - 23	19,407	16,122
January - 24	19,905	16,216
February - 24	20,616	16,515
March - 24	20,785	17,077
April - 24	19,798	16,658
May - 24	20,714	17,324
June - 24	20,670	17,048
July - 24	20,572	17,551
August - 24	21,363	18,123
September - 24	21,292	18,298
October - 24	20,270	17,306
November - 24	20,305	17,210

Annual Average Total Return

	1 Year	5 Year	10 Year
Investor Shares	9.82%	6.94%	7.34%
MSCI EAFE Index	12.44%	6.39%	5.57%

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

SSIFX

| INVESTOR SHARES

Sextant International Fund

Annual Shareholder Report - November 30, 2024

Key Fund Statistics

Total Net Assets	$72,220,400
# of Portfolio Holdings	30
Advisory Fees Paid	$370,093
Portfolio Turnover Rate	19%

Householding

What did the Fund invest in?

Top 10 Holdings

% of Total Net Assets

MercadoLibre	7.7%
Novo Nordisk ADR	7.4%
Wolters Kluwer	7.2%
Taiwan Semiconductor ADR	5.9%
ASML Holding NY	5.0%
SAP ADR	4.8%
Broadcom	4.7%
NICE Systems ADR	4.4%
Ferguson Enterprises	4.3%
Dassault Systemes ADR	4.2%

Geographic Weightings

% of Total Net Assets

United States	13.1%
Netherlands	12.2%
France	10.3%
Germany	7.7%
Argentina	7.7%
Denmark	7.4%
Ireland	6.1%
Switzerland	6.0%
United Kingdom	6.0%
Taiwan	5.9%
Other Countries	17.6%

Industry Weightings

% of Total Net Assets

Application Software	14.4%
Semiconductor Manufacturing	10.9%
IT Services	10.5%
Large Pharma	9.9%
Electrical Power Equipment	8.8%
Online Marketplace	7.7%
Commercial & Residential Building Equipment & Systems	5.2%
Semiconductor Devices	4.7%
Industrial Wholesale & Rental	4.3%
Basic & Diversified Chemicals	3.2%
Other Industries	18.3%
Other Assets (net of liabilities)	2.1%

QR Code

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

SIFZX

| Z SHARES

Sextant International Fund

Annual Shareholder Report - November 30, 2024

Fund Overview

What were the Fund’s costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Z Shares	$76	0.72%

How did the Fund perform over the last year?

For the fiscal year ended November 30, 2024, the Sextant International Fund Z Shares returned 10.04%. The MSCI EAFE Index returned 12.44% for the same period.

Factors Affecting Past Performance

Looking Forward

How did the Fund perform since inception?

Cumulative Performance

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

	Sextant International Fund Z Shares $18,991	MSCI EAFE Index $15,432
June - 17	10,000	10,000
July - 17	10,435	10,289
August - 17	10,459	10,287
September - 17	10,783	10,547
October - 17	10,869	10,708
November - 17	11,073	10,821
December - 17	11,229	10,997
January - 18	11,777	11,549
February - 18	11,349	11,030
March - 18	11,329	10,842
April - 18	11,189	11,101
May - 18	11,236	10,867
June - 18	11,102	10,737
July - 18	11,717	11,002
August - 18	11,937	10,791
September - 18	11,831	10,889
October - 18	10,895	10,023
November - 18	11,276	10,012
December - 18	10,813	9,528
January - 19	11,566	10,156
February - 19	12,138	10,416
March - 19	12,333	10,493
April - 19	12,717	10,798
May - 19	12,601	10,295
June - 19	13,116	10,909
July - 19	13,152	10,772
August - 19	13,058	10,494
September - 19	13,065	10,800
October - 19	13,268	11,189
November - 19	13,434	11,317
December - 19	13,752	11,687
January - 20	13,737	11,444
February - 20	12,752	10,411
March - 20	10,888	9,032
April - 20	11,534	9,623
May - 20	12,557	10,048
June - 20	12,903	10,394
July - 20	13,504	10,638
August - 20	14,016	11,187
September - 20	13,820	10,901
October - 20	13,339	10,467
November - 20	14,790	12,090
December - 20	15,859	12,655
January - 21	15,753	12,521
February - 21	15,368	12,803
March - 21	15,602	13,110
April - 21	16,381	13,515
May - 21	16,502	13,969
June - 21	16,956	13,816
July - 21	18,098	13,921
August - 21	18,900	14,168
September - 21	17,690	13,767
October - 21	18,196	14,109
November - 21	17,811	13,454
December - 21	18,657	14,145
January - 22	16,658	13,462
February - 22	16,321	13,225
March - 22	16,658	13,326
April - 22	15,301	12,475
May - 22	15,104	12,586
June - 22	13,845	11,421
July - 22	15,030	11,991
August - 22	14,018	11,423
September - 22	12,932	10,360
October - 22	13,598	10,918
November - 22	14,939	12,149
December - 22	14,478	12,163
January - 23	15,613	13,149
February - 23	15,153	12,876
March - 23	16,156	13,211
April - 23	16,230	13,598
May - 23	15,819	13,040
June - 23	16,387	13,637
July - 23	16,584	14,080
August - 23	16,197	13,542
September - 23	15,399	13,086
October - 23	15,391	12,557
November - 23	17,259	13,724
December - 23	18,115	14,455
January - 24	18,578	14,540
February - 24	19,248	14,808
March - 24	19,413	15,312
April - 24	18,487	14,936
May - 24	19,355	15,534
June - 24	19,306	15,287
July - 24	19,223	15,737
August - 24	19,967	16,250
September - 24	19,909	16,407
October - 24	18,950	15,517
November - 24	18,991	15,432

Annual Average Total Return

	1 Year	5 Year	Since Inception
Z Shares	10.04%	7.17%	8.74%
MSCI EAFE Index	12.44%	6.39%	5.73%

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

SIFZX

| Z SHARES

Sextant International Fund

Annual Shareholder Report - November 30, 2024

Key Fund Statistics

Total Net Assets	$72,220,400
# of Portfolio Holdings	30
Advisory Fees Paid	$370,093
Portfolio Turnover Rate	19%

Householding

What did the Fund invest in?

Top 10 Holdings

% of Total Net Assets

MercadoLibre	7.7%
Novo Nordisk ADR	7.4%
Wolters Kluwer	7.2%
Taiwan Semiconductor ADR	5.9%
ASML Holding NY	5.0%
SAP ADR	4.8%
Broadcom	4.7%
NICE Systems ADR	4.4%
Ferguson Enterprises	4.3%
Dassault Systemes ADR	4.2%

Geographic Weightings

% of Total Net Assets

United States	13.1%
Netherlands	12.2%
France	10.3%
Germany	7.7%
Argentina	7.7%
Denmark	7.4%
Ireland	6.1%
Switzerland	6.0%
United Kingdom	6.0%
Taiwan	5.9%
Other Countries	17.6%

Industry Weightings

% of Total Net Assets

Application Software	14.4%
Semiconductor Manufacturing	10.9%
IT Services	10.5%
Large Pharma	9.9%
Electrical Power Equipment	8.8%
Online Marketplace	7.7%
Commercial & Residential Building Equipment & Systems	5.2%
Semiconductor Devices	4.7%
Industrial Wholesale & Rental	4.3%
Basic & Diversified Chemicals	3.2%
Other Industries	18.3%
Other Assets (net of liabilities)	2.1%

QR Code

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

STBFX

| SEXTANT SHORT-TERM BOND

Sextant Short-Term Bond Fund

Annual Shareholder Report - November 30, 2024

Fund Overview

The objective of the Sextant Short-Term Bond Fund is capital preservation and current income. This Annual Shareholder Report contains important information about the Sextant Short-Term Bond Fund for the period of December 1, 2023 to November 30, 2024. You can find additional information about the Fund at www.saturna.com/sextant/short-term-bond-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Sextant Short-Term Bond	$61	0.60%

How did the Fund perform over the last year?

For the fiscal year ended November 30, 2024, the Sextant Short-Term Bond Fund returned 4.71%. The Bloomberg US Aggregate 1-3 Year Index returned 5.41%, while the Bloomberg US Aggregate Index returned 6.88%. For the five-year period ended November 30, 2024, the Fund reported an annualized total return of 1.23%, compared to 1.53% for the Bloomberg US Aggregate 1-3 Year Index and -0.01% for the Bloomberg US Aggregate Index. The primary reason for the Fund’s underperformance over the past year was the Fund’s defensive cash position and a lack of exposure to securitized debt. The five-year outperformance relative to the Bloomberg US Aggregate Index is due to the fund’s shorter duration.

Factors Affecting Past Performance

Elevated inflation, an uncertain growth outlook, and a global election cycle made 2024 another volatile year across fixed income markets. Although the Federal Funds Rate was reduced by 100 basis points, the yield curve experienced a pronounced steepening, demonstrating the opposing forces of a weakening labor market, strong output growth, and high inflation expectations. The Sextant Short-Term Bond Fund’s 44.5% weighting to securities maturating within 1-3 years outperformed other areas of the curve, benefitting from the movement on the short end.

Looking Forward

To end the year, politics was top of mind as the United States headed to the polls in November. Along with a new regime comes a new set of opportunities and risks in 2025. As policy becomes clearer, the Sextant Short-Term Bond Fund will remain defensively positioned, ready to take advantage of any new developments. While adaptability is crucial, our goal has always been to choose good companies and invest through cycles rather than engaging in market timing with outsized active bets.

How did the Fund perform over the past 10 years?

Cumulative Performance

November 30, 2014 through November 30, 2024 with initial investment of $10,000.

	Sextant Short-Term Bond Fund $11,443	Bloomberg US Aggregate 1-3 Year Index $11,674	Bloomberg US Aggregate Bond Index $11,633
November - 14	10,000	10,000	10,000
December - 14	9,950	9,975	10,009
January - 15	10,017	10,026	10,219
February - 15	10,005	10,011	10,123
March - 15	10,015	10,033	10,170
April - 15	10,043	10,042	10,134
May - 15	10,051	10,050	10,109
June - 15	10,040	10,047	9,999
July - 15	10,049	10,053	10,069
August - 15	10,039	10,047	10,054
September - 15	10,047	10,077	10,122
October - 15	10,077	10,074	10,124
November - 15	10,067	10,055	10,097
December - 15	10,056	10,041	10,064
January - 16	10,085	10,093	10,203
February - 16	10,075	10,103	10,275
March - 16	10,145	10,139	10,370
April - 16	10,174	10,153	10,409
May - 16	10,163	10,147	10,412
June - 16	10,210	10,208	10,599
July - 16	10,219	10,209	10,666
August - 16	10,229	10,199	10,654
September - 16	10,238	10,211	10,648
October - 16	10,246	10,207	10,566
November - 16	10,173	10,166	10,316
December - 16	10,204	10,172	10,331
January - 17	10,215	10,191	10,351
February - 17	10,225	10,208	10,421
March - 17	10,238	10,214	10,415
April - 17	10,248	10,233	10,496
May - 17	10,282	10,250	10,576
June - 17	10,273	10,246	10,566
July - 17	10,305	10,273	10,611
August - 17	10,315	10,294	10,706
September - 17	10,303	10,281	10,655
October - 17	10,292	10,279	10,662
November - 17	10,261	10,257	10,648
December - 17	10,254	10,260	10,697
January - 18	10,225	10,233	10,574
February - 18	10,195	10,223	10,473
March - 18	10,206	10,239	10,540
April - 18	10,197	10,229	10,462
May - 18	10,231	10,267	10,537
June - 18	10,222	10,268	10,524
July - 18	10,236	10,274	10,526
August - 18	10,270	10,310	10,594
September - 18	10,282	10,303	10,526
October - 18	10,276	10,314	10,443
November - 18	10,287	10,344	10,505
December - 18	10,365	10,425	10,698
January - 19	10,421	10,466	10,812
February - 19	10,434	10,483	10,805
March - 19	10,534	10,552	11,013
April - 19	10,550	10,575	11,016
May - 19	10,587	10,650	11,211
June - 19	10,665	10,708	11,352
July - 19	10,661	10,705	11,377
August - 19	10,740	10,789	11,672
September - 19	10,713	10,784	11,610
October - 19	10,771	10,821	11,645
November - 19	10,765	10,821	11,639
December - 19	10,781	10,846	11,630
January - 20	10,861	10,907	11,854
February - 20	10,940	10,996	12,068
March - 20	10,765	11,040	11,997
April - 20	10,951	11,100	12,210
May - 20	11,052	11,121	12,267
June - 20	11,087	11,137	12,344
July - 20	11,145	11,154	12,528
August - 20	11,138	11,155	12,427
September - 20	11,130	11,155	12,420
October - 20	11,101	11,154	12,365
November - 20	11,137	11,165	12,486
December - 20	11,150	11,180	12,504
January - 21	11,141	11,184	12,414
February - 21	11,087	11,177	12,235
March - 21	11,055	11,171	12,082
April - 21	11,088	11,180	12,177
May - 21	11,120	11,194	12,217
June - 21	11,104	11,177	12,303
July - 21	11,135	11,196	12,440
August - 21	11,122	11,196	12,417
September - 21	11,087	11,187	12,309
October - 21	11,053	11,151	12,306
November - 21	11,039	11,141	12,342
December - 21	11,027	11,124	12,311
January - 22	10,926	11,045	12,045
February - 22	10,869	10,995	11,911
March - 22	10,748	10,846	11,580
April - 22	10,649	10,786	11,141
May - 22	10,704	10,852	11,213
June - 22	10,628	10,777	11,037
July - 22	10,727	10,834	11,306
August - 22	10,629	10,747	10,987
September - 22	10,489	10,615	10,512
October - 22	10,479	10,601	10,376
November - 22	10,581	10,689	10,758
December - 22	10,600	10,710	10,709
January - 23	10,681	10,798	11,039
February - 23	10,607	10,717	10,753
March - 23	10,736	10,872	11,026
April - 23	10,774	10,909	11,093
May - 23	10,748	10,877	10,972
June - 23	10,744	10,833	10,933
July - 23	10,785	10,879	10,926
August - 23	10,802	10,919	10,856
September - 23	10,797	10,913	10,580
October - 23	10,817	10,948	10,413
November - 23	10,928	11,075	10,884
December - 23	11,019	11,208	11,301
January - 24	11,067	11,253	11,270
February - 24	11,045	11,214	11,111
March - 24	11,091	11,259	11,213
April - 24	11,070	11,221	10,930
May - 24	11,142	11,303	11,116
June - 24	11,189	11,366	11,221
July - 24	11,286	11,501	11,483
August - 24	11,361	11,606	11,648
September - 24	11,434	11,702	11,804
October - 24	11,393	11,635	11,511
November - 24	11,443	11,674	11,633

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

Annual Average Total Return

	1 Year	5 Year	10 Year
Sextant Short-Term Bond	4.71%	1.23%	1.36%
Bloomberg US Aggregate 1-3 Year Index	5.41%	1.53%	1.56%
Bloomberg US Aggregate Bond Index	6.88%	-0.01%	1.52%

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

STBFX

| SEXTANT SHORT-TERM BOND

Sextant Short-Term Bond Fund

Annual Shareholder Report - November 30, 2024

Key Fund Statistics

Total Net Assets	$12,544,555
# of Portfolio Holdings	35
Advisory Fees Paid	$26,681
Portfolio Turnover Rate	23%

Householding

What did the Fund invest in?

Top 10 Holdings

% of Total Net Assets

United States Treasury Bond (6.125% due 08/15/2029)	8.2%
United States Treasury Note (2.625% due 12/31/2025)	5.9%
United States Treasury Note (2.250% due 08/15/2027)	5.7%
United States Treasury Note (2.375% due 05/15/2027)	5.0%
United States Treasury Bond (1.500% due 02/15/2025)	4.7%
Florida Power & Light (2.850% due 04/1/2025)	3.3%
Federal Farm Credit Bank (4.800% due 11/13/2029)	3.2%
United States Treasury Note (2.875% due 04/30/2025)	3.2%
Bank of America (3.500% due 04/19/2026)	3.1%
Koninklijke KPN (8.375% due 10/1/2030)	2.8%

Sector Weightings

% of Total Net Assets

Government	40.1%
Financials	16.1%
Utilities	7.0%
Communications	6.3%
Consumer Staples	5.2%
Technology	4.9%
Consumer Discretionary	4.1%
Materials	2.4%
Industrials	1.6%
Health Care	1.2%
Other Assets (net of liabilities)	11.1%

QR Code

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

SEBFX

| SUSTAINABLE BOND

Saturna Sustainable Bond Fund

Annual Shareholder Report - November 30, 2024

Fund Overview

The objective of the Saturna Sustainable Bond Fund is current income and capital preservation. This Annual Shareholder Report contains important information about the Saturna Sustainable Bond Fund for the period of December 1, 2023 to November 30, 2024. You can find additional information about the Fund at www.saturna.com/sustainable/bond-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Sustainable Bond	$66	0.65%

How did the Fund perform over the last year?

For the year-to-date ended November 30, 2024, the Saturna Sustainable Bond Fund returned 0.11%. The FTSE World Broad Investment-Grade Bond Index returned 0.69%. The Fund reported a 30-day yield of 4.30%.

The Saturna Sustainable Bond Fund portfolio held 44 securities, excluding cash, as of November 30, 2024. For the same period, the Fund reported an eﬀective duration of 4.72 years, reflecting an increase from 2.80 years as of May 31, 2024. The FTSE World Broad Investment-Grade Bond Index reported an eﬀective duration of 6.57 years. The Fund extended its duration to lock in higher yields with the expectation of further benchmark rate reductions. This comes during an interest rate environment characterized by higher rates and the Federal Reserve's Open Market Committee lowering of benchmark rates.

As of November 30, 2024, Saturna Sustainable Bond Fund held 59.93% of its assets in US dollar-denominated securities, followed by 13.01% in euro-denominated securities, and 6.32% in Canadian dollar-denominated securities. The Fund retained a currency weighting of 5.75% to the Colombian peso, 5.10% to the Mexican peso, 4.08% to the British pound, 2.91% to the Brazilian real, and 2.90% to the Australian dollar. In contrast, the FTSE World Broad Investment-Grade Bond Index had 53.16% of its portfolio in the US dollar, 27.87% in the euro, and 5.98% in Japanese yen.

How did the Fund perform since inception?

Cumulative Performance

March 31, 2015 through November 30, 2024 with initial investment of $10,000.

	Sustainable Bond Fund $11,256	FTSE WorldBIG Bond Index $10,511
March - 15	10,000	10,000
April - 15	9,945	10,103
May - 15	9,960	9,926
June - 15	9,856	9,878
July - 15	9,893	9,924
August - 15	9,839	9,953
September - 15	9,856	10,001
October - 15	9,894	10,009
November - 15	9,871	9,838
December - 15	9,809	9,896
January - 16	9,837	10,002
February - 16	9,744	10,199
March - 16	9,938	10,468
April - 16	9,996	10,574
May - 16	9,988	10,453
June - 16	10,099	10,724
July - 16	10,191	10,807
August - 16	10,224	10,757
September - 16	10,244	10,806
October - 16	10,257	10,521
November - 16	10,006	10,122
December - 16	9,990	10,088
January - 17	10,140	10,173
February - 17	10,214	10,212
March - 17	10,271	10,223
April - 17	10,291	10,355
May - 17	10,400	10,527
June - 17	10,496	10,524
July - 17	10,628	10,704
August - 17	10,628	10,816
September - 17	10,621	10,727
October - 17	10,519	10,688
November - 17	10,534	10,804
December - 17	10,579	10,838
January - 18	10,696	10,952
February - 18	10,600	10,842
March - 18	10,614	10,971
April - 18	10,565	10,804
May - 18	10,484	10,699
June - 18	10,442	10,674
July - 18	10,547	10,662
August - 18	10,531	10,663
September - 18	10,566	10,578
October - 18	10,425	10,449
November - 18	10,293	10,485
December - 18	10,244	10,695
January - 19	10,503	10,847
February - 19	10,517	10,788
March - 19	10,621	10,928
April - 19	10,680	10,907
May - 19	10,673	11,053
June - 19	10,816	11,298
July - 19	10,856	11,268
August - 19	10,946	11,508
September - 19	10,912	11,390
October - 19	10,978	11,470
November - 19	10,920	11,381
December - 19	10,969	11,431
January - 20	11,047	11,594
February - 20	11,079	11,676
March - 20	10,760	11,468
April - 20	10,927	11,662
May - 20	11,097	11,737
June - 20	11,191	11,844
July - 20	11,452	12,250
August - 20	11,455	12,210
September - 20	11,363	12,161
October - 20	11,319	12,145
November - 20	11,637	12,361
December - 20	11,717	12,514
January - 21	11,672	12,388
February - 21	11,570	12,157
March - 21	11,513	11,926
April - 21	11,650	12,069
May - 21	11,741	12,163
June - 21	11,707	12,075
July - 21	11,752	12,236
August - 21	11,741	12,179
September - 21	11,627	11,954
October - 21	11,570	11,916
November - 21	11,411	11,871
December - 21	11,496	11,836
January - 22	11,309	11,570
February - 22	11,204	11,405
March - 22	11,088	11,059
April - 22	10,820	10,434
May - 22	10,855	10,465
June - 22	10,598	10,138
July - 22	10,726	10,356
August - 22	10,610	9,932
September - 22	10,295	9,412
October - 22	10,295	9,367
November - 22	10,517	9,815
December - 22	10,514	9,808
January - 23	10,760	10,137
February - 23	10,584	9,813
March - 23	10,784	10,134
April - 23	10,854	10,205
May - 23	10,760	10,002
June - 23	10,913	10,025
July - 23	11,007	10,075
August - 23	10,854	9,954
September - 23	10,643	9,641
October - 23	10,514	9,526
November - 23	10,889	10,018
December - 23	11,244	10,439
January - 24	11,195	10,316
February - 24	11,159	10,174
March - 24	11,256	10,245
April - 24	11,061	9,986
May - 24	11,232	10,128
June - 24	11,122	10,142
July - 24	11,232	10,421
August - 24	11,329	10,646
September - 24	11,475	10,819
October - 24	11,256	10,477
November - 24	11,256	10,511

Annual Average Total Return

	1 Year	5 Year	Since Inception
Sustainable Bond	3.36%	0.61%	1.23%
FTSE WorldBIG Bond Index	4.92%	-1.58%	0.47%

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

SEBFX

| SUSTAINABLE BOND

Saturna Sustainable Bond Fund

Annual Shareholder Report - November 30, 2024

Key Fund Statistics

Total Net Assets	$36,291,467
# of Portfolio Holdings	44
Advisory Fees Paid	$134,373
Portfolio Turnover Rate	25%

Householding

What did the Fund invest in?

Top 10 Holdings

% of Total Net Assets

State Street (Quarterly US LIBOR plus 100) (6.552% due 06/15/2047)	4.8%
AXA (5.125% due 01/17/2027)	4.6%
Munich RE (1.000% due 05/26/2042)	4.4%
First Abu Dhabi Bank PJSC (5.125% due 10/13/2027)	4.2%
United Utilities (6.875% due 08/15/2028)	4.1%
Canadian Imperial Bank (4.375% due 10/28/2080)	4.1%
Int'l Bk Recon & Develop (5.000% due 10/7/2026)	3.5%
MAF Global Securities (7.875% due PERP)	3.4%
Natura Cosmeticos SA (4.125% due 05/3/2028)	3.2%
Starbucks (2.450% due 06/15/2026)	3.2%

Sector Weightings

% of Total Net Assets

Financials	31.0%
Government	19.9%
Real Estate	7.1%
Consumer Staples	5.8%
Technology	5.6%
Utilities	4.1%
Health Care	4.0%
Consumer Discretionary	3.2%
Communications	2.4%
Materials	2.4%
Other Sectors	5.4%
Other Assets (net of liabilities)	9.1%

Geographic Weightings

% of Total Net Assets

United States	21.5%
United Arab Emirates	11.9%
Germany	9.8%
United Kingdom	7.9%
Finland	6.9%
Canada	6.1%
Netherlands	5.2%
France	4.6%
Brazil	3.2%
Singapore	3.0%
Other Countries	19.9%

QR Code

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

SEEFX

| SUSTAINABLE EQUITY

Saturna Sustainable Equity Fund

Annual Shareholder Report - November 30, 2024

Fund Overview

The objective of the Saturna Sustainable Equity Fund is capital appreciation. This Annual Shareholder Report contains important information about the Saturna Sustainable Equity Fund for the period of December 1, 2023 to November 30, 2024. You can find additional information about the Fund at www.saturna.com/sustainable/equity-fund. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the last year?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Sustainable Equity	$82	0.75%

How did the Fund perform over the last year?

For the fiscal year ended November 30, 2024, the Saturna Sustainable Equity Fund rose 18.80%, trailing the S&P Global 1200 Index which returned 27.63%. The Morningstar Global Large-Stock Blend category returned 22.97% for the same period. The greatest contributors to underperformance were relative underweights to the US and the financial sector, as well as a cash overweight.

Domestic equities outperformed their foreign counterparts as US economic growth remains resilient, outpacing trends and most of the globe. While US politics feature plenty of bombast, such uncertainty is a global fixture. 2024 was the year of the challenger as incumbents fared poorly.

We highlight politics as a realm whose importance is rivaled by its unpredictability. Much ink is spilled attempting to forecast policies and their possible consequences — intended or otherwise. We believe predictions are risks, and as always, we focus on allocating capital to quality companies poised to adapt to changing circumstances. Considering possible futures is paramount to our role as stewards of your capital. Believing we can accurately forecast the future is antithetical to it. In equity investing, uncertainty is opportunity.

We realigned the portfolio in October and November, selling less adaptable companies and allocating to more resilient ones. In October, we sold Legrand, Lululemon, and Reckitt Benckiser. We added Broadcom, Fuji Electric, Dollarama, and Canadian Pacific Kansas City.

Fuji Electric is a top industrial power supply company in Japan benefitting from near-shoring and grid modernization. Broadcom is an infrastructure software and semiconductor company whose networking silicon and chip design prowess allow hyperscalers to train and deploy ever-larger artificial intelligence models. Dollarama is Canada's leading dollar store, selling affordable everyday essentials to households pressured by rising living costs. Canadian Pacific Kansas City operates critical railways connecting the US, Canada, and Mexico. Demographic and near-shoring realities necessitate closer economic ties between these three countries, despite ongoing political threats.

In November, we sold Lowe's, Kenvue, and Haleon and added Linde — whose services reduce the carbon intensity of industrial activities — and renewable energy generator NextEra Energy.

How did the Fund perform since inception?

Cumulative Performance

March 31, 2015 through November 30, 2024 with initial investment of $10,000.

	Sustainable Equity Fund $21,105	S&P Global 1200 Index $27,059
March - 15	10,000	10,000
April - 15	9,960	10,279
May - 15	10,000	10,304
June - 15	9,790	10,060
July - 15	9,800	10,196
August - 15	9,118	9,531
September - 15	9,018	9,193
October - 15	9,579	9,925
November - 15	9,759	9,874
December - 15	9,599	9,703
January - 16	9,047	9,146
February - 16	9,017	9,082
March - 16	9,408	9,720
April - 16	9,328	9,881
May - 16	9,378	9,927
June - 16	9,208	9,852
July - 16	9,609	10,273
August - 16	9,749	10,308
September - 16	9,810	10,351
October - 16	9,629	10,186
November - 16	9,459	10,320
December - 16	9,462	10,566
January - 17	9,654	10,836
February - 17	9,987	11,130
March - 17	10,219	11,284
April - 17	10,410	11,455
May - 17	10,673	11,706
June - 17	10,703	11,770
July - 17	10,905	12,084
August - 17	10,975	12,121
September - 17	11,106	12,384
October - 17	11,449	12,643
November - 17	11,540	12,895
December - 17	11,711	13,085
January - 18	12,310	13,805
February - 18	11,955	13,231
March - 18	11,843	12,964
April - 18	11,782	13,104
May - 18	11,975	13,154
June - 18	11,955	13,131
July - 18	12,300	13,559
August - 18	12,564	13,696
September - 18	12,514	13,797
October - 18	11,487	12,795
November - 18	11,700	12,962
December - 18	11,036	12,016
January - 19	11,775	12,935
February - 19	12,185	13,301
March - 19	12,472	13,491
April - 19	13,149	13,985
May - 19	12,452	13,179
June - 19	13,241	14,045
July - 19	13,323	14,079
August - 19	13,241	13,817
September - 19	13,334	14,146
October - 19	13,580	14,521
November - 19	13,929	14,902
December - 19	14,452	15,407
January - 20	14,370	15,273
February - 20	13,596	14,022
March - 20	12,329	12,215
April - 20	13,287	13,478
May - 20	14,153	14,084
June - 20	14,741	14,491
July - 20	15,854	15,173
August - 20	16,617	16,131
September - 20	16,390	15,593
October - 20	15,813	15,165
November - 20	17,235	17,046
December - 20	17,977	17,808
January - 21	17,729	17,669
February - 21	17,553	18,122
March - 21	18,142	18,750
April - 21	18,691	19,600
May - 21	18,887	19,932
June - 21	18,980	20,161
July - 21	19,353	20,400
August - 21	19,839	20,902
September - 21	18,804	20,031
October - 21	19,570	21,128
November - 21	19,187	20,726
December - 21	20,007	21,645
January - 22	18,560	20,643
February - 22	17,706	20,093
March - 22	17,769	20,625
April - 22	16,645	18,993
May - 22	16,645	19,104
June - 22	15,354	17,468
July - 22	16,384	18,757
August - 22	15,260	17,974
September - 22	14,084	16,280
October - 22	14,885	17,386
November - 22	16,124	18,782
December - 22	15,727	18,002
January - 23	16,557	19,293
February - 23	16,147	18,746
March - 23	16,840	19,387
April - 23	17,198	19,721
May - 23	16,630	19,553
June - 23	17,418	20,717
July - 23	17,649	21,385
August - 23	17,229	20,863
September - 23	16,494	19,959
October - 23	16,252	19,423
November - 23	17,765	21,201
December - 23	18,686	22,212
January - 24	19,025	22,417
February - 24	19,853	23,410
March - 24	19,991	24,227
April - 24	19,227	23,370
May - 24	20,139	24,440
June - 24	20,458	24,986
July - 24	20,744	25,408
August - 24	21,402	26,047
September - 24	21,381	26,574
October - 24	20,723	26,059
November - 24	21,105	27,059

Annual Average Total Return

	1 Year	5 Year	Since Inception
Sustainable Equity	18.80%	8.67%	8.00%
S&P Global 1200 Index	27.63%	12.66%	10.81%

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

SEEFX

| SUSTAINABLE EQUITY

Saturna Sustainable Equity Fund

Annual Shareholder Report - November 30, 2024

Key Fund Statistics

Total Net Assets	$25,180,488
# of Portfolio Holdings	45
Advisory Fees Paid	$120,369
Portfolio Turnover Rate	19%

Householding

What did the Fund invest in?

Top 10 Holdings

% of Total Net Assets

Nvidia	5.5%
Novo Nordisk ADR	4.3%
Taiwan Semiconductor ADR	3.9%
Schneider Electric ADR	3.5%
Wolters Kluwer	3.3%
Nintendo ADR	3.3%
Apple	2.9%
Eli Lilly	2.9%
Assa Abloy ADR	2.7%
ServiceNow	2.7%

Geographic Weightings

% of Total Net Assets

United States	34.1%
Japan	8.4%
France	8.0%
Netherlands	7.0%
Switzerland	6.5%
United Kingdom	6.4%
Canada	4.7%
Denmark	4.3%
Ireland	4.2%
Taiwan	3.9%
Other Countries	12.5%

Industry Weightings

% of Total Net Assets

Large Pharma	11.7%
Semiconductor Devices	9.8%
IT Services	8.3%
Electrical Power Equipment	7.5%
Semiconductor Manufacturing	5.8%
Infrastructure Software	5.1%
Consumer Electronics	4.9%
Personal Care Products	4.4%
Application Software	3.3%
Communications Equipment	2.9%
Other Industries	28.6%
Other Assets (net of liabilities)	7.7%

QR Code

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

Item 2. Code of Ethics

Registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer or persons performing similar functions, which is included with this submission as Exhibit (a)(1) and posted on the Registrant’s website at https://www.saturna.com/code-ethics. Requests may also be made via telephone at 1-800-728-8762, and will be processed within one business day of receiving such request.

Item 3. Audit Committee Financial Expert

(a)(1)(i) The Trustees of Saturna Investment Trust determined, at their quarterly meeting of November 30, 2014, that the Trust shall have at least one audit committee financial expert serving on its Audit & Compliance Committee.

(a)(2) Mr. Ron Fielding, independent Trustee (as defined for investment companies), presently serves as financial expert.

Item 4. Principal Accountant Fees and Services

(a) Audit Fees

For the fiscal years ending November 30, 2024, and 2023 the aggregate audit fees billed for professional services rendered by the principal accountant were $105,100 and $102,000, 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, 2024, and 2023.

For the fiscal years ending November 30, 2024, and 2023, the aggregate tax fees billed for professional tax preparation services rendered by the principal accountant were $27,425 and $26,750 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, 2024, and 2023.

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

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

D. 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

None 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, 2024, and 2023 were:

	Fiscal Year Ended
	November 2024	November 2023
All other fees:	$27,425	$26,750

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, 2024, and 2023 were:

	Fiscal Year Ended
	November 2024	November 2023
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. Investments

(a) The Schedule of Investments is fully answered in Item 7.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Table

Contents:

Sextant

Short-Term

Bond

Fund

Schedule

Investments

Statement

Assets

and

Liabilities

and

Statement

Operations

Statements

Changes

Net

Assets

Financial

Highlights

Sextant

Bond

Income

Fund

Schedule

Investments

Statement

Assets

and

Liabilities

and

Statement

Operations

Statements

Changes

Net

Assets

Financial

Highlights

Sextant

Core

Fund

Schedule

Investments

Statement

Assets

and

Liabilities

and

Statement

Operations

Statements

Changes

Net

Assets

Financial

Highlights

Sextant

Global

High

Income

Fund

Schedule

Investments

Statement

Assets

and

Liabilities

and

Statement

Operations

Statements

Changes

Net

Assets

Financial

Highlights

Sextant

Growth

Fund

Schedule

Investments

Statement

Assets

and

Liabilities

and

Statement

Operations

Statements

Changes

Net

Assets

Financial

Highlights

Sextant

International

Fund

Schedule

Investments

Statement

Assets

and

Liabilities

and

Statement

Operations

Statements

Changes

Net

Assets

Financial

Highlights

Notes

Financial

Statements

Note

Organization

Note

Transactions

with

Affiliated

Persons

Note

Distributions

Shareowners

Note

Federal

Income

Taxes

Note

Investments

Note

Custodian

Note

Subsequent

Events

Table

Contents:

Report

Independent

Registered

Public

Accounting

Firm

Form

N-CSR

Items

8-11

Renewal

Investment

Advisory

Contract

Summary

Information

Schedule

Investments

November

30,

2024

Sextant

Short-Term

Bond

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSR

Continued

page.

Government

Bonds

45.2%

Coupon

Maturity

Face

Amount

Market

Value

Percentage

Net

Assets

Financials

Federal

Farm

Credit

Bank

4.800%

due

11/13/2029

400,000

400,252

3.2%

Federal

Home

Loan

Bank

4.000%

due

09/17/2029

250,000

246,302

1.9%

646,554

5.1%

Government

United

States

Treasury

Bond

1.500%

due

02/15/2025

600,000

596,332

4.7%

United

States

Treasury

Bond

5.250%

due

02/15/2029

300,000

314,250

2.5%

United

States

Treasury

Bond

3.625%

due

03/31/2028

300,000

295,394

2.4%

United

States

Treasury

Bond

5.500%

due

08/15/2028

300,000

315,141

2.5%

United

States

Treasury

Bond

6.125%

due

08/15/2029

950,000

1,032,012

8.2%

United

States

Treasury

Note

2.875%

due

04/30/2025

400,000

397,462

3.2%

United

States

Treasury

Note

2.375%

due

05/15/2027

650,000

623,340

5.0%

United

States

Treasury

Note

2.250%

due

08/15/2027

750,000

714,433

5.7%

United

States

Treasury

Note

2.625%

due

12/31/2025

750,000

736,553

5.9%

5,024,917

40.1%

Total

Government

Bonds

(Cost

$5,719,525)

$5,671,471

45.2%

Corporate

Bonds

43.7%

Coupon

Maturity

Face

Amount

Market

Value

Percentage

Net

Assets

Communications

Koninklijke

KPN

8.375%

due

10/01/2030

300,000

351,968

2.8%

Take-Two

Interactive

Software

3.700%

due

04/14/2027

350,000

342,467

2.7%

Verizon

Communication

4.016%

due

12/03/2029

100,000

97,036

0.8%

791,471

6.3%

Consumer

Discretionary

AutoZone

3.250%

due

04/15/2025

300,000

298,201

2.4%

O'Reilly

Automotive

3.600%

due

09/01/2027

150,000

146,066

1.2%

2.400%

due

04/23/2025

67,000

66,175

0.5%

510,442

4.1%

Consumer

Staples

Dollar

General

4.150%

due

11/01/2025

250,000

248,054

2.0%

Kroger

7.700%

due

06/01/2029

100,000

111,331

0.9%

Procter

Gamble

2.800%

due

03/25/2027

300,000

290,777

2.3%

650,162

5.2%

Financials

Bank

America

3.500%

due

04/19/2026

400,000

394,075

3.1%

JPMorgan

Chase

3.300%

due

04/01/2026

350,000

344,428

2.8%

PayPal

Holdings

2.650%

due

10/01/2026

300,000

290,248

2.3%

Visa

3.150%

due

12/14/2025

350,000

345,398

2.8%

1,374,149

11.0%

Health

Care

Biogen

4.050%

due

09/15/2025

100,000

99,421

0.8%

Johnson

2.450%

due

03/01/2026

50,000

48,839

0.4%

148,260

1.2%

Industrials

Ferguson

Finance

4.250%

due

04/20/2027

200,000

197,338

1.6%

Materials

DuPont

Nemours

4.493%

due

11/15/2025

308,000

306,858

2.4%

Technology

Microsoft

3.300%

due

02/06/2027

100,000

98,087

0.8%

Schedule

Investments

November

30,

2024

Sextant

Short-Term

Bond

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSR

Corporate

Bonds

43.7%

Coupon

Maturity

Face

Amount

Market

Value

Percentage

Net

Assets

Technology

(continued)

NXP

BV/NXP

Funding

5.350%

due

03/01/2026

100,000

100,502

0.8%

Oracle

2.950%

due

05/15/2025

325,000

322,216

2.5%

Qualcomm

3.250%

due

05/20/2027

100,000

97,312

0.8%

618,117

4.9%

Utilities

Exelon

Generation

3.250%

due

06/01/2025

250,000

247,734

2.0%

Florida

Power

Light

2.850%

due

04/01/2025

420,000

417,628

3.3%

United

Utilities

6.875%

due

08/15/2028

200,000

213,823

1.7%

879,185

7.0%

Total

Corporate

Bonds

(Cost

$5,531,900)

$5,475,982

43.7%

Total

investments

(Cost

$11,251,425)

$11,147,453

88.9%

Other

assets

(net

liabilities)

1,397,102

11.1%

Total

net

assets

$12,544,555

100.0%

Security

was

purchased

pursuant

Rule

144A

under

the

Securities

Act

1933

and

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

These

securities

have

been

deemed

liquid

under

guidelines

approved

the

Trust's

Board

Trustees.

November

30,

2024,

the

aggregate

value

these

securities

was

$197,338

representing

1.6%

total

net

assets.

Sextant

Short-Term

Bond

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSR

Statement

Assets

and

Liabilities

Statement

Operations

November

30,

2024

Assets

Investments

securities,

value

(Cost

$11,251,425)

11,147,453

Cash

1,311,445

Interest

receivable

97,491

Prepaid

expenses

2,316

Receivable

for

Fund

sold

525

Total

assets

12,559,230

Liabilities

Accrued

audit

expenses

5,189

Accrued

advisory

fees

3,129

Accrued

retirement

plan

custody

fee

2,880

Payable

for

Fund

redeemed

1,484

Accrued

legal

expenses

362

Accrued

Chief

Compliance

Officer

expenses

328

Accrued

other

operating

expenses

248

Accrued

printing

fees

1,055

Total

liabilities

14,675

Net

assets

$12,544,555

Analysis

net

assets

Paid-in

capital

(unlimited

authorized,

without

par

value)

$12,789,070

Total

distributable

earnings

(244,515)

Net

assets

applicable

Fund

outstanding

$12,544,555

Fund

outstanding

2,532,871

Net

asset

value,

offering,

and

redemption

price

per

$4.95

Year

ended

November

30,

2024

Investment

income

Interest

income

373,620

Total

investment

income

373,620

Expenses

Investment

advisory

fees

55,287

Filing

and

registration

fees

18,167

Audit

fees

6,392

Chief

Compliance

Officer

expenses

3,638

Trustee

fees

3,275

Retirement

plan

custodial

fees

3,003

Legal

fees

2,999

Custodian

fees

449

Other

operating

expenses

2,010

Total

gross

expenses

95,220

Less

adviser

fees

waived

(28,426)

Less

custodian

fee

credits

(449)

Net

expenses

66,345

Net

investment

income

$307,275

Net

decrease

unrealized

depreciation

investments

208,805

Net

gain

investments

208,805

Net

increase

net

assets

resulting

from

operations

$516,080

Sextant

Short-Term

Bond

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSR

Statements

Changes

Net

Assets

Year

ended

November

30,

2024

Year

ended

November

30,

2023

Increase

(Decrease)

net

assets

from

operations

From

operations

Net

investment

income

$307,275

$218,039

Net

realized

loss

investments

–

(48,629)

Net

decrease

unrealized

depreciation

investments

208,805

205,877

Net

increase

net

assets

516,080

375,287

Distributions

shareowners

from

Net

dividend

and

distribution

shareholders

(307,217)

(221,971)

Capital

transactions

Proceeds

from

the

sale

2,234,822

1,538,887

Value

issued

reinvestment

dividends

and

distributions

305,973

220,156

Cost

redeemed

(1,038,586)

(3,388,310)

Total

capital

transactions

1,502,209

(1,629,267)

Total

increase

(decrease)

net

assets

1,711,072

(1,475,951)

Net

assets

Beginning

year

10,833,483

12,309,434

End

year

$12,544,555

$10,833,483

the

Fund

sold

and

redeemed

Sextant

Short-Term

Bond

(STBFX)

Number

sold

452,695

319,707

Number

issued

reinvestment

dividends

and

distributions

62,250

45,613

Number

redeemed

(211,925)

(701,000)

Net

increase

(decrease)

number

outstanding

303,020

(335,680)

–

Sextant

Short-Term

Bond

Fund:

Financial

Highlights

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSR

tin

Sextant

Short-Term

Bond

(STBFX)

Selected

data

per

outstanding

capital

stock

throughout

each

year:

Year

ended

November

30,

2024

2023

2022

2021

2020

Net

asset

value

beginning

year

$4.86

$4.80

$5.07

$5.17

$5.08

Income

from

investment

operations

Net

investment

income

0.14

0.09

0.06

0.08

Net

gains

(losses)

securities

(both

realized

and

unrealized)

0.09

0.07

(0.27)

(0.10)

0.09

Total

from

investment

operations

0.23

0.16

(0.21)

(0.04)

0.17

Less

distributions

Dividends

(from

net

investment

income)

(0.14)

(0.10)

(0.06)

(0.08)

Total

distributions

(0.14)

(0.10)

(0.06)

(0.08)

Net

asset

value

end

year

$4.95

$4.86

$4.80

$5.07

$5.17

Total

Return

4.71%

3.28%

(4.15)%

(0.88)%

3.46%

Ratios

supplemental

data

Net

assets

($000),

end

year

$12,545

$10,833

$12,309

$11,920

$11,426

Ratio

expenses

average

net

assets

Before

custodian

fee

credits

0.86%

0.90%

0.88%

0.66%

0.90%

After

advisory

fees

waiver

0.60%

0.59%

0.60%

After custodian

fee

credits

0.60%

0.59%

0.60%

Ratio

net

investment

income

after

custodian

fee

credits to

average

net

assets

2.78%

1.95%

1.23%

1.07%

1.64%

Portfolio

turnover

rate

23%

24%

41%

29%

36%

Schedule

Investments

November

30,

2024

Sextant

Bond

Income

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSR

Continued

page.

Corporate

Bonds

62.5%

Coupon

Maturity

Face

Amount

Market

Value

Percentage

Net

Assets

Communications

Bellsouth

6.875%

due

10/15/2031

200,000

219,623

2.0%

Koninklijke

KPN

8.375%

due

10/01/2030

200,000

234,645

2.1%

454,268

4.1%

Consumer

Discretionary

Home

Depot

5.875%

due

12/16/2036

300,000

325,151

2.9%

Lowe's

5.800%

due

10/15/2036

250,000

264,132

2.4%

589,283

5.3%

Consumer

Staples

Kimberly

Clark

5.300%

due

03/01/2041

100,000

102,277

0.9%

Procter

Gamble

5.500%

due

02/01/2034

200,000

212,299

1.9%

Unilever

Capital

5.900%

due

11/15/2032

200,000

216,857

2.0%

531,433

4.8%

Energy

Baker

Hughes

6.875%

due

01/15/2029

100,000

108,096

1.0%

Canadian

Natural

Resources

6.450%

due

06/30/2033

225,000

240,868

2.1%

Statoil

7.150%

due

01/15/2029

224,000

243,929

2.2%

592,893

5.3%

Financials

Affiliated

Managers

Group

3.500%

due

08/01/2025

250,000

247,651

2.2%

Bank

New

York

Mellon

MTN

3.300%

due

08/23/2029

250,000

234,769

2.1%

Chubb

Ina

Holdings

4.350%

due

11/03/2045

100,000

89,120

0.8%

State

Street

6.552%

due

06/15/2047

150,000

133,585

1.2%

UBS

Stamford

7.750%

due

09/01/2026

200,000

209,276

1.9%

914,401

8.2%

Health

Care

Becton

Dickinson

6.700%

due

08/01/2028

240,000

249,384

2.2%

Johnson

4.950%

due

05/15/2033

226,000

235,592

2.1%

Johnson

5.850%

due

07/15/2038

50,000

55,029

0.5%

Medtronic

4.375%

due

03/15/2035

260,000

250,597

2.3%

Merck

6.500%

due

12/01/2033

215,000

244,162

2.2%

1,034,764

9.3%

Industrials

Burlington

Northern

Santa

5.050%

due

03/01/2041

310,000

305,015

2.7%

Deere

8.100%

due

05/15/2030

95,000

110,964

1.0%

United

Technologies

6.050%

due

06/01/2036

250,000

270,707

2.5

686,686

6.2%

Materials

Praxair

3.550%

due

11/07/2042

350,000

289,483

2.6%

Stora

Enso

OYJ

7.250%

due

04/15/2036

200,000

217,527

2.0%

507,010

4.6%

Technology

Apple

4.500%

due

02/23/2036

350,000

350,319

3.2%

Intel

4.000%

due

12/15/2032

360,000

333,919

3.0%

Microsoft

5.300%

due

02/08/2041

50,000

56,267

0.5%

Microsoft

4.200%

due

11/03/2035

350,000

342,371

3.1%

1,082,876

9.8%

Utilities

Alabama

Power

4.150%

due

08/15/2044

200,000

172,216

1.5%

Florida

Power

Light

5.950%

due

10/01/2033

100,000

107,628

1.0%

Schedule

Investments

November

30,

2024

Sextant

Bond

Income

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSR

Corporate

Bonds

62.5%

Coupon

Maturity

Face

Amount

Market

Value

Percentage

Net

Assets

Utilities

(continued)

Puget

Sound

Energy

4.434%

due

11/15/2041

300,000

261,729

2.4%

541,573

4.9%

Total

Corporate

Bonds

(Cost

$7,641,228)

$6,935,187

62.5%

Government

Bonds

25.5%

Coupon

Maturity

Face

Amount

Market

Value

Percentage

Net

Assets

Financials

Federal

Home

Loan

Bank

5.000%

due

10/14/2044

250,000

250,642

2.2%

Government

United

States

Treasury

Bond

5.250%

due

02/15/2029

170,000

178,075

1.6%

United

States

Treasury

Bond

5.375%

due

02/15/2031

400,000

428,125

3.9%

United

States

Treasury

Bond

6.250%

due

05/15/2030

75,000

82,793

0.7%

United

States

Treasury

Bond

4.250%

due

05/15/2039

770,000

764,977

6.9%

United

States

Treasury

Bond

6.125%

due

08/15/2029

225,000

244,424

2.2%

United

States

Treasury

Bond

3.125%

due

11/15/2041

145,000

122,842

1.1%

United

States

Treasury

Bond

3.375%

due

11/15/2048

560,000

464,953

4.2%

United

States

Treasury

Note

2.875%

due

05/15/2052

400,000

300,359

2.7%

2,586,548

23.3%

Total

Government

Bonds

(Cost

$3,434,876)

$2,837,190

25.5%

Municipals

Bonds

7.4%

Coupon

Maturity

Face

Amount

Market

Value

Percentage

Net

Assets

General

Obligation

New

York

5.846%

due

06/01/2040

200,000

210,702

1.9%

Government

Bonds

Maryland

Community

Development

Administration

5.991%

due

09/01/2044

300,000

305,632

2.7%

Minnesota

Housing

Finance

Agency

5.925%

due

07/01/2049

300,000

306,386

2.8%

612,018

5.5%

Total

Municipals

Bonds

(Cost

$819,150)

$822,720

7.4%

Mortgage

Backed

2.2%

Coupon

Maturity

Face

Amount

Market

Value

Percentage

Net

Assets

Government

Agency

Federal

National

Mortgage

Association

4.500%

due

11/01/2044

248,801

242,263

2.2%

Total

Mortgage

Backed

(Cost

$245,006)

$242,263

2.2%

Total

investments

(Cost

$12,140,260)

$10,837,360

97.6%

Other

assets

(net

liabilities)

267,229

2.4%

Total

net

assets

$11,104,589

100.0%

Security

was

purchased

pursuant

Rule

144A

under

the

Securities

Act

1933

and

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

These

securities

have

been

deemed

liquid

under

guidelines

approved

the

Trust's

Board

Trustees.

November

30,

2024,

the

aggregate

value

these

securities

was

$217,527

representing

2.0%

total

net

assets.

MTN:

Medium

Term

Note

Sextant

Bond

Income

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSR

Statement

Assets

and

Liabilities

Statement

Operations

November

30,

2024

Assets

Investments

securities,

value

(Cost

$12,140,260)

10,837,360

Cash

461,109

Interest

receivable

125,684

Prepaid

expenses

1,288

Receivable

for

Fund

sold

809

Total

assets

11,426,250

Liabilities

Payable

for

securities

purchased

305,100

Accrued

audit

expenses

4,366

Payable

for

Fund

redeemed

2,923

Accrued

advisory

fees

2,832

Accrued

retirement

plan

custody

fee

2,478

Distributions

payable

1,601

Accrued

Chief

Compliance

Officer

expenses

348

Accrued

legal

expenses

307

Accrued

trustee

expenses

295

Accrued

other

operating

expenses

1,411

Total

liabilities

321,661

Net

assets

$11,104,589

Analysis

net

assets

Paid-in

capital

(unlimited

authorized,

without

par

value)

$12,424,578

Total

distributable

earnings

(1,319,989)

Net

assets

applicable

Fund

outstanding

$11,104,589

Fund

outstanding

2,506,679

Net

asset

value,

offering,

and

redemption

price

per

$4.43

Year

ended

November

30,

2024

Investment

income

Interest

income

387,478

Total

investment

income

387,478

Expenses

Investment

advisory

fees

51,939

Filing

and

registration

fees

17,447

Audit

fees

5,645

Chief

Compliance

Officer

expenses

3,337

Trustee

fees

3,279

Legal

fees

2,601

Retirement

plan

custodial

fees

2,578

Custodian

fees

419

Other

operating

expenses

1,404

Total

gross

expenses

88,649

Less

adviser

fees

waived

(20,708)

Less

custodian

fee

credits

(420)

Net

expenses

67,521

Net

investment

income

$319,957

Net

realized

loss

from

investments

$(765)

Net

crease

unrealized

depreciation

investments

335,170

Net

gain

investments

334,405

Net

increase

net

assets

resulting

from

operations

$654,362

Sextant

Bond

Income

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSR

Statements

Changes

Net

Assets

Year

ended

November

30,

2024

Year

ended

November

30,

2023

Increase

net

assets

from

operations

From

operations

Net

investment

income

$319,957

$278,280

Net

realized

loss

investments

(765)

(400)

Net

increase

(decrease)

unrealized

preciation

investments

335,170

(162,297)

Net

increase

net

assets

654,362

115,583

Distributions

shareowners

from

Net

dividend

and

distribution

shareholders

(319,948)

(279,913)

Capital

transactions

Proceeds

from

the

sale

1,234,078

1,281,464

Value

issued

reinvestment

dividends

and

distributions

301,911

273,882

Cost

redeemed

(839,611)

(1,131,452)

Total

capital

transactions

696,378

423,894

Total

increase

net

assets

1,030,792

259,564

Net

assets

Beginning

year

10,073,797

9,814,233

End

year

$11,104,589

$10,073,797

the

Fund

sold

and

redeemed

Sextant

Bond

Income

(SBIFX)

Number

sold

276,721

302,431

Number

issued

reinvestment

dividends

and

distributions

68,821

63,138

Number

redeemed

(193,742)

(258,610)

Net

increase

number

outstanding

151,800

106,959

–

Sextant

Bond

Income

Fund:

Financial

Highlights

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSR

tin

Sextant

Bond

Income

(SBIFX)

Selected

data

per

outstanding

capital

stock

throughout

each

year:

Year

ended

November

30,

2024

2023

2022

2021

2020

Net

asset

value

beginning

year

$4.28

$4.37

$5.40

$5.65

$5.34

Income

from

investment

operations

Net

investment

income

0.13

0.12

0.13

0.14

Net

gains

(losses)

securities

(both

realized

and

unrealized)

0.15

(0.09)

(1.03)

(0.25)

0.31

Total

from

investment

operations

0.28

0.04

(0.91)

(0.12)

0.45

Less

distributions

Dividends

(from

net

investment

income)

(0.13)

(0.12)

(0.13)

(0.14)

Total

distributions

(0.13)

(0.12)

(0.13)

(0.14)

Net

asset

value

end

year

$4.43

$4.28

$4.37

$5.40

$5.65

Total

Return

6.73%

0.86%

(16.94)%

(2.19)%

8.48%

Ratios

supplemental

data

Net

assets

($000),

end

year

$11,105

$10,074

$9,814

$12,533

$14,042

Ratio

expenses

average

net

assets

Before

custodian

fee

credits

0.85%

0.96%

1.03%

0.58%

0.63%

After

advisory

fees

waiver

0.65%

0.53%

0.48%

After custodian

fee

credits

0.65%

0.53%

0.48%

Ratio

net

investment

income

after

custodian

fee

credits to

average

net

assets

3.08%

2.91%

2.58%

2.31%

2.50%

Portfolio

turnover

rate

13%

Schedule

Investments

November

30,

2024

Sextant

Core

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSR

Continued

page.

Common

Stock

61.7%

Number

Cost

Market

Value

Country

Percentage

Net

Assets

Communications

Internet

Media

Services

Alphabet,

Class

2,650

175,570

447,717

United

States

1.7%

category

(“Performance

Fee

Adjustment”).

The

Adviser

cited

the

following

reasons

for

its

recommendation

approve

the

Amendment:

The

Performance

Fee

Adjustment

structure

has

failed

increase

investor

demand

and

attract

significant

assets

for

the

Funds,

making

difficult

for

them

realize

economies

scale.

The

Adviser

also

noted

that

the

Performance

Fee

Adjustment

structure

also

not

line

with

that

peer

funds.

The

methodology

used

calculate

the

Performance

Fee

Adjustment

complex,

preventing

the

Funds

from

being

competitive

the

mutual

fund

marketplace

because

difficult

educate

investors

and

their

financial

intermediaries

about

investing

complex

products.

The

Amendment

intended

make

the

fee

structure

each

Fund

less

complicated

and

understandable

investors

and

their

investment

advisers.

The

performance-based

fee

structure

creates

uncertainty

for

investors

reasonably

predicting

Fund

expenses,

due

fluctuations

advisory

and

administrative

fees

and

total

expense

ratios

that

can

result

from

fund

performance

fluctuations.

Saturna

Capital

believes

that

the

changes

would

increase

the

competitiveness

and

marketability

the

Funds

and

thus

create

the

potential

grow

overall

assets.

the

Funds’

assets

grow,

Saturna

Capital

could

receive

advisory

and

administrative

fees,

because

the

overall

average

daily

net

assets

which

will

collect

advisory

and

administrative

fees

will

greater.

Fund

assets

grow,

shareowners

may

realize

economies

scale

due

Fund’s

fixed

costs

(other

than

the

advisory

and

administrative

fee)

being

allocated

across

larger

asset

base,

which

could

lower

average

Fund

expenses;

however,

there

guarantee

that

such

economies

will

realized.

the

recommendation

Saturna

Capital,

the

Board,

including

majority

the

Independent

Trustees,

approved

the

renewal

the

Agreement,

and

the

proposed

Amendment

the

Agreement,

between

the

Adviser

and

the

Trust,

behalf

each

Fund.

The

Board,

including

majority

the

Independent

Trustees,

also

recommended

approval

the

Amendment

shareowners

each

Fund.

The

Board

and

the

Independent

Trustees

determined

that

the

information

received

and

the

basis

for

the

renewal

the

Advisory

Agreement

also

would

support

the

Board’s

approval

the

proposed

Amendment;

these

considerations

included

materials

received

the

Board

connection

with

the

proposed

change

fee

structure

reflected

the

proposed

Amendment.

considering

the

renewal

the

Agreement

and

the

approval

the

Amendment,

the

Board,

including

the

Independent

Trustees,

considered

the

factors

deemed

relevant,

including

the

nature,

quality

and

extent

services

provided,

the

performance

each

Fund,

expenses

and

fees,

the

profitability

Saturna

Capital,

the

potential

for

economies

scale

that

may

shared

with

each

Fund

and

its

shareowners

each

Fund’s

assets

grow,

and

any

other

benefits

derived

Saturna

Capital

from

its

relationship

with

the

Funds.

With

respect

the

Amendment,

the

Trustees

also

considered

that

the

only

changes

that

the

Amendment

makes

the

current

Agreement

are

(i)

the

elimination

the

Performance

Fee

Adjustment

and

adoption

conventional

single

advisory

and

administrative

fee

rate

based

each

Fund’s

average

daily

net

assets,

and

(ii)

updating

the

date

effectiveness.

The

Trustees

further

considered

that,

the

extent

Saturna

Capital

receives

advisory

and

administrative

fees

result

the

Amendment,

Mr.

Kaiser

and

Mrs.

Carten

would

benefit

result

their

ownership

interest

Saturna

Capital.

The

Trustees

considered

that

the

Funds

will

not

bear

the

expenses

the

above-referenced

changes,

including

the

expenses

relating

the

Special

Meeting

and

the

preparation,

printing

and

mailing

the

proxy

materials

and

all

solicitations.

their

deliberations,

the

Trustees

did

not

identify

any

single

factor

which

alone

was

responsible

for

the

decision

approve

the

Agreement

and

the

Amendment,

and

each

Trustee

may

have

given

different

weights

different

factors,

and,

thus,

each

Trustee

may

have

had

different

basis

for

his

her

decision.

The

Trustees

considered

Saturna

Capital’s

specific

responsibilities

all

aspects

day-to-day

management

the

Funds

well

the

qualifications,

experience

and

responsibilities

the

Funds’

portfolio

managers

and

other

key

personnel

Saturna

Capital.

The

Trustees

discussed

Saturna

Capital’s

experience,

ability,

and

commitment

quality

service

through

performing

internally

such

functions

shareowner

servicing,

administration,

accounting,

marketing,

and

distribution

—

all

addition

investment

management.

The

Trustees

took

into

consideration

Saturna

Capital’s

continued

avoidance

significant

operational

and

compliance

problems,

plus

its

continued

investments

infrastructure,

information

management

systems,

personnel,

training,

compliance,

and

investor

education

materials,

all

designed

provide

high

quality

investor

services

and

meet

investor

needs.

They

recognized

Saturna

Capital’s

efforts

recruit

and

retain

qualified

and

experienced

staff

and

improve

the

capital

base

which

Saturna

Capital

operates,

which

the

Trustees

believe

important

the

long-term

success

the

Funds.

They

considered

Saturna

Capital’s

focus

investors

and

its

efforts

avoid

potential

conflicts

interest.

The

Trustees

considered

the

investment

performance

each

Fund

over

time,

including

each

Fund’s

average

annual

total

returns

relative

its

benchmark

for

the

one-,

three-,

five-,

ten-,

and

fifteen-

year

periods,

applicable,

ended

July

31,

2024.

The

Trustees

also

considered

comparative

information

from

Morningstar,

which

provides

independent

analysis

mutual

fund

data

and,

among

Renewal

Investment

Advisory

Contract

(continued)

(unaudited)

November

30,

2024

N-CSR

other

things,

ranks

mutual

fund

performance

within

categories

comprised

similarly

managed

funds.

The

Trustees

considered

and

discussed

each

Fund’s

performance

relative

the

Fund’s

Morningstar

category

for

the

one-,

three-,

five-,

ten-,

and

fifteen-

year

periods,

applicable,

ended

July

31,

2024.

The

Trustees

also

considered

each

Fund’s

Morningstar

performance

rankings

(one

through

five

stars)

and

noted

the

sustainability

ratings

assigned

some

the

Funds

Morningstar.

The

Trustees

noted

that

the

short-term

performance

the

Sextant

International

Fund

was

the

first

quartile

for

its

Morningstar

category

for

the

one-

year

period,

medium-term

performance

was

the

third

and

first

quartiles

for

the

respective

three-

and

five-year

periods,

and

long-term

performance

was

the

third

and

first

quartiles

for

the

respective

ten-

and

fifteen-year

periods.

The

Trustees

noted

that

the

short-

term

performance

the

Sextant

Growth

Fund

was

the

first

quartile

for

its

Morningstar

category

for

the

one-year

period,

medium-term

performance

was

the

second

and

first

quartiles

for

the

respective

three-

and

five-year

periods,

and

long-term

performance

was

the

third

and

fourth

quartiles

for

the

respective

ten-

and

fifteen-year

periods.

The

Trustees

noted

that

the

short-

term

performance

the

Sextant

Short-Term

Bond

Fund

was

the

first

quartile

for

its

Morningstar

category

for

the

one-year

period,

medium-term

performance

was

the

third

and

fourth

quartiles

for

the

respective

three-

and

five-year

periods,

and

long-term

performance

was

the

fourth

quartile

for

the

ten-

and

fifteen-

year

periods.

The

Trustees

noted

that

the

short-term

performance

the

Sextant

Bond

Income

Fund

was

the

first

quartile

for

its

Morningstar

category

for

the

one-year

period,

medium-term

performance

was

the

second

and

fourth

quartiles

for

the

respective

three-

and

five-year

periods,

and

long-term

performance

was

the

fourth

quartile

for

the

ten-

and

fifteen-year

periods.

The

Trustees

noted

that

the

short-term

performance

the

Sextant

Core

Fund

was

the

first

quartile

for

its

Morningstar

category

for

the

one-year

period,

medium-term

performance

was

the

third

and

second

quartiles

for

the

respective

three-

and

five-year

periods,

and

long-term

performance

was

the

fourth

quartile

for

the

ten-

and

fifteen-year

periods.

The

Trustees

noted

that

the

short-term

performance

the

Sextant

Global

High-Income

Fund

was

the

second

quartile

for

its

Morningstar

category

for

the

one-year

period,

and

medium-

and

longer-term

performance

was

the

fourth

quartile

for

the

three-,

five-,

and

ten-year

periods.

The

Trustees

also

considered

each

Fund’s

Morningstar

performance

ranking

(one

through

five

stars),

noting

that

the

overall

Morningstar

rating

for

the

Sextant

International

Fund

was

four

stars,

Sextant

Growth

and

Sextant

Core

Funds

were

both

rated

three

stars,

and

Sextant

Short-

Term

Bond,

Sextant

Bond

Income,

and

Sextant

Global

High

Income

were

each

rated

two

stars.

The

Trustees

noted

the

generally

risk-averse

investment

style

the

Funds

and

other

factors

which

can

affect

each

Fund’s

performance

relative

its

broader

Morningstar

category.

The

Trustees

also

noted

certain

differences

between

each

Fund

and

the

peer

funds

within

its

Morningstar

category,

including

differences

investment

strategies

and

asset

size.

The

Trustees

found

that

Saturna

Capital

continued

manage

each

Fund

manner

that

designed

risk-

averse

and

attractive

long-term

investors.

The

Trustees

discussed

and

considered

the

efforts

Saturna

Capital

make

additional

resources

available

assist

managing

the

Funds.

The

Trustees

also

considered

Saturna

Capital’s

focus

improving

investment

performance

without

incurring

materially

higher

levels

risk.

The

Trustees

also

considered

the

performance

and

expenses

each

Fund

compared

smaller

group

funds

compiled

Saturna

Capital

with

similar

investment

objectives

and

strategies.

The

Trustees

considered

these

comparative

performance

and

expense

data,

along

with

the

comparative

data

published

Morningstar

and

each

Fund’s

performance

relative

its

benchmark,

evaluate

each

Fund’s

performance

over

near-term

and

long-term

time

periods,

applicable.

The

Trustees

evaluated

the

performance

fee

structure

the

advisory

and

administrative

fee

under

the

current

Agreement,

noting

that,

approved

the

Trustees

and

shareowners,

the

Amendment

would

replace

the

performance

fee

structure

with

single

advisory

and

administrative

fee

rate

based

Fund’s

average

daily

net

assets.

The

Trustees

also

reviewed

the

fees

and

expenses

each

Fund,

including

comparative

data

fees

and

expenses

published

Morningstar,

and

considered

the

components

the

Funds’

operating

expenses.

The

Trustees

noted

the

steps

that

Saturna

Capital

has

undertaken

maintain

competitive

levels

Fund

operating

expenses.

They

noted

the

significant

sponsorship

the

Funds

Saturna

Capital

evidenced,

part,

certain

fees

and

expenses

paid

Saturna

Capital

out

its

own

resources.

The

Trustees

recognized

that

Saturna

Capital’s

efforts

help

make

the

Funds

widely

available

and

less

expensive

than

would

otherwise

the

case

without

Saturna

Capital’s

efforts.

The

Trustees

recognized

that

each

Fund

remains

relatively

small

and

there

have

not

been

opportunities

consider

economies

scale.

The

Trustees

noted

Saturna

Capital’s

commitment

continue

operating

the

Funds

and

the

costs

undertaken

Saturna

Capital.

The

Trustees

considered

Saturna

Capital’s

representation

that,

approved,

the

changes

reflected

the

Amendment

would

create

the

potential

grow

the

Funds’

overall

assets,

which

potentially

could

benefit

the

Funds’

shareowners

due

economies

scale

due

Fund’s

fixed

costs

(other

than

the

advisory

and

administrative

fee)

being

allocated

across

larger

asset

base,

which

could

lower

average

Fund

expenses.

The

Trustees

considered

that

the

proposed

single

advisory

and

administrative

fee

rate

for

each

Fund

the

Amendment

does

not

reflect

economies

scale

for

the

benefit

the

Funds’

shareowners.

The

Trustees

reviewed

Saturna

Capital’s

financial

information

and

discussed

the

issue

Saturna

Capital’s

profitability,

lack

thereof,

management

and

administration

the

Trust.

They

discussed

the

reasonableness

Saturna

Capital’s

profitability

part

their

evaluation

whether

each

Fund’s

advisory

and

administrative

fees

bear

reasonable

relationship

the

mix

services

provided

Saturna

Capital,

including

the

nature,

extent,

and

quality

such

services.

The

Trustees

recognized

that

profitability

information

future

years

would

differ

from

that

reviewed

previously

result

the

elimination

the

Performance

Fee

Adjustment.

The

Trustees

noted

that,

due

the

elimination

the

Performance

Fee

Adjustment,

the

event

that

Renewal

Investment

Advisory

Contract

(continued)

(unaudited)

November

30,

2024

N-CSR

the

Amendment

approved

shareowners,

profitability

would

longer

directly

affected

investment

performance

relative

the

average

12-month

total

return

the

funds

Fund’s

Morningstar

category.

The

Trustees

considered

and

compared

the

fees

charged

Saturna

Capital

other

types

accounts,

including

non-mutual

fund

advisory

clients.

The

Trustees

noted

the

differences

between

the

full

range

services

Saturna

Capital

provides

the

Funds,

including

investment

advisory

and

administrative

services,

transfer

agency

services,

and

other

services,

compared

the

investment

advisory

services

provided

the

other

advisory

accounts.

considering

the

Amendment,

the

Trustees

considered

the

current

advisory

and

administrative

fee

rate

paid

Fund

Saturna

Capital

under

the

Agreement

and

the

proposed

advisory

and

administrative

fee

rate

payable

Fund

Saturna

Capital

pursuant

the

Amendment.

With

respect

the

proposed

elimination

the

Performance

Fee

Adjustment

and

the

implementation

single

advisory

and

administrative

fee

rate

provided

the

Amendment,

the

Trustees

considered

the

pro

forma

total

expense

ratio

each

Fund

and

its

classes

comparison

the

average

total

expense

ratio

the

funds

its

Morningstar

category

for

various

periods.

doing

so,

the

Trustees

considered

that

the

Funds’

pro

forma

total

expense

ratios

were

higher

than

their

respective

Morningstar

category

averages

certain

years

and

lower

others.

The

Trustees

considered

potential

benefits

Saturna

Capital’s

other

business

lines

from

acting

investment

adviser

the

Funds,

but

also

recognized

that

Saturna

Capital’s

other

business

lines

also

potentially

benefit

the

Funds.

The

Trustees

also

noted

that

there

were

soft

dollar

arrangements

with

respect

trading

the

Funds’

portfolios.

The

Trustees

considered

whether

there

are

other

potential

benefits

Saturna

Capital

continuing

manage

the

Funds

and

the

Trustees

found

that

there

were

material

benefits

other

than

Saturna

Capital’s

receipt

advisory

and

administrative

fees

and

the

fact

that

Saturna

Brokerage

Services,

wholly

owned

subsidiary

Saturna

Capital,

receives

distribution

and

shareowner

services

fees

under

Rule

12b-

which

would

not

otherwise

receive

Saturna

Capital

did

not

serve

the

investment

manager

for

the

Funds.

The

Trustees

also

noted

that

Saturna

Brokerage

Services

voluntarily

waives

brokerage

commissions

for

executing

Fund

portfolio

transactions,

resulting

lower

transaction

costs.

The

Trustees

concluded

based

their

business

judgement

that

the

fees

paid

each

Fund

Saturna

Capital

were,

from

arm’s-

length

bargaining

perspective,

reasonable

and

the

best

interest

the

Fund

and

its

shareowners

light

the

services

provided,

comparative

performance,

expense

and

advisory

and

administrative

fee

information,

costs

services

provided,

profits

realized,

and

benefits

derived

Saturna

Capital

from

its

relationship

with

the

Fund.

Following

this

discussion,

the

Trustees,

including

the

Independent

Trustees,

unanimously

agreed

renew

each

Fund’s

Agreement

with

Saturna

Capital,

and

approve

the

Amendment.

November

30.

2024

N-CSR

Availability

Quarterly

Portfolio

Information

(1)

The

Sextant

Funds

file

complete

schedules

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

exhibit

their

reports

Form

N-PORT.

(2)

The

Funds’

Form

N-PORT

reports

are

available

the

SEC’s

website

www.sec.gov

and

www.sextantfunds.com.

(3)

The

Funds

posts

complete

schedule

portfolio

holdings

after

the

end

each

month,

available

investors

www.

sextantfunds.com.

Privacy

Statement

Saturna

Capital

and

Saturna

Investment

Trust,

understand

the

importance

maintaining

the

privacy

your

financial

information.

want

assure

you

that

protect

the

confidentiality

any

personal

information

that

you

with

us.

addition,

not

sell

information

about

our

current

former

customers.

the

course

our

relationship,

gather

certain

nonpublic

information

about

you,

including

your

name,

address,

investment

choices,

and

account

information.

not

disclose

your

information

unaffiliated

third

parties

unless

necessary

process

transaction;

service

your

account;

deliver

your

account

statements,

shareowner

reports,

and

other

information;

required

law.

When

disclose

information

unaffiliated

third

parties,

require

contract

restrict

the

companies’

use

customer

information

and

from

sharing

using

for

any

purposes

other

than

performing

the

services

for

which

they

were

required.

may

information

within

the

Saturna

Capital

family

companies

the

course

informing

you

about

products

services

that

may

address

your

investing

needs.

maintain

our

own

technology

resources

minimize

the

need

for

any

third-party

services,

and

restrict

access

information

within

Saturna.

maintain

physical,

electronic,

and

procedural

safeguards

guard

your

personal

information.

you

have

any

questions

concerns

about

the

security

privacy

your

information,

please

call

1-800-728-8762.

Table

Contents:

Morningstar

Ratings

Sustainable

Equity

Fund

Schedule

Investments

Statement

Assets

and

Liabilities

and

Statement

Operations

Statement

Changes

Net

Assets

Financial

Highlights

Sustainable

Bond

Fund

Schedule

Investments

Statement

Assets

and

Liabilities

and

Statement

Operations

Statement

Changes

Net

Assets

Financial

Highlights

Notes

Financial

Statements

Note

–

Organization

Note

–

Significant

Accounting

Policies

Note

–

Transactions

with

Affiliated

Persons

Note

–

Distributions

Shareowners

Note

–

Federal

Income

Taxes

Note

–

Investments

Note

–

Custodian

Note

–

Subsequent

Events

Report

Independent

Registered

Public

Accounting

Firm

Form

N-CSR

Items

8-11

Renewal

Investment

Advisory

Contract

Summary

Information

November

30,

2024

N-CSR

Morningstar

Rating

(as

November

30,

2024)

Unaudited

The

Morningstar

Sustainability

Rating

and

the

Morningstar

Portfolio

Sustainability

Score

are

not

based

fund

performance

and

are

not

equivalent

the

Morningstar

Rating

("Star

Rating").

2024

Morningstar®.

All

rights

reserved.

Morningstar,

Inc.

independent

fund

performance

monitor.

The

information

contained

herein:

(1)

proprietary

Morningstar

and/or

its

content

providers;

(2)

may

not

copied

distributed;

and

(3)

not

warranted

accurate,

complete,

timely.

Neither

Morningstar

nor

its

content

providers

are

responsible

for

any

damages

losses

arising

from

any

use

this

information.

Morningstar

Ratings™

("Star

Ratings")

are

November

30,

2024

The

Morningstar

Rating

™

for

funds,

"star

rating",

calculated

for

managed

products

(including

mutual

funds,

variable

annuity

and

variable

life

subaccounts,

exchange-traded

funds,

closed-end

funds,

and

separate

accounts)

with

least

three-year

history.

Exchange-traded

funds

and

open-ended

mutual

funds

are

considered

single

population

for

comparative

purposes.

calculated

based

Morningstar

Risk-Adjusted

Return

measure

that

accounts

for

variation

managed

product's

monthly

excess

performance

(not

including

the

effects

sales

charges,

loads,

and

redemption

fees),

placing

emphasis

downward

variations

and

rewarding

consistent

performance.

The

top

10%

products

each

product

category

receive

stars,

the

22.5%

receive

stars,

the

35%

receive

stars,

the

22.5%

receive

stars,

and

the

bottom

10%

receive

star.

The

Overall

Morningstar

Rating

for

managed

product

derived

from

weighted

average

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

total

returns,

60%

five-year

rating/40%

three-year

rating

for

60-119

months

total

returns,

and

50%

10-year

rating/30%

five-year

rating/20%

three-year

rating

for

120

months

total

returns.

While

the

10-year

overall

star

rating

formula

seems

give

the

most

weight

the

10-year

period,

the

most

recent

three-year

period

actually

has

the

greatest

impact

because

included

all

three

rating

periods.

Morningstar

Sustainability

Ratings

are

October

31,

2024

The

Morningstar

Sustainability

Rating

™

intended

measure

how

well

the

issuing

companies

the

securities

within

fund’s

portfolio

are

managing

their

environmental,

social,

and

governance

(“ESG”)

risks

and

opportunities

relative

the

fund’s

Morningstar

category

peers.

The

Morningstar

Sustainability

Rating

calculation

two-step

process.

First,

each

fund

with

least

50%

assets

covered

company-level

ESG

score

from

Sustainalytics

receives

Morningstar

Portfolio

Sustainability

Score

™

The

Morningstar

Portfolio

Sustainability

Score

asset-weighted

average

normalized

company-level

ESG

scores

with

deductions

made

for

controversial

incidents

the

issuing

companies,

such

environmental

accidents,

fraud,

discriminatory

behavior.

The

Morningstar

Sustainability

Rating

then

assigned

all

scored

funds

within

Morningstar

Category

with

least

scored

funds;

therefore,

the

rating

not

limited

funds

with

explicit

sustainable

responsible

investment

mandates.

Morningstar

updates

its

Sustainability

Ratings

monthly.

Portfolios

receive

Morningstar

Portfolio

Sustainability

Score

and

Sustainability

Rating

one

month

and

six

business

days

after

their

reported

as-of

date

based

the

most

recent

portfolio.

part

the

evaluation

process,

Morningstar

uses

Sustainalytics’

ESG

scores

from

the

same

month

the

portfolio

as-of

date.

Saturna

Sustainable

Equity

Fund

was

rated

98%

assets

under

management.

Saturna

Sustainable

Bond

Fund

was

rated

89%

assets

under

management.

Rank

Category

the

fund’s

percentile

rank

for

the

specified

time

period

relative

all

funds

that

have

the

same

Morningstar

category.

The

highest

(or

most

favorable)

percentile

rank

and

the

lowest

(or

least

favorable)

percentile

rank

100.

The

top-

performing

fund

category

will

always

receive

rank

Percentile

ranks

within

categories

are

most

useful

those

categories

that

have

large

number

funds.

The

Funds’

portfolios

are

actively

managed

and

are

subject

change,

which

may

result

different

Morningstar

Sustainability

Ratings

over

time.

Morningstar™

Ratings

Year

Overall

Sustainability

Rating™

Saturna

Sustainable

Equity

Fund

–

“Global

Large-Stock

Blend”

Category

SEEFX

n/a





Rank

Category

Number

Funds

Category

336

316

302

329

8,318

Saturna

Sustainable

Bond

Fund

–

“Global

Bond”

Category

SEBFX

n/a









Rank

Category

Number

Funds

Category

165

164

151

164

2,384

Schedule

Investments

November

30,

2024

Sustainable

Equity

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSR

Continued

page.

Common

Stock

92.3%

Number

Cost

Market

Value

Country

Percentage

Net

Assets

Consumer

Discretionary

Home

Products

Stores

Home

Depot

1,500

279,738

643,695

United

States

2.6%

Specialty

Apparel

Stores

TJX

Companies

5,000

238,191

628,450

United

States

2.5%

517,929

1,272,145

5.1%

Consumer

Staples

Mass

Merchants

Dollarama

Inc

2,400

249,901

250,003

Canada

1.0%

Packaged

Food

Danone

ADR

31,200

422,529

428,064

France

1.7%

Personal

Care

Products

L'Oreal

ADR

5,400

297,824

376,380

France

1.5%

Unicharm

ADR

40,500

326,015

208,170

Japan

0.8%

Unilever

ADR

8,800

466,958

526,592

United

Kingdom

2.1%

1,090,797

1,111,142

4.4%

1,763,227

1,789,209

7.1%

Financials

Consumer

Finance

Paypal

2,900

674,351

251,633

United

States

1.0%

Life

Insurance

Aviva

ADR

45,600

416,983

567,264

United

Kingdom

2.2%

Other

Financial

Services

Mastercard,

Class

860

171,375

458,328

United

States

1.8%

P&C

Insurance

Chubb

2,000

287,787

577,460

Switzerland

2.3%

1,550,496

1,854,685

7.3%

Health

Care

Large

Pharma

Eli

Lilly

900

514,269

715,815

United

States

2.9%

GlaxoSmithKline

ADR

9,200

369,834

313,996

United

Kingdom

1.2%

Novartis

ADR

4,300

374,482

454,811

Switzerland

1.8%

Novo

Nordisk

ADR

10,200

324,489

1,089,360

Denmark

4.3%

Roche

Holding

ADR

9,000

406,003

326,160

Switzerland

1.3%

Sandoz

Group

AG-ADR

860

20,210

39,211

Switzerland

0.2%

2,009,287

2,939,353

11.7%

Industrials

Commercial

Residential

Building

Equipment

Systems

Assa

Abloy

ADR

44,500

515,234

683,209

Sweden

2.7%

Electrical

Components

Connectivity

Ltd.

3,200

356,052

483,584

Ireland

1.9%

Electrical

Power

Equipment

Fuji

Electric

Co.

Ltd.

8,500

510,462

478,478

Japan

1.9%

Schneider

Electric

ADR

17,100

424,554

881,847

France

3.5%

Siemens

ADR

5,300

361,107

514,259

Germany

2.1%

1,296,123

1,874,584

7.5%

Industrial

Wholesale

Rental

Ferguson

Enterprises

2,500

413,249

539,825

United

States

2.1%

Schedule

Investments

November

30,

2024

Sustainable

Equity

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSR

Continued

page.

Common

Stock

92.3%

Number

Cost

Market

Value

Country

Percentage

Net

Assets

Industrials

(continued)

Rail

Freight

Canadian

Pacific

Kansas

City

3,200

248,512

245,088

Canada

1.0%

2,829,170

3,826,290

15.2%

Materials

Agricultural

Chemicals

Corteva

3,000

180,770

186,720

United

States

0.7%

Basic

Diversified

Chemicals

Linde

500

223,806

230,495

United

Kingdom

0.9%

Specialty

Chemicals

Ecolab

1,500

237,915

373,155

United

States

1.5%

642,491

790,370

3.1%

Technology

Application

Software

Adobe

1,000

108,410

515,930

United

States

2.0%

Dassault

Systemes

ADR

9,100

194,033

313,768

France

1.3%

302,443

829,698

3.3%

Communications

Equipment

Apple

3,028

83,313

718,635

United

States

2.9%

Consumer

Electronics

Nintendo

ADR

56,625

633,295

829,556

Japan

3.3%

Sony

ADR

20,000

261,557

401,000

Japan

1.6%

894,852

1,230,556

4.9%

Electronics

Components

Murata

Manufacturing

12,000

203,199

200,031

Japan

0.8%

Infrastructure

Software

Microsoft

1,438

62,724

608,936

United

States

2.4%

ServiceNow

650

392,951

682,136

United

States

2.7%

455,675

1,291,072

5.1%

Services

Accenture,

Class

1,600

275,166

579,792

Ireland

2.3%

CGI

Group,

Class

6,000

421,997

679,176

Canada

2.7%

Wolters

Kluwer

5,022

376,238

837,693

Netherlands

3.3%

1,073,401

2,096,661

8.3%

Semiconductor

Devices

Broadcom

2,500

430,000

405,200

United

States

1.6%

Nvida

10,000

479,045

1,382,500

United

States

5.5%

NXP

Semiconductors

1,960

215,841

449,565

Netherlands

1.8%

STMicroelectronics

ADR

9,000

381,679

229,500

Switzerland

0.9%

1,506,565

2,466,765

9.8%

Semiconductor

Manufacturing

ASML

Holding

700

523,104

480,627

Netherlands

1.9%

Taiwan

Semiconductor

ADR

5,325

406,030

983,315

Taiwan

3.9%

929,134

1,463,942

5.8%

5,448,582

10,297,360

40.9%

Schedule

Investments

November

30,

2024

Sustainable

Equity

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSR

Common

Stock

92.3%

Number

Cost

Market

Value

Country

Percentage

Net

Assets

Utilities

Integrated

Electric

Utilities

NextEra

Energy

6,100

466,374

479,887

United

States

1.9%

Total

investments

$15,227,556

$23,249,299

92.3%

Other

assets

(net

liabilities)

1,931,189

7.7%

Total

net

assets

$25,180,488

100.0%

Country

domicile

unless

otherwise

indicated

Non-income

producing

ADR:

American

Depositary

Receipt

Sustainable

Equity

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSR

Statement

Assets

and

Liabilities

Statement

Operations

November

30,

2024

Assets

Investments

securities,

value

(Cost

$15,227,556)

23,249,299

Cash

1,906,673

Dividends

receivable

43,923

Interest

receivable

7,678

Prepaid

expenses

904

Receivable

for

Fund

sold

549

Total

assets

25,209,026

Liabilities

Accrued

audit

expenses

13,234

Accrued

advisory

fees

11,016

Accrued

retirement

plan

custody

fee

2,407

Accrued

legal

expenses

638

Accrued

Chief

Compliance

Officer

expenses

584

Accrued

other

operating

expenses

659

Total

liabilities

28,538

Net

assets

$25,180,488

Analysis

net

assets

Paid-in

capital

(unlimited

authorized,

without

par

value)

$17,235,145

Total

distributable

earnings

7,945,343

Net

assets

applicable

Fund

outstanding

$25,180,488

Fund

outstanding

1,265,765

Net

asset

value,

offering,

and

redemption

price

per

$19.89

Year

ended

November

30,

2024

Investment

income

Dividend

Income

(Net

foreign

tax

$37,051)

322,513

Interest

income

56,833

Total

investment

income

379,346

Expenses

Investment

advisory

fees

157,585

Filing

and

registration

fees

22,388

Audit

fees

12,576

Chief

Compliance

Officer

expenses

7,193

Trustee

fees

6,784

Legal

fees

5,882

Retirement

plan

custodial

fees

2,477

Custodian

fees

1,487

Other

operating

expenses

4,160

Total

gross

expenses

220,532

Less

adviser

fees

waived

(37,216)

Less

custodian

fee

credits

(1,487)

Net

expenses

181,829

Net

investment

income

$197,517

Net

realized

gain

from

investments

and

foreign

currency

$361,852

Net

Increase

unrealized

appreciation

investments

and

foreign

currency

3,474,062

Net

gain

investments

3,835,914

Net

increase

net

assets

resulting

from

operations

$4,033,431

Sustainable

Equity

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSR

Statements

Changes

Net

Assets

Year

ended

November

30,

2024

Year

ended

November

30,

2023

Increase

net

assets

from

operations

From

operations

Net

investment

income

$197,517

$220,519

Net

realized

gain

(loss)

investments

and

foreign

currency

361,852

(449,805)

Net

increase

unrealized

appreciation

investments

and

foreign

currency

3,474,062

2,164,681

Net

increase

net

assets

4,033,431

1,935,395

Distributions

shareowners

from

Net

dividend

and

distribution

shareholders

(219,353)

(177,042)

Capital

transactions

Proceeds

from

the

sale

1,812,109

2,443,907

Value

issued

reinvestment

dividends

and

distributions

219,353

176,949

Cost

redeemed

(1,982,332)

(2,844,207)

Total

capital

transactions

49,129

(223,351)

Total

increase

net

assets

3,863,207

1,535,002

Net

assets

Beginning

year

21,317,281

19,782,279

End

year

$25,180,488

$21,317,281

the

Fund

sold

and

redeemed

Sustainable

Equity

(SEEFX)

Number

sold

97,530

151,731

Number

issued

reinvestment

dividends

and

distributions

12,563

11,688

Number

redeemed

(104,652)

(180,213)

Net

increase

(decrease)

number

outstanding

5,441

(16,794)

–

Sustainable

Equity

Fund:

Financial

Highlights

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSR

tin

Sustainable

Equity

(SEEFX)

Selected

data

per

outstanding

capital

stock

throughout

each

year:

Year

ended

November

30,

2024

2023

2022

2021

2020

Net

asset

value

beginning

year

$16.91

$15.49

$18.55

$16.72

$13.58

Income

from

investment

operations

Net

investment

income

0.15

0.17

0.14

0.13

0.10

Net

gains

(losses)

securities

(both

realized

and

unrealized)

3.01

1.39

(3.08)

1.76

3.11

Total

from

investment

operations

3.16

1.56

(2.94)

1.89

3.21

Less

distributions

Dividends

(from

net

investment

income)

(0.18)

(0.14)

(0.12)

(0.06)

(0.07)

Total

distributions

(0.18)

(0.14)

(0.12)

(0.06)

(0.07)

Net

asset

value

end

year

$19.89

$16.91

$15.49

$18.55

$16.72

Total

Return

18.80%

10.18%

(15.96)%

11.32%

23.74%

Ratios

supplemental

data

Net

assets

($000),

end

year

$25,180

$21,317

$19,782

$25,375

$16,834

Ratio

expenses

average

net

assets

Before

custodian

fee

credits

0.91%

0.97%

0.93%

0.85%

0.78%

After

advisory

fees

waiver

0.76%

0.75%

After custodian

fee

credits

0.75%

0.73%

Ratio

net

investment

income

after

custodian

fee

credits to

average

net

assets

0.81%

1.10%

0.84%

0.71%

0.61%

Portfolio

turnover

rate

19%

13%

Schedule

Investments

November

30,

2024

Sustainable

Bond

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSR

Continued

page.

Corporate

Bonds

69.8%

Coupon

Maturity

Face

Amount

Market

Value

Country

Percentage

Net

Assets

Communications

Koninklijke

KPN

8.375%

due

10/01/2030

750,000

879,919

Netherlands

2.4%

Consumer

Discretionary

Starbucks

2.450%

due

06/15/2026

1,200,000

1,162,806

United

States

3.2%

Consumer

Staples

Coty

4.750%

due

04/15/2026

EUR

750,000

792,212

United

States

2.2%

Coty

5.000%

due

04/15/2026

131,000

130,481

United

States

0.4%

Natura

Cosmeticos

4.125%

due

05/03/2028

1,250,000

1,163,821

Brazil

3.2%

2,086,514

5.8%

Energy

Masdar

Abu

Dhabi

4.875%

due

07/25/2029

750,000

746,040

United

Arab

Emirates

2.1%

Financials

AXA

2,4

5.125%

due

01/17/2027

1,700,000

1,687,741

France

4.6%

Canadian

Imperial

Bank

4.375%

due

10/28/2080

CAD

2,100,000

1,495,400

Canada

4.1%

Commonwealth

Bank

Australia

(Quarterly

BBSW

plus

0.41%)

4.731%

due

12/23/2026

AUD

850,000

552,418

Australia

1.5%

First

Abu

Dhabi

Bank

PJSC

5.125%

due

10/13/2027

1,500,000

1,516,689

United

Arab

Emirates

4.2%

MAF

Sukuk

4.638%

due

05/14/2029

800,000

789,218

United

Arab

Emirates

2.2%

Munich

2,7

1.000%

due

05/26/2042

EUR

1,800,000

1,591,985

Germany

4.4%

State

Street

(Quarterly

LIBOR

plus

100)

6.552%

due

06/15/2047

1,950,000

1,736,603

United

States

4.8%

Toronto-Dominion

Bank

1.128%

due

12/09/2025

CAD

500,000

349,134

Canada

1.0%

Women's

Livelihood

Bond

Asset

3.950%

due

12/10/2024

600,000

Singapore

1.7%

Women's

Livelihood

Bond

Asset

3.900%

due

12/23/2025

500,000

474,842

Singapore

1.3%

10,794,030

29.8%

Health

Care

Koninklijke

Philips

7.125%

due

05/15/2025

1,000,000

1,006,473

Netherlands

2.8%

Novartis

Capital

3.000%

due

11/20/2025

250,000

246,397

Switzerland

0.7%

Roche

2.625%

due

05/15/2026

200,000

194,992

Switzerland

0.5%

1,447,862

4.0%

Information

Technology

Iron

Mountain

4.875%

due

09/15/2029

500,000

481,582

United

States

1.3%

Materials

Stora

Enso

OYJ

7.250%

due

04/15/2036

500,000

543,817

Finland

1.5%

Stora

Enso

OYJ

7.250%

due

04/15/2036

300,000

326,291

Finland

0.9%

870,108

2.4%

Real

Estate

Iron

Mountain

PLC

3.875%

due

11/15/2025

GBP

750,000

938,228

United

States

2.6%

MAF

Global

Securities

2,8,9

7.875%

due

PERP

1,200,000

1,239,150

United

Arab

Emirates

3.4%

Prologis

1.250%

due

10/15/2030

500,000

414,171

United

States

1.1%

2,591,549

7.1%

Technology

Nokia

OYJ

2.375%

due

05/15/2025

EUR

500,000

526,206

Finland

1.4%

Nokia

OYJ

4.375%

due

08/21/2031

EUR

1,000,000

1,113,563

Finland

3.1%

RELX

4.000%

due

03/18/2029

400,000

390,268

United

Kingdom

1.1%

2,030,037

5.6%

Telecommunication

Services

Telecom

Italia

Capital

6.000%

due

09/30/2034

250,000

244,952

Italy

0.7%

Schedule

Investments

November

30,

2024

Sustainable

Bond

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSR

Continued

page.

BBSW:

Bank

Bill

Swap

Rate

Corporate

Bonds

69.8%

Coupon

Maturity

Face

Amount

Market

Value

Country

Percentage

Net

Assets

Telecommunication

Services

(continued)

Telecom

Italia

SPA

1.625%

due

01/18/2029

EUR

500,000

492,826

Italy

1.3%

737,778

2.0%

Utilities

United

Utilities

6.875%

due

08/15/2028

1,400,000

1,496,764

United

Kingdom

4.1%

Total

Corporate

Bonds

(Cost

$25,653,179)

$25,324,989

69.8%

Government

Bonds

21.1%

Coupon

Maturity

Face

Amount

Market

Value

Country

Percentage

Net

Assets

Financials

Federal

Home

Loan

Bank

1.650%

due

10/06/2031

500,000

417,384

United

States

1.2%

Government

Asian

Development

Bank

6.000%

due

02/05/2026

BRL

3,000,000

466,743

Philippines

1.3%

European

Recon

Dev

5.000%

due

01/27/2025

BRL

3,000,000

494,067

United

Kingdom

1.4%

Export-Import

Bank

Korea

5.125%

due

01/11/2033

500,000

514,950

Korea

1.4%

Inter-American

Devel

7.500%

due

12/05/2024

MXN

20,000,000

980,924

United

States

2.7%

International

Finance

12.000%

due

11/03/2027

COP

3,000,000,000

720,230

United

States

2.0%

Int'l

Recon

Develop

4.250%

due

01/22/2026

MXN

15,000,000

694,779

Germany

1.9%

Int'l

Recon

Develop

5.000%

due

10/07/2026

COP

6,000,000,000

1,259,777

Germany

3.5%

Ontario

2.650%

due

02/05/2025

CAD

500,000

356,553

Canada

1.0%

Perusahaan

Penerbit

SBSN

3.550%

due

06/09/2051

500,000

369,760

Indonesia

1.0%

Queensland

Treasury

2.500%

due

03/06/2029

AUD

750,000

455,434

Australia

1.2%

Republic

Chile

4.340%

due

03/07/2042

500,000

439,750

Chile

1.2%

United

Kingdom

Gilt

0.875%

due

07/31/2033

GBP

500,000

485,198

United

Kingdom

1.3%

7,238,165

19.9%

Total

Government

Bonds

(Cost

$8,322,571)

$7,655,549

21.1%

Total

investments

(Cost

$33,975,750)

$32,980,538

90.9%

Other

assets

(net

liabilities)

3,310,929

9.1%

Total

net

assets

$36,291,467

100.0%

Denotes

country

region

primary

exposure

Security

was

purchased

pursuant

Regulation

under

the

Securities

Act

1933

which

exempts

from

registration

securities

offered

and

sold

outside

the

United

States.

Such

security

cannot

sold

the

United

States

without

either

effective

registration

statement

filed

pursuant

the

Securities

Act

1933,

pursuant

exemption

from

registration.

These

Securities

have

been

deemed

liquid

under

guidelines

approved

the

Trust's

Board

Trustees.

November

30,

2024,

the

aggregate

value

these

securities

was

$13,070,541

representing

35.9%

total

net

assets.

Security

was

purchased

pursuant

Rule

144A

under

the

Securities

Act

1933

and

may

sold

transactions

exempt

from

registration

only

qualified

institutional

buyers

public

offering

registered

under

the

Securities

Act

1933.

These

securities

have

been

deemed

liquid

under

guidelines

approved

the

Trust's

Board

Trustees.

November

30,

2024,

the

aggregate

value

these

securities

was

$1,944,132

representing

5.4%

total

net

assets.

AXA

fixed

float

bond.

The

bond

has

fixed

rate

until

01/17/2027.

The

interest

rate

represents

the

rate

effect

November

30,

2024.

Canadian

Imperial

Bank

fixed

float

bond.

The

bond

has

fixed

rate

until

10/28/2025.

The

interest

rate

represents

the

rate

effect

November

30,

2024.

Variable

rate

security.

The

interest

rate

represents

the

rate

effect

November

30,

2024

and

resets

periodically

based

the

parenthetically

disclosed

reference

rate

and

spread.

Munich

fixed

float

bond.

The

bond

has

fixed

rate

until

05/26/2032.

The

interest

rate

represents

the

rate

effect

November

30,

2024.

Security

perpetual

nature

with

stated

maturity

date.

Coupon

rates

for

floating

and

adjustable

rate

securities

reflect

the

rates

effect

period

end.

Country

domicile

LIBOR:

London

Interbank

Offered

Rates

PCL:

Public

Company

Limited

SA:

Special

Assessment

AUD

Australian

dollar

BRL

Brazilian

real

Schedule

Investments

November

30,

2024

Sustainable

Bond

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSR

CAD

Canadian

dollar

COP

Colombian

peso

EUR

Euro

GBP

British

pound

MXN

Mexican

peso

USD

United

States

dollar

Sustainable

Bond

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSR

Statement

Assets

and

Liabilities

Statement

Operations

November

30,

2024

Assets

Investments

securities,

value

(Cost

$33,975,750)

32,980,538

Cash

2,828,680

Interest

receivable

461,720

Receivable

for

Fund

sold

50,171

Prepaid

expenses

2,868

Total

assets

36,323,977

Liabilities

Accrued

advisory

fees

13,604

Accrued

audit

expenses

11,258

Accrued

retirement

plan

custody

fee

1,373

Payable

for

Fund

redeemed

1,276

Accrued

legal

expenses

966

Accrued

Chief

Compliance

Officer

expenses

962

Accrued

trustee

expenses

Accrued

other

operating

expenses

907

Accrued

printing

fees

2,100

Total

liabilities

32,510

Net

assets

$36,291,467

Analysis

net

assets

Paid-in

capital

(unlimited

authorized,

without

par

value)

$38,491,260

Total

distributable

earnings

(2,199,793)

Net

assets

applicable

Fund

outstanding

$36,291,467

Fund

outstanding

3,923,691

Net

asset

value,

offering,

and

redemption

price

per

$9.25

Year

ended

November

30,

2024

Investment

income

Interest

income

1,683,330

Total

investment

income

1,683,330

Expenses

Investment

advisory

fees

180,510

Filing

and

registration

fees

23,694

Audit

fees

18,484

Chief

Compliance

Officer

expenses

10,561

Trustee

fees

9,586

Legal

fees

8,407

Custodian

fees

5,863

Retirement

plan

custodial

fees

1,434

Other

operating

expenses

6,791

Total

gross

expenses

265,330

Less

adviser

fees

waived

(46,137)

Less

custodian

fee

credits

(5,863)

Net

expenses

213,330

Net

investment

income

$1,470,000

Net

realized

loss

from

investments

and

foreign

currency

$(502,327)

Net

crease

unrealized

depreciation

investments

and

foreign

currency

54,552

Net

loss

investments

(447,775)

Net

increase

net

assets

resulting

from

operations

$1,022,225

Sustainable

Bond

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSR

Statements

Changes

Net

Assets

Year

ended

November

30,

2024

Year

ended

November

30,

2023

Increase

net

assets

from

operations

From

operations

Net

investment

income

$1,470,000

$1,148,799

Net

realized

loss

investments

and

foreign

currency

(502,327)

(1,123,261)

Net

decrease

unrealized

depreciation

investments

and

foreign

currency

54,552

914,606

Net

increase

net

assets

1,022,225

940,144

Distributions

shareowners

from

Net

dividend

and

distribution

shareholders

(1,086,688)

(183,662)

Capital

transactions

Proceeds

from

the

sale

12,010,681

7,936,631

Value

issued

reinvestment

dividends

and

distributions

1,083,701

182,968

Cost

redeemed

(6,193,776)

(8,125,858)

Total

capital

transactions

6,900,605

(6,259)

Total

increase

net

assets

6,836,142

750,223

Net

assets

Beginning

year

29,455,325

28,705,102

End

year

$36,291,467

$29,455,325

the

Fund

sold

and

redeemed

Sustainable

Bond

(SEBFX)

Number

sold

1,300,801

863,856

Number

issued

reinvestment

dividends

and

distributions

117,922

20,330

Number

redeemed

(668,295)

(894,442)

Net

increase

(decrease)

number

outstanding

750,428

(10,256)

–

Sustainable

Bond

Fund:

Financial

Highlights

The

accompanying

notes

are

integral

part

these

financial

statements.

November

30,

2024

N-CSR

tin

Sustainable

Bond

(SEBFX)

Selected

data

per

outstanding

capital

stock

throughout

each

year:

Year

ended

November

30,

2024

2023

2022

2021

2020

Net

asset

value

beginning

year

$9.28

$9.02

$10.02

$10.25

$9.70

Income

from

investment

operations

Net

investment

income

0.41

0.36

0.22

0.20

0.23

Net

gains

(losses)

securities

(both

realized

and

unrealized)

(0.10)

(0.04)

(0.98)

(0.42)

0.42

Total

from

investment

operations

0.31

0.32

(0.76)

(0.22)

0.65

Less

distributions

Dividends

(from

net

investment

income)

(0.34)

(0.06)

(0.05)

(0.01)

(0.10)

Distributions

(from

capital

gains)

–

(0.19)

–

Total

distributions

(0.34)

(0.06)

(0.24)

(0.01)

(0.10)

Net

asset

value

end

year

$9.25

$9.28

$9.02

$10.02

$10.25

Total

Return

3.36%

3.55%

(7.83)%

(2.14)%

6.78%

Ratios

supplemental

data

Net

assets

($000),

end

year

$36,291

$29,455

$28,705

$26,048

$21,973

Ratio

expenses

average

net

assets

Before

custodian

fee

credits

0.81%

0.83%

0.74%

0.86%

0.85%

After

advisory

fees

waiver

0.67%

0.66%

0.67%

After custodian

fee

credits

0.65%

Ratio

net

investment

income

after

custodian

fee

credits to

average

net

assets

4.48%

3.89%

2.35%

1.99%

2.33%

Portfolio

turnover

rate

25%

54%

80%

65%

63%

Notes

Financial

Statements

November

30,

2024

N-CSR

Note

–

Organization

Saturna

Investment

Trust

(the

“Trust”)

was

established

under

Washington

State

Law

business

trust

February

20,

1987.

The

Trust

registered

open-end,

diversified

management

company

under

the

Investment

Company

Act

1940,

amended.

The

Trust

currently

offers

eight

portfolio

series,

two

which

are

covered

this

annual

report:

Saturna

Sustainable

Equity

Fund

and

Saturna

Sustainable

Bond

Fund

(the

“Funds”).

The

Sextant

Short-

Term

Bond

Fund,

Sextant

Bond

Income

Fund,

Sextant

Core

Fund,

Sextant

Global

High

Income

Fund,

Sextant

Growth

Fund,

and

Sextant

International

Fund

are

offered

through

separate

prospectuses

and

have

separate

shareholder

report.

Saturna

Sustainable

Equity

Fund

and

Saturna

Sustainable

Bond

Fund

commenced

operations

March

27,

2015.

Each

Fund

investment

company

and

accordingly

follows

the

investment

company

accounting

and

reporting

guidance

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standard

Codification

Topic

946

“Financial

Services

–

Investment

Companies.”

Investment

risks:

Sustainable

Equity

Fund

and

Sustainable

Bond

Fund

The

value

each

Fund’s

rises

and

falls

the

value

the

securities

which

the

Fund

invests

goes

and

down.

Fund

prices,

yields,

and

total

returns

will

change

with

market

fluctuations

well

the

fortunes

the

countries,

industries,

and

companies

which

the

Fund

invests.

The

Funds

not

use

derivatives

hedge

currency,

interest

rate,

credit

risk.

The

Fund’s

adviser

employs

proprietary

sustainable

rating

system

based

its

own,

well

third-party,

data

identify

issuers

believed

present

low

environmental,

social,

and

governance

(ESG)

risks.

Ratings

are

dependent

upon

the

associated

ESG

risks

that

are

most

pertinent

the

sector

which

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

loss

during

market

declines.

The

adviser

believes

that

sustainable

investing

may

mitigate

security-specific

risk,

but

there

guarantee

that

the

securities

favored

our

investment

process

will

perform

better

and

may

perform

worse

than

those

that

are

not

favored.

The

Funds

may

invest

substantially

one

sectors,

which

can

increase

volatility

and

exposure

issues

specific

particular

sector

industry.

Foreign

investing

involves

risks

not

normally

associated

with

investing

securities.

These

include

fluctuations

currency

exchange

rates,

less

public

information

about

securities,

less

governmental

market

supervision,

and

the

lack

uniform

financial,

social,

and

political

standards.

Foreign

investing

heightens

the

risk

confiscatory

taxation,

seizure

nationalization

assets,

establishment

currency

controls,

adverse

political

social

developments

that

affect

investments.

The

risks

investing

foreign

securities

are

typically

greater

less

developed

emerging

countries.

Liquidity

risk

exists

when

particular

investments

are

difficult

sell.

Fund

holds

illiquid

investments,

its

portfolio

may

difficult

value,

especially

changing

markets.

Investments

Fund

foreign

securities

and

those

that

are

thinly

traded,

such

lower

quality

issuers,

and

smaller

companies

tend

involve

greater

liquidity

risk.

Fund

forced

sell

unwind

these

investments

meet

redemptions

for

other

cash

needs,

the

Fund

may

suffer

penalty.

Additionally,

the

market

for

certain

investments

may

become

illiquid

under

adverse

market

economic

conditions

independent

any

specific

adverse

changes

the

conditions

particular

issuer.

such

cases,

the

Fund,

due

limitations

investments

illiquid

securities

and

the

difficulty

purchasing

and

selling

such

securities,

may

unable

achieve

its

investment

objective.

Sustainable

Bond

Fund

The

risks

inherent

the

Sustainable

Bond

Fund

depend

primarily

the

terms

and

quality

the

obligations

its

portfolio,

well

bond

market

conditions.

When

interest

rates

rise,

bond

prices

fall.

When

interest

rates

fall,

bond

prices

up.

Bonds

with

longer

maturities

usually

are

sensitive

interest

rate

changes

than

bonds

with

shorter

maturities.

The

Fund

entails

credit

risk,

which

the

possibility

that

bond

will

not

able

pay

interest

principal

when

due.

the

credit

quality

bond

perceived

decline,

investors

will

demand

higher

yield,

which

means

lower

price

that

bond

compensate

for

the

higher

level

risk.

The

Fund

may

invest

portion

its

assets

securities

issued

government

categories

comprised

similarly

managed

funds.

The

Trustees

considered

the

short-

and

medium-term

performance

the

Sustainable

Equity

Fund

relative

the

Fund’s

Morningstar

category

for

the

one-,

three-

and

five-year

periods

ended

July

31,

2024,

noting

the

Fund

was

the

fourth

quartile

for

the

one-year

period,

third

quartile

for

the

three-year

period,

and

the

second

quartile

for

the

five-year

period.

The

Trustees

considered

the

short-

and

medium-term

performance

the

Sustainable

Bond

Fund

relative

the

Fund’s

Morningstar

category

for

the

one-,

three-

and

five-

year

periods

ended

July

31,

2024,

noting

the

Fund

was

the

first

quartile

for

all

three

periods.

The

Trustees

also

considered

each

Fund’s

Morningstar

performance

rating

(one

through

five

stars),

and

each

Fund’s

performance

rating

relative

its

category

selected

and

Thomas

Reuters

Lipper,

noting

that

the

overall

Morningstar

rating

for

both

Funds

was

four

stars.

The

Trustees

also

noted

the

high

sustainability

ratings

assigned

the

Funds

Morningstar.

The

Trustees

noted

the

generally

risk-averse

investment

style

the

Funds

and

other

factors

which

can

affect

each

Fund’s

performance

relative

its

broader

Morningstar

category.

The

Trustees

also

noted

certain

differences

between

each

Fund

and

the

peer

funds

within

its

Morningstar

category,

including

differences

investment

strategies

and

asset

size.

The

Trustees

found

that

Saturna

Capital

continued

manage

each

Fund

manner

that

designed

risk-

averse

and

attractive

long-term

investors.

The

Trustees

discussed

and

considered

the

efforts

Saturna

Capital

make

additional

resources

available

assist

managing

the

Funds.

The

Trustees

also

considered

Saturna

Capital’s

focus

improving

investment

performance

without

incurring

materially

higher

levels

risk.

The

Trustees

also

considered

the

performance

and

expenses

each

Fund

compared

smaller

group

funds

with

similar

investment

objectives

and

strategies,

including

socially

responsible

funds,

and

range

asset

sizes.

The

Trustees

considered

these

comparative

performance

and

expense

data,

along

with

the

comparative

data

published

Morningstar

and

each

Fund’s

performance

relative

its

benchmark,

evaluate

the

Fund’s

performance

over

near-term

and

medium-term

time

periods.

The

Trustees

also

reviewed

the

fees

and

expenses

each

Fund,

including

comparative

data

fees

and

expenses

published

Morningstar,

and

considered

the

components

the

Fund’s

operating

expenses.

The

Trustees

noted

the

steps

that

Saturna

Capital

has

undertaken

maintain

competitive

levels

Fund

operating

expenses.

They

noted

the

significant

sponsorship

the

Funds

Saturna

Capital

evidenced,

part,

certain

fees

and

expenses

paid

Saturna

Capital

out

its

own

resources.

The

Trustees

recognized

Saturna

Capital’s

efforts

help

make

the

Funds

widely

available

and

less

expensive

than

would

otherwise

the

case

without

Saturna

Capital’s

efforts.

The

Trustees

recognized

that

each

Fund

remains

relatively

small

and

there

have

not

been

opportunities

consider

economies

scale.

The

Trustees

noted

Saturna

Capital’s

commitment

continue

operating

the

Funds

and

the

costs

undertaken

Saturna

Capital.

The

Trustees

reviewed

Saturna

Capital’s

financial

information

and

discussed

the

issue

Saturna

Capital’s

profitability,

lack

thereof,

management

and

administration

the

Trust.

They

discussed

the

reasonableness

Saturna

Capital’s

profitability

part

their

evaluation

whether

each

Fund’s

advisory

fees

bear

reasonable

relationship

the

mix

services

provided

Saturna

Capital,

including

the

nature,

extent,

and

quality

such

services.

The

Trustees

considered

and

compared

the

fees

charged

Saturna

Capital

other

types

accounts,

including

non-mutual

fund

advisory

clients.

The

Trustees

noted

the

differences

between

the

full

range

services

Saturna

Capital

provides

the

Funds,

including

investment

advisory

and

administrative

services,

transfer

agency

services,

and

other

services,

compared

the

investment

advisory

services

provided

the

other

advisory

accounts.

Renewal

Investment

Advisory

Contract

(continued)

November

30,

2024

N-CSR

The

Trustees

considered

potential

benefits

Saturna

Capital’s

other

business

lines

from

acting

investment

adviser

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

trading

the

Funds’

portfolios.

The

Trustees

considered

whether

there

are

other

potential

benefits

Saturna

Capital

continuing

manage

the

Funds

and

the

Trustees

found

that

there

were

material

benefits

other

than

Saturna

Capital’s

receipt

advisory

fees.

The

Trustees

also

noted

with

respect

the

Sustainable

Equity

Fund

that

Saturna

Brokerage

Services

voluntarily

waives

brokerage

commissions

for

executing

Fund

portfolio

transactions,

resulting

lower

transaction

costs.

The

Trustees

concluded

based

their

business

judgement

that

the

fees

paid

each

Fund

Saturna

Capital

were,

from

arm’s-

length

bargaining

perspective,

reasonable

and

the

best

interest

the

Fund

and

its

shareowners

light

the

services

provided,

comparative

performance,

expense

and

advisory

fee

information,

costs

services

provided,

profits

realized,

and

benefits

derived

Saturna

Capital

from

its

relationship

with

the

Fund.

Following

this

discussion,

the

Trustees,

including

the

Independent

Trustees,

unanimously

agreed

renew

each

Fund’s

Agreement

with

Saturna

Capital.

November

30,

2024

N-CSR

Availability

Quarterly

Portfolio

Information

(1)

The

Saturna

Sustainable

Funds

file

complete

schedules

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

each

fiscal

year

exhibit

their

reports

Form

N-PORT.

(2)

The

Funds’

Form

N-PORT

reports

are

available

the

SEC’s

website

www.sec.gov

and

www.saturnasustainable.com.

(3)

The

Funds

post

complete

schedule

portfolio

holdings

after

the

end

each

month,

available

investors

www.

saturnasustainable.com.

Privacy

Statement

Saturna

Capital

and

Saturna

Investment

Trust,

understand

the

importance

maintaining

the

privacy

your

financial

information.

want

assure

you

that

protect

the

confidentiality

any

personal

information

that

you

with

us.

addition,

not

sell

information

about

our

current

former

customers.

the

course

our

relationship,

gather

certain

nonpublic

information

about

you,

including

your

name,

address,

investment

choices,

and

account

information.

not

disclose

your

information

unaffiliated

third

parties

unless

necessary

process

transaction;

service

your

account;

deliver

your

account

statements,

shareowner

reports,

and

other

information;

required

law.

When

disclose

information

unaffiliated

third

parties,

require

contract

restrict

the

companies’

use

customer

information

and

from

sharing

using

for

any

purposes

other

than

performing

the

services

for

which

they

were

required.

may

information

within

the

Saturna

Capital

family

companies

the

course

informing

you

about

products

services

that

may

address

your

investing

needs.

maintain

our

own

technology

resources

minimize

the

need

for

any

third-party

services,

and

restrict

access

information

within

Saturna.

maintain

physical,

electronic,

and

procedural

safeguards

guard

your

personal

information.

you

have

any

questions

concerns

about

the

security

privacy

your

information,

please

call

1-800-728-8762.

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

Not applicable.

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

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

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

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

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

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSRS, as applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

No changes to report.

Item 16. Controls and Procedures.

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

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

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

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

Exhibits included with this filing:

(a)(1) Code of Ethics.

(a)(2) Not applicable.

(a)(3) 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.

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

SIGNATURES

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

SATURNA INVESTMENT TRUST

By:

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

Jane K. Carten, President

Printed name and Title

January 29, 2025

Date

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

By:

/s/ Jane K. Carten, President
Jane K. Carten

January 29, 2025

Date

By:

/s/Christopher R. Fankhauser, Treasurer

Christopher R. Fankhauser

January 29, 2025

Date

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

Fund Overview

What were the Fund’s costs for the last year?

How did the Fund perform over the last year?

How did the Fund perform over the past 10 years?

Cumulative Performance

Annual Average Total Return

Key Fund Statistics

Householding

What did the Fund invest in?

Top 10 Holdings

% of Total Net Assets

Sector Weightings

% of Total Net Assets

Additional Information

Fund Overview

What were the Fund’s costs for the last year?

How did the Fund perform over the last year?

How did the Fund perform over the past 10 years?

Cumulative Performance

Annual Average Total Return

Key Fund Statistics

Householding

What did the Fund invest in?

Top 10 Holdings

% of Total Net Assets

Sector Weightings

% of Total Net Assets

Additional Information

Fund Overview

What were the Fund’s costs for the last year?

How did the Fund perform over the last year?

How did the Fund perform over the past 10 years?

Cumulative Performance

Annual Average Total Return

Key Fund Statistics

Householding

What did the Fund invest in?

Top 10 Holdings

% of Total Net Assets

Sector Weightings

% of Total Net Assets

Geographic Weightings

% of Total Net Assets

Additional Information

Fund Overview

What were the Fund’s costs for the last year?

How did the Fund perform over the last year?

How did the Fund perform over the past 10 years?

Cumulative Performance

Annual Average Total Return

Key Fund Statistics

Householding

What did the Fund invest in?

Top 10 Holdings

% of Total Net Assets

Industry Weightings

% of Total Net Assets

Additional Information

Fund Overview

What were the Fund’s costs for the last year?

How did the Fund perform over the last year?

How did the Fund perform since inception?

Cumulative Performance

Annual Average Total Return

Key Fund Statistics

Householding

What did the Fund invest in?

Top 10 Holdings

% of Total Net Assets

Industry Weightings

% of Total Net Assets

Additional Information

Fund Overview

What were the Fund’s costs for the last year?

How did the Fund perform over the last year?

How did the Fund perform over the past 10 years?

Cumulative Performance

Annual Average Total Return

Key Fund Statistics